看到发情豹纹有贴财报新闻
这篇整理了苏妈和AMD阐述 未来PC/DC的战略和规画
有兴趣的就看看囉.
※ [本文转录自 Stock 看板 #1X-WcOcU ]
作者: Severine (赛非茵) 看板: Stock
标题: Re: [情报] AMD.US 财报
时间: Wed Feb 2 12:33:24 2022
以下搬运并翻译 有兴趣的自己看吧 非常长
原文来自 AlphaStreet https://ibit.ly/GnyM
Advanced Micro Devices Inc. (NASDAQ: AMD) Q4 2021 earnings call dated Feb.
01, 2022
超微半导体2021年第四季度盈利电话会议，日期为2022年2月1日
Operator
接线员
Hello, and welcome to the AMD Fourth Quarter and Full Year 2021 Financial
Results Conference Call. [Operator Instructions]
大家好，欢迎来到 AMD 第四季度和2021年全年财务业绩电话会议
It’s now my pleasure to turn the call over to Laura Graves, Corporate Vice
President and Investor Relations. Laura, please go ahead.
现在我很高兴把电话交给萝拉 · 格雷夫斯，公司副总裁兼投资者关系。萝拉，请继续。
Laura Graves — Investor Relations
萝拉‧格雷夫斯ー投资者关系
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.
谢谢大家，欢迎大家参加 AMD 公司第四季度和2021财年财务业绩电话会议。现在，你应
该有机会看看我们的收入报告和附带的幻灯片。如果你还没有看过这些档，你可以在
amd 网站的投资者关系页面上找到它们。出席今天电话会议的有我们的总裁兼首席执行
官 Lisa Su 博士，以及我们的执行副总裁、首席财务官和财务主管 devin Kumar。这是
一个现场电话，将通过网络直播在我们的网站上重播。
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.
在我们开始之前，我想提醒大家，高级副总裁兼服务器总经理丹 · 麦克纳马拉将参加3
月3日星期四举行的虚拟萨斯奎哈纳金融集团第11届年度技术会议。我们2022年第一季度
的平静时间预计将在3月11日，星期五的营业结束时开始。AMD 公司将在6月9日，星期四
举办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.
今天的讨论包含了基于当前信念、假设和期望的前瞻性陈述，这些陈述只能在今天说出来
，因此涉及的风险和不确定性可能会导致实际结果与我们当前的期望有重大差异。请参阅
我们新闻稿中的告诫声明，以获得更多关于可能导致实际结果出现差异的因素的资讯。我
们将主要参考非公认会计原则的财务措施在这个电话会议。今天的新闻稿和我们网站上张
贴的幻灯片提供了非公认会计原则与公认会计原则的完整对账情况。
Now with that, I will hand the call over to Lisa. Lisa?
现在，我要把电话交给苏妈了。苏妈？
Lisa Su — President and Chief Executive Officer
总裁兼首席执行官
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.
谢谢你，萝拉，下午好，今天在场的听众们。2021年对于 AMD 来说是非常出色的一年，
因为我们超越了我们积极的增长目标，并实现了又一个创纪录的年份。我们的每一项业务
都有了显著的增长，并创造了新的年度收入记录，资料中心收入同比增长超过一倍。年收
入增长68% ，达到创纪录的164亿美元，毛利率连续第六年增长。我们还实现了创纪录的
净利润和每股收益，两者都比去年同期增长了一倍多。
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，我们以连续第六个季度超过45% 的同比收入增长结束了这一年异常强劲的
增长。第四季度收入同比增长49% ，达到创纪录的48亿美元。毛利率同比增长超过5个百
分点，营业利润同比增长一倍。
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.
转到我们的计算和图形部分。收入同比增长32%，达到26亿美元，这主要得益于 Ryzen
和 Radeon 处理器销售的增长。创纪录的用户端计算收入较上年同期增长了两位数，
笔记型电脑销售创下纪录。随着 Ryzen 5000处理器单位出货量相继以两位数的百分比增长，
我们看到了对高级 AMD 笔记型电脑和高端桌面 cpu 的强劲需求。因此，我们相信我们连
续第七个季度获得了客户处理器的收入份额。
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.
上个月，我们在 CES 上发布了 Ryzen 6000系列笔记型电脑 cpu，以我们新的 Zen 3 +
Core 为特色，它进一步扩充了我们移动处理器的领导计算、游戏和电池寿命能力。我们
从宏基、华硕、戴尔、惠普、联想和其他主要个人电脑供应商那里获得了更多的高端游戏
和商业设计胜利，超过200家，其中包括20多家 AMD Advantage 笔记型电脑，它们结合了
Ryzen cpu、 Radeon gpu 和 Radeon Software，提供了终极游戏体验。
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.
我们还在 CES 上首次公开展示了我们即将推出的 Ryzen 7000桌面处理器。Ryzen 7000系
列桌面 cpu 与我们目前的 Ryzen 处理器相比，通过在新的 AM5 Socket 中结合我们的高
性能5纳米级的 Zen 4 Core 与我们的下一代内存和 IO 技术，提供了显著的性能提升
。我们的下一代 Ryzen 桌面处理器在市场上有很多令人兴奋的东西，我们正准备在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，收入连续第三个季度同比增长超过一倍。
Radeon 6000系列 GPU 单位出货量和收入都增长了两位数的百分比，领先的强劲需求
横跨我们的 rdna2桌上型电脑家族。在 CES 上，我们宣布，我们扩大了我们的
Radeon 6000系列 GPU 组合与我们的第一个主流 RDNA 2桌面 GPU 定价为199美元。
我们还推出了新的移动 GPU，其性能比上一代产品提高了20%，并推出了我们第一款用
于轻薄游戏笔记本的移动图形芯片。
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.
资料中心图形业务的收入同比增长了一倍多，这主要得益于我们最新的 Instinct mi200
加速器 HPC 业务的胜利。我们看到我们的资料中心 GPU 的客户数量正在增长，这是基于
我们新的 MI200加速器的人工智能和宏达的性能，突出表现在多项超级计算的胜利和
一系列扩大的平台将在本季度晚些时候从华硕、戴尔、惠普、联想、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.
转向我们的企业，嵌入式和半定制部分。收入同比增长75% ，达到22亿美元，这主要得益
于 EPYC 处理器创纪录的销售额和半定制销售额。半定制的销售额逐年增长，因为当前的
游戏机周期继续超过所有前几代。我们预计，由于对最新款微软(Microsoft)和索尼
(Sony)游戏机的需求持续强劲，今年的收入将有所增长。
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.
转向服务器。我们又有了一个出色的季度业绩。受云计算和企业客户需求的推动，收入同
比增长了一倍多，同时也实现了两位数的增长。在云计算领域，随着最大的供应商扩大内
部部署，以及亚马逊网络服务(Amazon Web Services)、阿里巴巴(alibaba)、谷歌
(Google)、 IBM、微软 Azure 等公司推出了130多个基于 amd 的新实例，收入同比增长
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.
微软 Azure 推出了以 HPC instance 的预览服务,由我们的第三代 EPYC 处理器支援，具
有3D 堆叠内存，比目前可用的instance提供高达80% 的性能。我们的差异化3D 叠加技
术进一步扩充了 EPYC 处理器在技术计算工作负载(如 EDA、流体动力学和复杂类比)方面
的领先性能。本季度早些时候，我们开始批量生产带有3D 堆叠内存的 EPYC 处理器，这是
在与我们所有主要服务器合作伙伴的 OEM 平台启动之前。
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.
在企业方面，由于戴尔、惠普企业、联想、 Supermicro、思科和其他公司推出了100多个
第三代 EPYC 平台，收入同比增长了一倍。在高性能电脑领域，11月份排名前500位元最
快超级电脑中，amd 驱动的超级电脑数量是去年同期的三倍，达到73台，这突显了 EPYC
处理器的采用程度。EPYC 处理器也主导了绿色500名单，目前为世界十大最高效超级电脑
中的八个提供电源。
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.
转向我们的整体资料中心业务。去年我们取得了显著的进展。
我们2021年的资料中心收入贡献了25% 左右的总收入。
我们预计2022年将是另一个显著增长的一年，基于强烈的客户需求信号，我们目前和
下一代产品。去年11月，我们首次提供了下一代 EPYC 处理器的详细资讯，代号为Genoa
，将拥有多达96个 Zen 4核心和下一代内存和 IO 技术，包括突破性的内存扩充能力
。客户对Genoa的兴奋是非常高的，因为它扩充了我们的性能,并支援广泛的工作负荷。
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.
我们还宣布在我们的服务器路线图中增加了Bergamo ，其特色是我们的 Zen 4核心的一个
版本，称为 Zen 4 c，专门针对云本地计算进行了优化。Bergamo 是一个高核心计数能源
效率的 CPU，可以在Genoa使用相同的平台。它将拥有多达128个 CPU 核心，并为云工作
负载提供显著的性能和能源效率优势。我们目前正在客制通用处理器，并有望在今
年晚些时候推出，Bergamo 的出货计画将在2023年上半年跟进。
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.
谈到对 Xilinx 的收购，我们高兴地宣布，中国国家市场管理局于1月27日批准了这笔交
易。唯一需要监管部门批准的是联邦贸易委员会批准我们的高铁重新申请，我们预计在
2022年第一季度完成交易。我比以往任何时候都更加兴奋的收购双方 AMD 和 Xilinx 的
利益相关者的好处。客户也是感到兴奋，因为他们期待着深化与 AMD 的战略合作的机会，
并且是基于我们扩大的技术和解决方案组合。
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.
总而言之，我为我们在2021年的表现感到无比自豪。我们的年度业绩突出了我们多年来的
强大执行力，为 AMD 成为高性能计算领导者奠定了技术、操作和战略基础。我们的每个
业务在2021年都表现得非常好，增长明显超过了我们在2020年财务分析日上概述的长期财
务模型。我想花一点时间来认识和感谢 AMD 的员工，他们的热情，奉献精神和执行力使
这次成功。
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。对我们产品的需求是非常强劲的，我们期待着另一个显著增长的一年，并且随着
我们现有产品的发展和我们下一波Zen4 CPU 和 RDNA 3 GPU 的发布，我们的市场份额也会
有所增长。我们还进行了大量投资，以确保在2022年及以后支援我们增长所需的能力。从
长远来看，我们相信我们有能力继续以比市场更快的速度增长，这是基于我们扩大的路线
图投资和我们与广大客户建立的深厚关系，这些客户将 AMD 视为他们成功的战略推动者
。
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?
现在我想把电话交给德文德，为我们第四季度和全年的财务表现增添一些色彩。德文德？
Devinder Kumar — Executive Vice President, Chief Financial Officer and
Treasurer
Devinder Kumar ーー执行副总裁、首席财务官和财务主管
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.
谢谢你，苏妈，大家下午好。随着对我们产品需求的增加，我们迎来了一个非常强劲的
2021。出色的执行力带来了创纪录的年度收入、持续的毛利增长、创纪录的盈利能力和显
著的现金流。2021年第四季度的收入为48亿美元，是我们连续第六个季度创纪录的收入，
比去年同期增长了49% ，这主要得益于所有业务收入的强劲增长。
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.
毛利润率为50% ，比去年同期增长了560个基点，主要是由于产品组合更加丰富以及资料
中心收入的增长。运营费用为11亿美元，而去年同期为7.89亿美元，因为我们增加了对长
期产品路线图的投资，以支援我们业务的显著增长轨迹。营业收入较上年同期翻了一番，
达到创纪录的13亿美元，增长6.65亿美元，主要是由于营业收入的显著增长和毛利率的提
高。营业利润率从一年前的20% 上升到27% 。净利润达到创纪录的11亿美元，比去年同期
增长了4.86亿美元。稀释后的每股收益为0.92美元，而去年同期为0.52美元。其中包括
15% 的实际税率，而一年前的税率为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.
现在看看第四季度业务部门的业绩。计算和图形部门的收入为26亿美元，同比增长32% ，
这主要得益于图形处理器和客户处理器的收入增长。运营收入为5.66亿美元，占总收入的
22% ，而去年同期为4.2亿美元。营业收入的增长主要是由于收入增加，但部分被营业费
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.
企业、嵌入式和半定制部门的收入为22亿美元，比上一年的13亿美元增长了75% 。强劲的
收入增长主要是由于较高的 EPYC 处理器和半定制销售。电子商务部门的运营收入大幅增
长，达到7.62亿美元，占总收入的34% ，而去年同期为2.43亿美元，占总收入的19% 。营
业收入增长主要是由收入增加和产品结构更加丰富所推动的，部分被研发和上市费用增加
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.
转向资产负债表。年底，现金、现金等价物和短期投资为36亿美元。随着我们继续向股东
返还资本，我们在第四季度回购了价值7.56亿美元的普通股，并以18亿美元的回购收尾。
此外，我们在2022年第一季度至今已回购了10亿美元，在40亿美元的核准股票回购计画下
还剩下12亿美元。季度自由现金流为7.36亿美元，去年同期为4.8亿美元，上一季度为
7.64亿美元。库存为20亿美元，比前一季度增加了5300万美元。
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.
现在让我谈谈我们全年的财务业绩。2021年的收入为164亿美元，同比增长68% ，主要是
由于所有业务的强劲增长。毛利润率为48% ，比上一年增长了370个基点，这主要得益于
EPYC、 Radeon 和 Ryzen 加工商的实力和竞争力。营业费用占总收入的24% ，而2020年
这一比例为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年营业利润同比增长146% ，达到41亿美元，营业利润率为25% ，而2020年为17% 。
净利润为34亿美元，同比增长118% 。全年自由现金流达到创纪录的32亿美元，使全年自
由现金流利润率达到20% 。此外，我们在2021年在长期供应链能力方面投资了约10亿美元
，以支持我们对未来收入和市场份额增长的预期。
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.
现在让我谈谈我们的财务前景。今天的展望是基于当前的预期，思考当前的全球供应环境
和客户信号，不考虑增加 Xilinx，因为交易尚未完成。2022年第一季度的收入预计约为
50亿美元，上下1亿美元，同比增长约45% ，环比增长约4% 。预计所有业务的增长都将推
动这一数字的同比增长。预计服务器和客户收入的增长将推动季度环比增长。
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，我们预计非一般公认会计准则毛利率约为50.5% ; 非一般公认会
计准则业务费用约为12亿美元; 根据15% 的实际税率，非一般公认会计准则利息支出、税
收和其他支出约为2.07亿美元; 稀释股份约为12.2亿股。
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，我们预计收入大约为215亿美元，增长大约31% ，这是由所有业务的增长驱
动的。我们预计非一般公认会计原则的毛利率约为51% ; 非一般公认会计原则的运营费用
约为总收入的24% ; 非一般公认会计原则的有效税率约为15% ; 非一般公认会计原则的现
金税率约为9% ，主要原因是美国要求将研发资本化，以及2022年充分利用了美国的净营
业亏损和税收抵免。
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.
在结束时，我们有一个杰出的季度和一个非常好的一年，非常强劲的收入增长和众多的财
务记录。随着我们进入2022年，我们的领先产品和不断增长的客户动力继续为我们的长期
增长定位非常好。我期待着 AMD 公司在新的一年里取得非常强劲的财务业绩。
With that, I’ll turn it back to Laura for the question and answer session.
Laura?
说到这里，我将把问答环节交还给萝拉。萝拉？
Laura Graves — Investor Relations
萝拉‧格雷夫斯ー投资者关系
Thank you, Devinder, and thank you, Lisa. Operator, we’re ready for our
first question.
谢谢你，德文德，谢谢你，苏妈。接线员，我们准备好回答第一个问题了。
Questions and Answers:
问题与答案:
Operator
接线员
Certainly. [Operator Instructions] Our first question today is coming from
Aaron Raikers from Wells Fargo. Your line is now live.
当然可以。(操作说明)我们今天的第一个问题来自富国银行的艾伦 · 雷克斯。您的线路
现在是直播的。
Aaron Raikers — Wells Fargo — Analyst
Aaron Raikers ー富国银行ー分析师
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。谢谢你回答这个问题，恭喜你获得这个季度的工作。只要想想全年的指导，我知道
你已经在你的准备发言中提到，你希望半定制部分增长。我很好奇，如果你可以帮助我们
也许感谢你是如何考虑半自订部分相对于服务器部分？是否30% 的贡献从总资料中心仍然
适用于2023年，前景，你提供了在上一个分析日，或你认为我们正在跟踪上述趋势？谢谢
你。
Lisa Su — President and Chief Executive Officer
总裁兼首席执行官
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.
当然可以，艾伦。谢谢你的问题。所以到2022年，我的意思是，我们目前的观点是，我们
所有的业务都会增长。鉴于我们与合作伙伴的合作，我们看到了对我们产品的强劲需求以
及供应能力的增强。因此，相对于不同业务的增长，增长将由服务器主导。因此，从我们
看到的客户和某种设计胜利和平台，所有这一切，服务器将是非常强大的明年。但是我们
也期待其他业务的增长，包括游戏机，包括我们的 PC 业务，我们的图形业务和嵌入式业
务。所以我们预计资料中心的比例会在明年继续增加，我们会在今年继续增加。
Aaron Raikers — Wells Fargo — Analyst
Aaron Raikers ー富国银行ー分析师
Thank you.
谢谢你。
Lisa Su — President and Chief Executive Officer
总裁兼首席执行官
Thanks, Aaron.
谢谢，艾伦。
Operator
接线员
Thank you. Our next question today is coming from Matt Ramsay from Cowen &
Company. Your line is now live.
谢谢。我们今天的下一个问题来自科文公司的马特 · 拉姆齐。您的线路现在正在直播。
Matt Ramsay — Cowen & Company — Analyst
Matt Ramsay ー Cowen & Company ー分析师
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.
非常感谢。下午好。为了整个团队，但是 Lisa，祝贺你接近 Xilinx。很高兴看到这样的
结果，显然，还有强劲的结果。我今晚得到的一个问题是，在这样一个强有力的开端，
2022年超过30% 的收入指导，你能不能只是向我们简单介绍一下，也许更具体一点，你在
基板周围的供应链，在后端测试和包装，在晶圆需求周围所做的一些事情？只是为了让人
们感到安慰，那里有覆蓋率、可见性和潜力，特别是当你使用5纳米的服务器和桌面时，
我想，7纳米的容量不会消失，它会随着新容量的上线而保持下去。所以我只是想确保我
理解了围绕供应信心的所有变量？谢谢。
Lisa Su — President and Chief Executive Officer
总裁兼首席执行官
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，当然，马特。谢谢你的问题。因此，在过去的四五个季度里，我们一直致力于供应
链的研究，从产品的角度来看，我们已经有了增长，我们从客户那里得到了可见性。
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.
所以关于你提到的2022年供应环境的问题，我们已经在晶圆产能、基板产能和后端产能方
面做了大量投资。我们对我们在供应链上的进展感到非常满意，以达到2022年的指导。坦
率地说，我们的目标是有足够的供应来满足需求。因此，我们的观点是，我们将继续与我
们的合作伙伴和客户合作，以确保我们知道他们需要什么。同样的，我们的能力投资是为
了2022年，但也是为了2022年以后，因为随着业务的增长，我们需要继续预测和制定计划
，这就是我们一直在努力的。
Matt Ramsay — Cowen & Company — Analyst
Matt Ramsay ー Cowen & Company ー分析师
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。谢谢你。作为后续，我听到越来越多的消息，随着你们推出5纳米的产品组合，伺
服器和桌面上的许多产品将包括下一代 Infinity Fabric。这是一个谈话了一段时间，关
于你们的家伙已经品牌排序 a + ，a，AMD CPU 和 GPU 在一起。我想知道，当你展望未
来几个季度的时候，你会如何——苏妈，你会如何描述这种组合对公司战略和增长的重要
性？谢谢。
Lisa Su — President and Chief Executive Officer
总裁兼首席执行官
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。我们对我们的5纳米产品感到非常兴奋。我认为《禅4》是非常重要的。这是今年我
们的服务器路线图和用户端路线图的焦点。然后无限面料的工作真的就是在那之上。它允
许我们继续优化排序的 AMD CPU 和 GPU 生态系统在一起。因此，无论是在资料中心方面
与我们的资料中心 GPU 产品工作与 EPYC 在高性能计算或在 PC 方面，当我们有我们的
AMD apu 加上我们的离散图形，加上顶部的软件。因此，这是我们战略的一个重要的、
非常重要的组成部分，在我们进入这些新平台时，它将继续与整个投资组合区分开来。
Laura Graves — Investor Relations
萝拉‧格雷夫斯ー投资者关系
Thank you, Matt. Operator, next question please.
谢谢你，麦特。接线员，请问下一个问题。
Operator
接线员
Certainly. Our next question is coming from Ross Seymore from Deutsche Bank.
Your line is now live.
当然可以。我们的下一个问题来自德意志银行的罗斯 · 西摩尔。您的电话现在是直播的
。
Ross Seymore — Deutsche Bank — Analyst
Ross Seymore ー德意志银行ー分析师
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。非常感谢你让我提问。祝贺强劲的业绩和强劲的指导。苏妈，我只想谈谈计算部分，
用户端计算部分。至少在我的模型中是这样的，我相信，在上个季度，你谈到不想填满管
道，并且确保按照需求发货之后，这是第二季度上涨的一个重要部分。那么，在短期内，
是什么发生了变化？也许更重要的是，当你展望2022年，似乎你正计画在这个领域继续获
得显著的份额增长。你能谈谈是什么给了他们这种股票收益的信心吗？
Lisa Su — President and Chief Executive Officer
总裁兼首席执行官
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.
当然，罗斯。那么你关于计算和图形部分的问题。你看，我们在这个领域的重点是与我们
的客户以及他们在市场上的所作所为保持密切的联系。因此，我们一直在非常仔细地监控
卖进、卖出和卖出的趋势。我认为我们在第四季度看到的强势很大程度上是产品强势的结
果。我们看到非常好的笔记型电脑需求继续在高端市场的商业，游戏，高端超薄。所以我
们相信 PC 的性能比我们最初的指导稍微高一点，但是我们相信这是为了满足最终用户的
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.
进入2022年，又是同样的故事。我认为