超微半導體 (AMD) 2014 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Advanced Micro Devices Q2 earnings conference call.

女士們、先生們，大家好。感謝您的支持。歡迎參加 AMD 第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference call is being recorded. I would now like to turn the conference to our host, Miss Ruth Cotter, corporate Vice President of Investor Relations.

提醒一下，本次電話會議正在錄音。現在，我想將會議的主持人、公司投資者關係副總裁 Ruth Cotter 女士邀請到。

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

感謝您並歡迎參加 AMD 第二季度財報電話會議。現在，您應該已經有機會查看我們的收益報告副本和投影片上的財務長評論。如果您還沒有查看這些文檔，可以在 AMD 網站 www.IR 上找到。AMD.com。

Speakers 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. Lisa Su, our Senior Vice President and Chief Operating Officer, will be present for the Q&A portion of the call. This is a live call and will be replayed via webcast on www.AMD.com.

今天電話會議的發言人是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。我們的資深副總裁兼營運長 Lisa Su 將出席電話會議的問答環節。這是一次現場通話，並將透過 www.AMD.com 上的網路直播重播。

I'd like to take the opportunity to highlight a few dates for you. Devinder Kumar will attend the Jefferies Semiconductor Hardware and Communications Infrastructure Summit on August 27 in Chicago. Rory Read will attend the Deutsche Bank Technology Conference on September 9 in Las Vegas. Our third-quarter quiet time will begin at the close of business on Friday, September 12. Lastly, we intend to announce third-quarter earnings on October 16.

我想藉此機會向大家重點介紹幾個日期。Devinder Kumar 將於 8 月 27 日出席在芝加哥舉行的 Jefferies 半導體硬體和通訊基礎設施高峰會。Rory Read 將於 9 月 9 日出席在拉斯維加斯舉行的德意志銀行技術大會。我們的第三季靜默期將於 9 月 12 日星期五下班後開始。最後，我們計劃於 10 月 16 日公佈第三季財報。

Please note that non-GAAP financial measures referenced during this call are reconciled to the most directly comparable GAAP financial measure in the press release and CFO commentary posted on our website at www.quarterlyearnings. AMD.com. Before we begin, let me remind everyone that today's discussion contains forward-looking statements based the environment as we currently see it. 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 statements in today's earnings press release and CFO commentary for more information. You will also find detailed discussions around the risk factors in our filings with the SEC and in particular, AMD's quarterly report on form 10-Q for the quarter ended March 29, 2014.

請注意，本次電話會議中引用的非 GAAP 財務指標與我們網站 www.quarterlyearnings 上發布的新聞稿和 CFO 評論中最直接可比較的 GAAP 財務指標相協調。AMD.com。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。這些聲明是基於當前的信念、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。請參閱今天的收益新聞稿和財務長評論中的警告聲明以獲取更多資訊。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風險因素的詳細討論，特別是 AMD 截至 2014 年 3 月 29 日的 10-Q 表季度報告。

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

現在，我將把電話交給羅裡。

Thank you, Ruth. The second quarter capped off a solid first half of the year for AMD. We have made significant progress in transforming our Company. This was highlighted by our second-quarter results including revenue of $1.44 billion, an increase of 24% from the year ago period, and non-GAAP EPS of $0.02, an improvement of $0.11 compared to the same period last year.

謝謝你，露絲。第二季為 AMD 今年上半年的穩健表現畫上了圓滿的句點。我們在公司轉型方面取得了重大進展。我們第二季的業績突顯了這一點，包括營收 14.4 億美元，比去年同期成長 24%，非 GAAP 每股收益為 0.02 美元，比去年同期提高 0.11 美元。

We are clearly executing our strategy, building a stronger AMD business model and enhancing our ability to deliver consistent performance. We have diligently managed expense and lowered our cost structure, significantly reducing operating expenses while strategically investing in innovation that will fuel our future growth.

我們正在明確執行我們的策略，建立更強大的 AMD 業務模式並增強我們提供持續效能的能力。我們努力管理費用並降低成本結構，大幅減少營運費用，同時策略性地投資於創新，以推動我們未來的成長。

At the same time, we have relentlessly focused on improving and consistently executing, hitting our key product milestones and ensuring we deliver on our commitments to our customers. We have improved our balance sheet by re-profiling debt at lower rates, which we expect will reduce our interest expense with no significant debt coming due until 2019. We have driven our AMD leadership processing and graphics technology into new markets, and we're currently on track to generate approximately 40% of our revenue from these high-growth markets for the full year 2014. We also remain on track to deliver 50% of our revenue from these high-growth markets by year-end 2015.

同時，我們堅持不懈地致力於改進和持續執行，實現我們的關鍵產品里程碑，並確保履行對客戶的承諾。我們透過以較低的利率重新配置債務來改善我們的資產負債表，我們預計這將降低我們的利息支出，因為在 2019 年之前不會有重大債務到期。我們已將 AMD 領先的處理和圖形技術帶入新市場，目前我們預計在 2014 年全年從這些高成長市場中獲得約 40% 的收入。我們也預計在 2015 年底前從這些高成長市場實現 50% 的收入。

As a result, for the first six months of 2014, AMD's revenue increased 26%, and our non-GAAP EPS improved by $0.26, compared to the first half of 2013. We have now delivered four consecutive quarters of non-GAAP profitability, and we remain on track to deliver on our commitment of non-GAAP profitability and revenue growth for the full year 2014.

因此，2014 年上半年，AMD 的營收與 2013 年上半年相比成長了 26%，非 GAAP 每股盈餘提高了 0.26 美元。我們現在已經連續四個季度實現非公認會計準則盈利，並且我們仍有望兌現2014年全年非公認會計準則盈利和收入增長的承諾。

Now, let's turn our attention to our business achievements in the second quarter. Semi-custom SoC shipments increased from the prior quarter as we continued to see strong demand for AMD-powered game consoles. We had record semi-custom unit shipments in the second quarter, and we expect to continue to ramp shipments into the third quarter, our peak quarter, as Microsoft and Sony prepare for the holiday cycle.

現在，讓我們把注意力轉向第二季的經營成果。由於我們繼續看到對搭載 AMD 晶片的遊戲機的強勁需求，半客製化 SoC 的出貨量較上一季度有所增加。我們在第二季創下了半客製化單位出貨量的記錄，隨著微軟和索尼為假期週期做準備，我們預計在第三季（我們的高峰季度）將繼續增加出貨量。

In our embedded business, revenue increased by double-digit percentage from the previous quarter, as new design wins started to ramp in this key growth market. We launched several new products in the quarter and announced wins with HP's thin client as well as Boeing's next-generation advanced cockpit display systems to name just a few. Most importantly, looking at our embedded pipeline, our design win momentum accelerated in the first half of this year across our key target markets of thin client, gaming and industrial controls.

在我們的嵌入式業務中，由於這一關鍵成長市場的新設計勝利開始增加，營收較上一季成長了兩位數百分比。我們在本季推出了幾款新產品，並宣布贏得惠普瘦客戶端以及波音下一代先進駕駛艙顯示系統的訂單，僅舉幾例。最重要的是，縱觀我們的嵌入式管道，今年上半年，我們在瘦客戶端、遊戲和工業控制等主要目標市場的設計獲勝勢頭加速。

In our professional graphics business, unit shipments increased significantly from the prior period as we continued to grow our FirePro business with Apple, Dell and HP. We look forward to driving even more share gains in this margin accretive market.

在我們的專業圖形業務中，由於我們繼續與蘋果、戴爾和惠普拓展我們的 FirePro 業務，單位出貨量較上一時期大幅增加。我們期待在這個利潤成長的市場中推動更多的份額成長。

In our dense server business, first half 2014 revenues more than doubled compared to the year-ago period. We are actively sampling Seattle, the industry's first 28-nanometer 64 bit ARM server processor and remain on track for launch in the fourth quarter.

在我們的密集伺服器業務中，2014 年上半年的營收與去年同期相比成長了一倍以上。我們正積極推出業界首款 28 奈米 64 位元 ARM 伺服器處理器 Seattle，預計將於第四季推出。

Now, let's turn to the PC market. The overall PC market has shown signs of improvement, largely driven by the commercial refresh cycle. However, the consumer market remains under pressure, and we expect the overall PC market is going to continue to be down by 5% to 7% for the year 2014.

現在，讓我們轉向PC市場。整體個人電腦市場已出現改善跡象，這主要受到商業更新周期的推動。然而，消費市場仍面臨壓力，我們預期2014年整體PC市場將持續下滑5%至7%。

In the second quarter, AMD's overall microprocessor unit shipments increased sequentially for the first time in four quarters, driven by the introduction of new notebooks from Acer, Dell, HP, Lenovo and others powered by our latest Beema and Kaveri APUs. We also launched AMD's PRO A-series APU in the quarter and remain on track to more than double the number of AMD-based commercial offerings available by the end of the year. HP has already announced a full range of elite commercial offerings powered by AMD. And additional OEMs will begin rolling out AMD's power commercial offerings this quarter.

在第二季度，AMD 的整體微處理器出貨量四個季度以來首次環比增長，這得益於宏碁、戴爾、惠普、聯想等公司推出的搭載我們最新的 Beema 和 Kaveri APU 的新筆記型電腦。我們也在本季推出了 AMD 的 PRO A 系列 APU，並預計在年底前將基於 AMD 的商業產品數量增加一倍以上。HP 已經宣布推出由 AMD 提供支援的全系列精英商用產品。其他 OEM 廠商將於本季開始推出 AMD 的強大商業產品。

In the desktop space, demand for our desktop APUs was strong from our OEMs. However, the desktop component channel was softer than we expected. We believe that with the expansion of our A-Series APU portfolio, and continued ramp of our first low-powered socketed desktop APU, this business will strengthen over the coming quarters. Overall, we saw the first sequential revenue increase for our computing solutions segment in four quarters. Our PC strategy remains focused on delivering profitability by diversifying into the commercial, stabilizing the overall PC business and leveraging the channel to deliver profitability.

在桌面領域，我們的 OEM 對我們的桌面 APU 的需求很強勁。然而，桌面組件管道的表現比我們預期的要疲軟。我們相信，隨著 A 系列 APU 產品組合的擴大，以及首款低功耗插槽式桌上型電腦 APU 的持續成長，這項業務將在未來幾季得到加強。總體而言，我們的計算解決方案部門收入四個季度以來首次連續成長。我們的個人電腦策略仍專注於透過多元化商業業務、穩定整體個人電腦業務和利用管道來實現盈利，從而實現盈利。

Now, let's turn to graphics. In graphics, we saw strong growth in our notebook GPUs as OEM design wins began to ramp in the quarter. This was offset by a decline for our enthusiast class offerings in the AIB channel as demand from cryptocurrency miners abated. We expect to increase GPU shipments this quarter as market pricing for our R7 and R9 offerings become more consistent and as we head into what is typically the stronger second half of the year for GPUs. Regaining graphics market share remains a priority, and we are confident that our products, go-to-market programs and design wins can drive gains throughout the coming quarters.

現在，讓我們轉向圖形。在圖形方面，隨著本季度 OEM 設計勝利開始增加，我們的筆記型電腦 GPU 出現了強勁增長。由於加密貨幣礦工的需求減弱，我們在 AIB 管道的愛好者級產品供應量下降，從而抵消了這種影響。隨著我們的 R7 和 R9 產品的市場定價變得更加一致，我們即將進入 GPU 通常表現更強勁的下半年，我們預計本季 GPU 出貨量將會增加。重新獲得圖形市場份額仍然是我們的首要任務，我們相信我們的產品、上市計劃和設計勝利可以在未來幾季推動成長。

Today, we are more than halfway through our three-step transformational strategy. I am pleased with the progress that we have made as shown by the significant turnaround in our results and our strong continued momentum. We still have more work to do.

今天，我們的三步驟轉型策略已經完成過一半。我對我們的進展感到高興，這體現在我們的業績顯著好轉和持續強勁的發展勢頭上。我們還有更多的工作要做。

In the second half of the year, we are focusing on delivering non-GAAP profitability in 2014, and full-year revenue growth by continuing the following. The ongoing ramp of our semi-custom SoCs to meet the strong game console demand; driving sales for the expanded number of design wins we have secured in the commercial space, which is clearly the strongest performing part of the PC market; return to growth in our channel business and gain share in discrete graphics; and continue growth in the embedded and professional graphics market and securing additional design wins. We also remain on track to secure one to two additional semi-custom design wins that will help accelerate our transformation throughout the coming years.

下半年，我們致力於實現2014年非公認會計準則獲利，並透過繼續以下措施實現全年收入成長。我們不斷增加半客製化 SoC 以滿足強勁的遊戲機需求；推動我們在商業領域獲得的設計訂單數量的增加，這顯然是個人電腦市場表現最強勁的部分；恢復渠道業務的增長並增加獨立顯卡的份額；並繼續在嵌入式和專業圖形市場中增長並獲得更多的設計勝利。我們還有望獲得一到兩個額外的半客製化設計訂單，這將有助於加速我們未來幾年的轉型。

So, in summary, we are demonstrating that our three-step transformation is driving solid progress and results at AMD. To help drive continued success in the next phase of our transformation, last month we realigned several internal functions to create a single market-focused team designed to strengthen our traditional PC business and drive future growth in adjacent markets where our leadership IP provides AMD with a competitive advantage.

總而言之，我們正在證明我們的三步驟轉型正在推動 AMD 取得堅實的進步和成果。為了幫助推動我們轉型下一階段的持續成功，上個月我們重新調整了幾個內部職能，創建了一個以市場為中心的團隊，旨在加強我們的傳統 PC 業務，並推動相鄰市場的未來成長，在這些市場中，我們的領先 IP 為 AMD 提供了競爭優勢。

We appointed Lisa Su as Chief Operating Officer to lead this new organization, and she will oversee daily operations of our product roadmap strategy and execution, to help drive long-term growth. Our three-step transformation will take us through 2015, at which time a different AMD will have a diversified portfolio, consistent execution and our next-generation technology which will take us to the next phase.

我們任命 Lisa Su 為首席營運長來領導這個新組織，她將監督我們產品路線圖策略和執行的日常運營，以幫助推動長期成長。我們的三步驟轉型將帶領我們度過2015年，屆時，一個不同的AMD將擁有多元化的產品組合、一致的執行力和我們的下一代技術，這將帶領我們進入下一階段。

Our strategy is working, and we look forward to updating you on our progress and success as we forge ahead. With that, let me turn the call over to Devinder. Devinder?

我們的策略正在發揮作用，我們期待在前進的過程中向您通報我們的進展和成功。說完這些，讓我把電話轉給 Devinder。德文德？

Thank you, Rory, and good afternoon to all those listening in today. We had good financial performance in the second quarter, capping off a solid first half of 2014.

謝謝你，羅裡，祝今天收聽節目的各位下午好。我們第二季的財務表現良好，為 2014 年上半年的穩健表現畫下了圓滿的句點。

We grew revenue sequentially and realized our fourth straight quarter of non-GAAP net income. We also continue to make progress in our strategy to transform AMD and saw traction in our growth businesses as evidenced by the strong performance of our semi-custom professional graphics and embedded products.

我們的收入連續成長，並連續第四個季度實現非公認會計準則淨收入。我們在 AMD 轉型策略方面也繼續取得進展，我們的成長業務也獲得了推動力，這從我們的半客製化專業圖形和嵌入式產品的強勁表現中可見一斑。

Turning to the specifics for the second quarter. Revenue was $1.44 billion, up 3% sequentially, driven primarily by strong sales of our semi-custom SoC and notebook offerings and up 24% year-over-year, primarily driven by strong sales of our semi-custom SoC offerings. Gross margin was 35%, flat from the prior quarter despite higher semi-custom SoC sales, which have a lower than corporate average gross margin, offset by a richer mix of notebook products.

談談第二季的具體情況。營收為 14.4 億美元，比上一季成長 3%，主要得益於半客製化 SoC 和筆記型電腦產品的強勁銷售；比去年同期成長 24%，主要得益於半客製化 SoC 產品的強勁銷售。毛利率為 35%，與上一季持平，儘管半客製化 SoC 銷售額增加，但毛利率低於公司平均水平，被更豐富的筆記型電腦產品組合所抵消。

Non-GAAP operating expenses in the second quarter were $431 million, up $10 million from the prior quarter. We continue to manage operating expenses in line with revenue to meet our profitability goals, and for the fourth quarter in a row, the non-GAAP operating expense to revenue ratio was 30% or better. Non-GAAP operating income was $67 million, and non-GAAP net income was $17 million, with non-GAAP earnings per share of $0.02, calculated using 764 million diluted shares.

第二季非公認會計準則營運費用為 4.31 億美元，較上一季增加 1,000 萬美元。我們繼續根據收入管理營運費用，以實現獲利目標，連續四個季度，非 GAAP 營運費用與收入比率達到 30% 或更高。非公認會計準則營業收入為 6,700 萬美元，非公認會計準則淨收入為 1,700 萬美元，非公認會計準則每股收益為 0.02 美元，以 7.64 億股稀釋股計算。

Second-quarter non-GAAP earnings per share excludes $49 million of loss from debt redemption in the quarter. Adjusted EBITDA was $137 million, down $2 million from the prior quarter, and for the trailing four quarters, adjusted EBITDA was $594 million.

第二季非公認會計準則每股收益不包括本季債務償還損失 4,900 萬美元。調整後的 EBITDA 為 1.37 億美元，較上一季下降 200 萬美元，過去四季的調整後 EBITDA 為 5.94 億美元。

Now, turning to the business segments. Computing Solutions segment revenue was $669 million, up 1% sequentially due to higher notebook and embedded processor sales, offset by lower desktop processor and chipset sales. Computing Solutions operating income was $9 million, an improvement from an operating loss of $3 million in the first quarter. This was driven primarily by improved gross margin from a richer mix of notebook processors.

現在，轉向業務部門。運算解決方案部門營收為 6.69 億美元，季增 1%，原因是筆記型電腦和嵌入式處理器銷量增加，但桌上型電腦處理器和晶片組銷量下降。計算解決方案部門的營業收入為 900 萬美元，較第一季 300 萬美元的營業虧損有所改善。這主要是由於筆記型電腦處理器種類更加豐富，毛利率有所提高。

Graphics and Visual Solutions segment revenue was $772 million, up $38 million or 5% from the prior quarter, primarily due to an increase in sales of our semi-custom SoCs. Operating income was $82 million, compared to an operating income of $91 million in the prior quarter, primarily driven by lower GPU revenue.

圖形和視覺解決方案部門收入為 7.72 億美元，比上一季增加 3800 萬美元或 5%，主要由於我們的半客製化 SoC 銷量增加。營業收入為 8,200 萬美元，而上一季的營業收入為 9,100 萬美元，主要原因是 GPU 收入下降。

Turning to the balance sheet. Our cash, cash equivalents and marketable securities balance totaled $948 million at the end of the quarter, down $34 million sequentially, primarily due to the timing of sales and related collections during the quarter. Inventory was $960 million, up $91 million, primarily driven by increased level of our latest 28-nanometer microprocessor products and lower shipments to channel distributors. We remain focused on maintaining appropriate levels of inventory and plan to manage inventory levels down throughout the rest of the year.

轉向資產負債表。截至本季末，我們的現金、現金等價物和有價證券餘額總計 9.48 億美元，比上一季減少 3,400 萬美元，主要原因是本季銷售和相關收款的時間安排。庫存為 9.6 億美元，增加了 9,100 萬美元，主要原因是我們最新的 28 奈米微處理器產品水準提高以及對通路分銷商的出貨量減少。我們將繼續致力於維持適當的庫存水平，並計劃在今年剩餘時間內降低庫存水準。

Debt as of the end of the quarter was $2.2 billion, up $72 million from the prior quarter due to our most recent debt re-profiling activities. In the second quarter, we issued $500 million in principal amounts of 7% senior notes due in July 2024, utilizing the proceeds to fully extinguish our 8 1/8% notes due in December 2017. By executing these debt transactions, we have further extended our term debt maturities and have no significant term debt maturities for approximately five years. Additionally, we expect to reduce interest expense by approximately $3 million per quarter starting in Q3 2014.

截至本季末的債務為 22 億美元，由於我們最近的債務重新配置活動，比上一季增加了 7,200 萬美元。在第二季度，我們發行了 5 億美元本金、2024 年 7 月到期的 7% 優先票據，並利用所得款項完全償還 2017 年 12 月到期的 8 1/8% 票據。透過執行這些債務交易，我們進一步延長了定期債務到期日，並且大約五年內沒有重大定期債務到期。此外，我們預計從 2014 年第三季開始每季減少利息支出約 300 萬美元。

One housekeeping note. The remaining $41 million net of our 6% convertible senior notes due in May 2015 have now been reclassified as short-term debt on the balance sheet.

一份家務記錄。2015 年 5 月到期的 6% 可轉換優先票據的剩餘 4,100 萬美元淨額現已在資產負債表上重新歸類為短期債務。

Accounts payable at the end of the quarter was $511 million, up slightly from $483 million in the first quarter. We had negative free cash flow of $51 million in Q2 2014, an improvement from the first quarter of 2014, which included a $200 million cash payment to GlobalFoundries related to the reduction of the take-or-pay wafer obligation commitments for 2012.

本季末應付帳款為 5.11 億美元，較第一季的 4.83 億美元略有成長。2014 年第二季度，我們的自由現金流為負 5,100 萬美元，較 2014 年第一季有所改善，其中包括向 GlobalFoundries 支付 2 億美元現金，用於減少 2012 年的照付不議晶圓義務承諾。

Now, turning to the outlook. The overall PC market has strengthened, largely driven by the commercial space. Although, there's continued weakness in the consumer PC market. In our semi-custom business, based on our strong first half shipments, we anticipate semi-custom revenue to be more evenly spread across the year.

現在，我們來談談展望。整體 PC 市場表現強勁，主要得益於商業領域的推動。儘管如此，消費個人電腦市場仍持續疲軟。在我們的半客製化業務中，基於我們上半年強勁的出貨量，我們預計半客製化收入將在全年更加均勻分佈。

Guidance for the third quarter of 2014 is as follows. AMD expects revenue to increase 2% sequentially, plus or minus 3%. Gross margin is expected to be approximately 35%. Non-GAAP operating expenses are expected to approximate $435 million. Interest expense to be approximately $42 million, and the total of interest expense, taxes and other is expected to be approximately $50 million. And, inventory is expected to decrease from second-quarter levels.

2014 年第三季的指引如下。AMD 預計營收將季增 2%，上下浮動 3%。預計毛利率約35%。非公認會計準則營運費用預計約為 4.35 億美元。利息支出約 4,200 萬美元，利息支出、稅金及其他總額預計約 5,000 萬美元。並且，庫存預計將從第二季的水平下降。

In summary, we are pleased with the performance we delivered in the first half of 2014, in line with our commitments, and are singularly focused on continuing to transform the Company by executing the plans we have outlined. We remain on track to meeting the financial commitments we set for the year, including continued operating expense discipline while growing revenue year-over-year, achieving non-GAAP net income profitability and positive free cash flow generation for 2014. With that, I will turn it back to Ruth. Ruth?

總而言之，我們對 2014 年上半年的業績感到滿意，這符合我們的承諾，並且我們將全心全意地透過執行我們所製定的計劃來繼續改造公司。我們仍在按計劃履行今年設定的財務承諾，包括繼續嚴格控制營運費用，同時實現收入的逐年增長，實現 2014 年非公認會計準則淨收入盈利以及正的自由現金流。說完這些，我就把話題轉回露絲。露絲？

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

謝謝你，Devinder。接線員，我們很樂意請您現在對觀眾進行調查，並詢問問題。

(Operator Instructions)

（操作員指示）

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

The first question is on the seasonality of the game console business. If you look at historically the shipments of the game consoles, they're more backend weighted in the year. Maybe two thirds, one third, something like this.

第一個問題是關於遊戲機業務的季節性。如果你回顧一下遊戲機的歷史出貨量，你會發現它們在當年的出貨量中後端佔比更大。也許是三分之二，三分之一，諸如此類。

It sounds like you are expecting revenues from game consoles to be even through the year. I was hoping you could help me reconcile that. Thank you.

聽起來您預計遊戲機的收入將在全年保持穩定。我希望你能幫我解決這個問題。謝謝。

Yes. One of the things, Mark, we focused on was to create a more balanced business execution throughout the year. You saw strength in our first-half result because there was clearly some pent-up demand in terms of the gaming, the new country launches. Obviously, that launch was in the second half of last year.

是的。馬克，我們關注的事情之一是在全年實現更均衡的業務執行。您看到了我們上半年業績的強勁表現，因為在遊戲和新國家推出的遊戲方面，顯然存在一些被壓抑的需求。顯然，那次發布是在去年下半年。

This year has gone very well, in terms of the semi-custom game console work. It's strong, it's up, it's going to continue to ramp in third quarter, but we are seeing a more balanced role.

就半客製化遊戲機的工作而言，今年進展非常順利。它很強勁，正在上升，並將在第三季度繼續上升，但我們看到它的作用更加平衡。

You will see a little bit more strength in 3Q, but we did profit and take advantage of a more balanced first half of the year. Lisa, did you want to add more color?

您會看到第三季的業績略有增強，但我們確實獲利了，並且充分利用了上半年更加均衡的業績。麗莎，你想添加更多顏色嗎？

Mark, I would say that since we are still in the first three or four quarters of the game console ramp, it's really hard to call seasonality as there's still bringing on new game titles and new regions. The best way to look at it, is as a whole.

馬克，我想說的是，由於我們仍然處於遊戲機普及的前三到四個季度，因此很難稱之為季節性，因為仍然有新的遊戲和新的地區出現。最好的觀察方式是從整體觀察。

The semi-custom business is going to be a strong business for us. We're going to see great growth year-over-year.

半定制業務將成為我們的強勁業務。我們將會看到逐年的巨大成長。

You will see more systems shipped in the second half of the year versus the first half of the year. There is a bit of a timing phenomenon between when we ship and when our customers manufacture and sell through. Overall, strong business, but a little bit more balanced than what you might expect three or four years from now.

與上半年相比，你會看到下半年出貨的系統更多。在我們發貨和客戶生產並銷售之間存在一些時間現象。總體而言，業務強勁，但比你預期的三四年後的情況更加平衡。

Thank you. That's helpful. A follow-up question, if I may. On the semi-custom programs, could you give us a sense of how many you have in the pipeline?

謝謝。這很有幫助。如果可以的話，我想問一個後續問題。關於半客製化項目，您能否告訴我們有多少項目正在籌備中？

Last time you talked about the potential to announce one or two more this year, where the most likely areas were that we could see your success in that business. Thank you.

上次您談到今年可能再宣布一兩個新項目，其中最有可能的領域是我們可以看到您在該業務上取得成功。謝謝。

Absolutely. On the semi-custom pipeline, we continued to make good, positive progress in the quarter. We are on track to announce one or two confidential design wins in 2014.

絕對地。在半客製化管道方面，我們在本季度繼續取得良好、積極的進展。我們預計在 2014 年宣布一到兩項機密設計獲獎。

I think in terms of markets, the traditional market where we're quite strong is obviously gaming. But, we've seen a lot of activity in mobility as well as several new opportunities and networking that are quite interesting, as well.

我認為就市場而言，我們實力較強的傳統市場顯然是遊戲。但是，我們看到行動領域的許多活動以及一些相當有趣的新機會和人脈。

There's definitely a market trend in interest in terms of this capability. So, we've seen an increase in the pipeline over the past 12 months.

市場肯定對這種功能表現出興趣。因此，我們看到過去 12 個月管道數量有所增加。

I don't think there's any question about that, and we are moving those through with good interaction and good communications with those customers. Again, we are on track for one to two wins in 2014.

我認為這是毫無疑問的，我們正在透過與客戶的良好互動和溝通來推動這些目標的實現。再次，我們有望在 2014 年取得一到兩場勝利。

Thank you.

謝謝。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Do you have any major new computing solution processor family launches scheduled for the second half of this year?

您計劃在今年下半年推出哪些重要的新運算解決方案處理器系列？

We've seen a really good up take, David, in terms of what we did with Beema and Kaveri in the first half. They have been very nice launches. That's part of the reason we've seen that stabilization in our PC business.

大衛，就上半場我們對比瑪和卡弗里的表現來看，我們看到了非常好的進步。他們的發布會非常成功。這也是我們的個人電腦業務趨於穩定的部分原因。

As you know, David, the PC market is more positive. I got that, but overall still down. That positive drive is from the commercial part.

如你所知，大衛，個人電腦市場更積極。我明白了，但整體來說還是很低落。這種積極的推動力來自於商業方面。

We're over indexed to consumer, obviously. Those new products we're introducing are giving us that stability, and I think that's something all of you have been looking for over the past almost two years, for us to show that stabilization in that business.

顯然，我們對消費者的依賴程度過高。我們推出的這些新產品為我們帶來了穩定性，我認為這也是大家在過去近兩年裡一直在尋找的東西，讓我們能夠展示這項業務的穩定性。

The strategy for us to go after commercial, I think Lisa can add some nice color in terms of the progress that we're making there. It's a more balanced set of PC solutions that we're delivering, and Lisa also maybe, David, in terms of the follow-on introduction in the channel for the socketed parts and any other family processors you want to hit.

對於我們追求商業化的策略，我認為麗莎可以為我們所取得的進展增添一些亮點。我們正在提供一套更均衡的 PC 解決方案，Lisa 可能還會，David，就插座部件和任何其他想要推出的系列處理器的頻道後續介紹而言。

Absolutely, David. In terms of what we're doing in the overall computing solutions business, we just in the second quarter launched our Beema, Kaveri and mobile Mullins product lines. Those are doing very well.

當然，大衛。就我們在整體運算解決方案業務方面所做的工作而言，我們剛剛在第二季推出了 Beema、Kaveri 和行動 Mullins 產品線。這些都做得很好。

Kaveri in particular in mobile is going to our commercial solutions. We've talked about the AMD PRO A-series. That has gone nicely, HP announced a set of elite books around that, and you will see more systems in the second half of the year.

Kaveri 尤其在行動領域將為我們帶來商業解決方案。我們已經討論過 AMD PRO A 系列。一切進展順利，惠普發布了一系列圍繞該技術的精英筆記本，您將在今年下半年看到更多系統。

You will see us announce more channel offerings as well in the desktop channel as we fill out our APU product line there. And on the server side, talked about sampling Seattle earlier this year. You will see that move to the production stage toward the end of the year.

隨著我們不斷充實 APU 產品線，您還將看到我們在桌面通路中發布更多通路產品。在伺服器方面，我們今年早些時候談到了對西雅圖的採樣。您將會在年底看到這項進程進入生產階段。

Okay. Great. And a quick one for Devinder. Devinder, if I understand correctly, your guidance suggests cash balances will go up in the third quarter?

好的。偉大的。對 Devinder 來說這是一個快速的舉動。Devinder，如果我理解正確的話，您的指導意見是說第三季現金餘額會增加嗎？

I think the cash balances have been up in the third quarter, but you can assume with the guidance that you are given, that it would close to the optimal zone of about $1 billion from that standpoint.

我認為第三季的現金餘額有所上升，但根據給出的指導，你可以假設從這個角度來看它將接近約 10 億美元的最佳區域。

Great. Thank you.

偉大的。謝謝。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Rory, first a clarification to make sure I heard you right. In your prepared comments, you called out Q3 as the peak quarter, but I'm not sure if you were just referring to the custom gaming or the overall business. In general, how do we think about seasonality between Q3 and Q4, especially given that you are in the midst of this gaming ramp?

羅裡，先澄清一下，確保我聽清楚了你的意思。在您準備好的評論中，您將第三季度稱為高峰季度，但我不確定您僅僅指的是自訂遊戲還是整體業務。總的來說，我們如何看待第三季和第四季之間的季節性，特別是考慮到您正處於遊戲熱潮之中？

John, the comment was based on the semi-custom game console, in terms of where that is. You would expect us to ship into those key suppliers, Sony and Microsoft, in late third quarter, very early fourth quarter, in terms of the peak. That's why I commented on that.

約翰，該評論是基於半定制遊戲機的，就其所在位置而言。您可以預期，我們將在第三季末或第四季初向索尼和微軟等主要供應商出貨，達到高峰。這就是我對此發表評論的原因。

If you look at the business, what we're trying to do, and what we've been very focused on is to try to create consistent revenue across each quarter, so that we can deliver profitability. That's really important to the strategy, to be able to consistently deliver that revenue that matches the cost structure and gives us the base to consistently deliver the bottom line.

如果你看一下我們的業務，你會發現，我們正在努力做的事情，以及我們一直非常關注的事情，就是努力在每個季度創造穩定的收入，以便實現盈利。這對於策略來說非常重要，能夠持續提供與成本結構相符的收入，並為我們持續實現盈利奠定基礎。

I think that's what's nice about the diversification of what we've been doing, in terms of getting that nice mix of growth businesses with the traditional. That gives us a buffer and support if one part of the business is a little bit different in a particular quarter. Because of the diversity, we get the mix.

我認為這就是我們所做的多元化經營的優點，即實現成長業務與傳統業務的完美結合。如果某個季度的某個業務部分出現一點變化，這會給我們緩衝和支援。由於多樣性，我們得到了混合。

In terms of seasonality, we wanted to focus on 3Q, here. We will talk about 4Q in the next one. But clearly, we would expect the PC business to continue to traditionally be the same or slightly up. You can piece together each piece of it. The peak for gaming is definitely at 3Q.

就季節性而言，我們希望專注於第三季。我們將在下一期討論第四季。但顯然，我們預計個人電腦業務將繼續保持傳統水平或略有上升。你可以將它的各個部分拼湊在一起。遊戲的高峰肯定是在第三季。

That's helpful, Rory. As a follow-up for Rory or Lisa, just conceptually, relative to the repositioning of the Company, how important, now, going forward, is the Moore's law treadmill? I asked the question because perception is perhaps that you are not moving down nodes as quickly.

這很有幫助，羅裡。作為對 Rory 或 Lisa 的後續提問，從概念上講，相對於公司的重新定位，摩爾定律跑步機現在向前發展有多重要？我之所以問這個問題，是因為我覺得你可能沒有那麼快向下移動節點。

I know they've talked about your 20-nanometer roadmap, but you haven't really said much at least to my knowledge, on FinFET. And I guess given some of the difficulties or puts and takes that we hear out in the investment community are going through with what foundry is doing, and having success in FinFET, I'd be curious how important going forward to your success is that Moore's Law curve, and how do you think about 20 FinFET and beyond?

我知道他們已經談論過你們的 20 奈米路線圖，但至少據我所知，你們並沒有真正談論太多關於 FinFET 的事情。我想，考慮到我們在投資界聽到的一些關於代工廠正在經歷的困難或利弊，以及他們在 FinFET 上取得的成功，我很好奇摩爾定律曲線對於你們的成功有多重要，以及你如何看待 20 FinFET 及以後的發展？

Sure, John. Let me take a stab at that. I think when you look at what's important to us, clearly process technology's an important element. But, we have invested quite a bit in architecture, design techniques, new IP software.

當然，約翰。讓我嘗試一下。我認為，當你考慮什麼對我們來說是重要的時，工藝技術顯然是一個重要因素。但是，我們在架構、設計技術、新 IP 軟體方面投入了相當多的資金。

So, I wouldn't say that process technology is the first and primary indeterminate for us. It is important that we are on competitive technology.

因此，我不會說製程技術對我們來說是首要的不確定因素。重要的是我們擁有具有競爭力的技術。

So, we said before and I will say again, that 20-nanometer is an important node for us. We will be shipping products in 20-nanometer next year. And as we move forward, obviously, FinFET is also important.

所以，我們之前說過，我再說一遍，20 奈米對我們來說是一個重要的節點。明年我們將推出 20 奈米產品。隨著我們不斷前進，FinFET 顯然也很重要。

If you look at our business, it is quite a bit more balanced between the semi-custom, embedded, commercial pro-graphics growth portions as well as the more traditional client and graphics pieces of our business. Technology plays in all of those businesses.

如果你看一下我們的業務，你會發現我們的業務在半客製化、嵌入式、商業專業圖形成長部分以及更傳統的客戶端和圖形部分之間更加平衡。技術在所有這些業務中都發揮作用。

Yes. We are going to move down the curve. There's not a question. That's a lot of length in 28. You're going to see a nice mix across it because of the nice price points you can get there in terms of the business and the mix that we're driving.

是的。我們將沿著曲線前進。毫無疑問。28 的長度太長了。您會看到一個很好的組合，因為就我們推動的業務和組合而言，您可以獲得很好的價格點。

Clearly, we know that we're going to move 20. 20 is a nice incremental improvement in terms of the technology, and Fins are obviously going to play a key role in terms of as we move. But, we want to make sure that it's not just technology for technology.

顯然，我們知道我們將要移動 20。20 在技術方面取得了不錯的進步，而且 Fins 顯然將在我們前進的過程中發揮關鍵作用。但是，我們要確保這不僅僅是為了技術而技術。

That we get the balance, the crossover point being the profitability. The cost of the technology and the cost of the product that we can sell, so that we are delivering the bottom line and the balanced results that we talked about.

我們得到的是平衡，交叉點就是獲利能力。技術成本和我們可以銷售的產品成本，以便我們能夠實現底線和我們所談論的平衡結果。

Thanks a lot.

多謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

If we look into the third quarter guidance, the first question is, can you give us a little bit of an idea of the puts and takes of what your expectations are for the computing solutions group and then your standalone, traditional graphics business, in sequential growth, how that built into your overall guidance, et cetera?

如果我們研究第三季的指引，第一個問題是，您能否向我們稍微介紹一下您對計算解決方案集團以及獨立的傳統圖形業務的預期，以及連續增長的情況，這如何融入您的整體指引中，等等？

One of the things, Ross, that we talk about, is that we see this stabilization, actually some improvement in the coming quarters in the compute. We like the technology that we brought to market with Beema/Mullins, the Kevari solution, the movement into commercial. Those are positive puts, and you saw them in terms of notebook space.

羅斯，我們談論的事情之一是，我們看到了這種穩定，實際上在未來幾季計算方面會有一些改善。我們喜歡透過 Beema/Mullins 推向市場的技術、Kevari 解決方案以及商業化舉措。這些都是積極的看跌期權，您可以從筆記本空間中看到它們。

The areas that I saw -- we saw softness in the second quarter and I think continues a little bit into third quarter, is in the graphics segment, particularly the enthusiasts. We saw that cryptocurrency as we'd expected to abate, but it was sharp because of the failure of some of those exchanges. We also saw because of its sharpness, a follow-up in terms of secondhand cards flooding into the market in that period of time based on that whole crypto event.

我看到的領域——我們在第二季度看到了疲軟，我認為這種疲軟會持續到第三季度，即圖形領域，特別是發燒友領域。正如我們預期的那樣，加密貨幣將會減弱，但由於一些交易所的失敗，其漲勢十分強勁。由於其敏銳性，我們也看到，基於整個加密事件，二手卡在那段時間湧入市場。

Now, on the PC side, I think there's no question that the PC channel also was softer than we expected. We think with the introduction of the products that we're talking about, Lisa touched on them a second ago in her earlier question, that will position for that to improve.

現在，就個人電腦方面而言，我認為毫無疑問個人電腦管道也比我們預期的要疲軟。我們認為，隨著我們正在談論的產品的介紹，Lisa 在她之前的問題中提到了它們，這將為改進做好準備。

I think what you are seeing, is for us, it's mostly about consumer. That's still a tough, tight market. With the new parts of the business that we're going in, like commercial, it's early. Really nice signs, some really nice marketing wins.

我認為您所看到的對我們來說主要與消費者有關。這仍然是一個艱難而緊張的市場。對於我們正在涉足的新業務領域，例如商業領域，現在還為時過早。確實很棒的標誌，一些確實很棒的行銷勝利。

We're going to see that continue, that we've got to be realistic in terms of how fast that ramps. And we've got that channel to start to move in a positive direction again, both parts, both graphics, enthusiast and on the desktop channel. That's the puts and takes, and that's why you see that move in a positive but muted direction.

我們將會看到這種情況持續下去，我們必須現實地看待這種情況的成長速度。我們已經讓該頻道再次朝著正面的方向發展，包括圖形、愛好者和桌面頻道兩個部分。這就是得與失，這就是為什麼你會看到這種變化朝著正面但低調的方向發展。

As my follow-up, on the gross margin side of things, to the extent you are guiding at flat sequentially, what are the dynamics that allows that happened? It seems like mix is going to move very largely in favor of your semi-custom gaming SoCs.

作為我的後續問題，就毛利率方面而言，就您指導的環比持平而言，是什麼動力導致了這種情況的發生？看起來 mix 將在很大程度上有利於半客製化遊戲 SoC。

Is that still carrying a lower -- substantially lower gross margin? Or is the gross margin improving on that side? Or, is there some other mix dynamic we need to appreciate?

這是否仍然會帶來較低——大幅較低的毛利率？或者說那方面的毛利率正在增加嗎？或者，還有其他一些我們需要欣賞的混合動態嗎？

Yes. The only thing -- I want to be careful on that -- I don't want to say there's a major shift in gaming. We've had a very strong gaming business all year long, and we expected to be strong -- it's going to peak in 3Q -- but, I wouldn't say major. That's not the right terminology.

是的。唯一需要謹慎的是，我不想說遊戲領域發生了重大轉變。我們的遊戲業務全年都非常強勁，我們預計它會很強勁——它將在第三季度達到頂峰——但我不會說它會很強勁。這不是正確的術語。

I think because we've got a nice balanced business there, we are not seeing some of the sharp changes in terms of the mix. Like nice, balanced mix from quarter to quarter so that we can maintain that. Devinder, did you want to add some color?

我認為，由於我們在那裡擁有良好的平衡業務，因此我們沒有看到產品組合方面的一些急劇變化。就像每個季度都保持良好、平衡的組合一樣，這樣我們就可以保持這種狀態。Devinder，你想加點顏色嗎？

As Rory said earlier, we do see the peak from a semi custom unit standpoint in Q3, and obviously as you observed, the gross margin is lower than corporate average. However, we do have the offset of the projects that Lisa just talked about.

正如 Rory 之前所說，從半客製化單位的角度來看，我們確實在第三季度看到了峰值，而且顯然正如您所觀察到的，毛利率低於企業平均水平。不過，我們確實有Lisa剛才談到的項目的偏移。

In embedded we have momentum, professional graphics we have momentum. Some commercial PCs. That, obviously offsets and allows us to guide to reflect gross margin compared to the last quarter.

在嵌入式領域我們有動力，在專業圖形領域我們有動力。一些商用電腦。這顯然起到了抵消作用，並使我們能夠反映出與上一季相比的毛利率。

Again, it's really about driving a consistent execution and consistent operation. That's what we're trying to create: a different AMD with a diverse set of portfolios. And that's why the strategy is working.

再次強調，這其實是為了推動一致的執行和一致的操作。這就是我們想要創造的：一個擁有多元化投資組合的與眾不同的 AMD。這就是該策略有效的原因。

Thank you.

謝謝。

Christopher Rolland, FBR Capital Markets.

克里斯多福羅蘭 (Christopher Rolland)，FBR 資本市場。

When it comes to the GPU side, is it fair to say that we will see double-digit sequential growth in gaming APUs and double digit declines in the GPU side, due to the light coin all coin meltdown?

就 GPU 方面而言，是否可以說，由於輕幣全幣種崩潰，我們會看到遊戲 APU 出現兩位數的連續增長，而 GPU 方面出現兩位數的下降？

Let me start with that, Chris. The way we should think about the different businesses, let's talk about GPUs themselves and the transitions there.

讓我從這個開始，克里斯。我們應該思考不同的業務，讓我們來談談 GPU 本身及其轉變。

When we look at the GPU market, we have desktop and notebook GPUs that we have channel market, and then we have the pro-graphics business. We've actually made very nice progress in the desktop and notebook GPUs. We saw a ramp of some of the design wins we told you about earlier in the year happened in the second quarter. We see that continuing as we go to the second half of the year.

當我們看 GPU 市場時，我們有桌上型電腦和筆記型電腦 GPU，我們有通路市場，然後我們有專業圖形業務。事實上，我們在桌面和筆記型電腦 GPU 方面已經取得了非常好的進展。我們看到，我們在今年早些時候告訴您的一些設計勝利在第二季度有所增加。我們看到，進入下半年，這一趨勢仍將持續。

The AIB or the cryptocurrency mining thing is a very specific phenomenon around that enthusiast segment. We saw some -- Rory mentioned earlier -- some instability in the market as the quarter progressed because we had a bunch of -- let's call it -- used cards come into the market, and that added to the inventory in place.

AIB 或加密貨幣挖礦是圍繞愛好者群體的一個非常特殊的現象。我們看到——羅里之前提到過——隨著本季的發展，市場出現了一些不穩定因素，因為我們有一堆——我們稱之為——二手卡進入市場，這增加了庫存。

We do see that lessening, as we go into the second half of the year, and our focus is on really getting the gamers and ensuring that the gamers are very much on our Radeon graphics. On Pro graphics, we see that as a growth opportunity. We saw some improvement in the second quarter, and we expect to see some improvement in the second half.

隨著進入下半年，我們確實看到這種情況正在減少，我們的重點是真正吸引遊戲玩家並確保遊戲玩家非常喜歡我們的 Radeon 顯示卡。對於專業圖形，我們認為這是一個成長機會。我們在第二季度看到了一些改善，我們預計下半年也會出現一些改善。

The GPU business, there's a bunch of different components. We made progress in certain areas. The desktop AIB channel will continue to improve in the second half of the year. Relative to the APUs, that you are asking about, I think Beema and Kaveri APUs, we believe that those will do well as those businesses continue to ramp in the second half of the year.

GPU 業務有很多不同的元件。我們在某些​​領域取得了進展。桌上型AIB管道下半年將繼續完善。相對於您所詢問的 APU，我認為 Beema 和 Kaveri APU 將會表現良好，因為這些業務在下半年將繼續成長。

Okay. Great. Perhaps you guys can size up the odds on the semi-custom parts -- maybe the first one that you guys might announce.

好的。偉大的。也許你們可以評估一下半定制部件的可能性——也許是你們可能宣布的第一個部件。

Is it closer to a Beema/Mullins type of semi-custom part, here, with the smaller die size? Or should we think of something closer to the gaming GPU, APUs, the console APUs. With the margin structure on the smaller parts, could you still hit something resembling your gaming console APUs?

它是否更接近 Beema/Mullins 類型的半定制部件，並且晶片尺寸較小？或者我們應該考慮更接近遊戲 GPU、APU、主機 APU 的東西。有了較小零件的利潤結構，你還能生產出類似遊戲機 APU 的東西嗎？

One of the things that's really important in the semi-custom space is these are confidential. The customer really wants to create a differentiated solution, as I talked about the first wins, several quarters ago. I talked about them as confidential wins.

在半客製化領域真正重要的一點是這些都是保密的。客戶確實希望創建一個差異化的解決方案，就像我幾個季度前談到的第一次勝利一樣。我把它們稱為秘密勝利。

We really can't get into that specific, because this is a real customer advantage that they're building. I think it's fair to say that each of those areas -- we're making very good progress in terms of the kinds of pipeline opportunities we look at, both in the traditional strengths of gaming, but also in the living room.

我們確實無法具體談論這一點，因為這是他們正在建立的真正的客戶優勢。我認為可以公平地說，在我們所關注的每一個領域，我們都取得了非常好的進展，無論是在傳統的遊戲優勢領域，還是在客廳領域。

Also in other parts of the segment. That looks interesting. Lisa, on the margin thing, one of the key things that you've been focused on is mixing potentially up. It's not necessarily saying where it traditionally has been.

該部分的其他部分亦是如此。看起來很有趣。麗莎，關於利潤問題，您一直關注的關鍵問題之一就是潛在的混合。它不一定能說明它傳統上在哪裡。

The best way to think about it is the margin structure will somewhat reflect the market where the semi-custom SoC is going into. I mentioned a couple of the markets where the opportunities are, today, in gaming, mobility and several opportunities and networking. You'd expect a different margin profile depending on which market they are in.

最好的思考方式是，利潤結構將在某種程度上反映半客製化 SoC 所進入的市場。我提到了當今存在機會的幾個市場，即遊戲、行動以及一些機會和網路。根據他們所在的市場，你會期望不同的利潤狀況。

Great. Thanks, guys.

偉大的。謝謝大家。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

For your existing console businesses, can you give us some idea of the pricing trajectory, over time? Over the next 12 months, is that going to stay constant? Is there some downward pressure?

對於您現有的遊戲機業務，您能否向我們介紹其定價趨勢？在接下來的 12 個月裡，這種情況會維持不變嗎？是否有下行壓力？

If there is downward pressure, how does that work? Is there a volume step function we should think about? Generally, how should we think about pricing?

如果存在下行壓力，那會怎麼樣？我們是否應該考慮成交量階躍函數？一般來說，我們該如何考慮定價？

The best way to think about pricing, is these are long-term agreements that we have with our customers. So, we have a cost takedown curve.

考慮定價的最佳方式是，這些是我們與客戶達成的長期協議。因此，我們有一個成本下降曲線。

I think we are motivated to help our customers get the cost out of the system. The way you should think about it is it is quite predictable for us. And we continue to work on improving yields and test times and all of the things to ensure that we can improve the margins.

我認為我們有動力幫助客戶擺脫系統成本。你應該這樣想，這對我們來說是相當可預測的。我們將繼續致力於提高產量和測試時間以及所有的事情，以確保我們能夠提高利潤率。

Usually, Joe, based on history, what you've seen and the other previous gaming ramps is the peak in terms of volume tends to be in year 2.5, 3.5, out. We are still very early in this ramp, just a year in.

喬，通常情況下，根據歷史數據，你所看到的以及其他之前的遊戲增長情況，遊戲數量的峰值往往出現在第 2.5 年、第 3.5 年以後。我們仍處於這一發展階段的早期階段，僅一年。

Secondly, when you talked about the new GlobalFoundries agreement, you talked about moving more GPUs and consoles to GlobalFoundries. Can you give us a status update on what's happening there?

其次，當您談到新的 GlobalFoundries 協定時，您談到了將更多的 GPU 和控制台轉移到 GlobalFoundries。您能向我們通報那裡的最新情況嗎？

As of right now, GlobalFoundries is shipping both the GPU products and semi-custom game console products.

截至目前，GlobalFoundries 正在同時出貨 GPU 產品和半客製化遊戲機產品。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

Stacy Rasgon, Sanford Bernstein.

斯泰西·拉斯貢，桑福德·伯恩斯坦。

First, I want to take a look at the guidance from a high level. Basically, you are guiding Q3 flat year-over-year.

首先，我想從高層角度看一下指導。基本上，您預測第三季業績將與去年同期持平。

You've now annualized the start of your console ramp with PCs in your core business worse than they were. It seems like it's heading south from here.

現在，您核心業務中控制台和 PC 業務的年度成長起點比以前更差了。好像是從這裡往南走的。

Given that set, how should we think about growth from here going forward? Does this really have to become a bet now in growth in semi-custom, growth in ARM service, growth on professional graphics and the like? The business as it stands today, does that form enough of a base, is it stable enough to get the growth off as we get new opportunities? How can we get some degree of confidence that the business, itself, the core business is actually going to provide that stability?

鑑於這種情況，我們該如何看待未來的成長？這真的必須成為半客製化成長、ARM 服務成長、專業圖形成長等的賭注嗎？就目前的業務狀況而言，它是否構成了足夠的基礎，是否足夠穩定，可以在我們獲得新機會時實現成長？我們如何獲得一定程度的信心，相信業務本身、核心業務實際上能夠提供這種穩定性？

Stacy, if you look at the business from year-to-year, we definitely have begun the full year in terms of the semi-custom game console, as we talked about that. That still historically peaks out in year 2.5, 3.5. There's still opportunity there.

史黛西，如果你逐年回顧我們的業務，你會發現我們肯定已經開始了全年的半客製化遊戲機業務，正如我們所討論的。從歷史上看，這一數字在第 2.5 年、第 3.5 年達到頂峰。那裡仍有機會。

From the standpoint of the PC, what we were looking for, and I think everyone on this call has been looking for, if that stabilization. We've introduced the new set of products, we've seen improvement in notebook and what we are also doing is diversifying the portfolio going into commercial, and that's a good move.

從 PC 的角度來看，我們所尋找的，以及我認為參加這次電話會議的每個人都在尋找的，是那種穩定性。我們推出了新的產品系列，我們看到了筆記型電腦的改進，而且我們正在做的是實現產品組合多元化，進入商業領域，這是一個很好的舉措。

We'd like to see that, in terms of -- we said in the previous call that we'd like to see that improve over the next couple quarters. You've got to keep that in a muted way.

我們希望看到這一點——我們在上次電話會議上說過，我們希望看到這種情況在接下來的幾個季度內有所改善。你必須保持低調。

We will also continue to build out the embedded business, the Pro graphics business. These are all new businesses that we're seeing progress on all of those.

我們也將繼續拓展嵌入式業務和專業圖形業務。這些都是新業務，我們都看到了進展。

You are not going to have the huge impact of the gigantic semi-custom that we saw that drove the major turn. What you now want to do is you've gotten the business to a profitability level, a consistent level performance.

你不會感受到我們所看到的推動重大轉變的巨型半定制的巨大影響。現在您要做的是讓業務達到盈利水平，即穩定的業績水平。

We are officially managing the expense, we are delivering more consistently both in terms of the roadmap and the supply, and then we augment that over the next several quarters and over the next several years with these new businesses. And ultimately, as we complete the transformation, we introduce the next-generation technology at the finish of this in 2016.

我們正在正式管理費用，我們在路線圖和供應方面都更加一致地交付，然後我們將在接下來的幾個季度和未來幾年透過這些新業務來增強這一點。最終，隨著我們完成轉型，我們將在 2016 年結束時推出下一代技術。

That, then, positions us for the next phase, as we move forward. That's exactly the strategy we've been on, and that's how it's playing out.

這為我們前進的下一階段做好了準備。這正是我們一直以來所採取的策略，現在也正在發揮作用。

Got it. I understand that. But you talk about PC stability.

知道了。我明白。但您談論的是 PC 穩定性。

The PC business is not stable. You were down 20% year-over-year. Your competitors up 6%. Similar trends quarter over quarter.

PC業務並不穩定。與去年同期相比下降了 20%。您的競爭對手上漲了 6%。每個季度的趨勢都類似。

Do you need stability in that PC business in order to harvest the fruit of the other businesses? What does the economics look like going forward, if the trends that we see in the PC market continue?

您是否需要個人電腦業務保持穩定才能收穫其他業務的成果？如果 PC 市場繼續保持這種趨勢，未來的經濟狀況會如何？

Yes. But what you're looking for -- and we started to see -- remember last quarter we talked about we began to see more seasonality in terms of our PC business quarter to quarter. We saw, again, more stability. We saw it improve. That's a significant event.

是的。但你所尋找的——我們開始看到——記得上個季度我們談到，就我們的個人電腦業務而言，我們開始看到季度間的季節性變化。我們再次看到了更多的穩定性。我們看到它有所改善。這是一件意義重大的事件。

I got it that from a year-to-year, there was still pressure because of the over indexing to consumer. That's not a new event.

我了解到，從年復一年來看，由於消費者指數過高，壓力仍然存在。這並不是什麼新鮮事。

It clearly makes it easier as you move through it, as that becomes a more stable base to work from. That, I think, as part of the strategy to introduce the things like commercial where that's a Greenfield opportunity.

顯然，當您移動它時，它會讓事情變得更容易，因為它會成為一個更穩定的工作基礎。我認為，這是引入商業等事物的策略的一部分，這是一個綠地機會。

Look, some of the progress that we make over the next two quarters in that space, that's a fast-growing segment. That clearly having more stable, that definitely creates a better base to work from.

你看，我們在接下來的兩個季度在這個領域取得了一些進展，這是一個快速成長的領域。這顯然更加穩定，無疑為工作創造了更好的基礎。

The other thing I would add, Rory, as a point that you made down 20%, you look at the 20% revenue, that's fair from the year ago period, this profitability. We maintained that from a profitability standpoint within the segment, and albeit small, but it's profitable.

羅裡，我想補充的另一件事是，正如你提到的下降 20% 一樣，你看一下 20% 的收入，與去年同期相比，這是公平的盈利能力。我們堅持認為，從該領域的獲利角度來看，儘管規模較小，但卻是有利可圖的。

And we are managing for profitability from a viewpoint of diversification we're talking about. And they, obviously, the two groups we have created, and that's exactly in line with the strategy that we are deploying.

我們正在從多元化的角度來管理獲利能力。顯然，我們已經創建了這兩個小組，這完全符合我們正在部署的策略。

Got it. Okay. If I can ask one quick follow-up. How do you manage inventory down next quarter with the flattish revenue guidance in the payable to GlobalFoundries that was up 38% this quarter?

知道了。好的。如果我可以問一個快速的後續問題。本季 GlobalFoundries 應付收入預期成長 38%，但與上一季持平，您如何管理下個季度的庫存？

GlobalFoundries, if you look at the numbers this year with the take-or-pay, we are at the halfway mark of the year, and we've taken approximately half the rate from the Foundries. And as we go forward into Q3, as you look at the Q2 numbers, Q2 is a seasonally low quarter.

GlobalFoundries，如果你看一下今年的照付不議數字，我們現在已經到了今年的一半，而我們從代工廠收取的費用大約只有一半。當我們進入第三季時，看看第二季的數據，就會發現第二季是季節性的低迷季度。

Typically, if you go back and look historically, inventory is up in Q2 and Q3 and Q4. And as we said earlier, as we work through the GPU, AIB channel, returning to normal business conditions, the desktop channel, business improves up from our standpoint. We expect to ship more distributors from an overall standpoint that allows us to manage the inventory down for the rest of the year.

通常，如果回顧歷史，庫存會在第二季、第三季和第四季都會增加。正如我們之前所說，隨著我們透過 GPU、AIB 管道恢復正常業務狀況，從我們的角度來看，桌面管道的業務有所改善。從整體角度來看，我們期望向更多的分銷商發貨，以便在今年剩餘時間內控制庫存。

Okay. Thank you, guys.

好的。謝謝你們。

Matt Ramsay, Canaccord Genuity.

Canaccord Genuity 的 Matt Ramsay。

The question I would ask, there's quite a few points made here about managing this business for operating margin. And I guess in the GVS business, revenue was up, operating margin was down a bit.

我想問的問題是，這裡提出了很多關於管理這項業務的營業利潤的觀點。我認為，GVS 業務的收入有所上升，但營業利潤率略有下降。

Obviously, there was something that happened with some of the currency things on GPU in that market. But maybe you could talk a little bit about where the operating margins are from the semi-custom business today and where they go as that business ramps in units but there might be some ASP down tics with the cost coming out.

顯然，該市場上 GPU 上的一些貨幣出現了一些問題。但也許您可以稍微談談目前半客製化業務的營業利潤率是多少，以及隨著該業務單位數量的增加，營業利潤率將如何變化，但隨著成本的增加，平均售價可能會有所下降。

We don't typically -- haven't talked specifically at that level of granularity that you are looking from a semi-custom standpoint on operating margin. You are right.

我們通常不會－沒有從半客製化的角度具體談論營業利潤率的詳細程度。你是對的。

If you look quarter over quarter, from a viewpoint of looking at the profitability, down about $9 million, but we did have the impact as Rory and Lisa talked about on the cryptocurrency. And as we work through that, we will see how it shakes out from a Q3 standpoint. I'm not going to get into the specifics of the segment or even a business within the segment for the operating margin.

如果從獲利能力的角度來看，每季都會下降約 900 萬美元，但正如 Rory 和 Lisa 談到的，我們確實受到了加密貨幣的影響。隨著我們解決這個問題，我們將從第三季的角度看到它會產生怎樣的影響。我不會深入討論該部門的具體情況，甚至不會討論該部門內某個業務的營業利潤率。

Only thing I would add to that, Matt, is I think you should take away that the semi-custom margins are consistent with what we expect. We understand the ASPs. We understand the cost reduction roadmap. So, we expect it to be consistent.

馬特，我唯一想補充的是，我認為你應該明白半客製化利潤與我們的預期是一致的。我們了解 ASP。我們了解成本削減路線圖。因此，我們期望它是一致的。

That's helpful. Just a follow-up for me, maybe backing up and looking at things in the bigger picture.

這很有幫助。對我來說這只是一個後續行動，也許可以回顧並從更大的角度來看待事物。

From an ambidextrous strategy point of view in the armed service space, there's now a need to be, I guess, some investment to doing a custom arm core for the server market versus in the past. If the goal is to manage operating expense growth and keep it to a minimum, I guess where are the puts and takes of where we are drawing those investments from and what effect could that have on some of the core businesses where [SCG exports] are more hurtful?

從軍事領域的雙元戰略角度來看，我認為現在需要進行一些投資，為伺服器市場客製化 Arm 核心，而不是像過去那樣。如果目標是控制營運費用成長並將其保持在最低水平，我想，我們從哪裡獲得這些投資，以及這會對[SCG出口]更具損害的一些核心業務產生什麼影響？

From the standpoint of the expense, I think we've done a very good job in terms of driving more efficiency, with reuse, driving the organization, in terms of where we're the key focus. I think what you should look for over the next couple of years is to continue to focus on efficiency, there. There's still more opportunity, while investing in the key focus growth area, to continue to drive efficiency on the cost side.

從費用的角度來看，我認為我們在提高效率、重複使用、推動組織等方面做得非常好，這是我們關注的重點。我認為未來幾年你應該繼續專注在效率上。在投資重點成長領域的同時，仍有更多機會持續提高成本方面的效率。

It's not going to be as drastic as we've seen in the past. But I think there's continued opportunity to be efficient there. Because, we are simplifying the number of process technologies. We are reusing the IP base. Were really doubling down on those IP blocks that are truly the ones that differentiate.

它不會像我們過去所見的那樣劇烈。但我認為，那裡仍然有機會提高效率。因為，我們正在簡化製程技術的數量。我們正在重複使用 IP 基礎。我們確實加倍重視那些真正具有差異化的 IP 區塊。

That's creating the ability to allow us to attack both the arm core and the x86 core. There's our two big blocks, they're important, we are going to lead in that, we're going to lead on the graphic side.

這使我們能夠攻擊 arm 核心和 x86 核心。這是我們的兩大板塊，它們很重要，我們將在這方面發揮主導作用，我們將在圖形方面發揮主導作用。

Some of the secondary IP, we are going to let that have less investment. I think that's the right strategy as we move forward. Based on that, I still think there's more efficiency we can drive out over the next year or two.

對於一些二級IP，我們將減少投資。我認為這是我們前進的正確策略。基於此，我仍然認為我們可以在未來一兩年內提高效率。

Betsy Van Hees, Wedbush.

貝琪‧範‧希斯 (Betsy Van Hees)，韋德布希。

Roy, you talked about marquee design wins in commercial. You guys are still heavily weighed to consumer.

羅伊，您談到了商業領域中大型帳篷設計的勝利。你們對消費者來說仍然負擔很重。

When are we going to see that inflection point in your business when we really see the commercial side start to take some really meaningful revenue for you? That's my first question. Thanks.

當我們真正看到商業方面開始為您帶來一些真正有意義的收入時，我們什麼時候才能看到您的業務出現轉折點？這是我的第一個問題。謝謝。

Sure. I think commercial, you just saw the introduction in the second quarter with HP. You will see other OEMs, as we go through the balance of the year.

當然。我認為商業方面，您剛剛看到了惠普第二季度的介紹。隨著我們度過今年的剩餘時間，您將看到其他 OEM。

I think the people have been both inside and outside of AMD impressed with the kinds of uptake we've gotten from the customers, in terms of the competition and the design wins that we've gotten. They will begin to roll out over the coming quarters.

我認為，AMD 內部和外部的人們都對我們在競爭和設計勝利方面從客戶那裡得到的支持印象深刻。它們將在未來幾個季度內開始推出。

I think what you should think about, going back to the early question from Stacy, that's a key part of that ability to stabilize that PC business and to move it up. That's a big change, guys, from where we were a year ago. That's key in terms of the second half of this year into next year.

我認為你應該考慮的是，回到 Stacy 早些時候提出的問題，這是穩定和推動 PC 業務成長的關鍵部分。朋友們，與一年前相比，這是一個巨大的變化。這對今年下半年到明年來說至關重要。

Any ramp you look at takes a little bit of it in terms of ramping up. But the point you should get out of this, Betsy, is that it's a good product.

您所看到的任何斜坡在上升過程中都會產生一點阻力。但是貝琪，你應該要明白的一點是，這是一款好產品。

People are very interested in it, and you should go talk to HP and see what happens in the marketplace. That elite book is off to a really nice start.

人們對此非常感興趣，你應該去和惠普談談，看看市場上會發生什麼事。這本精英書籍的開端確實很好。

Thanks, Rory. That was very helpful. Devinder, gross margin guidance of 35%, and Rory mentioned that this is the peak quarter or the gaming console business.

謝謝，羅裡。這非常有幫助。Devinder 預計毛利率為 35%，而 Rory 則提到這是遊戲機業務的高峰季度。

Is it fair to say that we could see some gross margin expansion in the December quarter? You are going to have a better product mix with less of the gaming?

是否可以說，我們可以看到 12 月季度的毛利率有所擴大？你們會減少遊戲內容，但提供更好的產品組合嗎？

Betsy, that's a good try. I'm here to talk about Q3, I'm not about to give guidance for Q4.

貝琪，這是一次很好的嘗試。我來這裡是為了談論第三季度，我不會為第四季度提供指導。

Come on. A little help.

快點。有點幫助。

I would say, semi-custom, as you know, is lower than corporate average. We've been really consistent about that, and we talk about Q4 when we meet again in about 90 days.

我想說，正如你所知，半定制低於企業平均水平。我們對此一直保持一致，大約 90 天後我們再次開會討論第四季度的問題。

Okay. Well, I tried. Speaking about OpEx, another great job of keeping OpEx down.

好的。嗯，我試過了。談到營運支出 (OpEx)，降低營運支出 (OpEx) 的另一項重要工作是。

Is there any more room for improvement where we could get to an even lower level of OpEx? Is there any places that you guys could take -- make some cuts, there?

我們是否還有改進的空間，可以進一步降低營運支出？你們可以採取哪些措施來削減這些地方呢？

Yes. As I commented just a second ago, Betsy, I do think that there's continued room. I think we've done good work over the past two years on that one.

是的。正如我剛才所說，貝琪，我確實認為還有繼續發展的空間。我認為過去兩年我們在這方面做得很好。

I think, from an OpEx standpoint, it's balanced in terms of -- we're going to invest in those key areas that we think are going to drive growth. There are parts of our business that are expanding their OpEx base, and Lisa's making those decisions as the COO. Devinder is looking for efficiencies, and while I don't think it will be at the same rate of decline we saw over the past 18 or 24 months, I think there's opportunity for us over the next 12 and 24 months for sure.

我認為，從營運支出的角度來看，這是平衡的——我們將投資於那些我們認為將推動成長的關鍵領域。我們的部分業務正在擴大其營運支出基礎，而麗莎作為首席營運長正在做出這些決定。Devinder 正在尋求提高效率，雖然我不認為它會像過去 18 或 24 個月那樣出現同樣的下降速度，但我認為未來 12 和 24 個月我們肯定還有機會。

Thanks, everybody. That's it for me.

謝謝大家。對我來說就是這樣。

Romit Shah, Nomura.

野村證券的羅米特·沙阿 (Romit Shah)。

Could you guys talk a little bit about the desktop processor business? It looked like it was weak in Q2. I think you lost share in Q1, as well.

你們能談談桌上型電腦處理器業務嗎？看起來第二季表現較弱。我認為你們在第一季也失去了市場佔有率。

So, what's the state of that business? Your level investment and how you see it performing from here?

那麼，該業務的狀況如何？您的投資水準以及您如何看待它今後的表現？

Sure, Romit. Let me answer that. The desktop channel was softer than we expected in Q2.

當然，羅米特。讓我來回答這個問題。第二季桌面通路表現比我們預期的疲軟。

If you take a look underneath that and the dynamics under that, we did see some impact of the cryptocurrency mining phenomenon in CPUs in as well as VPU. Because if you think about it, when you put together one of those mining rigs, you need both the processor and graphics card.

如果你仔細觀察背後的動態，我們確實看到了加密貨幣挖礦現象對 CPU 和 VPU 的影響。因為如果你仔細想想，當你組裝一台採礦設備時，你需要處理器和顯示卡。

It was a softer quarter in terms of the market, as well. We saw the distributors were a bit more cautious on taking on inventory.

從市場角度來看，這也是一個較為疲軟的季度。我們發現分銷商在接受庫存時更加謹慎。

As we look forward, the desktop channel is an important market for us. It's a place where we've traditionally done well. So I don't think anything fundamental there.

展望未來，桌面通路對我們來說是一個重要的市場。這是我們傳統上做得很好的地方。所以我認為這裡並沒有什麼根本的東西。

I would say we will continue to expand our APU portfolio through the stacks. You will see a couple products come out in the second half of the year. We will continue to focus in that area.

我想說我們將繼續透過堆疊擴展我們的 APU 產品組合。您會看到今年下半年有幾款產品問世。我們將繼續關注該領域。

Thanks, Lisa. On the one to two semi-custom design wins, can you guys quantify the size of those opportunities for us?

謝謝，麗莎。關於一到兩個半客製化設計勝利，你們能否為我們量化這些機會的規模？

Sure. What we've said in the past, and it's consistent, is these opportunities tend to be very unique, but the size of the opportunities that we are looking at are typically in the range of $250 million to $500 million lifetime revenue overall.

當然。我們過去一直強調的是，這些機會往往非常獨特，但我們所關注的機會的規模通常在 2.5 億美元至 5 億美元的整體終身收入範圍內。

Okay. Thank you, Lisa.

好的。謝謝你，麗莎。

Operator, we'd be happy to take two more folks, please.

接線員，我們很樂意再搭載兩個人。

Jim Covello, Goldman Sachs.

高盛的吉姆·科維洛。

You guys have a helpful slide on page 4 of the presentation where you go through what the revenues look like in traditional markets versus growth markets, over time, culminating in the 50-50 split in 2015. Is there any way to give us a very high level breakdown of what that chart right look like broken down by end market as opposed to just high-level traditional versus growth markets? Thank you.

你們在簡報的第 4 頁上有一張很有用的幻燈片，其中介紹了傳統市場與成長市場隨著時間的推移收入的狀況，最終在 2015 年實現了 50-50 的分割。有沒有辦法讓我們對該圖表進行非常高層次的細分，使其按終端市場進行細分，而不是僅僅按高層次的傳統市場與成長市場進行細分？謝謝。

What do mean, Jim, by end market?

吉姆，終端市場是什麼意思？

Vertical. Computing, gaming, et cetera.

垂直的。計算、遊戲等等。

We really haven't thought about that in a lot of detail. You've got to give us a second, here.

我們確實還沒有詳細考慮過這個問題。你必須給我們一點時間。

Sure.

當然。

In the high-growth markets, professional graphics, dense server, 50% of the business, you will see in that 2016 timeframe our next-generation technology be introduced with the advanced node work. The end market -- let us take a work on that, Jim. I don't think we have that prepared for this discussion.

在高成長市場、專業圖形、密集伺服器（佔業務的 50%）中，您將在 2016 年看到我們的下一代技術將與先進的節點工作一起推出。終端市場－讓我們來研究這個，吉姆。我認為我們還沒有為這次討論做好準備。

That's great. Thanks. I can always follow-up on that.

那太棒了。謝謝。我可以隨時跟進此事。

In terms of your outlook on the PC market in total, which is helpful, you guys are talking about maybe it down 5% to 7%. Understanding that you are a lot more geared toward consumer and that markets a little weaker than enterprise. I think other folks have a more flattish view on the market, and that's inclusive of both the enterprise and the consumer.

就您對整個 PC 市場的展望而言，這很有幫助，您說的可能是 PC 市場可能會下降 5% 到 7%。了解您更面向消費者，市場比企業稍弱。我認為其他人對市場的看法比較平淡，包括企業和消費者。

Would you just expect that maybe the numbers -- for the expectations for those folks who were thinking the market is flat up to come back a little bit? Or maybe some of that is mix shift and it's hard to tell? How can you help us on that one a little bit? Thanks very much.

您是否只是期望這些數字——對於那些認為市場平穩的人來說，預期會略有回升？或者也許其中一些是混合轉變並且很難分辨？您能在這方面提供我們什麼幫助？非常感謝。

No problem, Jim. In terms of the market, I don't think there's any question that commercial has been stronger than everyone anticipated. There's no doubt that partially driven by the XP refresh, that's for sure.

沒問題，吉姆。就市場而言，我認為毫無疑問商業表現比大家預期的還要強勁。毫無疑問，這在一定程度上是由 XP 更新推動的，這是肯定的。

There is also some pent-up commercial demand. We are starting to see and feel a little bit of that as we've now introduced the product.

還有一些被壓抑的商業需求。隨著我們推出該產品，我們開始看到並感受到這一點。

I think it's going to be stronger than expected. The real debate has to be in our minds, is where is that peaking in terms of that?

我認為它會比預期的更強勁。真正的爭論在於，就這一點而言，它的頂峰在哪裡？

Was that the XP things through April and it trails off into the second half of the year? Our thoughts are it's still positive and it's going to be good, but we've got to see a little bit more data on where that commercial is going to go, in terms of is that going to be as robust as it was in this middle part of the year.

這是 XP 一直持續到四月份，然後進入下半年嗎？我們的想法是，它仍然是積極的，而且會很好，但我們必須看到更多的數據來判斷這則廣告的走向，看看它是否會像今年年中那樣強勁。

On the consumer side, I think consumer is actually pretty tough. I don't think consumer is just lightly down. I think consumer is the top spot in terms of traditional consumer notebook space.

在消費者方面，我認為消費者其實相當強硬。我不認為消費者只是輕微下滑。我認為就傳統消費性筆記型電腦領域而言，消費性筆記型電腦佔據首位。

If you're going to add in some of the new form factor stuff like some of the tablet stuff that mixes in between, you can get to a little higher number. I think it really matters what you count.

如果您要添加一些新外形的東西，例如一些混合的平板電腦的東西，您可以獲得更高的數字。我認為你所計算的內容確實很重要。

If you look at the tablet stuff, people talk about 285. If you look at the PC stuff, somewhere around 300.

如果你看一下平板電腦，人們就會談論 285。如果你看一下 PC 的東西，大約有 300 個。

That's a lot of units compared to where we were even two or three years ago. Tablets were much less, probably under 100 at that time, and PCs were around 365.

與兩、三年前相比，這個數量已經很多了。平板電腦就少很多，當時大概在100以下，PC大概在365左右。

So, I think where you get the differing opinion is what do you put in there? Do you call those window tablets and put them in PCs? Do you take tablets and put them in there?

所以，我認為您之所以會有不同意見是因為您在其中添加了什麼內容？您是否將這些稱為視窗平板電腦並將它們放在 PC 中？您是否將藥片取出並放入其中？

We still see the traditional market have pressure in consumer, and we think it's significant. That's definitely tough.

我們仍然看到傳統市場在消費方面面臨壓力，而且我們認為這種壓力很大。這確實很艱難。

From the standpoint of commercial, that's definitely the stronger one. The real question there, does that refresh continue through the full year? Makes sense, Jim?

從商業角度來看，這絕對是更強大的。真正的問題是，這種更新會持續全年嗎？有道理嗎，吉姆？

That's really helpful color. Thank you so much.

這顏色確實很有幫助。太感謝了。

Mike McConnell, Pacific Crest.

太平洋山脊酒店的麥克麥康奈爾。

Going back to Stacy's line of questioning, I do understand, relative to share, your competitor's much higher exposure to corporate and your exposure to consumer being part of this. But, one thing that's a little concerning is the progress and the share gain they're making at the low-end of the market with date trail.

回到 Stacy 的問題，我確實明白，相對於份額，你的競爭對手對企業的曝光度要高得多，而你對消費者的曝光度也是其中的一部分。但是，有一點令人擔憂，那就是他們在低端市場取得的進展和份額成長。

I wanted to get your comfort specific to that segment of the market that you guys have higher relative exposure, that if we have game consoles peaking in Q3, that that isn't going to peak, also, for your year in terms of quarterly revenue. How do we get some comfort that there's not more here than just the exposure between corporate and consumer, particularly in that low-end, where you have some pretty decent amount of market share?

我想讓您對你們在相對曝光率較高的細分市場感到放心，如果我們的遊戲機在第三季度達到頂峰，那麼就季度收入而言，這也不會在你們今年達到頂峰。我們要怎麼感到安慰呢？這裡除了企業和消費者之間的接觸之外，沒有其他的事情，特別是在低端市場，你們擁有相當可觀的市場份額？

One of the things I think you want to look at, is we could chase some of that pressure in the low-end. It tends to be lower ASPs, and given some of the market dynamics, it's not terribly profitable.

我認為您想要考慮的事情之一是，我們可以在低端追逐一些壓力。它的平均售價往往較低，而且考慮到某些市場動態，它的利潤並不高。

We are going to go and compete in some of that, but we've talked about a strategy to mix up. And I think Lisa can add some color in terms of the ASP trends that we've seen, the kinds of progress we've made with the A-8s and the A-10.

我們將參加其中的一些競爭，但我們已經討論過混合策略。我認為麗莎可以就我們所看到的 ASP 趨勢以及我們在 A-8 和 A-10 方面取得的進展進行一些補充。

This is one of the strategies. In the past, I think AMD would've chased that down and gone for share for share's sake.

這是策略之一。我認為，在過去，AMD 會追逐這一目標，並為了市場份額而爭奪市場份額。

We want some of that, but we want it balanced across the portfolio as we mix up so that it makes sense for us. There's no doubt there's pressure there, but there is still business for us to get there and as we mix up, look at the ASP work. Perhaps Lisa, some color?

我們希望獲得其中的一些，但我們希望在組合過程中保持平衡，這樣對我們來說才有意義。毫無疑問，那裡有壓力，但我們仍有業務可以實現，當我們混合時，請專注於 ASP 工作。也許是麗莎，有些顏色？

Mike, the way to think about our PCs business and our strategy here, it is very much around being very deliberate about where we think we are most differentiated and we can get a strong profitable growth in that standpoint. If you take a look -- you ask specifically about Bay Trail.

麥克，我們思考個人電腦業務和策略的方式，很大程度上在於我們非常慎重地考慮我們認為我們最具差異化的地方，並且從這個角度來看，我們可以獲得強勁的獲利成長。如果你看一看——你會具體詢問有關 Bay Trail 的情況。

We certainly see Bay Trail, no question about it. We see it at the very low-end, some entry price points going into the mainstream of the notebook and desktop market.

毫無疑問，我們確實看到了海灣步道。我們看到它處於非常低端的水平，一些入門價位的產品正在進入筆記型電腦和桌上型電腦市場的主流。

There are places where we choose not to compete because it's just not a profitable business. We are looking at how to improve our mix.

有些領域我們選擇不參與競爭，因為這不是一項有利可圖的業務。我們正在研究如何改善我們的組合。

If you take a look at our ASPs, both sequentially and year-over-year, we see a very nice trend there, and that's very deliberate ensuring that we are selling our products where they're actually valued. That's different from the PC business a year ago. Those are some of the dynamics that help us stabilize the business model, get to more profitable growth, that sort of thing.

如果您看一下我們的平均銷售價格，無論是按季度還是按年，我們都會發現一個非常好的趨勢，這是非常刻意的，確保我們在真正有價值的地方銷售我們的產品。這與一年前的個人電腦業務有所不同。這些都是幫助我們穩定商業模式、更有利可圖的成長等的動力。

Okay. One very quick follow-up. Lisa, I just wanted to make sure I heard you correctly.

好的。一個非常快速的後續行動。麗莎，我只是想確認一下我是否聽清楚了你的話。

Discrete graphics was down -- has to be roughly double digits in Q2. You said you are expecting it to be down again Q3? I just wanted to make sure that's accurate.

獨立顯示卡有所下降——第二季大約下降了兩位數。您說您預計它會在第三季再次下降嗎？我只是想確保其準確性。

I did not say that. We said discrete graphics was down in Q2, and that was the mix of the AIB channel, in particular, coming off of a strong Q1.

我沒有這麼說。我們說過，獨立顯示卡在第二季度有所下降，這是 AIB 通路的混合效應，特別是第一季的強勁表現。

We do expect to gain share in discrete graphics. That has been a clear goal. If you look at the mix of the business going forward, we see opportunities to do that.

我們確實希望在獨立顯示卡領域中獲得份額。這是一個明確的目標。如果你看一下未來的業務組合，我們就會看到實現這一目標的機會。

Okay. What do think about discrete graphics for Q3, I guess, sequentially?

好的。我猜，您對第三季的獨立顯示卡有何看法？

We don't go into segment detail, in terms of guidance. That, directionally, we expect to grow share.

就指導而言，我們不會深入探討細分細節。從方向上看，我們預計份額將會增加。

Okay. Thank you.

好的。謝謝。

Great. Operator, that concludes AMD's second-quarter earnings conference call. If you could wrap it up, we'd appreciate it. Thank you.

偉大的。操作員，AMD 第二季財報電話會議到此結束。如果您能將其總結出來，我們將非常感激。謝謝。

Ladies and gentlemen, this does conclude today's call. Thank you for your attendance. You may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。祝你有美好的一天。