超微半導體 (AMD) 2018 Q1 法說會逐字稿

Greetings, and welcome to the Advanced Micro Devices First Quarter 2018 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2018 年第一季電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Laura Graves. Laura, please go ahead.

現在我很高興介紹您的主持人勞拉·格雷夫斯。勞拉，請繼續。

Thank you, and welcome to AMD's First Quarter 2018 Conference Call. By now, you should have had an opportunity to review a copy of our earnings release and slide presentation. If you have not reviewed these documents, they can be found on the Investors Relations page of AMD's website at www.amd.com.

謝謝，歡迎參加 AMD 2018 年第一季電話會議。現在，您應該已經有機會查看我們的收益報告和幻燈片簡報的副本了。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。

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

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、財務長兼財務長 Devinder Kumar。這是一場現場通話，將透過我們網站上的網路直播重播。

I would like to highlight a couple of important dates for you. Dr. Lisa Su, President and Chief Executive Officer, will present at the 46th Annual J.P. Morgan Global Technology Media and Communications Conference on May 15. Mark Papermaster, Senior Vice President and Chief Technology Officer, will present at the Cowan 46th Annual TMT Conference on May 30. And our 2018 second quarter quiet time will begin at the close of business on Friday, June 15, 2018.

我想向你們強調幾個重要的日期。總裁兼執行長蘇姿豐博士將於 5 月 15 日出席第 46 屆摩根大通全球科技媒體和通訊年會並發表演講。資深副總裁兼技術長 Mark Papermaster 將於 5 月 30 日出席 Cowan 第 46 屆年度 TMT 大會。我們的 2018 年第二季靜默期將於 2018 年 6 月 15 日星期五下班後開始。

During our call today, we will focus discussion on key metrics and year-over-year trends in our business, as we believe this is the most meaningful way for analysts and investors to evaluate our growth trajectory. We have expanded the slide content and eliminated the written CFO commentary document. For those of you on social media, we will be sharing key messages from this call on our Twitter feed, @AMDNews, at the conclusion of this call.

在今天的電話會議中，我們將重點討論我們業務的關鍵指標和同比趨勢，因為我們相信這是分析師和投資者評估我們成長軌蹟的最有意義的方式。我們擴展了幻燈片內容，並取消了書面的 CFO 評論文件。對於社群媒體用戶，我們將在本次電話會議結束時在我們的 Twitter 推播 @AMDNews 上分享本次電話會議的關鍵訊息。

Please be reminded that AMD adopted revenue recognition standard ASC 606 effective 2018, using the full retrospective method as of Q1 2018. All prior period results have been adjusted to adopt this new standard, and our comments on today's call reflect these adjustments. For more information and historical financial statements, please refer to our 8-K filing on February 27, 2018.

請注意，AMD 自 2018 年起採用收入確認標準 ASC 606，並從 2018 年第一季開始採用完全追溯法。所有前期業績均已根據這一新標準進行了調整，我們在今天的電話會議上的評論也反映了這些調整。如欲了解更多資訊和歷史財務報表，請參閱我們 2018 年 2 月 27 日的 8-K 文件。

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 cause actual results to differ materially from our current expectations. We will refer primarily to non-GAAP financial metrics during this call, except for revenue, gross margin and segment operational results, which are on a GAAP basis. The non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measure in the press release posted on our website. Please refer to the cautionary statements in today's press release for more information. You will also find detailed discussions about our risk factors in our filings with the SEC and, in particular, AMD's annual report on Form 10-K for the year ended December 30, 2017.

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，導致實際結果與我們當前的預期有重大差異。在本次電話會議中，我們將主要參考非 GAAP 財務指標，但收入、毛利率和分部營運績效除外，這些指標均基於 GAAP。所引用的非 GAAP 財務指標與我們網站上發布的新聞稿中最直接可比較的 GAAP 財務指標相協調。請參閱今天新聞稿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 12 月 30 日的 10-K 表年度報告。

Now, with all of that out of the way, I'm happy to turn the call over to Lisa. Lisa?

現在，所有問題都解決了，我很高興將電話轉給麗莎。麗莎？

Thank you, Laura. And good afternoon to all of those listening in today. We started 2018 with excellent financial results as we delivered our third straight quarter of double-digit year-over-year revenue growth. First quarter revenue of $1.65 billion grew 40% year-over-year. Gross margin improved 4 percentage points, and earnings per share increased significantly based on very strong operating and net income growth.

謝謝你，勞拉。向今天收聽節目的各位下午好。2018 年伊始，我們取得了出色的財務業績，連續第三個季度實現了兩位數的年收入成長。第一季營收16.5億美元，年增40%。毛利率提高了 4 個百分點，並且由於強勁的營業收入和淨收入成長，每股收益大幅增加。

Our strong first quarter financial results demonstrate that our long-term strategy is paying off. We are executing consistently on our product roadmap. Our customers are increasingly adopting our new products, and we are strengthening the foundation of AMD with the right long-term investments.

我們第一季強勁的財務業績顯示我們的長期策略正在取得成效。我們正在持續執行我們的產品路線圖。我們的客戶越來越多地採用我們的新產品，我們也透過正確的長期投資加強了 AMD 的基礎。

Looking at our Computing and Graphics segment in the quarter. Excellent momentum for our premium product portfolio drove double-digit year-over-year and sequential revenue growth. Client processor sales were significantly better than seasonality, as Ryzen processor shipments grew year-over-year and sequentially. Ryzen processors accounted for 60% of our overall client processor revenue, up from the low 40%s in Q4, with desktop and notebook client processor ASPs increasing. Product execution was strong in the quarter as we expanded our Ryzen processor portfolio with new high-performance products. We launched the first AMD Ryzen desktop APUs, combining the power of our Zen CPU and Vega GPU on a single chip, delivering the world's most powerful graphics on a desktop processor, with the Ryzen desktop 2400G. Initial sales were strong in the component channel, which contributed of the significant Ryzen processor sales increase in the quarter. Additionally, we began shipments of our second-generation Ryzen desktop CPUs based on our 12-nanometer Zen Plus architecture, delivering outstanding gaming performance and best-in-class multiprocessing leadership for gamers, creators and hardware enthusiasts. Ryzen mobile unit shipments also ramped in the quarter ahead of OEM system launches planned for Q2, driving double-digit increases in our mobile processor unit shipments, both year-over-year and sequentially. Initial Acer, HP and Lenovo platforms had strong sales in the quarter, and Dell released new notebooks and 2-in-1s in early April that further expanded our Ryzen portfolio. Additionally, our first Ryzen PRO commercial notebooks are expected to launch in Q2. Dell, HP and Lenovo are all planning to offer AMD-based commercial notebooks based on the excellent performance and features of this new APU.

回顧本季的計算和圖形部分。我們的高端產品組合表現出色，推動營收年比和季比均達到兩位數成長。客戶端處理器的銷售情況明顯優於季節性，因為 Ryzen 處理器的出貨量年增且持續成長。Ryzen 處理器占我們整體客戶端處理器營收的 60%，高於第四季的 40% 以下，桌上型電腦和筆記型電腦用戶端處理器的平均售價也在上漲。由於我們透過新的高效能產品擴展了我們的 Ryzen 處理器產品組合，本季產品執行情況強勁。我們推出了首款 AMD Ryzen 桌上型電腦 APU，將我們的 Zen CPU 和 Vega GPU 的強大功能結合在單一晶片上，透過 Ryzen 桌上型電腦 2400G 在桌上型電腦處理器上提供世界上最強大的圖形處理能力。組件通路的初始銷售表現強勁，這有助於本季 Ryzen 處理器銷量的大幅成長。此外，我們開始出貨基於 12 奈米 Zen Plus 架構的第二代 Ryzen 桌上型電腦 CPU，為遊戲玩家、創作者和硬體愛好者提供出色的遊戲效能和一流的多處理領導力。Ryzen 行動處理器的出貨量也在本季大幅成長，領先於計劃於第二季推出的 OEM 系統，推動我們的行動處理器出貨量年比和季比均達到兩位數成長。最初的宏碁、惠普和聯想平台在本季銷售強勁，戴爾在 4 月初發布了新的筆記型電腦和二合一電腦，進一步擴大了我們的 Ryzen 產品組合。此外，我們的首款 Ryzen PRO 商用筆記型電腦預計將於第二季推出。戴爾、惠普和聯想均計劃基於這款新 APU 的出色性能和特性推出基於 AMD 的商用筆記型電腦。

Overall, the number of Ryzen-based systems from OEMs continues to grow. In Q2 alone, we expect 25 new Ryzen-based consumer and commercial notebooks to launch, and our customers remain on track to bring a total of 60 Ryzen-based systems to market by the end of the year.

總體而言，來自 OEM 的基於 Ryzen 的系統數量持續成長。僅在第二季度，我們預計將推出 25 款基於 Ryzen 的新型消費和商用筆記型電腦，我們的客戶仍有望在今年年底前向市場推出總共 60 款基於 Ryzen 的系統。

In Graphics, we delivered strong year-over-year revenue growth as ASP and unit shipments increased significantly. On a sequential basis, revenue increased and we outperformed seasonality with strong Radeon Vega and 500 series channel sales, driven by both gaming and blockchain demand. Gaming continues to be a top priority for us, with growth being driven by the expanding number of PC gamers and increasing demand for graphics performance to deliver more immersive experiences. Demand for our Radeon series of graphics products remained strong as new AAA game titles, such as Far Cry 5, were released. We continued our investments in gaming software and released our Radeon e-sports experience, providing a performance uplift on popular e-sports games such as Fortnite, PUBG, Dota 2 and Overwatch. We continue to see a significant demand for our Radeon Vega graphics family, as customers accelerate their RAMs based on increasing availability of our high-performing GPUs, with more supply coming to market.

在圖形領域，由於平均售價和單位出貨量大幅增加，我們實現了強勁的年收入成長。在遊戲和區塊鏈需求的推動下，我們的收入連續成長，並且憑藉強勁的 Radeon Vega 和 500 系列管道銷售，我們的業績超越了季節性。遊戲仍然是我們的首要任務，而推動其成長的因素包括 PC 遊戲玩家數量的不斷增長以及對圖形性能的需求不斷增加，以提供更身臨其境的體驗。隨著《孤島驚魂 5》等新 AAA 遊戲的發布，我們的 Radeon 系列圖形產品的需求仍然強勁。我們繼續在遊戲軟體方面進行投資，並發布了 Radeon 電競體驗，為 Fortnite、PUBG、Dota 2 和 Overwatch 等熱門電競遊戲提供了效能提升。我們持續看到市場對 Radeon Vega 顯示卡系列的巨大需求，因為隨著我們高效能 GPU 可用性的提高，客戶加速了他們的 RAM，並且更多的供應正在進入市場。

In professional graphics, HP and Dell both expanded their AMD Radeon Pro workstation portfolio offerings in the quarter, including HP's launch of new Zbook thin and light mobile workstations powered by the AMD Radeon Pro WX 3100.

在專業圖形領域，惠普和戴爾本季都擴展了其 AMD Radeon Pro 工作站產品組合，其中惠普推出了搭載 AMD Radeon Pro WX 3100 的新型 Zbook 輕薄行動工作站。

Our machine learning strategy continues to gain momentum. Mega data center partners are validating and testing our Radeon Instinct MI25 for deep learning applications, and we introduced our Radeon Open Compute ecosystem, ROCm 1.7, a top-to-bottom open solution software stack for machine learning. I'm also happy to report that our next-generation 7-nanometer Radeon Instinct product, optimized for machine learning workloads, is running in our labs, and we remain on track to provide samples to customers later this year.

我們的機器學習策略持續獲得發展動力。大型資料中心合作夥伴正在驗證和測試我們的 Radeon Instinct MI25 用於深度學習應用，我們也推出了 Radeon Open Compute 生態系統 ROCm 1.7，這是一個自上而下的機器學習開放解決方案軟體堆疊。我也很高興地報告，我們針對機器學習工作負載優化的下一代 7 奈米 Radeon Instinct 產品正在我們的實驗室中運行，我們仍有望在今年稍後向客戶提供樣品。

Turning to our Enterprise, Embedded and Semi-Custom segment. Q1 revenue decreased year-over-year, due to lower semi-custom revenue, as expected, based on a maturity of the current game console cycle, and increased sequentially. In the quarter, Microsoft announced support for our industry-leading Radeon FreeSync technology in their Xbox One S and Xbox One X consoles, delivering stutter free gaming experiences. Server revenue increased double-digit percentage sequentially across mega data center, OEM and channel customers. EPYC processor unit shipments nearly doubled from the previous quarter. We continue to grow our data center momentum with dozens of new design wins across key workloads, including HPC, storage, virtualization and cloud applications. Dell EMC launched 3 of their newest PowerEdge platforms, powering virtualized storage area networks, hybrid cloud applications, dense virtualization and big data analytics with EPYC 7,000 series processors. Recently, supercomputing leader, Cray, announced that it added EPYC processors to its Cray CS500 line of HPC offerings. The Cray announcement pops off a very active quarter in HPC and big data, building on workload momentum in automotive simulations, university clusters and health care. And multiple mega data center customers passed key production milestones as they look to expand their deployments of EPYC-powered instances this year.

轉向我們的企業、嵌入式和半客製化領域。第一季營收年減，原因是半客製化收入下降，這是基於當前遊戲機週期的成熟度所預期的，但環比有所增加。本季度，微軟宣布其 Xbox One S 和 Xbox One X 遊戲機支援我們業界領先的 Radeon FreeSync 技術，提供流暢的遊戲體驗。大型資料中心、OEM 和通路客戶的伺服器收入連續實現兩位數百分比成長。EPYC處理器的出貨量較上一季成長近一倍。我們持續增強資料中心的發展勢頭，在包括 HPC、儲存、虛擬化和雲端應用在內的關鍵工作負載中獲得了數十項新設計勝利。Dell EMC 推出了 3 款最新的 PowerEdge 平台，透過 EPYC 7,000 系列處理器為虛擬化儲存區域網路、混合雲應用、密集虛擬化和大數據分析提供支援。最近，超級運算領導者 Cray 宣佈在其 Cray CS500 系列 HPC 產品中增加了 EPYC 處理器。Cray 的公告標誌著 HPC 和大數據領域一個季度的活躍，得益於汽車模擬、大學叢集和醫療保健領域的工作負載成長勢頭。今年，多家大型資料中心客戶已突破關鍵生產里程碑，希望擴大 EPYC 驅動實例的部署。

To date, there are more than 40 EPYC-based platforms in market, and we are actively working with OEMs, system integrators and channel partners to increase deployment to end customers. We remain focused on achieving mid-single-digit server unit share by the end of 2018.

到目前為止，市場上已有 40 多個基於 EPYC 的平台，我們正在積極與 OEM、系統整合商和通路合作夥伴合作，以增加對最終客戶的部署。我們仍致力於在 2018 年底前實現中等個位數的伺服器份額。

Our Embedded business delivered increased revenue, unit shipments and ASPs, year-over-year and sequentially, as we introduced 2 new product families: the EPYC Embedded 3000 and the Ryzen Embedded V1000 processors, to enable a new class of thin clients, IoT and other Embedded solutions.

我們的嵌入式業務實現了收入、單位出貨量和平均銷售價格的同比增長，因為我們推出了兩個新的產品系列：EPYC Embedded 3000 和 Ryzen Embedded V1000 處理器，從而支援新一類的瘦客戶端、物聯網和其他嵌入式解決方案。

In closing, we are extremely pleased with our first quarter financial results and strong product execution. We believe 2018 is shaping up to be an excellent year for AMD with continued revenue growth and margin expansion driven by significant demand for our high-performance Ryzen, Radeon and EPYC products. Looking forward, we are confident that we have the right long-term strategy to deliver sustained revenue and profitability growth. The market TAM in high-performance computing will grow to over $75 billion over the next few years, including high-growth segments, like gaming, data center, machine learning and artificial intelligence. We have built a strong execution engine, and we will continue to make significant investments in hardware and software to deliver an even more compelling roadmap for our customers in 2019 and beyond.

最後，我們對第一季的財務表現和強大的產品執行感到非常滿意。我們相信，2018 年對 AMD 來說將是輝煌的一年，由於我們的高效能 Ryzen、Radeon 和 EPYC 產品的需求龐大，其營收將持續成長，利潤率也將擴大。展望未來，我們相信我們擁有正確的長期策略，能夠實現持續的收入和獲利成長。未來幾年，高效能運算的市場 TAM 將成長到 750 億美元以上，其中包括遊戲、資料中心、機器學習和人工智慧等高成長領域。我們已經建立了強大的執行引擎，並將繼續在硬體和軟體方面進行大量投資，以便在 2019 年及以後為客戶提供更具吸引力的路線圖。

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

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

Thank you, Lisa. Good afternoon, everyone. The first quarter was a strong quarter for AMD. Year-over-year, we grew revenue 40%, expended gross margin by more than 400 basis points, significantly improved net income and earnings per share, and achieved GAAP and non-GAAP net profitability.

謝謝你，麗莎。大家下午好。第一季對 AMD 來說是一個強勁的季度。與去年同期相比，我們的營收成長了 40%，毛利率提高了 400 多個基點，淨收入和每股盈餘大幅提高，並實現了 GAAP 和非 GAAP 淨利潤。

Total revenue of $1.65 billion was driven by strong demand for our new products, with Ryzen and Radeon products growing double-digit percentage year-on-year, Ryzen sales coming in higher-than-expected, and EPYC server processors ramping.

總營收 16.5 億美元得益於對我們新產品的強勁需求，其中 Ryzen 和 Radeon 產品同比增長兩位數，Ryzen 銷量高於預期，EPYC 伺服器處理器銷量也在不斷增長。

Gross margin was 36%, up 420 basis points year-on-year, driven by a higher proportion of revenue from new products. Operating expenses were $446 million compared to $371 million a year ago. Operating expenses were 27% of revenue, lower than our prior guidance of 28%, and down 4 percentage points from 31% a year ago, as we continue to make strategic R&D investments, launch new products and invest in our multi-generation product roadmaps.

毛利率為36%，年增420個基點，受新產品收入佔比提升推動。營運費用為 4.46 億美元，而去年同期為 3.71 億美元。由於我們繼續進行策略性研發投資、推出新產品並投資於多代產品路線圖，營運費用佔收入的 27%，低於我們先前預期的 28%，比一年前的 31% 下降了 4 個百分點。

Operating income was $152 million, up sharply from $34 million a year ago, and operating margin was 9%, up from 3% a year ago.

營業收入為 1.52 億美元，較去年同期的 3,400 萬美元大幅成長，營業利潤率為 9%，高於去年同期的 3%。

Net income was $121 million, or diluted earnings of $0.11 per share as compared to a net income of $2 million a year ago. Adjusted EBITDA was $196 million compared to $68 million a year ago and, on a trailing 12-month basis, adjusted EBITDA was $496 million.

淨收入為 1.21 億美元，即每股攤薄收益 0.11 美元，而去年淨收入為 200 萬美元。調整後的 EBITDA 為 1.96 億美元，而去年同期為 6,800 萬美元；在過去 12 個月中，調整後的 EBITDA 為 4.96 億美元。

Now turning to the first quarter business segment results. Computing and Graphics segment revenue was $1.12 billion, up 95% year-over-year due to strong sales of both Radeon and Ryzen products. Our Ryzen offerings outperformed our expectations in Q1, accounting for approximately 60% of client processor revenue and contributed to strong sequential double-digit percentage growth in client revenue. The strength in Radeon products was driven by both gaming and blockchain demand. We believe blockchain was approximately 10% of AMD revenue in Q1 2018.

現在來談談第一季業務部門的業績。計算和圖形部門營收為 11.2 億美元，年增 95%，這得益於 Radeon 和 Ryzen 產品的強勁銷售。我們的 Ryzen 產品在第一季的表現超出了我們的預期，約佔客戶處理器營收的 60%，並推動客戶營收連續兩位數的強勁成長。Radeon 產品的優勢受到遊戲和區塊鏈需求的推動。我們認為區塊鏈約佔 2018 年第一季 AMD 營收的 10%。

Computing and Graphics segment operating income was $138 million compared to a loss of $21 million a year ago. This significant turnaround was due to strong revenue growth and improved operating expense leverage.

計算和圖形部門的營業收入為 1.38 億美元，而去年同期的虧損為 2,100 萬美元。這一重大轉變得益於強勁的收入成長和營運費用槓桿的提高。

Enterprise, Embedded and Semi-Custom revenue was $532 million, down 12% year-over-year, with lower Semi-Custom revenue partially offset by higher Server and Embedded revenue. As a reminder, revenue in both Q1 2018 and Q1 2017 includes Semi-Custom revenue related to quarter-end inventory, associated with noncancelable purchase orders as required under the ASC 606 revenue accounting standard. EESC operating income was $14 million, down from $55 million a year ago, primarily due to a licensing gain in Q1 2017 as well as increased operating expense investments in our data center business.

企業、嵌入式和半客製化收入為 5.32 億美元，年減 12%，其中半客製化收入的下降部分被伺服器和嵌入式收入的增加所抵消。提醒一下，2018 年第一季和 2017 年第一季的收入均包括與季末庫存相關的半客製化收入，與 ASC 606 收入會計準則要求的不可取消的採購訂單相關。EESC 營業收入為 1,400 萬美元，低於去年同期的 5,500 萬美元，主要原因是 2017 年第一季的授權收益以及資料中心業務的營運費用投資增加。

Turning to the balance sheet. Our cash, cash equivalents and marketable securities totaled $1.04 billion at the end of the quarter, down from $1.18 billion in Q4, and up from $943 million in the year-ago quarter. Free cash flow was negative $132 million in the first quarter. Inventory was $715 million, up slightly from the prior quarter. Total principal debt, including our secured revolving line of credit, was $1.7 billion. We deployed cash to repurchase $14 million of debt in the first quarter as we continue to reduce term debt and interest expense.

轉向資產負債表。截至本季末，我們的現金、現金等價物及有價證券總額為 10.4 億美元，低於第四季的 11.8 億美元，高於去年同期的 9.43 億美元。第一季自由現金流為負1.32億美元。庫存為 7.15 億美元，較上一季略有上升。總本金債務（包括我們的擔保循環信用額度）為 17 億美元。隨著我們繼續減少定期債務和利息支出，我們在第一季部署了現金回購了 1,400 萬美元的債務。

Now turning to our financial outlook. For the second quarter of 2018, AMD expects revenue to be approximately $1.725 billion, plus or minus $50 million. This is an increase of 50% year-over-year, driven by the growth of Ryzen, Radeon, EPYC and Semi-Custom revenue. On a sequential basis, we expect Q2 revenue to benefit from continued strength in our Ryzen and EPYC product families and a seasonal increase in Semi-Custom revenue partially offset by a modest decline in graphics due to blockchain.

現在談談我們的財務前景。2018年第二季度，AMD預計營收約17.25億美元，上下浮動5,000萬美元。這比去年同期成長了 50%，主要得益於 Ryzen、Radeon、EPYC 和半客製化收入的成長。以環比計算，我們預計第二季度收入將受益於 Ryzen 和 EPYC 產品系列的持續強勁增長以及半定制收入的季節性增長，但部分抵消了區塊鏈導致的圖形略有下降。

As a reminder, for comparative purposes, Q2 2017 revenue was $1.15 billion under the ASC 606 revenue accounting standard. In addition, for Q2 2018, we expect non-GAAP gross margin to be approximately 37%. Non-GAAP operating expenses to be approximately $460 million or 27% of revenue. Non-GAAP interest expense, taxes and other, to be approximately $35 million. And inventory to be up slightly on a sequential basis in support of higher revenue.

提醒一下，為了進行比較，根據 ASC 606 收入會計準則，2017 年第二季的營收為 11.5 億美元。此外，我們預計 2018 年第二季非 GAAP 毛利率約為 37%。非公認會計準則營運費用約為 4.6 億美元，佔收入的 27%。非公認會計準則利息支出、稅金及其他費用約為 3,500 萬美元。庫存將環比略有增加，以支持更高的收入。

Our financial progress in the first quarter is attributable to the ongoing strength of Radeon and Ryzen products as well as continued early contributions from our EPYC products. Our business is strong, and we look forward to continued revenue growth, margin expansion and increased profitability year-over-year.

我們第一季的財務進步歸功於 Radeon 和 Ryzen 產品的持續強勁表現以及 EPYC 產品的持續早期貢獻。我們的業務強勁，我們期待營收持續成長、利潤率擴大和獲利能力逐年提高。

Based on the strength of our business momentum for the full year 2018, we now expect revenue to increase by mid-20% over 2017, driven by the ramp of our new products. Blockchain revenue to be mid- to high-single-digit percentage of revenue for 2018. Non-GAAP gross margin to be greater than 37%.

基於我們 2018 年全年強勁的業務發展勢頭，我們預計，在新產品的推動下，營收將比 2017 年成長 20% 左右。區塊鏈收入將佔 2018 年總收入的中高個位數百分比。非公認會計準則毛利率將高於37%。

In summary, the first quarter was excellent. We are pleased with the momentum within our business execution and strong financial results, which we believe lay the foundation for a strong 2018. We are focused on delivering our long-term target financial model as we execute our monthly generational roadmaps and introduce and ramp high-performance computing products.

整體來說，第一季表現非常出色。我們對業務執行的勢頭和強勁的財務業績感到滿意，我們相信這為 2018 年的強勁發展奠定了基礎。我們專注於實現我們的長期目標財務模型，同時執行我們每月的世代路線圖並推出和推廣高效能運算產品。

With that, I'll turn it back to Laura for the Q&A session. Laura?

說完這些，我將把時間交還給勞拉，進行問答環節。勞拉？

Thank you very much. Appreciate that, Devinder.

非常感謝。非常感謝，Devinder。

Operator, we're ready to go.

接線員，我們準備出發了。

(Operator Instructions) Our first question today is coming from Vivek Arya from Bank of America Merrill Lynch.

（操作員指示）我們今天的第一個問題來自美銀美林的 Vivek Arya。

Congratulations on the strong results, especially on getting to the double-digit top margins in your Computing and Graphics segment, it's been a while since we saw that. For my first question, Lisa, on EPYC server sales, you mentioned they doubled sequentially. If you could give us some sense of what the magnitude is, so we at least have some ballpark sense on where you are right now? But importantly, what are the remaining pushbacks from customers in terms of what they would like to see before they adopt EPYC in a more meaningful way? Is it just a matter of time? Is it a performance or a pricing gap? Or what else do you need to deliver on to get EPYC to a more meaningful level?

恭喜您取得如此出色的業績，尤其是在計算和圖形領域達到了兩位數的最高利潤率，我們已經很久沒有看到這樣的成績了。Lisa，關於我的第一個問題，關於 EPYC 伺服器的銷售，您提到它們的銷售量連續翻了一番。如果您能告訴我們地震的規模，以便我們至少可以大致了解您目前的情況？但重要的是，在客戶以更有意義的方式採用 EPYC 之前，他們還希望看到什麼？這只是時間問題嗎？是效能差距還是價格差距？或者您還需要做什麼才能使 EPYC 達到更有意義的水平？

Yes, absolutely, Vivek. Thanks for the questions. So look, on EPYC, we did make a very nice progress in the quarter. I think when you look at it from a revenue standpoint, it's a strong double-digit percentage. There is -- we certainly view that the units increasing is also very positive thing. The traction actually is across all areas. So we saw traction in Enterprise sort of end-user deployments. We saw some channel and system integrator deployments as well as hyperscale deployments. And our goal is to get to mid-single-digit share by the end of this year. I think we are making good progress towards that. What we're working with customers now is just going through their various stages of qualifications. So they go from proof of concept to initial deployment then to large volume deployment. And we're in that initial deployment phase. And so I think we're making good progress, and it is -- there are no real pushbacks other than just time going through the classification process and working with them in their environments to make sure that we get fully qualified.

是的，絕對是，維韋克。感謝您的提問。所以，在 EPYC 方面，我們在本季確實取得了非常好的進展。我認為，從收入的角度來看，這是一個強勁的兩位數百分比。我們當然認為單位數的增加也是一件非常正面的事情。事實上，這種牽引力遍及所有領域。因此，我們看到了企業級最終用戶部署的吸引力。我們看到了一些通路和系統整合商部署以及超大規模部署。我們的目標是到今年年底達到中等個位數的份額。我認為我們正朝著這個目標不斷取得進展。我們現在與客戶的合作只是幫助他們完成各個階段的資格認證。因此，他們從概念驗證到初步部署，再到大規模部署。我們正處於初始部署階段。所以我認為我們正在取得良好的進展，而且除了花時間完成分類過程並在他們的環境中與他們合作以確保我們完全合格之外，沒有真正的阻力。

Got it. And as a follow-up, if I look at your server ASPs in the past, they were sort of in the $300 to $400 range, well below what your competitor had. As you look a lot of these engagements that you are participating in now, how should we think about pricing trends that you're seeing in that market? Are you able to sell in a higher-value segment than you were able to do in the past?

知道了。另外，如果我查看您過去的伺服器 ASP，它們的價格大概在 300 到 400 美元之間，遠低於您的競爭對手的價格。當您看到您現在參與的許多活動時，我們應該如何看待您在該市場看到的定價趨勢？您是否有能力在比過去更高價值的領域進行銷售？

Yes. So Vivek, I think the very strong part of our roadmap right now is we're really playing across the entire portfolio. So from, let's call it, the low end of the server market, the entry level, all the way through the high-end 2-piece SKUs. So the pricing on -- that we're seeing in the market is very reasonable. From our standpoint, they are -- we're providing value to the customer, but they're also very accretive to the margins of our own overall business. So yes, the pricing environment is good.

是的。所以 Vivek，我認為我們目前路線圖中非常強大的部分是我們確實在整個投資組合中發揮作用。因此，我們稱之為伺服器市場的低端、入門級，一直到高端的兩件式 SKU。因此，我們在市場上看到的定價非常合理。從我們的角度來看，它們——我們為客戶提供價值，但它們也對我們整體業務的利潤有很大的增值作用。是的，定價環境很好。

Thanks, Lisa.

謝謝，麗莎。

Thanks, Vivek.

謝謝，維韋克。

Next question, please.

請回答下一個問題。

Our next question is coming from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

First question on the rise in notebook effort. It sounds like's it's really starting to hit its stride. I was hoping you could give us a little bit more color, which segments does it seem to resonate with? To what extent is it a commercial versus a consumer product? And do you think that the Ryzen notebook opportunity, is it bigger than the desktop opportunity ultimately in your minds?

第一個問題是關於筆記型電腦努力的增加。聽起來它確實開始步入正軌了。我希望您能給我們更多細節，它似乎與哪些片段產生共鳴？它在多大程度上是商業產品而不是消費性產品？您是否認為 Ryzen 筆記型電腦的機會最終會比桌上型電腦的機會更大？

Yes, Mark. So look, we -- we're making very good progress on Ryzen. I think we're very pleased with the Q1 results and then what we see going into Q2 in the second half. It is true that up until this quarter, much of our progress has been in the channel and in the desktop portion of the business. We saw a nice increase this quarter in notebooks and what it is, is many of the OEMs are actually launching systems in Q2. And with that, we had -- they're basically building up their production for the second quarter launches. What you're going to see in the second quarter is a number of impressive premium consumer designs, thin and light designs that, I think, are representative of the strength of the product. And we will also see the first launch of the commercial systems from the top OEMs. And the expectation is that the commercial notebooks will kick in, in the second half of the year. Q2 is more of a consumer cycle. But overall, I think we're seeing that the notebook OEM opportunity is a good one. We have strong design wins. The customers are working closely with us. We're doing a lot of work with retailers and the overall go-to-market to ensure that the notebook opportunity is important. And notebook is larger than desktop overall.

是的，馬克。所以看，我們在 Ryzen 方面取得了非常好的進展。我認為我們對第一季的業績以及下半年第二季的業績非常滿意。確實，直到本季度，我們的大部分進展都集中在通路和桌面業務部分。我們看到本季筆記型電腦銷量大幅成長，而且許多 OEM 實際上都在第二季度推出了系統。有了這個，他們基本上正在為第二季的發布做準備。您將在第二季度看到許多令人印象深刻的高端消費設計、輕薄設計，我認為這些設計代表了產品的實力。我們還將看到頂級 OEM 首次推出的商業系統。預計商用筆記型電腦將在今年下半年上市。Q2 更像是消費週期。但總的來說，我認為我們看到筆記型電腦 OEM 機會很好。我們擁有強大的設計勝利。客戶正在與我們密切合作。我們正在與零售商和整個市場進行大量合作，以確保筆記型電腦機會的重要性。而且筆記型電腦整體比桌上型電腦大。

Okay, great. That's helpful. And a follow-up, if I may. On EPYC, the product has been in the market for a while. I understand that you have to go through the testing phase and then pilot programs and initial deployments and then, hopefully, larger scale deployments. What -- how do you think -- or how should we think about the cadence of updates on this product? Is this a similar cadence that you would see on the desktop or a notebook side?

好的，太好了。這很有幫助。如果可以的話，我還想跟進一下。關於 EPYC，該產品已經上市一段時間了。我知道你必須經過測試階段，然後是試點專案和初步部署，然後希望進行更大規模的部署。您認為—或者我們應該如何看待該產品的更新節奏？這是否與你在桌上型電腦或筆記型電腦上看到的節奏類似？

Sure, Mark. So on the service side, the cadence of deployments does tend to be longer. I think we're well into the cadence, and so I think the EPYC work with the OEMs, you saw the culmination of that with HPE announcing in December, and then Dell announcing in the first quarter. That will now move over into Enterprise customers, who are then taking their systems into their labs and doing their initial deployments. So I think the cadence is over a number of quarters. I will say, for the first-generation EPYC, we're seeing really nice customer interest, and it's quite broad. And so it is across Enterprise as well as the hyperscale customers. And we view this as a multigenerational play, so we're very excited about what EPYC can do over the next couple of quarters. But we also believe that this is the right investment to make with the customer set as we bring out the second generation of EPYC and the third generation of EPYC, obviously, it would go a little bit faster because the customer set is familiar with our system.

當然，馬克。因此在服務方面，部署的節奏確實趨於更長。我認為我們已經進入了良好的節奏，因此我認為 EPYC 與 OEM 合作，您可以看到 HPE 在 12 月宣布這一消息，然後戴爾在第一季度宣布這一消息。現在，這將轉移到企業客戶，企業客戶隨後將他們的系統帶入實驗室並進行初步部署。所以我認為這個節奏會持續多個季度。我想說的是，對於第一代 EPYC，我們看到客戶確實很感興趣，興趣相當廣泛。對於企業和超大規模客戶來說，情況也是如此。我們認為這是一個跨多代的遊戲，因此我們對 EPYC 在接下來的幾個季度中的表現感到非常興奮。但我們也相信，這是對客戶的正確投資，因為我們推出了第二代 EPYC 和第三代 EPYC，顯然，它會更快一些，因為客戶熟悉我們的系統。

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

下一個問題來自瑞士信貸的約翰‧皮策 (John Pitzer)。

Devinder, impressive year-over-year gross margin growth in the March quarter of 400 basis points. I'm just kind of curious, clearly, Ryzen has had a positive impact. Can help break down the 400 basis points year-on-year growth between kind of new products and the fact that Semi-Custom sort of declined as a percent of the mix pretty significantly from '17 to '18? And then how do we think about the incremental margin leverage as EPYC comes in and perhaps Ryzen, too?

Devinder 表示，3 月季度的毛利率年增了 400 個基點，令人印象深刻。我只是有點好奇，顯然，Ryzen 產生了積極的影響。能否協助解釋一下新產品種類年增 400 個基點，以及 2017 年至 2018 年間半客製化產品佔產品組合的百分比大幅下降的情況？那麼，隨著 EPYC 和 Ryzen 的推出，我們如何看待增量利潤槓桿？

Yes, a good question, John. Actually, if you look at it from a margin standpoint year-over-year, the Semi-Custom revenue was actually down, so that was helpful. But beyond that, if you look at the new products, fundamentally, the new products is what's driving the margin. Ryzen, EPYC, GPU compute retail all higher than corporate average, those are driving the increase in the margin. As we get to the rest of the year, as you observed, the momentum and the products are there for the new products. They're going to go ahead and contribute to the margin increase and that's why from prior guidance, we just updated our margin to say maybe greater than 36% the last time, we updated it to say greater than 37% this time for the year, and that's fundamentally all with the momentum that we have for the new products.

是的，約翰，這個問題問得好。實際上，如果從利潤率的角度來看，半客製化收入實際上是下降的，所以這是有幫助的。但除此之外，如果你看一下新產品，從根本上來說，新產品是推動利潤成長的因素。Ryzen、EPYC、GPU運算零售均高於企業平均水平，這些都推動了利潤率的成長。正如您所觀察到的，隨著我們進入今年剩餘時間，新產品的勢頭和產品都已經存在。他們將繼續為利潤率的成長做出貢獻，這就是為什麼根據先前的指導，我們剛剛更新了我們的利潤率，說上次可能超過 36%，我們將其更新為今年這次超過 37%，而這基本上都歸功於我們對新產品的勢頭。

That's helpful, Devinder. And Lisa, for my follow-up. I appreciate kind of quantifying blockchain for both the first quarter and for last year, and also, your commentary about it being -- it looks like down sequentially, at least embedded in your June guidance. I'm just kind of curious, just given how hard it is the track where these GPUs are really going, how do you get a sense of what's a blockchain application versus something else, one? And two, do you see this as a viable long-term market, or do you believe that as this market develops, it's going to have to move from proof of work to proof of stake, which might just negate mining altogether and if that scenario were to play out, how worried are you about sort of secondary cards coming back to the market and kind of hurting pricing either the second half of this year or into 2019?

這很有幫助，Devinder。還有 Lisa，負責我的後續工作。我很欣賞您對第一季和去年區塊鏈的量化，而且，您對此的評論——它看起來是連續下降的，至少在您 6 月的指導中是這樣的。我只是有點好奇，考慮到這些 GPU 的發展軌跡有多困難，你如何了解區塊鏈應用程式與其他應用程式的差異？第二，您是否認為這是一個可行的長期市場，或者您是否相信隨著這個市場的發展，它將不得不從工作量證明轉向權益證明，這可能會完全否定挖礦，如果這種情況發生，您是否擔心二級卡會重返市場並在今年下半年或 2019 年對定價造成一定影響？

Sure, John. So look, on the blockchain, there is a lot of discussion about this. From our standpoint, we stay very, very close to the customer set with -- in the graphic space. And so we spend time with the commercial miners as well as spending time with our partners. And the way we look at this, our first priority when we look at allocation of graphics cards is to gamers. And so that's through OEMs, that's through system integrators that's also working with key e-tailers to make sure that they are prioritizing the gamers segment, and we're going to continue to do that. And so that's one piece that we know well. We also work directly with the commercial miners. And so we see kind of what their forecasts are and they work with us. And so that's -- that we have good visibility on. There is a piece that go through retail that it's hard to tell whether that's gaming or mining, but we believe we have a good sense of what that is. So it is an approximation, but we think it's a good approximation of where we are. And then to your longer-term question, I do think the blockchain infrastructure is here to stay. I think there are numerous currencies, there are numerous applications that are using the blockchain technology. We don't see a significant risk of GPU -- secondhand GPUs coming into the market. I think what you find is that, one, there are number of different currencies; and two, a lot of these users that are buying GPUs these days are actually buying them for multiple use cases, both commercial and consumer. So they're not necessarily buying just for mining. And I think for that reason, we do think this is a different cycle. That being the case, we do see a bit of volatility in it and that's why we are putting into our forecast for the second quarter and the second half, a little bit lower blockchain demand but that's more than made up for by the other new products and the way the new products are ramping in the business.

當然，約翰。所以看看，在區塊鏈上，有很多關於此的討論。從我們的角度來看，我們在圖形空間中與客戶保持非常非常密切的聯繫。因此，我們不僅花時間與商業礦工相處，也花時間與我們的合作夥伴相處。從我們的角度來看，當我們考慮顯示卡分配時，我們的首要考慮是遊戲玩家。因此，這是透過 OEM，透過系統整合商，他們也與主要的電子零售商合作，以確保他們優先考慮遊戲玩家群體，我們將繼續這樣做。這是我們非常了解的部分。我們也直接與商業礦工合作。因此，我們了解了他們的預測，並與我們合作。因此，我們對此有很好的了解。有一部分透過零售，很難說那是遊戲還是採礦，但我們相信我們很清楚那是什麼。所以這只是一個近似值，但我們認為這很好地近似了我們的現狀。然後回答你的長期問題，我確實認為區塊鏈基礎設施將會繼續存在。我認為有很多貨幣，有很多應用程式都在使用區塊鏈技術。我們認為二手 GPU 進入市場的風險不大。我認為你會發現，第一，貨幣種類繁多；其次，如今許多購買 GPU 的用戶實際上是為了多種用途，包括商業和消費。所以他們購買不一定只是為了挖礦。我認為出於這個原因，我們確實認為這是一個不同的週期。既然如此，我們確實看到了一些波動，這就是為什麼我們在第二季和下半年的預測中，區塊鏈需求會略低一些，但其他新產品和新產品在業務中的成長方式彌補了這一不足。

Operator, next question.

接線員，下一個問題。

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

下一個問題來自富國銀行的 David Wong。

Can you give us some idea of what your June guidance assumes in terms of sequential microprocessor sales growth compared to discrete graphics growth?

您能否向我們介紹一下，與獨立顯示卡成長相比，您對 6 月份微處理器銷售連續成長的預期如何？

Sure, David. So in our second quarter guidance, we're actually assuming that Ryzen and EPYC are up, and Semi-Custom is also up seasonally, and we expect graphics to be down modestly based on some of the blockchain demand.

當然，大衛。因此，在我們的第二季指引中，我們實際上假設 Ryzen 和 EPYC 有所上漲，半客製化產品也隨著季節性上漲，並且我們預計圖形會因部分區塊鏈需求而略有下降。

Excellent. Can you give us an update on what new products you plan to launch through the rest of this year and next year? And when these are scheduled to come out?

出色的。您能否向我們介紹今年剩餘時間和明年計劃推出哪些新產品？這些預計什麼時候發布？

Sure. That's a lot, David, but let me say a couple things. I think relative to our CPU business, and we are launching additional Ryzen-based products in the second half of the year, we just launched the second-generation Ryzen desktop in 12-nanometer. And that launch has gone really well. I mean, we're very happy with the positioning and how customers are reacting to that. In the second half, we'll have some commercial systems and some other updates to our Ryzen lineup that we will launch. We have a 7-nanometer GPU based on Vega that we'll sample later this year. We have a 7-nanometer server, a CPU that we'll sample later this year. And then obviously, we have a number of products that are planned for 2019 as well. So it's a very, very busy product season for us, but we're pleased with the sort of the execution on the product roadmap.

當然。大衛，說了這麼多，不過讓我說幾件事。我認為相對於我們的 CPU 業務，我們將在今年下半年推出更多基於 Ryzen 的產品，我們剛剛推出了 12 奈米的第二代 Ryzen 桌上型電腦。這次發表會進展非常順利。我的意思是，我們對定位以及客戶的反應非常滿意。下半年，我們將推出一些商業系統以及 Ryzen 系列的一些其他更新。我們有一個基於 Vega 的 7 奈米 GPU，我們將在今年稍後推出樣品。我們有一台 7 奈米伺服器，我們將在今年稍後推出一款 CPU 樣品。顯然，我們也計劃在 2019 年推出一些產品。所以對我們來說這是一個非常非常繁忙的產品季節，但我們對產品路線圖的執行感到滿意。

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公司的 Stacy Rasgon。

First around OpEx, are you still looking for a 28% of revenue for the full year on a higher revenue base? And given that -- if that's your -- what areas are kind of key for investment then as we get through the rest of the year and going forward?

首先關於營運支出，您是否仍希望在更高的收入基礎上實現全年收入的 28%？有鑑於此——如果這是您的——那麼在我們度過今年剩餘時間以及未來展望時，哪些領域是投資的關鍵？

Yes, let me take that, and then Lisa can add. So yes, we are targeting 28%. As you see, Stacy, we have a long-term target model of 26% to 30%. The year has started out well, we came in at 27% in Q1, and targeting around the same for Q2. But we do -- we are still in investment mode, and obviously, investing in R&D and the product roadmap. And Lisa can maybe add some of the details in terms of where we're investing in terms of OpEx.

是的，讓我來接受這一點，然後麗莎可以補充。是的，我們的目標是 28%。如您所見，史黛西，我們的長期目標模型是 26% 到 30%。今年開局不錯，第一季我們的成長率達到了 27%，第二季的目標是達到相同的水平。但我們確實——我們仍然處於投資模式，顯然，我們投資於研發和產品路線圖。麗莎也許可以補充一些關於我們在營運支出方面的投資細節。

Yes, sure, Stacy. So I think from the investment side, certainly we're investing in R&D on the CPU and the GPU side, but a key focus for us is in software, and particularly, machine learning software. I think there's a high demand of people wanting to use our GPUs in the compute space, and so we're increasing our investments in software around machine learning.

是的，當然，史黛西。因此我認為從投資方面來看，我們當然會在 CPU 和 GPU 方面進行研發投資，但我們的重點是軟體，特別是機器學習軟體。我認為人們對在運算領域使用我們的 GPU 的需求很高，因此我們正在增加對機器學習軟體的投資。

Got it. For my follow-up, I had a question on the ASC 606. I know last quarter, you kind of gave some historicals for how that was a headwind versus a tailwind versus what would have been normal seasonality, particularly in Semi-Custom. Is the ASC 606 into Q2, is that a headwind or tailwind on the guide? And how should we think about that as we go through the second half as well versus what we would have seen without the accounting change?

知道了。在我的後續跟進中，我對 ASC 606 有一個疑問。我知道上個季度，您給了一些歷史數據，說明了這是逆風、順風還是正常的季節性，特別是在半客製化領域。ASC 606 進入 Q2 時，指引上顯示的是逆風還是順風？那麼，當我們進入下半年時，我們應該如何看待這個問題，與沒有會計變更時我們會看到的情況相比呢？

Fundamentally, ASC 606, from a revenue standpoint, what happens is the seasonality and the profile of the Semi-Custom revenue changes. Some of the revenue that we used to get in the second half moved to the first half, so I would say, it's a little bit more balanced between the first half and the second half, as opposed to the peak revenue we used to see in Q3. So that is the primary effect on the profile of the revenue, not necessarily the annual revenue. ASC 606 has started earning a significant impact on our annual revenue, it's more of the profile of the revenue within the quarters. As far as impact is concerned, if you're comparing year-over-year, for example, in Q1 of 2018, Semi-Custom was down because we had more revenue in Q1 of 2017. And then Q2, it is slightly up but very balanced from where we see it from an overall standpoint.

從根本上來說，ASC 606 從收入的角度來看，季節性和半客製化收入狀況都會改變。我們過去在下半年獲得的部分收入轉移到了上半年，所以我想說，上半年和下半年的收入更加平衡了，而不是像我們過去在第三季度看到的那樣達到高峰收入。因此，這對收入狀況有主要影響，不一定是對年收入有影響。ASC 606 已開始對我們的年度收入產生重大影響，它更影響季度內的收入狀況。就影響而言，如果進行同比比較，例如，在 2018 年第一季度，半定制業務有所下降，因為我們在 2017 年第一季的收入更多。然後，從整體角度來看，第二季略有上升，但非常平衡。

So last year in Q2, it was like -- I forget how much, like a $75 million headwind versus what would have been otherwise? Is it a similar amount of headwind this time in Q2? Or is it less? Or is it a tailwind?

那麼，去年第二季的情況就像——我忘了​​具體是多少，就像 7500 萬美元的逆風，而原本的逆風又是多少？這次第二季是否也面臨類似的逆風？還是更少？還是順風？

I wouldn't -- I would say that it was a headwind last year. This year, from an overall standpoint, if I compare year-over-year, it is up slightly from where we were in Q2 of 2018. So if you're comparing Q2 '17 to Q2 '18, it's a benefit the revenue in Q2 of 2018 in our guide.

我不會——我會說去年是逆風。今年，從整體角度來看，如果與去年同期相比，它比 2018 年第二季略有上升。因此，如果您將 2017 年第二季與 2018 年第二季進行比較，則我們的指南中的 2018 年第二季的收入是有優勢的。

Our next question today is coming from Timothy Arcuri from UBS.

我們今天的下一個問題來自瑞銀的提摩西‧阿庫裡。

I had 2. I'm curious about your comments just now on blockchain, and I'm a little surprised to hear that you think that there would be limited risk that, that product would come back into the market. Can you, again, go over why you think that is? Because you're selling more of a general SKU, right? And then I guess, also, how you handicap the potential for there to be some ASP effect on that too? I know you've captured some of the rising ASPs in the channel, so how do you handicap that looking out throughout the rest of the year?

我有 2 個。我對您剛才對區塊鏈的評論很好奇，聽到您認為該產品重新進入市場的風險有限，我有點驚訝。您能否再次解釋一下您認為為什麼會這樣？因為您銷售的是更多通用 SKU，對嗎？然後我想，您又該如何限制 ASP 對此產生影響的可能性呢？我知道您已經抓住了通路中一些不斷上漲的平均售價，那麼您將如何預測今年剩餘時間的走勢？

Yes, absolutely, Tim. So look, when you look at -- I think most people are comparing this sort of -- this blockchain time period to the last one, which is a couple of years ago. And I think there are a couple of important differences. I think the first one is that there are multiple currencies and multiple applications that are being used. And what we've seen is that people who are mining do go from one currency to another depending on what's happening. We're also seeing that many users on both the commercial and consumer side are actually buying GPUs for multiple use cases. And from that standpoint, again, we see that there is good demand for, not just blockchain, but for gaming, for the cloud and for those things as well. And so I think it's a balanced assessment of where we are. I think the breadth of the blockchain applications and also the breadth of the customer base give us that belief. Now as you go forward, there's also a -- when we look at the Graphics business go forward minus blockchain, we actually see a very good environment. We see a good environment for gaming growing, we see a good environment for GPU compute growing. And frankly, on the gaming side, some of those users have not been able to get access to GPUs and so, again, that's -- those are all positives as we go forward. And then you had a second question, Tim?

是的，絕對是，提姆。所以，當你看的時候——我認為大多數人都在將這個區塊鏈時期與上一個時期（幾年前）進行比較。我認為存在一些重要的差異。我認為第一個是存在多種貨幣和多種正在使用的應用程式。我們看到的是，挖礦的人會根據實際情況從一種貨幣轉換到另一種貨幣。我們也看到，許多商業和消費用戶實際上都在購買 GPU 用於多種用途。從這個角度來看，我們再次看到，不僅對區塊鏈有很好的需求，而且對遊戲、雲端運算等也有很好的需求。所以我認為這是對我們目前狀況的平衡評估。我認為區塊鏈應用的廣度以及客戶群的廣度給了我們這種信念。現在，隨著您繼續前進，還有一個——當我們觀察圖形業務減去區塊鏈的發展時，我們實際上看到了一個非常好的環境。我們看到遊戲成長的良好環境，我們看到 GPU 運算成長的良好環境。坦白說，在遊戲方面，有些用戶無法使用 GPU，因此，這些都是我們未來發展的正面因素。然後你還有第二個問題，提姆？

I did, yes. I think you said the 7-nanometer product is in the lab, and it's going to launch later this year? That's the product at TSMC, correct? And I guess, I'm just wondering on that front, do you feel comfortable that you can get capacity from that vendor?

是的，我做到了。我想您說過 7 奈米產品目前在實驗室中，並將於今年稍後推出？這是台積電的產品，對嗎？我想，我只是想知道，您是否確信可以從該供應商獲得產能？

So our foundry strategy is to use both TSMC and GLOBALFOUNDRIES on the first 7-nanometer product. We are using TSMC for that product, and we have a very strong relationship with them. And so we do see a good momentum on it from what we see, and I'm not concerned about capacity.

因此，我們的代工策略是在第一個 7 奈米產品上同時使用台積電和格芯。我們正在使用台積電來生產該產品，我們與他們保持著非常牢固的關係。因此，從目前的情況來看，我們確實看到了良好的發展勢頭，而且我並不擔心產能問題。

Our next question today is coming from Harlan Sur from JPMorgan.

我們今天的下一個問題來自摩根大通的 Harlan Sur。

Just a follow-up on the Semi-Custom business. On the June quarter guide, you mentioned sequential growth in Semi-Custom. But if I look at your ASC 606 reconciliations for last year, it looks like the Semi-Custom business was actually down double-digits percentage point sequentially going from Q1 to Q2? So like-for-like on their 606, why are there different shipment profiles this year, Q1 to Q2?

這只是對半客製化業務的後續關注。在六月季度指南中，您提到了半客製化業務的連續成長。但是，如果我查看您去年的 ASC 606 對賬，看起來半定制業務實際上從第一季到第二季度連續下降了兩位數個百分點？那麼，就他們的 606 而言，為什麼今年第一季和第二季的出貨情況有所不同？

Yes, I can explain that. So in Q1 of '17, there was a strategic buy of wafers that we did in Q1 '17, so it had a bigger impact in Q1 '17 and then the effect caught up in Q2. So the impact Q1 to Q2 was significant. This year, it's more balanced. And from that standpoint, when you compare year-over-year, Q1 to Q1, it's down, but Q2 to Q2, it's up. So there was a different profile in Q1 '17 just based on the way the wafers were purchased in '17 versus the way in '18, where it's a little bit more balanced.

是的，我可以解釋。因此，在 2017 年第一季度，我們對晶圓進行了策略性購買，因此它在 2017 年第一季產生了更大的影響，然後其影響在第二季度顯現出來。因此第一季對第二季的影響是巨大的。今年則更加平衡。從這個角度來看，當你與去年同期相比時，第一季與第一季相比是下降的，但第二季與第二季相比是上升的。因此，僅根據 2017 年和 2018 年的晶圓採購方式來看，2017 年第一季的情況就有所不同，2018 年的情況更加平衡。

Great. Question for Lisa. Embedded solutions contributed to the year-over-year and quarter-over-quarter growth in EESC, I think that this is kind of an often overlooked part of the business because Embedded is nice because it gives you guys exposure to kind of a diverse set of their market applications. Can you just help us understand where the team is seeing good demand traction in Embedded? And maybe give us a rough idea on kind of overall revenue contribution to EESC?

偉大的。問麗莎一個問題。嵌入式解決方案促進了 EESC 的同比和環比增長，我認為這是業務中經常被忽視的一部分，因為嵌入式很好，因為它讓你們接觸到各種各樣的市場應用。您能否幫助我們了解團隊在嵌入式領域看到了哪些良好的需求牽引力？您能給我們大致介紹一下 EESC 的整體營收貢獻嗎？

Yes, Harlan. So Embedded is a nice segment, you're absolutely right. I think it's a margin-accretive segment to us. The end markets that we ship into, there are thin clients, they are places where you need graphics for displays, so there's some Embedded displays that we ship into there. It's still a small business for us, but we actually believe, in addition to the goodness around Ryzen and EPYC, when we launch those products, Ryzen and EPYC Embedded, we actually saw very strong interest from customers. And so we think as the product strength in our PC and our server business increased, they will also help that Embedded solutions business overall. So I would think it's still a small piece of the business, but we believe it will be a nice growing margin accretive portion of the business over the next couple of years.

是的，哈蘭。所以嵌入式是一個很好的部分，你完全正確。我認為這對我們來說是一個增加利潤的部分。我們出貨到的終端市場有瘦客戶端，它們是需要顯示圖形的地方，因此我們會向那裡發貨一些嵌入式顯示器。對我們來說這仍然是一項小生意，但我們確實相信，除了 Ryzen 和 EPYC 的優點之外，當我們推出這些產品 Ryzen 和 EPYC Embedded 時，我們實際上看到了客戶的強烈興趣。因此，我們認為，隨著我們個人電腦和伺服器業務的產品實力增強，它們也將對整個嵌入式解決方案業務有所幫助。因此，我認為這仍然只是業務的一小部分，但我們相信，在未來幾年內，它將成為業務利潤成長的良好成長部分。

Our next question is coming from Srini Pajjuri from Macquarie.

下一個問題來自麥格理的 Srini Pajjuri。

Lisa, question on the ASPs. I think you said the ASPs went up because of the Ryzen mix improving. Can you give us some more color as to where Ryzen is, in terms of the mix? And then with Ryzen 2, do you expect that to be accretive to ASPs and margins?

Lisa，關於 ASP 有一個問題。我認為您說的是 ASP 上漲是因為 Ryzen 混合改進了。您能否向我們詳細介紹一下 Ryzen 在混合方面的情況？那麼對於 Ryzen 2，您是否預期它會增加 ASP 和利潤率？

Yes. So in terms of the client business, we saw units up overall. We saw ASPs up overall, and they were up in both desktop and mobile. And when you look underneath that, I think, what -- the main thing is we're seeing a larger mix of the business become Ryzen. So in the fourth quarter, we had stated that the Ryzen mix of the client business was kind of in the low 40s. And so we had in notebook a lot of legacy product that we're still shipping, and in desktop, we had some legacy product that we're still shipping. As we move over to the first quarter, the notebook mix has mixed nicely into Ryzen, and the desktop is now mixed very nicely into Ryzen as well. So overall, that's what led to the ASP increase. I think the second generation Ryzen is a very, very good product. I think it's -- it actually -- when you look at the first generation Ryzen, we were very good on multithreaded performance, but there were some detractors around single threaded and gaming performance. I think the second generation Ryzen is actually much more competitive on gaming performance. So we do see an opportunity for that to help us increase share in the desktop business, and certainly, that would be accretive to margin.

是的。因此，就客戶業務而言，我們的單位數量總體上有所上升。我們看到平均售價整體上漲，無論是桌面版還是行動版。當你深入研究這一點時，我想，最重要的是，我們看到 Ryzen 的業務範圍正在擴大。因此，在第四季度，我們曾表示客戶業務的 Ryzen 組合處於 40% 出頭。因此，我們在筆記型電腦中有很多仍在運送的舊產品，在桌面中，我們也有一些仍在運送的舊產品。隨著我們進入第一季度，筆記型電腦已經與 Ryzen 很好地融合，桌上型電腦現在也與 Ryzen 很好地融合。總的來說，這就是導致 ASP 上漲的原因。我認為第二代Ryzen是一款非常非常好的產品。我認為——實際上——當你看第一代 Ryzen 時，我們在多線程性能方面非常出色，但在單線程和遊戲性能方面存在一些缺陷。我認為第二代 Ryzen 在遊戲性能上實際上更具競爭力。因此，我們確實看到了一個機會，可以幫助我們增加桌面業務的份額，當然，這也會增加利潤率。

Great. And then one question on the server business. I guess, your target is to get to a mid-single-digit share by end of this year, which is a fairly gradual ramp. I'm just curious as to when you expect the 7-nanometer part to be available in the market? And when that happens, do you see an inflection to your share gains or do you continue you expect gradual share gains?

偉大的。然後是關於伺服器業務的一個問題。我想，您的目標是在今年年底前達到中等個位數的份額，這是一個相當緩慢的成長過程。我只是好奇，您預計 7 奈米零件何時會在市場上推出？當這種情況發生時，您是否會看到份額成長出現拐點，還是您仍然預期份額成長會逐漸加快？

Yes. So all of the sales this year will be around of the current generation of Ryzen, and so that gets us to the mid-single-digit share. 7-nanometer Zen 2-based product we'll sample later this year to customers and that will be in production in 2019, and we do believe that the adoption rate of the second generation could potentially be higher than the adoption rate of the first generation, mostly because customers will be more familiar with our systems and our products. And so we'll see how it goes, but we certainly -- our overall goals are ambitious in the server space. And so this year, its first generation Ryzen, next year, we'll mix in the 7-nanometer, second-generation -- I'm sorry, first generation EPYC. And next year, we'll mix in the second generation of the EPYC products.

是的。因此，今年的所有銷量都將圍繞當前一代 Ryzen 進行，這將使我們達到中等個位數的份額。我們將在今年稍後向客戶提供基於 7 奈米 Zen 2 的產品樣品，並將於 2019 年投入生產，我們確實相信第二代產品的採用率可能會高於第一代產品的採用率，主要是因為客戶將更加熟悉我們的系統和產品。所以我們會看看事情進展如何，但我們當然——我們在伺服器領域的總體目標是雄心勃勃的。因此，今年我們將推出第一代 Ryzen，明年我們將混合使用 7 奈米、第二代——對不起，是第一代 EPYC。明年，我們將推出第二代 EPYC 產品。

Our next question today is coming from Toshiya Hari from Goldman Sachs.

我們今天的下一個問題來自高盛的 Toshiya Hari。

My first question's on the competitive landscape in the AI space. I was just wondering how you're thinking about your positioning relative not only on your biggest competitor there, NVIDIA, but also new entrants that potentially can be working on custom solutions? And then I have a follow-up.

我的第一個問題是關於人工智慧領域的競爭格局。我只是想知道，您如何考慮您的定位，不僅針對您最大的競爭對手 NVIDIA，而且針對可能致力於客製化解決方案的新進業者？然後我有一個後續問題。

Sure. So the AI market is certainly growing very, very fast. Relative to the competitive landscape, we are a new entrant. I think our GPU compute hardware is very good. I think we have a strong roadmap that we are -- we're putting in place for that. I think on the software side, we have more work to do, and we're making significant investments in some of the machine learning frameworks, such as Tensor Flow and Caffe, and some of these key frameworks, to ensure that we make it easier to adopt our solutions. But we see this is a multiyear, really, opportunity for us. So GPU compute will continue to be a focus area for us. We think we can be very competitive and we're going to continue to invest in this area. As it relates to, let's call it, non-GPU solutions, I think there will -- the landscape says there will be some ASIC solutions in the marketplace, but I view that as complementary to the GPU solutions and, from that standpoint, I think we have the CPUs, we have GPUs, and then we have the ability to connect heterogeneously to these other elements. So yes, from our standpoint again, we see this as a market that very much fits our capability, and we will continue to invest in it.

當然。因此，人工智慧市場肯定成長得非常非常快。相對於競爭格局，我們是一個新的進入者。我認為我們的 GPU 計算硬體非常好。我認為我們已經有一個強而有力的路線圖——我們正在為此制定路線圖。我認為在軟體方面，我們還有更多的工作要做，我們正在對一些機器學習框架（例如 Tensor Flow 和 Caffe）以及一些關鍵框架進行大量投資，以確保我們的解決方案更容易被採用。但我們認為這對我們來說確實是一個多年的機會。因此 GPU 運算將繼續成為我們關注的領域。我們認為我們可以非常有競爭力，我們將繼續在這一領域進行投資。至於它與非 GPU 解決方案相關，我認為會有——市場狀況表明市場上會有一些 ASIC 解決方案，但我認為這是對 GPU 解決方案的補充，從這個角度來看，我認為我們有 CPU，我們有 GPU，然後我們有能力異質地連接到這些其他元素。所以是的，從我們的角度來看，我們認為這是一個非常適合我們能力的市場，我們將繼續對其進行投資。

Got it. And then my follow-up's on the upcoming shareholder meeting. And then one of the proposals is to increase the authorized share authorization by about 700 million shares. Obviously, my understanding is that, that wouldn't be dilutive initially, but just wondering how you're thinking about potential uses of those -- that share is?

知道了。然後我要跟進即將召開的股東大會。其中一項提議是將授權股份增加約 7 億股。顯然，我的理解是，這最初不會造成稀釋，但只是想知道您如何考慮這些股份的潛在用途——那部分股份是什麼？

Yes. So you're correct. There is a proposal in the -- at the shareholder meeting. It is not going to be dilutive to begin with, and it's really good housekeeping. We don't have any particular plans at this point.

是的。所以你是對的。股東大會上有一項提案。它從一開始就不會稀釋股權，而且確實是一種很好的管理方式。目前我們還沒有任何具體計劃。

Thank you. Next question.

謝謝。下一個問題。

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

下一個問題來自 BMO 資本市場的 Ambrish Srivastava。

I have 2 questions. One was just a follow-up to what, Lisa, you were talking about on the machine learning side. When do we see -- or so just give us an update of where you are in traction and should we expect any meaningful revenues on that front from AMD in this year?

我有兩個問題。其中一個只是麗莎（Lisa）在機器學習上所談論內容的後續。我們什麼時候能看到——或者只是向我們介紹一下你們的最新進展，以及我們是否應該期待 AMD 今年在這方面獲得有意義的收入？

Yes. So I think last year, we announced a partnership with Baidu to do software optimizations of -- for machine learning. And we have several other partnerships with others in this area. So there's a lot of interest. I think the time for meaningful revenue, we will see some revenue in the second half of the year and that's part of the growth in the margin expansion story. And I think into 2019 and 2020, this will be continue an area of growth for us.

是的。所以我記得去年我們宣布與百度合作進行機器學習的軟體優化。我們還與該領域的其他幾家公司建立了合作夥伴關係。因此，人們對此很感興趣。我認為現在是獲得有意義的收入的時候了，我們將在下半年看到一些收入，這是利潤率擴張故事成長的一部分。我認為到 2019 年和 2020 年，這將繼續成為我們的成長領域。

Okay. And then for my follow-up, just getting back to the discrete graphics in the quarter reported. The channel was really dry heading into the first quarter. So where are we on the channel inventory? And is there any way for you to help us understand how much of the growth was driven by the buildup in the channel in the March quarter?

好的。然後，作為我的後續行動，我們回到本季度報告的獨立顯示卡問題。進入第一節時，水道確實很乾涸。那麼我們的通路庫存處於什麼位置？您能否幫助我們了解 3 月份季度的成長有多少是由通路建設推動的？

Yes, so the channel inventory did -- the channel inventory was at very, very low levels going into the quarter, and frankly, it was hard to get the GPU -- it was hard to get GPUs. I think if you look now on typical retailer/e-tailer sites, the channel inventory is good. And I think there was an element of channel replenishment, but from what we see of inventory levels today, they're, I would say, normal.

是的，通路庫存確實如此——進入本季度，通路庫存處於非常非常低的水平，坦白說，很難獲得 GPU——很難獲得 GPU。我認為，如果你現在查看典型的零售商/電子零售商網站，你會發現通路庫存很好。我認為存在渠道補貨的因素，但從我們今天看到的庫存水準來看，我認為它們是正常的。

And what is the normal level, Lisa, in terms of weeks?

那麼，麗莎，以周為單位，正常水平是多少？

Maybe somewhere between 4 and 5 weeks.

大概需要 4 到 5 週的時間。

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, a couple questions. Can you comment qualitatively about the competitive dynamic that you're seeing in microprocessors? And as a second question, can you give us an update on Spectre, in terms of the impact it's had on the business going forward?

麗莎，有幾個問題。您能否對微處理器領域中看到的競爭動態做出定性評價？第二個問題，您能否向我們介紹一下 Spectre 的最新情況，以及它對未來業務的影響？

Sure, Hans. So on the microprocessor side, I think, with the competitive landscape, as we see it, Ryzen and EPYC are very competitive. And we've seen that in head-to-head design opportunities. I think from a CPU standpoint, we're very pleased with that. I think second generation Ryzen in 12-nanometer actually improves the overall performance, and so we like how that positions us on the PC side. I think as we look forward, and I think this is important, we believe that the 7-nanometer capability of The Foundry ecosystem is very good, and that puts us in a good competitive spot from a manufacturing standpoint. And then on the design side, obviously, we have things that we're planning. And so I see the competitive environment as one that is as good, and we're going to work very hard to make sure that it gets better over time. Obviously, we take the competition very seriously. Oh, yes, and the second question -- sorry, about that, Hans -- on Spectre. We have spent a good amount of time with our customer set to make sure that they're fully protected on Spectre. We've actually released a number of software mitigations already to our OEM customers and to our partners. They're in the process of deploying. So I think it took a lot of energy, certainly, we spent a lot of time on it and our customer set spent time on it. But we don't see any long-term effects. It's more that we want to make sure to get the work done quickly, and that's been our focus.

當然，漢斯。因此，在微處理器方面，我認為，從我們所看到的競爭格局來看，Ryzen 和 EPYC 的競爭力非常強。我們在面對面的設計機會中看到了這一點。我認為從 CPU 的角度來看，我們對此非常滿意。我認為採用 12 奈米製程的第二代 Ryzen 實際上提高了整體性能，因此我們喜歡它在 PC 方面的定位。我認為，展望未來，我認為這很重要，我們相信 Foundry 生態系統的 7 奈米能力非常好，從製造的角度來看，這使我們處於良好的競爭地位。然後在設計方面，顯然我們正在計劃一些事情。因此，我認為競爭環境很好，我們將非常努力地確保它隨著時間的推移而變得更好。顯然，我們非常重視比賽。哦，是的，第二個問題——抱歉，漢斯——是關於 Spectre 的。我們花了大量時間與客戶溝通，以確保他們在 Spectre 上得到全面保護。實際上，我們已經向我們的 OEM 客戶和合作夥伴發布了許多軟體緩解措施。他們正在部署中。所以我認為這花費了很多精力，當然，我們花了很多時間，我們的客戶也花了很多時間。但我們沒有看到任何長期影響。我們更希望確保快速完成工作，這一直是我們的重點。

Thanks, Lisa. Thanks, Hans. Operator, we have time for 2 more questions, please.

謝謝，麗莎。謝謝，漢斯。接線員，我們還有時間回答另外兩個問題。

Our next question is coming from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

I wanted to ask you, I think you mentioned double-digit sequential growth in the CT business. I was just kind of curious what stage you're on in terms of channel fill for Ryzen Mobile business? And then I have one more follow-up.

我想問您，我認為您提到了 CT 業務的兩位數連續成長。我只是有點好奇，就 Ryzen Mobile 業務的管道填充而言，您處於哪個階段？然後我還有一個後續問題。

Yes. So we did, and as I mentioned, have some mobile product shipped ahead of OEM system launches in the second quarter. But we see this really as the beginning of the Ryzen ramp. So my expectation is that the client or the Ryzen portion of our business will be up in the second quarter and it will be up in the second half. And so it's the beginning of the notebook ramp.

是的。正如我所提到的，我們確實在第二季 OEM 系統發布之前就推出了一些行動產品。但我們確實將此視為 Ryzen 升級的開始。因此，我預計客戶端或 Ryzen 部分的業務將在第二季和下半年上升。這就是筆記型電腦市場發展的開始。

And I wanted to ask just on the OpEx side, Devinder. Just in terms of licensing gains that have been OpEx offset, do you expect any of those gains this year?

我想問一下營運支出方面的問題，Devinder。僅就已抵銷營運支出的授權收益而言，您預計今年會有任何收益嗎？

I think there could be, but it's hard to tell because it's kind of dependent upon the milestone that come into play. There was the OpEx offset last year that got reversed, but we'll see it when it happens from a milestone standpoint.

我認為有可能，但很難說，因為這有點取決於所發生的里程碑。去年的營運支出抵銷額出現了逆轉，但從里程碑的角度來看，我們將會看到它發生。

I think, Blayne, just as a point of clarification on this point. From an IP standpoint, we're not forecasting IP either here in the second quarter or into the second half. I think as Devinder said, we do have some IP arrangements that we're working on, and depending on when those milestones complete, we will then sort of forecast it into the business.

布萊恩，我認為，只是為了澄清這一點。從 IP 的角度來看，我們不會預測第二季或下半年的 IP 狀況。我認為正如 Devinder 所說，我們確實正在進行一些 IP 安排，根據這些里程碑的完成時間，我們將對其進行預測以納入業務。

Our final question today is coming from Gus Richard from Northland.

今天的最後一個問題來自北地的 Gus Richard。

Real, real quickly, can you just tell me if the 12-nanometer is a die shrink or just performance improvement?

真的，真的很快，你能告訴我 12 奈米是晶片縮小還是只是性能改進嗎？

It is -- yes, Gus, it is primarily performance improvement, and it is some design improvements. So you see some of the latency improvements and so on. It is not a die shrink.

是的——是的，Gus，這主要是性能改進，也有一些設計改進。因此您會看到一些延遲方面的改進等等。這不是晶片縮小。

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

我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

That's it for our call for today. We thank you very much for joining us. Look forward to seeing you at the Morgan Stanley conference and at the Cowan conference. And as always, we thank you for your support of AMD.

這就是我們今天的通話內容。非常感謝您加入我們。期待在摩根士丹利會議和考恩會議上見到您。和往常一樣，我們感謝您對 AMD 的支持。

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

謝謝各位，女士們、先生們。今晚的電話會議就此結束。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。