超微半導體 (AMD) 2012 Q1 法說會逐字稿

Good afternoon. My name is Huey and I will be your conference operator for today. At this time, I would like to welcome everyone to AMD's first quarter earnings conference call. All lines have been placed on listen-only mode. After the speakers' remarks, you will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today. I would now like to turn the call over to Ms. Ruth Cotter, Vice President of Investor Relations for AMD. Please go ahead.

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 第一季財報電話會議。所有線路均已置於只聽模式。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。現在我想把電話轉給女士。AMD 投資者關係副總裁 Ruth Cotter。請繼續。

Thank you and welcome to AMD's first quarter 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 have not reviewed these documents, they can be found on AMD's website at quarterlyearnings.AMD.com. The participants on our call today are Rory Read, President and Chief Executive Officer; and Thomas Seifert, our Senior Vice President and Chief Financial Officer of AMD. This is a live call and it will be replayed via webcast on AMD.com. The replay will be available for the next 10 days starting later this evening.

感謝您並歡迎參加 AMD 第一季財報電話會議。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。如果您尚未查看這些文件，可以在 AMD 網站 quarterlyearnings.AMD.com 上找到。今天參加電話會議的嘉賓有總裁兼執行長 Rory Read；以及 AMD 高級副總裁兼財務長 Thomas Seifert。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。從今晚晚些時候開始，接下來的 10 天將提供重播。

Before we begin today, I would like to highlight a few dates of interest for you. Mark Papermaster, our Senior Vice President and Chief Technology Officer, will present at the Jefferies Global Media and Telecom Conference on May 7 in New York. Thomas Seifert will present at the Bank of America/Merrill Lynch Technology Conference in San Francisco on May 8. Rory Read will present at the JPMorgan Technology, Media and Telecom Conference in Boston on May 15. And our second-quarter quiet time will begin at the close of business on Friday, June 15.

在我們今天開始之前，我想先向大家重點介紹幾個大家感興趣的日期。我們的資深副總裁兼技術長 Mark Papermaster 將於 5 月 7 日出席在紐約舉行的 Jefferies 全球媒體和電信會議。托馬斯·塞弗特 (Thomas Seifert) 將於 5 月 8 日在舊金山舉行的美國銀行/美林技術會議上發表演講。Rory Read 將於 5 月 15 日在波士頓舉行的摩根大通科技、媒體和電信會議上發表演講。我們第二季的靜默期將於 6 月 15 日星期五下班後開始。

Lastly, we intend to announce our second-quarter earnings on July 19.

最後，我們計劃於 7 月 19 日公佈第二季財報。

As a result of the 2012 amendment to the wafer supply agreement with GLOBALFOUNDRIES, as of March 5, 2012, AMD no longer has equity ownership in GLOBALFOUNDRIES. I would like to take this opportunity to remind everyone that today's discussions contains forward-looking statements based on the environment as we currently see it. These statements are based on current beliefs, assumptions and expectations, speak only as of the current date and, as such, include risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially from our current expectations. You will also find detailed discussions about such risk factors in our filings with the SEC and, in particular, AMD's annual report on Form 10-K for the year ended December 31, 2011.

由於 2012 年與 GLOBALFOUNDRIES 的晶圓供應協議修訂，自 2012 年 3 月 5 日起，AMD 不再擁有 GLOBALFOUNDRIES 的股權。我想藉此機會提醒大家，今天的討論包含基於我們目前所見環境的前瞻性陳述。這些聲明是基於當前的信念、假設和期望，僅代表當前日期的觀點，因此包含可能導致實際結果與我們當前預期有重大差異的風險和不確定性。有關可能導致實際結果與我們當前預期存在重大差異的具體風險因素的更多信息，請參閱我們的新聞稿。您也可以在我們向美國證券交易委員會 (SEC) 提交的文件中找到有關此類風險因素的詳細討論，尤其是 AMD 截至 2011 年 12 月 31 日的 10-K 表年度報告。

Finally, any non-GAAP financial measures or references on this call are reconciled in the CFO written commentary posted on our website. Now with that, I would like to hand the call over to Rory. Rory?

最後，本次電話會議中的任何非 GAAP 財務指標或參考均在我們網站上發布的財務長書面評論中進行核對。現在，我想把電話交給羅裡。羅裡？

Thank you, Ruth. Q1 was a solid quarter for AMD. We made good progress, improving our execution, becoming more consistent and building trust with our customers and partners. We have taken steps to position the Company to seize the opportunities in front of us, both in the high-growth markets and in the product categories where our innovative technology provides us with leadership opportunities.

謝謝你，露絲。第一季對 AMD 來說是一個穩健的季度。我們取得了良好的進展，提高了執行力，變得更加一致，並與客戶和合作夥伴建立了信任。我們已採取措施，使公司能夠抓住眼前的機遇，無論是在高成長市場還是在創新技術為我們帶來領導機會的產品類別中。

Our improved execution resulted in better-than-expected revenue of $1.59 billion for the seasonally down first quarter, a 6% sequential decrease and a 2% decrease year-over-year.

由於我們執行力的提升，第一季營收優於預期，達到 15.9 億美元，季減 6%，年減 2%。

First-quarter non-GAAP income was $92 million. This is a 64% improvement from the year-ago period, which was driven by gross margin improvements resulting from a richer product mix and operational efficiencies. A steady supply of 32-nanometer products allowed us to meet our customer commitments in the quarter. Consistent execution that builds trust with our customers remains a fundamental part of our near-term growth strategy.

第一季非公認會計準則收入為 9,200 萬美元。這比去年同期提高了 64%，這得益於更豐富的產品組合和營運效率帶來的毛利率提高。32奈米產品的穩定供應使我們能夠在本季度履行對客戶的承諾。持續執行以建立與客戶的信任仍然是我們近期成長策略的基本組成部分。

We're also pleased with our 28-nanometer graphics product ramp. We met our new product introduction commitments in the quarter and we are now the only company offering a top to bottom family of 28-nanometer discrete desktop GPU offerings. Customer demand for these industry-leading graphics products is strong.

我們也對我們的 28 奈米圖形產品的升級感到滿意。我們在本季度履行了推出新產品的承諾，現在我們是唯一一家提供從上到下全系列 28 奈米獨立桌面 GPU 產品的公司。客戶對這些行業領先的圖形產品的需求非常強烈。

Adoption of our APUs continues to accelerate. APUs accounted for nearly 100% of our mobile unit shipments in the quarter, helping drive an approximate 30% increase in mobile processor unit shipments and significant mobile revenue growth from a year ago. We saw strong success in the critical 400 to 700 mainstream retail notebook price band, which accounts for nearly 50% of all notebooks sold in retail in 2011. For example, the best-selling premium notebook SKU of the first quarter at Best Buy was, in fact, powered by our AMD A8 APU.

我們的 APU 的採用正在持續加速。本季度，APU 幾乎佔了我們行動裝置出貨量的 100%，推動行動處理器出貨量較去年同期成長約 30%，並實現行動收入的大幅成長。我們在關鍵的 400 至 700 美元主流零售筆記型電腦價格帶取得了巨大成功，該價格帶佔 2011 年零售筆記型電腦總銷量的近 50%。例如，百思買第一季最暢銷的高階筆記型電腦 SKU 實際上就是由我們的 AMD A8 APU 提供支援的。

Our next-generation Trinity APU for mainstream notebooks extends our leadership opportunity in this large and growing price band. Trinity improves on virtually every aspect of our current A series APUs while doubling the performance per watt. By integrating a discrete level GPU into the die, Trinity enables outstanding video and gaming experiences with superior battery life. Trinity is a great value, excelling at running the types of software increasingly used by our consumers buying these mainstream notebooks. We are successfully ramping production of Trinity APUs as customers prepare to launch a record number of AMD notebook designs beginning this quarter.

我們針對主流筆記型電腦推出的下一代 Trinity APU 擴大了我們在這個龐大且不斷增長的價格區間中的領導地位。Trinity 幾乎改進了我們目前 A 系列 APU 的各個方面，同時將每瓦性能提高了一倍。透過將獨立級 GPU 整合到晶片中，Trinity 可提供出色的視訊和遊戲體驗以及超長的電池壽命。Trinity 具有很高的價值，能夠出色地運行購買這些主流筆記型電腦的消費者越來越多地使用的軟體類型。隨著客戶準備從本季開始推出創紀錄數量的 AMD 筆記型電腦設計，我們正在成功提高 Trinity APU 的產量。

Our momentum with Brazos continued in the quarter as well, helping drive a double-digit percentage increase in emerging market revenue from the period one year ago. Brazos delivers an unmatched value proposition and experience for consumer in these emerging markets. The introduction of Brazos 2.0 this quarter builds on the momentum, thanks to many new features, and improves performance and extended battery life. We have made it easy for customers to take advantage of these advancements by simplifying platform transitions and reducing their time to market. Trinity and Brazos 2.0 systems will be available globally this quarter and we expect broad availability of broad availability for the key back-to-school period.

本季度，我們與 Brazos 的合作動能也得以延續，推動新興市場營收較去年同期實現兩位數百分比成長。Brazos 為這些新興市場的消費者提供了無與倫比的價值主張和體驗。本季推出的 Brazos 2.0 延續了這一勢頭，得益於許多新功能，並且提高了性能並延長了電池壽命。我們透過簡化平台轉換和縮短產品上市時間，讓客戶能夠輕鬆利用這些進步。Trinity 和 Brazos 2.0 系統將於本季在全球上市，我們預計在關鍵的返校期間將廣泛上市。

Our server business continues to make steady progress. We achieved our third consecutive quarter of server processor unit shipment growth, driven by increased adoption of our Bulldozer-based offerings. For the first time, Bulldozer processors accounted for more than 50% of server revenue and unit shipments in the quarter. We are strengthening our server customer relationships, refining our capabilities and methodically laying the foundation required to build long-term growth and leadership. We are fully committed to build this business step by step over the long-term.

我們的伺服器業務持續穩定發展。由於基於 Bulldozer 的產品的採用率不斷提高，我們實現了伺服器處理器出貨量連續第三個季度的成長。本季度，Bulldozer處理器首次佔伺服器收入和出貨量的50%以上。我們正在加強與伺服器客戶的關係，完善我們的能力，並有條不紊地奠定建立長期成長和領導力所需的基礎。我們全心全意地致力於長期逐步地建立這項業務。

We accelerated our disruptive server strategy in the quarter with the acquisition of SeaMicro. This acquisition positions AMD to take a leadership position in the fast-growing cloud data center market and sets the stage for AMD to provide unmatched low-power, high-bandwidth server solutions that expand our market opportunity. This is an exciting area of the business that I look forward to discussing more in future calls.

本季度，我們透過收購 SeaMicro 加速了我們的顛覆性伺服器策略。此次收購使 AMD 在快速成長的雲端資料中心市場中佔據領導地位，並為 AMD 提供無與倫比的低功耗、高頻寬伺服器解決方案奠定了基礎，從而擴大了我們的市場機會。這是一個令人興奮的業務領域，我期待在未來的電話會議中進一步討論。

In graphics, solid demand for our next-generation AMD Radeon 7000 graphic cards, particularly in the channel, drove sequential GPU revenue increases. We are focused on growing the profitability of our graphics business by attacking and winning more channel business. We will introduce our first 28-nanometer notebook discrete graphic chips this quarter, and we expect to quickly transition the majority of our product mix to these industry-leading products.

在圖形方面，我們新一代 AMD Radeon 7000 顯示卡的強勁需求，尤其是在通路中，推動了 GPU 營收的連續成長。我們專注於透過進軍和贏得更多通路業務來提高圖形業務的獲利能力。我們將在本季推出首款 28 奈米筆記型電腦獨立顯示卡晶片，並希望將我們的大部分產品組合快速過渡到這些業界領先的產品。

So, in summary, we are excited about the opportunities in front of us and we know we have the right ingredients to win and grow. First, we are refreshing our entire portfolio of APU offerings, strengthening our growth opportunity in high-volume segments and fast-growing markets. Next, we have amended our wafer supply agreement with GLOBALFOUNDRIES to create a win-win business arrangement. We are also seeing continuous improvement in 32-nanometer yields, helping ensure we have the right products to meet customer demand. And then, step-by-step, we are becoming a more consistent execution engine. We are building more trust with our customers and partners and having a greater opportunity to win more of their business.

總而言之，我們對眼前的機會感到興奮，我們知道我們擁有贏得勝利和成長的正確要素。首先，我們正在更新我們的整個 APU 產品組合，加強我們在高容量領域和快速成長市場的成長機會。接下來，我們修改了與格芯的晶圓供應協議，以建立雙贏的商業安排。我們也看到 32 奈米產量不斷提高，這有助於確保我們擁有合適的產品來滿足客戶的需求。然後，一步一步地，我們將成為一個更一致的執行引擎。我們正在與客戶和合作夥伴建立更多的信任，並有更大的機會贏得他們的更多業務。

We are seeing results with our efforts. For example, with the strong adoption of our Trinity APU for ultrathin notebooks, customers are excited that Trinity fits into virtually any ultrathin design, providing unmatched visual experience, superior battery life at a very attractive mainstream price point. Trinity-based ultrathins provide superior performance and value for all customers, not just a small portion of the market buying expensive, premium notebooks. We have a number of high-volume ultrathin design wins across our customer base, setting the stage for continued growth as mainstream notebooks continue their transition to these thinner and lighter designs that will dominate the market in the years to come.

我們的努力正在看到成果。例如，隨著我們的 Trinity APU 在超薄筆記型電腦上的廣泛採用，客戶很高興看到 Trinity 幾乎可以適應任何超薄設計，以極具吸引力的主流價格提供無與倫比的視覺體驗、卓越的電池壽命。基於 Trinity 的超薄筆記型電腦為所有客戶提供了卓越的性能和價值，而不僅僅是為一小部分購買昂貴高階筆記型電腦的客戶提供。我們在客戶群中贏得了大量超薄設計訂單，為持續成長奠定了基礎，因為主流筆記型電腦將繼續向更薄、更輕的設計過渡，這些設計將在未來幾年佔據市場主導地位。

With that I'll turn it over to Thomas, who will cover our financials for the first quarter.

說完這些，我將把麥克風交給湯瑪斯，他將負責我們第一季的財務狀況。

Thank you, Rory. Revenue for the first quarter of 2012 was $1.59 billion, down 6% sequentially driven by a seasonal decline in the Computing Solutions segment. The Graphics segment revenue was sequentially flat in the typically down quarter. Non-GAAP gross margin was 46%, flat sequentially and a point higher than expected. The delta to guidance is the result of higher than anticipated demand for certain 32-nanometer Llano products, particularly in emerging markets.

謝謝你，羅裡。2012 年第一季營收為 15.9 億美元，受計算解決方案部門季節性下滑的影響，較上一季下降 6%。圖形部門的營收在本季通常呈下降趨勢，但環比持平。非公認會計準則毛利率為 46%，與上一季持平，且高於預期。與預期值相比的差異是由於某些 32 奈米 Llano 產品的需求高於預期，尤其是在新興市場。

Non-GAAP gross margin for the quarter was calculated net of the $703 million one-time charge related to the 28-nanometer product limited wafer exclusivity from GLOBALFOUNDRIES associated with the 2012 Amendment to the Wafer Supply Agreement. Operating expenses were $598 million, which includes $6 million in one-time expenses related to the SeaMicro acquisition. R&D was $368 million, 23% of net revenue, and SG&A was $230 million, 15% of net revenue. Non-GAAP net income was $92 million and non-GAAP operating income was $138 million.

本季非公認會計準則毛利率是扣除與 2012 年晶圓供應協議修訂案相關的格芯 28 奈米產品有限晶圓獨家經營權相關的 7.03 億美元一次性費用後計算得出的。營運費用為 5.98 億美元，其中包括與收購 SeaMicro 相關的 600 萬美元一次性費用。研發費用為 3.68 億美元，佔淨收入的 23%，銷售、一般及行政費用為 2.3 億美元，佔淨收入的 15%。非公認會計準則淨收入為 9,200 萬美元，非公認會計準則營業收入為 1.38 億美元。

Interest expense was $43 million, flat compared to the prior quarter. Tax provision was a net credit of $32 million in the quarter compared to $4 million in the prior quarter. The difference is primarily a one-time tax benefit of $36 million related to the SeaMicro acquisition, which closed at the end of the quarter. Net of this one-time tax benefit, 2012 tax guidance is approximately $12 million.

利息支出為 4,300 萬美元，與上一季持平。本季稅收準備淨額為 3,200 萬美元，而上一季為 400 萬美元。差異主要來自與 SeaMicro 收購相關的 3,600 萬美元的一次性稅收優惠，該收購於本季末完成。扣除這筆一次性稅收優惠後，2012 年稅收指導價約為 1,200 萬美元。

Non-GAAP EPS was $0.12, calculated using 748 million fully diluted shares. Adjusted EBITDA was $215 million, down $45 million from the prior quarter due to lower non-GAAP operating income resulting from lower revenue in the quarter. Computing Solutions segment revenue was $1.2 billion, down 8% sequentially, driven by seasonally lower sales in the client business.

非公認會計準則每股收益為 0.12 美元，以 7.48 億股完全稀釋股份計算。調整後 EBITDA 為 2.15 億美元，較上一季下降 4,500 萬美元，因本季營收下降導致非 GAAP 營業收入下降。計算解決方案部門營收為 12 億美元，季減 8%，原因是客戶業務銷售額季節性下降。

Client product revenue declined sequentially due to lower units and ASP, primarily driven by lower 45-nanometer desktop processor unit shipments. APUs continue to increase as a percentage of our client products, and Llano, our first-generation 32-nanometer APU, powered top-selling notebook SKUs in North America priced above $400. Our server processor revenue declined from the prior quarter, mainly due to ASP decline, and unit shipments increased with continued adoption of Bulldozer-based offerings.

客戶產品收入因銷量和平均售價下降而環比下降，這主要是由於 45 奈米桌上型電腦處理器出貨量下降所致。APU 在我們的客戶產品中所佔的比例持續增加，而我們的第一代 32 奈米 APU Llano 為北美售價超過 400 美元的暢銷筆記型電腦 SKU 提供支援。我們的伺服器處理器收入較上一季有所下降，主要原因是平均售價下降，而隨著基於 Bulldozer 的產品的持續採用，單位出貨量有所增加。

Chipsets revenue declined in the quarter due to seasonally lower unit shipments. Computing Solutions operating income was $124 million, down $41 million sequentially, primarily due to lower revenues. Graphics segment revenue was $382 million, flat compared to the prior quarter. GPU revenue was up in the seasonally down quarter due to improved desktop GPU ASPs in the channel, offset by seasonally lower game console royalty revenue.

由於季節性出貨量下降，本季晶片組營收下降。計算解決方案營運收入為 1.24 億美元，比上一季下降 4,100 萬美元，主要原因是收入下降。圖形部門營收為 3.82 億美元，與上一季持平。由於通路中桌上型 GPU 平均售價的提高，GPU 收入在季節性下降的季度中有所上升，但被季節性的遊戲機版稅收入的下降所抵消。

Graphics segment operating income was $34 million, up $7 million from the prior quarter, primarily due to higher gross margin.

圖形部門營運收入為 3,400 萬美元，較上一季增加 700 萬美元，主要由於毛利率上升。

Now turning to the balance sheet, our performance was strong as cash, cash equivalents and marketable securities, including long-term securities ended the quarter at $1.71 billion. Cash declined by $201 million compared to the end of the previous quarter, which was primarily the result of cash payments of $281 million related to the SeaMicro acquisition and $150 million related to the 2012 Amendment to the Wafer Supply Agreement.

現在轉向資產負債表，我們的表現強勁，因為現金、現金等價物和有價證券（包括長期證券）在本季末達到 17.1 億美元。現金較上一季末減少 2.01 億美元，主要由於與 SeaMicro 收購相關的 2.81 億美元現金支付以及與 2012 年修訂晶圓供應協議相關的 1.5 億美元現金支付。

Despite strategic cash outlays in the quarter, we maintained positive free cash flow of $67 million. Accounts receivable at the end of the quarter was $962 million, up $43 million compared to the end of the fourth quarter of 2011 due to the timing of sales.

儘管本季有策略性現金支出，但我們仍保持了 6,700 萬美元的正自由現金流。本季末的應收帳款為 9.62 億美元，由於銷售時間原因，與 2011 年第四季末相比增加了 4,300 萬美元。

Inventory was $585 million exiting the quarter, up $109 million from the prior quarter, primarily in preparation for new product launches. Debt at the end of the quarter was unchanged at $2.02 billion.

本季末庫存為 5.85 億美元，比上一季增加 1.09 億美元，主要是為了準備新產品的推出。本季末的債務保持不變，為 20.2 億美元。

Now turning to the outlook, AMD expects revenue to increase 3% sequentially plus or minus 3%. Operating expenses are expected to be approximately $605 million in the second quarter as we continue to fine-tune our operational efficiencies, executing to our financial targets. We are pleased we delivered solid results in the quarter with a richer product mix. We expect to build on this financial and operational momentum moving forward and look forward to the upcoming launches of Trinity and Brazos 2.0 later this quarter. With that, I'll turn it back to Ruth.

現在談到前景，AMD 預計營收將季增 3%（上下浮動 3%）。隨著我們繼續調整營運效率，實現財務目標，預計第二季營運費用約為 6.05 億美元。我們很高興本季透過更豐富的產品組合取得了穩健的業績。我們希望在此財務和營運勢頭的基礎上繼續前進，並期待本季晚些時候即將推出的 Trinity 和 Brazos 2.0。說完這些，我就把話題轉回露絲。

Thank you. Operator, we would now like you to poll the audience for some questions.

謝謝。接線員，我們現在想請您向觀眾提問一些問題。

(Operator instructions) Uche Orji, UBS.

（操作員指示）Uche Orji，瑞銀。

Are you there?

你在嗎？

Please check the mute button on your phone, sir.

先生，請檢查您手機上的靜音按鈕。

Operator, we will move on and maybe Uche will come back.

接線員，我們會繼續前進，也許 Uche 會回來。

(inaudible).

（聽不清楚）。

Hi, this is (inaudible) for Romit Shah. Congratulations on the good results. My first question is on 28-nanometer. Some of the industry participants have talked about capacity issues in 28-nanometer, and my question is are you seeing any impact to your graphics business from this? And what are you seeing going ahead in 28-nanometer?

嗨，這是（聽不清楚）給 Romit Shah 的。恭喜你取得好成績。我的第一個問題是關於 28 奈米的。一些業內人士談到了 28 奈米的產能問題，我的問題是，您是否認為這會對您的圖形業務產生任何影響？您認為 28 奈米技術的發展前景如何？

Thanks, [Sanjay]. You know, 28-nanometer has been -- is a very important part of our business. As you may know, we're the first Company that has launched our entire desktop discrete graphics product set on 28-nanometer. And I can tell you that, within the first quarter, we were able to deliver on all of our customer commitments in that Graphics segment.

謝謝，[桑傑]。你知道，28 奈米一直是我們業務中非常重要的一部分。大家可能知道，我們是第一家在 28 奈米製程上推出整套桌面獨立顯示卡產品的公司。我可以告訴你們，在第一季度，我們就能夠兌現圖形領域對所有客戶的承諾。

What we are doing is we're monitoring this closely. We believe that a focus on execution consistently, day in and day out, will yield better returns and better execution. We think that from our perspective that we have the execution in place, the relationships with our key foundry partners to deliver on our 28-nanometer product ramp. Of course, we are going to monitor it. We are going to track it week in and week out to make sure, and we do hear some of the information in the quarter. We believe that we can deliver our base plan and our commitments to the customers. Right now, we are looking to the ability to reach upside. That's what's probably holding us back on the 28-nanometer going forward.

我們正在做的是密切監視此事。我們相信，日復一日地始終如一地專注於執行將會帶來更好的回報和更好的執行。我們認為，從我們的角度來看，我們已經實施到位，與我們的主要代工合作夥伴建立了良好的關係，可以實現我們的 28 奈米產品升級。當然，我們會對其進行監控。我們將每週進行跟踪以確保這一點，並且我們確實在本季度聽到了一些信息。我們相信我們能夠實現我們的基本計劃和對客戶的承諾。現在，我們正在尋求實現上升的能力。這可能就是阻礙我們 28 奈米技術進步的原因。

But again, we are focused on going after that and we have the execution and plans in place, Sanjay.

但是，我們再次集中精力實現這一目標，並且我們已經制定了執行和計劃，桑傑。

And let me put some color on that, too. As you heard from Rory, we met all of our customer commitments in the first quarter. When demand is strong and new product is good, this opens up opportunity for upside. And that is an area where we would like to see more velocity, to be very honest. And that's why we have to monitor the situation very carefully. We meet commitments. We are limited on the upside, and that is not good situation when your product is good and demand is strong.

我也來給它加點顏色看看。正如羅裡所說，我們在第一季履行了所有客戶的承諾。當需求強勁且新產品良好時，這將帶來上漲的機會。坦白說，我們希望在這一領域看到更快的速度。這就是為什麼我們必須非常仔細地監視局勢。我們履行承諾。我們的上行空間有限，當你的產品品質好、需求強勁時，這並不是個好情況。

Thanks. My follow-up is on server ASPs. So given that 50% of the revenue came from newly or recently launched Bulldozer chips, how is it that server ASPs are down? And now that these products are, you know, just before the launch of Ivy Bridge products? What trends can we expect on ASP's on your PC client business, and as well as on servers?

謝謝。我的後續工作是關於伺服器 ASP。那麼，鑑於 50% 的收入來自新推出或最近推出的 Bulldozer 晶片，伺服器平均售價為何會下降？現在這些產品是在 Ivy Bridge 產品推出前推出的？我們可以預期您的 PC 用戶端業務和伺服器上的 ASP 會出現哪些趨勢？

From a standpoint of server, again, as we mentioned in earlier remarks, server has shown three consecutive quarters of solid, improving momentum and execution. And we believe, with Bulldozer now reaching over 50% of the revenue and unit shipments, we are positioned to continue to build on that execution and momentum. It is about building a business over a long term, and we believe that step by step we can create that business momentum and continue to build on that server.

從伺服器的角度來看，正如我們在先前的評論中提到的那樣，伺服器已經連續三個季度表現出穩健、不斷提升的勢頭和執行力。我們相信，隨著推土機目前佔據了超過 50% 的收入和單位出貨量，我們有能力繼續鞏固這一執行力和發展勢頭。這是關於長期的業務建設，我們相信我們可以逐步創造業務勢頭並繼續在該伺服器上建設。

In terms of the ASP, we see some impact in terms of the mix and certain deals that were there. But we continue to believe that we will build on that mix and continue to move forward from there. Also, you may reflect on that with the acquisition of SeaMicro, it uniquely positions us to continue to participate and build on this server momentum in the fast-growing mega-data center segment, around dense computing. And we are very excited to bring on this solution into our portfolio of products.

就平均售價 (ASP) 而言，我們看到了產品組合和某些交易產生的一些影響。但我們仍然相信，我們將在此基礎上繼續前進。此外，您可能還會想到，透過收購 SeaMicro，我們將能夠以獨特的方式繼續參與並鞏固快速成長的大型資料中心領域（圍繞密集運算）的伺服器發展勢頭。我們非常高興將此解決方案納入我們的產品組合。

From a client perspective, our ASP models in terms of matching our customer demand are consistent. We like to build on that moving each quarter out. And from a perspective our partners and customers are very excited about the APU solutions, whether it was Brazos and Llano. And now, with the launch of Trinity and then Brazos 2.0, with an unprecedented number of design wins I think we are uniquely positioned to continue to build on that and move further up the price band stack with our APU offerings with the new Trinity offering, which, again, based on what we are seeing is better in basically every key dimension and two times the performance per watt.

從客戶角度來看，我們的 ASP 模型在滿足客戶需求方面是一致的。我們希望以此為基礎，每季都取得進展。從某個角度來看，我們的合作夥伴和客戶對 APU 解決方案感到非常興奮，無論是 Brazos 還是 Llano。現在，隨著 Trinity 和 Brazos 2.0 的推出，我們獲得了前所未有的設計勝利，我認為我們擁有獨特的優勢，可以在此基礎上繼續發展，並通過新的 Trinity 產品進一步提升我們的 APU 產品的價格區間，根據我們所看到的情況，新產品基本上在每個關鍵維度上都有所改進，每瓦性能提高了兩倍。

Okay, thanks.

好的，謝謝。

Uche Orji, UBS.

Uche Orji，瑞銀。

Sorry, I didn't punch back in quickly enough when you called me earlier. Rory, can I just ask you how the OEMs are perceiving your ability to compete in the ultrathin market? Obviously, Trinity seems to be ramping well. But my perception here is that with Intel having done a lot of the heavy lifting in Ultrabooks, some of them may be hesitant to use somebody else inside the ultrathin form factor. Is that a concern at all, are there other ways that you are going about making sure that you get a fair share of that market as it ramps in the second half?

抱歉，您剛才打電話給我時，我沒有及時回覆。羅裡，我可以問一下原始設備製造商如何看待你們在超薄市場上的競爭力嗎？顯然，Trinity 似乎發展得很好。但我的看法是，由於英特爾在超極本領域承擔了大量的重任，因此部分廠商可能不太願意在超薄型產品中使用其他廠商的產品。這真的是一個問題嗎？你們有沒有其他方法可以確保在下半年市場成長時獲得公平的份額？

Sure, Uche. Well, it's very nice to speak to you and I'm glad you were able to get back on.

當然，Uche。嗯，很高興和你談話，我很高興你能回來。

Around ultrathins, with the new Trinity launch and the record number of design wins we have been able to capture, I think this is an exciting time for AMD. And with the introduction of Trinity and our ability to reach just about any thickness in ultrathin design that our customers have designed, I think, again, we're positioned very well to take advantage of this continued movement to thin and light. Trinity has outstanding battery life. It has the ability for us to introduce it into this very thin, ultrathin form factor.

在超薄產品方面，隨著新款 Trinity 的推出以及我們獲得的設計勝利數量的創紀錄，我認為這對 AMD 來說是一個激動人心的時刻。隨著 Trinity 的推出，以及我們能夠達到客戶設計的超薄設計的任何厚度，我認為，我們再次處於非常有利的位置，可以利用這種持續的輕薄化趨勢。Trinity 的電池壽命非常出色。我們有能力將其引入這種非常薄、超薄的外形。

And what's powerful about this, Uche, and how you need to think about it -- ultrathins are not just for the few in the premium high-priced segments. We need to look at the ability to bring ultrathins and high mobility to all customers, to bring it into mainstream. What's exciting about the design wins that we are seeing and the continued momentum around ultrathins around AMD is around our ability to reach mainstream price points, to open this up to everyone. And that's an opportunity where I think we can play off some of this initial energy and buzz that's all kind of crowded at this very high price band. But with a set of AMD offerings where they are key partners, I think they are very interested in entering into this mainstream segment. And I think it uniquely positions us in the second half to participate in a very powerful way as we move forward.

Uche，這款手機的強大之處在哪裡？您需要如何思考這個問題？超薄手機並非只適合高階高價位市場的少數人。我們需要研究為所有客戶提供超薄和高移動性的能力，並使其成為主流。我們所看到的設計勝利以及 AMD 超薄產品持續成長的勢頭令人興奮的是，我們有能力達到主流價格點，並向所有人開放。我認為這是一個機會，我們可以利用這個非常高的價格範圍內的一些初始能量和熱鬧氣氛。但由於他們是 AMD 的一系列產品的主要合作夥伴，我認為他們非常有興趣進入這個主流領域。我認為這為我們在下半年前進的過程中提供了獨特的優勢，讓我們能夠以非常強大的方式參與其中。

I like how we are set up in this segment. That's where the volume is. That's where the business is, and that's where our designs are being won, and that, we believe, will be some high runner, high-volume partner wins. And we're excited about it.

我喜歡我們在這個領域的設定方式。這就是音量所在。這就是業務所在，也是我們的設計成功的地方，我們相信，我們將會獲得一些高水準、高產量的合作夥伴的青睞。我們對此感到非常興奮。

One for Thomas -- Thomas, first of all, real quick, how should we think about Q2 gross margins, given the non-GAAP 46% you achieved in Q1, you know, above what we were all expecting? What does that mean for Q2? And with all these new products you are ramping, will that be -- should we expect that the trajectory will start to move higher from here?

湯瑪斯，首先，我想問一下，考慮到第一季非 GAAP 毛利率達到 46%，高於我們的預期，我們應該如何看待第二季的毛利率？這對第二季度意味著什麼？隨著你們不斷推出這些新產品，我們是否應該預期軌跡將從現在開始走高？

And related to that also, I know you have made some positive comments about your traction in service. Can you just update us where the market share situation is in servers going forward, because obviously that has implications for gross margins?

與此相關的是，我知道您對自己在服務方面的表現做出了一些正面的評價。您能否向我們介紹一下未來伺服器的市佔率情況，因為這顯然會對毛利率產生影響？

Yes, let me start with the gross margin question first. So without any doubt, we have made good progress on the yield side on 32-nanometer. We entered the quarter with a lot of momentum and we saw some benefits in terms of product mix earlier than we expected. We expected some of those benefits in the second quarter, and that has allowed us to come, gross margin-wise, in the first quarter a little bit higher than expected.

是的，我先從毛利率問題開始。因此毫無疑問，我們在 32 奈米的產量方面取得了良好的進展。我們以強勁的勢頭進入本季度，並且比預期更早地看到了產品組合方面的一些好處。我們預計第二季將會出現一些收益，這使得我們第一季的毛利率略高於預期。

So moving into the second quarter, what are the headwinds and the tail winds? We expect to continue to build on our yield improvement on 32-nanometer. We expect to build on the momentum we see on the product mix side. And we will see some headwinds from quite a significant number of 28-nanometer products that are going to start to ramp in the second quarter.

那麼進入第二季度，逆風和順風分別是什麼呢？我們期望繼續提高 32 奈米的產量。我們期望在產品組合方面繼續保持強勁勢頭。我們將看到相當數量的 28 奈米產品在第二季開始增加，帶來一些阻力。

So if you put all the gives and takes together, we will see the benefit continue that we see in the first quarter and we expect gross margin to be slightly up, flat to slightly up, in the second quarter.

因此，如果把所有的付出和收穫綜合起來，我們將看到第一季的收益持續增加，並且我們預計第二季的毛利率將略有上升，持平或略有上升。

And service -- maybe Rory can take that. From the progress you've seen so far, you gained share in servers last quarter. The reviews we've read on your new Interlagos is fairly encouraging. But has that initial bump in market share continued? And if you have any sense as to where you think we could be exiting 2012 in terms of market share.

至於服務——也許羅裡可以接受。從您目前看到的進展來看，您在上個季度的伺服器市場佔有率有所增加。我們讀到的有關您的新款 Interlagos 的評論相當令人鼓舞。但最初的市佔率成長能持續下去嗎？如果您對我們 2012 年的市佔率將達到何種水準有任何看法？

Yes. Uche, server is obviously a key business for us, a business that we want to consistently build over the long-term. We are in this space for the long haul. We are going to build this business over a quarter-by-quarter execution focus. We are working to build out our capabilities and our go to market, our support from the ecosystem and the technology that we can bring to market. I think we've made some good initial progress here in terms of the momentum that we are creating in server, but this is a step-by-step and long-term set of initiatives. We have plenty of work to continue to do around execution and around server, and we are going to be intensely focused on that.

是的。Uche，伺服器顯然是我們的一項關鍵業務，也是我們希望長期持續發展的業務。我們會長期在這個領域發展。我們將按照逐季執行的重點來打造這項業務。我們正在努力增強我們的能力和市場影響力、獲得生態系統的支援以及我們可以推向市場的技術。我認為我們在伺服器領域創造的勢頭方面已經取得了一些良好的初步進展，但這是一套循序漸進的長期計劃。我們在執行和伺服器方面還有很多工作要做，我們將集中精力於此。

The key to winning in server is to create the solution that allows the customer to get a better experience in terms of price performance, performance per watt, lower space usage. And we really play very well in terms of virtualization. And I think this positions us well going forward.

伺服器製勝的關鍵是創造讓客戶在性價比、每瓦效能、更低空間使用率方面獲得更好體驗的解決方案。我們在虛擬化方面確實表現得非常好。我認為這為我們未來的發展奠定了良好的基礎。

So, again, I think good initial progress, Uche. I think we will continue to build on that. We clearly want to keep that momentum going and adding server share quarter in and quarter out, but this is a long-term strategy, one that we are in it for the long haul and we're going to build on that strategy. That's why we went after SeaMicro. And we believe, with SeaMicro, it positions us to capture that high-growth, dense server play.

所以，我再次認為，初步進展良好，Uche。我認為我們將繼續在此基礎上繼續努力。我們顯然希望保持這種勢頭，並逐季度增加伺服器份額，但這是一個長期策略，我們將長期堅持下去，並在此基礎上繼續發展。這就是我們選擇 SeaMicro 的原因。我們相信，有了 SeaMicro，我們就能抓住高成長、高密度的伺服器市場。

Think about that fabric and what that's going to do in that server segment, where we are going to we've 16 and 32 servers in a fabric that creates a dense solution that dramatically lowers power consumption, floor space, all the components that matter to these big cloud server structures. We believe we have gained share and we believe that with a continued focus, a continued buildout of our capability this quarter, next quarter and well into the future, we can continue to build out that model.

考慮一下該結構以及它將在伺服器段中起什麼作用，我們將在一個結構中擁有 16 到 32 台伺服器，從而創建一個密集的解決方案，大大降低功耗、佔地面積以及這些大型雲端伺服器結構中重要的所有組件。我們相信我們已經獲得了市場份額，我們相信透過持續關注，在本季度、下個季度以及未來很長一段時間內持續增強我們的能力，我們可以繼續建立該模式。

Fantastic, thank you very much.

太棒了，非常感謝。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Hi, yes, this is Patrick Walsh calling in for John Pitzer. I just had a quick question on the inventories. There was kind of a pretty big uptick there and I was wondering if you could kind of speak to maybe just give us some color as to what happened there?

你好，是的，我是 Patrick Walsh，代表 John Pitzer 打電話。我只是想問一個關於庫存的簡單問題。那裡出現了相當大的上漲，我想知道您是否可以跟我們講講那裡發生的事情？

Yes; you know, you heard Rory talking his part about the product launches we expect. We have a complete top to bottom refresh of our APUs with Trinity and Brazos 2.0, and at the same time we are going to launch all the new graphic 28-nanometer mobile graphic products for the mobile segment. So in preparation of the launches of all those products, we position product, we position inventory, and inventory build is based around the product launches for those products.

是的;你知道，你聽到了羅裡談論我們期待的產品發布。我們透過 Trinity 和 Brazos 2.0 對我們的 APU 進行了徹底的更新，同時我們將為行動領域推出所有新的圖形 28 奈米移動圖形產品。因此，在準備推出所有這些產品時，我們會定位產品，定位庫存，並且庫存的建立都是圍繞這些產品的推出進行的。

Okay, great. And then I guess my follow-up question is on the OpEx line. You guys have been running a little bit below the $610 million trend that you guys laid out. Would you expect to stay below $610 million in the second half, or do you think you're going to make up, I guess, the $15 million to $20 million that you have done during the first half?

好的，太好了。然後我想我的後續問題是關於營運支出 (OpEx) 的。你們的業績一直略低於你們所製定的 6.1 億美元的趨勢。您預計下半年的營收會維持在 6.1 億美元以下嗎？或者您認為您會彌補上半年的收入 1500 萬至 2000 萬美元嗎？

Yes, so a very good question. We said already at our analyst day that we expect the operating expenses to be somewhat back-end loaded, so we expect them to pick up in the second half. And it has a lot to do with getting ready for a significant amount of work and launches around 28-nanometer products, tape-outs around the launches getting ready for 2013 is going to happen that year. So flat and flatter in the first half, first and second quarter. And you will see a pickup in the second half. But we still expect to stay, for the year, within the range that we gave.

是的，這是一個非常好的問題。我們在分析師日上已經說過，我們預計營運費用將在一定程度上由後端負擔，因此我們預計下半年營運費用將回升。這與大量工作的準備和 28 奈米產品的發布有很大關係，為 2013 年的發布做準備的流片工作也將在那一年進行。因此，上半年、第一季和第二季表現持平。下半年你會看到情況回升。但我們仍然希望在今年內維持在我們給予的範圍內。

Awesome, great, thank you.

太棒了，太好了，謝謝。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Thomas, you have printed now a quarter in Q1 where you had 46% gross margins. It sounds like you will likely do the same for Q2. How should we think about, then, the full-year gross margin guidance of 44% to 48%? Do you now feel more confident in the upper half of that, or are there things in the back half of the year that we should think about that might hurt gross margin?

湯瑪斯，您第一季的毛利率為 46%。聽起來你很可能會對第二季採取同樣的做法。那麼，我們該如何看待44%至48%的全年毛利率預期呢？現在您對上半年的業績更有信心嗎？或者下半年是否存在一些可能影響毛利率的因素值得我們考慮？

A good question, so I think the trend that we see in Q2 will continue for the remainder of the year. We continue to expect to make progress on the yield front. We continue to expect to make progress on the product mix and we will see in the second half, however, also some more headwinds with 28-nanometer products going in production at GLOBALFOUNDRIES, that those headwinds will impact the second half.

這是個好問題，所以我認為我們在第二季度看到的趨勢將在今年剩餘時間內持續下去。我們繼續期望在收益率方面取得進展。我們繼續期望在產品組合上取得進展，然而，下半年我們還會看到，隨著格芯 28 奈米產品的投產，我們還將面臨更多不利因素，這些不利因素將對下半年產生影響。

In spite of that, I think we are on a good trajectory, even within the guidance that we gave at analyst day, 44% to 48%, and we expect to move to the high end of that range over the course of the year, as we said at the analyst day.

儘管如此，我認為我們仍處於良好的軌道上，甚至在我們在分析師日給出的指導範圍內，即 44% 到 48%，並且我們預計在年內將達到該範圍的高端，正如我們在分析師日所說的那樣。

Okay, great, thanks for that, Thomas. And my follow-up is, thinking slightly longer-term about AMD and thinking about opportunities for processors outside of the PC environment, I know there's going to be some focus on things like tablets. But I'm actually interested in what the potential is that you see in the gaming market, not just for graphics, but also for compute devices.

好的，太好了，謝謝你，托馬斯。我的後續行動是，對 AMD 進行稍微長期的思考，並思考 PC 環境之外的處理器的機會，我知道將會專注於平板電腦等方面。但我實際上感興趣的是遊戲市場的潛力，不僅是圖形，還有計算設備。

You know, I think this, Glenn, is a very interesting segment in terms of the embedded opportunity for us. This is an important business already for us, and I think there is continued opportunity as we introduce the next family of core solutions around Trinity and Brazos 2.0. We have seen very strong interest in terms of the embedded market. We will continue to build that out in 2013 as we introduce the next family of those sets of products. Whether that's in thin client or around gaming or any of the verticals, there's a lot of interest in this capability of the APU combining a compute complex with a graphics complex that allows the processing and the power of the solution to be brought to bear at a very attractive, valuable price/performance scenario.

你知道，格倫，我認為就我們嵌入式機會而言，這是一個非常有趣的部分。這對我們來說已經是一項重要的業務，我認為隨著我們圍繞 Trinity 和 Brazos 2.0 推出下一系列核心解決方案，我們還將擁有持續的機會。我們看到嵌入式市場的興趣非常濃厚。2013 年，我們將推出該系列產品的下一系列產品，並繼續進行這項工作。無論是在瘦客戶端還是遊戲或任何垂直領域，人們對 APU 的這種功能非常感興趣，它將計算複合體與圖形複合體相結合，從而可以在非常有吸引力、有價值的價格/性能場景中發揮解決方案的處理能力和能力。

So I think we're going to see some increased focus from us in terms of our embedded business and to really leverage the infrastructure and capability we have created.

因此，我認為我們將更加關注嵌入式業務，並真正利用我們已經創建的基礎設施和能力。

Thanks, Rory.

謝謝，羅裡。

Stacy Rasgon, Sanford Bernstein.

斯泰西·拉斯貢，桑福德·伯恩斯坦。

First, I'm curious to learn what you're seeing in terms of hard drives. Do you see any sort of impact at all in Q1 from any sort of impact from hard drive shortages? And is there any sort of lift to your Q2 guidance maybe from the end of a potential hard drive de-stocking? And do you see maybe potential for recovery in hard drives as giving a boost to what might typically be considered seasonality to your CPU top line as you move through the rest of the year?

首先，我很好奇想知道您對硬碟的看法。您是否認為硬碟短缺會對第一季造成任何影響？硬碟去庫存化結束後，您的第二季業績預期是否會提升？您是否認為，隨著今年剩餘時間的到來，硬碟的復甦可能會對 CPU 的銷售產生通常被認為是季節性的影響？

Yes, thanks, Stacy, a good question. From a hard file perspective, we have not, as we have talked about before, we -- this is a very resilient supply chain in the PC industry. Having been in it for a long time, I've seen many parts situations come and go, and this is no different. Once we got past the January time frame, the hard file situation has pretty much gotten past everybody in the industry. We saw no significant impact in terms of hard file to our business results in Q1. And with the only issue being some residual higher pricing that's floating around in the market around files, I don't think there's a significant impact into 2Q and 3Q. I think this is fundamentally behind the industry and should be able to move forward.

是的，謝謝，史黛西，這是個好問題。從硬檔案的角度來看，正如我們之前談到的，我們還沒有——這是個人電腦產業非常有彈性的供應鏈。我在這個行業工作了很長時間，見過很多零件的情況來來去去，這次也不例外。一旦我們過了一月份的時間範圍，硬文件的情況基本上就困擾了業內的每個人。我們發現硬文件對我們第一季的業務業績沒有重大影響。唯一的問題是市場上文件相關的一些殘留較高定價，我認為這不會對第二季和第三季產生重大影響。我認為這從根本上推動了行業的發展，並且應該能夠向前發展。

In terms of it having impact on the lift going forward, I think we have already seen that strong capability in both February and March. We have been able to really catch up on that business and position us to move forward from there.

就其對未來升力的影響而言，我認為我們在二月和三月已經看到了這種強大的能力。我們已經能夠真正趕上該業務並為我們從那裡向前邁進做好準備。

Got it, that's helpful. And if I can ask one follow-up, so you mentioned lower 45-nanometer desktop sales. I know last quarter, or two quarters ago you had been impacted as you were moving the capacity over to 32. And then last quarter, you were impacted because you had a processing excursion, I would assume, as you were moving it back. Lower sales, now, is this because there's still an issue with the process, or is this just more of it into OEMs moving off of 45 and onto 32? And on that line, if you could give us some feeling for how much your 32-nanometer shipments actually increased quarter over quarter, that would be really helpful.

明白了，很有幫助。如果我可以問一個後續問題，您提到了 45 奈米桌上型電腦銷量下降。我知道上個季度或兩個季度前你們受到了影響，因為你們將容量轉移到 32。然後上個季度，您受到了影響，因為您有一個處理偏差，我猜，當您將其移回時。現在銷售量較低，是因為流程仍有問題，還是因為 OEM 從 45 轉向 32？就此而言，如果您能告訴我們 32 奈米出貨量實際上環比增長了多少，那將會非常有幫助。

From the standpoint of desktop, there's no doubt those earlier issues kind of held that back. We are intensely focused on increasing our ability to deliver and really recapture that share in desktop. This is important for our business and it is important to go forward. I don't really see, from a desktop perspective, any significant issues. We've just got to deliver the 45 processor load and the 32. We've got to ramp that up as, now, supply positions are dramatically better.

從桌面的角度來看，毫無疑問那些早期的問題阻礙了它的發展。我們高度重視提高交付能力並真正重新奪回桌面市場的份額。這對我們的業務很重要，而且對我們的未來發展也很重要。從桌面角度來看，我確實沒有看到任何重大問題。我們只需交付 45 個處理器負載和 32 個。我們必須加大力度，因為現在供應狀況已經大大改善。

In terms of trade-off between 32 and 45, 45 still plays well in the market. 32 is beginning to ramp up now that you've gotten the supply situation behind us. We are focused on this. You can talk to any of our business unit leaders; this is an item that we have to continue to focus on and make progress. I am not seeing anything from an execution standpoint that should hold us back. We need to deliver on this capability and put us in a position to go forward.

從 32 和 45 之間的權衡來看，45 在市場上仍然表現良好。現在您已經了解了供應情況，32 開始增加。我們專注於此。您可以與我們的任何業務部門領導者交談；這是我們必須繼續關注並取得進展的事項。從執行的角度來看，我沒有看到任何可以阻礙我們前進的事情。我們需要發揮這種能力並讓我們處於向前邁進的位置。

Got it. And so last quarter, you said Llano was up like 80%. What were your 32-nanometer shipments up this quarter in that environment?

知道了。您說上個季度 Llano 上漲了 80%。在這種環境下，本季你們的 32 奈米出貨量成長了多少？

We are not going to comment, but it was up significantly. We are going to -- (multiple speakers) stopping giving concrete guidance here. I think it's important for you to understand that the progress is significant and we are not any longer supply limited on that note.

我們不打算發表評論，但它確實大幅上漲。我們將會－（多位發言者）停止在這裡提供具體指引。我認為你必須明白，這項進展是巨大的，而且我們不再受到供應限制。

Got it, that's very helpful, thank you, guys.

明白了，這非常有幫助，謝謝大家。

JoAnne Feeney, Longbow Research.

喬安妮·菲尼（JoAnne Feeney），長弓研究公司。

Thanks and congrats on a nice quarter. I have a question about how your customers are handling the transition from Llano to Trinity and Brazos, the original version, to Brazos 2.0. Are you seeing any of them pause in their purchases? And are you instead sending, perhaps, some of those existing inventories out to emerging markets and channel customers, rather than the OEMs? Can you give us (multiple speakers) transition, and if there's a lull in the second quarter here because of that?

謝謝並恭喜本季取得良好業績。我有一個問題，關於您的客戶如何處理從 Llano 到 Trinity 以及從原始版本 Brazos 到 Brazos 2.0 的過渡。您是否發現他們中有人暫停購買？您是否會將部分現有庫存發送給新興市場和通路客戶，而不是 OEM？您能否為我們（多位發言者）介紹一下過渡情況，以及第二季是否因此而出現低迷？

Okay, no problem. Thanks for the question. From the standpoint of emerging market I do want to reference the emerging market. In the quarter, we've definitely seen continued microprocessor revenue growth, up about 21% year-over-year. And clearly, the Brazos APU has done very well in emerging market and Llano followed that up.

好的，沒問題。謝謝你的提問。從新興市場的角度來說我確實想參考新興市場。本季度，我們確實看到微處理器收入持續成長，年增約 21%。顯然，Brazos APU 在新興市場表現非常出色，Llano 也緊隨其後。

As we've begun to launch Trinity, there's been a real interest in Trinity. We've shipped Trinity, we are making all of the ramp figures that we've made commitments to our customer. And there's strong interest from both ODMs in terms of their -- across all ODMs in that segment.

當我們開始推出 Trinity 時，人們對 Trinity 產生了濃厚的興趣。我們已經出貨了 Trinity，我們正在實現對客戶所做的所有承諾。這兩家 ODM 都對該領域的所有 ODM 表現出濃厚的興趣。

And then, with Brazos 2.0, of course they are looking for the increased performance, the increased capability that we are introducing into that segment. They like that segment. Brazos has done well. Brazos 2.0, with that additional, has strong interest from the OEMs.

然後，有了 Brazos 2.0，他們當然希望我們在該領域引入更高的性能和更強的功能。他們喜歡那個片段。布拉索斯做得很好。加上這項附加功能，Brazos 2.0 引起了 OEM 廠商的濃厚興趣。

So I'm not seeing that, JoAnne, in terms of any pause or concern. Right now in the channel, we are focused on 45-nanometer product -- and minus 1. We are also focused on building up the Llano because 32 is now under control, and the execution and the yields are performing very well out of GLOBALFOUNDRIES. And then what we've got to do is now launch this record number of designs with Trinity and then Brazos 2.0 in the quarter. OEM interest has never been stronger and we look to continue to build on that.

所以喬安妮，我沒有看到任何停頓或擔憂。目前，在通路方面，我們專注於 45 奈米產品 - 以及減 1。我們也專注於建造 Llano，因為 32 現在已經得到控制，而且 GLOBALFOUNDRIES 的執行和產量表現非常好。然後我們要做的就是在本季推出創紀錄數量的 Trinity 設計以及 Brazos 2.0。OEM 的興趣從未如此強烈，我們希望繼續在此基礎上發展。

So as a follow up, there has been a lot of discussion about how perhaps these ultrathin builds will wait towards later in the year when Windows 8 is available. Can you give us a hint as to the trajectory, perhaps, for the Trinity and Brazos ramp into your ultrathin design wins?

因此，作為後續，已經有很多討論關於這些超薄機型是否要等到今年稍後 Windows 8 上市時再推出。您能否向我們透露一下 Trinity 和 Brazos 走向超薄設計勝利的軌跡？

Well, we've already run a substantial number of design wins in that space. And as I continue to meet with OEM customers, our large global accounts, there's more and more continued interest around that. You're going to see that continue to go into the second half, and that's very important. As I mentioned earlier, I really think that the current ultrathins that are being grouped in this very high-priced band in a very crowded way is going to cause a problem.

嗯，我們已經在該領域獲得了大量的設計勝利。隨著我不斷與 OEM 客戶（我們的大型全球客戶）會面，我對此的興趣也越來越濃厚。你會看到這種情況持續到下半場，這非常重要。正如我之前提到的，我確實認為，目前超薄手機以非常擁擠的方式歸入這個非常高價的品牌，這將會帶來問題。

If we think about it and we go where we've gone and attacked with our customers is to say, let's go after mainstream. Let's bring this to everyone, people are going to want this solution at a great price, and we think we can fly right under that pricing umbrella and really attack it with this Trinity launch with some high-volume runners.

如果我們考慮一下，我們會去我們去過的地方並與我們的客戶一起進攻，那就是說，讓我們追隨主流。讓我們將它帶給每個人，人們會希望以優惠的價格獲得這個解決方案，我們認為我們可以在這個定價保護傘下飛行，並通過這款 Trinity 與一些高容量跑步者一起真正攻擊它。

So it sounds like you think that the price advantage on the AMD APUs is bigger than the implicit price advantage being doled out by Intel through these marketing dollars supporting the Ultrabook launch. Is that a fair way to think about this?

因此，聽起來您認為 AMD APU 的價格優勢大於英特爾透過支持 Ultrabook 發布的行銷資金而獲得的隱性價格優勢。這樣思考這個問題合理嗎？

From my perspective, because of the way we are constructing the solutions with these large global accounts and the way we are using this superior APU kind of architecture that gives an outstanding experience, we can hit that ultrathin form factor and then total bill of material puts us in a very interesting price point that allows us to get into that upper mainstream segment. I think that opens it up for some really interesting discussions on what's the better play here.

從我的角度來看，由於我們為這些大型全球客戶建立解決方案的方式，以及我們使用這種可提供出色體驗的卓越 APU 架構的方式，我們可以達到超薄的外形尺寸，然後總物料清單使我們處於一個非常有趣的價格點，這使我們能夠進入高端主流市場。我認為這將引發一些非常有趣的討論，討論什麼是更好的玩法。

Okay, thank you very much.

好的，非常感謝。

Chris Caso, Susquehanna.

克里斯卡索，薩斯奎漢納。

Thank you. I'm just wondering if you can address going back to some of the hard drive issues that the industry has faced over the last quarter or so. With your guidance in the second quarter, is that anticipation that there's some degree of channel restocking that goes on? Or are you anticipating that basically what you are shipping out is in line with customer demand for the quarter?

謝謝。我只是想知道您是否可以談談該行業在過去一個季度左右面臨的一些硬碟問題。根據您對第二季的指導，是否預計會出現一定程度的通路補貨？或者您是否預期您所運送的貨物基本上符合本季的客戶需求？

Well, as I mentioned earlier, I really believe that the hard file situation base and the resiliency of this PC ecosystem supply chain always works itself out. And we saw this really come fundamentally under control in early February. Any residuals in terms of demand issues from fourth quarter, which were relatively small, kind of moved past that. And we have seen that momentum continue through February and March. Again, there are some residual pricing issues around hard files because they haven't come all the way back down. That always takes a little longer to happen. But I don't see any reason that, based on our expectation and guidance for second quarter, there's not anything significantly unusual driven by hard files at all.

嗯，正如我之前提到的，我真的相信硬文件情況基礎和這個 PC 生態系統供應鏈的彈性總是能自行解決。我們看到，這一情況在二月初已被根本控制。第四季度需求問題的任何殘餘影響都相對較小，已經過去了。我們看到這種勢頭一直持續到二月和三月。再次，由於硬碟價格尚未完全回落，因此也存在一些剩餘的定價問題。這總是需要更長的時間才能實現。但根據我們對第二季的預期和指導，我認為沒有任何理由認為硬檔案不會引發任何重大異常。

Okay, and I guess as a follow-up, as you look into the second half of the year, your competitor is pointing to a better than seasonal second half, and a lot of that is driven by the Windows 8 launch and some of the product cycles that happened there. Would you guys endorse that view? What do you guys think with regard to the second half, understanding that it's a bit away now?

好的，我想作為後續問題，當你展望下半年時，你會發現你的競爭對手指出下半年的業績會比季節性表現更好，而這在很大程度上是受到 Windows 8 的發布以及隨之而來的一些產品週期的推動。你們會贊同這個觀點嗎？你們對於下半場有什麼看法，現在距離比賽結束還有一段時間嗎？

Well, clearly, based on when you look at the information from the big players -- IDC, the Gartner's, etc., Mercury, it's across the board -- there's a general feel that 2012 is going to be better than 2011. And we agree with that. We believe that there is single-digit performance across the year. We think that it's going to build on itself quarter on quarter. But it's going to be nothing like a hockey stick or anything like that. It's going to be consistent improvement quarter after quarter, and what we want to do is to capture our unfair share of that growth moving forward.

嗯，顯然，根據 IDC、Gartner 等大型公司、Mercury 等提供的信息，人們普遍認為 2012 年將比 2011 年更好。我們同意這一點。我們認為全年業績將為個位數。我們認為它將逐季度地不斷進步。但它絕對不會像曲棍球棒或類似的東西。我們將每個季度持續改進，而我們想要做的就是在未來獲得我們應得的成長份額。

Okay, great, thank you.

好的，太好了，謝謝。

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

Thanks for taking my questions. First one, on -- the APUs increased as a percentage of the client products. I guess I would've expected the ASPs to also increase, so I was hoping you could provide some color on that one.

感謝您回答我的問題。首先，APU 在客戶端產品的百分比增加。我想我應該會期望 ASP 也會增加，所以我希望您能對此提供一些詳細資訊。

Well, remember, what we are doing is we are bringing that APU solution into those key price bands where we play strongly, entry and mainstream. And we've driven a nearly 30% year-over-year mobile processor unit shipment increase. I think that's per the exciting, with virtually basically almost 100% of the first-quarter mobile shipments now being APUs. We are targeting those price bands and we put those APUs right in those segments that allows us to create that great experience for the customer, that combined power of the GPU graphics complex with the CPU complex and one SOC allows us to create the experience that's tailored to the movement around the cloud and how application and data are going to move information to these clients.

請記住，我們正在做的是將 APU 解決方案引入我們強勢佔據的那些關鍵價格區間，即入門級和主流級。我們的行動處理器出貨量年增了近 30%。我認為這非常令人興奮，因為第一季的行動出貨量幾乎 100% 都是 APU。我們瞄準這些價格區間，並將這些 APU 放在這些細分市場中，這使我們能夠為客戶創造出色的體驗，GPU 圖形複合體與 CPU 複合體和一個 SOC 的結合使我們能夠創建針對雲端周圍的移動以及應用程式和資料如何將資訊移至這些客戶端而量身定制的體驗。

That experience is unique, and by creating a great value proposition, that's how I think we are seeing this 30% year-over-year, basically 30% year-over-year mobile processor shipment increase. I think what we are doing here is positioning right into those price bands to continue his momentum.

這種體驗是獨一無二的，透過創造巨大的價值主張，我認為這就是我們看到行動處理器出貨量年增 30% 的原因。我認為我們在這裡所做的就是將位置定位到這些價格區間以延續他的勢頭。

And now, as we launch the next generations top to bottom, refreshing this APU with Brazos 2.0 and Trinity and the amount of design wins that we've created, step by step, we continue to build on this momentum in the mobile space and bringing APU across the board.

現在，隨著我們從上到下推出下一代產品，用 Brazos 2.0 和 Trinity 更新這款 APU，並逐步贏得我們創造的設計勝利，我們將繼續在移動領域保持這一勢頭，並將 APU 全面推廣。

Fair enough, and then on the -- as you launch Trinity, it sounds like you're going to be reaching a little bit higher even then to the performance area. Is that -- so is it fair to assume that there's going to be an upward bias on the ASPs as you ramp Trinity?

公平地說，然後——當您推出 Trinity 時，聽起來您甚至會在性能方面達到更高的水平。那麼，隨著 Trinity 的普及，我們可以合理地假設平均銷售價格 (ASP) 會呈現上升趨勢嗎？

From a standpoint, there's no doubt that Trinity improves just about every key aspect of the previous generation of APUs. And it is a very exciting product. We did some pre-launch work with a number of analysts and press in a controlled environment. They were excited to see this product. And we are excited about this product. I think we are situated very well with our performance per watt, which is basically double the last family. And I think we can cover a wider swath in terms of that entry and mainstream portfolio between Brazos 2.0 and the Trinity family. But I believe that we should be looking to increase it, but it's not going to be in any gigantic number. We want to continue the momentum, continue to build on this and continue to build on this quarter after quarter through clean execution, meeting our commitments to our global accounts and our partners. That's job one.

從某個角度來看，毫無疑問 Trinity 改進了上一代 APU 的幾乎所有關鍵方面。這是一款非常令人興奮的產品。我們在受控環境中與一些分析師和媒體進行了一些發布前的工作。他們看到這個產品很興奮。我們對這款產品感到非常興奮。我認為我們的每瓦性能表現非常好，基本上是上一個家族的兩倍。我認為我們可以在 Brazos 2.0 和 Trinity 系列的入門級和主流產品組合方面涵蓋更廣泛的範圍。但我相信我們應該尋求增加它，但不會達到巨大的數字。我們希望保持這一勢頭，繼續在此基礎上發展，並透過清晰的執行，一個季度又一個季度地繼續發展，履行對全球客戶和合作夥伴的承諾。這是第一項工作。

Thank you.

謝謝。

Cody Acree, Williams Financial.

威廉斯金融公司的科迪·阿克里（Cody Acree）。

Thanks and congrats on the quarter. As we look at the Windows 8 launch and you look at ARM competitors coming in, look at Brazos 2.0 performance per watt, do you think that your roadmap for Brazos matches what many your competitor is doing with Atom and what you are seeing with ARM as getting down to that lower-power envelope?

感謝並祝賀本季取得的成績。當我們看到 Windows 8 的發布和 ARM 競爭對手的加入，看看 Brazos 2.0 的每瓦性能時，您是否認為 Brazos 的發展路線圖與您的許多競爭對手對 Atom 的做法以及您所看到的 ARM 在降低功耗方面的做法相符？

Yes, it's interesting. I think Win 8 is going to be more of an x86 event, in my opinion, having come from the OEM side of the business. I think it's an important event. I think it will generate interest, it will create demand. There's no doubt forward and backward compatibility will be very important. And I think, over time, lower power in the client space will be important.

是的，很有趣。我認為，從 OEM 業務的角度來看，Win 8 將更像是一個 x86 事件。我認為這是一個重要的事件。我認為它會引起興趣，創造需求。毫無疑問，向前和向後相容性非常重要。我認為，隨著時間的推移，降低客戶端空間的功耗將變得非常重要。

What we have done with Brazos demonstrated, what, over 30 million units shipped in that within the first year. Brazos 2.0 builds on that. And then next year, as you have seen in our roadmap work at analyst day, the next generation of that family even takes it further. And I think what we believe is there's the opportunity for us to continue to win in that space with a great price performance, a great performance per watt, forward and backward compatibility in a segment that's very attractive.

我們對 Brazos 的實踐證明，第一年就售出了超過 3000 萬台。Brazos 2.0 以此為基礎。然後，明年，正如您在分析師日的路線圖工作中所看到的那樣，這個家族的下一代將走得更遠。我認為，我們相信，我們有機會憑藉出色的性價比、出色的每瓦性能以及前向和後向兼容性繼續在該領域獲勝，這是一個非常有吸引力的領域。

For the other players are now entering it, it's going to take a bit of time to build out that ecosystem. They've got to make sure that they've got enough performance to do the things that have to be done on that device. Remember, there were some other solutions that were introduced in the past that had difficulty as they moved into the segment because maybe they were slightly underpowered.

對於正在進入該領域的其他參與者來說，建立該生態系統需要一些時間。他們必須確保有足夠的性能來完成該設備必須完成的工作。請記住，過去推出的一些其他解決方案在進入該領域時遇到了困難，因為它們可能動力不足。

We believe that we can reach the price points, the performance points and the power per watt that we need to do, to win in this segment. And of course, we will continue to work on an ambidextrous, agile architecture that will give us a lot of flexibility both in the server and client space moving forward.

我們相信，我們可以達到所需的價格點、性能點和每瓦功率，從而在這一領域獲勝。當然，我們將繼續致力於開發一種靈活的架構，這將為我們在伺服器和客戶端領域提供很大的靈活性。

Well, Rory, I guess that brings up the question, then. As you get the ecosystem up in the competitors into the ARM-based systems, maybe longer-term I guess the question I get most often from investors is that after Windows 8 is a bit more mature and that ecosystem is more mature, what's to keep AMD from being marginalized as an alternative to Intel?

好吧，羅裡，我想這就引出了一個問題。隨著競爭對手的生態系統逐漸融入基於 ARM 的系統，從長遠來看，我猜投資者最常問我的問題是，在 Windows 8 更加成熟並且生態系統更加成熟之後，如何才能避免 AMD 被邊緣化，成為英特爾的替代品？

I think you're almost looking at it the wrong way. I think this is part of the inflection point that we talk about. But about what that kind of convergence, right, and the cloud, those 2 Cs, are really going to do in terms of this processor and compute environment. This, where we play strongly, entry and mainstream, is going to be the dominant segment. And as you see us continue to drive low power into every one of our offerings and the capability with an ambidextrous architecture that reduces our time to market, gives us higher quality, allows us to do it with more efficiency and gives us flexibility across architectures with more consistent use of IP, I think that AMD is uniquely positioned to capture this.

我認為你幾乎是從錯誤的角度看待這個問題的。我認為這是我們談論的轉折點的一部分。但是就處理器和運算環境而言，這種融合和雲端（這兩個「C」）真正能起到什麼作用呢？這是我們強勢佈局的領域，入門級和主流市場，將會成為主導市場。正如您所看到的，我們繼續將低功耗融入我們的每一款產品中，並採用靈活的架構來縮短產品上市時間，提高產品質量，提高效率，並通過更一致地使用 IP 為我們提供跨架構的靈活性，我認為 AMD 具有獨特的優勢來抓住這一機遇。

It isn't about following anybody and it isn't about being an alternative. That's not what it's about. It's about seeing where the market is going, and this market is beginning to change. And I think AMD with the technology, the architecture, the kind of skills that we have in the Company -- if we play our cards right, this change in terms of this inflection point introduces an opportunity for us.

這不是要追隨任何人，也不是要成為一種替代方案。這不是它的意義。這是為了了解市場走向，而這個市場正開始改變。我認為，憑藉 AMD 的技術、架構以及我們公司所擁有的技能，如果我們打好牌，這個轉折點的變化將為我們帶來機會。

That's great. Thank you very much.

那太棒了。非常感謝。

David Wong, Wells Fargo.

富國銀行的 David Wong。

To begin with, sequential growth, 3% sequential growth that you are guiding for June. Is this organic growth is or is there a significant contribution from SeaMicro?

首先，您預測 6 月的環比增長為 3%。這是有機成長嗎？還是有來自 SeaMicro 的重大貢獻？

Yes, very good question. That is very much organic growth. We said that, while we see for a startup some substantial revenue this year in terms of the overall aggregated amounts in revenue we look at, it's very small. So next quarter, it's very much driven by AMD core organic growth. And you can put this in perspective; over the last seven years, our seasonality in the second quarter was about minus 4%.

是的，非常好的問題。這在很大程度上是一種有機成長。我們說，雖然從我們所看到的總收入總額來看，今年這家新創公司的收入確實相當可觀，但金額還是很小。因此下個季度，它將主要受到 AMD 核心有機成長的推動。你可以從這個角度來看這個問題；過去七年，我們第二季的季節性約為-4%。

Yes, great. And within this, do you expect server revenues will be up sequentially in the June quarter?

是的，太棒了。在此背景下，您是否預期 6 月季度的伺服器營收將季增？

We fully expect to continue to build onto the momentum we have seen on the server side in terms of unit growth, yes.

是的，我們完全希望繼續保持伺服器端單位成長的動能。

And the $605 million of operating expense guidance for the June quarter, is this a GAAP number that includes amortization and other charges associated with SeaMicro?

6 月季度的營運費用預期為 6.05 億美元，這是包括攤銷和與 SeaMicro 相關的其他費用在內的 GAAP 數字嗎？

So what we have seen in Q1 was, I think, a one-time effect. We will have no spillover in terms of one-time effects. In a bigger scale, maybe $3 million or $4 million, but they are already contemplated in that number.

因此，我認為我們在第一季看到的只是一次性影響。就一次性影響而言，我們不會產生任何溢出效應。規模更大一些，可能是300萬美元或400萬美元，但這些都已經包含在這個數字裡了。

Right. And when you said earlier 28-nanometer products going into production at GLOBALFOUNDRIES in the second half, that was one of your takes on the gross margin, these are GPU products, are they? Or do you have any microprocessor or APU products in that mix?

正確的。您之前說過 28 奈米產品將在下半年在 GLOBALFOUNDRIES 投入生產，這是您對毛利率的看法之一，這些都是 GPU 產品，對嗎？或者你們有任何微處理器或 APU 產品嗎？

They are APU product.

它們是APU產品。

They are APU products? 28 -- so you will be actually -- you expect to be selling 28-nanometer APUs in the second half that are made at GLOBALFOUNDRIES?

是APU產品嗎？28——所以您實際上——您預計下半年將銷售由格芯生產的 28 奈米 APU？

No, no, no.

不，不，不。

From a volume perspective, very little volume, but we start the manufacturing ramp in the second half, so we can get ready for the launches in 2013.

從產量來看，產量非常少，但我們將在下半年開始增加產量，以便為 2013 年的發布做好準備。

Okay, my final question -- are you able to supply all the demand you are currently seeing for 28-nanometer GPU products?

好的，我的最後一個問題——您能夠滿足目前對 28 奈米 GPU 產品的所有需求嗎？

I think we addressed that in one of the earlier questions. We were able to meet customer demand in the first quarter. The products are good, the demand is strong. We would like to see more access to upside volume, but we have met all -- pretty much all demand in the first quarter.

我想我們在之前的一個問題中已經討論過這個問題。我們能夠在第一季滿足客戶的需求。產品品質好，需求旺盛。我們希望看到更多的上行交易量，但我們已經滿足了第一季幾乎所有的需求。

Right, thanks.

好的，謝謝。

Hey, Huey, before you go to the next question, I do want to make a comment. I apologize for anyone on the phone. I do refer to HDDs -- you know, the hard disk drives -- as hard files. That's based on my IBM legacy from being in the IT environment. So if I confused anyone, when I talk about hard files, I'm talking about HDDs, so I apologize for that.

嘿，休伊，在你回答下一個問題之前，我確實想發表一下評論。我向電話裡的任何人道歉。我確實將 HDD（硬碟）稱為硬檔案。這是基於我在 IBM IT 環境中的經驗。因此，如果我讓任何人感到困惑，那麼當我談論硬檔案時，我指的是 HDD，因此我對此表示歉意。

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Most of my questions have been answered, but just a clarification, if you talked about this. Do you expect both Graphics and Computing to be up in Q2?

我的大部分問題都已得到解答，但如果您談論了這個問題，我只需要澄清一下。您是否預期圖形和運算功能在第二季都會有所提升？

Graphics -- what we've seen is a very interesting continued progress around the graphics portfolio. We began the year the way we began 2011, with the fastest GPU card on the planet. And we believe that with the work that we are doing now here with 28-nanometer products across the entire discrete graphics portfolio, we are very well positioned. Now we are going to introduce the discrete graphics around 28-nanometer into the notebook space. There is always going to be some slight pressure down as that market continues to move toward APUs. But I believe with the portfolio and product set and the introductions that we will continue to do through the year, that we're positioned to continue to move forward.

圖形－我們看到圖形產品組合方面取得了非常有趣的持續進展。我們以 2011 年的開端來迎接新的一年，並擁有了世界上速度最快的 GPU 卡。我們相信，憑藉我們目前在整個獨立顯示卡產品組合中針對 28 奈米產品所做的工作，我們處於非常有利的地位。現在我們要把28奈米左右的獨立顯示卡引入筆記本領域。隨著市場持續向 APU 轉變，總是會存在一些輕微的壓力。但我相信，憑藉我們今年將繼續推出的產品組合、產品組合和產品介紹，我們有能力繼續向前邁進。

Okay, so will that growth in Q2 --

好的，那麼第二季的成長情況是—

I don't really get into that specific. It's really part of the overall 3%, plus or minus 3.

我不太了解這個具體情況。它實際上是整體 3% 的一部分，上下浮動 3%。

Very well, thanks again.

非常好，再次感謝。

Operator, we would like to take two more questions from the audience, please.

接線員，我們想再回答觀眾的兩個問題。

Patrick Wang, Evercore Partners.

派崔克王 (Patrick Wang)，Evercore Partners。

Thanks so much and congrats on the great quarter. First question is, it looks like you are really focused on growing your core businesses. For instance, you are seeing growth in server but ASPs are declining despite a greater mix of Bulldozer. So I was hoping you could talk about your assumptions behind pricing trends over the course of this year, particularly as Bulldozer ramps and you get more Trinity and the Brazos 2.0.

非常感謝，並祝賀本季取得如此出色的成績。第一個問題是，看起來您確實專注於發展您的核心業務。例如，您會看到伺服器正在成長，但儘管推土機的混合比例更高，但平均售價卻在下降。所以我希望您能談談您對今年定價趨勢的假設，特別是隨著 Bulldozer 的普及以及 Trinity 和 Brazos 2.0 的增加。

Well, from a standpoint of server, it's about rebuilding our capabilities and relationships, of course, across the portfolio. Over the past several years, we saw our share position decline consistently in the server segment. What we've done is we've got a renewed focus and a commitment to a long-term strategy to build a set of server offerings. With the SeaMicro acquisition, it positions us in the fastest-growing segment of the server market. With Bulldozer, we've begun to build out our capability in terms of our go to market, our ecosystem relationship. And you are going to see us focus very, very well in terms of execution on server, because server is different than consumer products. You've got to deliver high quality, you have got to deliver it on time, on schedule. That's what CIOs count on and they believe on. We've made good momentum the first three quarters, but that's just the beginning of the journey that we are on. This is a long-term game plan, and we are going to use this server experience here and with the introduction of our next generations around Abu Dhabi and a future roadmap item, you're going to see us continue to move down that path.

嗯，從伺服器的角度來看，這當然是關於重建我們在整個產品組合中的能力和關係。過去幾年中，我們在伺服器領域的份額持續下降。我們所做的是重新關注並致力於制定一套長期策略來建立一套伺服器產品。透過收購 SeaMicro，我們進入了伺服器市場成長最快的領域。透過 Bulldozer，我們開始增強我們在市場進入和生態系統關係方面的能力。您將會看到我們非常非常重視伺服器的執行，因為伺服器與消費產品不同。你必須提供高品質的產品，而且必須按時、按計劃交付。這正是 CIO 所期望和相信的。前三個季度我們取得了良好的勢頭，但這只是我們旅程的開始。這是一個長期的遊戲計劃，我們將在這裡使用此伺服器體驗，隨著我們在阿布達比周圍推出下一代產品以及未來的路線圖項目，您將看到我們繼續沿著這條道路前進。

But again, long-term strategy. In terms of ASPs, this space is -- again, there is always about the mix that you have and the certain deals that you win. We want to continue that momentum and to continue to build on that server space to create the base for future growth as we move both in the traditional server space and into the dense space.

但同樣，這是長期戰略。就 ASP 而言，這個空間——再次強調，總是與你擁有的組合以及你贏得的某些交易有關。我們希望保持這種勢頭，繼續在伺服器空間上發展，為未來在傳統伺服器空間和密集空間中的成長奠定基礎。

In terms of the APUs, we talked about it earlier. We are in the key price bands. We play very well in those price bands. We believe, with Brazos 2.0 and Trinity and with the design and interest around those two products, we are well positioned to continue the momentum that we are creating -- up 30% year-over-year in mobile processor unit shipments or just about, 100% are now APUs. We believe that we can continue to capture parts of this growing market moving forward that positions us well in that segment.

關於APU，我們之前已經討論過了。我們處於關鍵價格區間。我們在這些價格範圍內表現得非常好。我們相信，憑藉 Brazos 2.0 和 Trinity，以及圍繞這兩款產品的設計和興趣，我們有能力繼續保持我們正在創造的勢頭——行動處理器出貨量同比增長 30%，或者說現在幾乎 100% 都是 APU。我們相信，我們可以繼續佔領這個不斷增長的市場的部分份額，從而讓我們在該領域佔據有利地位。

And then again, the last piece I'll answer, Patrick, is around ultrathins. I think the ultrathins is a very interesting space for us. It's something we really need to watch. Ultrathins are for everyone. And ultrathins and thin and light are going to be a core product across the industry. This is nothing new. Thin and light has been going on for the past 15 years. We're taking it to the next level and we're going to bring it to everyone.

再說一次，派崔克，我要回答的最後一部分是關於超薄的。我認為超薄材料對我們來說是一個非常有趣的領域。這是我們真正需要關注的事情。超薄適合所有人。超薄和輕薄將成為整個產業的核心產品。這並不是什麼新鮮事。過去 15 年來，輕薄化一直是人們追求的趨勢。我們正在將它提升到一個新的水平，並將它帶給每個人。

Okay. No, that's helpful. So when I sit here and listen to what you are saying, it almost seems like ASP drift to the upside is almost less important because you are really targeting the more mainstream segments that may just require lower ASPs. Is that a right way to think about it?

好的。不，這很有幫助。因此，當我坐在這裡聽您說話時，似乎平均售價的上漲趨勢並不那麼重要，因為您真正瞄準的是可能只需要較低平均售價的更主流的細分市場。這是正確的思考方式嗎？

Well, you always want to have a balanced perspective. Right? This isn't a full-out attack where it's all about just share. We have a balanced perspective. Thomas and the financial team have constructed a strategy that allows us to expand earnings and allows us to position future growth. We want a balanced approach. We want to make sure that we are gaining and competing well in terms of volume and share, particularly in emerging market, particularly in the key segments and price bands where we know the future global and the inflection point will be. And we want to continue to build on that. That's how you want to do it, and at the same time you want to make sure that the margin is there so that you can continue to drive the cash generation and the ability to invest in future opportunities going forward.

嗯，你總是希望有一個平衡的視角。正確的？這並不是一次僅僅為了分享的全面攻擊。我們有一個平衡的觀點。托馬斯和財務團隊制定了一項策略，使我們能夠擴大收益並定位未來的成長。我們希望採取平衡的方法。我們希望確保我們在銷售和份額方面獲得優勢並保持良好的競爭力，特別是在新興市場，特別是在我們了解未來全球和轉折點的關鍵領域和價格區間。我們希望在此基礎上繼續努力。這就是您想要做的事情，同時，您希望確保有足夠的利潤，以便您可以繼續推動現金產生並有能力投資未來的機會。

This is not a one-trick pony; we want to build this on a consistent, sustainable model, quarter in and quarter out, year after year. That's when we want to be recognized as an execution engine that delivers on its strategy and its commitments to its customers, shareholders and partners.

這不是只有一招的小馬；我們希望以一致、可持續的模式來建構這一模式，逐季、逐年地推進。那時，我們希望被認可為一個執行引擎，能夠履行其策略以及對客戶、股東和合作夥伴的承諾。

Got it, okay. And then just lots of low-hanging fruit in server -- can you give us an idea of when you think you will see double-digit market share growth once again -- market shares?

知道了，好的。然後，伺服器領域還有很多唾手可得的成果——您能否告訴我們，您認為什麼時候市佔率會再次出現兩位數的成長？ --市場占有率?

Yes. Of course, I'd like to do it as soon as possible. That would always be good. But this is a long-term strategy. We have made some initial momentum. We are going to continue to build on that. But no, we are in this long-term. We went after SeaMicro, we are building the traditional server space. You're going to see us continue to work in terms of -- and by direct service capability, you're going to see us continue to work in terms of building out that roadmap. This is just the beginning of a long journey and a journey that we believe that we're making good initial progress. But it's -- again, it's over a period of time that that consistent execution will pay dividends, or pay results.

是的。當然，我希望盡快完成。那總是好的。但這是一個長期戰略。我們已經取得了一些初步進展。我們將繼續在此基礎上努力。但不，我們正處於這個長期階段。我們追隨 SeaMicro，我們正在建立傳統的伺服器空間。您將看到我們繼續努力——透過直接服務能力，您將看到我們繼續努力製定路線圖。這只是漫長旅程的開始，我們相信我們正在取得良好的初步進展。但需要再次強調的是，經過一段時間的持續執行才會帶來回報或成果。

Our eye, thanks so much, Rory, and -- along with the hard file.

我們的眼睛，非常感謝，羅裡，還有硬文件。

Yes, yes -- spent too much time at IBM talking about hard files. Sorry about that, everyone. Last question?

是的，是的——在 IBM 花了太多時間討論硬文件。各位，很抱歉。最後一個問題？

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪（Kevin Cassidy），Stifel Nicolaus。

This is [Dean Grumlos] calling for Kevin. Thank you very much for taking my question. I was wondering if you could provide, Rory, some comments on what you are seeing in the strength of various geographies at this time and rate of recovery, and also how this may line up with where you think your best opportunities may be geographically?

我是 [Dean Grumlos]，呼叫 Kevin。非常感謝您回答我的問題。羅裡，我想知道您是否可以就您目前所看到的各地區的實力和復甦速度發表一些評論，以及這與您認為的最佳地理位置機會如何相符？

Yes. There's no doubt, as this inflection point continues to accelerate, and it will over the next 3 to 5 years, that emerging markets are going to be key. Consumerization is going to continue to drive a different mindset around the commercial segments, around the clients. You're going to see the next billion or 2 billion customers in the PC segment around these converged devices come from those emerging markets. You're going to see us continue to focus on -- we've talked about it in many of our strategy sessions -- around low power and continuing to drive down with ambidextrous capability and to attack and to win in the emerging market. We saw 21% year-over-year microprocessor revenue growth in the emerging market. That's a good start, but we have to continue to build on that.

是的。毫無疑問，隨著這一轉折點的不斷加速，並且在未來 3 至 5 年內，新興市場將成為關鍵。消費化將持續推動商業領域和客戶產生不同的思維方式。你會看到，圍繞這些融合設備的個人電腦領域的下一個十億或一十億客戶都來自這些新興市場。您將會看到我們繼續關注——我們在許多戰略會議上都討論過這個問題——圍繞著低功耗，繼續以靈活的能力推動，進攻新興市場並取得勝利。我們看到新興市場的微處理器營收年增了 21%。這是一個好的開始，但我們必須繼續努力。

If you look at the other regions, Europe is obviously a difficult environment in terms of its macroeconomic trends, something that we are watching very closely. I think we are performing reasonably well in that environment, but until some of the sovereign debt issues get solved, I think that's going to be a wild card in terms of its velocity and its business expansion. I think North America has performed pretty well over the past several quarters, and all the data that I read from external sources point to a reasonable, consistent GDP growth that should be good for our performance in those mature segments like North America. But, again, it's about the emerging markets and winning in that over time.

如果你看看其他地區，歐洲的宏觀經濟趨勢顯然是一個困難的環境，我們正在密切關注這一點。我認為我們在這種環境下表現得相當不錯，但在一些主權債務問題得到解決之前，我認為就其速度和業務擴張而言，這將是一個未知數。我認為北美在過去幾季的表現相當不錯，而且我從外部來源讀到的所有數據都顯示 GDP 成長合理、持續，這對我們在北美等成熟市場的表現有利。但是，這又與新興市場有關，隨著時間的推移，我們將在新興市場中取得勝利。

That's very helpful, thank you very much.

這非常有幫助，非常感謝。

Thank you, sir. And at this time that does conclude our question and answer period. I would like to turn the call back over to management for any closing remarks.

謝謝您，先生。至此，我們的問答環節就結束了。我想將電話轉回給管理階層，請他們做最後的總結發言。

Thank you, Huey, and thank you, everyone, for your time on the call today. We delivered solid results in the quarter, largely due to improved execution and a richer product mix. We expect to build on this financial and operational momentum, making consistent improvements quarter in and quarter out. We remain focused on creating innovative solutions. Our customers need to win while building a company around a strategy that produces strong cash flow and earnings growth.

謝謝你，休伊，也謝謝大家今天抽空參加電話會議。我們在本季取得了穩健的業績，這主要歸功於執行力的提升和產品組合的豐富。我們希望在這項財務和營運動能的基礎上，逐季取得持續的進步。我們始終專注於創造創新解決方案。我們的客戶需要在建立能夠產生強勁現金流和獲利成長的策略的公司的同時獲得成功。

Thank you again for taking the time to join us on the call today.

再次感謝您今天抽出時間參加我們的電話會議。

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

謝謝您，先生。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，現在您可以退出了。