超微半導體 (AMD) 2017 Q1 法說會逐字稿

Greetings, and welcome to the Advanced Micro Devices First Quarter 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2017 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to turn the conference over to Laura Graves, Corporate Vice President of Investor Relations. Please go ahead.

現在我很高興將會議交給公司投資者關係副總裁勞拉·格雷夫斯 (Laura Graves)。請繼續。

Thank you, and welcome to AMD's First Quarter 2017 Conference Call. By now, you should've 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. Participants on today's conference call are: Dr. 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.

謝謝，歡迎參加 AMD 2017 年第一季電話會議。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了。如果您尚未查看這些文檔，可以在 AMD 網站 ir.amd.com 上找到。今天電話會議的參與者有：我們的總裁兼執行長蘇姿豐博士；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。

Before we begin, I'd like to highlight a few dates for you. We will host our Financial Analyst Day on Tuesday, May 16, at our headquarters in Sunnyvale, California. Lisa Su will present at the J.P. Morgan Global Technology Media & Telecom Conference on May 22. Jim Anderson, our Senior Vice President and General Manager of Computing and Graphics, will present at the Stifel Nicolaus Conference on June 5. Mark Papermaster, Chief Technology Officer, will present at the BofA Merrill Lynch Global Technology Conference on June 6. And our second quarter quiet time will begin at the close of business on Friday, June 16, 2017.

在我們開始之前，我想向大家強調幾個日期。我們將於 5 月 16 日星期二在加州桑尼維爾的總部舉辦財務分析師日。Lisa Su 將於 5 月 22 日出席摩根大通全球科技媒體與電信會議並發表演講。我們的高級副總裁兼計算和圖形總經理 Jim Anderson 將於 6 月 5 日出席 Stifel Nicolaus 會議。技術長 Mark Papermaster 將於 6 月 6 日出席美銀美林全球技術會議。我們的第二季靜默時間將於 2017 年 6 月 16 日星期五下班後開始。

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 financials 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 posted on our website at quarterlyearnings.amd.com. Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information. You'll also find detailed discussions about our risk factors in our filings with the SEC and in particular, AMD's annual report on Form 10-K for the year ended December 31, 2016.

此外，請注意，在本次電話會議中，我們將參考非 GAAP 財務數據，但收入和分部營業收入或虧損除外，這些是基於 GAAP 計算的。所引用的非 GAAP 財務指標與我們網站 quarterlyearnings.amd.com 上發布的新聞稿和 CFO 評論中最直接可比較的 GAAP 財務指標進行了協調。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 12 月 31 日的 10-K 表年度報告。

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

現在，我將把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all of those listening in today. First quarter revenue increased 18% from a year ago to $984 million based on growth across both of our business segments. Gross margin also improved, driven largely by the success of our recently launched Ryzen CPUs. I am pleased with our first quarter product execution and improved year-over-year financial results, which demonstrate the revenue growth and gross margin expansion potential with our strong set of new products.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。由於我們兩個業務部門的成長，第一季營收比去年同期成長了 18%，達到 9.84 億美元。毛利率也有所提高，這主要得益於我們最近推出的 Ryzen CPU 的成功。我對我們第一季的產品執行情況和同比財務表現的改善感到滿意，這表明我們強大的新產品系列具有收入成長和毛利率擴張的潛力。

Looking at our Computing and Graphics segment. We delivered our fourth straight quarter of double-digit percentage year-on-year revenue growth. Strong demand for Ryzen CPUs and improved GPU sales resulted in CG revenue increasing 29% from the year-ago period. CG revenue declined 1% sequentially, which was better-than-normal seasonality as significant growth in desktop processor sales, driven by the first month of Ryzen CPU sales, largely offset seasonal declines in GPU and notebook APU sales.

看看我們的計算和圖形部分。我們連續第四個季度實現了兩位數的年收入成長。Ryzen CPU 的強勁需求和 GPU 銷量的提升使得 CG 收入較去年同期成長了 29%。CG 營收季減 1%，但好於正常的季節性，因為在 Ryzen CPU 銷售第一個月的推動下，桌上型電腦處理器銷量大幅成長，很大程度上抵消了 GPU 和筆電 APU 銷量的季節性下滑。

Solid demand for our family of premium Ryzen 7 processors, including our flagship Ryzen 7 1800X offering, which is the industry's highest performance 8-core CPU, drove our highest desktop processor revenue in more than 2 years. Ryzen CPUs have been consistently ranked among the top-selling processors at global e-tailers and retailers. And press reviews and end-user sentiment have highlighted the strong performance and value proposition.

我們的高階 Ryzen 7 處理器系列（包括我們的旗艦產品 Ryzen 7 1800X，它是業界性能最高的 8 核心 CPU）的需求強勁，推動了我們兩年多來最高的桌上型電腦處理器收入。Ryzen CPU 一直名列全球電子零售商和零售商最暢銷的處理器。媒體評論和最終用戶情緒都強調了其強大的效能和價值主張。

In early April, we launched our enthusiast-class Ryzen 5 processors and received overwhelmingly positive reviews that demonstrate our multi-threaded leadership and unmatched value proposition.

4 月初，我們推出了發燒級 Ryz​​en 5 處理器，並獲得了壓倒性的好評，證明了我們的多線程領先地位和無與倫比的價值主張。

The Ryzen CPU partner ecosystem also continues to strengthen. We have seated more than 300 software developers to support their work optimizing for Ryzen CPUs and have already seen double-digit performance gains across a number of top-tier gaming titles. Last week, the first Ryzen-based OEM gaming desktops were announced, and we continue the rapid rollout of Ryzen-powered systems with additional launches planned for major OEMs later this quarter.

Ryzen CPU 合作夥伴生態系統也不斷加強。我們已經擁有 300 多名軟體開發人員來支援他們針對 Ryzen CPU 進行最佳化的工作，並且已經看到許多頂級遊戲的效能實現了兩位數的提升。上週，首批基於 Ryzen 的 OEM 遊戲桌上型電腦發布，我們將繼續快速推出基於 Ryzen 的系統，並計劃在本季稍後為主要 OEM 推出更多產品。

In Graphics, GPU sales increased by a strong double-digit percentage from a year ago based on growth across all of our product lines. The ramp of Polaris-based notebook design wins drove increased mobile GPU sales while our desktop growth was led by improved channel sales.

在圖形領域，由於我們所有產品線的成長，GPU 銷售額較去年同期實現了強勁的兩位數成長。基於 Polaris 的筆記型電腦設計的勝利推動了行動 GPU 銷量的成長，而我們的桌上型電腦銷量的成長則得益於通路銷售的提高。

In early Q2, we launched 4 new Radeon RX 500 GPUs, featuring our Polaris architecture that deliver improved performance. These new mainstream GPUs provide a compelling solution for the millions of gamers looking to upgrade their PCs to support advanced display technologies and deliver optimal gaming experiences.

在第二季初，我們推出了 4 款新型 Radeon RX 500 GPU，採用我們的 Polaris 架構，可提供更高的效能。這些新型主流 GPU 為數百萬希望升級 PC 以支援先進顯示技術並提供最佳遊戲體驗的遊戲玩家提供了極具吸引力的解決方案。

We also saw higher professional graphics revenue from a year ago, driven by expanding channel sales and growing data center wins, as we continue to increase our GPU-compute footprint with leading cloud service providers.

由於我們繼續與領先的雲端服務供應商增加 GPU 運算足跡，且通路銷售不斷擴大和資料中心業務不斷增長，我們的專業圖形收入也比去年同期有所增長。

We remain on track to launch the first products from our next-generation Radeon Vega family later this quarter. Vega is a forward-looking architecture that combines a revolutionary memory subsystem, next-generation compute engine, advanced pixel engine and new geometry pipeline to dramatically improve performance and energy efficiency for the next generation of GPU workloads. Customer excitement is building as we focus on bringing significant competition to the high-end GPU space across the PC gaming, professional design and GPU compute markets.

我們仍有望在本季稍後推出下一代 Radeon Vega 系列的首批產品。Vega 是一種前瞻性的架構，它結合了革命性的記憶體子系統、下一代運算引擎、先進的像素引擎和新的幾何管道，可顯著提高下一代 GPU 工作負載的效能和能源效率。隨著我們專注於為 PC 遊戲、專業設計和 GPU 運算市場的高階 GPU 領域帶來強勁競爭，客戶的興奮感正在不斷增強。

Turning to our Enterprise, Embedded and Semi-Custom segment, revenue increased 5% from a year ago, driven by the latest game console offerings from Sony and Microsoft and our third straight quarter delivering year-on-year embedded revenue growth. We see solid demand for our latest FinFET-based semi-custom offerings in 2017, including the planned holiday launch of Microsoft's 4K-focused Project Scorpio console featuring a new AMD SoC.

談到我們的企業、嵌入式和半客製化部門，營收比去年同期增長了 5%，這得益於索尼和微軟推出的最新遊戲機以及我們連續第三個季度實現嵌入式收入同比增長。我們看到，2017 年對我們最新的基於 FinFET 的半客製化產品的需求強勁，包括計劃在假日季推出的微軟專注於 4K 的 Project Scorpio 遊戲機，該遊戲機採用了全新的 AMD SoC。

On the data center front, in March, we demonstrated that our upcoming Naples server CPU would offer more cores, I/O and memory bandwidth when compared to the highest-end dual socket x86 server CPUs currently available, resulting in better performance across multiple workloads.

在資料中心方面，3 月我們展示了即將推出的 Naples 伺服器 CPU，與目前最高階的雙插槽 x86 伺服器 CPU 相比，它將提供更多的核心、I/O 和記憶體頻寬，從而實現跨多個工作負載的更佳效能。

Naples platform development work continued to accelerate in the quarter. We are in the final stages of preparation in advance of launch and are very pleased with the status of our silicon and customer engagements. We have now seated thousands of Naples processors across an extensive set of OEMs, end users and partners, and remain on track for our first Naples products to launch this quarter.

本季度，那不勒斯平台開發工作持續加速。我們正處於發布前的最後準備階段，對我們的矽片和客戶參與的現狀非常滿意。目前，我們已經在廣泛的 OEM、最終用戶和合作夥伴中安裝了數千台 Naples 處理器，並且我們的首批 Naples 產品將於本季度上市。

In closing, we started 2017 delivering significant year-on-year revenue growth and margin expansion based on solid product execution and strong market and customer reception to our new leadership products. Our focus in 2017 remains on launching our Naples server CPU with broad customer, partner and ecosystem support. Naples is the first step in our long-term plan to deliver a leadership data center product road map.

最後，憑藉穩健的產品執行力以及市場和客戶對我們新領導產品的熱烈歡迎，我們在 2017 年伊始就實現了收入和利潤率的同比大幅增長。2017 年，我們的重點仍然是推出 Naples 伺服器 CPU，並獲得廣泛的客戶、合作夥伴和生態系統支援。那不勒斯是我們提供領先資料中心產品路線圖的長期計畫的第一步。

Complementing the success of our mainstream Polaris-based GPUs with our high-end Vega GPUs, extending our Zen core into the mainstream desktop and premium notebook markets with the launches of our Ryzen 3 CPUs and Ryzen mobile APUs in the second half of the year, and expanding our participation in the fast-growing market for GPU compute with the launch of Radeon Instinct accelerators midyear.

我們的高階 Vega GPU 補充了我們基於主流 Polaris 的 GPU 的成功，隨著下半年 Ryzen 3 CPU 和 Ryzen 行動 APU 的推出，將我們的 Zen 核心擴展到主流桌上型電腦和高階筆記型電腦市場，並透過年中推出 Radeon Instinct 加速器擴大了我們在快速成長的 GPU 運算市場的參與。

2017 is an important year for AMD, and we are well positioned for solid revenue growth and margin expansion based on bringing performance, choice and innovation to an expanding set of markets. I look forward to discussing more about our long-term strategy at our Financial Analyst Day later this month.

2017 年對 AMD 來說是重要的一年，透過為不斷擴大的市場提供性能、選擇和創新，我們已做好準備，實現穩健的收入成長和利潤率的提高。我期待在本月稍後的財務分析師日進一步討論我們的長期策略。

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

現在我想將電話轉給 Devinder，讓他為我們第一季的財務表現提供一些額外的資訊。

Thank you, Lisa, and good afternoon, everyone. We had a good start to 2017 as we expanded gross margin, increased revenue 18% year-over-year to $984 million and reduced losses year-over-year.

謝謝你，麗莎，大家午安。2017 年我們有一個良好的開端，毛利率有所提高，營收年增 18% 至 9.84 億美元，虧損也較去年同期減少。

Computing and Graphics segment revenue increased 29% year-over-year, driven by the launch of our high-performance Ryzen desktop processors and our strengthened GPU product portfolio. Our Enterprise, Embedded and Semi-Custom segment revenue increased 5% from a year ago.

運算和圖形部門營收年增 29%，這得益於我們推出的高效能 Ryzen 桌上型電腦處理器和增強的 GPU 產品組合。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 5%。

Let me provide some specifics for the first quarter of 2017. Gross margin was 34%, up 2 percentage points year-over-year, driven by a higher overall mix of revenue from our Computing and Graphics segment and a richer product mix within that segment, due to Ryzen desktop processor sales.

讓我提供一些2017年第一季的具體情況。毛利率為 34%，較去年同期成長 2 個百分點，這得益於 Ryzen 桌上型電腦處理器的銷售，導致運算和圖形部門的整體收入組合增加，且該部門的產品組合更加豐富。

Operating expenses were $364 million compared to $332 million a year ago. The increase is due primarily to R&D investments in Graphics and our server business. Net licensing gain from our server JV with THATIC was $27 million compared to $7 million a year ago. Operating loss was $6 million in the first quarter of 2017, a significant improvement from a $55 million loss a year ago.

營運費用為 3.64 億美元，而去年同期為 3.32 億美元。成長主要歸功於對圖形和伺服器業務的研發投資。我們與 THATIC 成立的伺服器合資企業的淨許可收益為 2,700 萬美元，而去年同期為 700 萬美元。2017 年第一季的營業虧損為 600 萬美元，較去年同期的 5,500 萬美元虧損有顯著改善。

First quarter net interest expense, taxes and other was $32 million, down from $41 million year-over-year, primarily due to a lower overall interest rate and a lower debt balance. Net loss was $38 million, or loss per share of $0.04 calculated using 939 million shares of common stock as compared to a net loss of $96 million or $0.12 a year ago. Adjusted EBITDA was $28 million, compared to adjusted EBITDA of negative $22 million from a year ago.

第一季淨利息支出、稅金及其他為 3,200 萬美元，低於去年同期的 4,100 萬美元，主要原因是整體利率較低且債務餘額較低。淨虧損為 3,800 萬美元，或每股虧損 0.04 美元（以 9.39 億股普通股計算），而去年淨虧損為 9,600 萬美元，或每股虧損 0.12 美元。調整後的 EBITDA 為 2,800 萬美元，而去年同期的調整後 EBITDA 為負 2,200 萬美元。

Now turning to the business segments. Computing and Graphics revenue was $593 million, up 29% year-over-year and down 1% sequentially. The year-over-year increase was primarily due to higher Ryzen desktop, CPU and graphics processor sales. The better-than-seasonal quarter-over-quarter decrease was due to lower mobile and graphics processor sales, largely offset by Ryzen desktop processor sales.

現在轉向業務部門。計算和圖形收入為 5.93 億美元，年增 29%，環比下降 1%。年成長主要得益於 Ryzen 桌上型電腦、CPU 和圖形處理器銷量的成長。環比下降幅度好於季節性，是由於行動和圖形處理器銷量下降，但很大程度上被 Ryzen 桌上型電腦處理器銷量所抵消。

Computing and Graphics business segment operating loss was $15 million, a significant improvement from a loss of $70 million year-over-year, primarily due to higher revenue.

計算和圖形業務部門的營運虧損為 1,500 萬美元，較去年同期 7,000 萬美元的虧損有顯著改善，這主要歸功於收入的增加。

Enterprise, Embedded and Semi-Custom revenue was $391 million, up 5% year-over-year, primarily due to higher semi-custom SoC sales. Operating income was $9 million, down from $16 million a year ago, due primarily to higher server-related R&D investments, largely offset by an increase in the THATIC JV licensing gain.

企業、嵌入式和半客製化收入為 3.91 億美元，年增 5%，主要原因是半客製化 SoC 銷售額增加。營業收入為 900 萬美元，低於去年同期的 1,600 萬美元，主要原因是伺服器相關研發投資增加，但很大程度上被 THATIC JV 授權收益的增加所抵銷。

Turning to the balance sheet. Our cash, cash equivalents and marketable securities totaled $943 million at the end of the quarter compared to $1.26 billion at the end of 2016. The sequential decrease was driven primarily by the timing of sales and cash collections, debt interest payments and increased inventory.

轉向資產負債表。本季末，我們的現金、現金等價物和有價證券總額為 9.43 億美元，而 2016 年底為 12.6 億美元。環比下降主要由於銷售和現金收款時間、債務利息支付和庫存增加。

Inventory ended at $839 million compared to $751 million at year-end in support of the ramp of new products and increased semi-custom SoC sales in the second quarter.

庫存期末為 8.39 億美元，而去年年底為 7.51 億美元，這支持了第二季度新產品的推出和半客製化 SoC 銷售的成長。

Long-term debt on the balance sheet was $1.41 billion, down from $1.44 billion at year-end, primarily due to debt reduction activities. The principal debt amount was $1.73 billion, down $34 million from the prior quarter as a result of debt reduction actions.

資產負債表上的長期債務為 14.1 億美元，低於年底的 14.4 億美元，主要原因是債務削減活動。由於採取了減債行動，本金債務金額為 17.3 億美元，比上一季減少了 3,400 萬美元。

Turning to our outlook for the second quarter of 2017, which is a 13-week quarter. We expect revenue to increase 17% sequentially plus or minus 3%, non-GAAP gross margin to be approximately 33%, non-GAAP operating expenses to be approximately $370 million, licensing gain associated with our server JV to be approximately $20 million, non-GAAP interest expense, taxes and other to be approximately $30 million, and inventory to be down sequentially.

展望 2017 年第二季度，這是一個為期 13 週的季度。我們預期營收將比上一季成長 17%，增減 3%；非 GAAP 毛利率約為 33%；非 GAAP 營運費用約為 3.7 億美元；與我們的伺服器合資企業相關的授權收益約為 2,000 萬美元；非 GAAP 利息、稅金和其他費用約為 3,000 萬美元；庫存將比上一季下降。

For 2017, we now expect revenue to increase low double-digit percentage from a year-over-year basis and CapEx to be approximately $140 million, including the capitalization of production mask sets beginning in Q1 2017. Additional 2017 guidance can be found in the CFO commentary document.

對於 2017 年，我們目前預計收入將比去年同期增長低兩位數百分比，資本支出約為 1.4 億美元，其中包括從 2017 年第一季開始的生產掩模版的資本化。更多 2017 年指導意見可在 CFO 評論文件中找到。

In closing, we remain focused on continuing to improve our financial performance on the strength of new product introductions, continued financial discipline and ongoing strategic investments in the business. I look forward to sharing further details on our longer-term prospects at our upcoming Financial Analyst Day on May 16.

最後，我們將繼續致力於透過推出新產品、持續的財務紀律和持續的業務策略投資來提高我們的財務表現。我期待在 5 月 16 日即將舉行的財務分析師日上分享有關我們長期前景的更多細節。

With that, I'll 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, we're ready to begin the Q&A portion of our call.

謝謝你，Devinder。接線生，我們準備開始通話的問答部分。

(Operator Instructions) Our first question today is coming from Matt Ramsay from Canaccord Genuity.

（操作員指示）我們今天的第一個問題來自 Canaccord Genuity 的 Matt Ramsay。

Lisa, I wonder if you could spend a little bit more time talking about the Ryzen desktop launch, how you would characterize that it's gone so far? Maybe any kind of quantification you can give on revenue for the 1 month you had in the first quarter and then for the second quarter guidance? And then anything that might have limited sales in the quarter. We heard things about, shortages of motherboards from the SKU suppliers, et cetera. So any kind of additional commentary around the Ryzen launch would be really helpful.

Lisa，我想知道您是否可以花更多時間談論 Ryzen 桌面版的發布，您如何描述它目前的進展？您能否對第一季一個月的收入以及第二季的預期給出一些量化的數據？然後是任何可能限製本季銷售的產品。我們聽說了有關 SKU 供應商主機板短缺等情況。因此，有關 Ryzen 發布的任何額外評論都會非常有幫助。

Yes, sure, absolutely, Matt. So, look, we're very pleased with how the Ryzen launch well -- went. It was a big launch for us. We did Ryzen 7 first in early March and then Ryzen 5 here in the middle of April. All of the feedback that we've gotten so far from both our customers and from end users has been very strong. I think the value proposition is very strong at both the Ryzen 7 8-core devices as well as the Ryzen 5 4- and 6-core devices. Relative to how it performed in the quarter, actually it performed as we expected. So with the global launch, we were reaching many distributors and many channel partners, and I think that's going well. We did see some early shortages in terms of motherboards, and that was our motherboard partners ramping their supply in line with our CPU supply. But that was really dissipated after the first couple of weeks. So nothing out of the ordinary there. So we feel really good about where it is. I think the important thing is as we go into the second quarter, we not only have the channel sales, but we also have the major OEMs that will be launching their systems in the second quarter. So I think that's the next piece of the Ryzen launch for us. But overall, I would say it went quite well.

是的，當然，絕對的，馬特。所以，看，我們對 Ryzen 的發布進度非常滿意。這對我們來說是一次重大的發布。我們首先在 3 月初推出了 Ryzen 7，然後在 4 月中旬推出了 Ryzen 5。到目前為止，我們從客戶和最終用戶那裡得到的所有回饋都非常強烈。我認為 Ryzen 7 8 核設備以及 Ryzen 5 4 核和 6 核設備的價值主張都非常強大。相對於本季的表現，它的表現實際上符合我們的預期。因此，隨著全球發布，我們接觸到了許多經銷商和通路合作夥伴，我認為進展順利。我們確實看到主機板方面早期出現了一些短缺，那是因為我們的主機板合作夥伴根據我們的 CPU 供應量增加了供應量。但這種感覺在最初幾週後就消失了。所以那裡並沒有什麼異常。因此我們對目前的狀況感到非常滿意。我認為重要的是，隨著我們進入第二季度，我們不僅有通路銷售，而且還有主要的 OEM 將在第二季度推出他們的系統。所以我認為這就是我們推出的 Ryzen 的下一個部分。但總體來說，我認為一切進展順利。

And just as my follow-up question, wanted to ask a little bit about gross margin. Lisa, you talked in your prepared remarks about as the new product roll out across the different parts of the company through the year that margins should expand. Yet your -- with a full quarter of Ryzen, you're guiding gross margin down slightly sequentially. I know the new gaming console business starts to ramp for the upcoming season in that quarter as well. So any kind of puts and takes around that gross margin? Because for some reaction I got from investors tonight that sequentially down gross margin surprised a couple of folks. So any clarification there would be helpful.

正如我的後續問題，我想問一下有關毛利率的問題。麗莎，您在準備好的發言中談到，隨著新產品在全年公司不同部門的推出，利潤率應該會擴大。然而，由於 Ryzen 整個季度的銷量不佳，您的毛利率卻比上一季略有下降。我知道新遊戲機業務也將在該季度為即將到來的季節開始蓬勃發展。那麼，毛利率是否有利弊？因為今晚我從投資者那裡得到的一些反應是，毛利率的連續下降讓一些人感到驚訝。因此任何澄清都會有幫助。

Yes. Absolutely, Matt. So if you look at our gross margin progression, given the mix of our business, clearly we made actually very nice progress year-over-year. So if you look at Q1 2017 compared to Q1 2016, we expanded margin by 2 points and that was really on the strength of Ryzen. When you look sequentially, because of the mix of our business, game consoles were at the lowest point in the first quarter, and there will be a ramp of game consoles going into the second quarter. So the relative mix of the business sees more game consoles in the second quarter relative to the first quarter. So that's the reason for the sequential guidance. But again, if you look year-on-year, Q2 '17 to Q2 '16, you see again a nice margin expansion as a result of the strength of the products.

是的。絕對如此，馬特。因此，如果你看一下我們的毛利率進展，考慮到我們的業務組合，顯然我們實際上比去年同期取得了非常好的進展。因此，如果將 2017 年第一季與 2016 年第一季進行比較，我們的利潤率擴大了 2 個百分點，這確實得益於 Ryzen 的優勢。從連續性來看，由於我們的業務組合，遊戲機在第一季處於最低點，而進入第二季度，遊戲機的銷售量將會增加。因此，與第一季相比，第二季的業務相對組合中遊戲機的數量有所增加。這就是順序指導的原因。但是，如果再看去年同期，即 2017 年第二季與 2016 年第二季的同比情況，您會發現由於產品實力的緣故，利潤率再次出現可觀的增長。

Our next question today is coming from Ross Seymore from Deutsche Bank.

我們今天的下一個問題來自德意志銀行的羅斯·西摩。

Wanted to follow up on the Ryzen launch, not only in the quarter, but also in the guide, and specifically, any color you could provide on the channel inventory, how that exited the quarter and what your plans are for adding or boiling down some of that inventory in Q2?

想要跟進 Ryzen 的發布情況，不僅在本季度，而且在指南中，具體來說，您可以提供有關渠道庫存的任何信息，本季度的退出情況以及您計劃在第二季度增加或減少部分庫存嗎？

Yes, So, sure, Ross. So as we go into the second quarter, we certainly are adding both the Ryzen 5 in addition to the Ryzen 7. So if we look at the forward guidance, up 17% quarter-on-quarter, that is driven by additional Ryzen as well as the semi-custom ramp that I just talked about. We are early in the ramp. Everything that we see is -- we're getting a positive reception throughout the ecosystem and we're going to continue with go-to-market activities and, as I mentioned, the OEM components of that will kick in, in the second quarter.

是的，當然可以，羅斯。因此，當我們進入第二季時，除了 Ryzen 7 之外，我們肯定會添加 Ryzen 5。因此，如果我們看一下前瞻性指引，就會發現環比增長 17%，這是由額外的 Ryzen 以及我剛才談到的半定制增長推動的。我們剛剛進入這個階段。我們所看到的一切是——我們在整個生態系統中得到了積極的反響，我們將繼續進行上市活動，正如我所提到的，其中的 OEM 組件將在第二季度開始發揮作用。

And I guess as my follow-up, 2 quick ones for Devinder. The inventory went up sequentially by about 11%, 12%. And you had an explanation for that, but if I recall right, you thought it'd be flat. So I'm just wondering what changed there? And then with the share count, I think as you approach breakeven, the share count might change. So any color you could give us on the share count going forward would be helpful as well.

我想作為我的後續，我要向 Devinder 提出 2 個簡短的問題。庫存較上月上漲約11%、12%。你對此有一個解釋，但如果我沒記錯的話，你認為它是平的。所以我只是想知道那裡發生了什麼變化？然後，對於股票數量，我認為當你接近盈虧平衡時，股票數量可能會改變。因此，如果您能向我們提供有關未來股票數量的任何信息，那也將很有幫助。

Why sure. And you're right about the inventory. The ramp of new products and especially the ramp of the semi-custom product revenue that Lisa just talked about was the main reason for the high inventory. We also had the opportunity in the quarter to put [those wafers] in Q1 ahead of Q2 sales and took advantage of the opportunity leading to the inventory at the $839 million. On the share count, you're right. As we go ahead and look at the share count on a basic share basis, we have 939 million, but there are 2 parts to it. If we were profitable, the warrants that we issued to Mubadala last year as part of the WSA, those get converted depending on the stock price, and that would be in there depending on profitability. And then the second thing is a convertible, obviously, as you know, how that works, is, if converted, then obviously those will be included in the share count, otherwise it will depend upon dilution or not, depending on the EPS.

為什麼肯定。關於庫存，您說得對。新產品的成長，特別是Lisa剛才提到的半客製化產品收入的成長，是庫存高企的主要原因。我們還有機會在本季將這些晶圓提前於第一季投放到第二季銷售，並利用這一機會將庫存提升至 8.39 億美元。從份額數量來看，你是對的。當我們繼續查看基本股份數量時，我們有 9.39 億股，但其中分為兩部分。如果我們獲利，那麼我們去年作為 WSA 的一部分向穆巴達拉發行的認股權證將根據股價進行轉換，這取決於盈利能力。然後第二件事是可轉換，顯然，如你所知，它是如何運作的，如果轉換，那麼顯然這些將被包括在股份數量中，否則它將取決於是否稀釋，取決於每股收益。

Our next question today is coming from Mark Lipacis from Jefferies.

我們今天的下一個問題來自 Jefferies 的 Mark Lipacis。

Perhaps a question for Lisa and one for Devinder. Lisa, can you talk about whether or not you're getting the right capacity and expected yields from your foundry as Ryzen launches? And for Devinder, as your customers take higher ASP processors in the game console business, I seem to remember when you originally launched, I thought that the -- maybe the initial yields or maybe the initial margins were not as good but the margins improved over time. And I'm wondering if, assuming I remembered properly, if that's something also we should be thinking about as your customers take the higher ASP game console processors?

這可能是問 Lisa 的問題，也可能是問 Devinder 的問題。Lisa，您能否談談 Ryzen 推出時您的代工廠是否獲得了正確的產能和預期產量？對於 Devinder，由於您的客戶在遊戲機業務中採用更高的 ASP 處理器，我似乎記得當您最初推出時，我認為 - 也許初始收益率或初始利潤率可能不那麼好，但利潤率會隨著時間的推移而提高。我想知道，如果我沒記錯的話，當您的客戶採用更高 ASP 的遊戲機處理器時，我們是否也應該考慮這一點？

Sure, Mark. So on your first question, relative to the margins and how those look, I think they are -- the yields are as expected, so both the 16-nanometer and the 14-nanometer have done really well. And so in terms of the new product ramp, the yields are as expected and per our margin structure.

當然，馬克。因此，關於您的第一個問題，相對於利潤率及其外觀，我認為它們是——產量符合預期，因此 16 奈米和 14 奈米都表現得很好。因此，就新產品的產量而言，收益率符合預期，並符合我們的利潤結構。

Yes, on the semi-custom, Mark, as far as the margins are concerned, you are referring to the operating margins, I think we're pretty pleased where we are. And it's a mix for us in terms of transition to some of the products, for example, the Sony PlayStation Pro that we launched sometime last year and obviously, the older game console that we launched in 2013. The ASPs do come down over time, although we are able to manage the cost down, too, and therefore, offsetting the ASP decline.

是的，馬克，就半定製而言，就利潤率而言，您指的是營業利潤率，我認為我們對目前的狀況非常滿意。對我們來說，向某些產品過渡是一種混合方式，例如，我們去年某個時候推出的Sony PlayStation Pro，顯然還有我們在 2013 年推出的舊款遊戲機。儘管我們也能夠降低成本，從而抵消 ASP 的下降，但 ASP 確實會隨著時間的推移而下降。

Yes, and, Mark, maybe just to finish off the comment. I think -- to your question, I think we feel pretty good about our cost structure. We're always going to continue to try to reduce the cost structure over time. But in terms of the margin expansion story as we go through the year, it's going to be about the mix of business. And as we get into the higher ASP, stronger product portfolio and that ramps to a larger piece of the business, that will be the margin expansion story.

是的，馬克，也許只是為了結束評論。我認為—對於您的問題，我認為我們對我們的成本結構感覺相當良好。我們將始終努力隨著時間的推移降低成本結構。但就我們今年的利潤擴張而言，這將與業務組合有關。隨著我們獲得更高的平均售價、更強大的產品組合以及更大的業務份額，這將成為利潤率擴張的故事。

Our next question today is coming from David Wong from Wells Fargo.

今天的下一個問題來自富國銀行的 David Wong。

Can you give us some idea of where Vega sits? Does it focus on the price points above Polaris? Or does it provide a refresh also within the lower price points where currently you have Polaris?

您能告訴我們 Vega 的位置嗎？它是否關注 Polaris 以上的價位？或者它是否也為您目前擁有的 Polaris 的較低價格點提供刷新？

Yes, absolutely, David. So Vega is really a new architecture, so it is focused on the price point above Polaris. We expect Vega to be a broad product for us that will go across the gaming segment, the professional workstation segment as well as GPUs in the data center, and we will be launching products across all of those segments with the Vega architecture in the next couple of months. So the Polaris refresh for us is the RX 500 series that we launched just a couple weeks ago. And that is what we would use in sort of those mainstream price points in 2017.

是的，絕對如此，大衛。因此，Vega 確實是一種新架構，因此它專注於 Polaris 以上的價位。我們預計 Vega 將成為我們的一款廣泛產品，涵蓋遊戲領域、專業工作站領域以及資料中心的 GPU，我們將在未來幾個月內推出採用 Vega 架構的涵蓋所有這些領域的產品。因此，對我們來說，Polaris 的更新就是我們幾週前推出的 RX 500 系列。這就是我們在 2017 年所使用的主流價格點。

Great. And could you give us any specifics on when in the second half you expect to launch notebook and desktop processors [within cores] and integrated graphics?

偉大的。您能否具體說明一下下半年預計何時推出筆記型電腦和桌上型電腦處理器（核心內）以及整合式顯示卡？

Yes, so we are on track to launch the rest of the Ryzen portfolio in PCs. We'll launched Ryzen 3 sort of earlier in the second half, and then we will launch our Ryzen mobile towards the holiday cycle for the second half.

是的，我們正按計劃在 PC 上推出 Ryzen 產品組合的其餘部分。我們將在下半年早些時候推出 Ryzen 3，然後我們將在下半年的假期週期推出我們的 Ryzen 手機。

Our next question today is coming from Stacy Rasgon from Bernstein Research.

我們今天的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

For the first one, I'm a little surprised on the [CSG] business, you said -- I mean, sales were roughly flat, sequentially, give or take. You said Ryzen sales made up for seasonally lower GPUs in notebooks we have -- should have materially lower margins. I'm just amazed -- I'm just very surprised that the loss in the business barely got any better. Can you give us some indication for where Ryzen margins are today versus the product that they're replacing? And give us a little bit of color on why the CPU margins didn't actually get much better just given the ramp?

首先，我對[CSG]業務感到有點驚訝，您說——我的意思是，銷售額大致持平，環比增長，差不多。您說 Ryzen 的銷量彌補了筆記型電腦 GPU 季節性下降的影響——利潤率應該會大幅下降。我只是感到驚訝——我只是非常驚訝業務損失幾乎沒有任何改善。您能否告訴我們 Ryzen 目前的利潤率與其所取代的產品相比如何？能否稍微解釋一下為什麼 CPU 利潤率在提升之後並沒有顯著提高？

Yes, Stacy, maybe let me start and see if Devinder has some comments to add. I think certainly the rise in gross margins are substantially better than the legacy portfolio. So I think that is true. I think when you look at the sequential, there was 1% sequential decline, and there was a $7 million or $8 million sequential improvement in operating loss. There was also some additional R&D in that segment as we're ramping up both product expenses as well as some sales and marketing and go-to-market expenses in the quarter. Yes, so overall, it was as we expected. Maybe, Devinder, do you want to add to that?

是的，史黛西，也許讓我先看看德文德是否有一些評論要補充。我認為毛利率的成長肯定會比傳統投資組合好得多。所以我認為這是真的。我認為，當你看連續數據時，會發現連續下降了 1%，而營業虧損連續改善了 700 萬或 800 萬美元。由於我們在本季增加了產品費用以及一些銷售、行銷和上市費用，因此該部門也進行了一些額外的研發。是的，總的來說，正如我們預期的那樣。也許，Devinder，你想補充一下嗎？

Yes, I think the other thing I would add, Stacy, is on the Ryzen piece of it. The ASPs are better, the margins are better. And as you can see from a segment standpoint, we made some pretty good progress year-over-year from a viewpoint of the operating loss getting better or the results getting better year-over-year from a segment standpoint.

是的，Stacy，我想我要補充的另一件事是關於 Ryzen 的部分。平均售價更高，利潤率也更高。從細分市場的角度來看，我們取得了相當不錯的進展，無論是從經營虧損的改善，還是從細分市場的角度來看，業績的同比改善。

Got it. For my follow-up, I guess maybe it hints at the OpEx a little bit, but it looks like you're capitalizing your masks now. You took your CapEx side up by $60 million for the year. You went from $80 million to $140 million. Is that all the mask? And if so, were those mask costs actually in OpEx before? And if that's the case, have you actually taken your OpEx guide effectively up by $60 million for the year?

知道了。對於我的後續行動，我想也許它有點暗示了營運支出，但現在看起來你正在利用你的面具。今年您的資本支出增加了 6000 萬美元。你的財富從 8,000 萬美元增加到了 1.4 億美元。這些都是面具嗎？如果是這樣，這些掩模成本實際上之前包含在營運支出中嗎？如果是這樣的話，您實際上是否已經將今年的營運支出指南有效地提高了 6000 萬美元？

I think, 2 parts to it. First of all, on the mask piece, okay, you're right. The mask costs, as our product development becomes profitable, I think the mass costs have gone up. Especially with the latest technology, we went ahead and decided to capitalize the production mask set cost. From a geographic standpoint, the mask costs, but as they would have been an R&D previously, would be sitting in the COGS side of the P&L, and therefore, amortized in the COGS side related to the production of the unit. And the difference in the CapEx guidance, $80 million to $100 million, and $40 million is primarily the max costs.

我認為它分為兩部分。首先，關於面具的部分，好的，你是對的。口罩成本，隨著我們產品開發變得有利可圖，我認為整體成本已經上升了。特別是有了最新的技術，我們繼續前進並決定將生產掩模版套件成本資本化。從地理角度來看，掩模成本（但由於它們以前屬於研發）將位於損益表的 COGS 方面，因此將在與單位生產相關的 COGS 方面攤銷。資本支出指引中的差異，8,000 萬美元到 1 億美元，以及 4,000 萬美元主要是最高成本。

Got it. So what does that mean for, I guess, how you guys are tackling gross margin now if they would have been directly in the COGS before, and now they're being capitalized over time? Is that a margin -- I guess, effective margin boost even though it's not anything on the cash side? And if so, I guess, the same question then, why are margins down this quarter?

知道了。那麼，我想，如果毛利率以前直接計入銷貨成本，而現在隨著時間的推移而資本化，那麼這對你們現在如何處理毛利率意味著什麼呢？我想，這是否是一種利潤，儘管在現金方面沒有任何成長，但仍然是一種有效的利潤提升？如果是這樣，我想，同樣的問題，為什麼本季的利潤率下降了？

Well, I think margins, as Lisa said earlier, year-on-year, we're pretty pleased with the progress, 2 percentage points up. Q2 is a mix of the business, and then as we get to the end of -- to the second of the year, we'll see the full impact of, not just the Ryzen product, but also both Naples product that's coming up at the tail end of Q2, and then maybe into the second half of 2017.

嗯，我認為利潤率，正如麗莎之前所說，與去年同期相比，我們對這一進展感到非常滿意，增加了 2 個百分點。第二季是各項業務的混合體，然後，當我們進入年底時，我們將看到其全面影響，不僅是 Ryzen 產品，還有即將在第二季末推出的 Naples 產品，然後可能持續到 2017 年下半年。

Yes, Stacy, maybe I just want to clarify because I want to make sure that we were clear. So the masks were in OpEx and now they're going to be capitalized as they go into production. So they weren't in COGS before.

是的，史黛西，也許我只是想澄清一下，因為我想確保我們已經清楚了。因此，口罩屬於營運支出，現在它們將在投入生產時被資本化。所以他們之前沒有使用 COGS。

So you have effectively taken your OpEx up then, because it doesn't look like your OpEx is coming down by the same amount. So you're spending more?

因此，您實際上已經提高了營運支出，因為看起來您的營運支出並沒有下降相同的金額。所以你花的錢更多了？

Yes, I think it really is a full year statement, and I think it's a recognition of, as we transition from 14-nanometer to 7-nanometer, 7-nanometer masks are substantially more expensive than 14-nanometer. So I don't think you can exactly put it the way you put it. But I think -- overall, I think what we're trying to do is basically, as the masks sets becomes more sizable on the production level to capitalize them.

是的，我認為這確實是一個全年聲明，我認為這是一種認可，隨著我們從 14 奈米過渡到 7 奈米，7 奈米掩模的價格比 14 奈米高得多。所以我不認為你能準確地按照你的說法來表達。但我認為——總的來說，我認為我們正在嘗試做的基本上是，隨著面具在生產水平上變得越來越大，以利用它們。

Our next question today is coming from Ambrish Srivastava from BMO Capital Markets.

今天的下一個問題來自 BMO 資本市場的 Ambrish Srivastava。

Yes, I actually wanted to just continue with the discussion on margins. So would the margin profile then as we exit the year, should we expect margins -- gross margins to trend up for the second half versus what you reported, i.e., or what you're guiding to, i.e., would that be the lowest point for the year? And then I have a follow-up.

是的，我實際上只是想繼續討論利潤問題。那麼，當我們結束這一年時，利潤率狀況如何？我們是否應該預期下半年的利潤率 - 毛利率將相對於您所報告的或您所指導的水平呈上升趨勢，即這是否是今年的最低點？然後我有一個後續問題。

Yes, Ambrish, I think you should expect that we will expand margins as we go through the year. We do have this mix effect between semi-custom and new product revenue. But certainly, our exit velocity as we ended the year, we should see -- when you compare year-on-year sort of Q4 '17 to Q4 '16, you should see the margin expansion.

是的，Ambrish，我想你應該預料到，隨著時間的推移，我們的利潤率會不斷擴大。我們確實存在半客製化和新產品收入之間的混合效應。但可以肯定的是，當我們在年底時看到我們的退出速度時——當您將 2017 年第四季與 2016 年第四季的同比情況進行比較時，您應該會看到利潤率的擴大。

Okay, and then for my follow-up, in your full year guide, on the top line, now you're giving a -- you're quantifying it versus what you had before. I just wanted to get a little bit more clarity or to the extent you guys can share on the assumptions that you have baked in there for the various segments.

好的，然後作為我的後續問題，在您的全年指南中，在頂行，現在您給出了 - 您將其與之前的內容進行了量化。我只是想更清楚地了解一下，或者說，你們可以分享一下你們針對各個部分所提出的假設。

Yes, so the full year guide is low double-digit revenue growth, '17 to '16. I think, given our product portfolio being very much influenced by the PC -- the Ryzen in PCs, Vega for GPUs as well as Naples from a server standpoint, we expect that the Computing and Graphics segment will be -- will grow more so than the EESC segment overall on a year-over-year basis, just given some of the consumer markets move faster than some of the data center and server markets.

是的，因此全年指引是 2017 年到 2016 年收入將達到低兩位數成長。我認為，鑑於我們的產品組合受到 PC 的極大影響——PC 中的 Ryzen、GPU 中的 Vega 以及伺服器角度的 Naples，我們預計計算和圖形部門的同比增長將高於 EESC 部門的整體增長，因為一些消費市場的發展速度快於一些資料中心和伺服器市場。

Our next question today is coming from Hans Mosesmann from Rosenblatt Securities.

我們今天的下一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Lisa, can you give us a sense of the introduction of Naples into the second half and next year? Is that going to reflect or be similar to what you're doing with the Ryzen 7 and then 5 and then 3? And I have a follow-up.

麗莎，你可以跟我們介紹一下那不勒斯下半年和明年的情況嗎？這是否會反映或類似於您對 Ryzen 7、5 和 3 所做的事情？我還有一個後續問題。

Sure. So look, we're really pleased with where we are with the Naples program right now. Overall, from a performance standpoint of the product and the customer engagements, it's going as we would expect. We will launch here in the second quarter. So we'll start some low-volume of revenue shipments here in the second quarter that will ramp gradually into the second half of the year. And so overall, I think that is how the server outlook will be. I think I have said before, and I did still say, that the server market has a longer design win to revenue conversion cycle. And so we would expect it to take a couple quarters for us to ramp the Naples product over time. And you should see a number of customers announcing with AMD platforms over the next couple quarters.

當然。所以，看，我們對那不勒斯計劃目前的進展感到非常滿意。總體而言，從產品性能和客戶參與度的角度來看，一切都如我們預期的那樣。我們將於第二季度在這裡推出。因此，我們將在第二季開始進行一些小批量的收入出貨，並在下半年逐步增加。總的來說，我認為伺服器的前景將會如此。我想我以前說過，而且我現在仍然在說，伺服器市場的設計成功到收入的轉換週期更長。因此，我們預計需要幾個季度的時間來逐步提升那不勒斯產品的銷售量。在接下來的幾個季度中，您將看到許多客戶宣布採用 AMD 平台。

Great. And then as a follow-up on the server side, what's the strategy in terms of positioning of the product? I mean, traditionally, in most cases, it's been more of, like, a me-too product at the low end of the market. What's the strategy here? If you can share that with us.

偉大的。那麼作為伺服器端的後續，產品定位方面的策略是什麼？我的意思是，傳統上，在大多數情況下，它更像是低端市場上的同類產品。這裡的策略是什麼？如果您能與我們分享的話。

Yes. So we believe we're highly differentiated with Naples in the sense that we have more cores, we have more memory bandwidth, we have more I/O than our competition. So for certain workloads, I think Naples is going to do very, very well, certainly, in the cloud as well as in certain HPC workloads and big data workloads that can use all of that memory and I/O bandwidth. We will be talking more about the positioning of Naples and the key workloads as we go through the next couple of months prior to launch. But certainly, we feel that it's, again, like Ryzen, on the strength of the Zen core, we have a very, very strong foundational product. And now it's about making sure that we help our customers get to market.

是的。因此，我們相信我們與 Naples 有很大差異，因為我們比競爭對手擁有更多核心、更多記憶體頻寬、更多 I/O。因此，對於某些工作負載，我認為 Naples 的表現會非常非常好，尤其是在雲端以及可以使用所有記憶體和 I/O 頻寬的某些 HPC 工作負載和大數據工作負載。在發布前的幾個月裡，我們將更多地討論那不勒斯的定位和主要工作量。但可以肯定的是，我們再次感覺到，就像 Ryzen 一樣，憑藉 Zen 核心的優勢，我們擁有非常非常強大的基礎產品。現在我們要確保幫助我們的客戶進入市場。

Our next question today is coming from John Pitzer from Crédit Suisse.

我們今天的下一個問題來自瑞士信貸的約翰‧皮策。

Yes, guys, can you hear me?

是的，夥伴們，你們聽得到我說話嗎？

Yes, John.

是的，約翰。

Lisa, can you hear me?

麗莎，妳聽得到我說話嗎？

Yes, go ahead.

是的，請繼續。

Yes. Just quickly, Lisa, given that mix is now becoming quite important in trying to understand gross margin, I'd be kind of curious, what percent of your compute business in the March quarter was based on Ryzen? And I guess, if you assume that all of it transitions to Ryzen eventually, had that occurred in the March quarter, can you give us an understanding of how much better gross margins would have been? And then I have a follow-up.

是的。麗莎，簡單說一下，考慮到組合現在對於了解毛利率變得非常重要，我有點好奇，三月季度您的計算業務有多少百分比是基於 Ryzen 的？我想，如果您假設所有產品最終都會轉向 Ryzen，如果這發生在 3 月份季度，您能否讓我們了解毛利率會提高多少？然後我有一個後續問題。

All right, John, that might be hard for me to answer very specifically. But let me give you the high-level view. So, look, we started selling Ryzen on March 2, and a good piece of it was basically for us positioning into the distributors. We take revenue on a sellout model, and so you should think about -- although we shipped a number of Ryzens, we didn't necessarily revenue them all in the quarter, just given that we're on a sellout model for our revenue recognition. In terms of where we are in the transition, Ryzen, non-Ryzen, we still have a long ways to go. I mean, the way you should think about it is Ryzen 7 was at the very high end. We're going to -- Ryzen 5 has started, we have Ryzen 3 that will come next and then we have the entire mobile portfolio as well. So it will take us through this year to really transition the majority of the product over to Ryzen. I think everything that we've seen, the ASP uplifts are definitely very beneficial. And so we're pleased with sort of the pricing that we're commanding for the product and the reception for the product. So I think it's just that it will take us a couple quarters to transition the overall portfolio over to Ryzen.

好的，約翰，我可能很難具體地回答這個問題。但請讓我給你高層次的觀點。所以，你看，我們從 3 月 2 日開始銷售 Ryzen，其中很大一部分基本上是為了讓我們定位到經銷商。我們採用銷售模式來獲取收入，因此您應該考慮一下——儘管我們出貨了一些 Ryzen，但我們並不一定在本季度就將它們全部收入囊中，因為我們採用銷售模式來確認收入。就我們在轉型中所處的位置而言，無論是 Ryzen 還是非 Ryzen，我們還有很長的路要走。我的意思是，你應該這樣想，Ryzen 7 處於非常高端的水平。我們將推出 Ryzen 5，接下來將推出 Ryzen 3，然後我們也會推出整個行動產品組合。因此，我們需要用今年的時間才能將大部分產品真正過渡到 Ryzen。我認為我們所看到的一切，平均售價的提升絕對是非常有益的。因此，我們對該產品的定價和反應感到滿意。所以我認為我們只需要幾個季度的時間就可以將整體產品組合轉移到 Ryzen。

Well, Lisa, as a follow-up to that, I know you guys are coming up with an Analyst Day next month and some of these targets might change. But to the extent that your old gross margin target was sort of 36% to 40%, I'm just kind of curious to what extent can you get to that sort of 38% midpoint just by moving your current market share mix towards Ryzen? And to what extent does getting to 38% or above imply either market share gains in the compute business on the desktop notebook side or on the server side? How do I think about that dynamic?

好吧，麗莎，作為後續行動，我知道你們下個月將舉行分析師日，其中一些目標可能會改變。但是，鑑於您之前的毛利率目標是 36% 到 40%，我只是有點好奇，僅通過將您目前的市場份額組合轉向 Ryzen，您能在多大程度上達到 38% 的中間點？達到 38% 或以上在多大程度上意味著桌上型筆記型電腦或伺服器運算業務的市佔率增加？我如何看待這種動態？

So the long-term guidance at 36% to 40%, I think we have multiple ways of getting there. Certainly, on the PC side, it is not anticipating that we gain a significant amount of share over our historical numbers. So I think the idea on the PC side is, again, I think 2017, a large percentage of the margin story is around PCs. I think as you go into 2018, you'll see a larger percentage of that be in servers. But to the fundamental question, I think we feel good that the mix dynamics are there, the product is strong enough to command the right ASPs that we can get to the long-term margin target several different ways.

因此，長期指導目標是 36% 至 40%，我認為我們有多種方法可以實現這一目標。當然，在個人電腦方面，我們並沒有預期會比歷史數據獲得顯著的市場佔有率。因此，我認為 PC 方面的想法是，我認為 2017 年，利潤故事的很大一部分都與 PC 有關。我認為，隨著進入 2018 年，你會看到伺服器中的佔比會更大。但對於根本問題，我認為我們對混合動態感到滿意，產品足夠強大，可以控制正確的 ASP，我們可以透過幾種不同的方式實現長期利潤目標。

Our next question today is coming from Vivek Arya from Bank of America Merrill Lynch.

我們今天的下一個問題來自美銀美林的 Vivek Arya。

Lisa, for my first one, back to Ryzen. When I look at your Q2 outlook, it's going up about $170 million or so sequentially. And when I look at the last few years, generally Q1 to Q2, just the console side, has gone up over $100 million or so. So is it fair to assume that Ryzen perhaps is contributing something in that $50 million, $60 million, $70 million? And if that is the case, how does that compare to your original expectations? Did they change throughout the quarter because of whatever pricing action [people] might have taken? Just that this $50 million, $60 million, $70 million, if this is right, is this a run rate number for Ryzen? Or how should we put this in the context of what Ryzen can be as it becomes a bigger part of your portfolio?

Lisa，這是我的第一個，回到 Ryzen。當我查看您的第二季度展望時，它環比增長了約 1.7 億美元。當我回顧過去幾年時，一般來說，第一季到第二季度，光是遊戲機方面就成長了 1 億多美元左右。那麼，是否可以公平地假設 Ryzen 可能在那 5000 萬美元、6000 萬美元、7000 萬美元中做出了一些貢獻？如果確實如此，那與您最初的預期相比如何？由於人們採取的任何定價行動，它們在整個季度中是否發生了變化？只是這 5000 萬美元、6000 萬美元、7000 萬美元，如果這是正確的，這是 Ryzen 的運行率數字嗎？或者，當 Ryzen 成為您的產品組合中更重要的一部分時，我們應該如何看待它？

Sure. So without commenting on the exact numbers between semi-custom and Ryzen, I think it's fair to say that the semi-custom business will have a reasonable ramp in the second quarter as will Ryzen. In terms of relative to our expectations, it's actually very close to our expectations of what we expected the ramp rate to be as we're going into this new segment. As I think I mentioned on one of the previous questions, we don't expect to be at peak run rate in the second quarter. I think we will be continuing to ramp Zen-based product in the PC business throughout the year as we bring more and more SKUs online. And so I think the second quarter is -- will certainly be higher than the first quarter, and I would expect the second half to be higher than what we're seeing in the second quarter, as we ramp more and more SKUs, as more OEM platforms come online. As you guys know, the PC business is -- it tends to be a very back-half loaded business. So as we get into back to school, the retail segments and holiday, you would expect that both channel and OEM PC sales to benefit from the stronger product portfolio.

當然。因此，在不評論半客製化和 Ryzen 之間的確切數字的情況下，我認為可以公平地說，半客製化業務將在第二季度實現合理的成長，Ryzen 也是如此。就我們的預期而言，它實際上非常接近我們對進入這一新領域時預期的成長速度的預期。我想我在之前的一個問題中提到過，我們預計第二季的運行率不會達到高峰。我認為，隨著我們上線越來越多的 SKU，我們將在全年的 PC 業務中繼續推出基於 Zen 的產品。因此，我認為第二季度的業績肯定會高於第一季度，而且我預計下半年的業績也會高於第二季度，因為我們將推出越來越多的 SKU，越來越多的 OEM 平台上線。如你所知，個人電腦業務往往是一個非常後半程負荷的業務。因此，當我們進入返校季、零售季和假期時，您會期望通路和 OEM PC 銷售都將受益於更強大的產品組合。

Got it. And as my follow-up, how do you feel about the PC gaming market for this year? I know just near term, there have been some concerns about excess-GPU inventory in China. Have you -- are those concerns based on fact? Or are they just perception? And have you seen anything abnormal in the demand or supply for PC-GPU product, in any region or any customer segment?

知道了。接下來，您對今年的 PC 遊戲市場有何看法？我知道近期人們對中國 GPU 庫存過剩有一些擔憂。您的這些擔憂是基於事實的嗎？或者它們只是感知？您是否發現任何地區或任何客戶群對 PC-GPU 產品的需求或供應出現異常？

Yes, on the GPU side, we actually haven't seen anything abnormal. We normally see the seasonality going from the Q4 to Q1, that sales go down. We saw something very normal to that. From an inventory standpoint, we think it's normal to maybe even slightly lean because we were going through a transition from our 400 series to 500 series. So we see the gaming segment as healthy.

是的，在GPU方面，我們實際上沒有看到任何異常。我們通常看到從第四季到第一季的季節性變化，銷售額下降。我們看到了一些非常正常的事情。從庫存的角度來看，我們認為略微精簡是正常的，因為我們正在從 400 系列向 500 系列過渡。因此我們認為遊戲領域是健康的。

And any comment for the full year? Last year -- last, actually, couple of years have been quite strong in PC gaming. I know you probably may not quantify it, but just how do you feel about the overall PC gaming market? Do you think the trend persists in terms of both unit and pricing expansion this year?

對全年有什麼評論嗎？去年——實際上，過去幾年，PC 遊戲發展相當強勁。我知道您可能無法量化它，但您對整個 PC 遊戲市場有何看法？您認為今年的銷售和價格擴張趨勢會持續下去嗎？

Yes. From what we see, I think we feel good about the gaming segment overall. Graphics continues to be a strong segment. For, us it's not just a channel business, but it's the ramp of our OEM business. So we have a number of new OEM systems that are also ramping here in the first half of the year. As it relates to ASPs, we are excited with the launch of Vega that will see a significant improvement in our ASPs, just given our current presence in the high-end segment of the GPU market. So yes, overall, I think we feel good about the market.

是的。從我們所看到的情況來看，我認為我們對遊戲領域整體感覺良好。圖形仍然是一個強勁的領域。對我們來說，這不僅是一個通路業務，更是我們的 OEM 業務的提升。因此，我們有許多新的 OEM 系統也在今年上半年開始投入使用。就 ASP 而言，我們對 Vega 的推出感到非常興奮，鑑於我們目前在 GPU 市場高端領域的地位，它將顯著提高我們的 ASP。所以是的，總的來說，我認為我們對市場感覺很好。

Our next question today is coming from Blayne Curtis from Barclays.

我們今天的下一個問題來自巴克萊銀行的布萊恩柯蒂斯。

Actually 2 related ones. Just wanted to go back to the OpEx in terms of, not only is it up sequentially but then you're getting extra from the move of the mask sets. Can you just talk about where that OpEx dollars are going? And if it's, in fact, servers, can you just talk about the spend required to get at the market? And then just I wanted to clarify on the expense, it should hit gross margin, but can you just talk about 7-nanometer as a whole and timing as those would come through? Is it a back -- is the CapEx back-end loaded when you're doing the $140 million? And then just talk about the impact to the gross margin with the higher 7-nanometer spend now hitting gross margin.

實際上是 2 個相關的。只是想回到營運支出方面，它不僅是連續上升的，而且你還可以從掩模組的移動中獲得額外的收益。您能談談這些營運支出的去向嗎？如果確實是伺服器，您能否談談進入市場所需的支出？然後我想澄清一下費用，它應該會影響毛利率，但您能否談談 7 奈米的整體情況以及它實現的時間？這是一個後盾——當你投入 1.4 億美元時，資本支出後端是否已加載？然後談談 7 奈米支出增加對毛利率的影響，現在這會影響毛利率。

Yes. Maybe let me start on the OpEx and then have Devinder comment on the second piece of the question. So on the OpEx, we are making targeted investments in several different areas. The key areas are in GPUs and server. And it's both on the R&D side as well as on some go to market. So from our standpoint, these are very strong products. We want to make sure that we have enough customer resources to help our customers ramp into production. So I think they're targeted investments, but as we've been in the past, we'll be very prudent with where the OpEx goes. And then relative to the...

是的。也許讓我先從 OpEx 開始，然後讓 Devinder 對問題的第二部分發表評論。因此，在營運支出方面，我們正在幾個不同的領域進行有針對性的投資。關鍵領域是 GPU 和伺服器。它既涉及研發方面，也涉及行銷方面。因此從我們的角度來看，這些都是非常強大的產品。我們希望確保擁有足夠的客戶資源來幫助我們的客戶投入生產。所以我認為它們是有針對性的投資，但正如我們過去一樣，我們會非常謹慎地決定營運支出的去向。然後相對於...

I think the CapEx, you asked about the front end -- back end. I think it's pretty balanced. Maybe it's about $40 million, $60 million, first half, second half to $140 million, but it's pretty balanced.

我認為您詢問的是資本支出，即前端和後端。我認為它相當平衡。可能大約是 4000 萬美元、6000 萬美元，上半年是 1.4 億美元，但相當平衡。

Then just in terms of the impact to the gross margin as the mask sets roll through?

那麼，就面罩組的推出對毛利率的影響而言？

They're all contemplated. I think we've had a lot of discussion on the gross margin improvement year-over-year and sequentially. And Lisa has referenced about improving gross margins as we go through the year and the move of the other expenses from the OpEx side related to the mask costs capitalization to the COGS side of it, which impacts gross margin, is all contemplated in that gross margin improvement.

這些都是經過深思熟慮的。我認為我們已經對毛利率的逐年和環比改善進行了很多討論。Lisa 提到，隨著我們全年的經營，毛利率會不斷提高，而將與掩模成本資本化相關的營運支出方面的其他費用轉移到銷貨成本方面，這些都會影響毛利率，而這些都包含在毛利率的提高中。

Our next question is coming from Joseph Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫·摩爾。

I wonder if you could talk about what the CPU mix looks like over the course of the year. And you've talked a lot about the Ryzen ramp, but what's happening to the older products? Do you see a long tail on that? Or is there a coexistence between the 2 product portfolios? Or are you sort of rotating everything to Ryzen on a faster basis?

我想知道您是否可以談談今年的 CPU 組合情況。您已經談論了很多關於 Ryzen 升級的事情，但是舊產品的情況如何？您看到那條長尾巴了嗎？或者這兩個產品組合是否共存？或者您正在以更快的速度將所有東西輪換到 Ryzen？

Yes. So, Joe, the way to think about that is for the Ryzen 7 and a good portion of the Ryzen 5, we really didn't have a competing product in that segment, so it's really additive. I mean, we've actually added [SAM] to our CPU market coverage. The legacy products will continue in the market. They would certainly continue through this year, and that's all contemplated in the model. So we feel that they're very complementary products. And different geographies move at different rates. We have still a significant installed base of motherboards out there from our previous generation, so we'll keep supporting both products.

是的。所以，喬，對於 Ryzen 7 和 Ryzen 5 的很大一部分來說，我們應該考慮這一點，我們在這個領域確實沒有競爭產品，所以它真的具有附加性。我的意思是，我們實際上已經將 [SAM] 添加到我們的 CPU 市場覆蓋範圍中。傳統產品將繼續在市場上銷售。它們肯定會持續到今年，而這一切都已在模型中考慮到。因此我們認為它們是非常互補的產品。不同地區的移動速度也不同。我們上一代主機板的市場佔有率仍然很高，因此我們將繼續支持這兩款產品。

Okay, great. That's helpful. And then as you've talked about getting better Ryzen penetration over the course of the year, how do you think about Intel's new products in the back half? And you know, they've talked about sort of a 15% performance per clock improvement on their new 14-nanometer product. Is that contemplated in your guidance? And how are you thinking about the Ryzen products stacking up against that?

好的，太好了。這很有幫助。然後，正如您所說，Ryzen 在一年內將獲得更好的滲透率，您如何看待英特爾下半年的新產品？你知道，他們談到了其新的 14 奈米產品每時脈性能提高 15%。您的指導中是否考慮到了這一點？您認為 Ryzen 產品與之相比如何？

Yes. So we're very pleased with where the Ryzen product is positioned now. We think, from a value proposition standpoint, performance, performance per dollar, it's very strong. We obviously have -- other products are -- we're going to be launching throughout the year to ensure that we have strong product positioning throughout the year. And I think the more important thing, Joe, and we'll talk more about this at our Financial Analyst Day, is we have a long-term road map, whether you're talking about PCs or GPUs or servers, to ensure that we continue to refresh our product plans and our product road maps over time. So I think we feel good about where we are positioned today and we're going to ensure that we continue to roll out products to strengthen that positioning over time.

是的。因此，我們對 Ryzen 產品目前的定位非常滿意。我們認為，從價值主張的角度來看，性能、每美元的性價比都非常高。我們顯然有其他產品——我們將全年推出，以確保我們全年擁有強大的產品定位。喬，我認為更重要的是，我們有一個長期路線圖，無論你談論的是個人電腦、GPU 還是伺服器，以確保我們隨著時間的推移不斷更新我們的產品計劃和產品路線圖，我們將在財務分析師日上詳細討論這個問題。因此，我認為我們對目前的定位感到滿意，並且我們將確保繼續推出產品以加強這一定位。

Our final question today is coming from Chris Rolland from Susquehanna.

今天的最後一個問題來自薩斯奎哈納的克里斯羅蘭 (Chris Rolland)。

I wanted to ask about the staggered launch to the major PC OEMs. Was that like just a modest supply constraint on the rollout? Or if not, then why not just launch to the enthusiast and the major PC OEM market together? And do you plan to do the same on Ryzen 5 and 3?

我想詢問一下針對主要 PC OEM 廠商的分階段發布情況。這是否只是對產品推出的適度供應限制？或者如果不是，那麼為什麼不直接向發燒友和主要 PC OEM 市場同時推出呢？您是否計劃在 Ryzen 5 和 3 上做同樣的事情？

Yes, Chris. So there was no particular supply constraint. I think it's more of the ebb and flow of the market. When you think about the channel market or the DIY market, you can basically introduce your product any time during the year. The OEMs have a very set cycle. They typically launch new products in Q2 for the back-to-school season, and so that was just the timing of when the OEM platforms were ready. And then again, when you're launching so many different SKUs, I think launching Ryzen 7 first, then Ryzen 5, then Ryzen 3 was absolutely our plan to make sure that we hit all of the logistics and stuff on plan. But overall, like I said, nothing different than what we expected. I think we're pleased with where -- the overall launches, and we'll be rolling out many more products over the coming quarters.

是的，克里斯。因此不存在特殊的供應限制。我認為這更多的是市場的起伏。當您考慮通路市場或 DIY 市場時，您基本上可以在一年中的任何時候推出您的產品。OEM 有一個非常固定的周期。他們通常在第二季度推出新產品以迎接返校季，因此這正是 OEM 平台準備就緒的時間。再說一次，當你推出這麼多不同的 SKU 時，我認為首先推出 Ryzen 7，然後是 Ryzen 5，然後是 Ryzen 3，絕對是我們的計劃，以確保我們按計劃完成所有物流和工作。但總的來說，就像我說的，與我們預期的沒有什麼不同。我認為我們對整體發布感到滿意，並且我們將在未來幾季推出更多產品。

Thank you, Lisa. Thanks, everybody. And thank you to everyone on the call who joined us today. We look forward to speaking with you again. As a reminder, our Financial Analyst Day will be Tuesday, May 16, at our corporate headquarters in Sunnyvale. We look forward to speaking with you again. Thank you.

謝謝你，麗莎。謝謝大家。感謝今天參加電話會議的所有人。我們期待再次與您交談。提醒一下，我們的財務分析師日將於 5 月 16 日星期二在我們位於桑尼維爾的公司總部舉行。我們期待再次與您交談。謝謝。

Thank you. That does concludes 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，祝您有美好的一天。我們感謝您今天的參與。