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