超微半導體 (AMD) 2015 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for your patience. You have joined the AMD second-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 第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. I would now like to turn the conference over to Ruth Cotter, Corporate Vice President of Corporate Communications and Investor Relations.

提醒一下，本次會議正在錄製中。現在，我想將會議交給企業傳播和投資者關係公司副總裁 Ruth Cotter。

You may begin.

你可以開始了。

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

感謝您並歡迎參加 AMD 第二季度電話會議。現在，您應該已經有機會查看我們的收益報告副本以及財務長的評論和投影片。如果您尚未查看這些文檔，可以在 AMD 的網站 IR 上找到。AMD.com。

Participants on today's conference call are Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President, Chief Financial Officer and Treasurer. This is a live call and will be replayed via webcast on AMD.com.

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、財務長兼財務長 Devinder Kumar。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

I'd like to highlight a few dates for you. AMD will be presenting at the Pacific Crest Technology Leadership Forum on August 10. 2015, in Colorado; and at the Jefferies Semiconductor Hardware and Communications Infrastructure Summit on August 25, 2015, in Chicago. Additionally, our third-quarter quiet time will begin at the close of business on Friday, September the 11, 2015.

我想向你們重點介紹幾個日期。AMD 將於 8 月 10 日出席太平洋山脊技術領導論壇。2015 年，科羅拉多州；以及 2015 年 8 月 25 日在芝加哥舉行的 Jefferies 半導體硬體和通訊基礎設施高峰會。此外，我們的第三季靜默期將於 2015 年 9 月 11 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. Please note that non-GAAP financial measures referenced during this call are reconciled to their most comparable GAAP financial measure in the press release and CFO commentary posted on our website at quarterlyearnings. AMD.com.

在我們開始之前，請容許我提醒大家，今天的討論包含基於我們目前所見環境的前瞻性陳述。這些聲明是基於當前的信念、假設和期望，僅代表當前日期的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。請注意，本次電話會議中引用的非 GAAP 財務指標與我們網站 quarterlyearnings 上發布的新聞稿和 CFO 評論中最可比較的 GAAP 財務指標相協調。AMD.com。

Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information. 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 March 28, 2015.

請參閱今天的收益新聞稿和財務長評論中的警告聲明以獲取更多資訊。您也可以在我們向美國證券交易委員會 (SEC) 提交的文件中找到有關我們的風險因素的詳細討論，特別是 AMD 截至 2015 年 3 月 28 日的 10-Q 表季度報告。

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

現在，我想把電話轉給麗莎。

Lisa?

麗莎？

Thank you, Ruth.

謝謝你，露絲。

Good afternoon to all those listening in today. As we announced last week, second-quarter revenue and gross margin decreased more than we initially guided, as the consumer PC market became decidedly weaker following our Financial Analyst Day. The softer-than-expected consumer PC demand in advance of the Windows 10 launch caused our OEM notebook sales to slow late in the quarter, as our OEM customers and retailers actively worked through their inventory of Windows 8-based systems. This significantly impacted our second-quarter PC notebook sales and reduced our gross margin, as we ended the quarter with a larger mix of lower gross margin EESC revenue.

今天收聽節目的聽眾大家下午好。正如我們上週宣布的那樣，第二季的營收和毛利率下降幅度超過了我們最初的預期，因為在我們的財務分析師日之後，消費電腦市場明顯變得疲軟。由於我們的 OEM 客戶和零售商積極消化其基於 Windows 8 的系統庫存，Windows 10 發布前消費 PC 需求弱於預期，導致我們的 OEM 筆記型電腦銷售在本季度末放緩。這嚴重影響了我們第二季的筆記型電腦銷售並降低了我們的毛利率，因為本季結束時我們毛利率較低的 EESC 收入佔比較大。

Despite our computing and graphics revenue shortfall, our other businesses performed largely as expected. We also made some good progress during the quarter, as we introduced several key new products; secured multiple embedded design wins across our target markets; and continued to see strength in our semi-custom business.

儘管我們的計算和圖形收入不足，但我們的其他業務表現基本上符合預期。本季我們也取得了一些良好進展，推出了幾款重要的新產品；在我們的目標市場中贏得了多個嵌入式設計；並繼續看到我們的半客製化業務的強勁表現。

Computing and Graphics segment revenue decreased 29% sequentially, based on soft consumer demand. This also impacted sales of our 6th Generation A-Series APU, code named Carrizo, as some OEMs chose to align Carrizo launches with the Windows 10 launch. We expect our mobile unit shipments will rebound and ramp in the second half of the year as more than 35 Carrizo platforms come to market globally.

由於消費者需求疲軟，計算和圖形部門營收季減 29%。這也影響了我們第六代 A 系列 APU（代號為 Carrizo）的銷售，因為一些 OEM 選擇將 Carrizo 的發布與 Windows 10 的發布結合起來。隨著超過 35 個 Carrizo 平台在全球上市，我們預計我們的行動裝置出貨量將在今年下半年反彈並上升。

In the channel, we saw a sequential increase in desktop processor revenue due to solid demand for our FX processors and our A-Series APUs. We also reduced downstream inventory levels in the quarter, largely completing our multi-quarter channel rebalancing effort.

在通路方面，由於對我們的 FX 處理器和 A 系列 APU 的強勁需求，我們看到桌上型電腦處理器收入持續成長。我們還在本季度降低了下游庫存水平，基本上完成了跨季度的通路再平衡工作。

GPU revenue decreased sequentially, in line with seasonality. We did see good initial demand for our new 300 series GPUs and latest flagship Radeon R9 Fury X, which launched late in the quarter and contributed to a sequential improvement in GPU channel revenue and ASP. Fury X is powered by our Fiji GPU, the industry's first graphics chip to feature die-stacked high-bandwidth memory, which can deliver unprecedented performance in an extremely quiet and compact graphics card. We are pleased with the initial ramp-up of our Fiji GPUs and will expand our industry-leading HBM GPU offerings in the coming quarters as we introduce the Fury, Nano, and a high-end dual Fiji GPU card.

GPU 收入隨季節性因素而季減。我們確實看到了對新款 300 系列 GPU 和最新旗艦 Radeon R9 Fury X 的良好初始需求，它們於本季末推出，並促進了 GPU 通路收入和 ASP 的連續提升。Fury X 由我們的 Fiji GPU 提供支持，這是業界第一款採用晶片堆疊高頻寬記憶體的圖形晶片，可以在極其安靜和緊湊的顯示卡中提供前所未有的性能。我們對 Fiji GPU 的初步提升感到非常高興，並將在未來幾季推出 Fury、Nano 和高階雙 Fiji GPU 卡，從而擴展我們業界領先的 HBM GPU 產品。

We also strengthened our management team, as Jim Anderson joined us to lead our Computing and Graphics Business Group. Jim began his career as a processor architect and has held several leadership, business management, and engineering roles across multiple technology companies. He is the ideal leader to return CG to a positive trajectory as we focus on stabilizing the business and then regaining profitable share.

我們也加強了管理團隊，吉姆·安德森加入我們，領導我們的計算和圖形業務集團。Jim 的職業生涯始於處理器架構師，並在多家科技公司擔任領導、業務管理和工程等職務。當我們專注於穩定業務並重新獲得盈利份額時，他是帶領 CG 重返積極軌道的理想領導者。

Looking at our Enterprise, Embedded and Semi-Custom segment, revenue increased 13% sequentially, driven by strong semi-custom sales. We remain on track to set a record for annual semi-custom unit shipments this year. As in 2014, we anticipate the third quarter will be our annual peak for semi-custom shipments and revenue, based on Sony and Microsoft building inventory in advance of the holiday period.

縱觀我們的企業、嵌入式和半客製化部門，受強勁的半客製化銷售推動，營收季增 13%。我們今年仍有望創下年度半客製化單位出貨量的紀錄。與 2014 年一樣，基於索尼和微軟在假期前建立庫存，我們預計第三季將成為我們半客製化出貨量和收入的年度高峰。

We also began development of a new semi-custom design in the quarter. Like our other semi-custom designs, the details are customer confidential. But we are pleased with our progress, continuing to expand our customer base in this important part of our business.

我們也開始在本季開始開發新的半客製化設計。與我們的其他半客製化設計一樣，細節屬於客戶保密。但我們對我們的進展感到滿意，並繼續擴大我們業務這一重要部分的客戶群。

Looking forward, we believe the second quarter will be of our revenue trough for the year, based on stronger second-half demand for game consoles, combined with the ramp of our newest APU and GPU products and OEM demand improving as the market transitions to Windows 10. That said, the PC market remains volatile. We must further align our cost structure with our revenue profile as we focus on our strongest market opportunities and continue investing in the high-performance computing and graphics technologies that can enable us to create great products and reestablish AMD as a leader across our target markets.

展望未來，我們認為第二季將是我們今年的營收低谷，這是基於下半年遊戲機需求的強勁增長，加上我們最新的 APU 和 GPU 產品的增加以及隨著市場向 Windows 10 過渡而導致的 OEM 需求的改善。儘管如此，個人電腦市場仍動盪不安。我們必須進一步使我們的成本結構與收入狀況保持一致，因為我們專注於最強大的市場機會，並繼續投資高效能運算和圖形技術，這使我們能夠創造出優秀的產品並重新確立 AMD 在目標市場的領先地位。

As we discussed in our Financial Analyst Day in May, our focus is to expand margins and improve our cash flow generation by gaining profitable share across the gaming, immersive devices, and data center markets over the next three to five years. We are fully committed to pursuing this strategy as we create a more diversified AMD, capable of generating consistent profitable returns, independent of the ebbs and flows of a single market.

正如我們在五月份的財務分析師日上所討論的那樣，我們的重點是在未來三到五年內在遊戲、沉浸式設備和數據中心市場中獲得盈利份額，從而擴大利潤率並提高現金流生成。我們全力致力於推行這項策略，打造更多元化的 AMD，使其能夠不受單一市場波動的影響，並持續產生獲利回報。

AMD is at it's best when we deliver leading-edge technology based on taking bold, calculated risks that leverage our differentiated IP and design capabilities to create unique products that make our customers incredibly successful. This is where we are focused. Despite the near-term pressures, we have the right strategy to improve AMD's financial results.

當我們在大膽、有計劃的風險基礎上提供尖端技術時，AMD 處於最佳狀態，利用我們差異化的 IP 和設計能力來創造獨特的產品，讓我們的客戶獲得巨大成功。這正是我們關注的重點。儘管面臨短期壓力，但我們擁有改善 AMD 財務表現的正確策略。

Now I'd like to turn the call over to Devinder to provide some additional color on our second-quarter financial performance.

現在我想將電話轉給 Devinder，讓他為我們第二季的財務表現提供一些額外的資訊。

Devinder?

德文德？

Thank you, Lisa.

謝謝你，麗莎。

Good afternoon, everyone. In my remarks today, I will be referencing non-GAAP figures except for revenue, which is on a GAAP basis.

大家下午好。在我今天的發言中，除了收入以外，我將引用非 GAAP 數據，而收入是基於 GAAP 計算的。

As Lisa discussed, second-quarter results reflect the weaker-than expected consumer PC market, which impacted demand from our OEM customers. Our EESC segment revenue was up; our channel inventory corrective actions are largely completed; and although our channel sales came in as expected, up from the prior quarter, it was not enough to offset the impact on our PC OEM processor business.

正如麗莎所討論的，第二季的業績反映出消費 PC 市場弱於預期，這影響了我們 OEM 客戶的需求。我們的 EESC 部門收入上升了；我們的通路庫存糾正措施已基本完成；儘管我們的通路銷售額達到預期，高於上一季度，但不足以抵消對我們的 PC OEM 處理器業務的影響。

Second-quarter revenue was $942 million, down 8% sequentially, primarily driven by lower sales to our PC OEM customers. The year-over-year decline of 35% was largely driven by decreased sales across our computing and graphics products.

第二季營收為 9.42 億美元，季減 8%，主要原因是我們的 PC OEM 客戶銷售額下降。年比下降 35% 主要是由於我們的計算和圖形產品銷售下降。

Gross margin was 28% (sic, see Press Release, "25 percent), down 4%, 7 percentage points from the prior quarter, primarily due to a higher mix of Enterprise, Embedded, Semi-Custom segment revenue and lower-than-anticipated Computing and Graphics segment notebook APU unit volumes. Additionally, our GAAP gross margin was affected by a $33 million technology note transition charge.

毛利率為 28%（原文如此，請參閱新聞稿「25%），下降 4%，比上一季下降 7 個百分點，主要原因是企業、嵌入式、半客製化部門收入組合較高，而計算和圖形部門筆記型電腦 APU 單位銷量低於預期。此外，我們的 GAAP 毛利率受到 3,300 萬美元技術票據過渡費用的影響。

Operating expenses in the second quarter were $353 million, down $4 million from the prior quarter. Operating loss was $87 million; and net loss was $131 million plus $0.17 per share, calculated using 778 million shares. Net interest expense, other expense and taxes were $44 million in the quarter, up from $43 million in the prior quarter. Adjusted EBITDA was negative $42 million, down from a positive $13 million in the prior quarter and, on a trailing four-quarter adjusted basis, adjusted EBITDA was $200 million.

第二季營運費用為 3.53 億美元，較上一季減少 400 萬美元。營業虧損為8,700萬美元；淨虧損為 1.31 億美元，每股虧損 0.17 美元（以 7.78 億股計算）。本季淨利息支出、其他支出及稅金為 4,400 萬美元，高於上一季的 4,300 萬美元。調整後的 EBITDA 為負 4,200 萬美元，低於上一季的正 1,300 萬美元，而在過去四季的調整後 EBITDA 為 2 億美元。

Now, turning to the business segments. Computing and Graphics revenue was $379 million, down 29% sequentially, primarily due to decreased sales of our client notebook processors due to a weak consumer PC market impacting our sales to OEMs. Channel PC processor and graphics sales were in line with the Company's expectations. Computing and Graphics operating loss was $147 million, compared to a $75 million loss in the prior quarter, primarily due to lower notebook processor sales.

現在，轉向業務部門。計算和圖形收入為 3.79 億美元，環比下降 29%，主要原因是消費 PC 市場疲軟影響了我們對 OEM 的銷售，導致客戶筆記型電腦處理器的銷售下降。通路PC處理器和顯示卡的銷售符合公司的預期。計算和圖形業務營運虧損為 1.47 億美元，而上一季虧損為 7,500 萬美元，主要原因是筆電處理器銷量下降。

Enterprise, Embedded and Semi-Custom revenue was $563 million, up 13% from the prior quarter, driven by higher sales of our semi-custom SOCs. Operating income of this segment was $27 million, down from $45 million in the prior quarter, due to the $33 million technology note transition charge.

企業、嵌入式和半客製化收入為 5.63 億美元，較上一季成長 13%，這得益於我們半客製化 SOC 的銷售額成長。該部門的營業收入為 2,700 萬美元，低於上一季的 4,500 萬美元，原因是 3,300 萬美元的技術票據過渡費用。

Turning to the balance sheet, our cash, cash equivalents, and marketable securities balance totaled $829 million at the end of the quarter, down $77 million from the prior quarter, primarily due to lower sales in the quarter. Inventory was $799 million, up from $688 million in the prior quarter, in line with expectations in support of semi-custom holiday season sales in the second half of 2015, and due to lower sales of our client products driven by the week consumer PC market.

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 8.29 億美元，比上一季減少 7,700 萬美元，主要原因是本季銷售額下降。庫存為 7.99 億美元，高於上一季的 6.88 億美元，符合預期，以支持 2015 年下半年的半客製化假日季銷售，並且由於消費者 PC 市場疲軟導致我們的客戶產品銷量下降。

Debt as of the end of the quarter was $2.27 billion, flat from the prior quarter. This includes an additional $42 million draw on our ABL facility, which was utilized to extinguish our 6% convertible senior notes that came due in May 2015. With the final payoff of our 2015 debt tower, there are no term debt maturities due until 2019.

截至本季末的債務為 22.7 億美元，與上一季持平。這包括從我們的 ABL 信貸額度中額外提取 4,200 萬美元，用於償還 2015 年 5 月到期的 6% 可轉換優先票據。隨著我們 2015 年債務塔的最終還清，2019 年之前不再有定期債務到期。

Free cash flow in the quarter was negative $75 million, an improvement of $120 million from the prior quarter.

本季自由現金流為負 7,500 萬美元，較上一季增加 1.2 億美元。

Now turning to the outlook. At our Financial Analyst Day in May, we provided a view of our business in the second half of the year and an overview of the drivers that we believe will return AMD to profitability in the back half of the year. However, late in the second quarter, our OEM client PC demand was lower, triggered by the impact of the Windows 10 launch and inventory re-profiling by OEM customers. Due to the shift in the PC market, we are now seeing a more challenging environment than we did in May, with OEMs remaining very cautious about the second half, particularly the back-to-school cycle. It is against this backdrop that we provide the following outlook.

現在轉向展望。在五月的財務分析師日上，我們闡述了對下半年業務的展望，並概述了我們認為將使 AMD 在下半年恢復盈利的驅動因素。然而，在第二季末，受 Windows 10 發布和 OEM 客戶重新配置庫存的影響，我們的 OEM 用戶端 PC 需求有所下降。由於個人電腦市場的轉變，我們現在看到的環境比五月更具挑戰性，OEM 對下半年，特別是返校週期仍然非常謹慎。正是在此背景下，我們提出以下展望。

For the third quarter of 2015, AMD expects revenue to increase 6% sequentially, plus or minus 3%. Non-GAAP gross margin is expected to be approximately 29%. Non-GAAP operating expenses are expected to be approximately $340 million.

2015年第三季度，AMD預計營收將季增6%，上下浮動3%。非公認會計準則毛利率預計約29%。非公認會計準則營運費用預計約為 3.4 億美元。

Interest expense, taxes and other to be approximately $45 million. Inventory is expected to be approximately $850 million, in support of the second-half product RAMs and semi-custom sales to support the holiday season. Cash is expected to be approximately $700 million. This cash balance includes third-quarter interest expense payments on our debt of approximately $70 million.

利息支出、稅金及其他費用約為 4,500 萬美元。庫存預計約為 8.5 億美元，用於支援下半年產品 RAM 和半客製化銷售，以支援假期季節。現金預計約7億美元。該現金餘額包括我們第三季約 7,000 萬美元債務的利息費用支付。

Due to the recent change in the PC market outlook, our goal of second-half profitability has been pushed out. However, we will continue to work towards improving our second-half financial performance. We are assessing actions to be taken to reduce our current cost structure, with a view to lower operating expenses to better align with our near-term revenue profile. We anticipate restructuring charges associated with those actions.

由於近期個人電腦市場前景的變化，我們下半年獲利的目標被推遲了。不過，我們將繼續努力改善下半年的財務表現。我們正在評估應採取的措施來降低我們目前的成本結構，以降低營運費用，從而更好地適應我們的近期收入狀況。我們預計這些行動將產生重組費用。

In conclusion, we look forward to seeing improvements in the back half of the year, as we ramp semi-custom wins and our newest APU and GPU products. We remain focused on executing our longer-term product road map strategy, as laid out at our Financial Analyst Day.

總而言之，隨著我們半客製化產品的勝利以及我們最新的 APU 和 GPU 產品的推出，我們期待在今年下半年看到進步。我們仍然專注於執行我們在財務分析師日上提出的長期產品路線圖策略。

With that, I'll turn the call back over to Ruth.

說完這些，我就把電話轉回給露絲。

Ruth?

露絲？

Thank you, Devinder.

謝謝你，Devinder。

Operator, if you could poll the audience for questions, please?

接線員，可以向觀眾提問嗎？

(Operator Instructions)

（操作員指示）

David Wong with Wells Fargo.

富國銀行的 David Wong。

Devinder, can you remind us as to what your minimum cash balance goal is? Also, do you have -- should you need to raise additional cash, do you have an order of preference of the types of cash raised that you would work through?

Devinder，您能提醒我們您的最低現金餘額目標是多少嗎？此外，如果您需要籌集額外的現金，您是否有優先使用哪幾種類型的現金的順序？

Thank you, David. From a cash standpoint, as you probably -- as we said previously, we have a minimum target of about $600 million to a range of $1 billion. We can manage it lower than that from a viewpoint of where our revenue and our profile of the business more or less right now. In Q2, as you saw, we ended at about $830 million of cash. As far as the financing is concerned, our capital markets, on an ongoing basis, I monitor the capital markets pretty closely and if the need arises, obviously, we'll access the capital market. I think, from an overall standpoint, if you think about it, with the cash that we have, we also have ABL availability that we put in place and the late part of 2013 and that's not all fully tapped out. That's how we'd leave it from a cash standpoint, David.

謝謝你，大衛。從現金角度來看，正如您可能 - 正如我們之前所說，我們的最低目標約為 6 億美元至 10 億美元。從我們的收入和業務狀況來看，我們可以將其控制在更低的水平。如您所見，在第二季度，我們的現金餘額約為 8.3 億美元。就融資而言，我們會持續密切關注我們的資本市場，如果有需要，我們顯然會進入資本市場。我認為，從整體角度來看，如果你仔細想想，我們擁有的現金、我們設定的 ABL 可用性以及 2013 年末的可用資金都還沒有完全用完。從現金角度來看，這就是我們的結論，大衛。

Okay. Great. Lisa, can you give us some idea in terms of semi-custom activities? How many projects you have in the pipeline? You mentioned that you had one that you'd begun working on. Are there others that we might hear about over the next few quarters?

好的。偉大的。Lisa，您能為我們講講半客製化活動方面的想法嗎？您目前有多少個專案正在籌備中？您提到您已經開始著手做一件事了。在接下來的幾個季度我們還會聽到其他消息嗎？

On the semi-custom business, we've certainly been active in our work with various customers across target markets. Last year, we had announced two new semi-custom designs that were roughly $1 billion in revenue, lifetime revenue, that would start ramp in the second half of 2016. We've started a new design this quarter that we believe expands our base for the semi-custom business and we are very pleased with that. Then we still have a fairly active pipeline in semi-custom, as well. We view it as very much an area where there is a strategic interest in integrating our graphics and CPU IP going forward.

在半客製化業務方面，我們一直積極與目標市場的各種客戶合作。去年，我們宣布了兩種新的半客製化設計，其收入（終身收入）約為 10 億美元，將於 2016 年下半年開始成長。本季我們已經開始了一項新設計，我們相信這擴大了我們的半客製化業務的基礎，我們對此感到非常高興。我們在半客製化領域仍然擁有相當活躍的管道。我們認為這是一個具有戰略利益的領域，未來我們將在整合圖形和 CPU IP 方面有所作為。

Great. Thanks.

偉大的。謝謝。

Ian Ing with MKM Partners.

MKM Partners 的 Ian Ing。

My first question is in the GPU refresh. It's only been days and weeks, but it looks like on the retail sides, the Fury X and Fury is out of stock. Being out of stock, is this demand issue or more of a supply constrained issue?

我的第一個問題是關於 GPU 刷新。雖然才過了幾天和幾週，但看起來零售方面 Fury X 和 Fury 已經缺貨。缺貨是需求問題還是供應受限問題？

We did just launch our graphics products towards the end of the second quarter, so in the late June timeframe. I think our initial ramp up has been expected. We are pleased with the Fury X ramp up, certainly the fact that it is out of stock is not a bad thing, because it gives us good confidence that the customers are appreciating the product. Fury just launched, actually, this week and we will be launching Nano in the August timeframe. I think overall, the high-bandwidth memory ramp up is going as expected and we have a number of products coming out.

我們確實在第二季末，也就是六月底推出了我們的圖形產品。我認為我們最初的成長是符合預期的。我們對 Fury X 的銷售成長感到滿意，當然缺貨並不是壞事，因為這讓我們有信心客戶會喜歡這款產品。實際上，Fury 本週剛推出，我們將在 8 月推出 Nano。我認為總體而言，高頻寬記憶體的成長正按預期進行，並且我們有許多產品即將推出。

Okay. You talked about the channel business now behaving largely as expected. Is that fairly stable at this point going forward? I know there are some China macro issues that are still coming up on earnings calls, like Fairchild this morning.

好的。您談到通路業務目前的表現基本上符合預期。從目前來看，這種情況是否相當穩定？我知道有些中國宏觀問題仍在收益電話會議上討論，例如今天早上的飛兆半導體。

Overall, in our desktop and AIB channel business, we actually grew quarter on quarter while reducing downstream inventory. We've been talking for the last couple of quarters of draining downstream inventory and we now believe that we are close to largely completed with that. Relative to China, I think there are some macro issues, and we are watching carefully the China market, overall. But relative to our channel business, I think the inventory corrections that we're working on have progressed as planned.

總體而言，我們的桌面和 AIB 通路業務實際上實現了環比增長，同時減少了下游庫存。過去幾季我們一直在談論消耗下游庫存，現在我們相信這項工作已基本完成。相對於中國，我認為存在一些宏觀問題，我們正在密切關注中國市場的整體情況。但相對於我們的通路業務，我認為我們正在進行的庫存調整已經按計劃進行。

Great. And then my last question, I think you covered a lot of the second half catalysts and product cycles. The one thing I didn't hear about was the Seattle launch, the ARM-based Seattle launch, I think that is second half year this year. Is that still on track, or is there any other catalysts or product cycles we're missing?

偉大的。我的最後一個問題是，我認為您涵蓋了許多下半年的催化劑和產品週期。我沒有聽說的一件事是西雅圖的發布會，基於 ARM 的西雅圖發布會，我認為那是今年下半年。這是否仍在按計劃進行，或者我們是否錯過了其他催化劑或產品週期？

Yes, Ian, for the key products for the second half, certainly Carrizo on the APU side, the Fiji family of products on the GPU side, and then Seattle will continue to launch in the second half of this year.

是的，Ian，對於下半年的重點產品，肯定是APU方面的Carrizo，GPU方面的Fiji系列產品，然後Seattle將在今年下半年繼續推出。

Okay. Thank you.

好的。謝謝。

Vivek Arya with BofA Merrill Lynch.

美銀美林的 Vivek Arya。

On the wafer supply agreement with Global Foundries, I believe it was for $1 billion-plus or so this year. So far, you are done with $367 million. I'm just curious, Devinder, do think you will be able to fulfill this obligation this year? If not, are there any financial implications we should be taking into account?

關於與 Global Foundries 達成的晶圓供應協議，我相信今年的金額約為 10 億美元以上。至此，您已經用完了 3.67 億美元。我只是好奇，Devinder，你認為今年你能夠履行這項義務嗎？如果沒有，我們是否應該考慮任何財務影響？

On the wafer supply agreement, we've taken about $400 million-plus for the year against a commitment we made earlier this year. We're working actively to re-profile our wafer prices commitment with Global Foundries in particular, given the business outlook.

就晶圓供應協議而言，我們今年已獲得約 4 億多美元的收入，這與我們今年稍早所做的承諾相符。考慮到業務前景，我們正在積極努力重新制定與 Global Foundries 的晶圓價格承諾。

Do you anticipate any financial implications that we should be taking into account when we look at your cash flow model?

當我們查看您的現金流模型時，您是否預期我們應該考慮任何財務影響？

I think other than re-profiling the wafer prices commitments, when you re-profile, obviously, there is a linkage to the cash from an outflow standpoint, because the purchases happen and then the cash is paid out. Other than that, that would be -- I don't anticipate any financial implications.

我認為，除了重新調整晶圓價格承諾之外，當你重新調整時，顯然從流出的角度來看，它與現金有聯繫，因為購買發生然後現金被支付。除此之外，我預計不會有任何財務影響。

Got it. Maybe one for you, Lisa. If we look at -- you are actively trying to bring OpEx in line with the revenue profile. If I look at all the semi-custom wins that you have had so far, they have been at lower gross margins. Is that how we should see some of the newer wins, that they would also be at lower gross margins than corporate average? And if it is lower gross margins, do you think you can cut OpEx fast enough to be sustainably free cash flow positive sometime in the near future?

知道了。也許有一個適合你，麗莎。如果我們看一下—您正在積極嘗試將營運支出與收入狀況保持一致。如果我看一下你們迄今為止取得的所有半客製化勝利，它們的毛利率都較低。我們是否應該這樣看待一些較新的勝利，即它們的毛利率是否也低於企業平均？如果毛利率較低，您是否認為您可以快速削減營運支出，以便在不久的將來實現可持續的自由現金流為正？

Yes. Let me take that question in a couple parts. When we think about OpEx, look, we want to make very strategic decisions around OpEx. We have a long-term roadmap. We have several segments that we are investing in for long-term growth and the computing and the graphics IP are critical to make that happen. That said, we do have to align our OpEx with our current revenue projections, and I think we have an opportunity to do that going forward.

是的。讓我分成幾個部分來回答這個問題。當我們考慮營運支出時，我們希望圍繞營運支出做出非常有策略性的決策。我們有一個長期路線圖。我們正在投資多個領域以實現長期成長，而運算和圖形 IP 對於實現這一目標至關重要。也就是說，我們確實必須將我們的營運支出與目前的收入預測保持一致，我認為我們有機會在未來做到這一點。

Relative to semi-custom and what that means in terms of gross margin profile, I think the semi-custom business is across a set of target markets. Game consoles is one of those markets, but there are other markets that we have had success in. And when you look across those markets, I think there will be a range of gross margins as well, depending on the IP and the overall product specifications. So, the goal is to return profitability. I think there's no question about that, and we will take active actions on both the top line and the bottom line to do that. But I wouldn't make any assumptions about the relationship between semi-custom and OpEx.

相對於半客製化以及其對毛利率狀況的影響，我認為半客製化業務涉及一系列目標市場。遊戲機就是其中一個市場，但我們在其他市場也成功了。當你觀察這些市場時，我認為也會有一系列的毛利率，這取決於 IP 和整體產品規格。因此，目標是恢復獲利能力。我認為這是毫無疑問的，我們將在營收和利潤兩方面採取積極行動來實現這一目標。但我不會對半客製化和營運支出之間的關係做出任何假設。

Thank you.

謝謝。

Matt Ramsay with Canaccord Genuity.

Canaccord Genuity 的 Matt Ramsay。

A little bit of a longer-term strategic question for you, Lisa. Last night, Intel announced the addition of a new chip on their 14-nanometer roadmap and pushed back 10. It strikes me as two things. One, love to get your commentary relative to your foundry partners as to how the [Moore's Law] progression is going, particularly with Zen coming on 14-nanometer next year. Second, it looks like now you will be in a position to potentially overlap your Zen products with a generation of Intel products that is still on 14-nanometer. Just your reaction to that, in general, and the competitive landscape on the foundry side. Thanks.

麗莎，我想問你一個比較長期的策略問題。昨晚，英特爾宣佈在其 14 奈米路線圖上增加一款新晶片，並將 10 奈米晶片的發佈時間推遲。我覺得有兩點。首先，我很想聽聽您相對於代工夥伴對摩爾定律進展的評論，特別是明年 Zen 將採用 14 奈米技術。其次，現在看起來，您將有可能將您的 Zen 產品與仍採用 14 奈米技術的英特爾產品世代重疊。總的來說，這只是您對此的反應，以及代工方面的競爭格局。謝謝。

Matt, I do think the process technology landscape, right now, is quite interesting. On the first part of your question, how do we view FinFET technologies? Actually, I think the maturity of FinFET technologies is coming along very nicely, so we see it as an important part of our roadmap in 2016 across all of our markets. We've actually just taped out our first couple of FinFET designs.

馬特，我確實認為目前的工藝技術前景相當有趣。關於你問題的第一部分，我們如何看待FinFET技術？實際上，我認為 FinFET 技術正在逐漸成熟，因此我們將其視為 2016 年所有市場路線圖的重要組成部分。實際上，我們剛剛完成了第一批 FinFET 設計。

Relative to what that means for the competitive landscape going forward, I've been asked that question a couple of times over the last year and my comments have been, our focus is on design architecture and ensuring that we use all of our design architecture expertise. Zen is a clean sheet design and from architectural standpoint, I think it's going to be very competitive. The fact that the gap between foundry technologies and other technologies is shrinking, I think does change the competitive landscape and will be a good opportunity as we go forward competitively. We are aggressively going after FinFET and I think that's going to be an incredibly important node for us.

相對於這對未來的競爭格局意味著什麼，過去一年我曾被問過幾次這個問題，我的評論是，我們的重點是設計架構，並確保我們利用所有的設計架構專業知識。Zen 是一種全新的設計，從建築角度來看，我認為它將非常具有競爭力。事實上，代工技術與其他技術之間的差距正在縮小，我認為這確實改變了競爭格局，並將成為我們未來競爭的良好機會。我們正在積極追求 FinFET，我認為這對我們來說將是一個非常重要的節點。

That's helpful. Just as a follow-up for Devinder, you had mentioned in your commentary right sizing the operating costs for the new state of the business, and you guys had given some targets for the full back half of the year at the Analyst Day and you pulled back on the profitability target now. Maybe you could just give a little more granular look comments on what you think a proper OpEx structure is for the business as you see it right now, relative to some of the longer-term targets you gave at the Analyst Day? Thank you.

這很有幫助。正如對 Devinder 的後續提問，您在評論中提到了根據新的業務狀況正確確定營運成本，並且你們在分析師日上給出了今年下半年的一些目標，現在您撤回了盈利目標。也許您可以更詳細地評論一下，就您目前所見的業務而言，相對於您在分析師日上給出的一些長期目標，什麼是適當的營運支出結構？謝謝。

Good question. I think from a timeframe of profitability, we had said at the Financial Analyst Day that we expect to be profitable in the second half. Obviously, that has been pushed out. We are taking actions to reduce the cost structure in line with the near-term revenue outlook. And if you look at the guidance we gave or Q3, the OpEx is down from $353 million, down to $340 million, and it will go down from there as we assess the actions and take actions that reduce the cost structure. Those actions are being assessed right now, are not yet finalized. Once those are finalized, obviously we'll share the details with you.

好問題。我認為從獲利的時間框架來看，我們在財務分析師日上就說過，我們預計下半年將會獲利。顯然，這已被推遲。我們正在採取行動，根據近期收入前景降低成本結構。如果你看一下我們給出的第三季的指導，營運支出從 3.53 億美元下降到 3.4 億美元，而且隨著我們評估行動並採取行動降低成本結構，營運支出還會繼續下降。這些行動目前正在評估中，尚未最終確定。一旦最終確定，我們顯然會與您分享詳細資訊。

All right. Thanks very much.

好的。非常感謝。

Ross Seymore with Deutsche Bank.

德意志銀行的羅斯·西摩。

The first one, on the guidance, any sort of color you can give between the two segments, even directionally? As you saw in the second quarter, they perform significantly differently and that has [big] margin implications? Any color you can give there would be helpful.

第一個問題，在指導方面，您可以在兩個部分之間添加什麼顏色，甚至是方向性的？正如您在第二季度看到的那樣，它們的表現明顯不同，這對利潤率有很大影響？您提供的任何顏色都會有所幫助。

Yes, Ross, let me start and maybe Devinder will have some comments. In terms of the third-quarter guidance, we do expect both segments to be up. We said previously that the semi-custom business usually has it's strongest quarter in the third quarter. We think that's going to continue to be the case. The computing and graphics business is coming off of a low quarter, so we would expect improvement in both units, as well as overall revenue as well. I think you will see both segments improve in the third quarter.

是的，羅斯，讓我先開始，也許德文德會有一些評論。就第三季的業績指引而言，我們確實預期這兩個部門都會有所成長。我們之前說過，半客製化業務通常在第三季表現最為強勁。我們認為這種情況將會持續下去。計算和圖形業務剛剛走出低迷的季度，因此我們預計這兩個部門以及整體收入都會有所改善。我認為您將在第三季度看到這兩個部門都有所改善。

Great. As a follow-up, looking a little further out in the semi-custom side of things, just wanted to follow up to an earlier question on the gross margin side, but take a little bit more of a revenue look at it first. If the new businesses are coming on throughout the 2016 period but the traditional full penetration of the gaming business folds over simultaneously, how do you view the trade off between those as it results in your ability to grow that segment of your business? And what does that mean to gross margin of some of those smaller aggregate dollar opportunities may have better gross margins than the game console semi-custom business that you have today?

偉大的。作為後續問題，進一步看一下半定制方面的情況，只是想跟進之前關於毛利率方面的問題，但首先從收入角度看一下。如果 2016 年期間新業務不斷湧現，但傳統遊戲業務的全面滲透卻同時結束，您如何看待這兩者之間的權衡，因為這會影響您發展該業務部門的能力？那麼，這對於一些總收入較小的機會的毛利率意味著什麼？這些機會的毛利率可能比您今天的遊戲機半客製化業務更高？

Let me try to put it this way. The, let's call it, the base semi-custom business that is around the game consoles, I think if you look at units and the units that ship year on year, I think we will still see 2016 to be a fairly solid year for the traditional, let's call it game console business, overall. And then as we layer on top of it some of the new wins, I think that does give us potential to grow in the second half of the year. Obviously, there is a lot to happen between now and then, but I do see semi-custom as a growth driver for us going forward.

讓我試著這樣說。我們稱之為圍繞遊戲機的基本半定制業務，我認為，如果你看一下單位數量和逐年出貨的單位，我認為我們仍然會看到 2016 年對於傳統的，我們稱之為遊戲機業務來說，總體而言是相當穩健的一年。然後，當我們在此基礎上取得一些新的勝利時，我認為這確實會為我們在下半年帶來成長的潛力。顯然，從現在到那時還有很多事情要做，但我確實認為半客製化是我們未來的成長動力。

And the gross margin implication?

這對毛利率有何影響？

With semi-custom, I think I would rather talk about operating margin, because I think that is the better view of it. I think the operating margins should also improve going forward.

對於半定制，我認為我寧願談論營業利潤率，因為我認為這是更好的看法。我認為未來營業利潤率也應該會提高。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Sanjay Chaurasia with Nomura.

野村證券的 Sanjay Chaurasia。

I have a two-part question on HBM and a follow-up. First question on HBM is, is it margin accretive or dilutive in your -- within your GPU business? Second question is, as you integrated HBM, can you talk about the challenges you face, and would you say that you have any technological lead here in integrating HBM in GPUs? Is it basically the six to eight month lead that you have been able to gain, or is there more to it that you could see, you could maintain a longer lead here?

我有一個關於 HBM 的兩部分問題和一個後續問題。關於 HBM 的第一個問題是，在您的 GPU 業務中，它是增加利潤還是稀釋利潤？第二個問題是，當您整合 HBM 時，您能談談您面臨的挑戰嗎？您是否認為您在將 HBM 整合到 GPU 方面具有技術領先優勢？基本上，您已經能夠獲得六到八個月的領先優勢了嗎？或者您看到了更多的優勢，可以在這裡保持更長的領先優勢？

Maybe the second question first. Relative to HBM, I think we do have a lead. We're the first in the industry to integrate HBM in GPUs. We've targeted at the enthusiast segment because that is the right segment, I would say, to learn the manufacturing technology.

也許首先是第二個問題。相對於HBM，我認為我們確實領先。我們是業內第一家將 HBM 整合到 GPU 中的公司。我們瞄準的是愛好者群體，因為我認為他們是學習製造技術的正確群體。

I would say that the manufacturer has come up as expected. We expect that the overall family of Fiji GPUs, the way we roll it out, will be a strong set of products in the second half of the year. Relative to the margins, I won't comment specifically about it, but I will say overall, the key goal is to grow graphics market share. Growing graphics market share, having a leadership strong product portfolio at the enthusiast segment, helps across the entire portfolio.

我想說製造商已經達到預期水準了。我們預計，以我們推出的方式，整個 Fiji GPU 系列將成為今年下半年的一組強大的產品。相對於利潤率，我不會具體評論，但總的來說，關鍵目標是增加圖形市場份額。不斷增長的圖形市場份額，在發燒友領域擁有強大的領導地位的產品組合，有助於整個產品組合的發展。

Okay. As a follow-up, you talked about 20-nanometer designs migrating to FinFET. Could you talk about which specific product was impacted and the associated impact on your revenue growth in the second half?

好的。作為後續，您談到了 20 奈米設計遷移到 FinFET。您能否談談哪些具體產品受到了影響以及對下半年收入成長的影響？

On the 20-nanometer case, we did speak a little bit about that at our Financial Analyst Day in May. We started several designs in 20-nanometer and after looking at the overall design trade-offs, we felt that FinFET was much more competitive, and so we decided to move the number of designs into FinFET technology. Relative to the second half of the year, I don't think there's anything substantive to talk about. I think the important thing is ensuring that we get our product portfolio into FinFET technology next year, which will improve our overall competitiveness.

關於 20 奈米的情況，我們確實在 5 月的財務分析師日上談了一些。我們在 20 奈米製程中開始了多項設計，在考慮了整體設計權衡之後，我們認為 FinFET 更具競爭力，因此我們決定將大量設計轉移到 FinFET 技術中。相對於下半年，我覺得沒有什麼實質的事情可以談。我認為重要的是確保我們的產品組合明年能夠採用 FinFET 技術，這將提高我們的整體競爭力。

Thanks so much.

非常感謝。

Mark Lipacis with Jefferies.

傑富瑞 (Jefferies) 的馬克‧利帕西斯 (Mark Lipacis)。

First one on the new semi-custom design that you just started to work on. Could you go through the lifecycle of one of these? When do see the NRE? When do you see the chip revenues from this come in?

第一個是關於您剛開始進行的新的半客製化設計。能介紹一下其中一個的生命週期嗎？什麼時候看 NRE？您認為什麼時候能從中得到晶片收入？

We start initial NRE payments as we start the design and it goes through the design lifecycle. And then over -- depending on the design, it will take anywhere from 24 to 36 months to see significant revenue. On this particular design, we haven't been specific on the overall timing, but I will say that the lifetime revenue is in the range that we've previously stated for semi-custom, so in the $200 million to $500 million range.

我們在開始設計時就開始初始 NRE 付款，並且它會貫穿整個設計生命週期。然後——根據設計的不同，需要 24 到 36 個月才能看到可觀的收入。對於這個特定的設計，我們還沒有具體說明整體時間安排，但我要說的是，終身收入在我們之前所說的半客製化範圍內，也就是在 2 億美元到 5 億美元之間。

Okay. Great. That's helpful. Lisa, Mark Papermaster has mentioned virtual reality as being one of the next big things in the industry. How does that market play out for you guys? When do start participating in that?

好的。偉大的。這很有幫助。Lisa，Mark Papermaster 曾經提到虛擬實境是該行業的下一個​​重大事件之一。你們覺得這個市場表現如何？什麼時候開始參加？

We're extremely excited about the virtual reality market. If you look at the progression of that market and how quickly it has evolved, even over the last 12 months, I think it's an area that really uses both CPU and GPU technology. If you look at the headset manufacturers are the ones will have product out. Most of those are stating product shipments sometime in the 2016 timeframe, starting early 2016. Today, it's mostly developer systems, but working closely with the developers, with our GPU technology migrating to more commercial systems in 2016, there is a significant need for high-performance graphics. So, we view it as a growth driver for our graphics business.

我們對虛擬實境市場感到非常興奮。如果你觀察一下該市場的發展以及它在過去 12 個月中發展的速度，我認為這是一個真正使用 CPU 和 GPU 技術的領域。如果你看一下耳機製造商，你會發現他們都會推出產品。其中大多數都表示產品將在 2016 年某個時間（即 2016 年初）發貨。如今，它主要是開發者係統，但透過與開發者密切合作，隨著我們的 GPU 技術在 2016 年遷移到更多商業系統，對高效能圖形的需求顯著增加。因此，我們將其視為圖形業務的成長動力。

On that, are you of the view that this is business applications, or consumer gaming applications? Where do you think it will show up first?

對此，您認為這是商業應用程序，還是消費者遊戲應用程式？您認為它會首先出現在哪裡？

I think it will start with consumer gaming applications. That's where a lot of the activity is. But I think it will migrate to some education and other entertainment applications, as well.

我認為它將從消費者遊戲應用程式開始。那裡有很多活動。但我認為它也會遷移到一些教育和其他娛樂應用程式。

Thank you. Last question for Devinder, if I may. Devinder, in the event that revenues continue to trickle down, is there -- I understand a lot of the R&D is shared. Is there an R&D level below which you really -- the Company does not want to go below?

謝謝。如果可以的話，我想問 Devinder 最後一個問題。Devinder，如果收入繼續減少，那麼——我知道很多研發都是共享的。是否存在一個您真正不希望公司低於的研發水準？

I think it goes back to some the things we talked about at the Financial Analyst Day. Fundamentally, we have a roadmap. We have specific products that are coming out over the next, call it, 18-month timeframe, and we are going to do everything possible to protect that roadmap. R&D is obviously going to be the higher priority from that standpoint. Even as we talk and contemplate about the actions we're going to take, we are going to do everything to protect that roadmap for the longer term, a strategic roadmap as well as the financial model.

我認為這可以追溯到我們在金融分析師日談論的一些事情。從根本上來說，我們有一個路線圖。我們有特定的產品將在未來 18 個月內推出，我們將盡一切努力保護該路線圖。從這個角度來看，研發顯然將成為更高的優先事項。即使我們在談論和思考我們將要採取的行動時，我們也將盡一切努力保護長期路線圖、策略路線圖以及財務模型。

Fair enough. Thank you very much.

很公平。非常感謝。

Christopher Rolland with FBR.

FBR 的 Christopher Rolland。

First, just a quick clarification and then the question. I was a little confused on the semi-custom. Lisa, did you say that you had two new semi-custom wins and new just added one for a total of three, or is it still just two?

首先，簡單澄清一下，然後再提出問題。我對半定制有點困惑。Lisa，你是說你有兩次新的半客製化勝利，並且剛剛增加了一次，總共三次，還是仍然只有兩次？

Yes, Chris, it's we had two that we announced last year and then we just added a third.

是的，克里斯，我們去年宣布了兩個，然後又增加了第三個。

Okay. The one you just added, is that the new one, or are you building one that will launch in 2016? That is a new one?

好的。您剛剛新增的那個是新的嗎？還是您正在建立一個將於 2016 年推出的版本？這是新的嗎？

Yes. That is the new one.

是的。這是新的。

Okay, excellent. Secondly on inventories, $850 million seemed a little bit high there. How much of that is that new semi-custom win that you are ramping there and how much of it is console, and where might inventories base out in 2016?

好的，非常好。其次，就庫存而言，8.5億美元似乎有點高。其中有多少是你們大力推廣的新型半客製化遊戲，又有多少是遊戲機，2016 年的庫存基礎在哪裡？

First of all, to clarify, the new semi-custom win that Lisa just referenced and you just discussed with -- it's out in time. It's not a second-half 2015 inventory item. Going back to your specific observation on the inventory being up from a Q2 to Q3 standpoint, it is a support the second-half product ramp and semi-custom sales in particular. And really the second half stronger than the first half from a revenue standpoint leads to that inventory going up from Q2 to Q3. And we continue to manage it and I fully expect that, that inventory comes down after we get past the Q3 free timeframe.

首先，需要澄清的是，麗莎剛才提到的、以及您剛才討論過的新的半客製化勝利——它已經及時推出。這不是 2015 年下半年的庫存商品。回到您對從第二季到第三季庫存增加的具體觀察，這尤其支持了下半年產品的成長和半客製化銷售。從營收角度來看，下半年確實比上半年表現強勁，導致庫存從第二季上升到第三季。我們會繼續管理它，我完全預計，在度過第三季的免費時間段後，庫存會下降。

Okay. Devinder, while I have you, just on the back of some of the gross margins questions, there's so many moving parts I think we're all having problems modeling over the next year. How can we think about it, just high level and directionally, with all these moving parts as game consoles roll off, as new semi-custom wins might roll on, and as we transition to 14-nanometer? Just sort of directional insights here, just that so we don't get blindsided.

好的。Devinder，當我問你關於一些毛利率的問題時，我認為有很多變動因素，我們都會在未來一年的建模中遇到問題。隨著遊戲機的推出、新的半客製化勝利的出現以及我們向 14 奈米過渡，我們如何從高層次和方向上考慮這個問題，以及所有這些活動部件？這只是一些方向性的見解，這樣我們就不會措手不及。

I think if you can look at it from a viewpoint of Q3, the drivers, obviously the mix of the products within the segments, but also Q3 in particular, the higher mix of the semi-custom, as Lisa referenced, is a peak quarter from a semi-custom revenue standpoint. After that, obviously, the continuing trajectory that we have from the client PC group as well the graphics piece getting into the Q4 timeframe. So that is something that I look at from a second-half standpoint. Out in 2016, you are right. There are a lot of factors that will come into play, semi-custom as well as the PC product that we have, but I don't want to venture, right now, where that will be at this moment.

我認為，如果你從第三季度的角度來看，驅動因素顯然是細分市場內的產品組合，但特別是第三季度，正如麗莎提到的，半定制產品的混合程度更高，從半定制收入的角度來看，這是一個高峰季度。此後，顯然，我們從客戶端 PC 組以及圖形部分獲得的持續軌跡將進入第四季度的時間範圍。所以這是我從下半年的角度來看的。2016 年推出，你說得對。有很多因素都會發揮作用，包括半客製化以及我們擁有的 PC 產品，但我現在還不想冒險談論它們目前的情況。

Okay. Thanks so much, guys.

好的。非常感謝大家。

Stacy Rasgon with Bernstein Research.

伯恩斯坦研究公司的史黛西‧拉斯貢 (Stacy Rasgon)。

First, I want to dig into this a bit. You said Q3 obviously the peak for semi-custom. You said Q2 was the trough for the Company for the year, which should implies in Q4 semi-custom should be down, which means a pretty big ramp of the computing graphics business into to Q4, High double digits at least, if not more. What gives you confidence that is going to happen? What are the consequences if that ramp doesn't come to play, given that you are building a ton of inventory that is supposed to sell out in Q4?

首先，我想深入探討一下這個問題。您說 Q3 顯然是半客製化的巔峰。您說第二季度是公司今年的低谷，這意味著第四季度半定制業務應該會下降，這意味著計算圖形業務在第四季度將出現相當大的增長，至少是兩位數的增長，甚至更多。什麼讓您有信心這件事會發生？考慮到您正在累積大量庫存，預計第四季度將售罄，如果這種增長沒有發揮作用，會有什麼後果？

I will start and then Lisa can add. I think if you look at what happened with the actions that we took going back several quarters, one thing we have done and we feel good about that is in the PC space and the channel inventory in particular, all of the actions that we started in the Q4 timeframe and Q1, Q2, largely completed. As we said, the channel sales quarter on quarter were up and we feel good about that. Those are very directed actions taken in the an aggressive manner by us. In Q2, we did have an impact on the OEM APU sales in particular, with the transition of Windows 10. And as we get to the second half, especially with the new products, we think we can ramp those products and the Q3 guidance, as Lisa said earlier, takes into account an improvement both on the EESC segment as well as CG segment.

我先開始，然後麗莎可以補充。我認為，如果你回顧我們過去幾季採取的行動，你會發現我們已經做了一件事，並且對此感到滿意，那就是在個人電腦領域，特別是在通路庫存方面，我們在第四季度、第一季和第二季開始的所有行動都已基本完成。正如我們所說，通路銷售量環比上升，我們對此感到滿意。這些都是我們以積極的方式採取的非常有針對性的行動。在第二季度，隨著 Windows 10 的轉變，我們確實對 OEM APU 銷售產生了影響。隨著我們進入下半年，特別是有了新產品，我們認為我們可以增加這些產品，正如麗莎之前所說，第三季度的指導考慮到了 EESC 部門和 CG 部門的改善。

Q4, we are not providing guidance but if you keep to the Q4 timeframe, we think the PC market continues to stabilize, and that helps us from that standpoint and that's the way we have it baked in. On the inventory question that you have, as I explained earlier to another question, it is up from Q2 to Q3. But we are actively working with our partner Global Foundries to go ahead and re-profile those commitment that we made earlier this year, and I think that should help from an inventory standpoint, to go ahead and manage it to where we think it's more comfortable and in line with the revenue outlook.

第四季度，我們沒有提供指導，但如果你堅持第四季度的時間框架，我們認為個人電腦市場將繼續穩定，從這個角度來看這對我們有幫助，這就是我們將其融入其中的方式。關於您提出的庫存問題，正如我之前在另一個問題中所解釋的那樣，庫存從第二季到第三季增加。但我們正在積極與我們的合作夥伴 Global Foundries 合作，繼續重新制定我們今年早些時候所做的承諾，我認為從庫存的角度來看，這應該會有所幫助，繼續將其管理到我們認為更舒適且符合收入前景的水平。

Right. You're telling me you feel good about Q4, but let's be honest, you haven't been able to forecast 1.5 month out, let alone two quarters. It just seems to me like there's a setup here for more bad things to happen if that market doesn't stabilize. Even if it does stabilize, your business has been -- let's be honest, it hasn't been stable versus where the market's been, either. I'm just wondering what the risk is, given the way you are setting up inventories and setting up expectations for that Q4 ramp.

正確的。您告訴我您對第四季度感到很滿意，但說實話，您無法預測 1.5 個月後的情況，更不用說兩個季度後的情況了。在我看來，如果市場不穩定，就會有更多糟糕的事情發生。即使情況確實穩定下來，你的業務——說實話，相對於市場而言，它並不穩定。我只是想知道，考慮到您設定庫存和設定第四季度成長預期的方式，風險是什麼。

Stacy, so look. That is a fair comment. I will take that. Now, if I tell you what I see going forward, we'll give you the best information we have at this point in time. The semi-custom business, Q3 will be the peak. We need a few more data points to really call Q4 correct, but so far, what we see as a solid market on the semi-custom side.

史黛西，你看。這是一個公正的評論。我會接受的。現在，如果我告訴您我對未來的看法，我們將向您提供目前我們掌握的最佳資訊。半客製化業務，Q3將會是高峰。我們需要更多的數據點才能真正正確地判斷第四季度的業績，但到目前為止，我們看到半客製化市場表現穩健。

On the computing and graphics side, there are, basically, think about it as four pieces to the business. We have OEM processors, we have channel processors, we have graphics, consumer graphics and then we have professional graphics. Amongst those four segments, from what we see, we are being a bit cautious on Q3, just given we need to see exactly how the OEMs ramp, the Windows 10 launch -- we think Windows 10 is a good product, but we need to see how that launches. As we go into holiday, we believe we will make process in graphics. We believe we will make process in professional graphics. I said that the channel looks like it's healthier for us, and we need to see how the OEM demand looks.

在計算和圖形方面，基本上可以將其視為業務的四個部分。我們有 OEM 處理器、有通路處理器、有圖形、有消費性圖形，還有專業圖形。在這四個部分中，從我們看到的情況來看，我們對第三季度持謹慎態度，因為我們需要確切了解 OEM 如何推出 Windows 10——我們認為 Windows 10 是一款好產品，但我們需要看看它的發布情況。隨著假期的到來，我們相信我們將以圖形方式進行進程。我們相信我們將在專業圖形領域取得進步。我說過，該管道對我們來說看起來更健康，我們需要看看 OEM 需求如何。

Those are the ways I think about computing and graphics. Clearly, we're not happy with the performance in Q2, but as we look forward, we need to manage the business the way we see it. This is how we see it today.

這些就是我對計算和圖形的看法。顯然，我們對第二季的表現並不滿意，但展望未來，我們需要以我們所看到的方式管理業務。這就是我們今天所看到的。

Got it. Thank you. That's helpful. For my follow-up, I just wanted to see what other options you have besides OpEx cuts to arrest cash burn, if that growth doesn't come back? We've already gone through selling assets. You've stretched out our cash conversion cycle significantly this quarter. You've maxed out half your revolver. What are your other options above and beyond that if the OpEx cuts themselves aren't enough, if the environment doesn't recover?

知道了。謝謝。這很有幫助。作為我的後續提問，我只是想看看，如果這種增長沒有恢復，除了削減營運支出之外，您還有哪些其他選擇來阻止現金消耗？我們已經完成了資產出售。本季度，我們的現金轉換週期大大延長。你的左輪手槍一半的威力已經達到極限。如果營運支出削減本身還不夠，如果環境沒有恢復，您還有哪些其他選擇？

I think the obvious options, I think everything you just said in terms of managing the working capital, managing the cash, managing the inventory and making sure that it is in line with the revenue profile from an outlook standpoint, allows us to do that. From a standpoint of cash, we've done a good job managing the cash over the last several quarters and several years. I have confidence of doing that on a go-forward standpoint. We'll monitor and see what is needed and as I said earlier, if the need arises, we will access the capital market. I still have the ABL availability, as you just observed, and we will do what's needed to continue to fund the business.

我認為顯而易見的選擇，我認為您剛才所說的關於管理營運資金、管理現金、管理庫存以及確保其從前景角度符合收入狀況的一切，都使我們能夠做到這一點。從現金的角度來看，過去幾個季度和幾年我們在現金管理方面做得很好。從未來的角度來看，我有信心做到這一點。我們將監測並了解需要什麼，正如我之前所說，如果有需要，我們將進入資本市場。正如您剛才所說，我仍然有 ABL 可用性，並且我們將盡一切努力繼續為業務提供資金。

Capital markets means raise equity if you needed to, or debt?

資本市場意味著如果需要的話增加股權，還是債務？

Not going to get into the details on this call, Stacy, but I'm sure we can access capital markets if the need arises.

史黛西，我不會談論這通通話的細節，但我相信如果有需要的話我們可以進入資本市場。

Got it. Thank you very much, guys.

知道了。非常感謝你們，夥伴們。

John Pitzer with Credit Suisse.

瑞士信貸的約翰‧皮策。

Devinder, just a quick follow-up and clarification on my part on the cash comments. You guided the cash levels in the September quarter around $700 million. I think to an earlier question you said that you'd still very comfortable operating below $600 million. What I'm trying to figure out, is $700 million what you envision to be the trough? Because with inventory coming down in Q4, and maybe the presumption of some sequential revenue growth, shouldn't cash grow from September to December? If you could help me understand those dynamics, that would be helpful.

Devinder，我只是想就現金評論做一個快速的跟進和澄清。您預計 9 月季度的現金水準約為 7 億美元。我認為您在先前的問題中說過，在 6 億美元以下的營運中您仍然非常放心。我想弄清楚的是，您認為 7 億美元是最低潮嗎？因為隨著第四季度庫存下降，並且可能假設收入會連續增長，那麼從 9 月到 12 月現金不應該增長嗎？如果您能幫助我理解這些動態，那將會很有幫助。

The factors, I think if you look at it from a cash standpoint for the rest of the year, in Q3, with a cash guidance of $700 million, the way our debt maturity profile is, the cash interest payments have only two quarters, in Q1 and Q3, to the tune of about $70 million. So there is a disproportionate impact to cash in Q1 and Q3 of our fiscal year, just the way the cash payments go out, even though the accounting is done on a pro rata even basis for the year. Then, you are right. We are managing the inventory and re-profiling some of the commitments that we have should help from a cash standpoint and we are very focused to go ahead and do that. Like I said, after we get through the Q3 timeframe, in Q4, we don't have the cash interest payments. With the revenue being up in the second half, as what we're expecting starting with Q3, we think that it will benefit the cash situation as we get to the end of the year.

我認為，如果從今年剩餘時間的現金角度來看，在第三季度，現金指引金額為 7 億美元，按照我們的債務到期情況，現金利息支付只有兩個季度，即第一季和第三季度，總額約為 7,000 萬美元。因此，儘管會計是按年度按比例進行的，但現金支付的方式對我們財政年度第一季和第三季的現金產生了不成比例的影響。那你是對的。我們正在管理庫存並重新調整一些承諾，從現金角度來看這應該會有所幫助，我們非常專注於繼續這樣做。就像我說的，在我們度過第三季度之後，在第四季度，我們就不會有現金利息支付了。正如我們預期從第三季開始，下半年收入將會上升，我們認為這將有利於年底的現金狀況。

That's helpful. Guys, maybe a little bit more clarification on the profile of the inventory you are holding right now. I understand the need to grow inventory Q2 to Q3 for new product launches, but the inventory growth in Q2, to what extent was that new product driven versus just demand on older products not being there, and do we carry obsolescence risk on any the inventory going into the back half of the year?

這很有幫助。夥計們，也許需要更清楚地說明一下你們現在持有的庫存狀況。我理解需要在第二季至第三季增加庫存以推出新產品，但第二季的庫存成長在多大程度上是由新產品驅動的，還是只是因為對舊產品的需求沒有了？進入下半年，我們是否會承擔庫存過時的風險？

Two parts to it. For the Q3 growth, new products, as well as semi-custom business being higher in the second half compared to the first half. That is specifically what is taking the inventory from about $800 million to the $850 million levels that we're guiding to.

它分為兩部分。就第三季的成長而言，下半年的新產品以及半客製化業務比上半年更高。這就是將庫存從約 8 億美元提升至我們預期的 8.5 億美元水準的原因。

Thank you.

謝謝。

Harlan Sur with JPMorgan.

摩根大通的 Harlan Sur。

On the current semi-custom business, your game console business, I know the team is focused on operating profitability, but one way to drive that is through better gross margins. I think you obviously have a targeted cost curve they you are trying to drive, hopefully, that's faster than your negotiated ASP declines. If you could just give us an update on what the team is doing to drive the cost profile? And then, I guess at some point, given the relatively long product lifecycle for these products, any opportunities for die shrinks to drive a step function shift lower in cost per chip?

關於目前的半客製化業務，即您的遊戲機業務，我知道團隊專注於營運獲利能力，但推動這一目標的一種方法是透過提高毛利率。我認為您顯然有一個您正在嘗試推動的目標成本曲線，希望它比您協商的 ASP 下降速度更快。您能否向我們介紹團隊為降低成本所做的工作？然後，我想在某個時候，考慮到這些產品相對較長的產品生命週期，是否有機會透過晶片縮小來推動每晶片成本的逐步降低？

Harlan, certainly, we would like to drive both gross margins as well as operating margins. The ASP declines are fairly well understood. Those are pre-negotiated. Relative to what we're doing to drive overall cost or COGS down, it's the usual things. Is yields, it's test times, it's procurement savings and those kinds of things. I would say it's been largely as expected. These products are now several years into their life cycle. To your follow-up question about die frames, I think if you look at the history of game consoles, you will normally see a die shrink, but that will happen out in time and we'll discuss that at that point.

哈蘭，當然，我們希望提高毛利率和營業利潤率。平均售價的下降是可以理解的。這些都是預先協商好的。相對於我們為降低整體成本或銷貨成本所採取的措施，這些都是常見的事情。是產量、測試時間、採購節省等等。我想說，這基本上符合預期。這些產品的生命週期現在已經好幾年了。對於您關於晶片框架的後續問題，我認為如果您回顧遊戲機的歷史，您通常會看到晶片縮小，但這會及時發生，我們將在那時討論這個問題。

Great. Thanks for that. On the server and data center side, there's been a lot of focus on the Intel Altera deal and the potential to marry a CPU with a programmable parallel processing architecture to help with computational acceleration. Given that the GPU is a parallel processing engine, is it fair to assume that you guys already have the capabilities to offer, either in a standalone form or an integrated form alongside your x86 or ARM-based server processors, a similar type of solution? Is that something that you have on your roadmap?

偉大的。謝謝。在伺服器和資料中心方面，人們非常關注英特爾與 Altera 的交易以及將 CPU 與可編程並行處理架構相結合以幫助加速運算的潛力。鑑於 GPU 是一個平行處理引擎，是否可以公平地假設你們已經有能力以獨立形式或與基於 x86 或 ARM 的伺服器處理器整合的形式提供類似的解決方案？這是你的路線圖上的內容嗎？

The idea of marrying a processor with some type of accelerator, whether it's a GPU or and an FPGA, I think is definitely important in the data center. We do have the ability to do both integrated with our APUs, as well as in different packages, the offering both CPU and GPU together. I think the idea of using accelerators is definitely important data centers. We agree with that. Different people will do it different ways. Certainly, our approach will be to get very high-performance CPUs and GPUs that can inter-operate.

我認為將處理器與某種類型的加速器（無論是 GPU 還是 FPGA）結合起來的想法對於資料中心來說絕對很重要。我們確實有能力將其與我們的 APU 集成，也可以將其以不同的封裝形式同時提供 CPU 和 GPU。我認為使用加速器的想法對於資料中心來說絕對很重要。我們同意這一點。不同的人會用不同的方法去做。當然，我們的方法是獲得可以互通的高效能 CPU 和 GPU。

Thank you.

謝謝。

Operator, we will take two more questions, please.

接線員，請問我們還有兩個問題。

Kevin Cassidy with Stifel.

凱文卡西迪 (Kevin Cassidy) 與 Stifel 合作。

My questions are related to Seattle. Have you announced design wins, or can you give us an idea of what that product ramp looks like?

我的問題與西雅圖有關。您是否已經宣布了設計勝利，或者您能否向我們介紹一下該產品的進展？

I think Seattle is a good offering for 64-bit ARM servers. If you look at what we've said up until now, we have a number of companies, both in the ecosystem, as well as users developing software on Seattle and looking at how it operates in the environment. I would say that the overall revenue of Seattle will be modest, as ARM ramps will take a bit of time. But the importance of building the ecosystem is there, so that is our focus with Seattle in working with key customers.

我認為西雅圖對於 64 位元 ARM 伺服器來說是一個很好的選擇。如果你看看我們到目前為止所說的內容，我們有許多公司，既有生態系統中的公司，也有在西雅圖開發軟體的用戶，並觀察它在環境中的運作方式。我想說西雅圖的整體收入將會不高，因為 ARM 的成長需要一些時間。但建立生態系統的重要性就在那裡，所以這是我們與西雅圖合作與關鍵客戶合作的重點。

Okay. Thanks. As a follow-up, what percentage of the market do think that can address, Seattle?

好的。謝謝。接下來，有多少比例的市場認為可以解決西雅圖問題？

I think we've said before, and my view on this is that the overall ARM server market, or let's call it ARM in data center markets, will take some time to develop. Let's call it the three- to five-year timeframe. In terms of today's market, we actually believe that the x86 will be the majority of the market.

我想我們之前已經說過了，我的觀點是，整個 ARM 伺服器市場，或者我們稱之為資料中心市場的 ARM，需要一些時間來發展。我們稱之為三到五年的時間範圍。就今天的市場而言，我們實際上相信 x86 將佔據市場的主導地位。

Okay. Thank you.

好的。謝謝。

Our last question comes from the line of Vijay Rakesh with Mizuho.

我們的最後一個問題來自瑞穗的 Vijay Rakesh。

On your 14-nanometer FinFET transition, where do you think -- how do see the ramp? When do see the crossover on that as you go through 2016?

在 14 奈米 FinFET 轉型過程中，您認為進展如何？如何看待這項轉變？2016 年您何時會看到這交叉？

When you say crossover, Vijay, you mean volume crossover, or --

維傑，你說的交叉，是指音量交叉，或者——

Volume crossover, shipment crossover.

成交量交叉，出貨量交叉。

Yes. We will be bringing different parts of the product line into FinFET, at different points in time, so I don't think I have an exact answer for that. I think what we've said is, graphics will certainly utilize FinFETs, as well as our news and processors. They will rollout over the quarters in 2016.

是的。我們將在不同的時間點將產品線的不同部分引入 FinFET，因此我認為我對此沒有確切的答案。我認為我們已經說過，圖形肯定會利用 FinFET，以及我們的新聞和處理器。它們將於 2016 年各季陸續推出。

Got it. On the semi-custom side, obviously, June quarter grew sequentially but the operating margins declined significantly. What are you guys doing there to improve those operating margins there? I know you've been asked a couple of questions already but, again, do you have some thoughts there?

知道了。在半客製化方面，顯然，6月季度季增，但營業利潤率大幅下降。你們正在做什麼來提高那裡的營業利潤率？我知道您已經被問過幾個問題了，但是，您對此有什麼想法嗎？

I can comment. If you are looking specifically at Q1 to Q2, the operating margin declined as $33 million charge, that was the charge associated with the technology node transition from 20-nanometer FinFET. That's in the segment operating margin results. If you neutralize for that, I think you'll see a different operating margin profile from a quarter-to-quarter standpoint.

我可以評論。如果你特別關注第一季到第二季的情況，你會發現營業利潤率下降了 3,300 萬美元，這是與從 20 奈米 FinFET 技術節點轉換相關的費用。這是分部營業利益率的結果。如果你將其中和，我認為你會看到從季度到季度的不同營業利潤率狀況。

Okay. Got it. Thanks.

好的。知道了。謝謝。

Operator, thank you, and that concludes our conference call this afternoon.

接線員，謝謝您，今天下午的電話會議到此結束。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program. You may all disconnect. Everyone, have a great day.

女士們、先生們，感謝大家參加今天的會議。該計劃確實就此結束。你們都可以斷開連線。祝大家有個愉快的一天。