超微半導體 (AMD) 2005 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the AMD's fourth quarter 2005 earnings conference call. At this time, all participants are in a listen-only mode, and later we'll conduct a question and answer session, and the instructions will be given at that time. If you should require assistance during the call, please press star then zero on your touchtone phone; and as a reminder, this conference is being recorded. I would now like to turn the conference over to our host, Mr. Mike Haase. Please go ahead, sir.

女士們、先生們，感謝各位的支持，歡迎參加 AMD 2005 年第四季財報電話會議。目前，所有參與者都處於聆聽模式，稍後我們將進行問答環節，屆時將給予說明。如果您在通話過程中需要協助，請在按鍵電話上按星號，然後按零；提醒一下，本次會議正在錄製中。現在我想將會議交給我們的主持人麥克哈斯先生。先生，請繼續。

Thank you, and welcome to AMD's fourth quarter 2005 earnings call and year end conference call. Our participants are Hector Ruiz, Chairman of the Board, President and CEO; Robert Rivet, Chief Financial Officer; and Henri Richard, our Chief Sales and Marketing Officer. This call is a live broadcast and there will be a replay 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 [INAUDIBLE] is 808058. A telephone replay will be available for the next ten business days starting at 7 p.m. Pacific time tonight. In addition, I'd like to [INAUDIBLE] your attention that our Q1 2006 earnings quiet time will begin at the close of business, Friday, March 10th.

謝謝，歡迎參加 AMD 2005 年第四季財報電話會議和年終電話會議。我們的參與者是董事會主席、總裁兼執行長 Hector Ruiz；羅伯特·裡維特（Robert Rivet），財務長；以及我們的首席銷售和行銷長 Henri Richard。本次電話會議為現場直播，amd.com 和 streetevents.com 將會重播。電話回放號碼是800-475-6701。美國境外的電話號碼是 320-365-3844。訪問 [聽不清楚] 是 808058。從晚上 7 點開始，接下來的十個工作天內將提供電話重播。今晚太平洋時間。此外，我想 [聽不清楚] 提請您注意，我們的 2006 年第一季收益靜默期將於 3 月 10 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 actual results to differ materially from our current expectations as set forth in the forward-looking statements. 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. You'll find detailed discussions in our most recorrect SEC filings, including AMD's annual report on Form 10-K for the year ended December 25, 2004, and AMD's quarterly report on Form 10-Q for the quarter ended September 25, 2005. With that, I'll turn it over to Hector Ruiz.

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。請投資人注意，我們的前瞻性陳述涉及風險和不確定性，實際結果可能與前瞻性陳述中所述的當前預期有重大差異。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有重大差異，我鼓勵您查看我們向美國證券交易委員會提交的文件。我們詳細討論了我們的業務和風險因素，列出了可能導致實際結果與前瞻性陳述中的結果有重大差異的資訊。您可以在我們最準確的 SEC 文件中找到詳細的討論，包括 AMD 截至 2004 年 12 月 25 日的 10-K 表年度報告和 AMD 截至 2005 年 9 月 25 日的 10-Q 表季度報告。說完這些，我將把發言權交給赫克托·魯伊斯 (Hector Ruiz)。

Thank you, Mike. Our fourth quarter results underscore the undeniable fact that the AMD growth engine is gathering momentum. The strong approach of our execution led the Company to records in total revenues, micro processor units and revenues across each of our server, mobile and desktop product lines, as well as micro processor gross margin and operating income. Our solid ASP improvement confirms the rise of AMD as a premium brand for both consumer and commercial customers alike. And our JV expansion successfully completed a public offering, [INAUDIBLE] timely capital infusion to our business, and allowing AMD to bring increasing focus to the growth opportunity in front of us. In our micro processor business, we experienced almost 80% year on year growth in what continues to be the largest quarter of the seasonal cycle.

謝謝你，麥克。我們的第四季業績強調了不可否認的事實：AMD 成長引擎正在累積動力。我們強有力的執行方式使公司在總收入、微處理器單位和伺服器、行動和桌上型電腦產品線的收入以及微處理器毛利率和營業收入方面均創下了紀錄。我們穩健的 ASP 改進證實了 AMD 已成為消費者和商業客戶的高端品牌。我們的合資企業擴張成功完成了公開募股，[聽不清楚]及時為我們的業務注入資金，並使 AMD 能夠更加關注我們面前的成長機會。在我們的微處理器業務中，我們經歷了同比增長近 80%，這仍然是季節性週期中增長最快的一個季度。

We continue our strong projectory in the enterprise, where the superior performance for the [INAUDIBLE] characteristics of the AMD Opteron platform drive unprecedented opportunities for our customers and partners. In the fourth quarter, we were pleased to add AIG, Albertson's, Clear Channel, and Nissan Motor Company, among others, to our expanded list of Global 2000 companies and their subsidiaries who have adopted AMD 64 technology. As of today, 90% of the top 100, and more than 45% of the top 500 companies on the force Global 2000 use AMD base solutions. We're thrilled to report that eBay is bolstering the search functionality on its site with hundreds of Sun's new AMD Opteron processor-based Sunfire x64 servers. EBay will combine the power and performance of the Solaris operating system running on AMD Opteron processors for better performance and energy efficiency.

我們持續在企業領域保持強勁勢頭，AMD Opteron 平台的 [INAUDIBLE] 特性所展現的卓越性能為我們的客戶和合作夥伴帶來了前所未有的機遇。在第四季度，我們很高興地將 AIG、Albertson's、Clear Channel 和日產汽車公司等公司加入採用 AMD 64 技術的全球 2000 強企業及其子公司的擴大名單中。截至目前，全球 2000 強企業中 90% 的企業和全球 500 強企業中超過 45% 的企業都採用 AMD 基礎解決方案。我們很高興地報告，eBay 正在使用數百台基於 Sun 新型 AMD Opteron 處理器的 Sunfire x64 伺服器來增強其網站的搜尋功能。eBay 將結合在 AMD Opteron 處理器上運作的 Solaris 作業系統的強大功能和效能，以獲得更好的效能和能源效率。

AMD's Opteron model 880 with [INAUDIBLE] Dual Core technology continues to lead the industry in [INAUDIBLE] benchmark performance for 4P servers. Customer momentum in the commercial segment continued with the launch of the HP dx5150 [INAUDIBLE], and new blade server offerings from HP and Fujitsu Siemens. We're also pleased that Supermicro announced general availability of a broad wide range of AMD Opteron based server and motherboard blade solutions. Our mobile business continues to gain steam, reflected by all time record revenue in the quarter and continued growth in global demands for AMD's Turion 64 mobile processor platform. We are pleased to report over 100 platforms based on AMD's Turion 64 processors are either shipping or in development worldwide. AMD continues to show strong progress in key high growth markets, particularly China, one of our largest and fastest growing markets.

採用 [聽不清楚] 雙核心技術的 AMD Opteron 型號 880 繼續在 4P 伺服器的 [聽不清楚] 基準效能方面引領業界。隨著 HP dx5150 [聽不清楚] 以及 HP 和富士通西門子推出的新型刀鋒伺服器，商業領域的客戶發展動能持續增強。我們也很高興 Supermicro 宣布全面推出基於 AMD Opteron 的伺服器和主機板刀鋒解決方案。我們的行動業務持續蓬勃發展，這體現在本季度創下歷史新高的收入以及全球對 AMD Turion 64 行動處理器平台的需求持續成長。我們很高興地報告，全球已有 100 多個基於 AMD Turion 64 處理器的平台正在出貨或開發中。AMD 在主要高成長市場持續取得強勁進展，尤其是中國，這是我們最大且成長最快的市場之一。

We were honored to announced the [INAUDIBLE] adoption of our platform by Tsinghua Tongfang, China's third largest PC maker. In addition, we licensed our low-power AMD Geode GX2 processor to the esteemed Ministry of Science and Technology and to Peking University for use in developing new technologies to support primary education in rural China. Our AMD64 base products continue to earn industry recognition, receiving 20 more awards in the fourth quarter, including the Tech Innovator Award from VARBusiness, Gear of the Year recognition by Maximum PC and acknowledgement as one of the hot products of the year by EDN Magazine. Each of these awards was for our best-in-class AMD64 dual core technology, the only industry standard microprocessor family designed from the ground up for multi-core computing.

我們很榮幸地宣布，中國第三大個人電腦製造商清華同方採用了我們的平台。此外，我們也向國家科技部和北京大學授權低功耗 AMD Geode GX2 處理器，用於開發支援中國農村基礎教育的新技術。我們的 AMD64 基礎產品繼續贏得業界認可，在第四季度榮獲 20 多個獎項，包括 VARBusiness 頒發的技術創新者獎、Maximum PC 頒發的年度最佳設備獎以及 EDN 雜誌評選的年度熱門產品之一。這些獎項都表彰了我們一流的 AMD64 雙核心技術，這是唯一專為多核心運算而設計的業界標準微處理器系列。

On the manufacturing side, our Dresden team continues it excellent performance record, both in terms of the continued operation of our [INAUDIBLE] FAB 30, as well as in ramping our new state of the art 300mm FAB 36, which more than doubles our capacity in the next 3 years. By all measures, the fourth quarter was outstanding, characterized by accelerating customer and end user adoption of our AMD64 platform microserver mobile and [INAUDIBLE] product lines, the successful public offering of our expansion business, flawless manufacturing execution in our FAB 30, and the grand opening of our new FAB 36 facility in Dresden, Germany, as well. Superb execution of our financial strategy, with a reduction of debt and the expansion of our cash balances. It was a spectacular end to a year of reinvention for AMD, providing once again a healthy foundation for continued growth and success in 2006. Now let me turn it over to Bob to review the results for the quarter, as well as the outlook.

在製造方面，我們的德勒斯登團隊繼續保持著卓越的業績記錄，無論是在我們 [聽不清楚] FAB 30 的持續營運方面，還是在提升我們最先進的 300 毫米 FAB 36 方面，這將使我們的產能在未來 3 年內增加一倍以上。從各方面來看，第四季度的表現都很出色，其特點是客戶和最終用戶加速採用我們的 AMD64 平台微伺服器移動和 [聽不清] 產品線、我們的擴展業務成功公開募股、我們的 FAB 30 製造執行完美無缺，以及我們在德國德累斯頓的新 FAB 36 工廠盛大開業。我們的財務策略執行得非常出色，減少了債務，增加了現金餘額。這是 AMD 重塑輝煌的一年的完美收官，為 2006 年的持續成長和成功奠定了堅實的基礎。現在，讓我將發言權交給鮑勃，讓他回顧本季的業績以及前景。

Thanks, Hector. AMD had an excellent quarter, including: Continuing market share gains in server, mobile and desktop markets; continued growing demand within the commercial sector for not only AMD-based server offerings, but for AMD based mobile and desk top offerings as well; improvements to the balance sheet, including a reduction in debt of $639 million, and year end cash and short-term investment balances increasing to $1.8 billion; the successful IPO expansion, which closed on December 21st; and financially, we reported another very strong operating quarter. Before I review the operating statement detail, let me mention that the completion of the Spansion Flash Memory IPO requires several changes to our reporting.

謝謝，赫克托。AMD 本季表現出色，包括：在伺服器、行動和桌上型電腦市場持續維持市場佔有率成長；商業領域對基於 AMD 的伺服器產品的需求持續成長，而且對基於 AMD 的行動和桌上型電腦的需求也持續成長；資產負債表得到改善，包括減少 6.39 億美元的債務，年末現金和短期投資餘額增加至 18億美元；成功完成IPO擴容，並於12月21日完成擴容；從財務角度來看，我們報告了又一個非常強勁的營運季度。在我審查經營報表細節之前，我想提一下，Spansion Flash Memory IPO 的完成需要對我們的報告進行幾處更改。

So I want to take some time to help you understand both our reported results and the way model our business going forward. So in addition to our GAAP consolidated financials, I will also discuss non-GAAP results. For your convenience, we have included within our press release a new table which reconciles AMD going forward to the consolidated GAAP figures. I would like to take a few moments to walk you through this table -- it's labeled 1.6 in the press release. The first column shows our fourth quarter GAAP results, including total consolidated sales, of $1.84 billion, up 45% from the fourth quarter of last year and up 21% compared to the third quarter of 2005. Net income was $96 million or $0.21 per share. This data includes 86 days of Spansion's results before the IPO, and also a non-cash charge of $110 million.

因此，我想花點時間來幫助您了解我們的報告結果以及我們未來的業務模式。因此，除了我們的 GAAP 合併財務狀況外，我還將討論非 GAAP 結果。為了您的方便，我們在新聞稿中加入了一個新的表格，用於將 AMD 未來的數據與合併 GAAP 數據進行核對。我想花點時間帶大家了解這個表格——它在新聞稿中被標記為 1.6。第一欄顯示的是我們第四季的 GAAP 業績，包括合併總銷售額，為 18.4 億美元，比去年第四季成長 45%，比 2005 年第三季成長 21%。淨收入為 9,600 萬美元，即每股 0.21 美元。數據包括Spansion首次公開募股前86天的業績，以及1.1億美元的非現金費用。

The third column shows non-GAAP results, excluding the $110 million non-cash, loss on ownership dilution in Spansion, which results in an EPS of $0.45. Column 4 shows the impact of the Memory segment in Spansion on each line of AMD's financial statements, which totals a negative impact on net income of $39 million. The fifth column reclassifies the net impact of the $39 million from each line item to one line item. Excluding this line, the Company's operating results are presented in a forum that will be more consistent with the presentation of future results. Fourth quarter sales of $1.35 billion, a 34% increase compared to the third quarter of 2005, and a 78% increase compared to the fourth quarter of 2004. Gross margin was 57%. SG&A was 18% of sales, R&D was 19% of sales. Operating income was $268 million, the Memory segment of Spansion on net income was a negative $39 million. Net income for the quarter is still 205 million, or $0.45 per share. Switching to the business segment highlights: CBG sales were $1.31 billion, another new record, and a 79% increase over the same period a year ago.

第三列顯示的是非 GAAP 結果，不包括 Spansion 所有權稀釋造成的 1.1 億美元非現金損失，每股收益為 0.45 美元。第四列顯示了Spansion記憶體部門對AMD財務報表每一行的影響，總計對淨收入產生了3,900萬美元的負面影響。第五列將每項 3900 萬美元的淨影響重新分類為一項。除此之外，公司的經營業績將在與未來業績呈現更一致的論壇中呈現。第四季銷售額為13.5億美元，比2005年第三季成長34%，比2004年第四季成長78%。毛利率為57%。銷售、一般及行政費用佔銷售額的 18%，研發費用佔銷售額的 19%。營業收入為2.68億美元，Spansion記憶體部門淨收入為負3,900萬美元。本季淨收入仍為 2.05 億美元，即每股 0.45 美元。轉換至業務股亮點：CBG銷售額13.1億美元，再創歷史新高，比去年同期成長79%。

We also grow 35 percentage points for the third quarter of this year. Our strong micro processor sales indicate that we once again took share across the server, mobile and desktop product offerings, particularly in the performance segment, as indicated by our ASP growth. Unit sales in the quarter increased by 27% quarter on quarter, and we saw a 6% improvement in average selling price. Server, mobile, and desktop processor sales each grew significantly compared to the third quarter of 2005. Mobile processor sales growth was driven by increased shipments of AMD Turion 64 processors. Server and desktop sales growth were driven in particular by increased customer adoption of Dual Core AMD processors. Geographically, processor sales were especially strong in North America, Europe and Greater China; and distribution in consumer and commercial channels are reporting very lean AMD inventories worldwide.

今年第三季我們也成長了35個百分點。我們強勁的微處理器銷售表明我們再次在伺服器、行動和桌面產品領域佔據份額，特別是在效能領域，這從我們的平均售價成長中可以看出。本季單位銷售量較上季成長 27%，平均售價上漲 6%。與 2005 年第三季相比，伺服器、行動和桌上型電腦處理器的銷售量均大幅成長。行動處理器銷售的成長得益於 AMD Turion 64 處理器出貨量的增加。伺服器和桌上型電腦銷售的成長主要得益於客戶對雙核心 AMD 處理器的採用率的提高。從地理上看，處理器銷售在北美、歐洲和大中華區尤為強勁；消費者和商業通路的經銷商均報告稱全球 AMD 庫存非常稀少。

CPG's operating income of $287 million established another new record in the quarter, up again from the record levels of the third quarter of 2005. Included within CPG's results are the bonus and profit sharing accruals that had previously been included in the "All Other" segment. With the deconsolidation of Spansion, we have reclassified and confirmed these expenses into the specific business segments that earned them, primarily CPG. Net income impact to the Memory segment and Spansion at AMD was a negative $39 million, as I mentioned. Again, Column 5 provides an outline of how AMD would have looked in the fourth quarter when you exclude the Memory segment results and all Spansion related charges.

CPG 本季的營業收入為 2.87 億美元，再創歷史新高，高於 2005 年第三季的創紀錄水平。CPG 的業績中包括了先前包含在「所有其他」部分的獎金和利潤分享應計項目。隨著 Spansion 的拆分，我們已經將這些費用重新分類並確認到產生這些費用的特定業務部門，主要是 CPG。正如我所提到的，對 AMD 記憶體部門和 Spansion 的淨收入影響為負 3,900 萬美元。同樣，第 5 列概述了在排除記憶體部門結果和所有 Spansion 相關費用後 AMD 在第四季度的業績表現。

Going forward, you will see a line item called "Equity and Net Income of Subsidiary" below the "Interest, Income and Expense" lines reflecting our current 37.9% ownership in Spansion results. Turning to the balance sheet, the year end balance sheet reflects the deconsolidation of Spansion into the line item "Investment and Subsidiaries." Our cash balance was $1.8 billion up $452 million compared with the third quarter. This increase was due to cash flow from operations and loan pay offs from Spansion. Debt was reduced by $639 million compared with the third quarter. This includes the $201 million convertible debt conversion and approximately $440 million of Spansion debt moving off our balance sheet. AMD's debt to capital ratio finished the year at 28%, good progress toward our target of 20%.

展望未來，您將在「利息、收入和支出」行下方看到一個名為「子公司的股權和淨收入」的項目，反映出我們目前在 Spansion 業績中擁有的 37.9% 的所有權。回顧資產負債表，年末資產負債表反映出 Spansion 已脫離合併範圍，並被納入「投資和子公司」項目。我們的現金餘額為 18 億美元，與第三季相比增加了 4.52 億美元。這一增長是由於經營活動產生的現金流和 Spansion 的貸款償還。與第三季相比，債務減少了6.39億美元。其中包括 2.01 億美元的可轉換債務轉換和約 4.4 億美元的 Spansion 債務從我們的資產負債表中轉移。AMD 的負債資本比率今年達到 28%，朝我們 20% 的目標邁進了一大步。

Fourth quarter capital expenditures, excluding the Memory business was 250 million -- $250 million for AMD. Inventory declined as a result of the Spansion [INAUDIBLE],and a $61 million reduction in AMD processor's inventory. Now I would like to discuss the outlook. AMD's outlook statement for the first quarter and full year of 2006 are based on current expectations and do not include Spansion. The following statements are forward-looking, and actual results could differ materially depending on market conditions. AMD expects first quarter 2006 sales to be flat to down slightly compared to the 1.35 billion in the fourth quarter of 2005. If achieved, this would approach a 70% increase from -- from comparable sales in the first quarter of 2005. Operating expenses, which include R&D and SG&A, will increase by approximately 6% compared the $506 million in the fourth quarter of 2005.

第四季資本支出（不含記憶體業務）為 2.5 億美元——AMD 為 2.5 億美元。由於 Spansion [聽不清楚] 以及 AMD 處理器庫存減少 6,100 萬美元，庫存有所下降。現在我想討論一下前景。AMD 2006 年第一季和全年的展望聲明是基於當前預期，並不包括 Spansion。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 2006 年第一季的銷售額將與 2005 年第四季的 13.5 億美元相比將持平或略有下降。如果實現這一目標，銷售額將比 2005 年第一季的可比銷售額成長近 70%。包括研發和銷售、一般及行政費用在內的營運費用將比 2005 年第四季的 5.06 億美元增加約 6%。

Stock option expense in the first quarter will be approximately $16 million at the current share price. And finally, a reminder, the line "Equity and Net Income of Subsidiary" should be modeled using our current Spansion ownership of 37.9% multiplied by your estimate of Spansion's quarterly net income going forward. For the full year 2006, you should be modeling capital expenditures of approximately $1.4 billion; depreciation and amortization will be approximately $825 million; the tax rate within a 10 to 15% range; and I also wanted to call your attention that we will have an extra week in our fiscal 2006, which we will take in the second quarter of this year. In summary, 2005 was a very good year. We made significant strides in taking market share, improving our operating results and strengthening the balance sheet. We believe that we are very well positioned for 2006. And with that, I'll hand it back to Hector.

以目前股價計算，第一季的股票選擇權費用約為 1,600 萬美元。最後，提醒一下，「子公司的股權和淨收入」這一行應該使用我們目前 37.9% 的 Spansion 所有權乘以您對 Spansion 未來季度淨收入的估計來建模。2006 年全年，您的資本支出預計應為約 14 億美元；折舊和攤銷約為 8.25 億美元；稅率在10%至15%範圍內；我還想提請大家注意，我們將在 2006 財年中額外增加一周時間，即在今年第二季度。總而言之，2005年是非常好的一年。我們在擴大市場佔有率、改善經營績效和加強資產負債表方面取得了重大進展。我們相信我們已經為2006年做好了充分的準備。說完這些，我就把它交還給赫克托。

Thank you, Bob. We began 2006 with more momentum and higher quality momentum than at any other time in our history. Revenue is not just growing, it is accelerating. Platform adoption has never been stronger, particularly among the world's most respected OEMs and industry partners. Our marketing capabilities are now recognized as world class, and our global footprint is getting stronger every day. The industry is helping. Customers and partners that have elected to partner with AMD are seeing the opportunities that come from providing the freedom of choice to their customers. We have seized the mantle of the technology leadership in our industry, and are continuing to distance ourselves from the competition. In our world class Dresden operation, the new ramp of our new FAB 36 is going extremely well.

謝謝你，鮑伯。2006 年伊始，我們的發展勢頭比歷史上任何時期都更加強勁、品質也更高。收入不僅在成長，而且還在加速成長。平台採用率從未如此強勁，尤其是在全球最受尊敬的 OEM 和產業合作夥伴中。我們的行銷能力現已被公認為世界一流，我們的全球影響力也日益增強。業界正在提供協助。選擇與 AMD 合作的客戶和合作夥伴看到了為客戶提供選擇自由所帶來的機會。我們已經佔據了行業技術領導地位，並且正在繼續拉開與競爭對手的距離。在我們世界一流的德勒斯登工廠，新 FAB 36 的新坡道運作非常順利。

Production started late last year; yields are outstanding and beginning to approach the 530 levels. Production shipments are expected to begin before the end of this quarter. We are methodically marching toward the substantial expansion of our capacity in preparation for a significant sustainable increase in worldwide market share. We have not peaked; this is just another stage in our climb to greatness. We are poised and ready to gain even more share. And consistent with the revenue and profitable growth engine that we have become, we have positioned ourselves to grow at least at twice the rate of the industry. Once again, I want to thank each and every AMD employee for remaining major focused on the task of creating the world's most innovative semiconductor products and technologies. We remain highly motivated by the prospects of helping to create a marketplace that is better for our customers, partners and end users worldwide, and we are very encouraged that our industry is showing a strong desire to break free from the artificial competitive barriers that have constrained all of us to date. Thank you, and I would like now to turn it over to Mike Haase for the Q&A session.

生產已於去年年底開始；收益率非常出色，並開始接近 530 的水平。預計生產出貨將於本季末開始。我們正有條不紊地朝著產能大幅擴張的方向邁進，為全球市場份額的持續大幅成長做好準備。我們尚未達到頂峰；這只是我們邁向偉大的另一個階段。我們已做好準備，爭取更多的份額。並且，與我們已經成為的收入和獲利成長引擎一致，我們已將自己定位為以至少兩倍於行業速度的速度成長。我要再次感謝每一位 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。我們始終對幫助創建一個對我們的客戶、合作夥伴和全球最終用戶更有利的市場前景充滿信心，並且我們非常鼓舞地看到，我們的行業表現出強烈的願望，希望擺脫迄今為止限制我們所有人的人為競爭壁壘。謝謝，現在我想將問答環節交給 Mike Haase。

Thanks, Hector. Operator, we'll begin the Q&A forum, please.

謝謝，赫克托。接線員，請容許我們開始問答環節。

And ladies and gentlemen, if you would like to ask a question, please press star then 1 on your touchtone phone. You are hear a tone indicating you've been placed in the queue. You may remove yourself from queue by pressing the pound key. And if you are using a speakerphone, please pick up the handset before pressing the numbers. Once again, if you have a question, please press star then 1 at this time. And our first question is from the line of Michael Masdea with Credit Suisse. Please go ahead.

女士們、先生們，如果您想提問，請在按鍵電話上按星號，然後按 1。您會聽到提示音，表示您已加入佇列。您可以按井號鍵退出佇列。如果您使用的是免持電話，請在按下數字之前拿起聽筒。再次強調，如果您有疑問，請按星號，然後按 1。我們的第一個問題來自瑞士信貸的麥可‧馬斯迪亞 (Michael Masdea)。請繼續。

Yes, thanks a lot. I've just done the math -- I'm trying to get a handle on how much market share you put in the quarter. Any estimates from your end? It looks like it's a lot more than your competitor might have thought.

是的，非常感謝。我剛剛做了計算——我想了解你在本季度佔據了多少市場份額。您有什麼估計嗎？看起來這比你的競爭對手想像的要多得多。

Well, we have the numbers. A year ago, we had 9.6%; a quarter ago, we had 11.9%, and it looks like we had 15.3%.

嗯，我們有數據。一年前，我們的比例為 9.6%；一個季度前，我們的比例為 11.9%，現在看起來，這一比例為 15.3%。

Great. And then given the concerns about the [INAUDIBLE] demands from your customer -- your competitor -- any concerns that you might have gotten spill over demand which is not going to sustain into the new year, based on your familiarity with your design?

偉大的。然後考慮到您對客戶（您的競爭對手）的 [聽不清楚] 需求的擔憂，根據您對設計的熟悉程度，您是否擔心溢出需求不會持續到新的一年？

Can you repeat that question, Mike?

你能重複一下這個問題嗎，麥克？

Yes, at the end of the year, obviously there's some cancellations from your competitor. They talked about some chipset shortages. Do you think there's any chance you got some incremental demand are because of those shortages that might not be there in the coming quarters?

是的，到了年底，顯然你的競爭對手會取消一些訂單。他們談論了一些晶片組短缺的問題。您是否認為，由於未來幾季可能不再出現的短缺，從而有可能出現一些增量需求？

Mike, our customers have to plan their production weeks and weeks ahead. You know, you don't turn things like this on the dime. Our designs are different. Our products are differentiated. There's no doubt that there seems to be production struggles with our competitor; but again, I don't think it affected our quarter.

麥克，我們的客戶必須提前數週計劃他們的生產。你知道，你不能一下子改變這種事。我們的設計與眾不同。我們的產品具有差異化。毫無疑問，我們與競爭對手之間似乎存在著生產鬥爭；但我再次認為它不會影響我們的季度。

Great. Last question, just on the ASP side, obviously, it's pretty clear you get [INAUDIBLE] in the service side, but on the desktop and mobile side you seem to be on par in like for like offerings with Intel. Is it just a mix issue? And how do you continue to move up that mix?

偉大的。最後一個問題，僅就 ASP 方面而言，顯然，您在服務方面獲得了 [聽不清楚]，但在桌面和移動方面，您似乎在同類產品方面與英特爾不相上下。這僅僅是一個混合問題嗎？您如何繼續提升這項組合？

Well, we're continuing to improve our mix, obviously. Our server business is the fastest growing part of our business; our mobile business, the second growing part, but we also grew our desktop business very significantly, and our ASP increase is both the combination of a better mix, but also some ASP improvement in certain segments. And I won't give you more granularity than that.

嗯，顯然我們正在繼續改善我們的組合。我們的伺服器業務是我們業務中成長最快的部分；我們的行動業務是第二個成長部分，但我們的桌面業務也實現了顯著成長，我們的平均售價 (ASP) 的成長既是更好的產品組合的結合，也是某些細分市場 ASP 的改進。我不會給你更多細節。

That's fine. Thanks a lot, guys.

沒關係。非常感謝大家。

And our next question is from the line of Adam Parker with Sanford Bernstein. Please go ahead.

我們的下一個問題來自桑福德伯恩斯坦的亞當帕克。請繼續。

Just a couple of questions related to, you know, market share over the next year. I'm sure you listened to Intel's conference call last night, where they pretty confidently stated that they're going to gain some share back and I think cited [INAUDIBLE] performance [INAUDIBLE] cost and some reasons for that. So have you noticed signs of Intel getting more aggressive at all in pricing? Your pricing is going up. Would it have gone up more without some action from them? That's the first part of the question, and then the second would be, you know, just can you give us more color on your processor road map in '07 so that we can get a bit more look into how we should think about your competitiveness in the major product areas next year?

我只有幾個與明年的市場份額相關的問題。我相信您聽了昨晚英特爾的電話會議，他們非常自信地表示，他們將奪回一些份額，並且我認為他們引用了[聽不清楚]性能[聽不清楚]成本以及一些原因。那麼，您是否注意到英特爾在定價方面變得更加激進的跡象？您的價格正在上漲。如果他們不採取行動，價格還會進一步上漲嗎？這是問題的第一部分，第二部分是，您能否向我們詳細介紹 2007 年的處理器路線圖，以便我們可以進一步了解明年應該如何看待您在主要產品領域的競爭力？

Well, Adam, let my try to answer part of the question, and when I finish Henri can do some of the other piece. First of all, the market continues to be, as it always has been, very competitive. Anyone that thinks that pricing competition doesn't exist, you know, is dreaming. It is very competitive, but we are -- as some of you -- some of you analysts have already concluded that we are very competitive in cost, and therefore, for us it's -- it's -- the cost issue is not the one that -- that drivers us. The second part is we're dealing with a much complex and broader range [INAUDIBLE] than we've ever had in the history of the microprocessor industry. So on one end you have the very high performance, high volume, feature-rich products in the server space, in the gaming space, et cetera, where, you know, frankly, people want those features. They want that performance and they are looking for that particular thing in those products. It's not an issue of pricing.

好吧，亞當，讓我嘗試回答部分問題，當我回答完之後，亨利可以回答其他部分。首先，市場競爭一如既往地激烈。任何認為價格競爭不存在的人都是在做夢。競爭非常激烈，但正如你們中的一些分析師已經得出的結論，我們的成本非常有競爭力，因此，對我們來說，成本問題並不是驅動我們前進的因素。第二部分是，我們正在處理的是比微處理器產業歷史上任何時候都更加複雜和廣泛的[聽不清楚]。一方面，你在伺服器領域、遊戲領域等等擁有高效能、高容量、功能豐富的產品，坦白說，人們想要這些功能。他們想要那種性能，並且在那些產品中尋找那種特殊的東西。這不是定價的問題。

As a matter of fact, we know for a fact in some cases where some customers have turned down practically [INAUDIBLE] pricing products because they don't need them. They really want the performance, the features, et cetera, that we are offering. On the other hand, when you go back to the other extreme, when you get to the value platform from the very low end of this space, which is more commoditized, the pricings are low enough, currently there's very little room for price improvement. So I think we're dealing with a scenario where, as I stated before on previous calls, you know, it's a demand for our products that is driving the -- what we see as the healthy outlook for us going forward.

事實上，我們知道在某些情況下有些客戶拒絕了實際上 [聽不清楚] 定價的產品，因為他們不需要這些產品。他們確實想要我們提供的效能、功能等等。另一方面，當你回到另一個極端，當你從這個領域的最低端進入價值平台時，這個領域更加商品化，定價足夠低，目前價格改進的空間很小。所以我認為我們正在處理這樣一種情況，正如我之前在電話會議上所說的那樣，對我們產品的需求正在推動——我們認為這是我們未來健康的前景。

As far as what we'll do in 2006 and beyond, we stated in our previous analyst meetings, that we have a business model that we believe that in the 2008 or 9 trimeframe we should aim to achieve 25 to 30% of the market. We still have that as our goal and as a business model, and we believe we steadily making progress, quarter by quarter by quarter. From a -- from intents of giving you any more granularity than that, that's about as best do, and can tell you.

至於我們在 2006 年及以後要做的事情，我們在以前的分析師會議上說過，我們有一個商業模式，我們相信在 2008 年或 2009 年，我們應該爭取佔 25% 到 30% 的市場份額。我們仍然以此作為我們的目標和商業模式，我們相信我們正在逐季度穩步取得進展。從給你更多細節的意圖來看，這是最好的做法，可以告訴你。

On our products road map, before I turn it over to Henri for any additional comments, I would just like to say that we rely heavily on the input of our customers. Our customers tell us whether the road maps we have are appropriate for them, and we're getting very strong inputs and strong encouragement, that if we stay in our road maps and execute in 2006, we have an excellent outlook to continue to grow and gain share as we did in 2005.

關於我們的產品路線圖，在交給亨利徵求任何其他意見之前，我只想說，我們非常依賴客戶的意見。我們的客戶告訴我們，我們的路線圖是否適合他們，我們也得到了非常有力的意見和鼓勵，如果我們堅持我們的路線圖並在 2006 年執行，我們將有極好的前景繼續增長並獲得市場份額，就像我們在 2005 年所做的那樣。

Okay. You know, if you get -- as you, you know, work toward achieving this goal, 25, 30% share, can -- can the third party sort of chipset vendors produce enough to accompany that magnitude of volume three or four years from now, or is there going to some increasing demand on you to produce more chipsets internally?

好的。您知道，如果您努力實現這一目標，即 25% 或 30% 的份額，那麼第三方晶片組供應商能否在三到四年後生產出足夠的晶片來滿足這一數量級的需求，還是會對您內部生產更多晶片組的需求不斷增加？

You know, we are open to any idea -- first of all, we must do everything we can to meet the needs of our customers, and that is in terms of value, performance, cost, et cetera. But what drives us is total cost of ownership, and in doing so we are working very closely with partners worldwide to make sure we're as intimately linked in our planning and anticipation of these -- of our challenges going forward, and I think the fourth quarter is a good example of a job that we do reasonably well. We had a very stronger quarter, a stronger quarter than probably most people anticipated, and in fact, they're a little healthier than we expected.

你知道，我們對任何想法都持開放態度——首先，我們必須盡一切努力滿足客戶的需求，無論是在價值、性能、成本等方面。但驅動我們前進的是總擁有成本，為此，我們與世界各地的合作夥伴密切合作，以確保我們在規劃和預測未來挑戰時緊密相連，我認為第四季度就是我們做得相當好的一個很好的例子。我們這個季度的表現非常強勁，可能比大多數人預期的還要強勁，事實上，他們的健康狀況比我們預期的要好一些。

And we were able to manage with our partners to meet the needs and demands of our customers. That process will continue. We intend to get better at it and -- and -- yes, it's a challenge. We're doing well; we're not planning on that being a stumbling block.

我們能夠與合作夥伴一起滿足客戶的需求。這一進程將會持續下去。我們打算做得更好——是的，這是一個挑戰。我們做得很好；我們不打算讓其成為絆腳石。

Okay, so there's no need to think more about that as you bring on a lot of capacity as a way to sort of fill up extra capacity down the line, or that's just beyond your current thinking?

好的，那麼沒有必要再考慮這個問題了，因為您引入了大量的容量，以便將來填補額外的容量，或者這只是超出了您目前的想法？

Not right now.

現在還不行。

Okay. Great thank you.

好的。非常感謝。

And our next question is from the line of Mark Edelstone with Morgan Stanley. Please go ahead.

我們的下一個問題來自摩根士丹利的馬克·埃德爾斯通。請繼續。

Good afternoon. First off, congratulations to the team on just a phenomenal job. I just had a couple of questions. One, Bob, you gave depreciation for the year. Can you provide guidance for Q1 depreciation and then how it ramps as you go through the year at this point?

午安.首先，恭喜團隊所取得的優異成績。我只是有幾個問題。首先，鮑勃，你給了今年的折舊。您能否提供第一季折舊情況的指導，以及目前全年折舊情況如何成長？

It's fairly linear spread. I'd say probably -- you know, I'll call it maybe 10% more in the first half of the year than the second half of the year, but not a lot of difference, Mark. We have got -- between the roll off and the roll on, there's not a lot of change in that number.

它的傳播相當線性。我想說，可能吧——你知道，我可能會說上半年比下半年多 10%，但差別不會很大，馬克。我們已經得到了——在滾動和滾動之間，這個數字並沒有太大的變化。

Okay. Great. And then obviously your -- your mix is continuing to richen. Can you give us a sense as you look at your gross margin you had in the quarter of 57%, as you bring in that incremental depreciation and as yet as your continues to gets richer, what's your sense of how gross margins trend as you go through the year?

好的。偉大的。然後顯然你的混合會繼續豐富。您能否告訴我們，當您看到本季 57% 的毛利率，考慮到增量折舊，並且您的毛利率繼續上漲時，您認為全年的毛利率趨勢如何？

Well, as I stated before, you know, there's more of a challenge in the first half of the year than in the second half of the year, as we -- you know, I'll call it have a lot of capacity and capability; but obviously we have to ramp into it. Depreciation comes on by tool, not by wafer start. And so we'll have a little bit of challenge in the first half of the year, less in the second half of the year; but we think, as you said, the ASP can offset that issue as we continue to improve our ASP quarter on quarter -- as we've demonstrated for many, many quarters in a row. But I would say the challenge is more upfront right now in the first quarter as we're just starting to see output from that facility.

嗯，正如我之前所說，你知道，上半年的挑戰比下半年更大，因為我們——你知道，我稱之為擁有很大的容量和能力；但顯然我們必須加大力度。折舊是按照工具來計算的，而不是按照晶圓的起始來計算的。因此，我們在上半年會面臨一些挑戰，下半年挑戰會小一些；但我們認為，正如您所說，隨著我們繼續逐季度提高 ASP，ASP 可以抵消這個問題——正如我們連續多個季度所證明的那樣。但我想說，第一季的挑戰更為嚴峻，因為我們才剛開始看到工廠的產出。

Okay. Very good. And just as one housekeeping item, I just wanted to make sure I understood the moving parts in the P&L, if I look at Spansion's results versus what you reported on a consolidated basis through the 20th, is my math correct that basically they did 104 million of revenue in the last 5 days of the quarter?

好的。非常好。作為一個日常事務，我只是想確保我理解損益表中的變動部分，如果我查看 Spansion 的業績與您截至 2​​0 日的合併報告，我的計算是否正確，即他們在本季度最後 5 天的收入基本上為 1.04 億美元？

You got your math right.

你的數學計算正確。

Okay. Very good. And then just lastly, maybe for Hector, as you are ramping up FAB 36, and sounds great that things are going well there, when is your sort of expectation as to seen we can see wafer starts on a [INAUDIBLE] basis at Fab 36 cross over that of Fab 30?

好的。非常好。最後，對於 Hector 來說，隨著你們加大 FAB 36 的投入，聽起來那裡一切進展順利，您預計什麼時候我們可以看到 Fab 36 的晶圓產量超過 Fab 30？

Mark, you know, I haven't done the math. I would be glad to step back and think about it and give you an answer, but off the top of my head, I don't have that math in front of me.

馬克，你知道，我還沒算過。我很樂意退一步思考並給你一個答案，但我腦子裡沒有那個數學問題。

Okay. Great I'll come back to you. Thanks a lot, guys.

好的。太好了，我會再回來找你的。非常感謝大家。

Thank you.

謝謝。

And our next question is from the line of Joe Osha with Merrill Lynch. Please, go ahead.

我們的下一個問題來自美林證券的喬·奧沙 (Joe Osha)。請繼續。

Hi, congratulations, guys. I don't think I've ever seen competitive momentum shift like this, so congratulations. Two -- two questions, one just following up on what -- what Mark said, you shouldn't be recognizing Spansion revenue on your P&L dollar for dollar the same as Spansion recognizes it, right? Because of the way the -- the selling concession works. Is that true?

嗨，恭喜你們。我認為我從未見過競爭勢頭發生這樣的轉變，所以恭喜你。兩個問題，一個只是跟進馬克所說的內容，您不應該在損益表中以與 Spansion 相同的方式確認 Spansion 的收入，對嗎？因為銷售優惠的運作方式。這是真的嗎？

You know, historically, it was exactly the same. I mean if -- if their quarter -- and our quarter were exactly -- and we owned them for the whole quarter, there was no difference between the two.

你知道，從歷史上看，情況是完全一樣的。我的意思是，如果他們的季度和我們的季度完全相同，而我們整個季度都擁有他們，那麼兩者之間就沒有區別。

Okay, but on a go-forward basis?

好的，但是從前進的角度來看呢？

On a go-forward basis, we will not report any sales [SPEAKERS OVERLAPPING], just our portion of the net income.

從未來來看，我們不會報告任何銷售額 [發言者重疊]，只會報告我們在淨收入中的那部分。

But as I -- under the previous arrangement, they were reselling -- they were selling Flash to -- to you, and then you -- you would resell it at -- at a --

但正如我——根據先前的安排，他們轉售——他們把 Flash 賣給你，然後你——你會以——價格轉售它——

There was no commission there. We moved the sales force. That happens early on in the process, but as -- as through most of '05 we actually moved the compete sales force into Spansion so that discounting -- that's -- what it was paying for went away.

那裡沒有佣金。我們調動了銷售團隊。這在流程的早期就發生了，但是，在 2005 年的大部分時間裡，我們實際上將完整的銷售隊伍轉移到了 Spansion，這樣，折扣——也就是它所支付的費用——就消失了。

Okay, so it's just the simple calculation, right?

好的，這只是簡單的計算，對嗎？

That's right.

這是正確的。

Okay. Thank you. And then the second thing, particularly looking at the mobile -- your mobile products, I was wondering if I can get a bit of a sense as to how that road map plays out in '06, and particularly when 65 manometer products hit.

好的。謝謝。然後第二件事，特別是看一下移動 - 您的移動產品，我想知道我是否可以稍微了解一下該路線圖在 2006 年的實施情況，特別是當 65 種壓力計產品問世時。

As you know, we have an introduction of our Dual Core in the mobile space in conjunction with the move to our platform to DDR 2. This will happen in the middle of the year.

如您所知，我們在行動領域推出了雙核心處理器，同時將我們的平台轉向 DDR 2。這將在年中發生。

Does that occur --

是否會發生這種情況——

There's no change.

沒有變化。

Does that occur on 65 manometer?

這會在 65 壓力計上發生嗎？

It's going to be a 90 manometer first.

首先它將是一個 90 壓力計。

Bob, is there some way you could be persuaded to put a [INAUDIBLE] around those gross margin comments?

鮑勃，有什麼方法可以說服你在那些毛利率評論旁邊加上 [聽不清楚] 嗎？

No.

不。

Had to ask. Congratulations.

不得不問。恭喜。

Thank you.

謝謝。

And your next question from the line of Ben Lynch with Deutsche Bank. Please go ahead.

您的下一個問題來自德意志銀行的本‧林奇 (Ben Lynch)。請繼續。

Thank you for tearing up the end demand versus market share question that Intel brought up last night. Clearly, you know, phenomenon market momentum in Q4, again. I hear you are getting 5 percentage points, so are you able to comment on whether -- without naming specific names -- there were particular customers where you had very significant increases in your penetration in Q4 versus Q3?

感謝您昨晚詳細解答了英特爾提出的最終需求與市場份額的問題。顯然，你知道，第四季的現象市場動能再次強勁。我聽說你們獲得了 5 個百分點，那麼，你能否評論一下——不點名具體客戶——與第三季度相比，你們在第四季度對某些特定客戶的滲透率是否有非常顯著的增長？

Across the board, our customers are increasingly showing interest in your products, so -- and even if there was one customer that was very strong, we couldn't give you that.

總體而言，我們的客戶對您的產品越來越感興趣，因此 - 即使有一個非常強大的客戶，我們也無法為您提供。

Okay. Other question I wanted to ask, maybe for-- for Bob, given your success, you -- you know, are eating up those NOLs very quickly, at what point now do you think you'll revert more to sort of 30% or so tax rate, please?

好的。我想問的另一個問題是，對於鮑勃來說，鑑於你的成功，你知道，你正在非常快地消耗掉那些 NOL，你認為現在什麼時候會將稅率恢復到 30% 左右？

Well it -- you know, no surprise, we continue to chew those up as we continue to knock down very healthy profit levels. As I've indicated, the tax rate will be sub 30% in the 10 to 15 range next year -- this year, I'm sorry, in 2006. 2007 obviously, based on our expectations, will start getting -- we'll have to move it up again. Maybe with a little luck even this year. But to me it -- it's-- '07 is when we'll start popping above the 15% level.

嗯，你知道，毫不奇怪，我們會繼續咀嚼這些，因為我們會繼續降低非常健康的利潤水平。正如我所指出的，明年的稅率將在 10% 到 15% 之間，低於 30%——對不起，是今年，也就是 2006 年。顯然，根據我們的預期，2007 年的稅率將開始——我們必須再次上調。如果今年運氣好的話也許還能再好一點。但對我來說，2007 年我們的成長率將開始突破 15% 的水平。

Okay. Great. And maybe the last question, you guys had sort of indicated even at the end of Q2 that you weren't necessarily swimming in capacity, so it was just something that you were keeping an eye on; and yet you had these two, you know, huge -- huge quarters. What have you been able to -- given that that the industry has been tightening up -- been able to do just to, you know, to make that not be an issue?

好的。偉大的。也許是最後一個問題，你們甚至在第二季末就表示過，你們的產能不一定足夠，所以這只是你們一直在關注的事情；但你們卻擁有這兩個巨大的宿舍。鑑於該行業一直在收緊，您能做什麼來避免這個問題？

Well, there are a number of things going -- we have a phenomenon organization in manufacturing that continues to look for ways to be more productive, and you know, we have been able to increase productivity in our factory, frankly, to an incredible level -- the factory is just running incredibly well. We have been able to also squeeze more -- move an area out of the factories by doing more very creative, clever arrangement of the equipment, et cetera. [INAUDIBLE] the transition will complete -- completion of the transition to 90 manometer was very helpful, and the yields are high. The yields are -- remain at phenomenal levels. And as I've stated before, all of the leading industries that are benchmarked by [INAUDIBLE] continue to show that our manufacturing is world class. A think of lot of that has allowed to have continued plan increase in -- in unit capability. Going forward, our plans continue, of course, to emphasize capacity, productivity, et cetera; but in addition to that, this year, we have the addition of FAB 36, which is very significant, and the beginning of our foundry, which will start producing product in the second half of the year -- or revenue -- and that will also contribute to our capacity.

嗯，有很多事情正在發生——我們在製造業有一個現象級的組織，它一直在尋找提高生產力的方法，你知道，我們已經能夠將工廠的生產力提高到令人難以置信的水平——工廠的運作非常好。我們也能夠擠出更多空間——透過更有創意、更巧妙地佈置設備等，將工廠中的某個區域移出。 [聽不清楚] 過渡將完成－完成向 90 壓力計的過渡非常有幫助，而且產量很高。收益率仍處於驚人的水平。正如我之前所說，所有以 [聽不清楚] 為標竿的領先產業都繼續表明我們的製造業是世界一流的。很多想法使得計劃能夠持續提升單位能力。展望未來，我們的計劃當然會繼續強調產能、生產力等等；但除此之外，今年我們還增加了 FAB 36，這非常重要，我們的代工廠也即將投入使用，該工廠將於今年下半年開始生產產品（或收入），這也將有助於提高我們的產能。

Great. Thank you very much. And well done, again.

偉大的。非常感謝。再次恭喜你。

And our next question is from the line of Tim Luke with Lehman Brothers. Please go ahead.

我們的下一個問題來自雷曼兄弟的 Tim Luke。請繼續。

Thanks, and, again, congrats on the quarter. I was wondering if you could just -- or Henri, if maybe you could remind us of what the increases in capacity are now targeted to be through -- through the year, and as -- as you bring on Fab 36, and to what extent you are seeing visibility in terms of our order flow to-- to fill that capacity?

謝謝，再次恭喜本季取得的成績。我想知道您是否可以——或者亨利，您是否可以提醒我們，全年產能增加的目標是多少，以及隨著 Fab 36 的投入使用，您在多大程度上看到了我們的訂單流的可見性，以填補這一產能？

First, you know, let me make some comments in general about silicon, and Henri can comment about demand. We -- we are ramping Fab 36 as rapidly as we can.

首先，您知道，讓我對矽發表一些總體評論，亨利可以對需求發表評論。我們正在盡可能快速地擴大 Fab 36 的產能。

Uh-huh.

嗯哼。

In addition to that, we are bringing on board the capability of our foundry for the second half of the year. Those things will complete. In terms of the contribution they make, the Fab 36 with reach full capacity sometime in the 2008 time frame, and we believe that the -- in the current mix -- one of the things we have to deal with, the mix changes. Someday we'll be building [INAUDIBLE] core and that will have an impact on units. [INAUDIBLE], I can see our unit capability being able to grow, you know, 40% up this year. And -- and continue to go up, so that when we get to the 2008 time frame, we're talking about a 100 million-unit capability for us. So you kind of [INAUDIBLE]. But those are our plans.

除此之外，我們也將在下半年提升代工廠的產能。那些事情將會完成。就他們所做的貢獻而言，Fab 36 將在 2008 年左右達到滿載運轉，並且我們相信，在目前的組合中，我們必須處理的事情之一就是組合的變化。有一天，我們將建構 [聽不清楚] 核心，這將對單位產生影響。 [聽不清楚]，我可以看到我們的單位能力今年能夠成長 40%。並且 — — 繼續上升，這樣當我們到達 2008 年的時間框架時，我們的生產能力將達到 1 億台。所以你有點[聽不清楚]。但這些都是我們的計劃。

And it -- it sounds that as you broaden out your region to customers, that your visibility of fulfilling that 40% unit is improving, or how can you shake that?

聽起來，隨著​​您擴大客戶區域，您滿足那 40% 單位的可見度正在提高，或者您如何擺脫這種狀況？

Tim, there's two factors that influence our visibility into the business. First, we're increasingly deriving a larger portion of our revenue from [INAUDIBLE]. We continue to have a very strong channel organization, but our [INAUDIBLE] represents a larger portion of our revenue. Secondly, our commercial business is growing very quickly, and we have a pipeline in place that allows us to know not only what we're going to do next quarter, but also further down the year. So the additional visibility that these two items give us is obviously helping us have a much better grip on what the business looks like.

提姆，有兩個因素影響我們對業務的了解。首先，我們的收入越來越大一部分來自 [聽不清楚]。我們仍然擁有非常強大的通路組織，但我們的[聽不清楚]佔了我們收入的很大一部分。其次，我們的商業業務成長非常迅速，我們已建立起管道，這不僅讓我們知道下個季度要做什麼，而且讓我們知道今年接下來要做什麼。因此，這兩項為我們提供的額外可見性顯然有助於我們更好地掌握業務狀況。

If I could just ask one thing for Bob, and that was just to clarify, on the bonus payments, it seems that they would have been fairly significant going into the fourth quarter, and perhaps less significant in a way in '06, given the planning that you have.

如果我可以問鮑伯一件事，那就是澄清一下，關於獎金支付，考慮到你的計劃，似乎在第四季度獎金會相當可觀，而在 2006 年獎金可能沒那麼重要。

Yes, I mean -- I'm -- I'll get personal with you. I'm sure every year, your bonus targets get reset. We're no different than anybody. Clearly this year we believe -- and I think we're demonstrating based upon what's happened throughout the year and in the fourth quarter in particular, the team did an outstanding job, and they deserve to be rewarded. But of course, the bogies get reset as we start '06.

是的，我的意思是──我──我會和你進行私人交流。我確信每年你的獎金目標都會重新設定。我們和其他人沒什麼不同。顯然，今年我們相信——而且我認為，根據全年特別是第四季度的情況，我們證明了團隊做得非常出色，他們應該得到獎勵。但當然，當我們開始 2006 年時，轉向架就會被重置。

What is the rough estimate of what that would have been?

粗略估計一下會是多少？

We don't -- we don't give that kind of color.

我們不會——我們不會給出那種顏色。

Thank you very much, guys, great quarter.

非常感謝你們，大家，這是一個非常棒的季度。

Sure. Thank you.

當然。謝謝。

And our next question is from the line of Glen Yeung, representing Citigroup Investment Research. Please go ahead.

我們的下一個問題來自花旗集團投資研究部的 Glen Yeung。請繼續。

Thanks. If we were to look into the first quarter of the year, I wonder if you can give us a sense of -- or maybe rank is a better way to think about it -- where you think the opportunities are greatest, in service, desktop or notebook? And then maybe the same question for 2006.

謝謝。如果我們回顧今年第一季度，我想知道您是否可以給我們一個感覺——或者排名是更好的思考方式——您認為機會最大的領域在哪裡，是服務、桌上型電腦還是筆記型電腦？那麼 2006 年也許還會有同樣的問題。

Well, clearly the server business is going continue to be our engine of growth. We have a lot of opportunities there. I'm not going elaborate on what our market share might be. We have to wait for Mercury Research and other analysts to give us their view, but it's clear we have gained significant share in this fourth quarter, and I think the momentum, and as we've told you many times before, there's an underestimation in the market of the momentum of the Opteron platform and its adoption in Fortune 500 companies.

嗯，顯然伺服器業務將繼續成為我們的成長引擎。我們在那裡有很多機會。我不會詳細說明我們的市場佔有率是多少。我們必須等待 Mercury Research 和其他分析師給出他們的觀點，但很明顯我們在第四季度獲得了顯著的份額，我認為這種勢頭，正如我們之前多次告訴過你們的那樣，市場低估了 Opteron 平台的發展勢頭以及它在財富 500 強企業中的採用。

And bear in mind that as we told you at the analyst meeting, we are going increase the number of platforms in the marketplace and broadening the spectrum of solutions based on the Opteron platform, so I think that's going continue to grow very quickly for us. Mobile, obviously is doing extremely well. That's driven by the fact that the market is growing; but also I think that increasingly customers are looking for differentiation, and Turion 64 platforms provide that to them. But interestingly, we're also doing extremely well in desktop; and in particular, in the mainstream and high performance segment of it, where, you know, the supremacy of our Dual Core technology is clear and where the demand for the Athlon 64 X2 and the Athlon 64 FX continues to surprise us on the positive side. So for Q1, obviously across all of the segments, we are very positive.

請記住，正如我們在分析師會議上所說的那樣，我們將增加市場上的平台數量，並擴大基於 Opteron 平台的解決方案範圍，因此我認為這將繼續為我們帶來快速的成長。移動領域顯然表現非常出色。這是由於市場正在成長；但我也認為，越來越多的客戶正在尋求差異化，而 Turion 64 平台可以滿足他們的需求。但有趣的是，我們在桌面領域也做得非常好；特別是在主流和高效能領域，我們的雙核心技術的優勢顯而易見，而 Athlon 64 X2 和 Athlon 64 FX 的需求持續給我們帶來驚喜。因此，對於第一季度，顯然對所有領域，我們都非常樂觀。

On the overall, year we still have an enormous opportunity on tap in my of the high-growth markets of the world. You know, we've have made great progress in China; but there's a lot of other places where we have plans to execute, and I feel that we have the right product mix and people in place to go and seize those opportunities. So I would say first quarter it's pretty much more of the same; for the rest of the year, expect to see us continue to show great progress in commercial and in high-growth markets.

整體而言，今年我們在全球高成長市場中仍然擁有巨大的發展機會。你知道，我們在中國已經取得了巨大的進步；但我們還有很多其他地方的計劃要執行，我覺得我們擁有合適的產品組合和人員來抓住這些機會。所以我想說第一季的情況基本上相同；在今年剩餘的時間裡，我們有望繼續在商業和高成長市場中取得巨大進步。

Okay. And I could -- if you were sort of isolating your thoughts to the emerging markets, I wonder if you can give us a sense of the trends that you are seeing there in terms of emerging market mix; because, for example, in handsets, which is is obviously [INAUDIBLE], we're starting to see a lot more higher end models get adopted in emerging markets, you know, recently. I'm wondering if that's something we can also see in PC market.

好的。我可以——如果您將您的想法局限於新興市場，我想知道您是否可以讓我們了解一下您在新興市場組合方面看到的趨勢；因為，例如在手機方面，這顯然是 [聽不清楚]，我們最近開始看到越來越多的高階機型在新興市場得到採用。我想知道我們是否也能在 PC 市場上看到這種現象。

Well, actually, you know, that's really a very complex question, because the answer -- emerging markets is unfortunately [INAUDIBLE], it's very, very different. And an example that I can speak to that is very clear and obvious, is when you look at the emerging market growth in Latin America, as an example, and in Mexico, it's heavily influenced by global players, tier one customers who are very strongly [INAUDIBLE] there. In Brazil, [INAUDIBLE] there are a lot of local players who are very strong also, and they're [INAUDIBLE]. So very two different scenarios playing there. And then you have India, where frankly at this point in time, some of the strongest driving forces in India tend to be consumer oriented.

嗯，實際上，你知道，這是一個非常複雜的問題，因為答案——新興市場不幸地是 [聽不清楚]，它非常非常不同。我可以舉一個非常清楚和明顯的例子，那就是當你觀察拉丁美洲新興市場的成長時，例如在墨西哥，它受到全球參與者、一級客戶的巨大影響，這些客戶在那裡[聽不清楚]非常強大。在巴西，[聽不清楚] 有許多本土球員也非常強大，他們 [聽不清楚]。所以那裡上演著兩個截然不同的場景。然後是印度，坦白說，目前印度最強大的驅動力往往是以消費者為導向的。

So it's a country with a very strong appetite for the consumption of content for consumers, and there you're looking at a very different picture. The good news is that we see -- when you add up all of those markets, you see a very healthy demand across a very broad spectrum of products which we offer. So we've very -- feel very bullish about our ability to be able to serve those markets. So I think there are -- but let me ask Henri to add something to that.

因此，這個國家對於消費者內容消費有著非常強烈的需求，而你看到的卻是一幅截然不同的景象。好消息是，當你把所有這些市場加起來時，你會發現我們提供的廣泛產品的需求非常旺盛。因此，我們對於我們服務這些市場的能力非常有信心。所以我認為有——但請允許我請亨利補充一些內容。

I won't give you the region, but just to give you a vantage point, our largest improvement in [AFC] in percent was in one of the high-growth markets in the world; so there a clearly a lot of opportunities for AMD in the mainstream in the high performance segments in these markets. It so happens that in the past year, our marketing was our focus at those segments; also our lower-end products were sold in those markets, but we're finding great success in the positioning of our new Turion [INAUDIBLE] 64 and Opteron brands.

我不會告訴你具體地區，但只是為了給你一個有利位置，我們在 [AFC] 百分比的最大增幅是在全球高成長市場之一；因此，AMD 在這些市場的高性能主流領域顯然有很多機會。恰巧，在過去的一年裡，我們的行銷重點是這些領域；我們的低端產品也在這些市場上銷售，但我們的新 Turion [聽不清] 64 和 Opteron 品牌的定位取得了巨大成功。

Very interesting. Just one last question, which is, you know, obviously you have Dual Core entering the market and the demand is starting to build. Maybe what your sense is as to to how you view Dual Core versus Single Core and the relative level of interest that you are seeing in Dual Core chips.

非常有趣。最後一個問題，顯然雙核心處理器已經進入市場，需求也開始增加。也許您對雙核心與單核心的看法以及對雙核心晶片的相對興趣程度有何看法。

Well, clearly in server -- you know, Dual Core is rapidly gaining traction and we expect that conversion to be almost complete by the end of 2006. In the science space, it's a little bit different. As we -- we had a question a couple of calls ago where, you know, I made the point that it's really a software issue. It's not that people aren't interested in Dual Core -- you are correct, there's a lot of [INAUDIBLE] in that space for us -- but I think as applications come to the market and take advantage of the technology, then that will drive faster adoption than what we're seeing right now. Now, we have -- you know, we happen to have both very high performance Single and Dual Core processors, and so our view may be skewed by the fact that we have the superior technology.

嗯，顯然在伺服器上——你知道，雙核心正在迅速獲得關注，我們預計到 2006 年底轉換將基本完成。在科學領域，情況有點不同。正如我們——我們在幾次電話會議之前提出過一個問題，你知道，我指出這實際上是一個軟體問題。並不是說人們對雙核心不感興趣——您說得對，我們在這個領域有很多[聽不清楚]的空間——但我認為，隨著應用程式進入市場並利用該技術，它將比我們現在看到的更快地被採用。現在，我們——你知道，我們恰好擁有非常高效能的單核心和雙核心處理器，因此我們的觀點可能會因為我們擁有更先進的技術而產生偏差。

Thank you.

謝謝。

Thank you. And our next question is from the line of Joann Feeney with Punk Ziegel & Company. Please go ahead.

謝謝。我們的下一個問題來自 Punk Ziegel & Company 的 Joann Feeney。請繼續。

Good afternoon folks, and congratulations again. I just have a brief question, the growth that you project for 2006, you're saying you expect it to be at twice the interest rate. Now, clearly the achievements you've had in the second half of '05 would carry you well beyond those rates if you just kept that level of sales flat, so clearly you are looking at a projection based on your levels in the second half of '05. Is that a good place to start?

大家下午好，再次恭喜。我只想問一個簡單的問題，您預測 2006 年的成長將是利率的兩倍。現在，很顯然，如果您保持這一銷售水平平穩，您在 2005 年下半年所取得的成就將使您遠遠超出這些比率，因此顯然您正在查看基於 2005 年下半年水平的預測。這是一個好的起點嗎？

Well, I think-- let's just be pretty open and transparent here. I think in a competitive space that is as strong as ours, where you have been incredibly, you know, brutal and monopolistic competitor versus one that's creative and innovative serving customer's needs, and [INAUDIBLE] to the market, I think that's pretty aggressive. And if we -- you know, our intent is to work our buns off to beat those numbers; but I think for -- for us to do anything more than that, frankly, I don't think makes any sense.

嗯，我認為——讓我們在這裡保持相當開放和透明的態度。我認為，在像我們這樣競爭激烈的領域，你們一直是殘酷而壟斷的競爭對手，而你們的競爭對手是富有創造力和創新精神、滿足客戶需求並[聽不清]進入市場的公司，我認為這是相當激進的。如果我們──你知道，我們的目的是拼命工作來打敗這些數字；但我認為──坦白說，我們做任何超出這個範圍的事情都沒有任何意義。

And then on -- on the manufacturing side, do you have a yield timetable for FAS 36 that you can talk about?

然後，在製造方面，您是否有可以談論的 FAS 36 產量時間表？

Yield timetable? Can you help me?

收益時間表？你能幫助我嗎？

In terms of the ramp-up over the course of '06. You know, you said you expect to increase yield pretty rapidly. I'm just wondering what levels you'll start at and how quickly you'll get to maximum yields.

就 06 年期間的成長而言。您知道，您說過您希望產量快速增加。我只是想知道您將從哪個級別開始以及您多快能夠達到最大收益。

I think, if I understand the question right -- let me just back up a little bit -- when we moved from 250 manometers to 180, it look us a certain amount of time to reach maturity in yields. Then when we went from 180 to 130, we were able to cut that in about half of that same time. Then when we went to 130 to 190, the time that it took to get there was significantly shorter. And our goal now as we go from 90 to 65, frankly, by the time we start shipping product we would like to be at mature yields. So that's almost like saying zero time. I know it's aggressive, and where I think our manufacturing team feels up to the challenge of stretching for such an aggressive ball.

我想，如果我理解正確的話——讓我稍微回顧一下——當我們從 250 個壓力計移到 180 個壓力計時，我們需要一定的時間才能達到收益成熟。然後，當我們從 180 減少到 130 時，我們能夠在同一時間內將其減少大約一半。然後，當我們從 130 到 190 時，到達那裡所需的時間明顯縮短了。我們現在的目標是從 90 降至 65，坦白說，當我們開始運送產品時，我們希望達到成熟的收益。這幾乎就像說零時間一樣。我知道這球很有攻擊性，而且我認為我們的製造團隊有能力應對這種攻擊性球的挑戰。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Thank you. And our next question ask from the line of Jim Covello with Goldman Sachs. Please go ahead.

謝謝。我們的下一個問題來自高盛的 Jim Covello。請繼續。

Thanks so much, and congratulations on the terrific execution again. I apologize for spending more time on such a basic issue, but I just want to make sure I understand this. You are talking about going double the market rate, and the number off of which you to grow double the market is that 3.9 billion that you break out which is the subtotal excluding the Memory segments?

非常感謝，再次恭喜您取得的優異成績。我很抱歉在這樣一個基本問題上花了更多時間，但我只是想確保我理解這一點。你說的是將市場價格翻一番，而要讓市場成長翻一番，你提到的 39 億是不包括記憶體部分的小計嗎？

It is -- I think -- I think so. I think that whatever the number is for our business without the Memory segment, that is the basis of which we will grow at twice the market or better.

是的——我認為——我認為是這樣。我認為，無論我們的業務（不包括記憶體部門）的數字是多少，這都是我們實現兩倍甚至更高市場成長的基礎。

Okay, so if I just work through that and I say roughly 3.9 billion, and if we assume PC markets grow -- PC units grow 10, just assume ASPs are flat for now, that's 20% growth -- that would get do you about $4.7 billion. But you're already at 1.35 -- or if it's down a little bit in the first quarter as per your guidance, $1.3 billion. So what am I missing about the sequential expectations as we go throughout the year, then?

好的，如果我計算一下，得出的數字是大約 39 億，並且我們假設 PC 市場增長 - PC 數量增長 10，假設 ASP 目前持平，即增長 20% - 那麼這將為您帶來大約 47 億美元的收入。但您現在已達到 1.35 億美元——或者如果按照您的指導，第一季的下降幅度為 13 億美元。那麼，對於全年的連續預期，我遺漏了什麼呢？

I think it's very simple. And I think we intend -- you know, underpromise and overperform. And you know, at this point in time we're confident and have a high confidence level that we will deliver at least to twice the market rate.

我認為這很簡單。我認為我們的意圖是──少承諾，多表現出來。你知道，目前我們有信心並且有很高的信心，我們將提供至少兩倍於市場價格的報價。

Okay. And then final question for me is -- if you look at your ASPs which are going higher, because of your excellent execution and product offering, and your competitor's ASPs, which are going lower, as the gap closes between your ASPs and their ASPs, what kind of impact do you have that has from a competitive standpoint in the marketplace?

好的。然後，對我來說最後一個問題是——如果您發現由於您出色的執行和產品供應，您的 ASP 會越來越高，而您的競爭對手的 ASP 會越來越低，因為您之間的 ASP 和他們的 ASP 之間的差距正在縮小，從市場競爭的角度來看，這會對您產生什麼樣的影響？

I go back to the point that we made earlier, is I think that we -- it is a very competitive place. Our mix is improving, but the ASPs continue to go down with time because that's the nature of the beast. It is important to -- to -- to highlight that as -- as we put pressure on the market, so that there is a -- a -- perhaps an [INAUDIBLE] operation of ASPs converging, I think the only people -- the people that win are the customers, and the end user. And I think that will be healthy. I think healthy for everybody. Certainly healthy for us for sure.

我回到我們之前提出的觀點，我認為我們——這是一個競爭非常激烈的地方。我們的產品組合正在改善，但平均售價卻隨著時間的推移而下降，因為這是事物的本質。重要的是要強調，當我們向市場施加壓力時，也許會出現 [聽不清楚] ASP 融合的操作，我認為唯一的贏家是客戶和最終用戶。我認為這將是健康的。我認為這對每個人都有益。這對我們來說肯定是健康的。

Thank you very much.

非常感謝。

Thank you, and our next question is from the line of Chris Danely representing J.P. Morgan.

謝謝，我們的下一個問題來自摩根大通的代表克里斯·丹利 (Chris Danely)。

Thanks, guys. Most of my questions have been answered, just a few quickies. Can you give us CapEx guidance for '06?

謝謝大家。我的大部分問題都已得到解答，只有幾個問題需要快速回答。您能給我們 06 年的資本支出指導嗎？

I guess I'm not prepared to do that. I mean, to me, we'll do this quarter at a time. To me, to some degree, we need to talk with -- based on the revenue expectation that takes place. So right now, I'm only prepared to give you first quarter guidance.

我想我還沒準備好這麼做。我的意思是，對我來說，我們會一次完成一個季度。對我來說，在某種程度上，我們需要根據發生的收入預期進行交談。所以現在，我只準備給你第一季的指導。

I -- I guess to put it another way, can we assume just a normal sequential wrap, nothing -- nothing different in there? Unexpected, I guess?

我——我想換句話說，我們能否假設它只是一個正常的順序包裝，沒有什麼——沒有什麼不同？我想，這有點出乎意料吧？

No. I mean, nothing unexpected. I mean, we will continue to increase our design -- our engineering capabilities so that we can increase the number -- our architecture for the future, the number of platforms, et cetera, et cetera. We will continue to make the appropriate investments in marketing to have the appropriate teams around the world to execute and acquire more customers. So, you know, to me we will continue -- we like being in the lead, and we're going to continue to maintain the lead and invest appropriate.

不。我的意思是，沒有什麼意外。我的意思是，我們將繼續提高我們的設計——我們的工程能力，以便我們能夠增加數量——我們未來的架構、平台的數量等等。我們將繼續在行銷方面進行適當的投資，以便在世界各地擁有合適的團隊來執行並獲得更多客戶。所以，你知道，對我來說，我們將繼續——我們喜歡處於領先地位，我們將繼續保持領先地位並進行適當的投資。

That's fine, and then can you give us a sense of what the rough mix was between server, desktop and laptop in Q4?

很好，那麼您能否讓我們了解一下第四季度伺服器、桌上型電腦和筆記型電腦的大致組合情況？

No, we think we've been going very good down that way. The only thing I can server led the growth, followed by mobile, followed by desktop.

不，我們認為我們在這方面做得非常好。我唯一能做的就是伺服器引領成長，其次是行動設備，然後是桌上型電腦。

Great, and last question, obviously you're capacity constrained. When do you think you guys will be able to catch up to the [INAUDIBLE] and get a little more comfortable?

很好，最後一個問題，顯然你們的能力受到限制。您認為什麼時候你們才能趕上 [聽不清楚] 並且感覺更舒服一些？

First of all, we -- we haven't said that we're capacity constrained and we don't believe we are. We think we are planning very tightly with our customers, and we're executing well. That's why you see our inventories being fairly lean and -- but we're executing. We did not have affect any customer during in the quarter. And we don't plan to in 2006. So our -- we're balancing things reasonably well.

首先，我們並沒有說過我們的產能受到限制，我們也不認為我們受到限制。我們認為我們與客戶的規劃非常緊密，而且執行得很好。這就是為什麼你會看到我們的庫存相當精簡——但我們正在執行。本季我們沒有影響任何客戶。2006 年我們也沒有這個計畫。所以我們的——我們正在合理地平衡一切。

Great. Thanks.

偉大的。謝謝。

And our next question is from the line of Tom Thornhill with UBS. Please go ahead.

我們的下一個問題來自瑞銀的湯姆‧索恩希爾 (Tom Thornhill)。請繼續。

At the analyst meeting, you gave some targets for gross margin, R&D, and G&A for AMD prime. Given the outstanding performance in the quarter just finished-- and congratulations on that-- are there any adjustments that you would want to make to some of the ranges on the line items?

在分析師會議上，您給出了 AMD prime 的毛利率、研發和 G&A 的一些目標。鑑於剛結束的季度的出色表現 - 對此表示祝賀 - 您是否希望對某些項目的範圍進行一些調整？

No. To me -- you know, we put a lot of thought in that modeling, and our expectations. So to me we'll -- we continue to try to execute to those ranges. So I would say no. There's no update.

不。對我來說——你知道，我們對這個模型和我們的期望進行了大量的思考。所以對我來說，我們會——繼續嘗試實現這些範圍。所以我會說不。沒有更新。

Okay, so the gross margins, the range you had given there was 51, 57, and you achieved that in the fourth quarter, but you still think that's the appropriate range for the -- the out year?

好的，您給出的毛利率範圍是 51 到 57，並且您在第四季度實現了這一目標，但您仍然認為這是明年的適當範圍嗎？

Yes. I mean, just to remind you of Fab 36, this giant facility starts production right now. So that's a large depreciation bill that needs to be absorbed to get cost to match output and revenue and cost to match; so to me it still is appropriate at this point in time that we will continue to -- hopefully, you know, beat the numbers. But that's a decent range to live in.

是的。我的意思是，提醒一下 Fab 36，這個巨型工廠現在就開始生產。因此，需要吸收大量的折舊費用才能使成本與產出和收入相符；因此對我來說，目前我們繼續努力仍然是合適的——希望能夠超過這個數字。但這是一個適合居住的範圍。

Okay, so the depreciation number that you gave was what, 825, right?

好的，那麼您給的折舊數字是 825，對嗎？

For the year, that's right.

就今年而言，這是正確的。

For the year, and that's up 150 million?

今年增加了 1.5 億？

That's right. That's right.

這是正確的。這是正確的。

Very good. Other -- also, you have reduced some debt recently, which I would imagine will effect the interest expense line. Can you give some guidance on what you expect to see -- what we should be looking for for interest income and interest expense as we go through the year?

非常好。其他—此外，您最近減少了一些債務，我想這會影響利息支出線。您能否就您期望看到的情況給予一些指引—我們在全年應該關注哪些利息收入和利息支出？

No, I think you can model it off of our balance sheet, you know, what's going to happen from there. And obviously, I will deploy excess cash to reduce debt on a continuous basis to focus in on the 20% debt to capital ratio.

不，我認為你可以根據我們的資產負債表來建模，你知道接下來會發生什麼。顯然，我將部署多餘的現金來持續減少債務，並專注於 20% 的債務資本比率。

Okay. The options expense, can you give us some idea of the break down to COGS, R&D and G&A, as it will go into the income statement?

好的。選擇權費用，您能否向我們提供一些關於 COGS、R&D 和 G&A 的細分情況，因為它將計入損益表？

I'm not prepared to do that right now.

我現在還沒準備好這麼做。

Okay. We'll follow up offline on that. Thank you.

好的。我們將在線下跟進此事。謝謝。

Thank you, and our next question from the line of Krishna Shankar with JMP Securities. Please go ahead.

謝謝，我們的下一個問題來自 JMP Securities 的 Krishna Shankar。請繼續。

Yes, congratulations on excellent results. Will this increase in all three segments, desktop, mobile, and [INAUDIBLE], and can you give us some sense of the magnitude of the [INAUDIBLE] within each of the three segments?

是的，祝賀你取得優異的成績。這在桌面、行動和 [聽不清楚] 這三個領域都會增加嗎？您能否讓我們了解這三個領域中 [聽不清楚] 的幅度？

Yes, that's a little bit too much granularity. They were either stable or increased in every one of the segments, and I'm not going to give more than that.

是的，粒度有點太細了。在每個部分，它們要么保持穩定，要么增加，我不會透露更多。

Okay, and Bob, can you just highlight the stock composition expense here again for Q1? I missed that.

好的，鮑勃，您能再次強調一下第一季的股票構成費用嗎？我錯過了。

Right now, obviously it's very dependent on stock price, but right now I would guess based on the current trading level of the stock, around 16 million for the quarter.

現在，顯然這非常依賴股票價格，但目前根據股票的當前交易水平，我猜測本季約為 1,600 萬。

Okay. Thank you.

好的。謝謝。

Thank you for your question, and we'll go next to the line of Mike McConnell with Pacific Crest Securities. Your line is open.

感謝您的提問，接下來我們請太平洋皇冠證券公司的麥克麥康奈爾發言。您的線路已開通。

Thank you. I wanted to dig a little bit into the server space. Obviously, you've had a lot of success in the architectural front. I wanted to ask a couple of questions the interconnect, with Intel pushing out the cost common system interconnect, was curious what you're going to be doing with HyperTransport this year. You know, there has been some talk about a potential licensing deal. Is there something we should also think about this year that could help you further some drive market share gains on -- on the server side?

謝謝。我想對伺服器空間進行更深入的研究。顯然，您在建築領域取得了很大成功。我想問幾個有關互連的問題，隨著英特爾推出成本通用系統互連，我很好奇您今年將如何使用 HyperTransport。你知道，有一些關於潛在許可協議的討論。今年我們還應該考慮哪些事情，以幫助您進一步提高伺服器端的市場佔有率？

It is our desire on HyperTransport to continue to make it as open as possible, and make it [INAUDIBLE] in the industry, as it had been adopted by -- by a number of folks. It continues to move in terms of improving the technology. You know, by next year, we'll be implementing HyperTransport 3, which is a third generation of product. It is in -- you know, an integral part of our road map and architecture, and will continue to get better. And as I said before, we have done a fairly open licensing approach to it and we'll continue to do so.

我們希望 HyperTransport 能夠繼續保持盡可能的開放，並使其在業界 [聽不清楚]，因為它已經被許多人採用。它在技術改進方面不斷前進。您知道，到明年，我們將實作 HyperTransport 3，這是第三代產品。它是我們的路線圖和架構的一個組成部分，並且會不斷變得更好。正如我之前所說，我們對此採取了相當開放的許可方式，並且我們將繼續這樣做。

Okay. Thank you.

好的。謝謝。

Thank you. And our next question from the line of Mark Lipacis with Prudential. Please go ahead.

謝謝。下一個問題來自 Prudential 的 Mark Lipacis。請繼續。

Great, thanks for taking my question. First on the pricing, I understand that you said it was -- it's always competitive. Did you say that it was -- that Intel was being more aggressive than normal, or kind of, in your opinion, kind of in track with normal -- normal competitive pricing?

太好了，感謝您回答我的問題。首先關於定價，我知道您說過它總是具有競爭力。您是否說過—英特爾比平常更具侵略性，或者在您看來，符合正常的競爭定價？

I was referring to normal, which it is very competitive.

我指的是正常情況，也就是競爭非常激烈。

Okay. And last question, you mentioned that the 65 manometer yields were excellent. Can you help us understand what would potentially motivate a faster ramp of production silicon there? Is it just simply the yields getter better than you expected, or are there other constraints that lock it down to the original schedule that I think you have been articulating?

好的。最後一個問題，您提到 65 壓力計的產量非常出色。您能否幫助我們了解哪些因素可能促使那裡的矽片產量更快成長？這僅僅是收益率比您預期的要好嗎，還是有其他限制因素將其限制在原定計劃內，我認為您已經表達過了？

Let me just correct a perception. The ramp of FAB 36 is beginning at 90 manometers, and will transition to 65 sometime towards the latter part of the year. The yields that I referred to as already approaching maturity were based on the 90 manometers beginning of the ramp. Our 65-manometer data, which is already coming out, looks very encouraging. Matter of fact, we have already microprocessor products build on 65 manometer that are really looking at -- as planned. Excellent at this point in time, and are confident that our ramp beginning the second half of the year will go well. It continues to get stronger and stronger. And what motivates the change from one node to the other, frankly, is -- are we able to meet our customer needs and demands are better as-- and how rapidly we can make that transition. We focus really on features, performance, value that it brings to customer; and of course, cost is important and that also takes part of the equation. But at the top of the list, what is it that our customers want and need from us relative to the product.

讓我糾正一下一種看法。FAB 36 的坡道起始壓力為 90 壓力計，並將在今年下半年某個時候過渡到 65 壓力計。我所說的已經接近成熟的產量是基於斜坡開始時的 90 個壓力計。我們已經發布的 65 壓力計數據看起來非常令人鼓舞。事實上，我們已經按照計劃在 65 壓力計上建立了微處理器產品。目前來看，情況非常好，而且有信心，從今年下半年開始，我們的成長動能會很順利。它會變得越來越強大。坦白說，從一個節點轉變到另一個節點的動機是——我們是否能夠更好地滿足客戶的需求和要求——以及我們能夠多快地實現這種轉變。我們真正關注的是它為客戶帶來的功能、性能和價值；當然，成本也很重要，這也是考慮因素的一部分。但最重要的是，我們的客戶對於產品想要什麼、需要我們做什麼。

Okay, that's helpful, thank you very much.

好的，這很有幫助，非常感謝。

Operator, we'll take two more questions, please.

接線員，請再回答兩個問題。

Thank you, and our next question from the line of Kevin Rottinghaus with Midwest Research. Please go ahead.

謝謝，我們的下一個問題來自 Midwest Research 的 Kevin Rottinghaus。請繼續。

Thank you. Hoping you can review a couple of things I might have missed. First off, on the OpEx guidance for the first quarter, can you just repeat what you said earlier?

謝謝。希望您能回顧一下我可能遺漏的幾件事。首先，關於第一季的營運支出指引，您能否重複一下先前所說的內容？

6% growth.

增長6%。

And that was --

那是——

From the 506 level, which is the last column on schedule 1.6 that we showed in the earnings release. So the recash number to exclude expansion.

從 506 級別開始，這是我們在收益報告中顯示的 1.6 時間表的最後一列。因此，回收現金的數字不包括擴張。

And is that primarily the ramp of -- the new Fab -- the -- just basically engineering wafers, or where does that come from?

這主要是因為新晶圓廠的產能提升，或者說只是工程晶圓，還是從何而來？

It's a combination of many things, but Fab 36 is probably the most dominant of all of them.

這是多種因素的綜合作用，但 Fab 36 可能是其中最主要的。

Okay, and then could you repeat again, what you said earlier on inventories out in the channel and on your balance sheet as well?

好的，那麼您能否再重複一下，您之前關於通路庫存和資產負債表的內容？

First, I'll start with on our balance sheet, we depleted inventories in the fourth quarter, so you know, I'll call it very good manufacturing execution, and inventories actually went down; and we believe based on all of our checks, whether it's OEM or distributors, our channels are very tight and lean in the channels.

首先，我從我們的資產負債表開始，我們在第四季度耗盡了庫存，所以你知道，我稱之為非常好的製造執行，庫存實際上下降了；並且我們相信，根據我們所有的檢查，無論是 OEM 還是分銷商，我們的渠道都非常緊密和精簡。

Okay. And that would obviously include the PC OEMs as well?

好的。這顯然也包括 PC OEM 嗎？

That's right, [INAUDIBLE].

沒錯，[聽不清楚]。

And last -- any other granularity that you could give us, on the progress that you are making in corporate on the PC side -- not on the server side, but on the corporate PC side?

最後—您能否向我們詳細介紹您在企業 PC 方面（不是伺服器端，而是企業 PC 端）的進展？

Well, you know if you -- we always said our strategy was to penetrate the enterprise through a strong server offering, and we have delivered on that promise in 2005. Towards the end of the year, you saw some of our partners introducing client offerings for the enterprise. And you know, part of the positive upside in the fourth quarter was the result of an acceleration to the penetration of our product offerings in Fortune 500 companies, but I'm not going to give you more detail than that. It's just, as we indicated at our analyst meeting, this is the focus of 2006, winning in the commercial space with clients.

嗯，你知道——我們總是說我們的策略是透過強大的伺服器產品滲透到企業中，我們在 2005 年兌現了這一承諾。臨近年底，您會看到我們的一些合作夥伴為企業推出了客戶產品。你知道，第四季度的積極成長部分是由於我們的產品在財富 500 強企業中的滲透率加快，但我不會向你提供更多細節。正如我們在分析師會議上指出的，這是 2006 年的重點，與客戶一起在商業領域贏得勝利。

Is that really just what it takes, getting more corporate SKUs out there, or?

這真的是我們需要的嗎，也就是獲得更多的企業 SKU，還是？

Absolutely. I've always been a believer that it's a matter of choice. The freedom of choice is what we need to be able to have our technology adopted by more customers around the world.

絕對地。我一直相信這是一個選擇的問題。我們需要有選擇的自由，以便我們的技術能夠被全球更多的客戶採用。

And the targets are still doubling the number of SKUs for corporate this year?

今年的目標還是企業SKU數量翻倍？

That's correct.

沒錯。

Okay. Thank you.

好的。謝謝。

Thank you. And our last question is going to be from the line of David Wong, representing A.G. Edwards. Please go ahead with your question.

謝謝。我們的最後一個問題來自 A.G. Edwards 代表 David Wong 提出。請繼續提問。

Great, thank you very much. Could you give us some idea of what percentage of your microprocessor [INAUDIBLE] end of 2006?

太好了，非常感謝。您能否告訴我們，截至 2006 年底，您的微處理器 [聽不清楚] 的佔比是多少？

By the end of '06?

到 06 年底？

Yes.

是的。

I would say somewhere in the 50 to 60% more or less.

我認為這個數字大概在 50% 到 60% 之間。

That's an exit rate.

這是退出率。

Exit rate, yes.

退出率，是的。

Yes. Okay. Thank you very much.

是的。好的。非常感謝。

Great. Well, that concludes the call. And thank you very much for participating.

偉大的。好了，通話到此結束。非常感謝您的參與。

Thank you. And ladies and gentlemen, that does conclude our conference call for today. I'd like to thank you for your participation and for using AT&T's Executive Teleconference Service. You may now disconnect .

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