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，歡迎來到 AMD 2021 年第三季度財報電話會議和網絡直播。 （操作員說明）作為提醒，本次會議正在錄製中。

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

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

Thank you, and welcome to AMD's 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 年第三季度財務業績電話會議。到目前為止，您應該有機會查看我們的收益新聞稿和隨附的幻燈片軟件的副本。如果您尚未查看這些文件，可以在 amd.com 的投資者關係頁面上找到它們。

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

今天電話會議的參與者是我們的總裁兼首席執行官蘇麗莎博士； Devinder Kumar，我們的執行副總裁、首席財務官兼財務主管。這是一個現場通話，將通過我們網站上的網絡廣播重播。

Before we begin, I would like to note that 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.

在開始之前，我想指出的是，我們將在 11 月 8 日虛擬舉辦我們的加速數據中心首映式，由 Lisa Su 博士進行專題演講；和數據中心高管 Forrest Norrod 和 Dan McNamara。此活動也將在 amd.com 上提供。蘇博士還將出席 11 月 30 日星期二舉行的瑞士信貸第 25 屆年度技術會議。全球營銷、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、媒體和電信會議. 我們 2021 年第四季度的安靜時間預計將從 12 月 10 日星期五營業結束時開始。

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、假設和預期的前瞻性陳述，僅在今天發表，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。有關可能導致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 到 GAAP 對賬可在今天的新聞稿和我們網站上發布的幻燈片中找到。

Now with that, I'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，勞拉，今天所有收聽的人下午好。我們的業務在第三季度表現非常出色，因為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。我們連續第五個季度實現了超過 50% 的同比收入增長，我們的每項業務都同比顯著增長，數據中心銷售額增長了一倍以上。第三季度收入增長 54% 至 43 億美元。毛利率增長超過4個百分點，營業收入同比增長一倍。

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門。在我們最新一代銳龍、Radeon 和 AMD Instinct 處理器的推動下，第三季度收入同比增長 44% 至 24 億美元。在客戶端計算領域，銷售額同比增長強勁的兩位數百分比，環比略有下降。 Ryzen 5000 處理器出貨量環比增長兩位數，產品組合更加豐富，因為我們相信我們連續第六個季度獲得了收入份額。

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.

在台式機方面，我們推出了帶有集成 Radeon 顯卡的 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計算和圖形功能以及能源效率。在筆記本電腦方面，宏碁、華碩、惠普和聯想都擴展了由 Ryzen 5000 移動處理器驅動的移動產品，因為我們在高端消費、遊戲和商業市場繼續獲得動力。

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.

商業客戶的同比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 的商業筆記本電腦設計數量同比顯著增加。我們還看到工作站市場的強勁增長。據 IDC 稱，隨著我們繼續贏得媒體和娛樂、工程、建築和汽車等關鍵垂直領域的大批量部署，Threadripper PRO 處理器現在為北美和歐洲、中東和非洲地區同類產品中最暢銷的工作站提供動力。

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.

在圖形方面，由於我們的下一代 AMD CDNA 2 數據中心 GPU 的出貨量和渠道中對 Radeon 6000 GPU 的需求，收入同比增長了一倍以上，並實現了強勁的兩位數百分比增長。 AMD RDNA 2 GPU 銷量在本季度顯著增長，因為我們通過推出中端 Radeon RX 6600XT 卡來增加產量並擴展我們的自上而下的產品組合，這些卡在其價格點上提供領先的 1080P 遊戲性能。數據中心圖形收入同比和環比增長了一倍以上，這主要得益於我們用於橡樹嶺國家實驗室 Frontier exascale 超級計算機的新型 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 的架構專門用於提供突破性的 HPC 和 AI 計算性能，並為超級計算、企業和雲客戶如何通過結合 AMD CPU、GPU 和軟件在未來幾年內實現百億億次級別的性能提供藍圖。我們對 AMD CDNA 2 GPU 的性能感到非常滿意，並期待在下個月提供有關其領先性能的更多詳細信息。

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.

談到我們的企業、嵌入式和半定制部門，在 EPYC 處理器和半定制銷售強勁增長的推動下，收入同比增長 69% 至 19 億美元。由於對最新的微軟和索尼遊戲機的需求仍然非常強勁，半定制收入環比和同比增長。隨著我們進一步增加供應以滿足持續的遊戲機需求，我們預計半定制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.

轉向服務器。我們連續第六個季度實現了創紀錄的服務器處理器收入，因為銷售額同比增長了一倍以上，並且環比增長了顯著的兩位數百分比。第三代 EPYC（霄龍）處理器繼續以比上一代更快的速度增長，並在本季度貢獻了我們服務器 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.

在雲中，多家超大規模廠商擴展了他們的第三代 EPYC 處理器部署以支持其內部工作負載，微軟 Azure 和谷歌都宣布了多個新的 AMD 支持的實例。 Cloudflare、Vimeo 和 Netflix 最近也都宣布了由 EPYC 處理器提供支持的新部署，Netflix 強調了他們如何將每台服務器的流媒體吞吐量翻倍，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.

隨著來自戴爾、HPE、聯想、美超微、思科和其他公司的 100 多個第三代 EPYC 處理器平台進入更廣泛的最終客戶部署，本季度的企業增長尤為強勁。我們在本季度擴大了與財富 1000 強金融服務、汽車和航空航天公司的合作，並看到了巨大的持續增長機會，因為我們的企業服務器管道同比增長了一倍以上。

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.

在超級計算方面，我們在本季度贏得了多項安裝，其中阿貢國家實驗室選擇了第三代 EPYC 處理器來為新的 Polaris 超級計算機提供動力，該超級計算機將用於測試和優化軟件，為未來的百億億級系統做準備。總體而言，我們對我們在數據中心業務中建立的勢頭感到非常滿意，因為服務器 CPU 和 GPU 收入增長到本季度總收入的 20% 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.

轉向我們對 Xilinx 的收購。我們在獲得所需的監管批准方面取得了良好進展，並有望在年底前完成。收購 Xilinx 為 AMD 帶來了顯著的好處，包括通過領先的自適應計算和 AI 解決方案擴展我們的產品組合，並將我們的客戶群進一步多元化到互補市場，包括有線和無線通信、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度業績和我們業務在 2021 年的顯著加速表明我們擁有正確的產品和戰略來推動一流的增長和顯著的股東回報。在我們一貫的執行力和我們為打造領先產品所做的投資的推動下，我們的增長速度繼續超過市場。我們的供應鏈團隊在充滿挑戰的環境中表現出色，全年提供增量供應，支持我們強勁的收入增長。我們還在大力投資以確保額外的產能，以支持我們的長期增長。我們的產品組合和路線圖從未如此強大，我期待在 11 月 8 日的加速數據中心首映式上分享有關我們下一代服務器 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?

現在我想把電話轉給 Devinder，為我們的第三季度財務業績提供一些額外的色彩。德溫德？

Thank you, Lisa, and good afternoon, everyone. AMD 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，大家下午好。 AMD 又一個出色的季度。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。第三季度收入為 43 億美元，比去年同期增長 54%，這得益於所有業務的強勁收入增長，比上一季度增長 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.

在強勁的收入組合和有競爭力的產品的推動下，毛利率為 48%，比一年前增加了 440 個基點。運營費用為 10.4 億美元，而一年前為 7.06 億美元，因為我們繼續投資於我們的長期產品路線圖並擴大我們的業務。

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.

營業收入翻了一番多，達到 10.6 億美元，比一年前增加了 5.3 億美元，主要受收入增長的推動。營業利潤率為 24%，高於一年前的 19%。淨收入增長到 8.93 億美元，比一年前增加了 3.92 億美元。每股攤薄收益為 0.73 美元，而一年前為每股 0.41 美元。這包括 15% 的有效稅率，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.

現在轉向業務部門的結果。計算和圖形部門收入為 24 億美元，同比增長 44%，這主要得益於客戶端和圖形處理器收入顯著增加。計算和圖形部門的營業收入為 5.13 億美元，佔收入的 21%，而一年前為 3.84 億美元，佔收入的 23%。營業收入的增加主要是由於收入增加，抵消了較高的營業費用。營業利潤率同比略低，主要是由於對研發和上市的投資。

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、嵌入式和半定制部門的收入為 19 億美元，比上一年的 11 億美元增長 69%。強勁的收入增長主要是由顯著增加的 EPYC 處理器和半定制銷售推動的。 EESC 營業收入大幅增長至 5.42 億美元，佔收入的 28%，而一年前為 1.41 億美元或 12%。營業收入增長主要是由更高的收入和更豐富的產品組合推動的，部分被更高的研發和上市費用所抵消。

Turning to the balance sheet. Cash, cash equivalents and short-term investments were $3.6 billion. 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、現金等價物和短期投資為 36 億美元。作為我們正在進行的股票回購計劃的一部分，我們在 2021 年第三季度利用 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，而去年同期為 2.65 億美元，上一季度為 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.

由於我們對長期供應鏈能力進行戰略投資以支持未來的收入增長，因此自由現金流環比下降。庫存為 19 億美元，比上一季度增加 1.37 億美元，以支持收入的持續增長。

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.

現在讓我談談第四季度的展望。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信號。我們預計收入約為 45 億美元，上下浮動 1 億美元，同比增長約 39%，環比增長約 4%。預計同比增長將受到所有業務增長的推動。預計環比增長將受到更高的服務器和半定制銷售的推動。

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，我們預計非美國通用會計準則毛利率約為 49.5%；非美國通用會計準則運營費用約為 11.5 億美元；非公認會計原則的利息費用、稅收和其他費用約為 1.7 億美元；稀釋後的股份總數約為12.2億股。在所有業務增長的推動下，我們現在預計 2021 年全年收入將比 2020 年增長約 65%，高於之前的 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，我們實現了另一個出色的季度，收入同比增長非常強勁，財務勢頭強勁，盈利能力創紀錄。我們的領先產品使我們能夠很好地推動未來的增長、顯著的現金產生和強勁的股東回報。

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

有了這個，我將把它轉回給 Laura 進行問答環節。勞拉？

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

謝謝你，德溫德。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question today is coming from Blayne Curtis from Barclays.

（操作員說明）我們今天的第一個問題來自巴克萊的 Blayne Curtis。

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.

偉大的結果。有點好奇，第四季度的整體前景。所以計算圖形正在下降。我只是好奇這是否是更多的供應。你仍在按順序增長。顯然，我會假設您優先考慮服務器。只是有點好奇你在計算圖形市場上看到了什麼。是否有任何與您的供應限制相關的事情會順序下降或可能是下游限制。

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。只是好奇，你的毛利率仍在增長。我假設嵌入式、半定制和服務類型的抵消。因此，請帶我們了解第四季度毛利率的大幅增長。

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。謝謝你的問題。因此，它與第四季度以及我們所處的位置有關。看，我們對下半年的表現總體上非常滿意。它正在上演我們對 PC 市場的預期。因此，當您詢問計算和圖形時。我們已經看到個人電腦市場和用戶需求總體強勁，但個人電腦市場存在一些匹配的限制。因此，出於這個原因，我們稱個人電腦市場非常平淡。我不會說下來。當我們展望第四季度時，我會稱之為平淡。

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.

但是，從整體業務來看，我認為數據中心業務表現非常好，我們看到那裡的需求強勁，而且我們將繼續看到這一點。同樣，遊戲機業務，整體遊戲也相當強勁。因此，隨著我們進入第四季度，我們看到了服務器和半定制的增長。

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

然後是邊際動態，Devinder，你想介紹一下嗎？

For Q4?

第四季度？

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。所以第四季度，根據我們的指導略有上升，比第三季度高 1 個百分點，這確實是產品組合，服務器利潤率更高，被半定制收入抵消，從第三季度到第四季度也更高。因此，我們對毛利率的進展感到非常滿意。當您查看第三季度的結果時，比去年增加了 440 個基點，比上一季度增加了 80 個基點，並且進入第四季度，顯然是受到服務器的推動，我們的收入增長了。我對此也很滿意。

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.

祝賀您取得了驕人的成績和始終如一的執行力。麗莎，您對未來幾個季度數據中心的支出環境有何看法？尤其是您的服務器路線圖與競爭對手的對比，因為他們計劃在明年初推出幾款新的重要產品。所以我只是想知道你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。非常感謝 Vivek 的提問。我認為總的來說，我們對服務器業務或數據中心市場感覺非常非常好。我認為從市場的角度來看，我們在 2021 年看到了雲計算和企業市場的強勁市場，我們認為這種情況會持續到 2022 年。我認為從競爭地位的角度來看，我認為米蘭的定位非常好。所以我們對米蘭的採用率感到非常滿意。我們說我們預計它會比羅馬增長得更快，它確實做到了。所以第三節與米蘭和羅馬的交叉是一個重要的衡量標準。

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，我們一直預計競爭會很激烈，但我們的重點是始終如一地執行我們的路線圖，我們對 2022 年的 Zen 4 和 Genoa 感覺非常好。我認為我們感覺非常好關於那裡的競爭定位。我們仍然相信數據中心是我們業務中最具戰略意義的部分，我們正在與客戶和合作夥伴取得良好進展。

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。對於我的後續行動，麗莎，AMD 在獲得超大規模市場份額方面做得非常好。你在那段旅程中在哪裡？超大規模企業是否還有很多份額收益？重要的是，你能在企業中重複這一點嗎？或者你認為你的競爭對手的在位限制了企業的份額獲取機會？

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，我們的業務在超大規模企業中的雲權重比企業更大，這種情況在第三季度繼續存在。我確實相信在雲中為我們提供了重要的額外機會。因此，當我們與這些合作夥伴合作時，這與工作量的擴展有關。確實，隨著我們的發展，工作負載的定制化程度越來越高。然後在第 1 層和第 2 層雲人員中也有更多的客戶和更廣泛的滲透。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，我們在第三季度看到了非常強勁的企業季度。我認為米蘭與我們的原始設備製造商在平台廣度方面的實力非常好，我們看到了對財富 1000 強公司的良好吸引力。

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計算和企業業務的增長軌跡。我認為在企業中，關鍵是要更加熟悉 EPYC，我們在這方面取得了非常好的進展。所以我對事情的進展感覺很好。

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 在數據中心交叉方面取得了一些非常強勁的進展，我猜，這裡有 1/4 的業務有結果。我確實想問一個關於你們在中國的服務器業務的問題。你的競爭對手稱中國和那裡的一些動盪是他們的一些雲業務在第三季度遇到一些逆風的原因。也許您可以評論一下您對上個季度以及接下來幾個季度的支出的看法，特別是在中國的終端市場。然後我有一個跟進。

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。再說一次，我想說的是，我們的數據中心業務在第三季度表現非常出色，涵蓋了雲和企業。在雲中，這是跨地域的。所以我們沒有看到任何與中國或那裡有關的特殊情況。我想說的是，我們將繼續與廣大客戶合作。我們正在真正在客戶群中推廣更廣泛的採用。所以我認為我們看到了一個非常正常的需求環境。

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，有點無關。你們在評論中提到，仍然計劃在今年年底之前完成 Xilinx 的交易。而且我認為這很重要，因為您可以談論很多事情，也許可以更公開地談論長期的業務異構計算策略。麗莎，也許你可以引導我們到你可以談論的程度，顯然，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?

但是在你能做到的範圍內，你在幕後取得了哪些讓你感到自信的里程碑，還有哪些障礙讓你有信心？我的意思是，我想我們還有幾週的時間才能進入 12 月份，而且監管方面的情況有點放緩。所以我只是想知道是什麼讓我們有信心到達那裡，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。所以看，我們一直在努力完成對 Xilinx 的收購。我想說的是，我們已經完成了在監管方面需要做的絕大多數事情。我們在這裡結束。在集成方面取得了非常好的進展。所以我們在集成方面做了很多工作。我認為我們對我們的計劃感到興奮。然後在監管方面，再次，正如我在準備好的評論中所說，我們取得了良好的進展，我們相信我們有望在今年年底結束。

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.

恭喜取得了不錯的成績。麗莎，我也有 2 個問題。首先，關於你們對 2022 年的展望。我意識到現在還為時過早，我當然不希望你們提供點估計。但我認為人們有點擔心，相對於你的長期增長率，如果你願意的話，你已經過度增長了。去年你增長了 45%。鑑於您的長期全週期增長目標為 20%，您今年有望增長 65%。同樣，考慮到 PC 動態和競爭動態等等，您可能會在明年減速。

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.

再說一次，我不希望您對明年進行任何量化，但是如果您可以定性地描述這一年，那麼此時潛在的優缺點是什麼，那將非常有幫助嗎？然後我有一個快速跟進。

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。所以看，正如你所說，現在談論定量還為時過早。我會定性地引用，我們看到的是，看，我們看到了積極的需求環境。這是一個市場聲明，但這也是一個 AMD 聲明，對吧？我認為我們產品組合的優勢有多個增長向量。數據中心對我們來說仍然是非常重要的一個。我認為我們 - 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增長載體。我們預計我們的遊戲機業務將是——我之前提到它會在第四季度上升，我們預計它會在 2022 年上升，因為那裡的需求環境很強勁。

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.

在 PC 方面，我將在 PC 方面發表的評論是——最終用戶的需求似乎很強勁。因此，無論您是在談論消費者和高端消費者，還是商業或遊戲，都會進行大量更新。匹配套裝存在一些供應限制，我們認為這些限制將持續到今年上半年。在這種情況下，我們從規劃假設的角度使用的是，隨著我們從 2021 年到 2022 年，PC 市場可能會持平。但即使在這種環境下，我們認為我們仍有機會繼續增長。

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，我認為我們非常專注於執行，非常專注於與客戶合作，以確保我們與他們的需求保持一致，並且總體上對我們進入 2022 年的產品組合感覺非常好。

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，關於毛利率的類似問題。我不確定這是給 Lisa 還是 Devinder。您將第四季度引導至 49.5%，這顯然是一年前的重大進步。鑑於您談到的一些動態，無論是服務器 CPU 的增長潛力、服務器 CPU 內部的混合，我敢肯定客戶端的混合動態，我認為我們大多數人確實期望一個非常好的積極因素到 2022 年的軌跡，毛利率可能有五個手柄。

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?

但是我們應該注意的任何風險或逆風？我認為您的代工合作夥伴正在提高價格。普遍存在成本膨脹，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，但我認為是關於管理局勢。正如 Lisa 所說，憑藉我們擁有的增長因素，我們希望繼續從我們目前的位置取得進展，尤其是基於我們擁有的具有競爭力的領導產品。我們對過去幾年取得的進展感到非常滿意。但在不詳細說明的情況下，我認為您可以假設我們在收入組合、產品組合和我們將在 2022 年推出的競爭產品方面繼續取得進展。

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

我們的下一個問題來自 Bernstein Research 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，我想問一下數據中心 GPU。我知道你說它增加了一倍多。但是你能給我們一個大概的感覺嗎？我們還在談論數千萬美元嗎？還是比這更大？您對作為 Frontier 和其他一些超級計算機的發展有何期望？在接下來的幾年裡，很多這些東西都將進入我們的發展階段？

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。所以 Stacy，在數據中心 GPU 方面，第三季度是數據中心 GPU 的一個更大的季度。這是我們運送現在處於構建週期中的 Frontier 貨物的地方。與CPU端相比，它仍然是一個相對較小的業務。所以我們的預期是，進入第四季度，這對我們來說是一個不穩定的業務。因此，考慮到 Frontier 的出貨量，第三季度是一個強勁的季度。我們預計，隨著我們進入第四季度，它將環比下降。但是，對於我們認為是未來幾年我們的重要戰略增長動力的業務而言，這仍然是一個強勁的增長年。

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。對於我的後續行動，我只是想問一下 Q4。所以很明顯，你會在上個季度給出第四季度的隱含指導。現在的指導顯然要高得多。你能談談相對於你上個季度的預期是什麼推動了這種上漲嗎？

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。

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

對不起，你問的是收入還是利潤，史黛西？

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

好吧，兩個，如果你願意回答兩個，兩個。

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，然後讓——我想確保我回答了你的問題。怎麼樣？所以看，在收入方面，當我們看連續增長時，我們已經能夠 - 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，我們已經能夠獲得一些額外的供應。我們看到全面強勁的需求。但依次，我們引導的是更強勁的服務器需求以及遊戲，遊戲包括半定制遊戲機，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.

然後就連續保證金而言，它是相似的。我的意思是我們有服務器，一些改進的混合和圖形驅動上行。這部分被低於公司平均水平的遊戲機所抵消。但是淨淨值，我認為這對收入和利潤率都是一個正向的順序。

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?

例如，我想我要問的是，您現在對第四季度服務器的期望是否高於 3 個月前您為第四季度提供隱含指導時的預期？

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?

我想知道你是否可以談談圖形。看起來這可能是最難獲得矽的業務，而且你已經展示了一些相當不錯的增長。該業務未來的前景如何？在過去，您曾說過您對那裡的加密貨幣風險相對較低感到滿意。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，圖形業務確實有一個強勁的第三季度。我認為圖形遊戲和數據中心 GPU 都是如此。我認為我們在那裡的 RDNA 2 產品組合結果非常好。因此，我們對它在市場上的競爭地位感到滿意。總體而言，遊戲一直是一種長期趨勢，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.

在加密貨幣方面，我們認為第三季度對我們來說確實是微不足道的收入。這不是我們一直在服務的細分市場。我們已經非常努力地嘗試讓我們的遊戲圖形專注於遊戲玩家。我們能夠增加一些圖形供應，這也是我們看到連續增長的原因之一。再次進入明年第四季度，我認為我們認為整體遊戲對我們來說是一個強大的細分市場，而且產品組合非常好。所以我們對此感覺良好。

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

我們的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，我有兩個快速的問題。只是堅持明年的期望，感謝您不會提供完整的指南。我只是好奇我們應該如何考慮半定制業務，因為這對 2021 年的整體增長有多大影響。您對 2022 年此時將如何形成有任何框架嗎？

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。再說一次，如果你看看我們在 2021 年的整體增長，我會說它實際上在我們所有的業務中都非常平衡。半定制業務進入第二年，供不應求。隨著這一年的過去，我們已經能夠提高這一點。

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，遊戲機的歷史觀一直是第 4 年是頂峰，至少上一代是這樣。我們對這一代人的預期再次是到 2022 年的需求非常強勁。因此，我們預計它將增長到 2022 年，這將是周期的第三年，然後我們將看看之後會發生什麼。但總的來說，我認為我們的業務非常平衡，在數據中心、個人電腦、顯卡和遊戲機等領域擁有多種增長驅動力。

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?

這很有幫助。然後後續問題是在您自己的供應鏈方面。我知道你在準備好的評論中說，鑑於你的增長軌跡，努力確保充足的供應。您目前是否能夠滿足您當前看到的需求目標？您能否給出任何顏色 - 我們應該如何考慮您的供應情況？

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，一年多來，我們一直在努力提升供應鏈。如果你考慮一下這裡的動態。我想說的是，總體而言，需求非常非常高。因此，我認為今年我們可以將收入同比增長 65% 的事實證明了供應鏈的工作。我認為如果我們有更多的供應，我們當然可以運送更多。

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.

在這種情況下，我認為我們優先考慮最具戰略意義的部分。我們已經在產能方面投入了大量資金來獲得額外的能力，隨著我們到 2022 年，我們將看到其中一些投入使用。我們將繼續積極爭取額外的產能，因為我們相信我們的產品組合將實現這一點生長。

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，麗莎。麗莎，我的第一個問題是回到事物的供應方面。我只是想知道您是否可以幫助我更好地理解，這是您的 PC 業務還是服務器業務的更多問題？而且我想，尤其是當我們展望明年時，隨著供應開始放鬆，今年，鑑於整個生態系統的緊張程度，價格競爭沒有多大意義。

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，特別是代替您的大型競爭對手重置明年的毛利率？在您看來，這會給他們更多的迴旋餘地嗎？或者你認為他們在毛利率重置的定價方面相當溫和？

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 - 有很多不同的方面，約翰。所以讓我試著把它分成幾部分。由於它與電流供應有關，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，這也是我們超額實現第三季度業績然後我們在第四季度引導更高的部分原因。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限於CPU，而是更多地受限於匹配集。因此，我們正在努力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，以確保在我們運送銷售處理器時，我們會看到匹配的套裝進行銷售。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.

因為它關係到隨著供應的緩解，定價環境會發生什麼。我認為，現在，我們看到的是 - 再次，這是一個大多數人優先考慮供應的環境。不過，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——我們對產品線的關註一直在提升堆棧，確保我們在服務器端的總擁有成本和創新的特性和功能方面為客戶提供顯著的價值。 PC端和圖形端。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 年的產品組合感到興奮。我們將繼續在整體路線圖上非常積極。有了這個，我認為我們的遊戲計劃正是它本來的樣子，它一直都是這樣，它融入了產品週期和深厚的客戶關係，並隨著時間的推移繼續建立起來。

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，Devinder，你很好地解釋了計算和圖形業務營業利潤率的逐年變化。我想知道您是否可以按順序談談發生的事情。收入上升，營業利潤率略有下降。這僅僅是進入數據中心的 GPU 強勁增長的影響嗎？因為聽起來核心計算業務組合對你來說可能會變得更好。所以我只是想確保我理解你演奏的所有動態。

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。如果你說的是 CG 部分，那就是投資，對吧？一些研發投資並進入市場。而且，2022年我們有很多新產品，在明年推出產品之前，已經涉及到提前的支出。這就是季度環比過渡期間發生的情況。

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我們進入明年年初的季節性影響。顯然，您正在努力增加供應。您在 PC 中談到了與匹配集有關的這些約束。我敢肯定，在這一點上，您不想為第一季度提供指導，但是當我們考慮這些供應限制時，我們應該如何考慮第一季度的季節性？

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度還為時過早。我的意思是我認為 - 讓我們看看我們會怎麼說季節性。除了通常情況下，我沒有太多要說的，第一季度比第四季度有所下降。考慮到與消費者相關的業務，這通常是模式。考慮到需求環境，當我們進入第一季度時，這可能有點季節性，但我們必須看看接下來幾個月的情況如何。 （公司在電話會議後澄清說，鑑於強勁的需求環境，22 年第一季度應該“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。我的第二個問題是一個更大的問題。我們從一些超大規模製造商那裡聽到和看到的趨勢是，在某些情況下，做一些定制設計，自己做，通常使用基於 ARM 的設計。您認為這對 AMD 是機會還是威脅？由於您自己擁有 IP 組合，您在多大程度上與其中一些定制設計的超大規模廠商進行了合作？

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，在這一點上，我們絕對認為這是一個機會，對吧？所以我認為數據中心市場正在發生的事情是，隨著對計算的需求越來越大，這種針對各種工作負載的計算定制是一個重要的趨勢。我認為我們今天的知識產權組合非常強大。考慮到我們計劃允許更多剪裁的一些東西，我認為它會更加強大。我們正在與許多超大規模廠商密切合作，探討未來幾年的計算願景，以及我們如何在我們的 CPU、GPU、互連功能之間整合一些不同的解決方案，然後加入 Xilinx進入我們的投資組合。那裡有很多定制的機會。我認為這是我們肯定會傾向於的一個關鍵趨勢。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

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，其他人對取得的強勁結果表示祝賀。麗莎，我只是想問一下 C 和 G 之間在 C 和 G 方面的比較，特別是在客戶端圖形方面的比較。顯然，今年對於 AMD 來說是非常強勁的一年。你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數據中心 GPU 方面會發生什麼。但是，我們如何調和您關於您認為 PC 市場將處於平坦區域的評論與您今年在強勁的 GPU 市場中擁有的 GPU 實力的評論？你認為明年還會繼續嗎？其中有多少是 AMD 特有的？或者如果個人電腦市場疲軟，這對 AMD 來說是不是有點逆風？

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。再說一次，我想說的是，無論您是在談論客戶端類型的 CPU 或 APU 端還是 GPU 端，我想說的是，我們的市場份額仍然不足。我認為我們在第三季度和下半年看到的是我們的圖形業務表現相當不錯。從某種意義上說，它是渠道驅動的，遊戲玩家對 GPU 的需求仍然很大。

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 市場會成為公司的逆風。我認為，當我們審視所有這些市場時，當然，如果市場上漲或下跌，我們會進行一系列情景規劃。我認為有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跌。這就是為什麼我們選擇對基本情況進行建模的原因是平坦的。但即使在該市場中，無論您是在談論客戶端 CPU 還是客戶端 GPU，我們認為我們有機會在該業務中獲得份額和增長，只是考慮到我們產品組合的實力以及我們有點像的事實在我們看來，我們認為這些產品的代表性不足。

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.

我想作為我的後續行動，僅針對運營支出方面的 Devinder，我將給出同樣的免責聲明，我知道你們不會提供有關明年的任何細節，但你們做得很好降低您今年全年的運營支出強度。我認為你將接近 24%，而進入今年的 26% 到 27% 和上一季度的 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.

利潤率和更好的槓桿率都有很大的擴張。不過，正如我們展望的那樣，我認為第三季度是你們第一次花費足夠多的錢，實際上影響了營業利潤率略有下降的細分市場。而且我認為我們都理解你為什麼這樣做，並且它促進了巨大的增長。所以這不是負面的。

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?

但是當我研究 22 年時，您認為明年會是您的經營槓桿為正的另一年嗎？或者您是否希望能夠在 25% 到 27% 的銷售額範圍內花費更接近您以前的目標？

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，從根本上說，你觀察到的事情是正確的，從運營支出的角度來看非常自律，投資增長很重要。 Lisa 之前談到的許多事情都是關於許多不同向量的增長。顯然，從運營支出的角度來看，這需要資金，無論是研發、上市、招聘，我們都是從公司增長的角度來看的。

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.

而且我認為從建模的角度，指導的角度來看，你可以假設 OpEx 的收入增長會更低。利潤率繼續擴大，OpEx 持平甚至下降。我的意思是你可以建模它，但在這個角度上非常自律，確保我們為增長而投資是我們的首要任務。

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

我們今天的最後一個問題來自瑞銀的 Timothy Arcuri。

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，還沒有人問過軟件。我想知道您是否可以更新我們的軟件工作。也許當您接近關閉 Xilinx 時，在軟件方面對您有多大的改變，以及您尋找軟件人才的情況如何？然後我進行了跟進。

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，蒂姆。所以是的，我們繼續在軟件方面進行大量投資，特別是在數據中心 GPU 方面。我們——通過我們的下一代 GPU 架構 MI200，我們將在接下來的幾週內稍微討論一下，我們已經在進展中進行了大量投資。我們的重點一直是使用具有高性能計算的 Frontier 灘頭陣地，並將其擴展到人工智能，並與我們的合作夥伴一起進行軟件開發。因此，總體而言，繼續在那裡取得良好進展。我認為 Xilinx 的收購和引進這樣的軟件人才也提供了在整個生態系統中人們想要的軟件基礎設施方面優化整個產品組合的機會。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?

我想這只是我的最後一個問題。所以服務器份額，如果我看一下你對第四季度的指導，如果我使用整個 TAM，看起來你將佔據 12.5% 到 13% 的份額，這與去年第四季度相比上升了 500 個基點。所以我想問題是，比如，這是進入明年的合理軌跡嗎？就好像我們從現在開始的 12 個月，如果你明年再獲得 500 個基點，你會感到驚訝嗎？您認為該份額可以去哪裡？

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，總的來說，我們的服務器發展軌跡非常強勁。我的意思是，我認為我們對 2021 年的發展軌跡感到非常滿意。我認為有幾個季度我們的收入同比翻了一番，這說明了那裡的進展。隨著我們進入 2022 年，我們仍然相信，鑑於我們的投資組合的實力，我們在這種環境中是一個份額增長者，我們稱之為尚未在我們的客戶群中推出的平台。

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，我們將繼續實施將數據中心作為我們的技術非常差異化的地方的戰略。我們認為，EPYC（霄龍）的第三代也是如此，我們當然非常專注於確保 Zen 4 和 Genoa 的下一代在市場上同樣處於有利地位。

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.

我們的問答環節結束了。我想把地板翻過來，以獲得任何進一步的或結束的評論。

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。非常感謝運營商，也感謝大家今天加入我們。感謝您的時間和參與以及您對 AMD 的支持。有一個美好的下午。

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.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。