超微半導體 (AMD) 2019 Q3 法說會逐字稿

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

您好，歡迎參加 AMD 2019 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's 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 Third Quarter 2019 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings release and slides. If you have not reviewed these items, they can be found on the Investor Relations page of AMD's website, amd.com.

謝謝，歡迎參加 AMD 2019 年第三季財務業績電話會議。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項目，可以在 AMD 網站 amd.com 的投資者關係頁面上找到。

Participants on today's conference call are Dr. Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President, Chief Financial Officer and Treasurer. This is a live call and will be replayed via webcast on our website.

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. On Wednesday, November 6, Mark Papermaster, Executive Vice President and Chief Technology Officer, will present at that Bernstein Technology Summit in New York City. On Monday, December 9, Ruth Cotter, Senior Vice President of Worldwide Marketing, Human Resources and Investor Relations, will present at the UBS Global Technology Conference, also in New York City. On Thursday, December 12, Forrest Norrod, Senior Vice President and General Manager of the Data Center and Embedded Solutions group will present at the Barclays Technology Conference in San Francisco. And our Fourth Quarter 2019 quiet time is expected to begin at the close of business on Friday, December 13.

我想向你們強調一些重要的日期。11 月 6 日星期三，執行副總裁兼首席技術長 Mark Papermaster 將出席在紐約舉行的伯恩斯坦技術高峰會。12 月 9 日星期一，全球行銷、人力資源和投資者關係資深副總裁 Ruth Cotter 將出席同樣在紐約舉行的瑞銀全球技術大會。12 月 12 日星期四，資料中心和嵌入式解決方案集團高級副總裁兼總經理 Forrest Norrod 將在舊金山舉行的巴克萊技術大會上發表演講。我們的 2019 年第四季靜默期預計將於 12 月 13 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 metrics during this call, except for revenue and segment operational results, which are on a GAAP basis. The non-GAAP financial measures referenced today are reconciled on their most -- to their most directly comparable GAAP financial measure in today's press release, which is posted on our website. Please refer to the cautionary statement in our press release for more information. You will also find detailed discussions about our risk factors in our filings with the SEC and in particular, AMD's quarterly report on Form 10-Q for the quarter ended June 30, 2019.

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，但收入和分部營運結果除外，因為它們是基於 GAAP 的。今天引用的非 GAAP 財務指標與今天的新聞稿中最直接可比較的 GAAP 財務指標進行了協調，該新聞稿已發佈在我們網站上。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 2019 年 6 月 30 日的 10-Q 表季度報告。

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

現在，我將把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. I am pleased with our strong third quarter execution and results. We delivered our highest quarterly revenue since 2005, our highest quarterly gross margin since 2012 and increased net income significantly, all driven by our first full quarter of 7-nanometer Ryzen, Radeon and EPYC processor sales. Third quarter revenue of $1.8 billion increased 9% year-over-year and 18% sequentially, and we expanded gross margin by 3 percentage points year-over-year.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。我對我們第三季的強勁執行和業績感到滿意。我們實現了自 2005 年以來最高的季度收入、自 2012 年以來最高的季度毛利率，並且淨收入大幅增加，這一切都得益於我們第一季 7 奈米 Ryzen、Radeon 和 EPYC 處理器的銷售。第三季營收為 18 億美元，年增 9%，季增 18%，毛利率年增 3 個百分點。

Turning to our Computing and Graphics segment. Revenue increased 36% year-over-year and sequentially. Demand for Ryzen desktop and notebook processors drove a significant increase in unit shipments and ASP, resulting in our highest client processor quarterly revenue since 2011. We saw particularly strong demand for our top-end Ryzen processors, and believe we gained client processor unit share for the eighth straight quarter. In desktops, we are seeing strong demand for our Ryzen 3000 and previous generation Ryzen 2000 processors. Both product families are consistently among the top sellers at leading e-tailers and retailers globally. In commercial, HP and Lenovo announced new desktop PCs powered by our Ryzen PRO 3000 series processors in the third quarter. We are continuing to expand our presence in the commercial market as more financial, retail, education and health care customers purchase AMD-based PCs and Chromebooks to power their businesses. We are on track to expand our desktop product offerings in November with the launches of the industry's first 16-core mainstream desktop processor as well as our third-generation Ryzen Threadripper processor family. These products will offer unmatched combinations of core counts, performance and energy efficiency for the most demanding high-end desktop and content creation applications.

轉向我們的計算和圖形部分。營收年增36%。Ryzen 桌上型電腦和筆記型電腦處理器的需求推動了單位出貨量和平均售價的大幅成長，使我們的客戶處理器季度收入創下 2011 年以來的最高水準。我們發現高階 Ryzen 處理器的需求特別強勁，並且相信我們連續第八個季度獲得了客戶端處理器單位份額的成長。在桌上型電腦領域，我們看到對 Ryzen 3000 和上一代 Ryzen 2000 處理器的強勁需求。這兩個產品系列一直是全球領先電子零售商和零售商的暢銷產品。在商業領域，惠普和聯想在第三季宣布推出搭載我們的 Ryzen PRO 3000 系列處理器的新型桌上型電腦。隨著越來越多的金融、零售、教育和醫療保健客戶購買基於 AMD 的 PC 和 Chromebook 來支持他們的業務，我們正在繼續擴大在商業市場的影響力。我們將在 11 月推出業界首款 16 核心主流桌上型電腦處理器以及第三代 Ryzen Threadripper 處理器系列，從而擴大我們的桌上型電腦產品範圍。這些產品將為要求最苛刻的高階桌面和內容創作應用程式提供無與倫比的核心數、效能和能源效率組合。

In mobile, we had another quarter of strong double-digit percentage notebook processor revenue growth driven by our virtual product mix and increased unit shipments. The number of AMD-powered laptops from major OEMs has increased by 50% this year, including multiple premium notebooks like the first ever AMD-powered Microsoft Surface laptop. We collaborated closely with Microsoft over several years to develop the AMD-exclusive 15-inch consumer Surface laptop 3, which includes a custom Ryzen Microsoft Surface edition processor and multiple operating system and software optimizations that will benefit all AMD-powered Windows systems. We are very pleased with our momentum in the client business this year and expect client processor revenue to grow sequentially in the fourth quarter as we head into the seasonally strong holiday season.

在行動領域，由於我們的虛擬產品組合和單位出貨量的增加，我們的筆記型電腦處理器收入又一個季度實現了強勁的兩位數百分比成長。今年，主要 OEM 廠商推出的搭載 AMD 晶片的筆記型電腦數量增加了 50%，其中包括多款高階筆記型電腦，例如首款搭載 AMD 晶片的 Microsoft Surface 筆記型電腦。我們與微軟密切合作多年，開發了 AMD 獨有的 15 吋消費級 Surface 筆記型電腦 3，其中包括定制的 Ryzen Microsoft Surface 版處理器以及多種作業系統和軟體優化，所有採用 AMD 技術的 Windows 系統都將從中受益。我們對今年客戶業務的發展勢頭感到非常滿意，並預計隨著我們進入旺季，客戶處理器收入將在第四季度環比增長。

In graphics, revenue increased year-over-year driven largely by higher channel GPU sales. Shipments of our Radeon 5000 GPU family, featuring our RDNA architecture, increased sequentially and we are seeing solid demand for the new products based on their competitive performance and features. For mainstream gamers, we began shipping the Radeon RX 5500 GPU in the third quarter. Acer, HP, Lenovo and MSI announced plans to offer the new GPU in their upcoming PCs and multiple AIB partners plan to launch RX 5500 cards during the fourth quarter.

在圖形方面，營收年增，主要得益於通路 GPU 銷售額的增加。採用我們的 RDNA 架構的 Radeon 5000 GPU 系列的出貨量連續成長，並且由於其具有競爭力的效能和功能，我們看到對新產品的強勁需求。對於主流遊戲玩家，我們在第三季開始販售 Radeon RX 5500 GPU。宏碁、惠普、聯想和微星宣布計劃在即將推出的個人電腦中提供新的 GPU，多個 AIB 合作夥伴計劃在第四季度推出 RX 5500 卡。

Data center GPU sales were down sequentially and roughly flat year-over-year. We added multiple cloud and HPC wins in the quarter, highlighted by Microsoft's announcement of a new remote desktop offering for graphics-intensive workloads powered by EPYC CPUs and Radeon Instinct GPUs. We are making good progress growing this margin accretive part of our business as we continue expanding our footprint with marquee customers and targeted data center workloads.

資料中心 GPU 銷量較上月下降，年比基本持平。本季度，我們在雲端運算和 HPC 領域取得了多項勝利，其中最突出的是微軟宣布推出一款由 EPYC CPU 和 Radeon Instinct GPU 驅動的針對圖形密集型工作負載的新型遠端桌面產品。隨著我們繼續擴大在知名客戶和目標資料中心工作負載方面的業務覆蓋範圍，我們在增加這項利潤成長部分的業務方面取得了良好的進展。

Turning to our Enterprise, Embedded and Semi-Custom segment. Revenue decreased 27% from a year ago, as significantly higher server processor revenue was offset by lower semi-custom sales. We expect semi-custom demand to further soften in the fourth quarter now that both Microsoft and Sony have announced new AMD-powered consoles for holiday 2020.

轉向我們的企業、嵌入式和半客製化領域。營收較去年同期下降了 27%，因為伺服器處理器收入的大幅成長被半客製化銷售額的下降所抵消。由於微軟和索尼都宣布將於 2020 年假期推出搭載 AMD 處理器的新遊戲機，我們預期第四季半客製化需求將進一步疲軟。

In server, we had our highest quarterly CPU revenue since 2006 as strong second-generation EPYC processor demand drove a greater than 50% sequential increase in unit shipments and revenue. Second-gen EPYC processors are the highest performance server CPUs in the industry and have set more than 100 world records. Our newest EPYC processors feature up to 64 cores and deliver a 25% to 50% TCO advantage versus competitive offerings. As a result of our clear performance leadership and differentiated feature set, we are building momentum with cloud, enterprise and HPC customers.

在伺服器方面，我們實現了自 2006 年以來最高的季度 CPU 收入，因為強勁的第二代 EPYC 處理器需求推動了單位出貨量和收入的連續成長超過 50%。第二代EPYC處理器是業界效能最高的伺服器CPU，創下了100多項世界紀錄。我們最新的 EPYC 處理器配備多達 64 個內核，與競爭產品相比，TCO 優勢為 25% 至 50%。由於我們明顯的效能領先地位和差異化的功能集，我們正在與雲端、企業和 HPC 客戶建立良好的合作關係。

In cloud, Amazon AWS, IBM Cloud, Microsoft Azure, OVHcloud, Twitter and Tencent all announced plans to deploy EPYC processors in their data centers. At our launch event, Google became the latest mega data center provider to adopt EPYC processors as they announced second-generation EPYC processors have been deployed across their internal infrastructure production data center environment and will also be used to power the Google Cloud platform.

在雲端，亞馬遜AWS、IBM Cloud、微軟Azure、OVHcloud、Twitter和騰訊都宣布計畫在其資料中心部署EPYC處理器。在我們的發布會上，Google成為最新採用 EPYC 處理器的大型資料中心供應商，他們宣布第二代 EPYC 處理器已部署在其內部基礎設施生產資料中心環境中，並且也將用於為Google雲端平台提供支援。

In enterprise, Dell, HPE and Lenovo more than doubled their AMD-powered server portfolio as they launched new platforms featuring second-gen EPYC processors, helping us add dozens of new telecom, healthcare, financial services, manufacturing and energy customers in the quarter. We also secured multiple new HPC wins in the quarter, including 3 separate U.S. Department of Defense supercomputers and what is expected to be the fastest scientific computer in the U.K. We expect server revenue to grow sequentially by a strong double-digit percentage in the fourth quarter as we continue ramping our second-generation EPYC processors. We remain on track to achieve our near-term goal of double-digit server CPU share by mid-next year.

在企業領域，戴爾、HPE 和聯想推出了採用第二代 EPYC 處理器的新平台，其基於 AMD 的伺服器產品組合增加了一倍以上，幫助我們在本季度增加了數十家新的電信、醫療保健、金融服務、製造和能源客戶。我們還在本季度獲得了多項新的 HPC 勝利，包括 3 台獨立的美國國防部超級電腦和預計將成為英國最快的科學電腦。隨著我們繼續推進第二代 EPYC 處理器，我們預計伺服器營收將在第四季環比成長兩位數。我們仍有望在明年年中實現伺服器 CPU 份額達到兩位數的近期目標。

In summary, we are right where we want to be on our long-term strategic plan. We have the strongest product portfolio in our history. We executed our product launches and production ramps very well in the third quarter as our new products grow higher revenue, margin expansion and increase profitability. We're on track to exit 2019 with another quarter of significant growth driven by the ramp of our 7-nanometer products and believe we are well positioned to build our momentum in 2020 and beyond as we deliver an even stronger set of leadership products that can drive sustained growth and increase share of the $75 billion market for high-performance Computing and Graphics technologies.

總而言之，我們的長期策略規劃正處於我們想要實現的階段。我們擁有史上最強大的產品組合。由於我們的新產品帶來了更高的收入、更高的利潤率和更高的獲利能力，我們在第三季很好地完成了產品發布和產量提升。我們預計在 2019 年結束時再創佳績，在 7 奈米產品升級的推動下實現另一個季度的顯著增長，並相信我們已做好準備，在 2020 年及以後繼續保持強勁勢頭，因為我們將提供更強大的領先產品，推動持續增長並增加 750 億美元高性能計算和圖形技術市場的高性能份額。

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

現在我想將電話轉給 Devinder，讓他為我們第三季的財務表現提供一些額外的資訊。

Thank you, Lisa, and good afternoon, everyone. We are pleased with our strong third quarter financial results with revenue of $1.8 billion, up 18% quarter-over-quarter and our highest quarterly revenue since the fourth quarter of 2005. The third quarter showcases our financial momentum and the strength of our business model with operating income and net income growing significantly year-over-year. Quarterly revenue was up 9% from a year ago as strong sales of Ryzen and EPYC processors and Radeon gaming GPUs more than offset lower semi-custom sales. Gross margin of 43% was up 320 basis points from a year ago, our tenth consecutive quarter of year-over-year expansion. Operating expenses grew 13% year-over-year to $539 million primarily driven by increased R&D investments and support for our new product introductions. Operating income was $240 million, up $54 million or 29% from a year ago due to increased revenue from new higher margin products. Operating margin was 13%, up 210 basis points from a year ago. Net income was $219 million, up $69 million or 46% from a year ago. And diluted earnings per share was $0.18 per share compared to $0.13 per share a year ago.

謝謝你，麗莎，大家午安。我們對第三季強勁的財務業績感到滿意，營收為 18 億美元，環比成長 18%，創下自 2005 年第四季以來的最高季度營收。第三季展現了我們的財務動能和商業模式的實力，營業收入和淨收入較去年同期大幅成長。由於 Ryzen 和 EPYC 處理器以及 Radeon 遊戲 GPU 的強勁銷售抵消了半客製化銷售的下降，季度營收比去年同期成長了 9%。毛利率為 43%，較去年同期成長 320 個基點，這是我們連續第十個季度實現年成長。營運費用年增 13% 至 5.39 億美元，主要原因是增加研發投資和對新產品推出的支援。營業收入為 2.4 億美元，比去年同期增加 5,400 萬美元，增幅為 29%，這得益於利潤率更高的新產品帶來的收入成長。營業利益率為13%，較去年同期成長210個基點。淨收入為 2.19 億美元，比去年同期增加 6,900 萬美元，增幅為 46%。每股攤薄收益為 0.18 美元，去年同期為 0.13 美元。

Now turning to the business segment results. Computing and Graphics segment revenue was $1.28 billion, up 36% year-over-year driven by strong client processor and gaming GPU sales. Computing and Graphics segment operating income was $179 million compared to $100 million a year ago driven by higher Ryzen processor sales. Enterprise, Embedded and Semi-custom segment revenue was $525 million, down from $715 million the prior year. As anticipated, semi-custom revenue was lower in the third quarter as the market awaits next-generation AMD-powered game consoles from Sony and Microsoft. EPYC data center CPU revenue grew by over 50% sequentially driven by shipments of our second-generation product in the quarter. EESC segment operating income was $61 million compared to $86 million a year ago due to lower revenue and higher operating expenses.

現在來談談業務部門的業績。運算和圖形部門營收為 12.8 億美元，年增 36%，這得益於強勁的客戶端處理器和遊戲 GPU 銷售。計算和圖形部門的營業收入為 1.79 億美元，而去年同期為 1 億美元，這得益於 Ryzen 處理器銷量的成長。企業、嵌入式和半客製化部門營收為 5.25 億美元，低於上年的 7.15 億美元。正如預期的那樣，由於市場等待索尼和微軟推出的下一代 AMD 遊戲機，第三季半客製化收入有所下降。受本季第二代產品出貨量的推動，EPYC 資料中心 CPU 營收季增超過 50%。由於收入下降和營運費用增加，EESC 部門的營運收入為 6,100 萬美元，而去年同期為 8,600 萬美元。

Turning to the balance sheet. I'm very pleased with the continuing improvement of our balance sheet. Cash, cash equivalents and marketable securities totaled $1.2 billion at the end of the quarter, higher than the gross debt of $1.1 billion resulting in AMD being net cash positive. During the quarter, we retired $206 million of debt, which resulted in a loss of $40 million recorded on our GAAP income statement. The reduction in debt included $126 million of convertible senior notes in exchange for 16 million shares. Year-to-date, we have reduced gross debt by $441 million. Free cash flow was positive $179 million in the third quarter and cash flow from operations was $234 million. Inventory was $1 billion, up slightly from the prior quarter in anticipation of higher revenue in the fourth quarter. Adjusted EBITDA was $300 million compared to $227 million a year ago driven by higher quarterly earnings. On a trailing 12-month basis, adjusted EBITDA was $745 million and gross leverage at the end of the quarter was 1.5x.

轉向資產負債表。我對我們的資產負債表的持續改善感到非常高興。截至本季末，現金、現金等價物和有價證券總額為 12 億美元，高於 11 億美元的總債務，導致 AMD 淨現金為正。在本季度，我們償還了 2.06 億美元的債務，導致我們的 GAAP 損益表記錄了 4,000 萬美元的損失。債務減少包括以 1.26 億美元可轉換優先票據換取 1,600 萬股股票。今年迄今為止，我們已減少了 4.41 億美元的總債務。第三季自由現金流為正 1.79 億美元，營運現金流為 2.34 億美元。庫存為 10 億美元，較上一季略有增加，因為預計第四季度收入將增加。調整後的 EBITDA 為 3 億美元，而去年同期為 2.27 億美元，這得益於季度收益的增加。在過去 12 個月中，調整後的 EBITDA 為 7.45 億美元，季末的總槓桿率為 1.5 倍。

Now turning to the outlook for the fourth quarter of 2019. We expect revenue to be approximately $2.1 billion plus or minus $50 million, an increase of approximately 48% year-over-year and 17% sequentially. The sequential and year-over-year increases are expected to be driven by growth in Ryzen, EPYC and Radeon processor sales offset by a further softening of semi-custom processor revenue. In addition, for Q4 2019, we expect non-GAAP gross margin to be approximately 44%; non-GAAP operating expenses to be approximately $535 million; non-GAAP interest expense, taxes and other to be approximately $22 million; and fourth quarter diluted share count is expected to be approximately 1.21 billion shares.

現在來談談2019年第四季的展望。我們預計營收約 21 億美元（上下浮動 5,000 萬美元），年增約 48%，較上季成長 17%。預計連續和同比增長將受到 Ryzen、EPYC 和 Radeon 處理器銷售成長的推動，但半客製化處理器營收的進一步疲軟將抵消這一影響。此外，對於2019年第四季度，我們預期非GAAP毛利率約為44%；非公認會計準則營運費用約為 5.35 億美元；非公認會計準則利息支出、稅金及其他約為 2,200 萬美元；第四季稀釋股數預計約為12.1億股。

In closing, we had an excellent third quarter and remain focused on ramping our leadership portfolio of high-performance products to deliver strong revenue growth and gross margin expansion in the fourth quarter.

最後，我們度過了一個出色的第三季度，並繼續專注於提升我們的高效能產品領導組合，以在第四季度實現強勁的收入成長和毛利率擴張。

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 to go ahead and poll for our first question, please.

謝謝你，Devinder。接線員，我們已準備好繼續調查我們的第一個問題。

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

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

First one for Lisa. You had mention the total cost of ownership in your prepared comments, and I wonder -- I guess, I could imagine that the total cost of ownership over a lifetime of a 7-nanometer server chip might be greater than the price of a server chip when compared to a 14-nanometer server chip. And so I'm wondering if you could maybe just clarify the comments you made on total cost of ownership and quantify, if that is the case, how you see it. And how many -- what percentage of your data center customers actually look at total cost of ownership in evaluating the products? Is it -- does everybody do that? Or do some just look at the price? And I'm wondering, like, what do you think that has -- impact that might have on the competitive pricing environment? That's the first question.

第一個是給麗莎的。您在準備好的評論中提到了總擁有成本，我想知道——我想，我可以想像，與 14 奈米伺服器晶片相比，7 奈米伺服器晶片的整個生命週期內的總擁有成本可能高於伺服器晶片的價格。所以我想知道您是否可以澄清一下您對總擁有成本的評論，並量化，如果是的話，您是如何看待它的。有多少—有多少百分比的資料中心客戶在評估產品時真正考慮了總擁有成本？是嗎──每個人都這麼做嗎？還是有些人只看價格？我想知道，您認為這會對競爭定價環境產生什麼影響？這是第一個問題。

Sure. Thanks for the question, Mark. So -- I mean maybe let me give some context on sort of the data center business for us, and then I'll answer your question. Look, I think from what we see, there is a very strong value proposition for Rome. When you look at just what we're able to do from just the amount of performance, the power consumption and then how that plays into total cost of ownership. We see it across all workloads, so whether you're talking about a virtualized environment or you're talking about high-performance computing or you're talking about the Enterprise sort of workloads, we see a strong performance as well as strong total cost of ownership. To your exact question, I think, server purchases -- or server purchasers are very, I would say, sophisticated. And so in most cases, total cost of ownership is definitely in the conversation. And it's not just about performance but performance at a given power level and also in terms of a given density. And that has played out in a number of our customer engagements. And so the overall point of -- we think that Rome is very well positioned. Price in and of itself is one factor, but I would say it's not the primary factor. I think the performance, power, total cost of ownership are all important buying factors, and we've seen very, very strong engagement from customers across-the-board, across all workloads for these drivers.

當然。謝謝你的提問，馬克。所以——我的意思是，也許讓我先介紹一下我們的資料中心業務的背景，然後我再回答你的問題。看，我認為從我們所看到的情況來看，羅馬的價值主張非常強大。當您從性能、功耗以及這對總體擁有成本的影響等方面來觀察我們能夠做什麼。我們在所有工作負載中都看到了這一點，因此無論您談論的是虛擬化環境、高效能運算還是企業級工作負載，我們都看到了強勁的效能以及強勁的整體擁有成本。針對您的確切問題，我認為，伺服器購買——或者說伺服器購買者是非常老練的。因此，在大多數情況下，總擁有成本肯定是討論的重點。這不僅關乎性能，還關乎給定功率等級和給定密度下的性能。這在我們與許多客戶的合作中都得到了體現。因此總體而言，我們認為羅馬的定位非常有利。價格本身是一個因素，但我認為它不是主要因素。我認為效能、功率、總擁有成本都是重要的購買因素，而且我們已經看到客戶在所有工作負載中對這些驅動程式的參與度非常高。

And a follow-up, if I may, on the -- when you think about your share gain -- your potential to gain share as you look into 2020, can you talk about what you view as the biggest potential gating factors in that and like how you're managing those potential factors? And I'm hoping you can talk to your view on availability of 7-nanometer wafers or -- and engineering support for your customers who are trying to put together solutions.

如果可以的話，我想問一下後續問題——當您考慮您的份額成長時——當您展望 2020 年時，您的份額成長潛力，您能否談談您認為其中最大的潛在限制因素是什麼，以及您如何管理這些潛在因素？我希望您能談談您對 7 奈米晶圓可用性的看法，以及為試圖提供解決方案的客戶提供工程支援。

Yes. Sure, Mark. So a couple different questions there. Let me try to get through it. I will say, since our launch of Rome in August, we've had a very strong start. Now we had a full quarter of revenue here in the third quarter, and we saw that in sort of the ramp of units and revenue. What we are seeing is that the qualifications are going faster with the second-generation of EPYC than with the first generation, so customers are familiar with our platforms. In some cases, customers are doing drop-in platforms, and so they can take virtually the same or a very similar platform that they had for first-gen and drop-in the second-gen. They're familiar with our architecture. And so I think, from a market share standpoint, we feel good about the transition from Naples to Rome. I think the platform readiness across our OEMs and number of platforms that we have across the major OEMs is also very strong, and we're pleased with the set that are -- that have both new and existing platforms there. And so from the standpoint of where we are going in the fourth quarter into 2020, I think we feel very, very good about where we are with the data center customers.

是的。當然，馬克。這裡有幾個不同的問題。讓我嘗試解決它。我想說，自從我們在八月推出 Rome 以來，我們已經有一個非常強勁的開端。現在我們在第三季已經有了整整一個季​​度的收入，而且我們看到了銷售和收入的成長。我們看到，第二代 EPYC 的認證速度比第一代更快，因此客戶對我們的平台很熟悉。在某些情況下，客戶正在使用插入式平台，因此他們可以採用與第一代幾乎相同或非常相似的平台，然後插入第二代。他們熟悉我們的建築。因此我認為，從市場份額的角度來看，我們對從那不勒斯到羅馬的轉變感到滿意。我認為我們的 OEM 平台準備以及我們在主要 OEM 上擁有的平台數量也非常強大，我們對擁有新平台和現有平台的平台感到滿意。因此，從我們 2020 年第四季的發展方向來看，我認為我們對資料中心客戶的現狀感到非常非常滿意。

As it relates to customer support and all that stuff, like I said, customers are much, much more familiar with the architecture in the second-generation compared to the first generation. And that is good for the ramp of Rome. As it relates to -- I think you asked about the 7-nanometer ramp and the availability there, we had a very large ramp here in the third quarter with 7-nanometer. We essentially ramped 3 full product families, Ryzen, EPYC as well as our Radeon gaming product families, in the third quarter. And it went very well. We're very pleased with it. It's the fastest ramp that we have done certainly in recent memory. And going into the fourth quarter and into 2020, I think we feel very good about the availability of Rome as well as the rest of our products.

正如我所說，就客戶支援和所有這些東西而言，與第一代相比，客戶對第二代的架構更加熟悉。這對羅馬的坡道來說是件好事。至於它——我想你問的是 7 奈米的提升和可用性，我們在第三季的 7 奈米方面取得了非常大的提升。我們在第三季基本上推出了 3 個完整的產品系列，即 Ryzen、EPYC 以及我們的 Radeon 遊戲產品系列。一切進展順利。我們對此非常滿意。這無疑是我們近年來建造的最快的坡道。進入第四季度和 2020 年，我認為我們對 Rome 以及我們其他產品的供應感到非常滿意。

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

我們今天的下一個問題來自 Instanet 的 David Wong。

Can you give us an idea of what your revenues were from 7-nanometer products in the September quarter and what you reckon they'll be in the December quarter?

您能否告訴我們 9 月季度 7 奈米產品的收入是多少，以及您預計 12 月季度的收入是多少？

I think what I can say, David, and I'll start. Maybe Devinder has some additional comments. The ramp for 7-nanometer has gone very quickly in -- here in the third quarter. When we look at overall new product revenue, certainly in the third quarter, we had a significant piece of that be 7-nanometer. That will increase again as we go into the fourth quarter as well. And so the way to think about it is, for our major product lines, we're transitioning very fast from 14 to 7.

我想我應該說點什麼，大衛，然後我就開始了。也許 Devinder 還有一些補充評論。第三季度，7 奈米技術的發展非常迅速。當我們查看整體新產品收入時，可以肯定在第三季度，7 奈米佔據了很大一部分。隨著我們進入第四季度，這一數字將再次增加。因此，對於我們的主要產品線來說，我們正在從 14 條快速過渡到 7 條。

Okay, great. And within your Computing and Graphics segment, that 36% sequential growth, could you give us an idea of how -- what client CPU sales grew sequentially and separately, what the PC GPU sales sequential growth was?

好的，太好了。在您的運算和圖形領域中，36% 的連續成長，您能否向我們介紹客戶端 CPU 銷售額的連續和單獨成長情況，以及 PC GPU 銷售額的連續成長？

Yes. So if you look at the CG segment from a sequential standpoint, we saw the client CPUs increase the most, and those were certainly the driver being both desktop and mobile. Desktop was higher than mobile, but both grew very nicely. If you look at GPUs overall, they actually declined a bit sequentially, and that decline was primarily driven by data center GPUs, which declined just due to some of the buying cycles in the cloud. Overall, gaming did well. And we continue to expect that, as we go into the fourth quarter, you'll see that the data center GPUs will increase as well, as I mentioned in the prepared remarks, that client and graphics would also increase.

是的。因此，如果從連續的角度來看 CG 部分，我們會看到客戶端 CPU 成長最多，而這些無疑是桌面和行動裝置的驅動因素。桌面端的比例高於行動端，但兩者都成長得非常好。如果從整體上看 GPU，它們實際上環比下降了一點，而這種下降主要是由資料中心 GPU 推動的，資料中心 GPU 的下降僅僅是由於雲端的一些購買週期。整體而言，遊戲表現良好。我們繼續預計，隨著進入第四季度，您會看到資料中心 GPU 也會增加，正如我在準備好的評論中提到的那樣，客戶端和圖形也會增加。

Our next question is coming from Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Before I jump into questions, just congrats to Devinder on being cash positive. The -- Lisa, a couple questions on Rome. We've been tracking some of the strength at Google, Microsoft and Amazon, but I wonder if you might comment a little bit about the server business in China given some disruptions there, just overall CapEx and also, the OEM business that you're now ramping with Dell, HP, and Lenovo, and how you expect those things to trend over the next couple of quarters.

在我開始提問之前，我先祝賀 Devinder 獲得了現金盈餘。麗莎，我有幾個關於羅馬的問題。我們一直在關注Google、微軟和亞馬遜的一些實力，但考慮到中國的一些混亂局面，我想知道您是否可以對中國的伺服器業務、整體資本支出以及您現在與戴爾、惠普和聯想合作開展的 OEM 業務進行一些評論，以及您預計這些業務在未來幾個季度將如何發展。

Yes. So Matt, as we look -- so let me answer the first question as it relates to the cloud customers. I think we are very pleased with the cloud adoption. We are engaged across all major Tier 1 and many of the Tier 2 service providers, and I think we're making good progress there. As it relates specifically to China, we are well engaged there in both cloud and enterprise. Obviously, there is a little bit of disruption due to some of the China customers that are on the entities list and we follow that closely. But as it relates -- overall, I think we're -- we believe that there is strong pull for Rome both across cloud as well as Enterprise. On the enterprise side, what I will say is that the HPC market has been really good for us. And so we have won quite a few of the bids and they tend to be early adopters of the technology. And so that's one indication of the strong value proposition. As we go into more general Enterprise, the launch of HPE, Dell and Lenovo as well as Supermicro and the other ODM platforms is broader than our -- the first generation of EPYC, and we're seeing that in the pipeline that we see. So a lot of activity going on right now, and we feel really good about how that's going to develop over the next couple of quarters in terms of Enterprise wins.

是的。那麼馬特，當我們看時——那麼讓我回答第一個與雲端客戶相關的問題。我認為我們對雲端的採用感到非常滿意。我們與所有主要的一級服務提供者和許多二級服務提供者都有合作，我認為我們正在取得良好的進展。由於它與中國息息相關，我們在雲端運算和企業領域都投入了大量精力。顯然，由於一些中國客戶在實體名單上，這造成了一些幹擾，我們密切關注此事。但就其而言——總的來說，我認為我們——我們相信羅馬在雲端和企業領域都具有強大的吸引力。在企業方面，我想說的是 HPC 市場對我們來說確實很好。因此，我們贏得了不少投標，他們往往是該技術的早期採用者。這是強大價值主張的體現。隨著我們進入更通用的企業領域，HPE、戴爾、聯想以及 Supermicro 和其他 ODM 平台的推出比我們的第一代 EPYC 更廣泛，而且我們在所看到的管道中看到了這一點。因此，現在有許多活動正在進行，我們對未來幾季企業勝利的進展感到非常滿意。

Just as a follow-up from me on the client business. Obviously, a lot of progress that's been made with the results that you've just put up. And I kind of go back to some comments made by your primary competitor on their call, I think, talking about tightness in their own 14-nanometer supply and also that they've maybe not addressed some of the lower tiers of the market, yet your ASPs are up quite strongly. I wonder how much some of the supply tightness from your competitor might have led to these gains versus sort of the merits of your own product. If there's anything you could talk about that, Lisa, that would be really helpful.

這只是我對客戶業務的後續跟進。顯然，您剛剛提出的成果已經取得了很大進展。我想回顧一下你們的主要競爭對手在電話會議上發表的一些評論，他們談到了自己 14 奈米供應的緊張情況，而且他們可能還沒有解決一些較低層次的市場問題，但你們的平均售價卻上漲得相當強勁。我想知道，相對於你們自己產品的優點，競爭對手的供應緊張在多大程度上導致了這些收益。麗莎，如果你能談論這個問題，那將會非常有幫助。

Yes. Sure, Matt. Well, the client business has really had a very strong year, I mean, if you look at how it's played out over the last couple of quarters. I'll say that, in our desktop portfolio, the third-gen Ryzen has done very, very well. It's extremely well positioned. And where we're seeing the highest demand is at the highest tier sort of in the Ryzen 9 and the Ryzen 7. And so that's why you see the ASP strength in the business. Mobile is also ramping very nicely and what we're seeing, again, in mobile is the mix of Ryzen is now a predominant mix of the business. And we're seeing actually very nice momentum in commercial as well as our traditional consumer market, so we also see good sequential growth in ASPs there. There is some noise in the system as it relates to some supply constraints and all that stuff. I would view that as mostly -- again, it's pockets at the low end. I don't think it's a significant driver of our business. Our business is driven primarily by our new platforms, the fact that we are in a number of premium platforms on both the notebook side as well as just the strength that we're having in the DIY channel is there. And that's contributing to the positive mix as well as the unit growth in the client business.

是的。當然，馬特。嗯，如果你看看過去幾季的表現，就會發現客戶業務今年確實表現非常強勁。我想說的是，在我們的桌上型電腦產品組合中，第三代 Ryzen 表現非常非常出色。它的定位極為優越。我們看到需求最高的是最高等級的 Ryzen 9 和 Ryzen 7。這就是為什麼你會看到該業務的平均售價強勁。行動業務也正在順利發展，我們再次看到，在行動領域，Ryzen 的組合現已成為業務的主要組合。我們實際上看到商業和傳統消費市場都呈現出非常好的發展勢頭，因此我們也看到平均銷售價格出現了良好的連續成長。系統中存在一些噪音，因為它與一些供應限制和所有這些東西有關。我認為這主要是——再次強調，這是低端的口袋。我不認為這是我們業務的重要推動力。我們的業務主要由我們的新平台推動，事實上我們在筆記型電腦方面擁有多個高端平台，並且在 DIY 管道方面擁有優勢。這有助於形成積極的組合以及客戶業務的單位成長。

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

下一個問題來自美國銀行的 Vivek Arya。

Congratulations on the strong growth and execution. I had 2 questions as well. Lisa, first, on the data center business. I know you mentioned the target is still to be on track for double-digit kind of unit share sometime in the middle of next year. Could you help us level set as to where the share is in Q3 and what the target is in Q4 and if you have seen your competitor react to your server share gains in any way through pricing or other means?

恭喜您取得強勁的成長和執行力。我也有兩個問題。首先，麗莎談談資料中心業務。我知道您提到目標仍然是在明年年中某個時候實現兩位數的單位份額。您能否幫助我們確定第三季度的份額水平以及第四季度的目標是什麼，以及您是否看到競爭對手透過定價或其他方式對您的伺服器份額成長做出反應？

Yes. So Vivek, as you know, we don't necessarily want to get ahead of ourselves in terms of server share. But what we will say is our -- the Q3 quarter was our highest units sort of with EPYC. And so we are seeing good strength and predominantly a very fast transition to Rome. We expect that to continue to grow as we go into Q4 and into the first half of next year. So this is about more platforms ramping and multiple platforms within a given customer. And you should see -- we saw a number of announcements around our launches here in Q3, and you should see additional announcements as we go into the fourth quarter as well as the first half of next year.

是的。所以 Vivek，如你所知，我們不一定想在伺服器共享方面超越自己。但我們要說的是——第三季是我們 EPYC 銷量最高的季度。因此，我們看到了良好的實力，並且主要是向羅馬的非常快速的過渡。我們預計，進入第四季和明年上半年，這一數字將繼續增長。因此，這涉及更多平台的增加以及給定客戶內的多個平台。您應該會看到——我們在第三季度看到了一些有關我們發布的公告，進入第四季度以及明年上半年時，您應該會看到更多公告。

Your question about do we see any unusual activity from a competition standpoint. Look, our view is that the competition is aggressive, will always be aggressive and we're counting on that. It's a very competitive market out there. That being the case, I think we are feeling very good about how our product is positioned and also the readiness of the product. So the question earlier about are the platforms ready, how's the customer support, I think it's very strong. And I think our OEM and ODM partners have done a phenomenal job with the breadth of platforms, and that will help us continue to grow overall.

您的問題是，從競爭的角度來看，我們是否看到任何異常活動。看，我們的觀點是，競爭是激烈的，而且將永遠是激烈的，我們對此充滿期待。這是一個競爭非常激烈的市場。既然如此，我認為我們對我們的產品定位以及產品的準備感到非常滿意。所以之前的問題是關於平台是否準備好了，客戶支援如何，我認為它非常強大。我認為我們的 OEM 和 ODM 合作夥伴在平台廣度方面做得非常出色，這將有助於我們繼續實現整體成長。

Got it. And for my follow-up, Lisa, I had kind of a longer-term conceptual question, which is it's good to see growth margins improving and the cost discipline, but do you think this is the time to actually increase OpEx a lot and really go after maximizing footprint, right, adding more resources, more systems rather than trying to optimize profitability? I'm just curious to hear how you are looking at the puts and takes around whether you should be maximizing footprint rather than profitability at this level.

知道了。麗莎，對於我的後續問題，我有一個長期的概念性問題，那就是看到增長利潤率提高和成本控制是件好事，但您是否認為現在是大幅增加運營支出並真正追求最大化足跡的時候，對嗎，增加更多資源、更多系統，而不是試圖優化盈利能力？我只是好奇地想聽聽您是如何看待在這個層面上是否應該最大化足跡而不是盈利能力的。

Yes. Well, it's a good question, Vivek. I get asked it from time to time. But what you will see is I think we're very cognizant of where we're going. So in other words, the roadmap -- and I mean the long term sort of financial roadmap, I think we understand pretty well. We want to show leverage on both top and bottom line, and that's certainly our goal. We did spend a little bit more this year than we originally planned, and that was frankly because the opportunities are very strong. And most of the additional spend is targeted at R&D, with the notion of platform investments, software investments to ensure that we capture the opportunities that we have. I think we have the right balance, Vivek. And certainly, as we go into 2020, we'll continue to look at that balance. But I think we are very well balanced between top line and bottom line growth.

是的。嗯，這是個好問題，維韋克。我時不時就會被問到這個問題。但你會看到，我認為我們非常清楚我們要去哪裡。換句話說，路線圖——我指的是長期財務路線圖，我認為我們非常了解。我們希望在營收和利潤上都體現出優勢，這當然是我們的目標。我們今年的支出確實比原計劃多一點，坦白說，這是因為機會非常好。大部分額外支出都用於研發，包括平台投資、軟體投資，確保我們抓住機會。我認為我們已經達到了正確的平衡，維韋克。當然，隨著我們進入 2020 年，我們將繼續關注這種平衡。但我認為我們在營收和利潤成長之間取得了很好的平衡。

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

下一個問題來自瑞士信貸的約翰‧皮策 (John Pitzer)。

Congratulations, guys. Lisa, I guess, my first question is, can you help me understand a little bit about the traction you're getting in the Enterprise market on both Ryzen and in EPYC? And kind of what milestones should we be looking at relative to that sort of vertical?

恭喜你們，夥伴們。麗莎，我想，我的第一個問題是，您能否幫助我了解您在 Ryzen 和 EPYC 在企業市場上取得的進展？那麼相對於這種垂直領域，我們該關注哪些里程碑呢？

Yes. So the -- we're very excited about the opportunities for us in the commercial space. And I will tell you, when we look at our go-to-market investments, we are putting a lot of feet on the street as well as just general go-to-market around commercial. Starting with Ryzen, I think you have seen and you should have seen that the number of commercial platforms that we have continues to get stronger, and it's not just the number of platforms but the quality of the platforms. Certainly, Lenovo ThinkPad is a premium brand that is very key. We have very strong HP commercial offerings. We have additional desktops coming out as well. What we are seeing is good traction in the commercial space, and that is the stronger part of the PC market. And we'll continue to talk about that.

是的。因此，我們對商業領域的機會感到非常興奮。我要告訴你，當我們審視我們的市場進入投資時，我們不僅投入了大量資金進行商業市場進入，還投入了大量的街頭實踐。從 Ryzen 開始，我想你已經看到並且應該看到，我們擁有的商業平台數量不斷增加，而且不僅僅是平台的數量，還有平台的品質。當然，聯想 ThinkPad 是一個非常關鍵的高階品牌。我們擁有非常強大的 HP 商業產品。我們還將推出更多桌面產品。我們看到商業領域表現出色，這是個人電腦市場中表現較強勁的部分。我們將繼續討論這個問題。

As it relates to new platforms, certainly as we refresh our mobile platform going into next year, I think you'll see even stronger commercial offerings there. We're investing heavily in security and manageability and all of those other aspects that are important in the commercial space. As it relates to EPYC in the Enterprise, I'm actually very encouraged with what we see in the Enterprise. We had originally said that we thought we would be more cloud -- sort of cloud would go first and then Enterprise would take longer. I think what we currently see is cloud is certainly a big driver of our business. But our Enterprise business is coming along very nicely. And I really would say that the key metrics there are more top tier brands adopting EPYC and talking about that publicly. We have had a number of engagements, and I mentioned earlier that the pipeline that we see in Enterprise across our top OEMs has increased very significantly just in the last sort of 2 months since we launched. So the awareness around EPYC as well as the awareness around these new platforms, I think, is strong, and we'll continue to build that out as we go forward.

至於新平台，隨著我們明年更新行動平台，我認為您會看到更強大的商業產品。我們正在大力投資安全性、可管理性以及商業領域中所有其他重要的方面。就其與企業中的 EPYC 的關係而言，我對我們在企業中看到的情況感到非常鼓舞。我們最初說過，我們認為我們會更多地採用雲端——某種程度上的雲端將首先推出，然後企業將需要更長的時間。我認為我們目前看到的是雲端運算無疑是我們業務的一大推動力。但我們的企業業務進展非常順利。我確實想說，關鍵指標是更多的頂級品牌採用 EPYC 並公開談論這一點。我們已經進行了多次合作，我之前提到過，自我們推出以來的短短兩個月內，我們在頂級 OEM 中的企業管道數量已顯著增加。因此，我認為，人們對 EPYC 以及這些新平台的認識非常強烈，我們將在未來繼續加強這種認識。

That's helpful, Lisa. Then maybe for my follow-up. As we, the analyst community, look out to modeling 2020, the GPU/CPU is relatively straightforward relative to market share expectations we might have. I'm just kind of curious if you can give us some help on the semi-custom business, if it's impacted by ASC 60? And also, we've got a new gaming cycle next year. I know you don't want to preannounce customer product, but how should we think about the semi-custom business trending throughout 2020 in broad strokes?

這很有幫助，麗莎。那也許是為了我的後續行動。當我們分析師群體展望 2020 年模型時，GPU/CPU 相對於我們可能擁有的市佔率預期相對簡單。我只是有點好奇，如果半客製化業務受到 ASC 60 的影響，您是否可以為我們提供一些幫助？而且，明年我們將迎來新的遊戲週期。我知道您不想預先發布客戶產品，但我們應該如何概括地看待 2020 年半客製化業務的趨勢？

Yes. So I think it's a good question, and we will certainly give you more guidance as we get into 2020. But the way to think about it at a high level is we are going through a product transition with semi-custom now. And in 2019, for example, we've had the unusual cycle, where the second half of 2019 is pretty soft for semi-custom compared to the first half. And what you should expect in 2020 is that, that would flip strongly. So I think both of our large customers have said that they're planning a holiday 2020 launch. That would mean that the semi-custom business would be quite heavily weighted in the second half, so you should expect that revenue in the first half will be, again, quite soft with a strong recovery in the second half of the year. And the way I look at it is, the gaming business, the console business is a strong business for us. And so it will be one of the growth drivers as we go into 2020 and beyond.

是的。所以我認為這是一個很好的問題，進入 2020 年，我們肯定會給你更多的指導。但從高層次思考這個問題的方式是，我們現在正在經歷半客製化的產品轉型。例如，2019 年我們經歷了一個不尋常的週期，與上半年相比，2019 年下半年半客製化業務相當疲軟。而你應該預料到，2020 年這種情況將會發生強烈轉變。所以我認為我們的兩位大客戶都表示他們計劃在 2020 年假期推出產品。這意味著半客製化業務在下半年將佔據相當大的比重，因此你應該預期上半年的營收將再次相當疲軟，而下半年將強勁復甦。在我看來，遊戲業務、遊戲機業務對我們來說是一項強大的業務。因此，它將成為我們進入 2020 年及以後的成長動力之一。

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。

First, I wanted to ask about gross margins. I mean, I guess, I'm glad to see them up. But given what's going on with the mix, I mean, I think you said GPUs were down sequentially. We've got data center up more than 50%. Ryzen is growing. You have the Samsung IP in there. I guess, I'm just surprised not to see them up more both in the quarter as well as into Q4. I was wondering if you could give us a little bit more color about what's driving that margin evolution given the positive drivers of mix that I think should be there.

首先，我想問一下毛利率。我的意思是，我想，我很高興看到他們出現。但考慮到混合的情況，我的意思是，我認為你說的是 GPU 連續下降。我們的資料中心已成長了 50% 以上。Ryzen 正在成長。您在那裡擁有三星 IP。我想，我只是很驚訝在本季和第四季都沒有看到它們進一步上漲。我想知道您是否可以向我們詳細介紹一下推動利潤率變化的因素，因為我認為應該存在積極的混合驅動因素。

I think if you look at it from a quarter-to-quarter standpoint, if you're talking about Q2 to Q3, you're right about the mix of the product, in particular, with the ramp of the 7-nanometer products. And the margins are up. Last quarter, we had, call it 41%. And this time, it's slightly above 43%. And that is fundamentally due to the new products that are ramping and obviously some benefit from the semi-custom business, it's been down slightly in Q3 compared to Q2. So that's that. And then as you get into the Q4 timeframe, in the guide at 44%, it's driven by the new legacy products, demand for the high end of product -- of our product stack is driving a richer mix, and obviously, there's little bit of benefit as Lisa said earlier with the softer semi-custom revenue. So I think overall...

我認為，如果從季度來看，如果你談論的是第二季度到第三季度，你對產品組合的判斷是正確的，特別是 7 奈米產品的成長。利潤也上升了。上個季度，我們的成長率達到了 41%。而這一次，這一比例略高於43%。這從根本上是由於新產品的不斷湧現以及半客製化業務帶來的一些好處，與第二季相比，第三季的銷售額略有下降。就是這樣。然後，當你進入第四季度時，在指導中為 44%，這是由新的傳統產品、對高端產品的需求推動的——我們的產品組合正在推動更豐富的組合，顯然，正如 Lisa 之前所說的那樣，半定制收入較弱，這會帶來一點好處。所以我認為總體來說...

I thought all those new products were supposed to have gross margins in aggregate of over 50% and they're driving like a massive mix shift, and yet, you've only got gross margins up a couple of points. What am I getting wrong?

我以為所有這些新產品的總毛利率應該超過 50%，而且它們正在推動大規模的產品組合轉變，然而，你的毛利率只上升了幾點。我做錯什麼了？

I think the numbers are coming out to be a couple of hundred basis points up on a quarterly basis with the ramp of the 7-nanometer product. I don't think you get anything wrong. You have to look at the mix of the product relative to the total revenue of the company at the $1.8 billion, and I think that's how it comes out, Stacy.

我認為，隨著 7 奈米產品的推出，這一數字將按季度上升數百個基點。我認為你沒有搞錯任何事。你必須看看該產品相對於公司 18 億美元總收入的組合，我想這就是結果，史黛西。

I think, Stacy, maybe if this will help. In each of the product lines, we are certainly mixing up, and that's why you see some of the ASP goodness. But you also have some legacy product, right? And we continue to sell some legacy product as well. And so that's the -- that's perhaps the other piece. But I think, as Devinder said, look, we're very happy with the way that the gross margin has progressed. I think if you look at our long-term model, we had said 40 to 44 points, and we'll be exiting the year at 44, and I think very well -- positions us well as we go into 2020 and turn over more of the product portfolio to the new products.

史黛西，我想這也許會有幫助。在每條產品線中，我們都會進行混合，這就是您看到 ASP 優點的原因。但您也有一些遺留產品，對嗎？我們也繼續銷售一些傳統產品。這就是──這也許是另一部分。但我認為，正如德文德所說，我們對毛利率的成長方式感到非常滿意。我認為，如果你看一下我們的長期模型，我們說過 40 到 44 點，而今年我們的目標價位將達到 44 點，我認為這非常好——當我們進入 2020 年並將更多的產品組合轉向新產品時，我們將處於有利地位。

Okay. For my follow-up, I wanted to ask about the EPYC server ramp into next quarter. So you were up, you said, more than 50% this quarter. So that might be, what, $80 million to $100 million maybe sequentially, which is, I guess, good. Your competitor added almost $1.5 billion sequentially in data center this quarter. So when you say next quarter that you're -- I guess, you did gain share. You're up about 50%, their units were up 20% but even so. So when you're saying, next quarter, you're going to grow it by strong double digits on EPYC, do you think that that's like better than the trend that we saw in Q3 as more stuff ramps? I mean, if we were up 50% sequentially in Q3, do you think we can be better than that in Q4? Is that was strong double-digit means? Or do you have a different meaning in mind?

好的。作為後續詢問，我想詢問有關下個季度 EPYC 伺服器成長的情況。所以您說本季的漲幅超過了 50%。因此，這可能是，8000 萬美元到 1 億美元，可能是連續的，我想，這是好的。您的競爭對手本季在資料中心的投資連續增加了近 15 億美元。所以當你說下個季度你——我想，你的份額確實增加了。你的單位上漲了約 50%，他們的單位上漲了 20%，但即便如此。因此，當您說下個季度 EPYC 的銷量將實現強勁的兩位數增長時，您是否認為這會比我們在第三季度看到的趨勢更好，因為更多的產品正在湧現？我的意思是，如果我們在第三季環比成長 50%，您認為我們在第四季的表現會更好嗎？那是不是就是強勢的兩位數手段？或是你心裡有不同的意思？

Well, I think we have in mind strong double digits. So I would say -- and Stacy, I'm not being facetious, but again, there are all kinds of puts and takes. What I will say, though, is put in context that the product has basically been in markets since early August. And if you put that in context, and we're saying that the transition is going quickly, and we have a number of new platforms that are -- literally, they've been in market 4 to 8 weeks. With the way the server cycle goes, I'm actually pretty happy with how it's ramping. And I expect, as I said, that Q4 will be another strong quarter for us, and it's just a matter of continuing to diligently ramp the platforms.

嗯，我認為我們心中的目標是強勁的兩位數。所以我想說──史黛西，我不是開玩笑，但再說一次，有各種各樣的得失。不過，我要說的是，該產品基本上自 8 月初就已上市。如果你把這個放在上下文中，我們會說轉變正在進行得很快，我們有許多新的平台——實際上，它們已經進入市場 4 到 8 週了。隨著伺服器週期的進行，我實際上對它的提升感到非常滿意。正如我所說，我預計第四季度對我們來說將是一個強勁的季度，這只是繼續努力提昇平台的問題。

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

下一個問題來自富國銀行的 Aaron Rakers。

I have a question and a follow-up as well. Sticking to the server, the EPYC ramp. I'm just curious, out of the gate, what kind of mix have you seen maybe skew towards the 48 and 64 core solutions? And what I'm really getting at is how do we think about the blended ASP trend on EPYC as Rome fully ramps?

我還有一個問題和一個後續問題。堅持伺服器，EPYC 升級。我只是很好奇，首先，您看到哪種組合可能偏向 48 核和 64 核解決方案？我真正想問的是，隨著 Rome 全面發展，我們如何看待 EPYC 的混合 ASP 趨勢？

Yes. So Aaron, it's fair to say that initially, out of the chute, we are seeing a higher mix to the higher end. So more 48 and 64 cores as a mix. I think those are very, very attractive products and really take the full advantage of the EPYC product line. We are seeing, as you might expect with that mix, that the Rome ASPs are showing lift versus the previous first-generation EPYC. As we go forward, you would expect that to build out a little bit more. So we have a full product portfolio for the server parts, but then, you also expect that you'll get more Enterprise in that, and Enterprise tends to have a higher ASP. So the net of all that is, I can say, in the server market, we feel very good about where we're positioned from an ASP standpoint. And from a sort of unit share to revenue share, I think they're actually quite close.

是的。因此，Aaron，可以公平地說，最初，我們看到的是更高端的更高混合度。因此，48 核和 64 核的混合體較多。我認為這些都是非常非常有吸引力的產品，真正充分利用了 EPYC 產品線的優勢。正如您所預料的那樣，我們看到，與之前的第一代 EPYC 相比，Rome ASP 有所提升。隨著我們不斷前進，你會期望它能進一步發展。因此，我們擁有伺服器零件的完整產品組合，但是，您也期望在其中獲得更多的企業產品，而企業產品往往具有更高的 ASP。因此，我可以說，在伺服器市場中，從 ASP 的角度來看，我們對自己的定位感到非常滿意。從單位份額到收入份額，我認為它們實際上相當接近。

Okay. And then as just as a quick follow-up, maybe more of a model question. I think last quarter, you talked about the semi-custom business being down in the mid-30% range. You also talked about Samsung contributions being around $100 million for the full year. I'm just curious, is that still where we stand? And what was kind of the Samsung contribution this last quarter?

好的。然後，作為一個快速的後續問題，也許更多的是一個模型問題。我認為上個季度您談到了半客製化業務下降了 30% 左右。您還談到三星全年的貢獻約為 1 億美元。我只是好奇，我們現在的立場還是那樣嗎？那麼三星上個季度的貢獻如何？

So I think on the Samsung base, if you look at the second half, it's approximately $100 million. Slightly about half was taken in Q3, and the other half will come in Q4. So that's absolutely right.

因此，我認為，以三星為基礎，如果你看一下下半年，它大約是 1 億美元。大約有一半是在第三季完成的，另一半將在第四季完成。這絕對正確。

And then on the -- yes, on the semi-custom side, we had said last quarter that it would be down, let's call it, mid-30s. It's probably, when you look at it in aggregate for the second half of the year, it will be down a bit more than mid-30s. Let's call it high-30s.

是的，在半客製化方面，我們上個季度就說過，它會下降，我們稱之為 30 年代中期。如果從整體來看下半年的情況，可能會比 30 年代中期下降得更多。我們姑且稱之為 30 多歲吧。

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, I had a follow-up question on your server CPU business. And I guess the question is, when you think about pricing and sort of the margin profile that you're seeing in that business today, how does that compare with what you had planned for 6 or 9 months ago? Is this pricing and margin coming in pretty much in line with expectations or are they coming in a little bit better? And then as you think about the margin profile for that business going into 2020, given 7-nanometer potentially maturing into next year, given the mix and given the change in customer mix from cloud to Enterprise, should those 2 dynamics serve as tailwinds for your margin in that business?

Lisa，我對你的伺服器 CPU 業務有一個後續問題。我想問題是，當您考慮定價以及您今天在該業務中看到的利潤狀況時，與您 6 個月或 9 個月前的計劃相比如何？這個定價和利潤是否基本上符合預期，還是略好？然後，當您考慮該業務在 2020 年的利潤狀況時，考慮到 7 奈米可能在明年成熟，考慮到組合以及客戶組合從雲端到企業的變化，這兩個動態是否應該成為該業務利潤的順風？

Yes. So I would say that the margin mix, as we look here in the beginning of the ramp, is about what we expected. It's about what we expected. So the only thing I would say, and I said it earlier, is the product mix is perhaps a little bit higher in the early part of the ramp. But overall, the margins are pretty close to what we expected. The pricing environment is pretty close to what we expected. And as we go into 2020, I think the other piece of it is that the business scale will increase as we grow the business. And so that actually helps to absorb some of the fixed costs as well.

是的。因此我想說，正如我們在成長初期所看到的，利潤率組合與我們預期的差不多。這與我們的預期一致。所以我唯一想說的，而且我之前就說過，就是在成長初期，產品組合可能會稍微高一些。但總體而言，利潤率非常接近我們的預期。定價環境與我們的預期非常接近。隨著我們進入 2020 年，我認為另一個因素是，隨著業務的成長，業務規模也會增加。這其實也有助於吸收一些固定成本。

Okay. And as a quick follow-up, your nearest competitor talked about pull-ins in their data center business, particularly in China, was there anything in the quarter that you thought was kind of abnormal from a customer activity standpoint on the client side or the server side? And if so, how big was that? And how should we think about kind of the implications into Q4 and potentially the early part of 2020?

好的。作為一個快速的後續問題，您最接近的競爭對手談到了他們的資料中心業務的拉動，特別是在中國，從客戶端或伺服器端的客戶活動角度來看，您認為本季有什麼異常嗎？如果是的話，規模有多大？我們該如何看待其對第四季以及 2020 年初的影響？

Yes. When we look at both the client and the server business, I wouldn't say that we saw any significant pull-ins due to tariffs or other reasons. We monitor sort of certainly very closely the sell-in and sell-through trend. And we believe that what we're seeing in terms of the growth of the business is actually just new platforms running -- ramping. And given where we are in the product cycle, that makes sense. And so I wouldn't say that we saw any significance of pull-ins in the quarter.

是的。當我們同時查看客戶端和伺服器業務時，我不會說我們看到由於關稅或其他原因而產生的任何顯著的拉動。我們非常密切地監控銷售和銷售趨勢。我們相信，就業務成長而言，我們所看到的實際上只是新平台的運作和擴張。考慮到我們所處的產品週期，這是有道理的。因此，我不會說我們在本季度看到了任何顯著的拉動。

Our next question is coming from Mitch Steves from RBC.

下一個問題來自 RBC 的 Mitch Steves。

I just had 2. I guess first for Devinder. I realize you don't want to provide any kind of 2020 numbers, but you were already asked this 100 different ways, so I may as well save you guys some time. So if I look at the first half of '20, is there any reason why the gross margins won't be higher than they are in December quarter?

我剛吃了 2 個。我想這是 Devinder 的第一個。我知道你不想提供任何 2020 年的數字，但是你已經被用 100 種不同的方式問過這個問題了，所以我最好為你們節省一些時間。因此，如果我看一下 20 年上半年，有什麼原因導致毛利率不會高於 12 月季度？

We don't even want to get into 2020. There are several product transitions in play this year, as you've heard in the prior questions. OEM, the semi-custom business, that's in transition. We have obviously the rest of the business in transition with the ramp in 7 nanometers. Lisa reported some of the legacy products. So there's a lot of puts and takes and I think we want to talk about 2020 once we get past 2019 and put it to bed, and we can come back and talk about 2020 in about 90 days from now.

我們甚至不想進入2020年。正如您在前面的問題中聽到的那樣，今年有幾種產品正在轉型。OEM，即半客製化業務，正在轉型中。顯然，隨著 7 奈米技術的進步，我們其餘的業務也處於轉型階段。Lisa 報告了一些遺留產品。因此，有很多事情要做，我想等到我們度過 2019 年並將其擱置後，我們再來談論 2020 年，然後我們可以在大約 90 天後再回來談論 2020 年。

Okay. Got you. And then secondly, just for Lisa here. There's been a lot of articles just in terms of some firmware issues, there's some software bugs and things out there. Can you maybe just help us address all of them at once and just kind of talk about what you guys did to fix them? Because we're still seeing kind of articles pop up here and there, and I just want to make sure that there are no issues in terms of the software.

好的。明白了。其次，僅針對麗莎。已經有很多文章討論一些韌體問題、一些軟體錯誤和其他問題。您能否幫助我們一次解決所有問題並談談您們是如何解決這些問題的？因為我們仍然看到各種各樣的文章出現，我只是想確保軟體方面沒有問題。

Let me make sure I understand what you mean, Mitch. Which product line are you referring to? Or what are you exactly referring to?

讓我確認一下我理解你的意思，米奇。您指的是哪一條產品線？或是您具體指的是什麼？

So there have been specific articles with Ryzen, right, saying that there's issues with the bios and things like that and performance metrics are a little bit lower. But then you guys kind of relate -- noted that you've improved them or fixed them, but we're still kind of seeing them in the market even today, for example. So I just wanted to know in terms of what happened? And then secondly, if everything's been resolved?

因此，有一些關於 Ryzen 的具體文章，表示 BIOS 有問題，諸如此類，而且效能指標有點低。但是，你們有點相關——注意到你們已經改進或修復了它們，但即使在今天，我們仍然可以在市場上看到它們。所以我只是想知道到底發生了什麼事？其次，如果所有問題都解決了呢？

Yes. So your question was relative to the third generation of Ryzen. Look, I think, overall, when you look at the third-generation of Ryzen and the platforms that we've put out, we're very, very pleased with how that ramp has gone. And when we look at the sales from a sell-through standpoint, we're very pleased with where it is. There have been some platform sort of optimizations that we've done through working with our ODM partners and the motherboard partners to try to sort of improve the optimization of the maximum boost frequency, which is, I think, what you're referring to. And that has largely been addressed over the last couple of weeks. But I would consider that more of an optimization versus any type of major update. And we're going to continue to improve the platform. So you're going to see that as is normal with a new platform, that we'll continue to improve the platforms over time. But I will say that we're very pleased with how third-gen Ryzen has done in the marketplace. And we're excited with the launch of the 16-core 3950X as well as the Threadripper family in the next couple of weeks as well.

是的。所以你的問題與第三代 Ryzen 有關。看起來，我認為，總的來說，當你看到第三代 Ryzen 和我們推出的平台時，我們對這一進展感到非常非常滿意。當我們從銷售角度來看銷售情況時，我們對目前的狀況感到非常滿意。我們透過與 ODM 合作夥伴和主機板合作夥伴合作對平台進行了一些優化，試圖改善最大升壓頻率的優化，我想這就是您所指的。過去幾週，這個問題已基本解決。但我認為這更多的是一種優化，而不是任何類型的重大更新。我們將繼續改進該平台。因此，您會看到，對於新平台來說，這是很正常的，我們會隨著時間的推移不斷改進平台。但我要說的是，我們對第三代 Ryzen 在市場上的表現非常滿意。我們對未來幾週內推出的 16 核心 3950X 以及 Threadripper 系列感到非常興奮。

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

接線員，我們還有時間回答大約 2 個問題。

Our next question is coming from Harsh Kumar from Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Harsh Kumar。

Just a quick one. As you look at your leverages for gross margins, what would you consider as your greatest leverage? Is it just sales growth as you take share? Or is it more products going to 7-nanometer?

只是快速的一次。當您查看毛利率的槓桿時，您認為最大的槓桿是什麼？隨著市佔率的擴大，銷售是否也隨之成長？還是更多的產品將採用 7 奈米技術？

I think, if you look at the products, definitely, the new products in the 7-nanometers are very good tailwinds for the gross margin. But also, the mix of the business comes into play. The more data center revenue we capture in terms of market share obviously helps the gross margin. The high end of the stack, in particular, in the client PC business, that helps the gross margin. So it's basically those are the things that help the gross margin as we go forward from 2019.

我認為，如果你看一下產品，毫無疑問，7 奈米的新產品對於毛利率來說是一個非常好的推動力。但同時，業務組合也發揮了作用。就市場佔有率而言，我們獲得的資料中心收入越多，顯然有助於提高毛利率。堆疊的高端，特別是在客戶端 PC 業務中，有助於提高毛利率。因此，從 2019 年開始，這些基本上都是有助於提高毛利率的因素。

And as you look out, where do you think margins can go?

從您的角度來看，您認為利潤率將會達到什麼程度？

Well, we think that, as Lisa said earlier, when we painted our long-term target model, we painted 40% to 44% in the 2017 time frame. That's what we said. We -- exiting, we had 44%, and we'll come back and update that sometime in 2020.

嗯，我們認為，正如麗莎之前所說，當我們描繪我們的長期目標模型時，我們在 2017 年的時間範圍內描繪了 40% 到 44%。我們就是這麼說的。我們 - 退出時，我們有 44%，我們將在 2020 年的某個時候回來更新這一數字。

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

今天的最後一個問題來自瑞銀的提摩西‧阿庫裡。

I think in the past, you've given the percentage of total revenue that was data center CPU and GPU combined. Can you give us that number?

我認為過去您給出的是資料中心 CPU 和 GPU 合計佔總收入的百分比。你能告訴我們那個號碼嗎？

Yes. I mean, as a percentage of revenue, it's similar to what it has been the past few quarters, although the server portion was significantly higher as we saw -- as we said early, greater than 50% sequential increase and so was CPU revenue -- unit shipments and revenue, so that definitely helps.

是的。我的意思是，作為收入的百分比，它與過去幾個季度的情況相似，儘管我們看到伺服器部分明顯更高 - 正如我們早些時候所說的那樣，連續增長超過 50％，CPU 收入也是如此 - 單位出貨量和收入，所以這肯定有幫助。

Yes, got it. Okay. And then, I guess, just a bigger picture question. In terms of the kind of competitive edge you have, some of it relates to process technology, but of course, your competitor could just go to TSMC to build CPUs as well. But I guess, there's other parts that relate to your fundamental architecture, which is the chiplet, the memory density and your IPC advantage. So I guess can kind of break down -- Lisa, can you break down how much of the advantage really is process related versus how much is actually architecture related?

是的，明白了。好的。然後，我想，這只是一個更大的問題。就你所擁有的競爭優勢而言，其中一些與製程技術有關，但當然，你的競爭對手也可以去台積電製造 CPU。但我想，還有其他部分與您的基本架構相關，即小晶片、記憶體密度和您的 IPC 優勢。所以我想可以分解一下——麗莎，你能分解其中有多少優勢真正與流程有關，又有多少優勢實際上與架構有關嗎？

Yes. So Timothy, the way I would answer that question is, look, we made a set of choices, and the set of choices include process technology, they include architecture, our chiplet architecture. They include sort of our overall system architecture. And I think we've made a set of good choices. Going forward, we are not relying on process technology as the main driver. We think process technology is necessary. It's necessary to be sort of at the leading edge of process technology. And so today, 7-nanometer is our great node, and we're getting a lot of benefit from it. We will transition to the 5-nanometer node at the appropriate time and get great benefit from that as well. But we're doing a lot in architecture. And I would say that the architecture is where we believe the highest leverage is for our product portfolio going forward.

是的。所以蒂莫西，我回答這個問題的方式是，看，我們做出了一系列選擇，這些選擇包括製程技術，包括架構，我們的小晶片架構。它們包括我們的整體系統架構。我認為我們做了一系列正確的選擇。展望未來，我們不再依賴製程技術作為主要驅動力。我們認為工藝技術是必要的。有必要處於工藝技術的前沿。所以今天，7 奈米是我們偉大的節點，我們從中獲得了很多好處。我們將在適當的時候過渡到 5 奈米節點，並從中獲得巨大利益。但我們在建築領域做了很多工作。我想說的是，我們相信架構是我們未來產品組合的最大槓桿。

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

我們的問答環節已經結束。我想再次請大家發表進一步的和結束的評論。

Thank you very much, operator. And thank you, everyone, for joining us on the call today. We do have a number of events planned here in the fourth quarter, and we look forward to seeing you all soon. Have a great evening.

非常感謝，接線生。感謝大家今天參加我們的電話會議。我們確實計劃在第四季度舉辦一系列活動，我們期待很快見到大家。祝您有個愉快的夜晚。

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

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