超微半導體 (AMD) 2012 Q3 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 third-quarter 2012 earnings conference call. All lines have been placed on a 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.

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 2012 年第三季財報電話會議。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。

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

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

Thank you, Huey. Welcome to AMD's third-quarter earnings conference call. By now you should have had the opportunity to review a copy of our earnings press release and CFO commentary. If you have not reviewed these documents, they can be found on AMD's website at quarterlyearnings.amd.com.

謝謝你，休伊。歡迎參加 AMD 第三季財報電話會議。現在您應該已經有機會查看我們的收益新聞稿和財務長評論的副本了。如果您尚未查看這些文檔，可以在 AMD 的網站 quarterlyearnings.amd.com 上找到。

Participants on today's conference call are Rory Read, our President and Chief Executive Officer; Devinder Kumar, Senior Vice President, Corporate Controller and Interim Chief Financial Officer; and Lisa Su, our Senior Vice President and General Manager Global Business Unit, and she will be present for the question-and-answer portion of the call.

今天電話會議的參與者包括我們的總裁兼首席執行官 Rory Read； Devinder Kumar，高級副總裁、公司財務總監兼臨時首席財務官；以及我們的高級副總裁兼全球業務部總經理 Lisa Su，她將出席電話會議的問答環節。

This is a live call and will be replayed by via webcast on AMD.com. I would like to take this opportunity to highlight a few dates of note for you. Rory Read will present at the Credit Suisse Technology Conference on November 27. Devinder Kumar will present at the Raymond James Conference on December 10. And our fourth-quarter earnings quiet time will begin at the close of business on Friday, December 14.

這是一次現場通話，並將透過 AMD.com 上的網路直播進行重播。我想藉此機會向大家重點介紹幾個值得注意的日期。Rory Read 將於 11 月 27 日出席瑞士信貸技術大會並發表演講。Devinder Kumar 將於 12 月 10 日出席 Raymond James 會議並發表演講。我們的第四季財報靜默期將於 12 月 14 日星期五下班後開始。

Lastly, we intend to announce our fourth-quarter and fiscal 2012 earnings on January 17, 2013. Dial-in information for that call will be provided in mid-December of this year.

最後，我們計劃於 2013 年 1 月 17 日公佈 2012 財年第四季及財報。該電話的撥入資訊將於今年 12 月中旬提供。

Please note non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measures in the written CFO commentary posted on our website at quarterlyearnings.amd.com.

請注意，本次電話會議中引用的非 GAAP 財務指標與我們網站 quarterlyearnings.amd.com 上發布的 CFO 書面評論中最直接可比較的 GAAP 財務指標進行了協調。

Before we begin today let me remind everyone that today's discussions contain 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.

在我們今天開始之前，請容許我提醒大家，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。

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 June 30, 2012.

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 6 月 30 日的 10-Q 表季度報告。

Now with that, I will hand the call over to Rory. Rory.

現在，我將把電話交給羅裡。羅裡。

Thank you, Ruth. Our third-quarter financial performance fell significantly short of our expectations. We understand the dynamics behind the shortfall, and we are taking decisive actions to address the core issues. To help return the Company to profitability we also announced a restructuring plan designed to strengthen AMD's competitive positioning and reduce our expense structure. I will cover that plan in greater detail shortly, but first I wanted to discuss our third-quarter results.

謝謝你，露絲。我們的第三季財務業績遠低於我們的預期。我們了解資金短缺背後的原因，並採取果斷行動解決核心問題。為了幫助公司恢復盈利，我們還宣布了一項重組計劃，旨在增強 AMD 的競爭地位並降低我們的費用結構。我很快就會詳細介紹該計劃，但首先我想討論一下我們的第三季業績。

Broader macroeconomic issues are impacting consumer PC spend. OEMs are also taking a cautious approach to managing inventory in advance of the Windows 8 launch, and tablets continue to grow as a consumer device of choice. As a result, we face a very challenging selling environment, especially in the lower end of the consumer client space.

更廣泛的宏觀經濟問題正在影響消費者的個人電腦支出。在 Windows 8 發布之前，OEM 也採取謹慎的方式來管理庫存，而平板電腦作為首選的消費設備將繼續成長。因此，我們面臨著非常嚴峻的銷售環境，尤其是在低端消費客戶領域。

Yet against this backdrop, we saw continued consumer adoption of our Trinity APU in the quarter. Trinity notebook unit shipments increased more than [17%] sequentially and accounted for nearly one-third of our total notebook shipments in the third quarter.

然而在這樣的背景下，我們看到本季消費者繼續採用我們的 Trinity APU。Trinity 筆記型電腦的出貨量比上一季成長了 [17%] 以上，占我們第三季筆記型電腦總出貨量的近三分之一。

Although Trinity is targeted at mainstream price points, ultrathin notebooks featuring the low-power APU are also competing effectively at higher system price points. As a result, we believe we gained share in the $600 to $799 retail notebook price band globally in the third quarter.

儘管 Trinity 瞄準的是主流價位，但採用低功耗 APU 的超薄筆記型電腦在更高的系統價位上也能有效競爭。因此，我們相信，我們在第三季度在全球 600 美元至 799 美元的零售筆記型電腦價格區間內獲得了份額。

More than 125 AMD-based systems are expected to launch with Windows 8, including tablets and several new ultrathins. While we look forward to the introduction of Win 8, the fourth quarter will continue to be challenging, and we do not expect PC market conditions to improve for several quarters.

預計將有超過 125 款基於 AMD 的系統搭載 Windows 8 推出，其中包括平板電腦和幾款新型超薄電腦。雖然我們期待 Win 8 的推出，但第四季仍將充滿挑戰，我們預計 PC 市場狀況在未來幾季內不會有所改善。

Our Graphics business performed in line with our expectations. Despite market softness, we continued to see an improvement in our desktop discrete channel business and game console revenue increased. Our industry-leading graphics technologies remain a cornerstone of our end-to-end product strategy, and we plan to further invest in our Graphics business to drive differentiation and future growth across the entire product portfolio.

我們的圖形業務表現符合我們的預期。儘管市場疲軟，但我們的桌上型電腦獨立通路業務持續改善，遊戲機收入也增加。我們業界領先的圖形技術仍然是我們端到端產品策略的基石，我們計劃進一步投資我們的圖形業務，以推動整個產品組合的差異化和未來成長。

Now let's turn to the changes in the market and how they are affecting our business and the steps we are taking to address them. Shortly after joining AMD I talked about the fundamental changes occurring in the PC industry. These trends are occurring now at an even faster rate than previously anticipated. We underestimated the speed of change in our industry, and we expected to have several years to transform the AMD business, but we must implement our transformation on a more aggressive timeline.

現在讓我們來談談市場的變化以及它們如何影響我們的業務以及我們為應對這些變化而採取的措施。加入 AMD 後不久，我談到了 PC 產業正在發生的根本性變化。這些趨勢現在發生的速度比以前預期的還要快。我們低估了產業變化的速度，我們預計需要幾年時間來轉變 AMD 業務，但我們必須在更積極的時間表上實施轉型。

Here is what we will do. First, we are restructuring our business and building a more efficient operating model. This reset will put in place a business model capable of delivering consistent profitability at lower breakeven revenue points.

以下是我們將要做的事情。首先，我們正在重組業務，建立更有效率的營運模式。此次重置將建立一個能夠在較低的損益兩平收入點提供持續獲利能力的商業模式。

Second, we must diversify behind the traditional PC market and become a leader in fast-growing and adjacent markets where we can differentiate and create leadership.

其次，我們必須在傳統個人電腦市場之外實現多元化，並成為快速成長和鄰近市場的領導者，在這些市場中，我們可以實現差異化並創造領導地位。

Our restructuring will simplify our product development cycles without jeopardizing our ability to innovate or deliver products in a timely manner. We will do this primarily by building reusable IP blocks that will help lower development costs and improve our speed of executions.

我們的重組將簡化我們的產品開發週期，同時不會損害我們創新或及時交付產品的能力。我們將主要透過建立可重複使用的 IP 區塊來實現這一目標，這將有助於降低開發成本並提高執行速度。

The restructuring plan is expected to lower our expense base by approximately 25%. This will result in an annualized cost savings of approximately $190 million. A large portion of these savings will come from a headcount reduction of approximately 15%. These are difficult, but necessary steps to ensure our plan has the right scale and scope to address the market and competitive challenges we now face.

重組計劃預計將使我們的支出基礎降低約 25%。這將導致每年節省約 1.9 億美元的成本。其中很大一部分節省將來自約 15% 的員工人數削減。這些都是困難但必要的步驟，以確保我們的計劃具有適當的規模和範圍，以應對我們現在面臨的市場和競爭挑戰。

In addition, we are resetting to a new business model designed to deliver breakeven results with approximately $1.3 billion of quarterly revenue. We expect to hit this level by the third quarter of 2013.

此外，我們正在重新設定一種新的商業模式，旨在實現收支平衡，季度收入約為 13 億美元。我們預計到 2013 年第三季將達到這一水平。

As we move through 2013 we will see the results of our work with a more efficient business and a portfolio of powerful new products. There is strong customer interest in our next-generation offerings. Design win momentum is solid, and we see opportunity to regain share in 2013. We already have working silicon for many of our new 2013 products in-house, including our next-generation 28-nanometer Kabini APU, which is the successor to our highly successful Brazos platform and our first true SoC design. We are making good progress with the bring-up of Kabini, which remains on track to launch in the first half of next year.

隨著 2013 年的到來，我們將看到我們工作的成果：業務更加高效，新產品組合更加強大。客戶對我們的下一代產品有著濃厚的興趣。設計獲勝勢頭強勁，我們看到了 2013 年重新奪回市場份額的機會。我們內部已經擁有許多 2013 年新產品的工作矽片，包括我們的下一代 28 奈米 Kabini APU，它是我們非常成功的 Brazos 平台的後續產品，也是我們第一個真正的 SoC 設計。卡比尼計畫的啟動進展順利，預計明年上半年啟動。

Our long-term strategy will rebalance our business towards faster growing segments of the market. Today approximately 85% of our business is focused on the legacy PC portions of the market, projected to have slowing growth over the next several years. We intend to drive 40% to 50% of our portfolio to faster growth markets where our IP is a key differentiator.

我們的長期策略將使我們的業務重新平衡，以適應更快成長的市場領域。目前，我們約 85% 的業務集中在傳統 PC 市場，預計未來幾年該領域的成長將會放緩。我們計劃將 40% 到 50% 的投資組合投入到成長更快的市場，在這些市場中，我們的 IP 是一個關鍵的差異化因素。

We have strong opportunities in three fast-growing areas. First, in server, the dense cloud market is one of the fastest growing parts of the datacenter market. Our long-term path to success is in providing customers with disruptive technologies and choice, just as we did when we brought 64-bit computing to the mainstream server market with AMD 64.

我們在三個快速成長的領域擁有巨大的機會。首先，在伺服器方面，密集雲端市場是資料中心市場成長最快的部分之一。我們長期的成功之路在於為客戶提供顛覆性的技術和選擇，就像我們透過 AMD 64 將 64 位元運算帶入主流伺服器市場一樣。

We will look to leverage AMD's full suite of processor and graphics IP, third-party processor cores and SeaMicro's innovative Supercompute Fabric to deliver differentiated solutions with industry-leading performance per watt.

我們將利用 AMD 的全套處理器和圖形 IP、第三方處理器核心以及 SeaMicro 的創新超級運算結構來提供具有業界領先每瓦效能的差異化解決方案。

Second, our low-power APUs, graphics IP, and reusable design blocks give us a distinct advantage to build semicustom APUs for new embedded markets. We are focused on growing our share in targeted, embedded markets. These include communications, industrial and gaming, which will outpace the PC industry growth for the foreseeable future.

其次，我們的低功耗 APU、圖形 IP 和可重複使用的設計模組為我們為新嵌入式市場建立半客製化 APU 提供了獨特的優勢。我們專注於擴大我們在目標嵌入式市場的份額。其中包括通訊、工業和遊戲，在可預見的未來，這些產業的成長速度將超過 PC 產業。

Our semicustom APUs already have a number of confidential, high-volume design wins in place. We plan for our embedded business to comprise approximately 20% of our quarterly revenue by the fourth quarter of 2013, up from 5% today.

我們的半客製化 APU 已經獲得了許多機密、大批量的設計勝利。我們計劃到 2013 年第四季度，嵌入式業務將占到我們季度營收的約 20%，高於目前的 5%。

And finally as we noted earlier, we will continue to focus on driving down into the ultraportable and ultra-low-power form factors that continue to grow rapidly. APUs are ideally suited for these new products, from ultrathin and tablets to a new breed of entry-level notebooks that will drive growth in the emerging markets.

最後，正如我們之前提到的，我們將繼續致力於推動超便攜和超低功耗外形尺寸的快速成長。APU 非常適合這些新產品，從超薄電腦和平板電腦到新一代入門筆記型電腦，這些產品將推動新興市場的成長。

So in summary, we are facing the challenges in the global IT market head-on. We are resetting and restructuring our business to reduce our cost base from earlier this year by 25%. We are targeting a $1.3 billion revenue breakeven point by third quarter 2013. We are also delivering powerful new APUs in 2013.

總而言之，我們正面臨全球 IT 市場的挑戰。我們正在重置和重組我們的業務，以將今年稍早的成本基礎降低 25%。我們的目標是到 2013 年第三季實現 13 億美元的營收盈虧平衡點。我們也將在 2013 年推出功能強大的新型 APU。

And, finally, we are aggressively pursuing fast-growing adjacent markets where our IP provides differentiation and the opportunity for AMD to grow share. These include dense serving, new embedded markets and new lower-power form factors. Together these actions will return AMD to profitable growth.

最後，我們正在積極開拓快速成長的鄰近市場，在這些市場中，我們的 IP 可以為 AMD 提供差異化和擴大市場份額的機會。其中包括密集服務、新嵌入式市場和新的低功耗外形尺寸。這些舉措將使 AMD 恢復獲利成長。

With that I would like to turn the call over to our Interim CFO, Devinder, to discuss our financial results for the third quarter. Devinder is an experienced financial executive with more than 28 years of experience at AMD. He has served as the Company's Corporate Controller since 2001. Devinder?

我想將電話轉給我們的臨時財務長 Devinder，討論我們第三季的財務表現。Devinder 是一位經驗豐富的財務主管，在 AMD 擁有超過 28 年的工作經驗。自 2001 年起，他一直擔任該公司的企業財務總監。德文德？

Thank you, Rory. Revenue for the third quarter of 2012 was $1.27 billion, down 10% sequentially, driven by an 11% decline in the Computing Solutions segment and a 7% decline in the Graphics segment revenue. Gross margin was 31%, down 15% sequentially, partially due to the $100 billion (sic - see press release, "$100 million") inventory write-down which adversely impacted gross margin by 8 percentage points. This write-down was the result of lower-than-anticipated future demand for certain products and mainly comprised of the first-generation A-Series APUs, code-named Llano.

謝謝你，羅裡。2012 年第三季的營收為 12.7 億美元，比上一季下降 10%，其中計算解決方案部門營收下降 11%，圖形部門營收下降 7%。毛利率為 31%，比上一季下降 15%，部分原因是 1000 億美元（原文如此 - 參見新聞稿「1 億美元」）的庫存減記對毛利率產生了 8 個百分點的不利影響。此次減記是由於某些產品的未來需求低於預期，主要包括代號為 Llano 的第一代 A 系列 APU。

Third-quarter gross margin was also negatively impacted by weaker-than-expected demand in the quarter and this contributed to lower ASPs for microprocessor products, as well as lower utilization of our assembly and test manufacturing facilities.

第三季的毛利率也受到本季需求低於預期的負面影響，這導致微處理器產品的平均銷售價格下降，以及我們的組裝和測試製造設施的使用率下降。

Non-GAAP operating expenses were $516 million, 8% less than prior guidance, primarily due to tight spending controls and lower bonus and commission expenses. R&D was $328 million, 26% of net revenue. SG&A was $188 million, 15% of net revenue.

非公認會計準則營運費用為 5.16 億美元，比先前的預期低 8%，主要原因是嚴格的支出控制以及較低的獎金和佣金費用。研發費用為 3.28 億美元，佔淨收入的 26%。銷售、一般及行政費用為 1.88 億美元，佔淨收入的 15%。

Non-GAAP net loss was $150 million and non-GAAP operating loss was $124 million, both of which include the aforementioned $100 million inventory write-down.

非公認會計準則淨虧損為 1.5 億美元，非公認會計準則營運虧損為 1.24 億美元，均包括前面提到的 1 億美元庫存減記。

Interest expense was $44 million, flat compared to the prior quarter. The tax provision for the quarter was zero compared to a $6 million tax benefit in the prior quarter. Non-GAAP loss per share, including the impact of the $100 million inventory write-down, was $0.20, calculated using 745 million basic shares.

利息支出為 4,400 萬美元，與上一季持平。本季的稅收準備金為零，而上一季的稅收優惠為 600 萬美元。以 7.45 億股基本股計算，非公認會計準則每股虧損為 0.20 美元，其中包括 1 億美元庫存減記的影響。

Adjusted EBITDA was negative $35 million, down $208 million from the prior quarter due to an operating loss which resulted from lower revenue in the third quarter, as well as the $100 billion (sic - see press release, "$100 million") inventory write-down.

調整後的 EBITDA 為負 3500 萬美元，比上一季減少 2.08 億美元，原因是第三季度收入下降導致的經營虧損，以及 1000 億美元（原文如此 - 參見新聞稿“1 億美元”）的庫存減記。

Computing Solutions segment revenue was $927 million, down 11% sequentially due to lower ASPs, driven primarily by weaker-than-expected demand, as well as lower unit shipments.

計算解決方案部門營收為 9.27 億美元，季減 11%，主要原因是需求低於預期導致平均售價下降，以及單位出貨量下降。

Client product revenue declined 11% sequentially due to lower unit shipments and ASPs in the third quarter, especially for desktop processors. We shipped a record number of Trinity-based products in the third quarter, and Trinity is a growing portion of our planned product mix. In addition, we made substantial progress in the desktop channel reducing Llano inventory in the third quarter.

由於第三季單位出貨量和平均售價下降，尤其是桌上型電腦處理器，客戶端產品收入較上季下降 11%。我們在第三季出貨了創紀錄數量的基於 Trinity 的產品，而 Trinity 在我們計劃的產品組合中所佔的比例正在不斷增長。此外，我們在第三季在減少 Llano 庫存的桌面管道方面取得了實質進展。

Our server processor revenue declined from the prior quarter, mainly due to lower unit shipments and an ongoing mix change away from higher density servers. Chipset revenue declined sequentially, primarily due to lower unit shipments in the quarter.

我們的伺服器處理器收入較上一季下降，主要原因是單位出貨量下降以及高密度伺服器的組合持續變化。晶片組營收季減，主要原因是本季度單位出貨量下降。

Computing Solutions segment operating loss was $114 million, down $196 million sequentially, primarily due to lower revenue in the quarter and the previously mentioned $100 million inventory write-down.

計算解決方案部門營運虧損為 1.14 億美元，比上一季減少 1.96 億美元，主要原因是本季營收下降以及前面提到的 1 億美元庫存減記。

Graphics segment revenue was $342 million, down 7% compared to the prior quarter due to lower GPU unit shipments to OEMs, partially offset by higher general sales and royalties. Game console royalty revenue was up sequentially.

圖形部門收入為 3.42 億美元，與上一季相比下降 7%，原因是向 OEM 廠商出貨的 GPU 單元數量減少，但總體銷售額和特許權使用費的增加部分抵消了這一影響。遊戲機版稅收入季增。

Graphics segment operating income was $18 million, down $13 million from the prior quarter, primarily due to a decline in revenue.

圖形部門營業收入為 1800 萬美元，比上一季減少 1300 萬美元，主要原因是收入下降。

Turning to the balance sheet. Cash, cash equivalents and marketable securities, including long-term securities, ended the quarter at $1.5 billion. Cash declined $279 million compared to the previous quarter, which was primarily the result of operational cash flows.

轉向資產負債表。本季末，現金、現金等價物及有價證券（包括長期證券）總額為 15 億美元。現金與上一季相比減少了 2.79 億美元，這主要是由於經營現金流減少。

Given the reduced size of our current business and OpEx reductions, we are adjusting our optimal cash balance from $1.5 billion to approximately $1.1 billion.

鑑於我們目前業務規模的縮小和營運支出的減少，我們將最佳現金餘額從 15 億美元調整至約 11 億美元。

Additional cash outflows that will occur in the fourth quarter of 2012 include a $50 million cash payment to GLOBALFOUNDRIES in the fourth quarter related to the 28-nanometer product limited waiver of exclusivity, as provided in the 2012 amendment to the Wafer Supply Agreement, with the final payment of $175 million related to the waiver to be paid by December 31, 2012.

2012 年第四季將發生的額外現金流出包括根據《晶圓供應協議》2012 年修訂版的規定，在第四季度向格芯支付 5000 萬美元現金，該款項與 28 奈米產品排他性有限豁免有關，與該豁免有關的最終付款 1.75 億美元將於 2012 年 12 月 31 日前支付。

Debt as of the end of the quarter was $2.04 billion. In the third quarter AMD repaid in full all of the outstanding principal and accrued interest of the Company's 5 3/4% convertible senior notes due 2012 or approximately $499 million, and issued a $500 million aggregate principal amount 7.5% senior notes due 2022.

截至本季末的債務為 20.4 億美元。第三季度，AMD 全額償還了公司 2012 年到期的 5 3/4% 可轉換優先票據的所有未償還本金和應計利息，金額約為 4.99 億美元，並發行了 2022 年到期的本金總額為 5 億美元的 7.5% 優先票據。

Accounts receivable at the end of the quarter was $683 million, down $61 million compared to the end of the second quarter of 2012 due to lower revenue. Inventory was $744 million exiting the quarter, down $89 million primarily as a result of the $100 million inventory write-down.

本季末的應收帳款為 6.83 億美元，由於收入下降，與 2012 年第二季末相比減少了 6,100 萬美元。本季末庫存為 7.44 億美元，下降 8,900 萬美元，主要原因是 1 億美元的庫存減記。

Now turning to the outlook. For the fourth quarter of 2012 AMD expects revenue to decrease 9% sequentially plus or minus 4%. Operating expenses are expected to be approximately flat sequentially.

現在轉向展望。AMD 預計 2012 年第四季營收將季減 9%，上下浮動 4%。預計營業費用將與上一季基本持平。

As Rory stated in his opening remarks, we are realigning our Company with the business realities of today. We are reducing our workforce by approximately 15% in the fourth quarter. And we will have a restructuring charge of approximately $80 million in the fourth quarter of 2012, primarily consisting of severance charges. Cash expenditures related to the fourth-quarter restructuring will be paid almost entirely in the fourth quarter of 2012 and the first quarter of 2013.

正如羅裡在開場白中所說，我們正在根據當今的商業現實重新調整公司。我們將在第四季裁員約 15%。2012 年第四季我們將產生約 8,000 萬美元的重組費用，主要包括遣散費。與第四季重組相關的現金支出將幾乎全部在2012年第四季和2013年第一季支付。

We are taking additional actions to reduce our expense base and align our cost structure with lower anticipated revenue. Our skills and capabilities must be realigned with our market opportunities in order to position AMD to execute on our strategic priorities while focusing on returning to profitability.

我們正在採取額外措施來減少我們的支出基礎，並使我們的成本結構與較低的預期收入保持一致。我們的技能和能力必須與我們的市場機會重新調整，以便 AMD 能夠執行我們的策略重點，同時專注於恢復獲利能力。

We continue to evaluate our cost structure and anticipate restructuring actions in the first half of 2013 which will result in additional restructuring charges; however, we are currently unable to quantify these amounts.

我們將繼續評估我們的成本結構，並預計 2013 年上半年的重組行動將導致額外的重組費用；然而，我們目前無法量化這些數量。

Finally, as part of our financial reset the Company is targeting to breakeven at the operating income level at a $1.3 billion quarterly revenue and quarterly operating expenses of approximately $450 million by the third quarter of 2013.

最後，作為財務調整的一部分，該公司的目標是到 2013 年第三季實現營業收入收支平衡，季度收入為 13 億美元，季度營運費用約為 4.5 億美元。

With that I will turn it back to Ruth. Ruth.

說完這些，我就把它交還給露絲。露絲。

Thank you, Devinder. Operator, can we would now like to open the call to questions and answers please.

謝謝你，Devinder。接線生，現在可以開始問答環節嗎？

(Operator Instructions). Ross Seymore, Deutsche Bank.

（操作員指令）。德意志銀行的羅斯·西摩。

Hey, Rory, first a question on the restructuring actions. What is the math or the thought process behind choosing the $1.3 billion revenue level to get to breakeven? It seems about 20% roughly above the fourth-quarter guidance, so it seems like you are baking in some pretty good news that is going to happen between now and then. Can you just talk about how that revenue level was chosen?

嘿，羅裡，首先問一個關於重組行動的問題。選擇 13 億美元的收入水準來實現收支平衡，背後的數學或思考過程是什麼？這似乎比第四季的預期高出約 20%，因此看起來你正在醞釀一些從現在到那時將會發生的相當不錯的消息。您能談談這個收入水平是如何選擇的嗎？

We basically looked at how the market was beginning to change and how we could refocus, Ross, in terms of where the growth opportunities would be across the next 12 months. We think by focusing to take down cost is the right approach here in the tactical timeframe, because it is clear the trends that are reshaping the PC industry are clearly occurring faster than everyone anticipated.

羅斯，我們主要研究了市場如何開始發生變化，以及我們如何重新關注未來 12 個月的成長機會。我們認為，在戰術時間範圍內，集中精力降低成本是正確的方法，因為很明顯，重塑 PC 產業的趨勢發生的速度比所有人預期的都要快。

We will continue to look at that, Ross, as we go through next year and make assessments as we see the year unfold. But we clearly wanted to set a breakeven point at a lower level than we have been running, and to be able to consider those opportunities as we move forward in those new growth areas, which we are going to target where we see bigger growth.

羅斯，我們將繼續關注這個問題，因為我們將在接下來的一年中看到這種情況並做出評估。但我們顯然希望將盈虧平衡點設定在比現在更低的水平，並能夠在我們向新的成長領域邁進時考慮這些機會，我們將瞄準那些我們看到更大成長的地方。

I guess as the one follow-up, Devinder or Rory, whomever wants to enter it, how should we think about the OpEx trajectory to get to that total savings number you gave next year, especially considering you said you were going to have cost lowered in the fourth quarter but you are guiding OpEx to be flat?

我想作為一個後續問題，Devinder 或 Rory，無論誰想進入這個問題，我們應該如何考慮運營支出軌跡才能達到您給出的明年的總節省數字，特別是考慮到您說過您將在第四季度降低成本，但您指導運營支出持平？

Yes, so, Ross, what we have talked about is from earlier in the year we have driven a set of programs and restructuring to reset the Company at a 25% lower expense structure. We believe that will position us to move forward at this lower breakeven point.

是的，羅斯，我們所談論的是，從今年早些時候開始，我們就推動了一系列計劃和重組，以將公司的費用結構降低 25%。我們相信，這將使我們能夠在較低的損益平衡點上繼續前進。

Yes, so just to remind you, as Rory said, the cost structure, if you go back and look at the OpEx in Q1, was what right about the $600 million level. We have taken it down to about $500 million plus.

是的，所以只是提醒你，正如羅裡所說，如果你回過頭來看看第一季的營運支出，成本結構大約在 6 億美元的水平上。我們已將其降至約 5 億多美元。

To your specific question about Q3 and Q4 being flat, there are some offsets, in particular in the engineering area related to some 28-nanometer product tape-outs and other R&D expenses, there was some timing between Q3 and Q4. And, in particular, given the holiday season that is coming up, we have some marketing campaigns for which we can go spend some money, so there were some offsets there.

對於您關於第三季和第四季持平的具體問題，存在一些偏移，特別是在與一些 28 奈米產品流片和其他研發費用相關的工程領域，第三季和第四季之間存在一些時間差。特別是考慮到即將到來的假期，我們會進行一些行銷活動，可以花一些錢，因此會有一些補償。

But if you read through the press release, we have said that with the restructuring actions that we are taking we will save about $20 million this quarter, and then on a quarterly basis that will be $40 million on a go forward standpoint.

但如果你讀過新聞稿，你會發現我們說過，透過採取重組措施，我們將在本季度節省約 2000 萬美元，而從未來的角度來看，按季度計算，我們將節省 4000 萬美元。

And that will start in 1Q from an absolute perspective quarter-over-quarter?

從絕對角度來看，環比成長將從第一季開始嗎？

Yes, that will start in 1Q on an absolute basis. And then, as Rory said earlier, we are going to continue to drive the cost structure down to get to the $450 million OpEx structure by Q3 of 2013.

是的，這將從第一季開始。然後，正如羅里之前所說，我們將繼續降低成本結構，到 2013 年第三季達到 4.5 億美元的營運支出結構。

Great, thank you.

太好了，謝謝。

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Rory, I think you mentioned as part of your new strategy that you would be incorporating third-party cores. If you can just clarify the third-party cores, would that be for the server cloud market or is it more broad?

羅裡，我想你提到過，作為新策略的一部分，你將納入第三方核心。如果您可以澄清一下第三方核心，那麼它是針對伺服器雲端市場還是更廣泛的市場？

We are clearly focused in terms of bringing those cores into the SeaMicro Freedom Fabric, the Supercompute Fabric. I think that is very important in terms of building that basis in which to lower the cost of those cloud compute environments, Hans.

我們明確致力於將這些核心引入 SeaMicro Freedom Fabric，即超級運算結構。漢斯，我認為，這對於建立降低雲端運算環境成本的基礎非常重要。

Maybe, Lisa, you want to add a little bit to that?

也許，麗莎，你想補充一點？

Yes, let me just add some color to that. I think we have said from our strategy all along that we believe we want to build into the larger ecosystems in the industry, so we will continue to build x86 products. But as we've announced before, we also have a partnership with ARM in the TrustZone Security area. And we will continue to look at how we incorporate more third-party IP over time to address some of these higher-growing markets.

是的，讓我為它添加一些色彩。我認為我們一直以來的策略都是這樣的，我們相信我們希望融入產業中更大的生態系統，因此我們將繼續打造 x86 產品。但正如我們之前宣布的那樣，我們也與 ARM 在 TrustZone 安全領域建立了合作夥伴關係。我們將繼續研究如何隨著時間的推移整合更多的第三方智慧財產權，以因應一些成長較快的市場。

Okay, and then as a follow-on, the timing for these types of products hitting the market, it is that say end of 2013/2014?

好的，那麼接下來的問題是，這些類型的產品進入市場的時間是 2013 年底或 2014 年底嗎？

It will probably be in the 2014 timeframe.

很可能是在 2014 年左右。

Great, thank you.

太好了，謝謝。

JoAnne Feeney, Longbow Research.

喬安妮·菲尼（JoAnne Feeney），長弓研究公司。

I was hoping perhaps you could help us understand how you accomplished two seemingly divergent goals? One, being to accelerate the transition to these new adjacent faster-growing markets, while at the same time cutting your expense basis.

我希望您能幫助我們了解您是如何實現兩個看似不同的目標的？一是加速向這些新的相鄰快速成長市場的轉型，同時削減您的費用基礎。

And given all the recent cuts there have been at the Company, that has really brought things down to some very efficient levels, it would seem, it seems now you're going to be stuck cutting sort of more of the creative talent. So I'm just wondering how you're thinking about doing both at the same time -- two things that seem kind of contradictory?

考慮到公司最近進行的所有裁員，這確實使情況降至非常高效的水平，看起來，現在你將陷入裁減更多創意人才的困境。所以我只是想知道您是如何考慮同時做這兩件事的——這兩件事似乎有點矛盾？

Yes, thanks, JoAnne. I think what is important is to look at terms of how we are simplifying our product development cycles. And we have talked about this before, in terms of creating the reusable IP blocks to create the structure in order to streamline our development and also to lower our cost of that development. We believe with the work of many talented engineers across AMD their focus is to really streamline that productivity, lower that cost and deliver our base set of offerings.

是的，謝謝，喬安妮。我認為重要的是看我們如何簡化產品開發週期。我們之前已經討論過這個問題，即創建可重複使用的 IP 區塊來創建結構，以簡化我們的開發並降低開發成本。我們相信，在 AMD 眾多才華橫溢的工程師的努力下，他們的重點是真正簡化生產力、降低成本並提供我們的基本產品。

And then to build off of that with our reusable IP base in order to go attack those markets. They're adjacent, JoAnne, they are not fundamentally different. These are APU graphics-oriented opportunities that allow us to take solutions like Kabini and like our APU base into those segments at the lower-cost base and across the portfolio.

然後在此基礎上利用我們可重複使用的 IP 基礎來進軍這些市場。喬安妮，它們是相鄰的，它們並沒有本質上的差異。這些都是以 APU 圖形為主的機會，使我們能夠將 Kabini 等解決方案以及我們的 APU 基礎帶入低成本基礎和整個產品組合的細分市場。

That is helpful, thanks, Rory. And, then, perhaps related to that is you have talked about moving more into the embedded space. And you say you have some design wins in place now that you're not at liberty to reveal. But could you perhaps let us know what -- you have a target for something like 20% of the business. How far along are you to that 20%. How many design wins? What is the state of the design wins in place now that gives you visibility to -- you know, are you halfway there, one-third of the way there?

這很有幫助，謝謝，羅裡。然後，也許與此相關的是，您談到了更多地進入嵌入式領域。你說現在已經取得了一些設計成果，但你不方便透露。但您能否讓我們知道—您的目標大約是 20% 的業務。您距離那 20% 有多遠？有多少設計獲勝？現在設計勝利的狀況如何，可以讓您了解—您知道，您是否已經完成了一半，還是三分之一？

How many more design wins do you have to get in place, because that tends to be a longer design-in process, so I am just wondering where you feel like you are there?

您還需要獲得多少個設計勝利，因為這往往是一個更長的設計過程，所以我只是想知道您感覺自己處於什麼位置？

Yes, thanks, JoAnne. From the standpoint of the market, today 85% of our core business is focused on the legacy PC market, and that is obviously a slowing segment. We believe those market trends that are affecting that are going to continue for the foreseeable future.

是的，謝謝，喬安妮。從市場角度來看，目前我們 85% 的核心業務集中在傳統 PC 市場，而這顯然是一個成長放緩的領域。我們相信，這些影響市場的趨勢在可預見的未來將會持續下去。

This embedded opportunity is one we have been working on for some time. It is also around semicustom. These opportunities are areas that are going to be significantly higher growth for the foreseeable future.

我們已經為這個嵌入式機會努力了一段時間。它也屬於半客製化類型。這些機會是可預見的未來將實現顯著更高成長的領域。

Those confidential design wins are in place. We have silicon in place already coming back to AMD that gives us the basis to execute those plans. We believe that those -- that we are on pace to deliver those objectives in the second half of next year.

這些機密設計已獲得批准。我們已經將矽片返回 AMD，這為我們執行這些計劃提供了基礎。我們相信，我們將在明年下半年實現這些目標。

Okay, great, thanks a lot. I appreciate the help.

好的，太好了，非常感謝。我很感謝你的幫忙。

C.J. Muse, Barclays.

巴克萊銀行的 C.J. Muse。

I guess first question, running through the numbers on your new breakeven of $1.3 billion and $450 million OpEx, it would appear that your target here gross margin-wise is 35%, 36%. So curious, are we seeing a permanent reset on the gross margin side or how should we think about that?

我想第一個問題是，根據你們新的損益平衡點 13 億美元和 4.5 億美元的營運支出數字來看，你們的目標毛利率似乎是 35% 或 36%。所以很好奇，我們是否看到毛利率方面的永久重置，或者我們應該如何看待這一點？

Let me answer then. That is not true. We are not giving guidance either -- and that is not a statement on either profitability or gross margin. It is really putting in place an expense structure that allows us to breakeven at the operating income level at $1.3 billion by Q3 2013.

那我來回答一下吧。事實並非如此。我們也沒有提供指引——這不是關於獲利能力或毛利率的聲明。它實際上建立了一個費用結構，使我們能夠在 2013 年第三季實現 13 億美元的營業收入收支平衡。

Right, but you told us for $450 million in OpEx, so just doing the math suggests 35%, 36%. So I guess is there something that we should be thinking about in terms of your agreement with GLOBALFOUNDRIES or what is driving that lower run rate?

對，但您告訴我們營運支出為 4.5 億美元，因此計算一下就是 35%、36%。所以我想我們是否應該考慮一下您與 GLOBALFOUNDRIES 達成的協議，或者是什麼原因導致了運行率的下降？

Well, I think what you take away from that is at the $1.3 billion revenue level we will have an expense structure, the OpEx level of $450 million.

嗯，我認為你從中得到的是，在 13 億美元的收入水平下，我們將有一個支出結構，即 4.5 億美元的營運支出水準。

Okay, thank you, and if I could just quickly follow up. On the gaming side, you talked about impressive wins there. Can you comment on what the margin profile should look like in that business relative to the overall business?

好的，謝謝，我可以快速跟進嗎？在遊戲方面，您談到了令人印象深刻的勝利。您能否評論一下相對於整體業務而言，該業務的利潤率狀況應該是什麼樣的？

No, we are not going to give that kind of guidance at this time..

不，我們目前不會提供那種指導。

Okay, thank you.

好的，謝謝。

Stacy Rasgon, Sanford Bernstein.

斯泰西·拉斯貢，桑福德·伯恩斯坦。

One on the embedded growth. So you have got embedded about 5% today and in the ballpark of $1.3 billion in revenues. You think you will be at 25% of revenues by Q4 of next year, and in Q3 of next year you expect to be at the same revenue level, about $1.3 billion.

一是嵌入式成長。因此，您今天已經嵌入了大約 5% 的收益，並且收入約為 13 億美元。您認為到明年第四季您的營收將達到 25%，並且您預計明年第三季的營收將達到相同的水平，約為 13 億美元。

I guess it implies two things. One is a pretty big ramp of embedded over that timeframe. And, second, it seems like a permanent haircut to your outlook for your own PC and Graphics revenue. I just was wondering if you could comment a little bit on, I guess, the long-term outlook for your current business, and the trajectory that you think you have on those embedded wins?

我想這意味著兩件事。一是該時間範圍內嵌入的幅度相當大。其次，這似乎會永久削弱您自己的 PC 和圖形收入前景。我只是想知道您是否可以對您當前業務的長期前景以及您認為您在這些嵌入式勝利上的軌跡發表一些評論？

Sure, Stacy. We talked about 20% in fourth quarter of 2013. There is no doubt that the PC market trends that are obviously occurring are happening much faster than people had anticipated. And I think it is our judgment to make sure that we put in place the structure and the game plan, that breakeven point that reflects our understanding in the market as we see it today. That visibility is difficult at this point, and we need to see how Windows 8 rolls out, how we enter into next year.

當然，史黛西。我們談到了 2013 年第四季的 20%。毫無疑問，正在發生的PC市場趨勢比人們預期的要快得多。我認為，我們的判斷是確保我們建立起結構和遊戲計劃，而盈虧平衡點能夠反映我們對當今市場的理解。目前，這種可見性很難實現，我們需要觀察 Windows 8 如何推出，我們如何進入明年。

The embedded -- that is in terms of this market step-down. But we do see the PC market as one that will continue to be under pressure for the foreseeable next several quarters.

嵌入式－就這個市場降壓而言。但我們確實看到，在可預見的未來幾季中，個人電腦市場將繼續面臨壓力。

In terms of the embedded and semicustom space, this is obviously a key area. It is an area that leverages the graphics and the APUs, and allows us to move that technology which we invested a huge amount of effort on with the talented engineers across AMD into an adjacent space that has a better competitive profile for us.

就嵌入式和半客製化領域而言，這顯然是一個關鍵領域。這是一個利用圖形和 APU 的領域，它使我們能夠將這項我們與 AMD 的優秀工程師投入大量精力開發的技術轉移到對我們來說更具競爭力的相鄰領域。

Lisa, did you want to add anything around the semicustom or embedded segment?

麗莎，你想在半定製或嵌入式部分添加一些內容嗎？

Yes, I think to the question of, Stacy, how long does it take, they really are different segments, whether you talking about consumer or you're talking about the communications and industrial. So as Rory stated, we are targeting about 20% of our revenue in the second half of 2013, and we will continue to grow that business as we go forward.

是的，我認為對於史黛西這個問題，這需要多長時間，它們確實是不同的部分，無論你談論的是消費者還是通訊和工業。正如羅裡所說，我們的目標是在 2013 年下半年實現約 20% 的收入，並且我們將繼續發展這項業務。

And, I guess, along those lines though, if you're going to get back to $1.3 billion by Q3, so Q4 is obviously pretty bad. Q1 would typically be seasonally down, and Q2 usually not that much better. That implies a pretty big healthy ramp seasonally into Q3 of next year to get there. But at the same time, if you're talking about your presence in PCs -- your focus on PCs declining and moving toward embedded, what is actually driving that big ramp into the back half of next year to get even back to your breakeven revenue?

而且，我想，按照這個思路，如果你要在第三季回到 13 億美元，那麼第四季顯然會很糟糕。第一季通常會出現季節性下滑，而第二季通常不會有太大好轉。這意味著明年第三季的季節性健康成長將達到相當大的程度。但與此同時，如果您談論的是您在個人電腦領域的存在——您的重點從個人電腦下降到嵌入式，那麼實際上是什麼推動了明年下半年的大幅增長，以恢復收支平衡收入？

Let me take that question. I think you're taking away from the statement on the breakeven plan that we are targeting or guiding you towards a $1.3 billion revenue plan in Q3 2013; that is not true. We have given guidance for Q4, right, as you heard Rory talk about the challenges in the PC market and some opportunities that we are pursuing. But we are not at this time giving any guidance on revenue either for Q1 or Q2, and definitely not for Q3 of 2013.

讓我來回答這個問題。我認為您從盈虧平衡計畫聲明中了解到，我們的目標是或指導您在 2013 年第三季實現 13 億美元的收入計畫；事實並非如此。正如您所聽到的 Rory 所談論的 PC 市場面臨的挑戰以及我們正在追求的一些機遇，我們已經給出了第四季度的指導。但目前我們還沒有給出關於第一季或第二季營收的任何預測，當然也不會給出 2013 年第三季營收的任何預測。

What we are talking about is an expense structure, whereby at the $1.3 billion revenue level we have an OpEx structure in place at $450 million. One is an OpEx statement and the other one is about a revenue statement in terms of what you can do the math on the gross margin.

我們正在討論的是一種費用結構，在 13 億美元的收入水準下，我們的營運支出結構為 4.5 億美元。一個是營運支出報表，另一個是關於收入報表，您可以根據毛利率進行計算。

I don't think the two are directly linked. But if you go and make some assumptions about the gross margin, you can draw your own conclusions in terms of either what the revenue levels would be or what the profitability levels would be.

我不認為這兩者有直接關聯。但是，如果您對毛利率做出一些假設，您就可以根據收入水平或盈利水平得出自己的結論。

Got it. And one last quickly, if I could. In terms of your expense cuts in OpEx to get to $450 million, how much of that is coming from R&D versus SG&A? Are you holding more of your engineers in place and cutting sales and administrative, or where are those cuts coming from?

知道了。如果可以的話，最後再說一句。就你們削減營運支出至 4.5 億美元而言，其中有多少來自研發費用，有多少來自銷售、一般及行政費用？你們是否會保留更多工程師並削減銷售和管理費用，或者這些削減來自哪裡？

After the actions we take in Q4 we are obviously going to continue to assess the situation, but we are not going to give the granularity in terms of where the cuts are coming from. Overall, we are going to continue to assess. We are going to continue to look at areas. In particular with a reduced -- our labor base there might be some opportunities to do some consolidations at certain sites or facilities that may trigger some savings. But we are not going to go ahead and give granularity in terms of how much is R&D and SG&A.

在第四季度採取行動之後，我們顯然會繼續評估情況，但我們不會透露削減的具體原因。總的來說，我們將繼續評估。我們將繼續關注這些領域。特別是在勞動力基礎減少的情況下，我們可能有機會在某些地點或設施進行一些整合，這可能會節省一些成本。但我們不會進一步詳細說明研發費用及銷售、一般及行政費用的具體金額。

Well, just as a gross level can you give us some feeling for at least is more of it coming from one category versus the other, if you don't want to give any specific numbers?

好吧，如果您不想給出任何具體的數字，那麼就總體水平而言，您能否給我們一些感覺，至少其中更多的是來自一個類別而不是另一個類別？

It is across all functions and globally.

它涉及所有職能並且遍布全球。

Okay, thank you, guys.

好的，謝謝大家。

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

As I have talked to your OEM and ODM customers really throughout the year, it seems like there is a fair amount of enthusiasm for the products, but it is also clear that the enthusiasm, there is some reluctance to build product lines around some of the products. I mean, Trinity brings some unique capabilities to the market, but with a tough environment and maybe people who had Llano issues last year, they haven't been as fully committed as maybe I would like to see.

正如我全年與你們的 OEM 和 ODM 客戶交談時所發現的，他們似乎對產品有相當大的熱情，但很明顯，在這種熱情之下，他們有些不願意圍繞某些產品建立產品線。我的意思是，Trinity 為市場帶來了一些獨特的功能，但由於環境艱難，而且去年人們可能遇到了 Llano 問題，他們還沒有像我希望看到的那樣全力投入。

When I talk to IT people at Opteron there is a lot of excitement around the product, but there is also issues of -- so is there enough OEM support? So there is not a clear line of when they are going to implement -- you know, Opteron -- sort of Opteron-based servers, even though it is good for a lot of the workload.

當我與 Opteron 的 IT 人員交談時，他們對產品非常感興趣，但也存在一些問題——是否有足夠的 OEM 支援？因此，目前還沒有明確的時間表說明他們何時會實施基於 Opteron 的伺服器，儘管它對於處理大量工作負載來說已經很不錯了。

So my question is how does that gap get closed? And is there a risk when you talk about restructuring and financial streams of cutbacks that situation of kind of getting that credibility gets tougher?

所以我的問題是如何縮小這差距？當您談到重組和資金流削減時，是否存在一種風險，即獲得信譽的情況會變得更加困難？

I would like to talk a little bit about both segments. So if you look at the client or our PC market we have had actually very strong product success with Trinity. And we continue to believe that we will see strong ramps as we go into the holiday season, into 2013. With Windows 8 we will see over 125 systems that will come out with AMD-based processors.

我想稍微談一下這兩個部分。因此，如果您看一下客戶或我們的 PC 市場，我們實際上已經透過 Trinity 獲得了非常大的產品成功。我們仍然相信，隨著 2013 年假期的到來，我們將看到強勁的成長。隨著 Windows 8 的推出，我們將看到超過 125 個系統採用基於 AMD 的處理器。

We do have to continue to build our execution credibility, and all the focus is on executing both our current products as well as our 2013 products. So that is job one from the product side.

我們確實必須繼續建立我們的執行信譽，並且所有的重點都集中在執行我們目前的產品以及 2013 年的產品上。所以這是產品方面的首要任務。

On the Opteron site, similarly we continue to build stronger relationships with the OEMs as well as the end customer base. So on the product side I think there is a lot of focus on execution, and we continue to build that momentum with the customer set.

在 Opteron 網站上，我們同樣繼續與 OEM 以及最終客戶群建立更強的關係。因此，我認為在產品方面，我們非常注重執行，我們將繼續與客戶一起建立這種勢頭。

And, Joe, we're interested to see the customer momentum around Win 8. As I mentioned earlier in the prepared remarks, we have over 125 platforms launching with Win 8 across tablet, ultrathins and across all the traditional space. I think that is a good reflection of the interest and the dynamics we have in place.

喬，我們對 Win 8 的客戶發展勢頭很感興趣。正如我之前在準備好的演講中提到的，我們有超過 125 個平台搭載 Win 8，涵蓋平板電腦、超薄電腦和所有傳統領域。我認為這很好地反映了我們的興趣和動力。

And then, second question in terms of -- and to follow up on Stacy -- I mean, the cuts that you're making you don't want to be specific about where they're coming from, and I can understand that. Are there any kind of the major initiatives that you guys talked about at the analyst meeting and talked about through the year, is everything they are still a priority or are there any kind of activity-based things that you want to take out?

然後，第二個問題是關於——繼續關於史黛西的問題——我的意思是，你所做的削減你不想具體說明它們來自哪裡，我可以理解這一點。你們在分析師會議上以及全年討論過哪些重大舉措，它們是否仍然是優先事項，或者是否有任何基於活動的事項是你們想要採取的？

Yes, from the perspective of what we have done in terms of our business plan and roadmap and technologies, this Company is an engineering-based Company; there is no doubt about that. And our focus is to create those other products that allow us to move forward.

是的，從我們在業務規劃和路線圖以及技術方面所做的工作來看，這家公司是一家工程型公司；毫無疑問。我們的重點是創造那些能夠讓我們前進的其他產品。

As I mentioned with Kabini, we already have most of the silicon in-house for our launches for 2013, and we believe that is a strong portfolio and positions us well. We have continued to identify and hire new talent to the Corporation to build our engineering and our bench strength across the portfolio.

正如我和 Kabini 所提到的，我們已經擁有了 2013 年推出的產品所需的大部分內部矽片，我們相信這是一個強大的產品組合，可以讓我們處於有利地位。我們不斷為公司物色和聘用新的人才，以增強我們整個產品組合的工程能力和後備實力。

Great, thank you very much.

太好了，非常感謝。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

I guess, Rory, on the embedded target of going from 5% today to 20% by, I guess, the fourth quarter of next year, can you just help me understand a little bit about the visibility around that? Is that just mostly gaming, some of the rumored wins you guys already have, or do you think by the time you get to 20% your are broad-based among many end markets, or is it concentrated? If you could help me there that would be helpful?

羅裡，我想，關於從今天的 5% 到明年第四季的 20% 的嵌入式目標，您能否幫助我了解這一目標的可見性？這主要是遊戲嗎？你們已經取得了一些傳聞中的勝利，還是你認為當你們的市場份額達到 20% 時，你們的市場份額已經遍布許多終端市場，還是比較集中？如果您能幫助我，那會很有幫助嗎？

I think we Lisa will kind of go into this in a little bit of detail, but the main point here is this is a segment -- it is an area that we can leverage our IP and the APU and the graphics prowess that we have. This is important because this segment will grow faster.

我想 Lisa 會稍微詳細地講一下這個，但這裡的重點是這是一個部分——我們可以利用我們的 IP、APU 和圖形能力的領域。這很重要，因為這個部分將會成長得更快。

It has also got a better competitor framework. And we have the design wins in place on pace to deliver that objective in 4Q. We have got to continue to execute and continue to build that market. But we are not done there, we need to continue to grow that segment as we move forward.

它還擁有更好的競爭對手框架。我們已經取得了設計勝利，預計在第四季度實現這一目標。我們必須繼續執行並繼續建立這個市場。但我們還沒有完成，我們需要在前進的過程中繼續擴大這個領域。

Lisa, some additional thoughts?

麗莎，還有其他想法嗎？

Yes, I think to your question of do we have good visibility into what needs to happen to ramp those design wins, I think the answer is yes. I think there is execution to be done on our side, but we have good visibility. Our goal is to broaden into more end markets. And some of the other markets take a little bit longer in terms of developing, but we are creating vertical industry teams to attack some of those other verticals as well.

是的，我認為對於你的問題，我們是否清楚地了解需要採取哪些措施才能獲得這些設計勝利，我認為答案是肯定的。我認為我們這邊還有執行工作要做，但我們有良好的預見性。我們的目標是拓展更多的終端市場。其他一些市場的發展時間會更長一些，但我們正在組建垂直行業團隊來進軍其他一些垂直市場。

Great. And then you guys did a good job explaining the GLOBALFOUNDRIES payments through the balance of this year. As we think about next year, if I remember correctly, if nothing happens the contact reverts back to cost plus, or can you help me understand the GLOBALFOUNDRIES relationships beyond the calendar fourth quarter?

偉大的。然後你們很好地解釋了今年 GLOBALFOUNDRIES 的餘額付款。當我們考慮明年時，如果我沒記錯的話，如果什麼都沒有發生，合約就會恢復到成本加成，或者您能幫助我了解日曆第四季度之後的 GLOBALFOUNDRIES 關係嗎？

From a GLOBALFOUNDRIES perspective, we have seen an improving relationship and partnership with this key partner across 2012. And we have also seen an improving environment around their execution, and we appreciate that. As we have talked about previously, we are in ongoing discussions around the WSA both for 2012 and 2013. Devinder?

從格芯的角度來看，我們看到與這個重要合作夥伴的關係和夥伴關係在 2012 年不斷改善。我們也看到他們的執行環境正在改善，我們對此表示讚賞。正如我們之前所談到的，我們正在討論 2012 年和 2013 年的 WSA 。德文德？

Yes, so I can add -- I have been involved, as you might know, with the WSA discussions for several years now, having worked on the deal from the inception when we formed GLOBALFOUNDRIES in 2009. And we continued discussion with our partners, and many times, as you have seen over the last couple of years, we have worked through some difficult situations in the spirit of partnership, but also what is mutually beneficial to both companies.

是的，所以我可以補充一點——正如你們可能知道的，我已經參與 WSA 討論好幾年了，從 2009 年我們成立 GLOBALFOUNDRIES 開始就一直致力於這項交易。我們繼續與合作夥伴進行討論，正如您在過去幾年中所看到的，很多時候，我們本著合作精神解決了一些困難的情況，同時也實現了對兩家公司互惠互利。

The 2013 take-or-pay WSA -- as well as a 2012 WSA, as well as a 2013 WSA discussions are ongoing. We continue those discussions, they are not yet complete, but from my standpoint, they are going very well.

2013 年照付不議 WSA、2012 年 WSA 以及 2013 年 WSA 的討論正在進行中。我們繼續進行這些討論，雖然尚未完成，但從我的角度來看，進展非常順利。

Great, thanks, guys.

太好了，謝謝大家。

Chris Danely, JPMorgan.

摩根大通的克里斯丹尼利 (Chris Danely)。

Are there any plans to sell the written-down inventory.

是否有計劃出售減記的庫存？

When you go ahead and take an inventory write-down from an overall standpoint, accounting wise, what happens is we have a product transition from Llano to Trinity. Trinity, as you heard Rory say, up [17%] quarter-on- quarter, doing well. And it with the market conditions from an accounting standpoint, that you also look at -- he valued the inventory against the future demand, and in particular customer commitments.

當你從整體角度、會計角度進行庫存減記時，會發生產品從 Llano 到 Trinity 的轉變。正如羅裡所說，Trinity 季度環比成長 [17%]，表現良好。從會計的角度來看，它與市場條件有關，你也可以看看——他根據未來需求，特別是客戶承諾來評估庫存。

We did that in the early part of this quarter after Q3 ended. And we took the incremental inventory write-down. Typically in these situations it is not a plan to go ahead and sell that inventory.

我們在本季第三季結束後的初期就這麼做了。我們進行了增量庫存減記。通常在這種情況下，繼續銷售庫存並不是一個計劃。

Okay, great. And then if you could just follow up on how you think gross margins can trend, and can you get back to the 45% mark you hit a few quarters ago?

好的，太好了。然後，如果您能跟進一下您認為毛利率的趨勢，您能回到幾個季度前達到的 45% 的水平嗎？

Without giving guidance at that level, but I can tell you from a Q4 standpoint at least, and especially given the market conditions, there are some factors that could be positive or negative, right? You have a weak macro environment. We are in a consumer-based holiday season quarter. And then there is some low-end competition from an overall standpoint and, obviously, those are negative factors.

雖然我沒有給出該級別的指導，但我至少可以從第四季度的角度告訴你，特別是考慮到市場狀況，有些因素可能是積極的，也可能是消極的，對嗎？你的宏觀環境很弱。我們正處於以消費者為主的假期季節。從整體角度來看，存在一些低端競爭，顯然這些都是負面因素。

The Trinity product being accretive to the margin, and especially being a higher mix of the product, in Q4 is going to be helpful. And then the other thing is the Win 8 launch. But beyond that, given especially the uncertainty, we are focused on our breakeven model, as I discussed earlier, $1.3 billion at the $450 million OpEx number, and not looking at it from a gross margin standpoint.

Trinity 產品在第四季將增加利潤，尤其是產品組合更高，這將會很有幫助。另一件事是 Win 8 的發布。但除此之外，考慮到不確定性，我們專注於盈虧平衡模型，正如我之前所討論的，即 4.5 億美元的營運支出對應 13 億美元的盈利，而不是從毛利率的角度來看待它。

I can add that just to explain that further, if you take the $1.3 billion and the $450 million, if revenue is higher then obviously we could do better than breakeven. If gross margin is higher, we could do better than breakeven, better than the 35% that was computed earlier. And then if both are higher, we could go ahead and be better than breakeven.

我可以進一步補充解釋，如果將 13 億美元和 4.5 億美元相加，如果收入更高，那麼顯然我們可以做得比收支平衡更好。如果毛利率更高，我們的績效就會比損益平衡更好，比之前計算的 35% 更好。然後，如果兩者都更高，我們就可以繼續前進，並且比盈虧平衡更好。

But we are prepared in particular with the trending that is occurring to assess the situation, work specifically on the cost structure. And especially with the uncertainty that is out there, we want to stay nimble and be prepared to react as the case might be.

但我們已做好準備，特別是根據正在發生的趨勢來評估情勢，並專門研究成本結構。尤其是面對充滿不確定性的情況，我們希望保持靈活，並做好應對各種情況的準備。

This is not a guidance for Q3 2013 revenue. It is not a guidance for Q3 2013 gross margin. It is just an expense statement as to how we are going to drive the expenses from where we are today to the $450 million by Q3 of next year.

這並不是 2013 年第三季營收的預測。這並不是對 2013 年第三季毛利率的指引。這只是一份費用報表，說明我們如何將費用從目前的水準提高到明年第三季的 4.5 億美元。

So just to be clear, are you not telling us where your gross margins can go because you don't think they can get to 45%, or you just don't want to tell us?

所以，為了明確起見，您不告訴我們您的毛利率可以達到多少，是因為您認為它們無法達到 45%，還是您只是不想告訴我們？

I am just not saying anything at this point.

我現在什麼也不說。

Got it. And then just for my last question, a quick clarification, I believe, on John's question on the embedded opportunity. Is it safe to say that by the end of next year most of that revenue will be coming from the gaming industry or what about between the economy and industrial side?

知道了。然後，就我的最後一個問題，我相信，我會對約翰關於嵌入式機會的問題進行快速澄清。可以肯定地說，到明年年底，大部分收入將來自遊戲產業嗎？或是經濟和工業方面如何？

There is no doubt that this is a set of confidential wins and we can't get into any of those specifics. We are clearly targeting industrial, communications, gaming, those areas where the APUs and our graphics IP make the most sense. But we can't announce them. We will announce them in due course over the course of the coming quarters.

毫無疑問，這是一系列保密的勝利，我們不能透露任何細節。我們明確瞄準工業、通訊、遊戲等 APU 和圖形 IP 最適用的領域。但我們不能宣布。我們將在未來幾季內適時公佈這些消息。

Fair enough, thanks, guys.

夠公平，謝謝大家。

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

My question is in Q2, my understanding of the original miss in Q2 was driven in large part because you guys -- you had supply issues. You shorted the channel in favor of the OEMs, and you lost traction with the channel because of that. I guess my question is where do you think you are in winning back the channel? What do you have to do to win it back, and where do you think you are in that process? Thank you.

我的問題是在第二季度，我理解第二季度最初的失誤很大程度是因為你們遇到了供應問題。您為了 OEM 而縮短了渠道，但您卻因此失去了對渠道的吸引力。我想問的是，您認為您在奪回管道方面處於什麼位置？你要做什麼才能贏回它，你認為你在這個過程中處於什麼位置？謝謝。

We saw the channel stabilize in the third quarter at the 2Q levels. And we also began to work down the inventory that we discussed in that period. We saw an improvement in sales out velocity. That means the rate of sell-through through the channel. And we are going to continue to work on improving that sell-through rate and reducing that inventory in the coming quarters.

我們看到該管道在第三季穩定在第二季的水平。我們也開始減少那段時間討論過的庫存。我們看到銷售速度有所提升。這意味著透過通路的銷售率。我們將在未來幾季繼續努力提高銷售率並減少庫存。

As we mentioned last quarter, that was a multi-quarter effort to go forward. But the progress and the stabilization of the channel in 3Q was a good step forward.

正如我們上個季度所提到的，這是一項需要多個季度共同努力才能實現的。但第三季通路的進步和穩定是一個很好的進步。

Thank you.

謝謝。

Kevin Cassidy, Stifel Nicolaus.

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

This is [Dean Grummels] calling in for Kevin. It seems that when we look at the PC industry lately there is a number of moving parts of potential share erosion to tablets and smartphones, Windows 8 and general macro decline.

我是 [Dean Grummels]，代表 Kevin 來電。看來，當我們觀察最近的個人電腦產業時，會發現平板電腦和智慧型手機、Windows 8 和整體宏觀經濟衰退等一系列潛在市場份額正在受到侵蝕。

As you had talked to your customers around the world, could you please expand your views on how you may allocate share, if you will, or blame amongst these various factors to what makes up the current declining situation?

由於您已經與世界各地的客戶進行了交談，您能否進一步闡述您如何分配份額，或者將當前下滑狀況歸咎於哪些因素？

There is no doubt, Dean, that we are seeing three significant factors, as we mentioned in our earlier remarks, that are affecting the overall PC industry. And these trends are definitely occurring at a faster rate than the industry had anticipated.

毫無疑問，Dean，正如我們之前所提到的，我們看到了三個影響整個 PC 產業的重要因素。而且這些趨勢發生的速度肯定比業界預期的還要快。

You are right to note that the macro environment is soft, and it is different across different geographies, and that weakness is likely to continue for the foreseeable future.

您說得對，宏觀環境疲軟，不同地區的情況不同，而且這種疲軟態勢在可預見的未來可能會持續下去。

We also saw the OEMs in the market take a rather conservative approach to inventory in the lead up to Windows 8. This will be an interesting fourth quarter in terms of how Windows 8 moves forward. We think it is an interesting and important event, but this is one we need to see play out.

我們也看到市場上的 OEM 在 Windows 8 上市前採取了相當保守的庫存策略。就 Windows 8 如何發展而言，這將是一個有趣的第四季。我們認為這是一個有趣且重要的事件，但我們需要看到它的發展。

And, clearly, tablets have taken an important point in the consumer's mindset, both in the experience that the tablet creates, but also becoming an interesting device of choice at that lower end of the consumer client space. I think all three of these factors have accelerated this fundamental shift in the PC market, and we expect the shift and these pressures to continue for the next several quarters.

顯然，平板電腦在消費者心目中佔據了重要的地位，這不僅體現在平板電腦創造的體驗上，也體現在平板電腦成為低端消費者客戶領域的一種有趣的首選設備。我認為這三個因素都加速了個人電腦市場的根本性轉變，我們預計這種轉變和壓力將在未來幾季持續下去。

When you look at the impact of smartphones and tablets, do you think this is temporary and can be reset by perhaps a more compelling portable solutions or do you think this is a permanent shift in demand, particularly in the mature developed economies?

當您看到智慧型手機和平板電腦的影響時，您是否認為這是暫時的，可以透過更具吸引力的便攜式解決方案來重置，或者您是否認為這是需求的永久性轉變，特別是在成熟的已開發經濟體中？

A statement like that is clearly hard to predict out in time. I do believe the PC market is a market that will be here for the next decade. I don't think there is any question about that. But the dynamics of it and its growth rates are really fundamentally shifting right now. A lot of the historical forecast and trendlines have broken over the past two quarters. And we need to see this reset stabilize and move forward.

顯然，這樣的聲明很難及時預測。我確實相信個人電腦市場是一個未來十年都會存在的市場。我認為這一點毫無疑問。但它的動態和成長率現在確實正在發生根本性的變化。過去兩個季度，許多歷史預測和趨勢線都被打破了。我們需要看到這一重置趨於穩定並向前推進。

I think what is most important is to innovate, to continue to create solutions that match the customers and the commercial market's needs -- all-day battery life, touch. The right kinds of experiences with a graphical capabilities that we deliver are all important in this segment. I think that is key.

我認為最重要的是創新，持續創造符合客戶和商業市場需求的解決方案——全天電池壽命、觸摸。我們提供的具有圖形功能的正確體驗在這一領域都很重要。我認為這是關鍵。

And at the same time while this is somewhat unpredictable, let's take our outstanding IP and engineering resources and focus those on areas we know will continue to grow and grow faster than a legacy PC market. That is core to our strategy moving forward, and we need to accelerate that strategy based on these shifting trends.

同時，儘管這有點難以預測，但讓我們利用我們優秀的 IP 和工程資源，將其集中在我們知道將繼續成長且比傳統 PC 市場成長更快的領域。這是我們未來策略的核心，我們需要根據這些變化趨勢加速這項策略的實施。

Thank you very much, it is very helpful.

非常感謝，非常有幫助。

Cody Acree, Williams Financial.

威廉斯金融公司的科迪·阿克里（Cody Acree）。

Thanks for getting me in. And, Rory, thanks for the details. You have been very helpful. Maybe I will ask for a couple more. So you have given this target of 40% to 50% of revenue from IP differential products. Can you maybe talk about a timeline? I think Lisa said some of the new products probably wouldn't really be impactful until 2014. Is that correct, and can you draw a path between here and there?

謝謝你讓我加入。羅裡，謝謝你提供的詳細資訊。你幫了我很大的忙。也許我會再要幾個。所以你給了40%到50%的收入來自IP差異化產品的目標。您能談談時間表嗎？我認為麗莎說過一些新產品可能要到 2014 年才會真正產生影響。這是正確的嗎？你能從這裡到那裡畫一條路徑嗎？

I think we have kind of laid out the basic concepts here across the call. Clearly, in the tactical timeframe continue to build on the semicustom embedded market. There is a good opportunity. It is where our IP and APUs play well. It is near adjacent segments, so it is easy to move there. And I like the competitive market there much better than the PC market, which is dominated by a single player in a big way.

我認為我們已經在整個通話中闡述了基本概念。顯然，在戰術時間範圍內繼續建立半客製化嵌入式市場。這是一個很好的機會。這就是我們的 IP 和 APU 發揮出色作用的地方。它靠近相鄰的段落，因此很容易移動到那裡。我更喜歡那裡的競爭市場，而不是 PC 市場，因為 PC 市場很大程度上被一家公司所主導。

I think also, as we move forward there are opportunities in dense serving. That market will continue to evolve as low-power and cloud serving becomes even more prevalent. This will be the fastest-growing segment going forward. And I think the SeaMicro acquisition and the work Lisa and her team are doing to build that out will occur over the next one, two, three years.

我也認為，隨著我們不斷前進，密集服務領域也存在著機會。隨著低功耗和雲端服務變得越來越普遍，該市場將繼續發展。這將是未來成長最快的領域。我認為 SeaMicro 的收購以及 Lisa 和她的團隊為此所做的工作將在未來一、二、三年內完成。

And at the same time, how do we take our deep engineering capability into the new low-power, ultraportable emerging form factors in the traditional client space? This is an opportunity that is already presenting itself with our next-generation APU called Kabini, replacing our highly successful Brazos. And we will follow that on with a series of other solutions.

同時，我們如何將深厚的工程能力融入傳統客戶領域的新型低功耗、超便攜新興外形？隨著我們的下一代 APU Kabini 的推出，這一機會已經顯現，它將取代我們非常成功的 Brazos。我們將繼續推出一系列其他解決方案。

Lisa, would you like to add anything more?

麗莎，您還有什麼要補充的嗎？

Yes, I think the best way to describe it is it is a portfolio that we are managing. So we have talked about semicustom embedded, having good visibility towards the end of 2013, and then as we get into some of the dense serving spaces beyond that, because it takes a little bit longer in those markets. But we are trying to build a portfolio to really enhance the growth prospects of our business.

是的，我認為最好的描述方式是，這是我們正在管理的投資組合。因此，我們討論了半客製化嵌入式，在 2013 年底具有良好的可見性，然後，當我們進入一些密集的服務空間時，因為在這些市場中它需要更長的時間。但我們正在努力建立一個投資組合，以真正增強我們業務的成長前景。

And, Lisa, on the micro server-side it is pretty nascent for you and for everyone from an ecosystem standpoint. I guess what are the hurdles? What are some of the marks that you need to hit or that the industry needs to hit to get through to make this more of a mainstream product?

而且，麗莎，從生態系統的角度來看，微型伺服器端對您和每個人來說都還處於起步階段。我猜想障礙是什麼？為了使其成為主流產品，您需要達到哪些標準或產業需要達到哪些標準？

Well, we continue to work with our differentiated IP base. So the SeaMicro acquisition has been helpful in terms of our work with the large datacenter customers. And then we continue to need to build out the ecosystem to really build broad-based support. So I think it is a several year journey, but it is certainly one that we are very committed to and continue to build out all the aspects of the ecosystem.

嗯，我們將繼續致力於我們差異化的知識產權基礎。因此，收購 SeaMicro 對我們與大型資料中心客戶的合作很有幫助。然後我們需要繼續建立生態系統來真正建立廣泛的支持。所以我認為這是一段需要幾年的時間的旅程，但我們肯定會全力以赴，繼續建立生態系統的各個方面。

I guess, but, Lisa, more specifically on that ecosystem are there certain elements that need to be knocked over first that could start to see adoption -- knowing it is going to take several years to get it fully built out, but others are certain hurdles that may be met in the near term?

我想是的，但是，麗莎，更具體地說，在這個生態系統中，是否有某些元素需要首先被推翻，然後才能開始被採用——知道要花幾年的時間才能完全建成，但其他一些障礙可能會在短期內遇到？

Certainly there are, and they come with both the hardware and the software ecosystem as well as the ODM ecosystem, so all of those are aspects that we are working on.

當然有，而且它們既有硬體和軟體生態系統，也有 ODM 生態系統，所以所有這些都是我們正在努力的方面。

And then, lastly, on the pricing side, Intel was pretty adamant that they were actually seeing some stability in pricing, which doesn't really seem to make a lot of sense given the backdrop. Rory, I think you were pretty adamant that pricing has been competitive. What would you expect given what you're looking as a backdrop?

最後，在定價方面，英特爾非常堅定地認為，他們實際上看到了定價方面的穩定，但考慮到當時的背景，這似乎沒有多大意義。羅裡，我認為你非常堅定地認為定價具有競爭力。考慮到您所尋找的背景，您期望什麼？

As we talked about several times in the call, the market dynamics that are occurring now are going to continue. Those macro economic factors, the Win 8 launch, as well as the tablet phenomenon will continue to impact the PC market.

正如我們在電話會議中多次談到的那樣，現在發生的市場動態將會持續下去。這些宏觀經濟因素、Win 8 的推出以及平板電腦現象將繼續影響 PC 市場。

I expect the market to be competitive, and I expect the market to continue to fall under pressure for the foreseeable future -- the next several quarters.

我預計市場競爭將會激烈，我預計在可預見的未來——未來幾季——市場將繼續承受壓力。

Thanks guys. Good luck.

謝謝大家。祝你好運。

Chris Caso, Susquehanna.

克里斯卡索，薩斯奎漢納。

Just returning to some of the discussion about the breakeven point, and I understand you're not providing revenue guidance going forward, but could you talk perhaps in principle, and given the uncertainty in revenue and some of the strategic changes that need to be made, what further actions can you take or perhaps are contemplating to protect cash flow and prevent from going into a money-losing situation, if the transformation takes longer than what you expect?

回到關於盈虧平衡點的一些討論，我知道您不會提供未來的收入指導，但您能否從原則上談談，考慮到收入的不確定性和需要做出的一些戰略改變，如果轉型時間比您預期的要長，您可以採取什麼進一步的行動，或者可能正在考慮採取什麼進一步的行動來保護現金流並防止陷入虧損的境地？

Actually, we are very focused on the free cash flow breakeven, and actually trying to get back to positive free cash flow. The restructuring actions that were announced today in the call will help. The OpEx reduction on a go forward standpoint will help.

實際上，我們非常關注自由現金流的損益平衡，並試圖恢復正的自由現金流。今天電話會議上宣布的重組行動將會有所幫助。從未來的角度來看，營運支出的減少將會有所幫助。

I also referenced earlier about the continuing discussions of the WSA related to the 2012 take-or-pay and the 2013 WSA discussions that are ongoing, and that will obviously have an impact on the free cash flow on a go forward standpoint. So we are laser focused on getting to free cash flow breakeven at lower revenue levels. But we are not giving guidance from a standpoint of the revenue on a go forward basis, except for the Q4 guidance that we have given.

我之前也提到過，有關 2012 年照付不議的 WSA 討論以及正在進行的 2013 年 WSA 討論，從未來的角度來看，這顯然會對自由現金流產生影響。因此，我們專注於在較低的收入水準下實現自由現金流收支平衡。但除了我們已經給出的第四季指引外，我們不會從收入的角度給出未來的指引。

As a follow-up to that, is there anything you could say about cash flow over the next several quarters? Should we expect cash flow to still come down as the cost cuts are being implemented or what is your view there?

作為後續問題，您能透露一下未來幾季的現金流狀況嗎？隨著成本削減的實施，我們是否應該預期現金流仍會下降，或者您對此有何看法？

I think related to the restructuring actions, with the savings that we will have on a quarterly basis and for the year in 2013, for sure, the cash needs will come down and therefore then we will help the cash flow.

我認為，與重組行動相關，隨著我們每季和 2013 年全年的節省，現金需求肯定會下降，因此我們將有助於改善現金流。

On the guidance for 2013, we are not prepared to talk about it right now, because a lot of open items that we need to go through, or in particular, as I talked about the WSA, our discussions that are going on. So it is really too early to tell.

關於 2013 年的指導方針，我們現在還沒有準備好談論它，因為我們需要討論許多未決事項，或者特別是，正如我談到的 WSA，我們正在進行討論。所以現在下結論還太早。

Once we thought through those things and we look at where things fall, both from an expense standpoint and a WSA and the reduced cost structure, we can come back and give the guidance from a free cash flow standpoint on a go forward standpoint.

一旦我們考慮清楚這些事情，並從費用、WSA 和降低的成本結構的角度來看待問題，我們就可以回過頭來從自由現金流的角度給出指導。

Okay, thank you.

好的，謝謝。

Jim Covello.

吉姆·科維洛。

I was just hoping to go back to a little bit of a follow-up from some of the other questions about pricing. I guess, what kind of pricing environment are you assuming in the restructuring actions that you're taking? And then both for yourself -- in other words, how much leeway are you leaving yourself for your prices to come down and still hit these targets, and then what are you assuming in the way of pricing and aggression from Intel in that regard as well?

我只是希望能夠稍微回顧一下有關定價的一些其他問題。我想，您在採取重組行動時假設了什麼樣的定價環境？那麼對於您自己來說——換句話說，您給自己留下了多大的餘地來降低價格並仍然達到這些目標，然後您對英特爾在這方面的定價和侵略性有何假設？

I believe as we have talked about several times on the call, we believe it will be a competitive pricing market, not unlike what we have seen over the past several quarters. What we are doing is basically restructuring our cost structure to position us for breakeven at a lower revenue level. We will continue to assess that as we move through the next several quarters, and make the appropriate adjustments.

我相信，正如我們在電話會議上多次談到的那樣，我們相信這將是一個競爭性的定價市場，與過去幾個季度的情況並沒有什麼不同。我們所做的基本上是重組我們的成本結構，以便在較低的收入水平上實現收支平衡。在接下來的幾個季度中，我們將繼續評估這一點，並做出適當的調整。

And then, I guess, I had heard you say that before in the call, but I guess maybe with some granularity. If you look at -- the pricing in the last couple of years has been abnormally high. And there is two ways to think about what has gone on in the last couple of quarters. It is sort of at the beginning of a resumption of a trend that would put us back on a trendline of lower pricing, or that was the new normal, the better pricing, and what we are seeing these last couple of quarters is just temporary. Which one of those do you think is the case as you begin to think about these restructuring actions?

然後，我想，我之前在通話中聽過你這麼說，但我想可能有些細節。如果你看一下——過去幾年的價格一直異常高。有兩種方式來思考過去幾季發生的事情。這有點像是趨勢恢復的開始，這種趨勢會讓我們回到較低價格的趨勢線上，或者說這是新常態，更好的定價，而我們在過去幾季看到的只是暫時的。當您開始考慮這些重組行動時，您認為是哪一種情況？

Yes, as we have talked about earlier, I think what is clear is the market trends that are driving the PC market right now have accelerated faster than we expected. And, clearly, effected the timelines and forecasting. Visibility is difficult right now, and I think what we have to do is look at how each of the next several quarters unfold. There is clearly pressure in the market, and there will be competition.

是的，正如我們之前談到的，我認為很明顯的是，目前推動 PC 市場發展的市場趨勢比我們預期的要快。並且顯然影響了時間表和預測。現在很難看清情勢，我認為我們必須做的就是觀察接下來幾季的情況如何。市場顯然存在壓力，而且競爭也會存在。

Thank you.

謝謝。

Patrick Wang, Evercore.

派崔克王（Patrick Wang），Evercore。

Two quick ones, and then a longer one. The first one, Rory, just a quick clarification, you can you help us understand which buckets are being defocused in your actions right now?

兩個簡短的，然後是一個較長的。第一個，羅裡，我只是想簡單澄清一下，你能幫助我們了解你現在在行動中哪些方面沒有被重視嗎？

Patrick, from a standpoint is what we are trying to do with the restructuring efforts is to reduce and simplify our development cycles and development processes across our portfolio, as well as simplify our global structure. I think that is clear in terms of the focus we have in terms of reusable IP, how we are going to use the system, the heterogeneous systems architecture. All of those strategies that we have talked about are reducing our complexity and shortening the development cycles. And we have to push for more efficiency on that. That is the basis of what we are trying to accomplish.

派崔克，從某個角度來看，我們試圖透過重組努力減少和簡化我們整個產品組合的開發週期和開發流程，並簡化我們的全球結構。我認為，就我們對可重複使用 IP 的關注、我們將如何使用系統以及異質系統架構而言，這一點是明確的。我們討論的所有這些策略都在降低複雜性並縮短開發週期。我們必須努力提高這一方面的效率。這是我們努力實現的目標的基礎。

Okay, so there aren't any particular product lines or anything that was ongoing that is getting killed or canceled?

好的，那麼沒有任何特定的產品線或任何正在進行的產品被砍掉或取消嗎？

Nope, we are not changing anything on that activity at this point.

不，我們目前不會對該活動進行任何更改。

Okay. And then just a second quick one, Devinder, just some clarification on the wafer supply agreement. Can you disclose or walk us through what is left of your commitments for the fourth quarter? I think you guys had disclosed $700 million or so for the second half of the year.

好的。然後，Devinder，再快速問一下關於晶圓供應協議的一些澄清。您能否透露或向我們介紹一下您第四季還剩餘的承諾？我認為你們已經披露了今年下半年約 7 億美元的資金。

The way I would trend that is for 2012 we had a take-or-pay agreement for a certain number of wafers, and what we disclosed is the total cost of that will be $1.5 billion. We have paid approximately $1 billion of that, so $0.5 billion remain.

我認為，2012 年我們針對一定數量的晶圓簽訂了照付不議協議，據我們披露，該協議的總成本為 15 億美元。我們已經支付了大約 10 億美元，因此還剩下 5 億美元。

But the question is the time period at which we take those wafers, which is the basis of the discussions, we continue to have with our partners. So I think you have to look at it in terms of the remaining 2012 take-or-pay, there is $0.5 billion left. And what time frame is the -- are the wafers going to be taken, and what timeframe the cash is going to go out, if that is what you're asking.

但問題是我們在什麼時候取得這些晶圓，這也是我們與合作夥伴持續討論的基礎。所以我認為你必須從 2012 年剩餘的照付不議金額的角度來看待這個問題，還剩下 5 億美元。如果您問的是這個，那麼晶圓將在什麼時間範圍內被取出，現金將在什麼時間範圍內發出。

Then the second thing we are discussing, as we typically do on a yearly basis, is go ahead and discuss the 2013 WSA, and both of them taken together is what we are trying to get to a conclusion to with our partners at GLOBALFOUNDRIES.

然後，我們討論的第二件事，就像我們通常每年所做的那樣，是繼續討論 2013 年 WSA，將這兩項結合起來，我們正試圖與 GLOBALFOUNDRIES 的合作夥伴達成結論。

Okay, got it. And then just last question, I guess, Rory or Lisa, can you talk about the competition in this newfound embedded space, maybe perhaps where you feel your key advantage with system-on-a-chip are? Thank you.

好的，明白了。然後我想問最後一個問題，Rory 或 Lisa，您能談談這個新嵌入式領域的競爭嗎，也許您認為系統單晶片的主要優勢在哪裡？謝謝。

Maybe let me take that. I think the key differentiation we have is really in the high-performance design methodology, the microprocessor technology, as well as the graphics IP that we have. We are really going after high-volume opportunities that can really use this IP in adjacent markets. So I think it is a very unique capability that doesn't exist in many other places, and we really need to continue to build that model out over the next few years.

也許讓我接受它。我認為我們的主要區別在於我們擁有的高效能設計方法、微處理器技術以及圖形 IP。我們真正追求的是能夠在鄰近市場中真正利用這個 IP 的大批量機會。所以我認為這是一種非常獨特的能力，在許多其他地方都不存在，我們確實需要在未來幾年繼續建立這種模式。

Okay, can you also quickly just mention a couple of the key competitors that are currently in that space today?

好的，您能否快速提及目前該領域的幾個主要競爭對手？

I think you are familiar with many of our competition. I think our ability to be flexible and really put the semicustom approach in place is something that is unique to our capability.

我想您對我們的許多競爭對手都很熟悉。我認為，我們的靈活性和真正實施半客製化方法的能力是我們獨有的。

Okay, I will go do some homework. Thanks so much.

好的，我去做一些作業。非常感謝。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

I am wondering how should we should think about CapEx for next year. I think, Devinder, you did describe how you expect to breakeven on an operating basis, but how do you breakeven on a cash flow basis -- what are your CapEx plans?

我想知道我們應該如何考慮明年的資本支出。我認為，Devinder，你確實描述了你期望如何在營運基礎上實現收支平衡，但是你如何在現金流基礎上實現收支平衡——你的資本支出計劃是什麼？

I think it is really too early to get into 2013 at this point. I think most likely if you come back in the quarter at the call that we have for the Q4 results, we could probably give you some visibility into the early part of 2013, and then give you the guidance from that standpoint.

我認為現在進入 2013 年還為時過早。我認為，如果您在本季回來參加我們關於第四季度業績的電話會議，我們可能會讓您了解 2013 年初的情況，然後從這個角度為您提供指導。

All right. Maybe, Rory, one for you. What is going on on the discrete graphics side? NVIDIA has had a strong product with their Kepler architecture for a few quarters. Is that a segment you think would be deemphasized going forward or is that still a priority business for you?

好的。也許，羅裡，有一個適合你。獨立顯示卡方面發生了什麼事？幾個季度以來，NVIDIA 憑藉其 Kepler 架構已經推出了一款強大的產品。您是否認為這個領域未來將不再受到重視，還是這仍然是您的優先業務？

There is no -- as I mentioned in my earlier remarks, that business performed in line with our expectations for the quarter. And the graphics business remains a cornerstone for our technology portfolio across AMD. But I think Lisa probably is the best person to take that question.

沒有——正如我在之前的評論中提到的，該季度的業務表現符合我們的預期。圖形業務仍然是 AMD 技術組合的基石。但我認為麗莎可能是最適合回答這個問題的人。

Yes, let me give you some color around the Graphics business. The Graphics business is actually a fairly stable portion of our portfolio. We continue to believe it is one of our key differentiated.

是的，讓我來為你介紹一下圖形業務。圖形業務實際上是我們產品組合中相當穩定的一部分。我們仍然相信這是我們的主要差異化之一。

In the third quarter we had the macro effects that affected the PC industry that also affected graphics, but we actually grew quarter-to-quarter in the discrete AIB channel. So I think we believe that our products are quite competitive and we will continue to invest in the graphics area to ensure that competitiveness.

第三季度，宏觀效應影響了 PC 產業，也影響了圖形產業，但實際上，我們在獨立 AIB 通路上實現了環比成長。因此，我認為我們的產品具有相當的競爭力，我們將繼續在圖形領域進行投資，以確保競爭力。

All right, and then one last one. Rory, in case things stay soft in the PC area next year, are there other -- is there a plan B? Are there other partnership or M&A arrangements that you can pursue or you can think about, because I think that is really the focus of a lot of these questions on the call, because the PC market is slowing substantially and you have a very large competitor with very significant competitive advantages. So beyond just breaking even, how do you position AMD and how do you reward shareholders going forward?

好的，最後再說一句。羅裡，如果明年 PC 領域的情況依然疲軟，還有其他計畫嗎？您是否可以尋求或考慮其他合作或併購安排，因為我認為這確實是電話會議上許多問題的焦點，因為個人電腦市場正在大幅放緩，而您有一個非常大的競爭對手，具有非常顯著的競爭優勢。那麼，除了實現收支平衡之外，您如何定位 AMD 以及如何在未來回報股東？

I think it is around what we talked about. There are two steps that we need to take care. One, restructure and reset AMD. Reduce our cost structure and improve our efficiency by lowering our breakeven point on a lower revenue. And as we have talked about several times in the call, we will continue to assess that as the market unfolds.

我認為它與我們所談論的內容有關。我們需要注意兩個步驟。一、重組並重置AMD。透過降低較低收入下的損益平衡點來減少我們的成本結構並提高我們的效率。正如我們在電話會議中多次談到的那樣，我們將隨著市場的發展繼續評估這一點。

And then, second, take our IP and our differentiation in graphics and across our engineering portfolio and take them to the high-growth segments. We talked about driving over the next several years 40% to 50% of our portfolio on those growth segments. We had planned this strategy. What we have seen now with the trends accelerating that we need to move in a more aggressive path to tackle that now, both in the high-growth ultra-low-power new clients that dense server space, and then of course, in the embedded, semicustom space, all around the capabilities and IP that we have in AMD.

其次，將我們的智慧財產權以及圖形和工程產品組合的差異化帶入高成長領域。我們談到了在未來幾年內將 40% 到 50% 的投資組合投入這些成長領域。我們已經制定了這個策略。我們現在看到，隨著趨勢的加速，我們需要採取更積極的方式來解決這個問題，無論是在高成長的超低功耗新客戶端、密集的伺服器領域，當然還有嵌入式、半客製化領域，所有這些都圍繞著我們在 AMD 擁有的功能和 IP。

Thank you.

謝謝。

Operator, we will take two more questions please.

接線員，我們還想回答兩個問題。

Steven Eliscu, UBS.

瑞銀的史蒂文·埃利斯庫。

I have a couple questions for Lisa. First question, I am trying to understand this reusable IP strategy. When I think about what that means from a P&L point of view, I just think of it as a shift of OpEx into COGS, because I just -- if you're going to cut staff, you're going to have compromises in terms of the IP blocks you can develop, and as a result, you're going to have some give-ups in die size, especially as you try to recover for some of the lost performance for those compromises that you're making.

我有幾個問題想問麗莎。第一個問題，我試著去理解這個可重複使用的 IP 策略。當我從損益表的角度思考這意味著什麼時，我只是認為這是將營運支出 (OpEx) 轉變為銷貨成本 (COGS)，因為我只是——如果你要裁員，你就必須在你可以開發的 IP 塊方面做出妥協，結果，你將在芯片尺寸方面做出一些讓步，特別是當你試圖恢復因你所做的妥協而造成的部分性能損失時。

Can you help me understand if I am thinking about that correctly or if I'm missing something?

您能幫助我理解我的想法是否正確或我是否遺漏了什麼嗎？

Yes, let me describe it this way. I think what we mean by reusable IP is really getting to a much more system-on-chip infrastructure, so that we are able to spin products faster as well as customize them for their various markets. So I wouldn't see it as a shift from R&D to COGS, but more as building a foundation so that we can move quickly into new markets as they develop, and that is a very key thing for us.

是的，讓我這樣描述一下。我認為我們所說的可重複使用 IP 實際上是指獲得更系統單晶片的基礎架構，這樣我們就能更快地推出產品，並針對不同的市場進行客製化。因此，我認為這不是從研發到銷貨成本的轉變，而更像是一種基礎的建立，以便我們能夠在新市場發展時迅速進入，這對我們來說非常關鍵。

We still will invest very heavily in our differentiating IP, such as the graphics IP that we talked about, as well as our microprocessor IP. So that part doesn't change.

我們仍將大力投資我們的差異化IP，例如我們談到的圖形IP以及我們的微處理器IP。所以那部分不會改變。

Okay. And as a second question here, just thinking more philosophically about your APU strategy, and you have differentiating graphics, yet when we look at the third-party market research data, you are not getting paid for it, at least when we look at what was done with Llano.

好的。第二個問題是，如果您從哲學角度來思考您的 APU 策略，並且您擁有差異化的圖形，那麼當我們查看第三方市場研究數據時，您會發現您並沒有因此獲得報酬，至少當我們查看 Llano 的做法時發現您並沒有獲得報酬。

I am trying to understand if there is something we are missing in terms of maybe you are starting to get some of that uplift on Trinity and you will get more with [Kabini], or is there perhaps a basis for rethinking your strategy and focusing, instead of high-performance GPUs, on smaller die sizes that could get your gross margin back to the mid to upper 40s where it has been your goal?

我想了解我們是否忽略了一些東西，也許你們在 Trinity 上開始獲得一些提升，而你們會從 [Kabini] 上獲得更多，或者是否有理由重新考慮你們的戰略，將重點放在更小的芯片尺寸上，而不是高性能 GPU，這樣可以讓你們的毛利率回到你們的目標 40% 左右？

Yes, I think the question around the APUs is a good one. We are very clear that the APU strategy is the right strategy for us. Now in terms of ensuring that we get the value for it, it is not just a piece of silicon, but it is also what we can do in the solutions environment. So we have been doing a lot of work to ensure that the applications can take advantage of all of the compute that we have on the silicon.

是的，我認為有關 APU 的問題很好。我們非常清楚，APU策略對我們來說是正確的策略。現在，就確保我們獲得其價值而言，它不僅僅是一塊矽，而且也是我們可以在解決方案環境中做的事情。因此，我們做了大量工作來確保應用程式能夠充分利用矽片上的所有運算能力。

And you can see that with some of the moves that we have made with the heterogeneous systems architecture, creating industry consortium around the heterogeneous compute. And we have had a number of new members, we talked about Qualcomm and Samsung joining, as well as ARM and Imagination.

您可以看到，我們在異質系統架構方面採取了一些舉措，圍繞著異質運算創建了產業聯盟。我們已經有許多新成員，我們談到了高通和三星的加入，以及 ARM 和 Imagination 的加入。

So I think it is an evolution over time, but it is clear that the APU strategy is the right strategy and we need to get more of the applications taking advantage of the APUs over time.

所以我認為這是一個隨著時間推移而演變的過程，但很明顯 APU 策略是正確的策略，隨著時間的推移，我們需要讓更多的應用程式利用 APU。

When do you -- just as a final follow-up -- when do you think that will show up in the average selling price data?

作為最後的後續問題，您認為什麼時候會在平均售價數據中反映出來？

We continue to work on the APU evolution over time.

我們將繼續致力於 APU 的持續發展。

Okay, thank you.

好的，謝謝。

Craig Berger, FBR.

克雷格·伯傑，FBR。

Just in looking at your core business, do you have any idea where end consumption is relative to what your fourth-quarter guidance is? Is there channel inventory declines baked in? And where is kind of a bottom for this business as you're down 35% year-over-year?

僅從您的核心業務來看，您是否知道最終消費量與第四季度指引值的關係如何？是否有通路庫存下降的情況？那麼，鑑於你們的營業額與去年同期相比下降了 35%，你們的業務底部在哪裡呢？

Yes, from a standpoint, as I commented earlier on the channel business, we have seen that business stabilize in 2Q and 3Q at the levels that we saw there. That is also continuing to work off that inventory that I talked about in the previous earnings call that was down channel from a sellout perspective, and we are going to continue to work that.

是的，從某個角度來看，正如我之前對通路業務的評論，我們已經看到業務在第二季和第三季穩定在我們所看到的水平。這也將繼續解決我在上次收益電話會議上談到的庫存問題，從銷售角度來看，庫存處於下降通道，我們將繼續努力。

I think we are making good progress there. And the overall PC market, there is no doubt that these trends have occurred; they have accelerated. And we believe they will affect the market for the next several quarters for the foreseeable future. We are taking clear and decisive action to restructure our business, lower our cost structure to enable us to hit breakeven at a lower revenue base, which we think is prudent given the market trend.

我認為我們在這方面取得了良好的進展。和整體PC市場相比，毫無疑問這些趨勢已經出現；它們已經加速了。我們相信，在可預見的未來，它們將影響未來幾季的市場。我們正在採取明確而果斷的行動來重組我們的業務，降低我們的成本結構，使我們能夠在較低的收入基礎上實現收支平衡，考慮到市場趨勢，我們認為這是謹慎的做法。

Just as a follow-up on the gross margins, is it -- I guess we should be assuming that they continue to move lower from the normalized non-inventory write-down level that you printed in Q3? Is there a reason for the decreased transparency?

作為對毛利率的後續關注，我想我們應該假設它們會繼續從您在第三季公佈的標準化非庫存減記水準走低嗎？透明度降低的原因是什麼？

We just aren't giving guidance on gross margin at this point. The market environment, as you observed and many have observed, is uncertain.

目前我們還沒有給出毛利率的指引。正如您所觀察到的以及許多人所觀察到的，市場環境是不確定的。

Okay, thank you. Good luck.

好的，謝謝。祝你好運。

Operator, thank you, that concludes the call.

接線員，謝謝您，通話結束。

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

謝謝。女士們、先生們，今天的會議到此結束。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。