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.

您好，歡迎參加 Advanced Micro Devices 2019 年第三季度收益電話會議。

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

（操作員說明）作為提醒，本次會議正在錄製中。

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

現在我很高興向您介紹您的主持人 Laura Graves。

Please go ahead.

請繼續。

Thank you, and welcome to AMD's Third Quarter 2019 Financial Results Conference Call.

謝謝，歡迎參加 AMD 2019 年第三季度財務業績電話會議。

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 items, they can be found on the Investor Relations page of AMD's website, amd.com.

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它們。

Participants on today's conference call are Dr. Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Senior Vice President, Chief Financial Officer and Treasurer.

今天電話會議的參與者是我們的總裁兼首席執行官蘇麗莎博士； Devinder Kumar，我們的高級副總裁、首席財務官兼財務主管。

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

這是一個現場通話，將通過我們網站上的網絡廣播重播。

I would like to highlight some important dates for you.

我想為您強調一些重要的日期。

On Wednesday, November 6, Mark Papermaster, Executive Vice President and Chief Technology Officer, will present at that Bernstein Technology Summit in New York City.

11 月 6 日星期三，執行副總裁兼首席技術官 Mark Papermaster 將出席在紐約市舉行的伯恩斯坦技術峰會。

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.

12 月 9 日星期一，全球營銷、人力資源和投資者關係高級副總裁 Ruth Cotter 將出席同樣在紐約市舉行的瑞銀全球技術會議。

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.

12 月 12 日星期四，數據中心和嵌入式解決方案集團高級副總裁兼總經理 Forrest Norrod 將出席在舊金山舉行的巴克萊技術會議。

And our Fourth Quarter 2019 quiet time is expected to begin at the close of business on Friday, December 13.

我們 2019 年第四季度的安靜時間預計將在 12 月 13 日星期五營業結束時開始。

Today's discussion contains forward-looking statements based on the environment as we currently see it.

今天的討論包含基於我們目前所看到的環境的前瞻性陳述。

Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

這些陳述基於當前的信念、假設和預期，僅代表當前日期，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。

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

在本次電話會議期間，我們將主要參考非 GAAP 財務指標，但收入和部門運營結果除外，它們是基於 GAAP 的。

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.

今天引用的非公認會計原則財務指標與今天發佈在我們網站上的新聞稿中最直接可比的公認會計原則財務指標相一致。

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

請參閱我們新聞稿中的警告聲明以獲取更多信息。

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

您還可以在我們提交給 SEC 的文件中找到關於我們風險因素的詳細討論，特別是 AMD 的截至 2019 年 6 月 30 日的季度表格 10-Q 季度報告。

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

現在，我將把電話交給麗莎。

Lisa?

麗莎？

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

謝謝你，勞拉，今天所有收聽的人下午好。

I am pleased with our strong third quarter execution and results.

我對我們強勁的第三季度執行和結果感到滿意。

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.

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以及顯著增加的淨收入，這一切都得益於我們第一個完整季度的 7 納米銳龍、Radeon 和 EPYC 處理器銷售。

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.

第三季度收入為 18 億美元，同比增長 9%，環比增長 18%，毛利率同比增長 3 個百分點。

Turning to our Computing and Graphics segment.

轉向我們的計算和圖形部門。

Revenue increased 36% year-over-year and sequentially.

收入同比和環比增長 36%。

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.

對 Ryzen 台式機和筆記本處理器的需求推動了單位出貨量和 ASP 的顯著增長，導致我們的客戶端處理器季度收入自 2011 年以來最高。

We saw particularly strong demand for our top-end Ryzen processors, and believe we gained client processor unit share for the eighth straight quarter.

我們看到對我們的高端 Ryzen 處理器的需求特別強勁，並相信我們連續第八個季度獲得了客戶處理器單位份額。

In desktops, we are seeing strong demand for our Ryzen 3000 and previous generation Ryzen 2000 processors.

在台式機中，我們看到對 Ryzen 3000 和上一代 Ryzen 2000 處理器的強勁需求。

Both product families are consistently among the top sellers at leading e-tailers and retailers globally.

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。

In commercial, HP and Lenovo announced new desktop PCs powered by our Ryzen PRO 3000 series processors in the third quarter.

在商用方面，惠普和聯想在第三季度發布了搭載銳龍 PRO 3000 系列處理器的新型台式電腦。

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.

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 以支持他們的業務，我們將繼續擴大我們在商業市場的影響力。

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.

隨著業界首款 16 核主流台式機處理器以及我們的第三代銳龍 Threadripper 處理器系列的推出，我們有望在 11 月擴展我們的台式機產品供應。

These products will offer unmatched combinations of core counts, performance and energy efficiency for the most demanding high-end desktop and content creation applications.

這些產品將為最苛刻的高端桌面和內容創建應用程序提供無與倫比的核心數量、性能和能源效率組合。

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.

在移動領域，由於我們的虛擬產品組合和單位出貨量的增加，我們的筆記本處理器收入又實現了兩位數的強勁增長。

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.

今年，來自主要 OEM 的 AMD 筆記本電腦數量增加了 50%，其中包括多款高端筆記本電腦，例如首款採用 AMD 技術的 Microsoft Surface 筆記本電腦。

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.

多年來，我們與 Microsoft 密切合作，開發 AMD 獨有的 15 英寸消費級 Surface 筆記本電腦 3，其中包括定制的 Ryzen Microsoft Surface 版處理器和多個操作系統和軟件優化，這些優化將使所有 AMD 驅動的 Windows 系統受益。

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.

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季節性強勁的假日季節，客戶處理器收入將在第四季度連續增長。

In graphics, revenue increased year-over-year driven largely by higher channel GPU sales.

在圖形方面，收入同比增長主要是受渠道 GPU 銷售增加的推動。

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.

採用我們的 RDNA 架構的 Radeon 5000 GPU 系列的出貨量環比增長，我們看到基於其具有競爭力的性能和功能的新產品的強勁需求。

For mainstream gamers, we began shipping the Radeon RX 5500 GPU in the third quarter.

對於主流遊戲玩家，我們在第三季度開始出貨 Radeon RX 5500 GPU。

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.

宏碁、惠普、聯想和微星宣布計劃在其即將推出的 PC 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.

數據中心 GPU 銷量環比下降，同比基本持平。

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.

我們在本季度贏得了多項云計算和 HPC 勝利，其中突出體現在微軟宣佈為由 EPYC（霄龍）CPU 和 Radeon Instinct GPU 提供支持的圖形密集型工作負載提供新的遠程桌面產品。

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.

隨著我們繼續擴大與大型客戶和目標數據中心工作負載的足跡，我們在業務中增加利潤的部分取得了良好進展。

Turning to our Enterprise, Embedded and Semi-Custom segment.

轉向我們的企業、嵌入式和半定制部分。

Revenue decreased 27% from a year ago, as significantly higher server processor revenue was offset by lower semi-custom sales.

收入比一年前下降了 27%，因為服務器處理器收入顯著增加被半定制銷售下降所抵消。

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.

由於微軟和索尼都宣布了 2020 年假期的新 AMD 遊戲機，我們預計第四季度半定制需求將進一步疲軟。

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.

在服務器方面，我們的季度 CPU 收入是自 2006 年以來最高的，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連續增長超過 50%。

Second-gen EPYC processors are the highest performance server CPUs in the industry and have set more than 100 world records.

第二代 EPYC（霄龍）處理器是業界性能最高的服務器 CPU，並創造了 100 多項世界紀錄。

Our newest EPYC processors feature up to 64 cores and deliver a 25% to 50% TCO advantage versus competitive offerings.

我們最新的 EPYC（霄龍）處理器具有多達 64 個內核，與競爭產品相比，擁有 25% 至 50% 的 TCO 優勢。

As a result of our clear performance leadership and differentiated feature set, we are building momentum with cloud, enterprise and HPC customers.

由於我們明顯的性能領先地位和差異化的功能集，我們正在與雲、企業和 HPC 客戶建立動力。

In cloud, Amazon AWS, IBM Cloud, Microsoft Azure, OVHcloud, Twitter and Tencent all announced plans to deploy EPYC processors in their data centers.

在雲端，亞馬遜 AWS、IBM Cloud、微軟 Azure、OVHcloud、Twitter 和騰訊都宣布了在其數據中心部署 EPYC 處理器的計劃。

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.

在我們的發布會上，谷歌成為最新採用 EPYC（霄龍）處理器的大型數據中心提供商，因為他們宣布第二代 EPYC（霄龍）處理器已部署在其內部基礎設施生產數據中心環境中，還將用於為 Google Cloud 平台提供動力。

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.

在企業方面，戴爾、HPE 和聯想推出了採用第二代 EPYC（霄龍）處理器的新平台，將其 AMD 驅動的服務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個新的電信、醫療保健、金融服務、製造和能源客戶。

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.

我們還在本季度獲得了多項新的 HPC 勝利，其中包括 3 台獨立的美國國防部超級計算機以及預計將成為英國最快的科學計算機 我們預計服務器收入將在第四季度以強勁的兩位數百分比連續增長隨著我們繼續提升我們的第二代 EPYC（霄龍）處理器。

We remain on track to achieve our near-term goal of double-digit server CPU share by mid-next year.

我們仍有望在明年年中實現服務器 CPU 份額兩位數的近期目標。

In summary, we are right where we want to be on our long-term strategic plan.

總而言之，我們在長期戰略計劃中的目標是正確的。

We have the strongest product portfolio in our history.

我們擁有歷史上最強大的產品組合。

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.

隨著我們的新產品收入增加、利潤率擴大和盈利能力提高，我們在第三季度很好地執行了產品發布和產量提升。

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.

我們有望在 2019 年退出 2019 年，在我們的 7 納米產品的推動下實現另一個季度的顯著增長，並相信我們有能力在 2020 年及以後建立我們的勢頭，因為我們提供了一套更強大的領導產品，可以推動持續增長並增加在價值 750 億美元的高性能計算和圖形技術市場的份額。

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

現在我想把電話轉給 Devinder，為我們的第三季度財務業績提供一些額外的色彩。

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家下午好。

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.

我們對強勁的第三季度財務業績感到滿意，收入為 18 億美元，環比增長 18%，是自 2005 年第四季度以來的最高季度收入。

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.

第三季度展示了我們的財務勢頭和我們商業模式的實力，營業收入和淨收入同比顯著增長。

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.

由於銳龍和 EPYC 處理器以及 Radeon 遊戲 GPU 的強勁銷售抵消了半定制銷售的下降，季度收入比一年前增長了 9%。

Gross margin of 43% was up 320 basis points from a year ago, our tenth consecutive quarter of year-over-year expansion.

毛利率為 43%，比去年同期增長 320 個基點，這是我們連續第十個季度同比增長。

Operating expenses grew 13% year-over-year to $539 million primarily driven by increased R&D investments and support for our new product introductions.

運營費用同比增長 13% 至 5.39 億美元，主要是由於研發投資增加和對我們新產品推出的支持。

Operating income was $240 million, up $54 million or 29% from a year ago due to increased revenue from new higher margin products.

營業收入為 2.4 億美元，比去年同期增長 5400 萬美元或 29%，原因是新的更高利潤率產品的收入增加。

Operating margin was 13%, up 210 basis points from a year ago.

營業利潤率為 13%，比一年前增加了 210 個基點。

Net income was $219 million, up $69 million or 46% from a year ago.

淨收入為 2.19 億美元，比一年前增加 6900 萬美元或 46%。

And diluted earnings per share was $0.18 per share compared to $0.13 per share a year ago.

每股攤薄收益為每股 0.18 美元，而一年前為每股 0.13 美元。

Now turning to the business segment results.

現在轉向業務部門的結果。

Computing and Graphics segment revenue was $1.28 billion, up 36% year-over-year driven by strong client processor and gaming GPU sales.

計算和圖形部門的收入為 12.8 億美元，在強勁的客戶端處理器和遊戲 GPU 銷售的推動下，同比增長 36%。

Computing and Graphics segment operating income was $179 million compared to $100 million a year ago driven by higher Ryzen processor sales.

計算和圖形部門的營業收入為 1.79 億美元，而一年前為 1 億美元，這是由於 Ryzen 處理器銷售額增加所致。

Enterprise, Embedded and Semi-custom segment revenue was $525 million, down from $715 million the prior year.

企業、嵌入式和半定制部門的收入為 5.25 億美元，低於上年的 7.15 億美元。

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.

正如預期的那樣，由於市場等待索尼和微軟的下一代 AMD 驅動的遊戲機，第三季度的半定制收入有所下降。

EPYC data center CPU revenue grew by over 50% sequentially driven by shipments of our second-generation product in the quarter.

在本季度第二代產品出貨量的推動下，EPYC 數據中心 CPU 收入環比增長超過 50%。

EESC segment operating income was $61 million compared to $86 million a year ago due to lower revenue and higher operating expenses.

由於收入減少和運營費用增加，EESC 部門的營業收入為 6100 萬美元，而一年前為 8600 萬美元。

Turning to the balance sheet.

轉向資產負債表。

I'm very pleased with the continuing improvement of our balance sheet.

我對我們資產負債表的持續改善感到非常高興。

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.

截至本季度末，現金、現金等價物和有價證券總計 12 億美元，高於 11 億美元的總債務，導致 AMD 出現淨現金為正。

During the quarter, we retired $206 million of debt, which resulted in a loss of $40 million recorded on our GAAP income statement.

在本季度，我們償還了 2.06 億美元的債務，導致我們的 GAAP 損益表中記錄了 4,000 萬美元的損失。

The reduction in debt included $126 million of convertible senior notes in exchange for 16 million shares.

債務減少包括以 1.26 億美元可轉換優先票據換取 1600 萬股股票。

Year-to-date, we have reduced gross debt by $441 million.

年初至今，我們已將總債務減少了 4.41 億美元。

Free cash flow was positive $179 million in the third quarter and cash flow from operations was $234 million.

第三季度自由現金流為正 1.79 億美元，運營現金流為 2.34 億美元。

Inventory was $1 billion, up slightly from the prior quarter in anticipation of higher revenue in the fourth quarter.

庫存為 10 億美元，比上一季度略有增加，因為預計第四季度收入會增加。

Adjusted EBITDA was $300 million compared to $227 million a year ago driven by higher quarterly earnings.

調整後的 EBITDA 為 3 億美元，而去年同期為 2.27 億美元，這是由於季度收益增加所致。

On a trailing 12-month basis, adjusted EBITDA was $745 million and gross leverage at the end of the quarter was 1.5x.

在過去 12 個月的基礎上，調整後的 EBITDA 為 7.45 億美元，本季度末的總槓桿率為 1.5 倍。

Now turning to the outlook for the fourth quarter of 2019.

現在轉向2019年第四季度的展望。

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.

我們預計收入約為 21 億美元，正負 5000 萬美元，同比增長約 48%，環比增長 17%。

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.

預計連續和同比增長將受到銳龍、EPYC 和 Radeon 處理器銷售增長的推動，但被半定制處理器收入的進一步疲軟所抵消。

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.

此外，對於 2019 年第四季度，我們預計非美國通用會計準則毛利率約為 44%；非公認會計原則運營費用約為 5.35 億美元；非公認會計原則的利息費用、稅收和其他費用約為 2200 萬美元；第四季度稀釋後的股票數量預計約為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，我們第三季度表現出色，並繼續專注於提升我們領先的高性能產品組合，以在第四季度實現強勁的收入增長和毛利率擴張。

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

有了這個，我將把它轉回給 Laura 進行問答環節。

Laura?

勞拉？

Thank you, Devinder.

謝謝你，德溫德。

Operator, we're ready to go ahead and poll for our first question, please.

接線員，我們已經準備好繼續為我們的第一個問題進行投票。

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

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

First one for Lisa.

第一個給麗莎。

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.

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 7 納米服務器芯片的總擁有成本可能會高於服務器芯片的價格與 14 納米服務器芯片相比。

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.

所以我想知道你是否可以澄清你對總擁有成本的評論並量化，如果是這樣的話，你如何看待它。

And how many -- what percentage of your data center customers actually look at total cost of ownership in evaluating the products?

有多少——有多少百分比的數據中心客戶在評估產品時實際考慮了總擁有成本？

Is it -- does everybody do that?

是不是——每個人都這樣做？

Or do some just look at the price?

還是有些人只看價格？

And I'm wondering, like, what do you think that has -- impact that might have on the competitive pricing environment?

我想知道，你認為這對競爭性定價環境有什麼影響？

That's the first question.

這是第一個問題。

Sure.

當然。

Thanks for the question, Mark.

謝謝你的問題，馬克。

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.

所以——我的意思是也許讓我為我們提供一些關於數據中心業務的背景信息，然後我會回答你的問題。

Look, I think from what we see, there is a very strong value proposition for Rome.

看，我認為從我們所看到的來看，羅馬有一個非常強大的價值主張。

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.

當您從性能數量、功耗以及它們如何影響總擁有成本的角度來看我們能夠做到的事情時。

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.

我們在所有工作負載中都看到了這一點，因此無論您是在談論虛擬化環境，還是在談論高性能計算，還是在談論企業類型的工作負載，我們都看到了強大的性能以及強大的總成本的所有權。

To your exact question, I think, server purchases -- or server purchasers are very, I would say, sophisticated.

對於您的確切問題，我認為，服務器購買——或者服務器購買者非常，我想說，老練。

And so in most cases, total cost of ownership is definitely in the conversation.

所以在大多數情況下，總擁有成本肯定是在討論中。

And it's not just about performance but performance at a given power level and also in terms of a given density.

這不僅關乎性能，還關乎給定功率水平和給定密度下的性能。

And that has played out in a number of our customer engagements.

這已經在我們的許多客戶參與中發揮了作用。

And so the overall point of -- we think that Rome is very well positioned.

所以總體而言——我們認為羅馬處於非常有利的位置。

Price in and of itself is one factor, but I would say it's not the primary factor.

價格本身是一個因素，但我想說這不是主要因素。

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.

我認為性能、功率、總擁有成本都是重要的購買因素，我們已經看到客戶對這些驅動程序的所有工作負載的全面、非常強烈的參與。

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?

如果可以的話，還有一個後續行動——當你考慮你的份額收益時——你在展望 2020 年時獲得份額的潛力，你能否談談你認為其中最大的潛在門控因素是什麼？比如你是如何管理這些潛在因素的？

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.

我希望你能談談你對 7 納米晶圓的可用性的看法，或者 - 以及為你的客戶提供工程支持，這些客戶正在嘗試整合解決方案。

Yes.

是的。

Sure, Mark.

當然，馬克。

So a couple different questions there.

所以有幾個不同的問題。

Let me try to get through it.

讓我試著克服它。

I will say, since our launch of Rome in August, we've had a very strong start.

我會說，自從我們在 8 月推出羅馬以來，我們的開局非常強勁。

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.

現在我們在第三季度有一個完整的季度收入，我們在單位和收入的增長中看到了這一點。

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.

我們看到的是，第二代 EPYC 的資格比第一代更快，因此客戶熟悉我們的平台。

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.

在某些情況下，客戶正在開發嵌入式平台，因此他們可以採用與第一代和第二代嵌入式平台幾乎相同或非常相似的平台。

They're familiar with our architecture.

他們熟悉我們的架構。

And so I think, from a market share standpoint, we feel good about the transition from Naples to Rome.

所以我認為，從市場份額的角度來看，我們對從那不勒斯到羅馬的過渡感覺很好。

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.

我認為我們的 OEM 的平台準備就緒以及我們在主要 OEM 中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集合感到滿意。

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.

因此，從我們到 2020 年第四季度的發展方向來看，我認為我們對數據中心客戶所處的位置感覺非常非常好。

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.

因為它與客戶支持和所有這些東西有關，就像我說的那樣，與第一代相比，客戶對第二代的架構更加熟悉。

And that is good for the ramp of Rome.

這對羅馬的坡道有好處。

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.

正如它所涉及的——我想你問過 7 納米坡道和那裡的可用性，我們在第三季度有一個非常大的坡道，有 7 納米。

We essentially ramped 3 full product families, Ryzen, EPYC as well as our Radeon gaming product families, in the third quarter.

在第三季度，我們基本上增加了 3 個完整的產品系列，Ryzen、EPYC 以及我們的 Radeon 遊戲產品系列。

And it went very well.

它進行得非常順利。

We're very pleased with it.

我們對此非常滿意。

It's the fastest ramp that we have done certainly in recent memory.

這是我們在最近的記憶中所做的最快的斜坡。

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.

進入第四季度和 2020 年，我認為我們對羅馬以及我們其他產品的可用性感到非常滿意。

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?

您能否告訴我們您在 9 月季度從 7 納米產品獲得的收入以及您認為在 12 月季度的收入？

I think what I can say, David, and I'll start.

我想我能說什麼，大衛，我會開始的。

Maybe Devinder has some additional comments.

也許 Devinder 有一些額外的評論。

The ramp for 7-nanometer has gone very quickly in -- here in the third quarter.

7 納米的斜坡在第三季度進展得非常快。

When we look at overall new product revenue, certainly in the third quarter, we had a significant piece of that be 7-nanometer.

當我們查看整體新產品收入時，當然是在第三季度，我們有很大一部分是 7 納米。

That will increase again as we go into the fourth quarter as well.

隨著我們進入第四季度，這將再次增加。

And so the way to think about it is, for our major product lines, we're transitioning very fast from 14 to 7.

所以考慮它的方式是，對於我們的主要產品線，我們正在從 14 快速過渡到 7。

Okay, great.

好的，太好了。

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?

在您的計算和圖形部門中，36% 的連續增長，您能否告訴我們 - 客戶端 CPU 銷售額連續增長和單獨增長，PC GPU 銷售連續增長是多少？

Yes.

是的。

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.

因此，如果您從順序的角度來看 CG 部分，我們看到客戶端 CPU 增加最多，而這些肯定是台式機和移動設備的驅動程序。

Desktop was higher than mobile, but both grew very nicely.

台式機高於移動設備，但兩者都增長得很好。

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.

如果你從整體上看 GPU，它們實際上是按順序下降的，這種下降主要是由數據中心 GPU 推動的，而數據中心 GPU 的下降僅僅是由於雲中的一些購買週期。

Overall, gaming did well.

總的來說，遊戲表現不錯。

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.

我們繼續預計，隨著我們進入第四季度，您會看到數據中心 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.

在我提出問題之前，恭喜 Devinder 獲得現金。

The -- Lisa, a couple questions on Rome.

——麗莎，關於羅馬的幾個問題。

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.

我們一直在追踪谷歌、微軟和亞馬遜的一些實力，但我想知道你是否可以評論一下中國的服務器業務，因為那裡存在一些中斷，只是整體資本支出以及你所在的 OEM 業務現在與戴爾、惠普和聯想合作，以及您預計這些事情在未來幾個季度的趨勢如何。

Yes.

是的。

So Matt, as we look -- so let me answer the first question as it relates to the cloud customers.

所以馬特，正如我們所看到的——讓我回答第一個問題，因為它與雲客戶有關。

I think we are very pleased with the cloud adoption.

我認為我們對雲的採用感到非常滿意。

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.

我們與所有主要的 1 級和許多 2 級服務提供商都有合作，我認為我們在這方面取得了良好的進展。

As it relates specifically to China, we are well engaged there in both cloud and enterprise.

由於它與中國特別相關，因此我們在雲和企業方面都很好地參與其中。

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.

顯然，由於實體名單上的一些中國客戶造成了一些干擾，我們密切關注這一點。

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.

但正如它所涉及的那樣——總的來說，我認為我們是——我們相信羅馬在雲和企業方面都有強大的吸引力。

On the enterprise side, what I will say is that the HPC market has been really good for us.

在企業方面，我要說的是，HPC 市場對我們來說真的很好。

And so we have won quite a few of the bids and they tend to be early adopters of the technology.

所以我們贏得了很多投標，他們往往是這項技術的早期採用者。

And so that's one indication of the strong value proposition.

這就是強大的價值主張的一個跡象。

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.

隨著我們進入更一般的企業，HPE、戴爾和聯想以及 Supermicro 和其他 ODM 平台的推出比我們的第一代 EPYC（霄龍）更廣泛，我們正在看到這一點。

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.

所以現在正在進行很多活動，我們對未來幾個季度在企業獲勝方面的發展感到非常滿意。

Just as a follow-up from me on the client business.

就像我對客戶業務的跟進一樣。

Obviously, a lot of progress that's been made with the results that you've just put up.

顯然，您剛剛提出的結果已經取得了很多進展。

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.

我想回到你的主要競爭對手在他們的電話會議上發表的一些評論，我認為，他們談論他們自己的 14 納米供應緊張，而且他們可能還沒有解決一些較低的市場，但您的 ASP 非常強勁。

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.

我想知道您的競爭對手的一些供應緊張可能會導致這些收益與您自己產品的優點相比有多少。

If there's anything you could talk about that, Lisa, that would be really helpful.

如果你有什麼可以談論的，麗莎，那將非常有幫助。

Yes.

是的。

Sure, Matt.

當然，馬特。

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.

嗯，客戶業務真的有一個非常強勁的一年，我的意思是，如果你看看它在過去幾個季度的表現。

I'll say that, in our desktop portfolio, the third-gen Ryzen has done very, very well.

我會說，在我們的台式機產品組合中，第三代銳龍做得非常非常好。

It's extremely well positioned.

它的位置非常好。

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.

我們看到最高需求的地方是銳龍 9 和銳龍 7 的最高級別。這就是為什麼你會看到業務中的 ASP 實力。

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.

移動設備也發展得非常好，我們再次看到，在移動設備領域，Ryzen 的組合現在是業務的主要組合。

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.

我們看到商業和傳統消費市場的勢頭非常好，因此我們也看到那裡的平均售價連續增長良好。

There is some noise in the system as it relates to some supply constraints and all that stuff.

系統中有一些噪音，因為它與一些供應限制和所有這些東西有關。

I would view that as mostly -- again, it's pockets at the low end.

我認為這主要是 - 再次，它是低端的口袋。

I don't think it's a significant driver of our business.

我認為這不是我們業務的重要推動力。

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.

我們的業務主要由我們的新平台驅動，事實上我們在筆記本電腦方面的許多高級平台以及我們在 DIY 渠道中擁有的實力都在那裡。

And that's contributing to the positive mix as well as the unit growth in the client business.

這有助於積極的組合以及客戶業務的單位增長。

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。

Congratulations on the strong growth and execution.

祝賀強勁的增長和執行力。

I had 2 questions as well.

我也有2個問題。

Lisa, first, on the data center business.

首先，Lisa 談的是數據中心業務。

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.

我知道你提到目標仍有望在明年年中的某個時候實現兩位數的單位份額。

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?

您能否幫助我們確定第三季度的份額在哪里以及第四季度的目標是什麼，以及您是否看到您的競爭對手通過定價或其他方式以任何方式對您的服務器份額增長做出反應？

Yes.

是的。

So Vivek, as you know, we don't necessarily want to get ahead of ourselves in terms of server share.

所以Vivek，如你所知，我們不一定想在服務器份額方面超越自己。

But what we will say is our -- the Q3 quarter was our highest units sort of with EPYC.

但我們要說的是我們的第三季度是我們使用 EPYC 的最高單位。

And so we are seeing good strength and predominantly a very fast transition to Rome.

因此，我們看到了良好的實力，主要是向羅馬的快速過渡。

We expect that to continue to grow as we go into Q4 and into the first half of next year.

我們預計隨著我們進入第四季度和明年上半年，這一數字將繼續增長。

So this is about more platforms ramping and multiple platforms within a given customer.

因此，這與給定客戶內的更多平台和多個平台有關。

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.

你應該看到——我們在第三季度看到了一些關於我們發布的公告，隨著我們進入第四季度和明年上半年，你應該看到更多的公告。

Your question about do we see any unusual activity from a competition standpoint.

您的問題是，從競爭的角度來看，我們是否看到任何不尋常的活動。

Look, our view is that the competition is aggressive, will always be aggressive and we're counting on that.

看，我們的觀點是競爭是激進的，永遠是激進的，我們指望著這一點。

It's a very competitive market out there.

這是一個競爭非常激烈的市場。

That being the case, I think we are feeling very good about how our product is positioned and also the readiness of the product.

既然如此，我認為我們對我們的產品定位以及產品的準備情況感覺非常好。

So the question earlier about are the platforms ready, how's the customer support, I think it's very strong.

所以前面的問題是平台準備好了，客戶支持怎麼樣，我認為它非常強大。

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.

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整體增長。

Got it.

知道了。

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?

對於我的後續行動，麗莎，我有一個長期的概念性問題，很高興看到增長利潤率的提高和成本紀律，但你認為現在是時候真正增加運營支出了嗎？追求最大的足跡，對，增加更多的資源，更多的系統，而不是試圖優化盈利能力？

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.

我只是想知道你是如何看待看跌期權的，以及你是否應該在這個水平上最大化足跡而不是盈利能力。

Yes.

是的。

Well, it's a good question, Vivek.

嗯，這是個好問題，維韋克。

I get asked it from time to time.

我不時被問到。

But what you will see is I think we're very cognizant of where we're going.

但你會看到的是，我認為我們非常清楚我們要去哪裡。

So in other words, the roadmap -- and I mean the long term sort of financial roadmap, I think we understand pretty well.

換句話說，路線圖——我的意思是長期的財務路線圖，我認為我們非常了解。

We want to show leverage on both top and bottom line, and that's certainly our goal.

我們希望在頂線和底線都顯示槓桿作用，這當然是我們的目標。

We did spend a little bit more this year than we originally planned, and that was frankly because the opportunities are very strong.

今年我們確實比原計劃多花了一點錢，坦率地說，這是因為機會非常多。

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.

大部分額外支出都用於研發，包括平台投資、軟件投資，以確保我們抓住我們擁有的機會。

I think we have the right balance, Vivek.

我認為我們有適當的平衡，Vivek。

And certainly, as we go into 2020, we'll continue to look at that balance.

當然，隨著我們進入 2020 年，我們將繼續關注這種平衡。

But I think we are very well balanced between top line and bottom line growth.

但我認為我們在頂線和底線增長之間取得了很好的平衡。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Congratulations, guys.

恭喜，伙計們。

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?

麗莎，我想，我的第一個問題是，你能幫我了解一下你在銳龍和 EPYC 的企業市場上獲得的牽引力嗎？

And kind of what milestones should we be looking at relative to that sort of vertical?

相對於這種垂直方向，我們應該關注哪些里程碑？

Yes.

是的。

So the -- we're very excited about the opportunities for us in the commercial space.

所以 - 我們對我們在商業領域的機會感到非常興奮。

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.

我會告訴你，當我們審視我們的上市投資時，我們在大街上投入了很多腳，以及圍繞商業的一般上市。

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.

從銳龍開始，我想你已經看到並且你應該看到我們擁有的商業平台的數量不斷增加，這不僅僅是平台的數量，而是平台的質量。

Certainly, Lenovo ThinkPad is a premium brand that is very key.

當然，聯想 ThinkPad 是一個非常關鍵的高端品牌。

We have very strong HP commercial offerings.

我們有非常強大的惠普商業產品。

We have additional desktops coming out as well.

我們還推出了更多台式機。

What we are seeing is good traction in the commercial space, and that is the stronger part of the PC market.

我們所看到的是商業領域的良好牽引力，這是 PC 市場中更強大的部分。

And we'll continue to talk about that.

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.

由於它與新平台有關，當然隨著我們在明年更新我們的移動平台，我認為你會在那裡看到更強大的商業產品。

We're investing heavily in security and manageability and all of those other aspects that are important in the commercial space.

我們在安全性和可管理性以及在商業領域中重要的所有其他方面進行了大量投資。

As it relates to EPYC in the Enterprise, I'm actually very encouraged with what we see in the Enterprise.

由於它與 Enterprise 中的 EPYC（霄龍）有關，我實際上對我們在 Enterprise 中看到的內容感到非常鼓舞。

We had originally said that we thought we would be more cloud -- sort of cloud would go first and then Enterprise would take longer.

我們最初說過，我們認為我們會更多地成為雲——某種雲會首先出現，然後企業會花費更長的時間。

I think what we currently see is cloud is certainly a big driver of our business.

我認為我們目前看到的是雲肯定是我們業務的一大推動力。

But our Enterprise business is coming along very nicely.

但我們的企業業務進展順利。

And I really would say that the key metrics there are more top tier brands adopting EPYC and talking about that publicly.

我真的想說，關鍵指標有更多的頂級品牌採用 EPYC 並公開談論這一點。

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.

我們已經進行了多次合作，我之前提到過，我們在 Enterprise 中看到的頂級 OEM 的管道在我們推出後的最後 2 個月內顯著增加。

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.

因此，我認為圍繞 EPYC 的意識以及圍繞這些新平台的意識很強，我們將在前進的過程中繼續建立這一點。

That's helpful, Lisa.

這很有幫助，麗莎。

Then maybe for my follow-up.

然後也許我的後續行動。

As we, the analyst community, look out to modeling 2020, the GPU/CPU is relatively straightforward relative to market share expectations we might have.

由於我們分析師社區著眼於 2020 年建模，相對於我們可能擁有的市場份額預期，GPU/CPU 相對簡單。

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?

我只是有點好奇您是否可以在半定制業務上給我們一些幫助，如果它受到 ASC 60 的影響？

And also, we've got a new gaming cycle next year.

而且，我們明年會有一個新的遊戲週期。

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?

我知道您不想預先宣布客戶產品，但我們應該如何看待整個 2020 年的半定制業務趨勢？

Yes.

是的。

So I think it's a good question, and we will certainly give you more guidance as we get into 2020.

所以我認為這是一個很好的問題，隨著我們進入 2020 年，我們一定會給你更多的指導。

But the way to think about it at a high level is we are going through a product transition with semi-custom now.

但是從高層次上考慮它的方式是，我們現在正在經歷半定制的產品過渡。

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.

例如，在 2019 年，我們經歷了一個不尋常的周期，與上半年相比，2019 年下半年的半定制業務相當疲軟。

And what you should expect in 2020 is that, that would flip strongly.

你應該在 2020 年期待的是，情況會發生強烈反轉。

So I think both of our large customers have said that they're planning a holiday 2020 launch.

因此，我認為我們的兩個大客戶都表示他們計劃在 2020 年推出假期。

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.

這意味著半定制業務將在下半年佔據相當大的比重，因此您應該預期上半年的收入將再次相當疲軟，下半年將強勁復甦。

And the way I look at it is, the gaming business, the console business is a strong business for us.

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。

And so it will be one of the growth drivers as we go into 2020 and beyond.

因此，隨著我們進入 2020 年及以後，它將成為增長驅動力之一。

Our next question is coming from Stacy Rasgon from Bernstein Research.

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

First, I wanted to ask about gross margins.

首先，我想問一下毛利率。

I mean, I guess, I'm glad to see them up.

我的意思是，我猜，我很高興見到他們。

But given what's going on with the mix, I mean, I think you said GPUs were down sequentially.

但是考慮到混合的情況，我的意思是，我認為你說 GPU 是按順序下降的。

We've got data center up more than 50%.

我們的數據中心增長了 50% 以上。

Ryzen is growing.

銳龍正在成長。

You have the Samsung IP in there.

你那裡有三星 IP。

I guess, I'm just surprised not to see them up more both in the quarter as well as into Q4.

我想，我只是驚訝地沒有看到它們在本季度和第四季度都有更多增長。

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.

考慮到我認為應該存在的積極混合驅動因素，我想知道你是否可以給我們更多關於推動利潤率發展的因素的顏色。

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.

我認為，如果您從季度到季度的角度來看，如果您談論的是 Q2 到 Q3，那麼您對產品組合的看法是正確的，特別是 7 納米產品的增長。

And the margins are up.

利潤率上升了。

Last quarter, we had, call it 41%.

上個季度，我們稱之為 41%。

And this time, it's slightly above 43%.

而這一次，它略高於 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.

這從根本上是由於新產品的增加，並且顯然從半定制業務中受益，與第二季度相比，第三季度略有下降。

So that's that.

就是這樣。

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.

然後當你進入第四季度的時間框架時，在 44% 的指南中，它是由新的傳統產品驅動的，對高端產品的需求——我們的產品堆棧正在推動更豐富的組合，顯然，有一點點正如麗莎早些時候所說的那樣，由於半定制收入疲軟而受益。

So I think overall...

所以我覺得總體...

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.

我認為所有這些新產品的總毛利率都應該超過 50%，而且它們的驅動力就像一個巨大的混合轉變，然而，你的毛利率只上升了幾個百分點。

What am I getting wrong?

我怎麼了？

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.

我認為隨著 7 納米產品的推出，這些數字每季度都會增加幾百個基點。

I don't think you get anything wrong.

我不認為你有什麼問題。

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.

你必須看看產品組合相對於公司 18 億美元的總收入，我認為這就是結果，Stacy。

I think, Stacy, maybe if this will help.

我想，斯泰西，也許這會有所幫助。

In each of the product lines, we are certainly mixing up, and that's why you see some of the ASP goodness.

在每個產品線中，我們肯定會混淆，這就是為什麼您會看到一些 ASP 優點。

But you also have some legacy product, right?

但是你也有一些遺留產品，對吧？

And we continue to sell some legacy product as well.

我們還繼續銷售一些遺留產品。

And so that's the -- that's perhaps the other piece.

所以這就是 - 這可能是另一部分。

But I think, as Devinder said, look, we're very happy with the way that the gross margin has progressed.

但我認為，正如 Devinder 所說，看，我們對毛利率的增長方式感到非常滿意。

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.

我認為，如果您查看我們的長期模型，我們曾說過 40 到 44 分，我們將在 44 歲時退出這一年，我認為非常好——在我們進入 2020 年並翻越更多時，我們處於有利地位從產品組合到新產品。

Okay.

好的。

For my follow-up, I wanted to ask about the EPYC server ramp into next quarter.

對於我的後續行動，我想詢問下一個季度的 EPYC 服務器升級情況。

So you were up, you said, more than 50% this quarter.

所以你說，這個季度你上漲了 50% 以上。

So that might be, what, $80 million to $100 million maybe sequentially, which is, I guess, good.

所以這可能是，什麼，8000 萬到 1 億美元可能是順序的，我想，這很好。

Your competitor added almost $1.5 billion sequentially in data center this quarter.

您的競爭對手本季度在數據中心領域連續增加了近 15 億美元。

So when you say next quarter that you're -- I guess, you did gain share.

所以當你說下個季度你是 - 我猜，你確實獲得了份額。

You're up about 50%, their units were up 20% but even so.

你上漲了大約 50%，他們的單位上漲了 20%，但即便如此。

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?

因此，當您說，下個季度，您將在 EPYC 上以強勁的兩位數增長，您認為這是否比我們在第三季度看到的趨勢更好？

I mean, if we were up 50% sequentially in Q3, do you think we can be better than that in Q4?

我的意思是，如果我們在第三季度連續增長 50%，你認為我們會比第四季度更好嗎？

Is that was strong double-digit means?

那是強大的兩位數手段嗎？

Or do you have a different meaning in mind?

或者你心裡有什麼不同的意思？

Well, I think we have in mind strong double digits.

好吧，我認為我們想到了強勁的兩位數。

So I would say -- and Stacy, I'm not being facetious, but again, there are all kinds of puts and takes.

所以我想說——還有斯泰西，我不是在開玩笑，但同樣，有各種各樣的選擇。

What I will say, though, is put in context that the product has basically been in markets since early August.

不過，我要說的是，該產品自 8 月初以來基本上已經上市。

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.

如果你把它放在上下文中，我們說過渡正在迅速進行，我們有許多新平台 - 從字面上看，它們已經上市 4 到 8 週。

With the way the server cycle goes, I'm actually pretty happy with how it's ramping.

隨著服務器週期的發展，我實際上對它的增長方式非常滿意。

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.

正如我所說，我預計第四季度對我們來說將是另一個強勁的季度，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.

我們的下一個問題來自富國銀行的 Aaron Rakers。

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

我有一個問題和後續行動。

Sticking to the server, the EPYC ramp.

堅持服務器，EPYC 坡道。

I'm just curious, out of the gate, what kind of mix have you seen maybe skew towards the 48 and 64 core solutions?

我只是好奇，走出大門，你看到什麼樣的組合可能傾向於 48 和 64 核心解決方案？

And what I'm really getting at is how do we think about the blended ASP trend on EPYC as Rome fully ramps?

我真正想說的是，隨著羅馬的全面崛起，我們如何看待 EPYC 的混合 ASP 趨勢？

Yes.

是的。

So Aaron, it's fair to say that initially, out of the chute, we are seeing a higher mix to the higher end.

所以亞倫，公平地說，最初，我們看到了更高端的混合。

So more 48 and 64 cores as a mix.

所以更多的 48 和 64 核混合在一起。

I think those are very, very attractive products and really take the full advantage of the EPYC product line.

我認為這些都是非常非常有吸引力的產品，並且真正充分利用了 EPYC 產品線。

We are seeing, as you might expect with that mix, that the Rome ASPs are showing lift versus the previous first-generation EPYC.

正如您對這種組合所期望的那樣，我們看到羅馬 ASP 與之前的第一代 EPYC（霄龍）相比表現出了提升。

As we go forward, you would expect that to build out a little bit more.

隨著我們的前進，您會期望它會增加一點。

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.

所以我們有一個完整的服務器部件產品組合，但是，你也期望你會在其中獲得更多的企業，而企業往往有更高的 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.

所以總而言之，我可以說，在服務器市場上，從 ASP 的角度來看，我們對自己所處的位置感覺非常好。

And from a sort of unit share to revenue share, I think they're actually quite close.

從某種單位份額到收入份額，我認為它們實際上非常接近。

Okay.

好的。

And then as just as a quick follow-up, maybe more of a model question.

然後作為一個快速跟進，也許更多的是一個模型問題。

I think last quarter, you talked about the semi-custom business being down in the mid-30% range.

我認為上個季度，您談到半定制業務下降了 30% 左右。

You also talked about Samsung contributions being around $100 million for the full year.

您還談到三星全年的貢獻約為 1 億美元。

I'm just curious, is that still where we stand?

我只是好奇，那還是我們的立場嗎？

And what was kind of the Samsung contribution this last quarter?

三星上個季度的貢獻是什麼？

So I think on the Samsung base, if you look at the second half, it's approximately $100 million.

所以我認為在三星的基礎上，如果你看下半年，它大約是 1 億美元。

Slightly about half was taken in Q3, and the other half will come in Q4.

大約一半是在第三季度採取的，另一半將在第四季度到來。

So that's absolutely right.

所以這是絕對正確的。

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.

然後在 - 是的，在半定制方面，我們在上個季度說過它會下降，我們稱之為 30 年代中期。

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.

很可能，當你對下半年的總體情況進行觀察時，它可能會比 30 年代中期下降一點點。

Let's call it high-30s.

讓我們稱之為high-30s。

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.

麗莎，我有一個關於你的服務器 CPU 業務的後續問題。

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?

而且我想問題是，當您考慮定價和您今天在該業務中看到的利潤率情況時，與您 6 或 9 個月前的計劃相比如何？

Is this pricing and margin coming in pretty much in line with expectations or are they coming in a little bit better?

這個定價和利潤率是否與預期幾乎一致，還是會好一些？

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?

然後，當您考慮到 2020 年該業務的利潤率概況時，考慮到 7 納米可能在明年成熟，考慮到混合以及從雲到企業的客戶組合變化，這兩種動態是否應該成為您的順風該業務的利潤率？

Yes.

是的。

So I would say that the margin mix, as we look here in the beginning of the ramp, is about what we expected.

所以我想說，正如我們在斜坡開始時看到的那樣，利潤率組合與我們預期的差不多。

It's about what we expected.

這與我們的預期有關。

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.

所以我唯一想說的，我之前說過的，是產品組合在斜坡的早期階段可能有點高。

But overall, the margins are pretty close to what we expected.

但總體而言，利潤率非常接近我們的預期。

The pricing environment is pretty close to what we expected.

定價環境非常接近我們的預期。

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.

隨著我們進入 2020 年，我認為另一部分是業務規模將隨著我們業務的增長而增加。

And so that actually helps to absorb some of the fixed costs as well.

因此，這實際上也有助於吸收一些固定成本。

Okay.

好的。

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?

作為快速跟進，您最接近的競爭對手談到了他們數據中心業務的拉動，特別是在中國，從客戶端或服務器端？

And if so, how big was that?

如果是這樣，那有多大？

And how should we think about kind of the implications into Q4 and potentially the early part of 2020?

我們應該如何考慮對第四季度以及可能在 2020 年初的影響？

Yes.

是的。

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.

當我們同時查看客戶端和服務器業務時，我不會說由於關稅或其他原因我們看到了任何重大的拉動。

We monitor sort of certainly very closely the sell-in and sell-through trend.

我們肯定會非常密切地監控賣出和賣出趨勢。

And we believe that what we're seeing in terms of the growth of the business is actually just new platforms running -- ramping.

而且我們相信，我們所看到的業務增長實際上只是新平台的運行——加速。

And given where we are in the product cycle, that makes sense.

鑑於我們在產品週期中所處的位置，這是有道理的。

And so I wouldn't say that we saw any significance of pull-ins in the quarter.

所以我不會說我們在本季度看到了拉入的任何意義。

Our next question is coming from Mitch Steves from RBC.

我們的下一個問題來自 RBC 的 Mitch Steves。

I just had 2. I guess first for Devinder.

我只有 2 個。我想首先是 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.

我知道你們不想提供任何 2020 年的數字，但你們已經被問過這 100 種不同的方式，所以我不妨為你們節省一些時間。

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?

因此，如果我看一下 20 年上半年，是否有任何理由說明毛利率不會高於 12 月季度的水平？

We don't even want to get into 2020.

我們甚至不想進入 2020 年。

There are several product transitions in play this year, as you've heard in the prior questions.

正如您在之前的問題中所聽到的那樣，今年有幾個產品轉換正在發揮作用。

OEM, the semi-custom business, that's in transition.

OEM，半定制業務，正在轉型。

We have obviously the rest of the business in transition with the ramp in 7 nanometers.

顯然，我們的其餘業務都在過渡到 7 納米。

Lisa reported some of the legacy products.

Lisa 報告了一些遺留產品。

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.

所以有很多選擇和接受，我認為一旦我們度過了 2019 年並把它放在床上，我們想談論 2020 年，我們可以在大約 90 天后回來談論 2020 年。

Okay.

好的。

Got you.

得到你。

And then secondly, just for Lisa here.

其次，這裡只是為了麗莎。

There's been a lot of articles just in terms of some firmware issues, there's some software bugs and things out there.

有很多文章只是關於一些固件問題，還有一些軟件錯誤和其他東西。

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?

你能不能幫我們一次性解決所有這些問題，然後談談你們為解決這些問題做了什麼？

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.

因為我們仍然會看到各種各樣的文章出現在這里和那裡，我只是想確保在軟件方面沒有問題。

Let me make sure I understand what you mean, Mitch.

讓我確保我明白你的意思，米奇。

Which product line are you referring to?

你指的是哪個產品線？

Or what are you exactly referring to?

或者你具體指的是什麼？

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.

所以有一些關於 Ryzen 的具體文章，對，說 bios 和類似的東西存在問題，性能指標有點低。

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.

但是後來你們有點聯繫 - 注意到你已經改進或修復了它們，但我們仍然在市場上看到它們，例如，即使在今天。

So I just wanted to know in terms of what happened?

所以我只想知道發生了什麼？

And then secondly, if everything's been resolved?

其次，如果一切都解決了？

Yes.

是的。

So your question was relative to the third generation of Ryzen.

所以你的問題是關於第三代銳龍的。

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.

看，我認為，總的來說，當你看到第三代銳龍和我們推出的平台時，我們對這個斜坡的進展非常、非常滿意。

And when we look at the sales from a sell-through standpoint, we're very pleased with where it is.

當我們從銷售的角度來看銷售額時，我們對它的位置非常滿意。

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.

通過與我們的 ODM 合作夥伴和主板合作夥伴合作，我們已經完成了一些平台優化，以嘗試改進最大提升頻率的優化，我認為，這就是您所指的。

And that has largely been addressed over the last couple of weeks.

在過去的幾周里，這在很大程度上得到了解決。

But I would consider that more of an optimization versus any type of major update.

但我認為與任何類型的主要更新相比，這更多的是一種優化。

And we're going to continue to improve the platform.

我們將繼續改進該平台。

So you're going to see that as is normal with a new platform, that we'll continue to improve the platforms over time.

所以你會看到新平台的正常情況，隨著時間的推移，我們將繼續改進平台。

But I will say that we're very pleased with how third-gen Ryzen has done in the marketplace.

但我會說，我們對第三代銳龍在市場上的表現感到非常滿意。

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.

我們很高興在接下來的幾週內推出 16 核 3950X 以及 Threadripper 系列。

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

接線員，我們有時間再回答大約 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.

只是一個快速的。

As you look at your leverages for gross margins, what would you consider as your greatest leverage?

當您查看您的毛利率槓桿時，您認為最大的槓桿是什麼？

Is it just sales growth as you take share?

只是隨著你的份額而增長的銷售額嗎？

Or is it more products going to 7-nanometer?

還是更多產品走向 7 納米？

I think, if you look at the products, definitely, the new products in the 7-nanometers are very good tailwinds for the gross margin.

我認為，如果你看一下產品，毫無疑問，7 納米的新產品對毛利率來說是非常好的順風。

But also, the mix of the business comes into play.

而且，業務的組合也開始發揮作用。

The more data center revenue we capture in terms of market share obviously helps the gross margin.

我們在市場份額方面獲得的數據中心收入越多，顯然有助於提高毛利率。

The high end of the stack, in particular, in the client PC business, that helps the gross margin.

堆棧的高端，特別是在客戶端 PC 業務中，有助於提高毛利率。

So it's basically those are the things that help the gross margin as we go forward from 2019.

因此，隨著我們從 2019 年開始，基本上這些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?

當你看的時候，你認為利潤可以去哪裡？

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.

好吧，我們認為，正如 Lisa 之前所說，當我們繪製長期目標模型時，我們在 2017 年的時間範圍內繪製了 40% 到 44%。

That's what we said.

這就是我們所說的。

We -- exiting, we had 44%, and we'll come back and update that sometime in 2020.

我們 - 退出，我們有 44%，我們會在 2020 年的某個時候回來更新它。

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的 Timothy Arcuri。

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

我認為在過去，您已經給出了數據中心 CPU 和 GPU 總收入佔總收入的百分比。

Can you give us that number?

你能給我們那個號碼嗎？

Yes.

是的。

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.

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，儘管我們看到服務器部分明顯更高——正如我們之前所說，連續增長超過 50%，CPU 收入也是如此—— - 單位出貨量和收入，這絕對有幫助。

Yes, got it.

是的，明白了。

Okay.

好的。

And then, I guess, just a bigger picture question.

然後，我想，這只是一個更大的問題。

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.

就你所擁有的競爭優勢而言，其中一些與工藝技術有關，但當然，你的競爭對手也可以去台積電製造 CPU。

But I guess, there's other parts that relate to your fundamental architecture, which is the chiplet, the memory density and your IPC advantage.

但我想，還有其他部分與您的基本架構相關，即小芯片、內存密度和您的 IPC 優勢。

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?

所以我想可以分解一下——麗莎，你能分解一下有多少真正的優勢是與流程相關的，有多少是與架構相關的？

Yes.

是的。

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.

所以蒂莫西，我回答這個問題的方式是，看，我們做出了一組選擇，這組選擇包括工藝技術，它們包括架構，我們的小芯片架構。

They include sort of our overall system architecture.

它們包括我們的整體系統架構。

And I think we've made a set of good choices.

我認為我們已經做出了一系列不錯的選擇。

Going forward, we are not relying on process technology as the main driver.

展望未來，我們不再依賴工藝技術作為主要驅動力。

We think process technology is necessary.

我們認為工藝技術是必要的。

It's necessary to be sort of at the leading edge of process technology.

有必要處於工藝技術的前沿。

And so today, 7-nanometer is our great node, and we're getting a lot of benefit from it.

所以今天，7 納米是我們偉大的節點，我們從中受益匪淺。

We will transition to the 5-nanometer node at the appropriate time and get great benefit from that as well.

我們將在適當的時候過渡到 5 納米節點，並從中受益匪淺。

But we're doing a lot in architecture.

但是我們在建築方面做了很多工作。

And I would say that the architecture is where we believe the highest leverage is for our product portfolio going forward.

我想說的是，架構是我們認為對我們的產品組合未來具有最高影響力的地方。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over for any further and closing comments.

我想把地板翻過來，以獲取更多和結束的評論。

Thank you very much, operator.

非常感謝您，接線員。

And thank you, everyone, for joining us on the call today.

感謝大家今天加入我們的電話會議。

We do have a number of events planned here in the fourth quarter, and we look forward to seeing you all soon.

我們確實在第四季度計劃了許多活動，我們期待很快與大家見面。

Have a great evening.

有一個美好的夜晚。

Thank you.

謝謝你。

That does conclude today's teleconference.

今天的電話會議到此結束。

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

你可以在這個時候斷開你的線路，並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。