超微半導體 (AMD) 2017 Q4 法說會逐字稿

Greetings, and welcome to the Advanced Micro Devices Fourth Quarter 2017 Conference Call.

您好，歡迎參加 Advanced Micro Devices 2017 年第四季電話會議。

(Operator Instructions) It is now my pleasure to introduce your host, Laura Graves.

（操作員說明）現在我很高興向大家介紹你們的主持人勞拉·格雷夫斯 (Laura Graves)。

Please go ahead, Laura.

請繼續，勞拉。

Thank you very much, and welcome to AMD's Fourth Quarter and Fiscal Year 2017 Conference Call.

非常感謝，並歡迎參加 AMD 2017 年第四季和財年電話會議。

By now you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides.

到目前為止，您應該有機會查看我們的收益發布以及財務長的評論和幻燈片的副本。

If you have not reviewed these documents, they can be found on the Investor Relations page of AMD's website, www.amd.com.

如果您尚未查看這些文件，可以在 AMD 網站 www.amd.com 的投資者關係頁面上找到它們。

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.

今天電話會議的參與者包括我們的總裁兼執行長蘇姿豐博士；以及我們的高級副總裁、財務長兼財務主管 Devinder Kumar。

This is a live call and will be replayed via webcast on our website.

這是一次現場通話，將透過我們網站上的網路廣播重播。

I would like to highlight a couple of important dates for you.

我想向您強調幾個重要的日期。

Dr. Lisa Su will present at the Morgan Stanley Technology Media and Telecom Conference on February 26, and our first quarter quiet time will begin at the close of business on Friday, March 16, 2018.

Lisa Su 博士將於 2 月 26 日出席摩根士丹利科技媒體和電信會議，我們的第一季靜默時間將於 2018 年 3 月 16 日星期五營業結束時開始。

Today's discussion contains forward-looking statements based on the environment as we currently see it.

今天的討論包含基於我們目前所看到的環境的前瞻性陳述。

Those statements are based on current beliefs

這些陳述是基於當前的信念

(technical difficulty)

（技術難度）

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.

假設和預期僅代表當前日期，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 operational results, which are on a GAAP basis.

此外，請注意，我們在本次電話會議中將提及非 GAAP 財務數據，但收入和部門營運業績除外，這些數據均基於 GAAP。

The non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measure in the press release and CFO commentary, again, both posted on our website.

所引用的非公認會計原則財務指標與新聞稿和首席財務官評論中最直接可比較的公認會計原則財務指標進行了調整，兩者均發佈在我們的網站上。

Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information.

請參閱今天的收益新聞稿中的警示性聲明和財務長評論以了解更多資訊。

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 September 30, 2017.

您也可以在我們向 SEC 提交的文件中找到有關我們風險因素的詳細討論，特別是 AMD 截至 2017 年 9 月 30 日的季度的 10-Q 表格季度報告。

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

現在，我將把電話轉給麗莎。

Lisa?

麗莎？

Thank you, Laura, and good afternoon to all those listening in today.

謝謝你，勞拉，今天所有聽眾下午好。

Three years ago, we set out a strategic plan to reshape AMD to become a high-performance computing leader through great products, deep customer relationships and a simplified and focused business strategy.

三年前，我們制定了一項策略計劃，旨在透過出色的產品、深厚的客戶關係以及簡化且專注的業務策略，重塑 AMD 成為高效能運算領導者。

2017 marked a key product and financial inflection point for AMD.

2017 年是 AMD 的一個關鍵產品和財務轉捩點。

Our newest wave of high-performance products and consistent execution created significant momentum for our business over the last year.

去年，我們最新一波的高性能產品和一貫的執行力為我們的業務創造了巨大的動力。

Fourth quarter revenue of $1.48 billion grew 34% from the year-ago period, and we significantly expanded our gross margin and improved profitability.

第四季營收為 14.8 億美元，年增 34%，我們的毛利率顯著擴大，獲利能力提高。

For the full year, we increased annual revenue by over $1 billion, resulting in 25% annual revenue growth.

全年，我們的年收入增加了超過 10 億美元，年收入成長了 25%。

We expanded gross margin and achieved full year profitability.

我們擴大毛利率並實現全年獲利。

Looking at our Computing and Graphics segment in the quarter, we delivered very strong Q4 results as we continued the ramp of our Ryzen CPU and Radeon Vega GPU products.

看看本季的運算和圖形部門，隨著我們繼續提升 Ryzen CPU 和 Radeon Vega GPU 產品，我們在第四季度取得了非常強勁的業績。

Computing and Graphics segment revenue increased 60%, and we significantly improved operating income from a year ago.

計算和圖形部門收入成長了 60%，我們的營業收入比一年前顯著提高。

Client computing revenue increased both year-over-year and sequentially.

客戶端計算收入年比和季比均有所成長。

We outperformed seasonality in Q4, driving strong double-digit sequential revenue and unit growth based on very strong sellout of Ryzen processors throughout the holiday season.

我們在第四季的表現優於季節性，基於銳龍處理器在整個假期期間的強勁銷售，推動了強勁的兩位數連續收入和單位成長。

We expanded our Ryzen CPU family further into the consumer market with the introduction of the AMD Ryzen Mobile processor with Radeon Vega graphics, combining the power of our Zen CPU and Vega GPU architectures into the fastest processor in the industry for ultra-thin notebooks.

我們推出了配備 Radeon Vega 顯示卡的 AMD Ryzen 行動處理器，將我們的 Ryzen CPU 系列進一步擴展到消費市場，將 Zen CPU 和 Vega GPU 架構的強大功能結合到超薄筆記型電腦行業最快的處理器中。

Ryzen Mobile-based notebooks are currently available from Acer, HP and Lenovo with multiple new systems expected from all top 5 PC manufacturers in the first half of this year.

目前，宏碁、惠普和聯想都已推出基於 Ryzen Mobile 的筆記型電腦，預計所有排名前 5 的 PC 製造商將在今年上半年推出多種新系統。

In graphics, we delivered our second straight quarter of record GPU revenue with significantly improved ASP and increased unit sales from a year ago, driven by strength across our entire graphics product portfolio.

在圖形領域，在整個圖形產品組合實力的推動下，我們的 GPU 收入連續第二個季度創下歷史新高，平均售價顯著提高，單位銷量較上年同期有所增加。

We saw strong demand for our Polaris products across both the gaming and blockchain markets, and Radeon Vega GPU revenue more than doubled from the prior quarter driven by strong gaming demand in the add-in-board channel as well as strength with strategic OEMs.

我們看到遊戲和區塊鏈市場對我們的 Polaris 產品的強勁需求，在闆卡渠道的強勁遊戲需求以及戰略 OEM 的實力推動下，Radeon Vega GPU 收入比上一季增長了一倍多。

Apple launched the new iMac Pro, the most powerful Mac ever made, featuring AMD's Radeon Pro Vega product in the quarter.

蘋果在本季推出了新款 iMac Pro，這是有史以​​來最強大的 Mac，採用 AMD 的 Radeon Pro Vega 產品。

We also began shipments of a new semi-custom GPU that is integrated into an Intel multi-chip processor package.

我們也開始出貨整合到英特爾多晶片處理器封裝中的新型半客製化 GPU。

This semi-custom product opens up a complementary market for our high-performance graphics products and expands the power of Radeon graphics to more gamers and premium PC buyers.

這款半客製化產品為我們的高效能顯示卡產品開闢了一個互補市場，並將 Radeon 顯示卡的功能擴展到更多遊戲玩家和高階 PC 購買者。

Our professional graphics business had its best quarter ever based on growing data center sales highlighted by strong Radeon Instinct MI25 sales to a major cloud provider.

我們的專業圖形業務迎來了有史以來最好的季度，資料中心銷售不斷增長，其中 Radeon Instinct MI25 向主要雲端供應商的強勁銷售凸顯了這一點。

For the full year, Computing and Graphics segment revenue increased 54% over the prior year as we launched more than 40 new high-performance CPUs and GPUs.

全年運算和圖形部門收入比上年增長 54%，因為我們推出了 40 多種新的高效能 CPU 和 GPU。

Turning to our Enterprise, Embedded and Semi-Custom segment.

轉向我們的企業、嵌入式和半客製化細分市場。

Revenue increased 3% from a year ago driven by the ramp of our EPYC processors.

在我們的 EPYC 處理器的成長推動下，營收比一年前成長了 3%。

Q4 server revenue and unit shipments increased sequentially and from a year ago as the market continues to qualify and deploy our family of high-performance EPYC processors.

隨著市場繼續認可和部署我們的高效能 EPYC 處理器系列，第四季度伺服器收入和單位出貨量比一年前連續成長。

We closed dozens of new server deals in the quarter, securing key design wins with education, financial services and hosting companies.

我們在本季完成了數十項新伺服器交易，贏得了教育、金融服務和託管公司的關鍵設計勝利。

We also had several key announcements in the quarter as we continued to see a steady drumbeat of adoption.

隨著我們繼續看到穩定的採用勢頭，我們在本季度也發布了幾項重要公告。

Microsoft Azure became the first public cloud instance powered by AMD with their L-series of virtual machines for storage-optimized workloads.

Microsoft Azure 成為第一個由 AMD 提供支援的公有雲實例，其 L 系列虛擬機器可用於儲存最佳化的工作負載。

Hewlett-Packard Enterprise began volume shipments of the EPYC-based ProLiant DL385 Gen10 server, which recently set world records for floating point performance.

惠普企業開始大量出貨基於 EPYC（霄龍）的 ProLiant DL385 Gen10 伺服器，該伺服器最近創下了浮點效能的世界紀錄。

Baidu deployed AMD FX single-socket platforms into their data centers to power AI, Big Data and cloud computing services.

百度在其資料中心部署了 AMD FX 單插槽平台，為人工智慧、大數據和雲端運算服務提供支援。

And Dell EMC has completed the qualification phase for their EPYC-based systems and will be sharing more on launch plans shortly.

Dell EMC 已完成其基於 EPYC（霄龍）系統的資格階段，並將很快分享更多有關發布計劃的資訊。

Our reentry into the server market remains on track with a steady ramp of new platforms and deployments across our OEM and hyperscale data center customers.

隨著我們的 OEM 和超大規模資料中心客戶的新平台和部署的穩定成長，我們重新進入伺服器市場的步伐仍在繼續。

Our semi-custom business performed as expected in the quarter as unit shipments declined from a year ago as we completed the fifth year of the current game console cycle.

我們的半客製化業務在本季的表現符合預期，因為隨著我們完成當前遊戲機週期的第五個年頭，單位出貨量較上年同期有所下降。

Before I close, I'd like to address the recent important security issues facing our industry.

在結束之前，我想談談我們這個行業最近面臨的重要安全問題。

Security is and always has been a fundamental focus for AMD across all our products.

安全性始終是 AMD 所有產品的基本關注點。

We are vigilant about security in both our product design and throughout the product life cycle.

我們對產品設計和整個產品生命週期的安全性保持警惕。

As new exploits arise like we have seen with Spectre and Meltdown, we are dedicated to responding with speed and focus to keep our customers and partners informed and protected.

隨著新漏洞的出現，就像我們在 Spectre 和 Meltdown 中看到的那樣，我們致力於快速、專注地做出回應，讓我們的客戶和合作夥伴了解情況並受到保護。

As a reminder, we believe Meltdown is not apropos to AMD processors.

提醒一下，我們認為 Meltdown 不適用於 AMD 處理器。

For Spectre variant 1, we continue actively working with our ecosystem partners on mitigations, including operating system patches that have begun to roll out.

對於 Spectre 變體 1，我們繼續與生態系統合作夥伴積極合作進行緩解措施，包括已經開始推出的作業系統修補程式。

We continue to believe that variant 2 of Spectre is difficult to exploit on AMD processors.

我們仍然認為 Spectre 變體 2 很難在 AMD 處理器上被利用。

However, we are deploying CPU microcode patches that, in combination with OS updates, provide additional mitigation steps.

不過，我們正在部署 CPU 微碼補丁，與作業系統更新結合，提供額外的緩解步驟。

Longer term, we have included changes in our future processor cores starting with our Zen 2 design to further address potential Spectre-like exploits.

從長遠來看，我們從 Zen 2 設計開始對未來的處理器核心進行了更改，以進一步解決潛在的類似 Spectre 的漏洞。

We continue to collaborate closely with the industry on these vulnerabilities and are committed to protecting AMD users from these and other security threats as they arise.

我們將繼續就這些漏洞與業界密切合作，並致力於保護 AMD 用戶免受這些和其他安全威脅的侵害。

In summary, we are very pleased with our quarterly and full year results.

總之，我們對季度和全年業績都非常滿意。

We made significant progress in 2017 as we completely reshaped AMD's product portfolio and launched a highly competitive set of new products.

2017 年，我們取得了重大進展，徹底重塑了 AMD 的產品組合，推出了一系列極具競爭力的新產品。

In 2018, we expect to increase our momentum with the next wave of premium products and expanded go-to-market activities to increase our market penetration.

2018 年，我們預計將透過下一波優質產品和擴大上市活動來增強我們的勢頭，以提高我們的市場滲透率。

In the client market, we will expand our Ryzen portfolio with new product launches, including: AMD Ryzen desktop processor with Radeon Vega graphics, which is expected to deliver the industry's highest performance graphics engine in a desktop processor; our second-generation Ryzen desktop CPU based on our higher-performance 12-nanometer Zen Plus architecture; and for business notebooks, our AMD Ryzen PRO Mobile processors with Radeon Vega graphics.

在客戶端市場，我們將透過新產品的發布來擴展我們的Ryzen產品組合，包括：配備Radeon Vega顯示卡的AMD Ryzen桌面處理器，預計將在桌面處理器中提供業界最高性能的圖形引擎；基於更高效能的 12 奈米 Zen Plus 架構的第二代 Ryzen 桌上型 CPU；對於商務筆記型電腦，我們的 AMD Ryzen PRO 行動處理器配備 Radeon Vega 顯示卡。

We are also expanding our go-to-market activities with our OEM and retail partners, and we expect to launch more than 60 new Ryzen OEM systems throughout 2018.

我們也與 OEM 和零售合作夥伴一起擴大上市活動，預計在 2018 年全年推出 60 多個新的 Ryzen OEM 系統。

In graphics, the launch of Radeon Vega Mobile products will expand our Radeon Vega lineup into high-end notebooks.

在圖形方面，Radeon Vega Mobile 產品的推出將把我們的 Radeon Vega 產品線擴展到高階筆記型電腦。

Later this year, we plan to sample our first 7-nanometer Vega GPU optimized for machine learning.

今年晚些時候，我們計劃對首款針對機器學習進行最佳化的 7 奈米 Vega GPU 進行採樣。

In addition, we will continue increasing our software investments around machine learning to address the growing demand for an open ecosystem in the GPU compute space.

此外，我們將持續增加圍繞機器學習的軟體投資，以滿足 GPU 運算領域對開放生態系統不斷增長的需求。

In the server market, we will continue to work closely with major cloud vendors and OEMs to ramp their first-generation EPYC-based systems while also completing key development milestones on our next-generation Zen 2-based server platforms.

在伺服器市場，我們將繼續與主要雲端供應商和 OEM 密切合作，以提升他們的第一代基於 EPYC（霄龍）的系統，同時完成下一代基於 Zen 2 的伺服器平台的關鍵開發里程碑。

Our Zen 2 design is now complete, and we will be sampling to our customers later this year.

我們的 Zen 2 設計現已完成，我們將於今年稍後向客戶提供樣品。

2018 is clearly a defining year for the ramp of our server business, and we remain focused on our goal of achieving double-digit market share in this important market segment.

2018 年顯然是我們伺服器業務發展的決定性一年，我們仍然專注於在這一重要細分市場中實現兩位數市場份額的目標。

2017 laid a solid foundation with strong financial results and significant progress towards achieving our long-term goals.

2017 年為實現我們的長期目標奠定了堅實的基礎，取得了強勁的財務表現和重大進展。

I am even more excited about 2018 as we continue our journey to position AMD as one of the premier long-term growth companies in the tech industry.

我對 2018 年感到更加興奮，因為我們將繼續將 AMD 定位為科技業領先的長期成長公司之一。

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

現在我想將電話轉給 Devinder，為我們第四季的財務表現提供一些額外的資訊。

Devinder?

德溫德？

Thank you, Lisa, and good afternoon, everyone.

謝謝麗莎，大家下午好。

2017 was a pivotal year for AMD.

2017年對AMD來說是關鍵的一年。

We grew annual revenue 25% over 2016 with revenue growth increasing every quarter on a year-over-year basis, culminating in growth of 34% in the fourth quarter of 2017.

與 2016 年相比，我們的年收入成長了 25%，每季的營收年增率都在成長，最終在 2017 年第四季成長了 34%。

In addition, we expanded gross margin by 3 percentage points and achieved GAAP profitability for the year.

此外，我們的毛利率提高了 3 個百分點，並實現了當年的 GAAP 利潤。

Computing and Graphics annual revenue grew 54% in 2017, while Enterprise, Embedded and Semi-custom annual revenue was flat.

2017 年計算和圖形領域的年收入成長了 54%，而企業、嵌入式和半客製化領域的年收入則持平。

Both segments posted operating profits for the year, and it is particularly noteworthy that the Computing and Graphics segment was profitable for the first time in 6 years.

兩個部門都公佈了當年的營業利潤，尤其值得注意的是，計算和圖形部門六年來首次獲利。

Based on the overall strength of the business and our new high-performance products, we have set a strong foundation for achieving our long-term financial model.

基於業務的整體實力和新的高性能產品，我們為實現長期財務模式奠定了堅實的基礎。

Now let me turn to our results for the fourth quarter of 2017.

現在讓我談談 2017 年第四季的業績。

Total revenue of $1.48 billion grew 34% year-over-year, driven by strong Radeon and Ryzen product demand.

在 Radeon 和 Ryzen 產品需求強勁的推動下，總營收達到 14.8 億美元，年增 34%。

On a sequential basis, revenue declined 10%, better than expected, driven by seasonally lower semi-custom sales and partially offset by strong demand for new CPU and GPU products.

環比下降 10%，好於預期，原因是半客製化銷售季節性下降，但部分被新 CPU 和 GPU 產品的強勁需求所抵消。

Gross margin was 35%, expanding 3 percentage points year-over-year, primarily due to a larger portion of revenue coming from Computing and Graphics, driven by our new high-performance products.

毛利率為 35%，年成長 3 個百分點，主要是由於在我們新的高效能產品的推動下，更大一部分收入來自運算和圖形業務。

Operating expenses were $412 million compared to $357 million a year ago.

營運支出為 4.12 億美元，而一年前為 3.57 億美元。

The increase was driven primarily by R&D and new product go-to-market investments, partially offset by an R&D credit related to a technology development agreement.

這一成長主要由研發和新產品上市投資所推動，部分被與技術開發協議相關的研發信貸所抵銷。

Operating income was $103 million, up significantly from $26 million a year ago, and operating margin was 7%, up from 2% a year ago.

營業收入為 1.03 億美元，較一年前的 2,600 萬美元大幅成長，營業利潤率為 7%，較一年前的 2% 有所上升。

AMD received a onetime tax credit of $18 million as a result of U.S. corporate tax reform, which resulted in a net tax benefit of $8 million in the quarter.

由於美國企業稅改革，AMD 獲得了 1,800 萬美元的一次性稅收抵免，本季淨稅收收益為 800 萬美元。

Net income was $88 million, or diluted earnings per share of $0.08, as compared to a net loss of $8 million or $0.01 per share in the year-ago period.

淨利潤為 8,800 萬美元，或攤薄後每股收益為 0.08 美元，而去年同期淨虧損為 800 萬美元，或每股 0.01 美元。

Adjusted EBITDA was $142 million compared to $60 million a year ago, and adjusted EBITDA for 2017 was $445 million.

調整後 EBITDA 為 1.42 億美元，而一年前為 6,000 萬美元，2017 年調整後 EBITDA 為 4.45 億美元。

Now turning to fourth quarter business segment results.

現在轉向第四季業務部門的業績。

Computing and Graphics segment revenue was $958 million, up 60% year-over-year due to strong sales of our Radeon graphics and Ryzen desktop processors.

由於 Radeon 顯示卡和 Ryzen 桌面處理器的強勁銷售，計算和圖形部門收入為 9.58 億美元，年增 60%。

Computing and Graphics segment operating income was $85 million compared to a loss of $21 million a year ago.

計算和圖形部門的營業收入為 8,500 萬美元，而去年同期為虧損 2,100 萬美元。

The strong improvement was due to higher revenue.

強勁的改善是由於收入增加。

Enterprise, Embedded and Semi-Custom revenue was $522 million, up 3% year-over-year, driven by server revenue.

在伺服器收入的推動下，企業、嵌入式和半客製化收入為 5.22 億美元，年增 3%。

Operating income was $19 million, down from $47 million a year ago, primarily due to the absence of a licensing gain and ongoing R&D investments, partially offset by the benefit from a richer product mix.

營業收入為 1,900 萬美元，低於一年前的 4,700 萬美元，主要是由於缺乏許可收益和持續的研發投資，部分被更豐富的產品組合帶來的收益所抵消。

Turning to the balance sheet.

轉向資產負債表。

Our cash and cash equivalents totaled $1.18 billion at the end of the quarter, up from $879 million in Q3 due to significantly higher cash flow from operations.

由於營運現金流顯著增加，本季末我們的現金和現金等價物總額為 11.8 億美元，高於第三季的 8.79 億美元。

Inventory was $739 million, down slightly from the prior year and down 7% from the prior quarter.

庫存為 7.39 億美元，比上年略有下降，比上季下降 7%。

Total principal debt, including our secured revolving line of credit, was $1.7 billion.

本金總額（包括我們的擔保循環信貸額度）為 17 億美元。

In the fourth quarter, we deployed cash to repurchase $38 million of long-term principal debt resulting in a total reduction of long-term debt of $138 million in 2017.

第四季度，我們動用現金回購了 3,800 萬美元的長期本金債務，導致 2017 年長期債務總額減少了 1.38 億美元。

Our gross leverage ratio has improvement from 10x in 2016 to 3.8x at the end of 2017.

我們的總槓桿率從2016年的10倍改善至2017年底的3.8倍。

Free cash flow was $339 million, up sharply from $32 million in the prior quarter.

自由現金流為 3.39 億美元，較上一季的 3,200 萬美元大幅增加。

Q4 is typically our strongest cash flow quarter, and for the year, free cash flow was $45 million negative due to increased working capital in support of higher revenue.

第四季通常是我們現金流最強勁的季度，全年自由現金流為負 4,500 萬美元，因為營運資本增加以支持更高的收入。

Before we turn to guidance, I want to highlight that we are adopting the new revenue recognition accounting standard effective 2018.

在我們轉向指導之前，我想強調一下，我們正在採用 2018 年生效的新收入確認會計準則。

We are adopting this standard under the full retrospective method, which we believe is most helpful to our investors.

我們在全面追溯法下採用這項標準，我們認為這對我們的投資者最有幫助。

For the full year 2017, the impact of the accounting change to revenue was immaterial, and we expect the impact to be immaterial on 2018 annual revenue.

就 2017 年全年而言，會計變更對收入的影響並不重大，我們預期對 2018 年收入的影響也不重大。

For the first quarter 2018, AMD expects revenue to be approximately $1.55 billion, plus or minus $50 million, an increase of 32% year-over-year, primarily driven by the strength of the ramp of Ryzen GPU and EPYC products.

AMD預計2018年第一季營收約15.5億美元，上下浮動5000萬美元，年增32%，這主要是受到Ryzen GPU和EPYC產品成長動能的推動。

For comparative purposes, under the new accounting method, Q1 '17 restated revenue was $1.18 billion and Q4 2017 restated revenue was $1.34 billion.

出於比較目的，根據新的會計方法，17 年第一季重述的收入為 11.8 億美元，2017 年第四季重述的收入為 13.4 億美元。

In addition, for Q1 2018, we expect non-GAAP gross margin to be approximately 36%; non-GAAP operating expenses to be approximately $435 million or approximately 28% of revenue; non-GAAP interest expense, taxes and other to be approximately $30 million; and inventory to be up sequentially in support of higher revenue.

此外，我們預計 2018 年第一季非 GAAP 毛利率約為 36%；非 GAAP 營運費用約 4.35 億美元，約佔收入的 28%；非公認會計準則利息支出、稅費和其他費用約為 3,000 萬美元；庫存將連續增加以支持更高的收入。

For 2018, we expect double-digit percentage growth in annual revenue, greater than 36% non-GAAP gross margin, non-GAAP operating expenses to be approximately 28% of revenue.

2018 年，我們預計年收入將達到兩位數百分比成長，非 GAAP 毛利率將超過 36%，非 GAAP 營運費用將佔營收的 28% 左右。

In addition, we expect a tax rate of approximately 10% of pretax income for 2018.

此外，我們預計2018年稅前收入的稅率約為10%。

In summary, we made significant progress in 2017.

綜上所述，2017年我們取得了重大進展。

We are pleased with the momentum in our business and delivered outstanding top line revenue growth, margin expansion and achieved profitability for the year.

我們對業務的發展勢頭感到滿意，今年實現了出色的營收成長、利潤率擴張和盈利。

We continue to make strong progress towards our long-term target financial model, and our goal in 2018 is to deliver significant revenue growth and increase profitability as we continue to invest in our multi-generational high-performance product road maps.

我們繼續在實現長期目標財務模型方面取得強勁進展，2018 年的目標是透過繼續投資於我們的多代高性能產品路線圖，實現顯著的收入成長並提高獲利能力。

With that, I'll turn it back to Laura for the question-and-answer session.

這樣，我會將其轉回勞拉進行問答環節。

Laura?

勞拉？

Thank you, Devinder.

謝謝你，德溫德。

Operator, we're ready for our first question.

接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question today is coming from Hans Mosesmann from Rosenblatt Securities.

（操作員指示）我們今天的第一個問題來自羅森布拉特證券公司的漢斯·摩西曼。

Can you please give us the puts and takes for the Q1 guide?

您能給我們第一季度指南的看跌期權嗎？

There are lots of moving parts, and so I think that would be helpful.

有很多活動部件，所以我認為這會很有幫助。

Yes, absolutely, Hans.

是的，絕對是，漢斯。

Thanks for the question.

謝謝你的提問。

So our Q1 revenue guidance was up 32% year-on-year, and if you take a look at that, it's actually significantly better than our typical seasonality.

因此，我們第一季的營收指引年增了 32%，如果你看一下，它實際上比我們典型的季節性要好得多。

Primarily, that's due to the new product strength.

這主要歸功於新產品的實力。

So we see GPUs, Ryzen and EPYC, all up in Q1, and that's contributing to the strong guidance.

因此，我們看到 GPU、Ryzen 和 EPYC 都在第一季出現，這有助於提供強有力的指導。

We do expect that the semi-custom business will be down in Q1 relative to the first quarter of 2017 just due to the fact that we're in the sixth year of the cycle.

我們確實預計半客製化業務在第一季將比 2017 年第一季有所下降，因為我們正處於週期的第六年。

So if you actually take the new product strength, the guidance is actually over 32% year-on-year.

所以如果你實際考慮新產品實力的話，指引其實比去年同期超過了32%。

Okay.

好的。

And then the seasonality of semi-custom will continue to be weaker on a year-over-year basis for the rest of the year.

然後，在今年剩餘時間內，半客製化的季節性將繼續同比減弱。

Is that the way to model that?

這是建模的方法嗎？

Yes.

是的。

So what you should be -- expect with semi-custom is, on a full year basis, the revenue will be likely down compared to 2017 just due to where we are in the cycle, and units will be down.

因此，您應該對半客製化產品的預期是，與 2017 年相比，全年收入可能會下降，這只是由於我們處於週期中的位置，並且單位數量也會下降。

There will be a bit of an adjustment to the seasonality as we move over to the new accounting regulations with 606, and so we'll see, let's call it, a bit more revenue in the first half and a bit less revenue in the second half.

當我們轉向 606 的新會計法規時，季節性將會有一些調整，所以我們會看到，我們稱之為，上半年的收入增加一點，下半年的收入減少一點一半。

So for the year, it is very similar, and then we'll see a little bit of shift in the quarterly profile.

因此，今年的情況非常相似，然後我們會看到季度概況出現一些變化。

But again, back to the -- your question -- your initial question on the Q1 revenue guidance, it is really driven by new product strength.

但再次回到你的問題，你對第一季收入指引的最初問題，它確實是由新產品實力驅動的。

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

我們的下一個問題來自富國銀行的 David Wong。

Following on from your answer to Hans' question, Lisa, can you give us some feel for the revenue, the new product momentum in terms of sales in the fourth quarter '17?

在回答漢斯的問題之後，麗莎，您能給我們一些關於 17 年第四季的收入和新產品銷售勢頭的感受嗎？

And in particular, any numbers on Ryzen, EPYC or Vega?

特別是有關 Ryzen、EPYC 或 Vega 的數據嗎？

Absolute sales dollars or sequential growth in Q4 would be helpful.

第四季的絕對銷售額或環比成長將會有所幫助。

Yes, absolutely, David.

是的，絕對如此，大衛。

So we had a very strong Q4.

所以我們有一個非常強勁的第四季。

If you look at the overall business, it was up 34% year-on-year.

如果你看一下整體業務，比去年同期成長了34%。

If you look underneath that, the Computing and Graphics business was very strong.

如果你仔細觀察，你會發現計算和圖形業務非常強勁。

So we saw 17% sequential growth, significantly better than seasonality.

因此，我們看到了 17% 的環比增長，明顯優於季節性增長。

That was up on client, particularly Ryzen desktop, had a very strong holiday.

這是客戶端的表現，尤其是 Ryzen 桌上型電腦，度過了一個非常強勁的假期。

We also started initial shipments on Ryzen Mobile.

我們也開始對 Ryzen Mobile 進行首次出貨。

And then on the graphics side, we saw strength in all product lines, so we saw strength in the channel for both gaming as well as blockchain.

然後在圖形方面，我們看到了所有產品線的優勢，因此我們看到了遊戲和區塊鏈管道的優勢。

We saw strength in OEMs as we ramped Apple with our Vega processors.

當我們用 Vega 處理器提升 Apple 的競爭力時，我們看到了 OEM 廠商的實力。

We also saw strength in professional graphics as we launched some GPU compute into the data center.

當我們在資料中心推出一些 GPU 運算時，我們也看到了專業圖形領域的優勢。

So overall, those were the puts and takes.

總的來說，這些就是看跌期權。

Semi-custom was down sequentially, and again, that's as expected given the typical seasonality of the semi-custom business.

半客製化業務連續下降，考慮到半客製化業務的典型季節性，這也符合預期。

And Devinder, it might have been nested in what you -- your prepared remarks.

Devinder，它可能嵌套在你準備好的言論中。

But do you expect your net debt will grow in the seasonally weak first half of 2018?

但您預計您的淨債務會在季節性疲軟的 2018 年上半年成長嗎？

And if so, how much might net debt go up?

如果是這樣，淨債務可能會增加多少？

Net debt, when you say net debt, just explain that, David.

淨債務，當你說淨債務時，請解釋一下，大衛。

What do you mean by that?

你是什​​麼意思？

Well, debt minus cash.

嗯，債務減去現金。

Presumably, well, do your cash balances fall during the first half of the year?

想必，今年上半年您的現金餘額會下降嗎？

The debt levels came down in 2017 because we did repurchase some of the long-term principal debt to the tune of $134 million.

2017 年債務水準有所下降，因為我們回購了部分長期本金債務，金額達 1.34 億美元。

And in the guidance we provided, we said that 2018 would be free cash flow positive.

在我們提供的指引中，我們表示 2018 年自由現金流將為正值。

So if anything, I guess, the net debt, as you look at it, would come down as we get to the second half of 2018.

因此，我想，如果有的話，淨債務，正如你所看到的，在 2018 年下半年將會下降。

But any help in the first half?

但上半場有什麼幫助嗎？

What happens to the net debt in the first half?

上半年淨債務有何變化？

Typically, we invest in the business.

通常，我們投資於業務。

As you saw in the guidance, I expect inventory to be up in Q1.

正如您在指南中看到的那樣，我預計第一季庫存將會增加。

And obviously, with the strength of the business momentum that Lisa just talked about, we're prepared to go ahead and purchase product, a way for us to go ahead and fund the business.

顯然，憑藉麗莎剛才談到的強勁業務勢頭，我們準備好繼續購買產品，這是我們繼續為業務提供資金的一種方式。

Our next question is coming from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Lisa, I was hoping you could give us a little more color on EPYC.

Lisa，我希望您能為我們提供有關 EPYC（霄龍）的更多資訊。

Are we starting to get past pilot programs now and getting deployed into production environments?

我們現在是否開始透過試點計畫並部署到生產環境？

And can you give us a sense of the take of EPYC in the cloud versus enterprise?

您能否讓我們了解一下 EPYC（霄龍）在雲端與企業的差異？

Yes, absolutely, Mark.

是的，絕對是，馬克。

So well, we are pleased with where we are with EPYC.

好吧，我們對 EPYC 的現狀感到滿意。

We think we've made a very nice progress as in the fourth quarter.

我們認為我們在第四季度取得了非常好的進展。

We announced that the large OEMs are now qualified and starting to ship to end customers.

我們宣布大型 OEM 現已具備資格並開始向最終客戶發貨。

And so we have seen some very nice design wins in sales at some marquee end customers.

因此，我們看到一些非常好的設計贏得了一些大型最終客戶的銷售。

If you look across education, financial services and the hosting business, those are looking good.

如果你縱觀教育、金融服務和託管業務，這些看起來都不錯。

On the cloud side, we have publicly talked about Microsoft Azure as well as Baidu adopting EPYC in their cloud of environments.

在雲端方面，我們公開談論了 Microsoft Azure 和百度在其雲端環境中採用 EPYC（霄龍）。

We are working with a number of the other cloud players to adopt EPYC, and we're working on some of the optimizations required there.

我們正在與許多其他雲廠商合作採用 EPYC（霄龍），我們正在研究那裡所需的一些最佳化。

So overall, we're very pleased with the momentum.

總的來說，我們對這種勢頭感到非常滿意。

I think we always knew that there was a qualification cycle to go through, but we've gotten through some of the major qualifications here in the fourth quarter and especially as we looked in December, we actually closed a number of new deals with the platforms being available for sale.

我認為我們一直都知道需要經歷一個資格週期，但我們在第四季度已經通過了一些主要資格認證，特別是正如我們在 12 月看到的那樣，我們實際上與平台達成了一些新交易可供出售。

That's helpful.

這很有幫助。

And then on the C&G side, very impressive growth.

然後在 C&G 方面，成長非常驚人。

Can you give us a sense of to what extent that growth was driven by Ryzen products versus Radeon?

您能否讓我們了解 Ryzen 產品與 Radeon 產品在多大程度上推動了成長？

And then on the Radeon side, can you give us a sense of what blockchain was to the contribution and how you're viewing the sustainability of that?

然後在 Radeon 方面，您能否讓我們了解區塊鏈的貢獻以及您如何看待其永續性？

It seems like it's getting consistently strong.

看起來它一直在變得強大。

So appreciate any updates on your view on that segment.

因此，感謝您對該部分的看法的任何更新。

Yes, absolutely, Mark.

是的，絕對是，馬克。

So look, on the Computing and Graphics segment, we grew about $140 million sequentially, and if I look at that growth, it was across Ryzen and Radeon.

所以看，在計算和圖形領域，我們連續成長了約 1.4 億美元，如果我看看這一成長，它是在 Ryzen 和 Radeon 上實現的。

If you look at blockchain in particular, our estimates are that it was about 1/3 of the growth, 1/3 of the $140 million, and then the rest of the 2/3 are around the GPUs -- the other segments of GPUs and Ryzen.

如果你特別關注區塊鏈，我們的估計是成長的 1/3 左右，1.4 億美元的 1/3，然後剩下的 2/3 圍繞 GPU——GPU 的其他部分和銳龍。

When I look going forward, clearly, blockchain is a little bit of a fluid and dynamic market.

當我展望未來時，很明顯，區塊鏈是一個流動且充滿活力的市場。

We did see some strength as we went into December.

進入 12 月後，我們確實看到了一些強勁勢頭。

We see strength as we're going into the first quarter.

當我們進入第一季時，我們看到了實力。

I'm sure many of you have seen that the graphics channel is very low, and we're certainly working to replenish that channel environment.

我相信你們很多人都已經看到圖形通道非常低，我們當然正在努力補充該通道環境。

So we think that graphics in general is going to be strong into the first half, and that's some of what's contributing to our strong Q1 guidance.

因此，我們認為上半年圖形整體表現將會強勁，這也是我們第一季強勁指引的部分原因。

But overall, my comments are we're seeing nice momentum across Ryzen and all of the GPU segments, which is important for us as we go into 2018.

但總的來說，我的評論是，我們看到 Ryzen 和所有 GPU 領域的良好勢頭，這對我們進入 2018 年非常重要。

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

我們的下一個問題來自伯恩斯坦研究中心的史黛西·拉斯科（Stacy Rasgon）。

My first is on gross margin.

我的第一個是毛利率。

Can you give us a feeling -- do you expect Q1 to be the trough for gross margins through the year given you're guiding in line to maybe a little above for the year, where you're guiding Q1?

您能否給我們一種感覺——考慮到您今年第一季毛利率的指導可能會略高於第一季度，您是否預計第一季將成為全年毛利率的低谷？

And can you give us some feeling on the puts and takes of gross margins as we go through the year, particularly around things like business mix, lower seasonality and lower growth on semi-custom versus some of the new products for example?

您能否給我們一些關於毛利率的感受，特別是在業務組合、較低的季節性以及半定制產品相對於某些新產品的較低增長等方面？

Yes.

是的。

Stacy, I can take that, and then Lisa maybe can add.

史黛西，我可以接受，然後麗莎也許可以補充。

As we start the year, as Lisa said, we do see momentum from the new products, the Ryzen, the GPUs and EPYC, and the margin is up on a sequential basis.

正如 Lisa 所說，在新年伊始，我們確實看到了新產品、Ryzen、GPU 和 EPYC 帶來的勢頭，而且利潤率環比上升。

We're starting off the year at 36%.

我們年初的成長率為 36%。

We previously said that, for 2018, we expect margin to be greater than 36%, so it is a good start to the year, starting off well with a 36% guide.

我們之前說過，對於 2018 年，我們預計利潤率將超過 36%，因此這是今年的一個良好開端，以 36% 的指導值開始。

Obviously, the new products are having benefit then.

顯然，新產品當時正在受益。

And then the one thing I will add from what Lisa said earlier, in particular with the semi-custom business timing, is there is some incremental semi-custom revenue that gets recognized in Q1 as compared to the past from a timing in the year standpoint.

然後，我要根據麗莎之前所說的補充一件事，特別是半定制業務的時間安排，從年度時間安排的角度來看，與過去相比，第一季有一些增量的半定制收入得到確認。

But overall, I think the 36% is where we are starting off in Q1 and very pleased with that.

但總的來說，我認為 36% 是我們第一季的起點，對此感到非常滿意。

Yes.

是的。

Stacy, the only...

史黛西，唯一...

So you do believe Q...

所以你確實相信Q...

Sorry, go ahead.

抱歉，請繼續。

I was just saying, so you do believe Q1 is probably a trough in terms of gross margins?

我只是說，所以您確實認為第一季可能是毛利率的低谷？

Clearly, Stacy, the first half of the year is usually the weaker half of our business because we are a consumer-led business.

史黛西，顯然，上半年通常是我們業務較弱的一半，因為我們是一家以消費者為主導的企業。

So as we -- starting off with 36% margin in Q1 is a good start.

因此，我們在第一季以 36% 的利潤率開始是一個好的開始。

And we do expect that the new products will continue to ramp as we go through 2018.

我們確實預計 2018 年新產品將持續增加。

So I think that's how we view the puts and takes going forward.

所以我認為這就是我們看待未來看跌期權和賣出期權的方式。

For my follow-up, I know your competitors saw some unusual strength in the enterprise market and enterprise spending in Q4.

對於我的後續行動，我知道您的競爭對手在第四季度的企業市場和企業支出中看到了一些不尋常的優勢。

I understand your exposure at this point to those enterprise wins is certainly less.

我知道您目前對這些企業勝利的了解肯定較少。

But what are you seeing in terms of enterprise ramp?

但您對企業成長有何看法？

Are you seeing anything unusual or more or less sustainable in terms of strength versus what you'd ordinarily expect to see this time of the year?

與您通常期望在一年中的這個時候看到的情況相比，您是否看到任何不尋常或或多或少可持續的力量？

Yes, Stacy.

是的，史黛西。

I think your question is about the market, and our market share is still relatively low.

我覺得你的問題是關於市場的，我們的市佔率還比較低。

So our exposure with EPYC is there's a lot of activity, so there's a significant amount of activity with customers, both in all segments, cloud and enterprise.

因此，我們對 EPYC 的接觸是有很多活動，因此在所有細分市場、雲端和企業領域，客戶都有大量的活動。

Although I wouldn't say that, that's necessarily a market trend.

雖然我不會這麼說，但這必然是市場趨勢。

I would say that's sort of where we are with our EPYC qualifications and ramp.

我想說，這就是我們的 EPYC（霄龍）資歷和升級的現況。

And so we don't see -- for example, we don't see that Q4 was especially strong, and there will be a drop-off in Q1.

因此，我們沒有看到 - 例如，我們沒有看到第四季度特別強勁，第一季度會出現下降。

In fact, we expect that EPYC should grow as we go through Q1 and the rest of 2018.

事實上，我們預計 EPYC 應該會隨著第一季和 2018 年剩餘時間的成長而成長。

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

我們的下一個問題來自美銀美林的 Vivek Arya。

For my first one, just a clarification.

對於我的第一個，只是澄清一下。

I know it's been off a few times.

我知道已經停了好幾次了

But what would your Q1 sales and gross margin outlook have been under the older accounting methodology?

但是，如果採用舊的會計方法，您的第一季銷售額和毛利率前景會怎麼樣呢？

Vivek, we're adopting the new revenue accounting standard under what is the full retrospective method because we believe this is most helpful to the investors, and for good measure, we have provided the Q1 '17 and Q4 '17 on a restated -- we restated the revenue and obviously, the Q1 2018 guidance under 606.

Vivek，我們正在全面回顧法下採用新的收入會計準則，因為我們相信這對投資者最有幫助，為了更好地衡量，我們提供了17 年第一季和17 年第四季的重述——我們重申了收入，顯然是 606 下的 2018 年第一季指引。

We will publish the restated numbers as part of our 10-K.

我們將發布重述的數字作為 10-K 的一部分。

And from a Q1 2018 standpoint, if you look at the numbers, let's say, you compare to Q4 '17 on a seasonal -- on a sequential basis, the revenue is up quarter-on-quarter, and largely that's the strength of the new products in Q1 2018.

從 2018 年第一季的角度來看，如果你看一下這些數字，比方說，你與 17 年第四季進行比較——按順序來看，收入環比增長，這在很大程度上是2018年第一季的新產品。

All right.

好的。

I ask that -- you're starting the year at a very strong 30%-plus base, and you're saying double-digit growth for the year.

我想問的是——你們以 30% 以上的強勁基數開始了今年，並且你們說今年將實現兩位數的增長。

And double digit is a very, very wide range.

兩位數是一個非常非常大的範圍。

So Lisa, could you help us at least get some level set of what double-digit growth means for the year?

麗莎，你能幫助我們至少了解今年兩位數成長意味著什麼嗎？

Yes.

是的。

So we are starting the year strong, Vivek.

所以，維韋克，我們將以強勁的勢頭開始新的一年。

I think maybe to give you a little bit more color on your question as it relates to the Q1 guidance.

我想也許可以讓您對您的問題有更多的了解，因為它與第一季的指導相關。

We are -- as Devinder said, we are giving all guidance and forward-looking comments on 606.

正如 Devinder 所說，我們正在對 606 提供所有指導和前瞻性評論。

However, the largest impact, particularly as it relates to revenue, is really sort of the semi-custom business.

然而，最大的影響，特別是與收入相關的影響，實際上是半客製化業務。

As you know, our custom business is a little bit unique because it's a singular customer, and so under the new revenue recognition rules, we would actually take revenue with non-cancelable POs.

如您所知，我們的客製化業務有點獨特，因為它是單一客戶，因此根據新的收入確認規則，我們實際上會透過不可取消的採購訂單來獲取收入。

So that impact in the first quarter sort of guidance would have been about, let's call it, $100 million or about thereabouts.

因此，第一季指引的影響約為 1 億美元左右。

And so that might help you calibrate where we are.

這可能會幫助你校準我們所處的位置。

I think the -- any way you look at it, the new product strength is the most important factor, but we also want to be clear on what the accounting rule impact would be.

我認為，無論從哪個角度來看，新產品的實力都是最重要的因素，但我們也想弄清楚會計規則的影響是什麼。

Does that help you, Vivek?

這對你有幫助嗎，維維克？

Yes, Lisa, very helpful.

是的，麗莎，非常有幫助。

And for my follow-up, traditionally, there has been a very large price delta between in your and Intel product, sometimes 50%, 60% plus on PCs and servers.

對於我的後續行動，傳統上，您的產品和英特爾產品之間存在非常大的價格差異，有時在 PC 和伺服器上有 50%、60% 以上。

As you look ahead with the new products, are you starting to see some of that price conversion?

當您展望新產品時，您是否開始看到一些價格轉換？

Like, are you being positioned in segments where you had not been previously, so you can get the benefit of much better ASPs than you've had historically?

例如，您是否處於以前從未涉足過的細分市場，以便能夠從比以往更好的 ASP 中獲益？

Yes, Vivek, absolutely.

是的，維維克，絕對是如此。

So if we look at 2017 full year and look at our ASPs in the client business, the graphics business and the server business, albeit it's early, we are definitely seeing a significant ASP expansion as a result of the fact that our products are now covering the higher end of the market.

因此，如果我們回顧2017 年全年，看看我們的客戶端業務、圖形業務和伺服器業務的ASP，儘管現在還為時過早，但我們肯定會看到ASP 的顯著成長，因為我們的產品現在涵蓋了高端市場。

So we're competing very well in the higher end of the market.

因此，我們在高端市場的競爭非常激烈。

I expect that there's still a delta, but that delta is converging given our product coverage.

我預計仍然存在增量，但考慮到我們的產品覆蓋範圍，該增量正在收斂。

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

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策。

Lisa, while the year-over-year gross margin improvement has been strong both in the calendar sort of third quarter, fourth quarter and now on the guide in the first quarter, the sequential gross margin leverage is perhaps a little bit less than I would have thought, especially as you move into Q4 and Q1 and semi-custom comes down.

麗莎，雖然在日曆上的第三季、第四季以及現在第一季度的指導中，毛利率同比改善都很強勁，但連續的毛利率槓桿率可能比我想像的要低一些有想過，特別是當你進入第四季和第一季時，半客製化就會下降。

Now I know there's been sort of a lag effect as Ryzen grows as a percent of the mix, but maybe you can help me understand where we are as far as Ryzen as a percent of the mix being a positive influence on gross margin.

現在我知道，隨著 Ryzen 在混合產品中所佔百分比的成長，存在某種滯後效應，但也許你可以幫助我了解 Ryzen 在混合產品中所佔百分比對毛利率產生正面影響的情況。

And then just relative to your long-term gross margin target of 40% to 44%, how far does Ryzen get you before you become more dependent on EPYC ramps later this year into 2019 and beyond?

然後，相對於您 40% 至 44% 的長期毛利率目標，在您變得更加依賴 EPYC（霄龍）在今年晚些時候到 2019 年及以後的增長之前，Ryzen 能讓您走多遠？

Sure.

當然。

So a lot of different questions there, John.

約翰，有很多不同的問題。

Let me try to unpack it there.

讓我嘗試在那裡打開它。

So let's talk about sort of Ryzen and sort of the margin both Q4 and Q1.

那麼讓我們來談談 Ryzen 以及 Q4 和 Q1 的利潤率。

On the Ryzen -- to give you sort of a flavor of where we are in terms of the new product ramp, Ryzen Q4 was probably in the high 40s percentage of our overall client business, and we expect that, that will be over 50% starting in the first quarter of 2018.

在 Ryzen 方面，為了讓您了解我們在新產品升級方面的情況，Ryzen Q4 可能占我們整體客戶業務的 40 多%，我們預計這一比例將超過 50%從2018年第一季開始。

And so that ramp definitely helps, and it's part of our sequential 100 basis point improvement from Q4 to Q1.

因此，這種成長肯定有幫助，這是我們從第四季到第一季連續 100 個基點改進的一部分。

I think in terms of overall new product revenues, if you take Ryzen, EPYC and then our new graphics products in totality, in Q4, they were about 33% of our revenue, and we expect that to ramp nicely as we go into 2018.

我認為就整體新產品收入而言，如果將Ryzen、EPYC 以及我們的新圖形產品合計起來，在第四季度，它們約占我們收入的33%，我們預計隨著2018 年的到來，這一比例將大幅上升。

So I think we are getting the margin leverage.

所以我認為我們正在獲得保證金槓桿。

The margin leverage certainly from Q4 to Q1 is due to the fact that we have strong products.

從第四季到第一季的保證金槓桿肯定是由於我們擁有強大的產品。

And the thing that's a little bit different this quarter is because we are guiding under 606, and as a result of that, semi-custom, which is typically seasonally down Q4 to Q1, in this case, is actually up a little bit Q4 to Q1.

本季度有點不同的是，因為我們的指導是606，因此，半客製化產品通常會季節性地從第四季度下降到第一季度，在這種情況下，實際上在第四季度到第一季度有所上升。Q1.

And so that's a headwind on the margin, but overall, we're still up 100 basis points.

因此，這在一定程度上是一個逆風，但總體而言，我們仍然上漲了 100 個基點。

Does that kind of get to the gist of your question?

這是否符合您問題的要點？

No, that's helpful, Lisa.

不，這很有幫助，麗莎。

And then maybe a second question just on the OpEx.

然後也許是關於營運支出的第二個問題。

Revenue for the calendar first quarter, significantly above where the Street was expecting but so was OpEx.

第一季的營收顯著高於華爾街的預期，但營運支出也是如此。

And I'm curious, is there any sort of unusual expenses around Spectre or Meltdown that's going on?

我很好奇，圍繞 Spectre 或 Meltdown 是否存在任何異常費用？

And then to continue that, for the full year, you're guiding OpEx about in line with your long-term target.

然後，為了繼續這一目標，在全年中，您將指導營運支出與您的長期目標保持一致。

So is there opportunity that your long-term target can come down and maybe 28% of revenue on OpEx comes down over time?

那麼，您的長期目標是否有機會下降，隨著時間的推移，營運支出收入的 28% 可能會下降？

Or how should we think about that leverage?

或者說我們該如何看待這種槓桿作用？

Yes.

是的。

So look, so relative to OpEx, I think our long-term guidance was 26% to 30%.

因此，相對於營運支出，我認為我們的長期指導是 26% 到 30%。

Calendar year 2017, we were roughly approximately 30% if you look at it for the full year basis.

2017 年，如果你以全年為基礎來看，我們的比例大約是 30%。

We're guiding 2018 to approximately 28%, so we're starting to see some of that leverage granted we're starting off in Q1, which is usually a low quarter for us.

我們預計 2018 年的槓桿率約為 28%，因此我們開始看到我們從第一季開始就獲得了一些槓桿，這對我們來說通常是一個較低的季度。

And then as we go forward, we're certainly looking at more leverage in the model, but we are investing in sort of the key new products.

然後，隨著我們的前進，我們當然會在模型中尋求更多的槓桿作用，但我們正在投資一些關鍵的新產品。

We are investing in software, and I think that's absolutely the right thing for us to do.

我們正在投資軟體，我認為這對我們來說絕對是正確的事情。

As it relates to any unusual expenses with Spectre and Meltdown, there are no particular unusual expenses related to that.

由於它與 Spectre 和 Meltdown 的任何異常費用相關，因此沒有與之相關的特別異常費用。

I think what we are doing is we're investing in the business.

我認為我們正在做的是對業務進行投資。

We believe strongly in the product road map that we have, and given the significant revenue growth, we believe we can afford to invest in the business.

我們堅信我們擁有的產品路線圖，並考慮到收入的顯著增長，我們相信我們有能力投資該業務。

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。

I'm wondering if you could talk a little bit about the product that you announced with Intel over the course of Q4, the semi-custom graphics product.

我想知道您是否可以談談您在第四季度與英特爾宣布的半定製圖形產品產品。

I guess, interesting to see a few companies working together.

我想，看到幾家公司合作很有趣。

Can you put that product into context for us?

能為我們介紹一下該產品嗎？

Are there things that you could do going forward?

未來你可以做些什麼嗎？

And then just is that going to be in the semi-custom part of revenues or in the compute part?

那麼這將屬於收入的半客製化部分還是計算部分？

Sure, Joe.

當然，喬。

So the product that we announced with Intel was a semi-custom graphics product.

所以我們與英特爾合作發表的產品是半客製化圖形產品。

So what we're doing is we're selling silicon to them.

所以我們正在做的就是向他們出售矽。

And then they're packaging it in a multi-strip module, and they're marketing it and selling to end customers.

然後他們將其包裝在多個模組中，進行行銷並銷售給最終客戶。

From my standpoint, this is an excellent way to get more Radeon GPUs in as many applications as possible.

從我的角度來看，這是在盡可能多的應用程式中獲得更多 Radeon GPU 的絕佳方法。

And so our strategy is we'll build our own standard products.

因此，我們的策略是打造自己的標準產品。

We will build custom products for customers and then look for how do we get Radeon in as many places as possible.

我們將為客戶建立客製化產品，然後研究如何在盡可能多的地方使用 Radeon。

For this graphics revenue, because it's very similar to discrete graphics, we're actually reporting it in the Computing and Graphics segment, and we did see some initial revenue from that in Q4.

對於圖形收入，因為它與獨立顯示卡非常相似，所以我們實際上在計算和圖形部分報告它，我們確實在第四季度看到了一些初步收入。

But it is -- as I said, it's a semi-custom chip that is sold to them with their -- to be packaged with their products.

但正如我所說，這是一種半定制晶片，與他們的產品一起出售給他們。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Lisa, one for you back on the crypto side of things.

麗莎，為您提供有關加密貨幣方面的資訊。

It was great to see the incremental color that you gave.

很高興看到您提供的增量顏色。

But is there any way you could give an absolute dollar amount, whether it be in the fourth quarter or just full year '17 and how much you believe crypto contributed to your revenues?

但是，您是否可以給出絕對的美元金額，無論是第四季度還是 17 年全年，以及您認為加密貨幣對您的收入貢獻了多少？

Yes, absolutely, Ross.

是的，絕對是，羅斯。

So it is hard to estimate.

所以很難估計。

I think we said before it's hard to estimate just given some of the crypto -- sort of GPUs are sold through the same channels as our gaming channel.

我想我們之前說過，只考慮到一些加密貨幣——某種 GPU 是透過與我們的遊戲管道相同的管道出售的，很難進行估計。

I previously said we thought it was about mid-single digits percentage of our annual revenue.

我之前說過，我們認為這大約是我們年收入的中個位數百分比。

It may be a little bit higher than that.

可能比這個高一點。

Let's call it 1 point or so, but it's really a lot of our growth is outside of the blockchain market.

我們稱之為 1 點左右，但實際上我們的大部分成長都是在區塊鏈市場之外。

What we see in the market though is, because I know there's a lot of conversation about this out in the market, it is an important market.

但我們在市場上看到的是，因為我知道市場上對此有很多討論，這是一個重要的市場。

I mean, we're now seeing it from the standpoint of there is a lot of dynamic movement in the market, but it is consuming a lot of GPUs.

我的意思是，我們現在從市場上有很多動態變化的角度來看它，但它消耗了大量的 GPU。

It's a good part of our business, and we intend to sort of work with the large players to better forecast that business going forward.

這是我們業務的重要組成部分，我們打算與大型企業合作，以更好地預測該業務的未來發展。

But I don't want that to take away from the fact that we had significant growth in the GPU business outside of blockchain as we really ramped the Vega product line, as we ramped our GPU compute product line, as we ramped our Apple.

但我不希望這抹掉這樣一個事實：我們在區塊鏈之外的 GPU 業務上取得了顯著增長，因為我們確實擴大了 Vega 產品線，擴大了 GPU 運算產品線，也擴大了 Apple 業務。

And so those are all important pieces of our GPU story.

因此，這些都是我們 GPU 故事的重要組成部分。

Perfect, that's helpful.

完美，很有幫助。

As my follow-up, I wanted to go back to a statement you said in answering a prior question about the semi-custom business being up sequentially and then saying it was about $100 million benefit.

作為我的後續行動，我想回顧一下您在回答之前有關半定制業務連續增長的問題時所說的聲明，然後說它帶來了大約 1 億美元的收益。

Is that up sequentially you're talking about relative to the fourth quarter pre or post the ASC adjustment?

您所說的是相對於 ASC 調整前或後第四季的順序嗎？

Just trying to tie this altogether and kind of get the moving parts behind your guidance because it is much higher than, I think, where many of us expected it to be.

只是試圖將其結合起來，並讓活動部件支持您的指導，因為我認為它比我們許多人預期的要高得多。

Yes.

是的。

So let me try, and Devinder may keep me -- make sure that we're clear here.

所以讓我嘗試一下，德文德可能會留下我——確保我們在這裡沒有問題。

So the $100 million that I referenced was relative to the Q1 '17 adjustment, which was approximately $200 million or so.

因此，我提到的 1 億美元是相對於 17 年第一季的調整而言的，調整金額約為 2 億美元左右。

If you look at it on a sequential basis, it won't be up $100 million.

如果你按順序查看，它不會增加 1 億美元。

It'll be up somewhat less than that, but typically, we're quite -- we're down quite a bit in semi-custom.

它的漲幅會比這個少一些，但通常情況下，我們在半定制方面會下降很多。

And so it is a different seasonal pattern than we would normally see.

因此，這是一種與我們通常看到的不同的季節性模式。

Our next question is coming from Brett Simpson from Arete Research.

我們的下一個問題來自 Arete Research 的 Brett Simpson。

I just had a question on crypto.

我剛剛有一個關於加密貨幣的問題。

I mean, if I look at the amount of hash compute being added to Ethereum in January, I mean, it's more than the whole of Q4.

我的意思是，如果我看看一月份添加到以太坊的哈希計算量，我的意思是，它比整個第四季度還要多。

So we've seen a big start to the Q1.

所以我們看到了第一季的良好開局。

So I'm just wondering, what's the balance or the sort of mix in your C&G division between GPU and CPU sort of looking at Q4 and how it changes at Q1?

所以我只是想知道，您的 C&G 部門中 GPU 和 CPU 之間的平衡或混合情況是什麼，看看第四季度以及第一季有何變化？

And is there any sort of acute shortages here?

這裡是否存在嚴重短缺的情況？

I mean, can your foundry partners -- do they have the capacity to support you with the ramp of GPUs at the moment?

我的意思是，您的代工廠合作夥伴目前是否有能力支援您提升 GPU 效能？

And is there enough HBM2 DRAM to source as well?

還有足夠的 HBM2 DRAM 可供採購嗎？

Yes, right.

是的，沒錯。

So in relation to your question about client and graphics, look, both the client business and the graphics business grew sequentially in Q4.

因此，關於您有關客戶端和圖形的問題，您看，客戶端業務和圖形業務在第四季度都連續成長。

So both of them were strong businesses for us, and as I said, there are -- crypto was one driver, but there were numerous other drivers as well.

因此，它們對我們來說都是強大的業務，正如我所說，加密貨幣是一個驅動因素，但還有許多其他驅動因素。

Relative to just where we are in the market today, for sure, the GPU channel is lower than we would like it to be.

當然，相對於我們目前的市場狀況，GPU 通道比我們希望的要低。

So we are ramping up production.

所以我們正在提高產量。

At this point, we're not limited by silicon per se, so our foundry partners are supplying us.

目前，我們不受矽本身的限制，因此我們的代工合作夥伴正在向我們供貨。

There are shortages in memory, and I think that is true across-the-board, whether you're talking about GDDR5 or you're talking about high-bandwidth memory.

內存短缺，我認為無論是 GDDR5 還是高頻寬內存，都是如此。

We continue to work through that with our memory partners, and that will be certainly one of the key factors as we go through 2018.

我們將繼續與我們的記憶體合作夥伴共同解決這個問題，這無疑將是我們度過 2018 年的關鍵因素之一。

And just a follow-up on 7-nanometer.

這只是 7 奈米的後續。

I mean, a lot being talked about at 7 with the TSMC ramping fairly shortly and also Intel being perhaps a little delayed on 10-nanometer.

我的意思是，隨著台積電很快就開始生產 7 奈米技術，英特爾也可能在 10 奈米技術上稍微延遲了一些。

Can you talk about what your plans are for 7-nanometer in 2018?

能談談2018年7奈米的計畫嗎？

Can you ship a CPU platform based on 7-nanometer in -- this year?

今年你們能推出基於 7 奈米的 CPU 平台嗎？

Or is there -- are you also seeing some delays in 7 with your foundry partners?

或者您也看到 7 與您的代工廠合作夥伴出現了一些延誤？

So relative to 7, 7 is a very important node for us.

所以相對於7來說，7對我們來說是一個非常重要的節點。

We're doing very active development to the 7 across our GPU and our CPU portfolio.

我們正在針對 GPU 和 CPU 產品組合對 7 進行非常積極的開發。

Relative to shipment dates, I'll wait until we get closer to production before we talk about that.

相對於發貨日期，我會等到接近生產後再談論這個問題。

But what we have said is that we will sample a GPU here in 2018 targeted at machine learning, and that will be in 7-nanometer technology.

但我們已經說過，我們將在 2018 年針對機器學習提供 GPU 樣品，並且將採用 7 奈米技術。

And we are also actively working on CPU products in the 7-nanometer technology as well.

我們也積極致力於7奈米技術的CPU產品。

Our next question is coming from Tristan Gerra from Baird.

我們的下一個問題來自貝爾德 (Baird) 的特里斯坦·傑拉 (Tristan Gerra)。

You've mentioned that you expect very strong demand from blockchain in the first half.

您提到您預計上半年區塊鏈的需求將非常強勁。

How aggressive are you in terms of embedding that type of trend in your Q1 guidance?

您在將這種趨勢納入第一季指引中的積極性如何？

Just trying to get a sense of the contribution from that segment in your Q1 guidance.

只是想了解第一季指導中該細分市場的貢獻。

And also, is the margin profile any different than the rest of your GPU business?

另外，您的 GPU 業務的利潤率有什麼不同嗎？

So I think as we said on the Q1 guidance, it is really strength across our new products, so it's not just the blockchain or crypto conversation.

因此，我認為正如我們在第一季指導中所說，我們的新產品確實具有優勢，因此這不僅僅是區塊鏈或加密貨幣對話。

That's one factor, but we do see strength across the rest of our GPU business as well as our CPU business with Ryzen and EPYC.

這是一個因素，但我們確實看到了 GPU 業務的其餘部分以及 Ryzen 和 EPYC 的 CPU 業務的實力。

So of course, we take into account what we believe the demand will be here in the first quarter, and we think we're fairly balanced with that.

因此，當然，我們考慮了我們認為第一季的需求，並且我們認為我們對此相當平衡。

And overall, given the current lead times, I think we have good visibility into what the order pattern is and so on and so forth.

總的來說，考慮到當前的交貨時間，我認為我們對訂單模式等有很好的了解。

So I think the key point is crypto is strong right now but we do believe that it is a very dynamic environment, and so we have to watch that step very closely.

所以我認為關鍵點是加密貨幣現在很強大，但我們確實相信這是一個非常動態的環境，所以我們必須非常密切地關注這一步。

And there are numerous other product drivers in our Q1 guidance, including the CPU business, which is an important driver.

我們的第一季指南中還有許多其他產品驅動因素，包括 CPU 業務，這是一個重要的驅動因素。

Okay.

好的。

And as a quick follow-up, in terms of the ramp of EPYC, should we look at a linear ramp throughout this year?

作為快速跟進，就 EPYC 的成長而言，我們是否應該考慮今年的線性成長？

Or is there more of an inflection point at any given time that you would expect or any given quarter that you would expect this year?

或者，在您預期的任何給定時間或今年您預期的任何給定季度是否會出現更多的轉折點？

I do expect a steady ramp of EPYC as we go through the year.

我確實預計 EPYC 在這一年中會穩定成長。

Our target is to be at mid-single-digit unit share by the end of 2018, and so there would be significant revenue from EPYC as we are in the second half of '18.

我們的目標是到 2018 年底達到中個位數的單位份額，因此 EPYC 將會帶來可觀的收入，就像我們在 18 年下半年一樣。

But certainly, I would expect a steady ramp throughout the year.

但當然，我預計全年都會穩定成長。

Our next question is coming from Srini Pajjuri from Macquarie.

我們的下一個問題來自麥格理的 Srini Pajjuri。

Just a couple of clarifications.

只是一些澄清。

First, I guess, Devinder, the accounting change, you kind of gave us an explanation how the seasonality works for Q1.

首先，我想，Devinder，會計變更，你向我們解釋了第一季的季節性如何發揮作用。

I'm just curious as to how your seasonality changes as we go into Q2, Q3 and Q4 because, historically, you were down in Q1 and kind of flattish in Q2 and then up in Q3 and Q4.

我只是好奇當我們進入第二季、第三季和第四季時，您的季節性如何變化，因為從歷史上看，您在第一季度下降，在第二季度持平，然後在第三季度和第四季上升。

So just trying to understand how the accounting change impacts that seasonality.

所以只是想了解會計變化如何影響季節性。

Yes.

是的。

I think the more significant change is from our semi-custom business.

我認為更顯著的變化來自我們的半客製化業務。

So we're going to see acceleration of revenue in the first half as opposed to where it used to be weighted towards the second half of the year.

因此，我們將看到上半年的收入加速成長，而不是過去的下半年。

And that's just a timing issue within the year.

這只是年內的一個時間問題。

Annually, there's not much impact.

每年一次，影響不大。

It's pretty immaterial from that standpoint.

從這個角度來看，這並不重要。

But timing-wise, you will see recognition of revenue earlier in Q1 and Q2, and then, obviously, we still have it in Q3 and Q4.

但就時間而言，您會在第一季和第二季早些時候看到收入的確認，然後，顯然，我們在第三季和第四季仍然有收入確認。

So seasonality for the semi-custom business changes.

因此，半定制業務的季節性會發生變化。

As Lisa stated earlier, typically, Q4 to Q1 is down, and now Q4 to Q1 is up.

正如 Lisa 之前所說，通常情況下，Q4 到 Q1 會下降，而現在 Q4 到 Q1 會上升。

Yes.

是的。

But I would add, though, just for that seasonality question.

但我想補充一點，只是針對季節性問題。

I think what you'll see is perhaps a little bit of a flatter profile.

我認為您會看到的輪廓可能會更平坦一些。

We used to have a very high peak in Q3, and now I think you'll see a little bit of a flatter profile with sort of second quarter still being higher than first quarter, third quarter or higher than second quarter, and then fourth quarter, we would expect to be down.

我們過去在第三季度有一個非常高的峰值，現在我認為你會看到一些更平坦的輪廓，第二季度仍然高於第一季度，第三季度或高於第二季度，然後是第四季度，我們預計會下降。

Great.

偉大的。

And then, Lisa, just another clarification on Ryzen.

然後，麗莎，我對 Ryzen 進行了另一次澄清。

Obviously, you're seeing very strong ramps.

顯然，您會看到非常強勁的坡道。

I would have expected you to see a little bit of ASP benefit in Q4, but it looks like ASPs came in flattish.

我本來預計您會在第四季度看到 ASP 的一點好處，但 ASP 看起來持平。

I'm just curious as to why they're only flat, not up sequentially.

我只是好奇為什麼它們只是持平，而不是按順序上升。

Yes, sure.

是的，當然。

So I think when you look at the ASPs, it's very dependent on the actual mix.

所以我認為當你查看 ASP 時，它非常依賴實際的組合。

And so underneath the client ASPs, we actually saw desktop a little bit lower, and that's because the desktop sales in the holiday season were a little bit more weighted to Ryzen 3, which has a lower ASP than some of the Ryzen 5 and Ryzen 7. But we actually saw mobile ASPs up because we saw the beginning of the shipments of Ryzen Mobile, which pulled ASPs up.

因此，在客戶端ASP 之下，我們實際上看到桌上型電腦略低一些，這是因為假期季節的桌上型電腦銷售對Ryzen 3 的權重更大一些，而Ryzen 3 的ASP 比某些Ryzen 5 和Ryzen 7 低但我們實際上看到行動 ASP 上漲，因為我們看到 Ryzen Mobile 開始出貨，這拉動了 ASP 上漲。

So it's just a -- the detailed mix of the business.

所以這只是業務的詳細組合。

But overall, I think we saw very strong growth.

但總的來說，我認為我們看到了非常強勁的成長。

Our final question today is coming from Ambrish Srivastava from BMO.

我們今天的最後一個問題來自 BMO 的 Ambrish Srivastava。

Devinder, I just had a question on free cash flow since I pester you so much on it.

Devinder，我只是有一個關於自由現金流的問題，因為我一直在這個問題上糾纏著你。

Good to see a solid quarter on that front.

很高興看到這方面的穩定季度表現。

But my question really is how should we -- you've guided for an increase in free cash flow for next year.

但我的問題實際上是我們應該如何——您已經指導明年自由現金流的增加。

Should we expect the same kind of dynamic that you've had this year, seasonality in Q4?

我們是否應該期待第四季出現與今年相同的季節性動態？

And then also, you had to build up working capital and inventory specifically because of the dynamics on memory and the tightness earlier on the year.

此外，由於今年早些時候內存的動態和緊張，您還必須建立營運資金和庫存。

So what are some of the puts and takes there if you could please help us with that?

那麼，如果您能幫助我們的話，有哪些看跌期權和看跌期權呢？

Yes.

是的。

I think as you rightly observed, I mean, our strong quarter from an overall standpoint where cash is concerned, and cash from operations are very strong in Q4 and free cash flow was $339 million, ending at the $1.18 million, there is typically pressure on cash in the first half of the year just given the fact that the revenue is there, and we buy the wafers to support the business.

我認為正如您所觀察到的那樣，我的意思是，從現金方面的整體角度來看，我們的季度表現強勁，第四季度的營運現金非常強勁，自由現金流為3.39 億美元，最終為118萬美元，通常會面臨壓力上半年的現金只是考慮到收入已經有了，我們購買晶圓來支持業務。

And then it gets better in the second of the year.

然後到了第二年情況就會好轉。

As far as working capital is concerned, it's a little bit early to tell.

就營運資金而言，現在下結論還為時過早。

I think it depends upon how the revenue unfolds.

我認為這取決於收入如何展開。

Obviously, we have managed it pretty well, but supporting the higher revenue from the strength of the business is going to be the key from that standpoint.

顯然，我們管理得很好，但從這個角度來看，透過業務實力支持更高的收入將是關鍵。

But to your point, I do feel very good as to where the cash ended up.

但就你的觀點而言，我確實對現金的去向感到非常滿意。

I do feel very good with how we have done from managing the balance sheet for working capital and the debt levels.

我確實對我們在管理營運資本資產負債表和債務水準方面的表現感到非常滿意。

And 2018, we are guiding to free cash flow being positive for the year.

2018 年，我們預計全年自由現金流為正。

Okay.

好的。

And a quick follow-up for you, Lisa.

麗莎，快速跟進您的情況。

If we look at the double-digit growth for this year, what are the absolute dollar drivers in terms of which product categories do you expect within EPYC GPUs for machine learning or for Ryzen if you were to rank order those in terms of absolute dollar impact this year?

如果我們看看今年的兩位數成長，如果您要按照絕對美元影響力對這些產品進行排序，您預計用於機器學習或 Ryzen 的 EPYC GPU 中的哪些產品類別的絕對美元驅動因素是什麼今年？

Yes.

是的。

So if I were to rank order those, I would say that both EPYC and Ryzen, as we deploy Ryzen more into the notebook form factor, which is very significantly ramped, are very key for that.

因此，如果我要對它們進行排序，我會說 EPYC 和 Ryzen 都非常關鍵，因為我們將 Ryzen 更多地部署到筆記型電腦的外形尺寸中，這非常顯著。

I think GPUs in machine learning are also a strong growth driver for us.

我認為機器學習領域的 GPU 也是我們強大的成長動力。

But just given sort of where we are from the base that we're starting with, I think the other 2 are just more significant.

但只要考慮到我們從基礎開始的位置，我認為其他兩個更重要。

Thank you, Lisa.

謝謝你，麗莎。

Thank you, Devinder, and to everyone who joined our call today.

謝謝 Devinder，也謝謝今天加入我們電話會議的所有人。

We appreciate you joining the fourth quarter conference call.

我們感謝您參加第四季的電話會議。

We look forward to speaking with you again soon.

我們期待很快再次與您交談。

That does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your line at this time, and have a wonderful day.

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。