超微半導體 (AMD) 2005 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to AMD's third quarter 2005 earnings conference. (OPERATOR INSTRUCTIONS). As a reminder, this conference is being recorded. I would now like to turn the conference over to the Director of Investor Relations, Mike Haase.

女士們、先生們，感謝你們的支持。歡迎參加 AMD 2005 年第三季財報會議。 （操作員指令）。提醒一下，本次會議正在錄製中。現在，我想將會議交給投資者關係總監 Mike Haase。

Thank you, and welcome to AMD's third quarter earnings conference call. Our participants today are Hector Ruiz, our Chairman of the Board, President and CEO; Bob Rivet, our CFO; and Henri Richard, our Chief Sales and Marketing Officer.

謝謝，歡迎參加 AMD 第三季財報電話會議。今天的參與者有我們的董事會主席、總裁兼執行長 Hector Ruiz；我們的財務長 Bob Rivet；以及我們的首席銷售和行銷長 Henri Richard。

This call is a live broadcast and will be replayed at amd.com and streetevents.com. The telephone replay number is 800-475-6701. Outside of the United States the number is 320-365-3844. The access code for both is 790990.

本次電話會議為現場直播，將在 amd.com 和 streetevents.com 上重播。電話回放號碼是800-475-6701。美國境外的電話號碼是 320-365-3844。兩者的存取代碼均為 790990。

A telephone replay will be available for the next ten days starting at 7 PM Pacific time tonight. For your planning purposes I want to call to your attention an upcoming AMD event. We will be hosting our Analyst Day in Sunnyvale, California the morning of November 15. Invitations will be coming out in the near future. In addition, I would like to call to your attention that our Q4 2005 earnings quite time will begin at the close of business Friday, December 9.

從今晚太平洋時間晚上 7 點開始，未來十天內均可透過電話重播。為了您的規劃目的，我想提請您注意即將舉行的 AMD 活動。我們將於 11 月 15 日上午在加州桑尼維爾舉辦分析師日活動。邀請函將於近期發出。此外，我想提請您注意，我們的 2005 年第四季收益靜默期將於 12 月 9 日星期五下班後開始。

Before we begin today's call I would like to caution everyone that we will be making forward-looking statements about management's expectations. Investors are cautioned that our forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from our current expectations as set forth in the forward-looking statements.

在我們開始今天的電話會議之前，我想提醒大家，我們將對管理階層的期望做出前瞻性的陳述。敬請投資人注意，我們的前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中所述的當前預期有重大差異。

The semiconductor industry is generally volatile, and market conditions are particularly difficult to forecast. 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 our business and risk factors setting forth information that could cause actual results to differ materially from those in our forward-looking statements.

半導體產業整體波動較大，市場狀況尤其難以預測。由於我們的實際結果可能與我們今天的計劃和預期存在重大差異，我鼓勵您查看我們向美國證券交易委員會提交的文件，其中我們詳細討論了我們的業務和風險因素，其中列出了可能導致實際結果與前瞻性聲明中的結果存在重大差異的信息。

You'll find detailed discussions in our most recent SEC filings, including AMD's annual report on Form 10-K for the year ended December 26, 2004, and AMD's quarterly report on Form 10-Q for the quarter ended June 26, 2005.

您可以在我們最近提交給美國證券交易委員會 (SEC) 的文件中找到詳細的討論，包括 AMD 截至 2004 年 12 月 26 日的 10-K 表年度報告和 AMD 截至 2005 年 6 月 26 日的 10-Q 表季度報告。

With that I will turn the call over to Hector Ruiz.

說完，我將把電話轉給赫克托·魯伊斯 (Hector Ruiz)。

The third quarter of 2005 was a strong indication of both the growth and earnings potential of this new AMD. Solid execution across the board led to a quarter of records in a number of important areas, including total revenue, microprocessor units and revenues, microprocessor gross margin and operating income, as well as Flash unit sales.

2005 年第三季有力地證明了新 AMD 的成長和獲利潛力。全面的穩健執行使得該公司在多個重要領域創下了季度記錄，包括總收入、微處理器單位和收入、微處理器毛利率和營業收入以及閃存單位銷售額。

We are pleased with the trajectory demonstrated by our Spansion Flash Memory business, which produced both revenue and operating performance improvement. Strong customer adoption led to record MirrorBit sales in the period, up 35% over the prior quarter, and 49% over the prior year.

我們對 Spansion 快閃記憶體業務的發展軌跡感到滿意，該業務的收入和營運業績均有所提高。強勁的客戶採用使得 MirrorBit 的銷售額在該期間創下新高，比上一季增長 35%，比上年同期增長 49%。

In the meantime, our Spansion team maintained their technical leadership by demonstrating working silicon on a 1 gigabit ORNAND Flash memory device based on 90 nanometer MirrorBit technology. In our microprocessor business this was our ninth consecutive quarter of 20 plus percent year-on-year growth. Once again represents the largest expansion since the launch of the AMD64 platform, up 44% over the same period a year ago.

同時，我們的 Spansion 團隊透過在基於 90 奈米 MirrorBit 技術的 1 千兆位元 ORNAND 快閃裝置上展示工作矽片，保持了其技術領先地位。在我們的微處理器業務中，這是我們連續第九個季度實現 20% 以上的同比增長。再次代表了AMD64平台推出以來最大規模的擴張，比去年同期成長了44%。

With the help of our expanding set of world-class partners, we continue to gain momentum steadily across product lines and around the world. In the enterprise we now claim more than 85 of the companies on the Forbes Global 100 as AMD customers, and more than 25% of the global 2000 are now buying AMD-based solutions.

在我們不斷擴大的世界級合作夥伴的幫助下，我們在各個產品線和全球範圍內繼續穩步發展。在企業領域，我們聲稱《富比士》全球 100 強企業中有超過 85 家公司是 AMD 的客戶，全球 2000 強企業中有超過 25% 正在購買基於 AMD 的解決方案。

The past quarter was highlighted by a Company record for both mobile processor shipments and revenues, a sign of growing worldwide demand for our AMD Turion 64 Mobile Platform. AMD Turion 64 revenues were up 72% over the prior quarter. And our special edition HP Live Strong laptop is proving to be one of the most successful co-marketing collaborations in our history with HP.

上個季度，該公司的行動處理器出貨量和收入均創下新高，這表明全球範圍內對我們的 AMD Turion 64 行動平台的需求不斷增長。AMD Turion 64 的營收比上一季成長了 72%。我們的特別版 HP Live Strong 筆記型電腦已被證明是我們與 HP 歷史上最成功的聯合行銷合作之一。

Less than five months after launching our initial dual-core server offerings we introduced three new models in the quarter, again, delivering the world's highest performance processors for 1-way to 8-way x86 service and workstations, while maintaining our clear performance for (indiscernible) leadership.

在推出首批雙核心伺服器產品後不到五個月，我們在本季度推出了三款新機型，再次為單路至八路 x86 服務和工作站提供全球最高性能的處理器，同時保持了我們在（音頻不清晰）領導地位的明顯表現。

But technical leadership is only relevant if your customers can truly exploit it. We were excited to see that according to the latest 4P/2P (ph) benchmarks the HP ProLiant BL585 and BL385 servers both based on AMD Opteron processors are the world's highest performing x86 4P and 2P database servers.

但只有當您的客戶能夠真正利用技術領導力時，它才有意義。我們很高興看到，根據最新的 4P/2P (ph) 基準測試，基於 AMD Opteron 處理器的 HP ProLiant BL585 和 BL385 伺服器是世界​​上效能最高的 x86 4P 和 2P 資料庫伺服器。

We were also pleased to help Sun Microsystems introduced their new Galaxy family of servers and workstations powered by AMD Opteron multicore processors. According to Sun this new 4-way servers consume about one-third the power, produce 1.5 times the performance, and cost half as much as comparably configured Intel-based servers from Dell. And we're particularly proud to have been named Supplier of the Year by Sun for extraordinary contributions to Sun's record of delivering top-quality technology and service to their customers.

我們也很高興能協助 Sun Microsystems 推出採用 AMD Opteron 多核心處理器的全新 Galaxy 系列伺服器和工作站。Sun 公司表示，與戴爾公司同等配置的基於英特爾處理器的伺服器相比，這款新型四路伺服器的功耗僅為後者的三分之一，效能提高了 1.5 倍，而成本卻只有後者的一半。我們尤其自豪的是，我們被 Sun 評為“年度供應商”，以表彰其在向客戶提供最優質技術和服務方面做出的傑出貢獻。

We were also honored by the editors of Popular Mechanics who recognized the AMD Athlon 64 X2 Dual-Core Processor as one of only ten product winners for their 2005 Popular Mechanics Breakthrough Awards. Finally, our Dresden team in Germany continues its excellent performance record, both in terms of the continued operation of our world-class 530, as well as in ramping our new state-of-the-art 300 mm Fab 36 on schedule and on budget, for which we are hosting a grand opening ceremony on Friday this week.

我們也獲得了《大眾機械》雜誌編輯們的嘉獎，他們將 AMD Athlon 64 X2 雙核心處理器評為 2005 年度《大眾機械》突破獎僅有的十個獲獎產品之一。最後，我們位於德國德勒斯登的團隊繼續保持出色的業績記錄，不僅繼續運營我們世界一流的 530，而且按時按預算建設我們最先進的 300 毫米 Fab 36 新廠，我們將於本週五為其舉行盛大的開幕儀式。

In summary, the third quarter was a very good one, characterized by strong customer adoption of our expanding AMD64 and MirrorBit product families, continued recognition by both industry partners and objective observers, flawless manufacturing execution against our MirrorBit and AMD64 road map, and improving financial performance in our memory business, and continued record-setting performance in our microprocessor business. Also, we're confident the quarter represents a very healthy foundation for continued success. I would like now to turn this to Bob to review the results of the quarter as well as the outlook.

總而言之，第三季表現非常好，其特點是客戶大力採用我們不斷擴展的 AMD64 和 MirrorBit 產品系列，繼續獲得行業合作夥伴和客觀觀察者的認可，按照我們的 MirrorBit 和 AMD64 路線圖完美地執行製造，內存業務的財務業績不斷提高，微處理器業務繼續創下紀錄。此外，我們相信本季為持續成功奠定了非常健康的基礎。現在我想請鮑伯回顧一下本季的業績以及前景。

AMD had an outstanding third quarter. We had strong execution across the board with record-breaking CPG performance and significant improvement in our Memory Group's business. Once again, our microprocessor business established all-time quarterly records in total sales and units shipped, server, mobile and desktop processor sales, gross margin, and operating income.

AMD 第三季表現出色。我們的執行力全面強勁，CPG 業績創下新高，記憶集團業務也顯著改善。我們的微處理器業務在總銷售額和出貨量、伺服器、行動和桌上型電腦處理器銷售額、毛利率和營業收入方面再次創下了季度歷史新高。

Total sales were $1.523 billion for the quarter, up 23% compared to the third quarter of last year, and up 21% compared to the second quarter of 2005. We recorded net income for the quarter of $76 million, amounting to a fully diluted EPS of $0.18. Third quarter gross margin was 41% compared to 39% in the second quarter of 2005. This improvement was driven by record CPG gross margin and a near doubling of our Memory Group gross margin.

本季總銷售額為 15.23 億美元，比去年第三季成長 23%，比 2005 年第二季成長 21%。本季我們的淨收入為 7,600 萬美元，相當於完全稀釋每股收益 0.18 美元。第三季毛利率為41%，而2005年第二季為39%。這項改善得益於創紀錄的 CPG 毛利率和記憶集團毛利率幾乎翻倍。

Third quarter total operating expenses, SG&A plus R&D, increased by 9%, while sales were up by 21%. As a percentage of sales both SG&A and R&D expenses were down compared to the second quarter. Cash flow from operations was $429 million for the quarter, and EBITDA was $387 million. Now I will switch to the business segments.

第三季總營運費用（銷售、一般及行政費用加上研發費用）增加了 9%，而銷售額卻增加了 21%。與第二季相比，銷售、一般及行政費用和研發費用佔銷售額的百分比均有所下降。本季經營現金流為 4.29 億美元，EBITDA 為 3.87 億美元。現在我將轉到業務部門。

CPG sales were $969 million, another record, and a 44% increase over the same period a year ago. Compared with the second quarter of this year we increased CPG sales by 26%. To highlight our growing momentum through the first nine months of this year our processor business is up 38% over the same period in the prior year. Unit sales in the quarter increased by 41% over the same period a year ago, led by 100% increase in mobile units, and 144% increase in server units. Total unit sales were up 27% compared to the second quarter of 2005.

CPG 銷售額達到 9.69 億美元，再創紀錄，比去年同期成長 44%。與今年第二季相比，我們的 CPG 銷售額成長了 26%。為了凸顯我們今年前九個月的成長勢頭，我們的處理器業務比去年同期成長了 38%。本季的單位銷售量比去年同期增長了 41%，其中行動單位增長了 100%，伺服器單位增長了 144%。總銷量與 2005 年第二季相比成長了 27%。

Geographically we saw especially strong sales in Russia, India and Greater China. And we continue to gain momentum in the enterprise market driven by AMD Opteron and AMD Turion 64 penetration on a global basis.

從地域上看，俄羅斯、印度和大中華區的銷售尤其強勁。受 AMD Opteron 和 AMD Turion 64 在全球範圍內的普及推動，我們在企業市場繼續獲得發展勢頭。

Despite the higher seasonal mix of mobile and desktop sales, we maintain a comparable ASP with the second quarter. CPG's gross margin increased in the second quarter to a record high of 60%. CPG's operating income of $209 million established a new high watermark in the quarter, up again from the record level of the second quarter of this year. And with an operating margin 21.5%, this was the first quarter our operating margin broke through the 20% of sales level.

儘管行動和桌上型電腦銷售的季節性組合較高，但我們仍保持與第二季相當的平均銷售價格。CPG 的毛利率在第二季上升至創紀錄的 60%。CPG本季的營業收入為2.09億美元，創下了新高，再次高於今年第二季的創紀錄水平。營業利益率為 21.5%，這是我們的營業利潤率首次突破銷售額 20% 的水平。

Now switching to the Memory Group business. Flash memory sales were $516 million, down 4% from the third quarter of 2004, but up 12% from the second quarter of this year. We shipped 15% more units compared to the second quarter, and ASPs have stabilized. MirrorBit sales increased 35% from the second quarter on improved unit volumes and ASPs. Much of the increased demand for MirrorBit Flash solutions came from large wireless customers.

現在轉向記憶集團業務。快閃記憶體銷售額為5.16億美元，比2004年第三季下降4%，但比今年第二季成長12%。與第二季相比，我們的出貨量增加了 15%，平均售價已經穩定。由於銷量和平均售價的提高，MirrorBit 的銷售額較第二季度增長了 35%。MirrorBit Flash 解決方案的需求成長大部分來自大型無線客戶。

We recorded a $50 million operating loss in our Memory Group in the quarter, a 40 million improvement from the second quarter. Memory Group's gross margin nearly doubled in the quarter to 13%, reflecting record unit shipments, a richer mix, and better factory utilization.

本季度，我們的記憶集團營業虧損 5,000 萬美元，較第二季減少了 4,000 萬美元。內存集團的毛利率在本季度幾乎翻了一番，達到 13%，這反映了創紀錄的單位出貨量、更豐富的產品組合以及更好的工廠利用率。

Turning to the balance sheet. Cash balances ended the third quarter at $1.342 billion, a $122 million increase from the prior quarter. Overall, our cash conversion cycle improved to 50 days in the quarter, down from 71 days in the second quarter of 2005, and down significantly from 83 days in the third quarter of last year. DSOs improved to 52 days in the quarter, down from 53 days in the second quarter, and down from from 58 days in the third quarter of 2004. Weeks of inventory improved in the quarter declining 2 weeks to 13.5 weeks from the second quarter.

轉向資產負債表。第三季末現金餘額為 13.42 億美元，較上一季增加 1.22 億美元。整體而言，本季我們的現金轉換週期改善至 50 天，低於 2005 年第二季的 71 天，並顯著低於去年第三季的 83 天。本季的 DSO 改善至 52 天，低於第二季的 53 天，低於 2004 年第三季的 58 天。本季庫存週數有所改善，較第二季減少了 2 週，至 13.5 週。

Now let's talk outlook. AMD's outlook statements for the fourth quarter of 2005 are based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on the market conditions. AMD expects fourth quarter microprocessor sales to grow between 7 and 13% sequentially, which is a 42 to 50% increase compared to the fourth quarter of 2004. Because of Spansion SEC Form S1 filing, AMD is not providing guidance for the Flash Memory business.

現在我們來談談展望。AMD 2005 年第四季的展望報告是基於目前的預期。以下陳述具有前瞻性，實際結果可能因市場狀況而有重大差異。AMD 預計第四季微處理器銷售額將比上一季成長 7% 至 13%，與 2004 年第四季相比成長 42% 至 50%。由於 Spansion 向美國證券交易委員會提交了 S1 表格，AMD 不會為快閃記憶體業務提供指導。

Based on the continuing development ramp of Fab 36 and the seasonal fourth quarter marketing investments, we anticipate total AMD fourth quarter operating expenses, SG&A plus R&D, to increase by approximately 8% from the third quarter. In summary, we are very pleased with our progress and look forward to a strong holiday season in the fourth quarter. And with that I will turn it back to Hector.

基於 Fab 36 的持續發展和第四季季節性的行銷投資，我們預計 AMD 第四季的總營運費用（銷售、一般及行政費用加上研發費用）將比第三季增加約 8%。總而言之，我們對我們的進展感到非常滿意，並期待第四季度的假期銷售旺季。然後我會把它還給赫克托爾。

I would like to close our prepared comments by offering a perspective on our business, and what we're achieving as we take AMD forward. As you look at this Company I would encourage you to note that we are operating in the context of a few very simple guiding principles.

在結束我們的發言之前，我想先談談我們業務方面的看法，以及我們在推動 AMD 發展過程中所取得的成就。當您審視這家公司時，我鼓勵您注意，我們是在一些非常簡單的指導原則下運作的。

First, we never forget that our stakeholders are looking for sustainable growth. We are aware that particularly today, great growth prospects are not easy to find. And we know that not only all growth brings the same value. There is opportunistic growth, the kind that can be produced relatively quickly at the risk of being difficult to reproduce. And there is sustainable growth, the reversible advances with blue-chip partners, customers and users, most notably in our industry the enterprise.

首先，我們永遠不會忘記我們的利害關係人正在尋求永續成長。我們意識到，尤其是在今天，巨大的成長前景並不容易找到。我們知道，並非所有的成長都帶來相同的價值。存在著機會主義增長，即可以相對較快地實現但面臨難以複製的風險的增長。並且有可持續的成長，與藍籌合作夥伴、客戶和用戶的可逆進步，最顯著的是我們行業中的企業。

At AMD we are committed to constantly improving both the depth and breadth of our customer and end-user base. And as the quality of our customers will attest, we believe we're making significant strides to building a sustainable growth engine for the foreseeable future.

在 AMD，我們致力於不斷提高客戶和最終用戶群的深度和廣度。正如我們的客戶品質所證明的那樣，我們相信，在可預見的未來，我們正在朝著建立可持續成長引擎的方向邁出重要一步。

Second, we know that sustainable growth is the product of true innovation. We believe that in the long-term our industry places a strong value on a steady stream of innovation. Innovations like AMD64, MirrorBit and our ATM technology, which allows us to be able to turn on a dime in our world-class manufacturing operation. Innovations built to create value, not just for ourselves, but for our customers.

第二，我們知道永續成長才是真正創新的產物。我們相信，從長遠來看，我們的產業非常重視源源不絕的創新。AMD64、MirrorBit 和我們的 ATM 技術等創新使我們能夠在世界一流的製造業務中迅速轉變。創新不僅是為了我們自己創造價值，也是為了我們的客戶創造價值。

We are proud of the fact that almost 14% of our microprocessor revenue in the third quarter came from our dual-core technology introduced in the latter half of the second quarter. We're also proud to have introduced over 20 new processors in just this past quarter. We know that the only way to keep our position as an innovation leader is to keep pushing ourselves and our technology as far end and as fast as we can. And that investing in new, true innovation should prompt spending on building barriers to other success every time.

我們感到自豪的是，第三季我們微處理器營收的近 14% 來自第二季後半段推出的雙核心技術。我們也很自豪地在剛剛過去的季度推出了 20 多種新處理器。我們知道，保持創新領先地位的唯一方法是盡可能快地推動我們自己和我們的技術的發展。而對新的、真正的創新的投資每次都應該促使人們花錢去設置阻礙其他成功的障礙。

Finally, we believe that true innovation can come only from a customer centric approach. If you look at every one of our recent product successes, they stem from our relentless commitment to customer centricity. It is our customers who keep us focused on relevant innovation. While those of you outside the Company see and evaluate us on the basis of the products and technologies we produce, what you cannot always see are the hundreds of changes going on across our Company and around the world to further our sales to continue to be the customer centric innovation leader.

最後，我們相信真正的創新只能源自於以客戶為中心的方法。如果您觀察我們最近的每一項產品成功，您會發現它們都源自於我們對以客戶為中心的不懈承諾。正是我們的客戶讓我們專注於相關的創新。雖然公司外部的各位根據我們生產的產品和技術來看待和評價我們，但您無法看到的是我們公司內部和世界各地正在進行的數百項變革，這些變革旨在進一步提高我們的銷售額，繼續成為以客戶為中心的創新領導者。

The results today have been great. And we're confident that they will only get better. Once again I want to thank each and every AMD employee for remaining laser focused on the task of creating the world's most innovative semiconductor products and technologies. In particular, I want to acknowledge the hard work and perseverance of our Spansion team in positioning that business for success.

今天的成果非常好。我們相信他們只會變得更好。我再次感謝每一位 AMD 員工始終專注於創造世界上最具創新性的半導體產品和技術。我特別要感謝 Spansion 團隊為實現業務成功所付出的辛勤工作和堅持不懈的努力。

Like our revenue, our progress in attracting world-class talent is accelerating. And this is another reason why we're confident about the future ahead of us. We remain highly motivated about the prospects of helping to create a marketplace that is better for our customers, partners and end-users around the world. And that we're encouraged that our industry is showing signs of their willingness to break free from the artificial competitive barriers that have constrained all of us to date.

與我們的收入一樣，我們在吸引世界級人才方面的進展也在加快。這也是我們對未來充滿信心的另一個原因。我們始終對幫助創建一個對我們全球客戶、合作夥伴和最終用戶更有利的市場充滿熱情。令我們感到鼓舞的是，我們的行業正在展現出願意擺脫迄今為止束縛我們所有人的人為競爭壁壘的跡象。

Thank you, and I would like to now turn it back to Mike Haase for the question and answer period.

謝謝，現在我想將問答時間交還給 Mike Haase。

We are now going to start the Q&A process. As a reminder, because Spansion is still in registration, we will only address historical questions regarding our Flash memory business. Back to you, operator.

我們現在開始問答環節。提醒一下，由於 Spansion 仍在註冊中，我們將只解決有關快閃記憶體業務的歷史問題。回到你這裡，接線生。

(OPERATOR INSTRUCTIONS). Tim Luke with Lehman Brothers.

（操作員指示）。雷曼兄弟公司的提姆·盧克。

Congratulations on the numbers. With the operating margin moving up to these new levels of 21%, I was wondering whether you could give us a sense on the processor side of what some of the key factors were driving that improvement, and how you see the sustainability of that level. Or whether, Bob, maybe you can give us some new metrics for looking at how your operating margins might move in terms of the upside for that going forward.

恭喜你取得這些數字。隨著營業利潤率上升到 21% 的新水平，我想知道您是否可以從處理器方面告訴我們推動這一改善的一些關鍵因素，以及您如何看待這一水平的可持續性。或者，鮑勃，您是否可以提供一些新的指標來幫助我們了解您的營業利潤率在未來將如何變化？

And secondly, I was wondering, as you just launched on Friday Fab 36, whether you could give us any color on how you see capacity growing there? I think in the past you had talked about 15 million going to 75 million by the end of next year -- 50 million this year run rate. And how quickly does it get to that number? Thank you.

其次，我想知道，由於你們剛剛在周五啟動了 Fab 36 項目，您是否可以向我們介紹一下那裡的產能成長情況？我認為過去您曾談到從 1500 萬到明年年底增加到 7500 萬——今年的運行率為 5000 萬。那麼要多久才能達到這個數字呢？謝謝。

Lots of questions. We're going to try to make sure that we don't forget them. So let me start first of all by saying that quite some time back we committed to use as our goal was to operate in a business model, having a successful company, being able to return value to stakeholders by operating in the 20 plus percent operating margin as a microprocessor Company.

有很多問題。我們將盡力確保不會忘記他們。首先我要說的是，很久以前，我們就致力於採用一種商業模式，我們的目標是擁有一家成功的公司，作為一家微處理器公司，透過 20% 以上的營業利潤率來為利害關係人帶來價值回報。

As we achieve that, of course, the key for us is to continue to significantly improve the top growth. We believe that that is going to give us the opportunity to then invest the proper amount of money, while seeing -- still being able to give a very decent return to our stakeholders. We are -- I will let Bob comment a little more about that particular business model, but we're very pleased with having reached some of those aspects already. And we now have to focus on continuing to grow the top line so we can continue to spend the right amount of money to invest.

當然，當我們實現這一目標時，關鍵在於繼續大幅提高頂部成長。我們相信，這將使我們有機會投資適當的資金，同時仍能為我們的利害關係人帶來非常可觀的回報。我們是——我會讓鮑勃對該特定商業模式發表更多評論，但我們很高興已經達成了其中的一些方面。我們現在必須專注於繼續增加營業收入，以便我們能夠繼續投入適當的資金。

As far as the Fab 35 and the manufacturing capacity, you're right. We are going out of the year at approximately a 50 million unit clip. We are going to start the production in Fab 35 here in the first quarter. The official opening is Friday. And we will ramp it as fast as we possibly can. We believe that puts us in position to significantly improve our unit making capability. And as you stated, we think it could be 75 million, but it could be plus or minus depending on the market. The next year it could be 100 million, plus or minus depending on the market. And our desire is to, while ramping it as fast as it is physically possible, to make sure our customer engagement and marketing programs are aligned so that we can sell all of it. And that is our plan. That is our desire. And that is, at this point in time, how we're marching to that. And, Bob, would you like to answer?

就 Fab 35 和製造能力而言，您是對的。我們今年的銷量預計約為 5000 萬台。我們將於第一季在 Fab 35 開始生產。正式開幕時間為星期五。我們將盡可能快地提高這一速度。我們相信，這將使我們能夠顯著提高我們的單位製造能力。正如您所說，我們認為可能是 7500 萬，但根據市場情況，也可能會有正負之分。明年可能達到 1 億，增減取決於市場狀況。我們的願望是，在盡可能快速地提高產量的同時，確保我們的客戶參與度和行銷計劃保持一致，以便我們能夠銷售所有產品。這就是我們的計劃。這是我們的願望。這就是我們目前朝著這個目標前進的方式。鮑勃，你願意回答嗎？

Sure. On a long-term basis, I will call it a steady-state basis, as Hector said, the goal we have to run the business in microprocessors is in that 20 to 25% zone, probably erring more on the side of the 25%. Talking about -- in particular in gross margins of 55 to 60% of range. Clearly we're at the top end of that range at this moment in time.

當然。從長遠來看，我稱之為穩定狀態，正如赫克託所說，我們在微處理器領域開展業務的目標就是處於 20% 到 25% 的區域，可能更傾向於 25% 這一水平。談論—特別是毛利率在 55% 到 60% 的範圍內。顯然，我們目前正處於該範圍的頂端。

But the part I would caution a little bit as we transition into the new Fab 36 factory there will be some incremental costs associated with depreciation that will come online. And so we will be challenged a little bit of maintaining the high 60% level as we go forward from a cost perspective. Clearly though as we move through time and the units start matching the cost perspective, we will get back into the model of the high 20% kind of operating level and pushing the 60% envelope.

但我要稍微提醒一下，當我們過渡到新的 Fab 36 工廠時，將會產生一些與折舊相關的增加成本。因此，從成本角度來看，我們將面臨維持 60% 高水準的挑戰。顯然，隨著時間的推移，單位開始與成本角度相匹配，我們將回到 20% 高營運水準的模型，並推動 60% 的極限。

A critical piece, as you questioned, in drivers. Drivers continue to have the right mix. The right mix of products, of participating in all the segments, in particular in the server and thin and light mobile base, and then particularly in the segment I will call enterprise, of having both clients and servers in the enterprise space.

正如您所問的，這是驅動程式中的關鍵部分。駕駛員繼續保持正確的組合。正確的產品組合，參與所有細分市場，特別是伺服器和輕薄行動基礎領域，特別是在我稱之為企業的細分市場，在企業領域同時擁有客戶端和伺服器。

So those are kind of the key issues there. As you see, as I have stated, we poked through the 20% barrier. That is the first time we have ever accomplished that. So we are well on our way to that game plan. The first half of next year, well I will call it, be a little more challenged from a cost structure, because we will bring on the factory from that perspective.

這些就是那裡的關鍵問題。如您所見，正如我所說，我們突破了 20% 的障礙。這是我們第一次實現這個目標。因此，我們正在順利地實施這項遊戲計劃。明年上半年，我會說，從成本結構來看，會面臨更大的挑戰，因為我們將從這個角度啟動工廠。

But clearly for the fourth quarter if you have the sequential increase in revenue you would expect that the operating margin structure to -- and processes to move upwards again.

但顯然，對於第四季度，如果收入連續增加，您就會預期營業利潤率結構和流程將再次上升。

That's right.

這是正確的。

Mark Edelstone with Morgan Stanley.

摩根士丹利的馬克·埃德爾斯通。

First off congratulations on the really strong results here. Bob, can you just follow on there on the Fab 36? When do you expect the depreciation actually to hit the P&L? Is it still kind of middle of the quarter in Q1, or do you have a bit better handle on the exact timing?

首先恭喜您取得如此優異的成績。鮑勃，你能繼續關注 Fab 36 嗎？您預計折舊何時會真正影響損益？現在還是第一季的中期嗎，或者您對具體時間有更好的把握嗎？

It will probably -- and thank you for the compliment -- it will start more early on in the quarter than later on in the quarter. Right now we're planning to start manufacturing fairly quickly in the quarter, with outfit (ph) toward the end of the quarter, beginning of the second. So depreciation will start early in the process.

它可能會——謝謝你的讚美——它會在本季度早些時候而不是晚些時候開始。目前，我們計劃在本季內盡快開始生產，並在本季末、第二季初開始配備設備。因此折舊將在此過程的早期開始。

Kind of from a modeling perspective, I am kind of going to give everybody a little bit of guidance here, because it has been a big number. So this will comprehend the incremental depreciation associated with next year for Fab 36, and the decreasing depreciation in Fab 30. So I'll kind of give you the all-in net number for the microprocessor business, including the back end manufacturing operation.

從建模的角度來看，我將在這裡給大家一點指導，因為這是一個很大的數字。因此，這將理解 Fab 36 明年的增量折舊，以及 Fab 30 的減少折舊。因此，我將為您提供微處理器業務的全部淨數字，包括後端製造業務。

Think of a number of about 150 million of incremental depreciation net for next year compared to this year for the microprocessor business. Obviously, it will be heavier loaded in the back half of the year than the front half of the year, as we continue to deploy more tools to run manufacturing. But hopefully that will help a little bit more.

想像一下，與今年相比，明年微處理器業務的增量折舊淨額將增加約 1.5 億美元。顯然，由於我們將繼續部署更多工具來運行製造，因此下半年的負擔將比上半年更重。但希望這能提供更多幫助。

That is great. Can you state -- I know you were looking at whether you would stick with the five-year depreciation schedule in Fab 36?

那太好了。您能否說明一下——我知道您正在考慮是否會堅持 Fab 36 的五年折舊計劃？

Right now that is still modeled under a five-year scenario, though we continue to look at if we will make that change. I would like to hold off, and I will actually announce exactly what we're doing at the analyst conference coming up in November. Right now the numbers are I just quoted would be in the five-year vernacular.

目前，這仍然是以五年期情境為模型，但我們仍在研究是否會做出這項改變。我想暫緩一下，實際上我會在 11 月即將召開的分析師會議上宣布我們的具體行動。現在我剛剛引用的數字是五年期的數字。

Could you also on related to Fab 36 -- just give us a sense for what the total amount of expenses in R&D for Fab 36 were in the third quarter, and what the incremental increase was Q2 to Q3?

您能否也談談與 Fab 36 相關的問題——請告訴我們 Fab 36 在第三季的研發總費用是多少，以及第二季到第三季的增量是多少？

Most of the increase -- I'm not going to give you the totality of the number. We haven't disclosed that. But all the increase -- I would say 90% of the increase is associated with Fab 36. So the increase we continue to see on a quarter to quarter basis. Some of it is in people, of hiring new designers, but the bulk of the increase is associated with running engineering material in Fab 36.

大部分的成長——我不會告訴你全部的數字。我們尚未透露此事。但所有的成長——我想說 90% 的成長都與 Fab 36 有關。因此，我們繼續看到季度環比增長。其中一部分是人員的投入，包括聘用新的設計師，但大部分成長都與 Fab 36 的工程材料運作有關。

I guess -- as that fab turns into production we're going to see those costs puddle in the COGS though. So can you give us a sense as to how we should think about that in Q1?

我想——隨著該工廠投入生產，我們將會看到這些成本在銷貨成本中不斷增加。那麼您能否告訴我們在第一季我們應該如何考慮這個問題？

Q1, there will be some proportion, I would call it probably less than 25% of the number will move up. So it is a relatively small number. The biggest number will be depreciation.

Q1，會有一些比例，我認為大概不到 25% 的數字會上升。所以這是一個相對較小的數字。最大的數字將是折舊。

Okay great. Thanks a lot guys.

好的，太好了。非常感謝大家。

And I will give you more granularity when we get to the analyst conference.

當我們召開分析師會議時，我會向你們提供更多詳細資訊。

Michael Masdea with CSFB.

瑞士信貸第一波士頓銀行的 Michael Masdea。

Just a quick question on the ASP. You made a comment that was kind of flattish overall despite more Turion and service. Can give us a little color behind that?

這只是關於 ASP 的一個簡單問題。儘管 Turion 和服務更多，但您的評論總體上還是比較平淡。可以給我們稍微解釋一下嗎？

Sure. As you noticed, we had a significant increase in both the desktop and mobile units. And yet our ASP remained almost identical. So that talks to the strength also of the server business in a quarter where typically we have a lot of demand on the client side because of the consumer aspect of our business. I don't want to give you more granularity, but it was stable as a total, as an aggregate ASP, and it was stable also on a line by line basis.

當然。正如您所注意到的，我們的桌面和行動裝置都實現了顯著成長。但我們的 ASP 幾乎保持不變。因此，這也說明了伺服器業務在本季度的強勁表現，由於我們的業務面向消費者，因此我們在客戶端通常有很大的需求。我不想給你更詳細的信息，但它作為一個整體、作為一個聚合 ASP 是穩定的，而且它在逐行基礎上也是穩定的。

There has been some commentary that the -- some of the OEM are less aggressive in the low end. Maybe the clones are taking back from market share. Any color on that or thoughts on that?

有評論稱，一些 OEM 在低端市場表現不夠積極。也許克隆產品正在奪回市場份額。對此有什麼看法或想法嗎？

I'm sorry, I didn't get the first part of your question.

抱歉，我沒聽懂你問題的第一部分。

Yes, there's some commentary that the OEMs are less aggressive on the low end ASP boxes out there, and the clones are taking some market share back potentially. Are you seeing that at all, or are you seeing any difference?

是的，有一些評論說，OEM 在低端 ASP 機上盒方面的積極性較低，而克隆產品可能會奪回一些市場份額。您看到了嗎？或者您看到了什麼不同嗎？

No, I haven't seen anything that would validate this assumption.

不，我還沒有看到任何可以證實這個假設的東西。

Great. The last question is just emerging markets. It seems like there is more and more growth coming from there. Your competitor has pretty big wallets they are putting towards that effort. Tell us about what you're doing to compete against that in the emerging markets?

偉大的。最後一個問題只是新興市場。看起來那裡正在出現越來越多的成長。您的競爭對手有相當大的資金投入到這項努力中。請告訴我們您在新興市場中採取了哪些措施來應對競爭？

First, those high-growth markets are slowly but surely consolidating under key players. If you take the example of China, you know have really three or four local players that have the lion's share of the business. Our strategy in those high-growth markets is obviously to partner with the key players in each of these markets, and also to partner with our multinational partners, who are important players, particularly in the enterprise segment. So there is no special recipe, it is just being focused, being customer centric, being close to those markets, and continue to deploy our resources accordingly.

首先，這些高成長市場正在主要參與者的推動下緩慢但穩定地鞏固。以中國為例，你會發現其實有三、四家本土企業佔了大部分業務。我們在這些高成長市場的策略顯然是與每個市場中的關鍵參與者合作，同時也與我們的跨國合作夥伴合作，他們是重要的參與者，特別是在企業領域。因此，沒有什麼特殊的秘訣，只是集中精力，以客戶為中心，貼近這些市場，並繼續相應地部署我們的資源。

Adam Parker with Sanford Bernstein.

亞當·帕克和桑福德·伯恩斯坦。

A little bit more color on the servers please. Were your server ASPs up sequentially?

請為伺服器添加更多顏色。您的伺服器 ASP 是否會依序啟動？

Our server ASPs were stable.

我們的伺服器 ASP 很穩定。

Even though your blended ASPs in server are at a premium to Intel, it seems if you compare apple for apple, 2-way to 2-way, 4-way to 4-way, etc., you are still selling them at a discount to Intel. I guess what I'm asking should we think there's any reason to think there is pricing pressure in server, or is there still ample headroom for stability in your server ASPs over the next quarter or two?

儘管你們伺服器的混合 ASP 比英特爾高，但如果進行同類比較、2 路與 2 路、4 路與 4 路等，你們的售價似乎仍然低於英特爾。我想問的是，我們是否有理由認為伺服器有定價壓力，或者在未來一兩個季度內，伺服器平均售價是否仍有足夠的穩定空間？

I think that we have a superior product offering. And I actually don't subscribe to your notion of a discount. I think our competitor has a blended ASP that takes into consideration some high-end products. As far as the 2P and 4P x86 space, I think at the processor level we're very comparable. There may be pressure at the system level, but that is essentially because some of our competitors' customers have to discount heavily to sell the inferior technology that they offer.

我認為我們提供的產品品質優良。而我其實並不贊同你的折扣觀點。我認為我們的競爭對手有一個混合 ASP，其中考慮了一些高端產品。就 2P 和 4P x86 空間而言，我認為在處理器層級我們非常具有可比性。系統層面可能會有壓力，但這主要是因為我們的一些競爭對手的客戶必須大幅折扣才能出售他們提供的劣質技術。

So it is not true that you have a better mix within server than they do?

那麼，你們的伺服器組合是不是比他們更好呢？

Clearly our leadership in the scalability of the architecture gives us a favorable mix of 4P versus 2P. So when you look at the blended ASP for our server business, of course that helps because we have a very healthy 4P business.

顯然，我們在架構可擴展性方面的領先地位使我們獲得了 4P 與 2P 的良好組合。因此，當您查看我們的伺服器業務的混合 ASP 時，這當然會有所幫助，因為我們擁有非常健康的 4P 業務。

Secondly, another question is about memory. Hector, your attitude about Spansion seems to have, I think, improved over the last six months. Not that you were ever negative about it. But do you think is this is because of AMD Spansion specifically, or more broadly the Flash market? And given there are whispers about that business being quite positive in the fourth quarter, is there any reason to think that a book (ph) way above 1 isn't achievable for AMD in the fourth quarter in Flash?

其次，還有一個問題是關於記憶的。赫克托，我認為，過去六個月你對 Spansion 的態度似乎有所改善。這並不意味著你對此持消極態度。但是您認為這是因為 AMD Spansion 的原因，還是更廣泛的 Flash 市場的原因？鑑於有傳言稱第四季度該業務表現相當積極，是否有理由認為 AMD 在第四季度的 Flash 業務中無法實現遠高於 1 的帳面價值 (ph)？

First of all, I just want to underline one point you made. Is I had never been negative on Flash.

首先，我只想強調你提出的一點。我從來沒有對 Flash 持負面態度。

I tried to say that, but I meant you seemed incrementally more positive from a positive starting point.

我試著這麼說，但我的意思是你從一個積極的起點開始似乎逐漸變得更加積極。

Here's what we see happening as we talk to the leaders in Flash today. Let me speak from the market perspective that the use of NAND has continued to grow. And a lot of that is driven by new products that didn't exist before, for example, iPods who are heavy users of NAND technology, as one example.

以下是我們今天與 Flash 領導者交談時看到的情況。讓我從市場角度來說，NAND 的使用持續成長。其中很大一部分是由以前不存在的新產品推動的，例如 iPod 就是 NAND 技術的重度使用者。

And so that particular side of the business continues to grow, but it has not really had a significant impact on the outlook of NOR in the flash markets because what is happening is, as one example, when the year began you might remember that most of the consensus around the number of units built by cellular handset manufacturers were somewhere around 650 million units for the year. And as we talk to these people, the leaders in this industry, what they believe now is there is very likely, very possible, that they will exceed 800 million for the year. Which means the outlook for them improved significantly as the year began to develop, and these are all heavy-duty users of NOR Flash technology. And also we pointed out in the written remarks, the introduction of the sampling of our first ORNAND product also indicates that our business is in a position to also be able to benefit from some of those additional market opportunities.

因此，該業務的特定方面繼續增長，但它並沒有對閃存市場中 NOR 的前景產生重大影響，因為正在發生的事情是，舉個例子，當今年年初時，您可能還記得，對於蜂窩手機製造商生產的手機數量，大多數人的共識是，全年生產數量約為 6.5 億台。當我們與這些人、這個行業的領導者交談時，他們現在相信，今年的銷售很有可能超過 8 億。這意味著隨著今年的發展，它們的前景將顯著改善，而這些都是 NOR Flash 技術的重度使用者。而且我們在書面評論中指出，推出我們的第一款 ORNAND 產品樣品也表明我們的業務能夠從一些額外的市場機會中受益。

The market seems to have improved from what the users of technologies felt at the beginning of the year. And I think that is what is giving people a little bit of a positive outlook into the balance of the year.

與科技用戶年初的感受相比，市場似乎已經有所改善。我認為這讓人們對今年的平衡抱持著一點樂觀的態度。

And I would just response -- in Q1 I think you said something on the conference call like the memory business -- the losses made you want to puke, I think is what you said. So I was reacting to being more positive relative to that. I am just trying to figure out how much was the market sentiment versus kind of AMD specific progress.

我只是想回應——在第一季度，我認為您在電話會議上提到了內存業務之類的事情——損失讓您想吐，我想這就是您說的。所以我對此的反應更加積極。我只是想弄清楚市場情緒與 AMD 具體進展之間的關係。

Okay.

好的。

It sounds like you think it is both.

聽起來你認為兩者皆有。

Yes.

是的。

Joe Osha with Merrill Lynch.

美林證券的 Joe Osha。

Congratulations on the numbers. A couple of questions. Bob, you gave what I thought was a very helpful comment in terms of incremental depreciation associated with the processor business in 2006. Could you perhaps take us to the same place in terms of what the incremental operating costs will be '06 over '05 for that business?

恭喜你取得這些數字。有幾個問題。鮑勃，我認為你對 2006 年處理器業務的增量折舊給出了非常有幫助的評論。您能否告訴我們，2006 年該業務的營運成本相對於 2005 年將增加多少？

I'm not prepared to do that on this call, but I will at the analyst conference on November 15.

我還沒有準備好在這次電話會議上這樣做，但我會在 11 月 15 日的分析師會議上這樣做。

Would it be fair to say that as is the case with sort of the depreciation elements of the equation that perhaps, as you bring on cost to associate -- to support Fab 36 initially that you maybe drop below your target, and then come back to it as the year progresses?

這樣說是否公平，就像等式中的折舊元素一樣，當你最初為 Fab 36 提供支持時，你可能會降低到目標以下，然後隨著時間的推移再回到目標？

Like I said, definitely challenged in the first half of the year versus second, as we try to match costs to incremental capacity. But kind of as a framework, I will just talk in math and general numbers. Because we would expect dilution in our R&D category and our SG&A category as time goes on proportional to sales.

就像我說的，與第二季相比，上半年肯定面臨挑戰，因為我們試圖將成本與增量產能相匹配。但作為一種框架，我只會用數學和一般數字來談。因為我們預計，隨著時間的推移，我們的研發類別和銷售、一般及行政費用類別會隨著銷售額的增加而減少。

Got it. So you absorb more cost as the revenues go up.

知道了。因此，隨著收入的增加，您需要承擔更多的成本。

That's right.

這是正確的。

That makes sense.

這很有道理。

To me -- we are on -- obviously with the kind of numbers I talked about and we have just reported, we are on a very fast growth rate. And clearly we will not add costs at the same growth rate of sales.

對我來說 — — 我們正處於 — — 顯然，從我談到的和我們剛剛報告的數字來看，我們的成長率非常快。顯然，我們不會在銷售額成長的同時增加成本。

That makes sense. (multiple speakers). If I look at Fab 36 my own kind of sniffing around had suggested that that fab could be running around 2,000 wafers a week by the fourth quarter, which would imply actually that you're almost double in terms of square feet of silicon where you are right now. But it sounds like I'm a little off there. Hector, can you maybe tell me where I am making a mistake?

這很有道理。 （多位發言者）如果我看一下 Fab 36，我自己的打探表明，到第四季度，該晶圓廠每周可以生產大約 2,000 片晶圓，這實際上意味著您的矽片面積幾乎是現在的兩倍。但聽起來我有點偏離主題了。赫克托，你能告訴我我哪裡犯了錯嗎？

That is not out of the question. And I just would like -- when you said fourth quarter, you meant fourth quarter next year I'm sure?

這並非不可能。我只是想——當您說第四季時，我確定您指的是明年第四季？

Right, 2,000 times 2.5. And I know you are running around 25 K. at fab 30 right now. So that basically that doubles you year-on-year.

對，2,000 乘以 2.5。我知道您現在在 fab 30 運行大約 25 K。因此，這基本上會使您的收入比去年同期翻倍。

That is not entirely out of the question. And we are going to do everything we can, as I said, to ramp as fast as is physically possible.

這並非完全不可能。正如我所說，我們將竭盡全力，在物理上盡可能快速地提高產量。

Super. And then last question, back to you, Bob, just in terms of the -- I have beaten up Hector about personal connectivity losses, so I'll just maybe ask again. But then also you've got another $66 million loss in sort of other products. Can you tell me what the story with that is?

極好的。然後最後一個問題，回到你這裡，鮑勃，就個人連接丟失而言，我已經打敗了赫克托，所以我可能會再問一次。但你在其他產品上也損失了 6,600 萬美元。你能告訴我這其中有怎樣的故事嗎？

As I think we have stated before, but I will just restate it. The other products represent costs that we do not allocate to the product lines. In particular, for AMD, that is mostly centered on long-term and short-term bonuses and profit-sharing associated with how well the Corporation or individual people or business units do. And so with the large improvements of profitability in some of our businesses has dictated that we actually need to accrue quite a bit of bonuses.

我認為我們之前已經說過了，但我只想重申一下。其他產品代表我們未分配給產品線的成本。具體來說，對於 AMD 而言，這主要集中在與公司或個人或業務部門的業績相關的長期和短期獎金和利潤分享。因此，隨著我們一些業務獲利能力的大幅提高，我們實際上需要累積相當多的獎金。

Now does this recur, and is it attached to the processor business or the Spansion business?

現在這種情況會再發生嗎？它與處理器業務還是 Spansion 業務有關？

The honest answer, of course, most of it is coming from the processor businesses because the size of the operating income. We don't pay many bonuses for losing money. But as we continue to take the 200 to 400 to 500 to whatever the numbers are, bonuses would move proportionally to that.

誠實的回答當然是，大部分收入來自處理器業務，因為其營業收入規模較大。我們不會因為虧損而支付很多獎金。但隨著我們繼續將 200 增加到 400 或 500，無論數字是多少，獎金也會相應增加。

So I need to think about the $66 million as being attached in part to the processor business, and as recurring as you continue to be more successful in that business?

因此，我需要將這 6600 萬美元視為部分與處理器業務相關的資金，並且隨著您在該業務上取得更大的成功，這筆資金會不斷增加？

Correct. And then of course like all bonuses, I'm sure just like yours, they get reset every year.

正確的。當然，就像所有獎金一樣，我相信就像你的獎金一樣，它們每年都會重置。

No, mine never goes up. All right, thank you very much.

不，我的從來沒漲過。好的，非常感謝。

Ben Lynch with Deutsche Bank.

德意志銀行的本·林奇。

Just joining the crowd to congratulate you for what it's worth. First question, maybe this is for Henri. And I know the final data is not out, but I'm sure you have a rough feel for this. Your estimate for you 2P and 4P server share for the -- currently -- define that as you like, currently. And I'm assuming 4P is a lot higher than 2P. What do you attribute that to, I guess, specifically just the scalability advantages? And is there -- do you have specific plans to boost the 2P share significantly in the next year or so? That's the first question.

只是加入人群來祝賀你，這是值得的。第一個問題，也許這是問亨利的。我知道最終數據尚未公佈，但我相信您對此有一個大致的了解。您對 2P 和 4P 伺服器份額的估計值——目前——目前按照您喜歡的方式定義。我認為 4P 比 2P 高很多。我想，您認為這具體歸因於什麼呢？具體來說，就是可擴展性優勢？您是否有具體計劃在未來一年左右大幅提高 2P 份額？這是第一個問題。

First, I am not going to make guesses. We will wait to see -- as the dust settles on the third quarter and where the shares are. I keep my horizons focused at about six to nine months. So on my pipeline -- my pipeline and opportunities is very strong and continues to grow. So I'm comfortable with the velocity of our server business.

首先，我不會做猜測。我們將拭目以待——看看第三季的業績和股價走勢。我的關注點集中在六到九個月左右。因此，就我的管道而言——我的管道和機會非常強大，而且還在不斷增長。所以我對我們的伺服器業務的速度感到滿意。

With regard your specific comment on 2P versus 4P, clearly our scalability advantage on the 4P space makes Opteron a particularly compelling solution in that space. Obviously, the 2P space is more of a commodity. The 1P space is actually a total commodity. And we have a lot of opportunities to grow in those two segments. Frankly, the opportunities there are available to us as we continue to augment the number of platforms available from our Tier 1 partners, and as we develop our offering in the SMB space.

關於您對 2P 與 4P 的具體評論，顯然我們在 4P 領域的可擴展性優勢使 Opteron 成為該領域特別引人注目的解決方案。顯然，2P空間更多的是一種商品。1P空間其實是一種完全的商品。我們在這兩個領域有很多發展機會。坦白說，隨著我們繼續增加一級合作夥伴提供的平台數量，並不斷開發我們在 SMB 領域的產品，我們就有機會。

I think that the more you move towards the commodity market, the more it is about market coverage. Clearly in the 4P space you are confronted with very, very smart and informed buyers who can understand what is the best value proposition in the marketplace. But I'm confident that we will accelerate in the 2P space and then in the 1P space as we continue to augment the number of platforms available.

我認為，你越是走向商品市場，就越需要關注市場覆蓋率。顯然，在 4P 領域，你會遇到非常聰明且消息靈通的買家，他們可以了解市場上最好的價值主張是什麼。但我有信心，隨著我們繼續增加可用平台的數量，我們將在 2P 領域和 1P 領域加速發展。

It will be less -- if I hear you properly it is maybe less the technical arguments, which clearly there are as well, but may be a bit less emphasis on just going in and penetrating your customers.

如果我沒聽錯的話，它可能涉及的技術參數會更少，雖然顯然也存在技術參數，但可能不太強調進入和滲透客戶。

Absolutely.

絕對地。

Okay.

好的。

(multiple speakers) market coverage.

（多位發言者）市場涵蓋範圍。

And the second question I had was going into the quarter on your Q2 comments AMD was talking a little bit about supply constraints, and also how the higher consumer mix in the second half might be somewhat of a drug on margins. And clearly there are constraints which are facing third-party chipset vendors and Intel, etc. It would seem that they would apply to you as well because you have the same sort of partners. And yet you had this phenomenal quarter. I'm just trying to understand how those supply constraints that seem to be forming just didn't seem to matter?

我的第二個問題是，在您對本季第二季的評論中，AMD 談到了一些供應限制，以及下半年更高的消費者組合可能會對利潤率產生一定的影響。顯然，第三方晶片組供應商和英特爾等都面臨限制。看起來這些也適用於你，因為你們有相同類型的合作夥伴。但你們還是度過了這個非凡的季度。我只是想知道為什麼那些正在形成的供應限制似乎並不重要？

First, we haven't experienced any service sort of supply constraint during the quarter. I want to dispel any notion that that is the case. With regards to the fact that our results are in the upper end of the range that we could expect -- or you can expect-- it is really a statement of the brand positioning that we have done over the course of the last year and a half. The Athlon 64 brand is really doing very well. The Athlon 64 X2 is doing exceptionally well. And Turion 64 is doing very well. And so the establishment of those brands and how they are anchoring themselves in the market and the price tags are obviously helping us in getting those phenomenal revenue growth.

首先，本季我們沒有遇到任何服務供應限制。我想消除任何認為情況確實如此的想法。關於我們的結果處於我們預期範圍的上限（或您可以預期）這一事實，這實際上是我們在過去一年半中所做的品牌定位的聲明。Athlon 64 品牌確實表現得非常好。Athlon 64 X2 的表現非常出色。Turion 64 的表現非常出色。因此，這些品牌的建立以及它們如何在市場上站穩腳跟以及價格標籤顯然幫助我們實現了驚人的收入成長。

Glen Yeung with Citigroup Investments.

花旗投資的 Glen Yeung。

Just a question about your fourth quarter guidance. It looks pretty much in line with normal seasonality. I'm wondering if you could explain to us, given that you have been obviously taking share now for some time, if you believe you are no longer taking share, or if you believe that we may in fact have a lower than normal seasonal fourth quarter?

我只是想問您第四季的指導意見。它看起來與正常的季節性非常一致。我想知道您是否可以向我們解釋一下，鑑於您顯然已經佔據了一段時間的市場份額，您是否認為您不再佔據市場份額，或者您是否認為我們第四季度的季節性業績實際上可能低於正常水平？

It is an interesting question for the following reasons. I believe that we -- it is very tough and challenging for -- at our side frankly to be as predictable in terms of the total market. There are probably other people with a significantly larger share able to see that and have more visibility on to that. We believe we will outperform the market in general. But we also believe the fourth quarter seasonality numbers are beginning to be difficult to predict, because we find ourselves in a different pattern that we see the rest of the competition. And so it is hard to blend it. From our perspective it was best for us to indicate to you that the very strong year-on-year growth that we have had that we expect to continue.

這是一個有趣的問題，原因如下。我相信，就整個市場而言，我們要想做到可預測，坦白說是非常困難和具有挑戰性的。可能還有其他擁有更大份額的人能夠看到這一點，並且對此有更高的了解。我們相信我們的表現將優於整體市場。但我們也認為第四季的季節性數據開始變得難以預測，因為我們發現自己與其他競爭對手的模式不同。因此很難將其混合。從我們的角度來看，我們最好向您表明，我們已經實現了非常強勁的同比增長，並且我們預計這種增長將持續下去。

To add to your point, I guess that year-on-year growth you are expecting in the fourth quarter, actually exceeds the year-on-year growth you have had in the first nine months. So maybe some conservatism in the way you thought about the quarter?

補充一下你的觀點，我猜你預期的第四季度同比增長實際上超過了前九個月的同比增長。那麼，您對本季的看法可能有些保守嗎？

No, I think is reasonable.

不，我認為是合理的。

Okay.

好的。

(inaudible).

（聽不清楚）。

Fair enough. And the other question I had, maybe for Bob, was in the second quarter you had seen some inventory build and made the point at the time that that was -- given that you are looking forward to what was a good third quarter, and you obviously gave us that, that inventory build was justified. When we look specifically at the inventory of Opteron, whether that is (indiscernible) or finished goods, does your Opteron inventory come down in the third quarter amidst a 2% increase in overall inventory?

很公平。我還有一個問題，也許是針對鮑勃的，那就是在第二季度，您看到了一些庫存增加，並且當時指出那是——鑑於您期待著一個良好的第三季度，而且您顯然已經告訴我們，庫存增加是合理的。當我們具體查看 Opteron 的庫存時，無論是（音訊不清晰）還是成品，在第三季整體庫存增加 2% 的情況下，您的 Opteron 庫存是否會下降？

You've got to remember the inventory report is for both businesses, both Spansion and (indiscernible). And total I actually did not make comment on the specifics, but we -- hopefully we continue to show you -- we demonstrate strategically building the right inventory and then moving it appropriately. Opteron continues to set records every quarter. Just because we don't talk about it as much in any particular tone, doesn't mean every quarter is not a new record. We're very happy with our inventory levels. Of going into the fourth quarter, as we have stated in our forecast, we expect decent growth in the fourth quarter again. And so it will continue from that standpoint.

你必須記住，庫存報告是針對兩家企業，包括 Spansion 和（音訊難以理解）。總的來說，我實際上沒有對具體細節發表評論，但我們——希望我們繼續向你們展示——我們展示瞭如何策略性地建立正確的庫存，然後適當地移動它。Opteron 每季都在持續創下紀錄。雖然我們沒有用任何特定的語氣談論它，但這並不意味著每個季度都不會創下新紀錄。我們對我們的庫存水準非常滿意。進入第四季度，正如我們在預測中所述，我們預計第四季度將再次實現良好的成長。從這個角度來看，它將繼續下去。

I am sorry, Hector, just to go back to the question I was asking before. Just to be specific on this particular fourth quarter, given we have so many macro issues that are out there, is your sense that -- are you trying to factor in the concerns we have on a macro basis? Is that part of your thinking in this calendar Q4?

抱歉，赫克托，我只想回到我之前問的問題。具體來說，考慮到我們面臨的許多宏觀問題，您是否認為——您是否試圖將我們在宏觀層面上的擔憂考慮在內？這是您在日曆第四季中考慮的一部分嗎？

No, no. It doesn't mean we don't care about the macro issues. We are aware of them, but frankly they are beyond our ability to forecast, and so we are not taking those into account.

不，不。這並不意味著我們不關心宏觀問題。我們知道這些，但坦白說，它們超出了我們的預測能力，所以我們沒有考慮到這些。

Christopher Danely with JP Morgan.

摩根大通的 Christopher Danely。

Great quarter. Can you just talk about the relative sizes and the growth rates of the three different processor segments, server, desktop and laptop?

很棒的一個季度。您能否談談伺服器、桌上型電腦和筆記型電腦這三種不同處理器領域的相對規模和成長率？

Not more than the color we gave you in the statement, which is the growth was led by Turion 64 this quarter. But that is not to say that the other segments didn't grow very well as well. They were all in the double-digit mode. And again a spectacular performance from Turion 64.

不超過我們在聲明中給出的顏色，即本季度的增長是由 Turion 64 引領的。但這並不是說其他部分沒有取得很好的成長。他們的得分都達到了兩位數。Turion 64 再次帶來精彩表現。

And then how about going forward, can you give us a sense of do you expect the laptop segment to drive growth going forward, or could we see something else pop up?

那麼展望未來，您能否告訴我們，您是否預期筆記型電腦市場將推動未來的成長，或者我們是否會看到其他市場出現？

If you look at our three segments, our largest market share is in the desktop. So obviously although we are performing very well, we have more opportunities to grow in the server space than in the mobile space in relative basis. Although, as Bob was pointing out, there's a huge opportunity for us as we continue to develop our business in the client space for the enterprise. But overall I would say we would continue to expect record after record on both mobile and server, with the desktop doing very well, but probably as a second -- as a second growth rate.

如果你看我們的三個部分，我們最大的市場份額是在桌面領域。因此，顯然，儘管我們的表現非常好，但相對而言，我們在伺服器領域的成長機會比在行動領域的成長機會更多。儘管如此，正如鮑伯所指出的，隨著我們繼續在企業客戶領域發展業務，我們面臨著巨大的機會。但總的來說，我想說，我們將繼續期待行動和伺服器的創紀錄，桌面方面表現會非常好，但可能是第二個——第二個成長率。

Was there any key metrics that caused the switch flipping in the laptop segment?

是否存在導致筆記型電腦領域轉變的關鍵指標？

Well you know we introduced the Turion really at the end of the first quarter. Our customers ramped production of about 60 different platforms in the second quarter. By the time these hit the shelf for back-to-school for the consumer space and started to be evaluated by Fortune 500 companies in the commercial space, if you look at the cycle, it is totally logical. But it also shows that the market needs an alternative in the mobile space, and that Turion 64 provides both our customers and end-user with a very high-quality alternative to the competition.

你知道，我們在第一季末推出了 Turion。我們的客戶在第二季增加了約 60 個不同平台的產量。當這些產品在消費者領域的開學季上架，並開始接受商業領域的財富 500 強企業的評估時，如果你看一下這個週期，你會發現這是完全合乎邏輯的。但它也表明市場在行動領域需要替代品，而 Turion 64 為我們的客戶和最終用戶提供了非常高品質的競爭替代品。

And then last question. I know you guys can't talk about Flash going forward, but can you just address the ORNAND market a little bit? Doesn't Samsung have a similar type of product, and does anybody else have a similar type of product?

最後一個問題。我知道你們不能談論 Flash 的未來，但你能稍微談談 ORNAND 市場嗎？三星沒有類似的產品嗎？有其他公司有類似的產品嗎？

There might be some attempt to make it looks similar, but I'm not aware of anything that looks at all like what ORNAND is. And just to remind you a little bit is the NOR technology, which is based on this thing called MirrorBit, which is very unique, and only AMD has the IP portfolio to be able to do it, it is a derivative of that leads to this technology called ORNAND.

可能有人嘗試讓它看起來相似，但我不知道有什麼東西看起來與 ORNAND 很像。稍微提醒一下，NOR 技術基於一種名為 MirrorBit 的技術，它非常獨特，只有 AMD 擁有能夠做到這一點的 IP 組合，它是 ORNAND 技術的衍生性商品。

And there is no such thing as an ORNAND market, because there is -- only AMD owns that product. But it is a NAND-like application based on technology that is a derivative of NOR. And that, as perhaps we stated before, brings with it a very cost competitive space, as well as a very high quality in terms of data retention. In some instances it will take away some of the market that NAND might be approaching. In other cases it will be a lower cost alternative for some not so demanding NOR solutions.

且不存在所謂的 ORNAND 市場，因為只有 AMD 擁有該產品。但它是一種基於 NOR 衍生技術的類似 NAND 的應用。正如我們之前所說，這帶來了非常具有成本競爭力的空間，以及非常高的資料保留品質。在某些情況下，它會奪走 NAND 可能正在進入的部分市場。在其他情況下，對於一些要求不那麼高的 NOR 解決方案來說，它將是一種成本較低的替代方案。

That makes sense. Thanks a lot guys. Great quarter.

這很有道理。非常感謝大家。很棒的一個季度。

Jim Covello with Goldman Sachs.

高盛的 Jim Covello。

I am trying to get a little more granularity on the fourth quarter gross margins. Bob, you had given us terrific color for the out year margins. But relative to the fourth quarter, maybe if I could start, is there an update to your full year depreciation and amortization guidance?

我正在嘗試更詳細地了解第四季度的毛利率。鮑勃，你為我們今年的利潤提供了極好的說明。但相對於第四季度，如果我可以開始的話，您的全年折舊和攤提指南是否有更新？

No, pretty much the same as we have had from that perspective, not materially different from the prior annual guidance.

不，從這個角度來看，與我們之前所得到的幾乎相同，與先前的年度指導沒有實質差異。

If I'm not mistaken that was kind of 1.2 billion. So you would actually expect depreciation to come down a decent bit in the fourth quarter?

如果我沒記錯的話，這個數字大概是12億。那麼，您實際上預計第四季度的折舊率會大幅下降嗎？

Depreciation will trail in that direction -- constant the trail. Again you also remember depreciation is a factor of currency rate.

貶值將沿著這個方向持續下去。再次，您還記得貶值是貨幣匯率的因素。

Sure. And could you give us any other Caller on the factors that might affect the fourth quarter gross margin margins specifically?

當然。您能否向我們提供有關可能影響第四季毛利率的具體因素的其他資訊？

As Henri stated, seasonally fourth quarter is a client-based quarter. So clearly clients will be a strong piece of the business from a growth perspective, and a percentage of the business. But as he also said too, we're continuing -- we have a healthy pipeline of servers, and those will continue to kick on on a continuous basis. So we see no issue in ASP. ASP will continue to move as it has historically, trending north. That clearly helps gross margin. And we have, as I said, we will have cost increases associated mainly with Fab 36, and merchandising the product for the fourth quarter. So we should (multiple speakers).

正如亨利所說，從季節性角度來看，第四季是一個以客戶為基礎的季度。因此，從成長角度來看，客戶顯然將成為業務的重要組成部分，並佔業務的一定比例。但正如他所說，我們會繼續下去——我們擁有健康的伺服器管道，這些伺服器將繼續持續運作。因此我們認為 ASP 中沒有問題。ASP 將繼續按照歷史趨勢向北移動。這顯然有助於提高毛利率。正如我所說，我們的成本會增加，主要與 Fab 36 和第四季的產品銷售有關。所以我們應該（多位發言者）。

So when you net that all out, I think the gross margin drop through was about 50% or so this quarter. Should we expect that to remain about the same or go up or go down for the fourth quarter?

因此，當你把所有這些因素都考慮進去時，我認為本季的毛利率下降了約 50％ 左右。我們是否應該預期第四季這一數字將保持不變、上升或下降？

I think it is in the relative zone.

我認為它處於相對區域。

And then second question, relative to the emerging market impact on the business, do you think that has any change on the seasonality that we may see? A little less pronounced positive in the fourth quarter, a little less pronounced negative in the first quarter of the year, or the first half of the year, given the differences in the seasonal patterns in the emerging markets?

第二個問題，相對於新興市場對業務的影響，您認為這會對我們可能看到的季節性產生任何變化嗎？考慮到新興市場季節性模式的差異，第四季的正面影響是否會稍微減弱？今年第一季或上半年的負面影響是否會稍微減弱？

Yes, I think that actually it is going to help us overall. Because if you look at the cycles, they are different in those markets. Both vacations and holidays and actually important dates. As our business in the past was heavily dependent on both the U.S. and Europe, we have the seasonality that was impacted by really the retail cycles in those two markets. Clearly the high-growth markets are representing an increasing percentage of our total revenue. And that should smooth out the curve. That is partially why Hector indicated that we're moving a little bit away from the traditional seasonality that has been ours for the last few years. Because there is a significant change in both the geography mix of our business, but also our consumer to commercial ratio.

是的，我認為實際上它總體上對我們有幫助。因為如果你觀察週期，你會發現這些市場是不同的。假期和假日其實都是重要的日子。由於我們過去的業務嚴重依賴美國和歐洲，因此我們的季節性確實受到這兩個市場的零售週期的影響。顯然，高成長市場在我們的總收入中所佔的比例越來越大。這應該會使曲線變得平滑。這就是為什麼赫克托表示我們正在稍微偏離過去幾年來的傳統季節性。因為我們的業務地理分佈以及消費者與商業的比例都發生了重大變化。

David Wong with A.G. Edwards.

David Wong 和 A.G. Edwards。

A couple of points -- quick sort of administrative things. Can you give us some idea of what tax rate would be for AMD if it didn't have Spansion with it? Are there any net operating losses that would go away with Spansion that would force the tax rate up?

幾點－快速整理一下行政事務。您能否告訴我們，如果 AMD 沒有 Spansion，那麼它的稅率是多少？Spansion 是否會消除任何淨營運虧損，從而迫使稅率上升？

Actually, no, Spansion today is a partnership. And actually in the partnership all the losses accumulated to date stay with AMD. The benefit accrues to us.

事實上，Spansion 目前是一家合夥企業。實際上，在合作期間，迄今為止累積的所有損失都由 AMD 承擔。我們獲得了利益。

Along the same vein, legal costs, would there be any step up going forward, or does this current quarter's SG&A and your guidance for next quarter sort of map out what we would expect into next year? Or is there any point where things step out, or alternatively step down?

同樣，法律費用未來是否會有所增加，或者本季度的銷售、一般及行政費用以及您對下一季度的指導是否能反映出我們對明年的預期？或者是否存在一個點，讓事情向前發展，或者反過來走下坡路？

I haven't given the granularity on next year, but as I stated in the last conference call, I always will give you what we think it's going to grow quarter on quarter. The 8% again growth rate from third to fourth is what I expect. And I will give more color and detail and specific at the November analyst conference.

我還沒有給出明年的具體情況，但正如我在上次電話會議中所說的那樣，我總是會告訴你們我們認為它會逐季度增長的情況。從第三到第四，再次維持8%的成長率是我所期待的。我將在 11 月的分析師會議上提供更多細節和具體資訊。

My final question. I think Hector had said there were no shortages of AMD parts. At this point in time what does your capacity utilization look like? Do you have -- is it relatively full utilization?

我的最後一個問題。我認為赫克托曾說過 AMD 零件並不短缺。目前您的產能利用率如何？您有—它的利用率是否相對充分？

Yes, the question is -- the simple answer is yes, but I have got to modify it. Let me explain to that that we continue to be ramping. The capacity of Fab 30, even though has fixed number of wafers, has continued to go up because we have improved the node of technology from 130 to 90 nanometers, and we have been able to add productivity changes which have improved also the capacity. So that is this discontinued increment of capacity that has been occurring for the last several quarters.

是的，問題是——簡單的答案是肯定的，但我必須修改它。讓我解釋一下，我們正在繼續加強加強。儘管晶圓數量固定，但 Fab 30 的產能仍在持續上升，因為我們已經將技術節點從 130 奈米改進到 90 奈米，我們能夠增加生產力變化，這也提高了產能。這就是過去幾季以來產能不斷增加的現象。

Of course, that will continue not only in Fab 30, but it will continue even at a faster pace as we bring Fab 36 on board. And our plan plans are, with Henri sales and marketing team around the world, is to sell it all-out. And therefore at every quarter in time, even though we improve capacity, is to be able to be as close as we can to full utilization, where we are right now.

當然，這種情況不僅會在 Fab 30 繼續下去，而且隨著 Fab 36 的加入，這種情況會以更快的速度繼續下去。我們的計劃是，與 Henri 遍佈全球的銷售和行銷團隊一起，全力銷售產品。因此，每個季度，即使我們提高了產能，也要盡可能接近目前的充分利用率。

The rate at which your computational revenues have grown, for example, is roughly equal to the rate at which the market has grown. Then you haven't been production limited in terms of what you can sell?

例如，計算收入的成長率大致等於市場成長率。那麼，就銷售量而言，你們的生產沒有受到限制嗎？

No, we have not.

沒有。

Allan Mishan with CIBC World Markets.

加拿大帝國商業銀行全球市場 (CIBC World Markets) 的 Allan Mishan。

Nice quarter. A couple of questions. Bob mentioned before 150 million in depreciation incremental. Can you just split that first half versus second half, so we understand how that hits the P&L?

不錯的季度。有幾個問題。鮑伯之前提到過 1.5 億美元的折舊增量。您能否將前半部與後半部分開，讓我們了解其對損益的影響？

I'm not prepared to do that right now. I will do that at the analyst call.

我現在還沒準備好這麼做。我會在分析師電話會議上這樣做。

Fine. And then do you guys have any anecdotal evidence or any other evidence that you might have benefited from the Intel chipset shortage this quarter? And if so, do you worry that that share goes back to Intel at some point?

美好的。那麼，你們有什麼軼事證據或其他證據表明你們可能從本季的英特爾晶片組短缺中受益嗎？如果是這樣，您是否擔心該份額最終會回到英特爾手中？

Our understanding is that our competitor is challenged from a manufacturing perspective in certain areas. In the case of chipset it is the low end of their offering. As I pointed out, we're doing very well on Turion. And mainly the growth of our mobile business was driven by Turion. So whether we had some benefit in our Sempron mobile offering of Intel's failure to execute remains to be seen. But I'm not worried about their overall ability to fight back. Because again, in the space where they haven't announced any sort of shortage or issues is where we performed the best.

我們的理解是，我們的競爭對手在某些領域面臨來自製造業的挑戰。就晶片組而言，這是他們提供的低端產品。正如我指出的，我們在 Turion 上做得非常好。我們的行動業務的成長主要受到 Turion 的推動。因此，英特爾的失敗是否為我們帶來了 Sempron 行動產品的好處還有待觀察。但我並不擔心他們的整體反擊能力。因為再說一次，在他們沒有宣布任何短缺或問題的領域，我們的表現是最好的。

Chris Passal with Friedman Billings Ramsey.

克里斯·帕薩爾 (Chris Passal) 和弗里德曼·比林斯·拉姆齊 (Friedman Billings Ramsey)。

I just wonder if you could give some more color regarding the Turion ramp? And could you give us some sense of what -- where Turion sits as a percentage of your mobile business right now, and where you think that is likely to be as you go into '06?

我只是想知道您是否可以提供一些有關 Turion 坡道的詳細資訊？您能否向我們介紹一下 Turion 目前在你們的行動業務中所佔的份額，以及您認為在 2006 年這一份額可能會達到什麼水平？

I really would prefer to stay away from that level of granularity, but obviously Turion 64 is the only 64-bit platform available. We intend to drive as big a percentage of the total mobile business as we can. But we also recognize that, and particularly in a lot of those high-growth markets, there's a need for an entry-level solution. And that is why, again, we did very well with Turion, but I don't want to have you leave with a false impression that our mobile Sempron business didn't do well as well.

我確實希望遠離這種粒度級別，但顯然 Turion 64 是唯一可用的 64 位元平台。我們打算盡可能提高整個行動業務的份額。但我們也認識到，特別是在許多高成長市場中，需要入門級解決方案。這就是為什麼我們的 Turion 業務表現非常出色，但我不想讓大家誤以為我們的行動 Sempron 業務表現不佳。

Let me follow it with something else then. Regarding just on follow up to an earlier question that you guys talked about the capacity utilization, the plan to basically sell out all your capacity. As things go forward with your competitor being tight, I guess is it right to say that you guys are making some decisions in terms of what business you're actually going to take in the quarter, given the capacity constraints? Or is -- there's some other things that you guys could think of such as outsourcing? Maybe just give some color on that?

那麼讓我接著說點別的。關於之前的問題，你們談到了產能利用率，並計劃基本上賣掉所有的產能。隨著事態的發展，你們的競爭對手越來越強大，考慮到產能限制，我想是否可以說，你們正在就本季實際要開展的業務做出一些決定？或者──你們還能想到其他一些事情，例如外包？也許只是給它加點顏色？

You know what, the only thing I would like to comment on outsourcing is we have announced plans to use Charter Semiconductor on some foundry. We are very happy with that. We expect that to complete in the second half next year. That will be part of our desire to aggressively grow in the market and use the capacity fully.

你知道嗎，關於外包我唯一想評論的事情是我們已經宣布計劃在一些代工廠使用 Charter Semiconductor。我們對此感到非常高興。我們預計專案將於明年下半年完成。這將是我們在市場上積極發展並充分利用產能的願望的一部分。

Other than -- I will let Henri comment on the other question you had relative to whether we actually are selective on the businesses that we take or not. But we right now have a strategy from the beginning to serve the enterprise market with servers. We aggressively are moving to the client to continue to do well in the consumer side, where we have been very strong, and also begin the path to significant penetration on the commercial space. That has been demonstrated over the last several quarters that we are making progress on and where some of the growth has come. That will continue. And, Henri, anything you would like to add to that?

除此之外——我將讓亨利評論一下您提出的另一個問題，即我們是否真的有選擇性地開展業務。但我們從一開始就有一個策略，就是透過伺服器服務企業市場。我們正積極轉向客戶端，繼續在消費者領域取得良好業績，我們在這個領域一直非常強大，同時也開始在商業領域實現大規模滲透。過去幾個季度已經證明，我們正在取得進展，並實現了部分成長。這種情況將會持續下去。亨利，您還有什麼要補充的嗎？

No, just Hector that like in everything we do we are being customer centric in how we look at the portfolio of products that our customers want and need. And sometimes there mix and our view of the mix is slightly different, but we usually reconcile and find a way to have a win, win situation in the market. That is why we have been able to maintain such high-growth rates with good ASPs across the three product segments. We're not doing any arbitrary decisions. We're working with our partners to make sure that end-users around the world get the AMD technology they desire.

不，赫克托只是說，就像我們所做的每一件事一樣，我們以客戶為中心，審視客戶想要和需要的產品組合。有時他們的組合和我們對組合的看法略有不同，但我們通常會進行協調，並找到在市場上實現雙贏的方法。這就是我們能夠在三個產品領域保持如此高成長率和良好平均售價的原因。我們不會做出任何武斷的決定。我們正在與合作夥伴合作，以確保世界各地的最終用戶都能獲得他們想要的 AMD 技術。

I guess the follow up of that, in the most recent quarter is there any business that you guys have turned away?

我想接下來的問題是，在最近一個季度，你們有沒有拒絕任何業務？

Not that I am aware of.

據我所知沒有。

Operator, we going to take two more questions please.

接線員，我們還要回答兩個問題。

John Lau with Jefferies & Co.

John Lau 與 Jefferies & Co.

I was wondering if you can comment more on the profile of strength in the emerging markets, is it more high-end or low end, or is it similar to the profile of the U.S. markets?

我想知道您是否可以對新興市場的實力概況發表更多評論，它是更高端還是低端，或者是否與美國市場的概況相似？

The only granularity I will give you is actually we're seeing an improvement of ASP in the high-growth markets that is faster than in the mature markets. Of course, coming from what was traditionally a much lower ASP situation. So we are seeing a mix of products in the high-growth market that is getting increasingly favorable.

我能給你的唯一細節是，我們實際上看到高成長市場的平均售價的提高速度比成熟市場更快。當然，這是從傳統上 ASP 較低的情況下開始的。因此，我們看到高成長市場中的產品組合越來越受歡迎。

As a follow-up, there has been -- I was wondering if you can comment also on the reception for your Opteron X2 product, especially on the server sides with the dual-core? And when do you believe the operating system will be available to take advantage, full advantage, of those dual-cores inside?

作為後續問題，我想知道您是否可以評論一下您的 Opteron X2 產品的接受度，特別是在雙核心伺服器方面？您認為什麼時候作業系統可以充分利用雙核心處理器的優勢？

First, there is no such thing as an Opteron X2. There is an Opteron dual-core for a server and workstation, and there is Athlon 64 X2 for desktop. So is your question for the server market?

首先，根本不存在 Opteron X2 這種東西。有用於伺服器和工作站的 Opteron 雙核心處理器，還有用於桌上型電腦的 Athlon 64 X2。那麼您的問題是關於伺服器市場的嗎？

Server.

伺服器.

For the server the operating systems are available. And most operating systems today are taking full advantage of multicore technology. At the application level there is an increasing level of applications that can take advantage of it. But of course as you know there is long development cycles to optimize compilers. The thing, you know, the scalability of our architecture is such that customers get immediate benefit. I notice that our competition just announced a product that they claim can scale up to 50%. It is interesting to know that our product scales from 50 to 90%. So there's benefit immediately available through Opteron for users as long as they use the right operating system and the right applications.

對於伺服器，作業系統是可用的。當今大多數作業系統都充分利用了多核心技術。在應用程式層面，可以利用它的應用程式越來越多。但當然，如您所知，最佳化編譯器的開發週期很長。你知道，我們的架構具有可擴展性，可以讓客戶立即受益。我注意到我們的競爭對手剛剛發布了一款產品，他們聲稱該產品的擴展性可以達到 50%。有趣的是，我們的產品規模從 50% 到 90%。因此，只要用戶使用正確的作業系統和正確的應用程序，他們就可以立即透過 Opteron 獲得好處。

In terms of what we want to look for on operating systems of desktops, is that what we look for in Vista (ph) next year? Is that what will take for us to do -- take advantage of that on the desktops?

就我們在桌面作業系統上所期待的而言，這是我們明年在 Vista (ph) 中所期待的嗎？這就是我們需要做的事——在桌面上利用這一點嗎？

I think on the desktop you'll have to rely more heavily on application tuning than simple operating system tuning. Of course the operating systems can take some partitioning of the work, but really you're going to have to get to the application level, because you're not running as many threads as you are on a server.

我認為在桌面上你必須更多地依賴應用程式調整而不是簡單的作業系統調整。當然，作業系統可以對工作進行一些劃分，但實際上你必須進入應用程式級別，因為你運行的執行緒數不如在伺服器上那麼多。

Our final question will be from Michael McConnell with Pacific Crest Securities.

我們的最後一個問題來自 Pacific Crest Securities 的 Michael McConnell。

Looking at the margins in Flash, it looks like -- if I looked at it year-over-year revenues right now roughly the same, and operating margins slightly below -- I figure about 3% operating margins last year, negative 10% in Q3. Can you talk about with MirrorBit up 35% sequentially, why we're not seeing the Flash margins improve off the same revenues year-over-year?

看看 Flash 的利潤率，看起來——如果我看目前的同比收入大致相同，而營業利潤率略低——我估計去年的營業利潤率約為 3%，第三季度為負 10%。您能否談談，MirrorBit 的銷售額環比增長 35%，為什麼我們沒有看到 Flash 的利潤率在收入相同的情況下同比有所提高？

There are a number of ways to look at that. First of all, if you look at the third quarter performance versus the second quarter performance you see a rather significant improvement in the operating results of Flash, given a rather stable pricing environment. Which means that if you look at the incremental sales in the (indiscernible) which was roughly about 75%, it means that the business unit, the people in that business has done a damn good job of managing through these very difficult times. And that to me is an indication of the potential these units have as the top line growth will improve over time, as you would expect it.

有很多方法可以看待這個問題。首先，如果將第三季的業績與第二季的業績進行比較，您會發現，在價格環境相當穩定的情況下，Flash 的經營業績有相當顯著的改善。這意味著，如果你看一下（音訊不清晰）大約 75% 的增量銷售額，這意味著該業務部門和該業務部門的員工在度過這些非常困難的時期方面做得非常出色。對我來說，這表明這些部門具有潛力，因為正如您所期望的那樣，營業收入的成長將隨著時間的推移而改善。

So I believe that the comparison of second to third quarter is a good example of what the potential of these units is, and it gives you an indication of the strength of the product. And as this MirrorBit technology continues to expand, which is mostly going to be based on the next node of technology at 90 nanometers, it is reasonable to expect the continuation of that improvement.

因此，我認為第二季和第三季的比較可以很好地說明這些單位的潛力，並且可以顯示產品的強度。隨著 MirrorBit 技術的不斷擴展（該技術主要基於 90 奈米的下一個技術節點），我們有理由期待這種改進能夠持續下去。

What percentage of Flash was based on MirrorBit this quarter? Can you break that out?

本季 Flash 中有多少比例是基於 MirrorBit 的？你能把它解開嗎？

It's about -- yes, I will give you that number. It is roughly -- we have talked about this and it has continued to move up, and it is approaching in the 25% zone.

大約是——是的，我會告訴你這個數字。大致如此——我們已經討論過這個問題，它一直在上升，並且正在接近 25% 的區域。

Thank you very much. We look forward to seeing everyone on November 15 at our Analysts Day. Thank you.

非常感謝。我們期待在 11 月 15 日的分析師日上見到大家。謝謝。

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝您的參與和使用 AT&T 高階主管電話會議。您現在可以斷開連線。