超微半導體 (AMD) 2018 Q3 法說會逐字稿

Greetings, and welcome to the AMD Third Quarter 2018 Financial Results Conference Call.

您好，歡迎參加 AMD 2018 年第三季度財務業績電話會議。

(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 turn the call over to Laura Graves.

現在我很高興將電話轉給 Laura Graves。

Please go ahead, Laura.

請繼續，勞拉。

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

謝謝，是的，歡迎參加 AMD 2018 年第三季度電話會議。

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

到目前為止，您應該有機會查看我們的收益發布和幻燈片的副本。

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

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

Participants on today's conference call are: Dr. Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President, Chief Financial Officer and Treasurer.

今天電話會議的參與者是：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 some important dates for you.

我想為您強調一些重要的日期。

AMD's next Horizon event is scheduled for Tuesday, November 6, 2018, where we will discuss innovation of AMD's products and technology specifically designed for the data center on industry-leading 7-nanometer process technology.

AMD 的下一次 Horizon 活動定於 2018 年 11 月 6 日星期二舉行，屆時我們將討論 AMD 專為數據中心設計的行業領先 7 納米工藝技術的產品和技術創新。

Dr. Lisa Su, President and Chief Executive Officer will present at the Crédit Suisse 22nd Annual Technology, Media and Teleconference on Tuesday, November 27; and our 2018 fourth quarter quiet time will begin at the close of business on Friday, December 14.

總裁兼首席執行官蘇麗莎博士將於 11 月 27 日星期二出席瑞士信貸第 22 屆年度技術、媒體和電話會議；我們 2018 年第四季度的靜默時間將從 12 月 14 日星期五營業結束時開始。

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

今天的討論包含基於我們目前所看到的環境的前瞻性陳述。

Those statements are based on current beliefs, 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 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，因此涉及可能導致實際結果與我們的預期產生重大差異的風險和不確定性。

We will refer primarily to non-GAAP financial measures 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 today are reconciled to their most directly comparable GAAP financial measure in today's press release posted on our website.

今天引用的非公認會計原則財務指標與今天發佈在我們網站上的新聞稿中最直接可比的公認會計原則財務指標相一致。

Please refer to the cautionary statements in our press release for more information.

請參閱我們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 quarterly report on Form 10-Q for the quarter ended June 30, 2018.

您還可以在我們提交給 SEC 的文件中找到有關我們風險因素的詳細討論，特別是 AMD 的截至 2018 年 6 月 30 日的季度報表 10-Q 季度報告。

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

現在，我將把電話交給麗莎。

Lisa?

麗莎？

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

謝謝你，勞拉，今天所有收聽的人下午好。

We executed well on the third quarter.

我們在第三季度表現良好。

We continued to build momentum for our new products as strong sales of our Ryzen and EPYC processors offset soft GPU channel sales and drove our fifth consecutive quarter of year-on-year revenue growth, increased profitability and margin expansion.

由於銳龍和 EPYC 處理器的強勁銷售抵消了疲軟的 GPU 渠道銷售，並推動了我們連續第五個季度的收入同比增長、盈利能力和利潤率增長，我們繼續為我們的新產品建立動力。

Third quarter revenue was $1.65 billion, an increase of 4% from a year ago.

第三季度收入為 16.5 億美元，同比增長 4%。

Looking at our Computing and Graphics segment, third quarter CG segment revenue increased 12% year-on-year, driven by significant growth in both client processor and OEM GPU sales that offset a larger-than-expected decline in channel GPU sales.

從我們的計算和圖形部門來看，第三季度 CG 部門收入同比增長 12%，這是由於客戶端處理器和 OEM GPU 銷售的顯著增長抵消了渠道 GPU 銷售超出預期的下降。

Ryzen processor sales increased to more than 70% of our total client revenue in the quarter.

Ryzen 處理器銷售額在本季度占我們客戶總收入的 70% 以上。

We delivered our highest processor unit shipments in nearly 4 years and believe we gained desktop and notebook client processor unit share in the quarter, driven by growth with both OEMs and in the channel.

我們交付了近 4 年來最高的處理器單位出貨量，並相信在 OEM 和渠道增長的推動下，我們在本季度獲得了台式機和筆記本電腦客戶端處理器單位份額。

In desktop, we had strong demand for our higher-end Ryzen 7, Ryzen 5 and Ryzen Threadripper processors, helping to drive a double-digit percentage year-over-year and sequential improvement in client processor ASP.

在台式機方面，我們對高端 Ryzen 7、Ryzen 5 和 Ryzen Threadripper 處理器的需求強勁，這有助於推動客戶端處理器 ASP 實現兩位數的同比增長和連續改進。

We expanded our desktop offerings in the quarter, bringing our Zen processor core and Vega graphics to the entry-level part of the market with the Athlon APU and launching our flagship 32-core Threadripper 2 processor.

我們在本季度擴展了我們的桌面產品，通過 Athlon APU 將我們的 Zen 處理器內核和 Vega 顯卡帶入了市場的入門級部分，並推出了我們的旗艦 32 核 Threadripper 2 處理器。

With these new introductions, we now have a top to bottom lineup of client processors based on our high-performance Zen architecture.

通過這些新的介紹，我們現在擁有了基於我們的高性能 Zen 架構的從上到下的客戶端處理器陣容。

In notebooks, Ryzen Mobile processor unit shipments doubled sequentially for the second straight quarter as OEMs ramped production of their latest AMD-based notebooks.

在筆記本電腦方面，隨著 OEM 廠商增加其最新的基於 AMD 的筆記本電腦的產量，銳龍移動處理器的出貨量連續第二個季度翻了一番。

54 of the 60 Ryzen processor-based notebooks planned for 2008 (sic) [2018] have launched, with the final notebooks expected to go on sale this quarter.

計劃在 2008 年（原文如此）[2018] 推出的 60 款基於 Ryzen 處理器的筆記本電腦中的 54 款已經推出，最終的筆記本電腦預計將在本季度開始銷售。

Based on the success of first-generation Ryzen Mobile notebooks, the expanded breadth of our customer engagements and our design win momentum, we are on track for an even larger assortment of AMD-powered notebooks in 2019.

基於第一代銳龍移動筆記本電腦的成功、我們客戶參與度的擴大以及我們的設計贏得勢頭，我們有望在 2019 年推出更多種類的 AMD 筆記本電腦。

In graphics, the year-over-year revenue decrease was primarily driven by significantly lower channel GPU sales, partially offset by improved OEM and data center GPU sales.

在圖形方面，收入同比下降主要是由於渠道 GPU 銷售顯著下降，部分被 OEM 和數據中心 GPU 銷售改善所抵消。

Channel GPU sales came in lower than expected based on excess channel inventory levels caused by the decline in blockchain-related demand that was so strong earlier in the year.

由於今年早些時候如此強勁的區塊鏈相關需求下降導致渠道庫存過剩，渠道 GPU 銷售額低於預期。

OEM GPU sales in the third quarter increased by a strong double-digit percentage year-over-year as new design wins began to ramp, including first shipments of our mobile Vega GPUs to support new premium notebooks launching this quarter.

第三季度 OEM GPU 銷售額同比強勁增長兩位數百分比，因為新設計的勝利開始增加，包括我們的移動 Vega GPU 的首次出貨，以支持本季度推出的新高端筆記本電腦。

In professional graphics, revenue increased by a double-digit percentage from a year ago, driven by data center GPU sales as we continued to gain traction in this important part of the market.

在專業圖形方面，收入比一年前增長了兩位數，這是由數據中心 GPU 銷售推動的，因為我們在這個重要的市場部分繼續獲得牽引力。

We launched the Radeon Pro WX 8200 GPU for workstations in the quarter, delivering the world's best workstation graphics performance under $1,000 on real-time visualization, VR and photorealistic editing workloads.

我們在本季度推出了用於工作站的 Radeon Pro WX 8200 GPU，在實時可視化、VR 和照片級編輯工作負載上提供了世界上最好的工作站圖形性能，價格低於 1,000 美元。

We remain on track to launch the industry's first 7-nanometer data center GPU this quarter.

我們仍有望在本季度推出業界首款 7 納米數據中心 GPU。

Customer interest in the product is strong based on its performance and differentiated feature set, and we have already secured multiple data center wins with shipments expected to begin in the fourth quarter.

基於其性能和差異化的功能集，客戶對該產品的興趣非常濃厚，我們已經贏得了多個數據中心的勝利，預計將於第四季度開始出貨。

We continued to increase investments in GPU hardware and software to deliver industry-leading products that we believe will drive growth in the gaming, professional and data center markets.

我們繼續增加對 GPU 硬件和軟件的投資，以提供行業領先的產品，我們相信這些產品將推動遊戲、專業和數據中心市場的增長。

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。

Third quarter revenue decreased 5% year-on-year primarily based on semi-custom sales declining, as expected, as current generation consoles entered their sixth year.

第三季度收入同比下降 5%，主要是由於半定制銷售下降，正如預期的那樣，因為當前一代遊戲機進入第六個年頭。

In server, we delivered our third straight quarter of strong double-digit percentage sequential revenue and unit shipment growth.

在服務器方面，我們連續第三個季度實現了強勁的兩位數百分比連續收入和單位出貨量增長。

We are seeing the largest demand for our top of the stack 24- and 32-core EPYC processors, which combine industry-leading core count and I/O to deliver performance advantages across cloud, virtualization and HPC workloads.

我們看到對我們的頂級 24 核和 32 核 EPYC 處理器的需求最大，它們結合了行業領先的核心數量和 I/O，可在雲、虛擬化和 HPC 工作負載中提供性能優勢。

We continued to accelerate engagements with our cloud service providers, highlighted by yesterday's announcement that Oracle launched new AMD-powered emphasis that offer significant TCO and performance advantages on general-purpose cloud workloads and Oracle applications.

我們繼續加快與我們的雲服務提供商的合作，昨天宣布甲骨文推出了新的 AMD 支持的重點，為通用雲工作負載和甲骨文應用程序提供顯著的總體擁有成本和性能優勢，突出了這一點。

We expect additional Tier 1 cloud service providers to announce availability of new EPYC processor deployment this quarter.

我們預計更多的一級雲服務提供商將在本季度宣布新的 EPYC 處理器部署的可用性。

We secured multiple new customer wins on the HPC front, including Microsoft's announcement they would offer an EPYC processor-based supercomputing instance, and that Haas Racing has chosen Cray to build an EPYC-powered supercomputer to improve their computational fluid dynamics modeling for future cars.

我們在 HPC 方面贏得了多個新客戶，包括微軟宣布他們將提供基於 EPYC 處理器的超級計算實例，以及 Haas Racing 選擇 Cray 來構建由 EPYC 驅動的超級計算機，以改進其未來汽車的計算流體動力學建模。

Turning to enterprise adoption.

轉向企業採用。

We continue to build a strong pipeline and accelerate the ongoing ramps of EPYC-based offerings from the major OEMs, including Cisco, Dell and HP Enterprise.

我們將繼續建立強大的管道，並加速來自主要 OEM 的基於 EPYC 的產品的持續增長，包括 Cisco、Dell 和 HP Enterprise。

In the third quarter, we added dozens of new end customers across oil and gas, health care, aerospace, banking and other industries based on the superior performance of EPYC processors in both data analytics and general-purpose virtualized workloads.

在第三季度，基於 EPYC 處理器在數據分析和通用虛擬化工作負載方面的卓越性能，我們在石油和天然氣、醫療保健、航空航天、銀行和其他行業新增了數十個終端客戶。

We began sampling our next-generation Rome server chip broadly across our customer base in the third quarter, and the feedback on this leadership product is very strong.

我們在第三季度開始在我們的客戶群中廣泛地對我們的下一代羅馬服務器芯片進行抽樣，並且對該領先產品的反饋非常強烈。

As a result, cloud and OEM customers are engaging earlier, deeper and more collaboratively with us on both Rome and our long-term data center road map.

因此，雲和 OEM 客戶在羅馬和我們的長期數據中心路線圖上與我們進行更早、更深入和更協作的互動。

We remain on track to exit the year with mid-single-digit server unit market share based on cloud customer adoption.

基於雲客戶採用率，我們仍有望以中個位數的服務器單位市場份額退出今年。

And based on our strong competitive position and broad customer engagements, we believe we can achieve double-digit server unit share with Rome.

基於我們強大的競爭地位和廣泛的客戶參與，我們相信我們可以與羅馬實現兩位數的服務器單位份額。

In closing, 2018 remains an inflection point for AMD as we expect to exit the year with well over 50% of our revenue coming from new products, driving significant margin expansion.

最後，2018 年仍然是 AMD 的轉折點，因為我們預計今年將有超過 50% 的收入來自新產品，從而推動利潤率大幅增長。

The foundational changes we have made across the business to strengthen our execution, and the investments we have made to deliver a leadership Computing and Graphics road map are paying off.

我們為加強執行力而在整個業務範圍內進行的根本性變革，以及我們為提供領先的計算和圖形路線圖所做的投資正在獲得回報。

Our current generations of high-performance CPUs and GPUs are doing very well in market, putting us on track to increase profitability, grow revenue and expand margin for the second straight year.

我們當前幾代的高性能 CPU 和 GPU 在市場上表現非常出色，使我們有望連續第二年提高盈利能力、增加收入和擴大利潤。

We see significant opportunities to build on this momentum as we transition to our next generations of high-performance products and launch the industry's first 7-nanometer x86 CPUs and discrete GPUs over the coming quarters.

隨著我們過渡到下一代高性能產品並在未來幾個季度推出業界首款 7 納米 x86 CPU 和離散 GPU，我們看到了利用這一勢頭的重大機遇。

Demand for our high-performance computing offerings remains strong, and our product portfolio and competitive positioning are getting stronger.

對我們高性能計算產品的需求依然強勁，我們的產品組合和競爭定位也越來越強。

We remain focused on executing our strategy and delivering our leadership product road map.

我們仍然專注於執行我們的戰略並提供我們的領先產品路線圖。

Now I would like to turn the call over to Devinder to provide some additional color on our third quarter financial performance.

現在我想把電話轉給 Devinder，為我們的第三季度財務業績提供一些額外的色彩。

Devinder?

德溫德？

Thank you, Lisa.

謝謝你，麗莎。

Good afternoon, everyone.

大家下午好。

Q3 was a good quarter for AMD as revenue, operating margin and earnings per share grew year-over-year.

由於收入、營業利潤率和每股收益同比增長，第三季度對 AMD 來說是一個不錯的季度。

Gross margin was 40%, highlighted by the continuing ramp of our new Ryzen and EPYC products.

毛利率為 40%，這得益於我們新銳龍和 EPYC 產品的持續增長。

We strengthened the balance sheet, reduced long-term debt by $97 million and further improved our gross leverage.

我們加強了資產負債表，將長期債務減少了 9700 萬美元，並進一步提高了我們的總槓桿率。

Quarterly revenue of $1.65 billion was up 4% year-over-year, driven by higher Computing and Graphics segment revenue with higher client revenue more than offsetting global graphics revenue; third quarter revenue including IP-related revenue, of which $86 million was related to our THATIC joint venture.

季度收入為 16.5 億美元，同比增長 4%，這主要得益於計算和圖形部門收入增加，客戶收入增加超過了全球圖形收入的影響；第三季度收入包括 IP 相關收入，其中 8600 萬美元與我們的 THATIC 合資企業有關。

Gross margin was 40%, up 390 basis points year-over-year, primarily driven by the ramp of new products, including Ryzen and EPYC processors.

毛利率為 40%，同比增長 390 個基點，主要受銳龍和 EPYC 處理器等新產品的推動。

On a sequential basis, gross margin was up 280 basis points primarily driven by IP-related revenue and the ramp of new products.

毛利率環比增長 280 個基點，主要受 IP 相關收入和新產品增長的推動。

Excluding IP-related revenue and memory and inventory-related adjustments, third quarter gross margin would have been 2 percentage points lower.

排除與 IP 相關的收入以及與內存和庫存相關的調整，第三季度毛利率將下降 2 個百分點。

Operating expenses grew 12% year-over-year to $476 million, driven by R&D investments in our product road maps and incremental go-to-market investments.

運營費用同比增長 12% 至 4.76 億美元，這得益於我們對產品路線圖的研發投資和增量上市投資。

Operating income grew to $186 million from $148 million a year ago.

營業收入從一年前的 1.48 億美元增長到 1.86 億美元。

Operating margin was 11%, and both business segments recorded double-digit operating margin percentage.

營業利潤率為 11%，兩個業務部門的營業利潤率均錄得兩位數。

Net income was $150 million compared to $100 million a year ago.

淨收入為 1.5 億美元，而一年前為 1 億美元。

Non-GAAP diluted earnings per share, using a diluted share count of 1,177,000,000, was $0.13 compared to $0.09 per share a year ago.

使用 1,177,000,000 股攤薄後的非公認會計原則攤薄後每股收益為 0.13 美元，而一年前為每股 0.09 美元。

Now turning to the business segment results.

現在轉向業務部門的結果。

Computing and Graphics segment revenue was $938 million, up 12% year-over-year.

計算和圖形部門收入為 9.38 億美元，同比增長 12%。

Revenue growth was driven primarily by strong Ryzen product sales as we expanded our client compute offerings in the quarter.

收入增長主要是由強勁的銳龍產品銷售推動的，因為我們在本季度擴大了客戶計算產品。

Ryzen products accounted for more than 70% of client revenue, up from approximately 60% last quarter as we saw strength in both desktop and notebook offerings across OEM and channel partners.

Ryzen 產品佔客戶收入的 70% 以上，高於上一季度的約 60%，因為我們看到 OEM 和渠道合作夥伴的台式機和筆記本電腦產品都表現強勁。

In graphics, channel GPU sales were down year-over-year, partially offset by strong Radeon data center and OEM GPU demand.

在圖形方面，渠道 GPU 銷量同比下降，部分被強勁的 Radeon 數據中心和 OEM GPU 需求所抵消。

For comparative purposes, third quarter 2017 blockchain-related GPU sales were approximately high single-digit percent of overall AMD revenue, while blockchain revenue in the third quarter of this year was negligible.

出於比較目的，2017 年第三季度與區塊鏈相關的 GPU 銷售額約佔 AMD 總收入的個位數百分比，而今年第三季度的區塊鏈收入微不足道。

Computing and Graphics segment operating income was $100 million or 11% of segment revenues compared to operating income of $73 million a year ago.

計算和圖形部門的營業收入為 1 億美元，佔部門收入的 11%，而一年前的營業收入為 7300 萬美元。

The increase was primarily driven by a richer client product mix and IP-related revenue, partially offset by lower graphics revenue.

這一增長主要是由更豐富的客戶產品組合和 IP 相關收入推動的，部分被較低的圖形收入所抵消。

Enterprise, Embedded and Semi-Custom revenue was $715 million, down 5% year-over-year.

企業、嵌入式和半定制收入為 7.15 億美元，同比下降 5%。

The year-over-year revenue decrease was driven primarily by lower semi-custom product and IP-related revenue, partially offset by higher server sales.

收入同比下降主要是由於半定制產品和 IP 相關收入下降，部分被服務器銷售額增加所抵消。

For the third quarter in a row, EPYC processor units and revenue grew by strong double-digit percentages quarter-over-quarter.

EPYC（霄龍）處理器單元和收入連續第三個季度環比增長兩位數。

EESC operating income was $86 million or 12% of segment revenue.

EESC 營業收入為 8600 萬美元，佔部門收入的 12%。

This is up from operating income of $74 million a year ago primarily due to a richer server and semi-custom product mix.

這高於一年前的 7400 萬美元的營業收入，這主要歸功於更豐富的服務器和半定制產品組合。

Turning to the balance sheet.

轉向資產負債表。

Our cash, cash equivalents and marketable securities totaled $1.06 billion at the end of the quarter, and we generated free cash flow of $62 million.

截至本季度末，我們的現金、現金等價物和有價證券總計 10.6 億美元，產生了 6200 萬美元的自由現金流。

Inventory was down sequentially from $750 million to $738 million.

庫存從 7.5 億美元連續下降至 7.38 億美元。

Total principal debt was $1.6 billion as we reduced our long-term debt by $97 million in the quarter.

由於我們在本季度將長期債務減少了 9700 萬美元，本金債務總額為 16 億美元。

Term debt due in March 2019 is down to $66 million, and beyond that, there are no term debt maturities until 2022.

2019 年 3 月到期的定期債務降至 6600 萬美元，除此之外，在 2022 年之前沒有到期債務。

Adjusted EBITDA was $227 million compared to $184 million a year ago, and on a trailing 12-month basis, adjusted EBITDA was $709 million, resulting in gross debt leverage of 2.2x.

調整後 EBITDA 為 2.27 億美元，而一年前為 1.84 億美元，在過去 12 個月的基礎上，調整後 EBITDA 為 7.09 億美元，總債務槓桿率為 2.2 倍。

Now turning to our financial outlook.

現在轉向我們的財務前景。

For the fourth quarter 2018, AMD expects revenue to be approximately $1.45 billion, plus or minus $50 million.

AMD 預計 2018 年第四季度的收入約為 14.5 億美元，上下浮動 5000 萬美元。

This would be an increase of approximately 8% year-over-year driven by sales growth of Ryzen, EPYC and data center GPU products.

在銳龍、EPYC 和數據中心 GPU 產品的銷售增長的推動下，這將同比增長約 8%。

For comparative purposes, Q4 2017 revenue was $1.34 billion adjusted for the ASC 606 revenue accounting standard and included blockchain-related GPU sales of approximately low double-digit percent of overall AMD revenue.

出於比較目的，根據 ASC 606 收入會計標準調整後的 2017 年第四季度收入為 13.4 億美元，其中與區塊鏈相關的 GPU 銷售額約佔 AMD 總收入的兩位數百分比。

Sequentially, the midpoint of fourth quarter revenue outlook would be a decrease of approximately 12%, driven primarily by lower semi-custom sales.

隨後，第四季度收入前景的中點將下降約 12%，主要受半定制銷售額下降的推動。

In addition, for Q4 2018, we expect non-GAAP gross margin to be approximately 41%, up from 34% in the prior year driven by the ramp of Ryzen, EPYC and data center GPU processor sales; non-GAAP operating expenses to be approximately $465 million; non-GAAP interest expense, taxes and other to be approximately $30 million; and free cash flow to be positive.

此外，由於銳龍、EPYC 和數據中心 GPU 處理器銷量的增長，我們預計 2018 年第四季度非美國通用會計準則毛利率約為 41%，高於去年的 34%；非公認會計原則的運營費用約為 4.65 億美元；非公認會計原則的利息費用、稅收和其他費用約為 3000 萬美元；自由現金流為正。

For the full year 2018, we continue to expect annual revenue growth of mid-20s percent and to be free cash flow positive, and we now expect non-GAAP gross margin in excess of 38%.

對於 2018 年全年，我們繼續預計年收入增長 20% 左右，自由現金流為正數，我們現在預計非 GAAP 毛利率將超過 38%。

In closing, the third quarter was a good quarter as we continue to ramp our new products.

最後，第三季度是一個不錯的季度，因為我們繼續推出新產品。

This momentum is driving improvement in our financial results against a backdrop of expanding customer demand as we prepare to ship and launch our first 7-nanometer GPU products before the end of the year.

隨著我們準備在今年年底之前交付和推出我們的第一款 7 納米 GPU 產品，在客戶需求不斷擴大的背景下，這種勢頭正在推動我們財務業績的改善。

We are executing on our strategy and investment and financial priorities as we continue making excellent progress towards our long-term target financial model.

我們正在執行我們的戰略、投資和財務優先事項，因為我們繼續朝著我們的長期目標財務模型取得良好進展。

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

有了這個，我將把它轉回給 Laura 進行問答環節。

Laura?

勞拉？

Thank you, Devinder.

謝謝你，德溫德。

Operator, we're ready for our first question.

接線員，我們準備好回答第一個問題了。

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

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

First question, if I may, Lisa, as you look into the fourth quarter and maybe discuss also the third quarter, can you just review the important puts and takes on the revenues, on the microprocessor and GPU side separately?

第一個問題，Lisa，如果我可以的話，當你展望第四季度並且可能還會討論第三季度時，你能不能分別回顧一下微處理器和 GPU 方面的重要收入和收入？

And I know you don't like to discuss the competition, but I think there are some unique things going on in the competitive environment.

我知道你不喜歡討論競爭，但我認為競爭環境中發生了一些獨特的事情。

I think there's a view that Intel is capacity-constrained in -- with NVIDIA's new product launches, how is that impacting how we should be thinking about the revenues?

我認為有一種觀點認為英特爾的產能受限——隨著 NVIDIA 的新產品發布，這對我們應該如何考慮收入有何影響？

Yes.

是的。

Mark, thanks for the question.

馬克，謝謝你的問題。

So let me take those in order here.

所以讓我在這裡整理一下。

So if we just look at the third quarter revenue, I would say that we did see a shift in our revenue mix as we went through the third quarter.

因此，如果我們只看第三季度的收入，我會說我們確實在第三季度看到了收入組合的變化。

Looking at the individual product lines, we had expected that the client business would be strong as we were ramping quite a few new notebook OEM systems as well as we have strong desktop product portfolio.

從各個產品線來看，我們曾預計客戶業務會很強勁，因為我們正在推出相當多的新筆記本 OEM 系統以及我們擁有強大的台式機產品組合。

And we saw the client business was strong.

我們看到客戶業務很強勁。

It was actually up probably a bit stronger than we expected.

它實際上可能比我們預期的要強一些。

The server business also performed quite well.

服務器業務也表現不錯。

In the graphics business, we had our OEM and data center compute business performing well, but we did see the softness in the channel that was larger than we expected, and that was due to some of the channel inventory comments that I made earlier.

在圖形業務方面，我們的 OEM 和數據中心計算業務表現良好，但我們確實看到渠道的疲軟程度超出了我們的預期，這是由於我之前對渠道庫存的一些評論。

Now as you shift into the fourth quarter, I think what we see is that our fourth quarter revenue mix really mixes towards the new products.

現在，當您進入第四季度時，我認為我們看到的是我們第四季度的收入組合確實與新產品混合在一起。

And so what you see in the product lines are -- you'd see the client business continue to grow, and client is usually seasonally down into the fourth quarter.

所以你在產品線中看到的是——你會看到客戶業務繼續增長，客戶通常會季節性地下降到第四季度。

So we're doing better than seasonality with the client business.

因此，我們在客戶業務方面做得比季節性更好。

We expect the server business to grow as well as we get more traction with our EPYC products, especially in the cloud.

我們預計服務器業務將會增長，並且我們的 EPYC 產品將獲得更多牽引力，尤其是在雲中。

And then we would expect, with our graphics business, that, that will also grow sequentially primarily on the strength of new products around our data center GPUs and the semi-custom business actually will decline sequentially.

然後我們預計，對於我們的圖形業務，這也將主要由於我們數據中心 GPU 周圍新產品的實力而連續增長，而半定制業務實際上將連續下降。

Semi-custom business always declines in fourth quarter.

半定制業務在第四季度總是下滑。

I would say this fourth quarter is a bit more pronounced.

我想說這個第四季度更加明顯。

It gets a bit more pronounced as we get later in the cycle as well as the fact that the 606 accounting regulations tended to pull some of the revenue earlier in the year.

隨著我們在周期的後期以及 606 會計法規傾向於在今年早些時候拉動部分收入這一事實，它變得更加明顯。

But hopefully, that gives you a view of sort of the puts and takes around revenue.

但希望這能讓您了解各種看跌期權和收益。

That's very helpful, and if I follow up if I may.

這很有幫助，如果可以的話，如果我能跟進的話。

I think I heard Devinder say that you're expecting to ship EPYC 2 before the end of this year.

我想我聽到 Devinder 說你們希望在今年年底之前發布 EPYC 2。

And if I think back to a dozen years ago when you had the second-generation server product, that kind of signaled an opportunity for an inflection in the revenues.

如果我回想十幾年前，當你擁有第二代服務器產品時，那是收入出現拐點的信號。

How should we think about EPYC 2 as we go into early next year?

進入明年初，我們應該如何看待 EPYC（霄龍）2？

And what does EPYC 2 bring to your customers that EPYC did not?

EPYC 2 為您的客戶帶來了什麼是 EPYC 沒有的？

Yes.

是的。

So Mark, maybe just a correction.

所以馬克，也許只是一個更正。

So I think Devinder's comment was that our 7-nanometer GPU would ship here in the fourth quarter, and we're on track to launch that here shortly.

所以我認為 Devinder 的評論是我們的 7 納米 GPU 將在第四季度在這裡發貨，我們很快就會在這裡推出。

The second-generation of EPYC, our 7-nanometer CPU, will ship in 2019.

第二代 EPYC（霄龍），我們的 7 納米 CPU，將於 2019 年發貨。

We are broadly sampling it now.

我們現在正在對其進行廣泛採樣。

I think from what we see, the performance is very competitive.

我認為從我們所看到的情況來看，性能非常具有競爭力。

And also, many of our customers have had a chance to really spend time with the first generation of EPYC, get to learn our architecture and do much of the platform bring-up.

而且，我們的許多客戶都有機會真正花時間在第一代 EPYC 上，了解我們的架構並進行大部分平台開發。

So we're excited about what the second generation of EPYC can do for us.

因此，我們對第二代 EPYC（霄龍）能為我們做些什麼感到興奮。

We're -- and we're going to talk a little bit more about that in a couple weeks at our data center event, but we believe that our competitive position gets stronger as we get into 2019.

我們是——我們將在幾週後的數據中心活動中更多地談論這一點，但我們相信隨著我們進入 2019 年，我們的競爭地位會變得更加強大。

Our next question today is coming from Hans Mosesmann from Rosenblatt Securities.

我們今天的下一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Lisa, can you give us the puts and takes -- or Devinder or both, on the gross margin dynamic in Q3?

麗莎，你能給我們提供關於第三季度毛利率動態的看跌期權 - 或 Devinder 或兩者兼而有之嗎？

And also, in Q4?

而且，在第四季度？

Is there an IP component in Q4?

Q4 中是否有 IP 組件？

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

Let me -- maybe let me start and then Devinder can add.

讓我——也許讓我開始，然後 Devinder 可以添加。

So on the gross margin for the third quarter, I think we were up 4% year-on-year.

因此，就第三季度的毛利率而言，我認為我們同比增長了 4%。

We did have an IP component in this year as we had an IP component in the third quarter of last year.

我們今年確實有一個 IP 組件，因為我們在去年第三季度有一個 IP 組件。

The majority of the improvement though was due to the positive product mix, sort of the client and server business really growing year-on-year and with that, improving the product mix.

不過，大部分改進是由於積極的產品組合，客戶端和服務器業務確實逐年增長，並因此改善了產品組合。

As we go into the fourth quarter, there is no IP-related revenue that's planned right now.

隨著我們進入第四季度，目前沒有計劃與 IP 相關的收入。

So with the guide at 41% margin, we really are at the -- let's call it, the low end of our long-term guidance.

因此，在 41% 的利潤率指導下，我們確實處於 - 讓我們稱之為長期指導的低端。

And again, that's on the strength of the product mix.

再說一次，這取決於產品組合的優勢。

It's a very positive product mix for us.

這對我們來說是一個非常積極的產品組合。

The processor business, as we've always said, the new products are accretive to margin.

處理器業務，正如我們一直所說的那樣，新產品會增加利潤。

And so the client business is expected to grow.

因此，客戶業務有望增長。

The server business is expected to grow.

服務器業務有望增長。

The data center GPUs are expected to grow.

數據中心 GPU 預計將增長。

And then there is a portion of that, that is the semi-custom business declining sequentially, but I would say that's the smaller portion.

然後是其中的一部分，即半定制業務連續下降，但我會說這是較小的部分。

It's really the positive product mix that's going into the Q4 guide.

這確實是進入第四季度指南的積極產品組合。

And maybe, Devinder, is there anything you wanted to add?

也許，Devinder，你有什麼想要補充的嗎？

No, I think you covered it, Lisa.

不，我想你涵蓋了它，麗莎。

Thank you.

謝謝你。

Great.

偉大的。

And then a follow-up.

然後是後續行動。

If you don't mind as a follow-up.

如果你不介意作為後續。

As we look into early 2019, what can we expect in terms of seasonality for the semi-custom part of the business and on the PC side just because there are some constraints out there that -- from Intel and so on?

展望 2019 年初，我們對半定制業務和 PC 端業務的季節性有什麼期望，僅僅因為存在一些限制——來自英特爾等？

Yes.

是的。

So look, if you -- Hans, our typical seasonality is the second half of the year is stronger than the first half of the year.

所以看，如果你——漢斯，我們典型的季節性是下半年強於上半年。

As we go into 2019, you would expect that the semi-custom business will be down relative to this year and then you would expect that we're still going to need a bit of time to work through some of this graphics channel inventory that we have.

隨著我們進入 2019 年，您會預計半定制業務將相對於今年有所下降，然後您會預計我們仍然需要一些時間來處理我們的一些圖形渠道庫存有。

But on the positive side, we do see strength in our processor business in both the client and the server side.

但從積極的方面來看，我們確實在客戶端和服務器端看到了我們的處理器業務的實力。

As it relates to the current supply environment, we did see some pockets of constraints in the supply chain around PCs.

由於它與當前的供應環境有關，我們確實在 PC 周圍的供應鏈中看到了一些限制因素。

We saw that towards the end of the third quarter.

我們在第三季度末看到了這一點。

We are increasing our production such that we can satisfy some of that demand.

我們正在增加產量，以滿足部分需求。

And I think that's a short-term statement, but I think on a midterm statement, it's an environment where we're partnering very closely with our OEMs to make sure their requirements are met.

我認為這是一個短期聲明，但我認為在中期聲明中，這是我們與原始設備製造商密切合作以確保滿足他們的要求的環境。

Our next question is coming from Matt Ramsay from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Matt Ramsay。

Lisa, I wanted to follow up a little bit on the last, I guess, couple of sentences in your prior answer there.

麗莎，我想對你之前回答中的最後幾句話進行一些跟進。

There's a lot of things moving in the model near term, but as we think about how you're positioning the company in the client business over the next, I don't know, 24 months or so, with some supply constraints at Intel and some changes in their marketing support for OEMs for some of those programs and their spending, how do you think about how you're positioned with the key top 5 or 6 OEMs in terms of both PC and, I guess, desktop and notebook over the next 24 months?

短期內該模型有很多變化，但是當我們考慮您如何在接下來的客戶業務中定位公司時，我不知道 24 個月左右，英特爾的供應限制和他們對其中一些計劃的 OEM 的營銷支持及其支出發生了一些變化，您如何看待您在 PC 以及台式機和筆記本電腦方面的排名前 5 或 6 名的關鍵 OEM下一個 24 個月？

And sort of what are the puts and takes of how much you're really willing to lean into that business in order to gain unit share?

你真的願意投入多少業務以獲得單位份額？

Yes.

是的。

Matt, thanks for the question.

馬特，謝謝你的問題。

So on the PC business particularly around client processors, I am bullish on that business.

因此，在 PC 業務上，尤其是圍繞客戶端處理器的業務上，我看好該業務。

It's a good business for us.

這對我們來說是一筆好生意。

Our products are very well positioned when you look at both the desktop and notebook segment.

當您查看台式機和筆記本電腦細分市場時，我們的產品定位非常好。

It was important for us to get these new platforms out into the market, and so we have 54 new notebook platforms that are out in the market with a few more to go as we enter -- finish up here the fourth quarter.

將這些新平台推向市場對我們來說很重要，因此我們有 54 個新的筆記本平台已經投放市場，隨著我們的進入還有更多的平台可供選擇——到第四季度結束。

I think the traction that we see in terms of unit shipments, the metric around Ryzen being 70% of our client business -- over 70%, and we expect that to continue to accelerate.

我認為我們在單位出貨量方面看到的牽引力，圍繞 Ryzen 的指標占我們客戶業務的 70%——超過 70%，我們預計這將繼續加速。

So we're bullish on the client business as a good business for us to grow over the next 12 to 24 months.

因此，我們看好客戶業務，認為這是我們在未來 12 到 24 個月內增長的好業務。

Got it.

知道了。

That's helpful.

這很有幫助。

And just as a follow-up, I understand in a couple of weeks, you'll probably be talking a bit more about the data center GPU portfolio.

作為後續行動，據我了解，幾週後，您可能會更多地談論數據中心 GPU 產品組合。

But I guess there's been a lot of movement in software ecosystem as you've been working, and the team has, to develop the MIOpen product in terms of software.

但我想，隨著您一直在工作，並且團隊已經在軟件方面開發 MIOpen 產品，軟件生態系統已經發生了很多變化。

Maybe you could give us a little bit of an update on how you feel that's positioned for Caffe and Tensor, which, I guess, are the 2 key development environments for AI.

也許您可以向我們介紹一下您對 Caffe 和 Tensor 的定位的最新信息，我猜這是 AI 的兩個關鍵開發環境。

And what do you think the long-term prospects for that business are over the next couple of years?

您認為該業務在未來幾年的長期前景如何？

Yes.

是的。

So on the data center GPU business, this will continue to be an area of investment for us.

所以在數據中心 GPU 業務上，這將繼續是我們的投資領域。

I think we've made very nice progress this year.

我認為我們今年取得了非常好的進展。

I think as we finish up the year, we expected to again make good progress.

我認為當我們結束這一年時，我們希望再次取得良好進展。

We have invested in -- on both the hardware and the software side.

我們在硬件和軟件方面都進行了投資。

So I think the 7-nanometer GPU starting shipments here in the fourth quarter is important for us.

所以我認為第四季度的 7 納米 GPU 開始出貨對我們來說很重要。

And on the software side, yes, we will also be updating the status of our software environment.

在軟件方面，是的，我們還將更新軟件環境的狀態。

I think the nice thing is, as we say, the data center is just an enormous opportunity, whether you're talking about CPUs or GPUs, and we're engaging deeply with cloud customers who are spending the time and the resources to optimize to our architecture.

我認為好的一面是，正如我們所說，數據中心只是一個巨大的機會，無論您是在談論 CPU 還是 GPU，我們正在與花費時間和資源進行優化的雲客戶深入接觸我們的架構。

So again, I think it's -- data center tends to take longer from design win to revenue, but we're starting to see some nice signals there.

再說一次，我認為是——數據中心從設計獲勝到收入往往需要更長的時間，但我們開始在那裡看到一些不錯的信號。

Our next question today is coming from Mitch Steves from RBC Capital Markets.

我們今天的下一個問題來自加拿大皇家銀行資本市場的 Mitch Steves。

I had 2 of them really quick.

我有兩個真的很快。

So first is actually on the CPU side, the server side.

所以首先實際上是在 CPU 端，服務器端。

So is there any reason why a 10-nanometer chip wouldn't be able to outperform your 7-nanometer product given that you've already been able to do some of the testing on the server side?

那麼，鑑於您已經能夠在服務器端進行一些測試，為什麼 10 納米芯片無法勝過您的 7 納米產品呢？

Maybe I would answer the question this way.

也許我會這樣回答這個問題。

When we look at our 7-nanometer product and its positioning in 2019 across the server landscape, we feel very good about the positioning.

當我們查看我們的 7 納米產品及其在 2019 年在服務器領域的定位時，我們對定位感覺非常好。

I think it's not just 7-nanometer.

我認為這不僅僅是 7 納米。

7-nanometer is important, but we've also made some significant changes to the architecture as well as how -- sort of the system.

7 納米很重要，但我們也對架構以及系統的方式進行了一些重大更改。

So I think overall, we feel, with the design and process capabilities, that our 7-nanometer products will be quite competitive.

所以我認為總的來說，我們認為，憑藉設計和工藝能力，我們的 7 納米產品將具有相當的競爭力。

Got it.

知道了。

And then secondly from me, in terms of production, I know you guys have kind of given the mid-singles and kind of double-digit market share opportunity in the server side.

其次，就生產而言，我知道你們在服務器端已經獲得了中單和兩位數的市場份額機會。

So is that due to capacity constraint at TSMC?

那是因為台積電的產能限制嗎？

Or is that just due to your own estimates of what type of share you think you can get?

或者這僅僅是因為你自己估計你認為你可以獲得什麼類型的份額？

Well, we have a great relationship with TSMC.

好吧，我們與台積電的關係很好。

I think they're very supportive of our road map in 7-nanometer.

我認為他們非常支持我們的 7 納米路線圖。

So it's not due to any supply constraint.

所以這不是由於任何供應限制。

It's just due to the time that we believe that we'll take for vendors to really qualify new systems.

這只是因為我們相信供應商需要時間來真正驗證新系統。

Got it.

知道了。

Just -- and just one last really small one from me.

只是——而且只有我最後一個非常小的。

The graphics business, the highest blockchain or cryptocurrency quarter was Q1 of '18.

圖形業務，最高的區塊鍊或加密貨幣季度是 18 年第一季度。

Is that correct?

那是對的嗎？

The highest -- it was between Q4 and Q1.

最高的——在第四季度和第一季度之間。

They were pretty close.

他們非常接近。

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

我們的下一個問題來自美銀美林的 Vivek Arya。

For the first one, Lisa, can you help us kind of quantify how much of a headwind was that excess -- the graphics inventory in Q3 and maybe also in Q4 so we can reconcile some of the differences between what you are reporting and guiding versus some of the consensus expectations out there?

對於第一個，麗莎，你能幫我們量化一下這種過剩的逆風有多大——第三季度甚至第四季度的圖形庫存，這樣我們就可以調和你報告和指導的內容與你所報告和指導的內容之間的一些差異那裡的一些共識期望？

Yes, sure, Vivek.

是的，當然，維維克。

So the best thing I can say is when we look at the CG segment, that's a segment -- we're down about $150 million here in the third quarter.

所以我能說的最好的事情是當我們看 CG 部分時，這是一個部分——我們在第三季度減少了大約 1.5 億美元。

We had expected the segment to be down, but we probably expected it to be down about $50 million or so.

我們曾預計該細分市場會下降，但我們可能預計會下降約 5000 萬美元左右。

And if you look at that difference from when we started the quarter, that's entirely the GPU channel.

如果你看一下與我們本季度開始時的差異，那完全是 GPU 渠道。

We had some other puts and takes in there, but it's basically the GPU channel.

我們在那裡有一些其他的投入和投入，但它基本上是 GPU 通道。

As we go into the fourth quarter, we do expect graphics to be up, and that's primarily on the strength of the data center GPU business, and we're modeling the channel as, let's call it, roughly flattish.

隨著我們進入第四季度，我們確實預計圖形會上升，這主要取決於數據中心 GPU 業務的實力，我們將通道建模為，讓我們稱之為大致持平。

It's seasonally about flattish, but given some of the inventory in the channel, that's how we're modeling.

這是季節性的持平，但考慮到渠道中的一些庫存，這就是我們建模的方式。

Does that help?

這有幫助嗎？

Yes.

是的。

So basically, you're saying this problem kind of goes away in Q4 or you're done with it by now.

所以基本上，你是說這個問題在第四季度消失了，或者你現在已經解決了。

Or can it continue to be a headwind in Q4?

還是會在第四季度繼續成為逆風？

Well, we are expecting that it might take a couple of quarters to completely get back to, let's call it, a normal channel.

好吧，我們預計可能需要幾個季度才能完全恢復，讓我們稱之為正常渠道。

However, it is factored into our Q4 guidance.

但是，它已納入我們的第四季度指導。

All right.

好的。

And then the second one, Lisa, is on the server business.

然後第二個，麗莎，從事服務器業務。

So you outlined the target to get to mid-single digit exiting this year.

所以你概述了今年退出中個位數的目標。

Is the next 5% share easier or tougher to get?

下一個 5% 的份額是更容易獲得還是更難獲得？

How do you think your competitor will respond?

你認為你的競爭對手會如何反應？

And how important is it to ramp your 7-nanometer product next year to get towards that -- to make that jump from the 5% to the next target of 10% share?

明年提升你的 7 納米產品以實現這一目標有多重要——從 5% 躍升至 10% 的下一個目標？

Yes.

是的。

So I -- the way I look at it, Vivek, is it's really a continuum.

所以我 - 我看待它的方式，Vivek，它真的是一個連續體。

And the continuum is we have a number of customers that are very actively working with EPYC.

連續體是我們有許多客戶非常積極地與 EPYC 合作。

I think the first 5% does include some cloud customers ramping, and that's important.

我認為前 5% 確實包括一些雲客戶的增長，這很重要。

And then as we go beyond that, we would expect that they're more used to our architecture.

然後，當我們超越這一點時，我們希望他們更習慣於我們的架構。

Our architecture is socket-compatible between the first and second generation.

我們的架構在第一代和第二代之間是套接字兼容的。

We're sampling it now.

我們現在正在取樣。

And so I think the idea is we would like to see some acceleration in that as we bring in the 7-nanometer product, but we'll certainly have to go through that process.

所以我認為這個想法是我們希望在引入 7 納米產品時看到一些加速，但我們肯定必須經歷這個過程。

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, I wanted to ask about graphics trajectory in the next year.

首先，我想問一下明年的圖形軌跡。

I mean, given my math -- I know you talked about maybe $100 million light versus your expectation, but my math suggests that might have fallen as much as $250 million sequentially if you're going to get it at least to the level that it was last year.

我的意思是，考慮到我的數學——我知道你說的可能是 1 億美元的光，而不是你的預期，但我的數學表明，如果你至少要達到它的水平，它可能會連續下降多達 2.5 億美元是去年。

Now if I look at what that trajectory means going further and if I ask you whether or not you thought graphics revenues to be down 20% year-over-year in 2019, like how would you feel about that?

現在，如果我看看這條軌跡意味著什麼，如果我問你是否認為 2019 年圖形收入同比下降 20%，你對此有何看法？

What's your response to that?

你對此有何回應？

Yes.

是的。

Stacy, let me make sure I clarify the first comment and then I'll certainly answer the comment.

斯泰西，讓我確保我澄清了第一條評論，然後我一定會回答評論。

My comment was at the segment level.

我的評論是在細分級別。

So at the segment level, I said we were about $100 million light, and I also said that client performed a little bit better than expected.

所以在細分層面上，我說我們大約有 1 億美元的光，我還說客戶端的表現比預期的要好一點。

So I think you can say that it was probably -- if you -- that should help quantify sort of Q3.

所以我認為你可以說它可能——如果你的話——應該有助於量化第三季度的情況。

When I look at it going forward, I would not expect that type of decline on a year-on-year basis.

當我展望未來時，我預計不會出現這種同比下降。

I think what you'll see is some funky seasonality, right.

我想你會看到一些時髦的季節性，對吧。

So the first half of the year was very strong for graphics.

因此，今年上半年的圖形非常強勁。

I think the first half of '19 will not be very strong for graphics, but we have a number of product launches coming up, and we're pretty excited about some of those product launches.

我認為 19 年上半年的圖形不會很強勁，但我們即將推出許多產品，我們對其中一些產品的推出感到非常興奮。

And so I would view that -- we need to work off some of this channel inventory that's in place and then go back to sort of a more typical seasonality, which would see the second half stronger than the first.

所以我認為 - 我們需要處理一些現有的渠道庫存，然後回到更典型的季節性，這將看到下半年比上半年強。

Does that help?

這有幫助嗎？

Okay.

好的。

That does help.

這確實有幫助。

For my follow-up, I want to ask about the data center GPU.

對於我的後續，我想問一下數據中心GPU。

So you've been talking a lot about that.

所以你一直在談論這個。

You've actually been calling it out as driving, like, some of the growth in the current quarter and going forward.

您實際上一直在稱其為推動本季度和未來的一些增長。

How big is that today?

今天有多大？

I mean, you're calling it out, but like can you give us an order of magnitude?

我的意思是，你說出來了，但是你能給我們一個數量級嗎？

I mean, is it more than $20 million in the quarter at this point?

我的意思是，此時本季度是否超過 2000 萬美元？

Where do you see that going into Q4?

你認為第四季度會發生什麼？

And like what are your expectations as you ramp the 7-nanometer product in the next year?

當您在明年推出 7 納米產品時，您的期望是什麼？

You always have a way of asking the most granular questions.

你總是有辦法提出最細緻的問題。

I don't think it's that granular.

我不認為它是顆粒狀的。

It is more than $20 million.

超過2000萬美元。

We do see it as a driver.

我們確實將其視為驅動程序。

We do see it as more of a driver as we go into 7-nanometer.

當我們進入 7 納米時，我們確實將其視為更多的驅動因素。

And this is one of those cases where typically, the data center products ramp slowly, but as you know, the deployments can sometimes be lumpy and there's good traction on some early design wins.

這是通常情況下數據中心產品增長緩慢的情況之一，但如您所知，部署有時可能是不穩定的，並且對一些早期的設計勝利有很好的吸引力。

And so we expect it to be a meaningful contribution in Q4.

因此，我們預計它將在第四季度做出有意義的貢獻。

Got it.

知道了。

And just one more really quickly.

而且很快就多了一個。

How do you feel about your $0.75 in 2020?

您如何看待 2020 年的 0.75 美元？

You're still holding to that?

你還在堅持嗎？

There are no changes to our long-term financial model at this point.

目前，我們的長期財務模型沒有變化。

Yes, not today.

是的，不是今天。

Not today, okay.

不是今天，好吧。

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

我們今天的下一個問題來自德意志銀行的 Ross Seymore。

I just want to go back to the IP side of things.

我只想回到 IP 方面。

You gave some color about the fact that it's not contributing anything in the fourth quarter, and that's helpful on the gross margin side.

您對它在第四季度沒有任何貢獻的事實給出了一些色彩，這對毛利率方面很有幫助。

But one other detail, Devinder or Lisa, is I think the $86 million you talked about, you said that was a portion of the IP and then you had some other inventory-related changes.

但另一個細節，Devinder 或 Lisa，我認為你談到的 8600 萬美元，你說那是 IP 的一部分，然後你有一些其他與庫存相關的變化。

Can you just give us a little bit more color on the size of those different buckets?

你能給我們更多關於這些不同桶大小的顏色嗎？

How big was IP overall?

IP總體有多大？

Anything there would be helpful.

那裡的任何東西都會有所幫助。

Yes.

是的。

On the IP, I think as we talked about, this $86 million is associated with our THATIC joint venture.

在 IP 方面，我認為正如我們所談到的，這 8600 萬美元與我們的 THATIC 合資企業有關。

There were some other IP, call it, about -- approximately about $35 million in the quarter, and that is why we talked about it in 2 parts.

還有一些其他的 IP，稱之為，大約 - 本季度大約 3500 萬美元，這就是我們分兩部分討論它的原因。

And then as my follow-up.

然後作為我的後續行動。

As I'm looking at the GPU side of things, not to kind of beat the dead horse there too much more, but the ASP side of that equation or pricing side, is the channel inventory clearing dynamic something that also manifests itself on pricing pressure?

當我在看 GPU 方面時，並不是要在那兒打死馬太多，而是該等式或定價方面的 ASP 方面，是渠道庫存清算動態的東西，也體現在定價壓力上?

Or is it just a matter of time to absorb that inventory, which, Lisa, I think you said, was going to be a flat dynamic in the fourth quarter but it sounded like it was going to be returning to a headwind in the first half of next year.

或者吸收庫存只是時間問題，我想你說過，Lisa 在第四季度將是平穩的動態，但聽起來它會在上半年恢復逆風明年的。

Yes -- no.

是——不是。

If that's how it sounded, that's not what I meant.

如果這就是它的聲音，那不是我的意思。

So I would say that the GPU -- let's call it, the weakness in the GPU channel or primarily in the sell-in is, let's call it, for the -- we might see that for the next quarter or 2. But as you look through the overall business, I think -- gamers are still buying GPUs.

所以我會說 GPU——讓我們稱之為 GPU 渠道的弱點，或者主要是在銷售方面的弱點，讓我們稱之為——我們可能會在下一季度或第二季度看到這一點。但正如你縱觀整體業務，我認為——遊戲玩家仍在購買 GPU。

And so this is really a matter of just absorbing some of the first half, let's call it, oversupply as it relates to GPUs and that's translating into a bit weaker sell-in.

因此，這實際上只是吸收上半年的一些問題，我們稱之為供過於求，因為它與 GPU 相關，這意味著銷售量有所減弱。

But we are still tracking the sellout and the sell-through, through the -- to the end customers.

但我們仍在跟踪售罄和銷售情況，通過 - 到最終客戶。

And if I could sneak in one quick one.

如果我能偷偷溜進去一個。

Just OpEx intensity, I know you're not going to guide for OpEx for 2019, but the 26% to 29%, how do we think about where you are in the investment stage where, whether it's the EPYC or the other new products -- EPYC 2, I should say, or the other new products where you kind of get over the hump and you don't need to invest as much?

只是運營支出強度，我知道你不會指導 2019 年的運營支出，而是 26% 到 29%，我們如何看待你在投資階段的位置，無論是 EPYC 還是其他新產品 - - EPYC 2，我應該說，或者其他你可以克服困難並且不需要投資的新產品？

Is that a framework we should think about?

這是我們應該考慮的框架嗎？

Or do you believe the opportunities are big enough and the competitors are spending enough that, that OpEx intensity in that range is likely to persist?

或者您是否認為機會足夠大並且競爭對手的支出足夠大，該範圍內的運營支出強度可能會持續存在？

Well, I think, Ross, if you look on an annual basis for 2008 (sic) [2018] , we'll be approximately 28% of OpEx to revenue.

好吧，我認為，羅斯，如果您以 2008 年（原文如此）[2018] 的年度為基礎，我們將佔運營支出的 28% 左右。

And I think what we've said in the past is we will grow OpEx but we will grow it slower than revenue growth on an annual basis.

而且我認為我們過去所說的是我們將增加運營支出，但我們的增長速度將低於每年的收入增長。

And that's still our philosophy.

這仍然是我們的理念。

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

我們的下一個問題來自摩根士丹利的喬摩爾。

Great.

偉大的。

If you said this, I may have missed it, but can you talk about how much servers grew sequentially in Q3?

如果你這麼說，我可能錯過了，但你能談談第三季度服務器環比增長多少嗎？

I guess you were fairly specific on that point in Q2.

我猜你在第二季度的這一點上相當具體。

I think you said double digits this quarter.

我想你本季度說的是兩位數。

Do you expect to be sort of -- as you talk about it, mid-single digit next quarter, are you kind of half way to that target this quarter?

您是否期望成為-正如您所說的那樣，下個季度中個位數，您是否在本季度實現該目標的一半？

Just help us calibrate where server is.

只需幫助我們校準服務器的位置。

Yes.

是的。

I think, Joe, it'd be fair to say that we have strong double digits this quarter and we'd just say we're about half way.

我認為，喬，公平地說，我們本季度有強勁的兩位數，我們只會說我們已經完成了一半。

I mean, I think that's reasonable, plus or minus.

我的意思是，我認為這是合理的，有正有負。

Okay, great.

好，太棒了。

And then with regards to the 7-nanometer, I know you're going to talk more about this at the product launch, but can you talk about what 7-nanometer itself gives you?

然後關於 7 納米，我知道你會在產品發布會上更多地談論這個，但是你能談談 7 納米本身給你帶來什麼嗎？

Is it -- do you expect there to be a higher sort of clock speed on the microprocessors in the GPUs?

是嗎？您是否希望 GPU 中的微處理器具有更高的時鐘速度？

Is it a better transistor budget?

這是更好的晶體管預算嗎？

Is it better cost per transistor?

每個晶體管的成本更高嗎？

Just what are -- obviously, there's a lot riding on you guys being early in both segments on 7. Can you just talk about the benefit to that?

究竟是什麼 - 顯然，你們在 7 的兩個部分都處於早期階段。你能談談這樣做的好處嗎？

Yes.

是的。

And we will go this -- go through this in a lot more detail on November 6, but at a high level, I think 7-nanometer gives us better density.

我們將在 11 月 6 日更詳細地討論這個問題，但在高層次上，我認為 7 納米給我們提供了更好的密度。

So for a given system, we can put more cores on it.

因此，對於給定的系統，我們可以在其上放置更多內核。

It gives us better power.

它給了我們更好的力量。

So that gives us total cost of ownership, and it does give us better performance as well.

所以這給了我們總擁有成本，它也給了我們更好的性能。

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。

Lisa, congratulations on the strong gross margin results.

麗莎，祝賀毛利率強勁。

I just wanted some clarification.

我只是想澄清一下。

The calendar fourth quarter guidance, does that include IP revenue in the gross margin?

日曆第四季度的指導，是否包括毛利率中的 IP 收入？

And clearly, gross margin is being helped in December by the growth in new products, but it's probably also being helped by the sharp falloff in semi-customs.

很明顯，12 月份新產品的增長對毛利率有所幫助，但半定制產品的急劇下降也可能對毛利率有所幫助。

Should we think about kind of the gross margin level in December as being the new floor off of which you can continue to grow sequentially even as semi-custom comes back seasonally?

我們是否應該將 12 月份的毛利率水平視為新的底線，即使半定制季節性回歸，您也可以繼續按順序增長？

Or how do I think about that?

或者我是怎麼想的？

Then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

So on the gross margin, you know, that was Q4 guidance, there is no assumed IP-related revenue.

所以關於毛利率，你知道，那是第四季度的指導，沒有假設與 IP 相關的收入。

So that's all product.

這就是所有產品。

We do have, as I said earlier, a very positive product mix related to processor side of the business, so the client, the server as well as the data center GPUs.

正如我之前所說，我們確實擁有與業務處理器相關的非常積極的產品組合，包括客戶端、服務器以及數據中心 GPU。

We are helped somewhat by the fact that semi-custom is down, but I would say the much larger piece of that is the product-related growth in new products.

半定制下降的事實在一定程度上幫助了我們，但我想說其中更大的一部分是新產品中與產品相關的增長。

So is this the new floor, Lisa?

麗莎，這是新樓層嗎？

Or is it too hard to tell?

還是說太難了？

I don't know if I would say it's the new floor.

我不知道我是否會說這是新樓層。

I would say that we're very pleased that we're at the lower end of our long-term guidance.

我想說，我們很高興我們處於長期指導的低端。

And certainly, we'll see what the puts and takes are as we go from a quarterly standpoint into 2019.

當然，當我們從季度的角度到 2019 年時，我們會看到看跌期權是什麼。

But on a full year basis in 2018, I think Devinder mentioned this in his prepared remarks, we're now over 38%, and we've really grown margins every quarter over the last number of quarters.

但是在 2018 年全年的基礎上，我認為 Devinder 在他準備好的講話中提到了這一點，我們現在已經超過 38%，而且在過去幾個季度中，我們每個季度的利潤率都確實在增長。

And we're happy with that.

我們對此感到高興。

I think that's the strength of the model.

我認為這就是模型的力量。

We've always said that the strength of the model is improving the product mix, and I think that's what we see here today.

我們一直說模型的優勢在於改進產品組合，我認為這就是我們今天在這裡看到的。

And then Lisa, I apologize if I missed it, but just relative to your Q4 guidance, given some of the capacity issues that your competitor is having, is there any share gain -- incremental share gain assumptions based upon shortage of CPUs?

然後麗莎，如果我錯過了，我深表歉意，但就你的第四季度指導而言，考慮到你的競爭對手所面臨的一些容量問題，是否有任何份額增長——基於 CPU 短缺的增量份額增長假設？

Is that something that should be a tailwind in Q4?

這在第四季度應該是順風嗎？

Or does that take longer, it might be something we don't see in sort of calendar first quarter?

或者這需要更長的時間，這可能是我們在第一季度日曆中看不到的東西？

Any commentary around that would be helpful.

任何有關這方面的評論都會有所幫助。

Yes.

是的。

So we do see some pockets of shortages.

所以我們確實看到了一些短缺。

We are ramping up production.

我們正在提高產量。

I do believe we see some incremental benefit here in the fourth quarter, but I don't want to take away from the fact that we have a strong portfolio and we have a lot of platforms ramping.

我確實相信我們在第四季度看到了一些增量收益，但我不想否認我們擁有強大的投資組合併且我們有很多平台正在增加的事實。

So the client business was always going to be up for us in Q4.

因此，客戶業務在第四季度總是對我們有利。

And are we benefiting a bit from, let's call it, some of the pockets of shortages?

我們是否從一些短缺的口袋中獲益？

Perhaps.

也許。

Our next question today is coming from Aaron Rakers from Wells Fargo.

我們今天的下一個問題來自富國銀行的 Aaron Rakers。

I have 2 as well, if I can.

如果可以的話，我也有2個。

I wanted to go into the semi-custom segment, and we've talked about kind of an elongated or near the end of the life from some of these gaming platforms.

我想進入半定制部分，我們已經討論過一些遊戲平台的壽命延長或接近尾聲。

I'm just kind of curious as how you guys think about that piece of the business as we start to look into 2019?

我只是有點好奇，當我們開始展望 2019 年時，你們如何看待這部分業務？

And is there a point in time where we can start to kind of think about product cycles as driving reacceleration of growth in that segment?

是否有一個時間點，我們可以開始考慮將產品週期視為推動該領域增長的重新加速？

Yes, sure.

是的，當然。

So again, without commenting on any specific design wins, what I would say is in 2019, we will be in the seventh year of the game console cycle.

再說一次，不評論任何具體的設計勝利，我想說的是在 2019 年，我們將進入遊戲機週期的第七個年頭。

And so we do expect it to be down.

所以我們確實預計它會下降。

And if you look at the cycles, you'll see that it's very consistent with previous cycles.

如果您查看周期，您會發現它與之前的周期非常一致。

When we look forward, when I look at what happens beyond 2019, I like our semi-custom business.

當我們展望未來時，當我回顧 2019 年以後發生的事情時，我喜歡我們的半定制業務。

I think it's a good business for us.

我認為這對我們來說是一筆好生意。

I think it continues to be a place where we differentiate ourselves because of our ability to customize for various customers.

我認為它仍然是我們與眾不同的地方，因為我們有能力為各種客戶定制。

And I do see it growing again beyond 2019, and it will continue to be an important part of our business.

而且我確實看到它在 2019 年之後再次增長，它將繼續成為我們業務的重要組成部分。

Okay.

好的。

And then on the channel inventory dynamic, there's a lot of kind of moving parts right now in the market.

然後在渠道庫存動態方面，目前市場上有很多活動部件。

And we've seen, obviously, with the U.S.-China tariff situation, there's then some questions around demand pull-forward or any kind of element around the tariff situation that's impacted demand.

顯然，我們已經看到，在美中關稅形勢下，存在一些關於需求拉動或關稅形勢影響需求的任何因素的問題。

I'm just curious, have you seen anything from your customers that have suggested that there's any -- been any kind of sort of demand pull-forward and any effects on your business as it relates to U.S.-China especially as we start to look into next year, the potential for increased tariffs further?

我只是好奇，你有沒有從你的客戶那裡看到任何暗示存在任何類型的需求拉動以及對你的業務的任何影響，因為它與美中有關，尤其是當我們開始尋找進入明年，關稅進一步提高的可能性？

Yes.

是的。

So we're monitoring the tariff situation very closely.

因此，我們正在密切關注關稅情況。

There's a lot of activity around that.

周圍有很多活動。

I would say from what we see today, we don't see anything material as it relates to the tariffs, whether it's pull-ins or just the overall impact of tariffs.

我想說，從我們今天看到的情況來看，我們沒有看到任何與關稅相關的實質性內容，無論是拉動還是關稅的整體影響。

But we are doing quite a bit to adjust our supply chain, as I'm sure many others are.

但是我們正在做很多工作來調整我們的供應鏈，我相信還有很多其他人也是如此。

So we already had a supply chain that was highly multi-sourced, and so that's very helpful.

所以我們已經有了一個高度多源的供應鏈，這非常有幫助。

And we're adjusting our supply chain to ensure that we have further options such that the tariffs are not a significant impact on our business.

我們正在調整我們的供應鏈，以確保我們有更多的選擇，這樣關稅不會對我們的業務產生重大影響。

Our next question is coming from Harlan Sur from JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

On the weakness in the channel-based GPUs, I'm just wondering if some of the weakness is due to the gaming bans in China.

關於基於通道的 GPU 的弱點，我只是想知道一些弱點是否是由於中國的遊戲禁令。

It looks like China is hindering the introduction of new games, but I'm not sure if it's impacting actual GPU sales and sort of the enthusiast gamers' motivation to kind of move up the stack?

看起來中國正在阻礙新遊戲的推出，但我不確定這是否會影響 GPU 的實際銷售以及狂熱遊戲玩家向上移動的動機？

I don't think we see that specifically, Harlan.

我認為我們沒有特別看到這一點，哈倫。

I think what we're seeing is more -- just we had very strong demand in the first half of this year.

我認為我們看到的更多——只是今年上半年我們的需求非常強勁。

And as the supply chain build up, we're just seeing some excess inventory that needs to be worked through right now.

隨著供應鏈的建立，我們只是看到一些多餘的庫存需要立即解決。

We're not seeing anything specific relative to that China issue you mentioned.

我們沒有看到任何與你提到的中國問題相關的具體內容。

Great.

偉大的。

Thanks for the insight there.

感謝那裡的洞察力。

And then on the Wafer Supply Agreement with GLOBALFOUNDRIES, now that they're not going to be supporting 7-nanometer, you'll be moving, I think, most of your 7-nanometer client products to TSMC, and as of right now, I think you guys still need to pay them a fee for every 7-nanometer product you produce at TSMC, can you just give us an update on the new Wafer Supply Agreement that doesn't include 7-nanometers?

然後在與 GLOBALFOUNDRIES 的晶圓供應協議中，既然他們不會支持 7 納米，我認為您將把大部分 7 納米客戶產品轉移到台積電，截至目前，我認為你們仍然需要為您在台積電生產的每件 7 納米產品支付費用，您能否向我們提供不包括 7 納米的新晶圓供應協議的最新情況？

Obviously, this should be beneficial for your gross margins.

顯然，這應該有利於您的毛利率。

Yes.

是的。

So look, GLOBALFOUNDRIES is a good partner.

所以看，GLOBALFOUNDRIES 是一個很好的合作夥伴。

They continue to be a very important partner for us.

他們仍然是我們非常重要的合作夥伴。

We are in discussions with them about how to update our agreement post their strategy updates.

我們正在與他們討論如何在他們的戰略更新後更新我們的協議。

And we're making good progress on that.

我們在這方面取得了良好的進展。

So we'll give you more detail as we get closer.

因此，隨著我們越來越近，我們將為您提供更多詳細信息。

But overall, they -- GLOBALFOUNDRIES continues to be an important partner for us.

但總的來說，他們——GLOBALFOUNDRIES 仍然是我們的重要合作夥伴。

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。

Just a question to follow up on that THATIC, the $86 million.

只是一個關於那個 8600 萬美元的問題。

My understanding is you had original agreement, you were getting an OpEx off that, and then eventually, if there was product revenue, you'd recognize that revenue with your portion of your ownership on those wafers.

我的理解是你有最初的協議，你從中獲得了運營支出，然後最終，如果有產品收入，你會用你在這些晶圓上的所有權部分來確認收入。

So I'm just kind of curious, what's this $86 million?

所以我只是有點好奇，這 8600 萬美元是什麼？

Is it additional IP?

是額外的IP嗎？

And any color on as to what it's for, if possible.

如果可能的話，還有關於它的用途的任何顏色。

Yes, Blayne.

是的，布萊恩。

So it is related to some additional IP with THATIC.

所以它與THATIC的一些額外IP有關。

And we've completed some technology milestones in this past quarter, and so that's what that was.

我們在上個季度完成了一些技術里程碑，這就是事實。

Got you.

得到你。

And then I want to ask you -- it's well known that there is graphics inventory.

然後我想問你——眾所周知，有圖形庫存。

You mentioned that graphics pricing was down.

您提到圖形價格下降了。

I'm just kind of curious of your expectation for that discounting as we get into the end of the year here.

當我們進入今年年底時，我只是有點好奇你對折扣的期望。

What have you seen and what are you expecting as you look into December?

展望 12 月，您看到了什麼，期待什麼？

Yes.

是的。

We're not expecting any significant changes from an ASP standpoint if that's what you're asking.

如果這是您所要求的，從 ASP 的角度來看，我們預計不會有任何重大變化。

I think what we see is the inventory just has to be worked through, and it's working through the system.

我認為我們看到的只是庫存必須通過，而且它正在通過系統工作。

Our final question is coming from Toshiya Hari from Goldman Sachs.

我們的最後一個問題來自高盛的 Toshiya Hari。

I did join a little bit late.

我確實加入有點晚了。

So I do apologize if you addressed this.

因此，如果您解決了這個問題，我深表歉意。

Lisa, I just had a question on the client CPU business and how you think about market share versus profitability going forward.

Lisa，我剛問了一個關於客戶端 CPU 業務的問題，以及您如何看待市場份額與未來的盈利能力。

Given some of the shortages near term, I'm sure you have the opportunity to pick up share if you wanted to but perhaps at a lower gross margin.

鑑於近期的一些短缺，我相信如果你願意，你有機會獲得份額，但毛利率可能會更低。

So as you think about the client business over the next year or 2, how do you balance market share versus profitability?

因此，當您考慮未來一兩年的客戶業務時，您如何平衡市場份額與盈利能力？

Sure, so the client business is a good business for us from a margin standpoint.

當然，從利潤的角度來看，客戶業務對我們來說是一項很好的業務。

And as we look forward, we look at it as an end-to-end portfolio.

展望未來，我們將其視為端到端的投資組合。

So -- and we really do have an end-to-end portfolio across notebook and desktop.

所以——我們確實有一個跨筆記本和台式機的端到端產品組合。

And our goal is continue to improve the profitability of that business.

我們的目標是繼續提高該業務的盈利能力。

As it relates to unit share, I think unit share is certainly important.

因為它與單位份額有關，我認為單位份額當然很重要。

We look at revenue growth overall as important for that business, but I believe we'll be able to do that at good margins and continue on our margin path.

我們認為整體收入增長對該業務很重要，但我相信我們將能夠以良好的利潤率做到這一點，並繼續我們的利潤率之路。

Thank you.

謝謝你。

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

我們的問答環節已經結束。

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

我想將發言權交還給管理層，以徵求任何進一步或結束的意見。

Thank you very much for joining our conference call today, everyone.

非常感謝大家今天參加我們的電話會議。

This does conclude our call.

這確實結束了我們的通話。

Thank you.

謝謝你。

That does conclude today's teleconference.

今天的電話會議到此結束。

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

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。