超微半導體 (AMD) 2020 Q3 法說會逐字稿

Greetings, and welcome to the AMD Third Quarter 2020 and Xilinx Acquisition Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2020 年第三季度和 Xilinx 收購電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Ruth Cotter, Senior Vice President, Worldwide Marketing, Human Resources and Investor Relations. Ruth, please go ahead.

現在，我很高興將電話轉給負責全球營銷、人力資源和投資者關係的高級副總裁 Ruth Cotter。露絲，請繼續。

Thank you, and good morning everyone joining our call today.

謝謝大家，大家早上好，今天加入我們的電話會議。

Participants on our conference call are Dr. Lisa Su, our President and Chief Executive Officer; Devinder Kumar, our Senior Vice President, Chief Financial Officer and Treasurer; and Victor Peng, President and Chief Executive Officer of Xilinx.

我們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，我們的高級副總裁、首席財務官兼財務主管；以及賽靈思總裁兼首席執行官 Victor Peng。

This is a live call and will be replayed via webcast on our website, amd.com. We have a content-rich call for you this morning, so I refer you to our website, ir.amd.com, for a copy of our third quarter 2020 financial results, including detailed slideware, our acquisition of Xilinx's announcement and other helpful materials, including a presentation outlining the pertinent details of the acquisition.

這是一個實時通話，將通過我們的網站 amd.com 上的網絡廣播重播。今天早上我們有一個內容豐富的電話給您，所以我建議您訪問我們的網站 ir.amd.com，以獲取我們 2020 年第三季度財務業績的副本，包括詳細的幻燈片、我們收購 Xilinx 的公告和其他有用的材料，包括概述收購相關細節的演示文稿。

Before we begin, please note that today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations, speak only as of the current date, 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 each press release for more information on risks related to any forward-looking statements that we may make.

在我們開始之前，請注意，今天的討論包含基於當前信念、假設和預期的前瞻性陳述，僅在當前日期發表，因此，涉及可能導致實際結果與我們當前存在重大差異的風險和不確定性期望。有關與我們可能做出的任何前瞻性陳述相關的風險的更多信息，請參閱每份新聞稿中的警示性聲明。

We will refer primarily to non-GAAP financial metrics during this call. The non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in today's press release and slides posted on our website.

在本次電話會議期間，我們將主要參考非 GAAP 財務指標。在今天的新聞稿和我們網站上發布的幻燈片中，引用的非 GAAP 財務指標與其最直接可比的 GAAP 財務指標進行了核對。

Now with that, I'd like to hand the call over to Lisa. Lisa?

現在，我想把電話交給麗莎。麗莎？

Thank you, Ruth, and good morning to all those listening in. Today marks a significant milestone in our journey to establish AMD as the industry's high-performance computing leader.

謝謝你，Ruth，大家早上好。今天是我們將 AMD 打造為業界高性能計算領導者的重要里程碑。

Before going into details on our strategic acquisition of Xilinx, I'd like to start with our very strong financial results. Our business accelerated in the third quarter, resulting in record quarterly revenue with net income and EPS more than doubling year-over-year. Revenue grew 56% year-over-year to $2.8 billion, driven by strong demand for our Ryzen, EPYC and semi-custom processors.

在詳細介紹我們對賽靈思的戰略收購之前，我想先從我們非常強勁的財務業績開始。我們的業務在第三季度加速發展，實現了創紀錄的季度收入，淨收入和每股收益同比增長了一倍以上。由於對我們的 Ryzen、EPYC 和半定制處理器的強勁需求，收入同比增長 56% 至 28 億美元。

Turning to our Computing and Graphics segment. Third quarter revenue of $1.67 billion grew 31% year-over-year as higher Ryzen processor sales more than offset lower graphic sales.

轉向我們的計算和圖形部門。第三季度收入為 16.7 億美元，同比增長 31%，因為 Ryzen 處理器銷售額的增長超過了圖形銷售額的下降。

Our client processor business is performing extremely well. Desktop and notebook processor ASPs increased and total unit shipments grew by a strong double-digit percentage, both on a year-over-year and sequential basis. As a result, we set a record for quarterly client processor revenue and believe we gained client CPU share for the 12th straight quarter.

我們的客戶端處理器業務表現非常出色。台式機和筆記本電腦處理器的平均售價增加，總出貨量以兩位數的比例強勁增長，同比和環比均如此。因此，我們創造了季度客戶端處理器收入的記錄，並相信我們連續第 12 個季度獲得了客戶端 CPU 份額。

In mobile, we set records for both quarterly notebook processor unit shipments and revenue as OEM sell-through doubled year-over-year. We have the strongest notebook processor portfolio in our history. More than 105 AMD-based notebooks have launched in 2020 as we expand our presence in segments like gaming, commercial and education, where we have traditionally been underrepresented. In commercial, the number of AMD-based business notebooks for major OEMs has doubled year-over-year, and we are building significant momentum based on the superior performance and battery life of our Ryzen PRO processors. Our progress in the third quarter was highlighted by winning multiple large-scale deployments with Fortune 1000 automotive, banking and pharmaceutical companies.

在移動領域，隨著 OEM 銷售額同比翻番，我們創下了季度筆記本處理器出貨量和收入的記錄。我們擁有歷史上最強大的筆記本電腦處理器產品組合。隨著我們擴大在遊戲、商業和教育等領域的影響力，我們在 2020 年推出了超過 105 款基於 AMD 的筆記本電腦，這些領域傳統上我們的代表性不足。在商業方面，主要 OEM 的基於 AMD 的商務筆記本電腦的數量同比翻了一番，我們正在基於我們的 Ryzen PRO 處理器的卓越性能和電池壽命建立顯著的勢頭。我們與財富 1000 強汽車、銀行和製藥公司的多次大規模部署突出了我們在第三季度取得的進展。

Earlier this month, we announced our upcoming Ryzen desktop processors would be the first to feature our newest Zen 3 core. I'm incredibly proud of what our CPU team has achieved with Zen 3. We have significantly enhanced nearly every aspect of the core to deliver a 19% increase in instructions per clock compared to Zen 2. As a result, our Ryzen 5000 desktop processors delivered absolute performance leadership across gaming, productivity and creative workloads, and are positioned to drive the biggest shift in the PC landscape since we launched the original Ryzen processor in 2017.

本月早些時候，我們宣布即將推出的 Ryzen 桌面處理器將率先採用我們最新的 Zen 3 內核。我為我們的 CPU 團隊在 Zen 3 上取得的成就感到無比自豪。與 Zen 2 相比，我們幾乎顯著增強了內核的每個方面，每時鐘指令增加了 19%。因此，我們的 Ryzen 5000 桌面處理器自我們於 2017 年推出原始 Ryzen 處理器以來，我們在遊戲、生產力和創意工作負載方面提供了絕對的性能領先地位，並有望推動 PC 領域的最大轉變。

In Graphics, revenue declined year-over-year and increased sequentially as we prepared to launch our next-generation Radeon GPUs this quarter. Mobile GPU sales grew by a double-digit percentage year-over-year, led by solid demand for our Radeon Pro 5000M -Series, powering Apple's MacBook Pro. We are very excited about our RDNA 2 graphics architecture launching later this week that delivers significant generational increases in both performance and performance per watt. Our next-generation Radeon RX 6000 graphics cards, powered by RDNA 2, are by far the most powerful gaming GPUs we have ever built and will return AMD to the high end of the graphics market.

在圖形方面，隨著我們準備在本季度推出下一代 Radeon GPU，收入同比下降並環比增長。移動 GPU 銷售額同比增長兩位數，這主要得益於對我們的 Radeon Pro 5000M 系列的強勁需求，為 Apple 的 MacBook Pro 提供動力。我們對本週晚些時候推出的 RDNA 2 圖形架構感到非常興奮，該架構在性能和每瓦性能方面都實現了顯著的世代提升。我們的下一代 Radeon RX 6000 顯卡由 RDNA 2 提供支持，是迄今為止我們所構建的最強大的遊戲 GPU，並將讓 AMD 重返高端顯卡市場。

Data center GPU revenue increased sequentially and year-over-year based on new cloud-based visual computing wins. Our Radeon Instinct accelerators continued gaining momentum in the HPC market. Recently announced wins include Australia's most powerful supercomputer as well as the new LUMI supercomputer in Finland that is expected to deliver over 550 petaflops of peak performance.

基於新的基於雲的視覺計算的勝利，數據中心 GPU 收入環比和同比增長。我們的 Radeon Instinct 加速器在 HPC 市場繼續獲得動力。最近宣布的勝利包括澳大利亞最強大的超級計算機以及芬蘭的新型 LUMI 超級計算機，預計將提供超過 550 petaflops 的峰值性能。

Turning to our Enterprise, Embedded and Semi-custom segment. Revenue of $1.13 billion increased 116% year-over-year, driven by strong growth in both semi-custom and server processor sales. In semi-custom, we ramped production and shipments of our next-generation game console SoCs to support the November launches of the PlayStation 5 and Xbox Series X and Series S consoles. We now expect semi-custom shipments and revenue to increase sequentially in the fourth quarter based on strong demand.

轉向我們的企業、嵌入式和半定制部分。在半定制和服務器處理器銷售強勁增長的推動下，收入為 11.3 億美元，同比增長 116%。在半定制方面，我們增加了下一代遊戲機 SoC 的生產和出貨量，以支持 11 月發布的 PlayStation 5 和 Xbox Series X 和 Series S 遊戲機。基於強勁的需求，我們現在預計第四季度半定制出貨量和收入將環比增長。

Turning to server. We set a record for quarterly server processor revenue as sales grew a double-digit percentage sequentially and more than doubled year-over-year, driven by growing cloud and enterprise adoption.

轉向服務器。由於雲計算和企業採用率不斷提高，銷售額環比增長兩位數，同比增長超過一倍，我們創下了季度服務器處理器收入的記錄。

In cloud, the largest hyperscale customers expanded their second-Gen EPYC processor deployments across both their internal infrastructures and publicly available instances. In the third quarter, Microsoft Azure expanded their AMD offerings to 18 regions and 9 availability zones and launched new data analytics services powered by second-Gen EPYC processors that deliver 30% better performance than competitive offerings. Amazon rolled out multiple new high-performance AMD instances, and Google announced general availability of their Cloud confidential virtual machines, powered exclusively by second-Gen EPYC processors.

在雲中，最大的超大規模客戶在其內部基礎設施和公開可用的實例中擴展了他們的第二代 EPYC 處理器部署。在第三季度，Microsoft Azure 將其 AMD 產品擴展到 18 個地區和 9 個可用區，並推出了由第二代 EPYC 處理器提供支持的新數據分析服務，其性能比競爭產品高出 30%。亞馬遜推出了多個新的高性能 AMD 實例，谷歌宣布全面推出其云機密虛擬機，該虛擬機完全由第二代 EPYC 處理器提供支持。

Enterprise data center adoption continued to accelerate as well. We added multiple Fortune 1000 customer wins in the quarter across key verticals, including financial services, automotive and EDA, based on the performance and TCO advantages of EPYC processors.

企業數據中心的採用也繼續加速。基於 EPYC 處理器的性能和 TCO 優勢，我們在本季度在金融服務、汽車和 EDA 等關鍵垂直領域增加了多個財富 1000 強客戶。

We are on track to begin volume shipments of our next-generation "Milan" server processors with "Zen 3" to cloud and select HPC customers this quarter. We expect Tier 1 OEM platform availability to follow in the first quarter of 2021.

我們有望在本季度開始向雲和部分 HPC 客戶批量出貨帶有“Zen 3”的下一代“Milan”服務器處理器。我們預計 2021 年第一季度將推出 1 級 OEM 平台。

Customer interest in "Milan" is very high. We are seeing hyperscale, HPC and OEM customers engage deeper and broader for "Milan" than they did prior to the launch of our second-Gen EPYC processors. We believe we are well positioned for continued share gains based on our expanding cloud engagements, strong supercomputing wins and the more than 100 new or refreshed "Milan" platforms in development.

客戶對“米蘭”的興趣很高。我們看到超大規模、HPC 和 OEM 客戶對“米蘭”的參與比我們推出第二代 EPYC 處理器之前更深入、更廣泛。我們相信，基於我們不斷擴大的雲參與、強大的超級計算勝利以及正在開發的 100 多個新的或更新的“米蘭”平台，我們已經做好了持續份額增長的準備。

In summary, our strong third quarter results and fourth quarter outlook demonstrate the acceleration in our business. We are successfully executing our strategy to drive best-in-class growth based on delivering leading-edge CPUs, GPUs and differentiated solutions for the PC, gaming and data center markets. We feel very confident our next-generation "Zen 3" CPUs, RDNA 2 GPUs and CDNA accelerators can drive further share gains and growth in 2021 and beyond.

總之，我們強勁的第三季度業績和第四季度前景證明了我們業務的加速發展。我們正在成功執行我們的戰略，在為 PC、遊戲和數據中心市場提供領先的 CPU、GPU 和差異化解決方案的基礎上推動同類最佳增長。我們非常有信心我們的下一代“Zen 3”CPU、RDNA 2 GPU 和 CDNA 加速器能夠在 2021 年及以後進一步推動份額增長和增長。

Now let's turn to the transaction. Looking out over the next decade, high-performance computing is increasingly at the center of nearly every major trend shaping the future. Whether in the cloud, at the edge or across the growing number of intelligent end devices, we are seeing increasing demand for high-performance computing, which enables a host of new experiences and services. While our CPUs and GPUs will remain critical engines for those devices in a world where algorithms are always advancing and new standards are continually emerging, we see demand growing for adaptive computing capabilities that can accelerate evolving workloads.

現在讓我們轉向事務。展望未來十年，高性能計算將日益成為塑造未來的幾乎每一個主要趨勢的中心。無論是在雲端、邊緣還是在越來越多的智能終端設備中，我們都看到對高性能計算的需求不斷增長，這帶來了許多新的體驗和服務。雖然我們的 CPU 和 GPU 在算法不斷進步和新標準不斷湧現的世界中仍將是這些設備的關鍵引擎，但我們看到對能夠加速不斷發展的工作負載的自適應計算能力的需求不斷增長。

That is why today, I'm excited to outline the next leg in our journey with the strategic acquisition of Xilinx. Together, we will create the industry's high-performance computing leader and the partner of choice for the largest and most important technology companies.

這就是為什麼今天，我很高興通過戰略收購賽靈思來概述我們旅程的下一個階段。我們將共同打造業界高性能計算的領導者和最大、最重要的科技公司的首選合作夥伴。

Xilinx is the ideal match for AMD. As the industry's #1 provider of FPGAs in Adaptive SoCs, they are the market leader. Xilinx is successfully executing multi-generation hardware and software road maps to extend that leadership.

Xilinx 是 AMD 的理想搭檔。作為業界第一大自適應 SoC FPGA 供應商，他們是市場領導者。 Xilinx 正在成功地執行多代硬件和軟件路線圖，以擴大這種領先地位。

Xilinx is a technology leader. Beyond their core innovation in FPGAs and associated software design environments, they have industry-leading capabilities in SoC design, SerDes and high-speed I/O, mixed-signal RF, advanced 2.5 and 3D silicon integration and packaging as well as targeted software stacks for key verticals.

Xilinx 是技術領導者。除了在 FPGA 和相關軟件設計環境方面的核心創新外，他們還在 SoC 設計、SerDes 和高速 I/O、混合信號射頻、先進的 2.5 和 3D 芯片集成和封裝以及目標軟件堆棧方面擁有行業領先的能力用於關鍵垂直領域。

Xilinx has also built deep strategic partnerships across a diverse set of growing markets. In 5G communications, data center, automotive, industrial, aerospace and defense, Xilinx has established themselves as a strategic technology partner to a broad set of industry leaders.

Xilinx 還在各種不斷增長的市場中建立了深厚的戰略合作夥伴關係。在 5G 通信、數據中心、汽車、工業、航空航天和國防領域，Xilinx 已成為眾多行業領導者的戰略技術合作夥伴。

Lastly, Xilinx has a very strong business model, characterized by long product life cycles with a best-in-class gross margin profile and significant free cash flow generation.

最後，Xilinx 擁有非常強大的商業模式，其特點是產品生命週期長，毛利率水平一流，並能產生大量自由現金流。

As we bring AMD and Xilinx together, there are considerable product, technology, market and financial benefits. AMD will offer the strongest portfolio of high-performance and adaptive computing products in the industry, spanning leadership CPUs, GPUs, FPGAs and Adaptive SoCs. This will enable us to take a leadership position, accelerating a diverse set of emerging workloads from AI to smart networking and software-defined infrastructure.

隨著我們將 AMD 和 Xilinx 結合在一起，我們將獲得可觀的產品、技術、市場和財務收益。 AMD 將提供業內最強大的高性能和自適應計算產品組合，涵蓋領先的 CPU、GPU、FPGA 和自適應 SoC。這將使我們能夠處於領先地位，加速從人工智能到智能網絡和軟件定義基礎設施的各種新興工作負載。

And while our product portfolios are highly complementary, our approach to technology development is actually very similar. Both companies are laser-focused on developing leadership products based on multi-generation architectures, modular SoC designs, leading-edge manufacturing and advanced packaging technologies.

雖然我們的產品組合具有高度互補性，但我們的技術開發方法實際上非常相似。兩家公司都專注於開發基於多代架構、模塊化 SoC 設計、領先製造和先進封裝技術的領先產品。

In manufacturing, we will be able to apply learnings from AMD's early adoption and high-volume production ramp of advanced process nodes across Xilinx's products. In packaging, Xilinx has demonstrated leadership and significant IP in the 2.5D and 3D die stacking technologies that are becoming increasingly important as Moore's Law slows.

在製造方面，我們將能夠在賽靈思產品中應用 AMD 早期採用先進工藝節點和大批量生產的經驗。在封裝方面，賽靈思在 2.5D 和 3D 芯片堆疊技術方面展示了領先地位和重要的知識產權，隨著摩爾定律的放緩，這些技術變得越來越重要。

Looking beyond hardware, we see opportunities to combine our open-source software offerings into a unified stack optimized to accelerate computing at the platform and the system level. By combining our efforts, we bring together two world-class engineering teams with the technology capability and scale to build even stronger products and solutions.

除了硬件之外，我們還看到了將我們的開源軟件產品組合到一個統一堆棧中的機會，該堆棧經過優化，可以在平台和系統級別加速計算。通過共同努力，我們匯集了兩個具有技術能力和規模的世界級工程團隊，以構建更強大的產品和解決方案。

From a market perspective, we will cover the most important markets and customers in the world. We will have a combined TAM of $110 billion, building on AMD's $80 billion TAM with an additional $30 billion of very attractive Xilinx TAM. As we look at growth drivers in the 3- to 5-year time frame, we see significant revenue synergy opportunities that can build on AMD's strong organic growth.

從市場角度，我們將覆蓋全球最重要的市場和客戶。我們將擁有 1100 億美元的 TAM，在 AMD 的 800 億美元 TAM 和另外 300 億美元的極具吸引力的 Xilinx TAM 的基礎上。當我們審視 3 到 5 年時間框架內的增長驅動力時，我們看到了可以建立在 AMD 強勁有機增長基礎上的重大收入協同機會。

In the data center, our EPYC processors have a strong foundation with the largest hyperscale cloud providers. We're also gaining significant momentum with enterprise customers and playing a leading role in supercomputing where our products are powering the world's most powerful exascale computers. Xilinx has also invested significantly in the data center with leadership in networking, computing and storage technologies, notably with significant SmartNIC wins with global hyperscalers. Together, we will be a stronger strategic force powering the next-generation data center.

在數據中心，我們的 EPYC（霄龍）處理器與最大的超大規模雲提供商有著堅實的基礎。我們還在企業客戶中獲得了顯著的發展勢頭，並在超級計算領域發揮著主導作用，我們的產品為世界上最強大的百億億級計算機提供動力。賽靈思還在網絡、計算和存儲技術方面處於領先地位的數據中心投入了大量資金，尤其是在 SmartNIC 方面贏得了全球超大規模企業的青睞。我們將共同成為為下一代數據中心提供動力的更強大的戰略力量。

To drive longer-term adoption of our processors in the telecom, edge, industrial and networking markets where we have a nascent presence today, we can offer solutions that combine our CPU and GPU compute engines with Xilinx's flexible accelerators, SmartNIC products, software stacks and domain expertise to unlock additional levels of performance on critical workloads. In telecom, for instance, where Xilinx has solutions capabilities and relationships with industry leaders, including Samsung and Ericsson, we will now have an accelerated path to market to better address the largely untapped $5 billion market opportunity for our EPYC processors.

為了推動我們的處理器在我們今天剛剛起步的電信、邊緣、工業和網絡市場中長期採用，我們可以提供將我們的 CPU 和 GPU 計算引擎與 Xilinx 靈活的加速器、SmartNIC 產品、軟件堆棧和領域專業知識來解鎖關鍵工作負載的額外性能水平。例如，在電信領域，賽靈思擁有解決方案能力並與包括三星和愛立信在內的行業領導者建立了合作關係，我們現在將加快進入市場的步伐，以更好地應對我們的 EPYC 處理器尚未開發的 50 億美元市場機會。

Financially, the acquisition diversifies our revenue streams and is expected to be immediately accretive to margins, EPS and free cash flow generation, all while delivering industry-leading growth.

在財務方面，此次收購使我們的收入來源多樣化，預計將立即增加利潤率、每股收益和自由現金流的產生，同時實現行業領先的增長。

Finally, I would like to talk about culture. For the last several years, AMD has collaborated with Xilinx as a close partner, and I've had the chance to get to know Victor and his leadership team. I can unequivocally say that the Xilinx team is one of the best in the industry, and I'm thrilled to welcome them to the AMD family. Both AMD and Xilinx share a common culture focused on innovation, execution and collaborating deeply with customers.

最後，我想談談文化。在過去的幾年裡，AMD 一直作為密切的合作夥伴與 Xilinx 合作，我有機會了解 Victor 和他的領導團隊。我可以毫不含糊地說賽靈思團隊是業內最優秀的團隊之一，我很高興歡迎他們加入 AMD 大家庭。 AMD 和賽靈思擁有共同的文化，專注於創新、執行以及與客戶的深入合作。

From a leadership standpoint, Victor and I have a shared vision of where we can take high-performance and adaptive computing in the future. And I'm extremely happy that he will be joining AMD as President, responsible for the Xilinx business and strategic growth initiatives after the deal closes.

從領導的角度來看，Victor 和我對未來我們可以在哪裡採用高性能和自適應計算有著共同的願景。我非常高興他將加入 AMD 擔任總裁，在交易完成後負責 Xilinx 業務和戰略增長計劃。

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

現在我想把電話轉給 Devinder，為我們第三季度的業績和收購的一些具體財務細節提供一些額外的色彩。德溫德？

Thank you, Lisa.

謝謝你，麗莎。

Let me start first with our third quarter results. Third quarter revenue was $2.8 billion, up 56% from a year ago, driven by very strong Ryzen and EPYC processor sales and the ramp of our new semi-custom SoCs. Gross margin was 44%, up 1 percentage point from a year ago, driven by server and client processor sales. Operating expenses were $706 million compared to $539 million a year ago, driven by increases in R&D and marketing as we accelerated investments in the business to drive future market growth and higher variable compensation-related expense. Operating income more than doubled year-over-year to $525 million, up $285 million or 119% from a year ago, driven primarily by significantly higher revenue. Net income was $501 million, up $282 million or 129% from a year ago, and diluted earnings per share was $0.41 per share, more than double the $0.18 per share a year ago.

讓我首先從我們的第三季度業績開始。第三季度收入為 28 億美元，比去年同期增長 56%，這得益於非常強勁的銳龍和 EPYC 處理器銷售以及我們新的半定制 SoC 的增長。在服務器和客戶端處理器銷售的推動下，毛利率為 44%，比一年前上升 1 個百分點。運營費用為 7.06 億美元，而一年前為 5.39 億美元，這是由於我們加快了對業務的投資以推動未來市場增長和更高的可變薪酬相關費用，推動了研發和營銷的增長。營業收入同比增長一倍以上，達到 5.25 億美元，比去年同期增長 2.85 億美元或 119%，這主要是由於收入顯著增加。淨收入為 5.01 億美元，比一年前增加 2.82 億美元或 129%，每股攤薄收益為 0.41 美元，是一年前每股 0.18 美元的兩倍多。

Turning to the balance sheet. Cash, cash equivalents and short-term investments totaled $1.8 billion. We reduced principal debt by $365 million in the quarter, including $200 million of our revolving line of credit and $165 million of convertible senior notes. Conversion of the senior notes resulted in a $38 million non-cash GAAP charge and the issuance of 20 million shares with no impact to diluted share count. Total principal debt outstanding was $398 million at the end of the quarter. Free cash flow was $265 million. In addition, our senior unsecured credit rating was raised to investment-grade by Moody's Investors Service in the third quarter, reflecting our strong financial results and outlook.

轉向資產負債表。現金、現金等價物和短期投資總計 18 億美元。我們在本季度將本金債務減少了 3.65 億美元，其中包括 2 億美元的循環信貸額度和 1.65 億美元的可轉換優先票據。優先票據的轉換導致 3800 萬美元的非現金 GAAP 費用和 2000 萬股的發行，對稀釋後的股票數量沒有影響。截至本季度末，未償本金總額為 3.98 億美元。自由現金流為 2.65 億美元。此外，穆迪投資者服務公司在第三季度將我們的高級無抵押信用評級提高至投資級，反映了我們強勁的財務業績和前景。

Let me turn to the fourth quarter guidance. Today's outlook is based on current expectations. We expect revenue to be approximately $3 billion, plus or minus $100 million, an increase of approximately 41% year-over-year and 7% sequentially. In addition, for Q4 2020, we expect non-GAAP gross margin to be approximately 45%; non-GAAP operating expenses to be approximately $750 million; non-GAAP interest expense, taxes and other to be approximately $30 million; and the diluted share count in the fourth quarter is expected to be approximately 1.23 billion shares.

讓我談談第四季度的指導。今天的展望是基於當前的預期。我們預計收入約為 30 億美元，上下浮動 1 億美元，同比增長約 41%，環比增長 7%。此外，對於 2020 年第四季度，我們預計非美國通用會計準則毛利率約為 45%；非公認會計原則運營費用約為 7.5 億美元；非公認會計原則的利息費用、稅收和其他費用約為 3000 萬美元；第四季度稀釋後的股份數量預計約為12.3億股。

For the full year 2020, we now expect higher year-over-year revenue growth of approximately 41%, driven by the strength of our PC, gaming and data center products. We continue to expect gross margin of approximately 45% for the full year, up 1 percentage point from the prior year.

在我們個人電腦、遊戲和數據中心產品實力的推動下，我們現在預計 2020 年全年收入將同比增長約 41%。我們繼續預計全年毛利率約為 45%，比上年提高 1 個百分點。

Now I'd like to turn to today's announcement. We have signed a definitive agreement to acquire Xilinx in a strategic transaction valued at $35 billion. This is a very compelling transaction from a financial perspective. Xilinx has a strong business model characterized by long product life cycles, best-in-class margins and strong cash flow, all of which are significantly additive to AMD's financial model. The acquisition is expected to be immediately accretive to gross and operating margins, EPS and free cash flow generation, and the combined company is expected to continue to deliver industry-leading growth. In addition, we believe we can achieve approximately $300 million of overall cost savings on an annualized basis within 18 months of closing the transaction. Based on the trailing 12 months, the 2 companies combined would have had revenue of $11.6 billion, gross margin of 51%, operating profit of approximately 21% and generated approximately $1.8 billion of free cash flow.

現在我想談談今天的公告。我們已簽署最終協議，以價值 350 億美元的戰略交易收購賽靈思。從財務角度來看，這是一項非常引人注目的交易。 Xilinx 擁有強大的商業模式，其特點是產品生命週期長、利潤率一流和現金流強勁，所有這些都大大增強了 AMD 的財務模式。此次收購預計將立即增加毛利率和營業利潤率、每股收益和自由現金流的產生，合併後的公司預計將繼續實現行業領先的增長。此外，我們相信在完成交易後的 18 個月內，我們每年可以節省大約 3 億美元的總體成本。根據過去 12 個月的情況，這兩家公司的總收入為 116 億美元，毛利率為 51%，營業利潤約為 21%，並產生約 18 億美元的自由現金流。

Turning to the capital structure. The balance sheet of the combined company will be very strong with low leverage and an investment-grade profile. On a combined basis, as of the most recent quarter of both companies, the total cash balance is $4.9 billion and the debt is $2.4 billion with a gross leverage of 0.85x.

轉向資本結構。合併後公司的資產負債表將非常強勁，槓桿率低，投資級別。截至最近一個季度，兩家公司的總現金餘額為 49 億美元，債務為 24 億美元，總槓桿率為 0.85 倍。

Now let me cover some details of the transaction structure. At close, Xilinx shareholders will receive 1.7234 shares of AMD for each common share of Xilinx. This represents approximately $143 per share of Xilinx based on AMD's VWAP for the 10 trading day period up to and including October 8. The pro forma ownership would be approximately 74% for AMD shareholders and 26% for Xilinx shareholders.

現在讓我介紹一下交易結構的一些細節。交易結束時，Xilinx 股東將獲得每股 Xilinx 普通股 1.7234 股 AMD 股票。根據 AMD 在截至 10 月 8 日的 10 個交易日期間的 VWAP 計算，這相當於 Xilinx 每股約 143 美元。AMD 股東的備考所有權約為 74%，Xilinx 股東為 26%。

We currently expect the acquisition to close by the end of calendar year 2021, subject to required approvals and other customary closing conditions. Until then, the two companies remain separate and will operate independently.

我們目前預計收購將於 2021 年年底完成，但需獲得所需的批准和其他慣例成交條件。在此之前，這兩家公司將保持獨立，並將獨立運營。

Today is an exciting day for AMD on many fronts. We are very pleased with our market and financial momentum. Our strong lineup of products continues to drive strong revenue growth, margin expansion and improved profitability. Our acquisition of Xilinx is additive to our financial model and is expected to result in meaningful revenue synergy opportunities over the longer term.

今天對於 AMD 在許多方面來說都是激動人心的一天。我們對我們的市場和財務勢頭感到非常滿意。我們強大的產品陣容繼續推動強勁的收入增長、利潤率擴張和盈利能力的提高。我們對賽靈思的收購是對我們財務模型的補充，預計將在長期內帶來有意義的收入協同機會。

Let me now turn it over to Xilinx's CEO, Victor Peng, for some remarks. Victor?

現在讓我把它交給 Xilinx 的首席執行官 Victor Peng 發表一些評論。勝利者？

Thanks, Devinder.

謝謝，德溫德。

Let me start by echoing Lisa's enthusiasm about the combination of two premier semiconductor companies and the many opportunities it will create for our customers, our employees and for our shareholders. The exponential growth of unstructured data, the rapid expansion of connected devices and the plethora of data-intensive applications with embedded AI are driving the need for more efficient, high-performance computing solutions. AMD and Xilinx together will accelerate our ability to define this new era of computing by providing the most comprehensive product portfolio and computing solutions.

讓我首先回應 Lisa 對兩家一流半導體公司合併的熱情，以及它將為我們的客戶、員工和股東創造的許多機會。非結構化數據的指數級增長、連接設備的快速擴展以及大量具有嵌入式 AI 的數據密集型應用程序正在推動對更高效、高性能計算解決方案的需求。 AMD 和 Xilinx 將通過提供最全面的產品組合和計算解決方案來加速我們定義這個計算新時代的能力。

Our products will power a wide range of intelligent applications, from the largest data center to the edge and to the smallest endpoint. This expanded product portfolio, together with our industry-leading engineering capabilities and market expertise, will enable our customers to deploy differentiated solutions to market faster.

我們的產品將為各種智能應用提供動力，從最大的數據中心到邊緣，再到最小的端點。這種擴展的產品組合，加上我們行業領先的工程能力和市場專業知識，將使我們的客戶能夠更快地將差異化解決方案推向市場。

Our companies share the same vision for transforming people's lives through high-performance computing. As Lisa mentioned, we have very similar cultures of innovation, execution excellence and collaboration that make this an exciting new chapter for Xilinx employees. I am excited about the future of the combined company and accelerating our opportunities to grow the business and lead the new era of computing.

我們的公司對通過高性能計算改變人們的生活有著共同的願景。正如 Lisa 所提到的，我們在創新、卓越執行和協作方面有著非常相似的文化，這讓 Xilinx 員工們迎來了激動人心的新篇章。我對合併後公司的未來感到興奮，並加快我們發展業務和引領計算新時代的機會。

And on a personal note, this is my second time joining AMD, and to do that with the Xilinx team just couldn't be more thrilling for me. For Xilinx shareholders, this transaction provides a great opportunity for long-term value creation, given the significant diversification benefits they will receive through exposure to a broader and much larger growth business when this transaction closes. So I very much look forward to bringing our great companies together.

就個人而言，這是我第二次加入 AMD，與 Xilinx 團隊一起做這件事對我來說簡直是再激動不過了。對於 Xilinx 的股東而言，此次交易為長期價值創造提供了絕佳機會，因為他們在交易完成後將通過接觸更廣泛、更大的增長業務而獲得顯著的多元化收益。所以我非常期待將我們偉大的公司聚集在一起。

Let me now turn it back to Lisa.

現在讓我把它轉回給麗莎。

Thanks, Victor. To sum up, we are very pleased with the acceleration of our business in the third quarter. We are on track to deliver significant annual revenue growth this year and have never been more confident in our trajectory. Our strategic acquisition of Xilinx is compelling for all stakeholders with significant value creation for AMD and Xilinx shareholders who will benefit from the future growth and upside potential of the combined company.

謝謝，維克多。綜上所述，我們對第三季度業務的加速感到非常滿意。我們有望在今年實現顯著的年收入增長，並且對我們的發展軌跡充滿信心。我們對 Xilinx 的戰略性收購對所有利益相關者來說都是有吸引力的，它為 AMD 和 Xilinx 的股東創造了巨大的價值，他們將從合併後公司的未來增長和上升潛力中受益。

We have always been very ambitious in our goals. The acquisition of Xilinx is a natural next step in our journey. Xilinx is an ideal match for AMD, combining a highly complementary set of products, customers and markets with differentiated IP and world-class talent.

我們的目標一直非常雄心勃勃。收購賽靈思是我們旅程中自然而然的下一步。 Xilinx 是 AMD 的理想搭檔，它將一系列高度互補的產品、客戶和市場與差異化的 IP 和世界級人才相結合。

With that, let's go to questions, please. Ruth?

有了這個，讓我們去提問吧。露絲？

Thank you, Lisa. Kevin, if you could poll the audience for questions, please. (Operator Instructions)

謝謝你，麗莎。凱文，如果你能向聽眾提問，請。 （操作員說明）

(Operator Instructions) Our first question today is coming from Matt Ramsay from Cowen.

（操作員說明）我們今天的第一個問題來自 Cowen 的 Matt Ramsay。

I know a lot of folks will probably say congratulations, but, Lisa, Victor, I really mean it from our end. I think a great outcome from all -- everybody's stakeholders.

我知道很多人可能會說祝賀，但是，麗莎，維克多，我真的是從我們這邊來的。我認為所有人——每個人的利益相關者——都取得了很好的成果。

I guess for my first question, Lisa, on the deal, I noticed in the slides that you guys put together, obviously a pro forma model that combines the companies as of the end of the third quarter. But you also mentioned, as you did at your Analyst Day back in February, a 20% growth CAGR for the business. I wonder if that might apply to the two companies after you put them together post-close, and how confident you are in that growth rate, given that in the recent times, maybe Xilinx growth has been a little bit slower than the core AMD business growth, but obviously there's revenue synergy potential as well. So any comments there would be helpful.

我想對於我的第一個問題，麗莎，關於這筆交易，我注意到你們放在一起的幻燈片，顯然是截至第三季度末合併公司的備考模型。但您也提到，正如您在二月份的分析師日所做的那樣，該業務的複合年增長率為 20%。我想知道在您將這兩家公司合併後，這是否適用於這兩家公司，以及您對這一增長率的信心，鑑於最近一段時間，Xilinx 的增長可能比核心 AMD 業務要慢一些增長，但顯然也有收入協同潛力。因此，那裡的任何評論都會有所幫助。

Yes. Absolutely, Matt. Thanks for the question.

是的。當然，馬特。謝謝你的問題。

So first of all, we feel -- we're really excited about today. We feel great about our base business. I think you can see that in the strength of our results in the third quarter and our full year updated guidance. That strategy is playing out very well as we expected, with very strong products driving market momentum.

所以首先，我們感到 - 我們對今天感到非常興奮。我們對我們的基礎業務感覺良好。我認為您可以從我們第三季度的業績和全年更新的指導中看到這一點。該策略正如我們預期的那樣發揮得非常好，非常強大的產品推動了市場勢頭。

Now all -- as we look forward, at our financial Analyst Day, we talked about 20% CAGR as the right target for our company. I think all of that stays on track. We are a high-growth business and we want to remain a high-growth business. I think Xilinx brings a lot of opportunities that are additive to that model when you look at the markets and the capabilities and just the margins and the free cash flow generation. So 20% CAGR is the right target for the combined business.

現在所有 - 正如我們期待的那樣，在我們的財務分析師日，我們談到了 20% 的複合年增長率作為我們公司的正確目標。我認為所有這一切都在軌道上。我們是一家高增長的企業，我們希望保持高增長的業務。我認為 Xilinx 帶來了很多機會，當您查看市場和能力以及利潤和自由現金流的產生時，這些機會將添加到該模型中。因此，20% 的複合年增長率是合併後業務的正確目標。

I think we feel very good about the organic growth. And we feel very good about the growth initiatives that Victor has started.

我認為我們對有機增長感覺很好。我們對 Victor 開始的增長計劃感到非常滿意。

My question on sort of the results in the core business. You guys put up server revenue sales that more than doubled year-over-year. Your competitor had some -- a rather interesting set of results, some pretty disappointing results, I think, from their enterprise and government segments. And they guided for their combined data-centric business -- I know that's not exactly the same as server, but they guided for that to be down, I think, 25% year-over-year in the fourth quarter. You guys have some momentum. You're going to launch "Milan". And I think you mentioned in the release some progress on the enterprise side as well. But maybe, Lisa, you could back up and give us your context of where the server market is overall right now and how it might mean for your revenue into the fourth quarter?

我的問題是關於核心業務的結果。你們提出的服務器收入銷售額同比增長了一倍以上。你的競爭對手有一些——一組相當有趣的結果，我認為，一些非常令人失望的結果來自他們的企業和政府部門。他們指導他們以數據為中心的綜合業務——我知道這與服務器並不完全相同，但他們指導這一點在第四季度同比下降 25%。你們有點氣勢。你將推出“米蘭”。而且我認為您在發布中也提到了企業方面的一些進展。但也許，麗莎，你可以備份一下，告訴我們你目前服務器市場的整體情況，以及它對你第四季度的收入可能意味著什麼？

Sure, Matt. So look, the data center business, particularly on the server side, is very important to us. We performed very well here in the third quarter, as you said, double from a year-over-year standpoint, sequential double-digit growth. We see good momentum across the cloud hyperscalers as well as in the enterprise business. We have more platforms that continue to launch here in the third quarter.

當然，馬特。所以看，數據中心業務，尤其是服務器端，對我們來說非常重要。正如您所說，我們在第三季度的表現非常好，同比增長一倍，連續兩位數增長。我們看到雲超大規模企業以及企業業務的良好勢頭。我們有更多平台將在第三季度繼續在這裡推出。

As we look forward from a data center environment, I would say that the overall data center environment is actually good. As we go here into the fourth quarter, we are starting to launch "Milan" in terms of shipments to cloud as well as some HPC customers this quarter. OEMs are preparing to launch "Milan" platforms in the first quarter. And I would say it's very much a customer-specific message. Some of our cloud customers are going to continue to ramp "Rome" in the fourth quarter. Several are also preparing for a transition from "Rome" to "Milan". But overall, we believe that the demand environment is good.

從數據中心環境來看，我想說整體數據中心環境其實還是不錯的。隨著我們進入第四季度，我們開始在本季度向雲以及一些 HPC 客戶的出貨量方面推出“米蘭”。 OEM廠商正準備在第一季度推出“米蘭”平台。我會說這是一個非常特定於客戶的信息。我們的一些雲客戶將在第四季度繼續增加“羅馬”。一些人也在為從“羅馬”到“米蘭”的過渡做準備。但總體而言，我們認為需求環境良好。

And the thing that excites us is "Milan" is just very strong. It's coming in as we expected. "Zen 3", we previewed some of that performance on the desktop side, but we see a strong translation into TCO benefits and performance benefits for our server products. So I mean we look forward to talking about that more as we go through the quarter. But yes, so overall, I think the data center business continues to be very strategic and performs well for us.

讓我們興奮的是“米蘭”非常強大。正如我們所料，它來了。 “Zen 3”，我們預覽了桌面端的一些性能，但我們看到了強大的轉化為我們的服務器產品的 TCO 優勢和性能優勢。所以我的意思是，我們期待在本季度進行更多討論。但是，是的，總的來說，我認為數據中心業務仍然非常具有戰略意義，並且對我們來說表現良好。

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. I'll actually just focus on the core business.

祝賀你取得了不錯的成績。我實際上只會專注於核心業務。

Lisa, for my first question, you're raising second half sales growth by nearly, I think, about $600 million or so. Could you help us dissect and quantify how much of that is coming from the main areas of PCs and EPYC servers and semi-custom and GPU? I mean this is a significant guide ahead, and I'm curious what created this level of surprise.

麗莎，對於我的第一個問題，我認為你將下半年的銷售增長提高了近 6 億美元左右。您能否幫助我們剖析和量化其中有多少來自 PC 和 EPYC 服務器以及半定制和 GPU 的主要領域？我的意思是這是一個重要的指南，我很好奇是什麼造成了這種程度的驚喜。

Yes. So Vivek, thanks for the question. Our core business is doing very well. I think if you look at some of the components of that, the PC market environment is strong. If you look at all the work from home, school from home trends, I think that has certainly helped this year. On top of that, our Ryzen 4000 Series notebooks are doing very, very well. So we're seeing strong traction in areas that we hadn't been that present before like gaming and commercial. So that's one big element. We are ramping our game consoles here in the second half of the year. Those are very highly anticipated launches that are coming up shortly, and demand for that has been quite strong. And our server business has also performed well.

是的。所以Vivek，謝謝你的問題。我們的核心業務做得很好。我認為，如果你看看其中的一些組成部分，PC 市場環境很強勁。如果您查看所有在家工作，在家上學的趨勢，我認為這對今年肯定有所幫助。最重要的是，我們的 Ryzen 4000 系列筆記本電腦的表現非常非常好。因此，我們在遊戲和商業等之前沒有出現過的領域看到了強大的吸引力。這是一個很大的因素。我們將在今年下半年在這裡增加我們的遊戲機。這些都是備受期待的發布，很快就會推出，並且對此的需求非常強勁。而我們的服務器業務也表現不錯。

You'll see us start with the -- you asked about graphics. We'll see gaming graphics here grow sequentially in the fourth quarter as we launch our Radeon 6000 Series.

你會看到我們從你問到的圖形開始。隨著我們推出 Radeon 6000 系列，我們將在第四季度看到這裡的遊戲圖形連續增長。

So we just have a combination of a lot of product momentum, product cycles. I will also say that our supply situation has also improved as our demand environment has gotten stronger. We've worked closely with our suppliers to ensure that we can satisfy as much of that as possible. And so those are all of the elements for the strong second half.

所以我們只是結合了很多產品動力、產品週期。我還要說，隨著我們的需求環境變得更強，我們的供應情況也有所改善。我們與供應商密切合作，以確保我們能夠盡可能多地滿足這些要求。所以這些都是強勁的下半年的所有要素。

Got it. And for my follow-up, Lisa, you're now at the 10-ish percent server share mark of the TAM that you have identified. Does the next 10% get easier or more difficult? You mentioned you're launching "Milan" soon. Your competitor is launching their "Ice Lake". So from the outside, it looks like a like a lot of hand-to-hand combat every quarter in the server business. How do we think about the journey for your server business from here? Again, does the next 10% become more easier or difficult and why?

知道了。對於我的後續行動，Lisa，您現在處於您已確定的 TAM 的 10% 服務器共享標記。接下來的 10% 會變得更容易還是更困難？你提到你即將推出“米蘭”。您的競爭對手正在推出他們的“冰湖”。所以從外面看，服務器業務每個季度都像是一場激烈的肉搏戰。我們如何看待您的服務器業務從這裡開始的旅程？再一次，接下來的 10% 會變得更容易還是更困難，為什麼？

Well, I would say it this way, Vivek. I think we have made a tremendous amount of progress in the server business. I think the -- if you look at the leadership performance and TCO that we have with "Rome", we've seen broad adoption across cloud as well as enterprise, and we've done very, very well in HPC. We think that "Milan" is even better. And our mantra to our customers has been strong road map, you can count on us, we will be there when you need us. I think the traction from "Milan" is stronger than for "Rome". I think we continue to work hard with our customers to ramp as fast as possible. But you'll see a broader cloud adoption. I think you'll see faster cloud adoption. And I think you'll see broader enterprise platforms, especially with "Zen 3". We talked about some of the single-threaded performance improvements that really round out the server portfolio. So I think we're very focused on the data center, and we'll continue to be that as a combined company as well.

好吧，我會這樣說，維韋克。我認為我們在服務器業務方面取得了巨大的進步。我認為——如果你看看我們在“羅馬”中的領導力表現和 TCO，我們已經看到在雲和企業中的廣泛採用，我們在 HPC 方面做得非常非常好。我們認為“米蘭”更好。我們對客戶的口頭禪是強大的路線圖，您可以指望我們，當您需要我們時，我們會在那裡。我認為“米蘭”的吸引力要強於“羅馬”。我認為我們將繼續與我們的客戶一起努力，以盡可能快地提高產量。但是您會看到更廣泛的雲採用。我認為您會看到更快的雲採用率。而且我認為您會看到更廣泛的企業平台，尤其是“Zen 3”。我們討論了一些真正完善服務器產品組合的單線程性能改進。所以我認為我們非常專注於數據中心，作為一家合併後的公司，我們也將繼續保持這一點。

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

我們今天的下一個問題來自高盛的 Toshiya Hari。

Congrats to both teams. Lisa, as a follow-up to the first question, I wanted to get your view on some of the markets within Xilinx. You mentioned in response to the first question that you're comfortable with the 20% growth rate for the combined business. We've heard from Victor and his team over the past couple of years in terms of how they're thinking about their opportunity set in 5G, data center and the core businesses. But how are you thinking about sort of the 3- to 5-year CAGR for data center, comms and some of the core markets? Then I've got a follow-up.

恭喜兩支球隊。 Lisa，作為第一個問題的後續，我想了解您對 Xilinx 的一些市場的看法。您在回答第一個問題時提到，您對合併後業務 20% 的增長率感到滿意。在過去的幾年裡，我們從 Victor 和他的團隊那裡聽到了他們如何看待他們在 5G、數據中心和核心業務中的機會。但是您如何看待數據中心、通信和一些核心市場的 3 到 5 年復合年增長率？那我有後續了。

Yes. Sure, Toshiya. Thanks for the question. So clearly, when we look at our core business or the AMD core business, I think we feel very good about the growth in our core markets across PC, gaming and data center. I think the product portfolio is very strong.

是的。沒錯，東芝。謝謝你的問題。很明顯，當我們審視我們的核心業務或 AMD 核心業務時，我認為我們對 PC、遊戲和數據中心等核心市場的增長感到非常滿意。我認為產品組合非常強大。

As we add Xilinx to the portfolio, I think we are -- we've both chosen data center as our strategic focus. I think the investments that Victor and the Xilinx team have made are very strategic investments in the data center. For us, we have the CPU and GPU strength. Xilinx brings the accelerator capability and very strategic SmartNIC technology. I think that's a strong growth vector for the combined company. I think the broader markets in communications, in automotive, in industrial and aerospace and defense, those are all very attractive markets that can use CPUs and GPUs. And so I think the market presence that Xilinx has and the leadership in those markets also help -- sort of have the ability to bring some of the base AMD technology in there.

隨著我們將賽靈思添加到產品組合中，我認為我們都選擇了數據中心作為我們的戰略重點。我認為 Victor 和 Xilinx 團隊所做的投資是對數據中心的戰略性投資。對我們來說，我們擁有 CPU 和 GPU 的實力。 Xilinx 帶來了加速器功能和極具戰略意義的 SmartNIC 技術。我認為這對合併後的公司來說是一個強勁的增長載體。我認為通信、汽車、工業、航空航天和國防等更廣泛的市場都是可以使用 CPU 和 GPU 的非常有吸引力的市場。因此，我認為 Xilinx 的市場佔有率和在這些市場中的領導地位也有所幫助 - 有能力將一些基礎 AMD 技術帶入那裡。

So I think, together, there are a lot of opportunities. I want to be clear, though, first and foremost, both businesses are executing very well, and Victor and I intend to keep it that way. So I think the base growth profiles of both businesses are very strong. And then we do see significant revenue synergy opportunities as we look out into the 3- to 5-year time frame as we bring these portfolios together.

所以我認為，在一起，有很多機會。不過，我想明確的是，首先，這兩家公司的執行情況都非常好，維克多和我打算保持這種狀態。所以我認為這兩項業務的基本增長情況都非常強勁。然後，當我們將這些投資組合整合在一起時，我們會展望 3 到 5 年的時間框架，我們確實看到了重大的收入協同機會。

Great. And then as a quick follow-up just on market share trends in both the client business and the server CPU business, based on what you're guiding to for Q4 and based on what your competitor is guiding to, where do you feel like -- where do you see you guys -- yourselves landing from a market share perspective in both the client business and the server business exiting this year? And more importantly, based on the design wins that you've already secured, where do you see yourselves kind of in the middle part of '21 or exiting '21?

偉大的。然後作為對客戶端業務和服務器 CPU 業務市場份額趨勢的快速跟進，基於您對第四季度的指導以及您的競爭對手的指導，您感覺如何- - 你認為你們在哪裡 - 從市場份額的角度來看，今年退出的客戶端業務和服務器業務？更重要的是，根據你已經獲得的設計勝利，你認為自己在 21 年中期或退出 21 年的時候在哪裡？

Well, what I would say is, based on our performance in the third quarter and our view for the second half of the year, we do believe we'll gain share in both markets. And I think I've always said, this is a journey. So the key for us is to continue to execute very well. I think the customer momentum is definitely there and sort of our goal is to continue to delight our customers and execute well. So I do think we're making progress on that journey for share gain, and we'll continue to do that.

好吧，我想說的是，根據我們第三季度的表現和我們對下半年的看法，我們確實相信我們將在這兩個市場中獲得份額。我想我一直說，這是一段旅程。所以我們的關鍵是繼續很好地執行。我認為客戶的動力肯定存在，我們的目標是繼續讓我們的客戶滿意並執行良好。因此，我確實認為我們正在為分享收益而取得進展，我們將繼續這樣做。

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

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

For my company question or business question, in Q4, you're up 41% year-over-year with the guidance. Do you think you can keep that kind of magnitude of growth into the first half of next year, especially as the PC market maybe comes under more pressure just given the potential pull forward from the work from home dynamics? How should we be thinking about that trajectory?

對於我的公司問題或業務問題，在第四季度，您在指導下同比增長 41%。您是否認為您可以將這種增長幅度保持到明年上半年，尤其是考慮到在家工作的潛在推動力，PC 市場可能面臨更大的壓力？我們應該如何思考這個軌跡？

So look, I think there's no question, it's a very strong demand environment for us right now. As we look into the first half of the year, it's a little bit early to be specific about 2021, but what I will say is that we believe there is some market phenomena here, but there's also very AMD-specific product gains that we're seeing.

所以看，我認為毫無疑問，現在對我們來說這是一個非常強勁的需求環境。當我們展望今年上半年時，具體到 2021 年還為時過早，但我要說的是，我們相信這裡存在一些市場現象，但我們也有非常特定於 AMD 的產品收益。重看。

I think our notebook portfolio has never been better. And if I look at the strength of the new platforms that are coming up and what we see into 2021, I think we're really excited about that. Our desktop products with our recent launch of Ryzen 5000 is very strong. This is the first year of the console cycle. So the console cycle is a little bit different in the first year. I think you will see some very strong demand there. And then we're right in the middle of launching "Milan" and "EPYC".

我認為我們的筆記本產品組合從未如此出色。如果我看看即將出現的新平台的實力以及我們對 2021 年的看法，我認為我們對此感到非常興奮。我們最近推出的 Ryzen 5000 桌面產品非常強大。這是控制台週期的第一年。所以第一年的主機週期有點不同。我認為你會在那裡看到一些非常強勁的需求。然後我們正處於推出“米蘭”和“EPYC”的過程中。

So I think we feel good about the growth prospects into 2021. We'll get into a little bit more of the quarterly dynamics as we finish out this year. But I think there is market, and then there is just what our product portfolio is doing right now.

因此，我認為我們對 2021 年的增長前景感覺良好。今年結束時，我們將更多地了解季度動態。但我認為有市場，然後就是我們的產品組合現在正在做的事情。

Got it. That's helpful. For my Xilinx question, so the idea of a CPU company buying an FPGA company, obviously, has been tried before. Your competitor tried this as well. It was not terribly successful to this point. How would you say your vision for what you can do with Xilinx is different maybe from what Intel might have viewed with Altera? And maybe what lessons have you potentially learned from the issues that they've had with that deal?

知道了。這很有幫助。對於我的 Xilinx 問題，顯然，CPU 公司收購 FPGA 公司的想法之前已經嘗試過。你的競爭對手也試過這個。到目前為止，它並不是非常成功。您如何看待您對 Xilinx 的看法可能與英特爾對 Altera 的看法不同？也許你從他們在這筆交易中遇到的問題中吸取了哪些教訓？

Yes. Absolutely, Stacy. I'll make a few comments, and then I'm sure Victor will have a few comments.

是的。當然，斯泰西。我會發表一些評論，然後我相信 Victor 也會發表一些評論。

Look, we've been thinking about this for some time. And I think it's actually a very different situation. Xilinx is the market leader. I mean, if you look at how their business has grown over the last few years, their market share has continued to grow. I think both companies are executing really well.

看，我們一直在考慮這個問題。我認為這實際上是一個非常不同的情況。 Xilinx 是市場領導者。我的意思是，如果你看看他們的業務在過去幾年中的增長情況，他們的市場份額一直在增長。我認為兩家公司的表現都非常好。

So you ask why now? I mean why now is actually -- we feel very good about our base businesses. I think the -- people look at our businesses and say they're complementary, and they are very complementary from a product and market standpoint, but we have sort of important intersections around the data center focus and then also around the technology sort of strategy, right?

所以你現在問為什麼？我的意思是為什麼現在實際上 - 我們對我們的基礎業務感覺非常好。我認為--人們看著我們的業務並說它們是互補的，從產品和市場的角度來看，它們是非常互補的，但是我們圍繞數據中心的重點以及技術戰略有一些重要的交叉點， 對？

I mean we're both leading-edge technology users. We both are partnered with TSMC. We both have really leaned into this modular design environment and Xilinx is a leader in some of that -- some of the 2.5D, 3D integration. We're both invested in software and open source. So there are a lot of synergies that are sort of under the covers that we see, and we see very strongly, and I think you will see as the road maps execute.

我的意思是我們都是領先的技術用戶。我們都與台積電合作。我們倆都非常喜歡這種模塊化設計環境，而賽靈思在其中一些方面處於領先地位——一些 2.5D、3D 集成。我們都投資於軟件和開源。因此，我們看到了很多協同效應，我們看到的非常強烈，我認為隨著路線圖的執行，你會看到。

And then the last point I'll mention is I think our cultures are very, very aligned. And we're both -- Victor and I are both engineers at heart. We love the technology. We have a common vision. I'm really, really happy that he's joining me on this journey. I think we have a bold vision of what we think we can do for the industry and for our joint companies. And I think that's what we see as what's different.

然後我要提到的最後一點是，我認為我們的文化非常非常一致。我們都是——維克多和我本質上都是工程師。我們喜歡這項技術。我們有共同的願景。我真的，真的很高興他能和我一起踏上這段旅程。我認為我們對我們可以為行業和我們的合資公司做些什麼有一個大膽的願景。我認為這就是我們所看到的不同之處。

And as you know, Stacy, I mean, I haven't been big on M&A. We're not doing M&A for M&A's sake. I mean this is such a unique opportunity. There actually is no better match in the industry for us than Xilinx.

如你所知，Stacy，我的意思是，我對併購並不感興趣。我們不是為了併購而進行併購。我的意思是這是一個獨一無二的機會。實際上，對於我們來說，業界沒有比 Xilinx 更好的匹配項了。

So Victor, do you want to add some comments?

那麼維克多，你想添加一些評論嗎？

Yes. I think you put it very well, Lisa. I think this is completely different than that transaction. And I guess I'll just lean into the fact that, as Lisa said, we have very common vision for the transformations that are happening, not only in the data center, but I would say at the edge and even endpoint applications. And I'm super excited about joining back with AMD and with the Xilinx team. And I think we really do have very similar cultures, very focused on innovating, very focused on execution and strong teamwork culture for both within the company and also with customers. And I think this is what it's all about. We're going to create tremendous value for customers. And I'm really excited to bring some of the underlying technologies that Lisa talked about to the floor, and you'll see that over time. So -- and personally, I'm all in. So we'll make sure that we integrate well.

是的。我認為你說得很好，麗莎。我認為這與那筆交易完全不同。而且我想我會傾向於這樣一個事實，正如 Lisa 所說，我們對正在發生的轉變有著非常共同的願景，不僅在數據中心，而且我會說在邊緣甚至端點應用程序。我對重返 AMD 和 Xilinx 團隊感到非常興奮。而且我認為我們確實擁有非常相似的文化，非常注重創新，非常注重執行和強大的團隊合作文化，無論是在公司內部還是與客戶之間。我認為這就是它的全部意義所在。我們將為客戶創造巨大的價值。我真的很高興能將 Lisa 談到的一些底層技術帶到現場，隨著時間的推移你會看到這一點。所以 - 就個人而言，我全力以赴。所以我們將確保我們很好地整合。

Our next question today is coming from Mark Lipacis from Jefferies.

我們今天的下一個問題來自 Jefferies 的 Mark Lipacis。

Congratulations on the announcement. I guess, I would like to pick up on Victor's point about computing at the edge. It seems like there's a lot of talk at edge computing. It seems like base stations are a logical place for that to happen, especially as 5G is deployed. And as you think about delivering a joint solution, a joint AMD-Xilinx solution, does the architecture of the compute platform at the edge, is it different from -- does it differ from the kind of what we think about today as the core data center? And is the value proposition for AMD and Xilinx together, is it particularly advantaged or unique from the other solutions, other kind of architectural solutions that have been proposed out there? That's the first question. I have a follow-up, too.

祝賀公告。我想，我想了解一下 Victor 關於邊緣計算的觀點。邊緣計算似乎有很多話題。基站似乎是實現這一目標的合乎邏輯的地方，尤其是在部署 5G 時。當你考慮提供一個聯合解決方案時，一個 AMD-Xilinx 聯合解決方案，邊緣計算平台的架構，它是否與我們今天所認為的核心數據不同？中央？ AMD 和 Xilinx 的價值主張是否結合在一起，與其他解決方案、其他類型的架構解決方案相比，它是否特別具有優勢或獨特性？這是第一個問題。我也有後續。

Yes. Sure, Mark. So look, we'll have a very strong portfolio if you look at all of the elements between CPUs, GPUs, the traditional FPGAs as well as the Adaptive SOCs that Xilinx has been investing in. I think that portfolio lends a lot of solution capability when you look at specific workloads.

是的。當然，馬克。因此，如果您查看 CPU、GPU、傳統 FPGA 以及賽靈思一直投資的自適應 SOC 之間的所有元素，我們將擁有非常強大的產品組合。我認為該產品組合提供了很多解決方案能力當您查看特定的工作負載時。

So on the accelerator side, as you know, we've been investing on the GPUs with Radeon Instinct. And the focus there has been on training and has been on HPC environments. Victor's focus has actually been quite a bit at the edge. I think we share the idea that a common software environment is so important to try to accelerate the usage of those solutions in the market. And so I think we'll have sort of a basket of technology that can be used very well from the infrastructure cloud side to the edge and endpoint.

所以在加速器方面，如你所知，我們一直在使用 Radeon Instinct 投資 GPU。那裡的重點一直放在培訓上，並且一直放在 HPC 環境上。維克多的注意力實際上已經相當集中了。我認為我們同意一個共同的軟件環境對於嘗試加速這些解決方案在市場上的使用非常重要的想法。因此，我認為我們將擁有一攬子技術，可以很好地從基礎架構雲端到邊緣和端點。

I don't know, Victor, if you'd like to add anything there?

我不知道，維克多，你想在那裡添加什麼嗎？

Yes, sure. I mean, I think there is a lot that we can leverage from a technology and architecture perspective, but I think some of the differences are, obviously, primarily the workload and also there's more element for needing more real-time kind of responses, low latency. I think the fact that the workloads are different and you want to customize some of those things, that's where I think the combination of AMD and Xilinx is very powerful because we can handle a lot of the customizations and optimizations and fast real-time response. But then for some of the really very heavy compute-intensive things, there's a lot of great technology out of AMD. And putting the 2 together seamlessly also with software really makes that a powerful solution. And I think that's what this is about, comprehensive and powerful solutions, right, tailored to the workloads, whether that's the edge, even endpoints, and of course, in the cloud.

是的，當然。我的意思是，我認為從技術和架構的角度來看，我們可以利用很多東西，但我認為其中一些差異顯然主要是工作量，而且還有更多元素需要更多實時響應，低潛伏。我認為工作負載不同並且您想要定制其中一些東西的事實，這就是我認為 AMD 和 Xilinx 的組合非常強大的地方，因為我們可以處理很多定制和優化以及快速的實時響應。但是對於一些真正非常繁重的計算密集型事物，AMD 有很多很棒的技術。將 2 與軟件無縫結合在一起確實是一個強大的解決方案。我認為這就是它的意義所在，全面而強大的解決方案，正確，針對工作負載量身定制，無論是邊緣，甚至端點，當然還有云。

That's very helpful and insightful. The follow-up is, obviously, there's going to be a level of integration with AMD and Xilinx products together. Can you help us understand to what extent is the integration happen on the hardware side in your kind of vision versus the software? Is it FPGAs and CPUs and GPUs integrated on monolithic dies or with the interposers? Or is there -- you have an architecture with a -- you demonstrate a successful architecture with Infinity fabric and you stitch them together that way, and then you have a software layer also that's integrating these things? If you can provide any color on that vision, that would be helpful.

這是非常有幫助和有見地的。顯然，後續將與 AMD 和 Xilinx 產品進行一定程度的集成。您能否幫助我們了解在您的願景中，硬件方面與軟件方面的集成在多大程度上發生了？是集成在單片芯片上還是與中介層集成的 FPGA、CPU 和 GPU？或者有沒有——你有一個架構——你用 Infinity 結構展示了一個成功的架構，然後你把它們縫合在一起，然後你有一個軟件層也集成了這些東西？如果您可以在該願景上提供任何顏色，那將很有幫助。

Sure, Mark. Look, I think the days of monolithic integration are probably over. We've been on this chiplet methodology because it's the right thing to do. You get the right compute for the right workloads. The Xilinx team is also very advanced in thinking on this area. I think there will be some, let's call it, opportunities for us to do things on the hardware side, but I view it more as market-specific optimization as we think about what customers need. And then certainly, on the software environment, we are very focused on doubling down on the software environment because that's really the key to accelerate adoption. So lots of opportunities for us to bring the portfolios together, but really, I think the opportunity is at the solution level with customers and the important workloads.

當然，馬克。看，我認為單片集成的時代可能已經結束。我們一直在使用這種小芯片方法，因為它是正確的做法。您可以獲得適用於正確工作負載的正確計算。 Xilinx 團隊在這方面的思考也非常先進。我認為會有一些（姑且稱之為）我們在硬件方面做事的機會，但我更多地將其視為針對特定市場的優化，因為我們會考慮客戶的需求。當然，在軟件環境方面，我們非常專注於在軟件環境上加倍投入，因為這確實是加速採用的關鍵。我們有很多機會將投資組合整合在一起，但實際上，我認為機會在於客戶和重要工作負載的解決方案級別。

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。

On the deal, you talked about $300 million in cost savings 18 months out. Can you talk about where that might come from? And what are the priorities in terms of -- I assume you want to keep the sales force intact and things like that. Just how are you going to approach that cost savings?

在這筆交易中，您談到了 18 個月後節省了 3 億美元的成本。你能談談這可能來自哪裡嗎？什麼是優先事項 - 我假設您希望保持銷售隊伍的完整性以及類似的事情。您將如何實現成本節約？

Yes. Sure, Joe. So the majority of those cost savings are really on just the scale of bringing the two companies together, so if you think about our opportunities on the COGS side as well as some of the public company functions and those kinds of things. Our intent on R&D is we've been growing, and we're going to continue to grow R&D. I think what it will allow us to do is -- actually, there will be some synergy on some things that we're both doing like some of the IPs that are just sort of necessary IPs, but it allows us to invest more in things like AI and software and so on. So we're not counting on any major changes at all to either business from the running of the business. I think the emphasis here is that both companies are executing extremely well, and we're going to continue to keep it that way. And so Victor will continue to run the Xilinx business. And obviously, we have a lot to execute on the AMD side, but these synergies are really more from COGS and just public company type stuff that go on.

是的。當然，喬。因此，大部分成本節省實際上只是將兩家公司合併在一起的規模，所以如果你考慮一下我們在 COGS 方面的機會以及一些上市公司職能和類似的事情。我們對研發的意圖是我們一直在成長，我們將繼續發展研發。我認為它將允許我們做的是——實際上，我們都在做的一些事情會有一些協同作用，比如一些只是必要 IP 的 IP，但它允許我們在事情上進行更多投資比如人工智能和軟件等等。因此，我們根本不指望任何一項業務從業務運營中發生任何重大變化。我認為這裡的重點是兩家公司的執行情況都非常好，我們將繼續保持這種狀態。因此，Victor 將繼續經營 Xilinx 業務。顯然，我們在 AMD 方面有很多工作要做，但這些協同效應實際上更多來自 COGS，而且只是上市公司類型的東西。

Great. And then in terms of the business, can you talk about data center GPU? You mentioned HPC opportunities. Can you give us just a short update on cloud gaming and then the timing of CDNA?

偉大的。然後在業務方面，您能談談數據中心GPU嗎？您提到了 HPC 機會。您能否簡要介紹一下云遊戲以及 CDNA 的時間安排？

Yes. So you'll hear more about CDNA later this year, so in the -- here in a couple of -- in a month or two.

是的。所以你會在今年晚些時候聽到更多關於 CDNA 的信息，所以在一兩個月內——這裡是幾個——。

As we look at the data center GPU space, I think the cloud opportunities that we have are continuing to ramp I would say, but the large HPC opportunities really come into play in 2021. So we should see a significant ramp in our data center GPU business in 2021 as some of those wins are publicly announced and will ramp next year.

當我們審視數據中心 GPU 空間時，我認為我們擁有的雲機會正在繼續增加，但大型 HPC 機會真正在 2021 年發揮作用。所以我們應該看到我們的數據中心 GPU 的顯著增加2021 年的業務，因為其中一些勝利已公開宣布，並將在明年增加。

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

我們今天的下一個問題來自瑞士信貸的 John Pitzer。

Congratulations, Lisa and Victor, both on the deal and Lisa on the solid results. My first question is just on the core business and gross margins. And I apologize because I've been bouncing around a couple of calls this morning.

恭喜麗莎和維克多，無論是交易還是麗莎都取得了可靠的結果。我的第一個問題只是關於核心業務和毛利率。我很抱歉，因為今天早上我一直在打幾個電話。

But Lisa, I'm wondering, how much -- there were some news press in the calendar third quarter that perhaps the ramp on the gaming side had incurred some more costs than originally expected. But I guess, importantly, when you look at gaming as a percent of mix and the fact that Q3 is kind of the first gaming quarter, which just tends to be the lowest gross margin quarter, it strikes me that September should be a gross margin bottom for the overall business. I'm wondering if you could just help me understand if that's a fair comment and how I should think about improvement in gross margin in gaming over time.

但是麗莎，我想知道，有多少 - 在日曆第三季度有一些新聞媒體說，遊戲方面的坡道可能比最初預期的要多一些成本。但我想，重要的是，當您將游戲視為組合的百分比以及第三季度是第一個遊戲季度（這往往是毛利率最低的季度）這一事實時，我覺得 9 月應該是毛利率整體業務的底部。我想知道你是否可以幫助我理解這是否是一個公平的評論，以及我應該如何考慮隨著時間的推移遊戲毛利率的提高。

Yes. Sure, John. So certainly, we ramped heavily the console business here in the third quarter. I think we were right at our margin guidance. As we go sequentially into the fourth quarter, we saw -- we see an increase in margins from 44% to 45%. I think there are a couple of aspects there. So we do have the console business growing sequentially. And so that is a bit margin-decretive. However, we also have our other businesses growing as well that offset that. It is true that the early parts of the console ramp are -- typically, we're working through some ramp issues. I would say the ramp is going quite well, and the demand environment is very strong overall. And we continue to work on satisfying all of the demand.

是的。當然，約翰。因此，可以肯定的是，我們在第三季度大力發展了遊戲機業務。我認為我們的保證金指導是正確的。隨著我們依次進入第四季度，我們看到 - 我們看到利潤率從 44% 增加到 45%。我認為有幾個方面。所以我們確實有控制台業務按順序增長。所以這有點限制利潤。然而，我們的其他業務也在增長，抵消了這一點。確實，控制台坡道的早期部分是——通常，我們正在解決一些坡道問題。我想說斜坡進展順利，整體需求環境非常強勁。我們將繼續努力滿足所有需求。

That's helpful. And then going back to the deal, the rationale around both the data center and wireless/wireline is fairly straight forward and obvious. I'd love to get your view kind of on the broader industrial and auto buckets that Xilinx plays in today, the distribution channel, which is not necessarily something that you guys deal with in your core business. And specifically, on the auto side, is there incremental silicon opportunity for core AMD on the auto side with Xilinx?

這很有幫助。然後回到交易，圍繞數據中心和無線/有線的基本原理是相當直截了當和明顯的。我很想听聽您對賽靈思今天在更廣泛的工業和汽車領域的看法，即分銷渠道，這不一定是你們在核心業務中處理的事情。具體來說，在汽車方面，與 Xilinx 合作的汽車方面的核心 AMD 是否有增加芯片的機會？

Yes. Absolutely, John. So clearly, there's a lot of synergy on the data center and the comm side, as you mentioned, but that core market business, Xilinx's core market business is a beautiful business. I mean if you just look at the product life cycles, the customer diversity and just how those go. So we're very happy with adding that to the portfolio. I think it adds sort of a different rhythm to the rest of our business.

是的。絕對的，約翰。很明顯，正如你所提到的，數據中心和通信方面有很多協同作用，但是核心市場業務，賽靈思的核心市場業務是一項美麗的業務。我的意思是，如果你只看產品生命週期、客戶多樣性以及它們是如何進行的。因此，我們很高興將其添加到產品組合中。我認為它為我們的其他業務增加了一種不同的節奏。

And as I said earlier, we're very cognizant that it's a different business. It will be -- it will continue to run as it runs today. I've had some experience in the embedded business before. So we expect that to continue to be a very important driver of the overall financial model that we're putting together.

正如我之前所說，我們非常清楚這是一項不同的業務。它將是——它將繼續像今天一樣運行。我以前在嵌入式業務方面有過一些經驗。因此，我們預計這將繼續成為我們正在整合的整體財務模型的一個非常重要的驅動力。

And if I could add to that, I definitely see opportunity for AMD's products in the auto business. We do a lot there, but if you look at the amount of computing that's being done in the main controller, central units, there's a lot of need for some very, very powerful computing. And we handle a lot of the sensor fusion or real-time kind of applications. And so I absolutely think that there's opportunity there. And there are certainly things, of course, we've learned through the more than two decades of servicing the auto business that we can have some mutual learnings back and forth and how to go-to-market with that and support those customers.

如果我能補充一點，我肯定看到了 AMD 產品在汽車行業的機會。我們在那裡做了很多，但是如果你看看在主控制器、中央單元中進行的計算量，就會發現非常非常需要一些非常非常強大的計算。我們處理大量傳感器融合或實時應用。所以我絕對認為那裡有機會。當然，我們在為汽車業務服務的二十多年中學到了一些東西，我們可以來回進行一些相互學習，以及如何進入市場並支持這些客戶。

Yes, absolutely, Victor. That's a great point. I think automotive is a long-term opportunity for us with the technology that we have.

是的，絕對是，維克多。這是一個很好的觀點。我認為汽車對我們來說是一個長期的機會，我們擁有的技術。

Our next question is coming from Hans Mosesmann from Rosenblatt Securities.

我們的下一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Congrats guys. Good stuff here. A question on capacity. Lisa, you mentioned that it got better here in the back half of 2020. But as you look at 2021, the 7-nanometer, and I assume 5-nanometer specifically, it was the end, I suppose, how is that capacity looking like? And then I have a follow-up.

恭喜伙計們。好東西在這裡。關於容量的問題。麗莎，你提到它在 2020 年下半年變得更好。但是當你看到 2021 年，7 納米，我特別假設 5 納米時，我想這已經結束了，這個容量看起來怎麼樣?然後我有一個跟進。

Yes. Thanks, Hans. So look, our second half has certainly been very strong, and it was stronger than we originally planned. And so -- and we've worked closely with our suppliers to improve the supply availability. And I would say that even with that, demand still exceeds supply in certain segments.

是的。謝謝，漢斯。所以你看，我們的下半場肯定很強，比我們原先計劃的還要強。所以——我們與供應商密切合作，以提高供應可用性。我想說的是，即便如此，某些細分市場的需求仍然超過供應。

As we go into 2021, I think we are planning for success. And so we're working very closely across the supply chain to ensure that we have enough wafer capacity as well as back end capacity. And we're going to continue to work on that. But certainly, there are areas where we would like the supply to be higher, and we're working on that.

隨著我們進入 2021 年，我認為我們正在為成功做計劃。因此，我們在整個供應鏈中密切合作，以確保我們有足夠的晶圓產能和後端產能。我們將繼續努力。但可以肯定的是，有些領域我們希望供應更高，我們正在努力。

Okay. And that's for both 7 and 5, just as a general comment, that you're seeing?

好的。這適用於 7 和 5，作為一般性評論，您看到了嗎？

Yes. Yes, I'm not making a specific technology statement, but other than to say that we believe we will have the ability to support our strong growth objectives.

是的。是的，我沒有發表具體的技術聲明，而是說我們相信我們將有能力支持我們強勁的增長目標。

Okay. That's helpful. And then a question on the Xilinx part of this deal. They have, as you know, a very good CUDA-like software compiler platform, Vitis. And I believe that AMD would benefit from that. But how do you see that kind of being woven into AMD? And does AMD have something like that in the works? How would that play out?

好的。這很有幫助。然後是關於這筆交易中賽靈思部分的問題。如您所知，他們擁有非常出色的類似 CUDA 的軟件編譯器平台 Vitis。我相信 AMD 會從中受益。但是您如何看待這種融入 AMD 的方式？ AMD 是否有類似的東西正在開發中？這將如何發揮？

Yes. No, we've both been investing in the software environment to really make our products easier to use. I agree with you, I think Xilinx has a very strong software platform. We've also been investing in the ROCm platform for our GPUs. And so those will be some of the things that we bring together over time.

是的。不，我們都一直在對軟件環境進行投資，以真正讓我們的產品更易於使用。我同意你的看法，我認為 Xilinx 有一個非常強大的軟件平台。我們還一直在為我們的 GPU 投資 ROCm 平台。所以這些將是我們隨著時間的推移匯集的一些東西。

Yes. On that note, I'd just like to point out, many people may not be aware that we've been collaborating on ROCm and some other of the -- HSA in the past and a lot of the other initiatives that AMD has been driving in sort of this open development environment.

是的。關於這一點，我想指出，很多人可能不知道我們一直在 ROCm 和其他一些 - 過去的 HSA 以及 AMD 一直在推動的許多其他計劃上進行合作在這種開放的開發環境中。

Our final question today is coming from Aaron Rakers from Wells Fargo.

我們今天的最後一個問題來自富國銀行的 Aaron Rakers。

I have one on the business and then one on the acquisition as well. Just real quickly on the business, as we think about the EESC segment for the guide into this current quarter, I'm just curious if you can help us appreciate how you're looking at the semi-custom business relative to the EPYC server business, and what you're necessarily seeing in the competitive landscape right now? And then I have a quick follow-up.

我有一個關於業務的，然後一個關於收購的。在業務上真的很快，當我們考慮本季度指南的 EESC 部分時，我很好奇您是否可以幫助我們了解您如何看待與 EPYC 服務器業務相關的半定制業務，以及您現在在競爭格局中必然會看到什麼？然後我有一個快速跟進。

Yes. So I think the -- as I mentioned in the prepared remarks, we're seeing a strong semi-custom environment here in the first year. Usually, Q3 is the peak for us in semi-custom. And this year, we'll see sequential growth into Q4 just given the strong demand environment, but I think that's a result of the product space.

是的。所以我認為 - 正如我在準備好的評論中提到的那樣，我們在第一年看到了一個強大的半定制環境。通常，第三季度是我們半定制的高峰。今年，鑑於強勁的需求環境，我們將看到第四季度的連續增長，但我認為這是產品空間的結果。

I think at the -- when you talk about the competitive environment, I think the competitive environment, I mean, it's about the same. I mean, I think, it's always a competitive environment, but our focus has been on our product strategy and working with our customers. So I wouldn't say I've seen a change in the dynamic. I think there's a lot of excitement in our server business around "Milan" and bringing "Milan" to market, even -- ramping that even faster than we ramped "Rome". And so yes, that's where the focus is.

我認為 - 當你談論競爭環境時，我認為競爭環境，我的意思是，大致相同。我的意思是，我認為這始終是一個競爭環境，但我們的重點一直是我們的產品戰略和與客戶的合作。所以我不會說我看到了動態的變化。我認為我們的服務器業務圍繞“米蘭”以及將“米蘭”推向市場有很多令人興奮的事情，甚至——甚至比我們推出“羅馬”的速度還要快。所以是的，這就是重點所在。

And then on the acquisition side, I'm just curious of how you see or envision the role of SmartNIC? And how quickly you see the kind of the portfolios combining with regard to the SmartNIC category with regard to the Xilinx and then embedding some of the core AMD compute capabilities along with that SmartNIC? I'm just curious on what you see happening, data center architecture-wise, around that evolution.

然後在收購方面，我只是好奇您如何看待或設想 SmartNIC 的作用？您多快看到與 Xilinx 相關的 SmartNIC 類別的產品組合，然後將一些核心 AMD 計算功能與 SmartNIC 一起嵌入？我只是對你看到的圍繞這一演變的數據中心架構方面的情況感到好奇。

Yes. Look, we -- the SmartNIC, the technology and just the overall acceleration technology in the data center, we think, is very important. I think Xilinx has made significant investments there that's additive to our data center portfolio today. I think both of us have been very engaged in the top hyperscalers, and we will continue to do that. We also see opportunities over time in the enterprise segment as well. So I think the relationships that we have across all the top customers can help accelerate some of that solution development, and that will be a key focus for the combined company.

是的。看，我們——SmartNIC，我們認為數據中心的技術和整體加速技術非常重要。我認為 Xilinx 已經在那裡進行了大量投資，這對我們今天的數據中心產品組合起到了補充作用。我認為我們倆都非常參與頂級超大規模企業，我們將繼續這樣做。隨著時間的推移，我們也看到了企業領域的機會。因此，我認為我們與所有頂級客戶的關係可以幫助加速一些解決方案的開發，這將是合併後公司的重點。

And if I could add, just maybe getting a little bit deeper on the technology side. AMD has been leading in core density. And with SmartNICs offloading the cores, it improves the overall throughput and TCO for the data center. And again, we also both have very high-speed interconnect leadership. So I think it's really -- that is a good example of delivering a better overall solution for the data center customers.

如果我可以補充一點，可能會在技術方面更深入一點。 AMD 在核心密度方面一直處於領先地位。通過 SmartNIC 卸載內核，它提高了數據中心的整體吞吐量和 TCO。同樣，我們也都擁有非常高速的互連領先地位。所以我認為這確實是為數據中心客戶提供更好的整體解決方案的一個很好的例子。

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

我們的問答環節已經結束。我想把地板翻過來，以便有任何進一步的結束評論。

Thank you -- yes -- no, I was just going to say so thanks all for joining today. I know we covered a tremendous amount of material across our business and the acquisition. We look forward to -- really look forward to bringing these two companies together. I think it's a very special and unique moment for us, and we look forward to talking more about it as we go forward.

謝謝——是的——不，我只是想說謝謝大家今天的加入。我知道我們在我們的業務和收購中涵蓋了大量的材料。我們期待 - 非常期待將這兩家公司合併。我認為這對我們來說是一個非常特別和獨特的時刻，我們期待在前進的過程中更多地談論它。

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

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