Re: [情報] AMD.US 財報
以下搬運並翻譯 有興趣的自己看吧 非常長
原文來自 AlphaStreet https://ibit.ly/GnyM
Advanced Micro Devices Inc. (NASDAQ: AMD) Q4 2021 earnings call dated Feb.
01, 2022
超微半導體2021年第四季度盈利電話會議，日期為2022年2月1日
Operator
接線員
Hello, and welcome to the AMD Fourth Quarter and Full Year 2021 Financial
Results Conference Call. [Operator Instructions]
大家好，歡迎來到 AMD 第四季度和2021年全年財務業績電話會議
It’s now my pleasure to turn the call over to Laura Graves, Corporate Vice
President and Investor Relations. Laura, please go ahead.
現在我很高興把電話交給蘿拉 · 格雷夫斯，公司副總裁兼投資者關係。蘿拉，請繼續。
Laura Graves — Investor Relations
蘿拉‧格雷夫斯ー投資者關係
Thank you, and welcome to AMD’s fourth quarter and fiscal year end 2021
financial results conference call. By now, you should have had the
opportunity to review a copy of our earnings release and accompanying
slideware. If you have not reviewed these documents yet, they can be found on
the Investor Relations page of amd.com. Participants on today’s conference
call are Dr. Lisa Su, our President and Chief Executive Officer; and Devinder
Kumar, our Executive Vice President, Chief Financial Officer, and Treasurer.
This is a live call and will be replayed via webcast on our website.
謝謝大家，歡迎大家參加 AMD 公司第四季度和2021財年財務業績電話會議。現在，你應
該有機會看看我們的收入報告和附帶的幻燈片。如果你還沒有看過這些檔，你可以在
amd 網站的投資者關係頁面上找到它們。出席今天電話會議的有我們的總裁兼首席執行
官 Lisa Su 博士，以及我們的執行副總裁、首席財務官和財務主管 devin Kumar。這是
一個現場電話，將通過網路直播在我們的網站上重播。
Before we begin, I would like to note that Dan McNamara, Senior Vice
President and General Manager of Server will attend the virtual Susquehanna
Financial Group 11th Annual Technology Conference on Thursday, March 3. Our
first quarter 2022 quiet time is expected to begin at the close of business
on Friday, March 11. And AMD will host its 2022 Financial Analyst Day on
Thursday, June 9.
在我們開始之前，我想提醒大家，高級副總裁兼伺服器總經理丹 · 麥克納馬拉將參加3
月3日星期四舉行的虛擬薩斯奎哈納金融集團第11屆年度技術會議。我們2022年第一季度
的平靜時間預計將在3月11日，星期五的營業結束時開始。AMD 公司將在6月9日，星期四
舉辦2022年金融分析日。
Today’s discussion contains forward-looking statements based on current
beliefs, assumptions and expectations, speak only as of today, and as such,
involve risks and uncertainties that could cause actual results to differ
materially from our current expectations. Please refer to the cautionary
statement in our press release for more information on factors that could
cause actual results to differ. We will refer primarily to non-GAAP financial
measures during this call. The full non-GAAP to GAAP reconciliations are
available in today’s press release and the slides posted on our website.
今天的討論包含了基於當前信念、假設和期望的前瞻性陳述，這些陳述只能在今天說出來
，因此涉及的風險和不確定性可能會導致實際結果與我們當前的期望有重大差異。請參閱
我們新聞稿中的告誡聲明，以獲得更多關於可能導致實際結果出現差異的因素的資訊。我
們將主要參考非公認會計原則的財務措施在這個電話會議。今天的新聞稿和我們網站上張
貼的幻燈片提供了非公認會計原則與公認會計原則的完整對賬情況。
Now with that, I will hand the call over to Lisa. Lisa?
現在，我要把電話交給蘇媽了。蘇媽？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thank you, Laura, and good afternoon to all those listening in today. 2021
was an outstanding year for AMD as we exceeded our aggressive growth goals
and delivered another record year. Each of our businesses grew significantly
and set new annual revenue record, highlighted by data center revenue more
than doubling year-over-year. Annual revenue grew 68% to a record $16.4
billion and we expanded gross margin for the sixth straight year. We also
delivered record net income and EPS, both of which more than doubled
year-over-year.
謝謝你，蘿拉，下午好，今天在場的聽眾們。2021年對於 AMD 來說是非常出色的一年，
因為我們超越了我們積極的增長目標，並實現了又一個創紀錄的年份。我們的每一項業務
都有了顯著的增長，並創造了新的年度收入記錄，資料中心收入同比增長超過一倍。年收
入增長68% ，達到創紀錄的164億美元，毛利率連續第六年增長。我們還實現了創紀錄的
淨利潤和每股收益，兩者都比去年同期增長了一倍多。
Looking at the fourth quarter, we ended the year exceptionally strong with
our sixth straight quarter of greater than 45% year-over-year revenue growth.
Fourth quarter revenue grew 49% from a year ago to a record $4.8 billion. We
expanded gross margin by more than 5 percentage points and doubled operating
income year-over-year.
展望第四季度，我們以連續第六個季度超過45% 的同比收入增長結束了這一年異常強勁的
增長。第四季度收入同比增長49% ，達到創紀錄的48億美元。毛利率同比增長超過5個百
分點，營業利潤同比增長一倍。
Turning to our Computing and Graphics segment. Revenue increased 32%
year-over-year to $2.6 billion, driven by growth in both Ryzen and Radeon
processor sales. Record client computing revenue grew by a double-digit
percentage from a year ago, led by record notebook sales. We saw strong
demand for premium AMD notebooks and our higher end desktop CPUs in the
quarter as Ryzen 5000 processor unit shipments grew by a double-digit
percentage sequentially. As a result, we believe we gained client processor
revenue share for the seventh straight quarter.
轉到我們的計算和圖形部分。收入同比增長32%，達到26億美元，這主要得益於 Ryzen
和 Radeon 處理器銷售的增長。創紀錄的用戶端計算收入較上年同期增長了兩位數，
筆記型電腦銷售創下紀錄。隨著 Ryzen 5000處理器單位出貨量相繼以兩位數的百分比增長，
我們看到了對高級 AMD 筆記型電腦和高端桌面 cpu 的強勁需求。因此，我們相信我們連
續第七個季度獲得了客戶處理器的收入份額。
We launched our Ryzen 6000 Series notebook CPUs at CES last month, featuring
our new Zen 3+ Core that further extends the leadership compute, gaming and
battery life capabilities of our mobile processors. We increased the number
of premium gaming and commercial design wins from Acer, Asus, Dell, HP,
Lenovo and other major PC providers to more than 200, including more than 20
AMD Advantage notebooks that combined Ryzen CPUs, Radeon GPUs and Radeon
Software to deliver the ultimate gaming experience.
上個月，我們在 CES 上發佈了 Ryzen 6000系列筆記型電腦 cpu，以我們新的 Zen 3 +
Core 為特色，它進一步擴充了我們移動處理器的領導計算、遊戲和電池壽命能力。我們
從宏基、華碩、戴爾、惠普、聯想和其他主要個人電腦供應商那裡獲得了更多的高端遊戲
和商業設計勝利，超過200家，其中包括20多家 AMD Advantage 筆記型電腦，它們結合了
Ryzen cpu、 Radeon gpu 和 Radeon Software，提供了終極遊戲體驗。
We also provided the first public demonstration of our upcoming Ryzen 7000
desktop processors at CES. Ryzen 7000 Series desktop CPUs provide a
significant performance increase compared to our current Ryzen processors by
combining our high-performance 5-nanometers Zen 4 Core with our next
generation memory and IO technologies in the new AM5 Socket. There is a lot
of excitement in the market for our next-gen Ryzen desktop processors, and we
’re on track to launch in the second half of 2022.
我們還在 CES 上首次公開展示了我們即將推出的 Ryzen 7000桌面處理器。Ryzen 7000系
列桌面 cpu 與我們目前的 Ryzen 處理器相比，通過在新的 AM5 Socket 中結合我們的高
性能5納米級的 Zen 4 Core 與我們的下一代記憶體和 IO 技術，提供了顯著的性能提升
。我們的下一代 Ryzen 桌面處理器在市場上有很多令人興奮的東西，我們正準備在2022
年下半年上市。
In Graphics, revenue more than doubled year-over-year for the third straight
quarter. Radeon 6000 Series GPU unit shipments and revenue both grew by
double-digit percentages sequentially led by strong demand across our RDNA 2
desktop family. At CES, we announced that we expanded our Radeon 6000 Series
GPU portfolio with our first mainstream RDNA 2 desktop GPU priced at $199. We
also introduced new mobile GPUs that deliver up to 20% more performance than
our prior generation and our first mobile graphics chips for thin and light
gaming notebooks.
在GPU方面，收入連續第三個季度同比增長超過一倍。
Radeon 6000系列 GPU 單位出貨量和收入都增長了兩位數的百分比，領先的強勁需求
橫跨我們的 rdna2桌上型電腦家族。在 CES 上，我們宣佈，我們擴大了我們的
Radeon 6000系列 GPU 組合與我們的第一個主流 RDNA 2桌面 GPU 定價為199美元。
我們還推出了新的移動 GPU，其性能比上一代產品提高了20%，並推出了我們第一款用
於輕薄遊戲筆記本的移動圖形晶片。
Data center graphics revenue more than doubled year-over-year driven largely
by HPC wins for our latest Instinct MI200 accelerator. We are seeing growing
customer engagements for our data center GPUs based on the leadership AI and
HTC performance of our new MI200 accelerators, highlighted by multiple
supercomputing wins and an expanded set of platforms on track to launch from
Asus, Dell, HP, Lenovo, Supermicro and others starting later this quarter.
資料中心圖形業務的收入同比增長了一倍多，這主要得益於我們最新的 Instinct mi200
加速器 HPC 業務的勝利。我們看到我們的資料中心 GPU 的客戶數量正在增長，這是基於
我們新的 MI200加速器的人工智慧和宏達的性能，突出表現在多項超級計算的勝利和
一系列擴大的平臺將在本季度晚些時候從華碩、戴爾、惠普、聯想、超微和其他公司
推出。
Turning to our Enterprise, Embedded and Semi-Custom segment. Revenue
increased 75% year-over-year to $2.2 billion, driven by record EPYC processor
and semi-custom sales. Semi-Custom sales increased year-over-year as the
current game console cycle continues outpacing all prior generations. We
expect revenue to grow this year driven by continued strong demand for the
latest Microsoft and Sony consoles.
轉向我們的企業，嵌入式和半定制部分。收入同比增長75% ，達到22億美元，這主要得益
於 EPYC 處理器創紀錄的銷售額和半定制銷售額。半定制的銷售額逐年增長，因為當前的
遊戲機週期繼續超過所有前幾代。我們預計，由於對最新款微軟(Microsoft)和索尼
(Sony)遊戲機的需求持續強勁，今年的收入將有所增長。
Turning to Server. We had another outstanding quarter. Revenue more than
doubled year-over-year and increased by a double-digit percentage
sequentially driven by demand across both cloud and enterprise customers. In
cloud, revenue more than doubled year-over-year as the largest providers
expanded internal deployments and more than 130 new AMD-powered instances
launched from Amazon Web Services, Alibaba, Google, IBM, Microsoft Azure and
others.
轉向伺服器。我們又有了一個出色的季度業績。受雲計算和企業客戶需求的推動，收入同
比增長了一倍多，同時也實現了兩位數的增長。在雲計算領域，隨著最大的供應商擴大內
部部署，以及亞馬遜網路服務(Amazon Web Services)、阿裡巴巴(alibaba)、穀歌
(Google)、 IBM、微軟 Azure 等公司推出了130多個基於 amd 的新實例，收入同比增長
了一倍以上。
Microsoft Azure previewed a new HPC instance powered by our 3rd Gen EPYC
processors with 3D stack memory that delivers up to 80% more performance than
currently available instances. Our differentiated 3D stacking technology
further extends the leadership performance of EPYC processors in technical
computing workloads like EDA, fluid dynamics and complex simulations. We
started volume production of EPYC processors with 3D stack memory earlier
this quarter in advance of OEM platform launches with all our major server
partners.
微軟 Azure 推出了以 HPC instance 的預覽服務,由我們的第三代 EPYC 處理器支援，具
有3D 堆疊記憶體，比目前可用的instance提供高達80% 的性能。我們的差異化3D 疊加技
術進一步擴充了 EPYC 處理器在技術計算工作負載(如 EDA、流體動力學和複雜類比)方面
的領先性能。本季度早些時候，我們開始批量生產帶有3D 堆疊記憶體的 EPYC 處理器，這是
在與我們所有主要伺服器合作夥伴的 OEM 平臺啟動之前。
In Enterprise, revenue doubled year-over-year driven by the ongoing ramp of
more than 100 3rd Gen EPYC platforms available from Dell, HP Enterprise,
Lenovo, Supermicro, Cisco and others. In HPC, EPYC processor adoption was
highlighted by the number of AMD-powered supercomputers on the November Top
500 Fastest Supercomputers’ list, tripling year-over-year to 73. EPYC
processors also dominated the Green 500 list and are now powering eight of
the top 10 Most Efficient Supercomputers in the World.
在企業方面，由於戴爾、惠普企業、聯想、 Supermicro、思科和其他公司推出了100多個
第三代 EPYC 平臺，收入同比增長了一倍。在高性能電腦領域，11月份排名前500位元最
快超級電腦中，amd 驅動的超級電腦數量是去年同期的三倍，達到73台，這突顯了 EPYC
處理器的採用程度。EPYC 處理器也主導了綠色500名單，目前為世界十大最高效超級電腦
中的八個提供電源。
Turning to our overall data center business. We made outstanding progress in
the last year. We exit 2021 with data center revenue contributing a mid-20s
percentage of overall revenue. And we expect 2022 to be another year of
significant growth based on the strong customer demand signals for our
current and next generation products. In November, we provided first details
of our next generation EPYC processor, codenamed Genoa, that will feature up
to 96 Zen 4 cores and next generation memory and IO technologies, including
breakthrough memory expansion capabilities. Customer excitement for Genoa is
extremely high as it extends our performance leadership across a broad range
of workloads.
轉向我們的整體資料中心業務。去年我們取得了顯著的進展。
我們2021年的資料中心收入貢獻了25% 左右的總收入。
我們預計2022年將是另一個顯著增長的一年，基於強烈的客戶需求信號，我們目前和
下一代產品。去年11月，我們首次提供了下一代 EPYC 處理器的詳細資訊，代號為Genoa
，將擁有多達96個 Zen 4核心和下一代記憶體和 IO 技術，包括突破性的記憶體擴充能力
。客戶對Genoa的興奮是非常高的，因為它擴充了我們的性能,並支援廣泛的工作負荷。
We also announced the addition of Bergamo to our server roadmap, featuring a
version of our Zen 4 core called Zen 4c that has been specifically optimized
for cloud native computing. Bergamo is a high core count power-efficient CPU
that can be used in the same platforms as Genoa. It will feature up to 128
CPU cores and deliver significant performance and power efficiency advantages
for cloud workloads. We are sampling general processors to customers now and
are on track to launch later this year with Bergamo shipments plan to follow
in the first half of 2023.
我們還宣佈在我們的伺服器路線圖中增加了Bergamo ，其特色是我們的 Zen 4核心的一個
版本，稱為 Zen 4 c，專門針對雲本地計算進行了優化。Bergamo 是一個高核心計數能源
效率的 CPU，可以在Genoa使用相同的平臺。它將擁有多達128個 CPU 核心，並為雲工作
負載提供顯著的性能和能源效率優勢。我們目前正在客製通用處理器，並有望在今
年晚些時候推出，Bergamo 的出貨計畫將在2023年上半年跟進。
Turning towards Xilinx acquisition, we were pleased to announce that China
State Administration for Market Regulation approved the transaction on
January 27. The only remaining regulatory approval required is FTC approval
of our HSR refiling, and we expect to close the transaction in the first
quarter of 2022. I am more excited than ever about the benefits of the
acquisition for both AMD and Xilinx’s stakeholders. Customer excitement is
also high as they look forward to the opportunity to deepen their strategic
engagements with AMD based on our expanded technology and solutions portfolio.
談到對 Xilinx 的收購，我們高興地宣佈，中國國家市場管理局於1月27日批准了這筆交
易。唯一需要監管部門批准的是聯邦貿易委員會批准我們的高鐵重新申請，我們預計在
2022年第一季度完成交易。我比以往任何時候都更加興奮的收購雙方 AMD 和 Xilinx 的
利益相關者的好處。客戶也是感到興奮，因為他們期待著深化與 AMD 的戰略合作的機會，
並且是基於我們擴大的技術和解決方案組合。
In summary, I am incredibly proud of our performance in 2021. Our record
annual results highlight our strong execution over multiple years to
establish the technical, operational and strategic foundation to position AMD
as the high performance computing leader. Each of our businesses performed
extremely well in 2021 with growth significantly ahead of the long-term
financial model we outlined at our Financial Analyst Day in 2020. I want to
take a moment to recognize and thank the AMD employees whose passion,
dedication and execution have enabled this success.
總而言之，我為我們在2021年的表現感到無比自豪。我們的年度業績突出了我們多年來的
強大執行力，為 AMD 成為高性能計算領導者奠定了技術、操作和戰略基礎。我們的每個
業務在2021年都表現得非常好，增長明顯超過了我們在2020年財務分析日上概述的長期財
務模型。我想花一點時間來認識和感謝 AMD 的員工，他們的熱情，奉獻精神和執行力使
這次成功。
Turning to 2022. Demand for our products is very strong, and we look forward
to another year of significant growth and share gain as we ramp our current
products and launch our next wave of Zen 4 CPUs and RDNA 3 GPUs. We have also
made significant investments to secure the capacity needed to support our
growth in 2022 and beyond. Looking out over the long term, we are confident
in our ability to continue growing significantly faster than the market based
on our expanded roadmap investments and the deep relationships we have
established with the broad set of customers who view AMD as a strategic
enabler of their success.
2022年。對我們產品的需求是非常強勁的，我們期待著另一個顯著增長的一年，並且隨著
我們現有產品的發展和我們下一波Zen4 CPU 和 RDNA 3 GPU 的發佈，我們的市場份額也會
有所增長。我們還進行了大量投資，以確保在2022年及以後支援我們增長所需的能力。從
長遠來看，我們相信我們有能力繼續以比市場更快的速度增長，這是基於我們擴大的路線
圖投資和我們與廣大客戶建立的深厚關係，這些客戶將 AMD 視為他們成功的戰略推動者
。
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. Devinder?
現在我想把電話交給德文德，為我們第四季度和全年的財務表現增添一些色彩。德文德？
Devinder Kumar — Executive Vice President, Chief Financial Officer and
Treasurer
Devinder Kumar ーー執行副總裁、首席財務官和財務主管
Thank you, Lisa, and good afternoon, everyone. We had a very strong 2021 with
increased demand for our products. Excellent execution resulted in record
annual revenue, continued gross margin expansion, record profitability and
significant cash flow generation. Fourth quarter 2021 revenue of $4.8 billion
was our sixth consecutive quarterly record, up 49% from a year ago, driven by
strong revenue increases across all businesses.
謝謝你，蘇媽，大家下午好。隨著對我們產品需求的增加，我們迎來了一個非常強勁的
2021。出色的執行力帶來了創紀錄的年度收入、持續的毛利增長、創紀錄的盈利能力和顯
著的現金流。2021年第四季度的收入為48億美元，是我們連續第六個季度創紀錄的收入，
比去年同期增長了49% ，這主要得益於所有業務收入的強勁增長。
Gross margin was 50%, up 560 basis points from a year ago, driven by a richer
mix of products and data center revenue growth. Operating expenses were $1.1
billion compared to $789 million a year ago as we increased investments in
our long-term product roadmaps to support the significant growth trajectory
of our business. Operating income doubled from a year ago to a record $1.3
billion, up $665 million, primarily driven by significant revenue growth and
higher gross margin. Operating margin was 27%, up from 20% a year ago. Net
income was a record $1.1 billion, up $486 million from a year ago. Diluted
earnings per share was $0.92 compared to $0.52 per share a year ago. This
includes a 15% effective tax rate compared to a 3% rate a year ago.
毛利潤率為50% ，比去年同期增長了560個基點，主要是由於產品組合更加豐富以及資料
中心收入的增長。運營費用為11億美元，而去年同期為7.89億美元，因為我們增加了對長
期產品路線圖的投資，以支援我們業務的顯著增長軌跡。營業收入較上年同期翻了一番，
達到創紀錄的13億美元，增長6.65億美元，主要是由於營業收入的顯著增長和毛利率的提
高。營業利潤率從一年前的20% 上升到27% 。淨利潤達到創紀錄的11億美元，比去年同期
增長了4.86億美元。稀釋後的每股收益為0.92美元，而去年同期為0.52美元。其中包括
15% 的實際稅率，而一年前的稅率為3% 。
Now turning to fourth quarter business segment results. Computing and
Graphics segment revenue was $2.6 billion, up 32% year-over-year, driven by
higher graphics and client processor revenue. Computing and Graphics segment
operating income was $566 million or 22% of revenue compared to $420 million
a year ago. The increase in operating income was driven primarily by higher
revenue, partially offset by higher operating expenses.
現在看看第四季度業務部門的業績。計算和圖形部門的收入為26億美元，同比增長32% ，
這主要得益於圖形處理器和客戶處理器的收入增長。運營收入為5.66億美元，占總收入的
22% ，而去年同期為4.2億美元。營業收入的增長主要是由於收入增加，但部分被營業費
用增加所抵消。
Enterprise, Embedded and Semi-Custom segment revenue was $2.2 billion, up 75%
from $1.3 billion the prior year. The strong revenue increase was driven by
significantly higher EPYC processor and semi-custom sales. EESC segment
operating income grew significantly to $762 million or 34% of revenue
compared to $243 million or 19% a year ago. Operating income growth was
driven primarily by higher revenue and richer product mix, partially offset
by higher R&D and go-to-market expenses.
企業、嵌入式和半定制部門的收入為22億美元，比上一年的13億美元增長了75% 。強勁的
收入增長主要是由於較高的 EPYC 處理器和半定制銷售。電子商務部門的運營收入大幅增
長，達到7.62億美元，占總收入的34% ，而去年同期為2.43億美元，占總收入的19% 。營
業收入增長主要是由收入增加和產品結構更加豐富所推動的，部分被研發和上市費用增加
所抵消。
Turning to the balance sheet. Cash, cash equivalents and short-term
investments were $3.6 billion at year end. As we continue returning capital
to shareholders, we repurchased $756 million of common stock in the fourth
quarter and closed out the year with $1.8 billion of repurchases.
Additionally, we have repurchased $1 billion to date in the first quarter of
2022 and have $1.2 billion remaining under the authorized $4 billion share
repurchase plan. Quarterly free cash flow was $736 million compared to $480
million in the same quarter last year and $764 million in the prior quarter.
Inventory was $2 billion, up $53 million from the prior quarter.
轉向資產負債表。年底，現金、現金等價物和短期投資為36億美元。隨著我們繼續向股東
返還資本，我們在第四季度回購了價值7.56億美元的普通股，並以18億美元的回購收尾。
此外，我們在2022年第一季度至今已回購了10億美元，在40億美元的核准股票回購計畫下
還剩下12億美元。季度自由現金流為7.36億美元，去年同期為4.8億美元，上一季度為
7.64億美元。庫存為20億美元，比前一季度增加了5300萬美元。
Now let me turn to our full year financial results. 2021 revenue was $16.4
billion, up 68% year-on-year, driven by strong growth across all businesses.
Gross margin was 48%, up 370 basis points from the prior year, driven by the
strength and competitiveness of our EPYC, Radeon and Ryzen processors.
Operating expenses were 24% of revenue compared to 28% in 2020.
現在讓我談談我們全年的財務業績。2021年的收入為164億美元，同比增長68% ，主要是
由於所有業務的強勁增長。毛利潤率為48% ，比上一年增長了370個基點，這主要得益於
EPYC、 Radeon 和 Ryzen 加工商的實力和競爭力。營業費用占總收入的24% ，而2020年
這一比例為28% 。
2021 operating income was up 146% from a year ago to $4.1 billion, resulting
in an operating margin of 25% compared to 17% in 2020. Net income was $3.4
billion, up 118% from the prior year. Full year free cash flow was a record
$3.2 billion, resulting in free cash flow margin of 20% for the year. In
addition, we invested approximately $1 billion during 2021 in long-term
supply chain capacity to support our expectations for future revenue and
market share growth.
2021年營業利潤同比增長146% ，達到41億美元，營業利潤率為25% ，而2020年為17% 。
淨利潤為34億美元，同比增長118% 。全年自由現金流達到創紀錄的32億美元，使全年自
由現金流利潤率達到20% 。此外，我們在2021年在長期供應鏈能力方面投資了約10億美元
，以支持我們對未來收入和市場份額增長的預期。
Let me now turn to our financial outlook. Today’s outlook is based on
current expectations and contemplates the current global supply environment
and customer signals and does not contemplate the addition of Xilinx as that
transaction has not yet closed. First quarter 2022 revenue is expected to be
approximately $5 billion, plus or minus $100 million, an increase of
approximately 45% year-over-year and approximately 4% quarter-on-quarter. The
year-over-year increase is expected to be driven by growth across all
businesses. The quarter-on-quarter increase is expected to be driven by
higher server and client revenue.
現在讓我談談我們的財務前景。今天的展望是基於當前的預期，思考當前的全球供應環境
和客戶信號，不考慮增加 Xilinx，因為交易尚未完成。2022年第一季度的收入預計約為
50億美元，上下1億美元，同比增長約45% ，環比增長約4% 。預計所有業務的增長都將推
動這一數字的同比增長。預計伺服器和客戶收入的增長將推動季度環比增長。
In addition, for Q1 2022, we expect non-GAAP gross margin to be approximately
50.5%; non-GAAP operating expenses to be approximately $1.2 billion; non-GAAP
interest expense, taxes and other to be approximately $207 million based on
the 15% effective tax rate; and the diluted share count to be approximately
1.22 billion shares.
此外，2022年第一季度，我們預計非一般公認會計準則毛利率約為50.5% ; 非一般公認會
計準則業務費用約為12億美元; 根據15% 的實際稅率，非一般公認會計準則利息支出、稅
收和其他支出約為2.07億美元; 稀釋股份約為12.2億股。
For the full year 2022, we expect revenue to be approximately $21.5 billion,
an increase of approximately 31%, driven by growth across all businesses. We
expect non-GAAP gross margin to be approximately 51%; non-GAAP operating
expenses to be approximately 24% of revenue; non-GAAP effective tax rate to
be 15%; and non-GAAP cash tax rate to be approximately 9% due primarily to
the U.S. tax requirement to capitalize R&D and the full utilization of our
U.S. net operating losses and tax credits in 2022.
2022年全年，我們預計收入大約為215億美元，增長大約31% ，這是由所有業務的增長驅
動的。我們預計非一般公認會計原則的毛利率約為51% ; 非一般公認會計原則的運營費用
約為總收入的24% ; 非一般公認會計原則的有效稅率約為15% ; 非一般公認會計原則的現
金稅率約為9% ，主要原因是美國要求將研發資本化，以及2022年充分利用了美國的淨營
業虧損和稅收抵免。
In closing, we had an outstanding quarter and an excellent year with very
strong revenue growth and numerous financial records. As we enter 2022, our
leadership products and growing customer momentum continue to position us
very well for long-term growth. I look forward to AMD delivering another year
of very strong financial performance.
在結束時，我們有一個傑出的季度和一個非常好的一年，非常強勁的收入增長和眾多的財
務記錄。隨著我們進入2022年，我們的領先產品和不斷增長的客戶動力繼續為我們的長期
增長定位非常好。我期待著 AMD 公司在新的一年裡取得非常強勁的財務業績。
With that, I’ll turn it back to Laura for the question and answer session.
Laura?
說到這裡，我將把問答環節交還給蘿拉。蘿拉？
Laura Graves — Investor Relations
蘿拉‧格雷夫斯ー投資者關係
Thank you, Devinder, and thank you, Lisa. Operator, we’re ready for our
first question.
謝謝你，德文德，謝謝你，蘇媽。接線員，我們準備好回答第一個問題了。
Questions and Answers:
問題與答案:
Operator
接線員
Certainly. [Operator Instructions] Our first question today is coming from
Aaron Raikers from Wells Fargo. Your line is now live.
當然可以。(操作說明)我們今天的第一個問題來自富國銀行的艾倫 · 雷克斯。您的線路
現在是直播的。
Aaron Raikers — Wells Fargo — Analyst
Aaron Raikers ー富國銀行ー分析師
Yeah. Thanks for taking the question, and congratulations on the quarter.
Just thinking about the full year guidance, I know that you had mentioned in
your prepared remarks that you expect the Semi-Custom segment to grow. I’m
curious if you could help us maybe appreciate how you’re thinking about the
Semi-Custom segment relative to the Server segment? And whether or not that
30% contribution from total data center still applies for 2023, the outlook
that you had provided at the last Analyst Day or you think that we’re
tracking above that trend? Thank you.
是的。謝謝你回答這個問題，恭喜你獲得這個季度的工作。只要想想全年的指導，我知道
你已經在你的準備發言中提到，你希望半定制部分增長。我很好奇，如果你可以幫助我們
也許感謝你是如何考慮半自訂部分相對於伺服器部分？是否30% 的貢獻從總資料中心仍然
適用於2023年，前景，你提供了在上一個分析日，或你認為我們正在跟蹤上述趨勢？謝謝
你。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Sure, Aaron. Thanks for the question. So for 2022, I mean, our current view
is that we’ll see growth in all of our businesses. We see strong demand for
our products as well as we have increased supply capability given what we’ve
done with our partners. So relative to the growth from the different
businesses, the growth will be led by server. So from what we see from
customers and sort of design wins and platforms and all that, server will be
very strong next year. But we also expect growth from our other businesses,
including consoles, including our PC business, our Graphics business and our
Embedded business. So we expect the percentage of data center to continue to
increase as we go into next year, and we’ll give more on that as we go
through the year.
當然可以，艾倫。謝謝你的問題。所以到2022年，我的意思是，我們目前的觀點是，我們
所有的業務都會增長。鑒於我們與合作夥伴的合作，我們看到了對我們產品的強勁需求以
及供應能力的增強。因此，相對於不同業務的增長，增長將由伺服器主導。因此，從我們
看到的客戶和某種設計勝利和平臺，所有這一切，伺服器將是非常強大的明年。但是我們
也期待其他業務的增長，包括遊戲機，包括我們的 PC 業務，我們的圖形業務和嵌入式業
務。所以我們預計資料中心的比例會在明年繼續增加，我們會在今年繼續增加。
Aaron Raikers — Wells Fargo — Analyst
Aaron Raikers ー富國銀行ー分析師
Thank you.
謝謝你。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thanks, Aaron.
謝謝，艾倫。
Operator
接線員
Thank you. Our next question today is coming from Matt Ramsay from Cowen &
Company. Your line is now live.
謝謝。我們今天的下一個問題來自科文公司的馬特 · 拉姆齊。您的線路現在正在直播。
Matt Ramsay — Cowen & Company — Analyst
Matt Ramsay ー Cowen & Company ー分析師
Thank you very much. Good afternoon. For the whole team, but Lisa, congrats
on getting close on Xilinx. Excited to see what that brings, and obviously,
the strong results. One of the questions I’m getting tonight is with such a
strong start, greater than 30% guidance for revenue in 2022, can you just
kind of walk us through, maybe with a little more specificity, some of the
things that you’ve done in the supply chain around substrate, around back
end test and package, around wafer demand? And just to give people comfort
that there’s coverage there and visibility and the potential for upside,
particularly as you take server and desktop on the 5-nanometer, I imagine,
7-nanometer capacity won’t go away, it will stay as that new capacity comes
online. So I just want to make sure I understand all the variables around the
confidence in supply? Thanks.
非常感謝。下午好。為了整個團隊，但是 Lisa，祝賀你接近 Xilinx。很高興看到這樣的
結果，顯然，還有強勁的結果。我今晚得到的一個問題是，在這樣一個強有力的開端，
2022年超過30% 的收入指導，你能不能只是向我們簡單介紹一下，也許更具體一點，你在
基板周圍的供應鏈，在後端測試和包裝，在晶圓需求周圍所做的一些事情？只是為了讓人
們感到安慰，那裡有覆蓋率、可見性和潛力，特別是當你使用5納米的伺服器和桌面時，
我想，7納米的容量不會消失，它會隨著新容量的上線而保持下去。所以我只是想確保我
理解了圍繞供應信心的所有變數？謝謝。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah, absolutely, Matt. Thanks for the question. So we’ve been working on
sort of the supply chain really for the last four or five quarters knowing
the growth that we have from a product standpoint and the visibility that we
have from customers.
是的，當然，馬特。謝謝你的問題。因此，在過去的四五個季度裡，我們一直致力於供應
鏈的研究，從產品的角度來看，我們已經有了增長，我們從客戶那裡得到了可見性。
So in regards to your question on 2022 supply environment, we’ve made
significant investments in wafer capacity as well as substrate capacity and
back end capacity. We feel very good about our progress in the supply chain
to meet the 2022 guidance. And our goal is frankly to have enough supply to
satisfy the demand out there. So our view is we’re going to continue to work
with our partners and our customers to ensure that we know what they need.
And likewise, our capacity investments are for 2022, but also beyond 2022,
because as the business grows, we need to continue to forecast and make plans
for that, and that’s what we’ve been working on.
所以關於你提到的2022年供應環境的問題，我們已經在晶圓產能、基板產能和後端產能方
面做了大量投資。我們對我們在供應鏈上的進展感到非常滿意，以達到2022年的指導。坦
率地說，我們的目標是有足夠的供應來滿足需求。因此，我們的觀點是，我們將繼續與我
們的合作夥伴和客戶合作，以確保我們知道他們需要什麼。同樣的，我們的能力投資是為
了2022年，但也是為了2022年以後，因為隨著業務的增長，我們需要繼續預測和制定計劃
，這就是我們一直在努力的。
Matt Ramsay — Cowen & Company — Analyst
Matt Ramsay ー Cowen & Company ー分析師
Very good. Thanks for that. Just as a follow-up, I’ve been hearing more and
more, and as you guys roll out the 5-nanometer portfolio, many of those
products in server and in desktop will include next generation Infinity
Fabric. And it’s been a conversation for a while about what you guys have
branded sort of A+, A, AMD CPU and GPU together. I wonder as you look out
over the next several quarters, how — Lisa, how would you characterize that
combination in importance to your company strategy and the growth? Thanks.
很好。謝謝你。作為後續，我聽到越來越多的消息，隨著你們推出5納米的產品組合，伺
服器和桌面上的許多產品將包括下一代 Infinity Fabric。這是一個談話了一段時間，關
於你們的傢伙已經品牌排序 a + ，a，AMD CPU 和 GPU 在一起。我想知道，當你展望未
來幾個季度的時候，你會如何——蘇媽，你會如何描述這種組合對公司戰略和增長的重要
性？謝謝。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah. Well, we’re very excited about our 5-nanometer products. I think Zen 4
is very critical. It’s a focus for this year for both our server roadmap as
well as our client roadmap. And then the work with the Infinity Fabric really
is just on top of that. It allows us to continue to optimize sort of the AMD
CPU and GPU ecosystem together. So whether on the data center side with our
data center GPU products working with EPYC in high performance computing or
on the PC side when we have our AMD APUs plus our discrete graphics, plus the
software on top. So it is an important — very important element of our
strategy, and it just goes to continuing to differentiate with the overall
portfolio as we go into these new platforms.
是的。我們對我們的5納米產品感到非常興奮。我認為《禪4》是非常重要的。這是今年我
們的伺服器路線圖和用戶端路線圖的焦點。然後無限面料的工作真的就是在那之上。它允
許我們繼續優化排序的 AMD CPU 和 GPU 生態系統在一起。因此，無論是在資料中心方面
與我們的資料中心 GPU 產品工作與 EPYC 在高性能計算或在 PC 方面，當我們有我們的
AMD apu 加上我們的離散圖形，加上頂部的軟體。因此，這是我們戰略的一個重要的、
非常重要的組成部分，在我們進入這些新平臺時，它將繼續與整個投資組合區分開來。
Laura Graves — Investor Relations
蘿拉‧格雷夫斯ー投資者關係
Thank you, Matt. Operator, next question please.
謝謝你，麥特。接線員，請問下一個問題。
Operator
接線員
Certainly. Our next question is coming from Ross Seymore from Deutsche Bank.
Your line is now live.
當然可以。我們的下一個問題來自德意志銀行的羅斯 · 西摩爾。您的電話現在是直播的
。
Ross Seymore — Deutsche Bank — Analyst
Ross Seymore ー德意志銀行ー分析師
Hi. Thanks a lot for letting me ask a question. Congrats on the strong
results and the strong guide. Lisa, I just want to talk about the Computing
segment, the client computing side. At least in my model, that was a
significant portion of the upside in the quarter after, I believe, last
quarter, you talked about not wanting to fill the channel and make sure you
ship according to demand. So in the near-term, what changed? And perhaps more
importantly, as you look into 2022, it appears that you’re planning for
significant share gains to continue in that sector. Can you talk a little bit
about what gives the confidence for that share gain, please?
嗨。非常感謝你讓我提問。祝賀強勁的業績和強勁的指導。蘇媽，我只想談談計算部分，
用戶端計算部分。至少在我的模型中是這樣的，我相信，在上個季度，你談到不想填滿管
道，並且確保按照需求發貨之後，這是第二季度上漲的一個重要部分。那麼，在短期內，
是什麼發生了變化？也許更重要的是，當你展望2022年，似乎你正計畫在這個領域繼續獲
得顯著的份額增長。你能談談是什麼給了他們這種股票收益的信心嗎？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Sure, Ross. So your question about the Computing and Graphics segment. Look,
our focus in this segment is to be very closely aligned with our customers
and what they’re doing in the market. So we’ve been monitoring sell-in and
sell-out and sell-through trends very carefully. I think the strength that we
saw in the fourth quarter was very much a result of sort of the product
strength. And we saw very nice notebook demand continuing at the premium part
of the market in commercial, gaming, premium ultra-thin. So we believe that
the PC performance was a bit above our original guidance, but we believe that
was to match end user demand.
當然，羅斯。那麼你關於計算和圖形部分的問題。你看，我們在這個領域的重點是與我們
的客戶以及他們在市場上的所作所為保持密切的聯繫。因此，我們一直在非常仔細地監控
賣進、賣出和賣出的趨勢。我認為我們在第四季度看到的強勢很大程度上是產品強勢的結
果。我們看到非常好的筆記型電腦需求繼續在高端市場的商業，遊戲，高端超薄。所以我
們相信 PC 的性能比我們最初的指導稍微高一點，但是我們相信這是為了滿足最終用戶的
需求。
Going into 2022, again, same story. I think the — what we see is, 2021 was a
strong year for PCs. Overall, the industry shipped approximately 350 million
units. I think our view is that 2022 will be roughly flattish from a unit
standpoint. But we will see some mix changes in there with enterprise and
premium being stronger than, for example, low end and education.
進入2022年，又是同樣的故事。我認為---- 我們看到的是，2021年對於 pc 來說是一個
強勁的一年。總的來說，這個行業的出貨量約為3.5億台。我認為我們的觀點是，從單位
角度來看，2022年將大致平淡無奇。但是我們會看到一些混合的變化，比如，企業和優質
產品比低端產品和教育產品更強大。
So from our standpoint, it’s revenue share that we believe we can gain. It’
s the strength of our Ryzen 6000 series that we just launched at CES. We have
200 platforms from all of the OEM customers. And we have pretty good
visibility in working with our customers on that. So — and I think we feel
good about it. And again, the client business is one of all of our businesses
will grow. And I like that diversity frankly in the portfolio. But we feel
good about the progress we’ve made in PCs, and we’ll continue to ensure
that we’re matching sell-in with sell-out so that there is not inventory
build in the business.
所以從我們的角度來看，我們相信我們能夠獲得的是收入份額。這是我們 Ryzen 6000系
列的優勢，我們剛剛在 CES 上發佈。我們擁有來自所有 OEM 客戶的200個平臺。我們在
與客戶的合作中有很好的知名度。所以，我認為我們對此感覺良好。再次強調，客戶業務
是我們所有業務中增長的業務之一。坦率地說，我喜歡投資組合中的多樣性。但是我們對
我們在個人電腦領域所取得的進步感到滿意，我們將繼續確保銷售額與銷售額相匹配，這
樣我們的業務就不會增加庫存。
Ross Seymore — Deutsche Bank — Analyst
Ross Seymore ー德意志銀行ー分析師
Thanks for the color. Maybe a quick follow-up on the pricing side of the
equation. You talked about getting enough supply to grow the impressive
targets that you guys have for the year. Conceptually and strategically, how
do you think about pricing? Is that something you pass along? Is it a
tailwind to gross margin? And I don’t know if you’d give any sort of
precision, but out of the 30% plus that you’re guiding to for the fiscal
year, roughly, how do we think about pricing as a tailwind within that?
謝謝你的顏色。也許在這個等式的定價方面有個快速的後續行動。你們談到要獲得足夠的
供應來實現今年令人印象深刻的目標。在概念上和戰略上，您如何考慮定價問題？這是你
傳遞的東西嗎？這對毛利率是順風順水嗎？我不知道你是否會給出某種精確度，但是在你
指導的30% 以上的財政年度中，粗略地說，我們如何看待定價作為一個順風車呢？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah. Well, I would say the way to think about pricing is the industry has
seen some price increases across the supply chain. And that’s as to be
expected given the amount of capacity that we’re all putting on to satisfy
the strong demand. So we’re always in this for the long-term and working
with our supply chain partners as well as our customers to ensure that we
find a way to kind of share the additional costs. But our focus is on
ensuring that we have the supply to meet the high demand.
是的。嗯，我想說的方式來思考定價是行業已經看到了一些價格上漲的整個供應鏈。考慮
到我們為了滿足強勁的需求而增加的產能，這是可以預料的。因此，我們一直在這個長期
和我們的供應鏈合作夥伴，以及我們的客戶，以確保我們找到一種方式來分擔額外的成本
。但我們的重點是確保我們有足夠的供應來滿足高需求。
And I think what you’re seeing is growth in the model from the standpoint
that we’ve always kind of said we’re underrepresented in the business. When
you look even today with all of our growth, we’re still underrepresented in
the business, whether you’re talking about the server business or the PC
business. And so we believe that our product strength and our customer
engagements are such that we can grow significantly in this environment.
我認為你們所看到的是模式的成長，從我們一直認為我們在業務中的代表性不足的觀點來
看。即使在今天看來，我們的增長仍然不足，無論是伺服器業務還是個人電腦業務。因此
，我們相信，我們的產品實力和客戶合作是這樣的，我們可以在這種環境中顯著增長。
Ross Seymore — Deutsche Bank — Analyst
Ross Seymore ー德意志銀行ー分析師
Thank you.
謝謝你。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thanks, Ross.
謝謝，羅斯。
Operator
接線員
Thank you. Our next question today is coming from Vivek Arya from Bank of
America. Your line is now live.
謝謝。我們今天的下一個問題來自美國銀行的維韋克 · 阿亞。您的電話現在是直播。
Vivek Arya — Bank of America Global Research — Analyst
Vivek Arya ー美國銀行全球研究ー分析師
Thanks for taking my question. Lisa, I wanted to get your thoughts on the
competitive landscape in the server market this year versus last. Your
competitor Intel is launching their Sapphire Rapids platform. They seem to be
very excited about that. They’re adding a lot of capacity in their fabs.
Enterprise spending, which has tended to favor them in the past is also
coming back. So I’m just curious, how are you thinking about AMD’s ability
to gain more share in servers this year?
謝謝你回答我的問題。蘇媽，我想聽聽你對今年和去年伺服器市場競爭形勢的看法。你的
競爭對手英特爾正在推出他們的藍寶石激流平臺。他們似乎對此非常興奮。他們在他們的
工廠裡增加了很多產能。過去對企業有利的企業支出也開始回升。所以我只是好奇，你是
如何考慮 AMD 的能力，以獲得更多的份額在伺服器今年？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah, Vivek. So look, we always expect the competitive environment to be very
strong and very aggressive, and that’s the way we plan our business. That
being the case, I think we’re very happy with the growth that we’ve seen in
the business sort of last year. And as we look forward, we see opportunities
in both cloud and enterprise.
是的，維韋克。因此，我們總是希望競爭環境非常強大，非常激進，這就是我們計畫業務
的方式。在這種情況下，我認為我們對去年業務的增長感到非常滿意。在我們展望未來的
時候，我們看到了雲計算和企業的機遇。
On the cloud side, we’re in 10 of the largest hyperscalers in the world are
using AMD. As they get familiar with us over multiple generations, they’re
expanding the workloads that they’re using AMD on. So we see that across
internal and external workloads. In the Enterprise segment, we doubled
year-over-year here in 2021. We continue to add more field support to have
more people get familiar with our architecture. We have very strong OEM
relationships. So I feel very good about our server trajectory. And yes, it’
s very competitive out there, but we think the data center business is a
secular growth business. And within that, we can grow significantly faster
than the market.
在雲端，我們在10個世界上最大的超級電腦正在使用 AMD。隨著他們在幾代人的時間裡對
我們越來越熟悉，他們正在擴充他們使用 AMD 的工作負載。所以我們可以看到內部和外
部的工作負載。在企業部門，我們在2021年同比增長了一倍。我們繼續添加更多的欄位支
援，讓更多的人熟悉我們的體系結構。我們有非常強大的 OEM 合作關係。所以我對我們
的伺服器軌跡感覺很好。是的，這是非常有競爭力的，但我們認為資料中心業務是一個長
期增長的業務。在這種情況下，我們可以比市場增長更快。
Vivek Arya — Bank of America Global Research — Analyst
Vivek Arya ー美國銀行全球研究ー分析師
Got it. So my follow-up, Lisa, the semiconductor industry just went through a
very tough time last year and even into this year given all the supply
shortages. I’m curious, what has that done to help you build stronger
relationships with your customers who are perhaps looking for a more
consistent execution on the roadmap and more reliable sources of supply? So
how is the shortage environment in semis changed the way customers are
looking at AMD today than how they used to look at you historically?
知道了。因此，我的後續報導，Lisa，半導體產業剛剛經歷了一個非常艱難的時期，去年
甚至今年考慮到所有的供應短缺。我很好奇，這樣做有什麼説明你與你的客戶建立更牢固
的關係，客戶可能正在尋找一個更加一致的執行路線圖和更加可靠的供應來源？那麼，半
導體的短缺環境如何改變了今天客戶看待 AMD 的方式，而不是他們過去看待你的方式？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah. I think, Vivek, the most important thing that we are sort of working on
with our customers is really consistent execution. And so when you look at
the last year and sort of some of the supply-demand imbalance, it has
actually caused us to work much, much more closely with our customers. I
think we have — we’re talking about visibility now multiple quarters, and
in some cases, multiple years out for the type of capacity that we’re
talking about, for the size of the customers that we’re talking to, we need
to do that to plan, to have the capability to support all of that capability.
是的。我認為，Vivek，最重要的事情，我們正在與我們的客戶工作排序是真正一致的執
行。所以當你回顧過去一年，某種程度上的供需失衡，它實際上使我們與我們的客戶更加
緊密地合作。我認為我們已經——我們現在談論的可見度是多個方面的，在某些情況下，
對於我們所談論的產能類型，對於我們正在談論的客戶規模，我們需要多年才能做到這一
點，才能有能力支持所有這些能力。
So overall, I think we have definitely deepened the relationships with the
customers. And by the way, also, we’ve deepened the relationships with our
supply chain partners. So I think the entire sort of — the entire food chain
needs to come together to deliver on the very strong demand that’s out
there. So that’s certainly what we’ve been working on.
所以總的來說，我認為我們確實加深了與客戶的關係。順便說一句，我們加深了與供應鏈
合作夥伴的關係。因此，我認為整個食物鏈需要團結起來，滿足市場上非常強勁的需求。
這就是我們一直在努力的方向。
Vivek Arya — Bank of America Global Research — Analyst
Vivek Arya ー美國銀行全球研究ー分析師
Thanks.
謝謝。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thanks, Vivek.
謝謝，維韋克。
Operator
接線員
Thank you. Our next question today is coming from Toshiya Hari from Goldman
Sachs. Your line is now live.
謝謝。我們今天的下一個問題來自高盛的 Toshiya Hari。您的線路現在是直播。
Toshiya Hari — Goldman Sachs — Analyst
Toshiya Hari ー高盛ー分析師
Great. Thank you. Congrats on the strong results, Lisa. I had two questions
as well. One relatively short-term and one on Xilinx. The short-term
question. Just on Q1 revenue, you’re obviously guiding total company revenue
up on a sequential basis. Your nearest competitor talked about CPU inventory
corrections in the quarter. Is that something that you’re seeing in the
market? And if so, is that contemplated in your guidance?
太好了。謝謝你。恭喜你的結果，蘇媽。我也有兩個問題。一個是相對短期的，另一個是
在 Xilinx。短期問題。就第一季度的收入而言，你顯然是在引導公司的總收入在環比基
礎上上升。你最近的競爭對手談到了本季度的 CPU 庫存修正。這是你在市場上看到的嗎
？如果是這樣的話，你的指導中是否考慮到了這一點？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Sure, Toshiya. Thanks for the question. So yeah, our guide in Q1 actually is
up sequentially. Usually, we’re down sequentially just given normal
seasonality, but the demand patterns are such that demand is strong and we
have additional supply coming on board, and so that’s why we’re guiding
sequentially up. As it relates to CPU inventory, whether in PCs or in
servers, we don’t believe there is any significant inventory of our
products, whether at our customers or sort of in the retailer channel. So
from that standpoint, I think we’ve been watching very carefully the sell-in
and sell-through patterns, and we believe we’re matched to end user demand.
當然，俊屋。謝謝你的問題。所以是的，我們在第一季度的指南實際上是按順序排列的。
通常情況下，我們只是按照正常的季節性順序下降，但是需求模式是如此的強勁，我們有
額外的供應，所以這就是為什麼我們引導順序上升。由於它涉及到 CPU 庫存，無論是在
pc 還是在伺服器，我們不相信有任何重要的庫存我們的產品，無論是在我們的客戶或排
序的零售商管道。所以從這個角度來看，我認為我們已經非常仔細地觀察了銷售模式和銷
售通過模式，並且我們相信我們符合最終用戶的需求。
Toshiya Hari — Goldman Sachs — Analyst
Toshiya Hari ー高盛ー分析師
Great. And as my quick follow-up on Xilinx. It’s been a while since your
initial announcement. I’m sure you’ve had quite a bit of back and forth
with your customers. You’ve had time to monitor how they’ve been performing
as a standalone company. How has your view on the company and sort of the
technology and the potential revenue synergies going forward evolved at all?
I know, you’re still waiting to close this thing. So maybe you can’t say
too much, but just curious how your view on things have evolved as it relates
to Xilinx? Thank you.
太好了。作為我對 Xilinx 的後續報導。你最初的聲明已經過去一段時間了。我敢肯定你
和你的客戶有很多來回。你有時間去觀察他們作為一個獨立公司的表現。你對這家公司的
看法如何，對這項技術和潛在的收入協同效應有什麼看法？我知道你還在等著結案。所以
，也許你不能說太多，但只是好奇你對事物的看法是如何演變的，因為它涉及到 Xilinx
？謝謝你。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah, absolutely. Look, I’m extremely excited about Xilinx. I mean, I would
say that we very much have been planning for the integration over this period
of time. We’ve had customers anxious to talk to us about combined roadmaps.
When we think about sort of the technology that they have, it’s very
complementary to ours, very, very strong team. And their business results
were just posted last week, and their business is also doing it very, very
well. So I think the combination is going to be very exciting. We look
forward to telling you a lot more about it as we get to close and beyond.
是的，當然。聽著，我對 Xilinx 感到非常興奮。我的意思是，我想說，我們已經為這段
時間的整合做了很多計畫。我們已經有很多客戶急於和我們討論群組合路線圖。當我們想
到他們所擁有的技術時，他們和我們的團隊是互補的，非常非常強大的團隊。他們的業務
結果上周剛剛公佈，他們的業務也做得非常非常好。所以我認為這個組合會非常令人興奮
。我們期待著告訴你更多的關於它，因為我們得到了關閉和超越。
Operator
接線員
Thank you. Our next question today is coming from John Pitzer from Credit
Suisse. Your line is now live.
謝謝。我們今天的下一個問題來自瑞士信貸的 John Pitzer。您的線路現在是直播的。
John Pitzer — Credit Suisse — Analyst
John Pitzer ー瑞士信貸ー分析師
Yeah. Good afternoon, guys. Lisa, thanks for letting me ask a question. Lisa,
a couple of questions. First, I’m wondering if you could just help me better
understand the fungibility of your capacity planning throughout the year,
i.e., I understand that your view on the PC market this year is sort of
flattish with a better mix and you’re gaining share. But in the event that
come mid-year that were to change and perhaps be a little bit worse than
thought, do you have the ability to rejigger your sort of supply chain to
move towards server and CPU? How does that kind of math work?
是的。下午好夥計們。蘇媽，謝謝你讓我問個問題。蘇媽，問你幾個問題。首先，我想知
道你是否可以幫助我更好地理解你全年的容量計畫的可替換性，也就是說，我知道你對今
年 PC 市場的看法有點平淡，而且混合得更好，你正在獲得市場份額。但是，如果在今年
年中發生了變化，而且可能比預想的還要糟糕一些，那麼您是否有能力重新調整您的供應
鏈，使其向伺服器和 CPU 轉移呢？這種數學是怎麼回事？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah, John. So we’ve certainly worked very hard to give ourselves
fungibility amongst the various capacity corridors that we have. So we’ve
done numerous cross qualifications and new factory bring-ups and all of that
stuff. So I would say, it’s not 100% fungible, but there — it is — there
is an ability to move across the different businesses. And we make that a
dynamic allocation decision sort of like weekly based on what we see going
on. So I think we have a pretty good pulse on the market and we sort of
understand sort of what’s going on, and our customers are giving us signals
on a regular basis. And so I think we’ll be able to manage through at all of
the puts and takes as we go through the year.
是的，約翰。所以我們確實非常努力地讓我們自己在我們擁有的各種容量走廊之間進行互
換。所以我們已經做了許多交叉資格和新工廠培養和所有的東西。所以我想說，這並不是
100% 可替代的，但是有一種跨越不同業務的能力。我們根據我們看到的情況，每週做一
次動態分配決策。所以我認為我們在市場上有一個相當好的脈搏，我們有點瞭解正在發生
什麼，我們的客戶正在定期給我們信號。所以我認為我們能夠在一年中處理好所有的看跌
期權和收益。
John Pitzer — Credit Suisse — Analyst
John Pitzer ー瑞士信貸ー分析師
That’s helpful. And then my second question, just on data center and GPU.
Where does that factor into kind of your growth expectations for this year?
And now that you’ve created sort of a strong beachhead of EPYC inside the
data center, does that help the sales cycle at all to get more GPU
penetration?
這很有幫助。然後我的第二個問題，關於資料中心和 GPU。這個因素在你今年的增長預期
中起到了什麼作用？現在你已經在資料中心內部建立了一個強大的 EPYC 灘頭陣地，這是
否有助於銷售週期獲得更多的 GPU 滲透？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah, sure. So our data center GPU had a very strong year in 2021. It was
sort of a key year for us as we launched the MI200 family and we had several
large supercomputing wins. This year, for data center GPU, it’s about the
cloud and about sort of expanding beyond sort of the large HPC wins. I view
it as a strategic growth vector for us over the next several years.
當然可以。所以我們的資料中心 GPU 在2021年表現非常強勁。對我們來說，這是關鍵的
一年，因為我們推出了 mi200系列，並且我們在超級計算領域取得了一些重大勝利。今年
，對於資料中心 GPU 來說，它是關於雲計算的，是關於在某種程度上超越高性能計算領
域的大勝利。我認為這是我們未來幾年的戰略增長方向。
I think your question is a good one about sort of the pull now that EPYC is
very sort of well established in these accounts. I do think that helps us
with data center GPU. But the way to think about it is, this is a long-term
investment for us. The hardware is very, very good. We’ve been investing
more in the software. We’ve been working with our customers to ensure that
our tool chain gets them the performance that they need. And so I would say,
this is a longer term driver, but I’m pleased with the progress that we made
certainly through this last year.
我認為你的問題是關於吸引力的一個很好的問題，現在 EPYC 已經在這些帳戶中建立起來
了。我確實認為這對我們的資料中心 GPU 有幫助。但我們應該這樣想，這對我們來說是
一項長期投資。硬體非常非常好。我們在軟體上投入了更多。我們一直在與我們的客戶合
作，以確保我們的工具鏈為他們提供他們所需要的性能。所以我想說，這是一個長期的驅
動力，但是我很高興我們在過去一年中取得的進步。
John Pitzer — Credit Suisse — Analyst
John Pitzer ー瑞士信貸ー分析師
Thanks a lot.
非常感謝。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thanks.
謝謝。
Operator
接線員
Thank you. Our next question is coming from Blayne Curtis from Barclays. Your
line is now live.
謝謝。我們的下一個問題來自巴克萊銀行的布萊恩 · 柯帝士。您的線路現在正在直播。
Blayne Curtis — Barclays Capital — Analyst
Blayne Curtis ー Barclays Capital ー分析師
Hey, thanks for taking my question. I was curious on the EPYC side and the
preamble you kept clearly strong trends in cloud and enterprise and HPC. Just
curious on the comp channel, you had a press release recently with Nokia. I
know it’s kind of early days, but any kind of comments you had in terms of
your design progress there? It’s kind of the last area that you haven’t
really penetrated in servers.
謝謝你回答我的問題。我對 EPYC 方面很好奇，你們在前言中清楚地保持了雲、企業和
HPC 方面的強勁趨勢。只是好奇在比較頻道，你有一個新聞稿最近與諾基亞。我知道現
在還為時過早，但是你對你的設計進度有什麼看法嗎？這是最後一個你沒有真正滲透到伺
服器中的領域。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah, sure, Blayne. It’s still very early, but yeah, we’re very happy with
the partnership with Nokia that was announced. As you said, this is an area
where we’re early in the cycle. It’s an area where we’re building
relationships. And so I feel good about the progress there, but I would say it
’s still quite early. And then you didn’t ask this, but just one of the
other things with the communications and 5G. As we bring Xilinx into the
equation, they also have very deep relationships with a number of these
accounts. And so we see that as an incremental positive as we think about
EPYC in communications.
當然，布萊恩。現在還為時尚早，但是，我們對諾基亞宣佈的合作夥伴關係感到非常高興
。正如你所說，這是一個我們處於週期早期的領域。這是我們建立關係的一個領域。所以
我對這方面的進展感覺良好，但我想說，這還為時尚早。然後你沒有問這個問題，而是問
了通信和5 g 的其他問題。當我們把 Xilinx 加入到這個方程中時，它們也與許多這樣的
帳戶有著非常深刻的關係。所以我們認為這是一個積極的增量，因為我們認為 EPYC 在溝
通。
Blayne Curtis — Barclays Capital — Analyst
Blayne Curtis ー Barclays Capital ー分析師
Thanks. And then maybe for my follow-up, just on the March guidance.
Semi-Custom typically has a pretty seasonal decline. It’s been anything but
typical, and you had very strong trends it seems like in the end of the year.
So I’m just kind of curious within that March guidance anything you can
provide in terms of — I’m assuming it’s probably down, but I am just kind
of curious versus normal levels. If you could just tell us anything, that
would be helpful?
謝謝。然後可能是我的後續行動，只是對三月的指導。半定制通常有一個相當的季節性下
降。這一點都不典型，而且你在年底的時候看起來有非常強勁的趨勢。因此，我只是對三
月份的指導有點好奇，你們能提供什麼樣的指導——我假設它可能是下降的，但我只是好
奇和正常水準的對比。如果你能告訴我們一些事情，會有幫助嗎？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Sure. So for the Q1 guide, the sequential up is being driven by — primarily
by server and then also by client. For Semi-Custom, it is normally
significantly down. And this year, it is flattish into the first quarter. And
it’s, as you said, the seasonal patterns aren’t there. Demand continues to
be strong, and we continue to support our customers with additional product
there.
當然。因此，在 q1指南中，連續向上是由ー主要是由伺服器驅動的，然後也是由客戶機
驅動的。對於半定制，它通常是顯著下降。今年第一季度的表現平平。就像你說的，季節
模式並不存在。需求持續強勁，我們將繼續為客戶提供更多的產品。
Blayne Curtis — Barclays Capital — Analyst
Blayne Curtis ー Barclays Capital ー分析師
Thanks, Lisa.
謝謝你，蘇媽。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Sure.
當然。
Operator
接線員
Thank you. Our next question is coming from Stacy Rasgon from Bernstein
Research. Your line is now live.
謝謝。我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。您的線路現在是直播
的。
Stacy Rasgon — Bernstein Research — Analyst
史黛絲 · 拉斯根ー伯恩斯坦研究公司ー分析師
Hi, guys. Thanks for taking my questions. First, I want to revisit the
pricing question. I don’t think you quite answered it. I get the
inflationary environment, I get your costs are going up, it’s fair to pass
those along. But of the 31% growth in 2022, how much of a tailwind is
pricing? I mean, is it none? Is it some? Like, how much? What’s the number?
大家好。謝謝你回答我的問題。首先，我想重新討論一下價格問題。我覺得你沒有回答這
個問題。我知道通貨膨脹的環境，我知道你們的成本在上升，把這些傳遞下去是公平的。
但是，在2022年31% 的增長率中，有多少是順風車的定價呢？我的意思是，沒有嗎？這是
一些嗎？多少錢？號碼是多少？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Stacy, I don’t think I’m going to answer that exactly. But what I will say
is what I said before. Look, we are sharing. As we go through this
environment, the key is to have long-term relationships, both on the supply
chain side and on the customer side. But without a doubt, the predominant
growth is products. So it’s units and ASPs from the mix of the product, and
that’s the predominant growth.
史黛西，我想我不會回答這個問題。但我要說的就是我以前說過的話。聽著我們是在分享
。在我們經歷這種環境時，關鍵是要有長期的關係，無論是在供應鏈方面還是在客戶方面
。但毫無疑問，主要的增長是產品。因此，它的單位和 ASPs 的混合產品，這是主要的增
長。
Stacy Rasgon — Bernstein Research — Analyst
史黛絲 · 拉斯根ー伯恩斯坦研究公司ー分析師
Okay, okay. For my follow-up, look, I feel really bad about nitpicking on a
51% gross margin, but I am going to, so I apologize in advance. But I’ll be
honest, just given the mix seemingly should be getting quite a bit better
year-over-year in ’22 versus ’21, and you’re almost sitting at 51%, I
mean, even going into Q1 anyway. Like why doesn’t that margin go higher? Can
you give us some feeling of the drivers, I guess, from where you’re sitting
right now in Q4 to Q1 guide through the year? Like why shouldn’t we expect
more upside to that gross margin given where the mix is going?
好吧好吧。對於我的後續工作，我對於51% 的毛利率吹毛求疵感到很抱歉，但是我會這麼
做的，所以我提前道歉。但是說實話，只是考慮到2022年和2021年的混合情況看起來應該
比上一年好一些，而且你幾乎坐在51% ，我的意思是，即使進入第一季度也是如此。比如
，為什麼利潤率不能再高一點？你能給我們一些駕駛員的感覺嗎，我猜，從你現在坐在
q4到 q1全年指南的位置？比如我們為什麼不能期待更多的毛利率上升，考慮到混合的趨
勢？
Devinder Kumar — Executive Vice President, Chief Financial Officer and
Treasurer
Devinder Kumar ーー執行副總裁、首席財務官和財務主管
Yeah, Stacy, I can take that. As you heard Lisa talk about Semi-Custom — in
Q4 to Q1, you would expect an increase, but it is flattish. And really, it’s
product mix-dependent, right? I think looking at any particular quarter is
sometimes not the way to do it. It’s kind of looking at the long-term. We
did 48% plus in 2020 and we’re going to 51% as a guide in 2022. And if you
look at it from that standpoint, the margin of the company continues to go up
in a very steady way as data center grows, as we get to a better mix of
product within the client and graphics business, and that’s I think the
better way to look at it, Stacy.
是的，史黛西，我能接受。當你聽到 Lisa 談論 Semi-Custom ー在第四季度到第一季度
，你可能會期待一個增長，但它是平坦的。實際上，它是依賴於產品組合的，對嗎？我認
為觀察某個特定的領域有時並不是解決問題的方法。這是一種長期的觀點。我們在2020年
達到了48% 以上，到2022年我們將達到51% 。如果你從這個角度來看，隨著資料中心的發
展，公司的利潤率持續穩步上升，我們在用戶端和圖形業務中得到了更好的產品組合，這
是我認為更好的方式來看待它，Stacy。
Stacy Rasgon — Bernstein Research — Analyst
史黛絲 · 拉斯根ー伯恩斯坦研究公司ー分析師
Okay. Got it. Thank you, guys.
好的知道了謝謝你們。
Operator
接線員
Thank you. Our next question is coming from Mark Lipacis from Jefferies. Your
line is now live.
謝謝。我們的下一個問題來自傑佛瑞斯的馬克 · 利帕西斯。您的線路現在是直播的。
Mark Lipacis — Jefferies & Company — Analyst
作者: Mark Lipacis，傑富瑞分析師
Hi. Thanks for taking my questions. I had one for Lisa and one for Devinder,
if I may. Lisa, on — it seems like one of the potential threats to the
merchant processor players like yourself is that your own customers are
designing their own processors. And I’m wondering, does AMD have a role
working with your customers to provide customized solutions, be it tweaking
x86 or co-designing something more specific together hand-in-hand? I don’t
know if Xilinx would play a role in that. Could you just talk about what you’
re doing on with your customers on that effort?
嗨。謝謝你回答我的問題。如果可以的話，我給蘇媽和德文德分別準備了一份。Lisa，對
於像你這樣的處理器商來說，一個潛在的威脅就是你的客戶正在設計他們自己的處理器。
我想知道，AMD 是否有一個角色，與您的客戶提供定制的解決方案，是調整 x86或共同設
計的東西更具體的手牽手？我不知道 Xilinx 是否會在其中扮演角色。你能不能談談你正
在和你的客戶在這方面做些什麼？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah, sure, Mark. So actually, it’s a very exciting area. It’s — just
consider it an evolution of — we’ve always had a semi-custom model, like
the work that we do with the console guys to design specifically for their
application. As we look at the broader set of applications, including some of
these data center applications, we do believe that there’s a sort of the
next leg of the stool in terms of deep customer relationships. So we already
do a lot of customization around product SKUs and specific optimization
points, but we can certainly imagine both customer IP or different
incarnations of our IP to really optimize because as these applications end
up really requiring so much volume, it really does justify additional
customization for those cases.
當然可以，馬克。所以實際上，這是一個非常令人興奮的領域。我們一直有一個半定制模
型，就像我們和控制台開發人員一起專門為他們的應用程式設計的工作一樣。當我們看到
更廣泛的應用程式集，包括一些這樣的資料中心應用程式時，我們確實相信，在深厚的客
戶關係方面，存在著某種類似於凳子的下一條腿。所以我們已經圍繞產品 sku 和特定的
優化點做了大量的定制，但是我們可以想像客戶 IP 或者我們的 IP 的不同版本都可以進
行真正的優化，因為這些應用程式最終真的需要這麼大的容量，這確實證明了對這些情況
進行額外的定制是合理的。
Mark Lipacis — Jefferies & Company — Analyst
作者: Mark Lipacis，傑富瑞分析師
Yeah. Got you. Thank you. And then a follow-up for Devinder, if I may.
Devinder, five, 10 years ago, I don’t think a lot of people would have
expected to hear you talk about buying back billions of dollars worth of
stock. So congratulations on that progress. The question on this topic is,
where is AMD in terms of evolving this recent capital return push into a
policy? Are you at a point where you’re just looking opportunistically to
buying back stock or some companies say, we’re going to return X percent of
our cash flow to shareholders. Where is AMD in this — in the evolution of
capital return? Thank you.
是的。抓到你了。謝謝你。如果可以的話，還有德文德的後續報導。德文德，5,10年前，
我不認為很多人會期望聽到你談論回購價值數十億美元的股票。所以恭喜你們的進步。關
於這個話題的問題是，AMD 在最近的資本回報推動政策的演變方面處於什麼位置？你是否
正處於一個機會主義的階段，想要回購股票，或者一些公司說，我們將把 x% 的現金流返
還給股東。在資本回報率的演變過程中，AMD 處於什麼位置？謝謝你。
Devinder Kumar — Executive Vice President, Chief Financial Officer and
Treasurer
Devinder Kumar ーー執行副總裁、首席財務官和財務主管
I think we just started in 2021, $1.8 billion. We did another $1 billion
early in 2022. And certainly, that — those purchases are part of our
long-term $4 billion share repurchase program. To your question about policy,
I don’t think we’re quite there yet. We just started. We’ll evaluate it as
we close the Xilinx transaction and also in our outlook of the business,
confidence in the business and then evaluate what we do from an overall
standpoint as we look out to the future, the next few years here.
我想我們剛剛開始在2021年，18億美元。2022年初，我們又投資了10億美元。當然，這些
購買是我們40億美元長期股票回購計畫的一部分。關於你提到的政策問題，我認為我們還
沒有完全達到那個程度。我們才剛剛開始。我們將在結束 Xilinx 交易時對其進行評估，
也將在我們對業務的展望、對業務的信心方面進行評估，然後在展望未來時，從總體的角
度評估我們所做的工作。
Mark Lipacis — Jefferies & Company — Analyst
作者: Mark Lipacis，傑富瑞分析師
Fair enough. Thank you.
很公平，謝謝。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thanks, Mark.
謝謝，馬克。
Operator
接線員
Thank you. Our next question is coming from Joe Moore from Morgan Stanley.
Your line is now live.
謝謝。我們的下一個問題來自摩根士丹利的喬 · 摩爾。您的線路現在是直播的。
Joseph Moore — Morgan Stanley — Analyst
Joseph Moore ー摩根士丹利ー分析師
Great. Thank you. You’ve obviously done a great job of bringing on supply,
but it seems like AMD product is still relatively tight kind of everywhere.
Do you see the constraints being more severe in any of the end markets versus
any of the others?
太好了。謝謝你。你顯然已經做了一個偉大的工作，帶來了供應，但似乎 AMD 產品仍然
是相對緊張的各地。你是否認為在任何一個終端市場，相對於其他市場，這些限制更為嚴
格？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Sure, Joe. Well, I think overall we have been in a mode of demand is larger
than supply, although we made a lot of progress through 2021, and I expect to
make more progress. Really incremental capacity will come online through
2022, especially in the second half. So I think it’s really about sort of
our prioritization decisions and trying to ensure that we spend — that we’
re satisfying our customers’ needs. But we’re definitely working on getting
more supply as we go through the year. And I think you should see it loosen
up a bit.
當然，喬。嗯，我認為總的來說，我們一直處於需求大於供應的狀態，儘管我們在2021年
取得了很大進展，我希望取得更多進展。真正的增量產能將在2022年前實現，尤其是在下
半年。因此，我認為這實際上是關於我們確定優先次序的決定，並努力確保我們的支出ー
ー我們正在滿足客戶的需求。但我們肯定會努力在今年內獲得更多的供應。我認為你應該
看看它放鬆一點。
Joseph Moore — Morgan Stanley — Analyst
Joseph Moore ー摩根士丹利ー分析師
Great. Thank you. And then for my follow-up, you mentioned I think within
server that both enterprise and cloud were up over 100%, which seems pretty
good. Can you talk about the mix of enterprise versus cloud within that
business? Give us some qualitative sense of how big enterprise has become?
太好了。謝謝你。然後在我的後續工作中，您提到我認為在伺服器內部，企業和雲都超過
了100% ，這似乎很好。你能談談企業和雲計算的混合嗎？給我們一些企業已經變得多大
的定性意義？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah. So enterprise has grown nicely. I mean, we’re still cloud-weighted. So
if you look — sometimes these patterns, it’s better to look on a full year
basis. So we are still cloud-weighted relative to enterprise. But enterprise
has made a really nice progress. It’s a sizable business, and the — we’ve
made progress with the larger OEMs as well as across a number of regional
OEMs.
是的。因此，企業發展得很好。我的意思是，我們仍然是雲加權的。因此，如果你觀察一
下ーー有時這些模式，最好是全年觀察。因此，我們仍然是相對於企業的雲加權。但是企
業已經取得了很大的進步。這是一項規模可觀的業務，而且我們已經在大型 oem 以及一
些地區 oem 方面取得了進展。
Joseph Moore — Morgan Stanley — Analyst
Joseph Moore ー摩根士丹利ー分析師
Great. Thank you very much.
太好了，非常感謝。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thanks.
謝謝。
Laura Graves — Investor Relations
蘿拉‧格雷夫斯ー投資者關係
Operator, we have time for two more, please.
接線員，我們還有時間再接兩個電話。
Operator
接線員
Certainly. Our next question is coming from Chris Caso from Raymond James.
Your line is now live.
當然可以。我們的下一個問題來自雷蒙德 · 詹姆斯的克裡斯 · 卡索。您的電話現在是
直播。
Chris Caso — Raymond James — Analyst
Chris Caso ー Raymond James ー分析員
Yes. Thank you. Good evening. First question is, if you could give some
indication of the strategy behind some of the processor variants that have
come out, most recently Milan-X and Bergamo coming up. Do those variants
represent incremental revenue to AMD? What’s the strategy behind it? How
does that help you — help the product line?
是的。謝謝你。晚上好。第一個問題是，你是否可以給出一些關於處理器變種的戰略指示
，最近的變種是米蘭 x 和Bergamo 。這些變種是否代表 AMD 的增值收入？它背後的策略
是什麼？這對你的產品線有什麼説明？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Sure, Chris. Well, I think the strategy is, as we have gotten more scale in
the business, we can invest more and we see ways to further differentiate our
product portfolio. So I mean, I think Milan-X is really sort of the highest
of the highest end. And we see that for technical computing and some of these
EDA workloads that that does give us a very differentiated product. And then
we have the regular Milan product line. We’ll have Genoa. And Bergamo is
really optimized for cloud. So I do believe it gives us more opportunity to
expand from a market share and a footprint standpoint.
當然，克裡斯。我認為我們的策略是，隨著我們業務規模的擴大，我們可以投資更多，我
們看到了進一步差異化我們產品組合的方法。所以我的意思是，我認為米蘭 x 確實是最
高端中的最高端。我們看到，對於技術計算和其中的一些 EDA 工作負載，確實給了我們
一個非常不同的產品。然後我們還有米蘭的常規產品線。我們會得到Genoa。而且
Bergamo 確實是為雲計算優化的。所以我相信，從市場份額和足跡的角度來看，這給了我
們更多的擴張機會。
And I think the broader statement, Chris, is that the data center is so
large. There are so many different workloads that you can optimize. Like, by
doing these variants, we will actually get a better solution for the
customer, give them better total cost of ownership, and hopefully, give us a
larger footprint in that workload as well.
我認為更廣泛的說法是，克裡斯，資料中心是如此之大。有很多不同的工作負載可以優化
。比如，通過使用這些變體，我們實際上可以為客戶提供更好的解決方案，給他們提供更
好的總體擁有成本，並且希望也能給我們帶來更大的工作量。
Chris Caso — Raymond James — Analyst
Chris Caso ー Raymond James ー分析員
Thank you. As a follow-up — the follow-up question is about supply and just
following up on some of your earlier comments. But can you tell us how you’
re approaching that now with getting the additional supply? Is it a factor of
your customers coming to you with the requirements and then you’re going
back to the foundry, and obviously, you need to make commitments to the
foundries right now. Are those backed up by customer commitments? And in the
event that business turns out to be better as it was last year, are you able
to procure that additional supply in time for when the business needs it?
謝謝你。接下來的問題是關於供應的，只是跟進你之前的一些評論。但是你能告訴我們你
現在如何獲得額外的供應嗎？是不是你的客戶帶著需求來找你，然後你又回到鑄造廠，很
明顯，你現在就需要對鑄造廠做出承諾。這些是否有客戶承諾的支援？如果生意和去年一
樣好轉，你能及時獲得額外的供應以應對企業的需求嗎？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah. We’ve set out a roadmap for frankly not just 2022, but beyond, which
allows, let’s call it, very aggressive growth goals. We work that on a
regular basis with our customers and our supply chain partners. I would say,
we have better visibility than we have ever had from a customer demand
standpoint. And so that gives us pretty good confidence in terms of what is
needed, but there are always going to be some puts and takes. And so we have
enough flexibility to do that. But our goal is to dimension for success,
right? At the end of the day, that’s what we want to do is we want to
satisfy customer demand. And so we’re dimensioning for success and we’ll
work with our customers as their demand evolves.
是的。坦率地說，我們不僅為2022年制定了路線圖，而且還為未來制定了非常激進的增長
目標。我們定期與客戶和供應鏈合作夥伴進行合作。我想說，從客戶需求的角度來看，我
們比以往任何時候都有更好的知名度。所以這給了我們很好的信心，我們需要什麼，但總
是會有一些看跌期權和接受期權。所以我們有足夠的靈活性來做到這一點。但是我們的目
標是為了成功，對嗎？說到底，我們想做的就是滿足客戶的需求。因此，我們在衡量成功
，我們將與我們的客戶，隨著他們的需求發展。
Chris Caso — Raymond James — Analyst
Chris Caso ー Raymond James ー分析員
Thank you.
謝謝你。
Operator
接線員
Thank you. Our final question today is coming from Harlan Sur from J.P.
Morgan. Your line is now live.
謝謝。我們今天的最後一個問題來自摩根大通的哈蘭 · 蘇爾。您的線路現在是直播的。
Harlan Sur — J.P. Morgan — Analyst
Harlan Sur ー j.p. Morgan ー分析師
Hi, good afternoon. Just wanted to ask about your Embedded business. It’s
not often talked about, but it’s a great market, diversified across various
end markets, you can also leverage your leading edge and mature portfolio. You
’ve got a pretty good line-up of the EPYC-based and Ryzen-based processors
targeting Embedded. You’ve also gotten some pretty good design win traction
in automotive with guys like Tesla. You’ve got wins in retail with digital
signage, wins in networking, IoT edge platforms. And then with Xilinx, you
can sort of really leverage their exposure in industrial automotive calming
consumer end markets. It’s a small part of the business today, but how do
you see the Embedded opportunity for AMD looking out over the next several
years?
嗨，下午好。只是想問問你的嵌入式業務。這並不常被提及，但它是一個偉大的市場，跨
越各種終端市場的多樣化，你也可以利用你的領先優勢和成熟的投資組合。您已經有了一
系列針對 Embedded 的基於 epc 和基於 ryzen 的處理器。你也得到了一些相當不錯的設
計贏得牽引汽車與人喜歡特斯拉。通過數位識別碼牌，網路，物聯網平臺，你已經在零售
業取得了勝利。然後使用 Xilinx，您可以真正利用他們在工業汽車安定消費終端市場的
曝光。這是一個小部分的業務今天，但你如何看待嵌入式機會為 AMD 展望未來幾年？
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Yeah. Thanks for the question, Harlan. Look, I like the Embedded business. I’
ve always liked the Embedded business. It’s a nice, sticky business over
many years. It is smaller, but it has grown nicely. And the volume design
wins in automotive and they’ve now sort of expanded their usage. They’ve
recently expanded their usage over a broader part of their product portfolio.
We’ve focused on networking and storage as key markets. I do think there is
a very good synergy with Xilinx in terms of just the customer set and the
channels.
是的。謝謝你的問題 Harlan。我喜歡嵌入式業務。我一直很喜歡嵌入式業務。多年來，
這是一個美好而棘手的行業。它比較小，但是長得很好。體積設計贏得了汽車行業，他們
現在已經擴大了使用範圍。他們最近將他們的應用擴充到了產品組合的更廣泛的部分。我
們把網路和存儲作為主要市場。我確實認為在客戶集和管道方面與 Xilinx 有很好的協同
效應。
And so I do see it as a nice grower for us as we go through it, and there’s
very good reuse from our server products as well as our client products. So we
’ll talk — again, we’ll talk a little bit more about it as the business
gets to more size. And that will be part of our Financial Analyst Day
conversation when we get to that in June.
所以我確實把它看作是我們的一個很好的種植者，我們的伺服器產品和用戶端產品都有很
好的重用性。因此，我們將再次討論，隨著業務規模的擴大，我們將進一步討論這個問題
。這將是我們在六月份財務分析日談話的一部分。
Harlan Sur — J.P. Morgan — Analyst
Harlan Sur ー j.p. Morgan ー分析師
Perfect. Thanks, Lisa.
太好了謝謝 Lisa。
Lisa Su — President and Chief Executive Officer
總裁兼首席執行官
Thank you, Harlan.
謝謝你 Harlan。
Operator
接線員
Thank you. We’ve reached the end of our question and answer session. I’d
like to turn the floor back over for any further or closing comments.
謝謝你。我們的問答環節已經結束了。我想重新發言，聽取進一步的或結束時的意見。
Laura Graves — Investor Relations
蘿拉‧格雷夫斯ー投資者關係
Everyone, thank you very much for joining us for our fourth quarter and full
year 2021 earnings call. We appreciate your support of our company and look
forward to seeing you again soon. As a reminder, we will have our Financial
Analyst Day this year on June the 9th. Thank you, everyone. Have a great day.
各位，非常感謝你們參加我們第四季度和2021年全年的盈利電話會議。我們感謝您對我們
公司的支援，並期待著很快再次見到您。作為提醒，我們將在6月9日舉行今年的財務分析
日。謝謝大家。祝你今天愉快。
--
※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 118.169.236.155 (臺灣)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1643776408.A.99E.html
※ 編輯: Severine (118.169.236.155 臺灣), 02/02/2022 12:37:29
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還有 22 則推文
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稍微潤飾了一下蘇媽開場白的部分,後面對答的部份懶懶地就算了
※ 編輯: Severine (118.169.236.155 臺灣), 02/02/2022 21:33:19
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※ Severine:轉錄至看板 PC_Shopping 02/03 01:47
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阿哈哈哈哈 也太好笑了 後面翻成這樣
不過這該怎麼翻啊? 認真問
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※ 編輯: Severine (118.169.236.155 臺灣), 02/03/2022 12:32:46
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