超微半導體 (AMD) 2012 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the AMD fourth-quarter 2012 earnings conference call.

女士們先生們，美好的一天，歡迎來到 AMD 2012 年第四季度財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later we will conduct a question-and-answer session, and instructions will follow at that time.

稍後我們將進行問答環節，屆時將進行說明。

(Operator instructions).

（操作員說明）。

As a reminder, this conference call is being recorded.

提醒一下，正在錄製此電話會議。

I would now like to introduce your host for today's conference, Ruth Cotter, Vice President of Investor Relations.

我現在想介紹今天會議的主持人，投資者關係副總裁 Ruth Cotter。

Please go ahead.

請繼續。

Thank you and welcome to AMD's fourth quarter and year-end earnings conference call.

謝謝，歡迎來到 AMD 的第四季度和年終收益電話會議。

By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary.

到目前為止，您應該有機會查看我們的收益發布和首席財務官評論的副本。

If you have not reviewed those documents, they can be found on AMD's website at quarterlyearnings.

如果您還沒有查看這些文件，可以在 AMD 的網站 quarterlyearnings 上找到它們。

AMD.com.

AMD.com。

Participants on today's call are Rory Read, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President and Chief Financial Officer.

今天電話會議的參與者是我們的總裁兼首席執行官 Rory Read；和我們的高級副總裁兼首席財務官 Devinder Kumar。

Lisa Su, our Senior Vice President and General Manager, Global Business Unit, will be present for the Q&A portion of the call.

我們的高級副總裁兼全球業務部總經理 Lisa Su 將出席電話會議的問答部分。

This is a live call and will be replayed via webcast on AMD.com.

這是一個現場通話，將通過 AMD.com 上的網絡直播進行重播。

I would like to take this opportunity to highlight a few dates for you.

我想藉此機會為您重點介紹幾個日期。

John Byrne, Senior Vice President and Chief Sales Officer, will present at the Goldman Sachs Technology and Internet Conference on February 12 in San Francisco.

高級副總裁兼首席銷售官 John Byrne 將於 2 月 12 日在舊金山出席高盛技術和互聯網大會。

Rory Read will present at the Morgan Stanley Technology, Media and Telecom conference on February 26 in San Francisco.

Rory Read 將於 2 月 26 日在舊金山出席摩根士丹利技術、媒體和電信會議。

Our first-quarter quiet time will begin at the close of business on Friday, March 15.

我們第一季度的安靜時間將從 3 月 15 日星期五營業時間結束時開始。

Lastly, we intend to announce our first-quarter earnings on April 18.

最後，我們打算在 4 月 18 日公佈第一季度收益。

Dial-in information for the call will be provided in mid-March.

電話撥入信息將於 3 月中旬提供。

Please note, non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measure in the press release and CFO commentary posted on our website.

請注意，本次電話會議中引用的非 GAAP 財務指標與我們網站上發布的新聞稿和 CFO 評論中最直接可比的 GAAP 財務指標相一致。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it.

在我們開始之前，讓我提醒大家，今天的討論包含基於我們目前所見環境的前瞻性陳述。

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.

這些陳述基於當前的信念、假設和預期，僅代表當前日期，因此涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。

Please refer to the cautionary statement in our press release for more information.

有關更多信息，請參閱我們新聞稿中的警告聲明。

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 September 29, 2012.

您還可以在我們提交給美國證券交易委員會的文件中找到關於我們風險因素的詳細討論，尤其是 AMD 截至 2012 年 9 月 29 日的季度報告 10-Q 表。

Now with that, I would like to hand the call over to Rory Read, AMD's President and CEO.

現在，我想將電話轉交給 AMD 總裁兼首席執行官 Rory Read。

Rory?

羅里？

Thank you, Ruth.

謝謝你，露絲。

We made progress in the fourth quarter, delivering on our commitments, managing expense and cash and beginning to transform AMD for long-term growth and profitability.

我們在第四季度取得了進展，兌現了我們的承諾，管理費用和現金，並開始轉變 AMD 以實現長期增長和盈利。

However, full-year results fell short of our expectations as the challenging macro environment resulted in a weaker than expected PC market.

然而，由於充滿挑戰的宏觀環境導致 PC 市場弱於預期，全年業績未達到我們的預期。

As I mentioned on our last earnings call, we are executing a turnaround that will take several quarters.

正如我在上次財報電話會議上提到的那樣，我們正在執行一個需要幾個季度的轉變。

We expect continued choppiness in the PC market in the first half of 2013 and we will closely manage the business as we reset, restructure and ultimately transform AMD.

我們預計 2013 年上半年 PC 市場將繼續動盪，我們將在重置、重組並最終轉變 AMD 的過程中密切管理業務。

We have the right strategy and a new set of products coming to market in 2013.

我們制定了正確的戰略，並在 2013 年推出了一系列新產品。

We continued to make the investments required to drive a larger percentage of our revenue in the high-growth adjacent markets -- dense server, semicustom, embedded and ultra low-power client markets.

我們繼續進行必要的投資，以在高增長的相鄰市場——密集服務器、半定制、嵌入式和超低功耗客戶端市場中推動更大比例的收入。

We are implementing three phases of our turnaround -- first, complete the restructuring of our business.

我們正在實施三個階段的轉型——首先，完成業務重組。

This is a critical step in reducing our operating cost model to enable a return to profitability.

這是降低我們的運營成本模型以恢復盈利能力的關鍵一步。

Second, accelerate our business in 2013 by executing the delivery and launch of a new set of powerful product offerings.

其次，通過交付和推出一系列功能強大的新產品，在 2013 年加快我們的業務發展。

And, third, transform AMD to take advantage of high-growth opportunities in adjacent markets where our IP provides a competitive advantage.

第三，轉變 AMD 以利用我們的 IP 提供競爭優勢的相鄰市場的高增長機會。

As with any turnaround, it is critical we meet our commitments throughout each step.

與任何轉機一樣，我們在每個步驟中履行我們的承諾至關重要。

To that end, we effectively managed our cost, reduced our inventory and maintained our cash above our minimum acceptable levels in the fourth quarter.

為此，我們在第四季度有效地管理了成本、減少了庫存並將現金維持在我們可接受的最低水平之上。

Revenue of [$1.155 billion] (corrected by company after the call) met our guidance while decreasing 9% sequentially and by 32% from a year ago.

[11.55 億美元] 的收入（由公司在電話會議後更正）符合我們的指導，同時環比下降 9%，比一年前下降 32%。

For the second year in a row, we had a successful black Friday as sales of AMD-based notebooks in North American retail grew from a year ago.

連續第二年，我們成功度過了黑色星期五，因為基於 AMD 的筆記本電腦在北美零售店的銷量較一年前有所增長。

As a result, nearly one in every three notebooks sold in US retail in the fourth quarter were powered by AMD.

因此，第四季度在美國零售店售出的筆記本電腦中，近三分之一採用了 AMD 技術。

We also saw a sequential increase in desktop microprocessor ASP based on strong channel adoption of our new Athlon FX CPU and A-Series APUs in the quarter.

我們還看到，基於本季度我們新的 Athlon FX CPU 和 A 系列 APU 的強勁渠道採用，台式機微處理器 ASP 也出現了環比增長。

The value proposition of our latest processor drove demand and helped reduce channel inventory.

我們最新處理器的價值主張推動了需求並幫助減少了渠道庫存。

Customers continue to embrace the differentiated value proposition of our APUs.

客戶繼續接受我們 APU 的差異化價值主張。

We added VIZIO as a new customer based on the industry-leading graphics performance and long battery life of AMD's APUs.

基於 AMD APU 業界領先的圖形性能和超長電池壽命，我們將 VIZIO 添加為新客戶。

VIZIO's first AMD-based products will include two touch-base ultra-thin and a Windows 8 tablet.

VIZIO 的第一款基於 AMD 的產品將包括兩款觸摸式超薄平板電腦和一款 Windows 8 平板電腦。

Now turn to our server business, we recorded significant revenue growth for our SeaMicro dense servers, driven by a large-scale cloud data center win.

現在轉向我們的服務器業務，在贏得大規模雲數據中心的推動下，我們的 SeaMicro 密集服務器的收入顯著增長。

SeaMicro solutions are being deployed and evaluated by a broad variety of marquee customers, demonstrating the value of our investment in dense server and setting the stage for continued future growth.

SeaMicro 解決方案正在被各種大型客戶部署和評估，展示了我們在密集服務器上投資的價值，並為未來的持續增長奠定了基礎。

Our graphics business performed well in the quarter as well, highlighted by record workstation and gaming revenue and the launch of the Nintendo Wii U game system powered by AMD graphics technology.

我們的圖形業務在本季度也表現良好，突出表現在創紀錄的工作站和遊戲收入以及採用 AMD 圖形技術的任天堂 Wii U 遊戲系統的推出。

To help accelerate desktop GPU sales in the channel and reinforce our long-term strategy to be a leader in gaming, we launched the Never Settle campaign in the quarter.

為了幫助加速渠道中的桌面 GPU 銷售並加強我們成為遊戲領導者的長期戰略，我們在本季度推出了 Never Settle 活動。

This promotion was well received by partners and consumers as we bundled some of the season's hottest games with our highest-performing graphics cards.

此次促銷活動受到了合作夥伴和消費者的歡迎，因為我們將一些本季最熱門的遊戲與我們性能最高的顯卡捆綁在一起。

In the channel, unit shipment and revenue for our high-end Radeon graphics grew, driving a richer mix and increased ASP from the previous quarter.

在渠道中，我們的高端 Radeon 顯卡的單位出貨量和收入有所增長，推動了更豐富的產品組合和比上一季度更高的平均售價。

We will launch a follow-on promotion this quarter, pairing our highest-performing graphics cards with some of the most anticipated game titles of 2013.

我們將在本季度推出後續促銷活動，將我們性能最高的顯卡與 2013 年一些最受期待的遊戲相結合。

Now I want to return to the trends impacting AMD and the industry overall and the steps we are taking to restructure, accelerate and ultimately transform our business.

現在我想回到影響 AMD 和整個行業的趨勢，以及我們為重組、加速和最終轉變我們的業務而採取的步驟。

We are well on our way toward implementing a new operating model that will allow us to achieve lower operating expense and enable a return to profitability.

我們正在朝著實施新的運營模式的方向邁進，這將使我們能夠降低運營費用並恢復盈利。

In addition, the new products that will accelerate our business in 2013 have passed several key milestones in the quarter as we begin shipping Richland and secured solid design wins for the Brazos follow-on Kabini and our new ultra-low power Temash APU.

此外，將在 2013 年加速我們業務發展的新產品已經在本季度實現了幾個關鍵里程碑，因為我們開始出貨 Richland，並為 Brazos 後續 Kabini 和我們的新型超低功耗 Temash APU 贏得了堅實的設計勝利。

Both Kabini and Temash are currently going through the final internal validation in parallel with customer evaluation, in anticipation of launches that are planned for the first half of this year.

Kabini 和 Temash 目前正在與客戶評估同時進行最終內部驗證，預計將於今年上半年推出。

AMG's first mobile GPUs, based on our Graphics Core Next architecture, also begin shipping in the fourth quarter.

AMG 的首批移動 GPU 基於我們的 Graphics Core Next 架構，也將於第四季度開始發貨。

ASUS, Lenovo and Samsung have already announced plans to offer these low-powered GPUs and we are seeing strong design wins momentum for these GPUs because they deliver discrete-level graphics performance while stretching battery life in both traditional and ultrathin notebooks.

華碩、聯想和三星已經宣布計劃提供這些低功耗 GPU，我們看到強大的設計為這些 GPU 贏得了動力，因為它們提供獨立級別的圖形性能，同時延長傳統和超薄筆記本電腦的電池壽命。

Our longer-term transformation to drive growth in adjacent high-growth markets continues to gain momentum.

我們推動鄰近高增長市場增長的長期轉型繼續獲得動力。

In the server space, we will combine our extensive 64-bit design experience, x86 processor IP and ARM processor cores with our SeaMicro Freedom Fabric to continue to drive leadership as the industry transitions to dense servers.

在服務器領域，我們將把我們廣泛的 64 位設計經驗、x86 處理器 IP 和 ARM 處理器內核與我們的 SeaMicro Freedom Fabric 相結合，以在行業向密集服務器過渡時繼續推動領導地位。

We believe we already have significantly more dense server customer installations than any other competitor, making our SeaMicro technology the most tried dense server solution available in the industry.

我們相信，我們已經擁有比任何其他競爭對手都多得多的密集服務器客戶安裝，這使我們的 SeaMicro 技術成為業內最受考驗的密集服務器解決方案。

Now, in ultra-low power clients, we bolstered our SoC design capabilities with new engineering talent, simplified our development processes to improve our execution, speed and quality.

現在，在超低功耗客戶中，我們通過新的工程人才增強了我們的 SoC 設計能力，簡化了我們的開發流程，以提高我們的執行力、速度和質量。

Our Kabini and Temash SoCs for notebooks, tablets and convertibles are exceeding our expectations.

我們用於筆記本電腦、平板電腦和變形本的 Kabini 和 Temash SoC 超出了我們的預期。

More importantly, the strong value proposition and differentiated features of these products are exceeding customer expectations as well.

更重要的是，這些產品強大的價值主張和差異化特徵也超出了客戶的預期。

Kabini will be the first industry quad-core x86 SoC, and Temash is expected to be the highest-performing tablet SoC available in the market, more than doubling the graphics performance of our current generation tablet offerings.

Kabini 將成為業界首款四核 x86 SoC，而 Temash 有望成為市場上性能最高的平板電腦 SoC，將我們當前一代平板電腦產品的圖形性能提高一倍以上。

Finally, we have strong design wins for our embedded and semicustom APUs.

最後，我們在嵌入式和半定制 APU 方面贏得了強大的設計勝利。

Initial products based on these APUs are expected to launch later this year, driving our embedded semicustom business to more than 20% of our revenue mix by the fourth quarter.

基於這些 APU 的初始產品預計將於今年晚些時候推出，到第四季度，我們的嵌入式半定制業務將占我們收入組合的 20% 以上。

So in summary, we have made good progress in the fourth quarter with our turnaround.

因此，總而言之，我們在第四季度取得了良好的轉機進展。

We delivered on our financial and customer commitment, effectively managed cash, reduced inventory and lowered operating expense in the face of a difficult market.

面對困難的市場，我們兌現了我們的財務和客戶承諾，有效管理現金，減少庫存並降低運營費用。

We will complete the majority of our restructuring actions this quarter with a goal of reducing our overall cost structure by 25% from early 2012 levels by the third quarter of 2013.

我們將在本季度完成大部分重組行動，目標是到 2013 年第三季度將整體成本結構從 2012 年初的水平降低 25%。

We are introducing strong new APU and graphics offerings in the first half of 2013 that will accelerate our AMD business with the ultimate goal of returning AMD to profitability and positive free cash flow in the second half of this year.

我們將在 2013 年上半年推出強大的新 APU 和圖形產品，這將加速我們的 AMD 業務，最終目標是在今年下半年讓 AMD 恢復盈利並獲得正的自由現金流。

We are also making good progress on the multi-year transformation of AMD that will allow us to deliver 40% to 50% of our future revenues from high-growth markets where our IP is a differentiator.

我們在 AMD 的多年轉型方面也取得了良好進展，這將使我們能夠從高增長市場交付 40% 至 50% 的未來收入，在這些市場中，我們的 IP 是一個差異化因素。

Our embedded semicustom APU business remains on track to contribute approximately 20% of our overall revenue by the end of this year, and our SeaMicro dense cloud server business continues to gain momentum.

我們的嵌入式半定制 APU 業務仍有望在今年年底貢獻我們總收入的約 20%，我們的 SeaMicro 密集雲服務器業務繼續保持增長勢頭。

We will remain focused on the steps we must take over the next several quarters to turn AMD around and deliver consistent profitability and growth.

我們將繼續專注於我們必須在接下來的幾個季度採取的步驟，以扭轉 AMD 的局面並實現持續的盈利和增長。

With that, I would now like to turn the call over to our newly appointed CFO, Devinder Kumar.

有了這個，我現在想把電話轉給我們新任命的首席財務官 Devinder Kumar。

Devinder?

開發者？

Thank you, Rory.

謝謝你，羅里。

2012 was a challenging year in which we make strategic investments and began to take the actions necessary as part of a corporate and financial reset to position the Company for future success in a changing computing landscape.

2012 年是充滿挑戰的一年，我們進行了戰略投資，並開始採取必要的行動作為公司和財務重組的一部分，以使公司在不斷變化的計算環境中為未來的成功做好準備。

In the fourth quarter of 2012, we announced restructuring actions and operational efficiencies designed to reduce our expense structure and help return AMD to future profitability and free cash flow generation.

在 2012 年第四季度，我們宣布了重組行動和運營效率，旨在減少我們的費用結構並幫助 AMD 恢復未來盈利能力和自由現金流生成。

The restructuring plan includes a reduction of AMD's global workforce in the fourth quarter of 2012 and the first quarter of 2013 by approximately 14% and will result in operational savings of approximately $190 million in 2013.

重組計劃包括在 2012 年第四季度和 2013 年第一季度將 AMD 全球員工人數減少約 14%，並將在 2013 年節省約 1.9 億美元的運營成本。

By the third quarter of 2013, we expect to reduce operating expenses to $450 million per quarter, down 25% from the first quarter of 2012.

到 2013 年第三季度，我們預計每季度運營費用將減少至 4.5 億美元，比 2012 年第一季度減少 25%。

As we entered 2012, we also successfully amended our Wafer Supply Agreement with GLOBALFOUNDRIES to better align our wafer purchase commitments with current PC market dynamics, strengthen our balance sheet and help us achieve our operating goals.

進入 2012 年，我們還成功修改了與 GLOBALFOUNDRIES 的晶圓供應協議，以更好地使我們的晶圓採購承諾與當前 PC 市場動態保持一致，加強我們的資產負債表並幫助我們實現經營目標。

Broader macroeconomic issues impacted consumer PC spend in the second half of 2012 as the challenges we faced in the second quarter continued through the end of the year.

更廣泛的宏觀經濟問題影響了 2012 年下半年的消費者 PC 支出，因為我們在第二季度面臨的挑戰一直持續到年底。

We faced a difficult selling environment which negatively impacted our overall 2012 financial performance.

我們面臨艱難的銷售環境，這對我們 2012 年的整體財務業績產生了負面影響。

Let me provide some details on the full-year 2012 financial results.

讓我提供一些有關 2012 年全年財務業績的詳細信息。

Revenue for the year was $5.4 billion, down 17% year-over-year.

全年收入為 54 億美元，同比下降 17%。

Non-GAAP gross margin was 41%.

非美國通用會計準則毛利率為 41%。

Non-GAAP operating expenses were $2.2 billion, lower than what we guided due to the restructuring actions and alignment of expenditures with business expectations.

非 GAAP 運營費用為 22 億美元，低於我們的指引，原因是重組行動以及支出與業務預期的一致性。

We achieved non-GAAP operating income of $45 million.

我們實現了 4500 萬美元的非 GAAP 營業收入。

We managed capital expenditures down to $133 million in 2012, below guidance of approximately $200 million.

2012 年，我們將資本支出降至 1.33 億美元，低於約 2 億美元的指導水平。

Tax benefit was $34 million, better than guided due to a one-time benefit of $36 million related to the SeaMicro acquisition.

由於與 SeaMicro 收購相關的一次性收益 3600 萬美元，稅收收益為 3400 萬美元，好於預期收益。

Cash balance as of the end of the fourth quarter was $1.2 billion, above the optimal zone of approximately $1.1 billion and well above the target minimum of $700 million needed operationally.

截至第四季度末的現金餘額為 12 億美元，高於約 11 億美元的最佳區域，也遠高於運營所需的最低目標 7 億美元。

Let's turn to the fourth-quarter results.

讓我們來看看第四季度的業績。

Revenue for the fourth quarter of 2012 was $1.16 billion, down 9% sequentially, driven by a revenue decline in Computing Solutions segment of 11% and a decline of 5% in the Graphics products segment.

2012 年第四季度的收入為 11.6 億美元，環比下降 9%，這是受計算解決方案部門收入下降 11% 和圖形產品部門收入下降 5% 的推動。

Revenue declined due to lower volumes across both segments.

由於兩個細分市場的銷量下降，收入下降。

To derive non-GAAP gross margin and other non-GAAP financial measures, among other items, we excluded the impact of the lower of cost or market charge related to the GLOBALFOUNDRIES take-or-pay obligation of $273 million discussed in more detail in my CFO-written commentary which has been posted online.

為了得出非 GAAP 毛利率和其他非 GAAP 財務指標，以及其他項目，我們排除了與 GLOBALFOUNDRIES 2.73 億美元的照付不議義務相關的較低成本或市場費用的影響，在我的文章中有更詳細的討論已在線發布的首席財務官撰寫的評論。

Non-GAAP gross margin was 39%, up 8 percentage points quarter over quarter.

非美國通用會計準則毛利率為 39%，環比上升 8 個百分點。

Gross margin in the third quarter of 2012 was 31%, and this was adversely impacted by an inventory write-down of approximately $100 million, or 8 percentage points.

2012 年第三季度的毛利率為 31%，這受到了約 1 億美元（即 8 個百分點）的存貨減記的不利影響。

Fourth-quarter 2012 gross margin also benefited from sales of higher-priced second-generation desktop APUs.

2012 年第四季度的毛利率也得益於價格較高的第二代台式機 APU 的銷售。

Non-GAAP operating expenses were $506 million, lower than guidance primarily due to due tight spending controls in the quarter.

非 GAAP 運營費用為 5.06 億美元，低於預期，這主要是由於本季度嚴格的支出控制。

R&D expenses were $313 million, 27% of net revenue.

研發費用為 3.13 億美元，占淨收入的 27%。

SG&A expenses were $193 million, 17% of net revenue.

SG&A 費用為 1.93 億美元，占淨收入的 17%。

Non-GAAP operating loss was $55 million and non-GAAP net loss was $102 million.

非 GAAP 營業虧損為 5500 萬美元，非 GAAP 淨虧損為 1.02 億美元。

Interest expense was $45 million, flat compared to the prior quarter.

利息支出為 4500 萬美元，與上一季度持平。

Tax provision for the quarter was $4 million compared to zero in the prior quarter.

本季度的稅收撥備為 400 萬美元，而上一季度為零。

The non-GAAP loss per share was $0.14, calculated using 747 million basic shares.

非 GAAP 每股虧損為 0.14 美元，使用 7.47 億基本股計算。

Adjusted EBITDA was $30 million, better by $65 million from the prior quarter's negative $35 million, excluding the LCM charge of $273 million.

調整後的 EBITDA 為 3000 萬美元，比上一季度的負 3500 萬美元增加了 6500 萬美元，不包括 2.73 億美元的 LCM 費用。

Now switching to the business segments, Computing Solutions segment revenue was $829 million, down 11% sequentially.

現在轉向業務部門，計算解決方案部門的收入為 8.29 億美元，環比下降 11%。

Client product revenue declined 13% sequentially, primarily driven by lower microprocessor unit shipments.

客戶產品收入環比下降 13%，主要原因是微處理器單位出貨量下降。

Server business revenue increased sequentially, driven by an increase in unit shipments of compute systems focused on dense servers, and chipset revenue declined in line with microprocessor unit shipments.

服務器業務收入環比增長，受密集服務器計算系統單位出貨量增加的推動，芯片組收入隨著微處理器單位出貨量的下降而下降。

Computing Solutions' operating loss were $323 million, an increase of $209 million sequentially, primarily due to the $273 million LCM charge.

Computing Solutions 的運營虧損為 3.23 億美元，環比增加 2.09 億美元，主要原因是 2.73 億美元的 LCM 費用。

Graphics segment revenue was $326 million, down 5% sequentially primarily due to an 8% sequential decline in GPU revenue partially offset by record game console revenue and record workstation graphics sales.

圖形部門收入為 3.26 億美元，環比下降 5%，這主要是由於 GPU 收入環比下降 8%，部分被創紀錄的遊戲機收入和創紀錄的工作站圖形銷售額所抵消。

Graphics segment operating income was $22 million, up $4 million from the prior quarter, primarily due to the higher game console revenue.

圖形部門營業收入為 2200 萬美元，比上一季度增加 400 萬美元，這主要是由於遊戲機收入增加。

Turning to the balance sheet, our cash, cash equivalents and marketable securities balance including long-term marketable securities at the end of the quarter was $1.2 billion, down $297 million compared to the end of third quarter of 2012.

轉向資產負債表，本季度末我們的現金、現金等價物和有價證券餘額（包括長期有價證券）為 12 億美元，與 2012 年第三季度末相比減少 2.97 億美元。

The decrease is primarily due to operating cash flow of $286 million, which included a few specific cash payments as follows -- payments to GLOBALFOUNDRIES of $130 million, comprising of $50 million for the limited waiver of exclusivity; an $80 million termination fee related to the take-or-pay agreement; and cash payments of $46 million related to restructuring actions taken in the fourth quarter of 2012.

減少的主要原因是運營現金流量為 2.86 億美元，其中包括一些具體的現金支付，如下所示：支付給 GLOBALFOUNDRIES 的 1.3 億美元，其中包括 5000 萬美元用於有限放棄獨占權；與照付不議協議相關的 8000 萬美元終止費；以及與 2012 年第四季度採取的重組行動相關的現金支付 4600 萬美元。

We exited the quarter above our target optimal cash level and well above the target minimum cash level of approximately $700 million.

本季度結束時，我們的目標現金水平高於我們的目標最佳現金水平，遠高於約 7 億美元的目標最低現金水平。

Debt as of the end of the quarter was unchanged at $2.04 billion.

截至本季度末，債務保持在 20.4 億美元不變。

Accounts receivable at the end of the quarter was $630 million, down $53 million compared to the end of the third quarter of 2012, primarily due to lower revenue.

本季度末應收賬款為 6.3 億美元，較 2012 年第三季度末減少 5300 萬美元，主要原因是收入下降。

Inventory was $562 million exiting the quarter, down $182 million or 25% from the prior quarter due to a decline in MPU inventory, primarily as a result of the amendment of the Wafer Supply Agreement with GLOBALFOUNDRIES.

本季度存貨為 5.62 億美元，比上一季度減少 1.82 億美元或 25%，這是由於 MPU 庫存下降，這主要是由於與 GLOBALFOUNDRIES 的晶圓供應協議的修訂。

Now turning to the outlook, for the first quarter of 2013, AMD expects revenue to decrease 9% sequentially, plus or minus 3%.

現在轉向展望，對於 2013 年第一季度，AMD 預計收入將環比下降 9%，上下浮動 3%。

Gross margin is expected to be flat sequentially.

預計毛利率環比持平。

Operating expenses are expected to be approximately $495 million, and we expect inventory to increase sequentially ahead of new product introductions and technology transitions.

運營費用預計約為 4.95 億美元，我們預計庫存將在新產品推出和技術轉型之前依次增加。

For 2013, we expect operating expenses to be at $450 million by the third quarter of this year, capital expenditures of approximately $150 million for the year, taxes of approximately $4 million per quarter.

對於 2013 年，我們預計到今年第三季度運營費用將達到 4.5 億美元，全年資本支出約為 1.5 億美元，每季度稅收約為 400 萬美元。

We plan to be free cash flow positive by the second half of 2013 and we expect to maintain cash balances in the optimal zone of $1.1 billion for the year and well above the target minimum of $700 million.

我們計劃到 2013 年下半年實現自由現金流為正，我們預計全年現金餘額將保持在 11 億美元的最佳區域，遠高於 7 億美元的最低目標。

Overall, we have taken significant steps to align our business with today's PC environment and position the Company to capitalize on new opportunities in adjacent high-growth markets in 2013 and beyond.

總體而言，我們已採取重大措施使我們的業務與當今的 PC 環境保持一致，並使公司能夠在 2013 年及以後利用相鄰高增長市場的新機遇。

We expect our restructuring actions and our corporate reset to position us to return to profitability and free cash flow generation in the second half of 2013.

我們預計我們的重組行動和企業重組將使我們能夠在 2013 年下半年恢復盈利並產生自由現金流。

I will now turn it back to Ruth for the Q&A.

我現在將把它轉回 Ruth 進行問答。

Ruth?

露絲？

Thank you, Devinder.

謝謝你，德溫德。

Operator, we are now happy to poll the audience for questions, please.

接線員，我們現在很樂意向聽眾提問。

(Operator instructions) David Wong, Wells Fargo.

（操作員說明）David Wong，富國銀行。

Embedded revenues -- Rory, I think you said you are still on track to hit 20% of revenues by 4Q for the embedded revenues.

嵌入式收入——羅里，我想你說過你仍然有望在第四季度達到嵌入式收入的 20%。

Could you give us some idea as to how things will ramp in the first, second and third quarter?

你能告訴我們一些關於第一、第二和第三季度事情會如何發展的想法嗎？

Will you get any significant embedded CLs and those three quarters?

你會得到任何重要的嵌入式 CL 和那三個季度嗎？

David, we already have an interesting embedded business already in place.

大衛，我們已經有了一個有趣的嵌入式業務。

What we are going to see as we continue to invest in that area to leverage our differentiated IP and our leadership APUs is a move into some of the higher-growth segments.

隨著我們繼續投資該領域以利用我們的差異化 IP 和我們領先的 APU，我們將看到的是進入一些更高增長的細分市場。

We've mentioned on previous calls that those are currently confidential and they will be announced as the year moves on.

我們在之前的電話會議中提到過，這些目前是機密的，它們將在今年繼續公佈。

We should see us build that revenue starting in the next several quarters and it ramps throughout the year to that 20% level.

我們應該看到我們在接下來的幾個季度開始增加收入，並且全年都會增加到 20% 的水平。

Okay, great.

好，太棒了。

And my other question is, over the last several quarters since you have been at the Company and you have been forming your long-term strategic goals, your thinking changed on how AMD should be transformed?

我的另一個問題是，在過去的幾個季度裡，自從你加入公司以來，你一直在製定長期戰略目標，你對 AMD 應該如何轉型的想法發生了變化？

Are there new segments you now think AMD should address or, alternatively, areas that you have decided AMD should exit?

您現在是否認為 AMD 應該解決哪些新領域，或者您認為 AMD 應該退出哪些領域？

It's interesting, David.

這很有趣，大衛。

Over the past 16 months of being here at AMD, it's clear that this Company has a deep base of intellectual property.

在 AMD 的過去 16 個月裡，很明顯這家公司擁有深厚的知識產權基礎。

It has a huge asset pool in terms of the talented engineers and dedicated AMD'ers across the planet.

它在全球擁有才華橫溢的工程師和敬業的 AMD 員工，擁有巨大的資產池。

And this is an unprecedented period of change in the industry.

這是行業前所未有的變革時期。

Our strategies remain basically fundamentally consistent throughout this.

在整個過程中，我們的策略基本保持一致。

The only thing that has really changed is the time period that we need to execute that change and accelerate into that.

唯一真正改變的是我們需要執行該更改並加速實現該更改的時間段。

First, it's a three-phase turnaround -- one, reset and restructure the Company.

首先，這是一個三階段的轉變——第一，重組和重組公司。

And I think here in fourth quarter, you see us making that kind of progress where we are delivering on that commitment, we are executing and managing our expense, we are managing our cash properly and we have improved our inventory position significantly.

我認為在第四季度，你會看到我們在兌現承諾、執行和管理費用、妥善管理現金以及顯著改善庫存狀況方面取得了進展。

With that, we are on a drive to get to $450 million by 3Q.

有了這個，我們正在努力在第三季度達到 4.5 億美元。

Then, we need to execute and accelerate in 2013.

然後，我們需要在 2013 年執行並加速。

That's where we hit the top of the curve of this restructure and reset phase and begin to move into the launch of these powerful new products that we have in place.

這就是我們達到重組和重置階段曲線頂部的地方，並開始推出我們現有的這些強大的新產品。

At CES, Lisa and I spent a lot of time with customers, and they were excited about Richland, which has now launched.

在 CES 上，麗莎和我花了很多時間與客戶打交道，他們對現已推出的 Richland 感到非常興奮。

And they were excited about Kabini and Temash -- Kabini, the follow-on to our most successful Brazos platform, and then Temash, into the low-power segment.

他們對 Kabini 和 Temash 感到興奮——Kabini 是我們最成功的 Brazos 平台的後續產品，然後是 Temash，進入低功耗領域。

These are very interesting products, and we are going to continue our industry leadership into the Graphics segment.

這些都是非常有趣的產品，我們將繼續在圖形領域保持行業領先地位。

And then dense server had its best quarter ever and showing the foundation for future growth.

然後密集服務器迎來有史以來最好的一個季度，並為未來的增長打下了基礎。

But, ultimately, where we have to take this Company is we need to transformation AMD to take advantage of where the market is going, the high-growth segments, those areas where we can apply our innovation to lead.

但是，最終，我們必須帶領這家公司的地方是我們需要對 AMD 進行轉型，以利用市場的發展方向、高增長領域，以及我們可以應用創新引領的領域。

That's where we have to take the third part of our step, and we are making those investments now.

這就是我們必須邁出第三步的地方，我們現在正在進行這些投資。

In dense server, we are already seeing the early progress with SeaMicro that I mentioned, and then moving into embedded semicustom.

在密集服務器中，我們已經看到了我提到的 SeaMicro 的早期進展，然後轉向嵌入式半定制。

This year we'll be 20%, but our ultimate objective within the next three years is to move to 40% to 50% of our revenue in those segments.

今年我們將達到 20%，但我們在未來三年內的最終目標是將這些領域的收入提高到 40% 至 50%。

And then obviously, the opportunity for us to build on our long heritage in the client segment around new form factors in the low-power segment -- these are areas where AMD can create leadership, diversify its portfolio, build on its long history of success and its differentiated IP for leadership.

然後很明顯，我們有機會圍繞低功耗領域的新外形因素在客戶領域建立我們的長期傳統——這些是 AMD 可以創造領導地位、多樣化其產品組合、建立其長期成功歷史的領域及其領先的差異化知識產權。

David, I think that's the one, two, three step approach that we need to take.

大衛，我認為這是我們需要採取的第一步、第二步、第三步方法。

Great, thanks very much.

太好了，非常感謝。

John Pitzer, Credit Suisse.

約翰皮策，瑞士信貸。

This is Patrick Welsh calling for John Pitzer.

我是帕特里克·威爾士，請他來找約翰·皮策。

I just had a quick question relative to some of the charges.

我只是有一個關於某些指控的快速問題。

So in the fourth quarter, it looks like you guys took a larger than expected charge.

所以在第四季度，你們似乎承擔了比預期更大的費用。

How should we think about these one-time charges going out through 2013?

我們應該如何看待這些在 2013 年結束的一次性收費？

I think if you look at Q4, you are right about the one-time charges.

我認為，如果您查看第 4 季度，您對一次性收費的看法是正確的。

Let me just take a moment to explain that.

讓我花點時間解釋一下。

We have previously said a $165 million one-time charge and $110 million above our termination fee related to the WSA would be spread over Q4 and Q1.

我們之前曾表示，與 WSA 相關的 1.65 億美元一次性費用和超過 1.1 億美元的終止費將分攤到第四季度和第一季度。

As we completed the analysis from an inventory standpoint, it was more appropriate to record almost the whole charge in Q4 and we went ahead and did that, and that is $273 million.

當我們從庫存的角度完成分析時，記錄第四季度幾乎所有費用更為合適，我們繼續這樣做，即 2.73 億美元。

At this point in time, even with the restructuring charge that has been taken in Q4, we do not anticipate anything significant happening in the 2013 time frame.

目前，即使考慮到第四季度的重組費用，我們預計 2013 年的時間框架內也不會發生任何重大事件。

There are some actions that might be taken that would lead to it, but at this point, I don't think anything is anticipated.

可能會採取一些行動來實現它，但在這一點上，我認為沒有什麼是可以預期的。

Okay, great, thanks.

好的，太好了，謝謝。

And then just another question on the embedded segment -- just curious if you could give any color how that mix could look over time in terms of what percentage of that is gaming versus other embedded revenue.

然後是關於嵌入式細分市場的另一個問題 - 只是好奇你是否可以給出任何顏色隨著時間的推移，遊戲收入與其他嵌入式收入的百分比。

Patrick, this is Lisa Su, just a comment on the embedded revenue.

帕特里克，我是蘇麗莎，只是對嵌入式收入的評論。

So we put embedded and semicustom designs in one bucket and we would certainly see the embedded business tends to have a long design-in cycle, and then a long lifecycle as well.

所以我們把嵌入式和半定制設計放在一起，我們肯定會看到嵌入式業務往往有一個很長的設計週期，然後也是一個很長的生命週期。

So we have very good visibility in terms of execution for the target that Rory mentioned, 20% of our revenue by the fourth quarter of this year.

因此，我們在執行 Rory 提到的目標方面有很好的可見性，到今年第四季度我們收入的 20%。

And then, as we go forward, we would expect to add additional high-volume design wins to that bucket.

然後，隨著我們的前進，我們希望在該桶中增加額外的大批量設計勝利。

And it's interesting, as we mentioned in earlier comments, those parts are already in their validation phases here.

有趣的是，正如我們在之前的評論中提到的，這些部分已經在這裡進行驗證。

We are working through those tracks, and that protects those key design wins that drive that 20% in terms of the revenue objective by 4Q.

我們正在努力完成這些軌道，這將保護那些關鍵的設計勝利，這些勝利在第四季度的收入目標方面推動了 20% 的增長。

So we are on track and making solid progress in terms of the delivery of those key new solutions.

因此，我們在交付這些關鍵的新解決方案方面走上正軌並取得了穩步進展。

Great, thank you very much.

太好了，非常感謝。

Hans Mosesmann, Raymond James.

漢斯摩西曼，雷蒙德詹姆斯。

Rory, a couple of questions -- you are going to end up being about 6, maybe 9 months ahead of the competition in the Quad-Core type of SoC.

Rory，有幾個問題——你最終會比四核類型 SoC 的競爭對手領先大約 6 個月，也許 9 個月。

What are the skill sets that you are bringing forth to do that?

您為此帶來了哪些技能？

And the second question is -- any commentary about the capacity additions that your rival is going to be making for next year and subsequent to that?

第二個問題是——關於您的競爭對手明年及之後將增加的產能有何評論？

Thanks.

謝謝。

So, Hans, from a standpoint, we are working to create strength in our core businesses, at the same time working to capture those new opportunities outside of the traditional space.

因此，漢斯，從一個角度來看，我們正在努力在我們的核心業務中創造實力，同時努力抓住傳統領域之外的新機會。

And over the next two years, you are going to see us rebalance that business where we have a more even split across the non-PC portions and the PC portions.

在接下來的兩年裡，您將看到我們重新平衡該業務，我們在非 PC 部分和 PC 部分之間進行更均勻的分配。

What's kind of interesting as you talk about the leadership in that Quad-Core space of the SoC, that's a powerful product with Kabini that's launching this year.

當你談論 SoC 四核領域的領導地位時，有什麼有趣的，這是今年推出的 Kabini 的強大產品。

Again, it's in its final phases of test.

同樣，它處於測試的最後階段。

I'm sure Lisa will comment in just a second.

我相信 Lisa 馬上就會發表評論。

What we are trying to do in this segment is, again, to create the leadership that we have done in the past with Brazos and then to apply that same kind of knowledge into Temash, which brings us down into the fanless tablet segment.

我們在這個領域試圖做的是，再一次，建立我們過去與 Brazos 所做的領導地位，然後將同樣的知識應用到 Temash 中，這將我們帶入無風扇平板電腦領域。

Now, from a talent standpoint, what we have really focused on is a mix of industry knowledge across the semiconductor space, and you have seen us bring in interesting players across the past 12, 15 months, players that are from the who's who of the industry.

現在，從人才的角度來看，我們真正關注的是整個半導體領域的行業知識組合，你已經看到我們在過去的 12、15 個月裡引進了有趣的球員，這些球員來自世界名人錄行業。

They know the semicustom space, they know microprocessor design, they know semicustom and, of course, embedded.

他們知道半定制空間，他們知道微處理器設計，他們知道半定制，當然還有嵌入式。

These talents also you can see with the Keller's and Mark Papermaster's and, obviously, Lisa Su, the experience to deliver that, an industry-leading microprocessor design.

您還可以在 Keller's 和 Mark Papermaster's 以及 Lisa Su 身上看到這些才能，當然還有提供業界領先的微處理器設計的經驗。

And that's why I think you are seeing some of that progress around Kabini.

這就是為什麼我認為您在 Kabini 周圍看到了一些進展。

Lisa, do you want to add a thought or two?

麗莎，你想補充一兩個想法嗎？

Yes.

是的。

Hans, just to answer the question about the tablet category, we are very excited about our Temash tablet because it really is satisfying a new space in terms of performance tablets that is separate from what today's consumption and the higher power tablets are out there.

Hans，我只想回答有關平板電腦類別的問題，我們對我們的 Temash 平板電腦感到非常興奮，因為它確實在性能平板電腦方面開闢了一個新空間，與當今的消費和更高功率的平板電腦不同。

I think it is an opportunity for us to lead.

我認為這是我們領導的機會。

I think from a mobile standpoint, this is where we think there is a sweet spot for full Windows 8-capable tablets and extending down to Quad-Core to very low power points.

我認為，從移動設備的角度來看，這是我們認為完全支持 Windows 8 的平板電腦和向下擴展至四核至極低功率點的最佳位置。

So as we build out this part of the roadmap, it's about System-on-Chip designs getting more flexible in how we reuse IP and getting products out to market at the right time.

因此，當我們構建路線圖的這一部分時，它是關於片上系統設計在我們如何重用 IP 和在正確的時間將產品推向市場方面變得更加靈活。

So having these products out the first half of 2013 -- very, very important to catch the strong back-to-school cycle.

因此，在 2013 年上半年推出這些產品——對於趕上強大的返校週期非常、非常重要。

Thanks, and the follow-up was the comment on capacity.

謝謝，接下來就是關於容量的評論。

In terms of capacity, what were you curious about?

在容量方面，您對什麼感到好奇？

Yes, that your competition across the way there is going to add a lot of capacity, it seems.

是的，你的競爭對手似乎會增加很多容量。

Our focus, again, I think is clear and very focused.

我認為我們的重點再次明確且非常集中。

We have got to stay on this reset/restructure, get that done and behind us.

我們必須堅持這個重置/重組，完成它並在我們身後。

I think we are moving through that well in terms of getting the cost model, then getting into the execution of the acceleration.

我認為我們在獲得成本模型方面進展順利，然後進入加速執行階段。

That's the key.

這就是關鍵。

It's about getting those products and market.

這是關於獲得這些產品和市場。

Lisa just talked about it in terms of Kabini and talked about it in terms of Temash.

Lisa 只是用 Kabini 的術語談論它，並用 Temash 的術語談論它。

It's around the embedded segment.

它圍繞嵌入式部分。

That's the key for us.

這是我們的關鍵。

And the customer acceptance, whether it's in the industrial segment, the gaming segment, our traditional OEMs or ODMs, and they are very interested in the products that we are creating in 2013.

以及客戶接受度，無論是在工業領域、遊戲領域、我們的傳統 OEM 還是 ODM，他們對我們在 2013 年創造的產品非常感興趣。

That's the key for us.

這是我們的關鍵。

We do that, we correct the turnaround, we get to the lower operating model and we return to profitability and growth.

我們這樣做，我們糾正了轉變，我們進入了較低的運營模式，我們恢復了盈利和增長。

At the same time, continue to focus on where the market is going around dense server and around the areas of that tablet/mobility segment as well as continue to expand into the embedded semicustom opportunity.

與此同時，繼續關注市場圍繞密集服務器和平板電腦/移動領域的發展方向，並繼續擴展到嵌入式半定制機會。

I think we have to focus on what we are good at and getting the products executed.

我認為我們必須專注於我們擅長的事情並讓產品得到執行。

That's key for us.

這對我們來說很關鍵。

Thank you.

謝謝你。

C.J. Muse, Barclays.

C.J.繆斯，巴克萊銀行。

I guess first question on gross margin guided flat despite revenues down 9%.

我猜第一個關於毛利率的問題是持平的，儘管收入下降了 9%。

Can you walk through the drivers there between mix, any sort of moving parts with the WSA, with GF or any other drivers that we should be thinking about, and then how we should think about the trajectory post Q1?

您能否介紹一下混合之間的驅動程序，WSA、GF 或我們應該考慮的任何其他驅動程序的任何類型的移動部件，然後我們應該如何考慮 Q1 後的軌跡？

I think all the factors you mentioned come into play from a product mix standpoint.

我認為你提到的所有因素都從產品組合的角度發揮作用。

The WSA is behind us.

WSA 在我們身後。

We renegotiated that and amended that, as we announced in December, so it is in effect for 2013.

正如我們在 12 月宣布的那樣，我們重新協商並修改了它，因此它在 2013 年生效。

We see a stability from a gross margin standpoint, even though the PC environment continues to be dynamic.

從毛利率的角度來看，我們看到了穩定性，儘管 PC 環境仍然是動態的。

And from that standpoint, we are projecting in Q1 of 2013 that we will be able to maintain approximately flat gross margin at 39%.

從這個角度來看，我們預計在 2013 年第一季度，我們將能夠將毛利率維持在 39% 的水平。

Okay, that's helpful.

好的，這很有幫助。

And given what you have seen and what you're going to here on the gross margin side, is there an update in terms of what you expect breakeven-wise in terms of top line on an operating level basis?

考慮到您所看到的以及您在毛利率方面的打算，是否有關於您在運營水平基礎上的盈虧平衡方面的預期更新？

I believe a few months ago you had said $1.3 billion.

我相信幾個月前你說過 13 億美元。

I think, rather than focus on that, I would just like to reiterate and maybe add some color on the guidance we're providing for 2013.

我認為，與其專注於此，我只想重申並可能為我們為 2013 年提供的指南添加一些色彩。

The PC market, as Rory said earlier, we see it as challenging for the next couple of quarters, at least.

正如 Rory 之前所說，PC 市場至少在接下來的幾個季度裡充滿挑戰。

And, therefore, we are not providing any guidance from a revenue standpoint for the year.

因此，我們不會從今年的收入角度提供任何指導。

From an OpEx standpoint, we have a trajectory to get to $450 million by Q3 of 2013.

從 OpEx 的角度來看，到 2013 年第三季度，我們有望達到 4.5 億美元。

CapEx, as I said earlier in my remarks, $150 million for the year, and then, finally, free cash flow positive and profitable by the second half of 2013.

正如我之前在發言中所說，資本支出為 1.5 億美元，然後最終在 2013 年下半年實現正自由現金流和盈利。

So that's the guidance we're providing for the 2013 from a viewpoint of the financials as we sit here right now in the early part of 2013.

這就是我們在 2013 年初坐在這裡時從財務角度為 2013 年提供的指導。

That's helpful.

這很有幫助。

And then last question for me -- in terms of the cash outflows in Q1, can you confirm what those positions are?

然後是我的最後一個問題——就第一季度的現金流出而言，你能確認這些頭寸是什麼嗎？

I believe you owe $175 million for SeaMicro and another $175 million to GF.

我相信你欠 SeaMicro 1.75 億美元，另外欠 GF 1.75 億美元。

Is that correct and are there other moving parts there?

這是正確的嗎？還有其他活動部件嗎？

You are correct.

你是對的。

Luckily, just for one of the $175 million that you mentioned.

幸運的是，只是你提到的 1.75 億美元中的一個。

The SeaMicro acquisition happened early part of 2012.

SeaMicro 收購發生在 2012 年初。

We paid for that; that was all done as part of last year.

我們為此付出了代價；這些都是去年完成的。

But you are correct about the $175 million to GF to be paid in Q1 of 2013.

但是關於 2013 年第一季度支付給 GF 的 1.75 億美元，你是正確的。

And the other payment that we have, which I mentioned in my remarks, is the $31 million for the severance charges for the actions we are taking from a restructuring standpoint.

我在發言中提到的另一筆款項是 3100 萬美元，用於支付我們從重組角度採取的行動的遣散費。

But those are the two specific payments that will occur in Q1 2013.

但這是將在 2013 年第一季度發生的兩筆具體付款。

And then from our standpoint, as I've said several times, from a cash standpoint we have a target minimum of $700 million.

然後從我們的角度來看，正如我多次說過的那樣，從現金的角度來看，我們的目標是至少 7 億美元。

But we plan to maintain a cushion between the $700 million and actually maintain closer to the $1.1 billion, which is what we call the optimal cash balance.

但我們計劃在 7 億美元之間保持緩衝，實際上保持在接近 11 億美元的水平，這就是我們所說的最佳現金餘額。

Thank you.

謝謝你。

Joseph Moore, Morgan Stanley.

約瑟夫·摩爾，摩根士丹利。

First, just a quick follow-up on the last question.

首先，快速跟進最後一個問題。

Where do you stand on the sale/leaseback of the headquarters?

您如何看待總部的售後回租？

It's in progress and we are targeting to complete that within this quarter, and we should net somewhere between $150 million and $200 million for the sale/leaseback transactions.

它正在進行中，我們的目標是在本季度內完成，我們應該為售後回租交易淨賺 1.5 億至 2 億美元。

The only clarification I will make there is this is the Austin campus; the headquarters are still in Sunnyvale, California.

我唯一要澄清的是這是奧斯汀校區；總部仍在加利福尼亞州桑尼維爾。

Okay, great, thank you.

好的，太好了，謝謝。

With the R&D -- you have taken a lot of R&D spending already; you are going to take that down further by Q3.

在研發方面——你已經投入了大量的研發支出；您將在第三季度進一步降低它。

But it seems like there's more on your plate now.

但現在你的盤子裡似乎還有更多。

You put the ARM server roadmap, SeaMicro, the embedded opportunities -- is there something coming out of R&D to let you make those cuts and feel like you are not cutting back, or is there a risk that you cut too far in any one area?

你提出了 ARM 服務器路線圖、SeaMicro、嵌入式機會——研發中是否有什麼東西可以讓你做出這些削減並且感覺你沒有削減，或者你是否有在任何一個領域削減太多的風險？

No.

不。

The focus around expense management in terms of driving that op expense line is really across all parts of the business.

圍繞推動運營費用線的費用管理的重點實際上遍及業務的所有部分。

We have tried to focus those areas where we thought there was efficiency and productivity to begin.

我們試圖將重點放在那些我們認為可以開始提高效率和生產力的領域。

For example, there are opportunities for us to dramatically reduce the number of different process technologies we are running in our various foundries.

例如，我們有機會大幅減少我們在各個代工廠中運行的不同工藝技術的數量。

That drives all the IP to be written to multiple libraries.

這促使所有 IP 寫入多個庫。

We have very much focused in terms of efficiency to drive the number of metal layers, the way we reuse our IP, the IP development process that Mark Papermaster and Lisa Su have implemented through our technology board.

我們非常關注提高金屬層數量的效率、我們重用 IP 的方式以及 Mark Papermaster 和 Lisa Su 通過我們的技術委員會實施的 IP 開發流程。

We are seeing efficiencies and productivity through that.

通過這種方式，我們看到了效率和生產力。

At the same time, we are driving to improve our focus in terms of the types of design wins we go after.

與此同時，我們正在努力提高我們對所追求的設計勝利類型的關注度。

It's really not the best business practice to go after just a gigantic number of design wins.

追求大量的設計勝利確實不是最佳商業實踐。

We want those high runners, those design wins that drive volume.

我們想要那些高手，那些推動銷量的設計勝利。

Every design wins drives cost, drives back end execution, testing resources.

每個設計獲勝都會推動成本，推動後端執行，測試資源。

When we drive hundreds of design wins, some of those are 25,000, 50,000 units.

當我們推動數百個設計勝利時，其中一些是 25,000、50,000 個單位。

Those are not efficient.

那些效率不高。

We have been focusing with Lisa's business unit teams and John Byrne's sales teams to really identify those design wins that get the volume and get to the most efficient usage.

我們一直關注 Lisa 的業務部門團隊和 John Byrne 的銷售團隊，以真正確定那些獲得銷量和最有效使用的設計勝利。

That's how we are driving that kind of focus in terms of efficiency and productivity, and those are just a few.

這就是我們在效率和生產力方面推動這種關注的方式，而這些只是其中的一部分。

We have implemented the financial transformation system on the back end.

我們在後端實現了財務轉換系統。

John Dougherty on the supply chain has an intense focus across each of his processes to drive that efficiency, to improve our execution.

供應鏈方面的 John Dougherty 非常關注他的每個流程，以提高效率，改善我們的執行力。

And what is interesting, while we had some schedule challenges in the middle of summer last year, the second half of the year, the progress that the business unit teams and technology teams have made on our 2013 roadmap parts has been very consistent and on schedule.

有趣的是，雖然我們在去年夏季中期遇到了一些進度挑戰，但今年下半年，業務部門團隊和技術團隊在我們 2013 年路線圖部分取得的進展非常一致且按計劃進行.

So I think we are making the right moves to push for that efficiency, look for the reuse of IP, create that ambidextrous architecture that is reusable and to drive efficiencies across the portfolio.

因此，我認為我們正在採取正確的舉措來提高效率，尋求 IP 的重用，創建可重用的靈巧架構，並提高整個產品組合的效率。

And in fact, we announced a new Senior Vice President, [Shakiv Akur], who is driving that transformation and efficiency focus across our entire business as a full-time job.

事實上，我們宣布了一位新的高級副總裁 [Shakiv Akur]，他作為全職工作正在推動我們整個業務的轉型和效率重點。

If I may add, I will just add one comment to that.

如果我可以添加，我只會添加一條評論。

If you look at our OpEx in Q1, 2012, it was closer to $600 million, and in Q4 we have ended close to the $500 million level.

如果你看看我們在 2012 年第一季度的運營支出，它接近 6 億美元，而在第四季度我們已經接近 5 億美元的水平。

So we have already taken out approximately about $100 million of expenses.

因此，我們已經扣除了大約 1 億美元的費用。

And the researching actions that we took from headcount and some facilities actions that we are putting in place happened very late in Q4.

我們從員工人數中採取的研究行動和我們正在實施的一些設施行動發生在第四季度的很晚。

And obviously we have some going on in Q1 2013, so those benefits obviously, as you know, lagged the actions and we will see the full benefit of that expense reduction in Q2 of 2013.

顯然我們在 2013 年第一季度有一些進展，所以這些好處顯然滯後於行動，我們將在 2013 年第二季度看到費用減少的全部好處。

And that should help us while protecting the R&D investments that Rory talked about to get to the $450 million by Q3 of 2013.

這應該有助於我們保護 R&D 投資，Rory 談到到 2013 年第三季度達到 4.5 億美元。

And again, at the end of the day, our Company hinges on the products that we create -- 13 roadmap looks strong.

再一次，歸根結底，我們公司取決於我們創造的產品——13 路線圖看起來很強大。

It's across the board in terms of execution, the schedules and the launches are tracking right to the schedules that we laid out.

它在執行方面是全面的，時間表和發布正在跟踪我們制定的時間表。

We are working on 2014, 2014 and 2015 in terms of how to transform our business in terms of the high-growth segments and how do we continue to leverage our leadership in the client space and the graphics space to continue to deliver that product focus.

我們在 2014 年、2014 年和 2015 年致力於如何在高增長領域轉變我們的業務，以及我們如何繼續利用我們在客戶領域和圖形領域的領導地位來繼續提供產品重點。

We have protected through this process of budgeting those areas where we know the highest growth will come over the next several years.

通過這個預算過程，我們已經保護了那些我們知道未來幾年增長最快的領域。

Okay, thank you very much.

好的，非常感謝。

JoAnne Feeney, Longbow Research.

JoAnne Feeney，Longbow Research。

I wanted to go back to the discussion about gross margin.

我想回到關於毛利率的討論。

So in the last quarter, desktop was stronger.

所以在最後一個季度，桌面更強大。

I was wondering first of all of you could clarify whether that was purely a mix shift within desktop, say, on lower volume shipments, or if you actually saw an increase in units sequentially in the fourth quarter in addition to, it sounds like, an ASP rise.

我想知道你們首先可以澄清這是否純粹是台式機內的混合轉變，比如說，出貨量減少，或者你是否真的看到第四季度的單位連續增加，除了，聽起來，一個平均售價上漲。

So that's number one.

所以這是第一。

And then number two -- what are you thinking about for mix for 2013?

然後是第二點——你對 2013 年的組合有什麼想法？

Do you see more lower-end PCs and tablets?

您是否看到更多低端 PC 和平板電腦？

And how are your margins across those different kinds of products, and what do you think could drive either gross margins today where it is, or perhaps to expand in 2013?

您在這些不同類型產品中的利潤率如何？您認為什麼可以推動目前的毛利率，或者可能在 2013 年擴大？

Let me take some of the comments on the mix on the gross margin in the fourth quarter.

讓我對第四季度的毛利率組合發表一些評論。

So in the fourth quarter, I think we took a very balanced approach to managing the margins.

所以在第四季度，我認為我們採取了一種非常平衡的方法來管理利潤率。

I think we saw some positives and some negatives in the desktop business.

我認為我們在桌面業務中看到了一些積極因素和一些消極因素。

We did see an increase in desktop ASP, primarily because we introduced our higher-end Athlon FX series as well as new single A-Series Trinity APUs into the channel, and that drove ASPs up a little bit on the desktop side.

我們確實看到桌面 ASP 有所增加，主要是因為我們在渠道中引入了更高端的 Athlon FX 系列以及新的單 A 系列 Trinity APU，這推動了桌面端的 ASP 略有上升。

There were some competitive pressures on the notebook side.

筆記本電腦方面存在一些競爭壓力。

So all in all, a very balanced approach to the margins.

所以總而言之，這是一種非常平衡的利潤率方法。

I think, as we go forward for 2013 mix, we are not talking about full-year gross margins.

我認為，隨著我們展望 2013 年的組合，我們並不是在談論全年毛利率。

Devinder mentioned our guidance into Q1.

Devinder 提到了我們對第一季度的指導。

When you look at the mix there, we would expect that as we get into the second half of the year, we will have the higher end of the A-Series, the A-8s and A-10s.

當您查看那裡的組合時，我們預計進入下半年時，我們將擁有 A 系列的高端產品，即 A-8 和 A-10。

But there's, of course, a balance with what happens in the market.

但是，當然，市場上發生的事情是平衡的。

So all in all, I think that's where we are.

所以總而言之，我認為這就是我們所處的位置。

Okay, and then a quick follow-up -- how much are you, I guess -- well, let me back up.

好的，然後快速跟進 - 我猜你多少錢 - 好吧，讓我備份。

The changes that you have been talking about, you and Rory and Mark, on simplifying the manufacturing process, reducing the number of wafer processing steps, for example, adopting a more standard process, presumably is expected to do two things -- one, lower unit costs and, two, speed your time to market.

你和Rory and Mark一直在談論的變化，關於簡化製造過程，減少晶圓加工步驟的數量，例如，採用更標準的工藝，大概是希望做兩件事——一，降低單位成本，第二，加快上市時間。

From our perspective of trying to understand where gross margin might go, can you give us any sense of the quantitative impact that you foresee from those simplifications on the cost structure?

從我們試圖了解毛利率可能走向何方的角度來看，您能否讓我們了解您從這些簡化成本結構中預見到的量化影響？

Well, from a cost structure, that's how we are driving -- part of the way how we drive to the $450 million.

好吧，從成本結構來看，這就是我們推動的方式——我們推動達到 4.5 億美元的方式的一部分。

That's one piece of it, as I kind of highlighted, JoAnne.

正如我強調的那樣，這是其中的一部分，JoAnne。

The idea across the development process, the way we interlock now, the focus that we have -- in the past, custom hugely long, complex designs were the way the PC market moved.

整個開發過程中的想法、我們現在的聯動方式、我們的關注點——過去，定制的超長、複雜的設計是 PC 市場的發展方式。

In the future, it's going to be quicker, low-power, more efficient design.

在未來，它將是更快、低功耗、更高效的設計。

What also you get from this approach -- obviously, you'll get time to market, you get lower costs.

您還可以從這種方法中獲得什麼——顯然，您可以縮短上市時間，降低成本。

You also get better yield, which is also important in terms of really managing the business.

您還可以獲得更高的收益，這對於真正管理業務也很重要。

So it has benefits across the board.

因此，它具有全面的優勢。

And speed of execution as we move forward in a model where you are going to see a consortium-based model and the proprietary control points of -- as some of x86 break down, these kinds of models are going to be key.

以及執行速度，因為我們在一個模型中前進，您將看到一個基於聯盟的模型和專有控制點——隨著一些 x86 崩潰，這些類型的模型將成為關鍵。

So we are going to stay the course on that.

所以我們將堅持到底。

That's helping us on the $450 million.

這幫助我們獲得了 4.5 億美元。

From the gross margin, I think we have given the guidance in fourth quarter.

從毛利率來看，我認為我們已經在第四季度給出了指導。

We need to focus on executing first quarter as we have given the guidance, excuse me, on first quarter.

我們需要專注於執行第一季度，因為我們已經在第一季度給出了指導，對不起。

And from there, we will go forward.

從那裡，我們將繼續前進。

Okay, and then just one quick follow-up -- so it sounds like the simplification in manufacturing is doing both; it's reducing OpEx, and potentially improving your gross margin.

好的，然後只是一個快速的跟進——所以聽起來製造的簡化正在做這兩件事；它正在降低運營支出，並有可能提高您的毛利率。

Perhaps you could just give us an update on how the spread is on gross margin across your different products from your mainstream Trinity Richland to your lower-end Temash and Kabini's.

也許您可以向我們介紹一下從主流 Trinity Richland 到低端 Temash 和 Kabini's 的不同產品的毛利率差距如何。

Is that something that has widened or narrowed, or can you really not talk about that yet?

那是擴大了還是縮小了，或者你真的不能談論它嗎？

Yes, JoAnne, we wouldn't get into that level of detail.

是的，喬安妮，我們不會深入到那種程度的細節。

I think we have given a good outlook in terms of the guidance for 1Q.

我認為我們對第一季度的指導給出了良好的展望。

Okay, thanks.

好的謝謝。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Hi, can you hear me?

嗨，你能聽到我嗎？

You can, go right ahead.

你可以，去吧。

But you are not Glen; I know Glen's voice.

但你不是格倫；我知道格倫的聲音。

Yes, it's Emily for Glen Yeung.

是的，是 Glen Yeung 的 Emily。

Can you discuss your gaming consoles, which is a potential market for you?

你能談談你的遊戲機嗎？這對你來說是一個潛在的市場？

And we just want to know, when can we expect revenue to ramp, and is that part of the inventory build that you discussed in your CFO remarks?

我們只是想知道，我們什麼時候可以預期收入會增加，這是您在 CFO 評論中討論的庫存建設的一部分嗎？

And I have a follow-up.

我有一個後續行動。

Okay.

好的。

Well, Devinder, why don't you touch on inventory, how we focus and manage it and how it progresses from here, and then we will touch on our embedded strategy, which we have covered before, for Emily.

好吧，Devinder，你為什麼不談一下庫存，我們如何關注和管理它以及它如何從這裡取得進展，然後我們將談及我們之前為 Emily 介紹過的嵌入式戰略。

Yes, I will do that.

是的，我會那樣做。

Inventory, as you observe, down 25% quarter on quarter.

如您所見，庫存環比下降 25%。

But that's largely in the MPU inventory space and partly and largely due to the WSA amendment.

但這主要是在 MPU 庫存空間中，部分且主要是由於 WSA 修正案。

From my standpoint, if you talk about inventory going forward, it's more in the $650 million, $700 million range is what I would call it, for 2013.

從我的角度來看，如果你談論未來的庫存，它更多地在 6.5 億美元，我稱之為 7 億美元的範圍，2013 年。

And in particular, as you can imagine, as new business opportunities arise, new product introductions take place, and in particular when you have process technology transition, that is going to lead to some increase in inventory.

特別是，正如您可以想像的那樣，隨著新商機的出現，新產品的推出，特別是當您進行工藝技術轉型時，這將導致庫存增加。

And that's where it will be.

這就是它的位置。

But I will let Lisa or Rory answer the other part of the question.

但我會讓 Lisa 或 Rory 回答問題的另一部分。

So Emily, on the gaming revenue, I think we talked about the Nintendo Wii U that was announced in the fourth quarter, and that was part of the revenue that was reported in the Graphics segment.

所以艾米麗，關於遊戲收入，我想我們談到了第四季度宣布的任天堂 Wii U，這是圖形部門報告的收入的一部分。

In terms of going forward, what we've said is the embedded and the semicustom business will ramp over this period in 2013.

就未來發展而言，我們所說的是嵌入式和半定制業務將在 2013 年的這段時間裡蓬勃發展。

And we are on track for that 20% revenue target by the fourth quarter.

我們有望在第四季度實現 20% 的收入目標。

So that will be more second half than first half?

那麼下半場會比上半場多嗎？

Can I make that assumption?

我可以做出這樣的假設嗎？

Our embedded business will continue to grow toward the 20% in the second half.

下半年我們的嵌入式業務會繼續朝著20%的方向增長。

Okay, and a follow-up is that, now that you have seen some success in the dense servers market, do you have an opinion about ARM versus x86?

好的，接下來是，既然您已經看到密集服務器市場取得了一些成功，您對 ARM 與 x86 有何看法？

And also, by the way, did you see -- did that strength at SeaMicro that you saw came with Intel or AMD processors?

而且，順便說一下，你有沒有看到——你看到的 SeaMicro 的優勢是來自英特爾還是 AMD 處理器？

So the dense server market is where we believe the growth is in the server business, so we were pleased with the progress of our SeaMicro systems in the fourth quarter.

因此，密集服務器市場是我們認為服務器業務增長的地方，因此我們對第四季度 SeaMicro 系統的進展感到滿意。

I will say that in the fourth quarter, we started shipments of AMD-based SeaMicro systems as well as Intel-based, and they have gotten a good reaction.

我要說的是，在第四季度，我們開始出貨基於 AMD 和基於 Intel 的 SeaMicro 系統，他們得到了很好的反響。

I think, as we go forward, we are committed to both ARM and x86 in the appropriate markets.

我認為，在我們前進的過程中，我們致力於在適當的市場中使用 ARM 和 x86。

And clearly, we have stated that we will be doing ARM-based server chips, and that will be in the 2014 time frame.

很明顯，我們已經聲明我們將在 2014 年的時間範圍內開發基於 ARM 的服務器芯片。

And we continue to offer a strong lineup of x86 as we go through both our clients and our dense server business.

隨著我們的客戶和密集服務器業務的發展，我們將繼續提供強大的 x86 陣容。

And this is all consistent with our focus to drive reusable IP and true SoC methodology in an ambidextrous architecture.

這與我們在靈巧的架構中推動可重用 IP 和真正的 SoC 方法論的重點一致。

This is an area where AMD can clearly differentiate and create leadership in the marketplace.

這是 AMD 可以明顯區分並在市場上建立領導地位的領域。

Great, thank you.

太好了謝謝。

James Covello, Goldman Sachs.

詹姆斯科維羅，高盛。

This is Mark Delaney calling on behalf of Jim Covello.

我是 Mark Delaney 代表 Jim Covello 來電。

I was hoping first you guys could talk a little bit about your guidance on the revenue for the first quarter and why you think it is that you're guiding below your biggest competitor.

我希望你們首先能談談你們對第一季度收入的指導，以及為什麼你們認為你們的指導低於你們最大的競爭對手。

From my perspective, as I look at the PC market, Mark, that market is going to continue to be choppy in 2013, particularly in the first half.

馬克，從我的角度來看，PC 市場在 2013 年將繼續波動，尤其是上半年。

Remember, if you go back to 1Q last year, there was a lot of concern about the flood that affected Thailand and the hard disk file, and it was quite surprising, as we kind of suggested, that supply chain would be quite resilient.

請記住，如果你回到去年第一季度，人們對影響泰國的洪水和硬盤文件有很多擔憂，而且令人驚訝的是，正如我們所建議的那樣，供應鏈將非常有彈性。

The numbers were quite strong out of 1Q.

第一季度的數字非常強勁。

We think there will be continued chop and pressure in that first half of 2013.

我們認為 2013 年上半年將繼續出現波動和壓力。

And this market is a bit dynamic right now.

這個市場現在有點動態。

We do think Win 8 is a very important event in the industry, and I think that impact or effect will build over the course of the year.

我們確實認為 Win 8 是行業中非常重要的事件，我認為這種影響或影響將在一年中逐漸形成。

We expect the second half to be stronger than the first half, from my perspective.

從我的角度來看，我們預計下半年會比上半年強。

And if I look at the overall year, weaker in the first half, stronger in the second half, probably in that flat to slightly down.

如果我看一下全年，上半年較弱，下半年較強，可能持平或略有下降。

That's our view of it in terms of where we are expecting the market and how we are planning to balance that in terms of the gross margin and in terms of the revenue line.

這是我們對市場的預期以及我們計劃如何在毛利率和收入線方面取得平衡的看法。

And that's how we came to the conclusion.

這就是我們得出結論的方式。

That's helpful, thank you.

這很有幫助，謝謝。

As a follow-up question, the mobile space in particular and tablets -- there has been a lot of new entrants, companies that don't historically participate in the PC market that have been introducing products.

作為一個後續問題，特別是移動領域和平板電腦——有很多新進入者，歷史上不參與 PC 市場的公司一直在推出產品。

And now that you guys are closer and farther along with some of your products for that space, I was hoping you could help us understand to what extent you guys are working closely and partnering with some of these new companies that you traditionally have not worked as closely with.

現在你們在那個領域的一些產品越來越近，我希望你們能幫助我們了解你們在多大程度上與你們傳統上沒有合作過的這些新公司密切合作和合作密切地。

Well, I think what is important is that we see that same high-growth opportunity in those new form factors.

好吧，我認為重要的是我們在這些新的形式因素中看到了同樣的高增長機會。

And you can see it with the introduction of our relationship with VIZIO, just here at CES and that introduction of those two ultrathins and, obviously, in the tablet space.

你可以通過介紹我們與 VIZIO 的關係，就在 CES 上以及這兩款超薄產品的介紹以及平板電腦領域的介紹中看到這一點。

You're going to see us continuing to work across OEMs, in the embedded space, new partners, and across the ODM segment to get that expansion and begin to build that market.

您將看到我們繼續與 OEM、嵌入式領域、新合作夥伴以及整個 ODM 領域合作，以實現擴張並開始建立該市場。

But again, our focus is to build that over on 2- to 3-year period to drive that to 40% to 50% of our revenue across those high-growth segments.

但同樣，我們的重點是在 2 到 3 年的時間內實現這一目標，以將其提高到我們在這些高增長領域的收入的 40% 到 50%。

Lisa, any additional comments you would like to add?

麗莎，你還有什麼要補充的嗎？

No, I would agree.

不，我會同意。

I think that the key with the mobile space is that there are a lot of new innovations happening both in the traditional OEMs as well as in some of the new entrants, as you mentioned.

我認為移動領域的關鍵在於，正如您提到的，傳統 OEM 以及一些新進入者都在進行大量創新。

So yes, we are working across the board with a number of customers with these new products.

所以是的，我們正在與這些新產品的許多客戶進行全面合作。

Thank you very much.

非常感謝你。

Steve Eliscu, UBS.

史蒂夫·埃利斯庫，瑞銀。

Actually, I want to -- regarding the last question, I want to take a glass-half-full approach.

實際上，關於最後一個問題，我想採取一種半滿的方法。

This quarter with your guidance, it appears you are going to lose a lot less market share to your competitor.

本季度，在您的指導下，您輸給競爭對手的市場份額似乎要少得多。

Is this about Richland ramping, or is this just about clearing excess inventories that you had on Llano and the channel last year?

這是關於 Richland 的擴產，還是只是為了清理去年你在 Llano 和渠道上的過剩庫存？

I think we have had a clear focus for the past several quarters to improve our channel execution from a push model to a velocity model where I have sell-through tracking and the relationship and data all the way through the channel.

我認為在過去的幾個季度中，我們的重點很明確，就是將我們的渠道執行從推送模型改進為速度模型，在這種模型中，我一直在跟踪銷售情況以及整個渠道的關係和數據。

I think we are making steady progress in 3Q, 4Q and as we move forward there.

我認為我們在第三季度、第四季度取得了穩步進展，並且我們在那裡向前邁進。

I think that inventory and our finished goods position -- Devinder touched on it with our WSA work and the focus, we at the end of 2Q and even into 3Q were seeing pressure in terms of potentially building more inventory.

我認為庫存和我們的成品位置——Devinder 通過我們的 WSA 工作和重點觸及了它，我們在第二季度末甚至進入第三季度看到了可能建立更多庫存的壓力。

And while we did have to take a charge in 3Q to address some of that, I think we have done a strong job in terms of focusing on that inventory.

雖然我們確實必須在第三季度負責解決其中的一些問題，但我認為我們在專注於該庫存方面做得很好。

That positions us for the new product introductions that we talked about at CES -- Richland, Kabini and Temash.

這為我們在 CES 上談到的新產品介紹做好了準備——Richland、Kabini 和 Temash。

And I think that's what positions us to move forward and begin to build this turn and acceleration in 2013 with the objective to get to profitability in the second half and positive free cash flow at that time frame again.

我認為這就是我們向前邁進並開始在 2013 年實現這一轉變和加速的原因，目標是在下半年實現盈利並在那個時間框架內再次實現正自由現金流。

That's the key to our business.

這是我們業務的關鍵。

That's helpful, thank you.

這很有幫助，謝謝。

And as a follow-up, you lost a lot of Graphics share in Q2 and Q3.

作為後續行動，您在第二季度和第三季度失去了很多圖形份額。

And I want to get your view if the new GCM parts reverse that share materially where you get back to a level you were in earlier in 2012, or is this just about stabilizing share since your competitor isn't standing still either?

我想听聽您的看法，如果新的 GCM 部件實質性地扭轉了您回到 2012 年初的水平的份額，或者這只是為了穩定份額，因為您的競爭對手也沒有停滯不前？

Let me take that on the Graphics business.

讓我談談圖形業務。

So the Graphics business is very strategic to our overall strategy.

因此，圖形業務對我們的整體戰略非常具有戰略意義。

I will say that we have lost some share over the last couple of quarters.

我會說我們在過去幾個季度失去了一些份額。

I do believe we are at the low point in our Graphics share, based on what we can see in terms of new design activity.

根據我們在新設計活動方面可以看到的情況，我確實相信我們的圖形份額處於低點。

We have a very strong channel approach with our Never Sell bundle that we talked about last quarter, and we will be building upon that this quarter.

我們在上個季度談到的 Never Sell 捆綁包中採用了非常強大的渠道方法，本季度我們將在此基礎上進行構建。

And we also launched our new HD 8000 series at CES that is now shipping in a number of mobile OEMs.

我們還在 CES 上推出了我們新的 HD 8000 系列，該系列現已在許多移動 OEM 中發貨。

So I think the share is indicative of decisions that were made 12 months ago.

所以我認為這個份額表明了 12 個月前做出的決定。

What we are looking at is really a strong portfolio as we go forward in Graphics.

隨著我們在圖形領域的發展，我們正在尋找的是一個強大的產品組合。

And I will make just a brief comment from the standpoint of my experience as I joined AMD.

我將從我加入 AMD 的經歷的角度做一個簡短的評論。

The Graphics team here that we have is leadership, the kind of IP, the kind of engineering skill, the ability for them to innovate and drive -- I don't know if you had a chance to walk through, Steven, the CES work that we showed there.

我們這裡的圖形團隊具有領導才能、IP 類型、工程技能以及他們創新和推動的能力——我不知道你是否有機會走過，史蒂文，CES 工作我們在那裡展示的。

I did.

我做到了。

Yes, and I thought you saw some really interesting application of how you could create a surround compute environment leveraging the Graphics capability.

是的，我認為您看到了一些非常有趣的應用程序，說明如何利用圖形功能創建環繞計算環境。

Imagine that kind of solution moving forward.

想像一下這種解決方案向前發展。

Say they are building a brand-new building and that building is not even built.

假設他們正在建造一座全新的建築，而那座建築甚至還沒有建成。

You could create with our technology a sales room that created the windows and the graphics representations.

您可以使用我們的技術創建一個銷售室，該銷售室創建了窗口和圖形表示。

And you say, well, what does this building on the 22nd floor look like at night?

你說，好吧，這座位於 22 層的建築在晚上看起來像什麼？

And all of the sudden, the graphic engines fire up the windows.

突然之間，圖形引擎啟動了窗口。

You can see that world and you could apply that kind of surround compute that we see emerging, this new trend of conversions that the cloud is fundamentally driving.

你可以看到那個世界，你可以應用我們看到的那種環繞計算，這是雲從根本上推動的這種新的轉換趨勢。

And it's our Graphics IP that is going to be a fundamental enabler of that future.

我們的圖形 IP 將成為那個未來的基本推動力。

That's the world we are chasing.

那就是我們追逐的世界。

We are not going after the past.

我們不追求過去。

That stand-alone data and application on a singular device protected by a couple of proprietary control points -- that era is ending.

受幾個專有控制點保護的單個設備上的獨立數據和應用程序——那個時代正在結束。

The era is -- in front of us is an interconnected world where there's almost a tsunami of new devices that begin to emerge and they are all graphically linked because the data, information, and the application, are running on cloud dense servers and these mega data centers, and they are distributing information across a whole set of client devices.

這個時代——擺在我們面前的是一個相互關聯的世界，新設備幾乎像海嘯一樣開始出現，它們都以圖形方式連接起來，因為數據、信息和應用程序都運行在云密集的服務器上，而這些大型設備數據中心，它們在一整套客戶端設備上分發信息。

They are efficient, they are low power, they are across embedded devices.

它們效率高，功耗低，適用於嵌入式設備。

This is the opportunity, Steve, in front of us to really get after it and where we can see graphics taking the business moving forward.

史蒂夫，這是擺在我們面前的真正追求它的機會，我們可以看到圖形推動業務向前發展。

Thank you.

謝謝你。

Romit Shah, Nomura.

野村證券的 Romit Shah。

This is Sanjay Chaurasia for Romit Shah.

我是 Romit Shah 的 Sanjay Chaurasia。

The question I wanted to ask is if you could share some updates on 28 nanometer progress at GLOBALFOUNDRIES as it relates to some of the issues you faced last year at 32 nanometer.

我想問的問題是，您是否可以在 GLOBALFOUNDRIES 上分享一些關於 28 納米進展的最新進展，因為它與您去年在 32 納米上遇到的一些問題有關。

From our perspective, our supply chain has focused with our foundry partners across 2012 in improving execution.

從我們的角度來看，我們的供應鏈在 2012 年與我們的代工合作夥伴一起專注於提高執行力。

And as I've commented several times before, the work that we have done with GLOBALFOUNDRIES and across the foundry supply-chain environment has a significantly improved with that kind of a disciplined approach.

正如我之前多次評論過的那樣，我們在 GLOBALFOUNDRIES 和整個代工供應鏈環境中所做的工作已經通過這種有紀律的方法得到了顯著改善。

We introduced last year the first 28 nanometer graphics products and leadership.

我們去年推出了首款 28 納米圖形產品並處於領先地位。

And now, as we move forward, we are positioning ourselves with that refocus, better-executing supply chain to move forward in 28.

現在，隨著我們向前邁進，我們正在將自己定位於重新調整重點、執行得更好的供應鏈，以在 28 年向前邁進。

Sanjay, just to your question about 28 nanometer and GLOBALFOUNDRIES, we are pleased with our overall 28 nanometer bring-up in all of our founders.

Sanjay，關於你關於 28 納米和 GLOBALFOUNDRIES 的問題，我們對我們所有創始人對 28 納米的總體介紹感到滿意。

So from a 28 nanometer standpoint, we feel very good about where the technology is and what it is delivering for us from a product standpoint.

因此，從 28 納米的角度來看，我們對技術的位置以及從產品的角度為我們提供的東西感到非常滿意。

And one of the things, Sanjay, that we are focused on is to make sure those parts are delivered to time to the market, the 2C launches, and that we get the parts and volume as we ramp through it so that it's not just an announce and a back end.

Sanjay，我們關注的其中一件事是確保這些部件按時交付到市場，2C 發布，並且我們在通過它時獲得部件和數量，因此它不僅僅是一個宣布和後端。

These are focused in terms of the execution of the supply chain to build through the ramp at the beginning of the launch.

這些側重於供應鏈的執行，以在發布之初通過斜坡建立。

So that's something we've focused very hard not to repeat the Llano kind of events of 2011.

所以這是我們非常關注的事情，以免重複 2011 年發生的類似 Llano 的事件。

Okay, thanks.

好的謝謝。

And as a follow-up I wanted to go back to the gross margin question.

作為後續行動，我想回到毛利率問題。

And I was wondering if you could give us a sense on your (inaudible) and semicustom business.

我想知道您是否可以讓我們了解一下您的（聽不清）和半定制業務。

What is the gross margin of that product line related to your PC business?

與您的 PC 業務相關的該產品線的毛利率是多少？

Is it lower, is it higher?

是低了還是高了？

If you could give us any color there.

如果你能給我們任何顏色。

We don't get to that level of granularity, Sanjay.

Sanjay，我們沒有達到那種粒度級別。

Alright, thank you so much.

好的，非常感謝。

Vivek Arya, Bank of America.

美國銀行的 Vivek Arya。

This is Ashish for Vivek Arya.

這是 Vivek Arya 的 Ashish。

Thanks for squeezing us in.

謝謝你把我們擠進去。

A question for Lisa -- could you provide an update on when you expect Piledriver architecture Opteron servers to come out?

Lisa 的一個問題——您能否提供有關 Piledriver 架構 Opteron 服務器何時問世的最新消息？

And related to that is, could this refresh your server business, or do you think long-term growth is more a function of SeaMicro dense servers as well as ARM-based servers?

與此相關的是，這會刷新您的服務器業務，還是您認為長期增長更多是 SeaMicro 密集服務器和基於 ARM 的服務器的功能？

Yes.

是的。

So when we talk about our server business, we are definitely focused on increasing our investments in the dense server portion of the business.

因此，當我們談論我們的服務器業務時，我們肯定會專注於增加對業務的密集服務器部分的投資。

So we recently announced our Abu Dhabi lineup in Q4.

因此，我們最近宣布了第四季度的阿布扎比陣容。

We also announced earlier this month an Open Compute Project reference platform that was based on ASUS and that we called Roadrunner.

本月早些時候，我們還宣布了一個基於華碩的開放計算項目參考平台，我們稱之為 Roadrunner。

Those are both based on the Piledriver architecture.

這些都是基於打樁機架構。

As we go forward, as we said, we are going to ensure that we double down in the dense server business, and that includes our SeaMicro Fabric as well as our chip technologies with APUs and CPUs.

正如我們所說，在我們前進的過程中，我們將確保我們在密集服務器業務中加倍努力，其中包括我們的 SeaMicro Fabric 以及我們的 APU 和 CPU 芯片技術。

Okay, cool.

好的，酷。

Devinder, let me try asking you the semicustom embedded business question a different way.

Devinder，讓我試著用不同的方式問你半定制嵌入式業務問題。

You have noted that you expect this to represent about 20% of sales exiting the year.

您已經註意到，您預計這將佔當年銷售額的 20% 左右。

Directionally, how should we think about growth in op margins, both on a percent as well as on a dollar basis, as you go from progress through the year?

從方向上講，我們應該如何考慮營業利潤率的增長，無論是在百分比還是美元的基礎上，從一年的進展來看？

As I said earlier, the PC environment continues to be dynamic.

正如我之前所說，PC 環境仍然是動態的。

Our business model, based on what you observe at the 20%, obviously is evolving.

根據您在 20% 中觀察到的情況，我們的商業模式顯然正在演變。

We are providing guidance for gross margin for Q1 2013, and we are not providing guidance beyond that time period.

我們正在為 2013 年第一季度的毛利率提供指引，我們不會提供超過該時間段的指引。

Okay, thanks.

好的謝謝。

Operator, that concludes today's earnings conference call.

接線員，今天的收益電話會議結束。

We would like to thank everybody for participating, and for you to sign off now, please, operator.

我們要感謝大家的參與，請你現在結束，接線員。

Ladies and gentlemen, thank you for participating in today's program.

女士們，先生們，感謝你們參加今天的節目。

This concludes the program.

程序到此結束。

You may all disconnect.

你們都可以斷開連接。