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.

您好，歡迎參加 Advanced Micro Devices 2018 年第一季度電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

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

現在我很高興向您介紹您的主持人 Laura Graves。

Laura, please go ahead.

勞拉，請繼續。

Thank you, and welcome to AMD's First Quarter 2018 Conference Call.

謝謝，歡迎參加 AMD 2018 年第一季度電話會議。

By now, you should have had an opportunity to review a copy of our earnings release and slide presentation.

到目前為止，您應該有機會查看我們的收益發布和幻燈片演示文稿的副本。

If you have not reviewed these documents, they can be found on the Investors Relations page of AMD's website at 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是我們的總裁兼首席執行官蘇麗莎博士； Devinder Kumar，我們的高級副總裁、首席財務官兼財務主管。

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

這是一個現場通話，將通過我們網站上的網絡廣播重播。

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

我想為您強調幾個重要的日期。

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.

總裁兼首席執行官蘇麗莎博士將於 5 月 15 日出席第 46 屆摩根大通全球科技媒體與傳播年會。

Mark Papermaster, Senior Vice President and Chief Technology Officer, will present at the Cowan 46th Annual TMT Conference on May 30.

高級副總裁兼首席技術官 Mark Papermaster 將於 5 月 30 日出席 Cowan 第 46 屆年度 TMT 會議。

And our 2018 second quarter quiet time will begin at the close of business on Friday, June 15, 2018.

我們 2018 年第二季度的靜默時間將從 2018 年 6 月 15 日星期五營業結束時開始。

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.

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，因為我們認為這是分析師和投資者評估我們增長軌蹟的最有意義的方式。

We have expanded the slide content and eliminated the written CFO commentary document.

我們擴展了幻燈片內容，並取消了書面 CFO 評論文件。

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.

對於那些在社交媒體上的人，我們將在這次電話會議結束時在我們的 Twitter 訂閱源@AMDNews 上分享這次電話會議的關鍵信息。

Please be reminded that AMD adopted revenue recognition standard ASC 606 effective 2018, using the full retrospective method as of Q1 2018.

請注意，AMD 採用自 2018 年第一季度起採用完全追溯法的收入確認標準 ASC 606 於 2018 年生效。

All prior period results have been adjusted to adopt this new standard, and our comments on today's call reflect these adjustments.

所有前期業績均已調整為採用這一新標準，我們對今天電話會議的評論反映了這些調整。

For more information and historical financial statements, please refer to our 8-K filing on February 27, 2018.

有關更多信息和歷史財務報表，請參閱我們於 2018 年 2 月 27 日提交的 8-K 文件。

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, 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.

這些陳述基於當前的信念、假設和預期，僅在當前日期發表，因此涉及導致實際結果與我們當前預期存在重大差異的風險和不確定性。

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.

在本次電話會議期間，我們將主要參考非 GAAP 財務指標，但收入、毛利率和部門運營結果除外，這些指標基於 GAAP。

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

引用的非公認會計原則財務指標與我們網站上發布的新聞稿中最直接可比的公認會計原則財務指標進行了核對。

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

請參閱今天新聞稿中的警示性聲明以獲取更多信息。

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.

您還可以在我們提交給 SEC 的文件中找到關於我們風險因素的詳細討論，特別是 AMD 的截至 2017 年 12 月 30 日的 10-K 表格年度報告。

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

現在，所有這些都結束了，我很高興將電話轉給麗莎。

Lisa?

麗莎？

Thank you, Laura.

謝謝你，勞拉。

And good afternoon to all of those listening in today.

今天在場的所有聽眾下午好。

We started 2018 with excellent financial results as we delivered our third straight quarter of double-digit year-over-year revenue growth.

我們在 2018 年開始時取得了出色的財務業績，因為我們連續第三個季度實現了兩位數的同比收入增長。

First quarter revenue of $1.65 billion grew 40% year-over-year.

第一季度收入為 16.5 億美元，同比增長 40%。

Gross margin improved 4 percentage points, and earnings per share increased significantly based on very strong operating and net income growth.

毛利率提高了 4 個百分點，基於非常強勁的運營和淨收入增長，每股收益顯著增加。

Our strong first quarter financial results demonstrate that our long-term strategy is paying off.

我們強勁的第一季度財務業績表明我們的長期戰略正在取得成效。

We are executing consistently on our product roadmap.

我們始終如一地執行我們的產品路線圖。

Our customers are increasingly adopting our new products, and we are strengthening the foundation of AMD with the right long-term investments.

我們的客戶越來越多地採用我們的新產品，我們正在通過正確的長期投資來鞏固 AMD 的基礎。

Looking at our Computing and Graphics segment in the quarter.

查看本季度我們的計算和圖形部門。

Excellent momentum for our premium product portfolio drove double-digit year-over-year and sequential revenue growth.

我們優質產品組合的強勁勢頭推動了兩位數的同比和連續收入增長。

Client processor sales were significantly better than seasonality, as Ryzen processor shipments grew year-over-year and sequentially.

客戶端處理器的銷售明顯好於季節性，因為銳龍處理器的出貨量同比和環比增長。

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.

Ryzen 處理器占我們整體客戶端處理器收入的 60%，高於第四季度的 40%，桌面和筆記本客戶端處理器 ASP 也在增加。

Product execution was strong in the quarter as we expanded our Ryzen processor portfolio with new high-performance products.

由於我們用新的高性能產品擴展了我們的銳龍處理器組合，本季度的產品執行非常強勁。

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.

我們推出了第一款 AMD Ryzen 桌面 APU，將 Zen CPU 和 Vega GPU 的強大功能結合在一個芯片上，通過 Ryzen 桌面 2400G 在桌面處理器上提供世界上最強大的圖形。

Initial sales were strong in the component channel, which contributed of the significant Ryzen processor sales increase in the quarter.

組件渠道的初始銷售強勁，這促成了本季度銳龍處理器銷售額的顯著增長。

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.

此外，我們開始出貨基於 12 納米 Zen Plus 架構的第二代銳龍桌面 CPU，為遊戲玩家、創作者和硬件愛好者提供出色的遊戲性能和一流的多處理領導力。

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.

在計劃於第二季度推出 OEM 系統之前，本季度 Ryzen 移動單元出貨量也有所增加，推動我們的移動處理器單元出貨量同比和環比均實現兩位數增長。

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.

最初的宏碁、惠普和聯想平台在本季度銷售強勁，戴爾在 4 月初發布了新的筆記本電腦和二合一筆記本電腦，進一步擴大了我們的銳龍產品組合。

Additionally, our first Ryzen PRO commercial notebooks are expected to launch in Q2.

此外，我們的首款 Ryzen PRO 商用筆記本預計將在第二季度推出。

Dell, HP and Lenovo are all planning to offer AMD-based commercial notebooks based on the excellent performance and features of this new APU.

戴爾、惠普和聯想都計劃推出基於這種新型 APU 的卓越性能和功能的基於 AMD 的商用筆記本電腦。

Overall, the number of Ryzen-based systems from OEMs continues to grow.

總體而言，來自 OEM 的基於 Ryzen 的系統數量持續增長。

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.

僅在第二季度，我們預計將推出 25 款基於 Ryzen 的新消費和商用筆記本電腦，我們的客戶仍有望在年底前將總共 60 款基於 Ryzen 的系統推向市場。

In Graphics, we delivered strong year-over-year revenue growth as ASP and unit shipments increased significantly.

在圖形方面，隨著 ASP 和單位出貨量顯著增加，我們實現了強勁的同比收入增長。

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.

在遊戲和區塊鏈需求的推動下，收入環比增長，並且憑藉強勁的 Radeon Vega 和 500 系列渠道銷售，我們的表現優於季節性。

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.

遊戲仍然是我們的重中之重，PC 遊戲玩家數量的增加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推動了增長。

Demand for our Radeon series of graphics products remained strong as new AAA game titles, such as Far Cry 5, were released.

隨著新的 AAA 遊戲（如孤島驚魂 5）的發布，對我們 Radeon 系列圖形產品的需求保持強勁。

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.

我們繼續投資遊戲軟件並發布了我們的 Radeon 電競體驗，為 Fortnite、PUBG、Dota 2 和 Overwatch 等流行的電競遊戲提供了性能提升。

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.

我們繼續看到對我們的 Radeon Vega 圖形系列的巨大需求，因為客戶基於我們高性能 GPU 的可用性不斷提高來加速他們的 RAM，並且更多的供應進入市場。

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.

在專業顯卡方面，惠普和戴爾都在本季度擴大了其 AMD Radeon Pro 工作站產品組合，包括惠普推出搭載 AMD Radeon Pro WX 3100 的新型 Zbook 輕薄型移動工作站。

Our machine learning strategy continues to gain momentum.

我們的機器學習戰略繼續獲得動力。

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.

大型數據中心合作夥伴正在驗證和測試我們用於深度學習應用程序的 Radeon Instinct MI25，我們推出了我們的 Radeon 開放計算生態系統 ROCm 1.7，這是一個用於機器學習的自上而下的開放解決方案軟件堆棧。

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 納米 Radeon Instinct 產品正在我們的實驗室中運行，我們將繼續按計劃在今年晚些時候向客戶提供樣品。

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

轉向我們的企業、嵌入式和半定制部分。

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.

第一季度收入同比下降，原因是半定制收入下降，正如預期的那樣，基於當前遊戲機週期的成熟度，並環比增長。

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.

在本季度，微軟宣佈在其 Xbox One S 和 Xbox One X 遊戲機中支持我們行業領先的 Radeon FreeSync 技術，提供無卡頓的遊戲體驗。

Server revenue increased double-digit percentage sequentially across mega data center, OEM and channel customers.

大型數據中心、OEM 和渠道客戶的服務器收入環比增長兩位數。

EPYC processor unit shipments nearly doubled from the previous quarter.

EPYC（霄龍）處理器單元的出貨量比上一季度幾乎翻了一番。

We continue to grow our data center momentum with dozens of new design wins across key workloads, including HPC, storage, virtualization and cloud applications.

我們繼續通過在關鍵工作負載（包括 HPC、存儲、虛擬化和雲應用程序）中贏得數十項新設計來發展我們的數據中心勢頭。

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.

Dell EMC 推出了 3 個最新的 PowerEdge 平台，使用 EPYC（霄龍）7,000 系列處理器為虛擬化存儲區域網絡、混合雲應用程序、密集虛擬化和大數據分析提供支持。

Recently, supercomputing leader, Cray, announced that it added EPYC processors to its Cray CS500 line of HPC offerings.

最近，超級計算領導者 Cray 宣布將 EPYC（霄龍）處理器添加到其 Cray CS500 系列 HPC 產品中。

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.

Cray 的發布開啟了 HPC 和大數據領域非常活躍的季度，基於汽車模擬、大學集群和醫療保健領域的工作負載勢頭。

And multiple mega data center customers passed key production milestones as they look to expand their deployments of EPYC-powered instances this year.

今年，多個大型數據中心客戶希望擴大 EPYC 支持的實例的部署，從而實現了關鍵的生產里程碑。

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.

迄今為止，市場上有 40 多個基於 EPYC 的平台，我們正在積極與 OEM、系統集成商和渠道合作夥伴合作，以增加對最終客戶的部署。

We remain focused on achieving mid-single-digit server unit share by the end of 2018.

我們仍然專注於到 2018 年底實現中個位數的服務器單位份額。

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.

隨著我們推出 2 個新產品系列：EPYC Embedded 3000 和 Ryzen Embedded V1000 處理器，我們的嵌入式業務實現了收入、單位出貨量和 ASP 的同比和環比增長，以支持新型瘦客戶端、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.

最後，我們對第一季度的財務業績和強大的產品執行非常滿意。

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.

我們相信 2018 年將成為 AMD 的豐收年，在對我們的高性能 Ryzen、Radeon 和 EPYC 產品的巨大需求的推動下，收入持續增長和利潤率擴大。

Looking forward, we are confident that we have the right long-term strategy to deliver sustained revenue and profitability growth.

展望未來，我們相信我們有正確的長期戰略來實現持續的收入和盈利能力增長。

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.

未來幾年，高性能計算領域的 TAM 市場將增長到超過 750 億美元，包括遊戲、數據中心、機器學習和人工智能等高增長領域。

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.

我們已經建立了一個強大的執行引擎，我們將繼續在硬件和軟件方面進行重大投資，以便在 2019 年及以後為我們的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.

現在我想把電話轉給 Devinder，為我們的第一季度財務業績提供一些額外的色彩。

Thank you, Lisa.

謝謝你，麗莎。

Good afternoon, everyone.

大家下午好。

The first quarter was a strong quarter for AMD.

第一季度對 AMD 來說是一個強勁的季度。

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.

與去年同期相比，我們的收入增長了 40%，毛利率增加了 400 多個基點，顯著提高了淨利潤和每股收益，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.

16.5 億美元的總收入是由對我們新產品的強勁需求推動的，Ryzen 和 Radeon 產品同比增長兩位數，Ryzen 銷售額高於預期，EPYC 服務器處理器增長。

Gross margin was 36%, up 420 basis points year-on-year, driven by a higher proportion of revenue from new products.

毛利率為 36%，同比增長 420 個基點，主要受新產品收入佔比提升的推動。

Operating expenses were $446 million compared to $371 million a year ago.

運營費用為 4.46 億美元，而一年前為 3.71 億美元。

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.

運營費用佔收入的 27%，低於我們之前 28% 的指引，比一年前的 31% 下降 4 個百分點，因為我們繼續進行戰略研發投資、推出新產品並投資於我們的多代產品路線圖.

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，遠高於一年前的 3400 萬美元，營業利潤率為 9%，高於一年前的 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.

淨收入為 1.21 億美元，或每股攤薄收益 0.11 美元，而一年前的淨收入為 200 萬美元。

Adjusted EBITDA was $196 million compared to $68 million a year ago and, on a trailing 12-month basis, adjusted EBITDA was $496 million.

調整後的 EBITDA 為 1.96 億美元，而一年前為 6800 萬美元，在過去 12 個月的基礎上，調整後的 EBITDA 為 4.96 億美元。

Now turning to the first quarter business segment results.

現在轉向第一季度業務部門的業績。

Computing and Graphics segment revenue was $1.12 billion, up 95% year-over-year due to strong sales of both Radeon and Ryzen products.

由於 Radeon 和 Ryzen 產品的強勁銷售，計算和圖形部門的收入為 11.2 億美元，同比增長 95%。

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.

我們的 Ryzen 產品在第一季度的表現超出了我們的預期，約佔客戶端處理器收入的 60%，並為客戶收入連續兩位數百分比的強勁增長做出了貢獻。

The strength in Radeon products was driven by both gaming and blockchain demand.

Radeon 產品的實力受到遊戲和區塊鏈需求的推動。

We believe blockchain was approximately 10% of AMD revenue in Q1 2018.

我們認為區塊鏈在 2018 年第一季度約佔 AMD 收入的 10%。

Computing and Graphics segment operating income was $138 million compared to a loss of $21 million a year ago.

計算和圖形部門的營業收入為 1.38 億美元，而一年前則為虧損 2100 萬美元。

This significant turnaround was due to strong revenue growth and improved operating expense leverage.

這一重大轉變是由於強勁的收入增長和改善的運營費用槓桿。

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.

企業、嵌入式和半定制收入為 5.32 億美元，同比下降 12%，較低的半定制收入部分被較高的服務器和嵌入式收入所抵消。

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.

提醒一下，2018 年第一季度和 2017 年第一季度的收入包括與季度末庫存相關的半定制收入，與 ASC 606 收入會計標準要求的不可取消的採購訂單相關。

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.

EESC 營業收入為 1400 萬美元，低於一年前的 5500 萬美元，這主要是由於 2017 年第一季度的許可收益以及我們數據中心業務的運營費用投資增加。

Turning to the balance sheet.

轉向資產負債表。

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.

截至本季度末，我們的現金、現金等價物和有價證券總額為 10.4 億美元，低於第四季度的 11.8 億美元，高於去年同期的 9.43 億美元。

Free cash flow was negative $132 million in the first quarter.

第一季度自由現金流為負 1.32 億美元。

Inventory was $715 million, up slightly from the prior quarter.

庫存為 7.15 億美元，略高於上一季度。

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

本金債務總額，包括我們有擔保的循環信貸額度，為 17 億美元。

We deployed cash to repurchase $14 million of debt in the first quarter as we continue to reduce term debt and interest expense.

隨著我們繼續減少定期債務和利息費用，我們在第一季度部署了現金回購了 1400 萬美元的債務。

Now turning to our financial outlook.

現在轉向我們的財務前景。

For the second quarter of 2018, AMD expects revenue to be approximately $1.725 billion, plus or minus $50 million.

AMD 預計 2018 年第二季度的收入約為 17.25 億美元，上下浮動 5000 萬美元。

This is an increase of 50% year-over-year, driven by the growth of Ryzen, Radeon, EPYC and Semi-Custom revenue.

在銳龍、Radeon、EPYC 和半定制收入增長的推動下，這一數字同比增長了 50%。

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.

在連續的基礎上，我們預計第二季度的收入將受益於我們 Ryzen 和 EPYC 產品系列的持續增長以及半定制收入的季節性增長，部分被區塊鏈導致的圖形適度下降所抵消。

As a reminder, for comparative purposes, Q2 2017 revenue was $1.15 billion under the ASC 606 revenue accounting standard.

提醒一下，出於比較目的，根據 ASC 606 收入會計準則，2017 年第二季度的收入為 11.5 億美元。

In addition, for Q2 2018, we expect non-GAAP gross margin to be approximately 37%.

此外，對於 2018 年第二季度，我們預計非美國通用會計準則毛利率約為 37%。

Non-GAAP operating expenses to be approximately $460 million or 27% of revenue.

非 GAAP 運營費用約為 4.6 億美元或收入的 27%。

Non-GAAP interest expense, taxes and other, to be approximately $35 million.

非公認會計原則的利息費用、稅收和其他費用約為 3500 萬美元。

And inventory to be up slightly on a sequential basis in support of higher revenue.

庫存將環比小幅上升，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.

我們第一季度的財務進展歸功於 Radeon 和 Ryzen 產品的持續實力以及我們 EPYC 產品的持續早期貢獻。

Our business is strong, and we look forward to continued revenue growth, margin expansion and increased profitability year-over-year.

我們的業務強勁，我們期待收入的持續增長、利潤率的擴大和盈利能力的同比增長。

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.

基於我們 2018 年全年業務的強勁勢頭，我們現在預計，在我們的新產品推出的推動下，收入將比 2017 年中期增長 20%。

Blockchain revenue to be mid- to high-single-digit percentage of revenue for 2018.

2018 年區塊鏈收入佔收入的中高個位數百分比。

Non-GAAP gross margin to be greater than 37%.

非美國通用會計準則毛利率大於 37%。

In summary, the first quarter was excellent.

總而言之，第一季度表現出色。

We are pleased with the momentum within our business execution and strong financial results, which we believe lay the foundation for a strong 2018.

我們對業務執行的勢頭和強勁的財務業績感到滿意，我們相信這為強勁的 2018 年奠定了基礎。

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.

我們專注於提供我們的長期目標財務模型，因為我們執行我們的每月世代路線圖並引入和提升高性能計算產品。

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

有了這個，我將把它轉回給 Laura 進行問答環節。

Laura?

勞拉？

Thank you very much.

非常感謝。

Appreciate that, Devinder.

欣賞這一點，德溫德。

Operator, we're ready to go.

接線員，我們準備好了。

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

（操作員說明）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.

祝賀您取得了驕人的成績，尤其是在您的計算和圖形領域獲得兩位數的最高利潤率，我們已經有一段時間沒有看到這一點了。

For my first question, Lisa, on EPYC server sales, you mentioned they doubled sequentially.

對於我的第一個問題，麗莎，關於 EPYC（霄龍）服務器銷售，您提到它們連續翻了一番。

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?

如果你能給我們一些關於震級的感覺，那麼我們至少對你現在的位置有一些大致的了解？

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?

但重要的是，客戶在以更有意義的方式採用 EPYC 之前希望看到什麼，還有哪些反對意見？

Is it just a matter of time?

這只是時間問題嗎？

Is it a performance or a pricing gap?

是性能差距還是價格差距？

Or what else do you need to deliver on to get EPYC to a more meaningful level?

或者您還需要提供什麼才能讓 EPYC 達到更有意義的水平？

Yes, absolutely, Vivek.

是的，絕對是，維維克。

Thanks for the questions.

感謝您的提問。

So look, on EPYC, we did make a very nice progress in the quarter.

所以看，在 EPYC 上，我們在本季度確實取得了非常好的進展。

I think when you look at it from a revenue standpoint, it's a strong double-digit percentage.

我認為，從收入的角度來看，這是一個強勁的兩位數百分比。

There is -- we certainly view that the units increasing is also very positive thing.

有——我們當然認為單位增加也是非常積極的事情。

The traction actually is across all areas.

牽引力實際上遍及所有領域。

So we saw traction in Enterprise sort of end-user deployments.

因此，我們看到了企業級最終用戶部署的吸引力。

We saw some channel and system integrator deployments as well as hyperscale deployments.

我們看到了一些渠道和系統集成商部署以及超大規模部署。

And our goal is to get to mid-single-digit share by the end of this year.

我們的目標是到今年年底達到中個位數的份額。

I think we are making good progress towards that.

我認為我們在這方面取得了很好的進展。

What we're working with customers now is just going through their various stages of qualifications.

我們現在與客戶合作的只是通過他們各個階段的資格認證。

So they go from proof of concept to initial deployment then to large volume deployment.

因此，他們從概念驗證到初始部署，然後再到大規模部署。

And we're in that initial deployment phase.

我們正處於初始部署階段。

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.

所以我認為我們正在取得良好的進展，而且它是 - 除了時間來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.

知道了。

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.

作為後續，如果我查看您過去的服務器 ASP，它們在 300 到 400 美元之間，遠低於您的競爭對手。

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?

當您看到您現在參與的許多此類活動時，我們應該如何考慮您在該市場中看到的定價趨勢？

Are you able to sell in a higher-value segment than you were able to do in the past?

您是否能夠在比過去更高價值的細分市場中銷售？

Yes.

是的。

So Vivek, I think the very strong part of our roadmap right now is we're really playing across the entire portfolio.

所以 Vivek，我認為我們現在的路線圖非常強大的部分是我們真的在整個投資組合中發揮作用。

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.

因此，我們稱之為服務器市場的低端、入門級，一直到高端的 2 件套 SKU。

So the pricing on -- that we're seeing in the market is very reasonable.

因此，我們在市場上看到的定價非常合理。

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.

從我們的角度來看，它們是——我們正在為客戶提供價值，但它們也非常增加我們自身整體業務的利潤。

So yes, the pricing environment is good.

所以是的，定價環境很好。

Thanks, Lisa.

謝謝，麗莎。

Thanks, Vivek.

謝謝，維維克。

Next question, please.

下一個問題，請。

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.

關於筆記本努力上升的第一個問題。

It sounds like's it's really starting to hit its stride.

聽起來它真的開始大踏步前進了。

I was hoping you could give us a little bit more color, which segments does it seem to resonate with?

我希望你能給我們更多的色彩，它似乎與哪些部分產生了共鳴？

To what extent is it a commercial versus a consumer product?

它在多大程度上是商業產品與消費產品？

And do you think that the Ryzen notebook opportunity, is it bigger than the desktop opportunity ultimately in your minds?

你認為銳龍筆記本的機會，最終在你心目中是否比台式機機會更大？

Yes, Mark.

是的，馬克。

So look, we -- we're making very good progress on Ryzen.

所以看，我們 - 我們在 Ryzen 上取得了非常好的進展。

I think we're very pleased with the Q1 results and then what we see going into Q2 in the second half.

我認為我們對第一季度的結果以及我們在下半年看到的第二季度的結果感到非常滿意。

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.

確實，直到本季度，我們的大部分進展都在渠道和業務的桌面部分。

We saw a nice increase this quarter in notebooks and what it is, is many of the OEMs are actually launching systems in Q2.

我們在本季度看到筆記本電腦的大幅增長，事實上，許多原始設備製造商實際上在第二季度推出了系統。

And with that, we had -- they're basically building up their production for the second quarter launches.

有了這個，我們有 - 他們基本上是在為第二季度的發佈建立他們的生產。

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.

您將在第二季度看到一些令人印象深刻的高端消費設計，我認為輕薄設計代表了產品的實力。

And we will also see the first launch of the commercial systems from the top OEMs.

我們還將看到頂級 OEM 首次推出商業系統。

And the expectation is that the commercial notebooks will kick in, in the second half of the year.

預計商業筆記本電腦將在下半年開始。

Q2 is more of a consumer cycle.

第二季度更像是一個消費周期。

But overall, I think we're seeing that the notebook OEM opportunity is a good one.

但總的來說，我認為我們看到筆記本 OEM 機會是一個很好的機會。

We have strong design wins.

我們擁有強大的設計優勢。

The customers are working closely with us.

客戶正在與我們密切合作。

We're doing a lot of work with retailers and the overall go-to-market to ensure that the notebook opportunity is important.

我們正在與零售商和整體上市做大量工作，以確保筆記本電腦的機會很重要。

And notebook is larger than desktop overall.

而且筆記本總體上比台式機大。

Okay, great.

好，太棒了。

That's helpful.

這很有幫助。

And a follow-up, if I may.

如果可以的話，還有後續行動。

On EPYC, the product has been in the market for a while.

在 EPYC 上，該產品已經上市一段時間了。

I understand that you have to go through the testing phase and then pilot programs and initial deployments and then, hopefully, larger scale deployments.

我知道您必須經歷測試階段，然後是試點計劃和初始部署，然後希望進行更大規模的部署。

What -- how do you think -- or how should we think about the cadence of updates on this product?

什麼——你怎麼看——或者我們應該如何看待這個產品的更新節奏？

Is this a similar cadence that you would see on the desktop or a notebook side?

這是您在台式機或筆記本電腦端看到的類似節奏嗎？

Sure, Mark.

當然，馬克。

So on the service side, the cadence of deployments does tend to be longer.

所以在服務方面，部署的節奏確實會更長。

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.

我認為我們的節奏很好，所以我認為 EPYC 與 OEM 合作，你看到了 HPE 在 12 月宣布，然後戴爾在第一季度宣布的高潮。

That will now move over into Enterprise customers, who are then taking their systems into their labs and doing their initial deployments.

現在，這將轉移到企業客戶身上，然後他們將他們的系統帶入他們的實驗室並進行初始部署。

So I think the cadence is over a number of quarters.

所以我認為節奏超過了幾個季度。

I will say, for the first-generation EPYC, we're seeing really nice customer interest, and it's quite broad.

我會說，對於第一代 EPYC，我們看到了非常好的客戶興趣，而且非常廣泛。

And so it is across Enterprise as well as the hyperscale customers.

因此，它適用於企業以及超大規模客戶。

And we view this as a multigenerational play, so we're very excited about what EPYC can do over the next couple of quarters.

我們將其視為多代人的遊戲，因此我們對 EPYC（霄龍）在接下來的幾個季度能做些什麼感到非常興奮。

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.

但我們也相信這是對客戶組的正確投資，因為我們推出了第二代 EPYC 和第三代 EPYC，顯然，它會更快一點，因為客戶組熟悉我們的系統.

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的 John Pitzer。

Devinder, impressive year-over-year gross margin growth in the March quarter of 400 basis points.

Devinder，令人印象深刻的 3 月季度毛利率同比增長 400 個基點。

I'm just kind of curious, clearly, Ryzen has had a positive impact.

我只是有點好奇，很明顯，銳龍產生了積極的影響。

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?

能否幫助打破新產品種類之間的 400 個基點的同比增長以及從 17 年到 18 年半定制類產品的百分比顯著下降的事實？

And then how do we think about the incremental margin leverage as EPYC comes in and perhaps Ryzen, too?

那麼我們如何看待隨著 EPYC（霄龍）以及 Ryzen 的出現而增加的保證金槓桿？

Yes, a good question, John.

是的，一個很好的問題，約翰。

Actually, if you look at it from a margin standpoint year-over-year, the Semi-Custom revenue was actually down, so that was helpful.

實際上，如果從利潤率的角度來看，半定制收入實際上是下降的，所以這很有幫助。

But beyond that, if you look at the new products, fundamentally, the new products is what's driving the margin.

但除此之外，如果你看一下新產品，從根本上說，新產品是推動利潤率的因素。

Ryzen, EPYC, GPU compute retail all higher than corporate average, those are driving the increase in the margin.

銳龍、EPYC（霄龍）、GPU 計算零售均高於企業平均水平，這些都推動了利潤率的增長。

As we get to the rest of the year, as you observed, the momentum and the products are there for the new products.

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在那裡。

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.

他們將繼續前進並為提高利潤率做出貢獻，這就是為什麼根據之前的指導，我們剛剛更新了我們的利潤率，說上次可能超過 36%，我們更新它說今年這個時候超過 37% ，這基本上都是我們對新產品的動力。

That's helpful, Devinder.

這很有幫助，德溫德。

And Lisa, for my follow-up.

還有麗莎，我的後續行動。

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.

我很欣賞第一季度和去年的一種量化區塊鏈，還有你對它的評論——它看起來是按順序下降的，至少嵌入在你 6 月的指導中。

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?

我只是有點好奇，考慮到這些 GPU 真正走向的軌道有多難，你如何理解區塊鏈應用程序與其他應用程序的區別，一個？

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?

第二，你認為這是一個可行的長期市場，還是你認為隨著這個市場的發展，它必須從工作證明轉向股權證明，這可能完全否定挖礦，如果這種情況如果要上場，您對今年下半年或 2019 年下半年或 2019 年會出現某種次要卡重返市場以及價格下跌的擔憂有多大？

Sure, John.

當然，約翰。

So look, on the blockchain, there is a lot of discussion about this.

所以看，在區塊鏈上，有很多關於這個的討論。

From our standpoint, we stay very, very close to the customer set with -- in the graphic space.

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接近。

And so we spend time with the commercial miners as well as spending time with our partners.

因此，我們花時間與商業礦工以及與我們的合作夥伴共度時光。

And the way we look at this, our first priority when we look at allocation of graphics cards is to gamers.

而我們看待這一點的方式，當我們查看顯卡分配時，我們的首要任務是遊戲玩家。

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.

所以這是通過原始設備製造商，通過系統集成商，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細分市場，我們將繼續這樣做。

And so that's one piece that we know well.

這是我們熟知的一件事情。

We also work directly with the commercial miners.

我們還直接與商業礦工合作。

And so we see kind of what their forecasts are and they work with us.

所以我們看到他們的預測是什麼，他們與我們合作。

And so that's -- that we have good visibility on.

所以這就是 - 我們有很好的知名度。

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.

有一件通過零售的作品很難區分是遊戲還是採礦，但我們相信我們對那是什麼有很好的了解。

So it is an approximation, but we think it's a good approximation of where we are.

所以這是一個近似值，但我們認為這是一個很好的近似值。

And then to your longer-term question, I do think the blockchain infrastructure is here to stay.

然後對於您的長期問題，我確實認為區塊鏈基礎設施將繼續存在。

I think there are numerous currencies, there are numerous applications that are using the blockchain technology.

我認為有很多貨幣，有很多應用程序正在使用區塊鏈技術。

We don't see a significant risk of GPU -- secondhand GPUs coming into the market.

我們沒有看到 GPU 的重大風險——二手 GPU 進入市場。

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.

我想你會發現，第一，有多種不同的貨幣；第二，現在購買 GPU 的許多用戶實際上是為多個用例購買它們，包括商業和消費者。

So they're not necessarily buying just for mining.

所以他們不一定只是為了採礦而購買。

And I think for that reason, we do think this is a different cycle.

我認為出於這個原因，我們確實認為這是一個不同的周期。

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.

在這種情況下，我們確實看到了它的一些波動，這就是為什麼我們對第二季度和下半年進行預測，區塊鏈需求略低，但其他新產品彌補了這一點以及新產品在業務中的發展方式。

Operator, next question.

接線員，下一個問題。

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。

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

您能否告訴我們您的 6 月份指導假設在微處理器銷售連續增長方面與獨立顯卡增長相比是什麼？

Sure, David.

當然，大衛。

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.

因此，在我們第二季度的指導中，我們實際上假設 Ryzen 和 EPYC（霄龍）在上漲，而 Semi-Custom 也在季節性上漲，我們預計圖形會根據一些區塊鏈需求適度下降。

Excellent.

出色的。

Can you give us an update on what new products you plan to launch through the rest of this year and next year?

你能告訴我們你計劃在今年剩餘時間和明年推出哪些新產品嗎？

And when these are scheduled to come out?

這些計劃什麼時候出來？

Sure.

當然。

That's a lot, David, but let me say a couple things.

這很多，大衛，但讓我說幾件事。

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.

我認為相對於我們的 CPU 業務，我們將在下半年推出更多基於 Ryzen 的產品，我們剛剛推出了 12 納米的第二代 Ryzen 桌面。

And that launch has gone really well.

那次發射非常順利。

I mean, we're very happy with the positioning and how customers are reacting to that.

我的意思是，我們對定位以及客戶對此的反應非常滿意。

In the second half, we'll have some commercial systems and some other updates to our Ryzen lineup that we will launch.

在下半年，我們將推出一些商業系統和我們將推出的 Ryzen 陣容的一些其他更新。

We have a 7-nanometer GPU based on Vega that we'll sample later this year.

我們有一個基於 Vega 的 7 納米 GPU，我們將在今年晚些時候對其進行採樣。

We have a 7-nanometer server, a CPU that we'll sample later this year.

我們有一個 7 納米服務器和一個 CPU，我們將在今年晚些時候對其進行採樣。

And then obviously, we have a number of products that are planned for 2019 as well.

顯然，我們也計劃在 2019 年推出許多產品。

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.

因此，對我們來說，這是一個非常非常繁忙的產品季，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 Bernstein Research 的 Stacy Rasgon。

First around OpEx, are you still looking for a 28% of revenue for the full year on a higher revenue base?

首先是關於運營支出，您是否還在尋求在更高的收入基礎上獲得 28% 的全年收入？

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?

考慮到這一點——如果那是你的——那麼當我們度過今年餘下的時間並繼續前進時，哪些領域是投資的關鍵？

Yes, let me take that, and then Lisa can add.

是的，讓我接受，然後麗莎可以添加。

So yes, we are targeting 28%.

所以是的，我們的目標是 28%。

As you see, Stacy, we have a long-term target model of 26% to 30%.

如您所見，史黛西，我們有一個 26% 到 30% 的長期目標模型。

The year has started out well, we came in at 27% in Q1, and targeting around the same for Q2.

今年開局不錯，我們在第一季度達到 27%，第二季度的目標大致相同。

But we do -- we are still in investment mode, and obviously, investing in R&D and the product roadmap.

但我們這樣做了——我們仍處於投資模式，顯然，投資於研發和產品路線圖。

And Lisa can maybe add some of the details in terms of where we're investing in terms of OpEx.

麗莎可能會添加一些關於我們在運營支出方面投資的細節。

Yes, sure, Stacy.

是的，當然，斯泰西。

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.

所以我認為從投資方面來看，我們肯定會投資於 CPU 和 GPU 方面的研發，但我們的重點是軟件，尤其是機器學習軟件。

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.

我認為人們希望在計算領域使用我們的 GPU 的需求很高，因此我們正在增加對機器學習軟件的投資。

Got it.

知道了。

For my follow-up, I had a question on the ASC 606.

對於我的後續行動，我有一個關於 ASC 606 的問題。

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.

我知道上個季度，您提供了一些歷史數據，說明逆風與順風與正常的季節性，特別是在半定制中。

Is the ASC 606 into Q2, is that a headwind or tailwind on the guide?

ASC 606 進入 Q2，是逆風還是順風？

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?

以及我們應該如何考慮下半年以及如果沒有會計變更我們會看到的情況？

Fundamentally, ASC 606, from a revenue standpoint, what happens is the seasonality and the profile of the Semi-Custom revenue changes.

從根本上說，ASC 606，從收入的角度來看，發生的是季節性和半定制收入變化的概況。

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.

我們過去在下半年獲得的一些收入轉移到了上半年，所以我想說，與我們過去看到的峰值收入相比，上半年和下半年之間更加平衡了一些Q3。

So that is the primary effect on the profile of the revenue, not necessarily the annual revenue.

所以這是對收入概況的主要影響，不一定是年收入。

ASC 606 has started earning a significant impact on our annual revenue, it's more of the profile of the revenue within the quarters.

ASC 606 已開始對我們的年收入產生重大影響，它更多地反映了季度內的收入情況。

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.

就影響而言，如果您按年進行比較，例如，在 2018 年第一季度，Semi-Custom 下降了，因為我們在 2017 年第一季度有更多的收入。

And then Q2, it is slightly up but very balanced from where we see it from an overall standpoint.

然後是第二季度，從整體角度來看，它略有上升，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?

所以去年第二季度，就像 - 我忘記了多少，比如 7500 萬美元的逆風，否則會是什麼？

Is it a similar amount of headwind this time in Q2?

這次第二季度的逆風是否相似？

Or is it less?

還是更少？

Or is it a tailwind?

還是順風？

I wouldn't -- I would say that it was a headwind last year.

我不會——我會說這是去年的逆風。

This year, from an overall standpoint, if I compare year-over-year, it is up slightly from where we were in Q2 of 2018.

今年，從整體的角度來看，如果我與去年同期相比，它比我們在 2018 年第二季度的水平略有上升。

So if you're comparing Q2 '17 to Q2 '18, it's a benefit the revenue in Q2 of 2018 in our guide.

因此，如果您將 17 年第二季度與 18 年第二季度進行比較，那麼在我們的指南中，2018 年第二季度的收入是有益的。

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 Timothy Arcuri。

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.

我有 2。我很好奇你剛才對區塊鏈的評論，聽到你認為該產品重返市場的風險有限，我有點驚訝。

Can you, again, go over why you think that is?

你能再說一遍你為什麼這麼認為嗎？

Because you're selling more of a general SKU, right?

因為您銷售的更多的是一般 SKU，對嗎？

And then I guess, also, how you handicap the potential for there to be some ASP effect on that too?

然後我想，你是如何阻礙 ASP 影響的可能性呢？

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?

我知道你已經在渠道中捕捉到了一些不斷上升的 ASP，那麼你如何在今年剩下的時間裡阻止這種情況呢？

Yes, absolutely, Tim.

是的，當然，蒂姆。

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.

所以看，當你看 - 我想大多數人都在比較這種 - 這個區塊鏈時間段與幾年前的最後一個時間段。

And I think there are a couple of important differences.

我認為有幾個重要的區別。

I think the first one is that there are multiple currencies and multiple applications that are being used.

我認為第一個是正在使用多種貨幣和多種應用程序。

And what we've seen is that people who are mining do go from one currency to another depending on what's happening.

我們所看到的是，挖礦的人確實會根據正在發生的事情從一種貨幣轉換到另一種貨幣。

We're also seeing that many users on both the commercial and consumer side are actually buying GPUs for multiple use cases.

我們還看到，商業和消費者方面的許多用戶實際上都在為多個用例購買 GPU。

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.

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，對遊戲、雲和這些東西也有很好的需求。

And so I think it's a balanced assessment of where we are.

所以我認為這是對我們所處位置的平衡評估。

I think the breadth of the blockchain applications and also the breadth of the customer base give us that belief.

我認為區塊鏈應用程序的廣度以及客戶群的廣度給了我們這樣的信念。

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.

現在，當您繼續前進時，還有一個--當我們看圖形業務減去區塊鏈時，我們實際上看到了一個非常好的環境。

We see a good environment for gaming growing, we see a good environment for GPU compute growing.

我們看到了遊戲增長的良好環境，我們看到了 GPU 計算增長的良好環境。

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.

坦率地說，在遊戲方面，其中一些用戶無法訪問 GPU，因此，再一次，這些都是我們前進的積極因素。

And then you had a second question, Tim?

然後你有第二個問題，蒂姆？

I did, yes.

我做到了，是的。

I think you said the 7-nanometer product is in the lab, and it's going to launch later this year?

我想你說 7 納米產品在實驗室裡，它會在今年晚些時候推出？

That's the product at TSMC, correct?

那是台積電的產品，對嗎？

And I guess, I'm just wondering on that front, do you feel comfortable that you can get capacity from that vendor?

而且我想，我只是想知道在這方面，您是否覺得可以從該供應商那裡獲得容量？

So our foundry strategy is to use both TSMC and GLOBALFOUNDRIES on the first 7-nanometer product.

所以我們的代工策略是在第一個 7 納米產品上同時使用台積電和格芯。

We are using TSMC for that product, and we have a very strong relationship with them.

我們將台積電用於該產品，我們與他們有著非常牢固的關係。

And so we do see a good momentum on it from what we see, and I'm not concerned about capacity.

因此，從我們所看到的情況來看，我們確實看到了它的良好勢頭，我並不擔心容量。

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.

只是對半定制業務的跟進。

On the June quarter guide, you mentioned sequential growth in Semi-Custom.

在 6 月季度指南中，您提到了半定制的連續增長。

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?

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度到第二季度連續下降了兩位數的百分點？

So like-for-like on their 606, why are there different shipment profiles this year, Q1 to Q2?

他們的 606 如此相似，為什麼今年第一季度到第二季度的出貨情況有所不同？

Yes, I can explain that.

是的，我可以解釋。

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.

所以在 17 年第一季度，我們在 17 年第一季度對晶圓進行了戰略性購買，因此它在 17 年第一季度產生了更大的影響，然後在第二季度就趕上了。

So the impact Q1 to Q2 was significant.

所以第一季度到第二季度的影響是顯著的。

This year, it's more balanced.

今年，它更加平衡。

And from that standpoint, when you compare year-over-year, Q1 to Q1, it's down, but Q2 to Q2, it's up.

從這個角度來看，當你與去年同期相比時，第一季度到第一季度，它下降了，但第二季度到第二季度，它上升了。

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.

因此，17 年第一季度的情況有所不同，僅基於 17 年晶圓的購買方式與 18 年的方式不同，後者更加平衡。

Great.

偉大的。

Question for Lisa.

麗莎的問題。

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.

嵌入式解決方案為 EESC 的同比和環比增長做出了貢獻，我認為這是業務中經常被忽視的部分，因為嵌入式很好，因為它讓你們接觸到各種各樣的集合他們的市場應用。

Can you just help us understand where the team is seeing good demand traction in Embedded?

您能否幫助我們了解團隊在嵌入式領域看到良好的需求牽引力的地方？

And maybe give us a rough idea on kind of overall revenue contribution to EESC?

也許給我們一個關於對 EESC 的整體收入貢獻的粗略想法？

Yes, Harlan.

是的，哈蘭。

So Embedded is a nice segment, you're absolutely right.

所以嵌入式是一個很好的部分，你是絕對正確的。

I think it's a margin-accretive segment to us.

我認為這對我們來說是一個增加利潤的部分。

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.

我們交付的終端市場有瘦客戶端，它們是您需要顯示圖形的地方，因此我們向那裡交付了一些嵌入式顯示器。

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.

這對我們來說仍然是一個小生意，但我們實際上相信，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。

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.

因此，我們認為隨著我們 PC 和服務器業務的產品實力的增強，它們也將有助於整個嵌入式解決方案業務。

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.

所以我認為這仍然是業務的一小部分，但我們相信這將是未來幾年業務中利潤增長的一個不錯的增長部分。

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。

Lisa, question on the ASPs.

麗莎，關於 ASP 的問題。

I think you said the ASPs went up because of the Ryzen mix improving.

我認為你說 ASP 上升是因為 Ryzen 組合的改進。

Can you give us some more color as to where Ryzen is, in terms of the mix?

就混音而言，你能給我們更多關於銳龍在哪裡的信息嗎？

And then with Ryzen 2, do you expect that to be accretive to ASPs and margins?

然後使用 Ryzen 2，您是否認為這會增加 ASP 和利潤率？

Yes.

是的。

So in terms of the client business, we saw units up overall.

因此，就客戶業務而言，我們看到了整體上的單位。

We saw ASPs up overall, and they were up in both desktop and mobile.

我們看到 ASP 總體上有所上升，並且它們在桌面和移動設備上都有所上升。

And when you look underneath that, I think, what -- the main thing is we're seeing a larger mix of the business become Ryzen.

當你深入了解這一點時，我想，主要的是我們看到更多的業務組合變成了銳龍。

So in the fourth quarter, we had stated that the Ryzen mix of the client business was kind of in the low 40s.

因此，在第四季度，我們曾表示客戶業務的 Ryzen 組合處於 40 年代的低位。

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.

因此，我們在筆記本電腦中有很多仍在發貨的遺留產品，在台式機中，我們有一些仍在發貨的遺留產品。

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.

當我們進入第一季度時，筆記本電腦已經很好地融入了銳龍，台式機現在也很好地融入了銳龍。

So overall, that's what led to the ASP increase.

所以總的來說，這就是導致 ASP 增加的原因。

I think the second generation Ryzen is a very, very good product.

我認為第二代銳龍是一款非常非常好的產品。

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.

我認為它——實際上——當你看到第一代銳龍時，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批評者。

I think the second generation Ryzen is actually much more competitive on gaming performance.

我認為第二代銳龍實際上在遊戲性能上更具競爭力。

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.

因此，我們確實看到了一個機會，可以幫助我們增加在桌面業務中的份額，當然，這會增加利潤。

Great.

偉大的。

And then one question on the server business.

然後是關於服務器業務的一個問題。

I guess, your target is to get to a mid-single-digit share by end of this year, which is a fairly gradual ramp.

我想，你的目標是到今年年底達到中個位數的份額，這是一個相當緩慢的增長。

I'm just curious as to when you expect the 7-nanometer part to be available in the market?

我只是想知道您預計 7 納米部件何時會在市場上上市？

And when that happens, do you see an inflection to your share gains or do you continue you expect gradual share gains?

當這種情況發生時，您是否看到您的股票收益出現拐點，或者您是否繼續期望股票收益逐漸增長？

Yes.

是的。

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.

因此，今年的所有銷售額都將圍繞當前這一代銳龍，這使我們的份額達到中個位數。

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.

我們將在今年晚些時候向客戶提供基於 7 納米 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的採用率可能會高於第一代的採用率，主要是因為客戶會更熟悉我們的系統和產品。

And so we'll see how it goes, but we certainly -- our overall goals are ambitious in the server space.

因此，我們將看到進展如何，但我們當然——我們的總體目標在服務器領域是雄心勃勃的。

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.

所以今年，它的第一代銳龍，明年，我們將混合 7 納米，第二代——對不起，第一代 EPYC。

And next year, we'll mix in the second generation of the EPYC products.

明年，我們將混入第二代 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.

我的第一個問題是關於人工智能領域的競爭格局。

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?

我只是想知道你是如何考慮你的定位，不僅是你最大的競爭對手，NVIDIA，還有可能致力於定制解決方案的新進入者？

And then I have a follow-up.

然後我有一個跟進。

Sure.

當然。

So the AI market is certainly growing very, very fast.

因此，人工智能市場肯定增長非常非常快。

Relative to the competitive landscape, we are a new entrant.

相對於競爭格局，我們是新進入者。

I think our GPU compute hardware is very good.

我認為我們的 GPU 計算硬件非常好。

I think we have a strong roadmap that we are -- we're putting in place for that.

我認為我們有一個強大的路線圖——我們正在為此制定。

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.

我認為在軟件方面，我們還有更多工作要做，我們正在對一些機器學習框架進行大量投資，例如 Tensor Flow 和 Caffe，以及其中一些關鍵框架，以確保我們讓它變得更容易採用我們的解決方案。

But we see this is a multiyear, really, opportunity for us.

但我們看到這對我們來說是一個多年的，真的，機會。

So GPU compute will continue to be a focus area for us.

因此，GPU 計算將繼續成為我們關注的重點領域。

We think we can be very competitive and we're going to continue to invest in this area.

我們認為我們可以很有競爭力，我們將繼續在這個領域進行投資。

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.

因為它涉及到，讓我們稱之為非 GPU 解決方案，我認為會有 - 市場上會出現一些 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，然後我們有能力將異構連接到這些其他元素。

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.

所以是的，再次從我們的角度來看，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.

知道了。

And then my follow-up's on the upcoming shareholder meeting.

然後是我對即將召開的股東大會的跟進。

And then one of the proposals is to increase the authorized share authorization by about 700 million shares.

然後其中一項提案就是將授權股份授權增加約7億股。

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?

顯然，我的理解是，這最初不會稀釋，但只是想知道你如何考慮這些的潛在用途 - 那份額是？

Yes.

是的。

So you're correct.

所以你是對的。

There is a proposal in the -- at the shareholder meeting.

- 股東大會上有一項提案。

It is not going to be dilutive to begin with, and it's really good housekeeping.

一開始它不會被稀釋，而且它真的是很好的家務。

We don't have any particular plans at this point.

在這一點上，我們沒有任何特別的計劃。

Thank you.

謝謝你。

Next question.

下一個問題。

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

我們的下一個問題來自 BMO 資本市場的 Ambrish Srivastava。

I have 2 questions.

我有 2 個問題。

One was just a follow-up to what, Lisa, you were talking about on the machine learning side.

一個只是你在機器學習方面談論的內容的後續行動，麗莎。

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?

我們什麼時候看到 - 或者只是給我們一個關於你的牽引力的最新信息，我們是否應該期待今年 AMD 在這方面有任何有意義的收入？

Yes.

是的。

So I think last year, we announced a partnership with Baidu to do software optimizations of -- for machine learning.

所以我想去年，我們宣布與百度合作，對機器學習進行軟件優化。

And we have several other partnerships with others in this area.

我們與該領域的其他公司還有其他幾個合作夥伴關係。

So there's a lot of interest.

所以興趣很大。

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.

我認為是時候獲得有意義的收入了，我們將在下半年看到一些收入，這是利潤率擴張故事增長的一部分。

And I think into 2019 and 2020, this will be continue an area of growth for us.

我認為到 2019 年和 2020 年，這將是我們繼續增長的一個領域。

Okay.

好的。

And then for my follow-up, just getting back to the discrete graphics in the quarter reported.

然後對於我的後續行動，回到報告的季度中的獨立顯卡。

The channel was really dry heading into the first quarter.

進入第一季度，渠道真的很乾。

So where are we on the channel inventory?

那麼我們在渠道庫存上的位置在哪裡？

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?

您有什麼方法可以幫助我們了解增長在多大程度上是由 3 月季度的渠道積累推動的？

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.

是的，所以渠道庫存確實如此——進入本季度，渠道庫存處於非常、非常低的水平，坦率地說，很難獲得 GPU——很難獲得 GPU。

I think if you look now on typical retailer/e-tailer sites, the channel inventory is good.

我認為，如果您現在查看典型的零售商/電子零售商網站，渠道庫存很好。

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.

我認為有渠道補貨的因素，但從我們今天看到的庫存水平來看，我想說，它們是正常的。

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

麗莎，按週計算的正常水平是多少？

Maybe somewhere between 4 and 5 weeks.

也許在 4 到 5 週之間。

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.

麗莎，幾個問題。

Can you comment qualitatively about the competitive dynamic that you're seeing in microprocessors?

您能否定性地評論您在微處理器中看到的競爭動態？

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?

作為第二個問題，您能否向我們介紹一下 Spectre 對未來業務的影響？

Sure, Hans.

當然，漢斯。

So on the microprocessor side, I think, with the competitive landscape, as we see it, Ryzen and EPYC are very competitive.

所以在微處理器方面，我認為，在我們所看到的競爭格局中，銳龍和 EPYC 非常有競爭力。

And we've seen that in head-to-head design opportunities.

我們已經在面對面的設計機會中看到了這一點。

I think from a CPU standpoint, we're very pleased with that.

我認為從 CPU 的角度來看，我們對此非常滿意。

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.

我認為 12 納米的第二代銳龍實際上提高了整體性能，因此我們喜歡這將我們定位在 PC 端。

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.

我認為，在我們向前看的時候，我認為這很重要，我們相信 The Foundry 生態系統的 7 納米能力非常好，從製造的角度來看，這使我們處於良好的競爭地位。

And then on the design side, obviously, we have things that we're planning.

然後在設計方面，顯然，我們有我們正在計劃的事情。

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.

所以我認為競爭環境也很好，我們將非常努力地確保它隨著時間的推移變得更好。

Obviously, we take the competition very seriously.

顯然，我們非常重視比賽。

Oh, yes, and the second question -- sorry, about that, Hans -- on Spectre.

哦，是的，第二個問題——對不起，漢斯——關於幽靈。

We have spent a good amount of time with our customer set to make sure that they're fully protected on Spectre.

我們花了很多時間與我們的客戶一起確保他們在 Spectre 上得到充分保護。

We've actually released a number of software mitigations already to our OEM customers and to our partners.

實際上，我們已經向我們的 OEM 客戶和我們的合作夥伴發布了許多軟件緩解措施。

They're in the process of deploying.

他們正在部署中。

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.

所以我認為這花費了很多精力，當然，我們花了很多時間在上面，我們的客戶也花了很多時間。

But we don't see any long-term effects.

但我們沒有看到任何長期影響。

It's more that we want to make sure to get the work done quickly, and that's been our focus.

更重要的是，我們希望確保快速完成工作，這一直是我們的重點。

Thanks, Lisa.

謝謝，麗莎。

Thanks, Hans.

謝謝，漢斯。

Operator, we have time for 2 more questions, please.

接線員，我們有時間再回答 2 個問題。

Our next question is coming from Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I wanted to ask you, I think you mentioned double-digit sequential growth in the CT business.

我想問你，我想你提到了 CT 業務的兩位數連續增長。

I was just kind of curious what stage you're on in terms of channel fill for Ryzen Mobile business?

我只是有點好奇你在 Ryzen 移動業務的渠道填充方面處於什麼階段？

And then I have one more follow-up.

然後我還有一個後續行動。

Yes.

是的。

So we did, and as I mentioned, have some mobile product shipped ahead of OEM system launches in the second quarter.

所以我們做到了，正如我所提到的，在第二季度 OEM 系統發布之前，我們已經交付了一些移動產品。

But we see this really as the beginning of the Ryzen ramp.

但我們認為這確實是銳龍斜坡的開始。

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.

所以我的預期是客戶或我們業務的 Ryzen 部分將在第二季度上升，並將在下半年上升。

And so it's the beginning of the notebook ramp.

所以這是筆記本電腦坡道的開始。

And I wanted to ask just on the OpEx side, Devinder.

我想問一下運營支出方面的問題，Devinder。

Just in terms of licensing gains that have been OpEx offset, do you expect any of those gains this year?

僅就已被 OpEx 抵消的許可收益而言，您預計今年會有這些收益嗎？

I think there could be, but it's hard to tell because it's kind of dependent upon the milestone that come into play.

我認為可能有，但很難說，因為它有點依賴於發揮作用的里程碑。

There was the OpEx offset last year that got reversed, but we'll see it when it happens from a milestone standpoint.

去年的 OpEx 抵消發生了逆轉，但從里程碑的角度來看，我們會看到它。

I think, Blayne, just as a point of clarification on this point.

我認為，Blayne，只是為了澄清這一點。

From an IP standpoint, we're not forecasting IP either here in the second quarter or into the second half.

從知識產權的角度來看，我們不會在第二季度或下半年預測知識產權。

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.

我認為正如 Devinder 所說，我們確實有一些我們正在處理的 IP 安排，並且根據這些里程碑何時完成，我們將在某種程度上將其預測到業務中。

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

我們今天的最後一個問題來自 Northland 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 納米是芯片縮小還是性能改進？

It is -- yes, Gus, it is primarily performance improvement, and it is some design improvements.

它是——是的，Gus，主要是性能改進，它是一些設計改進。

So you see some of the latency improvements and so on.

所以你會看到一些延遲改進等等。

It is not a die shrink.

它不是模具收縮。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over for any further or closing comments.

我想把地板翻過來，以獲得任何進一步的或結束的評論。

That's it for our call for today.

這就是我們今天的呼籲。

We thank you very much for joining us.

我們非常感謝您加入我們。

Look forward to seeing you at the Morgan Stanley conference and at the Cowan conference.

期待在摩根士丹利會議和考恩會議上見到您。

And as always, we thank you for your support of AMD.

一如既往，我們感謝您對 AMD 的支持。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

That does conclude tonight's teleconference.

這確實結束了今晚的電話會議。

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

你可以在這個時候斷開你的線路，並有一個美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。