超微半導體 (AMD) 2019 Q2 法說會逐字稿

Greetings, and welcome to the Advanced Micro Devices Second Quarter 2019 Earnings Conference Call.

您好，歡迎參加 Advanced Micro Devices 2019 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我很高興向大家介紹你們的主持人勞拉·格雷夫斯。

Please go ahead.

請繼續。

Thank you, and welcome to AMD's Second Quarter 2019 Conference Call.

謝謝，歡迎參加 AMD 2019 年第二季電話會議。

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

到目前為止，您應該有機會查看我們的收益發布和幻燈片的副本。

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

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、財務長兼財務主管 Devinder Kumar。

This is a live call and will be replayed via webcast on our website.

這是一次現場通話，將透過我們網站上的網路廣播進行重播。

Before we begin, I would like to highlight some important dates for you.

在我們開始之前，我想向您強調一些重要的日期。

AMD will officially launch our second-generation EPYC data center CPU on Wednesday, August 7. On Tuesday, August 27, Forrest Norrod, Senior Vice President and General Manager of our Datacenter and Embedded Solutions Group will present at the Jefferies 2019 Semiconductor, Hardware and Communications Infrastructure Summit in Chicago.

AMD 將於8 月7 日星期三正式推出我們的第二代EPYC 資料中心CPU。半導體、硬體和芝加哥通訊基礎設施高峰會。

On Tuesday, September 10, Devinder Kumar, Senior Vice President and Chief Financial Officer and Treasurer will present at the Deutsche Bank Technology Conference in Las Vegas.

9 月 10 日星期二，高級副總裁兼財務長兼財務主管 Devinder Kumar 將出席在拉斯維加斯舉行的德意志銀行技術會議。

And on Friday, September 13, 2019, our third quarter quiet time is expected to begin at the close of business.

2019 年 9 月 13 日星期五，我們的第三季靜默時間預計將在營業結束時開始。

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.

這些陳述是基於當前的信念、假設和期望，僅代表當前日期，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。

We will refer primarily to non-GAAP financial measures during this call, except for revenue and segment operational results, which are on a GAAP basis.

在本次電話會議中，我們將主要參考非公認會計原則的財務指標，但收入和部門營運績效除外，這些指標是基於公認會計原則的。

The non-GAAP financial measures referenced today are reconciled to their most directly comparable GAAP financial measure in today's press release, which is posted on our website.

今天引用的非公認會計原則財務指標已與今天發佈在我們網站上的新聞稿中最直接可比較的公認會計原則財務指標進行了調整。

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

請參閱我們新聞稿中的警告聲明以了解更多資訊。

You will also find detailed discussions about our risk factors in our filings with the SEC and, in particular, AMD's quarterly report on Form 10-Q for the quarter ended March 30, 2019.

您也可以在我們向 SEC 提交的文件中找到有關我們風險因素的詳細討論，特別是 AMD 截至 2019 年 3 月 30 日的季度的 10-Q 表格季度報告。

Now with that, I'd like to hand the call over to Lisa.

現在，我想把電話轉給麗莎。

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

謝謝你，勞拉，今天所有聽眾下午好。

We made history in the second quarter, both as the first company to simultaneously launch high-performance CPUs and GPUs and the first to ramp 7-nanometer high-performance processors across PCs, gaming and the data center.

我們在第二季度創造了歷史，既是第一家同時推出高效能 CPU 和 GPU 的公司，也是第一家在 PC、遊戲和資料中心推出 7 奈米高效能處理器的公司。

I'm extremely pleased with our execution in the quarter as we ramped production on Ryzen 3000 CPUs, Radeon 300 GPUs and early volumes of our second-generation EPYC processors, in advance of their third quarter launch.

我對本季的執行情況非常滿意，因為我們在第三季推出之前提高了 Ryzen 3000 CPU、Radeon 300 GPU 和第二代 EPYC 處理器的早期產量。

Looking at the second quarter, revenue of $1.53 billion increased 20% sequentially driven by growth across both of our business segments.

回顧第二季度，在我們兩個業務部門成長的推動下，營收達到 15.3 億美元，季增 20%。

Revenue declined 13% year-over-year in line with our expectations as client and server processor revenue increases were offset by lower graphics channel and semi-custom revenue.

營收年減 13%，符合我們的預期，因為客戶端和伺服器處理器收入的成長被圖形通道和半客製化收入的下降所抵消。

Turning to our Computing and Graphics segment.

轉向我們的計算和圖形部分。

Revenue declined 13% year-over-year as significantly higher client processor sales were offset by lower graphics channel sales.

由於客戶端處理器銷量的大幅成長被圖形通路銷量的下降所抵消，營收年減了 13%。

Mobile client processor revenue increased by a double-digit percentage year-over-year and sequentially driven by our highest quarterly unit shipments in 5 years.

行動用戶端處理器營收年增兩位數，這主要得益於我們 5 年來最高的季度出貨量。

In desktop, we launched our industry-leading Ryzen 3000 processors featuring our new Zen 2 core to overwhelmingly positive customer response.

在桌面領域，我們推出了業界領先的 Ryzen 3000 處理器，採用全新 Zen 2 核心，獲得了客戶的熱烈回應。

Numerous third-party reviews highlighted the superior performance of our 7-nanometer Ryzen CPUs in both multi-threaded and single-threaded applications while consuming less power than competitive offerings.

許多第三方評論都強調了我們的 7 奈米 Ryzen CPU 在多執行緒和單執行緒應用程式中的卓越性能，同時比競爭對手的產品消耗更少的功耗。

Ryzen 3000 processor customer demand has been very strong, with sales at global e-tailers and retailers outpacing our previous generations of Ryzen by more than 3x at the same point following their respective launches.

Ryzen 3000 處理器的客戶需求非常強勁，全球電子零售商和零售商在各自推出後的同一時間點上的銷售額比我們前幾代 Ryzen 的銷售額高出 3 倍以上。

Based on the market response to our latest mobile and desktop processors and the growing number of AMD-powered commercial and consumer PCs, we expect to gain share in the high volume back-to-school and holiday periods.

根據市場對我們最新的行動和桌上型處理器的反應以及 AMD 驅動的商用和消費 PC 數量的不斷增加，我們預計將在高銷量的返校和假期期間獲得份額。

In Graphics, revenue decreased year-over-year driven largely by lower channel sales partially offset by a significant increase in data center GPU sales.

在圖形領域，營收年減主要是由於通路銷售下降，但部分被資料中心 GPU 銷售大幅成長所抵消。

GPU revenue increased by a double-digit percentage sequentially driven by increased channel sales of our RX 500 series GPUs and the launch of our Radeon 5700 family.

由於 RX 500 系列 GPU 的通路銷售增加以及 Radeon 5700 系列的推出，GPU 收入連續成長了兩位數百分比。

The Radeon 5700 series with our new RDNA architecture, delivers up to 1.5x more performance per watt compared to our previous generation.

與上一代產品相比，採用全新 RDNA 架構的 Radeon 5700 系列每瓦效能提高了 1.5 倍。

Initial demand for our new GPUs has been strong as third-party reviewers have highlighted our leadership gaming performance at relevant price points.

由於第三方評論家強調了我們在相關價位上的領先遊戲效能，因此對我們新 GPU 的最初需求一直很強勁。

We are well positioned for growth in the second half of the year as we continue to ramp our Radeon 5000 GPU family.

隨著我們繼續擴大 Radeon 5000 GPU 系列，我們已做好了下半年的成長準備。

We had another quarter of strong year-over-year data center GPU sales growth driven largely by HPC and cloud wins.

我們的資料中心 GPU 銷售又實現了一個季度的同比強勁增長，這主要是由 HPC 和雲端的勝利推動的。

We continue making progress expanding this margin-accretive part of our business based on our strategy to focus on working closely with marquee customers.

基於我們專注於與大客戶密切合作的策略，我們在擴大利潤成長業務方面不斷取得進展。

We also announced a strategic partnership in the quarter with Samsung to bring Radeon graphics to their future smartphone and mobile SoCs.

我們也宣佈在本季與三星建立策略合作夥伴關係，將 Radeon 顯示卡引入其未來的智慧型手機和行動 SoC。

The partnership showcases our strategy to engage with industry leaders across the ecosystem to drive Radeon everywhere.

此次合作展示了我們與整個生態系統的產業領導者合作以推動 Radeon 走向世界的策略。

We now have deep partnerships across the PC, game console, cloud and mobile markets that contribute to a growing developer ecosystem and installed base for our Radeon graphics architecture.

我們現在在 PC、遊戲機、雲端和行動市場上建立了深厚的合作夥伴關係，這有助於不斷發展的開發者生態系統和 Radeon 圖形架構的安裝基礎。

Turning to Enterprise, Embedded and Semi-Custom segment.

轉向企業、嵌入式和半客製化領域。

Revenue decreased 12% from a year ago due to lower semi-custom revenue.

由於半定制收入下降，收入較上年同期下降 12%。

In semi-custom, we have extended our game console leadership as both Microsoft and Sony have now both announced they will use custom AMD SoCs to power their next-generation game consoles.

在半客製化方面，我們擴大了遊戲機的領先地位，因為微軟和索尼現在都宣布他們將使用客製化的 AMD SoC 來為其下一代遊戲機提供動力。

We are very proud to power back-to-back generations of the world's highest performing game consoles.

我們非常自豪能夠連續幾代為世界上性能最高的遊戲機提供動力。

As we look into the second half of the year, we are seeing additional softness in game console demand, which is now reflected in our full year guidance.

當我們展望今年下半年時，我們發現遊戲機需求進一步疲軟，這一點現已反映在我們的全年指導中。

In server, CPU revenue grew significantly year-over-year and sequentially driven by initial shipments of our next-generation Rome processors to lead cloud and OEM customers.

在伺服器方面，CPU 收入同比大幅增長，並受到我們下一代 Rome 處理器首次出貨的推動，領先雲端和 OEM 客戶。

First-generation EPYC processor-based cloud deployments continued to increase in the quarter.

基於第一代 EPYC（霄龍）處理器的雲端部署在本季持續增加。

Amazon expanded availability of its EPYC processor-powered instances to the more than 15 regions and dozens of new configurations.

Amazon 將其 EPYC 處理器支援的執行個體的可用性擴展到超過 15 個區域和數十種新配置。

And Microsoft launched general availability of its Azure HB supercomputing virtual machine that, for the first time ever, enabled customers to run demanding HPC workloads in the cloud.

Microsoft 全面推出了 Azure HB 超級運算虛擬機，首次讓客戶能夠在雲端中執行要求嚴格的 HPC 工作負載。

Turning to our next-generation Rome server processor, Rome is on-time and exceed expectations, delivering leadership performance and TCO across a significantly expanded number of cloud and enterprise workloads.

談到我們的下一代 Rome 伺服器處理器，Rome 準時且超出預期，在數量顯著增加的雲端和企業工作負載中提供領先的效能和 TCO。

Customer excitement continues to grow.

客戶的熱情持續增長。

Compared to our first-generation EPYC processors, we have more than twice the number of platforms in development with a larger set of partners.

與我們的第一代 EPYC 處理器相比，我們與更多合作夥伴一起開發的平台數量是其兩倍多。

We also have 4x more enterprise and cloud customers actively engaged on deployments prior to launch.

在發布之前積極參與部署的企業和雲端客戶數量也增加了 4 倍。

As a result, Rome is on track to ramp significantly faster than our first-generation EPYC processor.

因此，Rome 的提升速度將明顯快於我們的第一代 EPYC 處理器。

We are seeing particular strength in HPC, where we offer leadership compute density and I/O.

我們在 HPC 領域看到了特殊的優勢，我們提供領先的運算密度和 I/O。

We had multiple supercomputing wins in the quarter, including public announcements from Indiana University and Norway's National Research Network.

我們在本季取得了多項超級運算成果，包括印第安納大學和挪威國家研究網路的公開聲明。

Our supercomputing momentum was highlighted by the U.S. Department of Energy and Oak Ridge National Laboratory, selecting both EPYC CPUs and Radeon Instinct GPUs to power their next-generation Frontier exascale supercomputer built by Cray.

美國能源部和橡樹嶺國家實驗室強調了我們的超級運算勢頭，選擇 EPYC CPU 和 Radeon Instinct GPU 為 Cray 製造的下一代 Frontier 百億億次超級電腦提供動力。

Frontier is expected to be the world's fastest computer when it launches in 2021.

Frontier 預計將於 2021 年推出，成為全球最快的電腦。

We look forward to providing more details on Rome at our launch event in August 7.

我們期待在 8 月 7 日的發布會上提供有關羅馬的更多詳細資訊。

In summary, as we complete the first half of 2019, we have reached a significant inflection point for the company as we enter our next phase of growth with the most competitive product portfolio in our history.

總而言之，隨著 2019 年上半年的結束，我們已經達到了公司的一個重要拐點，我們以歷史上最具競爭力的產品組合進入了下一個成長階段。

We have seen some uncertainties across our supply chain driven by tariffs, trade concerns and the U.S. entities list.

我們發現，由於關稅、貿易擔憂和美國實體清單，我們的供應鏈存在一些不確定性。

In the second quarter, we stopped shipping to customers added to the U.S. entities list.

第二季度，我們停止向美國實體名單中新增的客戶出貨。

While we remained cautious given the fluidity of the situation, the impact to date has been limited and offset by growing momentum in other parts of our business.

儘管鑑於情勢的流動性，我們仍保持謹慎態度，但迄今為止的影響有限，並被我們業務其他部分的成長勢頭所抵消。

We are executing well to our plans and see a path to significant market share gains for our product portfolio across the PC, gaming and data center markets in the coming quarters.

我們正在很好地執行我們的計劃，並預計未來幾季我們的產品組合將在 PC、遊戲和資料中心市場上獲得顯著的市場份額成長。

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

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

Thank you, Lisa and good afternoon, everyone.

謝謝麗莎，大家下午好。

We are pleased with the financial results for the first half of 2019, which provide a solid foundation for the second half of the year.

我們對2019年上半年的財務表現感到滿意，這為下半年的業績奠定了堅實的基礎。

Second quarter revenue of $1.53 billion grew 20% over the first quarter.

第二季營收為 15.3 億美元，較第一季成長 20%。

Gross margin of 41% increased 4 percentage points from the prior year driven by the ramp of our strong portfolio of high-performance products.

由於我們強大的高性能產品組合的成長，毛利率達到 41%，比上年增長了 4 個百分點。

Quarterly revenue was down 13% from a year ago.

季度營收較去年同期下降 13%。

Strong sales of Ryzen and EPYC processors and our new Radeon RX 5700 GPUs were more than offset by lower semi-custom sales and lower graphics channeled sales associated with blockchain.

Ryzen 和 EPYC 處理器以及我們新的 Radeon RX 5700 GPU 的強勁銷售被半客製化銷售的下降和與區塊鏈相關的圖形通路銷售的下降所抵消。

Operating expenses grew 10% year-over-year to $512 million driven primarily by go-to-market activities and new product introductions.

營運支出較去年同期成長 10%，達到 5.12 億美元，這主要是由於上市活動和新產品推出所致。

Operating income was $111 million, down from $186 million a year ago, primarily due to lower revenue and higher operating expenses.

營業收入為 1.11 億美元，低於一年前的 1.86 億美元，主要是因為收入減少和營業費用增加。

Operating margin was 7%, down from 11% a year ago.

營業利益率為 7%，低於一年前的 11%。

Net income was $92 million compared to $156 million a year ago.

淨利潤為 9,200 萬美元，而一年前為 1.56 億美元。

And diluted earnings per share was $0.08 per share compared to $0.14 per share a year ago.

稀釋後每股收益為 0.08 美元，而去年同期為 0.14 美元。

Now turning to the business segment result.

現在轉向業務部門的成果。

Computing and Graphics segment revenue was $940 million, down 13% year-over-year as strong client processor sales were more than offset by lower overall graphic sales due to negligible blockchain-related revenue in the second quarter of 2019.

計算和圖形部門收入為 9.4 億美元，年減 13%，因為客戶端處理器的強勁銷售被 2019 年第二季區塊鏈相關收入微不足道導致整體圖形銷售額下降所抵消。

Computing and Graphics segment operating income was $22 million compared to $117 million a year ago, primarily due to lower revenue.

計算和圖形部門的營業收入為 2,200 萬美元，而去年同期為 1.17 億美元，這主要是由於收入下降。

In the Enterprise, Embedded and Semi-Custom segment, revenue was $591 million, down 12% from the prior year.

在企業、嵌入式和半客製化領域，營收為 5.91 億美元，比上年下降 12%。

Semi-Custom revenue was lower and partially offset by significant growth in data center CPU revenue.

半客製化收入下降，部分被資料中心 CPU 收入的顯著成長所抵消。

EESC segment operating income was $89 million compared to $69 million a year ago.

EESC 部門營業收入為 8,900 萬美元，而去年同期為 6,900 萬美元。

The improvement was largely due to growth in data center CPU revenue.

這項改善主要歸功於資料中心CPU營收的成長。

Turning to the balance sheet.

轉向資產負債表。

Our cash, cash equivalents and marketable securities totaled $1.1 billion at the end of the quarter.

截至本季末，我們的現金、現金等價物及有價證券總計 11 億美元。

Year-over-year, we have reduced gross debt by $392 million, and in the second quarter, we also replaced our asset-backed loan facility with a $500 million secured revolving line of credit.

與去年同期相比，我們的總債務減少了 3.92 億美元，在第二季度，我們還用 5 億美元的擔保循環信貸額度取代了資產支持貸款安排。

Free cash flow was negative $28 million in the quarter, while cash flow from operations was $30 million.

該季度自由現金流為負 2,800 萬美元，而營運現金流為 3,000 萬美元。

Inventory was $1 billion, up $60 million sequentially, primarily due to increased inventory of our new 7-nanometer products in anticipation of accelerating product sales in the back half of the year.

庫存為 10 億美元，比上一季增加 6,000 萬美元，主要是由於我們預計下半年產品銷售將加速，因此增加了新 7 奈米產品的庫存。

Adjusted EBITDA was $163 million compared to $228 million a year ago due to lower quarterly earnings.

由於季度收益下降，調整後 EBITDA 為 1.63 億美元，而去年同期為 2.28 億美元。

On a trailing 12-month basis, adjusted EBITDA was $672 million, and gross leverage at the end of the quarter was 1.9x.

以過去 12 個月計算，調整後 EBITDA 為 6.72 億美元，季末的總槓桿率為 1.9 倍。

Turning to the outlook for the third quarter of 2019.

轉向2019年第三季的展望。

We expect revenue to be approximately $1.8 billion plus or minus $50 million, an increase of approximately 9% year-over-year and 18% sequentially.

我們預計營收約 18 億美元上下 5,000 萬美元，年增約 9%，較上季成長 18%。

The sequential and year-over-year increases are expected to be driven by Ryzen, EPYC and Radeon product sales, partially offset by lower-than-expected semi-custom sales.

環比和年成長預計將由 Ryzen、EPYC 和 Radeon 產品銷售推動，但部分被低於預期的半客製化銷售所抵消。

In addition, for Q3 2019, we expect non-GAAP gross margin to be approximately 43%; non-GAAP operating expenses to be approximately $525 million; non-GAAP interest expense, taxes and other to be approximately $30 million; and third quarter diluted share count is expected to be approximately 1.21 billion shares.

此外，我們預計 2019 年第三季非 GAAP 毛利率約為 43%；非公認會計準則營運費用約為 5.25 億美元；非公認會計準則利息支出、稅費和其他費用約為 3,000 萬美元；第三季攤薄後股數預計約12.1億股。

For the full year, we now believe revenue will increase mid-single-digit percent over 2018 driven by significant sales growth of our new Ryzen, EPYC and Radeon processors, partially offset by lower-than-expected semi-custom revenue.

就全年而言，我們現在認為，由於我們的新Ryzen、EPYC 和Radeon 處理器的銷售顯著增長，我們的收入將比2018 年增長中個位數，但部分被低於預期的半定制收入所抵消。

Revenue, excluding semi-custom, is expected to increase approximately 20% year-over-year.

不包括半客製化業務的收入預計將年增約 20%。

Full year non-GAAP gross margin is expected to be approximately 42%.

全年非 GAAP 毛利率預計約 42%。

In closing, we had a strong first half of 2019.

最後，我們的 2019 年上半年表現強勁。

We remain focused on executing to our plans for the remainder of the year and look forward to ramping our new Ryzen and Radeon products as well as the upcoming launch of Rome.

我們仍然專注於執行今年剩餘時間的計劃，並期待提升我們的新 Ryzen 和 Radeon 產品以及即將推出的 Rome。

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

這樣，我會將其轉回勞拉進行問答環節。

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 Mitch Steves from RBC Capital Markets.

（操作員說明）今天我們的第一個問題來自 RBC 資本市場的 Mitch Steves。

So my question is really just twofold.

所以我的問題其實是雙重的。

Number one, first on the gross margin side.

第一，首先是毛利率方面。

So you guys have talked about semi-custom coming down pretty materially, and that's kind of the entire reason for the, I guess the mid-single-digit growth number.

所以你們談到了半客製化的大幅下降，這就是我猜中等個位數成長的全部原因。

So why, I guess, aren't the gross margins expanding a little more if you're seeing more traction on the server side?

那麼，我想，如果你看到伺服器端有更多的吸引力，為什麼毛利率沒有增加一點呢？

I think, if we look at it from an overall standpoint, in Q2, we did 41%.

我認為，如果我們從整體角度來看，第二季我們做到了 41%。

In the third quarter in a row, 41% gross margin.

毛利率連續第三季達到41%。

And in Q3, you're right that the decline in semi-custom, there is benefit to the margin.

在第三季度，半定制業務的下降對利潤率有好處，這是正確的。

And the margin guide for Q3, that's approximately 43%.

第三季的利潤率指引值約為 43%。

I can tell you that the richer product mix, especially with the new products ramping in Q3, are going to drive the gross margin.

我可以告訴你，更豐富的產品組合，尤其是第三季新產品的增加，將推動毛利率的成長。

Although there is a benefit from the decline of semi-custom also, the margin benefit is more weighted towards the non-semi-custom business, and that's where we end up with the 43% in Q3.

儘管半客製化業務的下降也帶來了好處，但利潤率收益更偏向於非半客製化業務，這就是我們在第三季獲得 43% 的結果。

We've also updated our guidance for 2019 and now are projecting 42% for the year 2019.

我們也更新了 2019 年的指導，現在預計 2019 年將成長 42%。

Yes.

是的。

So I guess, just a follow-up on that.

所以我想，這只是後續行動。

So the assumption is that by the end of '19, you guys have more share on the server side.

所以假設到 19 年底，你們在伺服器端擁有了更多的份額。

So I guess just high level, if I assume that 2020 gross margins are going to start going up as well if you keep gaining share in server.

因此，如果我假設如果你繼續獲得伺服器份額，2020 年毛利率也會開始上升，那麼我認為這只是高水準。

Is that a fair assumption for the next year or so?

對於明年左右來說，這是一個合理的假設嗎？

I think what I would say is we're very pleased with the progress we have made on the margin in 2019.

我想我想說的是，我們對 2019 年在利潤方面的進展感到非常滿意。

The product mix continues to get richer, and we'll see as we get closer to 2020 in terms of the specifics.

產品組合繼續變得更加豐富，具體細節我們將在接近 2020 年時看到。

But you're right, the product mix does get better.

但你是對的，產品組合確實變得更好。

And even in the other businesses, including the client business, the product mix being richer benefits the margin.

即使在包括客戶業務在內的其他業務中，更豐富的產品組合也有利於利潤率。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

Good to see the traction in the new products.

很高興看到新產品的吸引力。

Lisa, for my first question, I was wondering if you could give us some more color around the traction you're seeing in Rome, both from if you're able to quantify it somewhat, but importantly, the traction you're seeing with customers, whether there is any pricing pressure from your main competitor.

麗莎，對於我的第一個問題，我想知道你是否可以給我們一些關於你在羅馬看到的牽引力的更多信息，無論你是否能夠稍微量化它，但重要的是，你看到的牽引力客戶，您的主要競爭對手是否有任何定價壓力。

And I think in the past, you have outlined targets to reach certain market share.

我認為在過去，你們已經概述了達到一定市場份額的目標。

Just now that the product is out in front of customers, how are you seeing that traction with both the cloud and the enterprise side?

現在該產品已經出現在客戶面前，您如何看待雲端和企業端的吸引力？

Absolutely, Vivek.

絕對是，維韋克。

Thanks for the question.

謝謝你的提問。

So look, we are very pleased with how Rome is coming up.

所以看，我們對羅馬的發展感到非常滿意。

We did ship initial shipments this past quarter in the second quarter to both cloud and enterprise customers.

我們確實在第二季向雲端客戶和企業客戶交付了首批出貨量。

The feedback that we're getting from customers is that the performance is very compelling both from a performance standpoint as well as a total cost of ownership standpoint.

我們從客戶那裡得到的回饋是，無論是從效能角度還是從總擁有成本角度來看，其效能都非常引人注目。

We've gotten a number of wins on both the cloud and the enterprise side as well as HPC.

我們在雲端、企業端以及 HPC 方面都取得了許多勝利。

From our standpoint, next week is a big week for us.

從我們的角度來看，下週對我們來說是重要的一周。

Obviously, we're going to officially launch Rome on August 7. But from a customer pull standpoint, we see good customer pull.

顯然，我們將於 8 月 7 日正式推出羅馬。

Your question specifically about the pricing environment, the pricing environment is always competitive.

你的問題特別是關於定價環境，定價環境總是有競爭力的。

We expect it to be competitive.

我們希望它具有競爭力。

That being the case, in servers, price is not the first variable in terms of a buying decision.

既然如此，在伺服器中，價格並不是購買決策的首要變數。

And so we believe the value proposition that we have for Rome from an overall standpoint is very strong, and we see a good pricing environment for that.

因此，我們相信，從整體角度來看，我們對羅馬的價值主張非常強大，並且我們看到了良好的定價環境。

And as my follow-up, on the quantification side, I think in the last quarter, you had given us some color around data centers, CPU and GPU kind of around that mid-teens as a percentage of sales.

作為我的後續行動，在量化方面，我認為在上個季度，您為我們提供了有關資料中心、CPU 和 GPU 佔銷售額的百分比的一些資訊。

I was hoping you could give us some sense of what it was in Q2 and just what the outlook is for 2019 or the second half of the year.

我希望您能讓我們了解第二季的情況以及 2019 年或下半年的前景。

Yes.

是的。

So in the second quarter, the percentages are similar to the past few quarters in terms of percentage of our business.

因此，在第二季度，就我們業務的百分比而言，百分比與過去幾個季度相似。

We were more heavily weighted towards CPU versus GPU in the second quarter, so we saw data center GPU sequentially decline as expected.

第二季我們更看重 CPU 而不是 GPU，因此我們看到資料中心 GPU 如預期般連續下降。

The CPUs grew as expected.

CPU 的成長符合預期。

As we go into the second half of the year, you should expect that the percentage of our revenue through the data center will increase as we ramp room.

當我們進入今年下半年時，您應該預計，隨著空間的增加，我們透過資料中心獲得的收入百分比將會增加。

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, obviously, it seems like you're making a lot of progress with Rome or at least the initial feedback continues to be very positive.

麗莎，顯然，你在羅馬方面似乎取得了很大進展，或者至少最初的反饋仍然非常積極。

That said, the overall hyperscale environment seems pretty slow based on commentary from your peers and your customers, I guess.

也就是說，根據您的同行和客戶的評論，我猜整個超大規模環境似乎相當緩慢。

Could that impact the ramp into the second half?

這會影響下半年的進度嗎？

Is that a concern for you going forward?

這是你未來的一個擔憂嗎？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

So look, we certainly have heard the same conversation, especially around the cloud environment in the first half of the year.

所以看，我們肯定聽過同樣的對話，尤其是今年上半年圍繞著雲端環境的對話。

Our plan was always very heavily second half weighted.

我們的計劃總是非常重視下半年。

And from our standpoint, we have seen significant customer engagement and pull for the Rome product, and we see a number of new installations that will come online over the next couple of quarters.

從我們的角度來看，我們已經看到了羅馬產品的巨大客戶參與度和吸引力，我們看到許多新安裝將在接下來的幾個季度上線。

So I believe that there is some cloud digestion that's happening out there.

所以我相信那裡正在發生一些雲消化。

I also believe that given where we are from the product cycle standpoint, we are well positioned to grow.

我還相信，鑑於我們從產品週期的角度來看，我們已經做好了成長的準備。

Got it.

知道了。

And then as a follow-up, I was hoping to learn a little bit more about the partnership with Samsung, the IP win in the quarter and also Frontier on the HPC side.

作為後續行動，我希望更多地了解與三星的合作夥伴關係、本季度的 IP 勝利以及 HPC 方面的 Frontier。

Just from a modeling perspective, how should we think about those 2 deals, if you will, over the next couple of years and the accretion to the P&L?

僅從建模的角度來看，如果您願意的話，我們應該如何考慮未來幾年的這兩筆交易以及損益表的增加？

Sure.

當然。

So look, we're very pleased with both.

所以看，我們對兩者都非常滿意。

They're both very significant announcements for us.

它們對我們來說都是非常重要的公告。

On the Samsung side, it's a multiyear, multigenerational deal that we have across our graphics portfolio for mobile.

就三星而言，這是一項跨年、跨世代的協議，涉及我們的行動圖形產品組合。

In terms of 2019, the revenue is approximately $100 million that would be added.

就2019年而言，將增加收入約1億美元。

This was not originally in our guidance, and it offsets some of the headwinds that we talked about in semi-custom and in China.

這最初並不在我們的指導範圍內，它抵消了我們在半定制和中國談到的一些不利因素。

As it -- it's not pure IP, though, so the way you should think about it is there is some specific development expenses that are being -- that are part of that deal.

但因為它不是純粹的智慧財產權，所以你應該考慮的是，有一些特定的開發費用是交易的一部分。

And so those will be part of the COGS portion of that.

因此，這些將成為其中 COGS 部分的一部分。

As it relates to Frontier, Frontier again, very significant deal for us.

因為它與 Frontier 有關，所以又是 Frontier，這對我們來說非常重要。

It is NRE for the next couple of years to really get the software and infrastructure.

未來幾年，NRE 才能真正獲得軟體和基礎設施。

I would say, that's not material.

我想說，這並不重要。

And it's a relatively smaller number.

而且這個數字相對較小。

And then, the actual deployment will be in 2021.

然後，實際部署將在2021年。

So the bulk of the CPU and the GPU revenue will be in 2021, with a small portion of that perhaps in the second half of 2020.

因此，大部分 CPU 和 GPU 收入將在 2021 年實現，一小部分可能在 2020 年下半年實現。

Your next question or is coming from Matt Ramsey from Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Matt Ramsey。

Lisa, I think we'll be hearing plenty about Rome next week.

麗莎，我想下週我們會聽到很多關於羅馬的消息。

I wanted to ask some questions about your PC business going into the back half of the year.

我想問一些有關今年下半年的個人電腦業務的問題。

The desktop momentum seems there.

桌面的勢頭似乎已經存在。

The notebook space, Intel is obviously going on to 10-nanometer for a portion of that portfolio.

在筆記型電腦領域，英特爾顯然將在該產品組合的一部分中採用 10 奈米製程。

And it seems the 7-nanometer refresh on your side is a little bit later, yet the SKU coverage you've talked about, I think, is 50% higher than it was last year for back-to-school and holidays.

而且你們那邊的7奈米更新似乎有點晚了，但我認為你們所說的SKU覆蓋率比去年返校和假期時高出了50%。

So maybe you could talk a little bit about the momentum in the PC business into the back half and the differences between what you might see in desktop and notebook.

因此，也許您可以談談 PC 業務下半年的勢頭以及您在桌上型電腦和筆記型電腦中可能看到的差異。

Yes, sure, Matt.

是的，當然，馬特。

So we're pleased with the progress of our PC business.

因此，我們對個人電腦業務的進展感到滿意。

In the second quarter, we had notebook perform very well.

在第二季度，我們的筆記型電腦表現非常好。

We saw a ramp of our second-generation mobile product, and that is due to some of the additional platforms that we mentioned.

我們看到第二代行動產品的成長，這是由於我們提到的一些附加平台所致。

Going into the second half of the year, on the desktop side, our third-generation Ryzen products are very well positioned.

進入下半年，在桌面端，我們的第三代Ryzen產品定位非常好。

We expect to ramp significant production here in the third quarter.

我們預計第三季將大幅提高產量。

And we expect that to lead to share gains.

我們預計這將帶來股價上漲。

And we're also feeling quite good about the mobile products into the second half of the year.

我們對下半年的行動產品也感覺非常好。

We made progress on both consumer and commercial.

我們在消費者和商業方面都取得了進展。

We had always been strong in consumer, but on the commercial side, we have a number of new platforms as well, and those are ramping here into the second half of the year.

我們在消費者方面一直很強大，但在商業方面，我們也有許多新平台，這些平台將在今年下半年持續出現。

So overall, I think the PC business continues to be a good opportunity for us to gain share through the second half of the year.

因此，總的來說，我認為個人電腦業務仍然是我們在下半年獲得份額的好機會。

Got it.

知道了。

And as a follow-up for me, a couple things for Devinder.

作為我的後續行動，我想向 Devinder 介紹幾件事。

I wonder if you might talk about the margin or gross margin differential between some of the new 7-nanometer products that you're rolling out versus some of the predecessor products that were either on 12 or 14, just so we can get an understanding on magnitude.

我想知道您是否可以談談您正在推出的一些新的 7 奈米產品與一些 12 或 14 奈米產品之間的利潤率或毛利率差異，這樣我們就可以了解震級。

And before you take that, just congrats on cash positive for the company overall, even in some of the verticals.

在你接受之前，先祝賀公司整體現金正值，甚至在某些垂直領域也是如此。

Okay.

好的。

Yes.

是的。

So on the margin side, the new products, as we have said previously, in aggregate are greater than 50% margin.

因此，在利潤方面，正如我們之前所說，新產品的利潤率總計大於 50%。

And so as we launch the new products, in particular on the 7-nanometer node, those are accretive.

因此，當我們推出新產品時，特別是在 7 奈米節點上，這些產品會不斷增加。

And that's why you see us updating the guidance in terms of the margin not just for the quarter in Q3 but also for the year.

這就是為什麼我們不僅更新了第三季的利潤率，還更新了全年的利潤率指引。

And from that standpoint, as the product mix gets richer with more 7-nanometer products ramping, that should benefit the gross margin.

從這個角度來看，隨著更多 7 奈米產品的推出，產品組合變得更加豐富，這應該有利於毛利率。

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

我們的下一個問題來自羅森布拉特證券公司的漢斯·摩西曼。

Congrats on the execution with the 7-nanometer.

恭喜使用 7 奈米的執行。

Lisa, are you guys constrained in terms of 7-nanometer at TSM?

Lisa，你們在 TSM 的 7 奈米方面受到限制嗎？

Hans, yes.

漢斯，是的。

So we do have a number of products ramping at TSMC in 7-nanometer and we are not constrained per se.

因此，台積電確實有許多 7 奈米產品正在研發，而且我們本身並沒有受到限制。

I will say that cycle times of 7-nanometer are longer, and so it just takes more time to ramp up, but we are not constrained.

我想說的是，7 奈米的週期時間更長，因此需要更多的時間來加速，但我們並沒有受到限制。

TSMC has supported us quite well.

台積電給了我們很好的支持。

Great.

偉大的。

And can you give us a sense, if you can, on 7-nanometer high-end Navi and mobile 7-nanometer CPUs, if you can?

如果可以的話，您能為我們介紹一下 7 奈米高階 Navi 和行動 7 奈米 CPU 嗎？

Hans, you asked the good product questions.

漢斯，你問了很好的產品問題。

I would say, they are coming.

我想說，他們來了。

You should expect that our execution on those are on track, and we have a rich 7-nanometer portfolio beyond the products that we have currently announced in the upcoming quarters.

您應該期待我們在這些方面的執行步入正軌，並且除了我們目前在未來幾季發布的產品之外，我們還擁有豐富的 7 奈米產品組合。

Our next question is coming from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Lisa, you have a lot of things working for you.

麗莎，你有很多事情適合你。

You've got Rome, Ryzen, the GPU portfolio.

你有 Rome、Ryzen、GPU 產品組合。

Where are you seeing the biggest upside surprise on the feedback that you're getting relative to your original expectations?

相對於您最初的期望，您所獲得的回饋中最大的驚喜是什麼？

Yes.

是的。

So look, Mark, I think all products have really performed quite well.

所以，馬克，我認為所有產品都表現得非常好。

I think the third-generation Ryzen desktop, both in terms of the reviews -- third-party reviews as well as just the customer interest, what we see is obviously it's only been in market for 3 weeks, and so we watch the data points very carefully.

我認為第三代 Ryzen 桌上型電腦，無論是在評論方面——第三方評論還是客戶興趣，我們看到的顯然是它只上市了 3 週，所以我們觀察數據點非常仔細。

But across the globe, we're seeing sort of significant uptick in our share in the desktop market.

但在全球範圍內，我們在桌面市場的份額出現了顯著上升。

I think Navi has come out positioned very well.

我認為 Navi 的定位非常好。

We're very pleased with our RDNA architecture.

我們對 RDNA 架構非常滿意。

Navi is the first step, and we have a couple more steps going.

Navi 是第一步，我們還有幾個步驟要做。

And then we'll talk much more about EPYC next week.

下週我們將詳細討論 EPYC。

I think the key thing is the products have been on schedule and at or above the performance.

我認為關鍵是產品已按計劃交付並且達到或超過性能。

So our goal is of course to turn that into revenue growth in the second half of the year.

所以我們的目標當然是在下半年將其轉化為收入成長。

Yes, that's great color.

是的，那是很棒的顏色。

And a follow-up if I may, you mentioned the gen 5 game console wins at Microsoft and Sony.

如果可以的話，您提到第五代遊戲機贏得了微軟和索尼的青睞。

Can you give us a sense, when do these start to ramp?

您能否告訴我們，這些何時開始成長？

When they ramp, do you book the revenues as you build inventory as you did in the previous generation?

當它們增加時，您是否會像上一代一樣在建立庫存時記入收入？

And is there going to be -- should we think about anything differently on the gross margin profile?

我們是否應該對毛利率狀況進行不同的思考？

Is it going to be similar to what you've had in the past on these things?

它會與你過去在這些事情上的經驗相似嗎？

So just some color on the gen 5 game consoles.

所以只是第五代遊戲機上的一些顏色。

Sure.

當然。

So Mark, we're proud of the wins at Sony and Microsoft.

馬克，我們為索尼和微軟的勝利感到自豪。

Those are big wins for us and, as you know, over many years.

正如您所知，這些對我們來說是多年來的巨大勝利。

We can't comment on specific customers and their ramp profiles.

我們無法對特定客戶及其坡道概況發表評論。

The only thing I will say is, you can expect that in general, consumer ramps are second half weighted, especially weighted towards the holiday season.

我唯一要說的是，您可以預期，總體而言，消費者成長是下半年的重點，尤其是假期季節。

And you would expect that.

你會預料到這一點。

And then as it relates to the gross margin profiles, with our semi-custom business model, I think the margins will be under the corporate average.

然後，由於它與毛利率狀況相關，透過我們的半客製化業務模式，我認為利潤率將低於公司平均水平。

However, our business model is actually quite different.

然而，我們的商業模式實際上有很大不同。

If you look forward to our business model, the growth that we see across all of our other products, Ryzen, EPYC, Radeon is actually quite significant.

如果您期待我們的商業模式，我們在所有其他產品（Ryzen、EPYC、Radeon）中看到的成長實際上是相當顯著的。

And so the percentage of semi-custom as a percent of the overall business will be lower than, for example, in the last few years.

因此，半定制佔整體業務的百分比將低於過去幾年的水平。

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中心的史黛西·拉斯科（Stacy Rasgon）。

For my first one, I want to follow up on that second half gross margin question again.

對於我的第一個問題，我想再次跟進下半年的毛利率問題。

I want to put some numbers behind it.

我想在它後面放一些數字。

So you're guiding 43% for Q3.

因此，您對第三季的指導為 43%。

Your implied guidance for Q4 is 43% and maybe a little under.

您對第四季的隱含指引是 43%，可能略低一些。

It's only up about 150 bps year-over-year and flat sequentially, but you're guiding Q4 revenues of over 50% year-over-year.

年比僅成長約 150 個基點，與上一季持平，但您預計第四季營收將年增超過 50%。

And consoles have to be falling like 40% to 50% sequentially, so the mix has to be massively switching over to the new products that, in aggregate, have gross over 50%.

遊戲機的銷售量必須持續下降 40% 到 50%，因此必須大規模轉向新產品，而新產品的總銷售量將超過 50%。

Why are gross margins only being guided up like 160 bps year-over-year in Q4 given that kind of a revenue trajectory?

鑑於這種營收軌跡，為什麼第四季毛利率僅年增 160 個基點？

And why is it only flat sequentially even with revenues growing over 20% quarter-on-quarter into Q4?

為什麼第四季營收季增超過 20%，但仍與上一季持平？

I don't understand.

我不明白。

Yes.

是的。

Stacy, let me start, and then maybe Devinder can add to it.

Stacy，讓我開始，然後 Devinder 可以補充一下。

So we guide approximately to full margin points.

因此，我們大約指導到全額保證金點。

What you should expect as we go from Q3 to Q4 is that the product mix will get better, so we will expect more new products.

從第三季度到第四季度，您應該期待的是產品組合會變得更好，因此我們將期待更多新產品。

And from the standpoint of semi-custom, semi-custom will be down sequentially Q3 to Q4.

而從半定制的角度來看，半定制將依序下降到Q3到Q4。

And so you should expect that we are not implying that the margin will be down in Q4, and we'll get to the Q4 guide as we get through the next 90 days.

因此，您應該預料到，我們並不是暗示第四季度的利潤率將會下降，並且我們將在接下來的 90 天後發布第四季度的指南。

Okay.

好的。

For my follow-up, the $100 million from Samsung, did your 20% year-over-year growth excluding the semi-custom include that $100 million that wasn't in the prior guidance?

對於我的後續行動，來自三星的 1 億美元，不包括半客製化的 20% 的同比增長是否包括先前指導中未包含的 1 億美元？

And what is the impact on the gross margins of that Samsung revenue as well?

這對三星營收的毛利率有何影響？

Yes.

是的。

So the Samsung additional revenue is included as part of the 20% year-on-year, and it offset some weakness that we have in China due to the entities list.

因此，三星的額外收入被計入了同比 20% 的一部分，它抵消了我們在中國由於實體清單而出現的一些弱點。

As to the gross margin profile for that, you can expect that to be somewhat above corporate average.

至於毛利率狀況，您可以預期它會略高於公司平均值。

So somewhat over low-40s?

那麼有點超過 40 歲了？

Somewhat above corporate average.

略高於企業平均。

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

我們的下一個問題來自富國銀行的 Aaron Rakers。

I have one question and a follow-up as well.

我有一個問題和一個後續問題。

Just building on that last kind of question, I think the last couple of quarters, you've talked about your semi-custom business being down somewhere in the 20% plus range.

基於最後一類問題，我認為在過去的幾個季度中，您談到了您的半客製化業務下降了 20% 以上的範圍。

It looks like by my math, your assumption now is that, that business declines maybe as much as 40-plus percent.

根據我的計算，您現在的假設是，業務下降可能高達 40% 以上。

And so when you parse through that, you kind of factor in the Samsung relationship and the incremental $100 million revenue, has your estimate at all changed ex those items?

因此，當您仔細分析這一點時，您會考慮到與三星的關係以及增量 1 億美元的收入，除了這些項目之外，您的估計是否發生了變化？

Meaning, revenue ex the semi-custom decline and then also ex the $100 million Samsung?

意思是，收入扣除半定制的下降，然後還扣除 1 億美元的三星？

Yes.

是的。

So let me try to help you, Aaron, with that math.

所以讓我試著幫助你，亞倫，做數學題。

So look, originally, when we started the year, we thought semi-custom would be down, let's call it, approximately 20%.

所以看，最初，當我們年初的時候，我們認為半定制會下降，我們稱之為，大約 20%。

In the first half of the year it was down more than that.

今年上半年的跌幅更大。

And based on what we see today, we would expect the full year now to be down, let's call it, mid-30s year-on-year.

根據我們今天看到的情況，我們預計今年全年同比下降，我們可以稱之為 30 多歲左右。

If you talk about now the rest of the business, I think the rest of the business is close to where we thought it would be, close plus or minus a couple percent.

如果你現在談論業務的其餘部分，我認為業務的其餘部分接近我們預期的水平，接近正負幾個百分點。

And if you think about all of the moving pieces, we do have some customers that were not shipping to -- in China.

如果你考慮一下所有的變化，我們確實有一些客戶沒有發貨到中國。

That is offset by the Samsung upside and with the new products and how they're coming in.

這被三星的優勢以及新產品及其進入方式所抵消。

So I think we are pretty close plus or minus to where we thought we would be ex those factors.

因此，我認為我們非常接近我們認為排除這些因素後的結果。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then just looking at your product segmentation, I'm curious as how you think about the trajectory of the data center GPU business going forward.

然後看看你們的產品細分，我很好奇你們如何看待資料中心 GPU 業務的未來發展軌跡。

Obviously, I can appreciate that could be lumpy, but I'm just trying to understand how you see that.

顯然，我可以理解這可能是不穩定的，但我只是想了解你如何看待這一點。

Is there a point in time when we can actually get some better visibility into that incremental growth driver or revenue stream going forward?

我們是否可以在某個時間點真正更了解未來的增量成長動力或收入流？

Yes.

是的。

I think that's a fair comment.

我認為這是一個公平的評論。

It is a little bit lumpy because of its size and it's fairly concentrated in a couple of customers.

由於它的大小，它有點凹凸不平，而且相當集中在幾個顧客身上。

I will say that we're going to see very nice year-over-year growth this year, and we see good customer momentum across both cloud as well as HPC.

我想說，今年我們將看到非常好的同比成長，我們看到雲端和 HPC 領域的客戶勢頭良好。

On the cloud side, it is both, let's call it cloud streaming/gaming as well as machine learning.

在雲端方面，它既是雲端串流媒體/遊戲，也是機器學習。

And on the HPC side, the Frontier win is a public win, but we have a number of others that we're working as well.

在 HPC 方面，Frontier 的勝利是公眾的勝利，但我們也正在努力解決其他一些問題。

So I think we give more color as we go forward, but it continues to be a business that we feel will be a good growth driver over the next few years.

因此，我認為我們在前進的過程中會給予更多的色彩，但我們認為它仍然是一項在未來幾年將成為良好成長動力的業務。

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

今天我們的下一個問題來自 Instinet 的 David Wong。

One small clarification and then a second question.

一個小小的澄清，然後是第二個問題。

The clarification, the Samsung $100 million, does that come in under income statement to the revenue or is it on another line, a special item or something?

澄清一下，三星的 1 億美元，是在收入損益表中，還是在另一行、特殊項目或其他項目中？

It's revenue.

是收入。

So it's revenue, and then offset by some specific development costs and also in COGS.

所以它是收入，然後被一些特定的開發成本和銷貨成本所抵消。

And like Lisa said earlier, the margin, when you take the revenue and the COGS offset, is somewhat above corporate average.

正如麗莎之前所說，當你扣除收入和銷貨成本後，利潤率略高於公司平均值。

Okay.

好的。

Excellent.

出色的。

And can you give us any numbers in terms of for the June quarter, your sequential unit growth in desktop and notebook processing units and the sales growth PC GPUs?

您能否給我們提供有關 6 月份季度的任何數位、桌上型電腦和筆記型電腦處理單元的連續單位成長以及 PC GPU 的銷售成長？

Let's see, David.

讓我們看看，大衛。

So in the -- your questions is about the second quarter?

那麼，您的問題是關於第二季的？

That's correct.

這是正確的。

Yes.

是的。

Yes.

是的。

So the second quarter we saw a sequentially mobile units up, and we saw desktop units down.

因此，第二季度我們看到行動裝置數量連續上升，而桌上型設備數量則下降。

And the desktop units down is somewhat due to the seasonality in the second quarter as well as the fact that we were going through a product transition as we were preparing for the third-generation launch, which happened at the very end of the quarter.

桌上型電腦數量的下降在一定程度上是由於第二季度的季節性因素，以及我們在為第三代發布做準備時正在進行的產品轉型（該產品發生在本季度末）。

In terms of graphics, we were up double digits sequentially, and that's both units and revenue statement as it relates to -- and that was driven primarily by the graphics channel.

在圖形方面，我們連續成長了兩位數，這既涉及單位數量，也涉及收入報表——這主要是由圖形管道推動的。

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

今天我們的下一個問題來自摩根士丹利的喬摩爾。

So your full quarter -- your full year guidance, mid-single digit.

所以你的整個季度——你的全年指導，是中個位數。

If I sort of project 5%, you need to get to a $2.2 billion number for the December quarter.

如果我預期 5%，則 12 月所在季度的營收需要達到 22 億美元。

I guess how literally should I take that?

我想我該如何理解它？

Is there anything -- I understand there's a lot of product momentum.

有什麼嗎——我知道有很多產品動力。

That still seems like a big number.

這看起來仍然是一個很大的數字。

Is there anything we should understand in terms of seasonality or things that would kind of give you confidence in mid-single digit for the full year still?

在季節性方面，有什麼我們應該了解的，或者能讓您對全年中個位數成長充滿信心的事情嗎？

Yes, I think, Joe, our view is that we have significant amount of product launches to happen.

是的，我認為，喬，我們的觀點是我們有大量的產品發布要做。

So as we go through the third quarter and the fourth quarter, both on the PC side, the GPU side as well as on the server side.

當我們經歷第三季和第四季時，無論是在 PC 端、GPU 端還是伺服器端。

So, yes.

所以，是的。

It is significant growth, and I think we feel good about sort of the drivers there.

這是顯著的增長，我認為我們對那裡的一些驅動因素感覺良好。

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

今天我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Congratulations on these solid results.

祝賀取得這些紮實的成果。

I apologies if I missed this, Lisa.

如果我錯過了這個，我很抱歉，麗莎。

Just going back to the Samsung revenue.

回到三星的收入。

Is that $100 million all coming into the calendar fourth quarter?

這 1 億美元會全部進入日曆第四季嗎？

Or will there be some in the September quarter as well?

或者九月季度也會有一些嗎？

Yes, John.

是的，約翰。

So that $100 million -- approximately $100 million for the year.

因此，這 1 億美元——今年約為 1 億美元。

There was a little bit in Q2, and then the rest will be in Q3 and Q4.

第二季有一點，剩下的將在第三季和第四季進行。

Is there linearity you can talk about on that?

能談談線性嗎？

Or can we just kind of evenly split it between Q3 and Q4?

或者我們可以將其平均分配給第三季和第四季嗎？

I think that's close.

我認為這已經很接近了。

Okay.

好的。

And then just a similar question on bridging sort of the gap between your Q3 guide and your full year guide as it pertains to OpEx.

然後是一個類似的問題，涉及縮小第三季指南和全年指南之間與營運支出相關的差距。

If you look at kind of the full year guide you're given in OpEx, it could imply that OpEx dollars are actually flat to down sequentially in Q4 on pretty meaningful revenue growth, which is great leverage and understandable on the SG&A line.

如果你看一下營運支出中給出的全年指南，這可能意味著第四季度營運支出實際上持平甚至下降，收入成長相當有意義，這在銷售、管理和行政費用方面是很大的槓桿作用，也是可以理解的。

But I'm just kind of curious, how we should be thinking or how you're thinking about the R&D spend as you start to see revenue begin to accelerate again.

但我只是有點好奇，當你開始看到收入開始再次加速時，我們該如何思考，或者你如何思考研發支出。

Look, I think you should expect that OpEx should be flattish as we go through the rest of the year.

聽著，我認為你應該預料到，在今年剩下的時間裡，營運支出應該會持平。

And we have increased OpEx.

我們也增加了營運支出。

Obviously, the first half of the year was higher OpEx as a percentage of revenue.

顯然，上半年營運支出佔收入的比例更高。

We are investing in the right places, and I think the product execution shows up.

我們正在正確的地方進行投資，我認為產品執行力已經顯現出來。

We will evaluate obviously in 2020 as we look through the overall revenue growth picture and what we'll do with OpEx.

當我們審視整體收入成長以及我們將如何處理營運支出時，我們將在 2020 年進行明顯的評估。

But I think we've made the right investments and we'll continue to do so.

但我認為我們已經做出了正確的投資，我們將繼續這樣做。

And John, if you're looking at additional data since you are doing the math, we expect OpEx to be approximately 30% for 2019, if you take Q3 and Q4 into consideration.

John，如果您在計算時查看更多數據，那麼如果考慮到第三季度和第四季度，我們預計 2019 年的營運支出約為 30%。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Lisa, maybe this something you'll address next week in the Rome launch.

麗莎，也許您將在下週的羅馬發布會上討論這個問題。

But in aggregate, now that we're this much closer to the launch in the second half ramp, which you sound very confident on, a year ago you talked about the market share goals.

但總的來說，現在我們距離下半年的發布已經更近了，你聽起來對此非常有信心，一年前你談到了市場份額目標。

I think it was double-digit market share, 4 to 6 quarters after you hit the 5% market share.

我認為在達到 5% 的市場份額後 4 到 6 個季度，市場份額達到了兩位數。

Any sort of update on the timing and/or comfort around hitting that target?

關於達到該目標的時機和/或舒適度有什麼更新嗎？

Yes.

是的。

So I think, Ross, we feel good about that being the right target.

所以我認為，羅斯，我們對這就是正確的目標感到滿意。

I'm not ready to update that yet.

我還沒準備好更新。

I think we want to get through.

我想我們想要渡過難關。

There's a lot of platforms to launch here in the third quarter and in the fourth quarter.

第三季和第四季將推出許多平台。

We'd like to get through some of that.

我們希望解決其中的一些問題。

But we feel that the target is the right target.

但我們認為這個目標是正確的。

The product is certainly performing well.

該產品確實表現良好。

And now it's about helping our customers get their platforms to market as soon as possible.

現在的重點是幫助我們的客戶盡快將他們的平台推向市場。

Got it.

知道了。

A quick follow-up.

快速跟進。

It was part of a prior question that I don't think I heard the answer to.

這是之前問題的一部分，我認為我沒有聽到答案。

But is the accounting for the semi-custom ramp, whenever it may occur next year, the same in so far as when you build it, you recognize the revenue?

但是，無論明年何時發生，半定制坡道的會計處理是否與您建造它時確認收入相同？

So even if the customer tends to ramp in consumer in the half year, you guys obviously have to build and get the inventory stage, et cetera, much earlier than that, and therefore that would be revenue?

因此，即使客戶傾向於在半年內增加消費者，你們顯然也必須比這更早建立和獲得庫存階段等等，因此這將是收入？

Or did something change accounting-wise that that's no longer true?

還是會計方面發生了一些變化而不再如此？

Yes.

是的。

That was asked earlier, and I don't think I responded to it.

之前有人問過這個問題，我想我沒有回答。

The accounting is the same, so I don't think the accounting changes.

會計是相同的，所以我認為會計沒有變化。

The only difference, though, is we tend -- we would not ramp a product prior to qualification.

不過，唯一的區別是我們傾向於——我們不會在獲得資格之前就對產品進行升級。

So there are some -- when you're doing a brand-new product, there is a more involved qualification cycle.

因此，當您開發全新產品時，會有一個更複雜的資格認證週期。

And so I think there would be -- it would be more commensurate with the actual product shipments.

所以我認為，這將與實際產品出貨量更加相符。

So 2 things would happen more simultaneously, is what you're saying?

所以兩件事會同時發生，是你的意思嗎？

Correct.

正確的。

Our next question today is coming from Ambrish Srivastava from BMO Capital Markets.

今天我們的下一個問題來自 BMO 資本市場的 Ambrish Srivastava。

I also had a clarification, Lisa.

我也有一個澄清，麗莎。

I'm not sure I quite understood.

我不確定我是否完全理解了。

In the delta for revenues, you talked about semi-custom, and then you also said that China is having an impact.

在收入三角洲，您談到了半定制，然後您還說中國正在產生影響。

What specific product areas are those?

具體有哪些產品領域？

And is that -- THATIC is also part of that?

THATIC 也是其中的一部分嗎？

And then I have a follow-up for Devinder.

然後我還有 Devinder 的後續行動。

Yes.

是的。

So we did have a small impact due to China.

所以我們確實受到了中國的一些影響。

We have several customers that are now on the U.S. entities list, and we stopped shipping to those customers in the second quarter.

我們有幾個客戶現在在美國實體名單上，我們在第二季停止向這些客戶出貨。

And so it's a small impact, but there is impact that is offset by some of the positives in the rest of the business.

因此，這是一個很小的影響，但影響會被其他業務的一些正面因素所抵消。

So I'm assuming that's CPUs, desktop and/or server, both, right?

所以我假設這是 CPU、桌上型電腦和/或伺服器，兩者都是，對吧？

There is some PC business and there's some server business.

有一些PC業務，也有一些伺服器業務。

And then Devinder, my follow-up is on free cash flow.

然後 Devinder，我的後續行動是自由現金流。

The gap between free cash flow per share and earnings per share is massive.

每股自由現金流與每股盈餘之間的差距巨大。

If I look at the first 2 quarters, roughly $300 million, negative free cash flow, but you're guiding for positive -- for the full year.

如果我看一下前兩個季度，大約有 3 億美元的自由現金流為負，但你的指導是全年為正。

Can you put some numbers around that?

你能給出一些數字嗎？

Is that tens of millions?

那是幾千萬嗎？

Or what's the right way to think about that?

或思考這個問題的正確方法是什麼？

I think, so if you asked in Q3, we expect to be free cash flow positive and free cash flow positive for the year.

我認為，如果您在第三季詢問，我們預計今年自由現金流為正，自由現金流為正。

It won't be tens of millions from a year's standpoint.

從一年的角度來看，不會達到數千萬。

I think it's triple digit, but I'm not going to give you a specific number.

我認為是三位數，但我不會給你具體的數字。

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布萊恩‧柯蒂斯。

I'm just curious on the notebook market.

我只是對筆記本市場感到好奇。

Intel talked about some pull-ins, but also ensuring the market.

英特爾談到了一些拉動，但也保證了市場。

You're ramping products.

您正在增加產品。

Just wondering if you can parse those items out because notebook was pretty strong for you in June.

只是想知道您是否可以解析這些項目，因為筆記本在六月對您來說非常強大。

Just curious if that impacts any seasonality at the end of the year.

只是好奇這是否會影響年底的季節性。

Sure, Blayne.

當然，布萊恩。

From our standpoint, our notebook ramps were due to platform breadth.

從我們的角度來看，我們的筆記型電腦成長是由於平台的廣度。

We ramped a number of second-generation platforms as well as some new Chrome platforms.

我們升級了許多第二代平台以及一些新的 Chrome 平台。

I can't say that I can point to any particular pull-ins, per se.

我不能說我可以指出任何特定的拉入本身。

I think we're still expecting that we have -- we see a seasonal uplift in the second half of the year.

我認為我們仍然預計下半年會出現季節性成長。

And then maybe just a follow-on to that.

然後也許只是後續。

In your September guidance, if you look between the Computing and Graphics segment, I'm wondering, between the 3 segments, if you can just highlight which one you expect to be the strongest?

在您 9 月的指導中，如果您查看計算和圖形部分，我想知道，在這 3 個部分之間，您是否可以突出顯示您認為哪一個部分最強？

So, let's see.

那麼，讓我們看看。

I think what I would say is that, amongst the product lines and where they are in their ramp cycle, you would expect perhaps PCs to be the strongest and then graphics and server next.

我想我想說的是，在產品線及其處於升級週期的位置中，您可能會期望個人電腦是最強的，然後是圖形和伺服器。

Our final question today is coming from Timothy Arcuri from UBS.

我們今天的最後一個問題來自瑞銀集團的提摩西‧阿庫裡。

Lisa, so for my first question, I just wanted to ask how you think about semi-custom sort of over the longer term?

麗莎，對於我的第一個問題，我只是想問您從長遠來看如何看待半客製化？

And talk maybe about cloud gaming and sort of how you think about its long-term effect on you.

也許可以談談雲端遊戲以及您如何看待它對您的長期影響。

Because on one hand you've done quite well with some of these big launches coming up, but you're also exposed to some potential cannibalization on the semi-custom side.

因為一方面，您在即將推出的一些大型產品中做得很好，但您也面臨著半定制方面的一些潛在的蠶食。

So I'm wondering how you think about those 2 factors?

所以我想知道您如何看待這兩個因素？

Yes, so look, I think we like sort of gaming overall.

是的，所以看，我認為我們總體上喜歡某種遊戲。

So if you think about gaming overall, there's PC gaming, there's cloud gaming and then there's console gaming.

因此，如果你從整體上考慮遊戲，你會發現有電腦遊戲、雲端遊戲和主機遊戲。

We believe a rich ecosystem is important.

我們相信豐富的生態系統很重要。

We want to have our Radeon graphics architecture across all those 3 segments.

我們希望 Radeon 圖形架構能夠跨越這 3 個領域。

I've been asked about the cannibalization question, I think it's too early to talk about that.

有人問我有關蠶食的問題，我認為現在談論這件事還為時過早。

Maybe in a few years.

也許幾年後。

I mean we think cloud gaming is going to be important, but it's too early to say whether it's really a cannibalization thing, or is it an additive, getting access to more users overall.

我的意思是，我們認為雲端遊戲將會很重要，但現在說它是否真的是一種蠶食，還是一種添加劑，可以吸引更多用戶，還為時過早。

So our goal is to make sure that our architecture is very friendly to all segments of gaming.

所以我們的目標是確保我們的架構對遊戲的所有部分都非常友善。

Great.

偉大的。

And then I just wanted to go back to the question that Ross just asked about, the server share target.

然後我只想回到羅斯剛才問的問題，伺服器共享目標。

So it's not that you're not reiterating that target here.

因此，這並不是說您沒有在這裡重申該目標。

It's more that you're going to update us on the target when you launch Rome.

更重要的是，當您啟動羅馬時，您將向我們通報目標的最新情況。

Is that the right way to think about it?

這是正確的思考方式嗎？

No.

不。

Let me say it this way.

我這樣說吧。

I think we do stand by the target, so the target being double-digit, sort of 4 to 6 quarters after the initial 5%.

我認為我們確實堅持這個目標，所以目標是兩位數，大約是在最初的 5% 之後的 4 到 6 個季度。

I think we feel good about that target.

我認為我們對這個目標感覺良好。

I'm not being more specific than that until we get through more of the ramp.

在我們通過更多的坡道之前，我不會說得更具體。

Thank you.

謝謝。

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

我們的問答環節已經結束，我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

We're good.

我們很好。

That was a good call.

這是一個很好的決定。

Thank you, everyone, for joining us for AMD's second quarter call today.

感謝大家今天參加我們的 AMD 第二季電話會議。

We look forward to speaking with you from San Francisco on August the 7th, and we appreciate your support of our company.

我們期待 8 月 7 日在舊金山與您交談，並感謝您對我們公司的支持。

Thank you.

謝謝。

Thank you.

謝謝。

That does conclude today's teleconference.

今天的電話會議到此結束。

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

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。