超微半導體 (AMD) 2015 Q4 法說會逐字稿

Good day, ladies and gentlemen, and thank you for your patience. You have joined AMD's fourth-quarter and year-end 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 第四季和年終收益電話會議。（操作員指示）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, Director of Investor Relations, Ms. Liz Morali.

現在我想將電話轉給主持人、投資者關係總監 Liz Morali 女士。

(technical difficulty) fourth-quarter and year-end conference call. By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides. If you have not reviewed these documents, they can be found on AMD's website at ir.amd.com.

（技術難題）第四季和年終電話會議。現在，您應該已經有機會查看我們的收益報告副本以及財務長的評論和投影片。如果您尚未查看這些文檔，可以在 AMD 網站 ir.amd.com 上找到。

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

今天電話會議的參與者包括我們的總裁兼執行長 Lisa Su 和我們的高級副總裁、財務長兼財務主管 Devinder Kumar。這是一次現場通話，並將透過 amd.com 上的網路直播重播。

I would like to highlight a few dates for you. Mark Papermaster, Senior Vice President and CTO, will present at the Morgan Stanley Technology, Media, and Telecom conference on March 3 in San Francisco. And our first-quarter quiet time will begin at the close of business on Friday, March 11, 2016.

我想向你們重點介紹幾個日期。資深副總裁兼技術長 Mark Papermaster 將於 3 月 3 日在舊金山出席摩根士丹利技術、媒體和電信會議。我們的第一季靜默期將於 2016 年 3 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 expectation.

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

Additionally, please note that we will be referring to non-GAAP figures during this call, except for revenue, which is on a GAAP basis. The non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measure in the press release and CFO commentary posted on our website at quarterlyearnings.amd.com.

此外，請注意，在本次電話會議中，我們將參考非 GAAP 數據，但收入除外，因為收入是基於 GAAP 計算的。所引用的非 GAAP 財務指標與我們網站 quarterlyearnings.amd.com 上發布的新聞稿和 CFO 評論中最直接可比較的 GAAP 財務指標相協調。

Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information. You will also find detailed discussions about our risk factors in our filings with the SEC and in particular AMD's quarterly report on Form 10-Q for the quarter ended September 26, 2015.

請參閱今天的收益新聞稿和財務長評論中的警告聲明以獲取更多資訊。您也可以在我們向美國證券交易委員會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 9 月 26 日的 10-Q 表季度報告。

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

說完，我會把電話交給麗莎。麗莎？

Thank you, Liz, and good afternoon to all those listening in today. While 2015 was a challenging year from a financial perspective, the dedicated commitment of our employees, combined with our long-term technology investments and sharpened focus, have created a strong foundation for future growth.

謝謝你，利茲，祝今天收聽節目的各位下午好。雖然從財務角度來看，2015 年是充滿挑戰的一年，但我們員工的奉獻精神，加上我們長期的技術投資和高度的專注，為未來的成長奠定了堅實的基礎。

In the fourth quarter, revenue decreased 10% sequentially to $958 million, as seasonally lower semi-custom SoC shipments were partially offset by the second straight quarter of double-digit percentage revenue growth in our computing and graphics business.

第四季度，收入環比下降 10% 至 9.58 億美元，因為季節性半定制 SoC 出貨量下降被我們的計算和圖形業務連續第二個季度實現兩位數百分比收入增長所部分抵消。

Looking at our computing and graphics segment, revenue increased 11% sequentially as we continued to improve the performance of our PC business. We had strong double-digit sequential percentage growth in mobile APU sales, driven largely by increased Carrizo shipments and good sellthrough of AMD-based PCs on Black Friday.

縱觀我們的計算和圖形部門，隨著我們繼續提高個人電腦業務的表現，收入環比增長了 11%。我們的行動 APU 銷量實現了強勁的兩位數連續增長，這主要得益於 Carrizo 出貨量的增加以及黑色星期五基於 AMD 的 PC 的良好銷售。

In the channel, we delivered our third straight quarter of sequential revenue growth and further reduced downstream product inventories based on improved demand for FX CPUs and A-Series APUs. We also made progress diversifying our client computing revenue as we further expand into the commercial PC market.

在通路方面，我們連續第三個季度實現了收入成長，並且由於對 FX CPU 和 A 系列 APU 的需求增加，下游產品庫存進一步減少。隨著我們進一步拓展商用個人電腦市場，我們在客戶端運算收入多元化方面也取得了進展。

Second-half 2015 commercial APU unit shipments increased more than 15% from the first half of the year. We believe we can continue to grow our commercial shipments based on the high-volume wins we are securing both across large enterprises and the public sector.

2015年下半年商用APU單位出貨量較上半年成長15%以上。我們相信，憑藉我們在大型企業和公共部門取得的大量成功，我們可以繼續增加商業出貨量。

Now shifting to graphics, GPU revenue increased sequentially for the second straight quarter, driven by improved AIB channel sales of our Radeon 300 series across the enthusiast performance and mainstream segments and growth in professional graphics sales. The PC gaming market strength helped fuel a richer GPU mix and improved demand for our high-end Radeon R9 series in the quarter. We expect this momentum to continue throughout 2016 as Oculus and HTC begin shipping consumer-ready VR headsets.

現在轉向圖形，GPU 營收連續第二季環比成長，這得益於我們的 Radeon 300 系列在發燒友性能和主流領域的 AIB 通路銷售成長以及專業圖形銷售的成長。本季度，PC 遊戲市場的強勁表現有助於豐富 GPU 組合，並提高我們高階 Radeon R9 系列的需求。隨著 Oculus 和 HTC 開始發售面向消費者的 VR 頭戴裝置，我們預計這一勢頭將在 2016 年持續下去。

The buzz and interest in VR is an exciting trend that is focusing the software industry's attention and some of its brightest minds back on the PC platform. While the initial wave of VR will be focused on gaming, an increasing number of developers see VR as the most significant advancement in how we interact with technology since the introduction of the mouse and graphical user interface. Most importantly, these breakthrough software experiences will only be enabled with high performance energy efficient GPUs.

人們對虛擬實境的關注和興趣是一個令人興奮的趨勢，它讓軟體產業的注意力和一些最聰明的人才重新回到了 PC 平台上。雖然 VR 的最初浪潮將集中在遊戲領域，但越來越多的開發人員認為 VR 是自滑鼠和圖形使用者介面推出以來我們與技術互動方式的最重大進步。最重要的是，這些突破性的軟體體驗只有透過高效能節能 GPU 才能實現。

Overall, we made good progress further stabilizing our PC business in the fourth quarter. And we believe we are well positioned to navigate the seasonally weaker first half of the year and ongoing challenges in the China PC market due to macro conditions.

總體而言，我們在第四季度進一步穩定個人電腦業務方面取得了良好進展。我們相信，我們已做好準備，應對上半年季節性疲軟以及宏觀因素對中國個人電腦市場的持續挑戰。

Turning to our enterprise embedded and semi-custom segment, revenue declined 23% sequentially, in line with our expectations as semi-custom sales decreased from their third-quarter seasonal peak. We had record annual semi-custom unit shipments in 2015 and have shipped more than 50 million semi-custom APUs as a critical and trusted partner to Sony and Microsoft.

轉向我們的企業嵌入式和半客製化部門，營收環比下降 23%，符合我們的預期，因為半客製化銷售額從第三季的季節性高峰開始下降。2015 年，我們的年度半客製化單元出貨量創下了紀錄，作為索尼和微軟值得信賴的重要合作夥伴，我們已經出貨了超過 5000 萬個半客製化 APU。

Demand for game consoles looks strong for 2016 and we remain on track to generate additional revenue from new semi-custom business in the second half of 2016. We also began production shipments of our first 64-bit data-center-class ARM SoC and expect additional system introductions from our partners throughout 2016 as the ARM 64 infrastructure ecosystem further develops.

2016 年遊戲機需求強勁，我們仍有望在 2016 年下半年從新的半客製化業務中獲得額外收入。我們也開始生產出貨我們的第一款 64 位元資料中心級 ARM SoC，隨著 ARM 64 基礎設施生態系統的進一步發展，我們預計我們的合作夥伴將在 2016 年推出更多系統。

Now turning to the year ahead. We remain focused on completing our strategic work around three key growth pillars. First, in PCs, even in a declining overall market, we believe we can regain client compute and discrete graphics share for the year, driven by gaming, VR, commercial, and our most competitive product roadmap in more than a decade.

現在展望未來一年。我們將繼續專注於圍繞三大關鍵成長支柱完成我們的策略工作。首先，在個人電腦領域，即使在整體市場下滑的情況下，我們相信，在遊戲、虛擬實境、商業以及我們十多年來最具競爭力的產品路線圖的推動下，我們能夠在今年重新獲得客戶端計算和獨立顯卡的份額。

We have clear opportunities to regain GPU share in 2016 based on the performance per watt of our new GPUs and software leadership. Earlier this quarter at CES, we announced our new Polaris GPU architecture, which we expect to begin shipping in the middle of 2016.

憑藉我們新 GPU 的每瓦效能和軟體領導地位，我們有明顯的機會在 2016 年重新獲得 GPU 份額。本季早些時候，我們在 CES 上發布了全新的 Polaris GPU 架構，預計將於 2016 年中期開始出貨。

Polaris combines significant design enhancements as well as 14-nanometer FinFET process technology to deliver double the performance per watt of our current GPU offerings. Customer response has been excellent, particularly in the notebook space, where for the first time ever there will be a GPU architecture capable of bringing high-end gaming and VR experiences to thin and light notebooks.

Polaris 結合了顯著的設計改進以及 14 奈米 FinFET 製程技術，使每瓦性能達到我們目前 GPU 產品的兩倍。客戶的反應非常好，特別是在筆記型電腦領域，這是有史以​​來第一次出現能夠為輕薄筆記型電腦帶來高端遊戲和虛擬實境體驗的 GPU 架構。

In client computing, our opportunities to regain share in 2016 will be driven by our design win momentum, continued progress expanding into the commercial market, and reentering the high-performance desktop market late in the year with our Zen-based Summit Ridge CPU.

在客戶端運算領域，我們在 2016 年重新獲得份額的機會將取決於我們的設計勝利勢頭、繼續向商業市場擴展的進展，以及在年底憑藉基於 Zen 的 Summit Ridge CPU 重新進入高性能桌上型電腦市場。

Our second growth pillar is in the $15-billion-plus data center and infrastructure markets, driven by our FirePro GPUs and next-generation server CPUs.

我們的第二個成長支柱是價值 150 多億美元的資料中心和基礎設施市場，由我們的 FirePro GPU 和新一代伺服器 CPU 推動。

Our Zen-based GPU development is on track to achieve greater than 40% IPC uplift from our previous generation and we're on schedule to sample later this year. We have secured several key design wins with global OEMs for our Zen-based server CPU and believe we can rapidly reestablish our presence in the data center when we bring our new products to market in 2017.

我們基於 Zen 的 GPU 開發進展順利，與上一代產品相比，IPC 提升超過 40%，並且我們計劃在今年稍後推出樣品。我們與全球 OEM 廠商就基於 Zen 的伺服器 CPU 達成多項關鍵設計協議，並相信在 2017 年將新產品推向市場後，我們能夠迅速重建在資料中心的地位。

With FirePro, we plan to leverage our upcoming Polaris architecture and suite of new software tools designed to dramatically simplify GPU computing to accelerate the adoption of FirePro in the HPC and data center markets.

透過 FirePro，我們計劃利用即將推出的 Polaris 架構和一套新的軟體工具，旨在大幅簡化 GPU 運算，從而加速 FirePro 在 HPC 和資料中心市場的普及。

Our third growth pillar is focused on further expanding the TAM for our products and technologies through ramping our previously communicated semi-custom wins, converting additional semi-custom pipeline opportunities, and gaining share in targeted embedded markets.

我們的第三個成長支柱是專注於進一步擴大我們產品和技術的 TAM，透過擴大我們先前傳達的半客製化勝利、轉換額外的半客製化管道機會以及在目標嵌入式市場中獲得份額。

We also have near-term opportunities to strategically monetize our valuable IP in 2016 through licensing and partnerships that are complementary to our product development efforts. I look forward to sharing the initial results of our IP monetization strategy in the coming quarters.

我們還有機會在 2016 年透過與我們的產品開發工作互補的許可和合作夥伴關係，將我們寶貴的智慧財產權策略性地貨幣化。我期待在未來幾季分享我們的 IP 貨幣化策略的初步成果。

While we expect revenue to be lower in the first half of 2016 compared to the second half based on the seasonality of the PC and game console businesses, we remain focused on successfully executing our product and technology roadmaps and plan to return AMD to non-GAAP operating profitability in the second half of 2016 and generate positive cash flow from operations for the year.

雖然我們預計，由於個人電腦和遊戲機業務的季節性，2016 年上半年的收入將低於下半年，但我們仍然專注於成功執行我們的產品和技術路線圖，併計劃在 2016 年下半年使 AMD 恢復非 GAAP 運營盈利能力，並在全年產生正的運營現金流。

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

現在我想將電話轉給 Devinder，讓他為我們第四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 2015, notwithstanding a difficult PC market and financial losses, we continued our multiyear effort to transition our business model by diversifying revenue and establishing a foundation for improved financial performance.

謝謝你，麗莎，大家午安。2015年，儘管個人電腦市場艱難且出現財務虧損，我們仍繼續多年努力轉型業務模式，實現收入多元化，為改善財務業績奠定基礎。

We made progress in stabilizing the computing and graphics segment and achieved strong double-digit percentage revenue growth in the second half of 2015. We also reduced overall channel inventory significantly from the prior year. In our EESC segment, we had record shipments of our semi-custom SoCs powering the Playstation 4 and Xbox One game consoles.

我們在穩定計算和圖形領域方面取得了進展，並在 2015 年下半年實現了強勁的兩位數百分比收入成長。與前一年相比，我們也大幅減少了整體通路庫存。在我們的 EESC 領域，我們為 Playstation 4 和 Xbox One 遊戲機提供的半客製化 SoC 的出貨量創下了紀錄。

In total, against a backdrop of a 28% revenue decline from 2014, we reduced our cost profile with a 14% decrease in OpEx, managed our inventory down, and maintained our cash well within our target range of $600 million to $1 billion.

總體而言，在 2014 年收入下降 28% 的背景下，我們降低了成本，將營運支出降低了 14%，減少了庫存，並將現金維持在 6 億至 10 億美元的目標範圍內。

Now let me provide the specifics of the fourth quarter. Revenue was $958 million, down 10% sequentially, driven primarily by seasonally lower sales of semi-custom SoCs, partially offset by higher computing and graphics segment sales. The year-over-year decline was 23% due primarily to lower client processor and chipset sales and lower game console royalties.

現在我介紹一下第四季的具體情況。營收為 9.58 億美元，比上一季下降 10%，主要原因是半客製化 SoC 銷售額季節性下降，但計算和圖形部門銷售額增加部分抵消了這一影響。與去年同期相比，下降了 23%，主要原因是客戶端處理器和晶片組銷量下降以及遊戲機版稅下降。

Gross margin was 30%, a 7 percentage point improvement from the prior quarter, with 6 percentage points resulting from the impact of a $65 million inventory write-down in Q3. And the remainder primarily from improved product mix in the computing and graphics segment.

毛利率為 30%，較上一季提高 7 個百分點，其中 6 個百分點是由於第三季 6,500 萬美元庫存減記的影響。其餘部分主要來自計算和圖形領域的產品組合改進。

Operating expenses were $323 million, down $13 million from the prior quarter, primarily due to lower headcount and ongoing expense control. Operating loss was $39 million and net loss was $79 million, with loss per share of $0.10, calculated using 791 million shares.

營運費用為 3.23 億美元，比上一季減少 1,300 萬美元，主要原因是員工人數減少和持續的費用控制。營業虧損為 3,900 萬美元，淨虧損為 7,900 萬美元，每股虧損為 0.10 美元，以 7.91 億股計算。

Net interest, other expense, and taxes were $40 million in the quarter compared to $39 million in the prior quarter. The GAAP results include a $13 million tax settlement in a foreign jurisdiction. Adjusted EBITDA was negative $5 million, improving from negative $55 million in the prior quarter.

本季淨利息、其他費用及稅金為 4,000 萬美元，而上一季為 3,900 萬美元。GAAP 結果包括在外國司法管轄區達成的 1,300 萬美元的稅務和解。調整後的 EBITDA 為負 500 萬美元，較上一季的負 5,500 萬美元有所改善。

Now turning to the business segments. Computing and graphics revenue was $470 million, up 11% sequentially, primarily due to higher notebook processor sales. This is the second consecutive quarter of double-digit percentage revenue growth for this segment as we increased sales on both our client compute and graphics processors in Q4. Computing and graphics segment operating loss was $99 million, improving from $181 million the prior quarter, primarily due to higher sales and the absence of a third-quarter 2015 inventory write-down.

現在轉向業務部門。計算和圖形收入為 4.7 億美元，環比增長 11%，主要由於筆記型電腦處理器銷量增加。這是該部門連續第二個季度實現兩位數百分比收入成長，因為我們在第四季度增加了客戶端運算和圖形處理器的銷售額。計算和圖形部門的營運虧損為 9,900 萬美元，較上一季的 1.81 億美元有所改善，這主要由於銷售額增加以及 2015 年第三季沒有庫存減記。

Enterprise embedded and semi-custom revenue was $488 million, down 23% from the prior quarter, primarily due to seasonally lower sales of our semi-custom SoCs. The operating income of this segment was $59 million, down from $84 million in the prior quarter, driven primarily by lower semi-custom product sales.

企業嵌入式和半客製化收入為 4.88 億美元，較上一季下降 23%，主要原因是我們的半客製化 SoC 銷量季節性下降。該部門的營業收入為 5,900 萬美元，低於上一季的 8,400 萬美元，主要原因是半客製化產品銷售額下降。

Turning to the balance sheet, our cash and cash equivalents totaled $785 million at the end of the quarter, up $30 million from the end of the prior quarter. Inventory was $678 million, down $83 million or 11% from the end of the prior quarter, primarily due to reduced levels of semi-custom SoC inventory.

談到資產負債表，本季末我們的現金和現金等價物總額為 7.85 億美元，比上一季末增加了 3,000 萬美元。庫存為 6.78 億美元，比上一季末減少 8,300 萬美元或 11%，主要原因是半客製化 SoC 庫存水準減少。

We have concluded our wafer reprofiling discussions related to the 2015 WSA amendment with GLOBALFOUNDRIES and will be moving approximately $60 million of wafer purchases from that amendment to later in 2016. To date, total wafer purchases under the 2015 WSA amendment are approximately $1 billion, including approximately $150 million of wafer purchases which were not taken until early in our fiscal first quarter 2016. We are currently negotiating the 2016 WSA amendment.

我們已與格芯就 2015 年 WSA 修正案相關的晶圓重塑討論結束，並將把該修正案中約 6000 萬美元的晶圓採購轉移到 2016 年下半年。迄今為止，根據 2015 年 WSA 修正案的晶圓採購總額約為 10 億美元，其中包括直到 2016 財年第一季初才進行的約 1.5 億美元晶圓採購。我們目前正在就 2016 年 WSA 修正案進行談判。

Debt as of the end of the quarter was $2.26 billion, flat on the end of the prior quarter, including total borrowings of $230 million on our secured revolving line of credit, unchanged from the prior quarter. Free cash flow in the fourth quarter was a positive $21 million, an improvement of $105 million from the third quarter of 2015.

截至本季末的債務為 22.6 億美元，與上一季末持平，其中包括我們擔保循環信貸額度上的總借款 2.3 億美元，與上一季持平。第四季自由現金流為正 2,100 萬美元，較 2015 年第三季增加 1.05 億美元。

Turning to our outlook for the first quarter of 2016, which is based on a 13-week quarter, AMD expects revenue to decrease 14% sequentially, plus or minus 3%, driven by game console seasonality and a cautious macro environment in China. Gross margin is expected to be approximately 32%.

談到我們對 2016 年第一季的展望，該展望基於 13 週的季度，AMD 預計營收將環比下降 14%，上下浮動 3%，這主要受到遊戲機季節性和中國謹慎的宏觀環境的影響。預計毛利率約32%。

Non-GAAP operating expenses are expected to be approximately $320 million. Interest expense, taxes, and other to be approximately $42 million. Cash and cash equivalent balances to be down approximately $100 million from the end of the fourth quarter, including $70 million of cash interest payments.

非公認會計準則營運費用預計約為 3.2 億美元。利息支出、稅金及其他費用約為 4,200 萬美元。現金和現金等價物餘額較第四季末下降約 1 億美元，其中包括 7,000 萬美元的現金利息支付。

This cash balance does not include any cash proceeds related to the ATMP JV with Nantong Fujitsu Microelectronics. We expect to close that transaction in the first half of 2016 pending regulatory and other approvals and expect cash flow proceeds of approximately $320 million net of taxes and other expenses upon closure. Inventory is expected to be approximately flat from fourth-quarter levels.

此現金餘額不包括與南通富士通微電子成立的 ATMP 合資公司相關的任何現金收益。我們預計將於 2016 年上半年完成該交易，等待監管部門和其他部門的批准，並預計交易完成後扣除稅款和其他費用後的現金流量收益約為 3.2 億美元。預計庫存將與第四季水準基本持平。

Our fiscal year 2016 is based on 53 weeks and we plan to take the extra week in our fiscal fourth quarter. For the full year 2016, we expect revenue to grow year over year. Non-GAAP operating expenses between $320 million and $340 million per quarter as we continue to invest in leadership products and in line with our expected revenue profile.

我們的 2016 財年以 53 週為基礎，我們計劃在第四財季額外休息一週。我們預計 2016 年全年營收將年增。由於我們繼續投資於領導產品並符合我們預期的收入狀況，非 GAAP 營運費用每季在 3.2 億美元至 3.4 億美元之間。

Interest expense, taxes, and other will be approximately $45 million per quarter. Cash and cash equivalent balances to be in the optimal zone of $600 million to $1 billion. Capital expenditures of approximately $70 million. Inventory to be down year over year, and to return to non-GAAP operating profitability in the second half of 2016 and generate positive free cash flow from operations for the year.

每季利息支出、稅金及其他費用約為 4,500 萬美元。現金和現金等價物餘額處於 6 億美元至 10 億美元的最佳區間。資本支出約7000萬美元。庫存將年減，並在 2016 年下半年恢復非 GAAP 營運獲利能力，並在全年營運中產生正的自由現金流。

In closing, as we begin the new year, we remain focused on financial and operational execution and look forward to building on our second-half 2015 product and roadmap momentum throughout 2016 across the three areas that Lisa outlined: high-performance PCs, the data center, and TAM expansion through semi-custom and embedded opportunities.

最後，在新的一年開始之際，我們將繼續專注於財務和營運執行，並期待在 2016 年全年在 Lisa 概述的三個領域延續 2015 年下半年的產品和路線圖勢頭：高性能 PC、數據中心以及通過半定制和嵌入式機會實現 TAM 擴展。

With that, I'll turn it back to Liz. Liz?

說完這些，我就把話題轉回給 Liz。莉茲？

Thank you, Devinder. Operator, can you please poll the audience for questions?

謝謝你，Devinder。接線員，您能向觀眾提問嗎？

(Operator Instructions)

（操作員指示）

David Wong, Wells Fargo.

富國銀行的 David Wong。

Thanks very much. Looking at your guidance for growth, year-over-year growth in revenue in 2016, you are ending with the last quarter your game console revenues down year over year. Do you expect game console revenues to grow in 2016 as a whole? And what other things will drive overall growth for 2016?

非常感謝。從您對 2016 年營收年增率的成長預期來看，上一季遊戲機營收年減。您預計 2016 年全年遊戲機收入會成長嗎？還有哪些因素將推動2016年的整體成長？

David, thanks for the question. So let me give you a bit of color through the guidance and how we view 2016. So if you look at overall 2016, we do expect to grow revenues. And if you look at our business, we see certainly the second-half revenue will be stronger than the first half because of both of our businesses.

大衛，謝謝你的提問。因此，讓我透過指導和我們對 2016 年的看法向您介紹一些情況。因此，如果縱觀整個 2016 年，我們確實預期收入會增加。如果你看看我們的業務，我們會發現，由於我們兩項業務的共同作用，下半年的收入肯定會比上半年更強勁。

Game consoles -- we see units going up 2016 to 2015. We've also said in the enterprise embedded and semi-custom segment that we will be ramping some new design revenue in the second half of 2016. So we see that as a positive growth driver.

遊戲機－我們預計 2016 年遊戲機銷量將比 2015 年有所成長。我們也表示，在企業嵌入式和半客製化領域，我們將在 2016 年下半年增加一些新的設計收入。因此我們認為這是一個積極的成長動力。

And then if you look overall at our computing and graphics business, we do believe even in a down PC market that we have the opportunity to gain share as a growth vector in computing and graphics. So those are the overall drivers for the 2016 comments.

如果你全面看一下我們的計算和圖形業務，我們確實相信，即使在低迷的個人電腦市場中，我們也有機會作為計算和圖形領域的成長載體獲得市場份額。這些就是 2016 年評論的整體驅動因素。

Okay. Great. And just a quick follow-up. I understand that you don't breakout all the details, but can you give us some feeling as to whether your discrete GPU business is showing year-over-year growth at the moment, either in the December quarter or expected for the March quarter?

好的。偉大的。這只是一次快速的跟進。我知道您沒有透露所有細節，但您能否讓我們了解您的獨立 GPU 業務目前是否呈現同比增長，無論是在 12 月季度還是預計在 3 月季度？

Yes. So as you say, we don't go into that level of detail. I think what we have said is that we did see growth in our discrete graphics business sequentially in both Q3 and Q4. As we look into 2016 with our discrete graphics business, we have a strong product portfolio. And particularly the ramp and introduction of our new FinFET products -- codenamed Polaris -- will happen in the middle of 2016, so that will be a 2016 growth driver.

是的。正如你所說，我們不會深入到那個細節層面。我認為我們已經說過，我們的獨立顯卡業務在第三季和第四季都實現了連續成長。展望2016年，我們的獨立顯示卡業務擁有強大的產品組合。特別是我們的新 FinFET 產品（代號為 Polaris）的量產和推出將在 2016 年中期進行，因此這將成為 2016 年的成長動力。

So certainly we've seen some sequential improvement in the second half of 2015 and we look forward to those product releases in 2016.

因此，我們確實看到了 2015 年下半年的一些連續改善，我們期待 2016 年發布這些產品。

Ian Ing, MKM Partners.

Ian Ing，MKM Partners。

Thanks. Could you talk more about the channel business in light of your cautious comments on macro in China. Are you seeing weakness potentially in the ODM business or the white box market?

謝謝。鑑於您對中國宏觀經濟的謹慎評論，您能否進一步談談通路業務？您是否認為 ODM 業務或白盒子市場有潛在弱點？

Yes. So Ian, I think overall if you look at the channel business in the second half of the year for us -- second half 2015 relative to first half 2015 -- we have made quite a bit of progress in the channel in terms of just overall inventory levels. We saw a good quarter in the fourth quarter in both North America and Europe.

是的。所以伊恩，我認為總體而言，如果你看一下我們下半年的通路業務——2015 年下半年相對於 2015 年上半年——就整體庫存水平而言，我們在通路方面取得了相當大的進展。我們看到北美和歐洲第四季的表現都很好。

We did see a degradation in China towards the end of the fourth quarter. And I think there are cautious comments throughout the industry about sort of the early 2016 start for China. So I think overall what I would say is I'm pleased with the progress we've made in the channel. I think in both the desktop channel as well as the AIB channel we've made some progress in the second half of the year.

我們確實看到第四季末中國經濟出現下滑。我認為整個產業對於中國 2016 年初的開局都持謹慎態度。所以我認為總的來說，我對我們在該渠道取得的進展感到滿意。我認為我們在桌面頻道和 AIB 頻道在下半年都取得了一些進展。

I think China is a factor as we go into the first quarter, but I think overall we still view the channel as a positive business for AMD and one in which we believe we can grow share.

我認為，進入第一季度，中國是一個因素，但我認為總體而言，我們仍然認為通路對 AMD 來說是一項積極的業務，我們相信我們可以增加市場份額。

Okay. Great. And then Devinder, your OpEx guidance range: $320 million to $340 million in the coming quarters. Can you give us a sense of the timing of some of the upcoming mask costs, given you've got Zen-based cores and Polaris coming up?

好的。偉大的。然後是 Devinder，您的營運支出指引範圍：未來幾季為 3.2 億美元至 3.4 億美元。鑑於你們即將推出基於 Zen 的核心和 Polaris，您能否向我們介紹即將推出的一些掩模成本的時間安排？

I would say I think you've hit the nail on the head. There are new products coming out and there's some [mask to the] cost. I think that's more weighted towards later in the year. From a Q1 time frame, we have given the guidance on the OpEx at the $320 million level compared to where we ended up in Q4 of 2015.

我想說，我認為您說得太對了。有新產品問世，也有一定的成本。我認為這更側重於今年晚些時候。從第一季來看，我們給出的營運支出指引為 3.2 億美元，而 2015 年第四季的營運支出水準則為 3.2 億美元。

So yes, we do have support for the investments in the products we need and in particular the technology and product transitions that we have coming out in 2016. And that's why you see a range in OpEx of between $320 million and $340 million.

所以是的，我們確實得到了對所需產品投資的支持，特別是我們在 2016 年推出的技術和產品轉型。這就是為什麼你會看到營運支出在 3.2 億美元到 3.4 億美元之間。

And then a last factor that obviously affects the OpEx is obviously the revenue profile, because Lisa said earlier it's stronger in the second half of the year than the first half of the year.

然後，最後一個顯然影響營運支出的因素顯然是收入狀況，因為麗莎之前說過，下半年的收入比上半年更強勁。

Okay. And my last question. You're talking now about some GPU share gains in 2016. I mean, does a lot of that come from the Polaris launch starting midyear or is that sort of sustained business from the R9 Series? Or a combination?

好的。我的最後一個問題。您現在談論的是 2016 年 GPU 份額的一些增長。我的意思是，這其中很大一部分是來自於年中推出的 Polaris 車型，還是來自於 R9 系列的持續業務？還是兩者的結合？

Yes. So we have made some progress in with the R9 Series, particularly as in the fourth quarter. I think as we go forward, it's a combination of things. If you look at our investments in graphics, they really include both hardware and software.

是的。因此我們在 R9 系列上取得了一些進展，尤其是在第四季度。我認為，隨著我們不斷前進，這將是多種因素的結合。如果你看看我們在圖形方面的投資，它們實際上包括硬體和軟體。

So the Polaris family is excellent from a hardware standpoint in terms of the performance per watt that we get. But we have a number of software initiatives that we've started over the past couple months and will continue. And we see all of those contributing to graphics momentum.

因此，從硬體角度來看，Polaris 系列在每瓦性能方面非常出色。但我們在過去幾個月已經啟動了一些軟體計劃，並且將繼續下去。我們看到所有這些都對圖形發展勢頭做出了貢獻。

Sanjay Chaurasia, Nomura.

野村證券的 Sanjay Chaurasia。

One question on gross margin. I noticed that you are not providing gross margin guidance for 2016 and I was wondering if you have clarity that your revenue would be up year on year. What are some of the puts and takes here that's making you hold gross margin guidance?

關於毛利率的一個問題。我注意到您沒有提供 2016 年的毛利率指導，我想知道您是否清楚您的收入是否會比去年同期成長。這裡有哪些優缺點讓您維持毛利率指引？

I think the key is if you look back over the last few quarters, we have made progress on the gross margin front, ending Q4 2015 at a 30% level. And the guidance specifically for Q1 of 2016 is 32%.

我認為關鍵在於，如果回顧過去幾個季度，我們在毛利率方面取得了進展，2015 年第四季的毛利率達到了 30%。2016 年第一季的具體預期是 32%。

You're right -- I haven't given guidance for the year. But some of the puts and takes are really the mix of product as we get more into 2016. And then obviously the mix of business between our computing and graphics segment and the EESC segment.

你說得對——我還沒有給今年的指導。但隨著我們進入 2016 年，一些投入和產出實際上都是產品的組合。然後顯然是我們的計算和圖形部門與 EESC 部門之間的業務組合。

In computing and graphics, we have introduced some new products in the second half of 2015 and even going into 2016 and you have some of the commercial success we've had. And that obviously has gross margin, but at the same time, we want to see how the year unfolds, in particular on the PC side of the house, given some of the comments we made about caution in China in particular.

在計算和圖形領域，我們在 2015 年下半年甚至 2016 年推出了一些新產品，並取得了一些商業上的成功。這顯然具有毛利率，但與此同時，我們希望看到今年的情況如何發展，特別是在個人電腦方面，考慮到我們對中國市場保持謹慎的一些評論。

So for the year, I'm not giving guidance today. This is kind of a first-quarter guidance at a 32% for gross margin and we'll get through the year as we get into the next one or two quarters.

因此，對於今年而言，我今天不會給出指導。這是第一季的毛利率指導，為 32%，我們將在進入下個一兩個季度時度過這一年。

Okay. And then a follow-up, Lisa, a question on servers. You indicated you are shipping your Seattle, but at the same time in your guidance, you didn't mention anything about ARM contributing in 2016. And my question is, is ARM servers a meaningful share for you in 2017 and 2018?

好的。然後是後續問題，麗莎，關於服務器的一個問題。您表示您正在運送西雅圖，但同時在您的指導中，您沒有提到任何有關 ARM 在 2016 年做出貢獻的事情。我的問題是，ARM 伺服器在 2017 年和 2018 年對你們來說是否具有重要的市場份額？

So Sanjay, the ARM server did start shipments and we have shipped our first production unit. I think we have some design wins with it and I would call it a modest revenue contributor in 2016.

所以 Sanjay，ARM 伺服器確實開始出貨，我們已經出貨了第一批生產單位。我認為我們在設計上取得了一些成功，我認為它會在 2016 年為我們的營收做出一定貢獻。

We still see ARM strategically as a interesting market for the infrastructure markets, but it is certainly developing a bit slower than expected. So I think overall I think it's an important proof point in terms of enterprise class server architectures with ARM, but it's a modest revenue contribution in 2016.

從戰略上看，我們仍然將 ARM 視為基礎設施市場的一個有趣市場，但它的發展速度肯定比預期要慢一些。因此我認為總體而言，就採用 ARM 的企業級伺服器架構而言，這是一個重要的證明點，但它對 2016 年的收入貢獻並不大。

Vivek Arya, BofA Merrill Lynch.

美銀美林的 Vivek Arya。

Thanks for taking my question. Lisa, just to follow-up on the last one, on ARM servers. The comment about progress being somewhat slower -- do you think that's an AMD-specific trend or does that apply to all the ARM server vendors?

感謝您回答我的問題。Lisa，只是想跟進一下上一個問題，關於 ARM 伺服器。關於進展有些慢的評論——您認為這是 AMD 特有的趨勢還是適用於所有 ARM 伺服器供應商？

I think it's more of a market statement, Vivek, than an AMD-specific statement. I think the overall commentary -- maybe if I just expand a little bit -- is the data center market is really, really interesting. And I think we all agree with that. I think x86 has a lot of momentum and that's one of the reasons that we've put quite a bit more emphasis on our x86 data center and infrastructure play.

我認為這更多的是一個市場聲明，Vivek，而不是 AMD 特定的聲明。我認為總體評論——如果我稍微擴展一下的話——數據中心市場真的非常有趣。我想我們都同意這一點。我認為 x86 具有很大的發展勢頭，這也是我們更加重視 x86 資料中心和基礎設施的原因之一。

Now that being said, I think ARM does have a lot of specific areas where it can contribute and it has done so. But I would say in servers in particular perhaps slower than originally expected, but still something to watch for the medium term.

話雖如此，我認為 ARM 確實有很多可以做出貢獻的特定領域，而且它已經這樣做了。但我想說的是，伺服器的速度可能比最初預期的要慢，但從中期來看仍然需要關注。

Got it. And as I follow up perhaps a longer-term question, which is what is the strategy to actually get to a meaningful earnings and cash flow growth? I understand the macro environment is a little tough right now, but the way I see it, a lot of the progress you guys are making on your embedded products is being offset by the declines in your legacy businesses.

知道了。我接下來可能會問一個長期問題，那就是真正實現有意義的收益和現金流成長的策略是什麼？我知道現在的宏觀環境有點艱難，但在我看來，你們在嵌入式產品上取得的許多進展都被傳統業務的下滑所抵消了。

And as the mix is shifting to your embedded products, gross margins are sort of holding around that 30% level, but you're not really able to reduce cost. So sales are finding it tough to grow with that offset; gross margins are not moving up that much and you are now going to hold OpEx steady also. So I'm just trying to understand what are we missing here that can help AMD be a more sustainably profitable company? Thank you.

隨著產品組合轉向嵌入式產品，毛利率基本上保持在 30% 左右，但您實際上無法降低成本。因此，銷售額很難透過這種抵銷來實現成長；毛利率沒有上升那麼多，而且你現在也要保持營運支出穩定。所以我只是想了解我們在這裡缺少什麼來幫助 AMD 成為一家更可持續盈利的公司？謝謝。

Sure, Vivek. So let me try and then Devinder can add if he has some comments. So I think what you have to do is take a step back and look at overall, the progress in year 2015 from a foundation standpoint and then what we hope to accomplish in 2016 and forward.

當然，維韋克。所以讓我嘗試一下，然後如果 Devinder 有什麼意見的話可以補充。所以我認為你需要做的是退一步，從基礎的角度整體回顧 2015 年取得的進展，然後看看我們希望在 2016 年及以後取得什麼成就。

I think the most important message around sustainable profitability for AMD is around our product and technology roadmap and ensuring that we grow share in our target markets. So that is certainly the goal. I think if you look at some of the progress that we made in the second half of 2015, we have seen some stabilization in our computing and graphics business and actually a return to some sequential growth.

我認為，關於 AMD 永續獲利能力最重要的資訊在於我們的產品和技術路線圖，以及確保我們在目標市場中擴大份額。所以這當然是我們的目標。我認為，如果你看看我們在 2015 年下半年取得的一些進展，我們會發現我們的計算和圖形業務已經趨於穩定，並且實際上已經恢復了一些連續增長。

As we go forward into 2016, we certainly have to continue that momentum in both our client, compute, as well as our graphics business in terms of gaining profitable unit market share. And then as we go forward, we have our data center strategy as well as our semi-custom and new markets that will bring additional opportunities.

隨著我們進入 2016 年，我們當然必須在客戶端、計算以及圖形業務方面繼續保持這種勢頭，以獲得可獲利的單位市場份額。隨著我們不斷前進，我們有資料中心策略以及半客製化和新市場，這些都將帶來更多機會。

So from a product standpoint, it is about getting our technology out there and I think we will enter 2016 with the strongest product portfolio we've had in a long time. And we need to continue to work with our customers on design opportunities and moving the platforms into production as we go through the year 2016.

因此，從產品的角度來看，這是為了將我們的技術推向市場，我認為我們將以長期以來最強大的產品組合進入 2016 年。在 2016 年，我們需要繼續與客戶合作，尋找設計機會並將平台投入生產。

If I can add, Lisa, I think the other thing I would add is if you look at a couple of areas that Lisa mentioned -- data center in particular, but also the embedded space. As we talked about in our financial analyst day in May, those are businesses that command higher gross margins.

如果我可以補充的話，麗莎，我想我要補充的另一件事是，如果你看麗莎提到的幾個領域——特別是資料中心，還有嵌入式空間。正如我們在五月的財務分析師日所討論的那樣，這些業務擁有更高的毛利率。

So, Vivek, to your point about the gross margins, I think longer term with that business kicking in in 2017, we believe that we can get closer to the longer-term model. 2016 we've guided to operating -- free cash flow positive from an operation standpoint. And as we continue to manage the cost, as you said, especially on the OpEx side of the house, improving the gross margin in and of itself obviously benefits the bottom line. And that's kind of heading toward the longer-term model we outlined at the analyst day that we had in May of 2015.

所以，Vivek，關於你提到的毛利率，我認為從長遠來看，隨著 2017 年該業務的啟動，我們相信我們可以更接近長期模式。2016 年，我們指導營運－從營運角度來看，自由現金流為正。正如您所說，隨著我們繼續管理成本，特別是在營運支出方面，提高毛利率本身顯然有利於獲利。這有點像我們在 2015 年 5 月分析師日上概述的長期模型。

Thank you. One last quick clarification: what PC unit declines, Lisa, are you assuming for 2016? Thank you.

謝謝。最後快速澄清一下：麗莎，你認為 2016 年 PC 部門的銷售量會下降嗎？謝謝。

So if you look at the current market projections, it's somewhere in the low single digits. I think if you were to talk to the customer set, it might go from low single digit to mid single digit. So that's the environment that we are forecasting unit share growth.

因此，如果你看一下目前的市場預測，你會發現它處於個位數的低點。我認為，如果你與客戶交談，這個數字可能會從低個位數上升到中等個位數。這就是我們預測單位份額成長的環境。

Okay. Thank you. Good luck.

好的。謝謝。祝你好運。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Thanks for taking my questions. First, I was wondering if you could elaborate a little more on how you plan to gain share on PCs for the year? Especially since it looks like Zen isn't really launching until the tail end of the year and it looks like you're starting Q1 already in the hole if I compare your guidance versus Intel.

感謝您回答我的問題。首先，我想知道您是否可以詳細說明您今年計劃如何擴大個人電腦市場份額？尤其是因為看起來 Zen 似乎要到年底才會真正推出，而且如果我將您的指導方針與英特爾進行比較，看起來您在第一季就已經陷入困境了。

Okay, Stacy, why don't I start and again Devinder can add. So overall if you look at PCs, I think we'll have to wait until the numbers come out, but we believe we have gained a bit of share in Q4.

好的，史黛西，我先開始，然後德文德文德可以再補充一下。所以總的來說，如果你看一下個人電腦，我認為我們必須等到數據出來，但我們相信我們在第四季度已經獲得了一些份額。

I think if you look at the driving factors behind that, Stacy, there were a couple factors. In 2015, I think we did a concerted effort to clean up some of our channel inventory, both on the OEM side as well as in the DIY channel. So that factor will be gone in 2015 relative to 2016.

史黛西，我認為如果你看看背後的驅動因素，你會發現有幾個因素。2015年，我認為我們做出了一致努力來清理部分渠道庫存，包括OEM渠道和DIY渠道。因此，相對於 2016 年而言，這項因素在 2015 年將會消失。

I think if you look at the product roadmap, I think the product roadmap is stronger. I think if you look at our commercial business, that is also stronger. So it's leading to a stronger product mix, so those are the key factors.

我認為如果你看一下產品路線圖，我認為產品路線圖更強大。我認為如果你看看我們的商業業務，它也會更強大。因此，這將帶來更強大的產品組合，這些是關鍵因素。

Relative to the Q1 guidance -- I'll make a comment about Q1 guidance overall. Our Q1 guidance includes obviously both the computing and graphics and the enterprise embedded and semi-custom business. The semi-custom business is historically significantly lower in the first quarter of the year. If you look at the past couple of years it's been the case because they are coming off of a strong holiday season. So I would say that has to be factored into the guidance.

相對於第一季指引——我將對第一季指引做出整體評論。我們的第一季指引顯然包括計算和圖形以及企業嵌入式和半客製化業務。從歷史上看，半定制業務在今年第一季明顯處於低點。如果你回顧過去幾年就會發現，情況確實如此，因為他們剛剛經歷了一個強勁的假期季節。所以我想說這必須納入指導之中。

And then if you look at the computing and graphics business, I think what we're seeing is very consistent with what's out there in the market. And we believe in that market -- that set of market conditions we can gain share.

如果你看一下計算和圖形業務，我認為我們所看到的與市場上的情況非常一致。我們相信，在那個市場──那套市場條件下，我們可以獲得份額。

The only thing I would add, Stacy, is I think too early to tell from a viewpoint of your thinking in terms of the guidance for Q1, that just based on the guidance, we lose share in Q1 in the PC space.

史泰西，我唯一想補充的是，從你對第一季指引的看法來看，我認為現在下結論還為時過早，僅基於指引，我們就會在 PC 領域在第一季度失去份額。

Well, if I just looked, you're down 14% and Intel down what they are, there is a differential there.

好吧，如果我看一下，你下降了 14%，而英特爾下降了多少，那裡有一個差異。

I think the key is to look at the guidance that we gave and trying to parse out where the decline is. And it's kind of more weighted towards the EESC segment than the computing and graphics segment.

我認為關鍵是要看看我們給予的指導，並試圖分析下降的原因。而且它更側重於 EESC 部分而不是計算和圖形部分。

Got it. Okay. Thanks. For my follow-up --

知道了。好的。謝謝。我的後續行動——

The other thing -- just one last clarification. I think the thing to bear in mind -- I think I said in my prepared remarks in our quarter this year, actually both from a viewpoint of the quarter and the year, we have a 53-week year and we have a 13-week quarter in Q1. As opposed to what the competitors and you are doing, I think it's more on the 14 weeks as opposed to 13 weeks.

另一件事——最後再澄清一點。我認為需要記住的是——我想我在今年季度的準備好的發言中說過，實際上從季度和年度的角度來看，我們的年度有 53 週，而第一季有 13 週。與競爭對手和您所做的相反，我認為更多的是 14 週而不是 13 週。

Well, even if you correct for that, but okay. In terms of my follow-up, just very briefly, does your guidance for positive free cash flow for the year include the proceeds from the backend sale? And does your guidance for a 32% gross margin for next quarter contemplate you selling any of the inventory that you wrote down in Q3?

好吧，即使你糾正了這一點，但沒關係。就我的後續問題而言，請簡單概括一下，您對今年正自由現金流的預期是否包括後端銷售的收益？您預計下個季度的毛利率為 32%，是否考慮到出售第三季減記的部分庫存？

So the first one is no, it does not. The free cash flow from operations being positive for the year does not include the proceeds from the joint venture for the backend facilities. And then the guidance for the margin at 32% Q1 does not contemplate any sale of previous [sales] of inventory.

所以第一個答案是否定的，它不存在。全年經營活動產生的自由現金流為正，但不包括合資企業為後端設施所獲得的利益。然後，第一季 32% 的利潤率指引並不考慮出售任何先前的庫存。

Got it. And that free cash flow -- that's not operating cash flow guidance, that's free cash flow guidance? (multiple speakers)

知道了。那麼，自由現金流──這不是經營現金流指引，而是自由現金流指引？（多位發言者）

No, that's free cash flow. I think the way we defined it is operating cash flow less CapEx.

不，那是自由現金流。我認為我們定義它的方式是經營現金流減去資本支出。

Got it. Okay. Thank you, guys. Good luck.

知道了。好的。謝謝你們。祝你好運。

Matt Ramsay, Canaccord Genuity.

Canaccord Genuity 的 Matt Ramsay。

Thank you very much. Good afternoon. I think there's some -- my observation looking at the product roadmap is there's some pretty big hurdles past: getting Polaris on FinFET, getting Zen on FinFET over the next few quarters.

非常感謝。午安.我認為存在一些——透過查看產品路線圖，我發現存在一些相當大的障礙：在未來幾季內讓 Polaris 實現 FinFET，讓 Zen 實現 FinFET。

I guess relative to some lower operating spending that you guys are doing as a Company, maybe Lisa, you could lay out some priorities for how you are going to roll out these products? I guess particularly I'm looking at how you balance semi-custom versus discrete GPU? How you balance enterprise GPUs versus APUs when you roll out Zen. It seems like quite a bit to take on, given the lower spending levels of the business at a whole and I just wonder how you are prioritizing that versus the guidance for the year? Thanks.

我想，相對於你們公司較低的營運支出，也許麗莎，你可以列出一些關於如何推出這些產品的優先事項嗎？我猜我特別想看看如何平衡半客製化和獨立 GPU？當您推出 Zen 時，如何平衡企業 GPU 和 APU。考慮到整個業務的支出水平較低，這似乎是一項艱鉅的任務，我只是想知道，與今年的指導方針相比，您是如何確定這項工作的優先順序的？謝謝。

Sure. So Matt, I think maybe a couple comments. I will say that I am pleased with the execution on engineering that we have accomplished over the last 12 months. I think we have passed some significant hurdles. The transition to FinFET for us was very, very critical across our businesses and I feel good about the state of the progress there.

當然。那麼馬特，我想也許有幾點評論。我想說的是，我對我們在過去 12 個月中完成的工程執行感到滿意。我認為我們已經克服了一些重大障礙。對於我們業務而言，向 FinFET 的轉型非常關鍵，我對目前的進展感到滿意。

As it reflects on 2016 spending, I think Devinder commented earlier, but I would say that's why we're giving ourselves a range in the OpEx from $320 million to $340 million. And we are being prudent in where we spend. However, clearly there is a significant focus on discrete graphics and what we can do in that space.

由於它反映了 2016 年的支出，我認為 Devinder 之前已經評論過了，但我想說這就是為什麼我們給自己設定的營運支出範圍是 3.2 億美元到 3.4 億美元。我們在花錢方面非常謹慎。然而，顯然人們非常關注獨立顯示卡以及我們能在該領域做些什麼。

I think we're very excited about the momentum around virtual reality and the momentum in gaming. And we think that that's a very good market for us.

我認為我們對虛擬實境和遊戲領域的發展勢頭感到非常興奮。我們認為這對我們來說是一個非常好的市場。

I think relative to our CPU competitiveness and retaining competitiveness there, that is a very key priority as well. So Zen across both our client computing as well as our server markets are a priority.

我認為相對於我們的 CPU 競爭力以及保持競爭力而言，這也是一個非常關鍵的優先事項。因此，Zen 對於我們的客戶端運算和伺服器市場來說都是優先考慮的。

Relative -- the good thing about our semi-custom business is it does rely on customer investment to customize the roadmap. So I think the combination of those things gives us a reasonable envelope to execute the go-to-market around the product portfolio.

相對而言——我們的半客製化業務的好處是它確實依賴客戶投資來客製化路線圖。所以我認為這些因素的結合為我們提供了一個合理的範圍來圍繞產品組合實施行銷。

All right. Thank you. Thank you for that. And I guess as my follow-up, I think I took away as an impression at least from CES a refocusing of investment on developers, particularly in the GPU space. So Lisa, maybe you could speak to that little bit and how you guys are trying to I guess balance the priorities of the semi-custom business in consoles and gaming with sort of rekindling the brand and maybe rekindling mindshare with developers in the PC gaming community? Thanks.

好的。謝謝。謝謝你。我想作為我的後續行動，我認為我至少從 CES 上得到的印像是重新將投資重點放在開發人員身上，特別是在 GPU 領域。那麼麗莎，也許你可以稍微談談這個問題，你們是如何嘗試平衡遊戲機和遊戲半定制業務的優先級與重新點燃品牌並重新點燃 PC 遊戲社區開發者的注意力之間的？謝謝。

I think the Radeon Technologies Group has added a lot of focus to our graphics activities. And I think as you said, it's both a hardware and software statement. So the work we've done around our drivers and trying to ensure that we have a good customer experience as well as a good development experience is certainly there. I think the main takeaway is: we know how to do this. It's really a matter of getting the focus and getting it done.

我認為 Radeon 技術集團已經將大量精力放在了我們的圖形活動上。我認為正如您所說，這既是硬體聲明，也是軟體聲明。因此，我們圍繞驅動程式所做的工作以及試圖確保我們擁有良好的客戶體驗和良好的開發體驗是肯定存在的。我認為主要的收穫是：我們知道如何做到這一點。這實際上就是集中註意力並完成任務的問題。

All right. Thanks. Good luck.

好的。謝謝。祝你好運。

Srini Pajjuri, CLSA Securities.

Srini Pajjuri，里昂證券證券。

Thank you. Lisa, just going back to your annual guidance for growth. If I start from down 14%, I think, you have to model double-digit for the next three quarters, which is well above seasonal for you. So I'm trying to understand where the growth is coming from.

謝謝。麗莎，我們再來回顧一下你對年度成長的指導。如果我從下降 14% 開始，我想，你必須為接下來的三個季度模擬兩位數的成長，這對你來說遠高於季節性。所以我試著去了解成長來自哪裡。

Obviously you said you expect to gain share, but can you talk about the semi-custom win that's supposed to ramp in the second half, how big that opportunity is, and when exactly you expect those ramps to come in?

顯然，您說過您希望獲得市場份額，但您能否談談預計在下半年會出現的半定制勝利，這個機會有多大，以及您預計這些勝利何時會出現？

Let me try to frame it in this way. So if you look overall at our business -- yes, we are projecting full-year revenue growth 2016 compared to 2015 and so we would have to have some significant growth as we go into the second half of the year.

讓我試試這樣來闡述它。因此，如果你從整體上看我們的業務——是的，我們預計 2016 年全年收入將比 2015 年有所增長，因此，進入下半年，我們必須實現顯著的增長。

Independent of any new designs, the semi-custom business naturally is significantly higher in the second half than in the first half; especially third quarter. It's kind of a peak for the business as we go into the holiday season and we continue to see that phenomenon as our customers are giving us their forecast.

不論任何新設計，半客製化業務自然在下半年明顯高於上半年；尤其是第三季。隨著假期的到來，我們的業務達到了高峰，而當我們的客戶向我們提供預測時，我們繼續看到這種現象。

We expect the base semi-custom business or the base game consoles to continue unit growth in 2016 versus 2015. There will be some modest ASP decline with that, and then we expect to layer over it some new semi-custom revenue starting in the second half of the year.

我們預計，與 2015 年相比，2016 年基礎半客製化業務或基礎遊戲機的銷售將持續成長。平均售價會隨之略有下降，但我們預計從今年下半年開始將產生一些新的半客製化收入。

So from what we see, obviously a lot of things have to happen, but the semi-custom business is one that we've been able to predict pretty well, given the customer long-term forecasts. And then we have to continue the conversation around the computing and graphics business as we see how the market sorts itself out in the first half of the year going into the stronger second half for the PC business.

因此，從我們所看到的情況來看，顯然有很多事情會發生，但根據客戶的長期預測，半客製化業務是我們能夠很好地預測的。然後，我們必須繼續討論計算和圖形業務，看看市場如何在上半年自我調整，進入個人電腦業務更加強勁的下半年。

Okay. Then as a follow-up, I think, Lisa, it was last quarter you told us that you were looking to monetize some of the IP properties that you have. Can you give us an update as to -- based on your discussions how you see that opportunity short term and long term? Thank you.

好的。然後作為後續問題，麗莎，我想上個季度你告訴我們，你正在尋求將你擁有的一些 IP 資產貨幣化。您能否向我們提供最新消息—根據您的討論，您如何看待這個短期和長期機會？謝謝。

Yes. So on the IP monetization strategy, we will continue to update that quarterly as we go through the process. I think we have had really a good discussion around where to go there. I think there are several different avenues that we believe our IP will be valuable.

是的。因此，關於 IP 貨幣化策略，我們將在流程進行過程中每季持續更新。我認為我們已經就去哪裡進行了很好的討論。我認為，我們相信我們的智慧財產權將透過多種不同的途徑發揮價值。

I think on the straight patent side, we've said before we have 10,000 patents that are over a substantive number of technical areas, including graphics and microprocessors and other semiconductor patents. Those can certainly be licensed or in some cases there may be sales.

我認為就專利方面而言，我們之前說過，我們擁有 10,000 項專利，涉及大量技術領域，包括圖形和微處理器以及其他半導體專利。這些當然可以獲得許可，或者在某些情況下可以進行銷售。

However, another area that we think has a lot of potential is the area of technology licensing, where we can help partners accomplish their objectives with both patents and know-how. So we will update the results on that as we go through 2016, but we do believe it's a significant area for us going forward.

然而，我們認為另一個具有巨大潛力的領域是技術授權領域，我們可以利用專利和專有技術來幫助合作夥伴實現他們的目標。因此，我們將在 2016 年更新這方面的結果，但我們確實相信這是我們未來發展的一個重要領域。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Thanks for letting me ask a question. Lisa, one for you on I guess what you'd call now the base enterprise embedded and semi-custom business. You talked about the gaming SoC business being up on a unit basis, but in 2015, that whole segment was down about 8% year over year.

感謝您允許我提問。麗莎，我想問您一個問題，關於您現在所說的基礎企業嵌入式和半定制業務。您談到遊戲 SoC 業務的銷量正在成長，但 2015 年，整個細分市場的銷量比去年同期下降了約 8%。

So I guess my question is I know new things are coming in in the back half of this year, but what gives you confidence that today's core business can actually remain anywhere close to flat considering that it fell in 2015?

所以我想我的問題是，我知道今年下半年會出現新的事情，但是考慮到 2015 年的核心業務下滑，是什麼讓您有信心今天的核心業務實際上可以保持接近持平？

Yes, Ross. So let me give you some more color on the compare, which might help. So on the base EESC business, if you were to look at product revenues of semi-custom game console SoCs, they were actually up a bit. So overall, units were up double-digit percentage. ASP declined, but less than that. So product revenue was up.

是的，羅斯。因此，讓我為您提供一些比較的詳細信息，這可能會有所幫助。因此，在基礎 EESC 業務上，如果您看一下半客製化遊戲機 SoC 的產品收入，它們實際上有所上升。因此整體而言，銷量成長了兩位數百分比。平均售價有所下降，但幅度較小。因此產品收入上升了。

What you saw as segment decline was actually legacy revenue from server and embedded. And if you remember, we have some legacy revenue based on some of the older updrawn products that we continue to sell. And that has seen a drop off as well as our DCSS or C Micro business was there in 2014 that we exited in 2015. So that was the year-on-year decline that was there.

您所看到的細分市場下滑實際上是來自伺服器和嵌入式系統的遺留收入。如果你還記得的話，我們有一些基於繼續銷售的一些較舊的升級產品的傳統收入。我們的 DCSS 或 C Micro 業務在 2014 年就已存在，但我們在 2015 年退出了該業務，因此這項業務也出現了下滑。這就是同比下降的情況。

And then I think as you go forward to 2016 -- I'm not being that specific about the base business, but I will say I think units will be up. And we will have to see exactly how much up and as the markets go, but we certainly don't see it substantially down, if that's what you're implying.

然後我認為隨著你進入 2016 年——我不會特別具體地說談論基礎業務，但我會說我認為單位數量會增加。我們將必須確切地觀察市場上漲的幅度，但我們肯定不會看到它大幅下跌，如果這是您所暗示的。

That's very helpful. And I guess piggybacking off that to an earlier question -- this time for Devinder on the gross margin side. Correct me if from wrong here, but what I heard as to the answer to the earlier question as to why you're not guiding for the full-year gross margin was partially because the unknown mix dynamic in revenues.

這非常有幫助。我想這與之前的問題有關——這次是關於 Devinder 的毛利率方面。如果這裡錯了，請糾正我，但我聽到的關於先前問題的答案是，為什麼您沒有預測全年毛利率，部分原因是收入的組合動態未知。

To the extent that's true, does that imply that the gross margin delta between the computing and graphics group and the EESC group, even with the new ramps in semi-custom, is likely to remain as wide as it has in the last year or so?

如果這是真的，那麼這是否意味著，即使在半客製化領域有了新的發展，計算和圖形集團與 EESC 集團之間的毛利率差距仍可能與去年左右保持一樣大？

I think we have to see how the year unfolds, to be honest. I think Q1, like I said, the guidance at 32%. We need to see mix of product. We have new products being introduced in both the businesses with the new design wins in the second half on the semi-custom side. And then obviously on the CG side, you've heard us talk about graphics and computing new products kicking in.

老實說，我認為我們必須看看今年的情況如何。我認為第一季的預期成長率為 32%，正如我所說。我們需要了解產品組合。我們在兩個業務領域都推出了新產品，並在下半年在半客製化領域獲得了新的設計勝利。顯然，在 CG 方面，您已經聽到我們談論圖形和計算新產品的推出。

So from my standpoint, I want to see how it unfolds in terms of the mix of product, mix of the business before getting into the gross margin. But fair to say, as you know, the semi-custom business -- just the way the model works on an NRE standpoint has lower gross margin than the computing and graphics side of the business, so that's a fair statement.

因此，從我的角度來看，在了解毛利率之前，我想先看看產品組合、業務組合的情況如何。但公平地說，正如你所知，半定制業務——從 NRE 角度來看，其模式的毛利率低於計算和圖形業務，所以這是一個公平的說法。

Chris Rolland, FBR & Co.

克里斯羅蘭（Chris Rolland），FBR & Co.

Thanks for the question. On the semi-custom business, I'm sure you guys have looked at prior console platform price cuts for customers and their effect on sellthrough. So I'd love to know how you are kind of thinking about that and the potential re-acceleration if that were to happen. Do you have any prior metrics you can share with us?

謝謝你的提問。在半客製化業務方面，我相信你們已經研究過先前的遊戲機平台針對客戶的降價及其對銷售的影響。所以我很想知道您對此有何看法，以及如果發生這種情況，可能出現的重新加速。您有任何先前的指標可以與我們分享嗎？

And then also, I think I know the answer, but if there was a platform price cut, should we still expect to slow in linear reduction in your ASPs or might there be something a little bit more aggressive, like a one-time step down?

而且，我想我知道答案，但如果平台價格下降，我們是否仍應預期平均售價的線性下降速度會減緩，或者可能會出現更激進的措施，例如一次性降價？

Yes. Okay. So Chris, if you look at the semi-custom cycle -- and again, these cycles are hard to predict -- through this year, through the end of 2015, the game console units are far ahead of the previous cycle. So on the order of 20 million units ahead of the previous cycle.

是的。好的。所以克里斯，如果你看一下半客製化週期——這些週期很難預測——到今年，到 2015 年底，遊戲機的銷量遠遠領先於上一個週期。因此比上一周期提早了約 2,000 萬台。

When you look at the significant price points, I would say there are sub-$300 price points that start accelerating demand. And you saw some of that this holiday season, so that had some impact.

當你查看重要的價格點時，我會說低於 300 美元的價格點開始加速需求。你們在這個假期看到了一些這樣的情況，所以這產生了一些影響。

Your question overall in terms of acceleration -- I think, again, the game console guys know how to do this cost reduction and they've done it very well. Our price or ASP reductions are not step-function reductions. They end up being pre-negotiated and in line with cost reductions that we have agreed to with our partners.

您的問題總體上是關於加速的——我認為，遊戲機廠商知道如何降低成本，而且他們做得很好。我們的價格或平均售價的降低並不是階梯式的降低。它們最終是經過預先協商的，並且符合我們與合作夥伴達成一致的成本削減目標。

Okay. Very helpful. Also, perhaps you can talk about ASPs in 2016, how do you see them trending with Summit Ridge and server products. And how big a driver is that for top line and for profitability?

好的。非常有幫助。另外，也許您可以談談 2016 年的 ASP，您認為它們與 Summit Ridge 和伺服器產品的發展趨勢如何。這對於營業收入和獲利能力有多大的推動作用？

I think it is very important that we see an improvement in our product mix. And that's something that we've certainly been striving for in both our mobile products and as we introduce higher-performance desktop and server products we should see that reflected in the ASPs.

我認為我們的產品組合的改善非常重要。這正是我們在行動產品中一直努力追求的目標，隨著我們推出效能更高的桌上型電腦和伺服器產品，我們應該會看到這一點在平均售價中得到體現。

So the mix of business, focusing on commercial versus sort of the low-end consumer, will help all those things. But when the vendor talks about some of the pluses and minuses on gross margin, it really is our ability to increase and improve that mix in our overall business going forward.

因此，專注於商業而非低端消費者的業務組合將有助於實現所有這些目標。但是，當供應商談論毛利率的一些優點和缺點時，我們實際上有能力在未來的整體業務中增加和改善這種組合。

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Lisa, a clarification on Zen. You said that you have some design wins already on the server side of that roadmap. Can you give us a sense on what kinds of server wins and what kind of an opportunity you see in terms of market share over the next several years as you come back to the market?

Lisa，對禪宗進行澄清。您說過，您在該路線圖的伺服器端已經取得了一些設計上的勝利。當您重返市場時，您能否告訴我們哪種類型的伺服器會勝出，以及您認為未來幾年在市場份額方面有什麼樣的機會？

Yes. So Hans, overall on the Zen design wins, we have been engaged very early on with large OEM and cloud providers on the Zen design point and the platforms that would be useful for Zen. So we have closed our first design wins. We are working very closely with these OEM partners to make sure that they bring up their platforms concurrently with our own design validation and testing.

是的。所以，漢斯，總體而言，在 Zen 設計的勝利方面，我們很早就開始與大型 OEM 和雲端供應商就 Zen 的設計點以及對 Zen 有用的平台進行接觸。至此，我們已贏得第一批設計勝利。我們正在與這些 OEM 合作夥伴密切合作，以確保他們與我們自己的設計驗證和測試同時推出他們的平台。

I think the main message is we are on track with the schedule that we previously discussed in terms of sampling this year. We will introduce first in desktop and so we are having conversations with some of the PC OEMs about getting their platforms ready for desktop. And then we will go into enterprise server first full year in 2017.

我認為主要的訊息是，我們今年的採樣工作正在按照我們之前討論過的計劃進行。我們將首先在桌面上推出，因此我們正在與一些 PC OEM 進行對話，討論如何讓他們的平台為桌面做好準備。然後我們將在 2017 年進入企業伺服器的第一個全年。

Okay. And then as a follow-up, what kind of performance point should we look at your initial Zen in the server space? Is this kind of Xeon E3 Class-type products or E5s? Or maybe you can help with some granularity there if you can?

好的。然後作為後續問題，我們應該從什麼樣的效能點來看待伺服器空間中的初始 Zen？這是 Xeon E3 Class 類型的產品還是 E5？或者如果可以的話，也許您可以提供一些詳細的幫助？

So we believe that we will be able to address, let's call it, 80% of the server CPU market with our Zen class of products. So that's a very high end, but really the meat of the market.

因此，我們相信，我們將能夠利用 Zen 級產品佔據伺服器 CPU 市場的 80% 份額。所以這是一個非常高階的產品，但確實是市場的核心。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. Thank you. I wonder if you can talk about the discrete GPU market business. You were first to market with high-bandwidth memory and saw the benefit of that. Did you see the benefit that you had hoped for? And with your competitor ramping HBM at some point presumably this year, does that blunt the momentum that you've seen in the GPU side?

偉大的。謝謝。我想知道您是否可以談談獨立GPU市場業務。您是第一個向市場推出高頻寬記憶體並看到其好處的人。您是否看到了您所期望的益處？由於您的競爭對手大概會在今年某個時候加大 HBM 的投入，這是否會削弱您在 GPU 方面看到的勢頭？

Yes. I would say HBM was a very good technology. I think we got the performance benefit that we expected. It is still at the high end of the cost point range and so that's why we've introduced it just at the high end.

是的。我想說 HBM 是一項非常好的技術。我認為我們獲得了預期的性能優勢。它的成本點範圍仍然處於高端，因此我們只在高端推出它。

I think HBM and all this 2.5D packaging technology is going to be really important over the next three years -- three to five years -- but definitely over the next three years. So I think being first to market, we've gotten a lot of experience on the technology. We will continue to use high-bandwidth memory in our portfolio. And as the cost goes down, it will give us an opportunity to use it in a broader set of segments.

我認為 HBM 和所有 2.5D 封裝技術在未來三年（三到五年）內將變得非常重要，但肯定是在未來三年內。因此我認為，作為第一個進入市場的公司，我們已經累積了豐富的技術經驗。我們將繼續在我們的產品組合中使用高頻寬記憶體。隨著成本的下降，我們將有機會在更廣泛的領域使用它。

Great. Thank you. And then as my follow-up, have you talked about potentially semi-custom products in virtual reality? And to the extent that you have or can, is that going to have the same type of GPU requirement that we've seen on the PC platform or is it possibly scaled down from that level of performance requirement?

偉大的。謝謝。然後作為我的後續問題，您是否談論過虛擬實境中潛在的半客製化產品？並且就您所擁有的或能夠達到的程度而言，這是否會具有與我們在 PC 平台上看到的相同類型的 GPU 要求，或者它是否可能從該級別的性能要求中降低？

So I think there are opportunities to do custom implementations of GPU for virtual reality. I think the amount of graphics horsepower that's required and perhaps some of the form factors that you want to go into being smaller and more portable would enable you to do that.

所以我認為有機會為虛擬實境進行 GPU 的客製化實現。我認為所需的圖形處理能力以及您想要的更小、更便攜的一些外形尺寸可以讓您做到這一點。

I think it's early to talk specifics, but I think that the general idea that VR has a lot of requirements and doing something custom might be helpful I think is absolutely on the mark.

我認為現在談論具體細節還為時過早，但我認為 VR 有很多要求並且進行一些客製化可能會有所幫助，這個整體想法絕對正確。

Steven Chin, UBS.

瑞銀的 Steven Chin。

Great. Thanks for taking my questions. Lisa, if I could on the graphics roadmap side, with the upcoming Polaris architecture later this year, that's going to come out about four to five quarters after Fiji was released, which is a pretty good improvement in terms of timing or cadence compared to the previous generation.

偉大的。感謝您回答我的問題。Lisa，如果我可以就圖形路線圖方面來說的話，今年晚些時候即將推出的 Polaris 架構將在 Fiji 發布後大約四到五個季度推出，與上一代產品相比，在時間或節奏方面有了相當大的改進。

So I guess my question is is this sort of one-year-plus cadence for your GPU roadmap, is this something that can be assumed going forward? And how does that compare relative to the OpEx run rate that Devinder guided for for this year -- is that the right quarterly run rate for [that consisting] that type of graphics roadmap, first of all?

所以我想我的問題是，對於您的 GPU 路線圖來說，這種一年以上的節奏是否可以作為未來的預期？那麼，這與 Devinder 今年指導的 OpEx 運行率相比如何——首先，這是包含該類型圖形路線圖的正確季度運行率嗎？

Yes. So I think the overall answer is we do believe the cadence of graphics requires annual refreshes, and we're going to invest to enable that. And I think the Polaris launch is significant because it's also a change of process technology, which sometimes can run into other issues. But I think we feel very good about where we are there and you should expect that cadence to continue.

是的。所以我認為總體答案是，我們確實相信圖形的節奏需要每年更新，並且我們將進行投資以實現這一點。我認為 Polaris 的推出意義重大，因為它也是製程技術的變革，有時可能會遇到其他問題。但我認為我們對目前的狀況感到非常滿意，你應該期待這種節奏能持續下去。

Perfect. And as my follow-up, just given some of the product announcements on the professional commercial graphics side and some of the design wins you were talking about with Dell, for example, I was wondering if you could help provide any color from your customers in terms of qualitative or even quantitative, potentially, in terms of the opportunity for AMD this year, especially given the macro backdrop -- is there going to be some large step-function up this year from those design wins? Or it pulls the macro potentially play somewhat of a modest headwind for that new opportunity?

完美的。作為我的後續問題，鑑於您在專業商業圖形方面發布的一些產品以及您與戴爾談到的一些設計勝利，我想知道您是否可以從客戶的角度，從定性甚至定量的角度，提供一些關於 AMD 今年機會的信息，特別是考慮到宏觀背景——這些設計勝利今年是否會取得一些大的進步？或者它會對宏觀潛力產生某種程度的不利影響，從而為這項新機會帶來不利影響？

So I really view the macro has more of a headwind for the overall PC market. When you talk about professional graphics, I think it's such a specialized market that it is more about the product you offer and is competitive and differentiated enough.

因此我確實認為宏觀經濟對整個 PC 市場來說更具阻力。當您談論專業圖形時，我認為這是一個非常專業的市場，它與您提供的產品更多有關，並且具有足夠的競爭力和差異化。

I think it's fair to say that most of our customers would say the products are actually very good. So the overall product capability and performance is good. Our issue has really been are we investing enough in the software resources to help customers use some of our products.

我認為可以公平地說，我們的大多數客戶都會說這些產品確實非常好。所以整體產品能力和性能都很好。我們的問題實際上是我們是否在軟體資源上投入了足夠的資金來幫助客戶使用我們的一些產品。

So I think on the professional graphics base, we do believe it's a growth opportunity. I think we're going to continue to invest in some of the software around professional graphics and continue to make steady progress into 2016.

因此我認為，在專業圖形基礎上，我們確實相信這是一個成長機會。我認為我們將繼續投資一些專業圖形軟體，並在 2016 年繼續取得穩步進展。

Thank you. That concludes our call for today. We'd like to thank everyone for participating. Operator, you may close the call now.

謝謝。今天的通話到此結束。我們感謝大家的參與。接線員，您現在可以掛斷電話了。

Okay. Ladies and gentlemen, this does conclude your conference. You may now disconnect and have a great day.

好的。女士們、先生們，你們的會議到此結束。現在您可以斷開連接並享受美好的一天。