超微半導體 (AMD) 2017 Q2 法說會逐字稿

Greetings, and welcome to Advanced Micro Devices Second Quarter 2017 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Laura Graves, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加 AMD 2017 年第二季電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，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 Second Quarter Conference Call. By now you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides. If you have not reviewed these documents, they can be found on AMD's website at ir.amd.com.

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

Participants on today's 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.

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。

I would like to highlight a few key dates for you. Mark Papermaster, Senior Vice President and Chief Technology Officer will present at the Canaccord Genuity Global Growth Conference on August 9; Raja Koduri, Senior Vice President and Chief Architect of Radeon Technologies Group, will present at the Jefferies Semiconductor, Hardware and Communications Infrastructure Summit on August 30; Forrest Norrod, Senior Vice President and General Manager of our Enterprise, Embedded and Semi-Custom Business group, will present at the Deutsche Bank Technology Conference on September 12. And our third quarter quiet time will begin at the close of business on Friday, September 15, 2017.

我想向你們強調幾個重要日期。資深副總裁兼技術長 Mark Papermaster 將於 8 月 9 日出席 Canaccord Genuity 全球成長會議； Radeon Technologies Group 資深副總裁兼首席架構師 Raja Koduri 將於 8 月 30 日出席 Jefferies 半導體、硬體與通訊基礎設施高峰會；我們企業、嵌入式和半數位化企業集團總裁兼任 12 日首席演講。我們的第三季靜默期將於 2017 年 9 月 15 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 measure in the press release and CFO commentary posted on our website at quarterlyearnings.amd.com.

此外，請注意，除了收入和分部營業收入或虧損（基於 GAAP）外，本次電話會議中我們將參考非 GAAP 財務數據。所引用的非 GAAP 財務指標與我們網站 quarterlyearnings.amd.com 上發布的新聞稿和 CFO 評論中最直接可比較的 GAAP 財務指標相協調。

Please refer to the cautionary statement 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 quarterly report on Form 10-Q for the quarter ended April 1, 2017.

請參閱今天的收益新聞稿和財務長評論中的警告聲明以了解更多資訊。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 2017 年 4 月 1 日的 10-Q 表季度報告。

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

現在，我將把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. Q2 was a strong quarter for us as we continued to ramp our high-performance product portfolio. Second quarter revenue increased 19% to $1.22 billion, and gross margin improved year-over-year. Importantly, we returned to non-GAAP net income profitability in the quarter, driven by strong growth in our Computing and Graphics segment.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。由於我們繼續擴大高性能產品組合，第二季對我們來說是一個強勁的季度。第二季營收成長19%至12.2億美元，毛利率較去年同期增加。重要的是，受計算和圖形部門強勁增長的推動，本季度我們恢復了非公認會計準則淨收入利潤。

Looking at our Computing and Graphics segment, we made excellent progress in the quarter and reported operating profitability for the first time in 3 years based on our leadership Ryzen processor and GPU product offerings. The expansion and growing adoption of our Ryzen CPUs, combined with our sixth consecutive quarter of double-digit year-over-year graphics revenue growth, resulted in a 51% increase in Computing and Graphics segment sales year-over-year.

縱觀我們的運算和圖形部門，我們在本季度取得了出色的進展，並憑藉我們領先的 Ryzen 處理器和 GPU 產品，三年來首次實現了營運盈利。我們的 Ryzen CPU 的擴展和日益普及，加上我們連續六個季度實現兩位數的同比增長，導致計算和圖形部門的銷售額同比增長 51%。

Client computing revenue increased by strong double-digit percentage from a year ago, driven by a significant ramp and strong sell-through of our Ryzen CPUs in the first full quarter of sales. Our Ryzen family of processors drove a richer mix of shipments, and client ASPs improved significantly from a year ago. All major PC OEMs have announced premium Ryzen-based desktop systems with widespread availability expected for the back-to-school and holiday seasons.

客戶端運算收入較去年同期實現了強勁的兩位數百分比成長，這得益於我們的 Ryzen CPU 在第一個完整季度的大幅成長和強勁的銷售。我們的 Ryzen 系列處理器推動了更豐富的出貨量組合，客戶 ASP 較一年前大幅提升。所有主要的 PC OEM 廠商都已宣布推出基於 Ryzen 的高階桌上型電腦系統，預計將在開學季和假期期間廣泛上市。

As we move into the second half of 2017, we are on track to complete the full family of Ryzen processors, including Ryzen 3 processors targeting the mainstream and value market segments with on-shelf availability later this week; Ryzen ThreadRipper products for the high-end desktop markets with global component channel availability in early August; Ryzen PRO-based offerings targeting the commercial client segment with availability in Q3; and Ryzen Mobile APUs, which will be available for the consumer market later this year.

隨著進入 2017 年下半年，我們預計將完成 Ryzen 處理器全系列的發布，其中包括針對主流和價值市場領域的 Ryzen 3 處理器，將於本週晚些時候上市； Ryzen ThreadRipper 產品面向高端台式機市場，將於 8 月初在全球組件渠道上市；基於 Ryzen PRO 的產品針對商業客戶群，將於第三季度上市；

In graphics, GPU revenue increased by a strong double-digit percentage from a year ago with higher unit shipments and ASPs driving growth across our desktop and mobile GPU products. Demand for Radeon RX GPUs was strong in the quarter driven by gaming and cryptocurrency mining.

在圖形方面，GPU 收入較去年同期實現了強勁的兩位數百分比增長，單位出貨量和平均售價的提高推動了我們桌面和行動 GPU 產品的成長。受遊戲和加密貨幣挖礦的推動，本季對 Radeon RX GPU 的需求強勁。

In June, we began the introduction of our Vega GPU architecture with the launch of the Radeon Vega Frontier Edition, delivering a powerful professional workstation graphics card designed to tackle demanding design, rendering and machine intelligence workloads. Apple announced that our Radeon Pro Vega product will power the new iMac Pro, a workstation-class product line designed for creators running the most demanding workflows. In addition, Apple also announced expanded iMac offerings, which are powered by the Radeon Pro 500 series.

6 月份，我們開始推出 Vega GPU 架構，並推出了 Radeon Vega Frontier Edition，這是一款功能強大的專業工作站顯示卡，旨在解決嚴苛的設計、渲染和機器智慧工作負載。蘋果公司宣布，我們的 Radeon Pro Vega 產品將為新款 iMac Pro 提供動力，這是一款工作站級產品線，專為運行最苛刻工作流程的創作者而設計。此外，蘋果也宣布了擴充的 iMac 產品線，搭載 Radeon Pro 500 系列處理器。

We will launch additional Radeon Vega products at Siggraph next week, expanding further into premium portions of the consumer and professional GPU markets.

我們將於下週在 Siggraph 上推出更多 Radeon Vega 產品，進一步擴展到消費者和專業 GPU 市場的高階領域。

Our investments in GPU compute and Radeon Instinct are continuing to build momentum. We introduced our first Vega-based Radeon Instinct data center products in June. These new GPU accelerators will significantly increase performance, efficiency and ease of implementation for machine learning and high-performance computing workloads.

我們對 GPU 運算和 Radeon Instinct 的投資正在持續增強。我們在 6 月推出了首款基於 Vega 的 Radeon Instinct 資料中心產品。這些新的 GPU 加速器將顯著提高機器學習和高效能運算工作負載的效能、效率和易實現性。

We also showcased a server powered by AMD's EPYC SoC and 4 Radeon Instinct MI25 accelerators, working together to deliver groundbreaking performance of 100 teraflops. Interest and excitement are high as we recently started shipments of our Radeon Instinct MI25 accelerators to strategic data center customers.

我們也展示了搭載 AMD EPYC SoC 和 4 個 Radeon Instinct MI25 加速器的伺服器，它們共同實現了突破性的 100 teraflops 效能。我們最近開始向策略資料中心客戶出貨 Radeon Instinct MI25 加速器，大家的興趣和興奮度很高。

Turning to our Enterprise, Embedded and Semi-Custom segment. Revenue declined 5% year-over-year and increased 44% sequentially. The sequential revenue gains were primarily based on higher semi-custom product shipments due to seasonality. In addition, we reached an important milestone in the quarter, delivering initial EPYC server revenue.

轉向我們的企業、嵌入式和半客製化領域。營收年減5%，季增44%。連續的收入成長主要基於季節性導致的半客製化產品出貨量增加。此外，我們在本季度達到了一個重要的里程碑，實現了 EPYC 伺服器的初始收入。

In our semi-custom business, unit shipments were up sequentially and down year-over-year as we enter the fifth year of the current game console sales cycle. This console cycle continues to outpace previous cycles as Sony recently passed a milestone of 60 million PlayStation 4 consoles shipped. Last month, Microsoft announced the new Xbox One X with availability in November. This system will be Microsoft's smallest and most powerful Xbox ever made and will be based on the combination of high-performance CPU and GPU IP that only AMD can provide.

在我們的半客製化業務中，隨著我們進入當前遊戲機銷售週期的第五年，單位出貨量較上季上升，年減。由於索尼最近突破了 6000 萬台 PlayStation 4 遊戲機出貨量的里程碑，這個遊戲機週期繼續超過之前的周期。上個月，微軟宣布新款 Xbox One X 將於 11 月上市。該系統將是微軟有史以來最小、功能最強大的 Xbox，並將基於只有 AMD 才能提供的高效能 CPU 和 GPU IP 組合。

As we look at the remainder of the year and given the maturity of the current game console cycle, we expect semi-custom revenue to be down for the full year.

展望今年剩餘時間，考慮到當前遊戲機週期的成熟度，我們預計全年半客製化收入將會下降。

In our server business, last month, we launched our EPYC family of high-performance data center processors, reentering the incredibly important $16 billion data center market and setting several new industry performance records. With up to 32 high-performance "Zen" cores and an unparalleled feature set, our EPYC family of processors deliver greater competitive performance at every price point across a full range of integer, floating point, memory bandwidth and I/O benchmarks and workloads. Our 2-socket and 1-socket EPYC CPUs are designed to deliver industry-leading performance on critical enterprise, cloud and machine intelligence workloads and provide a substantial TCO advantage.

在我們的伺服器業務中，上個月，我們推出了 EPYC 系列高效能資料中心處理器，重新進入極為重要的 160 億美元資料中心市場，並創下了多項新的產業效能記錄。我們的 EPYC 系列處理器配備多達 32 個高效能「Zen」核心和無與倫比的功能集，在各個價位上提供更具競爭力的效能，涵蓋全範圍的整數、浮點、記憶體頻寬和 I/O 基準和工作負載。我們的 2 插槽和 1 插槽 EPYC CPU 旨在在關鍵企業、雲端和機器智慧工作負載上提供業界領先的效能，並提供顯著的 TCO 優勢。

At our EPYC launch event, we were joined by more than 20 leading server manufacturers and global ecosystem partners who showcased optimized support and EPYC-optimized platforms. We received compelling endorsements from OEM, cloud providers and mega data center operators, including HP Enterprise, Dell, Baidu, and Microsoft Azure with more than 20 EPYC-based platforms announced at launch. And we expect an additional 20 EPYC platforms to be available in the second half of 2017. With the strong global ecosystem and customer interest we have built around our EPYC processor family, we are on track to reenter the data center market in a major way.

在我們的 EPYC 發布會上，我們與 20 多家領先的伺服器製造商和全球生態系統合作夥伴一起展示了優化的支援和針對 EPYC 優化的平台。我們獲得了 OEM、雲端供應商和大型資料中心營運商的大力支持，其中包括 HP Enterprise、戴爾、百度和 Microsoft Azure，並在發佈時宣布了 20 多個基於 EPYC 的平台。我們預計 2017 年下半年將有另外 20 個 EPYC 平台上市。憑藉我們圍繞 EPYC 處理器系列建立的強大的全球生態系統和客戶興趣，我們正朝著強勢方式重新進入資料中心市場的方向前進。

In closing, we are very pleased with the trend of our quarterly results and how our products are positioned heading into the back half of the year. Our business foundation and growth opportunities are strong based on our high-performance product portfolio and our expanding customer traction. Given our first half 2017 performance and our visibility into the third quarter, we are happy to report we are progressing ahead of our annual revenue guidance, and we look forward to a strong year overall.

最後，我們對季度業績的趨勢以及我們的產品在下半年的定位感到非常滿意。基於我們高效能的產品組合和不斷擴大的客戶吸引力，我們的業務基礎和成長機會十分強勁。鑑於我們 2017 年上半年的業績以及對第三季度的展望，我們很高興地報告，我們的進展超出了年度收入預期，並且我們期待全年業績表現強勁。

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

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

Thank you, Lisa, and good afternoon, everyone. For the second quarter of 2017, AMD revenue grew 19% and gross margin expanded on a year-over-year basis, driven by a 51% year-over-year revenue increase in our Computing and Graphics segment. We achieved non-GAAP profitability on both an operating and net basis with net income of $19 million and diluted earnings per share of $0.02. Let me provide more specifics for the quarter.

謝謝你，麗莎，大家午安。2017 年第二季度，AMD 營收成長 19%，毛利率年增，這得益於計算和圖形部門營收年增 51%。我們在營業和淨利潤上均實現了非公認會計準則盈利，淨收入為 1900 萬美元，每股攤薄收益為 0.02 美元。讓我提供本季的更多具體資訊。

Gross margin was 33%, up 2 percentage points year-over-year due to a richer product mix and a higher percentage of revenue from our Computing and Graphics segment, driven by the first full quarter of Ryzen processor sales. Operating expenses were $381 million compared to $342 million a year ago. The increase was due primarily to higher graphics and data center R&D-related investments.

毛利率為 33%，年增 2 個百分點，這得益於產品組合更加豐富以及計算和圖形部門的收入比例更高，這得益於 Ryzen 處理器第一季的銷售。營運費用為 3.81 億美元，而去年同期為 3.42 億美元。成長主要歸因於圖形和資料中心研發相關投資的增加。

Net licensing gain from our server JV with THATIC was $25 million compared to $26 million a year ago, and we have recognized a total of approximately $140 million of net licensing gain to date. The remaining payments are related to production milestones, and I expect it to occur in 2018 and beyond.

我們與 THATIC 成立的伺服器合資企業的淨許可收益為 2,500 萬美元，而去年同期為 2,600 萬美元，迄今為止，我們已確認淨許可收益總計約 1.4 億美元。剩餘付款與生產里程碑有關，我預計將在 2018 年及以後發生。

Operating income was $49 million in the second quarter of 2017, a significant improvement from an operating income of $3 million a year ago.

2017 年第二季的營業收入為 4,900 萬美元，較去年同期的 300 萬美元營業收入有顯著改善。

Second quarter net interest expense, taxes and other was $30 million, down from $43 million a year ago, primarily due to a lower overall interest rate and a lower debt balance. Net income was $19 million or diluted earnings per share of $0.02 as compared to a net loss of $40 million or loss per share of $0.05 a year ago. Adjusted EBITDA was $84 million compared to $36 million a year ago and $28 million in the prior quarter.

第二季淨利息支出、稅金及其他為 3,000 萬美元，低於去年同期的 4,300 萬美元，主要原因是整體利率較低且債務餘額較低。淨收入為 1,900 萬美元，即每股攤薄收益 0.02 美元，而去年同期淨虧損為 4,000 萬美元，即每股虧損 0.05 美元。調整後的 EBITDA 為 8,400 萬美元，而去年同期為 3,600 萬美元，上一季為 2,800 萬美元。

Now turning to the business segments. Computing and Graphics segment revenue was $659 million, up 51% year-over-year and up 11% sequentially. The year-over-year increase was driven by demand for our Ryzen desktop processors and graphics processors.

現在轉向業務部門。計算和圖形部門收入為 6.59 億美元，年增 51%，季增 11%。年比成長是由於我們對 Ryzen 桌上型電腦處理器和圖形處理器的需求所致。

Computing and Graphics segment operating income was $7 million, the first quarterly operating profit in 3 years, compared to a loss of $81 million a year ago. The significant improvement was primarily due to higher revenue and an improved product mix.

計算和圖形部門的營業收入為 700 萬美元，這是 3 年來首次實現季度營業利潤，而去年同期的虧損為 8,100 萬美元。這項顯著改善主要歸功於收入的增加和產品組合的改善。

Enterprise, Embedded and Semi-Custom revenue was $563 million, down 5% year-over-year, primarily due to lower semi-custom SoC sales. Revenue was up 44% sequentially due to the seasonal semi-custom ramp. Additionally in the quarter, we reached an important milestone and recognized initial revenue from EPYC data center processor shipments. Operating income was $42 million, down from $84 million a year ago due primarily to lower revenue and higher data center-related R&D investments.

企業、嵌入式和半客製化收入為 5.63 億美元，年減 5%，主要原因是半客製化 SoC 銷售額下降。由於季節性半客製化產量增加，營收季增 44%。此外，在本季度，我們達到了一個重要的里程碑，並確認了來自 EPYC 資料中心處理器出貨的初始收入。營業收入為 4,200 萬美元，低於去年的 8,400 萬美元，主要原因是收入下降和資料中心相關研發投資增加。

Turning to the balance sheet. Our cash, cash equivalents and marketable securities total $844 million at the end of the quarter compared to $943 million at the end of the prior quarter due primarily to changes in working capital, largely driven by wafer purchases in anticipation of stronger revenue growth in the third quarter. Inventory at the end of the quarter was $833 million, down slightly from the prior quarter of $839 million. Long-term debt on the balance sheet was $1.38 billion. Total principal debt, including our secured revolving line of credit, was $1.74 billion.

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 8.44 億美元，而上一季末為 9.43 億美元，這主要歸因於營運資本的變化，而這主要是由於預期第三季度收入增長更強勁而購買晶圓所致。本季末庫存為 8.33 億美元，較上一季的 8.39 億美元略有下降。資產負債表上的長期債務為13.8億美元。總本金債務（包括我們的擔保循環信用額度）為 17.4 億美元。

In Q2, we repurchased $40 million of term debt, utilizing our lower-cost secured revolving line of credit. Free cash flow was negative $94 million due primarily to changes in working capital largely driven by wafer purchases.

在第二季度，我們利用低成本的擔保循環信用額度回購了 4,000 萬美元的定期債務。自由現金流為負 9,400 萬美元，主要由於晶圓採購導致的營運資本變動。

Turning to our outlook for the third quarter of 2017, which is a 13-week quarter. We expect revenue to increase approximately 23% sequentially, plus or minus 3%. At the midpoint, this equates to revenue growth of approximately 15% year-over-year. We now expect annual 2017 revenue to increase a mid- to high-teens percentage year-over-year compared to our prior guidance of low double-digit growth, non-GAAP gross margin to be approximately 34%, non-GAAP operating expenses to be approximately $400 million, non-GAAP interest expense, taxes and other to be approximately $28 million and inventory to be down sequentially.

展望 2017 年第三季度，這是一個為期 13 週的季度。我們預計營收將比上一季成長約 23%，上下浮動 3%。從中間值來看，這相當於營收年增約 15%。我們現在預計，2017 年全年營收將年增 15% 至 16%，而我們先前預測的成長幅度為低兩位數，非 GAAP 毛利率約為 34%，非 GAAP 營運費用約為 4 億美元，非 GAAP 利息支出、稅金及其他費用約為 2,800 萬美元，庫存將環比下降。

Third quarter diluted share count for modeling non-GAAP EPS is expected to be approximately 1.14 billion. This includes shares related to our 2026 convertible senior notes and the warrant held by a Mubadala entity. Additional information regarding diluted share count calculation can be found in the CFO commentary.

根據非公認會計準則每股盈餘 (Non-GAAP EPS) 計算，預計第三季攤薄股份數量約為 11.4 億股。其中包括與我們的 2026 年可轉換優先票據相關的股份以及穆巴達拉實體持有的認股權證。有關稀釋股份數量計算的更多信息，請參閱首席財務官評論。

In closing, Q2 was a strong quarter, and our financial performance continues to improve. As Lisa shared in her remarks, our business continues to strengthen as we ramp new high-performance products and expand our presence in premium markets. We are pleased with the strong growth in revenue coupled with improving gross margin on the back of focused execution, financial discipline and ongoing strategic investments in the business.

總而言之，第二季表現強勁，我們的財務表現持續改善。正如麗莎在演講中所說，隨著我們推出新的高性能產品並擴大我們在高端市場的影響力，我們的業務繼續增強。我們很高興看到收入的強勁成長以及毛利率的提高，這得益於專注的執行、財務紀律和持續的業務策略投資。

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. Thank you, Devinder, and operator, we're ready for our first question to begin Q&A.

謝謝。謝謝 Devinder 和接線員，我們已經準備好開始問答環節的第一個問題了。

(Operator Instructions) Our first question today is coming from Mark Lipacis from Jefferies.

（操作員指示）我們今天的第一個問題來自 Jefferies 的 Mark Lipacis。

The question is on EPYC, and I'm hoping that you can provide us some more color about how the reception is going, how we should think about milestones going forward. And I'm wondering if you can tell us about the number of different trials or where you're seeing the most traction and when you would expect this to ship into production environment in the Super 7 cloud guys.

問題是關於 EPYC 的，我希望您能為我們提供更多有關其接受度如何以及我們應該如何思考未來里程碑的資訊。我想知道您是否可以告訴我們不同試驗的次數，或者您在哪裡看到了最大的吸引力，以及您預計何時將其投入 Super 7 雲的生產環境。

Sure, Mark. Thanks for your question. So we are very pleased with the reception to EPYC. The launch that we did in June was very well received. We had a number of customers as well as partners, OEM providers, ODM guys as well as cloud providers who participated in that. The general reception has been very positive. I would say that interest level is very high. In fact, we're adding additional customer support to really ensure that we help customers get their platforms up and running. In terms of what to expect in the revenue ramp, we started shipping early volume in the second half of June. We would expect that we'd continue to ramp that revenue in the second half of the year. We would expect some additional customer announcements in the second half of the year, and then, as we stated with both cloud and enterprise accounts, depending on their qualification cycles, it can take anywhere up to 4 quarters to qualify the parts. But so far, so good. I think very good traction, and we continue to lean in hard on the data center opportunities.

當然，馬克。謝謝你的提問。因此，我們對 EPYC 的接受度感到非常高興。我們六月的發表會受到了熱烈的歡迎。我們有許多客戶、合作夥伴、OEM 供應商、ODM 供應商以及雲端供應商參與其中。整體反應非常正面。我想說興趣程度非常高。事實上，我們正​​在增加額外的客戶支援，以真正確保我們能夠幫助客戶啟動和運行他們的平台。就營收成長預期而言，我們在六月下半月開始出貨早期產品。我們預計今年下半年我們的收入將持續增加。我們預計下半年會有一些額外的客戶公告，然後，正如我們在雲端和企業帳戶中所說的那樣，根據他們的資格認證週期，可能需要最多 4 個季度的時間來認證這些零件。但到目前為止，一切都很好。我認為這是一個非常好的牽引力，我們將繼續努力抓住資料中心的機會。

That's very helpful. And a follow-up if I may. You mentioned crypto as helping the GPU side. That can be a dual-edged sword, and I was wondering if you can help perhaps quantify like what that did to the upside. And is there any way to manage the risk of the minors breaking down their systems and putting it into the secondary market when the currency comes back down?

這非常有幫助。如果可以的話，我會進行後續跟進。您提到加密可以幫助 GPU 方面。這可能是一把雙刃劍，我想知道您是否可以幫助量化它對上行的影響。當貨幣回落時，有沒有辦法管理小型企業破壞其係統並將其放入二級市場的風險？

Sure, Mark. So certainly, the overall quarter for graphics was strong. Q2 tends to be seasonally down, and we were up in the quarter. So it was better than seasonal. I would say the better performance was due to 2 things. First of all, we did launch our RX 580 and 570 gaming cards in April, and those cards are very, very well positioned in the market. So they're doing well with gamers. Relative to cryptocurrency, we have seen some elevated demand. If you look at GPUs across the world, the inventory in the channel is actually quite lean, and so we're working on replenishing that inventory. Our priority though really is on our core market, which is the gaming market. And so couple of things that we are certainly doing are we're prioritizing supply towards the gaming market, so you'll see system integrators as well as on some of the major e-tailers, we have bundles with Ryzen and Radeon. And then some of our partners are also offering mining-specific cards that have a different feature set such that we're really segmenting the market between gaming and mining. But it's important to say we didn't have cryptocurrency in our forecast, and we're not looking at it as a long-term growth driver. But we'll certainly continue to watch the developments around the block chain technologies as they go forward.

當然，馬克。因此，毫無疑問，圖形產業整體季度表現強勁。第二季通常會出現季節性下滑，而我們本季的業績卻出現上漲。所以它比季節性的要好。我想說更好的表現歸功於兩件事。首先，我們確實在 4 月推出了 RX 580 和 570 遊戲卡，這些卡在市場上的定位非常非常好。因此他們在遊戲玩家中表現不錯。相對於加密貨幣，我們看到了一些需求的上升。如果你看看世界各地的 GPU，你會發現頻道中的庫存其實相當少，所以我們正在努力補充庫存。然而，我們的首要任務確實是我們的核心市場，也就是遊戲市場。因此，我們正在做的幾件事是優先向遊戲市場供應產品，因此您會看到系統整合商以及一些主要的電子零售商提供 Ryzen 和 Radeon 捆綁產品。然後，我們的一些合作夥伴還提供具有不同功能集的挖礦專用卡，以便我們可以真正將市場細分為遊戲和挖礦。但必須指出的是，我們的預測中沒有加密貨幣，我們也不將其視為長期成長動力。但我們肯定會繼續關注區塊鏈技術的發展。

Our next question today is coming from Matt Ramsay from Canaccord Genuity.

我們今天的下一個問題來自 Canaccord Genuity 的 Matt Ramsay。

Lisa, I wanted to ask a little bit about the longer-term road map in your businesses across the CPU and GPU side. It occurs to me, and through some of the conversations we've had, particularly in the enterprise markets of high-end desktop and server, that some of the purchasing decisions made by your customers might be sort of dictated by how confident they are in the long-term road map that you guys are putting together as you move to 7-nanometer versus just the products that you've launched so far. So maybe you could talk a little bit about the road maps, how they're developing and the progress that the team is seeing on the 7-nanometer front.

Lisa，我想問你們在 CPU 和 GPU 方面的業務的長期發展路線圖。透過我們進行的一些對話，特別是在高端桌上型電腦和伺服器的企業市場中，我發現，客戶做出的一些購買決定可能在某種程度上取決於他們對你們在邁向 7 奈米技術時所製定的長期路線圖的信心，而不是僅僅取決於你們迄今為止推出的產品。所以也許您可以談談路線圖、它們的發展以及團隊在 7 奈米方面的進展。

Sure, Matt. So look, I think the overall road map execution has been very good, very solid. I think our customers see that the Ryzen performance, the EPYC performance on the CPU side and then certainly the Vega performance on the GPU side have met our commitments. And the important thing, particularly in the enterprise market as well as the commercial market, having a road map, a strong road map with multiple generations is important. We stated at our Financial Analyst Day that we're already investing heavily in 7-nanometer. The 7-nanometer will be key for us on both the CPU and the GPU side, and I would say that development is progressing well. We're working with multiple foundries on that. We have multiple design teams that are working, and we expect that, that would give us a strong competitive road map for the next several generations.

當然，馬特。所以，我認為整體路線圖的執行情況非常好，而且非常紮實。我認為我們的客戶看到了 Ryzen 的效能、CPU 方面的 EPYC 的效能以及 GPU 方面的 Vega 的效能都滿足了我們的承諾。重要的是，特別是在企業市場和商業市場，擁有一份路線圖，一份涵蓋多代產品的強大路線圖非常重要。我們在財務分析師日上表示，我們已經在 7 奈米領域投入了大量資金。7 奈米對於我們的 CPU 和 GPU 都至關重要，我想說開發進展順利。我們正在與多家代工廠合作。我們有多個設計團隊正在努力，我們期望這將為我們的下幾代產品提供強大的競爭路線圖。

And a couple questions, quickly, for Devinder. The -- I guess, the first one is on share count. There was obviously some movement higher in the share count, either the -- in the in-the-money converts. Maybe you could talk us through, if you were modeling maybe your business on a long term, from an earnings power perspective, how would you think about modeling that share count? And then secondly, on the operating expense line, there's plenty to invest in here. But how should we think about that as we move through the year and into next year?

我快速向 Devinder 提幾個問題。我想，第一個是關於股份數量的。股票數量明顯增加，無論是價內轉換股票的數量。也許您可以向我們講講，如果您要對您的業務進行長期建模，從盈利能力的角度來看，您會如何考慮對股票數量進行建模？其次，在營運費用方面，有許多值得投資的地方。但是，當我們度過今年並進入明年時，我們應該如何思考這個問題？

Yes. Thank you, Matt. I think on the share count, basically, beyond the basic shares, the dilutive impact come from 3 components. You have the employee equity grants. You have the 75 million share warrant that we issued to Mubadala in 2016. And you have the 101 million shares underlying our $805 million convertible note. The good news is that you start making money and you get beyond inflection point. All of that gets included in dilute share count. So I think given what we have laid out as guidance, in particularly in the Financial Analyst Day, the assumption should be, as you model profitability in the company, those shares get included. We have provided color in the commentary, and for Q3, we are estimating that the total share count is about $1.14 billion (sic) [1.14 billion]. As far as the OpEx is concerned, we are obviously, with the strength in the business, performing stronger. We are making targeted investments, particularly in R&D. We have included and invested in targeted R&D areas. And also, in 2017, I think there are some employee-related performance incentives that are included in our current guidance given the fact that the business is performing stronger than anticipated. Lisa, anything you want to add?

是的。謝謝你，馬特。我認為，就股份數量而言，基本上，除了基本股份之外，稀釋影響來自三個因素。您有員工股權補助。您擁有我們在 2016 年向穆巴達拉發行的 7,500 萬股認股權證。我們的 8.05 億美元可轉換債券對應 1.01 億股股票。好消息是，你開始賺錢，並且超越了轉折點。所有這些都計入稀釋股份數。因此，我認為，根據我們所製定的指導方針，特別是在財務分析師日，假設應該是，當你為公司建模獲利能力時，這些股票會被納入。我們已經在評論中提供了細節，對於第三季度，我們估計總股票數量約為 11.4 億美元 [11.4 億]。就營運支出而言，我們顯然憑藉業務實力表現得更為出色。我們正在進行有針對性的投資，特別是在研發方面。我們已經納入並投資了有針對性的研發領域。此外，鑑於2017年業務表現強於預期，我認為我們目前的指導中包含了一些與員工相關的績效激勵措施。麗莎，您還有什麼要補充的嗎？

Yes. No, I think you covered it, Devinder. On the investment front, Matt, just to give you a little bit more color on that, I think we see tremendous opportunity in the data center around both CPU and GPU compute, and so we're taking the opportunity with some of the strength in the business to make sure we lean in to those resources and fully pay off the product investments.

是的。不，我想你已經涵蓋了，Devinder。在投資方面，馬特，只是為了給你更多細節，我認為我們在 CPU 和 GPU 計算方面的資料中心看到了巨大的機會，因此我們利用業務中的一些優勢來抓住機會，確保我們依靠這些資源並完全償還產品投資。

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。

Lisa, one for you first on the client ASPs. I know the Ryzen side, the mix had to go up, and those carry much better ASPs. But the client category as a whole, the ASPs went down. So if you just think about going forward, when do the size of the buckets work, that the Ryzen contribution will be big enough to offset whatever was the headwind against that in the second quarter?

Lisa，首先向您介紹一下客戶端 ASP。我知道 Ryzen 方面，混合必須上升，而且它們具有更好的 ASP。但從整個客戶類別來看，平均銷售價格下降了。因此，如果您只是考慮未來，那麼什麼時候儲存桶的大小才能發揮作用，Ryzen 的貢獻才足以抵消第二季度遇到的任何阻力？

Yes. Good question, Ross. When you take a look at our client business, think of it as desktop and mobile, and then within the desktop segment, it's channel and OEM. So Ryzen performed very well. I think the ASP contribution is very evident on the desktop line item. But when we look at where we are in the progression of the Ryzen rollout, we're still in the early innings. So we had our first full quarter of Ryzen desktop in the channel. The OEMs launched their desktop products in about mid-June, and so they just started selling at the end of June. And that will flow through into the second half of the year. And the mobile products are still our legacy products. So you saw the mobile ASPs were down slightly as we went from Q1 to Q2, and that was just a mix on some of the legacy business. But the desktop ASPs were quite strong, and we should expect that, as we go into the second half of the year and we have Ryzen really take off in the OEM sectors as well as once we introduce Ryzen Mobile towards the second half of the year, is when you'll see sort of more of the full portfolio over to Ryzen. Does that help?

是的。問得好，羅斯。當您查看我們的客戶業務時，請將其視為桌面和行動設備，然後在桌面領域中，它是頻道和 OEM。所以Ryzen的表現非常出色。我認為 ASP 的貢獻在桌上型產品上非常明顯。但當我們回顧 Ryzen 推出的進展時，我們仍處於早期階段。因此，我們在通路中推出了第一個完整季度的 Ryzen 桌上型電腦。OEM 廠商大約在六月中旬推出了他們的桌上型電腦產品，因此他們在六月底才開始銷售。而這一趨勢將持續到今年下半年。行動產品仍然是我們的傳統產品。因此，您會看到，從第一季到第二季度，移動平均售價略有下降，這只是一些傳統業務的影響。但桌面 ASP 相當強勁，我們應該預期，隨著我們進入下半年，Ryzen 在 OEM 領域真正起飛，以及一旦我們在下半年推出 Ryzen Mobile，你就會看到更多完整的 Ryzen 產品組合。這樣有幫助嗎？

It does. And a related follow-up on that is just transitioning those ASP and mix commentaries over to the actual gross margin. The full year revenue guidance is increased again. Just recently, you guys did it at the Analyst Meeting. Now you're doing it again, so that's clearly a positive. It seems like the C&G side of things is what's driving that given your commentary on the game console side being down. So given everything you just said about the mix improving in the back half of the year and the revenues now being higher, I'm a little surprised the gross margin guidance didn't change for the year. So if we translate everything you just said, Lisa, to a gross margin dynamic, can you help us kind of make all of that make sense as well?

確實如此。相關的後續行動就是將這些 ASP 和混合評論轉換為實際毛利率。全年營收預期再次上調。就在最近，你們在分析師會議上就這麼做了。現在你又這樣做了，這顯然是正面的。從您對遊戲機方面下滑的評論來看，似乎是 C&G 方面的事情導致了這種情況。因此，考慮到您剛才所說的有關下半年產品組合改善和收入增加的情況，我對今年的毛利率指引沒有變化感到有點驚訝。所以，麗莎，如果我們將你剛才說的所有內容轉化為毛利率動態，你能幫助我們讓所有這些都變得有意義嗎？

Yes. So I think you summarized the revenue guidance well. I think we see the Computing and Graphics business accelerating on the strength of the new products. We do have a bit of a year-over-year headwind when we compare game consoles. When you look at our Q3 margin guidance, we are certainly up year-over-year 3 points, and so I think that's the strength of the product portfolio. I think as we get into the Q4 guidance, we'll talk more about the margin progression, but the -- what we expected in terms of margin expansion with the premium products is certainly playing out, and that's helping the Q3 guide.

是的。所以我認為你很好地總結了收入指導。我認為我們看到計算和圖形業務憑藉新產品的強勁增長而加速發展。當我們比較遊戲機時，我們確實遇到了一些同比不利因素。當您查看我們的第三季利潤率指引時，您會發現我們的利潤率肯定比去年同期增長了 3 個百分點，因此我認為這就是產品組合的優勢。我認為，當我們進入第四季度指引時，我們會更多地談論利潤率的成長，但我們對高端產品利潤率擴張的預期肯定會實現，這對第三季指引有幫助。

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 whether your September guidance assumes any meaningful contribution from Vega sales for gaming in the September quarter?

您能否告訴我們，您的 9 月指引是否假設 Vega 銷售對 9 月季度的遊戲做出有意義的貢獻？

Yes, David. We will be launching Vega actually in a week at Siggraph, and yes, there will be -- Vega will be shipping into gaming, into professional workstations as well as into the GPU compute segment in the third quarter.

是的，大衛。實際上，我們將在一周後的 Siggraph 上推出 Vega，是的，Vega 將在第三季進入遊戲、專業工作站以及 GPU 運算領域。

And can you update us on your expectations for launch timing of Ryzen notebook chips and if you expect there to be revenues from Ryzen notebook in December?

您能否告訴我們您對 Ryzen 筆電晶片發佈時間的預期，以及您是否預計 12 月份 Ryzen 筆記本會帶來收入？

Yes. So Ryzen notebook is on track to launch for the holiday platform sales, and so you should see OEMs launching Ryzen Mobile for the holiday period. So yes, we will see revenue in the second half of the year.

是的。因此，Ryzen 筆記本預計在假日平台銷售期間推出，因此您應該會看到 OEM 在假期期間推出 Ryzen Mobile。所以是的，我們將在今年下半年看到收入。

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。

My question, first one was on free cash flow. It's negative again, and for the first half, minus $420 million if my math is right. So Devinder, when does free cash flow turn positive? And then I had a follow-up, please.

我的第一個問題是關於自由現金流。它再次為負數，如果我的數學正確的話，上半年為負 4.2 億美元。那麼 Devinder，自由現金流什麼時候會變成正數？然後我有一個後續問題，請。

Yes. I think 2016, if you go back and look at the full year, because of the seasonality of our business, we were positive. From a viewpoint of midpoint of 2017, we do see strength of the business. You're right. Cash is down with the changes in working capital, and it's largely driven by wafer purchases in support of the stronger second half and in particular, the stronger business that we are seeing. We expect cash to be up for the quarter -- this quarter and to be free cash flow positive for the year.

是的。我認為，如果回顧 2016 年全年，由於我們業務的季節性，我們是持樂觀態度的。從 2017 年中期來看，我們確實看到了業務的強勁勢頭。你說得對。現金隨著營運資本的變化而下降，這主要是由於晶圓採購推動的，以支持下半年更強勁的表現，特別是我們看到的更強勁的業務。我們預計本季現金將會增加，並且全年的自由現金流將為正值。

Okay. And then my follow-up is, Lisa, on the crypto question that Mark had asked earlier. I'm not sure you gave an answer to -- or maybe Mark didn't ask that. Are you seeing follow-on strength from that in the current quarter? And then why -- and we realize it's not a core part of your business. But why or why not this is not similar to what happened in '14?

好的。然後我的後續問題是，麗莎，關於馬克之前提出的加密問題。我不確定您是否給出了答案——或者也許馬克沒有問這個問題。您是否認為本季會出現後續強勁表現？那麼為什麼——我們意識到這不是您業務的核心部分。但為什麼這跟 2014 年發生的事情不一樣呢？

Sure, Ambrish. So I think, from an overall standpoint, we see strong demand in graphics for the third quarter. I think that's a mix of a couple things. That's a mix of gaming being seasonally stronger in the third quarter. That's a mix of inventories being very low in the channel, and there is a crypto -- probably a cryptocurrency component as well relative to overall demand. When we look at it as a whole though, we think that the growth in the business is really on the strength of the products and how the design wins, both OEM and -- as well as system integrators, are improving. Now how is it different than sort of a couple of years ago? I think we understand the market much better from the standpoint of the products are significantly stronger. And so if you look at the product portfolio, not just the current sort of Polaris or RX 5-series products but the Vega product coming in, really opens up a larger TAM for us. And we are working with our add-in-board partners to segment the markets in terms of the feature set that go into the cards as well as prioritizing some of the gamer ecosystems, so in terms of system integrator supply as well as bundling and OEM supply. So I think we are doing quite a bit to make sure that we protect against any downside as it relates to cryptocurrency, but overall, I would view it as GPUs are strong. And we see GPUs continuing to be strong, and so it's a great market to be in.

當然，安布里什。因此我認為，從整體角度來看，我們看到第三季對圖形的需求強勁。我認為這是多種因素共同作用的結果。這是由於第三季遊戲業務季節性表現強勁。這是由於頻道中的庫存非常低，並且存在加密貨幣——相對於整體需求而言，可能還存在加密貨幣成分。然而，當我們從整體來看時，我們認為業務的成長實際上取決於產品的實力以及設計的成功，OEM 和系統整合商都在不斷改進。現在與幾年前有什麼不同？我認為從產品實力顯著增強的角度來看，我們對市場的了解更加深入。因此，如果你看一下產品組合，你會發現不僅僅是當前的 Polaris 或 RX 5 系列產品，而且即將推出的 Vega 產品也確實為我們開闢了更大的 TAM。我們正在與我們的附加板合作夥伴合作，根據卡片中的功能集對市場進行細分，並優先考慮一些遊戲玩家生態系統，從而在系統整合商供應以及捆綁和 OEM 供應方面進行細分。因此我認為我們正在做很多工作來確保我們能夠防範與加密貨幣相關的任何不利因素，但總的來說，我認為 GPU 很強大。我們看到 GPU 持續保持強勁勢頭，因此這是一個很好的市場。

Our next question today is coming from Kevin Cassidy from Stifel.

我們今天的下一個問題來自 Stifel 的 Kevin Cassidy。

Maybe just as a follow-up to that. Inventories being down going into this quarter and with all your new product ramps, is that -- is it down mainly just because of GPUs? Or is there something else?

也許只是作為後續行動。本季庫存下降，隨著所有新產品的推出，庫存下降是否主要只是因為 GPU？還是有其他原因？

I think it's -- if you look at the inventory, in fact, if you look at it from my standpoint and the strength of the business, there's revenue growth, we are obviously buying wafers in support of the stronger revenue. Some of the ramp in new products does have an impact on the inventory and obviously, we want to support all of new product ramps. It's down marginally in the quarter, but I expect that in Q3 it will go down. And then we have previously guided down year-over-year, so I expect, when we end the year, it will be down in 2017 compared to 2016 while fully supporting the needs of the business.

我認為——如果你看一下庫存，事實上，如果你從我的角度來看業務實力，就會發現收入正在增長，我們顯然在購買晶圓以支持更強勁的收入。一些新產品的增加確實會對庫存產生影響，顯然，我們希望支持所有新產品的增加。本季略有下降，但我預計第三季還會下降。我們之前曾預測2017年的銷售額將年減，因此我預計，到今年年底，2017年的銷售額將比2016年有所下降，同時完全支持業務需求。

Okay. And is -- I guess for the server side, how do you -- how are you building inventory for that? Or is that a longer design cycle so that you don't really start building inventory?

好的。我想，對於伺服器端來說，您如何為其建立庫存？或者說設計週期更長，以至於您實際上不需要開始建立庫存？

I think the server side is -- yes. It's a smaller portion. I mean, the ramp in EPYC, as you probably heard us say, is slower than in other businesses. So from -- if you look at a total inventory, the server portion of inventory is not that huge.

我認為伺服器端是——是的。這是一個較小的部分。我的意思是，正如您可能聽到我們說的那樣，EPYC 的成長速度比其他業務要慢。因此，從總庫存來看，伺服器部分的庫存並不是那麼大。

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 question, if I go back in history, at one point, AMD had a 20%-plus share in server CPUs, and I appreciate we are far off from that point right now. But I just want to know conceptually what are you doing or can do to recreate those conditions? Or do you think the environment is very different this time around?

Lisa，對於我的第一個問題，如果回顧歷史，AMD 一度在伺服器 CPU 中佔有 20% 以上的份額，我知道我們現在離那個水平還很遠。但我只是想從概念上知道您正在做什麼或可以做什麼來重現這些條件？或者您認為這次的環境有很大不同？

Yes. Vivek, I think we are actually very pleased with sort of the conditions around the server market for us. I mean, it all starts with a good product or a great product, and so I think the EPYC product performance is very important. But I think the other conditions that are different and perhaps even more favorable than in the past is the fact that the cloud data center guys are making up such a large piece of the market, and they tend to move faster in their qualification cycles given the fact that they have sort of more control of their own software environment. So I think our differentiation is strong. I think we have -- we put out a product that is not only strong on basic CPU performance but also offers much more flexibility in terms of what you can do with memory and I/O. I think that value proposition is recognized by the customer set, so we certainly are looking to ramp the revenue as fast as possible.

是的。Vivek，我認為我們對伺服器市場的現狀感到非常滿意。我的意思是，一切都始於一款好的產品或一款偉大的產品，所以我認為 EPYC 產品的性能非常重要。但我認為其他條件與過去不同，甚至可能比過去更有利，那就是雲端資料中心廠商佔據瞭如此大的市場份額，而且由於他們對自己的軟體環境有更多的控制權，他們的資格認證週期往往更快。所以我認為我們的差異化很強。我認為我們已經推出了一款產品，它不僅具有強大的基本 CPU 效能，而且在記憶體和 I/O 方面也提供了更大的靈活性。我認為該價值主張得到了客戶群的認可，因此我們當然希望盡快提高收入。

Got it. And for my follow-up, as you're starting to become more competitive against Intel and NVIDIA, are you seeing any competitive response from them in terms of pricing or features or go-to-market strategy that you might need to respond to?

知道了。我的後續問題是，隨著你們開始與英特爾和 NVIDIA 展開更激烈的競爭，你們在定價、功能或市場進入策略方面是否看到他們做出任何你們需要應對的競爭反應？

Obviously, we continue to watch the competitive market. It's been an exciting market. Some would say that, from a product standpoint, there has been a bit of back-and-forth already. We feel good about how our products are positioned not just today but how they will be positioned over the next 18 to 24 months. And so we're going to be very focused on ensuring that we lead with the product message. Of course, there's a go-to-market element and all of that around that, but I think the competitive environment right now is very focused on product competitiveness.

顯然，我們會繼續關注競爭激烈的市場。這是一個令人興奮的市場。有人會說，從產品角度來看，已經存在一些重複。我們對我們的產品不僅目前的定位感到滿意，而且對它們在未來 18 到 24 個月內的定位也感到滿意。因此，我們將非常注重確保以產品資訊為主導。當然，這其中有進入市場的因素以及所有相關因素，但我認為目前的競爭環境非常注重產品競爭力。

And maybe a quick follow-up on that, Lisa, if I might. When Ryzen initially rolled out, I think some of the benchmarks and -- were not up to par. Have you seen an improvement in that? And as you -- especially as you roll out EPYC, are you seeing the ecosystem come and work around your products, so those benchmarks are not going to be an issue this time around?

如果可以的話，麗莎，我可以快速跟進這個問題。當 Ryzen 最初推出時，我認為一些基準測試並沒有達到標準。您覺得這方面有改善嗎？尤其是當您推出 EPYC 時，您是否看到生態系統圍繞著您的產品運作，所以這些基準這次不會成為問題？

Yes. So I think, Vivek, you're referring to when we initially launched Ryzen 7, there were some games, particularly in 1080p resolution, that were not as good as some of the higher resolution. And I believe we worked around a lot of that. We've seen game developers, content developers really sort of support the Ryzen ecosystem. I've actually been very happy with how they've jumped on the support of it. We have been continuing to improve the ecosystem. So if you look at the motherboards and if you look at the memory capability, they've significantly improved just in the last 3 or 4 months. I think you'll see, as we go through ThreadRipper launch, which is coming up very shortly, that the Ryzen ecosystem is strong. And as it relates to EPYC, I think the -- very similar comments. I think the ecosystem has been very supportive of the EPYC processor family, and so I don't see that as an issue.

是的。所以我認為，Vivek，你指的是當我們最初推出 Ryzen 7 時，有些遊戲，特別是 1080p 解析度的遊戲，不如一些更高解析度的遊戲好。我相信我們已經解決了很多問題。我們看到遊戲開發者、內容開發者確實支援 Ryzen 生態系統。事實上，我很高興他們能大力支持它。我們一直在不斷改善生態系統。因此，如果你看一下主機板並查看記憶體容量，你會發現它們在過去 3 或 4 個月內已經有了顯著的改進。我想，隨著我們即將推出的 ThreadRipper 的發布，您會看到 Ryzen 生態系統非常強大。至於與 EPYC 相關，我認為評論非常相似。我認為生態系統一直非常支援 EPYC 處理器系列，所以我認為這不是一個問題。

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

我們的下一個問題來自摩根士丹利的喬·摩爾。

Wonder if you could talk a little bit about -- as we think about EPYC for next year, how do you think we should frame that opportunity? Is it mostly a cloud -- sort of top-tier cloud customer that's going to drive that revenue? Is it sort of next level down of cloud customer going to drive significant revenue and then enterprise next year? I mean, how would you sort of bucket those 3 things in terms of where the EPYC potential lies?

想知道您是否可以稍微談談——當我們考慮明年的 EPYC 時，您認為我們應該如何把握這個機會？它是否主要是雲端運算——某種頂級雲端客戶，將推動這項收入成長？這是否會成為雲端客戶的下一級市場，進而推動明年的企業收入大幅成長？我的意思是，就 EPYC 的潛力而言，您會如何對這三件事進行分類？

Yes. I would say, Joe, we have a broad set of customers that we're engaging with. So definitely, we see top-tier cloud guys very engaged with EPYC and talking about a number of different instances. Microsoft Azure was at our launch event, and Baidu was at our launch event. And we're working with a number of other cloud vendors as well. But we also have a very strong OEM support base as well. So with HPE and Dell putting out a number of platforms with EPYC, I think that will ramp enterprise customers in 2018 as well. So I view it as really both sides of the equation are important for 2018. I think we will see cloud be a little lumpier. So certainly, they tend to buy in stages, so they may be a little bit lumpier. But I think, overall, we are very focused on both cloud and enterprise accounts.

是的。我想說，喬，我們擁有廣泛的客戶群。因此，我們確實看到頂級雲端運算人員非常關注 EPYC 並討論了許多不同的實例。微軟 Azure 參加了我們的發表會，百度也參加了我們的發表會。我們也與許多其他雲端供應商合作。但我們也擁有非常強大的 OEM 支援基礎。因此，隨著 HPE 和戴爾推出多款搭載 EPYC 的平台，我認為這也會在 2018 年增加企業客戶的數量。因此我認為，對於 2018 年來說，等式的兩邊都很重要。我認為我們會看到雲變得更加凹凸不平。因此，他們肯定會分階段購買，因此他們可能會更加笨重。但我認為，總的來說，我們非常關注雲端和企業帳戶。

And then circling back quickly to the inventory issue that you talked about in graphics. It seems like they're quite lean and in some cases, in shortage. Is that completely a function of demand? Were there any supply issues in the quarter? And how quickly if -- do you foresee that as an issue? And if so, like how quickly do you fix it?

然後快速回到您在圖表中談到的庫存問題。看起來他們相當貧乏，在某些情況下甚至短缺。這完全是需求的函數嗎？本季是否有任何供應問題？您預見到這會成為一個問題嗎？如果是的話，您多快修復它？

Yes. Joe, it was completely a function of demand and demand within lead time. I think from a supply standpoint, we've had a very strong supply chain across-the-board, across both CPU and GPUs. We are, as I said, in the process of catching up to demand, and so we're certainly increasing some of the production. And that was Devinder's comment about some of the working capital and some of the inventory comments. Overall though, I think we're going into a stronger second half of the year. So it's not unexpected for us to ramp up production. It's just demand was quite strong. Particularly in the April-May time frame is when we saw a spike and take some time to react to those signals.

是的。喬，這完全是需求和交貨期內需求的函數。我認為從供應的角度來看，我們擁有非常強大的全面供應鏈，涵蓋 CPU 和 GPU。正如我所說，我們正在滿足需求，因此我們肯定會增加部分產量。這是 Devinder 對部分營運資金和部分庫存的評論。總體而言，我認為我們將進入更強勁的下半年。因此我們提高產量並不令人意外。只是需求相當強勁。特別是在 4 月至 5 月期間，我們看到了峰值，並花了一些時間來對這些訊號做出反應。

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 how EPYC is doing in virtualized environments because there might be some issues regarding compatibility with the other x86 suppliers and how you would go through that process over the next several quarters?

Lisa，您能否向我們介紹一下 EPYC 在虛擬化環境中的表現，因為可能存在與其他 x86 供應商的兼容性問題，以及您將如何在接下來的幾個季度中完成這一過程？

Yes. Again, Hans, I think we have been working closely with a number of different customers, including in virtualized environments. We see no particular issues other than just getting their platforms up and running. And so I think we continue to believe EPYC will do very well in those environments.

是的。再次，漢斯，我認為我們一直與許多不同的客戶密切合作，包括在虛擬化環境中。除了讓他們的平台啟動並運行之外，我們沒有發現其他特殊問題。因此我認為我們仍然相信 EPYC 在這些環境中會表現得非常好。

Okay. And then as a follow-up, can you give us a sense, now that EPYC is out, what the feedback is from your customers, cloud or OEM, regarding your packaging approach in terms of using a multi-chip module type approach versus a monolithic silicon approach?

好的。然後作為後續問題，您能否告訴我們，現在 EPYC 已經推出，關於您的封裝方法（使用多晶片模組類型方法還是單片矽方法），您的客戶、雲端或 OEM 的反饋是什麼？

Yes. Hans, actually, the feedback has been actually quite good, and I think the -- what we're able to do -- obviously, it's a decision to make, right? We could have built one big monolithic chip or -- we decided very strategically to build a modular approach because it just gives us so much flexibility when we talk about the combination of CPU cores and I/O. So, so far, so good. I think there is some work to do to make sure that the latencies are appropriately taken care of, and the customers are working with us on that. I think the flexibility is really, really appreciated, particularly when you look at what we can do with single-socket servers as well. So we feel very good about where EPYC is positioned. I think the customer feedback continues to be very strong, and our goal is to get as many platforms out as possible with EPYC this year.

是的。漢斯，實際上，反饋實際上相當不錯，而且我認為——我們能夠做什麼——顯然，這是一個需要做出的決定，對嗎？我們可以建立一個大型單晶片，或者——我們非常有策略地決定建立模組化方法，因為當我們談論 CPU 核心和 I/O 的組合時，它為我們提供了巨大的靈活性。所以，到目前為止，一切都很好。我認為需要做一些工作來確保延遲得到適當處理，並且客戶正在與我們合作。我認為這種靈活性確實非常受歡迎，特別是當你看到我們也能用單插槽伺服器做什麼的時候。因此，我們對 EPYC 的定位非常滿意。我認為客戶的回饋仍然非常強烈，我們的目標是今年推出盡可能多的採用 EPYC 的平台。

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

我們今天的下一個問題來自瑞士信貸的約翰‧皮策。

Lisa, notwithstanding the possibility that you guys beat your revised guidance you just gave today, if you just go by the revised guidance, it's kind of implying calendar fourth quarter revenue down about 10% sequentially, which is about in line with seasonal. Just kind of curious, just given where you are in the product cycle for Ryzen and EPYC, why a seasonal quarter wouldn't be something that you could beat? And I guess, equally important, are you planning to stay profitable in the calendar fourth quarter if it is down seasonal just given the trajectory of OpEx?

麗莎，儘管你們有可能超過今天剛給出的修訂後的指引，但如果按照修訂後的指引，這意味著第四季度的收入將環比下降約 10%，這與季節性情況大致一致。只是有點好奇，考慮到您在 Ryzen 和 EPYC 產品週期中所處的位置，為什麼季節性季度不是您可以擊敗的呢？我想，同樣重要的是，如果僅考慮到營運支出的軌跡，第四季度出現季節性下滑，您是否計劃保持獲利？

Yes. So yes, John, let me answer that. When you look at our typical seasonality, as you said, we tend to be down in Q4. Semi-custom is still a large, large piece of our business and semi-custom will peak in Q3. And it will come down in Q4. I also think that we want to be cognizant of the fact that some of the graphics demand that we see might be temporal, so we're not counting on that staying through the full year. We'll see what happens. Frankly, I think we'll see what happens with the whole mining stuff. But I think when you look overall, I think that it shows that the business is strengthening. And so we like the growth very much. Ryzen will continue to grow through the second half. EPYC will continue to grow through the second half. Vega and our GPU business will continue to grow through the second half, and the only headwind that we have is through the game console business just as part of normal seasonality. And then relative to the profit statement...

是的。是的，約翰，讓我來回答這個問題。正如您所說，當您查看我們的典型季節性時，我們會發現第四季度我們的業績往往處於下滑狀態。半客製化仍然是我們業務的很大一部分，半客製化將在第三季達到頂峰。而這一數字將在第四季下降。我還認為，我們要意識到我們看到的一些圖形需求可能是暫時的，所以我們不指望這種需求會持續全年。我們將拭目以待。坦白說，我認為我們會看到整個採礦業會發生什麼。但我認為，從整體來看，這表明業務正在加強。因此我們非常高興看到這種增長。Ryzen 將在下半年繼續成長。EPYC 將在下半年繼續成長。Vega 和我們的 GPU 業務將在下半年繼續成長，我們唯一面臨阻力的是遊戲機業務，這只是正常季節性的一部分。然後相對於利潤表...

I think it's hard to predict that right now, John. I think if you look at our guidance, as we said, revenue, mid- to high teens, which, from our standpoint, is 16, 17-ish increase. And we'll get to Q4 when we get there.

約翰，我認為現在很難預測這一點。我認為，如果你看一下我們的指導，正如我們所說，收入將達到中高水平，從我們的角度來看，這是 16、17% 左右的增長。當我們到達那裡時，我們將進入第四季度。

That's helpful. And then, Lisa, for my follow-up, R&D ticking up, which is absolutely the right thing to do for the longer-term health of the business, but I'm just kind of curious if you could help me understand your sort of R&D priorities. To what extent is this uptick in R&D really to help bolster your position in existing markets versus sort of R&D dollars to go after new markets, whether that be acceleration, machine learning or autonomous driving? How should I think about that?

這很有幫助。然後，麗莎，接下來我想問的是，研發正在不斷增加，這對於企業的長期健康發展絕對是正確的做法，但我只是好奇你是否能幫助我了解你的研發重點。與用於開拓新市場（無論是加速、機器學習還是自動駕駛）的研發資金相比，這種研發投入的成長在多大程度上真正幫助您鞏固在現有市場中的地位？我該如何考慮這個問題？

Yes. So I think there are a couple points, John, that I want to make sure that we're clear about. Although OpEx is going up and R&D is going up, we're doing it in a very thoughtful fashion. And so staying within the confines of the business model is really important. And as Devinder said earlier, our model that we laid out at Financial Analyst Day for 2017 has us, let's call it, at approximately 31% ER, and we're going to stay within that model for sure. Now relative to priorities in R&D, it is very much focused on sort of the new growth areas for us, very much focused on data center and very much focused on GPU computes around machine learning and sort of the entire compute space on the GPU side. It is fairly incremental in terms of adding things like customer support, field application engineering, software support given that we're familiarizing people with our architecture. So I think it's good. We're happy that the business affords us the ability to increase R&D in this time frame, and we're using it to accelerate our growth in these high-margin markets.

是的。因此，約翰，我認為有幾點我想確保我們清楚。儘管營運支出和研發費用都在增加，但我們採取了非常周到的方式。因此，遵守商業模式的限制非常重要。正如 Devinder 之前所說，我們在 2017 年財務分析師日上提出的模型將我們的 ER 定為大約 31%，我們肯定會保持在這個模型內。現在，相對於研發的重點，我們非常關注新的成長領域，非常關注資料中心，非常關注圍繞機器學習的 GPU 運算以及 GPU 方面的整個運算空間。由於我們正在讓人們熟悉我們的架構，因此在添加客戶支援、現場應用工程、軟體支援等方面是相當漸進的。所以我認為這很好。我們很高興這項業務使我們能夠在這段時間內增加研發，並且我們正在利用它來加速我們在這些高利潤市場的成長。

Our next question is coming from Vijay Rakesh from Mizuho.

下一個問題來自瑞穗的 Vijay Rakesh。

Perhaps, Lisa, when you look at the EPYC, I know you said 20 customers already and then 20 more in the second half. Do you think that gets to 5% of your revenues, just the EPYC side of your revenues as you look at the third quarter? And should we assume pretty incrementally [about --] not the 50% margins on your EPYC product, especially as it goes in the data center side?

也許，麗莎，當你看 EPYC 時，我知道你說過已經有 20 個客戶，下半年還會有 20 個。您認為，就第三季而言，EPYC 業務的營收佔比是否達到 5%？我們是否應該逐步假設 EPYC 產品的利潤率不是 50%，尤其是在資料中心方面？

So Vijay, without getting too granular about percentage of EPYC revenue, I think what we've said is our target for EPYC, we sort of have -- the midterm target is to get back to double-digit market share, so over 10%. We think that we have a product and a customer set in an environment that does support that. It will take longer than this year to get there. So I think this is a multiple-quarter ramp for us. But in terms of how we've laid out the business model, I mean, that's all contemplated sort of in our overall growth model for 2017. As it relates to margins, again, without being very specific, I would say the EPYC margins are highly accretive even at our current sort of pricing, which offers, I would say, significant value to the customer. I think it also gives us significant credit for the capability of the product. And so the margins are accretive to our business model.

因此，Vijay，不必太詳細地說明 EPYC 收入的百分比，我認為我們已經說過了 EPYC 的目標，我們的中期目標是恢復兩位數的市場份額，即超過 10%。我們認為，我們擁有一個產品和一個客戶群，而其環境確實支持這一點。要達到這個目標還需要比今年更長的時間。所以我認為這對我們來說是一個多季度的成長。但就我們如何規劃商業模式而言，我的意思是，這一切都已在我們 2017 年的整體成長模式中考慮到了。至於利潤率，同樣，雖然不是非常具體，但我想說，即使按照我們目前的定價，EPYC 的利潤率仍然具有很高的增值性，我認為這為客戶帶來了巨大的價值。我認為這也讓我們對產品的性能有了很大的認可。因此，利潤率對我們的商業模式有增值作用。

Got it. Very helpful. Just on the Radeon Instinct side, too, can you give us some similar commentary on how you see in terms of customer adoption and what the response has been similar to EPYC?

知道了。非常有幫助。就 Radeon Instinct 方面而言，您能否就客戶採用情況以及與 EPYC 的類似反應給我們一些類似的評論？

Yes, yes. The Radeon Instinct similarly has a lot of interest from the marketplace, a number of different applications. We started shipping actually in July to some strategic data center customers. We see that interest continue to ramp. There, I think it is -- this is definitely a lumpy business. And so it goes, as a cloud guy puts on a new instance, you would see a larger buy, and that's the way it would work. But again, very good market. I think we're in the very early part of the growth trajectory for AMD in these markets, and we'll continue to invest and work closely with customers to ramp those platforms.

是的，是的。Radeon Instinct 同樣在市場上引起了廣泛關注，並有許多不同的應用程式。我們實際上從 7 月就開始向一些策略資料中心客戶出貨。我們看到人們的興趣持續高漲。我認為，這是——這絕對是一個棘手的生意。事情就是這樣的，當雲端運算人員安裝新的實例時，你會看到更大的購買量，這就是它的工作方式。但同樣，市場非常好。我認為我們正處於 AMD 在這些市場的成長軌跡的早期階段，我們將繼續投資並與客戶密切合作以推動這些平台的發展。

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

我們今天的最後一個問題來自巴克萊銀行的布萊恩柯蒂斯。

Lisa, I just want to follow up on the -- your comments on the cryptocurrency market. Just curious what's your visibility into whether someone -- obviously, they buy a dedicated card. It would be easy to track. Just your visibility on the back end as to where the strength in the overall GPU market is coming from. You mentioned it as a third factor, I think, in September, but then mentioned it may impact December and if you can just talk about in that full year guide, are you factoring in any contribution in December?

麗莎，我只是想跟進一下你對加密貨幣市場的評論。我只是好奇，您如何了解某人是否購買了專用卡。這將很容易被追蹤。您只需從後端了解整個 GPU 市場的實力來自哪裡。我認為，您在 9 月份將其作為第三個因素提到，但隨後又提到它可能會影響 12 月份，如果您能在全年指南中談談，您是否將 12 月份的任何貢獻考慮在內？

We're being conservative in our estimates for what will happen as we get into the fourth quarter. I think the visibility is not -- it's anyone's guess at this moment. However, I think what we are doing very clearly is prioritizing sort of the core customer set so that we're segmenting the market. You can never segment it perfectly, but I think we are segmenting it well. And we continue to be very closely in tune with our partners and how this develops. And my expectation is that there will be a leveling off of the demand at some point. And as we fill the channel, that will become clear in what the level-off point is. But right now as we said, the channel inventories are very low, and so it's hard to call the absolute demand. And we're ensuring that we're not overcalling the demand.

我們對第四季將發生的情況的估計是保守的。我認為目前人們還無法確定其可見性。然而，我認為我們所做的非常明確，就是優先考慮核心客戶群，以便我們可以將市場細分。你永遠不可能完美地分割它，但我認為我們分割得很好。我們將繼續與我們的合作夥伴密切合作，關注事態發展。我的預期是，需求在某個時候會趨於平穩。當我們填滿通道時，穩定點就會變得清晰起來。但正如我們所說，目前通路庫存非常低，因此很難說是絕對需求。我們正在確保不會超出需求。

And then just a question for Devinder. The OpEx step-up in September, it's hard to tell from the full year guide, 31% can round a bunch of different ways. Just curious if you expect any follow-through in that increase in R&D into the December quarter? And then if you could just mention also timing of the JV payment. Obviously, you're not getting any in the back half of this year. Maybe you could talk about the milestones into next year and when those should come back as offsets.

然後我只想問 Devinder 一個問題。9 月的營運支出成長情況，從全年指南中很難看出，31% 可以透過多種不同的方式估算。我只是好奇，您是否預計 12 月季度研發支出會繼續增加？然後，您是否可以提及合資付款的時間。顯然，今年下半年你不會得到任何東西。也許您可以談論明年的里程碑以及何時這些里程碑應該作為補償回歸。

Yes. Let me take the JV one first. I mean, as we said in the commentary in my prepared remarks, $140 million licensing gained on the THATIC server JV to date. We got $52 million this year, and there's nothing more this year. The remaining payments are based on some production-related milestones, and those are in 2018 and beyond. And we'll update that as we get closer. As far as the OpEx is concerned, I think we've said a lot, and we stand by what we said. We'll manage within our guidance of expense-to-revenue ratio of approximately 31% for the year.

是的。我先來談談合資公司。我的意思是，正如我們在我準備好的評論中所說的那樣，迄今為止，THATIC 伺服器合資企業的許可費已達到 1.4 億美元。我們今年得到了5200萬美元，今年就沒再多賺了。剩餘付款是基於一些與生產相關的里程碑，這些里程碑將在 2018 年及以後支付。隨著時間臨近，我們會更新。就營運支出而言，我想我們已經說了很多，並且我們堅持我們所說的。我們將在指導範圍內實現全年費用與收入比率約為 31% 的目標。

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

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結論。

Great. Thank you very much, operator. We appreciate everyone being with us today. We look forward to spending more time with you in the coming quarter, and thank you for your time.

偉大的。非常感謝，接線生。我們感謝今天與我們在一起的各位。我們期待在下個季度與您有更多的時間，感謝您的時間。

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，祝您有美好的一天。我們感謝您今天的參與。