超微半導體 (AMD) 2012 Q2 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 work with everyone to AMD's second quarter 2012 earnings conference call. All lines have been placed in a listen-only mode at this time. After the speakers' remarks, you will be invited to participate in the question-and-answer session.

午安.我叫休伊 (Huey)，今天我將擔任您的會議主持人。現在，我想和大家一起參加AMD 2012年第二季財報電話會議。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。

As a reminder, this conference is being recorded today. I would now like to turn the conference over to Ms. Ruth Cotter, Vice President of Investor Relations for AMD. Please go ahead.

提醒一下，今天正在錄製這次會議。現在，我想將會議交給 AMD 投資者關係副總裁 Ruth Cotter 女士。請繼續。

Thank you and welcome to AMD's second-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 review these documents, they can be found on AMD's website at quarterlyearnings. AMD.com.

感謝您並歡迎參加 AMD 第二季度財報電話會議。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 的網站 quarterlyearnings 上找到。AMD.com。

Participants on today's conference call are Rory Read, our President and Chief Executive Officer; and Thomas Seifert, our Senior Vice President and Chief Financial Officer. For the Q&A portion of the call, we will be joined by Lisa Su, our Senior Vice President and General Manager, Global Business Units. This is a live call and will be replayed via webcast on AMD.com.

今天電話會議的參與者包括我們的總裁兼執行長 Rory Read；以及我們的高級副總裁兼財務長 Thomas Seifert。在電話會議的問答環節，我們的資深副總裁兼全球業務部總經理 Lisa Su 將加入其中。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

I'd like to take this opportunity to highlight a few dates for you. Rory Read will present at the Citi Technology Conference on 4 September in New York. Our third quarter quiet time will begin at the close of business on Friday, September 14. Lastly, we intend to announce our third quarter earnings on October 18. Dial-in information for the call will be provided publicly in mid-September.

我想藉此機會向大家重點介紹幾個日期。Rory Read 將於 9 月 4 日在紐約舉行的花旗技術會議上發表演講。我們的第三季靜默期將於 9 月 14 日星期五下班後開始。最後，我們計劃於 10 月 18 日公佈第三季財報。該電話會議的撥入資訊將於九月中旬公開提供。

Please note any reference to non-GAAP financial measures are reconciled in the CFO written commentary posted on our website, quarterlyearnings.AMD.com.

請注意，任何對非 GAAP 財務指標的引用均已在我們的網站 quarterlyearnings.AMD.com 上發布的財務長書面評論中進行核對。

Before we begin today, let me remind everyone that our discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date and, as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statements in our press release for more information. You will also find detailed discussions about our risk factors in our filings with the SEC and, in particular, AMD's quarterly report on Form 10-Q for the quarter ended March 31, 2012.

在我們今天開始之前，請容許我提醒大家，我們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，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。請參閱我們新聞稿中的警告聲明以了解更多資訊。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我們的風險因素的詳細討論，特別是 AMD 截至 2012 年 3 月 31 日的 10-Q 表季度報告。

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

現在，我想把電話轉給羅裡。

Thank you, Ruth. Clearly, our performance in the quarter was disappointing and did not meet our commitments. When I joined AMD last year, we laid out a set of priorities to improve our execution and transform the Company to sustain our long-term growth potential. This has not changed. In spite of the setback in the quarter, we continue to move forward confidently and we are taking the right steps to strengthen and transform our business.

謝謝你，露絲。顯然，我們本季的表現令人失望，沒有兌現我們的承諾。去年我加入 AMD 時，我們制定了一系列優先事項，以提高我們的執行力並改造公司，以保持我們的長期成長潛力。這一點沒有改變。儘管本季度遭遇挫折，我們仍繼續滿懷信心地前進，並正在採取正確的措施來加強和轉變我們的業務。

For the second quarter, our revenue of $1.41 billion decreased 10% from a year ago and 11% sequentially, missing our expectations. After a reasonable start, we saw business velocity slow in the later part of the quarter, driving this revenue miss. This second-quarter revenue shortfall was largely driven by two key factors -- first, weak sales of desktop processors in the channel, primarily in China and Europe; and, secondly, a soft consumer PC market that impacted OEM notebook processor sales.

第二季度，我們的營收為 14.1 億美元，比去年同期下降 10%，比上一季下降 11%，低於我們的預期。在經歷了合理的開局之後，我們發現本季後期業務速度有所放緩，導致收入未能達到預期。第二季營收下滑主要由兩個關鍵因素造成－首先，通路桌上型電腦處理器銷售疲軟，主要是在中國和歐洲；其次，消費性PC市場疲軟影響了OEM筆電處理器的銷售。

We reacted quickly to this revenue softness by focusing on maintaining margin and effectively managing our expense position. As a result, we reduced expenses sequentially and maintained margin at approximately 46%, generating a net income of $37 million in the quarter.

我們對收入疲軟做出了快速反應，重點在於維持利潤率並有效管理我們的支出狀況。因此，我們連續減少了開支，並將利潤率維持在約 46%，本季實現了 3,700 萬美元的淨收入。

Looking at the specifics of the desktop business, sales to OEMs increased sequentially based on their continued adoption of APUs. However, our desktop channel revenue declined significantly as our Llano product did not experience the same uptake it had with our OEM customers. Looking back, when we were significantly 32-nanometer supply constrained last year, we prioritized shipments of Llano to our OEM customers. As a result, channel partners saw a dramatic change in supply linearity and a misalignment with motherboard availability. This clearly impacted Llano sales and built inventory in the channel.

從桌上型電腦業務的具體情況來看，由於 OEM 廠商持續採用 APU，其對 OEM 的銷售額也隨之持續成長。然而，由於我們的 Llano 產品沒有像我們的 OEM 客戶那樣受到歡迎，我們的桌面通路收入大幅下降。回顧過去，當我們去年 32 奈米供應嚴重受限時，我們優先向 OEM 客戶發貨 Llano。結果，通路合作夥伴發現供應線性發生了巨大變化，並且與主機板可用性不一致。這顯然影響了 Llano 的銷售並增加了通路庫存。

Correcting our channel challenges with Llano is largely within our own control. Moving forward, we will focus on accelerating desktop channel sell-through and share proper supply linearity and more effectively position Llano's value proposition in this area. It is clear that the overall PC market experienced softness in the second quarter, particularly in the consumer space. This impacted our notebook processor business.

解決 Llano 的通路挑戰在很大程度上是我們能夠控制的。展望未來，我們將專注於加速桌面通路銷售並分享適當的供應線性，並更有效地定位 Llano 在這一領域的價值主張。顯然，第二季整體個人電腦市場表現疲軟，尤其是在消費領域。這影響了我們的筆記型電腦處理器業務。

As the slowdown accelerated late in the quarter, OEMs responded quickly in an effort to reduce their inventory exposure at retailers and limit their on-hand inventories. We made the decision to protect our notebook margin and not chase lower-margin business as the environment weakened at the end of the quarter. While our notebook processor business did not meet our revenue expectations, we did see mobile processor revenue and unit shipments increase from the year-ago period.

隨著本季末經濟放緩加速，原始設備製造商迅速做出反應，努力減少零售商的庫存風險並限制現有庫存。由於本季末環境轉弱，我們決定保護筆記型電腦的利潤率，而不是追逐利潤率較低的業務。雖然我們的筆記型電腦處理器業務沒有達到我們的收入預期，但我們確實看到行動處理器收入和出貨量較去年同期有所增加。

And Trinity notebook shipments more than doubled sequentially, and we have no supply constraints.

Trinity 筆記型電腦的出貨量比上一季增加了一倍多，而且我們沒有遇到供應限制。

We are also seeing good response to the recently launched Trinity systems, including the first ultrathins from HP and Samsung that hit the mainstream price points. We expect a second wave of ultrathins will launch in the second half of the year, aligned around the Windows 8 introduction. Also, the introduction of Brazos 2.0 helped drive the sixth straight quarter of notebook share gains in the $499 and below retail price band globally. This is a good indicator that our products continue to compete at compelling price points that represent nearly one-third of the overall retail notebook market.

我們也看到最近推出的 Trinity 系統獲得了良好的反響，其中包括惠普和三星推出的首款達到主流價位的超薄電腦。我們預計第二波超薄筆記型電腦將於今年下半年推出，與 Windows 8 的推出同步。此外，Brazos 2.0 的推出有助於推動全球 499 美元及以下零售價位段筆記型電腦市場份額連續六個季度增長。這是一個很好的指標，表明我們的產品繼續以極具吸引力的價格參與競爭，佔據了整個零售筆記型電腦市場的近三分之一。

We expect that the notebook softness that began in the second quarter will continue in the second half of the year. And while overall notebook market will grow, we anticipate it will be at a lower rate due to third quarter softness in anticipation of Windows 8, the macroeconomic conditions and overall inventory build in the PC ecosystem from the first half. Our record number of design wins remains intact and will help fuel our notebook business through this challenging environment.

我們預計，第二季開始的筆記型電腦疲軟態勢將延續到下半年。儘管整體筆記型電腦市場將會成長，但我們預計其成長速度將會較低，因為第三季受 Windows 8 預期影響而表現疲軟，宏觀經濟狀況以及上半年 PC 生態系統的整體庫存累積也會導致這一成長。我們贏得的設計獎項數量保持了創紀錄的水平，並將幫助我們的筆記型電腦業務度過這個充滿挑戰的環境。

Now, turning to our server business, revenue increased from the year-ago period but declined sequentially and was below our expectations. With the introduction of our Bulldozer-based Opteron processors at the end of last year, we saw strong initial adoption in the high-performance compute end market. In the second quarter we experienced a pause in our server business and our focus has to be on building similar acceptance with mainstream IT buyers. Bulldozer is a solid technology, and as we have discussed previously, our growth opportunities are in the portions of the market where our products deliver clear performance advantages. Based on the competitive landscape, we believe Bulldozer can drive modest share growth in the near-term.

現在，談到我們的伺服器業務，收入較去年同期有所增加，但環比下降，低於我們的預期。隨著我們在去年年底推出基於 Bulldozer 的 Opteron 處理器，我們看到了高效能運算終端市場的強勁初步採用。在第二季度，我們的伺服器業務經歷了一段停頓，我們的重點是獲得主流 IT 買家的類似認可。推土機是一項可靠的技術，正如我們之前所討論的，我們的成長機會在於我們的產品具有明顯性能優勢的市場部分。根據競爭格局，我們相信 Bulldozer 可以在短期內推動適度的份額成長。

In the server space, we also see market expansion opportunities with the growing adoption of dense server technology. We have a differentiated leadership position in this market as result of our acquisition of SeaMicro. Our IP foundation allows us to deliver disruptive server products and a technology roadmap that strengthens our long-term competitiveness in this emerging market.

在伺服器領域，隨著密集伺服器技術的日益普及，我們也看到了市場擴張的機會。透過收購 SeaMicro，我們在這個市場上佔據了差異化的領導地位。我們的 IP 基礎使我們能夠提供顛覆性的伺服器產品和技術路線圖，從而增強我們在這個新興市場的長期競爭力。

Our graphics business executed well, and our results were within historical seasonal patterns. We continue expanding our AMD Radeon 7000 desktop and notebook discrete graphics solutions in the quarter. And we recaptured the title of world's fastest graphics chip and launched the first member of our new workstation family based on our latest graphics core.

我們的圖形業務表現良好，我們的業績符合歷史季節性模式。本季我們持續擴展我們的 AMD Radeon 7000 桌上型電腦和筆記型電腦獨立顯示卡解決方案。我們重新奪回了世界上最快的圖形晶片的稱號，並推出了基於最新圖形核心的新工作站系列的首個成員。

It is clear that global economic activity is slowing, and this is impacting the PC market. For the first time since 2001, client PC shipments have declined sequentially for three consecutive quarters and have been below historical averages for the last seven quarters. We expect macro headwinds will continue for the third quarter. We also believe the PC industry may be resetting to a new baseline and that full-year industry growth estimates will be reduced.

顯然，全球經濟活動正在放緩，這對個人電腦市場產生了影響。自2001年以來，客戶端PC出貨量首次連續三個季度下降，並且在過去七個季度中一直低於歷史平均水準。我們預計宏觀逆風將在第三季持續存在。我們也認為，個人電腦產業可能正在重置到一個新的基準，並且全年產業成長預期將會下調。

For the year, we now expect AMD processor unit shipments to grow in the low-single digits. AMD will face these current challenges straight on, focused on delivering improved and consistent results. Profitability remains a key priority as we execute the action plans we have discussed here while managing expenses and driving future growth.

對於今年，我們目前預計 AMD 處理器的出貨量將以個位數低速成長。AMD 將面對當前的挑戰，專注於提供更好、更一致的成果。當我們執行這裡討論的行動計劃、管理費用和推動未來成長時，獲利能力仍然是首要任務。

We have made progress in building a better AMD. In the second quarter alone, we formed the HSA Foundation with other industry leaders. We announced a technology partnership with ARM to drive the adoption of an end-to-end security ecosystem. We also introduced the world's fastest graphics chip. We released the successor to our most successful platform ever with Brazos 2.0 APU. And we launched our next-generation Trinity APU for the mainstream and ultrathin notebooks.

我們在打造更好的 AMD 方面取得了進展。僅在第二季度，我們就與其他行業領導者一起成立了 HSA 基金會。我們宣布與 ARM 建立技術合作夥伴關係，以推動端到端安全生態系統的採用。我們也推出了世界上最快的圖形晶片。我們發布了迄今為止最成功的平台的後續產品：Brazos 2.0 APU。我們也推出了針對主流和超薄筆記型電腦的下一代 Trinity APU。

Still, there is much more work to do. We remain steadfast in our efforts to improve our execution and capture the growth opportunities in the changing market landscape around low-power, disruptive server technology and cloud-based computing. As we control our expenses, we will protect our investments in our customer-facing activities and innovations that produce our next generation of relevant competitive products that will drive growth. There is no doubt that the second quarter was disappointing. But we have the determination and commitment to deliver improved results.

儘管如此，還有很多工作要做。我們始終堅定不移地努力提高執行力，抓住低功耗、顛覆性伺服器技術和雲端運算等不斷變化的市場格局中的成長機會。在控制開支的同時，我們將保護我們在面向客戶的活動和創新方面的投資，這些活動和創新將生產出推動成長的下一代相關競爭產品。毫無疑問，第二季令人失望。但我們有決心和承諾取得更好的結果。

With that, I will turn it over to Thomas, who will cover the financials for the second quarter.

說完這些，我會把話題交給湯瑪斯，他將負責第二季的財務狀況。

Thank you, Rory. Revenue for the second quarter of 2012 was $1.41 billion, down 11% sequentially, driven primarily by a 13% decline in the Computing Solutions segment. Graphics segment revenue was seasonally down 4%. Non-GAAP gross margin was 46%, flat sequentially. Non-GAAP operating expenses were $557 million, 8% less than prior guidance, primarily due to lower bonus and commission expenses as well as discretionary spending cost controls late in the quarter.

謝謝你，羅裡。2012 年第二季營收為 14.1 億美元，較上一季下降 11%，主要原因是計算解決方案部門營收下降 13%。圖形部門收入季節性下降 4%。非公認會計準則毛利率為46%，與上一季持平。非公認會計準則營運費用為 5.57 億美元，比先前的預期低 8%，主要原因是本季末的獎金和佣金費用降低以及可自由支配的支出成本控制。

R&D was $345 million, 24% of net revenue, and SG&A was $212 million, 15% of net revenues.

研發費用為 3.45 億美元，佔淨收入的 24%，銷售、一般及行政費用為 2.12 億美元，佔淨收入的 15%。

Non-GAAP net income was $46 million and non-GAAP operating income was $86 million. Interest expense was $43 million, flat compared to the prior quarter. Tax provision was a net credit of $6 million in the quarter compared to $32 million in the prior quarter. The difference was primarily a one-time tax benefit of $36 million in the prior quarter related to the SeaMicro acquisition.

非公認會計準則淨收入為 4,600 萬美元，非公認會計準則營業收入為 8,600 萬美元。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 600 萬美元，而上一季為 3,200 萬美元。差異主要來自上一季與 SeaMicro 收購相關的 3,600 萬美元的一次性稅收優惠。

Non-GAAP EPS was $0.06, calculated using 755 million fully diluted shares. Adjusted EBITDA was $173 million, down $48 million from the prior quarter due to lower non-GAAP operating income, which resulted from lower revenue in the quarter.

非公認會計準則每股收益為 0.06 美元，以 7.55 億股完全稀釋股份計算。調整後的 EBITDA 為 1.73 億美元，較上一季下降 4,800 萬美元，因本季營收下降導致非 GAAP 營業收入下降。

Computing Solutions segment revenue was $1.05 billion, down 13% sequentially, driven primarily by lower channel sales in China and Europe as well as a weaker consumer buying environment impacting sales to OEMs. Client product revenue declined 13% sequentially, primarily due to lower ASPs.

計算解決方案部門營收為 10.5 億美元，環比下降 13%，主要原因是中國和歐洲的通路銷售額下降，以及消費者購買環境疲軟影響了對 OEM 的銷售。客戶產品收入季減 13%，主要原因是平均售價下降。

Units also decreased in the second quarter. Both were primarily driven by lower demand for desktop processors and product mix in the channel in China and Europe. Our server processor revenue declined from the prior quarter, mainly due to lower unit shipments and the slight ASP reductions. Chipset revenue declined in the quarter, primarily due to lower ASPs. Computing solution operating income was $82 million, down $42 million sequentially, primarily due to lower revenue.

第二季度的銷量也有所下降。兩者主要都是由於中國和歐洲通路對桌上型電腦處理器和產品組合的需求下降所致。我們的伺服器處理器營收較上一季下降，主要原因是單位出貨量下降和平均售價略有下降。本季晶片組營收下降，主要原因是平均售價較低。計算解決方案營運收入為 8,200 萬美元，比上一季下降 4,200 萬美元，主要原因是收入下降。

Graphics segment revenue was $367 million, down 4% compared to the prior quarter due to seasonally lower unit shipments in the channel. GPU revenue was also down seasonally. Game console royalty revenue was flat sequentially. Graphics segment operating income was $31 million, down $3 million from the prior quarter, primarily due to seasonal declines in the revenue in the quarter.

圖形部門營收為 3.67 億美元，由於通路季節性出貨量下降，與上一季相比下降 4%。GPU 收入也出現季節性下降。遊戲機版稅收入季平。圖形部門營業收入為 3,100 萬美元，比上一季減少 300 萬美元，主要原因是本季營收季節性下降。

Turning to the balance sheet, cash, cash equivalents and marketable securities including long-term securities ended the quarter at $1.76 billion. In the quarter we made a $50 million cash payment to the GLOBALFOUNDRIES related to the 28-nanometer limited waiver of exclusivity. Accounts receivable at the end of the quarter was $744 million, down $218 million compared to the end of the first quarter of 2012, due primarily to lower revenue.

轉向資產負債表，現金、現金等價物和包括長期證券在內的有價證券本季末達到 17.6 億美元。本季度，我們向格芯支付了 5000 萬美元現金，用於 28 奈米獨家經營權的有限豁免。本季末的應收帳款為 7.44 億美元，與 2012 年第一季末相比減少 2.18 億美元，主要原因是收入減少。

Inventory was $833 million exiting the quarter, up $248 million from the prior quarter, primarily due to lower sales in the quarter and in preparation for previously anticipated demand. The inventory build consists primarily of our latest generation of products that, at the end of the quarter, was unchanged at $2.02 billion.

本季庫存為 8.33 億美元，較上一季增加 2.48 億美元，主要原因是本季銷售額下降以及為滿足先前預期的需求而做準備。庫存建設主要包括我們最新一代的產品，截至本季末，庫存保持不變，為 20.2 億美元。

Now turning to the outlook, AMD expects third-quarter revenue to decrease 1% sequentially, plus or minus 3%. Gross margin is expected to be approximately 44%. Operating expenses are expected to be approximately $560 million in the third quarter. We are working to match revenue and expenses to match profitability and ensure we have the appropriate cost structure from which to grow and one that allows us to continue to make the necessary strategic product and roadmap investments. Our goal for the third quarter inventory is to be approximately flat sequentially. However, we will need to carefully manage and focus on this as we transition throughout the quarter and monitor how our latest generation of products will gain traction in the marketplace as our customers prepare for the Windows 8 launch.

現在談到前景，AMD 預計第三季營收將季減 1%，上下浮動 3%。預計毛利率約44%。預計第三季營運費用約為5.6億美元。我們正在努力使收入和支出匹配獲利能力，並確保我們擁有適當的成本結構來實現成長，並使我們能夠繼續進行必要的策略性產品和路線圖投資。我們第三季庫存的目標是與上一季基本持平。然而，在整個季度的過渡期間，我們需要謹慎管理和關注這一點，並在我們的客戶為 Windows 8 的發布做準備時監控我們最新一代的產品將如何在市場上獲得吸引力。

We are disappointed by the softness in our business late in the second quarter, and are now focused on stabilization and recovery. Protecting the value proposition of our new and refreshed product portfolio in the second half of the year is paramount, in conjunction with continued profitability. Despite the ongoing challenges our channel business faces, the choppy macro environment and some lackluster PC demand, I am confident we will succeed and be ready to capitalize on the Windows 8 launch, better inventory management and realize the ongoing value proposition of our APUs. And with that I'll turn it back to Ruth.

我們對第二季末業務的疲軟感到失望，現在我們專注於穩定和復甦。在下半年，保護我們全新和更新的產品組合的價值主張與持續盈利至關重要。儘管我們的通路業務面臨著持續的挑戰、動蕩的宏觀環境和低迷的 PC 需求，但我相信我們將會取得成功，並準備好利用 Windows 8 的發布、更好的庫存管理以及實現我們 APU 的持續價值主張。說完這些，我把話題轉回給露絲。

Thank you, Thomas. Operator, if you could now poll the audience, please, for the question-and-answer session?

謝謝你，托馬斯。接線生，現在您可以對觀眾進行民意調查，進行問答環節嗎？

(Operator instructions) Hans Mosesmann, Raymond James.

（操作員指示） Hans Mosesmann、Raymond James。

Rory, do you mind going through the mechanism that occurs in the channel in terms of the mismatch between motherboards with the Llano? I got a little confused in terms of what may have happened and how you can fix that here over the next several months.

Rory，您介意介紹一下在 Llano 主機板不匹配方面頻道中出現的機制嗎？我有點困惑，不知道可能發生了什麼，以及在接下來的幾個月裡如何解決這個問題。

Sure, Hans. From the standpoint, this originated back and last year when we had that first Llano supply chain issue. And of course you know, Hans, that we had to target our supply to our OEMs. And that was the right thing to do.

當然，漢斯。從這個角度來看，這可以追溯到去年，當時我們遇到了第一個 Llano 供應鏈問題。當然，漢斯，你知道，我們必須將供應目標鎖定在我們的原始設備製造商 (OEM) 身上。這是正確的做法。

As we introduced Llano late in the year to the channel that those motherboards had been there for some period of time and really damaged linearity, and pricing wasn't at the right levels as we exited the year. As we move forward into 2012, the uptick on Llano in the channel wasn't as strong as we expected. And what we are doing here moving forward, Hans, is we're focused on improving and focusing on sell-out activity throughout the tiers of the channel, improving the communication of our value proposition in this key segment and to make sure that we deliver on this momentum in the desktop channel around linearity with our channel partners. Does that help, Hans?

當我們在年底向渠道推出 Llano 時，這些主機板已經存在了一段時間，並且確實破壞了線性，而且在年底時定價還沒有達到正確的水平。隨著我們進入 2012 年，海峽中 Llano 的上漲並不像我們預期的那樣強勁。漢斯，我們今後要做的是，專注於改善並關注整個通路層級的銷售活動，改善我們在這個關鍵領域的價值主張的溝通，並確保我們與通路合作夥伴在桌面通路中圍繞線性實現這一勢頭。這有幫助嗎，漢斯？

Yes. Just to confirm, so the uptick in the channel was due to a sudden availability of Llano, or had the motherboards been already kind of designed for another processor?

是的。只是為了確認一下，通路銷量的上升是因為 Llano 突然上市，還是主機板已經為另一種處理器進行了設計？

No, the mismatch occurred early in the cycle as we went through this in terms of they were introduced to the channel earlier in the cycle. Then, as the Llano product came in late in the year of 2012, there was a mismatch in terms of pricing, etc. This impacted linearity. And then we didn't enjoy the same uptick that we saw around Llano that we saw with our OEMs.

不，不匹配發生在周期早期，正如我們經歷過的那樣，因為他們是在周期早期被引入渠道的。然後，隨著 Llano 產品於 2012 年底上市，在定價等方面出現了不匹配的情況。這影響了線性。然後，我們並沒有像我們的 OEM 那樣享受到 Llano 那樣的成長勢頭。

I see. Okay, and then as a follow-up in terms of market -- you very likely lost market share as result of that, but do you believe in notebooks? How is the situation market share-wise there in microprocessors?

我懂了。好的，然後作為市場方面的後續問題——您很可能因此失去了市場份額，但您相信筆記型電腦嗎？微處理器的市佔率如何？

I believe that we lost market share in the quarter. I don't think there's any doubt about that and the channel we've talked about in the earlier comments about how we're going to focus to improve that going forward. In the OEM space in the notebook space, our value proposition, our product set is strong with the APUs. I believe that in that segment, we've got to continue to focus on building that momentum with the key OEMs and to make sure that they see this next generation of APUs make the impact that we believe it will have. We've seen Trinity APUs double sequentially in terms of its volume. We've seen our early releases of our first ultrathins with HP and Samsung. These are hitting mainstream price points and they are being well accepted. And then, around Brazos 2.0, the next generation to our most successful platform ever of Brazos, we have now had, again, for the sixth quarter in a row, the leadership growth in terms of the $499 and below price band across the planet. That shows that those products are competitive, they are compelling and we are going to continue to stay the course on that set.

我認為我們在本季度失去了市場份額。我認為對此沒有任何疑問，我們在先前的評論中已經談到了我們將如何集中精力改進這一進程。在筆記型電腦領域的 OEM 領域，我們的價值主張、我們的產品組合在 APU 方面非常強大。我相信，在這一領域，我們必須繼續致力於與主要 OEM 一起建立這種勢頭，並確保他們看到下一代 APU 產生我們所期望的影響。我們已經看到 Trinity APU 的容量連續翻了一番。我們已與惠普和三星合作發布了首款超薄筆記型電腦。這些產品已經達到了主流價格水平，並且被廣泛接受。然後，圍繞 Brazos 2.0，也就是我們迄今為止最成功的 Brazos 平台的下一代產品，我們現在已經連續六個季度在全球 499 美元及以下價格區間保持領先地位。這表明這些產品具有競爭力，引人注目，我們將繼續堅持這一方向。

Okay, thank you very much.

好的，非常感謝。

Glen Yeung with Citi.

花旗銀行的 Glen Yeung。

Hi, it's Eileen for Glen Yeung. Can you tell us a little bit about what your debt restructuring plans are regarding the debt due in August?

大家好，我是 Glen Yeung 的 Eileen。您能否向我們介紹一下針對8月份到期債務的債務重整計畫？

Yes, let me take this question. As I have said previously, we are very comfortable paying the debt off using cash from our balance sheet on the August maturities. But in addition, we continue, of course, now to monitor the markets closely to explore potential opportunities. I believe our strong balance sheet has allowed us to invest both organically and via acquisitions, and we want to maintain such a strong balance sheet moving forward, especially given the uncertainty in the macroeconomic environment, and ensure that way that we are in a position to invest according to our plans.

是的，讓我來回答這個問題。正如我之前所說，我們非常樂意使用資產負債表中八月到期的現金來償還債務。但除此之外，我們當然會繼續密切關注市場，探索潛在的機會。我相信，我們強勁的資產負債表使我們能夠透過有機投資和收購進行投資，我們希望在未來保持如此強勁的資產負債表，特別是考慮到宏觀經濟環境的不確定性，並確保我們能夠按照計劃進行投資。

And a follow-up -- can you tell us a little bit about how you can retake share in the server markets?

那麼接下來的問題—您能否向我們稍微介紹一下如何重新奪回伺服器市場的份額？

From a server standpoint, with the introduction of the Opteron Bulldozer product, we saw a good uptake in the initial launch around the high-performance compute segment. And there is no doubt that that success is a good foundation and showed our early progress there. We've communicated before that we need to leverage our Opteron/Bulldozer solution, which is a solid technology, on the key workloads and the key customer segments where we enjoyed a performance advantage. This is key, and we will continue to build that where we can add modest share gains quarter on quarter, quarter after quarter.

從伺服器的角度來看，隨著 Opteron Bulldozer 產品的推出，我們看到在高效能運算領域的首次發布中獲得了良好的反響。毫無疑問，這一成功奠定了良好的基礎，並表明了我們在那裡取得的早期進展。我們之前已經溝通過，我們需要在關鍵工作負載和關鍵客戶群中利用我們的 Opteron/Bulldozer 解決方案，這是一項可靠的技術，我們可以在這些方面獲得效能優勢。這是關鍵，我們將繼續努力，力求每季、每季都實現適度的市佔率成長。

And now we are also pleased with the progress that we are seeing around our SeaMicro acquisition. SeaMicro positions us with strong IP and a strong offering in the new, emerging dense server computing area. And I think this is a very important opportunity, as I believe this will expand the market as we move forward. Lisa, do you have any comments on how SeaMicro is going so far?

現在，我們對 SeaMicro 收購所取得的進展也感到非常高興。SeaMicro 讓我們在新興的密集伺服器運算領域擁有強大的智慧財產權和強大的產品。我認為這是一個非常重要的機會，因為我相信隨著我們的前進，這將擴大市場。Lisa，你對 SeaMicro 目前的發展有何評價？

Just to add to Rory's comments on the server business, so SeaMicro, we closed that acquisition of the end of the first quarter and they've been part of us for the second quarter. I would say the integration has gone very smoothly and we've been pleased with the capability and the talents that the team have brought onboard. We continue to have very positive conversations with customers of the technology, and we view this as a long-term growth path, in addition to, obviously, the near-term work on our Opteron-based series, which we believe, as Rory said, has opportunity to continue to grow.

我只是想補充一下 Rory 對伺服器業務的評論，我們在第一季末完成了對 SeaMicro 的收購，他們在第二季度成為了我們的一部分。我想說的是，整合過程非常順利，我們對團隊的能力和人才感到非常滿意。我們繼續與該技術的客戶進行非常積極的對話，我們將此視為一條長期的成長道路，此外，顯然，我們近期還會開展基於 Opteron 的系列工作，正如 Rory 所說，我們相信該系列有機會繼續增長。

Thanks.

謝謝。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Thank you very much. What do you expect to be the ratio of Trinity versus Llano sales in the September quarter?

非常感謝。您預計 9 月 Trinity 與 Llano 的銷售額比例是多少？

Well, we wouldn't get into the specifics in terms of communicating, but clearly we've already launched the Trinity activities with our notebook OEM partners and we'll continue to build that. That doubled sequentially. Llano is an important product throughout the balance of this year and into 2013. It's very relevant to leverage both of those solutions as we move forward, and we'll continue to do that.

嗯，我們不會談論溝通方面的具體細節，但顯然我們已經與筆記型電腦 OEM 合作夥伴啟動了 Trinity 活動，我們將繼續建立這項活動。該數字連續翻倍。Llano 是今年餘下時間甚至 2013 年的重要產品。在我們前進的過程中，利用這兩種解決方案非常重要，我們將繼續這樣做。

Okay, thanks.

好的，謝謝。

Uche Orji, UBS.

Uche Orji，瑞銀。

Just real quick, I just wanted to clarify the weakness in desktops. Was it just CPU, or was it also a problem with graphics in desktop products?

簡單來說，我只是想澄清一下桌上型電腦的弱點。這只是 CPU 的問題，還是桌面產品的圖形也存在問題？

Graphics enjoyed -- had a solid quarter. It was within seasonal expectation and history. We saw good performance out of our next-generation 28-nanometer products, and we have strong supply there. We did not see issues in terms of the graphics space, in terms of that.

圖形很受歡迎——本季表現穩健。這符合季節性預期和歷史。我們的下一代 28 奈米產品表現良好，並且我們擁有強大的供應。就圖形空間而言，我們沒有發現任何問題。

Where the big issue in terms of the quarter -- and that is largely in our control -- is around the desktop business in the channel around CPUs and around the APU product. We did not see the same uptick as I talked about earlier -- uptake that we saw with the OEMs. And it's interesting, Uche; in the OEMs we've done very well with Llano in terms of the book and in desktop at the OEMs. So I believe that we have not done a good job in terms of linearity and managing our supply to our partners, communicating the strong value proposition deeper into the channel and to ensure that our promotions are focused on how to drive this launch. And that's what we're going to focus on in 3Q and 4Q.

本季最大的問題——這在很大程度上是我們能夠控制的——是圍繞 CPU 和 APU 產品管道的桌上型電腦業務。我們沒有看到我之前談到的那種成長——我們在 OEM 上看到的成長。這很有趣，Uche；在 OEM 領域，我們的 Llano 在書籍和桌面方面都取得了很好的成績。因此，我認為我們在線上性和管理對合作夥伴的供應、向管道更深入地傳達強大的價值主張以及確保我們的促銷活動集中於如何推動此次發布方面做得還不夠好。這就是我們在第三季和第四季要關注的重點。

Okay, that's helpful. Just very quickly, if I were to look at how you -- if we look ahead into Intel introducing hot-swap products and one of the things we expect from that product is much lower power from that architecture. There are two questions I have. One is, how do you position (inaudible) out there? But what's even more worrying for me is, how do you think that, as Ivy Bridge or even as a Sandy Bridge today, it rolls into the end minus 1, rolls into the value segment. We see a significant shift in terms of the competitive positioning of both companies, or do you think that the way you're positioning yourself now, you can actually compete in what I think is an interesting change from your competitor in terms of product rollout?

好的，這很有幫助。簡單來說，如果我看一下你的情況——如果我們展望英特爾推出的熱插拔產品，我們對該產品的期望之一就是該架構的功耗要低得多。我有兩個問題。一是，您如何定位（聽不清楚）？但對我來說更令人擔憂的是，您認為，作為今天的 Ivy Bridge 甚至 Sandy Bridge，它會進入最後減 1 階段，進入價值階段。我們看到兩家公司的競爭定位都發生了重大轉變，或者您是否認為您現在的定位方式實際上可以在產品推出方面與競爭對手進行有趣的競爭？

I want to emphasize that I believe firmly that we are on the right strategy. This execution in second quarter is disappointing, and we will correct it. But I firmly believe that we are on the right strategy around our APU technology, around cloud computing and enhancing our low-power solutions. This is the right strategy and the right differentiation for AMD. AMD is going to continue to deliver interesting and differentiated products that leverage this cloud environment and lower our power envelope and introduce an interesting value proposition to our customers moving forward. Lisa, some comments?

我想強調的是，我堅信我們的策略是正確的。第二季的執行情況令人失望，我們會修正它。但我堅信，我們在 APU 技術、雲端運算和增強低功耗解決方案方面的策略是正確的。對 AMD 來說，這是正確的策略和正確的差異化。AMD 將繼續提供有趣且差異化的產品，利用這種雲端環境，降低我們的功耗，並向我們的客戶推出有趣的價值主張。麗莎，有什麼評論嗎？

Uche, let me add some color to that. So definitely the APUs are our strategy and we are very pleased with the value proposition that we have there, especially in notebook and especially as you go into the low power space. So when you look at any of the comparisons on Trinity and the battery life that we have on those APUs, very good improvement over the previous generation.

Uche，讓我為它添加一些顏色。因此，APU 絕對是我們的策略，我們對我們在那裡的價值主張感到非常滿意，特別是在筆記型電腦領域，尤其是當您進入低功耗領域時。因此，當您查看 Trinity 上的任何比較以及我們在這些 APU 上的電池壽命時，都會發現與上一代相比有了很大的改進。

As we go forward, we are going to continue to focus on this strategy. And as we go into the next-generation APUs, similar focus on getting longer battery life, thinner, lighter, those areas. So the APUs were our initial strategy, and they continue to be where we believe we're going to be able to differentiate going forward.

隨著我們不斷前進，我們將繼續關注這項策略。當我們進入下一代 APU 時，我們會同樣關注更長的電池壽命、更薄、更輕等方面。因此，APU 是我們最初的策略，我們相信它們將繼續是我們未來能夠實現差異化的關鍵。

Also, Uche, it's very important to take part of our strategy that we've talked about and we've talked about with you is the idea to expand and take the APUs into adjacent segments around the embedded areas. We think that offers a very attractive opportunity for us moving forward, and I believe this is the proper focus.

此外，Uche，將我們討論過的策略的一部分納入其中非常重要，我們與您討論過的想法是擴展並將 APU 帶入嵌入式領域周圍的相鄰部分。我們認為這為我們未來的發展提供了一個非常有吸引力的機會，我相信這是正確的重點。

That's great, and just one last question. Your engagement with mega data centers in terms of your server business has been an area where I'm really not clear what the strategy is. Some of the products you've rolled out recently have had fairly good reviews. Are you starting to -- how do you think you might start to change or shift the perception from those kind of -- and engage those kind of customers, especially given that today that seems to be the only category that seems to be spending a lot of money now?

太好了，只剩最後一個問題了。就伺服器業務而言，你們與大型資料中心的合作是一個我真的不清楚的領域，其策略是什麼。你們最近推出的一些產品獲得了相當不錯的評價。您是否開始——您認為您如何開始改變或轉變這類客戶的看法——並吸引這類客戶，特別是考慮到今天這似乎是唯一一個花費大量資金的類別？

Uche, this is certainly a very good point. We like the mega data center market. It is the fastest growing market in the server business. As we've discussed before, the server business is one that takes a little bit longer to actually see product adoption. But we are very focused with both our Opteron product line as well as our SeaMicro products with the fabric-based technology and attacking those mega data centers, and lots of customer conversations in those areas.

Uche，這確實是一個非常好的觀點。我們看好大型資料中心市場。它是伺服器業務中成長最快的市場。正如我們之前所討論的，伺服器業務需要更長的時間才能真正實現產品採用。但我們非常專注於我們的 Opteron 產品線以及採用基於結構的技術的 SeaMicro 產品，並攻擊那些大型資料中心，以及這些領域的大量客戶對話。

Thank you very much.

非常感謝。

JoAnne Feeney, Longbow Research.

喬安妮·菲尼（JoAnne Feeney），長弓研究公司。

I had a question about the gross margin dynamics, Thomas. Could you explain the moving parts for the second quarter, given that ASPs were down on, I assume, lower channel? Must be a yield improvement, I suspect? And then third quarter -- what's happening there?

我對毛利率動態有一個疑問，湯瑪斯。鑑於平均售價在較低通路下降（我猜），您能否解釋一下第二季的變動？我猜想這必定會提高產量吧？那麼第三季——發生了什麼事？

Yes, so let's start with the second quarter. So we guided for 46% to slightly up and we ended up right there, mainly driven by the right product mix, a good share of gaming royalty revenue and very good improvements in the productivity side in terms of cost of goods sold, yield and other measures beyond yield that helped us to end up in a good space despite the challenges we saw on the revenue side.

是的，讓我們從第二季開始。因此，我們預期成長 46%，並且最終達到了這個水平，這主要得益於正確的產品組合、良好的遊戲版權收入份額以及生產力方面的良好改善（包括銷售成本、收益率和其他超出收益率的指標），儘管我們在收入方面面臨挑戰，但這些因素幫助我們最終獲得了良好的業績。

If you look at guidance now for the third quarter, there are certain head winds and tail winds you have to keep in mind. I think we're going to continue to see productivity improvements. We also will see tail wind by a higher share of Trinity products getting into the market, and then we will see some head winds. We will have lesser royalty income in the third quarter from a gaming perspective. We see additional costs in terms of having the full impact of our 28-nanometer portfolio hit us from a ramp-up perspective. And we will see some pressure from a pricing perspective in those parts of the business that Rory has been talking about, where we have to show velocity in order to move the channels. And I think this is getting us into space that I have guided for.

如果你現在看第三季的指導，你必須牢記某些不利因素和不利因素。我認為我們將繼續看到生產力的提高。我們也將看到，隨著 Trinity 產品市佔率的增加，市場將迎來順風，但同時也將面臨一些逆風。從遊戲角度來看，我們第三季的版權收入將會減少。從產能提升的角度來看，我們的 28 奈米產品組合的全面影響將為我們帶來額外的成本。從定價角度來看，我們將在羅裡談到的那些業務部分看到一些壓力，我們必須展示速度才能推動通路發展。我認為這將使我們進入我所引導的空間。

Okay, and then as a follow up with regard to inventories, can you describe a little bit the mix of inventories? Is this because of the shortfall on Llanos sales, primarily Llano-based? And if so, what gives you confidence that the channel is going to continue to be enthusiastic for Llano when they know Trinity desktop is right around the corner? Is that really part of it, that the channel just doesn't like to be second place to the OEMs in terms of getting the new products and really just want to wait for Trinity at this point?

好的，那麼作為關於庫存的後續問題，您能否稍微描述一下庫存的組合？這是因為 Llanos 的銷售量（主要是 Llano 的銷售）不足嗎？如果是這樣，當他們知道 Trinity 桌面即將推出時，是什麼讓您有信心該頻道會繼續對 Llano 充滿熱情？這真的是其中的一部分嗎？渠道只是不喜歡在獲得新產品方面屈居於 OEM 之後，而實際上只想等待 Trinity？

Yes, so they me start with the inventory mix first and how we look at that, and then Lisa and Rory can comment on velocity in the channel. The inventory build comes really in two parts. To be very honest, we had planned for a certain inventory increase, anyway, in preparation for the second half. So I think about half of the increase is really only attributable to the demand shortfall.

是的，所以他們首先從庫存組合開始，然後我們如何看待它，然後 Lisa 和 Rory 可以對頻道中的速度發表評論。庫存建立實際上分為兩個部分。說實話，無論如何，我們已經計劃增加一定庫存，為下半年做準備。所以我認為大約一半的成長實際上僅歸因於需求不足。

The good news is that the inventory is pretty much all current products, and the part where we saw demand shortfall is pretty much driven by Llano. We feel confident and our aim, of course, is, as I said before in my script, that we try to manage inventory slightly quarter over quarter. But we have to carefully manage the transition of the new products and how the demand environment is going to change. And regarding velocity, Lisa?

好消息是，庫存幾乎都是現有產品，而我們看到的需求短缺部分幾乎是由 Llano 造成的。我們充滿信心，當然，我們的目標是，正如我之前在腳本中所說的那樣，我們嘗試逐季度稍微管理庫存。但我們必須謹慎管理新產品的轉變以及需求環境的變化。關於速度，麗莎？

Yes, let me make a couple of comments on that. So Llano is a good product. If you look at where we are selling, it's selling into both notebook and desktop OEMs, as well as the channel. We got ourselves a bit out of position, admittedly, and that's a big reason for our shortfall. But when we look forward, it's really the focus on sellout velocity and getting the overall positioning correct with both the CPUs as well as the motherboards. And we think we're doing that. Trinity will also be an excellent product that will go into the channel, and I think we will run with both products for some time in the channel.

是的，讓我就此發表幾點評論。所以 Llano 是一款好產品。如果你看一下我們的銷售地點，你會發現我們的產品既銷往筆記型電腦和桌上型電腦 OEM，也銷往通路。不可否認，我們的處境有點不對，這也是我們失敗的重要原因。但當我們展望未來時，我們真正關注的是銷售速度以及 CPU 和主機板的整體定位是否正確。我們認為我們正在這樣做。Trinity 也是一款進入通路的優秀產品，我認為我們將在通路中運行這兩種產品一段時間。

Okay, and when you refer to positioning being a bit off, is this mismatch that you and Rory have talked about referring primarily to pricing or to the allocation of different qualities of Llano to different particular channel partners?

好的，當您提到定位有點偏差時，您和 Rory 談到的這種不匹配主要是指定價問題，還是指將不同品質的 Llano 分配給不同的特定通路合作夥伴？

It's really where we had motherboard supply relative to CPU supply and the resulting nonlinearity in the channel.

這實際上是主機板供電相對於 CPU 供電的情況，以及由此產生的通道非線性。

Okay, and then -- sorry, I picked up something Thomas said. You said Trinity is expected to be a greater share of revenues in this quarter? And is that relative to Brazos, or relative to both Brazos and Llano?

好的，然後——抱歉，我聽到了湯瑪斯說的話。您說 Trinity 預計在本季的營收份額會更大？這是相對於布拉索斯島而言的，還是相對於布拉索斯島和亞諾島而言的？

I'm not going to go into that detail. It's going to increase velocity. We have increasing volume, and that's part of our higher share overall of Trinity as part of our product mix, we will have a tail wind in the gross margin development.

我不會談論這個細節。它會提高速度。我們的銷售量不斷增加，這也是我們產品組合中 Trinity 整體份額增加的一部分，我們將在毛利率發展方面獲得順風。

Okay, got it, thanks very much, that's very helpful.

好的，明白了，非常感謝，這非常有幫助。

Christopher Danely, JPMorgan.

摩根大通的克里斯多福‧丹尼利 (Christopher Danely)。

So it sounds like we're going to get a little more aggressive on price to clear out the inventory at AMD and in the channel. How long do you think it will take to clear it out? And then, if you can just talk about gross margin plans beyond Q3 and the impact that that would have on it as well?

因此，聽起來我們將在價格上採取更積極的態度來清理 AMD 和渠道中的庫存。您認為需要多長時間才能清除它？然後，您能否談談第三季之後的毛利率計劃以及這會對其產生的影響？

We've seen a slowdown, obviously, in the overall consumer spending and global marketplace, and that's obviously impacted the PC segment. I believe we'll see forecasts from IDC and Gartner continue to be reduced in the second half. Based on that, we have to make sure that we're positioning our products properly and that we execute the plans around inventory burn-off as well as introduction of new products. So I believe that macroeconomics will cause some slowdown, and obviously, will make us focus on executing that business more assertively.

顯然，我們看到整體消費支出和全球市場出現放緩，這顯然對個人電腦領域產生了影響。我相信我們會看到IDC和Gartner在下半年繼續下修預測。基於此，我們必須確保我們的產品定位正確，並執行有關庫存消耗和新產品推出的計劃。因此，我相信宏觀經濟將導致一些經濟放緩，顯然，這將使我們更積極地專注於開展這項業務。

In the desktop channel, I believe that's more around our control. I think we executed not as effectively as we could have, and I believe that we did not enjoy that same uptake in that channel space. We will make sure that our promotions and our incentives are focused around sales out and that our marketing communications help build the understanding deeper into tier 2, 3 and 4 in the channel to make sure that we get that velocity.

在桌面頻道，我相信這更多地取決於我們的控制。我認為我們的執行效果沒有達到應有的水平，我相信我們在該通路領域沒有獲得同樣的認可。我們將確保我們的促銷和激勵措施以銷售為中心，並且我們的行銷傳播有助於加深管道中第 2、3 和 4 層的了解，以確保我們獲得這樣的速度。

With respect to margin, we are here today to talk about Q3 and I'm not going to provide guidance on Q4 margin. With that being said, we gave guidance for the full year in the range of 44% to 48%, and we are well within this range at this point.

關於利潤率，我們今天在這裡討論第三季度，我不會對第四季度的利潤率提供指導。話雖如此，我們對全年的預期是在 44% 至 48% 之間，目前我們完全處於這個範圍內。

And can you just give us an estimate on how long you think it will take to get your inventory and the channel inventory back to a level where you feel comfortable?

您能否估計一下，您認為需要多長時間才能讓您的庫存和渠道庫存恢復到您滿意的水平？

We're going to work on that in 3Q and in the second half of the year. We believe that that's the right focus and we'll work through that in each of those next two quarters. We believe that we'll track that week on week and ensure that we have that right focus.

我們將在第三季和下半年致力於此。我們相信這是正確的重點，我們將在接下來的兩個季度中努力實現這一目標。我們相信，我們將每週追蹤這一點，並確保我們有正確的重點。

Great, and then just as my quick follow-up, when do you think we can start to see you guys regaining share show up in the numbers, like Q4, or do you think we're looking at it next year?

太好了，然後就像我的快速跟進一樣，您認為我們什麼時候可以開始看到你們重新獲得份額並體現在數據中，例如第四季度，或者您認為我們會在明年看到它？

Our objective is to gain share in every quarter, and that's going to be our focus going forward. Obviously, there's head winds in terms of the macro environment, our channel development. But we have interesting products that hit the right point with our customers and value propositions that make sense. We have to focus our entire team across AMD to get that share growth objective in each quarter. We'll work that each of the next several quarters, and that's clearly our objective.

我們的目標是在每個季度都獲得市場份額，這也是我們未來的重點。顯然，宏觀環境和我們的通路發展都面臨阻力。但我們的有趣產品能夠滿足顧客的需要，而且價值主張也很合理。我們必須集中整個 AMD 團隊的力量，在每個季度實現份額成長目標。我們將在接下來的幾個季度中努力實現這一目標，這顯然是我們的目標。

Great, thanks, guys.

太好了，謝謝大家。

Stacy Rasgon, Sanford Bernstein.

斯泰西·拉斯貢，桑福德·伯恩斯坦。

First, a question on your take-or-pay arrangement with GLOBALFOUNDRIES. How does the lower rev -- demand outlook that you're looking at now actually affect that take-or-pay, given I thought that you were supposed to give them a forward 12-month fixed forecast? What impact has that actually had on your inventory build? What impact will that have going forward and what impact is that actually having on your gross margins, given that you've already apparently committed to those forward purchases?

首先，我想問您與格芯的照付不議協議。鑑於我認為您應該給他們未來 12 個月的固定預測，您現在所關注的較低轉速需求前景實際上是如何影響這種照付不議的？這實際上對您的庫存建設產生了什麼影響？鑑於您顯然已經承諾進行這些遠期採購，這將對未來產生什麼影響？這對您的毛利率會產生什麼影響？

First, I'd like to comment on our relationship with GLOBALFOUNDRIES. And I want to personally acknowledge the progress they've made over the past several quarters in improving their execution. We are building a stronger partnership where every week we are in ongoing dialogues with them in terms of how to improve yield, how to deliver the supply and improve our businesses going forward. We've seen significant progress from GLOBALFOUNDRIES, and their execution has improved dramatically year-over-year.

首先，我想評論一下我們與 GLOBALFOUNDRIES 的關係。我個人要承認他們在過去幾季中在提高執行力方面所取得的進展。我們正在建立更強大的合作關係，每週我們都會與他們進行持續對話，探討如何提高產量、如何提供供應以及如何改善我們未來的業務。我們看到格芯取得了顯著的進步，他們的執行力逐年顯著提高。

So with that being said, Stacy, the commitment is pretty much a 2012 commitment and not so much a from here on 12 months moving forward commitment. And both companies are very focused on making sure that we have a mutually successful business arrangement. And in light of a weakening PC environment, we are in discussions, of course, not only with GLOBALFOUNDRIES but with all of our foundry partners and with all of our suppliers, as a matter of fact, in order to make sure that we manage inventory correctly in the light of the weakening demand environment, to be very honest.

所以，史黛西，話雖如此，這個承諾基本上是 2012 年的承諾，而不是從現在起 12 個月的承諾。兩家公司都非常注重確保我們擁有互利雙贏的業務安排。鑑於 PC 環境的疲軟，我們當然不僅在與 GLOBALFOUNDRIES 進行討論，而且還在與我們所有的代工合作夥伴和所有供應商進行討論，事實上，這是為了確保我們在需求環境疲軟的情況下正確管理庫存，說實話。

This is not so much a matter of gross margin. It's much more a matter of inventory and cash, how you have to look at this topic.

這與其說是毛利率的問題，不如說是毛利率的問題。這更多的是一個庫存和現金的問題，你必須如何看待這個主題。

Yes, but if you have too much inventory, eventually, you've got to discount it to get rid of it, if it hits gross margin. So are you still going to be committed to accepting your 2012 forecast as you gave it to them in the beginning of the year, under the way the agreement is currently written?

是的，但如果庫存太多，最終，如果影響到毛利率，你必須打折處理掉它。那麼，按照目前的協議形式，您是否仍將致力於接受您在年初向他們提供的 2012 年預測？

As I said, we are in discussions with all of our part foundry partners to make sure that we manage inventory responsible and working capital responsible, in light of their demand environment as it has developed late in the second quarter.

正如我所說，我們正在與所有零件代工合作夥伴進行討論，以確保我們根據第二季末形成的需求環境，負責任地管理庫存和營運資金。

Got it. And for my follow-up, just two quick ones. OpEx -- at what point or what revenue levels do we start to see OpEx start to grow again? When do bonuses and everything else start to come back? And how does the weaker outlook right now temper or not your investment needs as you ramp into more of the HSA products into 2013 and beyond?

知道了。接下來我只想簡單說兩點。營運支出－在什麼時候或什麼收入水準上我們會開始看到營運支出再次成長？獎金和其他一切什麼時候開始恢復？當您在 2013 年及以後加大對 HSA 產品的投資時，目前較弱的前景會如何影響或抑制您的投資需求？

And one more quick one -- do you think you will be free cash flow positive in Q3 and Q4 this year?

再問一個簡單的問題—您認為今年第三季和第四季您的自由現金流將為正嗎？

So let me start with the operating expenses first. I think we have shown a very disciplined approach over the last quarters how we can manage our operating expenses, and this is, of course, an approach that we continue to exercise as we move forward, especially in light of a weaker demand environment. And you know the controls and the processes that we have in place so far have allowed us to react fast and swift to the shortfall in demand in the second quarter, and those principles will guide us how we manage aggressively operating expenses moving forward, always keeping in mind that we protect and safeguard the investments from a roadmap perspective that secure our future. There's no doubt that we protect those investments. And we've been talking a lot in the past on the initiatives we have started that allow us to generate this productivity in order to realize those benefits. So very disciplined moving forward, very strict moving forward but protecting our future.

那我先從營運費用開始。我認為，在過去幾個季度中，我們已經展示了一種非常嚴謹的方法來管理我們的營運費用，當然，這是我們在未來繼續推行的一種方法，特別是在需求疲軟的環境下。您知道，迄今為止我們實施的控制和流程使我們能夠對第二季度的需求短缺做出快速反應，這些原則將指導我們如何積極管理未來的營運費用，並始終牢記我們從路線圖的角度保護和維護投資，以確保我們的未來。毫無疑問，我們會保護這些投資。我們過去曾多次談論我們已經啟動的舉措，這些舉措使我們能夠提高生產力，從而實現這些好處。因此，我們要非常自律地向前邁進，非常嚴格地向前邁進，但要保護我們的未來。

And operating expense guidance for the third quarter is that it is, and we will take it from there, depending where the demand environment is going to take us.

第三季的營運費用指引就是這樣，我們將根據需求環境的變化來決定。

And free cash flow in Q3 and Q4, positive?

第三季和第四季的自由現金流是正數嗎？

For Q4, I'm not going to provide guidance. For the third quarter, our free cash flow is going to be driven pretty much by the revenue we have seen in the prior quarter, Q2, plus the linearity we are going to experience through the course of the current quarter. We are not far enough into the quarter to see how that is developing yet, and that's why it's difficult to make a statement in that perspective.

對於第四季度，我不會提供指導。對於第三季度，我們的自由現金流將主要由上一季（第二季）的收入以及本季將經歷的線性成長所驅動。我們還沒有進入本季度，還無法看到情況如何發展，因此很難從這個角度做出判斷。

Of course, we are running at high chip. You could see that in the second quarter, not only from a cost perspective but also from a free cash flow perspective. And we'll try to maintain this, of course, as we move through the current quarter.

當然，我們正在以高晶片運行。在第二季度，您不僅可以從成本角度看到這一點，還可以從自由現金流角度看到這一點。當然，在本季度，我們會盡力保持這種狀態。

Thank you, guys.

謝謝你們。

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

Did you quantify how far above normal you thought channel inventories had gotten or how far above normal they are now?

您是否量化了您認為渠道庫存已經超出正常水平多少，或者現在庫存超出正常水平多少？

No, we didn't get into those specifics. As I mentioned earlier in my comments, we believe that the expectation in the PC market was, across 2012 at the beginning of the year, was to be expanding each quarter. And as you can see, in 2Q, the macroeconomic headwinds have obviously slowed that PC growth. We believe that will continue in the second half. And based on that, we think there's pressure in the entire ecosystem of the PC environment moving forward. We believe that the right focus is to be very disciplined in our execution around that channel management and to create our promotional focus and dollar investment around driving sellout activities. But we did not give any specifics (technical difficulty).

不，我們沒有討論這些細節。正如我之前在評論中提到的那樣，我們相信，在 2012 年初，人們對 PC 市場的預期是每季都會擴大。正如您所看到的，第二季度，宏觀經濟逆風明顯減緩了個人電腦的成長。我們相信下半年這種情況將會持續下去。基於此，我們認為整個 PC 環境的生態系統在未來將面臨壓力。我們認為，正確的重點是在通路管理方面嚴格執行，並圍繞推動銷售活動來制定我們的促銷重點和資金投資。但我們並未透露任何具體細節（技術難度）。

But am I fair to assume that they are above normal right now?

但我是否可以公平地認為它們現在處於正常水平之上？

Yes, absolutely, we said that.

是的，我們絕對是這麼說的。

Okay. And then you're talking about the channel marketing programs, that your OpEx is flat. So is the increased budget in the channel programs -- does that come from improved efficiencies, or do you just shift marketing programs from OEMs to the channel? Is that how that works?

好的。然後您談到通路行銷計劃，您的營運支出是持平的。那麼，通路計畫中預算的增加是否來自於效率的提高，還是僅僅將行銷計畫從 OEM 轉移到通路？就是這樣嗎？

Yes, we are not going to go into that much detail. But of course, we generate productivity and we're flexible in how we allocate dollars under the umbrella and within the boundaries that we have guided for.

是的，我們不會討論那麼多細節。但當然，我們會提高生產力，並且我們會在既定的框架內和指導範圍內靈活地分配資金。

Fair enough. And last question -- 28-nanometer APU -- I guess my understanding was that you would start production this year and start shipping next year. Does that still sound reasonable?

很公平。最後一個問題——28 奈米 APU——我的理解是，你們將在今年開始生產，明年開始出貨。這聽起來還合理嗎？

Yes. So on 28-nanometer, we are shipping 28-nanometer graphics this year and we will be shipping 28-nanometer APUs next year, in 2013.

是的。因此，在 28 奈米方面，我們今年將推出 28 奈米顯示卡，明年（2013 年）也將推出 28 奈米 APU。

Thank you.

謝謝。

Cody Acree, Williams Financial.

威廉斯金融公司的科迪·阿克里（Cody Acree）。

Rory, maybe we could take a step back. So we've got about a 14% differential from the original guide. Could you give as much color as you can as to maybe the rankings, to whatever weight you can give? You've got several things impacting here. There have been some inventory corrections to share lost to price pressure and just shifts in the macro to how that 14% came about.

羅裡，也許我們可以退一步。因此，我們與原始指南的差異約為 14%。您能否盡可能詳細說明排名以及您所能給予的權重？這裡有幾件事對你有影響。已經對價格壓力造成的份額損失進行了一些庫存調整，並且宏觀上也發生了變化，導致 14% 的增長率出現。

From my perspective, as I've shared earlier, there's really two key drivers around that. Obviously, the soft PC market that impacted processor sales -- that's a market phenomenon. We think that affected the market in general. I'd say that's an important factor in terms of the impact and the revenue impact late in the quarter. And then, obviously, the weak sales of desktop processor in the channel, which again manifested itself first in China late in the quarter, and then it spread across the globe -- I think that the channel impact had more of an impact in terms of the revenue in the quarter. But obviously, both were significant.

從我的角度來看，正如我之前所分享的，這實際上有兩個關鍵驅動因素。顯然，軟體 PC 市場影響了處理器的銷售——這是一種市場現象。我們認為這影響了整個市場。我認為這是影響本季末收入的一個重要因素。然後，顯然，通路中桌上型電腦處理器的銷售疲軟，在本季末首先在中國表現出來，然後蔓延到全球 - 我認為通路影響對本季收入的影響更大。但顯然，兩者都很重要。

(inaudible) standpoint, and to what extent (inaudible) outside of the channel do you think that that had an impact in (inaudible) sales?

（聽不清楚）的立場，以及您認為在多大程度上（聽不清楚）在通路之外對（聽不清楚）銷售產生了影響？

Cody, can you repeat it? You got muffled on that part, didn't hear you clearly.

科迪，你能重複一遍嗎？你那部分說得有些含糊，沒聽清楚。

Yes. Just from a pricing/competition standpoint, how much did that factor into this, just not maybe a soft -- and then to what is sitting out in the channel?

是的。僅從定價/競爭的角度來看，這個因素佔了多大比例，也許不是一個軟因素——那麼通路中存在什麼因素呢？

From our perspective, we saw these impacts in terms of linearity, the channel situation and then the softness in the market; that rippled through the entire market. You've seen feedback from some of the players in the ecosystem communicating that. As the quarter deteriorated, we made the conscious decision to not chase those bad deals late in the quarter, and I think that was the right decision.

從我們的角度來看，我們從線性、通路狀況以及市場疲軟等方面看到了這些影響；這影響了整個市場。您已經看到了生態系統中一些參與者的回饋。隨著本季的狀況惡化，我們有意識地決定在本季末不再追逐那些糟糕的交易，我認為這是正確的決定。

I guess, Rory, as you look forward, then, to what extent do you think that that pricing decline continues and maybe accelerates? I guess, when you look at what Intel is doing as they are making a transition from one process to the other, what do you expect from pricing a environment not just this quarter but as we finish the year?

我想，羅裡，當你展望未來時，你認為價格下跌將在多大程度上持續，甚至加速？我想，當您看到英特爾在從一個流程過渡到另一個流程時所做的事情時，您對不僅在本季度而且在今年年底的定價環境有何期望？

Yes, I don't think that there's any doubt that the market will face head winds in terms of the macro impact. And I think it will be more centered around consumer than other parts of the market. Given that, I do think the market and PC notebooks will expand in the second half, although at a muted level. I also think that everyone remains excited about Win 8. It's now been documented when that launch will be. That's important because we'll introduce those products into third quarter and get those shelves ready to go as we go into 4Q, and that should offer some opportunity.

是的，我認為毫無疑問市場將面臨宏觀影響的阻力。我認為它將比市場的其他部分更加以消費者為中心。有鑑於此，我確實認為市場和筆記型電腦將在下半年擴張，儘管幅度會比較小。我還認為每個人都對 Win 8 感到興奮。現在已經確定了它的發佈時間。這很重要，因為我們將在第三季推出這些產品，並在進入第四季時準備好上架，這應該會帶來一些機會。

But clearly, that overall softness and weakness is part of the focus that Thomas talked about when he gave the guidance around 3Q and the actions we'll take to move forward.

但顯然，整體的疲軟和疲軟是托馬斯在給出第三季度指導以及我們未來將採取的行動時所關注的重點之一。

I guess lastly, are you prepared to get more aggressive, to chase products maybe you weren't ready to take at the end of Q2?

我想最後，您是否準備好採取更積極的措施，去追逐您可能在第二季末還沒有準備好的產品？

Our focus has to be around profitability and profitable growth. Profitability allows us to continue to invest in the Company and the areas that help us grow and build the Company over time. We're going to focus on profitability. Of course, we need top line and a combination of that. But again, we made the conscious decision to manage the expense, run a tight ship, make the decisions around those activities. And while we're taking actions to improve sales velocity in the channel to make sure that we capture the notebook growth in the second half, our primary focus is to continue to deliver a profitable engine moving forward even in this difficult environment.

我們的重點必須放在獲利能力和獲利成長上。獲利能力使我們能夠繼續投資於公司以及幫助我們成長和建立公司的領域。我們將重點放在盈利能力上。當然，我們需要頂線以及兩者的結合。但再次，我們做出了有意識的決定，管理好開支，嚴格管理，並圍繞這些活動做出決策。雖然我們正在採取行動提高通路的銷售速度，以確保在下半年實現筆記型電腦的成長，但我們的主要重點是即使在這種困難的環境中繼續提供獲利引擎。

Great, thanks, guys.

太好了，謝謝大家。

Kevin Cassidy, Stifel Nicolaus.

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

This is [Dean Gromelos] calling in for Kevin. Thank you very much for taking my call. Looking forward on manufacturing strategy, could you please explain your thoughts around your options and choices of fab flexibility versus optimizing performance? To what degree do you believe you will need to commit to a very small set of foundry partners in order to achieve competitive performance?

我是 [Dean Gromelos]，代表 Kevin 打電話。非常感謝您接聽我的電話。展望製造策略，您能否解釋一下您對晶圓廠靈活性與優化性能的選擇的想法？您認為需要在多大程度上致力於一小部分代工夥伴才能實現競爭優勢？

Today, we have a foundry relationship with two industry leaders in the space. And as I mentioned earlier, GLOBALFOUNDRIES has done a very strong job of improving their execution. They've delivered across 2012, addressed the challenges they had last year, and the partnership that we are building with them is very positive. And I feel optimistic of that relationship and the improvements that they've made.

如今，我們與該領域的兩家行業領導者建立了代工合作關係。正如我之前提到的，GLOBALFOUNDRIES 在提高執行力方面做得非常出色。他們在 2012 年取得了豐碩成果，解決了去年面臨的挑戰，我們與他們建立的合作關係非常積極。我對這種關係以及他們所取得的進步感到樂觀。

As I mentioned earlier, we've also seen strong work out of our other foundry activities around graphics. That 28-nanometer implementation has allowed us to deliver a solid quarter in our Graphics business again. So we believe we have the right mix at this time.

正如我之前提到的，我們也看到圍繞圖形的其他代工活動取得了出色的成果。28 奈米的實施使我們的圖形業務再次取得了穩健的季度業績。因此我們相信我們目前擁有正確的組合。

And we also said in the past that the number of foundries we can support or can support us is also a function of the overall size the Company has. With the size that we have today, it's difficult to see that we could add a third partner.

我們過去也說過，我們能夠支援的代工廠數量或可以支援我們的代工廠數量也取決於公司的整體規模。以我們目前的規模，很難想像還能增加第三個合作夥伴。

Thank you very much.

非常感謝。

Vivek Arya, Banc of America.

美國銀行的維韋克·阿里亞（Vivek Arya）。

Thanks for taking my question. I'm wondering how discrete graphics market share trended. Your competitor did launch a new product. You also had a new product. So how did market share evolve in the last quarter, and how do you see it evolving in the second half of the year?

感謝您回答我的問題。我想知道獨立顯示卡市場佔有率的趨勢如何。您的競爭對手確實推出了新產品。您也推出了一款新產品。那麼上個季度的市佔率是如何變化的呢？您認為下半年的市佔率將如何變化？

From our standpoint, I think it's important to acknowledge again we recaptured the position of the world's fastest graphics chip. And again, within the quarter, a solid quarter within seasonality. Lisa, any comments you'd like to offer around graphics?

從我們的角度來看，我認為再次承認我們重新奪回了世界上最快的圖形晶片的地位是很重要的。再次，在本季度內，這是一個季節性的穩健季度。Lisa，您對圖形有什麼看法嗎？

I would say that we are pleased with our graphics performance from a competitive standpoint. We did launch, in the last couple of weeks, a very strong offering to get to the gigahertz level with our Radeon series. So we continue to believe that this is a very strong product portfolio for us.

我想說，從競爭的角度來看，我們對我們的圖形性能感到滿意。在過去的幾周里，我們確實推出了一款非常強大的產品，使我們的 Radeon 系列達到千兆赫級別。因此我們仍然相信這對我們來說是一個非常強大的產品組合。

Any comments on market share? Do you have any sense for that now, or --

對市佔率有何評論？現在你對此有什麼認識嗎？或者——

I think we'd have to wait until the numbers come out.

我認為我們必須等到數字出來。

And different question. Rory, I'm curious what you think about how close or far is the ARM ecosystem in becoming a real threat to you in the low end of the PC market?

還有不同的問題。Rory，我很好奇，您認為 ARM 生態系統在低階 PC 市場對你們構成真正的威脅還有多遠？

You know, it's interesting. Based on my experience in the marketplace as a leader in the OEM segment, we've looked at that for a long time in my previous experience as well as in this current one. And as I look at the velocity of the business and I look at the market as it's evolving here, I think ARM in the client space will be muted for some period of time. I believe that the performance out of the x86 offerings as well as forward and backward compatibility offer an intriguing value proposition at very attractive price points. And I believe we'll be able to continue to build on that marketplace as we go forward.

你知道，這很有趣。根據我作為 OEM 領域領導者在市場上的經驗，無論是過去的經歷還是現在的經歷，我們都對這個問題進行了長期的研究。當我觀察業務發展速度和市場發展時，我認為 ARM 在客戶端領域將在一段時間內保持低調。我相信 x86 產品的性能以及向前和向後相容性能夠以極具吸引力的價格提供有趣的價值主張。我相信，隨著我們不斷前進，我們將能夠繼續在這個市場上發展。

Do I think ARM will make progress in the PC segment over time? I do, but I think that's in the three-plus year time frame to really see it make significant progress.

我是否認為 ARM 會隨著時間的推移在 PC 領域取得進步？是的，但我認為還需要三年以上的時間才能真正取得重大進展。

And just lastly, Rory, do you think Windows 8 tablets change the game in any way, or Windows 8 [RT], specifically, do they change the game in any way?

最後，羅裡，您認為 Windows 8 平板電腦會以某種方式改變遊戲規則嗎？或者俱體來說，Windows 8 [RT] 會以某種方式改變遊戲規則嗎？

Sure. So from a standpoint, obviously, we've seen softness in the second quarter. It's driven primarily by macroeconomic issues. We've seen it manifest itself more assertively in the consumer segment. But there's no doubt in some of the mature markets that tablet had some impact. It is not the significant portion, but it is a portion. As we look forward, the Windows introduction a tablet offers interesting opportunities as we move forward. And I do believe that Windows tablets will make progress over the next one, two, three years, and ultimately could enjoy as much as 20% market share in that time period.

當然。因此從這個角度來看，我們顯然看到了第二季的疲軟。它主要受宏觀經濟問題驅動。我們看到它在消費者領域表現得更明顯。但毫無疑問，在一些成熟市場中，平板電腦已經產生了一定的影響。雖然這不是很重要的部分，但也是一部分。展望未來，Windows 推出的平板電腦將為我們未來的發展提供有趣的機會。我確實相信 Windows 平板電腦將在未來一、二、三年內取得進步，並最終在這段時間內佔據高達 20% 的市場份額。

Great, thank you.

太好了，謝謝。

Ambrish Srivastava, BMO Capital Markets.

Ambrish Srivastava，BMO 資本市場。

This is [Gabriel] for Ambrish. I'm just wondering, what is the ASP trend for the MPU for the discrete graphics? That's the first question.

我是 Ambrish 的 [Gabriel]。我只是想知道，獨立顯示卡的 MPU 的 ASP 趨勢如何？這是第一個問題。

For?

為了？

For the discrete -- the desktop [that's priced in] notebook?

對於獨立的——桌上型電腦（其價格包含在筆記型電腦中）？

In the second quarter, in the third quarter?

第二、第三季？

In the third quarter and going forward.

在第三季及以後。

We wouldn't breakout that level of detail around those specific numbers or ASPs.

我們不會針對這些具體數字或平均售價透露出那麼詳細的資訊。

Okay, and next question would be, do you have any comment on the channel? Actually, do you have some sense of what kind of like finished good in terms of nano or Trinity versus your competitor?

好的，下一個問題是，您對該頻道有什麼評論嗎？實際上，您是否了解 nano 或 Trinity 與競爭對手相比成品是什麼樣的？

Well, as I've covered several times around the channel, I think we've articulated where the issue is around the uptake around the Llano business in the channel. And I believe that our focus around the three core actions to improve linearity -- as you know, the channel partners make money based on their turns of their business and return on capital. You must have strong linearity. Second program -- make sure we focus on the promotions that drive sellout lower into the second and third tier of the channel. And then, finally, make sure we're educating and training the channel on the value proposition we offer.

好吧，正如我多次在渠道中報導的那樣，我認為我們已經清楚地表達了圍繞 Llano 業務在渠道中的吸收問題所在。我相信我們的重點圍繞著三個核心行動來提高線性——如您所知，通路合作夥伴根據其業務週轉和資本回報率來賺錢。你必須具有很強的線性。第二個計畫－確保我們專注於推動銷售下降到通路的第二層和第三層。最後，確保我們對通路進行我們提供的價值主張的教育和培訓。

It's interesting because Llano has enjoyed a strong uptake with our OEM customers in both notebook and desktop, and we've seen this sequential improvement of our Llano desktop business with OEM, which says we need to do a better job of articulating that in the channel.

有趣的是，Llano 在筆記型電腦和桌上型電腦方面都受到我們 OEM 客戶的強烈歡迎，而且我們看到 Llano 桌上型電腦業務與 OEM 的持續改善，這表明我們需要在頻道中更好地表達這一點。

Okay, thank you.

好的，謝謝。

Craig Berger, FBR Capital.

克雷格·伯傑（Craig Berger），FBR Capital。

I guess one of my questions is, when is product that you feel you've had a heavy hand in developing going to be coming to market?

我想我的一個問題是，您認為自己投入大量精力開發的產品什麼時候會上市？

All of the products we develop are part of our technology team here that's in place. If you are referring to based on new leadership and management team, semiconductor development occurs over a 24- to 34-month time period. But all the products here are products that we're delivering from AMD.

我們開發的所有產品都是我們這裡的技術團隊的一部分。如果您指的是基於新的領導和管理團隊，那麼半導體開發將持續 24 到 34 個月的時間。但這裡的所有產品都是我們從 AMD 提供的產品。

Thank you. And then can you just go over the timing of cash payments to short-term debt and GLOBALFOUNDRIES?

謝謝。然後您能否介紹一下短期債務和 GLOBALFOUNDRIES 的現金支付時間？

So, as I said before, we have made $50 million payment in the current quarter, so there remains $225 million to go. And this will be paid completely down by the end of the first quarter of fiscal year 2013.

因此，正如我之前所說，我們在本季已經支付了 5,000 萬美元，還剩下 2.25 億美元需要支付。並將於2013財年第一季末全部還清。

And is there short-term debt due in the next year also?

還有明年到期的短期債務嗎？

Well, short-term debts and cents of the maturities are going to be due in August, $485 million. That is what I referred to with the earlier question and how we want to handle this. And then, the next maturity tower is coming up in 2015.

嗯，短期債務和到期債務的百分比將於 8 月到期，金額為 4.85 億美元。這就是我之前提到的問題以及我們希望如何處理這個問題。下一座成熟塔將於 2015 年建成。

Perfect, thank you so much.

非常好，非常感謝。

Mike McConnell, Pacific.

太平洋地區的麥克·麥康奈爾。

I was just curious, with the outlook for Q3, will both Computing and Graphics both be down commensurate? Or will there be growth and Graphics relative to a larger decline in Computing?

我只是好奇，展望第三季度，計算和圖形是否都會隨之下降？或者說，圖形領域會出現成長，而運算領域會出現更大的下滑？

Clearly, Mike, again, we're disappointed with the performance of the business in Q2. And as we look forward, there's no doubt that the macroeconomic headwinds will dampen the second half progress in the overall PC market. But, having said that, I do believe that notebook will expand in the second half. And that's an opportunity for us to target our differentiated next-generation APUs to capture that growth. While I expect it to be muted and lower than current expectation in the market, I do believe that's going to be an area of growth. We have strength in terms of our Graphics business and our offerings, but we have to make sure that we are driving that business as we go forward around future design wins and future generations of our technology.

顯然，麥克，我們再次對第二季的業務表現感到失望。展望未來，毫無疑問，宏觀經濟逆風將抑制下半年整體 PC 市場的發展。不過，話雖如此，我確實相信筆記型電腦在下半年將會擴大。這對我們來說是一個機會，讓我們瞄準差異化的下一代 APU 來抓住這個成長機會。儘管我預計其成長將會溫和且低於市場目前的預期，但我確實相信這將是一個成長領域。我們在圖形業務和產品方面具有優勢，但我們必須確保在未來的設計勝利和未來幾代技術的發展過程中推動這項業務的發展。

So units up in both, and ASPs will be the reason for the decline?

那麼，銷量和平均售價都上漲，這是導致銷量下降的原因嗎？

No, I would --

不，我會——

We normally don't provide guidance on this level looking forward, and I don't want to go into such a detail at this point in time.

我們通常不會在此層面上提供前瞻性指導，目前我也不想討論得這麼詳細。

Okay, thank you.

好的，謝謝。

Operator, this concludes our call for today and we'd like to thank everybody for participating.

接線生，我們今天的通話到此結束，感謝大家的參與。

That you, ma'am. 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.

就是你，女士。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。