超微半導體 (AMD) 2013 Q2 法說會逐字稿

Good afternoon. My name is Huey and I'll be your conference operator for today. At this time, I would like to welcome everyone to AMD's second-quarter 2013 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded today. I would now like to turn the conference over to Ms. Ruth Cotter, Vice President of Investor Relations for AMD. Please go ahead.

午安.我叫休伊 (Huey)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 AMD 2013 年第二季財報電話會議。（操作員指令）。提醒一下，今天正在錄製這次會議。現在，我想將會議交給 AMD 投資者關係副總裁 Ruth Cotter 女士。請繼續。

Thank you, and welcome to AMD's second-quarter earnings conference call.

謝謝，歡迎參加 AMD 第二季財報電話會議。

By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides. If you have not reviewed these documents, they can be found on AMD's website at quarterlyearnings. AMD.com.

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投影片。如果您尚未查看這些文件，可以在 AMD 的網站 quarterlyearnings 上找到。AMD.com。

Our participants on today's call are Rory Read, our President and Chief Executive Officer; Devinder Kumar, our Senior Vice President and Chief Financial Officer; and in addition, we have Lisa Su, our Senior Vice President and General Manager of our Global Business Unit, who will participate in the question-and-answer session.

今天參加電話會議的嘉賓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；此外，我們的高級副總裁兼全球事業部總經理蘇姿豐也將參加問答環節。

This is a live call and will be replayed via webcast on AMD.com. And before we start, I'd like to highlight a few dates of interest for you. Matt Skinner, our Corporate Vice President and General Manager of our Graphics business unit, will attend the Jefferies semiconductor and hardware summit in Chicago on August 28. Lisa will present at Citi's global technology conference on September 4 in New York. Our third-quarter quiet time will begin at the close of business on Friday, September 13. And lastly, we intend to announce our third-quarter earnings on October 17, and dial-in information for that call will be provided in mid-September.

這是一次現場通話，並將透過 AMD.com 上的網路直播重播。在我們開始之前，我想向您介紹幾個您感興趣的日期。我們的公司副總裁兼圖形業務部門總經理 Matt Skinner 將於 8 月 28 日出席在芝加哥舉行的 Jefferies 半導體和硬體高峰會。Lisa 將於 9 月 4 日在紐約出席花旗銀行全球技術會議並發表演講。我們的第三季靜默期將於 9 月 13 日星期五下班後開始。最後，我們計劃於 10 月 17 日公佈第三季收益，並將於 9 月中旬提供該電話會議的撥入資訊。

Please note we renamed our Graphics segment to Graphics and Visual Solutions. This better reflects the growing importance of gaming and semi-custom offerings to AMD.

請注意，我們將圖形部分重新命名為圖形和視覺解決方案。這更能反映了遊戲和半客製化產品對 AMD 日益增長的重要性。

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

此外，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 please 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. You can refer to the cautionary statement in our press release for more information. You'll also find detailed discussion about our risk factors in our filings with the SEC and in particular AMD's quarterly report on Form 10-Q for the quarter ended March 30, 2013.

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。這些陳述基於當前的信念、假設和期望；僅就當前日期發言；因此，存在可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。您可以參閱我們新聞稿中的警告聲明以獲取更多資訊。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 2013 年 3 月 30 日的 10-Q 表季度報告。

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.

謝謝你，露絲。

We're making progress on our three-step strategy to restructure, accelerate, and ultimately transform AMD for growth. This progress allowed us to deliver improved results in the second quarter. Revenue of $1.16 billion was higher than our guidance as strong demand helped drive sequential unit shipment increases and market share gains across both of our business segments.

我們正在推進重組、加速並最終實現 AMD 成長的三步驟策略。這一進展使我們在第二季度取得了更好的業績。11.6 億美元的營收高於我們的預期，因為強勁的需求推動了我們兩個業務部門的單位出貨量持續成長和市場份額增加。

With our restructuring complete, our focus in the second half of the year is on continuing to accelerate our business. We expect to return to profitability in the third quarter, based on the midpoint of our revenue guidance.

隨著重組的完成，我們下半年的重點是繼續加速業務發展。根據我們收入預期的中位數，我們預計第三季將恢復獲利。

Our traditional PC business is heading into the typically stronger second half of the year with a competitive portfolio of new products and strong mobile design wins, particularly for systems in the $300 to $600 sweet spot of the market. Many of these systems will be the first to bring touch capabilities down into the mainstream price points where AMD has traditionally been the most successful.

我們的傳統 PC 業務正進入通常更為強勁的下半年，擁有極具競爭力的新產品組合和強大的行動設計優勢，尤其是針對市場最佳價格 300 至 600 美元的系統。其中許多系統將率先將觸控功能帶入主流價格點，而 AMD 歷來在這一領域最為成功。

We remain on track to deliver more than 20% of our revenue from our semi-custom and embedded businesses in the fourth quarter, with growth in the second half of the year primarily coming from our semi-custom SoC products for both the Sony and Microsoft next-generation game consoles. These tailored products are great examples of the opportunities we have to quickly diversify our product portfolio and enter into new markets where our IP and design capabilities provide us with a competitive advantage.

我們仍有望在第四季度從半客製化和嵌入式業務中實現 20% 以上的收入，下半年的成長主要來自我們為索尼和微軟下一代遊戲機提供的半客製化 SoC 產品。這些客製化產品是我們快速實現產品組合多樣化並進入新市場的絕佳例子，我們的智慧財產權和設計能力為我們提供了競爭優勢。

Looking more closely at our progress in the PC market, our strategy to gain share by introducing a new set of APUs and winning high-volume notebook designs across key customers by region, price point, and form factor helped drive strong double-digit sequential increases in mobile processor unit shipments. With our mobility APU launches last quarter, we now offer the broadest range of mobile processors in our AMD history.

仔細觀察我們在個人電腦市場的進展，我們透過推出一套新的 APU 並在各地區、價格點和外形的關鍵客戶中贏得大批量筆記型電腦設計來獲得市場份額的策略，幫助推動了行動處理器出貨量實現強勁的兩位數連續增長。隨著上個季度我們行動 APU 的推出，我們現在能夠提供 AMD 史上最廣泛的行動處理器。

Our new elite mobility APU scaled down below four watts, while more than doubling the performance per watt compared to our previous generation. We are seeing strong adoption of these new APUs. This is particularly true of our high-volume Kabini, which is powering a number of thin and light touch notebooks that will hit the $400 price point. Acer, ASUS, Dell, HP, Lenovo, and Samsung have begun to roll out products based on our latest APUs, and we expect many more systems to launch in the second half of the year.

我們的新型精英行動 APU 功耗降至 4 瓦以下，而每瓦效能與上一代相比提高了一倍以上。我們看到這些新型 APU 的普及度正在不斷提升。對於我們的高容量 Kabini 來說尤其如此，它為許多價格達到 400 美元的輕薄觸控筆記型電腦提供支援。宏碁、華碩、戴爾、惠普、聯想和三星已開始推出基於我們最新 APU 的產品，我們預計今年下半年將推出更多系統。

We also continue to make progress rebalancing and strengthening our channel business. The introduction of our Richland APU helped drive a sequential increase in desktop processor channel revenue. We expect to continue to build on this improving channel trend in the second half.

我們也將繼續在重新平衡和加強我們的通路業務方面取得進展。我們的 Richland APU 的推出有助於推動桌上型電腦處理器通路收入的連續成長。我們預計下半年通路的改善趨勢將持續延續。

Turning to our server business, a number of large data center wins in the quarter drove sequential revenue and unit shipment increases. Additionally, we continue to gain momentum in the emerging dense server market as customers are choosing AMD SeaMicro offerings for their data centers, based on the industry-leading energy efficiency, density, and bandwidth of our solutions.

談到我們的伺服器業務，本季贏得的多個大型資料中心推動了連續的收入和單位出貨量的成長。此外，隨著客戶基於我們解決方案業界領先的能源效率、密度和頻寬為其資料中心選擇 AMD SeaMicro 產品，我們在新興的高密度伺服器市場中繼續獲得發展勢頭。

We intend to further attack the fast-growing portion of the server market in 2014 by introducing our next-generation X86 APUs and CPUs, as well as our first ARM-based server product. Our years of enterprise design experience and the ability to integrate our industry-leading dense server fabric into the processor provides us with a differentiated product for this new and exciting market.

我們計劃在 2014 年推出下一代 X86 APU 和 CPU，以及首款基於 ARM 的伺服器產品，進一步進軍快速成長的伺服器市場。我們多年的企業設計經驗以及將業界領先的密集伺服器結構整合到處理器的能力為我們提供了針對這個新興市場的差異化產品。

Now turning to our Graphics and Visual Solutions business, our strategy to make AMD the de facto standard for game developers continues to gain momentum as we launched the industry's fastest desktop and mobile graphics chips, and cemented our position as the technology provider of choice for all three next-generation game consoles.

現在轉向我們的圖形和視覺解決方案業務，隨著我們推出業界最快的桌上型電腦和行動圖形晶片，我們使 AMD 成為遊戲開發商事實上的標準的戰略繼續獲得發展勢頭，並鞏固了我們作為所有三款下一代遊戲機的首選技術提供商的地位。

In the high-end enthusiast portion of the desktop's GPU market, the combination of our powerful graphics product and the Never Settle game bundle program drove significant share gain and a richer mix in the channel from the previous quarter. Our professional graphics business also recorded its fourth straight quarter of growth, delivering record revenue as we continue to aggressively pursue this lucrative market.

在桌面 GPU 市場的高端發燒友部分，我們強大的圖形產品和 Never Settle 遊戲捆綁計劃的結合推動了市場份額的大幅增長，並且渠道組合較上一季度更加豐富。我們的專業圖形業務也連續第四個季度實現成長，隨著我們繼續積極開拓這一利潤豐厚的市場，創造了創紀錄的收入。

Looking at the second half of the year, we believe we have good opportunities for growth, based on the PC market strengthening slightly from the first-half levels and the ramp of our semi-custom business. Longer term, the 300 million-plus unit traditional PC market remains an important part of our core business, especially as the mainstream $300 to $600 system price points that have traditionally been our sweet spot become an even larger portion of the overall PC market.

展望下半年，我們相信，由於個人電腦市場較上半年略有增強，且我們的半客製化業務有所成長，因此我們有良好的成長機會。從長遠來看，3 億多台傳統 PC 市場仍然是我們核心業務的重要組成部分，尤其是隨著傳統上一直是我們最佳選擇價格的 300 美元至 600 美元主流系統價格點在整個 PC 市場中所佔的份額越來越大。

We will continue transforming AMD, leveraging our design expertise and IP to pursue additional growth opportunities for our semi-custom ultralow-power client, professional graphics, dense server, and embedded solutions. We expect these high-growth businesses will account for 40% to 50% of our revenue in the next two to three years.

我們將繼續改造 AMD，利用我們的設計專業知識和 IP 為我們的半客製化超低功耗客戶端、專業圖形、密集伺服器和嵌入式解決方案尋求額外的成長機會。我們預計這些高成長業務將在未來兩到三年內占我們營收的40%至50%。

In summary, we are pleased with the progress we are making to restructure, accelerate, and ultimately transform AMD as strong demand for our latest products drove improved financial and operational results in the second quarter. We expect to deliver significant revenue growth in the second half of the year as our strong new products position us to gain share in our traditional businesses and our first semi-custom, SoC win allows us to participate in new markets.

總而言之，我們對重組、加速和最終改造 AMD 所取得的進展感到滿意，因為對我們最新產品的強勁需求推動了第二季度財務和營運業績的改善。我們預計下半年收入將大幅成長，因為我們強大的新產品使我們能夠在傳統業務中獲得份額，而我們的第一個半客製化 SoC 勝利使我們能夠參與到新的市場中。

We're on track to reach our operating expense target of approximately $450 million and we expect to return to profitability in the third quarter, based on the midpoint of our guidance. We are excited about the near-term opportunities that demonstrate our efficient business model, disciplined operational focus, and diversified product strategy that will deliver consistent profitability and growth.

根據我們的預期中位數，我們預計將實現約 4.5 億美元的營運費用目標，並且預計第三季將恢復獲利。我們對近期的機會感到興奮，這些機會展示了我們高效的商業模式、嚴謹的營運重點和多樣化的產品策略，將帶來持續的獲利和成長。

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

說完這些，我想把它交給 Devinder。德文德？

Thank you, Rory. Phase one of our three-phase turnaround and transformation strategy is largely behind us. We are now pursuing a diversification of our product and revenue portfolio with a focus on high-growth market opportunities.

謝謝你，羅裡。我們的三階段扭轉和轉型策略的第一階段基本上已經過去了。我們目前正在追求產品和收入組合的多樣化，並專注於高成長市場機會。

As Rory mentioned, our performance in the second quarter was driven by both traditional PC and new growth opportunities, which support our business model transformation in an evolving PC market. We are on target to generate 20% of our revenue outside of the traditional PC space to semi-custom and embedded products by Q4 2013.

正如羅裡所提到的，我們第二季的業績受到傳統 PC 和新成長機會的共同推動，這支持了我們在不斷發展的 PC 市場中的商業模式轉型。我們的目標是到 2013 年第四季度，將 20% 的收入從傳統 PC 領域以外的半客製化和嵌入式產品中產生。

The last phase of transformation over the next two to three years is expected to see us transition 40% to 50% of our revenue base to higher-growth markets, which include semi-custom, dense server, professional graphics, ultra low power client, and embedded products.

未來兩到三年的最後轉型階段預計將使我們的 40% 到 50% 的收入基礎轉向更高成長的市場，其中包括半客製化、密集伺服器、專業圖形、超低功耗客戶端和嵌入式產品。

Revenue for the second quarter of 2013 was $1.16 billion. The 7% sequential increase was driven by a 12% increase in the Computing Solutions segment, which was partially offset by a 5% decrease in the Graphics and Visual Solutions segment.

2013年第二季營收為11.6億美元。7% 的環比增長得益於計算解決方案部門 12% 的增長，但圖形和視覺解決方案部門 5% 的下降部分抵消了這一增長。

Gross margin was 40%, a decrease of one percentage point sequentially and includes an $11 million benefit from the sale of certain products previously reserved in Q3 2012. You may recall that Q1 2013 gross margin of 41% included a similar benefit of $20 million. Excluding these benefits, gross margin was flat at 39% for both Q2 and Q1 2013.

毛利率為 40%，比上一季下降一個百分點，其中包括 2012 年第三季預留的某些產品銷售收益 1,100 萬美元。您可能還記得，2013 年第一季 41% 的毛利率包含 2,000 萬美元的類似收益。除去這些福利，2013 年第二季和第一季的毛利率持平於 39%。

Non-GAAP operating expenses were $479 million, and we remain on track to achieve our operating expense goal of $450 million by the third quarter of this year. Non-GAAP operating loss was $20 million and non-GAAP net loss was $65 million.

非公認會計準則營運費用為 4.79 億美元，我們仍有望在今年第三季實現 4.5 億美元的營運費用目標。非公認會計準則營業虧損為 2,000 萬美元，非公認會計準則淨虧損為 6,500 萬美元。

Non-GAAP loss per share was $0.09, calculated using 752 million basic shares. This loss per share includes an $11 million benefit from the sale of previously reserved products. Adjusted EBITDA was $54 million, an increase of $14 million from the prior quarter due to the lower operating loss.

以 7.52 億股基本股計算，非公認會計準則每股虧損為 0.09 美元。每股虧損包括出售先前預留產品所獲得的 1,100 萬美元收益。調整後的 EBITDA 為 5,400 萬美元，由於經營虧損減少，較上一季增加 1,400 萬美元。

Now switching to the business segments. Computing Solutions segment revenue was $841 million, up 12% sequentially due to significantly higher notebook and higher server and desktop unit shipments, primarily driven by demand for our new Kabini and Temash offerings, as well as our latest Opteron 6300 series of products. Client product revenue and server microprocessor revenue increased sequentially.

現在轉向業務部門。運算解決方案部門營收為 8.41 億美元，比上一季成長 12%，這主要得益於筆記型電腦、伺服器和桌上型電腦出貨量的大幅成長，這主要得益於市場對我們新的 Kabini 和 Temash 產品以及最新的 Opteron 6300 系列產品的需求。客戶端產品收入和伺服器微處理器收入連續成長。

Computing Solutions operating income was $2 million, an improvement from an operating loss of $39 million in the prior quarter.

計算解決方案部門的營業收入為 200 萬美元，較上一季的 3,900 萬美元營業虧損有所改善。

Graphics and Visual Solutions segment revenue was $320 million, down 5% compared to the prior quarter primarily due to lower game console royalties. Graphics and Visual Solutions segment operating income was breakeven, compared to $16 million in the prior quarter.

圖形和視覺解決方案部門營收為 3.2 億美元，較上一季下降 5%，主要原因是遊戲機版稅降低。圖形和視覺解決方案部門的營業收入實現損益平衡，而上一季為 1,600 萬美元。

We continue to diversify our product portfolio into new markets where the competitive dynamics are different. In the semi-custom space, for example, the market is differentiated from the rest of our business as our customers engage with us very early to jointly define and fund engineering development of customized products. Development revenue and the associated costs are incurred during the development cycle of the given products.

我們將繼續使我們的產品組合多樣化，進入競爭態勢不同的新市場。例如，在半客製化領域，市場與我們的其他業務有所不同，因為我們的客戶很早就與我們合作，共同定義和資助客製化產品的工程開發。開發收入和相關成本是在給定產品的開發週期內產生的。

When the semi-custom products ship to the customer, we generate silicon sales and the associated ongoing OpEx is significantly lower than our non-semi-custom products due to the upfront funded development. The semi-custom model has the potential of providing a long-term revenue stream based on high volumes, which results in gross margin that is lower than the corporate average, but has significant revenue and earnings power as volumes ramp. Under this model, the majority of gross margin dollars fall through to operating income and the operating margin for this business will be in the low double-digit range, more than offsetting the impact of the lower gross margin.

當半客製化產品運送給客戶時，我們會產生矽片銷售，並且由於前期資助的開發，相關的持續營運支出明顯低於我們的非半客製化產品。半客製化模式有可能基於高產量提供長期收入來源，這會導致毛利率低於企業平均水平，但隨著產量的增加，其收入和獲利能力將顯著增強。在這種模式下，大部分毛利率將計入營業收入，而該業務的營業利潤率將處於較低的兩位數範圍內，足以抵消較低毛利率的影響。

In addition, as we transition to shipping silicon products, game console royalty revenue included in the semi-custom business is expected to decrease moving forward, although the decline will be more than offset by our growing semi-custom development and product revenues.

此外，隨著我們向矽產品運輸轉型，半客製化業務中包含的遊戲機版稅收入預計未來將會減少，儘管這一下降將被我們不斷增長的半客製化開發和產品收入所抵消。

Turning to the balance sheet, our cash, cash equivalents, and marketable securities balance, including long-term marketable securities, was $1.1 billion. During the quarter, AMD made a $40 million cash payment to GLOBALFOUNDRIES related to the 2012 wafer purchase commitment reduction and exited the quarter at our target optimal cash level and well above the target minimum cash level of $700 million.

談到資產負債表，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 11 億美元。在本季度，AMD 向 GLOBALFOUNDRIES 支付了 4000 萬美元現金，以彌補 2012 年晶圓購買承諾的減少，並在本季度結束時達到了我們目標的最佳現金水平，遠高於 7 億美元的目標最低現金水平。

Debt as of the end of the quarter was $2 billion, flat from the prior quarter. Inventory was $711 million, up $98 million sequentially, largely driven by semi-custom products and the ramp of new products in the PC space to support growth in the second half of the year.

截至本季末的債務為 20 億美元，與上一季持平。庫存為 7.11 億美元，比上一季增加 9,800 萬美元，主要受半客製化產品和 PC 領域新產品的推動，以支持下半年的成長。

Accounts payable at the end of the quarter was $402 million, up $101 million compared to the end of the first quarter of 2013 due to the timing of purchases and payments. Depreciation and amortization was $54 million, down from $62 million in the prior quarter primarily due to the sale and leaseback of our Austin, Texas, Lone Star campus.

本季末的應付帳款為 4.02 億美元，由於採購和付款時間的變化，與 2013 年第一季末相比增加了 1.01 億美元。折舊和攤提為 5,400 萬美元，低於上一季的 6,200 萬美元，主要原因是我們位於德州奧斯汀的孤星園區的出售和回租。

Now turning to the outlook. For the third quarter of 2013, AMD expects revenue to increase 22% sequentially, plus or minus 3%. Gross margin is expected to be approximately 36%. Despite expecting revenue to increase significantly, quarterly operating expenses are expected to decline approximately 6% sequentially to around $450 million. Expense management will continue to be a focus area for us as we move forward.

現在轉向展望。對於2013年第三季度，AMD預計營收將季增22%，上下浮動3%。預計毛利率約36%。儘管預計收入將大幅增加，但季度營運支出預計將環比下降約 6% 至 4.5 億美元左右。隨著我們不斷前進，費用管理將繼續成為我們關注的重點領域。

At the midpoint of revenue guidance, AMD expects to be profitable at the net income level. Inventory is expected to increase sequentially to approximately $800 million, largely based on semi-custom product builds. We expect inventory to remain at those levels for the coming quarters, consistent with the ramp of our semi-custom business, and cash is expected to remain flat sequentially at approximately $1.1 billion.

在收入預期的中點，AMD 預計在淨收入水平上實現盈利。庫存預計將連續增加至約 8 億美元，主要基於半客製化產品建置。我們預計未來幾季庫存將保持在該水平，與我們的半客製化業務的成長保持一致，現金預計將保持環比持平，約為 11 億美元。

In summary, in the third quarter we will build on the strong foundation we've established as we remain laser focused on execution and returning to profitability in the third quarter and positive free cash flow generation in the second half of the year.

總而言之，在第三季度，我們將在已經建立的堅實基礎上繼續努力，繼續專注於執行，在第三季度恢復盈利，並在下半年產生正的自由現金流。

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 happy to poll the audience for questions now, please.

謝謝你，Devinder。接線員，我們現在很樂意向觀眾徵詢問題。

(Operator Instructions). Vivek Arya, Bank of America.

（操作員指令）。美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Thanks for taking my question. First question, could you help us, Rory, differentiate between the growth prospects for your traditional PC and server segment versus the game console opportunity in Q3, and then if you could give us any initial sense for Q4?

感謝您回答我的問題。第一個問題，Rory，您能否幫助我們區分傳統 PC 和伺服器領域與第三季度遊戲機機會的成長前景，然後您能否給我們對第四季度的初步看法？

Sure, Vivek. As we look forward, we see a continued opportunity in the PC segment. While we see it only slightly stronger than the first half, and I believe down year to year, I think there's an opportunity for us with our stronger product portfolio to continue to build on the momentum that we saw in the second quarter.

當然，維韋克。展望未來，我們看到個人電腦領域仍有機會。雖然我們認為它只比上半年略好一些，而且我相信同比有所下降，但我認為我們有機會憑藉更強大的產品組合繼續保持第二季度的勢頭。

Clearly, the market is moving down into the entry and mainstream price points where we've played very well, and I think this is a very good opportunity for us to continue to build share.

顯然，市場正在向入門級和主流價格點邁進，而我們在這方面表現非常出色，我認為這對我們繼續擴大市場份額來說是一個非常好的機會。

Now having said that, clearly the momentum and acceleration of revenue will come from the new segments, as well as off of that initial base, but those SoCs that we won in semi-custom are going to be a key driver moving forward in 3Q, as we've guided.

現在說了這些，顯然收入的勢頭和加速將來自新的細分市場以及最初的基礎，但正如我們所指導的那樣，我們在半定制領域贏得的那些 SoC 將成為第三季度向前發展的關鍵驅動力。

Just one follow-up on that, Rory. I think yesterday Intel guided to about a 5% or so sequential growth in their PC and server segment. Is that roughly how we should be thinking about your traditional business and then whatever is left is the new opportunity?

羅裡，關於這一點，我還有一個後續問題。我認為昨天英特爾預計其個人電腦和伺服器領域的環比增長約為 5% 左右。我們是不是應該這樣看待您的傳統業務，剩下的就是新的機會？

I see the overall PC market in the second half growing in that mid single-digit level, and what I'd like to do is to achieve that or exceed that so that we can slightly gain share.

我認為下半年整體 PC 市場將以中等個位數成長，我希望實現或超過這一水平，以便我們能夠略微增加市場份額。

Got it. And one last one for Devinder. Devinder, I think you mentioned low double-digit operating margin from the new wins that you have in consoles. I assume that is exclusive of the royalties. And is that an initial profitability level and does it get better than that, or is that sort of a run-rate level over time?

知道了。最後再給 Devinder 提一句。Devinder，我認為您提到了遊戲機業務新勝利帶來的低兩位數營業利潤率。我認為這不包括版稅。這是初始獲利水準嗎？是否會變得更好？或者這只是一種隨時間推移的運行率水平？

I think -- we're giving guidance for Q3 and guiding to the low single digits from a Q3 standpoint. As you can imagine, this business, the semi-custom business and game console, in particular, has a long life line. And over time, the mix between the ASPs and the costs can change.

我認為——我們正在為第三季提供指導，並從第三季的角度指導低個位數。你可以想像，這個業務，尤其是半客製化業務和遊戲機，有著長長的生命線。隨著時間的推移，平均售價和成本之間的組合可能會發生變化。

So looking out in the future, it's hard to tell, but at least at the starting point for the next couple of quarters are pegged at low double digit.

因此，展望未來，很難預測，但至少從起點來看，未來幾季的成長率將保持在低兩位數。

Got it. Thank you very much.

知道了。非常感謝。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great, thank you. Also on the console questions, how does the pricing work to you guys? Is it on a good die basis? Is there any kind of yield risk to your profitability there? And I have a follow-up on that.

太好了，謝謝。另外，關於控制台的問題，你們的定價是怎麼樣的？它是否基於良好的模具基礎？您的獲利能力是否有收益風險？我對此還有後續行動。

Yes, Joe, this is Lisa. So the game console SoCs are really as we would do. They are wafers that we expect good, solid yields from. We've had very good bring up, and so we're looking good with the prospects.

是的，喬，這是麗莎。所以遊戲機 SoC 確實和我們想做的那樣。我們預期這些晶圓能夠獲得良好、穩定的產量。我們已經取得了很好的成績，因此我們對前景充滿信心。

Okay, great, and then, how do you think about the ASPs in that business over the next number of years? Is that a volume-based thing? Is there a time -- are there times when prices come down? Or just how does the price negotiation work over the course of the next few years in that business?

好的，太好了，那麼，您如何看待未來幾年該業務的 ASP？這是基於體積的事情嗎？有沒有什麼時候──價格會下降？或者在未來幾年內該行業的價格談判將如何進行？

These are long-term deals that we have with the customers, given the range of --- the length of the design wins. So these are pre-negotiated.

這些都是我們與客戶達成的長期協議，考慮到設計獲勝的長度範圍。所以這些都是預先協商好的。

And Joe, what you would expect is you would expect what we've seen in the historical trends around game consoles. These generally run somewhere between five and seven years, and you would expect that over time the prices would move lower, but obviously expense and cost would move with it.

喬，你所預料到的正是我們在遊戲機的歷史趨勢中所看到的。這些通常持續五到七年，你可以預期隨著時間的推移價格會下降，但顯然費用和成本也會隨之變化。

What's powerful about this business is you can see a significant increase in our revenue quarter to quarter as we begin to ramp this. At the same time, you see our expense level decline by almost $30 million to the $450 million level, showing the benefit of doing that NRE customer funded development and how it flows through to the bottom line at that double-digit level.

這項業務的強大之處在於，隨著我們開始加大力度，你可以看到我們的收入逐季度顯著增長。同時，您會看到我們的支出水平下降了近 3000 萬美元，降至 4.5 億美元的水平，這表明進行 NRE 客戶資助開發的好處以及它如何以兩位數的水平流入底線。

Great, thank you.

太好了，謝謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, everyone. Congrats on the solid report and guide. First question, looking back just briefly, the upside you had, can you walk through a little bit of what drove that surprise? I know the Computing Solutions group was up 12%. Was that mainly the Temash uptake? Or any more color you can give us there would be helpful, please.

大家好。恭喜您發布這份可靠的報告和指南。第一個問題，簡單回顧一下您所獲得的優勢，能否稍微解釋一下是什麼導致了這種驚喜？我知道計算解決方案集團上漲了 12%。這主要是 Temash 的吸收嗎？或者您可以提供更多顏色給我們，這將會很有幫助。

Yes, I think we saw strong momentum in the new product segments, and obviously Temash and Kabini did well. I think Lisa has seen good uptake in the Graphics arena as well, and in the desktop channel area. So we basically saw it in every part of our business progress quarter to quarter.

是的，我認為我們在新產品領域看到了強勁的發展勢頭，顯然 Temash 和 Kabini 表現良好。我認為 Lisa 在圖形領域和桌面頻道領域也取得了良好的進展。因此，我們基本上在每個季度的業務進展中都看到了這一點。

Now of course, we're building off of that lower base as we saw the market fracture at the end of last year, but that's a good foundation, given these new products and the uptake that we've seen there.

當然，我們現在是在較低的基礎上進行建設的，因為我們在去年年底看到了市場崩潰，但考慮到這些新產品以及我們看到的市場成長，這是一個很好的基礎。

Is the ASP decline also driven by the new products, so it's a strategic decision and part of addressing those notebook price points that you mentioned earlier, Rory?

平均售價的下降是否也是由新產品推動的，所以這是一個策略決策，也是解決您之前提到的筆記型電腦價格點的一部分，Rory？

From my perspective, what you're going to see is basically a mix discussion. We saw very good performance in our entry and mainstream price points, and I think it's basically a mix area.

從我的角度來看，你將看到的基本上是一場混合討論。我們在入門級和主流價位上看到了非常好的表現，我認為這基本上是一個混合區域。

We're focused on moving up the stack with the Richland offering, as well as balancing that off with the new SoCs from the gaming and server areas. So I would say it's mixed, Ross.

我們專注於透過 Richland 產品提升堆疊，並透過遊戲和伺服器領域的新 SoC 實現平衡。所以我想說這是混合的，羅斯。

I guess one final question on the gaming side of things. How do we think about eventual seasonality in that business? Do we have a good two-, three-quarter ramp before we even have to worry about that?

我想最後一個問題是關於遊戲方面的。我們如何看待該業務的最終季節性？在我們擔心這個問題之前，我們是否已經有一個好的二分之四或三分之四的坡道了？

Yes, Ross, this is Lisa. I think the way to think about game console seasonality is like any consumer business. The first half is usually lower than the second half. Of course, we're in the middle of the ramp process, so the second half of this year will be the ramp of the consoles, but I would expect the first half would be weaker, as most consumer cycles are.

是的，羅斯，這是麗莎。我認為思考遊戲機季節性的方式與思考任何消費業務的方式一樣。前半部通常低於後半部。當然，我們正處於成長過程的中期，因此今年下半年將是遊戲機成長的時期，但我預計上半年會比較弱，因為大多數消費週期都是如此。

Even in the first half of 2014 or is the ramp probably going to overcome any seasonality at that point?

即使在 2014 年上半年，或者那時的成長是否可能會克服任何季節性因素？

I would still expect typical consumer seasonality.

我仍然預期典型的消費者季節性。

Got you. Great, thank you.

明白了。太好了，謝謝。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Good afternoon, guys. Thanks for letting me ask a question. Lisa, maybe as a follow on to that Ross Seymore question, given that we are early in the ramp phase, any way of quantifying the sequential ramp in gaming from Q3 to Q4 to kind hit some of the unit numbers that are out there in the popular press as to how many of the gaming systems might be built for the Christmas holidays? Any way to give us some sort of color of how much of that is falling in Q3 versus Q4?

大家下午好。感謝您允許我提問。麗莎，也許作為羅斯·西摩問題的後續，考慮到我們正處於增長階段的早期，有沒有辦法量化從第三季度到第四季度的遊戲連續增長，以達到大眾媒體上公佈的一些單位數字，即有多少游戲系統可能在聖誕節期間建造？有什麼方法可以讓我們了解第三季和第四季的降幅分別是多少嗎？

John, that's hard to say, given that the customers are really dictating their ramps. I will say that, as Rory said earlier, a strong part of our guidance in the third quarter is as a result of the semi-custom ramp, and we expect to ship a number of units over both the third quarter and the fourth quarter.

約翰，這很難說，因為客戶確實決定了他們的坡道。我想說的是，正如羅里之前所說，我們第三季業績指引的很大一部分原因是半客製化產能的提升，我們預計第三季和第四季都會出貨一定數量的產品。

Helpful. And then, Rory, you guys did a good job kind of helping us understand the profitability in the gaming systems. I'm just kind of curious as we see the launch of new products in the core compute and server market, you're slightly above a breakeven operating level in the June quarter.

很有幫助。然後，羅裡，你們很好地幫助我們了解了遊戲系統的獲利能力。我只是有點好奇，當我們看到核心運算和伺服器市場推出新產品時，你們在六月季度的營運水準略高於盈虧平衡水準。

How do we think about profitability in the core business, especially given that you gained market share in the second quarter? Breakeven was probably a little bit lower than I would have expected, so how does that track through the second half of the year with these new products and market-share gains?

我們如何看待核心業務的獲利能力，特別是考慮到您在第二季度獲得了市場份額？損益平衡點可能比我預期的要低一點，那麼，隨著這些新產品和市佔率的成長，下半年的情況會是如何呢？

I'm actually pleased with the progress to move back to profitability at the midpoint guidance. Driving to that level is something we've talked about over the past three, four quarters, and I think we're executing well to deliver that.

事實上，我很高興看到公司按照中期指引恢復獲利。在過去的三、四個季度中，我們一直在談論如何達到這一水平，我認為我們正在很好地實現這一目標。

You're seeing a movement in the revenue up and the control of the expense down and a nice new set of products that are coming out that, I believe, we can continue to build on.

您會看到收入正在上升，費用正在控制，而且有一系列不錯的新產品即將推出，我相信我們可以繼續在此基礎上發展。

The PC segment, as I talked about earlier in the call, the market is choppy. There is no doubt that market will continue to be choppy the next 12, 18 months. In spite of that, that market is over 300 million-plus units. That's a great opportunity for us and a key component to our future strategy. We want to grow and we want to take share there.

正如我之前在電話會議中提到的，個人電腦市場波動很大。毫無疑問，未來 12 至 18 個月市場將持續波動。儘管如此，該市場的銷量仍超過 3 億台。這對我們來說是一個很好的機會，也是我們未來策略的關鍵組成部分。我們希望成長，我們希望在那裡佔有份額。

Now to augment that and to balance off our expense and reuse our IP, let's take that IP and technology and apply it into these new high-growth segments. You're beginning to see the power of that model emerge here in the 3Q quarter.

現在，為了增強這一點並平衡我們的開支並重複使用我們的智慧財產權，讓我們利用這些智慧財產權和技術並將其應用於這些新的高成長領域。您將開始看到該模型的力量在第三季顯現。

Now we have to execute and we need to execute through the end of the year, but that's the fundamental structure of the business model Devinder and I and the team are creating.

現在我們必須執行，而且我們需要在年底前執行，但這是 Devinder 和我以及團隊正在創建的商業模式的基本結構。

Thank you.

謝謝。

Thanks, John.

謝謝，約翰。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Thank you very much. Given the pre-negotiated pricing patterns you have for the game console chips, do you expect -- once you're at full volumes, do you expect your annual revenues to grow each year or should we expect them to be fairly flat once you're at full volume, with unit growth being offset by pricing declines?

非常感謝。考慮到你們為遊戲機晶片預先協商的定價模式，你們是否預計——一旦你們達到滿負荷生產，你們的年收入是否會逐年增長，或者我們是否應該預計一旦你們達到滿負荷生產，你們的年收入將基本持平，而單位增長將被價格下降所抵消？

Yes, I think what's important to think about, David, is we're talking about three quarter -- third-quarter guidance next, and as we go through this process, I think what's best for you is to look at the historical game console trends over time. I think that's a pretty good indicator of how this business goes.

是的，大衛，我認為重要的是我們要考慮接下來的三個季度——第三季度的指導，當我們經歷這個過程時，我認為對你來說最好的是看看歷史遊戲機趨勢。我認為這很好地表明了該業務的進展。

For us, I think there is a very good opportunity for us to build on this, and of course, Lisa and her team are continuing to build the pipeline in the semi-custom business to attack areas in the server segment, in the home segment, areas where graphics and our technology will play. We want to continue to build out this custom momentum so it becomes a very substantial portion of our business going forward. And I think it uniquely positions AMD to create differentiated solutions with our customers, David.

對我們來說，我認為這對我們來說是一個很好的機會，讓我們在此基礎上繼續發展，當然，麗莎和她的團隊正在繼續在半定制業務中構建渠道，以攻擊服務器領域、家庭領域以及圖形和我們的技術將發揮作用的領域。我們希望繼續保持這種客製化勢頭，使其成為我們未來業務中非常重要的一部分。我認為這為 AMD 提供了獨特的優勢，可以與我們的客戶一起創造差異化的解決方案，大衛。

Okay. And sort of related to this, you guys had said low double-digit operating margin for the console chips. Does that put gross margin in the mid-teens?

好的。與此相關的是，你們曾說過遊戲機晶片的營業利潤率低於兩位數。這是否意味著毛利率將達到十五六個百分點？

We wouldn't talk about gross margin at that level of the business. Devinder has got commentary that shows you in the two business segments that we talk about. I think what you're going to see is that that business is a good business for us with significant revenue growth, managing the expense profile moving forward, flowing profitability to the bottom line, and that's what we've talked about as part of our strategy to diversify the portfolio.

我們不會談論該業務水準的毛利率。Devinder 的評論將向您展示我們討論的兩個業務領域。我想你會看到，這項業務對我們來說是一項好業務，它具有顯著的收入成長、可管理未來的費用狀況、將獲利能力轉化為利潤，而這正是我們在多元化投資組合策略中討論過的一部分。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Thanks, David.

謝謝，大衛。

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Thank you. Congratulations on the outlook. A comment or a question regarding your positioning with Temash and Kabini with a one- or two-quarter lead over the upcoming Bay Trail. What is the competitive positioning or the advantage you have, besides being first to market versus that device Intel's going to be shipping later in the year? Thanks.

謝謝。恭喜前景光明。關於您對 Temash 和 Kabini 的定位的評論或問題，以及他們在即將到來的 Bay Trail 中領先一到兩季度的情況。除了率先將產品推向市場（而英特爾將於今年稍後推出該產品）之外，你們的競爭定位或優勢是什麼？謝謝。

Yes, Hans, if you look at our Temash and Kabini offerings, I think we're very pleased with overall performance both on the processing side and the graphics side and the adoption through the OEMs.

是的，漢斯，如果你看一下我們的 Temash 和 Kabini 產品，我認為我們對處理方面和圖形方面的整體性能以及透過 OEM 的採用感到非常滿意。

We do have a time-to-market advantage, and that proves good when you look at the systems that will be on the shelf both starting this quarter and into the summer. And as we go forward, we think are well positioned versus Bay Trail as well. So I think this is an important segment for us to continue to grow in, and that is our plan.

我們確實具有上市時間優勢，當你看到從本季開始到夏季上市的系統時，這一點就得到了很好的證明。隨著我們不斷前進，我們認為我們在與 Bay Trail 的競爭中也處於有利地位。所以我認為這是我們繼續發展的一個重要領域，這就是我們的計劃。

Christopher Danely, JPMorgan.

摩根大通的克里斯多福‧丹尼利 (Christopher Danely)。

Thanks, guys. Can you just maybe comment on the expected trend line of OpEx after this quarter? And since you're opening up the kimono on the gaming opportunity, maybe talk about some of your goals for the combined growth and operating margin targets longer term for the Company?

謝謝大家。您能否評論一下本季之後營運支出的預期趨勢線？既然您在遊戲機會方面敞開了心扉，也許您可以談談您對公司長期綜合成長和營業利潤率目標的一些看法？

I think the way I would look at it, Chris, is the following way. We are on target to hit the $450 million in Q3 of 2013. And beyond that, we're going to be laser focused, look at the mix between the OpEx and the revenue, and as Rory talked about, as the revenue evolves over time, whether it's the semi-custom business or the traditional business that we have, we keep an eye on that.

克里斯，我認為我會以以下方式看待這個問題。我們的目標是在 2013 年第三季達到 4.5 億美元。除此之外，我們將集中精力，專注於營運支出和收入之間的組合，正如羅裡所說，隨著收入隨著時間的推移而變化，無論是半客製化業務還是傳統業務，我們都會密切關注。

If you take for a moment that there's going to be an uplift in revenue, we're going to watch that very carefully, and what I would say is the increase in OpEx, if any, would be significantly lower than the increase from a viewpoint of the revenue, is the way I would look at it.

如果你認為收入會增加，我們會非常仔細地觀察，我想說的是，營運支出的增加（如果有的話）將明顯低於收入的成長，這就是我的看法。

This is really moving to a model which is very different than we've had in the past, and with the OpEx reductions you're seeing in Q3, with the significant increase in revenue, it demonstrates the earnings power of the model, in particular when you have a business that can drop low double digit to the operating margin and have, obviously, the bottom line from an overall standpoint.

這實際上正在轉向一種與我們過去所採用的模式截然不同的模式，而且隨著您在第三季度看到的運營支出減少以及收入的大幅增加，它證明了該模式的盈利能力，特別是當你的業務可以將營業利潤率降至兩位數以下，並且顯然從整體角度來看有底線時。

Yes, and Chris, on the expense side, very important to think about how we're working on our overall processes and execution.

是的，克里斯，在費用方面，考慮我們如何進行整體流程和執行非常重要。

You know, the idea of an ambidextrous architecture and reasonable IP, this is what you're seeing. The power of Jaguar as a core showing up in semi-custom offerings, into server chips, into all the way to client chips. This is the model on the journey that we're taking to dramatically improve the efficiency of how we create SoCs, leverage our IP, and we've been investing to go get some of the best industry talent at Mark Papermaster's team and Lisa's team to really build out that technology leadership.

您知道，靈活的架構和合理的 IP 的理念就是您所看到的。Jaguar 作為核心的強大功能體現在半客製化產品、伺服器晶片甚至客戶端晶片。這是我們為大幅提高創建 SoC、利用我們的 IP 的效率而採取的模式，並且我們一直在投資，以招募 Mark Papermaster 團隊和 Lisa 團隊中的一些最優秀的行業人才，從而真正打造技術領導地位。

But it's around that expense part that you want to see us continue to manage this very tightly. And we should not be scaling that in a significant way moving forward.

但你希望看到我們繼續嚴格管理這部分費用。我們不應該在未來大幅擴大這一規模。

And the combined margin target for the Company, would you care to update us on that?

能否向我們介紹一下公司的綜合利潤目標？

It's 36% this quarter, and that's the mix of the revenue that we have going from Q2 to Q3, and we're not giving long-term guidance of our gross margin at this point.

本季的毛利率為 36%，這是我們從第二季到第三季的營收結構，目前還沒有給出毛利率的長期指引。

Fair, and then just one housekeeping item. You mentioned that you are ramping the gaming opportunity this quarter. Should we think of the gaming opportunity as being the primary driver for growth in Q4 or will the ramp be done by the end of this quarter?

公平，然後只剩下一件家事。您提到本季您正在增加遊戲機會。我們是否應該將遊戲機會視為第四季度成長的主要動力，還是說這一成長將在本季末完成？

Q2 to Q3, the gaming opportunity is the primary driver. We're not talking about Q4 at this point.

第二季至第三季度，遊戲機會是主要驅動力。我們現在還不談論第四季。

Got it, thanks.

明白了，謝謝。

Stacy Rasgon, Sanford Bernstein.

斯泰西·拉斯貢，桑福德·伯恩斯坦。

Hi, guys, thanks for taking my questions. First, you said that you have obviously the game console royalties that are there now rolling off. My understanding, that was about on an annual basis $100 million to $150 million a year. So if you're running with low double-digit operating margins in the console business, even at $1 billion a year in revenue, that seems to be just enough basically over the long term to offset the loss in game console royalties.

大家好，感謝你們回答我的問題。首先，您說您顯然已經獲得了遊戲機版稅。據我了解，每年約 1 億至 1.5 億美元。因此，如果遊戲機業務的營業利潤率處於兩位數的低位，即使年收入達到 10 億美元，從長遠來看，這也足以抵消遊戲機版稅的損失。

Is that the -- number one, I guess, is the magnitude of those numbers correct and is that the right way to think about this?

這是──首先，我想，這些數字的大小是否正確，這是思考這個問題的正確方法嗎？

You know, I can't comment on the magnitude of those numbers, as you can imagine.

你知道，正如你所想像的，我無法評論這些數字的大小。

But what I can tell you is over time as our business model is transitioning, we're going to be in the silicon and development, NRE model in the semi-custom business, and you should look at it from an overall standpoint, whatever you peg the revenue to be for that business will fall through to the operating margin line because we're going to be very operating margin focused, as opposed to a traditional, historical gross margin outlook that everybody has been focused on the AMD model. Because this is truly a transition going from one business model that we've had in the history of the Company to where it's evolving into more focus on operating margin as opposed to gross margin alone.

但我可以告訴你的是，隨著時間的推移，我們的商業模式正在轉變，我們將進入矽片和開發領域，半定制業務中的 NRE 模式，你應該從整體的角度來看待它，無論你將該業務的收入定為多少，都將落到營業利潤線上，因為我們將非常注重毛利率，而不是每個人都關注的傳統的歷史。因為這確實是一個轉變，從我們公司歷史上一直擁有的一種商業模式轉變為更專注於營業利潤率而不是單純的毛利率。

But it is fair to say the loss of royalty revenues is going to impact any gains in operating income from the console business.

但公平地說，特許權使用費收入的損失將會影響遊戲機業務的營業收入的成長。

That depends. You know, it's all speculation depending on how much they increase it in the semi-custom and game console business. It's hard to really speculate on that.

那要看情況。你知道，這都是猜測，取決於他們在半客製化和遊戲機業務中增加多少。對此確實很難推測。

Great. I have one more quick question. So this has to do with your wafer commitments to GLOBALFOUNDRIES. I think right now, your current commitments for this year, $1.15 billion, that is flattish to last year in a PC environment that even according to you guys is right now kind of anything but flat.

偉大的。我還有一個簡短的問題。所以這與您對 GLOBALFOUNDRIES 的晶圓承諾有關。我認為目前，你們今年的承諾金額為 11.5 億美元，與去年持平，在 PC 環境下，甚至根據你們的說法，目前的 PC 市場環境也並非持平。

Are all of the console chips to be made at TSMC or can any of those console chips actually go to satisfy your wafer commitments to GLOBALFOUNDRIES? And if not, is there a risk of a repeat of last year where you had a big shortfall. I think you're even still on the hook to pay for about $200 million in wafers that you didn't need in 2012 and pay for those in the first quarter of 2014. What is the risk around the wafer supply agreement (multiple speakers) differential in growth?

所有遊戲機晶片都是在台積電生產的嗎？或者這些遊戲機晶片中的任何一個都可以滿足您對格芯的晶圓承諾嗎？如果不是，是否有可能重演去年出現的巨大缺口？我認為你甚至還需要為 2012 年不需要的約 2 億美元晶圓支付費用，並在 2014 年第一季支付這些費用。圍繞晶圓供應協議（多位發言者）成長差異的風險是什麼？

Yes, many points are made. I think the key thing I would leave you with is we do have a commitment this year, as you called it, of $1.15 billion. We are on track to meet the commitment.

是的，提出了很多觀點。我想我要告訴你們的關鍵一點是，正如你們所說，我們今年確實承諾了 11.5 億美元。我們正在按計劃履行承諾。

And as we finish half the year here, approximately half of those obligations have been extinguished. The $200 million that you referred to is part of the termination that we did for 2012 when the market took a downturn, and that $200 million is due in our Q1 2014.

隨著今年上半年的結束，大約一半的義務已經解除。您提到的 2 億美元是我們在 2012 年市場低迷時終止的部分款項，這 2 億美元將於 2014 年第一季到期。

So does that imply that some of the console chips actually are being made at GLOBALFOUNDRIES? Because I don't see how you could have flat wafer commitments (multiple speakers)

那麼這是否意味著部分遊戲機晶片實際上是在格芯生產的呢？因為我不明白如何做出平面晶圓承諾（多位講者）

We don't share level of detail in terms of our foundry strategy or where we make products between the foundries.

我們不會分享有關我們的代工策略或我們在代工廠之間生產產品的具體細節。

Okay, thank you, guys.

好的，謝謝大家。

Thanks, Stacy.

謝謝，史黛西。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

Hi, thank you. I'm just curious, Devinder and Rory, why would you not answer the long-term operating margin question that Chris was asking? And I understand it that the business is in transition and there are a lot of moving parts, but Devinder, you said you were running the business for -- with an operating margin focus. What is that focus? And I get it that the $450 million -- you just delivered on the $450 million and the breakeven. But just trying to understand longer term what are all the uncertainties that prevent you from giving us the longer-term target. Thank you.

你好，謝謝。我只是好奇，Devinder 和 Rory，為什麼你們不回答 Chris 提出的長期營業利潤率問題？我理解公司業務正處於轉型期，有很多變動，但 Devinder，您說過您經營公司是為了專注於營業利潤率。那焦點是什麼？我明白了，4.5 億美元——你剛剛實現了 4.5 億美元並實現了盈虧平衡。但只是想從長遠角度理解，有哪些不確定因素阻礙了您為我們提供長期目標。謝謝。

I wouldn't classify it as uncertainty, but let's just go through what we have said from an overall standpoint. We are on target to get to 20% of embedded semi-custom by Q4 of 2013.

我不會將其歸類為不確定性，但讓我們從整體的角度來回顧我們所說的內容。我們的目標是到 2013 年第四季達到 20% 的嵌入式半客製化比例。

We've also said very publicly that longer term we are targeting 40% to 50% of our revenue to higher-growth markets. And some of those businesses have higher than corporate average gross margins, so you can imagine as we sit here in Q3 in essentially the first quarter we are transitioning in a significant manner to a mix of revenue that's very different than what we've had in the past, that there is going to be a transition over time because it's two to three years to get to the 40% to 50% mix. And that can obviously have some impact on revenue, ASPs. It can have an impact on the gross margin, and finally, the all-important from my standpoint, the operating margin because that's what flows to the bottom line of the EPS.

我們也公開表示，長期來看，我們的目標是將 40% 至 50% 的收入投入高成長市場。其中一些業務的毛利率高於企業平均水平，因此你可以想像，當我們進入第三季度，也就是第一季度時，我們的收入結構正在發生重大轉變，與過去相比有很大不同，而且會隨著時間的推移而發生轉變，因為要花兩到三年的時間才能達到 40% 到 50% 的收入結構。這顯然會對收入和平均售價產生一定的影響。它會影響毛利率，最後，從我的角度來看最重要的是營業利潤率，因為它會影響每股盈餘的底線。

So it's a transition, and you are asking for the longer-term model to be laid out in the first quarter where the transition is occurring, and that's just difficult to do.

所以這是一個過渡期，你要求在過渡發生的第一季制定長期模型，但這很難做到。

And you -- remember, we're executing a three-step turnaround strategy. We did the reset and the restructure; we have completed that. Now we're in the beginning of the turn and the acceleration as we execute the product plan and the move, and then ultimately we transform the Company to that 40%, 50% of the mix in a diversified portfolio on those high-growth segments. Now we are about four quarters, three quarters, into this transition, and we're right on track on that strategy.

而且你——記住，我們正在執行一項三步驟扭轉策略。我們進行了重置和重組；我們已經完成了。現在，隨著我們執行產品計劃和舉措，我們正處於轉變和加速的開始階段，最終我們將公司轉變為在高成長領域多元化投資組合中佔 40% 至 50% 的投資組合。現在我們已經進入了大約四個季度、三個季度的轉型期，並且我們正按照這項策略順利推進。

Okay, that's helpful. That's helpful. Thank you, guys.

好的，這很有幫助。這很有幫助。謝謝你們。

Romit Shah, Nomura.

野村證券的羅米特·沙阿 (Romit Shah)。

Hey, thanks for taking my question. Just on gross margin, I want to understand if there's more than one moving part driving gross margins from 39%, 40% down to 36%. Is it just the higher mix of console or are there other factors as well? Thanks.

嘿，謝謝你回答我的問題。就毛利率而言，我想了解是否有多個因素導致毛利率從 39%、40% 下降到 36%。這僅僅是因為控制台的混合程度更高還是還有其他因素？謝謝。

Yes, I think going from Q2 to Q3, primarily it's the higher mix of the game console business. They're driving from the 39%, 40% to the 36% guidance that we're providing.

是的，我認為從第二季度到第三季度，主要是遊戲機業務的混合度更高。他們正從我們提供的 39%、40% 到 36% 的指導中前進。

And Devinder, for computing, are computing margins going to improve sequentially in the third quarter?

Devinder，對於運算而言，計算利潤率在第三季是否會連續提高？

I'm not going to give that level of granularity, but I think you can make the assumption that they are generally stable.

我不會給出那個級別的粒度，但我認為你可以假設它們通常是穩定的。

You know, we've been running at a 39%. If you go back and adjust for the benefit we got from the sale of [previous's] inventory, we've been 39% for the last three quarters, and I think if you want to make an assumption, it's pretty stable.

你知道，我們的運行率一直是 39%。如果回過頭來調整我們從出售 [previous] 庫存中獲得的收益，過去三個季度我們的收益一直為 39%，而且我認為，如果你想做出假設，它是相當穩定的。

And then, final question for Lisa, you referred to the traditional consumer electronics market, I think in reference to a question about seasonality. Do you guys have any clues or insight on how to think about this console business and the ASP declines that you may see in the upcoming year?

然後，最後一個問題要問麗莎，您提到了傳統的消費電子市場，我認為這是關於季節性的問題。你們對於如何看待這個遊戲機業務以及明年可能出現的平均售價下降有什麼線索或見解嗎？

I mean, again, if you think about this, these are usually long-life products, and over five to seven years, you will see cost reductions go into place.

我的意思是，如果你再想想這一點，這些通常是長壽命產品，並且在五到七年內，你會看到成本降低。

But I think we've been clear that the business is a long-term business and we'll continue to service it over that period of time.

但我認為我們已經明確表示，這項業務是一項長期業務，我們將在這段時間內繼續為其提供服務。

All right, thanks.

好的，謝謝。

Thank you.

謝謝。

Cody Acree, Williams Financial.

威廉斯金融公司的科迪·阿克里（Cody Acree）。

Thanks for taking the question and congrats on the progress. This is for maybe Lisa on the embedded processing side. I know that you guys have been working for quite some time on the console business. Can you just talk about maybe what the next opportunity, maybe applications or end markets that you're targeting and maybe when we might start to see some of those layer in?

感謝您提出這個問題，並祝賀您的進展。這可能適用於嵌入式處理方面的 Lisa。我知道你們已經在遊戲機業務上工作很久了。您能否談談下一個機會是什麼，也許是您所針對的應用程式或終端市場，以及我們什麼時候可以開始看到其中的一些層面？

Yes, absolutely. So the semi-custom and the embedded are both two important growth markets for us. Semi-custom has been so far dominated by gaming. But we see a lot of other opportunities.

是的，絕對是。因此，半客製化和嵌入式對我們來說都是兩個重要的成長市場。半定制迄今一直以遊戲為主。但我們也看到很多其他機會。

We have a strong pipeline that can similarly use our graphics and computing capability, and some of the markets are things like other consumer specialty servers, those types of markets.

我們擁有強大的管道，可以同樣使用我們的圖形和運算能力，其中一些市場是其他消費專用伺服器之類的市場。

Embedded processing is also important to us, and we see in those markets x86 being very valuable in industrial and medical and other casino gaming-type opportunities. So we've been continuing to build that pipeline as well. Those design wins tend to be longer in nature and take about 12 to 18 months to get into production, so that will be more of a 2014 phenomenon to see growth.

嵌入式處理對我們也很重要，我們看到在這些市場中 x86 在工業、醫療和其他賭場遊戲類型的機會中非常有價值。因此我們也一直在繼續建造這條管道。這些設計勝利往往需要較長的時間，大約需要 12 到 18 個月才能投入生產，因此這將是 2014 年才會出現的成長現象。

Great, thanks for the help. And on x86, so you are moving forward with both an ARM and an x86 strategy. We're seeing Intel do similar on density on x86. So in the server side, if x86 can reach a similar density in power savings, do you believe that there's still as large of a need for an ARM alternative?

太好了，謝謝你的幫忙。在 x86 上，您可以同時推進 ARM 和 x86 策略。我們看到英特爾在 x86 上的密度方面也做了類似的事情。那麼在伺服器端，如果 x86 在節能方面可以達到類似的密度，您是否認為對 ARM 替代方案的需求仍然很大？

I think really we view ARM and x86 as two important ecosystems that are out there in the industry. So x86 will always continue to be very important in both the PC and the server market, but we see ARM being important with new markets, especially new operating systems, as well as some of the high-volume data center applications.

我認為我們確實將 ARM 和 x86 視為產業中兩個重要的生態系統。因此，x86 在 PC 和伺服器市場中始終將發揮重要作用，但我們認為 ARM 在新市場中也發揮著重要作用，尤其是新作業系統以及一些大容量資料中心應用。

So yes, there will be a market for both ARM and x86, and I think that's one of the unique things we can bring over the next few years to the marketplace.

所以是的，ARM 和 x86 都會有市場，我認為這是未來幾年我們可以為市場帶來的獨特產品之一。

And then, just following there, then, with your multipronged server strategy and the reductions in some of the headcount you've had to go through, how confident are you that you're going to be able to address all of those different tracks without stretching your resources too thin?

那麼，按照這個思路，透過多管齊下的伺服器策略和必須經歷的部分員工減少，您有多大信心能夠解決所有這些不同的問題，而不會過度分散您的資源？

Yes, that's a good question. I think the most important thing for us as a Company is really the focus that we've been working on over the past 12 to 18 months has been around reuse and getting stronger use across our IP portfolio. Whether you're looking at our client, semi-custom, embedded, or server markets, they use the same course technology, the same graphics technology, and we bring that together in those solutions for each market.

是的，這是個好問題。我認為對我們公司來說最重要的事情是，我們在過去 12 到 18 個月中一直致力於重複使用並加強我們 IP 產品組合的使用。無論您關注的是客戶端、半客製化、嵌入式還是伺服器市場，他們都使用相同的課程技術、相同的圖形技術，並且我們將其整合到針對每個市場的解決方案中。

Great. Thanks, guys. Good luck.

偉大的。謝謝大家。祝你好運。

Jim Covello, Goldman Sachs.

高盛的吉姆·科維洛。

Great, guys. Thanks so much for taking the question. I appreciate it. I thought that David Wong and Stacy had some good questions. I just wanted to try to follow up on those a little bit, if I could. Maybe another way of asking what they were asking was, if you guys do not get other wins with these APUs, this is a gross margin dollar neutral transition in gaming, is that correct?

太棒了，夥計們。非常感謝您回答這個問題。我很感激。我認為 David Wong 和 Stacy 提出了一些很好的問題。如果可以的話，我只是想嘗試跟進一下這些。也許他們問的另一種方式是，如果你們沒有透過這些 APU 獲得其他勝利，那麼這就是遊戲領域的毛利率中性轉變，對嗎？

I don't know what you mean by that question.

我不知道你問這個問題是什麼意思。

Well, the point that Stacy was bringing up. You lose in operating income and royalties what you gain in operating income from APUs. So net net, it's a zero operating margin dollar exchange. But then, theoretically, you have the opportunity to leverage these platforms to gain additional opportunities.

嗯，這就是史黛西提出的觀點。您在營業收入和特許權使用費上的損失，與您在 APU 上獲得的營業收入相等。因此，淨額是零營業利潤率美元匯率。但從理論上講，您有機會利用這些平台來獲得更多機會。

Jim, we have a real significant opportunity in these high-growth segments to drive over the next two to three years, so 40% to 50% of our revenue. That means these businesses are going to get significantly bigger. And I think there's an opportunity for that to create very accretive and consistent profitability as we move forward.

吉姆，在未來兩到三年內，我們在這些高成長領域擁有真正重大的機會，可以推動我們收入的 40% 到 50%。這意味著這些企業將會變得更龐大。我認為，隨著我們不斷前進，這有機會創造非常增值和持續的盈利能力。

Okay, so no ability to get any granularity specifically on the first question I asked?

好的，那麼對於我提出的第一個問題，我們無法取得任何具體的詳細資料嗎？

I think we did.

我想我們做到了。

Okay, then, thank you. I appreciate it.

好的，那謝謝你。我很感激。

Thanks, Jim.

謝謝，吉姆。

Christopher Rolland, FBR.

克里斯多福羅蘭（Christopher Rolland），FBR。

Hey, guys, thanks for taking the call, and great quarter. Sorry to harp on the OpEx stuff, but if you could talk about the gaming consoles expenses either on an absolute basis or at least an anecdotal basis. What are the, call it, R&D and SG&A costs involved in supporting a launch like this and how do we sort of think about that over time? Thanks.

嘿，夥計們，感謝你們接聽電話，這是一個很棒的季度。很抱歉一直談論營運支出問題，但您能否從絕對角度或至少從軼事角度談談遊戲機的費用？支援此類產品的發布所涉及的研發和銷售、一般及行政費用是多少？我們如何看待這些問題？謝謝。

I think I said in my prepared remarks, when you look at a semi-custom model from a game console standpoint, it is a very different model.

我想我在準備好的發言中說過，當你從遊戲機的角度來看半自訂模型時，它是一個非常不同的模型。

It's a model where the costs are upfront funded jointly between the customer and us. You incur the costs, you go and introduce the product, and at the time of product introduction, you get the sales. It's lower gross margin than the corporate average, but a majority of the gross margin dollars fall to the operating margin, and that's the benefit that we get at the bottom line from an overall standpoint.

這是一種由客戶和我們共同預先承擔費用的模式。你承擔成本，你去介紹產品，在產品介紹時，你獲得銷售。它的毛利率低於企業平均水平，但大部分毛利率都轉化為營業利潤，從整體角度來看，這是我們獲得的利潤。

As far as the details of the business and how you manage it between the sales, marketing, G&A, and R&D, I'll let Lisa comment in a second on the R&D and G&A, but from a marketing standpoint, I can tell you that there's not much because essentially we are selling products to captive customers in this case, and they do the marketing for their end product with consumers and we supply the product. Lisa?

至於業務細節以及您如何在銷售、行銷、一般行政和研發之間進行管理，我將讓 Lisa 稍後對研發和一般行政發表評論，但從行銷的角度來看，我可以告訴你，沒有太多內容，因為在這種情況下，我們基本上是向固定客戶銷售產品，他們向消費者行銷他們的最終產品，我們提供產品。麗莎？

Yes, so maybe to add a little bit more color to that. The way these products are defined, we jointly define it with the customers. We leverage IP that we have across our base businesses, and then there's an engineering recovery done for the specific customization. Not -- really no measurable sales and marketing expense, just given that it's a discrete customer set. So the E2R ratio is substantially lower than our corporate average.

是的，所以也許可以添加一點色彩。這些產品的定義方式是我們與客戶共同定義的。我們利用我們的基礎業務中擁有的知識產權，然後針對特定的定制進行工程恢復。不——實際上沒有可衡量的銷售和行銷費用，只是考慮到這是一個離散的客戶群。因此，E2R 比率遠低於我們的企業平均值。

Okay. Also, do you guys see some synergies here, perhaps with these next-gen consoles, with PC gaming driving sales of AMD graphics cards? Like, for example, might some game developers optimize specifically for an AMD GPU -- or APU, or is that sort of a stretch there? Are there any sort of network effects here from gaming consoles across the PC?

好的。此外，你們是否看到了一些協同效應，也許是這些新一代遊戲機，以及 PC 遊戲推動 AMD 顯示卡的銷售？例如，有些遊戲開發商會專門針對 AMD GPU 或 APU 進行最佳化，或者這是否有點牽強？遊戲機和 PC 之間是否存在某種網路效應？

Yes, no, we definitely believe there's great synergy between the game consoles and the overall PC gaming market. I think gaming is one of the key pillars of AMD in our graphics and APU strategy. So having the game consoles on the same graphics architecture does allow synergies in the software development and the work that we do with ISVs, and we are pursuing that quite aggressively.

是的，不，我們確實相信遊戲機和整個 PC 遊戲市場之間存在著巨大的協同作用。我認為遊戲是 AMD 圖形和 APU 策略的關鍵支柱之一。因此，讓遊戲機採用相同的圖形架構確實可以在軟體開發和我們與 ISV 合作的工作中產生協同效應，我們正在積極地追求這一目標。

And there's no doubt the PC gaming segment is one of the best-performing segments in the overall PC market. And with this move of the game consoles, you see the key game developers writing to the technology first, and we should expect better performance and better time to market based on that. This is clearly a franchise business that will spread across and create a network effect.

毫無疑問，PC 遊戲領域是整個 PC 市場中表現最好的領域之一。隨著遊戲機的這一發展，你會看到主要的遊戲開發商首先採用該技術進行開發，我們應該期待基於此獲得更好的性能和更快的上市時間。這顯然是一個將會蔓延並產生網路效應的特許經營業務。

Thanks, guys.

謝謝大家。

Patrick Wang, Evercore.

派崔克王 (Patrick Wang)，Evercore。

Great, thanks a lot. My first question, you guided for about $800 million of semi-custom inventory build this quarter. Presumably a good chunk of that shipped in time for the holidays. Can you give us some color to help us think about that and perhaps maybe a sense of how much revenue it supports?

太好了，非常感謝。我的第一個問題是，您預計本季半客製化庫存約為 8 億美元。據推測其中很大一部分將在假期前及時發貨。您能否給我們一些說明來幫助我們思考這個問題，並讓我們了解一下它能支持多少收入？

Yes, just to correct it, if that's what we said, that is not what we intended. It's not an $800 million game console inventory. That is inventory in the traditional business, and actually predominantly it is in the traditional business.

是的，只是為了糾正一下，如果這就是我們所說的，那不是我們的本意。這並不是價值 8 億美元的遊戲機庫存。這是傳統業務中的庫存，實際上主要存在於傳統業務中。

The growth in the inventory that I talked about going from Q2 to Q3 is primarily in the game console business to support the ramp that we're seeing in the second half of 2013.

我所說的從第二季到第三季的庫存成長主要是遊戲機業務的成長，以支持我們在 2013 年下半年看到的成長。

Okay, got you. I appreciate the clarification. So that's -- the incremental inventory would ship by the fourth quarter?

好的，明白了。我很感謝你的澄清。那麼增量庫存將在第四季出貨嗎？

Yes, you know, with the products that we build for the customers, obviously there's a time lag in terms of getting the wafers and taking them to the line and shipping to the customer.

是的，您知道，對於我們為客戶生產的產品，從獲取晶圓到將其運送到生產線並運送給客戶，顯然存在時間差。

When you have a steep ramp in revenue like we are seeing from Q2 to Q3, you're going to have the increase in inventory probably ahead of the time of the ramp. And we ship the product essentially after we finish making it through the assembly and test processes.

當你的收入像我們從第二季到第三季看到的那樣急劇上升時，你的庫存可能會在成長之前增加。我們基本上在完成組裝和測試過程後才會發貨。

Got you, thanks. Thanks for correcting me there. Secondly, it sounds like you plan to be cash flow positive either, I guess, this quarter and in Q4. So great job turning that around. I'm just wondering, is this accurate? And then, how do we think about the timing of your remaining payments to GLOBALFOUNDRIES this year? Outside of the (multiple speakers) in Q1.

明白了，謝謝。感謝您糾正我。其次，我猜聽起來您計劃在本季和第四季實現現金流為正。扭轉這一局面做得非常好。我只是想知道，這是準確的嗎？那麼，我們如何考慮今年您向 GLOBALFOUNDRIES 支付剩餘款項的時間呢？在 Q1 之外（多位發言者）。

Yes, two things I will say about cash. You know, we've said even earlier this year we plan to be free cash flow positive in the second half of 2013, and we're on target to do that.

是的，關於現金我想說兩件事。您知道，我們甚至在今年稍早就說過，我們計劃在 2013 年下半年實現自由現金流為正，而且我們正朝著這個目標前進。

The other thing we have been saying consistently is maintaining cash in the $1.1 billion level optimal range, we've done that for the past several quarters. And in spite of the payment that's coming up in the Q1 2014 timeframe, I can say that we should be maintaining cash in the $1.1 billion optimal zone level through that timeframe and even in the Q1 2014 timeframe.

我們一直在說的另一件事是將現金維持在 11 億美元的最佳範圍內，過去幾季我們一直這樣做。儘管 2014 年第一季即將支付款項，但我可以說，我們在該時間段內，甚至在 2014 年第一季內，都應該將現金保持在 11 億美元的最佳區域水平。

Okay, great. Thanks. Last question, you know, Rory, you talked about the dense server focus, and obviously some of the tailwinds you're getting at SeaMicro. Can you talk about the size of that business today that you've got, maybe a few catalysts you see on the horizon? And then, also, when you think that could hit maybe 10% of sales?

好的，太好了。謝謝。最後一個問題，羅裡，您談到了密集伺服器焦點，顯然還有您在 SeaMicro 獲得的某些順風。您能否談談目前您的業務規模，以及您看到的一些潛在推動因素？然後，您認為什麼時候可能達到銷售額的 10%？

Patrick, from our perspective, we comment on the overall server business. We saw a good, solid quarter out of that. We believe that we took share in that server segment, and key to that growth is that dense SeaMicro solution.

派崔克，從我們的角度來看，我們對整體伺服器業務進行評論。我們看到了一個良好、穩健的季度。我們相信，我們在伺服器領域佔有一席之地，而這一成長的關鍵就是密集的 SeaMicro 解決方案。

But we are really focused as well on the traditional server. There's opportunities with APUs in the dense space and, of course, our announcement around ARM server. So I think this is a nice combination of server offerings to move forward and build on.

但我們確實也非常關注傳統伺服器。APU 在密集空間中存在機會，當然，還有我們圍繞 ARM 伺服器的公告。所以我認為這是伺服器產品的良好組合，可以向前發展並不斷發展。

Great. Thanks a lot, guys.

偉大的。非常感謝大家。

Thank you, Patrick.

謝謝你，派崔克。

Operator, we'd be happy to take two more questions, please.

接線員，我們很樂意再回答兩個問題。

Shawn Webster, Macquarie.

麥格理的肖恩·韋伯斯特。

Great, thanks. So for Q2, you guys said that the chipsets were flat, and when I do the kind of bottoms up with a down ASP quarter for your microprocessors, I'm getting up something like 15% to 20% sequential unit growth for Q2 for microprocessors, versus the down, let's say, 1% for the global PC market. Can you help us understand or parse through maybe how much of that was your channel inventory rebuilding, which it sounds like some of that was happening, some new wins, and anything else, or share gains, because it seems like a very strong growth for Q2?

太好了，謝謝。因此，對於第二季度，你們說晶片組持平，而當我對你們的微處理器的平均銷售價格進行​​自下而上的分析時，我發現第二季度微處理器的連續單位增長率約為 15% 至 20%，而全球 PC 市場則下降了 1%。您能否幫助我們理解或分析其中有多少是您的通路庫存重建，聽起來有些正在發生，一些新的勝利，以及其他什麼，或份額增長，因為這似乎是第二季度非常強勁的增長？

Yes, so as we said, we did have a good quarter in the Computing Solutions group. When you look at the breakdown, I would say that we had very strong notebook shipments, and that was across our new product portfolio. We also had a little bit of pickup in desktop, but I would say that was more modest than the notebook side.

是的，正如我們所說，計算解決方案部門確實度過了一個很好的季度。當你查看細目分類時，我會說我們的筆記型電腦出貨量非常強勁，而且這涵蓋了我們所有的新產品組合。我們在桌上型電腦方面也取得了一些進展，但我認為比筆記型電腦方面要溫和得多。

Can you characterize how you think inventories are sitting right now at your OEMs in your channel?

您能否描述一下您渠道中 OEM 目前的庫存狀況？

I would say they're typical.

我想說他們很典型。

Normal levels, okay. And then, just another final quick one. The written-down inventory benefit that you saw in Q2, is most of that out of the system at this point or are there still parts you can sell at no cost going forward?

正常水平，好的。然後，再來最後一個快速的。您在第二季看到的減記庫存收益，目前大部分已經從系統中消失了嗎？還是說，未來還有部分庫存可以免費販售？

There's some left. I mean, we had $100 million that we took as a write-down in Q3 2012. We had $20 million of that sold in Q1. We sold $11 million in Q2, and that's a benefit that I disclosed to the gross margin. We have about $65 million left. We don't see anything on the horizon right now.

還剩下一些。我的意思是，我們在 2012 年第三季減記了 1 億美元。其中第一季我們的銷售額為 2000 萬美元。我們在第二季的銷售額為 1,100 萬美元，這是我向毛利率披露的一項收益。我們還剩下大約6500萬美元。我們現在還看不到任何跡象。

But as I said previously, we're very opportunistic. And if something comes along and somebody wants those parts, we'll go ahead and sell those parts.

但正如我之前所說，我們非常注重機會。如果有新東西出現並且有人想要這些零件，我們就會出售這些零件。

Great. Thanks a lot, guys.

偉大的。非常感謝大家。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Thank you. Lisa, a question for you about the mix you're seeing in the PC client business. Just trying to understand if you're seeing any changes in your mix of product, and does that tell us something about the mix of the PC market? And specifically, I'm trying to understand if you think there's a downshift to lower price points in PCs.

謝謝。Lisa，我想問您一個問題，關於您在 PC 用戶端業務中看到的組合。只是想了解您是否看到產品組合有任何變化，這是否可以告訴我們一些有關 PC 市場組合的資訊？具體來說，我想了解您是否認為個人電腦的價格正在下降。

Yes, Glen, so if you look at our mix, we have typically been stronger in those lower price points, in the, I'll call it, the $300 to $600 system range. And we have seen strength in that area.

是的，格倫，所以如果你看一下我們的產品組合，我們通常在那些較低的價格點上表現更強勁，我稱之為 300 至 600 美元的系統範圍。我們已經看到了該領域的力量。

So overall, I would say our mix has shifted a little bit to the lower end and I think that's typical of the overall market.

所以總的來說，我想說我們的產品組合已經稍微轉向了低端，我認為這是整個市場的典型特徵。

So just as a follow-up to that, Intel now is kind of openly saying that with Bay Trail they're, one, going to allocate a bit more sort of resources to that part of the business. And perhaps more importantly to you, it sounds like they're going to focus more in that mid-range, mid to low range, part of the market. Is your sense that, one, they'll be more competitive there? And then, two, what are your thoughts around the implication of that to your share in margins in that part of the business?

因此，作為對此的後續行動，英特爾現在公開表示，他們將透過 Bay Trail 為該部分業務分配更多資源。對你來說也許更重要的是，聽起來他們會更專注於中檔、中低檔市場。您是否認為，首先，他們在那裡會更具競爭力？然後，第二，您認為這對您在該部分業務中的利潤份額有何影響？

Yes, I mean, I think it's fair to say that's where the market is focused, so the customer focus as we get more Windows 8 based touch systems into that more mainstream price points, I think that's a market shift.

是的，我的意思是，我認為可以公平地說，這就是市場的重點，因此，隨著我們將更多基於 Windows 8 的觸控系統引入更主流的價格點，客戶關注點就變成了市場轉變。

Clearly, it's important to stay competitive in that area and we're continuing with our new product portfolio to do that. So I think overall, we'll continue to focus in that area and continue to be quite competitive.

顯然，保持該領域的競爭力非常重要，我們將繼續推出新的產品組合來做到這一點。所以我認為總的來說，我們將繼續關注該領域並保持相當的競爭力。

Fair enough, thanks.

夠公平，謝謝。

Operator, that concludes our second-quarter earnings call, and we'd like to thank everybody for participating, and if you could close the call, we'd appreciate it.

接線員，我們的第二季財報電話會議到此結束，我們要感謝大家的參與，如果您能結束電話會議，我們將不勝感激。

Sure thing. Thank you, presenters, and thank you, ladies and gentlemen. Again, this does conclude today's conference. Thank you for your participation and have a wonderful day. Attendees, you may log off at this time.

當然可以。謝謝各位主持人，也謝謝各位女士們、先生們。今天的會議到此結束。感謝您的參與並祝您有美好的一天。各位與會者，現在您可以退出了。