超微半導體 (AMD) 2019 Q1 法說會逐字稿

Greetings and welcome to the Advanced Micro Devices First Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 AMD 2019 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人勞拉·格雷夫斯。請繼續。

Thank you, and welcome to AMD's First Quarter 2019 Conference Call. By now, you should've had the opportunity to review a copy of our earnings release and slides. If you have not reviewed these documents, they can be found on the Investor Relations page of AMD's website, amd.com. 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. This is a live call and will be replayed via webcast on our website.

謝謝，歡迎參加 AMD 2019 年第一季電話會議。現在，您應該已經有機會查看我們的收益報告和投影片的副本了。如果您尚未查看這些文件，可以在 AMD 網站 amd.com 的投資者關係頁面上找到。今天電話會議的參與者包括我們的總裁兼執行長蘇姿豐博士；以及我們的高級副總裁、財務長兼財務長 Devinder Kumar。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. In celebration of AMD's 50th anniversary on May 1, 2019, Dr. Lisa Su and members of AMD's executive leadership team will host a panel discussion reflecting on 50 years of innovation by AMD. This will be held at the NASDAQ MarketSite in New York City. Dr. Lisa Su, President and Chief Executive Officer, will also be delivering a keynote address at COMPUTEX in Taiwan on Monday, May 27; Ruth Cotter, Senior Vice President of Worldwide Marketing, HR and Investor Relations will present at the Bank of America Global Technology Conference on Tuesday, June 4; and our 2019 second quarter quiet time will begin at the close of business on Friday, June 14, 2019.

我想向你們強調一些重要的日期。為慶祝 2019 年 5 月 1 日 AMD 成立 50 週年，蘇姿豐博士和 AMD 執行領導團隊成員將主持一場小組討論，回顧 AMD 50 年的創新。這將在紐約納斯達克市場舉行。總裁兼執行長蘇姿豐博士也將於 5 月 27 日星期一在台灣 COMPUTEX 上發表主題演講；全球行銷、人力資源和投資者關係高級副總裁 Ruth Cotter 將於 6 月 4 日星期二出席美國銀行全球技術會議；我們的 2019 年第二季度靜默期將於 2019 年 6 月 14 日星期五下班後開始。

Today's discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. We will refer primarily to non-GAAP financial measures during this call except for revenue and segment operational results, which are on a GAAP basis. The non-GAAP financial measures referenced on this call are reconciled to their most directly comparable GAAP financial measure in today's press release, which is posted on our website. 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 annual report on Form 10-K for the fiscal year ended December 29, 2018.

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，但收入和分部營運績效除外，因為這些指標是基於 GAAP 計算的。本次電話會議中引用的非公認會計準則 (non-GAAP) 財務指標與今天新聞稿中最直接可比較的公認會計準則 (GAAP) 財務指標進行了協調，該新聞稿已發佈在我們網站上。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 12 月 29 日的財政年度的 10-K 表年度報告。

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

現在，我想把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. We had a solid first quarter. Revenue was in line with our expectations at $1.27 billion, down 23% year-over-year. Ryzen and EPYC Processor and Data Center GPU revenue more than doubled year-over-year, helping expand gross margin by 5 percentage points and partially offsetting graphics channel softness and lower Semi-Custom revenue.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。我們第一季表現穩健。營收符合我們的預期，為 12.7 億美元，年減 23%。Ryzen 和 EPYC 處理器以及資料中心 GPU 收入同比增長一倍以上，幫助毛利率提高 5 個百分點，並部分抵消了圖形渠道的疲軟和半定制收入的下降。

Looking at our Computing and Graphics segment, revenue declined year-over-year as higher Client Processor sales were offset by lower Graphics sales to the channel. Client Processor sales increased by a strong double-digit percentage from the year ago period as unit shipments increased significantly and our new products drove a higher client ASP. As a result, we believe we gained unit market share for the sixth straight quarter.

從我們的計算和圖形部門來看，收入同比下降，因為客戶端處理器銷售額的增加被通路圖形銷售額的下降所抵消。由於單位出貨量大幅增加且我們的新產品推動了客戶端平均售價的提高，客戶端處理器銷售額較去年同期實現了強勁的兩位數增長。因此，我們相信我們的單位市佔率連續第六個季度成長。

In the desktop channel, demand for our highest end Ryzen 7 and Ryzen 5 CPUs was strong, with sales increasing sequentially and outperforming seasonality. Ryzen Mobile Processor adoption continues to accelerate. Acer, Asus, Dell, HP, Lenovo and other OEMs have launched more than a dozen new Ryzen mobile notebooks so far in 2019, helping us deliver our fifth straight quarter of year-over-year Mobile Processor growth. Our customers are on track to increase the number of Ryzen Notebook models by more than 50% from 2018. The majority of these new systems are planned to launch in the second quarter in advance of the seasonally stronger second half of the year.

在桌上型電腦通路，我們最高階的 Ryzen 7 和 Ryzen 5 CPU 的需求強勁，銷售量較上季成長且表現優於季節性。Ryzen 行動處理器的採用持續加速。截至目前，宏碁、華碩、戴爾、惠普、聯想和其他 OEM 廠商已在 2019 年推出了十多款新型 Ryzen 行動筆記型電腦，幫助我們實現行動處理器連續第五個季度同比增長。我們的客戶預計從 2018 年開始將 Ryzen 筆記型電腦型號的數量增加 50% 以上。大多數新系統計劃於第二季推出，以迎接下半年旺季的到來。

In Graphics, revenue decreased year-over-year driven largely by lower channel sales partially offset by a significant increase in Data Center GPU sales. Radeon Vega GPU shipments grew by a strong double-digit percentage both year-over-year and sequentially based on increased adoption across OEM, gaming and data center customers. Apple introduced 2 new iMac systems featuring upgraded Radeon Pro Vega GPUs that deliver up to 80% faster graphics performance than the previous generation. We believe we made good progress improving channel inventory levels. Sell-through accelerated sequentially driven by sales of both our mainstream Radeon RX GPUs and new high-end Radeon VII gaming GPUs. We are well-positioned to grow GPU revenue in the second quarter and through the second half of the year as we expect to introduce our first 7-nanometer Navi gaming GPUs in the third quarter. We delivered another quarter of strong data center GPU sales based on increased adoption across large customers. Our progress was highlighted by Google's announcement that they selected high-performance Radeon GPUs and AMD's software development tools to power their upcoming Stadia game streaming platform. Stadia is a great example of how we are expanding the depth and breadth of our data center customer engagements. We are seeing growing customer interest in our differentiated platforms for game streaming, machine learning and HPC workloads that combine our high-performance GPUs with open source software tools.

在圖形方面，收入年減，主要原因是通路銷售額下降，但資料中心 GPU 銷售額的大幅成長部分抵消了這一下降。由於 OEM、遊戲和資料中心客戶的採用率不斷提高，Radeon Vega GPU 的出貨量年比和季比均實現了強勁的兩位數成長。Apple 推出了 2 款全新 iMac 系統，配備升級版 Radeon Pro Vega GPU，圖形效能比上一代產品提升高達 80%。我們相信我們在提高渠道庫存水準方面取得了良好的進展。受主流 Radeon RX GPU 和新型高階 Radeon VII 遊戲 GPU 銷售的推動，銷售量連續加速成長。由於我們預計將在第三季推出首款 7 奈米 Navi 遊戲 GPU，因此我們已做好在第二季和下半年增加 GPU 收入的準備。由於大客戶採用率的提高，我們又實現了資料中心 GPU 銷售的強勁成長。谷歌宣布他們選擇高性能 Radeon GPU 和 AMD 的軟體開發工具來為其即將推出的 Stadia 遊戲串流平台提供支持，這突顯了我們的進展。Stadia 是我們如何擴大資料中心客戶參與的深度和廣度的一個很好的例子。我們看到客戶對我們針對遊戲串流、機器學習和 HPC 工作負載的差異化平台的興趣日益濃厚，這些平台將我們的高效能 GPU 與開源軟體工具相結合。

Turning to our Enterprise, Embedded and Semi-custom segment. Revenue decreased from a year ago as expected due to lower Semi-Custom revenue as we enter the seventh year of the current game console cycle. Our Semi-Custom business model continues to play an important role in our long-term growth as our strong IP portfolio enables the industry's biggest brands to create differentiated solutions. The latest example is Sony. We are honored that Sony has selected a custom AMD SoC based on our Zen 2 CPU and Navi GPU architectures to power its next-generation PlayStation console. Our Server CPU revenue grew significantly from the year ago period, as EPYC processor adoption across cloud, HPC and Enterprise customers continued to grow. Overall in the data center, our CPU and GPU sales accounted for a mid-teens percentage of quarterly revenue. Our work with cloud leader, Amazon, continues to expand as they rolled out AMD-based offerings to additional regions and launched 3 new EPYC processor-powered EC2 instance families, including the first T3 Series instance. Growing HPC and regional cloud service provider deployments resulted in EPYC processor channel sales increasing sequentially. In the Enterprise, we added dozens of new customers across the aerospace, health care, automotive and telecom industries based on the superior performance of EPYC processors in big data and general-purpose virtualized workloads.

轉向我們的企業、嵌入式和半客製化領域。隨著我們進入當前遊戲機週期的第七年，由於半客製化收入下降，營收與去年同期相比有所下降，這符合預期。我們的半客製化業務模式繼續在我們的長期成長中發揮重要作用，因為我們強大的智慧財產權組合使業內最大的品牌能夠創造差異化的解決方案。最新的例子就是索尼。我們很榮幸索尼選擇了基於我們的 Zen 2 CPU 和 Navi GPU 架構的客製化 AMD SoC 來為其下一代 PlayStation 遊戲機提供動力。隨著雲端、HPC 和企業客戶對 EPYC 處理器的採用持續成長，我們的伺服器 CPU 營收較去年同期大幅成長。整體而言，在資料中心，我們的 CPU 和 GPU 銷售額佔季度收入的百分之十幾。我們與雲端運算領導者亞馬遜的合作不斷擴大，他們向更多地區推出了基於 AMD 的產品，並推出了 3 個新的由 EPYC 處理器驅動的 EC2 執行個體係列，包括第一個 T3 系列執行個體。不斷成長的 HPC 和區域雲端服務供應商部署導致 EPYC 處理器通路銷售額連續成長。在企業領域，我們憑藉EPYC處理器在大數據和通用虛擬化工作負載方面的卓越性能，在航空航太、醫療保健、汽車和電信行業增加了數十個新客戶。

Turning to our next-generation Rome processor. We made excellent progress in the quarter, achieving key production milestones with our largest OEM and cloud customers. We are very excited about the performance of Rome, which is on track to deliver 4x the floating-point performance and double the compute performance per socket compared to our current generation EPYC processors. We are on track to begin Rome production shipments in the second quarter to support a third quarter launch.

轉向我們的下一代 Rome 處理器。我們在本季度取得了出色的進展，與我們最大的 OEM 和雲端客戶一起實現了關鍵的生產里程碑。我們對 Rome 的性能感到非常興奮，與我們目前的 EPYC 處理器相比，它有望提供 4 倍的浮點效能和兩倍的每插槽運算效能。我們預計在第二季開始羅馬生產出貨，以支持第三季的發布。

In summary, I am pleased with our first quarter financial results based on the strong execution engine we have built across the company.

總而言之，由於我們在整個公司範圍內建立了強大的執行引擎，我對第一季的財務表現感到滿意。

Tomorrow is an important day in AMD's history, as we celebrate our 50th anniversary. This is a significant milestone for any company, but especially significant for a technology company. 2019 is arguably the most important year in our history as the $75 billion market for our high-performance Computing and Graphics products has never been larger. And our product portfolio has never been stronger. We are right where we planned to be with our multiyear road map, including our upcoming 7-nanometer Ryzen, Radeon and EPYC processors that can drive our next wave of revenue growth and share gains. We remain confident in our ability to continue delivering on our ambitious leadership road map for the PC, gaming and data center markets.

明天是 AMD 歷史上重要的一天，我們將慶祝公司成立 50 週年。對任何公司來說，這都是一個重要的里程碑，但對科技公司來說尤其重要。2019 年可以說是我們歷史上最重要的一年，因為我們的高效能運算和圖形產品的市場規模達到 750 億美元，規模空前。我們的產品組合從未如此強大。我們的多年路線圖已經按計劃完成，包括即將推出的 7 奈米 Ryzen、Radeon 和 EPYC 處理器，它們可以推動我們下一波營收成長和份額成長。我們仍然有信心，我們有能力繼續實現我們在個人電腦、遊戲和資料中心市場雄心勃勃的領導路線圖。

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

現在我想將電話轉給 Devinder，以便為我們第一季的財務表現提供一些額外的資訊。德文德？

Thank you, Lisa, and good afternoon, everyone. The first quarter of 2019 was a good start to the new year. Revenue was $1.27 billion and gross margin of 41% was up almost 5 points from the prior year. This was the eighth consecutive quarter of year-over-year gross margin expansion driven by the ramp of our strong portfolio of high-performance products. Quarterly revenue was down 23% from a year ago. Strong sales of Ryzen and EPYC processors and data center GPUs were more than offset by lower graphics channel sales and lower Semi-Custom revenue. Gross margin was 41%, up 470 basis points from a year ago, primarily driven by Ryzen, EPYC -- Ryzen and EPYC processor sales as well as data center GPU sales. Operating expenses grew 12% year-over-year to $498 million, primarily driven by go-to-market activities and investments in our product road map. Operating income was $84 million, down from $152 million a year ago, primarily due to lower revenue and higher operating expenses, partially offset by a $60 million licensing gain from the joint venture with THATIC. Operating margin was 7%, down from 9% last year. Net income was $62 million, compared to $121 million a year ago, and diluted earnings per share was $0.06 per share compared to $0.11 per share a year ago.

謝謝你，麗莎，大家午安。2019年第一季是新年的一個好開始。營收為 12.7 億美元，毛利率為 41%，較上年成長近 5 個百分點。這是毛利率連續第八個季度同比增長，這得益於我們強大的高性能產品組合的提升。季度營收較去年同期下降了23%。Ryzen 和 EPYC 處理器以及資料中心 GPU 的強勁銷售被圖形通路銷售額的下降和半客製化收入的下降所抵消。毛利率為 41%，比去年同期成長 470 個基點，主要得益於 Ryzen、EPYC——Ryzen 和 EPYC 處理器的銷售以及資料中心 GPU 的銷售。營運費用年增 12% 至 4.98 億美元，主要得益於市場推廣活動和產品路線圖的投資。營業收入為 8,400 萬美元，低於去年的 1.52 億美元，主要原因是收入下降和營運費用增加，但與 THATIC 合資獲得的 6,000 萬美元許可收益部分抵消了這一影響。營業利益率為 7%，低於去年的 9%。淨收入為 6,200 萬美元，而去年同期為 1.21 億美元，每股攤薄收益為 0.06 美元，而去年同期為每股 0.11 美元。

Now turning to the business segment results. Computing and Graphics segment revenue was $831 million, down 26% year-over-year, as strong Client Processor and Data Center GPU sales were more than offset by lower Graphics channel sales. Ryzen Products continued to ramp driven by strong growth across both desktop and mobile processors.

現在談談業務部門的業績。計算和圖形部門收入為 8.31 億美元，年減 26%，因為強勁的客戶端處理器和資料中心 GPU 銷售被圖形通路銷售的下降所抵消。在桌面和行動處理器強勁成長的推動下，Ryzen 產品持續蓬勃發展。

In Graphics, sales were down year-over-year due to lower Graphics channel sales and negligible blockchain-related revenue in the quarter, partially offset by strong Radeon Data Center GPU sales.

在圖形領域，銷售額較去年同期下降，原因是本季圖形通路銷售額下降，且區塊鏈相關收入微不足道，但 Radeon 資料中心 GPU 銷售額強勁，部分抵消了這一影響。

Computing and Graphics segment operating income was $16 million compared to $138 million a year ago. The decrease was due primarily to lower revenue and higher OpEx.

計算和圖形部門的營業收入為 1,600 萬美元，而去年同期為 1.38 億美元。下降的主要原因是收入下降和營運支出增加。

In the Enterprise, Embedded and Semi-Custom segment, revenue was $441 million, down 17% from the prior year. Server revenue growth was more than offset by anticipated lower Semi-Custom revenue. EESC segment operating profit was $68 million compared to $14 million a year ago. The improvement was largely due to an IP licensing gain of $60 million associated with the joint venture with THATIC.

企業、嵌入式和半客製化部門的收入為 4.41 億美元，比上年下降 17%。預計半定制收入的下降超過了伺服器收入成長的抵消。EESC 部門的營業利潤為 6,800 萬美元，而去年同期為 1,400 萬美元。這一增長主要歸功於與 THATIC 合資獲得的 6000 萬美元知識產權許可收益。

Turning to the balance sheet. Our cash, cash equivalents and marketable securities totaled $1.2 billion at the end of the quarter. During the quarter, we received $448 million of cash related to Mubadala's warrant exercise. We used $64 million of cash to fully extinguish the 2019 term debt and $100 million of cash to retire other term debt. The principal debt balance as of the end of the quarter was $1.4 billion as compared to $1.7 billion a year ago, and we have no long-term debt maturities until 2022. Free cash flow was negative $275 million in the quarter primarily due to higher inventory and the timing of collections. We expect to be free cash flow positive for the full year. Inventory was $955 million, up $110 million sequentially, primarily due to an increase in inventory of new products in anticipation of higher revenue. Adjusted EBITDA was $130 million compared to $196 million a year ago due to lower quarterly earnings and, on a trailing 12 month basis, adjusted EBITDA was $737 million. Gross leverage at the end of the quarter was 1.8x.

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 12 億美元。本季度，我們收到了與穆巴達拉認股權證行使相關的 4.48 億美元現金。我們動用 6,400 萬美元現金完全償還 2019 年定期債務，並使用 1 億美元現金償還其他定期債務。截至本季末，本金債務餘額為 14 億美元，而去年同期為 17 億美元，且我們在 2022 年之前沒有長期債務到期。本季自由現金流為負 2.75 億美元，主要原因是庫存增加和收款時間。我們預計全年自由現金流將為正值。庫存為 9.55 億美元，比上一季增加 1.1 億美元，主要原因是預期收入增加而增加新產品庫存。由於季度收益下降，調整後 EBITDA 為 1.3 億美元，而去年同期為 1.96 億美元；過去 12 個月，調整後 EBITDA 為 7.37 億美元。本季末的總槓桿率為 1.8 倍。

Turning to the outlook for the second quarter of 2019. We expect revenue to be approximately $1.52 billion, plus or minus $50 million, an increase of approximately 19% sequentially and a decrease of approximately 13% year-over-year. Sequentially, the increase is expected to be driven by growth across all businesses. The year-over-year decrease is expected to be primarily driven by lower Graphics channel space -- sales, negligible blockchain-related GPU revenue and lower Semi-Custom revenue. In addition, for Q2 2019, we expect non-GAAP gross margin to be approximately 41%, non-GAAP operating expenses to be approximately $510 million, as we invest in our new products and upcoming product launches, non-GAAP interest expense, taxes and other to be approximately $25 million.

展望2019年第二季的前景。我們預計營收約 15.2 億美元，上下浮動 5,000 萬美元，較上季成長約 19%，年減約 13%。預計這一成長將由所有業務的成長所推動。預計同比下降主要原因是圖形通路空間銷售下降、區塊鏈相關的 GPU 收入微不足道以及半客製化收入下降。此外，對於 2019 年第二季度，我們預計非 GAAP 毛利率約為 41%，非 GAAP 營運費用約為 5.1 億美元，因為我們投資於新產品和即將推出的產品，非 GAAP 利息支出、稅金和其他費用約為 2,500 萬美元。

For the full year 2019, AMD continues to expect high single-digit percentage revenue growth and non-GAAP gross margin to be greater than 41%.

對於2019年全年，AMD繼續預計營收將實現高個位數百分比成長，非GAAP毛利率將超過41%。

In closing, the first quarter was a good start to the year. We remain focused on executing our plans for the remainder of the year and look forward to unveiling a strong portfolio of next-generation products to drive financial growth and customer momentum throughout 2019.

總而言之，第一季是今年的一個好開始。我們將繼續專注於執行今年剩餘時間的計劃，並期待推出強大的下一代產品組合，以推動整個 2019 年的財務成長和客戶發展勢頭。

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 conference -- for our first call?

謝謝你，Devinder。接線員，我們準備好進行第一次會議－第一次通話了嗎？

(Operator Instructions) Our first question today is coming from Matt Ramsay from Cowen.

（操作員指示）我們今天的第一個問題來自 Cowen 的 Matt Ramsay。

Congratulations, Lisa, to you and your team on the 50th anniversary. I guess, the first question from me is, it was encouraging to see you guys reiterate the full year growth expectation. Obviously, one of your large server competitors had a bit of a hiccup on some of the outlook and talked about maybe a bit of a softer server market for the full year. Maybe you could give an update on what you guys are seeing for the servo macro environment and the confidence that you might have in the product's ramping?

麗莎，恭喜你和你的團隊成立 50 週年。我想，我的第一個問題是，看到你們重申全年成長預期，我感到很鼓舞。顯然，你們的一家大型伺服器競爭對手對某些前景有些擔心，並表示全年伺服器市場可能會有些疲軟。或許你可以介紹一下你們對伺服宏環境的觀察情況以及對產品提升的信心？

Sure, Matt. Thank you for the question. So yes, as it relates to how the year is developing, it's developing largely as we expected when we started the year. So relative to our Q2 guidance, we are guiding up 19% sequentially and every business is growing. That's coming from, if you look across the businesses, our client business is growing due to new platforms that are launching. Our Graphics business, the channel inventory has improved since we started the year, and we have our Server business which is really starting some early shipments of Rome in the second quarter going to the second half of the year. As it relates to the full year guidance and how we look at it, again, it's largely as we expected as we're laying out the year. There certainly is some discussion with our customers about some inventory in the Data Center especially here in the first half. When we developed them, our plan, our Data Center business was always more second half weighted, and continues to be so, because much of that is dependent on platforms that are launching around our Rome product portfolio. So we're going to continue to watch the Data Center overall environment, but at this point, we're focused on our products and our customers continue to have a very strong pull. There's a lot of interest in Rome. We're doing well on our qualifications and so we feel good about how that's developing.

當然，馬特。謝謝你的提問。是的，就今年的發展而言，它的發展基本上與我們年初預期的一樣。因此，相對於我們的第二季指引，我們預計將環比成長 19%，並且每項業務都在成長。這是因為，如果你縱觀我們的業務，你會發現我們的客戶業務因為新平台的推出而正在成長。我們的圖形業務、通路庫存自今年年初以來有所改善，我們的伺服器業務實際上在第二季度開始了一些 Rome 的早期出貨，並將持續到下半年。至於它與全年指引以及我們如何看待它有關，它基本上符合我們對全年規劃的預期。我們肯定會與客戶討論資料中心的一些庫存，尤其是在上半年。當我們開發它們時，我們的計劃、我們的資料中心業務總是更加專注於下半年，並且將繼續如此，因為其中很大一部分依賴於圍繞我們的羅馬產品組合推出的平台。因此，我們將繼續關注資料中心的整體環境，但目前，我們專注於我們的產品，並且我們的客戶繼續具有非常強大的吸引力。人們對羅馬很感興趣。我們的資質很好，因此我們對目前的發展感到滿意。

Got it. And as a follow-up, you mentioned the 19% sequential guidance for Q2. It seems like a bit of a transitional quarter for the company with a lot of things going on towards product launches that will happen to feed the back half of the year. So maybe you could talk a little bit more granularly about the drivers of Q2, just given that it's a bit of a transition for a whole new portfolio rolling out, and if there's any kind of color on contributions from older or newer products in the second quarter guidance, that would be helpful.

知道了。作為後續問題，您提到了第二季 19% 的連續成長預期。對於公司來說，這似乎是一個過渡季度，公司將推出許多新產品，為下半年的業務發展提供動力。因此，也許您可以更詳細地談談第二季度的驅動因素，因為這對於推出整個新產品組合來說是一個過渡，如果第二季度指引中對舊產品或新產品的貢獻有任何說明，那將會很有幫助。

Sure, Matt. So, yes. As we look at Q2, it is a bit of a transition in the product portfolio. It's an important quarter for us as we are preparing to launch our 7-nanometer products. In terms of the overall business, as I stated earlier, each of the businesses is growing for different reasons. I think starting with Server, again, it's the greatest percentage of growth, and it really is the start of some shipments of Rome. We expect that Rome will launch here in the third quarter and there's some preparations that need to be done for that. As we look at the Graphics business, again, the channel inventory situation has improved and so that we expect that the channel will be up here in the second quarter and then into the second half as we launch Navi. And in the Client business, we have a large number of platforms with our OEM customers that are launching here in the second quarter around our second-generation Ryzen mobile processors, and we're also in preparations for our third-generation Ryzen desktop as well.

當然，馬特。是的。當我們回顧第二季時，我們發現產品組合發生了一些轉變。這對我們來說是一個重要的季度，因為我們正準備推出 7 奈米產品。就整體業務而言，正如我之前所說，每個業務的成長原因各不相同。我認為從服務器開始，這是增長百分比最大的部分，而且這確實是 Rome 出貨量的開始。我們預計《羅馬》將於第三季在這裡推出，為此需要做一些準備。當我們再次審視圖形業務時，我們發現通路庫存狀況已經改善，因此我們預計該通路將在第二季上升，然後在我們推出 Navi 後進入下半年。在客戶端業務方面，我們與 OEM 客戶合作的大量平台將於第二季度圍繞我們的第二代 Ryzen 行動處理器推出，同時我們也在為第三代 Ryzen 桌上型電腦做準備。

Your next question comes from Aaron Rakers from Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

I guess, first question, and I do have a quick follow-up, is when you kind of lay out Rome and the expectation of a ramp going forward, can you just remind us of how you currently see the setup with regard to market share opportunities or market share gains that you would expect? And where do you think you fell off this last quarter in terms of market share in the overall server space?

我想，第一個問題，我確實有一個快速的跟進，當您佈置羅馬並預期未來增長時，您能否提醒我們，您目前如何看待與市場份額機會或市場份額增長相關的設置？您認為上個季度您在整體伺服器領域的市場佔有率方面下降到了什麼程度？

Sure, Aaron. Look, as we look at the server market, we know very well that the data center market takes time to ramp with any new product. And so that's the way we have sort of built our plans. What we have previously stated is that, from, let's call it, at the beginning of this year, we'd expect that over the next 4 to 6 quarters, we would continue to ramp our server market share with a goal of getting to double-digit percentage share. As it relates to the Q1 quarter, again, we'll have to wait to see how the numbers come out. The Data Center business, for us, on the CPU side behaved as expected in Q1. But we did see some product mix shift, so Q4 was a large quarter for us in the Cloud business for our EPYC processors. And Q1, the mix shift did more to Enterprise and channel. And from that, the ASPs were higher, the units were lower and so again, largely as we would've expected.

當然，亞倫。看看，當我們觀察伺服器市場時，我們很清楚資料中心市場需要時間來推出任何新產品。這就是我們制定計劃的方式。我們之前曾表示，從今年年初開始，我們預計在接下來的 4 到 6 個季度中，我們將繼續提升伺服器市場份額，目標是達到兩位數的百分比份額。由於這與第一季有關，因此，我們必須等待，看看數據如何出來。對我們來說，資料中心業務在 CPU 方面的表現在第一季符合預期。但我們確實看到了一些產品組合的變化，因此第四季度對於我們的 EPYC 處理器的雲端業務來說是一個重要的季度。而第一季度，混合轉變對企業和通路的影響更大。從那時起，平均售價更高，單位數量更低，所以，這在很大程度上正如我們預期的那樣。

Okay. And then as a quick follow-up, congratulations on the announcement with Sony. I'm just curious, I think last quarter, you had suggested that you expected that Semi-Custom business to decline by 20%-plus this year. Assuming that, that's still the case, number 1. Number 2, how do we now start to think about the growth profile of that looking into next year?

好的。然後作為快速的後續行動，祝賀索尼的公告。我只是好奇，我想上個季度，您曾表示預計今年半客製化業務將下降 20% 以上。假設情況仍然如此，第一，第二，我們現在如何開始考慮明年的成長前景？

Yes. Sure. So yes, we are very pleased with our partnership and expanding our partnership with Sony on their next-generation consoles. As we see the Semi-Custom business at this point, we still believe that it's going to be down substantially in 2019. Let's call it approximately 20% plus. And then as we go into 2020, without talking about any specific customer, we believe that Semi-Custom will return to a growth business for us in 2020 and beyond.

是的。當然。所以是的，我們對我們的合作感到非常高興，並且正在擴大與索尼在下一代遊戲機上的合作。從目前的情況來看，我們仍然認為半客製化業務在 2019 年將大幅下滑。我們姑且稱之為大約 20% 以上。然後，當我們進入 2020 年時，無需談論任何特定客戶，我們相信半客製化將在 2020 年及以後恢復為我們的成長業務。

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

我們的下一個問題來自高盛的 Toshiya Hari。

Lisa, we continue to hear about the CPU shortage, which is obviously primarily caused by your competitor. I'm curious, are you seeing any impact on your business in the near term? And more importantly, as we go into the second half and they ramp capacity, are you concerned at all that, that could disrupt your business, whether it be market share swings or pricing pressure? And I have a follow-up.

麗莎，我們不斷聽到有關 CPU 短缺的消息，這顯然主要是由你們的競爭對手造成的。我很好奇，您是否認為短期內這對您的業務有任何影響？更重要的是，隨著我們進入下半年並且他們增加產能，您是否擔心這可能會擾亂您的業務，無論是市場份額波動還是價格壓力？我還有一個後續問題。

Sure. So as it relates to CPU shortages in the market, look, we see a little bit of that. I would say there are pockets of shortage, mostly at the low-end of the market, frankly. So from our standpoint, I don't believe it's a huge contributor to our business. As we look at the PC business, both in the first half and the second half of the year, we believe that the PC business can be a growth business for us. From a market environment standpoint, we believe the market is not too bad. We call it flat to slightly down. When we look at our product portfolio in the notebook space with our second-generation Ryzen platforms, I would believe we have much stronger platforms that are ramping through this year. And then in the desktop space, we believe we'll be very competitive as we've launched the third generation of Ryzen desktops. So I view the PC business as an important growth driver for us in 2019 and we see it as a good market for us.

當然。因此，就市場上的 CPU 短缺而言，我們看到了一點這樣的情況。坦白說，我想說確實存在一些短缺現象，主要是在低端市場。因此從我們的角度來看，我不認為它會對我們的業務產生巨大貢獻。當我們展望上半年和下半年的個人電腦業務時，我們相信個人電腦業務可以成為我們的成長業務。從市場環境來看，我們認為市場還不算太糟。我們稱之為持平至略微下降。當我們審視筆記型電腦領域採用第二代 Ryzen 平台的產品組合時，我相信我們擁有更強大的平台，並將在今年實現強勁成長。在桌面領域，我們相信我們將非常有競爭力，因為我們已經推出了第三代 Ryzen 桌面。因此，我認為 PC 業務是我們 2019 年的重要成長動力，我們認為這對我們來說是一個很好的市場。

And then on the follow-up, in your prepared remarks, you mentioned that Data Center CPUs and GPUs accounted for about mid-teens percentage of your revenue in the quarter. Like last quarter, can you give us a rough split between the 2 and related to that, I was hoping you could help us size the game streaming opportunity long-term. Obviously, you're involved with Google today. How does that business with them evolve over the next 12 to 18 months? And what's your opportunity elsewhere in terms of broadening your customer base?

然後，在後續問題中，您在準備好的發言中提到，資料中心 CPU 和 GPU 佔本季收入的約百分之十幾。就像上個季度一樣，您能否粗略地將兩者分開，並且與此相關，我希望您能幫助我們長期衡量遊戲串流媒體機會的規模。顯然，您今天與 Google 有關。未來 12 到 18 個月內，與他們的業務將如何發展？在擴大客戶群方面，您在其他方面還有哪些機會？

Sure. So, as we stated, that the Data Center CPU and GPU business was about mid-teens percentage of revenue for us. Both businesses were down, as expected, in Q1 and much of that was the strength of the Q4 quarter, especially around the cloud. We mentioned in Q4 that the split between CPUs and GPUs was close. So they were close. As we look longer term for Data Center GPUs, and your question about the cloud streaming opportunity, we're very pleased with our partnership with Google. It's a result of several years of effort, where we were optimizing both hardware and software together. And so we think it's an important vertical for us. We are working with other customers in the cloud streaming area as well. So again, I think it's an interesting and important market over the next couple of years. We also have a number of other workloads that we feel good about as it relates to data center GPU, including HPC, especially when you combine our CPU and GPU portfolio together. We think HPC is a great workload for us and -- as well as machine learning. And we're working with, in machine learning, with a couple of leading cloud customers to, again, optimize our software to their needs. So again, the data center GPU market will continue to be an important driver for us over the next couple of years.

當然。因此，正如我們所說，資料中心 CPU 和 GPU 業務約占我們收入的 15% 左右。正如預期的那樣，兩項業務在第一季均出現下滑，這在很大程度上得益於第四季度的強勁表現，尤其是雲端運算業務。我們在第四季提到，CPU 和 GPU 之間的差距很小。所以他們很親近。由於我們對資料中心 GPU 有著更長遠的考慮，並且您詢問了雲端串流媒體機會，因此我們對與 Google 的合作感到非常高興。這是我們多年努力的結果，我們一直在優化硬體和軟體。因此我們認為這對我們來說是一個重要的垂直領域。我們也正在與雲端串流媒體領域的其他客戶合作。所以，我再次認為，在未來幾年裡，這是一個有趣且重要的市場。我們還有許多其他與資料中心 GPU 相關的工作負載，包括 HPC，我們對此感到滿意，尤其是當您將我們的 CPU 和 GPU 產品組合結合在一起時。我們認為 HPC 對我們來說是一項巨大的工作量，機器學習也是。在機器學習領域，我們正在與一些領先的雲端客戶合作，再次優化我們的軟體以滿足他們的需求。因此，資料中心 GPU 市場將在未來幾年繼續成為我們的重要驅動力。

Our next question is coming 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。

I have a question on your gross margin guidance. I'm a little confused why it's flat sequentially into Q2 on a pretty meaningful revenue lift. You talked about all business is growing and you mentioned a number of them, but you didn't mention Semi-Custom. I mean, is this just a matter of mix? Is Semi-Custom driving a lot of the growth or is there something else going around -- on about your intra-business mix or pricing or something? Like what's going on with the gross margins?

我對您的毛利率指導有疑問。我有點困惑，為什麼在第二季營收大幅成長的情況下，營收卻是季減。您談到所有業務都在成長，並提到了其中一些，但您沒有提到半客製化。我的意思是，這只是一個混合的問題嗎？半客製化是否推動了大部分成長，或者還有其他因素在起作用——關於您的業務內部組合或定價或其他什麼？毛利率怎麼樣？

Yes, Stacy, let me start and I'll let Devinder comment. I should have mention Semi-Custom in that list as well. So Semi-Custom is going through a seasonal build. So although it will be down substantially year-over-year, it's still a seasonal build for us as we go from Q2 -- from Q1 into Q2. Devinder, maybe you want to comment as well?

是的，史黛西，讓我先開始，然後我會讓德文德發表評論。我應該在該列表中提到半定制。因此，Semi-Custom 正在經歷季節性建設。因此，儘管與去年同期相比會大幅下降，但對於我們來說，從第二季（從第一季到第二季）來看，這仍然是一個季節性的成長。Devinder，也許你也想發表評論？

Yes, so...

是的，所以...

By the quarter, maybe? Like with the growth by business?

或許是按季度計算？就像業務的成長一樣？

Can I rank order the growth by business? That's probably a bit more granular than I would like to get, but I think it's fair to say that all businesses have to grow a decent amount to get to 19% sequential growth.

我可以按業務對成長進行排序嗎？這可能比我想要的更詳細一些，但我認為可以公平地說，所有企業都必須實現相當可觀的成長才能實現 19% 的連續成長。

That's right, Lisa. So fundamentally, Stacy, it's the product mix in the quarter that's driving the flat gross margin. Add the 41% guide. It is an improvement of 4 points year-on-year. Now, as you know very well, we have businesses that are higher than corporate average gross margin and lower than corporate average and the mix of the businesses, with Semi-Custom that we just talked about lower than corporate average, is driving the 41% guide for Q2.

沒錯，麗莎。因此，從根本上來說，史黛西，是本季的產品組合推動了毛利率持平。新增 41% 指南。較去年同期提高了4個百分點。現在，如您所知，我們的業務毛利率高於公司平均水平，也低於公司平均水平，而業務組合（我們剛才談到的低於公司平均水平的半定制業務）推動了第二季度 41% 的指導。

You would also -- I'm sorry, Stacy, I would just add. You would also expect Graphics is also a bit lower than corporate average on the consumer side.

你還會——對不起，史黛西，我只是想補充一下。您也會發現，在消費者方面，圖形也比企業平均略低。

Okay, so it's fair to say that a good amount of the growth is coming from Graphics and Semi-Custom as it is as well with the other stuff?

好的，那麼可以公平地說，很大一部分增長來自圖形和半定制，其他東西也是如此嗎？

Yes, it's really across all of the businesses.

是的，它確實涉及所有業務。

For my follow-up I had a question on OpEx. You're guiding 29% for the year-on-year, $510 million in Q2, and obviously, high single-digits for the full revenue. So if I had revenue of 8% for the full year, that would imply OpEx in Q3 and Q4 of $510 million of flat to Q2 levels. Do you think that's realistic? Does OpEx actually stay flat for the rest of the year from Q2 levels? Or does it need to go higher and if it goes higher, does that imply that the revenue growth embedded in your guidance for the year has to be about 8%?

在我的後續行動中，我有一個關於 OpEx 的問題。您預計第二季的營收將年增 29%，達到 5.1 億美元，而且顯然全年營收將達到高個位數。因此，如果我的全年營收成長 8%，那就意味著第三季和第四季的營運支出為 5.1 億美元，與第二季持平。您認為這現實嗎？今年剩餘時間的營運支出實際上是否會與第二季的水平持平？或者是否需要更高，如果更高，是否意味著您今年的預期收入成長率必須達到 8% 左右？

Yes, I think, Stacy, the way you want to look at it is the first half of 2019, we do have incremental R&D and go-to-market activities in the first quarter and even in the second. As you know, we are preparing for a strong series of significant 7-nanometer product launches this year and also share gains as we get to the back half of the year. And that's obviously driving the OpEx. Overall for the year, we are comfortable in the 29% for the year of overall revenue from an OpEx standpoint. And as you have seen us in the past, we do have a way of modulating the OpEx as needed, but right now, we are investing in the road maps, we're embarking on product launches and the go-to-market activities and very focused to make sure that we are well positioned in the first half going into the second half where we see the revenue lift compared to the first half of 2019.

是的，我認為，史黛西，你認為 2019 年上半年，我們在第一季甚至第二季確實有增量研發和上市活動。如您所知，我們正在為今年推出一系列重要的 7 奈米產品做準備，同時在下半年分享收益。這顯然推動了營運支出。總體而言，從營運支出的角度來看，我們對今年總收入 29% 的預期感到滿意。正如您過去所見，我們確實有辦法根據需要調整營運支出，但目前，我們正在投資路線圖，著手產品發布和上市活動，並非常專注於確保我們在上半年進入下半年時處於有利地位，屆時我們將看到收入與 2019 年上半年相比有所提升。

Does that apply OpEx -- do see OpEx going up from current levels for the rest of the year then? Or does it go down or does it stay flat?

這是否適用於營運支出——那麼，今年剩餘時間的營運支出是否會從當前水準上升？還是下降或保持平穩？

$510 million is the guide for Q2, and 29% for the year is the layout all through the model.

5.1億美元是第二季的指導價，全年29%是整個車型的佈局。

Our next question is coming from David Wong from Nomura Instinet.

下一個問題來自野村極訊的 David Wong。

Devinder, can you give us an idea of what gross margins are currently running at for the client to data center processors and what direction these gross margins are moving in?

Devinder，您能否告訴我們目前客戶端到資料中心處理器的毛利率是多少，以及這些毛利率的變化方向是什麼？

The client and data center businesses are higher than corporate average and the Semi-Custom business and Graphics, as we just said on the last question, are lower than corporate average especially on the Graphics Consumer side and the Data Center GPU side obviously is better.

客戶端和資料中心業務高於企業平均水平，而半客製化業務和圖形，正如我們剛才在最後一個問題中所說的那樣，低於企業平均水平，特別是在圖形消費者方面，而資料中心 GPU 方面顯然更好。

Great. And are gross margins rising for your Microprocessor businesses at the moment?

偉大的。目前，你們的微處理器業務的毛利率是否正在上升？

I think early in the year in the second quarter, we are getting the second quarter [at our] 41% guide and our guidance for the year is greater than 41% on an annual basis, is what we have stated so far.

我認為，在今年第二季初，我們的第二季預期成長率將達到 41%，而我們對今年全年的預期成長率將超過 41%，這是我們目前所說的。

Okay, great. And Lisa, my last question, in 2020, do you expect meaningful Semi-Custom revenues outside the game console space and if so, what types of applications will these Semi-Custom chips be used in?

好的，太好了。Lisa，我的最後一個問題是，到 2020 年，您是否預期遊戲機領域之外的半客製化收入會很有意義？如果是，這些半客製化晶片將用於哪些類型的應用？

Yes, David, so as it relates to the Semi-Custom business, as we go out in time, we do expect additional applications other than consoles, but consoles are a large piece of the business, and so you would expect that they would continue to be a large piece of the business.

是的，大衛，就半定制業務而言，隨著時間的推移，我們確實期望除了遊戲機之外還有其他應用程序，但遊戲機是我們業務的重要組成部分，因此您可以預期它們將繼續成為我們業務的重要組成部分。

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

今天的下一個問題來自加拿大皇家銀行資本市場的 Mitch Steves。

Just 1 quick historic one. I've got 2, but the first on the historical side, for March of '18, did you guys provide a rough breakout of how much your revenue was server-related?

僅舉 1 個簡短的歷史例子。我有 2 個，但第一個是歷史數據，即 18 年 3 月，你們有沒有提供與伺服器相關的收入的粗略分類？

No. We wouldn't have done that.

不。我們不會這麼做的。

No, we haven't done that. Not that specific. I think server is, if you're referring to the CPU side, it's within the EESC segment.

不，我們沒有這樣做。沒那麼具體。我認為伺服器是，如果您指的是 CPU 端，它位於 EESC 段內。

Okay. And then if I look at the second half of the year, you guys are trying to talk to like around 41%, 42% kind of gross margin rough level. So is it safe to assume that we should see a pretty big step function in September quarter on the gross margin? Or is that, I guess, is that incorrect or is that aggressive?

好的。然後，如果我看一下下半年，你們試著談論的毛利率大概是 41% 到 42% 左右。那麼，我們可以安全地假設，9 月季度的毛利率將出現相當大的成長嗎？或者，我猜，這是不正確的，還是具有攻擊性的？

I think you've got to look at it from a viewpoint of the product mix. I said we are shipping, like Lisa said, Rome in preparation of our launch in Q3. We have a couple of other new products that will start shipping in Q3 and we'll see how the margin comes out when we come in and talk about Q3 about 90 days from now.

我認為你必須從產品組合的角度來看這個問題。我說，就像麗莎說的，我們正在運送羅馬，為第三季的發布做準備。我們還有其他幾款新產品將於第三季開始出貨，我們將在 90 天後討論第三季時看看利潤率如何。

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。

I'm wondering if you can talk about gross margins in the Console segment. Obviously, that's been pretty low historically. You also have customers funding the R&D but as you look to the next generation of consoles, do you see opportunity to improve the gross margin in that space?

我想知道您是否可以談談控制台部分的毛利率。顯然，從歷史上看，這個數字相當低。你們也有客戶為研發提供資金，但當你展望下一代遊戲機時，你是否看到了提高該領域毛利率的機會？

Yes, Joe. I think it's a bit early to talk about margins for the next generation. As you stated, the gross margins of the Console business are below corporate average. The operating margins are quite good because the customers are paying the engineering expenses for it. But I think the gross margins are below corporate average. We would expect, though, and I think you would expect this, as the company continues to grow, the percentage of the company that is Semi-Custom is lower than it has historically been.

是的，喬。我認為現在談論下一代的利潤還為時過早。正如您所說，遊戲機業務的毛利率低於企業平均。由於客戶支付了工程費用，因此營業利潤率相當高。但我認為毛利率低於企業平均。不過，我們預計，而且我想您也會預計到，隨著公司不斷發展，公司的半客製化比例將低於歷史水準。

Yes, that makes sense. And then if you look at the GPU Data Center opportunities, the gross margin there, how does that compare to, say, the discrete Graphics portion of your business and how does it compare to corporate average, things like that?

是的，這很有道理。然後，如果您看一下 GPU 資料中心的機會，那裡的毛利率，與您業務的獨立圖形部分相比如何，與企業平均水平相比如何，諸如此類？

The GPU Data Center business would be above corporate average and above our Consumer Graphics business.

GPU 資料中心業務將高於公司平均水平，也高於我們的消費圖形業務。

Our next question is coming from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

I had a couple of questions on the Server strategy longer term. Can help us understand ultimately what percentage of the workloads in the cloud do you expect to target? And -- that's the first part of the question. The second part of the question is, I was hoping you could provide some color on the customization strategy? I think Intel might argue that they are embedding IP blocks for their customers. Is that something that you do or you think about doing? Or to what extent does your customization strategy fall under your Semi-Custom model? And I was wondering are your customers on the server side asking you for like an APU-kind-of-a product where the -- you have microprocessor and graphics processor capabilities integrated together.

我對長期伺服器策略有幾個疑問。能否幫助我們最終了解您期望針對雲端工作負載的百分比？這就是問題的第一部分。問題的第二部分是，我希望您能提供一些有關客製化策略的詳細資訊？我認為英特爾可能會爭辯說他們正在為客戶嵌入 IP 區塊。這是您正在做的事情或您想做的事情嗎？或者您的自訂策略在多大程度上屬於半自訂模式？我想知道您的伺服器端客戶是否要求您提供類似 APU 的產品，其中將微處理器和圖形處理器功能整合在一起。

Yes, absolutely, Mark. So look, when we think about our Server strategy and maybe our -- let me generalize it to our Data Center strategy overall. It is a multiyear, multigenerational road map. In terms of the workloads that we plan to address, we are -- in addition to the workloads that we do very, very well on, like, big data, data analytics and virtualization, high-performance computing, cloud workloads, I think we do quite well with general-purpose workloads too, as we move generations. So as we look at, for example, the Rome generation, the second generation of EPYC, we would expect address well 80%-plus of the workloads. As it relates to customization for server CPUs, there are varying degrees of customization that customers want, especially as you go through a number of the different cloud workloads that are out there. There are specific requirements that are there. We're very comfortable doing that. I think the customers have been deeply engaged with us since the first generation of EPYC. There is both software customization as well as some hardware customization that we go through. So -- and we feel very comfortable with our ability to address that across the Cloud and the Enterprise businesses. And then, as we go forward, I think we are also very excited about what we can do when we put our CPU and GPU portfolio together and really do system-level optimization for the Data Center. So we view that as a early opportunity for us but one where there is a lot of opportunity to help customers really optimize for very high-performance computing applications.

是的，絕對是，馬克。所以看，當我們考慮我們的伺服器策略時，也許我們的 - 讓我將其概括為我們的整體資料中心策略。這是一份多年、多代的路線圖。就我們計劃解決的工作負載而言，除了我們做得非常出色的工作負載之外，例如大數據、數據分析和虛擬化、高效能運算、雲端工作負載，我認為隨著我們不斷進步，我們在通用工作負載方面也做得很好。例如，當我們看 Rome 世代、第二代 EPYC 時，我們預計它能夠很好地解決 80% 以上的工作負載。就伺服器 CPU 的定製而言，客戶需要不同程度的客製化，尤其是當您處理大量不同的雲端工作負載時。那裡有具體的要求。我們非常樂意這麼做。我認為自第一代 EPYC 以來，客戶就一直與我們保持著密切的聯繫。我們既進行軟體定制，也進行一些硬體定制。所以——我們對解決雲端和企業業務中這個問題的能力感到非常滿意。然後，隨著我們繼續前進，我認為當我們將 CPU 和 GPU 產品組合在一起並真正為資料中心進行系統級優化時，我們也對我們可以做的事情感到非常興奮。因此，我們認為這對我們來說是一個早期的機會，但也有很多機會幫助客戶真正優化高效能運算應用程式。

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

我們今天的下一個問題來自美銀美林的 Vivek Arya。

Congratulations on the strong results and the pipeline. These are 2 questions from me as well. First, you have Naples now and Rome server shipping soon. Intel has Cascade Lake with Optane. What are you hearing from customers on the pricing versus feature comparison? And where I'm going with that is, how well is AMD prepared if your competitor decides to perhaps become a little more aggressive on the pricing side? At what point does pricing matter, and at what point does your feature list matter more?

恭喜您取得的優異成果和進展。這也是我的兩個問題。首先，您現在可以使用那不勒斯伺服器，並且羅馬伺服器即將推出。英特爾擁有搭載 Optane 的 Cascade Lake。您從客戶那裡聽到了關於價格與功能比較的什麼訊息？我想問的是，如果你的競爭對手決定在定價方面採取更激進的策略，AMD 的準備如何？什麼時候定價才重要？什麼時候功能清單更重要？

Yes, so Vivek, look, we understand that it's a very competitive market out there. It's always been very competitive and we are prepared for it to get even more competitive. When you look at our road map, I think we feel very comfortable with sort of our positioning. And the way I think about it, when it comes to the data center market, the price is only 1 factor and it's probably not the most important factor when people are choosing their next-generation products. The most important factor is really total cost of ownership, and the advantages that we have with our chiplet architecture and their 7-nanometer sort of process capabilities really have a great sort of power performance benefit. So we are -- as you say, we're prepared for a competitive environment, but we also feel that our product, from a performance standpoint and a positioning standpoint will be positioned quite well in the marketplace.

是的，Vivek，看，我們知道這是一個競爭非常激烈的市場。競爭一直非常激烈，我們已經做好了準備，迎接更激烈的競爭。當你查看我們的路線圖時，我認為我們對自己的定位感到非常滿意。我認為，當談到資料中心市場時，價格只是一個因素，而且它可能不是人們選擇下一代產品時最重要的因素。最重要的因素實際上是總擁有成本，而我們的小晶片架構及其 7 奈米製程能力的優勢確實具有很大的功率性能優勢。所以，正如您所說，我們已經為競爭環境做好了準備，但我們也認為，從性能和定位的角度來看，我們的產品在市場上將佔據相當有利的地位。

Got it. And as a follow up, Lisa, you mentioned your goal of getting to double-digit market shares in Servers over the next 4 to 6 quarters. I assume that will require a greater contribution from Enterprise customers, and that is right. What pushbacks are you seeing from them now? Is it just a matter of time that you increase your Enterprise attraction? In general, what -- do you need to do anything extra to attract Enterprise customers?

知道了。作為後續問題，麗莎，您提到了您的目標是在未來 4 到 6 個季度內實現伺服器市場份額達到兩位數。我認為這需要企業客戶做出更大的貢獻，這是正確的。您現在看到他們有什麼反對意見？增加企業吸引力只是時間問題嗎？總的來說，您需要做些什麼額外的事情來吸引企業客戶？

Yes. No, it's a great point. We certainly have deep engagements with both cloud and the OEMs. On the Enterprise customers, we sell through our OEM partners. The pushback that we get, I don't know if I would call it pushback. I would just say that Enterprise tends to move a bit more slowly than cloud. There are longer qualification cycles because there're qualification cycles on both the OEM side as well as the end customer side. We are continuing to build out our direct sales force as it relates to facing the Fortune 1000 customers and CIOs in that area. And I believe we will make progress in Enterprise. Certainly, as we go forward from the Naples generation into Rome, we'll have more platform coverage with our OEMs, and I think there will be more familiarity with our architecture as well as more software optimized to our architecture. So yes, we're very committed to the Enterprise market and expect that we will make progress with time.

是的。不，這是一個很好的觀點。我們確實與雲端運算和 OEM 都有著深入的合作。對於企業客戶，我們透過 OEM 合作夥伴進行銷售。我們所遭受的阻力，我不知道是否可以稱之為阻力。我只想說，企業的發展速度往往比雲端運算慢一些。認證週期更長，因為 OEM 和最終客戶雙方都有認證週期。我們正在繼續建立我們的直銷隊伍，以面向該地區的財富 1000 強客戶和首席資訊長。我相信我們將在企業領域取得進步。當然，隨著我們從那不勒斯一代發展到羅馬，我們的平台將與原始設備製造商 (OEM) 展開更廣泛的合作，我認為他們會更加熟悉我們的架構，並且會有更多針對我們的架構進行優化的軟體。所以是的，我們非常致力於企業市場，並期望隨著時間的推移取得進步。

Our next question today is coming from Blayne Curtis from Barclays.

我們今天的下一個問題來自巴克萊銀行的布萊恩柯蒂斯。

Lisa, was just curious on the Server product, you mentioned Enterprise was the bigger contributor in Q1. Just trying to think about the life cycle of EPYC 1. Enterprise takes longer to call, so I'm just kind of curious where you are in terms of rollout of that product. Obviously, Rome's going to come in at the end of the year. I'm just kind of curious how you see the tail on EPYC 1 throughout the year?

Lisa，我只是對伺服器產品感到好奇，你提到企業版是第一季最大的貢獻者。只是想考慮一下 EPYC 1 的生命週期。企業需要更長的時間來調用，所以我只是有點好奇您在推出產品方面處於什麼位置。顯然，羅馬將在年底到來。我只是有點好奇，您如何看待 EPYC 1 全年的走勢？

Yes, so Blayne, I think, as I stated a little earlier, I think the Data Center business does tend to move slowly. So we would expect that there will be a good amount of time where we will have both Naples and Rome in market at the same point in time, and that just depends on qualification cycles, platform needs and some platforms are being refreshed right away. Some platforms are going to take a little bit longer to be refreshed. And so, from my standpoint, I think that Naples will continue to be important for us in 2019, even as we ramp Rome with our launch in the second half of the year.

是的，布萊恩，我認為，正如我之前所說的那樣，我認為資料中心業務確實發展緩慢。因此，我們預計，那不勒斯和羅馬將在相當長的一段時間內同時進入市場，而這取決於資格週期、平台需求，而且一些平台正在立即更新。有些平台需要更長的時間來刷新。因此，從我的角度來看，即使我們將在下半年推出羅馬項目，那不勒斯項目在 2019 年仍將對我們很重要。

Got you. And then if I could just ask on the Data Center GPU product you had, the Google ramp, I think it started in Q4. Just kind of curious, your pipeline for that product and how you think about the slope of that business and the lumpiness of -- given that large customer?

明白了。然後，如果我可以問一下你們的資料中心 GPU 產品，Google 的升級，我認為它是在第四季開始的。只是有點好奇，您對該產品的管道以及您如何看待該業務的斜率和不穩定性——考慮到大客戶？

Yes, so we do expect the Data Center GPU business to be a bit lumpy. We do have several sort of large customers that are ramping product with us, and there'll be some ebb and flow as we go on a quarterly basis. But on an annual basis, I think 2019 will certainly be -- we expect it to be significantly up from 2018. And the pipeline is good. So when we look at the pipeline, as I mentioned, cloud streaming is a good workload for us. Google is one customer, but we're working with other customers as well, and we also see HPC and machine learning as additional workloads that will be good for us in that business.

是的，所以我們確實預期資料中心 GPU 業務會有些不穩定。我們確實有幾家大客戶正在與我們合作增加產品，而且隨著季度的推移，產品銷量會有一些起伏。但從年度來看，我認為 2019 年肯定會——我們預計它將比 2018 年大幅成長。而且管道很好。因此，當我們查看管道時，正如我所提到的，雲端流對我們來說是一個很好的工作負載。谷歌是我們的一個客戶，但我們也與其他客戶合作，我們也將 HPC 和機器學習視為額外的工作負載，這對我們的業務有益。

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

接線員，我們還有時間回答另外兩個問題，可以嗎？

Certainly. Our question is coming from Hans Mosesmann from Rosenblatt Securities.

當然。我們的問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Lisa, regarding Navi, if you can comment on it. What is the positioning of that particular product relative to the -- your current 7-nanometer GPU? And regarding Navi, can you tell us if it's going to include ray tracing?

Lisa，關於 Navi，你能評論一下嗎？相對於您目前的 7 奈米 GPU，該產品的定位是什麼？關於 Navi，您能告訴我們它是否包含光線追蹤嗎？

Yes, so Hans, we are excited about Navi. Navi is a new architecture for us in gaming. It has a lot of new features across the Navi architecture. Things are progressing well. We expect it to launch in the third quarter. From a positioning standpoint, I probably won't go through it in great detail right now other than to say that it is 7-nanometer Navi, but it will be positioned below where, for example, our Radeon VII is positioned today from a price point standpoint. And then in terms of ray tracing, again, we will talk more about our overall Navi road map as we get closer to the launch.

是的，漢斯，我們對 Navi 感到非常興奮。Navi 對我們來說是一個全新的遊戲架構。它在 Navi 架構中具有許多新功能。事情進展順利。我們預計它將在第三季推出。從定位的角度來看，除了說它是 7 奈米 Navi 之外，我現在可能不會詳細介紹它，但從價格點的角度來看，它的定位將低於我們今天的 Radeon VII 的定位。然後就光線追蹤而言，隨著發布的臨近，我們將更多地討論我們的整體 Navi 路線圖。

Our final question today is coming from Kevin Cassidy from Stifel.

我們今天的最後一個問題來自 Stifel 的 Kevin Cassidy。

Congratulations. As you're introducing the new generations of Ryzen, should we assume that ASPs will continue to go up or are some of these purpose built for lower price points?

恭喜。當您推出新一代 Ryzen 時，我們是否應該假設 ASP 會繼續上漲，或者其中一些是專門為降低價格點而設計的？

Yes, Kevin. So as we look at the new generations of Ryzen, our goal is certainly to improve the mix of the products, and so we think, as we improve the performance of the product, that we can improve that mix. Now the actual mix will vary, of course, depending on a number of things as we go through quarter by quarter, but certainly, as -- our goal is to continue to improve our penetration at the higher end of the PC processors.

是的，凱文。因此，當我們審視新一代 Ryzen 時，我們的目標當然是改善產品組合，因此我們認為，隨著我們提高產品效能，我們就可以改善這種組合。當然，現在實際的組合會有所不同，這取決於我們每個季度經歷的許多因素，但可以肯定的是，我們的目標是繼續提高我們在高階 PC 處理器上的滲透率。

Thank you, Kevin. Thank you, everyone, for joining us today. This concludes our call. We appreciate your time and attention to this earnings call, and certainly your support of our company. Have a nice evening.

謝謝你，凱文。感謝大家今天加入我們。我們的通話到此結束。我們感謝您抽出時間和關注本次收益電話會議，當然也感謝您對我們公司的支持。祝你今晚愉快。

Thank you. That does conclude today's teleconference. You may disconnect your line 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並享受美好的一天。我們感謝您今天的參與。