超微半導體 (AMD) 2015 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for your patience. You have joined AMD's first-quarter earnings conference call.

女士們、先生們，大家好，感謝你們的耐心。您已加入 AMD 第一季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference may be recorded.

提醒一下，本次會議可能會被錄音。

I would now like to turn the call over to your host, Ruth Cotter, the Corporate Vice President of Corporate Communications and Investor Relations. Ma'am, you may begin.

現在我想將電話轉給主持人、企業傳播和投資者關係副總裁 Ruth Cotter。女士，您可以開始了。

Thank you, and welcome to AMD's first-quarter conference call.

謝謝，歡迎參加 AMD 第一季電話會議。

By now, you should have had the opportunity to review a copy of our earnings release, and the CFO commentary and accompanying slides. If you have not reviewed these documents, they can be found on AMD's website at ir.amd.com. Participants on today's conference call are Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President and Chief Financial Officer. This is a live call, and will be replayed via webcast on AMD.com.

現在，您應該已經有機會查看我們的收益報告副本以及財務長的評論和隨附的幻燈片。如果您尚未查看這些文檔，可以在 AMD 網站 ir.amd.com 上找到。今天電話會議的參與者包括我們的總裁兼執行長蘇姿豐 (Lisa Su)；以及我們的資深副總裁兼財務長 Devinder Kumar。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

I would like to take this opportunity to highlight a few dates for you. AMD will host its financial analyst day on May 6th in New York, Devinder Kumar will present at the Jefferies 2015 technology media and Telecom conference on May 13th in Miami, and our second-quarter quiet time will begin as of the close of business on Friday, June 12, 2015.

我想藉此機會向大家重點介紹幾個日期。AMD 將於 5 月 6 日在紐約舉辦財務分析師日，Devinder Kumar 將於 5 月 13 日在邁阿密出席 Jefferies 2015 技術媒體和電信會議，我們的第二季度靜默期將於 2015 年 6 月 12 日星期五下班後開始。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions, and expectations, speak only as of the current date, and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

在我們開始之前，請容許我提醒大家，今天的討論包含基於我們目前所見環境的前瞻性陳述。這些聲明是基於當前的信念、假設和期望，僅代表當前日期的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。

As a reminder, beginning in the first quarter of 2015, our non-GAAP results exclude the impact of stock-based compensation. Additionally, please note that non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measure in the press release and CFO commentary posted on our website.

提醒一下，從 2015 年第一季開始，我們的非 GAAP 業績不包括股票薪酬的影響。此外，請注意，本次電話會議中引用的非 GAAP 財務指標與我們網站上發布的新聞稿和財務長評論中最直接可比較的 GAAP 財務指標相協調。

Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information. And you will also find detailed discussions about our risk factors in our filings with the SEC. In particular, AMD's annual report on form 10-K for the year ended December 27, 2014.

請參閱今天的收益新聞稿和財務長評論中的警告聲明以獲取更多資訊。您也可以在我們向美國證券交易委員會提交的文件中找到有關我們的風險因素的詳細討論。特別是 AMD 截至 2014 年 12 月 27 日的 10-K 表格年度報告。

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

現在，我想把電話交給麗莎。麗莎？

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

謝謝你，露絲，祝今天收聽節目的各位下午好。

Under the backdrop of a weaker than expected PC market, our first-quarter results demonstrate that we continue making progress in some areas of our business, but still have work to do to improve our overall financial performance.

在個人電腦市場弱於預期的背景下，我們的第一季業績表明，我們在某些​​業務領域繼續取得進展，但仍需努力來改善我們的整體財務表現。

First-quarter revenue of $1.03 billion, decreased 17% sequentially primarily due to reduced client and graphics product sales and the seasonal decrease in semi-custom system-on-chip sales. In our computing and graphics segment, revenue decreased 20% sequentially in what was a challenging market environment, compounded by currency issues. We saw OEM demand in the quarter below seasonal expectations, as our customers actively managed inventory levels amid uncertain end-user demand.

第一季營收為 10.3 億美元，季減 17%，主要原因是客戶端和圖形產品銷售額下降以及半定製片上系統銷售額季節性下降。在我們的計算和圖形部門，由於充滿挑戰的市場環境和貨幣問題，收入環比下降了 20%。我們發現本季的 OEM 需求低於季節性預期，因為我們的客戶在不確定的最終用戶需求的情況下積極管理庫存水準。

We also reduced downstream channel inventory levels, and remain on track to return to normal inventory levels by the end of the second quarter. As result of soft PC demand and our work to rebalance our channel inventory, desktop processor and GPU revenue decreased significantly from the year ago period.

我們還降低了下游渠道的庫存水平，並預計在第二季度末恢復正常庫存水平。由於個人電腦需求疲軟以及我們重新平衡通路庫存的工作，桌上型電腦處理器和 GPU 收入較去年同期大幅下降。

On the positive side, we did see progress in several of our strategic initiatives. Mobile APU ASPs and revenue increased from the year ago period, highlighted by increases in commercial client APU shipments and revenue from the fourth quarter, setting a record for commercial client processor sales. Our focused commercial client strategy is gaining momentum, and our investments are driving awareness and generating pull with commercial and government buyers.

從正面的一面來看，我們的幾項策略舉措確實取得了進展。行動 APU 平均售價和收入較去年同期有所增加，其中第四季度商用客戶 APU 出貨量和收入的成長尤為突出，創下了商用客戶處理器銷售的最高紀錄。我們專注於商業客戶的策略正在獲得發展動力，我們的投資正在提高知名度並吸引商業和政府買家。

We delivered record Fire Pro server unit shipments in the quarter, driven by enterprise wins and AMD professional GPUs now being offered in the world's highest volume server: HP's DL-380. We also successfully passed several key milestones in the quarter as we prepared for the introduction of our new 2015 APU and GPU products, including first revenue shipments of our Next-Generation Carrizo family of Notebook APUs in advance of system launches planned for the second quarter. Carrizo is a standout product that delivers better graphics performance than competitive offerings, as well as all-day battery life, driven by the largest generational performance-per-watt improvement we have ever delivered with our mainstream APUs.

本季度，我們實現了創紀錄的 Fire Pro 伺服器出貨量，這得益於企業市場的成功以及 AMD 專業 GPU 在全球銷量最高的伺服器 HP DL-380 中的應用。在準備推出新的 2015 年 APU 和 GPU 產品時，本季度我們還成功實現了幾個關鍵里程碑，包括在第二季度計劃推出的系統之前提前實現了下一代 Carrizo 系列筆記本 APU 的首次出貨。Carrizo 是一款出色的產品，它提供了比競爭產品更好的圖形性能以及全天的電池續航時間，這得益於我們主流 APU 迄今為止最大的每瓦性能提升。

Now, turning to our enterprise, embedded, and semi-custom segment. Revenue declined 14% sequentially, largely driven by lower game console royalties, and a seasonal decrease in semi-custom SoC console sales. Embedded processor sales were roughly flat from the year-ago period, with weaker than expected thin-client demand, offset by continued adoption of our embedded APUs across targeted market segments. Samsung introduced a new AMD powered digital [phone -- technical difficulties] solution and both Fujitsu and GE Intelligent Platforms released new industrial computing boards powered by AMD embedded SoCs in the quarter.

現在，轉向我們的企業、嵌入式和半客製化領域。營收季減 14%，主要原因是遊戲機版稅下降，以及半客製化 SoC 遊戲機銷售的季節性下降。嵌入式處理器的銷售額與去年同期基本持平，瘦客戶端的需求弱於預期，但目標市場繼續採用我們的嵌入式 APU。三星推出了一款採用 AMD 驅動的新型數位 [電話—技術難題] 解決方案，富士通和 GE 智慧平台均在本季發布了採用 AMD 嵌入式 SoC 驅動的新型工業運算板。

At the corporate level, we continue aligning larger portions of our R&D investments to take advantage of long-term growth opportunities across our EESC segment. As we prioritize our R&D investments and simplify our Business, we made the decision in the first quarter to exit the dense server systems business as we increased investments in our server processor development. We retained the fabric technology as a part of our overall IP portfolio.

在公司層面，我們持續調整更大比例的研發投資，以利用 EESC 部門的長期成長機會。由於我們優先考慮研發投資並簡化業務，我們在第一季決定退出密集伺服器系統業務，同時增加對伺服器處理器開發的投資。我們保留了結構技術作為我們整體 IP 組合的一部分。

We see very strong opportunities for Next-Generation high-performance x86 and ARM processors for the enterprise data center and infrastructure markets, and we will continue to invest strongly in these areas.

我們看到下一代高效能 x86 和 ARM 處理器在企業資料中心和基礎設施市場中有著非常大的機會，我們將繼續在這些領域大力投資。

Looking forward in the year, given the ongoing macroeconomic and currency uncertainties, it is hard to predict when the PC environment will normalize. We expect that the overall PC market will remain a challenge, as our OEM customers and channel partners focus on carrying lean inventories based on the uncertain market conditions. However, we are preparing for a better second half of the year, with Windows 10 and our new product offerings as catalysts for the business.

展望今年，鑑於宏觀經濟和貨幣的持續不確定性，很難預測個人電腦環境何時會恢復正常。我們預計整體 PC 市場仍將面臨挑戰，因為我們的 OEM 客戶和通路合作夥伴專注於根據不確定的市場條件維持精實庫存。然而，我們正在為下半年更好的表現做準備，Windows 10 和我們的新產品將成為業務的催化劑。

Regardless of market conditions, we are taking important steps to improve our CG business by completing our channel inventory rebalancing, introducing strong new APU and graphics products, and continuing to grow commercial client sales. I remain optimistic about our long-term opportunities, but realistic that the next level quarters will be challenging due to the market environment.

無論市場狀況如何，我們都在採取重要措施改善我們的 CG 業務，包括完成通路庫存重新平衡、推出強大的新 APU 和圖形產品以及繼續增加商業客戶銷售。我對我們的長期機會仍然持樂觀態度，但現實是，由於市場環境的原因，下一季將面臨挑戰。

Our strategy to improve our financial performance is to focus on our strengths by continuing the investments in the technology and IP that will drive product innovation and differentiation. I look forward to talking in more detail about our long-term strategy and growth opportunities at our Financial Analyst Day in May, and I hope many of you on the call will join us for that event.

我們提高財務績效的策略是集中發揮我們的優勢，繼續投資於推動產品創新和差異化的技術和智慧財產權。我期待在五月的財務分析師日上更詳細地談論我們的長期策略和成長機會，我希望電話會議上的許多人都能參加我們的活動。

Now I would like to call over to Devinder to provide some additional color on our first-quarter financial performance. Devinder?

現在我想請 Devinder 為我們第一季的財務業績提供一些補充資訊。德文德？

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家午安。

Q1 was a challenging quarter, with disappointing financial results as we face the weaker than expected PC environment. We made good progress on rebalancing the channel inventory, and took actions to further streamline our focus on the opportunities for long-term growth.

第一季是一個充滿挑戰的季度，由於我們面臨的個人電腦環境弱於預期，財務表現令人失望。我們在重新平衡通路庫存方面取得了良好進展，並採取行動進一步集中精力於長期成長機會。

Let me move to the specifics of the quarter, where I'll be referencing non-GAAP figures, except for revenue, which is on a GAAP basis. Revenue was $1.03 billion, down 17% sequentially, driven primarily by lower sales of our client and graphics processor products and seasonally lower semi-custom sales. The year-over-year decline of 26% was driven primarily by decreased client and graphics sales.

讓我談談本季的具體情況，除了收入以外，我將參考非 GAAP 數據，收入是基於 GAAP 計算的。營收為 10.3 億美元，季減 17%，主要原因是客戶端和圖形處理器產品銷售額下降以及季節性半客製化銷售額下降。年比下降 26% 主要是由於客戶端和圖形銷售下降。

Goes margin was 32%, down 2 percentage points from the prior quarter, primarily due to product mix and lower game console royalties in the first quarter. Operating expenses in the first quarter were $357 million, down $9 million from the prior quarter, due primarily to lower sales and marketing spending in line with the lower revenue in the quarter.

利潤率為 32%，較上一季下降 2 個百分點，主要原因是第一季產品組合和遊戲機版稅較低。第一季營運費用為 3.57 億美元，比上一季減少 900 萬美元，主要原因是本季收入下降，導致銷售和行銷支出減少。

Operating loss was $30 million and net loss was $73 million, or $0.09 per share, calculated using 777 million shares. Our first-quarter results include restructuring and other special charges amounting to $87 million, of which $75 million are charges related to the exiting of the dense server systems business, and another $12 million was related to facilities activities and severance charges under the fourth quarter 2014 restructuring plan. All but $16 million of these charges are non-cash. These charges I excluded from our segment results and I included in the all other category. They are also excluded from our first-quarter non-GAAP earnings per share calculation.

營業虧損為 3,000 萬美元，淨虧損為 7,300 萬美元，以 7.77 億股計算，每股虧損 0.09 美元。我們第一季的業績包括重組和其他特殊費用，總額為 8,700 萬美元，其中 7,500 萬美元是與退出密集伺服器系統業務相關的費用，另外 1,200 萬美元與 2014 年第四季度重組計劃下的設施活動和遣散費用有關。除了 1,600 萬美元以外，其餘費用均為非現金。我將這些費用排除在我們的分部表現之外，並將其納入所有其他類別。它們也被排除在我們第一季非公認會計準則每股收益計算之外。

Net interest expense, taxes, and other income was $43 million in the quarter, up from $34 million in the prior quarter, primarily due to a nonrecurring tax credit and gain on debt repurchases in the fourth quarter. Adjusted EBITDA was $13 million, down from $96 million in the prior quarter, and our trailing four quarter adjusted EBITDA $379 million.

本季淨利息支出、稅金及其他收入為 4,300 萬美元，高於上一季的 3,400 萬美元，主要原因是第四季度的非經常性稅收抵免和債務回購收益。調整後的 EBITDA 為 1,300 萬美元，低於上一季的 9,600 萬美元，而過去四季的調整後 EBITDA 為 3.79 億美元。

Now turning to the business segments. Computing and graphics revenue was $532 million, down 20% sequentially primarily due to decreased desktop and netbook revenue. Computing and graphics operating loss was $75 million, compared to a $56 million loss in the prior quarter, primarily due to lower desktop and notebook processor sales, partially offset by lower operating expenses.

現在轉向業務部門。計算和圖形收入為 5.32 億美元，環比下降 20%，主要原因是桌上型電腦和上網本收入下降。計算和圖形營運虧損為 7,500 萬美元，而上一季的虧損為 5,600 萬美元，這主要是由於桌上型電腦和筆記型電腦處理器銷量下降，但營運費用下降部分抵消了這一影響。

Enterprise, embedded, and semi-custom revenue was $498 million, down 14% from the prior quarter, primarily due to seasonally lower sales of our semi-custom SoCs, and the operating income of this segment was $45 million, down from $109 million in the prior quarter driven by lower semi-custom SOC revenue, lower game console royalties, and product mix. As planned, R&D investments in the embedded enterprise and semi-custom segment increased sequentially, as we invest for more growth in this segment.

企業、嵌入式和半定制收入為 4.98 億美元，較上一季度下降 14%，主要原因是我們的半定制 SoC 銷售額季節性下降，該部門的營業收入為 4500 萬美元，低於上一季的 1.09 億美元，原因是半定制 SoC 收入下降、遊戲機版稅降低和產品組合下降。按照計劃，嵌入式企業和半客製化領域的研發投資連續增加，因為我們投資於該領域的更多成長。

Turning to the balance sheet, our cash, cash equivalents and marketable securities balances totaled $906 million of the end of the quarter, down $134 million from the prior quarter, primarily due to lower sales and debt interest payments in the quarter. Inventory was $688 million, essentially flat from the prior quarter.

談到資產負債表，本季末我們的現金、現金等價物和有價證券餘額總計 9.06 億美元，比上一季減少 1.34 億美元，主要原因是本季銷售額和債務利息支付減少。庫存為 6.88 億美元，與上一季基本持平。

We entered into a fifth amendment to our wafer supply agreement with Global Foundries. Under the terms of the agreement, we expect to purchase approximately $1 billion of wafers in 2015 on a take-or-pay basis. In the first quarter, we spent $161 million on wafer purchases with Global Foundries.

我們與 Global Foundries 簽訂了晶圓供應協議的第五次修訂。根據協議條款，我們預計2015年將以照付不議的方式購買價值約10億美元的晶圓。第一季度，我們向格芯採購晶圓花費了1.61億美元。

Debt as of the end of the quarter was $2.27 billion. Separately, we have amended and restated our $500 million asset-backed credit facility with more favorable terms. As we have indicated in the past, this ABL affords us with additional financial flexibility as and when needed. Free cash flow in the first quarter was negative $195 million.

截至本季末的債務為 22.7 億美元。另外，我們已經修改並重申了 5 億美元資產支持信貸額度，並提供更優惠的條款。正如我們過去所指出的，這項 ABL 為我們在需要時提供了額外的財務靈活性。第一季自由現金流為負1.95億美元。

Now, turning to the outlook, for the second quarter of 2015, AMD expects revenue to decrease 3% sequentially, plus or minus 3%. Non-GAAP gross margin is expected to be approximately 32%. Non-GAAP operating expenses are expected to be approximately $355 million as we continue to invest in new products. Interest expense, taxes, and other to be approximately $45 million, and inventories expected to be approximately up $100 million from first quarter levels in support of second half semi-custom product revenue and the ramp of new products.

現在，展望未來，AMD 預計 2015 年第二季營收將季減 3%，上下浮動 3%。非公認會計準則毛利率預計約32%。由於我們繼續投資新產品，非公認會計準則營運費用預計約為 3.55 億美元。利息支出、稅金及其他費用約為 4,500 萬美元，庫存預計將比第一季水準增加約 1 億美元，以支持下半年半客製化產品收入和新產品的成長。

For the full-year 2015, we expect non-GAAP operating expenses to be between approximately $340 million and $370 million per quarter, in line with expected revenue profile, taxes of $3 million per quarter, cash, cash equivalents, and marketable securities balances to be within a range of $600 million to $1 billion, capital expenditures of approximately $100 million, and inventory to be approximately flat year-over-year.

就2015年全年而言，我們預計非公認會計準則營運費用每季約為3.4億美元至3.7億美元，與預期收入狀況一致，稅費每季為300萬美元，現金、現金等價物及有價證券餘額在6億美元至10億美元之間，資本支出約為1億美元，庫存與去年同期基本持平。

In closing, while we are navigating some difficult industry challenges in the PC market and made progress in improving our channel inventory levels in the first quarter, we continue to invest in our product roadmaps and look forward to updating you on our long-term strategy at our upcoming Financial Analyst Day.

最後，雖然我們正在應對個人電腦市場的一些艱難的行業挑戰，並在第一季在改善通路庫存水平方面取得了進展，但我們仍將繼續投資於我們的產品路線圖，並期待在即將到來的財務分析師日向您介紹我們的長期戰略。

With that, I will turn the call back over to Ruth. Ruth?

說完這些，我將把電話轉回給露絲。露絲？

Thank you, Devinder.

謝謝你，Devinder。

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

接線員，我們現在很樂意請您向觀眾提問。

(Operator Instructions)

（操作員指示）

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

Thanks for taking my questions. The first one I guess is -- maybe it is for Lisa. The computing and graphics revenue declines have accelerated in each of the last four quarters and down 38% year-over-year.

感謝您回答我的問題。我猜第一個是──也許是給麗莎的。過去四個季度，計算和圖形收入的下滑速度均有所加快，年減了 38%。

I understand there's some channel flush going on, but based on the guidance, looks like it will be down between 30% and 40% year-over-year, so I guess I'm wondering, does that revenue trajectory create a motivation to look more aggressively at M&A or joint venture opportunities? And maybe you could just review the AMD strategy or philosophy around M&A and JV opportunities? Thank you.

我知道正在進行一些管道沖洗，但根據指導，看起來它將比去年同期下降 30％ 到 40％，所以我想知道，這種收入軌跡是否會促使我們更積極地尋找併購或合資機會？或許您可以回顧 AMD 在併購和合資機會方面的策略或理念？謝謝。

Sure, Mark. So, thanks for the question. Let me start with maybe a bit of the backdrop on the computing and graphics business and what has been happening in the market. So certainly, the Q1 results are impacted by the fact that the PC market was weaker than we originally expected.

當然，馬克。感謝您的提問。首先，我想先介紹一下計算和圖形業務的背景以及市場的最新動態。因此，第一季的業績肯定會受到個人電腦市場弱於我們最初預期的影響。

We expected when we started in January that we would have a weak first quarter due to some of our channel inventory issues. The channel business actually performed pretty close to our expectations, with the exception of some of the currency issues in Europe. On the M&C business, we did see some weaker than expected results as a result of some of the commercial hangover and the hangover from Q4.

我們在一月開始時就預計，由於一些通路庫存問題，第一季的業績將會疲軟。除歐洲的一些貨幣問題外，通路業務的表現實際上非常接近我們的預期。在 M&C 業務方面，由於一些商業後遺症和第四季度的後遺症，我們確實看到了一些低於預期的結果。

On the broader question the computing and graphics business we have significant product, technology, and IP that serve this market very well. I think it is important for us to focus on the areas where we can differentiate and innovate.

從更廣泛的問題來看，在計算和圖形業務方面，我們擁有能夠很好地服務於這個市場的重要產品、技術和智慧財產權。我認為，專注於我們能夠實現差異化和創新的領域非常重要。

Frankly, the portions of the business that are more commodity-like are less attractive to us, and so we have really been focusing on managing the business for improved profitability and improved differentiation. So going forward, we'll continue to do that.

坦白說，業務中更像商品的部分對我們來說吸引力較小，因此我們一直專注於管理業務，以提高盈利能力和增強差異化。因此，展望未來，我們將繼續這樣做。

You had a question about the second-quarter guidance. It is important for us to ensure that we are managing the business in a disciplined way. Given some of the uncertainties in the market, we are being more cautious on the second quarter. We do expect the second have to be better than the first half as we go forward.

您對第二季的指引有疑問。對我們來說，確保以規範的方式管理業務非常重要。鑑於市場中的一些不確定性，我們對第二季度更加謹慎。我們確實希望下半場的表現能比上半場更好。

Then relative to M&A and the questions there, I think we are always looking at opportunities to optimize the business, but the computing and graphics business and the enterprise, embedded, and semi-custom business share a lot of synergistic IP, particularly around the processor cores and the graphics IP technology. So we continue to believe that we can differentiate in these areas as we accelerate some of our product investments.

然後關於併購及其相關問題，我認為我們一直在尋找優化業務的機會，但計算和圖形業務以及企業、嵌入式和半定制業務共享許多協同 IP，特別是在處理器核心和圖形 IP 技術方面。因此，我們仍然相信，隨著我們加快部分產品投資，我們可以在這些領域實現差異化。

Thank you, and a follow-up if I may. As you look into 2015, which of your businesses do you think have the best chance to post revenue growth? And as part of that, could you give us an update on the pipeline in the semi-custom business? You announced several design wins late last year. Are those still on track? Is the pipeline getting bigger on semi-custom? Thank you very much.

謝謝，如果可以的話，請繼續關注。展望 2015 年，您認為哪些業務最有可能實現營收成長？作為其中的一部分，您能否向我們介紹半客製化業務的最新進展？去年年底，你們宣布了幾項設計得獎。這些還在進行中嗎？半定制管道是否變得越來越大？非常感謝。

Yes, so relative to growth and what we see, I think the second half of the year -- I would say across the board for all of our businesses -- will be stronger than the first half. Some of that is seasonal.

是的，所以相對於成長和我們所看到的情況，我認為下半年——我想說我們所有的業務——都會比上半年更強勁。其中一些是季節性的。

Some of that is opportunities that we see to improve our market share, particularly in the graphics business, as well as we ramp our semi-custom sales into the second half of the year. So, those are the key areas there.

其中一些是我們看到提高市場份額的機會，特別是在圖形業務方面，同時我們將在下半年提高半客製化銷售額。所以，這些就是關鍵領域。

Was there another question?

還有其他問題嗎？

The pipeline.

管道。

The pipeline, yes. On the semi-custom pipeline, the semi-custom wins that we announced at the end of last year are on track. We expect revenue in 2016, really starting in a second half of 2016, for those.

是的，管道。在半客製化管道方面，我們去年年底宣布的半客製化勝利正在按計劃進行。我們預計這些產品將在 2016 年，特別是 2016 年下半年開始實現收入。

Relative to the overall pipeline, I think we continue to get a nice mix, particularly as we are focusing more on the enterprise and embedded space. We are seeing a nice continuum of -- I would call it standard product to custom product opportunities.

相對於整體產品線，我認為我們將繼續獲得良好的組合，特別是當我們更加關注企業和嵌入式領域時。我們看到了一個很好的連續體——我稱之為從標準產品到客製化產品的機會。

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Thanks very much. Lisa, can you give us some idea of what your server processor efforts are? If you were primarily to offer semi-custom capability in servers in the future, or are you making active investment in creating standard x86 and ARM server processors, as well?

非常感謝。Lisa，您能向我們介紹一下你們在伺服器處理器所做的努力嗎？您主要在未來提供伺服器的半客製化功能，或者您是否也在積極投資創建標準 x86 和 ARM 伺服器處理器？

Yes, David, relative to server, we see data center -- whether it cloud or enterprise networking, to be an important growth area for us going forward. We are making significant investments in server processors, both standard as well as the IP for semi-custom opportunities. So think of it as x86, ARM, the technologies required to make competitive server products.

是的，大衛，相對於伺服器，我們認為資料中心——無論是雲端運算還是企業網絡，都是我們未來的重要成長領域。我們正在對伺服器處理器進行大量投資，包括標準處理器以及半客製化 IP。因此，可以將其視為 x86、ARM，即製造具有競爭力的伺服器產品所需的技術。

Okay, great. And Devinder, have you identified any additional assets that you might be interested in selling to raise cash?

好的，太好了。那麼 Devinder，您是否已經確定了您可能有興趣出售以籌集現金的其他資產？

If you look at the cash situation, David, from a cash management standpoint, we have managed pretty well over the last couple of years to stay in the $600 million to $1 billion range, which is what we have targeted for several quarters as we have pursued our strategies from a long-term standpoint.

大衛，如果你從現金管理的角度來看一下現金狀況，你會發現過去幾年裡，我們的現金管理工作做得相當不錯，保持在 6 億至 10 億美元的範圍內，這也是我們幾個季度以來的目標，因為我們從長遠角度推行了我們的戰略。

We did do some asset sales, if you'll recall, in the 2013 timeframe, but at this point I don't see the need to do that from an overall cash management standpoint. So, really nothing to talk about right now.

如果你還記得的話，我們在 2013 年確實進行過一些資產出售，但從整體現金管理的角度來看，目前我認為沒有必要這樣做。所以，現在真的沒什麼好談的。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Hi, good afternoon. Thanks for taking my question. As it relates to the Q2 guidance for revenues to be down about 3% sequentially, can you just help us understand directionally on the relative decline of your two segments: computing graphics versus your enterprise, embedded, and semi-custom segments?

嗨，下午好。感謝您回答我的問題。由於這與第二季營收季減約 3% 的預期有關，您能否幫助我們了解兩個部門的相對下降方向：計算圖形與企業、嵌入式和半客製化部門？

On one hand, it seems like you'd be ramping Carrizo, and I would assume your already starting to ramp your semi-custom chipsets ahead of the console build, but yet on the other hand, still seems like you're burning through some channel inventory? So lots of moving pieces. Any help from you guys would be great.

一方面，看起來您正在加大 Carrizo 的投入，而且我猜您已經開始在遊戲機製造之前加大半定制芯片組的投入了，但另一方面，您似乎仍在消耗一些渠道庫存？有很多活動部件。你們的任何幫助都將非常有幫助。

Sure, Harlan. Our second-quarter guidance, we would expect that the semi-custom units will be up compared to the first quarter. I would say modestly up. Relative to the computing and graphics business, I think we will complete the burn off of our channel inventory in Q2, based on the current pace that we see.

當然，哈蘭。根據我們的第二季指引，我們預計半客製化單位數量將比第一季增加。我謙虛的說一下。相對於計算和圖形業務，根據目前看到的速度，我認為我們將在第二季完成通路庫存的消耗。

And then on the ramp up of Carrizo, we will start shipping -- we started shipping actually in Q1 a small volume of units. We will increase that as we go to Q2. What we also are factoring in is, with the Windows 10 launch at the end of July, we are watching the impact of that on the back-to-school season, and expect that it might have a bit of a delay to the normal back-to-school season inventory buildup.

然後，隨著 Carrizo 產能的提升，我們將開始出貨——實際上我們在第一季就開始出貨少量產品。進入第二季後，我們將會增加這個數字。我們也考慮到，隨著 Windows 10 於 7 月底推出，我們正在觀察其對返校季的影響，並預計這可能會對正常的返校季庫存累積造成一些延遲。

Great. Thanks for that.

偉大的。謝謝。

Then question for Devinder. Given the current depressed revenue run rate, is the team expecting to burn cash again in Q2? And then just given the overall muted compute demand environment, what's sort of your view or maybe you can give us a range of your cash balance, potentially, exiting this year?

然後向 Devinder 提問。鑑於目前低迷的收入運行率，該團隊是否預計第二季再次燒錢？那麼，考慮到整體低迷的運算需求環境，您對此有何看法？或者您可以告訴我們您今年可能退出的現金餘額範圍嗎？

If I step back and look at it, and if you look at the balance sheet even in Q1, despite the lower revenue from a year ago and also last quarter, we've [balanced] the balance sheet across the Board pretty well. If you look at the Q1 inventory, we were -- we managed to keep it flat despite the lower revenue, although [AP] is down quarter on quarter rather significantly. We've banded the cash, as I said to the earlier question, between the $600 million to $1 billion, and I feel we can do that in the Q2 timeframe.

如果我退一步來看，如果你看一下第一季的資產負債表，儘管與去年同期和上個季度相比收入有所下降，但我們已經很好地平衡了整個董事會的資產負債表。如果你看一下第一季的庫存，我們——儘管收入較低，但我們仍設法保持庫存持平，儘管[AP]的季度環比下降幅度相當大。正如我之前回答的問題一樣，我們將現金規模控制在 6 億美元至 10 億美元之間，我認為我們可以在第二季內做到這一點。

And the other thing is, you might have read about the ABL Facility we have to the tune of $500 million. In fact, we just renewed that with more favorable terms just recently and announced that today. So from my standpoint, the take away for you should be we manage cash between the $600 million and $1 billion target.

另一件事是，您可能已經讀到有關我們擁有的價值 5 億美元的 ABL 設施的消息。事實上，我們最近剛以更優惠的條款續簽了該協議，並在今天宣布了這一消息。因此，從我的角度來看，您應該得到的啟示是我們管理的現金在 6 億美元至 10 億美元的目標之間。

Thank you.

謝謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, this is [Sydney Hill] for Ross, thanks for taking the question. Regarding the embedded portion, if my math is right, I think your first -- in Q1 and Q2, your year-over-year growth are both negative. Are you still expecting this business to grow for the full-year? I guess it depends on -- the gaming side of things, as well?

大家好，我是羅斯的[悉尼希爾]，感謝您回答這個問題。關於嵌入式部分，如果我的計算正確的話，我認為你的第一個——在第一季和第二季度，你的同比增長都是負的。您是否仍預期該業務將全年成長？我想這也取決於遊戲方面的狀況吧？

Yes, I think your question is probably about the enterprise, embedded, and semi-custom segment and the segment revenue. So, relative Q1 year-over-year, I think we've mentioned that the semi-custom SOC sales were down a bit, as well as embedded was relatively flat.

是的，我認為您的問題可能與企業、嵌入式和半客製化部分以及部分收入有關。因此，與去年同期相比，相對第一季度，我想我們已經提到過，半客製化 SOC 的銷售額略有下降，而嵌入式銷售額則相對持平。

As we go full year, we haven't given full-year guidance at the segment level yet, so I think what we've said before, which I still believe is true, is that the semi custom units will likely be up. Year-over-year. The ASPs are known, we just have to see on the second half of year develops relative to overall demand.

隨著我們進入全年，我們還沒有給出分部層面的全年指導，所以我認為我們之前所說的，我仍然相信是真的，那就是半定制單位可能會增加。逐年增長。平均售價是已知的，我們只需要觀察下半年相對於整體需求的發展。

Okay. Then my follow-up question is related to gross margin. I think you are planning to build about $100 million of inventory for semi-custom revenue in the back half.

好的。然後我的後續問題與毛利率有關。我認為您計劃在下半年建立約 1 億美元的庫存，以獲得半客製化收入。

Does that mean all else equal, because semi-custom has lower margins, that your overall gross margin will come down in the back half? Or maybe just a broader way of asking the same question: how should we think about the gross margin trajectory for the remainder of the year, and what are some of the puts and takes to think about?

這是否意味著，在其他條件相同的情況下，由於半客製化產品的利潤率較低，所以您的整體毛利率在後半年會下降？或者也許只是以更廣泛的方式提出同樣的問題：我們該如何看待今年剩餘時間的毛利率走勢，以及需要考慮的一些優點和缺點？

I think first of all, let's take Q2 first of all, from a guidance standpoint and our guiding flat to Q1. I know market environment, especially on the PC side, is uncertain.

我認為首先，讓我們從指導的角度來看第二季度，我們的指導水準與第一季持平。我知道市場環境，尤其是個人電腦方面的市場環境，是不確定的。

Product mix would be the main driver for the gross margin, and obviously as Lisa remarked earlier, we are very focused on disciplined execution of the business, and we will continue to do that. In particular, correcting the channel inventory situation that we are trying to get done with in the Q2 timeframe.

產品組合將成為毛利率的主要驅動力，顯然正如麗莎之前所說，我們非常注重業務的規範執行，我們將繼續這樣做。特別是修正我們試圖在第二季內解決的通路庫存狀況。

Longer-term, if you ask me from an overall standpoint, obviously our goal is to grow on an accretive basis. The margin opportunities that embedded and server and pro-graphics affords us, as well as a richer mix of business in the client PC space as we introduce our new products that we've talked about. The other thing I would encourage you to do is, we are going to lay out more details on our longer-term standpoint at our Financial Analyst Day that's coming up on May 6th, and that's where we will share more details in terms of the longer-term model.

從長遠來看，如果從整體角度來看，顯然我們的目標就是在增值的基礎上成長。當我們推出我們討論過的新產品時，嵌入式伺服器和專業圖形為我們提供了利潤機會，以及客戶端 PC 領域更豐富的業務組合。我鼓勵您做的另一件事是，我們將在 5 月 6 日即將舉行的財務分析師日上詳細闡述我們的長期立場，屆時我們將分享更多有關長期模型的細節。

Okay, thank you.

好的，謝謝。

Stacy Rasgon, Bernstein.

史泰西‧拉斯貢，伯恩斯坦。

Hi, guys, thanks for taking my questions. First, I had a question on OpEx. You have a range of $340 million to $370 million, and that's supposed to be based on the revenue outlook. So given your revenue trajectory, I'm surprised that you are not taking OpEx down more toward the lower end of that range.

大家好，感謝你們回答我的問題。首先，我有一個關於 OpEx 的問題。您的範圍是 3.4 億美元到 3.7 億美元，這應該是基於收入前景的。因此，考慮到您的收入軌跡，我很驚訝您沒有將營運支出進一步降低至該範圍的低端。

Can you tell us, I guess, what products you are investing in, and where would revenues actually need to go before you felt the need to take OpEx down to the lower range?

您能否告訴我們，您正在投資什麼產品，在您覺得有必要將營運支出降至較低範圍之前，收入實際上需要流向哪裡？

If you go back and look at the OpEx, and in particular we were just talking about the enterprise, embedded, and semi-custom area. If you look at the OpEx first of all, from a Q4 to Q1 standpoint, the OpEx is down. Sales and marketing, specifically, is down about 9% quarter on quarter.

如果你回過頭來看看 OpEx，特別是我們剛才討論的企業、嵌入式和半客製化領域。如果你先看一下營運支出，從第四季到第一季的角度來看，營運支出是下降的。具體來說，銷售和行銷環比下降約 9%。

R&D is up slightly, and I can tell you that the R&D without getting to the specifics has been targeted to those areas where we feel afford us the best longer-term opportunities from a growth standpoint, and the best opportunities from an improving the financial performance standpoint. And obviously we are, in a very targeted manner, investing in the enterprise, embedded, and semi-custom area, which is where we have had very good traction in 2014. Design wins continue in 2015 to revenue, as Lisa talked about earlier, in 2016, and in pursuit of those businesses we will go ahead and invest in those areas.

研發費用略有增加，我可以告訴你們，這些研發費用（不涉及具體細節）主要針對那些我們認為從成長角度能為我們帶來最佳長期機會的領域，以及從改善財務業績角度能為我們帶來最佳機會的領域。顯然，我們正以非常有針對性的方式投資企業、嵌入式和半客製化領域，這也是我們在 2014 年取得良好進展的領域。正如 Lisa 之前提到的，2015 年的設計勝利將繼續為 2016 年帶來收入，為了實現這些業務，我們將繼續在這些領域進行投資。

As far as you're question about modulating the expenses, in the areas that are more related I guess to the business, CG for example, the revenues down I have said many times that we will modulate our expenses in line with the revenue profile and even with the sales and marketing decrease, quarter on quarter is very much in line with that profile.

至於你關於調整費用的問題，我猜在與業務更相關的領域，例如 CG，收入下降，我已經多次說過，我們將根據收入狀況調整費用，即使銷售和營銷有所下降，但環比增長也與該狀況非常一致。

However, the one thing I think we have to be mindful about is about is the R&D investments. We do want to fund for the future in terms of investing in the product roadmap, so that we do not in the short-term take action that [sacrifices] the long-term future both for the Company and the product roadmap, and that's why I think your observation is right. With the revenue down 3% on a guided basis, expenses are flat but primarily targeted towards the R&D areas.

然而，我認為我們必須注意的一件事是研發投資。我們確實希望透過投資產品路線圖來為未來提供資金，這樣我們就不會在短期內採取犧牲公司和產品路線圖的長期未來的行動，這就是我認為你的觀察是正確的。由於收入按預期下降 3%，支出持平，但主要用於研發領域。

Got it. That's helpful. For my follow-up, I had a question I guess on the trajectory of the console revenue. I have got to say, I was a little surprised at the level of guidance and even in the current quarter, your foundry supplier for consoles had consumer revenues in Q1 up quite a bit. We don't seem to be seeing that in your revenue guide.

知道了。這很有幫助。在我的後續問題中，我有一個關於遊戲機收入軌跡的問題。我必須說，我對指導水準感到有點驚訝，甚至在本季度，你們的遊戲機代工供應商在第一季的消費者收入也成長了不少。我們似乎沒有在您的收入指南中看到這一點。

I know last year, we had a bit of a stronger console profile in the first half, and then it was flattish I think a little lower than what expectations had been in the second half. It sounds like now maybe you are expecting that profile to reverse, and you are seeing a stronger console presence in the second half than the first half. Can you give us some color based on those drivers, on how you see that trajectory moving through the year?

我知道去年上半年我們的遊戲機銷售表現比較強勁，但下半年銷售量比較平淡，比預期略低。聽起來現在也許你預計情況會逆轉，而且你會看到下半年的遊戲機市場比上半年更加強勁。您能否根據這些驅動因素給我們一些說明，說明您如何看待這一軌跡在今年的發展？

Yes, Stacy. We do expect that -- it is hard to call console seasonality, as each year is somewhat different. So last year, if you remember the first half was coming off of a very strong holiday season where there was still unsatisfied demand. As we go from the second half 2014 into the first half 2015, I think the demand is more normalized.

是的，史黛西。我們確實預料到了這一點——很難說遊戲機具有季節性，因為每年都有所不同。所以，如果你還記得的話，去年上半年剛經歷了一個非常強勁的假期季，但仍有未滿足的需求。隨著我們從 2014 年下半年進入 2015 年上半年，我認為需求更正常化。

There is an expectation that the second half of 2015 will be stronger in terms of units, and that's what we see from our customers right now. We are very in tune with them in terms of their forecast, and so that's what we see at the moment.

人們預計 2015 年下半年的銷售量將會更加強勁，而這正是我們現在從客戶那裡看到的。我們的預測與他們的非常一致，所以這就是我們目前所看到的。

But why would it be stronger? Don't they need to build in front of the holidays?

但為什麼它會變得更強呢？他們不需要在假期前建造嗎？

They do, but the peak quarter for semi-custom is always going to be the third quarter, because that's when they will build ahead of holidays. What we saw in the first half of 2014 was more I would say demand that was not satisfied from the previous holiday.

確實如此，但半客製化產品的高峰期始終是第三季度，因為那時他們會在假期前進行生產。我認為，我們在 2014 年上半年看到的更多的是上一個假期未滿足的需求。

Got it. It's fair to say that pricing will be down year-over-year, correct?

知道了。可以公平地說，價格將逐年下降，對嗎？

It is fair to say there are some ASP decline, that's correct.

公平地說，平均售價有所下降，這是正確的。

Got it. Thank you, guys.

知道了。謝謝你們。

Christopher Rolland, FBR Capital Markets.

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

Hey, guys, thanks for the question. So, the move to Win10 might be important for you guys -- even more important than your competitor, given the consumer PC profile there.

嘿，夥計們，謝謝你的提問。因此，轉向 Win10 對你們來說可能很重要——考慮到那裡的消費者 PC 概況，甚至比你們的競爭對手更重要。

Also your competitor has been really backend loading sales for the year, particularly due to some channel inventory dynamics, where we clear the decks to make room for Win10, and then we have that initial channel build wrap to support Win10 when it comes out. I guess first of all, do you guys see the same channel inventory effects, and then also do you see that same backend loading of the year as well for PC?

此外，您的競爭對手今年一直在真正推動後端銷售，特別是由於一些通路庫存動態，我們清理平台為 Win10 騰出空間，然後我們有初始通路建立包裝來支援 Win10 的發布。我想首先，你們是否看到了相同的通路庫存效應，然後你們是否也看到了今年 PC 的相同後端負載？

Sure, so Chris. What I would say is we do see some of the same dynamics particularly in the near term as we are going from the first quarter into the second quarter. I do think OEMs are being somewhat cautious of any inventory build now ahead of Win10.

當然，克里斯就是這樣。我想說的是，我們確實看到了一些相同的動態，特別是在第一季進入第二季的短期內。我確實認為 OEM 在 Win10 之前對任何庫存建設都持謹慎態度。

As you go forward into the second half of the year, I think first of all, I think we are all optimistic that Win10 can be a catalyst and a driver for the market. However to what extent will depend on some of the macro conditions that we talked about. I think the currency issues in Europe have to clean up some, I think the Win 10 launch has to be strong, and then we will see how the second half shapes up.

進入下半年，我認為首先，我們都樂觀地認為 Win10 可以成為市場的催化劑和驅動力。但在多大程度上取決於我們談到的一些宏觀條件。我認為歐洲的貨幣問題必須解決，我認為 Win 10 的發布必須強勁，然後我們再看看下半年的情況如何。

Okay, great. Your inventory was flat in 1Q. That's probably a quarter where that should have been down. I imagine some of that was maybe to support some upcoming product launches. Then of course, you guided inventories up another $100 million next quarter, but you left your 2015 inventory guidance unchanged. So what has to happen there? What are your expectations there to aggressively ramp down inventory into the back half of the year?

好的，太好了。您的庫存在第一季持平。這或許是本來要下降的一個季度。我想其中一些可能是為了支持一些即將推出的產品。當然，您指導下個季度的庫存再增加 1 億美元，但您維持 2015 年的庫存指引不變。那麼那裡會發生什麼事呢？您對今年下半年大幅減少庫存有何期望？

Good question. I think two parts to it. If you go back and look at our inventory profile, even in 2014 in particular, with the significant revenue we are getting in the semi-custom space, the semi-custom customers that we have, we have to supply the product to them essentially a quarter ahead of when they build their parts.

好問題。我認為這包含兩個部分。如果你回頭看看我們的庫存狀況，特別是在 2014 年，我們在半定制領域獲得了可觀的收入，對於我們擁有的半定制客戶，我們必須在他們製造零件之前一個季度向他們提供產品。

And therefore they are seasonally high sales up in Q4, we build the product and supply it in Q3, but we have to get the wafer supply and inventory up in Q2, and fundamentally the increase from Q1 to Q2 is to support the semi-custom ramp, as well as what we said earlier about the second half being stronger than the first half. And obviously we need to be prepared for that, so I think from an overall standpoint, despite the challenges we talked about in the PC market, managing inventory flat in Q1 was good.

因此，第四季度的銷售額季節性上漲，我們在第三季度生產並供應產品，但我們必須在第二季度提高晶圓供應和庫存，從根本上說，從第一季到第二季度的增長是為了支持半定制產能的提升，以及我們之前所說的下半年將強於上半年。顯然，我們需要為此做好準備，因此我認為從整體角度來看，儘管我們談到了 PC 市場面臨的挑戰，但第一季庫存平穩管理還是不錯的。

And we followed the same profile like we did in 2014, which is our plan. You should see inventory go up during the year to support the ramp of the semi-custom and then supplying the product, and then at the end of the year, being able to manage down to flat inventory year on year.

我們遵循了與 2014 年相同的計劃。您應該會看到庫存在年內增加，以支持半客製化產品的成長和供應，然後在年底，能夠將庫存量降至同比持平。

Great, thanks, Devinder.

太好了，謝謝，Devinder。

You're welcome.

不客氣。

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Thanks. Lisa, if you can clarify. In the second half of this year, you expect roughly seasonal trends in the PC centric parts of your business due to Win 10?

謝謝。麗莎，如果你能澄清一下的話。今年下半年，您預計會受到 Win 10 的影響，您業務中以 PC 為中心的部分將出現大致的季節性趨勢嗎？

Yes. So Hans, I think we would see the second half would be roughly seasonal. I think we would have to see how it fully develops over time.

是的。所以漢斯，我認為我們會看到下半年大致是季節性的。我認為我們必須觀察它隨著時間的推移如何全面發展。

Okay. Just wanted to get that, because your competitor is suggesting that it will be stronger than seasonal. The follow-on question if I may, can you give us a timeline in terms of Seattle and ARM server ramps, and when it becomes relevant or meaningful in terms of sales?

好的。只是想得到這一點，因為你的競爭對手暗示它會比季節性更強勁。如果可以的話，我的下一個問題是，您能否為我們提供有關西雅圖和 ARM 伺服器升級的時間表，以及它何時在銷售方面變得相關或有意義？

Yes, Hans a lot about to that other question. I would love or it to be greater than seasonal, but I think it is very hard to call at this point in the year.

是的，漢斯對另一個問題有很多疑問。我希望它能比季節性的更大，但我認為在一年中的這個時候很難預測。

So relative to Seattle, Seattle we continued to sample, and customers are continuing to develop both systems and software. Relative to the production ramp or volume shipments, I think we will see that in the second half of this year.

因此，相對於西雅圖，我們繼續對西雅圖進行採樣，客戶也持續開發系統和軟體。相對於產量提升或出貨量，我認為我們將在今年下半年看到這一點。

Thank you.

謝謝。

Thanks, Hans.

謝謝，漢斯。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Thank you for taking my question. Lisa, just a quick clarification. I think you mentioned the semi-custom wins are second -- on the revenue, second-half 2016. I just wanted to make sure that wasn't a change from what you had before? And then I had a question.

感謝您回答我的問題。麗莎，我只是想簡單澄清一下。我認為您提到過，半客製化勝利在收入方面排名第二，在 2016 年下半年。我只是想確認一下這與你之前的情況沒有什麼不同？然後我有一個問題。

Yes, Vivek, it is actually not a change from what we had before, it is probably more specificity. We probably before said 2016, and now it is second-half 2016. It is just a little bit more detail.

是的，Vivek，這實際上與我們以前所擁有的並沒有什麼不同，它可能更加具體。我們之前可能說的是2016年，現在是2016年下半年。這只是稍微詳細一點而已。

Got it. And then do you think PC gaming is a growing or declining market? And you mentioned that you expect some share gains in the back half? What specifically do you think will help you regain that market share?

知道了。那麼您認為 PC 遊戲市場正在成長還是衰退？您提到預計下半年的市佔率會有所成長嗎？您認為具體什麼能幫助您重新獲得市場佔有率？

Yes, so thanks for the question, Vivek. That I do believe PC gaming and gaming in general is a growth opportunity in the market, and growth opportunity for AMD. So, as I look forward, we are launching Carrizo on the APU side, and we are also launching some graphics products in a second half of this year.

是的，謝謝你的提問，Vivek。我確實相信 PC 遊戲和遊戲總體而言是市場的成長機會，也是 AMD 的成長機會。因此，我期待著，我們將在 APU 方面推出 Carrizo，並且我們還將在今年下半年推出一些圖形產品。

So I think from the standpoint of being able to capture more of the market and increase more to where our normal shares are in graphics, I think that something that we believe we can make progress towards.

因此，我認為，從能夠佔領更多市場並在圖形領域進一步擴大我們的正常份額的角度來看，我們相信我們可以取得進展。

Just one last one for Devinder. Devinder, did you say Q2 cash burn would be better or worse than Q1? And is $1 billion the right level for the wafer supply agreement, given your sales outlook in the first half?

對 Devinder 來說這只是最後一個了。Devinder，您說第二季的現金消耗會比第一季好還是差？考慮到您上半年的銷售前景，10億美元是晶圓供應協議的合適水準嗎？

Yes, first of all, I didn't give a cash guidance for Q2, but what I said specifically is we manage within the $600 million to $1 billion balance, the range we have provided, the target minimum was at the optimal.

是的，首先，我沒有給出第二季的現金指導，但我具體說的是，我們管理的餘額在 6 億到 10 億美元之間，我們提供的範圍，目標最低值是最佳的。

On the WSA, the $1 billion that we talked about and signed in the WSA that we just confirmed with Global Foundries. There is a mix of revenue there, just as a reminder. And I think you know this, but the large portion of the amount that we have is a good mix of product across PC, graphics, and semi-custom, as opposed to if you go back in two years ago. So I would say it is very much in line with our expectations of how to the market is going to evolve this year in particular in the semi-custom space.

關於 WSA，我們在 WSA 中討論並簽署了 10 億美元協議，我們剛剛與 Global Foundries 確認了這項協議。需要提醒的是，這裡的收入是混合的。我想您也知道這一點，但與兩年前相比，我們現在擁有的大部分產品是 PC、圖形和半客製化產品的良好組合。因此我想說，這非常符合我們對今年市場發展趨勢的預期，特別是在半客製化領域。

Thank you, guys. Good luck.

謝謝你們。祝你好運。

Sanjay Chaurasia, Nomura.

野村證券的 Sanjay Chaurasia。

Devinder, first question on the semi-custom operating income. It seems like it was significantly below the average of the last four, five quarters. I was just wondering if you could highlight where the compression came from and if that goes away in the coming quarters?

Devinder，第一個問題是關於半客製化營業收入。看起來它明顯低於過去四、五個季度的平均值。我只是想知道您是否可以強調一下這種壓縮來自哪裡以及這種壓縮是否會在未來幾季消失？

Yes, I think if you look at it from an overall standpoint, at the segment level semi-custom in part of the enterprise, embedded, and semi-custom segment. The impact to the operating income in that was really three factors.

是的，我認為如果從整體的角度來看，在細分級別上，半定制屬於企業、嵌入式和半定制部分。對營業收入的影響其實有三個因素。

If you look at the game console royalties based on the Q4 to the Q1 transition, lower game console royalties in Q1. The product mix obviously had a play in that, and then the other thing that we referenced earlier and Lisa talked about, higher R&D spending, where we are targeting more spending in that area to pursue more opportunities, and all of those three factors combined caused the lower operating income percentage for the quarter.

如果從第四季到第一季的過渡來看遊戲機版稅，會發現第一季的遊戲機版稅較低。產品組合顯然在其中發揮了作用，然後是我們之前提到的另一件事，麗莎也談到了更高的研發支出，我們計劃在該領域投入更多資金以尋求更多機會，所有這三個因素共同導致了本季度營業收入百分比下降。

And as a follow-up, if I may. Lisa, you made comments on x86 based sever opportunity, and as you put out in your roadmap, I was just wondering if you guys still want to compete the way you had competed with Intel earlier, or are you narrowing your opportunities? Any color would be appreciated.

如果可以的話，我可以進行後續跟進。Lisa，您對基於 x86 的伺服器機會發表了評論，正如您在路線圖中所述，我只是想知道您是否仍想以之前與英特爾競爭的方式進行競爭，還是正在縮小您的機會？任何顏色都會受到歡迎。

Yes, so Sanjay, I think when we look across our portfolio and our priorities, we are very focused on the places where we can differentiate and innovate. Relative to x86 opportunities, clearly the x86 server market is very large market. It is one where we have historically been successful, so I do believe that it is an area that we can grow over the medium term. And when we talk about additional investments in enterprise, embedded, and semi-custom, many of those investments are directed at the server and the embedded markets.

是的，桑傑，我認為當我們審視我們的投資組合和優先事項時，我們非常關注我們可以實現差異化和創新的地方。相對於x86的機遇，顯然x86伺服器市場是一個非常大的市場。這是我們歷史上成功的領域，因此我相信這是我們可以在中期內實現成長的領域。當我們談論企業、嵌入式和半客製化的額外投資時，許多投資都針對伺服器和嵌入式市場。

Operator, we will take the next question please.

接線員，請我們回答下一個問題。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Good afternoon guys. Thanks for letting me ask a question. Devinder, just a follow up on the WSA. Do you have a forecast of what payments to Global Foundries might look like in the June quarter? And just help me understand, to get from the run rate in Q1 to kind of a full-year guide of $1 billion, how should we think about the linearity of those payments?

大家下午好。感謝您允許我提問。Devinder，這只是對 WSA 的後續關注。您是否預測了 6 月季度向 Global Foundries 支付的款項狀況？請幫助我理解，為了從第一季的運行率達到 10 億美元的全年指導價，我們應該如何考慮這些付款的線性？

Yes, I think Q2 amount I won't get in the quarterly profile, but if you listen to the comments we were making in terms of some of the actions we are taking in Q1 and Q2, the first half of the year relative to the PC market, and then you listen about the semi-custom profile first half to the second half, while the purchases in the first quarter are at the $161 million level, you can expect that it is going to follow the trajectory of the business.

是的，我認為第二季度的金額不會在季度概況中公佈，但如果您聽聽我們在第一季度和第二季度（相對於 PC 市場而言的上半年）採取的一些行動方面所發表的評論，然後您聽聽關於上半年到下半年的半定制概況，而第一季度的採購額達到 1.61 億美元的水平，您可以預期它將遵循業務的軌跡。

Second half being stronger than the first half, the semi-custom ramp happening in the second half. A significant portion of the $1 billion is semi-custom products, and that's exactly how it goes throughout the year.

下半年比上半年更強勁，半客製化趨勢在下半年出現。這 10 億美元中很大一部分是半客製化產品，全年的情況也正是如此。

That's helpful, and then Lisa, as my follow-up -- granted that it is difficult enough to look out 90 days and have an accurate forecast given the volatility in PCs, let alone the full year, but if you just grow seasonally in the back half of the year, your PC business is going to be down at probably greater than 20% year-over-year for the full year.

這很有幫助，然後麗莎，作為我的後續問題——考慮到個人電腦的波動性，展望 90 天並做出準確的預測已經夠困難的了，更不用說全年了，但如果你只是在下半年出現季節性增長，那麼你的個人電腦業務全年可能會同比下降 20% 以上。

So I would love to get your sense of what you think the market for PCs is doing this year? Is the gap between that and seasonality shared loss? Or more importantly, when do you think you're going to be positioning these products to actually gain back some share in the market?

所以我很想了解您對今年個人電腦市場的看法？這與季節性之間的差距是否為共同損失？或者更重要的是，您認為何時定位這些產品才能真正重新獲得一些市場份額？

John, good question. For clarification, the comment about the market was really one on it is hard to call that the market will be substantially better in the second half than the first half. I think it will be better, due to seasonality.

約翰，好問題。需要澄清的是，關於市場的評論實際上是很難說下半年的市場會比上半年好很多。我認為由於季節性因素，情況會更好。

Relative to our business, our business certainly in the first quarter and in the second quarter, is not really relative to seasonality. I would say we had some inventory issues that I want to correct as soon as possible, so that we get our new product stream fairly clean into the market. So as we go into the second half of the year, we would like to see some regain of share in both the desktop and the notebook business. I talked about Carrizo being a strong product for us, I talked about some of our graphics launches that we will talk about later this quarter.

就我們的業務而言，第一季和第二季的業務肯定與季節性無關。我想說我們存在一些庫存問題，我希望盡快糾正這些問題，以便我們的新產品可以相當乾淨地進入市場。因此，隨著進入下半年，我們希望看到桌上型電腦和筆記型電腦業務的份額有所恢復。我談到了 Carrizo 對我們來說是一款強大的產品，我還談到了我們將在本季度晚些時候討論的一些圖形發布。

From our standpoint, I would say the first half of the year, we had some -- let's call it some of our issues that we were correcting in terms of the channel, and then a weaker than expected market environment. In the second half of the year, I think we would like to see our products take a strong position, as well as hopefully the market get stronger as well.

從我們的角度來看，我想說，今年上半年，我們遇到了一些問題——我們稱之為我們在通路方面正在糾正的一些問題，以及比預期更弱的市場環境。下半年，我想我們希望看到我們的產品佔據強勢地位，並且希望市場也能變得更強勁。

Perfect, thanks, Lisa. Appreciate it.

非常好，謝謝，麗莎。非常感謝。

Matt Ramsey, Canaccord.

馬特拉姆齊 (Matt Ramsey)，Canaccord。

Yes, thank you very much for taking my question. I think expanding on some of the questions that have been asked on the PC business, declines in share, declines in market, declines of the inventory and the channel. It looks like for -- give or take for the first half of the year, your computing and graphics business is going be down maybe 30%, 40% from the first-half over first-half perspective from last year.

是的，非常感謝您回答我的問題。我認為擴大有關 PC 業務的一些問題，包括份額下降、市場下降、庫存和通路下降。看起來，今年上半年，您的計算和圖形業務與去年上半年相比可能會下降 30% 到 40%。

Maybe, Lisa, can you help us at all figure out how much of that is due to burning through stuff in channel, versus the market being down, versus share losses? Any kind of ballpark figures would be really helpful.

也許，麗莎，您能幫我們弄清楚，其中有多少是由於通路消耗殆盡，有多少是由於市場低迷，有多少是由於份額損失？任何大概的數字都會很有幫助。

Let's see, Matt, let me think about the best way to answer that question.

讓我們看看，馬特，讓我想想如何最好地回答這個問題。

So let's say it this way, I think we gave you a couple of pointers when we talked about the first quarter, year-over-year. We actually saw mobile revenue go up relative to first-quarter 2014. Desktop revenue was down. I think from that standpoint, there was a good piece of that desktop reduction that was channel inventory correction, and then some of that was the desktop market being weak.

所以，讓我們這樣說吧，我認為當我們談論第一季的同比情況時，我們給了你一些建議。我們實際上看到行動收入相對於 2014 年第一季有所上升。桌面收入下降。我認為從這個角度來看，桌上型電腦銷售下降很大程度上是由於通路庫存調整，而部分原因是桌上型電腦市場疲軟。

When we look and you talk about market share, you're often talking about unit share, and from the standpoint of unit share, we have selectively decided that there some pieces of business that we are not going to service because they are very unprofitable. That is some of the share decline that you have seen. Relative speaking, we have kept ASPs pretty solid, and we would be looking for forward-looking to really improve our mix going forward in getting both the revenue as well as the ASP and mix up.

當我們談論市場份額時，我們通常談論的是單位份額，從單位份額的角度來看，我們有選擇地決定不為某些業務提供服務，因為它們的利潤非常低。這就是您所看到的部分份額下降。相對而言，我們一直保持著相當穩固的 ASP，並且我們希望能夠前瞻性地真正改善我們的產品組合，從而獲得收入以及 ASP 和混合。

I know that's not exactly answering your question, but what I'm trying to give you is the context for is -- the desktop market probably to a larger hit, first-half to first-half, just given what's happening in the market in desktops as well as our channel inventory problem. I think the notebook business, we have made some progress. That we have a very strong product coming out in Carrizo.

我知道這並沒有準確回答你的問題，但我想告訴你的是——考慮到桌上型電腦市場的情況以及我們的通路庫存問題，桌上型電腦市場在上半年可能會受到更大的衝擊。我認為在筆記本業務方面我們已經取得了一些進展。我們在卡里索推出了一款非常強大的產品。

It really do appreciate the color, and I think that's helpful. As a follow-up, I wanted to jump into a little industry perspective in the server market. A couple questions, there.

它確實很欣賞顏色，我認為這很有幫助。作為後續，我想深入了解伺服器市場的產業觀點。有幾個問題。

One, obviously the decision to exit the SeaMicro business from a platform perspective. Maybe you could talk a little bit, Lisa, about what's changed there and led to that decision.

第一，顯然是從平台角度決定退出SeaMicro業務。麗莎，也許你可以稍微談談發生了什麼變化並導致了這個決定。

Second, it seems a lot of the questions that I hear are focused on the server opportunity, as maybe we all think about the server market, but I think what's interesting is also how the line between server and enterprise networking is blurring bit through NSD and SDNs. Maybe talk about some of the opportunities in end-markets where it's not a traditional AMD versus Intel fight, but more new markets that are server teams that are opening up as an opportunity for your business? Thanks.

其次，我聽到的許多問題似乎都集中在伺服器機會上，因為我們可能都在考慮伺服器市場，但我認為有趣的是，伺服器和企業網路之間的界限如何透過 NSD 和 SDN 變得模糊。也許可以談談終端市場中的一些機會，這些機會不再是傳統的 AMD 與英特爾之間的競爭，而是更多的新市場，即伺服器團隊，它們為您的業務帶來了機會？謝謝。

Absolutely. Let's talk about investments and priorities.

絕對地。讓我們來談談投資和優先事項。

I've been on the job about six months, and I've really been looking at the overall portfolio; where do we think we can make measurable gains that are sustainable and what the priorities should be? It is clear that we have a lot of technology, but we need to focus our resources on the places that I would say are stickier pieces of business.

我已經上任大約六個月了，我一直在關注整體投資組合；我們認為我們可以在哪些方面取得可持續的、可衡量的進展以及優先事項應該是什麼？顯然，我們擁有很多技術，但我們需要將資源集中在我認為更棘手的業務領域。

So relative to the SeaMicro business, that was a strategic decision to really exit the systems business, and if you think about SeaMicro, it was really specializing in micro servers. Micro servers have not developed at the pace that we might have thought a couple of years ago. From the way we look at the market, our core competency is really in processors, and being able to service that business through either standard or semi-custom products is the way we will address the server business.

因此，相對於 SeaMicro 業務而言，這是一個真正退出系統業務的策略決策，如果你想想 SeaMicro，你會發現它實際上專注於微型伺服器。微型伺服器的發展速度可能不如我們幾年前想像的那麼快。從我們看待市場的角度來看，我們的核心競爭力實際上在於處理器，而能夠透過標準或半客製化產品為該業務提供服務是我們處理伺服器業務的方式。

Going forward I think the longer-term question, when you look at our IP, whether you talk about our processor IP or some of our packaging and system IP know how, I think additional servers is one place; certainly dense server, cloud, enterprise, are important, and then as you state, the blur between traditional enterprise and networking is there.

展望未來，我認為長期問題是，當你看我們的 IP 時，無論你談論的是我們的處理器 IP 還是我們的一些封裝和系統 IP 知識，我認為額外的伺服器是一個地方；當然，密集伺服器、雲端、企業都很重要，然後正如你所說，傳統企業和網路之間的模糊性是存在的。

I think we are repositioning our portfolio. Repositioning the portfolio always takes a bit of time, and so we are working through that repositioning, but we will give more color on some of the target markets at the financial Analyst Day and certainly Forest Norrod, who has recently joined us, has a lot of thoughts on where we think we can win in these spaces.

我認為我們正在重新定位我們的投資組合。重新定位投資組合總是需要一些時間，因此我們正在努力重新定位，但我們將在金融分析師日上對一些目標市場進行更多的介紹，當然，最近加入我們的 Forest Norrod 對我們認為我們可以在這些領域取勝的地方有很多想法。

Thank you very much, look forward to hearing more in a couple weeks.

非常感謝，期待幾週後聽到更多消息。

Operator, we will take two more questions, please.

接線員，請問我們還有兩個問題。

Yes, ma'am.

是的，女士。

Chris Danely of Citigroup.

花旗集團的克里斯丹尼利 (Chris Danely)。

Things for letting me ask a question, guys. Lisa, you talked about currency impact in Europe. Can you just elaborate on that? And maybe when you think it is going to stop or stabilize or go away?

感謝你們允許我提問，夥計們。麗莎，你談到了歐洲的貨幣影響。能詳細說明一下嗎？也許當您認為它會停止、穩定或消失時？

Yes, so Chris we did see the effect of currency in Europe. I guess the way I would describe it is Eastern Europe, just very low demand, and we did see that a very clearly -- Western Europe, actually the demand is okay, but what the currency issues have done is, they've resulted in our partners and customers carrying fairly lean inventories, just given all of the fluctuation.

是的，克里斯，我們確實看到了歐洲貨幣的影響。我想我會這樣描述：東歐的需求非常低，我們確實清楚地看到了這一點——西歐的需求實際上還可以，但貨幣問題造成的結果是，考慮到所有的波動，我們的合作夥伴和客戶持有相當少的庫存。

I think it is hard to say when it is going to stabilize, but we certainly have clear signals as we look at sellthrough on a weekly basis, and all those things.

我認為很難說什麼時候會穩定下來，但當我們查看每週的銷售情況以及所有這些情況時，我們肯定會有明確的信號。

Great and for my follow-up, I guess just a clarification on the WSA, so you said it today in this year. What was it last year? I think it was pretty close to $900 million or $1 billion? And I guess I thought that most of that or a good portion of that was CPUs, and given that CPUs are going to be down substantially this year, can you just help me with the map as to how $1 billion works for this year revenue, when it is going to be down substantially -- (multiple speakers)

太好了，對於我的後續問題，我想只是對 WSA 進行澄清，所以你在今年今天就這麼說了。去年是什麼？我認為它接近 9 億美元或 10 億美元？我想，其中大部分或很大一部分是 CPU，考慮到今年 CPU 的銷量將大幅下降，您能否幫我看一下，今年 10 億美元的收入將如何構成，什麼時候會大幅下降——（多位發言者）

-- asking, but 2014 the WSA I think was about $1.1 billion, so it is slightly lower this year than last year, at the $1 billion level, and the billion dollars of mix of revenue semi-custom graphics and PC.

-- 詢問，但我認為 2014 年 WSA 約為 11 億美元，因此今年比去年略低，為 10 億美元的水平，以及 10 億美元的半定製圖形和 PC 收入組合。

I talked earlier about purchasing $161 million in Q1, and expected the purchases will be in line with our business growth in a second half of the year, and obviously you heard the comment about inventory being up $100 million quarter on quarter from Q1 to Q2. Is our anticipation in support of the new product introductions, as well as the semi-custom ramp in the back half of the year.

我之前談到第一季的採購額為 1.61 億美元，預計採購額將與我們下半年的業務成長保持一致，顯然您也聽到了關於第二季庫存環比增加 1 億美元的評論。我們期待支援新產品的推出以及下半年的半客製化升級。

Got it. Okay, thanks, Devinder.

知道了。好的，謝謝，Devinder。

Ian Ing, MKM Partners.

Ian Ing，MKM Partners。

Yes, thanks for fitting me in. Just some clarification on the SeaMicro exit. For the June quarter, are there any sequential revenue of gross margin impacts from the exit? And SeaMicro, is it fully written down at this point, or are there any assets or IP, that you perhaps can monetize? I know at the time Freedom Fabric looked kind of interesting on interconnect side.

是的，謝謝你幫我安排。只是對 SeaMicro 退出的一些澄清。對於六月季度，退出是否會對毛利率產生連續影響？那麼 SeaMicro 是否已經完全記錄下來了，或者是否有任何資產或 IP 可以貨幣化？我知道當時 Freedom Fabric 在互連方面看起來很有趣。

I think two-part question. If you look at our GAAP charges that we took in Q1, $87 million, the bulk of that is related to this SeaMicro systems business exit, $75 million. The bulk of that is non-cash intangible assets, and obviously there's severance related activities and expenses that are cash.

我認為這個問題分為兩個部分。如果你看一下我們第一季的 GAAP 費用，8700 萬美元，其中大部分與 SeaMicro 系統業務退出有關，為 7500 萬美元。其中大部分是非現金無形資產，而且顯然還有與遣散費相關的活動和費用，都是現金。

As far as fabric is concerned, the IP is still available for us as needed. But that's the way I would leave it.

就結構而言，我們仍然可以根據需要使用該 IP。但這就是我留下的方式。

And impact on June quarter?

對六月季度有影響嗎？

It is already counted for. We went ahead and booked the expenses when we made the decision to exit the systems business, and those expenses are already accounted for in the charges we took in Q1, so there will be no impact on the -- residual impact on the Q2 financials through the guidance that we have provided.

已經算了。當我們決定退出系統業務時，我們已經提前記錄了這些費用，這些費用已經計入了我們在第一季度收取的費用中，因此，根據我們提供的指導，這不會對第二季度的財務狀況產生任何影響。

Okay, understand. Then lastly currency challenges in the regions. Do you have any sort of natural cost hedging with overseas manufacturing? Whether it is front-end wafer supply or backend packaging and test, that can help out?

好的，明白了。最後是地區貨幣挑戰。您是否對海外製造業採取了某種自然的成本對沖措施？無論是前端晶圓供應，還是後端封裝測試，都能幫忙嗎？

Yes, we have operations in [on-port] on the engineering side, as well as on the manufacturing side in China and Malaysia; engineers in India, China, Canada, and we do the typical hedging programs in terms of forecasted expenses on an OpEx basis and go ahead and hedge that. And have been largely successful in mitigating the impact of the currency overall to the P&L, from an OpEx standpoint.

是的，我們在[港口]有工程方面的業務，在中國和馬來西亞也有製造方面的業務；印度、中國、加拿大的工程師，我們根據營運支出預測費用執行典型的對沖計劃，並繼續對其進行對沖。從營運支出的角度來看，在很大程度上成功地減輕了貨幣對損益表的整體影響。

Okay, thanks, Devinder.

好的，謝謝，Devinder。

Great, Operator, that concludes today's earnings conference call.

太好了，接線員，今天的收益電話會議到此結束。

If you could close the call and we would like to thank everybody for participating.

如果您能結束通話，我們要感謝大家的參與。

Thank you, ma'am, and thank you, ladies and gentlemen, for your participation. That does conclude AMD's first-quarter earnings conference call.

謝謝女士，也謝謝女士們、先生們的參與。AMD 第一季財報電話會議就此結束。

You may disconnect your lines at this time. Have a great day.

現在您可以斷開線路。祝你有美好的一天。