超微半導體 (AMD) 2013 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Huey, and I'll be your conference operator for today. At this time, I'd like to welcome everyone to AMD's first-quarter 2013 earnings conference call. All lines have been placed on a listen-only mode at this time. After the speakers' remarks, you will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today.

女士們、先生們，午安。我叫休伊，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 AMD 2013 年第一季財報電話會議。目前所有線路均已置於只聽模式。演講者發言結束後，您將被邀請參加問答環節。提醒一下，今天正在錄製這次會議。

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

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

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

謝謝，歡迎參加 AMD 第一季財報電話會議。現在，您應該已經有機會查看我們的收益報告副本以及財務長的評論和 PowerPoint 投影片。如果您尚未查看這些文檔，可以在 AMD 的網站 quarterlyearnings.amd.com 上找到。

Participants on today's conference call are Rory Read, our President and Chief Executive Officer; Devinder Kumar, our Senior Vice President and Chief Financial Officer; and Lisa Su, our Senior Vice President and General Manager, Global Business Unit, who 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.

今天電話會議的參與者包括我們的總裁兼執行長 Rory Read；我們的高級副總裁兼財務長 Devinder Kumar；我們的高級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'd like to highlight a few dates for you. Mark Papermaster, our Senior Vice President and Chief Technology Officer, will present at the Jefferies Global Technology Internet Media and Telecom conference on May 7 in New York. Andrew Feldman, Corporate Vice President and General Manager, Server Business Unit, will present at the JPMorgan Technology Media and Telecom Conference on May 15 in Boston. Our second-quarter quiet time will begin at the close of business on Friday, June 14. And lastly, we intend to announce our second-quarter earnings on July 18 of this year. Dial-in information for the call will be provided in mid-June.

我想向你們重點介紹幾個日期。我們的高級副總裁兼首席技術長 Mark Papermaster 將於 5 月 7 日出席在紐約舉行的 Jefferies 全球技術互聯網媒體和電信會議。該公司副總裁兼伺服器業務部總經理 Andrew Feldman 將於 5 月 15 日出席在波士頓舉行的摩根大通技術媒體和電信會議。我們第二季的靜默期將於 6 月 14 日星期五下班後開始。最後，我們計劃於今年 7 月 18 日公佈第二季財報。這次電話會議的撥入資訊將於六月中旬提供。

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

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

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, 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'll also find detailed discussions about our risk factors in our filings with the SEC and, in particular, AMD's annual report on Form 10-K for the year ended December 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。這些陳述是基於當前的信念、假設和期望；僅就當前日期發言；因此，涉及的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 12 月 29 日的 10-K 表年度報告。

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

現在，我想把電話交給羅裡。羅裡？

Thank you, Ruth. First-quarter revenue was $1.09 billion, slightly better than our guidance. We managed operating expenses in line with guidance, and maintained cash balances above our optimal levels. We continued to make good progress on our three-step turnaround. Step one, restructure to reduce operating costs and improve efficiency; two, execute our 2013 product roadmap to accelerate our business and return to profitability; and, three, ultimately transform AMD to take advantage of high growth opportunities in adjacent markets where AMD's IP provides a competitive advantage.

謝謝你，露絲。第一季營收為 10.9 億美元，略優於我們的預期。我們按照指導方針管理營運費用，並將現金餘額維持在最佳水準之上。我們在三步驟扭轉戰略上持續取得良好進展。第一步，進行結構調整，降低營運成本，提高效率；二、執行我們的2013年產品路線圖，以加速我們的業務並恢復盈利能力；第三，最終使 AMD 轉型，利用 AMD 的 IP 具有競爭優勢的鄰近市場的高增長機會。

At this point, we have largely completed our restructuring activities and we will now focus on the second step of our transformation -- executing our 2013 product roadmap and returning to profitability and positive free cash flow in the second half of 2013. Our strategy to gain share in the traditional PC space is based on winning the most important designs across each customer -- by region, price point, and form factor.

目前，我們已基本完成重組工作，現在我們將專注於轉型的第二步－執行2013年產品路線圖，並在2013年下半年恢復獲利能力和正的自由現金流。我們在傳統 PC 領域贏得份額的策略是基於贏得每位客戶最重要的設計——按地區、價格點和外形尺寸。

This year, we will have the broadest range of mobile processors in our history, spanning from sub-4 watts to 35 watts. We have introduced our newest A-Series Richland APU for the mainstream client market, and have secured innovative and premium design wins. In AMD's sweet spot, we have started volume shipments of Kabini in the first quarter, and have a strong portfolio of high volume entry-level design wins based on its substantial performance and battery life improvements. As part of our strategy to win new client form factors, we are ramping production of Temash in support of the ultra low-power and fanless designs. Temash beats the competition and is ideal for tablets, hybrids, and convertibles. We have a strong portfolio of customer offerings coming to market, and we expect this will spur demand in the back half of 2013, and provide us with an opportunity to grow share. Many of the new design wins are touch-enabled and will bring the full Windows 8 experience more broadly to mainstream and entry price points. Our server business revenue increased sequentially, as our high-performance Opteron 6300 series continued to ramp.

今年，我們將推出史上最廣泛的行動處理器，功率範圍從低於 4 瓦到 35 瓦。我們已向主流客戶市場推出了最新的 A 系列 Richland APU，並獲得了創新和優質的設計勝利。在 AMD 的最佳狀態下，我們已經在第一季開始批量出貨 Kabini，並且憑藉其顯著的性能和電池壽命的提升，擁有強大的大批量入門級設計產品組合。作為贏得新客戶外形尺寸策略的一部分，我們正在增加 Temash 的產量，以支援超低功耗和無風扇設計。Temash 擊敗了競爭對手，是平板電腦、混合電腦和可轉換電腦的理想選擇。我們擁有強大的客戶產品組合即將進入市場，我們預計這將刺激 2013 年下半年的需求，並為我們提供增加市場份額的機會。許多新設計都支援觸控功能，並將為主流和入門級價格點帶來更廣泛的完整 Windows 8 體驗。隨著我們的高效能 Opteron 6300 系列持續成長，我們的伺服器業務收入持續成長。

Now turning to our graphics business. In the first quarter, we saw a strong revenue growth for our desktop GPUs in the channel, and record workstation revenue. We also have a strong pipeline of design wins in the notebook discrete market, which we believe will drive mobile share growth in the second half of 2013. Our graphics business momentum is a result of our strategic decision to double down on being the gaming industry leader. As a result, desktop GPU channel sales are accelerating. We believe we have regained share, based on our industry-leading GPUs and of the Never Settle Reloaded campaign, which bundles our graphics cards with many of the industry's biggest games. The program also cements tighter connections with AMD and the leading game developers. We are leveraging our position in PC and in discrete markets, combined with our recent game console wins, as we drive to make AMD silicon the de facto standard for game developers across the globe.

現在轉向我們的圖形業務。第一季度，我們的桌上型 GPU 在通路中營收成長強勁，工作站營收也創下新高。我們在筆記型電腦獨立市場也擁有強大的設計優勢，我們相信這將推動2013年下半年行動市場份額的成長。我們的圖形業務發展勢頭源自於我們加倍努力成為遊戲產業領導者的策略決策。因此，桌面 GPU 通路銷售正在加速成長。我們相信，憑藉我們業界領先的 GPU 和 Never Settle Reloaded 活動（該活動將我們的顯示卡與業界許多大型遊戲捆綁在一起），我們已經重新獲得了市場份額。該計劃還鞏固了與 AMD 和領先遊戲開發商的更緊密聯繫。我們正在利用我們在個人電腦和獨立市場中的地位，結合我們最近在遊戲機上的勝利，努力使 AMD 晶片成為全球遊戲開發商的事實標準。

Graphics IP remains critical to our success, increasingly providing differentiation across our entire product portfolio. And we remain committed to further investing in this business to extend our leadership IP. The PC market will remain an important business for AMD for years to come, with more than 300 million PCs expected to ship annually for the foreseeable future -- across a variety of form factors, the PC is far from dead. Our industry-leading APUs and GPUs provide the opportunity to deliver share gains in this traditional AMD market. As the PC era rapidly evolves into the new cloud era, we continue to march into high-growth markets like dense server, ultra-low power client, embedded and semi-custom solutions, as we transform our business to capitalize on emerging trends reshaping the industry.

圖形 IP 對我們的成功仍然至關重要，它日益為我們的整個產品組合提供差異化。我們將繼續致力於進一步投資該業務，以擴展我們的領導知識產權。未來幾年，個人電腦市場仍將是 AMD 的重要業務，預計在可預見的未來，每年將出貨超過 3 億台個人電腦——無論外形如何，個人電腦都還遠未消亡。我們業界領先的 APU 和 GPU 為我們在這個傳統的 AMD 市場中贏得份額提供了機會。隨著個人電腦時代快速演變為新的雲端時代，我們繼續進入高密度伺服器、超低功耗客戶、嵌入式和半客製化解決方案等高成長市場，同時轉型我們的業務以利用重塑行業的新興趨勢。

Our design approach to leverage reusable IP blocks allows us to use the same foundational technology from our PC and server offerings to quickly attack these new opportunities. As a result, we remain on track to deliver more than 20% of our revenue from semi-custom and embedded markets by the fourth quarter; and 40% to 50% of our revenue from these and other high-growth markets in the next 2 to 3 years. And a large part of the momentum this year will come from our game console wins. The game console industry is expected to ship more than 40 million game consoles in 2013. That number is expected to grow, as game consoles further evolve into broader entertainment devices that serve as home media hubs and local cloud distribution systems.

我們的設計方法利用可重複使用的 IP 區塊，這使我們能夠使用來自 PC 和伺服器產品的相同基礎技術來快速抓住這些新機會。因此，我們仍有望在第四季度實現來自半客製化和嵌入式市場 20% 以上的收入；未來2至3年內，我們的40%至50%的收入將來自這些市場和其他高成長市場。今年的勢頭很大一部分將來自於我們的遊戲機勝利。預計2013年遊戲機產業出貨量將超過4,000萬台。隨著遊戲機進一步發展成為充當家庭媒體中心和本地雲端分發系統的更廣泛的娛樂設備，這一數字預計還會增長。

Sony's PlayStation 3 is already one of the most popular platforms for streaming online video. And Microsoft announced last year that the Xbox 360 is now used more for watching videos and listening to music than it is for playing games. Our graphics win in the Nintendo Wii U set the foundation for this growth, which we have built upon with Sony's announcement that the PlayStation 4 will feature a semi-custom AMD APU. The PS4 integrates a combination of x86 processors and advanced graphic IP, which is unique to AMD. This single-chip APU features our low-power Jaguar cores and next-generation AMD Radeon graphics. We are excited about our semi-custom pipeline, and the large opportunity for AMD to deliver semi-custom silicon with ASPs at the higher range of our client offerings.

索尼的 PlayStation 3 已經是最受歡迎的線上影片串流平台之一。微軟去年宣布，Xbox 360 現在更多用於觀看影片和聽音樂，而不是玩遊戲。我們在任天堂 Wii U 圖形方面的勝利為這一增長奠定了基礎，而索尼宣布 PlayStation 4 將採用半定制 AMD APU 後，我們又在此基礎上取得了發展。PS4 整合了 x86 處理器和先進的圖形 IP 組合，這是 AMD 獨有的。這款單晶片 APU 採用了我們的低功耗 Jaguar 核心和新一代 AMD Radeon 顯示卡。我們對我們的半客製化產品線感到興奮，並且對 AMD 來說，有很大機會以 ASP 為我們的客戶提供更高範圍的半客製化矽片。

In the embedded market, we'll introduce the industry's first quad core x86 SoC this quarter. Our low-power single-chip embedded SoC delivers more than two times the compute, and four times the graphics performance of our competitor's offerings. We are well-positioned in the embedded x86 market, which is projected to grow to more than $7 billion by 2016.

在嵌入式市場，我們將在本季推出業界首款四核心 x86 SoC。我們的低功耗單晶片嵌入式 SoC 的運算能力是競爭對手產品的兩倍多，圖形效能是競爭對手產品的四倍以上。我們在嵌入式 x86 市場佔據有利地位，預計到 2016 年該市場的規模將成長到 70 億多美元。

So, in summary, we continue to make good progress in our three-step strategy designed to restructure, accelerate, and transform AMD, while returning the Company to operating profitability by the second half of 2013. We have started shipping a powerful set of new products that provides strong opportunities for share growth in the traditional PC market. And our semi-custom and embedded design wins continue to accelerate as we transform AMD for the new cloud era, and attack these high-growth markets with our differentiated IP.

總而言之，我們在重組、加速和轉型 AMD 的三步驟策略中繼續取得良好進展，同時到 2013 年下半年使公司恢復營運獲利。我們已經開始發售一系列功能強大的新產品，為傳統個人電腦市場的份額成長提供了強大的機會。隨著我們為新雲端時代轉型 AMD，並用我們的差異化 IP 進入這些高成長市場，我們的半客製化和嵌入式設計勝利繼續加速。

We look forward to continuing this strong execution in 2013, as we enable our customers to innovate across a diversified set of markets based on our differentiated and tailored technology solutions.

我們期待在 2013 年繼續保持強勁的執行力，因為我們將基於差異化和客製化的技術解決方案幫助客戶在多元化市場中進行創新。

And with that, I'd like to turn it over to Devinder. Devinder?

現在，我想把發言權交給 Devinder。德文德？

Thank you, Rory. As Rory mentioned, AMD continues to execute on our three-phase turnaround and transform our business model to changing PC market fundamentals by diversifying our product portfolio. Phase one, reset and restructure, is largely completed, with most of our restructuring behind us. We are also on track to lower our expense base by approximately 25% by the third quarter of 2013, compared to the first quarter of 2012; and have already reduced operating expenses from $592 million in Q1 of 2012 to $491 million in Q1 2013.

謝謝你，羅裡。正如 Rory 所提到的，AMD 繼續執行我們的三階段轉型計劃，並透過多樣化我們的產品組合將我們的業務模式轉變為適應不斷變化的 PC 市場基本面。第一階段，重置和重組，已基本完成，我們大部分的重組工作已經完成。與 2012 年第一季相比，我們也有望在 2013 年第三季將費用基數降低約 25%；並已將營運費用從 2012 年第一季的 5.92 億美元削減至 2013 年第一季的 4.91 億美元。

Revenue for the first quarter of 2013 was $1.09 billion. The 6% sequential decline was driven by a 9% decrease in the Computing Solutions segment, which was partially offset by a 3% increase in Graphic segment's revenue. Non-GAAP gross margin was 41%, an increase of 2 percentage points sequentially, and better than guided, due to a $20 million benefit from an opportunistic emerging-market sale of certain previously reserved Llano products. Excluding this benefit, gross margin would have been flat sequentially, at 39%.

2013年第一季營收為10.9億美元。環比下降 6% 是由於計算解決方案部門收入下降 9%，但圖形部門收入成長 3% 部分抵消了這一下降。非 GAAP 毛利率為 41%，比上一季成長 2 個百分點，且好於預期，這得益於在新興市場機會性銷售某些先前預留的 Llano 產品而獲得的 2,000 萬美元收益。不計此項收益，毛利率將與上一季持平，為 39%。

Non-GAAP operating expenses were $491 million, in line with guidance as we continue to push towards our operating expense goal of $450 million by the third quarter of this year. Non-GAAP operating loss was $46 million, and non-GAAP net loss was $94 million. Non-GAAP loss per share was $0.13, calculated using 749 million basic shares. This loss per share includes the $20 million benefit from sales of previously reserved products. Adjusted EBITDA was $40 million, an increase of $10 million from the prior quarter, due to the lower operating loss.

非公認會計準則營運費用為 4.91 億美元，符合預期，我們將繼續努力實現今年第三季 4.5 億美元的營運費用目標。非公認會計準則營業虧損為 4,600 萬美元，非公認會計準則淨虧損為 9,400 萬美元。以 7.49 億股基本股計算，非公認會計準則每股虧損為 0.13 美元。每股虧損包括先前預訂產品銷售帶來的 2,000 萬美元收益。調整後的 EBITDA 為 4,000 萬美元，較上一季增加 1,000 萬美元，原因是經營虧損減少。

Now, switching to the business segments, Computing Solutions segment revenue was $751 million, down 9% sequentially; due to lower desktop, notebook, and chipset unit shipments, primarily driven by seasonality and a weak consumer buying environment. Client product revenue declined 9%. Our server microprocessor revenue increased from the prior quarter mainly due to higher ASPs for our higher density microprocessors. Chipset revenue declined sequentially, primarily due to lower unit shipments. Computing Solutions operating loss was $39 million, an improvement from an operating loss of $323 million in the previous quarter. The prior quarter loss included the impact of an LCM charge of $273 million related to the reduction of wafer purchases required in the 2012 Wafer Supply Agreement with GLOBALFOUNDRIES.

現在，轉到業務部門，計算解決方案部門收入為 7.51 億美元，環比下降 9%；由於桌上型電腦、筆記型電腦和晶片組出貨量下降，主要受到季節性和疲軟的消費者購買環境的影響。客戶產品收入下降9%。我們的伺服器微處理器營收較上一季增加，這主要得益於我們更高密度微處理器的平均售價更高。晶片組營收季減，主要原因是單位出貨量下降。計算解決方案部門的營運虧損為 3,900 萬美元，較上一季的 3.23 億美元營運虧損有所改善。上一季的虧損包括了 2.73 億美元的 LCM 費用的影響，該費用與根據與 GLOBALFOUNDRIES 簽訂的 2012 年晶圓供應協議所要求的晶圓採購量減少有關。

Graphics segment revenue was $337 million, up 3% compared to the prior quarter, due to higher channel sales, game console royalty sales, and workstation graphics sales. Workstation graphics had a record quarter, and we continue to make progress in that business. Game console royalty revenue was up sequentially, driven primarily by a large milestone payment in the quarter. Graphics segment operating income was $16 million, down from $22 million in the prior quarter, primarily due to lower GPU sales to OEMs.

圖形部門營收為 3.37 億美元，較上一季成長 3%，這得益於通路銷售額、遊戲機版權費銷售額和工作站圖形銷售額的增加。工作站圖形本季度創下了紀錄，我們在該業務上繼續取得進展。遊戲機特許權使用費收入環比增長，主要受本季一筆大額里程碑付款的推動。圖形部門營業收入為 1,600 萬美元，低於上一季的 2,200 萬美元，主要原因是對 OEM 的 GPU 銷售額下降。

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, flat compared to the end of the fourth quarter of 2012. We exited the quarter above our target optimal cash level of $1.1 billion, and well above the target minimum cash level of $700 million. We made a $175 million payment related to limited exclusivity to GLOBALFOUNDRIES in the first quarter, completing all of the payments related to the limited exclusivity.

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餘額（包括長期有價證券）為 12 億美元，與 2012 年第四季末持平。本季末，我們的現金水準超過了 11 億美元的目標最佳現金水平，也遠高於 7 億美元的目標最低現金水平。我們在第一季向格芯支付了1.75億美元的有限獨家經營權相關款項，完成了與有限獨家經營權相關的所有付款。

In addition, we bolstered cash with net proceeds of $164 million from the sale and leaseback of our Lone Star Campus in Austin, Texas.

此外，我們還透過出售和回租位於德州奧斯汀的孤星園區獲得了 1.64 億美元的淨收益，補充了現金。

In the second quarter of 2013, we will make a $40 million cash payment to GLOBALFOUNDRIES related to the reduction in wafer purchase commitments for 2012. The remaining $200 million balance related to this item will be paid in the first quarter of 2014. Debt as of the end of the quarter was $2.04 billion, unchanged from the prior quarter.

2013年第二季度，我們將向格芯支付4,000萬美元現金，作為2012年晶圓採購承諾的減少。與該項目相關的剩餘2億美元餘額將於2014年第一季支付。截至本季末的債務為 20.4 億美元，與上一季持平。

Inventory was $613 million, up $51 million sequentially, as we prepared for new product introductions.

由於我們準備推出新產品，庫存為 6.13 億美元，比上一季增加 5,100 萬美元。

Now, turning to the outflow -- for the second quarter of 2013, AMD expects revenue to increase 2% sequentially, plus or minus 3%. Gross margin is expected to be approximately 39%. Quarterly operating expenses are expected to be approximately $480 million. And inventory is expected to continue to increase sequentially ahead of new product introductions, and approach more normalized levels of $650 million to $700 million.

現在，談到流出情況——對於 2013 年第二季度，AMD 預計營收將季增 2%，上下浮動 3%。預計毛利率約39%。季度營運費用預計約4.8億美元。預計在新產品推出之前庫存將繼續連續增加，並接近 6.5 億美元至 7 億美元的更正常水準。

The first quarter was a good start to the year, in terms of executing to our commitments. The improvements we are making to our cost structure and liquidity management serve as a strong foundation upon which we can build throughout this year, as we refresh our product line, accelerate our execution, and return to operating profitability and positive free cash flow generation in the second half of this year.

就履行我們的承諾而言，第一季是今年的一個好開始。我們對成本結構和流動性管理所做的改進為我們今年全年的發展奠定了堅實的基礎，因為我們將更新產品線，加快執行速度，並在今年下半年恢復營運盈利能力和正的自由現金流。

With that, I'll turn it back to Ruth. Ruth?

說完這些，我就把話題轉回露絲。露絲？

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

謝謝你，Devinder。接線員，我們現在很高興您能對觀眾進行調查，並詢問問題。

(Operator instructions). John Pitzer, Credit Suisse.

（操作員指令）。瑞士信貸的約翰‧皮策。

Congratulations on the good quarter. Thanks for letting me ask the question. I guess the first one for Devinder -- Devinder, as you think about the OpEx guide for the June quarter and then the target for September, you are going from approximately $490 million to $480 million to $450 million. Just kind of curious, the incremental $30 million from June to September, is that actions that have already taken place, and it's just a timing issue; or more actions that need to come? If you can help me understand the drop from June to September, that would be helpful.

恭喜本季取得良好業績。感謝您讓我提出這個問題。我想第一個問題是針對 Devinder 的——Devinder，當你考慮 6 月份季度的營運支出指南以及 9 月份的目標時，你的支出將從大約 4.9 億美元增加到 4.8 億美元，再增加到 4.5 億美元。只是有點好奇，從六月到九月增加的 3000 萬美元是已經採取的行動，這只是一個時間問題；或者需要採取更多行動？如果您能幫助我了解六月至九月的下降情況，那將會很有幫助。

Sure. I can do that. As Rory and I said in the prepared remarks, the reset restructure is largely done. But as you probably know, there's a time lag in realizing the full benefits of restructuring. For example, some of the headcount departures are staggered. We have ongoing savings from building-related expenses that can only be realized after the employees leave. And we continue to consolidate, at various sites, to a smaller footprint in terms of space. And those savings get realized as we get out in time; and, in particular, starting in Q3 2013.

當然。我可以做到。正如羅里和我在準備好的發言中所說，重置重組工作已基本完成。但您可能知道，實現重組的全部好處需要一個時間差。例如，部分員工的離職是錯開的。我們從建築相關費用中獲得了持續的節省，但只有在員工離職後才能實現。我們將繼續在各個地點進行整合，以縮小佔地面積。隨著我們及時退出，這些節省就會實現；特別是從 2013 年第三季開始。

The other thing I would add is, as you probably heard from Rory's remarks, a lot of new product introductions occurred in the first half of 2013. And, therefore, with those products, there's always some costs that are associated with new product introductions that we think will go down as we get to the second half of 2013. So, really, it's time lag in terms of realizing the full benefits of restructuring; but also, as we transform the Company and accelerate into the second half of 2013, some of the reduced expenses related to the new product introductions.

我想補充的另一件事是，正如您可能從羅裡 (Rory) 的言論中聽到的那樣，2013 年上半年推出了許多新產品。因此，對於這些產品，新產品的推出總是會有一些相關的成本，我們認為到 2013 年下半年這些成本將會下降。因此，實際上，實現重組的全部好處存在時間滯後；而且，隨著我們轉型並加速進入2013年下半年，一些與新產品推出相關的費用有所減少。

And then, guys, as my follow-up -- just for Rory. Rory, if you think about the launch of Temash, how much of revenue do you think could come from this product category in the back half of the year? Can you give us a sense of kind of the incremental TAM that might open up for you, and kind of the incremental revenue you would expect to see?

然後，夥計們，作為我的後續行動——只針對羅裡。羅裡，如果您考慮推出 Temash，您認為今年下半年有多少收入可以來自該產品類別？您能否向我們介紹可能為您帶來的增量 TAM，以及您期望看到的增量收入？

Well, I think the overall product portfolio, John, looks pretty strong from where we are at this point. You know, Kabini in that sweet spot of the market, I think where you've seen us do well with Brazos in the past, I also think you're going to see the market begin to shift in that direction. There is no doubt ASP buying patterns will continue to move into entry and into mainstream pricing. So, I'm excited about the Kabini offering.

嗯，約翰，我認為從目前的情況來看，整體產品組合看起來相當強勁。您知道，Kabini 處於市場的最佳位置，我想您已經看到我們過去與 Brazos 合作做得很好，我還認為您會看到市場開始朝著那個方向轉變。毫無疑問，ASP 購買模式將繼續進入入門級和主流定價。所以，我對 Kabini 的奉獻感到非常興奮。

Then, Temash -- what I like about Temash is it's really a very credible solution in that convertible fanless space. This is an area where we need to make progress. And I believe, with this chip, which clearly beats competition -- both on computing and graphics performance -- positions us well. There is no doubt Kabini will be a much larger component, as well as Richland. But this is a very nice opportunity with this leadership part of Temash to get into tablets, and then to build it into all of the fanless form factors.

然後，Temash——我喜歡 Temash 的原因是它在可轉換無風扇領域確實是一個非常可靠的解決方案。這是我們需要取得進展的領域。我相信，這款晶片在運算和圖形效能方面都明顯優於競爭對手，這為我們帶來了有利地位。毫無疑問，卡比尼和里奇蘭將成為一個更重要的組成部分。但這對於 Temash 的領導層來說是一個非常好的機會，可以進入平板電腦領域，然後將其融入所有無風扇外形的產品中。

Lisa, any additional thoughts?

麗莎，還有其他想法嗎？

Yes. So John, I would add to that -- on Temash, we think that it does have the opportunity not just in tablets, for full Windows 8 performance tablets, but also into convertibles and hybrids. And we see a lot more of those form factors coming out from the OEMs in the second half of the year. So, I think, as Rory said, Kabini and Richland will be the larger volume plays, but Temash will be a very interesting growth play, especially with Windows 8 as we get more adoption.

是的。所以約翰，我想補充一點——關於 Temash，我們認為它不僅有機會在平板電腦、全 Windows 8 性能平板電腦方面，而且還有機會在可轉換平板電腦和混合平板電腦方面。我們看到，今年下半年原始設備製造商 (OEM) 將推出更多此類外形的產品。因此，我認為，正如羅裡所說，Kabini 和 Richland 將是規模更大的公司，但 Temash 將是一個非常有趣的成長公司，尤其是隨著 Windows 8 的普及。

Thanks, guys. Appreciate it.

謝謝大家。非常感謝。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Thank you very much. Can you help us understand a little bit of the accounting for the game console revenues? You noted a milestone payment in the quarter just reported. What gross margin is this carried on -- at? And does the June quarter guidance assume further console-related milestone payments?

非常感謝。您能幫我們了解一下遊戲機收入的會計處理嗎？您注意到剛剛報告的季度中有一筆里程碑付款。這項業務的毛利率是多少？六月季度指引是否假設進一步的遊戲機相關里程碑付款？

I think -- if I can take that question, and I'll let Lisa chime in on a couple of pieces there -- but, basically, the milestone payments are predetermined based on volume of sales relative to the game console units that are sold by our customers. In particular, with one customer that we have already got engagement on in the Nintendo side, we hit that milestone. And that milestone payment came in in the Q1 2013 timeframe. And I'm not prepared to give details in terms of gross margin for that level of granularity. But suffice to say, obviously, it benefits us from a viewpoint of hitting the milestone with the volume and getting in the cash from the customer.

我想——如果我可以回答這個問題，我會讓麗莎就其中的幾個問題發表意見——但基本上，里程碑付款是根據我們客戶銷售的遊戲機的銷售量預先確定的。特別是，我們已經與任天堂方面的一位客戶進行了合作，我們達到了這一里程碑。此里程碑付款於 2013 年第一季到帳。我還沒準備好提供這種詳細程度的毛利率細節。但可以肯定地說，從達到產量里程碑和從客戶那裡獲得現金的角度來看，這顯然對我們有利。

I'll go first, and then pass it to Lisa. David, from the standpoint of overall strategy to diversify the portfolio, this is a very interesting opportunity for us to build off of the semi-custom solutions that we are creating. Building that base of reusable IP and then applying that IP that we've built out across our discrete graphics business and core PC business; taking it into embedded and into semi-custom around gaming, is a huge opportunity for us. And what I think what we would say is that we are very much on track to deliver over the 20% or better, in terms of the revenue by year-end 2013 from semi-custom and embedded. And we see this as a very important opportunity to diversify the portfolio.

我先走，然後傳給Lisa。大衛，從多元化投資組合的整體策略角度來看，這對我們來說是一個非常有趣的機會，讓我們能夠基於我們正在創建的半客製化解決方案進行建構。建立可重複使用的 IP 基礎，然後將我們建立的 IP 應用於我們的獨立顯示卡業務和核心 PC 業務；將其引入嵌入式和半客製化遊戲領域，對於我們來說是一個巨大的機會。我認為我們可以說，到 2013 年底，我們完全有能力實現半客製化和嵌入式收入佔比超過 20% 甚至更高的目標。我們認為這是實現投資組合多元化的一個非常重要的機會。

Great, thanks.

太好了，謝謝。

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

Yes, just following up on that. How should we think about the gross margins of the embedded opportunity as it ramps, and over the life of the consoles -- I tend to think of as being very expensive GPUs at the time of the launch; and then, sort of 3 or 4 years later, being less expensive. How should we think about the dynamics of that? I know you can't get into the specifics of any one arrangement. But just over the life of the agreements, selling silicon instead of royalties, what types of margins do you think that you would achieve over the full life?

是的，只是跟進一下。我們應該如何看待嵌入式機會在成長過程中以及遊戲機生命週期內的毛利率——我傾向於認為在發佈時 GPU 非常昂貴；然後，大概三四年後，成本就會降低。我們該如何思考其中的動態？我知道你無法詳細了解任何一項安排。但是，在協議有效期內，透過出售矽片而不是收取專利費，您認為在整個協議有效期內可以獲得什麼樣的利潤？

Yes, I think that's pretty complex. I think if you look out to the future, our business is in transition. Our transformation continues. Our mix of revenue is going to change pretty significantly. Even with a 20% embedded semi-custom revenue mix in Q4, and then going to the 40% to 50% from the high growth market. We are penetrating -- as you've heard us speak over the last year or so -- adjacent markets, whether it's embedded semi-custom dense servers, ultra-low power client product; and all of that has its own gross margin from a mix standpoint. So it's really hard to predict from a viewpoint of what the longer-term gross margin is. We're not providing guidance for 2013 from an overall standpoint, except for Q2 at the 39% level.

是的，我認為這非常複雜。我認為，如果展望未來，我們的業務正處於轉型期。我們的轉變仍在持續。我們的收入結構將會發生相當大的變化。即使第四季嵌入式半客製化收入佔比為 20%，高成長市場的營收佔比也將達到 40% 至 50%。正如您在過去一年左右聽到我們談論的那樣，我們正在滲透鄰近市場，無論是嵌入式半定制密集伺服器、超低功耗客戶端產品；從組合角度來看，所有這些都有其自己的毛利率。因此，從長期角度來看，很難預測毛利率是多少。我們不提供 2013 年的整體指導，但第二季除外，指導水準為 39%。

Now, as far as the longer-term interplay between the prices and how the business evolves, I'm going to let Lisa here comment on that.

現在，就價格與業務發展之間的長期相互作用而言，我將讓麗莎對此發表評論。

Yes. I would say, if you think about the entire business of the semi-custom business, it has several different business models, including IP model as well as silicon models. So I think as we get further into the year we'll talk more about the various interplays there.

是的。我想說，如果你考慮半客製化業務的整個業務，它有幾種不同的業務模型，包括IP模型以及矽模型。因此我認為，隨著時間的流逝，我們將會更多地談論那裡的各種相互作用。

Okay. But should we think of it, even this year, as being a business that has gross margins below kind of your traditional CPU business? I mean any just any kind of magnitude you can give us would be really helpful, since that's such a big part of the revenue stream.

好的。但是，即使是今年，我們是否應該將其視為毛利率低於傳統 CPU 業務的業務？我的意思是，只要您能提供給我們任何數量的數字，那將會非常有幫助，因為這是收入來源的重要組成部分。

Yes, Joseph, so where we are guiding his flat for 2Q. And we'll give further guidance as we move through the year. But we do expect to, as we said, drive to that 20% of the revenue mix by the year end. And that's where we are at this point.

是的，約瑟夫，那麼我們將如何指導他的第二季的公寓。我們將在今年提供進一步的指導。但正如我們所說的，我們確實希望在年底實現 20% 的收入結構。這就是我們現在的處境。

Okay. Thank you very much.

好的。非常感謝。

Stacy Rasgon, Sanford Bernstein.

斯泰西·拉斯貢，桑福德·伯恩斯坦。

I had a question on where -- first of all, where the gross margins ended this quarter. I'm a little confused. If you take any $20 million inventory benefit out, they were flattish. That was in line with guidance. But you had ASPs up basically across the board -- across client, across servers, across graphics. And you had, apparently, a much higher royalty payment in the quarter as well; which, as far as I understand, falls directly through. So can you give me some feeling why gross margins were only flat? It would seem to me that they ought to have been up. Was there just something else going on, or was this just a volume effect, or what?

我有一個問題——首先，本季的毛利率在哪裡結束。我有點困惑。如果扣除 2,000 萬美元的庫存收益，則收益持平。這符合指導。但你的 ASP 基本上是全面覆蓋的——跨客戶端、跨伺服器、跨圖形。而且顯然，本季你們的版稅支付也高得多；據我所知，它直接通過了。那你能告訴我為什麼毛利率只是持平嗎？在我看來他們應該已經起床了。是否還有其他事情發生，或者這只是音量效應，還是其他什麼？

I think it's a combination of factors, Stacy. You've got the different pieces from a viewpoint of -- as we talk about unit shipments and mix of revenue. There are a lot of factors that come into play from gross margin, as you probably know, from a business standpoint; at least in our backend factories -- we still have assembly, test, mark, and pack factories where utilization coming out of the Q4-Q1 timeframe and the revenue that we have obviously affects our COGS piece of it. And that's one factor that's kind of a headwind from a gross margin standpoint.

我認為這是多種因素共同作用的結果，史黛西。當我們談論單位出貨量和收入組合時，您可以從不同的角度了解情況。從商業角度來看，您可能知道，影響毛利率的因素有很多；至少在我們的後端工廠 - 我們仍然有組裝、測試、標記和包裝工廠，這些工廠的利用率來自第四季度至第一季度的時間範圍，而我們的收入顯然會影響我們的 COGS 部分。從毛利率的角度來看，這是一個不利因素。

Product mix -- we have introduced new products. Kabini is shipping in Q1, and Temash shipping in Q2. And obviously that would be a positive from a viewpoint of going with the gross margin. So you're right. We see ourselves having operated over the last few quarters in a stable gross margin situation, despite the fact that the PC market has been very dynamic, and we are projecting to the 39% gross margin in Q2.

產品結構－我們推出了新產品。Kabini 將於第一季出貨，Temash 將於第二季出貨。顯然，從毛利率的角度來看，這是一件好事。所以你是對的。儘管個人電腦市場一直非常活躍，但我們認為過去幾季我們的毛利率保持穩定，我們預計第二季的毛利率將達到 39%。

But if I were to follow up on that, then, so you've been operating in a stable gross margin environment. But that stable gross margins are quite a bit lower than where you were running previously. Again, you've got Temash and some other things launching, which should be gross margin accretive. But, then again, you're guiding flat for next quarter. And I guess the reason I'm asking is, I think one of the big drivers for keeping cash balances in line have to be your gross margin trajectory in the back half.

但如果我要繼續追問的話，那麼您一直在穩定的毛利率環境中運作。但穩定的毛利率比你之前的水平低很多。再次，您已經推出了 Temash 和其他一些產品，這應該會增加毛利率。但是，話又說回來，你對下個季度的預期是持平的。我想我問這個問題的原因是，我認為保持現金餘額穩定的一大驅動因素是下半年的毛利率走勢。

So I was just wondering if you could give us a little more color -- if not to go directly into guidance -- or at least, what are some of the things we should be thinking about into the back half of the year that can give us confidence that the gross margin trajectory can be enough to keep the cash balances up at the level where you think they can be?

所以我只是想知道您是否可以給我們更多細節 - 如果不直接提供指導 - 或者至少，我們應該在下半年考慮哪些事情，以使我們相信毛利率軌跡足以將現金餘額保持在您認為的水平？

So, Stacy, from a standpoint of the second half, the overall PC market we think remains choppy, clearly in the first half; a little bit more difficult than what people had thought. We think second half is better than first half, as we said. It's probably down low- to mid-single-digits overall for the year. But if you look at our business, and you say this is a very interesting set of products that we've introduced -- from Temash, Kabini, Richland; the graphics products -- I think we're in a very good position to generate and spur demand in that second half. We are looking to build on those strong products to add share. And from our standpoint, we want to return to profitable growth in that second half.

所以，Stacy，從下半年的角度來看，我們認為整體 PC 市場仍然波動較大，尤其是在上半年；比人們想像的要困難一些。正如我們所說，我們認為下半年會比上半年更好。今年整體的降幅可能在低至個位數之間。但如果你看看我們的業務，你會發現我們推出的這一系列產品非常有趣——來自 Temash、Kabini、Richland；圖形產品——我認為我們處於非常有利的位置，可以在下半年產生和刺激需求。我們希望利用這些強大的產品來增加市場份額。從我們的角度來看，我們希望在下半年恢復獲利成長。

Then you mix in the new businesses as we start to create this diversified portfolio, and the combined mix as we manage expense is a good model for us to create profitability and sustain profitability over time. So I think the net is, PC market should be better in the second half from our perspective than the first half. We have a stronger set of products in the second half. That should allow us to go after share opportunity. And then from the standpoint of graphics, same position -- strong products moving into it; and then bringing in some very interesting new products, like the PS4. This should open up a nice opportunity for us to move back to profitable growth in the second half.

然後，當我們開始創建這種多元化投資組合時，您將新業務融入其中，而當我們管理費用時，組合起來的投資組合對於我們創造盈利能力並長期維持盈利能力來說是一個很好的模型。因此我認為，從我們的角度來看，下半年的 PC 市場應該會比上半年更好。下半年我們將擁有更強大的產品系列。這應該能讓我們抓住分享機會。然後從圖形的角度來看，同樣的位置——強大的產品進入其中；然後推出一些非常有趣的新產品，例如 PS4。這為我們在下半年恢復獲利成長提供了一個良好的機會。

And Stacey, to your comment to your comment on the cash -- as you can see, we've essentially finished flat quarter-on-quarter at the $1.2 billion level of cash, above our target optimal zone of $1.1 billion. That's well above the target minimum cash that I think is required from the Company under the current business model at about $700 million. So, well above that. And as I've stated before, we have a lot of levers that we can pull without accessing the public markets to continue to maintain cash at the $1.1 billion level through 2013.

史黛西，關於您對現金的評論——正如您所見，我們的現金水平與上一季基本持平，為 12 億美元，高於我們 11 億美元的目標最佳區間。我認為，這遠遠高於公司在當前商業模式下所需的最低現金目標（約 7 億美元）。所以，遠高於這個水平。正如我之前所說，我們有很多手段可以在不進入公開市場的情況下繼續將現金維持在 2013 年的 11 億美元水準。

That's helpful, guys. Thank you very much.

夥計們，這很有幫助。非常感謝。

Christopher Danely, JPMorgan.

摩根大通的克里斯多福‧丹尼利 (Christopher Danely)。

Thanks, guys. Not to beat the dead gross margin horse -- do you think that they can get back to the mid-40s? And what would be sort of the timeline of the milestones that they can get there? Are we just going to look at like gross margins in the low 40s as the gaming console starts to ramp up? And then if you could also comment on -- will you be selling down any more written-down inventory? And how much do you have left?

謝謝大家。不想再重複毛利率的死循環——您認為他們的毛利率能回到 40% 左右嗎？他們實現這些里程碑的時間表是怎麼樣的呢？隨著遊戲機銷量開始上升，我們是否只會看到 40% 以下的毛利率？然後，如果您也可以評論一下——您會出售更多減記庫存嗎？您還剩下多少錢？

Chris, on the gross margin, when I say we've been very clear, we've given the [~39% gross margin guidance] (corrected by company after the call) for 2Q. That's what we're prepared to talk about today. We talked about what we like about the market in our portfolio moving forward. But, clearly our guidance around margin is we are consistently managing that the past several quarters, and it's our plan to do that again in 2Q. Devinder, do you want to comment on the second question?

克里斯，關於毛利率，我說我們已經非常清楚了，我們給出了第二季度的[~39% 毛利率指引]（電話會議後公司已更正）。這就是我們今天準備要談論的內容。我們討論了我們對我們的投資組合中未來市場的看法。但是，顯然我們對利潤率的指導是，我們在過去幾個季度中一直在管理這一目標，並且我們計劃在第二季度再次做到這一點。Devinder，您想對第二個問題發表評論嗎？

Yes, I do. Chris, was your question about the inventory write-down that we took in Q3 2012, just to confirm?

是的，我願意。克里斯，你的問題是關於我們 2012 年第三季的庫存減記，只是為了確認嗎？

Yes. Are you guys going to be selling any more written-off inventory; and if so, how much?

是的。你們還會賣更多註銷庫存嗎？如果是的話，金額是多少？

Yes, you know, at that time we wrote down the inventory in Q3 of 2012 to the tune of $100 million because we could not -- we did not think we could sell the units. We had a specific opportunity that arose, as I mentioned in my prepared remarks. But we still have some of that left. And if a specific [possibility] arose, we would consider it and then take it from there.

是的，你知道，當時我們在 2012 年第三季減記了 1 億美元的庫存，因為我們無法——我們認為我們無法出售這些產品。正如我在準備好的發言中提到的那樣，我們遇到了一個特殊的機會。但我們仍然剩下一些。如果出現了特定的[可能性]，我們會考慮它，然後從那裡開始。

Great. Thanks, guys.

偉大的。謝謝大家。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

I wanted to ask a question about the gaming market -- kind of on a long-term basis. I understand that these game console guys don't change the game console all that often. But if they're doing work on new functionality in game consoles, and they're also rewriting their software, do you guys think that this is a business that's more than one generation of game console long -- i.e., whether this is a new endeavor for AMD that could last tens of years types of thing?

我想問一個關於遊戲市場的問題——從長期來看。我知道這些遊戲機傢伙不會常常更換遊戲機。但是，如果他們正在開發遊戲機的新功能，並且還重寫了他們的軟體，你們是否認為這是一個比一代遊戲機更長的業務——也就是說，對於 AMD 來說，這是否是一個可以持續數十年的新嘗試？

Yes, Glen, this is Lisa. Let me try to give you some color there. The game console is a very, very exciting market. Its lifecycle usually lasts 5 to 7 years. And it's an opportunity to both take leading-edge hardware out there as well as continue to enhance the software. So, I do view it as an opportunity of growth over the medium-term. And certainly as we ramp new console generations, that's a direct opportunity for growth. There's a lot of conversation about where cloud gaming goes in the future, and where that sits. And that will have to play out over the next generation.

是的，格倫，這是麗莎。讓我嘗試給你一些顏色。遊戲機是一個非常非常令人興奮的市場。其生命週期通常為5至7年。這是一個將尖端硬體推向市場並繼續增強軟體的機會。因此，我確實將其視為中期成長的機會。當然，隨著我們推出新一代遊戲機，這將是一個直接的成長機會。關於雲端遊戲的未來發展方向和現​​狀的討論很多。而這將在下一代中得以實現。

And, Glen, from a standpoint of a strategic strategy here, and why we went after this market so strongly is -- from our perspective, I think we are building on a strong base in the PC space and the discrete graphics space. Now we go after the console. And with the work that we've done at Nintendo Wii U, and now with the Sony PS4, these game developers spend a lot of money as they move to the next generation. And with the consolidation of the game console wins that we've announced, you can see that this would allow them to develop in a more effective way, a more cost effective way. And you'll see us leverage our technology across that base from a strategic standpoint.

格倫，從戰略角度來看，我們如此大力進軍這個市場的原因是——從我們的角度來看，我認為我們在個人電腦領域和獨立顯示卡領域建立了堅實的基礎。現在我們去追蹤控制台。透過我們在任天堂 Wii U 以及現在的Sony PS4 上所做的工作，這些遊戲開發商在轉向下一代產品時投入了大量資金。隨著我們宣布的遊戲機勝利的鞏固，您會發現這將使他們能夠以更有效、更具成本效益的方式進行開發。您將看到我們從戰略角度充分利用我們的技術。

It lowers the partners' time-to-market; it lowers their cost of development. So it speeds that. And additionally, as they tune now to our development technology, which they're going to be able to do, it's going to perform better on our hardware and software, both from a PC from a discrete graphics, and then from a game console base. I think that sets a very nice foundation to continue to build that.

縮短了合作夥伴的產品上市時間；它降低了他們的開發成本。所以它可以加快速度。此外，隨著他們現在適應我們的開發技術，他們將能夠做到這一點，它將在我們的硬體和軟體上表現得更好，無論是從獨立顯示卡的 PC 還是從遊戲機基礎。我認為這為繼續建設奠定了良好的基礎。

And then, Glen, you saw us double down in this space where we focused to really go after those game developers, with the Never Settle Reloaded campaign, where we went after those biggest and most important games in the industry and showed that partnership. Again, I think this is all part of a longer-term game plan to really create a differentiated experience that creates a solution for the partners, for our customers; and, ultimately, the better experience for the customer.

然後，格倫，你看到我們在這個領域加倍努力，我們專注於真正追逐那些遊戲開發商，透過 Never Settle Reloaded 活動，我們追逐了業內那些最大、最重要的遊戲，並展示了這種合作關係。再次強調，我認為這都是長期計畫的一部分，旨在真正創造差異化的體驗，為合作夥伴、為我們的客戶創造解決方案；並最終為客戶帶來更好的體驗。

Thanks for that, Rory. That's helpful. Maybe a follow up -- Rory, just sort of drawing on your past experience with the OEM -- or Lisa, just your experience in the market -- and thinking about what you're seeing in the second half. I know you guys aren't making heroic assumptions for PCs in the second half. But I think, Lisa, you said you think Windows 8 will adopt better. And, Rory, you did suggest second half is better than the first. Is there anything you see today that gives you any kind of confidence about that; whether that's demand from your customers already, or indications of any kind that suggests that second half 2013 better than first half, unlike what we saw last year?

謝謝你，羅裡。這很有幫助。也許是後續問題——羅裡，只是藉用你過去與 OEM 打交道的經驗——或者麗莎，只是你在市場上的經驗——並思考你在下半年會看到什麼。我知道你們並沒有對 PC 下半年的表現做出大膽的假設。但我認為，麗莎，你說過你認為 Windows 8 將會更適應。而且，羅裡，你確實說過下半場比上半場好。今天你看到的任何東西是否讓你對此有了信心？這是否已經是來自客戶的需求，或者是否有任何跡象表明 2013 年下半年的表現將好於上半年，與去年的情況不同？

Let me try, Glen, and I'll let Rory comment. No, I think it's fair to say that the PC market is still choppy, given some of the market data that came out recently. From our perspective, though, what we do see is that the OEMs are being fairly aggressive in their adoption of new form factors. I would say more so than last year, in terms of the realization of where the growth has to come, in terms of innovation. So, much more ultra-thins; much more at lower price points, as we get to 599 and below. You'll see 299, 399 price points. And that is traditionally AMD's sweet spot. That's where we design these products. So that gives us the opportunity to hopefully gain share in the second half of the year. But, certainly, we'd have to watch how that market evolves over the next couple of quarters.

讓我試試，格倫，然後我會讓羅裡評論。不，我認為，根據最近發布的一些市場數據，可以公平地說，個人電腦市場仍然不穩定。不過，從我們的角度來看，我們確實看到 OEM 在採用新外形尺寸方面相當積極。我想說，就實現成長方向和創新而言，今年的情況比去年更加明顯。因此，更超薄；在價格更低的地方，我們可以得到更多，例如 599 或更低。您會看到 299、399 的價格點。而這傳統上就是 AMD 的優勢所在。我們在那裡設計這些產品。因此，這讓我們有機會在下半年獲得市場份額。但當然，我們必須觀察未來幾季該市場如何發展。

Yes, and Glen, from a standpoint of if you look at this market and how it will unfold, there is no doubt Windows 8 is an important event. I know it's gotten a lot of press recently. But this -- it is clearly going to continue to build momentum. The uptake will improve as more of the form factors -- touch -- the experience becomes better known, you're going to see that activity. And based on what we are seeing from our partners, we are seeing in terms of the global design activity that we mentioned in the earlier remarks -- around the PC space there's a lot of interest in the low-power parts of Temash and Kabini, and then some of the premium form factor wins that we got with Richland.

是的，格倫，如果你從這個市場以及它將如何發展的角度來看，毫無疑問 Windows 8 是一個重要的活動。我知道它最近受到了很多媒體的關注。但這——顯然將繼續積聚勢頭。隨著更多的形式因素——觸摸——體驗變得更加廣為人知，其接受度將會提高，你會看到這種活動。根據我們從合作夥伴那裡看到的情況，就我們之前提到的全球設計活動而言，在個人電腦領域，人們對 Temash 和 Kabini 的低功耗部件很感興趣，然後對我們與 Richland 合作獲得的一些高端外形尺寸也很感興趣。

So I think the foundation is definitely there. Win 8 will be better understood. It will be -- in terms of its adoption, and its uptake, I think that second half is generally always stronger than the first half. And that I do think that we are seeing the design activity; and it's important, Glen, from the standpoint -- we specifically target it with our products to understand the price points, the form factors, by region, by partner, so that we could go after those most effective and higher volume design wins that would yield the proper return and help us lower our overall expense.

所以我認為基礎肯定是存在的。將會更加理解Win 8。就其採用和吸收而言，我認為下半年通常總是比上半年強勁。我確實認為我們正在看到設計活動；格倫，從這個角度來看，這一點很重要——我們專門針對我們的產品來了解價格點、外形尺寸、按地區、按合作夥伴，這樣我們就可以追求那些最有效和更高產量的設計勝利，從而產生適當的回報並幫助我們降低總體費用。

Thank you very much.

非常感謝。

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

Thanks for taking my question. Apologies if I missed this -- did you discuss how the SeaMicro business did relative to the server microprocessor business?

感謝您回答我的問題。如果我遺漏了這一點，請見諒——您是否討論過 SeaMicro 業務相對於伺服器微處理器業務的表現如何？

Yes, let me talk about the SeaMicro business. If we look at the SeaMicro business quarter-over-quarter, we had -- we were coming off a strong Q4. We were actually lower in Q1. This business tends to be a very deal-driven business, so it's a little bit lumpy. As we look out through 2013, we see dense server as a very good growth opportunity for us, and into the coming years as well.

是的，我來談談SeaMicro業務。如果我們看一下 SeaMicro 業務的季度環比表現，我們會發現——我們剛剛度過了一個強勁的第四季度。我們第一季的業績其實較低。這個行業往往是一個交易驅動型產業，所以它有點不穩定。展望2013年，我們認為密集伺服器對我們來說是一個非常好的成長機會，並且在未來幾年也是如此。

And when you talk about the semi-custom and embedded target for the fourth quarter, can you give us a sense as to how you're thinking about the relative split? Is it mostly semi-custom this year and then embedded ramps more next year?

當您談到第四季度的半客製化和嵌入式目標時，您能否讓我們了解一下您對相對分割的看法？今年主要是半定制，明年則更多採用嵌入式坡道嗎？

There's no doubt that the semi-custom business is a strong business. We're seeing very good activity there. The design win activity in embedded -- well, as said, that's going to be a $7 billion market by 2016. We see good activity there. They tend to be a bit smaller in terms of their overall size. But when you're going to go semi-custom, those tend to be much larger. We target that pipeline. And interestingly enough, Mark, we've been working and building that semi-custom pipeline for tracking double-figure types of opportunities across industrial. In terms of home, living room, several key areas that we see semi-custom. And then you mix in the nice embedded business where I think our APUs are going to play a very important part, where you see the graphics, the gaming space, the industrial, the medical. It's a nice combination. And this is clearly where the market is going as we move into this cloud era.

毫無疑問，半定制業務是一項強大的業務。我們看到那裡的活動非常好。嵌入式設計贏利活動—正如所說，到 2016 年，這將是一個價值 70 億美元的市場。我們看到那裡的活動很活躍。就其整體尺寸而言，它們往往會小一些。但是當你要進行半客製化時，它們往往會大得多。我們的目標是那條管道。有趣的是，馬克，我們一直在努力建造半客製化管道，以追蹤整個工業領域的兩位數類型的機會。就家居而言，客廳等幾個重點區域我們看到的是半客製化的。然後加入嵌入式業務，我認為我們的 APU 將在其中發揮非常重要的作用，你會看到圖形、遊戲空間、工業、醫療等。這是一個很好的組合。隨著我們進入雲端時代，這顯然是市場的發展方向。

And last question -- thank you for that -- the last question from me is, the quad-core SoC that you just started shipping, have you talked about design wins for that product? Or can you talk about the target? Thank you.

最後一個問題——謝謝——我的最後一個問題是，您剛開始發售的四核心 SoC，您是否談到了該產品的設計優勢？或是可以講一下目標嗎？謝謝。

You're talking about, Mark, in the embedded space.

馬克，你談論的是嵌入式空間。

Yes.

是的。

Yes. We're tracking right on course, as we talked about, to hit the objectives for the full year. The pipeline build has been very positive in embedded. The new product introductions like that product, which is two times competition on performance and four times on graphics, I think has really put us in a position where we can build on that. And this is around the strategy of hitting them where they're not, right? Move and take our IP where it's differentiated, where we can make a difference with the customer. And we are focused on being that partner with these customers to create the long-term solution to help them win.

是的。正如我們所說的，我們正在按照正確的方向前進，以實現全年的目標。嵌入式領域的管道建設一直非常積極。像該產品這樣的新產品的推出，其性能是競爭對手的兩倍，圖形是競爭對手的四倍，我認為，這確實讓我們處於可以在此基礎上繼續發展的地位。這就是針對他們不在的地方進行打擊的策略，對嗎？將我們的智慧財產權轉移到具有差異化的地方，以便我們能夠為客戶帶來不同。我們致力於成為這些客戶的合作夥伴，創造長期解決方案，幫助他們成功。

I mentioned the cloud environment, the cloud era. This is a shift from this kind of proprietary controlled commercial environment, where PCs were controlled by a couple of proprietary architecture- and rule-holders, and they gathered all of the profit in a single set of pools. What I think is, the cloud era begins to break that. As data and application moved to cloud we're going to see an explosion, a tsunami of devices that are going to emerge. And our customers are looking for silicon solutions that are differentiated, that allows them to create not just a commercial solution, but a really specific differentiated solution that they can win in the market. And they're looking for a partner that's willing to work with them in a very productive, proactive, flexible way to create that solution. And isn't that kind of the AMD history, to take on next, to go against the disruption, and really focus on going forward?

我提到了雲端環境、雲端時代。這與專有控制的商業環境不同，在這種環境中，個人電腦由幾個專有架構和規則持有者控制，他們將所有的利潤集中在一組池中。我認為，雲端時代開始打破這種現狀。隨著數據和應用程式轉移到雲端，我們將看到一場爆炸式增長，大量設備將湧現。我們的客戶正在尋找差異化的矽片解決方案，這使他們不僅可以創建商業解決方案，還可以創建能夠在市場上獲勝的真正具體的差異化解決方案。他們正在尋找願意以高效、積極主動、靈活的方式與他們合作以創造解決方案的合作夥伴。這不是 AMD 的歷史嗎：迎接下一個挑戰，對抗顛覆，真正專注於前進？

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Great. Thank you. Rory, a clarification. You implied or said that the PC market was going to be down mid- to high-single-digit for this year.

偉大的。謝謝。羅裡，澄清一下。您暗示或說過今年個人電腦市場將出現中高個位數的下滑。

Low- to mid-single-digits.

低至中等個位數。

Okay. And then the other clarification, for the Sony game console -- the ASPs for that APU are going to be at the high end of what? Was it the high end of APU pricing, or CPU?

好的。然後另一個澄清是，對於索尼遊戲機 - 該 APU 的 ASP 將會處於什麼高端？是 APU 定價的高端，還是 CPU 的高端？

What we talked about was client ASP.

我們討論的是客戶端 ASP。

Okay, perfect. Now the question I have is, is the weighted position -- your lineup versus Intel as the year progresses -- should we look at it as Kabini going head-to-head with Atom-based Clover Trail-like devices from Intel, in that Temash would go after Haswell, or go head-to-head? Or is that the way to interpret your positioning?

好的，完美。現在我的問題是，加權位置——隨著時間的推移，您的產品線與英特爾的對比——我們是否應該將其視為 Kabini 與英特爾基於 Atom 的 Clover Trail 類設備的正面交鋒，而 Temash 會追逐 Haswell，還是正面交鋒？或者這就是你對定位的解讀方式？

Hans, let me perhaps help with that. So if you look at the positioning today, Kabini really goes up against Pentium, Celeron, up to the Core i3 lineup. And Temash is really, I would say, above where Clover Trail sits today, and the Atom lineup; and then it goes into the sort of the low end of clamshell. So that's the way we're setting it up. The good part about it is all of these products have started shipping. And so we're strongly in the 2C cycle, so that gives us a good position relative to time-to-market.

漢斯，也許我可以幫忙。因此，如果從今天的定位來看，Kabini 實際上要與奔騰、賽揚甚至酷睿 i3 系列產品競爭。我想說的是，Temash 確實高於如今的 Clover Trail 和 Atom 系列；然後它就進入了低階的翻蓋手機領域。這就是我們的設定方式。好消息是所有這些產品都已開始出貨。因此，我們正處於 2C 週期中，這使我們在上市時間方面處於有利地位。

Okay. Thank you.

好的。謝謝。

Jim Covello, Goldman Sachs.

高盛的吉姆·科維洛。

Great. Thanks so much. Just following up on the PC forecast for the year. Do you have any thoughts or reconciliation for us on the difference between your view and Intel's view on the PC market, which is -- that it will be a little bit?

偉大的。非常感謝。只是跟進今年的 PC 預測。對於您與英特爾對 PC 市場的看法之間的差異，您有什麼想法或解釋嗎？即——會有一點點？

You know, I think I've been, Jim, pretty consistent on that. I thought that the market was going to be choppier than some of the other competitors have felt. And I think that's playing out. I think the first half is going to be weaker than the second half. I think that's going to play out. And I do think the adoption of Win 8 will continue to improve as the year goes on. And I think there's a lot of work around improving form factors, price points; and I think the kind of product set will lend itself well to that second half. So I think it's been pretty consistent where we think the market is going. And I think that's where it's going to kind of settle in. I don't think there is -- I think that's pretty straightforward.

你知道，吉姆，我認為我在這方面一直非常堅持。我認為市場將會比其他一些競爭對手感受到的更加動盪。我認為這正在發生。我認為上半年會比下半年弱。我認為這會發生。我確實認為隨著時間的推移，Win 8 的採用率將會繼續提高。我認為在改進外形尺寸和價格點方面還有很多工作要做；我認為這類產品組合將非常適合下半年。所以我認為我們對市場走向的看法是相當一致的。我認為它將會在那裡安頓下來。我認為沒有——我認為這很簡單。

That's helpful. I know the commentary on the cash was that the cash flow generation would return in the back half of 2013. I don't think you commented on an explicit cash burn in the second quarter of 2013.

這很有幫助。我知道關於現金的評論是現金流的產生將在 2013 年下半年恢復。我認為您沒有評論過 2013 年第二季的明確現金消耗。

Yes, I think if you do the math, you can probably come up with the numbers. But from our standpoint, as I've said previously, we have levers available. If you look at Q1 2013, I talked about the payment of GLOBALFOUNDRIES to the tune of $175 million paid. We did a sale-leaseback transaction to almost entirely offset that, and actually a little bit more, and maintained cash flagged from last quarter. The optimal zone, or the $1.1 billion -- and I've noticed in the no reason to believe that we couldn't exercise some of the levers needed without exercising -- accessing the capital markets and coming in the $1.1 billion zone for Q2 of 2013.

是的，我想如果你算一下，你大概就能得出這些數字。但從我們的角度來看，正如我之前所說，我們有可用的槓桿。如果你看一下 2013 年第一季度，我談到了向 GLOBALFOUNDRIES 支付的 1.75 億美元。我們進行了售後回租交易，幾乎完全抵消了這一損失，實際上還抵消了一點點，並保持了上個季度的現金水平。最佳區域，或者說 11 億美元——我注意到，沒有理由相信，如果不進入資本市場，我們就無法運用一些必要的槓桿，2013 年第二季度，我們將進入 11 億美元區域。

So, I'm sorry -- I don't think I understood all that. Is the idea that you have -- you'll have some operating cash burn in Q2, and then you'll pull some of the levers? Or you're not going to need to pull the levers?

所以，很抱歉——我認為我沒有理解這一切。您的想法是—您將在第二季消耗一些營運現金，然後採取一些措施嗎？還是你不需要拉動槓桿？

I think there will be some cash burn in the Q2 timeframe -- you know, less significant than what we have had. And I'll be able to pull some levers if needed to keep the cash in the $1.1 billion level if we need to.

我認為第二季會有一些現金消耗——但比我們之前經歷的要少一些。如果需要的話，我可以採取一些措施，將現金保持在 11 億美元的水平。

Got it. Okay. I appreciate it, thank you.

知道了。好的。我很感激，謝謝。

Steven Eliscu, UBS.

瑞銀的史蒂文·埃利斯庫。

First question around the semi-custom business; raises a potential concern on cash flow. If there isn't good sell-through on the -- your customers' game consoles, can you give us some assurance that there is some protection that you don't have to pay upfront for the wafers from your foundry partners, without at least some guarantee that you'll get paid for your deliverables in a timely fashion, and not get left holding the bag?

第一個問題是關於半客製化業務的；引發了對現金流的潛在擔憂。如果您客戶的遊戲機銷售不佳，您能否向我們保證，有一些保護措施，您不必預先支付代工合作夥伴提供的晶圓費用，至少可以保證您會及時收到交付成果的付款，而不會陷入困境？

Yes, Steven, I think there is a historical set of data that shows the uptakes with the introduction of new game consoles. We have a very reasonable commercial relationship with all of our business partners and customers. And we believe that we'll execute within the optimal cash range throughout the 2013 year.

是的，史蒂文，我認為有一組歷史數據顯示了新遊戲機推出後玩家的熱情。我們與所有業務夥伴和客戶都保持著非常合理的商業關係。我們相信，2013 年全年我們都將在最佳現金範圍內執行。

Yes, it's more concerning 2014 -- if, beyond the holiday season, the game consoles peter out.

是的，2014 年更令人擔憂——如果假期過後，遊戲機銷量就會逐漸下降。

From a standpoint -- we're really talking about 2Q. And from a strategic standpoint going forward, I would really go do my modeling based on the historical trend rates of consoles. They tend to build out and accelerate over a 5- to 7-year period, and there's a curve. Our expectation will follow some resemblance to that curve.

從某個角度來看——我們實際上談論的是第二季。從未來的策略角度來看，我會根據遊戲機的歷史趨勢率來進行建模。它們往往會在 5 到 7 年的時間內逐漸形成並加速，並且有一個曲線。我們的預期將與該曲線有些相似。

Understood on that. I have a follow-up question for Lisa on the comments that -- on Richland and Kabini and Temash are encouraging; and also saw that Visio is using your products pretty well across their new product line. However, as you look into next year, Intel is going to be ramping its 14 nanometer processors through the year. And at that point, you're going to be, for the most part, two nodes behind. So without getting into the details of your roadmap, can you at least help us understand, in terms of the merchant market, some of the market opportunities that you believe you will have to differentiate in PCs and tablets?

明白了。我有一個後續問題想問 Lisa，關於 Richland、Kabini 和 Temash 的評論令人鼓舞；並且還發現 Visio 在其新產品線中很好地運用了您的產品。然而，展望明年，英特爾將在今年加大 14 奈米處理器的研發力道。此時，在大多數情況下，您將落後兩個節點。那麼，在不談論路線圖細節的情況下，您能否至少幫助我們了解，就商業市場而言，您認為您必須在個人電腦和平板電腦上進行區分的一些市場機會？

Yes, absolutely, Steve. I think it's fair to say that we have to be very diligent in executing our product portfolio. Our value proposition isn't necessarily based on the technology nodes and CPU performance. It's really on user experience, and how we turn our graphics and visualization advantages into something that could improve the end-user experience.

是的，絕對是，史蒂夫。我認為可以公平地說，我們必須非常勤勉地執行我們的產品組合。我們的價值主張不一定是基於技術節點和 CPU 效能。這實際上關乎用戶體驗，以及我們如何將圖形和視覺化優勢轉化為可以改善最終用戶體驗的東西。

So, this year we have, as you stated, the Richland, Kabini and Temash launches, all very successful in executing in the first half of the year. We've also talked about our Kaveri APU in the second half of the year. We're on track for that. And that gives us an opportunity to bring in our heterogeneous systems architecture, which really brings the microprocessors and the graphics capability together. So we're going to continue to push that. We believe that APUs of the future, and that is where we can really get the performance. And we've gotten some validation of that with some of the game console-led discussions.

因此，正如您所說，今年我們推出了 Richland、Kabini 和 Temash，這些專案在上半年的執行上都非常成功。我們也討論了下半年的 Kaveri APU。我們正朝著這個目標前進。這為我們提供了引入異質系統架構的機會，真正將微處理器和圖形功能結合在一起。因此我們將繼續推動這項進程。我們相信未來的 APU，這就是我們真正能夠獲得效能的地方。我們已經透過一些遊戲機主導的討論驗證了這一點。

So, just one last question here, as a follow-up on that. So if you'd give us one example of something, as you look with Kaveri, that you'll be able to enable, that the competition won't be able to do. Can you give us an idea of what that would be?

因此，這裡只剩下最後一個問題，作為後續問題。因此，如果您能給我們一個例子，說明您在 Kaveri 方面能夠實現而競爭對手無法實現的事情。您能告訴我們那會是什麼嗎？

Yes, we believe that Kaveri and the heterogeneous systems architecture will allow us to do things like natural user interface processing much more efficiently, especially in low-power environments; so, things like facial recognition, speech recognition, those types of -- sort of graphics-intensive types of applications we'll be able to do at a lower power with higher performance.

是的，我們相信 Kaveri 和異質系統架構將使我們能夠更有效率地完成自然用戶介面處理等工作，尤其是在低功耗環境中；因此，我們可以以更低的功耗和更高的性能完成面部識別、語音識別等圖形密集型應用程式。

All right. Thank you.

好的。謝謝。

Patrick Wang, Evercore Partners.

派崔克王（Patrick Wang），Evercore Partners。

It's actually Mike on for Patrick. Thanks for taking my question. Just a quick question on, what's the difference between the $379 million payable to GLOBALFOUNDRIES and the $240 million remaining that you talked about?

實際上是邁克代替帕特里克。感謝您回答我的問題。只是一個簡單的問題，支付給 GLOBALFOUNDRIES 的 3.79 億美元和您所說的剩餘的 2.4 億美元之間有什麼區別？

That includes the $240 million that we owe. We owe that in the Q1 2014 timeframe. And because there is a related party, we go ahead and disclose all the payables to GLOBALFOUNDRIES that are due to them over time. So if you look at the $379 million within the balance sheet, ending March, there is the payables for the wafers that we have purchased over the last quarter. There is a $200 million payable that's due in Q1 of 2014; and then there is the $40 million that I talked about, which is going to be paid in Q2 of 2013.

其中包括我們欠的 2.4 億美元。我們將在 2014 年第一季內完成這項工作。而且由於存在關聯方，我們將繼續披露 GLOBALFOUNDRIES 在一段時間內應支付的所有款項。因此，如果你查看截至 3 月的資產負債表中的 3.79 億美元，你會發現這是我們上個季度購買的晶圓的應付款項。2014 年第一季有 2 億美元的應付款項到期；還有我提到的 4,000 萬美元，將於 2013 年第二季支付。

Okay, so it relates to the wafers. Got you. And then, also, the payable went down by $75 million, but you made a payment of $175 million. What was the delta there between the two?

好的，這與晶圓有關。明白了。然後，應付金額也減少了 7500 萬美元，但您支付了 1.75 億美元。兩者之間的差異是多少？

You know, the delta is really -- the 175 is the primarily delta. That was due as of the end of 2012. We paid that in the early part of 2013. So that obviously comes down. And the wafer purchases is kind of in and out. You have ongoing purchases of wafers. We paid this in payment terms, and depending on the timing of when you buy the wafers and balance sheet cutoff, you can have an increase or decrease from a payable standpoint.

您知道，增量實際上是 - 175 是主要的增量。該期限為 2012 年底。我們在 2013 年初支付了這筆款項。所以這顯然是可以的。晶圓的採購也時斷時續。您目前正在購買晶圓。我們按照付款條款支付了這筆款項，並且根據您購買晶圓的時間和資產負債表截止時間，您可以從應付款項的角度增加或減少。

Okay, got you. And then looking at the second half, you guys talked about gaining share. What segments do you see the most opportunity in for you guys?

好的，明白了。然後看看下半年，你們談到如何獲得份額。您認為哪些領域對你們來說最具機會？

Well, I think there is definitely -- from the standpoint of the product portfolio that we've introduced, I think there is definite strength in the low-power segment, in the entry -- we've talked about Temash in terms of that area. Kabini, and then of course in graphics. We have the opportunity now to go after share with a very strong portfolio. I think those would be the traditional spaces. And then of course in the embedded semi-custom, we talked about how that portion of our revenue will significantly change year-over-year, and exit the year at the 20% of total revenue.

嗯，我認為肯定有——從我們推出的產品組合的角度來看，我認為在低功耗領域，在入門級領域，我們已就該領域討論過 Temash 了。卡比尼 (Kabini)，當然還有圖形。我們現在有機會憑藉非常強大的產品組合來爭取市場份額。我認為那些是傳統的空間。當然，在嵌入式半客製化領域，我們討論了該部分收入將如何逐年發生顯著變化，並在年底達到總收入的 20%。

Okay, sounds good. And last question -- on the inventory build in the first quarter and the outlook for the second quarter, what's the composition of the inventory?

好的，聽起來不錯。最後一個問題—關於第一季的庫存增加情況以及第二季的展望，庫存的組成是怎樣的？

It's the new product introductions, primarily, as we get ready to introduce the new products that Lisa and Rory have been talking about. We're getting ready for the launches. And you had the slight increase in inventory from Q4 to Q1. And if you recall, I did say, when we had the earnings call for the Q4 quarter, that we expected and planned for the inventory to go up as we accelerate into the second half of 2013.

主要是新產品的介紹，我們準備介紹 Lisa 和 Rory 一直在談論的新產品。我們正在為發射做準備。從第四季度到第一季度，庫存略有增加。如果您還記得的話，我確實說過，當我們召開第四季度收益電話會議時，我們預計併計劃隨著 2013 年下半年的加速，庫存將會上升。

And Mike, it's important around that comment, in preparation for launches -- the work that we've done around execution and the supply chain is very important, as we reach these ramps and enter into these new markets. We've done a lot of work to improve our foundry relationships. Our foundry performance has significantly improved. And the supply chain activity has significantly improved since -- over the past 1.5 years. So, that is all around an idea to have the part; be ready; launch in volume; and be able to ramp effectively. That's something that the Company struggled with in the past. And that's something that we've worked very hard around execution to improve.

麥克，關於這一評論很重要，在準備發佈時——我們在執行和供應鏈方面所做的工作非常重要，因為我們達到了這些門檻並進入了這些新市場。我們做了很多工作來改善我們與代工廠的關係。我們的代工業表現有了顯著提升。自過去一年半以來，供應鏈活動已顯著改善。所以，這都是圍繞著擁有這個角色的想法；做好準備；大量推出；並能有效地提升。這是公司過去一直努力解決的問題。我們在執行方面付出了很大的努力來改進這一點。

Sounds good, guys. Thanks for taking my questions.

聽起來不錯，夥計們。感謝您回答我的問題。

Operator, we'll take two more questions from participants, please.

接線員，請再回答兩個來自參與者的問題。

Yes ma'am. Srini Pajjuri, CLSA Securities.

是的，女士。Srini Pajjuri，里昂證券證券。

Thank you. I have a question and a clarification. First, the clarification -- embedded -- you said it's going to be 20% of sales exiting this year. Can you give us an idea where it is today, or in Q2?

謝謝。我有一個問題需要澄清。首先，澄清一下——您說過今年的銷售額將達到 20%。您能告訴我們目前或第二季的情況嗎？

It's substantially less, obviously. Our market is fundamentally changing as we move through the year. But we don't get into specifics in terms of our mix, or our segment breakdown, past compute and graphics.

顯然，這個數字要少得多。隨著時間的推移，我們的市場正在發生根本性的變化。但我們不會詳細介紹我們的產品組合、細分市場、過去的計算和圖形。

Okay, fair enough. And then Rory, maybe for you, obviously the PC market has been quite weak. But both Intel and you have reported pretty solid ASP trends even in the PC segment. I'm just trying to understand what's going on, given the weak PC. I would've expected ASPs to at least see some declines.

好吧，夠公平。然後羅裡，也許對你來說，顯然個人電腦市場一直很疲軟。但英特爾和你們都報告了相當穩健的 ASP 趨勢，即使在 PC 領域也是如此。我只是想了解在 PC 效能較弱的情況下發生了什麼。我原本預計平均售價至少會下降。

I think what you're seeing is that, from our perspective -- and I'll comment on that -- is I think you're seeing an improvement in product mix, and in terms of our product portfolio. We've worked to focus on meeting this cloud era, and in terms of the graphics around the APU that create that differentiated experience that Lisa was talking about.

我認為，從我們的角度來看，我會對此發表評論，我認為您看到產品結構以及我們的產品組合有所改善。我們一直致力於迎接這個雲端時代，並在 APU 周圍的圖形方面創造 Lisa 所說的差異化體驗。

From our perspective, that's really important. And we're reaching into those low-power segments. And in terms of Richland, I think we've seen some good uptake in terms of the premium wins and in terms of those interesting form factors going forward. So, it's a choppy market, Srini. There is no doubt. And we've got to continue to stay focused on the execution and on the cost side of it. But this is a good product portfolio. We've worked hard to get here, and now we are looking forward to build on that throughout the year.

從我們的角度來看，這確實很重要。我們正在進入這些低功耗領域。就 Richland 而言，我認為我們已經看到了高端產品和未來有趣的外形因素的良好成長。所以，這是一個動盪的市場，Srini。毫無疑問。我們必須繼續關注執行和成本方面。但這是一個很好的產品組合。我們為達到這一目標付出了艱辛的努力，現在我們期待在全年繼續取得進展。

Thank you.

謝謝。

Thank you. We do have time for one final question.

謝謝。我們還有時間回答最後一個問題。

Our final question will come from Chris Caso, Susquehanna.

我們的最後一個問題來自薩斯奎哈納的克里斯·卡索。

Thank you. Thanks for squeezing me in. I wonder if you could just comment a little bit about the workstation graphics business. You had talked about that as an area of strength in the quarter. That's an area where you've had some relatively low market share in the past. Could you talk about that a little bit?

謝謝。謝謝你把我擠進來。我想知道您是否可以對工作站圖形業務發表一些評論。您曾談到這是本季的一個優勢領域。過去，您在該領域的市場佔有率相對較低。能稍微談一下這個嗎？

Yes, absolutely. If we look at our overall graphics business, we were pleased with the progress. Looking at professional graphics in particular, it is a place where historically we've had relatively low share. We have a very good product. Certainly, from a hardware standpoint, we've improved our relationships with ISVs and some of the pull-through. And so we believe that will continue to be a growth opportunity for us in graphics.

是的，絕對是。如果我們看一下我們的整體圖形業務，我們對進展感到滿意。特別從專業圖形來看，從歷史上看，我們在該領域的份額相對較低。我們有非常好的產品。當然，從硬體的角度來看，我們已經改善了與 ISV 以及一些拉通的關係。因此我們相信這將繼續成為我們圖形領域的成長機會。

Now I'll also say, if you look at the overall graphics business, we also made some nice progress in the desktop channel, particularly in the AIB channel. And those two helped to pull the graphics revenue slightly up in the first quarter.

現在我還要說的是，如果你看一下整體圖形業務，我們在桌面頻道，特別是在 AIB 頻道也取得了一些不錯的進展。這兩項因素幫助第一季的圖形收入略有上升。

Just as a follow-up to that, what's your view with -- in terms of the graphics business, particularly discrete graphics over the longer-term -- and obviously, it requires a fairly sizable commitment in terms of R&D resource. Do you think, looking at the market going forward, is there still a return on investment for providing that R&D resource? Or do you need to be a little more selective on it, going forward?

作為後續問題，您對圖形業務，特別是長期獨立圖形業務有何看法？顯然，它需要在研發資源方面投入相當大的精力。您認為，展望未來的市場，提供該研發資源是否仍有投資報酬？或者說，今後您是否需要對此更有選擇性？

Yes, it's very important. I mean, the graphics business is basically core to our entire portfolio. And from a discrete graphics standpoint, we think we have opportunities to gain share. I talked about the pro graphics as well as the AIB channel. The graphics IP also stretches throughout our entire client semi-custom embedded server portfolio. So it's really a core competency for the Company, and we'll continue to invest heavily in it.

是的，這非常重要。我的意思是，圖形業務基本上是我們整個產品組合的核心。從獨立顯示卡的角度來看，我們認為我們有機會獲得市場份額。我談到了專業圖形以及 AIB 頻道。圖形 IP 也延伸到我們整個客戶半客製化嵌入式伺服器產品組合。所以這確實是公司的一項核心競爭力，我們將繼續對其進行大量投資。

Great. Thank you very much.

偉大的。非常感謝。

Thank you, Operator. This now concludes our first-quarter earnings conference call. Thank you to everybody for participating.

謝謝您，接線生。我們的第一季財報電話會議到此結束。感謝大家的參與。

Thank you, presenters, and thank you, participants. This does conclude today's conference. Thank you for your participation, and have a wonderful day. Attendees, you may now disconnect.

謝謝演講者，謝謝參與者。今天的會議到此結束。感謝您的參與，祝您有美好的一天。各位與會者，您現在可以斷開連線了。