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 年第四季和全年財務業績電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

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公司投資者關係副總裁勞拉·格雷夫斯 (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 2021 財年第四季和年度末財務業績電話會議。現在，您應該已經有機會查看我們的收益報告副本和隨附的幻燈片了。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。

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包括我們的總裁兼執行長蘇姿豐博士；以及我們的執行副總裁、財務長兼財務長 Devinder Kumar。這是一場現場通話，將透過我們網站上的網路直播重播。

Before we begin, I would like to note 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，伺服器高級副總裁兼總經理 Dan McNamara 將於 3 月 3 日星期四出席虛擬 Susquehanna Financial Group 第 11 屆年度技術會議。我們的 2022 年第一季靜默時間預計將於 3 月 11 日星期五下班後開始； AMD 將於 6 月 9 日星期四舉辦 2022 年財務分析師日。

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

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 與 GAAP 對帳表可在今天的新聞稿和我們網站上發布的幻燈片中找到。

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，蘿拉，祝今天收聽節目的各位下午好。 2021 年對 AMD 來說是傑出的一年，我們超額完成了積極的成長目標，創造了另一個創紀錄的一年。我們的各項業務均實現了顯著增長，並創下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.

年營收成長 68%，達到創紀錄的 164 億美元，並且連續第六年擴大毛利率。我們也實現了創紀錄的淨收入和每股收益，均比去年同期成長了一倍以上。

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.

縱觀第四季度，我們以異常強勁的業績結束了這一財年，連續六個季度實現了超過 45% 的同比收入增長。第四季營收較去年同期成長49%，達到創紀錄的48億美元。我們的毛利率年增了5個百分點以上，營業收入年增了一倍。

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分。受 Ryzen 和 Radeon 處理器銷量成長的推動，營收年增 32% 至 26 億美元。客戶端計算收入較去年同期增長了兩位數百分比，其中筆記型電腦銷量創歷史新高。本季度，我們看到高階 AMD 筆記型電腦和高階桌上型電腦 CPU 的需求強勁，因為 Ryzen 5000 處理器的出貨量較上季成長了兩位數。因此，我們相信我們連續第七個季度獲得了客戶端處理器收入份額。

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.

我們上個月在 CES 上推出了 Ryzen 6000 系列筆電 CPU，採用全新的 Zen 3+ 核心，進一步擴展了我們行動處理器在運算、遊戲和電池壽命方面的領先優勢。我們已獲得宏碁、華碩、戴爾、惠普、聯想和其他主要 PC 供應商的優質遊戲和商業設計訂單數量增加到 200 多個，其中包括 20 多款結合了 Ryzen CPU、Radeon GPU 和 Radeon 軟體以提供極致遊戲體驗的 AMD Advantage 筆記型電腦。

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.

我們也在 CES 上首次公開展示了即將推出的 Ryzen 7000 桌上型電腦處理器。 Ryzen 7000 系列桌上型電腦 GPU 將我們的高效能 5 奈米 Zen 4 核心與新 AM5 插槽中的下一代記憶體和 I/O 技術相結合，與我們目前的 Ryzen 處理器相比，效能顯著提升。市場對我們的下一代 Ryzen 桌上型電腦處理器非常期待，我們計劃在 2022 年下半年推出該處理器。

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.

在圖形業務方面，營收連續第三個季度年增一倍以上。受 RDNA 2 桌上型電腦系列強勁需求的帶動，Radeon 6000 系列 GPU 的出貨量和營收均較上季成長了兩位數。在 CES 上，我們宣布擴展我們的 Radeon 6000 系列 GPU 產品組合，推出首款主流 RDNA 2 桌上型 GPU，售價 199 美元。

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.

我們還推出了新的行動 GPU，其效能比上一代產品高出 20%，並且推出了首款用於輕薄遊戲筆記型電腦的行動圖形晶片。資料中心圖形營收年增一倍以上，這主要得益於我們最新的 Instinct MI200 加速器在 HPC 領域的成功。我們看到，基於我們新 MI200 加速器在 AI 和 HPC 方面的領先性能，客戶對我們資料中心 GPU 的參與度正在不斷增長，其中最突出的是多項超級運算勝利，以及華碩、戴爾、惠普、聯想、超微等公司將於本季稍後推出的擴展平台。

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、嵌入式和半客製化領域。受創紀錄的 EPYC 處理器和半客製化銷售的推動，營收年增 75% 至 22 億美元。由於當前遊戲機週期繼續超越前幾代，半客製化遊戲機的銷量較去年同期成長。我們預計，受微軟和索尼最新遊戲機持續強勁需求的推動，今年的營收將會成長。

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.

轉向伺服器。我們又度過了一個出色的季度。在雲端和企業客戶需求的推動下，營收年增一倍以上，並連續實現兩位數百分比成長。在雲端運算領域，由於最大的供應商擴大了內部部署，並且亞馬遜網路服務、阿里巴巴、谷歌、IBM、微軟 Azure 等公司推出了 130 多個新的由 AMD 驅動的實例，收入同比增長了一倍以上。

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，具有 3D 堆疊內存，其性能比目前可用的實例高出 80%。我們差異化的 3D 堆疊技術進一步擴展了 EPYC 處理器和 EDA、流體動力學和複雜模擬等技術計算工作負載的領先性能。我們在本季初開始大量生產具有 3D 堆疊記憶體的 EPYC 處理器，以便與所有主要伺服器合作夥伴一起推出 OEM 平台。

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.

企業業務方面，營收年增了一倍，這得益於戴爾、惠普企業、聯想、超微、思科等公司持續推出的 100 多個第三代 EPYC 平台。在 HPC 領域，EPYC 處理器的採用在 11 月最快的 TOP500 超級電腦榜單中得到了突顯，該榜單上採用 AMD 處理器的超級電腦數量同比增長了兩倍，達到 73 台。 EPYC 處理器也在 Green500 名單中佔據主導地位，目前為全球最高效的 10 台超級電腦中的 8 台提供動力。

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.

轉向我們的整體資料中心業務。去年我們取得了顯著的進步。 2021 年結束時，資料中心營收佔總營收的 20% 左右，基於客戶對我們目前和下一代產品的強勁需求訊號，我們預計 2022 年將再次實現顯著成長。

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，我們首次披露了代號為 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功能。客戶對 Genoa 的興奮度非常高，因為它擴展了我們在廣泛工作負載範圍內的效能領先地位。

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.

我們也宣布將 Bergamo 加入我們的伺服器路線圖中，其特色是我們的 Zen 4 核心的一個版本 Zen 4c，專門針對雲端原生運算進行了最佳化。 Bergamo 是一款高核數、節能的 CPU，可在與 Genoa 相同的平台上使用。它將配備多達 128 個 CPU 內核，並為雲端工作負載提供顯著的效能和能源效率優勢。我們目前正在向客戶提供熱那亞處理器樣品，並計劃於今年稍後推出，貝加莫處理器計劃於 2023 年上半年發貨。

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.

談到我們對 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。目前唯一需要的監管批准是 FTC 批准我們的 HSR 重新備案，我們預計將在 2022 年第一季完成交易。我比以往任何時候都更期待此次收購能為 AMD 和賽靈思的利害關係人帶來的好處。客戶的興奮程度也很高，因為他們期待有機會基於我們擴展的技術和解決方案組合深化與 AMD 的策略合作。

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.

總而言之，我對我們在 2021 年的表現感到無比自豪。我們創紀錄的年度業績凸顯了我們多年來強大的執行力，為 AMD 成為高效能運算領導者奠定了技術、營運和策略基礎。我們的每項業務在 2021 年都表現非常出色，成長速度遠遠超出了我們在 2020 年財務分析師日上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.

我想花點時間表彰和感謝 AMD 員工，他們的熱情、奉獻精神和執行力成就了這一成功。

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.

展望 2022 年，我們產品的需求非常強勁，隨著我們現有產品的推出以及下一波 Zen 核心 CPU 和 RDNA 3 GPU 的推出，我們期待又一年的顯著增長和份額增長。我們也進行了大量投資，以確保擁有支持 2022 年及以後成長所需的產能。

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.

放眼長遠，憑藉我們不斷擴大的路線圖投資以及與廣大客戶建立的深厚關係，我們有信心繼續以遠超市場的速度成長，這些客戶將 AMD 視為其成功的策略推動者。

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?

現在我想將電話轉給 Devinder，以便他能為我們的第四季和全年財務表現提供一些額外的資訊。德文德？

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，大家午安。 2021 年我們的業績非常強勁，產品需求不斷增加。出色的執行帶來了創紀錄的年收入、持續的毛利率擴大、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.

2021 年第四季度，我們的營收達到 48 億美元，連續第六個季度創下紀錄，較去年同期成長 49%，這得益於所有業務收入的強勁成長。毛利率為 50%，比去年同期成長 560 個基點，這得益於產品組合更加豐富以及資料中心收入的成長。營運費用為 11 億美元，而去年同期為 7.89 億美元，因為我們增加了對長期產品路線圖的投資，以支持業務的顯著成長軌跡。營業收入較上年同期翻番，達到創紀錄的 13 億美元，成長 6.65 億美元，主要得益於營收大幅成長和毛利率上升。營業利益率為 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，比去年同期成長 4.86 億美元。每股攤薄收益為 0.92 美元，去年同期為每股 0.52 美元。這包括 15% 的實際稅率，而一年前這一稅率為 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.

現在來看看第四季業務部門的業績。計算和圖形部門收入為 26 億美元，年增 32%，這得益於圖形和客戶端處理器收入的增加。計算和圖形部門的營業收入為 5.66 億美元，佔營收的 22%，而去年同期為 4.2 億美元。營業收入的成長主要得益於收入的增加，但部分被營業費用的增加所抵銷。

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、嵌入式和半客製化部門營收為 22 億美元，較前一年的 13 億美元成長 75%。強勁的收入成長得益於 EPYC 處理器和半客製化產品銷售的大幅成長。 EESC 部門的營業收入大幅成長至 7.62 億美元，佔營收的 34%，而去年同期為 2.43 億美元，佔營收的 19%。營業收入成長主要得益於更高的收入和更豐富的產品組合，但研發和上市費用的增加部分抵消了這一增長。

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價值 7.56 億美元的普通股，並以 18 億美元的回購額結束了這一年。此外，截至目前，我們在 2022 年第一季已回購了 10 億美元，根據授權的 40 億美元股票回購計劃，還剩餘 12 億美元。季度自由現金流為 7.36 億美元，去年同期為 4.8 億美元，上一季為 7.64 億美元。庫存為 20 億美元，比上一季增加了 5,300 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.

現在讓我來談談我們的全年財務表現。 2021 年營收為 164 億美元，年增 68%，這得益於所有業務的強勁成長。毛利率為 48%，比上年增長 370 個基點，這得益於我們的 EPYC、Radeon 和 Ryzen 處理器的實力和競爭力。營運費用佔收入的 24%，而 2020 年為 28%。 2021 年營運收入比去年同期成長 146%，達到 41 億美元，營運利潤率為 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%。全年自由現金流創下 32 億美元的紀錄，全年自由現金流利潤率達 20%。此外，我們在 2021 年投資了約 10 億美元用於長期供應鏈產能，以支持我們對未來收入和市場份額成長的預期。

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.

現在讓我來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訊號，並且沒有考慮加入 Xilinx，因為該交易尚未完成。預計2022年第一季營收約50億美元，上下浮動1億美元，年增約45%，季增約4%。預計同比增長將由所有業務的成長推動。預計季度環比成長將受到伺服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 GAAP 毛利率約為 50.5%；非公認會計準則營運費用約為 12 億美元；以 15% 的有效稅率計算，非公認會計準則利息支出、稅金及其他費用約為 2.07 億美元；稀釋後股數約為12.2億股。受所有業務成長的推動，我們預計 2022 年全年營收約為 215 億美元，成長約 31%。我們預計非公認會計準則毛利率約為 51%。非公認會計準則營業費用約佔收入的24%，非公認會計準則有效稅率為15%。非公認會計準則現金稅率約為 9%，主要原因是美國稅收要求將研發資本化，以及我們在 2022 年充分利用美國淨營業虧損和稅收抵免。

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.

總而言之，我們度過了一個出色的季度和一個出色的年度，收入成長非常強勁，並創下了多項財務記錄。進入 2022 年，我們的領先產品和不斷增長的客戶勢頭將繼續為我們實現長期成長奠定良好的基礎。我期待 AMD 明年能夠取得非常強勁的財務業績。

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

說完這些，我將把時間交還給勞拉，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，Devinder，謝謝你，Lisa。接線員，我們已經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.

（操作員指示）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?

恭喜本季。僅考慮全年指導，我知道您在準備好的發言中提到，您預計半客製化部門將會成長。我很好奇，您是否可以幫助我們了解您對半客製化細分市場相對於伺服器細分市場的看法，以及整個資料中心 30% 的貢獻是否仍然適用於 2023 年，您在上次分析師日提供的展望，或者您認為我們正在追蹤這一趨勢？

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。謝謝你的提問。所以對於 2022 年，我的意思是我們目前的觀點是，我們所有的業務都會成長。我們看到市場對我們的產品有強勁的需求，透過與合作夥伴的合作，我們也提高了供應能力。

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，相對於不同業務的成長，成長將由伺服器主導。因此，從我們從客戶以及設計成果、平台等方面看到的情況來看，伺服器明年將會非常強勁。但我們也預期其他業務也會成長，包括遊戲機業務、個人電腦業務、圖形業務和嵌入式業務。因此，我們預計，隨著明年的到來，資料中心的百分比將繼續增加，並且我們將在這一年中提供更多相關資訊。

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.

對於整個團隊來說，但 Lisa，恭喜你們接近 Xilinx。很高興看到它會帶來什麼，而且顯然會帶來強勁的成果。

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.

今晚我被問到的一個問題是，鑑於如此強勁的開局，2022 年的收入預期增長超過 30%，您能否更具體地向我們介紹一下您在基板、後端測試和封裝、晶圓需求等供應鏈方面所做的一些工作，讓人們放心，那裡有覆蓋面、可見性和上升潛力，特別是當您在 5 台奈米機上採用伺服器和台式奈米機時。我想像，7奈米容量不會消失。當新產能上線時，它將繼續存在。所以我只是想確保我了解有關供應信心的所有變數。

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。謝謝你的提問。因此，在過去的四、五個季度裡，我們一直在研究供應鏈，從產品的角度了解我們的成長情況，並從客戶的角度了解我們的知名度。關於您關於 2022 年供應環境的問題，我們在晶圓產能、基板產能和後端產能方面進行了大量投資。我們對供應鏈在實現 2022 年目標方面取得的進展感到非常滿意。坦白說，我們的目標是擁有足夠的供應來滿足需求。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，但也針對 2022 年以後，因為隨著業務的成長，我們需要繼續預測並製定計劃，而這正是我們一直在努力的。

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。作為後續行動，我聽到越來越多的消息，隨著你們推出 5 奈米產品組合，伺服器和桌面中的許多產品都將包含下一代 Infinity Fabric。關於你們將 AMD CPU 和 GPU 合併在一起形成 [A + A] 品牌，我們已經討論了一段時間了。我想知道，展望未來幾個季度，麗莎，您如何看待這種組合對公司策略和成長的重要性？

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 奈米產品感到非常興奮。我認為 Zen 4 非常關鍵。這是我們今年伺服器路線圖和客戶端路線圖的重點。然後，使用 Infinity Fabric 的工作實際上只是在此基礎上進行的，它使我們能夠繼續一起優化 AMD CPU 和 GPU 生態系統。因此，無論是在資料中心方面，使用我們的資料中心 GPU 產品，在高效能運算中與 EPYC 合作，還是在 PC 方面，當我們擁有 AMD APU 加上獨立顯示卡加上頂層軟體時。因此，這是我們策略中非常重要的元素，當我們進入這些新平台時，它將繼續與整體產品組合區分開來。

Next question is coming from Ross Seymore from Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

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?

祝賀取得的優異成績和強而有力的指導。麗莎，我只想談談計算部分，也就是客戶端計算方面。至少在我的模型中，這是上個季度之後上漲的很大一部分，我相信，上個季度，您談到不想填補管道並確保根據需求進行轉變。那麼短期內會發生什麼變化呢？或許更重要的是，展望 2022 年，您似乎計劃在該領域繼續實現大幅的份額成長。您能否稍微談談是什麼讓您對這份額的成長充滿信心？

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。您的問題是關於計算和圖形部分。你看，我們在這個領域的重點是與我們的客戶以及他們在市場上的行為保持緊密的聯繫。因此，我們一直在密切監控銷售進出和銷售趨勢。我認為我們在第四季看到的強勁表現很大程度上是產品實力的結果。我們發現，在商用、遊戲和高階超薄市場的高階領域，筆記型電腦的需求持續強勁。因此，我們認為 PC 效能略高於我們最初的預期，但我們相信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 2021 年是個人電腦表現強勁的一年。總體而言，該行業的出貨量約為 3.5 億台。我認為，從單位角度來看，2022 年將大致持平。但我們會看到其中的一些混合變化，企業和高端市場將比低端和教育市場更強大。

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收入份額。這就是我們剛在 CES 上推出的 Ryzen 6000 系列的優勢所在。我們擁有來自所有 OEM 客戶的 200 個平台。我們在與客戶合作的過程中擁有相當好的透明度。所以——我認為我們對此感覺很好。再次強調，客戶業務是我們所有業務之一，都會成長。坦白說，我喜歡投資組合的多樣性。但我們對自己在個人電腦領域的進展感到滿意，我們將繼續確保銷售量與銷售量相匹配，以避免業務庫存積壓。

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?

也許是對等式的定價方面進行快速跟進。您談到了獲得足夠的供應以實現今年令人印象深刻的目標。從概念和策略上來說，您如何看待定價？這是你傳遞的東西嗎？這對毛利率來說是一個利好嗎？我不知道您是否能給出任何精確度，但在您為本財年預測的 30% 以上的增長中，粗略地說，我們如何看待定價作為其中的順風因素？

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。嗯，我想說考慮定價的方式是整個產業的供應鏈都出現了價格上漲。考慮到我們為了滿足強勁需求而投入的產能，這是可以預料的。因此，我們始終致力於長期發展，並與我們的供應鏈合作夥伴以及客戶合作，以確保找到一種方法來分擔額外的成本。但我們的重點是確保有足夠的供應來滿足高需求。我認為，從我們一直說我們在業務中代表性不足的角度來看，您所看到的是模型的成長。即使今天我們已經取得了長足的發展，但無論是伺服器業務還是個人電腦業務，我們的業務仍然沒有得到充分的重視。因此，我們相信，憑藉我們的產品實力和客戶參與度，我們可以在這種環境下實現顯著成長。

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?

麗莎，我想了解您對今年與去年伺服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。他們似乎對此感到非常興奮。他們正在其晶圓廠增加大量產能。然而，過去往往對企業有利的企業支出也正在回升。所以我很好奇，您認為 AMD 今年有能力在伺服器領域獲得更多份額嗎？

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，維韋克。所以，我們總是預期競爭環境會非常激烈。這就是我們規劃業務的方式。既然如此，我認為我們對去年業務的成長感到非常滿意。展望未來，我們看到雲端運算和企業領域都存在著機會。

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，我們是全球 10 個最大的超大規模資料中心之一，正在使用 AMD。隨著他們對我們的多代產品越來越熟悉，他們正在擴大使用 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 年實現了年成長。我們將繼續增加現場支持，以便讓更多人熟悉我們的架構。我們擁有非常牢固的 OEM 關係。所以我對我們的伺服器軌跡感到非常滿意。是的，競爭非常激烈。但我們認為資料中心業務是長期成長的業務。在此範圍內，我們的成長速度將遠超市場。

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。接下來，麗莎，由於供應短缺，半導體行業去年甚至今年經歷了非常艱難的時期。我很好奇，這對幫助您與客戶建立更牢固的關係有什麼幫助？這些客戶可能正在尋找更一致的路線圖執行和更可靠的供應來源？那麼，半導體產業的短缺環境如何改變了客戶如今對 AMD 的看法，與以往相比呢？

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，維韋克，我們與客戶合作的最重要的事情就是始終如一的執行。因此，當你回顧去年的供需失衡時，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——我們現在談論的是多個季度的可見性，在某些情況下，是多年的可見性。對於我們正在討論的針對客戶規模的容量類型，我們需要這樣做來規劃是否具有支援所有這些容量的能力。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，我們也加深了與供應鏈合作夥伴的關係。所以我認為整個食物鏈都需要聯合起來才能滿足非常強烈的需求。所以這當然是我們一直在努力的事情。

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。恭喜你取得如此優異的成績，麗莎。我也有兩個問題。一個相對較短期，另一個關於 Xilinx。短期問題。僅就第一季的收入而言，您顯然正在引導公司總收入環比增長。您最接近的競爭對手談到了本季的 CPU 庫存調整。這是您在市場上看到的嗎？如果是這樣，您的指導中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.

當然，東也。謝謝你的提問。是的，我們第一季的指南實際上是連續上升的。通常情況下，由於正常的季節性因素，我們的銷售量會環比下降，但需求模式是這樣的，需求強勁，而且我們有額外的供應，所以這就是我們引導銷售量環比上升的原因。

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.

至於 CPU 庫存，無論是在個人電腦還是在伺服器中，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通路。因此從這個角度來看，我認為我們一直在非常仔細地關注銷售和銷售模式，並且我們相信我們能夠滿足最終用戶的需求。

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。這是我對 Xilinx 的快速跟進。距離您首次宣布這一消息已經有一段時間了。我確信您與您的客戶已經進行了多次溝通。您有時間監控他們作為獨立公司的表現。您對公司、技術和未來潛在的收入綜效的看法有何變化？我知道你還在等待關閉這個東西。所以也許你不能說太多，但只是好奇你對與 Xilinx 相關的事物的看法是如何演變的。

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，絕對是。瞧，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為整合做規劃。我們的客戶迫切地想與我們討論合併路線圖。當我們考慮他們所擁有的技術時，我們發現它與我們非常非常強大的團隊非常互補。他們的業務結果上週才剛公佈，而且他們的業務表現也非常非常好。所以我認為這種結合將會非常令人興奮。我們期待在專案接近尾聲時向您介紹更多相關資訊。

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，有幾個問題。首先，我想知道您是否可以幫助我更好地了解全年產能規劃的可互換性，即我了解到您對今年 PC 市場的看法是持平，產品組合更好，市場份額增加。但如果到了年中情況發生變化，甚至可能比想像的更糟，您是否有能力重新調整您的供應鏈以轉向伺服器和 CPU？這種數學運算是怎麼進行的？

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，所以我們確實非常努力地使我們自己能夠在我們擁有的各種容量走廊之間實現可替代性。因此，我們進行了無數次交叉資格審查和新工廠啟動等等。所以我想說它不是 100% 可替代的，但它具有在不同業務之間轉移的能力。我們根據觀察到的情況，每週做出一次動態分配決策。

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.

所以我認為我們對市場的把握相當準確。我們大概知道發生了什麼事。我們的客戶定期向我們發出信號。所以我認為我們能夠克服今年遇到的所有困難。

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。我的第二個問題是關於資料中心和 GPU 的。這對您對今年的成長預期有何影響？現在您已經在資料中心內部建立了 EPYC 的強大灘頭陣地，這是否有助於銷售週期獲得更高的 GPU 滲透率？

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，資料中心 GPU 在 2021 年表現非常強勁。這對我們來說是關鍵的一年，因為我們推出了 MI200 系列，並在幾個大型超級計算比賽中獲勝。今年，對於資料中心 GPU 來說，重點在於雲端運算以及超越大型 HPC 勝利的擴展。我認為這是我們未來幾年的策略成長方向。我認為你關於拉力的問題很好。現在 EPYC 在這些帳戶中已經非常成熟，我認為這對我們的資料中心 GPU 有幫助。但我們應該認為這對我們來說是一項長期投資。硬體非常非常好。我們一直在軟體方面投入更多資金。我們一直與客戶合作，以確保我們的工具鏈能夠為他們提供所需的性能。所以，我想說這是一個長期的驅動力，但我對我們去年的進展感到滿意。

Our next question is coming from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

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 方面和序言感到好奇。雲端運算、企業和 HPC 領域趨勢明顯強勁。只是對電腦頻道感到好奇。您最近與諾基亞發布了一篇新聞稿。我知道現在還為時過早，但您對那裡的設計進展有什麼評論嗎？這是伺服器領域中尚未真正滲透的最後一個領域。

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，我們對宣布與諾基亞的合作感到非常高興。正如你所說，這是我們處於週期早期的領域。這是我們建立關係的領域。因此，我對那裡的進展感到滿意，但我認為現在還為時過早。然後你沒有問這個，而只是問了與通信和 5G 有關的其他事情之一。當我們將 Xilinx 納入考慮範圍時，他們也與許多此類客戶有著非常深厚的關係。因此，當我們考慮 EPYC 在通訊領域的作用時，我們認為這是一個積極的進步。

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.

然後也許我會繼續跟進，只是專注於三月的指導。半定制通常會出現明顯的季節性衰退。這絕不是典型的情況。看起來，今年年底的趨勢非常強勁。因此，我只是有點好奇，對於您能否提供的 3 月份指導意見，我假設它可能會下降，但我只是有點好奇與正常水平相比如何。如果您能告訴我們任何事情，那將會很有幫助。

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 Q1 指南而言，連續上升主要是由伺服器驅動的，其次是客戶端。對於半定制來說，它通常會大幅下降。今年第一季度，這一數字基本持平。正如您所說，季節性模式並不存在。需求持續強勁，我們將持續向客戶提供更多產品。

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

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

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，我想重新討論定價問題。我認為你還沒有完全回答這個問題。我知道通貨膨脹的環境，我知道你的成本正在上升，將這些成本轉嫁出去是公平的。但在 2022 年 31% 的成長中，定價的順風作用有多大？我的意思是沒有嗎？有嗎？比如多少？電話號碼是多少？

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.

史黛西，我想我無法準確回答這個問題。但我要說的還是我之前說過的話。看，我們正在分享。當我們經歷這種環境時，關鍵是要建立長期關係，無論是在供應鏈方面還是在客戶方面。但毫無疑問，主要的成長點是產品。因此，產品組合的單位和 ASP 是主要的成長點。

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。對於我的後續問題，你看，我對 51% 的毛利率吹毛求疵感到非常抱歉，但我還是會這樣做，所以我提前道歉。但說實話，考慮到 22 年的銷售組合似乎應該比 21 年同比增長很多，而且幾乎達到了 51%，我的意思是，即使進入第一季也是如此。為什麼利潤率沒有提高呢？我想，您能否從您目前在 Q4 到 Q1 指南中所處的位置，給我們一些關於驅動因素的感覺？既然產品組合如此變化，我們為什麼不能期待毛利率有更大的上漲空間呢？

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，史黛西，我可以接受。正如您聽到 Lisa 談論第四季至第一季的半客製化業務時所說，您預計會出現成長，但實際上卻持平。事實上，這取決於產品組合，對嗎？我認為，有時只專注於某個特定季度並不是解決問題的方法。這是一種長遠的考慮。我們在 [2021] 年的業績成長了 48% 以上（公司在電話會議後進行了修正），預計 2022 年的業績成長將達到 51%。如果從這個角度來看，隨著資料中心的成長，隨著我們在客戶端和圖形業務中獲得更好的產品組合，公司的利潤率將繼續穩步上升，我認為這是更好的看待問題的方式，史黛西。

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，我為 Lisa 準備了一個，為 Devinder 準備了一個。 Lisa，對於像您這樣的商家處理器參與者來說，一個潛在的威脅似乎是您自己的客戶正在設計自己的處理器。我想知道，AMD 是否能夠與你們的客戶合作提供客製化解決方案，無論是調整 x86 還是攜手合作設計更具體的東西？我不知道 Xilinx 是否會在其中發揮作用。您能否談談您正在與客戶一起進行哪些工作？

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。這只是一種演變——我們一直有一個半客製化模型，就像我們與控制台人員一起為他們的應用程式進行專門設計的工作一樣。當我們審視更廣泛的應用程式（包括一些資料中心應用程式）時，我們確實相信，在深層客戶關係方面，還有下一步的發展。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 的不同化身都能得到真正的優化。因為這些應用程式最終確實需要如此大的容量，所以確實有必要針對這些情況進行額外的客製化。

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?

明白了。如果可以的話，接下來是 Devinder 的後續報導。 Devinder，5、10年前，我想很多人不會想到會聽到您談論回購價值數十億美元的股票。恭喜你取得這項進展。關於這個主題的問題是，AMD 在將最近的資本回報推動轉化為政策方面處於什麼位置？您是否正處於尋找機會回購股票的階段？或者有些公司說，我們要將 x% 的現金流還給股東。在資本回報的演變中，AMD 處於什麼位置？

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 2021 年才剛開始，金額是 18 億美元。我們在 2022 年初又進行了 10 億美元的回購。當然，這些購買是我們長期 40 億美元股票回購計畫的一部分。

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.

對於您提出的政策問題，我認為我們還沒有完全做到這一點。我們才剛開始。我們將在完成 Xilinx 交易時對其進行評估，並根據我們對業務的展望和對業務的信心進行評估，然後從整體角度評估我們在未來幾年所做的事情。

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，您在供應方面做得非常出色。但看起來 AMD 的產品在各地仍然比較緊俏。您是否認為某個終端市場的限制比其他市場更嚴重？

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。嗯，我認為總體而言，我們一直處於需求大於供應的模式。儘管我們在 2021 年取得了很大進展，但我預計會取得更多進展，到 2022 年，尤其是在下半年，真正的增量產能將會上線。所以我認為這實際上與我們的優先順序決策有關，並試圖確保我們的支出能夠滿足客戶的需求。但我們肯定會努力在全年獲得更多的供應。我認為你應該看到它放鬆一點。

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，對於我的後續問題，您提到，我認為，在伺服器中，企業和雲端都增長了 100% 以上，這看起來相當不錯。您能否談談該業務中企業與雲端的結合情況，讓我們從定性的角度了解該企業已經發展到多大。

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。因此企業發展良好。我的意思是我們仍然受到雲端的影響。因此，如果你觀察——有時這些模式，最好以全年為基礎來觀察。因此，相對於企業而言，我們仍然以雲端為重。但企業確實取得了良好的進展。這是一項規模相當大的業務，而且我們與大型 OEM 以及許多區域 OEM 的合作都取得了進展。

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，您能否介紹一下已經推出的一些處理器變體背後的策略，例如最近推出的 Milan-X 和 Bergamo。這些變體是否代表 AMD 的增量收入？背後的策略是什麼？這對您—對產品線有何幫助？

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。嗯，我認為我們的策略是，隨著我們業務規模的擴大，我們可以投入更多，並且我們找到了進一步區分我們產品組合的方法。所以我認為 Milan-X 確實是最高端的。我們看到，對於技術計算和一些 EDA 工作負載來說，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。我們將擁有熱那亞。貝加莫確實針對雲端進行了最佳化。

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.

因此我確實相信它為我們提供了從市場份額和足跡角度擴張的更多機會。克里斯，我認為更廣泛的說法是資料中心非常大。您可以優化許多不同的工作負載。透過這些變體，我們實際上將為客戶提供更好的解決方案，為他們提供更好的整體擁有成本，並且希望也能為我們在該工作負載中帶來更大的空間。

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?

作為後續問題，後續問題是關於供應的，只是您之前的一些評論的跟進。但是您能告訴我們您現在如何獲得額外的供應嗎？這是因為您的客戶向您提出要求，然後您又回到代工廠嗎？顯然，您現在需要向代工廠做出承諾。這些是否有客戶承諾作為後盾？如果業務狀況比去年更好，您是否能夠及時採購額外的供應以滿足業務需求？

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。坦白說，我們制定了路線圖，不僅是 2022 年，還有以後的路線圖，這讓我們可以稱之為非常積極的成長目標。我們定期與客戶和供應鏈合作夥伴進行這項工作。我想說，從客戶需求的角度來看，我們的可見度比以往任何時候都要好。因此，這讓我們對需要做的事情非常有信心，但總是會有一些付出和收穫。因此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.

但我們的目標是實現成功，對嗎？歸根結底，我們想要做的就是滿足客戶的需求，因此，我們正在為成功而努力，並隨著客戶需求的變化而與他們合作。

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?

只是想詢問一下您的嵌入式業務。雖然人們很少談論它，但它是一個偉大的市場，對吧，跨市場多元化，你還可以利用你的領先優勢和成熟的投資組合。您已經擁有一系列基於 EPYC 和 Ryzen 的嵌入式處理器。在汽車領域，你們也與特斯拉等公司合作，獲得了相當不錯的設計勝利。您已透過數位看板在零售業、網路和物聯網邊緣平台方面取得了勝利。然後，透過 Xilinx，您可以真正利用其在工業汽車和消費終​​端市場的影響力。它目前只是業務的一小部分，但您如何看待未來幾年 AMD 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。謝謝你的提問，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，這是一項美好而持久的事業。它雖然較小，但長得很好。體積設計在汽車領域取得了勝利，現在它們的用途已經擴大。他們最近擴大了其產品組合的更廣泛的用途。我們專注於網路和儲存作為關鍵市場。我確實認為，就客戶群和通路而言，我們與 Xilinx 有著非常好的協同效應。因此，我確實認為這對我們來說是一個很好的成長機會，我們的伺服器產品和客戶端產品都可以得到很好的重複使用。所以我們會再談——隨著業務規模的擴大，我們會再談更多。這將成為我們六月財務分析師日討論的一部分。

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.

我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

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.

大家好，非常感謝大家參加我們的 2021 年第四季和全年財報電話會議。我們感謝您對我們公司的支持並期待很快再次見到您。提醒一下，今年我們的財務分析師日是 6 月 9 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。今天的電話會議到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。