超微半導體 (AMD) 2021 Q3 法說會逐字稿

Hello, and welcome to the AMD Third Quarter 2021 Earnings Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2021 年第三季財報電話會議和網路廣播。 （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, Investor Relations. Please go ahead, Laura.

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)。請繼續，勞拉。

Thank you, and welcome to AMD's Third Quarter 2021 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings press 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 年第三季財務業績電話會議。現在，您應該已經有機會查看我們的收益新聞稿和隨附的幻燈片的副本。如果您尚未查看這些文件，可以在 amd.com 的投資者關係頁面上找到。

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 we will host our Accelerated Data Center Premiere virtually on November 8, with feature presentations by Dr. Lisa Su; and Data Center executives Forrest Norrod and Dan McNamara. This event will also be available on amd.com. Dr. Su will also attend Credit Suisse's 25th Annual Technology Conference on Tuesday, November 30. Ruth Cotter, Senior Vice President, Worldwide Marketing, Human Resources and Investor Relations, will attend the Barclays Global Technology, Media and Telecom Conference on Tuesday, December 7. And our fourth quarter 2021 quiet time is expected to begin at the close of business on Friday, December 10.

在我們開始之前，我想指出的是，我們將於 11 月 8 日以線上方式舉辦加速資料中心首映會，由 Lisa Su 博士進行專題演講；以及資料中心主管 Forrest Norrod 和 Dan McNamara。此次活動也將在 amd.com 上播出。蘇博士也將出席 11 月 30 日星期二舉行的瑞士信貸第 25 屆年度技術大會。全球行銷、人力資源和投資者關係高級副總裁 Ruth Cotter 將於 12 月 7 日星期二出席巴克萊全球技術、媒體和電信大會。我們 2021 年第四季的靜默期預計將於 12 月 10 日星期五下班後開始。

Today's discussion contains 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 actual results to differ. 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 in the slides posted on our website.

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。有關可能導致實際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。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'll turn the call over to Lisa. Lisa?

現在，我將把電話轉給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. Our business performed extremely well in the third quarter as our leadership product portfolio and strong execution drove record quarterly revenue, operating income, net income and earnings per share. We delivered our fifth straight quarter of greater than 50% year-over-year revenue growth, with each of our businesses growing significantly year-over-year and data center sales more than doubling. Third quarter revenue grew 54% to $4.3 billion. Gross margin expanded by more than 4 percentage points and operating income doubled year-over-year.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。由於我們領先的產品組合和強大的執行力推動了創紀錄的季度收入、營業收入、淨收入和每股收益，我們的業務在第三季度表現非常出色。我們連續第五個季度實現了超過 50% 的同比收入增長，其中各項業務均實現了大幅同比增長，數據中心銷售額更是增長了一倍以上。第三季營收成長54%，達到43億美元。毛利率年增4個百分點以上，營業收入較去年同期增加。

Turning to our Computing and Graphics segment. Third quarter revenue increased 44% year-over-year to $2.4 billion, driven by our latest generation Ryzen, Radeon and AMD Instinct processors. In client computing, sales grew by a strong double-digit percentage year-over-year and declined slightly sequentially. Ryzen 5000 processor shipments increased by a double-digit percentage sequentially, resulting in a richer product mix as we believe we gained revenue share for the sixth straight quarter.

轉向我們的計算和圖形部分。受最新一代 Ryzen、Radeon 和 AMD Instinct 處理器的推動，第三季營收年增 44% 至 24 億美元。在客戶端運算領域，銷售額較去年同期強勁成長兩位數，較上季略有下降。 Ryzen 5000 處理器的出貨量環比增長了兩位數百分比，從而帶來了更豐富的產品組合，我們相信我們連續第六個季度獲得了收入份額的增長。

In desktops, we launched our Ryzen 5000 processors with integrated Radeon graphics for the channel to strong demand as third-party reviews highlighted the leadership computing and graphics capabilities and energy efficiency of these processors. In notebooks, Acer, Asus, HP and Lenovo, all expanded their mobile offerings powered by Ryzen 5000 mobile processors as we continue gaining momentum in the premium consumer, gaming and commercial markets.

在桌上型電腦領域，我們推出了整合 Radeon 顯示卡的 Ryzen 5000 處理器，以滿足強勁的需求，因為第三方評論強調了這些處理器的領先運算和圖形功能以及能源效率。在筆記型電腦領域，宏碁、華碩、惠普和聯想都擴大了搭載 Ryzen 5000 行動處理器的行動產品線，我們在高階消費、遊戲和商業市場持續保持強勁發展勢頭。

Commercial client growth year-over-year was based on new deployments across public sector and Fortune 1000 technology, energy and automotive customers as the number of AMD-based commercial notebook designs available from the largest OEMs increased significantly year-over-year. We're also seeing strong growth in the workstation market. According to IDC, Threadripper PRO processors now power the best-selling workstations in their category in both North America and EMEA as we continue winning high-volume deployments across key verticals including media and entertainment, engineering, architecture and automotive.

商業客戶年增長是基於公共部門和財富 1000 強技術、能源和汽車客戶的新部署，因為最大的 OEM 提供的基於 AMD 的商用筆記型電腦設計數量同比大幅增加。我們也看到工作站市場強勁成長。據 IDC 稱，Threadripper PRO 處理器目前為北美和歐洲、中東和非洲地區同類產品中最暢銷的工作站提供動力，我們繼續在媒體和娛樂、工程、建築和汽車等關鍵垂直領域贏得大批量部署。

In Graphics, revenue more than doubled year-over-year and grew by a strong double-digit percentage sequentially, driven by shipments of our next-generation AMD CDNA 2 data center GPUs and demand for Radeon 6000 GPUs in the channel. AMD RDNA 2 GPU sales grew significantly in the quarter as we ramped production and expanded our top-to-bottom portfolio with the launch of the midrange Radeon RX 6600XT cards that deliver leadership 1080P gaming performance at their price point. Data center graphics revenue more than doubled year-over-year and quarter-over-quarter, led by shipments of our new AMD CDNA 2 GPUs for the Frontier exascale supercomputer at Oak Ridge National Laboratory.

在圖形領域，由於新一代 AMD CDNA 2 資料中心 GPU 的出貨量以及通路對 Radeon 6000 GPU 的需求，營收年增一倍以上，並連續實現強勁的兩位數百分比成長。由於我們提高了產量並擴大了從上到下的產品組合，推出了中端 Radeon RX 6600XT 顯示卡，以其價格點提供領先的 1080P 遊戲性能，AMD RDNA 2 GPU 的銷量在本季度大幅增長。資料中心圖形收入年增一倍以上，季增一倍以上，這主要得益於我們為橡樹嶺國家實驗室的 Frontier 百億億次超級電腦提供的新型 AMD CDNA 2 GPU 的出貨量。

Frontier was architected specifically to deliver breakthrough HPC and AI compute performance and provide a blueprint for how supercomputing, enterprise and cloud customers can enable exascale-level performance over the coming years by combining AMD CPUs, GPUs and software. We are very pleased with the performance of our AMD CDNA 2 GPUs and look forward to providing more details on their leadership performance next month.

Frontier 的設計旨在提供突破性的 HPC 和 AI 運算效能，並為超級運算、企業和雲端客戶如何透過結合 AMD CPU、GPU 和軟體在未來幾年實現百億億次級效能提供藍圖。我們對 AMD CDNA 2 GPU 的性能非常滿意，並期待下個月提供有關其領導性能的更多詳細資訊。

Turning to our Enterprise, Embedded and Semi-Custom segment, revenue increased 69% year-over-year to $1.9 billion, driven by strong growth in EPYC processor and semi-custom sales. Semi-custom revenue grew sequentially and year-over-year as demand for the latest Microsoft and Sony consoles remains very strong. We expect semi-custom revenue to increase sequentially in the fourth quarter as we further ramp supply to address the ongoing game console demand.

轉向我們的企業、嵌入式和半客製化部門，受 EPYC 處理器和半客製化銷售強勁成長的推動，營收年增 69% 至 19 億美元。由於對微軟和索尼最新遊戲機的需求依然強勁，半客製化收入環比和年成長。我們預計，隨著我們進一步增加供應以滿足持續的遊戲機需求，半客製化收入將在第四季度環比增長。

Turning to server. We delivered our sixth straight quarter of record server processor revenue as sales more than doubled year-over-year and grew by a significant double-digit percentage sequentially. 3rd-Gen EPYC processors continue ramping faster than the prior generation and contributed the majority of our server CPU revenue in the quarter.

轉向伺服器。我們連續第六個季度創下了伺服器處理器收入的新高，銷售額比去年同期增長了一倍多，並且環比增長了兩位數。第三代 EPYC 處理器繼續以比上一代更快的速度成長，並在本季度貢獻了我們伺服器 CPU 收入的大部分。

In cloud, multiple hyperscalers expanded their 3rd Gen EPYC processor deployments to power their internal workloads and both Microsoft Azure and Google announced multiple new AMD-powered instances. Cloudflare, Vimeo and Netflix also all recently announced new deployments powered by EPYC processors, with Netflix highlighting how they doubled their streaming throughput per server while also reducing their TCO.

在雲端，多個超大規模企業擴展了其第三代 EPYC 處理器部署以支援其內部工作負載，並且 Microsoft Azure 和 Google 都宣布了多個新的由 AMD 驅動的執行個體。 Cloudflare、Vimeo 和 Netflix 最近也都宣布了由 EPYC 處理器提供支援的新部署，其中 Netflix 強調了他們如何將每台伺服器的串流吞吐量提高一倍，同時降低 TCO。

Enterprise growth was particularly strong in the quarter as the more than 100 3rd Gen EPYC processor platforms from Dell, HPE, Lenovo, Supermicro, Cisco and others ramp into broader end customer deployments. We expanded our wins in the quarter with Fortune 1000 financial services, automotive and aerospace companies and see significant ongoing growth opportunities as our enterprise server pipeline has more than doubled year-over-year.

本季企業成長尤為強勁，因為戴爾、HPE、聯想、超微、思科等公司的 100 多個第三代 EPYC 處理器平台正在進入更廣泛的終端客戶部署。本季度，我們與財富 1000 強金融服務、汽車和航空航天公司擴大了合作，並且由於我們的企業伺服器管道同比增長了一倍以上，我們看到了巨大的持續增長機會。

In supercomputing, we won multiple installations in the quarter, highlighted by Argonne National Laboratory selecting 3rd Gen EPYC processors to power the new Polaris supercomputer that will be used to test and optimize software in preparation for future exascale class systems. Overall, we are very pleased with the momentum we have built in our data center business as server CPU and GPU revenue grew to a mid-20s percent of overall revenue in the quarter.

在超級運算領域，我們在本季度贏得了多個安裝，其中最突出的是阿貢國家實驗室選擇第三代 EPYC 處理器為新款 Polaris 超級電腦提供動力，該電腦將用於測試和優化軟體，為未來的百億億次級系統做好準備。總體而言，我們對資料中心業務所取得的進展感到非常滿意，因為伺服器 CPU 和 GPU 收入在本季度增長到了總收入的 25% 左右。

Turning to our Xilinx acquisition. We are making good progress towards securing the required regulatory approvals and remain on track to close by the end of the year. The Xilinx acquisition provides significant benefits to AMD, including expanding our product portfolio with leadership adaptive computing and AI solutions and further diversifying our customer base into complementary markets, including wired and wireless communications, industrial and automotive.

談到我們對 Xilinx 的收購。我們在獲得所需監管部門批准方面取得了良好進展，並預計在今年年底前完成。收購賽靈思為 AMD 帶來了顯著的利益，包括透過領先的自適應運算和人工智慧解決方案擴展我們的產品組合，並進一步將我們的客戶群多元化到互補市場，包括有線和無線通訊、工業和汽車。

In closing, our record third quarter results and the significant acceleration of our business in 2021 demonstrate that we have the right products and strategies to drive best-in-class growth and significant shareholder returns. We continue growing faster than the market, driven by our consistent execution and the investments we have made to build leadership products. Our supply chain team has executed extremely well in a challenging environment, delivering incremental supply throughout the year, supporting our strong revenue growth. We are also investing significantly to secure additional capacity to support our long-term growth. Our product portfolio and road maps have never been stronger, and I look forward to sharing more details about our next-generation server CPUs and GPUs at our Accelerated Data Center Premiere on November 8.

最後，我們創紀錄的第三季業績和 2021 年業務的顯著加速表明，我們擁有正確的產品和策略來推動一流的成長和可觀的股東回報。由於我們持續的執行力以及為打造領先產品而進行的投資，我們繼續以高於市場的速度成長。我們的供應鏈團隊在充滿挑戰的環境中表現非常出色，全年提供增量供應，支持我們強勁的收入成長。我們也正在進行大量投資以確保額外的產能來支持我們的長期成長。我們的產品組合和路線圖從未如此強大，我期待在 11 月 8 日的加速資料中心首映會上分享有關我們下一代伺服器 CPU 和 GPU 的更多細節。

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

現在我想將電話轉給 Devinder，讓他為我們第三季的財務表現提供一些額外的資訊。德文德？

Thank you, Lisa, and good afternoon, everyone. AMD had another excellent quarter. Our leadership products and growing data center momentum are driving record revenue, record profitability and significant cash flow generation. Third quarter revenue was $4.3 billion, up 54% from a year ago, driven by strong revenue increases across all businesses and up 12% from the prior quarter.

謝謝你，麗莎，大家午安。 AMD 又度過了一個出色的季度。我們的領先產品和不斷增長的數據中心勢頭正在推動創紀錄的收入、創紀錄的盈利能力和顯著的現金流產生。第三季營收為 43 億美元，較去年同期成長 54%，這得益於所有業務收入的強勁成長，且較上一季成長 12%。

Gross margin was 48%, up 440 basis points from a year ago, driven by strong revenue mix and competitive products. Operating expenses were $1.04 billion compared to $706 million a year ago as we continue to invest in our long-term product road maps and scaling our business.

毛利率為 48%，較去年同期上漲 440 個基點，這得益於強勁的收入組合和具有競爭力的產品。由於我們繼續投資於長期產品路線圖並擴大業務規模，營運費用為 10.4 億美元，而去年同期為 7.06 億美元。

Operating income more than doubled to $1.06 billion, up $530 million from a year ago, driven primarily by revenue growth. Operating margin was 24%, up from 19% a year ago. Net income grew to $893 million, up $392 million from a year ago. Diluted earnings per share was $0.73 compared to $0.41 per share a year ago. This includes a 15% effective tax rate compared to 3% a year ago.

營業收入成長一倍多，達到 10.6 億美元，比去年同期增加 5.3 億美元，主要受營收成長的推動。營業利益率為 24%，高於去年的 19%。淨收入成長至 8.93 億美元，比去年同期增加 3.92 億美元。每股攤薄收益為 0.73 美元，去年同期為每股 0.41 美元。這包括 15% 的實際稅率，而一年前為 3%。

Now turning to the business segment results. Computing and Graphics segment revenue was $2.4 billion, up 44% year-over-year, driven by significantly higher client and graphics processor revenue. Computing and Graphics segment operating income was $513 million or 21% of revenue compared to $384 million or 23% a year ago. The increase in operating income was primarily driven by higher revenue, which more than offset higher operating expenses. Operating margin was slightly lower year-over-year, primarily due to investments in R&D and go-to-market.

現在來談談業務部門的業績。計算和圖形部門收入為 24 億美元，同比增長 44%，這得益於客戶端和圖形處理器收入的大幅增長。計算和圖形部門的營業收入為 5.13 億美元，佔營收的 21%，而去年同期為 3.84 億美元，佔營收的 23%。營業收入的成長主要得益於收入的增加，足以抵銷營業費用的增加。營業利潤率較去年同期略有下降，主要原因是對研發和市場進入的投資。

Enterprise, Embedded and Semi-Custom segment revenue was $1.9 billion, up 69% from $1.1 billion the prior year. The strong revenue increase was primarily driven by significantly higher EPYC processor and semi-custom sales. EESC operating income was up significantly at $542 million or 28% of revenue compared to $141 million or 12% a year ago. Operating income growth was primarily driven 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 19 億美元，較前一年的 11 億美元成長 69%。強勁的收入成長主要得益於 EPYC 處理器和半客製化銷售額的大幅成長。 EESC 的營業收入大幅成長至 5.42 億美元，佔營收的 28%，而去年同期為 1.41 億美元，佔營收的 12%。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. We utilized $750 million to repurchase more than 7 million shares of common stock in the third quarter of 2021 as part of our ongoing stock repurchase program. Free cash flow was $764 million compared to $265 million in the same quarter last year and $888 million in the prior quarter.

轉向資產負債表。現金、現金等價物及短期投資為36億美元。作為我們正在進行的股票回購計畫的一部分，我們在 2021 年第三季動用了 7.5 億美元回購了超過 700 萬股普通股。自由現金流為 7.64 億美元，去年同期為 2.65 億美元，上一季為 8.88 億美元。

On a quarter-over-quarter basis, free cash flow was lower as we made strategic investments in long-term supply chain capacity to support future revenue growth. Inventory was $1.9 billion, up $137 million from the prior quarter in support of continued revenue growth.

與上一季相比，自由現金流有所下降，因為我們對長期供應鏈能力進行了策略性投資，以支持未來的收入成長。庫存為 19 億美元，比上一季增加 1.37 億美元，以支持持續的收入成長。

Let me now turn to the fourth quarter outlook. Today's outlook is based on current expectations and contemplates the current global supply environment and customer demand signals. We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately 39% year-over-year and approximately 4% sequentially. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales.

現在讓我來談談第四季的展望。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需求訊號。我們預計營收約 45 億美元，上下浮動 1 億美元，年增約 39%，季增約 4%。預計同比增長將由所有業務的成長推動。預計環比成長將受到伺服器和半客製化銷售額成長的推動。

In addition, for Q4 2021, we expect non-GAAP gross margin to be approximately 49.5%; non-GAAP operating expenses to be approximately $1.15 billion; non-GAAP interest expense, taxes and other to be approximately $170 million; and the diluted share count to be approximately 1.22 billion shares. For the full year 2021, we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses, up from the prior guidance of 60%. In addition, we continue to expect gross margin to be approximately 48% for the full year.

此外，對於 2021 年第四季度，我們預計非 GAAP 毛利率約為 49.5%；非公認會計準則營運費用約為 11.5 億美元；非公認會計準則利息支出、稅金及其他約為 1.7 億美元；稀釋後股數約為12.2億股。對於 2021 年全年，我們目前預計營收將比 2020 年成長約 65%，這得益於所有業務的成長，高於先前預測的 60%。此外，我們繼續預計全年毛利率約為48%。

In closing, we delivered another outstanding quarter with very strong year-over-year revenue growth, significant financial momentum and record profitability. Our leadership products position us well to drive future growth, significant cash generation and strong shareholder returns.

最後，我們又度過了一個出色的季度，營收年增率非常強勁，財務勢頭強勁，獲利能力創歷史新高。我們的領導產品使我們能夠推動未來的成長、大量現金創造和強勁的股東回報。

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. Operator, we're ready for our first question.

謝謝你，Devinder。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 Blayne Curtis from Barclays.

（操作員指示）我們今天的第一個問題來自巴克萊銀行的布萊恩·柯蒂斯。

Great results. Just kind of curious, the overall outlook for Q4. So computing graphics being down. I was just curious if that was more the supply. You're still growing sequentially. And obviously, I would assume you prioritize servers. Just kind of curious what you're seeing in the computing graphics market. And is it anything related to supply constraints for you that would be down sequentially or maybe downstream constraints.

效果非常好。只是有點好奇，第四季的整體前景如何。因此計算圖形處於關閉狀態。我只是好奇這是否是更多的供應。你仍在持續成長。顯然，我認為您會優先考慮伺服器。我只是有點好奇你在電腦圖形市場上看到了什麼。對於您來說，這是否與供應限制有關，這些限制是否會依次減少，或者可能是下游限制。

And then maybe for Devinder. Just curious, you're still growing gross margin. I'm assuming embedded, semi-custom and service kind of offsetting. So just kind of walk us through the nice increase in gross margin for Q4.

然後也許對於 Devinder 來說也是如此。只是好奇，你的毛利率還在增加嗎？我假設嵌入式、半客製化和服務類型的抵消。那麼請向我們介紹一下第四季毛利率的大幅成長。

Yes. Sure, Blayne. Thanks for the question. So as it relates to the fourth quarter and where we are. Look, we're overall very pleased with our performance in terms of the second half of the year. It's playing out about what we expect it to be in the PC market. So as you're asking about computing and graphics. We had seen that the PC market and user demand is strong overall, but there are some matched set constraints in the PC market. And so for that reason, we've called the PC market really flattish. I would not have said down. I would have called it flattish as we look into the fourth quarter.

是的。當然，布萊恩。謝謝你的提問。這與第四季以及我們所處的情況有關。看起來，我們對今年下半年的表現整體非常滿意。它在個人電腦市場上的表現正如我們所預期的。正如您所問的有關計算和圖形的問題。我們看到PC市場和用戶需求整體強勁，但PC市場也存在一些配套的限制因素。因此，我們認為個人電腦市場確實表現平淡。我就不會這麼說了。當我們展望第四季時，我會稱之為持平。

However, as we look overall at the business, I think the data center business has performed very well, and we see strong demand there, and we're continuing to see that. And as well, the console business, overall gaming is also quite strong. And so we see growth in servers and semi-custom as we go into the fourth quarter.

然而，從整體來看，我認為資料中心業務表現非常好，我們看到那裡的需求強勁，我們將繼續看到這種情況。此外，遊戲機業務和整體遊戲業務也相當強勁。因此，進入第四季度，我們看到伺服器和半客製化業務的成長。

And then on the margin dynamics, Devinder, do you want to cover that?

然後關於利潤動態，Devinder，你想談談嗎？

For Q4?

對於第四季？

Yes.

是的。

Yes. So Q4, it is up slightly based from our guidance, 1 point from Q3, and that's really product mix, higher margin from server, offset by semi-custom revenue also been higher going from Q3 to Q4. So we're very pleased with the progress on the gross margin. As you look at the Q3 results, up 440 basis points from last year, up 80 basis points from last quarter and the progression into Q4, obviously driven by the server, our revenue growing. I'm very pleased with that also.

是的。因此，根據我們的預測，第四季的利潤略有上升，比第三季高出 1 個百分點，這實際上是產品組合、伺服器利潤率的提高，但半客製化收入從第三季到第四季也有所增加。因此，我們對毛利率的進步感到非常滿意。從第三季度的業績來看，比去年同期增長了 440 個基點，比上一季度增長了 80 個基點，並且進入第四季度，顯然是受到伺服器的推動，我們的收入不斷增長。我對此也非常高興。

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。

Congratulations on the strong results and the consistent execution. Lisa, how are you feeling about the spending environment in the data center as you look over the next several quarters? And especially your server road map versus the competition because they are planning to launch several new and important products early next year. So I was just wondering how you're thinking about the competitive landscape and the spending landscape over the next year.

恭喜您取得的優異成績和始終如一的執行力。麗莎，展望未來幾個季度，您對資料中心的支出環境有何看法？尤其是您的伺服器路線圖與競爭對手相比，因為他們計劃在明年年初推出幾款新的重要產品。所以我只是想知道您如何看待明年的競爭格局和支出格局。

Sure. So thanks, Vivek, for the question. I think overall, we're feeling very, very good about the server business or the data center market. I think from a market standpoint, we've seen a strong market year in 2021 in both cloud and enterprise and we see that continuing into 2022. I think from a competitive position standpoint, I think Milan is extremely well positioned. So we were very pleased with sort of the adoption rate of Milan. We said that we expected it to grow faster than Rome, and it has. And so the crossover with Milan and Rome in the third quarter is an important metric for that.

當然。所以感謝 Vivek 提出這個問題。我認為總體而言，我們對伺服器業務或資料中心市場感覺非常非常好。我認為從市場角度來看，2021 年是雲端運算和企業市場表現強勁的一年，我們認為這種勢頭將持續到 2022 年。從競爭地位的角度來看，我認為米蘭處於非常有利的位置。因此，我們對米蘭的採用率感到非常滿意。我們說過，我們預期它的成長速度會比羅馬更快，事實也確實如此。因此，第三季與米蘭和羅馬的交叉是一個重要指標。

Going into the fourth quarter, we continue to see a strong environment. And then as the competitive environment goes into 2022, we always expect the competition to be strong, but our focus has been consistent execution of our road map, and we feel very good about Zen 4 and Genoa in 2022. I think we feel very good about the competitive positioning there. And we continue to believe that data center is the most strategic part of our business, and we're making good progress with our customers and partners.

進入第四季度，我們繼續看到強勁的環境。然後，隨著競爭環境進入 2022 年，我們始終預期競爭會很激烈，但我們的重點一直是持續執行我們的路線圖，我們對 2022 年的 Zen 4 和 Genoa 感到非常樂觀。我認為我們對那裡的競爭定位感到非常滿意。我們始終相信資料中心是我們業務中最具戰略意義的部分，我們與客戶和合作夥伴的合作正在取得良好的進展。

Got it. And for my follow-up, Lisa, AMD has done very well in terms of gaining share at the hyperscalers. Where are you in that journey? Is there still a lot of share gains to be had at hyperscalers? And importantly, can you repeat that in the enterprise? Or do you think your competitors' incumbency limits the share gain opportunity in the enterprise?

知道了。接下來我想問的是，麗莎，AMD 在超大規模市場中獲取份額方面做得非常好。您在旅途中身處何處？超大規模企業是否還能獲得更多的市場佔有率？重要的是，你能在企業中重複這一點嗎？或者您認為競爭對手的在位限制了企業的份額成長機會？

Yes. So Vivek, what I would say there is, our business has been more cloud weighted with the hyperscalers than enterprise, that continued here in the third quarter. I do believe that there is significant additional opportunity for us in the cloud. So as we work with these partners, it is about sort of expansion of workloads. Really, there's more tailoring of workloads as well as we go forward. And then there's also just more customers and broader penetration in both Tier 1 and Tier 2 cloud guys. So I think that's a good market for us.

是的。所以 Vivek，我想說的是，我們的業務更多的是針對超大規模企業的雲端運算業務，而不是企業業務，這種情況在第三季仍然持續存在。我確實相信雲端運算為我們提供了巨大的額外機會。因此，當我們與這些合作夥伴合作時，就意味著工作量的擴大。事實上，隨著我們不斷前進，工作量也會變得更有彈性。然後，一級和二級雲端運算領域的客戶數量也越來越多，滲透率也越來越高。所以我認為這對我們來說是一個很好的市場。

On the enterprise side, I would say, we saw a very strong enterprise quarter here in the third quarter. I think the strength of Milan with our OEMs in terms of the breadth of the platforms, is very good, and we're seeing a good traction with sort of Fortune 1000 companies.

在企業方面，我想說，我們在第三季看到了非常強勁的企業表現。我認為，就平台廣度而言，米蘭與我們的原始設備製造商的實力非常強，而且我們看到了與財富 1000 強企業的良好聯繫。

So I would say, overall, I think we see a growth trajectory for both our cloud and enterprise business. I think in the enterprise, the key thing has been to get more familiarity with EPYC, and we've made very good progress there. And so I feel very good about where that's going.

所以我想說，總的來說，我認為我們看到了雲端和企業業務的成長軌跡。我認為在企業中，關鍵是要更加熟悉 EPYC，我們在這方面已經取得了非常好的進展。因此，我對事情的進展感到非常滿意。

Our next question is coming from Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Obviously, Lisa has some really strong progress with data center crossing, I guess, 1/4 of the business here with the results. I did want to ask a question specifically on your server business in China. Your competitor called out China and some of the turmoil that's gone over there as a reason why some of their cloud business had some headwinds in the third quarter. And maybe you could comment on how you see spending over the last quarter and then in the next couple of quarters, specifically in that end market in China. And then I have a follow-up.

顯然，Lisa 在資料中心跨越方面取得了一些非常大的進展，我想，這裡的 1/4 業務都有成果。我確實想具體問一個有關您在中國的伺服器業務的問題。您的競爭對手指出，中國以及那裡發生的一些動盪是導致其部分雲端業務在第三季遭遇阻力的原因。也許您可以評論一下您對上個季度以及未來幾季的支出情況的看法，特別是在中國這個終端市場。然後我有一個後續問題。

Sure, Matt. So again, what I would say is our data center business performed very well in the third quarter, that was across both cloud and enterprise. And in cloud, that was across geographies. So we haven't seen anything particular as it relates to China or there. What I would say is we continue to work with the breadth of customers. And we're in the process of really rolling out sort of broader adoption across the customer set. So I think we saw a pretty normal environment for demand.

當然，馬特。所以，我想說的是，我們的資料中心業務在第三季表現非常出色，無論是雲端運算還是企業業務。而在雲中，這是跨地域的。因此，我們還沒有看到與中國或那裡有關的任何特殊情況。我想說的是，我們將繼續與廣大客戶合作。我們正在向客戶群推廣更廣泛的採用。所以我認為我們看到了相當正常的需求環境。

As my follow-up, kind of unrelated. You guys mentioned in the comments, still plans to get the Xilinx deal closed by the end of the year. And I think that's important as then there's a lot of things that you can talk about more, maybe more openly about the heterogeneous compute strategy for the business over the long term. Lisa, maybe you could walk us through to the extent that you can talk about it, obviously, there are some things that you can't talk about.

作為我的後續行動，有點不相關。你們在評論中提到，仍然計劃在今年年底前完成 Xilinx 交易。我認為這很重要，因為這樣你就可以在長期內更公開地談論很多事情，例如企業的異質運算策略。麗莎，也許你可以向我們詳細介紹一下，當然，有些事情你不能談論。

But to the extent you can, what milestones you've achieved behind the scenes that make you feel confident and what hurdles are still there to have the confidence? I mean I guess we've got weeks till we get into the month of December and things kind of slow down a little bit regulatory-wise. So I just wonder what gives the confidence that we can get there and what we should expect?

但是，就你所能達到的程度而言，你在幕後取得了哪些里程碑讓你感到自信，以及還存在哪些障礙讓你無法獲得自信？我的意思是，我想我們還有幾週的時間可以進入 12 月，從監管角度來看，事情會稍微放緩一些。所以我只是想知道是什麼讓我們有信心實現這一目標以及我們應該期待什麼？

Sure, Matt. So look, we've been working diligently on the closure of the Xilinx acquisition. I would say we're through the vast majority of what we need to do in the regulatory front. We're finishing up here. And there's very good progress on the integration side. So we've done a lot on the integration. I think we're excited with the plans that we have. And then on the regulatory front, again, as I said in the prepared remarks, we've made good progress, and we believe we're on track to close at the end of the year.

當然，馬特。所以，我們一直在努力完成對 Xilinx 的收購。我想說，我們已經完成了監管方面需要做的絕大部分工作。我們這裡就結束了。在整合方面也取得了非常好的進展。因此我們在整合方面做了很多工作。我認為我們對現有的計劃感到非常興奮。然後，在監管方面，正如我在準備好的演講中所說，我們已經取得了良好的進展，我們相信我們將預計在年底前完成。

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

我們的下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results. Lisa, I had 2 questions as well. First, on your outlook for 2022. I realize it's early, and I certainly don't expect you guys to provide a point estimate. But I think people are kind of concerned that you've been sort of overgrowing, if you will, relative to your long-term growth rate. You grew 45% last year. You're on track to grow 65% this year, given your long-term through-cycle growth target of 20%. Again, there is concern that you could decelerate going into next year, given PC dynamics and competitive dynamics and so on and so forth.

恭喜您取得如此優異的成績。 Lisa，我也有兩個問題。首先，關於您對 2022 年的展望。我知道現在還為時過早，我當然也不指望你們能提供一個點估計。但我認為人們有點擔心，相對於你們的長期成長率，你們的成長速度有點過快了。去年你們的成長率為 45%。考慮到您長期的周期成長目標是 20%，您今年有望實現 65% 的成長。再次，考慮到個人電腦動態和競爭動態等因素，人們擔心明年的成長可能會放緩。

So again, I don't expect you to give any quantification of next year, but if you could describe the year qualitatively, what are the potential pluses and minuses at this point, that would be super helpful? And then I've got a quick follow-up.

所以，我再說一次，我不指望你對明年做出任何量化的評價，但如果你能定性地描述這一年，那麼目前潛在的優點和缺點是什麼，那將會非常有幫助嗎？然後我有一個快速的跟進。

Sure. So look, as you said, it's a little bit early to talk about quantitatively. I'll cite qualitatively, what we see is, look, we see a positive demand environment. And that's a market statement, but that's also an AMD statement, right? I think the strength of our product portfolio has multiple growth vectors. Data center continues to be a very important one for us. I think we're -- we continue to make progress in the graphics market, and we think graphics is a good growth vector. Our console business, we would expect would be -- I mentioned earlier that it'd be up in the fourth quarter, and we would expect it to be up in 2022, just given the strength of the demand environment there.

當然。所以，正如你所說，現在談論量化問題還為時過早。我會從品質上進行引用，我們看到的是，看，我們看到了一個積極的需求環境。這是市場聲明，但這也是 AMD 的聲明，對嗎？我認為我們的產品組合的優勢具有多個成長向量。資料中心對我們來說仍然非常重要。我認為我們在圖形市場繼續取得進展，我們認為圖形是一個很好的成長載體。我們預計我們的遊戲機業務——我之前提到過，它將在第四季度增長，考慮到那裡的需求環境強勁，我們預計它將在 2022 年增長。

And so on the PC side, the comments I'll make on the PC side are -- the end user demand appears to be strong. So there's a good amount of refresh going on, whether you're talking about consumer and your high-end consumer or commercial or gaming. There are some supply constraints around matched sets that we believe will continue into the first half of the year. That being the case, what we're using from a planning assumption standpoint, is that the PC market may be flattish as we go from 2021 into 2022. But even within that environment, we think there are opportunities for us to continue to grow.

因此，就 PC 方面而言，我對 PC 方面的評論是——最終用戶需求似乎很強勁。因此，無論你談論的是消費者、高端消費者、商業還是遊戲，都會有大量的更新。配套產品存在一些供應限制，我們認為這種情況將持續到今年上半年。既然如此，從規劃假設的角度來看，PC 市場在 2021 年到 2022 年可能會趨於穩定。但即使在這種環境下，我們認為我們仍有繼續成長的機會。

So overall, I think we're very focused on execution, very focused on working with our customers to make sure that we're aligned with what they need and overall feel very good about our product portfolio going into 2022.

所以總的來說，我認為我們非常注重執行，非常注重與客戶合作，以確保我們符合他們的需求，並且總體上對我們 2022 年的產品組合感到非常滿意。

Got it. That's super helpful. And then as my quick follow-up, a similar question on gross margins. I'm not sure if this is for Lisa or Devinder. You're guiding Q4 to 49.5%, which is obviously significant progress from a year ago. Given some of the dynamics you've talked about whether it be the growth potential in server CPU, the mix within server CPU, and I'm sure the mix dynamics on the client side, I think most of us do expect a pretty nice positive trajectory into 2022, potentially with a five handle in terms of, again, gross margins.

知道了。這非常有幫助。然後，作為我的快速跟進，關於毛利率有一個類似的問題。我不確定這是給 Lisa 還是 Devinder 的。您預計第四季的成長率將達到 49.5%，這顯然比一年前有了顯著的進步。考慮到您所談到的一些動態，無論是伺服器 CPU 的成長潛力、伺服器 CPU 內部的混合，還是客戶端的混合動態，我認為我們大多數人都預計 2022 年將出現相當不錯的積極軌跡，在毛利率方面可能再次達到 5 倍。

But any risks or any headwinds that we should be aware of? I think your foundry partner is raising pricing. There is cost inflation generally across the board, but any risk items that we should think about at this point?

但是我們應該注意哪些風險或阻力呢？我認為您的代工合作夥伴正在提高價格。整體而言，成本普遍上漲，但此時我們應該考慮哪些風險項目？

I wouldn't say it, but I think is about managing the situation. As Lisa said, with the growth factors that we have, we expect to continue making progress from where we are currently and especially predicated on the competitive leadership products we have. We're very pleased with the progress we've made over the last few years. But without getting to specifics, I think you can assume that we continue to make progress with the mix of revenue, mix of products and the competitive products that we are introducing also into 2022.

我不會這麼說，但我認為這是為了控制局面。正如麗莎所說，憑藉我們擁有的成長因素，我們預計將在目前的基礎上繼續取得進展，特別是基於我們擁有的具有競爭力的領導產品。我們對過去幾年所取得的進展感到非常高興。但無需具體說明，我想您可以假設我們在收入組合、產品組合以及我們將在 2022 年推出的競爭產品方面將繼續取得進展。

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。

My first one, I wanted to ask about data center GPU. I know you said it more than doubled. But can you give us an approximate feeling for how big that is it? Are we still talking like tens of millions of dollars? Or is it larger than that? And what are your expectations for how that's going to ramp as Frontier and some of the other supercomputers that a lot of that stuff is going into our ramping over the next like couple of years?

我的第一個問題，我想問一下資料中心 GPU。我知道您說過它增加了一倍以上。但是您能給我們大概感受一下它有多大嗎？我們還在談論數千萬美元嗎？或比這更大？您對 Frontier 和其他一些超級電腦在未來幾年內的發展有何預期？

Sure. So Stacy, on the data center GPU side, the third quarter was a larger quarter for the data center GPU. This is where we shipped the Frontier shipments that are now in the build cycle. It is still a relatively small business compared to the CPU side. So our expectation is that going into the fourth quarter, it's a lumpy business for us. So Q3 was a strong quarter given the shipments of -- for Frontier. We would expect, as we go into the fourth quarter, that it will be down sequentially quarter-on-quarter. But still, it's a strong growth year overall for a business that we think is a significant strategic growth driver for us over the next few years.

當然。因此，Stacy，在資料中心 GPU 方面，第三季是資料中心 GPU 表現較大的一個季度。這是我們運送目前處於建造週期的 Frontier 貨物的地方。與CPU方面相比，這仍然是一個相對較小的業務。因此，我們預計進入第四季度，我們的業務將會不穩定。因此，考慮到 Frontier 的出貨量，第三季是一個強勁的季度。我們預計，進入第四季後，銷售額將季減。但對我們來說，今年整體而言仍是強勁成長的一年，我們認為這將是未來幾年我們重要的策略成長動力。

Got it. For my follow-up, I just wanted to ask about Q4. So obviously, you would sort of give an implied guidance for Q4 last quarter. The guidance now is obviously decently higher. Can you just talk a little bit about what is driving that upside relative to where your expectations were last quarter?

知道了。作為我的後續問題，我只想詢問有關第四季度的問題。因此很明顯，你會對上個季度的第四季給予一個隱含的指導。現在的指導顯然要高得多。您能否稍微談談相對於上個季度的預期，是什麼推動了這一上漲？

Devinder, you want to talk about that? Or...

Devinder，你想談談這個嗎？或者...

On the revenue, I think -- go ahead.

關於收入，我認為──繼續吧。

I'm sorry, were you asking about revenue or margin, Stacy?

抱歉，史黛西，您問的是收入還是利潤？

Well, both, if you're willing to answer both, both.

嗯，兩者都有，如果你願意回答的話，兩者都有。

Okay. All right. Let me start and then let -- I want to make sure I answer your question. How's that? So look, on the revenue side, when we look at the sequential growth, we have been able -- look, the supply chain, this is about really supply chain optimization.

好的。好的。讓我開始，然後——我想確保我回答了你的問題。怎麼樣？因此，從收入方面來看，當我們看連續成長時，我們已經能夠——看看供應鏈，這實際上是供應鏈優化。

And we have been able to secure some additional supply, given some of the work that we've been doing. And we see strong demand across the board. But sequentially, what we're guiding to is stronger server demand as well as gaming, and gaming includes the semi-custom game consoles, as well as our graphics business is doing quite well as well.

鑑於我們一直在做的一些工作，我們已經能夠確保一些額外的供應。我們看到各方面的需求都很強勁。但按順序來看，我們引導的是更強勁的伺服器需求以及遊戲，遊戲包括半客製化遊戲機，而且我們的圖形業務也做得很好。

And then in terms of the sequential margin, it's similar. I mean we're having servers, some improved mix and graphics driving upside. And that's partially offset by the consoles which are below corporate average. But net-net, I think it's a positive sequential both on revenue and margin.

然後就連續利潤率而言，情況也類似。我的意思是我們擁有伺服器、一些改進的組合和圖形來推動優勢。而這一優勢被低於企業平均的遊戲機部分抵消了。但總體而言，我認為這對收入和利潤率來說都是一個積極的連續成長。

I guess what I'm asking is, for example, are your expectations for servers into Q4 now higher than they were 3 months ago when you gave implied guidance for Q4?

我想問的是，例如，您對第四季度伺服器的預期是否比三個月前您給出的第四季度隱含指導更高？

Yes. Yes, it is.

是的。是的。

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

我們今天的下一個問題來自摩根士丹利的喬·摩爾。

I'm wondering if you could talk about graphics a little bit. It seems like that's the business that's probably struggled the most to get silicon and you've shown some pretty nice growth there. What's the prognosis for that business going forward? And in the past, you've said you're comfortable that there's relatively low cryptocurrency exposure there. Is that still the case?

我想知道您是否可以稍微談論一下圖形。看起來這可能是最難獲得矽的業務，但你們在那裡已經表現出相當不錯的成長。該業務未來的前景如何？過去，您曾表示，您對那裡的加密貨幣風險敞口相對較低感到放心。現在還是這樣嗎？

Yes. Sure, Joe. Look, the graphics business did have a strong third quarter. I think that's true for graphics gaming as well as data center GPU. I think the portfolio that we have there with RDNA 2 has turned out really well. So we're pleased with how it's positioned competitively in the marketplace. And overall, gaming has been a secular trend that has continued with very strong demand.

是的。當然，喬。看起來，圖形業務第三季確實表現強勁。我認為這對於圖形遊戲和資料中心 GPU 來說都是如此。我認為我們在 RDNA 2 上的產品組合效果非常好。因此，我們對它在市場上的競爭地位感到滿意。總體而言，遊戲已成為長期趨勢，需求非常強勁。

In terms of crypto, our view is that it's really negligible revenue for us in the third quarter. It's not a segment that we have been servicing. We've tried very much to try to keep our gaming graphics focused on gamers. And we were able to increase some of the supply for graphics, and that's one of the reasons that we saw the sequential growth that we saw. And going into the fourth quarter next year, again, I think we see gaming overall as a strong segment for us, and the product set is very good. So we feel good about it.

就加密貨幣而言，我們認為它對我們來說在第三季的收入確實微不足道。這不是我們一直在服務的領域。我們盡力嘗試讓我們的遊戲圖形以遊戲玩家為中心。我們能夠增加一些圖形的供應，這也是我們看到連續成長的原因之一。進入明年第四季度，我認為遊戲總體上是我們的一個強勁成長領域，而且產品組合非常好。因此我們對此感覺良好。

Our next question is coming from Aaron Rakers from Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

I have 2 quick questions, if I can as well. Just kind of sticking on the expectations in the next year, appreciating that you're not going to give a full guide. I'm just curious how we should think about the semi-custom business given how sizable that's been to the overall growth in 2021. Any framing of how you expect 2022 to shape up at this point?

如果可以的話，我也有兩個簡單的問題。只是堅持明年的期望，感謝您不會給出完整的指南。我只是好奇，考慮到半客製化業務對 2021 年整體成長的貢獻，我們應該如何看待它。您目前對 2022 年的發展有何預期？

Sure, Aaron. So again, if you look at the overall growth that we had in 2021, I would say it was actually quite balanced across all of our businesses. The semi-custom business was in the second year of ramp, and demand has exceeded supply. We've been able to ramp that as we've gone through the year.

當然，亞倫。因此，如果您再看一下我們在 2021 年實現的整體成長，我會說我們所有業務的成長實際上都相當均衡。半客製化業務已進入成長的第二年，需求已超過供應。經過一年的努力，我們已經能夠進一步提升這一水準。

As we look into 2022, the historical view of game consoles has been year 4 is the peak, at least that's what it was in the last generation. What we expect in this generation is, again, very strong demand going into 2022. So we would expect it to grow into 2022, which would be the third year of the cycle, and then we'll see what happens after that. But overall, I think our view is we have a very balanced business with multiple growth drivers across data center, PCs, graphics as well as consoles.

展望 2022 年，從遊戲機的歷史觀點來看，第四年是巔峰，至少上一代是這樣的。我們預計，這一代的需求將在 2022 年再次非常強勁。因此，我們預計它會在 2022 年（週期的第三年）成長，然後我們再看看之後會發生什麼。但總的來說，我認為我們的業務非常均衡，在資料中心、個人電腦、圖形以及控制台方面有多個成長動力。

That's very helpful. And then the follow-up question is on your own supply chain side. I know in the prepared comments you said working on securing adequate supply given your growth trajectory. Are you currently able to meet on the goal of the demand that you currently see? And can you give any color of what -- how we should think about the supply situation on your end?

這非常有幫助。然後後續的問題是關於您自己的供應鏈方面。我知道您在準備好的評論中說過，根據您們的成長軌跡，要努力確保充足的供應。您目前能夠滿足目前看到的需求目標嗎？您能否說明一下我們該如何看待你們的供應情況？

Yes. So I mean we've been working on ramping the supply chain really for more than a year. If you think about sort of dynamics here. What I'd like to say is, overall, the demand has been very, very high. So the fact that we can grow revenue this year 65% year-on-year, I think, is a testament to the supply chain work. I think if we had more supply, we could certainly ship more.

是的。所以我的意思是，我們實際上已經致力於擴大供應鏈一年多了。如果你考慮一下這裡的動態。我想說的是，整體而言，需求非常非常高。因此，我認為，我們今年的營收能夠年增 65%，這證明了供應鏈工作的成功。我認為如果我們有更多的供應，我們肯定可以運送更多貨物。

That being the case, I think we're prioritizing in the most strategic segments. And we have invested significantly in capacity for additional capabilities, and we'll see some of that come online as we go through 2022. And we're going to continue to be aggressive to secure additional capacity because we believe our product portfolio will enable that growth.

既然如此，我認為我們會優先考慮最具戰略意義的領域。我們已在產能方面投入了大量資金，以實現額外的產能，到 2022 年，我們將看到其中一些產能上線。我們將繼續積極確保額外的產能，因為我們相信我們的產品組合將實現這一成長。

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。

Congratulations, Lisa. Lisa, my first question is back on the supply side of things. I'm just wondering if you can help me better understand, was it more of an issue in your PC business or your server business? And I guess, especially as we look into next year, as supply begins to loosen up, this year, given how tight the overall ecosystem was, competing on price didn't make a lot of sense.

恭喜你，麗莎。麗莎，我的第一個問題是關於供應方面的問題。我只是想知道您是否可以幫助我更好地理解，這更多的是您的 PC 業務還是伺服器業務中的問題？我想，尤其是當我們展望明年時，隨著供應開始放鬆，考慮到今年整體生態系統的緊張程度，價格競爭並沒有多大意義。

As supply begins to accelerate across the ecosystem, how are you thinking about pricing, especially in lieu of your large competitor kind of resetting their gross margins for next year? In your view, does that give them more wiggle room? Or do you think that they're being pretty benign on the pricing side of things on that gross margin reset?

隨著整個生態系統的供應開始加速，您如何考慮定價，特別是考慮到您的大型競爭對手正在重新設定明年的毛利率？您認為這是否給了他們更多的迴旋餘地？或者您認為他們在毛利率重置的定價方面表現得相當溫和嗎？

Yes. So maybe let me -- there's a lot of various aspects to that, John. So let me try to take it in pieces. As it relates to current supply, I want to make sure that we're clear. I mean we have brought on a tremendous amount of additional supply, and that's part of the reason that we overachieved the Q3 results and then we guided higher in Q4. So I do think that we have done a lot of work on our supply chain.

是的。所以也許讓我——這其中有很多不同的方面，約翰。因此，讓我嘗試將其分解開來。由於它與當前供應有關，我想確保我們清楚。我的意思是，我們帶來了大量的額外供應，這也是我們第三季業績超額完成並在第四季取得更高預期的原因之一。所以我確實認為我們在供應鏈上做了很多工作。

In the PC market, in particular, I think the market is not necessarily constrained on CPUs, but more constrained on matched sets. And so we're trying to ensure that we're not building inventory in the channel. And that's part of the optimization that we do is to ensure that as we ship sell-in processors that we see matched sets to sell through. And so from that standpoint, we think inventory is very healthy at the OEMs, and that's an important factor as we go into 2022.

特別是在PC市場，我認為市場不一定受CPU的限制，而是受配套設備的限制。因此，我們試圖確保我們不會在渠道中建立庫存。這是我們所做的優化的一部分，以確保當我們運送銷售處理器時，我們會看到匹配的套裝可供銷售。因此從這個角度來看，我們認為 OEM 的庫存非常健康，這是我們進入 2022 年的一個重要因素。

As it relates to what happens with the pricing environment as supply eases up. I think, right now, what we see is a -- again, it's an environment where most people are prioritizing supply. As we go into 2022, though, I think this is all about the product. And what we view is -- our focus in sort of our product line has been moving up the stack, ensuring that we're providing significant value to our customers in terms of total cost of ownership on the server side and innovative features and capabilities on the PC side and the graphics side. And we're going to continue to do that.

因為這與供應減少時定價環境的變化有關。我認為，現在我們看到的是——再次強調，這是一個大多數人優先考慮供應的環境。然而，隨著我們進入 2022 年，我認為這一切都與產品有關。我們的觀點是——我們的產品線的重點一直在向高端移動，確保我們在伺服器端的總體擁有成本以及 PC 端和圖形端的創新特性和功能方面為客戶提供顯著的價值。我們將繼續這樣做。

I mean we're excited about our product portfolio into 2022. We're going to continue to be very aggressive on the overall road map. And with that, I think our game plan is exactly what it was, what it always has been, which is lean into the product cycle, and the deep customer relationships and continue to build that out over time.

我的意思是，我們對 2022 年的產品組合感到非常興奮。我們將繼續積極推進整體路線圖。有了這些，我認為我們的計劃就和以前一樣，一直都是這樣，那就是精益求精的產品週期和深厚的客戶關係，並隨著時間的推移不斷建立這種關係。

That's helpful. And then as my follow-up, Devinder, you did a good job kind of explaining the year-over-year changes in operating margins in the compute and graphics business. I'm wondering if you could talk a little bit about sequentially what happened. Revenue was up and op margins were down a little bit. Is that just the influence of the very strong growth in GPUs going into the data center? Because it sounds like in the core compute business mix probably got better sequentially for you. So I'm just trying to make sure I understand all the dynamics you play.

這很有幫助。然後作為我的後續問題，Devinder，您很好地解釋了計算和圖形業務的營業利潤率同比變化。我想知道您是否可以按順序談論發生的事情。收入增加，但營業利潤率略有下降。這僅僅是資料中心 GPU 強勁成長的影響嗎？因為聽起來核心計算業務組合可能會逐漸變得更好。所以我只是想確保我理解你所演奏的所有動態。

Yes. If you're talking about the CG segment, it's investments, right? Some investments in R&D and go to market. And also, we have a lot of new products coming into 2022, and there's expenditure involved ahead of the curve before you introduce the products in the next year. And that's really what happened in the transition quarter-over-quarter.

是的。如果您談論的是 CG 部分，那就是投資，對嗎？一些研發投資和市場推廣。此外，我們將在 2022 年推出許多新產品，在明年推出這些產品之前，我們需要提前進行支出。這就是每季轉型過程中確實發生的情況。

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

我們今天的下一個問題來自 Raymond James 的 Chris Caso。

First question is about the supply constraints and how that affects seasonality as we go into the beginning of next year. And obviously, you're making efforts to bring on more supply. You spoke about in PC these constraints with regard to matched sets. I'm sure at this point, you don't want to provide guidance for Q1, but how should we be thinking about seasonality for Q1 as we contemplate these supply constraints?

第一個問題是關於供應限制以及這對明年年初的季節性有何影響。顯然，你們正在努力增加供應。您在 PC 中談到了與匹配集有關的這些約束。我確信此時您不想為第一季提供指導，但是在考慮這些供應限制時，我們應該如何考慮第一季的季節性？

Yes, Chris, I think it's a little bit early to talk about Q1. I mean I think -- let's see what would we say about seasonality. I don't have a lot to say other than typically, Q1 is down from Q4. That's typically what the pattern is, given the consumer-related businesses. It might be a little bit sub seasonal as we go into this first quarter just given the demand environment, but we'll have to see how things play out over the next couple of months. (The company clarified after the call that Q1'22 should be 'better than' typical seasonality given the strong demand environment.)

是的，克里斯，我認為現在談論第一季還有點早。我的意思是，我認為——讓我們看看我們會如何看待季節性。除了通常情況下第一季比第四季度下降之外，我沒什麼好說的。對於與消費者相關的業務來說，這通常就是一種模式。考慮到需求環境，我們進入第一季時可能會有點不合時宜，但我們必須觀察未來幾個月的情況如何。 （該公司在電話會議後澄清說，鑑於強勁的需求環境，2022 年第一季的業績應該「好於」典型的季節性。）

All right. A little bit of a bigger picture question for my second question. And we've heard and seen from some of the hyperscalers is a trend of, in some cases, doing some custom designs, doing it on their own, often with ARM-based designs. Do you consider that an opportunity or a threat for AMD? And to what extent are you engaged with some of those hyperscalers on some of these custom designs because you do have an IP portfolio yourself?

好的。我的第二個問題涉及一個更宏觀的問題。我們從一些超大規模企業那裡聽到和看到一種趨勢，即在某些情況下，進行一些客製化設計，自行完成，通常採用基於 ARM 的設計。您認為這對 AMD 來說是機遇還是威脅？由於您自己確實擁有 IP 組合，您在多大程度上與一些超大規模企業合作進行這些客製化設計？

Yes. Chris, on that, we definitely view it as an opportunity, right? So I think what's happening in the data center market is that as the need for compute gets larger, sort of this tailoring of compute for the various workloads is an important trend. I think our IP portfolio today is very strong. I think it will even be stronger given some of the things that we have in plan to allow more tailoring. And we are working very closely with a number of hyperscalers on sort of the vision of compute over the next few years and how we might put together some different solutions between our CPU, GPU, interconnect capability and then with the addition of Xilinx as well coming into our portfolio. So lots of opportunity there for customization. I think that's a key trend that we're certainly going to lean into.

是的。克里斯，就這一點而言，我們肯定將其視為一個機會，對嗎？因此，我認為資料中心市場正在發生的事情是，隨著對運算的需求越來越大，針對各種工作負載客製化計算是一個重要的趨勢。我認為我們今天的智慧財產權組合非常強大。我認為，考慮到我們計劃中的一些允許更多客製化的事情，它會變得更加強大。我們正在與許多超大規模企業密切合作，共同探討未來幾年的運算願景，以及如何將我們的 CPU、GPU、互連能力整合到一些不同的解決方案中，然後將 Xilinx 添加到我們的產品組合中。因此有很多定制的機會。我認為這是我們肯定會關注的關鍵趨勢。

Our 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。

Let me ask a question echoed with a congrats of other people on the strong results. Lisa, I just wanted to ask about the comparison on your C and G side between the C and the G and specifically on the client graphic side of things. Clearly, this year has been a really strong year for AMD. Can you just talk about the go-forward on the client side in that?

讓我問一個問題，這個問題得到了其他人對取得的優異成績的祝賀。 Lisa，我只是想問您在 C 和 G 方面的比較，特別是在客戶端圖形方面的比較。顯然，今年對 AMD 來說是真正強勁的一年。能談談客戶端的進展嗎？

I think we're all pretty well aware of what's going to happen in the data center GPU side. But how do we reconcile your commentary on where you think the PC market would be in the flattish area versus the strength you've had in GPUs this year in a strong GPU market? Do you think that continues next year? How much of it is AMD specific? Or if the PC market is weaker, is that something that's a little bit of a headwind for AMD?

我想我們都非常清楚資料中心 GPU 方面將會發生什麼事。但是，我們如何協調您的評論，您認為 PC 市場將處於平穩狀態，而今年在強勁的 GPU 市場中，您在 GPU 方面表現強勁？您認為明年這種情況還會持續嗎？其中有多少是 AMD 獨有的？或者如果個人電腦市場表現疲軟，這對 AMD 來說會不會是一個小小的不利因素？

Yes. So again, what I would say is our market share is still, I would say, underrepresented, whether you're talking about the client sort of CPU or APU side or the GPU side. I think what we have seen here in the third quarter and then into the second half of the year is our graphics business has performed quite well. It is channel driven in the sense that there's still strong demand amongst gamers for GPUs.

是的。所以，我想說的是，我們的市佔率仍然被低估，無論你談論的是客戶端 CPU、APU 還是 GPU。我認為我們在第三季以及下半年看到的是我們的圖形業務表現相當良好。從遊戲玩家對 GPU 的需求仍然強勁的角度來看，它是通路驅動的。

As we go into 2022, though, I don't view sort of the PC market as a headwind for the company. I think as we look at all of these markets, of course, we do a bunch of scenario planning if the market is up or if it's down. I think there are many who think that the market may be up.

不過，隨著我們進入 2022 年，我並不認為 PC 市場會為公司帶來阻力。我認為，當我們觀察所有這些市場時，我們當然會做一系列情境規劃，以預測市場是上漲還是下跌。我認為很多人認為市場可能會上漲。

There are some who think that market may be down. And that's why we're choosing to model sort of the base case is flattish. But even within that market, whether you're talking about client CPUs or -- client GPUs, we think we have opportunities to gain share and grow in that business, just given the strength of our product portfolio and the fact that we are sort of underrepresented to we think the -- sort of what we can expect given those products.

有些人認為市場可能會下滑。這就是為什麼我們選擇對基本情況進行平坦化建模。但即使在該市場內，無論您談論的是客戶端 CPU 還是客戶端 GPU，我們認為我們都有機會在該業務中獲得份額並實現增長，只要考慮到我們產品組合的實力以及我們在這些產品中的代表性不足這一事實，我們認為 - 我們對這些產品的期望。

And I guess as my follow-up, just one for Devinder on the OpEx side, and I'll give the same disclaimer that I know you're not going to give any specifics about next year, but you guys have done a great job of lowering your OpEx intensity throughout this year. I think you're going to be closer to 24% versus your 26% to 27% entering the year and 25% as of last quarter.

我想作為我的後續問題，我只想問一下 Devinder 在營運支出方面的問題，我會給出同樣的免責聲明，我知道你不會給出任何關於明年的具體細節，但你們今年在降低營運支出強度方面做得很好。我認為這個數字將更接近 24%，而年初時這個數字是 26% 到 27%，上一季這個數字是 25%。

So great expansion there in margins and better leverage. As we look forward, though, I think the third quarter was the first time where you guys spent enough that it actually impacted a segment where the operating margin fell a little bit. And I think we all understand why you're doing that and it feeds great growth. So it's not a negative.

因此利潤率大幅擴張，槓桿率也更高。不過，展望未來，我認為第三季是你們第一次支出如此之多，以至於它實際上影響了營業利潤率略有下降的部分。我想我們都明白你為什麼這樣做，因為這將帶來巨大的成長。所以這並不是一件壞事。

But as I look into '22, do you think next year can be another year where your operating leverage is positive? Or do you expect to be able to spend closer to your former targets in kind of the 25% to 27% of sales range?

但當我展望 22 年時，您是否認為明年會是您的經營槓桿為正的另一年？或者您希望能夠將支出控制在接近先前目標的 25% 至 27% 的銷售額範圍內？

I think, fundamentally, and what you observe is right, very disciplined from an OpEx standpoint, investing in the growth is important. Many of the things that Lisa talked about earlier is all about growth in many different vectors. And obviously, that requires funding from an OpEx standpoint, whether it's R&D, go-to-market, hiring, which we are doing from a viewpoint of the growth in the company.

我認為，從根本上來說，您的觀察是正確的，從營運支出的角度來看，非常有紀律，投資成長非常重要。 Lisa 之前談到的很多事情都與許多不同方面的成長有關。顯然，從營運支出的角度來看，這需要資金，無論是研發、上市或招聘，我們都是從公司發展的角度來做的。

And I think from a modeling standpoint, a guidance standpoint, you can assume that the growth in OpEx will be lower in revenue. Margin continues to expand, OpEx flattish or even down. I mean you can model it, but very disciplined on that standpoint and making sure that we are investing for the growth is a top priority for us.

我認為從建模的角度和指導的角度來看，你可以假設營運支出的成長會低於收入的成長。利潤率持續擴大，營運支出持平甚至下降。我的意思是你可以對其進行建模，但從這個角度來看要非常自律，並確保我們為成長而進行投資是我們的首要任務。

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

今天的最後一個問題來自瑞銀的提摩西‧阿庫裡。

I had 2. I guess, first, Lisa, no one has asked about software yet. I was wondering if you can update us on your software efforts. And maybe as you get close to closing Xilinx, how much that sort of changes things for you on the software side and maybe how your search for software talent has been? And then I had a follow-up.

我有 2 個。我想，首先，麗莎，還沒有人問過軟體。我想知道您是否可以向我們介紹一下您的軟體工作。也許當您接近關閉 Xilinx 時，這對您的軟體方面會有多大的影響，以及您對軟體人才的搜尋情況如何？然後我進行了後續跟進。

Sure, Tim. So yes, we continue to invest heavily in software, particularly on the data center GPU side. We -- with our next-generation GPU architecture, MI200, which we'll be talking a little bit about in the next few weeks, we have made significant investments in progress. Our focus has been on using sort of the Frontier beachhead with high-performance computing and expanding that into AI and working with our partners on that software development. So overall, continue to make good progress there. I think the Xilinx acquisition and bringing in sort of that software talent also provides opportunities to optimize across the overall portfolio in terms of just the software infrastructure that people want in an overall ecosystem. So very strategic area that we're making good progress in.

當然，提姆。所以是的，我們繼續在軟體方面投入大量資金，特別是在資料中心 GPU 方面。我們——對於我們的下一代 GPU 架構 MI200（我們將在接下來的幾週內對其進行一些討論），我們已經在進展中投入了大量資金。我們的重點是利用前沿灘頭陣地進行高效能運算，並將其擴展到人工智慧領域，並與我們的合作夥伴合作進行軟體開發。總體而言，該領域將繼續取得良好進展。我認為，收購 Xilinx 並引入此類軟體人才也為優化整個產品組合提供了機會，即人們在整個生態系統中所需的軟體基礎設施。在這個非常具有戰略意義的領域，我們正在取得良好進展。

And I guess just last question for me. So server share, if I look at your guidance for Q4, it looks like you're going to be in the 12.5% to 13% share, if I use the entire TAM, and that's up like 500 basis points versus last year Q4. So I guess the question is, like, is that a reasonable trajectory into next year? As if we're sitting to 12 months from now, would you be surprised if you gained another 500 basis points next year? And sort of where do you think about where that share can go?

我想這對我來說只是最後一個問題。因此，如果我查看您對第四季度的指導，看起來您的份額將在 12.5% 到 13% 之間，如果我使用整個 TAM，那麼與去年第四季度相比，這上升了 500 個基點。所以我想問題是，這是明年的合理軌跡嗎？假設我們展望 12 個月後，如果您明年再獲得 500 個基點，您會感到驚訝嗎？您認為該份額會如何分配？

Yes. So I think, overall, our server trajectory has been very strong. I mean I think we're very pleased with the trajectory here in 2021. I think having a number of quarters where we're doubling the revenue year-on-year kind of speaks to the progress there. As we go into 2022, we still believe we are a share gainer in that environment just given the strength of our portfolio and let's call it, platforms that are still yet to launch across our customer set.

是的。所以我認為，總體而言，我們的伺服器軌跡非常強勁。我的意思是，我認為我們對 2021 年的發展軌跡非常滿意。我認為，有多個季度我們的收入同比翻了一番，這說明了我們取得了進展。隨著我們進入 2022 年，我們仍然相信，憑藉我們強大的產品組合以及尚未在我們的客戶群中推出的平台，我們將在這種環境下獲得市場份額。

So we're continuing to play out the strategy of a data center being a place where our technology is very differentiated. And we think that's true in the third generation with EPYC, and we certainly are very focused on ensuring that the next generation with Zen 4 and Genoa are similarly well positioned in the marketplace.

因此，我們將繼續實施資料中心策略，使其成為我們技術差異化的地方。我們認為第三代 EPYC 確實如此，我們當然也非常注重確保下一代 Zen 4 和 Genoa 在市場上佔據同樣有利的地位。

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。

We're good. Thank you very much, operator, and thank you to everyone for joining us today. We appreciate your time and participation and your support of AMD. Have a good afternoon.

我們很好。非常感謝接線生，也感謝大家今天的加入我們。我們感謝您的時間和參與以及對 AMD 的支持。祝您下午愉快。

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

謝謝。今天的電話會議和網路直播到此結束。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。