AMD(AMD) 2023 年第四季度财报电话会议记录

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Advanced Micro Devices, Inc. (NASDAQ:AMD) Q4 2023 Earnings Conference Call January 30, 2024 5:00 PM ET

Company Participants

Mitch Haws - Head of Investor Relations

Lisa Su - Chair and Chief Executive Officer

Jean Hu - Executive Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Aaron Rakers - Wells Fargo

Timothy Arcuri - UBS

Matthew Ramsay - TD Cowen

Joseph Moore - Morgan Stanley

Toshiya Hari - Goldman Sachs

Ross Seymore - Deutsche Bank

Vivek Arya - Bank of America Securities

Harsh Kumar - Piper Sandler

Stacy Rasgon - Bernstein Research

Christopher Danely - Citi

Operator

Greetings and welcome to the AMD Fourth Quarter and Full Year 2023 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] And as a reminder, this conference is being recorded.

It is now my pleasure to introduce to you, Mitch Haws, Vice President, Investor Relations. Thank you, Mitch. You may begin.

Mitch Haws

Thank you, John, and welcome to AMD's Fourth Quarter and Full Year 2023 Financial Results Conference Call. By now you should have had the opportunity to review a copy of our earnings press release and the accompanying slides. If you've not had the chance to review these materials, they can be found on the Investor Relations page of amd.com.

We will refer primarily to non-GAAP financial measures during today's call. The full non-GAAP to GAAP reconciliations are available in today's press release and the slides posted on our website. Participants on today's call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Jean Hu, our Executive Vice President, Chief Financial Officer and Treasurer. This is a live call and will be replayed via webcast on our website.

Before we begin, I would like to note that Mark Papermaster, Executive Vice President and Chief Technology Officer will attend the Bernstein Tech, Media, Telecom & Consumer One-on-One Forum on Tuesday, February 28th; and Jean Hu, Executive Vice President, Chief Financial Officer and Treasurer will attend the Wolfe Research Semiconductor Conference on Tuesday, February 15th and the Morgan Stanley Technology, Media & Telecom Conference on March 5th.

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 materially.

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

Lisa Su

Thank you, Mitch, and good afternoon to all those listening in today. We finished 2023 strong as Data Center sales accelerated significantly throughout the year, despite the mixed demand environment.

As a result, we delivered record Data Center segment annual revenue and strong top-line and bottom-line growth in the fourth quarter, driven by the ramp of Instinct AI accelerators and robust demand for EPYC server CPUs across cloud, enterprise and AI customers.

Looking at our financial results. Fourth quarter revenue increased 10% year-over-year to $6.2 billion, driven by a significant double-digit percentage growth in our Data Center and Client segments. On a full year basis, annual revenue declined 4% to $22.7 billion as record Data Center and Embedded segment annual revenue was offset by lower Client and Gaming segment revenue.

Importantly, Data Center and Embedded segment annual revenue grew by $1.2 billion and accounted for more than 50% of revenue in 2023 as we gained server share, launched our next-generation Instinct AI accelerators and maintained our position as the industry's largest provider of adaptive computing solutions.

Turning to the fourth quarter business results. Data Center segment revenue grew 38% year-over-year and 43% sequentially to a record $2.3 billion. Server CPU and Data Center GPU sales both set quarterly and annual revenue records as sales of our Data Center products accelerated throughout the year. We gained server CPU revenue share in the quarter, driven by significant double-digit percentage growth in 4th Gen EPYC Processor revenue and demand for our 3rd Gen EPYC Processor portfolio.

In Cloud, while the overall demand environment remained soft, server CPU revenue increased year-over-year and sequentially as North American hyperscalers expanded 4th Gen EPYC Processor deployments to power their internal workloads and public instances.

Amazon, Alibaba, Google, Microsoft and Oracle brought more than 55 AMD-powered AI, HPC and general-purpose cloud instances into preview or general availability in the fourth quarter. Exiting 2023, there were more than 800 EPYC CPU based public cloud instances available. We expect this number to grow in 2024 based on the leadership performance, efficiency and features of our EPYC CPU portfolio.

In Enterprise, sales accelerated by a significant double-digit percentage in the quarter as we built momentum with Forbes 2000 customers. We closed multiple wins with large financial, energy, automotive, retail, technology and pharmaceutical companies, positioning us well for continued growth, based on expanded production deployments planned for 2024.

A growing number of customers are adopting EPYC CPUs for inferencing workloads, where our leadership throughput performance deliver significant advantages on smaller models like Llama 7B, as well as the power head nodes in large training and inference clusters.

Looking ahead, customer excitement for our upcoming Turin family of EPYC Processors is very strong. Turin is a drop-in replacement for existing 4th Gen EPYC platforms that extends our performance, efficiency and TCO leadership with the addition of our next-gen Zen 5 core, new memory expansion capabilities and higher core counts.

Advanced Micro Devices, Inc. (NASDAQ:AMD) Q4 2023 Earnings Conference Call January 30, 2024 5:00 PM ET

Company Participants

Mitch Haws - 投资者关系负责人

Lisa Su - 主席和首席执行官

Jean Hu - 首席财务官、财务总监和司库

Conference Call Participants

Aaron Rakers - 富国银行

蒂莫西·阿尔库里 - 瑞银UBS

Matthew Ramsay - TD Cowen 马修·拉姆赛 - TD Cowen

Joseph Moore - 摩根士丹利 (Morgan Stanley)

Toshiya Hari - Goldman Sachs (Toshiya Hari - 高盛集团)

Ross Seymore - Deutsche Bank 罗斯·西莫尔 - 德意志银行

维维克·阿里亚 - 美国银行证券

Harsh Kumar - 帕珀桑德勒

Stacy Rasgon - Bernstein Research 斯泰西·拉斯贡 - 伯恩斯坦研究

Christopher Danely - 花旗公司

Operator

问候并欢迎参加 AMD 2023年第四季度及全年会议电话。此时,所有参与者处于听取模式。正式展示结束后将进行简短的问答环节。[操作员指示]并提醒大家,本次电话会议正在录音。

很高兴向大家介绍投资者关系副总裁米奇·霍斯。谢谢你,米奇。你可以开始了。

Mitch Haws

謝謝你,約翰,歡迎參加AMD 2023年第四季度和全年財務業績電話會議。現在你應該已經有機會閱讀我們的成績新聞稿和相關幻燈片的副本。如果你還沒有機會閱讀這些資料,你可以在amd.com的投資者關係頁面找到它們。

今天的电话会议主要将涉及非通用会计准则的财务数据。完整的非通用会计准则和通用会计准则的对照表可以在今天的新闻发布中找到,并在我们的网站上发布的幻灯片中找到。今天电话会议上的参与者有我们的董事长兼首席执行官苏姿丽博士,以及我们的执行副总裁、首席财务官兼财务总监胡洁娟。这是一次直播电话会议,并将在我们的网站上通过网络直播进行重播。

在我们开始之前,我想提请注意,Mark Papermaster,执行副总裁兼首席技术官 将于2月28日星期二参加伯恩斯坦技术、媒体、电信与消费品一对一论坛;Jean Hu,执行副总裁兼首席财务官和司库将于2月15日星期二参加沃尔夫研究半导体会议,以及3月5日参加摩根士丹利科技、媒体与电信会议。

今天的讨论包含基于当前信念、假设和期望的前瞻性陈述,仅代表今天的意见,因此涉及风险和不确定性,这些风险和不确定性可能导致实际结果与我们当前的期望有实质差异。请参考我们的新闻稿中的警示性陈述,以获取有关可能导致实际结果有实质差异的因素的更多信息。

我会把通话转接给丽莎。丽莎?

Lisa Su

谢谢你,Mitch,下午好,所有今天收听的人。尽管需求环境多变,但我们在2023年取得了强劲的数据中心销售增长。

因此,我们在第四季度交付了创纪录的数据中心业务年度收入,并实现了强劲的营收和利润增长,这主要得益于Instinct AI 加速器的推出和云计算、企业和人工智能客户对 EPYC 服务器 CPU 的强劲需求。

我们的财务结果显示,第四季度收入同比增长了10%,达到62亿美元,其中数据中心和客户端领域收入大幅增长。就整个年度而言,由于客户端和游戏领域收入下降,全年收入减少了4%,仅有记录的数据中心和嵌入式领域收入弥补了这一下降。

重要的是,数据中心和嵌入式市场的年收入增长了12亿美元,占到了2023年收入的50%以上,因为我们获得了服务器市场份额,推出了下一代的Instinct AI加速器,并且保持着作为行业最大的自适应计算解决方案提供商的地位。

转向第四季度的业务结果。数据中心部门收入同比增长38%,环比增长43%,达到创纪录的23亿美元。服务器CPU和数据中心GPU销售额均创下季度和年度收入纪录,随着本年度数据中心产品销量的加快。我们在该季度增加了服务器CPU收入份额,主要受到4代EPYC处理器收入以及对我们的3代EPYC处理器系列需求的双位数字增长的推动。

在云计算方面,尽管整体需求环境仍然疲软,但服务器 CPU 收入同比和环比均增长,因为北美超大规模数据中心扩大了第四代 EPYC 处理器的部署,以支持其内部工作负载和公共实例。

亚马逊阿里巴巴、谷歌、微软和甲骨文在第四季度推出了55多种基于AMD的人工智能、高性能计算和通用云实例,供预览或一般可用。到2023年底,已有超过800个基于 EPYC CPU 的公有云实例可用。我们预计基于 EPYC CPU 系列的领先性能、效率和功能,这一数字将在2024年继续增长。

在企业中,销售额在本季度以显著的两位数百分比增速增长,我们与《福布斯》全球2000强客户建立了势头。我们与大型金融、能源、汽车、零售、科技和制药公司达成了多笔交易,为我们在2024年计划中的扩大生产部署奠定了良好的发展基础,为持续增长做好了准备。

越来越多的客户正在采用 EPYC CPU 进行推理工作负载,我们在较小的模型如 Llama 7B 上的领先吞吐性能为客户带来了显著优势,并且在大型训练和推理集群中的功率主节点上也有明显的优势。

展望未来,客户对我们即将推出的 Turin 家族的 EPYC 处理器表现出非常强烈的兴奋。Turin 是现有第四代 EPYC 平台的即插即用替代品,通过引入我们的下一代 Zen 5 核心、全新的内存扩展功能和更高的核心数量,延续了我们在性能、效率和总拥有成本方面的领先地位。
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