超微半導體 (AMD) 2016 Q2 法說會逐字稿

Greetings, and welcome to the Advanced Micro Devices' second-quarter 2016 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 公司 2016 年第二季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Ruth Cotter, Chief Human Resources Officer, and Senior Vice President of Corporate Communications and Investor Relations. Thank you. You may begin.

現在，我想將會議交給主持人、首席人力資源長兼企業傳播和投資者關係高級副總裁 Ruth Cotter。謝謝。你可以開始了。

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

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

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

今天電話會議的參與者包括我們的總裁兼執行長蘇姿豐 (Lisa Su)；以及我們的資深副總裁、財務長兼財務長 Devinder Kumar。這是一次現場通話，並將透過 AMD.com 上的網路直播重播。

I'd like to take the opportunity to highlight a few dates for you. Lisa Su will present at the Pacific Crest Global Technology Leadership Forum on the 9th of August in Colorado. Raja Koduri, Senior Vice President and Chief Architect, Radeon Technologies Group, will attend the Jefferies Semiconductor Hardware and Communications Infrastructure Summit in Chicago on August 30.

我想藉此機會向大家重點介紹幾個日期。Lisa Su 將於 8 月 9 日在科羅拉多州的 Pacific Crest 全球技術領導論壇上發表演講。Radeon Technologies Group 資深副總裁兼首席架構師 Raja Koduri 將於 8 月 30 日出席在芝加哥舉行的 Jefferies 半導體硬體和通訊基礎設施高峰會。

Mark Papermaster, Senior Vice President and Chief Technology Officer, will present at the Deutsche Bank's Technology Conference on September 13 in Las Vegas. And our third-quarter quiet time will begin at the close of business on Friday, September 16, 2016. Before we begin, let me remind everyone that second quarter -- that the second-quarter 2016 was a 13-week quarter, and we expect to record our extra week in the fourth quarter of 2016.

高級副總裁兼首席技術長馬克佩珀馬斯特 (Mark Papermaster) 將於 9 月 13 日在拉斯維加斯舉行的德意志銀行技術大會上發表演講。我們的第三季靜默期將於 2016 年 9 月 16 日星期五下班後開始。在我們開始之前，請允許我提醒大家，2016 年第二季度是一個 13 週的季度，我們預計將在 2016 年第四季度記錄額外的一周。

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.

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 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 that we've posted on our website at quarterlyearnings. AMD.com.

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

Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information. You will also find detailed discussions about our risk factors in our filings with the SEC, and in particular, AMD's Quarterly Report on Form 10-Q for the quarter ended March 26, 2016.

請參閱今天的收益新聞稿和財務長評論中的警告聲明以獲取更多資訊。您也可以在我們向美國證券交易委員會 (SEC) 提交的文件中找到有關我們風險因素的詳細討論，特別是 AMD 截至 2016 年 3 月 26 日的 10-Q 表季度報告。

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

現在，我想把電話交給麗莎。麗莎？

Thank you, Ruth. And good afternoon to all those listening in today. Our ongoing focus on diversifying our business model and delivering great products is creating solid market and financial momentum. Looking at the second-quarter specifically, strong semicustom demand and better-than-seasonal graphic sales drove a 23% sequential revenue increase and our return to non-GAAP operating profitability.

謝謝你，露絲。向今天收聽節目的各位下午好。我們持續致力於實現業務模式多元化和提供優質產品，從而創造穩固的市場和財務勢頭。具體來看第二季度，強勁的半客製化需求和優於季節性的圖形銷售推動收入連續成長 23%，並恢復非 GAAP 營運獲利能力。

We also recorded our first full quarter licensing gain from our China server JV, THATIC, and improved our balance sheet with cash proceeds from the formation of our ATMP joint venture, with NFME. Looking at our Computing and Graphic segment, revenue decreased 5% sequentially, as stronger-than-seasonal GPU sales were offset by a decline in desktop processor sales.

我們也從中國伺服器合資公司 THATIC 獲得了第一個完整季度的許可收益，並透過與 NFME 成立 ATMP 合資公司獲得的現金收益改善了我們的資產負債表。從我們的計算和圖形部門來看，收入環比下降 5%，因為高於季節性的 GPU 銷售被桌上型電腦處理器銷售的下降所抵消。

First-half 2016 GPU sales increased by a double-digit percentage from a year ago, as the investments we have been making to develop leadership graphics hardware, software and drivers, combined with new marketing campaigns, are paying off.

2016 年上半年 GPU 銷售額較去年同期成長了兩位數，這得益於我們為開發領先的圖形硬體、軟體和驅動程式所做的投資，加上新的行銷活動，正在獲得回報。

Our strong second-quarter graphics performance was capped by the launch of our new Polaris based RX 480 GPUs at the end of June, which helped contribute to our highest desktop channel GPU shipments since the fourth quarter of 2014. The Radeon RX family resets expectations around the experiences and features gamers now want in a mainstream GPU.

我們第二季強勁的圖形效能得益於我們於 6 月底推出的基於 Polaris 的新型 RX 480 GPU，這有助於我們實現自 2014 年第四季以來最高的桌面頻道 GPU 出貨量。Radeon RX 系列重新定義了玩家對主流 GPU 的體驗和功能的期望。

We are pleased with the Polaris launch, initial channel sales, and OEM design wins. We expect this strong demand to continue and help drive revenue growth in the third quarter with the launch of the RX 470 and RX 460 desk top GPUs, and Polaris based notebooks from our OEM customers. We also delivered our third straight quarter of sequential professionals graphics revenue growth and believe we gained share driven by increased adoption of FirePro graphics by OEMs as well as several cloud data center GPU compute wins.

我們對 Polaris 的推出、初始通路銷售以及 OEM 設計的勝利感到高興。我們預計，隨著我們的 OEM 客戶推出 RX 470 和 RX 460 桌上型 GPU 以及基於 Polaris 的筆記型電腦，這種強勁需求將持續下去，並有助於推動第三季的營收成長。我們也連續第三個季度實現了專業圖形收入連續成長，並且相信我們的市佔率成長得益於 OEM 廠商越來越多地採用 FirePro 圖形以及多個雲端資料中心 GPU 運算的勝利。

In client, mobile APUs sales increased for the third straight quarter, partially offsetting decreased desktop processor sales led by channel softness in China. Shipments of our recently launched seventh generation APUs are ramping well and outpacing sales of our six-generation APUs at this point in their lifecycle.

在客戶端方面，行動 APU 銷量連續第三個季度成長，部分抵消了因中國通路疲軟導致的桌上型電腦處理器銷售下降。我們最近推出的第七代 APU 的出貨量正在穩步增長，並且超過了處於生命週期這個階段的六代 APU 的銷量。

More than 25 new seventh generation APU systems, including several premium designs, are expected to be widely available in the coming months from Acer, Asus, Dell, HP, and Lenovo, providing us with confidence in this part of our business as we enter the seasonally stronger second half of the year.

預計未來幾個月，宏碁、華碩、戴爾、惠普和聯想將廣泛推出超過 25 款全新第七代 APU 系統，其中包括幾款高端設計，這讓我們在進入季節性較強的下半年時對這部分業務充滿信心。

Turning to our enterprise embedded and semicustom segment, our 59% sequential revenue increase is the largest since our first full quarter of semicustom products shipments in 2013. As in the previous two years, we expect semicustom shipments to peak for the year in the third quarter, as both Microsoft and Sony prepare for the holidays. Based on strong demand, we believe semicustom unit shipments and revenue will grow on an annual basis.

談到我們的企業嵌入式和半客製化部門，我們的連續 59% 營收成長是自 2013 年第一個完整季度半客製化產品出貨量以來的最大增幅。與前兩年一樣，隨著微軟和索尼為假期做準備，我們預計半客製化出貨量將在第三季達到頂峰。基於強勁的需求，我們相信半客製化單位出貨量和收入將逐年成長。

Last quarter at E3, Microsoft announced two new members of the Xbox One family powered by AMD. The Xbox One S is the slimmest Xbox console ever, and the first to support HDR. The system is expected to go on sale in the coming weeks. Microsoft also announced their next-generation game console, code-named Project Scorpio, for the 2017 holidays.

在上個季度的 E3 展會上，微軟宣布了由 AMD 提供支援的 Xbox One 家族的兩款新成員。Xbox One S 是迄今為止最薄的 Xbox 遊戲機，也是第一款支援 HDR 的遊戲機。該系統預計將在未來幾週內上市。微軟也宣布將於 2017 年假期推出代號為 Project Scorpio 的下一代遊戲機。

Project Scorpios is designed to be fully compatible with existing Xbox One software, while leveraging AMD's leadership gaming technologies to create more immersive 4K and VR gaming experiences. Project Scorpio is one of the semicustom design wins we communicated previously.

Project Scorpios 旨在與現有的 Xbox One 軟體完全相容，同時利用 AMD 領先的遊戲技術來創造更身臨其境的 4K 和 VR 遊戲體驗。天蠍座計畫是我們之前溝通過的半客製化設計勝利之一。

Our next generation Zen processor products passed several key milestones in the quarter as well. I'm excited to report that, in addition to conducting the first public demonstration of our next generation Zen-based processor at Computex in June, priority server customer sampling began in the quarter, and dual socket server platforms are now running at both our labs and our customers' labs.

我們的下一代 Zen 處理器產品在本季也通過了幾個關鍵的里程碑。我很高興地報告，除了 6 月在 Computex 上首次公開演示我們的下一代基於 Zen 的處理器之外，優先伺服器客戶採樣也於本季度開始，雙插槽伺服器平台現在在我們的實驗室和客戶的實驗室中運行。

We are pleased with the performance we are seeing with Zen hardware, which is helping to expand our customer engagements and accelerating design win momentum across multiple OEMs and ODMs. We remain on track for volume shipments of our Zen server CPU in the first half of 2017.

我們對 Zen 硬體的性能感到非常滿意，它有助於擴大我們的客戶參與度並加速跨多個 OEM 和 ODM 的設計獲勝勢頭。我們仍有望在 2017 年上半年實現 Zen 伺服器 CPU 的大量出貨。

In closing, over the last 18 months, we have been diligently executing our strategic plan to improve our financial performance by delivering great products, strengthening our customer relationships, and simplifying our business. In the past six months alone, we released our game-changing Polaris architecture, completed our ATMP JV transaction, announced a JV and IP licensing transaction with THATIC, and returned to non-GAAP operating profitability.

最後，在過去的 18 個月裡，我們一直在努力執行我們的策略計劃，透過提供優質的產品、加強客戶關係和簡化業務來提高我們的財務表現。僅在過去的六個月裡，我們就發布了改變遊戲規則的 Polaris 架構，完成了 ATMP JV 交易，宣布與 THATIC 進行 JV 和 IP 許可交易，並恢復了非 GAAP 運營盈利能力。

While we recognize we have more work to do, we believe that, based on the ongoing ramps of our semicustom SoCs, Polaris GPUs, and seventh generation APUs, we can deliver full-year revenue growth in 2016 and non-GAAP operating profitability in the second half of the year. We also remain focused on delivering our road map of high performance products and technologies, including Zen and our next generation Vega GPU architecture that can drive long-term growth.

雖然我們意識到還有很多工作要做，但我們相信，基於我們的半客製化 SoC、Polaris GPU 和第七代 APU 的持續成長，我們可以在 2016 年實現全年收入成長，並在下半年實現非 GAAP 營運獲利。我們也將繼續專注於提供高效能產品和技術路線圖，包括能夠推動長期成長的 Zen 和下一代 Vega GPU 架構。

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

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

Thank you, Lisa, and good afternoon, everyone. The second quarter was a strong quarter, punctuated by better-than-expected financial performance, driven by demand for our semicustom SoCs and the closure of our ATMP joint venture transaction with Nantong Fujitsu Microelectronics, which bolstered our cash position.

謝謝你，麗莎，大家午安。第二季表現強勁，財務表現優於預期，這得益於市場對半客製化 SoC 的需求以及與南通富士通微電子完成 ATMP 合資交易，這增強了我們的現金狀況。

Second-quarter revenue was $1.027 billion, up 23% sequentially, driven by higher sales of semicustom SoCs. The year-over-year revenue increase was 9% with higher sales in both reportable segments. Gross margin was 31%, down 1 percentage point from the prior quarter, primarily due to a higher mix of semicustom SoCs sales.

第二季營收為 10.27 億美元，季增 23%，這得益於半客製化 SoC 銷量的增加。營收年增 9%，兩個報告部門的銷售額均有所增加。毛利率為 31%，較上一季下降 1 個百分點，主要原因是半客製化 SoC 銷售組合較高。

Operating expenses were $342 million, up $10 million from the prior quarter, primarily due to increased marketing investments. We also recognized a $26 million licensing gain associated with our JV with THATIC, and restructuring credits of $7 million, primarily related to facilities. We are pleased to report operating income of $3 million this quarter.

營運費用為 3.42 億美元，比上一季增加 1,000 萬美元，主要原因是行銷投資增加。我們也確認了與 THATIC 合資企業相關的 2,600 萬美元許可收益，以及 700 萬美元的重組信貸，主要與設施有關。我們很高興地報告本季的營業收入為 300 萬美元。

Net loss was $40 million with loss per share of $0.05, calculated using 794 million basic shares in the quarter. We recorded a pretax gain of $150 million related to the ATMP JV transaction, an equity loss of $3 million based on our 15% ownership stake, and taxes of $27 million related to the JV transaction. Adjusted EBITDA was a positive $36 million compared to negative $22 million in the prior quarter.

淨虧損為 4,000 萬美元，每股虧損 0.05 美元，以本季 7.94 億股基本股計算。我們記錄了與 ATMP JV 交易相關的 1.5 億美元的稅前收益、基於我們 15% 的所有權股份的 300 萬美元股權損失以及與 JV 交易相關的 2700 萬美元稅款。調整後的 EBITDA 為正 3,600 萬美元，而上一季為負 2,200 萬美元。

Now turning to the business segments -- Computing and Graphics revenue was $435 million, down 5% from the prior quarter, primarily due to decreased sales of client desktop processors and chipsets. Revenue was up 15% year-over-year, largely driven by higher client notebook Processor and Graphics sales.

現在轉向業務部門——計算和圖形收入為 4.35 億美元，比上一季下降 5%，主要原因是客戶端桌上型電腦處理器和晶片組銷量下降。營收年增 15%，主要得益於客戶筆記型電腦處理器和顯示卡銷量的成長。

Computing and Graphics segment operating loss was $81 million compared to $70 million in the prior quarter, primarily due to lower revenue. Enterprise, embedded and semicustom revenue was $592 million, up 59% from the prior quarter and 5% higher than the prior year, driven by higher semicustom SoC sales. Operating income of this segment was $84 million, up from [$16 million] in the prior quarter, driven by higher revenue and a $26 million IP licensing gain compared to a licensing gain of $7 million in the first quarter.

計算和圖形部門的營運虧損為 8,100 萬美元，而上一季為 7,000 萬美元，主要原因是收入下降。企業、嵌入式和半客製化收入為 5.92 億美元，較上一季成長 59%，比上年同期成長 5%，這得益於半客製化 SoC 銷售額的增加。該部門的營業收入為 8,400 萬美元，高於上一季的 [1,600 萬美元]，這得益於收入增加以及 2,600 萬美元的 IP 許可收益（而第一季的許可收益為 700 萬美元）。

Turning to the balance sheet, our cash and cash equivalents totaled $957 million at the end of the quarter, up $241 million from the end of the prior quarter, primarily due to net cash proceeds from the ATMP JV transaction, offset by working capital needs in the quarter. Inventory was $743 million, up $68 million or 10% from the prior quarter, and higher than guided, in support of expected higher semicustom sales in the third quarter.

談到資產負債表，本季末我們的現金和現金等價物總額為 9.57 億美元，比上一季末增加 2.41 億美元，主要由於 ATMP JV 交易的淨現金收益，但被本季度的營運資金需求所抵消。庫存為 7.43 億美元，比上一季增加 6,800 萬美元（10%），且高於預期，以支持第三季預期的半客製化銷售額成長。

In the second quarter, we recorded a $62 million investment on our balance sheet related to our 15% ownership stake in the ATMP JV. Total wafer purchases from GlobalFoundries in the second quarter were 75 million and year-to-date, we have purchased 259 million.

在第二季度，我們在資產負債表上記錄了一筆 6,200 萬美元的投資，與我們在 ATMP JV 的 15% 所有權股份有關。第二季我們從 GlobalFoundries 購買的晶圓總數為 7,500 萬片，今年迄今為止，我們已經購買了 2.59 億片。

Debt as of the end of the quarter was $2.24 billion, flat from the end of the prior quarter, and includes total borrowings of $226 million on our secured revolving line of credit. Free cash flow in the second quarter was negative $106 million compared to a negative $68 million in the first quarter of 2016, primarily due to the inventory build in support of strong second-half revenue.

截至本季末的債務為 22.4 億美元，與上一季末持平，其中包括我們擔保循環信貸額度中的 2.26 億美元總借款。第二季的自由現金流為負 1.06 億美元，而 2016 年第一季為負 6,800 萬美元，這主要歸因於為支持下半年強勁收入而增加的庫存。

Now turning to the outlook, which is based on a 13-week fiscal quarter. For the third quarter of 2016, we expect revenue to increase 18% sequentially, plus or minus 3%, primarily driven by our graphics and semicustom products, including the ramp of new semicustom business; non-GAAP gross margin to be approximately 31%; non-GAAP operating expenses to be approximately $350 million, due to an increase in R&D investments; IP monetization licensing gain to be approximately $22 million to maintain non-GAAP operating profitability; non-GAAP interest expense, taxes or other -- and other to be approximately $45 million; cash and cash equivalents to be approximately flat; and inventory to be approximately $700 million. And lastly, for the full-year 2016, we expect low-single digit revenue growth year-over-year.

現在來談談基於 13 週財政季度的展望。2016 年第三季度，我們預計收入將環比增長 18%，上下浮動 3%，主要得益於我們的圖形和半定制產品，包括新半定制業務的增長；非公認會計準則毛利率約為31%；由於研發投入增加，非公認會計準則運營費用約為 3.5 億美元； IP貨幣化許可約為2200美元收益約4,500 萬美元；現金及現金等價物基本持平；庫存約7億美元。最後，我們預計 2016 年全年營收將年增 1 個位數。

In closing, we are pleased with the progress we've made this quarter. We launched exciting new products in the second quarter, with more expected to come to help drive strong revenue growth and improved financial performance in the third quarter. We recognize there's a lot more work to be done to return AMD to sustainable profitability and free cash flow generation, and look forward to continuing our progress over the coming quarters.

最後，我們對本季的進展感到滿意。我們在第二季推出了令人興奮的新產品，預計會有更多產品推出，以幫助推動第三季強勁的營收成長和財務表現的改善。我們認識到，要讓 AMD 恢復可持續盈利能力和自由現金流，還有很多工作要做，並期待在未來幾季繼續取得進展。

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

說完這些，我就把話題轉回露絲。露絲？

Thank you, Devinder. Operator, if you could poll the audience please for a question-and-answer session?

謝謝你，Devinder。接線員，您可以對觀眾進行民意調查，進行問答嗎？

(Operator Instructions) David Wong, Wells Fargo.

（操作員指示）富國銀行的 David Wong。

My first question -- can you give us any detail on the ramp in dollar terms of revenues from new semicustom products in the September/December quarters, and what the seasonal pattern of these products might be?

我的第一個問題——您能否向我們詳細介紹一下 9 月/12 月季度新半客製化產品收入的成長情況（以美元計算），以及這些產品的季節性模式是怎樣的？

Sure, David. This is Lisa. Let me start with that. So, our semicustom business overall, we see as strong for the year. I think the predominant business is the current generation game consoles, and as they ramp into the second half and the stronger holiday season.

當然，大衛。這是麗莎。讓我從那開始。因此，我們認為今年我們的半客製化業務整體表現強勁。我認為主要的業務是當前一代遊戲機，並且它們將在下半年和更強勁的假期季節蓬勃發展。

We expect the seasonality of semicustoms to be similar to prior years. We'll see a peak in the third quarter and a decline in the fourth quarter, and we will see the new business layer in starting in the third quarter. But I don't expect that to change the seasonality pattern. So, we are building up for a strong holiday season overall.

我們預計半客製化產品的季節性與往年相似。我們將在第三季度看到峰值，在第四季度看到下降，並且我們將在第三季度看到新業務層的啟動。但我並不認為這會改變季節性模式。因此，我們總體上正在為強勁的假期季節做準備。

Okay. Great. Thanks, Lisa. And since the launch of your Radeon 480 graphics product end of last month, have you been able to supply to demand for the cards? Or if not, when do you expect demand will rise to match supply?

好的。偉大的。謝謝，麗莎。自從上個月底推出 Radeon 480 顯示卡產品以來，你們的顯示卡供應是否能滿足需求？或者如果不是，您預計何時需求會上升以匹配供應？

Yes. So, David, we're very pleased with the launch of the Radeon RX 480. We had good supply at major retailers on launch day. Since then, the demand has continued to be strong and so some of the retailers are out of supply. We do see that the 14 LPP yields are good and we're ramping up production steeply.

是的。所以，大衛，我們對 Radeon RX 480 的推出感到非常高興。在產品發布當天，我們在各大零售商處都有充足的供貨。自那時起，需求持續強勁，因此一些零售商出現供應短缺。我們確實看到 14 LPP 的產量良好，而且我們正在大幅提高產量。

So we expect that will equalize as we go through the quarter. We're also very soon going to launch the rest of the Radeon RX family. And so you'll see three products in the third quarter in terms of overall product momentum.

因此，我們預計，隨著本季的推進，這種情況將會趨於平衡。我們很快還將推出 Radeon RX 系列的其他產品。因此，從整體產品動能來看，您會在第三季看到三種產品。

Great. Thanks very much.

偉大的。非常感謝。

Thanks, David.

謝謝，大衛。

Mark Lipacis, Jefferies.

傑富瑞的馬克‧利帕西斯 (Mark Lipacis)。

Thanks for taking my question. First one -- Lisa, maybe for you -- the China licensing deal was -- I thought it was creative and fascinating. Can you characterize kind of the pipeline of IP deals that you have or the technology deals? Is this it? Or do you have more in the pipe? Can you talk about timing or the types of deals you might be working on?

感謝您回答我的問題。第一個問題——麗莎，也許對你來說——中國許可協議——我認為它很有創意，也很吸引人。您能否描述一下您所擁有的智慧財產權交易管道或技術交易？是這個嗎？還是你還有更多東西在管道裡？您能談談時間安排或您可能正在進行的交易類型嗎？

Sure, Mark. So the China JV, as you said, we announced it last quarter and it's now in operation. It's actually going well, so we're on track for some of the important milestone deliveries that we had.

當然，馬克。正如您所說，我們上個季度宣布了中國合資企業的消息，目前該合資企業已開始營運。事實上一切進展順利，我們正按計畫實現一些重要的里程碑交付。

In terms of the overall pipeline, I would say we have a nice set of interesting opportunities. They're -- very much, as you know, they take a while for them to come to fruition, but we feel good about the model which is partnering with folks that need high-performance technology. And we'll continue to work those deals as we go through the next couple of quarters.

就整體管道而言，我想說我們擁有一系列非常有趣的機會。如你所知，它們需要一段時間才能實現，但我們對與需要高性能技術的人合作的模式感到滿意。在接下來的幾個季度裡，我們將繼續完成這些交易。

Okay. Great. And I'll follow-up if I may. I was hoping that you could just help me with the accounting of the semicustom design wins. So if I remember properly, there was two that you expect in the back half of this year, and then one -- I thought it was the first half of next year.

好的。偉大的。如果可以的話我會跟進。我希望您能幫助我計算半客製化設計的成功案例。所以如果我沒記錯的話，預計今年下半年會有兩次，然後一次──我以為是明年上半年。

So Scorpio is one of those three? But that's next year; so that's the one for next year?

那麼天蠍座是這三個星座之一嗎？但那是明年的事了；那這就是明年的事嗎？

Yes, let me help you out with the accounting -- I know that we've had several different pieces of information on the semicustom new design wins. So what we said is we'll have a total of three semicustom new design wins that will account for about -- let's call it $1.5 billion of revenue approximately over the next three to four years.

是的，讓我來幫您處理會計事宜——我知道我們已經獲得了有關半定制新設計勝利的幾條不同信息。因此，我們所說的是，我們將總共贏得三個半客製化新設計，這將帶來約 - 我們稱之為未來三到四年約 15 億美元的收入。

We are starting the ramp of new business this coming quarter, this third quarter, and that will be one of the semicustom design wins. Scorpio is also a design win, and that, as our customer said, will be in 2017. And we'll give you more information about the third one as we have more visibility.

我們將在下個季度，也就是第三季開始拓展新業務，這將是半客製化設計的勝利之一。Scorpio 也獲得了設計方面的成功，正如我們的客戶所說，它將在 2017 年問世。隨著我們了解的越來越多，我們會向您提供關於第三個版本的更多資訊。

And do you have more design wins that you just haven't announced or mentioned timing of?

您還有什麼設計成果尚未公佈或未提及時間嗎？

Well, we're trying to get out a little bit of the counting game, but I think overall, we're pleased with the semicustom pipeline. I think some of the questions that we've been asked are, do we believe we have design wins outside of game consoles, and the answer is yes. We have design wins outside of game consoles. I think we view the pipeline as good, and it's a business model that works well with our high-performance technology plans and our SoC capabilities.

好吧，我們正在嘗試擺脫一些計數遊戲，但我認為總的來說，我們對半定制管道感到滿意。我認為我們被問到的一些問題是，我們是否相信我們在遊戲機以外的設計上也取得了勝利，答案是肯定的。我們在遊戲機之外也取得了設計勝利。我認為我們認為這個管道很好，而且它是一種與我們的高性能技術計劃和 SoC 功能完美配合的商業模式。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Thanks, Mark.

謝謝，馬克。

Matt Ramsay, Canaccord Genuity.

Canaccord Genuity 的 Matt Ramsay。

Thanks for taking my questions. Lisa, I have a couple of questions on Zen. You gave some color in your prepared remarks about server opportunities for Zen starting in the first half of next year. Maybe you could give us a little color on potentially what markets you are going after there, where you see the opportunities?

感謝您回答我的問題。麗莎，我有幾個關於禪宗的問題。您在準備好的演講中詳細介紹了明年上半年開始的 Zen 的服務器機會。或許您可以向我們稍微介紹一下您正在進入哪些市場，以及您認為有哪些機會？

It seems to me that a lot of different moving parts in the cloud market with open power and ARM, and then custom CPUs from Intel, but a pretty big enterprise space that's x86 captive for you guys to go after. So I would just be interested to see what the strategy is going forward there and where the design wins might come from?

在我看來，雲端市場中有很多不同的活動部件，包括開源和 ARM，以及來自英特爾的客製化 CPU，但有一個相當大的企業空間是 x86 專屬的，供你們追逐。所以我只是感興趣看看那裡的戰略是什麼以及設計勝利可能來自哪裡？

Sure, Matt. So, yes, let me give you a little bit of color how we see it. First of all, look, Zen is a brand-new CPU design and we had very ambitious goals for it. And given where we are today, it's actually coming up very well.

當然，馬特。是的，讓我稍微解釋一下我們是如何看待它的。首先，Zen 是一種全新的 CPU 設計，我們對它有著非常宏偉的目標。考慮到我們目前的狀況，情況實際上進展得非常好。

We've demoed both desktop systems, and now we have server systems working in both our labs and our customers' labs. I would say as the progress of Zen is -- goes along in terms of validation, the customer interest has increased. And so, while we did close a number of design wins in the second quarter and we have a number more in the pipeline, as we go into the third quarter and more widespread availability.

我們已經示範了這兩種桌上型系統，現在我們的實驗室和客戶的實驗室中都有伺服器系統在運作。我想說的是，隨著 Zen 在驗證方面的進展，客戶的興趣也隨之增加。因此，雖然我們在第二季度確實完成了一些設計任務，並且還有更多的設計任務正在籌備中，但隨著進入第三季度，這些設計將得到更廣泛的應用。

Our view is, Zen is a general-purpose server architecture that can play in many different places. So you mentioned the cloud. I think that's certainly one target market given the growth there. We also see there are workloads that would be particularly -- fit well for sort of the performance areas that we're targeting. I think enterprise is also again very much a target area for Zen.

我們的觀點是，Zen 是一種通用伺服器架構，可以在許多不同的地方發揮作用。所以你提到了雲。我認為，考慮到那裡的成長，那肯定是一個目標市場。我們也發現有些工作負載特別適合我們所針對的效能領域。我認為企業也是 Zen 的目標領域。

What we are looking for again is ensuring that we have a very high quality launch, and so we're working very closely with customers to make sure that we run their workloads and demonstrate the performance improvement that we expect. But as I said overall, it's going well, and we continue to work with customers to ensure that they see the benefits of Zen and working with AMD.

我們再次尋求的是確保我們有一個非常高品質的發布，因此我們正與客戶密切合作，以確保我們運行他們的工作負載並展示我們期望的效能改進。但正如我所說，總體而言，一切進展順利，我們將繼續與客戶合作，確保他們看到 Zen 和與 AMD 合作的好處。

Thank you for the color and it's good to hear. I guess another question on Zen more in the PC market -- because I think your prepared remarks focused a bit more on server -- but maybe you could give us a little bit of an update in the timing of desktop and notebook potential launches.

謝謝你的顏色，很高興聽到這個消息。我想另一個問題是關於 Zen 在 PC 市場上的更多內容 —— 因為我認為您準備的發言更多地側重於伺服器 —— 但也許您可以向我們稍微介紹一下桌上型電腦和筆記型電腦的潛在發佈時間。

It just seems to me going into the holiday season that it's still a little unclear as to where Zen is going to land relative to holiday ramps in the Western market and to Chinese New Year. So any color around that would be really helpful. Thank you.

在我看來，進入假日季後，Zen 相對於西方市場的假日熱潮和中國新年將走向何方仍不太清楚。因此，任何周圍的顏色都會很有幫助。謝謝。

Yes. No, that's a fair question, Matt. So we have been very focused on the server launch for first half of 2017. Desktop should launch before that. In terms of true volume availability, I believe it will be in the first quarter of 2017. We may ship some limited volume towards the end of the fourth quarter, based on how bring-up goes and the customer readiness.

是的。不，這是一個公平的問題，馬特。因此，我們非常關注 2017 年上半年的伺服器發布。桌面應該在此之前啟動。就實際供應量而言，我相信將會在 2017 年第一季。根據啟動情況和客戶準備情況，我們可能會在第四季末運送少量產品。

But again, if I look overall at what we are trying to do, I think the desktop product is very well-positioned for that high-end desktop segment, that enthusiast segment, in both channel and OEM, which is very much a segment that AMD knows well. And so that's where we would focus -- on desktop.

但是，如果我全面地看一下我們正在做的事情，我認為桌面產品非常適合高端桌面市場，即渠道和 OEM 領域的發燒友市場，而這是 AMD 非常了解的市場。這就是我們關注的重點——桌面。

You should expect a notebook version of Zen with integrated graphics in 2017, and that development is going on as well. And so I think it's just a time of a lot of activity around the Zen and the different Zen product families.

您應該會在 2017 年看到配備整合式顯示卡的 Zen 筆電版本，而且該開發工作也在進行中。所以我認為現在正是圍繞 Zen 和不同 Zen 產品系列進行大量活動的時期。

Thank you very much. Congratulations on the return to profitability.

非常感謝。恭喜您恢復獲利。

Thanks, Matt.

謝謝，馬特。

Thank you.

謝謝。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Thanks for taking my questions. I was looking at the implied guidance for Q4. You said the -- I guess for the full year, up low single digits. So, I mean, call it 3%. But it would imply Q4 down 16%/17% sequentially, and actually down on an absolute basis, lower than I would've thought. I think Q4 also has an extra week in it.

感謝您回答我的問題。我正在查看第四季度的隱含指引。您說的是－我猜全年成長率會是低個位數。所以，我的意思是，稱之為 3%。但這意味著第四季環比下降 16%/17%，實際上絕對值下降，低於我的預期。我認為 Q4 還額外有一週的時間。

I was wondering if you could give us, I guess, some color on how you see the drivers, I guess, for seasonality going from Q3 to Q4 across both of the businesses, given that, I guess, the trajectory of the different product launches that we have in the back half? Like, how do you come to that number?

我想知道您是否可以給我們一些說明，您如何看待從第三季到第四季這兩個業務的季節性變化的驅動因素，考慮到我們下半年不同產品的推出軌跡？例如，你是怎麼得出這個數字的？

Sure. Stacy, maybe I'll start and see if Devinder would like to add to it. So, look, our -- when we started the year, our expectation is that we would grow revenue in 2016 versus 2015, but we were coming off of a very low base in the first quarter. So we've been pleased with how it played out certainly in our second-quarter revenue and the third quarter revenue guidance.

當然。史黛西，也許我會開始，看看德文德是否願意補充。所以，看看我們的——當我們開始新的一年時，我們預計 2016 年的收入將比 2015 年有所增長，但第一季我們的基數非常低。因此，我們對第二季營收和第三季營收預期的表現感到非常滿意。

Overall, the businesses are performing well, so we do expect both Computing and Graphics and EEFC to both grow for the year. I think the semicustom business is the large driver of the fourth quarter in terms of just how we see the overall business playing out. But the Computing and Graphics business is playing out as you might expect.

總體而言，這些業務表現良好，因此我們預計計算和圖形業務以及 EEFC 今年都將實現成長。我認為，就整體業務表現而言，半客製化業務是第四季度的主要推動力。但計算和圖形業務的進展正如您所預料的那樣。

So the second half should be seasonally higher, certainly with Polaris, and as we launch broader availability across the product line, as well as the seventh generation APUs as they go into back-to-school and holiday. So that's the way we should think about it.

因此，下半年的銷售應該會呈現季節性增長，這肯定是由於 Polaris 的緣故，而且隨著我們在整個產品線上推出更廣泛的可用性，以及第七代 APU 進入返校和假期，銷量也會有所增長。所以我們應該這樣思考。

Okay. Thank you. For my follow-up, I just wanted to take a look at your notebook shipments in the quarter. So they were up again sequentially -- I think they were up double digits in Q1; I think they were up in Q4 as well. So three quarters in a row of sequential increase. Obviously off a low base as well.

好的。謝謝。作為後續行動，我只是想看看本季度你們的筆記型電腦出貨量。所以他們又連續上漲了——我認為他們在第一季上漲了兩位數；我認為他們在第四季度也取得了進步。因此連續三個季度實現環比成長。顯然基礎也很低。

But how confident are you -- like what's driving that? Is this -- is it actually sort of a sell-out that's actually driving the demand? Or is this sell-in into the channel? And how should we think about that potentially normalizing?

但是您有多大信心——是什麼推動了這一進程？這是否真的是一種推動需求的拋售行為？還是這是進入通路的賣出？我們該如何看待這種潛在的正常化？

Yes, so if you're talking about the notebook computing business, actually we are kind of pleased with how it performed. So if you look at it, overall, the -- our OEM customers have adopted our technologies, so we see that across both notebook and desktop, but presumably notebook.

是的，如果您談論的是筆記型電腦業務，那麼我們實際上對它的表現感到滿意。因此，如果你看一下，總體而言，我們的 OEM 客戶已經採用了我們的技術，因此我們在筆記型電腦和桌上型電腦上都看到了這一點，但大概是筆記型電腦。

We are also making progress in commercial, and that was a very important initiative over the past five or six quarters. And so that's been nice to stabilize the business. And again, I don't believe it's a sell-in phenomenon. Actually it's consumption share that we see increasing. And I think we have a reasonable opportunity to add to that in the second half of the year. But it's really around our products in the platforms that we're putting together with the OEMs.

我們在商業方面也取得了進展，這是過去五、六個季度的一項非常重要的舉措。這對於穩定業務很有好處。再說一次，我不認為這是一種拋售現象。實際上我們看到的是消費份額在增加。我認為我們有合理的機會在今年下半年進一步擴大這一規模。但它實際上圍繞著我們與 OEM 共同打造的平台上的產品。

Got it. If I could ask one more really quick. I was just a little bit surprised at how much your wafer purchases at GlobalFoundries came down quarter-over-quarter, given the increase in notebooks as well as the timing of the Polaris launch. Any -- what -- should we read anything into that?

知道了。如果我可以再問一個問題的話。考慮到筆記型電腦的成長以及 Polaris 的發佈時間，我對 GlobalFoundries 晶圓採購量較上季下降的幅度感到有點驚訝。我們應該從中解讀出什麼嗎？

I think basically the purchases of the wafers are in line with product demand and mix of business. And as I said in the prepared remarks, the other day we purchased about [$260 million] of wafers, and we are getting into the back half of the year, which as you can see, with our revenue guidance in Q3, is pretty strong.

我認為晶圓的採購基本上符合產品需求和業務組合。正如我在準備好的發言中所說，前幾天我們購買了約 [2.6 億美元] 的晶圓，我們即將進入下半年，正如你所看到的，根據我們第三季度的收入預期，業績相當強勁。

Thank you, guys.

謝謝你們。

John Pitzer, Credit Suisse Group.

瑞士信貸集團的約翰‧皮策 (John Pitzer)。

Thanks for letting me ask the question and congratulations on orchestrating the turnaround. I guess, Lisa, my first question, I would kind of like to get your view on the news earlier this week around Softbank and ARM. You are sort of in a unique position because you are both kind of a partner with ARM as an ARM licensee. But if you look at your custom silicon business, especially on the x86 architecture, you could make the argument that you're a little bit of a competitor as well.

感謝您允許我提出這個問題，並祝賀您成功扭轉局面。我想，麗莎，我的第一個問題是，我想聽聽你對本週早些時候有關軟銀和 ARM 的新聞的看法。你們處於一個獨特的位置，因為你們既是 ARM 的合作夥伴，也是 ARM 的授權持有者。但如果你看看你的客製化矽片業務，特別是在 x86 架構上，你可能會說你也是一個競爭對手。

So I'm kind of curious to know how you see kind of the reaction to that from a customer perspective? And does that change your view of how you might be able to monetize your own IP in the future?

所以我很好奇想知道從客戶的角度來看您對此有何反應？這是否會改變您對未來如何將自己的 IP 貨幣化的看法？

John, thanks for the question. Look, I think it's a very interesting deal -- the ARM SoftBank deal. I think we have a lot of respect for ARM; they are a close partner. I'm not sure we would call them a competitor. Overall, they are a partner.

約翰，謝謝你的提問。聽著，我認為 ARM SoftBank 交易是一筆非常有趣的交易。我認為我們非常尊重 ARM；他們是親密的合作夥伴。我不確定我們是否會稱他們為競爭對手。整體來說，他們是合作夥伴。

As it relates to how we think about our IP, we really believe that our IP, particularly the high performance element of it on the microprocessor and the graphic side, is very unique, and in some sense, there are very few places in the industry where you have access to it. I think the applications that need it, whether you are talking about consumer applications or enterprise cloud applications, are growing. And so it's an opportunity for us to look for larger markets to monetize beyond just our own products.

就我們對 IP 的看法而言，我們確實相信我們的 IP，特別是微處理器和圖形方面的高效能元素，是非常獨特的，從某種意義上說，業內很少有地方可以接觸到它。我認為需要它的應用程式（無論是消費者應用程式還是企業雲端應用程式）都在成長。因此，這對我們來說是一個機會，讓我們尋找更大的市場，實現我們自身產品以外的獲利。

And that's, in general, the way we think about IP monetization. We have a set of products that is very important to our business model, but our IP can go further than our products themselves. And so we would continue to look for opportunities to monetize our IP.

總的來說，這就是我們對 IP 貨幣化的看法。我們有一套對我們的商業模式非常重要的產品，但我們的智慧財產權可以比我們的產品本身發揮更大的作用。因此，我們會繼續尋找機會將我們的知識產權貨幣化。

And again, I apologize if I missed this -- you commented on sort of your expectations for GPUs going into Q3 and for semicustom. How do you view the PC outlook within your total outlook above ATM? And I've got a quick follow-on.

再次，如果我錯過了這一點，我深感抱歉——您評論了您對進入第三季度的 GPU 和半定制的期望。您如何看待 ATM 整體前景中的 PC 前景？我有一個快速的後續行動。

Sure. So let me talk about the PC market overall. I think our view of the PC market is pretty similar to others in the industry. We would say, overall for 2016, high-single digit decline. We have seen some positive signals, and we saw some positive data points from IDC earlier the last week. And then we saw a little bit of pickup in consumption in June from our OEM customers. But again, that was compared to -- let's call it a soft April/May.

當然。那麼讓我來談談整個 PC 市場。我認為我們對 PC 市場的看法與業內其他人的看法非常相似。我們可以說，2016 年總體而言將出現高個位數的下降。我們看到了一些積極的信號，並且在上週早些時候我們從 IDC 看到了一些積極的數據點。我們發現 6 月份 OEM 客戶的消費量略有回升。但再次，這是與——我們稱之為疲軟的四月/五月相比。

Our view is OEM business looks okay. The channel for us is still weaker than we would like, and that's our view of the PC business. Even in that framework, we believe we can grow our Computing and Graphics business on the strength of the products. The Graphics products, we've talked about, as they ramp in the second half of the year. And on the Computing side as well, I think we have a number of new platforms, and back-to-school and holiday are important for us. So that's the way would characterize PCs.

我們認為 OEM 業務看起來還不錯。我們的管道仍然比我們希望的要弱，這就是我們對個人電腦業務的看法。即使在這種框架下，我們也相信我們可以憑藉產品優勢發展我們的計算和圖形業務。我們已經討論過圖形產品，它們將在下半年迅速發展。在計算方面，我認為我們有許多新平台，返校和假期對我們來說很重要。這就是描述 PC 的方式。

So, Lisa, not to put words in your mouth, but for Q3, PC's up but perhaps not up as much as seasonal? Is that the best way to think about it within your guide?

那麼，麗莎，我不是要強加於你，但對於第三季度，PC 有所上漲，但可能沒有季節性上漲那麼多？這是在您的指南中思考這個問題的最佳方式嗎？

I would say roughly seasonal -- roughly seasonal.

我想說，大致上是季節性的——大致上是季節性的。

That's helpful. And then lastly, guys, I apologize, but Devinder, now that you've got revenue growth behind you and you've got some momentum here, how do we think about the gross margin progression from here and kind of the puts and takes? And I know there's lot of different dynamics there, including the mix of semicustom. But from these levels, how should we think about gross margin progression over the next, call it, two to four quarters?

這很有幫助。最後，夥計們，我很抱歉，但是 Devinder，既然你們現在已經實現了收入增長，並且已經有了一些發展勢頭，那麼我們如何看待從現在開始的毛利率增長以及收益和利弊呢？我知道那裡有很多不同的動態，包括半客製化的混合。但從這些層面來看，我們該如何看待未來兩到四個季度的毛利率成長？

Yes, John, I think the way you think about it is, it is the mix of business, so that's a good observation. But also you see us making continuing investments in our roadmap in graphics and in other areas, and we believe that will help us improve the gross margin. And then as you look out longer-term, as you observe -- get beyond a couple of quarters and get into 2017, we do have the Zen product introduction coming up. We also have a product in the pro graphics area, and that should drive even higher gross margins compared to where we are today, given the mix will get better with those products.

是的，約翰，我認為你的想法是，這是業務的混合，所以這是一個很好的觀察。但您也看到我們在圖形和其他領域的路線圖上不斷投資，我們相信這將有助於我們提高毛利率。然後，當你把目光放長遠時，正如你所觀察到的——經過幾個季度，進入 2017 年，我們確實會推出 Zen 產品。我們在專業圖形領域也有一款產品，考慮到這些產品的組合會變得更好，這應該會帶來比現在更高的毛利率。

Thanks. Well, thanks, guys.

謝謝。好吧，謝謝大家。

Thanks, John.

謝謝，約翰。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Thanks for taking my question. This is Sidney Ho asking -- calling in for Ross. Just follow up to -- with the last question by focusing on third quarter, you guided third-quarter gross margin to be flat, but the profile seem -- of revenue growth seems to be -- would suggest gross margin should decline on a mix adjusted basis.

感謝您回答我的問題。這是 Sidney Ho 代表 Ross 提出的要求。接下來是最後一個問題，重點關注第三季度，您預計第三季度的毛利率將持平，但收入成長的情況似乎表明，經組合調整後，毛利率應該會下降。

How should we think about gross margin by segment in Q3? What are some of the moving parts? And maybe follow-up to that, do you expect the gross margin of the new custom design wins ramping this quarter to have better or worse margins than your game console business?

我們該如何看待第三季各部門的毛利率？有哪些活動部件？接下來的問題是，您是否預計本季新客製化設計業務的毛利率會比遊戲機業務更好還是更差？

Yes, I think that's well-put. I mean if you look overall when we have a higher mix of semicustom business, typically the gross margin is lower since the business model on the semicustom side has for the lower margin just the way the model is constructed. So keeping it flat at 31% with the guide in Q3 was variable in Q2. We were pretty pleased with that. And I think you're seeing some of the strength underlying the non-semicustom business is allowing us to keep it flat quarter-on-quarter.

是的，我認為這麼說很好。我的意思是，如果你從整體上看，當我們的半定制業務組合較高時，通常毛利率會較低，因為半定制方面的業務模式的利潤率較低，就像模型的構建方式一樣。因此，在第二季度，其成長率將與第三季度的指導值持平，為 31%，這是有變數的。我們對此非常滿意。我認為您看到了非半客製化業務的一些優勢，這使我們能夠保持季度環比持平。

Okay. Great. And then my follow-up question is -- you guys talked about the Zen products at Computex and it's on track for launching in the first half of 2017. Can you talk about the impact on R&D expense and maybe on gross margin on the preparation of this launch over the next few quarters? And if you hit your revenue plan that you have thought about, at what point do you need to start increasing OpEx from the $330 million to $350 million level?

好的。偉大的。然後我的後續問題是——你們在 Computex 上談到了 Zen 產品，它預計將在 2017 年上半年推出。您能否談談未來幾季內該產品的發表準備對研發費用和毛利率的影響？如果您實現了所考慮的收入計劃，那麼您什麼時候需要開始將營運支出從 3.3 億美元增加到 3.5 億美元？

The OpEx side of it, if I look at it from that standpoint, you have seen our OpEx actually go up; in Q3, we are guiding at the $350 million level with specific targeted investments we are making in key R&D areas and products, in particular the high performance roadmap that we have laid out. But we are also making some specific investments in the marketing area, given the new products that are coming out on the PC side as well as the GPU side, trying to attract end-users back to the AMD brand.

至於營運支出方面，如果我從這個角度來看，你會看到我們的營運支出實際上上升了；在第三季度，我們預計投資額將達到 3.5 億美元，並將針對重點研發領域和產品進行有針對性的投資，特別是我們已經制定的高性能路線圖。但考慮到 PC 端和 GPU 端即將推出的新產品，我們也在行銷領域進行了一些特定的投資，試圖吸引最終用戶重新使用 AMD 品牌。

And I think you'll continue to see us do that. And that helps obviously with this new product underlying the better margins that you get with the fresh cycle, in particular with the new technology areas that we are putting our products in.

我想你會繼續看到我們這樣做。這顯然有助於新產品在新周期中獲得更高的利潤，特別是當我們將產品投入新的技術領域時。

Great. Maybe just one quick follow-up. For Q4 with an extra week in the fiscal quarter, should we expect OpEx to be at the high end of levels, that that will be enough -- that $350 million?

偉大的。也許只需一次快速跟進。對於財政季度中多出一周的第四季度，我們是否應該預期營運支出將處於高端水平，這就足夠了——3.5 億美元？

I'm not prepared -- you know, one of the things about OpEx as I always say even if you look at Q3, the OpEx is up on a guided basis at $350 million, but very much as I always say, we manage the OpEx pretty tightly. We've done that over the last several years, and obviously it gets modulated somewhat by revenue. Q3, our revenue is up 18%, OpEx is at $350 million and we'll talk about Q4 when we gather here in about 90 days.

我還沒準備好——你知道，關於營運支出，我經常說的一件事是，即使你看第三季度，營運支出也會按指導價上漲至 3.5 億美元，但正如我經常說的那樣，我們對營運支出的管理非常嚴格。我們在過去幾年裡已經這樣做了，顯然它在某種程度上受到收入的調節。第三季度，我們的收入成長了 18%，營運支出為 3.5 億美元，我們將在大約 90 天後在這裡聚會時討論第四季。

Okay. Thank you very much.

好的。非常感謝。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

I was also curious about GlobalFoundries being so low in Q2. And I guess have you guys finalized the 2016 wafer supply agreement? And can you talk more generally about which products -- how you are deciding which products are allocated to Global and TSMC? And is there anything that's exclusive to one or the other?

我也對 GlobalFoundries 在第二季表現如此低迷感到好奇。我想你們已經敲定2016年的晶圓供應協議了嗎？您能否更概括地談談哪些產品——您如何決定將哪些產品分配給 Global 和 TSMC？其中有什麼東西是獨一無二的嗎？

Yes, several parts to it. I mean the working relationship, as Lisa said, with GlobalFoundries is very good. We continue to work through the 2016 WSA and that's not finalized; we're in the process of negotiating that. In the meantime, we continue to get delivery of wafers for the products that we need in line with the product demand and mix of business. And relative to your -- which products from which foundry, we typically do not share the source of foundry for any of our wafers or products.

是的，它有幾個部分。我的意思是，正如麗莎所說，與 GlobalFoundries 的工作關係非常好。我們將繼續致力於 2016 年 WSA 的工作，但尚未最終確定；我們正在就此進行談判。同時，我們繼續根據產品需求和業務組合獲取所需產品的晶圓。相對於您的產品 - 哪些產品來自哪個代工廠，我們通常不會共享任何晶圓或產品的代工廠來源。

Okay. That's fair. And then with regards to kind of thinking about next year's OpEx, when you look at the importance of a CPU that can attack the server market and can attack the high end of the sort of enthusiast CPU market, I guess I don't want you to necessarily be constrained by the R&D requirements of the last couple of years.

好的。這很公平。然後，關於明年的營運支出的思考，當你考慮到能夠進入伺服器市場和高階發燒友 CPU 市場的 CPU 的重要性時，我想我不希望你受到過去幾年研發要求的限制。

I mean, so how do you think about that? If you start to show some revenue traction, I mean, can you -- how much flexibility do you think there is on spending? I'm not asking for a number, but just qualitatively, how are you thinking about profitability versus investing in these opportunities next year?

我的意思是，您對此有何看法？如果您開始表現出一些收入成長動力，我的意思是，您認為支出方面有多大的靈活性？我不是問數字，只是從品質上講，您如何考慮盈利能力以及明年對這些機會的投資？

Joe, I would say my engineers would be very happy to hear you say that. So look, I appreciate the question. I think you've seen -- and Devinder said this -- we're going to be disciplined in OpEx. And as this quarter was an important turning point for us, to return to operating profitability, I think we have a nice sort of a view into Q3.

喬，我想說我的工程師聽到你這麼說會很高興。所以，我很感謝這個問題。我想你已經看到了——正如 Devinder 所說——我們將在營運支出方面受到嚴格約束。由於本季是我們恢復營運獲利能力的重要轉捩點，我認為我們對第三季有一個很好的展望。

We will look for opportunities to ensure that we are strategically placing the big bets in R&D, and both on the CPU and the GPU side. For example, this year, we have ramped up our investments on the graphics side with the formation of the Radeon Technologies Group, and what we're doing in both hardware and software -- very significant investments.

我們將尋找機會確保我們在 CPU 和 GPU 方面的研發上策略性地投入大量資金。例如，今年，我們透過成立 Radeon Technologies Group 加大了對圖形方面的投資，而且我們在硬體和軟體方面都進行了非常重大的投資。

And similarly on the CPU side as well. So, I think we take very seriously our commitments in terms of profitability, but we will invest in the future and we'll continue to look for opportunities to balance those in the right way.

CPU 方面也是如此。因此，我認為我們非常重視在獲利方面的承諾，但我們將投資未來，並將繼續尋找機會以正確的方式平衡這些承諾。

I don't know, Devinder, if you want to add --?

我不知道，Devinder，您是否想添加--？

No, I think that's well-said. In 2017, obviously, as we get to the back half of the year, Q3 we have guided, we're getting to that -- get through Q3 and get into Q4. And at that point, we'll start thinking about where we want to place our bets as these are put in terms of the longer-term investments in 2017. Right now we're really focused on getting -- we got to non-GAAP operating profitability this quarter. We want to maintain that in Q3 and then we'll see what happens from there.

不，我認為這麼說很好。2017 年，顯然，隨著我們進入下半年，我們已經預測了第三季度，我們將實現這一目標 - 度過第三季度，進入第四季度。到那時，我們會開始思考我們想要把賭注押在哪裡，因為這些都是 2017 年長期投資的一部分。現在我們真正關注的是—本季實現非公認會計準則營業盈利。我們希望在第三季度保持這種狀態，然後看看會發生什麼。

Great. Thank you very much.

偉大的。非常感謝。

Christopher Danely, Citigroup.

花旗集團的克里斯多福‧丹尼利 (Christopher Danely)。

This is Marco Chan calling on behalf of Chris Danely. Thanks for letting me ask the question. My first question is, could you please update us on your expectations on the THATIC x86 server JV in China? Are there any potential legal risks with it, potentially Intel?

我是 Marco Chan，代表 Chris Danely 打電話來。感謝您讓我提出這個問題。我的第一個問題是，您能否介紹一下您對中國 THATIC x86 伺服器合資企業的期望？這是否有潛在的法律風險，可能是英特爾嗎？

Yes. So relative to the server JV that we have with THATIC, as we stated before, we believe that our joint venture is operational. I think it's well underway. The technology that we're licensing is AMD technology, and so we don't have any issues relative to licensing. I think --

是的。因此，相對於我們與 THATIC 建立的伺服器合資企業，正如我們之前所說，我們相信我們的合資企業已經可以運作。我認為一切進展順利。我們授權的技術是 AMD 技術，因此我們沒有任何與授權相關的問題。我認為 -

Yes. If I may add, I mean, one thing on the update, I guess, if you look at the prepared remarks and the commentary for Q3 is, we now expect, based on technology transfer milestone completion, to recognize $22 million to authorize a gain in Q3 and approximately $75 million for the year, which is higher than what we had said previously when we said it was $52 million for the year. So you can see it's incremental and therefore, as Lisa said, things are operationally on track and we continue to meet our technology transfer milestones from a date standpoint.

是的。如果我可以補充的話，我的意思是，關於更新的一件事，我想，如果你看一下準備好的評論和第三季度的評論，我們現在預計，基於技術轉讓里程碑的完成，我們將確認 2200 萬美元以授權第三季度的收益和全年約 7500 萬美元的收益，這高於我們之前所說的全年 5200 萬美元。所以你可以看到它是漸進的，因此，正如麗莎所說，事情在運作上正在步入正軌，從日期的角度來看，我們將繼續實現我們的技術轉移里程碑。

That's very helpful. Thank you. And then my follow-up -- I know you guys mentioned PCs and Graphics segment should be up year-over-year. Could you guys get into more detail, maybe talk about each segment individually, your trends for PCs versus GPUs?

這非常有幫助。謝謝。然後我的後續問題是──我知道你們提到個人電腦和圖形部分應該會比去年同期成長。你們能否更詳細地介紹一下，或許分別談談每個部分，以及 PC 與 GPU 的趨勢？

Yes, we don't usually go into granularity about the subsegments of the business. I think it's fair to say that our PC business has stabilized. And what we're seeing now is the opportunity, as we go into the seasonally stronger half of the year on both the PC side and graphics side, on top of that with some new product launches, we believe that we will end up growing year-over-year. But again, we don't usually guide to the details within the segment.

是的，我們通常不會詳細討論業務的細分領域。我認為可以公平地說我們的個人電腦業務已經穩定下來。我們現在看到的是機會，隨著我們進入個人電腦和圖形方面季節性強勁的半年，再加上一些新產品的推出，我們相信我們最終將實現同比增長。但同樣，我們通常不會指導該部分內的細節。

Thank you.

謝謝。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

This is Gabriel Ho calling in for Ambrish. Thanks for taking my question. I have a follow-up on your Project Scorpio comment. I think it's going to be launched in 2017. And I think you had significantly higher performance and support 4K and V. So how should we think about the pricing on ASP that compares to what you have indicated on the current generation game console platform?

我是 Gabriel Ho，代表 Ambrish 打電話。感謝您回答我的問題。我對您的天蠍座計劃評論有一些後續意見。我認為它將在 2017 年推出。我認為您的性能明顯更高，並且支援 4K 和 V。那麼，與您在當前世代遊戲機平台上所指出的相比，我們應該如何看待 ASP 定價呢？

Yes. So, again we don't -- we wouldn't disclose anything that's incrementally more than what our customer has disclosed. So I think Microsoft has talked about their goals with Project Scorpio. I think we are in support of those goals. Given the performance level, you would imagine that there's more capability on chip, but I wouldn't want to go more than that.

是的。因此，我們不會——我們不會披露任何比我們的客戶披露的資訊更多的資訊。所以我認為微軟已經談論了天蠍座計畫的目標。我認為我們支持這些目標。考慮到性能水平，您可能會想像晶片上還有更多功能，但我不想超越這一點。

Okay. As a follow-up -- I think your competitor has launched a comparable mainstream product -- I think GeForce 10 6P, so given the absence of your maybe higher performance part launching maybe in the second half, so how should we think about the rest of the year on the demand on your graphics side?

好的。作為後續問題——我認為您的競爭對手已經推出了類似的主流產品——我認為是 GeForce 10 6P，因此考慮到您下半年可能沒有推出性能更高的產品，那麼我們應該如何看待今年剩餘時間對圖形方面的需求？

Yes, we are feeling very good about our Polaris launch. This was our strategy from the beginning. I mean we laid out a strategy where we were going after the mainstream, and growth rate, really a new experience in terms of both capability and price point. And I think we've done that.

是的，我們對 Polaris 的發布感到非常高興。這就是我們一開始的策略。我的意思是，我們制定了一項策略，追求主流和成長率，在能力和價格方面真正帶來全新的體驗。我認為我們已經做到了。

We've also been very focused on DX 12 and our performance -- on new APIs like Vulcan. So we are happy with our competitiveness. I think it's played out as we thought it would do. Certainly our aspirations in GPU are to certainly have very competitive products across the entire product line. And so I've talked about working on Vega, which is the next generation high-end architecture.

我們也非常關注 DX 12 和我們的效能——關注 Vulcan 等新 API。所以我們對我們的競爭力感到滿意。我認為事情正如我們想像的那樣發展。當然，我們在 GPU 方面的願望是在整個產品線上擁有非常有競爭力的產品。我談到了 Vega 的研究，它是下一代高端架構。

But in terms of our competitiveness, you know, we -- again, we've executed what we thought we were going to execute. And it seems like, from both customer reviews and analyst reviews, that it's pretty well-received by the market.

但就我們的競爭力而言，你知道，我們——再次，我們已經執行了我們認為我們將要執行的事情。從客戶評論和分析師評論來看，它似乎很受市場歡迎。

Okay. Thank you.

好的。謝謝。

Operator, we'll take two more callers, please.

接線員，請再接聽兩位來電。

Ian Ing, MKM Partners.

Ian Ing，MKM Partners。

Yes, thank you for fitting me in. So EESC -- looks like you achieved operating income same level as third quarter of last year but with $45 million lower revenue. So just wondering how you got more profitable in this segment, given these are both strong game console quarters and also you've got annual price declines in game consoles, I assume. Thanks.

是的，謝謝你幫我安排。因此，EESC——看起來你們的營業收入與去年第三季持平，但收入減少了 4500 萬美元。所以我只是想知道你是如何在這個領域獲得更多利潤的，考慮到這兩個季度遊戲機銷量強勁，而且我猜遊戲機的價格每年都在下降。謝謝。

I think if you look at the profitability, you've got to remember that in the EESC segment, we also have other businesses embedded for one, and also the investment we are making for the enterprise side of it, for the data center product that's coming out in 2017. So the profitability -- you're right about the observation, but profitability depends upon obviously -- the largest business we have in there right now is the semicustom business, but also the investments on the OpEx standpoint that we make year-on-year. And we talked about the targeted investments we are making in some of the product areas.

我認為，如果你看一下盈利能力，你必須記住，在 EESC 部門，我們還有其他業務，而且我們正在為企業方面進行投資，為 2017 年推出的資料中心產品進行投資。因此，盈利能力 - 您的觀察是正確的，但盈利能力顯然取決於 - 我們目前最大的業務是半定制業務，但也取決於我們逐年在運營支出方面進行的投資。我們也討論了我們在某些​​產品領域進行的目標投資。

Okay. Great. But these are relatively older products that are embedded into enterprise products at the moment then, it sounds like. Okay, great. And then my follow-on is -- you are at a one-year cadence for GPUs now. Could you talk about expectations on how last year's R9300 series winds down and how that plays out? It looks like in Q2, it was really just a lack of a pause ahead of a known refresh. And do you expect sort of a sharp wind-down at some point? Or is it more gradual?

好的。偉大的。但聽起來，這些都是相對較舊的產品，目前已嵌入企業產品中。好的，太好了。然後我的後續問題是──現在 GPU 的節奏是一年一次。您能談談對去年的 R9300 系列的期望以及其發展前景嗎？看起來在第二季度，它實際上只是在已知刷新之前缺少一個暫停。您是否預計在某個時候會出現急劇的放緩？還是更加漸進？

Actually, Ian, that's a good observation. The 390 series or the 300 series overall actually did do okay in the second quarter. We were also wondering whether there would be a pause prior to a new generation. I think we see it as a very orderly transition; it's actually one of our better product transitions as we go from the 300 series over to the 400 series.

事實上，伊恩，這是一個很好的觀察。390 系列或 300 系列整體在第二季的表現確實不錯。我們也想知道在新一代產品誕生之前是否會出現一段停頓。我認為我們認為這是一個非常有序的過渡；這實際上是我們從 300 系列過渡到 400 系列的更好的產品過渡之一。

So again, nothing very spectacular to report other than the sellthrough has continued -- the sellthrough was good in the second quarter. And we believe that it's an orderly transition of the inventory.

因此，除了銷售持續進行之外，沒有什麼非常值得報告的——第二季的銷售情況很好。我們相信這是庫存的有序轉移。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, Ian.

謝謝，伊恩。

Thank you. Our final question today is coming from Jaguar Bajwa from Arete Research. Please proceed with your question.

謝謝。今天的最後一個問題來自 Arete Research 的 Jaguar Bajwa。請繼續您的問題。

Thanks for taking my question. Just a question on Q3. Could you just lay out which would be the fastest-growing sequential segment in Q3? Will that be the GPU business, CPU or semicustom? Thanks.

感謝您回答我的問題。這只是關於 Q3 的一個問題。能否簡單介紹一下第三季成長最快的連續細分市場是哪一個？那將是 GPU 業務、CPU 還是半客製化業務？謝謝。

Jaguar, I think what we would say is that our Q3 guidance is both semicustom and graphics will be the drivers of the sequential revenue growth.

捷豹，我想我們會說，我們的第三季指導是半客製化和圖形將成為連續收入成長的驅動力。

Okay. Thanks. And then could you just give a bit more clarity around Vega timing? And also what do you expect to be your differentiation here versus what Nvidia has done with Pascal?

好的。謝謝。那麼，您能否更清楚地解釋一下 Vega 時間呢？另外，您認為與 Nvidia 的 Pascal 相比，您的差異是什麼？

Again, I think we'll talk more about the details of the Vega architecture in time, but certainly Vega is a high-performance GPU that will use high-bandwidth memory as part of it. So, I would leave the details for a more -- as we go -- get closer to the Vega launch date.

再次，我認為我們會及時討論更多關於 Vega 架構的細節，但 Vega 肯定是一款高效能 GPU，它將使用高頻寬記憶體作為其一部分。因此，我將留下更多細節，以便我們可以更接近 Vega 的發布日期。

Okay. Well, maybe just one final one then. When we get into the server CPU cycle with Zen, should we expect any kind of contribution from an APU format with CPU plus Vega? Because we're seeing a lot of acceleration now in the data center. Do you think that could be a key product for you guys which maybe your competitors may not have, bringing an APU to the server market for high-performance servers?

好的。好吧，也許只剩下最後一個了。當我們進入帶有 Zen 的伺服器 CPU 週期時，我們是否應該期待 CPU 加 Vega 的 APU 格式有任何貢獻？因為我們現在看到資料中心正在加速發展。您是否認為這可能是你們的競爭對手可能沒有的一款關鍵產品，將 APU 引入高效能伺服器市場？

Yes, I think it's fair to say that we do believe we can combine high-performance CPU with the high-performance GPU. As we look at our GPU compute in general, sort of our both professionals graphics and server markets for GPU, I think that will increasingly become an area of focus for us as we continue to grow the graphics business.

是的，我認為可以公平地說，我們確實相信我們可以將高效能 CPU 與高效能 GPU 結合起來。當我們從整體上看待我們的 GPU 運算時，包括我們的專業圖形和 GPU 伺服器市場，我認為隨著我們繼續發展圖形業務，這將越來越成為我們關注的領域。

So I think the answer is yes. I mean, obviously, it will come in time, but it's an area where combining the two technologies makes a lot of sense.

所以我認為答案是肯定的。我的意思是，顯然它會及時到來，但這是一個將兩種技術結合起來非常有意義的領域。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Operator, that concludes the question-and-answer session. If you wouldn't mind wrapping up the call, please?

接線員，問答環節到此結束。不介意的話可以結束通話嗎？

Certainly. That concludes today's teleconference. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

當然。今天的電話會議到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。