Advanced Micro Devices, Inc. (AMD)

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Advanced Micro Devices (AMD)

Q2 2011 Earnings Call

July 21, 2011 5:00 pm ET

Executives

Harry Wolin - Senior Vice President, General Counsel and Secretary

Richard Bergman - Senior Vice President and General Manager of Products Group

Ruth Cotter - Director

Thomas Seifert - Interim Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer and Senior Vice President

Analysts

Michael McConnell - Pacific Crest Securities, Inc.

Patrick Wang - Evercore Partners Inc.

James Covello - Goldman Sachs Group Inc.

Cody Acree - Williams Financial Group, Inc.

Glen Yeung - Citigroup Inc

Hans Mosesmann - Raymond James & Associates, Inc.

Stacy Rasgon - Sanford C. Bernstein & Co., Inc.

JoAnne Feeney - Longbow Research LLC

Romit Shah - Nomura Securities Co. Ltd.

Vivek Arya - BofA Merrill Lynch

John Pitzer - Crédit Suisse AG

Doug Freedman - Gleacher & Company, Inc.

Srini Pajjuri - CLSA Asia-Pacific Markets

Presentation

Operator

Good afternoon. My name is Huey, and I'll be your conference operator today. At this time, I'd like to welcome everyone to AMD's Second Quarter 2011 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.

Ruth Cotter

Thank you, and welcome to AMD's Second Quarter Earnings Conference Call. By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary. If you've not reviewed the documents, they can be found on AMD's website at quarterlyearnings.amd.com. Participants on today's conference call are Thomas Seifert, our Chief Financial Officer and Interim CEO; Rick Bergman, senior Vice President and General Manager of AMD's Product Group; and Harry Wolin, Senior Vice President, General Counsel and Corporate Secretary. This is a live call and will be replayed via webcast on amd.com. There will also be a telephone replay. The number is (888) 266-2081. Outside of the United States, the number is (703) 925-2533. The access code for both is 1536688, and the telephone replay will be available for the next 10 days starting later this evening.

I'd like to take this opportunity to highlight a few third quarter dates for you. Rick Bergman will present at the Pacific Crest Global Technology Leadership Forum on the 8th of August in Colorado. Chuck Moore will present at the Citi Technology Conference on the 7th of September in New York and Thomas Seifert will present at the Deutsche Bank Technology Conference on the 13th of September in Las Vegas.

AMD's third quarter quiet time will begin at the close of business on Friday, September 16, and we will announce our third quarter earnings on Thursday, October 27. AMD's ownership of GLOBALFOUNDRIES on a fully diluted basis decreased to approximately 11% as of the conclusion of the second quarter. Reconciliation for all non-GAAP financial measures discussed today is included in the financial tables that accompany our earnings release available in the Investor Relations section of amd.com. I'd like remind you that AMD's second quarter has 13 weeks of business compared to 14 weeks for the first quarter. Please note that a more detailed review of our financial performance is outlined in the CFO commentary as I mentioned, which is filed with our earnings release and posted on our website.

Before today's call, I'd like to caution everybody that we will be making forward-looking statements about management's expectations. Investors are cautioned that those statements are based on current beliefs, assumptions and expectations, speak only as of the current date and involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

The semiconductor industry is generally volatile and market conditions are particularly difficult to forecast, especially in light of the current state of the economy. We encourage you to review our filings with the SEC where we discuss these risk factors that could cause actual results to differ materially from our expectations. You'll find detailed discussions about such risk factors in our most recent SEC filings, AMD's quarterly report on Form 10-Q for the quarter ended April 2, 2011.

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

Harry Wolin

Thank you, Ruth. I would like to provide you with a brief update on our CEO search. The search for a new CEO remains a top priority. The Board is pleased with the quality of the candidates interviewed and is confident in its robust and active process. They continue making progress to ensure a person is selected with the right vision, experience and track record to lead AMD into the future and to create increased shareholder value. The Board is pleased that the senior management team has executed well throughout this timeframe. I would like to take this opportunity to emphasize that meeting a timeline is not the driving force in the search, finding the right candidate is.

And with that, I'd like to turn the call over to Thomas to provide management perspective on second quarter results

Thomas Seifert

Thank you, Harry. In 2011, AMD kicked off the Fusion era of computing, bringing to market the industry's biggest architectural change since the invention of the microprocessor. Brazos, our first APU for the Thin & Light notebook and netbook market, is an unqualified hit and is one of our fastest driving processors in our history.

In June, we expanded our Fusion offerings with the launch of the A-Series APU for mainstream notebook and desktops, codenamed is Llano. We shipped more than 1 million A-Series APUs in the second quarter. Based on strong demand signals and SKU assortment for the second half of the year, we expect Llano, the Llano RAM, will outpace the Brazos RAM.

Read the rest of this transcript for free on seekingalpha.com