Q4 2022 Advanced Micro Devices Inc Earnings Call

January 31, 2023

Speaker 1: Hello and welcome to the AMD Fiscal 4th Quarter in full year 2022 financial results conference calling webcast. If anyone should require operator assistance please press star zero on your telephone keypad. A question and answer session will follow the formal presentation.

Before we begin I would like to note that Mark Papermaster, Chief Technology Officer, and Executive Vice President Technology, and engineering will attend the Morgan Stanley Technology Media and Telecom conference on Monday March six and our first quarter 2023 quiet time is expected to begin at the close of business on Friday.

March 17th.

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 actually cause 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 and with that I'll hand, the call over to Lisa Lisa.

Thank you Bruce and good afternoon to all those listening in today.

Before discussing our financial results I wanted to make a few comments about our CFO transition.

I'd like to start by thanking the vendor for all of his contributions to <unk> over the last 39 years.

During his tenure as CFO , we built a strong financial foundation that has enabled AMD is significant growth and success.

On a personal note his partnership and expertise have been invaluable to me.

I know I speak for all of AMD when I say, we appreciate all he has done for the company and wish him the best in his upcoming retirement.

I also want to welcome our new EVP and CFO , Jean Hu to a first AMD earnings call since joining us earlier this month.

Gene's more than 14 years of public company CFO experience and proven track record of financial leadership make her an excellent addition to our team.

I look forward to working closely with her as we continue to transform and scale our business.

Now turning to the business results.

<unk> thousand 22 was a strong year for AMD as we navigated the challenging macro environment to deliver best in class growth and record profitability driven by our embedded and data center segments.

We also transformed our company, we accelerated our data center business and closed our strategic acquisitions of Xilinx and concerned, though significantly diversifying our business and strengthening our financial model as our data center embedded product sales grew from $3 9 billion in 2021 to $10 6 billion in 2022.

Looking at our financial results fourth quarter revenue increased 16% year over year to $5 6 billion driven by significant growth in our embedded and data center segments, which accounted for more than 50% of overall revenue in the quarter.

On a full year basis, we grew annual revenue, 44% to $23 6 billion.

We set annual records for revenue gross margin and profitability driven largely by a 64% increase in our data center segment revenue and the strong performance of our embedded segment following our Xilinx acquisition.

Turning to the fourth quarter business results, starting with our data Center segment revenue increased 42% year over year to $1 7 billion led by increased adoption of our epic processors by cloud providers and.

In cloud sales to North American Hyperscale or has more than doubled year over year as hyperscale customers continued moving more of their internal workloads and external instances to epic processors.

Epic processors now powered more than 600 publicly available instances globally. Following the launches of new AMD based instances from AWS, Microsoft and others in the quarter.

In enterprise revenue declined year over year as demand slowed based on the macro environment.

Against this backdrop, we continue expanding our pipeline and closed a number of new wins in the fourth quarter with Fortune 500 financial services automotive technology energy and aerospace companies.

In H P C growing epic processor adoption was highlighted by the number of AMD powered supercomputers on the latest top 500 list, increasing by 38% year over year.

A M D now powers more than 100 of the world's fastest supercomputers in 15 of the top 20, most energy efficient supercomputers in the world.

To build our data center leadership, we launched our fourth Gen. Epic processors. This past November that deliver up to two times faster performance and cloud enterprise and <unk> applications and are up to 80% more energy efficient than the competition as most recently announced offerings.

We are seeing very strong customer pull for fourth Gen epic Cpus, which complement our third gen offerings with additional performance and capabilities.

Initial cloud deployments are going very well and we expect to ramp both internal workloads in public instances throughout 2023.

For enterprise there are more than 144th Gen epic platforms in development from HPE, Dell, Lenovo, supermicro, and others and increase of 40% compared to the prior generation.

Now looking at our broader data center portfolio, we had record sales of our Xilinx data center and networking products in the quarter led by strong demand from financial services companies for our newly launched LVL X three series boards optimized for low latency trading.

Sales of our <unk> Gpus also ramps significantly from the prior quarter driven by supply chain improvements and continued demand.

We are very pleased with the customer reception of the concern there technology with good long term growth opportunities as Gpus become a standard component in the next generation of cloud and enterprise data centers.

Datacenter GPU sales were down significantly from a year ago. When we had shipments supporting the build out of multiple instinct to 50 accelerators supercomputer wins.

In January we previewed our next generation M 300 accelerator that will be used for large model AI applications in cloud data centers and has been selected to power. The two plus extra flop El Capitan extra scale supercomputer at Lawrence Livermore National Laboratories.

I 300 will be the industry's first datacenter chip that combines a CPU GPU and memory into a single integrated design delivering eight times more performance and five times better efficiency for HPE and AI workloads compared to our $2 50 accelerator currently powering the world's fastest supercomputer.

And my 300 is on track to begin sampling to lead customers later this quarter and launch in the second half of 2023.

Turning to our client segment revenue declined 51% year over year to $903 million.

We continued to ship below PC consumption in the fourth quarter as we focused on further reducing downstream inventory.

While overall PC demand remains soft desktop channel sell through increased sequentially during the holiday season.

We launched our latest generation Ryzen 7000 series notebook processors earlier in January including our Ryzen 70, 40, CPU series that deliver leadership performance and battery life and our first processors to feature ryzen AI. The industry's only dedicated on chip AI inference engine and an X 86 processor.

Ryzen AI is powered by the highly scalable ex DNA architecture, which is the first integration of AMD Xilinx IP less than a year after closing the acquisition.

We also launched our Ryzen 745 series Gpus are first mobile processors based on a triplet design that deliver significantly higher performance than the competition and gaming and content creation applications.

We have more than 250 ultras in gaming and commercial notebook design wins spanning our full family of Ryzen 7000 series processors on track to launch this year, an increase of 25% year over year with the first notebooks planned to go on sale in February .

Now turning to our gaming segment.

Revenue declined 7% year over year to $1 6 billion as lower gaming graphics sales more than offset higher semi custom revenue.

Semi custom Soc revenue grew year over year as demand for game consoles remained strong during the holidays.

Gaming graphics revenue decline year over year as we further reduced desktop GPU downstream channel inventory.

Channel sell through of our Radeon Rx Gpus increased sequentially and we launched our high end Radeon 7900 series Gpus to strong demand based on the performance of our new Rdna architecture, and five nanometer triplet design.

In January we announced our first rdna III mobile Gpus that have been selected to power new gaming notebooks from Dell Alienware, Ashish and others that are on track to begin shipping in the first half of 2023.

Looking at our embedded segment revenue increased significantly year over year to a record $1 4 billion.

We had record sales across a number of our embedded markets, including communications automotive industrial and healthcare aerospace and defense and test and emulation.

In communications, we saw particular strength with expanded five <unk> wireless installations in India and ongoing wired infrastructure deployments with tier one communications providers.

Automotive growth was driven by the ramps of new forward camera, a four day radar and infotainment wins across multiple customers.

We recently announced multiple new wins for our automotive grade zinc ultra scale plus platforms with some of the largest vehicle equipment suppliers, including Asian next generation automated parking assist system and <unk> next generation Lidar platform that can improve the resolution required for autonomous driving and other industrial machine vision applications.

<unk> by 20 X.

We also continued to see strong growth with industrial and healthcare aerospace and defense and tested emulation customers in the quarter driven by Sam expansion for our leadership adaptor vessels <unk>, new design win ramps and increased supply across multiple nodes.

Taking a step back as we approach the one year anniversary of the closing of our Xilinx acquisition next month. The integration has gone extremely well and our embedded business has become a major growth driver for AMD strengthening our financial model and significantly diversifying our business.

In addition, we are seeing substantial new revenue synergy opportunities as we combine xilinx is in Dutch industry, leading adaptive products and 6000, plus customers with AMD has expanded breadth of compute products and scale.

In summary, overall 2022 was a strong year for AMD, despite the weak PC market with.

We significantly grew our data center embedded and gaming businesses and executed well across our product portfolio.

As we enter 2023, we expect the overall demand environment to remain mixed with the second half stronger than the first half.

In the PC market, we are planning for the PC Tam to be down approximately 10% for 2023.

We expect to continue to ship below consumption in the first quarter to reduce downstream inventory, which is reflected in our guidance.

In our embedded and data center segments. We believe we are well positioned to grow revenue and gain share in 2023 based on the strength of our competitive positioning and leadership high performance and adaptive product portfolio.

We do see elevated levels of inventory with some cloud customers, which will lead to a softer first half and a stronger second half of the year.

We continue working very closely with our customers to navigate the dynamic market conditions, while also making the right strategic investments to exit the current cycle with an even stronger and more differentiated set of products to drive future growth.

Over the next several years one of our largest growth opportunities is in AI, which is in the early stages of transforming virtually every industry service and product.

We expect AI adoption will accelerate significantly over the coming years and are incredibly excited about leveraging our broad portfolio of Cpus Gpus and adaptive accelerators in combination with our software expertise to deliver differentiated solutions that can address the full spectrum of AI needs in training and inference across cloud.

And clients.

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

Thank you Lisa and good afternoon, everyone 2022 was a very strong year for AMD, we had a record revenue gross margin profitability and we generated a significant free cash flow.

Here was also highlighted by our strategic acquisition, so for Xilinx, and Penn Cenvill, expanding and diversifying our business portfolio.

Fourth quarter 2022 revenue from $5 6 billion was up 16% from year ago, driven by higher revenue in the embedded and data center segment, partially offset by lower client and the gaming segment revenue.

Gross margin was 51% up 70 basis points from a year ago, primarily driven by retail product mix with a higher revenue in embedded and data center segment, partially offset by lower <unk> segment revenue.

Operating expenses were one 6 billion compared to $1 1 billion a year ago, driven by the inclusion of resigning to Opex and additional R&D and go to market investments to support the next phase of our revenue growth.

Operating income declined 66 medium from a year ago to $1 3 billion and operating margin lift and 23% down from 27% a year ago.

Net income was $1 1 billion flat year over year.

Diluted earnings per share was <unk> 69, compared to <unk> 92 per share a year ago, primarily due to lower clay on the operating income.

Now turning to our <unk> segment for the fourth quarter.

Starting with the datacenter segment revenue was $1 7 billion up 42% year over year, primarily driven by strong growth in third generation <unk> server processor revenue and the early ramp of our fourth generation <unk> processors.

<unk> operating income was 444 million or 27% of revenue compared to $300, <unk> or 32% a year ago.

Higher operating income was driven primarily by stronger revenue, partially offset by higher R&D investment to support the top line revenue growth.

Play on the segment revenue was 903 million down 51% year over year due to reduced processor shipments, resulting from a weak PC market and significant inventory correction cross of the PC supply chain.

Clay on the operating loss was 152 million compared to operating income of 513 million a year ago, all 29% of revenue primarily due to lower revenue.

Gaming segment revenue was $1 6 billion down 7% year over year due to lower gaming graphics revenue, partially offset by higher semi custom product sales.

Gaming operating income was 266 million or 16% of revenue compared to $407 million or 23% a year ago.

The decrease was primarily due to lower graphics revenue.

Embedded segment revenue was $1 4 billion up one 3 billion from a year ago, primarily due to the inclusion of <unk> embedded revenue.

<unk> operating income was 699 million or 50% of revenue compared to 18 million or 25% a year ago, primarily driven by the inclusion of <unk>.

Turning to the balance sheet, we have a strong balance sheet with a cash cash equivalents and short term investment over $5 9 billion at the end of the fourth quarter.

During the quarter, we returned 200 and the $15 million to shareholders through share repurchases.

In 2022, we returned a total for $3 7 billion to shareholders, which was at 119% of our free cash flow we.

We have $6 5 billion in remaining authorization to share repurchases.

Free cash flow was 443 million compared with 736 million in the same quarter last year.

Free cash flow decreased primarily due to higher inventory.

Inventory was $3 8 billion up approximately 400, and the 2 million from the prior quarter, primarily driven by the inventory increase in advanced process nodes to support the ramp of new products.

Now, let me turn to our full year financial results 2022 revenue was $23 6 billion up 44% year over year driven by increased the embedded data center in the gaming segment revenue, partially offset by lower clay on the segmented revenue.

Combined AMD and designing a company basis 2022 pro forma revenue was $24 1 billion up 20% compared to 21 billion in 2021.

Gross margin was 52% up 370 basis points from the prior year, primarily driven by richer product mix with higher revenue from embedded and data center segment, partially offset by lower client segment revenue.

Operating expenses were 26% of revenue compared to 24% in 2021.

2022, operating income was $6 3 billion up $2 3 billion and the increased sales were 56% from year ago, resulting in operating margin of 27% compare to 25% in 2021, primarily driven by higher revenue and gross margin expansion.

Net income was $5 5 billion compared to three 4 billion up 60% from the prior year.

Earning per share was $3.50 compared to $2 79 for the prior year, primarily due to data center growth and addition of Xilinx.

Full year free cash flow was $3 1 billion, resulting in free cash flow margin of 13% for the year. We invested approximately 1 billion in long term supply chain capacity in 2022 to support our expectations for future revenue growth and to increase the market share.

Let me now turn to our financial outlook today. So the outlook is based on current expectations and contemplate the current macro environment.

For the first quarter for 2023, we expect revenue to be approximately $5 3 billion plus or minus the $300 million a decrease of approximately 10% year over year and 5% sequentially.

Year over year data center and the embedded segmented revenue are expect to grow offset by lower client and the gaming segment revenue.

Sequentially embedded segment revenue is expected to increase.

<unk> and the gaming segment revenue are expected to decline largely consistent debated seasonality.

Data Center segment revenue is expect to decline due to elevated the levels of inventory, we have some cloud customers.

In addition for Q1 2023, we expect non-GAAP gross margin to be approximately 58% now.

non-GAAP operating expenses to be approximately $1 6 billion.

non-GAAP interest expense taxes, and others to be approximately $146 million based on 13% effective tax rate.

Diluted share count is expected to be approximately 162 billion shares.

For the full year for 2023, we're not providing specific guidance due to the uncertainty in the macro environment.

However, let me provide some color.

Directionally, we expect embedded and datacenter annual revenue to grow from 2022 based on the strength of our product portfolio and expect that the share gains.

In addition, we expect <unk> and the gaming segment revenue to decline based on the current demand environment.

We expect non-GAAP gross margin to be approximately flat Asia in the first half and the expansion in the second half of the year.

We expect to manage quarterly non-GAAP operating expenses are flat with the fourth quarter here until we see the demand environment improves.

For modeling purpose, we expect non-GAAP effective tax rate for the year to be 13%.

And the diluted share count to be approximately one point to six 2 billion shares.

In closing, we had a strong year with record revenue and profitability.

Driven by our leadership with a product portfolio and the diversification of our business.

Looking forward into 2023 as Lisa mentioned earlier, we will continue to focus on executing our long term growth strategy, while driving financial discipline and operational excellence, we believe our leadership products growing customer momentum and a strong financial foundation position as well.

<unk> for long term profitable growth.

With that I'll turn it back to Ruth for Q&A session.

Thank you gene Tam operator, if you could poll the audience for questions now please.

Certainly if you'd like to be placed in the question queue. Please press star one on your telephone keypad. We ask you. Please ask one question one follow up then return to the queue. Once again Thats star one to be placed in the question queue, if you'd like to remove your question from the queue. Please press star two.

Again, Thats star one to be placed in the question queue and we ask you. Please ask one question and one follow up then return to the queue. Our first question today is coming from Matt Ramsay from Cowen. Your line is now live.

Oh, yes. Thank you very much good afternoon first of all congratulations gene and <unk>.

Congrats as well because the vendor I mean, the last five years at the company have been remarkable.

Remember all the work you and your finance team did six or seven years ago to keep the foundation stable for what's happened since then.

Enjoy the retirement.

My first question Lisa.

Just about the drivers of.

2023, you guys talked in the prepared script about.

All of the different cross currents that are kind of going on right now versus the strength of your portfolio versus some.

Some inventory digestion in the data center space, and obviously, what's going on in the PC market.

I've gotten.

Julian versions of the same question Tonight, which ones do you think the company can grow.

For the year 2023, overall, and if you could just kind of walk us through the drivers of the business as we worked through the year.

Yeah, absolutely Matt. Thanks for the question. So there are lots of puts and takes in 2023, and we want to give you kind of some of the drivers our largest growth driver is certainly the data center, we are very positioned well with our product portfolio. We just launched our general fourth Gen Epic we also.

Have bergamo coming.

This year as well when we talk to our cloud customers, what they're telling us is they.

They appreciate the execution of our roadmap and we have an opportunity to move more workloads to AMD as we go through the year. So we feel very good about our product positioning.

As we mentioned in the prepared remarks coming off of a very strong 2022. There is some inventory at some of the cloud customers and so we are expecting a softer first half and then a stronger second half, but we feel very good about our market share position and opportunity to grow with data center also on the embedded side I would say we have a very strong portfolio there the xilinx business.

Has done very well in 2022.

As a diversified set of markets, we see strength in a number of the end markets and so we think that's also a grower for AMD.

On the other side.

Clients and gaming businesses, we believe will decline.

We have made good progress when we look at the PC market in the second half of the year.

2022, we were really trying to rebalanced inventory and I think we've made progress exiting Q4.

We're still expecting to ship below consumption in the first quarter.

And then sort of go from there our product portfolio is strong we think theres an opportunity for growth as we go into the second half of the year, but we think overall for the year client will decline just given the Tam.

And then on the gaming segment again, we're coming off of a very strong 2022, and so console demand has been actually quite strong and given where we are in the cycle. We would expect gaming to be down on a year over year basis, but overall I think lots of puts and takes but were positive.

What we can do in terms of the datacenter and embedded segments, given our product portfolio and we will watch the macro on the client and gaming and see how that plays out.

Thank you very much for all the details there I guess as my follow up I wanted to ask a question about gross margin.

Martin I guess sequentially down a little bit into March, but I kind of wanted to focus on the drivers of the longer term margin is down.

I guess three or four points from where you were a few quarters ago. Despite more mix of the revenue coming from embedded in data center. So.

If there's any way that you guys could try to quantify maybe how much of.

The margin headwind from just lower client revenue how much of it might be from any programs that you're working through to clear the channel.

How do we model what are the drivers that we should think about in terms of the margin recovery. Thank you.

Yeah, maybe so on the overall margin the way to think about our business that is in the margin is primarily driven by product mix, so as the embedded and datacenter businesses or grow.

So the margin expansion grows with it in terms of the sequential question that you had from Q4 to Q1, that's just.

A product of the mix so with datacenter being.

Lower sequentially that.

That we are also working through our client inventory clearing what we're seeing in the PC business is.

As we're going through this sort.

Sort of a normalization of inventory, especially on some of the older products, we do have more marketing programs and pricing incentives in place. We do expect that to normalize as we go through the first half of the year and so as Jim said in the prepared remarks, we would expect margin expansion as we go into the second half with the growth in data center.

Embedded in some normalization of the client business as well.

Okay.

Thank you next question is coming from Vivek Arya from Bank of America Securities. Your line is now live.

Thanks for taking my question.

Thanks, and best wishes to dozen LNG from my side as well.

On the first one Lisa I think you mentioned some elevated inventory among your cloud customers I was hoping you could give us some quantification of how elevated is it a one quarter issue or is it a two quarter issue.

Does it impact the pace of your general because I think coming into this year, the expectations, where you could grow silver sales by over 20% do you think that is true.

A possibility because I imagine you get some benefit from.

But in general pricing, so just puts and takes of how we should think about for your data center business.

Through this year.

Yeah sure Vivek. So look we remain very bullish about our datacenter business I mean, I think the feedback that we've gotten on general from our customer set is very strong and as I said the important thing is.

We are expanding workloads in terms of.

We believe the.

The inventory normalizes each customer is different so they have what they are trying to achieve in terms of inventory levels. Our expectation is that sort of first half softness for cloud.

Then second half strength.

As that's worked through but like I said, it's different for each each customer and then in terms of overall growth.

As I said, we're very bullish on the overall growth of our data center business and the opportunity to gain share.

As we go through the year and as we go through the ramp in Genoa, We do have more content with a higher core count that should also help asp's.

And then on the PC side and also kind of forgot.

As it relates to the pricing environment.

You mentioned the PC Tam is.

It could be down about 10%, but when we look at the shipments right.

From you and your competitors or they could be down as much as 40 or 50%.

Year on year in Q1.

Do you think there is a possibility that the Tam assumption of just down 10% could be an optimistic one.

I would imagine that would suggest.

Until it clears out soon but youre, suggesting that it may not clear at all to Q2. So I was just hoping you could give us some better sense for when the PC market starts becoming and do you think it could become more price competitive before it recovers.

So maybe just to make sure that we're.

Just correlating with numbers so.

My comment about PC Tam being down 10% was assuming if you take a look at sort of what IDC just published for 2022 at about 290 million units and that's more of a sell through Tam.

Versus a sell in term so we have been under shipping sort of the.

The sell through of consumption for the last two quarters.

In an attempt to re normalize that as soon as possible in terms of do I think it's conservative I think it's in the ZIP code I think it's in the ZIP code. So if you imagine.

2023 sell through Tam of about 260 million units plus or minus.

Seems to be about the right number.

Have made good progress in inventory normalization, we want to be cautious obviously heading into.

Yes.

The year, just given the macro environment.

First quarter, we said would be roughly seasonal.

For Pcs I think second quarter first quarter should be the bottom for us in Pcs we.

And then grow from there into the second quarter, and then into the second half and I should note also vivek I mean, we just launched our ryzen 7000 series.

With sort.

Sort of our AI capabilities, both from a notebook and desktop standpoint, so we feel good about the product roadmap and Pcs, obviously, we have to get through this normalization.

Most of the.

The focus is on continuing to differentiate our products and working with our customers to offer sort of very strong platforms.

Thank you next question is coming from <unk> <unk> from Bernstein Research. Your line is now live.

Hi, guys. Thanks for taking my questions.

I noticed that you said the gross margins would expand in the second half, but you didn't give us any color on how much we might expand can you give us some idea of like first half to second half or I mean, just for the full year do you think gross margins grow.

Year over year from the 52%.

You printed in 2022.

Yes, Hi, Stacy This is gene let me take this question then Lisa can add.

As we talk about today is both our embedded and data center segment to have a strong gross margin so feel pretty good about second half, where we continue to have the growth of both the embedded and data center segment. The major headwind. We are facing is really client side.

If you think about gross margin in the first half of 2022 versus the first half of 2023 and major impact from the client.

Revenue inventory correction, which impacted the gross margin in the <unk> segment, so going into second half with the normalization of clay on the segments will help us to expand the gross margin I think it really depends on how the clay on the segmental, we'll recover that will drive the gross margin.

If rates are going to go back to the first half of 2022, all expand beyond that level, but overall, we feel pretty good that once we normalize the client segment, our gross margin will continue to expand.

So I guess you asked the question again for 2023 do you think gross margins can expand over the 2022.

Maybe what I would say Stacy is I think we've given you the puts and takes for where the margin goes I think it depends a bit on what happens in the macro environment, but.

We do feel good about second half expansion and we'll see sort of the relative recovery.

In macro as it relates to all of our segments.

Got it. Thank you I guess for my follow up maybe it follows up on that a little bit more just around the mix on.

Good how datacenter and embedded should be growing in the second half versus the first half, but presumably client will to first half. The second half given that you are under shipping it sounds like by a pretty wide margin right now.

How do you feel about your mix just just across the four businesses in the second half versus the first half do you think your data center plus embedded mix as a percentage of total revenue in the second half was materially higher.

The first offer I mean could it could even be you'll not not that different at all given the potential growth that you might see just from the channel normalization in claims.

Yeah, I think the way to think about it is I think our data center grow growth in the second half versus first half, we expect that to be significantly stronger as it relates to clients. We would also expect it to be stronger again, depending a bit on macro and sort of how the Tam actually evolves I think for the embedded businesses.

I would say that we expect to grow over the full year.

2023 versus 2022, what we see right now is a fairly strong backlog and good visibility into the first half of the year I'm not ready to say that embedded will grow in the second half versus the first half, though because we're coming off very strong growth.

And so I think those are the puts and takes.

Thank you next question is coming from Toshi Hari from Goldman Sachs. Your line is now live.

Hi, good afternoon, and thank you so much for taking the question.

The pushback that we often get is AMD is doing really well gaining share, but you are gaining share in relatively mature markets.

When it comes to AI, you do have a strategy, but you really hasnt shown.

The product set if you will you talked about how you have CPU GPU FPGA in contango.

Youre shipping samples of <unk> 300, I guess later this quarter and potentially launching in the second half.

Point do we as analysts and investors start to see.

Your AI strategy materialize in the P&L and your profitability if you will.

Yes, thanks for the question.

We believe that AI is a huge driver of growth and given our portfolio. It should be a driver of our growth as well I think if you think about the product sets.

We are.

Putting sort of AI content and you should expect three.

300 of course on the GPU training side.

We just launched horizon AI.

Our PC portfolio, you can expect additional AI acceleration coming in our server portfolio as well, so youre going to see AI broadly across our roadmaps in terms of when we've talked before about sort of our data center GPU ambitions and the opportunity there we see it as a large.

Opportunity as we go into the second half of the year and launched <unk> 300 sort of the first user of <unk> 300 will be the supercomputers or <unk>, but we're working closely.

With some large cloud.

Vendors as well to qualify my 300, AI workloads, and we should expect that to be more of a meaningful contributor in 2024. So lots of focus on just huge opportunity lots of investments in software as well to bring the ecosystem with us.

That's very helpful and then Lisa as my follow up.

I had a question on profitability and your client business.

PC business.

A year ago margins were really high supply those are all relatively tight.

Since then with the inventory correction and perhaps a little bit more competition. Your profit margins are down you talked about the first half of this year still being sort of in digestion mode and then in the second half things normalizing, but would it be realistic to assume your gross margins in the client business return to first half 'twenty two levels or in hindsight.

Margins back down.

Or perhaps you were over earning in that business given the environment.

Thank you.

Sure. So I think on the client.

Segment.

It's fair to say that.

We believe given where we are with the client inventory.

Inventory levels are first half will certainly be lower.

We expect some improvement in the second half, but in terms of overall margin, we expect that the client business will be below the corporate average and that's how we're modeling the client business.

Thank you next question is coming from Aaron Rakers from Wells Fargo. Your line is now live.

Our approach for phones on mute please pickup your handset.

Yes, thank you for taking the questions.

I guess the first question is going back to the data center piece of the business and specifically around the ramp of general walk.

I'm curious is there any help that you can provide us with thinking about the ASP uplift you expect to see what the general product cycle and I guess at some point through 2023, how do we start to think about the Bergamo.

Product cycle as well impacting the server CPU business.

Sure So Erin.

We started shipping Genoa in the third quarter that ramped into the fourth quarter and will continue to ramp through 2024, the way I think about or the way you should think about the general ramp is.

It is a new platform for our customers so there'll be introducing it.

Introducing first and cloud sort of internal workloads, and then going to external workloads and then enterprise. So I think it'll be throughout 2024.

Im sorry throughout 2023.

We do have higher core count on generalists. So you would expect that that will give us some ASP uplift as we go through some of those higher core count products Bergamo will launch in the first half of the year. We are on track for the Bergamo launch and you'll see that become a larger contributor in the second half so as.

We think about the Zen four ramp and the crossover towards Zen three ramp.

It should be.

<unk> the end of the year sort of in the fourth quarter that you would see a crossover of sort of Zen four versus <unk> if that helps you.

Yes, that's very helpful and then as a quick follow up.

Business isn't really ask that much about but it's been doing phenomenally well here in these last couple of quarters is actually the xilinx business I know within the embedded largely.

But.

Yourself reporting I think if I read the filings correctly growing 40% plus on a on a like for like basis for Xilinx I think your competitor also growing a solid pace. How do you think about the sustainability of the durability of that demand and that embedded or xilinx business as we move through 'twenty three.

Sure So Eric.

That does business has done very well so the xilinx business I think our overall embedded business continues to do well when we look across the.

Sub segments, there are puts and takes in the sub segments, but what we see is content is going up. So we had records in communications industrial and healthcare Aerospace and defense automotive we have the embedded processor content. That's also going into automotive so we feel.

Very good about that business I think as we look into 2023 I mentioned this in the question with Stacy.

We have a very good visibility to the first half just given the lead times in the backlog in the first half looks strong. So we expect to grow sequentially in the first quarter.

As we go into the second half of the year, we're monitoring.

Overall demand environment, and just given how strong it's been.

We are looking at whether there'll be some puts and takes and some of the end market segments. There, but overall I think the key point is the content and our design win momentum is good and we continue to ramp new design wins in the Xilinx business.

Thank you next question is coming from Joe Moore from Morgan Stanley . Your line is now live.

Great. Thank you I Wonder if you could talk to us about the puts and takes of PC market share in a down 10% environment.

I would assume it helps you if consumers better than commercial but what is your progress in terms of penetrating the notebook market and penetrating.

Penetrating the commercial market, where you could continue to gain share.

Yeah Joe.

We view that the opportunity. So first of all I would say that in general the PC market share numbers are probably a bit noisy right now just given all of the sell in sell through in the inventory dynamics that are being worked through actually in the fourth quarter. We believe we gained a little bit of share in the in the PC market as we go forward into 2000.

23.

We think our product portfolio is very strong.

We look at Ryzen, 7000, and where it goes and where we are positioned in the commercial.

As well as the high end consumer segments were not changing our strategy on Pcs quite a.

A few years ago, we really focused on sort of the more premium segments, we have less penetration in the low end, which I think is helpful and as we go forward.

We're continuing to focus on commercial Pcs and.

A larger footprint in there I will say the enterprise work that we're doing on the server side I think links very well to the commercial PC.

Work and we're continuing to invest in sort of the sales.

And marketing resources to ramp that side of the business.

Great and then going back to the general question that was asked.

So is that going to go.

As you are in this kind of budget conscious environment.

You're introducing.

In our system that has pretty high platform cost does that slow the adoption at all it seems like people and your competitors dealing with some of the same issues.

Just how does the current environment effect.

The rate at which Genworth brand.

Yes, I would say drove the total cost of ownership benefit of Genoa, particularly in some of the larger cloud workloads is very very significant so I wouldnt say that thats necessarily slowing the pace of adoption.

Is a new platform, though so if you think about when we went from Rome to Milan. It was basically similar platforms. So I would say that that ramp was a bit faster, but as it relates to Genoa, we had always expected that Milan in general with coexist through 2023 and that we would have we still have Milan instances that are just ramp.

<unk> now and we expect that will continue through 2023, and so I really view this as the natural thing when we introduce Genoa at sort of the higher core count that both will coexist and as some of the platform cost come down Youll see the general cutover and Thats, what I mentioned.

Towards the fourth quarter of 2023.

Thank you next question is coming from Ross Seymore from Deutsche Bank. Your line is now live.

Hi, everybody. Thanks for letting me ask a question and Jean Congrats on the new job Lisa I was hoping you could give a little bit of sequential color to just size of the magnitude of the three segments that are going down in the first quarter, and then embedded going up and really what I'm getting at there.

And in answer to a prior question you talked about the mix being a headwind to gross margin and I think Jean you cited datacenter dropping as a percent of the mix. So just trying to get the magnitudes of just how much data center has to drop to make that outcome on the mix side be true.

Sure Ross So lets see we said the client and gaming segments would be.

<unk>.

So you would expect that the data center would be more than seasonal so maybe to help you size that you think about the datacenter sequential drop as double digit.

As the.

The client and the gaming segments are more like single digit so that helps.

Yes, it does and anything similarly on embedded in kind of single digits, yes, yes, embed it will grow sequentially single digit.

Got it sorry for the Nitpicky question, a bigger picture one for you then Lisa on competitive intensity on one hand, I could see that the total cost of ownership benefits of these products multi core better performance et cetera could lead to higher asps, whether youre talking about the data center side or your client business on the other side.

Additive intensity and overall demand is weaker.

And at some point you might even get deflationary costs on the B.

Foundry side of things could you talk a little bit about the pricing environment given those.

Somewhat contradictory pressures.

Sure.

So maybe let me separate data center and the end client because they're a little bit different I think on the datacenter side.

So we would we do see that in general the performance the power performance the total cost of ownership selling the solution.

Is the most important piece of it because of the solutions are actually quite different in terms of what you can do.

Between sort of fourth Gen epic and sort of other solutions.

The environment is always competitive, but we feel.

Very good about the overall value proposition that we bring to both cloud and enterprise customers I think on the client side. We've said for the last couple of quarters that the pricing environment is more aggressive I think that normally happens when the industry is working on rebalancing I think we're working on rebalancing our OEM partners are working on.

Rebalancing the retailers are working on rebalancing and so there are more incentives and more.

A more aggressive pricing environment I view that that's primarily on let's call. It older products lets call previous generation products and as we worked through that.

There will be some normalization as we think about our newer generation products where.

There is.

More capability added so hopefully that gives you a little bit of the puts and takes and.

In terms of the cost environment I think all of us in the industry have seen some elevated costs, but I think we also see expect that to normalize too.

As everyone is sort of optimizing their capex spending.

Thank you.

Thank you next question today is coming from multiple places from Jefferies. Your line is now live.

Hi, Thanks for taking my question.

And congrats to Jean on the new seat.

Two questions if I may 1st piece.

PC side.

Can you give us a sense of about roughly how far under consumption Youre you believe you're shipping on the PC side, either in Q4, and Q1 and Liza.

Correct me, if I'm wrong I thought I heard you say in an answer to an earlier question that you would expect the PC client business to grow into second quarter. So is that is that suggests that the <unk>. You think is the bottom on the PC and then I had a follow up thank you.

Sure Mark so.

So the.

First the second question, yes, we.

We do believe the first quarter is the bottom for RPC market for our PC business.

And we will see some growth in the second quarter, and then a seasonally higher second half.

In terms of the under shipment I mean, I think we are.

We under shipped in Q3, we under shipped in Q4, we will under shipped to a lesser extent in Q1. So I think you can infer that from our guidance of single digit.

Down and and then we'll be back to a more normal environment now just as a reminder, the <unk>.

First half is not usually a.

The first half is usually a seasonally weak client.

Time anyways, so we would expect more lift in the second half.

So much in the second quarter.

Got you. Okay. That's very helpful. Thank you and then a follow up if I may on the.

China's lifting lifting the COVID-19 restrictions I guess.

I would imagine that you would expect that ultimately at some point to translate into higher demand.

And I'm wondering if you could just kind of.

Sure wish with us your thoughts about how that might play out and could you remind us.

To the extent that you can help.

Help us understand the risk to the supply side for you.

In the event that the Covid spreads rapidly SA say lifting restrictions and.

Impacts what you have on the supply side there. Thank you.

Sure Mark So we've we've done a very good job in our supply chain in terms of risk mitigation. So we have.

We don't believe that we have a significant risk as it relates to COVID-19 future.

Outbreaks if there are any.

As it relates to China recovery, I think we would benefit from a China recovery, it's very difficult to call I mean, we've seen.

Certainly in our datacenter business, we saw in the second half of the year and last year in the first half of this year that the China data center business has been weak for us.

There was a recovery I think we would benefit from that.

Similarly, some of the other consumer patterns as well, but it's very difficult to call.

So we put that in the bucket of macro uncertainty and we'll see how it plays out.

Operator, we'll take two more questions from two callers. Please certainly our next question is coming from Kristine <unk> from Citi. Your line is now live.

Great. Thanks.

Thanks, ladies congrats on being the first all female CEO CFO demons longtime coming.

So your gross margins held up pretty well for the Q1 guide despite high margin data center business going down so.

The data center business remains weak and has a rough quarter in Q2 can we expect a similar gross margin resiliency.

Yeah, definitely I think that as I said earlier.

Impact on gross margin actually is the PC client side the stabilized.

Stabilization and the bottoming of clay on the business that really help us the way the gross margin at the current level second half wish you to see the expansion of our gross margin.

Sure is.

My follow up.

On your PC client business so it.

It had its correction a little bit later than some of the other folks in the semi industry and was obviously a little bit steeper can you talk about why that happened and.

Why we should should or should not expect that or could that happen in the data center business as well.

I guess, Chris what I would say is.

The PC market has been volatile and we did significantly.

Coming off the pandemic there was very high demand during the pandemic and I think we're all adjusting.

<unk>.

We're looking at sort of the demand environment post pandemic and with macro uncertainty I.

I think the data center business.

Again our.

Heavily weighted towards cloud and we have very.

Good discussions with our overall customer set in terms of what they need.

Whats going in our favor in the datacenter is our workloads are expanding and so we've heard from all of our cloud customers that.

There are adopting both Milan in general and more workloads than previous and so I think that gives us good confidence in and frankly the data center customers are also giving us good visibility into what they need for 2023. So there is an adjustment in the first half and.

That's that's something that we understand and we also expect that we're going to have to ramp up production in the second half.

Some of the demand resumes and I think the overall factor of.

Compute in the cloud being very important long term driver is definitely there. So we feel good about.

Sort of where we're positioned.

Thank you. Our final question today is coming from Timothy Arcuri from UBS. Your line is now live.

Alright, Thanks, a lot Lisa I had a question on your client business I know that your competitor at times uses rebates and subsidies, but the numbers that are in their filings have gotten pretty big.

Shall I take it from your answer to a prior question that you think that's more on legacy parts.

I guess I'm, just kind of wondering what.

Changes or impact that's had on your business.

I continue to hear these.

No worries that it's going to have some lasting effect on your share and particularly on your margins.

Sure Tim So maybe let me let me make a couple of points I think all of US as we participate in the PC industry there are various.

Parts of the ecosystem that.

Now we work with we work with our Oems, we work with our retail partners, we work with our distribution and channel partners.

And we're all working together to work through sort of the elevated inventory levels. As I said I think we've made good progress on that and I think we have much better visibility into the.

The various pieces as it relates to the.

The pricing environment I do believe that the pricing environment is particularly when youre clearing older inventory or older generation products is a bit more competitive and we see that as we look forward. The way we are modeling the client business is that where mom.

<unk> gross margins to be less than corporate average.

That's different than our previous modeling. So previously client was more like at at.

At corporate average and I think given the I think the nice thing is our business is quite a bit more diversified now and so with our datacenter and embedded businesses.

Being strong growth drivers I think client continues to be a good market overall and as we work through this.

We'll see some of the normalization that gene mentioned.

Thank you Elisa and then I guess just as the last thing you went through some puts and takes.

John .

On a different piece.

For the year, but I just wondered if I could just get you to kind of give a bias for.

What do you think that the debt.

Revenue for the year is the bias it sounds to me like the bias is more up and down but I just wanted to give you a chance to maybe.

From that or not thanks.

I think the answer is yes.

Again, let's work through this.

The next couple of quarters and we.

We feel good about how our products are positioned and we just need to work through the macro and see how that plays out.

Great. Thank you and that cut that concludes today's earnings call again, welcome to <unk> and we're delighted to have her on board and a much gratitude CDA vendor for 39 years of service in all his leadership and look forward to touching base with all participants throughout the quarter. Thank you.

Thank you that does conclude today's teleconference webcast may disconnect. Your lines at this time and have a wonderful day, we thank you for your participation today.

[music].

Hello, and welcome to the AMD fiscal fourth quarter and full year 2022 financial results conference call and webcast. If anyone should require operator assistance. Please press star zero on your telephone keypad.

Sure and answer session will follow the formal presentation. As a reminder, this conference is being recorded.

My pleasure to turn the call over to Ruth Cotter. Please go ahead.

Thank you and welcome to Amd's fourth quarter and fiscal year end 2022 financial results Conference call by now you should have had the opportunity to review a copy of our earnings press release and accompanying slide where it has not reviewed these documents. They can be found on the investor Relations page of AMD Dot Com, we will ring.

For our primarily to non-GAAP financial measures. During this call the full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website participants in todays conference call are Dr. Lisa Su, our chair and Chief Executive Officer, Jean Hu, Our executive Vice President Chief financial.

Officers Treasurer and da Vinci Kumar, our executive Vice President. 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, Chief Technology Officer, and Executive Vice President Technology, and engineering will attend the Morgan Stanley Technology Media and Tech.

Second conference on Monday March six and our first quarter 2023 quiet time is expected to begin at the close of business on Friday March 17, two.

Days 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 actually cause results to differ materially from our current expectations. Please.

Please refer to the cautionary statements in our press release for more information on factors that could cause actual results to differ materially and with that I'll hand, the call over to Lisa Lisa.

Thank you Bruce and good afternoon to all those listening in today.

Before discussing our financial results I wanted to make a few comments about our CFO transition.

I'd like to start by thanking the vendor for all of his contributions to <unk> over the last 39 years.

During his tenure as CFO , we built a strong financial foundation that has enabled AMD is significant growth and success.

On a personal note his partnership and expertise have been invaluable to me.

I know I speak for all of AMD when I say, we appreciate all he has done for the company and wish him the best in his upcoming retirement.

I also want to welcome our new EVP and CFO Jean Hu, Our first AMD earnings call since joining us earlier this month.

Gene's more than 14 years of public company CFO experience and proven track record of financial leadership make her an excellent addition to our team I.

I look forward to working closely with her as we continue to transform and scale our business.

Now turning to the business results.

22 was a strong year for AMD as we navigated the challenging macro environment to deliver best in class growth and record profitability driven by our embedded and data center segments.

We also transformed the company, we accelerated our data center business and closed our strategic acquisitions of Xilinx and concern, though significantly diversifying our business and strengthening our financial model as our data center embedded product sales grew from $3 9 billion in 2021 to $10 6 billion in 2022.

On a full year basis, we grew annual revenue, 44% to $23 6 billion we.

Cloud sales to North American Hyperscale or has more than doubled year over year as hyperscale customers continued moving more of their internal workloads and external instances to epic processors.

Our big processors now power more than 600 publicly available instances globally. Following the launches of new AMD based instances from AWS, Microsoft and others in the quarter.

In enterprise revenue declined year over year as demand slowed based on the macro environment.

In HBC growing epic processor adoption was highlighted by the number of AMD powered supercomputers on the latest top 500 list, increasing by 38% year over year.

AMD now powers more than 100 of the world's fastest supercomputers and 15 of the top 20, most energy efficient supercomputers in the world.

To build our datacenter leadership, we launched our fourth Gen. Epic processors. This past November that deliver up to two times faster performance and cloud enterprise and <unk> applications and are up to 80% more energy efficient than the competition as most recently announced offerings.

We are seeing very strong customer pull for fourth Gen epic Cpus, which complement our third gen offerings with additional performance and capabilities.

Initial cloud deployments are going very well and we expect to ramp both internal workloads in public instances throughout 2023.

For enterprise there are more than 144th Gen epic platforms in development from HPE, Dell, Lenovo, supermicro, and others and increase of 40% compared to the prior generation.

Now looking at our broader datacenter portfolio, we had record sales of our Xilinx data center and networking products in the quarter led by strong demand from financial services companies for our newly launched LVL X three series boards optimized for low latency trading.

Sales of our <unk> Gpus also ramped significantly from the prior quarter driven by supply chain improvements and continued demand.

We are very pleased with the customer reception of the <unk> technology with good long term growth opportunities as Gpus become a standard component in the next generation of cloud and enterprise data centers.

Datacenter GPU sales were down significantly from a year ago. When we had shipments supporting the build out of multiple instinct MRI to 50 accelerators supercomputer wins.

In January we previewed our next generation <unk> 300 accelerator that will be used for large model AI applications in cloud data centers and has been selected to power. The two plus extra flop El Cabo ton extra scale supercomputer at Lawrence Livermore National laboratories.

And my 300 will be the industry's first datacenter chip that combines a CPU GPU and memory into a single integrated design delivering eight times more performance and five times better efficiency for HPE and AI workloads compared to our <unk> hundred 50 accelerator currently powering the world's fastest supercomputer.

And my 300 is on track to begin sampling to lead customers later this quarter and launch in the second half of 2023.

Turning to our client segment revenue declined 51% year over year to $903 million.

We continued to ship below PC consumption in the fourth quarter as we focused on further reducing downstream inventory.

While overall PC demand remains soft desktop channel sell through increased sequentially during the holiday season.

We launched our latest generation Ryzen 7000 series notebook processors earlier in January including our rising 70, 40, CPU series that deliver leadership performance and battery life and our first processors to feature ryzen AI. The industry's only dedicated on chip AI inference engine and an X 86 processor.

Ryzen AI is powered by the highly scalable ex DNA architecture, which is the first integration of AMD Xilinx IP less than a year after closing the acquisition.

We have more than 250, ultrathin gaming and commercial notebook design wins spanning our full family of Ryzen 7000 series processors on track to launch this year, an increase of 25% year over year with the first notebooks planned to go on sale in February .

Now turning to our gaming segment <unk>.

Revenue declined 7% year over year to $1 6 billion as lower gaming graphics sales more than offset higher semi custom revenue.

Semi custom Soc revenue grew year over year as demand for game consoles remained strong during the holidays.

Gaming graphics revenue decline year over year as we further reduce desktop GPU downstream channel inventory.

In January we announced our first rdna III mobile Gpus that have been selected to power new gaming notebooks from Dell Alienware, <unk> and others that are on track to begin shipping in the first half of 2023.

Looking at our embedded segment revenue increased significantly year over year to a record $1 4 billion.

We had record sales across a number of our embedded markets, including communications automotive industrial and healthcare aerospace and defense and test and emulation.

In communications, we saw particular strength with expanded five <unk> wireless installations in India and ongoing wired infrastructure deployments with tier one communications providers.

Automotive growth was driven by the ramps of new forward camera, <unk> radar and infotainment wins across multiple customers.

We recently announced multiple new wins for our automotive grade zinc ultra scale plus platforms with some of the largest vehicle equipment suppliers, including <unk> next generation automated parking assist system and <unk> next generation Lidar platform that can improve the resolution required for autonomous driving and other industrial machine vision applications.

By 20 X.

We also continued to see strong growth with industrial and healthcare aerospace and defense and tested emulation customers in the quarter driven by Sam expansion for our leadership adaptive Sse's, new design win ramps and increased supply across multiple nodes.

<unk>, our financial model and significantly diversifying our business.

In addition, we are seeing substantial new revenue synergy opportunities as we combine xilinx is in Dutch industry, leading adaptive products in 6000, plus customers with AMD has expanded breadth of compute products and scale.

In summary, overall 2022 was a strong year for AMD, despite the weak PC market.

We significantly grew our data center embedded and gaming businesses and executed well across our product portfolio.

As we entered 2023, we expect the overall demand environment to remain mixed with the second half stronger than the first half.

In the PC market, we are planning for the PC Tam to be down approximately 10% for 2023.

We expect to continue to ship below consumption in the first quarter to reduce downstream inventory, which is reflected in our guidance.

We do see elevated levels of inventory with some cloud customers, which will lead to a softer first half and a stronger second half of the year.

Over the next several years one of our largest growth opportunities is in AI, which is in the early stages of transforming virtually every industry service and product.

And clients.

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

Thank you Lisa and good afternoon, everyone 2022 was a very strong year for AMD, we had a record revenue gross margin profitability and we generated a significant free cash flow.

The year was also highlighted by our strategic acquisition, so for Xilinx, and Penn Cenvill, expanding and diversifying our business portfolio.

Fourth quarter 2022 revenue from $5 6 billion was up 16% from year ago, driven by higher revenue in the embedded in datacenter segment, partially offset by lower client and the gaming segment revenue.

Gross margin was the safety, 1% up 70 basis points from a year ago, primarily driven by retail product mix with a higher revenue in the embedded and data center segment, partially offset by lower <unk> segment revenue.

Operating expenses were $1 6 billion compared to $1 1 billion a year ago, driven by the inclusion of resigning to Opex and additional R&D and go to market investments to support the next phase of our revenue growth.

Operating income declined 66 media from a year ago to $1 3 billion and operating margin was 23% down from 27% a year ago.

Net income was $1 1 billion flat year over year.

Diluted earnings per share was <unk> 69, compared to <unk> 92 per share a year ago, primarily due to lower clay on the operating income.

Now turning to our <unk> segment for the fourth quarter.

The center operating income with a 444 million or 27% of revenue compared to 360 million or 32% a year ago.

Higher operating income was driven primarily by stronger revenue, partially offset by higher R&D investment to support the top line revenue growth.

Clay on the second one the revenue was $900 3 million down 51% year over year due to reduced processor shipments, resulting from a weak PC market and significantly inventory correction cross of the PC supply chain.

Clay on the operating loss was 152 million compared to operating income of 530 million a year ago, 29% of revenue primarily due to lower revenue.

Gaming segment revenue was $1 6 billion down 7% year over year due to lower gaming graphics revenue, partially offset by higher semi custom product sales.

Gaming operating income was 266 million or 16% of revenue compared to $407 million or 23% a year ago.

The decrease was primarily due to lower graphics revenue.

Embedded segment revenue was $1 4 billion up $1 3 billion from a year ago, primarily due to the inclusion of designing embedded revenue.

<unk> operating income was 699 million or 50% of revenue compared to 18 million or 25% a year ago, primarily driven by the inclusion of <unk>.

Turning to the balance sheet, we have a strong balance sheet would be the cash cash equivalents and short term investment over five non PVA at the end of the fourth quarter.

During the quarter, we returned 200 and the $15 million to shareholders through share repurchases.

In 2022, we returned a total for $3 7 billion to shareholders, which was a 119% of our free cash flow.

We have $6 5 billion in remaining authorization to share repurchases.

Free cash flow was 443 million compared with 736 million in the same quarter last year.

Free cash flow decreased primarily due to higher inventory.

Inventory was $3 8 billion up approximately 400, and the 2 million from the prior quarter, primarily driven by the inventory increase in advanced process nodes to support the ramp of new products.

Combined AMD and designing a company basis 2022 pro forma revenue was $24 1 billion up 20% compared with $20 1 billion in 2021.

Margin was 52% up 370 basis points from the prior year, primarily driven by reached their product mix with higher revenue from embedded and data center segment, partially offset by lower client segment revenue.

Operating expenses were 26% of revenue compared to 24% in 2021.

2022, operating income was $6 3 billion up $2 3 billion, an increase of 56% from year ago, resulting in operating margin of 27% compare to 25% in 2021.

Primarily driven by higher revenue and gross margin expansion.

Net income was $5 5 billion compared to three 4 billion up 60% from the prior year.

Earning per share was $3.50 compared to $2 79 for the prior year, primarily due to a data center growth and the addition of <unk>.

Let me now turn to our financial outlook today to the outlook is based on current expectations and contemplate the current macro environment.

For the first quarter for 2023, we expect revenue to be approximately $5 3 billion plus or minus the $300 million a decrease of approximately 10% year over year and 5% sequentially.

Year over year data center and the embedded segment revenue are expect to grow offset by lower climbed in the gaming segment revenue.

Sequentially embedded segment revenue is expected to increase.

And the gaming segment revenue are expected to decline largely consistent davita seasonality.

Data Center segment revenue is expect to decline due to elevated the levels of inventory, we had some cloud customers.

In addition for Q1 2023, we expect non-GAAP gross margin to be approximately 58% now.

non-GAAP operating expenses to be approximately $1 6 billion.

non-GAAP interest expense taxes, and others to be approximately $146 million based on 13% effective tax rate.

Diluted share count is expected to be approximately 162 billion shares.

For the full year for 2023, we're not providing specific guidance due to the uncertainty in the macro environment.

However, let me provide some color.

Directionally, we expect embedded and data center annual revenue to grow from 2022 based on the strength of our product portfolio and expect that the share gains.

In addition, we expect <unk> and the gaming segment revenue to decline based on the current demand environment.

We expect non-GAAP gross margin to be approximately flat Asia in the first half and the expansion in the second half of the year.

We expect to manage quarterly non-GAAP operating expenses are flat with the fourth quarter and till we see the demand environment improves.

For modeling purpose, we expect non-GAAP effective tax rate for the year to be 13%.

And the diluted share count to be approximately 1.62 billion shares.

In closing, we had a strong year with record revenue and profitability.

Driven by our leadership with our product portfolio and the diversification of our business.

Forward it to 2023 as Lisa mentioned earlier, we will continue to focus on executing our long term growth strategy, while driving financial discipline and operational excellence, we believe our leadership products growing customer momentum and strong financial foundation position as well.

For long term profitable growth.

With that our train back to Ruth for Q&A session.

Thank you James Pam operator, if you could poll the audience for questions now please.

From the question queue and we ask you. Please ask one question and one follow up then return to the queue. Our first question today is coming from Matt Ramsay from Cowen. Your line is now live.

Yes. Thank you very much good afternoon first of all congratulations gene.

Congrats as well to the vendor I mean, the last five years with the company have been remarkable.

Remember all the work you and your finance team did six or seven years ago to keep the foundation stable for what's happened since a while enjoying.

Enjoy the retirement.

My first question Lisa.

About the drivers of 2023, you guys have talked in the prepared script about.

All the different cross currents that are kind of going on right now versus the strength of your portfolio versus some inventory.

Digestion in the data center space, and obviously, what's going on in the PC market, but.

About.

Julian versions of the same question Tonight, which ones do you think the company can grow.

For the year 2023, overall, and if you could just kind of walk us through the drivers of the business as we worked through the year.

Bergamo coming.

This year as well when we talk to our cloud customers, what they're telling us is.

They appreciate the execution of our roadmap and we have an opportunity to move more workloads to AMD as we go through the year. So we feel very good about our product positioning.

Has done very well in 2022.

It's a diversified set of markets, we see strength in a number of the end markets.

So we think that's also a grower for AMD.

On the other side.

Our clients and gaming businesses, we believe will decline.

We have made good progress when we look at the PC market in the second half of the year.

Of 2022, we were really trying to rebalance inventory and I think we made progress exiting Q4.

We're still expecting to ship below consumption in the first quarter.

And then on the gaming segments again, we're coming off of a very strong 2022, and so no console demand has been actually quite strong and given where we are in the cycle, we would expect gaming to be.

Down on a year over year basis, but overall.

I think lots of puts and takes but were.

Positive on what we can do in terms of the datacenter and the embedded segments, given our product portfolio and we will watch the macro on the client and gaming and see how that plays out.

Thank you very much looser form for all the details there I guess as my follow up I wanted to ask a question about gross margin.

Martin I guess sequentially down a little bit into March, but I kind of wanted to focus on the drivers of the longer term margin is down.

I guess three or four points from where you were a few quarters ago. Despite more mix of the revenue coming from embedded in data centers. So.

If there's any way that you guys could try to quantify maybe how much of.

The margin headwind from just lower client revenue how much of it might be from any programs that youre working through to clear the channel.

How do we model what are the drivers that we should think about in terms of the margin recovery. Thank you.

Yes, maybe.

On the overall margin the way to think about our business that is in the margin is primarily driven by product mix, so as the embedded and data center businesses or grow.

So the margin expansion grows with it in terms of the sequential question that you had from Q4 to Q1, that's just.

A product of the mix so with data center being.

Lower sequentially that.

We are also working through our client inventory clearing what we're seeing in the PC business is as.

We're going through this.

Sort of a normalization of inventory, especially on some of the older products.

We do have more marketing programs and pricing incentives in place, we do expect that to normalize as we go through the first half of the year and so as gene said in the prepared remarks, we would expect margin expansion as we go into the second half with the growth in data center embedded in some normalization of the client business as well.

Okay.

Thank you next question is coming from Vivek Arya from Bank of America Securities. Your line is now live.

Hello, Thanks for taking my question and thanks, and best wishes to <unk> from my side as well.

Does it impact the pace of your general run because I think coming into this year, the expectations, where you could grow silver sales by over 20% do you think that is true.

Possibility because I imagine you get some benefit from.

Better general pricing. So it just puts and takes of how we should think about your data center business.

Through this year.

We are expanding workloads in terms of.

We believe the.

The inventory normalizes each customer is different so they have what they are trying to achieve in terms of inventory levels. Our expectation is that sort of first half softness for cloud.

And then second half strength.

As that's worked through but like I said, it's different for each each customer and then in terms of overall growth.

As I said, we're very bullish on the overall growth of our data center business and the opportunity to gain share.

As we go through the year and as we go through the ramp in Genoa, We do have more content with a higher core count that should also help asp's.

Alright, and then on the PC side.

So kind of.

Kind of as it relates to the pricing environment.

You mentioned the BC done could.

Could be down about 10%, but when we look at the shipments right from you and your competitors or they could be down as much as 40 or 50%.

Year on year in Q1.

Do you think there is a possibility that the Tam assumption of just down 10% could be an optimistic one.

I would imagine that would suggest.

Inventory clears out soon but you're suggesting that it may not clear at all.

Q2 so.

I was just hoping you could give us some better sense for when the PC market starts recovering and do you think it could become more price competitive before it recovers.

So maybe just to make sure that we're.

Just correlating the numbers so.

My comment about PC Tam being down 10% was assuming if you take a look at sort of what IDC just published for 2022 at about 290 million units and that's more of a sell through time.

Versus a sell in term so we have been under shipping.

The.

The sell through of consumption for the last two quarters.

And attempt to re normalize that as soon as possible in terms of do I think it's conservative I think it's in the ZIP code I think it is in the ZIP code. So if you imagine too.

2023 sell through Tam of about 260 million units plus or minus.

Seems to be about the right number.

Have made good progress in inventory normalization, we want to be cautious obviously heading into.

<unk>.

The year, just given the macro environment.

First quarter, we said would be roughly seasonal.

For Pcs I think second quarter first quarter should be the bottom for us in Pcs we.

And then grow from there into the second quarter, and then into the second half and I should note also vivek I mean, we just launched our ryzen 7000 series.

With.

Sort of our AI capabilities, both from a notebook and desktop standpoint, so we feel good about the product roadmap and Pcs, obviously, we have to get through this normalization.

Most of the.

Our focus is on continuing to differentiate our products and working with our customers too.

Offer sort of a very strong platforms.

Thank you. Your next question is coming from Susan <unk> gone from Bernstein Research. Your line is now live.

Hi, guys. Thanks for taking my questions.

I noticed that you said the gross margin would expand in the second half, but you didn't give us any color on how much we might expand can you give us some of your idea of like first half second half or I mean, just for the full year do you think gross margins grow.

Year over year from the 52%.

You pointed in 2022.

Yes, Hi, Stacy This is gene let me take this question and then Lisa can add.

As we talk about today is both our embedded and data center segment to have a strong gross margin so feel pretty good about second half what we continue to have the growth of both embedded and data center segment. The major headwind. We are facing is really client side, which.

If you think about gross margin the first half of 2022 versus the first half of 2023 and major impact from the client.

Revenue inventory correction, which impacted the gross margin in the <unk> segment, so going into second half with the normalization of clay on the segments will help us to expand the gross margin I think it really depends on call. The clay on the segmental, we'll recover that will drive the growth.

Imagine if rates are going to go back to the first half of 2022, all expand beyond that level, but the overall, we feel pretty good once we normalize the client segment, our gross margin will continue to expand.

So I guess, you're asking the question again for 2023 do you think gross margins can expand over the 2022.

What I would say Stacy is I think we've given you the puts and takes for where the margin goes I think it depends a bit on what happens in the macro environment, but we.

We do feel good about second half expansion and we will see sort of the relative recovery.

In macro as it relates to all of our segments.

Got it. Thank you I guess for my follow up maybe it follows up on that a little bit more just around the mix.

<unk> datacenter and embedded should be growing in the second half versus the first half, but presumably client will to first half to second half given that you are under shipping it sounds like by a pretty wide margin right now.

In the first offer I mean could it could even be not that different at all given the potential growth that you might see just from the channel normalization in claims.

Yeah, I think the way to think about it is I think our data center grow growth in the second half versus first half, we expect that to be significantly stronger as it relates to client. We would also expect it to be stronger.

Again, depending a bit on macro and sort of how the Tam actually evolves I think for the embedded businesses I would say that we expect to grow over the full year.

Thank you next question is coming from Toshi Hari from Goldman Sachs. Your line is now live.

Hi, good afternoon, and thank you so much for taking the question.

The pushback that we often get is AMD is doing really well gaining share, but you are gaining share in relatively mature markets.

When it comes to AI, you do have a strategy, but you really havent shown.

The product set if you will.

Talk about how you have CPU GPU FPGA and sandow.

Youre shipping samples of <unk> 300.

Later, this quarter and potentially launching in the second half.

At what point do we as analysts and investors start to see.

Your AI strategy materialize in the P&L and your profitability if you will.

Thanks for the question.

We believe that AI is a huge driver of compute growth and given our portfolio. It should be a driver of our growth as well I think if you think about the product sets.

That we are putting sort of AI content and you should expect.

300 of course on the GPU training side.

We just launched ryzen AI.

Our PC portfolio, you can expect additional AI acceleration coming in our server portfolio as well, so youre going to see AI broadly across our roadmaps in terms of when we've talked before about sort of our datacenter GPU ambitions and the opportunity there we see it as a large.

Opportunity as we go into the second half of the year and launched 300 sort of the first user of <unk> 300 will be the supercomputers or <unk>, but we're working closely with.

With some large cloud.

Vendors as well to qualify my 300, AI workloads, and we should expect that to be more of a meaningful contributor in 2024. So lots of focus on just huge opportunity lots of investments in.

Software as well to bring the ecosystem with us.

That's very helpful and then Lisa as my follow up.

I had a question on profitability and your client business.

PC business.

A year ago margins were really high supply was Earl relatively tight.

Margins back down.

Or perhaps you were over earning in that business given the environment.

Yeah sure so I think on the client.

Segment.

It's fair to say that.

We believe given where we are with the client inventory.

Inventory levels are first half will certainly be lower.

Thank you next question is coming from Aaron Rakers from Wells Fargo. Your line is now live.

Our approach for phones on mute please pickup your handset.

Yes, thank you for taking the questions.

I guess the first question is going back to the data center piece of the business and specifically around the ramp of Genoa.

I'm curious is there any help that you can provide us with thinking about ASP uplift you expect to see with the general product cycle I guess at some point through 2023, how do we start to think about the Bergamo.

Product cycle as well impacting the server CPU business.

Sure So Erin.

We started shipping.

In the third quarter that ramped into the fourth quarter. It will continue to ramp through 2024, the way I think about or the way you should think about the general ramp is.

It is a new platform for our customers so there'll be introducing it.

Introducing first and cloud sort of internal workloads, and then going to external workloads and then enterprise. So I think it'll be throughout 2024.

Im sorry throughout 2023.

We do have higher core count on generalists. So you would expect that that will give us some ASP uplift as we go through some of those.

Core count products Bergamo will launch in the first half of the year. We are on track for the Bergamo launch and Youll see that become a larger contributor in the second half. So as we think about the Zen four ramp and the crossover to our Zen three ramp.

It should be towards the end of the year sort of in the fourth quarter that you would see a crossover.

Zen four versus <unk>, if that helps you.

Yes, that's very helpful and then as a quick follow up.

Business isn't really ask that much about but it's been doing phenomenally well here in these last couple of quarters is actually the xilinx business I know within the embedded largely.

But.

Yourself reporting I think if I read the filings correctly growing 40% plus.

Like for like basis for Xilinx I think your competitor also growing a solid pace.

Do you think about the sustainability of the durability of that demand and that embedded or xilinx business as we move through 'twenty three.

Sure So Eric that those business has done very well so the xilinx business I think our overall embedded business continues to do well when we look across the.

We're very good about that business I think as we look into 2023 I mentioned this in the question with Stacy.

We have a very good visibility to the first half just given the lead times in the backlog in the first half looks strong. So we expect to grow sequentially in the first quarter.

As we go into the second half of the year, we're monitoring.

Overall demand environment, and just given how strong it's been.

We're looking at and whether there'll be some puts and takes and some of the end market segments. There, but overall I think the key point is.

The content and our design win momentum is good and we continue to ramp new design wins in the Xilinx business.

Thank you next question is coming from Joe Moore from Morgan Stanley . Your line is now live.

Great. Thank you I Wonder if you could talk to us about the puts and takes with PC market share in a down 10% environment.

Assume it helps you if consumers better than commercial but.

What is your progress in terms of penetrating the notebook market and.

Penetrating the commercial market, where you could continue to gain share.

Yeah, Joe we we view that the opportunity. So first of all I would say that in general the PC market share numbers are probably a bit noisy right now just given.

All of the sell in sell through in the inventory dynamics that are being worked through actually in the fourth quarter. We believe we gained a little bit of share.

In the PC market as we go forward into 2023.

We think our product portfolio is very strong as.

As we look at rising 7000, and where it goes and where we're positioned in the commercial as.

As well as the high end consumer segments were not changing our strategy on Pcs quite.

A few years ago, we really focused on sort of the more premium segments.

We have less penetration in the low end, which I think is helpful and as we go forward.

Continuing to focus on commercial Pcs.

And getting a larger footprint in there I will say.

Enterprise work that we're doing on the server side I think links very well to the commercial PC.

Work and we're continuing to invest in sort of the sales and.

Marketing resources to ramp that side of the business.

Great and then going back to the general question.

Just a second ago.

As you are in this kind of budget conscious environment.

Youre introducing.

<unk> in our system that has pretty high platform cost does that slow the adoption at all it seems like people and your competitors dealing with some of the same issues.

Just how does the current environment effect.

The rate at which Genworth ramp.

Yeah, I would say drove the total cost of ownership benefit of Genoa, particularly in some of the larger cloud workloads is very very significant so I wouldnt say that thats necessarily slowing the pace of adoption.

There is a new platform, though so if you think about when we went from Rome to Milan. It was basically similar platforms. So I would say that that ramp was a bit faster, but as it relates to Genoa, we had always expected that Milan in general with coexist through 2023 and that we would have we still have Milan instances that are just wrap.

<unk>.

Now and we expect that will continue through 2023 and so.

Really view this as the natural thing when we introduce Genoa at sort of the higher core count that both will coexist and as some of the platform costs come down you'll see that.

General Cutover and Thats, what I mentioned towards the fourth quarter of 2023.

Thank you next question is coming from Ross Seymore from Deutsche Bank. Your line is now live.

Hi, everybody. Thanks for letting me ask a question Jean Congrats on the new job.

So I was hoping you could give a little bit of sequential color to just size of the magnitudes of the three segments that are going down in the first quarter, and then embedded going up and really what I'm getting at there is in an answer to a prior question you talked about the mix being a headwind to gross margin and I think Jean you cited data center dropping as a percent.

Of the mix. So just trying to get the magnitudes of just how much data center has to drop to make that outcome on the mix side be true.

Sure Ross So lets see we said the client and gaming segments would be.

Seasonal.

So you would expect that the datacenter would be more than seasonal so maybe to help you size that you think about the datacenter sequential drop as double digit whereas the.

The client and the gaming segments are more like single digits if that helps.

Yes, it does and anything similarly on embedded kind of single digits.

Yes, yes, embed it will grow sequentially single digit.

Ive intensity and overall demand is weaker.

And at some point you might even get deflationary costs on the.

Foundry side of things can you talk a little bit about the pricing environment, given those somewhat contradictory pressures.

Sure. So maybe let me separate data center and client because they're a little bit different I think on the datacenter side.

So we do see that in general the performance the power performance. The total cost of ownership selling the solution is.

Is the most important piece of it because of the solutions are actually quite different in terms of what you can do.

Between sort of fourth Gen epic and sort of other solutions.

The environment is always competitive, but we feel.

Balancing the retailers are working on rebalancing and so there are more incentives and more.

More aggressive pricing environment I view that that's primarily on let's call. It older products lets call previous generation products and as we worked through that.

There will be some normalization as we think about our newer generation products where.

There is.

More capability added so hopefully that gives you a little bit of the puts and takes and.

In terms of the cost environments, I think all of us in the industry have seen some elevated cost, but I think we also see expect that to normalize too.

As everyone is sort of optimizing their capex spending.

Thank you.

Thank you next question today is coming from multiple places from Jefferies. Your line is now live.

Hi, Thanks for taking my question.

And congrats to Jim on the new seat.

Two questions if I may 1st.

PC side.

Can you give us a sense of about roughly how far under consumption youre.

Believe you're shipping on the PC side, either in Q4, and Q1 and Lisa.

Correct me, if I'm wrong I thought I heard you say in an answer to an earlier question that you would expect the PC client.

This is to grow into the second quarter. So is that does that suggest that the <unk>. You think is the bottom on the PC and then I had a follow up thank you.

Sure Mark so.

So the first the second question, yes, we.

We do believe the first quarter is the bottom for RPC market for our PC business.

And we will see some growth in the second quarter, and then a seasonally higher second half.

In terms of the under shipment I mean, I think we are.

We under shipped in Q3, we under shipped in Q4.

We will under shipped to a lesser extent in Q1. So I think you can infer that from our guidance.

Single digit.

Down and.

Then we'll be back to a more normal environment now just as a reminder, the first half is not usually a the first half is usually a seasonally weak client.

Okay.

Anyways, So we would expect more lift in the second half.

Not so much in the second quarter.

Got you Okay. That's very helpful. Thank you and then.

Follow up if I may on the.

China's lifting lifting the COVID-19 restrictions I guess.

I would imagine that you would expect that ultimately at some point to translate into higher demand.

And I'm wondering if you could just kind of.

Sure was with US your thoughts about how that might play out and could you remind us.

To the extent that you can.

US understand the risk to the supply side for you.

In the event that the COVID-19 spreads rapidly assay.

Dave restrictions in.

<unk>, what you have on the supply side there. Thank you.

Sure Mark So we've we've done a very good job in our supply chain in terms of risk mitigation. So we have.

We don't believe that we have a significant risk as it relates to COVID-19 future.

Outbreaks if there are any.

As it relates to China recovery, I think we would benefit from a China recovery, it's very difficult to call.

We've seen.

Certainly in our data center business, we saw in the second half of the year and last year in the first half of this year that the China data Center business has been weak for us. If there was a recovery I think we would benefit from that.

Some of the other consumer patterns as well, but it's very difficult to call. So we put that in the bucket of macro uncertainty and we'll see how it plays out.

Operator, we'll take two more questions from two callers. Please certainly our next question is coming from Kristine <unk> from Citi. Your line is now live.

Great.

Thanks, ladies congrats on being the first all female CEO CFO demons longtime coming.

So youre your gross margins held up pretty well.

The Q1 guide despite higher margin data center business going down so.

If the data center business remains weak and has a rough quarter in Q2, we expect a similar gross margin resiliency.

Yes, definitely I think that as I said earlier.

Major impact on gross margin actually is the PC client side the stabilized.

Stabilization and the ball to mean of clay on the business. They really help us with the gross margin at the current level second half wish you to see the expansion of gross margin.

Sure and as my follow up.

On your PC client business so.

Uh huh.

It had its correction a little bit later than some of the other folks in the semi industry and was obviously a little bit steeper can you talk about why that happened and.

Why we should should or should not expect that or could that happen in the data center business as well.

Okay.

I guess, Chris what I would say is.

I think the PC market has been volatile and we did significantly.

Coming off the pandemic there was very high demand during the pandemic and I think we're all adjusting.

As a as we're looking at sort of the demand environment post pandemic and with macro uncertainty I.

I think the data center business, we have.

Again our.

Heavily weighted towards cloud and we have very.

<unk>.

Good discussions with our overall customer set in terms of what they need.

I think whats going in our favor in the data center is our workloads are expanding and so we've heard from all of our cloud customers that.

And we also expect that we're going to have to ramp up production in the second half.

Some of the demand resumes and I think the overall factor of.

Compute in the cloud being very important long term driver is definitely there. So we feel good about.

Sort of where we're positioned.

Thank you. Our final question today is coming from Timothy Arcuri from UBS. Your line is now live.

Alright, Thanks, a lot Lisa I had a question on your client business I know that your competitor at times uses rebates and subsidies.

The numbers that are in their filings have gotten pretty big.

So I take it from your answer to a prior question that you think thats more on legacy parts.

I guess I'm, just kind of wondering what.

Changes or impact that's had on your business and.

I continue to hear these.

Worried that it's going to have some lasting effect on your share and particularly on your margins.

Sure Tim So maybe let me let me make a couple of points I think all of US as we participate in the PC industry there are various.

Parts of the ecosystem that.

That we work with we work with our Oems, we work with our retail partners, we work with our distribution and channel partners.

And we're all working together to work through sort of the elevated inventory levels. As I said I think we've made good progress on that and I think we have much better visibility into the.

The various pieces as it relates to the.

The pricing environment I do believe that the pricing environment is particularly when you are clearing older inventory or older generation products is a bit more competitive and we see that as we look forward. The way we are modeling the client business is that we are <unk>.

Addling gross margins to be less than corporate average.

That's different than our previous modeling. So previously client was more like at at.

At corporate average and I think given the I think the nice thing is our business is quite a bit more diversified now and so with our datacenter embedded businesses.

Being strong growth drivers I think client continues to be a good market overall and as we work through this.

We'll see some of the normalization that gene mentioned.

Thanks, a lot Lisa and then I guess just as the last thing you went through some puts and takes.

John .

On a different.

Pieces for the year, but I just wondered if I could just get you to kind of give a bias for.

What do you think that the debt.

Revenue for the year is the bias it sounds to me like the bias is more up and down but I just wanted to give you a chance to maybe.

So on that or not thanks.

I think Tim the answer is yes.

Again, let's work through the.

The next couple of quarters and we.

We feel good about how our products are positioned and we just need to work through the macro and see how that plays out.

Great great. Thank you.

That concludes today's earnings call again, welcome to <unk>, and which are nice to have her on board and how.

Much gratitude to the vendor for 39 years of service in all his leadership and we look forward to touching base with all participants throughout the quarter. Thank you.

Thank you that does conclude today's teleconference and webcast may disconnect. Your lines at this time and have a wonderful day. We thank you for your participation today.

Q4 2022 Advanced Micro Devices Inc Earnings Call

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