超微半導體 (AMD) 2015 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for your patience. You have joined AMD's Q3 earnings conference call. (Operator Instructions). As a reminder, this conference may be recorded.

女士們、先生們，大家好，感謝你們的耐心。您已加入 AMD 第三季財報電話會議。（操作員指令）。提醒一下，本次會議可能會被錄音。

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

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

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

感謝您並歡迎參加 AMD 第三季電話會議。

By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides. If you have not reviewed these documents, they can be found on AMD's website at ir. AMD.com.

現在，您應該已經有機會查看我們的收益報告副本以及財務長的評論和投影片。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 and Chief Financial Officer and Treasurer.

今天電話會議的參與者包括我們的總裁兼執行長 Lisa Su 和我們的高級副總裁兼財務長兼財務主管 Devinder Kumar。

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

這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

I would like to highlight a few dates for you. Lisa Su will present at the Wells Fargo Tech, Media, & Telecom Conference on November 10 in New York and at the Credit Suisse Annual Technology Conference on December 2 in Arizona. Devinder Kumar will present at the Raymond James Technology and Communications investor conference on December 8 in New York and our fourth-quarter quiet time will begin at the close of business on Friday, December 11, 2015.

我想向你們重點介紹幾個日期。Lisa Su 將於 11 月 10 日在紐約舉行的富國銀行科技、媒體和電信會議以及 12 月 2 日在亞利桑那州舉行的瑞士信貸年度技術會議上發表演講。Devinder Kumar 將於 12 月 8 日出席在紐約舉行的 Raymond James 科技與通訊投資者會議，我們的第四季靜默期將於 2015 年 12 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.

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。這些陳述是基於當前的信念、假設和期望；僅就當前日期發言；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。

Additionally, please note that non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measures in the press release and CFO commentary, which are posted on our website at quarterlyearnings. 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 June 27, 2015.

此外，請注意，本次電話會議中引用的非 GAAP 財務指標與新聞稿和財務長評論中最直接可比較的 GAAP 財務指標進行了協調，這些指標發佈在我們的網站 quarterlyearnings 上。AMD.com。請參閱今天的收益新聞稿和財務長評論中的警告聲明以獲取更多資訊。您也可以在我們向美國證券交易委員會提交的文件中找到有關我們的風險因素的詳細討論，特別是 AMD 截至 2015 年 6 月 27 日的 10-Q 表季度報告。

Now with that, I will hand the call over to Lisa. Lisa?

現在，我將把電話交給麗莎。麗莎？

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

謝謝你，露絲，祝今天收聽節目的各位下午好。

We successfully executed many of our near-term tactical priorities in the third quarter, while also taking several key steps as a part of our longer-term strategy to focus AMD on delivering great products, driving deeper customer relationships, and simplifying our business. Highlights include delivering strong double-digit sequential revenue growth in each of our business segments; expanding our product portfolio with the introduction of several new APUs and GPUs that improve our competitive positioning in key markets; forming the Radeon Technologies Group to bring a vertical focus to our graphics business and help strengthen our performance in traditional graphics markets, while simultaneously establishing leadership initiatives in emerging -- immersive computing markets, like virtual and augmented reality.

我們在第三季度成功執行了許多近期戰術重點，同時也採取了幾項關鍵措施作為我們長期策略的一部分，使 AMD 專注於提供優質的產品、建立更深的客戶關係並簡化我們的業務。亮點包括我們每個業務部門都實現了強勁的兩位數連續收入成長；透過推出幾款新的 APU 和 GPU 來擴展我們的產品組合，從而提高我們在關鍵市場的競爭地位；組建 Radeon 技術集團，將垂直重點放在我們的圖形業務上，幫助加強我們在傳統圖形市場的表現，同時在虛擬實境和擴增實境等新興運算市場中建立新興地位。

And in the third quarter, we also taped out multiple products in FinFET technologies across both of our foundry partners that are on track to enter production next year.

在第三季度，我們也與兩個代工合作夥伴合作推出了多款採用 FinFET 技術的產品，這些產品預計將於明年投入生產。

We also took targeted actions in the quarter to streamline portions of our business as a part of aligning our cost structure with our revenue profile, and we took an inventory write-down primarily on some of our previous generation APUs, largely related to weaker-than-expected PC demand.

我們還在本季度採取了有針對性的措施，精簡部分業務，以使我們的成本結構與收入狀況保持一致，並且我們主要對部分上一代 APU 進行了庫存減記，這主要與 PC 需求弱於預期有關。

While not ideal, we believe the write-down helps ensure we have the appropriate balance of inventory in place, given market conditions.

雖然不是最理想的，但我們相信，減記有助於確保我們在市場條件下擁有適當的庫存平衡。

Looking at our financial performance, third-quarter sales were $1.06 billion. The sequential increase of 13% included revenue growth across both our computing and graphics segment, as well as our enterprise, embedded, and semi-custom segment.

從我們的財務表現來看，第三季的銷售額為 10.6 億美元。連續 13% 的成長包括我們的計算和圖形部門以及企業、嵌入式和半客製化部門的收入成長。

In our computing and graphics segment, we delivered our first sequential revenue increase in two years. C&G revenue increased 12% sequentially, primarily due to improved GPU and desktop APU sales. Channel sales also improved sequentially for the second straight quarter, as we saw the benefit from the work we completed earlier in the year to reduce channel inventories.

在我們的計算和圖形領域，我們實現了兩年來首次連續的收入成長。C&G 營收季增 12%，主要原因是 GPU 和桌上型電腦 APU 銷售成長。通路銷售額也連續第二季環比成長，因為我們看到了今年稍早完成的減少通路庫存的工作帶來的好處。

We continue to have success with HP in the commercial market, as they are seeing accelerating demand for their AMD-based systems, including increased adoption with key Fortune 500 accounts. As a result, I am pleased to share that for the first time AMD was the exclusive launch processor partner for HP's newest EliteBook commercial client systems, based on our latest Carrizo PRO APUs, which launched at the end of September.

我們與惠普在商業市場上繼續取得成功，因為他們發現市場對其基於 AMD 的系統的需求正在加速成長，包括主要財富 500 強客戶的採用率不斷提高。因此，我很高興地告訴大家，AMD 首次成為 HP 最新 EliteBook 商用用戶端系統的獨家發布處理器合作夥伴，該系統基於我們最新的 Carrizo PRO APU，於 9 月底推出。

Overall, PC demand, particularly in the consumer market, continues to be somewhat muted as there remains a high volume of Windows 8-based systems still on shelves. As a result, OEMs have been slower to ramp their Windows 10 platforms than we anticipated. We did see multiple customers introduce new Carrizo-based Windows 10 platforms in the third quarter and we expect additional platforms will come to market in the fourth quarter.

整體而言，由於仍有大量基於 Windows 8 的系統在售，個人電腦需求（尤其是消費市場）持續低迷。因此，OEM 廠商推廣 Windows 10 平台的速度比我們預期的要慢。我們確實看到多個客戶在第三季推出了基於 Carrizo 的新 Windows 10 平台，我們預計第四季將有更多平台上市。

Shifting now to graphics, GPU revenue increased sequentially as we grew both OEM and channel sales based on the strength of our latest desktop and notebook offerings. Our strategy to profitably regain share by capturing key hardware and software technology transitions, like HBM and DirectX 12, is gaining traction. We expanded our Fury family of HBM-enabled GPUs in the quarter to include the Fury Nano, the world's smallest and most power efficient enthusiast desktop graphics card.

現在轉向圖形，由於我們最新的桌上型電腦和筆記型電腦產品的強勁成長，OEM 和通路銷售額均有所增長，因此 GPU 收入也隨之環比增長。我們的策略是透過抓住 HBM 和 DirectX 12 等關鍵硬體和軟體技術轉型來重新獲得市場份額，這項策略正在獲得發展動力。我們在本季擴展了支援 HBM 的 Fury 系列 GPU，包括 Fury Nano，這是世界上最小、最節能的發燒級桌面顯示卡。

We delivered strong double-digit percentage sequential revenue growth in the high-end enthusiast and performance portions of the GPU market, based on the success of our flagship Fury line of energy-efficient products.

由於採用旗艦產品 Fury 系列節能產品的成功，我們在 GPU 市場的高端發燒友和性能部分實現了強勁的兩位數百分比連續收入成長。

On the software side, our GCN/GPU architecture is delivering up to a 30% performance increase on applications written for the next generation of low-level programming APIs, like Microsoft's DirectX 12, that are being quickly adopted by developers.

在軟體方面，我們的 GCN/GPU 架構為針對下一代低階程式設計 API（例如 Microsoft 的 DirectX 12）編寫的應用程式帶來了高達 30% 的效能提升，這些應用程式正在被開發人員迅速採用。

Turning to our enterprise, embedded, and semi-custom segment, revenue increased 13% sequentially, driven by strong semi-custom sales to support holiday game console demand. We are on track to set an annual record for semi-custom unit shipments in 2015. Demand from Sony and Microsoft indicates that the record-setting sales pace of this generation of game consoles will remain strong.

轉向我們的企業、嵌入式和半客製化部門，營收環比成長 13%，這得益於強勁的半客製化銷售以支援假日遊戲機需求。我們預計在 2015 年創下半客製化單位出貨量的年度紀錄。索尼和微軟的需求顯示本代遊戲機創紀錄的銷售速度將保持強勁。

We also remain on track to begin revenue shipments of our additional semi-custom design wins starting in the second half of 2016.

我們也將繼續按計畫從 2016 年下半年開始交付額外的半客製化設計產品。

As a part of further diversifying into the medical, communications, and non-console gaming markets, we plan to expand our embedded product offerings this quarter with the introduction of our newest R-Series SoC, which will deliver significant performance per watt improvements compared to our previous generation and offer industry-leading graphics capabilities for embedded designs.

作為進一步進軍醫療、通訊和非主機遊戲市場的一部分，我們計劃在本季度擴大嵌入式產品供應，推出最新的 R 系列 SoC，與上一代產品相比，它將顯著提高每瓦性能，並為嵌入式設計提供業界領先的圖形功能。

Today, we also announced that we have signed a definitive agreement with Nantong Fujitsu Microelectronics to form a joint venture combining AMD's high-volume assembly and test facilities and experienced workforce with NFME's established OSAT expertise.

今天，我們也宣布已與南通富士通微電子簽署最終協議，成立一家合資企業，將 AMD 的大批量組裝和測試設施及經驗豐富的勞動力與 NFME 成熟的 OSAT 專業知識相結合。

Today's announcement is another example of how we're executing the strategy we outlined at our financial analyst day in May, to focus the Company on improving our long-term financial performance by building great products and simplifying our business model. Forming a back-end manufacturing joint venture is a significant step towards achieving these goals, as we align our operating model with other fabless companies and strengthen our balance sheet.

今天的公告是我們如何執行我們在五月財務分析師日上概述的策略的另一個例子，即透過打造優質產品和簡化業務模式，使公司專注於改善長期財務表現。組成後端製造合資企業是實現這些目標的重要一步，因為我們將我們的營運模式與其他無晶圓廠公司保持一致並加強我們的資產負債表。

Looking to the fourth quarter and beyond, our priorities are clear. First, we must make more progress returning our computing and graphics business to a healthy trajectory by ramping Carrizo unit shipments, further penetrating the commercial client market, regaining profitable GPU share, and maintaining healthy OEM and channel inventory levels.

展望第四季及以後，我們的優先事項很明確。首先，我們必須取得更大進展，透過增加 Carrizo 單位出貨量、進一步滲透商業客戶市場、重新獲得有利可圖的 GPU 份額以及維持健康的 OEM 和渠道庫存水平，使我們的計算和圖形業務恢復到健康軌道。

While we are not anticipating Windows 10 will drive a dramatic near-term PC refresh cycle, the continued adoption of Windows 10, which has already been installed on more than 110 million PCs to date, provides a great opportunity for AMD over the coming year, based on a steady consumer and commercial refresh cycle environment.

雖然我們不認為 Windows 10 會在短期內推動 PC 更新週期的大幅提升，但 Windows 10 的持續普及（迄今已安裝在超過 1.1 億台 PC 上）將為 AMD 在未來一年基於穩定的消費者和商業更新周期環境帶來巨大的機遇。

Second, we must continue delivering strong new products. This includes successfully executing key design milestones for our breakout Zen CPU core. Zen remains on track for availability in 2016 and, we believe, will return AMD to the mainstream server and high-end client markets in a significant way in 2017 and beyond.

第二，我們必須持續推出強勁的新產品。這包括成功執行我們突破性的 Zen CPU 核心的關鍵設計里程碑。Zen 仍有望在 2016 年上市，我們相信它將在 2017 年及以後以重要方式幫助 AMD 重返主流伺服器和高階用戶端市場。

We are also focused on delivering our next-generation GPUs in 2016 designed to improve performance per watt by 2X compared to our current offerings, based on design architectural enhancements, as well as advanced FinFET products process technology.

我們也致力於在 2016 年推出下一代 GPU，旨在基於設計架構的增強以及先進的 FinFET 產品製程技術，將每瓦性能提高 2 倍（與我們目前的產品相比）。

Third, we must further strengthen our balance sheet through continued improvements in our financial performance and strategic actions like our joint venture with Nantong Fujitsu.

第三，我們必須透過持續改善財務表現和採取與南通富士通合資等策略行動來進一步加強我們的資產負債表。

One of our most valuable assets is our patent portfolio. We own foundational patents in processing, graphics, semiconductor fabrication, and other technologies. This portfolio is not broadly licensed and could provide a significant source of revenue for years to come.

我們最寶貴的資產之一是我們的專利組合。我們擁有加工、圖形、半導體製造和其他技術的基礎專利。該投資組合尚未獲得廣泛許可，但可能在未來幾年提供重要的收入來源。

We believe we have the right long-term strategy to return AMD to profitability and the correct set of priorities that will help us navigate the near term.

我們相信，我們擁有正確的長期策略，能夠讓 AMD 恢復獲利能力，並且擁有正確的優先事項，能夠幫助我們度過短期困難。

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

現在我想將電話轉給 Devinder，讓他為我們第三季的財務表現提供一些額外的資訊。德文德？

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

謝謝你，麗莎，大家午安。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。

I am pleased with the progress we made in the third quarter, with 12% sequential revenue growth in our computing and graphics segment and seasonally strong sales in our enterprise, embedded, and semi-custom segment. Additionally, we have continued to simplify our business model and sharpen our financial focus, as evidenced by the manufacturing joint venture announcement for our ATMP facilities, which will also bolster our balance sheet and the restructuring actions, which will help reduce costs.

我對我們在第三季度取得的進展感到滿意，我們的計算和圖形部門的收入連續增長了 12%，並且我們的企業、嵌入式和半定制部門的銷售表現強勁。此外，我們繼續簡化我們的商業模式並加強我們的財務重點，正如我們宣布成立 ATMP 設施製造合資企業所證明的那樣，這也將增強我們的資產負債表和重組行動，從而有助於降低成本。

First, let me review the third-quarter numbers. Third-quarter revenue was $1.06 billion, up 13% sequentially, driven primarily by seasonally stronger sales of our semi-custom SoCs and improved desktop processor and GPU sales. The year-over-year decline of 26% was driven largely by decreased sales across our computing and graphics products.

首先，讓我回顧一下第三季的數據。第三季營收為 10.6 億美元，季增 13%，主要得益於半客製化 SoC 的季節性銷售強勁以及桌上型電腦處理器和 GPU 銷售的改善。年比下降 26% 的主要原因是我們的計算和圖形產品銷售下降。

Gross margin was 23%, down 5 percentage points sequentially. Gross margin was impacted in the quarter by a $65 million inventory write-down, comprising primarily older generation APUs. The impact of the inventory write-down was 6 percentage points.

毛利率為23%，季減5個百分點。本季毛利率受到 6,500 萬美元庫存減記的影響，主要包括老一代 APU。存貨減損的影響為6個百分點。

Before I cover the rest of the financial performance of the quarter, let me briefly recap the restructuring plan we announced at the beginning of October. It is the latest step to simplify our business and better align our resources around our priorities and business outlook. As a result of these actions, we expect to reduce global headcount by approximately 5% by the end of Q1 2016.

在介紹本季其餘財務表現之前，讓我先簡單回顧一下我們在十月初宣布的重組計劃。這是簡化我們的業務並根據我們的優先事項和業務前景更好地協調我們的資源的最新舉措。由於這些行動，我們預計到 2016 年第一季末全球員工人數將減少約 5%。

Total restructuring and other special charges in Q3 2015 were $48 million, comprised of $41 million related to the recent restructuring plan and $7 million of facilities-related charges from our 2014 restructuring plan.

2015 年第三季重組和其他特殊費用總額為 4,800 萬美元，其中包括與近期重組計劃相關的 4,100 萬美元以及 2014 年重組計劃中的設施相關費用 700 萬美元。

Operating expenses in the third quarter were $336 million, down $17 million from the prior quarter, including $2 million of savings related to our 2015 restructuring plan. In our fiscal third quarter, the operating loss was $97 million and net loss was $136 million, or $0.17 per share loss, calculated using 785 million shares. The impact of the inventory write-down for the loss per share was $0.08.

第三季的營運費用為 3.36 億美元，比上一季減少 1,700 萬美元，其中包括與 2015 年重組計畫相關的 200 萬美元節省。在我們的第三財季，營業虧損為 9,700 萬美元，淨虧損為 1.36 億美元，以 7.85 億股計算，每股虧損 0.17 美元。存貨減記對每股損失的影響為 0.08 美元。

Net interest, other expense, and taxes were $39 million in the quarter, down from $44 million in the prior quarter, due primarily to a decline in other expenses.

本季淨利息、其他費用及稅金為 3,900 萬美元，低於上一季的 4,400 萬美元，主要原因是其他費用下降。

Adjusted EBITDA was negative $55 million, compared to negative $42 million in the prior quarter.

調整後 EBITDA 為負 5,500 萬美元，而上一季為負 4,200 萬美元。

Now turning to the business segments, computing and graphics segment revenue was $424 million, up 12% sequentially, primarily due to higher sales of GPUs and desktop processors. Computing and graphics segment operating loss was $181 million, compared to $147 million the prior quarter, primarily driven by an inventory write-down of older generation products, partially offset by higher revenue.

現在轉向業務部門，計算和圖形部門收入為 4.24 億美元，環比增長 12%，主要原因是 GPU 和桌上型電腦處理器銷量增加。計算和圖形部門的營運虧損為 1.81 億美元，而上一季為 1.47 億美元，主要由於老一代產品的庫存減記，但部分被更高的收入所抵消。

Enterprise, embedded, and semi-custom revenue was $637 million, up 13% from the prior quarter, driven by seasonally higher sales of our semi-custom SoCs. Operating income of this segment was $84 million, up from $27 million in the prior quarter, primarily due to the absence of the $33 million technology node transition charge in Q2 2015 and higher sales.

企業、嵌入式和半客製化收入為 6.37 億美元，較上一季成長 13%，這得益於我們半客製化 SoC 的季節性銷售成長。該部門的營業收入為 8,400 萬美元，高於上一季的 2,700 萬美元，主要由於沒有 2015 年第二季 3,300 萬美元的技術節點轉型費用以及銷售額增加。

Let me now cover today's joint venture announcement. We signed a definitive agreement with Nantong Fujitsu Microelectronics to form an industry-leading assembly, test, mark, and pack, or ATMP, joint venture, to which we will contribute our ATMP facilities in Malaysia and China.

現在我來報道今天的合資公告。我們與南通富​​士通微電子簽署了最終協議，成立一家行業領先的組裝、測試、標記和包裝（ATMP）合資企業，我們將向該合資企業提供我們在馬來西亞和中國的 ATMP 設施。

The value of the deal is approximately $436 million, and upon the close of the transaction, AMD will retain a 15% ownership in the joint venture. We expect to receive $371 million in cash from our partner, with net proceeds of approximately $320 million after taxes and other expenses at closing, which is expected in the first half of 2016 after all regulatory and other approvals.

該交易價值約為 4.36 億美元，交易完成後，AMD 將保留合資企業 15% 的所有權。我們預計將從合作夥伴處獲得 3.71 億美元現金，交易完成時扣除稅金和其他費用後的淨收益約為 3.2 億美元，預計在獲得所有監管和其他批准後，於 2016 年上半年完成。

We expect the transaction to be cost neutral to the P&L, with significantly reduced capital expenditures for the Company. In addition, as a result of the plans for our ATMP facilities, the balance sheet reflects held-for-sale accounting of the ATMP assets and liabilities with associated inventory; property, plant, and equipment; and accounts-payable balances being reclassified to other current assets and other current liabilities, with an impact of $119 million and $81 million, respectively.

我們預期此交易對損益表的成本將保持中性，並能大幅減少公司的資本支出。此外，由於我們對 ATMP 設施的計劃，資產負債表反映了 ATMP 資產和負債以及相關庫存的持有待售會計；財產、廠房和設備；應付帳款餘額被重新分類為其他流動資產和其他流動負債，影響分別為 1.19 億美元和 8,100 萬美元。

As our business model continues to evolve and based on recent questions from some investors, I want to take a moment to cover our cash and working capital management needs. As you know, we target [using] cash within the range of $600 million to $1 billion and cash may on occasion trend to the lower end of that range, with the expectation that it returns to the midrange or better thereafter.

隨著我們的商業模式不斷發展，並根據一些投資者最近提出的問題，我想花點時間來介紹我們的現金和營運資金管理需求。如您所知，我們的目標是使用 6 億美元至 10 億美元的現金，有時現金可能會趨向於該範圍的低端，預計此後將回到中間範圍或更高。

We are comfortable with this because of the lower quarterly revenue run rate, lower OpEx, focus on reducing inventory, and continuing efforts to improve sales linearity. In addition, there is a disproportionate impact on cash of approximately $70 million during the first and third quarters of each year, based on our current debt profile. That is also a factor on cash balances.

我們對此感到滿意，因為季度收入運行率較低，營運支出較低，專注於減少庫存，並繼續努力提高銷售線性。此外，根據我們目前的債務狀況，每年第一季和第三季的現金將受到約 7,000 萬美元的不成比例的影響。這也是影響現金餘額的因素。

Additionally, the JV transaction should result in cash generation of approximately $320 million in the first half of 2016, with a significant CapEx reduction to an approximate $60 million annual run rate.

此外，合資交易應會在 2016 年上半年產生約 3.2 億美元的現金，同時資本支出將大幅減少至約 6,000 萬美元的年運行率。

We also believe we have the ability to generate significant revenue by licensing or other monetizing -- otherwise monetizing our IP portfolio.

我們也相信，我們有能力透過授權或其他貨幣化方式（即透過我們的智慧財產權組合貨幣化）創造可觀的收入。

Lastly, if needed, we have other options available to bolster cash, namely tapping our asset-backed loan, of which $230 million is drawn as of the end of the quarter, or accessing the capital markets.

最後，如果需要，我們還有其他選擇來補充現金，即利用我們的資產支持貸款（截至本季末提取 2.3 億美元），或進入資本市場。

Over the longer term, we look forward to derisk our debt maturity profile, reduce interest expense, and allocate excess cash over $1 billion to reducing debt.

從長遠來看，我們希望降低債務到期風險、減少利息支出，並分配超過 10 億美元的多餘現金用於減少債務。

Turning to the balance sheet, our cash and cash equivalents balances totaled $755 million at the end of the quarter, down $74 million from the prior quarter, primarily due to a $69 million debt interest payment in the third quarter. Inventory was $761 million, down from $799 million the prior quarter, due to the $65 million inventory write-down.

談到資產負債表，本季末我們的現金和現金等價物餘額總計 7.55 億美元，比上一季減少 7,400 萬美元，主要原因是第三季支付了 6,900 萬美元的債務利息。庫存為 7.61 億美元，低於上一季的 7.99 億美元，原因是 6,500 萬美元的庫存減記。

Debt as of the end of the quarter was $2.26 billion, essentially flat from the prior quarter. As of the end of the quarter, total borrowing against our secure revolving line of credit was $230 million, unchanged from the prior quarter. Free cash flow in the quarter was negative $84 million, compared to a negative $75 million in the prior quarter.

截至本季末的債務為 22.6 億美元，與上一季基本持平。截至本季末，我們的安全循環信用額度總借款額為 2.3 億美元，與上一季持平。本季自由現金流為負 8,400 萬美元，而上一季為負 7,500 萬美元。

Lastly, as mentioned on our last quarter's earnings conference call, we are actively working with GlobalFoundries to re-profile our 2015 wafer commitments, in line with product demand in the fourth quarter of 2015 and into 2016. As of the end of the third quarter of 2015, we had purchases amounting to $631 million under the fifth amendment of the WSA. We anticipate concluding our wafer purchase reprofiling discussions with GlobalFoundries before the end of the year.

最後，正如我們在上個季度的收益電話會議上提到的那樣，我們正在積極與 GlobalFoundries 合作，重新制定我們 2015 年的晶圓承諾，以滿足 2015 年第四季和 2016 年的產品需求。截至 2015 年第三季末，我們根據 WSA 第五修正案的購買額已達 6.31 億美元。我們預計在今年年底前完成與 GlobalFoundries 的晶圓購買重塑討論。

Now turning to the outlook for the fourth-quarter 2015, AMD expects revenue to decrease 10% sequentially, plus or minus 3% due to a seasonal decline in semi-custom sales. We expect computing and graphics segment revenue to increase sequentially. Non-GAAP gross margin is expected to be approximately 30%. Non-GAAP operating expenses are expected to be approximately $350 million, including savings of approximately $7 million from our 2015 restructuring plan.

現在談到 2015 年第四季的前景，AMD 預計由於半客製化銷售的季節性下滑，營收將季減 10%，上下浮動 3%。我們預計計算和圖形部門的收入將連續成長。非公認會計準則毛利率預計約30%。非公認會計準則營運費用預計約為 3.5 億美元，其中包括 2015 年重組計畫節省的約 700 萬美元。

Interest expense, taxes, and other to be approximately $45 million. Inventory is expected to be down from Q3. Cash is expected to be approximately flat at $750 million, including cash payments of approximately $19 million related to the 2015 restructuring actions.

利息支出、稅金及其他費用約為 4,500 萬美元。預計庫存將從第三季開始下降。現金預計將大致持平於 7.5 億美元，其中包括與 2015 年重組行動相關的約 1,900 萬美元現金支付。

In closing, we continue to take steps to further simplify our business model, manage expenses, and make the right investments to deliver on our longer-term strategy and improving financial performance.

最後，我們將繼續採取措施進一步簡化我們的業務模式，管理費用，並進行正確的投資，以實現我們的長期策略並提高財務表現。

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

說完這些，我將把電話轉回給露絲。露絲？

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

謝謝你，Devinder。接線員，我們現在想請您調查觀眾的問題。

(Operator Instructions). Chris Rolland, FBR & Co.

（操作員指令）。克里斯羅蘭（Chris Rolland），FBR & Co.

Thanks for the question. I am trying to put the pieces together on the guidance, particularly for the semi-custom business. The sequential drop is maybe a little bit more than I had thought and I was just wondering if maybe you could talk us through the moving parts here. Is it all units or is there perhaps a step-function decrease in pricing? Was there some sort of inventory that was built? How do I think about the step down in Q4?

謝謝你的提問。我正在嘗試將各個部分整合在一起形成指導意見，特別是針對半客製化業務。連續的下降可能比我想像的要多一點，我只是想知道您是否可以向我們介紹這裡發生的變化。是所有單位的價格都下降了嗎？還是價格會呈階梯式下降？是否建立了某種庫存？我如何看待第四季的降息？

Sure, Chris, this is Lisa. Let me try to give you some color around that.

當然，克里斯，這是麗莎。讓我試著給你解釋一下這一點。

So if you look at the semi-custom business as a whole, it actually was a very strong third quarter and a strong overall year. So we saw units go up. We expect units to be up on a full-year basis year over year and revenue to be modestly up year over year as well.

因此，如果從整體上看半客製化業務，你會發現第三季和全年表現都非常強勁。因此我們看到單位數量上升。我們預計全年銷量將年增，營收也將比去年小幅成長。

When we talk about the Q3 to Q4 guidance, we actually ended up Q3 a bit stronger than our original guidance, and that was because our customers were ramping semi-custom units prior to the holiday ramp, and so September was a very strong month for us. October, November will be strong months as well.

當我們談論第三季至第四季的指引時，我們實際上最終的第三季表現比我們最初的指引要強一些，這是因為我們的客戶在假期前就增加了半客製化單位的產量，因此 9 月對我們來說是一個非常強勁的月份。十月和十一月也將是強勁的月份。

Q4 is down seasonally from Q3, just given the shape of the holiday ramp. So in terms of the magnitude of the overall units from a Q3 plus Q4 standpoint, it is pretty much as we would expect and it's really just a timing between Q3 and Q4.

第四季較第三季出現季節性下降，主要是因為假期銷售成長的緣故。因此，從第三季和第四季的角度來看，總體單位數量與我們的預期基本一致，而且這實際上只是第三季和第四季之間的時間。

As we said and Devinder has mentioned in the prepared remarks, we do expect the computing and graphics business to be up quarter over quarter, and again, that's due to some of the progress that we are making in that business.

正如我們所說以及 Devinder 在準備好的評論中提到的那樣，我們確實預計計算和圖形業務將逐季度增長，而且，這也是由於我們在該業務中取得的一些進展。

Okay, great. Thanks, Lisa.

好的，太好了。謝謝，麗莎。

The next one is for Devinder. So congrats on the assembly test deal. I guess my question is, was there a prearranged assembly test supply agreement that you guys worked out as part of the deal? And if so, how should we think about minimum volumes or pricing or length of the arrangement?

下一個是給 Devinder 的。恭喜你完成組裝測驗。我想我的問題是，你們是否在交易中達成了預先安排的組裝測試供應協議？如果是這樣，我們應該如何考慮最低數量、定價或協議期限？

Yes, I think that's a lot of detail, Chris, but let me tell you overall from a viewpoint of the deal, we are very happy to be able to combine our ATMP facilities with the expertise with our partner NMFE. They are one of the top [volsets] in China.

是的，克里斯，我認為這有很多細節，但讓我從交易的角度總體告訴你，我們很高興能夠將我們的 ATMP 設施與我們的合作夥伴 NMFE 的專業知識結合起來。他們是中國最頂尖的樂團之一。

And as far as the supply arrangement is concerned, we have a lot of flexibility. Overall, from my standpoint, the product that we have in our factories today, a significant portion of that will become part of the JV product, but at the same time we have a lot of flexibility to use the whole set as the case might be.

就供應安排而言，我們有很大彈性。總體而言，從我的角度來看，我們今天工廠裡的產品，其中很大一部分將成為合資產品的一部分，但同時，我們有很大靈活性，可以根據具體情況使用整套產品。

Okay. Was that -- sorry, was that -- you do have some capacity that is tied up, but you have flexibility for the rest? Did I understand that correctly?

好的。是不是——抱歉，是不是——你們確實有一些產能被佔用了，但是對於其餘產能你們有彈性？我理解得對嗎？

Well, think about it. It is a five-year agreement. We have products that are running in the factories today, but we also have a lot of product that is run in the OSAT that we do business with around the world.

嗯，想想。這是一份為期五年的協議。我們目前有在工廠中生產的產品，但也有很多產品在與我們在世界各地有業務往來的 OSAT 中生產。

And as the agreement is implemented, we will have some products in the JV facilities and, at the same time, a lot of flexibility to make products outside of the JV entities.

隨著協議的實施，我們將在合資工廠生產一些產品，同時，我們也擁有很大的彈性，可以在合資實體之外生產產品。

Okay, great. Thanks a lot and congrats again on a nice deal.

好的，太好了。非常感謝，再次恭喜您達成了一筆不錯的交易。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Following up on the earlier -- the question just now, when you sell your assembly and test facilities or the stake in them, does that result in any increase in packaging costs when the deal closes? Do you have an estimate of the impact on gross margin if there is an increase?

接下來是剛才的問題是，當您出售組裝和測試設施或其中的股份時，交易完成後是否會導致封裝成本增加？如果增加的話，您是否估計對毛利率有何影響？

Yes, David, as I said in my prepared remarks, we expect this to be cost neutral, so there should be no impact on packaging or overall cost. We have got a pretty good supply agreement that we have put in place with our suppliers, so don't expect any impact.

是的，大衛，正如我在準備好的演講中所說，我們預計這對成本沒有影響，因此不會對包裝或整體成本產生影響。我們與供應商達成了非常好的供應協議，因此不會受到任何影響。

However, I will add one thing. If you look at the OpEx side of the house, you can expect some decline in the OpEx, but on the COGS side of the house, essentially cost neutral.

不過，我要補充一點。如果你看一下營運支出 (OpEx) 方面，你可以預期營運支出會有所下降，但從銷售成本 (COGS) 方面來看，成本基本上是中性的。

Okay, great. And then, in addition to licensing your IP, are there any pieces of IP you have that you think you could sell? And if so, do you have any estimate of the realizable value of IP that you might be able to sell outright?

好的，太好了。那麼，除了授權您的 IP 之外，您是否還擁有任何您認為可以出售的 IP？如果是的話，您對可以直接出售的 IP 的可實現價值有何估計？

I think if you look at our overall portfolio of IP, we have a lot of IP over the history of the Company with a strong investment that is made in R&D.

我認為，如果你看一下我們的整體智慧財產權組合，你會發現我們在公司歷史上擁有大量智慧財產權，並且在研發方面投入了大量資金。

Lisa will probably give some details in terms of the various areas, but what I will say about our portfolio, especially the IP portfolio, is we are able to generate revenue and we plan to monetize that for revenue, and in terms as you look at our 10,000 patents, of which half are US based, based on present transactions you can imagine the value of the IP portfolio is pretty strong and pretty significant, I guess.

Lisa 可能會在各個領域提供一些細節，但我要說的是，我們的投資組合，特別是知識產權投資組合，我們能夠創造收入，我們計劃將其貨幣化，就我們的 10,000 項專利而言，其中一半位於美國，根據目前的交易，您可以想像知識產權投資組合的價值相當強勁且相當可觀。

So, Lisa, you want to comment on the IP portfolio itself?

那麼，麗莎，你想對 IP 組合本身發表評論嗎？

Yes, David, maybe just to expand on that a little bit. Look, in terms of our IP portfolio, we are very proud of the overall foundational patents that we have across processors, graphics, as well as other semiconductor technologies.

是的，大衛，也許只是稍微擴展一下這一點。就我們的智慧財產權組合而言，我們對在處理器、圖形以及其他半導體技術方面擁有的整體基礎專利感到非常自豪。

Previously, we have been more opportunistic in how we have approached licensing, and we believe that there is an opportunity now to be more strategic and deliver [that] what we do.

以前，我們在處理授權問題時更加重視機會主義，而我們相信，現在有機會採取更具策略性的方式來實現我們的目標。

So in terms of your specific question, I think we're open to -- there are several different avenues, including licensing technology, forging partnerships, perhaps sales of certain pieces of the portfolio. So we are considering all of those options.

因此，就您的具體問題而言，我認為我們願意考慮——有幾種不同的途徑，包括授權技術、建立合作夥伴關係，或許可以出售某些產品組合。所以我們正在考慮所有這些選擇。

Okay, great. And my last one, the 12% sequential growth you saw for computing and graphics, was that driven roughly equally by GPUs and the processor chips? And similarly, when you expect that segment to grow sequentially in December, do you expect both parts of it to grow?

好的，太好了。我的最後一個問題，您看到的計算和圖形 12% 的連續增長，是否大致同樣地受到 GPU 和處理器晶片的推動？同樣，當您預計該部分在 12 月將環比增長時，您是否預計其兩個部分都會增長？

Yes, so, David, in terms of the overall computing and graphics business up 12%, I would say it was a little bit more heavily weighted on graphics versus computing. We do see some strength in both businesses as our product portfolio becomes stronger and we continue to launch more platforms in the market. So we do expect overall growth in computing and graphics in Q4.

是的，大衛，就整體計算和圖形業務成長 12% 而言，我想說圖形業務比計算業務的權重更大一些。隨著我們的產品組合變得更加強大並且我們繼續在市場上推出更多平台，我們確實看到了這兩項業務的優勢。因此，我們確實預計第四季度計算和圖形領域將實現全面成長。

Great, thanks very much.

太好了，非常感謝。

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Lisa, can you give us a sense of what is going on with Zen? Actually, I should ask, with the departure of Jim Keller, that shakes things up quite a bit. What is the succession there? And I suppose that Zen is already architecturally very well defined, but what happens after that in terms of roadmap and Keller's departure? Thanks.

麗莎，你能告訴我們 Zen 的情況嗎？實際上，我應該問一下，隨著吉姆凱勒的離開，事情發生了很大的變化。那裡的繼承製度是怎樣的？我認為 Zen 在架構上已經定義得非常明確了，但從路線圖和凱勒的離開來看，之後會發生什麼事？謝謝。

So, let me talk overall about Zen and our roadmap, and then specifically to your question.

那麼，讓我總體談談 Zen 和我們的路線圖，然後具體回答您的問題。

So, as I said in the prepared remarks, Zen is on schedule for availability in 2016 and a first full year of revenue ramp in 2017. As you know, these microprocessor projects are multiyear projects, so the architecture or the execution team very much in place. I think we are pleased with the progress and we will continue to work hard to meet our objectives in that area.

因此，正如我在準備好的演講中所說，Zen 計劃於 2016 年上市，並在 2017 年實現第一個全年收入的成長。如您所知，這些微處理器專案是多年期項目，因此架構或執行團隊非常到位。我認為我們對所取得的進展感到滿意，我們將繼續努力實現該領域的目標。

In terms of the long-term roadmap, we are extremely committed to high-performance x86 CPUs and there should be no confusion on that point. Mark Papermaster is currently directly engaging with the team on that execution and we will have more details to come. But, overall, pleased with the execution and it continues to be our number one priority for the Company.

就長期路線圖而言，我們非常致力於高效能 x86 CPU，這一點不應該有任何混淆。Mark Papermaster 目前正在直接與團隊就該執行情況進行溝通，我們將公佈更多詳細資訊。但總體而言，我們對執行情況感到滿意，這仍然是我們公司的首要任務。

Okay, if I could just as a follow-on, relatedly, on the ARM side of the equation, we just heard earlier this week Qualcomm jumping into the fray. Xylinx talked about some of the accelerator-type assets of what may be happening next generation hyperscale data centers. What is AMD's position on all this?

好的，如果我可以繼續提問的話，關於 ARM 方面的問題，我們本週早些時候聽說高通加入了競爭。Xylinx 談到了下一代超大規模資料中心可能出現的一些加速器類型資產。AMD 對這一切持什麼立場？

There is lots of activity, and what are you guys doing, because it seems that Seattle or at least your first incarnation of ARM in servers didn't really pan out that much?

有很多活動，你們在做什麼，因為看起來西雅圖或至少你們在伺服器中第一次使用 ARM 並沒有取得太大的成功？

Yes, so I think relative to ARM, I continue to believe ARM has a place in the data center, both as you think about the convergence between networking, storage, and servers.

是的，所以我認為相對於 ARM，我仍然相信 ARM 在資料中心有一席之地，無論是考慮到網路、儲存和伺服器之間的融合。

I think it is fair to say for all of us that it has been slower to adopt in the server market, just due to some of the software and the infrastructure. Relative to Seattle, we will be starting our first modest production shipments in the fourth quarter -- in this coming quarter this year and I view it as a longer-term bet.

我認為，對於我們所有人來說，公平地說，伺服器市場的採用速度較慢，僅僅是由於一些軟體和基礎設施的問題。相對於西雅圖，我們將在今年第四季（即將到來的季度）開始第一批適度生產出貨，我認為這是一項長期投資。

So, no question that the server market is attractive. Data center is attractive. We are very focused on it from an x86 standpoint and we will continue our ARM efforts in a complementary way.

因此，毫無疑問伺服器市場是有吸引力的。數據中心很有吸引力。從 x86 的角度來看，我們非常關注它，並且我們將以互補的方式繼續我們的 ARM 努力。

Thank you.

謝謝。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Great, thanks for taking my question. So, Lisa, you gave us a relatively brief update on Zen. If you could just give us an update on Zen from a (technical difficulty) perspective? It's a new core architecture, a new process technology. I think you taped out a couple of chips last quarter.

太好了，感謝您回答我的問題。那麼，麗莎，你向我們簡單介紹了禪宗的最新情況。您能否從科技難度的角度向我們介紹一下 Zen 的最新進展？這是一種新的核心架構、一種新的製程技術。我認為你們上個季度已經生產了幾款晶片。

Any feedback on the performance or the yield metrics that gives the team confidence on the broad rollout of the different product families starting next year?

關於性能或產量指標的任何反饋是否能讓團隊對明年開始廣泛推出的不同產品系列充滿信心？

Yes, so, Harlan, let me couch it this way. So as we stated in the financial analyst day, we had a target of 40% IPC performance of Zen over our previous generation. We believe we are on track for that.

是的，哈蘭，讓我這樣說。正如我們在財務分析師日所說的那樣，我們的目標是讓 Zen 的 IPC 性能比上一代產品提高 40%。我們相信我們正在朝著這個目標前進。

Relative to process technology, we have taped out multiple products to multiple fabs in FinFET and we believe that they're also on track in terms of overall ramp. So we continue to focus on both of those aspects, both the architecture and the process technology, but so far, so good.

相對於製程技術，我們已將多種產品投放到 FinFET 的多個晶圓廠，我們相信它們在整體產量提升方面也處於正軌上。因此，我們繼續關注這兩個方面，即架構和製程技術，但到目前為止，一切都很好。

Great, and then, does the joint venture agreement also include transferring over your HBM technology to the JV and does the JV have the right to offer this capability to some of its customers? HBM seems to be a fairly differentiated performance feature for AMD. Wouldn't want to see that being offered to other potential competitors. Any comments would be appreciated there.

太好了，那麼合資協議是否還包括將您的 HBM 技術轉移給合資企業，合資企業是否有權向其部分客戶提供此功能？HBM 似乎是 AMD 的一個相當差異化的性能特徵。不希望看到其他潛在競爭對手也享受這種待遇。任何評論都將受到歡迎。

Yes, so the high-bandwidth memory technology that we introduced on our Fury line of products is actually done jointly with several OSATs, so we have definitely put a lot of R&D into the technology and those are ramping today. They are not a part of the JV, per se.

是的，我們在 Fury 系列產品中引入的高頻寬記憶體技術實際上是與多家 OSAT 共同完成的，因此我們確實在該技術上投入了大量研發，目前這些技術正在加速發展。從本質上來說，它們並不是合資企業的一部分。

Okay, great. Thank you.

好的，太好了。謝謝。

Ian Ing, MKM Partners.

Ian Ing，MKM Partners。

Devinder, thank you for laying out all the sources and uses of cash. So you're guiding to $750 million cash. You're going to get some proceeds from the assembly and test sale, I guess sometime midyear. So between now and then, what are the true contractual obligations you have? Is it really things like interest and restructuring payments? I know you have got obligations to GlobalFoundries, but then, again, there is no penalties there. So just the true obligations, in your mind.

Devinder，感謝您列出現金的所有來源和用途。所以你引導的是7.5億美元現金。我猜你會從組裝和測試銷售中獲得一些收益，大概是在年中的時候。那麼從現在到那時，您真正的合約義務是什麼？真的是利息和重組付款之類的東西嗎？我知道你對 GlobalFoundries 負有義務，但是，再說一次，那裡沒有懲罰。所以，在你心中，這才是真正的義務。

I think if you look at it from a viewpoint of the specific items that you mentioned, you are right about the restructuring actions.

我認為，如果從您提到的具體項目的角度來看，您對重組行動的看法是正確的。

But the cash payments, if I summarize the restructuring plan that we announced earlier this month, $26 million of cash payments, $7 million actually occurred in Q3, $19 million to be paid out in Q4, and then as we get into 2016, there is another $15 million, one five, to be paid out for the restructuring plan, and then we're done. And at that point, obviously, we get the benefit from the restructuring plan.

但是現金支付，如果我總結一下我們本月早些時候宣布的重組計劃，2600 萬美元的現金支付，其中 700 萬美元實際發生在第三季度，1900 萬美元將在第四季度支付，然後當我們進入 2016 年時，還有另外 1500 萬美元，一個五，將用於重組計劃，然後我們就完成了。顯然，到那時，我們就從重組計劃中獲益了。

I mentioned in the remarks that I had that if you look at 2016, there is about $58 million of savings overall from an OpEx standpoint relative to the action that we took.

我在我的評論中提到，如果你看看 2016 年，從營運支出的角度來看，相對於我們採取的行動，總共節省了大約 5800 萬美元。

As far as the obligation to the wafer supply agreement, yes, you're right. Do not expect the charges that you talked about, and obviously you are working with our GlobalFoundries, with GlobalFoundries our partner, to go ahead and reprofile the timing and the mix of the wafers as we look at the demand profile for Q4 2015 and into 2016.

至於晶圓供應協議的義務，是的，你是對的。不要指望您談到的費用，顯然您正在與我們的 GlobalFoundries 以及我們的合作夥伴 GlobalFoundries 合作，重新規劃晶圓的時間和組合，因為我們會考慮 2015 年第四季度和 2016 年的需求情況。

CapEx, I mentioned that with the transaction, [we're] not just bolstering the balance sheet with cash sometime in Q1 2016 when the CapEx comes down by about $40 million from the current annual run rate of $[140] million.

資本支出，我提到過，透過這筆交易，我們不僅僅是在 2016 年第一季某個時候用現金來充實資產負債表，屆時資本支出將從目前的年運行率 [1.4 億美元] 下降約 4000 萬美元。

So net net, I think when I look at all the factors at play, all else being equal, I feel good about the actions we have taken from a cash standpoint, and you have seen us manage the cash within the range that we have laid out. And I went through a little bit more detail in this particular earnings call in terms of all the various areas and how we look at cash management, as well as working capital management.

因此，我認為，當我考慮所有起作用的因素時，在其他所有因素都相同的情況下，我對我們從現金角度採取的行動感到滿意，而且您已經看到我們將現金管理在規定的範圍內。在本次財報電話會議上，我更詳細地介紹了各個領域以及我們如何看待現金管理和營運資金管理。

Great, thanks. And then follow-up, enterprise, embedded, semi-custom, I am just trying to see how it can grow -- possibly grow next year. You have game consoles obviously, regular ASP declines year over year. What should we think of the main drivers of new revenue that could perhaps get you over this year's type of revenue run rate? Is it the other semi-custom wins or is it some other areas?

太好了，謝謝。然後是後續的、企業級的、嵌入式的、半客製化的，我只是想看看它如何成長——可能明年就會成長。顯然，你有遊戲機，常規 ASP 逐年下降。我們該如何看待新收入的主要動力，這些新收入或許能讓您超過今年的營收運行率？是其他半客製化勝利還是其他一些領域勝利？

Yes, so the way I would think about the enterprise, embedded, and semi-custom segment in terms of longer-term revenue growth, in 2016, as we said, we will have additional semi-custom revenue ramping in the second half of 2016, so I think that would be one driver. And then as we go into the medium term with the -- with Zen, that would be more of a 2017 revenue driver.

是的，所以我認為從長期收入成長的角度來看，2016 年，正如我們所說，我們將在 2016 年下半年獲得額外的半客製化收入成長，所以我認為這將是一個驅動因素。然後，隨著我們進入中期，有了 Zen，它將成為 2017 年的收入驅動力。

Okay, and then if I could fit in one more, your computing graphics revenue is up nicely in the September quarter. It looks like your operating loss, though, grew sequentially. Just trying to figure, is that some transient marketing costs or is that some other things going on there in terms of the operating loss growing?

好的，如果我可以再補充一點的話，你們的計算圖形收入在 9 月季度成長良好。不過，看起來你們的經營虧損正在連續成長。只是想弄清楚，這是一些暫時的行銷成本，還是在經營虧損不斷增加方面發生了其他一些事情？

Yes, a couple of things. When you look at the numbers from a segment reporting standpoint, you are right that the operating loss did go up, but within the operating loss in Q3 of 2015, the inventory write-down that I talked about to the tune of $65 million, the larger portion of that is within the computing and graphics segment, so it skews the results from an overall operational standpoint. So if you adjust for that, the improvement, even though it was a loss, was there from Q2 to Q3 on the higher revenue.

是的，有幾件事。當您從分部報告的角度看這些數字時，您說的經營虧損確實增加了，這是對的，但在 2015 年第三季度的經營虧損中，我提到的 6500 萬美元的庫存減記，其中很大一部分是在計算和圖形部門，因此從整體運營的角度來看，它扭曲了結果。因此，如果對此進行調整，儘管是虧損，但由於收入增加，從第二季度到第三季度，情況有所改善。

Yes, okay. Thanks a lot.

是的，好的。多謝。

Steven Chin, UBS.

瑞銀的 Steven Chin。

Thanks for taking my questions. Lisa, if I could ask you on the graphics side of the business, just looking at your -- the ID business for the graphics boards. Can you talk about how those products in particular performed relative to the overall graphics business in terms of sequential growth? How the sell in and sell out might be and what your view is on safe inventories exiting the quarter and what the expectations are for Q4?

感謝您回答我的問題。麗莎，如果我可以問你關於商業圖形方面的問題，就看看你的－圖形板的 ID 業務。您能否談談這些產品相對於整體圖形業務的連續成長表現如何？賣出和賣出情況如何？您對本季退出安全庫存有何看法？對第四季的預期是什麼？

Yes, so sure. So if I look at the overall graphics business, we did see growth across both the desktop, as well as the notebook portion of the business.

是的，非常確定。因此，如果我看一下整體圖形業務，我們確實看到桌上型電腦和筆記型電腦部分的業務都實現了成長。

Relative to AIB, the third quarter was really the start of the ramp of the Fury series, as well as the R9 series. I think it was a transition quarter in terms of transitioning from the older products into the newer products. Relative to inventories, actually I think we're in good shape on inventories. China is a little bit sluggish and we see that across both graphics, as well as computing. All other regions are in good shape.

相對於 AIB，第三季實際上是 Fury 系列以及 R9 系列的開始崛起。我認為這是一個從舊產品過渡到新產品的過渡季度。相對於庫存，實際上我認為我們的庫存狀況良好。中國經濟有點低迷，我們在圖形和計算領域都看到了這一點。所有其他地區的情況都良好。

Great, and as a follow-up, just in terms of the blended ASPs, you guys noted that it was flat sequentially, but up year over year. Can you just talk about just from a mix standpoint how you expect that to progress in the current quarter? Are you expecting the mix to continue skewing towards a richer Fury and new product portion of the portfolio or do you expect a good amount of lower-end GPUs to be sold in this coming quarter?

太好了，作為後續問題，就混合平均銷售價格而言，你們注意到它與上一季持平，但與去年同期相比有所上升。您能否從混合角度談談您預計本季將如何發展？您是否預計產品組合將繼續偏向於更豐富的 Fury 和新產品部分，或者您是否預計下個季度將售出大量低端 GPU？

It's hard to say. I think we would have to look at all the dynamics, but it is fair to say that the AIB ASPs are trending upwards because we have now a solid offering in the enthusiast and performance segments, where we did not before. Relative to overall ASPs, I think we will have to comment on that next quarter.

這很難說。我認為我們必須考慮所有動態，但公平地說，AIB ASP 呈上升趨勢，因為我們現在在愛好者和性能領域提供了可靠的產品，而以前我們並沒有這些產品。相對於整體平均售價，我認為我們必須在下個季度對此發表評論。

Okay, great. Thank you.

好的，太好了。謝謝。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

This is [Shankar] on behalf of Vivek. Just want to touch upon the console side of things again. So you mentioned the unit growth was strong in Q3. But can you give us a sense on how the ASPs have trended this year? And then, how should we model ASP trends next year?

我是 [Shankar]，代表 Vivek。只是想再談談控制台方面的事情。所以您提到第三季的單位成長強勁。但您能告訴我們今年 ASP 的趨勢如何嗎？那麼，我們該如何模擬明年的 ASP 趨勢呢？

Yes, so let's see, what's the best way to say that? I think what I said was overall units were up year on year, 2015 to 2014, as we project into the fourth quarter. Revenue was up modestly, so the ASP decline is modeled in there.

是的，那麼讓我們看看，最好的說法是什麼？我認為我所說的是，正如我們預測的第四季度一樣，2015 年與 2014 年相比，整體銷量同比增長。收入略有增長，因此平均售價下降的情況也在其中反映出來。

As we go into 2016, again I expect that units will be up, given our current visibility. The ASPs are known, so the main thing will be just looking at -- you can easily vary a couple of million units this early in the cycle. So I won't say exactly where I expect revenue to be, but those are the relative trends. I expect units to be up, ASPs on the same order, and we have to see where that actually ends up.

隨著我們進入 2016 年，考慮到我們目前的知名度，我再次預計銷量將會上升。由於平均售價 (ASP) 是已知的，因此主要關注的只是——在周期的早期階段，您可以輕鬆地改變數百萬個單位。因此，我不會確切地說出我預期的收入是多少，但這些是相對趨勢。我預計產量會上升，平均售價會維持在同一水平，我們必須看看最終結果如何。

Got it, thank you. And then, my follow-up is on the graphics side of the business. Obviously, you're shipping new products into the market and -- but can you talk about what your overall gaming TAM is and how you -- how fast you think that market will grow and how fast you think you can grow in that market?

知道了，謝謝。然後，我的後續工作是業務的圖形方面。顯然，您正在向市場推出新產品——但是您能否談談您的整體遊戲 TAM 是多少以及您認為該市場將增長多快以及您認為您在該市場中能增長多快？

I think we are very bullish on the graphics market as a whole. When you think about discrete graphics and the gaming portion of it, as well as the newer applications, immersive applications around virtual reality and stuff, what -- the conventional wisdom that ASPs are going down is probably modified by the fact that there is with 4K, with DX12, with some of these other drivers, virtual reality, that there is more use for graphics horsepower.

我認為我們對整個圖形市場都非常看好。當您考慮獨立顯示卡及其遊戲部分，以及較新的應用程式、圍繞虛擬實境的沉浸式應用程式等時，ASP 下降的傳統觀點可能會因為 4K、DX12、一些其他驅動程式、虛擬實境等事實而改變，因為圖形處理能力有更大的用途。

Going forward, I think we have a lot that we can do in terms of the product portfolio, so we are very focused on launching our 2016 products. That will be significant architectural and process technology enhancements and we continue to believe that graphics is a growth business for us.

展望未來，我認為我們在產品組合方面還有很多事情可以做，因此我們非常專注於推出 2016 年的產品。這將是重大的架構和製程技術改進，我們仍然相信圖形對我們來說是一項成長業務。

Okay, thank you.

好的，謝謝。

Matt Ramsay, Canaccord.

馬特拉姆齊 (Matt Ramsay)，Canaccord。

Lisa, I just wanted to ask another question on the overall graphics market in follow-up to the last question. I think conventional wisdom among investors that's said that maybe AMD is focused mostly on the console business and your primary competitor is focused on the PC gaming business. And as trends -- I guess, first of all, do you agree with that? And just give a commentary on how you are focusing your investments.

麗莎，我只是想接著上一個問題問一個關於整體圖形市場的問題。我認為投資者的傳統觀點是，AMD 可能主要專注於遊戲機業務，而你的主要競爭對手則專注於 PC 遊戲業務。至於趨勢——我想，首先，您同意這一點嗎？並簡單評論一下您如何集中投資。

And second, as things like the Esports phenomenon take off, how do you feel the Company is positioned to benefit from that? Thanks.

其次，隨著電競現象的興起，您認為公司將如何從中受益？謝謝。

Yes, okay, so good question. I think it is fair to say we are focused on overall gaming.

是的，好的，這個問題問得好。我認為可以公平地說，我們專注於整體遊戲。

It turns out that we have a very strong position in game consoles, so certainly that's a great business for us. I think PC gaming, with our focus on both hardware and software optimization, particularly as we move from DX11 to DX12, as you talk about some of the online gaming initiatives, I think we are actually very well positioned both with our APUs, as well as our discrete GPUs.

事實證明，我們在遊戲機領域佔據著非常強勢的地位，所以這對我們來說無疑是一項偉大的業務。我認為，在 PC 遊戲方面，我們專注於硬體和軟體優化，特別是當我們從 DX11 轉向 DX12 時，正如您談到的一些線上遊戲計劃，我認為我們的 APU 和獨立 GPU 實際上都處於非常有利的位置。

So in terms of investments, I think you'll see us continue to invest and invest heavily in the graphics area, and as I said earlier, I think it's a growth area for us. The fact that we are strong in game consoles, I think, is a benefit and we will continue to leverage how we can bring the game console and the PC gaming architectures closer together over time.

因此，就投資而言，我認為你會看到我們繼續在圖形領域進行投資並投入巨資，正如我之前所說，我認為這對我們來說是一個成長領域。我認為，我們在遊戲機方面實力雄厚是一個優勢，我們將繼續利用這一優勢，隨著時間的推移，讓遊戲機和 PC 遊戲架構更加緊密地結合在一起。

Great, thank you for that. And Devinder, I just wanted to follow up on some questions that were asked earlier in the call about the JV and the impact of that. It looks like there is a significant number of employees that will be going into the JV from AMD outright. Could you potentially quantify the impact on operating expense that you see maybe pre the deal and then post that deal closing and how we should think about the OpEx trajectory going forward? Thanks.

太好了，謝謝你。德文德，我只是想跟進一下電話會議中早些時候提出的有關合資企業及其影響的一些問題。看起來，有相當數量的員工將從 AMD 直接進入合資公司。您能否量化交易前和交易結束後對營運費用的影響，以及我們應該如何看待未來的營運支出軌跡？謝謝。

A little bit too early for that. We signed an agreement today and announced the deal today. We have work to do to get the regulatory approvals to go ahead and get the deal closed and, at the same time, go ahead and get the deal done.

現在還太早了一點。我們今天簽署了協議並宣布了該交易。我們需要努力獲得監管部門的批准，以推進並完成交易，同時，繼續推進並完成交易。

And then, you are right about the significant number of employees [moving] away, to the tune of 1,700 employees. And relative to our base of about 9,500, that's close to 20% when you look at it from that standpoint.

然後，您說得對，有大量員工要離開，多達 1,700 名員工。從這個角度來看，相對於我們約 9,500 個基數，這個比例接近 20%。

So I think as we work through the details of how the JV is going to work [with one] of their employees, I will be able to give more color, but I believe from a viewpoint of what we have negotiated from a costing standpoint, as I said earlier, and cost neutral from our standpoint and then OpEx, as I said, there should be benefit. But too early to go ahead and quantify that. I think I will be able to get into that when we close the transaction.

因此，我認為，當我們討論合資公司如何與其員工合作的細節時，我將能夠提供更多細節，但我相信，從我們談判的成本角度來看，正如我之前所說，從我們的角度來看成本是中性的，然後是營運支出，正如我所說，應該是有好處的。但現在進行量化還為時過早。我認為當我們完成交易時我就能做到這一點。

All right, great. Fair enough. Thanks a lot.

好的，太好了。很公平。多謝。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

First, I have just a housekeeping question. I think before when you have taken these inventory reserves, they haven't been included in non-GAAP, if I'm remembering that correctly, and now you are leaving the inventory reserve in non-GAAP. Can you talk about is there something different about this reserve than what you have seen before that there is a different treatment of it?

首先，我只想問一個基本問題。我認為，以前當您提取這些庫存儲備時，它們並沒有被納入非公認會計準則 (non-GAAP)，如果我沒記錯的話，而現在您將庫存儲備留在了非公認會計準則 (non-GAAP) 中。您能否談談這個保護區與您以前見過的保護區相比有什麼不同嗎？對它的處理方式有什麼不同？

I don't recall. I think if I had to go back to, I think, the 2012 time frame, the PC market shifted pretty significantly and everybody felt the effects of that in the 2012 time frame. We had that impact, so we had the non-GAAP treatment for the inventory write-down at that point and we are consistent with the way we do it.

我不記得了。我想，如果我必須回顧 2012 年的時間框架，那麼 PC 市場發生了相當大的變化，每個人都在 2012 年感受到了這種變化的影響。我們受到了這種影響，因此我們當時對庫存減記採用了非公認會計準則處理，並且我們的做法是一致的。

If you look at it from a viewpoint of how we talk about our numbers, putting it in non-GAAP and then comparing it and then we call it out from an inventory write-down standpoint where we have even in my script given the adjusted numbers in terms of what the impact is to EPS, as well as the gross margin of the write-down [internally], but I think we are fairly consistent. There might have been something that you recall we took an LTM adjustment that might have been included in the -- not included in non-GAAP numbers, but when you do an inventory write-down from an AMD standpoint, as far as I can recall, we have always left that in the non-GAAP numbers.

如果你從我們談論數字的方式來看，將其放入非 GAAP 中，然後進行比較，然後我們從庫存減記的角度來調用它，我們甚至在我的腳本中給出了調整後的數字，說明對 EPS 的影響，以及減記的毛利率（內部），但我認為我們是相當一致的。您可能還記得，我們​​進行了 LTM 調整，該調整可能包含在非 GAAP 數字中，但當您從 AMD 的角度進行庫存減記時，據我所知，我們始終將其保留在非 GAAP 數字中。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

And then, my second question is back to your graphics business. You have had a nice sequential quarter, but I still have your GPU business down quite a lot year over year. Now that you have products that are more competitive in the enthusiast segment, can you give us an upper bound of what you might be able to achieve there? Is there supply constraints that are keeping this small and are you going to be able to regain the levels that you were at a year ago in GPU?

然後，我的第二個問題是關於您的圖形業務。你們的季度業績不錯，但我認為你們的 GPU 業務同比仍然下降很多。既然您的產品在發燒友領域更具競爭力，您能否告訴我們您在這方面可能實現的上限？是否存在供應限制導致產量如此之小，您是否能夠恢復到一年前 GPU 的水平？

Yes, so Joe, I think one quarter is good progress. Now you will have to watch us over a number of quarters regain that graphics momentum.

是的，喬，我認為一個季度已經是一個不錯的進展了。現在，你必須觀察我們經過多個季度的恢復才能恢復圖形發展勢頭。

And when I think about it, relative to the Fury launch we did have some supply constraints in the third quarter. They were -- they are largely solved in the fourth quarter, so I don't think there will be any supply constraints.

當我想到這一點時，相對於 Fury 的推出，我們在第三季確實遇到了一些供應限制。這些問題在第四季度基本上得到解決，所以我認為不會有任何供應限制。

I think it's also fair to say that the graphics portfolio is quite broad, and so you will see us updating the entire portfolio over the coming quarters, both on the OEM side and on the AIB side. So, again, it's a strategic effort. It's not a one- or two-quarter effort to regain our graphics share.

我認為也可以公平地說，圖形產品組合相當廣泛，因此您將看到我們在未來幾季更新整個產品組合，包括 OEM 方面和 AIB 方面。所以，這又是一項戰略努力。重新奪回我們的圖形份額並不是一兩個季度就能做到的。

Great, thank you very much.

太好了，非常感謝。

Sanjay Chaurasia, Nomura.

野村證券的 Sanjay Chaurasia。

I have a question on your patent portfolio, so it's a two-part question. First question is, is that -- the option of licensing it, is that something have you decided that you will do or this is something you could do in future? And part two is where the demand for such licensing could come from? Does it necessarily imply that it would allow companies to build competing products in graphics and servers?

我對您的專利組合有一個疑問，所以這是一個分為兩部分的問題。第一個問題是，授予許可的選擇，是你已經決定要做的事情還是你將來可以做的事情？第二部分是，這種許可證的需求來自哪裡？這是否必然意味著它將允許公司在圖形和伺服器領域建立競爭產品？

Yes, so in terms of our licensing our patents or our technology, we have done it from time to time, as I said, on a more opportunistic basis and that's been both licensing technology, as well as overall partnerships.

是的，就我們的專利或技術許可而言，正如我所說，我們會不時地以更投機的方式進行，這既包括技術許可，也包括整體合作夥伴關係。

As we go forward, we do believe that there is an opportunity to be more strategic in how we approach that, and that includes partnerships in certain markets that we are not directly building products, for example, as well as working together with other companies that are interested in access to some of the markets that we are competing in.

隨著我們不斷前進，我們確實相信我們有機會以更具策略性的方式處理這個問題，例如，包括在我們沒有直接生產產品的某些市場建立合作夥伴關係，以及與其他有興趣進入我們正在競爭的一些市場的公司合作。

So I think both are possible and it is a strategic effort that we will take on over the next couple of years.

所以我認為兩者都是可能的，這是我們未來幾年將採取的戰略努力。

And as a follow-up, I have a question on your graphics reorganization. Could you elaborate a little bit more how does this reorganization, your vertical reorganization, helps you to recapture graphics share?

作為後續問題，我對您的圖形重組有一個疑問。您能否更詳細地解釋一下，這種重組，即垂直重組，如何幫助您重新獲得圖形份額？

Yes, it really is -- if you listen to some of our themes over the past couple of quarters, it is about simplifying and providing focus in our business.

是的，確實如此——如果你聽聽我們過去幾季的一些主題，你會發現它們都是關於簡化和集中我們的業務。

So, graphics is an area that is extremely competitive, and having all of the graphics resources in a single vertical organization allows us to focus those resources and make good trade-offs in terms of what are the key market opportunities.

因此，圖形是一個競爭極其激烈的領域，將所有圖形資源集中在一個垂直組織中使我們能夠集中這些資源，並在關鍵市場機會方面做出良好的權衡。

So it is, again, our belief that it is a very important segment for us, as well as the computing segment. And aligning the resources under Raja Koduri gives us a very strong strategic slant on where we're going with that business over the next couple of years.

因此，我們再次相信，這對我們以及計算領域來說是一個非常重要的領域。在 Raja Koduri 的領導下整合資源，為我們未來幾年的業務發展提供了非常強大的策略傾向。

Thank you so much.

太感謝了。

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

Thanks for taking my questions. Lisa, when you talk about being more strategic on the IP licensing, does that suggest you think about the opportunities here in licensing to your customers more or is that licensing to other semiconductor companies?

感謝您回答我的問題。Lisa，當您談到在 IP 授權方面更具策略性時，這是否意味著您會更多地考慮向您的客戶授權的機會，還是授權給其他半導體公司？

And on that topic, is that -- is the vision -- can you help us with the vision from the standpoint of how big this could be? Is this something that is a single-digit revenue line item or low double digits or well into the double digits? How should we think about that?

關於這個主題，您能否從願景的角度幫助我們了解這個願景的規模有多大？這是個位數的收入項目，還是低兩位數，還是高兩位數？我們該如何看待這個問題？

Look, so when I think about licensing, again I view it as licensing to partners who are, let's call it, in complementary market segments, as well as to those in OEM businesses.

你看，所以當我考慮許可時，我再次將其視為對處於互補市場領域的合作夥伴以及 OEM 業務的合作夥伴的許可。

So I mentioned three different areas. That was licensing technology, joint development partnerships, as well as just a pure patent sale.

我提到了三個不同的領域。那是技術授權、聯合開發夥伴關係以及純粹的專利銷售。

Relative to how to benchmark it, Devinder said it earlier. It's 10,000 patents. We think it is a very strong portfolio, one of the strongest in the semiconductor industry. Our goal would be to monetize it across those various aspects over the next couple of years. So I don't have an exact number, but it is something that we view as very valuable and complementary to our product development efforts.

關於如何對其進行基準測試，Devinder 早些時候已經說過了。這是10,000項專利。我們認為這是一個非常強大的投資組合，也是半導體產業最強大的投資組合之一。我們的目標是在未來幾年內從各個方面將其貨幣化。所以我沒有確切的數字，但我們認為這非常有價值，並且對我們的產品開發工作有補充作用。

Fair enough and then a follow-up, if I may. You mentioned virtual reality and Mark Papermaster has talked about that as an exciting market opportunity. Recently, NVIDIA had announced partnerships with -- to make VR ready notebooks to come out, I think, later this month. Do you have a similar effort to -- do you have something to do something similar on that front, to have a VR-branded ready notebooks with your customers? That's all I have. Thank you.

好吧，如果可以的話，我會繼續跟進。您提到了虛擬現實，馬克·佩珀馬斯特 (Mark Papermaster) 也認為這是一個令人興奮的市場機會。最近，NVIDIA 宣布與 NVIDIA 建立合作夥伴關係，我認為本月稍後將推出支援 VR 的筆記型電腦。您是否做出了類似的努力——您是否在這方面做了類似的事情，為您的客戶提供 VR 品牌的筆記型電腦？這就是我所擁有的一切。謝謝。

Yes, we are working very actively in the VR space. I think both Mark and Raja have probably talked about it over the last couple of months. We have been working with a bunch of software developers, as well as OEMs and headset manufacturers to put together overall solutions. So you will be hearing more from us in those areas.

是的，我們在 VR 領域非常積極地開展工作。我認為馬克和拉賈可能在過去幾個月裡談論過這個問題。我們一直與眾多軟體開發商以及 OEM 和耳機製造商合作，以整合整體解決方案。因此，您將會聽到我們在這些領域的更多消息。

Great, thank you very much.

太好了，非常感謝。

Operator, we will take two more questions, please.

接線員，請問我們還有兩個問題。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Thanks for sneaking me in. Just a quick question on operating profit by segment. I guess -- the Company has done a good job over the last 12 months taking overall OpEx down by about $75 million, and if I look at the enterprise, embedded, and semi-custom business, revenue is down -- I am sorry, revenue is about flat year over year in the September quarter, but if you look, the op profit is down by about $20 million plus. I am just curious, Devinder. Did some of the inventory write-down hit that segment or just help me understand specifically what's going on with operating profit within the semi-custom business?

謝謝你偷偷帶我進來。我只想問一下關於各部門營業利潤的簡單問題。我想——公司在過去 12 個月中做得很好，將整體營運支出降低了約 7500 萬美元，如果我看一下企業、嵌入式和半定制業務，收入就下降了——抱歉，9 月份季度的收入與去年同期基本持平，但如果你看一下，運營利潤下降了約 2000 多萬美元。我只是好奇，Devinder。部分庫存減記是否影響了該部分，或者只是幫助我具體了解半定制業務的營業利潤情況？

I think a couple of things. If you do the year-on-year comparison, and this is a little bit complicated with last quarter, if you remember, we had the technology node transition charge and this quarter we have a small portion of the inventory write-down that hit that segment.

我想到幾件事。如果您進行同比比較，這與上一季的情況有點複雜，如果您還記得的話，我們有技術節點轉換費用，而本季度我們有一小部分庫存減記影響了該部分。

When I look at the numbers from that standpoint, it is down, but it is down only slightly from a viewpoint of comparing from a year-ago quarter to where it is today. And one of the things that is happening with that business, as you have heard us say, is we have had a situation where we launched a couple of products two years ago. We ramped the product, we are pursuing other businesses, and we are investing in that business.

當我從這個角度來看這些數字時，它是下降的，但從與去年同期相比與現在的情況來看，它只是略有下降。正如您所聽到的，該業務正在發生的事情之一是，我們兩年前推出了幾款產品。我們擴大了產品範圍，正在拓展其他業務，並且正在對業務進行投資。

And obviously, that generates some expenses that go into that particular segment.

顯然，這會產生一些費用，這些費用會進入特定的部分。

And maybe, John, just to give you a little bit more color on that. So, there was a smaller portion of the inventory write-down that was in the EESC segment, but if you are comparing year on year, you also have to remember that in EESC is also server and embedded, and those tend to be the highest margin parts of our portfolio and those are down year over year. So although semi-custom game consoles are up, those are down, and that's had a little bit of effect on the margin mix in that business.

約翰，也許我只是想給你更多有關這一點的信息。因此，EESC 部門的庫存減記比例較小，但如果您進行逐年比較，您還必須記住，EESC 也包括伺服器和嵌入式產品，而這些往往是我們產品組合中利潤率最高的部分，而且這些部分的利潤率逐年下降。因此，儘管半客製化遊戲機的銷量上升，但這些遊戲機的銷量卻下降，這對該業務的利潤組合產生了一點影響。

That's helpful. Then maybe as my follow-on, turning to computing and graphics, even if I exclude the inventory write-down in the September quarter, you are still running at greater than $100 million per quarter operating loss there. Lisa, how do you think about, and hopefully this was the first quarter, as you pointed out, in two years you saw sequential growth, so you turned the corner. But importantly, as you think about bringing that business to breakeven, what are the most important levers in your mind over the next four to eight quarters?

這很有幫助。那麼也許作為我的後續，轉向計算和圖形，即使我排除 9 月份季度的庫存減記，您仍然會在每個季度面臨超過 1 億美元的營運虧損。麗莎，您怎麼看？希望這是兩年來的第一個季度，正如您所指出的，您看到了連續的成長，所以您已經扭轉了局面。但重要的是，當您考慮使該業務實現收支平衡時，您認為未來四到八個季度最重要的槓桿是什麼？

Yes, so John, good question. So, look, we called the trough in the second quarter. It was important for us to turn the corner on the business, but as you said, it is a multi-quarter effort to bring the business back to breakeven.

是的，約翰，問得好。所以，你看，我們稱第二季為低谷。對我們來說，扭轉業務局面非常重要，但正如您所說，要使業務恢復收支平衡，需要多個季度的努力。

We are taking a number of actions in terms of what we are doing there. There are OpEx actions. That's part of the restructuring effort that we are talking about. There are gross margin actions. Particularly as we see a ramp of our new Carrizo and our new commercial products, you should see some mix improvements in that business as well. And we need to get the revenue up. There is no question that we need to drive topline margin expansion, as well as operating expenses.

就我們在那裡所做的事情而言，我們正在採取一系列行動。有 OpEx 行動。這是我們正在談論的重組工作的一部分。有毛利率動作。特別是當我們看到新款 Carrizo 和新商用產品的不斷成長時，您也應該會看到該業務的一些組合改進。我們需要提高收入。毫無疑問，我們需要推動營業利潤率的擴大以及營運費用的增加。

I do believe that we will make significant progress in 2016 and we see lots of good signs. They just don't show up yet in the financials that you see. So, we need to continue to make progress in those areas.

我確實相信我們將在 2016 年取得重大進展，而且我們看到了很多好的跡象。它們只是尚未出現在您看到的財務報表中。因此，我們需要在這些領域繼續取得進展。

Thank you, guys.

謝謝你們。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Just a question if it hasn't been asked before. If you look at 2016, the industry, how do you see -- what do you see on PC units? And then, I have a follow-up. Thanks.

如果之前沒有問過的話，這只是一個問題。如果您回顧 2016 年的產業，您如何看待—您對 PC 部門有何看法？然後，我有一個後續問題。謝謝。

Yes, so I think if you look at the PC market, IDC has recently come out with some numbers on the third quarter and into 2015.

是的，所以我認為如果你看看 PC 市場，IDC 最近公佈了 2015 年第三季和一些數據。

Look, we expect the market to be down in 2016 modestly over 2015. We will also expect that we will continue to have some choppiness in certain regions, particularly in the emerging markets relative to the mature markets, and we will have to see how the next few quarters play out from a market standpoint.

我們預計 2016 年市場將比 2015 年略有下滑。我們也預期某些地區將繼續出現一些波動，特別是相對於成熟市場的新興市場，我們必須從市場角度觀察未來幾季的表現。

Got it. And when you look at your business for 2016, any thoughts on how the mix between PCs and semi-custom shake out? And also, with this foundry agreement, does it get you any lower taxes with Malaysia or Penang? Thanks, that's it.

知道了。當您展望 2016 年的業務時，您認為個人電腦和半客製化業務的結合將如何發展？此外，透過這項代工協議，馬來西亞或檳城的稅收是否會降低？謝謝，就這樣。

I can address the tax question and then I'll let Lisa address the 2016 question.

我可以解決稅務問題，然後讓麗莎解決 2016 年的問題。

On our taxes, if you look at our tax line, it is very minimal. The way our financials are and the way we have [settled] tax structures in the locations, especially in China and Malaysia, we have not been paying any amount of significant taxes in those areas. They are pretty minimal.

關於我們的稅收，如果你看一下我們的稅線，你會發現它非常少。我們的財務狀況以及我們在這些地區（特別是在中國和馬來西亞）的稅收結構，我們在這些地區沒有繳納任何大額稅款。它們相當小。

So, since we pay minimal, now once the JV is formed, at the time of closure it will be a JV thing to go ahead and take care of the taxes. But the thing that I can also throw in, since you're looking at the accounting and the taxes, is we will account for this particular JV once it is forming an equity accounting method, so it won't affect all the lines of the P&L. We'll just share in the bottom line of the JV on an equity basis in which we have 15% ownership of the JV. Lisa?

因此，由於我們支付的費用很少，現在一旦合資企業成立，在關閉時，處理稅務將是合資企業的事情。但是，既然您正在查看會計和稅收，那麼我還可以補充一點，一旦該特定合資企業形成權益會計方法，我們就會對其進行核算，因此它不會影響損益表的所有項目。我們將以股權形式分享合資企業的底線，我們擁有合資企業 15% 的所有權。麗莎？

Yes, so on your question about rough revenue mix in 2016, without being too exact, I think you should expect it to be roughly 50-50 or so. That's what we have said. We expect a steady-state model to be roughly half CG and half EESC going forward.

是的，關於您關於 2016 年粗略收入結構的問題，雖然不是太準確，但我認為您應該預計它大約是 50-50 左右。我們就是這樣說的。我們預計，未來的穩定狀態模型大約一半是 CG，一半是 EESC。

Great, thanks.

太好了，謝謝。

Thank you, Operator. That concludes our call for today. And we would like to thank everyone for participating and look forward to seeing many of you at the conferences we will be attending for the rest of the quarter. Thank you.

謝謝您，接線生。今天的通話到此結束。我們感謝大家的參與，並期待在本季剩餘時間我們將參加的會議上見到你們。謝謝。

Thank you, ladies and gentlemen, for your participation. That does conclude AMD's Q3 earnings conference call. You may disconnect your lines at this time. Have a wonderful day.

謝謝女士們、先生們的參與。這確實結束了 AMD 第三季財報電話會議。現在您可以斷開線路。祝您有美好的一天。