超微半導體 (AMD) 2014 Q4 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

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

感謝您的支持，歡迎參加 AMD 第四季度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，屆時將按照說明進行。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded.

提醒一下，正在錄製此電話會議。

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

我現在想把會議轉給我們的主持人，企業傳播和投資者關係副總裁 Ruth Cotter。

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

謝謝並歡迎參加 AMD 第四季度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和 CFO 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 的網站 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首席執行官 Lisa Su；和我們的高級副總裁兼首席財務官 Devinder Kumar。

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

這是一次現場通話，將通過 AMD.com 上的網絡直播進行重播。

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 將出席 2 月 10 日的高盛技術和互聯網會議，以及 3 月 3 日的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.

我們第一季度的靜默時間將從 3 月 13 日星期五營業結束時開始，AMD 將於 5 月 6 日在紐約舉辦其財務分析師日。

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.

這些陳述基於當前的信念、假設和期望；僅在當前日期發言，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。

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公認會計原則財務指標與新聞稿中最直接可比的公認會計原則財務指標以及我們網站上發布的季度收益的首席財務官評論相一致。

AMD.com.

AMD.com。

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

有關更多信息，請參閱今天的收益新聞稿和首席財務官評論中的警示性聲明。

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.

您還可以在我們提交給 SEC 的文件中找到關於我們風險因素的詳細討論，特別是 AMD 的截至 2014 年 9 月 27 日的季度報表 10-Q 季度報告。

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

現在有了這個，我想把電話交給麗莎。

Lisa?

麗莎？

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

謝謝你，露絲，今天所有收聽的人下午好。

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.

在第四季度，我們在將業務多元化到新市場、在關鍵客戶中贏得 PC 和嵌入式設計以及改善我們的整體資產負債表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.

這一進展被我們的個人電腦業務持續疲軟所抵消，原因是渠道中的台式機和 AIB 庫存水平高於最佳水平，以及我們對消費個人電腦的過度集中。

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

計算和圖形業務環比下降 15%，主要是由於渠道銷售疲軟。

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來重新定位我們的產品堆棧並減少下游桌面和 AIB 渠道庫存。

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業務帶來了短期壓力，但它們對於建立更強大、更有利可圖的業務向前發展是不可或缺的。

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端產品組合，擴大了我們在商業市場的影響力，並增加了我們獨立顯卡解決方案的採用率。

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

隨著我們高端 A8 和 A10 APU 出貨量的增加，移動 APU 單位出貨量、平均售價和收入均環比增長。

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.

我們在本季度的筆記本 GPU 收入也實現了強勁的兩位數百分比增長，因為 Apple 的配備 Retina 5K 顯示屏的 iMac 等戰略性勝利開始增加。

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

我們顯然還有更多工作要做，以改善該部門的整體收入和財務業績。

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

我們必須運用導致我們 OEM 業務改善的同樣嚴格和紀律，以穩定並發展我們的渠道。

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，從第二季度開始將該細分市場恢復到健康的軌道上。

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、嵌入式和半定制部分，正如預期的那樣，半定制單位出貨量環比下降，因為我們在第三季度向微軟和索尼提供了大量產品，因為它們為支持假日需求激增而增加.

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

我們對半定制業務的全年業績和客戶報告的強勁銷售感到滿意。

Nearly 30 million Sony and Microsoft consoles have now shipped.

近 3000 萬台索尼和微軟遊戲機現已出貨。

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

我們的半定制單位出貨量在 2014 年翻了一番多，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增長，因為我們繼續成功執行我們的戰略，以在我們的高性能 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.

在網絡存儲、航空電子設備和醫療設備等目標市場，我們有幾個客戶推出了新的 AMD 嵌入式供電解決方案，這些解決方案利用了我們更高性能的 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.

我們引領行業向 64 位 ARM 過渡的工作在本季度也獲得了動力。

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

我們為即將推出的皓龍 A 系列贏得了多項設計大獎，首批系統預計將於今年晚些時候推出。

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，很明顯我們在多個戰略領域取得了進展。

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 部門的年收入增長了 50%，增長到 24 億美元的業務，具有強勁的勢頭和管道。

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

我們以超過 10 億美元的現金結束了這一年，並在重新分析我們的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 GAAP 盈利，並繼續為未來的長期盈利增長奠定良好的基礎，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.

在我擔任 AMD 首席執行官的 100 天裡，我有機會與我們的客戶、合作夥伴和員工共度大量時間。

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技術和創新時，AMD 處於最佳狀態。

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 PC 業務中，還是在新的增長市場中，我們顯然都有很大的機會來實現這一目標。

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

但我們必須在 2015 年以不同的方式思考我們的市場方法和投資重點。

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的道路。

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

預計個人電腦市場將在 2015 年以低個位數百分比下降穩定下來。

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

我們已經調整了對這項業務的投資規模，並在第四季度採取了減少下游渠道庫存的措施。

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

我們將在第一季度繼續採取這些糾正措施，以期從第二季度開始恢復增長。

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，這有助於我們在第一季度的收入指導。

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

我們相信，當我們在今年晚些時候開始推出新產品時，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.

我們計劃推出強大的 2015 年產品組合，並在第二季度推出 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.

Carrizo 的消費者和商業設計贏得勢頭繼續獲得動力，因為它將為我們的主流 APU 帶來有史以來最大的每瓦性能飛躍。

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 是一個很好的例子，說明我們通過差異化的設計能力在芯片和系統級別進行的創新如何轉化為對用戶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.

二是加大企業、嵌入式、半定制的研發投入。

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 是業內唯一一家能夠提供涵蓋 ARM 和 x86 生態系統的完整連續高性能標準和定制解決方案的公司，我們必須利用這一優勢為我們的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.

我們的服務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.

雖然服務器設計週期較長，但這是長期收入和利潤增長的重要載體，我們正在為這一領域設計新的基於 x86 和 ARM 的領先產品，由我們的下一代 ARM 和 x86 內核提供支持。

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將是繼續使我們的收入基礎多樣化並在新市場中增長。

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贏得顯著增長，勢頭良好。

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

例如，嵌入式和專業圖形的收入在 2014 年均增長了 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我們的半定制業務方面擁有強大的管道，我們將在 2015 年繼續這一重點。

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

總之，我對我們的長期機遇持樂觀態度，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.

在短期內，我們將採取重大措施使我們的業務正常化，因為我們將更加專注於構建優質產品、深化客戶關係和簡化業務的關鍵優先事項。

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知識產權與我們的客戶進行差異化和創新，並進一步加強我們的財務基礎和業績。

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.

現在我想把電話轉給 Devinder，為我們的第四季度財務業績和第一季度指導提供一些額外的色彩。

Devinder?

德溫德？

Thank you, Lisa, and good afternoon, everyone.

謝謝你，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，但我們改善了非公認會計準則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，我們繼續運行（聽不清）並將自己定位為長期增長，並且自 2011 年以來，我們已經實現了非公認會計原則的第一個全年盈利。

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.

我們今年的收入增長了 4% 至 55 億美元，隨著我們完成了半定制遊戲機出貨量的第一個全年，我們的業務進一步多元化，並且 2014 年約 40% 的收入來自高增長的鄰近市場。

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.

特別是在 2014 年，我們還將非 GAAP [conprit] 運營費用比上一年減少了 11%，同時投資於我們的新產品以支持我們的 ARM 和 x86 戰略和增長領域；繼續關注財務業績，並報告 2014 年每個季度的非公認會計原則淨收入； 2014 年實現了正的自由現金流，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，年末現金、現金等價物和有價證券超過 10 億美元；最後，我們在重新分析定期債務方面取得了重大進展，將大部分定期債務期限推遲到 2019 年及以後，同時也逐年降低了我們的利息費用運行率。

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.

轉到第四季度的細節，我將參考非 GAAP 數據，收入除外，這是基於 GAAP 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.

收入為 12.4 億美元，環比下降 13%，同比下降 22%，主要受台式機處理器、GPU 和半定制 SOC 銷售下降的推動。

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

毛利率為 34%，比上一季度下降 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.

提醒一下，第三季度 35% 的毛利率包括 2700 萬美元或 2 個百分點的與技術許可相關的收入收益。

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.

第四季度的運營費用為 3.82 億美元，比上一季度減少 4600 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 3600 萬美元，淨收入為 200 萬美元，每股盈虧平衡收益使用 7.81 億股稀釋後的股票計算。

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 2.33 億美元的非現金商譽賬面價值總額出現了減值。

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

與我們的第二代 APU 產品有關，我們在本季度還降低了 5800 萬美元的市場庫存調整成本。

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

我們預計將在接下來的幾個季度內出售這些庫存，並且這種調整使庫存的 [賬面價值] 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，我們有 7100 萬美元的重組和其他特殊費用，其中 5900 萬美元預計將以現金支付。

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

這主要包括之前披露的 5700 萬美元的重組和與我們前任 CEO 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.

上述會計項目我從我們的分部結果中排除，我包括在所有其他類別中。

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原則每股收益的計算之外。

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.

本季度淨利息支出、稅收和其他收入為 3400 萬美元，低於上一季度的 4600 萬美元，主要是由於第四季度 7500 萬美元的定期債務回購、第三季度執行的利率掉期交易的好處季度，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 9600 萬美元，比上一季度減少 3700 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 銷售下降。

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.

計算和圖形運營虧損為 5600 萬美元，而上一季度虧損 1700 萬美元，主要是由於渠道銷售下降，部分被運營費用下降所抵消。

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、嵌入式和半定制收入為 5.77 億美元，比上一季度下降 11%，主要是由於我們的半定制 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，與上一季度基本持平，受（聽不清）半定制產品銷售的推動，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.

轉向資產負債表，截至本季度末，我們的現金、現金等價物和有價證券餘額總計 10.4 億美元，比上一季度增加 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，比上一季度減少 2.12 億美元，其中包括市場庫存調整成本降低的影響。

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

不計該調整，庫存環比下降 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.

由於第四季度採購量減少，我們在 2014 年對 GLOBALFOUNDRIES 的採購總額約為 10 億美元，低於此前估計的 12 億美元。

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

WSA 的第四次修正案是完整的，沒有相關的特別付款或罰款。

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.

截至本季度末的債務為 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.

在本季度，我們在公開市場上回購了總額為 7500 萬美元的 2020 年和 2022 年定期債務，以 1 美元支付了約 0.96 美元，並通過我們的資產支持信貸額度（其利率顯著降低）為這些提供了資金。

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

第四季度的自由現金流為 9400 萬美元，比 2014 年第三季度增加了 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.

在談到前景之前，讓我強調一下，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運營，我們將排除每季度約 2000 萬美元的員工相關股票從我們的非公認會計原則財務業績中獲得補償。

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

作為對 2015 年第一季度的展望，AMD 預計收入將環比下降 15%，正負 3%。

Gross margin is expected to be approximately 34%.

毛利率預計約為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.

根據我們修訂的非 GAAP 定義，非 GAAP 運營費用預計約為 3.5 億美元，不包括約 2000 萬美元的股票薪酬。

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

利息費用、稅收和其他費用約為 4800 萬美元，庫存預計與第四季度的水平基本持平。

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

作為 2015 年全年的展望，我們預計在非公認會計原則基礎上實現盈利。

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

非 GAAP 運營費用將在每季度約 3.4 億美元至 3.7 億美元之間，與預期收入狀況一致。

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

每季度約 300 萬美元的稅收、現金、現金等價物和有價證券餘額處於 10 億美元的最佳區域。

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，在我們開始新的一年之際，我們期待通過穩定我們的計算和圖形部門來克服我們的短期挑戰，並通過多元化我們的業務和推動其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，我們現在希望您向聽眾提問。

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 Harlan Sur。

Please go ahead.

請繼續。

Good afternoon and hank you for take my question.

下午好，謝謝你回答我的問題。

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

關於第一季度的收入指導，您能否為我們提供更多關於收入連續下降 15% 的顏色？

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您的計算和圖形細分市場的持續渠道庫存下降與您的嵌入式和半定制細分市場中持續的遊戲控制台季節性所致？

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，這兩個部分是否會連續下降兩位數，或者一個會比另一個導致更多的下降？

Yes, Harlan, so thanks for the question.

是的，Harlan，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，如果您採用典型的——PC 季節性大約是負 7% 左右，而典型的遊戲機季節性可能比這多一點。

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

我們在準備好的評論中說的是，我們正在藉此機會糾正計算和圖形方面的渠道庫存。

So overall, down minus 15%.

所以總體而言，下降了負15%。

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

與企業、嵌入式和半定制相比，這更偏重於計算機和圖形。

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?

然後在 2014 年秋季第四季度增長良好的嵌入式領域，當您考慮 2015 年的管道時，團隊是否預計嵌入式將繼續以每年兩位數的速度增長？

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

如果是這樣，哪些終端市場將是這種增長的最大貢獻者？

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

是的，所以如果你看一下整個企業、嵌入式和半定制業務，2014 年對我們來說非常好。

I'm actually quite pleased with the progress.

我實際上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元的出貨量，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，我們也確實看到了嵌入式業務的改進，並且增長了 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.

隨著我們進入 2015 年，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.

我認為在半定制方面，我們相信單位將像他們通常在控制台升級的第三年那樣增長，而具體的增長將取決於 2015 年的市場表現。

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，謝謝你提出我的問題。

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，讓您了解今年的非 GAAP 盈利能力，不包括股票補償。

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.

我得到，當我查看運營支出範圍和毛利率基本持平時，我將在今年餘下的時間裡獲得低個位數的季度增長。

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

我認為這取決於您如何從整體角度看待它。

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，您擁有我們對 2015 年第一季度的指導的數字，但您確實希望考慮到我在準備好的評論中強調的一項更改，即我給出的運營支出指導。

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.

在非公認會計原則的基礎上，我們從運營支出的指導中排除了非現金股票費用，並且每季度的股票費用總額約為 2000 萬美元。

So about $80 million for the year.

因此，全年約為 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%.

但我認為其餘部分，從整體的角度來看，除了我在 2015 年給出的內容之外，我們沒有給出我現在所處的非公認會計準則盈利能力的顏色，因為我現在繼續控制費用和總收入第一季度的利潤率明顯達到 34%。

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

隨著我們度過第一季度並進入第二季度，我們將在 2015 年提供更多關於顏色的信息。

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，我們計劃在 5 月 6 日舉行分析師日，我們將在那裡進行佈局，顯然是一個更詳細的年度和長期前景模型。

Okay, great.

好，太棒了。

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

然後麗莎，你談到了 Carrizo 的推出，強調了對 HAS 的支持。

Could you talk about the applications for HAS implementations?

您能談談 HAS 實現的應用程序嗎？

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

現在誰在 HAS 開發環境中編寫代碼？

What kind customers could we have potentially in the future?

未來我們可能擁有什麼樣的客戶？

Thanks.

謝謝。

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

我們對將於第二季度推出的 Carrizo 充滿熱情。

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

我認為，如果您查看隨之而來的改進，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，無論是在與視頻相關的消費領域，都會與 Carrizo 一起表現良好，以及在其他領域。

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

我們預計 Carrizo 也將有利於嵌入式和其他業務。

Okay, thanks.

好的謝謝。

That's all I had.

這就是我所擁有的。

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與消費者業務方面的改進在多大程度上推動了這一發展？

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區別嗎？

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該業務在第二季度的連續增長，或者這是否意味著符合正常的季節性模式？

Thank you.

謝謝你。

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顏色。

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.

因此，正如我所提到的，在我們的 M&C 業務中，我們在改進我們的組合、改進我們的設計勝利方面確實取得了很大的進步，特別是進入第二季度和下半年，隨著我們新產品的推出。

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，以及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.

然後相對而言，從第一季度到第二季度，我認為最大的改進將是圍繞渠道健康。

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

這個渠道問題我們已經有幾個季度了，對我們來說糾正這個問題很重要。

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.

從下游渠道來看，我們肯定在第四季度減少了一些庫存，我們將在第一季度採取重大行動減少庫存，這將使我們有機會回歸更正常的桌面渠道業務，這相對過去對我們來說是成功的。

Thank you.

謝謝你。

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了兩到三個新的半定制設計勝利。

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，最終市場或應用程序獲勝，您能否描述或描述這兩個或三個設計獲勝後的流水線？

Thank you.

謝謝你。

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，關於流水線中的半定制設計勝利，去年年底，我們報告了兩個新的半定制勝利。

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.

該收入的時間框架是，我們在上個季度開始了 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.

謝謝你。

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，謝謝你回答我的問題。

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，你在準備好的評論中提到了服務器客戶群的拉動，興奮或敦促 AMD 在 [x86] 和 ARM 上重返該市場。

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性質。

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?

是基於 ARM 還是 x86，以及鑑於您過去在服務器業務中的歷史，您的設計團隊是如何應對這一挑戰的？

Sure, Matt.

當然，馬特。

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

我們在服務器業務中失去了很多市場份額，這已經不是什麼秘密了。

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

但是，如果您從根本上看對這些服務器客戶來說什麼是重要的，那就是關於企業的知識。

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

它是關於高性能計算能力、可靠性、所有系統能力，而這些都是 AMD 獨一無二的能力。

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，當我們查看 ARM 和 x86 時，我會說大部分市場在相當長一段時間內仍將是 x86，因為存在所有遺留應用程序。

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 在一些密集的服務器市場提供了新的機會，因此我們繼續將其視為新業務將增長的增長機會。

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

所以，我想說，這真的是市場的獨立部分。

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它並為此優化服務器生態系統。

All right, thank you.

好噠。謝謝你們。

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 數字中排除股票組合。

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?

我不知道您今天想在這裡發表多少評論，但僅出於同比比較的目的，你們是否預測基於包括股票補償或僅通過排除它？

Thanks.

謝謝。

It's excluding the stock comp.

它不包括股票補償。

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.

這大約是 2000 萬美元的非現金股票補償費用，與我們的許多技術同行非常一致，並且具有更多的比較基礎。

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 OpEx 指導時，其中不包括約 2000 萬美元的股票費用。

And that's non-cash.

那是非現金的。

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.

從我們所有其他類別的細分報告的角度來看，它將與我們的其他幾個技術同行非常一致，就像我說的那樣。

Got you.

得到你。

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，如果你扭轉對報告結構的新變化，那麼在舊方法下，你認為你會在非公認會計原則下盈利嗎？

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

好吧，我們的指導是非 GAAP 盈利的，不包括 2015 年的股票費用。

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在 PC/CPU 業務中澄清此時渠道和 OEM 之間的區別是什麼，或者只是定性的？

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

您在過去幾個季度提到了這種庫存壓縮。

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，而只是渠道中的庫存修正？

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

是的，喬，我們不談論我們的頻道和我們的 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，我們提供給 OEM 客戶的產品比渠道業務更大。

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，我認為桌面渠道在一個領域，如果你看的話，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的時候業務的一部分。

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，我會說，從整體上看，我認為該頻道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，我們需要糾正庫存水平。

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

在 AIB 業務或圖形通道中，情況比這要復雜一些。

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，我們有 - 2014 年上半年，由於比特幣效應，我們實際上有一個異常強大的 AIB 渠道，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 渠道中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，從我看到的未來來看，我們非常專注於糾正渠道並使該業務正常化。

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

我認為我們有一些很好的產品正在為此推出。

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渠道業務的機會。

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上提到，在第三季度末，他們在第四季度燒掉了一些多餘的 Bay Trail 庫存。

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，你認為這種情況已經為你解決了嗎？

I don't think it particularly had an effect.

我不認為它特別有影響。

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 確實很好地體現了我們在 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.

謝謝你。

Our next question comes from John Pitzer of Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Please go ahead.

請繼續。

Good afternoon, guys.

下午好，伙計們。

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，作為澄清，2014 年 WSA 的支出不足沒有影響，還是會延續到 2015 年？

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

從廣義上講，我們如何看待 2015 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，沒有特別付款，我想你的問題是，因為我們減少了供應和採購到 2014 年底。

2015, we are in discussions.

2015年，我們正在討論中。

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

這正在進行中，以繼續完成 2014 - 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，你談到了運營支出在每季度 3.4 億美元到 3.7 億美元之間。

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，這裡的目標是嘗試在非公認會計原則的盈虧平衡水平上經營業務嗎？

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

如果我們確實獲得了收入增長，你會不會讓它下降到運營支出？

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

並且要問一個更廣泛的問題，您如何考慮在嘗試維持非公認會計準則盈虧平衡時優先考慮支出？

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

考慮到資產負債表上已經有 10 億美元的 [已釋放] 總現金，這是否是正確的目標？

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試圖維持非公認會計原則的盈虧平衡？

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

我將討論財務的第一部分，我會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.

我認為總體而言，當您從整體角度來看時，從運營支出的角度來看，我們一直非常自律。

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.

但是這個問題總是在內部提出，很明顯，麗莎和馬克（聽不清）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的整體現金角度進行管理。

That's important.

這很重要。

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

由於我們管理了運營支出，因此盈虧平衡點已顯著下降。

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

但研發投資，尤其是我們為 2015 年和 2016 年規劃的路線圖仍在繼續。

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

從運營支出的角度來看，您也是正確的，我們將其稱為第一季度的 3.5 億美元水平。

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

根據收入情況，這將在 3.4 億美元、3.7 億美元的範圍內上升。

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，只要我們繼續在研發領域進行投資，我希望盡可能地降低這一點。

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

但我會讓麗莎評論研發投資。

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，我們努力在中期做得比非 GAAP 盈虧平衡點更好；但是，當我查看運營支出和我們正在努力推動的目標時，對我們來說，進行正確的技術投資並投資於能夠推動長期增長的產品非常重要。

So we made some decisions in the fourth quarter.

所以我們在第四季度做了一些決定。

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.

我認為這些行動是正確的，因為它們實際上是圍繞簡化我們的業務並確保我們在某些地方進行一些優先呼叫。

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

正如我所期待的，第四季度，第一季度，由於一些渠道問題，我們談到了低於預期的收入。

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

隨著我們進入第二季度及以後，我們真正專注於增長。

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

這真的是關於產品和客戶，以及將我們的產品推向市場。

That's really my focus.

這真的是我的重點。

Thank you, guys.

感謝你們。

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.

感謝您提出我的問題；一個給 Devinder，然後一個給 Lisa。

Devinder, there are $212 million payable to GLOBALFOUNDRIES.

Devinder，有 2.12 億美元應付給 GLOBALFOUNDRIES。

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?

這將在第一季度支付，這將使現金降至 8 億美元左右，然後您預計復甦將回到 10 億美元的最佳區域？

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.

如果您說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 年年底前進行的購買。

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.

很明顯，這筆現金應支付給 GLOBALFOUNDRIES，稱為 2015 年第一季度，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，它在 WSA 中的工作方式是交付晶圓。

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

就像我說的那樣，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年結束時，我們共同決定根據市場情況減少供應和採購，2014年WSA已經完成。

We are in discussions about the 2015 WSA.

我們正在討論 2015 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完全敲定並簽署 2015 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，您預計何時支付現金可能會暫時低於 10 億美元的最佳區域，然後在以後幾個季度再次回升？

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

我只是想了解您在--期間的總現金軌跡。

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，但我還有其他應付賬款和賬戶（聽不清），所以 net-net，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，當我們結束第一季度時，當我們四月份坐在這裡談論第一季度現金餘額時，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，在過去的很多很多個季度中，儘管斷斷續續地面臨一些挑戰，但我們仍然能夠在最佳區域很好地管理現金，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，正如你提到的遊戲機單元今年可能會有所增長，我有興趣了解你的 ASP 在你推出的第三年會發生什麼？

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

我們應該考慮您的 ASP - AMD 的 ASP 持平，還是今年會上升或下降？

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

在這種非常突出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.

所以，Vivek，我們與我們的客戶就 ASP 有長期協議，所以 ASP 有一些下降。

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

公平地說，它比早些年要少。

Got it.

知道了。

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

麗莎，還有最後一件事要看這裡的大局。

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

您在管理成本方面做得非常好，而且 AMD 一直擁有出色的技術。

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.

但我試圖了解您如何擺脫這種長期的重組模式並重新開始增長，因為在我看來，您在半定制中構建的管道的所有好處繼續被一些壓力所抵消在傳統PC和GPU市場上。

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?

是您期望這些傳統市場開始復蘇，還是您認為我們可能低估了您在半定制方面可能獲得的好處？

Thank you.

謝謝你。

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，只談談我們在戰略中試圖做的總體工作，我們真的是一家技術公司；這一切都與我們的知識產權、我們的產品以及我們投入市場的東西有關。

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

如果您看看我們的兩項業務，我認為您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、嵌入式和半定制的增長，非常好的增長，非常可預測，有利可圖。

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

我相信這是在正確的軌道上，就我們將在這些細分市場做些什麼而言。

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

我會說，如果有的話，我們希望在該領域進行一些更大膽的技術賭注，以推動這種增長。

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上，我相信我們會穩定這個業務。

The last couple of years have been difficult.

過去幾年一直很艱難。

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，有些與我們本可以做得更好的事情有關，但總體而言，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，我們專注於確保我們的產品真正為該生態系統增加價值。

Thank you.

謝謝你。

Our next question comes from Hans Mosesmann from Raymond James.

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

Please go ahead.

請繼續。

Thanks.

謝謝。

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

嘿，麗莎，關於去年下半年的一些澄清。

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?

您現在正在處理的庫存情況是否是——例如，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.

我認為不同的市場是不同的。

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.

我認為台式機相對於中國來說是更多的終端需求，也許今年早些時候我們的庫存有點多。

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

我想在圖形頻道中，我再次說上半年有點波動。

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，但正如我所說，我認為其中一些是由於上半年如此強勁的事實。

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，在等式的 ARM 方面，您提到您預計今年晚些時候出貨。

It seems there's somewhat of a delay.

好像有點耽誤了。

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，它是如何被抽樣的以及它是如何被採用的？

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

實際上，我們在許多不同的客戶和生態系統合作夥伴中對西雅圖進行了抽樣調查。

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正在 AMD 芯片上進行設計，所以我認為這很好。

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

相對於整體坡道，我們一直認為這是一個緩慢的坡道。

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 年看到產品出貨量，但主要是，我們已經看到很多生態系統合作夥伴在我們芯片上的軟件上花費了相當多的時間。

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 Capital Markets 的 Christopher Rolland。

Please go ahead.

請繼續。

Hey, guys, thanks for the question.

嘿，伙計們，謝謝你的問題。

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

所以看起來三星和 GloFo 有可能在代工方面取得一些進展，邁向 14 歲。

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或避免這一點的計劃，以及我們在這一年對前沿芯片的期望嗎？

Thanks.

謝謝。

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

克里斯，我們正在積極設計 14 種產品。

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

從競爭的角度來看，我認為 14 納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--如果您可以提供有關時間的任何詳細信息，我會很高興的。

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 營業利潤的下滑以及您預計何時恢復盈虧平衡，以及我們在第一季度獲得的 OpEx 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.

我會承擔第一部分，我會讓 Devinder 承擔第二部分。

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 的時間安排，我們將在我們的金融分析師日更多地討論我們的長期路線圖，所以我將把這個問題留在那裡。

Devinder, do you want to take the OpEx?

Devinder，你想參加 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，在運營支出方面，顯然隨著業務的下滑，特別是在我們在第一季度提供的指導下，正如您所觀察到的那樣，運營支出已經下降。

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：麗莎在準備好的評論中說，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談到的事情。

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

它在服務器部分的企業方面發展得非常好。

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，以便從整體角度來看，我們可以獲得更高的市場份額。

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.

然後是半定制方面，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.

所以我認為總體而言，當您查看房屋的運營支出方面時，可能確實在 CG 方面是支出下降的地方，而不是嵌入式、企業和半定制方面。

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

但總的來說，我們正在根據收入管理運營支出，同時保護研發投資。

Great.

偉大的。

Thanks, guys.

多謝你們。

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 Ross Seymore。

Please go ahead.

請繼續。

Hi.

你好。

First question is for Lisa.

第一個問題是針對麗莎的。

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

在等式的庫存方面，你們打算做些什麼不同的事情，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是什麼的問題。

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

回想起來，你有什麼不同的做法嗎？

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

展望未來，這是否意味著您將渠道比以前更緊？

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

是否有任何我們應該注意的業務影響？

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，所以在渠道上，我認為總的來說，讓供應與需求保持一致要好得多，當然這對我們前進很重要。

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，我認為銷售速度將受到我們的產品的調節，隨著我們在接下來的幾個季度將新產品投入渠道，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看看它如何發展以及特別是 DIY 市場如何發展的領域之一，但我再次認為這只是供需匹配，而不是在那裡不同步。

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，您提到營業收入環比基本持平，聽起來版稅是造成這種情況的原因。

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

你能給我們一點關於那些版稅是多少的顏色嗎？

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

這只是一種消失的季節性影響，還是我們應該如何看待未來的影響？

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框架內非常好，基於我們與我們收集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?

所以這不僅僅是季節性影響？

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

好吧，我會在第四季度說，它比我預期的要好。

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

它與最終出貨量有些相關，因此由於第四季度的最終出貨量較高，因此在第四季度更高。

Great.

偉大的。

Thank you.

謝謝你。

Our next question comes from Sanjay Chaurasia from Nomura.

我們的下一個問題來自野村的 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.

關於遊戲機的一個問題：您表示今年出貨量為 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，我認為最初的幾台銷量大約在 15 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，似乎這種更高的銷售額可能是因為不同地區的可用性擴大。

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?

當你展望明年時，是什麼讓你有信心在單位或收入方面到 2015 年實現增長？

Then I have a follow-up.

然後我有一個跟進。

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公佈的公開數據。

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，我想大部分人都會說，歷史上這一代的遊戲機出貨量要高於上一代。

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.

我認為這肯定有助於假期。

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件標題。

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，當我們看到任何假日季節時，我們要確保我們的客戶沒有很多庫存，而且我們看到這是相當平衡的。

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，當您進入 2015 年時，您會看到新遊戲的發布和發布，這讓我們充滿信心，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：似乎銷售額環比下降了 30%，並且下降幅度相似。

(Inaudible) you indicated inventory is a factor here.

（聽不清）您表示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由於路線圖問題或產品堆棧中的真空。

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，鑑於這種情況已經大幅下降，您是否有足夠的 OEM 支持來通過 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?

還是 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.

因為這真的變成了非常——這個業務的規模真的變小了。

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，所以我會這樣說，很明顯我們的移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.

我們在移動領域進行了大量投資，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，移動和桌面實際上共享很多技術，因此在內核、IP 和設計方面肯定有很多共享。

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知的市場。

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移動市場上競爭。

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 Ascdiant Capital 的 Cody Acree。

Please go ahead.

請繼續。

Hey guys.

大家好。

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?

麗莎，關於庫存過剩，我想你不僅關註消費者方面，還關注企業方面，你認為你對第一季度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，知道 Microsoft XP 升級週期似乎正在縮短一點，您指望企業方面的份額收益有多少幫助？

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，所以相對於渠道庫存，它主要是消費者，它主要是 - 正如我所說的，我們正在強調的 DIY 渠道。

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.

相對於企業而言，我認為我們在企業方面的進步不是因為整體市場，更多是因為企業擁有更強大的產品。

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，加上我們所擁有的設計勝利，讓我們對商業產生了一些樂觀情緒。

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，當您環顧您的其他業務時，您的一些半定制勝利預計要到 2016 年才真正開始，嵌入式增長很好，但那些也有相當長的尾巴。

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，您現在正在做什麼，真正可能在下半年帶來驚喜？

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

還是這種增長中的大部分都變成了 2016 年的故事？

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，我認為我們有一條好路。

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影響，我們只需要看看隨著時間的推移會如何發展。

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方面，我們可以提高我們的執行力，至少從我的角度來看，我們有很多關注點，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，這對我們真正穩定該業務很重要，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，請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的 Steven Chin。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks for squeezing me in.

謝謝你擠我。

Lisa, first question for you, if I could.

麗莎，第一個問題，如果可以的話。

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?

關於 PC 市場的戰略，無論是處理器還是 AP，您能否幫助我更好地了解我們應該如何看待今年的增長？

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.

當我們查看您的新產品時，例如 Carrizo，即使它落後於您的主要競爭對手 [prossino]，你們肯定在推動價值並拉動傳統技術槓桿。

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.

但就消費者市場甚至企業而言，在某種程度上，你的主要競爭對手正在推動新的外形、無風扇設計以及新的用戶界面技術，例如 3-D 攝像頭，以幫助激發那裡的興趣並繼續增長。

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?

是什麼讓您有信心，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與消費市場和/或企業的增長相匹配？

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出售我們的堆棧和改進我們的組合方面所做的工作，我們在 2014 年用我們的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.

隨著我們進入面向消費者和商業的新產品週期，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 納米技術，但性能和電池壽命以及一些功能將有很大差異，尤其是在視頻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，當您查看商業廣告時，我認為我們今天的代表性不足。

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.

所以這是一個成長的機會，僅僅基於我們已經看到的設計勝利和我們將在 2015 年進入的外形因素，而我們在 2014 年沒有進入。

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 在運營支出方面的一個問題。

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

您提到了今年運營支出每季度 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看到的季度變化的任何顏色，無論是產品[流片]還是營銷費用等等？

Thank you.

謝謝你。

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，通常業務會更強勁。

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

顯然，根據收入情況，可能會有一些額外的營銷相關費用。

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，這可能會花費高昂的費用。

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

我預計全年管理在 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）尤其是在 2015 年上半年，包括第一季度，我們將其固定在 3.5 億美元左右。

Perfect, thank you.

完美，謝謝。

Thank you.

謝謝你。

Operator, that concludes our call.

接線員，這結束了我們的通話。

If you could wrap it up please, thank you.

如果你能把它包起來，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.

您現在可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。