超微半導體 (AMD) 2014 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by and welcome to the AMD third-quarter 2014 earnings conference call.

女士們、先生們，大家好。感謝您的支持，歡迎參加 AMD 2014 年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

I'd now like to turn the conference to our host, (technical difficulty). Ma'am, you may begin.

現在我想將會議轉交給我們的主持人，（技術困難）。女士，您可以開始了。

Thank you and welcome to AMD's third-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.

謝謝您，歡迎參加 AMD 第三季財報電話會議。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 call are Lisa Su, our President and Chief Executive, and Devinder Kumar, our Senior Vice President and Chief Financial Officer. This is a live call and will be replayed via webcast on AMD.com.

參加今天電話會議的有我們的總裁兼執行長 Lisa Su 和我們的高級副總裁兼財務長 Devinder Kumar。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 before the call begins to highlight several dates for you. Matt Skinner, our Corporate Vice President and General Manager of the Graphics Business Unit, will present at the UBS Technology Conference on November 18 in California. Devinder Kumar will present at the Credit Suisse Technology Conference on December 3 in Arizona and at the Raymond James IT Supply Chain Conference on December 8 in New York. Mark Papermaster, our Senior Vice President and Chief Technology Officer will present at the Barclays Global Technology, Media, and Telecommunications Conference on December 8 in San Francisco.

我想藉此機會在通話開始之前向您重點介紹幾個日期。我們的公司副總裁兼圖形業務部總經理 Matt Skinner 將於 11 月 18 日出席在加州舉行的瑞銀技術大會。Devinder Kumar 將於 12 月 3 日在亞利桑那州舉行的瑞士信貸技術大會上以及 12 月 8 日在紐約舉行的雷蒙德詹姆斯 IT 供應鏈大會上發表演講。我們的高級副總裁兼首席技術長 Mark Papermaster 將於 12 月 8 日出席在舊金山舉行的巴克萊全球技術、媒體和電信會議並發表演講。

Our fourth-quarter quiet time will begin at the close of business on Friday, December 12. Lastly, we expect to announce our fourth-quarter earnings results on January 20, 2015. Please note that we are now reporting two new financial segments, beginning the third quarter: Computing and Graphics segment primarily includes desktop and notebook processors and chipsets, discrete GPUs, and professional graphics; and the Enterprise, Embedded, and Semi-Custom segment primarily includes server and embed processors, dense servers, semi-custom SoC products, engineering service, and royalties.

我們的第四季靜默期將於 12 月 12 日星期五下班後開始。最後，我們預計將於 2015 年 1 月 20 日公佈第四季財報結果。請注意，從第三季度開始，我們現在報告兩個新的財務部門：計算和圖形部門主要包括桌上型電腦和筆記型電腦處理器和晶片組、獨立 GPU 和專業圖形；企業、嵌入式和半客製化部門主要包括伺服器和嵌入式處理器、密集伺服器、半客製化 SoC 產品、工程服務和版稅。

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

另外請注意，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。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on 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.

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。

Please refer to the cautionary statements in today's earning press release and CFO commentary for more information. You'll also find detailed discussions about our risk factors in our filings with the SEC, and in particular, AMD's quarterly report on Form 10-Q for the quarter ended June 28, 2014.

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我們的風險因素的詳細討論，特別是 AMD 截至 2014 年 6 月 28 日的 10-Q 表季度報告。

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

現在，我想把電話交給麗莎。麗莎？

Thank you, Ruth, and good afternoon to all those listening in today. I'm pleased to be here on my first earnings call as CEO. In addition to covering our quarterly results, I also want to use this opportunity to provide some details on my initial priorities and the steps we are taking to continue transforming and strengthening AMD.

謝謝你，露絲，祝今天收聽節目的各位下午好。我很高興能作為執行長來參加我的第一次財報電話會議。除了介紹我們的季度業績之外，我還想藉此機會提供一些關於我最初的優先事項以及我們為繼續轉型和加強 AMD 而採取的措施的詳細資訊。

Our third-quarter results highlight the progress we have made in diversifying our business as we delivered our fifth straight quarter of non-GAAP profitability. While our Enterprise, Embedded, and Semi-Custom segment had a strong quarter, we did face some challenges in our Computing and Graphics business due to ongoing weaknesses in consumer PC market. We know what we need to do to improve performance going forward and are taking the appropriate actions.

我們的第三季業績凸顯了我們在業務多元化方面取得的進展，我們連續第五個季度實現非公認會計準則獲利。雖然我們的企業、嵌入式和半客製化部門本季表現強勁，但由於消費個人電腦市場的持續疲軟，我們的運算和圖形業務確實面臨一些挑戰。我們知道需要做什麼來提高未來的績效，並且正在採取適當的行動。

Let me give you some more color on each of the segments. Our Enterprise, Embedded, and Semi-Custom segment delivered sequential and year-over-year revenue in operating profit improvement. We had strong embedded processor revenue growth and secured multiple new design wins across our priority markets. For instance, Arista, a leader in software-driven cloud networking, began ramping production of new switches powered by our embedded G-Series SoC.

讓我對每個部分進行更詳細的說明。我們的企業、嵌入式和半客製化部門實現了連續和同比的營業利潤成長。我們的嵌入式處理器收入成長強勁，並在我們優先的市場中贏得了多個新的設計勝利。例如，軟體驅動雲端網路領域的領導者 Arista 已開始加大搭載我們嵌入式 G 系列 SoC 的新交換器的生產。

Our customers also began ramping a number of new retail and educational digital signage wins in the third quarter. We also started sampling our first embedded ARM SoC in the quarter and at ARM's TechCon conference, we demo'd the industry's first ever 64-bit ARM-powered Network Function Virtualization solution. The demo won Best in Show Software Product and is a great example of how our leadership ARM and x86 offerings are generating increased interest from telecom and networking customers.

我們的客戶在第三季也開始贏得大量新的零售和教育數位看板訂單。我們也開始在本季開始對我們的第一款嵌入式 ARM SoC 進行取樣，並在 ARM 的 TechCon 會議上展示了業界首個由 64 位元 ARM 驅動的網路功能虛擬化解決方案。該演示贏得了「最佳展示軟體產品」獎，很好地證明了我們的領先 ARM 和 x86 產品如何引起電信和網路客戶越來越多的興趣。

Our work to lead the industry's transition to 64-bit ARM servers also gained momentum in the quarter. After [seeding] Opteron A-series development kits with key ecosystem partners earlier this year, we expanded availability to software developers and system integrators. We continue building out the 64-bit ARM server ecosystem in advance of system launches expected next year.

我們引領業界向 64 位元 ARM 伺服器轉型的工作在本季也取得了進展。在今年稍早與主要生態系統合作夥伴推出 Opteron A 系列開發套件後，我們將其擴展至軟體開發商和系統整合商。我們將繼續建立 64 位元 ARM 伺服器生態系統，為明年的系統發布做好準備。

This quarter, we also had public demonstrations of community versions of Red Hat's Fedora and SUSE's openSUSE 64-bit ARM Linux operating systems, running Oracle JDK and enterprise-class Java platform on our upcoming Opteron A-Series SoC. Based on the widespread availability and silicon status of our Seattle development boards, we are also seeing a number of our partners and customers using the AMD platform as their lead ARM 64 development vehicle.

本季度，我們也公開展示了 Red Hat 的 Fedora 和 SUSE 的 openSUSE 64 位元 ARM Linux 作業系統的社群版本，在即將推出的 Opteron A 系列 SoC 上運行 Oracle JDK 和企業級 Java 平台。基於我們西雅圖開發板的廣泛可用性和矽片狀態，我們也看到許多合作夥伴和客戶使用 AMD 平台作為其主要 ARM 64 開發工具。

The highlight of our quarter was in our strong Semi-Custom business, where we shipped a record number of units for our game console customers. Q3 will be our peak unit shipment quarter for the year, as Microsoft and Sony prepare for the holiday season. And relative to our new semi-custom design win pipeline, I am very pleased to announce that we have secured two new wins, accomplishing our goal to close 1 to 2 new semi-custom wins this year.

本季度的亮點是我們強勁的半客製化業務，我們為遊戲機客戶出貨了創紀錄數量的設備。由於微軟和索尼正在為假期做準備，第三季將成為我們今年的出貨量高峰季度。就我們新的半客製化設計中標管道而言，我很高興地宣布，我們已獲得兩項新的中標，實現了我們今年獲得 1 到 2 個新的半定制中標的目標。

These new semi-custom SoCs are expected to deliver a combined total lifetime revenue of approximately $1 billion over approximately three years. Design work for these opportunities has started and we anticipate first Silicon revenue in 2016. Although I can't go into details on the customers or the specific products, it is important to note that we are diversifying our Semi-Custom business beyond gaming.

這些新的半客製化 SoC 預計將在約三年內帶來約 10 億美元的總生命週期收入。這些機會的設計工作已經開始，我們預計 2016 年將獲得第一筆矽片收入。雖然我無法詳細介紹客戶或具體產品，但值得注意的是，我們正在將半客製化業務多元化，不再局限於遊戲領域。

These wins also mark another significant milestone for us, as one of the wins is our first 64-bit ARM-based semi-custom design, building on or growing ARM 64 momentum in the embedded and server markets. Our Semi-Custom design win pipeline remains strong and we continue to have good opportunities to deliver future growth for this important part of our Business.

這些勝利也標誌著我們的另一個重要里程碑，因為其中一項勝利是我們的第一個基於 64 位元 ARM 的半客製化設計，在嵌入式和伺服器市場中建立或增強了 ARM 64 的發展勢頭。我們的半客製化設計中標管道依然強勁，我們繼續擁有良好的機會為我們業務的這一重要部分實現未來成長。

Now, turning to our Computing and Graphics segment. The Computing and Graphics business remains very important to us and is an evolving area of the Company where we have started a substantial amount of work to transform and strengthen this business. Earlier this year, we laid out several important objectives to improve the financial performance of this segment. These include expanding in the commercial client market, improving our mix in consumer notebooks, gaining share in professional graphics, and increasing component and AIB channel sales.

現在，轉向我們的計算和圖形部分。計算和圖形業務對我們來說仍然非常重要，並且是公司不斷發展的一個領域，我們已經開始大量工作來轉變和加強這項業務。今年早些時候，我們制定了幾個重要目標來改善該部門的財務表現。這些包括擴大商業客戶市場、改善我們在消費筆記型電腦中的產品組合、增加專業圖形的份額以及增加組件和 AIB 通路銷售。

We've met our goal to double our commercial client design wins from last year and are pleased with the initial progress we are making to build a richer mix in our PC business. New commercial client offerings from Dell, HP, and Lenovo have started ramping, resulting in approximately a 50% increase in our commercial APU shipments from the second quarter. We also improved our notebook APU mix in the quarter, as our Kaveri processors ramped in mobile design wins and our higher-end mobile processor unit shipments increased nearly 50% from the second quarter.

我們已經實現了將商業客戶設計訂單量比去年翻一番的目標，並且對我們在建立更豐富的個人電腦業務組合方面所取得的初步進展感到滿意。戴爾、惠普和聯想的新商業客戶產品已開始增加，導致我們的商業 APU 出貨量從第二季開始增加約 50%。本季度，我們也改進了筆記型電腦 APU 組合，因為我們的 Kaveri 處理器在行動設計方面取得了長足進步，而且我們的高階行動處理器出貨量較第二季度成長了近 50%。

Mobile discrete GPU unit shipments also increased from the second quarter, as new design wins entered production. And earlier today, Apple announced a number of new iMacs powered by our Radeon GPUs. Included in the wins is the new 27-inch iMac with 5K Retina resolution, which highlights the ongoing move to higher resolution displays. This trend plays well to our strengths in discrete GPUs.

隨著新設計投入生產，行動獨立 GPU 單元出貨量也從第二季開始增加。今天早些時候，Apple 宣布推出多款搭載我們 Radeon GPU 的全新 iMac。獲獎產品包括配備 5K Retina 解析度的全新 27 吋 iMac，凸顯了邁向更高解析度顯示器的趨勢。這一趨勢充分發揮了我們在獨立 GPU 的優勢。

And in the professional graphics market, we believe this remains an area where we see the opportunity for ongoing growth. In the third quarter, channel sales increased sequentially and we secured several new design wins with Dell and HP that will reach market early next year.

在專業圖形市場，我們相信這仍然是一個具有持續成長機會的領域。第三季度，通路銷售額環比增長，我們與戴爾和惠普簽訂了幾項新的設計合同，這些產品將於明年初上市。

Now turning to the desktop processor and graphics performance in the quarter, although we increased overall desktop processor unit shipments from the previous quarter, our performance in the component and graphics channel was weak. We saw sell-out momentum slow, particularly in China, and believe there was some downstream inventory build in the quarter causing our distributors to be more cautious managing their inventories. We are committed to these markets and have started taking actions in conjunction with our channel partners to improve sell-through in the coming quarters.

現在談談本季的桌上型電腦處理器和圖形效能，雖然我們比上一季增加了整體桌上型電腦處理器的出貨量，但我們在組件和圖形通路方面的表現較弱。我們發現銷售勢頭放緩，尤其是在中國，並認為本季下游庫存增加，導致我們的分銷商更加謹慎地管理庫存。我們致力於這些市場，並已開始與我們的通路合作夥伴一起採取行動，以提高未來幾季的銷售率。

Now let me turn to some of my initial priorities and our strategic actions. As I said on our call last week, the strategy we outlined two years ago remains the right one for AMD. But to strengthen AMD and better position us for success, we must take some targeted restructuring actions to align our investments and resources with our highest priority opportunities. These actions are not about how we manage the Business in the short-term, but about how we reengineer the Company for the long-term and position both of our Computing and Graphics and Enterprise, Embedded, and Semi-Custom segments for profitability and growth.

現在讓我談談我的一些初步優先事項和我們的策略行動。正如我上週在電話會議上所說，我們兩年前製定的策略對 AMD 來說仍然是正確的。但為了增強 AMD 的實力並讓我們更好地獲得成功，我們必須採取一些有針對性的重組行動，使我們的投資和資源與我們最優先的機會保持一致。這些行動不是關於我們如何在短期內管理業務，而是關於我們如何進行長期重組公司，並定位我們的計算和圖形以及企業、嵌入式和半定制部門以實現盈利和增長。

As part of the plan, you will see us continue to invest in the talent and skills required to develop our world-class technologies and products, as well as add new skills in areas like software and application engineering that will help us drive into new markets. While we will protect our engineering investments, we will also take the opportunity to streamline parts of the organization to better align them with our highest priority opportunities. Reducing headcount is never easy, but these actions will enable us to become a stronger and more nimble company.

作為計劃的一部分，您將看到我們繼續投資於開發世界一流技術和產品所需的人才和技能，並在軟體和應用工程等領域增加新技能，以幫助我們進入新市場。在我們保護工程投資的同時，我們也將藉此機會精簡組織的部分功能，以更好地使其與我們最優先的機會保持一致。減少員工人數從來都不是一件容易的事，但這些措施將使我們成為一家更強大、更靈活的公司。

In summary, as I step into the role of CEO, I firmly believe we are one of the few companies with the market position and capabilities to deliver world-class technologies and great products that will lead the industry forward. My near-term priorities are very clear. First and foremost, we will focus our energy on delivering great products. We will also ensure that we continue to deepen our customer relationships and continue to simplify and streamline our organization.

總而言之，當我擔任執行長一職時，我堅信我們是少數幾家擁有市場地位和能力的公司之一，能夠提供世界一流的技術和優秀的產品，引領行業向前發展。我的近期優先事項非常明確。首先，我們將集中精力提供優質的產品。我們也將確保繼續深化與客戶的關係，並持續簡化和精簡我們的組織。

We have a unique opportunity in front of us and I'm very much looking forward to the future.

我們面前有一個獨特的機會，我對未來充滿期待。

Now I'd like to turn the call over to Devinder to provide some additional color on our third-quarter financial performance, fourth-quarter guidance, and details of our transformation plan. Devinder?

現在，我想將電話轉給 Devinder，請他進一步介紹我們的第三季財務業績、第四季指引以及轉型計畫的細節。德文德？

Thank you, Lisa, and good afternoon to all those listening in today.

謝謝你，麗莎，祝今天收聽節目的各位下午好。

We continued to make progress on our strategic transformation and delivered non-GAAP profitability for the fifth straight quarter, despite a weak consumer PC environment. We managed operating expense, reduced inventory, and shipped record quarterly semi-custom SoCs.

儘管消費 PC 環境疲軟，但我們的策略轉型繼續取得進展，並連續第五個季度實現非 GAAP 獲利。我們控制了營運費用、減少了庫存，並創下了季度半客製化 SoC 出貨量的記錄。

Now let me cover the specifics of the third quarter. Revenue was $1.43 billion, flat sequentially and down 2% year over year, primarily driven by lower chipset and GPU sales, partially offset by increased sales of semi-custom SoCs. Third-quarter revenue included $27 million related to the licensing of technology. Gross margin was 35%, flat from the prior quarter, and included $27 million, or a 2% benefit, from revenue related to licensing technology.

現在我來介紹一下第三季的具體情況。營收為 14.3 億美元，與上一季持平，與去年同期相比下降 2%，主要原因是晶片組和 GPU 銷售額下降，但半客製化 SoC 銷售額成長部分抵消了這一影響。第三季的收入包括與技術許可相關的 2700 萬美元。毛利率為 35%，與上一季持平，其中包括與授權技術相關的收入 2,700 萬美元，即 2% 的收益。

Non-GAAP operating expenses in the third quarter were $428 million, down $3 million from the prior quarter. For the fifth quarter in a row, non-GAAP operating expense to revenue ratio was 30% or better. Non-GAAP operating income was $66 million and non-GAAP net income was $20 million, with non-GAAP earnings per share of $0.03 calculated using 785 million diluted shares. Third-quarter non-GAAP earnings per share excludes amortization of acquired intangible assets of $3 million.

第三季非公認會計準則營運費用為 4.28 億美元，較上一季減少 300 萬美元。連續第五個季度，非公認會計準則營業費用與收入比率達到或超過 30%。非公認會計準則營業收入為 6,600 萬美元，非公認會計準則淨收入為 2,000 萬美元，以 7.85 億股稀釋股份計算，非公認會計準則每股收益為 0.03 美元。第三季非公認會計準則每股收益不包括 300 萬美元的收購無形資產攤銷。

Interest expense, taxes, and other expenses were $46 million in the quarter. During the quarter, AMD entered into interest rate swap transactions. These transactions effectively converted $250 million of AMD's fixed rate 6.75% Senior Note due 2019 to a variable interest rate. Based on current interest rates, we anticipate quarterly interest savings from these transactions to be approximately $1 million beginning in the fourth quarter of 2014.

本季利息支出、稅金和其他支出為 4,600 萬美元。本季度，AMD 進行了利率互換交易。這些交易實際上將 AMD 2019 年到期的 2.5 億美元固定利率 6.75% 高級票據轉換為浮動利率。根據當前利率，我們預計從 2014 年第四季開始，這些交易的季度利息節省將達到約 100 萬美元。

The remaining $250 million portion of AMD's 6.75% 2019 debt, as well as all other term debt on the balance sheet, has a weighted average fixed interest rate of 7.1%. Adjusted EBITDA was $133 million, down $4 million from the prior quarter, and for the trailing four quarters, adjusted EBITDA was $574 million.

AMD 2019 年債務中剩餘的 2.5 億美元（6.75%）以及資產負債表上的所有其他定期債務的加權平均固定利率為 7.1%。調整後的 EBITDA 為 1.33 億美元，較上一季下降 400 萬美元，過去四季的調整後 EBITDA 為 5.74 億美元。

Now turning to the business segments, Computing and Graphics revenue was $781 million, down 6% sequentially, primarily due to lower chipset and GPU sales. Computing and Graphics operating loss was $17 million compared to a $6 million loss in the prior quarter. This was driven primarily by lower revenue.

現在轉向業務部門，計算和圖形收入為 7.81 億美元，環比下降 6%，主要原因是晶片組和 GPU 銷售額下降。計算和圖形業務的營運虧損為 1700 萬美元，而上一季的虧損為 600 萬美元。這主要是由於收入下降所致。

Enterprise, Embedded, and Semi-Custom revenue was $648 million, up $35 million, or 6%, from the prior quarter, primarily due to an increase in sales of our semi-custom SoCs. Operating income was $108 million, up from $97 million in the prior quarter, primarily driven by higher sales of our semi-custom SoCs.

企業、嵌入式和半客製化收入為 6.48 億美元，比上一季增加 3,500 萬美元，增幅 6%，這主要歸功於我們的半客製化 SoC 銷量的成長。營業收入為 1.08 億美元，高於上一季的 9,700 萬美元，主要得益於半客製化 SoC 銷量的成長。

Turning to the balance sheet, our cash, cash equivalents, and marketable securities balance totaled $938 million at the end of the quarter, essentially flat from the prior quarter. Inventory was $897 million, down $63 million, or 7%, from the prior quarter. We remain focused on maintaining appropriate levels of inventory and plan to manage inventory levels down again in the fourth quarter.

談到資產負債表，本季末我們的現金、現金等價物和有價證券餘額總計 9.38 億美元，與上一季基本持平。庫存為 8.97 億美元，比上一季減少 6,300 萬美元，降幅 7%。我們仍然專注於維持適當的庫存水平，並計劃在第四季度再次降低庫存水準。

Debt as of the end of the quarter was $2.2 billion. Accounts payable at the end of the third quarter was $498 million, down slightly from $511 million in the second quarter. We had negative free cash flow of $11 million in Q3 2014, an improvement of $40 million from the prior quarter.

截至本季末的債務為 22 億美元。第三季末應付帳款為4.98億美元，較第二季的5.11億美元略有下降。2014 年第三季度，我們的自由現金流為負 1,100 萬美元，較上一季改善 4,000 萬美元。

As Lisa stated in her opening remarks, we are working to build a stronger and diversified Company as we continue our strategic transformation. We are ensuring we have the right resources deployed, in concert with the evolution of our business model, as we right-size and strengthen our Computing and Graphics segment resources in line with the market realities of today, and further invest in our Enterprise, Embedded, and Semi-Custom segment, focused on our growth opportunities.

正如麗莎在開場白中所說，我們在繼續策略轉型的同時，正努力打造一家更強大、更多元化的公司。我們確保部署正確的資源，與我們的業務模式發展相協調，同時根據當今的市場現實調整和加強我們的計算和圖形部門資源，並進一步投資於我們的企業、嵌入式和半定制部門，專注於我們的成長機會。

To that end, we are taking actions and implementing operational efficiencies, while also reducing headcount and further streamlining our global real estate assets. We expect to reduce our workforce by approximately 7%, with the majority of actions completed by the end of the fourth quarter. We anticipate aligning of our real estate footprint starting in the fourth quarter and continuing into the first half of 2015.

為此，我們正在採取行動並實施營運效率，同時減少員工人數並進一步精簡我們的全球房地產資產。我們預計裁員約 7%，大部分裁員行動將在第四季末完成。我們預計將從第四季開始調整我們的房地產佈局並持續到 2015 年上半年。

Associated with these actions, we expect to record restructuring and impairment charges of approximately $57 million in the fourth quarter of 2014, consisting primarily of severance-related charges and approximately $13 million in the first half of 2015, primarily related to real estate actions. We expect to make cash payments of approximately $34 million in the fourth quarter of 2014 and approximately $20 million in the first half of 2015 associated with these actions. Based on these actions, we anticipate operational savings, primarily in operating expenses, of approximately $9 million in the fourth quarter of 2014 and approximately $85 million in 2015.

與這些行動相關，我們預計 2014 年第四季將記錄約 5,700 萬美元的重組和減損費用，主要包括與遣散費相關的費用，2015 年上半年將記錄約 1,300 萬美元的重組和減損費用，主要與房地產行動有關。我們預計將於 2014 年第四季支付約 3,400 萬美元現金，並於 2015 年上半年支付約 2,000 萬美元現金用於這些行動。基於這些措施，我們預計2014年第四季的營運成本節省（主要為營運費用）約為900萬美元，2015年約為8,500萬美元。

Now turning to the outlook and guidance for the fourth quarter of 2014. AMD expects revenue to decrease 13% sequentially, plus or minus 3%, due to lower semi-custom revenue and the weak consumer PC environment. Gross margin is expected to be approximately 35%. Non-GAAP operating expenses are expected to be approximately $385 million, below our prior 2014 quarterly operating expense guidance range of approximately $420 million to $450 million, in line with expected revenue and savings from our restructuring and transformation initiatives.

現在來談談2014年第四季的展望與指引。AMD 預計，由於半客製化收入下降和消費 PC 環境疲軟，營收將環比下降 13%，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 3.85 億美元，低於我們先前預測的 2014 年季度營運費用範圍（約 4.2 億美元至 4.5 億美元），與預期收入以及重組和轉型舉措帶來的節省相一致。

Interest expense and other to be approximately $46 million. Inventory is expected to decrease from third-quarter levels. And finally, free cash flow is expected to be positive in the fourth quarter, and for the full year 2014, negative in the range of $200 million to $250 million, including the impact of the $200 million special payment to GLOBALFOUNDRIES earlier this year.

利息支出及其他費用約為 4,600 萬美元。預計庫存將較第三季水準下降。最後，預計第四季度自由現金流為正，2014年全年自由現金流為負，在2億至2.5億美元之間，其中包括今年早些時候向GLOBALFOUNDRIES支付的2億美元特別款項的影響。

In summary, while there's more work to be done as we continue our transformation journey, we are positioning AMD to execute our current set of strategic transformation priorities, while focusing on sustainability profitability and driving enhanced returns for our shareholders.

總而言之，雖然在我們繼續轉型的過程中還有很多工作要做，但我們正在定位 AMD 來執行我們當前的一系列策略轉型重點，同時專注於可持續盈利能力並為股東帶來更高的回報。

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'd be happy for you to poll the audience for questions, please.

謝謝你，Devinder。接線員，我們很樂意請您向觀眾提問。

(Operator Instructions)

（操作員指示）

And our first question comes from Vivek Arya from Bank of America Merrill Lynch. Please go ahead.

我們的第一個問題來自美銀美林的 Vivek Arya。請繼續。

Thank you for taking my question and, Lisa, congratulations and good luck in your new role. My question is on the restructuring that you're doing, which areas will you deprioritize given this restructuring? Do you think you can afford to focus on the same number of markets or is it time to narrow the focus?

感謝您回答我的問題，麗莎，祝賀你並祝你在新職位上一切順利。我的問題是，關於您正在進行的結構調整，在這次結構調整中，您將降低哪些領域的優先順序？您是否認為您可以專注於相同數量的市場，或者是否應該縮小關注範圍？

Thank you, Vivek, for the question and for the kind thoughts.

謝謝 Vivek 提出的問題和善意的想法。

Relative to the restructuring, we have been looking at all of our markets across the Company and all of the things that we do, both from an engineering side and a go-to-market side. From this standpoint, we are very much protecting the key engineering skills and the key engineering investments, but as we look across our businesses and as we diversify from being a pure PC Company into a much more diversified business, we found opportunities to streamline, particularly on the Computing and Graphics side, as we look at our go-to-market and our infrastructure around that. So as always, it's difficult to take these actions, but these will certainly be important steps to help us simplify and operate more efficiently.

相對於重組，我們一直在審視公司的所有市場以及我們所做的所有事情，包括工程方面和市場進入方面。從這個角度來看，我們非常重視保護關鍵的工程技能和關鍵的工程投資，但隨著我們審視整個業務，並從一家純粹的個人電腦公司轉型為一家更加多元化的企業，我們發現了精簡的機會，特別是在計算和圖形方面，我們著眼於我們的市場營銷和圍繞其的基礎設施。因此，一如既往，採取這些行動很困難，但這些無疑是幫助我們簡化和更有效率地運作的重要步驟。

Got it.

知道了。

As a follow-up, I understand the semi-custom win should start helping you in 2016, and maybe it's a little early to talk about 2015, but I'm just curious that if the semi-custom only helps from 2016, what happens in 2015 as you continue to see a somewhat sluggish PC and graphics market? How do you plan to manage the Business in that time frame? And maybe as part B of that question for Devinder, are there any implications, if the market -- PC and graphics market stays the way it is, are there any implication on your wafer supply agreement with GLOBALFOUNDRIES? Thank you.

作為後續問題，我理解半定制的勝利應該會在 2016 年開始對您有所幫助，也許現在談論 2015 年有點早，但我只是好奇，如果半定制只從 2016 年開始有所幫助，那麼在您繼續看到 PC 和圖形市場有些低迷的情況下，2015 年會發生什麼？您計劃如何在該時間內管理業務？也許作為 Devinder 問題 B 的一部分，如果市場——PC 和圖形市場保持現狀，這是否會對您與 GLOBALFOUNDRIES 的晶圓供應協議產生任何影響？謝謝。

Let me take the first part of that, Vivek, and Devinder will take the second part. Relative to how we're managing the Business, certainly if you look at it, we've been very focused on improving the operational performance of the Business. We've made strong progress in 2014 and we will continue to do that in the coming years.

讓我來負責第一部分，Vivek，Devinder 負責第二部分。相對於我們如何管理業務，如果你看一下，你會發現我們一直非常注重提升業務的營運績效。我們在 2014 年取得了長足的進步，並將在未來幾年繼續保持這樣的進步。

In terms of the markets that we're in, the semi-custom wins are exciting and important for us, that they're part of our long-term growth strategy. We also have growth that we highlighted in embedded and professional graphics and some of our other growth markets. And in the traditional PC market, the key areas for us are really changing the mix of the product and focusing on the places where we're more differentiated.

就我們所處的市場而言，半客製化業務的成功對我們來說是令人興奮且重要的，它們是我們長期成長策略的一部分。我們在嵌入式和專業圖形以及其他一些成長市場也取得了成長。在傳統個人電腦市場，我們的關鍵領域是真正改變產品組合，並專注於我們更差異化的領域。

So commercial is an early start for us and we're starting from a low base, but we have seen progress there and we expect that into 2015, as well, as well as some of the work that we're doing in the graphics space, like you saw with the Apple win today. So again, from an overall market standpoint, we know where to focus, and we're going to continue focusing on those areas that play to our differentiation.

因此，商業化對我們來說才剛剛起步，而且我們的起點較低，但我們已經看到了進展，我們預計在 2015 年也會取得進展，同時，我們在圖形領域所做的一些工作也會取得進展，就像您今天看到蘋果獲勝一樣。因此，從整體市場的角度來看，我們知道應該關注哪裡，我們將繼續專注於那些能夠發揮我們差異化的領域。

Vivek, good question on the Business. What you have seen, even over the last couple of years, as we had the difficulties in the 2012 time frame, that we have shown the ability to manage the Business in line with revenue, to manage the operating expenses, focus on the areas that Lisa talked about as priorities and continue to diversify our revenue. But at the same time, making sure that we protect our investments in the core IP and technologies, which is really going to fuel the future growth and long-term profitability of the Company.

Vivek，關於業務的問題問得很好。如您所見，即使在過去幾年中，儘管我們在 2012 年期間遇到了困難，但我們已經展示了根據收入管理業務的能力，管理營運費用，專注於 Lisa 提到的優先領域，並繼續實現收入多元化。但同時，我們要確保保護對核心智慧財產權和技術的投資，這才真正推動公司未來的成長和長期獲利能力。

Your question on GLOBALFOUNDRIES and whether from an inventory standpoint, we are on track, we are very much on track as we end the third quarter here. And as I said in the prepared remarks, we'll be on track to meet those obligations. Inventory is down Q2 to Q3 and I expect it to be down in Q4, despite lower revenue between Q3 and Q4.

您關於 GLOBALFOUNDRIES 的問題以及從庫存的角度來看，我們是否走在正軌上，在第三季結束時，我們的進展非常順利。正如我在準備好的發言中所說，我們將按計劃履行這些義務。從第二季度到第三季度，庫存有所下降，我預計第四季度庫存也會下降，儘管第三季和第四季之間的收入有所下降。

Thank you.

謝謝。

Our next question comes from Mark Lipacis from Jefferies. Please go ahead.

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

Thanks for taking my question. Devinder, maybe for you, when you -- a couple of the income statement questions, the 13% decline that you expect for next quarter, do -- you mentioned computing and the embedded business both declining. Is that split evenly between the two? Is it both businesses you expect to decline about that much or will it be weighted one or the other? And when you look at your OpEx savings you expect of $85 million next year, is that $21 million a quarter, or does that ramp through the year and you exit the year something higher than that?

感謝您回答我的問題。Devinder，也許對您來說，當您 - 幾個關於損益表的問題時，您預計下個季度的利潤將下降 13％，您提到計算和嵌入式業務都在下降。兩者之間的分配是否均等？您預計兩家公司的業務都會下滑那麼多嗎，還是其中一家的業務會受到影響？當您查看營運支出節省金額時，您預計明年將節省 8500 萬美元，那麼這個數字是每季 2100 萬美元嗎？還是這數字會在全年逐漸增加，到年底會更高？

Yes. The first question, if you ask me overall from a viewpoint on the decline of 13%, given the peak quarter that we had in semi-custom is weighted toward the semi-custom, so as you look at our segment reporting, which has changed effective this quarter, Computing and Graphics and the Embedded, Enterprise, and Semi-Custom, I would say that the decline quarter-on-quarter is more weighted toward the EESC segment as opposed to Computing and Graphics.

是的。第一個問題是，如果您從整體角度問我 13% 的下降幅度，考慮到我們在半定制領域的高峰季度是偏向半定制的，那麼當您查看我們的分部報告時（該報告從本季度起已發生變化），計算和圖形以及嵌入式、企業和半定制，我會說，季度環比下降更多地偏向於 EESC 領域，而不是計算和圖形領域。

Okay, that's--

好的，那是——

As far as the OpEx is concerned, I can share with you Q4. I'll tell you that in Q4, as you look at Q3 to Q4, the decline in OpEx is about $40 million-plus. Some of it comes from the transformation initiatives that we've been working on. Lisa talked about simplification of our structures within the Company getting close to the customer.

就營運支出而言，我可以與您分享第四季度的情況。我會告訴你，在第四季度，當你回顧第三季到第四季時，營運支出下降了約 4,000 萬美元以上。其中一些來自我們一直在努力的轉型措施。Lisa 談到了簡化公司內部結構以貼近客戶。

We also have actions that we took today and that's going to save about $9 million in the quarter. We had some product tape-outs in Q3 that don't repeat in Q4. That's some savings. And overall, we've been very focused on managing the OpEx in line with our revenue expectations and revenue profile, and that is where the rest of the savings are coming from.

我們今天也採取了一些行動，這將在本季度節省約 900 萬美元。我們在第三季有一些產品流片，但第四季不會再重複。這可以節省一些錢。整體而言，我們一直非常注重根據收入預期和收入狀況來管理營運支出，其餘的節省也來自於此。

So the--

所以——

You tried to get -- sorry, Mark -- you tries to get into 2015 and maybe you asked a question about that, but I'm not prepared to get into the 2015 discussion at that point. We can have a little bit more of a discussion about 2015 when we come to the Q4 earnings call in January.

您嘗試 — — 抱歉，馬克 — — 您嘗試進入 2015 年，也許您問了有關此的問題，但我還沒有準備好進入 2015 年的討論。當我們在一月召開第四季財報電話會議時，我們可以對 2015 年的情況進行更多的討論。

Okay. Fair enough. If I may, one more on the Computing side. In 2013 the Computing business was running around $900 million a quarter and this year it was $800 million a quarter. It's running lower than that exiting this year. Given, Lisa, that you seem to be streamlining more on the Computing side, should we think about this business as being an ex-growth business or a low double-digit growth -- or I'm sorry, low single-digit growth or low single-digit decline business? Thank you.

好的。很公平。如果可以的話，我再問一個關於計算方面的問題。2013 年，計算業務每季的營業額約為 9 億美元，而今年則為每季 8 億美元。它比今年退出時的情況要低。麗莎，鑑於您似乎在計算方面進行了更多精簡，我們是否應該將這項業務視為非增長業務或低兩位數增長 - 或者對不起，低個位數增長或低個位數下降業務？謝謝。

Mark, to your question on the Computing and Graphics segment, look, it's a very important business for us. It's a little early to talk about longer-term guidance for the business. Clearly, our goal is to strengthen it and improve its profitability, particularly in the couple of areas that I talked about earlier.

馬克，關於計算和圖形部分的問題，這對我們來說是一項非常重要的業務。現在談論業務的長期指導還為時過早。顯然，我們的目標是加強它並提高其盈利能力，特別是在我之前談到的幾個領域。

And on that, Mark, you talked about the numbers in terms of the revenue ranges in 2013 and 2014. You're exactly right. If you look at the details that we have provided, whereby we have not only provided the new segment information for Q3 of 2014, but also recast the historical data of Computing and Graphics on the one hand, and Enterprise, Embedded, and Semi-Custom on the other.

關於這一點，馬克，您談到了 2013 年和 2014 年的收入範圍數字。你說得完全正確。如果您查看我們提供的詳細信息，您會發現，我們不僅提供了 2014 年第三季度的新細分信息，而且還重塑了計算和圖形的歷史數據，以及企業、嵌入式和半定制的歷史數據。

If you go look at the year-to-date numbers, 2013 nine months versus 2014 nine months, the revenue is down, as you observed from the $900 million-plus to the $800 million-plus, 13% down. But the losses, there were losses in the first three quarters of 2013, it was close to $19 million and if you add up the last three quarters of 2014, it's more in the $20 million range. So we have improved the financial performance and the action that we are taking today and the focus that we are bringing in the Computing and Graphics business is obviously focused on continuing to improve the financial performance in line with whatever revenue expectations they are.

如果你看今年迄今為止的數據，2013 年前九個月與 2014 年前九個月相比，收入是下降的，正如你所觀察到的，從 9 億多美元下降到 8 億多美元，下降了 13%。但2013年前三個季度的損失接近1,900萬美元，如果加上2014年最後三個季度的損失，則在2,000萬美元左右。因此，我們改善了財務業績，我們今天採取的行動以及我們在計算和圖形業務中的重點顯然是繼續改善財務業績，以符合他們的收入預期。

Fair point. Thank you, Devinder.

公平地說。謝謝你，Devinder。

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。

Thanks very much. Devinder, do any of the restructuring actions that you're planning bring cash into AMD? For example, might you get any meaningful amounts of cash on real estate or other asset sales?

非常感謝。Devinder，您計劃的重組行動是否會為 AMD 帶來現金？例如，您是否可以透過出售房地產或其他資產來獲得大量現金？

They might, David. They might. Some of the restructuring actions, as I talked in the prepared remarks, are 2015 first half, and as you can imagine, most of the assets in our case, we don't own the assets, but there are some that we own. Those projects are in flight. Too early to tell whether they bring in cash and how much they bring in.

有可能，大衛。有可能。正如我在準備好的發言中提到的那樣，一些重組行動是在 2015 年上半年進行的，正如您所想像的，我們案例中的大多數資產我們並不擁有，但也有一些是我們擁有的。這些項目正在進行中。現在判斷他們是否帶來現金以及帶來多少現金還為時過早。

But at least we quantified in terms of the first half of 2014 what the action would be of getting out of the space because we know what the obligations are, whether they are sitting on our balance sheet or the lease expenses. So too early to tell. As we get the 2015 time frame, because the headcount actions have to be taken before we can act on the real estate part, as you can imagine, so it will be in the 2015 time frame that I'll be able to share more detail on that.

但至少我們量化了 2014 年上半年退出該領域的行動，因為我們知道義務是什麼，無論它們是在我們的資產負債表上還是租賃費用上。現在說還太早。當我們確定 2015 年的時間框架時，因為在我們能夠對房地產部分採取行動之前必須採取人員編制行動，正如您所想像的，因此在 2015 年的時間框架內我將能夠分享更多有關這方面的細節。

Okay, great. And, Lisa, you have touched on this, but just to ask the question explicitly. Will the restructuring involve discontinuing future development of any specific product line that you know about at the moment?

好的，太好了。麗莎，你已經談到了這一點，但只是想明確地提出這個問題。重組是否涉及停止您目前所知的任何特定產品線的未來開發？

David, it's really around streamlining our investments and ensuring we're on the highest growth opportunity. So relative to discontinuing a particular product line, we are not discontinuing a particular product line at this time.

大衛，這實際上是為了精簡我們的投資並確保我們處於最高的成長機會。因此，相對於停止某特定的產品線，我們目前不會停止某條特定的產品線。

Great. Thanks very much.

偉大的。非常感謝。

Thanks, David.

謝謝，大衛。

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. Lisa, can you comment about your larger competitor talking about normal seasonality going into the end of the year. You're saying that there's significant consumer weakness. What's driving the different view of the markets and are you just losing market share?

謝謝。麗莎，你能否評論一下你的大型競爭對手談到的年底的正常季節性。您說的是消費者明顯疲軟。是什麼導致了市場觀點的不同？你們是否正在失去市場佔有率？

Sure, Hans. The way to think about the market, because when we look at the market, there's certain segmentation. So when we look overall, clearly the strength in the PC market has been around commercial primarily. When we look at consumer, it's still choppy and we see -- it's weak and there's a competitive dynamic in there.

當然，漢斯。思考市場的方式，因為當我們觀察市場時，會發現有一定的細分。因此，當我們從整體來看時，顯然 PC 市場的優勢主要在於商業領域。當我們觀察消費者時，我們發現它仍然不穩定，而且很弱，並且存在競爭動態。

From our standpoint, we tend to have more exposure to some of the emerging geographies, particularly in the channel and so we are seeing some weakness in China, in the emerging geographies. Relative to our MNC business or the large OEMs, that business is relatively as expected. So it's our view -- our segmentation in the PC market is different from our competitors and if you look at normal seasonality, Q4 is usually a high sell-out quarter, but from a sell-in standpoint, it is typically a little bit down.

從我們的角度來看，我們傾向於更多地接觸一些新興地區，特別是在通路方面，因此我們看到中國在新興地區存在一些弱點。相對於我們的跨國業務或大型原始設備製造商而言，該業務相對符合預期。因此，我們的觀點是——我們在 PC 市場的細分與我們的競爭對手不同，如果從正常的季節性來看，第四季度通常是銷售旺季，但從銷售的角度來看，通常會略有下降。

Okay. And if I can follow up with one more, your competitor is, on the tablet side, has a very ambitious and aggressive strategy and they're in some cases, perhaps, giving away these chips for free in tablets. Is that impacting, perhaps, some part of your business, maybe at the low end of the consumer PC market?

好的。如果我可以再問一個問題的話，你們的競爭對手在平板電腦方面有一個非常雄心勃勃和積極的策略，在某些情況下，他們可能會在平板電腦中免費贈送這些晶片。這是否會影響你們的部分業務，例如低階消費電腦市場？

Yes, Hans. We've discussed this a little bit before. It is definitely true that there are some aggressive competitive dynamics, particularly in the low end. A couple of quarters ago, we made a decision about how we're managing that. We are certainly competing in the low end, but we are not going after business that's not profitable. So if you look at the business, you see our ASPs up in mobile and the reason for that is we're actually making good progress at the higher end of the product stack and at the very, very low end, we're choosing not to go after bad business.

是的，漢斯。我們之前已經討論過這個問題了。確實存在一些激烈的競爭態勢，特別是在低階市場。幾個季度前，我們就如何管理這個問題做出了決定。我們當然在低端市場競爭，但我們不會去追求那些無利可圖的生意。因此，如果你看一下業務，你會發現我們的移動平均售價上升，原因是我們在產品堆疊的高端實際上取得了良好的進展，而在最低端，我們選擇不去追求不好的業務。

Okay. Fair enough. Thank you.

好的。很公平。謝謝。

Thanks, Hans.

謝謝，漢斯。

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

我們的下一個問題來自 ABR Investment Strategies 的 JoAnne Feeney。請繼續。

Yes. Thanks for taking my question. Again, welcome, Lisa, to your first earnings call.

是的。感謝您回答我的問題。再次歡迎麗莎參加你的第一次財報電話會議。

I was hoping you could give us a little more on the graphics business, particularly the consumer graphics business, on how that worked our for you in the third quarter and what you're seeing into the fourth, because typically the fourth is a bit seasonally stronger. Wondering if that's what you're seeing or if the new offerings out by your competitor has given you a more cautious outlook on this quarter?

我希望您能向我們詳細介紹一下圖形業務，特別是消費圖形業務，介紹一下它在第三季度的表現以及您在第四季度看到的情況，因為通常第四季度的季節性表現會更強勁一些。想知道您是否看到了這種情況，或者您的競爭對手推出的新產品是否讓您對本季的看法更加謹慎？

Sure, JoAnne. Thanks for the question.

當然，喬安妮。謝謝你的提問。

Overall in graphics, we've made progress in certain segments of the graphics market, certainly in mobile for sure, and you see that with some of our OEM wins, as well as the recent announcements. On the AIB channel, it has been a little bit weak for us, and if you'll recall, AIB started in the first quarter very strong around cryptocurrency, and then as we went into the second quarter, and with some of the market dynamics there, it was weaker.

總體而言，在圖形領域，我們在圖形市場的某些領域取得了進展，尤其是在行動領域，您可以從我們的一些 OEM 勝利以及最近的公告中看到這一點。在 AIB 管道上，對我們來說有點弱，如果你還記得的話，AIB 在第一季圍繞加密貨幣的表現非常強勁，然後隨著我們進入第二季度，隨著那裡的一些市場動態，它變得更弱了。

Relative to the competitive environment, I would agree that Q4 tends to be a stronger seasonal quarter for graphics, as we go into the holiday season. We've certainly adjusted to some of the competitive dynamics and we have made some positioning changes, as well as some new marketing activities that you will see from us in the fourth quarter.

相對於競爭環境，我同意第四季度對於圖形來說往往是一個更強勁的季節性季度，因為我們已經進入了假期季節。我們確實已經適應了一些競爭動態，並且做出了一些定位改變，以及一些新的行銷活動，您將在第四季度看到我們進行這些活動。

So does that suggest that you're looking for it to be up or it to be down, in terms of consumer graphics in the fourth quarter?

那麼，這是否表明您預計第四季度消費圖形市場將上漲還是下跌？

When we look overall at the CG business, we've said that it will be down. There are certain segments in the business that will be up based on the seasonality.

當我們從整體上看 CG 業務時，我們說過它會下滑。業務中的某些部分會根據季節性而上漲。

Then Devinder, curious about your latest move with the interest swaps. Obviously it's a benefit shorter-term to switch to variable interest rates for that $250 million, but it seems like you're taking a risk here, with the US economy at least improving, that interest rates will be going up. And if I heard you correctly, you don't get a benefit from that until the end of the 2015 year. So do you plan to be able to pay that back before that risk really becomes a concern, or are you assuming that these market interest rates will stay low for long enough for you to pay it back eventually?

那麼 Devinder，我很好奇你在利率互換方面的最新舉措。顯然，從短期來看，將這 2.5 億美元轉換為浮動利率是有好處的，但看起來你正在冒險，因為美國經濟至少在改善，利率將會上升。如果我沒聽錯的話，你要等到 2015 年底才能從中受益。那麼，您是否計劃在風險真正成為問題之前償還這筆貸款，或者您是否認為這些市場利率將在足夠長的時間內保持在低位，以便您最終能夠償還這筆貸款？

Well, yes. Thank you, JoAnne. That's a good question.

嗯，是的。謝謝你，喬安妮。這是個好問題。

Overall, from the way we have crafted the interest rate swap transaction, there is a benefit at the way we've set it up to the tune of about $1 million a quarter. What you talked about, the increased interest rates from some standpoint, there is no risk there, for the life of the debt that we have on the balance sheet, for $250 million of the fixed rate that we have on the 2019.

總體而言，從我們制定利率互換交易的方式來看，我們設定的方式每季可以帶來約 100 萬美元的收益。您談到的，從某個角度來看，利率上調對於我們資產負債表上的債務期限而言，對於 2019 年固定利率為 2.5 億美元的債務而言，沒有任何風險。

We have recently swapped that out and there is some hedging that gets into place. I can get into the details offline with you, to go ahead and explain to you how it works and the confidence level that we have from a viewpoint of where we sit with that particular debt transaction.

我們最近已經將其換出，並且已經採取了一些對沖措施。我可以離線與您討論細節，並繼續向您解釋其運作方式以及從我們對特定債務交易的立場來看我們的信心水平。

Okay. That would be great. And then if I could sneak in one last question, with the reorganization of the two segments, I was hoping perhaps you could give us a sense of how gross margins compare across those segments and also how, perhaps, operating expenses compare? The Compute and Graphics segment, obviously, showing losses for most of the last eight quarters -- sorry, most of the last five quarters or six quarters. I'm wondering whether that's attributable to a gross margin difference or if it's really the R&D expense on the C&G side that's driving that and where you think that's going go over time?

好的。那太好了。然後，如果我可以偷偷問最後一個問題，隨著兩個部門的重組，我希望您能讓我們了解這兩個部門的毛利率如何比較，以及營運費用如何比較？顯然，計算和圖形部門在過去八個季度的大部分時間都處於虧損狀態——抱歉，是過去五個季度或六個季度的大部分時間。我想知道這是否歸因於毛利率差異，或者是否真的是 C&G 方面的研發費用推動了這一變化，以及您認為這種變化將如何發展？

It's a combination of factors, so I am not going to provide, JoAnne, unfortunately, granularity from a gross margin at the segment level. We do share the revenue and the operating income. The thing that you probably know, based on the business model for the semi-custom in particular, we have been clear that that is below the Corporate average from a gross margin standpoint, but that's where you get the benefit from the NRE model of how products are designed together with the customers.

這是由多種因素造成的，因此，很遺憾，喬安妮，我無法提供細分市場層面的毛利率詳細資料。我們確實分享收入和營業收入。您可能知道，特別是基於半客製化的商業模式，我們已經清楚，從毛利率的角度來看，這低於企業平均水平，但這就是您從與客戶共同設計產品的 NRE 模型中獲得的好處。

We get the funding for those products and then when we go to silicon production, there are no sales and marketing dollars. There's a little bit of R&D on an ongoing basis and the G&A is essentially a fixed cost, so you scale the revenue, the operating margin benefits. And that's why you've seen the results, as you observed, for the EESC segment, whereby there is profitability at the 15%, 16%, 17% of operating income level.

我們獲得了這些產品的資金，但當我們開始生產矽片時，卻沒有銷售和行銷資金。我們會持續進行一些研發，而一般及行政費用 (G&A) 基本上是固定成本，因此您可以擴大收入，並獲得營業利潤率收益。這就是為什麼您會看到 EESC 部門的業績，其營業收入的獲利水準分別達到 15%、16% 和 17%。

As far as Computing and Graphics, you are right, if you look back the last five quarters, two of the five quarters we made money and three quarters we lost money. Revenue is down, as the previous question observed, and that's what we are doing in terms of managing for long-term profitability at the Company level and redistributing the resources and redeploying resources, potentially from one segment to another, but by the same token, managing them in line with the revenue expectations for the future.

就計算和圖形而言，您說得對，如果回顧過去五個季度，我們會發現其中兩個季度我們賺錢，三個季度我們虧損。正如上一個問題所觀察到的，收入下降了，這就是我們在公司層級管理長期盈利能力方面所做的工作，以及重新分配資源和重新部署資源，可能從一個部門到另一個部門，但同樣，根據未來的收入預期進行管理。

That's helpful. Quick follow-up to that, just wondering whether there's room in the C&G segment to make the kinds of cuts you need to make to turn that profitable, or if the competitive pressure you're under is constraining your prices so much and the demands on the research side are so much, that you're really in a difficult spot to cut those costs and raise that operating profit. Can you speak to how you would get that done?

這很有幫助。快速跟進一下，我只是想知道 C&G 部門是否有空間進行必要的削減以實現盈利，或者您所面臨的競爭壓力是否嚴重限制了您的價格，而研究方面的要求又如此之高，以至於您真的很難削減這些成本並提高營業利潤。你能說說如何實現這個目標嗎？

Yes. I can address that and allow Lisa to address how we are -- this is very methodical. You probably recall and maybe that's what you're referring to, a couple of years ago when the PC market went down pretty dramatically in the 2012 time frame, we did a reset restructure. I would say, having participated in both of those at the CFO level, those were more across the board, but these are very targeted, very methodical, protecting the core technology as I talked about, and making sure that we do not in any way disrupt the future technology, and making sure that the long-term growth at the Company level is assured and protecting the technology.

是的。我可以解決這個問題，並讓麗莎解決我們的問題——這是非常有條理的。您可能還記得，也許這就是您所指的，幾年前，當 PC 市場在 2012 年期間大幅下滑時，我們進行了重置重組。我想說，我以財務長的身份參與了這兩項工作，這些工作更加全面，但非常有針對性，非常有條理，正如我所說，保護核心技術，確保我們不會以任何方式破壞未來的技術，確保公司層面的長期增長並保護技術。

Lisa, you want to comment on that?

麗莎，你想對此發表評論嗎？

Yes. JoAnne, this is a really important point. When you look at our strategy and the model that we are trying to build, it really is around developing leadership IP. So that core CPU and graphics IP is actually used across both segments and that is very critical and it's being entirely protected in this restructuring action.

是的。喬安妮，這是一個非常重要的觀點。當你審視我們的策略和我們試圖建立的模型時，你會發現它實際上是圍繞著開發領導力 IP 展開的。因此，核心 CPU 和圖形 IP 實際上是跨兩個部分使用的，這一點非常關鍵，並且在這次重組行動中受到了完全保護。

When we look specifically in the Computing and Graphics business, relative to the overall infrastructure that was built around these two businesses, the businesses are smaller than they were before, and so there is a significant opportunity to streamline how we operate, how we go to market, and just the overall infrastructure that we have. So from an R&D standpoint, very clear that those are the most important investments and ones that will fuel long-term growth in both segments, and so those will continue. We do believe that there's opportunity to streamline in the operational side.

當我們特別關注計算和圖形業務時，相對於圍繞這兩項業務構建的整體基礎設施，這些業務比以前要小，因此有很大機會簡化我們的運營方式、行銷方式以及我們現有的整體基礎設施。因此，從研發的角度來看，很明顯地這些都是最重要的投資，並且將推動兩個領域的長期成長，因此這些投資將會持續下去。我們確實相信在營運方面存在精簡的機會。

Thanks for the help. Good look.

謝謝你的幫忙。看起來不錯。

Thanks, JoAnne.

謝謝，喬安妮。

Our next question comes from Ian Ing from MKM Partners. Please go ahead.

下一個問題來自 MKM Partners 的 Ian Ing。請繼續。

Thanks a lot.

多謝。

First question is in GPU inventories. It looks like the AIBs aren't really reselling or refurbishing their returns. Looks like they don't want to put excess product into the market. I read the filings. Are there any implications on price protections as the AIB modifies their inventory?

第一個問題是關於 GPU 庫存。看起來 AIB 並沒有真正轉售或翻新他們的回報。看起來他們不想將多餘的產品投放到市場上。我讀了這些文件。AIB 修改庫存是否會對價格保護產生任何影響？

Maybe I'll start with that, Ian. Really relative to the AIBs, we work very closely with all the channel partners. I did mention that there was some cautiousness in the distribution channel as we were going through the third quarter. Part of that was just the new products from both ourselves, as well as from our competitor. We see that fourth quarter is typically a stronger quarter for the AIB channel and we would expect that the distributors will have the inventory on hand necessary for the holiday season.

也許我應該從那開始，伊恩。事實上，相對於 AIB，我們與所有通路合作夥伴都保持著密切的合作。我確實提到過，在第三季度，我們在分銷管道方面有些謹慎。其中一部分是我們自己以及競爭對手的新產品。我們發現第四季度通常是 AIB 通路表現較強勁的季度，我們預期經銷商將擁有假日季所需的庫存。

There's not an excess level of price protection [is my understanding]?

價格保護程度沒有過高（這是我的理解）？

There's nothing unusual.

沒什麼不尋常的。

Okay, great.

好的，太好了。

And then, Lisa, more of a high level question. Now that you're CEO of AMD, what should we think of as your imprint on the Company? The strategy is not changing too much? Is it really executing to the product road plans? Is there any senior Management you'd like to bring on board to help meet your goals?

然後，麗莎，這是一個更高層次的問題。既然您是 AMD 的首席執行官，我們該如何看待您對公司的影響？策略是不是改變太多了？它真的是按照產品路線圖執行嗎？您是否希望聘請任何高階主管來幫助您實現目標？

Ian, thanks for that question.

伊恩，謝謝你的提問。

The strategy is something that I believe very much in. It's something that we put together as a leadership team and it really is about taking the technology assets that we have as a Company and applying them to higher growth segments. So at a high level, that is absolutely what we're doing.

我非常相信這個策略。這是我們作為領導團隊組建的團隊，其真正目的是利用我們公司擁有的技術資產並將其應用於更高成長的領域。所以從高層次來看，這絕對是我們正在做的事情。

Relative to what I would like to do, I am really going to focus on the leadership products and differentiation. That is the core of what will make us successful as a Company, as well as our deeper customer relationships and the simplification we've talked about. There's a lot of opportunity here. This is a multi-year transformation that we're going through, but relative to some of the technology bets that we're making, they will pay off in the next couple years. So you'll see perhaps a little bit more focus on the technology and the products.

相對於我想做的事情，我真正要關注的是領導力產品和差異化。這是我們公司成功的核心，也是我們更深層的客戶關係和我們所談論的簡化的核心。這裡有很多機會。這是我們正在經歷的多年的轉型，但相對於我們正在進行的一些技術投資，它們將在未來幾年內獲得回報。因此，您可能會看到對技術和產品的更多關注。

Okay. Thank you so much.

好的。太感謝了。

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

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

Hey, thanks for the question and, Lisa, congratulations again. Looking forward to seeing your changes at AMD.

嘿，謝謝你的提問，麗莎，再次恭喜你。期待看到您在 AMD 的改變。

First, Fairchild -- I apologize we're in the middle of a fire drill -- Fairchild said today Microsoft really had ordered all their components ahead of 4Q that billed and that they really weren't reordering. So APUs might be a different story here, I understand that, but are there any shadows in the story there? Are you seeing a pretty marked decrease in billeds in 4Q? Thanks.

首先，Fairchild——很抱歉，我們正在進行消防演習——Fairchild 今天表示，微軟確實已經在第四季度之前訂購了所有已出貨的組件，而且他們確實不會重新訂購。所以 APU 在這裡可能是一個不同的故事，我明白這一點，但是故事中是否存在任何陰影？您是否發現第四季度的帳單數量明顯減少？謝謝。

Thanks for the question, Chris.

謝謝你的提問，克里斯。

Relative to Microsoft, or actually the game console customers, our lead times are fairly long for the APUs and so we are -- we synchronize our forecasts with the customer forecasts in that time period. We don't see anything unusual. Our expectations for the fourth quarter are very much in line with the customer demands.

相對於微軟，或實際上是遊戲機客戶，我們的 APU 的交貨時間相當長，因此我們 - 我們將我們的預測與該時間段內的客戶預測同步。我們沒有發現任何異常。我們對第四季的預期非常符合客戶的需求。

Okay, great. And then also if we could talk about the bitcoin mining situation, you said you thought that that was going to be a one quarter event. Basically we're wondering here, we do see some channel inventory out there, some parts on eBay and stuff like that in the grey market. Would you say that you are still through that, or would you say that there's maybe a few more quarters to go here?

好的，太好了。然後，如果我們可以談論比特幣挖礦的情況，您說您認為這將是一個季度事件。基本上，我們想知道的是，我們確實在那裡看到了一些渠道庫存，eBay 上的一些零件以及灰色市場中的類似東西。您是否認為您仍處於這一階段，或者您是否認為可能還需要幾個季度的時間？

Chris, if I just take the overall channel, both the desktop and GPU channel, there's some dynamics in there. The bitcoin or the cryptocurrency thing really started in the second quarter, flowed through the third quarter. There were some used or secondhand cards that were out there in the market.

克里斯，如果我只考慮整體頻道，包括桌面頻道和 GPU 頻道，那麼其中就會有一些動態。比特幣或加密貨幣的熱潮實際上始於第二季度，並持續到第三季度。市面上有一些用過的或二手的卡片。

I would say that what we're looking at now is really working through some of the product positioning as we go into the fourth quarter. So with most channel inventory issues, it does take a couple of quarters to work through and we are working through those, but relative to the cryptocurrency, that's lesser of a factor at this point in time.

我想說的是，隨著進入第四季度，我們現在正在考慮的實際上是一些產品定位問題。因此，對於大多數通路庫存問題，確實需要幾個季度才能解決，我們也正在努力解決這些問題，但相對於加密貨幣而言，目前這還不是一個那麼重要的因素。

Okay, great and thanks and congratulations again.

好的，太好了，再次感謝並祝賀你。

Thanks, Chris.

謝謝，克里斯。

Our next question comes from Matt Ramsey of Canaccord Genuity. Please go ahead.

我們的下一個問題來自 Canaccord Genuity 的 Matt Ramsey。請繼續。

Yes, thank you.

是的，謝謝。

Lisa, I wanted to ask a quick question about the foundry side with 14-nanometer launching from your competitor. You are in a position now for a period of time where some products could be a couple nodes behind. I just want to comment on how that's affecting you when your interface with customers and partners and how you think that sets you up in the competitive position for the next several quarters until FinFET gets launched as your foundry partner?

Lisa，我想問一個簡單的問題，關於你們競爭對手推出 14 奈米代工方面的情況。您現在處於這樣的位置：在一段時間內，某些產品可能會落後幾個節點。我只是想評論一下，當您與客戶和合作夥伴互動時，這會對您產生什麼影響，以及您認為這會如何為您在未來幾個季度的競爭地位奠定基礎，直到您作為代工合作夥伴推出 FinFET？

Sure, Matt.

當然，馬特。

On the technology side, it's certainly important and we are doing active designs in FinFET, for sure. From our product differentiation standpoint, though, if you look at the APUs, it tends to be more of an architectural statement versus a process technology statement.

從技術方面來說，這當然很重要，而且我們肯定在 FinFET 領域進行積極的設計。然而，從我們的產品差異化角度來看，如果你看 APU，它往往更像是一種架構聲明，而不是一種製程技術聲明。

So with our launch of Kaveri and the amount of compute cores that we have on Kaveri, that is something that has been attractive to the market. As we go into our next-generation APUs in 2015, they will have added features and functions: some of our heterogeneous software architecture, as well. So the net of it is, clearly the technology is important and we're designing in FinFETs and they are going to be an important node for us as we go forward, but there are many things that we're doing on the architectural and power management side to ensure that we provide differentiated products.

因此，隨著我們推出 Kaveri 以及 Kaveri 上擁有的計算核心數量，這對市場具有吸引力。當我們在 2015 年推出下一代 APU 時，它們將具有新增的功能和功能：以及我們的一些異質軟體架構。因此，總而言之，顯然技術很重要，我們正在採用 FinFET 進行設計，它們將成為我們未來發展的重要節點，但我們在架構和電源管理方面做了很多事情，以確保我們提供差異化的產品。

Great. Then as the follow-up, you've talked about the gaming business being down in 4Q, which you had talked about last quarter, and the stance -- obviously it's too early to guide a lot of things for next year -- but the stance the Company had taken is as the distributing of the gaming console ramped from your partners there, that, that business should grow on a year-over-year basis next year. Maybe you could talk to the detail that you can about what can we expect in the gaming business in seasonality in Q1 and what next year looks like on annualized basis and just the fact that the new wins that you just got are 2016 revenue? Thanks.

偉大的。然後作為後續問題，您談到第四季度遊戲業務下滑，您在上個季度也談到了這一點，而且——顯然現在對明年的很多事情做出預測還為時過早——但公司採取的立場是，隨著遊戲機從合作夥伴那裡分銷出去，明年該業務應該會同比增長。也許您可以詳細談談我們對第一季遊戲業務的季節性預期，以及明年的年度化前景如何，以及您剛剛獲得的新勝利是 2016 年的收入嗎？謝謝。

Let me try to frame it in this way. It is a little bit early to talk about 2015 revenue and units. What I will say is that, from what we see, the game console business looks strong. We have just had one of our partners, Microsoft, launch in China and that looked like it was successful.

讓我試試這樣來闡述它。現在談論 2015 年的收入和單位數還為時過早。我想說的是，從我們所看到的情況來看，遊戲機業務看起來很強勁。我們的合作夥伴之一微軟剛剛在中國推出了新產品，看起來很成功。

Everything that we see just is shaping up to be a solid holiday season. Relative to 2015 seasonality, it is a consumer business and so we would expect that the first half would be lower than the second half and we'll have to see how all of that shakes out through this holiday season.

我們看到的一切都預示著一個充實的假期季節即將到來。相對於 2015 年的季節性，這是一個消費業務，因此我們預計上半年的銷售額將低於下半年，我們必須看看所有這些因素在這個假期期間會如何變化。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from Kevin Cassidy of Stifel Nicolaus. Please go ahead.

我們的下一個問題來自 Stifel Nicolaus 的 Kevin Cassidy。請繼續。

Hi. This is Dean Grumlose calling in for Kevin. Thank you very much for taking my call. Could you comment on your traction in professional and server GPU markets?

你好。我是迪安·格魯姆洛斯，替凱文打來的。非常感謝您接聽我的電話。您能評論一下您在專業和伺服器 GPU 市場中的吸引力嗎？

Sure. The professional graphics market is important to us. In this quarter, we've certainly improved in the channel. We had some quarter-over-quarter growth in the channel in professional graphics, as well as some new design wins from several of the large OEMs. In general, professional graphics is a longer sell cycle than some of the consumer graphics, and so we're spending quite a bit of effort in both business development and software and ISV development to ensure that we grow that business on a go-forward basis.

當然。專業圖形市場對我們很重要。本季度，我們在通路方面確實取得了進步。我們在專業圖形通路方面實現了季度環比增長，並且獲得了幾家大型原始設備製造商的一些新設計訂單。一般來說，專業圖形的銷售週期比一些消費圖形更長，因此我們在業務開發、軟體和 ISV 開發方面投入了相當多的精力，以確保我們在未來的業務上不斷發展。

As a follow-up, going forward what do you view as your key differentiating advantages in the various GPU markets?

接下來，您認為您在各個 GPU 市場中的主要差異化優勢是什麼？

Again, on the graphic side, it is about graphics, performance, performance per watt, and compute capability. So there is certainly a competitive market, but from our standpoint, we have very competitive products, and as in professional graphics, the ISV certifications are quite important. It's really about the investments in those ISV certifications.

再次，在圖形方面，它涉及圖形、性能、每瓦性能和計算能力。因此，市場競爭肯定存在，但從我們的角度來看，我們的產品非常有競爭力，而且在專業圖形領域，ISV 認證非常重要。這實際上與那些 ISV 認證的投資有關。

Thank you very much.

非常感謝。

Our next question comes from Srini Pajjuri from CLSA. Please go ahead.

我們的下一個問題來自里昂證券的 Srini Pajjuri。請繼續。

Thank you. Lisa, just wondering, the game console business, as we look into the next year, when do your prices typically get reset and also are you expecting any process node transitions in 2015? And in general, I'm just trying to understand how I should think about the overall profitability versus this year, assuming that units are relatively flat?

謝謝。麗莎，我只是想知道，對於遊戲機業務，展望明年，你們的價格通常什麼時候重新設定，並且您是否預計 2015 年會出現任何工藝節點轉變？總的來說，我只是想了解，假設單位數量相對持平，我該如何看待今年的整體獲利能力？

Sure. The ASPs that we negotiate with the customers are negotiated in advance, so they are certainly booked into our business model. There are ASP declines year-on-year and then relative -- I'm sorry, you said relative to operating profits? We will, of course, work very, very hard on ensuring that we get the cost reductions relative to the ASP reductions, as well. So from an overall game console business, we view it as a very strong business for us.

當然。我們與客戶協商的 ASP 是事先協商好的，因此它們肯定會納入我們的商業模式。平均售價較去年同期有所下降，而且相對而言——對不起，您說的是相對於營業利潤而言？當然，我們也會非常努力確保相對於平均售價的降低，成本也能降低。因此，從整體遊戲機業務來看，我們認為這對我們來說是一項非常強大的業務。

And are you expecting any process node migrations into the business?

您是否預期任何流程節點會遷移到業務中？

There will be process node migrations and we'll talk about them at the appropriate time.

將會有流程節點遷移，我們將在適當的時候討論它。

Okay, great. And then you mentioned the two new design wins that are expected to ramp some time in 2016. Is there a way to think about the overall opportunity relative to what you're getting from the semi-custom business today?

好的，太好了。然後您提到了兩個新的設計勝利，預計將在 2016 年的某個時候實現。有沒有辦法考慮相對於您今天從半客製化業務中獲得的整體機會？

The two new semi-custom design wins that we talked about, relative opportunity around $1 billion over a three-year lifetime. The reason we really like these types of businesses, obviously, is because they're sticky. Once you win them, the recurring revenue is there. I view that there's quite a bit of opportunity for us in semi-custom. The pipeline is strong. It's across a variety of different markets and it's an area that we will continue to differentiate given our IP and SoC design capability.

我們談到的兩場新的半客製化設計勝利，在三年的生命週期內，相對有機會獲得約 10 億美元的收益。顯然，我們真正喜歡這類企業的原因在於它們具有黏性。一旦你贏得了他們，就會有經常性收入。我認為我們在半客製化領域有很多機會。管道很堅固。它涉及各種不同的市場，我們將憑藉我們的 IP 和 SoC 設計能力繼續在該領域實現差異化。

Okay. And do you expect the margin profile and the profitability to look similar?

好的。您是否預期利潤率狀況和獲利能力看起來相似？

If you look at the overall business, we would like to talk about the EESC business versus specific design wins. And the EESC business, you can see, has good profitability and we will continue to work on improving that.

如果你看一下整體業務，我們想談談 EESC 業務與具體的設計勝利。如您所見，EESC 業務具有良好的盈利能力，我們將繼續努力提高盈利能力。

Great. Thank you.

偉大的。謝謝。

Operator, we'd like to take two more questions, please.

接線員，我們想再回答兩個問題。

Certainly. Our next question comes from Michael McConnell of Pacific Crest Securities. Please go ahead.

當然。我們的下一個問題來自 Pacific Crest Securities 的 Michael McConnell。請繼續。

Thank you. I just wanted to clarify on the graphics side, with your sell-through commentary and the on board market and the inventory commentary, is that a market issue or is that an AMD issue?

謝謝。我只是想澄清一下圖形方面的問題，根據你的銷售評論、板載市場和庫存評論，這是市場問題還是 AMD 問題？

Relative to the AIB channel, I thought the commentary, the third quarter was slow. Some of that was market and some of that was the -- our product positioning. As we look into the fourth quarter, we think the market will be a normal quarter and certainly we view the opportunity to improve in the AIB channel.

相對於 AIB 頻道，我認為評論說第三季進展緩慢。其中一些是市場，一些是我們的產品定位。展望第四季度，我們認為市場將是一個正常的季度，而且我們當然看到了 AIB 通路改善的機會。

Okay. And then -- and just to clarify, you did say channel inventory will be -- you're expecting channel inventory overall for the market to be normalized by Q4?

好的。然後——只是為了澄清一下，您確實說過渠道庫存將會——您預計整個市場的渠道庫存將在第四季度恢復正常嗎？

No. What we said was that there was nothing unusual in the channel inventory relative to the third quarter. The previous question was about whether the distributors would have enough inventory to support the fourth quarter. Relative to overall channel inventories, our goal is to normalize channel inventories over the next several quarters.

不。我們所說的是，相對於第三季度，通路庫存並沒有什麼異常。之前的問題是分銷商是否有足夠的庫存來支援第四季度。相對於整體通路庫存，我們的目標是在未來幾季內將通路庫存正常化。

Thanks for the clarification.

感謝您的澄清。

And our final question comes from Sanjay Chaurasia from Nomura. Please go ahead.

我們的最後一個問題來自野村證券的 Sanjay Chaurasia。請繼續。

Hi, Lisa. I have a question on servers. As you have laid out your strategy and the fact you have moved service into Semi-Custom business, could you talk about how would you defend, by my estimates, more than $0.5 billion in server revenue? It does look like based on this cost cuts, there's not much significant focus on improving x86 performance as it relates to servers. So what happens to this business? Is it defendable or does it continue to go down?

你好，麗莎。我對伺服器有疑問。既然您已經闡述了您的策略，並且已經將服務轉向半客製化業務，您能否談談，根據我估計，您將如何捍衛超過 5 億美元的伺服器收入？看起來，基於這種成本削減，對於伺服器相關的 x86 性能的提高並沒有太多的關注。那麼這個生意怎麼樣了？它是否可防禦還是會繼續下滑？

Okay, maybe let me talk about servers a little bit more generally and we can clarify some of the specifics. From a general standpoint, the server market is a big large TAM, so we are certainly interested in growing in servers. From where we are today, our product portfolio in x86 is several years old, and we are certainly looking at updating that over the next couple of years. And then as we look at the opportunity in server, particularly in dense server, there's an opportunity for both x86 and ARM, and so we are going after the newer markets in server versus some of the traditional enterprise.

好的，也許我可以更籠統地談論伺服器，然後我們可以澄清一些細節。從整體角度來看，伺服器市場是一個很大的潛在市場，因此我們當然有興趣在伺服器領域實現成長。從目前的情況來看，我們的 x86 產品組合已經有好幾年的歷史了，我們肯定會在未來幾年內對其進行更新。然後，當我們研究伺服器領域，特別是密集伺服器領域的機會時，x86 和 ARM 都有機會，因此，與一些傳統企業相比，我們正追逐伺服器領域的新市場。

Okay. As a follow-up, if I exclude your gaming business in Semi-Custom, what would be the mix of x86 and ARM in your Semi-Custom design wins? And also, the two new design wins you talked about, are these x86-based or ARM-based?

好的。接下來，如果我將您的半客製化遊戲業務排除在外，那麼在您的半客製化設計中 x86 和 ARM 的組合會是怎樣的？另外，您談到的兩個新設計是基於 x86 還是基於 ARM 的？

If you're asking about the Semi-Custom revenue today, the Semi-Custom revenue today is all x86-based. As we move forward, we believe ARM will become more important in that business. Then specific to the two new Semi-Custom opportunities, one of them is an ARM and one is an x86.

如果您詢問今天的半客製化收入，那麼今天的半客製化收入全部基於 x86。隨著我們不斷前進，我們相信 ARM 將在該業務中變得更加重要。然後具體到兩個新的半客製化機會，其中一個是ARM，一個是x86。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Operator, thank you. That concludes today's call. If you could wrap it up, we'd appreciate it. Thank you.

接線員，謝謝。今天的電話會議到此結束。如果您能將其總結出來，我們將非常感激。謝謝。

Ladies and gentlemen, this concludes today's conference. Thank you for your attendance. You may now disconnect. Everyone, have a great day.

女士們、先生們，今天的會議到此結束。謝謝您的出席。您現在可以斷開連線。祝大家有個愉快的一天。