超微半導體 (AMD) 2014 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Eric, and I will be your conference operator for today.

我叫埃里克，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to AMD's first-quarter 2014 earnings conference call.

在此，歡迎大家參加AMD 2014 年第一季度財報電話會議。

All lines have been placed on a listen-only mode at this time.

此時所有線路都處於只聽模式。

After the speakers' remarks, you will be invited to participate in a question-and-answer session.

演講者發言後，您將被邀請參加問答環節。

As a reminder, this conference is being recorded today.

提醒一下，今天正在錄製這次會議。

I would now like to turn the conference over to Ms. Ruth Cotter, Vice President of Investor Relations for AMD.

我現在想將會議轉交給 AMD 投資者關係副總裁 Ruth Cotter 女士。

Please go ahead.

請繼續。

Thank you and welcome to AMD's first-quarter earnings conference call.

謝謝，歡迎來到 AMD 第一季度財報電話會議。

By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides.

到目前為止，您應該有機會查看我們的收益發布副本以及首席財務官的評論和幻燈片。

If you have not reviewed these documents, they can be found on AMD's website at ir.

如果您還沒有查看過這些文檔，可以在 AMD 的網站 ir 上找到它們。

AMD.com.

AMD.com。

Participants on today's conference call are Rory Read, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President and Chief Financial Officer.

今天電話會議的參與者是我們的總裁兼首席執行官 Rory Read；和我們的高級副總裁兼首席財務官 Devinder Kumar。

For the question-and-answer portion of the call, we will be joined by Lisa Su, our Senior Vice President and General Manager, Global Business Units.

對於電話的問答部分，我們的高級副總裁兼全球業務部門總經理 Lisa Su 將加入我們的行列。

This is a live call and will be replayed via webcast on AMD.com.

這是一個現場通話，將通過 AMD.com 上的網絡直播進行重播。

I'd like to take this opportunity to highlight a few dates for you: Lisa Su will attend the JPMorgan Technology, Media and Telecom Conference on Tuesday, May 20 in Boston; Devinder Kumar will attend the Bank of America Merrill Lynch Global Technology Conference on June 3 in San Francisco; our second-quarter quiet time will begin at the close of business on Friday, June 13; and lastly, we intend to announce second-quarter earnings on Thursday, July 17.

我想藉此機會為您重點介紹幾個日期：Lisa Su 將於 5 月 20 日星期二在波士頓參加摩根大通技術、媒體和電信會議； Devinder Kumar 將於 6 月 3 日在舊金山出席美銀美林全球科技大會；我們第二季度的安靜時間將從 6 月 13 日星期五營業時間結束時開始；最後，我們打算在 7 月 17 日星期四公佈第二季度收益。

Please note that non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measure in the press release and CFO commentary, which are posted on our website at quarterlyearnings.amd.com.

請注意，本次電話會議中引用的非 GAAP 財務指標與新聞稿和 CFO 評論中最直接可比的 GAAP 財務指標相一致，這些指標發佈在我們的網站 quarterlyearnings.amd.com 上。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it.

在我們開始之前，讓我提醒大家，今天的討論包含基於我們目前所見環境的前瞻性陳述。

Those statements are 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.

這些陳述基於當前的信念、假設和期望；僅代表當前日期，因此涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。

Please refer to the cautionary statement in our press release for more information.

有關更多信息，請參閱我們新聞稿中的警告聲明。

You'll also find detailed discussions about our risk factors in our filings with the SEC, and in particular, AMD's annual report on Form 10-K for the year ended December 28, 2013.

您還可以在我們提交給美國證券交易委員會的文件中找到關於我們風險因素的詳細討論，尤其是 AMD 截至 2013 年 12 月 28 日的 10-K 表格年度報告。

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

現在，我將把電話交給羅里。

Rory?

羅里？

Thank you, Ruth.

謝謝你，露絲。

Revenue for the quarter was $1.4 billion, an increase of 28% from the year-ago period.

本季度收入為 14 億美元，同比增長 28%。

The 12% sequential revenue decline from the previous quarter was better than our expectations, due to healthy demand for our newest Radeon GPUs and semi-custom gaming APUs.

由於對我們最新的 Radeon GPU 和半定制遊戲 APU 的健康需求，上一季度 12% 的連續收入下降好於我們的預期。

This is our third consecutive quarter of delivering non-GAAP profitability, and we also saw an improvement in EPS of $0.15 from the year-ago period.

這是我們連續第三個季度實現非 GAAP 盈利，我們還看到每股收益比去年同期提高了 0.15 美元。

Our first-quarter performance demonstrates the success that we are having transforming AMD's business.

我們第一季度的業績證明了我們在 AMD 業務轉型方面取得的成功。

We are consistently executing and delivering on our commitments.

我們始終如一地執行和兌現我們的承諾。

Our strategy is working, and we are building a foundation for continued profitability and growth as we transform AMD.

我們的戰略正在奏效，我們正在為 AMD 的持續盈利和增長奠定基礎。

We are on track to generate approximately 50% of our revenue from high-growth markets, including embedded, semi-custom, dense server, professional graphics, and Ultra Low-Power client, where we can create differentiated winning solutions by the end of 2015.

我們有望從高增長市場產生大約 50% 的收入，包括嵌入式、半定制、密集服務器、專業圖形和超低功耗客戶端，我們可以在 2015 年底之前創建差異化的製勝解決方案.

There was strong demand in the first quarter for AMD-powered Microsoft and Sony game consoles.

第一季度對採用 AMD 技術的微軟和索尼遊戲機的需求強勁。

These consoles continued to outpace previous generation's ramps and drove continued momentum in the semi-custom business.

這些遊戲機繼續超越上一代的增長速度，並推動半定制業務的持續發展勢頭。

The success of these two products is an excellent example of the power of our strategy.

這兩款產品的成功是我們戰略力量的一個很好的例子。

When our unique IP and design expertise is married with the ingenuity and product ideas from our customers, we jointly delivered tailored, market-changing solutions that win.

當我們獨特的 IP 和設計專業知識與客戶的獨創性和產品理念相結合時，我們共同提供了量身定制的、改變市場的解決方案，從而贏得了勝利。

We believe that our semi-custom business will continue to realize strong growth, as gaming consoles ramp throughout the year.

我們相信，隨著遊戲機全年的增長，我們的半定制業務將繼續實現強勁增長。

We remain on track to capture one to two new semi-custom design wins this year as well.

我們仍然有望在今年贏得一到兩個新的半定制設計勝利。

Now turning to AMD's embedded business.

現在轉向AMD的嵌入式業務。

Revenue increased by double-digits from the year-ago period.

收入比去年同期增長了兩位數。

We continued to win designs with strategic market makers in key verticals, such as digital signage, medical, and thin client to name a few.

我們繼續在關鍵垂直領域贏得戰略市場製造商的設計，例如數字標牌、醫療和瘦客戶端等。

Consistent with our strategy to participate in a much broader portion of this market, we see an approximately $9 billion total addressable market for our high-performance embedded SoCs and processors.

與我們參與這個市場更廣泛部分的戰略一致，我們看到我們的高性能嵌入式 SoC 和處理器的潛在市場總額約為 90 億美元。

This margin-accretive business is also characterized by product cycles that last up to five years, providing a more predictable and consistent revenue stream.

這種可增加利潤的業務的另一個特點是產品週期長達五年，提供更可預測和一致的收入流。

In our professional graphics business, we delivered sequential growth in the first quarter.

在我們的專業圖形業務中，我們在第一季度實現了環比增長。

We believe we gained share, highlighted by the launch of Apple Mac Pro, which uses two of AMD's industry-leading FirePro GPUs.

我們相信我們獲得了市場份額，Apple Mac Pro 的推出凸顯了這一點，它使用了兩個 AMD 行業領先的 FirePro GPU。

We are expanding our professional GPU products with the announcement of our new flagship FirePro W9100.

隨著我們新旗艦 FirePro W9100 的發布，我們正在擴展我們的專業 GPU 產品。

This GPU is attracting significant interest from video, design, and engineering professionals who need to work at the latest 4K resolutions and beyond.

這款 GPU 吸引了需要在最新 4K 及更高分辨率下工作的視頻、設計和工程專業人士的極大興趣。

We are also continuing to make investments to accelerate our growth by strengthening our relationships with key professional ISVs and customers that dominate market share.

我們還將繼續進行投資，通過加強與主導市場份額的主要專業 ISV 和客戶的關係來加速我們的增長。

In our dense server business, revenue also increased sequentially.

在我們的密集服務器業務中，收入也環比增長。

This was highlighted by Verizon's ongoing deployment of AMD's SeaMicro based dense servers that are powering the world's largest public cloud solution.

Verizon 持續部署基於 AMD SeaMicro 的密集服務器突出了這一點，這些服務器為世界上最大的公共雲解決方案提供支持。

The dense server market is projected to be approximately 25% of the overall server market by 2019, and we intend to lead this transition with our unique fabric technology and 64-bit processors.

到 2019 年，密集服務器市場預計將佔整個服務器市場的 25% 左右，我們打算通過我們獨特的結構技術和 64 位處理器引領這一轉變。

We have also reached a significant milestone in our ambidextrous strategy.

我們的雙元戰略也達到了一個重要的里程碑。

We have introduced Seattle, our first 64-bit ARM server processor and the industry's first at 28-nanometer technology, positioning AMD as the only SoC provider to bridge the x86 and ARM ecosystems for server applications.

我們推出了 Seattle，這是我們的首款 64 位 ARM 服務器處理器，也是業界首款採用 28 納米技術的處理器，使 AMD 成為唯一一家為服務器應用程序連接 x86 和 ARM 生態系統的 SoC 供應商。

We are excited to announce that we have started sampling Seattle this last quarter and plan to ship in the fourth quarter of 2014.

我們很高興地宣布，我們已經在上個季度開始對西雅圖進行抽樣，併計劃在 2014 年第四季度發貨。

Now let's turn to our traditional businesses.

現在讓我們轉向我們的傳統業務。

In graphics, we see strong demand in the enthusiast portion of the market.

在圖形方面，我們看到了市場發燒友部分的強勁需求。

Our industry-leading R7 and R9 products drove GPU revenue growth year-over-year and sequentially.

我們行業領先的 R7 和 R9 產品推動了 GPU 收入的同比和環比增長。

And we also started to see the ramp of new mobile discrete design wins, and we believe this momentum will continue and we expect to gain market share.

而且我們也開始看到新的移動分立設計贏得勝利，我們相信這種勢頭將持續下去，我們預計會獲得市場份額。

In our personal computing business, our mobile APU unit shipments increased sequentially in the first quarter, as our customers prepared to introduce notebooks powered by our newest Beema and Kaveri APUs.

在我們的個人計算業務中，我們的移動 APU 單位出貨量在第一季度連續增長，因為我們的客戶準備推出採用我們最新的 Beema 和 Kaveri APU 的筆記本電腦。

In the desktop channel, we continue to build momentum in the upper part of our portfolio as we enrich our product mix.

在桌面渠道，隨著我們豐富產品組合，我們繼續在產品組合的上半部分建立勢頭。

Our high-end A8 and A10 APUs had a second straight quarter of record unit shipments.

我們的高端 A8 和 A10 APU 連續第二個季度出貨量創歷史新高。

We continue to build a stronger desktop portfolio, ramping our high-end Kaveri APU, and introducing our first low-powered socketed APU for the desktop channel this past quarter.

我們繼續構建更強大的台式機產品組合，提升我們的高端 Kaveri APU，並在上個季度推出了我們首款用於台式機渠道的低功耗插座式 APU。

We expect these APUs will drive revenue growth in the coming quarters.

我們預計這些 APU 將推動未來幾個季度的收入增長。

The PC market continues to remain challenging.

個人電腦市場繼續充滿挑戰。

We are seeing signs that the market decline is slowing and potentially stabilizing, as some of the softness in consumer is being offset by demand for commercial PCs.

我們看到市場下滑正在放緩並可能趨於穩定的跡象，因為消費者的一些疲軟正在被商用 PC 的需求所抵消。

Based on this, we now expect overall PC shipments will decline approximately 7% to 10% for the year, and we are positioned to take advantage of this based on our strategy to gain share in parts of the market where we are currently underrepresented.

基於此，我們現在預計今年整體 PC 出貨量將下降約 7% 至 10%，我們準備根據我們的戰略利用這一點，在我們目前代表性不足的部分市場中獲得份額。

For example, in the commercial client market, we expect to more than double the number of designs that will come to market from our key OEM partners compared to last year.

例如，在商業客戶市場，我們預計來自我們主要 OEM 合作夥伴的設計數量將比去年增加一倍以上。

As a result, we believe we will deliver sequential PC revenue growth in the coming quarters of 2014.

因此，我們相信我們將在 2014 年接下來的幾個季度實現 PC 收入的環比增長。

Since our last earnings call, we also successfully concluded our 2014 WSA amendment with GlobalFoundries and re-profiled our near-term debt, both of which will help us accomplish our financial goals for 2014 and beyond.

自上次財報電話會議以來，我們還成功完成了與 GlobalFoundries 的 2014 年 WSA 修正案，並重新規劃了我們的近期債務，這兩者都將幫助我們實現 2014 年及以後的財務目標。

Devinder will cover both of these topics in detail later in the call.

Devinder 將在稍後的電話會議中詳細介紹這兩個主題。

So in summary, we continue to hit all of our key milestones and product commitments as part of our long-term strategy to transform AMD.

因此，總而言之，作為我們轉變 AMD 的長期戰略的一部分，我們將繼續實現我們所有的關鍵里程碑和產品承諾。

Our first-quarter performance demonstrates that we are making significant progress building the strong foundation required to deliver consistent profitability and revenue growth.

我們第一季度的業績表明，我們正在為實現持續的盈利能力和收入增長奠定堅實的基礎，取得重大進展。

Our growth businesses continue to gain momentum, and we remain on track to diversify our revenue base, generating approximately 50% of our revenue from our high-growth businesses by the end of the next year.

我們的增長業務繼續保持增長勢頭，我們仍有望實現收入基礎多元化，到明年年底，我們約 50% 的收入來自我們的高增長業務。

We also see the PC market beginning to stabilize, and we are well positioned to grow revenue throughout the year.

我們還看到 PC 市場開始趨於穩定，我們已做好全年收入增長的準備。

Finally, based on the strength of our industry-leading graphics products, we believe we will gain share and grow GPU revenue in 2014.

最後，基於我們行業領先的圖形產品的實力，我們相信我們將在 2014 年獲得份額並增加 GPU 收入。

Based on this momentum, we remain firmly committed to delivering profitability and revenue growth for the full year in 2014.

基於這一勢頭，我們仍然堅定地致力於實現 2014 年全年的盈利能力和收入增長。

With that, let me turn the call over to Devinder.

有了這個，讓我把電話轉給 Devinder。

Thank you, Rory.

謝謝你，羅里。

Our first-quarter results demonstrated continued financial and operational discipline and execution.

我們的第一季度業績表明，財務和運營紀律和執行力持續不斷。

Our gross margin and revenue came in at or better than expected, despite a seasonally down demand environment, and we achieved non-GAAP net income profitability and earnings per share for the third quarter in a row.

儘管季節性需求環境下降，我們的毛利率和收入仍達到或好於預期，並且我們連續第三個季度實現了非 GAAP 淨收入盈利能力和每股收益。

Building on the momentum we established in the second half of 2013, 2014 is off to a good start.

基於我們在 2013 年下半年建立的勢頭，2014 年有了一個良好的開端。

Additionally, we successfully completed a couple of significant transactions by re-profiling our debt and concluding the fourth amendment to our Wafer Supply Agreement, or WSA, with GlobalFoundries.

此外，我們通過重新分析我們的債務並與 GlobalFoundries 簽訂了我們的晶圓供應協議 (WSA) 的第四次修訂，成功完成了幾項重大交易。

Under the revised WSA agreement, we expect wafer purchases from GlobalFoundries to be approximately $1.2 billion in 2014 on a take-or-pay basis.

根據修訂後的 WSA 協議，我們預計 2014 年從 GlobalFoundries 採購的晶圓在照付不議的基礎上約為 12 億美元。

Our 2014 wafer purchases are in line with our current PC market expectations, and also include the manufacturing of certain GPU and semi-custom game console products at GlobalFoundries.

我們 2014 年的晶圓採購符合我們當前的 PC 市場預期，還包括在 GlobalFoundries 製造某些 GPU 和半定制遊戲機產品。

There are no special payment triggers as part of the fourth amendment of the Wafer Supply Agreement for 2014.

作為 2014 年晶圓供應協議第四修正案的一部分，沒有特殊的付款觸發條件。

In Q1 2014, we spent approximately $250 million on wafer purchases from GlobalFoundries.

2014 年第一季度，我們花費了大約 2.5 億美元從 GlobalFoundries 採購晶圓。

Let me now provide some specifics on the quarter: revenue in the first quarter of 2014 was $1.4 billion, a decrease of 12% from the previous quarter and an increase of 28% year-over-year.

現在讓我提供一些有關該季度的具體信息：2014 年第一季度的收入為 14 億美元，環比下降 12%，同比增長 28%。

Typically, the first quarter of the year is a seasonally down quarter, and the sequential decline was driven by decreased sales of both our traditional and semi-custom products.

通常，今年第一季度是季節性下降的季度，環比下降是由於我們的傳統和半定制產品的銷售額下降所致。

Gross margin was 35%, flat sequentially.

毛利率為 35%，環比持平。

The first-quarter result includes a $4 million benefit from the sale of previously reserved inventory in the third quarter of 2012, as compared to a $7 million benefit in the fourth quarter of 2013.

第一季度業績包括 2012 年第三季度出售之前保留的庫存帶來的 400 萬美元收益，而 2013 年第四季度收益為 700 萬美元。

Non-GAAP operating expenses were $421 million and down from $462 million in Q4 2013.

非 GAAP 運營費用為 4.21 億美元，低於 2013 年第四季度的 4.62 億美元。

GAAP operating expenses were $438 million, and include a $14 million charge for workforce rebalancing severance expenses, as part of the ongoing transformation and diversification strategy at AMD, as we continue to increasingly focus and deploy appropriate resources to our high-growth opportunities.

GAAP 運營費用為 4.38 億美元，其中包括 1400 萬美元的勞動力再平衡遣散費，這是 AMD 正在進行的轉型和多元化戰略的一部分，因為我們將繼續越來越多地關注和部署適當的資源來抓住我們的高增長機會。

Consistent with our strategy to transform AMD and manage for sustainable profitability, non-GAAP operating income was $66 million, and non-GAAP net income was $12 million, while non-GAAP earnings per share was $0.02, calculated using 761 million diluted shares.

與我們轉型 AMD 和管理可持續盈利的戰略一致，非 GAAP 營業收入為 6600 萬美元，非 GAAP 淨收入為 1200 萬美元，而非 GAAP 每股收益為 0.02 美元，使用 7.61 億稀釋股計算。

Adjusted EBITDA was $139 million, a decrease of $26 million from the prior-quarter, primarily due to reduced operating income.

調整後的 EBITDA 為 1.39 億美元，比上一季度減少 2600 萬美元，主要原因是營業收入減少。

Now turning to the business segments, Computing Solutions segment revenue was $663 million, down 8% sequentially, in line with seasonal trends.

現在轉向業務部門，計算解決方案部門收入為 6.63 億美元，環比下降 8%，與季節性趨勢一致。

The decrease was primarily due to lower desktop and chipset unit shipments, partially offset by higher notebook unit shipments.

下降的主要原因是台式機和芯片組出貨量下降，部分被筆記本電腦出貨量增加所抵消。

Computing Solutions operating loss was $3 million, an improvement from an operating loss of $7 million in the fourth quarter, despite the sequential 8% or $59 million decline in revenue.

計算解決方案營業虧損為 300 萬美元，較第四季度 700 萬美元的營業虧損有所改善，儘管收入環比下降 8% 或 5900 萬美元。

This was driven primarily by lower operating expenses.

這主要是由於較低的運營費用。

Graphics and Visual Solutions segment revenue was $734 million, down $131 million, or 15% from the prior quarter, primarily due to a decrease in sales of our semi-custom SoCs.

圖形和視覺解決方案部門收入為 7.34 億美元，較上一季度下降 1.31 億美元或 15%，這主要是由於我們的半定制 SoC 銷售額下降。

Operating income was $91 million, compared to an operating income of $121 million in the prior quarter.

營業收入為 9100 萬美元，而上一季度的營業收入為 1.21 億美元。

Turning to the balance sheet, our cash, cash equivalents, and marketable securities balance, including long-term marketable securities, totaled $982 million at the end of the quarter, close to our optimal balance of $1 billion and well above our target minimum of $600 million.

轉向資產負債表，我們的現金、現金等價物和有價證券餘額，包括長期有價證券，在本季度末總計 9.82 億美元，接近我們 10 億美元的最佳餘額，遠高於我們 600 美元的最低目標百萬。

During Q1 2014, we also made the final $200 million cash payment to GlobalFoundries related to the reduction of the take-or-pay wafer obligation commitments for 2012.

2014 年第一季度，我們還向 GlobalFoundries 支付了最後一筆 2 億美元現金，用於減少 2012 年的照付不議晶圓義務承諾。

Inventory was $869 million, down $15 million, or 2% sequentially, as we reduced Graphics' inventory.

由於我們減少了 Graphics 的庫存，庫存為 8.69 億美元，下降了 1500 萬美元，環比下降 2%。

Debt as of the end of the quarter was $2.14 billion, up slightly from the prior quarter.

截至本季度末的債務為 21.4 億美元，略高於上一季度。

During the first quarter, we repurchased $64 million of our 6% convertible notes due in May 2015 in the open market, utilizing cash on hand.

第一季度，我們利用手頭現金在公開市場上回購了 6400 萬美元的 6% 可轉換票據，該票據將於 2015 年 5 月到期。

We also issued $600 million in principal value of 6 3/4% notes, due in March 2019, utilizing the proceeds to extinguish most of our 6% convertible notes due in May 2015 and approximately $50 million of our 8 1/8% notes due in December 2017.

我們還發行了本金為 6 億美元的 6 3/4% 票據，將於 2019 年 3 月到期，利用所得款項清償我們於 2015 年 5 月到期的大部分 6% 可轉換票據以及約 5000 萬美元的 8 1/8% 到期票據2017 年 12 月。

The remaining net proceeds of approximately $80 million borrowed under the new debt issuance will be used to pay down or repurchase outstanding debt in due course.

在新發債券下借入的剩餘淨收益約 8000 萬美元將用於在適當時候償還或回購未償債務。

By executing these transactions, we have pushed out the maturity of a significant portion of our near-term debt and now have no significant term debt maturities pending until December 2017, a period of more than 3.5 years.

通過執行這些交易，我們已經推遲了大部分近期債務的到期日，現在沒有重大期限債務到期要到 2017 年 12 月才到期，期限超過 3.5 年。

Accounts payable at the end of the quarter was $483 million, down slightly from $519 million in the fourth quarter.

本季度末的應付賬款為 4.83 億美元，略低於第四季度的 5.19 億美元。

Lastly, we had negative free cash flow of $225 million in Q1 2014, largely due to the previously mentioned $200 million payment to GlobalFoundries.

最後，我們在 2014 年第一季度的自由現金流為負值 2.25 億美元，這主要是由於之前提到的向 GlobalFoundries 支付的 2 億美元款項。

Now turning to the outlook, for the second quarter of 2014, AMD expects revenue to increase 3% sequentially plus or minus 3%; gross margin is expected to be approximately 35%; non-GAAP operating expenses are expected to be approximately $435 million; inventory is expected to increase slightly from the first quarter; and cash, cash equivalents, and marketable securities, including long-term marketable securities, is expected to be approximately $1 billion.

現在轉向展望，對於 2014 年第二季度，AMD 預計收入將環比增長 3% 上下 3%；毛利率預計約為35%；非 GAAP 運營費用預計約為 4.35 億美元；預計庫存較一季度略有增加；現金、現金等價物和有價證券，包括長期有價證券，預計約為 10 億美元。

In closing, we are pleased with our first-quarter results in a seasonally down quarter.

最後，我們對季節性下滑的第一季度業績感到滿意。

We have started 2014 with continued financial and operational discipline and maintain non-GAAP net income profitability for the third quarter in a row.

2014 年伊始，我們繼續遵守財務和運營紀律，並連續第三個季度保持非 GAAP 淨收入盈利能力。

We are making continued progress in our strategic transformation journey, with the goal of transitioning approximately 50% of our revenues to high growth adjacent markets and businesses by the end of 2015.

我們在戰略轉型之旅中不斷取得進展，目標是到 2015 年底將我們約 50% 的收入轉移到高增長的相鄰市場和業務。

Our focus in 2014 remains on managing for profitability, as we work to deliver full-year revenue growth and net income profitability.

我們在 2014 年的重點仍然是盈利能力管理，因為我們致力於實現全年收入增長和淨收入盈利能力。

With that, I'll turn it back to Ruth.

有了這個，我會把它轉回給露絲。

Ruth?

露絲？

Thank you, Devinder.

謝謝你，德溫德。

Operator, we would be now happy for you to poll the audience for questions, please.

接線員，我們現在很高興您可以向聽眾提問。

Certainly.

當然。

(Operator Instructions)

（操作員說明）

Our first question comes from Betsy Van Hees from Wedbush Securities.

我們的第一個問題來自 Wedbush Securities 的 Betsy Van Hees。

Please go ahead.

請繼續。

Good afternoon.

下午好。

Congratulations on the quarter and the guidance.

祝賀本季度和指導。

Rory, I was wondering if we could dig a little deeper into your commentary.

羅里，我想知道我們是否可以更深入地了解您的評論。

You said that you now see the PC market declining 7% to 10% versus your prior guidance of 10% -- down 10% sequentially, sorry.

你說你現在看到個人電腦市場下降了 7% 到 10%，而你之前的指導是 10%——連續下降 10%，抱歉。

And I was wondering if you could tell us -- give us a little more detail as to what happened during the quarter to give you that confidence level that the PC market will decline at a lesser rate than your previous expectations?

我想知道您是否可以告訴我們 - 給我們更多關於本季度發生的事情的細節，讓您相信 PC 市場的下滑速度將低於您之前的預期？

Thank you, Betsy.

謝謝你，貝琪。

Yes, absolutely.

是的，一點沒錯。

What we've seen is the commercial market has been a bit stronger, whether that's driven by the XP refresh work that's gone on through April or its continuing refresh across commercial.

我們所看到的是，商業市場變得更加強勁，無論是受到 4 月份進行的 XP 更新工作的推動，還是受到整個商業市場的持續更新的推動。

I do believe commercial is going to be a bit stronger this year than we anticipated, based on that XP refresh and the strength of the overall economic environment.

基於 XP 的更新和整體經濟環境的實力，我確實相信今年的商業會比我們預期的要強一些。

I think that's offsetting a bit of the pressure that we're continuing to see in consumer from tablet.

我認為這在一定程度上抵消了我們繼續從平板電腦中看到的消費者壓力。

I think the PC market will be down, no question, and I believe that it's down 7% to 10%, and it's really driven on that strength of the commercial space.

我認為 PC 市場將會下滑，毫無疑問，我相信它會下降 7% 到 10%，這確實是由商業空間的力量驅動的。

As it relates to us though, Betsy, what I like about what we're doing is the diversification strategy is really taking hold.

不過，就我們而言，Betsy，我喜歡我們正在做的事情是多元化戰略真正紮根。

What we're trying to do is to win in the desktop space, as well as capture in the underrepresented commercial segment for AMD.

我們正在努力做的是在桌面領域取勝，並在 AMD 未被充分代表的商業領域佔據一席之地。

And that's why I talked about, in the early part of the call, that we see the opportunity for us, AMD, to grow our PC revenue in the coming quarters of 2014.

這就是為什麼我在電話會議的早期談到，我們看到了 AMD 在 2014 年未來幾個季度增加 PC 收入的機會。

Thank you, Rory, and since you mentioned the desktop business as well as the notebook, your ASPs were flat sequentially.

謝謝你，羅里，既然你提到了台式機業務和筆記本電腦，你的 ASP 連續持平。

And I would assume that your desktop ASPs are higher than your notebook, but yet, your ASPs were flat, which is really great.

我假設您的台式機 ASP 高於您的筆記本電腦，但是，您的 ASP 持平，這真的很棒。

I was wondering if you could talk a little bit more about what drove that flat ASPs in the market of what you're seeing?

我想知道你是否可以多談談是什麼推動了你所看到的市場上的平均售價？

Yes, Betsy this is Lisa.

是的，貝琪，這是麗莎。

Let me give you a little color on that.

讓我給你一點顏色。

So relative to what we saw was very much in line with our strategy that we've been laying out on improving the mix of our product.

因此，相對於我們所看到的，這非常符合我們一直在改進產品組合的戰略。

So in the desktop channel in the first quarter, we launched Kaveri at the high end of the stack.

因此，在第一季度的桌面渠道中，我們在堆棧的高端推出了 Kaveri。

So from that standpoint, it did very well, and that was a good driver for us in terms of the mix improvement.

所以從這個角度來看，它做得很好，就混合改進而言，這對我們來說是一個很好的推動力。

And in the notebook business, we also saw that we're starting to launch some of our new products that will go into market later in the second quarter.

在筆記本電腦業務方面，我們也看到我們開始推出一些新產品，這些產品將在第二季度晚些時候上市。

So we started shipping Beema in the notebook segment, and both of those helped to keep the ASPs at that flattish range.

因此，我們開始在筆記本電腦領域推出 Beema，這兩者都有助於將 ASP 保持在該平穩範圍內。

Thank you, Lisa, that was very helpful.

謝謝你，麗莎，這很有幫助。

And then my last question, and I'll jump out of the queue and let others ask questions, is about how we should be looking at the guidance of basically flat to up 6%.

然後我的最後一個問題，我會跳出隊列讓其他人提問，是關於我們應該如何看待基本持平到上漲 6% 的指導。

As we look at your different business units, will Computing will be growing more or semi-custom be growing more?

當我們查看您的不同業務部門時，計算會增長更多還是半定制會增長更多？

I wonder if you could help rank us on how we should be looking at and modeling that?

我想知道您是否可以幫助我們對我們應該如何看待和建模進行排名？

From a standpoint of what we talked about in the early part of the call, there's no doubt that we continue to see momentum across the growth businesses.

從我們在電話會議早期討論的內容來看，毫無疑問，我們繼續看到增長業務的勢頭。

Betsy, this has been a record ramp in terms of the game consoles.

Betsy，就遊戲機而言，這是一個創紀錄的增長。

You probably saw some of the news coming out of Sony earlier this week.

本週早些時候，您可能已經看到了來自索尼的一些消息。

Microsoft had a very good launch with the Titanfall game.

微軟在 Titanfall 遊戲上發布得非常好。

These are perfect examples of how when we combine our IP and design expertise with their great ideas, we can really breathe life and create a real change in the marketplace.

這些都是完美的例子，說明當我們將我們的 IP 和設計專業知識與他們的偉大創意相結合時，我們如何真正為市場注入活力並創造真正的變化。

We see that in embedded.

我們在嵌入式中看到了這一點。

We see that in semi-custom.

我們在半定制中看到了這一點。

We see that in Pro Graphics.

我們在 Pro Graphics 中看到了這一點。

These are all areas, dense server, where we see an opportunity for us to continue to build on that momentum.

這些都是領域，密集的服務器，我們看到了我們繼續建立這種勢頭的機會。

At the same time, our part of the PC business, we're doing a nice job of introducing a nice set of new products that are positioning us to grow as we come to the next quarters of 2014.

與此同時，作為 PC 業務的一部分，我們在推出一系列出色的新產品方面做得很好，這些新產品將使我們在 2014 年下個季度實現增長。

Thank you, Rory.

謝謝你，羅里。

Once again, congratulations on a great quarter and guidance.

再次祝賀一個偉大的季度和指導。

Thank you, Betsy.

謝謝你，貝琪。

Our next question comes from Vivek Arya from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

Please go ahead.

請繼續。

Thank you for taking my question.

謝謝你提出我的問題。

I actually had one short-term and one longer-term question.

我實際上有一個短期問題和一個長期問題。

So on the shorter term, I'm curious, how -- what's your sense of the inventory of game console or chipset in the channel?

所以在短期內，我很好奇，你如何看待渠道中游戲機或芯片組的庫存？

You certainly had a very strong ramp, but if my math is right, by Q2 you would have probably shipped over 20 million console chip switches.

你當然有一個非常強勁的增長，但如果我的計算是正確的，到第二季度你可能已經出貨了超過 2000 萬個控制台芯片開關。

I imagine 4 million, or 5 million, 6 million above the potential sales of those consoles.

我想比這些遊戲機的潛在銷售額高出 400 萬、500 萬、600 萬。

Is it that we should be expecting a sub-seasonal second half, just because of the lag between the new ship and when the consoles ship?

是否我們應該期待下半年出現淡季，僅僅是因為新船和遊戲機發貨之間的時間差？

Or if you could give us a sense of what the inventory situation is of all of these console chips.

或者，如果您可以讓我們了解所有這些控制台芯片的庫存情況。

Sure, Vivek, this is Lisa.

當然，維維克，這是麗莎。

Let me give you some guidance there.

讓我在那裡給你一些指導。

So in terms of how the game consoles have behaved, they've actually done quite well.

因此，就遊戲機的表現而言，它們實際上做得很好。

There was some seasonality in the first quarter coming off of a very strong holiday season, but we have been pleased with the results.

第一季度在非常強勁的假期之後出現了一些季節性，但我們對結果感到滿意。

And relative to inventory, we don't see any significant inventory build up in the channel.

相對於庫存，我們沒有看到渠道中有任何大量庫存增加。

So our expectation for semi-custom is that the second half, in terms of units, will be higher than the first half, as we're going into the second holiday season.

因此，我們對半定制的預期是，就單位而言，下半年將高於上半年，因為我們將進入第二個假期。

And everything that we see is that the consoles are selling through nicely.

我們看到的一切都是遊戲機銷售情況很好。

And Vivek, one of the things we're taking a deep focus on is we're consciously managing how we're introducing product into the market.

而 Vivek，我們正在深入關注的事情之一是我們有意識地管理我們將產品引入市場的方式。

Remember as we talked about in 4Q, how we managed the notebook transition.

請記住，正如我們在第四季度談到的那樣，我們如何管理筆記本電腦的過渡。

You saw that in terms of a return to seasonality in 1Q.

你在第一季度的季節性回歸方面看到了這一點。

We're doing the same thing, working with our strategic partners across gaming to build the product, to introduce the product, to create a velocity model, where the product is going into the channel, moving through cleanly, and executing out the back side.

我們正在做同樣的事情，與我們在遊戲領域的戰略合作夥伴合作來構建產品，介紹產品，創建速度模型，產品進入渠道，乾淨利落地通過，並從背面執行.

That's the kind of business and execution we want to drive consistently, so we have nice smooth revenue through this.

這就是我們想要始終如一地推動的業務和執行方式，因此我們通過此獲得了不錯的平穩收入。

Got it, and then maybe Rory, you guys were able to achieve your target for the semi-custom as part of your revenues last year, and you have laid out a longer-term target.

明白了，也許羅里，你們去年能夠實現半定制的目標作為你們收入的一部分，你們已經制定了一個長期目標。

I'm curious, what do you think is going to be the proportion of semi-custom by the end of 2014?

我很好奇，您認為到2014年底半定制的比例會是多少？

And as part of that, I think you had mentioned about one or two opportunities.

作為其中的一部分，我想你提到過一兩個機會。

If you could give us some more color what end markets do they represent?

如果您能給我們更多顏色，它們代表什麼終端市場？

When should we start baking those in, and what milestones should we look for in those new opportunities?

我們什麼時候應該開始烘焙它們，我們應該在這些新機會中尋找哪些里程碑？

Sure.

當然。

From a semi-custom perspective, we see a very robust and interesting pipeline across many segments, and I'm sure Lisa will add some color in just a second.

從半定制的角度來看，我們看到了一個非常強大且有趣的管道，它跨越了許多細分市場，我相信 Lisa 會在一秒鐘內添加一些顏色。

We are on track to tackle the one to two design wins this year.

我們有望在今年解決一到兩個設計勝利。

I think they're very interesting, and as we look through the year -- as Lisa just said, Vivek, I think that we see momentum in this ramp.

我認為它們非常有趣，當我們回顧這一年時——正如 Lisa 剛才所說，Vivek，我認為我們看到了這一增長勢頭。

We see momentum in this launch, and we expect this business to continue to move through the year well.

我們看到了此次發布的勢頭，我們預計該業務將在今年繼續保持良好勢頭。

So Lisa, did you want to add some color on where you see these design wins and where the robustness of this pipeline is?

那麼 Lisa，你想在你看到這些設計勝利的地方以及這個管道的穩健性的地方添加一些顏色嗎？

Sure, so Vivek, when we talk about the opportunity pipeline for semi-custom, they are very tailored opportunities, but they are across multiple segments.

當然，Vivek，當我們談論半定制的機會管道時，它們是非常量身定制的機會，但它們跨越多個細分市場。

So our strength is currently in gaming, given our strength in graphics, but we're seeing opportunities across mobile, enterprise, as well as some of the other consumer sectors.

因此，鑑於我們在圖形方面的優勢，我們目前的優勢在於遊戲，但我們在移動、企業以及其他一些消費領域看到了機會。

I think our engagement model with these guys is very, very deep architectural discussions and really solutions work, and that's what we're in the progress of doing right now.

我認為我們與這些人的參與模型是非常非常深入的架構討論和真正有效的解決方案，這就是我們目前正在做的事情。

So we have good visibility into achieving the key milestones of one to two design wins this year.

因此，我們對實現今年一到兩個設計勝利的關鍵里程碑有很好的了解。

That's a really important guidepost for you to look for, Vivek, as we demonstrate this is a key part of our business, a key part of our strategy, and showing those design wins and delivering on the commitments we're making here on this call this year, is a very important part that you should look at.

這是一個非常重要的路標，Vivek，因為我們證明這是我們業務的關鍵部分，我們戰略的關鍵部分，並展示了這些設計勝利並兌現了我們在本次電話會議上做出的承諾今年，是您應該關注的一個非常重要的部分。

And we're on track for those items.

我們正在為這些項目走上正軌。

Got it, and my last very quick one on the long term.

明白了，從長遠來看，這是我最後一個非常快速的。

You guys have clearly now stabilized the business, so as we think about your longer-term targets, which is to get 50% of revenues from semi-custom, what does that imply for the business model in terms of gross and operating margins, because your gross margins have come down to the mid 30s level?

你們現在顯然已經穩定了業務，所以當我們考慮你們的長期目標時，即從半定制中獲得 50% 的收入，這對業務模型的毛利率和營業利潤率意味著什麼，因為你們的毛利率已經下降到 30 多歲的水平？

How should we think about those gross and operating margin numbers to construct a longer-term model for AMD?

我們應該如何考慮這些毛利率和營業利潤率數據來為 AMD 構建一個長期模型？

Thank you.

謝謝你。

Sure, so what we've talked about in terms of a strategic view is we want to enter into these growth segments.

當然，我們從戰略角度討論的是我們希望進入這些增長領域。

We used to be a business centered over one stream of revenue, one opportunity, the PC market.

我們曾經是一家以一種收入來源、一種機會、個人電腦市場為中心的企業。

Now we've introduced five new ones with our traditional space; that's six key markets where we can leverage our core IP.

現在，我們在傳統空間中引入了五個新空間；這是我們可以利用我們的核心知識產權的六個關鍵市場。

We see this as an opportunity to consistently grow and to consistently expand profitability.

我們將此視為持續增長和持續擴大盈利能力的機會。

We'll look through 2014, 2015, 2016, 2017, as an opportunity for us to lift this revenue consistently and deliver profitability.

我們將把 2014 年、2015 年、2016 年和 2017 年視為持續提升收入並實現盈利的機會。

I don't think we're ready yet to say what that growth rate is, because we're in the transformation phase.

我認為我們還沒有準備好說出增長率是多少，因為我們正處於轉型階段。

And clearly, we want to continue to demonstrate to everyone on this call that when we make a commitment, we deliver on that commitment.

很明顯，我們希望在這次電話會議上繼續向所有人證明，當我們做出承諾時，我們就會兌現承諾。

Vivek, one clarification, you mentioned 50% on the semi-custom space.

Vivek，澄清一下，你提到了半定制空間的 50%。

The 50% target at the end of 2015 in addition to semi-custom, which obviously is a big piece also includes dense server, professional graphics, embedded, all of those three are higher than the corporate average from a gross margin standpoint.

2015年底的50%目標，除了半定制，明顯是一大塊，還有密集服務器、專業顯卡、嵌入式，這三者從毛利率來看都高於企業平均水平。

Semi-custom, you called it right.

半定制，你說得對。

The gross margin is lower than corporate margin, but its operating margin accretive.

毛利率低於公司利潤率，但其營業利潤率有所增加。

And then we have the Ultra Low-Power business that's part of the mix, that Rory mentioned, in terms of the six total businesses that we are focused on to get to the 50% by the end of 2015.

然後我們有超低功耗業務，這是 Rory 提到的組合的一部分，就我們專注於到 2015 年底達到 50% 的六項業務而言。

Thank you.

謝謝你。

Our next question comes from Chris Rolland of FBR Capital Markets.

我們的下一個問題來自 FBR Capital Markets 的 Chris Rolland。

Please go ahead.

請繼續。

Hi guys.

嗨，大家好。

Congratulations on the quarter and thank you for letting me ask a question as well.

祝賀這個季度，感謝你讓我也問一個問題。

Can you guys talk about the puts and takes of either moving, or perhaps not moving your next-generation follow-on to Kaveri to the next node here?

你們能談談移動或不移動您的下一代 Kaveri 後續節點到這裡的下一個節點的放置和接收嗎？

And how this might affect your decisions to move other products and families to the next node, or not to move them?

這會如何影響您將其他產品和系列移動到下一個節點或不移動它們的決定？

Thank you.

謝謝你。

Sure, Chris.

當然，克里斯。

So let me take that and give you a little bit of our thinking.

因此，讓我接受並向您介紹一下我們的想法。

So in terms of a product and technology selection, certainly, we need to be at the leading edge of the technology road map.

因此，在產品和技術選擇方面，我們當然需要處於技術路線圖的前沿。

So what we've said in the past is certainly this year, all of our products are in 28-nanometer across both graphics, client, and our semi-custom business.

所以我們過去所說的肯定是今年，我們所有的產品在圖形、客戶端和我們的半定制業務中都是 28 納米的。

We are actively in the design phase for 20-nanometer, and that will come to production.

我們正處於 20 納米的設計階段，並將投入生產。

And then clearly, we'll go to Fin Fet, so that would be the progression of it.

然後很明顯，我們將去 Fin Fet，這就是它的進展。

Relative to the competitiveness of the products, we feel very good about the competitiveness of the products.

相對於產品的競爭力，我們對產品的競爭力感覺非常好。

Kaveri, in terms of total compute, what we're able to do across the stack with our Beema product line and our graphics capability.

Kaveri，就總計算而言，我們能夠利用我們的 Beema 產品線和我們的圖形功能在整個堆棧中做些什麼。

What you're also going to see Chris is how we're going to continue to leverage our software stack and our software capability to truly differentiate, not only in terms of performance, but tailor it to the specific solutions that we see out there.

您還將看到克里斯是我們將如何繼續利用我們的軟件堆棧和我們的軟件功能來真正實現差異化，不僅在性能方面，而且根據我們在那裡看到的特定解決方案進行定制。

I think HSA is a good example of that.

我認為 HSA 就是一個很好的例子。

The work that we're doing there is being proved out in the examples like PCMark 8.1.

我們正在做的工作在 PCMark 8.1 等示例中得到了證明。

These are industry metrics that are showing how AMD's products perform and software plays a very key role in that, and we're going to continue to invest in that.

這些行業指標顯示了 AMD 產品的性能以及軟件在其中發揮著非常關鍵的作用，我們將繼續在這方面進行投資。

Okay, great.

好，太棒了。

Also there have been pretty widespread stories out there about high-end gaming cards, either not on the shelves or going two times MSRP.

此外，關於高端遊戲卡的故事也廣為流傳，要么沒有上架，要么售價是廠商建議零售價的兩倍。

I know a lot of those are going into [alt] coin mining out there.

我知道其中很多人正在那裡進行 [alt] 硬幣開採。

So what do you guys think in terms of this market right now?

那麼你們現在對這個市場有什麼看法？

Is it still alive?

它還活著嗎？

Have you guys met the supply now out there, or do you think this quarter may be that it will be met?

你們現在有沒有滿足供應，或者您認為本季度可能會滿足供應？

And then where do you think that goes over time?

然後你認為隨著時間的推移會發生什麼？

Thank you.

謝謝你。

Sure, so Chris, the graphics market was certainly good for us in the first quarter.

當然，克里斯，圖形市場在第一季度對我們來說肯定是好的。

We were pleased with the performance.

我們對錶演感到滿意。

What we did see is we did see strong demand, particularly in the enthusiast and performance segments with our R9 and R7.

我們確實看到了我們確實看到了強勁的需求，特別是在我們的 R9 和 R7 的發燒友和性能細分市場。

We did have, let's call it, the supply not quite meeting demand for the first quarter, and that was largely due to, like I said, high demand.

我們確實有，讓我們稱之為，第一季度供應不能完全滿足需求，這主要是由於，就像我說的，高需求。

We expect that to catch up in the second quarter.

我們預計這將在第二季度趕上。

But now relative to the bit coin or the light coin stuff, the way we look at it is, we're designing these products to be leadership graphics gaming capability.

但現在相對於比特幣或輕幣的東西，我們看待它的方式是，我們將這些產品設計為具有領先的圖形遊戲能力。

We have a lot of investment in the ecosystem, and all of the other things, like in our Project Mantle that really gets the software ISVs, optimizing to AMDs, so we think that's driving long-term demand.

我們在生態系統和所有其他方面進行了大量投資，比如我們的 Project Mantle 真正獲得了軟件 ISV，針對 AMD 進行了優化，因此我們認為這正在推動長期需求。

And relative to the current crypto-currency stuff, we'll see how it develops over the next couple of quarters.

相對於當前的加密貨幣，我們將看到它在未來幾個季度的發展情況。

Great.

偉大的。

I'll squeeze in one more quick one, if that's all right.

如果可以的話，我會再擠一個。

So love the profitability, the op profitability in GPU, but there was an operating loss in alt other, maybe wider than expected.

所以喜歡 GPU 的盈利能力，運營盈利能力，但其他方面的運營虧損可能比預期的要大。

If you can go into a little puts and takes, what that's all about, and what we might expect there for the rest of the year.

如果你能進入一個小的投入和投入，那是什麼，以及我們在今年餘下的時間裡可能會有什麼期望。

Thanks.

謝謝。

I think just to clarify, when you say wider than expected loss, what do you mean by that, Chris?

我想澄清一下，當你說損失超出預期時，你是什麼意思，克里斯？

Wider than I had expected, let's put it that way.

比我預期的要寬，讓我們這樣說吧。

Okay, well if you look at the Computing Solution segment, if that's what you're referring to, revenue was down because of seasonality from Q4 to Q1.

好吧，如果你看看計算解決方案部分，如果這就是你所指的，那麼收入下降是因為從第四季度到第一季度的季節性。

And the loss was $7 million going to $3 million.

損失從 700 萬美元增加到 300 萬美元。

We do have the impact in the All Other of the stock comp expense, that's pretty much the same as last quarter.

我們確實對所有其他股票補償費用產生了影響，這與上一季度幾乎相同。

And then there was a severance that I talked about in my prepared remarks of about $14 million that sits in the All Other, as opposed to the two business segments.

然後是我在準備好的發言中談到的大約 1400 萬美元的遣散費，它位於所有其他部門，而不是兩個業務部門。

I think, Chris, what's really important to look at in terms of the Compute segment is the fact that we return to a more seasonal performance in terms of our business, and that we're talking about the opportunity for us to see growth in the future quarters of 2014.

我認為，克里斯，就計算部門而言，真正重要的是我們的業務恢復了更具季節性的表現，我們正在談論我們看到增長的機會2014 年的未來幾個季度。

That's different than where we've been over the past two years, and that reflects the kind of products that we're creating and the kinds of strategic relationships we're building with our customers.

這與我們過去兩年的情況不同，這反映了我們正在創造的產品類型以及我們與客戶建立的戰略關係類型。

Let's go to the next question.

讓我們進入下一個問題。

Our next question comes from Hans Mosesmann from Raymond James.

我們的下一個問題來自 Raymond James 的 Hans Mosesmann。

Please go ahead.

請繼續。

Thank you, guys.

謝謝你們。

A question probably for Lisa, Intel is making a big push in tablets and is subsidizing a fair amount of the design expensing in Asia with the ODMs and so forth.

Lisa 可能會問一個問題，英特爾正在大力推動平板電腦，並通過 ODM 等補貼相當數量的亞洲設計費用。

What impact, if any, does that have with Mullins and Beema, because it's probably a gray area there where you actually could compete with some of these types of platforms?

這對 Mullins 和 Beema 有什麼影響（如果有的話），因為它可能是一個灰色地帶，您實際上可以在那裡與其中一些類型的平台競爭？

And I have a follow-up, thank you.

我有後續行動，謝謝。

Sure, so Hans, when we look at what we're doing with our product portfolio, it is really about building a balanced portfolio.

當然，漢斯，當我們審視我們對我們的產品組合所做的事情時，它實際上是關於建立一個平衡的投資組合。

Clearly, low-end tablets are very competitive, and we are not going after the very low end of the space.

顯然，低端平板電腦非常有競爭力，我們不會追求低端市場。

We're looking at a balanced portfolio around both profitability and share.

我們正在尋找圍繞盈利能力和份額的平衡投資組合。

So for Mullins and Beema, we have a strong set of design wins for those products.

因此，對於 Mullins 和 Beema，我們為這些產品贏得了一系列強大的設計勝利。

We expect those to launch in Q2 and build through the second half of the year.

我們預計這些將在第二季度推出，並在今年下半年建成。

What we're looking to do with those products is really get a clear portfolio mix, so we'll be very aggressive at the low end, where we need to be for the entry-level notebooks.

我們希望對這些產品做的是真正獲得清晰的產品組合，因此我們將在低端市場非常積極，我們需要在入門級筆記本電腦上做到這一點。

But we want to balance that with enough profitability up the stack.

但我們希望通過足夠的盈利能力來平衡這一點。

And we think that the performance of these products, particularly Beema, does very well in reaching up further than we had before with our previous generation, Kabini.

我們認為這些產品的性能，尤其是 Beema，比上一代產品 Kabini 更進一步。

Okay, thank you.

好的謝謝。

And then as a follow-up, so you started sampling Seattle.

然後作為後續行動，您開始對西雅圖進行採樣。

You're going to be shipping in Q4.

您將在第四季度發貨。

What is the visibility, if any, in general, in terms of the adoption that you see into next year by hyperscale guys and so on for ARM in general?

一般而言，就您看到的超大規模人員等明年對 ARM 的採用而言，一般情況下的可見性（如果有的話）是什麼？

Sure Hans, what I'll tell you is that there's been a lot of customer interest around Seattle, so certainly for the server guys -- the hyperscale guys, and then even some adjacent markets, there's good customer interest.

當然，漢斯，我要告訴你的是，西雅圖周圍有很多客戶感興趣，所以對於服務器人員 - 超大規模人員，甚至一些相鄰市場，當然有很好的客戶興趣。

I think the important thing for us and what we're working with the customers on is platform development and software development, and ensuring that we get some of the ecosystem there.

我認為對我們以及我們與客戶合作的重要事情是平台開發和軟件開發，並確保我們在那裡獲得一些生態系統。

So relative to revenue, it's probably a little early to tell what's going to happen in 2015, but I'll say the interest in the platform is quite high, and it's a major milestone for us to introduce our first 64-bit ARM chip into the market.

所以相對於收入，現在說 2015 年會發生什麼可能還為時過早，但我會說對該平台的興趣相當高，這是我們將第一款 64 位 ARM 芯片引入的重要里程碑市場。

And Hans, getting that ambidextrous strategy in place and launched, that's a really important milestone.

而漢斯，制定並啟動了這種靈巧的戰略，這是一個非常重要的里程碑。

What we're doing here is identifying this opportunity long before it's taken place, and we're catching it just as the wave is forming.

我們在這裡所做的是在機會發生之前很久就發現它，並且在浪潮形成時抓住它。

That's the kind of innovation, the leadership that we really want to go after.

這就是我們真正想要追求的創新和領導力。

This is going to be an important market over the next 3, 5, 10 years, and we have an opportunity to truly lead in this ARM server ecosystem and take advantage of our ambidextrous capability.

這將是未來 3 年、5 年、10 年的一個重要市場，我們有機會真正引領這個 ARM 服務器生態系統，並利用我們的靈巧能力。

This is spot on in the strategy.

這在戰略中是正確的。

Great, thank you very much.

太好了，非常感謝。

Our next question comes from David Wong of Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

Please go ahead.

請繼續。

Thank you very much.

非常感謝你。

Does your guidance for the June quarter assume Computing Solutions sales go up or go down sequentially?

您對 6 月季度的指導是否假設計算解決方案銷售額連續上升或下降？

We assume that they go up from Q1 to Q2.

我們假設它們從 Q1 上升到 Q2。

Great, and when will we expect you to introduce GPU products at a node below 28-nanometers?

太好了，我們什麼時候會期望您推出 28 納米以下節點的 GPU 產品？

Will you have any 20-nanometer GPUs this year or next year?

今年或明年你們會有 20 納米的 GPU 嗎？

David, yes, I think what I said earlier, what we're doing in terms of technology, strategy, we are 28 this year.

大衛，是的，我想我之前說過的，我們在技術、戰略方面所做的，今年我們 28 歲。

We have 20-nanometer in design, and the thin-fed thereafter, so that's the overall product portfolio.

我們有 20 納米的設計，然後是薄型設計，這就是整體產品組合。

That includes GPUs, Lisa?

這包括 GPU，麗莎？

That's the overall product portfolio, so I'm not being specific about graphics versus other products.

這是整個產品組合，所以我沒有具體說明圖形與其他產品的區別。

Okay, great, and my final question.

好的，很好，我的最後一個問題。

When do you expect to first start generating semi-custom revenues from chips at GlobalFoundries?

您預計什麼時候開始從 GlobalFoundries 的芯片中產生半定制收入？

And will moving to GlobalFoundries for game console chips reduce the cost of the chips or is it a neutral move?

將游戲機芯片轉移到 GlobalFoundries 會降低芯片成本還是中性舉措？

Yes, so we will see semi-custom chips from GlobalFoundries in the second half of this year.

是的，所以我們將在今年下半年看到 GlobalFoundries 的半定制芯片。

And relative to our operating margin guidance on semi-custom, it stays the same.

相對於我們對半定制的營業利潤率指導，它保持不變。

So it's what we've said previously.

所以這就是我們之前所說的。

Great, thank you.

太好了謝謝。

Our next question comes from Cody Acree of Ascendiant Capital Markets.

我們的下一個問題來自 Ascendiant Capital Markets 的 Cody Acree。

Please go ahead.

請繼續。

Thank you for taking my questions and congratulations.

感謝您接受我的提問和祝賀。

Lisa, you talked a bit about the enterprise strength.

麗莎，你談到了企業實力。

Can you talk about where your split is now, enterprise to consumer, and what you expect that to look like through the rest of the year?

你能談談你現在的分裂在哪裡，從企業到消費者，以及你希望在今年餘下的時間裡會是什麼樣子？

So relative to the client business, was that the question or relative to data center?

那麼相對於客戶業務，這是問題還是相對於數據中心？

No, clients.

不，客戶。

Okay, yes, relative to a client business, I would say we're pretty underrepresented in commercial or enterprise at this point in time.

好的，是的，相對於客戶業務，我想說我們在這個時間點在商業或企業中的代表性很低。

So we have a good set of design wins, and those are going to ramp in the second half of the year.

所以我們有一系列好的設計勝利，這些將在今年下半年增加。

We've worked very closely with some of the major OEMs.

我們與一些主要的原始設備製造商密切合作。

So we expect the commercial client side of the business to be a growth engine for us.

因此，我們希望業務的商業客戶端成為我們的增長引擎。

As Rory said, we expect to grow the PC business overall and commercial will be an important piece of that.

正如 Rory 所說，我們希望整體發展 PC 業務，而商業業務將是其中的重要組成部分。

You talked about the low end of the tablet market, not something you're going after.

你談到了平板電腦市場的低端市場，而不是你追求的目標。

We've heard Intel talking pretty aggressively about going after the sub $400 notebook market.

我們聽說英特爾非常積極地談論要進軍低於 400 美元的筆記本電腦市場。

What impact are you seeing there in an area that has typically been your strong suit?

在通常是您的強項的領域，您看到了什麼影響？

Certainly, the consumer portion, the low-end consumer portion of the PC business is the most volatile piece of it.

當然，個人電腦業務的消費者部分，低端消費者部分是其中最不穩定的部分。

So there is a lot of competition there, and the prices are aggressive.

所以那裡有很多競爭，而且價格也很激進。

However, back to our overall strategy, I think the key piece for us was building a strong foundation for the client business.

然而，回到我們的整體戰略，我認為我們的關鍵是為客戶業務建立堅實的基礎。

It's an important piece of our business, and we want to manage it for both growth and profitability.

這是我們業務的重要組成部分，我們希望對其進行管理以實現增長和盈利。

So our focus is really on how do we get the right mix into the marketplace, making sure that we're selling our value proposition of the strength of our products.

因此，我們的重點實際上是如何將正確的組合引入市場，確保我們正在銷售我們產品實力的價值主張。

And so if we miss out on some units at the low end, so be it.

因此，如果我們錯過了一些低端產品，那就這樣吧。

But we want to make sure that we have a balanced business across the stack going forward.

但我們希望確保我們在未來的整個堆棧中擁有平衡的業務。

And then lastly on the [vid] server side, so Seattle in the fourth quarter.

最後是 [vid] 服務器端，所以西雅圖在第四節。

What's the intersection of SeaMicro working on your Seattle platform, timing of that versus what has historically been more Intel load?

SeaMicro 在您的 Seattle 平台上工作的交叉點是什麼，它的時間與歷史上更多的英特爾負載相比？

Yes, so one of the advantages of having a systems business is that we can do code development between our chip development and our systems development.

是的，所以擁有系統業務的優勢之一是我們可以在芯片開發和系統開發之間進行代碼開發。

So it will be quite important for us to have Seattle and SeaMicro systems, and that's in development.

因此，擁有 Seattle 和 SeaMicro 系統對我們來說非常重要，並且正在開發中。

And were those launched in Q4 together?

那些在第四季度推出的是一起的嗎？

The Q4 statement was a chip statement.

Q4報表是籌碼報表。

And then lastly, the heavy interest you said you're seeing in Seattle.

最後，你說你在西雅圖看到了濃厚的興趣。

How big, how much of that is driven by the strength that you have in your fabric?

有多大，其中有多少是由您的面料強度驅動的？

I think what we're seeing in Seattle is really interest from a number of different angles.

我認為我們在西雅圖看到的是從多個不同角度真正引起人們興趣的。

I think there's general interest in ARM.

我認為人們普遍對 ARM 感興趣。

There is interest in trying out the new work loads with the capability.

有興趣嘗試使用該功能的新工作負載。

I think we see the fabric as an important differentiator, but we see that as a longer-term differentiator in the systems portion of the business.

我認為我們將結構視為一個重要的差異化因素，但我們將其視為業務系統部分的長期差異化因素。

So I think the interest in Seattle is really -- it's the first 28-nanometer, 64-bit server chip out in the market.

所以我認為對西雅圖的興趣真的是——它是市場上第一個 28 納米、64 位服務器芯片。

And I think that's driving the customer engagement.

我認為這正在推動客戶參與。

Thank you very much and congratulations.

非常感謝和祝賀。

Our next question comes from Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Please go ahead.

請繼續。

Great, thank you.

太好了謝謝。

The [current] for bringing GPUs into GlobalFoundries, is that also second half?

將 GPU 引入 GlobalFoundries 的[current]，也是下半年嗎？

And do you think there's any risk of getting those products qualified on time to use up the entirety of the $1.2 billion Wafer Supply Agreement?

您是否認為按時讓這些產品合格以耗盡整個 12 億美元的晶圓供應協議是否存在任何風險？

Yes, actually, for the timing of the graphics in GlobalFoundries, we've already started shipping from GlobalFoundries and Graphics.

是的，實際上，對於 GlobalFoundries 中圖形的時序，我們已經開始從 GlobalFoundries 和 Graphics 發貨。

So we think that the qualification cycle has been as expected and so --.

所以我們認為資格週期符合預期，所以--。

And from a standpoint, Joe, just like we did in 2013, we laid out our commitments and we delivered on those commitments.

喬，從一個角度來看，就像我們在 2013 年所做的那樣，我們制定了我們的承諾並兌現了這些承諾。

As we move into 2014 that WSA, each of the commitments we are doing and making here, we're focused on the execution to deliver those.

隨著我們進入 2014 年 WSA，我們在這裡所做和做出的每一項承諾，我們都專注於執行以實現這些承諾。

We're on track to meet that objective of the WSA, and you should see it as that commitment.

我們正朝著實現 WSA 的目標邁進，您應該將其視為承諾。

Okay, great thank you, and then for semi-custom products outside of consoles, are you -- do you lead with the GPU in those sales, or are these more CPU-driven?

好的，非常感謝，然後對於遊戲機之外的半定制產品，你是——你在這些銷售中以 GPU 領先，還是更多由 CPU 驅動？

Or is it the combination of the two?

或者是兩者的結合？

Can you give us some idea of what the value proposition you're selling outside of the game console market and semi-custom?

您能否告訴我們您在遊戲機市場和半定制市場之外銷售的價值主張是什麼？

Sure, so really, the value proposition for semi-custom outside of game consoles is the integrated package between our CPU capability having both ARM and x86 capability, as well as our leading-edge graphics, and the ability to integrate very custom solution for these architectures.

當然，真的，遊戲機之外的半定制的價值主張是我們具有 ARM 和 x86 功能的 CPU 能力與我們領先的圖形之間的集成包，以及為這些集成非常定制的解決方案的能力架構。

So I think it's all of the above.

所以我認為以上都是。

The foundation is the IP, and then the glue is the SoC integration and architectural capability.

基礎是IP，接著是SoC集成和架構能力。

Joe, one of the things, that as you may know, I came from the customer side.

喬，其中一件事，你可能知道，我來自客戶方面。

The customer side that we're working with day in and day out to create that strategic relationship, they're looking for an edge.

我們日復一日地與客戶合作以建立這種戰略關係，他們正在尋找優勢。

Just like we did with Microsoft and Sony, we created an edge for them.

就像我們對微軟和索尼所做的那樣，我們為他們創造了優勢。

We created a differentiated solution by marrying our IP with their ingenuity and product ideas.

我們通過將我們的知識產權與他們的獨創性和產品理念相結合，創建了一個差異化的解決方案。

That's exactly what we want to do in semi-custom.

這正是我們想要在半定制中做的。

We're becoming easy to work with; we are delivering on our execution and commitments, with that flawless ramp.

我們變得容易合作；我們正在履行我們的執行和承諾，以完美的斜坡。

And people are out in the marketplace and looking for that edge on the semiconductor side, how they can beat the market, and they don't want just commercial standard solutions anymore.

人們在市場上尋找半導體方面的優勢，他們如何才能打敗市場，他們不再只想要商業標準解決方案。

They want a unique offering that allows them to change the game and win, and that's exactly what we're trying to do in semi-custom.

他們想要一種獨特的產品，讓他們能夠改變遊戲並贏得勝利，而這正是我們在半定制中試圖做的。

Great, thank you.

太好了謝謝。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Please go ahead.

請繼續。

Hi.

你好。

This is Andrew Paik calling on behalf of John Pitzer.

我是 Andrew Paik 代表 John Pitzer 來電。

Just wanted to quickly touch on the embedded and semi-custom business again.

只是想再次快速觸及嵌入式和半定制業務。

It would be very helpful if you could elaborate on some of the specific application products that you're targeting.

如果您能詳細說明您所針對的某些特定應用程序產品，那將非常有幫助。

Those that you're not necessarily engaged in right now, but targeting within the growth end markets you discussed earlier, thank you.

那些你現在不一定參與，但針對你之前討論的增長終端市場的目標，謝謝。

Sure, so Andrew, on the semi-custom side, as we said, there's a wide range of opportunities.

當然，正如我們所說，在半定制方面，安德魯有很多機會。

These are usually larger opportunities that drive higher volume and can justify a semi-custom NRE, engineering expense.

這些通常是更大的機會，可以推動更高的產量，並且可以證明半定制的 NRE 工程費用是合理的。

So things like gaming, of course, mobility, enterprise applications, and other consumer things like living room-type applications would be semi-custom, high volume stuff.

所以像遊戲，當然，移動，企業應用程序和其他消費類的東西，比如客廳類型的應用程序，將是半定制的、大容量的東西。

Relative to embedded, we really see embedded as a very interesting, long-term growth opportunity, because it fits very well with our APUs and our GPUs, and we're able to differentiate and call visual embedded-type solutions.

相對於嵌入式，我們確實將嵌入式視為一個非常有趣的長期增長機會，因為它非常適合我們的 APU 和我們的 GPU，並且我們能夠區分並調用可視化嵌入式類型的解決方案。

So things like digital signage, industrial controls and automation, medical imaging, those are some examples.

因此，數字標牌、工業控制和自動化、醫學成像等都是一些例子。

Thin client are other examples that fit well with our embedded business, so those are the end markets that we're attacking.

瘦客戶端是其他非常適合我們嵌入式業務的示例，因此這些是我們正在攻擊的終端市場。

Thank you, very helpful.

謝謝，很有幫助。

And I just wanted to quickly touch on the longer-term gross margin structure again.

我只是想再次快速談談長期毛利率結構。

I know someone asked this earlier, but is it largely a function of product mix, or is there other important elements that could be a positive driver in the near-term future?

我知道有人早些時候問過這個問題，但這主要是產品組合的功能，還是有其他重要因素可以在近期內成為積極的驅動力？

Thank you.

謝謝你。

I think if you look at the gross margin drivers, the embedded business that Lisa and Rory talked about, we talk about the Professional Graphics, the growth we had in 2013 and continue the momentum into 2014.

我想如果你看看毛利率驅動因素，Lisa 和 Rory 談到的嵌入式業務，我們談論專業圖形，我們在 2013 年取得的增長，並將這種勢頭延續到 2014 年。

You have the thin-server piece of it, and then the reach of PC mix on the commercial space.

你有它的瘦服務器部分，然後是 PC 在商業領域的組合。

All of those in combination are higher than corporate average gross margin, so that's obviously good.

所有這些加起來都高於公司平均毛利率，所以這顯然很好。

The PC market environment obviously is a factor, and we see that at least from where we were with a 10% down to the 7% to 10% down improving.

PC 市場環境顯然是一個因素，我們看到至少從 10% 到 7% 到 10% 的下降有所改善。

If we attacked a richer mix set, that could benefit the gross margin.

如果我們攻擊更豐富的組合，那可能有利於毛利率。

And part of the mix here is because the semi-custom business is a different model.

這裡的部分組合是因為半定制業務是一種不同的模式。

You have lower than corporate average gross margin, but is accretive to the operating margin line.

您的毛利率低於公司平均毛利率，但增加了營業利潤線。

And that is where the mix and the interplay happens for the gross margin, for the short-term and also for the longer term, as we continue to diversify our product portfolio.

隨著我們繼續使我們的產品組合多樣化，這就是毛利率、短期和長期的混合和相互作用發生的地方。

Got it, thank you, and as my last question, relative to your updated view on the overall PC end market to be down approximately 7% to 10% year-over-year, do you expect your Computing Solution business to outperform your expectation of the overall PCM market, or mostly in line to your updated view of the PC market?

知道了，謝謝，作為我的最後一個問題，相對於您對整體 PC 終端市場的最新看法同比下降約 7% 至 10%，您是否預計您的計算解決方案業務會超出您對整體 PCM 市場，還是主要符合您對 PC 市場的最新看法？

Thank you.

謝謝你。

From our perspective, I think there's an opportunity for us to, as we said, to return to seasonality in first quarter.

從我們的角度來看，正如我們所說，我認為我們有機會在第一季度恢復季節性。

We did that.

我們做到了。

Now we've set the objective to grow in the future quarters of 2014, and that's the next step and the logical next step in terms of our stabilization of that business.

現在我們已經設定了在 2014 年未來幾個季度實現增長的目標，這是我們穩定該業務的下一步，也是合乎邏輯的下一步。

Let's take a look at how this next quarter unfolds.

讓我們看看下個季度如何展開。

We have a whole set of new commercial products that are beginning to rollout.

我們有一整套新的商業產品正在開始推出。

We have the desktop channel.

我們有桌面頻道。

You may have noticed that we introduced that low-power socketed APU into the channel this quarter.

您可能已經註意到，我們在本季度將低功耗插座 APU 引入了渠道。

We're seeing some nice trends there and some nice product introductions.

我們在那裡看到了一些不錯的趨勢和一些不錯的產品介紹。

But we also have a competitor that's really taking a different approach in terms of revenue management.

但我們也有一個競爭對手，它在收入管理方面確實採取了不同的方法。

And they have a different philosophy on profitability sometimes, and we're going to choose the mix and the right business.

他們有時對盈利能力有不同的看法，我們將選擇組合和正確的業務。

This idea of [contra]-revenue is a foreign idea to us.

這種 [contra]-revenue 的想法對我們來說是一個陌生的想法。

Got it.

知道了。

Very helpful.

非常有幫助。

Thank you very much.

非常感謝你。

Our next question comes from JoAnne Feeney of ABR.

我們的下一個問題來自 ABR 的 JoAnne Feeney。

Please go ahead.

請繼續。

Hi congratulations, folks, on a really nice quarter.

嗨，恭喜，伙計們，在一個非常好的季度。

I have a question about the GlobalFoundries new agreement.

我對 GlobalFoundries 新協議有疑問。

Given what you ended up spending last year, sub $1 billion; this year, up to $1.2 billion.

考慮到你去年的支出，低於 10 億美元；今年，高達 12 億美元。

Can you perhaps give us a sense of a break down of that number, that growth in the anticipated payments?

您能否讓我們了解一下這個數字的細分，即預期付款的增長情況？

How much of it is coming from higher anticipated production of chips they already produce through APUs?

其中有多少來自他們已經通過 APU 生產的更高預期的芯片產量？

And how much of it is coming from the graphics that you're moving over?

其中有多少來自您移動的圖形？

And then how much from the semi-custom you anticipate in the second half?

那麼您預計下半年的半定制有多少？

If you could give any color on that, it would be really helpful.

如果你能給它任何顏色，那將非常有幫助。

Yes, JoAnne I can give you some color.

是的，喬安妮我可以給你一些顏色。

I may not get that specific or granular in terms of the various parts that you mentioned.

就您提到的各個部分而言，我可能沒有那麼具體或詳細。

But if you recall 2013, we had an original agreement at about $1.2 billion.

但如果你還記得 2013 年，我們最初的協議金額約為 12 億美元。

As we [bought] in 2013 with a relationship and partnership, we took $200 million less wafers in 2013 without any special payments or penalties.

由於我們在 2013 年通過關係和合作夥伴 [購買]，我們在 2013 年減少了 2 億美元的晶圓，沒有任何特殊付款或罰款。

Regarding 2014, we look at the demand profile.

關於 2014 年，我們看一下需求概況。

We have taken about $250 million in Q1 of 2014, and the overall purchases on a take-or-pay basis for 2014 are $1.2 billion.

我們在 2014 年第一季度採購了約 2.5 億美元，2014 年按照付不議的採購總額為 12 億美元。

What I can tell you is everything we've talked about the PC business, the purchases of the PC product from GlobalFoundries is in line with our business expectations.

我可以告訴你的是我們談到的關於PC業務的一切，從GlobalFoundries購買PC產品符合我們的業務預期。

No impact from a financial standpoint and from a gross margin standpoint.

從財務角度和毛利率角度來看沒有影響。

And the balance of that obviously, is in the the semi-custom and graphics space, which is the products that we are taking from GlobalFoundries in 2014.

很明顯，平衡是在半定制和圖形領域，這是我們在 2014 年從 GlobalFoundries 獲得的產品。

Okay, that's helpful.

好的，這很有幫助。

And then as a quick follow-up, in your efforts to have better representation in the commercial business, is it primarily in the desktop that you feel like you are making inroads or the notebook or a balanced mix of both?

然後作為快速跟進，在您努力在商業業務中擁有更好的代表性時，您覺得自己正在取得進展的主要是台式機還是筆記本電腦或兩者的平衡組合？

JoAnne, we actually see opportunity across desktop and notebook for commercial.

喬安妮，我們實際上看到了台式機和筆記本電腦的商業機會。

It's really a good set of design wins and platforms that we think will be offered in the market in the second half of the year.

我們認為這確實是一套很好的設計勝利和平台，將在今年下半年投放市場。

Okay great, and then one other clarification.

好的，很好，然後是另一個澄清。

On the new-semi custom business you're working on this year.

關於您今年從事的新半定制業務。

It sounds like you are comfortable enough that you have these design wins in place, you anticipate getting these design wins, but perhaps it's too early to talk about the revenue stream.

聽起來您對獲得這些設計勝利感到很自在，您期望獲得這些設計勝利，但現在談論收入流可能還為時過早。

Can you give us any sense of where you are in the design-win process, and perhaps any sense of how their revenues might compare to what you have so far on the game console side?

您能否告訴我們您在設計取勝過程中所處的階段，也許可以告訴我們他們的收入與您目前在遊戲機方面的收入相比如何？

We're, as I said earlier, JoAnne, we're on track to close one to two of those wins this year.

正如我之前所說，我們是喬安妮，我們有望在今年取得一到兩場胜利。

And I think that's clear as where we are and what we're trying to do.

我認為這很清楚我們在哪里以及我們正在努力做什麼。

Let us get those things closed, and they're going to be confidential wins, but we'll make it clearer as the year unfolds.

讓我們結束這些事情，它們將是機密的勝利，但隨著時間的推移，我們會使其更加清晰。

That's about where we should be, but we're on track on those one to two wins, as we said we would be for 2014.

這就是我們應該達到的水平，但我們正朝著那一到兩場胜利邁進，正如我們所說的那樣，我們將在 2014 年取得勝利。

Okay, thank you that's helpful.

好的 謝謝 很有用

Operator, we'll take two more questions.

接線員，我們再回答兩個問題。

Certainly.

當然。

Our next question comes from the line of Mark Lipacis with Jefferies & Company.

我們的下一個問題來自 Jefferies & Company 的 Mark Lipacis。

Please go ahead.

請繼續。

Thank you for taking my questions.

謝謝你回答我的問題。

First question, hoping you can help me with some back-of-the-envelope math.

第一個問題，希望你能幫我解決一些粗略的數學問題。

If you're going to target 50% from high-growth areas, I think from my math that implies about $1 billion dollars of additional revenues above and beyond your gaming consoles.

如果你打算從高增長領域設定 50% 的目標，我認為根據我的數學計算，這意味著在你的遊戲機之外大約有 10 億美元的額外收入。

And if you're going for one or two more semi-custom deals, then that implies that these would be big revenue, home run opportunities.

如果你打算再進行一兩個半定制交易，那麼這意味著這些將是巨大的收入，本壘打機會。

Is that a fair way to think about it?

這是一個公平的思考方式嗎？

Well you should look at the 50% objective and target that we are on track to achieve by year-end 2015 as across those key high growth segments.

那麼你應該看看我們在 2015 年年底之前在這些關鍵的高增長領域中有望實現的 50% 目標。

There's five of them.

一共有五個。

We're going to see progress, and we mentioned, there was year-to-year progress embedded.

我們將看到進展，並且我們提到，其中嵌入了逐年的進展。

There was sequential progress in terms of Pro Graphics.

在 Pro Graphics 方面取得了連續的進展。

These are all going to be factors, and they're also factors, as Devinder highlighted, in the mix to drive the gross margin strategy across the portfolio.

這些都將成為因素，正如 Devinder 強調的那樣，它們也是推動整個投資組合毛利率策略的因素。

What we target is really interesting applications in the semi-custom space where we can partner with an industry leader to create a really differentiated solution.

我們的目標是半定制空間中真正有趣的應用程序，我們可以在其中與行業領導者合作創建真正差異化的解決方案。

That in hand, generally targets something in the $200 million to $500-plus lifetime revenue targets.

在手，通常目標是 2 億美元到 500 美元以上的終身收入目標。

That's very helpful, Rory, thank you.

這很有幫助，羅里，謝謝。

And then a follow-up question on the manufacturing process road map, Lisa, the -- it looks like your GlobalFoundries signed a partnership or announced a partnership with Samsung to license their technology on fully depleted 14-nanometer FinFETs.

然後是關於製造工藝路線圖的後續問題，Lisa，看起來你的 GlobalFoundries 簽署了合作夥伴關係或宣布與三星建立合作夥伴關係，以在完全耗盡的 14 納米 FinFET 上許可他們的技術。

Will you talk about your road map to FinFETs at GlobalFoundries.

您能談談您在 GlobalFoundries 的 FinFET 路線圖嗎？

If they are using fully depleted technology, is that different than the technology they're currently using?

如果他們使用的是完全耗盡的技術，這與他們目前使用的技術有什麼不同嗎？

And would that require additional investment by you guys to try to get to that ultimately?

這是否需要你們進行額外投資才能最終實現這一目標？

Sure, Mark.

當然，馬克。

So let me comment on that.

所以讓我對此發表評論。

So if we look at the overall relationship that GlobalFoundries signed with Samsung, I think we view that as a good thing.

因此，如果我們看看 GlobalFoundries 與三星簽署的整體關係，我認為我們認為這是一件好事。

I think it's good for the industry and it's good for AMD, relative to collaboration in getting FinFETs to market sooner.

我認為這對行業有利，對 AMD 也有利，相對於合作將 FinFET 更快推向市場而言。

Relative to investment side, I think from that standpoint, we have a road map to go to FinFETs.

相對於投資方面，我認為從這個角度來看，我們有一個走向 FinFET 的路線圖。

It's a very important technology for us, and I wouldn't see that this agreement changes or affects that in any way.

這對我們來說是一項非常重要的技術，我認為該協議不會以任何方式改變或影響它。

Thank you, last question, if I may.

謝謝你，最後一個問題，如果可以的話。

According to 8-K filing, it looks like Mubadala exercised warrants to get to 19% ownership.

根據 8-K 文件，穆巴達拉似乎行使了獲得 19% 所有權的認股權證。

Are there any implications on steering the direction of the Company, or should we read anything into this?

是否對指導公司的方向有任何影響，或者我們應該對此進行任何解讀？

How should we think about that?

我們應該如何考慮？

Thank you very much.

非常感謝你。

Yes, no problem Mark.

是的，沒問題，馬克。

We don't generally comment on our investors' actions and strategies.

我們一般不對投資者的行為和策略發表評論。

We have a very strong relationship and focus with our key investors.

我們與我們的主要投資者有著非常牢固的關係和重點。

I think you should probably talk to them in terms of where they're going.

我認為您應該就他們的去向與他們交談。

Fair enough, Thank you.

很公平，謝謝。

And our final question comes from Kevin Cassidy with Stifel Nicolaus.

我們的最後一個問題來自 Kevin Cassidy 和 Stifel Nicolaus。

Please go ahead.

請繼續。

Thank you for squeezing me in.

謝謝你把我擠進去。

The professional GPU business seems to be getting some good momentum.

專業 GPU 業務似乎勢頭良好。

Can you tell us -- give us an idea of what type of growth rate you expect, and maybe what percentage of your GPUs it could be this year and next year?

你能告訴我們——讓我們知道你期望什麼樣的增長率，也許今年和明年你的 GPU 的百分比是多少？

Yes, Kevin, let me try to answer that.

是的，凱文，讓我嘗試回答這個問題。

So the Pro Graphics business is definitely a growth opportunity for that.

因此，Pro Graphics 業務絕對是一個增長機會。

You've heard that in our -- it's part of those five segment -- or five businesses that we think will drive to that 50%.

你聽說過我們 - 它是這五個部分的一部分 - 或者我們認為將推動這 50% 的五個業務。

Without getting into exact numbers, I would say we're quite underrepresented in Pro Graphics right now, and so its been a key focus item for us to get the right products and drive growth.

在沒有具體數字的情況下，我會說我們現在在 Pro Graphics 中的代表性很低，因此它是我們獲得正確產品和推動增長的關鍵焦點項目。

We saw sequential growth from Q4 to Q1, that was good.

我們看到從第四季度到第一季度的連續增長，這很好。

We talked about the Apple Mac Pro driving some of the share gains there, and then we just launched a new W9100 product that is exceptional for the high-end professional workstation market.

我們談到了 Apple Mac Pro 推動了那裡的一些份額增長，然後我們剛剛推出了一款新的 W9100 產品，該產品對於高端專業工作站市場來說非常出色。

So we think it's a great growth opportunity for us, and we'll give more color on that as we progress through the year.

所以我們認為這對我們來說是一個很好的增長機會，隨著我們在這一年的進展，我們會在這方面增加更多的色彩。

Okay, thank you very much.

好的，非常感謝。

Okay, operator, that concludes our first-quarter 2014 earnings call, and we would like to thank everybody for participating this evening.

好的，接線員，我們的 2014 年第一季度財報電話會議到此結束，我們要感謝大家今晚的參與。

Thank you, presenters, and thank you ladies and gentlemen.

謝謝各位主持人，也謝謝各位女士先生們。

Again, this does conclude today's call.

同樣，這確實結束了今天的電話會議。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您度過美好的一天。

Attendees you may now all disconnect.

您現在可以全部斷開與會者的連接。

Thank you.

謝謝你。