超微半導體 (AMD) 2006 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Jeanie and I will be your conference facilitator today. At this time, I would like to welcome everyone to the AMD second quarter earnings conference call. [OPERATOR INSTRUCTIONS]

女士們、先生們，午安。我叫 Jeanie，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 AMD 第二季財報電話會議。 [操作員指示]

It is now with great pleasure to turn the floor over to your host, Mr. Mike Haase, Director, Finance and Investor Relations. Sir, you may begin your conference.

現在我們非常高興地將發言權交給主持人、財務和投資者關係總監 Mike Haase 先生。先生，您可以開始您的會議了。

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

感謝您並歡迎參加 AMD 第二季度財報電話會議。今天的參與者是我們的董事會主席兼執行長 Hector Ruiz。我們的總裁兼營運長 Dirk Meyer、我們的財務長 Bob Rivet 以及我們的首席銷售和行銷長 Henri Richard。

This call is a live broadcast and will be replayed at AMD.com. Telephone replay number is 877-519-4471. Outside of the United States, the number is 973-341-3080. The access code for both is 7600579. The telephone replay will be available for the next ten days starting at approximately 5:00 p.m. Pacific time tonight. In addition, I would like to call to your attention that our third quarter 2006 earnings quiet period will begin at the close of business Friday. September 15th.

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。兩者的存取代碼均為 7600579。電話重播將在接下來的十天內從下午 5 點左右開始提供。今晚太平洋時間。此外，我想提請大家注意，我們 2006 年第三季的獲利靜默期將於週五下班後開始。9月15日。

I would also like to remind everyone that our next analyst day is scheduled for the morning of September 14th in New York City. We'll provide you with more information closer to the event.

我還想提醒大家，我們的下一次分析師日定於 9 月 14 日上午在紐約市舉行。我們將在活動臨近時為您提供更多資訊。

Before we begin today's call, I would like to caution everyone that we'll 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 the risk factors that could affect us.

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，我們在其中詳細討論了我們的業務和可能影響我們的風險因素。

You'll find detailed discussions in our most recent SEC filings, AMD's quarterly report on form 10-Q for the quarter ended March 26, 2006. With that, I'll turn the call over to Dirk Meyer.

您可以在我們最近向美國證券交易委員會提交的文件、AMD 截至 2006 年 3 月 26 日的 10-Q 表季度報告中找到詳細的討論。說完這些，我將把電話轉給 Dirk Meyer。

Thank you, Mike. In spite of our continued strong year-over-year growth, the second quarter leaves us unsatisfied as we did not meet our sales objective. On the positive side, we achieved 53% year-over-year sales growth, 57% gross margins and recorded the 12th consecutive quarter in which the year-over-year microprocessor sales growth exceeded 20%.

謝謝你，麥克。儘管我們的銷售額年比持續保持強勁成長，但第二季的業績仍讓我們感到不滿意，因為我們沒有達到銷售目標。積極的一面是，我們的銷售額年增 53%，毛利率達到 57%，連續 12 個季度微處理器銷售額年增超過 20%。

Even in this challenging market environment, we saw significant progress towards our goal to expand and strengthen our relationships with our largest global customers. Highlights of that progress include: Dell announced their intention to offer dual core AMD Opteron based servers by the end of the year, Lenovo announced plans to offer AMD powered Think Center commercial desktops, Fujitsu Siemens computers launched two new AMD based commercial offerings, Sun Microsystems launched AMD powered commercial claims, and we continue to enjoy strong commercial growth across all product categories with Hewlett-Packard.

即使在這種充滿挑戰的市場環境中，我們仍在擴大和加強與全球最大客戶的關係的目標上取得了重大進展。這項進展的亮點包括：戴爾宣布他們打算在今年年底前推出基於雙核心 AMD Opteron 的伺服器，聯想宣布計劃推出基於 AMD 的 Think Center 商用桌上型電腦，富士通西門子電腦推出了兩款基於 AMD 的新型商用產品，Sun Microsystems 推出了基於 AMD 的商用產品，並且我們與惠普合作的所有商業成長類別。

Our strong gains with our biggest global customers were due in large part to the continued adoption of AMD Opteron processors. Once again, we set a record for AMD Opteron revenues with increases of 26% sequentially and 141% year-over-year. ASP has increased and we believe we continued to gain unit and dollar share as the server market continues to embrace AMD solutions across a broader industry footprint.

我們與全球最大客戶之間的強勁成長很大程度上歸功於 AMD Opteron 處理器的持續採用。我們再次創下了 AMD Opteron 營收的新高，季增 26%，年增 141%。平均售價已經上漲，我們相信，隨著伺服器市場在更廣泛的行業範圍內繼續採用 AMD 解決方案，我們的單位份額和美元份額將繼續增長。

We made further progress in manufacturing, allowing us to efficiently balance customer demand with the unique dynamics of our industry. More specifically, Fab 30 operations continued to perform at industry-leading levels. Fab 36 is ramping ahead of plans.

我們在製造方面取得了進一步的進步，使我們能夠有效地平衡客戶需求和行業的獨特動態。更具體地說，Fab 30 的營運繼續保持行業領先水平。Fab 36 的產能正按計畫提前推進。

We commenced shipment of products out of chartered semiconductor and we're on plan to ramp 65 nanometer production in the second half of this year and we expect to do so at mature yields. Furthermore, we have announced plans to further expand production capacity at Fab 36, convert Fab 30 from a 200 millimeter to a 300 millimeter tool set and accelerate our processor technology road map with an aggressive transition to 45 nanometer within 18 months of 65 nanometer production.

我們已開始從特許半導體出貨產品，並計劃在今年下半年提高 65 奈米的產量，我們期望能夠達到成熟的產量。此外，我們還宣布了進一步擴大 Fab 36 產能的計劃，將 Fab 30 的工具組從 200 毫米轉換為 300 毫米，並加速我們的處理器技術路線圖，在 65 奈米生產的 18 個月內積極過渡到 45 奈米。

AMD also received a nonbinding $900 million cash incentive package from the state of New York to build a wafer fabrication facility in Luther Forest, New York. On behalf of AMD, our customers and partners, I want to thank the state of New York for its tremendous commitment.

AMD 還從紐約州獲得了一筆 9 億美元的非約束性現金獎勵，用於在紐約州路德森林建造一座晶圓製造廠。我謹代表 AMD、我們的客戶和合作夥伴感謝紐約州的巨大承諾。

In early June, many of you attended our technology analyst day where we detailed our Torrenza strategic initiative. Torrenza represents a significant shift for our industry. It is industry's first open X86 innovation platform, enabling processor and hardware vendors to innovate within a common ecosystem.

六月初，許多人參加了我們的技術分析師日，我們在會議中詳細介紹了我們的 Torrenza 戰略計劃。Torrenza 代表著我們產業的重大轉變。它是業界第一個開放的X86創新平台，使處理器和硬體供應商能夠在共同的生態系統內進行創新。

For our customers and partners, Torrenza will create an opportunity for differentiation and value that's unprecedented in our industry. Leveraging the scalability of the direct connect architecture, we also plan to demonstrate our next generation microprocessor core in a native quad core implementation before the end of the year.

對於我們的客戶和合作夥伴，Torrenza 將創造我們行業前所未有的差異化和價值機會。利用直接連接架構的可擴展性，我們還計劃在今年年底之前在原生四核心實現中展示我們的下一代微處理器核心。

In summary, while we cope with short-term disruptions in the market, we did not and will not lose our focus on executing our long-term strategy. Our global customer base is growing, supported by our industry leading manufacturing execution and truly, game changing technology. Now, I would like to ask Bob to review the results of the quarter as well as to provide the outlook.

總而言之，雖然我們應對了市場短期波動，但我們沒有、也不會忽視執行我們的長期策略。由於我們行業領先的製造執行力和真正改變遊戲規則的技術，我們的全球客戶群正在不斷增長。現在，我想請鮑伯回顧一下本季的業績並提供展望。

Thanks, Dirk. As we stated in our press release and as Dirk just commented, we're disappointed that we didn't hit our top line guidance. However, we were very pleased with several elements of the quarter. As a result of the Spansion IBO, by comments comparing the second quarter of 2006 to the second quarter of 2005, do not include the results from what was our memory product segment.

謝謝，德克。正如我們在新聞稿中所述以及德克剛才評論的那樣，我們對未能達到我們的營收預期感到失望。然而，我們對本季度的幾個方面感到非常滿意。由於 Spansion IBO 的結果，透過比較 2006 年第二季與 2005 年第二季的評論，不包括我們記憶體產品部門的結果。

Second quarter sales of 1.22 billion were down 9% compared to the first quarter of 2006. Sales were up 53% compared to the second quarter of 2005 driven by growth in all segments. Geographically, processor sales were sequentially higher in China, offset by lower sales in North America and Europe.

第二季的銷售額為 12.2 億，與 2006 年第一季相比下降了 9%。由於各部門均有成長，銷售額與 2005 年第二季相比成長了 53%。從地理上看，中國市場的處理器銷量持續成長，但北美和歐洲市場的銷售下降抵消了這一影響。

Consistent with normal quarterly seasonality, our total microprocessor unit shipments were down 4% sequentially, driven by :lower shipment of client units and lower client ASPs. High volume desktop processor ASPs were challenged in the quarter due to deep discounting in the marketplace and in some cases we walked away from that business that didn't make sense.

與正常的季度季節性一致，我們的微處理器總出貨量較上季下降 4%，原因是客戶單位出貨量下降和客戶平均售價下降。由於市場大幅折扣，本季大批量桌上型電腦處理器的平均售價面臨挑戰，在某些情況下，我們放棄了這項不合理的業務。

We were pleased by the growth in our server processor business, recording sequential double digit percentage unit growth and single digit percentage ASP growth. We believe we once again took market share in the server space with 141% year-over-year AMD Opteron sales growth and sequential growth of 26%. We're well on our way to achieving our year end goal of more than 30% server market share.

我們對伺服器處理器業務的成長感到高興，其銷售量連續實現了兩位數百分比的成長，平均售價也實現了個位數百分比的成長。我們相信，我們再次在伺服器領域佔據了市場份額，AMD Opteron 的銷量年增 141%，環比成長 26%。我們正在順利實現年底伺服器市佔率超過 30% 的目標。

Gross margin was a solid 56.8% and was within our long-term guidance. Down slightly from the record of 58.5% in the first quarter of 2006. This was largely due to lower desktop processor ASPs. Total operating expenses, which include R&D and SG&A, were up 13% from the prior quarter primarily due to the extra week of operations in the quarter and increased marketing expenses in support of our long-term goals to acquire new customers, expand business with existing customers, and increase commercial sales.

毛利率達到 56.8%，符合我們的長期預期。與2006年第一季58.5%的記錄相比略有下降。這主要是由於桌上型電腦處理器平均售價較低所致。總營運費用（包括研發和銷售、一般及行政費用）較上一季度增長 13%，主要原因是本季度運營時間增加一周，且為支持我們獲取新客戶、擴大與現有客戶的業務以及增加商業銷售的長期目標而增加了營銷費用。

Operating income of $102 million was down from the prior quarter, an increase in the second quarter of 2005. Net income for the quarter was 89 million or $0.18 per share. These results included: noncash employee stock-based compensation expense of $18 million or $0.04 a share, a $12.5 million share loss or $0.02 per share associated with our 38% ownership in Spansion LLC, and a net gain of $10 million or $0.02 per share as associated with Spansion LLC repurchase of its 12.75 senior subordinated notes.

2005年第二季的營業收入為1.02億美元，較上一季下降。本季淨收入為 8,900 萬美元，即每股 0.18 美元。這些結果包括：非現金員工股票薪酬費用為 1800 萬美元或每股 0.04 美元，與我們在 Spansion LLC 的 38% 所有權相關的 1250 萬美元股票損失或每股 0.02 美元，以及與 Spansion LLC 回購其 12.75 優先次級票據相關的 1000 萬美元或每股收益。

Now, let me turn to the balance sheet. Our cash balance was $2.5 billion in the quarter, down $100 million from the first quarter due largely to increased capital expenditures associated with investments in Fab 36. Inventories increased 68 million as planned from the first quarter driven by the outstanding ramp of capacity of maturity of Fab 36. Days of inventory ended the quarter at 76 days.

現在，讓我來看看資產負債表。本季我們的現金餘額為 25 億美元，比第一季減少 1 億美元，主要原因是與 Fab 36 投資相關的資本支出增加。受Fab 36產能成熟度提升的推動，庫存較第一季按計畫增加了6,800萬。本季末庫存天數為 76 天。

Now, let's talk about the outlook. AMD's outlook statement for the balance of the year is based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions. AMD expects demand for its products to be seasonally strong in the second half of 2006 and we expect third quarter sales to increase sequentially.

現在，我們來談談前景。AMD 對今年剩餘時間的展望聲明是基於當前的預期。以下聲明具有前瞻性，實際結果可能因市場狀況而有重大差異。AMD 預計 2006 年下半年其產品的需求將呈現季節性強勁，我們預計第三季的銷售額將較上季成長。

As a reminder, we will return to our typical 13-week quarter for third quarter. Operating expenses for the third quarter are expected to be flat from the second quarter. Noncash stock-based compensation expense in the third quarter is expect to be approximately $20 million at the current share price.

提醒一下，第三季我們將恢復到典型的 13 週季度。預計第三季的營運費用將與第二季持平。以目前股價計算，預計第三季非現金股票薪資支出約為 2,000 萬美元。

Depreciation and amortization will be approximately $200 million in the third quarter and $800 million for the year down slightly from our guidance of 2006 of $825 million. We expect 2006 capital expenditures will remain at our prior guidance of approximately $1.7 billion. 2007 capital expenditures expected to be approximately $2.5 billion as we expand Fab 36 capacity capabilities and start investing in our conversion of 300 millimeters of Fab 38.

第三季的折舊和攤提約為 2 億美元，全年折舊和攤提約為 8 億美元，略低於我們 2006 年預測的 8.25 億美元。我們預計 2006 年資本支出將維持在先前的約 17 億美元的水準。由於我們擴大了 Fab 36 的產能並開始投資對 Fab 38 的 300 毫米進行轉換，2007 年的資本支出預計約為 25 億美元。

So, in summary, we are confident about the second half of the year. And we continue to focus on the successful execution of our strategies. Now, I'll turn it over to Hector.

所以，總而言之，我們對下半年充滿信心。我們將繼續專注於成功執行我們的策略。現在，我將把話題交給赫克托。

Thank you, Bob. In this past quarter, we have entered into a new stage of industry transition. The world has spoken. And it's really a new world that's about differentiation. It is a world about choice, about fair and open access to market. It is not about benchmarks. However, it is about innovation. Innovation beyond the transistor and beyond the core. Innovation based on customers and their needs and I believe this transformation is irreversible and the company with its strongest leadership fundamentals will emerge as a partner of choice.

謝謝你，鮑伯。在過去的一個季度，我們進入了產業轉型的新階段。世界已經發聲。這確實是一個關於差異化的新世界。這是一個關於選擇、關於公平和開放的市場准入的世界。這與基準無關。然而，這是關於創新的。超越電晶體、超越核心的創新。基於客戶及其需求的創新，我相信這種轉變是不可逆轉的，擁有最強大領導力基礎的公司將成為首選合作夥伴。

We continue to expand our platform footprint with the world's most discerning customers. Top tier global OEMs, like Acer, HP, IBM, Lenovo, Sun and soon, Dell. With truly innovative offerings in site, like our Torrenza open innovation platform, our upcoming four by four enthusiast solution, and the industry's only native quad core, we will continue to provide a new path to differentiation and sustained value creation for companies starved of this choice.

我們將繼續與世界上最挑剔的客戶一起擴大我們的平台影響力。全球頂級 OEM，如宏碁、惠普、IBM、聯想、Sun 以及即將加入的戴爾。憑藉我們現有的真正創新產品，例如我們的 Torrenza 開放式創新平台、即將推出的四乘四發燒友解決方案以及業界唯一的原生四核，我們將繼續為缺乏選擇的公司提供一條實現差異化和持續價值創造的新途徑。

We are scaling our capacity to meet the growing number of companies wanting to work with a more customer-centric partner. Our Dresden and state of New York announcements secure our ability to meet significant increases in demand for our world-class products.

我們正在擴大產能，以滿足越來越多希望與更以客戶為中心的合作夥伴合作的公司的需求。我們在德勒斯登和紐約州的公告確保了我們有能力滿足對我們世界一流產品的需求的大幅增長。

Our commitment to Internet enable 50% of the world's population by 2015 took another step forward this quarter with our agreement with Microsoft to support flexible business models in the emerging markets. Our industry has recognized that one business model, one technology, does not fit all. We continue to be a magnet for the world's best and brightest technical minds and it is because of our exceptional collection of talent that I'm confident in our ability to no longer just survive these industry disruptions but thrive in them.

我們致力於在 2015 年讓全球 50% 的人口能夠使用互聯網，本季我們與微軟達成協議，支持新興市場的靈活商業模式，這一目標又向前邁進了一步。我們的產業已經認識到，一種商業模式、一種技術並不適用於所有情況。我們繼續吸引世界上最優秀、最聰明的技術人才，正是由於我們擁有傑出的人才，我相信我們不僅能夠在這些行業動盪中生存下來，而且能夠在其中蓬勃發展。

Our industry is one of the most important in the world and as such, we have a responsibility to evolve and transform along with the needs of our partners, customers, and markets. This quarter, we witnessed a few aftershocks from this transformation as our new approach to innovative technology and serving customers continue to take hold. And we're fully confident and look forward to being able to thrive in this environment and continue our momentum to gain share.

我們的產業是世界上最重要的產業之一，因此，我們有責任隨著合作夥伴、客戶和市場的需求而發展和轉型。本季度，隨著我們對創新技術和服務客戶的新方法繼續發揮作用，我們見證了這種轉型帶來的一些餘震。我們充滿信心，並期待能夠在這種環境中蓬勃發展，繼續保持成長勢頭，贏得市場份額。

Finally, I would like to thank AMD employees everywhere for their commitment and excellence, even in a challenging quarter, they have remained focus on our most important objective, delivering customer-centric innovation that enables our customers and partners to win in their markets on their terms. Now, let me turn it over to Mike Haase to start the question-and-answer period.

最後，我要感謝 AMD 各地員工的奉獻和卓越表現，即使在充滿挑戰的季度中，他們仍然專注於我們最重要的目標，即提供以客戶為中心的創新，使我們的客戶和合作夥伴能夠按照自己的方式在市場上取勝。現在，讓我將時間交給 Mike Haase，開始問答環節。

Thanks, Hector. Operator, if we could start the polling, please.

謝謝，赫克托。接線員，我們可以開始投票了嗎？

Thank you. [OPERATOR INSTRUCTIONS] Your first question is coming from Mr. Tim Luke with Lehman Brothers. Please go ahead.

謝謝。 [操作員指示] 您的第一個問題來自雷曼兄弟的 Tim Luke 先生。請繼續。

Thank you so much. I was wondering if you could give us some framework for some of the different puts and takes we should think about with respect to the gross margins as we move into the third quarter.

太感謝了。我想知道您是否可以為我們提供一些框架，說明在進入第三季時我們應該考慮的與毛利率相關的一些不同優點和缺點。

Sure. Obviously we forecasted -- we think sales will go up so you have to play that through the equation. Fab 36 will continue to ramp but all of the inventory will be valued. It is ramping flawlessly as I kind of said. So, gross margin, we don't give a forecast on gross margin but to me, everything is moving in the right direction.

當然。顯然，我們預測——我們認為銷售額將會上升，所以你必須透過方程式來計算。Fab 36 將繼續提高產量，但所有庫存都將被估價。正如我所說的那樣，它正在完美地發展。因此，對於毛利率，我們沒有給出毛利率預測，但對我來說，一切都朝著正確的方向發展。

And with respect to the sales being up, if you could just remind us of how you perceive seasonality and whether, within that, we should expect this mix of maybe lower ASPs balanced by strong years and everything other than Opteron or whether after such a strong ASP in Opteron in the second quarter, we might expect that to moderate some in the going forward. Thanks.

關於銷售額的成長，您能否提醒我們一下您如何看待季節性，以及在這種季節性下，我們是否應該預期這種組合可能會是較低的平均銷售價格，被強勁的年份和除 Opteron 之外的其他產品所抵消，或者在第二季度 Opteron 如此強勁的平均銷售價格之後，我們是否可以預期這種組合在未來會有所緩和。謝謝。

Tim, this is Henri. I think it is clear the environment will probably remain challenging in the desktop. However, I'm confident that our brand positioning and the positive impact of the dual [core turion] launch will help us in the mobile space, and as you pointed out, we should expect some offset with a strong continued success of Opteron.

提姆，這是亨利。我認為很明顯桌面環境可能仍將充滿挑戰。然而，我相信我們的品牌定位和雙核炫龍的推出將對我們在行動領域有所幫助，而且正如您所指出的，我們預計皓龍的持續強勁成功將帶來一些補償。

So, the desktop and mobile are up with both having ASPs lower and possibly --

因此，桌面和行動裝置的平均售價都較低，並且可能—

No, no, I would say units in both mobile and server ups with solid ASP and frankly, the market is uncertain on the desktop as we've seen in the second quarter. I won't make a projection there.

不，不，我想說行動和伺服器的單位都具有穩定的平均銷售價格，坦白說，正如我們在第二季度看到的那樣，桌面市場並不確定。我不會在那裡做出預測。

Is it fair to say you've seen your large competitor as aggressive in the early part of this quarter as they were at the end of last quarter?

您是否認為您的大型競爭對手在本季初的進攻力度與上個季度末一樣大？

You know the issue that we're seeing in the marketplace is not so much the level of aggression but the way it is being communicated and how it is disruptive to the partners.

您知道，我們在市場上看到的問題並不是侵略程度，而是溝通方式以及它對合作夥伴的破壞程度。

Thank you very much, guys.

非常感謝你們，夥伴們。

Your next question is coming from Mr. Adam Parker, of Sanford and Son. Please go ahead.

您的下一個問題來自 Sanford and Son 公司的 Adam Parker 先生。請繼續。

Sanford and Son, I think that's a TV show. Anyway [laughter]. I know you don't want to talk about benchmarking, Hector but can you just talk to us about -- Henri, can you talk about your technology in the desktop business a little bit? How do you think your products here stack up against Intel in the desktop space as we kind of head into comparing ourselves to Conroe and what can you do to gain share in desktop here in the next six months?

桑福德和兒子，我認為那是一部電視節目。無論如何[笑聲]。我知道你不想談論基準測試，赫克托，但你能和我們談談嗎——亨利，你能稍微談一下你們在桌面業務方面的技術嗎？當我們將自己與 Conroe 進行比較時，您認為您們的產品在桌面領域與英特爾相比如何？在未來六個月內，你們可以做些什麼來增加這裡的桌面市佔率？

Well, it is very clear that our customers have a much better knowledge than I do of both the existing and future products that AMD and our competitor are offering. All I can tell you is that I continue to see a strong trend of increasing the number of AMD platforms they will offer to the market. That tells me that more than ever, we're the smarter choice.

嗯，很明顯，我們的客戶對 AMD 和我們的競爭對手提供的現有和未來產品有比我更深入的了解。我只能告訴你，我繼續看到 AMD 向市場提供的平台數量不斷增加的強勁趨勢。這告訴我，我們比以往任何時候都更明智。

Is that predicated on superior technology or pricing or both or to what do you attribute that?

這是基於卓越的技術還是定價，還是兩者兼而有之，或者您將其歸因於什麼？

It is Dirk here. Maybe I can provide some insight. It's interesting, from my perspective, the performance crown in the microprocessor business is something that's been passed back and forth several times over the past ten years. I expect that to continue.

我是德克。也許我可以提供一些見解。有趣的是，從我的角度來看，微處理器業務的效能桂冠在過去十年中已經來回傳遞了好幾次。我希望這種情況能夠持續下去。

Interestingly, who has the performance crown at a given instant is relative---is relevant really to a pretty small fraction of the marketplace. That fraction is one we refer to as the enthusiast market. Interestingly, our four by four platform initiative, we think is going continue to hold the hearts, minds and wallets of the enthusiast in the industry.

有趣的是，在特定時刻誰擁有最佳表現是相對的——實際上只與很小一部分市場有關。我們將這部分市場稱為愛好者市場。有趣的是，我們認為我們的四乘四平台計劃將繼續贏得業內愛好者的心、思想和錢包。

But more relevant, really to our business is the so-called mainstream market where we have always and will continue to provide technology solution that meets the needs of that marketplace and we do so frankly without the monopoly [attacks] of our competitor. Our customers understand that. Their customers understand that. They all want choice. And they're making that vote. They have made that vote and we think they'll continue to make that vote.

但對我們的業務來說更相關的是所謂的主流市場，我們一直並將繼續提供滿足該市場需求的技術解決方案，坦白說，我們這樣做不會受到競爭對手的壟斷[攻擊]。我們的客戶明白這一點。他們的客戶明白這一點。他們都想要選擇。他們正在進行投票。他們已經做出了投票，我們認為他們會繼續做出投票。

Ok. Lastly, guys, can you talk about what -- how this extra week impacted your revenue in Q2 and how you expect it to impact your revenue in Q3? What's embedded in your guidance here about the one less week on the sequential basis in Q3, please?

好的。最後，夥計們，您能談談這額外的一周對您第二季度的收入有何影響，以及您預計它會對您第三季度的收入有何影響嗎？請問您的指導中關於第三季季減一週的內容是怎麼說的？

Well, clearly -- this is Bob -- clearly, we didn't get any uplift for the extra week in the quarter. In the second quarter from that standpoint. Clearly, we have the cost side of the equation. For the depreciation payroll, et cetera, et cetera, associated with the extra week.

好吧，很明顯——這是鮑勃——很明顯，我們在本季度的額外一周沒有獲得任何提升。從這個角度來看，第二季的情況是這樣的。顯然，我們已經考慮了成本問題。對於與額外一周相關的折舊薪資單等等。

Third quarter goes back to the normal 13 weeks and we expect to grow from second to third, period. Cost will come down which is why we're forecasting flat, a quarter on quarter because we lose that extra week.

第三季恢復到正常的 13 週，我們預計從第二季到第三季將出現成長。成本將會下降，這就是為什麼我們預測季度將環比成長持平，因為我們失去了那額外的一周。

Adam, this is Hector. Let me just add a couple of points there. One is as Bob pointed out, I want to highlight it, we expect our revenue to be up in the third quarter. And despite the 13 week, one less week of work.

亞當，這是赫克托。我再補充幾點。一是正如鮑伯所指出的，我想強調一下，我們預期第三季的營收將會上升。儘管有 13 週，但工作時間卻減少了一週。

But in addition to that, as we said in our press release, we expect the second half of the year to be seasonably strong for us and the reason we feel that way, I think it is important to know, this is not just an analysis at a pretty high level.

但除此之外，正如我們在新聞稿中所說的那樣，我們預計今年下半年我們的業績將比往年強勁，至於我們之所以有這種感覺，我認為重要的是要知道，這不僅僅是一個相當高層次的分析。

This is based on the inputs from our customers as Henri and Dirk pointed out that are telling us that the [indiscernible] availability of product, et cetera. They feel very bullish about their expectations of acquiring products from us. We feel very positive about the second half of the year. As a matter of fact, I believe that in the third quarter, we will be able to be above seasonality.

這是基於我們客戶的意見，正如 Henri 和 Dirk 指出的那樣，他們告訴我們產品的[音訊不清楚]可用性等等。他們對從我們這裡購買產品的期望非常樂觀。我們對下半年充滿信心。事實上，我相信在第三季度，我們的業績將能夠高於季節性。

The reason I was asking you is because you talked about share gain and server and then you didn't mention what you think happened to share in both desktop and notebook in the second quarter, and I just--- If Intel is guiding to 7.5% growth in Q3, you guys are guiding to growth but you have one less week in Q3, I was trying to figure out if you were taking out the extra week in Q3. Do you think you'll grow in-line with the market or faster and continue to be a share gainer on the client side in Q3 and --

我之所以問你，是因為你談到了份額增長和伺服器，但沒有提到你認為第二季度台式機和筆記型電腦的份額發生了什麼變化，我只是——如果英特爾預計第三季度增長 7.5%，你們也預計會增長，但第三季度少了一周，我想弄清楚你們是否在第三季度減少了一周。您認為貴公司會與市場同步成長還是更快成長，並在第三季繼續在客戶端獲得市場份額？

it is clear---- probably two or three of us want to make a comment here. It is pretty clear that we feel very bullish on the server side. It's pretty clear the numbers are big. 26% sequential growth and 141%, we are gaining share.

很明顯——我們當中可能有兩三個人想在這裡發表評論。很明顯，我們對伺服器端非常樂觀。顯然，這個數字很大。連續成長 26%，市佔率也成長 141%。

In the desktop and notebook --

在桌上型電腦和筆記型電腦中——

we'll continue to do that. Now, let's see what the third part is, numbers come out in a few weeks relative to the client because frankly, Adam, if you look at the numbers right now, it would be very hard for us not to conclude we might have held or perhaps even gained share on the client, despite the rather challenging environment that we saw in the second quarter.

我們將繼續這樣做。現在，讓我們看看第三部分是什麼，相對於客戶來說，數字將在幾週後出來，因為坦率地說，亞當，如果你現在看一下這些數字，我們很難不得出結論，儘管我們在第二季度看到了相當具有挑戰性的環境，但我們可能已經持有甚至獲得了客戶的份額。

I want to remind you of what we all have said is that our plan are to always gain share across the board. That has been our goal -- our goal is to break the monopoly and we continue to have that goal. We've had 12 consecutive quarters of growing more than 20% year in year for 12 consecutive quarters. Our plans are to continue to do that. So, I feel good.

我想提醒大家的是，我們都說過，我們的計劃是始終全面獲得份額。這就是我們的目標——我們的目標是打破壟斷，我們將繼續實現這一目標。我們已經連續 12 個季度實現了同比增長超過 20%。我們的計劃是繼續這樣做。所以，我感覺很好。

Thanks for your time, guys.

謝謝你們的時間。

Thank you, Adam Parker from Sanford Bernstein. Your next question is coming from Mr. Mark Edelstone with Morgan Stanley. Please go ahead.

謝謝你，桑福德伯恩斯坦的亞當帕克。您的下一個問題來自摩根士丹利的馬克·埃德爾斯通先生。請繼續。

Good afternoon, guys. Couple of questions, if I could. The first one, I guess for Bob or Hector, what does the mix look like in Q3 between 300 millimeter wafers and 200 and then what does that look like in Q4?

大家下午好。如果可以的話，我問幾個問題。第一個問題，我猜對於 Bob 或 Hector 來說，第三季 300 毫米晶圓和 200 毫米晶圓之間的組合是什麼樣的，那麼第四季的組合是什麼樣的呢？

Hi, Mark, it is Dirk here. Rather than give you the specific mix, why don't I give you the overall ramp of Fab 36 and you can deduce from that? We started the ramp roughly at the end of '05. We'll complete the ramp to the full 20K per month level roughly end '07 and it is a pretty linear ramp across those eight quarters.

你好，馬克，我是德克。與其給你具體的混合方案，不如我給你 Fab 36 的整體坡道，然後你可以從中推斷出來？我們大約在 2005 年底開始建造這座坡道。我們將在 2007 年底左右完成每月 20,000 的全面提升，並且在這八個季度中，這項提升將呈現相當線性的成長。

Ok. Fair enough. And then maybe for Henri or again for Bob, perhaps, I think your Op Ex growth in Q2 ended up being more than you had expected. The guidance was eight if I remember correctly. Can you talk about some of the programs you put in place and what, if anything, was a surprise to drive the overall spending levels above what you had initially anticipated.

好的。很公平。然後也許對於亨利或者鮑勃來說，也許我認為你們第二季度的營運支出成長最終超出了你們的預期。如果我沒記錯的話，指導是八。您能否談談您實施的一些計劃，以及哪些因素（如果有的話）出乎意料地推動了總體支出水平超出了您最初的預期。

Yes, I'll give you just a high level and I'll turn it over to Henri and he can get into a little more specifics, but basically, we did a fair amount of investing in the future, particularly in the marketing area to continue to power our way through this environment with our eyes still set on the market share gains that we've laid out for us in all of the different product categories. But, to give you a little more color and specifics, I'll turn it over to Henri.

是的，我只能給你一個大概的介紹，然後我會把它交給亨利，他可以講得更具體一些，但基本上，我們在未來做了相當多的投資，特別是在營銷領域，以繼續在這種環境中前進，我們仍然著眼於我們在所有不同產品類別中為我們設定的市場份額增長。但是，為了讓你了解更多詳情和細節，我將把它交給亨利。

Thank you, Bob. You know, Mark, we've always had an aggressive plan to penetrate the commercial segment in 2006. We made no secret of that. Fundamentally, based on customer feedback, the increasing number of platforms that will be available on the revision Our Opteron server platform which is coming out next month and the opportunity in front of us in the second half of the year to continue to accelerate our momentum in the enterprise, I made the decision to also accelerate our spending. And I'm sure you've seen our power campaign and some of the other campaigns we've put in place. We felt it was the right time to invest in the success of our enterprise penetration and the bulk of our spending is in that area.

謝謝你，鮑伯。你知道，馬克，我們一直有一個積極的計劃，要在 2006 年打入商業領域。我們對此毫不隱瞞。從根本上來說，基於客戶的回饋、即將於下個月推出的 Opteron 伺服器平台修訂版中可用的平台數量的增加以及下半年我們面臨的繼續加速企業發展勢頭的機會，我決定也加快我們的支出。我相信您已經看到了我們的電力活動以及我們開展的一些其他活動。我們認為現在是投資企業滲透的正確時機，我們的大部分支出都花在了這個領域。

Two very brief ones if I could. One is what do you expect ASPs to do in the third quarter and Hector, you talked about seeing seasonal strength in the second half of the year. How much of that strength do you think is coming from normal seasonality versus share gain?

如果可以的話，請講兩個非常簡短的。一個是您預計第三季的平均售價會如何，赫克托，您談到了下半年的季節性強勁表現。您認為這種優勢有多少是來自於正常的季節性因素，有多少是來自於股價上漲？

Mark, we believe that because the environment that we called challenging in the second quarter is going to continue in the third and probably likely even into the fourth, we're going to be facing the second half where ASP projections are going to be challenging to make due to, frankly, the uncertainty of what our competitor is going to do in the desktop space where a lot of the challenge has been. So, [indiscernible], the ASPs were going to be reasonably flat, ok.

馬克，我們認為，由於我們在第二季度稱之為挑戰的環境將在第三季度持續下去，甚至可能持續到第四季度，因此，我們將面臨下半年平均售價預測將面臨挑戰的情況，坦率地說，這是因為我們不確定競爭對手將在面臨很多挑戰的桌面領域做什麼。所以，[音訊不清晰]，ASP 將會相當平穩，好的。

As far as our reasons for optimism relative to growth is frankly because our customers are telling us that they expect the demand for our product so this is not a statement of the market, this is a demand for our product, is healthy. And that that combined with what we believe are some customer acquisitions strategies for the second half of the year because we still have customers around the world that are not yet purchasing AMD products, the combination of that is -- makes us feel optimistic, i.e. translate that to be is we're going to gain share.

就我們對成長感到樂觀的原因而言，坦白說，因為我們的客戶告訴我們，他們預期對我們的產品有需求，所以這不是市場的聲明，而是對我們產品的需求，是健康的。再加上我們認為的下半年的一些客戶獲取策略，因為我們在世界各地仍然有一些客戶尚未購買 AMD 產品，所以這些因素的結合讓我們感到樂觀，也就是說，我們將獲得市場份額。

Thanks a lot, guys.

非常感謝大家。

Thank you. Your next question is coming from Mr. Eric Gomberg with Thomas Wiesel. Please go ahead.

謝謝。您的下一個問題來自 Thomas Wiesel 的 Eric Gomberg 先生。請繼續。

Did you say that you actually expect to be above typical seasonality in the third quarter and if so, what is typical seasonality?

您是否說過您實際上預計第三季的季節性將高於典型季節性？如果是這樣，那麼典型季節性是什麼？

No. We don't know what seasonality this quarter is going to be. Frankly, it changes every year. It ranges from lord knows what number. I forget. Average of probably in the --

不。我們不知道本季的季節性如何。坦白說，它每年都在變化。天知道它的範圍是多少。我忘了。平均大概在--

--- typical is four to seven.

--- 典型值為四到七個。

If whatever the seasonality is this year which is a function of so many things, if this year happens to be a third quarter that's seasonably up X percent, we expect to do better than that.

無論今年的季節性如何（受許多因素影響），如果今年第三季的季節性成長率恰好為 X%，我們預計會做得更好。

Ok. Fair enough. Could you talk about where you expect inventory on your balance sheet to be exiting the third quarter and also what you think the status of channel inventory is right now?

好的。很公平。您能否談談您預計資產負債表上的庫存在第三季會如何，以及您認為目前的通路庫存狀況如何？

Yeah, this is Bob. Our plan is to build inventory in the third quarter in anticipation of an even stronger fourth quarter. Probably at a slightly lesser rate than we did in the second. Fab 36 will be where that build will take place. We've been running at full capacity in Fab 30. So, fourth quarter will drain that off.

是的，這是鮑伯。我們的計劃是在第三季建立庫存，以期實現更強勁的第四季。可能比第二次的速度稍微慢一點。Fab 36 將是該建設的所在地。Fab 30 工廠一直在滿載運轉。因此，第四季將會消耗掉這些資金。

Typical pattern is build in second, build a little bit in third and drain off inventory in the fourth. We're pretty consistent on that pattern and that's where we're going. This year might change in the fourth. Depending on how the customer input comes in for the start of the '07 period of time.

典型的模式是第二次建造，第三次建造一點，第四次消耗庫存。我們對這個模式非常堅持，這就是我們要走的方向。今年第四季的情況可能會改變。這取決於 07 年初期客戶輸入的情況。

As far as the channels today?

就今天的管道而言？

Henri, you want to make comment?

亨利，你想發表評論嗎？

Sure. I'll be happy to. The channel is obviously where most of the unrest has taken place in the second quarter. So, consistent with our general practice, we've kept our inventories as low as possible and then build inventory during the quarter in the channel.

當然。我很樂意。海峽顯然是第二季大部分騷亂發生的地方。因此，按照我們的一般做法，我們將庫存保持在盡可能低的水平，然後在本季在通路中建立庫存。

And given Intel's behavior in the channel, would you expect to continue to walk away from low end business this quarter or do you expect that to moderate?

鑑於英特爾在通路中的行為，您是否預計本季會繼續放棄低端業務，還是預計這種趨勢會有所緩和？

Well, Hector has always been very clear our goal is to make profitable growth. So, we're going to take business that makes sense for our customers and for us and we're not going to go chase, what I call lighting a cigarette in front of a gas leak.

嗯，赫克託一直非常清楚我們的目標是實現獲利成長。因此，我們將開展對我們的客戶和我們自己都有意義的業務，我們不會去追逐所謂的「在煤氣洩漏處點燃香煙」。

Ok. Fair enough. Thank you.

好的。很公平。謝謝。

Thank you. Your next question is coming from Mr. Joseph Osha with Merrill Lynch. Please, go ahead.

謝謝。您的下一個問題來自美林證券的 Joseph Osha 先生。請繼續。

Lighting a cigarette in front of a gas leak, huh? So, I have a sense as to how Fab 36 is going to ramp. You said 20K a month by the end of '07, right? But as I get beyond that and I think about the Fab 30 coming down and then coming back up, can you give me a sense of say the end of '07 run rate, what's going to happen? Will 30 be coming down during '07 and coming back in '08? I'm trying to get my arms around the total output.

在瓦斯洩漏處前點煙，是嗎？所以，我知道 Fab 36 將如何發展。您說的是到 2007 年底每月收入 2 萬美元，對嗎？但是當我超越這一點並想到 Fab 30 會先下降然後又上升時，您能否告訴我 07 年底的運行率將會發生什麼？30 會在 2007 年下降並在 2008 年再次上升嗎？我正在盡力掌握總產量。

At the high level, what happens is we ramp Fab 36 to 20K and then actually beyond that in '08, ok.

從高層次來看，我們所做的就是將 Fab 36 的產能提升到 20K，然後在 2008 年進一步超越這個水準。

Ok.

好的。

In '07, we start to take down Fab 30 and convert to a 300 millimeter tool set.

2007 年，我們開始拆除 Fab 30，並改用 300 毫米工具組。

Ok.

好的。

And in addition, we've got chartered semiconductor which is ramping now.

此外，我們還有特許半導體，目前正在加速發展。

Is Fab 30 off-line by say the end of '07?

Fab 30 會在 2007 年底前下線嗎？

It never really goes off-line. It is a conversion.

它實際上從未離線。這是一種轉變。

Ok. But I mean it is a whole different tool set. I would think it would affect --

好的。但我的意思是它是一套完全不同的工具。我認為這會影響——

Think of it this way, Joe. We'll probably never go below 50% utilization in the facility as we continue to flip out tools, what we're actually doing is building a separate building to actually augment the capacity to be able to flip the tools through the system so we'll never actually go below about 50% utilization of the facility in the worst quarter of time.

這樣想吧，喬。隨著我們繼續更新工具，我們的設施利用率可能永遠不會低於 50%，我們實際上正在做的是建造一座單獨的建築物，以實際增強通過系統更新工具的能力，因此即使在最糟糕的季度，我們的設施利用率也永遠不會低於 50%。

But again, we also have charter to fill in the blank from that period of time. We see continued capacity expansion through the '07-'08 period of time, not exactly linear but darn close.

但同樣，我們也有章程來填補那段時期的空白。我們看到 2007 年至 2008 年期間產能持續擴張，雖然不是完全線性的，但非常接近。

Ok. So, let's just imagine it is the end of '08 and I've got 36 running at let's call it 25,000 wafers a month, maybe the retrofit of Fab 30 at, call it 20, and could charter be--I mean is charter ever going to be that big or would charter be maybe ten or something like that?

好的。那麼，讓我們想像一下，現在是 2008 年底，我有 36 座晶圓廠在運行，我們稱之為每月 25,000 片晶圓，也許 Fab 30 的改造產量為 20 片，那麼特許產量可以達到 — — 我的意思是，特許產量會不會那麼大，或者特許產量可能有 10 片產量？

It will be modulated.

它將被調製。

Ok. But you could be in enterprise with mid '08, 50,000, 300 millimeter wafers a month.

好的。但你可以在 2008 年中期建立每月 50,000 個 300 毫米晶圓的生產能力。

Yes, sir.

是的，先生。

Thanks a lot.

多謝。

Your next question is coming from Krishna Shankar with JMP securities. Please go ahead.

您的下一個問題來自 JMP 證券的 Krishna Shankar。請繼續。

Yes. Can you comment about the pricing environment here, so far in July. Do you feel that some of this was based on your competitor blowing out [indiscernible[ or getting obsolete and will we see a more rational environment in the channel going into Q3 and Q4?

是的。您能否評論一下截至七月這裡的定價環境？您是否認為這是由於您的競爭對手被淘汰或被淘汰，我們是否會看到進入第三季和第四季的通路環境更加合理？

Well, I think there were several factors but probably the biggest factor was the fact that it seems the competition decided to throw away one of their brands and completely reposition pension. That had a very negative contribution to the environment particularly in the channel. It is a little early now in July to give you a forecast of what's going on.

嗯，我認為有幾個因素，但可能最大的因素是競爭對手似乎決定放棄他們的一個品牌並徹底重新定位退休金。這對環境，尤其是海峽的環境，產生了非常負面的影響。現在才七月份，就預測未來狀況還為時過早。

Our checks indicated there is still a lot of inventory out there and that's why, in my previous comments, I was fairly optimistic about the mobile space and the server space. I'm cautious about the desktop space because that's where the bulk of the channel business exists.

我們的檢查表明，那裡仍然有很多庫存，這就是為什麼我在之前的評論中對移動空間和伺服器空間相當樂觀。我對桌面領域持謹慎態度，因為大部分通路業務都存在於那裡。

My follow-up question is I think everybody saw the reviews on the competitor's new product line and do you folks have any comments on what you've seen in terms of the trad reviews and what your upcoming, a socket two past, A and two socket will do in terms of the advancement of performance and power?

我的後續問題是，我認為每個人都看到了競爭對手新產品線的評論，你們對所看到的傳統評論以及即將推出的 A 型和雙插槽產品在性能和功率提升方面有何評論？

Of course we're looking at all of those reviews. As you know, the main feature that the AM2 socket is bringing to the market is the support of DDR2 memory. We've never presented it as a performance improvement.

當然，我們正在查看所有這些評論。眾所周知，AM2 插槽為市場帶來的主要功能是對 DDR2 記憶體的支援。我們從來沒有將其表現為性能改進。

We are going to continue to provide faster products to our partners. I'm not going to disclose at this point in time our Q3 and Q4 plan. We're looking at what the competition are doing. They seem to be innovating at the core. We're going to continue to innovate both at the core and the platform level.

我們將繼續為我們的合作夥伴提供更快的產品。我目前不會透露我們的第三季和第四季計劃。我們正在觀察競爭對手的舉動。他們似乎正在進行核心創新。我們將繼續在核心和平台層面進行創新。

I would just like to add that when we launched Turion, the first launch was very successful, if you remember, back to the days we actually stated that that was with the most successful product launch we had and fastest ramp. We're now -- when we introduce the next two, it is doing better than that and the reaction from our customer base is very, very strong toward our product.

我只想補充一點，當我們推出 Turion 時，第一次發布非常成功，如果你還記得的話，我們當時實際上說過，那是我們最成功的產品發布和最快的增長。現在，當我們推出接下來的兩款產品時，它的表現比那更好，而且我們的客戶群對我們的產品的反應非常非常強烈。

My final question is when will Dell actually start to ship the Opteron server base products in volume?

我的最後一個問題是戴爾什麼時候才會開始大量出貨 Opteron 伺服器基礎產品？

You should ask them. What they publicly stated is they would -- their plans are to have a product by the end of the year. On the server.

你應該問他們。他們公開表示，他們計劃在今年底前推出產品。在伺服器上。

Does that mean that there's other products? You seem to be hinting at a broadening of a relationship with Dell.

這是否意味著還有其他產品？您似乎暗示要拓展與戴爾的關係。

Our hopes are always to broaden our relationship with all of our customers. We used to be mainly a desktop supplier to HP. We're now a broad-based supplier to HP. That is our plan, our intent. Our desire. It is no different with Dell. At this point in time, the only product they have openly announced is the launch of a server by the end of the year.

我們始終希望擴大與所有客戶的關係。我們以前主要是惠普的桌上型電腦供應商。我們現在是惠普的廣泛供應商。這就是我們的計劃、我們的意圖。我們的願望。戴爾也一樣。目前，他們公開宣布的唯一產品是將於年底推出的伺服器。

Thank you.

謝謝。

Thank you. Your next question is coming from Lacie Higgins with Prudential. Please go ahead.

謝謝。您的下一個問題來自 Prudential 的 Lacie Higgins。請繼續。

Hi, actually, it's Mark Lipacis from Prudential. A couple of questions, Dirk, I thought in the beginning in your comments, you talked something about a native quad core and I missed that. Would you be so kind as to just review what you were talking about and is that a change in -- of the production schedule for quad core?

大家好，我是 Prudential 的 Mark Lipacis。有幾個問題，德克，我以為在你的評論一開始，你談到了關於原生四核的內容，但我錯過了。您能否回顧一下您剛才談論的內容？這是否會改變四核心的生產計畫？

High level is not really a change. It is really an amplification to what we said at the analyst conference in June. We've got a new core under development. The first in stantiation of which will be in a quad core form. To be launched roughly mid '07 and what I said is we'll demonstrate that by the end of the year.

高水準其實並不是一個變化。這其實是對我們六月分析師會議上所說內容的擴展。我們正在開發一個新核心。其第一個實例將採用四核心形式。預計大約在 2007 年中期推出，我說過我們會在年底前展示這一點。

Ok. Thank you. And the -- Bob, for the $2.5 billion in Cap Ex for '07, what is the expectation for funding that through cash flow from operations or through some other means.

好的。謝謝。鮑勃，對於 2007 年的 25 億美元資本支出，您預期是透過經營活動現金流還是透過其他方式為其提供資金？

No, current cash on the balance sheet and cash flow from operations.

不，資產負債表上的當前現金和經營活動產生的現金流量。

Ok, great. Last question, as you guys are ramping Fab 36 and could you give us a framework for understanding how we should think about the cost structure on products that are coming out of Fab 36 versus Fab 30 right now. Thank you.

好的，太好了。最後一個問題，隨著你們 Fab 36 產能的不斷提升，您能否為我們提供一個框架，讓我們了解目前 Fab 36 與 Fab 30 生產的產品的成本結構。謝謝。

Sure. Right now, we're still Fab 36 is a premium, meaning costing more than Fab 30 because we're still to Dirk's point, we're still quite a ways away from the appropriate asset utilization in the space and kind of to decode what Dirk said, we'll go out of this year about 50% utilized from a wafer start standpoint.

當然。目前，Fab 36 仍處於溢價階段，這意味著其成本高於 Fab 30，因為我們仍然符合 Dirk 的觀點，即我們距離該領域的適當資產利用率還有很長的路要走，從晶圓啟動的角度來看，我們今年的利用率將達到 50% 左右。

The 300 millimeters, as we all know, yields about a 30% advantage compared to a 200 millimeter wafer and we'll start crossing to Fab 36s cheaper at the same technology node in the fourth quarter kind of time frame.

眾所周知，300 毫米晶圓比 200 毫米晶圓具有約 30% 的優勢，我們將在第四季度左右開始以相同的技術節點更便宜地過渡到 Fab 36。

Great. Thank you.

偉大的。謝謝。

Your next question is coming from Mr. Michael McConnell with Pacific Crest. Please go ahead.

您的下一個問題來自 Pacific Crest 的 Michael McConnell 先生。請繼續。

Thank you. Looking at your competitor's balance sheet yesterday, we saw inventory up 22% sequentially. Now at record inventories. Your inventory on your balance sheet is up 20%. You're both giving indications you're going to raise inventory on absolute dollars again in Q3. Both saying you're going to be gaining share. Why shouldn't we be worried about that this could get even uglier as we progress in the second half of the year?

謝謝。昨天查看了競爭對手的資產負債表，我們發現庫存較上月成長了 22%。目前庫存量創歷史新高。您的資產負債表上的庫存增加了20%。你們都表示將在第三季再次增加絕對美元庫存。兩者都表明你將獲得市場份額。為什麼我們不應該擔心，隨著下半年情況的進展，情況可能會變得更糟？

First of all, let me -- a couple of comments. I believe that the situations are quite different. It is clear from the actions taken in the second quarter that there is an awful lot of aging inventory that needs to be dealt with and we recognize that's going to be a challenge and creates this very challenging environment that we talked about in the second quarter that we think will continue in the third quarter.

首先，請容許我發表幾點評論。我認為情況是截然不同的。從第二季採取的行動可以清楚地看出，有大量的老化庫存需要處理，我們認識到這將是一個挑戰，並創造了我們在第二季度談到的這種非常具有挑戰性的環境，我們認為這種環境將在第三季度繼續下去。

We are not building aging inventory. We're building inventory like Turion X2 which is highly [indiscernible] by our customers. Our up to demand is strong. We've shipped everything we built in the second quarter in Opteron.

我們不會建立老化庫存。我們正在建立像 Turion X2 這樣的庫存，我們的客戶對此感到非常滿意。我們的需求非常強烈。我們第二季生產的所有 Opteron 產品均已出貨。

So, our view is somewhat different and even if our competitor is building inventory on the new products that they have announced, they still have the very large aging inventory that you have to deal with. So, I believe these are very two different things. Similarly, when we look at our capacity plans and expansion, they're based again on the inputs our customers give us on their wishes and desires to participate in the products that we build.

因此，我們的觀點有所不同，即使我們的競爭對手正在為他們發布的新產品建立庫存，他們仍然擁有非常大的老化庫存需要處理。所以，我認為這是兩件截然不同的事情。同樣，當我們審視我們的產能計劃和擴張時，它們再次基於客戶對我們的產品的願望和期望所提供的意見。

And I said in my opening remarks, which we believe very strongly if a fee change in the industry is that customers really have embraced the idea of choice. And they want and need AMD to be a major player and a major supplier. I believe our performance over the last few years has earned us the right to be a major supplier to its customers. We believe that's going to increase in the footprint with each of them, it's also going to increase.

我在開場白中說過，我們堅信，如果產業費用發生變化，就代表客戶確實接受了選擇的理念。他們希望並需要 AMD 成為主要參與者和主要供應商。我相信我們過去幾年的表現已經讓我們有資格成為其客戶的主要供應商。我們相信，隨著它們各自的足跡不斷擴大，足跡也會不斷擴大。

So, I believe our plans are sound. Our expansion capacity is very sound and based on a planning based on customer needs and from our end, we are not worried about having too much capacity.

所以，我相信我們的計劃是合理的。我們的擴展能力非常健全，並且基於根據客戶需求進行的規劃，從我們的角度來看，我們並不擔心容量過大。

Fair enough. And then looking at -- in September, there are some indications that your competitor is going to be changing their pricing strategy, at least traditionally, with the rebate activity with the OEMs versus the channel. Now, understanding you're taking some share at the OEMs currently but looking at the channel, that's historically been a very strong segment for you. With them now looking at potentially evening out the pricing between the channel and the OEMs, are you still comfortable with that change that you can still take share in the third quarter as well as the fourth quarter?

很公平。然後看看——9月份，有跡象表明你的競爭對手將改變他們的定價策略，至少是傳統上的，與 OEM 而不是渠道進行返利活動。現在，我們了解到您目前在 OEM 中佔據了一些份額，但從管道來看，這對您來說一直是一個非常強大的細分市場。現在他們正在考慮平衡通路和 OEM 之間的定價，您是否仍然對這種變化感到滿意，即您仍然可以在第三季度和第四季度佔據市場份額？

The information that you're referring to is supposedly being implemented by the competition on the 24th of July price move. But all our indication in the market are that this is -- this is a story or smoke screen and that there's no fundamental change in the price structure of OEMs versus distribution.

您所指的資訊據稱是競爭對手在 7 月 24 日的價格變動中實施的。但我們在市場上看到的所有跡像都表明，這只是一個故事或煙幕，而 OEM 與分銷商的價格結構並沒有根本性的變化。

Thank you very much.

非常感謝。

Your next question is coming from Michael Masdea with Credit Suisse. Please go ahead.

您的下一個問題來自瑞士信貸的邁克爾·馬斯迪亞 (Michael Masdea)。請繼續。

Thanks a lot. I guess, this is the one question follow-up about competitive environment. It sounds like the real battleground on the desktop area and the whole idea of going after profitable growth. Is there some tipping point at which you say the share loss is too much and you're willing to play that game more or with Fab 36 ramping up, can you get more aggressive or is that always going to be the case where you'll walk away from too aggressive desktop business?

多謝。我想，這是關於競爭環境的後續問題。這聽起來就像是桌面領域的真正戰場，以及追求獲利成長的整個想法。是否存在一個臨界點，在這個臨界點上，您認為份額損失太大，您願意更多地參與其中，或者隨著 Fab 36 的擴張，您是否可以採取更積極的行動，或者您是否會一直放棄過於激進的桌面業務？

It is Dirk here. I'll start and I think Hector is going to want to add. First of all, our high level approach is to build capacity based on the demand signals we get from our customers. Within a capacity context, make decisions and maximize the gross margin dollars we get for the business. That's what we'll continue to do.

我是德克。我先開始，我想赫克託也會想補充。首先，我們的高層方法是根據從客戶那裡獲得的需求訊號來建立產能。在產能範圍內做出決策並最大化我們為企業獲得的毛利。我們將繼續這樣做。

Relative to the pricing dynamic in the marketplace; from my perspective it's kind of interesting, we have always had price competition across the entire front of our business. I think what's changing is in our -- Intel has not always had price competition across the entire front of its business but is beginning to feel that change. So, frankly, the idea of continued price competition doesn't bother us because it is nothing new to us.

相對於市場定價動態；從我的角度來看，這很有趣，我們整個業務領域一直存在價格競爭。我認為正在改變的是——英特爾並不總是在其整個業務領域進行價格競爭，但現在開始感受到這種變化。因此，坦白說，持續的價格競爭的想法並不會困擾我們，因為這對我們來說並不是什麼新鮮事。

The only thing I would add is a minor modification which is important. You said the desktop will be the battleground and I think I will add to that is right now, this challenge in environment is desktop in the channel. And that -- as Dirk pointed out, we welcome competition and we thrive on figuring out ways in which we can thrive in that environment.

我唯一想添加的是一個重要的小修改。您說桌面將成為戰場，我想我要補充的是，現在，環境中的挑戰是頻道中的桌面。正如德克所指出的，我們歡迎競爭，並且我們致力於尋找在這種環境中蓬勃發展的方法。

The one thing I do want to point out that Dirk and Bob alluded to in earlier comments. They're so important I want to make sure they don't get missed is we managed to achieve in the first and second quarter, a gross margin performance that's between 55 and 60% which is quite strong and frankly, levels we hadn't achieved in our Company for a long time. And we have managed to do that being at 200 millimeters, 90 nanometer technology and a factory that was small in the relative terms. We're now moving toward -- and by the way, that was prior to us participating strongly in the server space.

我確實想指出的一點是 Dirk 和 Bob 在之前的評論中提到過。它們非常重要，我想確保它們不會被忽視，我們在第一季和第二季成功實現了 55% 至 60% 之間的毛利率，這是相當強勁的，坦白說，這是我們公司很長一段時間以來未曾達到的水平。我們成功地實現了這一目標，採用了 200 毫米、90 奈米技術，而且工廠規模相對較小。我們現在正在朝著——順便說一句，那是在我們大力參與伺服器領域之前。

Therefore, our ASPs were even lower. So, we're now moving in this second half of the year. Aggressively toward 300 millimeter, aggressively ramping 65 millimeter and because of our stronger participation in both the server space and the commercial space, improving ASP outlook once we get past this nightmare of a challenge in environment.

因此，我們的平均售價甚至更低。因此，我們現在正進入下半年。積極向 300 毫米邁進，積極提升 65 毫米，並且由於我們在伺服器領域和商業領域的更強參與度，一旦我們度過這個環境挑戰的噩夢，ASP 前景就會改善。

So, everything we're doing now is in the direction of goodness based on an already strong performance based on the parameters I just mentioned. So, we believe that our opportunity to continue to be very competitive, even in this very challenging desktop environment is only going to improve and get better.

因此，根據我剛才提到的參數，我們現在所做的一切都是朝著好的方向發展，而我們的表現已經很強勁了。因此，我們相信，即使在這個極具挑戰性的桌面環境中，我們繼續保持競爭力的機會只會不斷改善和變得更好。

Great. Thank you. And then kind of in that vein, you had some pretty significant wins in the commercial market on the desktop side of Lenovo and [indiscernible] Fujitsu. Walk us through how you kind of got over that hurdle to get into the commercial markets and how do you get the OEMs and some of the ones you haven't gotten so far, to expand their commercial offering so you can have more access to those higher ASPs?

偉大的。謝謝。然後，從這個角度來看，聯想和富士通在商用桌面市場上取得了一些相當重大的勝利。請向我們介紹一下你們是如何克服障礙進入商業市場的，以及你們如何讓 OEM 以及一些目前還沒有合作過的 OEM 擴大他們的商業產品範圍，以便你們能夠更多地獲得更高的 ASP？

Well, we've always told you that for us to challenge is not the demand at the end user level but the fact that the market would be offered the choice. And it is very clear to me that it is increasingly obvious to companies in our industry that offering choice is a competitive advantage for them.

嗯，我們一直告訴你們，我們要挑戰的不是最終使用者層面的需求，而是市場將提供的選擇。我很清楚，對於我們這個行業的公司來說，提供選擇對他們來說是一種競爭優勢，這一點越來越明顯。

Their sales force talking to their customers. And Hector talked about a change in the industry and that's what -- there is a tipping point frankly, the penetration of Opteron and the enterprise base has helped us give those customers confidence that there was true demand for AMD products. Now, we have to continue to ensure that we penetrate all of the OEMs and offer a greater number of sku's and that will drive a greater market share. It is all about having access to the market and breaking the monopoly.

他們的銷售人員與客戶交談。赫克托談到了行業的變化，坦白說，這是一個轉折點，Opteron 的滲透和企業基礎幫助我們讓那些客戶相信 AMD 產品確實有需求。現在，我們必須繼續確保我們滲透到所有的 OEM 並提供更多的 SKU，這將推動更大的市場份額。這一切都是為了進入市場並打破壟斷。

Great. Thanks a lot.

偉大的。多謝。

Your next question is coming from Mr. Jim Covello with Goldman Sachs. Please go ahead.

您的下一個問題來自高盛的 Jim Covello 先生。請繼續。

Good afternoon. Thanks so much. Quick question on the Cap Ex. I understand that today you don't believe that you have or are adding too much capacity.

午安.非常感謝。關於資本支出的快速問題。我明白，今天您不相信自己擁有或正在增加太多的產能。

I understand your '06 and '07 Cap Ex budgets are a sign of your confidence in the business but there comes a point at which if you were to miss numbers a couple of quarters again in a row, the capacity and the Cap Ex ramp would become a problem. The question is at what point would you think about scaling back on the Cap Ex understanding that today you don't believe there is a problem. Under what scenario would you think about scaling it back?

我知道你們的 2006 年和 2007 年資本支出預算表明了你們對業務的信心，但到了一定時候，如果你們連續幾個季度未能達到預期數字，產能和資本支出增長就會成為一個問題。問題是，在什麼情況下您會考慮縮減資本支出，因為您今天認為不存在問題。在什麼情況下您會考慮縮減它？

Well, I'm not sure I would lay out at this point a scenario. But I -- hopefully we've demonstrated historically to date, we're pretty flexible in this area. It is not just a bill it yourself -- build it and damn the torpedo kind of issue. All of those numbers are relatively flexible--- to flex them up or down depending on the needs of the marketplace depending on the signals we're getting from our customers.

嗯，我不確定我現在是否會闡述一個場景。但我希望，迄今為止的歷史經驗已經證明，我們在這領域相當靈活。這不僅僅是一個你自己付錢，建造它，然後扔魚雷之類的問題。所有這些數字都相對靈活——根據市場需求以及我們從客戶那裡得到的訊號，可以上下調整。

Do you think there is a scenario that the Cap Ex could be adjusted within 2000 -- the 2007 Cap Ex plans could be adjusted within 2006 or do you think it would need to be a longer time frame over which you would need to see weakness relative to your plan in order to adjust the plan Cap Ex?

您是否認為存在這樣一種情況：資本支出可以在 2000 年內進行調整——2007 年的資本支出計劃可以在 2006 年內進行調整，或者您是否認為需要更長的時間框架，在此期間您需要看到與計劃相關的弱點，以便調整計劃資本支出？

We think we can affect future periods at any moment in time by pushing and pulling on those numbers. So, we could be in '07 and affect '07 numbers just like we're in '06 affecting '06 numbers because we pulled it in and actually have accelerated our spend to put more capacity in place. So, we're pretty flexible in that term and then in addition to that, we've got the toggle of charter semiconductor to flex up or flex down.

我們認為，透過推動和拉動這些數字，我們可以隨時影響未來的時期。因此，我們可能在 2007 年影響 2007 年的數字，就像我們在 2006 年影響 2006 年的數字一樣，因為我們將其納入其中並實際上加快了支出以投入更多產能。因此，我們在這方面非常靈活，除此之外，我們還可以切換特許半導體的靈活性，使其向上或向下彎曲。

Right. Then final question but same topic, how much near term pain are you willing to withstand in terms of Cap Ex or depreciation increasing in a weaker revenue environment? How much of a near-term decision is it versus a two or three quarter decision? In other words, if you started losing money, would that be alone enough to cut -- make you cut your Cap Ex plans for the future? Or would even then, it would be dependent upon what your future outlook would be?

正確的。那麼最後一個問題，但主題相同，在較弱的收入環境下，您願意承受多少資本支出或折舊增加的短期痛苦？這是一個短期決策，還是需要兩到三個季度才能做出的決定？換句話說，如果您開始虧損，這是否足以讓您削減未來的資本支出計畫？或者即使那樣，這也取決於你未來的前景如何？

Well, frankly we hate hypothetical questions and I think because we don't know what the environment is going to be when one of those parameters gets met. I think we're prudent in what we do. We've demonstrated that in the past and as Henri pointed out our commitment is to profitable share of growth. We're careful with that.

嗯，坦白說，我們討厭假設性問題，我想是因為我們不知道當滿足其中一個參數時環境會是什麼樣子。我認為我們做事是謹慎的。我們過去已經證明這一點，正如亨利指出的那樣，我們致力於實現盈利的成長份額。我們對此非常謹慎。

Having said that, we're not going to let a quarter or two of challenge and environment detract us from our long-term vision of breaking the monopoly. So, we'll put in place and shoot ahead of the duck and the only thing that can keep the duck from getting there is the monopoly.

話雖如此，我們不會讓一兩個季度的挑戰和環境阻礙我們實現打破壟斷的長期願景。所以，我們會把鴨子放到位並在鴨子前面射擊，唯一能阻止鴨子到達那裡的就是壟斷。

Thank you very much.

非常感謝。

Thank you. Your next question is coming from Mr. Glen Yeung with Citigroup. Please go ahead.

謝謝。您的下一個問題來自花旗集團的 Glen Yeung 先生。請繼續。

There was a question earlier that asked whether or not there was some share level at which point you would capitulate. Maybe ask the question another way. Is there some margin level at which point you say you know what, I don't want to go below that margin level and that's all there is to it?

之前有一個問題，詢問是否存在某個份額水平，達到這個水平你就會投降。也許可以用另一種方​​式來提問。是否存在某個保證金水平，在此時您會說，您知道嗎，我不想低於該保證金水平，這就是全部了？

Again, these are hypothetical questions that have way too many parameters. First of all, we have strategic customers, we have strategic partners. We have regions of the world where we have an in turn strategic intent to do certain things. Those are rather complex mixture of challenges. In relation to that, we have brands we have created that address different segments, different markets. It is not a simple answer. I think what I would like to leave you with is we have a competent executive team here that manages the cause, manages the brand, manages the relationship with customers. I think we do it well and frankly, I think that's one of the strengths going forward is that that's just not going to change.

再次強調，這些都是假設性問題，包含太多參數。首先，我們有策略客戶，我們有策略夥伴。我們在世界某些地區有相應的戰略意圖來做某些事情。這些都是相當複雜的挑戰。與此相關，我們創建了針對不同領域、不同市場的品牌。這不是一個簡單的答案。我想告訴你們的是，我們這裡有一支稱職的執行團隊，負責管理事業、管理品牌、管理與顧客的關係。我認為我們做得很好，坦白說，我認為這是未來的優勢之一，這一點不會改變。

Good point. Next question I have is -- this may sound a bit odd given the environment that we're in but I'll ask anyways which is do you actually sense that given -- where you are today, as compared to where you were a quarter ago, and recognizing that there wasn't a lot of things that you necessarily knew were going to happen in the next 90 days a quarter ago, do you feel like your visibility now is a little bit better? You live with a quarter of Intel's craziness. You've got some interesting share gain opportunities coming up for you this quarter. Seasonably it looks better. Does it feel a little more certain to you or maybe just your sense on that?

說得好。我的下一個問題是——考慮到我們所處的環境，這聽起來可能有點奇怪，但我還是要問，即您是否真的感覺到——與一個季度前相比，您現在所處的位置，並且認識到一個季度前您並不一定知道接下來的 90 天會發生什麼事情，您是否覺得現在的可見度有所提高？你活在英特爾四分之一的瘋狂之中。本季您將面臨一些有趣的股票收益機會。從季節上看，它看起來更好。您是否感覺更確定一些，或者可能只是您的感覺？

So, first, let's remember that the second quarter in our industry is always the toughest. So, for me, to give you visibility to the third quarter and the fourth quarter where you have back to school, you talk about the consumer market. Back to school in the third quarter. Christmas season in the fourth quarter, things become a little more predictable because those are stronger quarter inherently assuming industry seasonality would be the usual one.

因此，首先，讓我們記住，我們行業的第二季度總是最艱難的。因此，對我來說，為了讓你了解第三季和第四季開學的情況，你可以談談消費市場。第三季返校。第四季度的聖誕季，情況變得更加可預測，因為這是一個更強勁的季度，本質上假設行業季節性是正常的。

Secondly, there is only so many brands that a competitor can throw away. Our competition destroyed in less than six months, two of the most strong brand they've ever built, Intel inside and pentium. I don't know how many brands they're going to throw away but they'll run out of them. Therefore, as a result of that, there is a little bit clearer picture in terms of what could be the strategy.

其次，競爭對手能夠拋棄的品牌數量是有限的。我們的競爭對手在不到六個月的時間內就摧毀了他們有史以來最強大的兩個品牌：Intel inside 和 Pentium。我不知道他們會丟掉多少品牌，但他們會用完的。因此，由此看來，我們對可能採取的策略有了更清晰的認識。

Frankly, the issue that we're dealing with is that all of this disruption is not expending the market. There is not a lot of elasticity in some of the pricing action that has been taken as demonstrated this last quarter in the channel. And the partners are a little bit confused. I think it is time to settle but settle down and give them long-term guidance. That's what we're doing. We don't want our partners to be worried about what they're doing, putting our products in the marketplace. And we want to be the predictable, reliable partner and we're going to be that in the second half of the year.

坦白說，我們面臨的問題是，所有這些混亂都沒有擴大市場。正如上個季度管道所顯示的那樣，所採取的一些定價行動缺乏彈性。而合作夥伴則有點困惑。我認為現在是時候安定下來並給予他們長期指導。這就是我們正在做的事情。我們不希望我們的合作夥伴擔心他們將我們的產品推向市場。我們希望成為可預測、可靠的合作夥伴，我們將在今年下半年實現這一目標。

That's actually a very helpful answer. Thanks. I just have one last question which may be a little esoteric here. I want to get an update on your ZRam technology and if there's been any progress there.

這實際上是一個非常有用的答案。謝謝。我還有最後一個問題，可能有點深奧。我想了解您的 ZRam 技術的最新情況以及是否有任何進展。

Yes, it is Dirk here. We're continuing to evaluate that technology internally and aren't prepared to comment further.

是的，我是德克。我們正在繼續內部評估該技術，不准備進一步發表評論。

Ok. Thanks a lot.

好的。多謝。

Your next question is coming from Mr. David Wong with A. G. Edwards. Please go ahead.

您的下一個問題來自 A. G. Edwards 的 David Wong 先生。請繼續。

Thank you very much. 65 nanometer roll-out, can you give us an update on when you expect that to be?

非常感謝。 65 奈米的推出，您能否告訴我們預計何時推出？

We'll start ramping the factory in the second half of this year and ship into the market our first parts by the end of the year.

我們將在今年下半年開始擴大工廠規模，並在今年年底前向市場推出首批零件。

Great. Charter--you've mentioned charter a couple of times. Can you give us some feel for the growth margin and profitability for stuff that you ship from charter?

偉大的。憲章——您已經多次提到憲章。您能否向我們介紹一下您透過租船運送貨物的成長幅度和獲利能力？

I don't think we want to be specific as to profitability and gross margin numbers, the commentary I'll provide are we're shipping and planning on continuing to ship a mix of client products from chartered semiconductor.

我認為我們不想具體說明盈利能力和毛利率數字，我提供的評論是我們正在運送併計劃繼續運送特許半導體的各種客戶產品。

The only thing I would add, I think it is appropriate to say that we are very, very happy with charter and their management team. They've done an outstanding job and the yield of the quality of the product is very good.

我唯一想補充的是，我認為可以說我們對憲章及其管理團隊非常非常滿意。他們的工作非常出色，產品品質非常好。

Could we assume the gross margin would, by definition, be lower than in house?

我們是否可以假設毛利率依定義會低於內部毛利率？

No. That's a true comment. They need a taste of the action to be in the game. We have no capital investment in the charter semiconductor business, so we have to pay for the cost of capital and the wafer but it is all marginally good. It is incremental margin dollars to the Company to run the charter semiconductor business. If it wasn't, we wouldn't do it.

不。這是正確的評論。他們需要體驗一下遊戲中的動作。我們沒有對特許半導體業務進行資本投資，因此我們必須支付資本成本和晶圓成本，但這一切都還不錯。這為公司經營特許半導體業務帶來了增量利潤。如果不是的話，我們就不會這麼做。

Yes. That's great. My final question, I was interested in your comment that you've got marching orders not to take any unprofitable business and also about shooting at the duck. If you had a big particularly important strategic duck that was quacking at you, would you take unprofitable business? [laughter]

是的。那太棒了。我的最後一個問題，我對您的評論很感興趣，您已接到命令，不接受任何無利可圖的生意，並且不准打鴨子。如果您有一隻特別重要的戰略大鴨子向您嘎嘎叫，您會接受無利可圖的生意嗎？ [笑聲]

No. The marching orders are, we have to be prudent in the things that we did and we had to have profitable growth. Sometimes addressing a unique particular need with a customer is very strategic could be a very narrow segment that may not be profitable in totality that customer segment or market has to be profitable.

不。我們的命令是，我們必須謹慎行事，並且必須實現獲利成長。有時，滿足客戶的獨特特定需求是非常具有策略性的，可能是一個非常狹窄的細分市場，可能無法從整體上獲利，但該客戶細分市場或市場必須獲利。

Great. Thanks very much.

偉大的。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. Your next question is coming from Mr. Chris Danely with J.P. Morgan. Please go ahead.

謝謝。您的下一個問題來自摩根大通的 Chris Danely 先生。請繼續。

This is Sean Webster for Chris. Had a question on the operating expenses. Can you expand a little bit on why they might be flat sequentially compared to a 14-week quarter and then I have a quick follow-up.

我是肖恩·韋伯斯特 (Sean Webster)，克里斯。對營運費用有疑問。您能否稍微解釋為什麼與 14 週季度相比，它們可能環比持平，然後我可以快速跟進。

Sure. We lose a whole week. I mean so a whole week, pick your number but in round terms, that's a 7% type issue so there is a 7% of cost that goes away when you transition from a 14 week quarter to a 13 week quarter. So, basically, we're saying we'll have a 7% increase in natural cost offset by the 7% decrease of the extra week.

當然。我們損失了整整一周的時間。我的意思是，一整週，選擇你的數字，但從整數角度來看，這是一個 7% 類型的問題，所以當你從 14 週的季度過渡到 13 週的季度時，會有 7% 的成本消失。所以，基本上，我們的意思是，自然成本會增加 7%，但額外一週的成本會減少 7%。

Ok. Can you maybe talk -- characterize it then what's driving the sequential assuming there is a 13 week in Q2, what's driving the growth there?

好的。您能否談談—假設第二季有 13 週，那麼是什麼推動了連續成長？

Sure. Continued expansion in Fab 36 and continued investment in strategic programs both in R&D and in sales and marketing to continue to capture customers, expand the market, et cetera.

當然。Fab 36 繼續擴張，並繼續投資於研發、銷售和行銷方面的策略項目，以繼續吸引客戶、擴大市場等。

Then within your spending profile, you've talked a little bit about how charter has flexible capacity and you have some leeway there in terms of your capacity growth depending on the demand and order environment, can you talk about what you are spending for charter to enable process reporting and the design work that's happening for charter processes, et cetera?

然後在您的支出概況中，您談到了租船如何具有靈活的容量，並且根據需求和訂單環境，您在容量增長方面有一定的迴旋餘地，您能否談談您在租船方面的支出，以實現流程報告和正在進行的租船流程的設計工作等？

No, we don't disclose that type of information.

不，我們不會洩露此類資訊。

Ok. Then can you give, on the capacity front, can you talk about -- in the past, you've talked about unit processor capacity for 2007, I think in the range of like 65 to 70 million units. Are you still in that range today looking forward? Can you give us an update there?

好的。那麼，在產能方面，您能否談談——過去，您曾談到 2007 年的單位處理器產能，我認為在 6500 萬到 7000 萬台的範圍內。您今天是否仍處於這個期待範圍內？您能提供我們最新消息嗎？

It is Dirk here. In the past, I think what we've communicated is unit capability in the 2006 time frame in the 60 millionish area and intention to go more to the 80 millionish area next year and 100 million the year before that. That guidance stands.

我是德克。過去，我認為我們所傳達的是，2006 年的單位作戰能力將達到 6,000 萬左右，而明年則計劃達到 8,000 萬左右，前年達到 1 億。該指導意見仍然有效。

We still have flexibility to push and pull on that. Of course, [it's die sized dependent] but that's still a good guidepost at this moment in time.

我們仍然可以靈活地推動和拉動這一進程。當然，[這取決於晶片尺寸] 但目前這仍然是一個很好的指導方針。

Ok. Is charter still representing the five and 15 million units within those two years as far as the flexibility?

好的。就彈性而言，包機是否仍代表這兩年內 500 萬至 1,500 萬台的銷售目標？

Yes. It is going to be 10%-ish of that kind of number. Upwards of 20. It kind of depends on a given quarter.

是的。它將達到該數字的 10% 左右。超過 20。這有點取決於特定季度。

Ok. Thanks a lot.

好的。多謝。

Last question is coming from Mr. John Lau with Jefferies & Co. Please go ahead.

最後一個問題來自 Jefferies & Co. 的 John Lau 先生。請繼續。

Great. Thanks for taking my question. I've wanted to ask you again, Henri, Dirk, circling back to servers, there has been a lot of focus there and with the competition on the [woodset] launch, have you noticed any recent pricing action that has been a little more aggressive, can you give us some color as to how that is entering the market especially in the area that you're very strong in? Thank you.

偉大的。感謝您回答我的問題。亨利、德克，我想再次問你們，回到伺服器問題上，那裡引起了很多關注，而且隨著 [woodset] 發布的競爭，你們是否注意到最近的定價行動變得更具侵略性，能否給我們介紹一下這些行動是如何進入市場的，特別是在你們非常擅長的領域？謝謝。

Yes, John, I mean it is a little bit early to see what [woodcrest] is going to be. Because frankly, there's not that many out there. It has always been a very competitive environment in the two piece phase. We're seeing a lot of growth in the four piece phase. Which is very good for us given the scalability of our platform. And I expect that--- that of course the competition will want to be very aggressive in that market. But, as you know, those are bids driven type of pricing environment and so it is very difficult to derive from a few days of availability any sort of trend.

是的，約翰，我的意思是現在判斷 [woodcrest] 將會是什麼樣子還為時過早。因為坦白說，這樣的人並不多。在兩件套階段，競爭一直非常激烈。我們看到四件組產品在階段上取得了很大的進展。考慮到我們平台的可擴展性，這對我們來說非常好。我預計，競爭對手當然會在該市場上非常積極。但是，正如您所知，這些都是由競價驅動的定價環境，因此很難從幾天的可用性中推斷出任何趨勢。

Ok. And as a follow-up, Henri. Can you characterize what your ratio split is between 2P and 4P right now?

好的。接下來是亨利。您能描述一下現在 2P 和 4P 之間的比例分配嗎？

I really don't want to give you that level of granularity. But I'm happy to tell you that the 4 piece base is growing nicely and we'll make sure it continues that way.

我真的不想給你那種程度的詳細資料。但我很高興地告訴您，四件套基礎正在順利發展，我們將確保它繼續保持這種狀態。

Thank you.

謝謝。

Ok that, will conclude the call. Thank you very much for your participation.

好的，通話結束。非常感謝您的參與。

Thank you. That does conclude today's AMD second quarter earnings conference call. You may disconnect your lines at this time, and have a wonderful evening.

謝謝。今天的 AMD 第二季度財報電話會議就此結束。您現在可以斷開線路，並享受美好的夜晚。