超微半導體 (AMD) 2022 Q2 法說會逐字稿

Hello, and welcome to the AMD Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Laura Graves, Corporate Vice President, Investor Relations. Please go ahead, Laura.

您好，歡迎參加 AMD 2022 年第二季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給負責投資者關係的公司副總裁勞拉·格雷夫斯 (Laura Graves)。請繼續，勞拉。

Thank you, and welcome to AMD's Second Quarter 2022 Financial Results Conference Call. By now you should have had the opportunity to review a copy of our earnings press release and accompanying slides. If you have not reviewed these documents, they can be found on the Investor Relations page of amd.com.

謝謝，歡迎參加 AMD 2022 年第二季財務業績電話會議。現在您應該有機會查看我們的收益新聞稿和隨附幻燈片的副本。如果您尚未查看這些文件，可以在 amd.com 的投資者關係頁面上找到。

We will refer primarily to non-GAAP financial measures during this call. The full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website. In addition, today's financial results reflect our new segment reporting, which aligns with how we now manage our business in strategic end markets.

在本次電話會議中，我們將主要參考非公認會計準則財務指標。完整的非 GAAP 與 GAAP 對帳表可在今天的新聞稿和我們網站上發布的幻燈片中找到。此外，今天的財務結果反映了我們新的分部報告，這與我們現在在策略終端市場管理業務的方式一致。

Participants on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Devinder Kumar, our Executive Vice President, Chief Financial Officer and Treasurer. This is a live call and will be replayed via webcast on our website.

今天電話會議的參與者包括我們的董事長兼執行長 Lisa Su 博士；以及我們的執行副總裁、財務長兼財務主管 Devinder Kumar。這是一場現場通話，將透過我們網站上的網路直播重播。

Before we begin, I would like to note, Dr. Lisa Su will attend the Goldman Sachs Communacopia & Technology Conference on Thursday, September 15; Victor Peng, President of our Adaptive and Embedded Computing Group, will attend the Rosenblatt second Annual Technology Summit, The Age of AI Scaling, on Tuesday, August 23; Ruth Cotter, Senior Vice President of Marketing, Human Resources and Investor Relations, will attend the Jefferies Semiconductor, IT Hardware & Communications Infrastructure Summit on Tuesday, August 30; and AMD's third quarter 2022 quiet time is expected to begin at the close of business on Friday, September 16.

在我們開始之前，我想指出，Lisa Su 博士將於 9 月 15 日星期四參加高盛 Communacopia 和技術會議；我們自適應與嵌入式運算集團總裁 Victor Peng 將於 8 月 23 日星期二參加 Rosenblatt 第二屆年度技術高峰會「人工智慧擴展時代」；行銷、人力資源和投資者關係資深副總裁 Ruth Cotter 將於 8 月 30 日星期二參加 Jefferies 半導體、IT 硬體和通訊基礎設施高峰會； AMD 2022 年第三季的靜默期預計將於 9 月 16 日星期五下班後開始。

Today's discussion contains forward-looking statements based on our current beliefs, assumptions and expectations, speak only as of today 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 on factors that could cause results to differ.

今天的討論包含基於我們當前信念、假設和期望的前瞻性陳述，僅代表今天的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。有關可能導致結果不同的因素的更多信息，請參閱我們新聞稿中的警告聲明。

With that, I will hand the call over to Lisa Su. Lisa?

說完這些，我會把電話交給 Lisa Su。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. This was an excellent quarter for our business as we delivered record revenue and profitability based on our strong execution, leadership product portfolio and diversified business model. Each of our segments grew significantly year-over-year led by higher data center and embedded sales as we continue expanding our presence across a broader set of markets and customers. Revenue grew 70% year-over-year to a record $6.6 billion. We also expanded gross margin 6 percentage points year-over-year to 54% and set records for operating and net income, both of which more than doubled from the prior year.

謝謝你，勞拉。這對我們的業務來說是一個出色的季度，因為我們憑藉強大的執行力、領先的產品組合和多元化的商業模式實現了創紀錄的收入和盈利能力。隨著我們繼續在更廣泛的市場和客戶中擴大影響力，我們每個部門都實現了同比大幅增長，其中資料中心和嵌入式銷售額的成長功不可沒。營收年增70%，達到創紀錄的66億美元。我們的毛利率也比去年同期提高了 6 個百分點，達到 54%，營業收入和淨收入均創下歷史新高，比上年增長了一倍多。

Turning to the business results. Starting in the second quarter, we updated our financial segment reporting to align with our 4 strategic end markets: Data Center, Client, Gaming and Embedded. Let me start with our Data Center segment. Revenue increased 83% year-over-year and 15% sequentially to $1.5 billion led by record server processor sales. EPYC processor demand was strong in the quarter with significant year-over-year growth across both cloud and enterprise customers.

轉向業務成果。從第二季開始，我們更新了財務分部報告，以符合我們的四大策略終端市場：資料中心、客戶端、遊戲和嵌入式。讓我先從資料中心部分開始。在創紀錄的伺服器處理器銷售額的推動下，營收年增 83%，環比成長 15%，達到 15 億美元。本季 EPYC 處理器需求強勁，雲端和企業客戶的需求均較去年同期大幅成長。

In cloud, more than 60 new instances powered by 3rd Gen EPYC processors launched in the quarter from AWS, Baidu, Google, Microsoft Azure and Oracle, including the industry's first cloud-based, Software as a Service solution for chip design for Microsoft Azure and Synopsys powered by our Milan-X processors with 3D stacked triplets. In enterprise, OEM adoption accelerated in the quarter as Dell, HPE, Lenovo, Supermicro, Cisco and others brought tailored solutions to market that deliver leadership performance and TCO across many enterprise workloads. Recent examples include Lenovo's AMD-powered ThinkSystem setting a price performance world record for transaction processing and AMD-based HPE ProLiant servers delivering record-setting virtualization performance.

在雲端，AWS、百度、Google、微軟Azure 和甲骨文在本季推出了60 多個搭載第三代EPYC 處理器的新實例，包括業界首個基於雲端的、用於微軟Azure 晶片設計的軟體即服務解決方案和Synopsys 採用具有 3D 堆疊三元組的 Milan-X 處理器提供支援。在企業領域，由於戴爾、HPE、聯想、超微、思科等公司向市場推出了客製化解決方案，在許多企業工作負載中實現了領先的效能和整體擁有成本，因此本季 OEM 採用加速。最近的例子包括聯想基於 AMD 的 ThinkSystem 創下了交易處理的性價比世界紀錄，以及基於 AMD 的 HPE ProLiant 伺服器提供了創紀錄的虛擬化效能。

We made progress further establishing our data center GPU footprint in the quarter, highlighted by the AMD-powered Frontier supercomputer debuting in the #1 spot on both the TOP500 list of the world's fastest supercomputers and the Green500 list of the most energy-efficient supercomputers. I am extremely proud of our work with HPE and Oak Ridge National Laboratory to build the world's first exascale supercomputer. Breaking the exaflop barrier is a significant computing milestone, and the fact that it was made possible by EPYC processors and Instinct accelerators highlights AMD's unique ability to push the envelope in computing further and faster than anyone else.

本季度，我們在進一步確立資料中心GPU 足跡方面取得了進展，其中最突出的是基於AMD 的Frontier 超級電腦在全球最快超級電腦TOP500 榜單和最節能超級電腦Green500 榜單中均名列第一。我為我們與 HPE 和橡樹嶺國家實驗室合作打造世界上第一台百億億次超級電腦感到非常自豪。突破百億億個浮點運算障礙是一個重要的運算里程碑，而這一目標透過EPYC 處理器和Instinct 加速器實現，凸顯了AMD 在運算領域比其他任何人都更進一步、更快地突破極限的獨特能力。

Looking at our broader data center opportunities, we saw strong growth year-over-year for our industry-leading FPGA and networking products with cloud and financial customers. We closed our acquisition of Pensando in the quarter, further expanding our data center solutions capabilities with the addition of a world-class team and an industry-leading DPU and software stack that complement our existing products. With the additions of Xilinx and Pensando, AMD now provides the industry's broadest set of leadership compute engines and accelerators to enable the best performance, security, flexibility and TCO for leading-edge data centers.

縱觀我們更廣泛的資料中心機會，我們看到我們業界領先的 FPGA 和網路產品在雲端和金融客戶方面同比增長強勁。我們在本季完成了對 Pensando 的收購，透過增加世界一流的團隊和業界領先的 DPU 和軟體堆疊來補充我們現有的產品，進一步擴展了我們的資料中心解決方案能力。隨著 Xilinx 和 Pensando 的加入，AMD 現在可以提供業界最廣泛的領先運算引擎和加速器，為尖端資料中心提供最佳效能、安全性、靈活性和 TCO。

Looking ahead, customer pull for our next-generation 5-nanometer Genoa server CPU is very strong. We are on track to launch and ramp production of Genoa as the industry's highest performance, general-purpose server CPU later this year, positioning our data center business for continued growth and share gains.

展望未來，客戶對我們下一代 5 奈米 Genoa 伺服器 CPU 的吸引力非常強勁。我們計劃在今年稍後推出並擴大 Genoa 的產量，將其作為業界性能最高的通用伺服器 CPU，從而讓我們的資料中心業務持續成長並提高市場份額。

Turning to our Client segment. Revenue grew 25% year-over-year to $2.2 billion based on record mobile processor sales. We believe we gained client processor revenue share for the ninth straight quarter led by strong adoption of our latest-generation Ryzen mobile processors. Acer, ASUS, Dell, HP, Lenovo and others are on track to significantly expand their portfolio of AMD-based notebooks as they bring almost 300 new designs to market this year powered by Ryzen processors.

轉向我們的客戶部分。由於行動處理器銷量創紀錄，營收年增 25%，達到 22 億美元。我們相信，由於我們最新一代 Ryzen 行動處理器的強勁應用，我們連續第九個季度獲得了客戶端處理器營收份額。宏碁、華碩、戴爾、惠普、聯想等公司預計將大幅擴展其基於 AMD 的筆記型電腦產品組合，今年它們將向市場推出近 300 款搭載 Ryzen 處理器的新設計。

We also saw strong demand in the quarter for our latest-generation Ryzen PRO processors that deliver leadership performance and battery life for professional notebooks. Commercial client processor revenue grew significantly year-over-year as HP, Lenovo and others launched more than 50 AMD-based commercial notebooks and Dell announced its first AMD-based precision workstation. Looking ahead, we are on track to launch our all-new 5-nanometer Ryzen 7000 desktop processors and AM5 platforms later this quarter with leadership performance in gaming and content creation. Taking a step back, while there has been additional softness in the PC market in recent months, we believe we are very well positioned to navigate through the current environment based on the strength of our existing product portfolio and upcoming product launches.

本季度，我們也看到最新一代 Ryzen PRO 處理器的需求強勁，該處理器為專業筆記型電腦提供了領先的效能和電池壽命。隨著惠普、聯想等公司推出了 50 多款基於 AMD 的商用筆記型電腦以及戴爾宣布推出其首款基於 AMD 的精密工作站，商業客戶端處理器收入同比大幅增長。展望未來，我們將於本季稍後推出全新的 5 奈米 Ryzen 7000 桌上型處理器和 AM5 平台，在遊戲和內容創作方面具有領先性能。退一步來說，雖然近幾個月來個人電腦市場進一步疲軟，但我們相信，憑藉我們現有產品組合和即將推出的產品的實力，我們完全有能力駕馭當前環境。

Now turning to our Gaming segment. Revenue increased 32% year-over-year to $1.7 billion as semi-custom growth more than offset a decline in gaming graphics sales. Semi-custom SoC sales continue outpacing the prior generation, and we remain on track for record semi-custom annual revenue in 2022. Gaming graphics declined in the quarter as macro conditions impacted discretionary spending. New AMD Advantage gaming notebooks that combine Ryzen and Radeon processors to enable outstanding gaming experiences launched recently to strong reviews, highlighted by the Alienware m17 receiving multiple Editor's Choice awards from leading industry publications.

現在轉向我們的遊戲部分。由於半客製化業務的成長超過了遊戲圖形銷售的下滑，營收年增 32% 至 17 億美元。半客製化 SoC 的銷售持續超過上一代，我們仍有望在 2022 年實現創紀錄的半客製化年收入。全新 AMD Advantage 遊戲筆記本結合了 Ryzen 和 Radeon 處理器，可提供出色的遊戲體驗，近期推出並獲得了強烈好評，其中 Alienware m17 榮獲多個領先行業出版物頒發的編輯選擇獎。

While we expect the gaming graphics market to be down in the third quarter, we remain focused on executing our GPU road map, including launching our high-end RDNA 3 GPUs later this year. Our next-generation RDNA 3 architecture is another major step forward for our graphics road map, delivering more than a 50% generational improvement in performance per watt by combining our most advanced gaming architecture with 5-nanometer triplet manufacturing.

雖然我們預計遊戲圖形市場在第三季會下滑，但我們仍專注於執行我們的 GPU 路線圖，包括在今年稍後推出我們的高階 RDNA 3 GPU。我們的下一代 RDNA 3 架構是我們圖形路線圖的另一個重大進步，透過將我們最先進的遊戲架構與 5 奈米三重奏製造技術相結合，每瓦性能提高了 50% 以上。

Looking at our Embedded segment. Revenue grew significantly year-over-year to $1.3 billion led by robust demand across all markets and nodes for our FPGA and adaptive computing products. Xilinx products are deployed in virtually every market, powering mission-critical applications for thousands of customers. We accelerated Xilinx product sales in the second quarter with the benefit of the additional manufacturing scale and resources of AMD.

看看我們的嵌入式部分。由於所有市場和節點對我們的 FPGA 和自適應運算產品的強勁需求，營收年比大幅成長至 13 億美元。 Xilinx 產品幾乎遍佈所有市場，為數千家客戶提供關鍵任務應用支援。借助 AMD 額外的製造規模和資源，我們在第二季加速了 Xilinx 產品的銷售。

We delivered record core markets revenue led by aerospace and defense, industrial vision in health and test and measurement. Communications growth was led by higher demand in wired from multiple Tier 1 system vendors, while wireless demand was driven by multiple ramping ORAN deployments in North America. Embedded CPU revenue also grew significantly in the quarter based on higher automotive sales and the ramp of new networking and storage design wins. As we highlighted at our Financial Analyst Day in June, we have identified greater than $10 billion in long-term revenue synergy opportunities as we bring the AMD and Xilinx assets together. Our largest opportunity is in AI, and we've already started executing new hardware and software road maps to capture the significant opportunity we see to drive pervasive AI across cloud, Edge and endpoints.

我們實現了創紀錄的核心市場收入，主要集中在航空航太和國防、健康和測試與測量領域的工業視覺領域。通訊成長主要得益於多家一級系統供應商對有線網路的更高需求，而無線需求則受到北美多個 ORAN 部署的推動。由於汽車銷售成長以及新網路和儲存設計的不斷增加，本季嵌入式 CPU 收入也大幅成長。正如我們在 6 月的財務分析師日上所強調的那樣，隨著 AMD 和 Xilinx 資產的整合，我們發現了超過 100 億美元的長期收入協同機會。我們最大的機會在於人工智慧，我們已經開始執行新的硬體和軟體路線圖，以抓住我們看到的推動雲端、邊緣和端點普及人工智慧的重大機會。

In summary, our work over the last several years has placed AMD on a significant growth trajectory. AMD has never been stronger and the markets for our products have never been as large or diverse. As a result, we have now delivered 8 straight quarters of record revenue as our strong execution and leadership products have driven increased adoption across an expanded set of markets and customers.

總而言之，我們過去幾年的工作使 AMD 走上了顯著的成長軌道。 AMD 從未如此強大，我們產品的市場也從未如此龐大且多樣化。因此，由於我們強大的執行力和領導力產品推動了更廣泛的市場和客戶的採用，我們現在連續 8 個季度實現創紀錄的收入。

Despite the current macroeconomic environment, we see continued growth in the back half of the year highlighted by our next-generation 5-nanometer product shipments and supported by our diversified business model. We remain laser-focused on executing our product and technology road maps, further deepening our customer relationships and investing strategically across the company to drive our next phase of growth across the $300 billion high-performance and adaptive computing market.

儘管當前宏觀經濟環境如此，但我們看到下半年仍將繼續成長，這得益於我們下一代 5 奈米產品的出貨量以及多元化商業模式的支持。我們將繼續專注於執行我們的產品和技術路線圖，進一步深化我們的客戶關係，並在整個公司進行策略性投資，以推動我們在 3000 億美元的高效能和自適應運算市場的下一階段成長。

Now I'd like to turn the call over to Devinder to provide some additional color on our second quarter financial performance. Devinder?

現在我想將電話轉給 Devinder，以便他能為我們第二季的財務表現提供一些進一步的資訊。魔鬼？

Thank you, Lisa, and good afternoon, everyone. AMD reported excellent second quarter results. Strong demand for our leadership products drove record quarterly revenue and continued gross margin expansion. The second quarter includes the first full quarter of Xilinx' financial results, and we are pleased to have closed the acquisition of Pensando in the quarter.

謝謝你，麗莎，大家午安。 AMD 公佈了出色的第二季業績。市場對我們領先產品的強勁需求推動了季度營收創紀錄且毛利率持續擴大。第二季包括賽靈思第一個完整季度的財務業績，我們很高興在本季完成了對 Pensando 的收購。

Second quarter revenue was $6.6 billion, up 70% from a year ago, driven by higher revenue across all segments and the inclusion of Xilinx' revenue. Gross margin was 54%, up 640 basis points from a year ago, driven primarily by higher Data Center and Embedded revenue. Operating expenses were $1.6 billion compared to $909 million a year ago as we continue to scale the company. Operating income more than doubled from a year ago to record $2.2 billion driven by significant revenue growth and higher gross margin. Operating margin was 30%, up from 24% a year ago. Net income was a record $1.7 billion, up $929 million from a year ago. Earnings per share was $1.05 per share compared to $0.63 per share a year ago.

第二季營收為 66 億美元，較去年同期成長 70%，這得益於所有部門營收的增加以及賽靈思營收的納入。毛利率為 54%，較去年同期成長 640 個基點，主要得益於資料中心和嵌入式營收的成長。由於我們繼續擴大公司規模，營運費用為 16 億美元，而去年同期為 9.09 億美元。由於營收大幅成長和毛利率上升，營業收入較去年同期成長一倍以上，達到 22 億美元。營業利益率為 30%，高於一年前的 24%。淨收入達到創紀錄的 17 億美元，比去年同期成長 9.29 億美元。每股收益為 1.05 美元，去年同期為 0.63 美元。

Now turning to our reportable segments. As previously communicated, we modified our segment reporting to align with our strategic end markets and the way we now manage the business. The Data Center segment includes server CPUs, data center GPUs, Pensando and Xilinx data center products. The Client segment includes desktop and notebook PC processors and chipsets, while the Gaming segment includes discrete graphic processors and semi-custom game console products. The Embedded segment includes both AMD and Xilinx embedded products.

現在轉向我們的報告部分。如同先前所傳達的，我們修改了分部報告以適應我們的策略終端市場和我們現在的業務管理方式。資料中心部門包括伺服器 CPU、資料中心 GPU、Pensando 和 Xilinx 資料中心產品。客戶端部門包括桌上型電腦和筆記型電腦處理器和晶片組，而遊戲部門包括獨立圖形處理器和半客製化遊戲機產品。嵌入式部門包括 AMD 和 Xilinx 嵌入式產品。

Starting with the Data Center segment. Revenue was $1.5 billion, up 83% year-over-year, driven by strong growth in 3rd Gen EPYC server processor revenue. Data Center operating income was $472 million or 32% of revenue compared to $204 million or 25% a year ago. Higher operating income was driven primarily by stronger revenue partially offset by higher operating expenses.

從資料中心部分開始。營收為 15 億美元，年增 83%，這得益於第三代 EPYC 伺服器處理器營收的強勁成長。資料中心營運收入為 4.72 億美元，佔營收的 32%，去年同期為 2.04 億美元，佔營收的 25%。營業收入增加主要由於營業收入增加，但營業費用增加部分抵銷了這個因素。

Client segment revenue was $2.2 billion, up 25% year-over-year, driven by a richer mix of Ryzen mobile processor sales. Client operating income was $676 million or 32% of revenue compared to $538 million or 31% a year ago. Operating income improvement was driven primarily by higher revenue partially offset by higher operating expenses.

客戶部門營收為 22 億美元，年增 25%，這得益於 Ryzen 行動處理器銷售組合的豐富。客戶營業收入為 6.76 億美元，佔營收的 32%，去年同期為 5.38 億美元，佔營收的 31%。營業收入的成長主要得益於營業收入的增加，但營業費用的增加部分抵銷了這一成長。

Gaming segment revenue was $1.7 billion, up 32% year-over-year, driven by higher semi-custom product sales. Gaming operating income was $187 million or 11% of revenue compared to $175 million or 14% a year ago. Higher operating income was driven primarily by higher semi-custom revenue, which was partially offset by higher operating expenses. Operating margin was lower primarily due to lower graphics revenue and higher operating expenses.

遊戲部門營收為 17 億美元，年增 32%，這得益於半客製化產品銷售的增加。博彩營運收入為 1.87 億美元，佔營收的 11%，去年同期為 1.75 億美元，佔營收的 14%。營業收入增加主要得益於半客製化收入增加，但營業費用增加部分抵銷了這一成長。營業利益率較低主要是因為圖形收入較低和營業費用較高。

Embedded segment revenue was $1.3 billion, up $1.2 billion from a year ago, driven primarily by the inclusion of Xilinx embedded revenue. Embedded operating income was $641 million or 51% of revenue compared to $6 million or 11% a year ago driven by higher revenue.

嵌入式部門營收為 13 億美元，比去年同期成長 12 億美元，主要得益於納入 Xilinx 嵌入式營收。受營收成長的推動，嵌入式營業收入為 6.41 億美元，佔營收的 51%，而去年同期為 600 萬美元，佔營收的 11%。

Turning to the balance sheet. Cash, cash equivalents and short-term investments was $6 billion at the end of the second quarter. During the quarter, we deployed $920 million to repurchase common stock and have $7.4 billion in remaining authorization. Cash from operations was a record $1 billion. Quarterly free cash flow was $906 million compared to $888 million in the same quarter last year. Inventory was $2.6 billion, up approximately $220 million from the prior quarter in support of second half revenue and the inclusion of Pensando. During the quarter, we established AMD in the investment-grade debt market by issuing debt of $1 billion.

轉向資產負債表。第二季末的現金、現金等價物和短期投資為 60 億美元。本季度，我們部署了 9.2 億美元回購普通股，剩餘授權金額為 74 億美元。經營活動現金流達到創紀錄的 10 億美元。季度自由現金流為 9.06 億美元，去年同期為 8.88 億美元。庫存為 26 億美元，比上一季增加約 2.2 億美元，以支持下半年的收入和 Pensando 的納入。本季度，我們透過發行 10 億美元債務，在投資等級債務市場中建立了 AMD 地位。

Turning to our financial outlook. Today's outlook is based on current expectations and contemplates the current macroeconomic environment and customer demand signals. For the third quarter of 2022, we expect revenue to be approximately $6.7 billion, plus or minus $200 million, an increase of approximately 55% year-over-year primarily led by growth in the Data Center and Embedded segments.

談談我們的財務前景。今天的展望基於當前預期，並考慮了當前的宏觀經濟環境和客戶需求訊號。對於 2022 年第三季度，我們預計營收約為 67 億美元（上下浮動 2 億美元），年增約 55%，主要得益於資料中心和嵌入式部門的成長。

In addition, for Q3 2022, we expect non-GAAP gross margin to be approximately 54%; non-GAAP operating expenses to be approximately $1.64 billion or 24.5% of revenue; non-GAAP interest expense, taxes and other to be approximately $270 million based on the 13% effective tax rate; and the diluted share count to be approximately 1.63 billion shares. For the full year, we continue to expect revenue of approximately $26.3 billion, plus or minus $300 million, an increase of approximately 60% at the midpoint led by growth in Data Center and Embedded segments. We continue to expect non-GAAP gross margin to be approximately 54%.

此外，對於 2022 年第三季度，我們預期非 GAAP 毛利率約為 54%；非公認會計準則營業費用約 16.4 億美元，佔營收的 24.5%；根據 13% 的有效稅率，非 GAAP 利息支出、稅金和其他費用約為 2.7 億美元；攤薄後股數約16.3億股。就全年而言，我們繼續預期營收約為 263 億美元（上下浮動 3 億美元），中間值成長約 60%，主要得益於資料中心和嵌入式部門的成長。我們繼續預期非 GAAP 毛利率約為 54%。

In closing, we had an excellent second quarter with year-over-year revenue growth across all segments, margin expansions and record profitability. Looking ahead, we remain focused on executing our product and financial objectives while continuing to monitor market signals and work closely with our customers to navigate the dynamic market conditions. We are confident that we are well positioned for long-term growth driven by our revenue diversification, financial model and earnings power.

最後，我們第二季的業績表現出色，所有部門的營收均較去年同期成長，利潤率提高，獲利能力創下歷史新高。展望未來，我們將繼續專注於執行我們的產品和財務目標，同時繼續監控市場訊號並與我們的客戶密切合作，以應對動態的市場狀況。我們相信，憑藉收入多元化、財務模式和獲利能力，我們已為長期成長做好了準備。

Before we transition to the Q&A, we'd like to take this opportunity to thank Laura Graves for all her service to AMD and wish her every success on her retirement later this month. Thank you, Laura.

在進入問答環節之前，我們想藉此機會感謝 Laura Graves 為 AMD 做出的所有貢獻，並祝她本月晚些時候退休後一切順利。謝謝你，勞拉。

With that, let us begin the Q&A portion of our call.

現在，讓我們開始通話的問答部分。

Thank you, Devinder. Kevin, go ahead and begin the Q&A, please.

謝謝你，Devinder。凱文，請開始問答環節。

(Operator Instructions) Our first question is coming from Toshiya Hari from Goldman Sachs.

(操作員指示)我們的第一個問題來自高盛的Toshiya Hari。

Congrats to Laura on your upcoming retirement. I had 2 questions. The first one, I wanted to better understand what's contemplated in your guidance, your Q3 guidance as well as your implied Q4 guidance, both in terms of revenue and gross margins. If you can kind of speak to the pluses and minuses on a sequential basis, that would be super helpful. And then I have a follow-up.

恭喜勞拉即將退休。我有兩個問題。第一個問題，我想更了解您的指引、第三季指引以及隱含的第四季指引中所考慮的內容，包括收入和毛利率。如果您可以按順序談談優點和缺點，那將非常有幫助。然後我有一個後續問題。

Sure. Thanks, Toshiya, for the question. So in terms of the Q3 and the Q4 guidance, so if we would start first with Q3, I think the Q3 guidance implies that, first of all, the revenue growth is led by the data center as well as some increase in our semi-custom or game console business, which historically peaks in the third quarter. We have taken a more conservative outlook on the PC business. So a quarter ago, we would have thought that the PC business would be down, let's call it, high single digits. And our current view of the PC business is that it will be down, let's call it, mid-teens. And that's contemplated into our third quarter guidance.

當然。謝謝 Toshiya 提出這個問題。因此，就第三季和第四季的指引而言，如果我們先從第三季開始，我認為第三季的指引意味著，首先，營收成長是由資料中心推動的，同時我們的半導體業務也有一些成長。我們對個人電腦業務持較保守的看法。因此，一個季度前，我們還以為個人電腦業務會下滑，可以說是高個位數下滑。我們目前對個人電腦業務的看法是，它將會陷入低迷，可以說是十五六歲的年紀。這已考慮到我們的第三季指引中。

And then as we go into the fourth quarter, what we see is, again, the sequential growth there will be led by the data center as well as our embedded business with the same view of the PC business. But what we also have there is a set of new product ramps that we're very excited about. So we have a number of 5-nanometer products that will be ramping in the fourth quarter, including our client products as well as our server -- our Genoa products as well as our graphics products. So that's sort of the view of Q3 and Q4 from a revenue standpoint. And then from a margin standpoint, again, we're guiding full year margin at 54%, which is what we -- which is the same. And again, it's a mix of business in each of the businesses that is resulting in that.

然後，當我們進入第四季度時，我們看到的是，資料中心和嵌入式業務將再次引領連續成長，而個人電腦業務也是如此。但我們還有一系列令我們非常興奮的新產品。因此，我們有許多 5 奈米產品將在第四季度投入生產，包括我們的客戶產品、伺服器產品、Genoa 產品以及圖形產品。從收入角度來看，這就是第三季和第四季的情況。然後從利潤率的角度來看，我們再次預期全年利潤率為 54%，這與我們的預期相同。再次強調，這是各業務部門混合經營的結果。

Got It. Thank you for the color particularly around your PC assumptions. My follow-up, I was hoping you can speak to what you're seeing in your data center business given the macro backdrop. We get a bunch of questions from investors about the forward and sort of concerns related to both enterprise and spending in the cloud. What are your customers telling you at this point? What kind of visibility do you have? And at what point do you become more dependent on the overall market? And I asked the question because if we take the most recent quarter, you're probably about 1/3 of your nearest competitor in terms of revenue scale. You were about 1/7 a year ago. So obviously, you're significantly larger. Curious at what point do you become more correlated with the broader market.

知道了。感謝您特別針對 PC 假設所提供的資訊。我的後續問題是，我希望您能談談宏觀背景下您所看到的資料中心業務的情況。投資者向我們提出了一系列問題，這些問題與企業和雲端運算支出的前景和擔憂有關。此時您的客戶告訴您什麼？你有什麼樣的能見度？什麼時候你會變得更依賴整體市場？我之所以問這個問題，是因為如果我們以最近一個季度的數據來看，你們的營收規模可能只有最接近的競爭對手的 1/3。一年前你大約是 1/7。顯然，你的體型明顯要大得多。好奇什麼時候你會與大盤變得更加關聯。

Yes. Thanks for the question on the data centers. So look, the data center business has grown very nicely for us. We're pleased with the segment growth both on a year-over-year as well as a sequential basis. In terms of what we're seeing underneath that, in the second quarter, for example, we did see the cloud business continue to be very strong. So from what we -- from our customers, we're continuing to ramp new cloud instances and workloads with Milan, and we see that continuing into the second half of the year.

是的。感謝您提出有關資料中心的問題。所以看，我們的資料中心業務發展得很好。我們對該部門同比增長和環比增長感到滿意。就我們在第二季度看到的情況而言，我們確實看到雲端業務繼續保持強勁。因此，從我們的客戶來看，我們將繼續透過米蘭增加新的雲端實例和工作負載，並且我們看到這種情況將持續到今年下半年。

For the enterprise business, we actually did make also a good progress on the OEM side there as well. What I would say is the trends there are a bit more mixed and perhaps more correlated to some of the macro backdrop. So we do see a significant pipeline, although some of the deals are taking a little bit longer to close. And I would say that there are some match set of things that the OEMs are working through.

對於企業業務，我們實際上在 OEM 方面也取得了良好的進展。我想說的是，那裡的趨勢有些複雜，也許與一些宏觀背景更相關。因此，我們確實看到了重要的管道，儘管有些交易需要更長的時間才能完成。我想說的是，OEM 正在努力解決一些問題。

But all in all, I think we continue to see significant growth opportunities as we go into the second half of the year and into 2023 just given our strong product positioning. And as I said, in this part of the cycle, we see Milan continuing to ramp into the second half of the year, and then we see Genoa coming in towards the end of the year into 2023. So I do think, to your overall question, do we become more correlated to the market, I mean, I think we are -- we've certainly gained a lot of share. So we're a larger piece of the market, but we are still underrepresented. And the visibility with our customers, especially our large cloud customers, second half of this year into next year is very good. And we're planning really for the next 4 to 6 quarters, and that gives us good visibility.

但總而言之，鑑於我們強大的產品定位，我認為在進入今年下半年和 2023 年時我們將繼續看到巨大的成長機會。正如我所說，在這個週期中，米蘭將繼續進入下半年，然後熱那亞將在年底進入 2023 年。 ，我認為我們是——我們確實獲得了很多份額。因此，我們的市佔率較大，但代表性仍然不足。我們與客戶，特別是大型雲端客戶的合作關係，今年下半年到明年的前景非常好。我們正在為未來 4 到 6 個季度做規劃，這為我們提供了良好的可見性。

Your next question is coming from Vivek Arya from Bank of America Securities.

您的下一個問題來自美國銀行證券的 Vivek Arya。

Lisa, I just wanted to revisit the second half outlook because your large competitor recently presented a very bleak picture of PC and enterprise and data center, talking about excess inventory, et cetera, but you are leaving your expectations relatively unchanged. I'm curious, how do you see your inventory levels? And do you think AMD could be impacted by any excess PC or server or graphics inventory from your main competitor? Just is your second half, do you think, adequately derisked the way you see it today?

麗莎，我只是想重新審視一下下半年的前景，因為你的大競爭對手最近對個人電腦、企業和資料中心的前景進行了非常黯淡的描述，談到了庫存過剩等等，但你的預期相對沒有變化。我很好奇，您如何看待您的庫存水準？您是否認為 AMD 會受到主要競爭對手過剩 PC、伺服器或顯示卡庫存的影響？那麼，您認為，按照您今天所看到的方式，您的下半場是否已經充分降低了風險？

Yes, sure, Vivek. So look, if you look at our second half guidance and maybe let's talk about the full year guidance, we have -- there are some puts and takes in how we're seeing the business today. So whenever we guide, we recognize that there are multiple dynamics that we're looking at. In the current guidance for the full year and the second half, what we're saying is that we continue to see strong demand in the data center, in our embedded business as well as in the console business.

是的，當然，維維克。所以，如果你看一下我們下半年的指引，也許我們可以談談全年指引，我們對今天的業務有一些看法。因此，無論何時進行指導，我們都會認識到我們正在關注多個動態。在目前的全年和下半年指引中，我們所說的是，我們繼續看到資料中心、嵌入式業務以及控制台業務的強勁需求。

And we are being more conservative in our PC outlook. Our PC outlook, now at mid-teens, would kind of put the market at somewhere around, let's call it, 290 million to 300 million units. So I do think we've appropriately derisked the PC business. As it relates to inventory, as we look at the current situation given some of the COVID lockdowns and things in the second quarter, I think there was a bit of buildup in PC inventory, and we've taken that into account in the second half. We think the AMD portion of that is modest. And as a result, it will rebalance itself in the second half of the year.

我們對於個人電腦的看法也更加保守。我們對 PC 的預期是，目前市場規模約為 2.9 億至 3 億台。因此我確實認為我們已經適當地降低了個人電腦業務的風險。至於庫存，考慮到第二季度的一些新冠疫情封鎖和其他因素，我認為個人電腦庫存有所增加，我們在下半年已經考慮到了這一點。我們認為 AMD 所佔份額不大。因此，它將在今年下半年重新實現平衡。

So overall, I think we feel very good about the second half. And again, with the portfolio that we have, one of the things that has been important is we were still supply constrained in several of the areas. Certainly, on the embedded side, we were supply constrained in the second quarter. And even on the server side, we were tight in the second quarter. We have additional supply that's coming online especially as we get towards the end of the year. That will help us really meet more of the demand from customers. So we feel pretty good about all of those puts and takes.

所以總的來說，我認為我們對下半場的表現非常滿意。而且，就我們現有的投資組合而言，最重要的一點就是，我們在多個領域的供應仍然受到限制。當然，在嵌入式方面，我們在第二季度受到了供應限制。即使在伺服器方面，我們在第二季也表現得很緊張。我們有額外的供應，特別是接近年底時。這將有助於我們真正滿足更多客戶的需求。因此，我們對所有這些付出和收穫都感到非常滿意。

Got it. And for my follow-up, Lisa, one more on the data center side. So cloud spending seems very strong right now. But we see all these media reports about the cloud players wanting to control their spending levels, et cetera. When do you think that shows up in their spending outlook? Or do you think you have enough of a share gain story with Genoa coming out later this year to offset any slowdown from just a broader spending environment perspective? And just how are you feeling about the next-gen kind of Genoa versus Sapphire Rapids competitive outlook?

知道了。接下來，麗莎，我想再問一個關於資料中心方面的問題。因此目前雲端運算支出似乎非常強勁。但我們看到所有媒體報告雲端運算提供者希望控制其支出水準等等。您認為這會在他們的支出前景中反映出來嗎？或者您認為，隨著熱那亞在今年稍後的上市，您的股價上漲足以從更廣泛的支出環境角度抵消任何放緩的影響？那麼您對於下一代熱那亞與藍寶石急流隊的競爭前景有何感想？

Yes, Vivek, so I mean, we spend a lot of time with our customers talking about what they're seeing in their businesses and what they're seeing in their markets, particularly the large cloud customers. What I would say is every customer is different. So they each have their own dynamics of what they're trying to optimize. We have seen a bit of a slowdown in China, and you might have expected that. But certainly, with North America cloud, they've been very strong this year, and the forecasts are robust for next year.

是的，Vivek，我的意思是，我們花了很多時間與客戶討論他們在業務中看到的情況以及他們在市場中看到的情況，特別是大型雲端客戶。我想說的是每個顧客都是不同的。所以他們每個人都有自己想要優化的動力。我們看到中國經濟略有放緩，這可能已經預料到了。但可以肯定的是，今年北美雲端運算市場表現非常強勁，對明年的預測也很強勁。

Relative to your overall question, I think we do feel like we're in a share gain position. I think the product positioning is such that Milan is very, very strong right now, and we think that Genoa as well is very well positioned into next year. So we'll always spend time with the customer set and see what they're seeing. But from our current view, I think we have a strong opportunity to continue to grow the data center business into 2023. And our view is we have an expanding portfolio as well. In addition to Genoa, we have our Bergamo, which is a cloud optimized capability, as well that's coming online early next year. So there's a lot of new products that are supporting sort of our growth ambitions.

相對於您的整體問題，我認為我們確實感覺我們處於份額成長的地位。我認為產品定位是這樣的，米蘭現在非常非常強大，而且我們認為熱那亞明年也將處於非常有利的位置。因此，我們總是會花時間與客戶交流，以了解他們看到了什麼。但從我們目前的觀點來看，我認為我們有很大機會在 2023 年繼續發展資料中心業務。除了熱那亞之外，我們還有貝加莫，它也具備雲端優化功能，將於明年初上線。所以有很多新產品可以支持我們的成長目標。

Our next question is coming from Stacy Rasgon from Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

For my first question, your larger competitor now has a very sort of publicly admitted push out on their own server product. Does that make you feel like better for what you see for your Genoa ramp especially as we get into 2023? Is it stronger than you may have seen it previously? And I guess if that's the case, it sounds like you were still a little bit supply constrained on server in general in Q2. Do you have the supply as we go into next year to upside on that number if the orders actually do get stronger in the wake of the Sapphire Rapids delay?

對於我的第一個問題，你們的較大競爭對手現在已經公開承認推出他們自己的伺服器產品。這是否讓您對熱那亞坡道的前景感到更加滿意，尤其是當我們進入 2023 年時？它是否比你以前見過的更強？我想如果是這樣的話，聽起來你在第二季的伺服器供應總體上仍然有點受限。如果由於 Sapphire Rapids 的延遲導致訂單量確實增加，那麼到明年您是否有足夠的供應來增加這一數字？

Sure, Stacy. Thanks for the question. So we're very focused on our own product ramp. And certainly, the key for us was to continue to work very closely with our customers to get them to ramp as fast as possible. I think Genoa looks very good. We've gotten very strong feedback from the customer set. The performance looks very good. There's a lot of interest to ramp quickly on both the cloud as well as some of the high-end enterprise stuff. So we feel very good about it. And to your question about supply, we have spent basically the last 12 months building our capacity across the world to support the type of growth that we think the product can handle. So there is a large step-up in supply that we expect to see over the next 4, 5 quarters, and I think we'll continue to work on that.

當然，史黛西。謝謝你的提問。因此，我們非常注重我們自己的產品升級。當然，對我們來說，關鍵是繼續與客戶密切合作，幫助他們盡快成長。我認為熱那亞看起來非常好。我們收到了來自客戶群的非常強烈的回饋。性能看起來非常好。人們對雲端運算以及一些高端企業產品的快速發展有著濃厚的興趣。因此我們對此感覺非常好。關於供應的問題，過去 12 個月我們基本上一直在全球建立產能，以支持我們認為產品可以承受的成長類型。因此，我們預計未來 4 至 5 個季度供應量將大幅增加，我認為我們將繼續努力。

Got it. For my follow-up, I wanted to dig a little bit more into the implied Q4 outlook. Again, I know you answered some questions on some of the drivers into Q4. But if I look at it, it's -- taking it at the dead midpoint, it's something like a 7% sequential increase from Q3 to Q4 with gross margins going up about 100 bps to 55%. I guess, of that increase, is it fair to say that the bulk of it continues to be Data Center and maybe Embedded? The gross margins, to me, would suggest that that's probably the case. But any more further color you could give us on the magnitude of what's driving that increase? That would be helpful.

知道了。為了後續跟進，我想更深入探討隱含的第四季前景。再次，我知道您回答了有關 Q4 的一些驅動因素的一些問題。但如果我看一下，從中點來看，它比第三季到第四季連續成長 7%，毛利率上升約 100 個基點，達到 55%。我想，對於這種成長，是否可以說其中大部分仍然來自資料中心或嵌入式？對我來說，毛利率表明情況可能確實如此。但是您能否進一步說明推動這種成長的因素的幅度呢？那將會很有幫助。

Yes, I think, Stacy, the bulk of the increase is certainly led by the Data Center and the Embedded segments. Actually, our Embedded segment has performed really well. Very pleased with the growth that we're seeing there. And then in terms of the margin, it very much is a mix within the business as well. So the pluses and minuses are, yes, Data Center and Embedded are up, but the mix of Data Center is a little bit more to cloud than enterprise and Embedded a bit more from communications than some of the other markets. But overall, the 7% increase, I think, is very well supported given all of the new product ramps that we have going on in addition to some additional supply that's coming in as we get into the fourth quarter. And just as a reminder, it's also a 14-week quarter for us in Q4. And so all those things give us sort of the implied guide.

是的，史黛西，我認為，大部分的成長肯定是由資料中心和嵌入式部分推動。實際上，我們的嵌入式部門表現非常好。我們對那裡看到的成長感到非常高興。從利潤率來看，這也是業務內部的混合體。因此，優點和缺點是，是的，資料中心和嵌入式都在上升，但是資料中心的組合更多來自雲端而不是企業，而嵌入式來自通訊而不是其他一些市場。但總體而言，我認為 7% 的增幅得到了很好的支撐，因為我們正在進行所有新產品的量產，而且進入第四季度後還有一些額外的供應。需要提醒的是，第四季對我們來說也是一個 14 週的季度。所以這一切都給了我們某種隱含的指導。

The next question is coming from Ross Seymore from Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Congrats on the solid results, especially in this environment. And Laura, congratulations on your retirement. Lisa, I want to dig a little bit into the gaming business. You obviously have the 2 parts of that: the client GPUs and the game console side of things. It seems like there are very different dynamics happening there. So when you talked about the -- I believe you said the client GPU side would be down year-over-year in the third quarter. Can you just talk a little bit about what's happening there? Is that just a reflection of the PC market? Or is there any sort of share gains, product issues going on? And then the semi-custom color, you sounded like it's going to remain strong for the rest of the year. So is there -- is that just the fourth year of the ramp or the third year, I guess, it would be? Or is there some sort of seasonal effect we should appreciate as well?

恭喜您能取得如此堅實的成果，尤其是在這樣的環境下。勞拉，恭喜你退休。麗莎，我想深入了解遊戲業務。顯然，它有兩個部分：客戶端 GPU 和遊戲機方面。那裡似乎正在發生著非常不同的動態。所以當您談到——我相信您說的是客戶端 GPU 方面在第三季將同比下降。你能簡單談談那裡發生的事情嗎？這僅僅是 PC 市場的反映嗎？或是否存在任何類型的份額成長或產品問題？然後是半客製化顏色，聽起來它在今年剩餘時間內會保持強勁。那麼，這是否只是成長的第四年或第三年呢？或者我們也應該重視某種季節性的影響？

Yes. Sure, Ross. Thanks for the question. So our gaming business is the 2 halves of the sort of the discrete graphics or the consumer graphics and then our game console business. So I would say that on the semi-custom side, let's take that first. The console business has been very strong. So I would say it's a strong cycle. Overall, we were more supply constrained in sort of last year into the first half of this year. We've been able to get additional supply for that. I think there's continued belief that it's a strong cycle for the consoles. We expect consoles to peak in the third quarter, and then the normal seasonality would see a decline in the fourth quarter.

是的。當然，羅斯。謝謝你的提問。因此，我們的遊戲業務由獨立顯示卡或消費顯示卡和遊戲機業務兩個部分組成。因此我想說，我們先從半客製化方面來談。遊戲機業務一直非常強勁。所以我想說這是一個強烈的循環。整體而言，去年到今年上半年我們的供應受到更大限制。我們已經能夠獲得額外的供應。我認為人們仍然相信這對遊戲機來說是一個強勁的周期。我們預計遊戲機銷售量將在第三季達到頂峰，然後正常的季節性因素將在第四季下滑。

As it relates to the consumer graphics, I would say that as we entered this year, we were coming off of a very strong 2021 for consumer graphics where gaming demand was very high. We have seen a slowdown here in the second quarter, and we expect that, that is somewhat due to sort of demand now -- sort of the supply now and more supply versus demand as well as some of the macro issues as it relates to consumer spending. We do expect as we go into the fourth quarter, though, that we'll see some sequential increase in that business because we'll have new products that are launching in that time frame.

就消費級圖形而言，我想說，當我們進入今年時，我們剛剛度過了一個非常強勁的 2021 年，當時消費級圖形對遊戲的需求非常高。我們在第二季度看到了經濟放緩，我們預計，這在一定程度上是由於現在的需求——現在的供應和供需矛盾，以及與消費者有關的一些宏觀問題。不過，我們確實預計，進入第四季度，該業務將出現環比增長，因為我們將在這段時間內推出新產品。

So those are the puts and takes. I think overall, as a segment, we continue to believe Gaming is a long-term secular driver. There are some sort of short-term dynamics here in the PC market that we're dealing with. But I think the fact that the game consoles have performed so well is a positive for the segment.

這就是得失之交臂。我認為總的來說，作為一個領域，我們仍然相信遊戲是一個長期的驅動力。我們正在處理個人電腦市場中的一些短期動態。但我認為遊戲機表現如此出色這一事實對該領域來說是一件好事。

I guess for my follow-up, switching over to the gross margin side of things. You guys have done an amazing job on that, and Xilinx obviously helps raise the bar as well. As we look forward, I know you have a long-term target of 57%. Can you just talk about if supply becomes looser -- and I know you have areas that are loosening and areas that are tight simultaneously, but can you talk about the cost inflation you're feeling? Do you think that will lessen at all next year? And kind of how do we think about the march from the 55% you seem to be exiting this year at to the 57%? What's the sort of timetable and the drivers of that increase?

我想，對於我的後續行動，我們將轉向毛利率方面。你們在這方面做得非常出色，而賽靈思顯然也幫助提高了標準。展望未來，我知道你們的長期目標是 57%。您能否談談供應是否會變得更加寬鬆——我知道有些地區供應放鬆，有些地區供應收緊，但您能談談您感受到的成本通膨嗎？您認為明年這種現象會減少嗎？那我們該如何看待您今年從 55% 邁向 57% 的進程呢？時間表是怎樣的？

Well, I think, Ross, what I would say is the business is certainly getting to scale across the board. So the increase in margins as we go forward in the long-term model really is as a result of mix. So what we've said is that we believe the data center and embedded businesses can get to over 50% of the company. We're right now sitting probably in the low 40s. And we expect Data Center, in particular, to grow faster than the rest of the company, and that will drive sort of margin expansion. It is -- we're all working on costs and trying to ensure -- there are some inflationary kind of costs that are out there. We're all working on trying to keep those to a minimum and frankly, going back to the work of working on cost reductions as we do in semiconductors over time. So -- but the primary margin expansion for us is in Data Center as well as Embedded growing sort of faster than the other businesses.

嗯，羅斯，我想說的是，業務肯定會全面擴大規模。因此，從長期來看，利潤率的提高實際上是混合的結果。因此，我們相信資料中心和嵌入式業務可以占到公司的 50% 以上。我們現在可能處於 40 出頭的水平。我們預計資料中心業務的成長速度將快於公司的其他業務，這將推動利潤率的擴大。是的——我們都在努力控製成本，並試圖確保——存在一些通貨膨脹的成本。我們都在努力將這些成本降至最低，坦白說，我們將繼續致力於降低成本，就像我們在半導體領域長期以來所做的那樣。所以 — — 但我們的主要利潤成長是在資料中心以及嵌入式領域，其成長速度比其他業務更快。

Our next question is coming from Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 公司的 Matt Ramsay。

Thanks, Laura, for the partnership down the years. Lisa, I wanted to ask a question about the server business. Obviously, the growth is very strong right now, but a lot of that business continues to be driven by the engagements that you've had and continue to build out with cloud. As we look forward over the next -- I mean, you had talked in some of your script about how you guys were preparing for continued growth in the server business over the next 4, 6, 8 quarters. And the road map's going to diversify some next year with Bergamo and Ciena and Genoa-X seeming to launch on top of the Genoa platform. And I wonder if you could give some color on how the relationships and engagements are going in enterprise and in the telco wireless space as well. I'm just trying to get a gauge of how quickly the server business can grow through diversification, not just continued share gains with cloud.

感謝勞拉多年來的合作。 Lisa，我想問一個有關伺服器業務的問題。顯然，目前的成長非常強勁，但許多業務仍然受到您已經開展並繼續利用雲端運算開展的業務的推動。展望未來—我的意思是，您曾在一些腳本中談到你們如何為未來 4、6、8 個季度伺服器業務的持續成長做準備。明年的路線圖將會多樣化，Bergamo、Ciena 和 Genoa-X 似乎將在 Genoa 平台上推出。我想知道您是否可以介紹一下企業和電信無線領域的關係和合作進度。我只是想衡量伺服器業務透過多樣化能夠成長多快，而不僅僅是透過雲端運算繼續獲得份額。

Sure, Matt. So definitely, I think our focus -- we love the progress that we're making in cloud, and we're going to continue to earn every amount of share that we can there. On the enterprise side, as we've always said, it takes a bit longer because the sales cycles are a bit longer. We've made very nice progress with all of the top OEMs. I think the portfolios are continuing to expand. We're excited about not just the current portfolio, as you said, with Genoa, but as we expand to Genoa-X at the very high end of the performance as well as Ciena that just broadens our portfolio for telco.

當然，馬特。所以，我認為我們的重點是——我們喜歡我們在雲端運算領域的進展，我們將繼續在那裡賺取盡可能多的份額。在企業方面，正如我們一直所說，這需要更長的時間，因為銷售週期較長。我們與所有頂級 OEM 的合作都取得了良好的進展。我認為投資組合還在持續擴大中。正如您所說，我們不僅為現有的 Genoa 產品組合感到興奮，而且隨著我們擴展到性能最高端的 Genoa-X 以及 Ciena，這將拓寬我們的電信產品組合。

So our expectation is that we continue to steadily grow share in the enterprise as well as we go through 2023 and beyond. And I think there's a broader opportunity to sell the broader AMD portfolio as we have not just the CPU, but I think the addition of the Xilinx assets and the Pensando assets as well as our GPU portfolio, I think, all lead to the overall growth in the data center business for us.

因此，我們的預期是，在 2023 年及以後，我們將繼續穩定增加企業份額。我認為出售 AMD 更廣泛的產品組合的機會更大，因為我們不僅擁有 CPU，而且我認為增加 Xilinx 資產和 Pensando 資產以及我們的 GPU 產品組合，都會導致整體成長對我們來說，資料中心業務。

As my follow-up, it's a question I would normally ask Devinder. But I've gotten a few e-mails on it in the last hour, so I figured I'd go ahead and ask it. The revenue, obviously, including Xilinx, up 70% or so year-on-year. But a few people have pointed out to me that the cash flow -- or the free cash flow was only up a tiny bit or very, very modestly, and I wonder if you could walk us through that a little bit. Were there onetime items? Were there inventory steps up with acquisitions? Were -- maybe more investments in supply? I'm just wondering what the variables are there on expanding the free cash flow leverage as we go forward.

作為我的後續問題，這是我通常會問 Devinder 的問題。但我在過去的一個小時裡收到了幾封電子郵件，所以我想我應該繼續問。顯然，包括賽靈思在內的營收年增了 70％ 左右。但有幾個人向我指出，現金流——或者自由現金流只增加了一點點，或者說只增加了非常非常少的量，我想知道您是否可以向我們稍微介紹一下這一點。有一次性物品嗎？庫存是否因收購而增加？或許在供應方面會有更多的投資？我只是想知道，在未來，擴大自由現金流槓桿有哪些變數。

Yes, I can do that. I think, one, is when the revenue grows a lot, there's investment needed in working capital. So look, our working capital numbers from an inventory and AR standpoint, they're up significantly year-on-year. We also have, as we said previously, a 3% tax rate, going up to about 10%. And the cash taxes get paid, but the timing of the cash taxes sometimes is Q2. And in Q2, we did have some significant cash tax payment from a payment standpoint given the timing of payments to the federal government.

是的，我可以做到。我認為，首先，當收入大幅成長時，需要對營運資金進行投資。所以，從庫存和應收帳款的角度來看，我們的營運資本數字比去年同期大幅增加。正如我們之前所說，我們的稅率為 3%，最高可達 10% 左右。而現金稅已經支付，但現金稅的時間有時是第二季。在第二季度，考慮到向聯邦政府支付的時間，從支付角度來看，我們確實有一些較大的現金稅款支付。

And then you have timing of shipments that does affect the free cash flow. And the last thing I'll mention given the discussion, some of the questions that Lisa was asked about, supply for server and supply overall [over] the share gain on the growth of the business, we are making investments in capacity from a prepayment standpoint. And those obviously require funding the suppliers, and that also has an impact on the free cash flow because that flows through the free cash flow accretion. So this is really, if you look at it, inventory and capacity investing for growth and investing for the future.

然後，您的出貨時間確實會影響自由現金流。最後我想說的是，在討論中，Lisa 被問到的一些問題，伺服器的供應和整體供應，以及業務成長帶來的份額收益，我們正在透過預付款的方式對產能進行投資立場。這些顯然需要為供應商提供資金，這也會對自由現金流產生影響，因為自由現金流會透過自由現金流的累積而流動。所以如果你看一下，這實際上就是為成長和未來而進行的庫存和產能投資。

Next question is coming from Aaron Rakers from Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

Laura, congratulations. I wish you the best. I guess for my first question, I wanted to maybe try and unpack the data center business a little bit more. I apologize to kind of continue to go there. But as I look at the trends over the last couple of quarters and especially given the unit decline that we saw at your largest competitor in this last quarter, I'm curious if you could help us appreciate the trajectory of what you're seeing from a blended overall pricing perspective within your server CPU business. Just trying to appreciate as we get into Genoa or Bergamo as we move into 2023, how should we think about the ASP trend on a blended basis within the server CPUs?

勞拉，恭喜你。我祝你一切順利。我想對於我的第一個問題，我想嘗試更深入地闡述資料中心業務。我很抱歉繼續去那裡。但當我回顧過去幾季的趨勢，尤其是考慮到上個季度你們最大的競爭對手的銷售下滑時，我很好奇你是否能幫助我們了解你所看到的趨勢。整體定價視角。只是想了解，當我們進入 2023 年熱那亞或貝加莫時，我們應該如何看待伺服器 CPU 內混合基礎上的 ASP 趨勢？

Okay. So Aaron, I guess what I would say there is Genoa has much more content than Milan, right? If you think of Milan, Rome and Milan are 64-core processors. And as you get into Genoa and Bergamo, you get to 96 and 128 cores. So you would expect on a per unit basis that the ASP would go up. That being the case, I think we would expect that Milan is going to coexist with Genoa and Bergamo for quite some time just given sort of the different infrastructure and so on and so forth. So hopefully, that gives you a little bit of color.

好的。所以 Aaron，我想說熱那亞比米蘭有更多的內容，對嗎？如果你想到米蘭，羅馬和米蘭都是 64 核心處理器。當你進入熱那亞和貝加莫時，你會得到 96 和 128 個核心。因此，您可以預期以單位計算，ASP 將會上漲。既然如此，我認為我們可以預見米蘭將與熱那亞和貝加莫共存相當長一段時間，因為兩者的基礎設施等等都不同。希望這能帶給你一些啟發。

Yes. Yes. And then just as a quick follow-up, I'm curious on the data center GPU business. You've talked about Frontier. I'm curious about where you guys expect that business to kind of shape out for the year? Have you started to see further traction in the ability to sell your CPU plus GPU strategy more broadly?

是的。是的。然後，作為快速的跟進，我對資料中心 GPU 業務很好奇。您談到了 Frontier。我很好奇，你們預計今年該業務會如何發展？您是否已經開始看到更廣泛地銷售您的 CPU 加 GPU 策略的能力獲得進一步的提升？

Yes, so we continue to make good progress in the data center GPU. The key there for us is to work with some of the large hyperscalers who have been very closely partnering with us on our MI200 product. I think from an overall revenue standpoint, it's not a big contributor this year. But certainly, we would expect it to be a larger contributor in 2023 as some of those sort of initial engagements turn into more production engagements.

是的，所以我們在資料中心 GPU 方面繼續取得良好進展。對我們來說，關鍵是與一些大型超大規模企業合作，他們在我們的 MI200 產品上一直與我們保持密切合作。我認為從整體營收的角度來看，它今年的貢獻並不大。但可以肯定的是，我們預計它將在 2023 年成為更大的貢獻者，因為其中一些初始參與將轉變為更多的生產參與。

Our next question is coming from Joe Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

I wonder if you could talk a little bit to situation at Xilinx. Is that business still supply constrained? Where are you in terms of relieving those constraints? And obviously, it's growing nicely. What's your visibility there kind of into the first part of next year?

我想知道您是否可以談談 Xilinx 的情況。該業務的供應是否仍受限？在緩解這些限制方面您處於什麼位置？顯然，它正在良好地發展。您對明年上半年的情況有什麼展望？

Yes, sure, Joe. So actually, I would say that the Xilinx business has performed extremely well. The demand across all segments has been strong. And what we were able to do as we brought Xilinx into the portfolio is really make some significant improvements in the supply chain. And so we have seen a nice step up. If you were to look on a pro forma basis, the Xilinx portfolio grew about 20% sequentially, which is a very nice growth.

是的，當然了，喬。因此實際上我想說 Xilinx 的業務表現非常出色。各領域的需求都很強勁。當我們將 Xilinx 納入投資組合後，我們能夠做的就是在供應鏈方面做出一些重大改進。因此，我們看到了良好的進步。如果從預測基礎來看，Xilinx 的投資組合環比成長了約 20%，這是一個非常不錯的成長。

As we look into the second half of the year, we are still a bit constrained in certain parts of the Xilinx portfolio, although we continue to make good progress. And I expect additional supply to come on especially towards the latter part of the year and into 2023. Our view of the business, again, I think the quality of the design wins, the quality of the overall -- when you look -- the diverse market is very strong. And so I think as we are able to continue to relieve some of those supply constraints into the second half of the year, I think we see a good growth trajectory for the business.

展望下半年，儘管我們繼續取得良好進展，但我們在賽靈思產品組合的某些部分仍然受到一些限制。我預計會有更多供應，尤其是在今年下半年和 2023 年。因此，我認為，隨著我們能夠在下半年繼續緩解一些供應限制，我們將看到業務的良好成長軌跡。

Great. And then as a follow-up on, just wondering how you think about competition in microprocessors in the context of for the last 4 years, either you or Intel has generally been constrained: Intel for a couple of years, then you for the last couple of years. As those constraints ease and obviously Intel utilization probably falls a little bit here, could you talk about what you anticipate pricing wise? Do you think anything changes? Or does this continue to be kind of a value-priced market?

偉大的。然後作為後續問題，我想知道您如何看待過去 4 年微處理器領域的競爭，無論是您還是英特爾，都受到了限制：英特爾幾年，然後你們過去幾年年。隨著這些限制的放寬，英特爾的利用率顯然可能會下降，您能談談您對價格的預期嗎？您覺得有什麼改變嗎？或者這仍然是一種價值定價的市場？

Well, I think, Joe, it is -- I mean, we always assume that it's going to be a very competitive market. I think it depends a little bit on where you're talking about within the market. But on the data center side, what we have found is pricing is not sort of the first factor that customers are paying attention to. It's really total cost of ownership. So the performance and the sort of the performance per dollar equation is very important there and sort of the power efficiency.

嗯，喬，我認為是的——我的意思是，我們總是假設這將是一個競爭非常激烈的市場。我認為這有點取決於你談論的市場環境。但在資料中心方面，我們發現定價並不是客戶關注的首要因素。這實際上是總擁有成本。因此，性能、每美元性能等式以及電源效率非常重要。

As we go into the PC market, we've deliberately focused our PC market on, let's call it, the more premium segments. So gaming as well as high end, sort of the ultra-premium as well as the commercial segments. And again, I think those are much more about the product. There are some parts of the PC market that are very price sensitive, like the low end. And like I said, we've tried to reduce our exposure there going forward. So I think -- I don't think the dynamics change a lot. I think it's always a very competitive market, and the key thing there is to have a very strong road map.

當我們進入個人電腦市場時，我們有意將我們的個人電腦市場重點放在更高端的細分市場。因此，既有遊戲領域，也有高端領域，也有超高端領域和商業領域。再次強調，我認為這些更多與產品有關。個人電腦市場的某些部分對價格非常敏感，例如低階產品。正如我所說，我們將盡力減少在那裡的風險敞口。所以我認為——我認為動態不會發生太大變化。我認為這一直是一個競爭非常激烈的市場，關鍵是要有一個非常強大的路線圖。

Our next question is coming from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

I wanted to come back to the data center business. If I look at the spreadsheet that [Suresh] sent around with the restated data center numbers, and it looks like your data center business kind of aligns apples-to-apples to Intel's pretty closely, it looks like you guys gained 6.6% share from Intel. And if I kind of take a guess about the pro forma contribution of Xilinx, what it would have been in Q1, it's about 6% share gain. And that would be -- I think that would be the highest share gain in that data center business that you guys ever reported even going back to 2005. Admittedly, 2/3 of that is from Intel declining.

我想重返資料中心業務。如果我看一下 [Suresh] 發送的包含重新表述的資料中心資料的電子表格，看起來你們的資料中心業務與英特爾的業務非常接近，看起來你們從英特爾。如果我對 Xilinx 的預期貢獻進行猜測的話，那麼它在第一季的貢獻將是大約 6% 的份額成長。那將是——我認為那將是你們報告的資料中心業務的最高份額增幅，甚至可以追溯到 2005 年。

I guess since -- that would put you against Intel, I guess, in the like kind of the mid-20s, and I'm curious if you think that math sounds about right to you. And I'm hoping that you could -- because we're grouping more things together, if you could just share with us, was there any outsized contribution from Xilinx or Pensando or something like that and that, that would make that look -- that might change the interpretation from what it looks like on the service because that's a pretty big jump in share? So that's the first part of the question. I had a follow-up, too.

我想，既然——那你與英特爾的競爭就將在 25% 左右，我很好奇你是否認為這個數學聽起來是正確的。我希望你能——因為我們把更多的東西放在一起，如果你能和我們分享一下，Xilinx 或 Pensando 等公司是否有任何特別的貢獻，這會讓這一切看起來——這可能會改變服務內容的解讀，因為份額大幅增加？這是問題的第一部分。我也有後續行動。

Sure, Mark. So this is sort of the reason that we went to the new segments, so that there was better visibility. I know you guys have been asking about that for a while. So I think your math is in the ZIP code from our point of view. And we're pleased that we're gaining share. I think that was -- our expectation was that as the product portfolio expands, as we increase supply, as we ramp more instances across the customer set that we would see share gains. And we will continue to focus on that going forward. To your question, there was no outsized contribution. The other pieces of it that are in the segment are relatively small, and it was primarily driven by EPYC, as you state.

當然，馬克。這是我們進入新領域的原因，目的是為了獲得更好的可見度。我知道你們已經問這個問題有一段時間了。因此，從我們的角度來看，我認為您的數學是在郵遞區號中。我們很高興看到我們的份額不斷擴大。我認為那是——我們的預期是，隨著產品組合的擴大，隨著我們增加供應，隨著我們在整個客戶群中增加更多的實例，我們將看到份額的增長。我們今後將繼續關注這一點。對於您的問題，沒有特別大的貢獻。該部分中的其他部分相對較小，並且主要由 EPYC 驅動，正如您所說。

Okay. Great. And then the follow-up, if I may, I just wanted to come back to the visibility on this business. And I'm wondering about the variance that you get from your cloud customers. So I guess the scenario that I'm curious about is I imagine the cloud -- a lot of the cloud companies do a lot of planning on their data center since it is central to their business. And they sign a data center lease that's going to get built in 6 months. Do they -- after they do that, do they come to you guys and say, "Hey, this is coming online. We need to get these chips from you in 6 months?" And how consistent and how tight is the variance span around the visibility that they give you guys? And that's all I had.

好的。偉大的。然後，如果可以的話，我只是想回到這個業務的可見性。我很想知道您從雲端客戶得到的差異是什麼。所以我想我好奇的場景是我想像的雲端——許多雲端公司對他們的資料中心做了很多規劃，因為它是他們業務的核心。他們簽署了一份資料中心租約，將在六個月內建成。他們這樣做之後，會來找你們說：“嘿，這即將上線。我們需要在 6 個月內從你們那裡拿到這些晶片嗎？”他們給你們的可見性的差異範圍有多一致、有多緊密？這就是我所擁有的一切。

Yes, Mark, actually it has been very helpful. I mean I think the planning that we're doing jointly with our customers has been very helpful. Much of our conversation right now, frankly, is about 2023 and ensuring that we have enough capacity for some of the build-outs that are out there. So I would say the visibility is very good. And obviously, things can change, plus or minus here and there. But overall, I think the ZIP codes of how much growth, how much more content the customers need are very active conversations. And frankly, they've been active conversations for the past few months. I think the one positive of sort of the supply chain stuff that we've all gone through is that there's a new recognition of the need for long-term planning so that they can get their match sets and they can get their factory capacity and we can get our factory capacity in line as well. So overall, a very good visibility.

是的，馬克，事實上它非常有幫助。我的意思是，我認為我們與客戶共同製定的規劃非常有幫助。坦白說，我們現在的大部分談話都是關於 2023 年，並確保我們有足夠的容量來進行一些現有的建設。因此我想說能見度非常好。顯然，事情會發生變化，時好時壞。但總的來說，我認為郵遞區號關於成長幅度、客戶需要多少內容的討論非常活躍。坦白說，過去幾個月他們一直在積極對話。我認為，我們所經歷的供應鏈的一個積極方面是，人們重新認識到需要進行長期規劃，以便他們能夠獲得匹配套件，獲得工廠產能，我們也能使我們的工廠產能達到標準。整體來說，可見度非常好。

Our next question is coming from Harlan Sur from JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the solid results and execution. On the ramp of Genoa back half of this year, kind of early next year, I believe the team has a total of around 20-plus SKUs across their cloud, enterprise and embedded customers. Your cloud customers obviously are anxiously awaiting these platforms. Would you be rolling out your high-volume cloud SKUs first? And what's the qualification look like on these high-volume SKUs? Just asking because, obviously, your competitor is struggling with SKU releases, and I just want to make sure that the AMD team is executing and releasing its high-volume SKUs to your cloud customers.

恭喜您取得了堅實的成果和執行力。我相信，在今年下半年或明年年初的熱那亞 (Genoa) 高峰會上，該團隊將在其雲端、企業和嵌入式客戶中總共擁有超過 20 個 SKU。您的雲端客戶顯然正焦急地等待這些平台。您會先推出大容量雲端 SKU 嗎？那麼這些大批量 SKU 的資質呢？我只是想問一下，因為很明顯，您的競爭對手在 SKU 發布方面遇到了困難，而我只是想確保 AMD 團隊正在向您的雲端客戶執行和發布其大批量 SKU。

Sure, Harlan. So we certainly go through a full, again, interlock with our customers. Our focus is on the high-volume cloud SKUs as well as sort of the high-volume enterprise SKUs because there is a fairly sort of lengthy qualification cycle that's actually in both the cloud and the enterprise. From what we see today, again, there is a strong customer pull on Genoa. And so we're working very closely with our customers, and we expect to ramp production in the fourth quarter and then into the first half of next year. And it will be different by different customers and different platforms and so on and so forth, but what we're seeing is a lot of strong engagement with our customers.

當然，哈蘭。因此，我們肯定會與客戶進行全面的聯鎖。我們的重點是高容量雲端 SKU 以及高容量企業 SKU，因為雲端和企業實際上都有相當長的資格認證週期。從我們今天看到的情況來看，熱那亞再次擁有強大的客戶吸引力。因此，我們正與客戶密切合作，預計在第四季和明年上半年提高產量。不同的客戶、不同的平台等等也會有所不同，但我們看到的是與客戶的密切互動。

Our final question today is coming from Timothy Arcuri from UBS.

今天的最後一個問題來自瑞銀的提摩西‧阿庫裡。

Lisa, I just wanted to sort of double-click on you keeping the full year guidance in light of the weaker PC TAM. It seems like maybe if you take the lost units and you multiply by ASP, it seems like it costs you maybe $750 million, but you kept the full year, and data center seem pretty in line. So is really the offset that you're getting better supply at Xilinx? Is that really the story? And then I have a follow-up.

麗莎，我只是想在 PC TAM 較弱的情況下，對你維持全年指導意見進行再次確認。看起來，如果把遺失的單位數乘以 ASP，似乎成本可能需要 7.5 億美元，但全年來看，資料中心看起來相當正常。那麼，這是否意味著 Xilinx 的供應變得更好？故事真是這樣的嗎？然後我有一個後續問題。

Yes. No, I wouldn't say that, Tim. What I would say is that, again, whenever we put together full year guidance especially from the beginning of the year, we understand that not everything is going to be exactly so. So as we look now into the second half of the year, what we're seeing is, again, data center is strong. Again, we expect data center to grow second half to first half nicely. Embedded/Xilinx will also grow to some extent second half to first half. And the consoles will also grow as well. And so I think as we look at those components offsetting what is perhaps a more conservative PC outlook, we believe that, that offsets nicely. And again, just as a reminder, we do have a number of product ramps in the fourth quarter that are coming out in 5-nanometer. And we think that will drive sort of the sequential growth in the fourth quarter. So I think those are some of the puts and takes in the full year guide.

是的。不，我不會這麼說，提姆。我想說的是，每當我們制定全年指導意見時，特別是從年初開始，我們都明白並不是所有事情都會完全如此。因此，當我們展望今年下半年時，我們再次看到資料中心表現強勁。我們再次預計資料中心下半年將比上半年成長良好。嵌入式/Xilinx 下半年到上半年也會有一定成長。而且控制台也會成長。因此，我認為，當我們看到這些組件抵消了可能更保守的 PC 前景時，我們相信，這會產生很好的抵消效果。再次提醒一下，我們第四季確實有不少產品採用 5 奈米技術。我們認為這將推動第四季的連續成長。所以我認為這些就是全年指南中的一些內容。

Awesome. And then I guess last thing, Devinder, can you talk about purchase commitments? There was a question on free cash flow, and I'm wondering if maybe there's a pretty big increase in purchase commitments. So I wonder if you can talk about that.

驚人的。然後我想最後一件事，Devinder，你能談談購買承諾嗎？有一個關於自由現金流的問題，我想知道購買承諾是否會有大幅增加。所以我想知道您是否可以談論這個問題。

I think in 2021, as I said on the Financial Analyst Day, we had about $1 billion [payout] committed and paid. And this year, it does step up a little bit, especially given all the supply that we need to get ready for 2023, and that does flow to the free cash flow. In the first half, it wasn't so significant, but it does step up in the second half. So it will impact that from that standpoint.

我認為，正如我在財務分析師日上所說，到 2021 年，我們已經承諾並支付了約 10 億美元的 [支出]。今年，它確實有所增加，特別是考慮到我們為 2023 年做好準備所需的所有供應，而且這確實流向了自由現金流。在上半場，這種影響並不明顯，但到了下半場，這種影響確實有所增強。從這個角度來看，它會產生影響。

We've reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節已經結束。我想將發言權轉回給大家，以便大家可以發表進一步的評論或結束語。

Thank you, everyone, for your participation in today's earnings call. As always, we appreciate your support of our company. Everybody, have a good afternoon. Thank you.

感謝大家參加今天的財報電話會議。一如既往，我們感謝您對我們公司的支持。大家下午好。謝謝。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。