英特爾 (INTC) 2015 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Intel Corporation Q4 2015 earnings conference call.

女士們、先生們，美好的一天，歡迎參加英特爾公司 2015 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音。

I would now like to turn the conference over to Mark Henninger.

我現在想把會議交給馬克‧亨寧格。

Please go ahead.

請繼續。

Thank you, Sabrina, and welcome, everyone, to Intel's fourth-quarter 2015 earnings conference call.

謝謝 Sabrina，歡迎大家參加英特爾 2015 年第四季財報電話會議。

By now you should have received a copy of our earnings release and the CFO commentary that goes along with it.

到目前為止，您應該已經收到了我們的收益發布以及隨之而來的財務長評論的副本。

If you've not received both documents they're available on our investor website, INTC.com.

如果您還沒有收到這兩份文件，可以在我們的投資者網站 INTC.com 上找到它們。

I'm joined today by Brian Krzanich, our CEO, and Stacy Smith, our Chief Financial Officer.

今天我們的執行長 Brian Krzanich 和財務長 Stacy Smith 也加入了我的行列。

In a moment, we'll hear brief remarks from both of them, followed by the Q&A.

稍後，我們將聽到他們兩人的簡短發言，然後是問答。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it, and as such, does include risks and uncertainties.

在開始之前，讓我提醒大家，今天的討論包含基於我們目前所看到的環境的前瞻性陳述，因此確實包含風險和不確定性。

Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

請參閱我們的新聞稿，以了解有關可能導致實際結果出現重大差異的特定風險因素的更多資​​訊。

Also, during this call, we'll be using non-GAAP financial measures and references.

此外，在本次電話會議中，我們將使用非公認會計準則財務指標和參考。

GAAP financial reconciliations are available in our earnings material, which was posted on our website, INTC.com, in advance of this call.

GAAP 財務調節表可在我們的收益資料中找到，該資料在本次電話會議之前已發佈在我們的網站 INTC.com 上。

The forecast that Stacy speaks to today will be on a non-GAAP basis.

史黛西今天談到的預測將基於非公認會計原則。

With that, let me hand it over to Brian.

就這樣，讓我把它交給布萊恩。

Thanks, Mark.

謝謝，馬克。

Our results for the fourth quarter were consistent with expectations, and marked a strong finish to the year.

我們第四季的業績符合預期，標誌著今年的強勁收官。

Taken as a whole, 2015 demonstrated the benefits of our strategy, which is designed to capitalize on the growing need for the infrastructure powering the smart and connected world.

總體而言，2015 年展示了我們策略的優勢，該策略旨在充分利用對為智慧互聯世界提供動力的基礎設施不斷增長的需求。

That strategy is also resulting in the evolution of our business model, to focus on three key areas of growth: The data center, the Internet of Things, and memory.

此策略也導致我們業務模式的演變，重點在於三個關鍵成長領域：資料中心、物聯網和記憶體。

Our results reflect that evolution.

我們的結果反映了這種演變。

Revenue for the year was nearly flat, despite a significant decline in PC demand.

儘管個人電腦需求大幅下降，但今年的收入幾乎持平。

2015 was also a year of revenue records and important milestones, and I'd like to take a minute to review some of them with you.

2015 年也是收入創紀錄和重要里程碑的一年，我想花一點時間與大家一起回顧其中的一些。

Even though the Client Computing Group ended the full year down 8%, we were excited to see that we were able to grow sequentially in the second and third and fourth quarters.

儘管客戶端運算集團全年下降了 8%，但我們很高興看到我們能夠在第二、第三和第四季實現連續成長。

As of November, 14-nanometer products made up more than 50% of the client computing volume.

截至11月，14奈米產品佔客戶端計算量的比例超過50%。

And for the year, high end Core i7 micro processors and our K SKUs for gaming both set all-time volume records, leading to a rich product mix.

今年，高階酷睿 i7 微處理器和我們用於遊戲的 K SKU 均創下了歷史銷售記錄，從而形成了豐富的產品組合。

In our security business, we've refocused the organization on end point technology, where we enjoy a solid leadership position, and we've driven material efficiencies, as we fully integrated the McAfee organization into Intel.

在我們的安全業務中，我們重新將組織重點放在端點技術上，我們在該技術方面享有穩固的領導地位，並且隨著我們將 McAfee 組織完全整合到英特爾中，我們提高了物質效率。

The results of these changes have been dramatic.

這些變化的結果是巨大的。

On a constant currency basis, security revenue rose 6% for the year, while the organization's tighter focus drove a remarkable 44% improvement in operating income.

以固定匯率計算，今年安全收入成長了 6%，而該組織更嚴格的關注點推動了營業收入顯著提高了 44%。

The IoT group grew revenue 7% in 2015 to $2.3 billion, an all-time record.

2015 年，物聯網部門的營收成長了 7%，達到 23 億美元，創歷史記錄。

As the retail, transportation and video segments all saw strong double-digit year-over-year growth.

零售、交通和視訊領域均實現了兩位數的同比強勁增長。

In our NAND solutions group, we introduced a revolutionary new class of memory called 3D XPoint, the industry's first new memory technology in more than two decades.

在我們的 NAND 解決方案團隊中，我們推出了一種革命性的新型內存，稱為 3D XPoint，這是二十多年來業界首個新型內存技術。

3D XPoint is a great example of our growth strategy at work, using our technology expertise to innovate and expand into profitably adjacent markets.

3D XPoint 是我們成長策略的一個很好的例子，利用我們的技術專業知識進行創新並擴展到可獲利的鄰近市場。

We think it's a game-changing technology, moving forward.

我們認為這是一項改變遊戲規則、不斷向前發展的技術。

Our confidence in the technology led us to announce in the fourth quarter that we were upgrading our Dalian, China fab to manufacture both 3D NAND and 3D XPoint, with production beginning later this year.

我們對這項技術的信心促使我們在第四季度宣布，我們將升級中國大連工廠，以生產 3D NAND 和 3D XPoint，並於今年稍後開始生產。

For the full year, our memory business grew more than 20% to $2.6 billion, another all-time record.

全年，我們的記憶體業務成長超過 20%，達到 26 億美元，再創歷史記錄。

At the same time, the Data Center Group grew 11% over last year to an all-time record of $16 billion in revenue.

同時，資料中心集團的營收比去年成長了 11%，達到創紀錄的 160 億美元。

Macro weakness weighed on enterprise demand and resulted in slower growth than we expected at the beginning of the year.

宏觀疲軟打壓了企業需求，導致成長速度低於我們年初的預期。

However, DCG's overall performance highlighted the underlying trends driving data center demand, as cloud and communication service providers' revenue both grew more than 20% for the year.

然而，DCG 的整體業績突顯了推動資料中心需求的潛在趨勢，因為雲端和通訊服務供應商的營收今年均成長了 20% 以上。

Within the cloud segment, 40% of our volume was custom SKUs as we left the year, demonstrating the ongoing value of working directly with the customers to tailor solutions to their needs.

在雲端領域，截至今年年底，我們的銷售量中有 40% 是客製化 SKU，這證明了直接與客戶合作根據他們的需求客製化解決方案的持續價值。

Finally, just after our fiscal year ended, we closed our acquisition of Altera.

最後，就在我們的財年結束後，我們完成了對 Altera 的收購。

We're thrilled to welcome the talented Altera team to Intel.

我們很高興歡迎才華橫溢的 Altera 團隊加入英特爾。

Combined, our two companies will deliver powerful synergies based on Intel's process technology leadership, and the integration of Altera's FPGAs.

合併後，我們兩家公司將基於英特爾領先的製程技術以及 Altera FPGA 的整合發揮強大的協同效應。

Wrapping up, our results over the last year leave me increasingly confident in our strategy.

總而言之，我們去年的業績讓我對我們的策略越來越有信心。

While our outlook for the first quarter reflects some caution about overall demand, particularly in China, we continue to expect solid growth in the business in 2016.

雖然我們對第一季的展望反映了對整體需求（尤其是中國）的謹慎態度，但我們仍然預計 2016 年業務將實現穩健成長。

Because it provides tremendous return to our shareholders, we will continue to drive innovation and differentiation in our core PC business.

因為它為我們的股東帶來了巨大的回報，我們將繼續推動我們核心個人電腦業務的創新和差異化。

This business provides a foundation of IP, and a source of cash flow, but it's not the sole driver of our growth.

這項業務提供了知識產權的基礎和現金流的來源，但它並不是我們成長的唯一動力。

Our future as a Company will increasingly be a product of the virtuous cycle of opportunities in the data center, memory and IoT market segments.

我們公司的未來將越來越成為資料中心、記憶體和物聯網市場機會良性循環的產物。

In fact, you can see the impact of that virtuous cycle in our 2015 results.

事實上，您可以在我們 2015 年的業績中看到這種良性循環的影響。

DCG, IoTG and memory delivered nearly 40% of Intel's revenue, and more than 60% of Intel's operating margin in 2015.

2015 年，DCG、IoTG 和記憶體貢獻了英特爾近 40% 的收入和超過 60% 的營運利潤。

Additionally, these three adjacent markets delivered $2.2 billion in profitable revenue growth in 2015 alone, and as we look ahead to 2016, we'll continue to build on that strategy.

此外，這三個鄰近市場僅在 2015 年就實現了 22 億美元的獲利收入成長，展望 2016 年，我們將繼續以此策略為基礎。

Now with that, let me turn it over to Stacy.

現在，讓我把它交給史黛西。

Thanks, Brian.

謝謝，布萊恩。

The fourth quarter was a strong finish to the year, with record revenue at $14.9 billion.

第四季是今年的強勁收官，營收達到創紀錄的 149 億美元。

We had record revenues in the data center and Internet of Things businesses.

我們在資料中心和物聯網業務方面的收入創歷史新高。

Gross margin of 64% was up 2 points to outlook, net income was $3.6 billion, down 1% year-over-year, and earnings per share was $0.74, flat over the same horizon.

毛利率為 64%，較預期上調 2 個百分點；淨利潤為 36 億美元，年減 1%；每股收益為 0.74 美元，與同期持平。

I would like to provide context behind our full-year 2015 financials, as it provides insight into how we are executing to our strategy.

我想提供 2015 年全年財務數據背後的背景信息，因為它可以深入了解我們如何執行我們的策略。

Growth in the data center, memory and Internet of Things businesses partially offset a weaker than expected macroeconomic environment, and a weak PC client market.

資料中心、記憶體和物聯網業務的成長部分抵消了弱於預期的宏觀經濟環境和疲軟的個人電腦用戶端市場。

Overall, revenue for the year was $55.4 billion, which was down 1% from the prior year.

整體而言，全年營收為 554 億美元，比上年下降 1%。

The Client Computing Group achieved $32 billion in revenue, and was down 8% for the year.

客戶端運算集團實現營收 320 億美元，全年下降 8%。

Within the Client Computing Group, we achieved almost $1 billion in mobile profitability improvements over the course of the year, exceeding our goal.

在客戶端運算集團內，我們在這一年中實現了近 10 億美元的行動獲利能力提升，超出了我們的目標。

The data center business, at about $16 billion in revenue, grew 11%.

資料中心業務收入約 160 億美元，成長 11%。

The memory business, at over $2.5 billion in revenue, grew over 20%.

記憶體業務收入超過 25 億美元，成長超過 20%。

And the Internet of Things business, at about $2.3 billion, grew 7%.

物聯網業務成長了 7%，價值約 23 億美元。

Gross margin for 2015 was approximately 63%, down about a point from 2014.

2015年毛利率約63%，較2014年下降約一個百分點。

Higher unit costs as we ramp 14-nanometer were offset by an increase in ASPs, driven by strong results in the data center business, and a rich mix in the client computing business.

隨著 14 奈米技術的發展，單位成本的上升被資料中心業務的強勁業績和客戶端計算業務的豐富組合所推動的平均售價的成長所抵消。

Operating profit for the year was $14 billion, down 9% year on year.

全年營業利潤為140億美元，年減9%。

Earnings per share for the year was $2.33, up 1% from the prior year.

本年度每股收益為 2.33 美元，較上年增長 1%。

In 2015, the business continued to generate significant cash, with $19 billion of cash from operations.

2015年，該業務持續產生大量現金，營運現金達190億美元。

We purchased $7.3 billion in capital assets.

我們買了 73 億美元的資本資產。

We paid $4.6 billion in dividends, and repurchased about $3 billion of stock.

我們支付了 46 億美元的股息，並回購了約 30 億美元的股票。

Total cash balance was $25.3 billion, up over $11 billion year-over-year.

現金餘額總額為 253 億美元，年增超過 110 億美元。

Our net cash balance, total cash less debt, and inclusive of our other longer-term investments is approximately $6.6 billion.

我們的淨現金餘額、現金總額減去債務並包括我們的其他長期投資約為 66 億美元。

We issued about $9.5 billion of new long-term debt to finance our acquisition of Altera, and in November we announced an $0.08 dividend increase to $1.04 per share on an annual basis, effective in the first quarter of 2016.

我們發行了約 95 億美元的新長期債務來為收購 Altera 提供資金，並於 11 月宣布將每年股息增加 0.08 美元，達到每股 1.04 美元，自 2016 年第一季起生效。

The acquisition of Altera was completed in early FY16, which means that the 2016 guidance includes the expected results for the FPGA business.

對Altera的收購於2016財年年初完成，這意味著2016年的指引包含了FPGA業務的預期表現。

As I talk to our guidance for 2016, it is important to note that we have excluded non-cash and one-time acquisition-related charges for Altera.

當我談到我們 2016 年的指導時，需要注意的是，我們已排除 Altera 的非現金和一次性收購相關費用。

The CFO commentary pre-released before this call and available on INTC.com includes the full GAAP and non-GAAP reconciliations.

財務長評論在本次電話會議之前預先發布並可在 INTC.com 上獲取，其中包括完整的 GAAP 和非 GAAP 調整表。

For the first quarter of 2016, the midpoint of the revenue range is expected to be $14.1 billion.

2016 年第一季度，營收範圍的中位數預計為 141 億美元。

This forecast, which includes an extra work week, and the newly-acquired FPGA business, is on the low end of the average seasonal range.

這項預測（包括每週額外工作時間和新收購的 FPGA 業務）處於平均季節性範圍的低端。

This outlook represents a soft start to the year as we remain cautious on the level of economic growth, particularly in China.

這一前景代表了今年的軟啟動，因為我們對經濟成長水準（尤其是中國）保持謹慎態度。

We continue to believe the worldwide PC supply chain is healthy, with appropriate levels of inventory.

我們仍然相信全球個人電腦供應鏈是健康的，庫存水準適當。

Gross margin for the first quarter is expected to be approximately 62%, and spending is expected to be $5.5 billion.

第一季毛利率預計約為 62%，支出預計為 55 億美元。

Turning to the full year 2016, we are expecting revenue growth in the mid to high single digits, relative to 2015.

展望 2016 年全年，我們預期營收將較 2015 年實現中高個位數成長。

This outlook is higher than our previous guidance provided at the November investor meeting.

這一前景高於我們先前在 11 月投資者會議上提供的指導。

This higher range is driven by the addition of the FPGA business, partially offset by some caution as a result of uncertainty in the macroeconomic environment.

這一較高的範圍是由 FPGA 業務的增加所推動的，但由於宏觀經濟環境的不確定性而引起的一些謹慎情緒部分抵消了這一幅度。

Gross margin for the year is expected to be 63%, and spending is expected at $21.3 billion.

今年毛利率預估為 63%，支出預估為 213 億美元。

The capital spending forecast for 2016 is $9.5 billion, up from 2015.

2016 年的資本支出預測為 95 億美元，高於 2015 年。

As the economic useful life of our manufacturing equipment lengthens, we are extending the depreciable life of equipment in our factories from four to five years.

隨著我們製造設備的經濟使用壽命的延長，我們將工廠設備的折舊壽命從四年延長到五年。

This change in depreciable life drives approximately $1.5 billion in lower depreciation expense for the year.

折舊年限的這項變更導致全年折舊費用減少約 15 億美元。

Inclusive of this change, we are forecasting depreciation expense to be $6.5 billion this year, down $1.3 billion from 2015.

考慮到這一變化，我們預計今年的折舊費用將為 65 億美元，比 2015 年減少 13 億美元。

Our results demonstrate that we are transforming the Company.

我們的結果顯示我們正在對公司進行轉型。

We are pivoting towards the cloud, with a diversified portfolio of businesses.

我們正在轉向雲，擁有多元化的業務組合。

Client is still the largest segment, but the other businesses now make up about 40% of our total revenue, and 2015 marked the first year where these businesses made up the majority of our operating profit.

客戶仍然是最大的細分市場，但其他業務目前約占我們總收入的 40%，而 2015 年是這些業務占我們營業利潤大部分的第一年。

The data center business is growing fast, and is now a $16 billion business.

資料中心業務正在快速成長，目前已成為一項價值 160 億美元的業務。

That growth is being driven by growth rates in cloud computing that were over 40% year on year.

這一增長是由雲端運算同比增長率超過 40% 推動的。

Our memory business grew over 20% year-over-year, and is well positioned to disrupt the industry with the launch of 3D XPoint technology.

我們的記憶體業務年增超過 20%，並已做好充分準備，透過推出 3D XPoint 技術來顛覆產業。

The Internet of Things business grew in 2015, and is expected to contribute more growth this year.

物聯網業務在2015年有所成長，預計今年將貢獻更多成長。

And with the Altera acquisition, we expect to broaden our product portfolio in the data center and Internet of Things businesses, and enable even more innovation.

透過收購 Altera，我們希望擴大我們在資料中心和物聯網業務方面的產品組合，並實現更多創新。

Most importantly, we are pivoting towards the cloud, diversifying our client business, and building a strong foundation for long-term growth for the Company.

最重要的是，我們正在轉向雲端，使我們的客戶業務多元化，並為公司的長期成長奠定堅實的基礎。

With that, I'll turn it back over to Mark.

這樣，我會把它轉回給馬克。

All right.

好的。

Thank you, Brian and Stacy.

謝謝你們，布萊恩和史黛西。

Moving on now to the Q&A, as is our normal practice, we would ask each participant to ask one question, and just one follow-up, if you have one.

現在進入問答環節，按照我們的慣例，我們會要求每位參與者提出一個問題，如果有的話，只需提出一個後續問題。

Sabrina, please go ahead and introduce our first questioner.

Sabrina，請繼續介紹我們的第一位提問者。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Joe Moore of Morgan Stanley.

我們的第一個問題來自摩根士丹利的喬·摩爾。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thank you so much.

太感謝了。

The client average selling prices went up again for the second quarter.

第二季顧客平均售價又上漲。

Is that the same trend you saw in Q3, a stronger high end, and what's your assumption for the ASP trajectory going forward?

這是否與您在第三季看到的趨勢相同，即高端市場走強，您對未來 ASP 軌蹟的假設是什麼？

Sure.

當然。

I'll start, Joe.

我要開始了，喬。

This is Brian.

這是布萊恩.

It was the same type of trend we saw throughout 2015, with clients buying up the stack, and you saw it in our record revenue in Core i7 and K SKUs, which are really our top-end SKUs.

這與我們在 2015 年看到的趨勢相同，客戶購買了整個堆疊，您可以從我們創紀錄的 Core i7 和 K SKU 收入中看到這一點，它們實際上是我們的高端 SKU。

The forecast for 2016 has us relatively flat in this space, so we don't know if it will continue.

2016 年的預測使我們在這一領域相對持平，因此我們不知道這種情況是否會持續下去。

But right now, we forecast it at flat, the ASPs, for 2016.

但目前，我們預測 2016 年 ASP 持平。

And just to add, Joe, so -- there was a client comment.

補充一下，喬，所以——有一條客戶評論。

In total, we see ASPs up a little bit in 2016.

總的來說，我們看到 2016 年平均售價略有上升。

You can see it in the gross margin recon.

您可以在毛利率調查中看到它。

It's not -- as Brian said, we're maintaining the client ASP, but we are expecting that server becomes a larger percentage of the mix.

事實並非如此——正如 Brian 所說，我們正在維護客戶端 ASP，但我們預計伺服器將在其中佔據更大的比例。

So we've got some mix impact, based on what's going on in server.

因此，根據伺服器中發生的情況，我們產生了一些混合影響。

Okay.

好的。

That makes sense.

這是有道理的。

Thanks.

謝謝。

And then for my follow-up, the depreciation change -- was that something you had known about when you talked about the full-year guidance at the Analyst Day, and what was it that prompted you to make that change now?

然後，對於我的後續行動，折舊變化 - 這是您在分析師日談論全年指導時所知道的事情嗎？

No, the depreciation change was not included in my forecast that I provided back in November.

不，折舊變化並未包含在我 11 月提供的預測中。

We were in the middle of the analysis.

我們正處於分析之中。

What prompted it was -- we did an in-depth analysis based on the cadence of moving from one process technology node to the next.

促使它發生的是——我們根據從一個製程技術節點轉移到下一個製程技術節點的節奏進行了深入分析。

We talked about that at the beginning of 2015, and the third wave of products.

我們在2015年初談到了這一點，以及第三波產品。

And we completed our long-range planning in the fourth quarter, and that's what triggered the change in the depreciation cadence.

我們在第四季完成了長期規劃，這就是引發折舊節奏變化的原因。

I'll also say -- so, just to then tie this out for you, in November I was forecasting a 62% gross margin for the year.

我還要說的是——所以，為了讓大家明白這一點，11 月我預測今年的毛利率為 62%。

I'm now projecting a 63% gross margin for the year.

我現在預計今年的毛利率為 63%。

And the difference there is this change in depreciation.

不同之處在於折舊的變化。

So, you can kind of see it in that gross margin recon.

所以，你可以在毛利率調查中看到這一點。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

And our next question comes from the line of Vivek Arya of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

Your line is now open.

您的線路現已開通。

Thanks for taking my question.

感謝您提出我的問題。

First, Brian, you mentioned that there is some uncertainty near term in the broader environment.

首先，布萊恩，你提到短期內更廣泛的環境存在一些不確定性。

I was hoping you could provide us some more color around that, if possible, by your different segments, and perhaps by geography?

我希望您能為我們提供更多關於這個問題的信息，如果可能的話，根據您的不同細分市場，也許還有地理位置？

Sure, Vivek.

當然，維韋克。

It's the same type of trends we saw in 2015: emerging markets slower than the mature markets; US, western Europe looking okay; China and the rest of Asia slow.

這與我們在 2015 年看到的趨勢相同：新興市場慢於成熟市場；美國、西歐看起來還不錯；中國和亞洲其他國家進展緩慢。

It was both consumer and enterprise.

它既是消費者也是企業。

I'd say it's a little bit heavier on the client side, so the PC side, than the data center side.

我想說的是，客戶端（即 PC 端）比資料中心端要重一些。

But we're seeing some of it on the data center side as well.

但我們在資料中心方面也看到了一些變化。

Those are the two big drivers, and it's all the same geography.

這是兩個主要驅動因素，而且地理位置都相同。

I see.

我懂了。

And for my follow-up, maybe for Stacy -- Stacy, can you talk about the leverage in the model?

對於我的後續行動，也許是史黛西——史黛西，你能談談模型中的槓桿作用嗎？

Because if I take your full-year sales growth number, OpEx is roughly about 35%-ish or so of sales, which is in line with what you had given at analyst day.

因為如果我計算你的全年銷售成長數據，營運支出約佔銷售額的 35% 左右，這與你在分析師日給出的數據一致。

I'm wondering what steps can you take to drive more leverage in the model?

我想知道您可以採取哪些步驟來提高模型的槓桿作用？

As an IDM, shouldn't the goal be to get to at least 30%-plus operating margins?

作為 IDM 企業，目標不應該是達到至少 30% 以上的營業利潤嗎？

What steps can you take this year to help drive more leverage in the model?

今年您可以採取哪些措施來幫助提高該模型的槓桿作用？

Thank you.

謝謝。

Sure, and first, let me -- if you'll bear with me, let me just take a second to detangle the 2016 numbers, because with the extra work week, the Altera acquisition, which includes some one-time costs, and the change in depreciation, it becomes a little hard to, I think, get to the bottom of what's actually happening operationally in the Business.

當然，首先，如果您能耐心聽我說，請讓我花一點時間來理清 2016 年的數字，因為加上額外的工作週、收購 Altera（其中包括一些一次性成本）和我認為，隨著折舊的變化，要了解企業實際營運狀況的真相就變得有點困難。

If you recall, in the investor meeting in November, Brian and I talked about the fact that we were looking to reduce spending as a percent of revenue by 0.5 points.

如果你還記得，在 11 月的投資者會議上，布萊恩和我談到了這樣一個事實：我們希望將支出佔收入的百分比減少 0.5 個百分點。

If you just take all of the adjustments out -- so, you don't adjust for the change in depreciation, you don't adjust for Altera, or anything like that -- we're getting that 0.5 points.

如果你只是去掉所有的調整——所以，你不調整折舊的變化，你不調整Altera，或類似的東西——我們會得到0.5分。

When we add all of that in, we're getting a bit more than the 0.5 points improvement from 2015 to 2016, in terms of our projections.

當我們將所有這些加入時，根據我們的預測，我們得到的改進比 2015 年到 2016 年的 0.5 個百分點還要多一些。

So, we feel we're delivering what we committed to; and when you put some of these adjustments on top of it, we'll deliver a little bit more.

所以，我們覺得我們正在兌現我們的承諾；當您在其之上進行一些調整時，我們將提供更多一點。

In terms of the opportunities there, we articulated it, and I'll let Brian come in over the top, but we articulated at the investor meeting, we're still committed to drive spending as a percent of revenue down.

就那裡的機會而言，我們闡明了這一點，我會讓布萊恩發言，但我們在投資者會議上闡明，我們仍然致力於降低支出佔收入的百分比。

We're in the midst of a transformation right now, and so we are going through a period where we're weeding and feeding our portfolio.

我們現在正處於轉型之中，因此我們正在經歷一個我們正在淘汰和充實我們的投資組合的時期。

We're making some dis-investments.

我們正在進行一些撤資。

But very importantly, we're investing in areas that we think are critical for the long-term growth and health of the Company, and where we get lots of return, i.e., the data center, the Internet of Things, our process technology leadership, the memory business.

但非常重要的是，我們正在投資我們認為對公司長期成長和健康至關重要的領域，以及我們獲得大量回報的領域，即資料中心、物聯網、我們的流程技術領先地位，記憶體業務。

So, we knew going into this year it would be a time of elevated investment.

因此，我們知道今年將是投資增加的時期。

We're delivering what we committed, but there's more to come in future years.

我們正在兌現我們的承諾，但未來幾年還會有更多的事情發生。

Thanks, Vivek.

謝謝，維韋克。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from the line of CJ Muse of Evercore.

我們的下一個問題來自 Evercore 的 CJ Muse。

Your line is now open.

您的線路現已開通。

Yes, good afternoon.

是的，下午好。

Thank you for taking my question.

謝謝你回答我的問題。

I guess now with the Altera deal closed, curious if you could provide an update on your server chip road map and strategy, as we look into 2016 and beyond?

我想現在 Altera 交易已經結束，在我們展望 2016 年及以後的情況下，我想知道您是否可以提供有關您的伺服器晶片路線圖和策略的更新資訊？

Sure, CJ.

當然，CJ。

This is Brian.

這是布萊恩.

So let me just give you a broad picture of Altera, and where we're at.

讓我向您簡要介紹一下 Altera 以及我們目前的情況。

So, as you said, we just closed.

所以，正如你所說，我們剛剛關閉。

We have just gotten through the employee integration, everybody's got a badge; if you go by, the signs out front say Intel now.

我們剛完成員工整合，每個人都有徽章；如果你經過的話，前面的標誌寫著「現在是英特爾」。

Really excited; we're starting to dig in to some of the product road maps.

真的很興奮；我們開始深入研究一些產品路線圖。

The good news is, we'd been working separate companies on the first of the server chips, which is a multi-chip package, so, FPGA and our Xeon in the same package.

好消息是，我們一直在與不同的公司合作開發第一個伺服器晶片，這是一個多晶片封裝，因此 FPGA 和我們的 Xeon 位於同一個封裝中。

That will actually start sampling to select customers in the first quarter of this year, and it will continue to select in limited quantities, it will continue to sample throughout this year, with production in 2017.

實際上將在今年第一季開始向部分客戶提供樣品，並將繼續限量選擇，全年將繼續提供樣品，並於 2017 年投入生產。

Our road map will then -- we're still working on our road map beyond that of when do we integrate the full IP into our silicon, so make a monolithic die.

我們的路線圖將——我們仍在製定路線圖，超越何時將完整的 IP 整合到我們的晶片中，從而製作單晶片。

We're actually spending an equal amount of time on that same kind of a road map, an MCP, or a multi-chip package, followed by a monolithic die in the IoT space.

實際上，我們在同一種路線圖、MCP 或多晶片封裝上花費了相同的時間，然後是物聯網領域的單晶片。

We feel pretty good about the progress, and we're already, in the first quarter, going to be sampling to the leading-edge cloud guys that you can think about.

我們對進展感到非常滿意，並且我們已經在第一季向您可以想到的領先的雲端人員進行了採樣。

Very helpful.

非常有幫助。

I guess as my follow-up, you provided a $10 billion CapEx budget, and now it looks like it's about $500 million lower at the midpoint.

我猜想，作為我的後續行動，你們提供了 100 億美元的資本支出預算，但現在看起來中點大約減少了 5 億美元。

Curious what has changed there.

好奇那裡發生了什麼變化。

Is that principally capacity on the logic side, as opposed to memory, given what we're seeing in the macro environment?

考慮到我們在宏觀環境中所看到的情況，這主要是邏輯方面的能力，而不是記憶體方面的能力嗎？

Thank you.

謝謝。

It's all logic, for the most part, and it's not as much a macro, or adjusting the capacity or anything like that; it's just the ins and outs.

在大多數情況下，這都是邏輯，而不是宏，或調整容量或類似的東西；這只是來龍去脈。

As we went from the investor meeting into the actual firm forecast for 2016, the teams just sharpened down all their numbers, and went through it in more detail.

當我們從投資者會議進入 2016 年的實際公司預測時，團隊只是縮小了所有數字，並進行了更詳細的分析。

I don't think there's anything more to it than that.

我認為沒有什麼比這更重要的了。

I'll let Stacy comment if there's -- if he wants to give you any other light on this one.

如果有的話，我會讓史黛西發表評論——如果他想給你關於這個問題的任何其他線索。

No.

不。

Great.

偉大的。

Thanks so much.

非常感謝。

Thank you.

謝謝。

And our next question comes from the line of Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的哈蘭‧蘇爾。

Your line is now open.

您的線路現已開通。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

On the Data Center business, it decelerated as the team has expected, but 5% of your growth in Q4 was a bit more deceleration than what we were anticipating.

在資料中心業務方面，正如團隊預期的那樣減速，但第四季度 5% 的成長減速程度比我們的預期要大一些。

So, I guess two questions: Was it all enterprise that drove the weakness, and do you expect to get back to a double-digits growth trajectory in the March quarter, and is the team still confident about driving mid-teens growth for DCG in 2016?

因此，我猜想兩個問題：是否全是企業推動了疲軟？

Yes, there's a couple things I want to talk about on the Data Center.

是的，我想談談關於資料中心的一些事情。

First, when you compare Q4 to Q4, you're looking at a comparative where Q4 2014 was one of our strongest quarters, as long as I can remember, with very strong -- greater than 20% growth for the quarter.

首先，當您將第 4 季與第 4 季進行比較時，您會發現 2014 年第 4 季是我們最強勁的季度之一，據我所知，該季度的成長率非常強勁，超過 20%。

So, that quarter was a little bit of unique, so the quarter-to-quarter comparative is a bit tough.

所以，那個季度有點獨特，所以季度與季度之間的比較有點困難。

If you take a look at how the second half, which is really Q3 and Q4 looked similar, enterprise actually stabilized from the first half.

如果你看看下半年，第三季和第四季看起來很相似，企業其實從上半年開始趨於穩定。

So, enterprise was weak in the first half, and tended to -- got a little bit more stable in the second half.

因此，企業上半年表現疲軟，下半年趨於穩定。

And what we saw was a normal -- the cloud guys tend to slow down in the fourth quarter, because that's when a lot of the cloud -- they don't want to be upsetting the cloud infrastructure while the holiday seasons are on and people are buying things.

我們看到的是正常情況 - 雲端運算人員往往會在第四季度放慢速度，因為那時有很多雲端運算 - 他們不想在假期期間擾亂雲端基礎設施，人們也不想這樣做正在買東西。

And then we continued to see strong growth and strong share gain in the networking and telco side.

然後我們繼續看到網路和電信方面的強勁成長和強勁的份額成長。

We're absolutely -- we continue to look out -- and again, we're very careful to not look at this on a quarter-by-quarter basis.

我們絕對——我們繼續關注——而且，我們非常小心，不會逐季度關注這個問題。

We're looking at the long view, and we're very confident that, yes, we'll continue into this double-digit growth in the Data Center.

我們著眼於長遠，我們非常有信心，是的，我們將繼續實現資料中心的兩位數成長。

It will continue to be fueled by the cloud in the first side, and then secondly by our growth in telco and networking, as our share grows there.

首先，它將繼續受到雲端運算的推動，其次是我們在電信和網路領域的成長，因為我們在這方面的份額不斷增長。

Remember, we entered the year at less than 10% share in that space, and there's a lot of space there for us to grow in the networking and Telco space.

請記住，今年我們在該領域的份額還不到 10%，而且我們在網路和電信領域還有很大的發展空間。

Let me just add one thing to the premise of your question.

讓我在你問題的前提下補充一件事。

We weren't surprised by where we ended up in the Data Center.

我們對資料中心的最終位置並不感到驚訝。

If you recall back in November, we talked about Data Center growth rate for the year being in the low-double digits.

如果您還記得 11 月份，我們曾討論過今年資料中心的成長率為低兩位數。

That's exactly where we came in.

這正是我們進來的地方。

Based on what Brian was just talking about, in terms of the strength of Q4 2014, we were expecting this to be a tough compare, and that we'd have growth rates in the single digits.

根據 Brian 剛才所說的，就 2014 年第四季的實力而言，我們預計這將是一次艱難的比較，並且我們的成長率將為個位數。

Great.

偉大的。

Thanks for the insights there.

感謝您的見解。

And then for my follow-up, the team is going to be launching its sixth generation vCore product line for enterprise, desktop, PCs, I think next week.

接下來，我認為該團隊將在下週推出適用於企業、桌上型電腦、PC 的第六代 vCore 產品線。

There also hasn't been a refresh of desktop for two years.

桌面也已經兩年沒有更新了。

I guess the question is: What are you hearing from your corporate and enterprise customers as to the potential uptake of these new platforms, relative to the very muted enterprise demand profile that we had last year?

我想問題是：相對於去年非常低迷的企業需求狀況，您從公司和企業客戶那裡了解到這些新平台的潛在採用情況如何？

As you said, we kind of went roughly a year or so without a desktop enterprise upgrade, and especially when you combine coming back now with a refresh -- that refresh being Skylake -- the combination of Skylake's great performance and great graphics.

正如您所說，我們大約有一年左右的時間沒有進行桌面企業級升級，尤其是當您現在回來進行更新時（該更新是 Skylake），Skylake 的出色性能和出色圖形相結合。

We're past the Windows 10 launch, which is another positive in this space.

Windows 10 發布已經過去，這是該領域的另一個積極因素。

We're hearing very good response, as far as people's interest, the form factors you're seeing.

就人們的興趣以及您所看到的外形因素而言，我們聽到了非常好的反響。

You're seeing all-in-ones; you're seeing classic desktop platforms; you're seeing great graphics; you're seeing OLED displays.

你看到的是一體機；你看到的是經典的桌面平台；你正在看到很棒的圖形；你看到的是 OLED 顯示器。

Overall, it's just another segment where we think the best computing devices really the computing industry has ever built are going to be showcased.

總的來說，這只是我們認為將展示計算行業有史以來真正最好的計算設備的另一個部分。

The excitement's there, and we've just got to get past the macroeconomics of enterprises saying -- we're going to do the upgrades.

興奮就在那裡，我們必須超越企業的宏觀經濟學說──我們將進行升級。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from the line of Stacy Rasgon of Bernstein Research.

我們的下一個問題來自伯恩斯坦研究中心的史黛西·拉斯貢（Stacy Rasgon）。

Your line is now open.

您的線路現已開通。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

First, I wanted to go to the equipment life extension.

首先，我想去延長設備壽命。

So, I know you were hopeful that eventually you'd be able to get your node migration trajectory back from three years to two, but this sounds like a fairly permanent change in terms of extending your equivalent lifetime.

所以，我知道您希望最終能夠將節點遷移軌跡從三年恢復到兩年，但這聽起來像是延長等效生命週期的相當永久性的變化。

What should we take from this action, in terms of how you view the potential improvement ability of your node migration trajectory going forward?

就您如何看待未來節點遷移軌蹟的潛在改進能力而言，我們應該從這項行動中得到什麼？

It's not an impact at all, Stacy.

這根本不是影響，史黛西。

This is -- whether we're at 2 years or 2.5 or 3 wasn't going to dramatically shift that life expectancy like this.

無論我們現在是 2 年、2.5 年還是 3 年，預期壽命都不會發生如此巨大的變化。

This is more about the amount of reuse, and the efficiency and speed at which we can do the conversion.

這更多的是關於重用量，以及我們可以進行轉換的效率和速度。

And so, both of those numbers have improved.

因此，這兩個數字都有所改善。

Now, the cycle -- clearly it doesn't hurt to have, from this perspective, the longer node cycle.

現在，週期——從這個角度來看，顯然擁有更長的節點週期並沒有什麼壞處。

But independent of that, this is a change that was fundamental to the shift in reuse and rate at which we're able to move the tool from being able to run, say, 14 nanometers to 10 nanometers.

但除此之外，這項變化對於重用和速率的轉變至關重要，我們能夠將工具的運行速度從 14 奈米提升到 10 奈米。

And I would also just add -- that's exactly right.

我還要補充一點——這是完全正確的。

The reuse is something that's been shifting over time, and it gives us a lot of economic benefit.

重複利用是隨著時間的推移而改變的，它為我們帶來了許多經濟效益。

I'll give you the accounting answer here, too, which is: If we got to 7 nanometer or 5 nanometer and there was something that caused us to look at the depreciable life, the economic usefulness of the equipment, we would change it.

我也會在這裡給你一個會計答案，那就是：如果我們達到了 7 奈米或 5 奈米，並且有一些東西讓我們考慮設備的折舊壽命和經濟實用性，我們就會改變它。

But we're certainly not expecting anything like that.

但我們當然不會期待這樣的事情。

But this is -- we go through this analysis every year.

但這是——我們每年都會進行這種分析。

The only thing I would add to finish is: Within the manufacturing side, one of our objectives is to continue to improve on those vectors that I talked about, the reuse and speed at which we're able to do these transitions.

我要補充的唯一一件事是：在製造方面，我們的目標之一是繼續改進我談到的那些向量，也就是我們能夠進行這些轉換的重複使用和速度。

And so, we'll be constantly trying to get this to be a longer and longer number, if possible, independent of the nodes, because it just shows that we're becoming more efficient.

因此，我們將不斷嘗試讓這個數字變得越來越長，如果可能的話，獨立於節點，因為它只是表明我們正在變得更有效率。

Got it.

知道了。

Thank you.

謝謝。

For my follow-up, I just wanted to take a look at the extra week that's in Q4.

對於我的後續行動，我只想看看第四季度的額外一周。

How much of your guidance is actually coming from that extra week?

你的指導有多少實際上來自於那額外的一周？

Is it the full -- I guess it would be 7.5% or whatever it is -- or is it less because that week is happening at the end of 2015 and beginning of 2016?

是完整的——我猜會是 7.5% 或其他什麼——還是因為那一周發生在 2015 年底和 2016 年初，所以會減少？

How should we think about how that may influence normal seasonality in Q2?

我們應該如何考慮這可能如何影響第二季的正常季節性？

Maybe I didn't hear you right.

也許我沒聽錯。

Just want to clarify: The extra work week is in Q1 of 2016, not Q4 of 2015.

只是想澄清一下：額外的工作週是在 2016 年第一季度，而不是 2015 年第四季。

Yes, but I think it's like December 28 through January 4 or something.

是的，但我想大概是 12 月 28 日到 1 月 4 日之類的。

So, how does that --

那麼，這是怎麼回事——

A little earlier than that.

比那早一點。

So, the background on this is, we go through this every 5 to 7 years.

所以，這個的背景是，我們每五到七年就會經歷一次。

Because we're on a work-week calendar, over a 5- to 7-year period, we get out of sync with the actual calendar.

因為我們採用工作週日曆，在 5 到 7 年的時間內，我們與實際行事曆不同步。

And then we add in a workweek, in order to get back on sync.

然後我們新增一個工作週，以便恢復同步。

It's a little -- it's easy actually to quantify the spending associated with that extra workweek, because we've got lights on, and factories running, and we're paying people.

實際上很容易量化與每週額外工作相關的支出，因為我們已經開燈了，工廠正在運轉，而且我們正在向人們支付工資。

The revenue associated with it is a little harder to calculate.

與之相關的收入有點難以計算。

When you look at where the week actually falls, it's that week between Christmas and New Year's.

當您查看實際的一周時，您會發現它是聖誕節和新年之間的那一周。

Our fiscal year ended, I think, the day after Christmas, and so it's that week between Christmas and New Year's that tends to be a billings week that's dramatically lower than any other week we see during the year.

我認為，我們的財政年度在聖誕節後的第二天結束，因此聖誕節和新年之間的那一周往往是比我們一年中看到的任何其他週都要低得多的賬單週。

So, some revenue impact; hard to quantify it.

因此，一些收入受到影響；很難量化它。

The way I'd look at it though, when you look at our guide, and you take out Altera, and you take into account any impact for the extra work week, what you'd see is that the guide for the first quarter is at the low end of what we normally see from a Q4 to a Q1, is how I'd think of it.

不過，我的看法是，當您查看我們的指南時，請取出 Altera，並考慮到額外工作週的任何影響，您會看到第一季的指南是在我們通常看到的從Q4 到Q1 的低端，這就是我的想法。

And then you add Altera back on top of that, and you get to the revenue number that we provided.

然後您將 Altera 加回來，您就可以獲得我們提供的收入數字。

And just to be totally transparent, the revenue number for Altera in Q1 is on the order of $400 million.

坦白說，Altera 第一季的營收約為 4 億美元。

So, you can do the math from there.

因此，您可以從那裡進行數學計算。

Thanks, Stacy.

謝謝，史黛西。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from the line of John Pitzer of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Your line is now open.

您的線路現已開通。

Good afternoon, guys.

下午好，夥計們。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

Brian, the first question I have is on the DCG business.

Brian，我的第一個問題是關於 DCG 業務。

This quarter, the December quarter, you saw a modest drop in ASPs, both sequentially and year over year, which is somewhat of an anomaly for that business.

本季度，也就是 12 月份的季度，您看到平均售價連續和同比都有小幅下降，這對該業務來說有點反常。

And I guess I understand the mix shift, as cloud grows faster than enterprise.

我想我理解這種混合轉變，因為雲端的成長速度比企業更快。

I'm curious: Do you think this was a one-quarter anomaly?

我很好奇：你認為這是四分之一的異常現象嗎？

Is this something we should expect more of, as networking grows faster in 2016?

隨著 2016 年網路發展速度加快，我們是否應該對此抱持更多期待？

And within the individual segments, are you still seeing customers buy up the stack?

在各個細分市場中，您是否仍然看到客戶購買整個堆疊？

So, that's actually a great question, John.

所以，這其實是一個很好的問題，約翰。

So, for Q4, the decline, or the decrease in ASP was mostly driven by the much higher growth rate in the networking, as you mentioned, and the fact that the percentage of Atom in networking tends to be a bit higher.

因此，正如您所提到的，第四季度的下降或 ASP 的下降主要是由網路成長率高得多以及 Atom 在網路中的百分比往往更高這一事實推動的。

If you look at networking as a whole, the ASPs in networking tend to be lower than, say, cloud or enterprise.

如果您將網路視為一個整體，您會發現網路中的 ASP 往往低於雲端或企業等領域。

However, if you look at Q4's networking ASP -- so, if you took out just that ASP, and you compared that ASP relative to prior quarters, it was actually up as an average.

然而，如果您查看第四季度的網路 ASP，那麼，如果您只取出該 ASP，並將該 ASP 與前幾季進行比較，您會發現它實際上是平均值。

So, it has a lower average selling price, but that average selling price is increasing as more people buy -- and as NFV and SDN take off, more people tend to buy up to core, because they're really searching for that performance.

因此，它的平均售價較低，但隨著越來越多的人購買，平均售價正在增加- 隨著NFV 和SDN 的起飛，更多的人傾向於購買核心，因為他們真正在尋找這種性能。

We do hope and expect this trend to continue into 2016, as we gain share in networking.

隨著我們在網路領域的份額不斷增加，我們確實希望並預計這一趨勢將持續到 2016 年。

The relative strength -- so, then if you take a look at the cloud space and the enterprise space, we expect those to continue on the trends you've seen over the last few years.

相對優勢 - 因此，如果你看看雲端空間和企業空間，我們預計它們將繼續遵循過去幾年所看到的趨勢。

We don't expect any major shifts there, but we have very strategic plans to continue to grow in the networking, storage, and especially around the telco and networking space, as SDN and NFV really take hold.

我們預計這方面不會發生任何重大轉變，但隨著 SDN 和 NFV 真正佔據主導地位，我們制定了非常策略性的計劃，將在網路、存儲，尤其是電信和網路領域繼續發展。

And you will see a slightly lower ASP from there, but we expect the ASP to continue to increase in that space as we bring more functionality.

您會看到 ASP 稍低，但我們預計隨著我們帶來更多功能，該領域的 ASP 將繼續增加。

Does that answer your question?

這能回答你的問題嗎？

Yes, it does, very helpful.

是的，確實如此，非常有幫助。

Stacy, as my follow-on, you raised the full-year gross margin by about 100 basis points, but if I do the math, a $1.5 billion decrease in depreciation on a $60 billion revenue stream is more than 100 basis points.

Stacy，作為我的後續，你將全年毛利率提高了約 100 個基點，但如果我計算一下，600 億美元的收入流中 15 億美元的折舊減少了超過 100 個基點。

In addition, the Altera gross margin was higher than your core.

另外，Altera的毛利率高於你們的核心。

And so I guess I'm trying to understand, what are the offsets?

所以我想我想了解偏移量是什麼？

Is 10-nanometer cost coming in higher than expected?

10 奈米成本是否高於預期？

If you could help us understand the progression of 10-nanometer cost throughout the year, that would be helpful.

如果您能幫助我們了解 10 奈米成本全年的變化情況，那將會很有幫助。

Sure.

當然。

And a great question.

這是一個很好的問題。

I know there's a lot of moving parts here.

我知道這裡有很多活動部件。

Let me just focus in on the depreciation change for a second, and I actually try to be very transparent.

讓我先關註一下折舊變化，實際上我試著保持非常透明。

In the CFO commentary that was released, you'll see some of this written out, so you can always refer back to it.

在發布的財務長評論中，您會看到其中的一些內容，因此您可以隨時查閱。

But the change in depreciation, you're right, in total, is about $1.5 billion.

但你是對的，折舊的變化總共約 15 億美元。

But only about half of that is flowing through COGS, and impacting gross margin in 2016.

但其中只有約一半透過銷貨成本流動，並影響 2016 年的毛利率。

And that's where you get to the 1 point shift.

這就是 1 點轉變的地方。

That really is the primary difference.

這確實是主要的區別。

There's a few other moving parts, but nothing that's material.

還有一些其他活動部件，但沒有什麼實質的。

That's the thing that changed from 62% gross margin forecast that we had in November to 63% gross margin forecast that we have today.

這就是我們從 11 月的 62% 毛利率預測變為今天的 63% 毛利率預測的情況。

The rest of the change in depreciation -- about a quarter of it will flow through OpEx, because remember, all of the spending we do for research and development facilities actually flows through our research and development line, so you see a little bit of a benefit there.

折舊的其餘變化——大約四分之一將流經營運支出，因為請記住，我們用於研發設施的所有支出實際上都流經我們的研發線，所以你會看到一點那裡受益。

And then you have some of it that goes into inventory, and then ships out over time.

然後你有一些進入庫存，然後隨著時間的推移發貨。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Chris Danely of Citigroup.

我們的下一個問題來自花旗集團的克里斯·丹利（Chris Danely）。

Your line is now open.

您的線路現已開通。

Hey, thanks, guys.

嘿，謝謝，夥計們。

Just another question on the weakness you're seeing: Can you just maybe go into some detail on when it started?

關於您所看到的弱點的另一個問題是：您能否詳細說明它何時開始？

Have you seen any stability?

你看到穩定了嗎？

Is this just CPUs?

這只是CPU嗎？

And in your full-year forecast, are you implying that we get back to normal seasonality in Q2 through Q4?

在您的全年預測中，您是否暗示我們會在第二季到第四季恢復正常的季節性？

I'd articulate that what we're seeing -- we have a cautious stance as we start the year.

我想說的是，我們所看到的——在新年伊始，我們採取了謹慎的立場。

There's a couple of things that feed into that.

有幾件事可以解釋這一點。

Units were a little weaker for us in the client segment in Q4.

第四季度，我們的客戶部門的單位表現稍弱。

As we worked our way through the Christmas selling season, what we saw is the sell-through all the way to the end customer was a little less than we thought.

當我們努力度過聖誕節銷售季節時，我們發現，一直到最終客戶的銷售量比我們想像的要少一些。

We made up for that with a rich mix, so that's why we ended up with a pretty good result.

我們用豐富的組合彌補了這一點，所以這就是為什麼我們最終取得了相當不錯的結果。

But a little -- we're watching that carefully.

但有一點——我們正在仔細觀察。

And then, our team on the ground in China has gotten fairly cautious about what's going on in China right now.

然後，我們在中國的實地團隊對中國目前正在發生的事情變得相當謹慎。

And as you know, that's the largest PC market.

如您所知，這是最大的個人電腦市場。

So, we're just a little cautious on the growth rates there.

因此，我們對那裡的成長率有點謹慎。

In terms of from here, I think Brian said it well.

從這裡來看，我認為布萊恩說得很好。

We're expecting -- this is the environment as we work our way through 2016.

我們期待—這就是我們 2016 年工作的環境。

So, against the backdrop of a somewhat weak macroeconomic environment, we expect the year to play out normally from here.

因此，在宏觀經濟環境略顯疲軟的背景下，我們預計今年將正常發展。

Okay.

好的。

Thanks.

謝謝。

And then, as far as the Altera revenue, I think you said $400 million.

然後，就 Altera 的收入而言，我想你說的是 4 億美元。

I think that's down like somewhere in the mid-teens or something like that, sequentially.

我認為這個數字會依次下降到十幾歲或類似的水平。

Why the conservative forecast?

為什麼預測保守？

And then, do you have any forecast for the year for the Altera business?

那麼，您對今年Altera業務有何預測？

I'm not going to speak -- they have not -- they didn't release results for 2015, and so I'm really not able to talk about their results for 2015.

我不會說話——他們沒有——他們沒有發布 2015 年的結果，所以我真的無法談論他們 2015 年的結果。

I can tell you from our perspective, we didn't see anything that was surprising, in terms of what we've seen about their business levels.

我可以從我們的角度告訴你，就我們所看到的他們的業務水平而言，我們沒有看到任何令人驚訝的事情。

We actually expect some revenue growth as we go from 2015 to 2016.

事實上，我們預計 2015 年至 2016 年的營收將會成長。

I'll give you in total what we expect for Altera.

我將向您介紹我們對 Altera 的整體期望。

It's a little north of $1.6 billion in terms of revenue.

就收入而言，略高於 16 億美元。

Its gross margin, that as John was saying, is a little higher than the corporate average, so it gives us a slight mix.

正如約翰所說，它的毛利率略高於公司平均水平，因此它給我們帶來了輕微的混合。

But because it's a relatively small business against the backdrop of Intel, it's not a big shift in our gross margin.

但由於在英特爾的背景下，這是一項相對較小的業務，因此我們的毛利率並沒有重大變化。

And then we're expecting spending that's at a run rate of a couple hundred million dollars a quarter.

我們預計每季的支出將達到數億美元。

In addition to all of that, there will be a bunch of one-time acquisition deal-related costs.

除此之外，還會產生大量與一次性收購交易相關的成本。

There's amortization of acquisition-related intangibles.

與收購相關的無形資產進行攤銷。

You'll see all those in the GAAP number.

您將在 GAAP 數據中看到所有這些內容。

I've excluded them from the non-GAAP numbers I just gave you.

我已將它們排除在我剛剛提供給您的非 GAAP 數據之外。

Great.

偉大的。

Thanks.

謝謝。

Thank you, and our next question comes from the line of Ross Seymore of Deutsche Bank.

謝謝，我們的下一個問題來自德意志銀行的 Ross Seymore。

Your line is now open.

您的線路現已開通。

Hi, guys.

嗨，大家好。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

Stacy, one question on the OpEx side, back to that leverage question: You had a very useful slide at the analyst meeting about how you had dis-invested in some areas, and increased investments in another.

Stacy，關於營運支出方面的一個問題，回到槓桿問題：您在分析師會議上有一張非常有用的幻燈片，介紹了您如何在某些領域減少投資，並增加在另一個領域的投資。

I guess my net question is: Given that ability to do a substitution in the past, is there any limitation on that going forward?

我想我的最終問題是：鑑於過去有能力進行替換，未來是否有任何限制？

Or if you were going to keep spending more on some of the growth initiatives, is that actually going to be all incremental to the level we have now?

或者，如果您打算繼續在某些成長計劃上投入更多資金，那麼這實際上會增加到我們現在的水平嗎？

No, I think that's actually part of our DNA, is we're pretty rigorous about trying to weed and feed where we invest, and where we disinvest.

不，我認為這實際上是我們 DNA 的一部分，我們非常嚴格地嘗試在我們投資和撤資的地方進行除草和餵食。

As you referred to in the investor meeting, I showed an up and down arrow chart, and the magnitude of those shifts was on the order of $1 billion for some of the big movers, as we added investments in some areas, and subtracted investments in others.

正如你在投資者會議上提到的，我展示了一個向上和向下的箭頭圖，對於一些大的推動者來說，這些變化的幅度約為10 億美元，因為我們增加了某些領域的投資，並減少了某些領域的投資。

I'll also say there's a point at which we expect that we get more and more leverage in businesses like the Data Center, as well.

我還要說，到了某個時候，我們預期我們在資料中心等業務中也會獲得越來越多的影響力。

I think there's lots of opportunities for us to bring down spending as a percent of revenue, as we go forward.

我認為，隨著我們的前進，我們有很多機會降低支出佔收入的百分比。

I guess my final --

我想我的最後——

Add anything to that?

添加任何內容嗎？

No.

不。

Go ahead.

前進。

I guess as my follow-up question is just -- any more color you can provide on the channel inventory?

我想我的後續問題只是——您可以在渠道庫存上提供更多顏色嗎？

You mentioned that the unit demand was a little weaker than you had expected.

您提到單位需求比您預期的要弱一些。

How's the channel looking right now, and what expectations should we have for your internal inventory, looking into this year?

目前通路狀況如何？

Thanks.

謝謝。

Sure.

當然。

So, we believe that 2015 ended with, I'd just call it, very healthy inventories.

因此，我們認為 2015 年結束時，我稱之為「非常健康的庫存」。

In fact, one of the things we saw was a slight decrease in inventory levels as we exited the fourth quarter.

事實上，我們看到的一件事是第四季度結束時庫存水準略有下降。

And if you take a look at what we had originally projected, and what would have been more an industry norm, would have been a slight increase in inventories.

如果你看一下我們最初的預測，以及更符合行業規範的情況，那就是庫存略有增加。

We expect those healthy inventory levels to extend through 2016; there's no sign that anybody's adding inventory, or not moving off a cautious position on inventory.

我們預計健康的庫存水準將持續到 2016 年；沒有跡象表明有人在增加庫存，或沒有放棄對庫存的謹慎立場。

And that's what's been built into our forecast, as well.

這也是我們預測的內容。

To the question on internal inventory levels, I'd just say we ended Q4 with a little more inventory than I was expecting, and a little higher than I'd like.

對於內部庫存水準的問題，我只想說我們第四季末的庫存比我預期的要多一點，也比我想要的高一點。

Two drivers there: We saw, as I said, a little bit weaker units was made up for us in rich mix.

那裡有兩位車手：正如我所說，我們看到，一些較弱的單位透過豐富的組合為我們彌補了。

But a little bit weaker units and we saw yields get better on 14-nanometer, and the combination of that left me with a little more inventory leaving Q4 than I'd like.

但單位稍弱一些，我們看到 14 奈米的產量有所提高，這一切使我在第四季度的庫存比我想要的要多一些。

You'll see it -- if you look on a dollar basis, it will go up in Q1 as a result of Altera.

你會看到這一點——如果你以美元為基礎來看，由於 Altera，它會在第一季上漲。

So, Altera will cause the inventory levels to go up some.

因此，Altera將導致庫存水準上升一些。

But when you look at it from a business standpoint, I think we'll work through the inventory we have.

但當你從商業角度來看時，我認為我們將處理現有的庫存。

And when we get into the back half of the year, we'll bring inventory levels down.

當我們進入今年下半年時，我們將降低庫存水準。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from the line of Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩柯蒂斯。

Your line is now open.

您的線路現已開通。

Hey, guys.

嘿，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

Stacy, the roughly $400 million of Altera -- I don't expect you to report it going forward, but just curious, how does that fit into your reportable buckets?

Stacy，Altera 的大約 4 億美元——我不希望您將來報告它，但只是好奇，這如何適合您的報告範圍？

Can you just level set us for the first quarter out?

你能給我們設定第一季的成績嗎？

And then secondly, could you just talk about how you're integrating or not integrating Altera?

其次，您能否談談您是如何整合或不整合 Altera 的？

I feel like I've heard both.

我感覺兩個都聽過。

It sounds like you wanted to keep the sales force separate, but just curious, where does that report under, and how much integration are you going to do?

聽起來您想將銷售人員分開，但只是好奇，該報告在哪裡，以及您打算進行多少整合？

Sure.

當然。

I'll take the accounting question, and then I'll have Brian give you his insight and philosophy on the whole integration.

我將回答會計問題，然後讓布萊恩向您介紹他對整個整合的見解和理念。

On the reportable segments -- so actually, I do plan to give you full visibility into Altera.

關於可報告的部分——實際上，我確實計劃讓您全面了解 Altera。

It's a relatively small business for us.

這對我們來說是一個相對較小的業務。

It doesn't hit the SEC reporting requirement.

它不符合 SEC 報告要求。

So, it doesn't come across that threshold.

所以，它沒有跨越這個門檻。

But we just feel strongly that, based on transparency, and the size of the acquisition, we want to give you transparency.

但我們強烈認為，基於透明度和收購規模，我們希望為您提供透明度。

So, you will see that in our financials going forward.

因此，您將在我們未來的財務數據中看到這一點。

I'll let Brian answer the integration question.

我會讓 Brian 回答集成問題。

From an integration standpoint, I think what you see -- what you've seen we've done with McAfee is we've integrated it into Intel Security, and you saw the great results that we showed in the fourth quarter.

從整合的角度來看，我認為您所看到的- 您所看到的，我們與McAfee 所做的就是我們已將其整合到Intel Security 中，並且您看到了我們在第四季度展示的出色成果。

Those are somewhat an example of what happens as you integrate, and you really get the focus on the business on a much higher level.

這些是整合時發生的情況的一個例子，您確實可以在更高的層面上專注於業務。

Same thing for Altera; we plan to fully integrate it.

Altera 也是如此；我們計劃將其完全整合。

It's going to look like a business group, no different than, say, CCG, that does PCs and modems, phones, or DCG that does data center.

它看起來就像一個商業集團，與從事 PC 和數據機、電話業務的 CCG 或從事資料中心業務的 DCG 沒有什麼不同。

It's called PSG, Programmable Solutions Group.

它被稱為 PSG，可程式解決方案組。

It reports directly to me, and it will be fully integrated.

它直接向我報告，並且將完全整合。

The sales force at the beginning, because the sales tends to be a bit more technical, and a bit more like a field sales engineering-type role, we're keeping it separate.

一開始的銷售隊伍，因為銷售往往更具技術性，並且更像是現場銷售工程類型的角色，所以我們將其分開。

But that's something we're going to continue to evaluate.

但這是我們將繼續評估的事情。

But the organization, the engineering -- already in the first two weeks, we've had -- really for me, I'm really pleased with the level of integration and help that we've done to get products and road maps focused and integrated into our internal systems.

但是組織、工程——已經在前兩週，我們已經——真的對我來說，我對我們為使產品和路線圖重點關注和所做的集成水平和幫助感到非常滿意集成到我們的內部系統中。

So, you should expect it to be fully integrated.

因此，您應該期望它能夠完全整合。

Thanks, Blayne.

謝謝，布萊恩。

Operator, I think we have time for two more questions.

接線員，我想我們還有時間回答兩個問題。

Perfect.

完美的。

Our next question comes from the line of David Wong of Wells Fargo.

我們的下一個問題來自富國銀行的 David Wong。

Your line is now open.

您的線路現已開通。

Thanks very much.

非常感謝。

What might we expect in the way of new 14-nanometer data center processor families in 2016?

我們對 2016 年新型 14 奈米資料中心處理器系列有何期待？

Let's see, I think we've got Broadwell Xeon; it's going to launch in the first half here of 2016.

讓我們看看，我認為我們已經有了 Broadwell Xeon；它將於 2016 年上半年推出。

So, that will be the first of the 14-nanometer, or the next 14-nanometer in 2016 is that E5 on Broadwell.

所以，這將是第一個 14 奈米，或者說 2016 年的下一個 14 奈米就是 Broadwell 的 E5。

The rest of them, we haven't put any other dates out there yet -- Skylake SKUs and so forth.

其餘的，我們還沒有發布任何其他日期——Skylake SKU 等等。

Okay.

好的。

Great.

偉大的。

And my follow-up: With start-up and other charges, do you expect memory output in China in 2016 will be a positive or negative contribution to EPS, and should we expect a positive contribution in 2017 from the China fab?

我的後續問題：考慮到啟動費用和其他費用，您預計 2016 年中國的記憶體產量將對 EPS 產生正向還是負向貢獻？

There will be some pretty significant costs.

將會有一些相當大的成本。

It's in the gross margin recon, associated with the startup of the factory in China.

這是與中國工廠的啟動相關的毛利率調查。

And we'll be in production in the back half of the year, but we're just ramping production.

我們將在今年下半年投入生產，但我們只是在提高產量。

I think if you were just looking at a six-month time period, you'd say it's negative, and you can see it in the gross margin.

我認為如果你只看六個月的時間段，你會說它是負的，你可以在毛利率中看到它。

It's a slight negative on the gross margin.

這對毛利率略有負面影響。

It doesn't change the fact that we make these investments, and then we get this, what I would say, tremendous long-term benefit out of making that investment.

這並沒有改變我們進行這些投資的事實，然後我們從投資中獲得了巨大的長期利益。

So, that doesn't -- I don't want you to take from that, that we're somehow less bullish on the transformational capabilities of what the team has managed to pull off at 3D XPoint, because we're actually quite bullish on that.

所以，我不希望您從中了解到，我們對團隊在 3D XPoint 成功實現的轉型能力不太看好，因為我們實際上相當看好關於這一點。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝。

And our final question comes from the line of Timothy Arcuri of Cowen and Company.

我們的最後一個問題來自 Cowen and Company 的 Timothy Arcuri。

Your line is now open.

您的線路現已開通。

Thanks a lot.

多謝。

I just had a question again on the depreciation change.

我剛剛再次詢問有關折舊變化的問題。

I know, Stacy, you talked about it being due to reuse, but I guess relative to just the fundamental cadence of the migrations, your intent has been to get back on a normal, Moore's Law cadence.

我知道，史黛西，你談到這是由於重用，但我想相對於遷移的基本節奏，你的意圖是恢復正常的摩爾定律節奏。

I just want to make sure that's still the case.

我只是想確保情況仍然如此。

Yes.

是的。

We said that -- this is Brian, by the way, not Stacy -- that 10-nanometers would be closer to that 2.5 years than the 2 years; that we would continue to strive to get back on 2 years.

我們說過——順便說一句，這是 Brian，不是 Stacy——10 奈米會比 2 年更接近 2.5 年；我們將繼續努力爭取兩年的回報。

Some of that was how, as we [still define] 7-nanometers, what the complexity of the technology looks like, whether EUV is ready or not.

其中一些是，正如我們[仍然定義] 7 奈米一樣，該技術的複雜性是什麼樣的，無論 EUV 是否準備好。

Absolutely, we're pushing to get back on that two-year cadence.

當然，我們正在努力恢復兩年一次的節奏。

I would just add, please don't take the accounting of the depreciable life to be somehow a signal that we're letting our foot off the gas on process technology cadence and process technology leadership.

我想補充一點，請不要將折舊壽命的會計視為某種訊號，表示我們正在放棄工藝技術節奏和工藝技術領先地位。

That's the heartbeat of the Company, and we're driving it; we're driving it hard.

這是公司的核心，我們正在推動它；我們正在努力推動。

The accounting just is looking at how long that equipment is economically viable in our factories, and it's pretty clearly five years, as we go forward.

會計只是著眼於設備在我們工廠的經濟上可行多久，隨著我們的前進，很明顯是五年。

Right.

正確的。

Okay.

好的。

Got it.

知道了。

And then just last question: So, on the mobile group, at the Investor Day you talked about another $800 million improvement this year in the losses.

最後一個問題：那麼，在行動部門，在投資者日上，您談到今年的虧損又減少了 8 億美元。

Is this still the target, and maybe talk about the progress there, and whether we could see any momentum for smartphone this year with 7360?

這仍然是目標嗎？

Thanks a lot.

多謝。

It's absolutely still the target.

這絕對仍然是目標。

That has not changed one bit.

這一點也沒有改變。

It's a little early in the year to talk about progress.

現在談論進展還為時過早。

We have -- I'd tell you that we have a large percentage of that $800 million already, I'll call it, planned out.

我們已經——我想告訴你，這 8 億美元中的很大一部分，我稱之為，已經計劃好了。

In other words, we have projects.

換句話說，我們有項目。

We know what we need to do, introduce products, align which SKUs are coming, and move products onto that.

我們知道我們需要做什麼，介紹產品，調整即將推出的 SKU，並將產品轉移到該 SKU 上。

So, I'd say a large percentage of that is well planned through the year, but it's throughout the year.

所以，我想說其中很大一部分是全年精心計劃的，但它是全年的。

So, I can't tell you -- I've already got $200 million of it, or something like that, not here in the second, third week of the year.

所以，我不能告訴你——我已經拿到了 2 億美元，或類似的東西，但不是在今年的第二週、第三週。

7360 -- it's out.

7360——已經出來了。

It's sampling.

這是採樣。

The customers are going through their validations now at the systems, where they are building up systems and out testing them on networks, and so forth.

客戶現在正在系統上進行驗證，他們正在建立系統並在網路上進行測試，等等。

And as far as the launches of those systems and the announcements, those are always up to our customers, and we don't make sure that we're the ones announcing that.

至於這些系統的啟動和公告，這些始終取決於我們的客戶，我們不確定我們是宣布這一點的人。

And then, what we've told you is that what's even as important is that we're on a yearly cadence now of our modem technology, and we're very confident on that as well, for the next set of modems that comes out after the 7360.

然後，我們告訴您的是，同樣重要的是，我們現在每年都會推出調變解調器技術，並且我們對此也非常有信心，對於即將推出的下一組調變解調器7360之後。

Thanks, Tim.

謝謝，蒂姆。

All right.

好的。

Thank you all for joining us today.

感謝大家今天加入我們。

Sabrina, you can please go ahead and wrap up the call.

Sabrina，您可以結束通話了。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may all disconnect.

你們都可以斷開連線。

Everyone, have a great day.

大家，祝你有美好的一天。