超微半導體 (AMD) 2021 Q4 法說會逐字稿

Hello, and welcome to the AMD Fourth Quarter and Full Year 2021 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2021 年第四季度和全年財務業績電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Laura Graves, Corporate Vice President of Investor Relations. Laura, please go ahead.

現在，我很高興將電話轉給投資者關係公司副總裁 Laura Graves。勞拉，請繼續。

Thank you, and welcome to AMD's Fourth Quarter and Fiscal Year-end 2021 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings release and accompanying slideware. If you have not reviewed these documents yet, they can be found on the Investor Relations page of amd.com.

謝謝，歡迎參加 AMD 的 2021 年第四季度和財年末財務業績電話會議。到目前為止，您應該有機會查看我們的收益發布和隨附的幻燈片軟件的副本。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。

Participants on today's conference call are Dr. Lisa Su, our President 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總裁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 that Dan McNamara, Senior Vice President and General Manager of Server, will attend the Virtual Susquehanna Financial Group 11th Annual Technology Conference on Thursday, March 3. Our first quarter 2022 quiet time is expected to begin at the close of business on Friday, March 11; and AMD will host its 2022 Financial Analyst Day on Thursday, June 9.

在我們開始之前，我想指出，高級副總裁兼服務器總經理 Dan McNamara 將於 3 月 3 日星期四參加 Virtual Susquehanna Financial Group 第 11 屆年度技術會議。我們 2022 年第一季度的安靜時間預計將於3 月 11 日星期五營業結束； AMD 將於 6 月 9 日星期四舉辦 2022 年金融分析師日。

Today's discussions contain forward-looking statements based on 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 the results to differ.

今天的討論包含基於當前信念、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。

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 the slides posted on our website.

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。

Now with that, I will hand the call over to Lisa. Lisa?

現在，我將把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. 2021 was an outstanding year for AMD as we exceeded our aggressive growth goals and delivered another record year. Each of our businesses grew significantly and set new annual revenue record, highlighted by data center revenue more than doubling year-over-year.

謝謝你，勞拉，今天所有收聽的人下午好。 2021 年對於 AMD 來說是傑出的一年，因為我們超越了我們積極的增長目標，並創造了另一個創紀錄的一年。我們的每項業務都顯著增長並創造了新的年度收入記錄，其中數據中心收入同比增長了一倍以上。

Annual revenue grew 68% to a record $16.4 billion, and we expanded gross margin for the sixth straight year. We also delivered record net income and EPS, both of which more than doubled year-over-year.

年收入增長 68% 至創紀錄的 164 億美元，我們連續第六年擴大毛利率。我們還實現了創紀錄的淨收入和每股收益，兩者都同比增長了一倍以上。

Looking at the fourth quarter, we ended the year exceptionally strong with our sixth straight quarter of greater than 45% year-over-year revenue growth. Fourth quarter revenue grew 49% from a year ago to a record $4.8 billion. We expanded gross margin by more than 5 percentage points and doubled operating income year-over-year.

從第四季度來看，我們在今年結束時異常強勁，連續第六個季度實現了超過 45% 的同比收入增長。第四季度收入同比增長 49%，達到創紀錄的 48 億美元。我們將毛利率擴大了 5 個百分點以上，營業收入同比翻了一番。

Turning to our Computing and Graphics segment. Revenue increased 32% year-over-year to $2.6 billion, driven by growth in both Ryzen and Radeon processor sales. Record client computing revenue grew by a double-digit percentage from a year ago, led by record notebook sales. We saw strong demand for premium AMD notebooks and our higher-end desktop CPUs in the quarter as Ryzen 5000 processor unit shipments grew by a double-digit percentage sequentially. As a result, we believe we gained client processor revenue share for the seventh straight quarter.

轉向我們的計算和圖形部門。在銳龍和 Radeon 處理器銷售增長的推動下，收入同比增長 32% 至 26 億美元。在創紀錄的筆記本電腦銷量的帶動下，創紀錄的客戶端計算收入同比增長了兩位數。隨著銳龍 5000 處理器的出貨量環比增長兩位數，本季度我們看到了對高端 AMD 筆記本電腦和我們的高端台式機 CPU 的強勁需求。因此，我們相信我們連續第七個季度獲得了客戶處理器收入份額。

We launched our Ryzen 6000 series notebook CPUs at CES last month, featuring our new Zen 3+ core that further extends the leadership compute, gaming and battery life capabilities of our mobile processors. We increased the number of premium gaming and commercial design wins from Acer, Asus, Dell, HP, Lenovo and other major PC providers to more than 200, including more than 20 AMD Advantage notebooks that combine Ryzen CPUs, Radeon GPUs and Radeon Software to deliver the ultimate gaming experience.

上個月，我們在 CES 上推出了 Ryzen 6000 系列筆記本 CPU，採用了新的 Zen 3+ 內核，進一步擴展了我們移動處理器的領先計算、遊戲和電池壽命能力。我們將 Acer、Asus、Dell、HP、Lenovo 和其他主要 PC 供應商贏得的優質遊戲和商業設計數量增加到 200 多個，其中包括 20 多款結合 Ryzen CPU、Radeon GPU 和 Radeon Software 的 AMD Advantage 筆記本電腦，以提供終極遊戲體驗。

We also provided the first public demonstration of our upcoming Ryzen 7000 desktop processors at CES. Ryzen 7000 series desktop GPUs provide a significant performance increase compared to our current Ryzen processors by combining our high-performance 5-nanometer Zen 4 core with our next-generation memory and I/O technologies in the new AM5 socket. There's a lot of excitement in the market for our next-gen Ryzen desktop processors and we're on track to launch in the second half of 2022.

我們還在 CES 上首次公開展示了我們即將推出的 Ryzen 7000 桌面處理器。與我們當前的 Ryzen 處理器相比，Ryzen 7000 系列桌面 GPU 通過將我們的高性能 5 納米 Zen 4 內核與我們的下一代內存和 I/O 技術結合在新的 AM5 插槽中，提供了顯著的性能提升。我們的下一代 Ryzen 台式機處理器市場令人興奮，我們有望在 2022 年下半年推出。

In Graphics, revenue more than doubled year-over-year for the third straight quarter. Radeon 6000 series GPU unit shipments and revenue both grew by double-digit percentages sequentially, led by strong demand across our RDNA 2 desktop family. At CES, we announced that we expanded our Radeon 6000 series GPU portfolio with our first mainstream RDNA 2 desktop GPU priced at $199.

在圖形方面，收入連續第三個季度同比增長一倍以上。 Radeon 6000 系列 GPU 的出貨量和收入均以兩位數的百分比連續增長，這得益於我們 RDNA 2 台式機系列的強勁需求。在 CES 上，我們宣布推出首款售價 199 美元的主流 RDNA 2 桌面 GPU，擴展了我們的 Radeon 6000 系列 GPU 產品組合。

We also introduced new mobile GPUs that deliver up to 20% more performance than our prior generation and our first mobile graphics chips for thin and light gaming notebooks. Data center graphics revenue more than doubled year-over-year, driven largely by HPC wins for our latest Instinct MI200 accelerators. We are seeing growing customer engagements for our data center GPUs based on the leadership AI and HPC performance of our new MI200 accelerators, highlighted by multiple supercomputing wins and an expanded set of platforms on track to launch from Asus, Dell, HP, Lenovo, Supermicro and others starting later this quarter.

我們還推出了新的移動 GPU，其性能比我們的上一代產品和我們的第一款用於輕薄遊戲筆記本電腦的移動圖形芯片提供高達 20% 的性能。數據中心圖形收入同比增長一倍以上，這主要得益於我們最新的 Instinct MI200 加速器贏得 HPC。基於我們新的 MI200 加速器的領先 AI 和 HPC 性能，我們看到客戶對我們數據中心 GPU 的參與度不斷增加，其中突出顯示了多項超級計算的勝利以及華碩、戴爾、惠普、聯想、美超微即將推出的一系列擴展平台和其他人從本季度晚些時候開始。

Turning to our Enterprise, Embedded and Semi-Custom segment. Revenue increased 75% year-over-year to $2.2 billion, driven by record EPYC processor and semi-custom sales. Semi-custom sales increased year-over-year as the current game console cycle continues outpacing all prior generations. We expect revenue to grow this year driven by continued strong demand for the latest Microsoft and Sony consoles.

轉向我們的企業、嵌入式和半定制部分。受創紀錄的 EPYC 處理器和半定制銷售的推動，收入同比增長 75% 至 22 億美元。隨著當前遊戲機週期繼續超過所有前幾代，半定制銷售額同比增長。我們預計，由於對最新的微軟和索尼遊戲機的持續強勁需求，今年的收入將增長。

Turning to Server. We had another outstanding quarter. Revenue more than doubled year-over-year and increased by a double-digit percentage sequentially driven by demand across both cloud and enterprise customers. In cloud, revenue more than doubled year-over-year as the largest providers expanded internal deployments and more than 130 new AMD-powered instances launched from Amazon Web Services, Alibaba, Google, IBM, Microsoft Azure and others.

轉向服務器。我們還有另一個出色的季度。在雲和企業客戶需求的推動下，收入同比增長了一倍以上，並以兩位數的百分比連續增長。在雲計算領域，隨著最大的供應商擴大內部部署以及亞馬遜網絡服務、阿里巴巴、谷歌、IBM、微軟 Azure 等公司推出了 130 多個由 AMD 提供支持的新實例，收入同比增長了一倍多。

Microsoft Azure previewed a new HPC instance, powered by our third-gen EPYC processors with 3D stack memory that delivers up to 80% more performance than currently available instances. Our differentiated 3D stacking technology further extends the leadership performance of EPYC processors and technical computing workloads like EDA, fluid dynamics and complex simulations. We started volume production of EPYC processors with 3D stacked memory earlier this quarter in advance of OEM platform launches with all our major server partners.

Microsoft Azure 預覽了一個新的 HPC 實例，該實例由我們的第三代 EPYC 處理器提供支持，該處理器具有 3D 堆棧內存，可提供比當前可用實例高出 80% 的性能。我們差異化的 3D 堆疊技術進一步擴展了 EPYC 處理器和技術計算工作負載（如 EDA、流體動力學和復雜模擬）的領先性能。在我們與所有主要服務器合作夥伴推出 OEM 平台之前，我們在本季度早些時候開始批量生產具有 3D 堆疊內存的 EPYC 處理器。

In Enterprise, revenue doubled year-over-year, driven by the ongoing ramp of more than 100 third-gen EPYC platforms available from Dell, HP Enterprise, Lenovo, Supermicro, Cisco and others. In HPC, EPYC processor adoption was highlighted by the number of AMD-powered supercomputers on the November TOP500 fastest supercomputers list, tripling year-over-year to 73. EPYC processors also dominated the Green500 list and are now powering 8 of the top 10 most efficient supercomputers in the world.

在企業方面，由於戴爾、惠普企業、聯想、美超微、思科和其他公司提供的 100 多個第三代 EPYC 平台的持續增長，收入同比翻了一番。在 HPC 方面，11 月 TOP500 最快的超級計算機列表中 AMD 驅動的超級計算機數量突出了 EPYC 處理器的採用，同比增長了兩倍，達到 73 台。EPYC 處理器也在 Green500 列表中佔據主導地位，現在為前 10 名中的 8 台提供動力世界上高效的超級計算機。

Turning to our overall data center business. We made outstanding progress in the last year. We exited 2021 with data center revenue contributing a mid-20 percentage of overall revenue, and we expect 2022 to be another year of significant growth based on the strong customer demand signals for our current and next-generation products.

轉向我們的整體數據中心業務。去年我們取得了顯著的進步。我們在 2021 年結束時數據中心收入佔總收入的 20% 左右，基於我們當前和下一代產品的強勁客戶需求信號，我們預計 2022 年將是又一個顯著增長的一年。

In November, we provided first details of our next-generation EPYC processor, codenamed Genoa, that will feature up to 96 Zen 4 cores and next-generation memory and I/O technologies including breakthrough memory expansion capabilities. Customer excitement for Genoa is extremely high as it extends our performance leadership across a broad range of workloads.

11 月，我們首次提供了代號為 Genoa 的下一代 EPYC 處理器的詳細信息，該處理器將配備多達 96 個 Zen 4 內核以及下一代內存和 I/O 技術，包括突破性的內存擴展能力。熱那亞的客戶非常興奮，因為它擴展了我們在廣泛工作負載中的性能領先地位。

We also announced the addition of Bergamo to our server road map, featuring a version of our Zen 4 core called Zen 4c that has been specifically optimized for cloud-native computing. Bergamo is a high-core count, power-efficient CPU that can be used in the same platforms as Genoa. It will feature up to 128 CPU cores and deliver significant performance and power efficiency advantages for cloud workloads. We are sampling Genoa processors to customers now and are on track to launch later this year, with Bergamo shipments planned to follow in the first half of 2023.

我們還宣布將 Bergamo 添加到我們的服務器路線圖中，其中包含一個名為 Zen 4c 的 Zen 4 內核版本，該版本專門針對雲原生計算進行了優化。 Bergamo 是一種高核數、高能效 CPU，可在與 Genoa 相同的平台上使用。它將具有多達 128 個 CPU 內核，並為雲工作負載提供顯著的性能和能效優勢。我們現在正在向客戶提供熱那亞處理器的樣品，並有望在今年晚些時候推出，貝加莫的出貨量計劃在 2023 年上半年跟進。

Turning to our Xilinx acquisition. We were pleased to announce that China's State Administration for Market Regulation approved the transaction on January 27. The only remaining regulatory approval required is FTC approval of our HSR refiling, and we expect to close the transaction in the first quarter of 2022. I am more excited than ever about the benefits of the acquisition for both AMD and Xilinx stakeholders. Customer excitement is also high as they look forward to the opportunity to deepen their strategic engagements with AMD based on our expanded technology and solutions portfolio.

轉向我們對 Xilinx 的收購。我們很高興地宣布，中國國家市場監督管理總局於 1 月 27 日批准了該交易。唯一剩下的監管批准是 FTC 批准我們的 HSR 重新申報，我們預計將在 2022 年第一季度完成交易。我更AMD 和 Xilinx 利益相關者對此次收購的好處比以往任何時候都興奮。客戶也非常興奮，因為他們期待有機會在我們擴展的技術和解決方案組合的基礎上加深與 AMD 的戰略合作。

In summary, I am incredibly proud of our performance in 2021. Our record annual results highlight our strong execution over multiple years to establish the technical, operational and strategic foundation to position AMD as a high-performance computing leader. Each of our businesses performed extremely well in 2021 with growth significantly ahead of the long-term financial model we outlined at our Financial Analyst Day in 2020.

總之，我為我們在 2021 年的表現感到無比自豪。我們創紀錄的年度業績突顯了我們多年來的強大執行力，以建立技術、運營和戰略基礎，將 AMD 定位為高性能計算領導者。我們的每項業務在 2021 年的表現都非常出色，其增長明顯領先於我們在 2020 年金融分析師日概述的長期財務模型。

I want to take a moment to recognize and thank the AMD employees whose passion, dedication and execution have enabled this success.

我想花一點時間來表彰和感謝 AMD 員工，他們的熱情、奉獻精神和執行力促成了這一成功。

Turning to 2022. Demand for our product is very strong, and we look forward to another year of significant growth and share gains as we ramp our current products and launch our next wave of Zen core CPUs and RDNA 3 GPUs. We have also made significant investments to secure the capacity needed to support our growth in 2022 and beyond.

轉眼到 2022 年。對我們產品的需求非常強勁，我們期待著又一年的顯著增長和分享收益，因為我們正在增加現有產品並推出下一波 Zen 核心 CPU 和 RDNA 3 GPU。我們還進行了大量投資，以確保支持我們在 2022 年及以後的增長所需的能力。

Looking out over the long term, we are confident in our ability to continue growing significantly faster than the market based on our expanded road map investments and the deep relationships we have established with a broad set of customers who view AMD as a strategic enabler of their success.

從長遠來看，基於我們擴大的路線圖投資以及我們與將 AMD 視為其戰略推動者的廣大客戶建立的深厚關係，我們有信心繼續以明顯快於市場的速度增長。成功。

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

現在我想把電話轉給 Devinder，為我們的第四季度和全年財務業績提供一些額外的色彩。德溫德？

Thank you, Lisa, and good afternoon, everyone. We had a very strong 2021 with increased demand for our products. Excellent execution resulted in record annual revenue, continued gross margin expansion, record profitability and significant cash flow generation.

謝謝你，麗莎，大家下午好。隨著對我們產品的需求增加，我們在 2021 年的表現非常強勁。出色的執行導致創紀錄的年收入、持續的毛利率增長、創紀錄的盈利能力和顯著的現金流產生。

For fourth quarter 2021, revenue of $4.8 billion was our sixth consecutive quarterly record, up 49% from a year ago driven by strong revenue increases across all businesses. Gross margin was 50%, up 560 basis points from a year ago, driven by a richer mix of products and data center revenue growth. Operating expenses were $1.1 billion compared to $789 million a year ago as we increased investments in our long-term product road maps to support the significant growth trajectory of our business. Operating income doubled from a year ago to a record $1.3 billion, up $665 million primarily driven by significant revenue growth and higher gross margin. Operating margin was 27%, up from 20% a year ago.

在 2021 年第四季度，48 億美元的收入是我們連續第六個季度創下的紀錄，在所有業務收入強勁增長的推動下，同比增長 49%。毛利率為 50%，比一年前增加了 560 個基點，這得益於更豐富的產品組合和數據中心收入增長。運營費用為 11 億美元，而一年前為 7.89 億美元，因為我們增加了對長期產品路線圖的投資，以支持我們業務的顯著增長軌跡。營業收入比一年前翻了一番，達到創紀錄的 13 億美元，增加了 6.65 億美元，主要是由於收入顯著增長和毛利率提高。營業利潤率為 27%，高於一年前的 20%。

Net income was a record $1.1 billion, up $486 million from a year ago. Diluted earnings per share was $0.92 compared to $0.52 per share a year ago. This includes a 15% effective tax rate compared to a 3% rate a year ago.

淨收入達到創紀錄的 11 億美元，比一年前增加了 4.86 億美元。稀釋後每股收益為 0.92 美元，而一年前為每股 0.52 美元。這包括 15% 的有效稅率，而一年前的稅率為 3%。

Now turning to fourth quarter business segment results. Computing and Graphics segment revenue was $2.6 billion, up 32% year-over-year, driven by higher graphics and client processor revenue. Computing and Graphics segment operating income was $566 million or 22% of revenue compared to $420 million a year ago. The increase in operating income was driven primarily by higher revenue, partially offset by higher operating expenses.

現在轉向第四季度業務部門的結果。計算和圖形部門收入為 26 億美元，同比增長 32%，受圖形和客戶端處理器收入增加的推動。計算和圖形部門的營業收入為 5.66 億美元，佔收入的 22%，而一年前為 4.2 億美元。營業收入的增加主要是由於收入增加，部分被營業費用增加所抵消。

Enterprise, Embedded and Semi-Custom segment revenue was $2.2 billion, up 75% from $1.3 billion the prior year. The strong revenue increase was driven by significantly higher EPYC processor and Semi-Custom sales. EESC segment operating income grew significantly to $762 million or 34% of revenue compared to $243 million or 19% a year ago. Operating income growth was driven primarily by higher revenue and richer product mix, partially offset by higher R&D and go-to-market expenses.

企業、嵌入式和半定制部門的收入為 22 億美元，比上一年的 13 億美元增長 75%。強勁的收入增長是由顯著增加的 EPYC 處理器和半定制銷售推動的。 EESC 部門營業收入大幅增長至 7.62 億美元，佔收入的 34%，而一年前為 2.43 億美元或 19%。營業收入增長主要是由更高的收入和更豐富的產品組合推動的，部分被更高的研發和上市費用所抵消。

Turning to the balance sheet. Cash, cash equivalents and short-term investments were $3.6 billion at year-end. As we continue returning capital to shareholders, we repurchased $756 million of common stock in the fourth quarter and closed out the year with $1.8 billion of repurchases. Additionally, we have repurchased $1 billion to date in the first quarter of 2022 and have $1.2 billion remaining under the authorized $4 billion share repurchase plan. Quarterly free cash flow was $736 million compared to $480 million in the same quarter last year and $764 million in the prior quarter. Inventory was $2 billion, up $53 million from the prior quarter.

轉向資產負債表。截至年底，現金、現金等價物和短期投資為 36 億美元。隨著我們繼續向股東返還資本，我們在第四季度回購了 7.56 億美元的普通股，並以 18 億美元的回購結束了這一年。此外，截至 2022 年第一季度，我們已經回購了 10 億美元，並且在授權的 40 億美元股票回購計劃下剩餘 12 億美元。季度自由現金流為 7.36 億美元，而去年同期為 4.8 億美元，上一季度為 7.64 億美元。庫存為 20 億美元，比上一季度增加 5300 萬美元。

Now let me turn to our full year financial results. 2021 revenue was $16.4 billion, up 68% year-on-year, driven by strong growth across all businesses. Gross margin was 48%, up 370 basis points from the prior year, driven by the strength and competitiveness of our EPYC, Radeon and Ryzen processors. Operating expenses were 24% of revenue compared to 28% in 2020. 2021 operating income was up 146% from a year ago to $4.1 billion, resulting in an operating margin of 25% compared to 17% in 2020.

現在讓我談談我們全年的財務業績。在所有業務強勁增長的推動下，2021 年的收入為 164 億美元，同比增長 68%。在我們的 EPYC（霄龍）、Radeon 和 Ryzen 處理器的實力和競爭力的推動下，毛利率為 48%，比去年增加了 370 個基點。營業費用佔收入的 24%，而 2020 年為 28%。2021 年營業收入同比增長 146% 至 41 億美元，營業利潤率為 25%，而 2020 年為 17%。

Net income was $3.4 billion, up 118% from the prior year. Full year free cash flow was a record $3.2 billion, resulting in free cash flow margin of 20% for the year. In addition, we invested approximately $1 billion during 2021 in long-term supply chain capacity to support our expectations for future revenue and market share growth.

淨收入為 34 億美元，比上年增長 118%。全年自由現金流達到創紀錄的 32 億美元，全年自由現金流利潤率為 20%。此外，我們在 2021 年投資了約 10 億美元用於長期供應鏈能力，以支持我們對未來收入和市場份額增長的預期。

Let me now turn to our financial outlook. Today's outlook is based on current expectations and contemplates the current global supply environment and customer signals and does not contemplate the addition of Xilinx as that transaction has not yet closed. First quarter 2022 revenue is expected to be approximately $5 billion, plus or minus $100 million, an increase of approximately 45% year-over-year and approximately 4% quarter-on-quarter. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-on-quarter increase is expected to be driven by higher server and client revenue. In addition, for Q1 2022, we expect non-GAAP gross margin to be approximately 50.5%; non-GAAP operating expenses to be approximately $1.2 billion; non-GAAP interest expense, taxes and other to be approximately $207 million based on a 15% effective tax rate; and the diluted share count to be approximately 1.22 billion shares. For the full year 2022, we expect revenue to be approximately $21.5 billion, an increase of approximately 31%, driven by growth across all businesses. We expect non-GAAP gross margin to be approximately 51%. Non-GAAP operating expenses to be approximately 24% of revenue, non-GAAP effective tax rate to be 15%. And non-GAAP cash tax rate to be approximately 9% due primarily to the U.S. tax requirement to capitalize R&D and the full utilization of our U.S. net operating losses and tax credits in 2022.

現在讓我談談我們的財務前景。今天的展望基於當前的預期，並考慮了當前的全球供應環境和客戶信號，由於交易尚未完成，因此不考慮加入 Xilinx。預計 2022 年第一季度的收入約為 50 億美元，上下浮動 1 億美元，同比增長約 45%，環比增長約 4%。預計同比增長將受到所有業務增長的推動。預計環比增長將受到服務器和客戶端收入增加的推動。此外，對於 2022 年第一季度，我們預計非美國通用會計準則毛利率約為 50.5%；非公認會計原則的運營費用約為 12 億美元；根據 15% 的有效稅率，非 GAAP 利息費用、稅收和其他費用約為 2.07 億美元；稀釋後的股份總數約為12.2億股。在所有業務增長的推動下，我們預計 2022 年全年收入約為 215 億美元，增長約 31%。我們預計非美國通用會計準則毛利率約為 51%。非 GAAP 運營費用約為收入的 24%，非 GAAP 有效稅率為 15%。非 GAAP 現金稅率約為 9%，這主要是由於美國對研發資本化的稅收要求以及在 2022 年充分利用我們的美國淨經營虧損和稅收抵免。

In closing, we had an outstanding quarter and an excellent year with very strong revenue growth and numerous financial records. As we enter 2022, our leadership products and growing customer momentum continue to position us very well for long-term growth. I look forward to AMD delivering another year of very strong financial performance.

最後，我們有一個出色的季度和出色的一年，收入增長非常強勁，財務記錄也很多。隨著我們進入 2022 年，我們的領先產品和不斷增長的客戶勢頭繼續為我們的長期增長做好準備。我期待 AMD 再創一年強勁的財務業績。

With that, I'll turn it back to Laura for the question-and-answer session. Laura?

有了這個，我將把它轉回給 Laura 進行問答環節。勞拉？

Thank you, Devinder, and thank you, Lisa. Operator, we're ready for our first question.

謝謝你，德溫德，謝謝你，麗莎。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question today is coming from Aaron Rakers from Wells Fargo.

（操作員說明）我們今天的第一個問題來自富國銀行的 Aaron Rakers。

Congratulations on the quarter. Just thinking about the full year guidance, I know that you had mentioned in your prepared remarks that you expect the Semi-Custom segment to grow. I'm curious if you could help us maybe appreciate how you're thinking about the Semi-Custom segment relative to the server segment and whether or not that 30% contribution from total data center still applies for 2023, the outlook that you had provided at the last Analyst Day or you think that we're tracking above that trend?

祝賀本季度。僅考慮全年指導，我知道您在準備好的評論中提到您希望半定制細分市場增長。我很好奇您是否可以幫助我們了解您對半定制部分相對於服務器部分的看法，以及總數據中心的 30% 貢獻是否仍然適用於 2023 年，您提供的前景在上一個分析師日，還是您認為我們正在追踪這一趨勢？

Sure, Aaron. Thanks for the question. So for 2022, I mean our current view is that we'll see growth in all of our businesses. We see strong demand for our products as well as we have increased supply capability given what we've done with our partners.

當然，亞倫。謝謝你的問題。因此，對於 2022 年，我的意思是我們目前的觀點是，我們將看到我們所有業務的增長。鑑於我們與合作夥伴的合作，我們看到對我們產品的強勁需求以及增加的供應能力。

So relative to the growth from the different businesses, the growth will be led by server. So from what we see from customers and sort of design wins and platforms and all that, server will be very strong next year. But we also expect growth from our other businesses, including consoles, including our PC business, our graphics business and our embedded business. So we expect the percentage of data center to continue to increase as we go into next year, and we'll give more on that as we go through the year.

因此，相對於不同業務的增長，增長將由服務器主導。因此，從我們從客戶那裡看到的、設計勝利和平台等所有方面來看，明年服務器將非常強大。但我們也期待其他業務的增長，包括遊戲機業務，包括我們的 PC 業務、圖形業務和嵌入式業務。因此，我們預計數據中心的百分比將在明年繼續增加，我們將在這一年中給予更多。

Your next question today is coming from Matt Ramsay from Cowen and Company.

您今天的下一個問題來自 Cowen and Company 的 Matt Ramsay。

For the whole team, but Lisa, congrats on getting close on Xilinx. Excited to see what that brings and obviously, the strong results.

對於除 Lisa 之外的整個團隊，祝賀您與 Xilinx 接近。很高興看到這會帶來什麼，並且顯然是強勁的結果。

One of the questions I'm getting tonight is with such a strong start, greater than 30% guidance for revenue in 2022, can you just kind of walk us through maybe with a little more specificity, some of the things that you've done in the supply chain around substrate, around back-end test and package, around wafer demand and just to give people comfort that there's coverage there and visibility and the potential for upside, particularly as you take server and desktop on the 5-nanometer. I imagine, 7-nanometer capacity won't go away. It will stay as that new capacity comes online. So I just want to make sure I understand all the variables around the confidence in supply.

今晚我遇到的一個問題是，開局如此強勁，2022 年的收入指導超過 30%，你能不能稍微具體一點地向我們介紹一下你所做的一些事情在圍繞基板的供應鏈中，圍繞後端測試和封裝，圍繞晶圓需求，只是為了讓人們感到安慰，那裡有覆蓋範圍、可見性和上行潛力，特別是當您使用 5 納米服務器和台式機時。我想，7納米的容量不會消失。隨著新容量上線，它將保持不變。因此，我只想確保我了解有關供應信心的所有變量。

Yes, absolutely, Matt. Thanks for the question. So we've been working on sort of the supply chain really for the last 4 or 5 quarters knowing the growth that we have from a product standpoint and the visibility that we have from customers. So in regards to your question on 2022 supply environment, we made significant investments in wafer capacity as well as substrate capacity and back-end capacity. We feel very good about our progress in the supply chain to meet the 2022 guidance. And our goal is, frankly, to have enough supply to satisfy the demand out there. So our view is we're going to continue to work with our partners and our customers to ensure that we know what they need. And likewise, our capacity investments are for 2022, but also beyond '22 because as the business grows, we need to continue to forecast and make plans for that, and that's what we've been working on.

是的，絕對是，馬特。謝謝你的問題。因此，在過去的 4 或 5 個季度裡，我們一直在研究某種供應鏈，從產品的角度了解我們的增長以及我們從客戶那裡獲得的知名度。因此，關於您關於 2022 年供應環境的問題，我們在晶圓產能以及基板產能和後端產能方面進行了大量投資。我們對我們在供應鏈方面的進展感到非常滿意，以滿足 2022 年的指導方針。坦率地說，我們的目標是有足夠的供應來滿足那裡的需求。因此，我們的觀點是，我們將繼續與我們的合作夥伴和客戶合作，以確保我們了解他們的需求。同樣，我們的產能投資是針對 2022 年的，但也會超過 22 年，因為隨著業務的增長，我們需要繼續預測並為此制定計劃，這就是我們一直在努力的方向。

Very good. Just as a follow-up, I've been hearing more and more, and as you guys roll out the 5-nanometer portfolio, many of those products in server and in desktop will include next-generation Infinity Fabric. And it's been a conversation for a while about what you guys have branded sort of [A + A], AMD CPU and GPU together. I wonder as you look out over the next several quarters, how -- Lisa, how would you characterize that combination in importance to your company strategy and the growth?

非常好。作為後續，我聽到越來越多的消息，隨著你們推出 5 納米產品組合，服務器和台式機中的許多產品將包括下一代 Infinity Fabric。一段時間以來，你們一直在討論你們將 [A + A]、AMD CPU 和 GPU 結合在一起的品牌。我想知道，當您展望接下來的幾個季度時，Lisa，您如何描述這種組合對您的公司戰略和增長的重要性？

Yes. Well, we're very excited about our 5-nanometer products. I think Zen 4 is very critical. It's a focus for this year for both our server road map as well as our client road map. And then the work with the Infinity Fabric really -- really is just on top of that and allows us to continue to optimize sort of the AMD CPU and GPU ecosystem together. So whether on the data center side, with our data center GPU products, working with EPYC in high-performance computing or on the PC side, when we have our AMD APUs plus our discrete graphics plus the software on top. So it is an important -- very important element of our strategy, and it just goes to continuing to differentiate with the overall portfolio as we go into these new platforms.

是的。嗯，我們對我們的 5 納米產品感到非常興奮。我認為 Zen 4 非常關鍵。這是今年我們的服務器路線圖和客戶端路線圖的重點。然後使用 Infinity Fabric 的工作真的——真的只是在此之上，讓我們能夠繼續優化 AMD CPU 和 GPU 生態系統。因此，無論是在數據中心方面，使用我們的數據中心 GPU 產品，在高性能計算方面與 EPYC 合作，還是在 PC 方面，當我們擁有 AMD APU 加上我們的獨立顯卡以及頂部的軟件時。因此，它是我們戰略中一個重要且非常重要的元素，當我們進入這些新平台時，它只是繼續與整體投資組合區分開來。

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 strong results and the strong guide. Lisa, I just want to talk about the computing segment, the client computing side. At least in my model, that was a significant portion of the upside in the quarter after, I believe, last quarter, you talked about not wanting to fill the channel and make sure you shift according to demand. So in the near term, what changed? And perhaps more importantly, as you look into 2022, it appears that you're planning for significant share gains to continue in that sector. Can you talk a little bit about what gives the confidence for that share gain, please?

恭喜您取得了出色的成績和強有力的指導。 Lisa，我只想談談計算部分，即客戶端計算端。至少在我的模型中，這是該季度上漲的很大一部分，我相信，上個季度，您談到不想填補渠道並確保您根據需求進行調整。那麼在短期內，發生了什麼變化？也許更重要的是，當您展望 2022 年時，您似乎正計劃在該領域繼續獲得顯著的份額收益。你能談談是什麼讓我們對股票收益有信心嗎？

Sure, Ross. So your question about the Computing and Graphics segment. Look, our focus in this segment is to be very closely aligned with our customers and what they're doing in the market. So we've been monitoring sell-in and sell-out and sell-through trends very carefully. I think the strength that we saw in the fourth quarter was very much a result of sort of the product strength. And we saw very nice notebook demand continuing at the premium part of the market in commercial, gaming, premium ultrathin. So we believe that the PC performance was a bit above our original guidance, but we believe that was to match end user demand.

當然，羅斯。所以你關於計算和圖形部分的問題。看，我們在這一領域的重點是與我們的客戶以及他們在市場上所做的事情非常緊密地保持一致。因此，我們一直在非常仔細地監控銷售、銷售和銷售趨勢。我認為我們在第四季度看到的實力很大程度上是產品實力的結果。我們看到，在商業、遊戲、優質超薄市場的高端部分，筆記本電腦的需求持續增長。因此，我們認為 PC 性能略高於我們最初的指導，但我們認為這是為了滿足最終用戶的需求。

Going into 2022. Again, same story. I think the -- what we see is 2021 was a strong year for PCs. Overall, the industry shipped approximately 350 million units. I think our view is that 2022 will be roughly flattish from a unit standpoint. But we will see some mix changes in there with enterprise and premium being stronger than, for example, low end and education.

進入 2022 年。同樣的故事。我認為——我們看到的是 2021 年對於個人電腦來說是強勁的一年。總體而言，該行業的出貨量約為 3.5 億台。我認為我們的觀點是，從單位的角度來看，2022 年將大致持平。但是我們會看到一些混合變化，其中企業和高級比低端和教育強。

So from our standpoint, it's revenue share that we believe we can gain. It's the strength of our Ryzen 6000 series that we just launched at CES. We have 200 platforms from all of the OEM customers. And we have pretty good visibility in working with our customers on that. So -- and I think we feel good about it. And again, the client business is one of -- all of our businesses will grow. And I like that diversity, frankly, in the portfolio. But we feel good about the progress we've made in PCs, and we'll continue to ensure that we're matching sell-in with sell-out so that there is not inventory build in the business.

因此，從我們的角度來看，我們相信我們可以獲得的收入份額。這是我們剛剛在 CES 上推出的銳龍 6000 系列的優勢所在。我們擁有來自所有 OEM 客戶的 200 個平台。我們在與客戶合作方面有很好的知名度。所以 - 我認為我們對此感覺良好。再一次，客戶業務是我們所有業務之一。坦率地說，我喜歡投資組合中的這種多樣性。但我們對我們在 PC 方面取得的進展感到滿意，我們將繼續確保我們將售罄與售罄相匹配，這樣業務中就不會產生庫存。

Maybe a quick follow-up on the pricing side of the equation. You talked about getting enough supply to grow the impressive targets that you guys have for the year. Conceptually and strategically, how do you think about pricing? Is that something you pass along? Is it a tailwind to gross margin? And I don't know if you'd give any sort of precision, but out of the 30%-plus that you're guiding to for the fiscal year, roughly, how do we think about pricing as a tailwind within that?

也許是對等式定價方面的快速跟進。你談到了獲得足夠的供應來實現你們今年的令人印象深刻的目標。從概念上和戰略上，您如何看待定價？那是你傳遞的東西嗎？毛利率是順風嗎？而且我不知道您是否會給出任何精確度，但是在您為本財年指導的 30% 以上的情況下，大致而言，我們如何將定價視為其中的順風？

Yes. Well, I would say the way to think about pricing is the industry has seen some price increases across the supply chain. And that's as to be expected given the amount of capacity that we're all putting on to satisfy the strong demand. So we're always in this for the long term and working with our supply chain partners as well as our customers to ensure that we find a way to kind of share the additional costs. But our focus is on ensuring that we have the supply to meet the high demand. And I think what you're seeing is growth in the model from the standpoint that we've always kind of said we're under-represented in the business. When you look even today with all of our growth, we're still under-represented in the business, whether you're talking about the server business or the PC business. And so we believe that our product strength and our customer engagements are such that we can grow significantly in this environment.

是的。好吧，我想說考慮定價的方式是該行業已經看到整個供應鏈的價格上漲。考慮到我們為滿足強勁需求而投入的大量產能，這在意料之中。因此，我們始終致力於長期這樣做，並與我們的供應鏈合作夥伴以及我們的客戶合作，以確保我們找到一種分擔額外成本的方法。但我們的重點是確保我們有足夠的供應來滿足高需求。而且我認為你看到的是模型的增長，從我們一直說我們在業務中的代表性不足的角度來看。即使您在今天看到我們所有的增長，我們在業務中的代表性仍然不足，無論您是在談論服務器業務還是 PC 業務。因此，我們相信我們的產品實力和客戶參與度使我們能夠在這種環境中顯著增長。

Our next question today is coming from Vivek Arya from Bank of America.

我們今天的下一個問題來自美國銀行的 Vivek Arya。

Lisa, I wanted to get your thoughts on the competitive landscape in the server market this year versus last. Your competitor, Intel, is launching their Sapphire Rapids platform. They seem to be very excited about that. They're adding a lot of capacity in their fabs. Yet enterprise spending, which has tended to favor them in the past, right, is also coming back. So I'm just curious, how are you thinking about AMD's ability to gain more share in servers this year?

Lisa，我想听聽你對今年與去年服務器市場競爭格局的看法。您的競爭對手英特爾正在推出他們的 Sapphire Rapids 平台。他們似乎對此非常興奮。他們在自己的晶圓廠中增加了很多產能。然而，過去往往對他們有利的企業支出也正在捲土重來。所以我很好奇，您如何看待 AMD 今年在服務器領域獲得更多份額的能力？

Yes, Vivek. So look, we always expect the competitive environment to be very strong and very aggressive. And that's the way we plan our business. That being the case, I think we're very happy with the growth that we've seen in the business sort of last year. And as we look forward, we see opportunities in both cloud and enterprise.

是的，維維克。所以看，我們總是期望競爭環境非常強大和非常激進。這就是我們計劃業務的方式。既然如此，我認為我們對去年的業務增長感到非常滿意。展望未來，我們看到了雲計算和企業領域的機遇。

On the cloud side, we're in 10 of the largest hyperscalers in the world - are using AMD. As they get familiar with us over multiple generations, they're expanding the workloads that they're using AMD on. So we see that across internal and external workloads.

在雲端，我們在世界上最大的 10 家超大規模企業中——都在使用 AMD。隨著他們幾代人對我們的熟悉，他們正在擴展他們使用 AMD 的工作負載。因此，我們在內部和外部工作負載中都看到了這一點。

In the enterprise segment, we doubled year over year here in 2021. We continue to add more field support to have more people get familiar with our architecture. We have very strong OEM relationships. So I feel very good about our server trajectory. And yes, it's very competitive out there. But we think the data center business is a secular growth business. And within that, we can grow significantly faster than the market.

在企業領域，我們在 2021 年同比翻了一番。我們繼續增加更多的現場支持，讓更多的人熟悉我們的架構。我們有非常牢固的 OEM 關係。所以我對我們的服務器軌跡感覺很好。是的，那裡的競爭非常激烈。但我們認為數據中心業務是一項長期增長的業務。在此範圍內，我們的增長速度可以明顯快於市場。

All right. For my follow-up, Lisa, the semiconductor industry just went through a very tough time last year and even into this year, given all the supply shortages. I'm curious, what has that done to help you build stronger relationships with your customers who are perhaps looking for a more consistent execution on the road map and more reliable sources of supply? So how is the shortage environment in semis changed the way customers are looking at AMD today than how they used to look at you historically?

好的。對於我的後續行動，麗莎，半導體行業去年剛剛經歷了一段非常艱難的時期，甚至到了今年，考慮到所有的供應短缺。我很好奇，這對幫助您與可能正在尋求更一致的路線圖執行和更可靠的供應來源的客戶建立更牢固的關係做了什麼？那麼，與過去他們過去對 AMD 的看法相比，半導體的短缺環境如何改變了客戶今天對 AMD 的看法？

Yes. I think, Vivek, the most important thing that we are sort of working on with our customers is really consistent execution. And so when you look at the last year and sort of some of the supply-demand imbalance, it has actually caused us to work much, much more closely with our customers. I think we have -- we're talking about visibility now multiple quarters and, in some cases, multiple years out. For the type of capacity that we're talking about for the size of the customers that we're talking to, we need to do that to plan to have the capability to support all of that capability. So overall, I think we have definitely deepened the relationships with the customers. And by the way, also, we've deepened the relationships with our supply chain partners. So I think the entire sort of -- the entire food chain needs to come together to deliver on the very strong demand that's out there. So that's certainly what we've been working on.

是的。我認為，Vivek，我們與客戶合作的最重要的事情是真正一致的執行。因此，當您查看去年的一些供需失衡時，它實際上導致我們與客戶的合作更加緊密。我認為我們已經 - 我們現在正在談論多個季度的可見性，在某些情況下，甚至是多年以後。對於我們正在談論的與我們正在交談的客戶規模的容量類型，我們需要這樣做以計劃有能力支持所有這些能力。所以總的來說，我認為我們確實加深了與客戶的關係。順便說一句，我們還加深了與供應鏈合作夥伴的關係。所以我認為整個食物鏈需要聯合起來，以滿足非常強勁的需求。所以這當然是我們一直在努力的。

Our next question today is coming from Toshiya Hari from Goldman Sachs.

我們今天的下一個問題來自高盛的 Toshiya Hari。

Great. Congrats on the strong results, Lisa. I had 2 questions as well. One relatively short term and one on Xilinx. The short-term question. Just on Q1 revenue, you're obviously guiding total company revenue up on a sequential basis. Your nearest competitor talked about CPU inventory corrections in the quarter. Is that something that you're seeing in the market? And if so, is that contemplated in your guidance?

偉大的。恭喜你取得了不錯的成績，麗莎。我也有2個問題。一個相對短期，一個在 Xilinx。短期問題。僅就第一季度的收入而言，您顯然是在引導公司總收入連續增長。您最接近的競爭對手談到了本季度的 CPU 庫存修正。這是你在市場上看到的嗎？如果是這樣，您的指導是否考慮到了這一點？

Sure, Toshiya. Thanks for the question. So yes, our guide in Q1 actually is up sequentially. Usually, we're down sequentially, just given normal seasonality, but the demand patterns are such that demand is strong and we have additional supply coming on board, and so that's why we're guiding sequentially up.

沒錯，東芝。謝謝你的問題。所以是的，我們在第一季度的指南實際上是按順序上升的。通常情況下，我們是按順序下降的，只是考慮到正常的季節性，但需求模式使得需求強勁，我們有額外的供應，所以這就是我們按順序向上引導的原因。

As it relates to CPU inventory, whether in PCs or in servers, we don't believe there is any significant inventory of our products, whether at our customers or sort of in the retailer channel. So from that standpoint, I think we've been watching very carefully the sell-in and sell-through patterns, and we believe we're matched to end-user demand.

由於它與 CPU 庫存有關，無論是在 PC 中還是在服務器中，我們認為我們的產品沒有任何大量庫存，無論是在我們的客戶還是在零售商渠道中。所以從這個角度來看，我認為我們一直在非常仔細地觀察銷售和銷售模式，我們相信我們與最終用戶的需求相匹配。

Great. And as my quick follow-up on Xilinx. It's been a while since your initial announcement. I'm sure you've had quite a bit of back and forth with your customers. You've had time to monitor how they've been performing as a stand-alone company. How has your view on the company and sort of the technology and the potential revenue synergies going forward evolved at all? I know you're still waiting to close this thing. So maybe you can't say too much, but just curious how your view on things have evolved as it relates to Xilinx.

偉大的。作為我對 Xilinx 的快速跟進。距離你最初的公告已經有一段時間了。我敢肯定你和你的客戶有過相當多的來回。您有時間監控他們作為一家獨立公司的表現。您對公司的看法以及未來的技術和潛在的收入協同效應是如何演變的？我知道你還在等著關閉這個東西。所以也許你不能說太多，但只是好奇你對事物的看法是如何演變的，因為它與 Xilinx 相關。

Yes, absolutely. Look, I'm extremely excited about Xilinx. I mean I would say that we very much have been planning for the integration over this period of time. We've had customers anxious to talk to us about combined road maps. When we think about sort of the technology that they have, it's very complementary to ours, very, very strong team. And their business results were just posted last week, and their business is also doing it very, very well. So I think the combination is going to be very exciting. We look forward to telling you a lot more about it as we get to close and beyond.

是的，一點沒錯。看，我對 Xilinx 感到非常興奮。我的意思是我想說，我們在這段時間裡一直在計劃整合。我們有客戶急於與我們討論組合路線圖。當我們考慮他們擁有的某種技術時，它與我們非常非常強大的團隊非常互補。他們的業務結果上周剛剛發布，他們的業務也做得非常非常好。所以我認為這種組合會非常令人興奮。我們期待著在我們接近和超越時告訴您更多關於它的信息。

Our next question today is coming from John Pitzer from Credit Suisse.

我們今天的下一個問題來自瑞士信貸的約翰·皮策。

Lisa, a couple of questions. First, I'm wondering if you could just help me better understand the fungibility of your capacity planning throughout the year, i.e., I understand that your view on the PC market this year is sort of flattish with a better mix and you gaining share. But in the event that come midyear that were to change and perhaps be a little bit worse than thought, do you have the ability to re-jigger your sort of supply chain to move towards server and CPU? How does that kind of math work?

麗莎，幾個問題。首先，我想知道您是否可以幫助我更好地了解您全年容量規劃的可替代性，即，我知道您對今年 PC 市場的看法有點平淡，混合更好，並且您獲得了份額。但是，如果年中發生變化並且可能比想像的更糟，您是否有能力重新調整您的供應鏈以轉向服務器和 CPU？這種數學是如何工作的？

Yes, John, so we've certainly worked very hard to give ourselves fungibility amongst the various capacity corridors that we have. So we've done numerous cross-qualifications and new factory bring-ups and all of that stuff. So I would say it's not 100% fungible, but there -- it is -- there is an ability to move across the different businesses. And we make that a dynamic allocation decision sort of like weekly based on what we see going on.

是的，約翰，所以我們當然非常努力地在我們擁有的各種容量走廊中賦予自己可替代性。因此，我們已經完成了許多交叉認證和新工廠啟動以及所有這些事情。所以我會說它不是 100% 可替代的，但有 - 它是 - 有能力跨越不同的業務。我們會根據我們所看到的情況做出類似於每週一次的動態分配決策。

So I think we have a pretty good pulse on the market. We sort of understand sort of what's going on. And our customers are giving us signals on a regular basis. And so I think we'll be able to manage through at all of the puts and takes as we go through the year.

所以我認為我們在市場上的脈搏非常好。我們有點理解發生了什麼。我們的客戶定期向我們發出信號。因此，我認為我們將能夠在這一年中管理所有的看跌期權。

That's helpful. And then my second question, just on data center and GPU. Where does that factor into kind of your growth expectations for this year? And now that you've created sort of a strong beachhead of EPYC inside the data center, does that help the sales cycle at all to get more GPU penetration?

這很有幫助。然後是我的第二個問題，就數據中心和 GPU 而言。這對您今年的增長預期有何影響？現在你已經在數據中心內創建了一個強大的 EPYC 灘頭陣地，這是否有助於銷售週期獲得更多的 GPU 滲透？

Yes, sure. So data center GPU had a very strong year in 2021. It was sort of a key year for us as we launched the MI200 family and we had several large supercomputing wins. This year, for data center GPU, it's about the cloud and about sort of expanding beyond sort of the large HPC wins. I view it as a strategic growth vector for us over the next several years. I think your question is a good one about sort of the pull. Now that EPYC is very sort of well-established in these accounts, I do think that helps us with data center GPU. But the way to think about it is this is a long-term investment for us. The hardware is very, very good. We've been investing more in the software. We've been working with our customers to ensure that our tool chain gets them the performance that they need. And so, I would say this is a longer-term driver, but I'm pleased with the progress that we made certainly through this last year.

是的，當然。因此，數據中心 GPU 在 2021 年是非常強勁的一年。這對我們來說是關鍵的一年，因為我們推出了 MI200 系列，並且我們取得了幾項大型超級計算的勝利。今年，對於數據中心 GPU，它是關於雲的，並且是關於超越大型 HPC 勝利的一種擴展。我認為它是我們未來幾年的戰略增長載體。我認為你的問題是關於拉力的一個很好的問題。現在 EPYC（霄龍）在這些賬戶中已經非常成熟，我確實認為這有助於我們使用數據中心 GPU。但思考的方式是，這對我們來說是一項長期投資。硬件非常非常好。我們一直在軟件上進行更多投資。我們一直在與客戶合作，以確保我們的工具鍊為他們提供所需的性能。因此，我會說這是一個長期的驅動力，但我對我們去年取得的進展感到高興。

Our next question is coming from Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I was curious on the EPYC side and the preamble. You have clearly strong trends in cloud and enterprise and HPC. Just curious on the comp channel. You had a press release recently with Nokia. I know it's kind of early days, but any kind of comments you had in terms of your design progress there? It's kind of the last area that you haven't really penetrated in servers.

我對 EPYC（霄龍）方面和序言很好奇。您在雲、企業和 HPC 方面有著明顯的強勁趨勢。只是對comp頻道感到好奇。您最近與諾基亞發布了新聞稿。我知道現在還處於早期階段，但是您對那裡的設計進展有何評論？這是您在服務器中尚未真正深入的最後一個領域。

Yes. Sure, Blayne. It's still very early. But yes, we're very happy with the partnership with Nokia that was announced. As you said, this is an area where we're early in the cycle. It's an area where we're building relationships. And so, I feel good about the progress there, but I would say it's still quite early. And then you didn't ask this, but just one of the other things with the communications and 5G. As we bring Xilinx into the equation, they also have very deep relationships with a number of these accounts. And so, we see that as an incremental positive as we think about EPYC in communications.

是的。當然，布萊恩。現在還很早。但是，是的，我們對宣布的與諾基亞的合作關係感到非常高興。正如你所說，這是我們處於週期早期的一個領域。這是我們正在建立關係的領域。所以，我對那裡的進展感覺很好，但我想說現在還為時過早。然後你沒有問這個，而只是通信和 5G 的其他問題之一。當我們將 Xilinx 納入等式時，他們也與其中許多客戶有著非常深厚的關係。因此，當我們在通信中考慮 EPYC（霄龍）時，我們認為這是一個漸進的積極因素。

And then maybe for my follow-up, just on the March guidance. Semi-Custom typically has a pretty seasonal decline. It's been anything but typical. And you had very strong trends it seems like in the end of the year. So, I'm just kind of curious within that March guidance that I think you can provide in terms of -- I'm assuming it's probably down, but I am just kind of curious versus normal levels. If you could just tell us anything, that would be helpful.

然後也許是我的後續行動，就在三月份的指導上。半定制通常有一個相當季節性的下降。這不是典型的。你有非常強烈的趨勢，看起來就像在年底。所以，我只是對三月份的指導感到好奇，我認為你可以提供這些指導——我假設它可能已經下降，但我只是對正常水平有點好奇。如果您能告訴我們任何事情，那將很有幫助。

Sure. So, for the Q1 guide, the sequential up is being driven by -- primarily by server and then also by client. For Semi-Custom, it is normally significantly down. And this year, it is flattish into the first quarter. And it's -- as you said, the seasonal patterns aren't there. Demand continues to be strong, and we continue to support our customers with additional product there.

當然。因此，對於第一季度指南，順序向上是由 - 主要由服務器驅動，然後由客戶端驅動。對於半定制，它通常會顯著下降。而今年，第一季度持平。而且它 - 正如你所說，季節性模式不存在。需求繼續強勁，我們繼續為客戶提供更多產品支持。

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。

First, I want to revisit the pricing question. I don't think you quite answered it. I get the inflationary environment, I get your costs are going up, it's fair to pass those along. But of the 31% growth in 2022, how much of a tailwind is pricing? I mean is it none? Is it some? Like how much? What's the number?

首先，我想重新審視定價問題。我不認為你完全回答了它。我知道通貨膨脹的環境，我知道你的成本正在上升，將這些傳遞下去是公平的。但在 2022 年 31% 的增長中，定價的順風有多大？我的意思是沒有？是一些嗎？比如多少錢？號碼是多少？

Stacy, I don't think I'm going to answer that exactly. But what I will say is what I said before. Look, we are sharing. As we go through this environment, the key is to have long-term relationships, both on the supply chain side and on the customer side. But without a doubt, the predominant growth is products. So, it's units and ASPs from the mix of the product, and that's the predominant growth.

斯泰西，我想我不會準確地回答這個問題。但我要說的是我之前說過的。看，我們正在分享。當我們經歷這種環境時，關鍵是要在供應鏈方面和客戶方面建立長期關係。但毫無疑問，主要的增長是產品。因此，它是產品組合中的單位和平均售價，這是主要的增長。

Okay. Okay. For my follow-up, look, I feel really bad about nitpicking on a 51% gross margin, but I am going to, so I apologize in advance. But I'll be honest, just given the mix seemingly should be getting quite a bit better year-over-year in '22 versus '21, and you're almost sitting at 51%, I mean, even going into Q1 anyway. Like why doesn't that margin go higher? Can you give us some feeling of the drivers, I guess, from where you're sitting right now in Q4 to Q1 guide through the year? Like why shouldn't we expect more upside to that gross margin given where the mix is going?

好的。好的。對於我的後續行動，看，我對 51% 的毛利率吹毛求疵感到非常難過，但我會這樣做，所以我提前道歉。但我會說實話，只是考慮到 22 年與 21 年的組合似乎應該比去年同期好很多，而且你幾乎坐在 51%，我的意思是，即使進入第一季度也是如此。比如為什麼這個利潤率沒有更高？你能給我們一些司機的感覺嗎，我猜，從你現在在第四季度到第一季度的指南中坐在哪裡？考慮到組合的發展方向，為什麼我們不應該期望毛利率有更多上升空間？

Yes, Stacy, I can take that. As you heard Lisa talk about Semi-Custom in Q4 to Q1, you would expect an increase, but it is flattish. And really, it's product mix-dependent, right? I think looking at any particular quarter is sometimes not the way to do it. It's kind of looking at the long term. We did 48-plus percent in [2021] (corrected by the company after the call), and we're going to 51% as a guide in 2022. And if you look at it from that standpoint, the margin of the company continues to go up in a very steady way as data center grows, as we get to a better mix of product within the Client and Graphics business, and that's, I think, the better way to look at it, Stacy.

是的，斯泰西，我可以接受。正如您在第 4 至第 1 季度聽到 Lisa 談論半定制一樣，您預計會有所增長，但它是平淡的。真的，它依賴於產品組合，對吧？我認為查看任何特定季度有時不是這樣做的方法。有點長遠的眼光。我們在 [2021] 年實現了 48% 以上（在電話會議後由公司更正），我們將在 2022 年達到 51% 作為指導。如果你從這個角度來看，公司的利潤率仍在繼續隨著數據中心的發展，隨著我們在客戶端和圖形業務中獲得更好的產品組合，我認為這是更好的看待它的方式，Stacy。

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 had one for Lisa and one for Devinder, if I may. Lisa, on -- it seems like one of the potential threats to the merchant processor players like yourself is that your own customers are designing their own processors. And I'm wondering, does AMD have a role working with your customers to provide customized solutions, be it tweaking x86 or codesigning something more specific together hand in hand? I don't know if Xilinx would play a role in that. Could you just talk about what you're doing on -- with your customers on that effort?

如果可以的話，我有一份給麗莎，一份給德溫德。麗莎，對像您這樣的商家處理器玩家來說，潛在威脅之一似乎是您自己的客戶正在設計他們自己的處理器。我想知道，AMD 是否有責任與您的客戶合作提供定制的解決方案，無論是調整 x86 還是攜手合作設計更具體的東西？我不知道賽靈思是否會在其中發揮作用。你能談談你在做什麼——和你的客戶一起努力嗎？

Yes, sure, Mark. So, actually, it's a very exciting area. It's -- just consider it an evolution of -- we've always had a semi-custom model, like the work that we do with the console guys to design specifically for their application. As we look at the broader set of applications, including some of these data center applications, we do believe that there's a sort of the next leg of the stool in terms of deep customer relationships. So, we already do a lot of customization around product SKUs and specific optimization points, but we can certainly imagine both customer IP, or different incarnations of our IP, to really optimize. Because as these applications end up really requiring so much volume, it really does justify additional customization for those cases.

是的，當然，馬克。所以，實際上，這是一個非常令人興奮的領域。它 - 只是考慮它的演變 - 我們一直有一個半定制模型，就像我們與控制台人員一起為他們的應用程序專門設計的工作一樣。當我們看到更廣泛的應用程序集（包括其中一些數據中心應用程序）時，我們確實相信在深入的客戶關係方面存在某種凳子的下一條腿。因此，我們已經圍繞產品 SKU 和特定優化點進行了大量定制，但我們當然可以想像客戶 IP 或我們 IP 的不同化身都可以真正優化。因為這些應用程序最終確實需要如此多的容量，所以確實證明了對這些情況進行額外定制是合理的。

Got you. And then a follow-up for Devinder, if I may. Devinder, 5, 10 years ago, I don't think a lot of people would have expected to hear you talk about buying back billions of dollars worth of stock. So congratulations on that progress. The question on this topic is, where are -- where is AMD in terms of evolving this recent capital return push into a policy? Are you at a point where you're just looking opportunistically to buying back stock? Or some companies say, we're going to return x percent of our cash flow to shareholders. Where is AMD in this -- in the evolution of capital return?

得到你。如果可以的話，然後是 Devinder 的後續行動。 Devinder，5、10 年前，我想很多人都不會期望聽到你談論回購價值數十億美元的股票。因此，祝賀這一進展。關於這個話題的問題是，在將最近的資本回報推動轉變為政策方面，AMD 在哪裡？您是否正處於機會主義地回購股票的地步？或者有些公司說，我們將把 x% 的現金流返還給股東。 AMD 在這方面處於什麼位置——在資本回報的演變中？

I think we just started in 2021, $1.8 billion. We did another $1 billion early in 2022. And certainly, that -- those purchases are part of our long-term $4 billion share repurchase program.

我認為我們剛剛在 2021 年開始，18 億美元。我們在 2022 年初又做了 10 億美元。當然，這些購買是我們長期 40 億美元股票回購計劃的一部分。

To your question about policy, I don't think we're quite there yet. We just started. We'll evaluate it as we close the Xilinx transaction and also in our outlook of the business, confidence in the business and then evaluate what we do from an overall standpoint as we look out to the future, the next few years here.

對於你關於政策的問題，我認為我們還沒有完全做到這一點。我們才剛剛開始。我們將在完成 Xilinx 交易時對其進行評估，並評估我們的業務前景、對業務的信心，然後在展望未來幾年時從整體角度評估我們所做的工作。

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。

Great. You've obviously done a great job of bringing on supply. But it seems like AMD product is still relatively tight kind of everywhere. Do you see the constraints being more severe in any of the end markets versus any of the others?

偉大的。顯然，你在增加供應方面做得很好。但似乎AMD的產品到處都是比較緊的那種。與其他任何一個終端市場相比，您是否認為任何終端市場的限制都更加嚴重？

Sure, Joe. Well, I think overall, we have been in a mode of demand is larger than supply. Although we made a lot of progress through 2021. And I expect to make more progress, really incremental capacity will come online through 2022, especially in the second half. So I think it's really about sort of our prioritization decisions and trying to ensure that we spend -- that we're satisfying our customers' needs. But we're definitely working on getting more supply as we go through the year. And I think you should see it loosen up a bit.

當然，喬。好吧，我認為總的來說，我們一直處於需求大於供給的模式。儘管到 2021 年我們取得了很大進展。而且我預計會取得更多進展，但真正的增量產能將在 2022 年上線，尤其是在下半年。所以我認為這實際上是關於我們的優先級決策，並試圖確保我們的支出——我們正在滿足客戶的需求。但隨著這一年的過去，我們肯定會努力獲得更多的供應。我認為你應該看到它放鬆了一點。

Great. And then for my follow-up, you mentioned, I think, within server that both enterprise and cloud were up over 100%, which seems pretty good. Can you talk about the mix of enterprise versus cloud within that business, give us some qualitative sense of how big enterprise it has become.

偉大的。然後在我的後續行動中，你提到，我認為，在服務器內企業和雲計算都增長了 100% 以上，這看起來相當不錯。您能否談談該業務中企業與雲的組合，讓我們對它已成為多大的企業有一些定性的認識。

Yes. So enterprise has grown nicely. I mean we're still cloud-weighted. So if you look -- sometimes these patterns, it's better to look on a full year basis. So we are still cloud-weighted relative to enterprise. But enterprise has made a really nice progress. It's a sizable business, and the -- we've made progress with the larger OEMs as well as across a number of regional OEMs.

是的。所以企業發展得很好。我的意思是我們仍然是雲加權的。因此，如果您查看 - 有時這些模式，最好查看全年。因此，相對於企業而言，我們仍然是雲加權的。但是企業取得了非常好的進展。這是一項規模相當大的業務，而且我們已經與大型 OEM 以及許多區域 OEM 取得了進展。

Certainly. Our next question is coming from Chris Caso from Raymond James.

當然。我們的下一個問題來自 Raymond James 的 Chris Caso。

First question is, if you could give some indication of the strategy behind some of the processor variants that have come out, most recently Milan-X and Bergamo coming up. Do those variants represent incremental revenue to AMD? What's the strategy behind it? How does that help you -- help the product line?

第一個問題是，如果你能給出一些已經出現的處理器變體背後的策略的跡象，最近米蘭-X 和貝加莫出現了。這些變體是否代表 AMD 的增量收入？其背後的策略是什麼？這對你有什麼幫助——幫助產品線？

Sure, Chris. Well, I think the strategy is as we have gotten more scale in the business, we can invest more and we see ways to further differentiate our product portfolio. So I mean I think Milan-X is really sort of the highest of the highest end. And we see that for technical computing and some of these EDA workloads that, that does give us a very differentiated product. And then we have the regular Milan product line. We'll have Genoa. And Bergamo is really optimized for cloud.

當然，克里斯。好吧，我認為我們的戰略是隨著我們業務規模的擴大，我們可以進行更多投資，並且我們看到了進一步區分我們的產品組合的方法。所以我的意思是我認為 Milan-X 確實是最高端中的最高端。我們看到，對於技術計算和其中一些 EDA 工作負載，這確實為我們提供了非常差異化的產品。然後我們有常規的米蘭產品線。我們將有熱那亞。貝加莫確實針對雲進行了優化。

So I do believe it gives us more opportunity to expand from a market share and a footprint standpoint. And I think the broader statement, Chris, is that the data center is so large. There are so many different workloads that you can optimize. Like by doing these variants, we will actually get a better solution for the customer, give them better total cost of ownership and, hopefully, give us a larger footprint in that workload as well.

所以我相信它給了我們更多從市場份額和足蹟的角度擴展的機會。克里斯，我認為更廣泛的說法是數據中心是如此之大。您可以優化許多不同的工作負載。就像通過這些變體一樣，我們實際上將為客戶獲得更好的解決方案，為他們提供更好的總體擁有成本，並希望在該工作負載中也為我們提供更大的足跡。

As a follow-up, the follow-up question is about supply and just following up on some of your earlier comments. But can you tell us how you're approaching that now with getting the additional supply? Is it a factor of your customers coming to you with the requirements and then you're going back to the foundry? And obviously, you need to make commitments to the foundries right now. Are those backed up by customer commitments? And in the event that business turns out to be better as it was last year, are you able to procure that additional supply in time for when the business needs it?

作為後續，後續問題是關於供應的，只是跟進您之前的一些評論。但是你能告訴我們你現在是如何通過獲得額外供應來解決這個問題的嗎？是否是您的客戶帶著要求來找您，然後您又回到代工廠的一個因素？顯然，您現在需要對代工廠做出承諾。這些是否得到客戶承諾的支持？如果業務比去年更好，您是否能夠在業務需要時及時採購額外的供應？

Yes. We've set out a road map for, frankly, not just 2022 but beyond, which allows, let's call it, very aggressive growth goals. We work that on a regular basis with our customers and our supply chain partners. I would say we have better visibility than we have ever had from a customer demand standpoint. And so that gives us pretty good confidence in terms of what is needed, but there are always going to be some puts and takes. And so we have enough flexibility to do that.

是的。坦率地說，我們已經制定了路線圖，不僅是 2022 年，而且是更遠的時間，我們稱之為非常激進的增長目標。我們定期與客戶和供應鏈合作夥伴合作。我想說，從客戶需求的角度來看，我們的能見度比以往任何時候都要好。因此，這讓我們對需要什麼充滿信心，但總會有一些投入和接受。所以我們有足夠的靈活性來做到這一點。

But our goal is to dimension for success, right? At the end of the day, that's what we want to do is we want to satisfy customer demand, and so we're dimensioning for success and work with our customers as their demand evolves.

但我們的目標是成功的維度，對吧？歸根結底，我們想做的就是滿足客戶的需求，因此我們正在確定成功的規模，並隨著客戶需求的變化與他們合作。

Our final question today is coming from Harlan Sur from JPMorgan.

我們今天的最後一個問題來自摩根大通的 Harlan Sur。

Just wanted to ask about your Embedded business. It's not often talked about, but it's a great market, right, diversified across markets, you can also leverage your leading edge and mature portfolio. You've got a pretty good lineup of EPYC-based and Ryzen-based processors targeting embedded. You've also gotten some pretty good design win traction in automotive with guys like Tesla. You've got wins in retail with digital signage, wins in networking, IoT edge platforms. And then with Xilinx, you can sort of really leverage their exposure in industrial automotive coming consumer end markets. It's a small part of the business today, but how do you see the embedded opportunity for AMD looking out over the next several years?

只是想詢問您的嵌入式業務。它不常被談論，但它是一個很棒的市場，對，跨市場多元化，您還可以利用您的領先優勢和成熟的投資組合。你有一個相當不錯的基於 EPYC 和基於 Ryzen 的嵌入式處理器陣容。您還與特斯拉這樣的人在汽車領域獲得了一些相當不錯的設計勝利。您已經通過數字標牌在零售領域取得了勝利，在網絡、物聯網邊緣平台方面取得了勝利。然後藉助賽靈思，您可以真正利用他們在工業汽車即將到來的消費端市場中的曝光率。它只是當今業務的一小部分，但您如何看待 AMD 未來幾年的嵌入式機會？

Yes. Thanks for the question, Harlan. Look, I like the Embedded business. I've always liked the Embedded business. It's a nice, sticky business over many years. It is smaller, but it has grown nicely. And the volume design wins in automotive and they've now sort of expanded their usage. They've recently expanded their usage over a broader part of their product portfolio. We've focused on networking and storage as key markets. I do think there is a very good synergy with Xilinx in terms of just the customer set and the channels. And so I do see it as a nice grower for us as we go through it, and there's very good reuse from our server products as well as our client products. So we'll talk -- again, we'll talk a little bit more about it as the business gets to more size. And that will be part of our Financial Analyst Day conversation when we get to that in June.

是的。謝謝你的問題，哈蘭。看，我喜歡嵌入式業務。我一直很喜歡嵌入式業務。多年來，這是一項不錯的粘性業務。它更小，但它長得很好。體積設計在汽車領域獲勝，他們現在已經擴大了使用範圍。他們最近將使用範圍擴大到其產品組合的更廣泛部分。我們專注於網絡和存儲作為關鍵市場。我確實認為，就客戶群和渠道而言，賽靈思與賽靈思有著非常好的協同作用。因此，當我們經歷它時，我確實認為它對我們來說是一個很好的種植者，並且我們的服務器產品以及我們的客戶端產品都有很好的重用性。所以我們會談談 - 隨著業務規模的擴大，我們會再談一點。當我們在 6 月份談到這一點時，這將成為我們金融分析師日對話的一部分。

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

我們的問答環節結束了。我想把地板翻過來，以獲得任何進一步的或結束的評論。

Everyone, thank you very much for joining us for our fourth quarter and full year 2021 earnings call. We appreciate your support of our company and look forward to seeing you again soon. As a reminder, we will have our Financial Analyst Day this year on June 9. Thank you, everyone. Have a great day.

大家，非常感謝您參加我們的 2021 年第四季度和全年財報電話會議。感謝您對我們公司的支持，期待很快再次見到您。提醒一下，我們將在 6 月 9 日舉行今年的金融分析師日。謝謝大家。祝你有美好的一天。

Thank you. That does conclude today's teleconference. You may disconnect your line 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，並有一個美好的一天。我們感謝您今天的參與。