超微半導體 (AMD) 2016 Q4 法說會逐字稿

Greetings and welcome to the Advanced Micro Devices Q4 and full-year 2016 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 AMD 公司 2016 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Laura Graves, Corporate Vice President of Investor Relations. Please go ahead.

現在我很高興介紹您的主持人，投資者關係公司副總裁勞拉·格雷夫斯 (Laura Graves)。請繼續。

Thank you and welcome to AMD's fourth-quarter and fiscal year-end conference call. This is Laura Graves. I recently joined the AMD IR team as Corporate Vice President of Investor Relations and I'm pleased to join you on today's call.

感謝您並歡迎參加 AMD 第四季和財年末電話會議。這是勞拉·格雷夫斯。我最近加入了 AMD IR 團隊，擔任投資者關係公司副總裁，很高興能參加今天的電話會議。

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

現在您應該已經有機會查看我們的收益報告副本以及財務長的評論和投影片。如果您尚未查看這些文檔，可以在 AMD 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。

Before we begin today's call, I would like to share with you that first-quarter quiet time will begin at the close of business on Friday, March 17, 2017. And that we will host out financial analyst day on Tuesday, May 16 in California. Lastly, let me remind everyone that the fourth quarter of 2016 was a 14-week quarter and that first-quarter 2017 will be a 13-week quarter.

在我們開始今天的電話會議之前，我想告訴大家，第一季靜默時間將於 2017 年 3 月 17 日星期五下班後開始。我們將於 5 月 16 日星期二在加州舉辦金融分析師日。最後，我要提醒大家，2016 年第四季為 14 週，2017 年第一季為 13 週。

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 that we will be referring to non-GAAP figures during this call, except for revenue and segment operating income or loss, which is on a GAAP basis. The non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the press release and CFO commentary, which is 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，但收入和分部營業收入或虧損除外，這些是基於 GAAP 的數據。所引用的非 GAAP 財務指標與新聞稿和 CFO 評論中最直接可比較的 GAAP 財務指標進行了協調，這些評論發佈在我們的網站 quarterlyearnings.amd.com 上。

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 24, 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 2016 年 9 月 24 日的 10-Q 表季度報告。

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

說完這些，我想把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. In 2016, we made meaningful progress across the Company, strengthening our product offerings, regaining share in key markets, and creating a solid foundation for sustainable growth.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。2016年，我們在整個公司範圍內取得了有意義的進展，加強了我們的產品供應，重新奪回了主要市場的份額，並為永續成長奠定了堅實的基礎。

Fourth-quarter revenue of $1.11 billion grew 15% from the year-ago period based on a substantial increase in computing and graphics segment revenue. Revenue decreased 15% sequentially based on seasonally lower semi-custom SoC shipments, while we achieved our second straight quarter of computing and graphics segment revenue growth. For the full year, growth across both of our business segments resulted in a 7% increase in annual revenue, non-GAAP gross margin expansion, and positive free cash flow.

第四季營收為 11.1 億美元，較去年同期成長 15%，這得益於運算和圖形部門營收的大幅成長。由於季節性半客製化 SoC 出貨量下降，營收季減 15%，同時我們實現了計算和圖形部門收入連續第二季成長。全年來看，我們兩個業務部門的成長使年收入成長了 7%，非 GAAP 毛利率擴大，且自由現金流為正。

Looking at our computing and graphics segment, on a full-year basis, CG annual revenue grew for the first time since 2011 as our focus on strengthening this key part of our business gained momentum. Fourth-quarter revenue increased 28% from the year-ago period based on strong GPU and mobile APU sales growth. Our CG quarterly revenue was the highest in 2 years, our client revenue was the highest in seven quarters, and we delivered our highest graphics processor revenue in 11 quarters.

縱觀我們的計算和圖形部門，從全年來看，CG 年收入自 2011 年以來首次實現成長，因為我們對加強這一關鍵業務部分的關注度不斷提升。由於 GPU 和行動 APU 銷售強勁成長，第四季營收較去年同期成長 28%。我們的 CG 季度收入是 2 年來最高的，我們的客戶收入是 7 個季度以來最高的，我們實現了 11 個季度以來最高的圖形處理器收入。

Mobile APU shipments and revenue growth accelerated, as strong adoption of our seventh generation notebook APUs drove notebook share gains in the quarter. Desktop processor sales increased sequentially and declined from a year ago in advance of our Ryzen desktop processor launch this quarter.

由於第七代筆電 APU 的強勁普及推動了本季度筆記型電腦市場份額的成長，行動 APU 的出貨量和收入成長加速。由於本季我們推出 Ryzen 桌上型處理器，桌上型電腦處理器的銷售量較上季成長，但與去年同期相比有所下降。

At CES, we highlighted broad design win and ecosystem momentum for Ryzen. 17 different system integrators unveiled Ryzen-based gaming and enthusiast systems. And multiple ecosystem partners announced plans to offer a broad range of premium Ryzen motherboards.

在 CES 上，我們重點介紹了 Ryzen 的廣泛設計優勢和生態系統發展勢頭。17 家不同的系統整合商推出了基於 Ryzen 的遊戲和發燒友系統。多個生態系統合作夥伴宣布計劃提供多種高端 Ryzen 主機板。

We have also secured a number of high-end design wins for Ryzen with our global OEMs. We remain on track to launch Ryzen in early March, with widespread system and channel availability expected on day one.

我們也與全球 OEM 廠商合作，為 Ryzen 贏得了多項高端設計訂單。我們仍計劃於 3 月初推出 Ryzen，預計第一天即可在廣泛的系統和管道上推出。

In graphics, strong sales increases across all of our product lines drove a double-digit increase in GPU processor revenue from a year ago. Desktop GPU shipments and revenue increased by double-digit percentages from a year ago based on growing OEM and channel adoption of Polaris GPU's. Polaris processor sales were particularly strong in the performance and enthusiast portions of the market, resulting in our highest channel GPU sales in more than two years.

在圖形領域，我們所有產品線的強勁銷售成長推動 GPU 處理器營收較去年同期達到兩位數成長。由於 OEM 和通路對 Polaris GPU 的採用不斷增長，桌面 GPU 的出貨量和收入比去年同期增長了兩位數百分比。Polaris 處理器在性能和發燒友市場的銷售尤為強勁，創下了兩年多來我們通路 GPU 銷量的最高紀錄。

Mobile GPU sales growth outpaced desktop in the quarter, and we believe we gained further share in this part of the market as the first Polaris-based notebooks launched. We also launched Radeon Pro 400 mobile GPUs in the quarter. These ultrathin performance GPUs are ideal for mobile content creators and are powering Apple's latest premium MacBook Pro notebooks.

本季度，行動 GPU 的銷售成長超過了桌上型電腦，我們相信，隨著首批基於 Polaris 的筆記型電腦的推出，我們將在這一市場領域獲得進一步的份額。我們還在本季推出了 Radeon Pro 400 行動 GPU。這些超薄效能 GPU 非常適合行動內容創作者，並為 Apple 最新的高階 MacBook Pro 筆記型電腦提供支援。

And in professional graphics, we finished off a record year with record quarterly revenue and unit shipments. Traditional workstation GPU sales grew in the quarter, as HP, Dell, and others began offering systems powered by our recently launched Radeon Pro WX GPUs.

在專業圖形領域，我們以創紀錄的季度收入和單位出貨量結束了創紀錄的一年。隨著惠普、戴爾和其他公司開始提供採用我們最近推出的 Radeon Pro WX GPU 的系統，傳統工作站 GPU 的銷量在本季實現成長。

We also continued to make progress in the server GPU market, with sales increasing significantly to support new mega data center deployments. As a part of our strategy to drive Radeon GPUs into the data center, we announced our Radeon Instinct family of machine intelligence accelerators and detailed our plans to expand the market for machine learning based on AMD's unique combination of high-performance GPUs, CPUs, and open source software.

我們也在伺服器 GPU 市場持續取得進展，銷售額大幅成長，以支援新的大型資料中心部署。作為將 Radeon GPU 引入資料中心策略的一部分，我們發布了 Radeon Instinct 系列機器智慧加速器，並詳細介紹了基於 AMD 獨特的高效能 GPU、CPU 和開源軟體組合擴展機器學習市場的計畫。

Turning to our enterprise embedded and semi-custom segment, revenue increased 4% from a year ago, driven by growing embedded processor sales and ongoing demand for AMD-powered Microsoft and Sony game consoles. As we expected, revenue declined sequentially following the annual sales peak in the third quarter. 2016 game console sales aligned with our expectations, resulting in new records for semi-custom annual unit shipments and sales.

轉向我們的企業嵌入式和半客製化部門，營收比去年同期成長了 4%，這得益於嵌入式處理器銷量的成長以及對 AMD 驅動的微軟和索尼遊戲機的持續需求。正如我們預期的那樣，在第三季達到年度銷售高峰之後，營收季減。2016年遊戲機銷售量符合我們的預期，創下了半客製化年度出貨量和銷售量的新紀錄。

Embedded processor sales grew by double-digit percentages sequentially and from the year-ago period based on adoption across our targeted vertical markets. And development of our next-generation server CPU, ""Naples"", is on track as we continue to expand the breadth of our customer and partner engagements to enable broad platform, ecosystem, and software validation work in advance of launch.

由於我們目標垂直市場的採用，嵌入式處理器銷售額比上一季和去年同期均實現了兩位數的百分比成長。我們的下一代伺服器 CPU「那不勒斯」的開發正在按計劃進行，我們將繼續擴大與客戶和合作夥伴的合作範圍，以便在發布之前進行廣泛的平台、生態系統和軟體驗證工作。

""Naples"" is meeting our performance targets, and customer response to our competitiveness and differentiated feature set continues to be overwhelmingly positive. As a result, we expanded our design win momentum in both traditional and cloud servers as well as in the embedded infrastructure and communications markets.

「那不勒斯」正在實現我們的性能目標，客戶對我們的競爭力和差異化功能集的反應仍然非常積極。因此，我們擴大了在傳統和雲端伺服器以及嵌入式基礎設施和通訊市場中的設計勝利勢頭。

As we look back on 2016, we successfully accomplished our key priorities, including growing discrete graphic share led by Polaris GPU adoption; regaining client compute share led by our seventh generation APUs; growing in adjacent markets with record annual semi-custom game console revenue and professional graphics; and strengthening the financial foundation of the Company by achieving annual non-GAAP operating profitability, reducing debt, and increasing cash.

回顧 2016 年，我們成功完成了關鍵任務，包括以 Polaris GPU 為主導的獨立顯示卡份額的增長；重新獲得由我們的第七代 APU 引領的客戶計算份額；在鄰​​近市場實現增長，年度半定制遊戲機收入和專業圖形創下紀錄；並通過實現年度非公認會計準則來加強公司的財務基礎來加強公司的財務基礎。

All of our work the past two years has been designed to strengthen the technical, operational, and financial foundation of the Company. We enter 2017 with strong revenue growth and margin expansion opportunities as we prepare to launch our "Zen"-based CPUs and Vega GPUs that can return AMD to the high-performance markets where we have not materially participated in recent years.

過去兩年我們的所有工作都是為了加強公司的技術、營運和財務基礎。我們準備推出基於「Zen」的 CPU 和 Vega GPU，這將使 AMD 重返我們近年來尚未實質參與的高性能市場，我們帶著強勁的收入成長和利潤率擴張機會進入 2017 年。

The production ramp, customer adoption, and ecosystem support for our Zen-based desktop processor Ryzen are all mapping to our plans. We also remain on track to expand "Zen" into the data center market in the second quarter, followed by the embedded and notebook markets in the second half of the year.

我們基於 Zen 的桌上型電腦處理器 Ryzen 的生產提升、客戶採用和生態系統支援都符合我們的計劃。我們還計劃在第二季將「Zen」擴展到資料中心市場，然後在下半年擴展到嵌入式和筆記型電腦市場。

Our Vega GPU development is also progressing to plan. Vega is designed to scale beyond the limitations of current GPUs to enable PC gaming, professional design, and machine intelligence experiences that traditional GPU architectures have not been able to effectively address.

我們的Vega GPU開發也正在按計畫進行。Vega 的設計目標是超越目前 GPU 的限制，實現傳統 GPU 架構無法有效解決的 PC 遊戲、專業設計和機器智慧體驗。

We provided our first performance preview of Vega GPUs earlier in the quarter in advance of the launch planned for the second quarter of this year. Bringing all this together, based on our current market expectations and the strength of our upcoming products, we are confident we can grow annual revenue, expand gross margin, and deliver non-GAAP net income in 2017.

我們在本季早些時候提供了 Vega GPU 的首次效能預覽，以便在今年第二季推出。綜合以上所有因素，基於我們目前的市場預期和即將推出的產品的優勢，我們有信心在 2017 年實現年收入成長、毛利率擴大、並實現非 GAAP 淨收入。

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

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。

Thank you, Lisa, and good afternoon, everyone. 2016 was a good year for AMD as we grew revenue, improved our financial performance, and strengthened the financial foundation of the Company.

謝謝你，麗莎，大家午安。2016 年對 AMD 來說是豐收的一年，我們的收入增加了，財務表現提高了，公司的財務基礎也得到了加強。

AMD annual revenue grew 7% year-over-year with growth in both business segments. We expanded gross margin, maintained essentially flat operating expenses, achieved operating profitability, and reduced net losses significantly.

AMD 年度營收年增 7%，兩個業務部門均成長。我們擴大了毛利率，維持了基本持平的營業費用，實現了營業盈利，並大幅減少了淨虧損。

In addition, we improved our balance sheet with strategic capital market transactions that reduced and re-profiled debt, and lowered interest expense. Finally, we generated positive free cash flow and ended the year with cash and cash equivalents of $1.26 billion.

此外，我們透過策略資本市場交易改善了資產負債表，減少和重新配置了債務，並降低了利息支出。最後，我們產生了正的自由現金流，年底的現金和現金等價物為 12.6 億美元。

Now let me provide the specifics of the fourth quarter of 2016 together with quarterly year-over-year comparisons. Revenue was $1.1 billion, increasing 15% year over year due primarily to higher GPU processor sales, and declining 15% sequentially, driven primarily by seasonally lower sales of our semi-custom SoCs, partially offset by higher sales in the computing and graphics segment. Gross margin was 32%, up 2 percentage points year over year and up 1 percentage point from the prior quarter due to higher computing and graphics segment revenue.

現在，讓我提供一下 2016 年第四季的具體情況以及與去年同期的季度比較。營收為 11 億美元，年增 15%，主要原因是 GPU 處理器銷量增加，環比下降 15%，主要原因是我們的半定制 SoC 銷量季節性下降，但計算和圖形部門銷量增加部分抵消了這一增長。毛利率為 32%，較去年同期成長 2 個百分點，較上季成長 1 個百分點，這得益於計算和圖形部門收入的增加。

Operating expenses were $357 million compared to $323 million a year ago and $353 million in the prior quarter. Both increases were due to ongoing targeted investments in R&D to support our new products. Net licensing gain associated with our server JV with THATIC was $31 million, up from $24 million in the prior quarter.

營運費用為 3.57 億美元，而去年同期為 3.23 億美元，上一季為 3.53 億美元。兩次成長均歸功於我們為支持新產品而持續進行的針對性研發投資。我們與 THATIC 成立的伺服器合資企業的淨許可收益為 3,100 萬美元，高於上一季的 2,400 萬美元。

Operating income was $26 million in the fourth quarter of 2016 compared to an operating loss of $39 million a year ago and operating income of $70 million in the prior quarter. Operating income is down from the prior quarter due to lower revenue.

2016 年第四季的營業收入為 2,600 萬美元，而去年同期的營業虧損為 3,900 萬美元，上一季的營業收入為 7,000 萬美元。由於收入下降，營業收入較上一季下降。

Fourth-quarter net interest expense, taxes, and other was $34 million, down from $40 million a year ago and $43 million in Q3 2016, primarily due to reduced interest expense. Net loss was $8 million or loss per share of $0.01, calculated using 931 million shares of common stock. This compares to a net loss of $79 million or $0.10 a year ago and net income of $27 million or $0.03 in the prior quarter.

第四季淨利息支出、稅金及其他為 3,400 萬美元，低於去年同期的 4,000 萬美元和 2016 年第三季的 4,300 萬美元，主要原因是利息支出減少。淨虧損為 800 萬美元，即每股虧損 0.01 美元，以 9.31 億股普通股計算。相比之下，去年同期淨虧損 7,900 萬美元或 0.10 美元，上一季淨收入 2,700 萬美元或 0.03 美元。

Adjusted EBITDA was $60 million compared to adjusted EBITDA of minus $5 million a year ago and adjusted EBITDA of $103 million in the third quarter of 2016.

調整後 EBITDA 為 6,000 萬美元，而去年同期的調整後 EBITDA 為負 500 萬美元，2016 年第三季的調整後 EBITDA 為 1.03 億美元。

Now turning to the business segments. Computing and graphics revenue was $600 million, up 28% year over year and up 27% sequentially, primarily due to higher GPU and client processor sales. Computing and Graphics business segment operating loss was $21 million, improving significantly from a loss of $99 million from a year ago and a loss of $66 million in the prior quarter, primarily through higher sales in the fourth quarter of 2016.

現在轉向業務部門。計算和圖形收入為 6 億美元，年增 28%，環比增長 27%，主要由於 GPU 和客戶端處理器銷量增加。計算和圖形業務部門營運虧損為 2,100 萬美元，較去年同期的 9,900 萬美元虧損和上一季的 6,600 萬美元虧損有顯著改善，這主要得益於 2016 年第四季銷售額的成長。

Enterprise embedded and semi-custom revenue was $506 million, up 4% year over year and down 39% from the prior quarter, primarily due to lower sales of our semi-custom SoCs. Operating income was $47 million, down from $59 million a year ago and down from $136 million in the prior quarter. The year-over-year decrease was primarily driven by higher R&D investments in Q4 2016, partially offset by an IP monetization licensing gain.

企業嵌入式和半客製化收入為 5.06 億美元，年增 4%，季減 39%，主要原因是我們的半客製化 SoC 銷量下降。營業收入為 4,700 萬美元，低於去年同期的 5,900 萬美元，也低於上一季的 1.36 億美元。年比下降主要是由於 2016 年第四季研發投資增加，但被 IP 貨幣化授權收益部分抵銷。

Turning to the balance sheet, our cash and cash equivalents total $1.26 billion at the end of the quarter compared to $785 million a year ago and $1.26 billion in the prior quarter. Inventory was $751 million compared to $678 million a year ago and $772 million in the prior quarter. Inventory levels were higher from one year ago in support of product transitions and higher revenue in the first half of 2017. Total wafer purchases from global foundries in 2016 were $665 million and $239 million in the fourth 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 12.6 億美元，而去年同期為 7.85 億美元，上一季為 12.6 億美元。庫存為 7.51 億美元，而去年同期為 6.78 億美元，上一季為 7.72 億美元。為支持2017年上半年的產品轉型和更高的收入，庫存水準較一年前有所提高。2016年全球代工廠的晶圓採購總額為6.65億美元，第四季為2.39億美元。

Long-term debt on the balance sheet as of the end of the quarter was $1.44 billion, down from $1.63 billion in the prior quarter, primarily due to debt redemptions. The principal debt amount of $1.77 billion, down from $1.93 billion as of the end of the third quarter of 2016, is reflected on the balance sheet as the carrying value of debt after netting the unamortized discount of our convertible debt and issuance costs.

截至本季末，資產負債表上的長期債務為 14.4 億美元，低於上一季的 16.3 億美元，主要原因是債務贖回。本金債務金額為 17.7 億美元，低於 2016 年第三季末的 19.3 億美元，在資產負債表中反映為扣除可轉換債務未攤銷折扣和發行成本後的債務帳面價值。

During the fourth quarter of 2016, we redeemed $268 million principal amount of debt. In addition, we issued $105 million principal amount of 2 1/8% convertible notes due 2026. As a result of the underwriters exercising the option to purchase an additional 15% of the original issuance, bringing the total principal balance of the convertible notes to $805 million. Free cash flow in the fourth quarter was $167 million, a significant improvement from $27 million one year ago and $20 million in the third quarter of 2016.

2016 年第四季度，我們贖回了 2.68 億美元的債務本金。此外，我們也發行了 2026 年到期、本金金額為 1.05 億美元的 2 1/8% 可轉換票據。由於承銷商行使選擇權，額外購買原始發行量的 15%，使可轉換票據的總本金餘額達到 8.05 億美元。第四季自由現金流為 1.67 億美元，較去年同期的 2,700 萬美元和 2016 年第三季的 2,000 萬美元有顯著改善。

Turning to our outlook for the first quarter of 2017, which is a 13-week quarter, we expect revenue to decrease 11% sequentially plus or minus 3%. The midpoint of guidance would result in Q1 2017 revenue increasing approximately 18% year-over year; [non-GAAP] gross margin(added by company after the call) to be approximately 33%; non-GAAP operating expenses to be approximately $360 million; [non-GAAP] interest expense, (added by company after the call) taxes, and other to be approximately $30 million; inventory to be approximately flat sequentially. We look forward to sharing additional 2017 and long-term guidance parameters at our financial analyst day in May.

展望 2017 年第一季（為期 13 週），我們預計營收將季減 11%，上下浮動 3%。指導中點將導致 2017 年第一季營收年增約 18%； [非 GAAP] 毛利率（公司在電話會議後添加）約為 33%；非公認會計準則營運費用約為 3.6 億美元； [非公認會計準則] 利息支出（公司在電話會議後添加）、稅金和其他費用約為 3000 萬美元；我們期待在 5 月的財務分析師日上分享更多 2017 年和長期指導參數。

In closing, we are pleased with the progress we made in 2016. As we begin 2017, we look forward to introducing several new leadership products and remain focused on further improving our financial and operational performance.

最後，我們對 2016 年的進展感到滿意。2017年伊始，我們期待推出幾款新的領導力產品，並持續致力於進一步提高我們的財務和營運績效。

With that, I will turn it back to Laura. Laura?

說完這些，我就把它交還給勞拉。勞拉？

Thank you, Devinder. Operator, with that, we are ready for our first question.

謝謝你，Devinder。接線員，這樣，我們就可以回答第一個問題了。

(Operator Instructions) Mark Lipacis, Jefferies.

（操作員指示）Mark Lipacis，Jefferies。

Thanks for taking my question. Lisa, I'm hoping that you can help me understand the dynamic of desktop microprocessors ramping down in front of the Ryzen ramp. My understanding was that Ryzen was the higher-end SKU that comped against the Core i5 or Core i7, which is above where the existing microprocessors competed in the stack.

感謝您回答我的問題。Lisa，我希望你能幫助我了解在 Ryzen 加速之前桌上型電腦微處理器的動態。我的理解是，Ryzen 是與 Core i5 或 Core i7 競爭的高階 SKU，高於現有微處理器在堆疊中的競爭水平。

So I'm wondering if we should think about Ryzen either cannibalizing the existing desktop microprocessors at a higher ASP or are you kind of ramping down the lower end? Or should we think about Ryzen layering on top of the existing lower-end desktop microprocessors? Thanks.

所以我想知道我們是否應該考慮讓 Ryzen 以更高的 ASP 蠶食現有的桌上型電腦微處理器，還是降低低階市場？或者我們應該考慮在現有的低階桌上型電腦微處理器之上分層 Ryzen？謝謝。

Yes, absolutely, Mark. Thanks for the question. So look, you are absolutely right. Ryzen is really a high-end desktop product. And I think the comment was really around our overall channel inventories in desktop, so we wanted to ensure a very smooth transition.

是的，絕對是，馬克。謝謝你的提問。所以你看，你完全正確。Ryzen確實是一款高階桌面產品。我認為該評論實際上是關於我們桌面上的整體通路庫存，因此我們希望確保非常順利的過渡。

No question that Ryzen will layer on top, competing well in the Core i7, Core i5 range. But we also will eventually see a full lineup of Ryzen throughout the desktop portfolio.

毫無疑問，Ryzen 將佔據領先地位，與 Core i7、Core i5 系列展開良好競爭。但我們最終也將在整個桌面產品組合中看到 Ryzen 的完整陣容。

Okay, that's helpful. Thank you. And a follow-up, if I may. Is it fair to assume that as Ryzen ramps into the enthusiast stack that you would expect to see attach rates of AMD graphics cards also -- I guess I would expect to see higher attach rate of AMD GPUs with the Ryzen. Is that fair?

好的，這很有幫助。謝謝。如果可以的話，我還想跟進一下。是否可以公平地假設，隨著 Ryzen 進入發燒友市場，您也會看到 AMD 顯示卡的配售率——我想我會期望看到 Ryzen 的 AMD GPU 配售率更高。這樣公平嗎？

Yes, if you look at our product lineup in the first half of the year, I think we have Ryzen launching in early March, and then we will have Vega, our enthusiast GPU, launching in the second quarter. And so as we go through the year, I think we are quite pleased with the performance that we are seeing on both of those products.

是的，如果你看看我們上半年的產品陣容，我認為我們將在 3 月初推出 Ryzen，然後我們將在第二季推出我們的發燒級 GPU Vega。因此，隨著這一年的過去，我認為我們對這兩款產品的表現感到非常滿意。

And so we should see Ryzen doing very well in the high end as well as Vega. And by nature, since both of those high-end markets are markets that we don't have significant presence today, there will be an opportunity to both gain share as well as increase attach rates in those markets.

因此，我們應該看到 Ryzen 和 Vega 在高端領域表現出色。從本質上講，由於這兩個高端市場都是我們目前尚未佔據重要地位的市場，因此我們將有機會在這些市場中獲得份額並提高附加率。

All right. Very helpful, thank you very much.

好的。非常有幫助，非常感謝。

Matt Ramsay, Canaccord Genuity.

Canaccord Genuity 的 Matt Ramsay。

Lisa, since we understand that Ryzen launching here in March is going to lead into relatively the same core that these -- the server microprocessor that launches in the second quarter, maybe you can give us a little bit of update on timing to the specifics that you can on the server launch. And specific, what segments of that market, maybe in terms of, I don't know, application segments or percentage of the server TAM, that you might be going after in the first several quarters after you launch the server product. Thanks.

Lisa，我們知道 3 月推出的 Ryzen 將與第二季推出的伺服器微處理器採用相對相同的核心，也許您可以向我們提供一些有關伺服器發布的具體時間更新。具體來說，在推出伺服器產品後的前幾季中，您可能會關注該市場的哪些部分，也許是應用程式部分或伺服器 TAM 的百分比。謝謝。

Sure, absolutely, Matt. So as you stated, Ryzen and "Naples" share the same core, the same CPU core, which is our Zen core. Our performance on that core has done very well. We've actually met or exceeded our expectations.

當然，絕對可以，馬特。正如您所說，Ryzen 和“Naples”共享相同的核心，相同的 CPU 核心，即我們的 Zen 核心。我們在這個核心上的表現非常出色。我們實際上已經達到或超越了我們的預期。

So Ryzen will launch in early March. "Naples" will launch in the second quarter. We have made very good progress, actually, in the last few months with customers really testing the performance capability on their own software and their own application workload, so we feel good about where the product is positioned.

因此 Ryzen 將於 3 月初推出。《那不勒斯》將於第二季開播。事實上，在過去的幾個月裡，我們已經取得了非常好的進展，客戶真正測試了他們自己的軟體和應用程式工作負載的效能，所以我們對產品的定位感到滿意。

We expect that the key workload - ""Naples"" is really has broad applicability in the server market, but we are especially targeting workloads that will benefit from more threads, higher memory, as well as I/O bound applications. So we expect cloud, Big Data applications, as well as traditional enterprise. And our focus is both with OEMs as well as ODMs to ensure that we have a strong ecosystem ready for that launch.

我們預計關鍵工作負載「那不勒斯」在伺服器市場確實具有廣泛的適用性，但我們特別關注那些將受益於更多執行緒、更高記憶體以及 I/O 綁定應用程式的工作負載。因此，我們期待雲端、大數據應用程式以及傳統企業。我們的重點是 OEM 和 ODM，以確保我們擁有強大的生態系統來為新產品的發布做好準備。

Great, thank you. And then a couple follow-ups for Devinder, if I could. I noticed that quite a big ramp year over year in growth in the computing and graphics segment, but it's still a slight operating loss on the P&L.

太好了，謝謝。如果可以的話，我會向 Devinder 提供一些後續資訊。我注意到計算和圖形領域的同比增長幅度相當大，但損益表上仍有輕微的營運虧損。

Maybe you could talk through maybe as the new product launches and the GPU and CPU segments of the year, how do you think about gross margin in that computing and graphics segments and getting that back to profitability. And then quickly, I think you guys guided to $50 million in THATIC IP revenue. Any help about how that is distributed through the year would be really helpful. Thank you.

也許您可以談談，隨著新產品的推出以及今年的 GPU 和 CPU 細分市場，您如何看待計算和圖形細分市場的毛利率以及如何恢復盈利能力。然後很快，我認為你們將 THATIC IP 收入預期提升至 5000 萬美元。關於如何在一年內分配這些資源的任何幫助都將非常有幫助。謝謝。

Yes, let me cover the second one first on the THATIC IP licensing gain. You know, we had $88 million of that in 2016. As you observed, we guided $50 million in 2017. It is really dependent upon milestone deliveries, but I can share with you that based on tracking to those milestones, where we expect to recognize approximately half of that, call it $25 million, in Q1 of 2017.

是的，讓我先介紹一下關於 THATIC IP 授權收益的第二個內容。你知道，我們在 2016 年獲得了 8,800 萬美元。正如您所看到的，我們在 2017 年的指導金額為 5000 萬美元。這實際上取決於里程碑交付，但我可以與你們分享，基於對這些里程碑的跟踪，我們預計在 2017 年第一季將實現其中約一半，即 2500 萬美元。

And then as far as the second question, on the segment, Computing and Graphics: yes, very good progress I think year over year and quarter over quarter. We are very pleased with that. The segment loss has gone down significantly from Q4 2015, where we were about $100 million, so about $20 million.

至於第二個問題，關於計算和圖形領域：是的，我認為同比和環比都有很好的進展。我們對此感到非常高興。該部門的虧損較 2015 年第四季大幅下降，當時的虧損約為 1 億美元，因此約為 2,000 萬美元。

And with the new products that are coming up, in particular, the Ryzen product we just talked about, with better gross margins and other products in the graphics space, we expect to continue to make progress in that segment, and reduce the losses and get back to profitability.

隨著新產品的推出，特別是我們剛才談到的 Ryzen 產品，其毛利率更高，以及圖形領域的其他產品，我們預計將繼續在該領域取得進展，減少損失並恢復盈利。

Yes, Matt, and if I can just add to that. I think the key for the computing and graphics segment is our participation at the higher end of the market for both CPUs and GPUs. And as we do that, the margin expansion as well as the revenue growth opportunity are critical to get that business to profitability.

是的，馬特，我可以補充一下嗎？我認為運算和圖形領域的關鍵是我們參與 CPU 和 GPU 的高階市場。當我們這樣做時，利潤率的擴大以及收入的成長機會對於實現業務盈利至關重要。

All right, thank you.

好的，謝謝。

Vivek Arya, Bank of America Merrill Lynch.

美銀美林的 Vivek Arya。

Thanks for taking my question. Good job on the execution. My first question, Lisa, is on the gaming cycle. Because it seems like we have had a number of good years. So what is your sense of where we are in that cycle?

感謝您回答我的問題。執行得很好。麗莎，我的第一個問題是關於遊戲週期的。因為看起來我們已經度過了許多美好的時光。那麼您對我們目前處於這個週期的哪個階段有何看法？

And just near term, what is your perspective on GPU channel inventory? And how you are making sure the channel is not overstocked as you go into your next-generation product cycle?

那麼就近期而言，您對 GPU 通路庫存有何看法？在進入下一代產品週期時，您如何確保通路不會庫存過剩？

Yes, absolutely Vivek. So on the console market, I think you are right. I think the last few years have been very good from a console cycle standpoint. We finished 2016 with both units and revenue up.

是的，絕對是 Vivek。所以關於遊戲機市場，我認為你是對的。我認為從控制台週期的角度來看過去幾年非常好。2016 年結束時，我們的銷售量和收入均實現了成長。

As we going to 2017, this is going to be the fifth year of the cycle. So normally, if you look at historicals, it would say that hardware sales might be down. This cycle is a bit different with both the PlayStation 4 Pro that launched a couple quarters ago and then the Scorpio -- Microsoft Scorpio that will launch later this year.

隨著我們進入 2017 年，這將是該週期的第五年。因此，通常情況下，如果你看一下歷史記錄，你會發現硬體銷售可能會下降。這個週期與幾個季度前推出的 PlayStation 4 Pro 以及今年稍後將推出的 Scorpio（Microsoft Scorpio）略有不同。

So we will need to see how they do through the year. But I think from our standpoint, the console business has been a strong business performer for us and we are pleased with that.

因此我們需要觀察他們今年的表現如何。但我認為從我們的角度來看，遊戲機業務一直是我們業務表現強勁的部門，我們對此感到滿意。

Relative to the GPU market, we were very pleased with the performance in Q4 and actually throughout 2016. We got both nice desktop channel as well as notebook acceleration as we went through the year.

相對於 GPU 市場，我們對第四季乃至整個 2016 年的表現非常滿意。在過去的一年裡，我們既獲得了良好的桌面管道，也獲得了筆記本加速。

In terms of channel inventory levels, actually they looked quite normal. I would say we drained a little bit of inventory in Q4. We would expect a seasonal slowdown as we go into Q1 ahead of our product launches, but nothing unusual in the channel inventory on the GPU side.

從渠道庫存水準來看，實際上看起來相當正常。我想說我們在第四季消耗了一點庫存。隨著我們進入第一季並即將推出新產品，我們預計會出現季節性放緩，但 GPU 方面的通路庫存並沒有什麼異常。

Got it. Very helpful. And as my follow-up, if you compare AMD versus your top two competitors, Intel and Nvidia, what are the biggest gaps? Because it seems like you are making good progress on the hardware side with a number of new product launches. What about software? How soon do you think you can close the gap there? Thank you.

知道了。非常有幫助。接下來我想問的是，如果將 AMD 與您的兩大競爭對手英特爾和 Nvidia 進行比較，最大的差距是什麼？因為看起來你們在硬體方面取得了良好的進展，推出了多款新產品。那麼軟體呢？您認為多久可以縮小差距？謝謝。

Yes. So in terms of our strategy, I think on both the CPU and the GPU side, we have been on a fairly deliberate path to ensure that we got to a very competitive roadmap. So on the CPU side with Ryzen and "Naples", we believe we will be quite competitive. On the GPU side, as we launch Vega, we will have a full stack top to bottom with new hardware.

是的。因此就我們的策略而言，我認為無論是在 CPU 或 GPU 方面，我們都已經採取了相當慎重的措施，以確保我們獲得非常有競爭力的路線圖。因此，在 Ryzen 和「Naples」的 CPU 方面，我們相信我們將具有相當的競爭力。在 GPU 方面，隨著我們推出 Vega，我們將擁有一個從上到下全端的新硬體。

We continue to invest in software, and our approach to software is really around open source and using the ecosystem and using the community and focused on the new APIs. So in gaming, we are very focused on DX12 and Vulcan.

我們繼續投資軟體，我們對軟體的方法實際上是圍繞開源、利用生態系統、利用社群並專注於新的 API。因此在遊戲方面，我們非常關注 DX12 和 Vulcan。

And on the professional graphics and on the GPU server side, really using our GPUOpen. So we will continue to invest in software; no question that that is really critical for the graphics market. But we feel we are making good progress.

在專業圖形和 GPU 伺服器端，真正使用我們的 GPUOpen。因此我們將繼續在軟體方面進行投資；毫無疑問，這對圖形市場來說確實至關重要。但我們感覺我們正在取得良好進展。

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. First on the gross margins, I was a little surprised, given the fairly powerful mix shift between computing and EESC that you had, that they weren't higher. In fact, they came in about 20 basis points below guidance. Could you elaborate on the drivers in the quarter and the drivers going forward into next quarter which we will -- what we should expect.

感謝您回答我的問題。首先，關於毛利率，我有點驚訝，考慮到你們在計算和 EESC 之間的相當強大的組合轉變，毛利率並沒有更高。事實上，他們的表現比預期低了約 20 個基點。您能否詳細說明本季的驅動因素以及下個季度的驅動因素以及我們應該期待的因素？

I think Stacy -- good question. It is basically the product mix of it in the quarter. Q4 -- if you look at Q4 in particular, we were at 31% gross margin. Q2 and Q3 and Q4, it stepped up to 32%. In Q1, we are guiding at 33%, but really it's a function of the product mix.

我認為史黛西——這個問題問得好。這基本上就是本季的產品組合。Q4—如果你特別關注第四季度，我們的毛利率為 31%。在第二季、第三季和第四季，這一比例上升至 32%。在第一季度，我們預期成長率為 33%，但實際上這是產品組合的功能。

And you can recall that if you are talking about Q4, this is ahead of launching the products we just talked about in terms of Ryzen, which we expect to be shipping in the early March time frame.

您可能還記得，如果您談論的是第四季度，那麼這比我們剛才談到的 Ryzen 產品發布要早，我們預計該產品將在 3 月初發貨。

Got it, thanks. For my follow-up, I know you talked about EESC being seasonally down and we are expecting it to be down, but how did it stack up actually versus your expectations overall? Why was there such a big deceleration year over year versus Q3, where you went from kind of up 31% year over year to up 4%?

明白了，謝謝。作為我的後續提問，我知道您談到 EESC 因季節性而下降，我們預計它也會下降，但實際上與您的整體預期相比如何？為什麼與第三季相比，年增率下降如此之大？第三季的年增速從 31% 下降到了 4%？

Yes, actually, Stacy, it was very much in line with our expectations. If you look at our Q3, our Q3 was actually very strong, and that was the quarter where there were significant builds ahead of the holiday launches.

是的，實際上，史黛西，這非常符合我們的預期。如果你看一下我們的第三季度，你會發現我們的第三季度表現實際上非常強勁，而且該季度在假期發布之前出現了顯著的增長。

So when you look at the console cycle in general, they tend to build really for holiday. And so July, August, September, October are big build months, November is like half a month, and then it decelerates in December. So it was not unexpected and actually performed in line with our expectations.

因此，當你總體上觀察遊戲機週期時，你會發現它們往往是為了假期而打造的。因此，七月、八月、九月和十月是建設旺季，十一月是建設半個月，十二月則開始減速。所以這並不出乎意料，而且實際上表現符合我們的預期。

So why was the build so strong in Q3 than relative? Was that - year-over-year. Was that just like the PlayStation Pro or was there something else going on in Q3 that took it up so much year over year versus Q4?

那麼，為什麼第三季的成長如此強勁呢？是嗎？同比去年同期。這是否就像 PlayStation Pro 一樣，還是第三季發生了其他事情，導致其銷售額比第四季成長如此之多？

Yes, it was new product. And if you looked, in addition to the PS4 Pro, they also -- both console manufactures had new systems that they launched in that time frame as well.

是的，這是新產品。如果你看一下，你會發現除了 PS4 Pro 之外，這兩家遊戲機製造商也在那個時段推出了新的系統。

Got it. Thank you, guys.

知道了。謝謝你們。

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 or Devinder. For the first quarter, and then perhaps more importantly for the full year, can you just talk a little bit about the dynamics between your two segments?

感謝您允許我提問。Lisa，給你或 Devinder 一個。對於第一季度，以及可能更重要的是全年，您能否稍微談談兩個部門之間的動態？

You guide down 11% for the first quarter, which is above or below that number. And then how does mix change throughout the year, as you have a bunch of new products launching on one side of the equation, but perhaps not as many on the EESC side.

您預計第一季的銷售額將下降 11%，這個數字是高於還是低於這個數字。那麼，全年的產品組合將如何變化呢？等式的一邊推出了一系列新產品，而 EESC 這邊推出的產品可能沒有那麼多。

Yes, sure, Ross. So for Q1, I think if you look at the -- overall, the guidance sequentially down 11%, you would expect that the semi-custom business should be down more than that. And you have seen that in our numbers the past couple of years, so it is behaving as it normally would.

是的，當然，羅斯。因此，對於第一季度，我認為如果你看一下——整體來看，指導值環比下降 11%，你會預期半客製化業務的降幅應該會更大。您可以從我們過去幾年的數據中看到這一點，因此它的表現與正常情況一樣。

Sequentially, you would expect that the Computing and Graphics segment would be better than seasonal, given that we will have one month of Ryzen in the market. On a year-over-year basis, I would say the computing graphics business is where you are seeing the majority of the growth as we go into Q1 with both GPU as well as Ryzen driving that growth.

從連續性來看，考慮到 Ryzen 在市場上的銷售週期為一個月，您可以預期計算和圖形部分的表現會比季節性更好。與去年同期相比，我想說，隨著我們進入第一季度，計算圖形業務將迎來大部分成長，GPU 和 Ryzen 共同推動了這一成長。

As we go forward in the year, I think the expectations are that the product launches tend to be faster in the CG segment. In other words, from launch to revenue ramp is faster because it's more consumer-based. So as we launch Ryzen in first quarter and Vega in second quarter, but then the notebook and embedded in the second half, you would expect to see that reflected.

隨著今年的進展，我認為人們期望 CG 領域的產品發布速度會更快。換句話說，從推出到收入成長的速度更快，因為它更以消費者為基礎。因此，當我們在第一季推出 Ryzen、在第二季推出 Vega，然後在下半年推出筆記型電腦和嵌入式產品時，您就會看到這一點的體現。

On the EESC side of the business, we do have our Microsoft Scorpio design win that will ramp in the year. That's an important one from the semi-custom side. And we will see "Naples" ramp as well, albeit server will tend to be a little bit slower from design win to revenue ramp. We would expect some contribution in the second half of the year.

在 EESC 業務方面，我們確實贏得了 Microsoft Scorpio 設計，並將在今年實現量產。從半定制方面來說，這是一個重要方面。我們也將看到「那不勒斯」的成長，儘管伺服器從設計獲勝到收入成長的速度會稍微慢一些。我們預計下半年會有一些貢獻。

Great, thanks. And then for my follow-up one, perhaps for either of you again, how do we think about the OpEx side of things as we go through the year? And I know you purposely didn't guide to it in your 2017 as a whole, but conceptually when you are launching a bunch of new products, is it fair to assume that the SG&A side of things to support those launches increases? Any sort of color you can give about your philosophy on OpEx will be helpful.

太好了，謝謝。然後，對於我的後續問題，也許對你們任何一位來說，我們如何看待這一年中營運支出方面的問題？我知道您故意沒有在整個 2017 年對此進行指導，但從概念上講，當您推出一系列新產品時，是否可以公平地假設支持這些新產品發布的 SG&A 方面的費用會增加？您對於 OpEx 理念的任何闡述都將很有幫助。

Yes, I think our philosophy, first of all, is to be very disciplined about managing the OpEx. We did that, as you saw, in the 2014/2015 time frame. In 2016, we made some very targeted investments to products, which is -- with the launches that are happening in 2017, I would say they are going to pay off in terms of all the products we have on track to launch in 2017.

是的，我認為我們的理念首先是嚴格管理營運支出。如您所見，我們在 2014/2015 年期間做到了這一點。2016 年，我們對產品進行了一些非常有針對性的投資，隨著 2017 年產品的推出，我想說，這些投資將在我們 2017 年推出的所有產品中獲得回報。

We have invested in software. We have got obviously some go-to-market expenses as we get into 2017. But I would say that you see our guidance for Q1 2017 at $360 million. So you will see a trend of continuing investment in product roadmap, new product launches, software.

我們已經對軟體進行了投資。進入 2017 年，我們顯然會產生一些市場推廣費用。但我想說的是，我們對 2017 年第一季的預期是 3.6 億美元。因此，你會看到對產品路線圖、新產品發布和軟體持續投資的趨勢。

R&D, if you look at it on a year-on-year basis, is up actually close to $50 million. And SG&A was down, even though we were essentially flat on OpEx 2015 to 2016. And I think as you look at 2017, we will continue to stay lean in SG&A and prioritize investments in R&D for the go-forward execution of our plans going into future years.

如果按年計算，研發費用實際上增加了近 5000 萬美元。儘管 2015 年至 2016 年我們的營運支出基本上持平，但銷售、一般及行政費用卻下降了。我認為，展望 2017 年，我們將繼續精簡銷售、一般及行政開支，並優先投資研發，以便在未來幾年繼續執行我們的計畫。

Great, thank you.

太好了，謝謝。

Chris Rolland, Susquehanna International Group.

克里斯羅蘭 (Chris Rolland)，薩斯奎漢納國際集團 (Susquehanna International Group)。

On the server side, you guys talked about "Naples". And Lisa, you mentioned more threads, higher memory, and I/O. With these products, do you anticipate taking more share in the cloud? Or how do you think you are going to fare versus enterprise storage comms, high performance? Is it going to be a lot more cloud-centric?

在服務器方面，你們談到了“那不勒斯”。Lisa，您提到了更多線程、更高記憶體和 I/O。有了這些產品，您是否預期在雲端運算領域佔據更多份額？或者您認為與企業儲存通訊相比，您的表現會如何？高性能如何？它是否會更加以雲端為中心？

Chris, the great thing about "Naples" is it really is a general-purpose product, so we will play in all of those segments. I think the cloud tends to move a bit faster in terms of just, again, from design win to revenue. So we certainly are very focused in the cloud, but I'm also quite enthusiastic about our opportunities in traditional enterprise as well as some of the storage and networking spaces.

克里斯，「那不勒斯」的偉大之處在於它確實是一種通用產品，所以我們將在所有這些領域發揮作用。我認為雲端運算從設計勝利到收入的成長速度會更快一些。因此，我們當然非常關注雲端運算，但我對我們在傳統企業以及一些儲存和網路領域的機會也非常熱衷。

Okay, great. And then with, let's say, Summit Ridge and Vega and "Naples" all coming online here, can you guys talk about where these products -- the gross margins are versus either your corporate average or a comparable product now? And if things ramp the way you expect them to, when might you hit the low end of your long-term gross margin range?

好的，太好了。然後，假設 Summit Ridge、Vega 和「Naples」都在這裡上線，你們能否談談這些產品的毛利率與你們公司的平均或同類產品相比如何？如果事情按照您預期的方式發展，您何時會達到長期毛利率範圍的低端？

So maybe, Chris, I will start and Devinder can add. Clearly you mentioned some of the key products that are margin drivers for us. So Ryzen in high-end desktop, our server CPUs, server GPUs, professional graphics are all north of the corporate average. We still have game consoles, which will be a significant piece of our business that will be less than corporate average.

所以也許，克里斯，我會開始，然後德文德文德可以補充。顯然，您提到了一些對我們產生利潤影響的關鍵產品。因此，高階桌上型電腦中的 Ryzen、我們的伺服器 CPU、伺服器 GPU、專業顯示卡都高於企業平均。我們仍然有遊戲機，這將是我們業務的重要組成部分，但其收入將低於公司平均水平。

So our expectation is that we will make progress with margins as we ramp these products. Relative to when we will hit the long-term guidance, I think we will defer that perhaps to our analyst day and note that the target is still to be within the 36% to 40% range on a long-term model.

因此，我們期望隨著這些產品的增加，利潤率將會提高。相對於我們何時達到長期指導，我認為我們可能會將其推遲到分析師日，並注意到目標仍然在長期模型的 36％ 到 40％ 範圍內。

Thanks so much and great quarter.

非常感謝，這是一個非常棒的季度。

Blayne Curtis, Barclays.

巴克萊銀行的布萊恩‧柯蒂斯。

This is Chris Hemmelgarn on for Blayne. Thanks for very much for letting us on to ask a question, and congrats on the good quarter and guidance.

這是布萊恩的克里斯·赫默加恩 (Chris Hemmelgarn)。非常感謝您讓我們提問，並祝賀本季度取得的良好業績和取得的良好指導。

I guess first of all, a number of questions have touched on this, but with Ryzen launching and then Vega in Q2, you presumably see some pretty big channel fill in Q1 and into Q2. Could you just talk about how you see that impacting seasonality through the rest of the year. Q3, Q4 are normally bigger quarters for PC sales, but you got big product launches in the first half.

我想首先，許多問題都涉及了這一點，但隨著 Ryzen 的推出以及第二季 Vega 的推出，您可能會在第一季和第二季看到一些相當大的管道填充。您能否談談您認為這會對今年剩餘時間的季節性產生什麼影響？第三季和第四季通常是 PC 銷售較大的季度，但上半年推出了大量產品。

Yes, we're certainly looking forward to those product launches. And the way we view it is yes, there's some bit of channel fill, but I think there's also some pent-up demand for really great products in the gaming space. Both Ryzen and Vega are targeted at those enthusiast gamers. So certainly we do expect -- normal seasonality would say that the second half would be stronger.

是的，我們當然期待這些產品的發布。我們的看法是，是的，確實有一些管道被填滿，但我認為遊戲領域對真正優秀的產品也存在一些被壓抑的需求。Ryzen 和 Vega 都針對那些狂熱的遊戲玩家。因此，我們確實預計——正常的季節性意味著下半年會更加強勁。

Note that on Ryzen, we are starting first in the channel and with system integrators, and then OEMs will launch shortly thereafter. So you would expect a stage launch of our partners.

請注意，對於 Ryzen，我們首先從通路和系統整合商開始，然後 OEM 將在之後不久推出。因此，您可以期待我們合作夥伴的階段性發布。

That's very helpful, Lisa, thanks. And then just as a follow-up, so you have announced your first non-game console semi-custom win launching this year. As that business has matured, can you talk how you see further opportunities to grow outside of the core game console market there?

這非常有幫助，麗莎，謝謝。然後作為後續，您宣布今年將推出第一款非遊戲機半客製化遊戲機。隨著業務的成熟，您能否談談您如何看待核心遊戲機市場之外的進一步成長機會？

Yes, so we have talked about three design wins and those are in progress now. In terms of ongoing engagements, we have a nice pipeline. We continue to view semi-custom as a strategic way for us to utilize our IP in our design capability. And so we will continue to view that is one of our go-to-markets for the IP that we are developing. And we will talk more about the semi-custom opportunities as we go forward.

是的，我們已經討論了三項設計勝利，目前這些設計正在進行中。就正在進行的合作而言，我們擁有良好的管道。我們繼續將半客製化視為我們在設計能力中利用 IP 的策略方式。因此，我們將繼續將其視為我們正在開發的 IP 的市場定位之一。我們今後還會多討論半客製化機會。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Good afternoon, guys. Lisa, congratulations on the strong results for 2016. I guess I wanted to go back with my first question to the OpEx line. If you just look at total dollars spent, you are spending well below your two main competitors.

大家下午好。Lisa，恭喜你在 2016 年取得優異成績。我想回到我的第一個問題，關於 OpEx 線路。如果您只看總支出，您的支出遠低於您的兩個主要競爭對手。

And I'm just kind of curious. As revenue growth starts to reemerge in the model, how should you think about -- or how should we think about OpEx growth relative to revenue growth? Is there a target that you can give us that you'd like OpEx to grow half as fast as revenue?

我只是有點好奇。隨著收入成長開始在模型中重新出現，您應該如何看待——或者我們應該如何看待相對於收入成長的營運支出成長？您能否為我們設定一個目標，即您希望營運支出的成長速度是收入成長速度的一半？

Or are you at a point now where you see a lot of incremental investments that are worth doing that might have OpEx growth that are growing faster than that? Any guidance there would be helpful.

或者您現在看到許多值得進行的增量投資可能會使營運支出成長更快？任何指導都會有幫助。

Yes, certainly, John. Look, I think we have shown that we can be very disciplined with OpEx, and I think we will ensure that -- OpEx will certainly not grow faster than revenue. So that won't happen.

是的，當然，約翰。看，我認為我們已經證明我們可以非常嚴格地控制營運支出，而且我認為我們將確保營運支出的成長速度肯定不會超過收入的成長速度。所以那不會發生。

I think the opportunity for leverage does exist longer term in our model, but in the short term, I am very focused on ensuring that we execute our product roadmap really, really well. And so this year, it is about our product launches, making sure that we have the right software investments and go-to-market.

我認為在我們的模型中長期確實存在槓桿機會，但在短期內，我非常專注於確保我們真正很好地執行我們的產品路線圖。因此，今年我們的重點是產品發布，確保我們擁有正確的軟體投資和產品上市。

We are going to see improvement in the financial performance as a result of the margin expansion. And we'll look to find leverage on the OpEx line I think in the longer term as we continue to make progress. But again, we will be very disciplined on the OpEx line.

由於利潤率的擴大，我們將看到財務表現的改善。我認為，從長遠來看，隨著我們不斷取得進展，我們將尋求在營運支出方面找到槓桿作用。但同樣，我們將在營運支出方面非常嚴格。

That's helpful, Lisa. And then I guess as my second question, just going back on the gross margin for Ryzen and Vega. I guess can you help me understand, just given where in the stack those two parts will compete, why they shouldn't have gross margins that are more comparable to your two closest peers. Is that kind of the internal target or is that how we should be thinking about it? Or any guidance there would be helpful.

這很有幫助，麗莎。然後我想我的第二個問題是回到 Ryzen 和 Vega 的毛利率。我想你能幫我理解嗎，考慮到這兩個部分在堆疊中競爭的位置，為什麼它們的毛利率不應該與最接近的兩個同行更具可比性。這是內部目標嗎？或者我們應該這樣考慮嗎？或者任何指導都會有幫助。

Yes, so I think for the high-end parts, both Ryzen and Vega, and "Naples", frankly, we should expect that they are well above our corporate average in terms of margin. As it relates to our competitors, I think that's a harder question, but our goal is to make sure that we have very competitive product on a pure performance basis. And so that has been the goal, and that is certainly how we are viewing it.

是的，所以我認為對於高端零件，包括 Ryzen 和 Vega，以及“Naples”，坦白說，我們應該預期它們的利潤率遠高於我們公司的平均水平。就我們的競爭對手而言，我認為這是一個更難的問題，但我們的目標是確保我們在純性能基礎上擁有非常有競爭力的產品。這就是我們的目標，當然也是這樣看待它的。

But we will also have some opportunity for price-performance leverage as we gain share in the market. So I think where we are positioning the products is the right place and the right balance between revenue growth and margin. And we will certainly look for every opportunity to improve our margins over time.

但隨著我們市場佔有率的擴大，我們也將有機會提高性價比。因此我認為我們的產品定位是正確的，並且收入成長和利潤率之間也達到了正確的平衡。我們一定會尋找一切機會來逐步提高我們的利潤率。

Thank you, guys.

謝謝你們。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

I guess the question I get most frequently is Zen looks pretty exciting in 2017, but you are competing with Intel, who has got 10-nanometer product coming. How do we think about this on a multiyear basis, Zen as a springboard to compete with them? And anything you can share in terms of the product roadmap and the longer-term competitiveness of these products you are introducing now?

我想我最常被問到的問題是，2017 年的 Zen 看起來相當令人興奮，但你們正在與英特爾競爭，後者已經推出了 10 奈米產品。我們如何從多年的角度來看這個問題，以禪宗作為與他們競爭的跳板？您能分享一下產品路線圖以及您現在推出的這些產品的長期競爭力嗎？

Sure, Joe. So look, we do think Zen is very, very competitive for where we are. In terms of our longer-term roadmap, I think, as with anything for top OEM customers, especially server data center customers, they are investing in a roadmap. So they are not just buying a point product. And we have a multigenerational roadmap that we are working on, including the Zen 2 and the Zen 3 follow-on.

當然，喬。所以，我們確實認為 Zen 就我們的現狀而言非常具有競爭力。就我們的長期路線圖而言，我認為，與頂級 OEM 客戶（尤其是伺服器資料中心客戶）的任何產品一樣，他們也在投資路線圖。所以他們購買的不僅僅是一個點產品。我們正在製定多代路線圖，包括 Zen 2 和 Zen 3 後續產品。

From our standpoint, process technology, we ramped 16-nanometer and 14-nanometer really well last year and into this year. We are actually in the process of developing now in 7-nanometer and we think the 7-nanometer foundry roadmaps are available, are very competitive, and will ensure that we have a strong multigenerational roadmap.

從我們的角度來看，在製程技術方面，去年和今年我們在 16 奈米和 14 奈米方面取得了很好的進展。實際上，我們現在正處於 7 奈米的開發過程中，我們認為 7 奈米代工路線圖已經可用，並且非常具有競爭力，並將確保我們擁有強大的多代路線圖。

Great, thank you very much.

太好了，非常感謝。

Vijay Rakesh, Mizuho and Company.

瑞穗公司的 Vijay Rakesh。

Thanks, guys. Sorry to beat upon this, but when you look at the Radeon Instinct GPUs and the Vega architecture in 2Q 2017 and first half 2017 here, are the gross margins more in the 40% to 60% range as they go into data center versus what your existing margins are?

謝謝大家。很抱歉打斷一下，但是當您查看 2017 年第二季度和 2017 年上半年的 Radeon Instinct GPU 和 Vega 架構時，它們進入資料中心後的毛利率是否會在 40% 到 60% 之間，而您現有的利潤率呢？

No, Vijay, I think it's fair to say that both professional graphics and our Radeon Instinct line are higher than normal the GPU products -- the consumer GPU products in terms of margin. And now, we view the data center GPUs as a great growth opportunity for us. And so it's a key area of focus.

不，維傑，我認為可以公平地說，專業圖形和我們的 Radeon Instinct 系列的利潤率都高於普通 GPU 產品——消費 GPU 產品。現在，我們將資料中心 GPU 視為我們巨大的成長機會。因此，這是一個重點關注的領域。

Got it. And you mentioned GPUs seeing traction in multi-threaded applications. And so with that strength, there especially with [deplaning exit], what are your expectations for growth in that market if you were to -- obviously you are going from zero. But incrementally, what should that drive for -- in revenues for AMD? Thanks.

知道了。您提到 GPU 在多執行緒應用程式中受到青睞。那麼憑藉這種優勢，特別是在下飛機出口處，如果您要從零開始，您對該市場的成長有何期望？但從增量角度來看，這會為 AMD 的收入帶來什麼推動作用？謝謝。

Yes. So again, we view GPU servers as a very good growth opportunity for us. We are starting from a small base, but we have had some really good engagement with cloud customers. And we had some meaningful revenue in the second half of 2016, and we expect it to be a growth driver for us into 2017 and beyond.

是的。因此，我們再次認為 GPU 伺服器對我們來說是一個非常好的成長機會。我們起步規模很小，但我們已經與雲端客戶建立了良好的合作關係。我們在 2016 年下半年獲得了一些有意義的收入，我們預計它將成為我們 2017 年及以後的成長動力。

Kevin Cassidy, Stifel.

凱文·卡西迪（Kevin Cassidy），Stifel。

Thanks for taking my question. On your Zen product lineup, you will have an APU in the second half of the year. And what kind of GPU does that have on it?

感謝您回答我的問題。在您的 Zen 產品系列中，您將在今年下半年推出 APU。它有什麼樣的 GPU？

Yes, Kevin, we will have an APU, we call it Raven Ridge, in the second half of the year off of the Zen processor core. And we haven't announced details of the graphics just yet.

是的，凱文，我們將在今年下半年推出基於 Zen 處理器核心的 APU，我們將其稱為 Raven Ridge。我們尚未公佈圖形的細節。

Okay. Will that be targeted for both desktop and notebook?

好的。這會針對桌上型電腦和筆記型電腦嗎？

Yes, it will be. But it's a very strong notebook part when you think about the high-end notebooks, two-in-ones and those types of things. But yes, it can also be used in desktop.

是的，會的。但當你考慮到高階筆記型電腦、二合一筆記型電腦和諸如此類的產品時，它是一個非常強大的筆記型電腦零件。但是是的，它也可以在桌面上使用。

Okay, thank you.

好的，謝謝。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

I had a question on inventory, Devinder. You did give us the reason for why the inventory is higher. But what I'm trying to understand is why the delta between the guidance that you had given, which was supposed to be in the $660 million amount, which you guided to.

我有一個關於庫存的問題，Devinder。您確實告訴了我們庫存較高的原因。但我想了解的是，為什麼您給出的指導金額（應該是 6.6 億美元）與您給出的指導金額之間存在差異。

Was there a change in what you were expecting for the roadmap? Where there uncertainties that you had guided to $660 million, and now you came up to the number that you reported on the fourth quarter? Thank you.

您對路線圖的期望有改變嗎？您先前預測的 6.6 億美元數字是否存在不確定性，但現在您卻達到了第四季報告的數字？謝謝。

Yes, I think it's fair to say that from the time I gave the guidance, $660 million coming into $750 million, that there were some changes, but let me explain.

是的，我認為可以公平地說，從我給出指導意見開始，從 6.6 億美元到 7.5 億美元，確實有一些變化，但請讓我解釋一下。

First of all, it was higher than anticipated due to product ramps, product mix, and also our higher expected revenue in the first half of 2017. We also had an opportunity to purchase some inventory in a tight PC supply environment at commercially favorable terms. And we took the opportunity to go ahead and purchase the inventory, given what we see from a revenue standpoint for the first half of 2017.

首先，由於產品產量增加、產品組合增加以及 2017 年上半年預期收入增加，該數字高於預期。我們還有機會在 PC 供應緊張的環境下以商業上有利的條件購買一些庫存。從 2017 年上半年的收入情況來看，我們藉此機會繼續購買庫存。

Okay, thank you.

好的，謝謝。

Thank you. We've reached the end of our question-and-answer session. I would like to turn the floor back over to management for any further or closing comments.

謝謝。我們的問答環節已經結束。我想將發言權交還給管理階層，請他們發表進一步的評論或結束評論。

Lisa, anyone? Thank you very much. Thank you, operator. Thank you, everyone, for joining us on our call today. We look forward to speaking with you throughout the quarter. Thank you.

麗莎，有人嗎？非常感謝。謝謝您，接線生。感謝大家今天參加我們的電話會議。我們期待在整個季度與您交談。謝謝。

Thank you. That does conclude today's teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。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。