超微半導體 (AMD) 2018 Q4 法說會逐字稿

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

您好，歡迎參加 AMD 2018 年第四季和全年電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to turn the call over to Laura Graves. Please go ahead.

現在我很高興將電話轉給勞拉·格雷夫斯。請繼續。

Thank you, and welcome to AMD's Fourth Quarter and Fiscal Year 2018 Conference Call. By now, you should have had the opportunities 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 財年第四季和年度電話會議。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, 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有：我們的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.

這是一場現場通話，將透過我們網站上的網路直播重播。

I would like to highlight some important dates for you. Dr. Lisa Su will present at the Goldman Sachs Technology and Internet Conference on Tuesday, February 12. Also, Ruth Cotter, Senior Vice President of HR Worldwide Marketing and Investor Relations will present at the Susquehanna Annual Technology Conference on Tuesday, March 12; and our 2019 first quarter quiet time will begin at the close of business on Friday, March 15, 2019.

我想向你們強調一些重要的日期。Lisa Su 博士將於 2 月 12 日星期二出席高盛科技與網路大會並發表演講。此外，HR 全球行銷和投資者關係高級副總裁 Ruth Cotter 將於 3 月 12 日星期二出席 Susquehanna 年度技術會議；我們的 2019 年第一季靜默期將於 2019 年 3 月 15 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. We will refer primarily to non-GAAP financial measures 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 herein are reconciled to their most directly comparable GAAP financial measure in today's press release, which is posted on our website.

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。在本次電話會議中，我們將主要參考非 GAAP 財務指標，但收入、毛利率和分部營運表現除外，這些指標是按照 GAAP 報告的。本文引用的非 GAAP 財務指標與今天新聞稿中最直接可比較的 GAAP 財務指標進行了協調，該新聞稿已發佈在我們網站上。

Please refer to the cautionary statements in our 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 September 29, 2018.

請參閱我們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 9 月 29 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. 2018 marked another year of strong financial performance, driven by our expanded high-performance product portfolio despite near-term graphics weakness. We grew annual revenue by 23%, with Ryzen, EPYC and data center GPU product revenue growing by more than $1.2 billion for the year. Our new products gained share and significantly expanded gross margin, leading to our most profitable year since 2011.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。儘管近期圖形市場表現疲軟，但 2018 年仍然是我們財務表現強勁的一年，這得益於我們不斷擴展的高性能產品組合。我們的年收入成長了 23%，其中 Ryzen、EPYC 和資料中心 GPU 產品收入全年成長超過 12 億美元。我們的新產品獲得了市場份額並大幅提高了毛利率，使我們成為自 2011 年以來盈利能力最強的一年。

Looking at the fourth quarter, revenue of $1.42 billion increased 6% from a year ago, with approximately 65% of sales coming from our new products. We reached an important milestone in our business in the quarter as our high-margin data center CPUs and GPUs accounted for a mid-teens percentage of overall revenue. While we expect our data center revenue to be lumpy, the ramp of our data center business is beginning to contribute meaningfully to our financial results.

縱觀第四季度，營收為 14.2 億美元，較去年同期成長 6%，其中約 65% 的銷售額來自我們的新產品。本季度，我們的業務達到了一個重要的里程碑，因為我們的高利潤資料中心 CPU 和 GPU 佔總收入的百分之十幾。雖然我們預期資料中心收入將會不穩定，但資料中心業務的成長開始對我們的財務表現做出有意義的貢獻。

Looking at our Computing and Graphics segment, we delivered our eighth straight quarter of year-over-year segment revenue growth. Sales of Ryzen desktop and notebook processors and data center GPUs offset lower GPU sales as the channel continued working through elevated levels of graphics inventory. Client processor unit shipments grew by more than 50% from the year-ago period. We had our highest client computing revenue in more than 4 years, and we believe we gained client CPU unit share for the fifth straight quarter.

縱觀我們的計算和圖形部門，我們連續第八個季度實現了部門收入同比增長。由於通路繼續處理高水準的顯示卡庫存，Ryzen 桌上型電腦和筆記型處理器以及資料中心 GPU 的銷量抵消了 GPU 銷量的下降。客戶端處理器出貨量較去年同期成長了 50% 以上。我們的客戶端計算收入達到了四年多以來的最高水平，並且我們相信我們的客戶端 CPU 單元份額連續第五個季度增長。

At CES, Acer, Asus, Dell, HP, Huawei, Lenovo and Samsung, all launched notebooks powered by our new second-generation Ryzen mobile processor with Radeon Vega graphics. The second-gen Ryzen mobile processor delivers more performance, enhanced features and longer battery life than any mobile processor we have ever built and is the fastest processor available for ultrathin notebooks.

在 CES 上，宏碁、華碩、戴爾、惠普、華為、聯想和三星都推出了搭載我們全新第二代 Ryzen 行動處理器和 Radeon Vega 顯示卡的筆記型電腦。第二代 Ryzen 行動處理器比我們曾經製造的任何行動處理器具有更高的性能、增強的功能和更長的電池壽命，並且是超薄筆記型電腦上最快的處理器。

The industry's first AMD-based Chromebooks launched earlier this quarter from Acer and HP. We expect additional AMD-based Chromebooks to launch later this year as we expand our participation in this growing portion of the PC market.

本季早些時候，宏碁和惠普推出了業界首款基於 AMD 的 Chromebook。隨著我們擴大對這一日益增長的 PC 市場的參與，我們預計今年稍後將推出更多 AMD 為基礎的 Chromebook。

Based on the competitive positioning of our Ryzen processors, we expect the number of Ryzen systems that we'll launch in 2019 to increase by more than 30% from 2018, with a number of Ryzen notebook systems planned to launch increasing by more than 50%.

基於我們Ryzen處理器的競爭定位，我們預計2019年推出的Ryzen系統數量將比2018年增加30%以上，計畫推出的Ryzen筆電系統數量將增加50%以上。

In graphics, GPU revenue decreased year-over-year, driven largely by lower channel GPU and memory sales, partially offset by a significant increase in data center GPU sales. We saw an improvement in channel GPU sellouts throughout the quarter as our partners continue to drain their inventory. There is still more work to do, but we remain confident we're taking the right actions to further reduce channel inventory.

在圖形方面，GPU 營收年減，主要原因是通路 GPU 和記憶體銷售下降，但資料中心 GPU 銷售的大幅成長部分抵消了這一影響。隨著我們的合作夥伴繼續消耗庫存，我們看到整個季度通路 GPU 銷售情況有所改善。還有很多工作要做，但我們仍然相信我們正在採取正確的行動來進一步減少渠道庫存。

We set a record for professional GPU revenue in the quarter, driven by multiple high-volume wins for our Vega-based data center GPUs. We started shipping our new 7-nanometer Radeon Instinct accelerators in the quarter and introduced a major set of enhancements to our data center GPU software that make it easier for customers to deploy Radeon GPUs for AI and machine learning workloads.

我們在本季創下了專業 GPU 收入的紀錄，這得益於我們基於 Vega 的資料中心 GPU 的多次大批量勝利。我們在本季開始發售新的 7 奈米 Radeon Instinct 加速器，並對我們的資料中心 GPU 軟體進行了一系列重大增強，使客戶可以更輕鬆地為 AI 和機器學習工作負載部署 Radeon GPU。

At CES, we highlighted the significant gaming momentum we are generating for Radeon across consoles, PCs and the cloud. For gamers and creators, we announced our return to the high-end GPU market with the new Radeon VII GPU. Powered by our second-generation Vega graphics core and featuring 16 gigabytes of second-generation high-bandwidth memory, our new 7-nanometer Radeon VII GPU delivers leadership performance in content creation and compute workloads, and is very competitively positioned when running the most demanding AAA games at 4K resolution. In cloud gaming, we announced that Google selected Radeon Pro GPUs to power their game streaming initiative, Project Stream. The performance and differentiated virtualization features of our Radeon Pro GPUs enabled Google to deliver an uncompromised high definition gaming experience on virtually any PC.

在 CES 上，我們強調了我們在遊戲機、個人電腦和雲端為 Radeon 創造的巨大遊戲動力。對於遊戲玩家和創作者，我們宣布攜全新 Radeon VII GPU 重返高階 GPU 市場。我們的全新 7 奈米 Radeon VII GPU 搭載第二代 Vega 圖形核心，配備 16 GB 第二代高頻寬內存，在內容創建和計算工作負載方面提供領先性能，在以 4K 分辨率運行要求最苛刻的 AAA 遊戲時具有極強的競爭力。在雲端遊戲領域，我們宣布 Google 選擇 Radeon Pro GPU 來支援其遊戲串流計畫 Project Stream。我們的 Radeon Pro GPU 的效能和差異化虛擬化功能使 Google 能夠在幾乎任何 PC 上提供不折不扣的高清遊戲體驗。

Turning to our Enterprise, Embedded and Semi-Custom segments, revenue was flat from a year ago as a double-digit percentage decrease in semi-custom revenue was offset by strong growth in EPYC processor sales. As expected, semi-custom sales were down from a year ago based on where we are in the current console cycle. This console generation remains one of the most successful ever as Microsoft and Sony combined have now shipped well in excess of 120 million AMD-powered consoles. Fourth quarter server unit shipments more than doubled sequentially based on growing demand for our highest-end 32-core EPYC processors with cloud, HPC and virtualized enterprise customers. As a result, we believe we achieved our goal of mid-single-digit server unit share exiting 2018.

談到我們的企業、嵌入式和半客製化部門，營收與去年同期持平，因為半客製化營收的兩位數百分比下降被 EPYC 處理器銷售的強勁成長所抵消。正如預期的那樣，根據我們目前所處的控制台週期，半客製化銷售額較一年前有所下降。這一代遊戲機仍然是有史以來最成功的遊戲機之一，因為微軟和索尼加起來已經售出了超過 1.2 億台搭載 AMD 處理器的遊戲機。由於雲端、HPC 和虛擬化企業客戶對我們最高階 32 核心 EPYC 處理器的需求不斷增長，第四季度伺服器出貨量較上季增加了一倍以上。因此，我們相信我們實現了 2018 年底伺服器份額達到中等個位數的目標。

We had another strong quarter of cloud adoption, highlighted by industry-leader Amazon announcing new versions of their most popular EC2 computing instances powered by EPYC processors. Businesses can easily migrate their AWS instances to AMD and save 10% or more based on the technology advantages of our platform.

我們又經歷了雲端運算應用強勁成長的一個季度，其中產業領導者亞馬遜宣布推出由 EPYC 處理器驅動的最受歡迎的 EC2 運算實例的新版本。企業可以輕鬆地將其 AWS 執行個體遷移到 AMD，並基於我們平台的技術優勢節省 10% 或更多。

Microsoft Azure also announced general availability of their AMD-based storage instance in the quarter as well as a new HPC instance, powered by EPYC processors that is 33% faster than competitive x86 offerings. We secured multiple HPC wins in the quarter, including Procter & Gamble, the U.S. Department of Energy and one of Europe's largest supercomputers at the University of Stuttgart's High-Performance Computing Center. Lawrence Livermore labs also announced a new supercomputer featuring both EPYC processors and Radeon Instinct accelerators that will be used for machine learning and big data analytics workloads.

微軟 Azure 也宣布其基於 AMD 的儲存實例以及新的 HPC 執行個體將在本季度全面上市，該執行個體由 EPYC 處理器提供支持，其速度比競爭對手的 x86 產品快 33%。我們在本季度贏得了多項 HPC 大獎，包括寶潔、美國能源部以及斯圖加特大學高效能運算中心的歐洲最大的超級電腦之一。勞倫斯利弗莫爾實驗室也宣布推出一款新型超級計算機，配備 EPYC 處理器和 Radeon Instinct 加速器，將用於機器學習和大數據分析工作負載。

Customer interest in our next-generation Rome server processor remains very high. Rome is expected to deliver 4x the floating-point performance and double the compute performance per socket compared to our current-generation EPYC processors. We publicly demonstrated a single 64-core next-generation EPYC processor outperforming 2 of our competitors' highest-end server processors in multiple workloads. Rome development is proceeding very well, and we are on track to start shipments midyear.

客戶對我們的下一代 Rome 伺服器處理器的興趣仍然很高。與我們目前世代的 EPYC 處理器相比，Rome 預計將提供 4 倍的浮點效能和兩倍的每插槽運算效能。我們公開展示了單一 64 核心新世代 EPYC 處理器在多種工作負載下的表現優於我們競爭對手的兩款最高階伺服器處理器。Rome 的開發進展非常順利，我們預計在年中開始出貨。

I am also pleased to report that we concluded discussions with GLOBALFOUNDRIES on the seventh amendment to our Wafer Supply Agreement. The amendment affirms the strategic partnership with GF for products built at 12-nanometers and above and provides AMD with full sourcing flexibility at the 7-nanometer and below nodes. GF continues to be a critical supplier of AMD's current-generation products and will play a key role in our next-generation Ryzen and EPYC products with our triplet strategy.

我還很高興地報告，我們已經與格芯就晶圓供應協議第七次修訂版完成了討論。該修正案確認了與 GF 在 12 奈米及以上節點產品方面的戰略合作夥伴關係，並為 AMD 提供了 7 奈米及以下節點的全面採購靈活性。GF 繼續成為 AMD 當前世代產品的重要供應商，並將透過我們的三重策略在我們的下一代 Ryzen 和 EPYC 產品中發揮關鍵作用。

In summary, 2018 was another strong year for AMD. Increased adoption of our high-performance products drove a second straight year of double-digit annual revenue growth, expanded gross margins and improved profitability. I would like to thank the more than 10,000 AMD employees whose dedication to building great products have made these results possible.

總而言之，2018 年對 AMD 來說又是強勁的一年。我們高性能產品的普及推動了公司連續第二年實現兩位數的年度收入成長、毛利率提高和獲利能力增強。我要感謝 10,000 多名 AMD 員工，是他們致力於打造出色的產品才使得這些成果成為可能。

While headwinds remain in the graphics channel and macro uncertainties are causing some caution in the first half of 2019, we believe we are well positioned to gain share throughout the year and accelerate growth as we ramp our next-generation 7-nanometer products.

儘管圖形管道仍面臨阻力，宏觀不確定性在 2019 年上半年引發了一些謹慎情緒，但我們相信，隨著我們推出下一代 7 奈米產品，我們有能力在全年獲得份額並加速成長。

As we enter 2019, we are preparing to launch our strongest product portfolio ever. In gaming, we will launch our high-end Radeon VII GPU in February, followed by our next-generation Navi GPUs later in the year. In client computing, we started the year with our second-generation Ryzen mobile processors, and we are on track to launch our third-generation Ryzen desktop processors in the middle of the year. And in the server market, we expect to deliver a significant step function performance increase with the launch of our next-generation Rome processors in the middle of the year.

進入2019年，我們正準備推出迄今為止最強大的產品組合。在遊戲領域，我們將於 2 月推出高階 Radeon VII GPU，並在今年稍後推出新一代 Navi GPU。在客戶端運算領域，我們在今年年初推出了第二代 Ryzen 行動處理器，並計劃在今年年中推出第三代 Ryzen 桌上型電腦處理器。在伺服器市場，我們預計隨著今年年中推出下一代 Rome 處理器，其功能效能將獲得顯著提升。

I am very proud of what we accomplished in 2018 and even more excited about how our long-term investments are set to pay off in 2019.

我對我們 2018 年的成就感到非常自豪，更讓我們興奮的是我們的長期投資將在 2019 年獲得回報。

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

現在我想將電話轉給 Devinder，以便他能為我們的第四季和全年財務表現提供一些額外的資訊。德文德？

Thank you, Lisa, and good afternoon, everyone. 2018 was a strong year for AMD. New product introductions wrought the highest annual revenue since 2011 and a significant improvement in gross margin year-over-year. Earnings per share increased from $0.10 per share in 2017 to $0.46 per share in 2018. Full year 2018 revenue was $6.48 billion, up 23% year-on-year, driven by strong performance in the Computing and Graphics segment with significant growth in Ryzen processor sales. Although there was weakness in the graphics channel in the second half of the year, we saw strength in data center CPUs and GPUs. Gross margin was 39%, up 440 basis points from the prior year. Gross margin improvements are primarily driven by our new Ryzen, EPYC and Radeon products. Operating expenses were 29% of revenue, an improvement of 2 percentage points from the prior year. For the full year, operating income was $633 million, up $409 million from $224 million in the prior year. Net income was $514 million, up $411 million, compared to net income of $103 million in the prior year. On the balance sheet, we reduced principal debt by $171 million and improved gross leverage significantly from 4.6x a year ago to 1.9x at the end of 2018.

謝謝你，麗莎，大家午安。2018 年對 AMD 來說是強勁的一年。新產品的推出帶來了2011年以來最高的年度收入，並且毛利率比去年同期大幅提高。每股收益從 2017 年的每股 0.10 美元增至 2018 年的每股 0.46 美元。2018 年全年營收為 64.8 億美元，年成長 23%，這得益於運算和圖形部門的強勁表現以及 Ryzen 處理器銷量的顯著成長。儘管下半年圖形頻道表現疲軟，但我們看到資料中心 CPU 和 GPU 表現強勁。毛利率為39%，較前一年上升440個基點。毛利率的提高主要得益於我們的新 Ryzen、EPYC 和 Radeon 產品。營業費用佔收入的29%，較上年提高2個百分點。全年營業收入為 6.33 億美元，比前一年的 2.24 億美元增加 4.09 億美元。淨收入為 5.14 億美元，較上年的 1.03 億美元淨收入成長 4.11 億美元。在資產負債表上，我們將本金債務減少了 1.71 億美元，並將總槓桿率從一年前的 4.6 倍大幅提高到 2018 年底的 1.9 倍。

Let me turn to the details of the fourth quarter results. Fourth quarter revenue gross margin, operating margin and earnings per share all improved year-on-year. Quarterly revenue of $1.42 billion was up 6% from a year ago. Strong sales of Ryzen and EPYC processors and data center GPUs more than offset lower channel GPU and semi-custom sales during the quarter. Fourth quarter 2018 revenue did not include any IP-related revenue, and blockchain-related GPU revenue was negligible.

讓我來談談第四季業績的細節。第四季營收毛利率、營業利益率、每股盈餘均較去年同期提升。季度營收為 14.2 億美元，較去年同期成長 6%。本季度，Ryzen 和 EPYC 處理器以及資料中心 GPU 的強勁銷售足以抵消通路 GPU 和半客製化銷售的下降。2018 年第四季的收入不包括任何與 IP 相關的收入，與區塊鏈相關的 GPU 收入微不足道。

Gross margin was 41%, up 740 basis points from 34% a year ago. Year-on-year gross margin improvement was driven primarily by the ramp of Ryzen and EPYC processor sales. Gross margin has increased year-over-year for 7 consecutive quarters, driven by a higher percentage of revenue from new products. Fourth quarter 2018 gross margin excludes a $45 million write-down of all the technology licenses that are no longer being used. Operating expenses grew 9% year-over-year to $474 million and remained approximately flat as a percentage of revenue from the year-ago period. We continue to invest in our product road map and go-to-market activities as we gain market share in important markets.

毛利率為41%，較去年同期的34%上升740個基點。毛利率年增率主要得益於 Ryzen 和 EPYC 處理器銷量的成長。毛利率連續7季年增，主要得益於新產品營收佔比的提高。2018 年第四季的毛利率不包括所有不再使用的技術許可證的 4500 萬美元減記。營運費用年增 9% 至 4.74 億美元，佔營收的百分比與去年同期基本持平。隨著我們在重要市場中獲得市場份額，我們將繼續投資於我們的產品路線圖和上市活動。

Operating income was $109 million, up $90 million from $19 million a year ago. Operating margin was 8%, up from less than 2% last year. Net income was $87 million compared to $8 million a year ago. Q4 2018 net income excludes a withholding tax refund plus interest of $43 million related to an IP litigation settlement from 2010. Diluted earnings per share using a diluted share count of 1,180,000,000 was $0.08 per share compared to $0.01 per share a year ago.

營業收入為 1.09 億美元，比去年的 1,900 萬美元增加了 9,000 萬美元。營業利益率為 8%，高於去年的不到 2%。淨收入為 8700 萬美元，而去年同期為 800 萬美元。2018 年第四季淨收入不包括預扣稅退款以及與 2010 年智慧財產權訴訟和解相關的 4,300 萬美元利息。以稀釋股份數 1,180,000,000 計算，每股稀釋收益為 0.08 美元，去年同期為每股 0.01 美元。

Now turning to the business segment results. Computing and Graphics segment revenue was $986 million, up 9% year-over-year. Revenue growth was driven primarily by continued strong Ryzen desktop product sales and the adoption of second-generation Ryzen mobile processors, largely offset by lower channel GPU and memory sales compared to the prior year. Ryzen products continued to ramp and were greater than 80% of total client revenue, driven by OEM and channel momentum. In graphics, sales were down year-over-year due to negligible blockchain-related revenue in the fourth quarter of 2018 as well as elevated levels of [tropics] inventory in the channel. Total graphics revenue grew sequentially, driven by strong Radeon data center GPU sales.

現在來談談業務部門的業績。計算和圖形部門收入為 9.86 億美元，年增 9%。營收成長主要得益於 Ryzen 桌上型電腦產品持續強勁的銷售以及第二代 Ryzen 行動處理器的採用，但與去年相比，通路 GPU 和記憶體銷售額的下降在很大程度上抵消了這一成長。在 OEM 和通路動力的推動下，Ryzen 產品持續成長，佔客戶總收入的 80% 以上。從圖表來看，由於 2018 年第四季區塊鏈相關收入微不足道，以及通路中 [tropics] 庫存水準升高，銷售額較去年同期下降。受 Radeon 資料中心 GPU 強勁銷售的推動，總圖形收入環比成長。

Computing and Graphics operating segment income was $115 million compared to $33 million a year ago. The increase was driven primarily by strength in Ryzen product sales and significantly higher ASPs in both desktop and notebook compared to a year ago.

計算和圖形營運部門收入為 1.15 億美元，而去年同期為 3,300 萬美元。這一成長主要得益於 Ryzen 產品銷售強勁以及桌上型電腦和筆記型電腦的平均售價較去年同期大幅上漲。

Enterprise, Embedded and Semi-Custom revenue was $433 million, flat from the prior year. Server revenue growth was offset by lower semi-custom revenue. EPYC processor units more than doubled sequentially, driving significant growth in data center revenue in the quarter. EESC segment operating loss was $6 million compared to a loss of $13 million a year ago. The improvement due to higher EPYC processor revenue was partially offset by lower semi-custom revenue and continued engineering and go-to-market investments in the server business.

企業、嵌入式和半客製化收入為 4.33 億美元，與去年持平。伺服器收入的成長被半客製化收入的下降所抵消。EPYC處理器銷售量較上季成長了一倍以上，推動了本季資料中心營收的大幅成長。EESC 部門的營運虧損為 600 萬美元，而去年同期的虧損為 1,300 萬美元。EPYC 處理器收入增加帶來的改善被半客製化收入的下降以及伺服器業務持續的工程和上市投資部分抵消。

Turning to the balance sheet. Our cash, cash equivalents and marketable securities totaled $1.16 billion at the end of the quarter. We generated free cash flow of $79 million in the quarter. Free cash flow was a negative $129 million for the full year primarily due to growth in inventory related to new products and the timing of collections. Inventory was $845 million, up $107 million sequentially, primarily due to the ramp of new products. Total principal debt was $1.5 billion as we further reduced term debt by $60 million during the [fourth] quarter, resulting in total debt reduction of $171 million during 2018. We expect to pay off the remaining $66 million of 2019 term debt in March 2019, and beyond that, there are no long-term debt maturities until 2022.

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 11.6 億美元。本季我們產生了 7,900 萬美元的自由現金流。全年自由現金流為負 1.29 億美元，主要原因是與新產品相關的庫存成長以及收款時間。庫存為 8.45 億美元，比上一季增加 1.07 億美元，主要由於新產品的增加。總本金債務為 15 億美元，因為我們在第四季度進一步減少了 6,000 萬美元的定期債務，導致 2018 年全年債務總額減少了 1.71 億美元。我們預計將於 2019 年 3 月償還剩餘的 6,600 萬美元 2019 年定期債務，此後直到 2022 年都沒有長期債務到期。

Adjusted EBITDA was $152 million compared to $58 million a year ago, and on a trailing 12-month basis, adjusted EBITDA was $803 million, more than doubling year-over-year. Gross leverage was 1.9x as we ended 2018, and we are pleased to have achieved our long-term gross leverage target of less than 2x.

調整後的 EBITDA 為 1.52 億美元，而去年同期為 5,800 萬美元；在過去 12 個月中，調整後的 EBITDA 為 8.03 億美元，年成長一倍以上。截至 2018 年底，總槓桿率為 1.9 倍，我們很高興實現了低於 2 倍的長期總槓桿率目標。

Before turning to our financial outlook, let me discuss our Wafer Supply Agreement with GLOBALFOUNDRIES. Today, the seventh amendment of the WSA spans from January 2019 through March 2024. It establishes purchase commitments and pricing at 12-nanometer and above for the years 2019 through 2021. The amendment also provides AMD full sourcing flexibility at 7-nanometer and beyond without any onetime payments or royalties for products purchased from other foundries.

在談到我們的財務前景之前，讓我先討論一下我們與格芯的晶圓供應協議。如今，WSA 第七修正案的有效期從 2019 年 1 月到 2024 年 3 月。它制定了 2019 年至 2021 年 12 奈米及以上製程的採購承諾和定價。該修正案還為 AMD 在 7 奈米及以上製程的採購提供了完全的靈活性，無需為從其他代工廠購買的產品支付任何一次性付款或特許權使用費。

Turning to the outlook for the first quarter of 2019. We expect revenue to be approximately $1.25 billion plus or minus $50 million, a decrease of approximately 12% sequentially and 24% year-over-year. Sequentially, the decrease is expected to be primarily driven by continued softness in the graphics channel and seasonality across the business. The year-over-year decrease is expected to be primarily driven by lower graphics sales due to excess channel inventory, the absence of blockchain-related GPU revenue and lower memory sales. In addition, semi-custom revenue is expected to be lower year-over-year while Ryzen, EPYC and Radeon data center GPU product sales are expected to increase. In addition, for Q1 2019, we expect non-GAAP gross margin to be approximately 41%, non-GAAP operating expenses to be approximately $480 million, non-GAAP interest expense taxes and other to be approximately $25 million, and we also expect to record a $60 million IP licensing gain associated with the THATIC JV in the first quarter of 2019, which will be a benefit to operating income and recorded on the licensing gain line of the P&L.

展望2019年第一季的前景。我們預計營收約 12.5 億美元，上下浮動 5,000 萬美元，較上季下降約 12%，年減約 24%。預計下降的主要原因是圖形通路的持續疲軟和整個業務的季節性。預計年比下降主要是由於通路庫存過剩導致的圖形銷售下降、缺乏與區塊鏈相關的 GPU 收入以及記憶體銷售下降。此外，半客製化收入預計將同比下降，而 Ryzen、EPYC 和 Radeon 資料中心 GPU 產品銷售量預計將增加。此外，對於 2019 年第一季度，我們預計非 GAAP 毛利率約為 41%，非 GAAP 營運費用約為 4.8 億美元，非 GAAP 利息費用、稅金及其他約為 2500 萬美元，我們還預計在 2019 年第一季記錄與 THATIC JV 相關的 6000 萬美元許可，這收益將在項目中營業損。

For the full year 2019, despite near-term weakness in the graphics channel and a cautious macro environment, we expect high single-digit percentage revenue growth driven by Ryzen, EPYC and Radeon data center GPU product sales and as we ramp our 7-nanometer products throughout the year. We expect non-GAAP gross margin to be greater than 41%, non-GAAP operating expenses to be approximately 29% of revenue and a non-GAAP tax rate of approximately 4% of pretax income.

就 2019 年全年而言，儘管圖形通路近期疲軟且宏觀環境謹慎，但隨著 Ryzen、EPYC 和 Radeon 資料中心 GPU 產品銷售以及我們全年推出 7 奈米產品，我們預計收入將實現高個位數百分比成長。我們預計非公認會計準則毛利率將超過 41%，非公認會計準則營運費用將佔收入的約 29%，非公認會計準則稅率將佔稅前收入的約 4%。

In closing, we made excellent progress in 2018. We grew the top line by more than $1.2 billion, expanded gross margin and significantly improved profitability. We continue to execute our long-term financial model, driven by our new high-performance computing products that gained solid momentum last year. We are pleased to enter 2019 with a strengthened balance sheet and a strong portfolio of next-generation products capable of driving continued financial growth.

最後，我們在 2018 年取得了卓越的進展。我們的營業收入成長了12億美元以上，毛利率提高，獲利能力也顯著提高。我們將繼續執行我們的長期財務模式，這得益於我們去年獲得強勁發展勢頭的新型高效能運算產品。我們很高興進入2019年，擁有更強勁的資產負債表和強大的下一代產品組合，能夠推動持續的財務成長。

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

說完這些，我將把時間交還給勞拉，進行問答環節。勞拉？

Thank you, Devinder. Operator, we're ready for our first question, please?

謝謝你，Devinder。接線員，我們準備好回答第一個問題了嗎？

(Operator Instructions) Our first question today is coming from Toshiya Hari from Goldman Sachs.

（操作員指示）我們今天的第一個問題來自高盛的 Toshiya Hari。

Lisa, I had a question on your full year 2019 outlook. You guys are guiding revenue growth kind of in the high single-digit range. Embedded in that outlook, what kind of growth rates are you assuming for your core businesses, computing, graphics, semi-custom and server CPUs? And then on the gross margin side, 41% or greater, is the improvement year-over-year primarily a function of revenue growth and mix? Or is the amendment in the WSA playing a role there as well?

麗莎，我對你 2019 年全年的展望有一個疑問。你們預期收入成長率將達到高個位數。基於這種前景，您預期核心業務、運算、圖形、半客製化和伺服器 CPU 的成長率是怎樣的？那麼在毛利率方面，41%或更高，年比改善主要歸功於收入成長和組合嗎？或者 WSA 中的修正案也發揮了作用？

Sure. Thank you for the questions. So relative to the full year guidance of up high single digits, the primary growth drivers are Ryzen and EPYC, are the 2 largest growth drivers. With data center GPU also, we're expecting that to be up. And then we would expect that semi-custom will be down. If you look at the life cycle, semi-custom will be in the seventh year of the console cycle, and so we expect semi-custom to be down approximately 20% and then we would expect consumer graphics to also be down, let's call it, double digits as we really burn off some of the channel inventory that we see in the first half of the year. So Ryzen and EPYC are the large drivers of the growth. And that's as we launch our 7-nanometer products throughout the year. And then your second question, Toshi, was?

當然。謝謝您的提問。因此，相對於全年高個位數成長的預期，主要的成長動力是 Ryzen 和 EPYC，它們是兩個最大的成長動力。有了資料中心 GPU，我們預期這一數字也會上升。然後我們預計半定制將會減少。如果你看一下生命週期，半定制將處於控制台週期的第七年，因此我們預計半定制將下降約 20%，然後我們預計消費者圖形也將下降，我們稱之為兩位數，因為我們確實消耗了上半年看到的一些渠道庫存。因此，Ryzen 和 EPYC 是成長的主要動力。我們全年都會推出 7 奈米產品。那你的第二個問題是什麼，Toshi？

Yes, in gross margins, 41% or greater, that's 2 percentage point or greater improvement year-over-year. Is that primarily a function of revenue growth and improvement in mix, given Ryzen and EPYC? Or is the WSA amendment providing a tailwind as well?

是的，毛利率達到或超過 41%，比去年同期提高了 2 個百分點或更多。考慮到 Ryzen 和 EPYC，這主要是收入成長和產品組合改善的結果嗎？或者 WSA 修正案也提供了順風？

Yes, it's primarily due to mix. So the mix of the higher-margin new products, Ryzen, EPYC, and the data center GPUs.

是的，這主要是由於混合。因此，利潤率較高的新產品 Ryzen、EPYC 和資料中心 GPU 的組合。

Next question, please?

請問下一個問題？

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 guess, I wanted to attack Toshi's question on the full year a little bit differently and maybe just talk about a little bit what share gain assumptions you guys are embedding for your 7-nanometer road map versus maybe some pragmatism or conservatism on the market just given the macro. I mean, Intel talked about a flat PC TAM in terms of units. And obviously, it's only, I guess, guided us to mid-single-digit growth for their sort of expansive server business for the year, and you guys are starting off down maybe 25% year-over-year in revenue for the first quarter given what's going on in the graphics business. So maybe you could just walk us through a little bit what you're thinking about the TAM growth of your 2 main growth markets for the year versus share gains you're embedding.

麗莎，我想，我想以稍微不同的方式回答 Toshi 關於全年的問題，也許只是稍微談談你們在 7 納米路線圖中嵌入的份額增長假設，還是僅僅考慮到宏觀因素，市場上的一些實用主義或保守主義。我的意思是，英特爾從單位角度討論了扁平的 PC TAM。顯然，我猜這只是引導我們今年實現中等個位數的成長，而考慮到圖形業務的狀況，你們第一季的營收年減了可能 25%。因此，也許您可以向我們稍微介紹一下，您對今年兩個主要成長市場的 TAM 成長以及您所嵌入的份額成長有何看法。

Yes, absolutely, Matt. Look, I think, as it relates to the market, I don't think we would have a very different view of the market as others may have stated. Our story really is a share gain story. And when you take a look at sort of the progress that we'd made in 2018 and the design wins that we had in 2018, as we go over to 2019, when we look at both Rome as well as Ryzen, we look at sort of the breadth of OEM platforms that we have, the customer engagements by workload and sort of how we see that progressing. We feel very good about the opportunity to gain share as we go through the year, particularly given how competitive the products set is. Similarly, on the PC side, we've made nice progress over the last 4, 5 quarters. On Ryzen, we started strong on desktop, and then the last couple of quarters, we've made good progress on notebook. We see a broader portfolio with our OEMs as we go into 2019, and we also see a more competitive desktop product line as well as notebook product line. So that's how we're thinking about the year. To your point about starting a little bit with lower guidance in Q1, I think that's true. When we look at Q1, particularly on a year-on-year basis, there are a lot of moving pieces. But it's primarily due to the graphics channel. And that's both the reduced demand as well as the absence in blockchain revenue on a year-over-year basis as well as the semi-custom business. But as we move forward, as we go into Q2 and beyond, we see a significant opportunity with the ramp of our new products, and that's how we see the year.

是的，絕對是，馬特。看，我認為，就市場而言，我不認為我們會對市場有與其他人所說的截然不同的看法。我們的故事其實是一個分享收益的故事。當您回顧我們在 2018 年取得的進展和設計勝利時，當我們展望 2019 年時，當我們回顧 Rome 和 Ryzen 時，我們會了解我們擁有的 OEM 平台的廣度、按工作負載劃分的客戶參與度以及我們如何看待這一進展。我們對今年獲得市場份額的機會感到非常高興，特別是考慮到產品系列的競爭力。同樣，在 PC 方面，我們在過去 4、5 個季度中取得了良好的進展。在 Ryzen 方面，我們在桌上型電腦上表現強勁，然後在過去的幾個季度中，我們在筆記型電腦上也取得了良好的進展。進入 2019 年，我們的 OEM 產品組合將更加廣泛，桌上型電腦產品線和筆記型電腦產品線也將更具競爭力。這就是我們對今年的思考。至於您提到的第一季的業績指引會略低一些，我認為這是正確的。當我們回顧第一季時，特別是與去年同期相比，有許多變化因素。但這主要歸功於圖形通道。這既是需求的減少，也是區塊鏈收入和半客製化業務較去年同期下降的缺失。但隨著我們不斷前進，進入第二季度及以後，我們看到新產品的推出帶來了重大機遇，這就是我們對今年的看法。

Got it, that's helpful. Devinder, maybe just a couple of little things in terms of licensing gains and IP revenue, just I got asked a few times, and I just want to clarify here that the gross margin outlook for the first quarter does not include any IP or licensing gains. And then, for the full year, are you including any IP revenue in the revenue outlook, and are we -- how should we think about the rest of the THATIC licensing gains applied to sort of timing for when those might get recognized? I know there's a lot there. But lots of questions on just the moving pieces there tonight.

明白了，很有幫助。Devinder，也許只是在許可收益和 IP 收入方面的一些小事，我只是被問過幾次，我只想在這裡澄清一下，第一季度的毛利率前景不包括任何 IP 或許可收益。那麼，對於全年而言，您是否在收入展望中包括任何 IP 收入，以及我們應該如何考慮其餘 THATIC 授權收益應用於何時可能得到確認的時間？我知道那裡有很多東西。但今晚關於那裡發生的事情有很多疑問。

Yes, I can take that. License gain essentially does not impact gross margin. That sits on a separate line altogether on the licensing gain line in the P&L. So the gross margin is not impacted by that. As far as IP revenue is concerned in Q1, there's no contemplated IP revenue, so the gross margin at 41% guide is based on the products that we have. And for the year, at this point, outside of the THATIC JV IP licensing gain that we are expecting or recording in Q1, while there might be opportunities from an IP standpoint, but nothing substantial contemplated at this point.

是的，我可以接受。獲得許可證基本上不會影響毛利率。它位於損益表中許可收益行的單獨一行上。因此毛利率不會受到影響。就第一季的 IP 收入而言，沒有預期的 IP 收入，因此 41% 的毛利率指引是基於我們擁有的產品。就今年而言，除了我們預計或在第一季記錄的 THATIC JV IP 許可收益之外，雖然從 IP 角度來看可能存在機會，但目前還沒有實質性的考慮。

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。

Lisa, I'm curious as you look back at 2019 and the success you had with EPYC -- the initial success with EPYC. What was the mix of cloud versus enterprise? And then how do you think it trends in 2019 because of all the concerns around slowdown in cloud CapEx and so forth? And as part of that, if you could share with us what your market share assumptions are as we exit the year on EPYC.

麗莎，我很好奇你回顧 2019 年以及 EPYC 的成功——EPYC 的初步成功。雲端與企業的混合情況如何？那麼，由於人們對雲端運算資本支出放緩等問題的擔憂，您認為 2019 年的趨勢如何？作為其中的一部分，您是否可以與我們分享一下，在 EPYC 年底結束時，您對市場份額的假設是什麼？

Yes, sure, Vivek. As we look through 2018, we were pretty pleased with our progress on EPYC, and coming off of the fourth quarter, actually, it was a fairly strong fourth quarter for us and the fact that we doubled the number of units for our server business. And when you look at that mix, it is more cloud-weighted. So we had some large deployments that went online here in the fourth quarter, and that was positive for us. That being said though, we're making nice progress in the Enterprise and HPC side of the business too. We've had a number of wins in the quarter as well as going into 2019. So as we look into 2019, I would expect that the early Rome deployments will also be cloud-based. We'll be the first ones, but we have a strong set of enterprise platforms, and as I mentioned earlier, it's the breadth of the OEM platforms that gives us good confidence that we're going to a broader set of workloads and having broader coverage in the market. In terms of share assumptions, we'll have to see how the market and the year play out, but I think what we've said before is that, after reaching the mid-single digit market share in the fourth quarter 2018, we would expect it would take another 4 to 6 quarters to reach 10% market share. And I think we're still in that range.

是的，當然，維韋克。回顧 2018 年，我們對 EPYC 的進展感到非常滿意，實際上，從第四季度來看，這對我們來說是一個相當強勁的第四季度，我們的伺服器業務的台數增加了一倍。當您觀察這種混合時，您會發現它的雲權重更大。因此，我們在第四季度有一些大型部署上線，這對我們來說是積極的。話雖如此，我們在企業和 HPC 業務方面也取得了良好的進展。我們在本季以及 2019 年取得了多項勝利。因此，展望 2019 年，我預計早期的 Rome 部署也將基於雲端。我們將是第一批，但我們擁有一套強大的企業平台，正如我之前提到的，OEM 平台的廣度讓我們有信心，我們將涵蓋更廣泛的工作負載，並在市場上擁有更廣泛的覆蓋範圍。就份額假設而言，我們必須觀察市場和今年的表現，但我認為我們之前說過的是，在 2018 年第四季度達到中等個位數市場份額後，我們預計還需要 4 到 6 個季度才能達到 10% 的市場份額。我認為我們仍處於這個範圍內。

Got it. And for my follow-up, there were 2 things that came out on your competitors' last few public discussions, which is, one, this concept of CPU shortages, and I'm wondering if that has had any positive or negative effect on your strategy or positioning. And then Intel has also mentioned being a little more tactical when it comes to pricing, and I'm wondering how that figures into your full year outlook? So both the impact of CPU shortages and pricing, any color would be very helpful.

知道了。在我的後續關注中，你們的競爭對手在最近幾次公開討論中提到了兩件事，第一，CPU 短缺的概念，我想知道這對你們的戰略或定位是否產生了積極或消極的影響。然後英特爾也提到在定價方面會更具策略性，我想知道這對您的全年展望有何影響？因此，無論是 CPU 短缺還是定價的影響，任何顏色都會非常有幫助。

Sure, Vivek. So look, on the CPU shortages, my comment is that there are some pockets of shortage, particularly at the low end. However, our focus has really been on ramping Ryzen. And if you look at the Ryzen percentage of our overall business, Ryzen, Devinder mentioned, was 80% of our client business. So we are really actually improving our mix in the client business. I think that, again, from my view, the shortages are temporary. But we look at it as really getting consistent share gain. And as we've gone through each quarter in 2018, we've seen consistent share gain, and we believe we gained share in the fourth quarter as well. So I think we're well positioned with the portfolio, and we'll certainly drive that into 2019. And then, the other?

當然，維韋克。因此，關於 CPU 短缺問題，我的評論是存在一些短缺現象，特別是在低階市場。然而，我們的重點確實放在提升 Ryzen 上。如果你看一下 Ryzen 在我們整體業務中所佔的百分比，Devinder 提到，Ryzen 佔我們客戶業務的 80%。因此，我們確實正在改善客戶業務的組合。我認為，從我的角度來看，短缺是暫時的。但我們認為這確實能獲得持續的市場佔有率成長。2018 年每個季度，我們的份額都在持續成長，我們相信第四季度的份額也會有所增長。因此，我認為我們的投資組合處於有利地位，我們肯定會在 2019 年繼續推動這項策略。那麼，另一個呢？

Pricing.

定價。

Oh, pricing, yes. Relative to pricing, look, when we think about pricing and when we put together our long-term model, we have factored in that pricing and competition will be aggressive. I think we know that to be the case. What we've seen in the market is consistent with that, but we also believe that particularly as you go into the data center, the single largest factor from a buying decision standpoint is the performance and the total cost of ownership of the product, and we believe that Rome will be very, very well positioned in 2019. And so we are cognizant of the competitive environment but feel good that we have the right set of assumptions.

哦，定價，是的。相對於定價，當我們考慮定價並建立長期模型時，我們已經考慮到定價和競爭將會很激烈。我想我們知道情況確實如此。我們在市場上看到的情況與此一致，但我們也相信，特別是當你進入資料中心時，從購買決策的角度來看，最大的因素是產品的效能和總擁有成本，我們相信 Rome 在 2019 年將處於非常非常有利的位置。因此，我們意識到競爭環境，但我們對自己有正確的假設感到高興。

Our next question is coming from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Great to hit that mid-single digit milestone exiting the year. Lisa, as you start -- I just wanted to confirm, you expect to ship -- start shipping Rome midyear. And as you do, what's the biggest risk for Rome? Is it execution on delivering the product? Or is it the sales the process, convincing customers to take EPYC 2 in volume?

很高興在今年年底達到中等個位數的里程碑。麗莎，當你開始——我只是想確認一下，你預計在年中開始向羅馬發貨。您認為羅馬面臨的最大風險是什麼？這是交付產品時的執行嗎？還是銷售流程，說服客戶大量購買 EPYC 2？

Yes, so I think the -- with Rome, our biggest opportunity/risk is adoption rate. I think, from a competitive standpoint, the product is very solid. Everything going through our development labs looks very good as well as our customer engagement. And so this is just about getting customers to production as fast as possible. We do expect though that the adoption rate for Rome will be faster than the adoption rate for Naples. And the reason for that is we are in a socket-compatible infrastructure. And so customers who don't necessarily need the newest features of the platform can actually use the same motherboard and system that they currently have with Naples and drop in Rome. And so I think that will help us accelerate some of the adoption, but right now, it's about helping customers in their environment. We are widely sampling Rome, and there is a lot of work to be done. But we feel good about the trajectory.

是的，所以我認為——對於羅馬來說，我們最大的機會/風險是採用率。我認為，從競爭的角度來看，該產品非常可靠。我們開發實驗室的一切看起來都非常好，我們的客戶參與度也很好。所以這只是為了讓客戶盡快投入生產。我們確實預計羅馬的採用率將比那不勒斯的採用率更快。原因在於我們處於套接字相容的基礎設施中。因此，那些不需要該平台最新功能的客戶實際上可以使用他們目前在那不勒斯和羅馬使用的相同主機板和系統。因此我認為這將有助於我們加速一些採用，但現在，我們的主要任務是幫助客戶在他們的環境中工作。我們正在對羅馬進行廣泛的採樣，還有很多工作要做。但我們對此發展軌跡感到滿意。

Great. And a follow-up, if I may, for Devinder. So inventories, it looks like they were up about $100 million, going into a pretty healthy seasonal quarter that's declining. What should -- how should we read that, Devinder? And was there just some opportunity to get some wafers more cheaply? Or is there -- are you trying to stockpile product in front of launches, or -- and when can we expect the inventory to be a source of cash on the cash flow statement?

偉大的。如果可以的話，我對 Devinder 進行了後續報導。因此，庫存看起來增加了約 1 億美元，進入一個相當健康的下降季節性季度。我們應該怎麼解讀這一點，德文德？是否有機會以更便宜的價格獲得一些晶圓？或者—您是否試圖在產品發布前囤積產品，或者—我們什麼時候可以預期庫存成為現金流量表上的現金來源？

Yes, Matt (sic) [Mark]. So the inventory growth is primarily driven by our new products and in preparation for our 7-nanometer next-generation product launches later this year, as you just mentioned. We overall expect to manage the inventory in line with revenue but also in support of the new products that will be launching and ramping throughout the year. Lisa mentioned a few of the launches at CES and also in the script, and we prepared to support that from an inventory standpoint. And we'll see how the year progresses and then manage it from there.

是的，馬特（原文如此）[馬克]。因此，庫存成長主要是由我們的新產品推動的，並且是為了準備今年稍後推出的 7 奈米下一代產品，正如您剛才提到的。我們總體上希望根據收入來管理庫存，同時也支援全年推出和增加的新產品。Lisa 在 CES 和腳本中提到了一些新品發布，我們準備從庫存的角度來支援這些新品。我們將觀察今年的進展情況，然後據此進行管理。

Thank you, Mark. Next question please, operator?

謝謝你，馬克。接線員，請問下一個問題？

Our next question comes from Stacy Rasgon from Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

Around the Q1 guide, obviously, you mentioned the GPU weakness, but you also mentioned seasonality across the businesses. Is my assumption correct that, that means everything is basically down sequentially, CPUs, GPUs, servers? Can you tell us, is that true? And if so, can you give us an idea of the magnitude, like at least what is down, I guess, most versus least, sequentially, Ryzen versus GPU versus EPYC?

圍繞第一季指南，顯然，您提到了 GPU 的弱點，但您也提到了整個業務的季節性。我的假設是否正確，這意味著所有東西基本上都按順序停機，CPU、GPU、伺服器？你能告訴我們這是真的嗎？如果是這樣，您能否給我們一個幅度的概念，例如至少下降幅度是多少，我猜，最多與最少，順序是 Ryzen 與 GPU 與 EPYC？

Sure, Stacy. So the largest driver, as I've said, is the GPU channel situation on a year-over-year basis. On a sequential basis, typical seasonality for, let's call it, PCs and GPUs and data center is probably around 10% or so. We are forecasting -- or we believe that that will be a little bit -- down a little bit more than that. And in terms of the ranking, I would say GPUs are down a bit more than the other 2 segments. That's the way we currently see it.

當然，史黛西。因此，正如我所說，最大的驅動因素是 GPU 頻道的同比情況。以連續基礎計算，個人電腦、GPU 和資料中心的典型季節性大概在 10% 左右。我們預測——或者我們相信——下降幅度會稍微大一些。就排名而言，我認為 GPU 的下降幅度比其他兩個部分要大一些。這就是我們目前的看法。

Got it. And for my follow-up, I had a question just on, general, EESC. So its revenues are flat year-over-year. The server revenues are up a bunch and it's still losing money. And I get it, there's some incremental investments and everything, but I guess, how do we think about the profitability of that segment? How big does EPYC or Rome with the server business need be to get before it's sustainably profitable, especially as semi-custom is going to continue to decline, you said, 20% in 2019?

知道了。作為我的後續提問，我有一個關於歐洲經濟與社會委員會 (EESC) 的一般問題。因此其營收與去年同期持平。伺服器收入大幅增加但仍虧損。我明白，有一些增量投資和一切，但我想，我們如何看待該部分的獲利能力？EPYC 或 Rome 的伺服器業務需要達到多大的規模才能實現持續盈利，尤其是在半定制業務持續下滑的情況下，您說 2019 年會下降 20%？

Yes, I think the key, Stacy, is going to be ramping the server business in 2019. You are right that year-over-year we look at it, it's lost little bit of money. But fundamentally, it's investing in the go-to-market programs and launching the new products, investing in the ongoing engineering work that's needed to make sure the customers bring out the product on time. And semi-custom, given the fact that it's in the seventh year of the cycle, we expect it to be down from 2018 to 2019. But we do expect to go ahead and ramp our server business, and that will definitely benefit the EESC profitability in 2019.

是的，史黛西，我認為關鍵在於 2019 年擴大伺服器業務。您說得對，從年復一年的角度來看，它確實損失了一點錢。但從根本上來說，它投資於上市計劃和推出新產品，投資於確保客戶按時推出產品所需的持續工程工作。而半定制，考慮到目前正處於週期的第七年，我們預計從 2018 年到 2019 年它將有所下降。但我們確實希望繼續擴大我們的伺服器業務，這肯定會有利於 EESC 在 2019 年的獲利能力。

Do you think it's profitable for the full year?

您覺得全年能獲利嗎？

Too early to tell. I won't -- I don't want to predict profitability at the segment level, but we'll see how it evolves over the year.

現在說還太早。我不會——我不想預測細分市場的盈利能力，但我們會看看它在今年如何發展。

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羅斯·西摩。

Lisa, a potentially different way to ask the same question on the full year 2019 guide. Late last year, at a few different events, you talked about the server business being second-half-weighted. If I go through the remainder of this year, it seems like you have to grow the better part of 20% plus sequentially in each quarter to get there. I know it's not going to be perfectly linear like that. But I guess, my overall question is, if the server side of the business is back-half-weighted, what sorts of businesses are helping the middle portion of the year? Is there some snapback on the GPU side? Is there something going on in the Ryzen side? Just trying to get somewhat of the shape of the year off of a base that's admittedly pretty low as your first quarter starting point.

Lisa，在 2019 年全年指南中，可以用不同的方式提出相同的問題。去年年底，在幾個不同的活動中，您談到了伺服器業務下半年將受到重壓。如果我回顧今年剩餘的時間，似乎你必須在每季連續成長 20% 以上才能實現目標。我知道它不會像那樣完美地線性。但我想，我的整體問題是，如果伺服器端業務佔後半部分的比重較大，那麼哪些類型的業務會對年中部分有所幫助？GPU 方面是否存在一些反彈？Ryzen 那邊有什麼事發生嗎？只是想從第一季起點相當低的基礎上，大致了解一下今年的情況。

Sure, Ross. So yes, I think it is fair to say that our quarterly progression will have a lot to do with our product launches. So you would expect that server will be more second-half-weighted than the first half. In general, our business is more second-half-weighted, though, if you think about the consumer portions of our business. But think about it as we would expect sequential growth in PCs. We would certainly expect sequential growth in data center, although stronger in the second half. We would -- we're also -- as we see the GPU business right now, we see the first quarter as the low point in the business, with the channels getting -- improving as we go into the second quarter. And we have additional product launches there as well. So that's the way we would see the portfolio. And semi-custom, although it's lower on a year-over-year basis, we would expect it to also increase as we go from second quarter into third quarter as well.

當然，羅斯。所以是的，我認為可以公平地說，我們的季度進展與我們的產品發布有很大關係。因此，您可以預期伺服器在後半部的權重將大於前半部的權重。總體而言，如果考慮到我們業務的消費者部分，我們的業務在下半年的權重更大。但想想看，我們預期個人電腦將持續成長。我們當然預期資料中心將會持續成長，但下半年的成長會更加強勁。我們會 - 我們也是 - 正如我們現在看到的 GPU 業務一樣，我們認為第一季是業務的低谷，隨著進入第二季度，通路會得到改善。我們還在那裡推出了其他產品。這就是我們看待投資組合的方式。半客製化產品雖然同比下降，但我們預計從第二季到第三季度，其數量也會增加。

Perfect. And a question on the GPU side, your big competitor in that market obviously is having some current issues and mentioned that the new product at the high end wasn't selling through. Are you at all concerned that the competitive landscape in that market, whether it's because China demand being weaker, as they cited, or them having to be a little bit more aggressive on pricing would do anything to your ability to penetrate the market with either existing or new GPU products as the year progresses?

完美的。關於 GPU 方面的一個問題，你們在該市場上的最大競爭對手顯然遇到了一些當前的問題，並提到高端新產品沒有銷售出去。您是否擔心該市場的競爭格局，無論是因為中國需求較弱（如他們所述），還是因為他們在定價上必須更積極一些，都會對您在未來一年內透過現有或新的 GPU 產品打入市場的能力產生影響？

Yes, so, look, when we look at the GPU market, and let's separate sort of gaming and data center, I think, on the gaming side, from what we are seeing, we did see sellout increase in Q4 versus Q3. So gamers are still buying GPUs. They may be more discerning about price points, and so I can imagine that there might be a bit more softness at the high end versus in the mid-range. But we believe that we have a good understanding of what's happening in the gaming side of the business. And it will be driven -- our gaming growth will be driven by new products. And we would see that as we go through this year with our Radeon VII launch as well as our Navi launches on the gaming side. On the data center side, we're making good progress in GPU data center, obviously from a low base, but the GPUs in the data center are very workload-dependent. There are some workloads that actually we do very well in things like cloud gaming and virtualization, and we have some early HPC wins. And so we see this as sort of customer acquisition redeployment. And so those are the sources of growth on the PC side for us.

是的，所以，看，當我們看 GPU 市場時，讓我們將遊戲和資料中心分開，我認為，在遊戲方面，從我們所看到的情況來看，我們確實看到第四季度的銷售額相對於第三季度有所增加。因此遊戲玩家仍在購買 GPU。他們可能對價格點更加挑剔，所以我可以想像高端產品可能比中端產品更柔軟。但我們相信，我們對遊戲業務方面的情況有充分的了解。我們的遊戲成長將由新產品推動。隨著我們今年推出 Radeon VII 以及遊戲方面的 Navi，我們會看到這一點。在資料中心方面，我們在 GPU 資料中心方面取得了良好的進展，顯然基礎還比較低，但資料中心的 GPU 非常依賴工作負載。實際上，我們在雲端遊戲和虛擬化等領域的某些工作負載處理得非常好，並且我們在 HPC 方面取得了一些早期的勝利。因此，我們將此視為一種客戶獲取的重新部署。所以這些就是我們 PC 端的成長來源。

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。

Just 2 questions, if I can, building on that last one. In your prepared remarks, you noted that you've reached the milestone of which GPUs as well as data center CPUs reached a mid-teens percentage of your total revenue. I'm curious as you kind of contemplated your full year guidance, where do you think that mix of business can go? And is there a point in time where we actually -- you foresee us kind of getting granularity on how big the data center GPU business is trending?

如果可以的話，我只想問兩個問題，關於最後一個問題。在您準備好的發言中，您指出您已經達到了一個里程碑，其中 GPU 以及資料中心 CPU 佔總收入的百分之十幾。我很好奇，當您考慮全年指導時，您認為這些業務組合會走向何方？是否存在一個時間點，我們實際上——您預見到我們會對資料中心 GPU 業務的趨勢有多大有了解？

Yes, Aaron. So I think the mid-teens percentage revenue for us in Q4 was -- was a good milestone. I mean, I think that's a meaningful percentage of our revenue. And it was a contributor to our gross margin as we exited 2018. I think, as we go into 2019, again, we will continue to give you visibility into where the data center growth is. To be fair, my expectation is that the CPU side of the data center business will grow faster than the GPU side, just given what we see in terms of overall deployments. But I think both businesses will be meaningful for us and our key part of the growth story for us in 2019, and we'll continue to give color on how they develop as the year develops.

是的，亞倫。因此，我認為第四季度我們收入的百分之十幾左右是一個很好的里程碑。我的意思是，我認為這佔了我們收入的很大一部分。截至 2018 年末，它已成為我們毛利率的貢獻者。我認為，隨著我們再次進入 2019 年，我們將繼續讓您了解資料中心的成長方向。公平地說，根據我們所看到的整體部署情況，我預計資料中心業務的 CPU 端將比 GPU 端成長更快。但我認為這兩項業務對我們來說都很有意義，也是我們 2019 年成長故事的關鍵部分，我們將繼續關注它們在未來的發展。

Okay, that's very helpful. And just real quickly on the semi-custom side. As you kind of contemplated the guidance as well through the course this year and that 20% decline for the full year, is your assumption that Q1 kind of marks the bottom and we can grow seasonally off of that level? Or should we think about something differently from a progression through the quarters in '19?

好的，這非常有幫助。半定制方面也確實很快。當您考慮今年的業績指引以及全年 20% 的降幅時，您是否認為第一季的業績已經觸底，我們可以從這個水平實現季節性增長？或者我們應該從 19 年各季度的進展來思考一些不同的事情？

Yes. Aaron, yes, that's the correct way to think about it. So Q1 will be a low, Q2 will be higher, Q3 will be higher, and then Q4 will come down again. That should be the seasonality of semi-custom.

是的。亞倫，是的，這是正確的思考方式。因此 Q1 將會處於低位，Q2 將會處於高位，Q3 將會處於高位，然後 Q4 將會再次下降。那應該是半定制的季節性。

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

下一個問題來自瑞士信貸的約翰‧皮策 (John Pitzer)。

Lisa, notwithstanding that the macro is extremely uncertain, making any predictions difficult. I'm just kind of curious, going back to Ross' question, how do you see sort of the cadence of growth sequentially throughout the year? Because as he pointed out, if you kind of divided it up equally by quarter, you're growing north of 20% in Q2, Q3, Q4, half-on-half growth, it would be somewhere around 50%. If you assume more seasonal, and seasonal is a little bit difficult to get to because of the change of accounting, I think you can get half-on-half growth as high as 75%. So as you think about the full year growth, is this something that's more like 50% half-on-half or 75% half-on-half?

Lisa，儘管宏觀形勢極為不確定，因此任何預測都很難。我只是有點好奇，回到羅斯的問題，您如何看待全年連續增長的節奏？因為正如他指出的那樣，如果按季度平均分配，那麼第二季、第三季、第四季的成長率將超過 20%，一半的成長率將在 50% 左右。如果您假設更多的季節性因素，並且由於會計方法的變化，季節性因素有點難以實現，我認為您可以獲得高達 75% 的同比增長率。那麼，當您考慮全年成長時，這是否更像是 50% 的一半或 75% 的一半？

Yes, thanks for the question, John. It might be a little bit early for us to go there. But what I would say is the following. When we look at the year-on-year compares from 2019 to 2018, Q2 2018 was still a very strong quarter for us because we still had a significant amount of blockchain sales in Q2 2018. So I expect that we will grow sequentially into Q2, but I think that will still be, let's call it, a tougher year-on-year compare. But then when we get into the second half of the year, we expect to be fully ramped on the entire 7-nanometer portfolio. And so we would see a heavier weighting in the second half. So we see sequential growth into second quarter but more heavily weighted into the second half.

是的，謝謝你的提問，約翰。我們去那裡可能有點早。但我想說的是以下幾點。當我們查看 2019 年與 2018 年的同比情況時，2018 年第二季度對我們來說仍然是一個非常強勁的季度，因為我們在 2018 年第二季度仍然有大量區塊鏈銷售額。因此，我預計我們將在第二季度實現連續成長，但我認為與去年同期相比，這仍然會更加困難。但當進入下半年時，我們預計整個 7 奈米產品組合將全面推出。因此，我們會看到下半年的權重更大。因此，我們預計第二季將持續成長，但下半年的成長壓力將更大。

That's really helpful. And then, Devinder, on the profitability front, if you kind of run the numbers from Q1 guidance to kind of what you need to be exiting Q4 at to hit the full year number, you could see revenue up well over $1 billion, Q1 to Q4. I'm a little bit surprised that despite that, the gross margin guidance isn't a little bit better. I know you guided the full year to greater than 41% with Q1 at 41%, but I'm kind of curious, if you look at a Q4 run rate that's north of $1 billion higher than the Q1 run rate, how should we think about gross margin and operating margin exiting the year?

這真的很有幫助。然後，德文德，在獲利能力方面，如果你把第一季的指導數字與第四季需要達到的全年數字進行比較，你會發現第一季到第四季的營收將遠超過 10 億美元。令我有點驚訝的是，儘管如此，毛利率預期卻沒有改善。我知道您預計全年的毛利率將超過 41%，其中第一季的毛利率為 41%，但我有點好奇，如果您看到第四季度的毛利率比第一季的毛利率高出 10 億美元以上，那麼我們應該如何看待今年的毛利率和營業利潤率？

I think, John, if you look back the last many quarters, I think 7 quarters year-on-year, we've improved gross margin on the strength of the newer products. We ended the year quite well in 2018 and achieved gross margin in the fourth quarter that was nice. And now we start the year with 41%, and as we start the year, it's early guiding greater than 41%. I think you should expect that as the products ramp, in particular with the 7-nanometer product that Lisa referenced, our margins will continue to improve, and we'll see where we end up at by the end of the year. But we do expect that, year-on-year, margin goes up from where we ended in 2018 at 39% and greater than 41% for 2019.

約翰，我認為，如果你回顧過去幾個季度，我認為與去年同期相比，我們有 7 個季度的毛利率因新產品的強勁增長而有所提高。2018 年我們取得了不錯的成績，第四季的毛利率也相當可觀。現在我們以 41% 的比例開始新的一年，並且在年初我們就已經預測會超過 41%。我認為您應該預料到，隨著產品產量的增加，特別是 Lisa 提到的 7 奈米產品，我們的利潤率將繼續提高，到今年年底，我們將看到我們的利潤率達到什麼水平。但我們確實預計，利潤率將年比 2018 年的 39% 上升，2019 年則將超過 41%。

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

我們的下一個問題來自 RBC Capital Markets 的 Mitch Steves。

I have 2, quickly. First, on the C&G side, I realized that there's going to be a lot of kind of sequential difficulties there, but when I think about the long-term growth rate, I know you guys have kind of talked to kind of high singles to double-digit growth. Is that still essentially where you think that business can grow at long term? And then secondly, in terms of the next EPYC 2, is there any reason why it would underperform an Intel 10-nanometer in a testing environment? And if so, why would that be?

我很快就有 2 個了。首先，在 C&G 方面，我意識到那裡會有很多連續的困難，但是當我考慮長期成長率時，我知道你們已經談到了高個位數到兩位數的成長。您是否仍然認為這本質上是業務能夠長期成長的地方？其次，就下一代 EPYC 2 而言，有什麼原因導致它在測試環境中的表現不如英特爾 10 奈米？如果是這樣，那為什麼會這樣？

Let me take the second question, and then maybe, Devinder, you can take the first question. So as it relates to our Rome product, when Rome was originally planned, we had planned that it would be competing against a 10-nanometer product. So that was the -- that was our expectation when we started. I think we've shown some of the generational performance advantages in terms of double the performance on a socket basis, 4x performance on a floating-point basis. And the other thing I would say is that, with our second-generation Rome, the customer set is now more used to our architecture, and so some of the architectural and software improvements that we've also spent quite a bit of time on over the last 4 to 6 quarters are coming into play. So I think we feel very good about the competitive positioning of Rome. And the other thing to keep in mind is we are deep in development of our next-generation beyond Rome. So the Zen 3 product portfolio is deep in development as well. So that's -- our goal is to ensure that we have a consistent cadence of very competitive products.

讓我來回答第二個問題，然後也許，Devinder，你可以回答第一個問題。因此，就我們的 Rome 產品而言，當 Rome 最初進行規劃時，我們計劃讓它與 10 奈米產品競爭。這就是——這就是我們開始時的期望。我認為我們已經展示了一些代際性能優勢，例如基於插槽的性能提高了一倍，基於浮點的性能提高了四倍。我想說的另一件事是，隨著我們第二代 Rome 的推出，客戶群現在已經更加習慣我們的架構，因此，我們在過去 4 到 6 個季度中花費大量時間進行的一些架構和軟體改進正在發揮作用。所以我認為我們對羅馬的競爭定位非常滿意。另外要記住的是，我們正在深入開發羅馬以外的下一代產品。因此 Zen 3 產品組合也正在深入開發中。所以，我們的目標是確保我們擁有持續推出極具競爭力的產品的節奏。

Yes, and then as far as your question on the segment growth is concerned, relative to high-single-digits growth on a company level, in both of the segments, there are some factors that come into play. In Computing and Graphics, obviously, we feel good about the data center side of GPU. But on a compare basis, when you look at 2018 to 2019, we do have the impact of the blockchain and some memory sales from 2018 that don't happen in 2019 from a standpoint of where the market is. And then on the EESC side, semi-custom being down obviously is a factor when you compare year-on-year per segment. But good growth on the data center piece of it, in particular, but with the 7-nanometer Rome product launching in the back half -- I mean, ramping in the back half of 2019. And that's the way you kind of look at it. It is still early in the year from an overall standpoint. And where we ended up in 2018, we're projecting high single-digit growth at the company level for 2019 over 2018.

是的，就您關於細分市場成長的問題而言，相對於公司層面的高個位數成長，在這兩個細分市場中，都有一些因素在發揮作用。在計算和圖形方面，顯然我們對 GPU 的資料中心方面感到滿意。但從比較的角度來看，當你回顧 2018 年和 2019 年時，我們確實受到了區塊鏈和 2018 年一些記憶體銷售的影響，從市場的角度來看，這些影響在 2019 年不會發生。然後在 EESC 方面，當你比較每個細分市場的同比情況時，半客製化業務的下降顯然是一個因素。但其中資料中心部分的成長尤其良好，但隨著 7 納米 Rome 產品在下半年推出——我的意思是，在 2019 年下半年開始成長。這就是你看待它的方式。從整體來看，今年還處於初期階段。根據 2018 年的業績，我們預計 2019 年公司層級的業績將比 2018 年實現高個位數成長。

Our next question is coming from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Lisa, I just want to ask here, you laid it out a little bit, but in terms of EPYC 2, same socket, but -- and you have sampled it early. But in terms of getting over the finish line and getting these shipped, I guess, the customer still has to wait for production silicon. And then -- and typically, people talk about 6 to 12 months so they can kind of test it and make sure it does everything with the production silicon. So can you just walk us through the timeline because, obviously, you're baking in a pretty steep ramp in the second half?

麗莎，我只是想在這裡問一下，你稍微闡述了一下，但就 EPYC 2 而言，同樣的插槽，但是 - 而且你已經提前對其進行了採樣。但就完成並發貨而言，我猜客戶仍然需要等待生產矽片。然後 — — 通常，人們會談論 6 到 12 個月的時間，以便他們可以對其進行測試並確保它能夠使用生產矽片完成所有工作。那麼，您能否向我們簡單介紹一下時間線，因為很明顯，您在後半段的進展非常迅速？

Yes, so we started sampling EPYC actually last year, so the second half of last year, to some of the top cloud vendors as well as our OEM partners. We've had a significant amount of development with our ODM partners as well. So I think there is a good amount of overlap between the customer development cycle and our development cycle. Now as you said, production silicon is very key, and ensuring that the final specifications are locked in is work that we still have to do here in the first half of this year. But I think we feel good about it. We feel good about the platforms, the customer engagements, the current progress of development and so that is very much our plan from an execution standpoint.

是的，我們實際上是從去年下半年開始向一些頂級雲端供應商以及我們的 OEM 合作夥伴提供 EPYC 樣品。我們也與 ODM 合作夥伴一起取得了大量進展。所以我認為客戶開發週期和我們的開發週期之間有相當大的重疊。正如您所說，生產矽片非常關鍵，確保最終規格鎖定是我們今年上半年仍要做的工作。但我認為我們對此感覺良好。我們對平台、客戶參與度、目前的開發進度感到滿意，因此從執行的角度來看，這正是我們的計劃。

I just want to ask on the GPU side. It looks like your ASP was up substantially with the data center. I was just kind of curious, as you think about the mix of data center, do you think -- how do you think about the trajectory of that business? I mean, is it -- is that portion lumpy as well? Or is this kind of the go-forward kind of level after that pretty sharp initial shipment in December?

我只是想問 GPU 方面的問題。看起來您的 ASP 隨著資料中心的大幅上漲。我只是有點好奇，當您考慮資料中心的組合時，您認為—您如何看待該業務的發展軌跡？我的意思是──那部分也是凹凸不平的嗎？或者這是 12 月首次發貨後的一種前進水平？

Yes, so on the data center side, we do expect that the data center GPU business will be a growth driver for us in 2019. It will be a little bit lumpy so I wouldn't say it's a straight line. But I would say, on a year-over-year basis, it's a important growth driver for us. And as it relates to the overall data center GPU ASPs affecting overall ASPs, I think that's true because the gaming ASPs are -- I'm sorry, the gaming business was lower than expected given the channel inventory situation. So I think it's also just weighted in terms of the units.

是的，在資料中心方面，我們確實預計資料中心 GPU 業務將成為我們 2019 年的成長動力。它會有點凹凸不平，所以我不會說它是一條直線。但我想說，與去年同期相比，這是我們的一個重要的成長動力。由於它與整體資料中心 GPU ASP 影響整體 ASP 有關，我認為這是正確的，因為遊戲 ASP - 抱歉，考慮到通路庫存情況，遊戲業務低於預期。所以我認為它也只是根據單位加權。

Thank you, Blayne. Operator, we have time for 2 more questions, please.

謝謝你，布萊恩。接線員，我們還有時間回答另外兩個問題。

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。

It seems like the GPU data center business is doing pretty well. Can you give us some color, if you look at mid-teens exposure overall between the 2 data center businesses, CPU and GPU, can you give us some qualitative sense for how much of that is GPU at this point and what are the main applications? Is it mostly virtualization? What other applications are you seeing there?

看起來 GPU 資料中心業務做得相當不錯。您能否給我們一些細節，如果您看一下兩個資料中心業務 CPU 和 GPU 之間總體的中等曝光度，您能否給我們一些定性的感覺，其中有多少是 GPU，以及主要應用是什麼？主要是虛擬化嗎？您還看到了哪些其他應用程式？

Sure, Joe. So for the mid-teens percentage of revenue in Q4, between CPU and GPU, it's actually roughly similar. And then in terms of the workloads, the GPU data center side, we do very well in cloud gaming, we do very well with our virtualization solutions, and we have some early traction in HPC.

當然，喬。因此，對於第四季的十五六成收入百分比而言，CPU 和 GPU 之間的差異實際上大致相同。就工作負載、GPU 資料中心方面而言，我們在雲端遊戲方面做得很好，我們的虛擬化解決方案做得很好，並且在 HPC 方面也取得了一些早期的進展。

Great. That's helpful. And I guess, just in terms of the business segmentation, I think you alluded to this earlier, but it seems like the conversation typically is around microprocessor, graphics and semi-custom as sort of 3 different opportunities. Have you thought about moving the segmentation to more align with that? And I realize that's easy to talk about and hard to implement, but what's your thought in terms of, over time, sort of migrating that more in line with the way you guys talk about the business?

偉大的。這很有幫助。我想，就業務細分而言，我想您之前提到過這一點，但似乎討論通常圍繞微處理器、圖形和半定制這三種不同的機會。您是否考慮過調整分段以使其更符合這一點？我知道這說起來容易做起來難，但您認為，隨著時間的推移，如何將其遷移到更符合您談論業務的方式？

Yes, so we look at the business in all different cuts. As you can imagine, we look at it by segment, our CG and EESC. CG is very much a PC-driven segment and EESC with enterprise and semi-custom. And we are also, based on some of the feedback, trying to be a little bit more granular in terms of how the various businesses fall underneath that. So I think as the data center business becomes a larger piece of our business, we'll continue to look for how do we get -- give you guys more color and more transparency in how that is doing.

是的，所以我們從各個不同的角度來看業務。正如您所想的，我們按部分、CG 和 EESC 來查看它。CG 很大程度上是一個由 PC 驅動的領域，而 EESC 則具有企業和半客製化功能。根據一些回饋，我們也試圖更詳細地說明各種業務的具體情況。因此，我認為，隨著資料中心業務成為我們業務中更大的一部分，我們將繼續尋找如何讓你們更清楚地了解其運作情況。

Our next question is coming from Vijay Rakesh from Mizuho.

下一個問題來自瑞穗的 Vijay Rakesh。

Just in terms of the GPU gaming side, you mentioned higher inventory levels. I was wondering if you can give us some number on where normal inventory GPU levels are and where are they running currently.

就 GPU 遊戲方面而言，您提到了更高的庫存水準。我想知道您是否可以提供一些關於正常庫存 GPU 等級以及它們當前運行情況的數字。

Yes, so when we look at the GPU channel inventory, we do believe our channel partners reduced inventory in Q4, and they will reduce inventories in Q1. We still think that Q1 levels are elevated, and there will be some spillover into Q2 where we will see some elevated inventory levels. We'll have to see how the sell-through really plays out. But my expectation is that, in Q2, we'll have sort of improved channel inventory levels and we will return to a sequential growth in the gaming side of our business.

是的，所以當我們查看 GPU 通路庫存時，我們確實相信我們的通路合作夥伴在第四季度減少了庫存，並且他們將在第一季減少庫存。我們仍然認為第一季的庫存水準上升，並且會受到第二季度的影響，屆時庫存水準將會上升。我們必須觀察實際銷售情況如何。但我預計，在第二季度，我們的通路庫存水準將有所改善，我們的遊戲業務將恢復連續成長。

Got it. And on the 7-nanometer side, is the 7-nanometer GPU and CPU, as those ramp in the back half, are they accretive to this 41% gross margin levels?

知道了。在 7 奈米方面，隨著 7 奈米 GPU 和 CPU 在後半年的增產，它們是否會增加到 41% 的毛利率水準？

Yes, so the 7-nanometer GPUs on the data center side started ramping in Q4 so that was part of the data center GPU revenue that we talked about. The 7-nanometer CPU will ramp middle of the year, and the 7-nanometer CPU and GPU are both above corporate average margins so you would expect that they're above the 41 points and would be sort of accretive to margin as that mix improves.

是的，資料中心方面的 7 奈米 GPU 在第四季度開始增產，所以這是我們談到的資料中心 GPU 收入的一部分。7 奈米 CPU 將在年中加速生產，7 奈米 CPU 和 GPU 的利潤率均高於企業平均水平，因此您可以預期它們的利潤率將高於 41 個百分點，並且隨著組合的改善，利潤率將有所增加。

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

我們的問答環節已經結束。我想將發言權交還給管理階層，請他們發表進一步的評論或結束評論。

Thank you very much, operator. We appreciate everyone joining us here today. We're quite proud of the accomplishment in 2018 and look forward to seeing you all on the road in 2019. Have a great afternoon.

非常感謝，接線生。我們感謝今天與我們一起參加的各位。我們為 2018 年所取得的成就感到非常自豪，並期待在 2019 年與大家相見。祝您下午愉快。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。