Microvision Inc. (NASDAQ:MVIS) Q1 2019 Earnings Conference Call - Final Transcript

Apr 17, 2019 • 05:00 pm ET


Microvision Inc. (NASDAQ:MVIS) Q1 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen. Thank you for standing by, and welcome to AMD's Fourth Quarter and Annual Results Conference Call. At this time all participants are in a listen-only mode. Later we'll conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference to our host, Ruth Cotter, Vice President of Corporate Communications and Investor Relations.

Ruth Cotter

Thank you and welcome to AMD's fourth quarter and year-end conference call. By now you should have had the opportunity to review a copy of our earnings release and the CFO commentary and slides. If you've not reviewed these documents, they can be found on AMD's website at ir.amd.com.

Joining me on the call today are Lisa Su, our President and Chief Executive Officer, and Devinder Kumar, our Senior Vice President and Chief Financial Officer. This is a live call and will be replayed via webcast on amd.com.

I'd like to take a moment and highlight a few dates for you. Devinder Kumar will present to the Goldman Sachs Technology and Internet Conference on February 10th, and at the Morgan Stanley Media and Telecom Conference on March 3rd. Our first quarter quiet time will begin at the close of business on Friday, March 13th, and AMD will host its Financial Analyst Day on May 6th in New York.

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date, and as such involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

Additionally note that non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measure in the press release and CFO commentary posted on our website at quarterlyearnings.amd.com. Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information. You'll also find detailed discussions about our risk factors in our filings with the SEC and in particular AMD's quarterly report on Form 10-Q for the quarter ended September 27th, 2014.

Now with that, I'd like to hand the call over to Lisa. Lisa?

Lisa Su

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

In the fourth quarter we made good progress diversifying our business into new markets, ramping PC and embedded design wins with key customers, and improving our overall balance sheet. This progress was offset by ongoing weakness in our PC business due to higher than optimal desktop and AIB inventory levels in the channel, and our over-concentration in consumer PCs.

The computing and graphics segment revenue decreased 15% sequentially, largely driven by weak channel sales. We took some key actions in the fourth quarter to reposition our product stack and reduce downstream desktop and AIB channel inventory. While these corrective actions are resulting in