超微半導體 (AMD) 2011 Q4 法說會逐字稿

Good afternoon. My name is Huey and I'll be your conference operator for today. At this time, I'd like to welcome everyone to AMD's fourth-quarter 2011 earnings conference call. All lines have been placed in listen-only mode at this time. After the speaker's remarks, you'll be invited to participate in the question-and-answer session. As a reminder, this conference is being recorded today.

午安.我叫休伊 (Huey)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 AMD 2011 年第四季財報電話會議。目前所有線路均已處於只聽模式。演講者發言結束後，您將被邀請參加問答環節。提醒一下，今天正在錄製這次會議。

I would now like to turn the conference over to Ms. Ruth Cotter, Vice President of Investor Relations for AMD. Please go ahead.

現在我想將會議交給女士。AMD 投資者關係副總裁 Ruth Cotter。請繼續。

Thank you. And welcome to AMD's fourth quarter and year-end earnings conference call. By now you should have had the opportunity to review a copy of our earnings release and the CFO commentary. If you've not reviewed those documents, they can be found on AMD's website at quarterlyearnings.AMD.com.

謝謝。歡迎參加 AMD 第四季和年終收益電話會議。現在您應該已經有機會查看我們的收益報告和財務長評論的副本了。如果您尚未查看這些文件，可以在 AMD 的網站 quarterlyearnings.AMD.com 上找到。

Participants on today's conference call are Rory Read, our President and Chief Executive Officer; Thomas Seifert, our Senior Vice President and Chief Financial Officer; and Mark Papermaster, our Senior Vice President and Chief Technology Officer. This is a live call and will be replayed via webcast on AMD.com. There will also be a telephone replay. The number is 888-266-2081. Outside of the United States, the number is 703-925-2533. The access code for both is 1563304. The telephone replay will be available for the next 10 days, starting later this evening.

今天電話會議的參與者包括我們的總裁兼執行長 Rory Read；我們的資深副總裁兼財務長 Thomas Seifert；以及我們的資深副總裁兼首席技術長 Mark Papermaster。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。還會有電話重播。電話號碼是 888-266-2081。美國境外的電話號碼是 703-925-2533。兩者的存取代碼都是 1563304。從今晚晚些時候開始，電話重播將在接下來的 10 天內提供。

I'd like to highlight a few dates for you. AMD's Financial Analyst Day will be held on February 2; Thomas Seifert will attend the Oppenheimer Semiconductor Summit on the 23rd of February in Vail, Colorado; and our first-quarter quiet time will begin at the close of business on Friday, March 16th, and will be followed by the announcement of our fourth-quarter earnings expected to be Thursday, April 19th.

我想向你們重點介紹幾個日期。AMD財務分析師日將於2月2日舉行； Thomas Seifert 將於 2 月 23 日出席在科羅拉多州韋爾舉行的奧本海默半導體峰會；我們的第一季靜默期將於 3 月 16 日星期五下班後開始，隨後我們將於 4 月 19 日星期四公佈第四季度收益。

AMD's ownership of GLOBALFOUNDRIES on a fully diluted basis decreased to approximately 8.8%, as of the conclusion of the fourth quarter. Reconciliation for all non-GAAP financial measures discussed today is included in the financial tables that accompany our earnings release, available in the Investor Relations section of AMD.com.

截至第四季末，AMD 對 GLOBALFOUNDRIES 的所有權（以完全稀釋後計算）已下降至約 8.8%。今天討論的所有非 GAAP 財務指標的對帳情況均包含在我們收益報告隨附的財務表中，可在 AMD.com 的投資者關係部分找到。

Before we begin today's call, I'd like to caution everyone that we will be making forward-looking statements about management's expectations. Investors are cautioned that those statements are based on current beliefs, assumptions, and expectations; speak only as of the current date; and involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

在我們開始今天的電話會議之前，我想提醒大家，我們將對管理階層的期望做出前瞻性的陳述。請投資人注意，這些聲明是基於當前的信念、假設和期望；僅就當前日期發言；並涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。

The semiconductor industry is generally volatile and market conditions are particularly difficult to forecast. We encourage you to review our filings with the SEC, where we discuss the risk factors that could cause actual results to differ materially from our expectations. You'll find detailed discussions about such risk factors in AMD's Quarterly Report on Form 10-Q for the quarter ended October 1, 2011.

半導體產業整體波動較大，市場狀況尤其難以預測。我們鼓勵您查看我們向美國證券交易委員會提交的文件，我們在其中討論了可能導致實際結果與我們的預期有重大差異的風險因素。您可以在 AMD 截至 2011 年 10 月 1 日的季度報告（10-Q 表）中找到有關此類風險因素的詳細討論。

Now with that, I'd like to hand the call over to Rory. Rory?

現在，我想把電話交給羅裡。羅裡？

Thank you, Ruth. 2011 was an important year of change for AMD. We took steps to optimize our business for today, and position the Company to seize the opportunities for tomorrow. We made good progress, but no question, we have more work to do.

謝謝你，露絲。2011年是AMD變革的重要一年。我們採取措施優化當前的業務，並使公司能夠抓住未來的機會。我們取得了良好的進展，但毫無疑問，我們還有更多的工作要做。

First, we demonstrated that our innovation engine remains strong. The tremendous success of our low power Brazos platform drove a 25% increase in mobile processor shipments and significant notebook share gains for the year. Brazos is, in fact, the most successful platform in our AMD history.

首先，我們證明了我們的創新引擎依然強勁。我們的低功耗 Brazos 平台取得了巨大成功，推動行動處理器出貨量成長了 25%，筆記型電腦市場佔有率也大幅提升。事實上，Brazos 是 AMD 史上最成功的平台。

In graphics, we exited the year the same way we entered it -- with the world's fastest graphics chip. Our GPU IP provides us with superior video, multimedia, and graphics capabilities that form the core of our competitive advantage.

在圖形領域，我們以同樣的方式結束了這一年，就像我們進入這一年一樣——擁有世界上最快的圖形晶片。我們的 GPU IP 為我們提供了卓越的視訊、多媒體和圖形功能，這些功能構成了我們競爭優勢的核心。

And our server business has regained momentum, as adoption of the new Bulldozer-based CPUs continue to accelerate. As a result, we believe we gained overall microprocessor unit share for the year, and we are positioned well for growth, as we continue to strengthen our differentiated product offerings.

隨著基於 Bulldozer 的新型 CPU 的採用不斷加速，我們的伺服器業務已恢復成長動能。因此，我們相信，今年我們的整體微處理器單元份額將有所增長，而且隨著我們繼續加強差異化產品供應，我們已為增長做好了準備。

Second, we continued to optimize to financial model, consistently delivering operating income and creating the foundation for sustained success. 2011 revenue was $6.57 billion, flat from 2010, and non-GAAP net income improved to $374 million or $0.50 per share. Additionally, we significantly improved free cash flow as well, helping to strengthen our balance sheet.

二是持續優化財務模型，持續實現營業收入，為持續成功奠定基礎。2011 年營收為 65.7 億美元，與 2010 年持平，非 GAAP 淨收入增至 3.74 億美元或每股 0.50 美元。此外，我們也大幅改善了自由現金流，有助於增強我們的資產負債表。

Third, we took important steps to get fit to fight and write the next chapter for the AMD history -- a chapter that will be built on our rich heritage of innovation and improved execution. We strengthened our leadership team. The addition of industry veterans such as Mark Papermaster, Rajan Naik, and Lisa Su will help ensure sustainable, dependable execution becomes the hallmark of the new AMD.

第三，我們採取了重要舉措，做好戰鬥準備，為 AMD 歷史寫下新的篇章——這一篇章將建立在我們豐富的創新傳統和改進的執行力之上。我們加強了領導團隊。Mark Papermaster、Rajan Naik 和 Lisa Su 等業界資深人士的加入將有助於確保可持續、可靠的執行成為新 AMD 的標誌。

We implemented a restructuring plan and operational improvements in the fourth quarter. These actions will allow us to fund strategic initiatives designed to accelerate our growth, by refining our focus on staking leadership positions in low-power emerging market and the cloud.

我們在第四季度實施了重組計劃和營運改善。這些舉措將使我們能夠資助旨在加速我們成長的策略計劃，透過優化我們對在低功耗新興市場和雲端運算領域佔據領導地位的關注。

2011 progress was tempered by execution challenges that impacted our supply. We took several steps during the course of the year to better manage our foundry partnerships. Over the last two quarters, 32- nanometer yields and performance have steadily improved at GLOBALFOUNDRIES. As a result of the focus on improved execution, 32- nanometer unit shipments increased by more than 80% from third quarter to fourth quarter, and now represents a full one-third of our overall processor mix.

2011 年的進展因執行挑戰而受到影響，影響了我們的供應。我們在這一年中採取了多項措施來更好地管理我們的代工夥伴關係。在過去兩個季度中，格芯的 32 奈米產量和性能穩步提高。由於注重提高執行力，32 奈米單位出貨量從第三季到第四季成長了 80% 以上，現在占我們整體處理器組合的三分之一。

Now looking more closely at the fourth quarter. Revenue was $1.69 billion, flat sequentially and up 2% from a year ago. Record APU shipments and increased demand for our server chips resulted in strong financial performance in what turned out to be an unusually weak quarter for the overall industry.

現在更仔細地看一下第四季。營收為 16.9 億美元，與上一季持平，比去年同期成長 2%。創紀錄的 APU 出貨量和對我們伺服器晶片的需求增加，使得整個產業在一個異常疲軟的季度中實現了強勁的財務表現。

Revenue was impacted by lower than expected GPU demand and a one-time issue that limited supply of the 45-nanometer desktop processors. Working closely with our strategic foundry partner, we believe the 45-nanometer issues have been corrected, and we will see supply rebound in the first quarter.

收入受到 GPU 需求低於預期以及 45 奈米桌上型電腦處理器供應受限的一次性問題的影響。透過與我們的策略代工合作夥伴密切合作，我們相信 45 奈米問題已經得到糾正，我們將在第一季看到供應反彈。

Despite these challenges, we continue to improve our ability to meet our customer commitments. We also successfully transitioned the Company to a lower-cost operating model while driving continued adoption of the latest innovative products. As a result, our non-GAAP net income improved to $138 million, or $0.19 a share for the fourth quarter.

儘管面臨這些挑戰，我們仍不斷提高履行對客戶承諾的能力。我們也成功地將公司轉型為低成本營運模式，同時推動公司持續採用最新的創新產品。因此，第四季我們的非公認會計準則淨收入增加至 1.38 億美元，即每股 0.19 美元。

Now let's take a look at our client business. Our strategy to deliver the best experiences possible, at mainstream price points, continues to pay off, resulting in record APU unit shipments for the quarter. AMD APUs were in five of the top six best-selling systems in North America retail in the fourth quarter, including two of the most popular systems.

現在讓我們來看看我們的客戶業務。我們的策略是以主流價格提供最佳體驗，這項策略持續取得成效，導致本季 APU 出貨量創下紀錄。第四季度，北美零售市場六大暢銷系統中有五種採用 AMD APU，其中包括兩款最受歡迎的系統。

AMD dominated the busiest shopping week of the year, powering more than 70% of PCs sold in the retail segment on Black Friday. We saw similar success in high-growth markets. For example, in China, we posted our third straight quarter of significant retail notebook share gains, and customer adoption of our APUs continues to increase. Design wins for our next-generation APU platforms are tracking ahead of the record number of design wins we secured in 2011.

AMD 主導了一年中最繁忙的購物週，為黑色星期五零售領域售出的 70% 以上的 PC 提供支援。我們在高成長市場也看到了類似的成功。例如，在中國，我們連續第三個季度實現了零售筆記型電腦份額的大幅增長，客戶對我們 APU 的採用率持續增加。我們的下一代 APU 平台的設計訂單數量正在超越我們在 2011 年獲得的設計訂單數量。

We are seeing particularly strong customer interest in our expanded low-power APUs for 2012. The low-power versions of our next-generation chip Trinity APU delivers mainstream performance while using half the power of a traditional notebook processor. This processor fits into an ultrathin notebook design, as thin as 17 millimeters, providing industry-leading visual performance and battery life at very attractive price points. Trinity remains on track to launch for mid-year.

我們發現客戶對我們 2012 年擴展的低功耗 APU 表現出特別濃厚的興趣。我們的下一代晶片 Trinity APU 的低功耗版本可提供主流效能，同時僅使用傳統筆記型電腦處理器一半的功率。該處理器適用於超薄筆記型電腦設計，厚度僅 17 毫米，以極具吸引力的價格提供業界領先的視覺性能和電池壽命。Trinity 仍有望於年中推出。

Now, looking at our server business. We had our second consecutive quarter of double-digit growth, largely due to the ramp of our new Opteron 6200 and 4200 processors. These new Bulldozer-based processors accounted for more than one-third of our total server unit shipments in the quarter.

現在，看看我們的伺服器業務。我們連續第二季實現兩位數成長，這主要歸功於我們新款 Opteron 6200 和 4200 處理器的推出。這些基於 Bulldozer 的新型處理器占我們本季伺服器總出貨量的三分之一以上。

Continued adoption in the high-performance computing market was bolstered by the introduction of several HP and Dell servers powered by the Opteron 6200 processor. HP introduced five new ProLiant servers, including the world's and industry's fastest dual-socket database server ever produced. Dell also introduced four new PowerEdge systems, including the world's most efficient blade server. We believed we gained server share in the quarter, and demand for the 6200 Series remains strong.

搭載 Opteron 6200 處理器的幾款 HP 和 Dell 伺服器的推出，進一步推動了高效能運算市場的持續採用。HP 推出了五款新型 ProLiant 伺服器，包括迄今為止世界上和業界最快的雙插槽資料庫伺服器。戴爾也推出了四款新型PowerEdge系統，包括世界上最高效的刀鋒伺服器。我們相信本季我們的伺服器份額有所增長，並且對 6200 系列的需求依然強勁。

Now looking at graphics, despite strong game console licensing revenue, lower demand for discrete notebook graphics chips, and a seasonally weak desktop add-in board market for the quarter, resulted in a overall revenue decline in our fourth quarter. We introduced the first member of our next-generation AMD Radeon HD 7000 Series graphics family at the end of the quarter. The Radeon HD 7970 launched to universal industry acclaim as the fastest GPU on the planet. We completely re-architected this graphics engine in the 7970, improving performance per square millimeter by over 150%.

現在來看圖形，儘管遊戲機授權收入強勁，但對獨立筆記型電腦圖形晶片的需求較低，以及本季季節性疲軟的桌上型電腦附加板市場，導致我們第四季的整體營收下降。我們在本季結束時推出了下一代 AMD Radeon HD 7000 系列顯示卡家族的首位成員。Radeon HD 7970 一推出就受到業界的一致好評，被譽為全球最快的 GPU。我們在 7970 中完全重新設計了這個圖形引擎，將每平方毫米的性能提高了 150% 以上。

So, in summary, our APU momentum continues to accelerate. Our server business continues to strengthen, posting two straight quarters of double-digit growth. We continue to offer the fastest graphics technology on the planet, and we are seeing consistent improvement in 32-nanometer yields and execution performance.

因此，總而言之，我們的 APU 勢頭持續加速。我們的伺服器業務持續增強，連續兩季實現兩位數成長。我們將繼續提供全球最快的圖形技術，並且我們看到 32 奈米產量和執行性能的持續提升。

In the near term, continuing to improve our execution will provide the greatest opportunity to increase value. This will, in turn, accelerate our growth and ensure we are on the right position to embrace the changes sweeping the industry around consumerization, the cloud, and convergence.

在短期內，持續提高我們的執行力將提供增加價值的最大機會。這反過來會加速我們的成長，並確保我們處於正確的位置，以迎接消費化、雲端運算和整合等席捲產業的變革。

I believe AMD is uniquely positioned to take advantage of these key business trends. AMD begins 2012 with a clear path forward. We know where our opportunities lie and what we need to do to seize them. Every AMD'er is focused on building an AMD that will deliver on its commitments, with innovative products that anticipate the needs of our customers and the fast-changing market.

我相信 AMD 擁有獨特的優勢來利用這些關鍵的商業趨勢。AMD 以明確的前進方向開啟了 2012 年。我們知道機會在哪裡，也知道我們需要做什麼才能抓住機會。每位 AMD 員工都致力於打造一個能夠兌現承諾的 AMD 公司，並提供能夠滿足客戶需求和快速變化的市場需求的創新產品。

I look forward to providing more details of our strategy at our Analyst Day next week. With that, I'll turn it over to Thomas, who will cover the financials for 2011 and the fourth quarter.

我期待在下週的分析師日上提供更多有關我們策略的細節。說完這些，我將把時間交給湯瑪斯，他將負責 2011 年和第四季的財務狀況。

Thank you, Rory. 2011 was a year of solid financial execution, combined with significant operational and strategic actions, designed to position AMD for success on the target markets. We executed well to our 2011 financial model, while strengthening our balance sheet. We implemented efficiencies across the Company's operations and reduced our headcount in the fourth quarter, which we expect will result in savings of over $200 million in operating expenses, most of which the Company expects to reinvest. This reinvestment will fund initiatives designed to accelerate AMD's strategies for low-power, emerging markets, and the cloud.

謝謝你，羅裡。2011 年是財務執行穩健的一年，同時採取了重大的營運和策略行動，旨在幫助 AMD 在目標市場取得成功。我們很好地執行了2011年的財務模型，同時加強了我們的資產負債表。我們在公司整個營運過程中實施了效率提升，並在第四季度裁減了員工人數，預計這將節省超過 2 億美元的營運費用，公司預計將把其中的大部分用於再投資。此次再投資將資助旨在加速 AMD 低功耗、新興市場和雲端運算策略的計畫。

2011 highlights include a strengthened balance sheet with debt reduced to $2 billion, down by $200 million in principal value from a year ago; achievement of the following 2011 financial goals -- gross margin of 45%; positive non-GAAP operating income; and improved non-GAAP adjusted free cash flow to $528 million as compared to $355 million in 2010.

2011 年的亮點包括資產負債表增強，債務減少至 20 億美元，本金價值較一年前下降 2 億美元；實現以下 2011 年財務目標——毛利率達到 45%；非公認會計準則營業收入為正；非公認會計準則調整後自由現金流從 2010 年的 3.55 億美元增至 5.28 億美元。

In addition, AMD achieved several notable accomplishments. We shipped more than 30 million APUs to date and more than 100 million DirectX 11 graphics cores. We achieved several records -- an all-time record for client microprocessor annual revenue and mobile microprocessor annual revenue; an all-time record for mobile GPU annual revenue and professional graphics annual revenue.

此外，AMD 還取得了多項顯著成就。迄今為止，我們已售出超過 3,000 萬台 APU 和超過 1 億個 DirectX 11 圖形核心。我們創造了多項記錄－客戶端微處理器年收入和行動微處理器年收入創下歷史新高；創下行動GPU年收入和專業圖形年收入的歷史新高。

Let's turn to the fourth-quarter results. Revenue was $1.69 billion in the fourth quarter, flat sequentially as revenue growth in the Computing Solutions segment of 2% was offset by a 5% revenue decline in the Graphics segment. Gross margin was 46%, up 1 percentage point quarter-over-quarter, primarily due to a seasonal increase in game console revenue and improved GPU product mix.

讓我們來看看第四季的業績。第四季營收為 16.9 億美元，與上一季持平，因為計算解決方案部門 2% 的營收成長被圖形部門 5% 的營收下降所抵銷。毛利率為46%，較上一季上升1個百分點，主要由於遊戲機收入的季節性成長和GPU產品組合的改善。

Operating expenses were $601 million, less than guided primarily due to higher-than-expected operational savings associated with the restructuring plan announced on November 3 of last year.

營運費用為 6.01 億美元，低於預期，主要原因是去年 11 月 3 日宣布的重組計畫帶來的營運節省高於預期。

We saw an immediate benefit from these actions, reducing costs by [$40 million] and improving earnings per share by $0.02 in the quarter. R&D was $358 million, 21% of net revenue; and SG&A was $243 million, 14% of net revenue. Non-GAAP net income was $138 million and non-GAAP operating income was $172 million.

這些措施為我們帶來了即時的效果，本季成本降低了 [4000 萬美元]，每股收益提高了 0.02 美元。研發支出為3.58億美元，佔淨收入的21%；銷售、一般及行政費用為 2.43 億美元，佔淨收入的 14%。非公認會計準則淨收入為 1.38 億美元，非公認會計準則營業收入為 1.72 億美元。

Interest expense increased by $1 million compared to the prior quarter, and non-GAAP EPS was $0.19, calculated using 740 million fully diluted shares. Adjusted EBITDA was $260 million, up $21 million from the prior quarter, due to higher non-GAAP operating income, driven by improved gross margin and lower operating expenses.

利息支出與上一季相比增加了 100 萬美元，非 GAAP 每股收益為 0.19 美元（以 7.4 億股完全稀釋股份計算）。調整後的 EBITDA 為 2.6 億美元，較上一季增加 2,100 萬美元，得益於非 GAAP 營業收入增加、毛利率提高和營業費用降低。

Now, switching to the business segments. Computing Solutions segment revenue was $1.3 billion, up 2% sequentially, driven by double-digit growth in server and chipset revenue. Server revenue experienced growth for the second quarter in a row, driven by a sequential increase in unit shipments, primarily due to the ramp of the Opteron 6200 Series, which now account for more than one-third of AMD's server processor shipments and revenue.

現在，轉向業務部門。計算解決方案部門收入為 13 億美元，環比增長 2%，這得益於伺服器和晶片組收入的兩位數增長。伺服器營收連續第二季成長，這得益於單位出貨量的連續成長，這主要歸功於 Opteron 6200 系列的銷售成長，該系列目前佔 AMD 伺服器處理器出貨量和營收的三分之一以上。

We achieved record quarter client revenue, driven by an increase in supply of Llano APUs. In Q4 of 2011, APUs accounted for nearly 100% of mobile microprocessors shipped in more than 60% of the total client microprocessors shipped. Microprocessor ASP increased sequentially, due to an increase in mobile microprocessor ASP and an increase in server units shipped.

受 Llano APU 供應量增加的推動，我們實現了創紀錄的季度客戶收入。2011年第四季，APU幾乎佔了行動微處理器出貨量的100%，佔客戶端微處理器總出貨量的60%以上。由於行動微處理器平均售價上漲以及伺服器出貨量增加，微處理器平均售價則是月增。

Computing Solutions' operating income was $165 million, up $16 million from the previous quarter, primarily due to lower operating expenses and an increase in server units shipped. Graphics segment revenue was $382 million, down 5% compared to the prior quarter, mainly due to a decline in mobile GPU in (inaudible), partially offset by a seasonal increase in game console revenue.

計算解決方案部門的營業收入為 1.65 億美元，較上一季增加 1,600 萬美元，主要由於營運費用降低和伺服器出貨量增加。圖形部門營收為 3.82 億美元，比上一季下降 5%，主要原因是（聽不清楚）行動 GPU 的下降，但被遊戲機收入的季節性成長部分抵消。

Mobile and desktop GPU revenues declined due to seasonality, and GPU ASP increased due to product mix. Graphics segment operating income was $27 million, up $15 million from the prior quarter, primarily due to higher game console revenue and higher GPU ASP.

由於季節性因素，行動和桌上型 GPU 收入下降，而 GPU ASP 則因產品組合而上漲。圖形部門營運收入為 2700 萬美元，較上一季增加 1500 萬美元，主要由於遊戲機收入增加和 GPU 平均售價增加。

Now let's turn to the balance sheet. Our cash, cash equivalents, and marketable security balance, including long-term, at the end of the quarter was $1.9 billion, up $57 million compared to the end of the third quarter of 2011.

現在讓我們來看看資產負債表。截至本季末，我們的現金、現金等價物和有價證券餘額（包括長期）為 19 億美元，與 2011 年第三季末相比增加了 5,700 萬美元。

Accounts receivable at the end of the quarter was [$919 million], up $11 million compared to the end of the third quarter of 2011. Inventory was $476 million exiting the quarter, down $64 million from the prior quarter, due to a decline in GPU inventory, driven by a transition to the newly-launched 28-nanometer product late in the quarter.

本季末的應收帳款為[9.19億美元]，與2011年第三季末相比增加了1,100萬美元。本季末庫存為 4.76 億美元，比上一季減少 6,400 萬美元，原因是 GPU 庫存下降，而這主要是由於本季末過渡到新推出的 28 奈米產品所致。

Debt at the end of the quarter was $2 billion. In the fourth quarter, we repurchased [$50 million] principal value of our 6% notes, bringing the annual total repurchase to $200 million. Non-GAAP free cash flow was $100 million.

本季末的債務為 20 億美元。第四季度，我們回購了 6% 票面利率的票據本金價值 [5,000 萬美元]，使年度回購總額達到 2 億美元。非公認會計準則自由現金流為 1 億美元。

Now turning to the outlook. AMD expects revenue to decrease 8%, plus/minus 3% sequentially for the first quarter of 2012. Operating expenses are expected to be approximately $590 million, and gross margin is expected to be approximately 45%, as we approach concluding our negotiations with GLOBALFOUNDRIES on a wafer supply agreement.

現在轉向展望。AMD 預計 2012 年第一季營收將下降 8%，季減 3%。隨著我們與格芯就晶圓供應協議的談判即將結束，預計營運費用約為 5.9 億美元，毛利率預計約為 45%。

Our continued focus on financial performance and operational efficiencies has paved the way to position AMD as a strong competitor in the computing space. We're excited about our achievements to date, as well as our capabilities and our roadmaps. We look forward to sharing our exciting plans with you at our Financial Analyst Day on February 2 at our Sunnyvale headquarter.

我們持續專注於財務表現和營運效率，為 AMD 成為運算領域的強大競爭對手鋪平了道路。我們對迄今為止所取得的成就以及我們的能力和路線圖感到非常興奮。我們期待在 2 月 2 日於桑尼維爾總部舉行的財務分析師日上與您分享我們令人興奮的計劃。

With that, I'll turn back to Ruth.

說完這些，我再回頭談露絲。

Thank you, Thomas. And Huey, we'd now be open to you polling the audience, please, for questions.

謝謝你，托馬斯。休伊，我們現在可以向觀眾提問了。

(Operator Instructions). John Pitzer, Credit Suisse.

（操作員指令）。瑞士信貸的約翰‧皮策。

Yes, guys, congratulations on the good results. I'm just kind of curious, Rory and Tom, when you look at the guidance you're giving for the first quarter, can you help us put that into context? Is there an assumption that the hard disk drive issue in Thailand is negatively impacting Q1, and that's reflected? Are there further share gains?

是的，夥伴們，恭喜你們取得好成績。我只是有點好奇，羅里和湯姆，當你們看到你們對第一季度給予的指導時，你們能幫助我們把它放在背景中嗎？是否有假設認為泰國的硬碟問題對第一季產生了負面影響，而這種影響已經反映出來了？股價還會進一步上漲嗎？

And I'd be curious on the positive trend in servers, whether or not you'll make it three-for-three, as far as sequential growth. Thanks.

我很好奇伺服器的正面趨勢，就連續成長而言，您是否會實現三比三的成長。謝謝。

Hey, thanks, John. There is no doubt that the customer acceptance of our APU architecture is quite strong. We've now shipped over 30 million of these APUs to date. And we're seeing a strong uptake in terms of that architecture and what it means to the customer. They are looking for a better experience. I think that's a key reason why we've seen the momentum in our business and the ability to deliver on that.

嘿，謝謝，約翰。毫無疑問，客戶對我們的APU架構的接受度是相當強的。到目前為止，我們已經出貨了超過 3,000 萬台 APU。我們看到這種架構以及它對客戶的意義正在強勁成長。他們正在尋求更好的體驗。我認為這是我們業務發展勢頭強勁且有能力實現這一目標的關鍵原因。

You know, our focus on execution around the APUs and around Llano is definitely paying off. And I think as we move forward, we should be able to continue to build on that momentum.

您知道，我們專注於 APU 和 Llano 周圍的執行肯定會獲得回報。我認為，隨著我們不斷前進，我們應該能夠繼續保持這種勢頭。

Now at the end of 4Q, we did see a little bit of pressure in terms of hard disk, but we actually saw it in the area of the graphics chips. This, we think, is going to be reflected in a very resilient PC supply chain that we think will recover relatively quickly. Our focus is to continue to focus on the right architectures, the right solutions that make a difference for those customers.

現在到了第四季末，我們確實看到硬碟方面有一點壓力，但實際上我們在圖形晶片領域也看到了這種壓力。我們認為，這將反映在非常有彈性的 PC 供應鏈中，我們認為它將相對快速地恢復。我們的重點是繼續專注於能夠為客戶帶來改變的正確架構和正確解決方案。

We've seen the ability to meet those by improving our execution. I think that's got to remain our number one focus. And while we saw a little bit of chop there in terms of hard disk impacting the graphics, I think we'll see a little bit more here in the beginning of 1Q. But I think this market should continue to recover.

我們已經看到了透過改進執行力來滿足這些目標的能力。我認為這仍將是我們的首要關注點。雖然我們看到硬碟對圖形的影響有些波動，但我認為我們會在第一季初看到更多波動。但我認為這個市場應該會繼續復甦。

As it relates to server, that's two quarters in a row. We're starting to see a steady improvement in this business and we want to build on that. I think the acceptance of the Opteron 6200, with the new launches around our key partners like HP and Dell, are paying dividends. And you're seeing that momentum translate into higher growth -- two quarters in a row. We're going to work hard to make it three, and we're going to continue to work on delivering the kind of solution that makes a difference to the customer.

就伺服器而言，這是連續兩個季度。我們開始看到這項業務穩定改善，我們希望在此基礎上再接再厲。我認為 Opteron 6200 的接受度以及我們的主要合作夥伴（如 HP 和 Dell）的新產品的推出正在帶來回報。而且你會看到這種勢頭連續兩個季度轉化為更高的成長。我們將努力實現這一目標，並將繼續致力於提供對客戶有意義的解決方案。

Thomas, do you want to add anything?

湯瑪斯，你還有什麼要補充嗎？

I think that's a fair balance. The product momentum we have seen we expect to continue, as Rory explained. And we will see some headwind out of the shortages in certain segments and channels. Overall, it will lead to pretty much a seasonal expectation for us for the first quarter.

我認為這是一個公平的平衡。正如羅裡所解釋的那樣，我們預計所看到的產品勢頭將會持續下去。我們會看到某些領域和管道的短缺會造成一些阻力。總體而言，這將使我們對第一季產生相當季節性的預期。

And then guys, as a quick follow-up, Thomas, just relative to the gross margin guidance, you referenced the ongoing negotiations with GLOBALFOUNDRIES. Is that influencing the gross margin coming down a bit? Or is that mainly just the revenue and mix? And then I guess, how do those negotiations impact your longer-term view on the gross margin model?

然後，夥計們，作為一個快速的跟進，托馬斯，僅相對於毛利率指導，你提到了與 GLOBALFOUNDRIES 正在進行的談判。這是否會影響毛利率的下降？或者這主要只是收入和組合？那麼我想，這些談判會如何影響您對毛利率模型的長期看法？

Yes. A very good question. So, first of all, let me help you build a bridge. We see some tailwind, headwinds in there, let me start there, in the first quarter, just because of product mix and revenue being seasonally down.

是的。非常好的問題。所以，首先，讓我來幫你蓋一座橋。我們看到了一些順風和逆風，讓我從第一季開始說起，只是因為產品組合和收入季節性下降。

You know that in the fourth quarter, our game console licensing revenue helped us to exceed expectations. So we'll see some headwinds from product mix in there in the first quarter. And we see some tailwinds because of improving yields on the 32-nanometer side. We think if you take the gives and takes, you're going to come out at 45%, pretty much.

您知道，在第四季度，我們的遊戲機授權收入幫助我們超出了預期。因此，我們將在第一季看到產品組合方面的一些阻力。由於 32 奈米方面的產量提高，我們看到了一些順風。我們認為，如果考慮到給予和索取，您的最終結果將大致為 45%。

The negotiations with [GLOBALFOUNDRY] are making very good progress. We're very pleased with the results we have been achieving. And we think we approach the conclusion of those negotiations. And, of course, as the guidance we provided today for the current [three] quarter also reflects, or is an assessment of where we are in there -- with the negotiations.

與[GLOBALFOUNDRY]的談判進展非常順利。我們對所取得的成果感到非常滿意。我們認為這些談判即將結束。當然，我們今天為當前（三個）季度提供的指導也反映出了我們的談判進展，或者說是對我們的談判進展的評估。

Yes, and I'd add, John, that I feel particularly positive about those negotiations going in the right direction. I think the partnership that we're trying to build first around focusing around execution -- we've been maniacally focused with our partners at GF, IBM, PDF and AMD, all working together to address the execution challenges we had in third quarter. And we've seen progress.

是的，我想補充一點，約翰，我對這些談判朝著正確的方向發展感到特別樂觀。我認為，我們試圖建立的合作夥伴關係首先圍繞執行——我們一直與 GF、IBM、PDF 和 AMD 等合作夥伴密切合作，共同努力解決我們在第三季度遇到的執行挑戰。我們已經看到了進步。

As we move forward off of those successes in that partnership, I think the negotiations have moved forward well. And we're trying to work to put in place the kind of agreements that would allow us to have a strong base for the next two years, to be able to deliver on our expectations and to move forward with a successful model, that allows us to meet those customer demands and deliver on our financial commitments. So we're making very good progress there, John.

隨著我們在夥伴關係上取得這些成功，我認為談判進展順利。我們正在努力達成某種協議，以便我們在未來兩年內擁有堅實的基礎，能夠實現我們的期望，並按照成功的模式向前邁進，從而滿足客戶的需求並履行我們的財務承諾。所以我們在那裡取得了非常好的進展，約翰。

Thanks, guys.

謝謝大家。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Can you say whether or not your 32-nanometer yields are sufficiently good, whereby you are now actually meeting the demand you have for that product? Or are you still a little bit short relative to demand?

您能否說一下你們的 32 奈米產量是否足夠好，從而真正滿足了該產品的需求？或者相對於需求而言，你們的供應仍然有點短缺？

So Glen, that's a very good question and focus. We've been intensely focused on addressing this execution challenge. And there's no doubt that this kind of focus is producing benefit. Week in and week out, we've seen steady improvement from where we started the quarter and where we ended 3Q.

所以格倫，這是一個非常好的問題和重點。我們一直高度重視解決這項執行挑戰。毫無疑問，這種關注正在產生效益。一周又一周，我們看到了與本季度初和第三季末相比穩步的改善。

We've actually increased our Llano 32-nanometer product delivery by 80% from the third quarter. And now Llano makes up almost 60% of the mobile microprocessing revenue. I think this is a good step in the right direction. This gives us the momentum, and we were able to deliver in a more effective way on the customer demands.

實際上，我們的 Llano 32 奈米產品交付量從第三季起增加了 80%。目前 Llano 佔據了行動微處理市場近 60% 的收入。我認為這是朝著正確方向邁出的良好一步。這給了我們動力，我們能夠以更有效的方式滿足客戶的需求。

Is there a strong interest in the product? Absolutely. Do we need to continue to build on the execution progress that we've made? For sure. We're not out of the woods yet but we're making steady progress. And with that, we've been delivering each and every week better and better and better. That 80% improvement quarter-quarter suggests a nice mix in terms of 32-nanometer, and positions us again for 1Q.

對該產品有濃厚的興趣嗎？絕對地。我們是否需要繼續鞏固已取得的執行進展？一定。我們尚未脫離困境，但正在穩步前進。就這樣，我們每週都取得了越來越好的成績。季度環比增長 80% 表明 32 奈米技術的組合情況良好，並為我們第一季的業績奠定了基礎。

You're going to see us keep that focus, and it's our commitment to continue to improve that to deliver on every customer commitment. Because building on that customer commitment, delivering on them, is the bedrock of developing long-term customer trust, which will fuel future growth.

您將看到我們保持這一重點，並且我們承諾繼續改進以兌現對每位客戶的承諾。因為建立在客戶承諾的基礎上並履行承諾是建立長期客戶信任的基石，這將推動未來的成長。

Thanks, Glen.

謝謝，格倫。

Maybe as a follow-up, just again on the server side, Intel is about to ramp up the Romley platform for them. Do you think in the face of that, you can continue to grow the server business? Or do you think we might see a temporary pause just as, again, as that new product from Intel ramps? Or is there something specific about the nature of where you're gaining on server that you think you can continue to move forward with that?

也許作為後續行動，在伺服器方面，英特爾即將為他們推出 Romley 平台。面對這種情況，您認為您可以繼續發展伺服器業務嗎？或者您認為，隨著英特爾新產品的推出，我們可能會再次看到暫時的停頓？或者，您在伺服器上所取得的進展的性質是否具有某些特定特徵，您認為您可以繼續推進這一進程？

Well, Glen, we've built on two steady -- two consistent quarters of improving growth. I think that shows the beginnings of a strong foundation. We've got to continue to build on that. And with the launches of the HP products, the Dell products -- you know, HP has now launched the world's fastest dual socket database server. And Dell achieved the world record for a power efficiency in the blade server space.

嗯，格倫，我們已經連續兩個季度保持穩定成長。我認為這標誌著堅實基礎的開始。我們必須繼續在此基礎上努力。隨著惠普產品、戴爾產品的推出—您知道，惠普現在已經推出了世界上最快的雙插槽資料庫伺服器。戴爾在刀鋒伺服器領域創造了能源效率的世界紀錄。

Those are good data points that say there's the interest and the desire. And when I look at, on a weekly basis, and I look at the pipeline of customer interest and demand, we're building on that week in and week out.

這些都是很好的數據點，顯示有興趣和願望。當我每週觀察並查看客戶興趣和需求管道時，我們會發現我們每週都在不斷建立。

Of course, with our relatively modest share position, our objective is to continue to build on this turnaround. We're just at the very beginning of this. And this is a long-term focus for us to build on quarter-in and quarter-out. Sure, there will be new products introduced across the year and into next year. And we'll do the same.

當然，由於我們的股份規模相對較小，我們的目標是繼續實現這一轉變。我們才剛開始這一過程。這是我們每季都要專注的長期目標。當然，今年和明年都會推出新產品。我們也會這麼做。

But it's about building those relationships with the enterprise customers; understanding their needs; making sure that we're delivering those products consistently with the execution. It's our focus to continue to build on that and move forward with these first two quarters of expanding growth. Thanks, Glenn.

但這是為了與企業客戶建立關係；了解他們的需求；確保我們能夠按照執行要求持續交付這些產品。我們的重點是繼續在此基礎上繼續推進前兩個季度的成長。謝謝，格倫。

Great. Thank you.

偉大的。謝謝。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Thanks for taking my question, Rory and Thomas. I think you mentioned 32-nanometer yield improvement at GLOBALFOUNDRIES, but you took a substantial $200 million-plus impairment charge in Q4. Can you help us understand why?

感謝羅里和托馬斯回答我的問題。我認為您提到了格芯 32 奈米產量的提高，但您在第四季度承擔了超過 2 億美元的巨額減值費用。你能幫助我們理解原因嗎？

And more importantly, how do you see the mix of CPU at GLOBALFOUNDRIES versus TSMC in the future, and what would be the cost implications?

更重要的是，您如何看待未來格芯與台積電的 CPU 組合，以及對成本的影響是什麼？

Yes, I take the valuation question first. As you know, we began to account for our investment in GLOBALFOUNDRIES under the method of -- cost method of accounting last -- first quarter last year. And at that time, the investment was determined to have a value of around $460 million.

是的，我先回答估值問題。如您所知，我們從去年第一季度開始按照成本會計法核算對 GLOBALFOUNDRIES 的投資。當時，該項投資的價值確定為 4.6 億美元左右。

We, as a company, review our investment for impairment indicators regularly. At the end of last quarter, we did this with GLOBALFOUNDRIES. And based on certain indicators, their future growth outlook, they have changed the timeline on the new fab in Abu Dhabi; their business plans have changed and we reevaluated our investment in the company.

作為一家公司，我們會定期檢視我們的投資是否有減損跡象。上個季度末，我們與格芯合作完成了這項工作。並且根據某些指標、他們對未來的成長前景，他們改變了阿布達比新工廠的時間表；他們的商業計劃已經改變，我們重新評估了對該公司的投資。

It has decreased now down to $277 million and we impaired, for that very reason, the investment we have. So that is not so much a statement about 32-nanometer yields at this point in time, but about the bigger picture and long-term growth outlook of GLOBALFOUNDRIES and how they have adjusted their plans.

現在已降至 2.77 億美元，正因為如此，我們的投資受損了。因此，這與其說是有關當前 32 奈米產量的聲明，不如說是有關格芯的更大前景和長期增長前景以及他們如何調整計劃。

And GLOBALFOUNDRIES versus TSMC?

那麼 GLOBALFOUNDRIES 與 TSMC 相比如何？

We're going to continue to build on the strong relationships that we've been developing with GLOBALFOUNDRIES. As we move forward, you're going to see us continue to expand on the execution focus that we have, and continue to build on the expansions in terms of the process node technology.

我們將繼續鞏固與格芯之間的牢固關係。隨著我們不斷前進，您將看到我們繼續擴大我們的執行重點，並繼續在製程節點技術方面進行擴展。

What we're really focused on is making sure we have the execution capability and to be able to deliver that consistently. Those foundry choices are all consistent with the financial objectives that we've created and the modeling that Thomas shared earlier.

我們真正關注的是確保我們擁有執行能力並能夠始終如一地實現這一目標。這些代工廠的選擇都與我們所製定的財務目標以及托馬斯先前分享的模型一致。

All right. And one quick follow-up, Rory, if I may.

好的。如果可以的話，我還有一個快速的後續問題，Rory。

Of course.

當然。

Some very good progress in servers, but I've seen the prepared remarks that you mentioned that there was some price declines, single digit server ASP declines. Is that just a function of mix? Or is there some other factor here?

伺服器方面取得了一些非常好的進展，但我看到了您提到的準備好的評論，價格有所下降，個位數的伺服器 ASP 下降。這僅僅是混合的功能嗎？或是這裡面還有其他因素嗎？

Yes, I think that's really driven, Vivek, by the mix and in terms of some of the early implementations to make sure we got that in place. As you're introducing a new product, we would expect to build off of that, and to see the mix change as we move through the yield cycles and as we move through the launch.

是的，Vivek，我認為這確實是由混合驅動的，並且就一些早期實施而言，以確保我們能夠做到這一點。當您推出新產品時，我們希望以此為基礎，並隨著產量週期和發布的推進看到產品組合的變化。

Got it. Great. Thank you.

知道了。偉大的。謝謝。

Uche Orji, UBS.

Uche Orji，瑞銀。

Yes. This is Steve Eliscu for Uche. First question is on ultra-books -- or ultrathin notebooks. Can you give us a sense of where you think exiting the year the percentage of notebook processors that would be for the ultrathin SKU?

是的。我是 Uche 的 Steve Eliscu。第一個問題是關於超極本——或者超薄筆記型電腦。您能否告訴我們，您認為今年年底用於超薄 SKU 的筆記型電腦處理器的比例將達到多少？

You know, the movement to thin and light is nothing new. Customers want mobility. And the ideas of ultrathins is something that we're very focused on. And if you think about it, with our APU strategy that I mentioned, with the next-generation product, Trinity APU, we already are well ahead of the pace last year when we set our record-setting year for design wins with the Trinity product in 2012.

你知道，追求輕薄並不是什麼新鮮事。客戶需要移動性。我們非常關注超薄概念。如果你仔細想想，憑藉我提到的 APU 策略，憑藉下一代產品 Trinity APU，我們已經遠遠領先去年的步伐，2012 年我們憑藉 Trinity 產品創下了設計勝利的記錄。

With that product, we can deliver ultrathins in the range of 17 millimeters. And what's really important I think we have to all focus on is ultrathin and mobility. The ability for computing to reach customers across the planet -- whether it's in high-gross markets, mature markets -- we want to deliver that kind of mobility solution with a great experience, great graphics, low power, in a thin mobile solution, and we want to do it at a mainstream price.

透過該產品，我們可以提供厚度在 17 毫米範圍內的超薄產品。我認為我們真正需要關注的是超薄和移動性。運算能力可以覆蓋全球的客戶——無論是在高收入市場還是成熟市場——我們希望透過輕薄的行動解決方案提供具有出色體驗、出色圖形、低功耗的行動解決方案，並且我們希望以主流價格做到這一點。

That opens the door for this computing to a much broader portfolio. And our objective at AMD is to deliver that kind of technology, that kind of experience into the sweet spot of the market. And you're going to see us build on those design wins, record-setting in '11 with the original family set of APUs, and moving forward with Trinity already outpacing in creating the records.

這為這種計算方式開啟了更廣泛的應用範圍。AMD 的目標是將這種技術、這種體驗推向市場的最佳位置。您將會看到我們以這些設計勝利為基礎，在 2011 年憑藉原始系列 APU 創下紀錄，並隨著 Trinity 的不斷進步而不斷創造紀錄。

It's Mark, and I'll add that the improvements that we've made in Trinity in both our CPU and the GPU are really delivering outstanding results and performance per watt. So as well for the ultrathins being able to hit the 17 millimeter low-profile, we're also getting a doubling of the performance per watt. So it's an exciting application of our APU technology.

我是馬克，我想補充一點，我們在 Trinity 的 CPU 和 GPU 方面所做的改進確實帶來了出色的結果和每瓦效能。因此，對於能夠達到 17 毫米薄型的超薄產品來說，我們也獲得了每瓦性能翻倍的效果。所以這是我們的 APU 技術的一個令人興奮的應用。

I think you'll see mobility continue to expand. That's where we've strong growth in the market. IDC, Gartner, Mercury, are all forecasting 2012 mobility to increase. It looks like they're forecasting a better year than '11 and '12, looking stronger in the second half than the first half. It doesn't matter. What's most important to us is to understand the market and the customer needs, and deliver the technology at the price points that create this for everyone. We want to create this kind of ultrathin type solution that can reach the masses -- everyone.

我認為你會看到流動性不斷擴大。這就是我們的市場強勁成長的地方。IDC、Gartner、Mercury 皆預測 2012 年行動性將會增強。看起來他們預測今年的情況將比 2011 年和 2012 年更好，下半年的情況將比上半年更加強勁。沒關係。對我們來說最重要的是了解市場和客戶的需求，並以適合每個人的價格提供技術。我們希望創造出這種能夠惠及大眾——每個人的超薄型解決方案。

That's helpful. Certainly would encourage to give us a goal as you get further along with Trinity. (multiple speakers)

這很有幫助。當然，當您與 Trinity 一起取得進一步進展時，會鼓勵您為我們設定一個目標。（多位發言者）

Before you go on to the follow-up question, Steve, one of the things you might think about is coming to the Analyst Day next week, because we'll go into a little bit more detail around the strategy, what we're doing around convergence, around low-power, and kind of give you the view of where the whole thing goes.

史蒂夫，在您繼續後續問題之前，您可能會考慮參加下週的分析師日，因為我們將更詳細地介紹該策略，我們在融合、低功耗方面所做的工作，並讓您了解整個事情的發展方向。

You know, we have to focus -- well, you should go onto the next question.

你知道，我們必須集中註意力——好吧，你應該繼續下一個問題。

I look forward to it.

我很期待。

Because you're getting me going, Steve.

因為你讓我出發了，史蒂夫。

That's great. On the server improvements that you've seen, historically, you've done well in high-performance computing, and I think you've indicated data center is an area that will drive some of the new growth. Can you give us a sense as to the success you're having selling Opteron, the Interlagos into the data centers?

那太棒了。關於您所看到的伺服器改進，從歷史上看，您在高效能運算方面做得很好，我認為你們已經指出資料中心是一個將推動一些新成長的領域。您能否向我們介紹一下 Opteron 和 Interlagos 向資料中心銷售的成功情況？

You know, I think server is another one of these key areas that we're seeing a change in the marketplace. We're approaching an inflection point. There's no doubt in my mind that we're seeing a breakdown in some of the proprietary control points that have dominated the market for years.

你知道，我認為伺服器是我們看到市場變化的另一個關鍵領域。我們正接近一個轉折點。我毫不懷疑，我們正在看到一些多年來一直主導市場的專有控制點出現故障。

And I think in the server space, based on what's happening in the cloud; what's happening around convergence; the types of workloads that are going to be driven through these mega data centers, these cloud data centers, the kinds of solutions that are going to be created going forward, are going to be tailored to very unique, almost server appliances, that allow us, in dense kinds of solutions, to introduce -- I don't know, disruptive, really disruptive server plays that allows us to win.

我認為在伺服器領域，基於雲端發生的情況；融合方面正在發生什麼？透過這些大型資料中心、雲端資料中心所驅動的工作負載類型，以及未來將要創建的解決方案類型，都將針對非常獨特的伺服器設備進行定制，這使我們能夠在密集的解決方案中引入——我不知道，顛覆性的、真正顛覆性的伺服器玩法，這將使我們能夠獲勝。

You'll see us continue to focus in the high-performance computing market because that's always a forerunner of where next technology is going. We've got a strong foothold there; continue to build on the database work, the traditional data center work that we're doing with the kinds of work around virtualization, and around certain workload segments where our type of architecture really plays. And you'll see us get really aggressive around this disruptive play as we move forward. It's another area I'm sure Mark wants to comment on.

您將看到我們繼續專注於高效能運算市場，因為它始終是下一代技術發展方向的先驅。我們在那裡有著穩固的立足點；繼續在資料庫工作、傳統資料中心工作的基礎上開展工作，以及圍繞虛擬化開展工作，並圍繞我們的架構類型真正發揮作用的某些工作負載部分開展工作。隨著我們不斷前進，你會看到我們會對這種破壞性行為採取非常積極的態度。我確信這是馬克想要評論的另一個領域。

Well, you know, Rory, the investments that we're making in low-power and performance per watt that we talked about earlier in Trinity, are directly applicable to the server market.

嗯，你知道，Rory，我們之前在 Trinity 討論過的對低功耗和每瓦性能的投資直接適用於伺服器市場。

Our customers are telling us that our strategy, right, to double down in our roadmap as we're doing, and bring these improvements across the applications that they're focused on, and as well as the agility that we're going to bring to our SoC, in terms of bringing those solutions to market, are going to hit exactly the improvements that our customers are saying where they need focus on their markets, focus on their workloads and servers.

我們的客戶告訴我們，我們的策略是對的，就是加倍努力推進我們的路線圖，將這些改進帶到他們關注的應用程序中，以及我們將為我們的 SoC 帶來的靈活性，在將這些解決方案推向市場方面，這將準確實現客戶所說的改進，他們需要專注於他們的市場、他們的工作負載和服務器。

And Mark, you're -- and Mark is on a really important point about architecture. The work that we're doing around our strategy and around architecture to give us the agility, the time to market, the kinds of reuse around IP, to give us the ability to tailor these solutions at the SoC level, at the server and platform level, these are some of the strategies that we want to cover in our Analyst Day next week.

馬克，你——馬克對建築的看法非常重要。我們圍繞戰略和架構所做的工作，為我們提供靈活性、上市時間、圍繞 IP 的重用類型，使我們能夠在 SoC 級別、伺服器和平台級別定制這些解決方案，這些是我們希望在下週的分析師日上涵蓋的一些策略。

This is important stuff; this is important trends and strategies that allows us to really tackle this. And this is what's going to be differentiated as we see these inflection points accelerate. Because these trends are emerging now, but they're only going to accelerate. And that's what we have to do in AMD -- understand the market, the customer -- not focus on the past, or the incumbent, or chasing someone, but understand where the market is going, the customers' needs.

這是很重要的事情；這是讓我們能夠真正解決這個問題的重要趨勢和策略。當我們看到這些拐點加速時，這就是將要區別開來的地方。因為這些趨勢現在正在出現，但它們只會加速。這就是我們在 AMD 必須做的事情——了解市場、了解客戶——不是專注於過去、關注現任者或追逐某人，而是了解市場的發展方向、了解客戶的需求。

And as this inflection point occurs, what's the architecture to tackle it, and go get it.

當這個轉折點出現時，有什麼架構可以解決它並實現它？

Great. Operator, can we have the next question, please?

偉大的。接線員，我們可以問下一個問題嗎？

Romit Shah, Nomura.

野村證券的羅米特·沙阿 (Romit Shah)。

This is Sanjay Jadhav here for Romit Shah. My first question is on renewals on ARM, which could potentially target by segment where [modules] is currently being shaped. How do you think it will play out for you? And if in any way you are planning to participate in renewals on ARM devices. And I have a follow-up then.

我是 Sanjay Jadhav，為 Romit Shah 代言。我的第一個問題是關於 ARM 的更新，它可能針對目前正在塑造 [模組] 的細分市場。您認為這會為您帶來什麼結果？如果您計劃以任何方式參與 ARM 裝置的更新。然後我有一個後續行動。

Yes. Sanjay, can you just ask the first part of the question? I missed it, it was on Win8, was that what it was?

是的。Sanjay，你能只問問題的第一部分嗎？我錯過了，它是在 Win8 上，是那樣嗎？

Yes, it was. It's basically Windows and ARM. And my question is we feel that Windows and ARM devices could potentially target the [PLI] segment where Brazos is currently being shipped. And just want to understand your take on that.

是的。它基本上是 Windows 和 ARM。我的問題是，我們認為 Windows 和 ARM 裝置可能會瞄準 Brazos 目前正在發售的 [PLI] 細分市場。只是想了解您對此的看法。

Sure, Sanjay. So our perspective is Win8 is an interesting and important launch of technology. We think that it's going to drive interest and demand in the overall marketplace. And as I mentioned earlier, with our APU strategy, we are going to be ready to participate in that in the traditional spaces, and the ultrathin spaces, and then move forward.

當然，桑傑。因此，我們的觀點是 Win8 是一項有趣且重要的技術發布。我們認為這將推動整個市場的興趣和需求。正如我之前提到的，透過我們的 APU 策略，我們將準備好參與傳統領域和超薄領域，然後繼續前進。

I think you'll see architectures begin to dabble in that x86 space. Remember, these are the 32-bit architectures at the beginning of these implementations. Windows is performing really efficiently at the 64-bit level. And while these are first forays into that space, we'll see some of that around this trend of convergence -- there's no doubt about it.

我認為你會看到架構開始涉足 x86 領域。請記住，這些實作開始時都是 32 位元架構。Windows 在 64 位元層級的運作效率確實很高。雖然這是我們首次涉足該領域，但我們會看到一些融合趨勢——這是毫無疑問的。

But what we have to do is focus on creating the technical solutions with the APUs that are low-power; that are at the right price point; that delivers the full graphics experience, the long battery life, the quick startups, and the ability to have backward and forward compatibility. That's an advantage and that allows us to continue to build on that.

但我們要做的是專注於創造低功耗APU的技術解決方案；價格合適；提供完整的圖形體驗、長電池壽命、快速啟動以及向後和向前兼容的能力。這是一個優勢，它使我們能夠繼續在此基礎上發展。

People talked about ultra low-power in the past and other things like that. Those weren't as successful as we'd hoped, because they were a little bit under-powered or under-capable. This trend will emerge. We're ready to participate in Win8 and we're going to -- we're excitingly looking forward to its launch.

人們過去曾談論過超低功耗以及類似的事情。這些並不像我們所希望的那樣成功，因為它們的動力或能力有點不足。這種趨勢將會出現。我們已經準備好參與 Win8，我們非常期待它的發布。

Okay, thanks. And my second question is on desktop segment. I remember from last call, it went down significantly because of shortage of 45-nanometer parts. I was wondering where we are on that? You mentioned that there were some issues resolved; but going forward, is that still tied to 32-nanometer yields? Or we can see unconstrained supply of desktop parts going forward?

好的，謝謝。我的第二個問題是關於桌面領域的。我記得上次通話時，由於 45 奈米零件短缺，價格大幅下降。我想知道我們現在處於什麼位置？您提到一些問題已經解決；但展望未來，這是否仍與 32 奈米產量相關？或者我們可以看到未來桌面零件的供應不受限制？

Yes, what we believe now is that as we exit the quarter, we had a little bit of a excursion around the 45-nanometer supply in the late part of the quarter. Desktop is an important segment for us. I think we're seeing more consistency in the execution. As you have heard me mention earlier, we've increased our delivery around 32-nanometer Llano by 80% from third quarter, up 80% from the third quarter.

是的，我們現在認為，隨著本季的結束，我們在本季後期在 45 奈米供應方面出現了一些波動。桌面對我們來說是一個重要的部分。我認為我們在執行過程中看到了更多的一致性。正如您之前聽到我提到的，我們的 32 奈米 Llano 交付量較第三季增加了 80%，較第三季增加了 80%。

That means that we're getting more efficient in terms of the yields. We're not consuming the same number of wafers. That allows us to [dress] the desktop space. Without that conversion -- excursion, I think we're in a strong position there, but I believe that in 1Q, that you'll see us continue to rebound around desktop, desktop supply.

這意味著我們在收益方面變得更有效率。我們消耗的晶圓數量不一樣。這使我們能夠裝飾桌面空間。如果沒有這種轉換 - 偏差，我認為我們在那裡處於強勢地位，但我相信在第一季度，你會看到我們繼續在桌面、桌面供應方面反彈。

Okay, thanks.

好的，謝謝。

Jim Covello, Goldman Sachs.

高盛的吉姆·科維洛。

Hey, Jim, are you there?

嘿，吉姆，你在嗎？

Yes, I'm here. Can you hear me?

是的，我在這裡。你聽得到我嗎？

Fire away. I can hear you.

開火。我聽到你的聲音。

Yes, okay. The question is sort of the direction of the CPU market over the course of the year. Your competitor saw similar guidance as you did in the first quarter and then normal seasonality in the second quarter, and maybe a big pickup around the back half of the year; maybe even historically good pickup in the back half of the year, around some of the Windows 8 and ultra-book launches and things of that nature.

是的，好的。問題在於今年 CPU 市場的發展方向。您的競爭對手在第一季看到了與您類似的指導，然後在第二季度看到了正常的季節性，並且可能在今年下半年出現大幅回升；或許在下半年會出現歷史上最好的增長，圍繞 Windows 8 和超級本的發布以及類似的事情。

Is that pretty consistent with how you would see the market? Or would you see it any differently?

這與您對市場的看法一致嗎？或者你會以不同的方式看待它嗎？

Well, first, as we look at it at the macro level, the macroeconomic environment on a global stage is a little bit unpredictable. You can never really be 100% sure. When we take a look at what we're hearing from our analysts around IDC, Gartner and Mercury, there's a general consensus that '12 looks a bit stronger than '11's; that the second half looks a little bit stronger than the first half.

首先，從宏觀層面來看，全球宏觀經濟環境有點難以預測。你永遠不可能真正 100% 確定。當我們聽取 IDC、Gartner 和 Mercury 分析師的意見時，他們普遍認為 2012 年的表現會比 2011 年更強一些；下半場看起來比上半場稍微強勁一些。

Our focus is around improving our execution. That's the first step that we can create value in the firm, delivering our customer expectations. We believe we're on the right track with the APU architecture and strategy. And you're going to see us continue to evolve that.

我們的重點是提高我們的執行力。這是我們為公司創造價值、滿足顧客期望的第一步。我們相信 APU 架構和策略正走在正確的軌道上。您將會看到我們繼續發展這項技術。

And I think what we're focusing in on is that customer, that execution, that architecture. And what's key for us is to continue to build on the growth and that share focus quarter-in and quarter-out. We'll be ready for what the market throws at us. We're going to go based on what the general consensus is from the analysts around growth for '12. I think '12 is a little bit better than '11, and it's a little bit stronger in the second half, based on what we see their forecast to be.

我認為我們關注的是客戶、執行和架構。對我們來說，關鍵是繼續保持成長勢頭，並在每個季度都專注於市場份額。我們將做好準備迎接市場帶給我們的一切挑戰。我們將根據分析師對 2012 年成長的普遍共識來做出決定。根據我們的預測，我認為 2012 年會比 2011 年好一點，而且下半年會更強勁一些。

Okay. And then if I could ask as my follow-up -- and I understand and applaud the focus on execution -- I guess, though, you can't execute in a vacuum and you have to think about the environment going on with your competitors. And your competitor is just spending an unprecedented amount of CapEx and planning to bring on an unprecedented amount of leading-edge capacity.

好的。然後，如果我可以問一下後續問題——我理解並讚賞對執行的關注——我想，你不能在真空中執行，你必須考慮競爭對手的環境。而你的競爭對手正在花費前所未有的資本支出併計劃帶來前所未有的前沿產能。

How do you think about that as it relates to pricing, as it relates to competing on new nodes, again, with your renewed focus on execution in mind?

您如何看待這與定價的關係，與新節點競爭的關係，以及您是否再次重新關注執行？

We're going to cover this in a lot more detail at next week's Analyst Day out in California. And I think that's important. But as you think of the industry trends around consumerization, cloud, and convergence, there is no doubt as we've seen these kinds of inflection points in the industry, there is always a significant downward pressure in terms of the price points.

我們將在下週於加州舉行的分析師日上更詳細地討論這個問題。我認為這很重要。但是，當您想到圍繞消費化、雲端和整合的行業趨勢時，毫無疑問，正如我們所看到的，行業中出現了這些轉折點，價格方面總是存在著顯著的下行壓力。

So if you're dragging huge asset base along with you and there comes pressure into the market around those price points, that could put pressure into a business model. Our focus is to create the kinds of APU processors that give the excellent performance, the excellent experience around our graphics IP, our video IP, our low-power solution, in a solution that we believe is very agile; one that we can apply across that. And we can hit price points that are very comfortable for us.

因此，如果你拖著龐大的資產基礎，而市場在這些價格點附近面臨壓力，那麼這可能會給商業模式帶來壓力。我們的重點是圍繞我們的圖形 IP、視訊 IP、低功耗解決方案，打造能夠提供卓越性能和卓越體驗的 APU 處理器，我們認為這個解決方案非常靈活；我們可以應用它。我們可以達到對我們來說非常舒適的價格點。

We think the emerging market and the entry -- and the high-growth markets around entry and mainstream will be the hottest segments, and I think that is playing to our hand. We are going to emphasize this strategy. We want to embrace this inflection point that's emerging. We want to accelerate it, because shift happens when there's these inflection points.

我們認為新興市場和入門市場——以及圍繞入門和主流的高成長市場將是最熱門的領域，我認為這對我們有利。我們將強調這項策略。我們希望擁抱這個正在出現的轉折點。我們希望加速這一進程，因為當這些拐點出現時，轉變就會發生。

Yes, let me make one further comment. You know, of course, we see the investment of our competitor, but the fabless ecosystem is not sitting still. And if you look at the investments that are done under TSMC at a GLOBALFOUNDRIES and GLOBALFOUNDRIES and [Alliance's] level, then the numbers are very comparable. GLOBALFOUNDRIES and the partnership model invest about $9 billion this year. TSMC sits around $6 billion, if I recall the number correctly. So this is in terms of scale and absolute numbers. They're very comparable to what Intel is putting on the table.

是的，讓我再補充一點。當然，我們看到了競爭對手的投資，但無晶圓廠生態系統並沒有停滯不前。如果你看看台積電在格芯、格芯和[Alliance]層面上進行的投資，那麼這些數字是非常具有可比性的。GLOBALFOUNDRIES和合作夥伴模式今年投資約90億美元。如果我沒記錯的話，台積電的市值約為 60 億美元。這是從規模和絕對數字來看的。它們與英特爾目前推出的產品非常相似。

Really helpful. Thanks so much, good luck.

真的很有幫助。非常感謝，祝你好運。

JoAnne Feeney, Longbow Research.

喬安妮·菲尼（JoAnne Feeney），長弓研究公司。

Hi, JoAnne, are you there?

嗨，喬安妮，你在嗎？

Yes. Can you hear me now?

是的。現在你能聽到我說話嗎？

I can, JoAnne.

我可以，喬安妮。

Okay sorry about that. Trying to get into a little bit more detail on the server side. One thing I'm curious about is if there's any change in mix between where you typically sell, which is at the higher end, the 4P or larger servers, and perhaps the more volume-oriented 2P segment with the Bulldozer traction you're having thus far, or if you anticipate such an exchange? And if that might be also what's behind the ASP change that you talked about.

好的，很抱歉。嘗試深入了解伺服器端的更多細節。我很好奇的一件事是，你們通常銷售的高端 4P 或更大的伺服器，與目前為止你們所擁有的 Bulldozer 牽引力更強的批量導向 2P 段之間的產品組合是否有任何變化，或者您是否預計會發生這樣的交換？這是否也是您所說的 ASP 變化背後的原因？

Well, I think what you're seeing in the beginning of the launch, obviously, we build on that strong foundation that we've had in the high-performance computing market, some of those long relationships that we've created there. Now with the introduction of the ProLiant solutions from HP, and now with the Dell blade servers, the PowerEdge blade servers that we're introducing, now we're introducing a wider swath of product sets. They're across multiple types of node solution. We're further into the launch now, so you're getting a much wider spread in terms of the yield across the mix.

嗯，我想您在發布之初看到的，顯然是建立在我們在高效能運算市場所擁有的堅實基礎之上，以及我們在那裡建立的一些長期關係。現在隨著 HP 推出的 ProLiant 解決方案，以及戴爾刀鋒伺服器和 PowerEdge 刀鋒伺服器的推出，我們推出了更廣泛的產品系列。它們跨越多種類型的節點解決方案。現在我們已經進入了推出的更進一步的階段，因此，從收益組合來看，您將獲得更廣泛的分佈。

I don't think we saw anything unusual for the first initial quarter and a half of this launch, in terms of mix. I think you'll see us build on that as we move forward here in 1Q and 2Q, but nothing unusual in terms of that mix.

就產品組合而言，我認為在此次發布的第一個半季度裡，我們並沒有發現任何異常。我認為，隨著我們在第一季和第二季的進展，您會看到我們在此基礎上繼續發展，但就這種組合而言並沒有什麼不尋常之處。

Okay. That's real helpful, thanks. And then on the notebook side, or more generally, 32 versus 45-nanometer side, so it sounds like a very nice increase in yields on 32-nanometer. So what I'm curious about is, since 32-nanometer increased -- shipments increased so much in the fourth quarter, but overall computing revenue increased by far less, is that a sign that there is a pretty steep drop in 45-nanometer production? And how does that then shape up for the transition from the fourth quarter to the first quarter?

好的。這真的很有幫助，謝謝。然後從筆記型電腦方面來看，或者更普遍地說，從 32 奈米到 45 奈米，聽起來 32 奈米的產量有了非常可觀的成長。所以我很好奇的是，由於 32 奈米的出貨量在第四季度大幅增加，但整體計算收入的增幅卻很小，這是否表明 45 奈米的產量急劇下降？那麼，從第四季到第一季的過渡將會如何發展呢？

Well, I think we're pretty pleased with the focus on execution, as I mentioned earlier in the call, in terms of that momentum across the APU space. And then combine that with the server space, good progress there.

嗯，我認為我們對執行的關注感到非常滿意，正如我在電話會議中早些時候提到的那樣，就 APU 領域的發展勢頭而言。然後將其與伺服器空間結合起來，就能取得良好的進展。

The only part of the portfolio that was a little bit choppy was, as I mentioned earlier in my prepared remarks, were around the graphics space. That was a little bit different and I thought that add-in board market was a little bit affected in December, based on that hard disc chop in the channel. We are not dramatically affected by that because of -- more of our focus is on the execution side.

正如我之前在準備好的發言中提到的那樣，作品集中唯一有點不穩定的部分是圖形空間。這有點不同，我認為 12 月附加板市場受到了一點影響，因為通路中的硬碟銷量有所下降。我們並沒有受到太大的影響，因為我們更關注的是執行方面。

So I feel pretty good about where we are in terms of the transition around 32. I think that we're on track to launch the next APU platform around Trinity, as I mentioned earlier, with the kind of design wins that we're getting there, that positions us well. We've got still interesting demand around 45 in terms of some of the product sets in the channel mainly around desktop. And we'll continue to work that technology through, especially in the high-growth and emerging markets.

因此，就 32 歲左右的過渡而言，我對我們所處的位置感到非常滿意。我認為我們正按計劃推出圍繞 Trinity 的下一個 APU 平台，正如我之前提到的，憑藉我們在那裡取得的設計勝利，我們處於有利地位。就通路中的一些產品套裝（主要圍繞桌面）而言，我們仍然有大約 45 的有趣需求。我們將繼續推廣這項技術，特別是在高成長和新興市場。

So I'm not seeing anything, Joanne, in that mix that is terribly unique. I think we're at a good point in terms of those crossover curves that we run, in terms of transition, and with the improved execution. And I want to emphasize -- we've made real progress, but we're not finished with that. And we need to continue to work every day with those tiger teams we've put in place; we're tracking the test vehicles through the lines to make sure that we're getting that consistent improvement. Because that will reduce our consumption of wafers and give us far more flexibility in our supply chain.

所以喬安妮，我沒有在這種混合中看到任何非常獨特的東西。我認為，就我們運行的交叉曲線、過渡以及執行力的提高而言，我們處於一個很好的階段。我想強調的是——我們已經取得了真正的進展，但我們還沒有完成。我們需要繼續與我們已派出的「猛虎隊」每天一起工作；我們正在全線追蹤測試車輛，以確保獲得持續的改進。因為這將減少我們的晶圓消耗，並使我們的供應鏈更加靈活。

So while we've improved by 80% from the third quarter, we're not all the way there yet, and we need to keep that maniacal focus on execution this quarter and the rest of 2012. That's the key to building initial value for our shareholders and partners.

因此，儘管我們比第三季提高了 80%，但還沒有完全實現目標，我們需要在本季度和 2012 年剩餘時間內繼續高度關注執行情況。這是為我們的股東和合作夥伴創造初始價值的關鍵。

So that improvement then, Rory, are you suggesting there's more yield improvements possible on that 32-nanometer line?

那麼，Rory，您是否認為 32 奈米生產線的產量還有進一步提高的可能？

Absolutely. And that's our objective and we're working on it week-in and week-out. And we believe there's more of that for weeks and weeks to come.

絕對地。這就是我們的目標，我們正在每週努力實現它。我們相信，未來幾週還會有更多這樣的情況。

And those same techniques and practices that the teams -- the tiger teams applied on 32-nanometer, that momentum continues in the 28-nanometer. So that poises us well going into the coming 2012.

老虎團隊在 32 奈米製程上應用的相同技術和實踐，在 28 奈米製程上也延續了這種勢頭。這有助於我們順利迎接即將到來的 2012 年。

Thanks, Joanne.

謝謝，喬安妮。

Thank you, guys.

謝謝你們。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Thank you very much. Your Q1 guidance, your March quarter guidance, does it assume that desktop and Llano sales will be tracking demand? Or does it actually incorporate some assumption of increasing supply, driving shipments above demand?

非常感謝。您的第一季指引、三月季度指引是否假設桌上型電腦和 Llano 的銷售將追蹤需求？或者它實際上是否包含了一些增加供應、推動出貨量超過需求的假設？

I'm not sure that I completely understand your question.

我不確定我是否完全理解了你的問題。

Yes, can you run it back again, David?

是的，你能再運行一遍嗎，大衛？

Yes. Well, you had yield constraints in the December quarter. You talked about how the 45-nanometer desktop was also -- was supply-constrained. So therefore, your guidance for the March quarter, does that assume that the sequential growth or decline -- that the trend will be better than the normal demand trend? Or are you actually tracking demand? Are you actually going to -- is the pattern of your sales going to equal the normal demand trend?

是的。嗯，12 月季度的收益受到限制。您談到了 45 奈米桌上型電腦的供應也受到限制。那麼，您對 3 月份季度的指導是否假設連續增長或下降——趨勢將好於正常需求趨勢？或者您實際上正在追蹤需求？您實際上會—您的銷售模式會與正常需求趨勢一致嗎？

Well, I think it's fair to say from the improvements we have seen and our foundry partners that we are not going to be supply constrained in the first quarter.

嗯，我認為從我們所看到的改進和我們的代工合作夥伴來看，可以公平地說，我們在第一季不會受到供應限制。

Great. My other question was, do you anticipate when Trinity actually does start shipping, that Trinity will have better yields and better gross margins than Llano at the time that Trinity starts out?

偉大的。我的另一個問題是，您是否預計當 Trinity 真正開始出貨時，Trinity 的收益和毛利率會比 Llano 更高？

At the time that Llano started out, I assume. Well, we are not going to give granular product-based gross margin, as you know, but I think the progress we have seen on Trinity is impressive. And of course, all the learnings that have been done on 32-nanometer with the Llano product will be transferred to Trinity. So the start-off base with Trinity is going to be significantly better from a yield perspective compared to where we were at Llano launch. So that makes us quite optimistic looking forward.

我猜想那是在 Llano 剛開始的時候。嗯，正如你所知，我們不會給出基於產品的具體毛利率，但我認為我們在 Trinity 上看到的進展令人印象深刻。當然，所有在 Llano 產品上進行的 32 奈米技術研發都將轉移到 Trinity。因此，從收益角度來看，Trinity 的起步基礎將比 Llano 發佈時好得多。因此，我們對未來充滿樂觀。

Great. Thank you.

偉大的。謝謝。

Thanks, David.

謝謝，大衛。

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

接線員，請再接聽兩位來電。

Understood. Next questioner in queue is Patrick Wang, with Evercore Partners. Your line is open.

明白了。下一位提問者是 Evercore Partners 的 Patrick Wang。您的線路已開通。

Thanks for letting me ask the question. The first one for Thomas, I want to go back to, I guess, John's early question about the wafer supply agreement. Can you talk about when the current agreement expires, how that's impacting your gross margins and when you think the new one needs to be in place?

感謝您讓我提出這個問題。第一個問題是問托馬斯的，我想回到約翰早些時候提出的關於晶圓供應協議的問題。您能否談談當前協議何時到期，這將如何影響您的毛利率，以及您認為何時需要實施新協議？

Well, there is not a -- good question -- just not a real firm timeline in place. And there's also not a black-and-white date of when it's going to end and when the new one is going to start, and it will have a black-and-white impact on our business model.

嗯，沒有一個好問題，只是沒有一個真正確定的時間表。而且，也沒有明確的日期來決定新的貿易協定何時結束、何時開始，這將對我們的商業模式產生明確的影響。

We have been working together with our partners in a very productive manner. We have achieved significant progress. We are pleased with the approach. And as we said in my prepared remarks, we are really close to coming to a conclusion. And of course, the guidance we've provided for the current quarter, as I said before, is an assessment of the progress we have been making in those negotiations.

我們一直以非常富有成效的方式與我們的合作夥伴合作。我們已取得重大進展。我們對這方法感到滿意。正如我在準備好的發言中所說，我們真的快要下結論了。當然，正如我之前所說，我們為本季提供的指導是對我們在這些談判中取得的進展的評估。

Okay. Got you. So I guess, stay tuned for that. And then, I guess, Rory, I want to follow-up on servers a bit here. Clearly, you're seeing some momentum, a couple quarters of growth. I guess a couple parts -- first off, where are you seeing that initial design traction? Second, do you expect server ASPs to increase now that you're getting parts out there to your customers?

好的。明白了。所以我想，請繼續關注。然後，我想，羅裡，我想在這裡跟進一下伺服器。顯然，你看到了一些勢頭，幾個季度的成長。我想有幾個部分——首先，您在哪裡看到最初的設計吸引力？其次，既然您現在已經向客戶提供零件，您是否預期伺服器平均銷售價格會上漲？

And then lastly, there's been a lot of chatter out there and a lot of activity in nontraditional server design, lots of guys doing designs on ARM and things like that. Can you offer your thoughts on that as well? Thanks.

最後，非傳統伺服器設計領域有許多討論和活動，很多人正在進行 ARM 等設計。您能對此發表一下您的想法嗎？謝謝。

Not a problem. From a server perspective, as I commented earlier, the initial momentum is driven around our success in the high-performance computing market. We see always a very early uptake in terms of our key partners in those segments.

沒問題。從伺服器的角度來看，正如我之前評論的那樣，最初的動力來自於我們在高效能運算市場的成功。我們總是看到我們的主要合作夥伴在這些領域中很早就開始採用這些技術。

Then you go and focus with the launches around HP and Dell in terms of their server market, more of the traditional space around virtualization and around business workloads. We're seeing good pipeline activity there around the launch and the trend looks solid.

然後，您將重點關注惠普和戴爾在伺服器市場方面的發布，以及圍繞虛擬化和業務工作負載的更多傳統空間。我們看到發表會前後管道活動良好，趨勢看起來很穩定。

ASPs, obviously, we'll work always to try and improve our mix. That's in our best interest. The demand is out there. And with our relatively modest share position, there's a lot of opportunity for us to attack. So I think we're off to a good start, but this is just the beginning of a long-term focus on server to build on that.

ASP，顯然，我們將一直努力嘗試改善我們的組合。這符合我們的最大利益。需求就在那裡。由於我們的市場佔有率相對較小，因此我們有很多機會可以發動攻擊。所以我認為我們已經有了一個很好的開始，但這只是長期關注伺服器的開始。

And then, of course, I think in a disruptive play, maybe Mark wants to add a comment on some of the thoughts that we have in that disruptive space.

然後，當然，我認為在一場顛覆性的戲劇中，也許馬克想對我們在那個顛覆性空間中的一些想法發表評論。

Sure. In building on my comment earlier, our focus on low-power, our focus on leveraging our CPU and our GPU IP, plays dead-on in terms of what we see as disruptive opportunity in the server market space -- targeting workloads; targeting problems our customers have where they need more efficiency, and our IP can directly attack it. So we are very focused on this area. And in fact, next week at our Financial Analyst Day, we'll be providing additional color.

當然。基於我先前的評論，我們專注於低功耗，專注於利用我們的 CPU 和 GPU IP，這對於我們所看到的伺服器市場領域的顛覆性機會——針對工作負載——起到了至關重要的作用；針對客戶需要提高效率的問題，我們的 IP 可以直接解決它。所以我們非常關注這個領域。事實上，下週在我們的財務分析師日上，我們將提供更多內容。

And remember, there is clearly a series of inflection points that are beginning to emerge that are going to drive this space for the next three, five, seven years, whether it's server or client. That cloud impact, that power, that convergence, consumerization -- these trends are just beginning to start to accelerate. And they're over a long period of time.

請記住，顯然有一系列轉折點正在出現，這些轉折點將在未來三、五、七年推動這一領域的發展，無論是伺服器還是客戶端。雲端運算的影響、力量、融合、消費化——這些趨勢才剛開始加速。而這些現像已經持續了很長一段時間。

We want to embrace those changes, want to embrace that transition. And we believe that the work that we can do in this disruptive space that we'll cover next week will be very interesting. But clearly, we've got good business now in high performance. We're making some good progress in terms of traditional data center workloads. And then we want to go in and embrace and attack this disruptive opportunity, Patrick.

我們想要擁抱這些變化，想要擁抱這個轉變。我們相信，我們下週將要討論的這個顛覆性領域中所做的工作將會非常有趣。但顯然，我們現在在高性能方面擁有良好的業務。我們在傳統資料中心工作負載方面取得了一些進展。然後我們想要進入並抓住這個顛覆性的機會，派崔克。

Got you. I guess one of the key things I'm looking forward to is just an update on that FSA I/O. So look forward to seeing you guys next week. Thanks.

明白了。我想我期待的關鍵事情之一就是 FSA I/O 的更新。期待下週與你們見面。謝謝。

Yes, no worries. We'll see you there.

是的，不用擔心。我們將在那裡見到你。

Thank you. And we have time for one final question, Kevin Cassidy with Stifel Nicolaus. Please go ahead, your line is open.

謝謝。我們還有時間回答最後一個問題，Stifel Nicolaus 的 Kevin Cassidy。請繼續，您的線路已開通。

Thanks for taking my question. On the GPU weakness that you saw in notebooks, do you think any of that is related to APU? And do you think GPU -- discrete GPU adoption is declining?

感謝您回答我的問題。關於您在筆記型電腦中看到的 GPU 弱點，您認為這與 APU 有關嗎？您是否認為 GPU－獨立 GPU 的採用率正在下降？

You know, it's interesting. As I commented earlier, Kevin, we finished the year the way we started the year. We finished the year with the fastest GPU product on the planet. And I think it's kind of amazing -- the 7970 Radeon HD board is industry leadership. It really is. Our focus around driving industry leadership at the discrete GPU level is not going to change. And our focus on using that IP and technology and our APUs is spot-on. We want to continue to build on that momentum and drive forward.

你知道，這很有趣。正如我之前所說，凱文，我們以年初的方式結束了這一年。我們以全球最快的 GPU 產品結束了這一年。我認為這真是太神奇了——7970 Radeon HD 主機板處於行業領先地位。確實如此。我們對推動獨立 GPU 層面的產業領導地位的關注不會改變。我們非常重視使用該 IP 和技術以及我們的 APU。我們希望繼續保持這一勢頭並繼續前進。

There's lots of forecast out there. The trend on discrete over time with APUs, and with the way we're going to embed that, the trend has to trend down over a period of time. But this is a good market, a market we continue to protect and attack to win, moving forward.

那裡有很多預測。APU 的離散趨勢會隨著時間推移而變化，而且隨著我們嵌入它的方式，這種趨勢會在一段時間內呈下降趨勢。但這是一個好的市場，我們會繼續保護這個市場，並不斷進攻以贏得勝利，不斷前進。

I think the kind of chop that we saw the end of the quarter was really a little bit around the channel space and the kinds of pressure that we saw in the channel around some of the hard disk issues. While we have a relatively balanced business across the space, and we've been very able to focus on execution to drive that revenue consistently a quarter, we did see a little bit of that chop.

我認為我們在本季末看到的波動實際上與通路空間有關，並且與我們在頻道中看到的一些硬碟問題相關的壓力有關。雖然我們的業務在整個領域相對平衡，並且我們能夠非常專注於執行以持續推動季度收入，但我們確實看到了一點波動。

But no; no doubt, Kevin, we see this as a very attractive market. We see this as a market that we can use the IP across the space, and again, finish the year the way we started -- the world's fastest -- the fastest -- graphics engine on the planet -- on the planet. Thanks, Kevin.

但事實並非如此；毫無疑問，凱文，我們認為這是一個非常有吸引力的市場。我們將此視為一個可以在整個領域使用 IP 的市場，並且再次以我們開始的方式結束這一年——世界上最快的——地球上最快的——圖形引擎。謝謝，凱文。

Okay. Thank you.

好的。謝謝。

Operator, that concludes our call. We'd like to thank everyone for participating today, and we look forward to you joining us on the 2nd of February for our Financial Analyst Day. Thank you.

接線員，我們的通話到此結束。我們感謝大家今天的參與，並期待您在 2 月 2 日參加我們的財務分析師日。謝謝。

Thank you. Again, ladies and gentlemen, this does conclude today's program. Thank you for your participation and have a wonderful day. Attendees, you may disconnect at this time.

謝謝。女士們、先生們，今天的節目到此結束。感謝您的參與並祝您有美好的一天。各位與會者，您現在可以斷開連線了。