超微半導體 (AMD) 2019 Q4 法說會逐字稿

Greetings, and welcome to the AMD Fourth Quarter and Fiscal Year 2019 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2019 年第四季和財年電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Laura Graves, Corporate Vice President, Investor Relations for AMD. Please go ahead, Laura.

現在我很高興介紹您的主持人，AMD 公司投資者關係副總裁 Laura Graves。請繼續，勞拉。

Thank you, and welcome to AMD's Fourth Quarter and Year-end 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 documents, they can be found on the Investor Relations page of AMD's website, amd.com.

謝謝，歡迎參加 AMD 2019 年第四季和年終財務業績電話會議。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文件，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 the afternoon of Thursday, March 5, we will hold our Financial Analyst Day at our headquarters in Santa Clara, California; and our first quarter 2020 quiet time is expected to begin at the close of business on Friday, March 13.

我想向你們強調一些重要的日期。3月5日星期四下午，我們將在加州聖克拉拉總部舉辦財務分析師日；我們的 2020 年第一季靜默期預計將於 3 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 expectations. We will refer primarily to non-GAAP financial measures during this call, except for revenue and segment operational results, which are on a GAAP basis. The non-GAAP financial measures referenced herein are reconciled to their most directly comparable GAAP financial measure in today's press release posted on our website. Please refer to the cautionary statement in our press release for more information on risks related to any forward-looking statements that we may make. You will also find detailed discussions about our risk factors in our filings with the SEC, and, in particular, AMD's quarterly report on Form 10-Q for the quarter ended September 28, 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，因此涉及可能導致實際結果與我們的預期有重大差異的風險和不確定性。在本次電話會議中，我們將主要參考非 GAAP 財務指標，但收入和分部營運績效除外，因為它們是基於 GAAP 的。本文引用的非 GAAP 財務指標與我們網站上今天發布的新聞稿中最直接可比較的 GAAP 財務指標進行了協調。有關我們可能做出的任何前瞻性陳述的風險的更多信息，請參閱我們新聞稿中的警告聲明。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 9 月 28 日的 10-Q 表季度報告。

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

說完，我會把電話交給麗莎。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. 2019 marked another major milestone in our multiyear journey. We delivered record annual revenue of $6.73 billion, and significantly increased both gross margin and net income as we successfully introduced and ramped the strongest product portfolio in our 50-year history. We grew clients and server processor annual revenue by $1.5 billion in 2019, driven largely by the strong demand for our 7-nanometer Ryzen and EPYC processors, powered by our Zen 2 processor core.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。2019 年是我們多年旅程中的另一個重要里程碑。我們實現了創紀錄的 67.3 億美元年收入，隨著我們成功推出並擴大了 50 年歷史上最強大的產品組合，毛利率和淨收入都大幅增加。2019 年，我們的客戶和伺服器處理器年收入成長了 15 億美元，這主要得益於對搭載 Zen 2 處理器核心的 7 奈米 Ryzen 和 EPYC 處理器的強勁需求。

Looking at the fourth quarter, we ended the year very strong with quarterly revenue increasing 50% year-over-year to a record $2.13 billion, while also significantly increasing net income.

縱觀第四季度，我們以非常強勁的業績結束了這一財年，季度營收年增 50%，達到創紀錄的 21.3 億美元，同時淨收入也大幅增加。

Turning to our Computing and Graphics segment. Fourth quarter revenue increased 69% year-over-year to $1.66 billion. Ryzen processor adoption accelerated sharply in 2019, helping to drive significant double-digit percentage increases in client processor annual unit shipments, ASPs and revenue. We ended 2019 with our highest quarterly client processor unit shipments in more than 6 years based on strong demand for Ryzen desktop and mobile processors.

轉向我們的計算和圖形部分。第四季營收年增69%至16.6億美元。2019 年，Ryzen 處理器的採用率急劇上升，推動客戶端處理器年出貨量、平均售價和營收實現兩位數的顯著百分比成長。由於市場對 Ryzen 桌上型電腦和行動處理器的強勁需求，我們在 2019 年實現了 6 年多來最高的季度用戶端處理器出貨量。

In desktop, we had a very strong holiday season as our second- and third-generation Ryzen processors consistently held top sales spots at the largest global e-tailers and retailers. We launched our Ryzen 3950X processor and the 24- and 32-core versions of our third generation Ryzen Threadripper processors in November. Our 16-core Ryzen 3950X processor is the world's fastest mainstream desktop processor, while our latest Threadripper CPUs offer unmatched performance for the high-end desktop market.

在桌面領域，我們的假期銷售非常強勁，因為我們的第二代和第三代 Ryzen 處理器在全球最大的電子零售商和零售商中一直佔據著銷售榜首。我們在 11 月推出了 Ryzen 3950X 處理器以及第三代 Ryzen Threadripper 處理器的 24 核心和 32 核心版本。我們的 16 核心 Ryzen 3950X 處理器是世界上最快的主流桌上型電腦處理器，而我們最新的 Threadripper CPU 為高階桌上型電腦市場提供了無與倫比的效能。

In January, we expanded our leadership position in the HEDT market with the launch our flagship 64-core Ryzen Threadripper processor, which is the world's highest performance desktop processor.

今年 1 月，我們推出了旗艦 64 核心 Ryzen Threadripper 處理器，擴大了我們在 HEDT 市場的領導地位，該處理器是世界上性能最高的桌上型電腦處理器。

In mobile, we had our eighth straight quarter of strong double-digit percentage year-over-year revenue growth as we expanded the number of AMD-powered laptops available for major OEMs. We began shipping our Ryzen 4000 mobile processors powered by our Zen 2 core at the end of the fourth quarter. These new processors double the performance per watt of our prior generation and deliver leadership single-threaded, multi-threaded and graphics performance for thin and light notebooks while enabling the industry's first ultrathin laptops with 8 cores. Initial systems featuring the Ryzen 4000 processors are expected to launch later this quarter, and more than 100 AMD-based consumer and commercial laptops are planned for 2020, from Acer, ASUS, Dell, HP, Lenovo and other major OEMs.

在行動領域，由於我們擴大了可供主要 OEM 廠商使用的 AMD 筆記型電腦的數量，我們連續第八個季度實現了強勁的兩位數同比增長。我們在第四季末開始販售搭載 Zen 2 核心的 Ryzen 4000 行動處理器。這些新處理器的每瓦性能比上一代產品高出一倍，為輕薄筆記型電腦提供了領先的單線程、多線程和圖形性能，同時也成就了業界首款配備 8 核的超薄筆記型電腦。預計搭載 Ryzen 4000 處理器的初始系統將於本季稍後推出，宏碁、華碩、戴爾、惠普、聯想和其他主要 OEM 廠商計劃在 2020 年推出 100 多款基於 AMD 的消費和商用筆記型電腦。

In Graphics, fourth quarter unit shipments grew by a strong double-digit percentage year-over-year, driven by sales of our Radeon RX 5000 series GPUs, featuring our new RDNA architecture. We further expanded our portfolio of RDNA GPUs with the introductions of the 5500 XT and 5600 XT desktop graphics cards, highlighted by strong third-party reviews that clearly establish 5600 XT as the most powerful gaming GPU available for under $300.

在圖形領域，第四季度單位出貨量同比增長強勁的兩位數百分比，這得益於採用我們新 RDNA 架構的 Radeon RX 5000 系列 GPU 的銷售。我們進一步擴展了 RDNA GPU 產品組合，推出了 5500 XT 和 5600 XT 桌上型電腦顯示卡，第三方的強力評價明確證明 5600 XT 是 300 美元以下最強大的遊戲 GPU。

We launched our Radeon 5000M mobile GPUs in the quarter as well, and we are seeing solid design win momentum based on their strong performance and power efficiency. The first laptops powered by the new GPUs are available now, including the recently updated Apple MacBook Pro, and we expect many more notebooks featuring our Radeon 5000M GPUs to launch throughout 2020.

我們也在本季推出了 Radeon 5000M 行動 GPU，並且我們看到基於其強大性能和能源效率的穩健設計獲勝勢頭。首批搭載新 GPU 的筆記型電腦現已上市，包括最近更新的 Apple MacBook Pro，我們預計 2020 年將推出更多搭載 Radeon 5000M GPU 的筆記型電腦。

Data center GPU revenue increased sequentially, driven by cloud, VDI and game streaming deployments. We announced a major update to our open-source GPU computing software stack in the fourth quarter, featuring performance optimizations, expanded development tools and support for the most popular machine learning frameworks. We continue making strategic software investments to make it easier for developers to tap into the full capabilities of our Radeon Instinct accelerators for HPC and AI applications.

受雲端、VDI 和遊戲串流部署的推動，資料中心 GPU 營收季增。我們在第四季度宣布對我們的開源 GPU 計算軟體堆疊進行重大更新，包括效能優化、擴展開發工具和對最受歡迎的機器學習框架的支援。我們將繼續進行策略性軟體投資，以便開發人員更輕鬆地充分利用我們的 Radeon Instinct 加速器的全部功能，用於 HPC 和 AI 應用程式。

For the year, data center GPU revenue grew by a strong double-digit percentage as we continue to make progress growing our presence in this important part of the market.

今年，隨著我們繼續在這一重要市場領域擴大影響力，資料中心 GPU 收入實現了強勁的兩位數成長。

Turning to our Enterprise, Embedded and Semi-Custom segment. Revenue of $465 million increased 7% year-over-year, as EPYC processor revenue growth offset declines in semi-custom revenue. Semi-custom sales continued to soften in the quarter in advance of the next-generation console launches from Sony and Microsoft planned this year. For 2020, we expect first quarter semi-custom revenue to be negligible, and the ramp of next-generation semi-custom products to start in the second quarter, with revenue to be heavily weighted towards the second half of the year.

轉向我們的企業、嵌入式和半客製化領域。營收為 4.65 億美元，年增 7%，因為 EPYC 處理器收入的成長抵消了半客製化收入的下降。由於索尼和微軟計劃今年推出下一代遊戲機，本季半客製化遊戲機的銷售量持續疲軟。對於 2020 年，我們預計第一季的半客製化收入將微不足道，下一代半客製化產品將從第二季開始成長，收入將主要集中在下半年。

In server, revenue grew by a strong double-digit percentage as unit shipments and ASPs increased sequentially, driven by demand for our second-gen EPYC processors. Our second-gen EPYC processors are ramping significantly faster than the first generation as we see particular strength for our higher core count models where our performance and TCO advantages are the most significant.

在伺服器方面，由於第二代 EPYC 處理器的需求推動，單位出貨量和平均售價連續成長，收入實現了強勁的兩位數百分比成長。我們的第二代 EPYC 處理器的成長速度明顯快於第一代，因為我們看到核心數較高的型號具有特別的優勢，而我們的效能和 TCO 優勢最為顯著。

Cloud adoption with the largest providers continues to accelerate, driven by the expanding use of EPYC processors to power their critical internal workloads as well as a significant increase in the number of AMD-powered instances publicly available. Shipments to cloud providers increased sequentially by a significant double-digit percentage to support expanding build-outs at Amazon, Google, Microsoft, Oracle and Tencent. Microsoft announced the availability of 4 new virtual machines, and AWS announced 2 new EC2 instances powered by second-gen EPYC processors.

大型供應商對雲端技術的採用持續加速，這得益於 EPYC 處理器越來越多地用於支援其關鍵內部工作負載，以及公開可用的 AMD 驅動執行個體數量顯著增加。對雲端供應商的出貨量連續實現了兩位數的顯著成長，以支援亞馬遜、谷歌、微軟、甲骨文和騰訊不斷擴大的建設。微軟宣布推出 4 款新虛擬機，AWS 宣布推出 2 款由第二代 EPYC 處理器驅動的新 EC2 執行個體。

In the Enterprise, Dell began shipping their full portfolio of servers powered by our latest EPYC processors. We have doubled the number of EPYC processor platforms in market to more than 100 offerings in the quarter. These new platforms are driving increased enterprise customer engagements, broadening our sales pipeline considerably.

在企業領域，戴爾開始販售搭載我們最新的 EPYC 處理器的全系列伺服器。本季度，我們將市場上的 EPYC 處理器平台數量增加了一倍，達到 100 多個。這些新平台正在推動企業客戶參與度的提高，大大拓寬了我們的銷售管道。

In HPC, we secured multiple large wins in the quarter based on our unmatched performance and scalability, highlighted by French, German and U.K. national supercomputing center deployments as well as the San Diego Supercomputing Center.

在高效能運算領域，我們憑藉無與倫比的效能和可擴展性在本季度獲得了多項重大勝利，其中最突出的是法國、德國和英國國家超級運算中心的部署以及聖地牙哥超級運算中心的部署。

We are pleased with the significant traction and momentum in our server business and remain on track to achieve our goal of double-digit percentage unit share by midyear based on the growing demand for our second-gen EPYC processors.

我們對伺服器業務的顯著成長和發展勢頭感到滿意，並且基於第二代 EPYC 處理器不斷增長的需求，我們預計將在年中實現兩位數百分比份額的目標。

I am very proud of our 2019 accomplishments as the successful ramps of our latest Ryzen, Radeon and EPYC processors resulted in record annual revenue and substantial increases in gross margin and net income.

我對我們 2019 年的成就感到非常自豪，因為我們最新的 Ryzen、Radeon 和 EPYC 處理器的成功推出帶來了創紀錄的年收入以及毛利率和淨收入的大幅增長。

I want to take a moment to recognize the more than 11,000 AMDers around the world, whose focus and determination enabled us to achieve these results. We entered 2020 well positioned to continue gaining share across the PC, gaming and server markets based on having an unmatched portfolio of leadership products, spanning from desktops to laptops, data centers and game consoles. With more than 27-nanometer designs in production or development, we are very excited about our next wave of products that can accelerate our growth in 2020 and beyond.

我想藉此機會感謝全球 11,000 多名 AMD 員工，他們的專注和決心使我們能夠取得這些成果。進入 2020 年，我們已做好充分準備，憑藉無與倫比的領先產品組合（涵蓋桌上型電腦、筆記型電腦、資料中心和遊戲機），繼續在 PC、遊戲和伺服器市場中贏得份額。隨著 27 奈米以上設計投入生產或開發，我們對下一波產品感到非常興奮，這些產品可以加速我們在 2020 年及以後的成長。

We are still in the early stages of our journey and remain focused on meeting our commitments as we establish AMD as the high-performance computing and graphics leader.

我們仍處於旅程的早期階段，並將繼續專注於履行我們的承諾，將 AMD 打造為高效能運算和圖形領導者。

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

現在我想將電話轉給 Devinder，以便他能為我們的第四季和全年財務表現提供一些額外的資訊。

Thank you, Lisa, and good afternoon, everyone. 2019 was an outstanding year for AMD. Our competitive product portfolio and market share gains drove the highest annual and highest quarterly revenue in AMD's history. We achieved our highest annual gross margin percentage and annual free cash flow since 2011, and we improved non-GAAP earnings per share by 39% year-over-year. In short, we are very pleased with our financial performance.

謝謝你，麗莎，大家午安。2019 年對 AMD 來說是傑出的一年。我們具有競爭力的產品組合和市場份額的成長推動了 AMD 歷史上最高的年度收入和最高的季度收入。我們實現了自 2011 年以來最高的年度毛利率和年度自由現金流，非公認會計準則每股收益年增 39%。簡而言之，我們對我們的財務表現非常滿意。

Fourth quarter revenue was $2.13 billion, up 50% from a year ago and up 18% from the prior quarter, driven by strong sales of Ryzen and EPYC processors and Radeon GPUs, partially offset by softer semi-custom sales. Gross margin was 45%, up 360 basis points from a year ago, driven primarily by sales of our leadership 7-nanometer products.

第四季營收為 21.3 億美元，較去年同期成長 50%，較上一季成長 18%，這得益於 Ryzen 和 EPYC 處理器以及 Radeon GPU 的強勁銷售，但半客製化銷售疲軟部分抵消了這一成長。毛利率為 45%，比去年同期成長 360 個基點，主要得益於我們領先的 7 奈米產品的銷售。

Operating expenses were $545 million, with increased investments in go-to-market activities and R&D, compared to $474 million a year ago. Operating income was $405 million, up $296 million from a year ago, driven by revenue growth and higher gross margin. Operating margin was 19% as compared to 8% a year ago. Net income was $383 million, up $296 million from a year ago, and diluted earnings per share was $0.32 per share compared to $0.08 per share a year ago.

營運費用為 5.45 億美元，與去年的 4.74 億美元相比，增加了對市場推廣活動和研發的投資。營業收入為 4.05 億美元，比去年同期增加 2.96 億美元，這得益於收入成長和毛利率上升。營業利益率為 19%，而去年同期為 8%。淨收入為 3.83 億美元，比去年同期成長 2.96 億美元，每股攤薄收益為 0.32 美元，而去年同期為每股 0.08 美元。

Now turning to the business segment results. Computing and Graphics segment revenue was $1.66 billion, up 69% year-over-year, driven by Ryzen processor and Radeon gaming GPU sales growth. Computing and Graphics segment operating income was $360 million or 22% of revenue compared to $115 million a year ago, driven by higher revenue.

現在來談談業務部門的業績。運算和圖形部門營收為 16.6 億美元，年增 69%，這得益於 Ryzen 處理器和 Radeon 遊戲 GPU 銷售的成長。計算和圖形部門的營業收入為 3.6 億美元，佔收入的 22%，而去年同期為 1.15 億美元，這得益於收入的增加。

Enterprise, Embedded and Semi-Custom segment revenue was $465 million, up 7% from $433 million the prior year. The continued growth of EPYC processor sales was partially offset by softer semi-custom revenue. EPYC processor revenue grew by a strong double-digit percentage sequentially, driven by robust shipments of our second-generation EPYC processors. EESC segment operating income was $45 million or 10% of revenue, driven by EPYC processor sales, compared to an operating loss of $6 million a year ago.

企業、嵌入式和半客製化部門營收為 4.65 億美元，較上年的 4.33 億美元成長 7%。EPYC 處理器銷售的持續成長被半客製化收入的疲軟部分抵消。受第二代 EPYC 處理器強勁出貨量的推動，EPYC 處理器營收季增了兩位數。EESC 部門的營業收入為 4,500 萬美元，佔營收的 10%，這得益於 EPYC 處理器的銷售，而去年同期的營業虧損為 600 萬美元。

During the quarter, we reduced gross debt by $524 million, which resulted in a GAAP loss of $128 million. These debt reductions result in an annualized interest expense savings of approximately $16 million.

本季度，我們減少了 5.24 億美元的總債務，導致 GAAP 虧損 1.28 億美元。這些債務削減導致年度利息支出節省約 1,600 萬美元。

Free cash flow was positive $400 million in the fourth quarter, and cash flow from operations was $442 million. Inventory was $1 billion, down 6% from the prior quarter.

第四季自由現金流為正4億美元，營運現金流為4.42億美元。庫存為 10 億美元，較上一季下降 6%。

Fourth quarter adjusted EBITDA was $469 million compared to $152 million a year ago, driven by higher quarterly earnings.

第四季調整後的 EBITDA 為 4.69 億美元，而去年同期為 1.52 億美元，這得益於季度收益的增加。

Now let me cover the full year results. 2019 revenue was $6.73 billion, up 4% year-on-year, driven by strong growth in Computing and Graphics segment and sales of second-generation EPYC processors, partially offset by a decline in semi-custom sales. Excluding semi-custom, revenue was up more than 20% year-over-year. Gross margin of 43% was up 420 basis points from the prior year, driven by our current generation of Ryzen and EPYC products. Operating expenses were 31% of revenue as we increase go-to-market activities and investments in R&D. 2019 operating income was up 33% from a year ago to $840 million or 12% of revenue. Net income was $756 million, up 46 -- 47% from the prior year.

現在讓我來介紹一下全年業績。2019 年營收為 67.3 億美元，年成長 4%，主要得益於運算和圖形部門的強勁成長以及第二代 EPYC 處理器的銷售，但半客製化銷售額的下降部分抵消了這一成長。不包括半定制，收入年增超過20％。毛利率為 43%，較上年增長 420 個基點，這得益於我們當前一代 Ryzen 和 EPYC 產品。由於我們增加了市場推廣活動和研發投入，營運費用佔收入的 31%。2019 年營業收入較前一年成長 33%，達到 8.4 億美元，佔營收的 12%。淨收入為 7.56 億美元，比上年增長 46% 至 47%。

Turning to the balance sheet. I am extremely pleased with our progress on the strengthening balance sheet. Cash, cash equivalents and marketable securities totaled $1.5 billion at year-end, while gross debt was $563 million. This represents our highest net cash position since the third quarter of 2006. Full year free cash flow was $276 million.

轉向資產負債表。我對我們在加強資產負債表方面取得的進展感到非常高興。截至年底，現金、現金等價物和有價證券總額為 15 億美元，而總債務為 5.63 億美元。這是我們自 2006 年第三季以來的最高淨現金狀況。全年自由現金流為2.76億美元。

We reduced principal debt by almost $1 billion in 2019, and ended the year with less than $600 million of gross debt.

2019 年，我們減少了近 10 億美元的本金債務，年底總債務不足 6 億美元。

On a trailing 12-month basis, adjusted EBITDA was $1.1 billion, resulting in gross leverage of 0.5x, down from 1.9x at the end of 2018.

在過去 12 個月中，調整後的 EBITDA 為 11 億美元，總槓桿率為 0.5 倍，低於 2018 年底的 1.9 倍。

Now turning to the outlook for the first quarter of 2020. We expect revenue to be approximately $1.8 billion, plus or minus $50 million, an increase of approximately 42% year-over-year and a decrease of approximately 15% sequentially. The year-over-year increase is expected to be driven by strong growth in Ryzen, EPYC and Radeon product sales. The sequential decrease is driven primarily by negligible semi-custom revenue, which continues to soften in advance of the ramp of next-generation products in addition to seasonality.

現在來談談2020年第一季的展望。我們預計營收約 18 億美元，上下浮動 5,000 萬美元，年增約 42%，較上季下降約 15%。預計同比成長將受到 Ryzen、EPYC 和 Radeon 產品銷售強勁成長的推動。環比下降的主要原因是半客製化收入微不足道，除了季節性因素外，在下一代產品上市之前，半定制收入繼續走弱。

In addition, for Q1 2020, we expect non-GAAP gross margin to be approximately 46%; non-GAAP operating expenses to be approximately $580 million; non-GAAP interest expense, taxes and other to be approximately $18 million; and the first quarter diluted share count is expected to be approximately 1.22 billion shares.

此外，對於 2020 年第一季度，我們預計非 GAAP 毛利率約為 46%；非公認會計準則營運費用約為 5.8 億美元；非公認會計準則利息支出、稅金及其他約為 1800 萬美元；預計第一季稀釋股數約為12.2億股。

For the full year 2020, we expect revenue growth of approximately 28% to 30%, driven by strength across all businesses. We expect non-GAAP gross margin to be approximately 45%, non-GAAP operating expenses to be approximately 28% of revenue and a non-GAAP tax rate of approximately 3% of pretax income.

就2020年全年而言，我們預計營收成長約為28%至30%，這得益於所有業務的強勁成長。我們預計非公認會計準則毛利率約為 45%，非公認會計準則營業費用約為收入的 28%，非公認會計準則稅率約為稅前收入的 3%。

In closing, we had an excellent fourth quarter and an excellent 2019. Our full year financial results highlight the strength of our business model. I look forward to what we have in store for 2020 as we expect to further expand and ramp our leadership portfolio of high-performance products to drive revenue growth, gross margin expansion, market share gains and financial momentum.

總而言之，我們度過了出色的第四季度和出色的 2019 年。我們的全年財務表現凸顯了我們商業模式的實力。我對我們 2020 年的計劃充滿期待，我們期望進一步擴大和提升我們的高性能產品領導組合，以推動收入增長、毛利率擴大、市場份額增長和財務勢頭。

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

說完這些，我將把時間交還給勞拉，進行問答環節。勞拉？

Thank you very much, Devinder. Operator, we're ready to begin polling for questions.

非常感謝，Devinder。接線員，我們已準備好開始調查問題。

(Operator Instructions) Our first question today is coming from Vivek Arya from Bank of America Securities.

（操作員指示）我們今天的第一個問題來自美國銀行證券的 Vivek Arya。

Congratulations on the strong growth and execution. Lisa, for my first one, you mentioned the goal to get to kind of this double-digit market share in servers by the middle of the year. I'm just wondering how the visibility is around in achieving this target. What's driving it? Is it just more instances at existing cloud customers? And as part of that, do you also have a share target for exiting this year?

恭喜您取得強勁的成長和執行力。麗莎，我的第一個問題，你提到了到今年年中達到伺服器市場份額兩位數的目標。我只是想知道實現這一目標的可見性如何。是什麼在推動它？這僅僅是現有雲端客戶的更多實例嗎？作為其中的一部分，您是否也設定了今年退出的股票目標？

Yes, Vivek, thank you for the questions. So, look, we are very pleased with how Rome is ramping. We've been in market now 4 to 5 months, and the visibility that we have is -- with the cloud guys, we have visibility to the public-facing instances as well as what they're doing in terms of internal workloads. And what we see is just the breadth of the overall workloads that are -- that they're using Rome with is expanding. And then on the enterprise side, with the full portfolio of our partners, HPE, Dell, Lenovo and the ODM partners, we see just a significantly -- significant increase in the overall enterprise pipeline that we have for Rome. So we're very focused on continuing to grow share in the data center market, and we feel good about our mid-year market share targets.

是的，Vivek，謝謝你的提問。所以，你看，我們對羅馬的發展感到非常滿意。我們進入市場已經有 4 到 5 個月了，我們的可見性是 - 透過雲端運算，我們可以了解面向公眾的實例以及他們在內部工作負載方面所做的事情。我們看到的是，他們使用 Rome 的整體工作量正在擴大。在企業方面，透過與 HPE、戴爾、聯想和 ODM 合作夥伴等合作夥伴的全面合作，我們看到 Rome 的整體企業管道有了顯著的成長。因此，我們非常注重繼續擴大資料中心市場的份額，我們對年中市場份額目標感到滿意。

In terms of our market share targets, Vivek, I think we'll talk a little bit more at our Financial Analyst Day about some of the longer-term targets. But certainly, for 2020, we're very focused on growing our overall data center share.

就我們的市場份額目標而言，維韋克，我想我們會在財務分析師日上進一步討論一些長期目標。但可以肯定的是，到 2020 年，我們非常注重擴大我們的整體資料中心份額。

And for my follow-up, Lisa. How should we interpret the impact of capacity shortages at your main competitor? Have you seen any benefit from that? If not, why not?

我的後續問題是麗莎。我們該如何解讀主要競爭對手產能短缺的影響？您從中看到什麼好處了嗎？如果不是，為什麼？

And then kind of part B is, Intel did say that they plan to expand capacity later this year and will focus it more on the PC client side and try to reclaim market share. What effect will that have on the pricing in the market? And does your full year outlook kind of bake any potential impact of that competition?

然後 B 部分是，英特爾確實表示他們計劃在今年稍後擴大產能，並將更多地關注 PC 用戶端，並試圖重新奪回市場份額。這將對市場定價產生什麼影響？您對全年的展望是否考慮到了該比賽的任何潛在影響？

Yes. So when we look at the PC market, we finished 2019 very strong in the overall PC market, both mobile and desktop. I think that's primarily on the strength of the product portfolio and the expanding customer platforms that we have. There are some discussions about, let's call it, pockets of shortages. But as I said before, I don't believe -- we've been on this steady increase in market share now for the last 8 quarters, and we believe we gained share in Q4 as well. So I think what we see is just the portfolio getting a lot stronger.

是的。因此，當我們觀察 PC 市場時，我們會發現 2019 年我們在整個 PC 市場（包括行動市場和桌上型電腦市場）都表現非常強勁。我認為這主要得益於我們強大的產品組合和不斷擴大的客戶平台。有一些關於，我們稱之為，局部短缺的討論。但正如我之前所說，我不相信——過去 8 個季度以來，我們的市場份額一直在穩步增長，而且我們相信我們在第四季度的份額也有所增加。所以我認為我們看到的是投資組合變得更強大。

As we go into 2020, I think we are, again, enthusiastic about our products. In addition to the Zen 2-based desktop products, we've added Zen 2 now in the notebook portfolio, and we'll have that for the full year of 2020. So I think our outlook expects growth in all businesses, including the PC business. And we remain very focused on expanding our market presence in both consumer as well as commercial PCs.

當我們進入 2020 年時，我想我們再次對我們的產品充滿熱情。除了基於 Zen 2 的桌上型電腦產品外，我們現在還在筆記型電腦產品組合中添加了 Zen 2，並且將在 2020 年全年推出該系列產品。因此我認為我們的前景預計所有業務都會成長，包括個人電腦業務。我們仍然非常注重擴大我們在消費和商用個人電腦市場的份額。

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, this may overlap a little bit with Vivek's question, but I was hoping to better understand some of the key assumptions behind your full year guidance. For both your PC business as well as the server business, can you talk to some of the TAM assumptions that you're making and the market share assumptions for the full year? And then I've got a quick follow-up.

Lisa，這可能與 Vivek 的問題有點重疊，但我希望能更好地理解您全年指導背後的一些關鍵假設。對於您的個人電腦業務和伺服器業務，您能否談談您所做的一些 TAM 假設以及全年的市場佔有率假設？然後我有一個快速的跟進。

Sure, sure. So let me talk first about the market, and then talk a little bit about how we're seeing the full year. So if you look at the PC market, I think, the discussion so far has been, let's call it, 2020, flat to maybe down slightly. There has been some concern raised about the second half of '20 perhaps be weakened -- weaker than normal seasonality just due to some of the enterprise refresh cycles that are strong in the first half. We're viewing it as flat -- flattish, maybe down very slightly.

當然，當然。所以讓我先談談市場，然後再談談我們對全年的看法。因此，如果你看一下個人電腦市場，我認為，到目前為止的討論是，我們稱之為 2020 年，持平或可能略有下降。有人擔心 2020 年下半年的經濟可能會減弱——由於上半年一些企業更新周期強勁，季節性可能會比正常情況弱。我們認為它是平穩的——略微平穩，甚至可能略有下降。

That being the case, back to the comment I made with Vivek, I think we feel very good about our product portfolio, and especially when we look at sort of our notebook share and our relative opportunity to gain market share. The strength of our Ryzen 4000 series products is significantly stronger than previous generations, and the platforms are also significantly broader. So we feel good about that.

既然如此，回到我對 Vivek 的評論，我認為我們對我們的產品組合感到非常滿意，尤其是當我們看到我們的筆記型電腦份額以及我們獲得市場份額的相對機會時。我們的Ryzen 4000系列產品的實力比前幾代產品明顯更強，平台也明顯更廣。因此我們對此感到很高興。

In the data center market, again, I would say that the growth of computing continues. From our standpoint, we see it as a good market environment for data center in both cloud as well as enterprise. When we look at our full year revenue guide of approximately 28% to 30% for the year, the highest growth from a percentage standpoint will obviously be server, just given the expectations in that market. But we expect all of our businesses to grow nicely in 2020. And that's just, again, based on where we are in the product cycle and the visibility that we have with customer design wins as well as just overall competitiveness.

在資料中心市場，我想再次強調，計算的成長仍在繼續。從我們的角度來看，我們認為這對雲端資料中心和企業資料中心來說都是一個良好的市場環境。當我們查看全年收入指南（約 28% 至 30%）時，從百分比角度來看，最高成長率顯然是伺服器，這考慮到該市場的預期。但我們預計 2020 年所有業務都會實現良好成長。這只是基於我們在產品週期中的位置以及我們對客戶設計勝利的了解以及整體競爭力。

Great. And then I had a quick follow-up on gross margins, one probably for Devinder. You guys are guiding Q1 gross margins to 46% and then 45% for the full year. I appreciate your semi-custom business is at a low point in Q1 and the ramp in Q2 and more so in the second half is probably dilutive to corporate margins. But if you can kind of walk through some of the puts and takes from a gross margin perspective for the year, that would be helpful.

偉大的。然後我對毛利率進行了快速跟進，這可能是針對 Devinder 的。你們預期第一季的毛利率為 46%，全年毛利率為 45%。我知道你們的半客製化業務在第一季處於低谷，而第二季及下半年的成長可能會稀釋企業利潤率。但如果您可以從今年的毛利率角度來介紹其中的一些利弊，那將會很有幫助。

And then related to that, if you can compare and contrast the gross margin profile of your semi-custom business going into the next cycle versus the past cycle, product cycle, that would be helpful.

與此相關，如果您可以比較和對比進入下一個週期與上一個週期、產品週期的半定制業務的毛利率狀況，那將會很有幫助。

Yes, let me start, and then Lisa can chime in. Overall, from a margin standpoint, you got it right. We are guiding to the 46% in the Q1 quarter.

是的，讓我先開始，然後麗莎可以插嘴。總體而言，從利潤率的角度來看，您做對了。我們預計第一季的增幅將達到 46%。

And then the semi-custom business, as we've said, typically, is lower than corporate average. So as that product ramps in the second half, obviously, will have an impact on gross margin. The guide for the year is at 45%. So we feel good about that having ended 2019 at the 43% level.

正如我們所說，半定制業務通常低於企業平均水平。因此，隨著該產品在下半年的銷售成長，顯然會對毛利率產生影響。今年的指導值為 45%。因此，我們對 2019 年結束時 43% 的水平感到滿意。

And from a puts and takes standpoint, it's certainly product mix. And Lisa talked about the business is ramping and growing in 2020, with a 28% to 30% growth in revenue. Data center, as we've said before, is above corporate average. The client gross margin is around corporate average. And some graphics and then the semi-custom business has below corporate average gross margins. And that mix of revenue, as it ramps throughout the year, will obviously have an impact on a quarterly basis. From an annual standpoint, we feel pretty good with the guide at 45%, in particular with the 7-nanometer products ramping as we get to the year. And that obviously benefits the gross margin.

從收益和投入的角度來看，這肯定是產品組合。Lisa 表示，2020 年業務將蓬勃發展，營收將成長 28% 至 30%。正如我們之前所說，資料中心高於企業平均。客戶毛利率約為企業平均。一些圖形和半定制業務的毛利率低於企業平均。隨著全年收入的增加，這種收入組合顯然會對季度產生影響。從年度角度來看，我們對 45% 的預期感到相當滿意，尤其是今年 7 奈米產品的推出。這顯然有利於毛利率。

Semi-custom business, Lisa, you want to chime in on the difference between generation to generation?

半客製化業務，麗莎，你想談談代與代之間的差異嗎？

Yes. No, I think -- I just said, Devinder, the semi-custom margins tend to be below corporate average on a gross margin basis. Although, on an operating margin basis, given the contribution from our customers for the R&D, is actually quite good. As it relates generation to generation, the way to think about it is, in the first year of a console ramp, you would expect the margins to be on the lower side. And that's true no matter what, just because you're just starting the product ramp. And you should expect that the margins will get better as that ramp continues over time.

是的。不，我認為——我剛才說了，德文德，半定制利潤率往往低於企業平均毛利率。不過，從營業利益率來看，考慮到客戶對研發的貢獻，其實相當不錯。由於它是一代又一代相關的，因此可以這樣想，在遊戲機普及的第一年，你會預期利潤率會較低。不管怎樣，這都是事實，因為你才剛開始產品升級。並且您應該預期，隨著時間的推移，利潤率將會越來越好。

Our next question is coming from Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Lisa, I wanted to just start with a question about the, I guess, comparing and contrasting a little bit, maybe a little weaker than we had -- some of us had modeled and, I guess, due to the console stuff for Q1 in the guidance versus a really strong, so 28% to 30% growth for the year. Maybe if you could just sort of lay out the year a little bit at a high level and just how you guys are sort of thinking about it coming together from the point of Q1.

麗莎，我想先問一個問題，我想，比較一下，對比一下，可能比我們之前的一些模型要弱一些——我想，這是由於第一季度的控制台業務在指導中表現不佳，而今年的增長速度非常強勁，因此增長率為 28% 到 30%。也許您可以稍微概括一下今年的計劃，以及您從第一季開始對今年的計劃有何看法。

Sure. So look, Matt, we're pretty excited about 2020. It's a strong year for us, certainly, with the expectations of being around 28% to 30% revenue growth. We do expect all of our businesses to grow. I think relative to the Q1 guide, if you look at Q1 as an absolute number, it is up over 40% year-on-year, even with semi-custom revenues very low in Q1. And so that should give you an idea of the strength of the rest of the business.

當然。所以，馬特，我們對 2020 年感到非常興奮。對我們來說，這無疑是強勁的一年，預計營收成長率約為 28% 至 30%。我們確實希望我們所有的業務都能成長。我認為相對於第一季的指南，如果將第一季視為一個絕對數字，那麼它同比增長了 40% 以上，即使第一季的半客製化收入非常低。這樣，您就能對其餘業務的實力有一個大致的了解。

From a sequential basis, Q4 to Q1, it's what we said on the call. There is some bit of normal seasonality, just as we are consumer-focused in our PC portfolio. So you expect that, that would go down from Q4 to Q1. And then we do have the factor that the semi-custom profile when we're doing a product transition has the revenue very low in Q1. It starts ramp in Q2, but it's very heavily weighted in the second half of the year. So you should think about semi-custom for this year, again, it's a ramp year, so it's a little bit different, that over 80% of the revenue for semi-custom will be in the second half of the year compared to the first half of the year. So overall, we think a very strong year. A little bit of reprofiling of revenue, particularly as it relates to semi-custom. And we look forward to executing it.

從連續的基礎來看，從第四季到第一季度，這就是我們在電話會議上所說的。存在一些正常的季節性，就像我們的 PC 產品組合以消費者為中心一樣。所以您預計，這一數字將從第四季下降到第一季。然後，我們確實有一個因素，即當我們進行產品轉型時，半定製配置文件在第一季的收入非常低。它在第二季度開始成長，但下半年的權重非常大。所以你應該考慮今年的半客製化業務，這是一個成長年，所以有點不同，與上半年相比，半客製化業務 80% 以上的收入將出現在下半年。所以總體而言，我們認為今年將是強勁的一年。對收入進行一些重新分析，特別是與半定制相關的收入。我們期待著執行它。

As a follow-up, I guess, for both of you, but maybe for Devinder. Just a couple of little pieces. For me, it looks like, on the operating expense side, you're going to be up in the neighborhood of mid-20s for the full year in the annual guidance that you outlined. Maybe you could talk a little bit about the focus of that. Is it branding and marketing in the PC and server spaces as you grow? Or is it in other areas in R&D?

我想，作為後續行動，對你們兩個都是如此，但也許對 Devinder 來說也是如此。只是一些小碎片。對我來說，就營運費用方面而言，按照您概述的年度指導，全年營運費用將上漲至 25% 左右。也許您可以稍微談談其中的重點。隨著你們的發展，是否會在 PC 和伺服器領域進行品牌推廣和行銷？還是在研發的其他領域？

And then, secondly, I think you guys had disclosed the data center revenue mix. So GPU plus server in prior quarters. And if you have that number handy, that would be really helpful.

其次，我認為你們已經揭露了資料中心的收入組合。因此前幾季都是 GPU 加伺服器。如果您手邊有這個號碼，那將會非常有幫助。

Yes, let me take the second one first. Data center, it's, as we said in the past, mid-teens of revenue. In this quarter, it is around the same, mid-teens of the total revenue. And I'll point out that it is record revenue in the quarter, so that's pretty good. And we feel pretty good about that, having mid-teens revenue in the data center, combined server and data center GPU, on revenue of $2.1 billion.

是的，我先回答第二個問題。正如我們過去所說，資料中心的收入達到了十幾歲的水平。本季度，其收入佔總收入的比例約相同，為十五六成。我要指出的是，本季的收入創下了歷史新高，所以這相當不錯。我們對此感到非常滿意，資料中心、伺服器和資料中心 GPU 的綜合收入達到了 21 億美元。

As far as OpEx is concerned, our guide for the year is about 28% of the revenue guide that we provided. And you are right, fundamentally, the investments are R&D and go-to-market. And obviously, the business is growing. So obviously, there's investments needed to go ahead and grow the business from an absolute standpoint. But we feel we can manage it to about 28% of our revenue overall for the year.

就營運支出而言，我們今年的預期約為我們提供的收入預期的 28%。您說得對，從根本上來說，投資是研發和行銷。顯然，業務正在成長。因此，從絕對角度來看，顯然需要投資來推動業務發展。但我們認為我們可以將其控制在全年總收入的 28% 左右。

Matt, the only thing I'll add to that is for the data center revenue, particularly in Q4, it was very heavily weighted towards server CPU, just given some of the lumpiness of the data center GPU revenue.

馬特，我唯一要補充的是，對於資料中心收入，特別是在第四季度，它很大程度上依賴伺服器 CPU，因為資料中心 GPU 收入存在一些不穩定性。

Our next question is coming from Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Great. I had one for Devinder and one for Lisa. For Devinder, the -- I think it's impressive that the cash that you generated 10 years ago, you were at $4 billion of net debt, now you're net cash positive. I didn't think back then we'd expect you to be here. But how should we think about capital structure going forward? And the -- and for the $400 million -- $440 million in cash flow from operations, could -- I had a challenge reconciling it. Can you share the biggest 2 or 3 sources of cash?

偉大的。我為 Devinder 準備了一個，為 Lisa 準備了一個。對於 Devinder 來說，我認為令人印象深刻的是，10 年前您產生的現金，您的淨債務為 40 億美元，而現在您的淨現金為正。我當時沒想到我們會在這裡。但我們該如何思考未來的資本結構？對於 4 億美元到 4.4 億美元的營運現金流，我面臨協調這個問題的挑戰。能分享最大的 2 或 3 個現金來源嗎？

And then for Lisa, the last time AMD had a product cycle in servers, I think you were gaining -- once you hit 5% share, you started to gain share at 2% or 3% or 4%, 400 basis point clip per quarter. How should -- what is the right kind of cadence or pace of share gains in servers this cycle? And maybe you could just talk about, structurally, what gates your ability to -- or the pace of your ability to gain share? Is it capacity from your suppliers? Is it your own engineering support infrastructure? Or is it your customers testing and importing workloads? If you could give us a framework to think about that, I think that would be helpful.

然後對於 Lisa 來說，上次 AMD 在伺服器領域有產品週期時，我認為你正在獲得收益 - 一旦達到 5% 的份額，你就會開始以 2% 或 3% 或 4% 的速度獲得份額，每季度 400 個基點。在本週期中，伺服器份額成長的正確節奏或速度應該是如何？也許您可以從結構上談談什麼限制了您的能力或您獲得市場份額的速度？這是你們供應商的產能嗎？這是您自己的工程支援基礎設施嗎？還是您的客戶正在測試和導入工作負載？如果您能為我們提供一個思考這個問題的框架，我認為這會很有幫助。

Yes, let me get started, Mark. You do have a long memory, and so do I. I do remember the days when we had the challenge on the balance sheet. And one thing we feel good as we end 2019 is the strength of the balance sheet, and in particular, the net cash position we haven't been in many, many years, as we pointed out in the prepared remarks.

是的，讓我開始吧，馬克。你確實記性很好，我也是。我確實記得我們在資產負債表上面臨挑戰的日子。在 2019 年即將結束時，讓我們感到高興的一件事是資產負債表的強勁，特別是我們多年來未曾有過的淨現金狀況，正如我們在準備好的評論中指出的那樣。

From a capital structure standpoint, another priority is investing in the business. The revenue is growing significantly in 2020 is what we're projecting at 28% to 30% over 2019. And also, we want to invest in the road map, the go-to-market and everything that's needed when the revenue ramps as significantly as it is going from year-over-year. So that's really the allocation priorities.

從資本結構的角度來看，另一個優先事項是投資業務。我們預計 2020 年的營收將比 2019 年大幅成長 28% 至 30%。此外，我們還希望投資路線圖、上市計劃以及收入逐年大幅增長所需的一切。這確實是分配優先權。

From a viewpoint of where the $440 million comes from, higher revenue, especially when you look at the revenue in Q3 and Q4 of 2019 compared to the first half of the year, we did go ahead and buy the inventory to go ahead and support the higher revenue. And as you know, when you sell that revenue, in particular, when it ramps up as it did on better margins, it generates the cash. And that's why you have the $440 million-plus operating cash flow from an overall standpoint. Lisa, over to you.

從 4.4 億美元的來源來看，收入更高，尤其是當你將 2019 年第三季和第四季的收入與上半年相比時，我們確實繼續購買庫存以支持更高的收入。而且如你所知，當你出售該收入時，特別是當它在利潤率更高時增加時，它就會產生現金。這就是為什麼從整體角度來看你們的經營現金流有 4.4 億美元以上。麗莎，交給你了。

Yes. So Mark, as it relates to just server rate and pace, I think the most important thing for us is when we look at from time of announcement or time of shipment to how customers actually deploy and trying to shorten that cycle. So when I look at the difference between, let's call it, Rome and Naples, we've seen that time to deploy actually significantly shortened with Rome. And so in terms of rate and pace of server share gain, it is primarily for cloud customers. It is having them deployed, not just sort of a set of instances, but ensuring that they get fully built out across all regions in the world, and also adding additional workloads. So it's just time is what I would say.

是的。所以馬克，因為它只與伺服器速率和速度有關，我認為對我們來說最重要的是我們從發佈公告或發貨時間到客戶實際部署的時間，並試圖縮短這個週期。因此，當我觀察羅馬和那不勒斯之間的差異時，我們發現羅馬的部署時間實際上顯著縮短了。因此，就伺服器份額成長的速度和步伐而言，它主要針對雲端客戶。它不僅部署了一組實例，還確保它們在世界所有地區全面構建，並增加額外的工作負載。所以我想說這只是時間問題。

And then as it relates to Enterprise customers, I think the platform coverage that we have with Rome is significantly broader than it was with Naples. And so I'm quite encouraged, actually, by the strength of the pipeline that we see, the number of customers that are engaged, and then just how they're deploying. So I think we're going at a good pace, and we'll continue to accelerate that as we go through 2020.

然後，就企業客戶而言，我認為我們在羅馬的平台覆蓋範圍比在那不勒斯的平台覆蓋範圍要廣泛得多。因此，實際上，我對我們所看到的管道實力、參與的客戶數量以及他們的部署方式感到非常鼓舞。所以我認為我們正以良好的速度前進，並且我們將在 2020 年繼續加快步伐。

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

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I had a -- first, a question on gross margin, especially into Q1. You said consoles are negligible. Gross margins are 46%, so that suggests that, that 46% is basically indicative of the business as it stands without consoles. So does that represent kind of the peak of the business on the current mix? I'm a little surprised it's not higher, given all the new products in aggregate, we're supposed to have gross margins in excess of 50%, and most of the mix today should be new products. So I guess, how do we think about the Q1 gross margins in the context of that? And what are the drivers that take it higher from here? Is it basically just server mix? Or is there something else that can help with that?

首先，我有一個關於毛利率的問題，特別是第一季的毛利率。您說控制台微不足道。毛利率為 46%，這表明 46% 基本上代表了不包含遊戲機的業務現狀。那麼這是否代表了當前業務組合的巔峰？我有點驚訝這個數字沒有更高，考慮到所有新產品的總量，我們的毛利率應該超過 50%，而且今天的大部分產品組合應該是新產品。那我想，在這樣的背景下，我們如何看待第一季的毛利率？那麼，推動其進一步上漲的因素有哪些呢？它基本上只是伺服器混合嗎？或者有其他東西可以幫助解決這個問題嗎？

Let me get started, and Lisa can add. But Stacy, as we talked about product transitions, the 46% guide in Q1, we recently introduced the next-generation notebook products. And as product transitions go, you still have legacy product that you sell before you get converted over to the new technology and the new generation products. The desktop products were ahead of that from that standpoint, and that did benefit our margin in the 2019 time frame. And you are right, the console being negligible revenue in Q1 of 2020, it does benefit, and the margin is 46%.

讓我開始，然後麗莎可以補充。但 Stacy，正如我們談到產品轉型時所說，第一季的 46% 指南，我們最近推出了下一代筆記型電腦產品。隨著產品轉型，在轉向新技術和新一代產品之前，您仍然會銷售一些舊產品。從這個角度來看，桌面產品處於領先地位，這確實有利於我們在 2019 年的利潤率。你說得對，遊戲機在 2020 年第一季的收入微不足道，但它確實受益，利潤率為 46%。

And from an overall standpoint for the year, it is 45%, and that's because the semi-custom business, which is lower than corporate average, does come back. And as Lisa said earlier, we're expecting 80% of that in the back half of the year. But by that time, also, the new generation products and the other businesses including data center and client reramping all on 7 nanometers, and that should help the gross margin to offset some of the impact that we have on the semi-custom business.

從全年整體來看，這一比例為 45%，這是因為低於企業平均的半客製化業務確實有所回升。正如麗莎之前所說，我們預計今年下半年將實現 80% 的目標。但到那時，新一代產品和其他業務（包括資料中心和客戶端）也將全部採用 7 奈米工藝，這應該有助於毛利率抵消我們對半客製化業務的部分影響。

No, that's good, Stacy. I was just going to add to what Devinder said. So we don't expect the client notebook mix to fully cut over to the new 7-nanometer products until later in the year. And in terms of opportunities to improve margins, it is definitely product mix. So higher mix of server as well as higher mix of, let's call it, Ryzen 7s and Ryzen 5s versus some of the legacy products.

不，那很好，史黛西。我只是想補充 Devinder 所說的話。因此，我們預計客戶端筆記型電腦要到今年稍後才會完全轉向新的 7 奈米產品。就提高利潤率的機會而言，肯定是產品組合。因此，與一些傳統產品相比，伺服器的混合程度更高，我們稱之為 Ryzen 7s 和 Ryzen 5s 的混合程度也更高。

Got it. For my follow-up, if I sort of squint at the second half, it seems to me you're probably guiding it implicitly, call it, $800 million to $1 billion over the second half of 2019. How much of that do you think is consoles versus nonconsoles? Because it's not hard to get a console number, especially in the beginning of a ramp that's not that far off that number, which doesn't leave all that much room to ramp the rest of the business. So is this just conservatism? Or what else are you expecting here? How much of that second half do you think is consoles versus nonconsoles?

知道了。就我的後續問題而言，如果我稍微看一下下半年，在我看來，您可能會隱性地引導它，稱之為 2019 年下半年的 8 億到 10 億美元。您認為其中有多少是遊戲機而非遊戲機的呢？因為獲得一個控制台數字並不難，特別是在剛開始成長時，數字與該數字相差不大，這並沒有給其餘業務的成長留下太多空間。那麼這只是保守主義嗎？或者您還期待什麼？您認為後半部中遊戲機和非遊戲機的比例分別是多少？

Well, I think, as I perhaps answered to one of the earlier questions, when I look at the full year at 28% to 30% sort of revenue growth, expect server to be significantly above that. And then the rest of the businesses are all going to grow nicely. And so you would expect significant double-digit growth in the client business as well as in the semi-custom business. And overall, we see the aggregate of it to be a very strong year. So it is not all console-weighted, if that's what you're asking.

嗯，我想，正如我之前回答過的一個問題一樣，當我看到全年收入增長率為 28% 到 30% 時，預計伺服器的收入將遠高於這一水平。然後其餘業務都會順利成長。因此，您可以預期客戶業務和半客製化業務將實現顯著的兩位數成長。整體而言，我們認為今年將是表現非常強勁的一年。所以，如果您問的是這個，那麼它並不全是控制台加權的。

Okay. Wouldn't you get that just from the nature of the ramp that we saw in 2019, we'd be doing the compare already? I guess I'm trying -- that's why I'm trying to sort of normalize second half to second half. You think you get strong double digits in second half versus second half growth across all the businesses?

好的。難道你不覺得，光從我們在 2019 年看到的成長趨勢來看，我們就已經進行了比較嗎？我想我正在嘗試——這就是為什麼我試圖讓下半場與下半場正常化。您認為貴公司下半年會實現強勁的兩位數成長，還是所有業務下半年都會實現強勁的成長？

I would say, in aggregate, you will see -- so let me help you with this way. So what we said in 2019 is, 2019, overall, we grew 4% on an annual basis, but excluding semi-custom, we grew over 20% through all the rest of the businesses. If I do that same type of calculation, excluding semi-custom for 2020, we would still say the rest of the businesses would grow greater than 20%.

我想說，總的來說，你會看到——所以讓我用這種方式來幫助你。因此，我們在 2019 年所說的是，2019 年，整體而言，我們的年增長率為 4%，但不包括半客製化業務，其餘所有業務的成長率都超過 20%。如果我進行同樣的計算，排除 2020 年的半客製化業務，我們仍然會說其餘業務的成長幅度將超過 20%。

Our next question is coming from David Wong from Instinet.

我們的下一個問題來自 Instinet 的 David Wong。

Devinder, you said the sequential decrease in the March 2020 quarter is driven primarily by the drop in game console chips. Does that mean that you expect your microprocessor and graphics revenues will be flattish sequentially? Or if not, roughly, what does your guidance assume in terms of percentage sequential drop for, say, PC processors and GPUs? Do you get server processors sales rising sequentially?

Devinder，您說 2020 年 3 月季度的環比下降主要是由於遊戲機晶片銷售下降所致。這是否意味著您預計微處理器和圖形收入將環比持平？或者如果不是，那麼大致來說，您的指導對於 PC 處理器和 GPU 的百分比連續下降有何假設？伺服器處理器的銷售量是否連續上升？

I don't think I said specifically that Q4 to Q1 is all due to semi-custom. That obviously helps the margin. But there is a product mix underneath that, that helps, especially with the notebook products that we talked about, that are moving to 7 nanometers.

我認為我沒有具體說過 Q4 到 Q1 都是因為半客製化。這顯然有助於提高利潤率。但這背後的產品組合是有幫助的，特別是我們談到的正在轉向 7 奈米的筆記型電腦產品。

And then I think your second question about sequential from Q1 outwards, is that right, David?

然後我認為你的第二個問題是關於從 Q1 開始的順序，對嗎，大衛？

No, no. I was talking about revenues from December into Q1, the sequential drop. Can you give us some idea of -- I mean there's a big chunk that's game consoles, right? But I mean, what about the nongame console part of it?

不，不。我談論的是 12 月到第一季的營收連續下降。您能給我們介紹一下嗎——我的意思是其中很大一部分是遊戲機，對嗎？但我的意思是，非遊戲機部分怎麼樣？

It's seasonality, seasonality in the business. We have the consumer weight from a revenue standpoint in our CG segment, and we go from Q4 to Q1, and you do have the seasonality coming into play. And typical seasonality is what's driving the other portion of the decline in revenue from Q4 to Q1.

這是季節性，商業的季節性。從 CG 部門的收入角度來看，我們有消費者權重，從第四季度到第一季度，確實存在季節性的影響。典型的季節性是導致第四季營收比第一季下降的另一部分原因。

Yes. David, I think what you're asking is we would expect that the Computing and Graphics segment would be down sequentially due to seasonality, and we would expect that server CPUs should be up because we're continuing to ramp those processors sequentially.

是的。大衛，我想你問的是，我們預計計算和圖形部門會因季節性而連續下降，我們預計伺服器 CPU 應該會上升，因為我們正在繼續連續增加這些處理器的產量。

Okay, great. And Lisa, can you give us some idea of what new GPUs you're expecting to launch through the rest of 2020 for PCs and for data center?

好的，太好了。Lisa，您能否向我們介紹一下您預計在 2020 年剩餘時間內為 PC 和資料中心推出哪些新的 GPU？

Yes. So in 2019, we launched our new architecture in GPUs, it's the RDNA architecture, and that was the Navi-based products. You should expect that those will be refreshed in 2020, and we'll have next-generation RDNA architecture that will be part of our 2020 lineup. So we're pretty excited about that, and we'll talk more about that at our Financial Analyst Day.

是的。因此，在 2019 年，我們推出了 GPU 的新架構，即 RDNA 架構，這是基於 Navi 的產品。您應該期望它們將在 2020 年更新，並且我們將擁有下一代 RDNA 架構，它將成為我們 2020 年產品線的一部分。因此我們對此感到非常興奮，我們將在財務分析師日進一步討論這個問題。

And on the data center GPU side, you should also expect that we'll have some new products in the second half of this year.

在資料中心 GPU 方面，您也應該期待我們在今年下半年推出一些新產品。

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

我們的下一個問題來自摩根士丹利的喬·摩爾。

Great. Devinder, you had talked about consumer graphics as being below corporate gross margin. I guess I was thinking that -- I know you've historically had a high cost structure because of high bandwidth memory. But as the product portfolio increasingly doesn't use high bandwidth memory, is there the prospect to improve that for consumer GPU to be closer to where your competitors' gross margins are?

偉大的。Devinder，您曾談到消費者圖形的毛利率低於企業毛利率。我想我當時想的是——我知道你們過去因為高頻寬記憶體而擁有高成本結構。但隨著產品組合越來越不使用高頻寬內存，是否有可能改善消費級 GPU 的毛利率，使其更接近競爭對手的毛利率？

I don't think I specifically said that. I said some of our graphics products are below corporate average from a gross margin standpoint, in addition to the semi-custom being below average.

我認為我沒有明確說過這一點。我說過，從毛利率的角度來看，我們的一些圖形產品低於公司平均水平，此外半客製化產品也低於平均水平。

And I think, Joe, maybe just to answer your question in terms of what we expect in consumer graphics. I think -- look, we're investing in consumer graphics. We think gaming is a very important segment, whether we're talking about consoles or discrete graphics. And the work that we're doing around the RDNA architecture and the future generations of RDNA architecture we believe will continue to improve our offerings for both consumer graphics as well as data center graphics.

喬，我想也許只是回答你關於我們對消費者圖形的期望的問題。我認為——看，我們正在投資消費者圖形。我們認為遊戲是一個非常重要的領域，無論我們談論的是遊戲機還是獨立顯示卡。我們相信，我們圍繞 RDNA 架構和未來幾代 RDNA 架構所做的工作將繼續改善我們針對消費者圖形和資料中心圖形的產品。

Okay, great. And then with the new console builds, you mentioned that, that starts in Q2, but it's mostly in the back half of the year. I guess as you think about that opportunity from a unit standpoint, is it the right way to look at it sort of a similar number of units to what we had in the first year of the current console cycle?

好的，太好了。然後，您提到新遊戲機的發布將從第二季開始，但主要是在下半年。我想，當您從單位角度考慮這個機會時，將其視為與當前控制台週期第一年類似的單位數量是否正確？

Or is there -- does the compatibility that you bring when you have an x86 CPU still and there's probably a little bit more similarity between the consoles, could that point us to a sort of a better console unit market in 2020 than we saw 6 years ago? Like how are you thinking about it, just to size that opportunity?

或者是否存在 - 當您擁有 x86 CPU 時所帶來的兼容性以及遊戲機之間可能存在更多的相似性，這是否會讓我們在 2020 年看到比 6 年前更好的遊戲機市場？您是如何考慮的，只是為了衡量這個機會？

Yes. So we do think there's some pent-up demand for the next generation of consoles. Without forecasting what our customers are planning, I would say they're both -- we're planning for a strong first year, and we'll have to see how things develop as we go through the ramp. But the overall sentiment is that there has been, let's call it, a lull in console sales in the second half of 2019 going into in 2020, sort of -- for some of this anticipation of the next generation.

是的。所以我們確實認為下一代遊戲機存在著一些被壓抑的需求。在不預測我們的客戶計劃的情況下，我想說他們都在計劃強勁的第一年，我們必須觀察在我們經歷成長的過程中事情如何發展。但總體來看，2019 年下半年至 2020 年，遊戲機銷售出現了一段低迷期，這在一定程度上是因為人們對下一代遊戲機的期望。

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

我們今天的下一個問題來自巴克萊銀行的布萊恩柯蒂斯。

Maybe just following up on Joe. I just want to make sure I heard you right. I thought you said the semi-custom as well we grew at double digits, I just want to confirm that.

也許只是跟進喬。我只是想確認一下我聽清楚了你的意思。我以為你說過半客製化產品也實現了兩位數的成長，我只是想確認這一點。

And then just following on, I don't know what the units are going to be, but is there a content or ASP story to layer on top of that equation as well?

然後繼續說，我不知道單位會是什麼，但是是否也有內容或 ASP 故事可以疊加在該等式之上？

Yes. So I did say that semi-custom should grow double-digit as well. And again, it's a strong year for us. And then as it relates to content, again, it's fair to say that there is additional content in this generation versus previous generation.

是的。所以我確實說過半定制也應該實現兩位數的成長。對我們來說，這又是豐收的一年。然後就內容而言，可以公平地說，與上一代相比，這一代有更多的內容。

Got you. And then maybe just on the gross margin equation. Is there a way to talk about the mix of 7-nanometer? That's a big tailwind. Still seems early days, at least, across a couple of your products. Is there a way to kind of think about the whole company and what the mix of 7 is?

明白了。然後也許只是關於毛利率方程式。有沒有辦法談 7 奈米的混合？這是一個巨大的順風。至少對你們的幾款產品來說，這似乎還處於早期階段。有沒有辦法思考整個公司以及 7 的組合是什麼？

Yes. So we just completed the fourth quarter, and it was a very strong quarter for us, record revenue for the company. And I would say about half of that revenue was 7-nanometer-based, and the other half, not yet. And so there is still a significant ramp as we go into 2020. But we're pleased with how quickly we ramped in 2019.

是的。我們剛剛完成了第四季度，這對我們來說是一個非常強勁的季度，公司的收入創下了歷史新高。我想說的是，其中大約一半的收入是基於 7 奈米的，而另一半則還沒有。因此，當我們進入 2020 年時，仍會出現顯著的成長動能。但我們對 2019 年的成長速度感到滿意。

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)。

Yes. Congratulations on solid results. I just want to go back to the gross margin bridge from Q1 to the full year. I just want to make sure I understand. The drop from Q1 to the full year, is that 100% being driven just by gaming coming back more aggressively in the back half of the year? Or have you baked in anything for either pricing competition from the #1 guy out there or some share shifts? How do I think about that? Is it all about gaming?

是的。恭喜您取得堅實的成果。我只是想回顧一下從第一季到全年的毛利率橋樑。我只是想確保我理解了。從第一季到全年的下降，是否 100％ 只是因為下半年遊戲業復甦勢頭強勁？或者您已經為與排名第一的競爭對手進行價格競爭或份額轉移做好了準備？我怎麼看待這個？一切都與遊戲有關嗎？

I think if you -- maybe Devinder, you...

我想如果你——也許是 Devinder，你…

No, go ahead.

不，繼續吧。

All right. So I think if you look at it, the predominant factor, if you're talking about Q1 guide at 46% versus full year at 45%, it's just as we wrap those consoles, there are some -- yes, there's some impact of that. As it relates to the pricing environment and what we're expecting, we're expecting a competitive pricing environment, and that's the way we built our model. So we've always expected that the competition will be very aggressive on both the CPU as well as the GPU side. And that is part of the inherent model for the company.

好的。所以我認為，如果你看一下，主要因素是，如果你談論的是第一季指南為 46%，而全年為 45%，那麼就在我們包裝這些遊戲機時，有一些 - 是的，這會產生一些影響。由於它與定價環境和我們的預期有關，我們期待一個有競爭力的定價環境，這就是我們建立模型的方式。因此，我們一直預期 CPU 和 GPU 方面的競爭將會非常激烈。這是公司固有模式的一部分。

That's helpful, Lisa. And then you guys have a ton of goodness on your immediate plate on the server side and the data center side, just with the workloads you're going after. But I'm kind of curious, you answered an earlier question saying expect more GPUs for the data center. And I don't want you to preannounce product, but how should I think about your positioning for AIs and workload and acceleration?

這很有幫助，麗莎。然後，你們在伺服器端和資料中心端可以直接處理大量工作，只需處理你們要處理的工作負載即可。但我有點好奇，您回答了之前的問題，說希望資料中心有更多的 GPU。我不希望您預先發布產品，但我應該如何考慮您對人工智慧、工作量和加速度的定位？

And just given some of the heavy lifting that NVIDIA had to do around CUDA, how do I think about the investment there? Is this an area that you think you have some unique IP you can bring to? Or how do I think about that over the next couple of years?

考慮到 NVIDIA 在 CUDA 方面所做的一些繁重工作，我如何看待在那裡的投資？您是否認為您可以為這個領域帶來一些獨特的智慧財產權？或者在接下來的幾年裡我會如何考慮這個問題？

Yes. So I think that's actually a good way of talking about the opportunity, John. I think the CPU opportunity is very immediate and in front of us as we look at the opportunities with Rome and the expanding opportunities. I think the data center GPU market continues to be an important growth vector for us, and now I call that over the several-year horizon. So when you look at the opportunities that we have, when we combine our CPU and GPU IP together, they're very, very strong. I mean, for example, this is the reason that we won the Oak Ridge National Lab Supercomputer with Frontier, which were actually both a CPU and a GPU win, and some of the optimization that we've done with that overall system. We think that there are additional opportunities like that as well as machine learning and AI opportunities. Our focus there has been to work with large cloud providers to optimize the machine learning frameworks. And we had some key milestones that we completed in the fourth quarter that will continue to be a focus for us in 2020 and beyond.

是的。所以我認為這實際上是談論機會的好方式，約翰。我認為，當我們審視羅馬的機會和不斷擴大的機會時，CPU 的機會就在我們的眼前。我認為資料中心 GPU 市場仍然是我們重要的成長載體，我認為未來幾年內都會如此。因此，當你看到我們所擁有的機會時，當我們將 CPU 和 GPU IP 結合在一起時，它們會非常非常強大。我的意思是，例如，這就是我們憑藉 Frontier 贏得橡樹嶺國家實驗室超級電腦的原因，這實際上是 CPU 和 GPU 的勝利，以及我們對整個系統所做的一些優化。我們認為，除了機器學習和人工智慧機會之外，還有其他類似的機會。我們的重點是與大型雲端供應商合作以優化機器學習框架。我們在第四季度完成了一些關鍵的里程碑，這些里程碑將繼續成為我們在 2020 年及以後關注的重點。

Is it fair to say some of the GPU data center announcements this year go beyond just the cloud gaming market?

是否可以說今年發布的一些 GPU 資料中心不僅限於雲端遊戲市場？

Yes. I think you should expect that we will have additional sort of customer announcements outside of cloud gaming.

是的。我想您應該會期待我們將在雲端遊戲之外發布其他類型的客戶公告。

Our next question is coming from Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I guess I had another question, just -- well, that's really on gross margin. (inaudible) of the year's revenue in the semi-custom would be in the back half, but how does that break out between September and December? I guess I asked that because I'm just trying to see what the gross margin will be exiting this year if you strip out semi-custom. Could it be 50% exiting the year?

我想我還有另一個問題——嗯，這確實與毛利率有關。（聽不清楚）半客製化業務的年度收入將在下半年出現，但 9 月和 12 月之間的情況如何？我想我之所以問這個問題是因為我只是想知道如果去掉半定制的話今年的毛利率會是多少。今年退出的比例可能是 50% 嗎？

I think it's hard to break it down that way. We are in the initial stages of planning for the ramp, and you're asking about Q3, Q4. We are projecting about 80% of the semi-custom revenue growing double digits year-over-year in Q3 and Q4. And typically, when we have this new game launches, our peak quarter from a revenue standpoint in semi-custom will be Q3. But Q4, when you talk about the ramp of the product, especially in the first year of the ramp, it's hard to project how much it will be and then what the impact would be exiting 2020 from a gross margin, excluding semi-custom. Maybe as we get closer to that, I'm talking about 3 to 6 months, we can probably give you a better idea of that.

我認為這樣分解很困難。我們正處於規劃坡道的初始階段，您詢問的是第三季、第四季的情況。我們預計第三季和第四季約 80% 的半客製化收入將比去年同期成長兩位數。通常，當我們推出這款新遊戲時，從半客製化收入的角度來看，我們的高峰季度將是第三季。但在第四季度，當你談論產品的成長時，特別是在成長的第一年，很難預測它會成長多少，以及從毛利率（不包括半客製化）來看，2020 年結束時會產生什麼影響。也許當我們接近這個目標時，我說的是 3 到 6 個月，我們或許可以給你一個更好的想法。

I got it, okay. And then can you just talk about what your share targets are for the year in PC? I think you're 17, 18 in notebook and you're maybe 14 in desktop. Can you just talk about how much share you think that you can gain this year given all the moving parts with the shortages and whatnot?

我明白了，好的。那麼，您能談談今年您在 PC 領域的份額目標嗎？我認為您在筆記型電腦上是 17、18 歲，而在桌上型電腦上可能是 14 歲。您能否談談，考慮到短缺等各種因素，您認為今年您可以獲得多少份額？

Yes. So I'm not sure I'm going to forecast a share target for 2020. I will say though, if you take a look back at the last 8 quarters, we've been on a fairly steady share gain in PCs, somewhere between -- depending on the quarter, let's call it, 50 to 100 basis points per quarter, and that changes between desktop and notebook. I think we grew somewhere on the order of 4 points a share. So we believe that we still have additional opportunities, and particularly, our focus is going to be both notebook as well as commercial. And those are good opportunities for us and play well to our new Ryzen 4000 mobile processors.

是的。所以我不確定我是否會預測 2020 年的份額目標。不過我要說的是，如果回顧過去 8 個季度，我們的個人電腦市場份額一直保持著相當穩定的增長，根據季度不同，我們稱之為每季度 50 到 100 個基點，而且台式機和筆記型電腦的增長率有所不同。我認為我們的每股盈餘成長了大約 4 個百分點。因此，我們相信我們仍有更多機會，特別是我們的重點將放在筆記型電腦和商用產品上。這對我們來說是很好的機會，並且對我們的新 Ryzen 4000 行動處理器有很大幫助。

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

我們的下一個問題來自 RBC Capital Markets 的 Mitch Steves。

Most of my questions been answered, and it kind of lines up with the model we got here, but I just want to make sure I got a couple of quick questions. And so, basically, for Q4, it looks like semi-custom is probably down 50% sequentially or somewhere around that range. Is that -- am I at least in the ballpark?

我的大部分問題都得到了回答，這與我們在這裡得到的模型一致，但我只是想確保我有幾個快速的問題。因此，基本上，對於第四季度而言，半客製化產品可能環比下降 50% 或在該範圍內。那是──我至少知道大概狀況嗎？

And then, secondly, from a server perspective, I'm not expecting you to give numbers on this, but maybe qualitatively, how much of your revenue is going to be cloud versus enterprise? And I think that's one of the bigger debates, and I don't expect specifics, but anything you could to help us understand what should be the mix between cloud and enterprise for calendar '20.

其次，從伺服器的角度來看，我不指望您給出具體數字，但也許可以定性地講，您的收入中有多少來自雲端運算，有多少來自企業？我認為這是一個較大的爭論點，我不指望你能提供具體細節，但希望你能提供任何可以幫助我們了解 20 年雲端和企業之間的組合應該是什麼樣子的資訊。

Yes, sure, Mitch. So look, I think you're right. When you look at the semi-custom business in the fourth quarter, it is -- it was a bit softer than originally anticipated. So we had originally said last quarter that we thought the second half of the year would be down high-30s, and we were actually down more than that for the second half of the year and for Q4. And as it relates to mix of cloud versus enterprise for 2020, I mean, it will move around from quarter-to-quarter. But I think the best guess at this point is, let's call it, roughly even between the two.

是的，當然，米奇。所以，我認為你是對的。當你看第四季的半客製化業務時，你會發現它比最初預期的要弱一些。因此，我們最初在上個季度就說過，我們認為下半年的銷售額將下降 30% 以上，但實際上，下半年和第四季的銷售額下降幅度超過了這個數字。至於 2020 年雲端運算與企業的組合，我的意思是，它會逐季變化。但我認為目前最好的猜測是，我們稱之為，兩者大致均等。

Our final question today is coming from Srini Pajjuri from SMBC.

今天的最後一個問題來自 SMBC 的 Srini Pajjuri。

Lisa, maybe on the supply side, you're guiding for a pretty strong growth here. I'm just curious, have you already logged in the supply for 7-nanometer?

麗莎，也許在供應方面，你預計這裡將出現相當強勁的成長。我只是好奇，你已經記錄了 7 奈米的供應嗎？

And as we go into second half of the year, especially as you ramp the game consoles, I believe that those die sizes tend to be very large. I'm just curious if you were to get upside, how are you feeling about your supply situation?

隨著我們進入下半年，特別是隨著遊戲機的普及，我相信這些晶片尺寸往往會變得非常大。我只是好奇，如果您能獲得好處，您對您的供應情況有何感想？

Yes. So TSMC has supported us very well through the first couple of quarters of our 7-nanometer ramp here in 2019. I think, as we go into 2020, there will certainly be a significant growth for us in 7-nanometer. Our current visibility supports the revenue guide that we gave you. It is fair to say that wafer supply is tight, and so it's really important for us to be planning well with our customers, and that's what we're working on.

是的。因此，台積電在我們 2019 年 7 奈米製程發展的前幾季中給予了我們很好的支持。我認為，隨著我們進入 2020 年，我們在 7 奈米領域肯定會顯著成長。我們目前的知名度支持我們給您的收入指南。公平地說，晶圓供應緊張，因此與客戶一起做好規劃對我們來說非常重要，這也是我們正在努力的方向。

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

我們的問答環節已經結束。我想將發言權交還給管理階層，請他們發表進一步的評論或結束評論。

Thank you very much, everyone, for joining us today. We do look forward to having you join us on Thursday, the 5th of March, for our Financial Analyst Day, which will also be broadcast from our website.

非常感謝大家今天加入我們。我們非常期待您於 3 月 5 日星期四參加我們的財務分析師日活動，該活動也將在我們的網站上直播。

Thank you very much. Have a great day, and we'll talk with you again soon.

非常感謝。祝您有愉快的一天，我們很快就會再次與您交談。

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。