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 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興將電話轉給投資者關係公司副總裁 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 年第二季度財務業績電話會議。到目前為止，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它們。

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 到 GAAP 對賬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，今天的財務業績反映了我們新的分部報告，這與我們現在在戰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是我們的主席兼首席執行官蘇麗莎博士； Devinder Kumar，我們的執行副總裁、首席財務官兼財務主管。這是一個現場通話，將通過我們網站上的網絡廣播重播。

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.

在開始之前，我想提一下，Lisa Su 博士將出席 9 月 15 日星期四舉行的高盛 Communacopia & Technology Conference；我們自適應和嵌入式計算集團總裁 Victor Peng 將於 8 月 23 日星期二出席 Rosenblatt 第二屆年度技術峰會，人工智能擴展時代；營銷、人力資源和投資者關係高級副總裁 Ruth Cotter 將於 8 月 30 日星期二出席傑富瑞半導體、IT 硬件和通信基礎設施峰會； AMD 2022 年第三季度的靜默時間預計將於 9 月 16 日星期五收盤時開始。

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、假設和預期的前瞻性陳述，僅在今天發表，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。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?

有了這個，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，今天所有收聽的人下午好。對於我們的業務來說，這是一個出色的季度，因為我們憑藉強大的執行力、領先的產品組合和多元化的業務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我們的影響力，我們的每個細分市場都在更高的數據中心和嵌入式銷售額的帶動下同比顯著增長。收入同比增長 70%，達到創紀錄的 66 億美元。我們還將毛利率同比增長 6 個百分點至 54%，並創下營業收入和淨收入的記錄，均比上一年翻了一番多。

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.

轉向業務結果。從第二季度開始，我們更新了我們的財務部門報告，以符合我們的 4 個戰略終端市場：數據中心、客戶端、遊戲和嵌入式。讓我從我們的數據中心部分開始。在創紀錄的服務器處理器銷售額的帶動下，收入同比增長 83%，環比增長 15%，達到 15 億美元。 EPYC（霄龍）處理器需求在本季度強勁，雲和企業客戶的同比增長顯著。

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.

在雲方面，AWS、百度、谷歌、微軟 Azure 和甲骨文在本季度推出了 60 多個由第三代 EPYC 處理器提供支持的新實例，其中包括業界首個基於雲的軟件即服務解決方案，用於 Microsoft Azure 和Synopsys 由具有 3D 堆疊三元組的 Milan-X 處理器提供支持。在企業中，隨著戴爾、HPE、聯想、美超微、思科和其他公司向市場推出定制解決方案，在許多企業工作負載中提供領先的性能和總擁有成本，OEM 的採用在本季度加速。最近的例子包括聯想的 AMD 驅動的 ThinkSystem 創造了交易處理的性價比世界紀錄，以及基於 AMD 的 HPE ProLiant 服務器提供了創紀錄的虛擬化性能。

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.

我們在本季度進一步建立了我們的數據中心 GPU 足跡，其中 AMD 驅動的 Frontier 超級計算機在世界上最快的超級計算機 TOP500 列表和最節能超級計算機的 Green500 列表中均位列第一。我為我們與慧與和橡樹嶺國家實驗室合作構建世界上第一台百億億級超級計算機感到非常自豪。突破 exaflop 障礙是一個重要的計算里程碑，EPYC 處理器和 Instinct 加速器使之成為可能，這凸顯了 AMD 以比其他任何公司更遠、更快的速度推動計算極限的獨特能力。

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.

縱觀我們更廣泛的數據中心機會，我們看到我們行業領先的 FPGA 和網絡產品與雲和金融客戶的同比強勁增長。我們在本季度完成了對 Pensando 的收購，通過增加世界一流的團隊和行業領先的 DPU 和軟件堆棧來進一步擴展我們的數據中心解決方案能力，以補充我們現有的產品。隨著 Xilinx 和 Pensando 的加入，AMD 現在提供了業界最廣泛的領先計算引擎和加速器，為領先的數據中心提供最佳的性能、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，我們下一代 5 納米 Genoa 服務器 CPU 的客戶拉動非常強勁。我們有望在今年晚些時候推出熱那亞作為業界最高性能的通用服務器 CPU 並進行量產，從而使我們的數據中心業務實現持續增長和份額收益。

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。基於創紀錄的移動處理器銷售額，收入同比增長 25% 至 22 億美元。我們相信，由於我們最新一代銳龍移動處理器的大力採用，我們連續第九個季度獲得了客戶處理器收入份額。宏碁、華碩、戴爾、惠普、聯想和其他公司有望大幅擴展其基於 AMD 的筆記本電腦產品組合，因為它們今年將推出近 300 款採用 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.

我們還看到本季度對我們的最新一代銳龍 PRO 處理器的強勁需求，為專業筆記本電腦提供領先的性能和電池壽命。隨著惠普、聯想和其他公司推出 50 多款基於 AMD 的商用筆記本電腦，以及戴爾宣布推出其首款基於 AMD 的精密工作站，商用客戶端處理器收入同比顯著增長。展望未來，我們有望在本季度晚些時候推出全新的 5 納米 Ryzen 7000 桌面處理器和 AM5 平台，在遊戲和內容創作方面表現領先。退一步說，雖然最近幾個月 PC 市場出現了額外的疲軟，但我們相信，基於我們現有產品組合的實力和即將推出的產品，我們已經做好了應對當前環境的準備。

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。收入同比增長 32% 至 17 億美元，因為半定制增長抵消了遊戲圖形銷售的下降。半定制 SoC 的銷售額繼續超過上一代，我們仍有望在 2022 年實現創紀錄的半定制年收入。由於宏觀條件影響可自由支配支出，本季度遊戲圖形有所下降。新的 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，最近推出並獲得了強烈的評價，其中 Alienware m17 獲得了領先行業出版物的多項編輯選擇獎。

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將在第三季度下滑，但我們仍專注於執行我們的 GPU 路線圖，包括在今年晚些時候推出我們的高端 RDNA 3 GPU。我們的下一代 RDNA 3 架構是我們的圖形路線圖向前邁出的又一重要一步，通過將我們最先進的遊戲架構與 5 納米三元組製造相結合，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.

查看我們的嵌入式部分。由於所有市場和節點對我們的 FPGA 和自適應計算產品的強勁需求，收入同比顯著增長至 13 億美元。 Xilinx 產品幾乎部署在每個市場，為成千上萬的客戶提供關鍵任務應用。得益於 AMD 的額外製造規模和資源，我們在第二季度加速了 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.

我們交付了創紀錄的核心市場收入，其中航空航天和國防、健康和測試和測量領域的工業願景引領著我們。通信增長是由多個一級系統供應商對有線的更高需求帶動的，而無線需求是由北美多個逐漸增加的 ORAN 部署推動的。基於更高的汽車銷量以及新的網絡和存儲設計獲勝的增加，嵌入式 CPU 收入在本季度也顯著增長。正如我們在 6 月的財務分析師日上所強調的那樣，隨著我們將 AMD 和 Xilinx 的資產整合在一起，我們發現了超過 100 億美元的長期收入協同機會。我們最大的機會是在人工智能領域，我們已經開始執行新的硬件和軟件路線圖，以抓住我們看到的重要機會，推動跨雲、邊緣和端點普及人工智能。

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.

總之，我們在過去幾年的工作使 AMD 走上了顯著的增長軌跡。 AMD 從未如此強大，我們產品的市場從未如此龐大或多樣化。因此，我們現在已經連續 8 個季度實現創紀錄的收入，因為我們強大的執行力和領導力產品推動了更多市場和客戶的採用率增加。

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.

儘管目前的宏觀經濟環境，我們看到下半年繼續增長，我們的下一代 5 納米產品出貨量突出，並得到我們多元化商業模式的支持。我們仍然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，並在整個公司進行戰略投資，以推動我們在價值 3000 億美元的高性能和自適應計算市場的下一階段增長。

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

現在我想把電話轉給 Devinder，為我們的第二季度財務業績提供一些額外的色彩。德溫德？

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，大家下午好。 AMD 報告了出色的第二季度業績。對我們領先產品的強勁需求推動了創紀錄的季度收入和毛利率的持續增長。第二季度包括 Xilinx 第一個完整季度的財務業績，我們很高興在該季度完成了對 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.

第二季度收入為 66 億美元，比去年同期增長 70%，這得益於所有部門的收入增加以及賽靈思的收入。毛利率為 54%，同比增長 640 個基點，主要受數據中心和嵌入式收入增長的推動。隨著我們繼續擴大公司規模，運營費用為 16 億美元，而一年前為 9.09 億美元。在收入顯著增長和毛利率提高的推動下，營業收入比一年前翻了一倍多，達到創紀錄的 22 億美元。營業利潤率為 30%，高於一年前的 24%。淨收入達到創紀錄的 17 億美元，比一年前增加了 9.29 億美元。每股收益為每股 1.05 美元，而一年前為每股 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.

現在轉向我們的可報告部分。如前所述，我們修改了我們的分部報告，以符合我們的戰略終端市場和我們現在管理業務的方式。數據中心部分包括服務器 CPU、數據中心 GPU、Pensando 和 Xilinx 數據中心產品。客戶端部門包括台式機和筆記本電腦處理器和芯片組，而遊戲部門包括獨立圖形處理器和半定制遊戲機產品。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.

從數據中心部分開始。在第三代 EPYC（霄龍）服務器處理器收入強勁增長的推動下，收入為 15 億美元，同比增長 83%。數據中心營業收入為 4.72 億美元，佔收入的 32%，而一年前為 2.04 億美元，佔收入的 25%。較高的營業收入主要是由於較高的收入部分被較高的營業費用所抵消。

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.

客戶部門收入為 22 億美元，同比增長 25%，這得益於 Ryzen 移動處理器銷售的更豐富組合。客戶營業收入為 6.76 億美元，佔收入的 32%，而一年前為 5.38 億美元，佔收入的 31%。營業收入的改善主要是由於較高的收入部分被較高的營業費用所抵消。

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.

受半定制產品銷售額增長的推動，遊戲部門收入為 17 億美元，同比增長 32%。遊戲營業收入為 1.87 億美元或收入的 11%，而一年前為 1.75 億美元或 14%。較高的營業收入主要是由較高的半定制收入推動的，這部分被較高的營業費用所抵消。營業利潤率下降主要是由於較低的圖形收入和較高的運營費用。

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.

嵌入式部門的收入為 13 億美元，比一年前增加了 12 億美元，主要受賽靈思嵌入式收入的推動。嵌入式營業收入為 6.41 億美元，佔收入的 51%，而去年同期為 600 萬美元，佔收入的 11%，主要受收入增長的推動。

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。截至第二季度末，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 億美元用於回購普通股，並擁有 74 億美元的剩餘授權。運營現金達到創紀錄的 10 億美元。季度自由現金流為 9.06 億美元，而去年同期為 8.88 億美元。庫存為 26 億美元，比上一季度增加約 2.2 億美元，以支持下半年的收入和 Pensando 的加入。在本季度，我們通過發行 10 億美元的債務在投資級債務市場建立了 AMD。

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.

轉向我們的財務前景。今天的展望基於當前的預期，並考慮了當前的宏觀經濟環境和客戶需求信號。對於 2022 年第三季度，我們預計收入約為 67 億美元，上下浮動 2 億美元，同比增長約 55%，這主要得益於數據中心和嵌入式領域的增長。

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，我們預計非美國通用會計準則毛利率約為 54%；非美國通用會計準則運營費用約為 16.4 億美元，佔收入的 24.5%；根據 13% 的有效稅率，非 GAAP 利息費用、稅收和其他費用約為 2.7 億美元；稀釋後的股份總數約為16.3億股。全年，我們繼續預計收入約為 263 億美元，上下浮動 3 億美元，在數據中心和嵌入式領域的增長帶動下增長約 60%。我們繼續預計非美國通用會計準則毛利率約為 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，我們的第二季度表現出色，所有部門的收入均同比增長，利潤率擴大，盈利能力創紀錄。展望未來，我們將繼續專注於執行我們的產品和財務目標，同時繼續監控市場信號並與我們的客戶密切合作，以駕馭動態的市場狀況。我們相信，在收入多元化、財務模式和盈利能力的推動下，我們已做好長期增長的準備。

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.

在我們過渡到問答環節之前，我們想藉此機會感謝 Laura Graves 為 AMD 所做的一切服務，並祝愿她在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.

有了這個，讓我們開始電話的問答部分。

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

謝謝你，德溫德。凱文，請繼續開始問答。

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

（操作員說明）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.

祝賀勞拉即將退休。我有 2 個問題。第一個，我想更好地了解您的指導、第三季度指導以及隱含的第四季度指導中的預期，包括收入和毛利率。如果您可以按順序說出優點和缺點，那將非常有幫助。然後我有一個跟進。

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，你的問題。因此，就第三季度和第四季度的指導而言，如果我們首先從第三季度開始，我認為第三季度的指導意味著，首先，收入增長由數據中心引領，我們的半-定製或遊戲機業務，歷史上在第三季度達到頂峰。我們對個人電腦業務採取了更為保守的看法。所以一個季度前，我們會認為個人電腦業務會下降，我們稱之為高個位數。而我們目前對 PC 業務的看法是，它將會下降，我們稱之為 10 歲左右。這已納入我們的第三季度指導。

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，我們再次看到，數據中心以及我們對 PC 業務具有相同觀點的嵌入式業務將引領連續增長。但是我們還擁有一組我們非常興奮的新產品坡道。因此，我們有許多 5 納米產品將在第四季度推出，包括我們的客戶端產品以及我們的服務器——我們的熱那亞產品以及我們的圖形產品。從收入的角度來看，這就是第三季度和第四季度的觀點。然後從利潤率的角度來看，我們將全年利潤率指導為 54%，這就是我們 - 這是相同的。再一次，這是導致這種情況的每個業務中的業務組合。

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。感謝您的顏色，特別是圍繞您的 PC 假設。我的後續行動，我希望你能談談在宏觀背景下你在數據中心業務中看到的情況。我們從投資者那裡收到了一堆關於企業和雲支出相關的前瞻性和擔憂的問題。你的客戶在這一點上告訴你什麼？你有什麼樣的能見度？你在什麼時候變得更加依賴整體市場？我問這個問題是因為如果我們以最近一個季度為例，就收入規模而言，你可能是最接近的競爭對手的 1/3。你大約是一年前的 1/7。所以很明顯，你要大得多。好奇你在什麼時候與更廣泛的市場變得更加相關。

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。感謝您提出有關數據中心的問題。所以看，數據中心業務對我們來說發展得非常好。我們對細分市場的同比增長和連續增長感到滿意。就我們所看到的情況而言，例如，在第二季度，我們確實看到雲業務繼續非常強勁。因此，從我們的客戶來看，我們將繼續與米蘭一起增加新的雲實例和工作負載，我們認為這種情況會持續到今年下半年。

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 方面也取得了不錯的進展。我想說的是，那裡的趨勢更加複雜，也許與一些宏觀背景更加相關。因此，我們確實看到了一條重要的管道，儘管有些交易需要更長的時間才能完成。我想說的是 OEM 正在努力解決一些匹配的問題。

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，我認為隨著我們進入下半年和 2023 年，我們將繼續看到重大的增長機會。正如我所說，在周期的這一部分，我們看到米蘭繼續進入下半年，然後我們看到熱那亞將在年底進入 2023 年。所以我認為，對你的整體而言問題，我們是否變得與市場更加相關，我的意思是，我認為我們是 - 我們當然獲得了很多份額。所以我們在市場上佔有更大的份額，但我們的代表性仍然不足。從今年下半年到明年，我們的客戶，尤其是我們的大型雲客戶的知名度非常好。我們真的在為接下來的 4 到 6 個季度做計劃，這給了我們很好的知名度。

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公司的 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，我只是想重新審視下半年的前景，因為你的大競爭對手最近展示了個人電腦、企業和數據中心的非常黯淡的畫面，談論庫存過剩等等，但你的期望相對保持不變。我很好奇，您如何看待您的庫存水平？您認為 AMD 是否會受到主要競爭對手過多的 PC 或服務器或顯卡庫存的影響？只是你的下半場，你認為，充分地嘲笑你今天看到的方式嗎？

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。所以看，如果你看一下我們的下半年指導，也許讓我們談談全年指導，我們有 - 有一些看跌期權我們今天如何看待業務。因此，每當我們進行指導時，我們都會認識到我們正在關注多種動態。在當前全年和下半年的指導中，我們所說的是，我們繼續看到數據中心、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 PC 的前景更加保守。我們的 PC 前景現在處於 10 多歲，可能會將市場置於 2.9 億至 3 億台左右。所以我確實認為我們適當地降低了 PC 業務的風險。由於它與庫存有關，鑑於第二季度的一些 COVID 鎖定和事情，當我們查看當前情況時，我認為 PC 庫存有所增加，我們在下半年考慮到了這一點.我們認為其中的 AMD 部分是適度的。因此，它將在下半年重新平衡自己。

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感覺很好。再說一次，對於我們擁有的產品組合，重要的一件事是我們在幾個領域仍然受到供應限制。當然，在嵌入式方面，我們在第二季度受到供應限制。即使在服務器端，我們在第二季度也很緊張。我們有額外的供應即將上線，尤其是在我們接近年底的時候。這將幫助我們真正滿足更多客戶的需求。所以我們對所有這些看跌期權都感覺很好。

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。對於我的後續行動，麗莎，數據中心方面的另一位。因此，雲支出現在似乎非常強勁。但是我們看到所有這些關於雲玩家想要控制他們的支出水平等的媒體報導。你認為這會在他們的消費前景中體現出來嗎？或者你認為熱那亞今年晚些時候推出的股票收益故事是否足以抵消從更廣泛的支出環境角度來看的任何放緩？您如何看待下一代熱那亞與藍寶石急流的競爭前景？

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，所以我的意思是，我們花了很多時間與客戶討論他們在業務中看到的內容以及他們在市場中看到的內容，尤其是大型雲客戶。我想說的是每個客戶都是不同的。因此，他們每個人都有自己的動態來嘗試優化。我們已經看到中國出現了一些放緩，你可能已經預料到了。但可以肯定的是，有了北美雲，他們今年的表現非常強勁，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.

相對於你的整體問題，我認為我們確實覺得我們處於股票收益的位置。我認為產品定位是米蘭現在非常非常強大，我們認為熱那亞也非常適合明年。因此，我們將始終花時間與客戶群在一起，看看他們所看到的。但從我們目前的觀點來看，我認為我們有很大的機會繼續將數據中心業務發展到 2023 年。我們的觀點是我們的產品組合也在不斷擴大。除了熱那亞，我們還有我們的貝加莫，這是一種雲優化功能，並且將於明年初上線。所以有很多新產品支持我們的增長目標。

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

我們的下一個問題來自 Bernstein Research 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，您更大的競爭對手現在有一種公開承認的在他們自己的服務器產品上的推出。這是否讓您對熱那亞坡道所看到的感覺更好，尤其是在我們進入 2023 年時？它比你以前見過的更強大嗎？我想如果是這樣的話，聽起來你在第二季度的服務器上總體上仍然有點供應受限。如果在 Sapphire Rapids 延遲之後訂單確實變得更強，那麼在我們進入明年的時候，您是否有供應來增加這個數字？

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，斯泰西。謝謝你的問題。所以我們非常專注於我們自己的產品斜坡。當然，對我們來說，關鍵是繼續與我們的客戶密切合作，讓他們盡快升級。我認為熱那亞看起來很不錯。我們從客戶那裡得到了非常強烈的反饋。性能看起來非常好。在雲計算和一些高端企業產品上快速提升有很多興趣。所以我們對此感覺很好。對於你關於供應的問題，我們基本上在過去 12 個月裡一直在建設我們在全球的能力，以支持我們認為產品可以處理的增長類型。因此，我們預計未來 4、5 個季度的供應量將大幅增加，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。對於我的後續行動，我想進一步挖掘隱含的第四季度前景。同樣，我知道您回答了有關第四季度某些驅動程序的一些問題。但如果我看一下，它是 - 把它放在死的中點，這就像從第三季度到第四季度連續增長 7%，毛利率上升約 100 個基點至 55%。我想，在這一增長中，是否可以說其中大部分仍然是數據中心並且可能是嵌入式的？對我來說，毛利率表明情況可能如此。但是，您可以為我們提供更多關於推動這種增長的幅度的顏色嗎？那會很有幫助。

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，我認為，Stacy，大部分增長肯定是由數據中心和嵌入式部門領導的。實際上，我們的嵌入式部門表現非常好。對我們在那裡看到的增長感到非常滿意。然後就利潤率而言，它在很大程度上也是業務內部的混合體。因此，優點和缺點是，是的，數據中心和嵌入式都在上升，但數據中心的組合比企業多一點雲計算，而嵌入式通信比其他一些市場多一點。但總體而言，我認為，考慮到我們正在進行的所有新產品坡道以及隨著我們進入第四季度的一些額外供應，7% 的增長得到了很好的支持。提醒一下，第四季度對我們來說也是一個為期 14 週的季度。所以所有這些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 Ross Seymore。

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?

祝賀取得了可靠的結果，尤其是在這種環境下。還有勞拉，祝賀你退休。麗莎，我想深入研究一下游戲業務。你顯然有兩個部分：客戶端 GPU 和遊戲機方面。似乎那裡發生了非常不同的動態。所以當你談到 - 我相信你說客戶端 GPU 方面將在第三季度同比下降。你能談談那裡發生的事情嗎？這只是個人電腦市場的反映嗎？或者是否有任何形式的股票收益，產品問題正在發生？然後是半定制顏色，聽起來它會在今年餘下的時間裡保持強勁。那麼有沒有——我猜是第四年還是第三年？還是我們也應該欣賞某種季節性影響？

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。謝謝你的問題。所以我們的遊戲業務是獨立顯卡或消費顯卡的兩半，然後是我們的遊戲機業務。所以我想說，在半定制方面，讓我們先來看看。控制台業務一直非常強勁。所以我會說這是一個強循環。總體而言，從去年到今年上半年，我們的供應受到了更多限制。我們已經能夠為此獲得額外的供應。我認為人們一直認為這是遊戲機的強勁週期。我們預計遊戲機將在第三季度達到頂峰，然後正常的季節性將在第四季度出現下降。

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.

由於它與消費類顯卡有關，我想說的是，當我們進入今年時，我們正在經歷一個非常強勁的 2021 年，因為遊戲需求非常高。我們在第二季度看到了放緩，我們預計這在一定程度上是由於現在的需求——現在的供應和更多的供需對比，以及與消費者相關的一些宏觀問題開支。不過，我們確實預計，隨著我們進入第四季度，我們將看到該業務的連續增長，因為我們將在該時間範圍內推出新產品。

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.

所以這些是投入和投入。我認為總的來說，作為一個細分市場，我們仍然相信游戲是一個長期的長期驅動力。我們正在處理的 PC 市場存在某種短期動態。但我認為遊戲機表現如此出色的事實對該細分市場來說是積極的。

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?

我想我的後續行動，切換到毛利率方面。你們在這方面做得非常出色，Xilinx 顯然也有助於提高標準。展望未來，我知道您的長期目標是 57%。你能談談供應是否變得更寬鬆——我知道你有同時放鬆和緊張的領域，但你能談談你感受到的成本膨脹嗎？你認為明年會減少嗎？我們如何看待從今年你似乎退出的 55% 到 57% 的三月？什麼樣的時間表和增加的驅動因素是什麼？

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.

好吧，我想，羅斯，我想說的是，業務肯定會全面擴展。因此，隨著我們在長期模型中前進，利潤率的增加確實是混合的結果。所以我們所說的是，我們相信數據中心和嵌入式業務可以達到公司 50% 以上的份額。我們現在可能處於 40 多歲的低谷。我們預計數據中心尤其會比公司其他部門增長得更快，這將推動利潤率的擴大。這是 - 我們都在研究成本並試圖確保 - 存在一些通貨膨脹的成本。我們都在努力將這些限制在最低限度，坦率地說，隨著時間的推移，我們會回到降低成本的工作，就像我們在半導體領域所做的那樣。所以——但我們的主要利潤增長是在數據中心和嵌入式領域，其增長速度比其他業務快。

Our next question is coming from Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 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.

謝謝，勞拉，多年來的合作。麗莎，我想問一個關於服務器業務的問題。顯然，目前的增長非常強勁，但很多業務繼續受到您已經擁有並繼續使用雲構建的參與的推動。正如我們對接下來的展望——我的意思是，你們在一些劇本中談到了你們如何為服務器業務在接下來的 4、6、8 個季度的持續增長做準備。明年，隨著貝加莫和 Ciena 以及 Genoa-X 似乎在 Genoa 平台上推出，路線圖將變得多樣化。而且我想知道您是否可以就企業和電信無線領域的關係和參與情況提供一些顏色。我只是想衡量服務器業務通過多樣化可以多快增長，而不僅僅是通過雲計算持續分享收益。

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。所以毫無疑問，我認為我們的重點——我們喜歡我們在雲計算方面取得的進步，我們將繼續在那裡獲得我們所能獲得的每一分份額。在企業方面，正如我們一直所說的那樣，它需要更長的時間，因為銷售週期更長一些。我們與所有頂級 OEM 都取得了非常好的進展。我認為投資組合正在繼續擴大。正如您所說，我們不僅對當前與熱那亞的產品組合感到興奮，而且隨著我們在性能非常高端的情況下擴展到 Genoa-X 以及剛剛擴大我們電信產品組合的 Ciena，我們感到很興奮。

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，我們的期望是，我們將在 2023 年及以後繼續穩步增長在企業中的份額。而且我認為有更廣泛的機會出售更廣泛的 AMD 產品組合，因為我們不僅擁有 CPU，而且我認為 Xilinx 資產和 Pensando 資產以及我們的 GPU 產品組合的增加，我認為都會導致整體增長在我們的數據中心業務中。

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.

作為我的後續行動，這是我通常會問 Devinder 的問題。但在過去的一個小時裡，我收到了幾封關於它的電子郵件，所以我想我會繼續問它。顯然，包括賽靈思在內的收入同比增長了 70% 左右。但是有幾個人向我指出，現金流——或者說自由現金流只增加了一點點，或者非常、非常溫和，我想知道你是否可以讓我們稍微了解一下。有一次性物品嗎？收購是否有庫存增加？是——也許更多的供應投資？我只是想知道在我們前進的過程中擴大自由現金流槓桿的變量是什麼。

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，一是當收入增長很多時，就需要對營運資金進行投資。因此，從庫存和 AR 的角度來看，我們的營運資金數量同比大幅增長。正如我們之前所說，我們還有 3% 的稅率，最高可達 10% 左右。現金稅得到支付，但現金稅的時間有時是第二季度。在第二季度，考慮到向聯邦政府付款的時間，從付款的角度來看，我們確實支付了一些可觀的現金稅。

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.

然後你的發貨時間確實會影響自由現金流。在討論中，我要提到的最後一件事是 Lisa 被問及的一些問題，服務器供應和整體供應（超過）業務增長的份額收益，我們正在通過預付款對容量進行投資立場。而那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，因為它會通過自由現金流增加而流動。因此，如果您仔細看的話，這實際上是為增長和未來投資的庫存和產能投資。

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。我希望你是最好的。我想對於我的第一個問題，我可能想嘗試更多地解開數據中心業務。我很抱歉有點繼續去那裡。但是當我查看過去幾個季度的趨勢時，特別是考慮到我們在上個季度看到你們最大競爭對手的單位下降，我很好奇你是否可以幫助我們了解你所看到的軌跡服務器 CPU 業務中的混合整體定價視角。當我們進入 2023 年進入熱那亞或貝加莫時，我們只是想了解一下，我們應該如何在服務器 CPU 的混合基礎上考慮 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。所以亞倫，我想我會說熱那亞比米蘭有更多的內容，對吧？如果你想到米蘭，羅馬和米蘭都是 64 核處理器。當你進入熱那亞和貝加莫時，你會得到 96 和 128 個內核。因此，您預計每單位的 ASP 會上漲。在這種情況下，我認為我們預計米蘭將與熱那亞和貝加莫共存相當長的一段時間，只是考慮到不同的基礎設施等等。所以希望這能給你一點色彩。

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。然後作為快速跟進，我對數據中心 GPU 業務感到好奇。你談到了邊疆。我很好奇你們預計該業務今年會在哪裡形成？您是否開始看到更廣泛地銷售 CPU 加 GPU 策略的能力？

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，所以我們繼續在數據中心 GPU 方面取得良好進展。對我們來說，關鍵是與一些在 MI200 產品上與我們密切合作的大型超大規模製造商合作。我認為從整體收入的角度來看，它今年的貢獻不大。但可以肯定的是，我們預計它將在 2023 年成為更大的貢獻者，因為其中一些最初的參與會變成更多的生產參與。

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?

我想知道你能否談談 Xilinx 的情況。該業務是否仍然供應受限？在緩解這些限制方面，您在哪裡？顯然，它的增長很好。你在明年上半年的知名度如何？

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，喬。所以實際上，我會說賽靈思業務表現非常出色。所有細分市場的需求都非常強勁。當我們將 Xilinx 納入產品組合時，我們能夠做的就是對供應鏈進行一些重大改進。所以我們看到了一個很好的進步。如果您從備考基礎上看，賽靈思產品組合環比增長約 20%，這是一個非常好的增長。

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，我們在賽靈思產品組合的某些部分仍然有些受限，儘管我們繼續取得良好進展。而且我預計特別是在今年下半年和 2023 年會有額外的供應。我們對業務的看法，再次，我認為設計的質量獲勝，整體的質量——當你看的時候——多元化的市場非常強大。因此，我認為，由於我們能夠在下半年繼續緩解部分供應限制，我認為我們看到了業務的良好增長軌跡。

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。然後作為後續行動，只是想知道在過去 4 年的背景下，您如何看待微處理器的競爭，您或英特爾通常都受到限制：英特爾幾年，然後是您最近幾年年。隨著這些限制的緩解，顯然英特爾的利用率可能會有所下降，您能否談談您對定價的預期？你覺得有什麼變化嗎？還是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.

好吧，我認為，喬，這是 - 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。我認為這在一定程度上取決於您在市場中談論的位置。但在數據中心方面，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，性能和每美元的性能等式在那裡非常重要，而且功率效率也很重要。

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 PC 市場時，我們有意將我們的 PC 市場集中在更高端的細分市場上。因此，遊戲以及高端，超高端以及商業領域。再說一次，我認為這些更多是關於產品的。 PC 市場的某些部分對價格非常敏感，例如低端。就像我說的那樣，我們一直在努力減少未來的曝光率。所以我認為 - 我認為動態變化不大。我認為這總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.

我想回到數據中心業務。如果我查看 [Suresh] 發送的電子表格，其中包含重述的數據中心數字，看起來你們的數據中心業務與英特爾的業務非常接近，看起來你們獲得了 6.6% 的份額英特爾。如果我猜測一下 Xilinx 的備考貢獻，它在第一季度會是什麼，大約是 6% 的份額增益。那將是——我認為這將是你們報告的數據中心業務中最高的份額增長，甚至可以追溯到 2005 年。誠然，其中 2/3 來自英特爾的下滑。

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.

我想因為 - 我想這會讓你在 20 年代中期與英特爾對抗，我很好奇你是否認為數學聽起來對你來說是正確的。我希望你能——因為我們正在把更多的東西組合在一起，如果你能和我們分享一下，Xilinx 或 Pensando 或類似的東西有沒有任何巨大的貢獻，那會讓那個看起來——這可能會改變對服務的解釋，因為這是一個相當大的份額跳躍？這是問題的第一部分。我也有跟進。

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。所以這就是我們進入新細分市場的原因，以便有更好的知名度。我知道你們一直在問這個問題。所以我認為從我們的角度來看，你的數學是在郵政編碼中。我們很高興我們獲得了份額。我認為那是 - 我們的期望是，隨著產品組合的擴大，隨著我們增加供應，隨著我們在客戶群中增加更多實例，我們將看到份額增長。我們將繼續關注這一點。對於你的問題，沒有太大的貢獻。正如您所說，該細分市場中的其他部分相對較小，主要由 EPYC 驅動。

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。然後是後續行動，如果可以的話，我只是想回到這項業務的知名度。我想知道您從雲客戶那裡得到的差異。所以我想我很好奇的場景是我想像雲——很多雲公司在他們的數據中心上做了很多規劃，因為它是他們業務的核心。他們簽署了一份將在 6 個月內建成的數據中心租約。他們——在他們這樣做之後，他們會不會來找你們說，“嘿，這要上線了。我們需要在 6 個月內從你們那裡得到這些芯片嗎？”他們給你們的可見性的變化範圍有多一致和緊密？這就是我所擁有的。

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，實際上它非常有幫助。我的意思是我認為我們與客戶共同製定的計劃非常有幫助。坦率地說，我們現在的大部分談話都是在 2023 年左右，並確保我們有足夠的能力來進行一些擴建。所以我會說能見度非常好。顯然，事情可能會改變，在這里和那裡加減。但總的來說，我認為客戶需要多少增長、多少內容的郵政編碼是非常活躍的對話。坦率地說，在過去的幾個月裡，他們一直在進行積極的對話。我認為我們都經歷過的供應鏈方面的一個積極因素是，人們對長期規劃的需求有了新的認識，這樣他們就可以得到他們的比賽套裝，他們可以獲得他們的工廠產能，我們也可以使我們的工廠產能保持一致。所以總體來說，能見度很好。

Our next question is coming from Harlan Sur from JPMorgan.

我們的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.

祝賀取得了紮實的成果和執行。在今年下半年熱那亞的斜坡上，明年初，我相信團隊在他們的雲、企業和嵌入式客戶中總共有大約 20 多個 SKU。您的雲客戶顯然正在焦急地等待這些平台。您會首先推出大容量雲 SKU 嗎？這些大批量 SKU 的資質是什麼樣的？之所以這麼問，是因為很明顯，您的競爭對手正在為 SKU 發布而苦苦掙扎，我只是想確保 AMD 團隊正在執行並向您的雲客戶發布其大容量 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，我們肯定會再次與我們的客戶進行全面的聯鎖。我們的重點是大容量雲 SKU 以及大容量企業 SKU，因為實際上在雲和企業中都有相當長的資格認證週期。從我們今天看到的情況來看，熱那亞再次受到強烈的客戶拉動。因此，我們正在與客戶密切合作，我們預計將在第四季度提高產量，然後到明年上半年。不同的客戶和不同的平台等等會有所不同，但我們看到的是與我們的客戶有很多緊密的互動。

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

我們今天的最後一個問題來自瑞銀的 Timothy Arcuri。

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，鑑於 PC TAM 較弱，我只是想雙擊你保持全年指導。看起來如果你把丟失的單位乘以 ASP，看起來它可能會花費你 7.5 億美元，但你保持了一整年，數據中心看起來很不錯。那麼，您在 Xilinx 獲得更好的供應真的是抵消了嗎？這真的是故事嗎？然後我有一個跟進。

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，蒂姆。我想說的是，再次，每當我們匯總全年指導時，尤其是從年初開始，我們明白並非一切都會如此。因此，當我們現在展望下半年時，我們再次看到數據中心很強大。同樣，我們預計數據中心將在下半年到上半年很好地增長。 Embedded/Xilinx 下半年到上半年也會有一定程度的增長。遊戲機也將增長。所以我認為，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，這很好地抵消了。再次提醒一下，我們確實在第四季度推出了許多 5 納米產品。我們認為這將推動第四季度的連續增長。所以我認為這些是全年指南中的一些看跌期權。

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大幅增加。所以我想知道你是否可以談論這個。

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.

正如我在金融分析師日所說的，我認為在 2021 年，我們承諾和支付了大約 10 億美元的 [支出]。今年，它確實有所提高，特別是考慮到我們需要為 2023 年做好準備的所有供應，而且這些供應確實流入了自由現金流。在上半場，它並不那麼重要，但在下半場確實有所提升。因此，從這個角度來看，它會影響到這一點。

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。我想把地板翻過來，以獲得任何進一步的或結束的評論。

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.

謝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。謝謝你。

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.

謝謝你。今天的電話會議到此結束。你可以在這個時候斷開你的線路，並度過美好的一天。我們感謝您今天的參與。