超微半導體 (AMD) 2014 Q4 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by, and welcome to AMD's fourth-quarter and annual results conference call.

感謝您的耐心等待，歡迎參加 AMD 第四季和年度業績電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we will conduct a question-and-answer session, and instructions will follow at that time.

稍後，我們將進行問答環節，屆時將有說明。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded.

謹此提醒，本次電話會議正在錄音中。

I would now like to turn the conference to our host, Ruth Cotter, Vice President of Corporate Communications and Investor Relations.

現在我想邀請我們的東道主、企業傳播和投資者關係副總裁露絲·科特 (Ruth Cotter) 主持會議。

Thank you and welcome to AMD's fourth-quarter and year-end earnings conference call.

感謝並歡迎參加 AMD 第四季和年終收益電話會議。

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

到目前為止，您應該有機會查看我們的收益發布以及財務長的評論和幻燈片的副本。

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

如果您尚未查看這些文檔，可以在 AMD 網站 ir 上找到它們。

AMD.com.

AMD.com。

Joining me on the call today are Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President and Chief Financial Officer.

今天和我一起參加電話會議的是我們的總裁兼執行長 Lisa Su；以及我們的高級副總裁兼財務長 Devinder Kumar。

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

這是一場現場通話，將透過 AMD.com 上的網路廣播進行重播。

I would like to take a moment and highlight a few dates for you: Devinder Kumar will present at the Goldman Sachs Technology and Internet Conference on February 10th, and at the Morgan Stanley Media and Telecom Conference on March 3rd.

我想花點時間為您強調幾個日期：Devinder Kumar 將於 2 月 10 日出席高盛技術和互聯網會議，以及 3 月 3 日出席摩根士丹利媒體和電信會議。

Our first-quarter quiet time will begin at the close of business on Friday, March 13th, and AMD will host its Financial Analyst Day on May 6th in New York.

我們的第一季靜默時間將於 3 月 13 日星期五收盤時開始，AMD 將於 5 月 6 日在紐約舉辦財務分析師日。

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

在開始之前，讓我提醒大家，今天的討論包含基於我們目前所看到的環境的前瞻性陳述。

Those statements are based on current beliefs, assumptions, and expectations; speak only as of the current date, and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

這些陳述是基於當前的信念、假設和期望；僅代表當前日期，因此涉及風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。

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

此外，請注意，本次電話會議中引用的非 GAAP 財務指標已與新聞稿中最直接可比較的 GAAP 財務指標以及我們網站上發布的季度收益中的首席財務官評論進行了調整。

AMD.com.

AMD.com。

Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information.

請參閱今天的收益新聞稿中的警示性聲明和財務長評論以了解更多資訊。

You will 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 September 27, 2014.

您也可以在我們向 SEC 提交的文件中找到有關我們風險因素的詳細討論，特別是 AMD 截至 2014 年 9 月 27 日的季度的 10-Q 表格季度報告。

Now with that, I would like to hand the call over to Lisa.

現在，我想把電話轉給麗莎。

Lisa?

麗莎？

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

謝謝你，露絲，今天所有聽眾都午安。

In the fourth quarter, we made good progress diversifying our business into new markets, ramping PC and embedded design wins with key customers, and improving our overall balance sheet.

第四季度，我們在業務多元化、進入新市場、擴大 PC 和嵌入式設計贏得主要客戶以及改善整體資產負債表等方面取得了良好進展。

This progress was offset by ongoing weakness in our PC business, due to higher-than-optimal desktop and AIB inventory levels in the channel, and our over-concentration in consumer PCs.

這項進展被我們個人電腦業務的持續疲軟所抵消，這是由於通路中桌上型電腦和 AIB 庫存水平高於最佳水平，以及我們過度集中在消費性個人電腦上。

The computing and graphics segment decreased 15% sequentially, largely driven by weak channel sales.

計算和圖形領域環比下降 15%，主要是由於通路銷售疲軟。

We took some key actions in the fourth quarter to reposition our product stack and reduce downstream desktop and AIB channel inventory.

我們在第四季度採取了一些關鍵行動，重新定位我們的產品堆疊並減少下游桌面和 AIB 通路庫存。

While these corrective actions are resulting in short-term pressure in the business, they are integral to building a stronger and more profitable business going forward.

雖然這些糾正措施給企業帶來了短期壓力，但它們對於未來建立更強大、更有利可圖的業務是不可或缺的。

We did have some success in the quarter continuing to reshape our OEM business.

我們在本季度確實取得了一些成功，繼續重塑我們的 OEM 業務。

We drove a richer mix of higher-end products, expanded our presence in the commercial market, and increased adoption of our discrete graphics solutions.

我們推動了更豐富的高階產品組合，擴大了我們在商業市場的影響力，並增加了我們的獨立顯示卡解決方案的採用。

Mobile APU unit shipments, ASPs, and revenue all increased sequentially, as our higher end A8 and A10 APU shipments increased.

隨著我們高階 A8 和 A10 APU 出貨量的增加，行動 APU 單位出貨量、平均售價和營收均較上季成長。

We also achieved strong double-digit percentage revenue growth for notebook GPUs in the quarter, as strategic wins like Apple's iMac with Retina 5K display began to ramp.

隨著蘋果配備 Retina 5K 顯示器的 iMac 等策略性勝利的開始，我們本季筆記型電腦 GPU 的營收也實現了強勁的兩位數百分比營收成長。

We clearly have more work to do to improve the overall revenue and financial performance of this segment.

顯然，我們還有更多工作要做，以提高該部門的整體收入和財務表現。

We must apply the same rigor and discipline that led to the improvement in our OEM business to stabilize and then grow our channel.

我們必須採用與 OEM 業務改善相同的嚴格和紀律來穩定並發展我們的管道。

I am confident we are taking the right actions to return this segment to a healthy trajectory starting in the second quarter.

我相信我們正在採取正確的行動，使該細分市場從第二季開始恢復健康的軌道。

Turning to our enterprise, embedded, and semi-custom segment, as expected, semi-custom unit shipments decreased sequentially, as we supplied a significant amount of product to Microsoft and Sony in the third quarter, as they ramped to support the holiday demand spike.

轉向我們的企業、嵌入式和半定制細分市場，正如預期的那樣，半定制單位出貨量連續下降，因為我們在第三季度向微軟和索尼提供了大量產品，因為它們為支持假期需求激增而增加。

We are pleased with the full-year performance of the semi-custom business and the strong sell-through reported by our customers.

我們對半客製化業務的全年業績以及客戶報告的強勁銷售量感到滿意。

Nearly 30 million Sony and Microsoft consoles have now shipped.

索尼和微軟遊戲機現已出貨近 3,000 萬台。

Our semi-custom unit shipments more than doubled in 2014, which fueled excellent full-year performance for this part of our business.

2014 年，我們的半客製化單位出貨量增加了一倍多，這為我們這部分業務帶來了出色的全年業績。

Embedded processor revenues also increased for the third straight quarter, as we continued to successfully execute our strategy to gain share in targeted vertical markets where our high performance CPU and GPU IP are differentiated.

嵌入式處理器收入也連續第三個季度成長，因為我們繼續成功執行我們的策略，以在我們的高效能 CPU 和 GPU IP 具有差異化的目標垂直市場中獲得份額。

In target markets such as network storage, avionics, and medical devices, we had several customers launch new AMD-embedded powered solutions that take advantage of our higher performance CPU and GPU IP, including Airbus, QNAP, and Analogic.

在網路儲存、航空電子設備和醫療設備等目標市場，我們有多家客戶推出了新的AMD 嵌入式解決方案，這些解決方案利用了我們更高效能的CPU 和GPU IP，包括Airbus、QNAP 和Analogic 。

Our work to lead the industry's transition to 64-bit ARM also gained momentum in the quarter.

我們引領業界向 64 位 ARM 過渡的工作在本季也取得了進展。

We have secured multiple design wins for our upcoming Opteron A-Series, and the first systems are expected to launch later this year.

我們為即將推出的 Opteron A 系列贏得了許多設計勝利，第一批系統預計將於今年稍後推出。

Taking a step back and looking at our annual 2014 performance, it is clear we made progress across a number of strategic fronts.

退後一步，看看我們 2014 年的年度業績，很明顯我們在許多策略領域都取得了進展。

Annual revenue grew for the first time since 2011.

年收入自 2011 年以來首次增長。

Annual EESC segment revenue increased by 50%, growing to a $2.4 billion business, with strong momentum and pipeline.

EESC 部門的年度營收成長了 50%，業務規模成長至 24 億美元，勢頭強勁，通路廣闊。

We ended the year with more than $1 billion in cash and making significant progress re-profiling our debt.

年底，我們擁有超過 10 億美元的現金，並且在重新調整債務方面取得了重大進展。

And most importantly, we delivered full-year non-GAAP profitability and continued to build a good foundation for future long-term profitable growth as we invest in the innovations to drive future success.

最重要的是，我們實現了全年非公認會計準則獲利能力，並繼續為未來長期獲利成長奠定了良好的基礎，因為我們投資於創新以推動未來的成功。

In my 100 days as AMD's CEO, I have had the opportunity to spend significant time with our customers, partners, and employees.

在擔任 AMD 執行長的 100 天裡，我有機會與我們的客戶、合作夥伴和員工共度了許多時光。

The consistent theme is that AMD is at our best when we are delivering differentiated technology and innovation to our customers.

始終如一的主題是，當我們為客戶提供差異化的技術和創新時，AMD 就能做到最好。

There are clearly significant opportunities for us to accomplish this, both in our traditional PC business, as well as in new growth markets.

無論是在我們的傳統個人電腦業務中，還是在新的成長市場中，我們顯然都有實現這一目標的重要機會。

But we must think differently in 2015 about our market approach and investment priorities.

但 2015 年我們必須以不同的方式思考我們的市場策略和投資重點。

First, we see a path to reversing the declines in our PC business.

首先，我們看到了扭轉個人電腦業務下滑趨勢的途徑。

The PC market is expected to stabilize with low single-digit percentage decline in 2015.

預計 2015 年 PC 市場將穩定，下降幅度為個位數百分比。

We have right-sized our investments in this business and taken actions to reduce our downstream channel inventory in the fourth quarter.

我們在第四季度調整了對該業務的投資規模，並採取行動減少下游通路庫存。

We will continue these corrective actions into the first quarter to aim for return to growth starting in the second quarter.

我們將在第一季繼續採取這些糾正措施，以期從第二季開始恢復成長。

We are correcting the inventory position quickly, which is contributing to our revenue guidance in the first quarter.

我們正在迅速糾正庫存狀況，這有助於我們第一季的收入指引。

We believe this will position us well when we begin to ramp new products later this year.

我們相信，當我們在今年稍後開始推出新產品時，這將使我們處於有利地位。

We plan to introduce a strong 2015 product portfolio, punctuated by the launch of Carrizo in the second quarter.

我們計劃在 2015 年推出強大的產品組合，並在第二季推出 Carrizo。

Consumer and commercial design win momentum for Carrizo continue to gain momentum, because it will deliver the largest-ever generational leap in performance per watt for our mainstream APUs.

消費者和商業設計為 Carrizo 贏得動力繼續獲得動力，因為它將為我們的主流 APU 帶來每瓦性能有史以來最大的一代飛躍。

Carrizo is a good example of how the innovations we are making at the chip and system level through differentiated design capabilities translate into meaningful improvements to the user experience and battery life.

Carrizo 就是一個很好的例子，說明我們如何透過差異化設計能力在晶片和系統層面進行創新，轉化為對使用者體驗和電池壽命的有意義的改進。

Second, we will increase our R&D investments in enterprise, embedded, and semi-custom.

第二，加大企業級、嵌入式、半客製化的研發投入。

AMD is the only Company in the industry that can offer a full continuum of high-performance standard and custom solutions, spanning both the ARM and x86 ecosystems, and we must leverage this position to drive differentiated and innovated solutions for our customers.

AMD 是業界唯一能夠提供涵蓋 ARM 和 x86 生態系統的全套高效能標準和客製化解決方案的公司，我們必須利用這一地位為客戶推動差異化和創新的解決方案。

Our server partners have increasingly told us they want to see AMD playing a much larger part in this business.

我們的伺服器合作夥伴越來越多地告訴我們，他們希望看到 AMD 在這項業務中發揮更大的作用。

Although the server design cycle is longer, this is an important vector for long-term revenue and margin expansion, and we are designing new x86 and ARM-based leadership products for this space, powered by our next-generation ARM and x86 cores.

儘管伺服器設計週期較長，但這是長期收入和利潤擴張的重要載體，我們正在為該領域設計新的 x86 和基於 ARM 的領先產品，並由我們的下一代 ARM 和 x86 核心提供支援。

Our third priority will be to continue diversifying our revenue base and growing in new markets.

我們的第三個優先事項是繼續實現收入基礎多元化並在新市場中實現成長。

We saw good momentum with significant revenue and design win growth in 2014 across all of our new businesses.

2014 年，我們所有新業務的收入和設計都取得了顯著的成長，勢頭良好。

For instance, embedded and professional graphics revenue both increased by more than 20% in 2014.

例如，2014年嵌入式和專業圖形收入均成長了20%以上。

We have a robust pipeline in these businesses, as well as with our semi-custom engagements, and we will continue that focus through 2015.

我們在這些業務以及半客製化業務方面擁有強大的管道，我們將在 2015 年繼續關注這一重點。

In summary, I am optimistic about our long-term opportunities but realistic about our short-term challenges.

總之，我對我們的長期機會持樂觀態度，但對我們的短期挑戰持現實態度。

In the near term, we will take significant steps to normalize our business, as we sharpen our focus on our key priorities of building great products, deepening our customer relationships, and simplifying our business.

短期內，我們將採取重大措施使我們的業務正常化，我們將更加專注於打造優質產品、深化客戶關係和簡化業務等關鍵優先事項。

Longer term, we have a tremendous opportunity to apply our technology and IP to differentiate and innovate with our customers and further strengthen our financial foundation and performance.

從長遠來看，我們有巨大的機會應用我們的技術和智慧財產權來與客戶一起實現差異化和創新，並進一步加強我們的財務基礎和績效。

Now I would like to turn the call over to Devinder to provide some additional color on our fourth-quarter financial performance and first-quarter guidance.

現在我想將電話轉給 Devinder，為我們第四季度的財務業績和第一季的指導提供一些額外的資訊。

Devinder?

德溫德？

Thank you, Lisa, and good afternoon, everyone.

謝謝麗莎，大家下午好。

In 2014, we improved our non-GAAP financial performance and met the financial goals we laid out at the beginning of the year, despite continued weakness in our computing and graphics business.

2014 年，儘管我們的計算和圖形業務持續疲軟，但我們改善了非 GAAP 財務業績，並實現了年初制定的財務目標。

Specifically, we continued to run (inaudible) and position ourselves for long-term growth, and we've delivered our first full year of non-GAAP profitability since 2011.

具體來說，我們繼續經營（聽不清楚）並為長期成長做好準備，自 2011 年以來，我們首次實現了非 GAAP 全年獲利。

We grew revenue 4% to $5.5 billion for the year, and further diversified our business as we completed the first full year of our semi-custom game console shipments, and derived approximately 40% of revenues in 2014 from high-growth adjacent markets.

我們這一年的收入成長了4%，達到55 億美元，隨著我們完成了半客製化遊戲機出貨量的第一個全年，我們的業務進一步多元化，2014 年大約40% 的收入來自高成長的鄰近市場。

Specifically in 2014, we also reduced non-GAAP [conprit] operating expenses by 11% from the prior year, while investing in our new products in support of our ARM and x86 strategy and growth areas; continued our focus on financial performance, and reported non-GAAP net income in every quarter during 2014; delivered positive free cash flow for 2014, excluding the special payment of $200 million made to GLOBALFOUNDRIES early in 2014 related to the 2012 WSA amendment; maintained a strong balance sheet, ending the year with over $1 billion in cash, cash equivalents, and marketable securities; and finally, we made significant progress in re-profiling our term debt, pushing out the majority of term debt maturities to 2019 and beyond, while also decreasing our interest expense run rate year over year.

具體而言，2014 年，我們也比前一年減少了 11% 的非 GAAP [conprit] 營運費用，同時投資新產品以支援我們的 ARM 和 x86 策略和成長領域；我們繼續關注財務業績，並報告 2014 年每季的非 GAAP 淨利潤； 2014 年實現正自由現金流，不包括 2014 年初向 GLOBALFOUNDRIES 支付的與 2012 年 WSA 修正案相關的 2 億美元特別付款；保持強勁的資產負債表，年底現金、現金等價物和有價證券超過 10 億美元；最後，我們在重新調整定期債務方面取得了重大進展，將大部分定期債務的到期日推遲到 2019 年及以後，同時也逐年降低了利息支出運行率。

Moving to the specifics of the fourth quarter, where I will be referencing non-GAAP figures, except for revenue, which is on a GAAP basis.

轉向第四季度的具體情況，我將參考非公認會計原則數據，但收入除外，這是基於公認會計原則的。

Revenue was $1.24 billion, down 13% sequentially and 22% year over year, primarily driven by lower desktop processor, GPU, and semi-custom SOC sales.

營收為 12.4 億美元，季減 13%，年減 22%，主要是受到桌上型處理器、GPU 和半客製化 SOC 銷量下降的推動。

Gross margin was 34%, down 1 percentage point from the prior quarter.

毛利率為34%，較上一季下降1個百分點。

As a reminder, third-quarter gross margin of 35% included a $27 million, or 2- percentage-point benefit from revenue related to technology licensing.

需要提醒的是，第三季毛利率為 35%，其中包括來自技術授權相關收入的 2,700 萬美元，即 2 個百分點的收益。

Operating expenses in the fourth quarter were $382 million, down $46 million from the prior quarter, due primarily to reduced employee bonuses, restructuring actions, and ongoing expense controls.

第四季營運費用為 3.82 億美元，比上一季減少 4,600 萬美元，主要是由於員工獎金減少、重組行動和持續的費用控制。

Operating income was $36 million, and net income was $2 million, with break-even earnings per share calculated using 781 million diluted shares.

營業收入為 3,600 萬美元，淨利為 200 萬美元，每股損益平衡收益以 7.81 億股稀釋後股票計算。

During the fourth quarter, we had a number of accounting items that I would like to address.

在第四季度，我們有一些我想解決的會計項目。

As part of our annual review of goodwill, and primarily due to the decline in AMD stock price, we determined that the total non-cash $233 million carrying value of goodwill related to our computing and graphics business was impaired.

作為我們年度商譽審查的一部分，主要由於 AMD 股價下跌，我們確定與我​​們的計算和圖形業務相關的非現金帳面總價值 2.33 億美元的商譽受到了損害。

We also had a lower cost to market inventory adjustment of $58 million in the quarter, related to our second-generation APU products.

本季我們也進行了 5,800 萬美元的上市成本調整，這與我們的第二代 APU 產品有關。

We expect to sell this inventory over the next several quarters, and this adjustment aligns the [carrying] value of the inventory with market pricing.

我們預計在接下來的幾個季度內出售這些庫存，而這項調整使庫存的[帳面]價值與市場定價保持一致。

Lastly, we had restructuring and other special charges amounting to $71 million, of which $59 million is expected to be paid in cash.

最後，我們的重組費用和其他特殊費用總計 7,100 萬美元，其中 5,900 萬美元預計以現金支付。

This primarily includes the previously disclosed $57 million of restructuring and $10 million related to our former CEO's departure.

這主要包括先前披露的 5700 萬美元的重組費用和與我們前任執行長離職相關的 1000 萬美元。

The aforementioned accounting items I excluded from our segment results, and I included in the all other category.

我將上述會計項目排除在我們的分部績效之外，並將其納入所有其他類別。

They are also excluded from our fourth quarter non-GAAP earnings per share computation.

它們也被排除在我們第四季度非公認會計準則每股收益計算之外。

Net interest expense, taxes, and other income was $34 million in the quarter, down from $46 million in the prior quarter, primarily due to the benefit of term debt repurchases of $75 million in the fourth quarter, interest rate swap transactions executed in the third quarter, and a tax credit of $3 million.

本季的淨利息支出、稅金和其他收入為3,400 萬美元，低於上一季的4,600 萬美元，主要是由於第四季度7,500 萬美元的定期債務回購、第三季執行的利率掉期交易帶來的好處季度，以及 300 萬美元的稅收抵免。

Adjusted EBITDA was $96 million, down $37 million from the prior quarter, and for 2014, adjusted EBITDA was $505 million.

調整後 EBITDA 為 9,600 萬美元，較上一季減少 3,700 萬美元，2014 年調整後 EBITDA 為 5.05 億美元。

Now turning to the business segments, computing and graphics revenue was $662 million, down 15% sequentially, primarily due to lower desktop processor and GPU sales.

現在轉向業務部門，計算和圖形收入為 6.62 億美元，環比下降 15%，主要是由於桌面處理器和 GPU 銷量下降。

Computing and graphics operating loss was $56 million, compared to a $17-million loss in the prior quarter, primarily due to lower channel sales, partially offset by lower operating expenses.

計算和圖形業務虧損為 5,600 萬美元，而上一季虧損 1,700 萬美元，主要是由於通路銷售下降，但部分被營運費用下降所抵銷。

Enterprise, embedded, and semi-custom revenue was $577 million, down 11% from the prior quarter, primarily due to a decrease in sales of our semi-custom SOCs.

企業、嵌入式和半客製化收入為 5.77 億美元，比上一季下降 11%，主要是由於我們的半客製化 SOC 銷售額下降。

And the operating income of this segment was $109 million, essentially flat from the prior quarter, driven by (inaudible) semi-custom product sales, offset by higher royalties.

該部門的營業收入為 1.09 億美元，與上一季基本持平，主要受到（聽不清楚）半客製化產品銷售的推動，但被較高的特許權使用費所抵消。

Turning to the balance sheet, our cash, cash equivalents, and marketable securities balances totaled $1.04 billion at the end of the quarter, up $102 million from the prior quarter.

就資產負債表而言，截至本季末，我們的現金、現金等價物和有價證券餘額總計 10.4 億美元，比上一季增加 1.02 億美元。

Inventory was $685 million, down $212 million from the prior quarter, including the impact of the lower of cost to market inventory adjustment.

庫存為 6.85 億美元，比上一季減少 2.12 億美元，其中包括市場成本庫存調整降低的影響。

Excluding that adjustment, inventory was down 17% quarter on quarter.

排除此調整，庫存季減 17%。

Our total purchases on GLOBALFOUNDRIES in 2014 were approximately $1 billion, lower than the previously estimated $1.2 billion, due to lower fourth-quarter purchases.

2014 年我們對 GLOBALFOUNDRIES 的採購總額約為 10 億美元，低於先前估計的 12 億美元，原因是第四季採購量減少。

The fourth amendment to the WSA is complete with no associated special payments or penalties.

WSA 的第四次修正案已完​​成，沒有相關的特殊付款或罰款。

We are currently negotiating our 2015 WSA amendment, in line with our business expectations.

我們目前正在協商 2015 年 WSA 修正案，以符合我們的業務預期。

Debt as of the end of the quarter was $2.2 billion.

截至本季末的債務為 22 億美元。

During the quarter, we repurchased an aggregate amount of $75 million of 2020 and 2022 term debt in the open market, paying approximately $0.96 on the $1, and funded these with our asset-backed line of credit, which carries a significantly lower interest rate.

本季度，我們在公開市場回購了總計7,500 萬美元的2020 年和2022 年定期債務，每1 美元支付約0.96 美元，並使用我們的資產支持信貸額度為這些資金提供資金，該信貸額度的利率明顯較低。

Free cash flow in the fourth quarter was $94 million, an improvement of $105 million from the third quarter of 2014.

第四季自由現金流為 9,400 萬美元，比 2014 年第三季增加了 1.05 億美元。

Before turning to the outlook, let me highlight that as of the first quarter of 2015, in line with many of our technology peers and more reflective of our ongoing operations, we will be excluding approximately $20 million per quarter of employee-related stock-based compensation from our non-GAAP financial results.

在談到展望之前，我要強調的是，截至2015 年第一季度，與我們的許多技術同行一致，並且更能反映我們正在進行的業務，我們將排除每季度約2000 萬美元的員工相關股票。

As outlook for the first quarter of 2015, AMD expects revenue to decrease 15% sequentially, plus or minus 3%.

作為2015年第一季的展望，AMD預計營收將季減15%，上下浮動3%。

Gross margin is expected to be approximately 34%.

毛利率預計約34%。

Non-GAAP operating expenses are expected to be approximately $350 million, excluding approximately $20 million of stock-based compensation, as per our revised non-GAAP definition.

根據我們修訂後的非公認會計原則定義，非公認會計原則營運費用預計約為 3.5 億美元，不包括約 2,000 萬美元的股票薪資。

Interest expense, taxes, and other to be approximately $48 million, and inventory is expected to be essentially flat from fourth-quarter levels.

利息支出、稅費和其他費用約為 4,800 萬美元，庫存預計將與第四季度水準基本持平。

As outlook for the full-year 2015, we expect to be profitable on a non-GAAP basis.

作為對 2015 年全年的展望，我們預計在非 GAAP 基礎上實現盈利。

Non-GAAP operating expenses to be between approximately $340 million to $370 million per quarter, in line with expected revenue profile.

非 GAAP 營運費用每季約為 3.4 億美元至 3.7 億美元，與預期收入狀況相符。

Taxes of approximately $3 million per quarter, cash, cash equivalents, and marketable securities balances to be in the optimal zone of $1 billion.

每季稅收約為 300 萬美元，現金、現金等價物和有價證券餘額處於 10 億美元的最佳範圍內。

Capital expenditures of approximately $100 million and inventory to be approximately flat year over year.

資本支出約為 1 億美元，庫存與去年同期基本持平。

In closing, as we begin a new year, we look forward to overcoming our short-term challenges by stabilizing our computing and graphics segment, and continuing to improve long-term financial performance by diversifying our business and driving to it profitability, while maintaining a healthy balance sheet.

最後，在新的一年開始之際，我們期待透過穩定我們的計算和圖形部門來克服短期挑戰，並透過業務多元化和提高盈利能力來繼續改善長期財務業績，同時保持健康的資產負債表。

With that, I will turn it back to Ruth.

有了這個，我會把它轉回給露絲。

Ruth?

露絲？

Thank you, Devinder.

謝謝你，德溫德。

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

接線員，我們現在請您向觀眾提問。

Certainly.

當然。

(Operator Instructions)

（操作員說明）

And our first question comes from Harlan Sur of JPMorgan.

我們的第一個問題來自摩根大通的哈蘭‧蘇爾。

Please go ahead.

請繼續。

Good afternoon and hank you for take my question.

下午好，感謝您回答我的問題。

On the Q1 revenue guidance, can you just provide us with a bit more color for the 15% sequential revenue decline?

關於第一季的收入指引，您能為我們提供有關 15% 環比收入下降的更多資訊嗎？

How much of the revenue decline is due to continued channel inventory work-downs in your computing and graphics segment versus continued games console seasonality in your embedded and semi-custom segments?

收入下降有多少是由於計算和圖形領域的渠道庫存持續下降以及嵌入式和半定制領域的遊戲機季節性持續下降所致？

What I'm trying to figure out is if both segments are going to be down double-digits sequentially, or is one going to drive more declines than the other?

我想弄清楚的是，這兩個細分市場是否都會連續下降兩位數，或者其中一個細分市場的跌幅是否會比另一個細分市場更大？

Yes, Harlan, so thanks for the question.

是的，哈倫，謝謝你的提問。

Let me give you some color on that.

讓我給你一些顏色。

So if you take a typical -- PC seasonality would be about minus 7% or so, and typical game console seasonality is probably a little bit more than that.

因此，如果你採用典型的 PC 季節性因素，則約為負 7% 左右，而典型的遊戲機季節性因素可能會比這稍高一些。

What we said in the prepared remarks is that we are taking an opportunity to correct the channel inventory in computing and graphics.

我們在準備好的演講中所說的是，我們正在趁機修正計算和圖形方面的通路庫存。

So overall, down minus 15%.

總體而言，下降了-15%。

That is more heavily weighted towards computer and graphics than towards enterprise, embedded, and semi-custom.

與企業、嵌入式和半客製化相比，電腦和圖形的比重更大。

Thanks for that, Lisa.

謝謝你，麗莎。

And then on the embedded segment, which grew nicely in Q4 in fall of 2014, as you think about your pipeline in 2015, does the team expect embedded will continue to grow by double digits year over year?

然後，嵌入式領域在 2014 年秋季第四季度增長良好，當您考慮 2015 年的產品線時，團隊是否預計嵌入式領域將繼續以兩位數的速度同比增長？

And if so, what end markets would be the biggest contributors to that growth?

如果是這樣，哪些終端市場將成為這種成長的最大貢獻者？

Yes, so if you look at the overall enterprise, embedded, and semi-custom business, it was very good for us in 2014.

是的，如果你看看整個企業、嵌入式和半客製化業務，你會發現 2014 年對我們來說非常好。

I'm actually quite pleased with the progress.

事實上我對進展感到非常滿意。

Certainly the majority of that was the semi-custom or game console unit shipments, which increased significantly.

當然，其中大部分是半定製或遊戲機單位的出貨量，顯著增加。

We did also see, as we said, improvements in the embedded business, and that grew over 20%.

正如我們所說，我們確實也看到了嵌入式業務的改善，並且成長了 20% 以上。

As we go into 2015, it's a little bit early for full-year guidance, but I think we would say that we would expect embedded to continue to grow.

當我們進入 2015 年時，現在給出全年指導還為時過早，但我認為我們會說我們預計嵌入式將繼續增長。

I think on semi-custom, we believe that units will grow as they typically do in the third year of the console ramp, and exactly what that will amount to will depend on how the market behaves in 2015.

我認為，就半定製而言，我們相信銷量會像通常在遊戲機推出的第三年那樣增長，而具體增長量將取決於 2015 年市場的表現。

Thanks, Lisa.

謝謝，麗莎。

Thank you, Harlan.

謝謝你，哈蘭。

Our next question comes from Ian Ing from MKM Partners.

我們的下一個問題來自 MKM Partners 的 Ian Ing。

Please go ahead.

請繼續。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

Just wanted to step through the revenue and segment assumptions to get you to guide to non-GAAP profitability this year, excluding stock comp.

只是想逐步了解收入和細分市場假設，以幫助您指導今年的非公認會計準則獲利能力（不包括股票比較）。

I'm getting, when I look at the OpEx ranges and gross margin is about flat, I'm getting low single-digit quarters of growth for the rest of the year.

當我查看營運支出範圍且毛利率基本上持平時，我發現今年剩餘時間的成長率僅為個位數。

I think it depends on how you look at it from an overall standpoint.

我覺得這要看你從整體的角度怎麼看。

Obviously, you have the numbers in terms of our guidance for Q1 2015, but you do want to take into consideration one change that I highlighted in the prepared remarks, in terms of the OpEx guidance that I gave.

顯然，您已經掌握了我們 2015 年第一季指引中的數字，但您確實想要考慮我在準備好的評論中強調的一項變化，即我給出的營運支出指引。

That on a non-GAAP basis, we are excluding the non-cash stock-comp expense from the guidance for the OpEx, and that's running about $20 million per quarter for stock-comp expenses overall.

在非 GAAP 基礎上，我們將非現金股票補償費用排除在營運支出指引之外，每季的股票補償費用總體約為 2,000 萬美元。

So about $80 million for the year.

所以今年大約有 8000 萬美元。

But I think the rest of it, from an overall standpoint, we're not giving, other than what I have given for 2015, color on the non-GAAP profitability from where I sit right now with the continued control of expenses and the gross margin obviously in Q1 at 34%.

但我認為，從總體角度來看，除了我對 2015 年的情況之外，我們不會對我現在所坐的位置上的非 GAAP 盈利能力進行說明，繼續控制費用和毛利率。利潤率明顯達到34%。

We'll give color more about 2015, as we get through Q1 and into Q2.

當我們度過第一季並進入第二季時，我們將提供有關 2015 年的更多資訊。

And in particular, we have an analyst day that's scheduled on May the 6th, where we'll lay out, obviously a more detailed model for the year and for the longer-term outlook.

特別是，我們定於 5 月 6 日舉行分析師日，屆時我們將提出今年和長期前景的更詳細模型。

Okay, great.

好的，太好了。

And then Lisa, you talked about the launch of Carrizo, highlighting HAS support.

然後麗莎，您談到了 Carrizo 的推出，強調了 HAS 支援。

Could you talk about the applications for HAS implementations?

您能談談 HAS 實施的應用嗎？

Who is writing code right now in the HAS development environment?

現在誰在HAS開發環境中編寫程式碼？

What kind customers could we have potentially in the future?

未來我們可能擁有什麼樣的潛在客戶？

Thanks.

謝謝。

We are enthusiastic about our Carrizo launch that will take place in the second quarter.

我們對將於第二季推出的 Carrizo 充滿熱情。

I think if you look at the improvements that will come with that, HSA is one of them.

我想如果你看看隨之而來的改進，HSA 就是其中之一。

We will also have significantly improved performance in battery life in Carrizo.

我們還將顯著提高 Carrizo 的電池壽命性能。

Relative to HSA applications, I think there are a number of applications, both in the consumer space related to video that will perform quite well with Carrizo, as well as in other areas.

相對於 HSA 應用程序，我認為有許多應用程序，無論是在與視訊相關的消費領域，還是在其他領域，都將在 Carrizo 中表現良好。

We expect Carrizo to be beneficial for embedded and other businesses as well.

我們預計 Carrizo 也將為嵌入式和其他業務帶來好處。

Okay, thanks.

好的，謝謝。

That's all I had.

這就是我所擁有的一切。

Thanks, Ian.

謝謝，伊恩。

Our next question comes from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Please go ahead.

請繼續。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

On the -- on your expectation for healthy trajectory in the PC and graphics business in 2Q, what are the -- can you help us understand to what extent is that driven by your improvement in the commercial side versus consumer business?

關於您對第二季度 PC 和圖形業務健康發展軌蹟的預期，您能否幫助我們了解您在商業方面相對於消費者業務方面的改進在多大程度上推動了這一趨勢？

Can you help us with, roughly, what's the split between these two?

您能幫我們大致了解一下這兩者之間的差異嗎？

And does healthy trajectory, does that mean sequential growth in that business in 2Q, or does that mean in line with normal seasonal patterns?

健康的軌跡是否意味著第二季度該業務的連續成長，或者是否意味著符合正常的季節性模式？

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

Let me try to answer that and give you color on the various segments.

讓我嘗試回答這個問題並為您提供各個部分的詳細資訊。

So as I mentioned, in our M&C business we've really made nice progress overall in terms of improving our mix, improving our design wins, especially going into the second quarter and the second half of the year with our new product launches.

正如我所提到的，在我們的M&C 業務中，我們在改善我們的產品組合、提高我們的設計成果方面確實取得了整體上的良好進展，特別是在今年第二季度和下半年我們推出了新產品。

I think we feel very good about where we're positioned there.

我認為我們對自己所處的位置感覺非常好。

Commercial will definitely be important, as well as improving our overall mix.

商業肯定很重要，同時也改善我們的整體組合。

And then relative, from Q1 to Q2, I think the largest improvement will be around the channel health.

相對而言，從第一季到第二季度，我認為最大的改善將圍繞著通路健康狀況。

We have had this channel problem for a couple of quarters, and it's important for us to correct that.

我們已經遇到這個通路問題好幾個季度了，解決這個問題對我們來說很重要。

As we look at the downstream channel, we definitely reduced some inventory in Q4, and we will take significant action to reduce that inventory in Q1, and that will give us an opportunity to return to a more normal desktop channel business, which has been relatively successful for us in the past.

當我們看下游管道時，我們肯定在第四季度減少了一些庫存，我們將在第一季採取重大行動來減少庫存，這將使我們有機會回歸到更正常的桌面通路業務，這相對來說是比較正常的。

Thank you.

謝謝。

A follow-up if I may.

如果可以的話，請跟進。

On the -- I think you noted two to three new semi-custom design wins in the last earnings call.

關於 - 我認為您在上次財報電話會議中註意到兩到三個新的半定制設計獲勝。

Can you remind us of the timing and the nature of those design wins by end market or application, and can you describe or characterize the pipeline after those two or three design wins?

您能否提醒我們這些設計獲勝的時間和性質（按終端市場或應用劃分）？

Thank you.

謝謝。

Yes.

是的。

So on the semi-custom design wins in pipeline, at the end of last year, we reported two new semi-custom wins.

因此，就管道中的半客製化設計勝利而言，去年年底，我們報告了兩項新的半客製化設計勝利。

They included both x86 and ARM.

它們包括 x86 和 ARM。

Time frame for that revenue is, we started NRE last quarter, and we'll have NRE revenue in 2015.

這筆收入的時間範圍是，我們在上個季度開始 NRE，我們將在 2015 年獲得 NRE 收入。

You will see production revenue in 2016.

您將在 2016 年看到生產收入。

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

Our next question comes from Matt Ramsey of Canaccord Genuity.

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

Please go ahead.

請繼續。

Yes, thank you for taking my questions.

是的，謝謝您回答我的問題。

First, Lisa, you had mentioned in the prepared remarks pull from the server customer base, excited or urging AMD to get back into that market, both on [x86] and on ARM.

首先，Lisa，您在準備好的發言中提到了伺服器客戶群的拉動，興奮或敦促 AMD 重返該市場，無論是在 [x86] 還是在 ARM 上。

Maybe you could talk a little bit more about the nature of that pull.

也許你可以多談談這種拉力的本質。

Is it from a -- is it more ARM or x86 based, and how your design teams are set up to address that challenge, given your history in the server business in the past?

它是來自 - 更基於 ARM 還是 x86？

Sure, Matt.

當然，馬特。

There's no secret that we've lost a lot of market share in the server business.

我們在伺服器業務中失去了大量市場份額，這已不是什麼秘密。

But if you look at fundamentally what's important to those server customers, it is about knowledge of the enterprise.

但如果你從根本上看什麼對這些伺服器客戶來說是重要的，那就是企業的知識。

It is about high performance compute capability, reliability, all the system capability, and those are things that AMD is uniquely very capable of.

它涉及高效能運算能力、可靠性以及所有系統功能，而這些都是 AMD 獨有的能力。

So when we look at ARM and x86, I would say the majority of the market will still be x86 for quite some time, because of all of the legacy applications that exists.

因此，當我們考慮 ARM 和 x86 時，我想說，由於存在所有遺留應用程序，在相當長的時間內，大部分市場仍將是 x86。

ARM offers a new opportunity in some of the dense server markets, and so we continue to look at that as a growth opportunity where new business will grow.

ARM 在一些密集的伺服器市場提供了新的機會，因此我們繼續將其視為新業務成長的成長機會。

So it's really, I would say, separate parts of the market.

所以我想說，這實際上是市場的不同部分。

I think where we add value is that we are able to look at that in totality and optimize the server ecosystem for that.

我認為我們增加價值的地方在於我們能夠從整體上看待這一點並為此優化伺服器生態系統。

All right, thank you.

好的，謝謝。

And then, Devinder, as a follow-up, it's been mentioned a couple of times in detail that you guys are going to change to excluding the stock comp from the non-GAAP numbers.

然後，Devinder，作為後續行動，已經多次詳細提到你們將更改為從非 GAAP 數據中排除股票比較。

I don't know how much you want to comment here today, but just for year-over-year comparison purposes, are you guys -- do you forecast being non-GAAP-profitable based on including the stock comp, or just by excluding it?

我不知道你今天想在這裡發表多少評論，但只是出於逐年比較的目的，你們是基於包含股票比較還是僅僅排除股票來預測非公認會計原則盈利它？

Thanks.

謝謝。

It's excluding the stock comp.

它不包括股票。

It is about $20 million of non-cash stock-comp expenses, very much in line with a lot of our technology peers and more comparative basis.

非現金股票補償費用約為 2000 萬美元，與我們的許多技術同行非常一致，也更具可比性。

So I think when you look at the OpEx guidance, for example, that we are providing in Q4, that excludes the stock-comp expense of about $20 million.

因此，我認為，例如，當您查看我們在第四季度提供的營運支出指南時，其中不包括約 2000 萬美元的股票補償費用。

And that's non-cash.

而且那不是現金。

It will show up from a segment-reporting standpoint in our all other category, very consistent, like I said, with several of our other technology peers.

正如我所說，它將從我們所有其他類別的細分報告的角度顯示出來，與我們的其他幾個技術同行非常一致。

Got you.

明白你了。

I was just trying to say, do you think will you be non-GAAP profitable if you reverse that new change to the reporting structure, so under the old method?

我只是想說，如果你在舊方法下扭轉報告結構的新變化，你認為你會實現非公認會計原則獲利嗎？

Well our guidance is non-GAAP profitable, excluding the stock-comp expense for 2015.

我們的指導是非 GAAP 獲利，不包括 2015 年的股票補償費用。

Fair enough.

很公平。

Thanks.

謝謝。

Our next question comes from Joe Moore of Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Please go ahead.

請繼續。

Great, thank you.

太好了，謝謝。

I wonder if you could clarify within the PC/CPU business what's the split between channel and OEM at this point, or just qualitatively?

我想知道您是否可以澄清一下 PC/CPU 業務中通路和 OEM 之間目前的區別是什麼，或者只是品質上的區別？

You have mentioned for the last couple of quarters this inventory compression.

您在過去幾個季度中提到了庫存壓縮。

Is there a demand aspect to this as well?

這也有需求方面嗎？

Do you think you're losing share in the channel versus just an inventory correction in the channel?

您是否認為您正在失去渠道中的份額，而不僅僅是渠道中的庫存調整？

Yes, Joe, we don't talk about the exact split between our channel and our M&C business.

是的，喬，我們不會談論我們的頻道和 M&C 業務之間的確切劃分。

It's fair to say our M&C business is larger though.

公平地說，我們的 M&C 業務規模更大。

So what we ship in to our OEM customers is larger than the channel business.

因此，我們向 OEM 客戶提供的業務比通路業務要多。

Relative to the inventory versus demand, I think the desktop channel in an area where, if you look at it, it's heavily concentrated in China and has had more impact on some of the dynamics in China, especially as you look at the entry-level part of the business.

相對於庫存與需求，我認為桌面管道在一個領域，如果你看一下，它主要集中在中國，並且對中國的一些動態產生了更大的影響，特別是當你看入門級時業務的一部分。

I will say, though, that as we look at it overall, I think the channel will still be a very good business for us going forward.

不過，我要說的是，從整體來看，我認為該通路對我們未來來說仍然是一項非常好的業務。

It's just, we need to correct the inventory levels.

只是，我們需要修正庫存水準。

In the AIB business, or the graphics channel, it's a little bit more complicated than that.

在 AIB 業務或圖形頻道中，情況比這更複雜。

In the first half of the year, we had -- first half of 2014, we had actually an unusually strong AIB channel because of the bitcoin effect, and then we needed to correct some of that.

在今年上半年，我們—2014 年上半年，由於比特幣效應，我們實際上擁有異常強大的 AIB 管道，然後我們需要糾正其中的一些問題。

There are some competitive dynamics in the graphics AIB channel as well.

圖形 AIB 通路也存在一些競爭動態。

I think from where I see it going forward, we are very focused on correcting the channel and normalizing that business.

我認為從我所看到的未來​​來看，我們非常專注於糾正管道並使業務正常化。

I think we have some good products that are coming out for it.

我認為我們已經推出了一些好的產品。

So I do see opportunities for a return to a more healthy channel business going forward.

因此，我確實看到了未來回歸更健康的通路業務的機會。

Great, thank you.

太好了，謝謝。

And then Intel had mentioned on their call having had some excess Bay Trail inventory at the end of Q3 that they burned off during Q4.

然後英特爾在電話會議中提到，他們在第三季末擁有一些多餘的 Bay Trail 庫存，並在第四季度燒掉了。

Do you think that had any effect on you guys, and do you think that situation is cleared up for you?

你認為這對你們有什麼影響嗎？

I don't think it particularly had an effect.

我不認為它有特別的效果。

One of the comments that I made earlier, our ASPs have really come up nicely with our mix in the OEM business.

我之前發表的評論之一是，我們的 ASP 確實很好地配合了我們在 OEM 業務中的組合。

So from that standpoint, I didn't see a particular effect.

所以從這個角度來看，我沒有看到特別的效果。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from John Pitzer of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策。

Please go ahead.

請繼續。

Good afternoon, guys.

下午好，夥計們。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

First question, Devinder, just as a clarification, no impact from underspending on the WSA in 2014, or might that carry over to 2015?

第一個問題，Devinder，請澄清一下，2014 年 WSA 支出不足沒有影響，或者這種情況可能會延續到 2015 年嗎？

And just broadly, how do we think about the parameters for the 2015 WSA?

籠統地說，我們如何看待 2015 年 WSA 的參數？

John, you are right, no impact whatsoever.

約翰，你是對的，沒有任何影響。

No penalties, no special payments, which is, I think what your question is, as we reduce the supplies and the purchases to end 2014.

沒有罰款，沒有特殊付款，我想這就是你的問題所在，因為我們減少了到 2014 年底的供應和採購。

2015, we are in discussions.

2015年，我們正在討論。

That's in progress, to go ahead and close the 2014 -- 2015 supply agreement.

該工作正在進行中，以便繼續完成 2014 年至 2015 年的供應協議。

And then, Lisa, in the prepared comments you talked about OpEx between a range of $340 million to $370 million per quarter.

然後，麗莎，在準備好的評論中，您談到了每季 3.4 億美元到 3.7 億美元之間的營運支出。

I'm just curious, is the goal here to try to operate the business at a non-GAAP break-even level?

我只是好奇，這裡的目標是嘗試以非公認會計原則損益平衡水平經營業務嗎？

And if we do get revenue upside, will you just let that drop through to OpEx?

如果我們確實實現了收入成長，您會直接將其轉入營運支出嗎？

And to ask a broader question, how do you think about prioritizing spending as you try to maintain non-GAAP breakeven?

問一個更廣泛的問題，當你試圖維持非公認會計準則損益平衡時，你如何考慮優先考慮支出？

Is that even the right goal to think about, given that you already have $1 billion of [released] gross cash on the balance sheet?

鑑於您的資產負債表上已經有 10 億美元的[已釋放]現金總額，這是否是值得考慮的正確目標？

Are you underinvesting in certain areas right now to try to maintain that non-GAAP breakeven?

您現在是否在某些領域投資不足以維持非公認會計原則損益平衡？

I'll take the first part on the financials, and I'll let Lisa comment on your second question, which is a good one.

我將討論財務方面的第一部分，然後讓麗莎評論你的第二個問題，這是一個很好的問題。

I think overall when you look at it from an overall standpoint, we've been very disciplined from an OpEx standpoint.

我認為總的來說，當你從整體角度來看時，我們從營運支出的角度來看非常自律。

But the question that always comes up internally, and Lisa obviously, and Mark (inaudible) watch that very carefully, in terms of making sure that we continue to invest in the R&D area, especially for the products and the technology and all of the future stuff that we are doing.

但內部總是出現的問題，麗莎顯然和馬克（聽不清楚）非常仔細地觀察，以確保我們繼續投資於研發領域，特別是產品和技術以及所有的未來我們正在做的事情。

But John, you are right, we do want to manage from a viewpoint of overall cash on the P&L.

但是約翰，你是對的，我們確實希望從損益表上的整體現金的角度來管理。

That's important.

這很重要。

The breakeven P&L has come down significantly, as we have managed the OpEx.

由於我們管理了營運支出，損益平衡點已大幅下降。

But the R&D investments, especially with the road map that we are projecting for 2015 and 2016 continue.

但研發投資，特別是我們預計 2015 年和 2016 年的路線圖，仍在繼續。

And you're also right from an OpEx standpoint, getting down to the, call it $350 millionlevel that we are guiding to for Q1.

從營運支出的角度來看，您也是正確的，我們為第一季設定的目標是 3.5 億美元。

That would go up within the range of the $340 million, $370 million, depending on the revenue profile.

根據收入狀況，這一數字將在 3.4 億美元至 3.7 億美元之間上漲。

And obviously, my desire to drop that as much as possible to the bottom line, as long as we continue to invest in the R&D areas.

顯然，只要我們繼續投資於研發領域，我就希望將其盡可能降低到底線。

But I'll let Lisa comment on the R&D investments.

但我會讓麗莎評論一下研發投資。

John, the way I would answer it is something like this.

約翰，我的回答方式是這樣的。

Certainly, we strive to do better than non-GAAP breakeven on a medium-term basis; however, when I look at the OpEx and what we're trying to drive, it is really important for us to make the right technology investments and invest in the products that are going to fuel long-term growth.

當然，我們努力在中期基礎上實現比非公認會計準則損益平衡更好的目標；然而，當我審視營運支出以及我們正在努力推動的目標時，我們發現進行正確的技術投資並投資於能夠推動長期成長的產品非常重要。

So we made some decisions in the fourth quarter.

所以我們在第四季做出了一些決定。

We announced some restructuring actions.

我們宣布了一些重組行動。

I think those were the right set of actions, because they were really around streamlining our business and making sure that we were making some priority calls in places.

我認為這些是正確的行動，因為它們實際上是為了簡化我們的業務並確保我們在某些​​地方做出一些優先考慮的事情。

As I look forward, Q4, Q1, we've talked about lower-than-expected revenue due to some of the channel issues.

展望第四季度、第一季度，我們已經討論過由於某些管道問題導致收入低於預期。

As we go into Q2 and beyond, we're really focused on growth.

當我們進入第二季度及以後時，我們真正關注的是成長。

It's really all about the products and customers and getting our products out into the marketplace.

這實際上與產品和客戶以及將我們的產品推向市場有關。

That's really my focus.

這確實是我的重點。

Thank you, guys.

謝謝你們，夥計們。

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

我們的下一個問題來自美銀美林的 Vivek Arya。

Please go ahead.

請繼續。

Thank you for taking my question; one for Devinder and then one for Lisa.

感謝您回答我的問題；一張給 Devinder，一張給 Lisa。

Devinder, there are $212 million payable to GLOBALFOUNDRIES.

Devinder，應向 GLOBALFOUNDRIES 支付 2.12 億美元。

That will be paid in Q1, so that will bring cash down to the $800 million or so, and then you expect a recovery to get back to the $1 billion optimal zone?

這將在第一季支付，這樣現金就會減少到 8 億美元左右，然後您預計經濟復甦會回到 10 億美元的最佳區域嗎？

Do I have that right?

我有這個權利嗎？

If you are talking about the $212 million as the AP balance that's associated with GLOBALFOUNDRIES on the balance sheet, then obviously those are purchases that we have made in 2014 before the year ended.

如果您談論的是資產負債表上與 GLOBALFOUNDRIES 相關的 2.12 億美元 AP 餘額，那麼顯然這些是我們在 2014 年底前進行的採購。

And that cash, obviously, is due to GLOBALFOUNDRIES to be paid, call it in the first quarter of 2015, is when that cash will be paid.

顯然，這筆現金是要向 GLOBALFOUNDRIES 支付的，稱之為 2015 年第一季度，也就是支付現金的時間。

But from a purchases standpoint, the way it works in WSA, the wafers get delivered.

但從採購的角度來看，按照 WSA 的運作方式，晶圓是交付的。

And like I said, against the 1.2 that we expected when we closed the 2014 WSA, we purchased $1 billion worth of wafers.

正如我所說，與我們在 2014 年 WSA 結束時預期的 1.2 相比，我們購買了價值 10 億美元的晶圓。

As we ended 2014, we made a mutual decision to reduce the supply and purchases based on market conditions, and the 2014 WSA is complete.

2014年即將結束，我們共同決定根據市場狀況減少供應和採購，2014年WSA已經完成。

We are in discussions about the 2015 WSA.

我們正在討論 2015 年 WSA。

The supply continues, based on the good relationship we have with our partner; there is no issue there.

基於我們與合作夥伴的良好關係，供應仍在繼續；那裡沒有問題。

But we are working out the details to fully finalize and sign the 2015 WSA.

但我們正在製定細節，以全面敲定並簽署 2015 年 WSA。

Devinder, you expect when that payment is made for the cash to perhaps temporarily dip below the $1 billion optimal zone, and then to pick back up again in later quarters?

Devinder，您預計當支付現金時，現金可能會暫時跌破 10 億美元的最佳區域，然後在後面幾季再次回升？

I'm just trying to understand the trajectory of your gross cash during the --.

我只是想了解你們的現金總額在——期間的軌跡。

I understand the question.

我明白這個問題。

I think you're saying, okay, you've got money due to GLOBALFOUNDRIES, but I have other accounts payables and accounts (inaudible), so net-net, the goal is to manage our cash balances in the optimal zone of $1 billion.

我想你是說，好吧，你有GLOBALFOUNDRIES 的錢，但我還有其他應付帳款和帳戶（聽不清楚），所以淨淨，目標是將我們的現金餘額管理在10 億美元的最佳區域。

So from my standpoint, as we end Q1, when we are sitting here in April talking about the Q1 cash balances I expect to be in the optimal zone of over $1 billion.

因此，從我的角度來看，當我們第一季結束時，當我們四月坐在這裡談論第一季現金餘額時，我預計將處於超過 10 億美元的最佳區域。

And Vivek, you have seen that over the last many, many quarters, despite some challenges off and on, we've been able to manage the cash pretty well in the optimal zone and well above the target minimum of $600 million.

Vivek，你已經看到，在過去的許多許多季度中，儘管時不時地遇到一些挑戰，我們仍然能夠很好地將現金管理在最佳區域，並且遠高於 6 億美元的最低目標。

Got it.

知道了。

And then maybe for Lisa, as you mentioned that game console units could grow somewhat this year, I'm interested in understanding what happens to your ASPs now that you're in the third year of launch?

然後，也許對於麗莎來說，正如您提到的遊戲機數量今年可能會有所增長，我有興趣了解您的 ASP 會發生什麼，現在您已經進入了發布的第三年？

Should we think of your ASP -- AMD's ASPs be flattish, or could they be up or down this year?

我們是否應該考慮一下你們的平均售價——AMD 的平均售價是持平的，還是今年會上升或下降？

What happens typically during the third year of this kind of very prominent launch?

在這種非常引人注目的發布的第三年通常會發生什麼？

So, Vivek, we have long-term agreements with our customers relative to ASPs, so there is some ASP decline.

因此，Vivek，我們與客戶就 ASP 簽訂了長期協議，因此 ASP 有所下降。

It's fair to say that it's less than it was in the early years.

公平地說，比早年少一些。

Got it.

知道了。

And just one last thing to look at the bigger picture here, Lisa.

最後一件事是要看看這裡的大局，麗莎。

You're doing a very good job managing costs, and AMD has always had good technology.

你們在成本管理方面做得非常好，而且 AMD 一直擁有優秀的技術。

But I'm trying to understand how you get out of this perennial restructuring mode and start growing again, because it occurs to me that all the benefits of the pipeline you're building in semi-custom continued to be offset by some of the pressures on the traditional PC and the GPU market.

但我試圖了解你們如何擺脫這種常年重組模式並再次開始成長，因為我發現你們以半客製化方式建構的管道的所有好處繼續被一些壓力所抵消傳統PC和GPU市場。

Is it that you expect those traditional markets to start recovering, or do you think we might be underestimating the benefit that you might get on the semi-custom side?

您是否期望這些傳統市場開始復甦，或者您認為我們可能低估了您在半客製化方面可能獲得的好處？

Thank you.

謝謝。

Vivek, if I take a step back and just talk about what we're trying to do overall in our strategy, we really are a technology Company; it's all about our IP and our products and what we put into the marketplace.

Vivek，如果我退後一步，談談我們在策略中整體上正在努力做的事情，我們確實是一家科技公司；我們是一家科技公司。這一切都與我們的智慧財產權、我們的產品以及我們投入市場的產品有關。

If you look at our two businesses, I think you've shown that we can grow a business.

如果你看看我們的兩項業務，我認為你已經表明我們可以發展業務。

The enterprise, embedded, and semi-custom growth, very nice growth, very predictable, profitable.

企業、嵌入式和半客製化成長，非常好的成長，非常可預測，獲利。

I'm confident that's on the right track, in terms of what we're going to do across those market segments.

我相信，就我們在這些細分市場上要做的事情而言，這是在正確的軌道上。

I will say, if anything, we want to make some bolder technology bets in that area to fuel that growth.

我想說的是，如果有的話，我們希望在該領域進行一些更大膽的技術押注，以推動這一成長。

And then on a computing and graphics business, I do believe that we will stabilize this business.

然後在計算和圖形業務方面，我確實相信我們會穩定這個業務。

The last couple of years have been difficult.

過去幾年很困難。

Some relative to market conditions, some relative to things that we could have done better, but overall, it's 300 million units.

有些與市場狀況有關，有些與我們可以做得更好的事情有關，但總的來說，它是 3 億台。

That's a big market.

那是一個很大的市場。

And so most every customer would agree that AMD can add value in that space, and we're focused on making sure that our products really add value to that ecosystem.

因此，大多數客戶都會同意 AMD 可以在該領域增加價值，而我們致力於確保我們的產品真正為該生態系統增加價值。

Thank you.

謝謝。

Our next question comes from Hans Mosesmann from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的漢斯摩西曼。

Please go ahead.

請繼續。

Thanks.

謝謝。

Hey, Lisa, some clarification on really the second half of last year.

嘿，麗莎，對去年下半年的情況進行一些澄清。

Was the inventory situation that you're dealing with now, is that -- how much of it is a competitive dynamic and how much of it was just in demand being weak in China, for example?

例如，您現在面臨的庫存狀況是——其中有多少是競爭動態，有多少只是中國的需求疲軟？

I think it's different in the different markets.

我認為不同的市場有不同的情況。

I think with desktop, it's more end demand relative to China, and perhaps we were a little bit long on inventory earlier in the year.

我認為對於桌上型電腦來說，相對於中國而言，終端需求更大，也許今年稍早我們的庫存有點多。

I think in the graphics channel, again, I said it was a bit volatile in the first half of the year.

我認為在圖形頻道中，我再次說過，今年上半年有點不穩定。

Some of that is due to competitive dynamic, but I think some of that is, as I said, due to the fact that the first half of the year was so strong.

其中一些是由於競爭動態，但我認為，正如我所說，其中一些是由於今年上半年如此強勁。

Thanks.

謝謝。

As a follow-up, on the ARM side of the equation, you mentioned that you expect shipments later this year.

作為後續行動，在 ARM 方面，您提到預計今年稍後發貨。

It seems there's somewhat of a delay.

好像有一些延遲。

What's going on there, specifically with Seattle and how it got sampled and how it's being adopted?

那裡發生了什麼，特別是西雅圖，它是如何採樣的以及如何被採用的？

We have Seattle actually sampled in a number of different customers and ecosystem partners.

我們在西雅圖實際採樣了許多不同的客戶和生態系統合作夥伴。

I think with the good news is that the ecosystem is designing on AMD silicon, so I think that's good.

我認為好消息是生態系統是在 AMD 晶片上設計的，所以我認為這很好。

Relative to the overall ramp, we always thought of this as a slow ramp.

相對於整體斜坡，我們一直認為這是一個緩慢的斜坡。

So we'll see production shipments in 2015, but primarily, we've seen a lot of ecosystem partners spending quite a bit of time on the software on our silicon.

因此，我們將在 2015 年看到量產出貨量，但首先，我們看到許多生態系統合作夥伴在我們晶片上的軟體上花費了大量時間。

Super.

極好的。

Thanks.

謝謝。

Thanks, Hans.

謝謝，漢斯。

Our next question comes from Christopher Rolland from FBR Capital Markets.

我們的下一個問題來自 FBR 資本市場的 Christopher Rolland。

Please go ahead.

請繼續。

Hey, guys, thanks for the question.

嘿，夥計們，謝謝你的提問。

So looks like Samsung and GloFo are potentially making some headway here on the foundry side towards 14.

看來三星和 GloFo 在代工方面可能會取得一些進展，邁向 14 家。

Can you guys talk about your plans to leverage that or to avoid that and what we can expect through the year for leading-edge silicon?

你們能談談你們利用這一點或避免這種情況的計劃，以及我們對這一年領先晶片的期望嗎？

Thanks.

謝謝。

Chris, we are actively designing a number of products in 14.

Chris，我們正在積極設計 14 多個產品。

The 14-nanometer technology, I think that will be very important for us from a competitive standpoint.

我認為從競爭的角度來看，14 奈米技術對我們來說非常重要。

So it's an important technology for us.

所以這對我們來說是一項重要的技術。

And then also, if you want to -- if you can provide any details on timing, I would love that.

然後，如果您願意的話，如果您能提供有關時間安排的任何詳細信息，我會很高興。

But outside of that, can you talk about the slide in PC operating profits and when you expect to return to breakeven, and whether that OpEx stepdown we get in Q1, is that all coming from computing graphics?

但除此之外，您能否談談 PC 營運利潤的下滑以及您預計何時恢復損益平衡，以及我們在第一季度獲得的營運支出下降是否全部來自計算圖形？

Thanks.

謝謝。

I'll take the first part of that, and I'll let Devinder take the second part of that.

我將負責第一部分，我將讓 Devinder 負責第二部分。

So relative to timing on FinFET, we will be talking more about our long-term roadmaps at our financial analyst day, so I'll hold that question there.

因此，相對於 FinFET 的時機，我們將在金融分析師日更多地討論我們的長期路線圖，所以我將在那裡保留這個問題。

Devinder, do you want to take the OpEx?

Devinder，你想接受 OpEx 嗎？

Yes, on the OpEx side, obviously with the decline in the business, and in particular, with the guidance we provided in Q1, here the OpEx has come down, as you observed.

是的，在營運支出方面，顯然隨著業務的下降，特別是根據我們在第一季提供的指導，正如您所觀察到的，這裡的營運支出已經下降。

And I would say two things: Lisa said in the prepared remarks that we are investing on the R&D side for the embedded, enterprise, and semi-custom business, with the things that we talked about on embedded.

我想說兩件事：麗莎在準備好的演講中說，我們正在對嵌入式、企業和半定制業務的研發方面進行投資，以及我們在嵌入式方面討論的內容。

It's growing pretty nicely, the enterprise side on the server piece.

伺服器方面的企業端發展得相當不錯。

We need to make the investments for the customers so that we can return higher market share from an overall standpoint.

我們需要為客戶進行投資，這樣才能從整體上回報更高的市場佔有率。

And then the semi-custom side, in addition to the design wins that we have, we have a healthy pipeline, and we want to continue to grow that business.

然後在半客製化方面，除了我們擁有的設計勝利之外，我們還有一個健康的管道，我們希望繼續發展這項業務。

So I think overall, when you look at the OpEx side of the house, it is probably true that on the CG side is where the expenses are coming down, more than probably in the embedded, enterprise, and semi-custom.

因此，我認為總體而言，當您查看營運支出方面時，您可能會發現，CG 方面的費用下降幅度可能比嵌入式、企業和半客製化方面下降更多。

But overall, we are managing the OpEx in line with revenue, while protecting the investments on the R&D.

但整體而言，我們根據收入來管理營運支出，同時保護研發投資。

Great.

偉大的。

Thanks, guys.

謝謝，夥計們。

Our next question comes from Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Please go ahead.

請繼續。

Hi.

你好。

First question is for Lisa.

第一個問題是問麗莎的。

On the inventory side of the equation, what are you guys planning to do differently, if anything, going forward?

在庫存方面，你們計劃採取哪些不同的做法（如果有的話）？

You've already answered a little bit about what you thought the causes of the excess inventory would be.

您已經回答了一些關於您認為庫存過剩的原因的問題。

Is there anything you would do, in retrospect, differently?

回想起來，你會採取什麼不同的做法嗎？

And looking forward, does that mean you keep the channel tighter than before?

展望未來，這是否意味著你們的頻道比以前更緊密？

Are there any business implications that we should be aware of?

有什麼我們應該注意的商業影響嗎？

Yes, Ross, so on the channel, I think in general, it's much better to keep supply in line with demand, and certainly that will be important for us going forward.

是的，羅斯，所以在通路上，我認為總的來說，保持供應與需求一致要好得多，當然這對我們未來的發展很重要。

Secondly, the sell-through velocity, I think, will be modulated by our products, and as we put new products into the channel over the next couple of quarters, I think that will increase sell-through velocity.

其次，我認為銷售速度將由我們的產品來調節，隨著我們在接下來的幾季將新產品放入通路，我認為這將提高銷售速度。

I did mention China as one of the areas where we have to just see how that develops and how the DIY market in particular develops, but again, I think this is about just matching supply with demand and not getting out of sync there.

我確實提到中國是我們必須關注的地區之一，尤其是 DIY 市場的發展情況，但我再次認為，這只是讓供應與需求相匹配，而不是失去同步。

As a follow-up, one for Devinder, in the EESC segment, you mentioned that the operating income was pretty much flat sequentially and it sounded like royalties were the cause of that.

作為 Devinder 的後續行動，在 EESC 領域，您提到營業收入連續幾年基本上持平，聽起來特許權使用費是造成這種情況的原因。

Can you give us a little bit of color on what were those royalties?

您能給我們透露一下這些版稅是多少嗎？

Is that just a seasonal effect that goes away, or how should we think about those going forward?

這只是一個消失的季節性影響嗎？

I don't think they go away.

我不認為他們會消失。

They were, obviously, very nice in the Q4 time frame, based on some technology licensing that we have related to royalties that we collect, but they don't go away.

顯然，它們在第四季度的時間範圍內非常好，基於我們與我們收取的版稅相關的一些技術許可，但它們並沒有消失。

They continue into 2015.

他們將持續到 2015 年。

So it's not just a seasonal effect?

那麼這不僅僅是季節性的影響？

Well, I would say in Q4, it was nicer than what I would otherwise expect.

好吧，我想說第四季的情況比我預期的要好。

It is somewhat related to end shipments, so because of the end shipments were higher in Q4, they were higher in Q4.

這與終端出貨量有一定關係，所以由於第四季終端出貨量較高，所以第四季也較高。

Great.

偉大的。

Thank you.

謝謝。

Our next question comes from Sanjay Chaurasia from Nomura.

我們的下一個問題來自野村證券的 Sanjay Chaurasia。

Please go ahead.

請繼續。

Hi Lisa.

嗨麗莎。

A question on gaming console: you indicated 30 million shipments this year.

關於遊戲機的問題：您說今年出貨量為3000萬台。

If I go back historically, when these gaming consoles are launched, I think the first few sales were roughly between 15 and 20 million.

如果我回顧歷史，當這些遊戲機推出時，我認為最初的銷量大約在 1500 萬到 2000 萬之間。

My question is, it seems like this higher sales could be because of expanded availability in different regions.

我的問題是，銷售額的增加似乎可能是由於不同地區的供應範圍擴大所致。

And as you look into next year, what gives you confidence that you could grow this in terms of units or in terms of your revenue into 2015?

當您展望明年時，是什麼讓您有信心在 2015 年實現銷售或營收成長？

Then I have a follow-up.

然後我有一個後續行動。

Sure, so Sanjay, let me just clarify.

當然，桑傑，讓我澄清一下。

In terms of the unit shipments, those are unit shipments from our customers to end users, and most of that is publicly available data from what Sony and Microsoft have published.

就單位出貨量而言，這些是從我們的客戶到最終用戶的單位出貨量，其中大部分是索尼和微軟發布的公開數據。

So relative to historical, I think most people will say that historically, the game console shipments in this generation are higher than in the previous generation.

所以相對於歷史，我想大多數人都會說，從歷史上看，這一代的遊戲機出貨量是高於上一代的。

And you can come up with all kinds of reasons for that; some of that is the price points that they've chosen.

你可以為此想出各種各樣的理由；其中一些是他們選擇的價格點。

I think that certainly helped the holiday season.

我認為這對假期確實有幫助。

Some of that is its software titles that are available at a given point in time.

其中一些是在給定時間點可用的軟體名稱。

I think the main thing is as we look at any holiday season, we want to make sure that there's not a lot of inventory that's sitting with our customers, and we see that that's fairly well balanced.

我認為最重要的是，當我們考慮任何假期時，我們希望確保我們的客戶沒有太多庫存，而且我們發現這是相當平衡的。

So that gives us confidence as you go into 2015 and you see new titles that are launched, and those come out, that it should be a fairly normal market.

因此，當你進入 2015 年並看到新遊戲的推出和問世時，這給了我們信心，這應該是一個相當正常的市場。

And a question on desktop: seems like sales declined 30% sequentially and declining at a similar level.

還有一個關於桌面的問題：銷售額似乎連續下降了 30%，而且下降幅度相似。

(Inaudible) you indicated inventory is a factor here.

（聽不清楚）您指出庫存是這裡的一個因素。

But key question is that with the -- you are not saying that the demand decline was because of a road map issue or a vacuum in the product stack.

但關鍵問題是，您並不是說需求下降是因為路線圖問題或產品堆疊中的真空。

Going forward, given that this has declined so much, do you have enough OEM support to carry these desktop SKUs with OEM?

展望未來，考慮到這種情況已經下降了這麼多，您是否有足夠的 OEM 支援來透過 OEM 攜帶這些桌面 SKU？

Or would OEM ask you to burden a greater portion of the R&D costs associated in carrying these SKUs?

或者 OEM 會要求您承擔與攜帶這些 SKU 相關的大部分研發成本？

Because this has really become a very -- the scale of this business has become really small.

因為這確實變得非常——這個業務的規模變得非常小。

And the question essentially is what kind of challenges do you see when you have the right product to revive the desktop market?

問題本質上是，當您擁有合適的產品來重振桌面市場時，您會看到什麼樣的挑戰？

Sure, so the way I would say to something like this, it's clear that our mobile products are very competitive.

當然，所以我想說的是，很明顯我們的行動產品非常有競爭力。

We've invested heavily in mobile, and you see that with some of the successes that we've had.

我們在行動領域投入了大量資金，您可以從我們取得的一些成功中看到這一點。

Relative to desktop, mobile and desktop actually share a lot of technology, so certainly there's a lot of sharing there in terms of the cores and the IP and the designs.

相對於桌面設備，行動裝置和桌面裝置實際上共享許多技術，因此在內核、IP 和設計方面肯定存在著許多共享。

There are things that we will do to improve the competitives of our desktop products as we go forward.

隨著我們的發展，我們將採取一些措施來提高桌面產品的競爭力。

And so, again, I view it as a market that we know well.

因此，我再次將其視為我們熟悉的市場。

Within the spend envelope that we've already defined, we will continue to compete in both the desktop and mobile markets.

在我們已經定義的支出範圍內，我們將繼續在桌面和行動市場上競爭。

Thank you so much.

太感謝了。

Our next question comes from Cody Acree from Ascendiant Capital.

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

Please go ahead.

請繼續。

Hey guys.

嘿夥計們。

Thanks for taking my question.

感謝您提出我的問題。

Lisa, regarding the inventory excesses, I guess as you look at not just the consumer side but also the enterprise side, what level of visibility do you think you have comfort with about this cleaning up in Q1?

Lisa，關於庫存過剩問題，我想您不僅關註消費者方面，還關注企業方面，您認為您對第一季的清理工作感到滿意嗎？

And then on the enterprise side, knowing that it looks as though maybe the Microsoft XP upgrade cycle is tailing off a bit, how much are you counting on share gains on the enterprise side to help out?

然後在企業方面，您知道 Microsoft XP 升級週期似乎有點縮短，您在多大程度上指望企業方面的份額收益能夠提供幫助？

Yes, so relative to the channel inventory, it is primarily consumer and it is primarily the -- as I said, the DIY channel that we're highlighting.

是的，所以相對於通路庫存，它主要是消費者，而且主要是——正如我所說，我們強調的 DIY 管道。

Relative to enterprise, I think our progress in enterprise is less due to the overall market and more due to just having products that are more capable in the enterprise.

相對於企業來說，我覺得我們企業的進步不是因為整體市場，更多的是因為企業有比較有能力的產品。

If you think about how our products have evolved from, let's call it, fairly low end to now, as we get to our higher-end products are very competitive.

如果你想想我們的產品是如何從相當低端發展到現在的，因為我們的高端產品非常有競爭力。

I think that, plus the design wins that we have, give us some optimism about commercial.

我認為，加上我們所取得的設計勝利，讓我們對商業抱持著一些樂觀的態度。

And then, as you look around the rest of your businesses with some of your semi-custom wins not really expected to kick in until 2016, embedded grew nicely, but those have pretty long tails as well.

然後，當你環顧你的其他業務時，你的一些半定制業務預計要到 2016 年才會開始，嵌入式業務增長良好，但它們也有相當長的尾巴。

As you look into the second half of this year, what are you doing now that really might be able to drive surprises in the second half?

展望今年下半年，你現在在做什麼，真正可能會給下半年帶來驚喜？

Or does a lot of this growth become more of a 2016 story?

或者說，這種成長在很大程度上會成為 2016 年的故事嗎？

I think the key for us, as I said, is on EESC, the enterprise, embedded, and semi-custom, I think we have a good path.

正如我所說，我認為我們的關鍵在於 EESC、企業、嵌入式和半定制，我認為我們有一條很好的道路。

Some of it will depend on what the market does with game consoles and we'll just have to see how that develops over time.

其中一些將取決於市場對遊戲機的反應，我們只需要看看隨著時間的推移它會如何發展。

I think on the computing and graphics business, we can improve our execution, and there is a lot of focus, at least from my standpoint, to ensure that our 2015 product launches are quite strong.

我認為在計算和圖形業務上，我們可以提高我們的執行力，並且有很多重點，至少從我的角度來看，以確保我們 2015 年的產品發布相當強勁。

So that's important for us to really stabilize that business, and that will certainly be key to our second-half performance.

因此，真正穩定該業務對我們來說很重要，這肯定是我們下半年業績的關鍵。

Great.

偉大的。

Thanks.

謝謝。

Good luck.

祝你好運。

Operator, we'll take one more question, please.

接線員，我們再回答一個問題。

Our final question comes from Steven Chin of UBS.

我們的最後一個問題來自瑞銀集團的 Steven Chin。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks for squeezing me in.

謝謝你把我擠進去。

Lisa, first question for you, if I could.

麗莎，如果可以的話，我想問你第一個問題。

In terms of the strategy for the PC market, both processors and APs, can you help me better understand a little bit more of how we should think about growth over the course of this year?

就PC市場的策略而言，包括處理器和AP，您能否幫助我更了解我們應該如何考慮今年的成長？

When we look at your new products, such as Carrizo, even though it's in one [prossino] behind your main competitor, you guys are definitely driving in the value and pulling on the traditional technology levers.

當我們看到你們的新產品（例如 Carrizo）時，儘管它落後於你們的主要競爭對手，但你們肯定是在推動價值並利用傳統技術槓桿。

But in terms of consumer market and even enterprise, corporate to a certain degree, your main competitor there is pushing new form factors, fanless designs, as well as new user interface technologies, such as 3-D cameras to help kick-start interest there and continue growing.

但就消費市場甚至企業而言，在某種程度上，你的主要競爭對手正在推動新的外形尺寸、無風扇設計以及新的用戶界面技術，例如 3D 攝像頭，以幫助激發人們的興趣並繼續成長。

What gives you the confidence, or do you have any metrics that can help us match up with the new technologies you're driving in the market this year with growth either in the consumer market and/or corporate?

是什麼給了您信心，或者您是否有任何指標可以幫助我們與您今年在市場上推動的新技術相匹配，以促進消費者市場和/或企業的成長？

Yes so, for the computing and graphics business, I think the most important thing for us to do is to continue the work that we've done on selling up our stack and improving our mix, and we've demonstrated in that 2014 with our OEM customers.

是的，對於計算和圖形業務，我認為我們要做的最重要的事情是繼續我們在銷售堆疊和改進我們的組合方面所做的工作，我們已經在 2014 年透過我們的產品展示了這一點。 OEM客戶。

As we go into the new product cycle for both consumer and commercial, there are some key feature sets that we will offer.

當我們進入消費者和商業的新產品週期時，我們將提供一些關鍵功能集。

I think you will find that although we are in 28-nanometer technology, the performance and the battery life, as well as some of the features, will be quite differentiated, especially around video and some of these multimedia applications.

我想你會發現，雖然我們採用的是 28 奈米技術，但性能和電池壽命以及一些功能將有很大差異，特別是在影片和其中一些多媒體應用方面。

Then as you look in commercial, I think we're quite underrepresented today.

然後，當你看商業廣告時，我認為我們今天的代表性相當不足。

So it's an opportunity to grow, just based on the design wins that we have seen and the form factors that we will be in, in 2015, that we were not in, in 2014.

因此，這是一個成長的機會，僅基於我們所看到的設計勝利以及我們將在 2015 年採用的、但在 2014 年尚未採用的外形尺寸。

So we certainly have to demonstrate that over the next couple of quarters, but we're doing all the key things to make sure that we get these products further into the market.

因此，我們當然必須在接下來的幾個季度中證明這一點，但我們正在做所有關鍵的事情，以確保我們將這些產品進一步推向市場。

Got it.

知道了。

One question for Devinder on the OpEx side.

Devinder 在 OpEx 方面有一個問題。

You mentioned the $340 million to $370 million per quarter range for OpEx this year.

您提到今年營運支出每季 3.4 億美元到 3.7 億美元的範圍。

Any color on quarter-to-quarter variability we should see on that spending at the high or the low end of that range, whether it's product [tape outs] or marketing expenses and so on and so forth?

我們應該在該範圍的高端或低端支出中看到季度與季度之間變化的任何顏色，無論是產品[流片]還是營銷費用等等？

Thank you.

謝謝。

I think that both of those points are right.

我認為這兩點都是對的。

As we get to the second half, typically the business is stronger.

當我們進入下半年時，業務通常會更加強勁。

Obviously, with the revenue profile, there may be some additional marketing-related expenses.

顯然，根據收入情況，可能還會有一些額外的行銷相關費用。

And then we do have product tape-outs and some engineering work that kicks in, and that could take the expenses high.

然後我們確實有產品流片和一些工程工作開始，這可能會導致高昂的費用。

I expect to manage within the range of the $340 million to $370 million throughout the year.

我預計全年的管理費用將在 3.4 億至 3.7 億美元之間。

(inaudible) in particular manage it tightly in the first half of 2015, including Q1, where we have pegged it at about $350 million.

（聽不清楚）特別是在 2015 年上半年，包括第一季度，我們對其進行了嚴格管理，我們將其定為約 3.5 億美元。

Perfect, thank you.

完美，謝謝。

Thank you.

謝謝。

Operator, that concludes our call.

接線員，我們的通話結束了。

If you could wrap it up please, thank you.

如果可以的話請把它包起來，謝謝。

Ladies and gentlemen, this does conclude today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for your attendance.

感謝您的出席。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a great day.

大家，祝你有美好的一天。