超微半導體 (AMD) 2018 Q2 法說會逐字稿

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

謝謝，歡迎參加 AMD 2018 年第二季電話會議。現在，您應該已經有機會查看我們的收益報告和投影片的副本了。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, 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有：總裁兼執行長蘇姿豐博士；以及我們的資深副總裁、財務長兼財務長 Devinder Kumar。

This is a live call and will be replayed via webcast on our website. I would like to highlight a couple of important dates for you. Jim Anderson, Senior Vice President and General Manager of Computing and Graphics, and Ruth Cotter, Senior Vice President of HR, Worldwide Marketing and Investor Relations, will attend the Jefferies 2018 Semiconductor, Hardware and Communications Infrastructure Summit on August 28. Also, Devinder Kumar, Senior Vice President and Chief Financial Officer, will present at the Deutsche Bank Technology Conference on September 12. And our 2018 third quarter quiet time will begin at the close of business on Friday, September 14, 2018.

這是一場現場通話，將透過我們網站上的網路直播重播。我想向你們強調幾個重要的日期。計算和圖形高級副總裁兼總經理 Jim Anderson 和人力資源、全球行銷和投資者關係高級副總裁 Ruth Cotter 將於 8 月 28 日出席 Jefferies 2018 半導體、硬體和通訊基礎設施高峰會。此外，資深副總裁兼財務長 Devinder Kumar 將於 9 月 12 日出席德意志銀行技術大會。我們的 2018 年第三季靜默期將於 2018 年 9 月 14 日星期五下班後開始。

Today's discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date and, as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

今天的討論包含基於我們目前所見環境的前瞻性陳述。這些聲明是基於當前的信念、假設和期望，僅代表當前日期的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。

We will refer primarily to non-GAAP financial metrics during this call, except for revenue, gross margin and segment operational results, which are reported 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 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 quarterly report on Form 10-Q for the quarter ended March 31, 2018.

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，這些指標是按照 GAAP 報告的。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 2018 年 3 月 31 日的 10-Q 表季度報告。

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

現在，我將把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. We ended the first half of 2018 strong, delivering our fourth consecutive quarter of double-digit year-over-year revenue growth, driven by increased demand for our high-performance products.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。2018 年上半年，我們表現強勁，在高效能產品需求成長的推動下，我們連續第四個季度實現兩位數的年收入成長。

Second quarter revenue of $1.76 billion grew 53% year-over-year, and gross margin improved more than 3 percentage points, resulting in our highest quarterly net income in 7 years. We are very pleased with the year-over-year financial performance across both of our business segments as we continue to gain share driven by strong customer adoption of our new products in the PC, gaming and data center markets.

第二季營收17.6億美元，年增53%，毛利率提高3個百分點以上，創下7年來季度淨收入新高。我們對兩個業務部門的同比財務表現感到非常滿意，因為在個人電腦、遊戲和資料中心市場，我們的新產品受到客戶的大力歡迎，推動我們的市場份額不斷增加。

Looking at our Computing and Graphics segment, second quarter CG segment revenue increased 64% year-over-year, driven by strong demand for our Radeon GPUs and a significant ramp of our Ryzen mobile processors. Ryzen unit shipments grew strong double-digit sequentially, as Ryzen mobile processor shipments more than doubled in the quarter. Acer, Asus, Dell, HP, Huawei, Lenovo and Samsung launched dozens of Ryzen processor-based notebooks, which position us well to continue growing Ryzen mobile sales heading into the back-to-school and holiday seasons.

縱觀我們的運算和圖形部門，第二季 CG 部門營收年增 64%，這得益於我們對 Radeon GPU 的強勁需求以及我們的 Ryzen 行動處理器的大幅成長。Ryzen 的出貨量較上季強勁成長了兩位數，其中 Ryzen 行動處理器的出貨量在本季成長了一倍以上。宏碁、華碩、戴爾、惠普、華為、聯想和三星推出了數十款基於 Ryzen 處理器的筆記型電腦，這為我們在返校季和假期期間繼續推動 Ryzen 行動銷售成長奠定了良好的基礎。

In the commercial PC market, we launched our Ryzen PRO commercial mobile APUs in the quarter. For the first time in our history, all 3 major commercial OEMs: Dell, HP and Lenovo, now offer enterprise-class notebooks and desktops powered by AMD, and we are seeing strong initial interest as customers evaluate these new systems.

在商用 PC 市場，我們在本季推出了 Ryzen PRO 商用行動 APU。在我們的歷史上，這是第一次所有三大商業 OEM：戴爾、惠普和聯想，現在都提供由 AMD 提供支援的企業級筆記型電腦和桌上型電腦，並且我們看到客戶在評估這些新系統時表現出強烈的初步興趣。

Continuing our strong roadmap execution, we launched our second generation Ryzen desktop CPU to very positive reviews in April, just 13 months after the first Ryzen desktop processors were released. Additionally, in June, we delivered the first public demonstration of our second generation AMD Ryzen Threadripper processors with the industry's first 32-core PC processor designed for the high-end desktop market. We are on track to launch our second generation Threadripper processor in August, with leadership performance for the enthusiast and content creation markets.

我們繼續強力執行路線圖，於 4 月推出了第二代 Ryzen 桌上型電腦 CPU，並獲得了非常積極的評價，這距離第一代 Ryzen 桌上型電腦處理器發布僅 13 個月。此外，6 月份，我們首次公開展示了第二代 AMD Ryzen Threadripper 處理器，這是業界首款專為高階桌上型電腦市場設計的 32 核心 PC 處理器。我們計劃在 8 月推出第二代 Threadripper 處理器，為發燒友和內容創作市場提供領先的效能。

Overall, we are very pleased with the market adoption of our Ryzen processors. 44 consumer and commercial Ryzen-based desktops and notebooks have been launched this year, and our customers remain on track to bring a total of 60 Ryzen-based systems to market in 2018.

整體而言，我們對 Ryzen 處理器的市場採用感到非常滿意。今年已推出 44 款基於 Ryzen 的消費級和商用桌上型電腦和筆記型電腦，我們的客戶仍有望在 2018 年向市場推出總共 60 款基於 Ryzen 的系統。

In Graphics, strong channel and data center demand drove significant year-over-year increases in revenue and ASPs. Sequentially, graphics revenue was down, primarily driven by lower blockchain-related sales, partially offset by stronger data center sales. Sales into the high-end enthusiast and performance portions of the gaming market grew substantially year-over-year based on the adoption of our latest Radeon RX 500 and Vega series GPUs. We continue to execute our software strategy to provide the best gaming experience in the industry with new AMD Radeon GPU drivers published for every major game launched in the quarter, and expanded partnerships with Ubisoft, Capcom and Rebellion to optimize their next generation of games on Radeon graphics.

在圖形領域，強勁的通路和資料中心需求推動了營收和平均售價的年比大幅成長。圖形收入環比下降，主要原因是區塊鏈相關銷售額下降，但資料中心銷售額的強勁成長部分抵消了這一影響。由於我們最新的 Radeon RX 500 和 Vega 系列 GPU 的採用，遊戲市場的高端發燒友和性能部分的銷售額同比大幅增長。我們繼續執行我們的軟體策略，為本季推出的每一款主要遊戲發布新的 AMD Radeon GPU 驅動程序，以提供業內最佳的遊戲體驗，並擴大與 Ubisoft、Capcom 和 Rebellion 的合作夥伴關係，以優化他們在 Radeon 顯示卡上的下一代遊戲。

On the hardware side, we continued to expand the adoption of our Radeon Vega architecture with the introduction of new OEM systems and AIB cards in smaller and more mobile form factors. Samsung also announced they added our FreeSync technology to many of their high-end TVs, giving PC and console gamers the ultimate big screen gaming experience. The AMD FreeSync ecosystem is the broadest in the industry, with more than 400 FreeSync-enabled monitors and TVs in market to date.

在硬體方面，我們持續擴大 Radeon Vega 架構的採用，推出更小、更便攜的新 OEM 系統和 AIB 卡。三星也宣布，他們將我們的 FreeSync 技術添加到其多款高階電視中，為 PC 和遊戲機玩家提供終極大螢幕遊戲體驗。AMD FreeSync 生態系統是業界最廣泛的，迄今為止市場上已有 400 多款支援 FreeSync 的顯示器和電視。

Data center GPU revenue increased significantly in the quarter, driven by Vega-based Radeon Instinct MI25 shipments. Our GPU engagements with large cloud customers continued to expand as we increased our investments in hardware and open software solutions in this important space. At COMPUTEX this year, we showed the first public demonstration of our next-generation 7-nanometer Radeon Vega GPU, which includes new features optimized for the artificial intelligence and machine learning markets. We started sampling of this product in the second quarter and we are on track to launch this next-generation product, the world's first 7-nanometer GPU, later this year.

本季資料中心 GPU 營收大幅成長，這得益於基於 Vega 的 Radeon Instinct MI25 的出貨量。隨著我們加大對這一重要領域硬體和開放軟體解決方案的投資，我們與大型雲端客戶的 GPU 合作不斷擴大。今年在COMPUTEX上，我們首次公開展示了下一代7奈米Radeon Vega GPU，其中包括針對人工智慧和機器學習市場優化的新功能。我們在第二季開始對產品進行抽樣，並計劃在今年稍後推出這款下一代產品，即世界上第一款 7 奈米 GPU。

Turning to our Enterprise, Embedded and Semi-Custom segment. Second quarter segment revenue increased 37% year-over-year, primarily driven by strong semi-custom sales and growing adoption of our EPYC data center processors.

轉向我們的企業、嵌入式和半客製化領域。第二季分公司營收年增 37%，主要得益於強勁的半客製化銷售和 EPYC 資料中心處理器的日益普及。

Starting with our server business, we celebrated our 1-year anniversary of the launch of our EPYC server processors with an increase of greater than 50% in both revenue and unit shipments sequentially. We have over 50 customer platforms now in market, including Cisco, who announced their highest density server offering ever powered by EPYC processors; and HP Enterprise who launched their first EPYC-based single-socket ProLiant server, which delivers significantly lower cost per virtual machine than the leading dual socket competitor.

從伺服器業務開始，我們慶祝了 EPYC 伺服器處理器推出一周年，營收和出貨量均較上季成長超過 50%。目前我們在市場上擁有超過 50 個客戶平台，其中包括思科，他們宣布推出由 EPYC 處理器驅動的最高密度伺服器產品； HP Enterprise 推出了首款基於 EPYC 的單插槽 ProLiant 伺服器，其每個虛擬機器的成本比領先的雙插槽競爭對手低得多。

We also saw strong progress with our mega data center partners, as Tencent Cloud announced immediate availability of their SA1 Cloud service, delivering 30% lower cost per VM with outstanding performance across key workloads. Shipments for mega data center customers more than doubled in the quarter as we made significant progress towards qualification of production instances at multiple cloud providers in anticipation of deployments planned in the second half of this year. We're also seeing momentum from Tier 2 next wave cloud service providers that have the ability to ramp quickly with a noted preference for the value and capability that our EPYC single-socket offering brings.

我們也看到了與大型資料中心合作夥伴的強勁進展，騰訊雲端宣布立即推出其 SA1 雲端服務，將每台虛擬機器的成本降低 30%，並在關鍵工作負載上提供出色的效能。由於我們在多個雲端供應商的生產實例認證方面取得了重大進展，預計將在今年下半年進行部署，因此本季面向大型資料中心客戶的出貨量增加了一倍以上。我們也看到了來自二級下一波雲端服務供應商的強勁發展勢頭，他們有能力快速提升，並且明顯偏好我們的 EPYC 單插槽產品所帶來的價值和功能。

Turning to large enterprise customers. We added dozens of new end customers in the quarter. Our value proposition continues to be strong in segments like HPC, data analytics and in general-purpose virtualized enterprise environments. We are extremely focused on accelerating EPYC processor adoption in these targeted segments in the second half of the year.

轉向大型企業客戶。本季我們增加了數十個新的終端客戶。我們的價值主張在 HPC、數據分析和通用虛擬化企業環境等領域持續保持強勁。我們非常注重在下半年加速 EPYC 處理器在這些目標領域的應用。

Finally, I'm very pleased with our execution against our long-term roadmap. We received first silicon of our next-generation 7-nanometer EPYC processor with Zen 2, codename Rome, in the second quarter, and the silicon quality and bring up has gone very well. I am happy to report that we recently started sampling Rome to select partners for early validation, and we are on track to launch in 2019, strengthening our already outstanding competitive position in the market. We remain focused on our near-term milestone of achieving mid-single-digit server unit share by the end of 2018 on the path to our midterm goal of double-digit market share.

最後，我對我們的長期路線圖的執行感到非常滿意。我們在第二季度收到了下一代 7 奈米 EPYC 處理器 Zen 2（代號為 Rome）的首批矽片，矽片品質和提升效果非常好。我很高興地報告，我們最近開始對羅馬進行抽樣，以選擇合作夥伴進行早期驗證，並且我們預計在 2019 年推出，從而加強我們在市場上已經非常出色的競爭地位。我們仍將重點關注近期里程碑，即在 2018 年底實現中等個位數的伺服器份額，並朝著兩位數的市場份額的中期目標邁進。

Moving on to our Semi-Custom and Embedded businesses. Semi-custom revenue increased year-over-year and sequentially in support of Sony and Microsoft game consoles. We are proud that Microsoft and Sony have collectively shipped well over 100 million AMD-powered game consoles in the current cycle. The game console market continues to be an important segment for us in the long term and we are well-positioned based on our strong partnerships and differentiated IT and design capabilities. Embedded sales increased by double-digit percentage year-over-year, driven by growth across the embedded gaming, industrial and medical imaging markets. We also saw strong initial design wins for our new EPYC and Ryzen Embedded product families following their launch last quarter.

繼續討論我們的半客製化和嵌入式業務。由於支援索尼和微軟遊戲機，半客製化收入年增。我們感到自豪的是，微軟和索尼在本週期內總共售出了超過 1 億台搭載 AMD 晶片的遊戲機。從長遠來看，遊戲機市場對我們來說仍是一個重要的領域，憑藉強大的合作夥伴關係以及差異化的 IT 和設計能力，我們佔據了有利地位。受嵌入式遊戲、工業和醫學影像市場成長的推動，嵌入式銷售額年增了兩位數百分比。上個季度推出後，我們的新 EPYC 和 Ryzen Embedded 產品系列也獲得了強勁的初始設計勝利。

In closing, we are very pleased with our second quarter financial results. We delivered strong revenue growth, and margin expansion as demand for our new high-performance products continued to accelerate. Most importantly, we believe our long-term technology bets position us very well for the future. Several years ago, we made important decisions around our CPU and GPU roadmaps to drive leadership at the 7-nanometer node. We now have line of sight to those products coming to market and we see incredible opportunities ahead based on the competitive positioning and customer interest in our upcoming 7-nanometer products. We are confident that with continued execution, we are on an excellent trajectory to drive market share gains and growth in revenue and profitability. We are focused on that continued execution as we make significant investments in our hardware and software roadmaps to deliver even more compelling products to our customers in the 2019 and 2020 timeframe.

最後，我們對第二季的財務表現非常滿意。隨著市場對我們新型高性能產品的需求持續成長，我們實現了強勁的營收成長和利潤率擴大。最重要的是，我們相信，我們對長期技術的投入將為我們的未來帶來良好的前景。幾年前，我們圍繞 CPU 和 GPU 路線圖做出了重要決策，以推動 7 奈米節點的領導地位。現在，我們已經看到了即將推出的這些產品，根據我們即將推出的 7 奈米產品的競爭定位和客戶興趣，我們看到了未來令人難以置信的機會。我們相信，透過持續執行，我們將走上良好的軌道，推動市場份額的成長以及收入和利潤的成長。我們專注於持續執行，因為我們對硬體和軟體路線圖進行了大量投資，以便在 2019 年和 2020 年期間向客戶提供更具吸引力的產品。

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

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

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家午安。

Q2 was another strong quarter for AMD. Year-over-year, we grew revenue 53% and expanded gross margins 37%, while significantly growing operating margin and earnings per share. Quarterly revenue of $1.76 billion was higher year-over-year, driven by strength across all product lines. Gross margin was up 360 basis points year-over-year, driven by the ramp of new products.

第二季度對 AMD 來說又是一個強勁的季度。與去年同期相比，我們的營收成長了 53%，毛利率提高了 37%，同時營業利潤率和每股盈餘也大幅成長。季度營收為 17.6 億美元，年成長，這得益於所有產品線的強勁成長。受新產品成長的推動，毛利率年增了 360 個基點。

Operating expenses were $467 million or 27% of revenue, down as a percentage of revenue from 34% a year ago. We are delivering operating leverage while launching new products and making strategic R&D investments to support our multi-generation -- multigenerational product roadmaps. R&D investments in the first half of 2018 increased 25% as compared to the first half of 2017 in support of our future product roadmaps.

營運費用為 4.67 億美元，佔收入的 27%，低於一年前的 34%。我們在推出新產品和進行策略性研發投資以支援我們的多代產品路線圖的同時，也發揮了營運槓桿作用。為支持我們未來的產品路線圖，2018 年上半年的研發投資比 2017 年上半年增加了 25%。

Operating income grew to $186 million from $23 million a year ago. Operating margin was 11% and both our business segments reported double-digit operating margin percentage. Adjusted EBITDA was $228 million compared to $58 million a year ago, and, on a trailing 12-month basis, adjusted EBITDA has grown considerably to $666 million, resulting in gross debt leverage of 2.5x.

營業收入從一年前的 2,300 萬美元成長至 1.86 億美元。營業利益率為 11%，我們的兩個業務部門均報告了兩位數的營業利潤率百分比。調整後的 EBITDA 為 2.28 億美元，而去年同期為 5,800 萬美元，且在過去 12 個月中，調整後的 EBITDA 大幅成長至 6.66 億美元，導致總債務槓桿率為 2.5 倍。

Net income was $156 million, a significant improvement compared to a loss of $7 million 1 year ago. This is our highest quarterly net income since 2011. Non-GAAP diluted earnings per share was $0.14 using a diluted share count of 1,147 million, compared to a loss of $0.01 per share a year ago.

淨收入為 1.56 億美元，與一年前 700 萬美元的虧損相比有顯著改善。這是我們自2011年以來最高的季度淨收入。以稀釋股數 11.47 億計算，非公認會計準則每股攤薄收益為 0.14 美元，去年同期每股虧損 0.01 美元。

Now turning to the business segment results. Computing and Graphics segment revenue was $1.1 billion, up 64% year-over-year, led by strong sales of both Radeon and Ryzen products. Ryzen products accounted for approximately 60% of client revenue, and we saw a particular strength in Ryzen Mobile processors in the second quarter as new notebook products continued to ramp.

現在談談業務部門的業績。計算和圖形部門營收為 11 億美元，年增 64%，這得益於 Radeon 和 Ryzen 產品的強勁銷售。Ryzen 產品約佔客戶營收的 60%，隨著新筆電產品的持續成長，我們在第二季看到了 Ryzen Mobile 處理器的特別優勢。

Strong channel and data center demand drove year-over-year graphics revenue increases. Sequentially, graphics revenue was down, primarily driven by lower blockchain sales, partially offset by stronger data center sales. We believe blockchain-related revenue declined from approximately 10% of our revenue in the first quarter to approximately 6% of our overall revenue in the second quarter.

強勁的通路和資料中心需求推動了圖形收入的年成長。圖形收入環比下降，主要原因是區塊鏈銷售額下降，但資料中心銷售額的強勁成長部分抵消了這一影響。我們認為區塊鏈相關收入從第一季約占我們收入的 10% 下降到第二季約占我們總收入的 6%。

Computing and Graphics segment operating income was $117 million or 11% of segment revenue compared to operating income of $7 million 1 year ago. The significant increase was due to strong revenue growth coupled with improved operating expense leverage.

計算和圖形部門的營業收入為 1.17 億美元，佔部門收入的 11%，而一年前的營業收入為 700 萬美元。這一大幅成長是由於強勁的收入成長以及營運費用槓桿的提高。

Enterprise, Embedded and Semi-Custom revenue was $670 million, up 37% year-over-year, driven primarily by semi-custom and EPYC processor sales. These results include higher-than-anticipated semi-custom revenue in Q2 due to higher inventory, with noncancelable purchase orders in accordance with ASC 606. EPYC processor units revenue grew greater than 50% quarter-over-quarter, primarily driven by mega data center sales. EESC operating income was $69 million or 10% of segment revenue, up from an operating income of $16 million a year ago on higher revenue. Q2 2017 operating income for EESC also included a licensing gain of $25 million.

企業、嵌入式和半客製化收入為 6.7 億美元，年增 37%，主要得益於半客製化和 EPYC 處理器的銷售。這些結果包括第二季半客製化收入高於預期，因為庫存較高，並且根據 ASC 606 有不可取消的採購訂單。EPYC 處理器單元營收季增超過 50%，主要受大型資料中心銷售的推動。EESC 的營業收入為 6,900 萬美元，佔部門收入的 10%，高於去年同期的 1,600 萬美元，原因是收入增加。EESC 2017 年第二季的營業收入還包括 2,500 萬美元的授權收益。

Turning to the balance sheet. Our cash, cash equivalents and marketable securities totaled $983 million at the end of the quarter. Free cash flow was negative $88 million in the second quarter due to working capital requirements in support of recent revenue growth. Inventory was $750 million, up slightly from the prior quarter. Total principal debt, including our secured revolving line of credit, was $1.7 billion.

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 9.83 億美元。由於支持近期收入成長的營運資本需求，第二季自由現金流為負 8,800 萬美元。庫存為 7.5 億美元，較上一季略有增加。總本金債務（包括我們的擔保循環信用額度）為 17 億美元。

Now turning to our financial outlook. For the third quarter 2018, AMD expects revenue to be approximately $1.7 billion plus or minus $50 million. This would be an increase of approximately 7% year-over-year, primarily driven by higher sales of Ryzen and EPYC products, partially offset by lower sales of GPU products in the blockchain market. Sequentially, this would be a decrease of approximately 3%, with higher Ryzen and EPYC processor revenue offset by lower GPU revenue.

現在來談談我們的財務前景。對於 2018 年第三季度，AMD 預計營收約為 17 億美元（上下浮動 5,000 萬美元）。這將比去年​​同期成長約 7%，主要得益於 Ryzen 和 EPYC 產品銷量的成長，但區塊鏈市場 GPU 產品銷量的下降部分抵消了這一成長。環比下降約 3%，其中 Ryzen 和 EPYC 處理器收入的增加將被 GPU 收入的下降所抵消。

In addition, we now expect semi-custom revenue to be lower sequentially in Q3 following higher-than-expected Q2 revenue. As a reminder, for comparative purposes, Q3 2017 revenue was $1.58 billion adjusted for ASC 606 revenue accounting standards.

此外，我們目前預計，由於第二季營收高於預期，第三季半客製化收入將季減。提醒一下，為了比較目的，根據 ASC 606 收入會計準則調整後，2017 年第三季的營收為 15.8 億美元。

In addition, for Q3, we expect non-GAAP gross margin to be approximately 38%, up from 36% in the prior year, driven by the ramp of Ryzen and EPYC product sales; non-GAAP operating expenses to be approximately $470 million or 28% of revenue; non-GAAP interest expense, taxes and other to be approximately $35 million; and free cash flow to be positive.

此外，對於第三季度，我們預計非 GAAP 毛利率約為 38%，高於去年同期的 36%，這得益於 Ryzen 和 EPYC 產品銷量的增長；非公認會計準則運營費用約為 4.7 億美元，佔收入的 28%；非公認會計準則利息支出、正稅金及其他約為 3500 萬美元；並且自由現金流為正稅金和正稅。

For the full year 2018, we continue to expect revenue growth of mid-20s percent, gross margin in excess of 37% and to be free cash flow positive.

對於 2018 年全年，我們繼續預期收入成長率將達到 25% 左右，毛利率將超過 37%，自由現金流將為正值。

In closing, Q2 was an excellent quarter, and 2018 is expected to be a solid year. I am pleased with our business execution and financial results, driven by the strength of our high-performance product portfolio. We remain focused on executing our long-term financial model for revenue growth, margin expansion and improved profitability.

總而言之，第二季表現優異，預計 2018 年將是穩健的一年。我對我們的業務執行和財務表現感到滿意，這得益於我們高性能產品組合的優勢。我們將繼續專注於執行我們的長期財務模式，以實現收入成長、利潤率擴大和獲利能力提高。

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

現在，我將把時間交還給勞拉，進行問答環節。勞拉？

Thank you, Devinder. Operator, we're ready for our first question here in the room.

謝謝你，Devinder。接線員，我們已經準備好回答房間裡的第一個問題了。

(Operator Instructions) Our first question comes from the line of Mark Lipacis with Jefferies.

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

Lisa, for you. On the -- it seems Intel seems to have pushed their 10-nanometer volume ramp out into 2019, and I think a lot of people view your foundry 7-nanometer kind of the same ZIP code as their 10-nanometer. So I'm wondering if you could give us some context and/or color on what does this mean? Does -- is it -- if you're at parity with Intel -- has AMD ever been at parity before with Intel? And does that change the conversation with your customers in terms of their interest in your products?

麗莎，為了你。看起來英特爾似乎已經將其 10 奈米產量提升推遲到了 2019 年，而且我認為很多人認為你們代工廠的 7 奈米與 10 奈米的郵遞區號相同。所以我想知道您是否可以提供一些背景資訊和/或解釋一下這意味著什麼？如果 AMD 與英特爾處於同等地位，那麼 AMD 以前是否也與英特爾處於同等地位？這是否會改變您與客戶之間關於他們對您的產品的興趣的對話？

Yes, Mark. So look, in terms of our roadmaps, both on the CPU and GPU side, we made some important technology decisions a couple of years ago and we bet heavily on 7-nanometer. We thought 7-nanometer would be a big node for the industry and it would be important for us to be early in the adoption of 7-nanometer. So when you look at where we are today, especially on the CPU side, we have first silicon of our Rome product. It looks very good. We also have a good number of architectural improvements and enhancements in Zen 2 that will come with 7-nanometer technology. So we're very pleased with where we are and where the competitive positioning is. And I would say, to your question about how is it perceived, I think customers are very interested in where we are. I mean, clearly, we have to execute. But with our current generation Naples, customers have certainly gotten to understand our architecture with the improvements that we have going into 7-nanometer with Rome. I think there is enhanced interest and from a competitive positioning standpoint, we do believe we have an excellent competitive position going into 2019. So we are very, very excited about that.

是的，馬克。因此，就我們的路線圖而言，無論是在 CPU 還是 GPU 方面，我們幾年前都做出了一些重要的技術決策，並且我們在 7 奈米上投入了大量資金。我們認為 7 奈米將成為產業的重要節點，儘早採用 7 奈米對我們來說非常重要。因此，當您看看我們今天所處的位置時，特別是在 CPU 方面，我們已經有了 Rome 產品的第一個矽片。看起來非常好。我們還在 Zen 2 中進行了大量的架構改進和增強，這些改進和增強將採用 7 奈米技術。因此，我們對目前的狀況和競爭定位感到非常滿意。我想說，對於你關於它如何被看待的問題，我認為客戶對我們的處境非常感興趣。我的意思是，顯然我們必須執行。但隨著我們當前這一代的 Naples 的推出，客戶肯定已經了解了我們的架構以及我們在 Rome 上向 7 奈米邁進的改進。我認為人們的興趣有所增強，從競爭定位的角度來看，我們確實相信我們在 2019 年將擁有極佳的競爭地位。因此我們對此感到非常非常興奮。

A follow-up, if I may. As we look at the double-digit bogey for next year on servers, is that -- do you need EPYC 2 to get to that? And what are the risks on bringing that to market?

如果可以的話，請繼續跟進。當我們看到明年伺服器的兩位數成長時，是否需要 EPYC 2 來實現這一目標？將其推向市場有哪些風險？

Yes. So Mark, we view the double-digit share goal as an important share goal. I think it certainly will come with the second generation of EPYC, so the Zen 2 product. But I view that as a journey, right? I mean, we have now sort of 3 generations that we have: we have Zen 1 that's in the market today, we have Zen 2 that's well into the productization phase and then we have a very strong roadmap around Zen 3 as well. So we feel good about our competitive position and the path to double-digit market share. I think this is all about rate and pace and we're working very, very closely with our customers to accelerate that ramp. And actually, I was very pleased. I mentioned in the prepared remarks earlier that in the second quarter, we saw some nice acceleration of the mega data center customers so we saw units there more than double, and that's an indication that were getting the right level of engagement and progress with our large customers.

是的。因此，馬克，我們認為兩位數的份額目標是一個重要的份額目標。我認為它肯定會與第二代 EPYC 一起推出，也就是 Zen 2 產品。但我將其視為一趟旅程，對嗎？我的意思是，我們現在有 3 代產品：目前市場上有 Zen 1，Zen 2 已經進入產品化階段，然後我們還有一個圍繞 Zen 3 的非常強大的路線圖。因此，我們對自己的競爭地位和實現兩位數市場份額的道路感到滿意。我認為這一切都與速度和步伐有關，我們正在與客戶密切合作，以加快這一進程。事實上，我很高興。我之前在準備好的發言中提到，在第二季度，我們看到大型資料中心客戶的成長勢頭良好，因此我們看到那裡的單位數量增加了一倍多，這表明我們與大客戶的互動和進展達到了適當的水平。

Our next question comes from the line of John Pitzer with Crédit Suisse.

我們的下一個問題來自瑞士信貸的約翰‧皮策。

Lisa, I wonder if you could just give us a little bit more detail into the foundry strategy at 7-nanometers. And kind of how much flexibility do you have between your 2 foundry partners? And to what extent if one of them is having trouble on the 7, does the Wafer Supply Agreement kind of give you the ability to move capacity without having to pay for wafers?

Lisa，我想知道您是否可以向我們詳細介紹 7 納米的代工策略。你們的兩個代工夥伴之間有多大的彈性？如果其中一家在 7 號生產線上遇到麻煩，那麼晶圓供應協議是否能夠讓你在不支付晶圓費用的情況下轉移產能？

Yes, sure, John. So a couple of years ago, we did amend the Wafer Supply Agreement. It was a very strategic agreement for us as we look over the long term. So at 7-nanometer, we are engaged with both TSMC and GLOBALFOUNDRIES. I would say that we do have, on a product-by-product basis, the choice between the foundries and we make those decisions on a product-by-product basis. But in terms of our long-term roadmap and how we feel about it, both on the GPU and CPU side, the main message is, we don't believe process technology is going to be a gate for us. We have a lot of architectural work, a lot of architectural improvements, but we don't believe process technology is a gate for our roadmap.

是的，當然，約翰。幾年前，我們確實修改了晶圓供應協議。從長遠來看，這對我們來說是一項非常具有戰略意義的協議。因此，在 7 奈米方面，我們與台積電和格芯都有合作。我想說的是，我們確實可以根據每個產品的具體情況，在代工廠之間進行選擇，並且我們會根據每個產品的具體情況做出這些決定。但就我們的長期路線圖以及我們對 GPU 和 CPU 的看法而言，主要的訊息是，我們不認為製程技術會成為我們的門檻。我們做了很多架構工作，進行了很多架構改進，但我們不認為製程技術是我們路線圖的大門。

And then Lisa as my second question, can you help me better understand, because one of the things I know you've been working on aggressively with the launch of EPYC 2 is your ability to cover a broader swath of workloads and just increase kind of the server TAM you can go after. So can you help quantify to me kind of as you go from EPYC 1 to EPYC 2 what that growth in workload coverage looks like? And importantly, as you continue to broaden out, how do we think about the R&D burden from here?

然後，Lisa，作為我的第二個問題，您能否幫助我更好地理解，因為我知道您在推出 EPYC 2 時一直在積極努力的一件事就是您能夠覆蓋更廣泛的工作負載並增加您可以追求的服務器 TAM。那麼，您能否幫助我量化從 EPYC 1 到 EPYC 2 時工作負載覆蓋率的成長情況？重要的是，隨著您不斷拓寬視野，我們如何看待未來的研發負擔？

Yes, sure, John. So when we go from the first generation of EPYC to the second generation of EPYC, I do think that there are some improvements that we'll make in the architecture that will expand the TAM. But from a TAM standpoint, we are not limited. I mean, I view our coverage today as 80% of the TAM. And yes, some workloads are really clean kills, and other workloads are closer, but we are servicing a large portion of the TAM. I think the value proposition increases with some of the architectural improvements that we've made in the second generation of EPYC, but from the standpoint of TAM, I think we feel good about it. From an R&D standpoint, and Devinder made the comment on our prepared remarks, that we did increase R&D by 25% year-on-year, but I think we've done it in a very responsible way. So we have revenue growth. We're seeing margin expansion, which is a very, very key piece of our business model. And then we will increase R&D and go-to-market resources effectively. But I don't believe that we will ever increase our OpEx ahead of revenue. I think it's a balance between each of those lines. So we have these -- I think, we have a strong roadmap at this point, and we'll look for opportunities to increase R&D, particularly on the software side, actually. I think we have a lot of opportunity on the software side across CPUs and GPUs to accelerate some of our machine learning work. And so that's where incremental R&D would go.

是的，當然，約翰。因此，當我們從第一代 EPYC 過渡到第二代 EPYC 時，我確實認為我們會在架構上做出一些改進，從而擴展 TAM。但從 TAM 的角度來看，我們並不受限制。我的意思是，我認為我們今天的覆蓋率是 TAM 的 80%。是的，有些工作負載確實可以乾淨利落地結束，而其他工作負載則更接近乾淨利落地結束，但我們正在為很大一部分 TAM 提供服務。我認為，隨著我們在第二代 EPYC 中所做的某些架構改進，價值主張將會提升，但從 TAM 的角度來看，我認為我們對此感到滿意。從研發的角度來看，Devinder 在我們的準備好的發言中評論說，我們的研發支出確實比去年同期增加了 25％，但我認為我們以非常負責任的方式做到了這一點。因此我們的收入有所增長。我們看到利潤率正在擴大，這是我們商業模式中非常關鍵的部分。然後我們將有效地增加研發和市場資源。但我不相信我們的營運支出會增加而收入卻不會增加。我認為這是每條線路之間的平衡。所以我們有這些——我認為，我們目前有一個強大的路線圖，我們將尋找機會增加研發，特別是在軟體方面。我認為我們在 CPU 和 GPU 的軟體方面有很多機會來加速我們的一些機器學習工作。這就是增量研發的去向。

And then if I could sneak one last one in, Lisa, just on the GPU side, I think this is the second or third quarter in a row that you've highlighted incremental gains inside of the data center. Can you help size what that represents as a percent of revenue today? And I guess, more importantly, as you bring to market the 7-nanometer GPU part, how you're think about exploiting that in the data center and kind of the TAM expectations, the revenue expectations we should have over the next kind of 4 to 8 quarters?

然後，麗莎，如果我可以偷偷地問最後一個問題，僅在 GPU 方面，我認為這是您連續第二或第三季度強調資料中心內部的增量收益。您能否幫忙估算一下這佔今天收入的百分比？我想，更重要的是，當您將 7 奈米 GPU 零件推向市場時，您如何考慮在資料中心中利用它以及 TAM 預期，即我們在未來 4 到 8 個季度內應該擁有的收入預期？

Yes. So on the GPU side, there's no question that the demand for GPUs in the data center are growing very quickly, even faster than on the CPU side, for sure. And our data center engagements -- our focus on the GPU side is very cloud-centric. So large customers, places where are GPU capability can be well targeted. I would say the size of the business is still small, so we are growing, but it is still small. But there's lots of interest in our current generation MI25. And there's even more interest in our 7-nanometer Vega GPU that's coming to market later this year. So we expect an opportunity to grow that segment over the next 4 to 8 quarters. And as you can see in the market, overall, the GPU segment is growing quite a bit in data centers. And so we'll continue to invest heavily in this area.

是的。因此，在 GPU 方面，毫無疑問，資料中心對 GPU 的需求正在成長非常快，甚至肯定比 CPU 方面更快。我們的資料中心合作－我們對 GPU 的關注非常以雲端為中心。因此，大型客戶以及具有 GPU 能力的地方可以成為很好的目標。我想說的是，業務規模仍然很小，所以我們正在成長，但規模仍然很小。但人們對我們當前這一代的 MI25 很感興趣。人們對我們今年稍後上市的 7 奈米 Vega GPU 更感興趣。因此，我們預計未來 4 到 8 個季度該細分市場將有機會成長。正如您在市場上看到的，總體而言，GPU 部分在資料中心正在大幅成長。因此我們將繼續大力投資這一領域。

Our next question comes from the line of Vivek Arya with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

I wanted to just start with a clarification and then I have a follow-up. What's the assumption for blockchain revenue in Q3 and for the full year? And just if you have an updated view of overall 2018 sales growth?

我想先澄清一下，然後再進行後續跟進。第三季和全年區塊鏈收入的假設是什麼？您是否對 2018 年整體銷售成長有最新的看法？

Yes, sure, Vivek. So let me take that, and then Devinder can add as necessary. So for Q2, we were approximately 6% of revenue for blockchain. For Q3, we're planning very little blockchain, so we expected it to be down in the second half, but we're planning very little in Q3. And so if you update that on a full year basis, for 2018, blockchain will be lower than what we had previously discussed in the last earnings call. So I would say, previously, we said mid- to high-single digits, I think this will be a more on the mid-single digit side. And we'll continue to watch the market develop over the next couple of quarters.

是的，當然，維韋克。那麼，讓我來接受這一點，然後 Devinder 可以根據需要進行添加。因此，對於第二季度，我們的區塊鏈收入約佔 6%。對於第三季度，我們計劃的區塊鏈很少，因此我們預計它會在下半年下降，但我們在第三季度的計劃也很少。因此，如果以全年為基礎進行更新，那麼 2018 年的區塊鏈將低於我們在上次收益電話會議上討論的水平。所以我想說，之前我們說的是中高個位數，我認為這將更多地處於中個位數水平。我們將在接下來的幾季繼續關注市場的發展。

All right. And then, Lisa, have you seen any competitive response from Intel so far in either PCs or servers? For example, some of your desktop parts saw some ASP decline. Was it just mix or price competition? Or anything else that we should keep in mind?

好的。那麼，麗莎，到目前為止，您是否看到英特爾在個人電腦或伺服器方面做出任何競爭反應？例如，你們部分桌面零件的平均售價有所下降。這只是組合競爭還是價格競爭？或者還有什麼我們應該記住的嗎？

Yes, sure, Vivek. So let me take each of the segments separately. So if you look at the PC segment, what we have seen is basically a ramping of our product portfolio. Certainly, in desktop, we had some mix here in the second quarter where we increased the percentage of the APUs that were being sold into the desktop channel segment, and so you saw a little bit of a mix to -- a bit softer desktop ASPs. But overall, when I look overall, I would say that the competitive situation is about what I would expect. There's product competition, and we see that. We do ensure that there is good transition of products. So when we moved from our first generation Ryzen to our second generation Ryzen, we had some channel programs to make sure that we manage channel inventory on the first generation. But we've seen nothing that I would call unusual. And on the notebook side, actually, I'm pretty pleased, because we're really seeing the notebook side of the business pick up and so mobile ASPs were up. The percentage of Ryzen units in mobile were up and we see that continuing into the second half of the year. And then on the EPYC side, again, I would say that the competition is really product based and for us, there's some workload optimization that we do with customers, but I haven't seen anything that's unusual relative to the pricing environment and, in fact, as EPYC ramps, our ASPs are going up.

是的，當然，維韋克。因此，讓我分別討論每個部分。因此，如果你看一下個人電腦領域，你會發現我們的產品組合基本上不斷擴大。當然，在桌面領域，我們在第二季度進行了一些混合，增加了銷售到桌面頻道部分的 APU 的百分比，因此您會看到桌面 ASP 略有下降。但總體而言，當我從整體來看時，我會說競爭情況與我預期的差不多。我們看到存在產品競爭。我們確實確保產品的良好過渡。因此，當我們從第一代 Ryzen 轉向第二代 Ryzen 時，我們有一些通路計劃來確保我們管理第一代的通路庫存。但我們沒有看到任何我認為不尋常的事情。而在筆記型電腦方面，實際上，我非常高興，因為我們確實看到筆記型電腦業務的回暖，因此行動平均售價也上漲了。Ryzen 在行動裝置中的佔比有所上升，我們預計這一趨勢將持續到今年下半年。然後在 EPYC 方面，我想說的是，競爭實際上是基於產品的，對於我們來說，我們會與客戶進行一些工作負載優化，但我沒有看到任何與定價環境相關的異常情況，事實上，隨著 EPYC 的增長，我們的 ASP 也在上漲。

All right. And one last quick one, if I may. When should we expect to see the breakout quarter for EPYC, Lisa? Will that be Q3, Q4? What's the visibility around that?

好的。如果可以的話，我最後再快速問一下。麗莎，我們什麼時候可以看到 EPYC 的突破？那會是第三、第四季嗎？周圍的可見度如何？

I think we are very focused on ensuring we deliver that mid-single-digit unit share at the end of 2018. I think as we go into the second half of the year, I would still see it as fourth quarter would be a real important quarter for us. I think we'll see ramps into third quarter. And the key is, as you know, with some of these cloud partners, their -- it's actually important when they actually ramp these larger instances. And so lots of visibility into work being done and the exact timing will depend on our customers' ramps.

我認為我們非常注重確保在 2018 年底實現中等個位數的單位份額。我認為，隨著我們進入下半年，我仍然認為第四季對我們來說是一個非常重要的季度。我認為我們將在第三季度看到成長。關鍵在於，正如您所知，對於其中一些雲端合作夥伴來說，當他們真正增加這些更大的實例時，這一點實際上很重要。因此，正在進行的工作的可見性和確切的時間安排將取決於我們客戶的進度。

Our next question comes from the line of Matt Ramsay with Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Lisa, a couple questions on the server business, and then I'll follow-up on a couple of PC things. In server, you guys have sort of laid out this mid-singles unit share number by the end of this year. And maybe you can walk us through that with a little bit of granularity, like how do you balance the what seems to be really high demand within the cloud customer base for Rome versus pushing volumes in the near-term of Naples? And I think some folks had asked a couple of questions around process nodes and you're obviously sampling already with Rome, so maybe you could be explicit about where you're manufacturing that?

麗莎，我有幾個關於伺服器業務的問題，然後我會跟進一些關於 PC 的事情。在伺服器上，你們已經在今年年底之前公佈了中單單位份額數字。也許您可以向我們詳細介紹這一點，例如，如何平衡羅馬雲端客戶群中似乎非常高的需求與那不勒斯近期的推高需求量？我認為有些人已經問了幾個有關工藝節點的問題，而且您顯然已經在使用 Rome 進行採樣，所以也許您可以明確說明您在哪裡製造它？

Yes, sure. So a couple of different questions here, Matt. On the EPYC, your question is Naples versus Rome and how we manage that. Look, our focus from sales and go-to-market standpoint right now is on Naples. First generation EPYC, we have a lot of platforms in market, over 50 platforms in market. There are a lot of customers that have systems in their labs going through various stages of qualification, and we're very focused on supporting that and ensuring that we see that ramp into the second half of the year. Rome is really a 2019 story. I think the good part about it is I expect that customers perhaps took a little bit longer in their initial qualification and sort of work around Naples, and our hope is that, as we go into Rome, you'll see those qualification timelines tighten up a little bit. But no question that for 2018, it's a Naples story, and there's a lot of customer interest around Rome, and we will manage that. But we want to make sure that we also do as much of the validation work on our side before we sample too broadly. I think the good news is there's a lot of interest and it's really just on us to execute cleanly through the next couple of quarters. And Matt, you had some other questions or...

是的，當然。這裡有幾個不同的問題，馬特。關於 EPYC，您的問題是那不勒斯與羅馬的對比以及我們如何應對。你看，我們現在從銷售和市場進入的角度關注的是那不勒斯。第一代 EPYC，我們在市場上有許多平台，市場上有超過 50 個平台。許多客戶實驗室中的系統都經過了不同的認證階段，我們非常注重為此提供支持，並確保在下半年看到這項進程。羅馬確實是個 2019 年的故事。我認為它的好處是，我預計客戶可能需要更長的時間來完成最初的資格認證和圍繞那不勒斯的工作，而我們希望，當我們進入羅馬時，你會看到這些資格認證時間表會縮短一點。但毫無疑問，2018 年是那不勒斯的故事，羅馬周圍有很多客戶感興趣，我們會做到這一點。但我們希望確保在進行過於廣泛的抽樣之前，我們也做了盡可能多的驗證工作。我認為好消息是，有很多人對此感興趣，而我們只需要在接下來的幾個季度順利執行。馬特，你還有其他問題嗎？或者…

Yes, I mean, the last on there on server was about manufacturing for Rome, and then I'll just -- talk about some -- one thing on the PC side, particularly notebooks, one of the questions I'm getting most often from investors is as the product portfolio from AMD improves dramatically, and I think will again as you guys go to 7-nanometer, it seems like winning sell-in share with OEMs is something that you guys have a bit of control of. But I wanted to ask a little bit about sell-through and consumer adoption and sort of mindshare around your client products. Intel has wound down a little bit some of the Intel Inside marketing program, and I know you maybe have some opportunities there. Maybe you could talk about some of the steps that your marketing team is making to sort of maybe change and refresh some of the consumer perception of the products relative to how quickly they have improved fundamentally?

是的，我的意思是，上次關於伺服器的討論是關於 Rome 的製造，然後我會 - 談論一些 - PC 方面的一件事，特別是筆記型電腦，投資者最常問的一個問題是，隨著 AMD 的產品組合大幅改進，我認為隨著你們轉向 7 奈米，似乎贏得 OEM 的銷售份額是你們可以控制的事情。但我想問一下有關銷售量、消費者採用率以及客戶產品的認知度的問題。英特爾已經稍微結束了一些 Intel Inside 行銷計劃，我知道你可能在那裡有一些機會。也許您可以談談您的行銷團隊正在採取的一些措施，這些措施可能是為了改變和刷新消費者對產品的看法，相對於產品從根本上改進的速度？

Yes, absolutely. So Matt, on your first question relative to the manufacturing of the second generation of EPYC. So as I said earlier, we are working with both TSMC and GLOBALFOUNDRIES in 7-nanometer. As for the 7-nanometer Rome that we're currently sampling, that's being manufactured at the TSMC. And then your second question about where we are in that PS -- PC market, sell-in versus sellout share -- actually, it's a great question. It's a great question. And when I look at the PC market, we have great relationships with the OEMs. I mean, you can see it from the number of platforms that we have out there. But there's no question that there's opportunity for us to get the consumer perception and the commercial enterprise perception up. And so we've been very focused on that and that comes with additional investment in go-to-market expenses. So getting the Ryzen brand out there, getting the Radeon brand out there, it includes additional training at some key retailers to ensure that they know how to sell Ryzen and they know what the value proposition is. And what we see is some clear signs of early momentum in sellout. So as our platforms launched here in the month of June, we actually saw on quite a few of the outlets that they've actually sold out of our product and we've had to restock that here quickly. And as we go into the second half of the year, I think you'll see, in both back-to-school and in holidays globally, that we have a larger presence of assortment than we have had in the past. So that's a clear focus for us in the PC market.

是的，絕對是。那麼 Matt，關於你的第一個問題，是關於第二代 EPYC 的製造。正如我之前所說，我們正在與台積電和格芯在 7 奈米領域展開合作。至於我們目前正在採樣的 7 奈米 Rome，它正在台積電生產。然後你的第二個問題是關於我們處於 PS（PC 市場）的什麼位置，銷售份額與銷售份額，實際上，這是一個很好的問題。這是一個很好的問題。當我觀察個人電腦市場時，我發現我們與 OEM 保持著良好的關係。我的意思是，你可以從我們擁有的平台數量看出這一點。但毫無疑問，我們有機會提高消費者認知和商業企業認知。因此，我們一直非常關注這一點，並且對市場進入費用進行了額外的投資。因此，要讓 Ryzen 品牌和 Radeon 品牌走出去，就需要對一些主要零售商進行額外的培訓，以確保他們知道如何銷售 Ryzen 以及他們知道價值主張是什麼。我們看到的是早期拋售勢頭的一些明顯跡象。因此，當我們的平台在六月在這裡推出時，我們實際上看到許多門市的產品已經售罄，因此我們不得不迅速補貨。隨著我們進入下半年，我想你會看到，無論是在返校季還是全球假期期間，我們的商品種類都比過去更加豐富。所以這是我們在 PC 市場的一個明確關注點。

Our next question comes from the line of Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

First, I wanted to ask about Ryzen share. I thought I heard you say that Ryzen was 60% of your CPU revenues in the quarter. I thought that's what you said it was last quarter as well. So how do I reconcile that with the other color around the sequential growth of Ryzen into Q2?

首先，我想問一下 Ryzen 份額。我以為您說過 Ryzen 佔了本季 CPU 收入的 60%。我認為這就是你所說的，也是上個季度的情況。那麼，我該如何將其與 Ryzen 在第二季的連續成長的其他顏色相協調呢？

Yes. So Stacy, it was approximately 60%. And when you look at it on a quarter-on-quarter basis, we had more units overall in desktop and notebook. Particularly in notebook, we saw an acceleration of Ryzen mobile units in the notebooks. So it's an approximate number, it's not an exact number, but it's approximately 60%. We also saw some legacy business increase, and that's why you see that.

是的。史黛西，這個比例大約是 60%。從季度環比來看，我們的桌上型電腦和筆記型電腦的整體銷量都有所增加。特別是在筆記型電腦中，我們看到了 Ryzen 行動單元在筆記型電腦中的加速。所以這是一個近似數字，不是一個確切的數字，但它大約是 60%。我們也看到一些遺留業務有所成長，這就是您看到這種情況的原因。

Okay. So basically, it's maybe like a little below 60% before, and like a little above 60% now but kind of around 60%?

好的。所以基本上，以前可能略低於 60%，現在略高於 60%，但大概在 60% 左右？

In that range, exactly.

確實在那個範圍內。

Okay. For my second question, you said you had EPYC up more than 50% sequentially. I think it doubled last quarter, it's up 50% this quarter. But I think you're still running, call it, 1%, maybe little kind of in that ballpark of share. So if you're going to get 5% [x] in the year, I mean you've got to probably triple or more the current run rate by Q4. And I know you had mentioned earlier that Q4 was going to be kind of like an important quarter. Is that the kind of, I guess, ramp rate or run rate you're actually thinking about this EPYC business into the back half of the year in order to meet your targets?

好的。對於我的第二個問題，您說 EPYC 的環比增長超過 50%。我認為上個季度它翻了一番，本季成長了 50%。但我認為你的市佔率仍然在 1% 左右，可能只是在這個範圍內的一小部分。因此，如果您打算在一年內獲得 5% [x]，我的意思是您必須在第四季度將當前運行率提高三倍或更多。我知道您之前提到過，第四季將是一個重要的季度。我想，為了實現目標，您是否實際上考慮過在下半年實現 EPYC 業務的成長速度或運行率？

Yes, Stacy. I mean, I think, we view an acceleration as we go into the second half of the year, particularly as some of these guys go into larger production. But yes, there are a significant number of more units. I think we just see a pipeline that can accomplish that.

是的，史黛西。我的意思是，我認為，隨著進入下半年，我們看到了加速的跡象，特別是當其中一些公司開始大規模生產時。但確實，還有相當多的單位。我認為我們看到的只是一條可以實現這一目標的管道。

Got it. One quick housekeeping, just why did the accounts receivable go up so much?

知道了。簡單回顧一下，應收帳款為何增加這麼多？

Devinder?

德文德？

Sorry, I didn't get the question, Stacy?

抱歉，我沒聽清楚你的問題，史黛西？

Accounts receivable.

應收帳款。

Sorry. Accounts receivable, why did they go up so much?

對不起。應收帳款，為什麼漲了這麼多？

Yes. It went up, primarily, it's higher revenue and timing of collections. So that's the main reason. In addition, there was an increase in this associated unbilled AR for semi-custom revenue, which, as you know, is recognized under ASC 606. That -- those parts have not shipped, but they get recognized as revenue, and that's it says, unbilled AR under the AR line.

是的。它上漲了，主要是因為它的收入更高，而且收款時間也更及時。這就是主要原因。此外，與半客製化收入相關的未開立應收帳款也有所增加，如您所知，這是根據 ASC 606 確認的。這些零件尚未發貨，但它們被確認為收入，這就是所謂的「應收帳款」線下的未開立發票「應收帳款」。

Our next question comes from the line of Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

Maybe if you could talk a little bit about the Chinese JV and the product that's being developed there that you've licensed? Can you talk about when you expect to see that product emerge? And how do you think about that sort of AMD proper competing with the JV within those Chinese customers? Are you agnostic to who wins or just how should we think about that?

您是否可以稍微談一談有關中國合資企業以及您授權在那裡開發的產品？您能談談您預計何時會看到該產品問世嗎？您如何看待 AMD 與中國客戶的合資企業之間的競爭？您是否不確定誰會獲勝，或者我們該如何看待這個問題？

Sure, Joe. So we did start this Chinese JV a couple of years ago and the whole idea was to get more share in the domestic China market. The partnership has gone well, the product development is going well. We view the product as complementary to our current portfolio. So I think from that standpoint, we will continue to sell sort of AMD EPYC into the China market. And then for a certain domestic China applications, I think the China JV product will be available. They have not yet announced the exact timing of that, so I'll wait until the official announcement of it. But so far, it's gone as expected and I think the product development has gone quite well.

當然，喬。因此，我們幾年前確實成立了這家中國合資企業，其整體想法是為了在中國國內市場獲得更多份額。合作進展順利，產品開發也進展順利。我們認為該產品是我們目前產品組合的補充。因此我認為從這個角度來看，我們將繼續向中國市場銷售 AMD EPYC。對於某些中國國內應用，我認為中國合資企業的產品將會面世。他們還沒有宣布具體的時間，所以我將等待官方宣布。但到目前為止，一切都按預期進行，我認為產品開發進展相當順利。

Next question?

下一個問題？

Our next question comes from the line of Hans Mosesmann from Rosenblatt Securities.

我們的下一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Lisa, a couple of questions. The timing of the Ryzen version of 7-nanometer after EPYC, when will that happen in 2019? Is that a quarter after or 6 months, just the timing? And the second question is, how many of the mega data center guys are you actually engaged with at the moment?

麗莎，有幾個問題。EPYC之後Ryzen版7奈米的發佈時間是2019年什麼時候？那是一個季度後還是六個月後，只是時間問題嗎？第二個問題是，您目前實際上與多少家大型資料中心公司有合作？

Yes, okay. So Hans, on the timing of the 7-nanometer Ryzen, I would just keep it as it's after the 7-nanometer EPYC. So we'll launch 7-nanometer EPYC first. I wouldn't say it's very far out, but I would say it's after. And then in terms of mega data centers, we are engaged with all of them in some way, shape or form across CPU and GPU. On the CPU standpoint, I would say we are heavily engaged with 5.

是的，好的。因此，漢斯，關於 7 奈米 Ryzen 的時間安排，我認為它是在 7 奈米 EPYC 之後。因此我們將首先推出 7 奈米 EPYC。我不會說它已經很遙遠了，但我會說它已經過去了。就大型資料中心而言，我們透過 CPU 和 GPU 以某種方式與它們合作。從 CPU 的角度來看，我想說我們與 5 密切相關。

Our next question comes from the line of Kevin Cassidy with Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Question. Just again on EPYC, you are very clear that it was going to be about 4 quarters in qualification before your customers would start deployment. With EPYC 2, are there any programs in place or can we expect there to be a shorter amount of time before that could be deployed?

問題。再次提到 EPYC，您非常清楚，在客戶開始部署之前，大約需要 4 個季度的時間進行資格認證。對於 EPYC 2，是否有任何計劃，或者我們是否可以預期在更短的時間內完成部署？

Yes, Kevin. So I believe -- and, of course, we'll have to see how this plays out. But I think with EPYC, there were some customers who waited for us to completely qualify before they started, let's call it, their own evals, and that's to be understood because we were sort of returning to the market. I think with the second generation of EPYC, one would expect that there would be some customers who would do, let's call it, parallel qualifications with our own qualifications. And so I think there is an opportunity to sort of overlap some of that work, and certainly, that's part of the reason that we've started early sampling as early as we have to try to parallelize some of that activity.

是的，凱文。所以我相信——當然，我們必須看看事情會如何發展。但我認為，對於 EPYC，有些客戶會等到我們完全合格後才開始進行自己的評估，這是可以理解的，因為我們正在重返市場。我認為，隨著第二代 EPYC 的推出，人們會期望一些客戶會這樣做，我們稱之為與我們自己的資格並行的資格。因此，我認為有機會將部分工作進行重疊，當然，這也是我們儘早開始進行早期採樣以嘗試並行化部分活動的原因之一。

Okay, great. And on the GPU traction you're getting in the data center, is there a high attach rate with your EPYC processors? Or is that just an independent traction?

好的，太好了。就您在資料中心獲得的 GPU 吸引力而言，您的 EPYC 處理器的配售率是否很高？或者這只是一種獨立的牽引力？

I would say, at the moment, sort of for 2018-type revenue, they are independent engagements at the moment. I think, as we move into the 7-nanometer node with both EPYC and our Vega 7-nanometer, there will be more of an attach rate, and there is more interest, frankly, in that attach.

我想說，目前，對於 2018 年類型的收入來說，它們目前都是獨立的業務。我認為，隨著我們透過 EPYC 和 Vega 7 奈米進入 7 奈米節點，附加率將會更高，坦白說，人們對這種附加率更感興趣。

Our next question comes from the line of Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

How should we think about OpEx growth over the next several quarters? It seems like you've been growing OpEx kind of in the 20%-plus range? Should that moderate going forward or should we expect that to stay relatively stable?

我們該如何看待未來幾季的營運支出成長？看起來您的營運支出已經成長了 20% 以上？未來這種情況是否應該緩和下來，還是應該保持相對穩定？

I think, the first thing is if you look at our model that we've laid out, we've said the long-term target model to stay within the range of 26% to 30%. This year, with the revenue guide at the Q in the mid-20s, we're guiding to about 28% OpEx to revenue. Year-over-year basis, you're right, we have increased it, and largely, those increases have been in R&D. If you look on the first half of 2017 to the first half of 2018, OpEx is up, but it's largely weighted towards the R&D side. We are pleased with the operating leverage that we are getting from a company standpoint with the increase in revenue, but at the same time, targeted investments very heavily in the product roadmaps, and some of the things that you heard Lisa just talked about from the products and all of the multiple levers that we have to increase revenue, we are definitely investing in those areas.

我認為，首先，如果你看一下我們制定的模型，我們說過長期目標模型將保持在 26% 到 30% 的範圍內。今年，Q 的收入指引在 25% 左右，我們預計營運支出將佔收入的比例約為 28%。與去年同期相比，您說得對，我們確實增加了投入，而且大部分增加的資金都用於研發。如果你回顧 2017 年上半年到 2018 年上半年，你會發現營運支出有所上升，但主要集中在研發方面。從公司角度來看，隨著收入的成長，我們對經營槓桿感到滿意，但同時，我們在產品路線圖上投入了大量的有針對性的投資，正如麗莎剛才談到的產品和我們用來增加收入的多種槓桿一樣，我們肯定會在這些領域進行投資。

Great. And as a follow-up, Lisa, it's been a little bit over a year since you laid out your long-term financial model. I realize crypto has been sort of a tailwind since then. But is it fair to say that you guys are on track to hit the $0.75 and above EPS number ex crypto?

偉大的。麗莎，作為後續問題，距離你提出長期財務模型已經過了一年多的時間。我意識到從那時起加密貨幣就成為了一種順風。但是，是否可以公平地說，你們有望達到 0.75 美元及以上的 EPS（不含加密貨幣）數字？

Yes. I think, Toshi, if you look at the long-term financial model and put aside sort of temporal things, and we feel that we are on track towards that long-term financial model. In some places, we are ahead; in some places, we are on track; but overall, I think we feel good about where we are towards the long-term financial model.

是的。我認為，Toshi，如果你看長期財務模型並將一些暫時的事情放在一邊，我們會覺得我們正朝著長期財務模型的方向前進。在某些地方，我們領先；在某些地方，我們已經走上正軌；但總體而言，我認為我們對長期財務模式的現狀感到滿意。

Our next question comes from the line of Chris Danely with Citigroup.

我們的下一個問題來自花旗集團的 Chris Danely。

This is Wayne Loeb for Chris Danely. What kind of performance improvement will 7-nanometer EPYC have over the current one?

我是韋恩·勒布，為克里斯·丹尼利 (Chris Danely) 主持節目。7奈米EPYC相比現在的EPYC會有哪些性能提升呢？

Yes, Wayne, I think we are -- we're not yet getting into details of what the performance improvement is of the 7-nanometer EPYC. So I think we'll have more details on the architecture and where we are in performance later this year.

是的，韋恩，我認為我們——我們還沒有詳細了解 7 納米 EPYC 的性能改進。因此我認為我們將在今年稍後公佈更多有關架構和性能的詳細資訊。

As a follow-up, you talked about your goal of mid-single-digit share for EPYC by end of the year. At end of the year, what do you think your share would be in desktops and notebooks?

作為後續問題，您談到了到今年年底 EPYC 的市場份額達到中等個位數的目標。到年底，您認為您在桌上型電腦和筆記型電腦中的份額會是多少？

I think we'll continue to make progress in desktops and notebooks. In particular, I think, we expect that the notebook share will increase as we go into the second half of the year. Obviously, the PC market overall is doing a little bit better than most people expected and so we'll have to see how the market does. But from our standpoint, we don't have a specific share target out there for end of this year. We believe we'll continue to gain share based on what we see in design wins at this point.

我認為我們將繼續在桌上型電腦和筆記型電腦領域取得進步。特別是，我認為，我們預計隨著進入下半年，筆記型電腦的份額將會增加。顯然，個人電腦市場的整體表現比大多數人預期的要好一些，所以我們必須觀察市場表現如何。但從我們的角度來看，我們對今年年底沒有具體的份額目標。我們相信，根據目前所見的設計成果，我們將繼續獲得市場份額。

Our next question comes from the line of Ambrish Srivastava with BMO Capital.

我們的下一個問題來自 BMO Capital 的 Ambrish Srivastava。

I'm sorry, if you addressed it earlier on the call. What is the timing for the 7-nanometer GPU? And then my related question on GPU is, could you just update us on what's the progress on the software ecosystem, and specifically, in competition with the mode -- seemingly, huge mode that Nvidia has built with CUDA.

如果您之前在通話中提到過這個問題，我很抱歉。7奈米GPU的推出時間是什麼時候？然後我關於 GPU 的相關問題是，您能否向我們介紹一下軟體生態系統的進展情況，特別是與 Nvidia 使用 CUDA 構建的模式的競爭情況——看似巨大的模式。

Sure, Ambrish. So our 7-nanometer GPU is -- started sampling here in the second quarter, and we will launch it later this year. So it will launch -- we expect it to launch in 2018. As it relates to the software ecosystem, we're making good progress. We're making incremental progress each quarter. And the important thing and the reason -- our strategy right now in GPUs in the data center is to engage with sort of large cloud guys who have the ability to work with us and, in some sense, we're focusing our software efforts on their needs first. And that allows us to kind of do this sort of vertical by vertical. So I think we're making good progress. It's a multiyear effort, and we are very clear that it's a multiyear effort, but we have seen some initial positive momentum and we're going to continue to invest in this space. So it's the #1 investment priority for us.

當然，安布里什。我們的 7 奈米 GPU 已於第二季開始提供樣品，並將於今年稍後推出。所以它將會推出——我們預計它將於 2018 年推出。就軟體生態系統而言，我們正在取得良好進展。我們每季都在取得進步。重要的事情和原因是——我們目前在資料中心 GPU 方面的策略是與有能力與我們合作的大型雲端運算公司合作，從某種意義上說，我們首先將軟體工作重點放在滿足他們的需求上。這使我們能夠逐一垂直地進行這種操作。所以我認為我們正在取得良好進展。這是一項多年的努力，我們非常清楚這是一項多年的努力，但我們已經看到了一些初步的積極勢頭，我們將繼續在這一領域進行投資。因此，這是我們的首要投資重點。

So in data center, Lisa, sorry, just a quick follow-up. What areas have you been able to gain traction in within the -- and it's a pretty large area, but within machine learning, where specifically have you been able to wedge yourself in?

所以在資料中心，麗莎，抱歉，只是一個快速的跟進。您在哪些領域取得了進展？這是一個相當大的領域，但在機器學習領域，您具體在哪些方面取得了進展？

Yes, again, we're working with several cloud vendors on sort of key applications in their data center.

是的，我們正在與多家雲端供應商合作，開發其資料中心的關鍵應用程式。

Thanks, Ambrish. Operator, we have time for 2 more questions, please?

謝謝，Ambrish。接線員，我們還有時間回答另外兩個問題，可以嗎？

No problem. Our next question comes from the line of Aaron Rakers with Wells Fargo.

沒問題。我們的下一個問題來自富國銀行的 Aaron Rakers。

I just -- I apologize to continue to go back to EPYC, but just curious, as we think about the ramp, you've mentioned that you have over 50 platforms now in the market. I'm just curious if you were asked to characterize how many of those were shipping in volume, and what your expectation would be through the course of the remainder of this year in terms of those turning into true meaningful volumes?

我只是——我很抱歉繼續回到 EPYC，但只是好奇，當我們考慮坡道時，您提到現在市場上有超過 50 個平台。我只是好奇，如果有人要求您描述其中有多少是批量出貨，以及您預計在今年剩餘時間內這些出貨量會變成真正有意義的數量嗎？

Yes, so I'm thinking about that. I would say a number of those platforms -- a large majority of those platforms are shipping to multiple customers. So volume, of course, is all relative. But -- and the way we count platforms are, obviously, platforms from the OEMs as well as platforms from ODMs and a number of the cloud guys are doing their own platforms or specific platforms. So I would say a large number of those, the majority of those would have -- are shipping to multiple customers. And production -- sort of the scale of the production is what -- is customer dependent. So some of them are in hundreds of units, some of them are in thousands of units, some of them are in tens of thousands of units and -- different scale of numbers.

是的，我正在考慮這個問題。我想說的是，這些平台中的許多平台——絕大多數平台都會向多個客戶發貨。當然，音量都是相對的。但是 — — 我們計算平台的方式顯然是來自 OEM 的平台以及來自 ODM 的平台，而且許多雲端運算公司正在開發自己的平台或特定平台。所以我想說，其中很大一部分，大多數都會運送給多個客戶。而生產——生產規模——取決於客戶。因此，有些是數百個單位，有些是數千個單位，有些是數萬個單位，數字的規模各不相同。

Okay, fair enough. And then as a quick follow-up, as we think about the ramp of some of your new platforms going forward and we kind of tie that to your long-term gross margin target of, I think it was 40% to 44%, can you just remind us again of how we can think about the mix in terms of the margin profile of some of the new businesses ramping? And how quickly maybe we should consider that 40-plus percent target of gross margin?

好吧，夠公平。然後作為一個快速的跟進，當我們考慮未來一些新平台的增長時，我們將其與您的長期毛利率目標聯繫起來，我認為是 40％ 到 44％，您能否再次提醒我們如何從一些新業務增長的利潤率狀況的角度來考慮組合？我們應該多快考慮實現 40% 以上的毛利率目標？

Well, we're guiding the third quarter to 38% gross margin. That's largely on the strength of the new product portfolio. I think what we said before, which still holds, is our Ryzen, our EPYC, our Radeon data center products are all, in aggregate, over 50% from a gross margin standpoint. They're well above the corporate average. I think we're starting to see the mix and that margin accretion of the new products, and so we'll continue to do that over the next couple of quarters.

我們預計第三季的毛利率為 38%。這很大程度上得益於新產品組合的優勢。我認為我們之前所說的仍然有效，從毛利率的角度來看，我們的 Ryzen、EPYC 和 Radeon 資料中心產品總體上都超過 50%。他們遠高於企業平均。我認為我們開始看到新產品的組合和利潤成長，因此我們將在接下來的幾個季度繼續這樣做。

So, I guess, it's fair to -- yes, I guess I'm just trying to -- I guess given the commentary around the fourth quarter and EPYC, really that being an important quarter, could we assume that gross margin from here continues to trend higher?

所以，我想，這是公平的 - 是的，我想我只是想 - 我想考慮到圍繞第四季度和 EPYC 的評論，這確實是一個重要的季度，我們是否可以假設從現在開始毛利率會繼續走高？

Well, I think it's fair to say that, as we go into the second half of the year, our new products will be a larger percentage of our overall product revenue. And that is positive from a margin standpoint.

嗯，我認為可以公平地說，隨著進入下半年，我們的新產品將占我們整體產品收入的更大比例。從利潤率的角度來看，這是正面的。

Our final question comes from the line of Tim Arcuri with UBS.

我們的最後一個問題來自瑞銀的提姆·阿庫裡。

I had 2. I guess, when I look at the stock there's not -- I'm not sure that there's a lot of doubt about the share gain targets this year. But maybe there is some question about the ability to sustain those targets next year and the year after. So I guess the question -- first question is, what are you doing differently this time that was not done in the Opteron cycle? Are you giving customers more visibility to your roadmap?

我有 2 個。我想，當我查看股票時，沒有 - 我不確定今年的股價上漲目標是否存在很多疑問。但對於明年和後年能否維持這些目標，或許存在一些疑問。所以我想第一個問題是，這次你們做了哪些與 Opteron 週期中沒有做過的不同的事情？您是否讓客戶更清楚了解您的路線圖？

Tim, I think the major thing that we're doing differently as a company and certainly around EPYC, is we are doing what we said we were going to do. We laid out a 5-year roadmap to what we wanted to do in servers. We told them what first generation EPYC would look like. It came out a little bit better than they expected. We told them when to expect second generation EPYC and what we were trying to do with that. And I'm really pleased to say that we're exactly on track to what we said we were going to do. And we have a third generation behind that. So our focus is to execute really, really well and provide the customers the differentiation in the value proposition to consider us as a long-term partner. We are not after what happens over the next 2 quarters. I mean, this is extraordinarily -- it's a journey for us with EPYC, and I think we feel good about what we've done and the entire team is focused on delivering what we said we were going to do.

蒂姆，我認為我們作為一家公司，尤其是在 EPYC 方面所做的不同的事情是，我們正在做我們說過要做的事情。我們制定了伺服器領域 5 年發展規劃。我們告訴他們第一代 EPYC 的外觀。結果比他們預期的要好一點。我們告訴他們第二代 EPYC 何時上市以及我們計劃用它做什麼。我很高興地說，我們正在按照我們說過的計劃進行。而我們現在已經是第三代了。因此，我們的重點是真正出色地執行，並為客戶提供價值主張的差異化，以將我們視為長期合作夥伴。我們並不關心接下來兩個季度會發生什麼。我的意思是，這是非同尋常的——對於我們來說，這是與 EPYC 一起經歷的一段旅程，我認為我們對所做的事情感到滿意，整個團隊都專注於實現我們說過要做的事情。

Got it, Lisa. And I guess, just the last question is really around the strategic foundry roadmap beyond 7-nanometer. Clearly, you have a lead now that -- because Intel is going to really, I think, functionally skip over 10-nanometer, which is great, and maybe it was -- it's a little bit unexpected given when you began development of these parts. But how do you think strategically beyond 7-nanometer as you move to 5-nanometer with your partner? And where Intel will be at that time?

明白了，麗莎。我想，最後一個問題實際上是圍繞著 7 奈米以後的戰略代工路線圖。顯然，你現在處於領先地位——因為我認為英特爾真的會在功能上跳過 10 奈米，這很好，也許確實如此——考慮到你開始開發這些部件的時候，這有點出乎意料。但是，當您與合作夥伴一起邁向 5 奈米時，您如何從戰略角度考慮 7 奈米以外的領域？那麼那時英特爾會在哪裡呢？

What we see in the foundry roadmap is actually a very nice cadence of technologies. So we do believe 7-nanometer will be a large node. There will be derivatives of 7-nanometer: 7-nanometer, 7-nanometer plus. We have seen the first view of 5-nanometer, and we think 5-nanometer is very competitive as well. So again, our goal is to use the best that process technology can offer in the foundry market, and then differentiate on architecture and sort of product positioning and those kinds of things.

我們在代工路線圖中看到的其實是非常好的技術節奏。所以我們確實相信 7 奈米將是一個大的節點。7奈米還會有衍生性商品：7奈米、7奈米+。我們已經看到了 5 奈米的初步前景，我們認為 5 奈米也非常具有競爭力。因此，我們的目標是利用代工市場上最好的製程技術，然後在架構、產品定位等方面進行區分。

Ladies and gentlemen, this concludes our question-and-answer session. And I would like to turn the call back to Laura Graves for closing remarks.

女士們、先生們，我們的問答環節到此結束。我想請勞拉·格雷夫斯 (Laura Graves) 做最後發言。

Thank you, operator. And to everyone who joined our call today through Q&A, thank you very much. Appreciate your time and we'll speak to you again soon.

謝謝您，接線生。非常感謝今天透過問答環節加入我們電話會議的所有人。感謝您的時間，我們很快會再次與您聯繫。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。