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. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instructions will follow at that time. (Operator instructions). As a reminder, this conference call is being recorded.

女士們、先生們，大家好，歡迎參加 AMD 2012 年第四季財報電話會議。此時，所有參與者都處於只聽模式。稍後我們將進行問答環節，屆時將會提供說明。（操作員指令）。提醒一下，本次電話會議正在錄音。

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

現在，我想介紹今天會議的主持人、投資者關係副總裁 Ruth Cotter。請繼續。

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

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

Participants on today's call are Rory Read, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President and Chief Financial Officer. Lisa Su, our Senior Vice President and General Manager, Global Business Unit, will be present for the Q&A portion of the call. This is a live call and will be replayed via webcast on AMD.com.

今天參加電話會議的人員包括我們的總裁兼執行長 Rory Read；以及我們的高級副總裁兼財務長 Devinder Kumar。我們的資深副總裁兼全球業務部總經理 Lisa Su 將出席此次電話會議的問答環節。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

I would like to take this opportunity to highlight a few dates for you. 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. Rory Read will present at the Morgan Stanley Technology, Media and Telecom conference on February 26 in San Francisco. Our first-quarter quiet time will begin at the close of business on Friday, March 15. Lastly, we intend to announce our first-quarter earnings on April 18. Dial-in information for the call will be provided in mid-March.

我想藉此機會向大家重點介紹幾個日期。資深副總裁兼首席銷售長 John Byrne 將於 2 月 12 日出席在舊金山舉行的高盛科技與網路大會並發表演講。Rory Read 將於 2 月 26 日在舊金山舉行的摩根士丹利科技、媒體和電信會議上發表演講。我們的第一季靜默期將於 3 月 15 日星期五下班後開始。最後，我們計劃於 4 月 18 日公佈第一季財報。這次電話會議的撥入資訊將於三月中旬提供。

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 評論中最直接可比較的 GAAP 財務指標相協調。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date and, as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement 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 September 29, 2012.

在我們開始之前，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。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 9 月 29 日的 10-Q 表季度報告。

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

現在，我想將電話交給 AMD 總裁兼執行長 Rory Read。羅裡？

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

謝謝你，露絲。我們在第四季度取得了進展，兌現了承諾，管理了費用和現金，並開始轉型 AMD 以實現長期成長和獲利。然而，由於宏觀環境充滿挑戰，個人電腦市場表現弱於預期，全年業績未能達到我們的預期。

As I mentioned on our last earnings call, we are executing a turnaround that will take several quarters. 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. We have the right strategy and a new set of products coming to market in 2013. 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.

正如我在上次收益電話會議上提到的那樣，我們正在實現扭虧為盈，這將需要幾個季度的時間。我們預計 2013 年上半年 PC 市場將持續波動，我們將在重置、重組並最終改造 AMD 的過程中密切管理業務。我們擁有正確的策略，並將於 2013 年推出一系列新產品。我們繼續進行必要的投資，以推動我們在高成長鄰近市場（密集伺服器、半客製化、嵌入式和超低功耗客戶端市場）的收入增加。

We are implementing three phases of our turnaround -- first, complete the restructuring of our business. This is a critical step in reducing our operating cost model to enable a return to profitability. Second, accelerate our business in 2013 by executing the delivery and launch of a new set of powerful product offerings. And, third, transform AMD to take advantage of high-growth opportunities in adjacent markets where our IP provides a competitive advantage.

我們正在實施三個階段的轉型—首先，完成業務重組。這是降低我們的營運成本模式以恢復獲利能力的關鍵一步。第二，透過交付和推出一系列新的強大產品來加速我們 2013 年的業務。第三，改造 AMD，使其能夠利用鄰近市場的高成長機會，我們的 IP 可以在這些市場中提供競爭優勢。

As with any turnaround, it is critical we meet our commitments throughout each step. To that end, we effectively managed our cost, reduced our inventory and maintained our cash above our minimum acceptable levels in the fourth quarter. 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.

與任何轉變一樣，我們在每一步中履行承諾至關重要。為此，我們在第四季度有效地管理了成本，減少了庫存，並將現金維持在可接受的最低水平之上。營收[11.55億美元]（電話會議後公司進行了修正）符合我們的預期，但環比下降 9%，年減 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. As a result, nearly one in every three notebooks sold in US retail in the fourth quarter were powered by AMD. 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. The value proposition of our latest processor drove demand and helped reduce channel inventory.

連續第二年，我們迎來了成功的黑色星期五，北美零售市場基於 AMD 的筆記型電腦的銷量較去年同期有所增長。因此，第四季美國零售店售出的每三台筆記型電腦中就有近一台採用 AMD 處理器。由於本季我們的新 Athlon FX CPU 和 A 系列 APU 在通路上的強勁採用，我們也看到桌上型電腦微處理器 ASP 的持續成長。我們最新處理器的價值主張推動了需求並有助於減少通路庫存。

Customers continue to embrace the differentiated value proposition of our APUs. We added VIZIO as a new customer based on the industry-leading graphics performance and long battery life of AMD's APUs. VIZIO's first AMD-based products will include two touch-base ultra-thin and a Windows 8 tablet.

客戶繼續接受我們 APU 的差異化價值主張。我們基於 AMD APU 業界領先的圖形效能和長電池壽命，將 VIZIO 新增為新客戶。VIZIO 的首批基於 AMD 的產品將包括兩款觸控式超薄產品和一款 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. 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.

現在談談我們的伺服器業務，在大型雲端資料中心勝利的推動下，我們的 SeaMicro 密集伺服器的收入實現了顯著成長。眾多知名客戶正在部署和評估 SeaMicro 解決方案，這證明了我們在密集伺服器方面的投資價值，並為未來的持續成長奠定了基礎。

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. 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. 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.

我們的圖形業務在本季也表現良好，亮點是創紀錄的工作站和遊戲收入以及搭載 AMD 圖形技術的 Nintendo Wii U 遊戲系統的推出。為了幫助加速通路中的桌上型電腦 GPU 銷售並強化我們成為遊戲領導者的長期策略，我們在本季推出了 Never Settle 活動。由於我們將本季最熱門的一些遊戲與我們性能最高的顯示卡捆綁在一起，因此此次促銷活動受到了合作夥伴和消費者的熱烈歡迎。

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. 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.

在通路方面，我們的高階 Radeon 顯示卡的單位出貨量和收入均有所成長，從而推動了產品組合更加豐富以及平均售價較上一季度有所提高。我們將在本季度推出後續促銷活動，將我們性能最高的顯示卡與 2013 年最受期待的一些遊戲搭配在一起。

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. 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. 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. 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.

現在我想回到影響 AMD 和整個產業的趨勢，以及我們為重組、加速和最終轉變業務所採取的措施。我們正在順利實施新的營運模式，這將使我們能夠降低營運費用並恢復獲利能力。此外，隨著我們開始出貨 Richland 以及為 Brazos 後續產品 Kabini 和我們新的超低功耗 Temash APU 贏得堅實的設計勝利，那些將在 2013 年加速我們業務發展的新產品在本季度已經通過了幾個關鍵里程碑。Kabini 和 Temash 目前都在進行最終內部驗證和客戶評估，計劃於今年上半年推出。

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

AMG 的首款行動 GPU 是基於我們的 Graphics Core Next 架構，也將在第四季開始出貨。華碩、聯想和三星已經宣布計劃提供這些低功耗 GPU，我們看到這些 GPU 的強勁設計獲勝勢頭，因為它們提供獨立級圖形性能，同時延長傳統和超薄筆記型電腦的電池壽命。

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

我們推動鄰近高成長市場成長的長期轉型持續獲得動力。在伺服器領域，我們將把豐富的 64 位元設計經驗、x86 處理器 IP 和 ARM 處理器核心與 SeaMicro Freedom Fabric 結合，在業界向密集伺服器轉型的過程中繼續保持領先地位。我們相信，我們已經擁有比其他任何競爭對手多得多的密集伺服器客戶安裝量，這使得我們的 SeaMicro 技術成為業內最常用的密集伺服器解決方案。

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. Our Kabini and Temash SoCs for notebooks, tablets and convertibles are exceeding our expectations. More importantly, the strong value proposition and differentiated features of these products are exceeding customer expectations as well. 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.

現在，在超低功耗客戶中，我們透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、速度和品質。我們用於筆記型電腦、平板電腦和可轉換筆記型電腦的 Kabini 和 Temash SoC 超出了我們的預期。更重要的是，這些產品的強大價值主張和差異化特性也超越了顧客的期望。Kabini 將成為業界首款四核心 x86 SoC，而 Temash 預計將成為市場上性能最高的平板電腦 SoC，其圖形性能將是我們目前平板電腦產品的兩倍以上。

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

最後，我們的嵌入式和半客製化 APU 設計取得了巨大成功。基於這些 APU 的初始產品預計將於今年稍後推出，到第四季度，這將推動我們的嵌入式半客製化業務占我們收入組合的 20% 以上。

So in summary, we have made good progress in the fourth quarter with our turnaround. We delivered on our financial and customer commitment, effectively managed cash, reduced inventory and lowered operating expense in the face of a difficult market. 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.

總而言之，我們在第四季度扭轉局面取得了良好進展。我們履行了財務和客戶承諾，在困難的市場環境下有效地管理了現金，減少了庫存並降低了營運費用。我們將在本季完成大部分重組行動，目標是到 2013 年第三季將整體成本結構在 2012 年初的基礎上降低 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型 APU 和顯示卡產品，這將加速我們的 AMD 業務，最終目標是在今年下半年使 AMD 恢復盈利能力並實現正的自由現金流。

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. 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. 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，這將使我們能夠從我們的 IP 具有差異化的高成長市場中獲得 40% 到 50% 的未來收入。我們的嵌入式半客製化 APU 業務仍有望在今年年底前貢獻我們總收入的約 20%，而我們的 SeaMicro 密集雲端伺服器業務也持續保持成長勢頭。我們將繼續專注於未來幾季必須採取的措施，以扭轉 AMD 的局面並實現持續的盈利和成長。

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

現在，我想將電話轉給我們新任命的財務長 Devinder Kumar。德文德？

Thank you, Rory. 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. 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. 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.

謝謝你，羅裡。2012 年是充滿挑戰的一年，在這一年中，我們進行了策略性投資，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領域中取得未來的成功。2012 年第四季度，我們宣布了重組措施和營運效率，旨在降低費用結構並幫助 AMD 恢復未來獲利能力和自由現金流。重整計畫包括在2012年第四季和2013年第一季裁減AMD全球員工約14%，並將在2013年節省約1.9億美元的營運成本。

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，我們預計將把營運費用削減至每季4.5億美元，較2012年第一季下降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，以使我們的晶圓採購承諾更好地與當前PC市場動態保持一致，增強我們的資產負債表並幫助我們實現營運目標。

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

更廣泛的宏觀經濟問題影響了 2012 年下半年的消費者個人電腦支出，因為我們在第二季面臨的挑戰一直持續到年底。我們面臨著艱難的銷售環境，這對我們 2012 年的整體財務表現產生了負面影響。

Let me provide some details on the full-year 2012 financial results. Revenue for the year was $5.4 billion, down 17% year-over-year. Non-GAAP gross margin was 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. We achieved non-GAAP operating income of $45 million. We managed capital expenditures down to $133 million in 2012, below guidance of approximately $200 million.

讓我提供一些有關 2012 年全年財務表現的詳細資訊。全年營收為54億美元，年減17%。非公認會計準則毛利率為41%。非公認會計準則營運費用為 22 億美元，低於我們預期的水平，這是由於重組行動以及支出與業務預期的一致性。我們實現了 4500 萬美元的非公認會計準則營業收入。2012 年，我們將資本支出降至 1.33 億美元，低於約 2 億美元的指引值。

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

稅收收益為 3,400 萬美元，由於收購 SeaMicro 帶來的 3,600 萬美元一次性收益，高於預期。截至第四季末的現金餘額為 12 億美元，高於約 11 億美元的最佳區間，也遠高於營運所需的 7 億美元的最低目標。

Let's turn to the fourth-quarter results. 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. Revenue declined due to lower volumes across both segments.

讓我們來看看第四季的業績。2012 年第四季營收為 11.6 億美元，較上一季下降 9%，其中計算解決方案部門營收下降 11%，圖形產品部門營收下降 5%。由於兩個部門的銷量下降，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.

為了得出非公認會計準則毛利率和其他非公認會計準則財務指標，除其他項目外，我們排除了與格芯 2.73 億美元的照付不議義務相關的成本或市場費用中較低者的影響，該義務在我由首席財務官撰寫並已發佈在網上的評論中進行了更詳細的討論。

Non-GAAP gross margin was 39%, up 8 percentage points quarter over quarter. 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. Fourth-quarter 2012 gross margin also benefited from sales of higher-priced second-generation desktop APUs.

非公認會計準則毛利率為39%，季增8個百分點。2012年第三季的毛利率為31%，受到約1億美元（8個百分點）的庫存減記的不利影響。2012 年第四季的毛利率也受惠於價格較高的第二代桌上型電腦 APU 的銷售。

Non-GAAP operating expenses were $506 million, lower than guidance primarily due to due tight spending controls in the quarter. R&D expenses were $313 million, 27% of net revenue. SG&A expenses were $193 million, 17% of net revenue. Non-GAAP operating loss was $55 million and non-GAAP net loss was $102 million.

非公認會計準則營運費用為 5.06 億美元，低於預期，主要原因是本季嚴格控制支出。研發費用為3.13億美元，佔淨收入的27%。銷售、一般及行政費用為 1.93 億美元，佔淨收入的 17%。非公認會計準則營業虧損為 5,500 萬美元，非公認會計準則淨虧損為 1.02 億美元。

Interest expense was $45 million, flat compared to the prior quarter. Tax provision for the quarter was $4 million compared to zero in the prior quarter. The non-GAAP loss per share was $0.14, calculated using 747 million basic shares. Adjusted EBITDA was $30 million, better by $65 million from the prior quarter's negative $35 million, excluding the LCM charge of $273 million.

利息支出為 4500 萬美元，與上一季持平。本季的稅收準備金為 400 萬美元，而上一季為零。以 7.47 億股基本股計算，非公認會計準則每股虧損為 0.14 美元。調整後的 EBITDA 為 3,000 萬美元，較上一季的負 3,500 萬美元增加 6,500 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. Client product revenue declined 13% sequentially, primarily driven by lower microprocessor unit shipments. 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. Computing Solutions' operating loss were $323 million, an increase of $209 million sequentially, primarily due to the $273 million LCM charge.

現在轉向業務部門，計算解決方案部門收入為 8.29 億美元，環比下降 11%。客戶產品營收季減 13%，主要原因是微處理器出貨量下降。由於密集型伺服器運算系統單位出貨量的成長，伺服器業務收入環比增長，而晶片組收入則隨著微處理器單位出貨量的下降而下降。計算解決方案部門的營運虧損為 3.23 億美元，比上一季增加 2.09 億美元，主要由於 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. Graphics segment operating income was $22 million, up $4 million from the prior quarter, primarily due to the higher game console revenue.

圖形部門收入為 3.26 億美元，環比下降 5%，主要原因是 GPU 收入環比下降 8%，但創紀錄的遊戲機收入和創紀錄的工作站圖形銷售額部分抵消了這一下降。圖形部門營運收入為 2,200 萬美元，較上一季增加 400 萬美元，主要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. 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. We exited the quarter above our target optimal cash level and well above the target minimum cash level of approximately $700 million.

談到資產負債表，本季末我們的現金、現金等價物和有價證券（包括長期有價證券）餘額為 12 億美元，與 2012 年第三季末相比下降了 2.97 億美元。減少的主要原因是經營現金流為 2.86 億美元，其中包括以下幾項特定現金支付——向 GLOBALFOUNDRIES 支付 1.3 億美元，其中包括 5000 萬美元的有限豁免獨佔權費用；與照付不議協議相關的 8000 萬美元終止費；以及與 2012 年現金支付的 4600 萬美元的 4600 萬美元。本季末，我們的現金水準超過了目標最佳現金水平，也遠高於約 7 億美元的最低現金水準目標。

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

截至本季末，債務保持不變，為 20.4 億美元。

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. 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.

本季末的應收帳款為 6.3 億美元，與 2012 年第三季末相比減少了 5,300 萬美元，主要原因是收入減少。本季末庫存為 5.62 億美元，比上一季減少 1.82 億美元或 25%，原因是 MPU 庫存下降，這主要是由於與 GLOBALFOUNDRIES 修改了晶圓供應協議。

Now turning to the outlook, for the first quarter of 2013, AMD expects revenue to decrease 9% sequentially, plus or minus 3%. Gross margin is expected to be flat sequentially. Operating expenses are expected to be approximately $495 million, and we expect inventory to increase sequentially ahead of new product introductions and technology transitions.

現在回顧前景，AMD 預計 2013 年第一季的營收將季減 9%，上下浮動 3%。預計毛利率將與上一季持平。預計營運費用約為 4.95 億美元，我們預計在新產品推出和技術轉型之前庫存將持續增加。

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. 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.

2013 年，我們預計今年第三季的營運費用將達到 4.5 億美元，全年資本支出約為 1.5 億美元，每季稅費約為 400 萬美元。我們計劃在 2013 年下半年實現自由現金流為正，並預計全年現金餘額將維持在 11 億美元的最佳區間，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. 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. I will now turn it back to Ruth for the Q&A. Ruth?

總體而言，我們已採取重大舉措，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 年及以後利用鄰近高成長市場的新機會。我們預計，我們的重組行動和公司重組將使我們在 2013 年下半年恢復獲利能力和自由現金流。現在我將把話題交還給露絲進行問答。露絲？

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

謝謝你，Devinder。接線員，我們現在很高興向觀眾提問。

(Operator instructions) David Wong, Wells Fargo.

（操作員指示）富國銀行的 David Wong。

Embedded revenues -- Rory, I think you said you are still on track to hit 20% of revenues by 4Q for the embedded revenues. Could you give us some idea as to how things will ramp in the first, second and third quarter? Will you get any significant embedded CLs and those three quarters?

嵌入式收入——羅裡，我想你說過，到第四季度，嵌入式收入仍有望達到總收入的 20%。您能否告訴我們第一季、第二季和第三季的情況將如何發展？您會獲得任何重要的嵌入式 CL 和那三個季度嗎？

David, we already have an interesting embedded business already in place. 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. We've mentioned on previous calls that those are currently confidential and they will be announced as the year moves on.

大衛，我們已經有一個有趣的嵌入式業務。隨著我們繼續在該領域進行投資，以利用我們差異化的 IP 和領先的 APU，我們將看到我們進入一些高成長領域。我們在之前的電話會議中提到過，這些目前都是保密的，並將在今年稍後公佈。

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

我們應該會看到我們的收入從接下來的幾個季度開始增加，並在全年攀升至 20% 的水平。

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

好的，太好了。我的另一個問題是，自從您加入公司並製定長期策略目標以來的過去幾個季度裡，您對 AMD 應該如何轉型的想法發生了變化嗎？現在您認為 AMD 應該涉足哪些新領域，或者您認為 AMD 應該退出哪些領域？

It's interesting, David. Over the past 16 months of being here at AMD, it's clear that this Company has a deep base of intellectual property. It has a huge asset pool in terms of the talented engineers and dedicated AMD'ers across the planet. And this is an unprecedented period of change in the industry.

這很有趣，大衛。在過去 16 個月中，AMD 顯然擁有深厚的智慧財產權基礎。它擁有龐大的資產池，包括遍布全球的優秀工程師和敬業的 AMD 員工。這是一個前所未有的產業變革時期。

Our strategies remain basically fundamentally consistent throughout this. The only thing that has really changed is the time period that we need to execute that change and accelerate into that.

我們的策略在整個過程中基本上保持一致。唯一真正改變的是我們需要執行並加速實現這項改變的時間段。

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

首先，這是一個分為三個階段的轉變──第一，重置和重組公司。我認為在第四季度，您會看到我們取得了這樣的進展，我們正在履行承諾，我們正在執行和管理我們的費用，我們正在妥善管理我們的現金，並且我們已經顯著改善了我們的庫存狀況。

With that, we are on a drive to get to $450 million by 3Q. Then, we need to execute and accelerate in 2013. 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.

這樣，我們就能努力在第三季達到 4.5 億美元的目標。然後，我們需要在2013年執行並加速。這是我們重組和重置階段的頂峰，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. 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. These are very interesting products, and we are going to continue our industry leadership into the Graphics segment.

在 CES 上，Lisa 和我花了很多時間與客戶相處，他們對現已推出的 Richland 感到非常興奮。他們對 Kabini 和 Temash 感到非常興奮——Kabini 是我們最成功的 Brazos 平台的後續產品，而 Temash 則進入了低功耗領域。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，密集伺服器迎來了有史以來最好的一個季度，並為未來的成長奠定了基礎。

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.

但最終，我們要帶領這家公司走向的是轉型，AMD 可以利用市場的發展方向、高成長領域以及我們可以運用創新來引領的領域。

That's where we have to take the third part of our step, and we are making those investments now. In dense server, we are already seeing the early progress with SeaMicro that I mentioned, and then moving into embedded semicustom. 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. 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.

這就是我們必須邁出的第三步，我們現在正在進行這些投資。在密集伺服器中，我們已經看到了我提到的 SeaMicro 的早期進展，然後轉向嵌入式半客製化。今年我們的營收佔比將達到 20%，但未來三年我們的最終目標是讓這些領域的營收佔比達到 40% 至 50%。顯然，我們有機會在低功耗領域圍繞新形式因素在客戶領域建立長期傳統——這些領域是 AMD 可以創造領導地位、實現產品組合多元化、在其悠久成功歷史和差異化 IP 基礎上建立領導地位的領域。

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一、二、三步驟方法。

Great, thanks very much.

太好了，非常感謝。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

This is Patrick Welsh calling for John Pitzer. I just had a quick question relative to some of the charges. So in the fourth quarter, it looks like you guys took a larger than expected charge. How should we think about these one-time charges going out through 2013?

我是派崔克‧威爾士，正在呼叫約翰‧皮策。我只是想針對一些指控問一個簡單的問題。因此，在第四季度，看起來你們的費用比預期要高。我們該如何看待 2013 年的這些一次性收費？

I think if you look at Q4, you are right about the one-time charges. Let me just take a moment to explain that. 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. 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.

我認為如果你看一下第四季度，你對一次性費用的看法是正確的。請容許我花一點時間來解釋一下。我們先前曾表示，與 WSA 相關的 1.65 億美元一次性費用和 1.1 億美元終止費將分攤到第四季和第一季。當我們從庫存的角度完成分析時，記錄第四季度的幾乎全部費用是更合適的，我們繼續這樣做，那就是 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. There are some actions that might be taken that would lead to it, but at this point, I don't think anything is anticipated.

目前，即使第四季已經進行了重組，我們也不認為 2013 年內會發生任何重大事件。採取一些行動可能會實現這一目標，但目前，我認為還沒有任何預期。

Okay, great, thanks. 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.

好的，太好了，謝謝。然後是關於嵌入式部分的另一個問題——我只是好奇您是否可以詳細說明一下這種組合隨著時間的推移會如何發展，其中游戲收入佔比與其他嵌入式收入佔比如何。

Patrick, this is Lisa Su, just a comment on the embedded revenue. 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. 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. And then, as we go forward, we would expect to add additional high-volume design wins to that bucket.

派崔克，我是麗莎蘇，我只是想對嵌入式收入做一點評論。因此，我們將嵌入式和半客製化設計放在一個桶子裡，我們肯定會看到嵌入式業務往往具有較長的設計週期，然後也有較長的生命週期。因此，我們在實現 Rory 提到的目標方面有很好的透明度，即在今年第四季實現 20% 的營收。然後，隨著我們不斷前進，我們期望在這個領域中獲得更多大量的設計勝利。

And it's interesting, as we mentioned in earlier comments, those parts are already in their validation phases here. 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. So we are on track and making solid progress in terms of the delivery of those key new solutions.

有趣的是，正如我們在先前的評論中提到的，這些部分已經處於驗證階段。我們正在努力實現這些目標，以保護那些關鍵的設計勝利，從而推動第四季 20% 的營收目標。因此，我們在提供這些關鍵的新解決方案方面進展順利，並取得了紮實的進展。

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

Rory，我有幾個問題——在四核心 SoC 領域，你們最終會比競爭對手領先 6 個月甚至 9 個月。為了實現這一目標，您需要運用哪些技能？第二個問題是－您對您的競爭對手明年及之後的產能增加有何評論？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. 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.

因此，漢斯，從某個角度來看，我們正在努力增強我們的核心業務實力，同時努力抓住傳統領域之外的新機會。在接下來的兩年裡，您將看到我們重新平衡業務，非 PC 部分和 PC 部分的分配將更加均衡。

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. Again, it's in its final phases of test. I'm sure Lisa will comment in just a second.

當您談論 SoC 四核心領域的領導地位時，有趣的是，這是 Kabini 今年推出的一款功能強大的產品。再次，它正處於測試的最後階段。我確信麗莎馬上就會發表評論。

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.

我們在這個領域嘗試做的是，再次打造我們過去在 Brazos 所取得的領導地位，然後將相同的知識應用到 Temash，這將使我們進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. They know the semicustom space, they know microprocessor design, they know semicustom and, of course, embedded. 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. And that's why I think you are seeing some of that progress around Kabini.

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，並且您已經看到我們在過去的 12 到 15 個月中引進了有趣的人才，這些人才來自行業名人錄。他們了解半客製化領域，了解微處理器設計，了解半客製化，當然，也了解嵌入式。您還可以從 Keller、Mark Papermaster 以及 Lisa Su 的經驗中看到這些才華，他們擁有實現業界領先的微處理器設計的經驗。這就是為什麼我認為你們會看到卡比尼周圍取得一些進展。

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

麗莎，你想補充一點想法嗎？

Yes. 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. I think it is an opportunity for us to lead. 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.

是的。漢斯，我來回答關於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滿足了一個新的空間，與當今的消費級和高功率平板電腦不同。我認為這是我們發揮領導作用的一個機會。我認為從行動的角度來看，我們認為完全支援 Windows 8 的平板電腦有一個最佳點，並且延伸到四核心到非常低功耗點。

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

因此，當我們建立路線圖的這一部分時，它是關於系統單晶片設計在如何重複使用 IP 和在正確的時間將產品推向市場方面變得更加靈活。因此，在 2013 年上半年推出這些產品對於趕上強勁的返校季非常非常重要。

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

謝謝，後續是關於容量的評論。

In terms of capacity, what were you curious about?

就容量而言，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，看起來，你們的競爭對手將會增加很多產能。

Our focus, again, I think is clear and very focused. We have got to stay on this reset/restructure, get that done and behind us. I think we are moving through that well in terms of getting the cost model, then getting into the execution of the acceleration. That's the key. It's about getting those products and market. Lisa just talked about it in terms of Kabini and talked about it in terms of Temash. It's around the embedded segment. That's the key for us. 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. That's the key for us. We do that, we correct the turnaround, we get to the lower operating model and we return to profitability and growth.

我認為我們的重點是明確且非常集中的。我們必須繼續進行這種重置/重組，並將其完成。我認為我們在獲取成本模型以及執行加速方面進展順利。這才是關鍵。這是為了獲得這些產品和市場。Lisa 剛才用 Kabini 來談論這件事，又用 Temash 來談論這件事。它圍繞著嵌入段。這對我們來說是關鍵。客戶的認可度，無論是在工業領域、遊戲領域、我們的傳統 OEM 或 ODM，他們都對我們在 2013 年創造的產品非常感興趣。這對我們來說是關鍵。我們這樣做了，我們糾正了轉變，我們進入了更低的營運模式，我們恢復了利潤和成長。

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. I think we have to focus on what we are good at and getting the products executed. That's key for us.

同時，繼續關注密集伺服器市場以及平板電腦/行動領域的發展方向，並持續拓展嵌入式半客製化市場的機會。我認為我們必須專注於我們擅長的領域並推出產品。這對我們來說很關鍵。

Thank you.

謝謝。

C.J. Muse, Barclays.

巴克萊銀行的 C.J. Muse。

I guess first question on gross margin guided flat despite revenues down 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?

我想第一個問題是關於毛利率的，儘管收入下降了 9%，但毛利率仍保持穩定。您能否介紹一下混合體中的驅動程序，以及我們應該考慮的 WSA、GF 或任何其他驅動程式之間的任何移動部件，然後我們應該如何考慮 Q1 之後的軌跡？

I think all the factors you mentioned come into play from a product mix standpoint. The WSA is behind us. We renegotiated that and amended that, as we announced in December, so it is in effect for 2013. We see a stability from a gross margin standpoint, even though the PC environment continues to be dynamic. And from that standpoint, we are projecting in Q1 of 2013 that we will be able to maintain approximately flat gross margin at 39%.

我認為從產品組合的角度來看，您提到的所有因素都會發揮作用。WSA 已經支持我們了。我們對此進行了重新談判和修改，正如我們在 12 月宣布的那樣，因此它將於 2013 年生效。儘管個人電腦環境持續變化，但從毛利率角度來看，我們看到了穩定性。從這個角度來看，我們預計 2013 年第一季的毛利率將維持在 39% 左右。

Okay, that's helpful. 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? I believe a few months ago you had said $1.3 billion.

好的，這很有幫助。並且根據您所看到的以及您將在毛利率方面了解到的情況，您是否對在營運水準基礎上實現盈虧平衡的預期有最新消息？我相信幾個月前您說過 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. The PC market, as Rory said earlier, we see it as challenging for the next couple of quarters, at least. And, therefore, we are not providing any guidance from a revenue standpoint for the year. From an OpEx standpoint, we have a trajectory to get to $450 million by Q3 of 2013. 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. 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.

我認為，我並不想關注這一點，而只是想重申並補充一些我們為 2013 年提供的指導。正如羅里之前所說，我們認為個人電腦市場至少在未來幾季將面臨挑戰。因此，我們不會從收入角度提供任何年度指導。從營運支出的角度來看，我們預計到 2013 年第三季將達到 4.5 億美元。正如我之前所說，今年的資本支出為 1.5 億美元，最終，到 2013 年下半年，自由現金流將變為正數並獲利。這就是我們從 2013 年初的財務角度為 2013 年提供的指導。

That's helpful. And then last question for me -- in terms of the cash outflows in Q1, can you confirm what those positions are? I believe you owe $175 million for SeaMicro and another $175 million to GF. Is that correct and are there other moving parts there?

這很有幫助。然後我的最後一個問題——就第一季的現金流出而言，您能確認這些狀況嗎？我相信你欠 SeaMicro 1.75 億美元，還欠 GF 1.75 億美元。這是正確的嗎？還有其他活動部件嗎？

You are correct. Luckily, just for one of the $175 million that you mentioned. The SeaMicro acquisition happened early part of 2012. We paid for that; that was all done as part of last year. But you are correct about the $175 million to GF to be paid in Q1 of 2013. 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. But those are the two specific payments that will occur in Q1 2013.

你是對的。幸運的是，只需支付您提到的 1.75 億美元中的一筆。SeaMicro 的收購發生在 2012 年初。我們為此付出了代價；這些都是去年完成的。但是您說的 2013 年第一季向 GF 支付 1.75 億美元是正確的。我曾在演講中提到過，我們還支付了另外一筆款項，即 3100 萬美元，作為我們從重組角度採取的行動的遣散費。但這是 2013 年第一季將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. 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.

然後從我們的角度來看，正如我多次所說的，從現金角度來看，我們的目標最低金額為 7 億美元。但我們計劃在 7 億美元之間保留緩衝，實際上保持接近 11 億美元，這就是我們所說的最佳現金餘額。

Thank you.

謝謝。

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

First, just a quick follow-up on the last question. Where do you stand on the sale/leaseback of the headquarters?

首先，我來快速回答最後一個問題。您對總部的售後回租持什麼態度？

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

該項目正在進行中，我們的目標是在本季內完成，售後回租交易的淨收入應在 1.5 億至 2 億美元之間。我唯一要澄清的是，這是奧斯汀校區；總部仍位於加州桑尼維爾。

Okay, great, thank you. With the R&D -- you have taken a lot of R&D spending already; you are going to take that down further by Q3. But it seems like there's more on your plate now. 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?

好的，太好了，謝謝。透過研發－你已經投入了大量研發資金；到第三季度，你將進一步降低這個數字。但現在看來你要做的事情更多了。您提出了 ARM 伺服器路線圖、SeaMicro、嵌入式機會——研發方面是否有一些成果可以讓您做出這些削減，並且感覺您並沒有削減，還是說您在任何一個領域削減太多都會有風險？

No. The focus around expense management in terms of driving that op expense line is really across all parts of the business. We have tried to focus those areas where we thought there was efficiency and productivity to begin. For example, there are opportunities for us to dramatically reduce the number of different process technologies we are running in our various foundries. That drives all the IP to be written to multiple libraries. 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. We are seeing efficiencies and productivity through that.

不。在推動營運費用線方面，費用管理的重點實際上涉及業務的所有部分。我們一直努力將重點放在那些我們認為可以提高效率和生產力的領域。例如，我們有機會大幅減少各代工廠中運作的不同製程技術的數量。這會促使所有 IP 被寫入多個庫。我們非常注重效率，以推動金屬層的數量、我們重複使用 IP 的方式以及 Mark Papermaster 和 Lisa Su 透過我們的技術委員會實施的 IP 開發流程。我們由此看到了效率和生產力的提升。

At the same time, we are driving to improve our focus in terms of the types of design wins we go after. It's really not the best business practice to go after just a gigantic number of design wins. We want those high runners, those design wins that drive volume. Every design wins drives cost, drives back end execution, testing resources. When we drive hundreds of design wins, some of those are 25,000, 50,000 units. Those are not efficient. 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. That's how we are driving that kind of focus in terms of efficiency and productivity, and those are just a few.

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。僅僅追求大量的設計勝利確實不是最好的商業實踐。我們想要那些高手，那些能夠推動銷售的設計勝利。每一個設計的成功都會帶來成本、後端執行和測試資源的增加。當我們贏得數百個設計勝利時，其中一些是 25,000 個、50,000 個單位。這些都不是高效率的。我們一直專注於 Lisa 的業務部門團隊和 John Byrne 的銷售團隊，以真正確定那些能夠獲得數量和最有效利用的設計勝利。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. John Dougherty on the supply chain has an intense focus across each of his processes to drive that efficiency, to improve our execution. 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. 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.

我們已經在後端實現了財務轉型系統。供應鏈的 John Dougherty 非常關注每個流程，以提高效率並改善我們的執行力。有趣的是，雖然我們在去年夏季中旬遇到了一些時間安排上的挑戰，但今年下半年，業務部門團隊和技術團隊在 2013 年路線圖部分所取得的進展一直非常一致且按計劃進行。因此，我認為我們正在採取正確的措施來提高效率，尋求 IP 的重用，創建可重複使用的靈活架構，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]，他將全職負責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. 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. So we have already taken out approximately about $100 million of expenses. And the researching actions that we took from headcount and some facilities actions that we are putting in place happened very late in Q4. 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. 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.

如果可以補充的話，我只想補充一則評論。如果你看一下我們 2012 年第一季的營運支出，它接近 6 億美元，而到了第四季度，我們的營運支出已接近 5 億美元。因此，我們已經支出了大約 1 億美元的費用。我們從員工人數和一些設施行動中採取的研究行動是在第四季末進行的。顯然，我們在 2013 年第一季有一些事情要做，所以這些好處顯然，正如你所知，落後於行動，我們將在 2013 年第二季度看到費用削減的全部好處。這應該對我們有幫助，同時保護羅裡所說的 2013 年第三季達到 4.5 億美元的研發投資。

And again, at the end of the day, our Company hinges on the products that we create -- 13 roadmap looks strong. It's across the board in terms of execution, the schedules and the launches are tracking right to the schedules that we laid out. 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. We have protected through this process of budgeting those areas where we know the highest growth will come over the next several years.

再說一遍，歸根結底，我們的公司取決於我們創造的產品——13 條路線圖看起來很強大。整個執行過程、時間表和發布都嚴格按照我們制定的時間表進行。我們正在為 2014 年、2015 年和 2015 年制定計劃，研究如何在高成長領域轉變我們的業務，以及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實現產品重點。透過這項預算流程，我們保護了那些我們知道未來幾年將實現最高成長的領域。

Okay, thank you very much.

好的，非常感謝。

JoAnne Feeney, Longbow Research.

喬安妮·菲尼（JoAnne Feeney），長弓研究公司。

I wanted to go back to the discussion about gross margin. So in the last quarter, desktop was stronger. 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. So that's number one.

我想回到關於毛利率的討論。因此，在上個季度，桌面市場表現更為強勁。首先，我想知道您能否澄清一下，這是否純粹是桌上型電腦內部的混合變化，例如出貨量較低，或者您是否實際上看到第四季度的出貨量環比增加，而且平均售價似乎也有所上漲。這是第一點。

And then number two -- what are you thinking about for mix for 2013? Do you see more lower-end PCs and tablets? 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?

然後第二個問題——您對 2013 年的混音有什麼想法？您是否看到更多低階個人電腦和平板電腦？那麼，這些不同種類產品的利潤率如何呢？您認為哪些因素可以推動毛利率維持在目前的水平，或在 2013 年成長？

Let me take some of the comments on the mix on the gross margin in the fourth quarter. So in the fourth quarter, I think we took a very balanced approach to managing the margins. I think we saw some positives and some negatives in the desktop business. 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. There were some competitive pressures on the notebook side. So all in all, a very balanced approach to the margins.

讓我對第四季毛利率組合發表一些評論。因此，我認為在第四季度我們採取了非常平衡的方法來管理利潤率。我認為我們在桌面業務中看到了一些積極的方面和一些消極的方面。我們確實看到桌上型電腦 ASP 有所增加，主要是因為我們向通路推出了更高階的 Athlon FX 系列以及新的單 A 系列 Trinity APU，這推動了桌上型電腦 ASP 略有上漲。筆記型電腦方面存在一些競爭壓力。總而言之，這是一種非常平衡的利潤方法。

I think, as we go forward for 2013 mix, we are not talking about full-year gross margins. Devinder mentioned our guidance into Q1. 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. But there's, of course, a balance with what happens in the market. So all in all, I think that's where we are.

我認為，當我們展望2013年的產品組合時，我們談論的並不是全年的毛利率。Devinder 提到了我們對第一季的指導。當您查看那裡的組合時，我們預計，隨著我們進入今年下半年，我們將擁有 A 系列的高端產品，即 A-8 和 A-10。但當然，市場狀況也需要保持平衡。總而言之，我認為這就是我們現在的狀況。

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

好的，然後快速跟進一下——我猜你多少錢——好吧，讓我回顧一下。您和羅莉以及馬克一直在談論的改變，簡化製造流程，減少晶圓加工步驟的數量，例如採用更標準的流程，大概可以實現兩個目標：一是降低單位成本，二是加快產品上市時間。從我們試圖了解毛利率可能走向的角度來說，您能否告訴我們您預見這些簡化對成本結構的量化影響？

Well, from a cost structure, that's how we are driving -- part of the way how we drive to the $450 million. That's one piece of it, as I kind of highlighted, 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. In the future, it's going to be quicker, low-power, more efficient design.

嗯，從成本結構來看，這就是我們實現 4.5 億美元目標的部分方法。正如我所強調的那樣，這就是其中的一部分，喬安妮。整個開發過程中的理念、我們現在的聯結方式以及我們所關注的重點——在過去，客製化極其冗長、複雜的設計是 PC 市場發展的方向。未來，它將是更快、低功耗、更有效率的設計。

What also you get from this approach -- obviously, you'll get time to market, you get lower costs. You also get better yield, which is also important in terms of really managing the business. So it has benefits across the board. 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. So we are going to stay the course on that. That's helping us on the $450 million.

透過這種方法您還可以獲得什麼——顯然，您將獲得上市時間，並降低成本。您還可以獲得更好的收益，這對於實際管理業務也很重要。因此，它對各方面都有好處。隨著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 的崩潰，這些類型的模型將成為關鍵。因此，我們將堅持這一方針。這對我們 4.5 億美元有幫助。

From the gross margin, I think we have given the guidance in fourth quarter. We need to focus on executing first quarter as we have given the guidance, excuse me, on first quarter. And from there, we will go forward.

從毛利率來看，我認為我們已經給出了第四季度的指導。我們需要專注於執行第一季度，因為我們已經給出了第一季的指導。從此我們將繼續前進。

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

好的，然後只需快速跟進一下——聽起來製造過程中的簡化是同時進行的；它可以降低營運支出，並可能提高您的毛利率。或許您可以向我們介紹一下從主流的 Trinity Richland 到低端的 Temash 和 Kabini's 等不同產品的毛利率差距。這個範圍是擴大了還是縮小了，或者你還不能談論這個嗎？

Yes, JoAnne, we wouldn't get into that level of detail. I think we have given a good outlook in terms of the guidance for 1Q.

是的，喬安妮，我們不會討論到那麼詳細。我認為我們對第一季的預測是良好的。

Okay, thanks.

好的，謝謝。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

You can, go right ahead. But you are not Glen; I know Glen's voice.

可以，繼續吧。但你不是格倫；我熟悉格倫的聲音。

Yes, it's Emily for Glen Yeung. Can you discuss your gaming consoles, which is a potential market for you? 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? And I have a follow-up.

是的，這是 Emily 為 Glen Yeung 所做的。您能談談您的遊戲機嗎？這對您來說是一個潛在的市場嗎？我們只是想知道，什麼時候可以預期收入會增加，這是您在財務長演講中討論的庫存建設的一部分嗎？我還有一個後續問題。

Okay. 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.

好的。好吧，Devinder，為什麼不談談庫存，我們如何關注和管理它，以及它從現在開始如何發展，然後我們將談談我們之前為 Emily 介紹過的嵌入式策略。

Yes, I will do that. Inventory, as you observe, down 25% quarter on quarter. But that's largely in the MPU inventory space and partly and largely due to the WSA amendment. 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. 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. And that's where it will be. But I will let Lisa or Rory answer the other part of the question.

是的，我會這麼做。正如您所觀察到的，庫存較上月下降了 25%。但這主要發生在 MPU 庫存領域，並且很大程度上是由於 WSA 修正案。從我的角度來看，如果談論未來的庫存，那麼 2013 年的庫存將更多地在 6.5 億美元到 7 億美元的範圍內。特別是，正如您所想像的，隨著新商機的出現，新產品的推出，特別是當您進行製程技術轉型時，這將導致庫存的增加。那就是它將會存在的地方。但是我會讓 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.

艾米麗，關於遊戲收入，我想我們談論的是第四季度發布的任天堂 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. And we are on track for that 20% revenue target by the fourth quarter.

就未來而言，我們說過嵌入式和半客製化業務將在 2013 年期間蓬勃發展。我們預計將實現第四季 20% 的營收目標。

So that will be more second half than first half? Can I make that assumption?

那麼下半場會比上半場多嗎？我可以做這樣的假設嗎？

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

我們的嵌入式業務下半年將繼續朝20%的方向成長。

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

好的，接下來的問題是，既然您已經看到密集伺服器市場取得了一些成功，您對 ARM 與 x86 有何看法？順便問一下，您是否看到了——SeaMicro 的優勢是來自於英特爾還是 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. 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.

因此，我們認為密集伺服器市場是伺服器業務的成長點，因此我們對第四季度 SeaMicro 系統的進展感到滿意。我想說的是，在第四季度，我們開始出貨基於 AMD 和英特爾的 SeaMicro 系統，並且獲得了良好的迴響。

I think, as we go forward, we are committed to both ARM and x86 in the appropriate markets. And clearly, we have stated that we will be doing ARM-based server chips, and that will be in the 2014 time frame. And we continue to offer a strong lineup of x86 as we go through both our clients and our dense server business.

我認為，隨著我們不斷前進，我們將致力於在適當的市場上同時推出 ARM 和 x86。顯然，我們已經表示將生產基於 ARM 的伺服器晶片，並且將在 2014 年左右完成。在我們的客戶和密集伺服器業務方面，我們將繼續提供強大的 x86 產品線。

And this is all consistent with our focus to drive reusable IP and true SoC methodology in an ambidextrous architecture. This is an area where AMD can clearly differentiate and create leadership in the marketplace.

這一切都與我們的重點一致，即在靈活的架構中推動可重複使用的 IP 和真正的 SoC 方法。這是 AMD 能夠明顯脫穎而出並在市場上佔據領先地位的領域。

Great, thank you.

太好了，謝謝。

James Covello, Goldman Sachs.

高盛的詹姆斯·科維洛。

This is Mark Delaney calling on behalf of Jim Covello. 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.

我是馬克·德萊尼，代表吉姆·科維洛打來電話。我希望你們先能談談第一季營收的預期，以及為什麼你們認為你們的預期低於最大的競爭對手。

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. 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. The numbers were quite strong out of 1Q.

馬克，從我的角度來看，個人電腦市場在 2013 年將繼續動盪，特別是在上半年。請記住，如果回顧去年第一季度，人們非常擔心影響泰國的洪水和硬碟文件，而且正如我們所暗示的那樣，供應鏈的彈性相當令人驚訝。第一季的數據相當強勁。

We think there will be continued chop and pressure in that first half of 2013. And this market is a bit dynamic right now. 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. We expect the second half to be stronger than the first half, from my perspective. 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. 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. And that's how we came to the conclusion.

我們認為 2013 年上半年仍將持續波動和壓力。現在這個市場有點活躍。我們確實認為 Win 8 是業界的一個非常重要的事件，我認為其影響或效果將在今年逐漸顯現。從我的角度來看，我們預計下半年會比上半年更強勁。如果從全年來看，上半年較弱，下半年較強，可能持平或略有下降。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方面取得平衡的看法。這就是我們得出結論的方式。

That's helpful, thank you. 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. 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.

這很有幫助，謝謝。後續問題：特別是行動領域和平板電腦領域，已經有許多新進業者，這些公司過去從未涉足過個人電腦市場，但也推出了產品。現在，你們在該領域的一些產品已經取得了越來越大的進展，我希望你們能幫助我們了解你們與一些傳統上沒有密切合作的新公司之間的密切合作程度。

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

嗯，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成長機會。您可以從我們在 CES 上與 VIZIO 的合作關係介紹中看到這一點，也可以從這兩款超薄筆記型電腦的推出中看到這一點，顯然，它們也涉足了平板電腦領域。您將看到我們繼續與 OEM、嵌入式領域、新合作夥伴以及 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. Lisa, any additional comments you would like to add?

但我們的重點是利用 2 到 3 年的時間將這些高成長領域的收入提高到 40% 到 50%。Lisa，您還有其他意見想要補充嗎？

No, I would agree. 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. So yes, we are working across the board with a number of customers with these new products.

不，我同意。我認為行動領域的關鍵在於，正如您所說，傳統 OEM 和一些新進業者正在發生許多新的創新。是的，我們正在與眾多客戶就這些新產品展開全面合作。

Thank you very much.

非常感謝。

Steve Eliscu, UBS.

瑞銀的史蒂夫·艾利斯庫。

Actually, I want to -- regarding the last question, I want to take a glass-half-full approach. This quarter with your guidance, it appears you are going to lose a lot less market share to your competitor. Is this about Richland ramping, or is this just about clearing excess inventories that you had on Llano and the channel last year?

實際上，關於最後一個問題，我想採取樂觀的態度。本季度，在您的指導下，您輸給競爭對手的市場份額似乎會減少很多。這是為了增加 Richland 產量，還是只是為了清理去年 Llano 和渠道上的多餘庫存？

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. I think we are making steady progress in 3Q, 4Q and as we move forward there. 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，過去幾季我們一直有一個明確的重點，那就是改善我們的通路執行，從推動模式到速度模式，在這個模式中，我可以追蹤銷售情況，並在整個通路中掌握關係和數據。我認為我們在第三季、第四季以及未來幾年都會穩步進展。我認為庫存和我們的成品狀況——Devinder 在我們的 WSA 工作和重點中提到了這一點，我們在第二季末甚至進入第三季時都看到了可能建立更多庫存方面的壓力。

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. That positions us for the new product introductions that we talked about at CES -- Richland, Kabini and 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. That's the key to our business.

雖然我們確實必須在第三季採取措施來解決其中的一些問題，但我認為我們在關注庫存方面做得很好。這為我們在 CES 上談到的新產品——Richland、Kabini 和 Temash 的推出做好了準備。我認為這使我們得以繼續前進，並在 2013 年開始實現轉變和加速，目標是在下半年實現盈利，並在那時再次實現正的自由現金流。這是我們業務的關鍵。

That's helpful, thank you. And as a follow-up, you lost a lot of Graphics share in Q2 and Q3. 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?

這很有幫助，謝謝。作為後續行動，您在第二季和第三季失去了很多圖形份額。我想知道您的看法，新的 GCM 零件是否會實質地扭轉市場份額，使您的市場份額回到 2012 年初的水平，或者這是否僅僅是為了穩定市場份額，因為您的競爭對手也沒有停滯不前？

Let me take that on the Graphics business. So the Graphics business is very strategic to our overall strategy. I will say that we have lost some share over the last couple of quarters. 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. 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. And we also launched our new HD 8000 series at CES that is now shipping in a number of mobile OEMs.

讓我來談談圖形業務。因此，圖形業務對於我們的整體策略來說非常重要。我想說的是，過去幾個季度我們失去了一些份額。根據我們所看到的新設計活動情況，我確實認為我們的圖形份額處於低點。我們上個季度談到的 Never Sell 捆綁套餐採用了非常強大的通路策略，本季我們將在此基礎上繼續發展。我們也在 CES 上推出了新的 HD 8000 系列，目前該系列已向多家行動 OEM 廠商供貨。

So I think the share is indicative of decisions that were made 12 months ago. What we are looking at is really a strong portfolio as we go forward in Graphics.

所以我認為該份額表明了 12 個月前做出的決定。隨著我們在圖形領域的發展，我們所關注的確實是一個強大的投資組合。

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

我將從我加入 AMD 的經歷的角度作一個簡短的評論。我們這裡的圖形團隊具有領導力、智慧財產權、工程技能以及創新和驅動能力——史蒂文，我不知道你是否有機會了解我們在那裡展示的 CES 作品。

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. Imagine that kind of solution moving forward. Say they are building a brand-new building and that building is not even built. You could create with our technology a sales room that created the windows and the graphics representations. And you say, well, what does this building on the 22nd floor look like at night? And all of the sudden, the graphic engines fire up the windows. 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. And it's our Graphics IP that is going to be a fundamental enabler of that future.

是的，我認為您看到了一些非常有趣的應用程序，關於如何利用圖形功能創建環繞計算環境。想像一下這種解決方案的進展。假設他們正在建造一座全新的建築，但那棟建築甚至還沒建成。您可以使用我們的技術創建一個銷售室，其中創建了視窗和圖形表示。您會問，那麼，這座 22 層樓的建築在晚上是什麼樣子的呢？突然間，圖形引擎啟動了視窗。您可以看到那個世界，並且可以應用我們看到的那種新興的環繞運算，這是雲端從根本上推動的轉換新趨勢。我們的圖形 IP 將成為實現這一未來的根本推動因素。

That's the world we are chasing. We are not going after the past. That stand-alone data and application on a singular device protected by a couple of proprietary control points -- that era is ending. 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. They are efficient, they are low power, they are across embedded devices. 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.

這就是我們所追求的世界。我們不會追尋過去。單一裝置上的獨立資料和應用程式受到幾個專有控制點的保護——那個時代即將結束。我們面前的時代是一個互聯的世界，大量新設備開始湧現，它們都以圖形方式連接在一起，因為資料、資訊和應用程式都在雲端密集伺服器和這些大型資料中心上運行，並且它們將資訊分發到整個客戶端設備。它們效率高、功耗低、可跨嵌入式裝置。史蒂夫，這是我們真正抓住的機會，我們可以看到圖形技術正在推動業務向前發展。

Thank you.

謝謝。

Romit Shah, Nomura.

野村證券的羅米特·沙阿 (Romit Shah)。

This is Sanjay Chaurasia for Romit Shah. 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.

我是 Romit Shah 的 Sanjay Chaurasia。我想問的問題是，您是否可以分享一些格芯在 28 奈米製程方面的進展，因為這與您去年在 32 奈米製程中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. 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.

從我們的角度來看，我們的供應鏈在 2012 年致力於與我們的代工合作夥伴一起提高執行力。正如我之前多次評論的那樣，透過這種嚴謹的方法，我們與 GLOBALFOUNDRIES 以及整個代工供應鏈環境所做的工作已經得到了顯著改善。

We introduced last year the first 28 nanometer graphics products and leadership. And now, as we move forward, we are positioning ourselves with that refocus, better-executing supply chain to move forward in 28.

我們去年推出了第一款 28 奈米圖形產品和領先地位。現在，隨著我們不斷前進，我們將重新定位自己，建立執行更好的供應鏈，以便在 28 年內繼續前進。

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. 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.

Sanjay，關於您關於 28 奈米和 GLOBALFOUNDRIES 的問題，我們對所有創始人整體上採用 28 奈米技術感到滿意。因此，從 28 奈米的角度來看，我們對這項技術的現狀以及它從產品角度為我們帶來的好處感到非常滿意。

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. These are focused in terms of the execution of the supply chain to build through the ramp at the beginning of the launch. So that's something we've focused very hard not to repeat the Llano kind of events of 2011.

桑傑，我們關注的事情之一就是確保這些部件能夠按時交付到市場，2C 的推出，並且我們在逐步實現過程中獲得部件和產量，這樣它就不僅僅是一個公告和一個後端。這些都集中在供應鏈的執行方面，以便在產品發布之初就完成建設。因此，我們一直非常重視這一點，以避免 2011 年 Llano 事件再次發生。

Okay, thanks. And as a follow-up I wanted to go back to the gross margin question. And I was wondering if you could give us a sense on your (inaudible) and semicustom business. What is the gross margin of that product line related to your PC business? Is it lower, is it higher? If you could give us any color there.

好的，謝謝。作為後續問題，我想回到毛利率問題。我想知道您是否可以向我們介紹一下您的（聽不清楚）和半客製化業務。與您的PC業務相關的產品線的毛利率是多少？是低了還是高了？如果您能給我們任何顏色的話。

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

我們還沒有達到那種精細程度，桑傑。

Alright, thank you so much.

好的，非常感謝。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

This is Ashish for Vivek Arya. Thanks for squeezing us in. A question for Lisa -- could you provide an update on when you expect Piledriver architecture Opteron servers to come out? 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?

這是 Vivek Arya 的 Ashish。感謝您抽出時間給我們。問 Lisa 一個問題——您能否透露一下 Piledriver 架構 Opteron 伺服器預計何時推出？與此相關的是，這是否會刷新您的伺服器業務，或者您是否認為長期增長更多地取決於 SeaMicro 密集伺服器以及基於 ARM 的伺服器？

Yes. So when we talk about our server business, we are definitely focused on increasing our investments in the dense server portion of the business. So we recently announced our Abu Dhabi lineup in Q4. We also announced earlier this month an Open Compute Project reference platform that was based on ASUS and that we called Roadrunner. Those are both based on the Piledriver architecture.

是的。因此，當我們談論伺服器業務時，我們肯定會專注於增加對密集伺服器業務部分的投資。因此，我們最近宣布了第四季度阿布達比的陣容。本月早些時候，我們也宣布了一個基於華碩的開放式運算專案參考平台，我們稱之為 Roadrunner。它們都是基於 Piledriver 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，隨著我們不斷前進，我們將確保在密集伺服器業務上加倍投入，其中包括我們的 SeaMicro Fabric 以及具有 APU 和 CPU 的晶片技術。

Okay, cool. Devinder, let me try asking you the semicustom embedded business question a different way. You have noted that you expect this to represent about 20% of sales exiting the year. 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?

好的，很酷。Devinder，讓我嘗試以不同的方式向您詢問半客製化嵌入式業務問題。您已指出，預計這將佔今年銷售額的 20% 左右。從方向上看，隨著全年的進展，我們應該如何看待營業利潤率的成長（無論是按百分比還是按美元計算）？

As I said earlier, the PC environment continues to be dynamic. Our business model, based on what you observe at the 20%, obviously is evolving. We are providing guidance for gross margin for Q1 2013, and we are not providing guidance beyond that time period.

正如我之前所說，PC 環境持續處於動態之中。根據您在 20% 處觀察到的情況，我們的商業模式顯然正在改變。我們正在提供 2013 年第一季的毛利率指導，但我們不會提供該時間段之後的指導。

Okay, thanks.

好的，謝謝。

Operator, that concludes today's earnings conference call. We would like to thank everybody for participating, and for you to sign off now, please, operator.

接線員，今天的收益電話會議到此結束。我們感謝大家的參與，接線員，請現在下線。

Ladies and gentlemen, thank you for participating in today's program. This concludes the program. You may all disconnect.

女士們、先生們，感謝大家參加今天的節目。本節目到此結束。你們都可以斷開連線。