超微半導體 (AMD) 2006 Q4 法說會逐字稿

At this time, I would like to welcome everyone to the Advanced Micro Devices, Inc. fourth quarter 2006 earnings conference call.

現在，我歡迎大家參加美國超微公司 2006 年第四季財報電話會議。

[OPERATOR INSTRUCTIONS]

[操作員指示]

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

現在，我們非常高興地將發言權交給主持人麥克哈斯先生。先生，您可以開始您的會議了。

Thank you and welcome to AMD's fourth quarter 2006 earnings conference call.

感謝您並歡迎參加 AMD 2006 年第四季財報電話會議。

Our participants today are Hector Ruiz, our Chairman and CEO, Dirk Meyer, our President and COO, Bob Rivet, our Chief Financial Officer, 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 8264808.

今天的參與者有我們的董事長兼執行長 Hector Ruiz、我們的總裁兼營運長 Dirk Meyer、我們的財務長 Bob Rivet 和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 8264808。

Telephone replay will be available for the next ten days, starting later tonight. In addition, I'd like to call to your attention that our Q1 2007 earnings quiet time will begin at the close of business, Friday, March 16th. Before I 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.

從今晚晚些時候開始，接下來的十天內將提供電話重播。此外，我想提請您注意，我們的 2007 年第一季財報靜默期將於 3 月 16 日星期五下班後開始。在我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'll find detailed discussions in our most recent SEC filings, including AMD's annual report on Form 10-K, for the year ended December 25, 2005, and AMD's quarterly report on Form 10-Q, for the quarter ended October 1, 2006.

半導體產業整體波動較大，市場狀況尤其難以預測。由於我們的實際結果可能與我們今天的計劃和預期存在重大差異，我鼓勵您查看我們向美國證券交易委員會提交的文件，其中我們詳細討論了我們的業務和風險因素，其中列出了可能導致實際結果與前瞻性聲明中的結果存在重大差異的信息。您可以在我們最近提交給美國證券交易委員會 (SEC) 的文件中找到詳細的討論，包括 AMD 截至 2005 年 12 月 25 日的 10-K 表年度報告和 AMD 截至 2006 年 10 月 1 日的 10-Q 表季度報告。

With that, I would like to turn the call over to Bob Rivet.

說完這些，我想把電話轉給鮑伯‧裡維特 (Bob Rivet)。

Thanks, Mike. Good afternoon.

謝謝，麥克。午安.

First I would like to point out that as a result of AMD's acquisition of ATI, fourth quarter financials include results from the former ATI operation beginning October 25, 2006. Because comparison of the fourth quarter consolidated financial results to previous periods do not correlate directly, AMD has provided non-GAAP financial information for historical AMD in our press release.

首先我想指出的是，由於 AMD 收購了 ATI，第四季度的財務數據包括了自 2006 年 10 月 25 日開始的前 ATI 業務的業績。由於第四季度合併財務結果與前期結果的比較並不直接相關，AMD 在我們的新聞稿中提供了歷史 AMD 的非 GAAP 財務資訊。

Management believes this non-GAAP presentation will aid investors by presenting current and historical results in a comparable format. In addition, financial comparisons to 2005 do not include the results from our former memory product segment. Let's start.

管理階層認為，這種非公認會計準則的呈現方式將以可比較的格式呈現當前和歷史結果，從而幫助投資者。此外，與 2005 年的財務比較不包括我們先前的記憶體產品部門的表現。我們開始吧。

AMD's revenue in the fourth quarter of 2006 was $1.77 billion, including approximately $50 million in royalty and patent license revenue. Loss per share for the fourth quarter was $1.08. This includes $550 million or $1.04 per share from ATI acquisition-related and integration charges. From here forward, I'll refer to them as ARC charges, and another $27 million or $0.05 per share from employee stock-based compensation expense.

AMD 2006年第四季的營收為17.7億美元，其中包括約5,000萬美元的專利使用費和專利授權收入。第四季每股虧損為 1.08 美元。其中包括 5.5 億美元或每股 1.04 美元的 ATI 收購相關費用和整合費用。從現在開始，我將它們稱為 ARC 費用，另外還有 2700 萬美元或每股 0.05 美元的員工股票薪酬費用。

Fourth quarter operating profits were $50 million, excluding ARC charges and stock-based compensation expense. Fourth quarter 2006 gross margin was 40%, excluding ARC charges and stock-based compensation expense, compared to 52% in the third quarter of 2006. The decrease in the prior quarter was largely due to significantly lower server processor ASPs, and the inclusion of ATI operations. AMD historical business generated revenue of $1.37 billion, up 2% from the fourth quarter of 2005 and up 3% from the third quarter of 2006. Operating income for the period was $63 million compared to $142 million in the third quarter.

第四季營業利潤為 5,000 萬美元，不包括 ARC 費用和股票薪資費用。2006 年第四季毛利率為 40%（不含 ARC 費用和股票薪酬費用），而 2006 年第三季為 52%。上一季的下降主要是由於伺服器處理器平均售價大幅下降以及 ATI 業務的納入。AMD歷史業務營收為13.7億美元，較2005年第四季成長2%，較2006年第三季成長3%。本期間營業收入為 6,300 萬美元，而第三季為 1.42 億美元。

Now I'll switch to the business segments. Computation product revenue was $1.34 billion, up 3% from the prior quarter and units increased by 19% sequentially. Our mobile and desktop processor sales were strong, and we believe we gained unit share.

現在我將轉到業務部門。計算產品收入為 13.4 億美元，較上一季成長 3%，出貨量較上季成長 19%。我們的行動和桌上型電腦處理器銷售強勁，我們相信我們獲得了市場份額。

Mobile unit shipments and revenue increased 41% sequentially. Desktop props or unit shipments increased 14%, and revenue 8% sequentially. The drop in desktop ASPs were driven primarily by a shift in customer mix.

行動部門出貨量和營收季增 41%。桌面道具或單位出貨量較上季成長 14%，營收季增 8%。桌上型電腦平均售價的下降主要是由於客戶結構的變化所致。

Server processor unit shipments were essentially flat quarter-over-quarter and ASPs declined significantly. Operating income for computation products was $73 million. For the former ATI operation segments, revenue for the period October 25th through December 31, 2006, or 68 days of the fourth quarter, totalled $398 million, at the high end of our guidance.

伺服器處理器出貨量與上一季基本持平，平均售價大幅下降。計算產品的營業收入為 7,300 萬美元。對於前 ATI 營運部門而言，2006 年 10 月 25 日至 12 月 31 日期間（即第四季的 68 天）的收入總計 3.98 億美元，處於我們預期的最高水準。

Revenue in the graphics and chip set segment was $278 million with an operating loss of $33 million. The Consumer Electronics segment achieved revenue of $120 million and an operating income of $20 million.

圖形和晶片組部門的收入為 2.78 億美元，營運虧損為 3,300 萬美元。消費電子部門實現收入1.2億美元，營業收入2,000萬美元。

Now I'll turn to the balance sheet. After completing the acquisition of ATI through a combination of cash, debt, and stock, we ended the quarter with a cash balance of $1.5 billion.

現在我來看一下資產負債表。透過現金、債務和股票等方式完成對 ATI 的收購後，我們在本季末的現金餘額為 15 億美元。

Total debt of $3.8 billion includes $2.2 billion associated with the ATI acquisition. Total inventory of $814 million includes $314 million from former ATI operations. Inventory for the historical AMD business increased $34 million as we continue to ramp Fab 36 65 nanometer products, and fourth quarter capital expenditures were $668 million.

總債務 38 億美元，其中包括與 ATI 收購相關的 22 億美元。總庫存為 8.14 億美元，其中包括來自前 ATI 業務的 3.14 億美元。隨著我們繼續擴大 Fab 36 65 奈米產品產量，AMD 歷史業務的庫存增加了 3,400 萬美元，第四季的資本支出為 6.68 億美元。

As I laid out at our Analyst Day last month, in the fourth quarter, AMD's reported segments include computation products, embedded products, graphics and chip sets, and consumer electronics. Beginning in our first quarter of 2007, we will report three business segments. Computing Solutions, which will include microprocessors, chip sets, and embedded products, Graphic Solutions, and Consumer Electronic Solutions.

正如我在上個月的分析師日上所述，在第四季度，AMD 報告的部門包括計算產品、嵌入式產品、圖形和晶片組以及消費性電子產品。從 2007 年第一季開始，我們將報告三個業務部門。運算解決方案（包括微處理器、晶片組和嵌入式產品）、圖形解決方案和消費性電子解決方案。

Now let's turn to the outlook. AMD's outlook statement for the first quarter are based on current expectations. The following statements are forward-looking and actual results could differ materially from our current expectations.

現在讓我們來談談前景。AMD 第一季的展望聲明是基於目前預期。以下陳述具有前瞻性，實際結果可能與我們目前的預期有重大差異。

Because the first quarter will be our first full quarter, including the former ATI businesses, we are providing ranges for revenue and operating expenses for the period. In the seasonally down first quarter, AMD expects revenue to be in the range of $1.6 to $1.7 billion. Operating expenses, which include R&D and SG&A, will be in the range of $710 to $760 million. Employee stock-based compensation expense in the first quarter is expected to be approximately $32 million at the current share price. And first quarter ARC charges will be approximately $120 million, of which $30 million will hit cost of sales.

由於第一季將是我們的第一個完整季度，包括前 ATI 業務，因此我們將提供該期間的收入和營運費用範圍。在季節性下滑的第一季度，AMD 預計營收將在 16 億美元至 17 億美元之間。營運費用（包括研發費用和銷售、一般及行政費用）將在 7.1 億美元至 7.6 億美元之間。以目前股價計算，預計第一季員工股票薪資費用約為 3,200 萬美元。第一季 ARC 費用約為 1.2 億美元，其中 3,000 萬美元將計入銷售成本。

In summary, 2006 was a very good year. We made significant strides in taking additional market share in our computation products business, and our customers are responding positively to the acquisition of ATI.

總而言之，2006年是非常好的一年。我們在計算產品業務中取得了重大進展，擴大了市場份額，我們的客戶對收購 ATI 也做出了積極的反應。

With that, I'll turn it over to Dirk.

說完這些，我就把麥克風交給德克。

Thank you, Bob.

謝謝你，鮑伯。

We are not satisfied with our financial performance in Q4, and we need to improve our results in the future. But it is important to acknowledge the strategic success that 2006 represented for AMD.

我們對第四季度的財務表現並不滿意，我們需要在未來改善我們的業績。但必須承認 2006 年對 AMD 來說代表著策略上的成功。

We gained processor share in every quarter, finishing the year with another record quarter for unit shipments. Compared to 2005, we grew our annual processor unit shipments 135% in our server business, 78% in our mobile business, and 35% overall. Clearly, the marketplace demands choice.

我們每季的處理器份額都有所增加，今年最後一季的出貨量再創歷史新高。與 2005 年相比，我們的伺服器業務的年度處理器出貨量成長了 135%，行動業務的年度處理器出貨量成長了 78%，整體成長了 35%。顯然，市場需要選擇。

We made good progress in our customer acquisition strategy. In greater China, Founder and Tungfung chose to become AMD customers and Lenovo expanded their business with us.

我們的客戶獲取策略取得了良好進展。在大中華區，方正科技和東風科技選擇成為AMD的客戶，聯想也與我們拓展了業務。

IBM expanded their AMD-based platform portfolio, HP broadened their business with us, and Dell begin shipping AMD-based server, desktop, and mobile products. All of this great progress in the marketplace has allowed us to fund some new investments, one of which was our acquisition of ATI Technologies. We closed the deal in Q4 and the integration is already largely behind us.

IBM 擴展了其基於 AMD 的平台產品組合，HP 擴大了與我們的業務往來，而戴爾則開始推出基於 AMD 的伺服器、桌上型電腦和行動產品。市場上所有這些巨大的進步使我們能夠資助一些新的投資，其中之一就是對 ATI Technologies 的收購。我們在第四季完成了這筆交易，整合工作已基本完成。

This new company has phenomenal assets. We have assembled world-class talent in every discipline, and the acquisition adds 5,000 great people spanning every major area of the business. We have a portfolio of customers and partners that place us at the confluence of the computing and Consumer Electronics industries, all looking to AMD to support them as a consumercentric processing powerhouse and strategic partner.

這家新公司擁有驚人的資產。我們匯集了各個學科領域的世界級人才，此次收購將為公司帶來涵蓋各個主要業務領域的 5,000 名優秀人才。我們擁有一系列客戶和合作夥伴，使我們處於計算和消費電子行業的交匯處，他們都希望 AMD 作為以消費者為中心的處理巨頭和戰略合作夥伴為他們提供支援。

We have technology leadership in key product areas, X86 CPUs and associated chip sets, graphics, and video processing. We have world-class manufacturing capability and a flex fab strategy designed to serve the desires of our customers as well as our shareholders.

我們在關鍵產品領域、X86 CPU 和相關晶片組、圖形和視訊處理方面擁有技術領先地位。我們擁有世界一流的製造能力和柔性製造策略，旨在滿足客戶和股東的需求。

Looking forward, our priorities are simple. To acquire new customers, to serve our current customers increasingly well, and to provide long-term value to our shareholders. Understanding what it takes to satisfy our customers is pretty simple. They want good products, delivered in volume, at the time and the place they need them.

展望未來，我們的優先事項很簡單。獲取新客戶，更好地服務現有客戶，並為股東提供長期價值。了解如何才能讓客戶滿意是非常簡單的。他們希望能在他們需要的時間和地點，大量地獲得優質的產品。

On the product side is evidenced by our continued share gains. Our customers like the products we're shipping to them today, but they're even more excited about the opportunities presented in our road map. Our improved X86 architecture and the family of products which it is based, such as Barcelona, our quad core offering in the server space will introduce new levels of performance and power efficiency.

在產品方面，我們的份額持續成長就是明證。我們的客戶喜歡我們今天向他們運送的產品，但他們對我們的路線圖中提供的機會更為興奮。我們改進的 X86 架構及其所基於的產品系列（例如 Barcelona）和伺服器領域的四核心產品將帶來新的效能和能源效率水準。

Likewise, our GPU technology provides the ultimate VISTA experience today and the R600 family, our next generation graphics engine will delight customers and end users worldwide. On the supply side, we will continue to ramp our capacity by building out assets like Fab 36 and by converting Fab 30 to a 300 millimeter tool set.

同樣，我們的 GPU 技術如今提供了極致的 VISTA 體驗，而我們的下一代圖形引擎 R600 系列將讓全球客戶和最終用戶感到滿意。在供應方面，我們將繼續透過建造 Fab 36 等資產以及將 Fab 30 轉換為 300 毫米工具組來提高產能。

We will complete our conversion to 65 nanometer technology this year, and lay the ground work for a transition to 45 nanometers in the first half of next year. At the same time, we will continue to optimize our supply chain to give customers what they want, when they want it. We need to improve our financial performance relative to what we delivered in Q4.

今年我們將完成65奈米技術的轉換，並為明年上半年向45奈米技術的過渡奠定基礎。同時，我們將繼續優化我們的供應鏈，以便在客戶需要時為他們提供他們想要的東西。我們需要提高相對於第四季的財務表現。

We will do so by delivering improved products, lowering our manufacturing costs, increasing our operating efficiencies across all disciplines, and continuing to grow share. As we look back at the last few years, we feel we have made great progress. The assets we have assembled and our plans to use them with and for our customers together make for a very bright future.

我們將透過提供改進的產品、降低製造成本、提高各個領域的營運效率以及繼續擴大市場份額來實現這一目標。回顧過去幾年，我們感到取得了巨大的進步。我們所累積的資產以及我們與客戶共同使用這些資產的計劃將創造一個非常光明的未來。

With that, I would like to turn it over to Hector for some closing remarks.

最後，我想請赫克托 (Hector) 做最後發言。

Thank you, Dirk.

謝謝你，德克。

You know, I normally read from a prepared script in this conference, and this time I'm not going to do that. I'm going to talk to you from the gut. What I want to tell you is a little bit of history and put it in the context that I believe will show you why I am incredibly optimistic and excited about the future of this company, more than I have been in the seven years that I have been with this company.

你知道，我通常會在這次會議上照著準備好的稿子念，但這次我不會這麼做。我要從內心深處跟你談談。我想告訴你們一些歷史，並把它們放在我相信的背景中，這樣你們就能明白為什麼我對這家公司的未來感到無比樂觀和興奮，這種感覺比我在這家公司工作的七年裡任何時候都強烈。

First of all, we made a decision a few years back to really base everything we do on the mantra of our company that we call customercentric innovation. We started that journey when we launched Opteron in early 2003 and the elegance of that product was in its simplicity. A direct connect architecture that today continues to serve our customers extremely well, and an extension to 64 bit of the X86 instruction set, which was exactly what customers in the market really wanted.

首先，幾年前我們就做出了一個決定，我們所做的一切都將以我們公司的宗旨「以客戶為中心的創新」為基礎。當我們在 2003 年初推出 Opteron 時，我們就開始了這個旅程，產品的優雅之處在於它的簡潔。直接連接架構至今仍能為我們的客戶提供極佳的服務，並且擴展了 64 位元 X86 指令集，這正是市場客戶真正想要的。

That allows us to go at the most difficult part of the industry in trying to establish credibility and confidence in our team to be able to deliver to them the kind of products and technology they needed. That was very successful. As a matter of fact, we went from being almost nowhere in the server enterprise space to finishing 2006 with approximately a share number in the mid-20s.

這使我們能夠進入行業中最困難的部分，努力建立團隊的信譽和信心，以便能夠向他們提供他們所需的產品和技術。那是非常成功的。事實上，我們從伺服器企業領域幾乎無所作為，到 2006 年底，市佔率達到 25% 左右。

We believe that is quite an accomplishment, and that credibility that we built and the confidence that customers began to have in us also led us to an expansion of our business with them in the client space. And that opportunity opened up for us a huge window through which we could acquire customers and we embarked on a customer acquisition strategy that today continues.

我們相信這是一項相當大的成就，我們建立的信譽和客戶對我們的信心也促使我們在客戶領域擴大了與他們的業務。這個機會為我們打開了一扇巨大的窗戶，讓我們能夠透過它來獲取客戶，並且我們開始實施至今仍在繼續的客戶獲取策略。

As Dirk pointed out, we were able to convince customers such as IBM, Sun, HP, and others and eventually Dell to really adopt our technologies across the board. And for three consecutive years, we have grown market share from going in the mid-teens back three years ago to ending 2006 also in the 20s.

正如 Dirk 指出的那樣，我們能夠說服 IBM、Sun、HP 等客戶以及戴爾等客戶全面採用我們的技術。連續三年，我們的市佔率從三年前的十幾%成長到 2006 年底的二十幾%。

The strategy turned out to be pretty simple. All it meant is that we had to focus on innovation that was truly relevant to our customer, the marketplace, and the industry. In doing so, we came up with customer-specific metrics, customer-specific products, and customer-specific technologies.

事實證明，這個策略非常簡單。這意味著我們必須專注於真正與我們的客戶、市場和產業相關的創新。在這樣做的過程中，我們提出了針對客戶的特定指標、針對客戶的特定產品和針對客戶的特定技術。

Some of the examples is a tremendous opportunity we saw in the large urban data centers when their consumption of power was increasing at a non-sustainable pace. That opportunity allows us to redefine the data center's value proposition and turn it to being just from raw performance to performance for what and the Opteron and direct connect architecture established leadership position.

舉個例子，當大型城市資料中心的電力消耗以不可持續的速度成長時，我們看到了巨大的機會。這個機會使我們能夠重新定義資料中心的價值主張，並將其從單純的原始效能轉變為效能，以及 Opteron 和直接連結架構所確立的領導地位。

Just as an example of customer-specific products, we used this wonderful architecture to also address a very unique space of the enthusiast and gaming community, and our technology led us to the creation of a family of products that we referred to as FX. And that technology and those products has been so successful for several years, that it allowed us in the fourth quarter of last year to ship a record number of FX products into that segment.

作為客戶特定產品的一個例子，我們使用這種出色的架構來解決愛好者和遊戲社群的一個非常獨特的空間，我們的技術使我們創造了一系列我們稱為 FX 的產品。這項技術和產品多年來一直非常成功，這使得我們在去年第四季向該領域運送了創紀錄數量的外匯產品。

We also had customercentric technologies. Because we recognized that the industry's addiction to single core clock frequency was something that was past due, and that we had to introduce the industry in our customers to a new way of looking at how to innovate, by looking at work flow and application-specific performance, and therefore we introduced the first ever dual core server product into the marketplace on X86 instructions.

我們也擁有以客戶為中心的技術。因為我們認識到業界對單核心時脈頻率的依賴已經過時了，我們必須向我們的客戶介紹一種看待創新的新方式，透過查看工作流程和特定於應用程式的效能，因此我們在市場上推出了第一款基於 X86 指令的雙核心伺服器產品。

I have to say that that was such a major change in the industry that the competition has followed suit and created also their own extension to X86 and their own multicore technology road maps. But it's more than just about core, it really is about mapping technology to specific usages.

我必須說，這是該行業的重大變化，競爭對手也紛紛效仿，創建了自己的 X86 擴展和多核心技術路線圖。但它不僅僅涉及核心，它實際上是關於將技術映射到特定用途。

For example, GP, GPU, Torrenza and Fusion, those are the technologies that you heard us talk about in our Analyst Day. And by now you can see how beautiful the ATI acquisition fits in our long-term strategy.

例如，GP、GPU、Torrenza 和 Fusion，這些都是您在分析師日聽到我們談論的技術。現在您可以看到 ATI 收購與我們的長期策略是多麼契合。

We see the opportunity to exploit [Moore's Law] in a very intelligent fashion, by focusing on what's relevant to our customers, and because of the acquisition of the ATI category of people, technology and products, we are the only company that is positioned to truly be able to deliver on this. And as I said before, it's more than just about core. It's true that Moore's law is allowing some people to claim that putting 64 cores or even 128 cores on one piece of silicon can be the future of this industry.

我們看到了以非常聰明的方式利用摩爾定律的機會，即透過專注於與客戶相關的事物，並且由於收購了 ATI 類別的人員、技術和產品，我們是唯一一家真正能夠實現這一目標的公司。正如我之前所說，這不僅涉及核心。確實，摩爾定律讓一些人宣稱，在一塊矽片上安裝 64 個核心甚至 128 個核心可以代表這個產業的未來。

I beg to differ. As a matter of fact, I think those products and technologies are going to find the rightful place in the Pentium where Pentium 4 10 gigahertz lies. Our customercentric innovation strategy is working, and the ATI acquisition is a phenomenal and allows us to take it to another level.

我不敢苟同。事實上，我認為這些產品和技術將會在奔騰4 10 千兆赫所在的奔騰中找到合適的位置。我們以客戶為中心的創新策略正在發揮作用，而收購 ATI 是一項非凡的成就，使我們能夠將其提升到另一個層次。

And as we said in our analyst meeting, we're really intensely focusing on continuing to drive energy-efficient leadership in computing, to deliver in the ultimate visual experience, and to enable affordable internet usage across the world. The demand for our technology is greater than our incurring share of the business, and largely the limiting factor has been the monopoly behavior that's been abusive by our competitor.

正如我們在分析師會議上所說的那樣，我們真正專注於繼續推動運算領域的節能領導地位，提供終極視覺體驗，並實現全球範圍內可負擔的互聯網使用。對我們技術的需求大於我們在業務中所佔的份額，而最大的限制因素是我們的競爭對手濫用的壟斷行為。

Our customers want us to win and increase their share of their business. They like choice and demand more choice, and they want us to have the capacity to offer that choice and continue to offer the kind of innovation that we have provided, and of course to help drive growth.

我們的客戶希望我們能夠成功並增加他們的業務份額。他們喜歡選擇，並要求更多的選擇，他們希望我們有能力提供這種選擇，並繼續提供我們所提供的那種創新，當然也希望幫助推動成長。

They are demanding that we fight for share and we will. So we will continue to expand our capacity to response to this customer need.

他們要求我們為份額而戰，我們也會這麼做。因此，我們將持續擴大產能以滿足客戶的需求。

The interesting thing that in doing the things that I just talked about, we have actually forced the competition to become more efficient, but in doing so, it made us realize that we have to raise our own efficiency to a higher level. So we're focusing a flawless execution on completing our 65 nanometer transition by this summer, and we're looking at accelerating 45 nanometer and closing the gap with our competitor.

有趣的是，在做我剛才講的事情的時候，我們實際上迫使競爭對手提高了效率，但這樣做也讓我們意識到，我們必須把自己的效率提高到更高的水平。因此，我們正致力於在今年夏天之前完美地完成 65 奈米轉型，並希望加速 45 奈米轉型，縮小與競爭對手的差距。

We will carefully manage costs, but we also believe that we're going to have to tweak our business model, because we believe we have to achieve prosperity in an environment where price and competition is going to be tougher than perhaps we had originally planned. We will do whatever it takes to continue on our path to deliver customercentric innovation this year and beyond.

我們將謹慎地管理成本，但我們也相信我們必須調整我們的商業模式，因為我們相信我們必須在價格和競爭比我們最初計劃的更激烈的環境中實現繁榮。我們將竭盡全力在今年及未來繼續走以客戶為中心的創新之路。

After all, we have been, are, and will continue to be the Company that offers the best value proposition to our customers. We will accomplish this by continuing to attract and retain the best and brightest people in the industry, and by having our now 15,000 or so AMDers intensely focused on customercentric innovation. We thank our employees.

畢竟，我們過去是、現在是、並將繼續是一家為客戶提供最佳價值主張的公司。我們將透過持續吸引和留住業內最優秀、最聰明的人才，並讓目前約 15,000 名 AMD 員工專注於以客戶為中心的創新來實現這一目標。我們感謝我們的員工。

Now let me turn it back to Mike for a Q&A.

現在讓我把話題轉回給麥克進行問答。

Thanks, Hector.

謝謝，赫克托。

Operator, let's start the polling process for Q&A, please.

接線員，請讓我們開始問答投票流程。

Thank you.

謝謝。

[OPERATOR INSTRUCTIONS]

[操作員指示]

Your first question is coming from Uche Orji of UBS New York. Please go ahead.

您的第一個問題來自瑞銀紐約的 Uche Orji。請繼續。

Hello, can you hear me?

你好，你聽得到我說話嗎？

Sure.

當然。

Yes. Just a couple of questions. First of all, for Bob.

是的。僅有幾個問題。首先，對於鮑伯來說。

If I look at the gross margin you reported this quarter, can you just give us an idea how to think about gross margin for next year? And if you can also tell us what that means for your cash flow, given that you give us a guidance of negative $500 million free cash flow for 2007 at the Analyst Day?

如果我查看您本季報告的毛利率，您能否告訴我們如何考慮明年的毛利率？鑑於您在分析師日上給出的 2007 年自由現金流預測為負 5 億美元，您能否告訴我們這對您的現金流意味著什麼？

Sure. First I would like to start to answer that question, everything we talked about at the Analyst Day, we still truly believe. So there is no backing off of that from that perspective. So a lot of the guidance I gave at the Analyst Day, we are still trying to execute as we begin this year.

當然。首先我想開始回答這個問題，我們在分析師日談論的一切，我們仍然堅信不疑。因此從這個角度來看，這是沒有退路的。因此，我在分析師日給予的許多指導，我們在今年年初仍在努力執行。

So the 50% gross margin, plus or minus a few, is still our goal for 2007. As we talked about, that will take a while to get there. As we integrate the ATI operation and adjust accordingly, and as we transition in our microprocessor business to full 65 nanometer, fill up the factory, we will continue to show improvement in our cost structure to improve our gross margin.

因此，50% 的毛利率（上下浮動）仍然是我們 2007 年的目標。正如我們所說的，要實現這一目標還需要一段時間。隨著我們整合 ATI 業務並進行相應調整，以及我們的微處理器業務全面過渡到 65 奈米並填滿工廠，我們將繼續改善成本結構以提高毛利率。

We also see improvement in our mix of products. So we're not backing off anything we talked to you about at the conference, with the maniacal focus, as Hector said, of even maybe turning up the notches a couple more notches in cost reduction efforts to make sure that we can achieve those targets.

我們的產品組合也得到了改善。因此，我們不會放棄在會議上與您討論的任何內容，正如赫克託所說，我們全心全意地致力於降低成本，甚至可能進一步加大力度，以確保我們能夠實現這些目標。

And cash flow perspective, the same thing. We're still going to spend $2.5 billion on capital expenditures this year to increase our capacity based on what our customers are telling us they want us to do. That will generate a negative cash flow, but as you can see from the balance sheet, we're prepared for that.

從現金流角度來看，也是一樣的。根據客戶的期望，我們今年仍將投入 25 億美元的資本支出來提高產能。這將產生負現金流，但正如您從資產負債表中看到的那樣，我們已經準備好了。

Right. Just one more question. Given that you're getting a full quarter of ATI, is it possible for you to kind of give us more color on the revenue guidance for Q1? Given--we had just basically two months of ATI in Q4, and now we have a full quarter, it's a bit hard for me to reconcile where--what ATI is going to do next quarter and how--what that means also for AMD core business?

正確的。還有一個問題。鑑於您將獲得 ATI 整個季度的業績，您能否為我們提供更多關於第一季營收預期的資訊？考慮到——我們在第四季度基本上只發布了兩個月的 ATI 數據，而現在已經發布了整整一個季​​度，我很難判斷 ATI 下個季度將做什麼以及如何做——這對 AMD 核心業務意味著什麼？

This is Hector.

這是赫克托。

First of all, the ATI business, if--when you look at it from the perspective of the customers, they are customers that are heavily involved in the Consumer Electronics business, digital television, handsets, etc. From that perspective, their strongest quarter that ATI normally has is the fourth quarter that we just finished.

首先，從客戶的角度來看，ATI 業務是深度涉足消費性電子業務、數位電視、手機等的客戶。從這個角度來看，ATI 通常表現最強勁的季度是剛結束的第四季。

So looking at that fourth quarter and trying to do some extrapolation and analysis for the first quarter, frankly, becomes very difficult, because historically the first quarter is the weakest quarter those particular segments also have. We've done the best we can in trying to anticipate how we think the first quarter might look. Frankly, we are getting mixed signals from our customers both in the Consumer Electronics space as well as the PC space.

因此，坦白說，觀察第四季並嘗試對第一季進行一些推論和分析變得非常困難，因為從歷史上看，第一季也是這些特定細分市場最疲軟的季度。我們已盡最大努力預測第一季的情況。坦白說，我們從消費性電子領域和個人電腦領域的客戶那裡得到了混合訊號。

The market seems to be a little uncertain, the uncertainty around VISTA is still there, even though we're very, very bullish on what VISTA is going to do for the whole year, but the first quarter impact is rather questionable. And the other piece is that pricing is incredibly challenging. We expect it to be for at least all of the year, but in particular for the first half of the year.

市場似乎有點不確定，圍繞 VISTA 的不確定性仍然存在，儘管我們對 VISTA 全年的表現非常看好，但第一季的影響還是值得懷疑的。另一點是定價極具挑戰性。我們預計這種情況至少會持續全年，尤其是上半年。

When you combine all that, we're taking a very cautious approach to the first quarter.

綜合考慮所有這些因素，我們對第一季採取了非常謹慎的態度。

This is kind of slightly different from what you said at the Analyst Day about a benign pricing scenario. Assumption, should we then assume that ASPs will be down for 2007?

這與您在分析師日上所說的良性定價情境略有不同。假設，我們是否應該假設 2007 年 ASP 將會下降？

No. As Bob pointed out, there are a number of things occurring. One of them is our product mix continues to move to spaces in which we did not participate before, and these are particularly the client commercial space. The consumer electronic business has got a lot of potential, and we believe it has a phenomenal opportunity to grow at decent margins. Also the--

不。正如鮑勃指出的那樣，有很多事情正在發生。其中之一就是我們的產品組合不斷轉向我們以前沒有涉及的領域，特別是客戶商業領域。消費性電子業務具有巨大的潛力，我們相信它擁有以可觀的利潤率實現成長的絕佳機會。還有——

Conversion to mobile.

轉換為行動裝置。

The momentum to convert to mobile continues. We believe that what occurred in the fourth quarter will continue throughout 2007, and when you combine all those things, we believe that we still have the opportunity to be slightly up in ASPs in 2007.

轉向行動端的勢頭仍在持續。我們相信，第四季度出現的情況將持續到 2007 年全年，綜合考慮所有這些因素，我們相信 2007 年我們仍有機會略微提高平均銷售價格。

Okay. Finally, can you just remind us of the timing of the delivery of the R600 products from ATI?

好的。最後，您能否提醒我們ATI的R600產品的交付時間？

This is Henri, we're still planning to bring to market the R600 product in the first quarter.

我是亨利，我們仍計劃在第一季將 R600 產品推向市場。

All right. Thank you very much.

好的。非常感謝。

Thank you. Your next question is coming from Adam Parker of Sanford Bernstein, please go ahead.

謝謝。您的下一個問題來自 Sanford Bernstein 的 Adam Parker，請繼續。

Hi. I just have two questions, or two general areas here. One, Hector, your customers--or Bob, either one, your customers are telling you to spend CapEx. How will you know when you're at the point that customers just want you to add capacity to create excess? I mean, are they really ever going to tell you to stop adding capacity?

你好。我只有兩個問題，或者說兩個一般性的問題。一是赫克托，你的客戶——或者鮑勃，無論哪一位，你的客戶都在告訴你要花費資本支出。您如何知道客戶何時只想增加產能以創造過剩產能？我的意思是，他們真的會告訴你停止增加產能嗎？

I certainly understand why you asked that question, Adam, but I think what our customers are asking us is that they want to increase their share of the business that they do with AMD. They're not necessarily just saying capacity, period.

亞當，我當然明白你為什麼問這個問題，但我認為我們的客戶要求我們做的是，他們希望增加與 AMD 的業務份額。他們不一定只是說容量，僅此而已。

They want an AMD portfolio that is expanding, and as we mentioned earlier that we've been on a customer acquisition strategy for quite some time, but we're not through. As a matter of fact, we still have major customers around the world that have yet to buy the phenomenal value that AMD offers. So we still have even other customers yet to acquire, so we believe that this customer, what they're telling us is we want to increase the share of our business with you, we want to buy more product from you, it's good for us, it's good for the industry, it's good for our customers, and I think we're a long way off from ever being able to see a scenario where we think we should back off.

他們希望 AMD 的產品組合不斷擴大，正如我們之前提到的，我們已經實施客戶獲取策略很長一段時間了，但我們還沒有完成。事實上，我們在全球仍有一些主要客戶尚未購買 AMD 提供的驚人價值。因此，我們還有其他客戶尚未獲得，因此我們相信，這個客戶告訴我們的是，我們想增加與你們的業務份額，我們想從你們那裡購買更多的產品，這對我們有好處，對行業有好處，對我們的客戶也有好處，我認為我們距離看到我們認為應該退出的情況還有很長的路要走。

All right, maybe just the follow-up, or the question related to that would be on the server business. It seems pretty clear at least for the last two quarters that Intel's gained a lot of revenue share in server, and their pricing is way up and yours is way down. To what do you attribute that? How can you remedy it? What's your sales pitch here on the one and two-way server space, can you help at all with that because I think the surprise here is just relative to 6 months ago is how your server ASP's have trended versus Intels in the second half of '06?

好的，也許只是後續問題，或者與此相關的問題是關於伺服器業務的。至少在過去兩個季度，情況似乎相當明顯，英特爾在伺服器領域的營收份額大幅增加，他們的定價大幅上漲，而你們的定價大幅下降。您認為這是什麼原因造成的？怎樣才能補救呢？您在單向和雙向伺服器領域的銷售宣傳是怎麼樣的？能否提供一些幫助？因為我認為，與 6 個月前相比，這裡的意外是您的伺服器 ASP 與英特爾相比在 2006 年下半年的趨勢如何？

Adam, this is Henri. First, I would like to remind you that our ASPs in the server space wer higher than Intel, so there was a correction certainly as they came with more competitive product. Secondly, it's clear that, particularly in the fourth quarter, the competition became very severe in the last month.

亞當，這是亨利。首先，我想提醒您，我們在伺服器領域的平均銷售價格高於英特爾，因此隨著他們推出更具競爭力的產品，肯定會出現調整。其次，很明顯，特別是在第四季度，上個月的競爭變得非常激烈。

As you know, it's an enterprise-driven business. A lot of the deals are back end loaded and there was a lot of headwinds in terms of closing some of the large businesses that were out there, coupled with a fact that we had some new product introduction that frankly were not executed by the customers as well as we had expected, and the fact that we will introduce a new architecture next year and some customers are waiting for that to--

如您所知，這是一項企業驅動的業務。很多交易都是後端加載的，在關閉一些大型企業方面面臨很多阻力，再加上我們推出了一些新產品，坦率地說，客戶的執行情況不如我們預期的那樣好，而且我們明年將推出一種新的架構，一些客戶正在等待這一架構——

Next year, you said?

你說的是明年嗎？

This year, sorry.

今年，抱歉。

Yes.

是的。

And some customers are waiting to see what sort of performance improvements they're going to see from that introduction.

一些客戶正在等待看看此次推出的產品會帶來什麼樣的性能改進。

So you would expect this trend to last at least one more quarter in server is that fair?

所以你預計這種趨勢將在伺服器上持續至少一個季度，這公平嗎？

As we stated at the analyst meeting, we expect the first half of the year to be extremely competitive. As you pointed out, there are segments where we have opportunities to grow. Clearly we still have--in a lot of the markets outside Europe and the U.S., a growth opportunity in the traditional server space. We have very little footprint in the 1P server space, so we have some opportunities to grow. But we expect the environment to be extremely competitive and there's clearly a targeted action from the competition on that segment.

正如我們在分析師會議上所說，我們預計今年上半年的競爭將非常激烈。正如您所指出的，在某些領域我們仍有成長機會。顯然，在歐洲和美國以外的許多市場中，我們仍然擁有傳統伺服器領域的成長機會。我們在 1P 伺服器空間中的佔用空間很小，因此我們有一些成長的機會。但我們預期競爭環境將非常激烈，而且競爭對手顯然會針對該領域採取有針對性的行動。

Henri, what's the sales patch in the first half of the year in the one way server space?

亨利，單向伺服器領域上半年的銷售情況如何？

Best value in the industry.

業界最佳價值。

All right. I'll leave you guys alone. Thanks.

好的。我不會打擾你們的。謝謝。

Thank you. Your next question comes from Mark Edelstone of Morgan Stanley. Please go ahead.

謝謝。您的下一個問題來自摩根士丹利的馬克·埃德爾斯通。請繼續。

Thanks, guys. A couple questions. First, Bob, there's obviously some of the charges that you're taking for ATI that were pulled out of non-GAAP gross margin. I just wanted to get the review of that, if I could, in terms of what of the charges listed there actually being pulled out to come to that 40% number?

謝謝大家。幾個問題。首先，鮑勃，顯然你為 ATI 承擔的一些費用是從非 GAAP 毛利率中扣除的。如果可以的話，我只是想對此進行審查，關於列出的費用實際上是如何被剔除以達到 40% 這個數字的？

Sure, Mark. It's the $62 million we highlighted, which is part of the acquisition-related charges associated with the gross up you need to do in inventory for GAAP. That will burn off over the fourth quarter and first quarter as the $30 million I just talked about in my script a little while ago. - [Multiple speakers]

當然，馬克。這是我們強調的 6,200 萬美元，這是與 GAAP 庫存總額相關的收購相關費用的一部分。這筆錢將在第四季和第一季消耗掉，就像我剛才在劇本中提到的 3000 萬美元一樣。 - [多位發言者]

Got it okay, and the other 72 in the charges that you have for amortization and integration charges, where are those showing up in the P&L?

明白了，那麼您攤銷和整合費用中的其他 72 項費用在損益表中顯示在哪裡？

They're all on a separate line item, the rest are all on a separate line item as you see in the P&L just before operating income.

它們都在單獨的項目中，其餘的都在單獨的項目中，就像您在損益表中營業收入之前看到的那樣。

Okay, got it. Perfect. Then can you just walk us through, maybe Henri or Hector, what type of decline you saw in server ASPs in the quarter, and then also, what type of decline you might have seen in the PC client side of the business as well?

好的，明白了。完美的。那麼，亨利或赫克托，您能否向我們簡單介紹一下，本季伺服器平均售價出現了哪些類型的下降，此外，您在 PC 用戶端業務中也看到了哪些類型的下降？

Henri will comment on the server piece. We did not see any major shift in the desktop client pricing. We actually saw a modest improvement in the mobile space. So all of our issues with pricing were related to the server segment.

亨利將對伺服器部分發表評論。我們沒有看到桌面用戶端定價有任何重大變化。我們實際上看到了行動領域的適度改善。因此，我們所有與定價有關的問題都與伺服器部分有關。

We, as Henri pointed out, it was a very competitive scenario. We expect it to continue to be. We're making plans to adjust to that for at least the first two quarters of the year. And as Henri also pointed out, we think that will also begin to change as we introduce our new architecture in the summer.

正如亨利指出的那樣，這是一個競爭非常激烈的情況。我們預計這種情況將會持續下去。我們正在製定計劃，至少在今年前兩個季度對此進行調整。正如亨利所指出的，我們認為隨著我們在夏天推出新的架構，這種情況也將開始改變。

Henri, what was the actual decline you saw in server ASPs?

亨利，您看到伺服器平均售價的實際下降幅度是多少？

I'm not going to go there, Mark, but I'll add something to what Hector described, which is, we did start a strategy--we have an architectural advantage in four socket servers, and it's also a direct plug-in of our new technology in those four socket environments. So we have an aggressive commercial strategy to move a certain portion of the market that's been impaired, until now by both hardware costs and software licensing costs to move from 2P to 4P. And some of the ASP decline is related to that strategy of moving the market to 4 socket systems.

馬克，我不想講這個，但我要在赫克託所描述的基礎上補充一些內容，那就是，我們確實啟動了一項戰略——我們在四插槽伺服器方面具有架構優勢，而且這也是我們新技術在四插槽環境中的直接插件。因此，我們制定了積極的商業策略，將目前因硬體成本和軟體授權成本而受損的一定比例的市場從 2P 轉移到 4P。平均售價的下降部分與將市場轉向 4 插槽系統的策略有關。

Okay. Maybe just one last final question on the environment, again, either for Hector or Henri. Hector, you sort of talked about some of the near-term uncertainties in the PC market, but maybe just give us sort of your broad sense of how you think the health of the market looks right now, especially coming off of 19% sequential unit growth for you in Q4. Maybe some thoughts on how inventories look out there in the broad marketplace of your products?

好的。也許這只是關於環境的最後一個問題，無論是問赫克托 (Hector) 還是亨利 (Henri)。赫克托，您談到了 PC 市場近期的一些不確定性，但能否請您大致介紹一下您認為目前市場健康狀況如何，尤其是在第四季度出貨量環比增長 19% 的情況下。也許您對貴公司產品的廣大市場中的庫存狀況有何看法？

I'll make a general comment, Mark, that we are frankly--unit-wise, we're quite bullish about 2007. I acknowledge that there are a number of reasons why the first quarter is low [inaudible-heavy accent], but 2007 to us looks very healthy. We actually--we truly believe, and as we have had our own experiences ourself, that VISTA will provide importance to unit demand in 2007 and beyond.

馬克，我要做一個總體評論，坦白說，從單位角度來看，我們對 2007 年非常樂觀。我承認第一季業績低迷的原因有很多 [聽不清楚-濃重口音]，但對我們來說，2007 年的業績看起來非常健康。我們確實相信，而且根據我們自己的經驗，VISTA 將對 2007 年及以後的單位需求產生重要影響。

We think it's going to be a great innovation that will bring a lot of value to the marketplace. We see an expansion of PCs in spaces where we're beginning to see 2007 will be the beginning of that to start to occur. An example of that is we believe that this year will be the first time that our 50 by 15 initiative will actually ship several million pieces in 2007. So all in all from a unit perspective, we feel pretty bullish.

我們認為這將是一項偉大的創新，將為市場帶來巨大的價值。我們看到個人電腦在各領域的應用正在不斷擴大，2007 年將是這一趨勢的開始。例如，我們相信，我們的「50 by 15」計畫將在 2007 年首次真正實現出貨數百萬件的目標。因此，從單位角度來看，我們總體上感覺非常樂觀。

If I may add just on the question on inventory, Mark, as you know, we were lower that we would have liked in terms of channel inventory in the third and fourth quarter. We were able to restore that at the very end of the fourth quarter and then to position ourselves in a much better velocity for the first quarter. But at the same time we also took a prudent approach to the channel inventory and the graphics business, where we think that there's modeled improvement that we intend to execute in the first and second quarter of '07.

如果我可以補充庫存問題，馬克，如你所知，我們在第三季和第四季的通路庫存低於我們的預期。我們在第四季末恢復了這種狀態，然後在第一季以更好的速度前進。但同時，我們也對通路庫存和圖形業務採取了審慎的態度，我們認為我們打算在 2007 年第一季和第二季實現模型改進。

Thanks a lot, guys.

非常感謝大家。

Thank you. Your next question comes from Tim Luke of Lehman Brothers. Please go ahead.

謝謝。您的下一個問題來自雷曼兄弟的蒂姆·盧克。請繼續。

Thanks very much. For Bob, with a sequentially lower revenue guidance that you've provided, we should be thinking about the gross margin moving sequentially lower before improving through the year, is that the right framework?

非常感謝。對於鮑伯來說，由於您提供的收入指引連續下降，我們應該考慮毛利率在全年改善之前連續下降，這是正確的框架嗎？

No, I think you have that backwards. Even though revenue we're guiding to be lower than fourth quarter, with the improvement of 65 nanometer, more of that output continuing to come on board. Servicing the channel, as Henri just talked about a minute ago, we believe gross margins will actually improve quarter on quarter. In particular in the microprocessor business. And we also believe so in the former ATI businesses too, as we continue to execute the game plans there.

不，我認為你搞錯了。儘管我們預計收入將低於第四季度，但隨著 65 奈米技術的進步，更多的產出將繼續湧現。正如亨利剛才談到的那樣，我們相信服務管道的毛利率實際上會逐季度增加。特別是在微處理器業務方面。我們也對前 ATI 業務抱有同樣的看法，因為我們將繼續在那裡執行遊戲計劃。

Do you have a framework for sort of thinking about the basis point degree we should think about improvement?

您是否有一個框架來思考我們應該考慮改進的基點程度？

Probably not ready to give that kind of guidance. I just would say, it will improve from the current level.

可能還沒準備好給予那種指導。我只是想說，它會比現在的水平有所提高。

And just a clarification on the tax rate, what should we be thinking about?

只是想澄清一下稅率，我們該考慮什麼？

Still holding to the guidance I gave at the analyst conference, which we're working desperately to figure out how to lower that guidance, but at this point the guidance is unchanged. It will be a little choppy, of course, but--so unchanged at this point.

仍然堅持我在分析師會議上給予的指導，我們正在拼命想辦法降低該指導，但目前該指導沒有變化。當然，它會有點不穩定，但目前為止沒有什麼變化。

On the market, maybe for Henri, just to follow-up on Mark's question, with respect to units in the first quarter, could you give us some sense of how you've historically seen the seasonality? And obviously, Hector was talking about a little bit of uncertainty in the first quarter, as to how you think it would compare to normal seasonality in terms of the units, given what seems to be for you a pretty decent unit number in the fourth quarter, thank you.

在市場上，也許對於亨利來說，只是為了跟進馬克的問題，關於第一季度的單位，您能否讓我們了解一下您歷史上是如何看待季節性的？顯然，赫克托談到了第一季的一些不確定性，至於您認為它與單位方面的正常季節性相比如何，考慮到您認為第四季度的單位數量相當不錯，謝謝。

I'll place your question in the context of microprocessor, right?

我會將您的問題放在微處理器的背景下，對嗎？

Yes, yes, okay.

是的，是的，好的。

Typically the seasonality in the first quarter is down about 4% at the mid-point. And I think that one of the factors that I want to underline that Hector mentioned is that there's a certain amount of added uncertainty with regards to VISTA. It's rapid deduction and any problem at launch, how will it affect inventories, and so that's another factor that makes the first quarter a little more complex than I would say the average first quarter, because Microsoft doesn't launch a new operating system every other year.

通常，第一季的季節性在中點下降約 4%。我認為我想強調的赫克托提到的一個因素是，VISTA 存在一定程度的不確定性。這是快速扣除，發佈時出現任何問題都會對庫存產生影響，所以這是另一個因素，使得第一季比我所說的平均第一季更複雜一些，因為微軟每隔一年就不會推出新的作業系統。

That's the guidance I can give you. I think we're going to have a seasonal quarter from that perspective, but there's certain uncertainties in the marketplace in terms of the impact of VISTA and how will it drive consumer behaviors.

這就是我能給你的指導。我認為從這個角度來看我們將有一個季節性的季度，但就 VISTA 的影響以及它將如何推動消費者行為而言，市場上存在一定的不確定性。

And the notebook ASP was up actually, did you say that and could you just clarify what the desktop ASP did?

筆記型電腦 ASP 實際上已經啟動了，您這麼說過嗎？能否解釋一下桌面 ASP 的作用是什麼？

The mobile ASP was slightly up, and the desktop ASP was slightly down.

行動端 ASP 略有上升，而桌面端 ASP 略有下降。

Thank you.

謝謝。

But marginally.

但程度不大。

Thank you. Your next question comes from Michael Masdea of Credit Suisse. Please go ahead.

謝謝。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 just want to ask you, your competitor seems to be talking a lot about using a strategy of basically offering more silicon, more cores at the same price as their prior generation. Is that fundamentally something that's got to change before you can sort of drive your profitability, or are there other ways to get around that?

多謝。我只是想問你，你的競爭對手似乎經常談論採用一種策略，即以與上一代相同的價格提供更多的矽、更多的核心。在你們能夠提高獲利能力之前，是否需要從根本上改變這一點，或者是否有其他方法可以解決這個問題？

It's Dirk here. I don't know what you mean by got to change, but if you look at what's happening in the marketplace, it's similar to what's always happened in our business, that is to say new features, new capability to get introduced at the top of the price stack and slowly over time get rolled down the price stack and that's in fact what you see with dual core. That's what we've been doing, that's what the competition is doing, so from that perspective, nothing new.

我是德克。我不知道您所說的「必須改變」是什麼意思，但如果您觀察一下市場上發生的事情，您會發現它與我們的業務中一直發生的事情類似，也就是說，新功能、新功能會在價格棧的頂部推出，然後隨著時間的推移慢慢地沿著價格棧向下移動，事實上，這就是您在雙核中看到的情況。這就是我們一直在做的事情，也是競爭對手正在做的事情，所以從這個角度來看，沒有什麼新鮮事。

Maybe another way to ask, what steps are you taking to drive that mix? What should we from a tangible perspective look for? What do you do on the enterprise side and what else are you doing to really improve the mix over the course of the next year and a half?

也許換一種方式問，您正在採取什麼措施來推動這種混合？從實際角度來說我們應該尋找什麼？您在企業方面做了什麼？在接下來的一年半中您還會做什麼來真正改善產品組合？

Improve the mix is again a funny one. Just for reference, the dual core mix in our product line in Q4 was roughly about a third and we've got an opportunity to accelerate that as a percentage of our overall product line going forward, probably more rapidly than the product gets pushed down the price deck as we go to an increasing fraction of 300 millimeter manufacturing and 65 nanometer technology. So I actually think that increased dual core mix for us represents an ASP and margin upside in the near term.

改進混音又是一個有趣的做法。僅供參考，第四季度我們產品線中的雙核組合大約佔三分之一，我們有機會在未來將其作為整體產品線的比例來加速，隨著我們越來越多地採用 300 毫米製造和 65 奈米技術，其速度可能比產品價格下降的速度更快。因此，我實際上認為，對我們來說，增加雙核心組合在短期內代表著平均售價和利潤率的上升。

Got it, and then any update on the legal front that we should be looking out for? Any timing in terms of various legal actions that have been going against Intel from your perspective?

明白了，那麼我們應該關注法律方面的什麼更新嗎？從您的角度來看，針對英特爾的各種法律行動的具體時間是怎樣的？

No, other than to repeat that we're in discovery. We are continuing to--the process continues, it's slow. But we continue to be very confident of where we want to go and the outcome will be very positive for us.

不，除了重申我們正在探索之外。我們正在繼續——這個過程還在繼續，但是進展緩慢。但我們對我們的目標仍然充滿信心，而且結果對我們來說也將是非常積極的。

Got it. Thank you.

知道了。謝謝。

Thank you. Your next question comes from David Wong of A.G. Edwards. Please go ahead.

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

Thank you very much. In terms of your attitude to the pricing environment, do you anticipate that you'll have to take pricing actions to maintain market share or are you saying that you're going to be focused on profitability, and therefore you'll back away from taking a lot of pricing action?

非常感謝。就您對定價環境的態度而言，您是否預計您必須採取定價行動來維持市場份額，或者您是否說您將專注於盈利能力，因此您將避免採取太多定價行動？

There is not backing away from anything. We're committed to serving our customers. Our customers want our product and we'll fight hard to continue to provide them the opportunity to enjoy AMD technology.

沒有什麼可以退縮的。我們致力於為客戶服務。我們的客戶需要我們的產品，我們將努力繼續為他們提供享受 AMD 技術的機會。

And related to that, have there in the recent quarters been any special initial pricings you've given to big customers to capture initial business that might help you in pricing going forward once the initial pricing agreement sort of passed by?

與此相關的是，最近幾個季度，您是否向大客戶提供任何特殊的初始定價以獲取初始業務，這可能會幫助您在初始定價協議通過後進行未來的定價？

We can't comment on specific agreements. On the general comment, I would like Henri to comment on that, but on specific by customer, we can't.

我們無法對具體協議發表評論。對於一般性評論，我希望亨利對此發表評論，但對於具體客戶的評論，我們不能。

I would just like to reiterate what Dirk said, which is we have an opportunity in terms of increasing our dual core mix as a percentage of total, we can accelerate that. That will help ASPs. And also, we've had a certain number of strategic customer acquisition through the year, which probably brought our channel business to a lower percentage than it's historically been, and we have an opportunity to grow our channel business. So those are two positives in the overall environment.

我只想重申德克所說的話，那就是我們有機會提高雙核心組合在總量中的百分比，我們可以加速這一進程。這將有助於 ASP。此外，我們今年已經獲得了一定數量的策略客戶，這可能使我們的通路業務比例低於歷史水平，我們也有機會發展我們的通路業務。所以，這是整體環境中的兩個正面因素。

Final question, will you bring out quad core servers first or quad core desktops?

最後一個問題，您會先推出四核心伺服器還是四核心桌上型電腦？

Servers.

伺服器.

Thanks very much.

非常感謝。

Your next question comes from JoAnne Feeney of FTN Midwest. Please go ahead.

您的下一個問題來自 FTN 中西部的 JoAnne Feeney。請繼續。

Good afternoon, folks. A couple of questions, if I could, please.

大家下午好。如果可以的話，請問幾個問題。

Following up on the last one, really, about the servers and the quad core. There's certainly a lot of questions about the potential for AMD to reacquire the performance lead. I know there's some disputes about whether that lead exists currently, but let's suppose that in a number of applications your competitor does have a performance lead, and we're all looking to see whether Barcelona and the follow-ons will enable you to recapture that performance lead in enough of a degree really to offset the marketing push of your competitor.

實際上，這是關於伺服器和四核心的後續內容。關於 AMD 重新奪回效能領先地位的可能性，確實存在著許多疑問。我知道目前對於領先地位是否存在一些爭議，但讓我們假設在許多應用程式中，您的競爭對手確實具有性能領先優勢，我們都在關注巴塞隆納和後續產品是否能夠讓您在足夠大的程度上重新奪回性能領先優勢，從而真正抵消競爭對手的營銷攻勢。

I suppose since you're reluctant to give away a lot of details on the road map, understandably, perhaps you could shed some light on what you think your OEMs would say about your potential in that regard?

我想，既然您不願意透露路線圖上的太多細節，那麼可以理解的是，也許您可以解釋一下您認為您的 OEM 會如何評價您在這方面的潛力？

Well, I don't want to speak for our OEMs, and of course, you know who they are, so I encourage you to ask them. However, based on what we know about our product and everything we understand about our competitor's road map from all sources, we're very bullish that when we introduce our native quad core in the middle of the year we'll capture definitively the performance, and performance [inaudible] and by the way do so in a away that doesn't require new platform investments on the part of our OEM customers. The platforms are there today.

好吧，我不想代表我們的 OEM 發言，當然，你知道他們是誰，所以我鼓勵你去問他們。然而，根據我們對我們產品的了解以及我們從各個渠道了解到的有關我們競爭對手路線圖的一切信息，我們非常有信心，當我們在年中推出原生四核時，我們將徹底掌握性能，性能[聽不清]，順便說一下，這樣做不需要我們的 OEM 客戶進行新的平台投資。如今，這些平台仍然存在。

Then if I could follow-up separately on the cash and financing situation, perhaps for you, Bob. Obviously, $2.5 billion of CapEx is a pretty big number and given this past quarter's higher than expected costs, lower than expected ASPs and next quarter's sort of muted outlook, I guess one might be a bit more concerned about the cash flow implications over the year and I think we're all wondering whether you will feel the need to go back and do some more financing really to help you get through this rather large capital expenditure over the next year?

那麼，如果我可以分別跟進現金和融資情況，也許對你來說，鮑勃。顯然，25 億美元的資本支出是一個相當大的數字，考慮到上個季度的成本高於預期、平均售價低於預期以及下個季度的前景黯淡，我想人們可能會更加擔心全年的現金流影響，我想我們都想知道您是否會覺得有必要回去做更多的融資，以幫助您在明年完成這筆相當大的資本支出？

Well, JoAnne, as I've said before, I've kind of outlined our process to fund the corporation in the appropriate investments, starting with cash flow from operations, monetizing the Spansion investment, and monetizing the tools in Dresden, Germany, at the 200 millimeter level. We think that will be sufficient to keep the appropriate cash balance levels and fund the capital expenditures.

好吧，喬安妮，正如我之前所說的，我已經概述了我們為公司提供適當投資的流程，從營運現金流開始，將 Spansion 投資貨幣化，並將德國德累斯頓的 200 毫米級工具貨幣化。我們認為這足以保持適當的現金餘額水準並為資本支出提供資金。

In addition, as I also pointed out, there's grant money associated with spending that $2.5 billion we'll collect also. So we still feel pretty comfortable with our game plan. Clearly my job is to make sure we've got the appropriate funds to execute the strategies of whether it's additional customer acquisition, design teams, or capital.

此外，正如我所指出的，我們還將收取與支出 25 億美元相關的補助金。所以我們對我們的比賽計劃仍然感到很滿意。顯然，我的工作是確保我們擁有適當的資金來執行策略，無論是額外的客戶獲取、設計團隊或資本。

Is the grant money you just referred to from strictly Dresden, or does it also include some of the New York State incentives?

您剛才提到的撥款是否嚴格來自德勒斯登，還是也包括紐約州的一些激勵措施？

Just from Europe and Dresden.

剛從歐洲和德勒斯登回來。

And so I suppose we might--if we were to look at a contingency, if, say, operating cash flow didn't materialize in Q1 and Q2, then we might be anticipating a situation where you would need to go do some financing?

所以我想我們可能會——如果我們考慮一種意外情況，比如說，如果第一季和第二季沒有實現經營現金流，那麼我們可能會預見你需要進行一些融資的情況？

I'm not going to speculate with you on that. Like I said, we have a good game plan.

我不會和你一起猜測這一點。正如我說的，我們有一個很好的比賽計劃。

Okay. Thanks, Bob.

好的。謝謝，鮑伯。

Thank you. Your next question comes from Glen Yeung of Citigroup. Please go ahead.

謝謝。您的下一個問題來自花旗集團的 Glen Yeung。請繼續。

Thanks. When we look out into the first quarter, you've talked about what you characterize as still a competitive environment. In that statement, are you expecting incremental pressure on server pricing, or do you think it's going to stay down where it is?

謝謝。當我們展望第一季時，您談到了您所說的仍然存在競爭的環境。在該聲明中，您是否預期伺服器定價將面臨遞增壓力，還是您認為伺服器定價將保持低位？

It's very difficult for me to speculate on what the competition is going to do, but it's going to remain a very competitive environment, and I won't give you anymore guidance than that.

我很難猜測競爭對手會做什麼，但競爭仍將非常激烈，我不會再給你任何指導。

Okay. How about on desktop and notebook, in as much as, clearly you're going to see some benefit here from a mix shift towards more dual core. Within that outlook, how about part for part pricing in the first half or in the first quarter. Can you comment on that?

好的。那麼在桌上型電腦和筆記型電腦上呢？很明顯，從混合轉向雙核心處理器你會看到一些好處。在這種前景下，上半年或第一季的零件定價如何？您能對此發表評論嗎？

I think there's--to elaborate a little bit on what Dirk was saying, there's a [difurcation] from my perspective in our market where the server market is going to continue to be driven by introducing new features, faster, better processors in a very traditional way. I think in the client space, VISTA is introducing a lot more of a platform and balance performance opportunity, so think of what the best platform is, maybe in the past, was whatever the best processor was.

我認為——稍微解釋一下德克所說的內容，從我的角度來看，我們的市場存在一個分歧，伺服器市場將繼續以非常傳統的方式推出新功能、更快、更好的處理器來驅動。我認為在客戶端領域，VISTA 引入了更多的平台和平衡效能機會，所以想想最好的平台是什麼，也許在過去，最好的處理器是什麼。

It's not going to be true anymore, and as such, I think AMD is uniquely positioned to provide customer with great value proposition around the portfolio of products that enable them to first differentiate in the marketplace and second bring the best user experience.

這種說法不再成立，因此，我認為 AMD 擁有獨特的優勢，能夠圍繞產品組合為客戶提供巨大的價值主張，使他們首先能夠在市場上脫穎而出，其次帶來最佳的用戶體驗。

When we look at the bundled solutions that we can see from various vendors and we think about how that bundling--I mean, the pricing looks pretty attractive, how that impacts AMD, is that actually good margin for you to bundle that way if you were to collectivize all those parts?

當我們看到來自不同供應商的捆綁解決方案時，我們會思考這種捆綁方式——我的意思是，定價看起來很有吸引力，這對 AMD 有何影響，如果將所有這些部分集體化，那麼以這種方式捆綁是否真的能為您帶來良好的利潤？

We're not planning to do any bundling, but we're obviously offering some synergies simply because it's a lower cost of engagement for an OEM to look at a complete platform.

我們不打算進行任何捆綁銷售，但我們顯然會提供一些協同效應，因為對於 OEM 來說，查看完整平台的參與成本較低。

That makes sense. Just one last question which is, I think I heard somebody mention, that second half '07--first half '07 obviously a competitive environment, but some view that second half '07 may be not quite as competitive, and I think you're alluding to the fact that you'll have different parts to be competitive with in the second half of the year. Want to just confirm that that's an accurate read, and then secondly, is that to suggest that if you have a better part, you feel like that may ease some of the concerns that we're facing in the first half?

這很有道理。最後一個問題，我想我聽到有人提到，2007 年下半年 - 2007 年上半年顯然是一個競爭環境，但有些人認為 2007 年下半年的競爭力可能不那麼強，我想你指的是下半年你將面臨不同的競爭環境。只是想確認這是一個準確的解讀，其次，這是否意味著如果你有一個更好的部分，你覺得這可能會緩解我們在上半年面臨的一些擔憂？

Yes, it's Dirk here. I would certainly say that what you say is true in parts of the markets we participate in, and in particular in server, as Henri said, where it's still much more of a CPU-centric performance by and some of the server segments. And clearly relative to product technology, we've got good products as evidenced by our share gains. At the bleeding edge, there's an ebb and flow back and forth as to who has the best in any given quarter, so that's driving some of our statements about the back half of the year.

是的，我是德克。我肯定會說，你所說的在我們參與的部分市場中是正確的，特別是在伺服器領域，正如亨利所說，在某些伺服器領域，它仍然更多地以 CPU 為中心。顯然，就產品技術而言，我們擁有優質的產品，這從我們市場份額的成長就可以看出。在最前沿，對於哪個特定季度表現最佳，總是有起伏，所以這推動了我們對下半年的一些看法。

Makes sense, thanks, I appreciate it.

有道理，謝謝，我很感激。

Your next question comes from Chris Danely of JPMorgan. Pleas go ahead.

您的下一個問題來自摩根大通的克里斯丹利 (Chris Danely)。請繼續。

Thanks, guys, just a few quick housekeeping items. What--have you given out a depreciation target for '07?

謝謝大家，只需要一些簡單的整理事項。什麼－您給了 07 年的折舊目標嗎？

Yes, I did, at the conference. I'll reiterate it. $1.3 billion for '07.

是的，我在會議上這樣做了。我會重申這一點。 07年為13億美元。

Okay, and then can you give us a sense of what percent of revenues were ascribed to server, desktop, and laptop in Q4?

好的，那麼您能否告訴我們第四季度伺服器、桌上型電腦和筆記型電腦的營收佔比是多少？

No, we don't give that kind of granularity.

不，我們沒有提供這種粒度。

That's fine. How about a break out of AMD versus ATI gross margins in Q4 and what you expect for Q1?

沒關係。AMD 與 ATI 在第四季的毛利率比較如何？您對第一季的毛利率有何預期？

No, not breaking those out either, but I did in the press release at least try to get you to a true operating type level gross margin for the Company.

不，我也沒有把它們分開，但我在新聞稿中至少嘗試讓你了解公司真實的營運類型水平毛利率。

Yes, that's fine. So if depreciation's going up and pricing's going to remain competitive, do you expect gross margins to go up by switching to 65 nanometer and also a mix, is that how we should look at it?

是的，很好。因此，如果折舊增加而價格保持競爭力，您是否預計透過轉換到 65 奈米或混合技術，毛利率會上升，我們應該這樣看待它嗎？

That's correct.

沒錯。

Okay, thanks.

好的，謝謝。

Thank you. Your next question comes from Jim Covello of Goldman Sachs. Please go ahead.

謝謝。您的下一個問題來自高盛的吉姆·科維洛。請繼續。

Thanks very much. First question, does the OpEx guidance that you gave include or exclude those restructuring charges you were talking about?

非常感謝。第一個問題，您給出的營運支出指引是否包含或排除了您所說的重組費用？

Exclude.

排除。

Okay, so the 710 to 760 excludes the $120 million or whatever--$90 million in restructuring charges?

好的，那麼 710 到 760 不包括 1.2 億美元或 9000 萬美元的重組費用？

Yes, it excludes, just to be perfectly clear, it excludes stock option expense, and it excludes the ARC charges I talked about.

是的，它不包括，只是為了完全清楚，它不包括股票選擇權費用，也不包括我談到的 ARC 費用。

Great, thanks. Second question, and I hate to be so theoretical, but I think it's kind of important, it seems like your goals as a company are at a little bit odds here. Getting new customers and creating value for shareholders hasn't been something that have worked well with one another for the last few quarters. And it's not going to turn around as long as both you and Intel continue to add so much capacity and fight one another.

太好了，謝謝。第二個問題，我不想太理論化，但我認為這很重要，似乎你們作為一家公司的目標在這裡有點不一致。在過去的幾個季度中，獲取新客戶和為股東創造價值之間的配合並不順利。只要你們和英特爾繼續增加產能並相互競爭，這種情況就不會好轉。

What is it going to take for you to change the strategy, I mean how bad does it have to get before the strategy to change? I understand that you guys aren't changing the strategy today, but for shareholders that are looking for the answer of how it's going to turn around, other than you guys gaining a lot of share, which Intel is going to try to fight, how does it turn around? And if it doesn't turn around soon, what would cause you to change the spending strategy?

你要怎麼做才能改變策略，我的意思是，情況要變得多糟糕才會改變策略？我知道你們今天不會改變策略，但對於想知道公司將如何扭轉局面的股東來說，除了你們獲得大量市場份額（英特爾將試圖與之抗衡）之外，公司將如何扭轉局面？如果情況不能很快好轉，有什麼原因會促使您改變支出策略？

Well, we've been pretty clear for--Dirk here, we've been pretty clear for quarters and years, and that is that we compete against monopolist who has a dominant share, and long term the best returns we can generate for our shareholders involve breaking that monopoly.

好吧，我們已經非常清楚了——德克，我們幾個季度和幾年來一直都很清楚，那就是我們與擁有主導份額的壟斷者競爭，從長遠來看，我們能為股東創造的最佳回報就是打破這種壟斷。

Can I ask a question about that? You guys were doing incredibly well when you--before you really decided to ramp the spending and gain share. Your motto was incredibly profitable, your balance sheet was great, you were picking up share in small segments and then you decided to really ramp it in a big, big way and now the spending is such that you're losing a bunch of money. You've been very profitable competing against a monopoly before and now you're not. Is there any thought of going back to the model that allowed you to be so profitable over the last 18 months, excluding the last couple of quarters?

我可以問一個關於此的問題嗎？在你們真正決定增加支出、擴大市場佔有率之前，你們做得非常好。你的座右銘是令人難以置信的盈利，你的資產負債表很棒，你在小範圍內獲得份額，然後你決定大規模地增加市場份額，但現在的支出卻讓你損失了很多錢。以前你在與壟斷企業的競爭中獲利頗豐，但現在卻沒有了。有沒有想過回到過去 18 個月（不包括最後幾季）讓你獲利的模式？

We've thought long and hard about this and concluded that there's no model that's stable over the long-term that allows us to be profitable in a niche. The level of investment required is too large, and the only way for us to maintain profits on a sustained basis is to be large and engage in a material way with strategic OEM customers. That's what they want to see from us, that's what they demand from us, and that's what we're going to do.

我們對此進行了長期而深入的思考，並得出結論：不存在一種能夠長期穩定的模式，能夠讓我們在某個利基市場中獲利。所需的投資水準太大，我們持續保持利潤的唯一方法是擴大規模並與策略 OEM 客戶進行實質合作。這就是他們希望從我們這裡看到的，這就是他們對我們的要求，這也是我們將要做的。

Okay. So then the second part of the question, though, is there a point at which you say, well, I can't afford to do this, even if it's what the customers want?

好的。那麼問題的第二部分是，是否存在一個點，你會說，好吧，我承擔不起這個費用，即使這是客戶想要的？

Well, I think--hopefully you picked up from both Dirk's comments and Hector's comment, too, is we are maniacally focused on cost. You will see us continue to push what it costs to make a XYZ product within the portfolio at lower and lower levels.

好吧，我認為——希望您從 Dirk 和 Hector 的評論中也了解到，我們過於關注成本。您將看到我們繼續降低產品組合中 XYZ 產品的製造成本。

We've always been lower on the ASP totem pole, we understand that environment. We'll push that cost equation even harder. So we'll have a business model that will enjoy and deliver the appropriate returns on a long-term basis, this is not a short-term gain, on a long-term basis, as we continue to provide choice into the marketplace and the marketplace gets to the appropriate balance.

我們在 ASP 圖騰柱上的位置一直較低，我們了解那個環境。我們將進一步推動這項成本方程式。因此，我們將擁有一個能夠長期享受並提供適當回報的商業模式，這不是短期收益，而是長期收益，因為我們會繼續為市場提供選擇，市場就會達到適當的平衡。

Terrific. Thanks so much.

了不起。非常感謝。

Your next question so coming from Krishna Shankar of JMP Securities. Please go ahead.

您的下一個問題來自 JMP Securities 的 Krishna Shankar。請繼續。

Yes, can you give us an indication of your profits and mix in terms of corporate versus consumer clients and what type of program do you have now that ATI is part of AMD to tackle the mobile and corporate desktop platform market with sort of bundled solutions that your competitor does?

是的，您能否向我們介紹貴公司的利潤狀況以及企業客戶和消費者客戶的組成情況？現在 ATI 已成為 AMD 的一部分，你們有什麼計劃來像競爭對手一樣，透過捆綁解決方案進軍行動和企業桌面平台市場？

Yes, I'm not going to give you a precise answer, but suffice it to say that obviously our commercial segment is growing faster than our consumer segment, and with regards to the second part of your question, we have a much deeper engagement model in the enterprise and the commercial space in the former AMD than ATI had, and obviously there's going to be a benefit in particularly in the workstation marketplace where the relationship that we've established with global 2000 companies that use workstation type technology are going to afford us some opportunities for presenting our new product portfolio.

是的，我無法給出確切的答案，但我可以說，我們的商業領域顯然比消費領域增長得更快，至於你問題的第二部分，我們在企業和前 AMD 商業領域的參與模式比 ATI 更加深入，而且顯然，尤其是在工作站市場，我們與使用工作站類型技術的全球 2000 家公司建立的關係將為我們提供一些新產品組合的機會。

And can you also elaborate on, you didn't call it bundling, but you said some synergistic areas where you can provide a complete solution for the customer? Can you elaborate on that some more please?

您能否詳細說明一下，您沒有稱之為捆綁，但您說了一些可以為客戶提供完整解決方案的協同領域？能再詳細說明一下嗎？

If you look at the environment today, you've got companies that really believe that they're best served by transferring the most amount of [inaudible-heavy accent] cost to the CPU, other companies think that the best model is when the GPU takes most of the [inaudible-heavy accent] cost, and there's one company that's uniquely positioned to offer the customer a portfolio of balanced technology that enable them to a. differentiate and b. have the best end user experience, and that's us.

如果你觀察一下當今的環境，你會發現有些公司確實相信將大部分 [聽不清楚-重音] 成本轉移到 CPU 上對他們最有利，而其他公司則認為最佳模式是讓 GPU 承擔大部分 [聽不清楚-重音] 成本，而有一家公司擁有獨特的優勢，可以為客戶提供均衡的技術組合，使他們能夠 a。區分和 b。擁有最好的最終用戶體驗，這就是我們。

Thank you, and finally, Bob, can you give us an indication of interest payments over the next four quarters?

謝謝，最後，鮑勃，您能告訴我們未來四個季度的利息支付嗎？

Let me give you just a framework. The current quarter--fourth quarter that we just completed was not a full quarter in the interest payments, because obviously we didn't borrow the money until the 24th of October. So that number will scale up a little bit from the current number that you see recorded, but not by a lot, there's not that many days left in the quarter. It will be a little bit higher in the fourth quarter, is the answer.

讓我給你一個框架。我們剛結束的本季——第四季——並不是一個完整的季度的利息支付，因為顯然我們直到 10 月 24 日才借錢。因此，這個數字會比您看到的當前記錄的數字略有增加，但不會增加太多，因為本季度剩下的天數並不多。答案是，第四季會稍微高一點。

Great, thank you.

太好了，謝謝。

Operator, we're going to take one more question, please.

接線員，我們還想再回答一個問題。

Thank you. Your final question is coming from Ross Seymore of Deutsche Bank. Please go ahead.

謝謝。您的最後一個問題來自德意志銀行的羅斯·西摩。請繼續。

Thanks for squeezing me in, guys. A lot of the questions have been asked, but given the importance of the server market to your overall profitability, as we look forward to Barcelona and what your competitor looks like their doing in pricing quad core at the same level as dual core, how should we think about the profitability going to Barcelona can really deliver to your server product line heading into the second half of this year?

謝謝你們讓我加入，夥伴們。已經提出了很多問題，但考慮到伺服器市場對你們整體盈利能力的重要性，我們期待巴塞隆納展會，並期待你們的競爭對手將四核處理器定價在與雙核處理器相同的水平，我們應該如何看待巴塞隆納展會的盈利能力能夠在今年下半年真正為你們的伺服器產品線帶來好處？

Dirk here. Of course it's hard for me to speak to precisely what the pricing environment will be, but from a cost basis, you can think about Barcelona being not that much different than the introductory dual core Opterons--[multiple speakers] high level.

德克在這裡。當然，我很難準確地說出定價環境，但從成本基礎來看，你可以認為巴塞隆納與入門級雙核心 Opterons [多個揚聲器] 高水平沒有太大區別。

Okay, but directionally from that, then would it be safe to say given the price competition has been so severe as this last quarter illustrated that the price points you're going to be able to get through Barcelona, even though the cost is the same, the price point's going to be much lower than you got in the first round on the Opteron side. Is that a fair assertion?

好的，但是從這個方向上看，考慮到價格競爭如此激烈，正如上個季度所表明的那樣，通過巴塞羅那你能獲得的價格點，即使成本相同，價格點也會比你在第一輪 Opteron 方面獲得的價格點低得多。這是一個公平的說法嗎？

The pricing environment is so dynamic that it's hard for me to speculate what will happen as we introduce new products.

定價環境如此動態，以至於我很難推測推出新產品時會發生什麼。

Okay. The last question here, more for Bob, is getting from that 40% to the 50% gross margin, you talked a little bit about what's going to happen, you believe, in the first quarter. Are there any other dynamics throughout the year that are going to kick in that are going to allow you to get up from that 40% to 50% level?

好的。最後一個問題，更多是針對鮑勃的，就是關於毛利率從 40% 到 50% 的問題，您稍微談了一下您認為第一季會發生什麼。全年是否還會出現其他動態，幫助您從 40% 上升到 50% 的水平？

Well, I think we've kind of hit on them all, from mix of the business, more toward commercial, more dual core, less single core, servicing the channel, more consumer electronic business, better penetration in both graphics and AMD chip sets. I think it's through the Analyst Day and what we've covered today, I think we've covered it all, but it's a waterfall of things, I'll call it on products and ASP, and then a maniacal focus on cost reductions, primarily through the 65 nanometer node, but there's plenty of other things in packages, test time reductions, etc. that you'll see take place, and last but not least is the synergy of the two companies.

嗯，我認為我們已經觸及了所有方面，從業務組合來看，更多地轉向商業，更多的雙核，更少的單核，服務渠道，更多的消費電子業務，在圖形和 AMD 晶片組方面有更好的滲透率。我認為透過分析師日和我們今天所討論的內容，我們已經涵蓋了所有內容，但這是一個瀑布式的事物，我將其稱為產品和 ASP，然後瘋狂關注成本降低，主要透過 65 奈米節點，但還有很多其他事情，如封裝、測試時間減少等，你會看到它們發生，最後但並非最不重要的是兩家公司的協同作用。

So if I put it all together and nothing's really changed since the Analyst Day, given the fact that you talked about pricing being a little more aggressive than you had thought, is it really that you think you can take more costs out than we talked about at the Analyst Day, or what is the lever that allows that sort of flexibility given that pricing has been more competitive?

因此，如果我把所有因素綜合起來，發現自分析師日以來並沒有什麼變化，考慮到您所說的定價比您想像的要激進一些，您是否真的認為您可以降低比我們在分析師日談到的更多的成本，或者，鑑於定價已經更具競爭力，允許這種靈活性的槓桿是什麼？

I would probably have to handicap it, that's where we're focused right now. Just not knowing where pricing will land at different moments in time is we'll control what we know how to control, which is our cost structure.

我可能必須對其進行限制，這就是我們現在關注的重點。只是不知道在不同的時間點價格會落在哪裡，我們就會控制我們知道如何控制的東西，也就是我們的成本結構。

Okay, thank you.

好的，謝謝。

Right. Thank you very much. We'll conclude the call now.

正確的。非常感謝。我們現在就結束通話。

Operator, are you okay?

接線員，您還好嗎？

Yes. This concludes today's Advanced Micro Devices Inc. fourth quarter 2006 earnings conference call. You may now disconnect your lines at this time, and have a wonderful evening.

是的。今天的美國超微半導體公司 2006 年第四季財報電話會議到此結束。現在您可以斷開線路，享受美好的夜晚。