超微半導體 (AMD) 2006 Q1 法說會逐字稿

At this time I would like to welcome everyone to the Advanced Micro Devices first quarter 2006 earnings conference call. (OPERATOR INSTRUCTIONS). It is now my pleasure to turn the floor over to your host, Mike Haase, Director of IR. Sir, you may begin your conference.

現在，我歡迎大家參加 AMD 公司 2006 年第一季財報電話會議。 （操作員指令）。現在我很高興將發言權交給主持人、投資者關係總監 Mike Haase。先生，您可以開始您的會議了。

Thank you, and welcome to AMD's first quarter earnings conference call. Our participations today are Hector Ruiz, our Chairman of the Board and CEO; Derrick Meyer, our President and COO; Bob Rivet, our CFO; and Henri Richard, our Chief Sales and Marketing Officer. This call is a live broadcast and will be replayed at AMD.com. The telephone replay number is 877-519-4471. Outside of the United States the number is 973-341-3080. The access code for both is 7188392. The telephone replay will be available for the next ten days, starting at 5 PM Pacific time tonight.

謝謝，歡迎參加 AMD 第一季財報電話會議。今天我們的嘉賓有董事會主席兼執行長 Hector Ruiz；我們的總裁兼營運長 Derrick Meyer；我們的財務長 Bob Rivet；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，並將在 AMD.com 上重播。電話回放號碼是877-519-4471。美國境外的電話號碼是 973-341-3080。兩者的存取代碼都是 7188392。電話重播將在接下來的十天內提供，從今晚太平洋時間下午 5 點開始。

In addition, I would like to call to your attention that our second quarter 2006 earnings quiet time will begin at the close of business Friday, June 16. I would also to like to remind everyone that our next Technology Analyst Day is scheduled for the morning of June 1 at our Sunnyvale location. Additional details will be provided as we get closer to the event.

此外，我想提請大家注意，我們的 2006 年第二季獲利靜默期將於 6 月 16 日星期五下班後開始。我還想提醒大家，我們的下一個技術分析師日定於 6 月 1 日上午在桑尼維爾舉行。隨著活動臨近，我們將提供更多詳細資訊。

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. You will find detailed discussions in our most recent SEC filing, AMD's annual report on Form 10-K for the year ended December 25, 2005.

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，我們在其中詳細討論了我們的業務和風險因素，並列出了可能導致實際結果與前瞻性陳述中的結果存在重大差異的信息。您可以在我們最近向美國證券交易委員會提交的 AMD 截至 2005 年 12 月 25 日的 10-K 表年度報告中找到詳細的討論。

During the call we will be referencing certain non-GAAP financial measures. You can find our presentation of the most directly comparable GAAP financial measure, together with a reconciliation to GAAP, on the Investor Relations page of our website, AMD.com. With that, I will turn the call over to Hector Ruiz.

在通話期間，我們將參考某些非公認會計準則財務指標。您可以在我們網站 AMD.com 的投資者關係頁面上找到我們對最直接可比較的 GAAP 財務指標的介紹以及與 GAAP 的對帳。說完這些，我將把電話轉給赫克托·魯伊斯 (Hector Ruiz)。

Today's call we're doing a little bit differently. And we have -- I have the pleasure of introducing to you our newly appointed President and COO, Derrick Meyer, a University of Illinois graduate, and better known in AMD for having led the troops in the creation of our Athlon product line, as well as our current AMD64 architecture. So it is indeed an honor for me to share the leadership of the Company with Derek. And I am thrilled to introduce him to you today.

今天的電話會議我們做得有點不一樣。我很高興向你們介紹我們新任命的總裁兼營運長德里克·邁耶 (Derrick Meyer)，他畢業於伊利諾大學，在 AMD 內部因領導團隊創建我們的 Athlon 產品線以及我們當前的 AMD64 架構而聞名。因此，我很榮幸能與 Derek 分享公司的領導權。今天我很高興向大家介紹他。

He will talk about the operations of the Company. He will be followed by Bob Rivet, who will describe the financials for the Corporation. Then I will come back at the end before our Q&A to give some closing remarks and some comments on the outlook. With that let me turn it over to Derrick.

他將談論公司的營運情況。緊隨其後的是鮑勃·裡維特 (Bob Rivet)，他將介紹該公司的財務狀況。然後，我將在問答環節之前回來發表一些結束語和對前景的評論。說完這些，讓我把它交給德瑞克。

Thank you very much for that kind introduction. I am very happy to be more actively involved in telling the AMD story to those of you in the investment community.

非常感謝您的介紹。我很高興能夠更積極地向投資界的各位講述 AMD 的故事。

The first quarter was yet another in a series characterized by solid growth and improving fundamental business execution. The results of great across the board execution by an increasingly focused and motivated team.

第一季是另一個以穩健成長和基本業務執行改善為特徵的季度。這是一支日益專注和積極的團隊全面執行的成果。

In a nutshell, the quarter was highlighted by record AMD Opteron sales, record gross margin, continued strong adoption of our platforms by leading OEMs and key channel partners, solid progress in the strengthening of our balance sheet, and continued manufacturing excellence. Once again we did what we said we would do. We have posted year-on-year growth in excess of 20% for 11 consecutive quarters. And in the last two quarters posted greater than 70% year-on-year growth.

簡而言之，本季的亮點包括創紀錄的 AMD Opteron 銷售額、創紀錄的毛利率、領先的 OEM 和主要通路合作夥伴繼續大力採用我們的平台、在加強資產負債表方面取得的堅實進展以及持續的卓越製造。我們又一次履行了我們說過的諾言。我們已連續11個季度實現年增超過20%。且最近兩個季度年增超過70%。

Further, continued ASP improvement in the quarter confirms the rise of AMD as a premium brand for both consumer and commercial customers. As an example, it was another quarter of record revenue for the AMD Opteron processor family. With Opteron, AMD set the performance standard that the competition is now chasing, performance per watt leadership, a more relevant or customer centric measure of system performance. And our unique direct connect architecture will help us continue to set the bar for system level performance for years to come.

此外，本季平均售價的持續提高證實了 AMD 已成為消費者和商業客戶的高端品牌。例如，AMD Opteron 處理器系列本季的營收再創歷史新高。憑藉 Opteron，AMD 設立了競爭對手正在追逐的性能標準，即每瓦性能領先地位，這是一種更相關或以客戶為中心的系統性能衡量標準。我們獨特的直接連接架構將幫助我們在未來幾年繼續設定係統級效能的標準。

We're really very pleased to be named by Fortune Magazine as one of the top 10 most admired companies for innovation, and a leader in the category of innovation among semiconductor companies in 2005. That innovation continues to open up broader market opportunities with global OEMs, regional powerhouses and channel leaders throughout our growing ecosystem. As an example, HP, IBM and Sun Microsystems incorporated our newest AMD Dual-core Opteron processors in their server offerings. China's third largest computer manufacturer, and the second-largest home PC brand, Tsinghua Tongfang, introduced a new series of computer systems powered by AMD Athlon 64, Turion 64 and Centron processors.

我們非常高興被《財星》雜誌評選為2005年十大最受讚賞的創新公司之一，並被評為2005年半導體公司創新領域的領導者。這項創新將繼續為我們不斷發展的生態系統中的全球原始設備製造商、區域強國和通路領導者開闢更廣闊的市場機會。例如，HP、IBM 和 Sun Microsystems 在其伺服器產品中採用了我們最新的 AMD 雙核心 Opteron 處理器。中國第三大電腦製造商、第二大家用電腦品​​牌清華同方推出了採用 AMD Athlon 64、Turion 64 和 Centron 處理器的全新系列電腦系統。

We took a very strong step forward in our relationship with Lenovo with the worldwide launch of a new line of professional client PCs. This builds on the considerable success AMD and Lenovo have shared during the last two years in China.

隨著我們在全球推出新的專業用戶端電腦系列，我們與聯想的合作關係邁出了非常堅實的一步。這是基於 AMD 和聯想過去兩年在中國取得的巨大成功。

More than 500 new participants have joined the growing ranks of the AMD Commercial Systems Channel Program, a worldwide community of solutions integrators, value-added resellers and distributors with over 20,000 channel sales and technical reps. Finally, AMD welcomes Supermicro Computer, Tyan Computer Corporation, and Uniwide Technologies to our Validated Server Program, expanding that program worldwide.

超過 500 名新參與者加入了不斷壯大的 AMD 商用系統通路計畫行列，這是一個由解決方案整合商、增值經銷商和分銷商組成的全球社區，擁有超過 20,000 名通路銷售和技術代表。最後，AMD 歡迎 Supermicro Computer、Tyan Computer Corporation 和 Uniwide Technologies 加入我們的驗證伺服器計劃，並將該計劃擴展到全球。

In Dresden our Fab 36 team began first revenue shipments in March. The yields are outstanding, and we remain on track for production shipments of 65 nanometer products in the second half of this year.

在德累斯頓，我們的 Fab 36 團隊於三月開始了第一批收入出貨。產量非常出色，我們仍有望在今年下半年實現 65 奈米產品的量產出。

To summarize, we continue to execute successfully against our technology, manufacturing and customer acquisition strategies. Now I would like to ask Bob to review the results of the quarter, as well as the outlook going forward.

總而言之，我們持續成功執行我們的技術、製造和客戶獲取策略。現在我想請鮑伯回顧一下本季的業績以及未來的展望。

AMD had an excellent first quarter. Major highlights in the quarter included 71% sales growth year-over-year, and the 11th quarter of significantly better sales growth compared to our competitor. Our share gains continue. We had record gross margin of 58.5%. We set another new record of AMD Opteron processor unit and dollar sales. Generated free cash flow of $275 million in the quarter, and significantly improved our debt to capital ratio to 12%.

AMD 第一季表現非常出色。本季的主要亮點包括銷售額年增 71%，第 11 季的銷售額成長明顯優於我們的競爭對手。我們的份額持續增長。我們的毛利率達到了創紀錄的58.5%。我們創下了AMD Opteron處理器銷售和美元銷售額的另一個新紀錄。本季產生了 2.75 億美元的自由現金流，並將我們的債務資本比率大幅提高至 12%。

As a result of the Spansion IPO last December, my comments compared to the first quarter of 2006 to historical periods do not include the results from what was our Memory Product Segment. The first quarter sales of $1.33 billion were flat compared to the fourth quarter of 2005, and up 71% compared to the first quarter of 2005. Server, mobile and desktop processor sales mix improved in the first quarter, with desktop and mobile ASPs increasing.

由於去年 12 月 Spansion 首次公開募股 (IPO)，我對 2006 年第一季與歷史時期進行比較的評論並不包括我們的記憶體產品部門的業績。第一季的銷售額為 13.3 億美元，與 2005 年第四季持平，但比 2005 年第一季成長 71%。第一季度，伺服器、行動和桌上型電腦處理器的銷售組合有所改善，桌上型電腦和行動處理器的平均售價有所上漲。

We established another new sales record for our Opteron processor family, driven by increased customer adoption of dual-core processors. Clients sales were seasonally down, however, Turion 64 and Athlon 64 dual-core units and sales increased over the fourth quarter.

由於客戶對雙核心處理器的採用率不斷提高，我們的 Opteron 處理器系列又創下了新的銷售記錄。客戶端銷售額季節性下降，但是，Turion 64 和 Athlon 64 雙核心處理器的銷售額在第四季度有所增長。

Geographically, processor sales were especially strong in Greater China, Russia, South Asia and Latin America. Overall we believe that once again we took dollar share across server, mobile and desktop product offerings. Gross margin was a record 58.5%, up from 57.3% in the fourth quarter of 2005, largely due to product mix improvements, increased ASPs, and manufacturing efficiencies.

從地理來看，大中華區、俄羅斯、南亞和拉丁美洲的處理器銷售尤為強勁。總體而言，我們相信我們再次在伺服器、行動和桌面產品領域佔據了市場份額。毛利率達到創紀錄的 58.5%，高於 2005 年第四季的 57.3%，這主要歸功於產品組合的改善、平均售價的提高以及製造效率的提高。

Operating income of $259 million in the quarter remained at approximately the same level as to the prior quarter, and increased significantly from the first quarter of 2005. First quarter operating income comprehends a whole quarter of depreciation for Fab 36.

本季的營業收入為 2.59 億美元，與上一季基本持平，且較 2005 年第一季大幅成長。第一季的營業收入包含 Fab 36 整個季度的折舊。

Total operating expenses, which includes R&D and SG&A, were up 3% from the prior quarter. And we continue to make progress toward our long-term goals with R&D and SG&A both approximately 19% of sales in the quarter.

包括研發和銷售、一般及行政費用在內的總營運費用較上一季上漲了 3%。我們持續朝著長期目標邁進，本季研發和銷售、一般及行政費用均佔銷售額的約 19%。

Net income for the quarter was $185 million, or $0.38 per share. These results included a non-cash stock-based compensation expense of $15 million, or $0.03 per share, due to FASB 123, an expense of $20 million, or $0.04 per share, associated with the redemption of $210 million of senior debt, a 15% effective tax rate, and an $18 million loss associated with our 37.9% ownership in Spansion.

本季淨收入為 1.85 億美元，即每股 0.38 美元。這些結果包括因 FASB 123 而產生的 1500 萬美元非現金股票薪酬費用，即每股 0.03 美元；與贖回 2.1 億美元優先債務相關的 2000 萬美元費用，即每股 0.04 美元；15% 的實際稅率；以及與我們在 Spansion 的 37.9% 的實際所有權相關的 180 萬美元損失。

Now let me turn to the balance sheet with a few highlights. Our cash balance increased to $2.6 billion in the quarter, up 800 million compared to the fourth quarter due to a few large items. Over $560 million of cash flow from operations, including positive free cash flow of $275 million, a successful $500 million equity offering, which we partially used to pay off $210 million of our senior 7 3/4% debt.

現在讓我來看看資產負債表，並重點介紹幾個要點。由於幾項大額項目的影響，本季我們的現金餘額增加至 26 億美元，比第四季增加了 8 億美元。營運現金流超過 5.6 億美元，其中包括 2.75 億美元的正自由現金流，成功發行 5 億美元股票，我們用這筆錢部分償還了 2.1 億美元的 7 3/4% 優先債務。

Inventories were $337 million, and they declined 13% from fourth quarter level, with days of inventory at 55 days, down 6 days from the prior quarter. We made significant progress toward our long-term debt to capital structure target of 20%, ending the quarter at 12%, due to the $500 million equity offering, conversion of the $500 million convertible note from debt to equity, and we paid down 210 million of our 7 3/4 senior note.

庫存為 3.37 億美元，較第四季下降 13%，庫存天數為 55 天，較上一季減少 6 天。由於發行了 5 億美元的股票，將 5 億美元的可轉換票據從債務轉換為股權，並且償還了 2.1 億美元的 7 3/4 優先票據，我們在實現 20% 的長期債務與資本結構目標方面取得了重大進展，本季度末達到 12%。

Now let's talk outlook. AMD's outlook statement for the second quarter is based on current expectation. The following statements are forward-looking, and actual results could differ materially depending on market conditions. AMD expects second quarter sales to be flat to slightly down seasonally from the first quarter of 2006. If achieved, this would be approximately a 65% increase from comparables sales in the second quarter of 2005. As a reminder, in contrast to our typical 13 week quarters, the second quarter of 2006 will have 14 weeks. Operating expenses for the second quarter are expected to be -- expected to increase by approximately 8% quarter on quarter.

現在我們來談談展望。AMD 第二季度的展望聲明是基於當前預期。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 預計第二季的銷售額將與 2006 年第一季持平或略有下降。如果實現這一目標，銷售額將比 2005 年第二季成長約 65%。提醒一下，與我們通常的 13 週季度相比，2006 年第二季將有 14 週。預計第二季的營運費用將較上季成長約 8%。

Stock compensation expense in the second quarter is expected to be approximately $20 million at the current share price. Depreciation and amortization will be approximately $825 million for the year, with second quarter depreciation increasing by at least 10% from the first quarter.

以目前股價計算，預計第二季股票薪酬費用約為 2,000 萬美元。全年折舊和攤提約 8.25 億美元，第二季折舊額比第一季增加至少 10%。

We're raising our 2006 capital expenditure forecast based on unit demand increases for AMD products. We expect it to be approximately $1.7 billion as we accelerate our 300 mm ramp. Based on our forecast we expect our 2006 tax rate to be approximately 15%.

根據 AMD 產品單位需求的成長，我們提高了 2006 年資本支出預測。隨著我們加速 300 毫米產能提升，我們預計這一數字將達到約 17 億美元。根據我們的預測，我們預計 2006 年的稅率約為 15%。

We had a good quarter. And in summary, AMD continues to execute its strategies and focuses on sustainable, profitable growth. I will turn it over to Hector.

我們度過了一個美好的季度。總而言之，AMD 將繼續執行其策略並專注於可持續的獲利成長。我將把它交給赫克托。

AMD's impressive growth story continued in the first quarter. And if you look at where the growth has occurred, you see that it is in places that represent some of the highest quality revenues in the industry. In enterprise data centers, in power efficient Blade servers, in mobile platforms, in our world-class dual-core products, and in high-growth regions such as China, Russia, Latin America and India.

AMD 在第一季繼續保持著令人印象深刻的成長動能。如果你觀察一下成長發生的地方，你會發現它出現在代表著產業中最高品質收入的地方。在企業資料中心、節能刀鋒伺服器、行動平台、世界一流的雙核心產品以及中國、俄羅斯、拉丁美洲和印度等高成長地區。

We continue to show the capacity to achieve significant share gains in our industry's most important competitive arenas, reflecting a growing loyalty to the AMD brand. Imagine what we could do with without the daily interference of monopolistic practices in an environment of fair and open competition.

我們持續展現出在產業最重要競爭領域取得顯著份額成長的能力，反映出人們對 AMD 品牌的忠誠度日益提高。想像一下，在一個公平公開的競爭環境中，如果沒有壟斷行為的日常乾擾，我們可以做些什麼。

Our strategy is working. We're well on our way towards reinventing the competitive dynamics of our industry. But I suggest you look beyond the numbers. As CEO, these are the things about which I am most pleased to report.

我們的策略正在發揮作用。我們正在順利地重塑產業競爭態勢。但我建議你不要只看數字。作為首席執行官，這些是我最高興地報告的事情。

When you look at this Company I would encourage you to examine the footprint that we have created, a footprint defined by an expanded set of world-class OEM partners, starting with Sun, HP and IBM, and growing power houses such as Lenovo, [Sunfeng] and Sahara. AMD's opportunity with this great company is rapidly expanded, a testimonial to our differentiated and value proposition, and delivering on our promise of customer centric innovation.

當你審視這家公司時，我鼓勵你審視我們所創造的足跡，這個足跡由不斷擴大的世界級 OEM 合作夥伴所定義，從 Sun、HP 和 IBM 開始，到聯想、[Sunfeng] 和 Sahara 等日益壯大的巨頭。AMD 與這家偉大公司的合作機會正在迅速擴大，這證明了我們的差異化和價值主張，並兌現了我們以客戶為中心的創新的承諾。

We encourage you to monitor this platform expansion as the leading indicator of the quality of our partnership and the sustainability of our success. Take a look at the breadth and depth of the relationships we continue to build in the software and hardware community. We have become a top tier partner to many of the world's leading hardware and software companies, Microsoft, NVIDIA, Oracle, ATI, collaborating on next generation technologies, including virtualization, security, and digital entertainment solutions.

我們鼓勵您關注此平台的擴展，將其作為我們合作品質和成功永續性的領先指標。看看我們在軟體和硬體社群中繼續建立的關係的廣度和深度。我們已成為微軟、NVIDIA、甲骨文、ATI 等多家世界領先硬體和軟體公司的頂級合作夥伴，共同開發下一代技術，包括虛擬化、安全性和數位娛樂解決方案。

Most important, I would encourage you to monitor the quality of the people that we continue to attract and retain. Our executive team is populated with ex CEOs and other seasoned professionals that have earned their stripes in world-class technology leaders. Our design team has tripled since 2003, and AMD has become a magnet for world-class people looking to create the next generation of industry-leading innovations. In addition, our manufacturing team continues to set the bar for fab performance on leading-edge technologies.

最重要的是，我鼓勵您監控我們繼續吸引和留住的人才的品質。我們的執行團隊由前執行長和其他經驗豐富的專業人士組成，他們都是世界級的技術領導者。自 2003 年以來，我們的設計團隊規模已擴大了兩倍，AMD 已成為吸引世界級人才、致力於創造下一代業界領先創新的磁石。此外，我們的製造團隊繼續在尖端技術上設定晶圓廠性能的標準。

I personally believe we have assembled the strongest talent pool in the microprocessor industry, and that trend is only accelerating. Everyone on this team is highly motivated by their once-in-a-lifetime opportunity to truly change the shape of one of the world's most important industries. Our technology leadership remains solid, grounded in real customer needs. Our manufacturing execution continues on track and on time. And we're confident in our capacity to maintain our unprecedented momentum.

我個人認為我們已經組建了微處理器產業最強大的人才庫，而且這種趨勢還在加速發展。這個團隊中的每個人都對自己一生一次的機會充滿動力，可以真正改變世界上最重要的產業之一的格局。我們的技術領先地位依然穩固，以真正的客戶需求為基礎。我們的製造執行繼續按計劃進行。我們有信心，我們有能力保持前所未有的發展動能。

We remain highly motivated by the promise of a marketplace that is better for our customers, partners and end-users around the world. And I am committed to work with Derrick and the rest of the management team as we strive to deliver great results in the coming years. Finally, I would like to thank AMD employees everywhere for their commitment and their excellence.

我們始終致力於為全球客戶、合作夥伴和最終用戶提供更優質的市場。我致力於與德瑞克和其他管理團隊成員合作，努力在未來幾年取得優異成績。最後，我要感謝全球各地 AMD 員工的奉獻和卓越表現。

Now let me give it back to Mike Haase for the beginning of the Q&A.

現在，讓我將問題交還給 Mike Haase，開始問答環節。

Operator, if we could start the polling for the Q&A please.

接線生，我們可以開始問答環節的投票嗎？

(OPERATOR INSTRUCTIONS) Joanne Feeney with Punk Ziegel & Co.

（操作員指示）Joanne Feeney 與 Punk Ziegel & Co.

Congratulations on a great quarter. I had a question regarding the profit-sharing relative to Q4 when we thought it was pretty high. I am wondering how that changed sequentially from Q4 to this quarter.

恭喜本季取得優異成績。當我們認為第四季的利潤分享相當高時，我對第四季的利潤分享有一個疑問。我想知道從第四季到本季度，情況發生了怎樣的變化。

It is about the same. This is Bob. It is about the same. Profit sharing is a function of profits, and since profits were about the same, it is relatively the same number.

差不多。這是鮑伯。差不多。利潤分享是利潤的函數，由於利潤大致相同，因此它是一個相對相同的數字。

So there wasn't an adjustment then of the incentive plans that dictates that payout?

那麼，當時沒有對激勵計劃進行調整來決定支付金額嗎？

You asked profit-sharing. Profit-sharing is what we pay to the general employee base. Incentive bonus stuff clearly is a different angle, if you're asking that question. That is lower than it was in the fourth quarter, based upon new expectations we set for the management team.

您詢問的是利潤分享。利潤分享是我們支付給全體員工的。如果您問的是這個問題，那麼激勵獎金顯然是一個不同的角度。根據我們為管理團隊設定的新期望，這一數字低於第四季。

Can you give us a sense of how much lower that is -- how much of an impact that would have on the relative EPS of the two quarters?

您能否告訴我們這個數字到底低多少—這對兩季的相對每股盈餘會有多大影響？

No, I'm not going to give you that kind of granularity.

不，我不會給你這種細節。

If I could follow up, regarding the expenses in R&D and SG&A, Hector noted that you made some investments to beef up the design team, and so your percentage costs of both SG&A and R&D have gone up, up around to 19%. Is that something we should expect to see maintained at that level, or do you intend to make further investments in the R&D design teams?

如果我可以跟進的話，關於研發和銷售、一般及行政費用，赫克托指出，你們進行了一些投資來加強設計團隊，因此銷售、一般及行政費用和研發的百分比成本都上升了，上升了約 19%。我們是否應該期望保持這一水平，或者您是否打算對研發設計團隊進行進一步投資？

Again, this is Bob. We will continue to play through our attraction of talent to increase the design teams to work on further customer centric innovation. But we also believe the top line will continue to grow at even a faster rate, so that we will see dilution as time goes on of R&D as a percent of sales.

再說一次，我是鮑伯。我們將繼續發揮對人才的吸引力，擴大設計團隊的規模，進一步致力於以客戶為中心的創新。但我們也相信，營收將繼續以更快的速度成長，因此隨著時間的推移，我們將看到研發佔銷售額的百分比被稀釋。

Given that next quarter is going to be flat, do you expect that dilution then not to kick in until the second half?

考慮到下個季度的業績將持平，您是否預期稀釋效應要到下半年才會顯現？

Again, that was a long-term statement not a short-term statement. Flat sales, and with a guidance I gave, says that will be challenged in the second quarter.

再次強調，這是一份長期聲明，而不是短期聲明。銷售額持平，根據我給予的指導，第二季將面臨挑戰。

Michael McConnell with Pacific Crest Securities.

太平洋皇冠證券公司的麥可麥康奈爾。

Congratulations on a nice quarter. Looking at Q2 there has been a lot of talk about your competitors' price cuts. I just was wondering if you could comment on the margin outlook for Q2 please -- on gross margins and operating margins?

恭喜本季取得良好業績。縱觀第二季度，關於競爭對手降價的討論很多。我只是想知道您是否可以評論一下第二季的利潤前景——毛利率和營業利潤率？

Let me -- and somebody else can chime in after I finish. This is Hector. You know we think that right now we're facing an interesting situation where we believe that our product road maps, our technology transitions and our customers’ indications to us of expanding our footprint with them continue to be very positive and attractive.

讓我——在我講完之後其他人也可以加入進來。這是赫克托。您知道，我們認為現在我們正面臨一個有趣的情況，我們相信我們的產品路線圖、我們的技術轉型以及我們的客戶向我們表示的擴大我們與他們合作的足跡的意願仍然非常積極和有吸引力。

What is hard for us to tell, frankly, is what the competition is going to do about the situation that they created for themselves. Therefore I believe it is prudent at this point in time, despite our highly confident scenario relative to products and customers, that we should be cautious in the second quarter. Bob, anything you want to add on the margin side?

坦白說，我們很難知道競爭對手將如何應對他們自己創造的局面。因此，我認為，儘管我們對產品和客戶前景非常有信心，但目前來看，我們在第二季仍應保持謹慎。鮑勃，您想在邊距方面添加什麼嗎？

No, the only comment I would make is the comment that I tried to outline in the November Analyst Conference is that our margin goal is in the 55 to 60% range, and we will continue to try to live in that range as time moves on.

不，我唯一想說的就是我在 11 月分析師會議上試圖概述的評論，那就是我們的利潤率目標在 55% 到 60% 的範圍內，隨著時間的推移，我們將繼續努力保持在這個範圍內。

Should we think about the margin then on the gross margin line being closer to that 55% in Q2?

那麼，我們是否應該認為第二季的毛利率接近 55%？

I'm not going to comment on that kind of direction.

我不會對這種方向發表評論。

If we looked at Q2 could you comment on what impact, if any, you feel in the channel and/or the OEMs on the desktop side, the improved availability of your competitors' chipsets will have, if anything?

如果我們看一下第二季度，您能否評論一下，如果有的話，您認為競爭對手的晶片組的可用性提高會對渠道和/或桌面端的 OEM 產生什麼影響？

This is Henri. As far as the channel is concerned, we have seen a lot of activity from our competitor at the low end. Clearly they seem to have more availability in that space. It doesn't seem to be affecting certainly our demand supply situation. For the record, we week run a very lean channel. Our inventories are between four and five weeks. And I don't have any further comment.

這是亨利。就通路而言，我們看到競爭對手在低端市場積極開展活動。顯然，他們似乎在該領域擁有更多的可用性。這似乎並沒有對我們的供需狀況產生影響。根據記錄，我們本週運行著一個非常精簡的管道。我們的庫存量為四至五週。我沒有任何進一步的評論。

Mark Lipacis with Prudential.

保誠集團的 Mark Lipacis。

Two questions if I may. Bob, I think on the January conference call you had a forecast of $825 million in depreciation expense, but it would be front-end loaded. I think you may have suggested that it may have been higher by 10% in the first half of the year versus the second half of the year. Based on what you reported and what you just guided, it seems like that almost is reversing, that depreciation expense would be back half loaded. Did I get that right, and can you help me explain what happened?

我可以問兩個問題。鮑勃，我想在一月份的電話會議上，你預測折舊費用為 8.25 億美元，但這筆費用是前期投入的。我想您可能已經說過，今年上半年的成長率可能比下半年高出 10%。根據您的報告和您剛才的指導，似乎情況幾乎正在逆轉，折舊費用將恢復一半。我說得對嗎？你能幫我解釋一下發生了什麼事嗎？

Depreciation is a function of the tools you put in place to run in the manufacturing environment. Clearly it is a complex equation when you're starting up a 300 mm facility. Right now the current expectation is you will see increased depreciation in the second quarter and beyond as time goes on, as we continue to install more productive capacity in Fab 36.

折舊是您在製造環境中運作的工具的功能。顯然，當你啟動 300 毫米設施時，這是一個複雜的方程式。目前的預期是，隨著時間的推移，隨著我們繼續在 Fab 36 安裝更多的生產能力，您將看到第二季及以後的折舊增加。

Fair enough. And then can you quantify, or just rank order -- you said you had growth in servers, notebooks and desktops. Could you give us a sense -- could you help us by quantifying any of that, and by any extent give us a range, or hopefully maybe just rank order which ones grew the fastest?

很公平。然後您可以量化，或者只是按順序排列——您說伺服器、筆記型電腦和桌上型電腦都有成長。您能否給我們一個概念——您能否幫助我們量化這些因素，並在任何程度上給我們一個範圍，或者希望只是對哪些增長最快的因素進行排序？

Sure. This is Henri. Obviously server continues to be the leader here, followed by mobile. And we had a very decent quarter in the desktop space. But clearly server is the engine of growth, with triple digit growth year-on-year.

當然。這是亨利。顯然，伺服器仍然佔據主導地位，其次是行動端。本季我們在桌面領域的表現非常不錯。但顯然伺服器是成長的引擎，年增了三位數。

Tim Luke with Lehman Brothers.

雷曼兄弟公司的提姆·盧克。

I was wondering if, without getting into specifics, maybe you would be apt to share with us some of the factors that we should be thinking and framing our expectation for gross margin in terms of maybe the depreciation elements or different elements on the gross margin. I was also wondering whether you might have been able to give any comment on how you had seen the linearity as you moved through the March period. Obviously your ASPs were up again in the quarter. Is that something that one should continue to expect in terms of mix?

我想知道，在不談具體細節的情況下，您是否願意與我們分享一些我們應該考慮的因素，並根據折舊因素或毛利率的不同因素來製定我們對毛利率的預期。我還想知道您是否可以就您在三月期間所看到的線性情況發表任何評論。顯然，本季您的平均售價再次上漲。就混合而言，這是我們應該繼續期待的事情嗎？

I will -- this is on Henri. I will talk first about the linearity. We run a very tight engine at AMD, and have a very linear quarter. We had actually a very robust January and February. I know that there were a lot of noise in the marketplace that the quarter had started slowly. We obviously saw the traditional acceleration in March, which I think is a sign of a very robust market, at least from our perspective.

我會的——這是關於亨利的。我先談線性。我們在 AMD 運行一個非常緊湊的引擎，並且有一個非常線性的季度。事實上，一月和二月我們的業績非常強勁。我知道市場上有很多噪音，本季開局緩慢。我們顯然在三月看到了傳統的加速，我認為這是市場非常強勁的標誌，至少從我們的角度來看是如此。

With regards to ASP, our ASP continued to increase in the quarter across particularly the mobile segment and our dual-core offering. And we will continue to manage our brands in order to drive to our long-term objective of crossing the $100 bar for our ASP.

就平均售價而言，本季我們的平均售價持續上漲，特別是在行動領域和雙核心產品方面。我們將繼續管理我們的品牌，以實現我們的長期目標，即突破平均銷售價格 100 美元的門檻。

With what Henri said, so again in my simple language, server, mobile desktop, with particular emphasis in the commercial space, and Fab 36 always becoming more productive from every day we move through time, clearly that puts us in a range of living within that 55 to 60% zone. Some time I would love to think that in the future we will punch through the 60, but in this world we are in, I will stay at the statement of 55 to 60.

正如亨利所說，用我簡單的語言來說，伺服器、行動桌面，特別強調商業領域，而 Fab 36 的生產力每天都在不斷提高，顯然，這使我們處於 55% 到 60% 的區域內。有時候我很想相信未來我們會突破 60 歲，但在我們所處的這個世界裡，我還是會停留在 55 歲到 60 歲這個說法上。

If I might [rotate] this, Henri, in terms of the guidance, you have your extra week this quarter, and obviously you have a lot of share momentum. Could we think that -- could you give us any sort of elements that you think are key to focus on in terms of guiding what might be perceived as the usual seasonality of flat to slightly lower, notwithstanding the extra week perhaps?

亨利，如果我可以輪換一下，就指導而言，本季你有額外的一周時間，而且顯然你的股票勢頭強勁。我們是否可以這樣想——您能否給我們任何您認為需要關注的關鍵因素，以指導可能被視為通常的季節性平穩到略低的情況，儘管可能多出一周時間？

This is Hector. As I mentioned earlier, we actually feel very optimistic about the relationships and the expanded footprint with our customers. We are executing our road maps well. Our manufacturing is going well. So all in that -- it all points to, I think, a very positive outlook for the year.

這是赫克托。正如我之前提到的，我們實際上對與客戶的關係和擴大的業務範圍感到非常樂觀。我們正在順利執行我們的路線圖。我們的生產進展順利。所以總而言之，我認為這一切都預示著今年的前景非常樂觀。

But frankly it is difficult for us to judge at this point in time, given that the two players in the industry and the other one that has 85% of the market has got some issues they got to deal with. And we need to understand that better before we get more crisper in what we think is going to happen in the near term. Over the longer-term nothing changes for us. We still believe we will continue to outpace the growth of our competition. We will continue to gain share. We still are bullish where we think we going to be in the next three to five years, and reaching 35% of the market.

但坦白說，考慮到行業中的兩家公司以及另一家佔據 85% 市場份額的公司都遇到了一些需要處理的問題，我們目前很難做出判斷。我們需要更好地理解這一點，然後才能更清楚地了解短期內將會發生什麼。從長遠來看，對我們來說沒有任何改變。我們仍然相信，我們的成長速度將繼續超越競爭對手。我們將繼續獲得份額。我們仍然看好未來三到五年內我們的市佔率將達到 35%。

Adam Parker with Sanford Bernstein.

亞當·帕克和桑福德·伯恩斯坦。

Just a clarification. Henri, I think you said you had a "very robust" January and February. And then obviously you saw a traditional acceleration in March. My question is does that mean the quarter finished in March more strongly then you previously anticipated, meaning you didn't see any impact from Intel at the low end desktop? Or can you just throw a little more color on that statement please?

只是澄清一下。亨利，我想你說過你的一月和二月「非常強勁」。然後你顯然看到了三月的傳統加速。我的問題是，這是否意味著 3 月份季度的業績比您之前預期的要強勁，也就是說您沒有看到英特爾對低階桌上型電腦產生任何影響？或者您能否對該說法進行更詳細的解釋？

The quarter finished as strongly as we expected.

本季的業績正如我們預期的那樣強勁。

So all three months then were --.

所以當時的三個月都是——。

Again, I made a statement on our linearity. We are very proud in the way we run our business. So don't see in my comment that March was extraordinarily strong. We had a very good quarter throughout the quarter, with the normal acceleration in the last three weeks of the quarter.

再次，我對我們的線性發表了聲明。我們對我們的經營方式感到非常自豪。因此，在我的評論中，你不會看到三月表現異常強勁。我們整個季度的表現都非常好，其中季度最後三週實現了正常加速。

Okay. In terms of the server, mobile and desktop breakdown, if your revenue is flat -- and you said your ASPs were up and all three segments, correct?

好的。就伺服器、行動裝置和桌面細分而言，如果您的收入持平 - 並且您說您的 ASP 在所有三個部分都上漲了，對嗎？

No, no. I said they were up in mobile and in desktop. If you -- you probably took notice of a change in pricing strategy that was planned in our Opteron lineup that took place in February. We have a strategy to drive a very aggressive penetration of our dual-core 2P offering. And that strategy worked, with a very sharp increase in units.

不，不。我說它們在行動裝置和桌面裝置上都處於運行狀態。如果您—您可能已經注意到我們計劃在二月對 Opteron 系列的定價策略進行調整。我們有一個策略來推動我們的雙核心 2P 產品大力滲透。這項策略確實奏效了，單位數量急劇增加。

I'm just trying to get a little more color around the sequential unit growth in server versus the price decline. Given that you had record revenues, obviously it netted out positive. But is there any extra color you can give on, did you have double-digit unit growth, and therefore double-digit pricing decline, or it is there any additional color you can give there?

我只是想更詳細地了解伺服器連續單位成長與價格下降之間的關係。鑑於你們的收入創下了紀錄，顯然淨收入是正數。但是您能否提供更多細節，您的銷量是否實現了兩位數的成長，因此價格是否也出現了兩位數的下降，或者您能否提供更多細節？

Not really.

並不真地。

Really? Okay. The last question is -- this is just minor, but a year ago -- I'm just trying to understand the depreciation schedule a little bit. I know somebody asked about it, but a year ago your depreciation was lower in AMD -- it was higher, I'm sorry, in AMD excluding memory than it is now despite the Fab 36 ramp. Maybe I don't understand what happened a year ago. Was there something different about how you were allocating depreciation to memory versus processors a year ago? Or am I wrong in thinking that the whole new fab should have brought about more depreciation now a year later?

真的嗎？好的。最後一個問題是——這只是一個小問題，但一年前——我只是想稍微了解一下折舊計劃。我知道有人問過這個問題，但一年前 AMD 的折舊率較低——抱歉，AMD 不包括內存的折舊率比現在要高，儘管 Fab 36 產能有所提升。我可能不明白一年前發生的事。一年前，您對記憶體和處理器的折舊分配方式有什麼不同嗎？或者我錯了，我認為整個新工廠應該在一年後帶來更多的折舊？

You kind of think of it -- you've got two lines going in different directions. The Fab 30, which has been our only asset in the microprocessor space, is starting to roll off fairly significantly on the depreciation schedule. And Fab 36 is just coming on. And like I said, we put on the first full toolset in the January timeframe. And we will continue to add additional tools to expand that capacity every day, week, quarter here on out. So that is -- you can't crossover between the two.

你可以這麼想──你有兩條朝不同方向延伸的線。Fab 30 一直是我們在微處理器領域的唯一資產，其折舊計劃已開始大幅減少。Fab 36 也即將啟動。正如我所說的，我們在一月份推出了第一套完整的工具集。從現在起，我們每天、每週、每季都會繼續增加額外的工具來擴大這個容量。所以，你不能在兩者之間進行交叉。

Sorry, one last high-level question. I don't know who wants to answer it, but do you think the PC market is setting up for a below normal seasonal Q2, kind of given your statements and your clear innuendo about Intel?

抱歉，最後一個高級問題。我不知道誰願意回答這個問題，但考慮到您的聲明和您對英特爾的明顯暗示，您是否認為 PC 市場將迎來低於正常水平的第二季度季節性表現？

If I do a 360 around the world, frankly in the first quarter the only market that was a little weaker than I think everybody expected was Europe. As we walk into 2Q it is always a difficult quarter for Europe. So that is the only uncertainty that I see around the world. The U.S. market was very strong. Of course, all the high-growth markets will continue to look very healthy. So the only guidance that I would give you is Western Europe in particular seems to have not completely recovered from a glut of inventory carried over from Q4, frankly, from our competitor.

如果我在全球範圍內進行 360 度全方位觀察，坦白說，第一季唯一比大家預期的稍弱的市場是歐洲。進入第二季度，對於歐洲來說，這始終是一個艱難的季度。這是我在世界上看到的唯一的不確定性。美國市場非常強勁。當然，所有高成長市場仍將繼續保持非常健康的態勢。因此，我唯一能給你的指導是，西歐似乎還沒有完全從第四季結轉的來自我們競爭對手的庫存過剩中恢復過來。

I think what we are all trying to do is figure out how you guys guided with an extra week at flat to slightly down. We think Intel is not going to be that great. And your guidance implies you're going to continue to gain share, yet the overall market is still kind of in line with normal seasonal. I think that is -- I am just trying to figure that out.

我認為我們都在努力弄清楚你們如何利用額外一周的時間來實現平穩或略微下降。我們認為英特爾不會那麼出色。您的指導意味著您將繼續獲得份額，但整體市場仍然與正常的季節性保持一致。我認為——我只是想弄清楚這一點。

I think you're going to get a chance to probably clarify some of that next week, I'm sure, when you talk to the other guy.

我認為，當你下週與其他人交談時，你將有機會澄清其中的一些問題。

Jim Covello with Goldman Sachs.

高盛的 Jim Covello。

Just a quick question. Can you offer some perspective on how you see the competitive environment in the second half of the year as your competitor introduces some new products, which at least from the technical community have gotten some better reviews, after several quarters of you having a far superior product?

這只是一個簡單的問題。能否談談您如何看待今年下半年的競爭環境？您的競爭對手推出了一些新產品，這些產品至少在技術社群中獲得了更好的評價，而您的產品在前幾個季度一直表現優異。

This is Derrick. I will first observe that certainly our competitor's future road map has gotten a lot of attention lately. And it is interesting, our sales and marketing teams have meanwhile been very focused on selling our current products, and hence maybe mainly some of the disparity in noise on the future.

這是德里克。我首先要指出的是，我們競爭對手的未來路線圖最近確實受到了許多關注。有趣的是，我們的銷售和行銷團隊一直非常專注於銷售我們現有的產品，因此可能主要是未來噪音的一些差異。

I will say that certainly the competition is aggressively trying to follow the lead we have established with the AMD64 products. And they are a good company, and I expect the competitive situation to tighten in the second half of the year. How to quantify that? I can't. The products aren't shipping. What I can say is our customers, who have the benefit of seeing both companies' road maps, have continued to expand their AMD-based platform offering, which I think speaks very well to our potential in the second half.

我想說的是，競爭對手肯定正在積極嘗試追隨我們透過 AMD64 產品所建立的領先地位。他們是一家好公司，我預計下半年競爭狀況將會更加緊張。如何量化？我不能。產品未出貨。我可以說的是，我們的客戶能夠看到兩家公司的發展路線圖，並繼續擴展其基於 AMD 的平台產品，我認為這充分說明了我們下半年的潛力。

In addition, Hector mentioned on the call that we have tripled our design teams over the last three years. And we will have an opportunity to share with you the proof of that investment in our June Analyst Conference, where we will give you a bunch more detail on our future road map.

此外，赫克託在電話中提到，過去三年我們的設計團隊規模擴大了兩倍。我們將有機會在六月的分析師會議上與您分享這項投資的證明，屆時我們將向您提供有關我們未來路線圖的更多詳細資訊。

Yes, but a quick follow-up to that is would you expect the admittedly increased competitive environment in the second half to result more in a margin issue or more in a revenue issue? In other words, could your competitor theoretically be more aggressive on pricing in the lower end of the market, and that maybe has a little bit more of an impact if the product is more competitive, or you still don't think the pricing is the real driver of the decision-making?

是的，但接下來的問題是，您是否預期下半年無可否認的競爭環境將導致更多的利潤問題還是收入問題？換句話說，理論上你的競爭對手在低端市場的定價是否會更積極，如果產品更具競爭力，這可能會產生更大的影響，或者你仍然認為定價不是決策的真正驅動因素？

Well, you know, it is hard to speculate on that. What I will remind you is we are such a small part of the market that we believe we have got huge opportunity for growth in areas like commercial, where we're way under represented. And our opportunity is not solely one of product. It is just ability to complete in the market, which we have had increasingly the ability to do.

嗯，你知道，這很難推測。我要提醒大家的是，我們只佔市場的一小部分，我們相信在商業等領域，我們有巨大的成長機會，而我們的代表性還遠遠不夠。我們的機會並非單單在於產品。這只是在市場上完成的能力，我們已經越來越有能力做到這一點。

Mark Edelstone with Morgan Stanley.

摩根士丹利的馬克·埃德爾斯通。

Good quarter. Three quick questions, if I could. The first one would be for Henri. Henri, you talked about the ASP increase. Can you just kind of quantify on average what kind of ASP increase you saw sequentially?

好季度。如果可以的話，我問三個簡單的問題。第一個是給亨利的。亨利，您談到了平均售價的成長。您能否量化一下您所看到的連續平均售價成長情況？

Sure. About 7%.

當然。約7%。

Okay, great. And then two questions for Bob. First one is the 8% sequential increase in OpEx, how much of that is coming from the extra week? So are you having basically a linear increase in expenses to add in that extra week? And if so, what does that imply for your third quarter type of OpEx run rate?

好的，太好了。然後問鮑伯兩個問題。第一個是營運支出連續 8% 的成長，其中有多少是因為額外一週帶來的？那麼，在額外一週的時間裡，您的支出基本上是否呈線性成長？如果是這樣，這對您第三季的營運支出運作率意味著什麼？

You're right, obviously we will have almost in round numbers a 7% increase due to just having the extra week on the docket for the second quarter. With a little bit more than that as we continue to try to expand, in particular, our design resource capabilities and appropriate investments in marketing as we go forward.

你說得對，顯然，由於第二季的日程安排額外增加了一周，我們的增幅將接近 7%。隨著我們不斷嘗試擴展，特別是擴展我們的設計資源能力，並在行銷方面進行適當的投資，我們將做更多。

Third quarter, obviously that 7% issue will go away. But you'll have continued investments for the back half of the year on technology and marketing investments. It probably won't -- you won't get a 7% decline from second quarter to third quarter. But I'm not going to give you exactly the number, but kind of give you the flavor.

第三季度，7%的問題顯然將會消失。但今年下半年你將繼續在技術和行銷方面進行投資。可能不會——從第二季到第三季不會出現 7% 的下降。但我不會告訴你確切的數字，但可以讓你大概了解一下。

That's great. And just the last question for you, Bob. I am pretty impressed with the decline in inventory in dollars, given the ramp of Fab 36. Can you just talk about what factors drove that? I would have thought there would have been some level of inventory build as you're bringing on that type of fab, and basically running material through.

那太棒了。鮑勃，我只想問你最後一個問題。考慮到 Fab 36 產能的提升，庫存美元金額的下降令我印象深刻。您能談談造成這種情況的因素是什麼嗎？我原本以為，當你引進這種類型的晶圓廠並基本上運行材料時，就會有一定程度的庫存累積。

As Henri alluded to, we run our demand supply very tight. And we will continue to do that, as we even continue to exercise Fab 36. To me, we continually want to have as lean an inventory as possible. As a matter of fact, we call it the lean process. So we're just going to run inventories very tight.

正如亨利所提到的，我們的需求供應非常緊張。我們將繼續這樣做，甚至繼續演習 Fab 36。對我來說，我們一直希望擁有盡可能精簡的庫存。事實上，我們稱之為精實流程。因此，我們將嚴格控制庫存。

I guess, can you just talk about what the accounting methodology that you use as you're ramping a fab? Are you taking pretty aggressive write-downs as that material is moving through the fab?

我想，您能否談談您在擴大晶圓廠產能時所使用的會計方法？當這些材料在晶圓廠生產時，你們是否進行了相當激進的減記？

Yes, we are conservative in our evaluation. We think that is appropriate, and so we shoot ahead of the duck. We value the inventory at a conservative of where we think we are going to be, not where we're at exactly at that moment in time. One of the benefits we're having is we are seeing mature yield right from the get go on Fab 36. That takes a lot of the guesswork out of the equation to figure out how to value the die, or value the wafers that are in the line.

是的，我們的評估比較保守。我們認為這是合適的，所以我們就向鴨子前面射擊。我們對庫存的估價是基於我們對未來庫存的保守估計，而不是基於我們當時的特定庫存。我們獲得的好處之一是，我們從一開始就看到了 Fab 36 的成熟產量。這需要從等式中去除很多猜測，才能弄清楚如何評估晶片的價值，或如何評估生產線上的晶圓的價值。

I guess just lastly, and it would certainly sound like as that fab continues to ramp there's obviously going to be leverage as you start reaching more of a steady-state in that facility.

我想最後，這聽起來確實像是隨著晶圓廠繼續擴大產能，當你開始在工廠達到更穩定的狀態時，顯然會產生槓桿作用。

Yes, yes. I mean as -- just think of it this way for everyone's benefit, it will become a bigger and bigger productive asset for AMD. And it will be a significant portion of our output when we get to the fourth quarter of this year. So it will be a highly productive asset as we continue to move through time.

是的，是的。我的意思是——只要這樣想，對每個人來說都是有益的，它就會成為 AMD 越來越大的生產資產。到今年第四季度，它將成為我們產出的很大一部分。因此，隨著時間的推移，它將成為一種高產資產。

Krishna Shankar with JMP Securities.

JMP 證券的 Krishna Shankar。

Congratulations on a good quarter. Do you have any capacity constraints to the quarter in terms of meeting demand? And can you give us a sense for the ramp pace of Fab 36, will that be sort of a step up in output here in Q2, or is this going to be a fairly linear production ramp?

恭喜本季業績良好。就滿足需求而言，本季您是否曾經遇到產能限制？能否向我們介紹一下 Fab 36 的產能提升速度？這是否意味著第二季產量將會提升，還是會呈現相當線性的產量提升？

This is Derrick here. The second one first. The ramp will be pretty linear over the course of this year and into next year. With respect to the first question, in aggregate we were not capacity constrained for the quarter. There were occasions where demand for, as an example, leading-edge product exceeded our forecast. And in our efforts to meet that forecast we were occasionally supply constrained, for example, on package substrates. But in aggregate across the quarter we were not capacity constrained.

我是德里克。先說第二個。今年和明年的成長勢頭將相當線性。關於第一個問題，總體而言，本季我們的產能沒有受到限制。例如，有時對尖端產品的需求會超出我們的預測。在我們努力實現該預測的過程中，我們偶爾會遇到供應限制，例如封裝基板的供應限制。但總體而言，整個季度我們的產能並未受到限制。

Given the sequential, I guess, slight decline in several ASPs with your competitor trying to ship a lot of their existing generation of server product before they ramp up the newer generation in the second half, do you anticipate continuing pressure on server ASPs as they (indiscernible) their current generation?

我猜，鑑於您的競爭對手在下半年推出新一代產品之前，試圖大量出貨其現有一代的服務器產品，因此幾種平均銷售價格會連續略有下降，您是否預計服務器平均銷售價格會繼續面臨壓力，因為他們（音頻不清晰）目前這一代產品？

It is Derrick here. My response to that one is to remind you that our server ASPs decreased, but not as a reaction to the competitive environment, rather we decided to take an offensive stance relative to our pricing, given the capability of the product, the technology leadership on the product, and price in order to increase the size of our footprint in the marketplace, i.e., gain share. So what we did was not a reaction.

我是德里克。我對此的回應是提醒您，我們的伺服器平均售價下降了，但不是對競爭環境的反應，而是我們決定在定價方面採取進攻姿態，考慮到產品的能力、產品的技術領先地位和價格，以增加我們在市場上的影響力，即獲得份額。所以我們所做的並不是反應。

Tom Thornhill with UBS.

瑞銀的湯姆·索恩希爾。

Given that Fab 36 is ramping and strongly, or it sounds like, and you're looking for a linear trend there, and Fab 30 has been running according to some of the trade press very strong, above some expectations. Do you see demand such that you will need to use Charter in the second half of the year, or do you still intend to use Charter in the second half of the year?

鑑於 Fab 36 正在強勁增長，或者聽起來像是在增長，並且您正在尋找那裡的線性趨勢，而根據一些行業媒體的報道，Fab 30 的運行非常強勁，超出了一些預期。您是否看到了這樣的需求，以至於您需要在下半年使用 Charter，或者您是否仍打算在下半年使用 Charter？

Derrick again here. Our plan remains to use Charter in the second half of the year. We expect to get outputs in that facility in the third quarter. One of the benefits of our approach with Charter is that we can flex our output based on demand as it materializes.

德里克又來了。我們的計劃仍然是在下半年使用 Charter。我們預計該工廠將在第三季獲得產出。我們採用 Charter 方法的其中一個好處是，我們可以根據實際需求調整產出。

Do you have an estimate of what percentage of your requirements you would expect to satisfy out of that relationship?

您是否估計過，透過這種合作關係，您期望滿足的需求百分比是多少？

Yes. We prefer not to give you that level of granularity.

是的。我們不想向您提供這種程度的詳細情況。

Any granularity at all on that, or is this going to be token?

對此有任何詳細情況嗎，或者這只是像徵性的？

No, it is not going to be token, but it is really not something we would like to discuss today.

不，這不是像徵性的，但這確實不是我們今天想討論的事情。

Okay. One question on gross margins. The previous guidance had been a range of 51 to 57%. Are you at this point officially moving that range to now 55 to 60% as was mentioned earlier in the call.

好的。關於毛利率的一個問題。先前的指導範圍是 51% 至 57%。正如之前在電話會議中提到的那樣，您現在是否正式將該範圍移至 55% 到 60%？

Yes.

是的。

Very good. Congratulations on a great performance for the whole team.

非常好。恭喜整個團隊的出色表現。

Ben Lynch with Deutsche Bank.

德意志銀行的本·林奇。

I congratulate you as well. I understand that there are reasons to be reluctant to be very explicit on Q2, given the, I think, well known issues at Intel. Could you comment on whether you are seeing some signs of it being more aggressive, and that is why you are reluctant to be explicit on commentary, or you just suspect that they will be more aggressive?

我也向你表示祝賀。我明白，鑑於英特爾眾所周知的問題，我們有理由不願意明確透露第二季的情況。您能否評論一下，您是否看到了一些更具侵略性的跡象，這就是您不願意明確發表評論的原因，還是您只是懷疑他們會更具侵略性？

This is Henri. I'm not going to speculate on what the competition is going to do or not going to do. Frankly, we're focused at continuing to execute our strategy, which seems to be working well. As Derrick pointed out, we did what we said we would do.

這是亨利。我不會猜測競爭對手會做什麼或不會做什麼。坦白說，我們專注於繼續執行我們的策略，而且該戰略似乎效果良好。正如德里克指出的那樣，我們做到了我們所說的一切。

We're being cautious for the second quarter because, again, historically it is the most difficult quarter for our industry. As I pointed out earlier, Western Europe seemed to be a little weak in the first quarter. It is an important market, and so it is just reasonable to be cautious. Now this said again, we're going to continue to execute the strategies that we had in the first quarter, and we think it is differentiated from our competitor.

我們對第二季持謹慎態度，因為從歷史上看，這是我們行業最困難的季度。正如我之前指出的，西歐在第一季似乎表現有些疲軟。這是一個重要的市場，因此謹慎是合理的。現在再說一遍，我們將繼續執行第一季的策略，我們認為這與我們的競爭對手有所不同。

So, Henri, if you are already seeing actions then it wouldn't be speculative to comment on them. If you're not seeing any then it would of course be speculation. I take your answer to mean that you're not seeing actions.

所以，亨利，如果你已經看到了行動，那麼對它們進行評論就不是推測性的。如果你沒有看到任何東西，那麼這當然只是猜測。我認為您的回答意味著您沒有看到行動。

I'm seeing -- no, that would be unfair. I am seeing a lot of low end products, and I am seeing drastic price cuts on products that people don't want to buy.

我明白——不，那是不公平的。我看到很多低階產品，也看到人們不想購買的產品大幅降價。

Great. And then, Bob, this may be a question for you. You have bumped up by a healthy amount the '06 CapEx, and left the full year depreciation unchanged. It this just ramp rate or this is something which would more affect the '07 depreciation number?

偉大的。那麼，鮑勃，這可能是你的一個問題。您已將 06 年資本支出大幅增加，但全年折舊金額保持不變。這只是成長率還是對 07 年折舊數字有更大影響的因素？

Yes, is mostly -- I mean, based on our current expectations and requirements we're getting for our customer for our products, we feel it is appropriate to accelerate the ramp. And so we actually take off in '07 at a little bit faster pace. Most of that depreciation will happen in '07 when it is actually put in place and turned on.

是的，主要是——我的意思是，根據我們目前對客戶對我們產品的期望和要求，我們認為加速成長是合適的。因此，我們實際上在 2007 年就以更快的速度起飛了。大部分貶值將發生在 2007 年，屆時該政策將實際到位並投入使用。

Just the last question I had. We have seen some reviews on the AM2 socket, which as far as we know, maybe you'll give us more information on the Tech Analyst Day, seems to be the major upgrade to the desktop offering this year. It doesn't seem to be in those independent reviews showing any performance improvement. Is this something which we should think about in terms of your competitiveness in desktop this year?

這是我最後一個問題。我們已經看到了一些關於 AM2 插槽的評論，據我們所知，也許您會在技術分析師日上向我們提供更多信息，這似乎是今年台式機產品的重大升級。那些獨立評論似乎並未顯示任何性能改進。這是我們今年在桌面領域的競爭力方面應該考慮的事情嗎？

Yes, this is Derrick. We will be transitioning our desktop, mobile and server offerings all from DDR1-based technologies to DDR2-based technologies. We feel that is the right time, because that is the rough timeframe where the price transition will occur between DDR1 and DDR2. To your point, there is not a huge incremental performance benefit to be had as a result of that transition, though there is some. We will be, along with the transition, introducing higher capability product as well that are kind of independent of the DRAM technology.

是的，這是德瑞克。我們將把我們的桌上型電腦、行動和伺服器產品從基於 DDR1 的技術轉變為基於 DDR2 的技術。我們認為這是正確的時機，因為這是 DDR1 和 DDR2 之間發生價格轉變的大致時間範圍。正如您所說，這種轉變並不會帶來巨大的效能提升，儘管確實有一些。隨著這一轉變，我們也將推出獨立於 DRAM 技術的更高功能的產品。

Michael Masdea with Credit Suisse.

瑞士信貸的麥可‧馬斯迪亞 (Michael Masdea)。

There were some comments earlier about the commercial market. And to me it seems like that is a real important piece here of what you're doing there, and one way to kind of get around some of the tactics of Intel. Walk us through kind of how you get from A to B there. I know you talked a little bit about a Commercial Systems Channel, what do you guys have to do to actually execute and get these OEMs to actually build boxes in this commercial market based on AMD?

之前有一些關於商業市場的評論。在我看來，這是你們所做工作中非常重要的一部分，也是繞過英特爾某些策略的一種方法。請向我們介紹如何從 A 到達 B。我知道您談到了商業系統管道，您要做什麼才能真正執行並讓這些 OEM 真正在這個基於 AMD 的商業市場上製造盒子？

This is Henri. First, as we pointed out in our last analyst meeting, there is a very sharp increase in the number platforms being made available by strategic OEMs in both clients and server. To give you a little color, and maybe do something we haven't done yet, which is give you more granularity on the segmentations of our business.

這是亨利。首先，正如我們在上次分析師會議上指出的那樣，戰略原始設備製造商在客戶端和伺服器上提供的平台數量急劇增加。為您提供一些詳細信息，也許做一些我們還沒有做的事情，即讓您更詳細地了解我們業務的細分。

I'm thinking some of the verticals out of the Forbes 500 list. We have asked customers, 8 of the top 9 aerospace and defense companies in that list, 10 of the 12 top conglomerates, 18 of the 19 consumer durables companies in that list, 12 of the 14 drugs and biotechnologies in that list, 10 out of 12 the media groups in that list, 30 out of the 44 oil and gas operations in that list, 15 out of the 18 technology hardware and equipment in that list, and 22 out of the 29 telecommunication services companies in that list.

我正在考慮福布斯 500 強榜單中的一些垂直行業。我們詢問了客戶，其中包括該名單中前 9 家航空航天和國防公司中的 8 家、前 12 家企業集團中的 10 家、該名單中前 19 家耐用消費品公司中的 18 家、該名單中前 14 家製藥和生物技術公司中的 12 家、該名單中前 12 家媒體集團中的 10 家、該名單中前 44家石油和天然氣公司中的 30 家、該名單中前 18 家技術硬體和設備公司中的 15 家，以及該名單中前 29 家電信服務公司中的 22 家。

That is the type of footprint that Hector is talking about. This is in a very short by [ecker] price standards, 2.5 years at present. I believe that we will continue to gain steady lead across those segments. And we're being very methodical and going down the list and looking at the verticals, putting the software stack and the hardware stack together to address the needs of our customers in collaborations with our key OEMs.

這就是赫克託所說的足跡類型。按照[ecker]價格標準，這一時間非常短，目前為 2.5 年。我相信我們將在這些領域繼續保持穩固的領先地位。我們非常有條理，仔細檢查清單並專注於垂直領域，將軟體堆疊和硬體堆疊放在一起，與我們的主要 OEM 合作，滿足客戶的需求。

Those are pretty big numbers. Are we pretty early in those deployments at those various different verticals? Is that how you --?

這些數字相當大。我們是否在這些不同垂直領域的部署還處於早期階段？你是這樣的嗎──？

Of course, of course. That is why we're fairly optimistic in our ability to continue to grow share.

當然，當然。這就是為什麼我們對繼續擴大市場份額的能力相當樂觀。

Got it. Great. And then just a quick one on the depreciation side. The Fab 36 was there any change to the depreciation schedule for the equipment, or is this pretty in line with what you did for Fab 30?

知道了。偉大的。然後我們再簡單談談折舊方面。Fab 36 的設備折舊計劃有任何變化嗎？或者這與 Fab 30 的做法一致嗎？

No, I think I commented on that before. Fab 30 was a five-year depreciation schedule. Fab 36 is a six-year depreciation schedule. Based on all the data we looked at, it made more sense that that huge asset would have a longer life.

不，我想我之前已經評論過這一點了。Fab 30 是一個五年折舊計劃。Fab 36 的折舊計劃為六年。根據我們查看的所有數據，這項巨大資產的使用壽命更長是更合理的。

David Wong with A.G. Edwards.

David Wong 和 A.G. Edwards。

When you said that your ASPs increased, was that all mix related, or did your prices actually go up in some places, in particular in desktops? Can you give us an idea as to your list price changes? It looks like the desktop list price has in fact grown?

當您說您的平均銷售價格 (ASP) 上漲時，這是否與所有產品組合有關，還是在某些地方，特別是桌上型電腦的價格實際上上漲了？您能告訴我們您的標價變化情況嗎？看起來桌上型電腦的標價確實上漲了？

Just to comment on the end of your question. We did a slight readjustment of our stack. We do this periodically, consulting with our customers and partners to make sure that we adapt the value proposition of our product to market conditions. With regards the early part of your question, as we indicated earlier, our ASP went up in the mobile segments and in the desktop segment. But I'm not going to give you more granularity than that.

只是想對你問題的結尾進行評論。我們對堆疊做了一些輕微的調整。我們定期進行此操作，與我們的客戶和合作夥伴進行協商，以確保我們產品的價值主張能夠適應市場情況。關於您問題的早期部分，正如我們之前指出的，我們的行動領域和桌面領域的平均售價都有所上漲。但我不會給你更多細節。

Joe Osha with Merrill Lynch.

美林證券的 Joe Osha。

Congratulations. The first question in terms of products. There has been some discussion, Hector, of maybe a more optimized notebook, mobile architecture as you guys begin to deploy 65 nanometer. Can you comment on that?

恭喜。第一個問題是關於產品方面的。赫克托，隨著你們開始部署 65 奈米技術，我們已經討論過可能更優化的筆記型電腦和行動架構。您能對此發表評論嗎？

We're going to do quite a bit of discussion of our technology and product plans at the June Analyst meeting. At this point we're not yet prepared to go into any more detail than that. But I will repeat what I have said to you before. It is important for us to win in mobile. We have plans, ideas to continue the growing trend that we demonstrated. As Henri pointed out, that we have in the last few quarters actually grown considerably in the mobile segment. And that I'm kind of hopeful that by the time June comes around for the Analyst Day, we will be able to be a little more explicit about our thinking.

我們將在六月的分析師會議上對我們的技術和產品計劃進行大量討論。目前我們還沒有準備好討論更詳細的內容。但我會重複我之前對你說過的話。對我們來說，在行動領域取得勝利非常重要。我們有計劃、有想法來延續我們所展示的成長趨勢。正如亨利指出的那樣，過去幾季我們在行動領域實際上取得了長足的成長。我希望到六月分析師日到來時，我們能夠更明確地表達我們的想法。

Okay. That's as specific as I can ask for. Bob, if I look -- again the math that I'm doing suggests that there is about an incremental $75 million in depreciation in the first quarter from Fab 36. And as I work through this, it seems like that run rate should go to between 125 and 150 a quarter by the end of the year. Is that roughly correct?

好的。這就是我所能要求的最具體的資訊了。鮑勃，如果我看一下——我再次進行的計算表明，Fab 36 第一季的折舊增量約為 7500 萬美元。當我研究這個問題時，似乎到今年年底，這個季度的運行率應該會達到每季 125 到 150 之間。這大致正確嗎？

I'm going to need to get back to you on that math, Joe. I'm not sure I have -- I don't have that granularity in front of me. It doesn't seem completely out of line, but --.

喬，我需要就這個數學問題回覆你。我不確定我是否了解——我面前沒有那麼詳細的資訊。這似乎並沒有完全出格，但——。

You can figure out that processors only was 100 million in Q4. It was 175 in Q1. Then looking at the four-year guidance and backing into it, it seems like you add maybe 50 million to that Fab 36 run rate. That is how I'm getting there.

你可以算出第四季的處理器數量只有 1 億個。第一季為 175。然後看看四年的指導意見並加以支持，似乎你需要在 Fab 36 的運行率上增加 5000 萬美元。這就是我到達那裡的方式。

Okay.

好的。

Last question --.

最後一個問題--。

That sounds reasonable.

這聽起來很合理。

That sounds reasonable? Okay. Great. And then last question on the profit-sharing, you did at one point disclose about a $66 million other item a couple of quarters ago that you were kind enough to say was all sort of the profit-sharing and incentive bonus. And then you did say at that point that once the number was reset that that number would roughly be cut in half. Might I think about that sort of incremental benefit Q4 to Q1 being in the 30 to $40 million range?

聽起來合理嗎？好的。偉大的。最後一個關於利潤分享的問題，幾個季度前您確實曾披露過一項價值 6600 萬美元的其他項目，您好心地說這都是利潤分享和獎勵獎金。然後你確實說過，一旦重置數字，這個數字將大約減少一半。我是否可以認為第四季相對於第一季的增量收益在 3000 萬到 4000 萬美元之間？

That is kind of high from that perspective. But, yes, as I am sure happens to you personally, your bogey gets reset every year (multiple speakers) all our executives too.

從這個角度來看，這有點高。但是，是的，我相信您個人也會遇到這種情況，您的恐懼每年都會被重置（多位發言者）我們所有的高階主管也是如此。

No, mine just goes down.

不，我的剛剛壞了。

Chris Stanley with JP Morgan.

摩根大通的克里斯史丹利。

Good quarter. Two quick questions. The first one is on inventory. It sounds like you're going to a pretty lean inventory here. Do you feel comfortable with that, or do you think that that will trend up throughout the year?

好季度。兩個簡單的問題。第一個是關於庫存。聽起來你的庫存相當精簡。您對此感到滿意嗎？或者您認為這一趨勢在全年都會呈現上升趨勢嗎？

We love lean inventory. As a matter of fact, we're so passionate about that that we just created a huge task force in the Company frankly to continue working to see how much better we could get. We love lean inventory.

我們喜歡精益庫存。事實上，我們對此充滿熱情，坦白說，我們剛剛在公司內部成立了一個龐大的工作小組，繼續努力看看我們能取得多大的進步。我們喜歡精益庫存。

Great. And with this 55 days, that could go even lower throughout the year?

偉大的。有了這 55 天，全年的工資可能會更低嗎？

Each quarter is dependent. As an example, and again, not losing the thought, Hector had that we're going continue to push on this issue. But it is hard for me to imagine we wouldn't try to build inventory in third quarter in anticipation of fourth since there is such a huge growth rate from third to forth, and we want to be in a position to service all of the demand.

每個季度都是相互依賴的。舉個例子，赫克托再次強調，我們不會忘記，我們將繼續推動這個問題。但我很難想像我們不會在第三季建立庫存以應對第四季度的到來，因為第三季到第四季的成長率如此之大，我們希望能夠滿足所有的需求。

We will work our way through it. Obviously we like to be lean as possible, but we will strategically build inventory in anticipation of stronger demand than the factories can handle in one given period.

我們會努力解決這個問題。顯然，我們希望盡可能精簡，但我們將策略性地建立庫存，以應對工廠在特定時期內無法處理的強勁需求。

Got it. That make sense. I guess, Hector, a philosophical question for you. It sounds like Intel -- we have seen them do this before, where they can get a little bit crazy in terms of pricing. I guess if it comes down to it in the second half of the year, and they do get crazy again like they have in the past, will you choose to maintain market share and perhaps see the margins suffer, or would you choose to lose a little bit of market share and preserve margins?

知道了。這很有道理。我想，赫克托，這對你來說是一個哲學問題。這聽起來很像英特爾——我們以前見過他們這樣做，他們在定價方面可能會有點瘋狂。我想，如果到了下半年，他們又像過去一樣瘋狂起來，你會選擇維持市場份額並可能看到利潤率受到影響，還是會選擇失去一點市場份額並保持利潤率？

First of all, none of us can anticipate what the competition might or might not do. What we intend to do is we are very committed, based on -- the world has changed a lot for today, so let me first of all give some context to the answer I'm going to give you.

首先，我們誰都無法預測競爭對手可能會做什麼或不會做什麼。我們打算做的是，我們非常致力於——當今世界已經發生了很大變化，所以首先讓我對我將要給你的答案提供一些背景資訊。

Four years ago we had a very strong presence in the desktop consumer world. It was challenging, of course, to deal with the price and the strategy of the competitor in that space. When you look at it today -- at our footprint which is server, a desktop, mobile across both consumer and commercial, and across a broad range of customers around the world, we feel we're in a position to continue to price to value. We believe we offer a tremendous value in our products. It is our current thinking to not deviate from that, and that is our plan.

四年前，我們在桌面消費領域佔有非常強大的地位。當然，應對該領域競爭對手的價格和策略是一項挑戰。當你今天看到它時——我們的足跡遍布伺服器、桌上型電腦、消費者和商業行動裝置以及世界各地的廣泛客戶，我們覺得我們有能力繼續以價值定價。我們相信我們的產品具有巨大的價值。我們目前的想法是不要偏離這一點，這就是我們的計劃。

Operator, we're going to take two more questions please.

接線員，我們還想回答兩個問題。

John Lau with Jefferies & Co.

John Lau 與 Jefferies & Co.

Back onto the server question again. I was hoping you can give us a little more clarity. There has been a mix shift towards your dual-core chips on the server side. I think that you are shipping the final thing -- phasing out the single-core Opteron soon. And yet during Q1 your ASPs were down for the servers. I was wondering how that dynamic worked? And then I had a follow-on with the general pricing commentary.

再次回到伺服器問題。我希望您能給我們更清晰的解釋。伺服器端已經向雙核心晶片轉變。我認為你們即將推出最後一款產品——逐步淘汰單核心 Opteron。然而在第一季度，你們的伺服器 ASP 卻下降了。我想知道這種動態是如何運作的？然後我對總體定價進行了後續評論。

First, we're not going to phase out our single-core processors as long as customers want them. It is true that we expect to exit the year with over 90% of the demand in the server space being dual-core. But we have -- in fact there is some long-range embedded design that may require those type of processors. So that is the first point I wanted to clarify for you.

首先，只要客戶需要，我們就不會逐步淘汰單核心處理器。確實，我們預計今年底伺服器領域 90% 以上的需求都是雙核心的。但事實上，有些遠端嵌入式設計可能需要這些類型的處理器。這是我想向你澄清的第一點。

Secondly, as Derrick pointed out, we have a strategy to increase the penetration of dual-core technology as fast as possible in certain segments of the server market. We repositioned our stack at the beginning of February in order to drive that strategy, and it worked out exactly the way we planned. And so the overall decline in ASP is first anticipated, and secondly, absolutely centered around our two key offerings.

其次，正如Derrick所指出的，我們有一個策略，就是盡快提高雙核心技術在伺服器市場某些領域的滲透率。為了推動這項策略，我們在二月初重新定位了我們的堆棧，並且它完全按照我們的計劃進行。因此，首先可以預見 ASP 的整體下降，其次，絕對集中在我們的兩大主要產品上。

As a final note, with regard to some of the actions, have you seen -- I wanted to try to see if we can get some clarity, there is a lot of question in the marketplace. Have you seen any change in the PC demand dynamics as a result of some of the competitive actions with the marketplace?

最後要說的是，關於一些行動，您是否看到了——我想看看我們是否可以得到一些澄清，市場上有很多問題。您是否發現由於市場競爭行為導致 PC 需求動態發生了任何變化？

No, I really thing that there is a big question mark, which is the available elasticity. And I personally believe that actually pricing is not the right answer. The answer is to bring products that customers want to buy.

不，我確實認為有一個大問號，那就是可用的彈性。我個人認為，定價其實並不是正確答案。答案就是提供顧客想要購買的產品。

There wasn't any stall or anything that you can see as it related to the marketplace?

沒有任何攤位或任何與市場相關的東西嗎？

The only stall that has been rumored in the market is the fact that there was an excess of inventory carryover from Q4 Q1, mainly by our competitor in the mobile space.

市場上唯一的傳言是，第四季和第一季的庫存結轉過剩，主要是由於我們在行動領域的競爭對手。

Glen Yeung with Citigroup.

花旗集團的 Glen Yeung。

I guess the first question may be for Henri. When you look at the second quarter and you think about the desktop and notebook space, should we expect the mix to continue to favor an ASP increase, i.e., do you find that your products continually move sort of upstream a little bit in terms of sophistication from the client perspective?

我想第一個問題可能是問亨利的。當您展望第二季度並考慮桌上型電腦和筆記型電腦領域時，我們是否應該預期產品組合將繼續有利於平均售價上漲，也就是說，您是否發現從客戶角度來看，您的產品在複雜程度方面不斷向上游移動？

That is a good question. We are seeing clearly that our dual-core offering is positioned as the premium offering today in the desktop space. I would like to remind you that we're going to launch our dual-core mobile offering in the quarter. We will expect of course a positive impact to our dual-core launch on the mobile space as well in terms of ASP.

這是個好問題。我們清楚地看到，我們的雙核心產品目前被定位為桌面領域的高階產品。我想提醒您，我們將在本季推出雙核心行動產品。當然，我們也期望雙核心產品的推出對行動領域以及平均售價產生正面的影響。

This being said, there's a lot of potential in the high-growth markets. In those markets there's a lot of demand for lower-priced products, and we don't intend to do not service demand of our customers. So that has a dampening factor. Overall the strength of our dual-core offering will continue to drive our premium brands. And I expect those brands to grow faster than the volume parts of our offering.

話雖如此，高成長市場仍具有很大的潛力。在這些市場中，對低價產品的需求很大，我們不想不滿足客戶的需求。所以這有一個抑制因素。總體而言，我們雙核心產品的優勢將繼續推動我們的高端品牌。我預計這些品牌的成長速度將比我們提供的大量產品更快。

That is understood, thanks. And then with respect to AM2, should we expect to see a price increase when that product is introduced?

我明白了，謝謝。那麼關於 AM2，當產品推出時我們是否應該預期價格會上漲？

Absolutely not. That is not what our customers are asking for.

絕對不是。這並不是我們的客戶所要求的。

Fair enough. And then, Hector, this last question is for you. It may be a little difficult to answer, so any thoughts you can give around this would be helpful. It really focuses on brand equity that AMD has built up over the course of the last year, year and a half, two years.

很公平。那麼，赫克托，最後一個問題是問你的。這個問題可能有點難以回答，因此您對此提出的任何想法都會有所幫助。它真正關注的是 AMD 在過去一年、一年半、兩年裡建立起來的品牌資產。

When you think about the second half of this year, or for that matter any of the future quarters, if we make the assumption -- and whether this is true or not remains to be seen -- but if we make the assumption that Intel is in fact more competitive, to what extent does AMD gain share anyway? Because you built up some kind of brand equity, whether that is because your customers just want to have a competitive offering, or they enjoy working with you, or they find it less expensive to work with you -- whether or not Intel is more competitive. To what extent does AMD continue to gain share anyways?

當你考慮今年下半年，或者未來任何季度時，如果我們做出假設——這是否屬實還有待觀察——但如果我們假設英特爾實際上更具競爭力，那麼 AMD 的市場份額將在多大程度上增長？因為您建立了某種品牌資產，無論是因為您的客戶只是想要有競爭力的產品，還是他們喜歡與您合作，或者他們發現與您合作更便宜——無論英特爾是否更具競爭力。AMD 的市佔率還能繼續增加到何種程度？

That is a great question. First of all, as Derrick pointed out, we expected, we had planned that our competitor would eventually have to follow and react to what we have done and get better. It will be interesting to see the things that we're going to do later, which will again continue to force them to react and figure out what else to do next. We don't intend to in any shape or form give any leeway in our leadership relative to product and technology.

這是一個很好的問題。首先，正如德里克指出的那樣，我們預料到，我們已經計劃好，我們的競爭對手最終將不得不跟隨並對我們的所作所為做出反應，並變得更好。看看我們稍後要做的事情將會很有趣，這將再次迫使他們做出反應並弄清楚下一步該做什麼。我們無意以任何形式給予我們在產品和技術方面的領導地位任何餘地。

Having said that, you're right, in the last two or three years we have built up a very strong equity in the marketplace with f customers. One of the things customers have learned in the last two or three years is the value of having a fair and open competition marketplace where they can choose their supplier based on a number of attributes. Product, being one of them, the other ones being service, the other ones being reliability, trustworthiness, etc. I believe that we have built a strong equity in that space. I believe that customers are delighted to see a new environment in which they can make choices. As a result of that, we place a lot of value on that, and we intend to exploit it. As a result of that in addition to our great products and technology, we expect to continue to gain share throughout the next several years.

話雖如此，您說得對，在過去的兩三年裡，我們憑藉客戶在市場上建立了非常強大的資產。客戶在過去兩三年中學到的一件事就是擁有一個公平、開放的競爭市場的價值，在這個市場中他們可以根據多種屬性選擇供應商。產品是其中之一，其他包括服務、可靠性、可信度等。我相信我們已經在該領域建立了強大的資產。我相信顧客們很高興看到一個可以做出選擇的新環境。因此，我們非常重視這一點，並打算加以利用。因此，除了我們優秀的產品和技術之外，我們預計未來幾年的市場份額將繼續增長。

Thank you. On behalf of the management team, thank you too all for participating. We look forward to seeing you on June 1 here in California. Thank you.

謝謝。我代表管理團隊感謝大家的參與。我們期待 6 月 1 日在加州見到您。謝謝。

Thank you. This concludes today's Advanced Micro Devices conference call. You may now disconnect.

謝謝。今天的超微公司電話會議到此結束。您現在可以斷開連線。