IntelliJ IDEA 12.X ActionScript Compiler 2

Hi,

I wanted to confirm that if I want to compile AS3 projects for AIR, I no longer need Flex SDK. Instead, I can use the AIR SDK 3.8X which includes the ASC 2.

I am asking because the latest Apache Flex 4.9.1 SDK still has the older AIR 3.4 SDK included. I don't think you can overlay/add the AIR 3.8 SDK with  the Apache Flex 4.9.1 because Apache Flex 4.9.1 SDK is not yet  compatible with the ASC 2. The AIR 3.8 SDK has newer features, so it  would be nice to use it in IntelliJ 12.X by itself.

Is my understanding correct? Or do I still need Flex SDK for AIR compiling?

Thank you for your help.