Q4 2013 Earnings Call Transcript

Transcript Call Date 01/21/2014

Operator: Good afternoon. My name is Huey and I'll be your conference operator for today. At this time, I'd like to welcome everyone to AMD's Fourth Quarter 2013 Earnings Conference Call. All lines have been placed in 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 call 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 - IR: Thank you and welcome to AMD's fourth quarter and year-end earnings conference call. By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides. If you've not reviewed those documents, they can be found on AMD's website at quarterlyearnings.amd.com. This is a live call and will be replayed via webcast on amd.com.

Participants joining us on today's call are Rory Read, our President and Chief Executive Officer; Devinder Kumar, our Senior Vice President and Chief Financial Officer; and we'll also have Lisa Su, our Senior Vice President and General Manager of Global Business Units who will participate in the QA portion of the call.

I'd like to highlight a few dates for you. Devinder will attend the Goldman Sachs conference on February 12. Our first quarter quiet time will begin at the close of business on March 14. Lastly, we intend to announce our first quarter 2014 earnings on April 17. Dial-in information for that call is expected to be provided in mid-March.

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

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

Please refer to the cautionary statement in our press release for more information. You'll also find detailed discussions about our risk factors in our filings with the SEC and, in particular, AMD's quarterly report on Form 10-Q for the quarter ended September 28, 2013.

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

Rory Read - President and CEO: Thank you, Ruth. We made good progress last year in executing our three-step strategic turnaround to restructure, accelerate, and ultimately transform AMD. We completed our restructuring, creating a more efficient business model with significantly lower operating expenses. We also accelerated our business, generating strong revenue growth and a return to profitability in the second half of the year by successfully ramping our strong and diverse set of new products.

As we move forward, we will continue to strategically transform AMD as we diversify our portfolio and drive a larger percentage of our revenue from the semi-custom, ultra-low power client, embedded, dense server and professional graphics high growth markets.

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