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.

女士們，先生們，美好的一天，感謝你們的耐心等待。

You have joined the AMD second-quarter earnings conference call.

您已加入 AMD 第二季度財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

我現在想將會議轉交給負責企業傳播和投資者關係的企業副總裁 Ruth Cotter。

You may begin.

你可以開始了。

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

謝謝並歡迎參加 AMD 的第二季度電話會議。

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

到目前為止，您應該有機會查看我們的收益發布和 CFO 評論和幻燈片的副本。

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

如果您尚未查看這些文檔，可以在 AMD 的網站 IR 上找到它們。

AMD.com.

AMD.com。

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.

今天電話會議的參與者是我們的總裁兼首席執行官蘇麗莎； Devinder Kumar，我們的高級副總裁、首席財務官兼財務主管。

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

這是一次現場通話，將通過 AMD.com 上的網絡直播進行重播。

I'd like to highlight a few dates for you.

我想為你強調幾個日期。

AMD will be presenting at the Pacific Crest Technology Leadership Forum on August 10.

AMD 將於 8 月 10 日出席 Pacific Crest 技術領導力論壇。

2015, in Colorado; and at the Jefferies Semiconductor Hardware and Communications Infrastructure Summit on August 25, 2015, in Chicago.

2015 年，在科羅拉多州；以及 2015 年 8 月 25 日在芝加哥舉行的傑富瑞半導體硬件和通信基礎設施峰會。

Additionally, our third-quarter quiet time will begin at the close of business on Friday, September the 11, 2015.

此外，我們的第三季度靜默時間將從 2015 年 9 月 11 日星期五營業結束時開始。

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

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

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

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

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.

請注意，本次電話會議期間引用的非公認會計原則財務指標與新聞稿中最具可比性的公認會計原則財務指標相一致，並且在我們的網站上發布的季度收益首席財務官評論。

AMD.com.

AMD.com。

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

有關更多信息，請參閱今天的收益新聞稿和首席財務官評論中的警示性聲明。

You will also find detailed discussions about our risk factors in our filings with the SEC and, in particular, AMD's quarterly report on Form 10-Q for the quarter ended March 28, 2015.

您還可以在我們提交給美國證券交易委員會的文件中找到有關我們風險因素的詳細討論，特別是 AMD 的截至 2015 年 3 月 28 日的季度表格 10-Q 季度報告。

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

現在，有了這個，我想把電話交給麗莎。

Lisa?

麗莎？

Thank you, Ruth.

謝謝你，露絲。

Good afternoon to all those listening in today.

今天收聽的各位下午好。

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.

正如我們上周宣布的那樣，第二季度收入和毛利率的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 PC 市場變得明顯疲軟。

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.

由於我們的 OEM 客戶和零售商積極處理基於 Windows 8 的系統的庫存，在 Windows 10 發布之前低於預期的消費 PC 需求導致我們的 OEM 筆記本電腦銷售在本季度末放緩。

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.

這顯著影響了我們第二季度的 PC 筆記本電腦銷售並降低了我們的毛利率，因為我們在本季度末以較低毛利率 EESC 收入的更大組合。

Despite our computing and graphics revenue shortfall, our other businesses performed largely as expected.

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符合預期。

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.

我們在本季度也取得了一些不錯的進展，因為我們推出了幾個關鍵的新產品；在我們的目標市場中贏得多項嵌入式設計；並繼續在我們的半定制業務中看到實力。

Computing and Graphics segment revenue decreased 29% sequentially, based on soft consumer demand.

基於疲軟的消費者需求，計算和圖形部門的收入環比下降 29%。

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.

這也影響了我們代號為 Carrizo 的第 6 代 A 系列 APU 的銷售，因為一些 OEM 選擇將 Carrizo 的發布與 Windows 10 的發布保持一致。

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.

我們預計，隨著全球超過 35 個 Carrizo 平台上市，我們的移動設備出貨量將在下半年反彈並增加。

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.

在該渠道中，由於對我們的 FX 處理器和 A 系列 APU 的強勁需求，我們看到桌面處理器收入連續增長。

We also reduced downstream inventory levels in the quarter, largely completing our multi-quarter channel rebalancing effort.

我們還在本季度降低了下游庫存水平，在很大程度上完成了我們的多季度渠道再平衡工作。

GPU revenue decreased sequentially, in line with seasonality.

GPU 收入環比下降，與季節性一致。

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.

我們確實看到了對我們新的 300 系列 GPU 和最新旗艦 Radeon R9 Fury X 的良好初始需求，它們在本季度末推出，並有助於 GPU 渠道收入和 ASP 的連續改善。

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.

Fury X 由我們的 Fiji GPU 提供支持，這是業界首款採用芯片堆疊高帶寬內存的圖形芯片，可在極其安靜和緊湊的顯卡中提供前所未有的性能。

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.

我們對 Fiji GPU 的初步提升感到高興，並將在未來幾個季度推出 Fury、Nano 和高端雙 Fiji GPU 卡時擴展我們行業領先的 HBM GPU 產品。

We also strengthened our management team, as Jim Anderson joined us to lead our Computing and Graphics Business Group.

隨著 Jim Anderson 加入我們領導我們的計算和圖形業務集團，我們還加強了我們的管理團隊。

Jim began his career as a processor architect and has held several leadership, business management, and engineering roles across multiple technology companies.

Jim 的職業生涯始於處理器架構師，並在多家技術公司擔任過多個領導、業務管理和工程職位。

He is the ideal leader to return CG to a positive trajectory as we focus on stabilizing the business and then regaining profitable share.

當我們專注於穩定業務並重新獲得盈利份額時，他是讓 CG 重回正軌的理想領導者。

Looking at our Enterprise, Embedded and Semi-Custom segment, revenue increased 13% sequentially, driven by strong semi-custom sales.

看看我們的企業、嵌入式和半定制部門，在強勁的半定制銷售的推動下，收入環比增長 13%。

We remain on track to set a record for annual semi-custom unit shipments this year.

我們仍有望在今年創下年度半定制單位出貨量的記錄。

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.

與 2014 年一樣，我們預計第三季度將是我們半定制出貨量和收入的年度高峰，基於索尼和微軟在假期前建立庫存。

We also began development of a new semi-custom design in the quarter.

我們還在本季度開始開發新的半定制設計。

Like our other semi-custom designs, the details are customer confidential.

與我們的其他半定制設計一樣，細節是客戶機密。

But we are pleased with our progress, continuing to expand our customer base in this important part of our business.

但我們對我們的進步感到滿意，在我們業務的這一重要部分繼續擴大我們的客戶群。

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.

展望未來，我們相信第二季度將是我們今年的收入低谷，基於下半年對遊戲機的強勁需求，加上我們最新的 APU 和 GPU 產品的增長以及隨著市場向 Windows 過渡而 OEM 需求的改善10.

That said, the PC market remains volatile.

儘管如此，個人電腦市場仍然不穩定。

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.

我們必須進一步使成本結構與收入狀況保持一致，因為我們專注於我們最強大的市場機會，並繼續投資於高性能計算和圖形技術，使我們能夠創造出色的產品並重新確立 AMD 在目標市場中的領導地位。

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.

正如我們在 5 月的財務分析師日中所討論的那樣，我們的重點是通過在未來三到五年內獲得遊戲、沉浸式設備和數據中心市場的盈利份額來擴大利潤率並改善我們的現金流生成。

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.

我們完全致力於推行這一戰略，因為我們創建了一個更加多元化的 AMD，能夠產生持續的盈利回報，不受單一市場的潮起潮落的影響。

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.

當我們提供領先的技術時，AMD 處於最佳狀態，該技術基於大膽、經過深思熟慮的風險，利用我們差異化的 IP 和設計能力創造獨特的產品，讓我們的客戶獲得難以置信的成功。

This is where we are focused.

這是我們關注的地方。

Despite the near-term pressures, we have the right strategy to improve AMD's financial results.

儘管存在近期壓力，但我們有正確的策略來改善 AMD 的財務業績。

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

現在我想把電話轉給 Devinder，為我們的第二季度財務業績提供一些額外的色彩。

Devinder?

德溫德？

Thank you, Lisa.

謝謝你，麗莎。

Good afternoon, everyone.

大家下午好。

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

在我今天的講話中，我將參考非 GAAP 數據，但收入除外，這是基於 GAAP 的。

As Lisa discussed, second-quarter results reflect the weaker-than expected consumer PC market, which impacted demand from our OEM customers.

正如 Lisa 所討論的，第二季度的業績反映了消費 PC 市場弱於預期，這影響了我們 OEM 客戶的需求。

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.

我們的 EESC 部門收入增加；我們的渠道庫存整改措施已基本完成；雖然我們的渠道銷售如預期一樣，比上一季度有所增長，但不足以抵消對我們 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.

第二季度收入為 9.42 億美元，環比下降 8%，主要是由於對我們的 PC OEM 客戶的銷售額下降。

The year-over-year decline of 35% was largely driven by decreased sales across our computing and graphics products.

同比下降 35% 主要是由於我們的計算和圖形產品的銷售額下降。

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.

毛利率為 28%（原文如此，參見新聞稿，“25%），比上一季度下降 4%，下降 7 個百分點，主要是由於企業、嵌入式、半定制部門收入的混合增加以及低於 -預期的計算和圖形部分筆記本 APU 單元數量。

Additionally, our GAAP gross margin was affected by a $33 million technology note transition charge.

此外，我們的 GAAP 毛利率受到 3300 萬美元的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.

第二季度的運營費用為 3.53 億美元，比上一季度減少 400 萬美元。

Operating loss was $87 million; and net loss was $131 million plus $0.17 per share, calculated using 778 million shares.

經營虧損為 8700 萬美元；淨虧損為 1.31 億美元加上每股 0.17 美元，使用 7.78 億股計算。

Net interest expense, other expense and taxes were $44 million in the quarter, up from $43 million in the prior quarter.

本季度的淨利息費用、其他費用和稅收為 4400 萬美元，高於上一季度的 4300 萬美元。

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.

調整後的 EBITDA 為負 4,200 萬美元，低於上一季度的正 1,300 萬美元，在過去四個季度調整後，調整後的 EBITDA 為 2 億美元。

Now, turning to the business segments.

現在，轉向業務部門。

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.

計算和圖形收入為 3.79 億美元，環比下降 29%，主要是由於消費 PC 市場疲軟影響了我們對 OEM 的銷售，導致客戶筆記本處理器的銷售額下降。

Channel PC processor and graphics sales were in line with the Company's expectations.

渠道PC 處理器和顯卡銷售符合公司預期。

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.

計算和圖形業務虧損為 1.47 億美元，而上一季度虧損 7500 萬美元，主要是由於筆記本處理器銷量下降。

Enterprise, Embedded and Semi-Custom revenue was $563 million, up 13% from the prior quarter, driven by higher sales of our semi-custom SOCs.

企業、嵌入式和半定制收入為 5.63 億美元，比上一季度增長 13%，這得益於我們的半定制 SOC 銷售額增加。

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.

由於 3300 萬美元的技術票據過渡費用，該部門的營業收入為 2700 萬美元，低於上一季度的 4500 萬美元。

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.

轉向資產負債表，截至本季度末，我們的現金、現金等價物和有價證券餘額總計 8.29 億美元，比上一季度減少 7700 萬美元，主要是由於本季度銷售額下降。

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.

庫存為 7.99 億美元，高於上一季度的 6.88 億美元，符合 2015 年下半年支持半定制假期銷售的預期，並且由於本週消費 PC 市場推動我們的客戶產品銷售下降.

Debt as of the end of the quarter was $2.27 billion, flat from the prior quarter.

截至本季度末，債務為 22.7 億美元，與上一季度持平。

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.

這包括從我們的 ABL 貸款中額外提取的 4200 萬美元，用於終止 2015 年 5 月到期的 6% 可轉換優先票據。

With the final payoff of our 2015 debt tower, there are no term debt maturities due until 2019.

隨著我們 2015 年債務塔的最終償還，到 2019 年沒有到期債務。

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

本季度的自由現金流為負 7500 萬美元，比上一季度增加了 1.2 億美元。

Now turning to the outlook.

現在轉向前景。

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.

在 5 月的財務分析師日上，我們提供了對下半年業務的看法，並概述了我們認為將使 AMD 在下半年恢復盈利的驅動因素。

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.

然而，在第二季度末，由於 Windows 10 發布和 OEM 客戶重新分析庫存的影響，我們的 OEM 客戶端 PC 需求下降。

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.

由於 PC 市場的轉變，我們現在看到的環境比 5 月份更具挑戰性，OEM 廠商對下半年非常謹慎，尤其是返校週期。

It is against this backdrop that we provide the following outlook.

正是在這種背景下，我們提供了以下展望。

For the third quarter of 2015, AMD expects revenue to increase 6% sequentially, plus or minus 3%.

對於 2015 年第三季度，AMD 預計收入將環比增長 6%，正負 3%。

Non-GAAP gross margin is expected to be approximately 29%.

非美國通用會計準則毛利率預計約為 29%。

Non-GAAP operating expenses are expected to be approximately $340 million.

非美國通用會計準則運營費用預計約為 3.4 億美元。

Interest expense, taxes and other to be approximately $45 million.

利息費用、稅收和其他費用約為 4500 萬美元。

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.

庫存預計約為 8.5 億美元，用於支持下半年產品 RAM 和半定制銷售以支持假日季節。

Cash is expected to be approximately $700 million.

現金預計約為7億美元。

This cash balance includes third-quarter interest expense payments on our debt of approximately $70 million.

這筆現金餘額包括第三季度支付的約 7000 萬美元債務的利息費用。

Due to the recent change in the PC market outlook, our goal of second-half profitability has been pushed out.

由於近期 PC 市場前景的變化，我們的下半年盈利目標被推後。

However, we will continue to work towards improving our second-half financial performance.

但是，我們將繼續努力改善下半年的財務表現。

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.

我們正在評估為降低我們當前的成本結構而採取的行動，以期降低運營費用，以更好地與我們的近期收入狀況保持一致。

We anticipate restructuring charges associated with those actions.

我們預計與這些行動相關的重組費用。

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.

總之，我們期待在今年下半年看到改進，因為我們增加了半定制的勝利以及我們最新的 APU 和 GPU 產品。

We remain focused on executing our longer-term product road map strategy, as laid out at our Financial Analyst Day.

我們仍然專注於執行我們在金融分析師日制定的長期產品路線圖戰略。

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

有了這個，我會把電話轉回給露絲。

Ruth?

露絲？

Thank you, Devinder.

謝謝你，德溫德。

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

接線員，能否請您向聽眾提問？

(Operator Instructions)

（操作員說明）

David Wong with Wells Fargo.

富國銀行的大衛王。

Devinder, can you remind us as to what your minimum cash balance goal is?

Devinder，您能否提醒我們您的最低現金餘額目標是多少？

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?

此外，您是否有 - 如果您需要籌集額外的現金，您是否有一個您將解決的籌集現金類型的優先順序？

Thank you, David.

謝謝你，大衛。

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.

從現金的角度來看，您可能 - 正如我們之前所說，我們的最低目標是大約 6 億美元到 10 億美元之間。

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.

從我們現在或多或少的收入和業務概況的角度來看，我們可以將其管理得比這更低。

In Q2, as you saw, we ended at about $830 million of cash.

如您所見，在第二季度，我們以大約 8.3 億美元的現金結束。

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.

就融資而言，我們的資本市場，在持續的基礎上，我非常密切地監控資本市場，如果需要，顯然，我們將進入資本市場。

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.

我認為，從整體的角度來看，如果您考慮一下，憑藉我們擁有的現金，我們還可以在 2013 年末實施 ABL 可用性，但這並沒有完全開發出來。

That's how we'd leave it from a cash standpoint, David.

從現金的角度來看，這就是我們要離開的方式，大衛。

Okay.

好的。

Great.

偉大的。

Lisa, can you give us some idea in terms of semi-custom activities?

麗莎，你能給我們一些關於半定制活動的想法嗎？

How many projects you have in the pipeline?

您有多少項目正在籌備中？

You mentioned that you had one that you'd begun working on.

你提到你有一個你已經開始工作的。

Are there others that we might hear about over the next few quarters?

在接下來的幾個季度中，我們可能會聽到其他消息嗎？

On the semi-custom business, we've certainly been active in our work with various customers across target markets.

在半定制業務方面，我們當然一直積極與目標市場的各種客戶合作。

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.

去年，我們宣布了兩個新的半定制設計，收入約為 10 億美元，終生收入，將於 2016 年下半年開始增長。

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.

我們本季度開始了一項新設計，我們相信這會擴大我們在半定制業務方面的基礎，對此我們感到非常滿意。

Then we still have a fairly active pipeline in semi-custom, as well.

然後我們在半定制方面仍然有一個相當活躍的管道。

We view it as very much an area where there is a strategic interest in integrating our graphics and CPU IP going forward.

我們將其視為一個非常具有戰略意義的領域，即在未來集成我們的圖形和 CPU IP。

Great.

偉大的。

Thanks.

謝謝。

Ian Ing with MKM Partners.

Ian Ing 與 MKM Partners。

My first question is in the GPU refresh.

我的第一個問題是 GPU 刷新。

It's only been days and weeks, but it looks like on the retail sides, the Fury X and Fury is out of stock.

這只是幾天和幾週，但看起來在零售方面，Fury X 和 Fury 缺貨。

Being out of stock, is this demand issue or more of a supply constrained issue?

缺貨，這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.

我們剛剛在第二季度末推出了我們的圖形產品，所以是在 6 月下旬的時間範圍內。

I think our initial ramp up has been expected.

我認為我們最初的增長是意料之中的。

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.

我們對 Fury X 的升級感到滿意，當然它缺貨的事實並不是一件壞事，因為它讓我們對客戶正在欣賞該產品充滿信心。

Fury just launched, actually, this week and we will be launching Nano in the August timeframe.

實際上，Fury 本周剛剛推出，我們將在 8 月的時間範圍內推出 Nano。

I think overall, the high-bandwidth memory ramp up is going as expected and we have a number of products coming out.

我認為總體而言，高帶寬內存的增長正如預期的那樣，我們有許多產品即將問世。

Okay.

好的。

You talked about the channel business now behaving largely as expected.

您談到了渠道業務現在的表現基本上符合預期。

Is that fairly stable at this point going forward?

在這一點上是否相當穩定？

I know there are some China macro issues that are still coming up on earnings calls, like Fairchild this morning.

我知道在財報電話會議上仍有一些中國宏觀問題，比如今天早上的仙童。

Overall, in our desktop and AIB channel business, we actually grew quarter on quarter while reducing downstream inventory.

總體而言，在我們的桌面和 AIB 渠道業務中，我們實際上環比增長，同時減少了下游庫存。

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.

在過去的幾個季度中，我們一直在談論消耗下游庫存的問題，我們現在相信我們已經基本完成了這一點。

Relative to China, I think there are some macro issues, and we are watching carefully the China market, overall.

相對於中國，我認為存在一些宏觀問題，我們總體上正在仔細觀察中國市場。

But relative to our channel business, I think the inventory corrections that we're working on have progressed as planned.

但相對於我們的渠道業務，我認為我們正在進行的庫存調整已按計劃進行。

Great.

偉大的。

And then my last question, I think you covered a lot of the second half catalysts and product cycles.

然後我的最後一個問題，我認為你涵蓋了很多下半年的催化劑和產品週期。

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.

我沒有聽說的一件事是西雅圖發布，基於 ARM 的西雅圖發布，我認為那是今年下半年。

Is that still on track, or is there any other catalysts or product cycles we're missing?

這仍然在軌道上，還是我們缺少任何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，伊恩，下半年的重點產品，肯定是APU端的Carrizo，GPU端的斐濟家族產品，然後西雅圖今年下半年繼續推出。

Okay.

好的。

Thank you.

謝謝你。

Vivek Arya with BofA Merrill Lynch.

Vivek Arya 與美國銀行美林證券。

On the wafer supply agreement with Global Foundries, I believe it was for $1 billion-plus or so this year.

關於與 Global Foundries 的晶圓供應協議，我相信今年的價格超過 10 億美元。

So far, you are done with $367 million.

到目前為止，你已經完成了 3.67 億美元。

I'm just curious, Devinder, do think you will be able to fulfill this obligation this year?

我只是好奇，Devinder，你認為你今年能履行這個義務嗎？

If not, are there any financial implications we should be taking into account?

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.

在晶圓供應協議上，我們今年早些時候做出的承諾已超過 4 億美元。

We're working actively to re-profile our wafer prices commitment with Global Foundries in particular, given the business outlook.

鑑於業務前景，我們正在積極努力重新評估我們與 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，您是否預計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.

我認為，除了重新分析晶圓價格承諾之外，當你重新分析時，顯然，從流出的角度來看，與現金存在聯繫，因為購買發生，然後現金被支付。

Other than that, that would be -- I don't anticipate any financial implications.

除此之外，那將是 - 我預計不會有任何財務影響。

Got it.

知道了。

Maybe one for you, Lisa.

也許給你一個，麗莎。

If we look at -- you are actively trying to bring OpEx in line with the revenue profile.

如果我們看一下-您正在積極嘗試使運營支出與收入狀況保持一致。

If I look at all the semi-custom wins that you have had so far, they have been at lower gross margins.

如果我看看你迄今為止所獲得的所有半定制勝利，它們的毛利率一直較低。

Is that how we should see some of the newer wins, that they would also be at lower gross margins than corporate average?

我們應該如何看待一些新的勝利，它們的毛利率也會低於公司平均水平？

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?

如果是較低的毛利率，您是否認為您可以足夠快地削減運營支出，以便在不久的將來某個時候實現可持續的自由現金流正數？

Yes.

是的。

Let me take that question in a couple parts.

讓我把這個問題分成幾個部分。

When we think about OpEx, look, we want to make very strategic decisions around OpEx.

當我們考慮運營支出時，看，我們希望圍繞運營支出做出非常戰略性的決策。

We have a long-term roadmap.

我們有一個長期的路線圖。

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.

我們有幾個領域正在投資以實現長期增長，而計算和圖形 IP 對於實現這一目標至關重要。

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.

也就是說，我們確實必須使我們的運營支出與我們當前的收入預測保持一致，我認為我們有機會在未來這樣做。

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.

相對於半定制以及這在毛利率方面意味著什麼，我認為半定制業務跨越了一組目標市場。

Game consoles is one of those markets, but there are other markets that we have had success in.

遊戲機就是這些市場之一，但我們在其他市場也取得了成功。

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.

當你縱觀這些市場時，我認為也會有一系列毛利率，具體取決於 IP 和整體產品規格。

So, the goal is to return profitability.

因此，目標是恢復盈利能力。

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.

我認為這是毫無疑問的，我們將在頂線和底線都採取積極行動來做到這一點。

But I wouldn't make any assumptions about the relationship between semi-custom and OpEx.

但我不會對半定制和運營支出之間的關係做出任何假設。

Thank you.

謝謝你。

Matt Ramsay with Canaccord Genuity.

馬特拉姆齊與 Canaccord Genuity。

A little bit of a longer-term strategic question for you, Lisa.

麗莎，給你一個長期戰略問題。

Last night, Intel announced the addition of a new chip on their 14-nanometer roadmap and pushed back 10.

昨晚，英特爾宣佈在他們的 14 納米路線圖上增加一個新芯片，並推遲了 10 個。

It strikes me as two things.

我覺得有兩件事。

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.

第一，喜歡就 [摩爾定律] 進展如何獲得您與代工合作夥伴的評論，尤其是明年 Zen 將推出 14 納米。

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.

其次，看起來現在您將有可能將您的 Zen 產品與仍採用 14 納米的一代英特爾產品重疊。

Just your reaction to that, in general, and the competitive landscape on the foundry side.

總的來說，只是您對此的反應，以及代工方面的競爭格局。

Thanks.

謝謝。

Matt, I do think the process technology landscape, right now, is quite interesting.

Matt，我確實認為現在的工藝技術領域非常有趣。

On the first part of your question, how do we view FinFET technologies?

關於您問題的第一部分，我們如何看待 FinFET 技術？

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.

實際上，我認為 FinFET 技術的成熟度非常好，因此我們將其視為 2016 年我們所有市場路線圖的重要組成部分。

We've actually just taped out our first couple of FinFET designs.

實際上，我們剛剛完成了最初的幾個 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.

相對於這對未來的競爭格局意味著什麼，我在去年被問過幾次這個問題，我的評論是，我們的重點是設計架構，並確保我們使用我們所有的設計架構專業知識.

Zen is a clean sheet design and from architectural standpoint, I think it's going to be very competitive.

Zen 是一個乾淨的設計，從建築的角度來看，我認為它會很有競爭力。

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.

代工技術與其他技術之間的差距正在縮小這一事實，我認為確實改變了競爭格局，並且將是我們在競爭中前進的好機會。

We are aggressively going after FinFET and I think that's going to be an incredibly important node for us.

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.

這很有幫助。

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.

就像 Devinder 的後續行動一樣，你在評論中提到了正確調整新業務狀態的運營成本，並且你們在分析師日給出了今年下半年的一些目標，你撤回了現在回到盈利目標。

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?

相對於您在分析師日給出的一些長期目標，也許您可以就您認為合適的運營支出結構對於您現在所看到的業務的業務提供更詳細的評論？

Thank you.

謝謝你。

Good question.

好問題。

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.

我認為從盈利的時間框架來看，我們曾在金融分析師日表示，我們預計下半年將實現盈利。

Obviously, that has been pushed out.

很顯然，這已經被淘汰了。

We are taking actions to reduce the cost structure in line with the near-term revenue outlook.

我們正在根據近期收入前景採取行動降低成本結構。

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.

如果您查看我們提供的指導或第三季度，OpEx 將從 3.53 億美元下降到 3.4 億美元，並且隨著我們評估行動並採取降低成本結構的行動，它將從那裡下降。

Those actions are being assessed right now, are not yet finalized.

這些行動目前正在評估中，尚未最終確定。

Once those are finalized, obviously we'll share the details with you.

一旦這些最終確定，顯然我們將與您分享詳細信息。

All right.

好的。

Thanks very much.

非常感謝。

Ross Seymore with Deutsche Bank.

德意志銀行的羅斯·西莫爾。

The first one, on the guidance, any sort of color you can give between the two segments, even directionally?

第一個，在指導上，你可以在兩個部分之間給出任何顏色，甚至是方向性的？

As you saw in the second quarter, they perform significantly differently and that has [big] margin implications?

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嗎？

Any color you can give there would be helpful.

您可以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.

是的，Ross，讓我開始吧，也許 Devinder 會有一些意見。

In terms of the third-quarter guidance, we do expect both segments to be up.

就第三季度的指引而言，我們確實預計這兩個部門都會上漲。

We said previously that the semi-custom business usually has it's strongest quarter in the third quarter.

我們之前說過，半定制業務通常在第三季度表現最為強勁。

We think that's going to continue to be the case.

我們認為情況將繼續如此。

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.

計算和圖形業務正在走出低谷，因此我們預計這兩個部門以及整體收入都會有所改善。

I think you will see both segments improve in the third quarter.

我認為您將在第三季度看到這兩個部分都有所改善。

Great.

偉大的。

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.

作為後續，在半定制方面再看一點，只是想跟進一個關於毛利率方面的早期問題，但首先要多看一點收入。

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?

如果新業務在 2016 年期間不斷湧現，但遊戲業務的傳統全面滲透同時折疊，您如何看待這些之間的權衡，因為它會導致您有能力發展您的業務部門？

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?

這對一些較小的總美元機會的毛利率意味著什麼，可能比您今天擁有的遊戲機半定制業務具有更好的毛利率？

Let me try to put it this way.

讓我試著這樣說。

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.

讓我們稱之為圍繞遊戲機的基礎半定制業務，我認為如果您查看單位和逐年出貨的單位，我認為我們仍然會看到 2016 年對於遊戲機來說是相當穩健的一年傳統的，我們稱之為遊戲機業務，總體而言。

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.

然後，當我們在其之上疊加一些新的勝利時，我認為這確實給了我們在下半年增長的潛力。

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.

顯然，從現在到那時會有很多事情發生，但我確實認為半定制是我們前進的增長動力。

And the gross margin implication?

以及對毛利率的影響？

With semi-custom, I think I would rather talk about operating margin, because I think that is the better view of it.

對於半定制，我想我寧願談論營業利潤率，因為我認為這是更好的看法。

I think the operating margins should also improve going forward.

我認為未來的營業利潤率也應該會提高。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Sanjay Chaurasia with Nomura.

Sanjay Chaurasia 與野村。

I have a two-part question on HBM and a follow-up.

我有一個關於 HBM 的兩部分問題和一個後續問題。

First question on HBM is, is it margin accretive or dilutive in your -- within your GPU business?

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？

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?

第二個問題是，當您集成 HBM 時，您能談談您面臨的挑戰嗎？您認為您在將 HBM 集成到 GPU 方面有任何技術領先優勢嗎？

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?

基本上是您已經能夠獲得的六到八個月的領先優勢，還是您可以看到更多的領先優勢，您可以在這裡保持更長的領先優勢？

Maybe the second question first.

也許是第二個問題。

Relative to HBM, I think we do have a lead.

相對於 HBM，我認為我們確實有領先優勢。

We're the first in the industry to integrate HBM in GPUs.

我們是業內第一家將 HBM 集成到 GPU 中的公司。

We've targeted at the enthusiast segment because that is the right segment, I would say, to learn the manufacturing technology.

我們的目標是發燒友群體，因為我想說，這是學習製造技術的正確群體。

I would say that the manufacturer has come up as expected.

我會說製造商已經按預期出現了。

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.

我們預計斐濟 GPU 的整個系列，我們推出的方式，將在今年下半年成為一組強大的產品。

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.

相對於利潤率，我不會具體評論它，但我會說總體而言，關鍵目標是增加圖形市場份額。

Growing graphics market share, having a leadership strong product portfolio at the enthusiast segment, helps across the entire portfolio.

不斷增長的圖形市場份額，在發燒友領域擁有領先的強大產品組合，有助於整個產品組合。

Okay.

好的。

As a follow-up, you talked about 20-nanometer designs migrating to FinFET.

作為後續，您談到了遷移到 FinFET 的 20 納米設計。

Could you talk about which specific product was impacted and the associated impact on your revenue growth in the second half?

您能否談談哪些特定產品受到影響以及對下半年收入增長的相關影響？

On the 20-nanometer case, we did speak a little bit about that at our Financial Analyst Day in May.

在 20 納米的案例中，我們確實在 5 月的金融分析師日上談到了這一點。

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.

我們開始了幾個 20 納米的設計，在查看了整體設計權衡之後，我們覺得 FinFET 更具競爭力，因此我們決定將設計數量轉移到 FinFET 技術中。

Relative to the second half of the year, I don't think there's anything substantive to talk about.

相對於下半年，我認為沒有什麼實質性的話題可談。

I think the important thing is ensuring that we get our product portfolio into FinFET technology next year, which will improve our overall competitiveness.

我認為重要的是確保我們明年將我們的產品組合納入 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.

傑富瑞的馬克·利帕西斯。

First one on the new semi-custom design that you just started to work on.

第一個關於您剛剛開始研究的新半定制設計。

Could you go through the lifecycle of one of these?

你能經歷其中之一的生命週期嗎？

When do see the NRE?

什麼時候可以看到 NRE？

When do you see the chip revenues from this come in?

你什麼時候看到這方面的芯片收入進來了？

We start initial NRE payments as we start the design and it goes through the design lifecycle.

我們在開始設計時開始初始 NRE 付款，並且它貫穿設計生命週期。

And then over -- depending on the design, it will take anywhere from 24 to 36 months to see significant revenue.

然後結束 - 根據設計，需要 24 到 36 個月才能看到可觀的收入。

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.

在這個特定的設計上，我們沒有具體說明總體時間，但我會說終身收入在我們之前為半定制的範圍內，所以在 2 億美元到 5 億美元的範圍內。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

Lisa, Mark Papermaster has mentioned virtual reality as being one of the next big things in the industry.

Lisa, Mark Papermaster 曾提到虛擬現實是該行業的下一件大事。

How does that market play out for you guys?

這個市場對你們來說如何？

When do start participating in that?

什麼時候開始參與？

We're extremely excited about the virtual reality market.

我們對虛擬現實市場感到非常興奮。

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.

如果你看看這個市場的進展以及它發展的速度有多快，即使在過去的 12 個月裡，我認為這是一個真正同時使用 CPU 和 GPU 技術的領域。

If you look at the headset manufacturers are the ones will have product out.

如果你看看耳機製造商是那些會推出產品的。

Most of those are stating product shipments sometime in the 2016 timeframe, starting early 2016.

其中大多數都在 2016 年的某個時間段內說明產品出貨量，從 2016 年初開始。

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.

今天，它主要是開發人員系統，但與開發人員密切合作，隨著我們的 GPU 技術在 2016 年遷移到更多的商業系統，對高性能圖形的需求很大。

So, we view it as a growth driver for our graphics business.

因此，我們將其視為我們圖形業務的增長動力。

On that, are you of the view that this is business applications, or consumer gaming applications?

對此，您認為這是商業應用程序還是消費者遊戲應用程序？

Where do you think it will show up first?

你認為它會首先出現在哪裡？

I think it will start with consumer gaming applications.

我認為它將從消費者遊戲應用程序開始。

That's where a lot of the activity is.

那是很多活動的地方。

But I think it will migrate to some education and other entertainment applications, as well.

但我認為它也會遷移到一些教育和其他娛樂應用程序中。

Thank you.

謝謝你。

Last question for Devinder, if I may.

Devinder 的最後一個問題，如果可以的話。

Devinder, in the event that revenues continue to trickle down, is there -- I understand a lot of the R&D is shared.

Devinder，如果收入繼續下降，是否存在 - 我知道很多研發都是共享的。

Is there an R&D level below which you really -- the Company does not want to go below?

是否有一個研發水平低於你真的——公司不想低於這個水平？

I think it goes back to some the things we talked about at the Financial Analyst Day.

我認為這可以追溯到我們在金融分析師日討論的一些事情。

Fundamentally, we have a roadmap.

從根本上說，我們有一個路線圖。

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.

我們有特定的產品將在下一個推出，稱之為 18 個月的時間框架，我們將盡一切可能保護該路線圖。

R&D is obviously going to be the higher priority from that standpoint.

從這個角度來看，研發顯然將成為更高的優先事項。

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.

即使在我們談論和考慮我們將要採取的行動時，我們也將盡一切努力保護長期的路線圖、戰略路線圖以及財務模型。

Fair enough.

很公平。

Thank you very much.

非常感謝。

Christopher Rolland with FBR.

克里斯托弗羅蘭與 FBR。

First, just a quick clarification and then the question.

首先，只是一個快速的澄清，然後是問題。

I was a little confused on the semi-custom.

我對半定制有點困惑。

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?

麗莎，你是說你有兩個新的半自定義勝利，而新的只是增加了一個，總共三個，還是仍然只有兩個？

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，然後我們又增加了第三個。

Okay.

好的。

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

您剛剛添加的那個是新的，還是您正在構建一個將在 2016 年推出的？

That is a new one?

那是新的嗎？

Yes.

是的。

That is the new one.

那是新的。

Okay, excellent.

好的，很棒。

Secondly on inventories, $850 million seemed a little bit high there.

其次，在庫存方面，8.5 億美元似乎有點高。

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?

其中有多少是你正在那裡增加的新的半定制勝利，有多少是控制台，以及 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.

首先，澄清一下，麗莎剛剛提到的新的半定制勝利，你剛剛討論過——它已經及時發布了。

It's not a second-half 2015 inventory item.

這不是 2015 年下半年的庫存項目。

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.

回到您對從第二季度到第三季度庫存上升的具體觀察，這是對下半年產品增長和半定制銷售的支持。

And really the second half stronger than the first half from a revenue standpoint leads to that inventory going up from Q2 to Q3.

從收入的角度來看，下半年確實比上半年強，導致庫存從第二季度上升到第三季度。

And we continue to manage it and I fully expect that, that inventory comes down after we get past the Q3 free timeframe.

我們繼續管理它，我完全預計，在我們超過第三季度的免費時間框架後，庫存會下降。

Okay.

好的。

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.

Devinder，雖然我有你，只是在一些毛利率問題的背後，有這麼多活動部件，我認為我們在明年的建模中都會遇到問題。

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?

隨著遊戲機的推出，新的半定制勝利可能繼續，以及我們過渡到 14 納米，我們如何才能考慮到它，只是高水平和定向？

Just sort of directional insights here, just that so we don't get blindsided.

這裡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.

我認為，如果您可以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，尤其是第三季度，如 Lisa 所提到的，半定制的較高組合是一個高峰季度從半定制收入的角度來看。

After that, obviously, the continuing trajectory that we have from the client PC group as well the graphics piece getting into the Q4 timeframe.

在那之後，很明顯，我們從客戶端 PC 組獲得的持續軌跡以及進入第四季度時間框架的圖形部分。

So that is something that I look at from a second-half standpoint.

所以這是我從下半年的角度來看的。

Out in 2016, you are right.

2016 年，你是對的。

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.

有很多因素會發揮作用，半定制以及我們擁有的 PC 產品，但我現在不想冒險，現在會在哪裡。

Okay.

好的。

Thanks so much, guys.

非常感謝，伙計們。

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.

首先，我想深入研究一下。

You said Q3 obviously the peak for semi-custom.

您說 Q3 顯然是半定制的高峰。

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.

你說第二季度是公司今年的低谷，這應該意味著第四季度半定制應該下降，這意味著計算圖形業務進入第四季度相當大的增長，如果不是更多的話，至少是高兩位數。

What gives you confidence that is going to happen?

是什麼讓你對即將發生的事情充滿信心？

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?

鑑於您正在建立大量本應在第四季度售罄的庫存，如果該坡道不發揮作用會產生什麼後果？

I will start and then Lisa can add.

我將開始，然後麗莎可以添加。

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.

我認為，如果你看看我們過去幾個季度採取的行動所發生的事情，我們已經做了一件事，我們對此感覺良好，那就是在 PC 領域，尤其是渠道庫存，我們開始的所有行動第四季度時間框架和第一季度、第二季度基本完成。

As we said, the channel sales quarter on quarter were up and we feel good about that.

正如我們所說，渠道銷售季度環比上升，我們對此感覺良好。

Those are very directed actions taken in the an aggressive manner by us.

這些是我們以激進的方式採取的非常直接的行動。

In Q2, we did have an impact on the OEM APU sales in particular, with the transition of Windows 10.

在第二季度，隨著 Windows 10 的過渡，我們確實對 OEM APU 銷售產生了影響。

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.

隨著我們進入下半年，尤其是新產品，我們認為我們可以提升這些產品和第三季度的指導，正如 Lisa 之前所說，考慮到 EESC 和 CG 領域的改進。

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.

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表，我們認為 PC 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。

On the inventory question that you have, as I explained earlier to another question, it is up from Q2 to Q3.

關於您的庫存問題，正如我之前對另一個問題所解釋的那樣，它從第二季度上升到第三季度。

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.

但我們正在與我們的合作夥伴 Global Foundries 積極合作，重新審視我們今年早些時候做出的承諾，我認為從庫存的角度來看，這應該有助於繼續並將其管理到我們認為更舒適的地方並符合收入前景。

Right.

正確的。

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.

您告訴我您對第四季度感覺良好，但老實說，您無法預測 1.5 個月，更不用說兩個季度了。

It just seems to me like there's a setup here for more bad things to happen if that market doesn't stabilize.

在我看來，如果市場不穩定，這裡就會發生更多壞事。

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.

即使它確實穩定了，您的業務也一直 - 老實說，與市場相比，它也不穩定。

I'm just wondering what the risk is, given the way you are setting up inventories and setting up expectations for that Q4 ramp.

我只是想知道風險是什麼，考慮到您設置庫存和為第四季度增長設定預期的方式。

Stacy, so look.

斯泰西，看。

That is a fair comment.

這是一個公平的評論。

I will take that.

我會接受的。

Now, if I tell you what I see going forward, we'll give you the best information we have at this point in time.

現在，如果我告訴你我對未來的看法，我們會及時向你提供我們目前掌握的最佳信息。

The semi-custom business, Q3 will be the peak.

半定制業務，Q3將是高峰。

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.

我們需要更多的數據點才能真正稱第四季度是正確的，但到目前為止，我們認為半定制方面的市場是一個穩固的市場。

On the computing and graphics side, there are, basically, think about it as four pieces to the business.

在計算和圖形方面，基本上，將其視為業務的四個部分。

We have OEM processors, we have channel processors, we have graphics, consumer graphics and then we have professional graphics.

我們有 OEM 處理器，我們有渠道處理器，我們有顯卡，消費顯卡，然後我們有專業顯卡。

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.

在這四個細分市場中，據我們所見，我們對第三季度持謹慎態度，只是因為我們需要確切了解 OEM 的增長情況，即 Windows 10 的發布——我們認為 Windows 10 是一款不錯的產品，但我們需要看看它是如何啟動的。

As we go into holiday, we believe we will make process in graphics.

當我們進入假期時，我們相信我們將在圖形中製作流程。

We believe we will make process in professional graphics.

我們相信我們會以專業的圖形製作流程。

I said that the channel looks like it's healthier for us, and we need to see how the OEM demand looks.

我說渠道看起來對我們來說更健康，我們需要看看OEM需求如何。

Those are the ways I think about computing and graphics.

這些是我對計算和圖形的看法。

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.

顯然，我們對第二季度的表現並不滿意，但展望未來，我們需要以我們看到的方式管理業務。

This is how we see it today.

這就是我們今天所看到的。

Got it.

知道了。

Thank you.

謝謝你。

That's helpful.

這很有幫助。

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?

對於我的後續行動，我只是想看看除了削減運營支出以阻止現金消耗之外，如果這種增長沒有恢復，您還有哪些其他選擇？

We've already gone through selling assets.

我們已經完成了資產出售。

You've stretched out our cash conversion cycle significantly this quarter.

您在本季度顯著延長了我們的現金轉換週期。

You've maxed out half your revolver.

你的左輪手槍已經用盡了一半。

What are your other options above and beyond that if the OpEx cuts themselves aren't enough, if the environment doesn't recover?

如果運營支出削減本身還不夠，如果環境沒有恢復，那麼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.

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、管理庫存以及確保從前景的角度來看符合收入狀況的所有內容，都可以讓我們做到這一點。

From a standpoint of cash, we've done a good job managing the cash over the last several quarters and several years.

從現金的角度來看，我們在過去幾個季度和幾年的現金管理方面做得很好。

I have confidence of doing that on a go-forward standpoint.

從前進的角度來看，我有信心這樣做。

We'll monitor and see what is needed and as I said earlier, if the need arises, we will access the capital market.

我們將監控並查看需要什麼，正如我之前所說，如果需要，我們將進入資本市場。

I still have the ABL availability, as you just observed, and we will do what's needed to continue to fund the business.

正如您剛才所說，我仍然有 ABL 可用性，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?

資本市場是指在需要時籌集股本，還是舉債？

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

斯泰西，不會詳細介紹這次電話會議的細節，但我相信如果需要，我們可以進入資本市場。

Got it.

知道了。

Thank you very much, guys.

非常感謝你們。

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.

Devinder，我只是對現金評論進行快速跟進和澄清。

You guided the cash levels in the September quarter around $700 million.

您將 9 月季度的現金水平引導到 7 億美元左右。

I think to an earlier question you said that you'd still very comfortable operating below $600 million.

我認為對於之前的一個問題，您說您仍然可以輕鬆地在 6 億美元以下運營。

What I'm trying to figure out, is $700 million what you envision to be the trough?

我想弄清楚的是，你設想的低谷是 7 億美元嗎？

Because with inventory coming down in Q4, and maybe the presumption of some sequential revenue growth, shouldn't cash grow from September to December?

因為隨著第四季度庫存下降，並且可能假設一些連續收入增長，現金不應該從 9 月到 12 月增長嗎？

If you could help me understand those dynamics, that would be helpful.

如果你能幫助我理解這些動態，那將很有幫助。

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.

這些因素，我認為如果你從今年剩餘時間的現金角度來看，在第三季度，現金指導為 7 億美元，我們的債務到期情況是，現金利息支付只有兩個季度，在第一季度和第三季度，總額約為 7000 萬美元。

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.

因此，我們財政年度的第一季度和第三季度對現金產生了不成比例的影響，就像現金支付的方式一樣，即使該年度的會計核算是按比例進行的。

Then, you are right.

那麼，你是對的。

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.

從現金的角度來看，我們正在管理庫存並重新分析我們應該有所幫助的一些承諾，我們非常專注於繼續這樣做。

Like I said, after we get through the Q3 timeframe, in Q4, we don't have the cash interest payments.

就像我說的，在我們完成第三季度的時間框架後，在第四季度，我們沒有現金利息支付。

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.

隨著下半年收入的增長，正如我們從第三季度開始所預期的那樣，我們認為這將有利於我們到年底的現金狀況。

That's helpful.

這很有幫助。

Guys, maybe a little bit more clarification on the profile of the inventory you are holding right now.

伙計們，也許對你現在持有的庫存概況做更多的澄清。

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?

我了解第二季度到第三季度的新產品發布需要增加庫存，但是第二季度的庫存增長在多大程度上是新產品驅動的，而不僅僅是對舊產品的需求不存在，我們是否對任何庫存都承擔過時風險進入下半年？

Two parts to it.

兩個部分。

For the Q3 growth, new products, as well as semi-custom business being higher in the second half compared to the first half.

對於第三季度的增長，下半年的新產品以及半定制業務比上半年更高。

That is specifically what is taking the inventory from about $800 million to the $850 million levels that we're guiding to.

這就是將庫存從大約 8 億美元提高到我們指導的 8.5 億美元水平的原因。

Thank you.

謝謝你。

Harlan Sur with JPMorgan.

摩根大通的哈蘭蘇爾。

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.

對於目前的半定制業務，你的遊戲機業務，我知道團隊專注於運營盈利能力，但推動盈利的一種方法是提高毛利率。

I think you obviously have a targeted cost curve they you are trying to drive, hopefully, that's faster than your negotiated ASP declines.

我認為您顯然有一個目標成本曲線，他們正在努力推動，希望這比您協商的 ASP 下降更快。

If you could just give us an update on what the team is doing to drive the cost profile?

您能否向我們提供有關團隊為推動成本概況所做的最新工作？

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?

然後，我想在某些時候，鑑於這些產品的產品生命週期相對較長，是否有機會通過縮小芯片來推動階梯功能轉變，從而降低每芯片的成本？

Harlan, certainly, we would like to drive both gross margins as well as operating margins.

哈蘭，當然，我們希望同時提高毛利率和營業利潤率。

The ASP declines are fairly well understood.

ASP 的下降是很好理解的。

Those are pre-negotiated.

這些都是事先協商好的。

Relative to what we're doing to drive overall cost or COGS down, it's the usual things.

相對於我們為降低總體成本或 COGS 所做的工作，這是很平常的事情。

Is yields, it's test times, it's procurement savings and those kinds of things.

是產量，是測試時間，是採購節省等等。

I would say it's been largely as expected.

我會說這在很大程度上符合預期。

These products are now several years into their life cycle.

這些產品現在已進入其生命週期數年。

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.

對於您關於模具框架的後續問題，我認為如果您查看遊戲機的歷史，通常會看到模具縮小，但這會及時發生，我們將在那時討論。

Great.

偉大的。

Thanks for that.

感謝那。

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.

在服務器和數據中心方面，英特爾 Altera 的交易以及將 CPU 與可編程並行處理架構結合起來以幫助加速計算的潛力受到了很多關注。

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?

鑑於 GPU 是一個並行處理引擎，是否可以假設你們已經有能力提供類似類型的解決方案，無論是獨立形式還是與 x86 或基於 ARM 的服務器處理器的集成形式？

Is that something that you have on your roadmap?

這是你的路線圖上的東西嗎？

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.

我認為將處理器與某種類型的加速器（無論是 GPU 還是 FPGA）結合起來的想法在數據中心中絕對是重要的。

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.

我們確實有能力與我們的 APU 集成，以及在不同的包中，同時提供 CPU 和 GPU。

I think the idea of using accelerators is definitely important data centers.

我認為使用加速器的想法絕對是重要的數據中心。

We agree with that.

我們同意這一點。

Different people will do it different ways.

不同的人會以不同的方式去做。

Certainly, our approach will be to get very high-performance CPUs and GPUs that can inter-operate.

當然，我們的方法將是獲得可以互操作的高性能 CPU 和 GPU。

Thank you.

謝謝你。

Operator, we will take two more questions, please.

接線員，請我們再回答兩個問題。

Kevin Cassidy with Stifel.

凱文·卡西迪 (Kevin Cassidy) 與 Stifel。

My questions are related to Seattle.

我的問題與西雅圖有關。

Have you announced design wins, or can you give us an idea of what that product ramp looks like?

您是否宣佈設計獲勝，或者您能否告訴我們該產品斜坡的樣子？

I think Seattle is a good offering for 64-bit ARM servers.

我認為西雅圖對於 64 位 ARM 服務器來說是一個不錯的選擇。

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.

如果你看看我們到目前為止所說的話，我們在生態系統中擁有許多公司，以及在西雅圖開發軟件並研究它在環境中如何運作的用戶。

I would say that the overall revenue of Seattle will be modest, as ARM ramps will take a bit of time.

我會說西雅圖的整體收入將是適中的，因為 ARM 的坡道將需要一些時間。

But the importance of building the ecosystem is there, so that is our focus with Seattle in working with key customers.

但是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.

好的。

Thanks.

謝謝。

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

作為後續行動，西雅圖有多大比例的市場認為可以解決？

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.

我想我們之前已經說過了，我對此的看法是，整個 ARM 服務器市場，或者我們稱其為數據中心市場的 ARM，將需要一些時間來發展。

Let's call it the three- to five-year timeframe.

讓我們稱之為三到五年的時間框架。

In terms of today's market, we actually believe that the x86 will be the majority of the market.

就今天的市場而言，我們實際上相信 x86 將佔據市場的大部分。

Okay.

好的。

Thank you.

謝謝你。

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?

在您的 14 納米 FinFET 過渡中，您認為在哪裡 - 如何看到斜坡？

When do see the crossover on that as you go through 2016?

當你經歷 2016 年時，什麼時候會看到它的交叉？

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

當你說交叉時，維杰，你的意思是音量交叉，或者——

Volume crossover, shipment crossover.

量跨界，出貨跨界。

Yes.

是的。

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.

我們將在不同的時間點將產品線的不同部分引入 FinFET，所以我認為我對此沒有確切的答案。

I think what we've said is, graphics will certainly utilize FinFETs, as well as our news and processors.

我認為我們所說的是，圖形肯定會使用 FinFET，以及我們的新聞和處理器。

They will rollout over the quarters in 2016.

他們將在 2016 年的各個季度推出。

Got it.

知道了。

On the semi-custom side, obviously, June quarter grew sequentially but the operating margins declined significantly.

在半定制方面，顯然，六月季度環比增長，但營業利潤率顯著下降。

What are you guys doing there to improve those operating margins there?

你們在那裡做了什麼來提高那裡的營業利潤率？

I know you've been asked a couple of questions already but, again, do you have some thoughts there?

我知道你已經被問了幾個問題，但是，你有什麼想法嗎？

I can comment.

我可以發表評論。

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.

如果你特別關注第一季度到第二季度，營業利潤率下降了 3300 萬美元，這是與從 20 納米 FinFET 技術節點過渡相關的費用。

That's in the segment operating margin results.

這就是該部門的營業利潤率結果。

If you neutralize for that, I think you'll see a different operating margin profile from a quarter-to-quarter standpoint.

如果您對此進行中和，我認為您會從季度到季度的角度看到不同的營業利潤率概況。

Okay.

好的。

Got it.

知道了。

Thanks.

謝謝。

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

接線員，謝謝，今天下午的電話會議到此結束。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了程序。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。