超微半導體 (AMD) 2013 Q3 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 third-quarter 2013 earnings conference call. All lines have been placed on a listen-only mode at this time. After the speakers' remarks, you'll be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today.

午安.我叫休伊 (Huey)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 AMD 2013 年第三季財報電話會議。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 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 third-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 slides. If you have not reviewed these documents, they can be found on AMD's website at quarterlyearnings.amd.com. 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 Units, will be present for the QA portion of the call. This is a live call and will be replayed via webcast on AMD.com.

謝謝您，歡迎參加 AMD 第三季財報電話會議。現在您應該已經有機會查看我們的收益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檔，可以在 AMD 的網站 quarterlyearnings.amd.com 上找到。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 QA 部分。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

I would like to highlight a few dates for you. Devinder Kumar will attend the Credit Suisse Technology Conference on December 3 in Arizona. John Byrne, our Senior Vice President and Chief Sales Officer, will attend the Raymond James IT Supply Chain Conference on December 10 and the BMO 2013 Tech and Media Conference on December 11. Our fourth-quarter quiet time will begin at the close of business on Friday, December 13. And lastly, we intend to announce our fourth-quarter and year-end earnings on January 21, 2014. Dial-in information for the call will be provided in mid-December.

我想向你們重點介紹幾個日期。Devinder Kumar 將於 12 月 3 日參加在亞利桑那州舉行的瑞士信貸技術會議。我們的資深副總裁兼首席銷售長 John Byrne 將於 12 月 10 日出席 Raymond James IT 供應鏈會議，並於 12 月 11 日出席 BMO 2013 科技與媒體會議。我們的第四季靜默期將於 12 月 13 日星期五下班後開始。最後，我們計劃於 2014 年 1 月 21 日公佈第四季和年終收益。這次電話會議的撥入資訊將於 12 月中旬提供。

Please note that non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measure in the press release and CFO commentary posted on our website, at quarterlyearnings.amd.com. Before we begin today, let me remind everyone that the discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current belief, assumptions and expectations, speak only as of the current date and as such, involve risks and uncertainties that could actually cause results to differ materially from our current expectation. Please refer to the cautionary statement in our press release for more information. You may also find detailed discussions about our risk factors in our filings with the SEC, and in particular, AMD's quarterly report on Form 10-Q for the quarter ended June 29, 2013.

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。在我們今天開始之前，請容許我提醒大家，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，僅代表當前日期的觀點，因此涉及風險和不確定性，實際上可能導致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 2013 年 6 月 29 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. Third-quarter revenue of $1.46 billion increased 26% sequentially and 15% year-over-year, as we returned to profitability and delivered positive free cash flow. Revenue was higher than guided, based on incremental demand for our new semi-custom SoC's. The three-step turnaround plan we outlined a year ago to restructure, accelerate, and ultimately transform AMD is clearly paying off. We completed the restructuring phase of our plan, maintaining cash at optimal levels, and beating our $450 million quarterly operating expense goal in the third quarter.

謝謝你，露絲。第三季營收為 14.6 億美元，季增 26%，年增 15%，我們恢復了獲利能力並實現了正的自由現金流。由於我們新的半客製化 SoC 的需求不斷增加，收入高於預期。我們一年前製定的重組、加速並最終改造 AMD 的三步驟扭轉計劃顯然正在取得成效。我們完成了計劃的重組階段，將現金維持在最佳水平，並在第三季度超額完成了 4.5 億美元的季度營運費用目標。

We are now in the second phase of our strategy, accelerating our performance by consistently executing our product road maps, while growing our new businesses to drive a return to profitability and positive free cash flow. We are also laying the foundation for the third phase of our strategy, as we transform AMD to compete across a set of high-growth markets. Our progress on this front was evident in the third quarter, as we generated more than 30% of our revenue from our semi-custom and embedded businesses.

我們目前正處於策略的第二階段，透過持續執行我們的產品路線圖來加速我們的業績，同時發展我們的新業務以推動獲利能力的恢復和正的自由現金流。我們也正在為策略的第三階段奠定基礎，我們將轉型 AMD 以在一系列高成長市場中競爭。我們在這方面的進展在第三季顯而易見，因為我們的半客製化和嵌入式業務產生了 30% 以上的收入。

Over the next two years, we will continue to transform AMD to expand beyond a slowing, transitioning PC industry, as we create a more diverse company and look to generate approximately 50% of our revenue from these new high-growth markets. We have strategically targeted the semi-custom ultra-low power client, embedded, dense server and the professional graphics markets, where we can offer differentiated products that leverage our APU and graphic IP. Our strategy allows us to continue to invest in the products that will drive growth, while effectively managing operating expenses. This is best exemplified by the 10% sequential reduction in our expense to revenue ratio, as we drive to best-in-class performance on this key metric.

在接下來的兩年裡，我們將繼續改造 AMD，使其在放緩、轉型的 PC 行業之外擴張，同時我們將創建一個更加多元化的公司，並希望從這些新的高成長市場中獲取約 50% 的收入。我們的策略目標是半客製化超低功耗客戶端、嵌入式、密集伺服器和專業圖形市場，我們可以在這些市場提供利用我們的 APU 和圖形 IP 的差異化產品。我們的策略使我們能夠繼續投資於能夠推動成長的產品，同時有效地管理營運費用。最好的例證就是我們的費用與收入比率連續下降 10%，因為我們在這關鍵指標上力求達到一流的表現。

Several of our growth businesses passed key milestones in the third quarter. Most significantly, our semi-custom business ramped in the quarter. We successfully shipped millions of units to support Sony and Microsoft, as they prepare to launch their next generation game consoles. Our game console wins are generating a lot of customer interest, as we demonstrate our ability to design and reliably ramp production on two of the most complex SoC's ever built for high-volume consumer devices. We have several strong semi-custom design opportunities moving through the pipeline, as customers look to tap into AMD's IP, design and integration expertise to create differentiated, winning solutions.

我們的幾項成長業務在第三季都取得了重要的里程碑。最重要的是，我們的半客製化業務在本季大幅成長。我們成功出貨了數百萬台設備，以支援索尼和微軟推出下一代遊戲機。我們在遊戲機上的成功引起了許多客戶的興趣，因為我們展示了我們設計並可靠地提高兩種有史以來為大批量消費設備打造的最複雜的 SoC 產量的能力。我們有幾個強大的半客製化設計機會正在醞釀中，因為客戶希望利用 AMD 的 IP、設計和整合專業知識來創建差異化的成功解決方案。

We made good progress in our embedded business in the third quarter. We expanded our current embedded SoC offerings and detailed our plans to be the only company to offer both 64-bit x86 and ARM solutions beginning in 2014. We have developed a strong embedded design pipeline, which we expect will drive further growth for this business across 2014. We also continue to make steady progress in another of our growth businesses in the third quarter, as we delivered our fifth consecutive quarter of revenue and share growth in the professional graphics area. We believe we can continue to gain share in this lucrative part of the GPU market, based on our product portfolio, design wins in-flight, and enhanced channel programs.

我們的嵌入式業務在第三季取得了良好進展。我們擴展了目前的嵌入式 SoC 產品，並詳細說明了我們的計劃，即從 2014 年開始成為唯一一家同時提供 64 位元 x86 和 ARM 解決方案的公司。我們已經開發了強大的嵌入式設計管道，預計它將在 2014 年推動該業務的進一步成長。第三季度，我們的另一個成長業務也繼續穩步推進，專業圖形領域實現了連續第五個季度的營收和份額成長。我們相信，憑藉我們的產品組合、在飛行中的設計勝利和增強的通路計劃，我們可以繼續在 GPU 市場這個利潤豐厚的領域中獲得份額。

In the server market, the industry is at the initial stages of a multi-year transition that will fundamentally change the competitive dynamic. Cloud providers are placing a growing importance on how they get better performance from their data centers, while also reducing the physical footprint and power consumption of their server solutions. This will become the defining metric of this industry and will be a key growth driver for the market and the new AMD. AMD is leading this emerging trend in the server market and we are committed to defining a leadership position. Earlier this quarter, we had a significant public endorsement of our dense server strategy, as Verizon announced a high-performance public cloud that uses our SeaMicro technology and Opteron processors. We remain on track to introduce new low-power x86 and 64-bit ARM processors next year, and we believe we will offer the industry-leading ARM-based servers.

在伺服器市場，該產業正處於多年轉型的初始階段，這將從根本上改變競爭格局。雲端供應商越來越重視如何從其資料中心獲得更好的效能，同時減少其伺服器解決方案的實體佔用空間和功耗。這將成為該行業的決定性指標，並將成為市場和新 AMD 的主要成長動力。AMD 正在引領伺服器市場的新興趨勢，我們致力於確立領導地位。本季早些時候，我們的密集伺服器策略得到了公眾的大力支持，因為 Verizon 宣布推出採用我們的 SeaMicro 技術和 Opteron 處理器的高效能公有雲。我們仍計劃於明年推出新的低功耗 x86 和 64 位元 ARM 處理器，我們相信我們將提供業界領先的基於 ARM 的伺服器。

Now looking at our traditional businesses. In the third quarter, our graphics business was in transition, as our AIB partners prepared to launch new products based on our new R-7 and R-9 graphics chips. The transition is now complete and we are seeing strong demand for our new products, which we believe will drive consistent growth in the coming quarters. A key innovation in these new chips is Mantle. Mantle was developed in conjunction with game developers to allow them to take better advantage of the capability of AMD's latest graphics cores, resulting in dramatically better performance and power efficiency. Mantle also means the investments developers make to create great content for the Sony and Microsoft consoles translates into optimized experience for all AMD APUs and GPUs moving forward.

現在來看看我們的傳統業務。第三季度，我們的圖形業務處於轉型期，因為我們的 AIB 合作夥伴準備推出基於我們的新 R-7 和 R-9 圖形晶片的新產品。轉型現已完成，我們看到對新產品的強勁需求，我們相信這將推動未來幾季的持續成長。這些新晶片的一個關鍵創新是 Mantle。Mantle 是與遊戲開發商共同開發的，旨在讓他們更好地利用 AMD 最新圖形核心的功能，從而顯著提高效能和能源效率。Mantle 也意味著開發人員為索尼和微軟遊戲機創造精彩內容所做的投資將轉化為所有 AMD APU 和 GPU 未來優化的體驗。

Turning to the PC business. The 300 million plus unit market remains an important part of our business. But the market is clearly in transition, as evidenced in the third quarter by consumer notebook softness, which we expect to continue for the next several quarters, as tablets adoption increases and our customers' inventory levels remain lean. We expect PC industry unit shipments will decline approximately 10% this year and by a similar amount in 2014. We have the right product and IP and will continue to compete effectively in this market. We are well-positioned to expand our channel business and strategic OEM partnerships around consumer notebooks and commercial products. Kabini continues to ramp and support of a number of high-volume OEM platforms and Temash adoption is growing. Toshiba and HP announced the first Temash powered convertibles, and we expect more designs from other OEMs to launch this quarter.

轉向個人電腦業務。3億多台的市場仍然是我們業務的重要組成部分。但市場顯然正處於轉型期，正如第三季度消費筆記型電腦的疲軟所證明的那樣，隨著平板電腦的普及和我們客戶的庫存水平仍然較低，我們預計這種趨勢將在未來幾季持續下去。我們預計今年個人電腦產業的出貨量將下降約 10%，2014 年也將下降類似幅度。我們擁有合適的產品和智慧財產權，並將繼續在這個市場上有效競爭。我們已做好準備，擴大圍繞消費性筆記型電腦和商用產品的通路業務和策略 OEM 合作夥伴關係。Kabini 繼續擴大並支援多個大容量 OEM 平台，而 Temash 的採用率也在不斷增長。東芝和惠普宣布推出首款採用 Temash 驅動的敞篷車，我們預計其他 OEM 廠商也將在本季推出更多設計。

Our work to strengthen our desktop business is gaining momentum. We delivered a second straight quarter of channel revenue growth based on strong demand for our high-end A-8 and A-10 APUs and FX CPUs. We expect this trend to continue. We remain on track to begin shipping our next generation Cabari APU for the channel this quarter, and key motherboard partners are already offering new products in anticipation of this launch.

我們加強桌面業務的工作正在取得進展。由於高階 A-8 和 A-10 APU 和 FX CPU 的強勁需求，我們連續第二季實現通路收入成長。我們預計這一趨勢將會持續下去。我們仍有望在本季開始向通路發售下一代 Cabari APU，主要主機板合作夥伴也已開始提供新產品，以迎接此次發布。

So in summary, we are successfully hitting key milestones of our three-step strategy to diversify and transform our business. We have completed the first step, restructuring AMD and stabilizing our business. We effectively managed cash at the optimal levels and beat our $450 million quarterly operating expense goal in the third quarter. We are now in the second phase, accelerating our performance by consistently executing our product road map and growing our new businesses. Our success here drove 26% sequential revenue growth and returned AMD to profitability and generated free cash flow in the third quarter. Our progress sets us up to ultimately transform AMD in the third and final step, as we leverage our IP and design expertise from our traditional businesses to generate approximately 50% of our future revenues from high-growth markets over the next two years. We are in the middle of a multi-year journey we outlined over a year ago to redefine AMD as a leader across a more diverse set of growth markets.

總而言之，我們成功實現了業務多元化和轉型的三步驟策略的關鍵里程碑。我們已經完成了第一步，重組AMD並穩定我們的業務。我們有效地將現金管理在最佳水平，並在第三季超額完成了 4.5 億美元的季度營運費用目標。我們目前處於第二階段，透過持續執行我們的產品路線圖和發展我們的新業務來加速我們的業績。我們在這裡的成功推動了26%的連續收入成長，並使 AMD 在第三季度恢復盈利並產生了自由現金流。我們的進步使我們最終能夠在第三步也是最後一步中實現 AMD 的轉型，因為我們利用來自傳統業務的 IP 和設計專業知識，在未來兩年內從高成長市場中創造約 50% 的未來收入。我們正處於一年前製定的多年旅程之中，旨在將 AMD 重新定義為更多樣化的成長市場的領導者。

I'd like to take this opportunity to thank AMDers across the world who have pulled together to deliver on our commitment and successfully execute our plan. The job is not done, but we are making good and real progress. I look forward to the next steps of our strategic transformation.

我想藉此機會感謝世界各地的 AMD 員工齊心協力履行我們的承諾並成功執行我們的計劃。工作尚未完成，但我們正在取得良好、實際的進展。我期待我們策略轉型的下一步。

Now I'd like to hand the call over to Devinder. Devinder?

現在我想把電話交給 Devinder。德文德？

Thank you, Rory.

謝謝你，羅裡。

Our third-quarter results met or exceeded our guidance for revenue, gross margin, operating expenses and cash, although inventory was higher than guided. We completed the first phase of our three-step plan to transform AMD, the reset and restructure phase, and we are performing well in the second phase, accelerating our business and executing on our 2013 product road map. In the third quarter, we made progress towards our goal of diversifying our product portfolio, as we successfully ramped our semi-custom products; specifically, our semi-custom and embedded revenue accounted for more than 30% of total Company revenue, exceeding the target of 20% of revenue by the fourth quarter of 2013. Financially, we returned to profitability, both in operating and net income, met our target of reducing operating expenses to $450 million, and generated positive free cash flow ahead of plan. Significant change is underway at AMD, as we continue our transformation into 2014 and beyond.

儘管庫存高於預期，但我們第三季的業績達到或超過了收入、毛利率、營運費用和現金的預期。我們完成了 AMD 轉型三步驟計畫的第一階段，即重置和重組階段，第二階段我們表現良好，加速了業務發展並執行了 2013 年產品路線圖。第三季度，我們成功擴大了半客製化產品的產量，朝著產品組合多樣化的目標邁進了一步；具體來說，我們的半客製化和嵌入式收入占公司總收入的30%以上，超過了2013年第四季20%的目標。從財務角度來看，我們的營業收入和淨收入均恢復盈利，實現了將營業費用削減至 4.5 億美元的目標，並提前產生了正的自由現金流。隨著我們在 2014 年及以後繼續轉型，AMD 正在發生重大變化。

Now let me turn to the specifics of the quarter. Revenue for the third quarter of 2013 was $1.46 billion, an increase of 26% on the second quarter and an increase of 15% year-over-year. This represents the highest sequential revenue growth in the past five years. The increase was driven by a more than doubling of our graphics and visual solutions segment revenue quarter-on-quarter, primarily from the ramp of our semi-custom SoC's. Gross margin was 36%, down 4 percentage points sequentially and in line with our expectations, as we grew our semi-custom business, which has lower than corporate average margins, but significant revenue and earnings power as volumes ramp. You will recall that the semi-custom NRE operating model drives significantly lower operating expenses for this business, with the majority of its gross margin dollars falling through to operating income. The third quarter result includes a $19 million benefit for approximately 1 percentage point from the sale of inventory previously reserved in the third quarter of 2012, as compared to an $11 million benefit, or approximately 1 percentage point, in the second quarter of 2013.

現在讓我來談談本季的具體情況。2013年第三季營收為14.6億美元，較第二季成長26%，較去年同期成長15%。這是過去五年來最高的連續收入成長。這一成長主要得益於我們的圖形和視覺解決方案部門收入環比增長一倍以上，這主要得益於我們的半客製化 SoC 的成長。毛利率為 36%，比上一季下降 4 個百分點，符合我們的預期，因為我們擴大了半定制業務，該業務的利潤率低於企業平均水平，但隨著銷量的增長，收入和盈利能力顯著增強。您會記得，半客製化 NRE 營運模式顯著降低了該業務的營運費用，其大部分毛利都轉化為營運收入。第三季業績包括出售 2012 年第三季預留的庫存所帶來的 1,900 萬美元收益，約佔 1 個百分點；而 2013 年第二季的收益為 1,100 萬美元，約佔 1 個百分點。

Non-GAAP operating expenses were $443 million, slightly below our targeted level of $450 million, primarily due to the timing of certain marketing-related expenses. Non-GAAP operating income was $78 million and non-GAAP net income was $31 million, both of which exclude a gain of $22 million from the real estate transactions in the quarter. Non-GAAP earnings per share were $0.04, calculated using 764 million diluted shares. Adjusted EBITDA was $153 million, an increase of $99 million from the prior quarter, primarily due to improved operating income.

非公認會計準則營運費用為 4.43 億美元，略低於我們的目標水準 4.5 億美元，主要原因是某些行銷相關費用的時間表。非公認會計準則營業收入為 7,800 萬美元，非公認會計準則淨收入為 3,100 萬美元，均不包括本季房地產交易收益 2,200 萬美元。以 7.64 億股稀釋股份計算，非公認會計準則每股收益為 0.04 美元。調整後的 EBITDA 為 1.53 億美元，較上一季增加 9,900 萬美元，主要原因是營業收入增加。

Now turning to the business segments. Computing Solutions segment revenue was $790 million, down 6% sequentially, due to lower notebook and chip set unit shipments, partially offset by higher desktop unit shipments. Computing Solutions operating income was $22 million, up from $2 million in the second quarter, despite the sequential 6% decline in revenue driven by lower operating expenses. Graphics and Visual Solutions segment revenue was $671 million, more than double last quarter's level, driven by shipment of game console semi-custom SoC's. Graphics and Visual Solutions segment operating income was $79 million, compared to breakeven in the prior quarter, primarily due to the semi-custom business. Operating margin for the semi-custom business was in the mid-teens, primarily due to higher revenue and a very smooth ramp in our first full quarter of production. Moving forward, we expect semi-custom operating margin performance to continue to improve as the business gains traction, volumes increase, and costs improve.

現在轉向業務部門。計算解決方案部門營收為 7.9 億美元，環比下降 6%，原因是筆記型電腦和晶片組出貨量下降，但桌上型電腦出貨量增加部分抵消了這一影響。儘管由於營運費用下降導致收入環比下降 6%，計算解決方案營運收入仍從第二季的 200 萬美元上升至 2,200 萬美元。圖形和視覺解決方案部門的收入為 6.71 億美元，比上一季成長一倍多，這得益於遊戲機半客製化 SoC 的出貨量。圖形和視覺解決方案部門的營業收入為 7,900 萬美元，而上一季實現盈虧平衡，這主要歸功於半客製化業務。半客製化業務的營業利潤率處於十五六成左右，主要由於收入增加以及第一個完整季度的生產平穩增長。展望未來，我們預期隨著業務的發展、銷售的增加和成本的改善，半客製化營業利潤率表現將持續改善。

Turning to the balance sheet, our cash, cash equivalents and marketable securities balance, including long-term marketable securities, was $1.2 billion. Third quarter real estate transactions generated cash proceeds of $56 million. We remain committed to operating and funding the business appropriately and continue to have a number of liquidity bolstering opportunities available. Inventory, as I stated earlier, was higher than guided at $922 million, largely driven by next-generation game console product ramps in preparation for fourth quarter shipments of our new graphics products. That, as the end of the quarter, was $2 billion, flat from the prior quarter. Accounts payable at the end of the quarter was $574 million, up $172 million from the second quarter, due to the timing of purchases and payments. Depreciation and amortization was $52 million, down $2 million sequentially. And lastly, we generated positive free cash flow of $6 million in the quarter.

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 12 億美元。第三季房地產交易產生的現金收益為 5,600 萬美元。我們將繼續致力於適當營運和資助業務，並繼續提供一些流動性增強機會。正如我之前所說，庫存高於預期的 9.22 億美元，這主要是由於下一代遊戲機產品的推出，為我們新圖形產品的第四季度出貨做準備。截至本季末，該金額為 20 億美元，與上一季持平。由於採購和付款的時間安排，本季末應付帳款為 5.74 億美元，較第二季增加 1.72 億美元。折舊和攤銷為 5,200 萬美元，比上一季減少 200 萬美元。最後，我們在本季產生了 600 萬美元的正自由現金流。

Now turning to the outlook. For the fourth quarter of 2013, AMD expects revenue to increase 5% sequentially, plus or minus 3%. Non-GAAP gross margin is expected to be approximately 35%, as our semi-custom business continues to represent a greater portion of our overall revenue. We expect to continue to maintain quarterly non-GAAP operating expenses in the $450 million range and expect to be profitable at the net income level. Inventory is expected to be flat from third quarter levels, and cash is expected to be approximately $1.2 billion. Capital expenditures for the full year 2013 are expected to be approximately $110 million, down from our prior guidance of $150 million.

現在轉向展望。對於2013年第四季，AMD預計營收將季增5%，上下浮動3%。非公認會計準則毛利率預計約為 35%，因為我們的半客製化業務繼續占我們總收入的較大份額。我們預計將繼續維持季度非公認會計準則營運費用在 4.5 億美元左右，並預計在淨收入水平上實現盈利。庫存預計將與第三季水準持平，現金預計約為 12 億美元。2013 年全年資本支出預計約 1.1 億美元，低於我們先前預測的 1.5 億美元。

In summary, our execution and product diversification strategy is showing results, as evidenced by our return to profitability in the third quarter of 2013. We are pleased to have delivered on our financial commitments so far this year, some ahead of schedule, and expect to continue these positive trends in the fourth quarter.

總而言之，我們的執行和產品多樣化策略正在取得成效，2013 年第三季我們恢復獲利就是明證。我們很高興今年迄今已經履行了財務承諾，其中一些承諾甚至提前兌現，並預計第四季度將繼續保持這些積極趨勢。

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 for you to poll the audience, please, for some questions.

謝謝你，Devinder。接線員，我們很樂意請您向觀眾詢問一些問題。

(Operator Instructions)

（操作員指示）

David Wong, Wells Fargo.

富國銀行的 David Wong。

Thanks very much. I think in your CFO commentary, you pointed out that Graphics had declined because of the transition to the new products. And you also said that the new products have transitioned. So do we expect a jump in Graphics revenue in the fourth quarter? And also, what does your guidance assume in terms of microprocessor revenue sequential growth, is it up or down in the fourth quarter?

非常感謝。我認為您在對財務長的評論中指出，圖形業務由於向新產品的過渡而出現下滑。而且您也說了，新產品已經轉型了。那麼我們是否預期第四季圖形收入會大幅成長？另外，您對微處理器營收連續成長的預測是怎樣的，第四季是上升還是下降？

Hello, David. This is Lisa. Let me take the Graphics question. So first, we've talked about Graphics as a multi-quarter growth strategy for us in terms of market share, and we are certainly seem that we are executing on that path. When we look at the third quarter relative to the fourth quarter and where we are going, we have built a very strong product portfolio. We just announced our full line-up for the R-7 and R-9 series, and those were launched in September and shipping in October. So we did see a little bit of a transition at the end of the third quarter, but we do expect to gain share in the fourth quarter with our Graphics business.

你好，大衛。這是麗莎。讓我來回答圖形問題。首先，我們已經討論了圖形作為我們在市場份額方面的多季度成長策略，而且我們顯然正在沿著這條道路前進。當我們回顧第三季相對於第四季的情況以及我們的發展方向時，我們發現我們已經建立了非常強大的產品組合。我們剛剛宣布了 R-7 和 R-9 系列的完整產品線，它們於 9 月推出，並於 10 月發貨。因此，我們確實在第三季末看到了一些轉變，但我們確實預計圖形業務將在第四季度獲得市場份額。

And from a CPU standpoint, David, I think you'll see that the market continues to be in transition. There's no doubt for 2013, we have seen the market down 10%. We see that continuing into 2014. As we manage our portfolio into fourth quarter, we want to keep a long view to the quarter. We know 1Q and 2Q are going to be seasonally light. That's just how it is. And we want to make sure we're managing inventory and positioning properly. So I would expect we'll continue to see the market feel pressure down year-to-year, and I would expect that we'll manage this and not lean into it, to make sure we have a more consistent revenue path as we go into 2014.

從 CPU 的角度來看，大衛，我認為你會看到市場繼續處於轉型之中。毫無疑問，2013 年市場下跌了 10%。我們認為這種情況將持續到 2014 年。當我們管理第四季度的投資組合時，我們希望對該季度保持長遠的眼光。我們知道第一季和第二季將是季節性淡季。事實就是這樣。我們希望確保正確管理庫存和定位。因此，我預計我們將繼續看到市場逐年感受到下行壓力，我希望我們能夠應對這種壓力，而不是過度依賴它，以確保我們在進入 2014 年時擁有更穩定的收入路徑。

Okay. Great. And one final one. I think you noted your semi-custom business operating margin was in the mid-teens. That was quite a bit better than you'd expected initially. Can you improve it from here, or is this the right operating margin for us to think of for the current console semi-customs business?

好的。偉大的。最後一個。我想您已經注意到，您的半客製化業務營業利潤率處於十五六成左右。這比你最初預期的要好得多。您能從這裡改進它嗎，或者這是我們為當前的控制台半定制業務考慮的正確的營業利潤率嗎？

I think, David, you're right. The operating margin, when we discussed this last quarter, I had said low double digits. It came in at the mid-teens. And really that's credit to the higher revenue that we had in the quarter and the successful execution of a very steep ramp in a product in the first full quarter of production. And as you know, as we gain traction and get more volume and cost improvement, the operating margin could improve from the mid-teen level.

我認為，大衛，你是對的。當我們上個季度討論營業利潤率時，我說過是低兩位數。它出現在十幾歲的時候。這確實歸功於我們本季更高的收入，以及在生產的第一個完整季度成功實現了產品產量的大幅提升。而且正如您所知，隨著我們獲得牽引力並獲得更多產量和成本改善，營業利潤率可能會從十幾歲的水平提高。

I think it's also important to see the kind of execution that we delivered in semi-custom in this ramp. This is one of the most complex ramps that we've seen with this set of SoC's. And what's really encouraging is how our customers are looking at this in terms of the innovation that we've created here, as well as our execution. And that's driving some serious interest in terms of our pipeline and opportunities in the semi-custom space that are moving through at this time.

我認為，了解我們在這個坡道上以半定制方式交付的執行情況也很重要。這是我們在該組 SoC 中見過的最複雜的斜坡之一。真正令人鼓舞的是，我們的客戶如何看待我們在這裡創造的創新以及我們的執行。這引起了人們對我們目前正在進行的半客製化領域的管道和機會的濃厚興趣。

Great. Thanks.

偉大的。謝謝。

Thank you

謝謝

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Thank you, and congratulations on the execution on the semi-custom. Can you provide a road map or some granularity regarding process node transitions in 2014 and '15 as it relates to thin set by Graphics and APU? Thanks

謝謝，並祝賀半客製化的完成。您能否提供與圖形和 APU 薄型化相關的 2014 年和 2015 年製程節點轉換的路線圖或詳細資訊？謝謝

Hello, Hans. Thanks for your question. And relative to where we are in terms of process technology node transition, we are typically at the leading edge of process technology nodes. We are fully top to bottom in 28-nanometer now across all of our products, and we are transitioning to both 20-nanometer and to FinFET over the next couple of quarters, in terms of designs. So we'll continue to do that across our foundry partners.

你好，漢斯。謝謝你的提問。相對於我們在製程技術節點轉換方面所處的位置，我們通常處於製程技術節點的前沿。目前，我們所有產品均已完全採用 28 奈米工藝，就設計而言，我們將在未來幾季內過渡到 20 奈米和 FinFET 製程。因此，我們將繼續與我們的代工合作夥伴合作。

Specifically to FinFET, if you don't mind.

如果你不介意的話，具體來說就是 FinFET。

We will do 20-nanometer first, Hans, and then we will go to FinFET.

漢斯，我們將首先進行 20 奈米工藝，然後再轉向 FinFET 製程。

Okay. Thank you.

好的。謝謝。

Vivek Arya, Bank of America Merrill Lynch.

美銀美林的 Vivek Arya。

Thanks for taking my question. Rory, maybe one more on the PC business, now that Intel is starting to become more aggressive in the lower-priced segments of the market, also in the tablet category, with Bay Trail. And these are segments where you have traditionally held a larger market share, on a relative basis. So, if you are expecting the PC market to decline 10% next year and Intel continues to be aggressive in that lower-priced segment of the market, how do you think your PC sales will trend next year? Just conceptually. I understand it's too early to make a specific prediction.

感謝您回答我的問題。羅裡，關於個人電腦業務，我想再提一個問題，現在英特爾開始在低價市場中採取更積極的行動，在平板電腦領域也推出了 Bay Trail。相對而言，這些領域你們傳統上佔有較大的市場份額。那麼，如果您預計明年個人電腦市場將下滑 10%，而英特爾繼續在低價市場中保持強勢，您認為明年您的個人電腦銷售趨勢如何？只是概念上。我知道現在做出具體預測還為時過早。

From my perspective, Vivek, I think that we've created a very interesting product set with the current products. And the feedback I'm getting from our customers in terms of the design wins and the ramps, they look solid. Our volume is solid in that space. And the next generation products, the silicon's already in shop. So that's positioning us well to continue to compete in this segment.

從我的角度來看，Vivek，我認為我們已經利用目前的產品創建了一套非常有趣的產品。我從客戶那裡得到的關於設計和坡道的反饋是，它們看起來很堅固。我們的體積在那個空間裡是堅固的。下一代產品，矽片已經投入生產。因此，這使我們能夠繼續在該領域競爭。

But make no mistake about it, the PC industry is clearly in transition and will continue to be in transition as tablet continues to tap, particularly in the consumer segment. We think we can compete well, and it will make a significant portion to our business moving forward.

但毫無疑問，個人電腦產業顯然正處於轉型期，而且隨著平板電腦的不斷普及，尤其是在消費領域，這一轉型期也將繼續。我們認為我們能夠很好地參與競爭，而且這將對我們未來的業務發展起到重要作用。

But think about it, two years ago, we were 90% to 95% of our business centered over PCs. And we've launched a clear strategy to diversify our portfolio, taking our IP -- leadership IP -- in Graphics and CPU, and taking it into adjacent segments where there's high growth for 3, 5, 7 years and stick your opportunities. We see that as an opportunity to drive 50% or more of our business over that time horizon.

但想想看，兩年前，我們的業務有 90% 到 95% 集中在個人電腦上。我們已經推出了一項明確的策略來使我們的產品組合多樣化，將我們的 IP（領先的 IP）應用於圖形和 CPU，並將其帶入相鄰的領域，這些領域在未來 3、5、7 年內將實現高成長，並抓住您的機會。我們認為這是一個在這段時間內推動 50% 或更多業務成長的機會。

And if you look at the results in the third quarter, we're already seeing the benefits of that opportunity, with over 30% of our revenue now coming from semi-custom and our embedded businesses. We see it as an important business in PC, but its time is changing and the go-go era is over. We need to move and attack the new opportunities where the market is going. And that's what we're doing.

如果你看一下第三季的業績，我們已經看到了這個機會的好處，目前我們超過 30% 的收入來自半客製化和嵌入式業務。我們認為它是個人電腦領域的重要業務，但它的時代正在發生變化，快速發展的時代已經結束。我們需要順應市場發展趨勢，抓住新的機會。這正是我們正在做的事情。

Got it. And maybe one for Devinder, on the cash side. I think Devinder, in the prepared comments, you said that you expect to be at $1.2 billion at the end of Q4, so slightly up sequentially, and then you do expect to be at the $1.1 billion optimal level by Q1. But given the $200 million payment due in Q1, does it mean you expect to generate cash also in Q1, which is seasonally a weaker quarter? Thank you.

知道了。從現金方面來看，Devinder 或許也能得到一份。我認為，Devinder，在準備好的評論中，您說過，您預計第四季度末的收入將達到 12 億美元，因此環比略有增長，然後您確實預計到第一季將達到 11 億美元的最佳水平。但考慮到第一季應支付 2 億美元，這是否意味著您預計在第一季（季節性較弱的季度）也會產生現金？謝謝。

Vivek, if you look at the last one year, I think that was exactly what we said about a year ago, about maintaining cash at the $1.1 billion level, well above the target minimum. And as you have seen, despite a very challenging year that we have gone through, we have successfully maintained $1.1 billion of cash without, by the way, getting any extended financing.

維韋克，如果你回顧去年，我認為這與我們一年前所說的完全一致，即將現金維持在 11 億美元的水平，遠高於最低目標。正如您所看到的，儘管我們經歷了非常具有挑戰性的一年，但我們仍然成功維持了 11 億美元的現金，而且沒有獲得任何延期融資。

And with the ramp in the business that we see here at the level that we came in in Q3 and what we are projecting for Q4, and with any levers available to us, if wanted, I am very confident we can maintain cash at those levels.

隨著我們在第三季度看到的業務成長以及我們對第四季度的預測，以及我們可以使用的任何槓桿（如果需要），我非常有信心我們可以將現金維持在這些水平。

Got it. Thank you.

知道了。謝謝。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Good afternoon, guys. Thanks for letting me ask the question. Rory, I guess what I'm trying to understand a little bit better is where do you believe the trajectory of the gaming ramp flattens out? So you've got some benefits here in the September and December quarter with initial builds. As we look into the first half of next year, what's the right steady-state run rate? And I guess specifically, now that you've broken through the breakeven mark on the P&L, do you think you can stay above breakeven in what's usually a seasonally soft quarter, in calendar first quarter?

大家下午好。感謝您讓我提出這個問題。羅裡，我想更好地理解的是，您認為遊戲發展的軌跡在哪裡會趨於平緩？因此，您在 9 月和 12 月季度透過初始建置獲得了一些好處。展望明年上半年，正確的穩定運轉率是多少？我想具體來說，既然你們已經突破了損益表的盈虧平衡點，那麼，你們認為在通常季節性疲軟的季度，也就是日曆第一季度，你們還能保持盈虧平衡嗎？

We won't be giving guidance on first quarter at this point; but clearly, it's our objective to get back in black in third quarter and continue to deliver that in fourth quarter. And this year is the tale of two halves, the first half and improving second half. As we look to '14, we need to look at the full year and drive a business that drives revenue growth and profitability for the full year. That needs to be the next step in our transformation.

我們目前不會給出第一季的指引；但顯然，我們的目標是在第三季扭虧為盈，並在第四季繼續實現這一目標。今年的故事可以分為兩個部分：上半年和不斷進步的下半年。展望2014年，我們需要著眼於全年，推動能夠推動全年營收成長和獲利的業務。這是我們轉型的下一步。

Now in terms of the question about gaming -- gaming is going to be an important driver of the business. And if you think about consoles traditionally, that's a five-plus year business, and it generally peaks in the third year. It will have some seasonality in the first half of the year, but we think there's strong demand and opportunity for us to continue to have a very good business. And we'll share the specifics of that as we give the guidance for 1Q next quarter.

現在就遊戲問題而言——遊戲將成為業務的重要驅動力。如果你從傳統角度考慮遊戲機，你會發現這是一個五年以上的業務，並且通常在第三年達到頂峰。今年上半年會有一些季節性，但我們認為需求強勁，機會也很大，可以讓我們繼續保持良好的業務。我們將在下個季度的第一季指導中分享具體細節。

But I think it's important to think about it, as we continue to go after this pipeline in semi-custom, we'll look to close additional deals over the next two years, one-year and two-year, that will allow us to continue to fill out that business with this nice sticky flow of revenue, both in embedded and semi-custom. And while we're in the early phases of this transformation, as you move out and take the long view, you'll see the portfolio drive a much more consistent level of revenue moving forward.

但我認為重要的是要考慮這一點，隨著我們繼續在半定制領域開拓這一渠道，我們將尋求在未來兩年、一年和兩年內完成更多交易，這將使我們能夠繼續通過這種良好的粘性收入流來填補這項業務，包括嵌入式和半定制業務。雖然我們正處於這項轉型的早期階段，但隨著您放眼長遠，您會看到投資組合在未來推動更穩定的收入水平。

But again, it's our objective, as we stated before, to get back in black, which we did in third quarter, and then to move forward in fourth quarter to continue to accelerate; and then for '14 is to drive a business that's profitable for the full year and drives revenue growth for the full year.

但正如我們之前所說，我們的目標是重新盈利，我們在第三季度做到了這一點，然後在第四季度繼續加速盈利； 2014 年的目標是推動全年業務盈利並推動全年收入增長。

Thanks, Rory. And as my follow-up, Devinder, do you have an inventory target for the December quarter, and can you just bring us up to speed on where we stand with the wafer supply agreement with GLOBALFOUNDRIES for this year relative to your obligations that you had in Q3, Q4?

謝謝，羅裡。接下來，Devinder，請問您對 12 月季度的庫存目標是什麼？您能否向我們介紹一下，相對於您在第三季度和第四季度的義務，我們今年與 GLOBALFOUNDRIES 簽訂的晶圓供應協議的進展？

As I said in my prepared remarks, I expect inventory levels to remain essentially flat from where we ended Q3. Recall that it's a steep ramp in the business. We introduced the semi-custom products, the new products that Lisa referenced earlier, the R-7, R-9 series. So, I expect that in the Q4 timeframe, when we report the results, we'll be essentially flat to Q3.

正如我在準備好的發言中所說，我預計庫存水準將與第三季末的水準基本持平。回想一下，這是業務中的一個陡峭的上升階段。我們介紹了半客製化產品，Lisa之前提到的新產品R-7、R-9系列。因此，我預計在第四季度報告結果時，業績將與第三季基本持平。

Talking about the WSA from GLOBALFOUNDRIES, we're on track to meet the commitment for the 2013 WSA. And on the 2014, if that's what you're referring to, we are in discussion to figure out the pricing and the wafer volumes for 2014, and I expect those to close within the next 30 to 60 days.

談到格芯的 WSA，我們正在按計劃履行 2013 年 WSA 的承諾。關於 2014 年，如果您指的是這個，我們正在討論確定 2014 年的定價和晶圓產量，我預計這些將在未來 30 到 60 天內完成。

Thanks, guys.

謝謝大家。

Ross Seymore, Deutsche Bank

德意志銀行羅斯·西摩

Hello. Thanks for letting me ask a question. One clarification from the prior question. Do you expect seasonality in the gaming console business in the first half of '14, or is the early stage at which we are in the ramp and the geographic distribution expanding for those launches something that could offset that seasonality?

你好。感謝您允許我提問。對先前的問題做一個澄清。您是否預期 2014 年上半年遊戲機業務會出現季節性變動？或者，我們正處於發展的早期階段，而且遊戲發行的地理分佈不斷擴大，這些變化是否可以抵消季節性變化？

Hello, Ross. This is Lisa. Let me answer that question. So again, we do -- the game console business is a consumer business, so we do expect some level of seasonality. You're absolutely right, it's the first year of launch and there's pent-up demand. So we'll see some seasonality as we go into the first half of the year, but probably a little bit different than normal years.

你好，羅斯。這是麗莎。讓我來回答這個問題。所以，我們再次強調——遊戲機業務是一項消費業務，因此我們確實預期會有一定程度的季節性。你說得完全正確，這是推出的第一年，而且還有被壓抑的需求。因此，進入上半年，我們會看到一些季節性現象，但可能與正常年份略有不同。

Then one other clarification for Devinder, on the gross margin guidance of 35%, what does that assume as far as sales of previously reserved inventory? Are you going to get that one point again?

然後，請向 Devinder 進一步澄清，關於 35% 的毛利率指導，這對於先前預訂的庫存的銷售有何假設？你會再獲得那一分嗎？

Actually, that's not included. I think, as we've said earlier, we remain opportunistic. If an opportunity comes along, we go ahead and sell the chips. But there are no plans to go ahead and do that at this point. We have about $40 million left of the previously reserved inventory, which we took in Q3 of 2012 to the tune of $100 million.

事實上，這不包括在內。我認為，正如我們之前所說的，我們仍然抱持著機會主義的態度。如果有機會，我們就會繼續銷售晶片。但目前還沒有繼續實施這項計劃。我們先前預留的庫存還剩下約 4,000 萬美元，我們在 2012 年第三季提取了價值 1 億美元的庫存。

The final question, more of a structural one as we look forward into next year. You did a great job of getting down even under the $450 million in OpEx that you've talked about. If we think about next year conceptually, how should we expect the Company's OpEx to change alongside of revenues? Do you think $450 million is something you can hold throughout the year, or what are the puts and takes from a bigger picture perspective?

最後一個問題，當我們展望明年時，更多的是一個結構性問題。您做得非常出色，甚至將營運支出降低到了您所說的 4.5 億美元以下。如果我們從概念上考慮明年，我們應該預期公司的營運支出將如何隨著收入而改變？您認為 4.5 億美元是您可以全年持有的金額嗎，或者從更大的角度來看，這筆錢的利弊是什麼？

I think the key I would leave you with is we've been very disciplined from an OpEx management standpoint. We actually beat the target of $450 million that we set. And projecting to be around $450 million for Q4. The thing you're going to see about AMD, with the mix in the business and the changing model, is we're very focused on operating margin.

我想我要告訴你們的關鍵是，從營運支出管理的角度來看，我們一直都非常嚴謹。我們實際上超額完成了設定的 4.5 億美元的目標。預計第四季的營收約為 4.5 億美元。您將會看到，隨著 AMD 業務的混合和模式的變化，我們非常關注營業利潤率。

So obviously, if revenue goes up significantly, there's a possibility that OpEx might go up. But I think you're going to see us being very disciplined from a viewpoint of how OpEx modulates against a revenue increase or decline.

因此顯然，如果收入大幅增加，營運支出也有可能增加。但我認為，從營運支出如何隨著收入增加或減少而調整的角度來看，你會看到我們非常自律。

And Ross, I want to add a little something here to get a perspective on how we see this business evolving over time. Look at the semi-custom business and how we're reusing IP in a series of high-growth segments. And semi-custom is an NRE model, where there's an investment around engineering. In the quarter, we drove $300 million of additional revenue, up 26%. And at the same time, we had expense decline almost 10%, following a year we'd driven down 25%. Clearly, that says we're getting a strong leverage in that model. And as we consider that in some of our core businesses, they'll continue to see pressure, they're at a different point in their maturity, we'll drive for higher efficiencies in those segments, and at the same time look for opportunities to make investments to capture the new growth segments, like growth businesses like Pro Graphics, embedded, and semi-custom. But overall, I think it's fair to say we will look for more efficiencies as we move forward, but it will be balanced.

羅斯，我想在這裡補充一點，以便了解我們如何看待這項業務隨著時間的推移而發展。看看半客製化業務以及我們如何在一系列高成長領域重複使用 IP。半定制是一種 NRE 模型，其中需要對工程進行投資。本季度，我們實現了 3 億美元的額外收入，成長 26%。與此同時，我們的支出下降了近 10%，而去年我們的支出下降了 25%。顯然，這表明我們在該模型中獲得了強大的槓桿作用。我們認為，我們的一些核心業務將繼續面臨壓力，它們處於不同的成熟階段，我們將推動這些領域的效率提高，同時尋找投資機會，以抓住新的成長領域，如專業圖形、嵌入式和半客製化等成長業務。但總的來說，我認為可以公平地說，我們將在前進的過程中尋求更高的效率，但這將保持平衡。

Thank you.

謝謝。

Romit Shah, Nomura.

野村證券的羅米特·沙阿 (Romit Shah)。

Hello. Thanks for letting me ask a question. The computing results are my biggest concern, looking at the quarter. And Rory, you chalked up the weakness to just general softness in consumer notebooks. But if I look at your numbers, the computing business was down 6% sequentially, so desktops were up, which means notebooks were probably down more than 10%, and I compare that to Intel, whose PC business was up, I think, mid-single digits. And IDC and Gartner were also up. So how do we reconcile the difference between AMD's consumer business, notebook business and Intel, and just the general market?

你好。感謝您允許我提問。從本季來看，計算結果是我最關心的問題。羅裡，您把這種弱點歸咎於消費性筆記型電腦的普遍軟弱。但如果我看一下你們的數據，計算業務環比下降了 6%，而桌上型電腦業務卻在成長，這意味著筆記型電腦可能下降了 10% 以上，我將其與英特爾進行比較，我認為英特爾的個人電腦業務成長了中等個位數。IDC 和 Gartner 的股價也上漲了。那麼，我們該如何協調 AMD 的消費業務、筆記型電腦業務和英特爾以及整個市場之間的差異呢？

I think you summed it up properly. The consumer market is feeling more pressure, but all parts of the PC market are down. This market, this industry is down 10%, and at rates it's never experienced before. It's going to continue. From our perspective, AMD is over indexed to client notebook. We've always been. We've had-- just like we have to diversify our portfolio across high-growth segments, we need to diversify this core business. We need to move stronger into desktop. And as we talked about a year ago, we worked on the inventory in the desktop segment, and we built and repaired that, and we've seen two quarters of consistent revenue growth in that segment. And we believe that we have the right product stack to continue to make hay, make progress, in that part of our business, as well.

我認為你總結得很正確。消費市場感受到的壓力更大，但整個個人電腦市場卻在下滑。這個市場、這個產業已經下滑了 10%，而且下滑速度是前所未有的。這種情況將會持續下去。從我們的角度來看，AMD 在客戶端筆記型電腦方面的份額過高。我們一直都是這樣。我們已經－就像我們必須在高成長領域實現投資組合多元化一樣，我們也需要實現核心業務多元化。我們需要在桌面領域更加強大。正如我們一年前談到的那樣，我們致力於桌面領域的庫存，我們對其進行了構建和修復，並且我們已經看到該領域收入連續兩個季度增長。我們相信，我們擁有合適的產品組合，能夠在業務的這一部分繼續取得成功、取得進展。

But there's no doubt that the PC client segment, particularly at the entry level, will feel pressure from tablets. And it's a competitive space. We're going to be in there and we're going to compete, because we have very good product. But that is a key driver why we're moving in the direction of this transformation, this multi-year strategic transformation. We'll invest in those growth markets and we'll attack these base businesses around efficiency and where we can diversify the portfolio and gain revenue.

但毫無疑問，PC客戶端市場，特別是入門級市場，將感受到來自平板電腦的壓力。這是一個競爭激烈的領域。我們將進入該市場並參與競爭，因為我們擁有非常好的產品。但這是我們朝著這一轉變、這一多年戰略轉變的方向邁進的關鍵驅動力。我們將投資這些成長市場，並圍繞效率和多元化投資組合以及增加收入來進入這些基礎業務。

And I would add, from a financial standpoint, just to level set with what we saw coming and what the reset and restructure and the acceleration and transformation is all about. If you look at that particular segment from a revenue standpoint year-over-year, revenue is down about $140 million, profitability is up about $36 million. Quarter-on-quarter, revenue is down about $51 million and the profitability went from essentially breakeven to what we ended up in Q3, at $22 million. And that is essentially the power of the expense model, how we are deploying the resources from a transformation standpoint into what we call the growth businesses, including the semi-custom and the PC business, which obviously is under pressure.

我想補充一點，從財務角度來看，這只是與我們預見的以及重置、重組、加速和轉型有關的情況保持一致。如果從收入角度來看該特定部門，年比而言，收入下降了約 1.4 億美元，獲利則上升了約 3,600 萬美元。與上一季相比，營收下降了約 5,100 萬美元，獲利能力從基本收支平衡下降到第三季的 2,200 萬美元。這本質上就是費用模式的力量，我們如何從轉型的角度將資源部署到我們所謂的成長業務中，包括半客製化業務和個人電腦業務，這些業務顯然面臨壓力。

All right. That's helpful. And then, sorry if I missed this, but in Q4, embedded in the 5% sequential growth, are you assuming that computing is stable or growing?

好的。這很有幫助。然後，如果我錯過了這一點，我很抱歉，但是在第四季度，嵌入 5% 的連續增長，您是否認為計算是穩定的或正在增長？

I think from a computing standpoint, I think there's no doubt that that market will continue to see pressure, I think at the industry level, as well as in the consumer segment. We're planning not to lean into that, but to manage the inventory, because we'd much more like to see a consistent revenue through that weak part of 2014 where seasonality affects it. So we don't want to get a bumpy move there. I think we'll see it continue to trend slightly down, but I think as we move into 1Q and 2Q, we can continue to build off that base, as we add the new revenues as part of our strategy.

我認為從計算的角度來看，毫無疑問該市場將繼續面臨壓力，無論是在產業層面還是在消費者領域。我們計劃不依賴這一點，而是管理庫存，因為我們更希望在 2014 年受季節性影響的疲軟時期看到穩定的收入。所以我們不想在那裡遇到坎坷。我認為我們會看到它繼續呈現略微下降的趨勢，但我認為隨著我們進入第一季和第二季度，我們可以繼續在此基礎上發展，因為我們將新的收入作為我們策略的一部分。

Thanks, Rory.

謝謝，羅裡。

You're welcome

不客氣

Joe Moore, Morgan Stanley

摩根士丹利喬摩爾

Great. Thank you. I wanted to go back to the wafer supply agreement question with GLOBALFOUNDRIES. It looked like you used up 46% of that as of the 2Q 10-Q. The Computing Solutions business, it looks like, will be down second half, and I think you've moved some of that business to TSMC. So I guess some further clarity on why you're confident that you'll use the entire amount of that?

偉大的。謝謝。我想回到與格芯的晶圓供應協議問題。截至 2010 年第二季度，您似乎已經用掉了其中的 46%。看起來，計算解決方案業務下半年將會下滑，我認為你們已經將部分業務轉移到台積電。所以我想進一步解釋為什麼您有信心用完所有金額？

The total amount that we committed to purchase in 2013 is $1.15 billion. And looking at the numbers that I'm looking at, we are on track to satisfy the obligation for the WSA for 2013.

2013年我們承諾的採購總額為11.5億美元。從我看到的數字來看，我們被期望履行 2013 年 WSA 的義務。

Okay. Great. Thanks. And then the inventory build -- do you need to maintain inventory at this level, if your revenues were growing only about, looks like about $75 million in the fourth quarter?

好的。偉大的。謝謝。然後是庫存建設——如果您的收入在第四季度僅增長約 7500 萬美元，您是否需要將庫存維持在這個水平？

It's the timing, right? So you go ahead and have the build in inventory from a viewpoint of the steep ramp in revenue, and you can have the timing from a viewpoint of when the wafers come in and when we have the pods. And what we are doing from a management standpoint is over Q3 and Q4 keeping the inventory flat, while the revenue has gone up 26% from Q2 to Q3 and projected to go up again in Q4. So I think you need to take the longer view in terms of the six-month period, how much the revenue has gone up from first half to the second half. And inventory essentially has gone from $600 million to $900 million. And by the way, the revenue is up significantly in both quarters compared to the prior quarters.

時機已到，對嗎？因此，您可以從收入急劇增長的角度來繼續建立庫存，並且可以從晶圓何時進入以及何時有豆莢的角度來掌握時機。從管理角度來看，我們在第三季和第四季所做的是保持庫存持平，而營收從第二季到第三季成長了 26%，預計第四季將再次成長。因此，我認為你需要從六個月的較長時期來看，看看從上半年到下半年收入成長了多少。庫存基本上從 6 億美元增加到了 9 億美元。順便說一句，與前幾季相比，這兩個季度的收入都大幅成長。

Great. Thank you very much.

偉大的。非常感謝。

Chris Rolland, FBR.

克里斯羅蘭（Chris Rolland），FBR。

Hello, guys. How are you? Back to the op margin, the incremental op margin in Graphics probably implying mid-teens, maybe even a little bit better, on the gaming console business. As we think about that going forward, once this product's really on cruise control, even if it's a couple years from now, what sort of incremental improvements are we talking about when there's really not that much SG&A to support this, R&D to support this? Are we talking maybe another 500 or even 1000 basis points in op margin improvements, at its peak?

大家好。你好嗎？回到營運利潤率，圖形業務的增量營運利潤率可能意味著遊戲機業務的利潤率將達到十幾歲，甚至可能更好一點。當我們考慮未來時，一旦這個產品真正進入巡航控制階段，即使是從現在起的幾年後，當沒有那麼多的銷售、行政和行政管理費用來支持這一點、沒有那麼多的研發來支持這一點時，我們所談論的是什麼類型的漸進式改進？我們談論的是在高峰時營業利潤率可能還會提高 500 個甚至 1000 個基點嗎？

Without giving the granularity -- and I'll let Lisa comment -- overall, as you can see, when you have a ramp in revenue for a new business like semi-custom, there's a certain amount of money you spend on an OpEx standpoint. The semi-custom business, and in particular the game console business, is built on an NRE model. The R&D costs have been incurred upfront. The gross margins, as we've been very transparent, are lower than the corporate average. But the majority of that falls to the operating margin line.

我們不給出細節——我讓麗莎來評論——總的來說，正如你所看到的，當你在半定制等新業務上收入增加時，從運營支出的角度來看，你需要花費一定數額的錢。半客製化業務，特別是遊戲機業務，是建立在NRE模型上的。研發成本已預先發生。我們的毛利率非常透明，低於企業平均。但大部分都落到了營業利潤線上。

In Q3 alone, thinking that we were at the low double digits when we talked about it last quarter, we came in at the mid-teens. As we gain traction, as we extract more efficiencies, as we go ahead and increase the volume and get cost improvements, the operating margin could go up from the mid-teens higher than where we came in in Q3. I'll let Lisa comment from a business standpoint, too.

僅在第三季度，當我們談論上個季度時，我們認為我們的成長率是兩位數的低位，但實際上我們的成長率只有十幾歲。隨著我們獲得動力，隨著我們提高效率，隨著我們繼續增加產量並實現成本改進，營業利潤率可能會從第三季的十五六成上升。我也會讓麗莎從商業角度發表評論。

Yes, Chris. Just to give you a little bit more color on that. So the operating margins did come in a little bit better than we'd originally planned, and that was primarily because the ramp was actually quite smooth and it went very well.

是的，克里斯。只是為了給你更多有關這一點的信息。因此，營業利潤率確實比我們最初計劃的要好一些，這主要是因為成長實際上相當平穩，而且進展非常順利。

As we look forward, again, this is a very nice product. It's one of those -- each of these products are high-volume. They give us a lot of opportunity to optimize yields and costs and other things. So we're going to be working hard to improve that operating margin over the next number of quarters, and it's something that we believe there's leverage in.

正如我們所期待的那樣，這又是一款非常好的產品。這是其中之一——這些產品的產量都很大。它們為我們提供了許多機會來優化產量、成本和其他方面。因此，我們將在接下來的幾季中努力提高營業利潤率，我們相信這是有槓桿作用的。

And Chris, one of the things you really got to think about in this business, these are just the first two wins in this semi-custom space. We have a pipeline of additional products, and it's our intention to win and mix in a whole set of semi-custom offerings as we build out this exciting and important new business.

克里斯，在這個行業中你真正要考慮的事情之一是，這只是這個半客製化領域的前兩場勝利。我們擁有一系列附加產品，我們的目標是在拓展這項令人興奮且重要的新業務時贏得併融入一整套半客製化產品。

And also, as you think about that NRE model, look at the expense to revenue ratio. When we historically ran this business at different margin, it was much higher, the high 30s, even into the 40s. In this quarter, we saw a 10% reduction in E to R with that significant revenue gain, and we're going to drive that efficiency moving forward. Think about building that business and how the power of this model continues to grow over time.

而且，當您考慮 NRE 模型時，請查看費用與收入的比率。當我們過去以不同的利潤率經營這項業務時，利潤率要高得多，達到 30 多歲，甚至 40 多歲。本季度，隨著營收的大幅成長，我們的 E-R 成本降低了 10%，我們將繼續提高效率。思考如何建立這項業務以及這種模式的力量如何隨著時間的推移而不斷增長。

Okay. Thank you, guys.

好的。謝謝你們。

Srini Pajjuri, CLSA Securities.

Srini Pajjuri，里昂證券證券。

Thank you. Maybe for Lisa. Lisa, given that the product life in game consoles is quite long, I'm trying to understand how your own product refreshes work. For example, you're starting at 28, and will these products stay at 28 forever or are you going to switch to 20 at some point? And when that happens, what happens -- obviously, the costs are going to increase, and I'm wondering what happens to the margin side of the equation?

謝謝。也許對麗莎來說。Lisa，考慮到遊戲機的產品壽命很長，我想了解您自己的產品更新是如何進行的。例如，您從 28 開始，這些產品會永遠保持在 28 嗎，還是您會在某個時候切換到 20？當這種情況發生時，會發生什麼——顯然，成本會增加，我想知道等式的利潤方面會發生什麼？

Yes, Srini, good question. So it is a long life cycled product, over 5 to 7 years. Certainly, when we look at cost reduction opportunities, one of the important ones is to move technology nodes. So we will in this timeframe certainly move from 28- to 20-nanometer. And the reason to do that is both for pure die cost savings, as well as all the power savings that our customer benefits from. So I think we'll see leverage in the model as we continue to improve the costs, and as the costs improve, the volumes will also go up.

是的，Srini，這個問題問得好。因此它是一種長生命週期產品，使用壽命超過5到7年。當然，當我們尋找降低成本的機會時，其中一個重要的機會就是轉移技術節點。因此，我們肯定會在這個時間範圍內從 28 奈米轉向 20 奈米。這樣做的原因既是為了節省純粹的晶片成本，也是為了讓我們的客戶受益的電力節省。因此，我認為，隨著我們不斷改善成本，我們將看到模型中的槓桿作用，並且隨著成本的改善，數量也會上升。

So you actually expect the cost to go down as you move to 20, not go up?

所以，您實際上預計隨著數量增加到 20，成本會下降，而不是上升？

Absolutely. On a unit basis, yes.

絕對地。從單位角度來說，是的。

Okay. Great. And then just a couple of clarifications. I think there was a mention about SeaMicro winning some designs from Verizon. And just wondering if you could give us an update on that business. It's been a while since you acquired that, how that's tracking and if you could quantify how big that is, that would be great. Thank you.

好的。偉大的。然後只需要澄清幾點。我認為其中提到了 SeaMicro 贏得了 Verizon 的一些設計。我只是想知道您是否可以向我們提供有關該業務的最新進展。您獲得該數據已經有一段時間了，它的追蹤情況如何，如果您能量化它有多大，那就太好了。謝謝。

Absolutely. The SeaMicro business, we are very pleased with the pipeline that we have there. Verizon was the first major data center win that we could talk about publicly. We've been working that relationship for the last two years. So it's actually nice to be able to talk about it. We do see it as a major opportunity that will give us revenue potential in 2014. And we continue to see a strong pipeline of opportunities with SeaMicro, as more of the data center guys are looking at how to incorporate these dense servers into their new cloud infrastructures.

絕對地。對於 SeaMicro 業務，我們對那裡的管道感到非常滿意。Verizon 是我們可以公開談論的第一個重大資料中心勝利。過去兩年我們一直在努力維繫這種關係。所以能夠談論這個其實是一件很好的事情。我們確實將其視為一個重大機遇，它將為我們在 2014 年帶來收入潛力。我們繼續看到 SeaMicro 擁有大量的機會，因為越來越多的資料中心人員正在研究如何將這些密集型伺服器整合到他們的新雲端基礎架構中。

Thank you.

謝謝。

Kevin Cassidy, Stifel.

凱文·卡西迪（Kevin Cassidy），Stifel。

Thanks for taking my question. And just for a little more granularity on the Verizon, are you only shipping a SeaMicro product with AMD Opteron, or does it also have Xeon and Adam?

感謝您回答我的問題。再進一步了解 Verizon，你們只推出了搭載 AMD Opteron 的 SeaMicro 產品，還是也搭載了 Xeon 和 Adam？

Yes. So the clarification around SeaMicro servers. As I said, the Verizon engagement has lasted over the past two years, so some of the initial deployments were with the Intel processors. But we do have significant deployments with AMD Opteron, as well.

是的。因此，需要澄清有關 SeaMicro 伺服器的問題。正如我所說，Verizon 的合作已經持續了兩年，因此最初的一些部署是採用英特爾處理器的。但我們也確實對 AMD Opteron 進行了大規模部署。

Okay. And going forward, will it switch more to Opteron, heavier -- ?

好的。未來，它是否會更多地轉向更重的 Opteron？

We do see the percentage of Opteron processors increasing, because that's what we would like to do.

我們確實看到 Opteron 處理器的比例增加，因為這正是我們希望做的。

Great. Okay. Thank you.

偉大的。好的。謝謝。

Operator, we'll take two more questions, please

接線員，我們還要回答兩個問題

Understood. Ambrish Srivastava, BMO.

明白了。Ambrish Srivastava，BMO。

Thank you. Lisa, since you're on a roll, I'll just follow-up on the server road map. What's the timing for 64-bit, and then with ARM? And then specifically, give us some insights into -- to the extent you can -- on how you aim to combine SeaMicro x86 and ARM? Thank you.

謝謝。麗莎，既然你進展順利，我就會跟進伺服器路線圖。64 位元和 ARM 的推出時間是什麼時候？然後具體來說，請盡可能向我們介紹一下您打算如何結合 SeaMicro x86 和 ARM？謝謝。

Thanks, Ambrish, for the question. Again, we're very excited about the server space. It's a very good market. It's a market where there's a lot of innovation and change. In terms of 64-bit ARM, you will see us sampling that product in the first quarter of 2014. That development is on schedule, and we're very excited about that. All of the customer discussions has been very positive.

謝謝 Ambrish 提出的問題。再次，我們對伺服器空間感到非常興奮。這是一個非常好的市場。這是一個充滿創新和變化的市場。就 64 位元 ARM 而言，您將在 2014 年第一季看到我們對該產品進行採樣。開發工作正在按計劃進行，我們對此感到非常興奮。所有客戶的討論都非常正面。

And then we will combine both the 64-bit ARM chip with our SeaMicro servers to have a full solution, as well. So I think we view this combination of IP as really beneficial to accelerating the dense server market, both on the chip side and then also on the solution side with the customer set.

然後，我們將把 64 位元 ARM 晶片與我們的 SeaMicro 伺服器結合起來，以獲得完整的解決方案。因此，我認為我們認為這種 IP 組合對於加速密集伺服器市場的發展確實非常有益，無論是在晶片方面，還是在客戶解決方案方面。

What will be the timing for that, Lisa, for SeaMicro plus ARM?

Lisa，SeaMicro 和 ARM 的合作時機是什麼時候？

So you'll see that in 2014.

你會在 2014 年看到這一點。

Okay. Thank you.

好的。謝謝。

Patrick Wang, Evercore.

派崔克王 (Patrick Wang)，Evercore。

Thanks for squeezing me in. I've just got two questions. First, I guess I'm a little bit confused about the way to think about the console semi-custom contribution in the fourth quarter. It sounds like you guys are saying that Graphics with the R-7, R-9 launches are probably going to be up, CPUs down modestly with the market. And then of course, earlier this morning we heard TSMC also talk about an expectation that console would be down a little bit in the fourth quarter, in terms of wafer starts. So can you help us -- maybe give a little bit more color in terms of the type of growth that we should be factoring in to the fourth quarter?

謝謝你把我擠進來。我只有兩個問題。首先，我想我對於第四季控制台半客製化貢獻的思考方式有點困惑。聽起來你們的意思是，隨著市場的發展，R-7、R-9 的圖形價格可能會上漲，而 CPU 價格則會略微下降。當然，今天早上我們聽到台積電也談到預計第四季度遊戲機的晶圓開工量會略有下降。那麼，您能否幫助我們—也許可以就我們應該在第四季度考慮的成長類型提供更多的說明？

Yes, Patrick. Let me try to help with that. If you look at the combined quarterly shipments for Q3 and Q4, they're very much on track with what we would have expected. If you look at the supply chain cycle, we buy wafers earlier to ship. And the peak months are going to be October, November.

是的，派崔克。讓我盡力幫忙。如果你看一下第三季和第四季的合併季度出貨量，你會發現它們與我們的預期非常一致。如果你看一下供應鏈週期，我們就會提前購買晶圓以便出貨。高峰月份是十月和十一月。

So I think all of the data is consistent. We did ship a few more units in Q3 than we originally planned, just because of the strength of the production ramp. But we will see game console revenue go up Q4 versus Q3, just as both Microsoft and Sony are preparing for their holiday launches.

所以我認為所有數據都是一致的。由於產量提升的強勁勢頭，我們在第三季的出貨量確實比原計劃多了一些。但我們將看到第四季遊戲機收入較第三季有所上升，因為微軟和索尼都在為假日發表會做準備。

Okay. So sounds like it's more of a timing thing. And just my second question, for Devinder. When I take a look at your guidance, CFO commentary, you talk about positive free cash flow in the fourth-quarter. Can you help provide us the timing of your payments to GLOBALFOUNDRIES? I see a liability on your balance sheet. I know you've got another $200 million coming within the first quarter. But how does that play out and how does that work with your positive free cash flow?

好的。聽起來這更像是一個時間問題。我的第二個問題是問 Devinder。當我查看您的指導和財務長評論時，您談到了第四季度的正自由現金流。您能否幫助我們提供您向 GLOBALFOUNDRIES 付款的時間？我在你的資產負債表上看到了一項負債。我知道您在第一季還會獲得另外 2 億美元的收入。但這會如何發展？這會如何影響你的正自由現金流？

I think there are two parts to it. We have wafer purchased from GLOBALFOUNDRIES that we have purchased throughout this year. Earlier this year, we did have some special payments that we made related to the limited exclusivity, a waiver that we got way back in 2012. And then we did have the termination payment. We made about $120 million payment of that.

我認為它包含兩個部分。我們今年全年都從 GLOBALFOUNDRIES 購買晶圓。今年早些時候，我們確實支付了一些與有限獨家經營權相關的特殊款項，這是我們早在 2012 年就獲得的豁免。然後我們確實收到了解僱金。我們支付了約 1.2 億美元。

There's another $200 million of that left to be paid in Q1, 2014. So if you relate that from a cash standpoint, we have, as I projected, $1.2 billion of cash, revenues can be up in Q4, and then when we get to Q1, we collect the cash for the revenue that we're going to have in Q4, pay the $200 million. And that's where I'm projecting maintaining at the optimal range of the $1.1 billion from a cash standpoint.

其中還有 2 億美元將於 2014 年第一季支付。因此，如果從現金角度來看，正如我所預測的，我們擁有 12 億美元現金，第四季度的收入可能會上升，然後當我們進入第一季時，我們會收取第四季度收入的現金，支付 2 億美元。這就是我預計從現金角度維持在 11 億美元的最佳範圍內。

I see. Okay. Thanks so much, guys.

我懂了。好的。非常感謝大家。

Thank you.

謝謝。

Thank you, Operator. That concludes today's call and we'd like you to sign us off, please.

謝謝您，接線生。今天的電話會議到此結束，請您為我們簽名。

Thank you, presenters, and thank you, ladies and gentlemen. Again, this does conclude today's call. Thank you for your participation and have a wonderful day. You may now all disconnect.

謝謝各位主持人，也謝謝各位女士們、先生們。再次，今天的電話會議到此結束。感謝您的參與並祝您有美好的一天。你們現在都可以斷開連結了。