超微半導體 (AMD) 2014 Q1 法說會逐字稿

Good afternoon. My name is Eric, and I will be your conference operator for today. At this time, I would like to welcome everyone to AMD's first-quarter 2014 earnings conference call. All lines have been placed on a listen-only mode at this time. After the speakers' remarks, you will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today.

午安.我叫 Eric，今天我將擔任您的會議主持人。現在，我歡迎大家參加 AMD 2014 年第一季財報電話會議。目前所有線路均已置於只聽模式。演講者發言結束後，您將被邀請參加問答環節。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. Please go ahead.

現在，我想將會議交給 AMD 投資者關係副總裁 Ruth Cotter 女士。請繼續。

Thank you and welcome to AMD's first-quarter earnings conference call. By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides. If you have not reviewed these documents, they can be found on AMD's website at ir. AMD.com.

感謝您並歡迎參加 AMD 第一季財報電話會議。現在，您應該已經有機會查看我們的收益報告副本以及財務長的評論和投影片。如果您尚未查看這些文檔，可以在 AMD 的網站 ir 上找到。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. 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. This is a live call and will be replayed via webcast on AMD.com.

今天電話會議的參與者包括我們的總裁兼執行長 Rory Read；以及我們的高級副總裁兼財務長 Devinder Kumar。在電話會議的問答部分，我們的高級副總裁兼全球業務部總經理 Lisa Su 將加入其中。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

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.

我想藉此機會向您重點介紹幾個日期：Lisa Su 將於 5 月 20 日星期二參加在波士頓舉行的摩根大通科技、媒體和電信會議； Devinder Kumar 將於 6 月 3 日出席在舊金山舉行的美國銀行美林全球技術會議；我們的第二季度靜默期將於 6 月 13 日在周四下班後開始；最後，我們計劃於 7 月 17 日星期四下班後開始；最後，我們計劃於 7 月 17 日星期四下班後開始；最後，我們計劃於 7 月 17 日星期五下班後開始；最後，我們計劃於 7 月 17 日星期四下班後開始；最後，我們計劃於 7 月第二季度。

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

請注意，本次電話會議中引用的非 GAAP 財務指標與新聞稿和財務長評論中最直接可比較的 GAAP 財務指標進行了協調，這些指標發佈在我們的網站 quarterlyearnings.amd.com 上。在我們開始之前，請容許我提醒大家，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. Please refer to the cautionary statement in our press release for more information. 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.

這些陳述是基於當前的信念、假設和期望；僅代表當前日期的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。請參閱我們新聞稿中的警告聲明以了解更多資訊。您也可以在我們向美國證券交易委員會 (SEC) 提交的文件中找到有關我們的風險因素的詳細討論，特別是 AMD 截至 2013 年 12 月 28 日的 10-K 表年度報告。

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

現在，我將把電話交給羅裡。羅裡？

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

謝謝你，露絲。本季營收為 14 億美元，較去年同期成長 28%。由於對我們最新的 Radeon GPU 和半客製化遊戲 APU 的需求旺盛，與上一季相比，營收下降了 12%，這比我們的預期要好。

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. Our first-quarter performance demonstrates the success that we are having transforming AMD's business. We are consistently executing and delivering on our commitments. Our strategy is working, and we are building a foundation for continued profitability and growth as we transform AMD.

這是我們連續第三個季度實現非公認會計準則獲利，並且每股收益較去年同期提高了 0.15 美元。我們第一季的業績證明了我們在 AMD 業務轉型方面的成功。我們始終如一地履行並兌現我們的承諾。我們的策略正在發揮作用，我們在改造 AMD 的同時，也為持續獲利和成長奠定了基礎。

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.

我們預計在 2015 年底前從高成長市場中獲得約 50% 的收入，包括嵌入式、半客製化、密集伺服器、專業圖形和超低功耗客戶端，我們可以在這些市場中創造出差異化的致勝解決方案。

There was strong demand in the first quarter for AMD-powered Microsoft and Sony game consoles. These consoles continued to outpace previous generation's ramps and drove continued momentum in the semi-custom business. The success of these two products is an excellent example of the power of our strategy.

第一季度，搭載 AMD 晶片的微軟和索尼遊戲機需求強勁。這些遊戲機的銷售量持續超越上一代，並推動了半客製化業務的持續成長。這兩款產品的成功充分體現了我們策略的威力。

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. We believe that our semi-custom business will continue to realize strong growth, as gaming consoles ramp throughout the year. We remain on track to capture one to two new semi-custom design wins this year as well.

當我們獨特的智慧財產權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、改變市場並取得成功的解決方案。我們相信，隨著遊戲機全年銷售量的成長，我們的半客製化業務將繼續實現強勁成長。我們今年仍有望贏得一到兩個新的半客製化設計大獎。

Now turning to AMD's embedded business. Revenue increased by double-digits from the year-ago period. We continued to win designs with strategic market makers in key verticals, such as digital signage, medical, and thin client to name a few. 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.

現在談談 AMD 的嵌入式業務。營收較去年同期成長了兩位數。我們繼續贏得數位看板、醫療和瘦客戶端等關鍵垂直領域的策略市場製造商的設計。與我們參與更廣泛市場的策略一致，我們看到我們的高效能嵌入式 SoC 和處理器的總潛在市場約為 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. In our professional graphics business, we delivered sequential growth in the first quarter. We believe we gained share, highlighted by the launch of Apple Mac Pro, which uses two of AMD's industry-leading FirePro GPUs.

這種利潤增值業務的另一個特點是產品週期長達五年，從而提供更可預測和穩定的收入來源。在我們的專業圖形業務中，我們在第一季實現了連續成長。我們相信我們已經獲得了市場份額，其中最突出的是 Apple Mac Pro 的推出，它採用了 AMD 兩款業界領先的 FirePro GPU。

We are expanding our professional GPU products with the announcement of our new flagship FirePro W9100. This GPU is attracting significant interest from video, design, and engineering professionals who need to work at the latest 4K resolutions and beyond. 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.

隨著新旗艦 FirePro W9100 的發布，我們正在擴展我們的專業 GPU 產品。這款 GPU 吸引了需要以最新的 4K 及更高解析度工作的影片、設計和工程專業人士的極大興趣。我們也將繼續進行投資，透過加強與佔據市場份額的主要專業 ISV 和客戶的​​關係來加速我們的成長。

In our dense server business, revenue also increased sequentially. 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. 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.

在我們的密集伺服器業務中，營收也較上季成長。最突出的是 Verizon 正在部署基於 AMD SeaMicro 的密集伺服器，為世界上最大的公有雲解決方案提供支援。預計到 2019 年，密集伺服器市場將佔整體伺服器市場的約 25%，我們打算利用我們獨特的結構技術和 64 位元處理器來引領這一轉變。

We have also reached a significant milestone in our ambidextrous strategy. 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. We are excited to announce that we have started sampling Seattle this last quarter and plan to ship in the fourth quarter of 2014.

我們的雙元策略也達到了一個重要的里程碑。我們推出了西雅圖，這是我們的首款 64 位元 ARM 伺服器處理器，也是業界首款採用 28 奈米技術的處理器，這使 AMD 成為唯一一家為伺服器應用連接 x86 和 ARM 生態系統的 SoC 供應商。我們很高興地宣布，我們已於上個季度開始對西雅圖進行抽樣，併計劃於 2014 年第四季度發貨。

Now let's turn to our traditional businesses. In graphics, we see strong demand in the enthusiast portion of the market. Our industry-leading R7 and R9 products drove GPU revenue growth year-over-year and sequentially. 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. 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.

現在讓我們轉向我們的傳統業務。在圖形方面，我們看到市場愛好者部分的需求強勁。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。我們也開始看到新的行動分立設計勝利的增加，我們相信這種勢頭將會持續下去，我們預計將獲得市場份額。在我們的個人運算業務中，由於我們的客戶準備推出搭載我們最新的 Beema 和 Kaveri APU 的筆記型電腦，我們的行動 APU 單元出貨量在第一季環比增長。

In the desktop channel, we continue to build momentum in the upper part of our portfolio as we enrich our product mix. Our high-end A8 and A10 APUs had a second straight quarter of record unit shipments. 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. We expect these APUs will drive revenue growth in the coming quarters.

在桌面通路，隨著我們豐富產品組合，我們繼續在產品組合的上部建立發展動能。我們的高階 A8 和 A10 APU 連續第二季創下出貨量紀錄。我們持續打造更強大的桌上型電腦產品組合，加大高階 Kaveri APU 的研發力度，並於上個季度為桌上型電腦通路推出了首款低功耗插槽式 APU。我們預計這些 APU 將推動未來幾季的營收成長。

The PC market continues to remain challenging. 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. 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.

個人電腦市場仍充滿挑戰。我們看到市場下滑正在放緩並可能趨於穩定的跡象，因為消費性電子領域的部分疲軟正在被商用電腦的需求所抵消。基於此，我們目前預計今年整體個人電腦出貨量將下降約 7% 至 10%，我們將根據我們的策略利用這一機會，在目前代表性不足的部分市場上獲得份額。

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. As a result, we believe we will deliver sequential PC revenue growth in the coming quarters of 2014. 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. Devinder will cover both of these topics in detail later in the call.

例如，在商業客戶市場，我們預計來自主要 OEM 合作夥伴的上市設計數量將比去年增加一倍以上。因此，我們相信，2014 年未來幾季我們的 PC 營收將持續成長。自上次收益電話會議以來，我們也與 GlobalFoundries 成功完成了 2014 年 WSA 修正案，並重新調整了我們的近期債務，這兩項都將幫助我們實現 2014 年及以後的財務目標。Devinder 將在稍後的通話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. Our first-quarter performance demonstrates that we are making significant progress building the strong foundation required to deliver consistent profitability and revenue growth.

總而言之，作為 AMD 轉型長期策略的一部分，我們將繼續實現所有關鍵里程碑和產品承諾。我們第一季的業績表明，我們在建立實現持續獲利和收入成長所需的堅實基礎方面取得了重大進展。

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. We also see the PC market beginning to stabilize, and we are well positioned to grow revenue throughout the year. Finally, based on the strength of our industry-leading graphics products, we believe we will gain share and grow GPU revenue in 2014. Based on this momentum, we remain firmly committed to delivering profitability and revenue growth for the full year in 2014.

我們的成長業務持續保持強勁勢頭，我們仍有望實現收入來源多元化，到明年年底，我們的高成長業務將貢獻約 50% 的收入。我們也看到個人電腦市場開始穩定，我們已準備好實現全年收入的成長。最後，基於我們業界領先的圖形產品的優勢，我們相信我們將在 2014 年獲得市場份額並增加 GPU 收入。基於這一勢頭，我們將繼續堅定致力於實現2014年全年獲利和收入成長。

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

說完這些，讓我把電話轉給 Devinder。

Thank you, Rory. Our first-quarter results demonstrated continued financial and operational discipline and execution. 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. Building on the momentum we established in the second half of 2013, 2014 is off to a good start.

謝謝你，羅裡。我們第一季的業績反映了我們持續的財務和營運紀律與執行力。儘管面臨季節性需求下滑的環境，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公認會計準則淨收入盈利和每股收益。憑藉 2013 年下半年建立的良好勢頭，2014 年取得了良好的開端。

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. 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.

此外，我們透過重新配置債務並與 GlobalFoundries 達成晶圓供應協議（WSA）第四次修訂，成功完成了幾項重大交易。根據修訂後的 WSA 協議，我們預計 2014 年從 GlobalFoundries 購買的晶圓金額將達到約 12 億美元（按照付款方式）。

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. There are no special payment triggers as part of the fourth amendment of the Wafer Supply Agreement for 2014. In Q1 2014, we spent approximately $250 million on wafer purchases from GlobalFoundries.

我們 2014 年的晶圓採購符合我們目前對 PC 市場的預期，其中還包括在 GlobalFoundries 生產某些 GPU 和半客製化遊戲機產品。2014 年晶圓供應協議第四次修訂中並無任何特殊付款觸發條件。2014 年第一季度，我們花費約 2.5 億美元從 GlobalFoundries 購買晶圓。

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. 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.

現在讓我提供一些本季的具體情況：2014 年第一季的營收為 14 億美元，比上一季下降 12%，比去年同期成長 28%。通常，每年的第一季都是季節性下滑的季度，而連續下滑是由於我們的傳統產品和半客製化產品的銷量下降所致。

Gross margin was 35%, flat sequentially. 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.

毛利率為35%，與上一季持平。第一季業績包括 2012 年第三季出售先前預訂庫存所獲得的 400 萬美元收益，而 2013 年第四季的收益為 700 萬美元。

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

非公認會計準則營運費用為 4.21 億美元，低於 2013 年第四季的 4.62 億美元。依照美國通用會計準則 (GAAP) 計算的營運費用為 4.38 億美元，其中包括 1,400 萬美元的勞動力重新平衡遣散費用，這是 AMD 正在進行的轉型和多元化策略的一部分，因為我們將繼續增加對高成長機會的關注和部署適當的資源。

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

與我們改造 AMD 並實現永續獲利的策略一致，非 GAAP 營業收入為 6,600 萬美元，非 GAAP 淨收入為 1,200 萬美元，而非 GAAP 每股收益為 0.02 美元（以 7.61 億股稀釋股份計算）。調整後 EBITDA 為 1.39 億美元，較上一季減少 2,600 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. The decrease was primarily due to lower desktop and chipset unit shipments, partially offset by higher notebook unit shipments. 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. This was driven primarily by lower operating expenses.

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。下降的主要原因是桌上型電腦和晶片組出貨量下降，但筆記型電腦出貨量增加部分抵消了這一影響。計算解決方案部門的營業虧損為 300 萬美元，較第四季的 700 萬美元營業虧損有所改善，儘管營收季減 8% 或 5,900 萬美元。這主要是由於營運費用降低所致。

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

圖形和視覺解決方案部門營收為 7.34 億美元，比上一季下降 1.31 億美元，降幅為 15%，主要原因是我們的半客製化 SoC 銷量下降。營業收入為 9,100 萬美元，而上一季的營業收入為 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. 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. Inventory was $869 million, down $15 million, or 2% sequentially, as we reduced Graphics' inventory.

談到資產負債表，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 6 億美元的最低目標。2014 年第一季度，我們也向 GlobalFoundries 支付了最後一筆 2 億美元現金，以減少 2012 年的照付不議晶圓義務承諾。庫存為 8.69 億美元，比上一季下降 1500 萬美元，或 2%，因為我們減少了 Graphics 的庫存。

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

截至本季末的債務為 21.4 億美元，較上一季略有增加。第一季度，我們利用庫存現金在公開市場上回購了 2015 年 5 月到期的 6,400 萬美元 6% 可轉換債券。我們也發行了 2019 年 3 月到期、本金價值 6 億美元的 6 3/4% 票據，利用所得款項償還了 2015 年 5 月到期的大部分 6% 可轉換票據，以及 2017 年 12 月到期的約 5000 萬美元 8 1/8% 票據。新債券發行所借入的剩餘約 8,000 萬美元淨收益將用於適時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. Accounts payable at the end of the quarter was $483 million, down slightly from $519 million in the fourth quarter. Lastly, we had negative free cash flow of $225 million in Q1 2014, largely due to the previously mentioned $200 million payment to GlobalFoundries.

透過執行這些交易，我們推遲了很大一部分短期債務的到期日，現在沒有重大的定期債務到期日到 2017 年 12 月，期限超過 3.5 年。本季末應付帳款為 4.83 億美元，較第四季的 5.19 億美元略有下降。最後，2014 年第一季我們的自由現金流為負 2.25 億美元，這主要是由於前面提到的向 GlobalFoundries 支付 2 億美元。

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.

現在展望一下，對於 2014 年第二季度，AMD 預計收入將環比增長 3%（上下浮動 3%）；預計毛利率約為35%；非公認會計準則營業費用預計約為 4.35 億美元；庫存預計較一季度略有增加；現金、現金等價物和有價證券（包括長期有價證券。

In closing, we are pleased with our first-quarter results in a seasonally down quarter. We have started 2014 with continued financial and operational discipline and maintain non-GAAP net income profitability for the third quarter in a row. 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. Our focus in 2014 remains on managing for profitability, as we work to deliver full-year revenue growth and net income profitability.

最後，我們對第一季在季節性下滑的情況下取得的業績感到滿意。2014 年伊始，我們繼續嚴格財務和營運紀律，並連續第三個季度維持非公認會計準則淨收入獲利。我們的策略轉型之路正在不斷前進，目標是到 2015 年底將約 50% 的收入轉移到高成長的鄰近市場和業務。2014 年我們的重點仍然是獲利管理，我們致力於實現全年收入成長和淨收入獲利。

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

說完這些，我就把話題轉回露絲。露絲？

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

謝謝你，Devinder。接線員，我們現在很高興您能向觀眾徵詢問題。

Certainly.

當然。

(Operator Instructions)

（操作員指示）

Our first question comes from Betsy Van Hees from Wedbush Securities. Please go ahead.

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

Good afternoon. Congratulations on the quarter and the guidance. Rory, I was wondering if we could dig a little deeper into your commentary. You said that you now see the PC market declining 7% to 10% versus your prior guidance of 10% -- down 10% sequentially, sorry. 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?

午安.對本季和指導表示祝賀。羅裡，我想知道我們是否可以更深入地了解你的評論。您說現在 PC 市場將下滑 7% 至 10%，而您之前預測的是下滑 10%——環比下滑 10%，抱歉。我想知道您是否可以告訴我們——向我們詳細介紹本季發生的情況，以便您有信心相信 PC 市場下滑的速度會低於您之前的預期？

Thank you, Betsy. Yes, absolutely. 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. 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. I think that's offsetting a bit of the pressure that we're continuing to see in consumer from tablet. 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.

謝謝你，貝琪。是的，絕對是。我們看到商業市場表現更加強勁，無論是受到 4 月份 XP 更新工作的推動，還是其在整個商業領域的持續更新。基於 XP 的更新和整體經濟環境的強勁，我確實相信今年的商業表現將比我們預期的要強勁一些。我認為這在一定程度上抵消了平板電腦對消費者的壓力。我認為個人電腦市場毫無疑問會下滑，下滑幅度在 7% 到 10% 之間，這主要是因為商業領域的強勁表現。

As it relates to us though, Betsy, what I like about what we're doing is the diversification strategy is really taking hold. What we're trying to do is to win in the desktop space, as well as capture in the underrepresented commercial segment for AMD. 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.

不過，貝琪，就我們而言，我喜歡我們正在做的事情，因為多元化策略確實正在發揮作用。我們正在努力在桌面領域取得勝利，並為 AMD 佔領代表性不足的商業領域。這就是為什麼我在電話會議的早期階段談到，我們看到了 AMD 在 2014 年未來幾季增加 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. And I would assume that your desktop ASPs are higher than your notebook, but yet, your ASPs were flat, which is really great. 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?

謝謝你，Rory，既然你提到了桌上型電腦業務和筆記型電腦，那麼你的平均銷售價格環比持平。我認為你們的桌上型電腦 ASP 高於筆記型電腦，但你們的 ASP 卻持平，這真的很棒。我想知道您是否可以進一步談談導致市場平均售價持平的原因是什麼？

Yes, Betsy this is Lisa. Let me give you a little color on that. 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. So in the desktop channel in the first quarter, we launched Kaveri at the high end of the stack. So from that standpoint, it did very well, and that was a good driver for us in terms of the mix improvement.

是的，貝琪，我是麗莎。讓我給你稍微解釋一下這一點。因此，相對於我們所看到的，這非常符合我們一直在製定的改善產品組合的策略。因此，我們在第一季的桌面通路中推出了高階產品 Kaveri。因此從這個角度來看，它表現得非常好，這對於我們混合改進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. So we started shipping Beema in the notebook segment, and both of those helped to keep the ASPs at that flattish range.

在筆記型電腦業務方面，我們也看到我們開始推出一些新產品，這些產品將於第二季稍後上市。因此，我們開始在筆記型電腦領域推出 Beema，這兩者都有助於將 ASP 維持在平穩的範圍內。

Thank you, Lisa, that was very helpful. 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%. As we look at your different business units, will Computing will be growing more or semi-custom be growing more? I wonder if you could help rank us on how we should be looking at and modeling that?

謝謝你，麗莎，這非常有幫助。我的最後一個問題是，關於我們應該如何看待基本持平到上漲 6% 的指導，我會跳出隊列讓其他人提問。當我們審視您不同的業務部門時，計算業務會成長更多還是半客製化業務會成長更多？我想知道您是否可以幫助我們對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. Betsy, this has been a record ramp in terms of the game consoles. You probably saw some of the news coming out of Sony earlier this week. Microsoft had a very good launch with the Titanfall game. 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.

從我們在電話會議初期討論的內容來看，毫無疑問，我們繼續看到業務成長的勢頭。貝琪，就遊戲機而言，這是一個創紀錄的成長。您可能看到了本週早些時候索尼發布的一些新聞。微軟的《泰坦隕落》遊戲發表會取得了圓滿成功。這些都是完美的例子，說明當我們將我們的智慧財產權和設計專業知識與他們的偉大創意相結合時，我們能夠真正為市場注入活力並帶來真正的變化。

We see that in embedded. We see that in semi-custom. We see that in Pro Graphics. These are all areas, dense server, where we see an opportunity for us to continue to build on that momentum. 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.

我們在嵌入式中看到了這一點。我們在半定制中看到了這一點。我們在 Pro Graphics 中看到了這一點。這些都是密集伺服器領域，在這些領域中，我們看到了繼續保持這種勢頭的機會。同時，我們在個人電腦業務方面做得很好，推出了一系列新產品，這些產品將幫助我們在 2014 年下個季度成長。

Thank you, Rory. Once again, congratulations on a great quarter and guidance.

謝謝你，羅裡。再次恭喜您取得了出色的季度業績和出色的指導。

Thank you, Betsy.

謝謝你，貝琪。

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

我們的下一個問題來自美銀美林的 Vivek Arya。請繼續。

Thank you for taking my question. I actually had one short-term and one longer-term question. So on the shorter term, I'm curious, how -- what's your sense of the inventory of game console or chipset in the channel? 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. I imagine 4 million, or 5 million, 6 million above the potential sales of those consoles.

感謝您回答我的問題。我實際上有一個短期問題和一個長期問題。所以就短期而言，我很好奇，您對通路中的遊戲機或晶片組庫存有何看法？你們確實取得了非常強勁的成長，但如果我的計算正確的話，到第二季度，你們可能已經出貨了超過 2000 萬台控制台晶片交換器。我預計這些遊戲機的潛在銷售量將超過 400 萬、500 萬、600 萬台。

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

是因為新船和遊戲機發售之間有滯後，所以我們就應該期待下半年的銷售量低於預期？或者您能否讓我們了解一下所有這些控制台晶片的庫存情況。

Sure, Vivek, this is Lisa. Let me give you some guidance there. So in terms of how the game consoles have behaved, they've actually done quite well. There was some seasonality in the first quarter coming off of a very strong holiday season, but we have been pleased with the results. And relative to inventory, we don't see any significant inventory build up in the channel.

當然，維韋克，這是麗莎。讓我給你一些指導。因此，就遊戲機的表現而言，它們實際上表現得相當不錯。第一季受到非常強勁的假期季節的影響，存在一些季節性因素，但我們對結果感到滿意。就庫存而言，我們沒有看到通路中出現任何明顯的庫存累積。

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

因此，我們對半客製化產品的期望是，隨著我們即將進入第二個假期季節，下半年的銷售量將高於上半年。我們看到的是遊戲機的銷售量很好。

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. Remember as we talked about in 4Q, how we managed the notebook transition. You saw that in terms of a return to seasonality in 1Q.

維韋克，我們重點關注的事情之一就是有意識地管理如何將產品推向市場。記得我們在第四季討論過如何管理筆記型電腦的轉型。您在第一季就看到了季節性的回歸。

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

我們正在做同樣的事情，與遊戲領域的策略夥伴合作打造產品、推出產品、創建速度模型，讓產品進入管道，順利通過，並在後端執行。這就是我們希望持續推動的業務和執行，因此我們透過這種方式獲得了良好且平穩的收入。

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. I'm curious, what do you think is going to be the proportion of semi-custom by the end of 2014? And as part of that, I think you had mentioned about one or two opportunities. If you could give us some more color what end markets do they represent? When should we start baking those in, and what milestones should we look for in those new opportunities?

明白了，那麼也許羅裡，你們去年已經實現了半定製作為收入一部分的目標，並且制定了一個長期目標。我很好奇，您認為到 2014 年底半客製化的比例會是多少？作為其中的一部分，我認為您提到了一兩個機會。如果您能給我們更多詳細信息，它們代表哪些終端市場？我們應該何時開始實現這些目標，以及在這些新機會中我們應該尋找哪些里程碑？

Sure. 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. We are on track to tackle the one to two design wins this year. 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. We see momentum in this launch, and we expect this business to continue to move through the year well.

當然。從半客製化的角度來看，我們看到了一條橫跨多個領域的非常強大且有趣的管道，我相信 Lisa 很快就會增添一些色彩。我們今年有望獲得一到兩場設計勝利。我認為它們非常有趣，當我們回顧這一年時 - 正如麗莎剛才所說，維維克，我認為我們看到了這種增長勢頭。我們看到此次發布會的勢頭，我們預計這項業務將在今年繼續保持良好的發展勢頭。

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

那麼麗莎，你是否想補充一些細節，說明你認為這些設計成功在哪裡，以及這個管道的穩健性在哪裡？

Sure, so Vivek, when we talk about the opportunity pipeline for semi-custom, they are very tailored opportunities, but they are across multiple segments. 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. 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. So we have good visibility into achieving the key milestones of one to two design wins this year.

當然，Vivek，當我們談論半客製化的機會管道時，它們都是非常有針對性的機會，但它們跨越多個領域。鑑於我們在圖形方面的優勢，我們目前的優勢在於遊戲領域，但我們在行動、企業以及其他一些消費領域也看到了機會。我認為我們與這些人的合作模式是進行非常深入的架構討論和真正的解決方案，而這就是我們現在正在做的事情。因此，我們對今年實現一到兩項設計勝利的關鍵里程碑有著良好的預見性。

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. And we're on track for those items.

維韋克，這對你來說是一個非常重要的路標，正如我們所證明的那樣，這是我們業務的關鍵部分，我們策略的關鍵部分，展示這些設計勝利並兌現我們在今年電話會議上所做的承諾，是你應該關注的一個非常重要的部分。我們正在按計劃完成這些項目。

Got it, and my last very quick one on the long term. 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? How should we think about those gross and operating margin numbers to construct a longer-term model for AMD? Thank you.

明白了，這是我長期以來最後一次非常快速的行動。你們現在顯然已經穩定了業務，因此，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，這對於毛利率和營業利潤的商業模式意味著什麼，因為你們的毛利率已經降至 30% 左右的水平？我們該如何看待這些毛利率和營業利潤數字來為 AMD 建立長期模型？謝謝。

Sure, so what we've talked about in terms of a strategic view is we want to enter into these growth segments. We used to be a business centered over one stream of revenue, one opportunity, the PC market. Now we've introduced five new ones with our traditional space; that's six key markets where we can leverage our core IP.

當然，我們從策略角度談論的是，我們希望進入這些成長領域。我們曾經是一家專注於單一收入來源、單一機會（即個人電腦市場）的企業。現在我們在傳統空間中引入了五個新的空間；這是我們可以利用核心智慧財產權的六個主要市場。

We see this as an opportunity to consistently grow and to consistently expand profitability. We'll look through 2014, 2015, 2016, 2017, as an opportunity for us to lift this revenue consistently and deliver profitability. I don't think we're ready yet to say what that growth rate is, because we're in the transformation phase. And clearly, we want to continue to demonstrate to everyone on this call that when we make a commitment, we deliver on that commitment.

我們將此視為持續成長和持續擴大獲利能力的機會。我們將把 2014 年、2015 年、2016 年和 2017 年視為持續提高收入和實現盈利的機會。我認為我們還沒有準備好說出這個成長率是多少，因為我們正處於轉型階段。顯然，我們希望在這次電話會議上繼續向所有人表明，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. 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.

Vivek，需要澄清的是，您提到半客製化空間佔 50%。2015年底50%的目標除了半客製化（這顯然是很大一部分）之外，還包括密集伺服器、專業圖形、嵌入式，從毛利率的角度來看，這三項都高於企業平均。

Semi-custom, you called it right. The gross margin is lower than corporate margin, but its operating margin accretive. 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.

半定制，你說得對。毛利率低於企業利潤率，但其營業利潤率增加。然後，我們還有超低功耗業務，它是 Rory 提到的組合的一部分，就我們關注的六大業務而言，到 2015 年底，我們將把超低功耗業務的份額提高到 50%。

Thank you.

謝謝。

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

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

Hi guys. Congratulations on the quarter and thank you for letting me ask a question as well. 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? And how this might affect your decisions to move other products and families to the next node, or not to move them? Thank you.

嗨，大家好。恭喜本季取得的成績，也感謝您允許我提問。你們能否談論一下將下一代 Kaveri 後續產品移動到下一個節點的優缺點？或不移動到下一個節點的利弊？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？謝謝。

Sure, Chris. So let me take that and give you a little bit of our thinking. So in terms of a product and technology selection, certainly, we need to be at the leading edge of the technology road map. 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. We are actively in the design phase for 20-nanometer, and that will come to production. And then clearly, we'll go to Fin Fet, so that would be the progression of it.

當然，克里斯。那麼請容許我藉此機會向大家介紹我們的一些想法。因此，就產品和技術選擇而言，我們當然需要處於技術路線圖的前端。因此，我們過去說過，今年我們所有的產品都將採用 28 奈米工藝，涵蓋圖形、客戶端和半客製化業務。我們正積極處於 20 奈米的設計階段，並將投入生產。然後顯然，我們會去 Fin Fet，所以這就是它的進展。

Relative to the competitiveness of the products, we feel very good about the competitiveness of the products. Kaveri, in terms of total compute, what we're able to do across the stack with our Beema product line and our graphics capability.

相對於產品的競爭力，我們對產品的競爭力感覺非常好。Kaveri，就總體計算而言，我們能夠利用我們的 Beema 產品線和圖形功能在整個堆疊中完成工作。

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. I think HSA is a good example of that. The work that we're doing there is being proved out in the examples like PCMark 8.1. 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.

克里斯，您還將看到，我們將如何繼續利用我們的軟體堆疊和軟體功能來實現真正的差異化，不僅在性能方面，而且根據我們看到的特定解決方案進行客製化。我認為 HSA 就是一個很好的例子。我們所做的工作已在 PCMark 8.1 等例子中得到證明。這些產業指標顯示了 AMD 產品的效能，軟體在其中發揮非常關鍵的作用，我們將繼續在這方面進行投資。

Okay, great. Also there have been pretty widespread stories out there about high-end gaming cards, either not on the shelves or going two times MSRP. I know a lot of those are going into [alt] coin mining out there. So what do you guys think in terms of this market right now? Is it still alive? Have you guys met the supply now out there, or do you think this quarter may be that it will be met? And then where do you think that goes over time? Thank you.

好的，太好了。此外，關於高階遊戲卡的傳聞也廣為流傳，要嘛是沒有上架，要嘛是價格是建議零售價的兩倍。我知道其中很多人都在進行 [alt] 幣挖礦。那你們對現在的這個市場有什麼看法呢？它還活著嗎？你們現在滿足了供應量嗎？或者你們認為本季可能會滿足供應量嗎？那麼，您認為隨著時間的推移，情況會如何發展？謝謝。

Sure, so Chris, the graphics market was certainly good for us in the first quarter. We were pleased with the performance. What we did see is we did see strong demand, particularly in the enthusiast and performance segments with our R9 and R7. 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. We expect that to catch up in the second quarter.

當然，克里斯，第一季的圖形市場對我們來說肯定是有利的。我們對演出很滿意。我們確實看到了強勁的需求，特別是在 R9 和 R7 的愛好者和性能領域。我們確實存在第一季供應未能完全滿足需求的情況，這主要是因為，正如我所說，需求量很大。我們預計這一數字將在第二季度趕上。

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

但現在相對於比特幣或光幣而言，我們的看法是，我們設計這些產品是為了實現領先的圖形遊戲功能。我們在生態系統和其他所有方面都投入了大量資金，例如我們的 Project Mantle，它真正讓軟體 ISV 針對 AMD 進行了優化，因此我們認為這將推動長期需求。相對於目前的加密貨幣，我們將觀察它在未來幾季如何發展。

Great. I'll squeeze in one more quick one, if that's all right. So love the profitability, the op profitability in GPU, but there was an operating loss in alt other, maybe wider than expected. 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. Thanks.

偉大的。如果可以的話，我會再快速地擠進一個。因此，我喜歡獲利能力，GPU 的營運獲利能力，但其他方面的營運虧損可能比預期的要大。如果您可以詳細討論這一切是怎麼回事，以及我們對今年剩餘時間的預期是什麼。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，當你說損失比預期更大時，你的意思是什麼，克里斯？

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

比我想像的要寬，就這麼說吧。

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. And the loss was $7 million going to $3 million. We do have the impact in the All Other of the stock comp expense, that's pretty much the same as last quarter. 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.

好的，如果您看一下計算解決方案部分，如果這是您所指的，那麼由於第四季度到第一季的季節性影響，收入有所下降。損失從 700 萬美元減少到 300 萬美元。我們確實受到了股票補償費用所有其他方面的影響，這與上一季基本相同。然後，我在準備好的發言中談到了一筆約 1,400 萬美元的遣散費，這筆錢屬於「所有其他」業務部門，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. 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.

克里斯，我認為，就計算領域而言，真正重要的是我們的業務恢復到了更具季節性的表現，我們正在談論在 2014 年未來幾個季度實現成長的機會。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策略關係類型。

Let's go to the next question.

我們來看下一個問題。

Our next question comes from Hans Mosesmann from Raymond James. Please go ahead.

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

Thank you, guys. 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. 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? And I have a follow-up, thank you.

謝謝你們。可能想問 Lisa 的一個問題是，英特爾正在大力推進平板電腦業務，並透過 ODM 等方式補貼亞洲的大量設計費用。如果有的話，這對 Mullins 和 Beema 有什麼影響？因為這可能是一個灰色地帶，你實際上可以與其中一些類型的平台競爭？我還有一個後續問題，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. Clearly, low-end tablets are very competitive, and we are not going after the very low end of the space. We're looking at a balanced portfolio around both profitability and share. So for Mullins and Beema, we have a strong set of design wins for those products. We expect those to launch in Q2 and build through the second half of the year.

當然，漢斯，當我們審視我們的產品組合時，實際上就是要建立一個平衡的產品組合。顯然，低階平板電腦的競爭非常激烈，我們並不會瞄準最低端市場。我們正在尋求一個兼顧獲利能力和份額的平衡投資組合。因此，對於 Mullins 和 Beema 來說，我們在這些產品的設計上取得了一系列優異成績。我們預計這些項目將在第二季推出，並在下半年建成。

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

我們希望透過這些產品真正獲得一個清晰的產品組合，因此我們將在低端市場採取非常積極的態度，而對於入門級筆記型電腦來說，我們也需要這樣做。但我們希望透過足夠的獲利來平衡這一點。我們認為這些產品的性能，尤其是 Beema，比我們上一代產品 Kabini 有了很大的提升。

Okay, thank you. And then as a follow-up, so you started sampling Seattle. You're going to be shipping in Q4. 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?

好的，謝謝。然後作為後續，您開始品嚐西雅圖。您將在第四季度發貨。整體而言，您認為明年超大規模企業等對 ARM 的採用情況如何？

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. 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.

當然，漢斯，我要告訴你的是，西雅圖周圍有很多客戶感興趣，所以對於伺服器人員、超大規模伺服器人員，甚至一些鄰近市場來說，都有很好的客戶興趣。我認為對我們來說最重要的是我們與客戶合作進行平台開發和軟體開發，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.

因此，相對於收入而言，現在判斷 2015 年會發生什麼可能還為時過早，但我要說的是，人們對該平台的興趣相當高，將我們的第一款 64 位元 ARM 晶片引入市場對我們來說是一個重要的里程碑。

And Hans, getting that ambidextrous strategy in place and launched, that's a really important milestone. 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. That's the kind of innovation, the leadership that we really want to go after.

對漢斯來說，制定並啟動這項雙管齊下的策略是一個非常重要的里程碑。我們在這裡所做的就是在機會出現之前就發現它，並在浪潮形成時抓住它。這才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. This is spot on in the strategy.

這將是未來 3 年、5 年、10 年的重要市場，我們有機會真正引領這個 ARM 伺服器生態系統，並利用我們的靈巧能力。這在戰略上是正確的。

Great, thank you very much.

太好了，非常感謝。

Our next question comes from David Wong of Wells Fargo. Please go ahead.

下一個問題來自富國銀行的 David Wong。請繼續。

Thank you very much. Does your guidance for the June quarter assume Computing Solutions sales go up or go down sequentially?

非常感謝。您對 6 月季度的預測是假設計算解決方案銷售額是環比上升還是下降？

We assume that they go up from Q1 to Q2.

我們假設它們從第一季到第二季會上升。

Great, and when will we expect you to introduce GPU products at a node below 28-nanometers? Will you have any 20-nanometer GPUs this year or next year?

太好了，我們什麼時候可以期待您推出 28 奈米以下節點的 GPU 產品？今年或明年你們會推出 20 奈米 GPU 嗎？

David, yes, I think what I said earlier, what we're doing in terms of technology, strategy, we are 28 this year. We have 20-nanometer in design, and the thin-fed thereafter, so that's the overall product portfolio.

大衛，是的，我想我之前說過，我們在技術、策略方面所做的工作，今年我們已經 28 歲了。我們採用 20 奈米設計，隨後採用薄饋電設計，這就是整體產品組合。

That includes GPUs, Lisa?

這包括 GPU 嗎，麗莎？

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

這是整體的產品組合，所以我不會具體比較圖形與其他產品。

Okay, great, and my final question. When do you expect to first start generating semi-custom revenues from chips at GlobalFoundries? And will moving to GlobalFoundries for game console chips reduce the cost of the chips or is it a neutral move?

好的，太好了，這是我的最後一個問題。您預計何時能從 GlobalFoundries 的晶片中開始產生半客製化收入？而將遊戲機晶片轉向 GlobalFoundries 是否會降低晶片成本，還是這只是一個中性的舉措？

Yes, so we will see semi-custom chips from GlobalFoundries in the second half of this year. And relative to our operating margin guidance on semi-custom, it stays the same. So it's what we've said previously.

是的，所以我們將在今年下半年看到 GlobalFoundries 的半客製化晶片。相對於我們對半客製化的營業利潤率指導，它保持不變。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. Please go ahead.

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

Thank you for taking my questions and congratulations. Lisa, you talked a bit about the enterprise strength. 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?

感謝您回答我的問題並表示祝賀。Lisa，您談了一下企業實力。您能否談談目前企業和消費者之間的業務分工情況，以及您預計今年剩餘時間內的分工情況如何？

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

那麼，這是相對於客戶業務而言的問題，還是相對於資料中心而言的問題？

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. So we have a good set of design wins, and those are going to ramp in the second half of the year. We've worked very closely with some of the major OEMs. So we expect the commercial client side of the business to be a growth engine for us. As Rory said, we expect to grow the PC business overall and commercial will be an important piece of that.

好的，是的，相對於客戶業務，我想說我們目前在商業或企業領域的代表性相當低。因此，我們獲得了一系列良好的設計成果，這些成果將在今年下半年提升。我們與一些主要的原始設備製造商保持著密切的合作。因此，我們預期商業客戶端業務將成為我們的成長引擎。正如羅裡所說，我們期望整體 PC 業務成長，而商業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. We've heard Intel talking pretty aggressively about going after the sub $400 notebook market. What impact are you seeing there in an area that has typically been your strong suit?

您談到了平板電腦的低階市場，這不是您所追求的目標。我們聽說英特爾正在積極談論進軍 400 美元以下筆記型電腦市場。在您通常所擅長的領域，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. So there is a lot of competition there, and the prices are aggressive. However, back to our overall strategy, I think the key piece for us was building a strong foundation for the client business. It's an important piece of our business, and we want to manage it for both growth and profitability.

當然，個人電腦業務中的消費部分、低階消費部分是最不穩定的部分。因此那裡的競爭非常激烈，而且價格也很有競爭力。然而，回到我們的整體策略，我認為對我們來說關鍵的是為客戶業務建立堅實的基礎。這是我們業務的重要組成部分，我們希望對其進行管理，以實現成長和獲利。

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. And so if we miss out on some units at the low end, so be it. But we want to make sure that we have a balanced business across the stack going forward.

因此，我們的重點實際上是如何將正確的產品組合推向市場，確保我們能夠推銷我們產品優勢的價值主張。因此，如果我們錯過了一些低端產品，那就這樣吧。但我們希望確保未來整個堆疊的業務能夠保持平衡。

And then lastly on the [vid] server side, so Seattle in the fourth quarter. What's the intersection of SeaMicro working on your Seattle platform, timing of that versus what has historically been more Intel load?

最後在 [vid] 伺服器端，西雅圖在第四節。SeaMicro 在您的西雅圖平台上的工作有何交集？與歷史上英特爾負載更大的情況相比，其時間安排如何？

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

是的，系統業務的優勢之一是我們可以在晶片開發和系統開發之間進行程式碼開發。因此，對我們來說，擁有西雅圖和 SeaMicro 系統非常重要，而且它們正在開發中。

And were those launched in Q4 together?

這些是在第四季一起推出的嗎？

The Q4 statement was a chip statement.

Q4 報表是一份晶片報表。

And then lastly, the heavy interest you said you're seeing in Seattle. How big, how much of that is driven by the strength that you have in your fabric?

最後，您說西雅圖引起了人們的濃厚興趣。其中有多大、有多少是由織物的強度決定的？

I think what we're seeing in Seattle is really interest from a number of different angles. I think there's general interest in ARM. There is interest in trying out the new work loads with the capability. 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. So I think the interest in Seattle is really -- it's the first 28-nanometer, 64-bit server chip out in the market. And I think that's driving the customer engagement.

我認為我們在西雅圖看到的確實是來自不同角度的興趣。我認為大家普遍對 ARM 有興趣。人們有興趣嘗試使用該功能來應對新的工作負載。我認為我們將布料視為一個重要的區別因素，但我們認為這是業務系統部分的長期區別因素。所以我認為人們對西雅圖的興趣實際上在於——它是市場上第一款 28 奈米、64 位元伺服器晶片。我認為這正在推動客戶參與。

Thank you very much and congratulations.

非常感謝，恭喜你。

Our next question comes from Joe Moore of Morgan Stanley. Please go ahead.

我們的下一個問題來自摩根士丹利的喬·摩爾。請繼續。

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

太好了，謝謝。將 GPU 引入 GlobalFoundries 的 [當前] 情況也是下半場嗎？您認為按時生產這些產品並利用全部 12 億美元的晶圓供應協議是否有風險？

Yes, actually, for the timing of the graphics in GlobalFoundries, we've already started shipping from GlobalFoundries and Graphics. So we think that the qualification cycle has been as expected and so --.

是的，實際上，對於 GlobalFoundries 中的圖形時間，我們已經開始從 GlobalFoundries 和 Graphics 發貨。因此我們認為資格週期已達到預期，所以——。

And from a standpoint, Joe, just like we did in 2013, we laid out our commitments and we delivered on those commitments. 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. We're on track to meet that objective of the WSA, and you should see it as that commitment.

喬，從這個角度來看，就像我們在 2013 年所做的那樣，我們制定了承諾，並兌現了這些承諾。隨著我們進入 2014 年 WSA，我們在這裡做出的每一項承諾，我們都專注於執行以實現這些承諾。我們正朝著實現 WSA 目標的方向前進，您應該將其視為我們的承諾。

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

好的，非常感謝，那麼對於遊戲機以外的半客製化產品，您是否以 GPU 為主導銷售，還是更多地由 CPU 驅動？還是兩者的結合？您能否向我們介紹一下您在遊戲機市場和半客製化市場之外銷售的價值主張？

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. So I think it's all of the above. The foundation is the IP, and then the glue is the SoC integration and architectural capability.

當然，實際上，遊戲機以外的半客製化的價值主張是我們的 CPU 功能（同時具有 ARM 和 x86 功能）與尖端圖形之間的整合包，以及為這些架構整合非常客製化的解決方案的能力。所以我認為以上都是原因。基礎是IP，然後黏合劑是SoC整合和架構能力。

Joe, one of the things, that as you may know, I came from the customer side. The customer side that we're working with day in and day out to create that strategic relationship, they're looking for an edge. Just like we did with Microsoft and Sony, we created an edge for them. We created a differentiated solution by marrying our IP with their ingenuity and product ideas. That's exactly what we want to do in semi-custom.

喬，其中一件事，正如你可能知道的，我來自客戶方面。我們日復一日地與客戶合作以建立策略關係，他們正在尋找優勢。就像我們對待微軟和索尼一樣，我們為他們創造了優勢。我們將我們的知識產權與他們的獨創性和產品理念結合起來，創造了差異化的解決方案。這正是我們想要在半客製化中做的事情。

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

我們變得越來越容易合作；憑藉著完美無瑕的坡道，我們履行了自己的職責並履行了自己的承諾。人們在市場上尋找半導體的優勢，尋找如何打敗市場，他們不再只想要商業標準解決方案。他們想要一種獨特的產品，讓他們能夠改變遊戲並取得勝利，而這正是我們在半客製化中嘗試做的事情。

Great, thank you.

太好了，謝謝。

Our next question comes from John Pitzer with Credit Suisse. Please go ahead.

我們的下一個問題來自瑞士信貸的約翰‧皮策。請繼續。

Hi. This is Andrew Paik calling on behalf of John Pitzer. Just wanted to quickly touch on the embedded and semi-custom business again. It would be very helpful if you could elaborate on some of the specific application products that you're targeting. Those that you're not necessarily engaged in right now, but targeting within the growth end markets you discussed earlier, thank you.

你好。我是 Andrew Paik，代表 John Pitzer 打電話。只是想再次快速談嵌入式和半客製化業務。如果您能詳細說明您所針對的一些特定應用產品，那將會非常有幫助。那些您現在不一定參與但針對您之前討論過的成長終端市場的目標市場，謝謝。

Sure, so Andrew, on the semi-custom side, as we said, there's a wide range of opportunities. These are usually larger opportunities that drive higher volume and can justify a semi-custom NRE, engineering expense. 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.

當然，安德魯，正如我們所說，在半定制方面有很多機會。這些通常是更大的機會，可以推動更高的產量，並可以證明半客製化 NRE 和工程費用是合理的。因此，遊戲、行動性、企業應用程式以及其他消費者事物（例如客廳類型的應用程式）都是半客製化的、大批量的產品。

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. So things like digital signage, industrial controls and automation, medical imaging, those are some examples. Thin client are other examples that fit well with our embedded business, so those are the end markets that we're attacking.

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成長機會，因為它與我們的 APU 和 GPU 非常契合，並且我們能夠區分和調用視覺嵌入式解決方案。數位看板、工業控制和自動化、醫學成像等等就是一些例子。瘦客戶端是與我們的嵌入式業務非常契合的其他例子，因此這些是我們正在進入的終端市場。

Thank you, very helpful. And I just wanted to quickly touch on the longer-term gross margin structure again. 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? Thank you.

謝謝，非常有幫助。我只是想再次快速談長期毛利率結構。我知道之前有人問過這個問題，但這主要是產品組合的功能嗎，還是有其他重要因素可能在近期起到積極的推動作用？謝謝。

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. You have the thin-server piece of it, and then the reach of PC mix on the commercial space. All of those in combination are higher than corporate average gross margin, so that's obviously good.

我認為，如果你看一下毛利率驅動因素，Lisa 和 Rory 談到的嵌入式業務，我們談到的專業圖形，我們在 2013 年實現的增長以及在 2014 年繼續保持的勢頭。您擁有瘦伺服器部分，且 PC 組合可在商業領域覆蓋。所有這些加起來都高於企業平均毛利率，所以這顯然是件好事。

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. If we attacked a richer mix set, that could benefit the gross margin. And part of the mix here is because the semi-custom business is a different model. You have lower than corporate average gross margin, but is accretive to the operating margin line. 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.

個人電腦市場環境顯然是一個因素，我們看到至少從先前下降的 10% 到下降 7% 到 10% 的水平有所改善。如果我們推出更豐富的組合，那麼毛利率就會提高。這裡的部分原因是因為半定制業務是一種不同的模式。您的毛利率低於公司平均水平，但對營業利潤率卻有增值作用。隨著我們不斷實現產品組合多樣化，這就是短期和長期毛利率的組合和相互作用所在。

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? Thank you.

明白了，謝謝。最後一個問題，相對於您對整體 PC 終端市場同比下降約 7% 至 10% 的最新看法，您是否預計您的計算解決方案業務的表現會超過您對整體 PCM 市場的預期，或者基本符合您對 PC 市場的最新看法？謝謝。

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

從我們的角度來看，我認為我們有機會在第一季恢復季節性。我們做到了。現在，我們已設定了 2014 年未來幾季的成長目標，這是我們穩定業務的下一步，也是合乎邏輯的下一步。

Let's take a look at how this next quarter unfolds. We have a whole set of new commercial products that are beginning to rollout. We have the desktop channel. You may have noticed that we introduced that low-power socketed APU into the channel this quarter. We're seeing some nice trends there and some nice product introductions. But we also have a competitor that's really taking a different approach in terms of revenue management. And they have a different philosophy on profitability sometimes, and we're going to choose the mix and the right business. This idea of [contra]-revenue is a foreign idea to us.

讓我們看看下一季的情況如何。我們有一整套新的商業產品即將開始推出。我們有桌面頻道。您可能已經注意到，我們在本季將低功耗插座式 APU 引入了管道。我們看到了某些不錯的趨勢和一些不錯的產品介紹。但我們的競爭對手在收益管理方面確實採取了不同的方法。有時他們對獲利能力有不同的理念，我們會選擇組合和正確的業務。這種「反收入」的想法對我們來說是一個陌生的概念。

Got it. Very helpful. Thank you very much.

知道了。非常有幫助。非常感謝。

Our next question comes from JoAnne Feeney of ABR. Please go ahead.

下一個問題來自 ABR 的 JoAnne Feeney。請繼續。

Hi congratulations, folks, on a really nice quarter. I have a question about the GlobalFoundries new agreement. Given what you ended up spending last year, sub $1 billion; this year, up to $1.2 billion. Can you perhaps give us a sense of a break down of that number, that growth in the anticipated payments?

大家好，恭喜你們度過了一個非常愉快的季度。我對 GlobalFoundries 的新協議有疑問。考慮到你去年的最終支出，低於 10 億美元；今年將達到12億美元。您能否給我們詳細解釋一下這個數字以及預期付款的成長？

How much of it is coming from higher anticipated production of chips they already produce through APUs? And how much of it is coming from the graphics that you're moving over? And then how much from the semi-custom you anticipate in the second half? If you could give any color on that, it would be really helpful.

其中有多少是來自於他們已經透過 APU 生產的晶片的更高預期產量？其中有多少來自您正在移動的圖形？那麼，您預計下半年半客製化業務的營收將達到多少？如果您能對此作出任何說明，那將會非常有幫助。

Yes, JoAnne I can give you some color. I may not get that specific or granular in terms of the various parts that you mentioned. But if you recall 2013, we had an original agreement at about $1.2 billion. As we [bought] in 2013 with a relationship and partnership, we took $200 million less wafers in 2013 without any special payments or penalties.

是的，喬安妮，我可以給你一些顏色。我可能無法了解您所提到的各個部分的具體細節。但如果你還記得 2013 年，我們最初的協議金額約為 12 億美元。由於我們在 2013 年透過合作關係進行購買，因此我們在 2013 年減少了 2 億美元的晶圓採購，並且沒有支付任何特殊款項或罰款。

Regarding 2014, we look at the demand profile. 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. 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. No impact from a financial standpoint and from a gross margin standpoint. 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.

關於2014年，我們來看看需求概況。我們在 2014 年第一季的採購額約為 2.5 億美元，2014 年按照付不議原則的總採購額為 12 億美元。我可以告訴你們的是，我們談論的有關 PC 業務的一切，從 GlobalFoundries 購買 PC 產品符合我們的業務預期。從財務角度和毛利率角度來看沒有影響。顯然，其中的平衡是在半客製化和圖形領域，這是我們 2014 年從 GlobalFoundries 收購的產品。

Okay, that's helpful. 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?

好的，這很有幫助。然後，作為一個快速的後續問題，當您努力在商業業務中取得更好的表現時，您覺得您主要在桌上型電腦還是筆記型電腦上取得進展，或者兩者兼而有之？

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

JoAnne，我們實際上看到了桌上型電腦和筆記型電腦的商業機會。我們認為這確實是一套很好的設計和平台，將於今年下半年在市場上推出。

Okay great, and then one other clarification. On the new-semi custom business you're working on this year. 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. 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?

好的，太好了，然後再澄清一點。關於您今年正在從事的新型半定制業務。聽起來您對獲得這些設計勝利感到很放心，您也期待獲得這些設計勝利，但也許現在談論收入來源還為時過早。您能否告訴我們，你們在設計得標過程中處於什麼階段，以及他們的收入與你們目前在遊戲機方面所取得的收入相比如何？

We're, as I said earlier, JoAnne, we're on track to close one to two of those wins this year. And I think that's clear as where we are and what we're trying to do. Let us get those things closed, and they're going to be confidential wins, but we'll make it clearer as the year unfolds. 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.

正如我之前所說，喬安妮，我們今年有望取得一到兩場勝利。我認為，我們的處境和我們要做的事情都非常明確。讓我們把這些事情解決掉，這將是保密的勝利，但隨著時間的推移，我們會讓它變得更加清晰。這就是我們應該達到的水平，但我們正在朝著那一到兩場勝利的方向前進，正如我們在 2014 年所說的那樣。

Okay, thank you that's helpful.

好的，謝謝，這很有幫助。

Operator, we'll take two more questions.

接線員，我們還想回答兩個問題。

Certainly. Our next question comes from the line of Mark Lipacis with Jefferies & Company. Please go ahead.

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

Thank you for taking my questions. First question, hoping you can help me with some back-of-the-envelope math. 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. 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. Is that a fair way to think about it?

感謝您回答我的問題。第一個問題，希望您能幫我解答一些簡單的數學問題。如果你的目標是從高成長領域獲得 50% 的收入，我認為根據我的計算，這意味著除了遊戲機之外，你還能獲得大約 10 億美元的額外收入。如果你打算再進行一到兩筆半客製化交易，那麼這意味著它們將帶來巨大的收入和本壘打機會。這是一種公平的思考方式嗎？

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. There's five of them. We're going to see progress, and we mentioned, there was year-to-year progress embedded. There was sequential progress in terms of Pro Graphics. 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.

嗯，你應該看看我們在 2015 年底前預計在這些關鍵高成長領域實現的 50% 的目標。一共有五個人。我們將會看到進步，而且我們也提到過，我們每年都會取得進步。Pro Graphics 方面取得了連續的進步。這些都是因素，而且正如 Devinder 所強調的那樣，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. That in hand, generally targets something in the $200 million to $500-plus lifetime revenue targets.

我們的目標是半客製化領域真正有趣的應用，我們可以與行業領導者合作，創造真正差異化的解決方案。整體而言，其終生收入目標在 2 億美元至 5 億美元以上。

That's very helpful, Rory, thank you. 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. Will you talk about your road map to FinFETs at GlobalFoundries. If they are using fully depleted technology, is that different than the technology they're currently using? And would that require additional investment by you guys to try to get to that ultimately?

這非常有幫助，羅裡，謝謝你。然後是關於製造工藝路線圖的後續問題，麗莎，看起來您的 GlobalFoundries 與三星簽署了合作協議或宣布了合作協議，以授權其在完全耗盡的 14 奈米 FinFET 上的技術。可以談談 GlobalFoundries 的 FinFET 路線圖嗎？如果他們使用完全耗盡的技術，這與他們目前使用的技術有什麼不同？這是否需要你們額外投資才能最終實現這個目標？

Sure, Mark. So let me comment on that. So if we look at the overall relationship that GlobalFoundries signed with Samsung, I think we view that as a good thing. I think it's good for the industry and it's good for AMD, relative to collaboration in getting FinFETs to market sooner.

當然，馬克。因此請允許我對此作出評論。因此，如果我們看一下 GlobalFoundries 與三星簽署的整體關係，我認為我們認為這是一件好事。我認為這對行業有利，對 AMD 也有利，因為雙方可以透過合作更快地將 FinFET 推向市場。

Relative to investment side, I think from that standpoint, we have a road map to go to FinFETs. It's a very important technology for us, and I wouldn't see that this agreement changes or affects that in any way.

相對於投資方面，我認為從這個角度來看，我們有走向 FinFET 的路線圖。這對我們來說是一項非常重要的技術，我認為這項協議不會以任何方式改變或影響它。

Thank you, last question, if I may. According to 8-K filing, it looks like Mubadala exercised warrants to get to 19% ownership. Are there any implications on steering the direction of the Company, or should we read anything into this? How should we think about that? Thank you very much.

謝謝，如果可以的話，這是最後一個問題。根據 8-K 文件，穆巴達拉似乎已行使認股權證以獲得 19% 的所有權。這對於引導公司的發展方向有何影響？或者我們應該從中解讀出什麼？我們該如何看待這個問題？非常感謝。

Yes, no problem Mark. We don't generally comment on our investors' actions and strategies. We have a very strong relationship and focus with our key investors. I think you should probably talk to them in terms of where they're going.

是的，沒問題，馬克。我們通常不會對投資者的行為和策略發表評論。我們與主要投資者保持著非常密切的關係，並且高度重視。我認為你應該和他們談談他們要去哪裡。

Fair enough, Thank you.

夠公平，謝謝。

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

我們的最後一個問題來自 Stifel Nicolaus 的 Kevin Cassidy。請繼續。

Thank you for squeezing me in. The professional GPU business seems to be getting some good momentum. 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?

謝謝你把我擠進來。專業 GPU 業務似乎正在獲得良好的發展勢頭。您能否告訴我們—讓我們了解您預期的成長率，以及今年和明年您的 GPU 的百分比是多少？

Yes, Kevin, let me try to answer that. So the Pro Graphics business is definitely a growth opportunity for that. You've heard that in our -- it's part of those five segment -- or five businesses that we think will drive to that 50%. 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.

是的，凱文，讓我試著回答這個問題。因此，Pro Graphics 業務無疑是個成長機會。您已經聽說過，這是我們認為將推動實現 50% 目標的五個細分市場或五個業務的一部分。無需給出確切的數字，我想說我們目前在 Pro Graphics 領域的代表性還很不足，因此獲得正確的產品並推動成長一直是我們關注的重點。

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

我們看到第四季度與第一季相比實現了連續成長，這是一件好事。我們談到了 Apple Mac Pro 推動了該市場部分份額的成長，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。因此，我們認為這對我們來說是一個很好的成長機會，隨著今年的進展，我們將對此給予更多的重視。

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 年第一季財報電話會議到此結束，我們要感謝大家今晚的參加。

Thank you, presenters, and thank you ladies and gentlemen. Again, this does conclude today's call. Thank you for your participation and have a wonderful day. Attendees you may now all disconnect. Thank you.

謝謝各位主持人，也謝謝各位女士們、先生們。再次，今天的電話會議到此結束。感謝您的參與並祝您有美好的一天。各位與會者現在都可以斷開連線了。謝謝。