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.

您好，歡迎參加 Advanced Micro Devices 2018 年第四季度和全年電話會議。

(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.

請繼續。

Thank you, and welcome to AMD's Fourth Quarter and Fiscal Year 2018 Conference Call.

謝謝大家，歡迎參加 AMD 2018 年第四季度和財年電話會議。

By now, you should have had the opportunities 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。

Dr. Lisa Su will present at the Goldman Sachs Technology and Internet Conference on Tuesday, February 12.

Lisa Su 博士將於 2 月 12 日星期二出席高盛科技與互聯網會議。

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.

此外，人力資源全球營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 2019 年第一季度的靜默時間將從 2019 年 3 月 15 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 current expectations.

這些陳述基於當前的信念、假設和預期，僅在當前日期發表，因此涉及可能導致實際結果與我們當前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 reported 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、毛利率和分部運營結果除外，這些指標是根據 GAAP 報告的。

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.

此處引用的非 GAAP 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 GAAP 財務指標進行了核對。

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 September 29, 2018.

您還可以在我們提交給美國證券交易委員會的文件中找到關於我們風險因素的詳細討論，特別是 AMD 的截至 2018 年 9 月 29 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。

2018 marked another year of strong financial performance, driven by our expanded high-performance product portfolio despite near-term graphics weakness.

儘管近期圖形疲軟，但在我們擴大高性能產品組合的推動下，2018 年又是強勁財務表現的一年。

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.

我們的年收入增長了 23%，其中銳龍、EPYC 和數據中心 GPU 產品的收入全年增長超過 12 億美元。

Our new products gained share and significantly expanded gross margin, leading to our most profitable year since 2011.

我們的新產品獲得了份額並顯著擴大了毛利率，這是我們自 2011 年以來最賺錢的一年。

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.

從第四季度來看，收入為 14.2 億美元，同比增長 6%，其中約 65% 的銷售額來自我們的新產品。

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.

我們在本季度的業務中達到了一個重要的里程碑，因為我們的高利潤數據中心 CPU 和 GPU 佔總收入的 10% 左右。

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.

雖然我們預計我們的數據中心收入將不穩定，但我們數據中心業務的增長開始對我們的財務業績做出有意義的貢獻。

Looking at our Computing and Graphics segment, we delivered our eighth straight quarter of year-over-year segment revenue growth.

看看我們的計算和圖形部門，我們連續第八個季度實現了同比部門收入增長。

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.

Ryzen 台式機和筆記本處理器以及數據中心 GPU 的銷售額抵消了 GPU 銷售額下降的影響，因為該渠道繼續通過高水平的圖形庫存工作。

Client processor unit shipments grew by more than 50% from the year-ago period.

客戶端處理器單元的出貨量比去年同期增長了 50% 以上。

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.

我們擁有 4 年多以來最高的客戶端計算收入，我們相信我們連續第五個季度獲得了客戶端 CPU 單位份額。

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.

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的第二代 Ryzen 移動處理器和 Radeon Vega 顯卡的筆記本電腦。

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.

第二代銳龍移動處理器提供了比我們曾經製造的任何移動處理器更高的性能、增強的功能和更長的電池壽命，並且是適用於超薄筆記本電腦的最快處理器。

The industry's first AMD-based Chromebooks launched earlier this quarter from Acer and HP.

本季度早些時候，宏碁和惠普推出了業界首款基於 AMD 的 Chromebook。

We expect additional AMD-based Chromebooks to launch later this year as we expand our participation in this growing portion of the PC market.

我們預計今年晚些時候將推出更多基於 AMD 的 Chromebook，因為我們擴大了對 PC 市場這一不斷增長的部分的參與。

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%.

基於銳龍處理器的競爭定位，我們預計2019年推出的銳龍系統數量將比2018年增加30%以上，計劃推出的銳龍筆記本系統數量增加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.

在圖形方面，GPU 收入同比下降，主要是由於渠道 GPU 和內存銷售下降，部分被數據中心 GPU 銷售的顯著增長所抵消。

We saw an improvement in channel GPU sellouts throughout the quarter as our partners continue to drain their inventory.

隨著我們的合作夥伴繼續耗盡他們的庫存，我們看到整個季度的渠道 GPU 銷售量有所改善。

There is still more work to do, but we remain confident we're taking the right actions to further reduce channel inventory.

還有更多工作要做，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.

我們在本季度創下了專業 GPU 收入的記錄，這得益於我們基於 Vega 的數據中心 GPU 的多次大批量獲勝。

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.

我們在本季度開始交付新的 7 納米 Radeon Instinct 加速器，並為我們的數據中心 GPU 軟件引入了一系列主要增強功能，使客戶能夠更輕鬆地為 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.

在 CES 上，我們強調了我們為 Radeon 在遊戲機、PC 和雲中產生的重要遊戲動力。

For gamers and creators, we announced our return to the high-end GPU market with the new Radeon VII GPU.

對於遊戲玩家和創作者，我們宣布推出全新 Radeon VII GPU 重返高端 GPU 市場。

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.

我們全新的 7 納米 Radeon VII GPU 由我們的第二代 Vega 圖形核心提供支持，並配備 16 GB 的第二代高帶寬內存，在內容創建和計算工作負載方面提供領先的性能，並且在運行最苛刻的任務時具有非常強的競爭力4K 分辨率的 AAA 遊戲。

In cloud gaming, we announced that Google selected Radeon Pro GPUs to power their game streaming initiative, Project Stream.

在雲遊戲方面，我們宣布 Google 選擇 Radeon Pro GPU 為其遊戲流媒體計劃 Project Stream 提供支持。

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.

我們的 Radeon Pro GPU 的性能和差異化的虛擬化功能使 Google 能夠在幾乎任何 PC 上提供無與倫比的高清遊戲體驗。

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.

談到我們的企業、嵌入式和半定制部門，收入與一年前持平，因為半定制收入的兩位數百分比下降被 EPYC 處理器銷售的強勁增長所抵消。

As expected, semi-custom sales were down from a year ago based on where we are in the current console cycle.

正如預期的那樣，基於我們在當前控制台週期中的位置，半定制銷售比一年前有所下降。

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.

這一代遊戲機仍然是有史以來最成功的遊戲機之一，因為微軟和索尼現在已經出貨了超過 1.2 億台 AMD 驅動的遊戲機。

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.

由於雲、HPC 和虛擬化企業客戶對我們最高端 32 核 EPYC 處理器的需求不斷增長，第四季度服務器單位出貨量環比增長一倍以上。

As a result, we believe we achieved our goal of mid-single-digit server unit share exiting 2018.

因此，我們相信我們在 2018 年實現了中個位數服務器份額的目標。

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.

我們又迎來了一個強勁的季度雲採用率，行業領導者亞馬遜宣布推出由 EPYC 處理器提供支持的最受歡迎的 EC2 計算實例的新版本。

Businesses can easily migrate their AWS instances to AMD and save 10% or more based on the technology advantages of our platform.

基於我們平台的技術優勢，企業可以輕鬆地將其 AWS 實例遷移到 AMD 並節省 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.

Microsoft Azure 還在本季度宣布全面推出其基於 AMD 的存儲實例以及新的 HPC 實例，該實例由 EPYC 處理器提供支持，比競爭對手的 x86 產品快 33%。

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.

我們在本季度獲得了多項 HPC 勝利，包括寶潔公司、美國能源部和斯圖加特大學高性能計算中心的歐洲最大的超級計算機之一。

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.

Lawrence Livermore 實驗室還宣布推出一款新的超級計算機，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.

客戶對我們的下一代 Rome 服務器處理器的興趣仍然很高。

Rome is expected to deliver 4x the floating-point performance and double the compute performance per socket compared to our current-generation EPYC processors.

與我們當前一代的 EPYC 處理器相比，Rome 預計將提供 4 倍的浮點性能和雙倍的每個插槽的計算性能。

We publicly demonstrated a single 64-core next-generation EPYC processor outperforming 2 of our competitors' highest-end server processors in multiple workloads.

我們公開展示了單個 64 核下一代 EPYC（霄龍）處理器在多個工作負載中的性能優於我們競爭對手的 2 個最高端服務器處理器。

Rome development is proceeding very well, and we are on track to start shipments midyear.

羅馬的開發進展順利，我們有望在年中開始出貨。

I am also pleased to report that we concluded discussions with GLOBALFOUNDRIES on the seventh amendment to our Wafer Supply Agreement.

我也很高興地報告，我們結束了與 GLOBALFOUNDRIES 就我們的晶圓供應協議第七修正案進行的討論。

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.

該修正案確認了與格芯在 12 納米及以上製造的產品方面的戰略合作夥伴關係，並為 AMD 在 7 納米及以下節點提供了充分的採購靈活性。

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.

格芯仍然是 AMD 當前一代產品的關鍵供應商，並將通過我們的三元組戰略在我們的下一代銳龍和 EPYC 產品中發揮關鍵作用。

In summary, 2018 was another strong year for AMD.

總之，2018 年是 AMD 又一個強勁的一年。

Increased adoption of our high-performance products drove a second straight year of double-digit annual revenue growth, expanded gross margins and improved profitability.

我們高性能產品的普及率連續第二年實現兩位數的年收入增長，擴大了毛利率並提高了盈利能力。

I would like to thank the more than 10,000 AMD employees whose dedication to building great products have made these results possible.

我要感謝 10,000 多名 AMD 員工，他們致力於打造出色的產品，使這些成果成為可能。

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.

儘管圖形渠道中仍然存在不利因素，宏觀不確定性在 2019 年上半年引起了一些謹慎，但我們相信，隨著我們推出下一代 7 納米產品，我們有能力在全年獲得份額並加速增長。

As we enter 2019, we are preparing to launch our strongest product portfolio ever.

隨著我們進入 2019 年，我們正準備推出我們有史以來最強大的產品組合。

In gaming, we will launch our high-end Radeon VII GPU in February, followed by our next-generation Navi GPUs later in the year.

在遊戲方面，我們將在 2 月推出高端 Radeon VII GPU，然後在今年晚些時候推出我們的下一代 Navi GPU。

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.

在客戶端計算方面，今年年初我們推出了第二代銳龍移動處理器，我們有望在年中推出第三代銳龍桌面處理器。

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.

在服務器市場，隨著我們在年中推出下一代羅馬處理器，我們預計將顯著提高階躍函數性能。

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.

我為我們在 2018 年取得的成就感到非常自豪，更興奮的是我們的長期投資將如何在 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.

現在我想把電話轉給 Devinder，為我們的第四季度和全年財務業績提供一些額外的色彩。

Devinder?

德溫德？

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家下午好。

2018 was a strong year for AMD.

2018 年對 AMD 來說是強勁的一年。

New product introductions wrought the highest annual revenue since 2011 and a significant improvement in gross margin year-over-year.

新產品推出帶來了自 2011 年以來的最高年收入，毛利率同比顯著提高。

Earnings per share increased from $0.10 per share in 2017 to $0.46 per share in 2018.

每股收益從 2017 年的每股 0.10 美元增加到 2018 年的每股 0.46 美元。

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.

2018 年全年收入為 64.8 億美元，同比增長 23%，這得益於計算和圖形領域的強勁表現以及銳龍處理器銷量的顯著增長。

Although there was weakness in the graphics channel in the second half of the year, we saw strength in data center CPUs and GPUs.

雖然下半年顯卡渠道疲軟，但我們看到數據中心 CPU 和 GPU 表現強勁。

Gross margin was 39%, up 440 basis points from the prior year.

毛利率為 39%，比上年增長 440 個基點。

Gross margin improvements are primarily driven by our new Ryzen, EPYC and Radeon products.

毛利率的提高主要是由我們的新銳龍、EPYC 和 Radeon 產品推動的。

Operating expenses were 29% of revenue, an improvement of 2 percentage points from the prior year.

營業費用佔收入的 29%，比上年提高 2 個百分點。

For the full year, operating income was $633 million, up $409 million from $224 million in the prior year.

全年營業收入為 6.33 億美元，比上年的 2.24 億美元增加 4.09 億美元。

Net income was $514 million, up $411 million, compared to net income of $103 million in the prior year.

淨收入為 5.14 億美元，比上一年的淨收入 1.03 億美元增加 4.11 億美元。

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.

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 倍顯著提高到 2018 年底的 1.9 倍。

Let me turn to the details of the fourth quarter results.

讓我談談第四季度業績的細節。

Fourth quarter revenue gross margin, operating margin and earnings per share all improved year-on-year.

第四季度收入毛利率、營業利潤率和每股收益均同比提高。

Quarterly revenue of $1.42 billion was up 6% from a year ago.

季度收入為 14.2 億美元，同比增長 6%。

Strong sales of Ryzen and EPYC processors and data center GPUs more than offset lower channel GPU and semi-custom sales during the quarter.

Ryzen 和 EPYC（霄龍）處理器和數據中心 GPU 的強勁銷售抵消了本季度較低的渠道 GPU 和半定制銷售。

Fourth quarter 2018 revenue did not include any IP-related revenue, and blockchain-related GPU revenue was negligible.

2018 年第四季度的收入不包括任何與 IP 相關的收入，與區塊鏈相關的 GPU 收入可以忽略不計。

Gross margin was 41%, up 740 basis points from 34% a year ago.

毛利率為 41%，比一年前的 34% 上升了 740 個基點。

Year-on-year gross margin improvement was driven primarily by the ramp of Ryzen and EPYC processor sales.

毛利率同比增長主要受銳龍和 EPYC 處理器銷售增長的推動。

Gross margin has increased year-over-year for 7 consecutive quarters, driven by a higher percentage of revenue from new products.

毛利率連續 7 個季度同比增長，這得益於新產品收入佔比的提高。

Fourth quarter 2018 gross margin excludes a $45 million write-down of all the technology licenses that are no longer being used.

2018 年第四季度的毛利率不包括所有不再使用的技術許可的 4500 萬美元減記。

Operating expenses grew 9% year-over-year to $474 million and remained approximately flat as a percentage of revenue from the year-ago period.

運營費用同比增長 9% 至 4.74 億美元，佔收入的百分比與去年同期基本持平。

We continue to invest in our product road map and go-to-market activities as we gain market share in important markets.

隨著我們在重要市場獲得市場份額，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.

營業收入為 1.09 億美元，比一年前的 1900 萬美元增加了 9000 萬美元。

Operating margin was 8%, up from less than 2% last year.

營業利潤率為 8%，高於去年的不到 2%。

Net income was $87 million compared to $8 million a year ago.

淨收入為 8700 萬美元，而一年前為 800 萬美元。

Q4 2018 net income excludes a withholding tax refund plus interest of $43 million related to an IP litigation settlement from 2010.

2018 年第四季度的淨收入不包括預扣稅退稅以及與 2010 年知識產權訴訟和解相關的 4300 萬美元利息。

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.

使用 1,180,000,000 股稀釋後的每股收益為每股 0.08 美元，而一年前為每股 0.01 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 $986 million, up 9% year-over-year.

計算和圖形部門收入為 9.86 億美元，同比增長 9%。

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.

收入增長主要受銳龍台式機產品銷售持續強勁和第二代銳龍移動處理器的採用推動，這在很大程度上被渠道 GPU 和內存銷售與去年相比下降所抵消。

Ryzen products continued to ramp and were greater than 80% of total client revenue, driven by OEM and channel momentum.

在 OEM 和渠道勢頭的推動下，銳龍產品繼續增長，佔客戶總收入的 80% 以上。

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.

在圖表中，由於 2018 年第四季度與區塊鏈相關的收入微不足道，以及渠道中 [熱帶] 庫存水平升高，銷售額同比下降。

Total graphics revenue grew sequentially, driven by strong Radeon data center GPU sales.

在強勁的 Radeon 數據中心 GPU 銷售的推動下，圖形總收入環比增長。

Computing and Graphics operating segment income was $115 million compared to $33 million a year ago.

計算和圖形業務部門的收入為 1.15 億美元，而一年前為 3300 萬美元。

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.

這一增長主要是由於銳龍產品銷售的強勁以及台式機和筆記本電腦的平均售價與一年前相比顯著提高。

Enterprise, Embedded and Semi-Custom revenue was $433 million, flat from the prior year.

企業、嵌入式和半定制收入為 4.33 億美元，與去年持平。

Server revenue growth was offset by lower semi-custom revenue.

服務器收入增長被較低的半定制收入所抵消。

EPYC processor units more than doubled sequentially, driving significant growth in data center revenue in the quarter.

EPYC（霄龍）處理器單元連續增長一倍以上，推動本季度數據中心收入顯著增長。

EESC segment operating loss was $6 million compared to a loss of $13 million a year ago.

EESC 部門的經營虧損為 600 萬美元，而一年前的虧損為 1300 萬美元。

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.

由於 EPYC（霄龍）處理器收入增加而帶來的改善被較低的半定制收入以及對服務器業務的持續工程和上市投資所部分抵消。

Turning to the balance sheet.

轉向資產負債表。

Our cash, cash equivalents and marketable securities totaled $1.16 billion at the end of the quarter.

截至本季度末，我們的現金、現金等價物和有價證券總計 11.6 億美元。

We generated free cash flow of $79 million in the quarter.

我們在本季度產生了 7900 萬美元的自由現金流。

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.

全年自由現金流為負 1.29 億美元，主要是由於與新產品相關的庫存增加和收款時間。

Inventory was $845 million, up $107 million sequentially, primarily due to the ramp of new products.

庫存為 8.45 億美元，環比增加 1.07 億美元，主要是由於新產品的增加。

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.

本金債務總額為 15 億美元，因為我們在 [第四] 季度進一步減少了 6000 萬美元的定期債務，導致 2018 年的總債務減少了 1.71 億美元。

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.

我們預計將在 2019 年 3 月償還 2019 年剩餘的 6600 萬美元定期債務，除此之外，在 2022 年之前沒有長期債務到期。

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.

調整後的 EBITDA 為 1.52 億美元，而一年前為 5800 萬美元，在過去 12 個月的基礎上，調整後的 EBITDA 為 8.03 億美元，同比增長一倍多。

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.

截至 2018 年底，總槓桿為 1.9 倍，我們很高興實現了低於 2 倍的長期總槓桿目標。

Before turning to our financial outlook, let me discuss our Wafer Supply Agreement with GLOBALFOUNDRIES.

在談到我們的財務前景之前，讓我討論一下我們與 GLOBALFOUNDRIES 的晶圓供應協議。

Today, the seventh amendment of the WSA spans from January 2019 through March 2024.

今天，WSA 的第七次修正案從 2019 年 1 月到 2024 年 3 月。

It establishes purchase commitments and pricing at 12-nanometer and above for the years 2019 through 2021.

它為 2019 年至 2021 年制定了 12 納米及以上的採購承諾和定價。

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.

該修正案還為 AMD 提供了 7 納米及以上工藝的全面採購靈活性，無需為從其他代工廠購買的產品支付任何一次性費用或特許權使用費。

Turning to the outlook for the first quarter of 2019.

轉向2019年第一季度的前景。

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.

我們預計收入約為 12.5 億美元，正負 5000 萬美元，環比下降約 12%，同比下降 24%。

Sequentially, the decrease is expected to be primarily driven by continued softness in the graphics channel and seasonality across the business.

因此，預計下降的主要原因是圖形渠道的持續疲軟和整個業務的季節性。

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.

預計同比下降主要是由於渠道庫存過多、缺乏與區塊鏈相關的 GPU 收入以及內存銷售下降導致的圖形銷售下降。

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.

此外，預計半定制收入將同比下降，而銳龍、EPYC 和 Radeon 數據中心 GPU 產品銷售預計將增加。

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.

此外，對於 2019 年第一季度，我們預計非美國通用會計準則毛利率約為 41%，非美國通用會計準則運營費用約為 4.8 億美元，非美國通用會計準則利息費用稅和其他費用約為 2500 萬美元，我們還預計在 2019 年第一季度記錄與 THATIC 合資企業相關的 6000 萬美元的 IP 許可收益，這將有利於營業收入，並記錄在損益表的許可收益線上。

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.

就 2019 年全年而言，儘管圖形渠道近期疲軟且宏觀環境謹慎，但我們預計 Ryzen、EPYC 和 Radeon 數據中心 GPU 產品銷售將推動高個位數百分比的收入增長，以及我們提升 7 納米產品全年。

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.

我們預計非美國通用會計準則毛利率將超過 41%，非美國通用會計準則運營費用約為收入的 29%，非美國通用會計準則稅率約為稅前收入的 4%。

In closing, we made excellent progress in 2018.

最後，我們在 2018 年取得了出色的進展。

We grew the top line by more than $1.2 billion, expanded gross margin and significantly improved profitability.

我們的收入增長了超過 12 億美元，擴大了毛利率並顯著提高了盈利能力。

We continue to execute our long-term financial model, driven by our new high-performance computing products that gained solid momentum last year.

我們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勢頭的新型高性能計算產品。

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.

我們很高興進入 2019 年，資產負債表得到加強，並且擁有能夠推動持續財務增長的強大的下一代產品組合。

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, please?

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.

（操作員說明）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.

麗莎，我有一個關於你 2019 年全年展望的問題。

You guys are guiding revenue growth kind of in the high single-digit range.

你們正在指導高個位數範圍內的收入增長。

Embedded in that outlook, what kind of growth rates are you assuming for your core businesses, computing, graphics, semi-custom and server CPUs?

在這種前景中，您假設您的核心業務、計算、圖形、半定制和服務器 CPU 的增長率是多少？

And then on the gross margin side, 41% or greater, is the improvement year-over-year primarily a function of revenue growth and mix?

然後在毛利率方面，41% 或更高，同比增長主要是收入增長和組合的函數嗎？

Or is the amendment in the WSA playing a role there as well?

或者 WSA 中的修正案是否也在其中發揮作用？

Sure.

當然。

Thank you for the questions.

謝謝你的提問。

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.

因此，相對於高個位數的全年指引，主要增長動力是銳龍和 EPYC（霄龍），是第二大增長動力。

With data center GPU also, we're expecting that to be up.

對於數據中心 GPU，我們預計也會出現這種情況。

And then we would expect that semi-custom will be down.

然後我們預計半定制會下降。

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.

如果你看生命週期，半定制將在控制台週期的第七年，所以我們預計半定制將下降約 20%，然後我們預計消費圖形也會下降，我們稱之為，兩位數，因為我們真的燒掉了我們在上半年看到的一些渠道庫存。

So Ryzen and EPYC are the large drivers of the growth.

所以銳龍和EPYC是增長的主要驅動力。

And that's as we launch our 7-nanometer products throughout the year.

這就是我們全年推出 7 納米產品的原因。

And then your second question, Toshi, was?

然後你的第二個問題，Toshi，是？

Yes, in gross margins, 41% or greater, that's 2 percentage point or greater improvement year-over-year.

是的，毛利率為 41% 或更高，同比增長 2 個百分點或更大。

Is that primarily a function of revenue growth and improvement in mix, given Ryzen and EPYC?

考慮到 Ryzen 和 EPYC，這主要是收入增長和組合改進的功能嗎？

Or is the WSA amendment providing a tailwind as well?

還是 WSA 修正案也提供了順風？

Yes, it's primarily due to mix.

是的，這主要是由於混合。

So the mix of the higher-margin new products, Ryzen, EPYC, and the data center GPUs.

因此，利潤率更高的新產品、銳龍、EPYC（霄龍）和數據中心 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.

麗莎，我想，我想對 Toshi 的全年問題進行一些不同的攻擊，也許只是談談你們為 7 納米路線圖嵌入的份額增益假設，而不是一些實用主義或保守主義。市場剛剛給出宏觀。

I mean, Intel talked about a flat PC TAM in terms of units.

我的意思是，英特爾在單位方面談到了平板 PC TAM。

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.

顯然，我想，這只是引導我們在今年的那種廣泛的服務器業務中實現了中個位數的增長，你們第一季度的收入開始可能同比下降 25%鑑於圖形業務正在發生的事情。

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.

因此，也許您可以讓我們稍微了解一下您對今年 2 個主要增長市場的 TAM 增長與您嵌入的份額收益的看法。

Yes, absolutely, Matt.

是的，絕對是，馬特。

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.

看，我認為，因為它與市場有關，我認為我們不會像其他人所說的那樣對市場有非常不同的看法。

Our story really is a share gain story.

我們的故事真的是一個分享收益的故事。

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.

當你看看我們在 2018 年取得的進展和我們在 2018 年取得的設計勝利時，當我們進入 2019 年時，當我們看看羅馬和銳龍時，我們會看看排序我們擁有的 OEM 平台的廣度、按工作量劃分的客戶參與度以及我們如何看待這種進展。

We feel very good about the opportunity to gain share as we go through the year, particularly given how competitive the products set is.

我們對在這一年中獲得份額的機會感到非常高興，特別是考慮到產品集的競爭力。

Similarly, on the PC side, we've made nice progress over the last 4, 5 quarters.

同樣，在 PC 端，我們在過去 4、5 個季度取得了不錯的進展。

On Ryzen, we started strong on desktop, and then the last couple of quarters, we've made good progress on notebook.

在 Ryzen 上，我們開始在台式機上表現強勁，然後在最後幾個季度，我們在筆記本電腦上取得了不錯的進展。

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.

進入 2019 年，我們看到與 OEM 的產品組合更廣泛，我們還看到更具競爭力的台式機產品線和筆記本電腦產品線。

So that's how we're thinking about the year.

這就是我們對這一年的看法。

To your point about starting a little bit with lower guidance in Q1, I think that's true.

關於您在第一季度以較低的指導開始一點點的觀點，我認為這是真的。

When we look at Q1, particularly on a year-on-year basis, there are a lot of moving pieces.

當我們查看第一季度，特別是按年計算時，有很多變動因素。

But it's primarily due to the graphics channel.

但這主要是由於圖形通道。

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.

這既是需求減少，也是區塊鏈收入同比下降以及半定制業務的缺失。

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.

但隨著我們向前邁進，隨著我們進入第二季度及以後，我們看到了新產品增加的重大機遇，這就是我們對這一年的看法。

Got it, that's helpful.

明白了，很有幫助。

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.

Devinder，可能只是許可收益和 IP 收入方面的一些小事，只是我被問了幾次，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.

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?

然後，對於全年，您是否將任何 IP 收入包括在收入前景中，我們是否應該考慮將其他 THATIC 許可收益應用於何時可能得到認可的時間？

I know there's a lot there.

我知道那裡有很多。

But lots of questions on just the moving pieces there tonight.

但是今晚有很多關於移動部分的問題。

Yes, I can take that.

是的，我可以接受。

License gain essentially does not impact gross margin.

獲得許可基本上不會影響毛利率。

That sits on a separate line altogether on the licensing gain line in the P&L.

這在損益表中的許可收益線上完全位於一條單獨的線上。

So the gross margin is not impacted by that.

因此，毛利率不受此影響。

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.

就第一季度的 IP 收入而言，沒有預期的 IP 收入，因此 41% 的指導毛利率是基於我們擁有的產品。

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.

今年，在這一點上，除了我們在第一季度預期或記錄的 THATIC JV IP 許可收益之外，雖然從 IP 的角度來看可能會有機會，但目前沒有任何實質性的考慮。

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.

麗莎，當你回顧 2019 年以及你在 EPYC 方面取得的成功——EPYC 的初步成功時，我很好奇。

What was the mix of cloud versus enterprise?

雲與企業的組合是什麼？

And then how do you think it trends in 2019 because of all the concerns around slowdown in cloud CapEx and so forth?

那麼，由於對雲資本支出放緩等的所有擔憂，您認為 2019 年的趨勢如何？

And as part of that, if you could share with us what your market share assumptions are as we exit the year on EPYC.

作為其中的一部分，如果您能與我們分享您在 EPYC 退出這一年時的市場份額假設。

Yes, sure, Vivek.

是的，當然，維維克。

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.

縱觀 2018 年，我們對 EPYC 的進展感到非常滿意，而且從第四季度開始，實際上，第四季度對我們來說是相當強勁的，而且我們的服務器業務的單位數量翻了一番。

And when you look at that mix, it is more cloud-weighted.

當您查看該組合時，它更加雲加權。

So we had some large deployments that went online here in the fourth quarter, and that was positive for us.

所以我們有一些大型部署在第四季度上線，這對我們來說是積極的。

That being said though, we're making nice progress in the Enterprise and HPC side of the business too.

儘管如此，我們在企業和高性能計算方面也取得了不錯的進展。

We've had a number of wins in the quarter as well as going into 2019.

我們在本季度以及進入 2019 年都取得了許多勝利。

So as we look into 2019, I would expect that the early Rome deployments will also be cloud-based.

因此，當我們展望 2019 年時，我預計早期的羅馬部署也將基於雲。

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.

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，正是 OEM 平台的廣度讓我們對我們將處理更廣泛的工作負載並擁有更廣泛的工作充滿信心市場覆蓋率。

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.

在份額假設方面，我們將不得不看看市場和年份的表現，但我認為我們之前說過的是，在 2018 年第四季度達到中個位數的市場份額之後，我們會預計還需要 4 到 6 個季度才能達到 10% 的市場份額。

And I think we're still in that range.

我認為我們仍在這個範圍內。

Got it.

知道了。

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.

在我的後續行動中，在你的競爭對手的最後幾次公開討論中出現了兩件事，第一，CPU 短缺的概念，我想知道這是否對你有任何積極或消極的影響戰略或定位。

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?

然後英特爾還提到在定價方面更具戰術性，我想知道這對您的全年展望有何影響？

So both the impact of CPU shortages and pricing, any color would be very helpful.

因此無論是 CPU 短缺的影響還是定價，任何顏色都會非常有幫助。

Sure, Vivek.

當然，維維克。

So look, on the CPU shortages, my comment is that there are some pockets of shortage, particularly at the low end.

所以看，關於 CPU 短缺，我的評論是有一些短缺，特別是在低端。

However, our focus has really been on ramping Ryzen.

但是，我們的重點實際上是提升 Ryzen。

And if you look at the Ryzen percentage of our overall business, Ryzen, Devinder mentioned, was 80% of our client business.

如果你看一下銳龍在我們整體業務中的百分比，Devinder 提到，銳龍占我們客戶業務的 80%。

So we are really actually improving our mix in the client business.

因此，我們實際上正在改善我們在客戶業務中的組合。

I think that, again, from my view, the shortages are temporary.

我認為，在我看來，短缺是暫時的。

But we look at it as really getting consistent share gain.

但我們認為它確實獲得了持續的份額增長。

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.

隨著我們在 2018 年每個季度的發展，我們看到了持續的份額增長，我們相信我們在第四季度也獲得了份額。

So I think we're well positioned with the portfolio, and we'll certainly drive that into 2019.

所以我認為我們在投資組合方面處於有利地位，我們肯定會將其推進到 2019 年。

And then, the other?

然後，另一個？

Pricing.

價錢。

Oh, pricing, yes.

哦，定價，是的。

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.

相對於定價，看，當我們考慮定價以及整合我們的長期模型時，我們已經考慮到定價和競爭將是激烈的。

I think we know that to be the case.

我想我們知道是這樣的。

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.

我們在市場上看到的情況與此一致，但我們也相信，特別是當您進入數據中心時，從購買決策的角度來看，最大的單一因素是產品的性能和總擁有成本，以及我們相信羅馬將在 2019 年處於非常非常有利的位置。

And so we are cognizant of the competitive environment but feel good that we have the right set of assumptions.

因此，我們認識到競爭環境，但對我們擁有正確的假設感到滿意。

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.

很高興達到今年退出的那個中個位數的里程碑。

Lisa, as you start -- I just wanted to confirm, you expect to ship -- start shipping Rome midyear.

麗莎，當你開始時——我只是想確認一下，你預計會發貨——年中開始在羅馬發貨。

And as you do, what's the biggest risk for Rome?

正如你所做的那樣，羅馬最大的風險是什麼？

Is it execution on delivering the product?

是交付產品的執行嗎？

Or is it the sales the process, convincing customers to take EPYC 2 in volume?

還是銷售過程，說服客戶批量購買 EPYC 2？

Yes, so I think the -- with Rome, our biggest opportunity/risk is adoption rate.

是的，所以我認為——在羅馬，我們最大的機會/風險是採用率。

I think, from a competitive standpoint, the product is very solid.

我認為，從競爭的角度來看，該產品非常可靠。

Everything going through our development labs looks very good as well as our customer engagement.

通過我們的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。

And so this is just about getting customers to production as fast as possible.

所以這只是為了讓客戶盡快投入生產。

We do expect though that the adoption rate for Rome will be faster than the adoption rate for Naples.

我們確實預計羅馬的採用率將快於那不勒斯的採用率。

And the reason for that is we are in a socket-compatible infrastructure.

原因是我們處於與套接字兼容的基礎架構中。

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.

因此，不一定需要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板和系統。

And so I think that will help us accelerate some of the adoption, but right now, it's about helping customers in their environment.

所以我認為這將幫助我們加快一些採用，但現在，它是關於在他們的環境中幫助客戶。

We are widely sampling Rome, and there is a lot of work to be done.

我們正在廣泛採樣羅馬，還有很多工作要做。

But we feel good about the trajectory.

但我們對軌跡感覺良好。

Great.

偉大的。

And a follow-up, if I may, for Devinder.

如果可以的話，還有一個針對 Devinder 的後續行動。

So inventories, it looks like they were up about $100 million, going into a pretty healthy seasonal quarter that's declining.

因此，庫存看起來增加了約 1 億美元，進入了一個非常健康的季節性季度，該季度正在下降。

What should -- how should we read that, Devinder?

什麼應該——我們應該怎麼讀，Devinder？

And was there just some opportunity to get some wafers more cheaply?

是否有一些機會可以更便宜地獲得一些晶圓？

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?

或者是否存在 - 您是否試圖在發布前儲存產品，或者 - 我們何時可以預期庫存成為現金流量表中的現金來源？

Yes, Matt (sic) [Mark].

是的，馬特（原文如此）[馬克]。

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.

因此，正如您剛才提到的，庫存增長主要是由我們的新產品推動的，並為我們今年晚些時候推出的 7 納米下一代產品做準備。

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.

我們總體上希望根據收入管理庫存，同時支持將在全年推出和增加的新產品。

Lisa mentioned a few of the launches at CES and also in the script, and we prepared to support that from an inventory standpoint.

麗莎在 CES 和腳本中提到了一些發布，我們準備從庫存的角度來支持這一點。

And we'll see how the year progresses and then manage it from there.

我們將看到這一年的進展情況，然後從那裡進行管理。

Thank you, Mark.

謝謝你，馬克。

Next question please, operator?

請問下一個問題，接線員？

Our next question comes from Stacy Rasgon from Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

Around the Q1 guide, obviously, you mentioned the GPU weakness, but you also mentioned seasonality across the businesses.

顯然，在第一季度指南中，您提到了 GPU 的弱點，但您也提到了整個業務的季節性。

Is my assumption correct that, that means everything is basically down sequentially, CPUs, GPUs, servers?

我的假設是否正確，這意味著一切基本上都是按順序下降的，CPU、GPU、服務器？

Can you tell us, is that true?

你能告訴我們，這是真的嗎？

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?

如果是這樣，您能否給我們一個規模的概念，例如至少下降了什麼，我猜，最多與最少，順序，Ryzen 與 GPU 與 EPYC？

Sure, Stacy.

當然，斯泰西。

So the largest driver, as I've said, is the GPU channel situation on a year-over-year basis.

因此，正如我所說，最大的驅動因素是 GPU 渠道的同比情況。

On a sequential basis, typical seasonality for, let's call it, PCs and GPUs and data center is probably around 10% or so.

按順序計算，PC、GPU 和數據中心的典型季節性可能約為 10% 左右。

We are forecasting -- or we believe that that will be a little bit -- down a little bit more than that.

我們正在預測 - 或者我們相信這將是一點點 - 比這還要低一點。

And in terms of the ranking, I would say GPUs are down a bit more than the other 2 segments.

就排名而言，我會說 GPU 的下降幅度比其他兩個細分市場要大一些。

That's the way we currently see it.

這就是我們目前看到的方式。

Got it.

知道了。

And for my follow-up, I had a question just on, general, EESC.

對於我的後續行動，我有一個關於 EESC 的問題。

So its revenues are flat year-over-year.

因此，其收入同比持平。

The server revenues are up a bunch and it's still losing money.

服務器收入大幅增長，但仍在虧損。

And I get it, there's some incremental investments and everything, but I guess, how do we think about the profitability of that segment?

我明白了，有一些增量投資和一切，但我想，我們如何看待該細分市場的盈利能力？

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?

EPYC 或 Rome 的服務器業務需要有多大才能實現可持續盈利，尤其是在半定制將繼續下降的情況下，你說 2019 年將下降 20%？

Yes, I think the key, Stacy, is going to be ramping the server business in 2019.

是的，我認為關鍵，Stacy，將在 2019 年大力發展服務器業務。

You are right that year-over-year we look at it, it's lost little bit of money.

你是對的，我們每年都在看它，它損失了一點錢。

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.

但從根本上說，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。

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.

而半定制，鑑於它處於週期的第七年，我們預計它會從 2018 年到 2019 年下降。

But we do expect to go ahead and ramp our server business, and that will definitely benefit the EESC profitability in 2019.

但我們確實希望繼續擴大我們的服務器業務，這肯定有利於 EESC 在 2019 年的盈利能力。

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

你認為它全年盈利嗎？

Too early to tell.

說得太早了。

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

我不會——我不想預測細分市場的盈利能力，但我們會看看它在一年中的發展情況。

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。

Lisa, a potentially different way to ask the same question on the full year 2019 guide.

麗莎，在 2019 年全年指南中提出相同問題的一種可能不同的方式。

Late last year, at a few different events, you talked about the server business being second-half-weighted.

去年年底，在一些不同的活動中，您談到了服務器業務的下半年權重。

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.

如果我經歷了今年剩下的時間，似乎你必須在每個季度連續增長 20% 以上才能達到目標。

I know it's not going to be perfectly linear like that.

我知道它不會像那樣完全線性。

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?

但我想，我的總體問題是，如果業務的服務器端是後半權重，那麼什麼樣的業務在幫助今年年中？

Is there some snapback on the GPU side?

GPU方面是否有一些回彈？

Is there something going on in the Ryzen side?

銳龍方面發生了什麼事情嗎？

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.

只是試圖從一個作為第一季度起點的基數得到一定程度的一年的形狀。

Sure, Ross.

當然，羅斯。

So yes, I think it is fair to say that our quarterly progression will have a lot to do with our product launches.

所以是的，我認為可以公平地說，我們的季度進展將與我們的產品發布有很大關係。

So you would expect that server will be more second-half-weighted than the first half.

因此，您會期望該服務器的下半年權重將高於上半年。

In general, our business is more second-half-weighted, though, if you think about the consumer portions of our business.

不過，總的來說，如果您考慮我們業務的消費者部分，我們的業務更多的是下半年加權。

But think about it as we would expect sequential growth in PCs.

但是想想它，因為我們預計 PC 會連續增長。

We would certainly expect sequential growth in data center, although stronger in the second half.

我們當然會期待數據中心的連續增長，儘管下半年會更強勁。

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.

我們會 - 我們也是 - 正如我們現在看到的 GPU 業務一樣，我們將第一季度視為業務的低點，隨著我們進入第二季度，渠道得到改善。

And we have additional product launches there as well.

我們還在那裡推出了其他產品。

So that's the way we would see the portfolio.

這就是我們看待投資組合的方式。

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.

而半定制，雖然同比下降，但我們預計它也會隨著我們從第二季度到第三季度的增長而增加。

Perfect.

完美的。

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.

還有一個關於 GPU 方面的問題，您在該市場的主要競爭對手顯然存在一些當前問題，並提到高端的新產品沒有暢銷。

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?

您是否擔心該市場的競爭格局，無論是因為中國需求疲軟，正如他們所引用的那樣，或者他們不得不在定價上更加激進一點，都會對您利用現有市場滲透市場的能力產生任何影響。還是隨著時間的推移推出新的 GPU 產品？

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.

是的，所以，看，當我們看 GPU 市場時，讓我們將游戲和數據中心分開，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量比第三季度有所增加。

So gamers are still buying GPUs.

所以遊戲玩家仍在購買 GPU。

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.

他們可能對價格點更加挑剔，因此我可以想像高端與中端相比可能會更加柔軟。

But we believe that we have a good understanding of what's happening in the gaming side of the business.

但我們相信我們對遊戲業務方面正在發生的事情有很好的了解。

And it will be driven -- our gaming growth will be driven by new products.

它將受到驅動——我們的遊戲增長將由新產品驅動。

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.

隨著今年 Radeon VII 的發布以及遊戲方面的 Navi 發布，我們會看到這一點。

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.

在數據中心方面，我們在 GPU 數據中心方面取得了不錯的進展，顯然基數較低，但數據中心的 GPU 非常依賴於工作負載。

There are some workloads that actually we do very well in things like cloud gaming and virtualization, and we have some early HPC wins.

實際上，我們在雲遊戲和虛擬化等方面做得非常好，並且我們在早期的 HPC 方面取得了一些勝利。

And so we see this as sort of customer acquisition redeployment.

因此，我們將其視為一種客戶獲取重新部署。

And so those are the sources of growth on the PC side for us.

因此，這些是我們在 PC 方面的增長源泉。

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.

如果可以的話，只有 2 個問題，以最後一個問題為基礎。

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.

在您準備好的評論中，您指出您已經達到了里程碑，即 GPU 和數據中心 CPU 達到了您總收入的 10% 左右。

I'm curious as you kind of contemplated your full year guidance, where do you think that mix of business can go?

我很好奇你在考慮你的全年指導，你認為這種業務組合可以去哪裡？

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?

是否有一個時間點我們實際上——你預見到我們對數據中心 GPU 業務的趨勢有多大的了解？

Yes, Aaron.

是的，亞倫。

So I think the mid-teens percentage revenue for us in Q4 was -- was a good milestone.

所以我認為我們在第四季度的十幾歲百分比的收入是一個很好的里程碑。

I mean, I think that's a meaningful percentage of our revenue.

我的意思是，我認為這是我們收入的一個重要百分比。

And it was a contributor to our gross margin as we exited 2018.

當我們退出 2018 年時，它是我們毛利率的一個貢獻者。

I think, as we go into 2019, again, we will continue to give you visibility into where the data center growth is.

我認為，隨著我們再次進入 2019 年，我們將繼續讓您了解數據中心的增長情況。

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.

公平地說，我的預期是數據中心業務的 CPU 端增長速度將快於 GPU 端，僅考慮到我們在整體部署方面所看到的情況。

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.

但我認為這兩項業務對我們以及我們在 2019 年增長故事的關鍵部分都將是有意義的，隨著這一年的發展，我們將繼續為它們的發展提供色彩。

Okay, that's very helpful.

好的，這很有幫助。

And just real quickly on the semi-custom side.

在半定制方面真的很快。

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?

當您在今年的整個課程中也考慮過指導以及全年下降 20% 時，您是否假設第一季度標誌著底部，我們可以從該水平季節性增長？

Or should we think about something differently from a progression through the quarters in '19?

還是我們應該考慮一些不同於 19 年季度進展的事情？

Yes.

是的。

Aaron, yes, that's the correct way to think about it.

亞倫，是的，這是正確的思考方式。

So Q1 will be a low, Q2 will be higher, Q3 will be higher, and then Q4 will come down again.

所以 Q1 會低點，Q2 會更高，Q3 會更高，然後 Q4 會再次回落。

That should be the seasonality of semi-custom.

那應該是半定制的季節性。

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, notwithstanding that the macro is extremely uncertain, making any predictions difficult.

麗莎，儘管宏觀非常不確定，但很難做出任何預測。

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?

我有點好奇，回到羅斯的問題，你如何看待全年連續增長的節奏？

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%.

因為正如他所指出的，如果你按季度平均分配，你在第二季度、第三季度、第四季度的增長率都在 20% 以上，半對半增長，大約是 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%.

如果你假設更多的季節性，並且由於會計的變化而很難達到季節性，我認為你可以獲得高達 75% 的半對半增長。

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?

因此，當您考慮全年增長時，這更像是 50% 對半還是 75% 對半？

Yes, thanks for the question, John.

是的，謝謝你的問題，約翰。

It might be a little bit early for us to go there.

我們去那裡可能有點早。

But what I would say is the following.

但我要說的是以下內容。

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.

當我們查看 2019 年至 2018 年的同比比較時，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 年第二季度仍有大量區塊鏈銷售。

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.

所以我預計我們將在第二季度連續增長，但我認為這仍然是一個更艱難的同比比較。

But then when we get into the second half of the year, we expect to be fully ramped on the entire 7-nanometer portfolio.

但是，當我們進入下半年時，我們預計將在整個 7 納米產品組合上全面投入使用。

And so we would see a heavier weighting in the second half.

因此，我們會在下半年看到更大的權重。

So we see sequential growth into second quarter but more heavily weighted into the second half.

因此，我們看到第二季度的連續增長，但下半年的權重更大。

That's really helpful.

這真的很有幫助。

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.

然後，Devinder，在盈利能力方面，如果您將第一季度指導的數字計算為您需要退出第四季度才能達到全年數字，您可能會看到收入遠遠超過 10 億美元，第一季度到Q4。

I'm a little bit surprised that despite that, the gross margin guidance isn't a little bit better.

我有點驚訝的是，儘管如此，毛利率指導並沒有好一點。

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?

我知道你指導全年超過 41%，第一季度為 41%，但我有點好奇，如果你看看第四季度的運行率比第一季度的運行率高出 10 億美元，我們應該怎麼想毛利率和營業利潤率如何？

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.

我認為，約翰，如果你回顧過去的許多季度，我認為 7 個季度同比，我們已經通過新產品的優勢提高了毛利率。

We ended the year quite well in 2018 and achieved gross margin in the fourth quarter that was nice.

我們在 2018 年結束了這一年，並在第四季度實現了不錯的毛利率。

And now we start the year with 41%, and as we start the year, it's early guiding greater than 41%.

現在我們以 41% 的比例開始了這一年，而當我們開始這一年時，它的早期指導率超過了 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.

我認為你應該期望隨著產品的增加，特別是 Lisa 提到的 7 納米產品，我們的利潤率將繼續提高，我們將在今年年底看到我們的最終目標。

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.

但我們確實預計，與 2018 年相比，利潤率同比上升 39%，2019 年將超過 41%。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Mitch Steves。

I have 2, quickly.

我有2個，很快。

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.

首先，在 C&G 方面，我意識到那裡會有很多連續的困難，但是當我考慮長期增長率時，我知道你們已經和高單打雙打的人談過了- 數字增長。

Is that still essentially where you think that business can grow at long term?

這仍然是您認為業務可以長期增長的地方嗎？

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?

其次，就下一個 EPYC 2 而言，它有什麼理由在測試環境中表現不如英特爾 10 納米？

And if so, why would that be?

如果是這樣，為什麼會這樣？

Let me take the second question, and then maybe, Devinder, you can take the first question.

讓我回答第二個問題，然後也許，Devinder，你可以回答第一個問題。

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.

因此，它與我們的 Rome 產品有關，最初計劃 Rome 時，我們曾計劃它將與 10 納米產品競爭。

So that was the -- that was our expectation when we started.

所以這就是我們開始時的期望。

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.

我認為我們已經展示了一些代際性能優勢，即基於套接字的性能翻倍，基於浮點的性能 4 倍。

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.

我要說的另一件事是，對於我們的第二代羅馬，客戶群現在更習慣於我們的架構，因此我們也花了很多時間進行一些架構和軟件改進最後 4 到 6 個季度開始發揮作用。

So I think we feel very good about the competitive positioning of Rome.

所以我認為我們對羅馬的競爭定位感覺很好。

And the other thing to keep in mind is we are deep in development of our next-generation beyond Rome.

要記住的另一件事是，我們正在深入開發羅馬以外的下一代。

So the Zen 3 product portfolio is deep in development as well.

因此，Zen 3 產品組合也在深入開發中。

So that's -- our goal is to ensure that we have a consistent cadence of very competitive products.

所以這就是——我們的目標是確保我們有一個非常有競爭力的產品的一致節奏。

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.

是的，然後就您關於細分市場增長的問題而言，相對於公司層面的高個位數增長，在這兩個細分市場中，都有一些因素在起作用。

In Computing and Graphics, obviously, we feel good about the data center side of GPU.

顯然，在計算和圖形方面，我們對 GPU 的數據中心方面感覺良好。

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.

但在比較的基礎上，從 2018 年到 2019 年，我們確實受到了區塊鍊和 2018 年的一些內存銷售的影響，從市場的角度來看，這些影響在 2019 年不會發生。

And then on the EESC side, semi-custom being down obviously is a factor when you compare year-on-year per segment.

然後在 EESC 方面，當你比較每個細分市場的同比情況時，半定制的下降顯然是一個因素。

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.

但數據中心部分增長良好，尤其是 7 納米羅馬產品在下半年推出——我的意思是，在 2019 年下半年推出。

And that's the way you kind of look at it.

這就是你看待它的方式。

It is still early in the year from an overall standpoint.

從總體上看，現在還處於年初。

And where we ended up in 2018, we're projecting high single-digit growth at the company level for 2019 over 2018.

在我們在 2018 年結束的地方，我們預計 2019 年公司層面將比 2018 年實現高個位數增長。

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。

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.

麗莎，我只是想在這裡問一下，你已經把它放了一點，但就 EPYC 2 而言，相同的插槽，但是——而且你很早就對它進行了採樣。

But in terms of getting over the finish line and getting these shipped, I guess, the customer still has to wait for production silicon.

但就完成終點線和交付這些產品而言，我猜，客戶仍然需要等待生產矽片。

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.

然後——通常情況下，人們談論 6 到 12 個月，這樣他們就可以對其進行測試並確保它與生產矽片一起完成所有工作。

So can you just walk us through the timeline because, obviously, you're baking in a pretty steep ramp in the second half?

所以你能帶我們看看時間線嗎，因為很明顯，你在下半場在一個非常陡峭的斜坡上烘烤？

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.

是的，所以我們實際上從去年開始對 EPYC 進行採樣，去年下半年，一些頂級雲供應商以及我們的 OEM 合作夥伴。

We've had a significant amount of development with our ODM partners as well.

我們也與我們的 ODM 合作夥伴進行了大量的開發。

So I think there is a good amount of overlap between the customer development cycle and our development cycle.

所以我認為客戶開發週期和我們的開發週期之間有很多重疊。

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.

現在正如您所說，生產芯片非常關鍵，確保最終規格鎖定是我們今年上半年仍然需要做的工作。

But I think we feel good about it.

但我認為我們對此感覺良好。

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.

我們對平台、客戶參與、當前的開發進度等感覺良好，因此從執行的角度來看，這在很大程度上是我們的計劃。

I just want to ask on the GPU side.

我只想問GPU方面。

It looks like your ASP was up substantially with the data center.

看起來您的 ASP 與數據中心有很大關係。

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?

我只是有點好奇，當您考慮數據中心的組合時，您認為 - 您如何看待該業務的發展軌跡？

I mean, is it -- is that portion lumpy as well?

我的意思是，是不是——那部分也是塊狀的嗎？

Or is this kind of the go-forward kind of level after that pretty sharp initial shipment in December?

還是在 12 月的初始出貨量相當大之後，這種前進的水平？

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.

是的，所以在數據中心方面，我們確實預計數據中心 GPU 業務將成為 2019 年我們的增長動力。

It will be a little bit lumpy so I wouldn't say it's a straight line.

它會有點凹凸不平，所以我不會說它是一條直線。

But I would say, on a year-over-year basis, it's a important growth driver for us.

但我想說，按年計算，這對我們來說是一個重要的增長動力。

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.

由於它與影響整體 ASP 的整體數據中心 GPU ASP 有關，我認為這是真的，因為遊戲 ASP 是——對不起，考慮到渠道庫存情況，遊戲業務低於預期。

So I think it's also just weighted in terms of the units.

所以我認為它也只是在單位方面加權。

Thank you, Blayne.

謝謝你，布萊恩。

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

接線員，我們有時間再回答 2 個問題。

Our next question is coming from 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.

看起來 GPU 數據中心業務做得很好。

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?

你能給我們一些顏色嗎？如果你看一下兩個數據中心業務 CPU 和 GPU 之間的總體曝光率，你能給我們一些定性的感覺嗎?

Is it mostly virtualization?

主要是虛擬化嗎？

What other applications are you seeing there?

您在那裡看到了哪些其他應用程序？

Sure, Joe.

當然，喬。

So for the mid-teens percentage of revenue in Q4, between CPU and GPU, it's actually roughly similar.

因此，對於第四季度 CPU 和 GPU 之間佔收入的中位數百分比，它實際上大致相似。

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.

然後在工作負載方面，GPU 數據中心方面，我們在雲遊戲方面做得很好，我們在虛擬化解決方案方面做得很好，我們在 HPC 方面有一些早期的牽引力。

Great.

偉大的。

That's helpful.

這很有幫助。

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.

而且我想，就業務細分而言，我認為您之前已經提到過這一點，但似乎對話通常圍繞微處理器、圖形和半定製作為 3 種不同的機會。

Have you thought about moving the segmentation to more align with that?

您是否考慮過移動細分以使其更加一致？

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?

而且我意識到這很容易談論，但很難實施，但是隨著時間的推移，你的想法是什麼？遷移到更符合你們談論業務的方式？

Yes, so we look at the business in all different cuts.

是的，所以我們以各種不同的方式看待業務。

As you can imagine, we look at it by segment, our CG and EESC.

正如你可以想像的那樣，我們按部分、我們的 CG 和 EESC 來看待它。

CG is very much a PC-driven segment and EESC with enterprise and semi-custom.

CG 在很大程度上是一個 PC 驅動的細分市場和具有企業和半定制的 EESC。

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.

而且，根據一些反饋，我們也在嘗試更細緻地了解各種業務是如何落入其中的。

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.

因此，我認為隨著數據中心業務成為我們業務中更大的一部分，我們將繼續尋找我們如何獲得 - 為你們提供更多的色彩和更多的透明度。

Our next question is coming from Vijay Rakesh from Mizuho.

我們的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.

就 GPU 遊戲方面而言，您提到了更高的庫存水平。

I was wondering if you can give us some number on where normal inventory GPU levels are and where are they running currently.

我想知道你是否可以給我們一些關於正常庫存 GPU 水平的數字以及它們目前在哪裡運行。

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.

是的，所以當我們查看 GPU 渠道庫存時，我們確實相信我們的渠道合作夥伴在第四季度減少了庫存，他們將在第一季度減少庫存。

We still think that Q1 levels are elevated, and there will be some spillover into Q2 where we will see some elevated inventory levels.

我們仍然認為第一季度的水平有所上升，並且會在第二季度出現一些溢出效應，我們將看到庫存水平有所上升。

We'll have to see how the sell-through really plays out.

我們將不得不看看銷售情況如何真正發揮作用。

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.

但我的預期是，在第二季度，我們的渠道庫存水平將有所改善，我們的遊戲業務將恢復連續增長。

Got it.

知道了。

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?

在 7 納米方面，7 納米 GPU 和 CPU 是否會增加 41% 的毛利率水平？

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.

是的，所以數據中心方面的 7 納米 GPU 在第四季度開始增長，這就是我們談到的數據中心 GPU 收入的一部分。

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.

7 納米 CPU 將在今年年中上市，而 7 納米 CPU 和 GPU 的利潤率均高於公司平均利潤率，因此您預計它們將高於 41 點，並且隨著這種組合的改善，利潤率會有所增加.

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 to over to management for any further or closing comments.

我想將發言權轉回管理層，以徵求任何進一步或結束的意見。

Thank you very much, operator.

非常感謝您，接線員。

We appreciate everyone joining us here today.

我們感謝今天加入我們的每一個人。

We're quite proud of the accomplishment in 2018 and look forward to seeing you all on the road in 2019.

我們為 2018 年的成就感到非常自豪，並期待在 2019 年與大家見面。

Have a great afternoon.

有一個美好的下午。

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 lines at this time, and have a wonderful day.

你可以在這個時候斷開你的線路，並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。