英特爾 (INTC) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Intel Corporation Q1 2016 earnings conference call.

女士們、先生們，大家好。歡迎參加英特爾公司2016年第一季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder this conference call is being recorded. I would now like to turn the conference to Mark Henninger, Head of Investor Relations. You may begin.

再次提醒，本次電話會議正在錄音。現在我謹將會議交給投資人關係主管馬克‧亨寧格先生。你可以開始了。

Thank you, Nicole, and welcome, everyone, to Intel's first-quarter 2016 earnings conference call.

謝謝妮可，也歡迎各位參加英特爾2016年第一季財報電話會議。

By now you should have received a copy of our earnings release, CFO commentary, and the announcement of our restructuring program. If you have not received all three documents, they are available on our investor website INTC.com.

現在您應該已經收到我們的獲利報告、財務長評論以及重整計畫公告。如果您尚未收到全部三份文件，可在我們的投資者網站 INTC.com 上取得。

I'm joined today by Brian Krzanich, our CEO, and Stacy Smith, our Chief Financial Officer. In a moment, we'll hear brief remarks from both of them followed by the Q&A.

今天與我一同出席的有我們的執行長布萊恩·科再奇和財務長史黛西·史密斯。稍後，我們將聽到他們兩人的簡短講話，然後是問答環節。

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

在開始之前，我想提醒大家，今天的討論包含基於我們目前所見環境的前瞻性陳述，因此確實存在風險和不確定性。有關可能導致實際結果與預期結果存在重大差異的具體風險因素的更多信息，請參閱我們的新聞稿。

And a brief reminder that this quarter we provided both GAAP and non-GAAP financial measures following the acquisition of Altera, now our Programmable Solutions Group. Today we will be speaking to the non-GAAP financial measures. The CFO commentary and earnings release available on INTC.com include the full GAAP and non-GAAP reconciliations.

另外，需要簡要提醒的是，本季度我們收購了 Altera（現為我們的可程式解決方案集團），因此我們同時提供了 GAAP 和非 GAAP 財務指標。今天我們將討論非GAAP財務指標。INTC.com 上提供的財務長評論和收益報告包括完整的 GAAP 和非 GAAP 調節表。

With that out of the way, let me turn it over to Brian.

既然這件事已經解決了，那就讓我把麥克風交給布萊恩吧。

Thanks, Mark.

謝謝你，馬克。

Our results in Q1 were in the lower half of the range we set in January and reflect an extra work week in the quarter. Revenue increased year-over-year driven by an expanding business portfolio that now includes the Programmable Solutions Group formerly known as Altera. Strength in our Data Center, Internet of Things, and Programmable Solutions businesses partially offset weaker than expected PC revenues in our Client business.

我們第一季的業績處於1月份設定的目標範圍的下半部分，這反映出該季度多了一個工作週。受業務組合不斷擴大的推動，收入同比增長，該業務組合現在包括以前稱為 Altera 的可編程解決方案集團。我們的資料中心、物聯網和可程式解決方案業務的強勁表現，部分抵消了客戶端業務中個人電腦收入低於預期的情況。

I'll take a minute to review our Q1 results before talking about the restructuring program we're announcing today. CCG revenue grew 2% year-over-year. We saw ongoing declines in the PC TAM, particularly in China and other emerging markets, which also led to greater than anticipated reductions in worldwide PC supply chain inventory. Declines in the PC segment were offset by a richer core mix and a 14th workweek.

在談到我們今天宣布的重組計劃之前，我將花一點時間回顧我們第一季的業績。CCG 營收年增 2%。我們看到個人電腦市場規模持續下降，尤其是在中國和其他新興市場，這也導致全球個人電腦供應鏈庫存的減少幅度超出預期。個人電腦業務的下滑被更豐富的核心產品組合和第 14 個工作週所抵消。

The Data Center business posted another good quarter, growing 9% over last year on strong cloud and comms service provider demand, partially offset by ongoing softness in the enterprise. The Internet of Things Group grew a remarkable 22% year-over-year, due largely to the performance of the video and retail verticals. In the Memory business, strong unit growth was offset by pricing declines, leading to revenue that was 6% lower year-over-year, and in our Security business, revenue grew 12% as this team continues to tighten its focus and execution.

資料中心業務又迎來了一個不錯的季度，年增 9%，這主要得益於強勁的雲端服務和通訊服務供應商需求，但部分被企業業務的持續疲軟所抵消。物聯網集團年增了驚人的 22%，這主要歸功於視訊和零售垂直領域的出色表現。在記憶體業務方面，強勁的銷售成長被價格下降所抵消，導致營收年減 6%；而在我們的安全業務方面，由於該團隊繼續加強專注和執行，收入成長了 12%。

And finally the PSG group, formerly known as Altera, got off to a great start. It delivered a revenue of $359 million, and after adjusting for $100 million in acquisition-related accounting charges, the business achieved mid-single-digit growth. And less than a quarter after the deal closed, we are shipping our first FPGA Xeon co-packaged parts to customers in sample form.

最後，PSG集團（前身為Altera）取得了開門紅。該業務實現了 3.59 億美元的收入，扣除 1 億美元的收購相關會計費用後，實現了中等個位數的成長。交易完成後不到一個季度，我們就開始以樣品形式向客戶交付首批 FPGA Xeon 共封裝零件。

These results tell the story of Intel's ongoing strategic transformation, which is progressing well and will accelerate in 2016. We are evolving from a PC company to a company that powers the cloud and billions of smart connected and computing devices. The Data Center and Internet of Things businesses are now Intel's primary growth engines, and combined with Memory and FPGAs form and fuel a virtuous cycle of growth.

這些結果講述了英特爾正在進行的戰略轉型的故事，這一轉型進展順利，並將於 2016 年加速推進。我們正在從個人電腦公司轉型為一家為雲端運算和數十億智慧互聯運算設備提供支援的公司。資料中心和物聯網業務現在是英特爾的主要成長引擎，與記憶體和FPGA結合，形成並推動了良性成長循環。

Last year we achieved record revenue in the Data Center, Internet of Things, and Memory businesses. We delivered a combined $2.2 billion in revenue growth, and made up 40% of our total revenue and contributed the majority of our operating process. Today we announced a series of actions that will build on the strength of those franchises and accelerate our strategic transformation.

去年，我們在資料中心、物聯網和記憶體業務方面都取得了創紀錄的收入。我們實現了 22 億美元的總收入成長，佔總收入的 40%，並貢獻了我們大部分的營運流程。今天，我們宣布了一系列舉措，這些舉措將鞏固這些特許經營權的優勢，並加速我們的策略轉型。

Through this initiative we will intensify our investments in the products and technologies that fuel the growth in the Data Center, IoT, Memory, and FPGA businesses, and we expect it will result in an even more profitable Client business. These changes will reduce our global employment by about 12,000 positions by mid-2017. We will do this through site consolidation, voluntary and involuntary separations, project reevaluation, and an intensified focus on efficiency across a variety of programs.

透過這項舉措，我們將增加對推動資料中心、物聯網、記憶體和FPGA業務成長的產品和技術的投資，我們預計這將帶來更獲利的客戶業務。到 2017 年年中，這些變化將使我們的全球就業機會減少約 12,000 個。我們將透過場地整合、自願和非自願離職、專案重新評估以及在各種專案中更加註重效率來實現這一目標。

These are not changes we take lightly. We will be saying goodbye to colleagues who have played an important role in Intel's success. Yet acting now gives us flexibility. Flexibility to continue to invest in those client segments that are growing, including 2-in-1, gaming, and home gateway, among others.

這些改變我們絕對不會輕易做出。我們將與那些為英特爾的成功做出重要貢獻的同事們告別。然而，現在的行動賦予了我們靈活性。靈活地繼續投資於那些正在成長的客戶群，包括二合一設備、遊戲和家庭網關等。

Even more importantly, acting now enables us to increase our investments in areas that are critical to our future success. This restructuring program will allow us to expand our investments in the Data Center, the Internet of Things, Memory, and connectivity, even as we reduce our spending run rate by roughly $1.4 billion by mid-2017.

更重要的是，現在採取行動能夠讓我們增加對未來成功至關重要的領域的投資。這項重組計畫將使我們能夠擴大在資料中心、物聯網、記憶體和連接方面的投資，同時在 2017 年年中將支出年化率降低約 14 億美元。

This is a comprehensive initiative. It's designed to create long-term value by accelerating the fundamental long-term change already happening at the Company today. We will emerge as a more collaborative productive team with broader reach and sharper execution, and we expect it to result in the highest revenue per employee in the company's history.

這是一項綜合性舉措。它旨在透過加速公司目前正在發生的根本性長期變革來創造長期價值。我們將成為一個更具協作性、生產力更強、覆蓋範圍更廣、執行力更強的團隊，我們預期這將使公司人均收入達到公司歷史上的最高水準。

Last, but certainly not least, we have one additional announcement today. I'm happy to share that Stacy Smith will be taking on a broader new role within Intel and reporting to me, leading sales, manufacturing, and operations. Stacy has been a great business partner and a world-class CFO, and I'm looking forward to continuing the partnership as he brings his leadership, his depth of knowledge, and his breadth into these critically important areas for Intel's future. We expect this transition to occur over the next few months following a formal CFO search that will assess internal and external candidates. Stacy will remain in his CFO role throughout the search and transition process.

最後，但同樣重要的是，我們今天還有一項公告。我很高興地宣布，Stacy Smith 將在英特爾擔任更廣泛的新角色，並向我匯報工作，領導銷售、製造和營運。Stacy 是一位優秀的商業夥伴和世界一流的首席財務官，我期待著繼續與他合作，因為他將把他的領導才能、深厚的知識和廣博的視野帶到對英特爾未來至關重要的這些領域。我們預計這項過渡將在未來幾個月內完成，此前我們將正式啟動財務長遴選程序，對內部和外部候選人進行評估。在整個遴選和過渡過程中，Stacy 將繼續擔任財務長一職。

Congratulations, Stacy, and with that, let me turn the call over to you.

恭喜你，史黛西，那麼，現在讓我把電話交給你。

Thank you very much, Brian, and I really appreciate the kind words.

非常感謝你，布萊恩，你的鼓勵和讚揚我真的很感激。

Revenue for the first quarter was $13.8 billion, up 8% year-over-year. The quarter showed year-on-year growth and was in the low end of the range of our prior outlook. Within this, we are seeing growth in the Data Center, Internet of Things, Security, and Programmable Solutions Groups, all of which helped offset a weak PC market.

第一季營收為138億美元，年增8%。本季度實現了同比增長，並處於我們先前預期範圍的下限。其中，資料中心、物聯網、安全和可程式解決方案領域均實現了成長，所有這些都有助於抵消個人電腦市場的疲軟。

First-quarter gross margin of 62.7% was approximately a point higher than our expectations, driven by lower 14 nanometer costs. R&D and MG&A was $5.4 billion, down over $100 million from our guidance. Operating income of $3.3 billion was up 13% from a year ago. The effective tax rate for the quarter was 18.4%, about seven points lower than our prior outlook. Earnings per share of $0.54 was up 20% from a year ago.

第一季毛利率為 62.7%，比我們的預期高出約 1 個百分點，這主要得益於 14 奈米製程成本的降低。研發和製造管理費用為 54 億美元，比我們先前的預期減少了 1 億美元以上。營業收入為 33 億美元，比上年同期成長 13%。本季實際稅率為 18.4%，比我們先前預期的低約 7 個百分點。每股收益為 0.54 美元，比去年同期增長 20%。

The Client Computing Group had revenue of $7.5 billion, a 2% increase year-over-year. This was below our expectations due to a weaker than expected PC market. Operating profit for the Client Computing Group was $1.9 billion, up 34% from a year ago. This improvement is driven by lower 14 nanometer unit costs on notebooks, lower overall total spending, and margin improvements in our mobile products.

客戶端計算集團的營收為 75 億美元，年增 2%。由於個人電腦市場疲軟，這項結果低於我們的預期。客戶計算集團的營業利潤為 19 億美元，比上年同期成長 34%。這項改進得益於筆記型電腦 14 奈米製程單位成本的降低、整體總支出的減少以及行動產品利潤率的提高。

Data Center Group had revenue of $4 billion, delivering 9% growth on a year-over-year basis. Relative to our expectations, we saw weaker enterprise business offset by strength in the cloud segment. The Data Center Group had operating profit of $1.8 billion, up 4% year-over-year as we ramp our 14-nanometer server product.

資料中心集團營收達 40 億美元，年增 9%。與我們的預期相比，企業業務的疲軟被雲端業務的強勁表現所抵消。由於我們加大了 14 奈米伺服器產品的生產力度，資料中心集團的營業利潤為 18 億美元，較去年同期成長 4%。

Our Internet of Things segment achieved revenue of $651 million, with year-over-year growth of 22%. We saw strength in both the retail and video display segments of our Business. Internet of Things operating profit was $123 million, up over 40% relative to last year. Our Security business had revenue of $537 million, up 12% year-over-year.

我們的物聯網業務部門實現了 6.51 億美元的收入，年增 22%。我們看到公司零售和視訊展示業務板塊均表現強勁。物聯網業務的營業利潤為 1.23 億美元，比去年成長超過 40%。我們的安防業務收入為 5.37 億美元，年增 12%。

Our Memory business had revenue of $557 million, up 6% year-over-year. The segment had an operating loss of $95 million as a result of challenging pricing, increased 3D XPoint spending, and startup costs as we ramped 3D NAND in our China factory.

我們的儲存業務收入為 5.57 億美元，年增 6%。由於定價策略的挑戰、3D XPoint 支出的增加以及我們在中國工廠擴大 3D NAND 生產規模的啟動成本，該部門的營業虧損達 9,500 萬美元。

The Programmable Solutions Group had revenue of $359 million. When adjusted for the approximately $100 million of deferred revenue, and compared to Altera's results for a year ago, the business achieved mid-single-digit revenue growth.

可程式解決方案集團的收入為 3.59 億美元。在扣除約 1 億美元的遞延收入後，與 Altera 一年前的業績相比，該業務實現了中等個位數的收入成長。

Operating profit was a negative $200 million. This included over $300 million in non-cast charges for deferred revenue and inventory adjustments, plus certain acquisition related charges. Excluding these charges would result in low double-digit operating margin growth for this business.

營業利潤為負2億美元。其中包括超過 3 億美元的非鑄造費用，用於遞延收入和庫存調整，以及某些與收購相關的費用。如果不計入這些費用，該業務的營業利潤率成長率將只有兩位數。

We generated $4.1 billion of cash from operations in the first quarter. We purchased $1.3 billion in capital assets, paid $1.2 billion in dividends, and repurchased approximately $800 million of stock in the first quarter. Total cash balance at the end of the quarter was roughly $15 billion, down $10 billion from the prior quarter as a result of closing the Altera acquisition. Our total debt is approximately $25 billion, consistent with our prior commentary on the financing plan for the Altera acquisition.

第一季度，我們的經營活動產生了41億美元的現金流。第一季度，我們購入了價值 13 億美元的資本資產，支付了 12 億美元的股息，並回購了約 8 億美元的股票。由於完成了對 Altera 的收購，本季末現金餘額總額約為 150 億美元，比上一季減少了 100 億美元。我們的總債務約為 250 億美元，這與我們先前對 Altera 收購融資計劃的評論一致。

As we look forward to the second quarter of 2016, we are forecasting the mid-point of the revenue range at $13.5 billion. After adjusting for the extra work week in the first quarter, this forecast is in the low end of the average seasonal increase for the second quarter. We are forecasting the mid-point of the gross margin range to be 61%, plus or minus a couple of points. This decrease in comparison to the first quarter is driven by lower platform volumes.

展望 2016 年第二季度，我們預測營收範圍的中位數為 135 億美元。考慮到第一季多出的一個工作週，這項預測處於第二季平均季節性成長的低端。我們預測毛利率範圍的中點為 61%，上下浮動幾個百分點。與第一季相比，這一降幅是由平台交易量下降造成的。

Turning to the full-year 2016, we expect revenue growth in the mid-single digits from 2015, down from the prior guidance. We are forecasting robust growth rates in the Data Center, Internet of Things, Non-Volatile Memory Solutions, and Programmable Solutions Groups, which we expect to offset the decline in the Client Computing Group.

展望 2016 年全年，我們預計營收將比 2015 年實現中等個位數成長，低於先前的預期。我們預測資料中心、物聯網、非揮發性儲存解決方案和可程式解決方案業務將實現強勁成長，預計將抵消客戶端運算業務的下滑。

We now expect the PC market to decline in the high single digits in 2016, versus our prior forecast of mid single-digit decline. Our projection of the PC market remains more cautious than third party estimates. We are forecasting the mid-point of the full-year gross margin to be 62%, a one-point increase from the prior outlook, driven by lower platform volumes.

我們現在預計 2016 年 PC 市場將出現高個位數百分比的下滑，而我們先前的預測是中個位數百分比的下滑。我們對個人電腦市場的預測比第三方預測更為謹慎。我們預測全年毛利率中位數為 62%，比先前的預測值高出 1 個百分點，主要原因是平台交易量下降。

Our execution to our strategy is driving growth. We are building on our strong position in Client, and are investing for growth in the Data Center, Internet of Things markets, and disrupted differentiated memory technology. The trends over the last two years demonstrate that we are well into this transformational journey.

我們的策略執行正在推動成長。我們正在鞏固我們在客戶領域的強大地位，並投資於資料中心、物聯網市場和顛覆性差異化儲存技術以實現成長。過去兩年的趨勢表明，我們已經深入到這場變革之旅。

From 2013 to 2015 the PC TAM declined 10%, yet Intel's revenue grew 5%, and our operating profit grew 14% over this horizon. But as Brian mentioned, we want to accelerate that execution. In order to do that we're going to go through a significant restructuring over the next several months. The goal is to come out of this more agile, more efficient, with more investment in our key growth initiatives, and more profitable.

從 2013 年到 2015 年，PC TAM 下降了 10%，但英特爾的營收成長了 5%，在此期間我們的營業利潤增加了 14%。但正如布萊恩所提到的，我們希望加快執行速度。為了實現這一目標，我們將在未來幾個月內進行重大重組。我們的目標是變得更加靈活、更有高效，加大對關鍵成長計畫的投資，並實現更高的獲利能力。

When completed by mid-2017, these actions will result in a 12,000 person workforce reduction, and a $1.4 billion reduction to our spending run rate. Relative to full year 2016, we are now revising our spending guidance down by over $700 million to $20.6 billion.

到 2017 年年中完成這些措施後，將減少 12,000 名員工，並使我們的支出運作率減少 14 億美元。與 2016 年全年相比，我們現在將支出預期下調超過 7 億美元，至 206 億美元。

We expect to realize over half of the total workforce reduction by the end of this year. In the second quarter of this year, we are taking a $1.2 billion restructuring charge on the GAAP P&L, with an estimate for the related actions.

我們預計今年底將實現超過一半的裁員目標。今年第二季度，我們將在 GAAP 損益表中提列 12 億美元的重組費用，並對相關行動進行估算。

These actions are significant and we don't embark on this lightly, but we are confident that they will build on the strong position we have across markets, and accelerate the transformation of the Company that is already underway.

這些舉措意義重大，我們不會輕易採取這些措施，但我們相信，這些舉措將鞏固我們在各個市場上的強大地位，並加速公司正在進行的轉型。

I would like to end on a brief personal note by saying thank you to Brian for the upcoming new leadership opportunity. Intel changes the world with amazing technology, and I am proud of what we've accomplished, and I'm excited about the opportunity that's in front of us.

最後，我想以一句簡短的個人感言來感謝布萊恩，感謝他給我即將到來的新的領導機會。英特爾憑藉著卓越的技術改變世界，我為我們所取得的成就感到自豪，也對我們面前的機會感到興奮。

With that let me turn it back over to Mark.

那麼，就讓我把麥克風交還給馬克吧。

All right, thank you, Brian and Stacy.

好的，謝謝你們，布萊恩和史泰西。

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. Nicole, please go ahead and introduce our first questioner.

接下來進入問答環節，依照慣例，我們會要求每位參與者提出一個問題，如果有後續問題，也只能提一個。妮可，請介紹一下我們的第一位提問者。

(Operator Instructions)

（操作說明）

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Hello. Thanks for letting me ask a question. First and foremost, B.K., if you can go into a little bit more about what led to the restructuring announcement, not only the one today, but there's been significant changes in the senior management over the last three months. So if you could just talk us through some of what's changed strategically in the Company that's led to such a large amount of turnover so recently?

你好。謝謝允許我提問。首先，B.K.，如果您能再詳細談談導致重組公告發布的原因，不僅僅是今天的公告，而且在過去的三個月裡，高層管理人員也發生了重大變化，那就太好了。那麼，您能否為我們詳細介紹一下，公司在策略上發生了哪些變化，導致近期出現如此大規模的人員流動？

Sure. I mean, if you take a look at it, so let's step back for a second and just talk about why are we doing the restructuring now, and then we can talk about some of the specifics beyond that.

當然。我的意思是，如果你仔細看看，那麼我們先退後一步，談談我們為什麼要進行重組，然後再討論一些更具體的細節。

So we've talked about this transformation, that we're moving from a client-centric, you know Intel's been typically known as the PC company, to a company that is focused more and more on a much broader set of products, and really focused around the cloud, right? And the cloud, and all the connected devices that connect to that cloud, and the connectivity that brings those devices to the cloud.

我們已經討論過這種轉型，我們正在從一家以客戶為中心的公司（你知道，英特爾通常被稱為PC公司）轉變為一家越來越專注於更廣泛的產品系列，並且真正專注於雲端運算的公司，對吧？還有雲，以及所有連接到雲端的連網設備，以及將這些設備連接到雲端的連接。

And that includes the PC, but it's much more than that. And so what this effort around the restructuring is, is to say, it's time now to try, and we've made enough progress, right? You take a look at it, 40% of our revenue, 60% of our margin comes from areas other than the PC right now. It's time to make this transition and push the Company over, all the way to that strategy and that strategic direction. So that's why we wanted to do it now.

這其中既包括個人電腦，也包括其他領域。因此，此次重組的努力，其意義在於表明，現在是時候嘗試了，我們已經取得了足夠的進展，對吧？你看，我們目前 40% 的營收和 60% 的利潤都來自 PC 以外的領域。現在是時候進行這種轉變，推動公司朝著那個策略和策略方向邁進。所以這就是我們想現在就做這件事的原因。

Let's talk then about the leadership changes. There's really only been three leadership changes, if we just take the last couple of quarters.

那我們就來談談領導階層變動吧。如果只看最近幾個季度，實際上只有三次領導層變動。

We had Doug Davis, he is simply retiring. Those are personal reasons. That has nothing to do with his leadership or direction of the Company.

我們之前有道格·戴維斯，他只是退休了。這些都是個人原因。這與他對公司的領導或方向無關。

It's IoT. We've talked about IoT as one of our growth segments. It grew 22% this quarter. It's clearly -- his performance in the group is strong. And he's staying until we find a successor, roughly the end of the year, we think, something like that.

這是物聯網。我們曾將物聯網視為我們的成長領域之一。本季成長了22%。很明顯——他在團隊中的表現非常出色。他會一直留任到我們找到繼任者為止，我們估計大概在年底左右。

Kurt chose to leave for some outside opportunities. And the one that Stacy and I have been working for several months, actually several quarters, on what does he do next, how do we growth his both exposure to other parts of the company and also the rest of the company see his leadership style.

庫爾特選擇離開去尋找一些外部機會。而我和史泰西已經為此努力了好幾個月，實際上是好幾個季度，思考他下一步該做什麼，我們如何才能讓他接觸到公司的其他部門，以及讓公司的其他同事了解他的領導風格。

And so what we wanted to do is, as soon as we'd made the decision, is go ahead and start a search and start looking for a CFO replacement. We wanted to be completely transparent, be very open about that and let everyone know.

因此，我們想做的就是，一旦做出決定，就立即開始尋找財務長的替代人選。我們希望做到完全透明，公開透明，讓大家知道。

This is going to be an orderly transition. We are just going to start the search. Stacy is solid in the CFO seat in that meantime, but this gives him a chance to see other parts of the company. If you take a look at the group manufacturing operations, which is everything from purchasing to building construction and all, and sales, it's roughly half the Company and people. And so it's a really good opportunity to see how the real operations of the Company work.

這將是一個有序的過渡過程。我們這就開始搜尋。在此期間，Stacy 穩坐財務長的位置，但這讓他有機會了解公司的其他部門。如果你看一下集團的製造業務，包括從採購到建築施工以及銷售等所有環節，它大約占公司和員工總數的一半。因此，這是一個了解公司實際運作的好機會。

Okay, thanks for all those details. My follow-up would be the full-year guidance of mid single-digit growth. When I put that together with the high single-digit decline now that you have in the PC business, I'm having a little hard time seeing how, if you take the seasonality of PCs out of the equation, in large part, what would be the lever that would get you there in the back half of the year, considering that a ramp well into the $15 billion range in revenue seems to be a prerequisite. Are there some moving parts you could describe to us that get you comfortable with that number?

好的，謝謝你提供這些細節。我的後續預測是全年實現個位數中段成長。考慮到目前個人電腦業務的個位數高跌幅，我很難理解，如果很大程度上排除個人電腦的季節性因素，下半年要實現目標，需要採取什麼措施，畢竟營收要達到 150 億美元左右似乎是先決條件。您能否向我們描述有哪些因素讓您對這個數字感到放心？

Sure, let me walk you through how we're viewing the year. And first let me just put it at the highest level, right?

當然，讓我來給你介紹一下我們是如何看待今年的。首先，讓我把它放在最高層次上，對吧？

What we're projecting for the year is overall growth, and we think we'll see growth in the Data Center, growth in IoT, growth in Memory that's offsetting some, oh and of course we've added in Altera now into our product family, and so you take that and that's offsetting some of the weakness that we're seeing in the PC market.

我們預計今年整體將實現成長，我們認為資料中心、物聯網和記憶體領域的成長將抵消部分疲軟，當然，我們現在也將 Altera 納入了我們的產品系列，這些都將抵消我們在 PC 市場看到的一些疲軟。

Specific to the PC market, as we said in our prepared remarks, we are now expecting that the PC market is down in the high single digits, and when we started the year we were in the mid-single digits decline.

具體到個人電腦市場，正如我們在準備好的發言稿中所說，我們現在預計個人電腦市場將出現接近兩位數的下滑，而年初時我們預計下滑幅度為中等個位數。

The linearity, so first you have to understand, the first half is impacted by the fact that as our customers view of the market came down, and if you recall we had a more cautious view of the market than they did when we started the year. They were bringing down inventory levels, and that impacted us in Q1 and I think you'll see the same impact as we forecast a roughly seasonal second quarter, that we'll continue to see those customers burning off inventory. We think that doesn't repeat in the back half, so it's a little bit of a tailwind.

線性關係，所以首先你要明白，前半年的業績受到這樣一個事實的影響：我們的客戶對市場的看法有所下降，如果你還記得的話，我們在年初的時候對市場的看法比他們更加謹慎。他們正在降低庫存水平，這影響了我們第一季的業績，我認為你會看到同樣的後果，因為我們預測第二季度大致會受到季節性因素的影響，我們將繼續看到這些客戶消耗庫存。我們認為這種情況在下半程不會重演，所以這算是順風。

I'd also say, you want to be careful of, we guided to mid-single digits. That's a range. If you are mathematically trying to drive to a specific number there, you may be driving more backend than what we're really anticipating. So just a caution there that that's a range, it's meant to be directional of how we see the Business. All of that said, I just want to say I think Brian and I are very comfortable with the back end and what's implied in our guide, based on everything that we know.

我還要說，你們要小心，我們引導到個位數中段。那是一個範圍。如果你試圖透過數學方法推導出某個特定的數字，那麼你可能需要呼叫比我們實際預期更多的後端程式碼。所以需要提醒的是，這只是一個範圍，旨在指明我們對業務的看法。綜上所述，我只想說，根據我們所知的一切，我認為我和布萊恩對後端以及我們指南中隱含的內容都非常有信心。

Great, thank you.

太好了，謝謝。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

Thanks for taking my question.

謝謝您回答我的問題。

I really just wanted to follow up on the restructuring. Is it more an effort to make the client more profitable, or are you really trying to drive revenue and redefining maybe more employees than you're letting go?

我只是想了解一下重組的進展。這樣做更多的是為了讓客戶更賺錢，還是真的想提高收入，並且可能要重新定義比裁員更多的員工？

So it is absolutely a situation where we are structuring to be able to allow ourselves to invest at a faster rate in those growth areas.

因此，我們正在調整架構，以便能夠以更快的速度投資這些成長領域。

If you take a look at it, 2016 to 2015, in the areas of Memory, with our NAND technology, IoT, Data Center, even before this action, we were investing more in 2016 than in 2015 in those areas. This will allow us to, even with the cuts, even with the dollar figures that Stacy has read out on the savings, it's allowing us to invest even more in those segments.

如果你看一下 2016 年到 2015 年的數據，在記憶體、NAND 技術、物聯網、資料中心等領域，甚至在採取這項行動之前，我們在 2016 年對這些領域的投資就比 2015 年更多。即使削減開支，即使像史泰西公佈的那樣節省了那麼多錢，這也使我們能夠在這些領域投入更多資金。

And I always want to make sure, it's not just about cutting costs necessarily in the client area. You know, we think that we can become more focused. There are areas of the client space that are growing. 2-in-1s are growing at double-digit rates year-over-year. Gaming PCs are growing at double-digit rates year-over-year. Set-top boxes are growing, and we are gaining share in the set-top box space.

而且我始終想確保，這不僅僅是削減客戶方面的成本。你知道，我們認為我們可以更專注。客戶領域中有些方面正在成長。二合一產品正以兩位數的速度逐年成長。遊戲PC的年增長率正以兩位數的速度成長。機上盒市場正在成長，我們在機上盒市場佔有率也不斷擴大。

So we're doing very well in segments that are growing in the client space and the PC space. And we are going to continue to double down and focus on those. So it's really a narrowing down and allowing us as a result also to invest more in those growth areas. That's really what we're doing here with this restructuring.

因此，我們在客戶端領域和個人電腦領域中成長迅速的細分市場表現非常出色。我們將繼續加倍投入，並專注於這些方面。所以這其實是縮小了範圍，也因此使我們能夠加大對那些成長領域的投資。這正是我們重組的真正目的。

And Blayne, just to make sure, if you look at the CFO commentary, just to make sure the financial answer is clear there, the $1.4 billion in run rate savings is a net number. So I just want to be clear on that. That's what we expect to achieve, and that is encompassing the fact, like Brian said, that we'll be increasing investments in a lot of different areas.

布萊恩，為了確保萬無一失，如果你看一下財務長的評論，為了確保財務方面的答案很清楚，14 億美元的年度節省是一個淨數字。所以我想把這一點說清楚。這就是我們期望實現的目標，正如布萊恩所說，這包括我們將在許多不同領域增加投資。

Correct.

正確的。

Thanks.

謝謝。

And then I know mobile is within Client, but I was wondering if that's a segment that you expect to contribute to growth this year, and if you can just talk about your confidence in reaching the cost savings for the year?

我知道行動端業務屬於客戶端業務，但我想知道您是否預計該業務板塊今年將為成長做出貢獻，以及您能否談談您對實現今年成本節約目標的信心？

Sure. Absolutely on schedule for hitting our committed $800 million, and just like last year we'll shoot to do better than that. Mobile is absolutely continuing to grow for us as a segment, and we're continuing to increase our profitability. If you look underneath the numbers here, you'll see that the profitability within the mobile space continues to improve for us, this year over last year.

當然。我們完全按計劃完成了承諾的 8 億美元目標，而且就像去年一樣，我們將努力做得更好。行動業務在我們公司內部持續成長，我們的獲利能力也不斷提高。如果你仔細分析這些數據，你會發現，今年我們在行動領域的獲利能力比去年持續提高。

Yes, you can really see it, Blayne, in the CCG operating profit. That's up over 30%, which is on roughly flat revenues, revenues were up a little bit. And when you parse out the big contributions there, there's some ASP good news, but the really big chunks are the improvement in the margin on our mobile products, and decreases in investments that we talked to you about in the past that were all included in that mobile profitability. So you can, you'll see this play out in the CCG profitability over the course of this year, and you can see it in Q1.

是的，布萊恩，從CCG的營業利潤中確實可以看出這一點。這比上年同期增長了 30% 以上，而同期收入基本持平，收入略有增長。當你仔細分析其中的主要貢獻時，你會發現平均售價 (ASP) 有一些好消息，但真正的大頭是移動產品利潤率的提高，以及我們過去曾與你討論過的、都包含在移動盈利能力中的投資減少。所以你可以看到，這在今年的 CCG 盈利能力中會得到體現，而且你可以在第一季看到這一點。

Great, thanks.

太好了，謝謝。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon, thanks for taking my question.

下午好，謝謝您回答我的問題。

I'm trying to see if you can be just a bit more specific on your full-year view. Does the team anticipate double-digits growth in DCG? If I look at it fundamentally, cloud and hyperscale CapEx looks to be up this year. There seems to be a big upgrade cycle in networking with the move to 25 gigabit ethernet. You are rolling out 14 nanometer Broadwell. Can you just be a bit more specific on expectations for DCG growth?

我想看看您能否更具體地談談您對全年的展望。團隊是否預期 DCG 將達到兩位數成長？從根本上看，今年雲端運算和超大規模資本支出似乎會增加。隨著向 25 千兆乙太網路的過渡，網路領域似乎正在經歷一次大規模的升級週期。你們正在推出 14 奈米 Broadwell 製程。您能否更具體地說明一下對 DCG 成長的預期？

Sure. You did a great job explaining exactly why we believe that the Data Center will continue in double-digit growth this year. And if you take a look at the numbers that Stacy has talked about, they incorporate double-digit growth, and for exactly those reasons.

當然。你很好地解釋了我們為什麼相信資料中心今年將繼續保持兩位數的成長。如果你看看史泰西提到的那些數字，你會發現它們都包含了兩位數的成長，而這正是因為這些原因。

We believe we have great products that we are introducing, with the Broadwell lineup. We've started shipping our first Xeon+ FPGA samples to customers, which was part of our additionally gaining more footprint and more performance in certain segments of the Data Center. We shipping the Omni-Path Fabric now. Later this year we'll have Silicon Photonics. We've got 3D XPoint starting to be sampled and we'll start to ramp later this year.

我們相信，我們推出的 Broadwell 系列產品都是非常棒的產品。我們已經開始出貨第一批至強處理器。向客戶提供 FPGA 樣品，這是我們進一步擴大資料中心某些領域的市場份額和提升效能的一部分。我們現在開始出貨Omni-Path布料。今年稍後我們將推出矽光子學。我們已經開始對 3D XPoint 進行採樣，並將於今年稍後開始大規模生產。

So we're very confident on our Data Center road map, and we are still absolutely forecasting double-digit growth in that space.

因此，我們對資料中心發展路線圖非常有信心，我們仍然絕對預測該領域將實現兩位數的成長。

Great, thanks for the insights there. And then on the Memory Solutions Group, I mean that's a business that grew 20% last year. I think it was up year-over-year every single quarter last year. Obviously it was down in Q1. You mentioned aggressive price declines.

太好了，謝謝你的見解。至於記憶體解決方案集團，我的意思是，該業務去年成長了 20%。我認為去年每個季度都實現了同比增長。顯然，它在第一季有所下降。你提到了價格大幅下跌。

Can you just talk about some of the trends that you're seeing there? Are the sharp declines more focused on capacity or performance optimized SSDs? And then you also mentioned your view on a strong growth outlook for the full-year. So what drives the acceleration from the Q1 decline?

您能談談您觀察到的一些趨勢嗎？此次價格暴跌更多集中在容量優化型固態硬碟還是性能優化型固態硬碟？然後您也提到了您對全年強勁成長前景的看法。那麼是什麼因素導致了從第一季下滑到加速成長的局面呢？

Sure, so let me start and then we can just talk about, remember the majority of our Memory space is built into SSDs that are going into the Data Center, so you call those, really those higher-end performance class systems.

當然，那我就先開始吧，然後我們就可以談談，記住，我們的大部分記憶體空間都內建在資料中心使用的固態硬碟中，所以你可以稱它們為真正的高階效能級系統。

What we're saying, if you take a look at units, units grew quite nicely year-over-year and quarter-over-quarter for the Memory Group. You're right, we are seeing aggressive pricing in this space.

我們想說的是，如果你看一下銷量，你會發現記憶集團的銷量比去年同期成長和月增都相當不錯。你說得對，這個領域的定價策略確實很激進。

The Memory segment, the NAND segment especially, tends to go in these cycles where there's overcapacity in the industry, and aggressive pricing, and then it shifts back to more normal pricing, and then tight pricing, which is always very positive.

記憶體領域，尤其是 NAND 快閃記憶體領域，往往會經歷這樣的週期：產業產能過剩，定價激進，然後價格回落到正常水平，最後價格趨於穩定，這總是非常積極的。

So this is just a normal cycle. We think we've done a very good job of structuring the business that we ride through these with a high degree of confidence. If I look forward, we believe the 3D NAND technology that we're just beginning to ramp in our factories today, and we're building out the Dalian factory for later this year startup, gives us a real cost advantage in this space and will allow us to even be more profitable in even these kinds of environments.

所以這只是一個正常的生理週期。我們認為我們在建立業務結構方面做得非常好，因此我們能夠非常自信地應對這些挑戰。展望未來，我們相信，我們目前正在工廠中逐步推廣的 3D NAND 技術，以及我們正在建設的大連工廠將於今年晚些時候投產，將為我們在這個領域帶來真正的成本優勢，並使我們能夠在這樣的環境下獲得更高的利潤。

So we're still confident that this business will continue to grow. We'll ride through this capacity situation within the industry, and our 3D NAND technology will position us very nicely as we move out of this and start up our Dalian factory in China.

因此，我們仍然相信這項業務會繼續成長。我們將渡過產業內的產能危機，我們的 3D NAND 技術將使我們在走出困境、啟動中國大連工廠的過程中佔據非常有利的地位。

And the operating margin, Harlan, when you're looking at that, part of it is the competitive pricing environment that Brian is talking about, but there's a big piece of that that is associated with the investments that we're making it 3D Xpoint, and the startup costs associated with the factory in China. And it just points to, yes, it's cyclically a tough time in what we consider a very good business, and we're investing in technology that we think gives us a very strong position as we go forward.

哈蘭，說到營業利潤率，一部分原因是布萊恩所說的競爭性定價環境，但很大一部分原因與我們對 3D Xpoint 的投資以及在中國建廠的啟動成本有關。這恰恰表明，是的，對於我們認為非常好的行業來說，現在是周期性的艱難時期，我們正在投資我們認為能夠讓我們在未來佔據非常強大地位的技術。

Understand. Thank you.

理解。謝謝。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

Hello. Thanks for taking my questions. My first one on DCG in the quarter, so up 9% year-over-year, but that was with the extra week. Can you tell us what it might have been year-over-year without the extra week, and why did pricing fall again this quarter?

你好。謝謝您回答我的問題。本季我在 DCG 的第一筆交易，年增 9%，但這其中包含了額外的一周時間。能否告訴我們，如果去掉多出來的一周，年比價格會是多少？以及為什麼本季價格再次下降？

Yes, so like we said when we started the quarter, that extra week was that week between Christmas and New Year's. When you look at where that 14th week fell, it's a relatively light, but it certainly had some impact, so I don't want to say none. But it's a little hard to figure it out on any given business. It certainly had some impact on DCG though.

是的，就像我們在本季開始時所說的那樣，多出來的那一周是聖誕節和新年之間的那一周。從第 14 週的具體位置來看，雖然影響相對較小，但肯定還是產生了一定的影響，所以我不想說完全沒有影響。但要具體到任何一家企業，都有些困難。這確實對DCG產生了一定的影響。

In terms of the pricing, it's pretty simple in that it was the growth rate that we saw in the networking segment. So what you would see, with a constant mix we would have seen ASP up in the Data Center, but the networking segment grew 50% year-on-year, which is exactly consistent with our strategy, and so what you see there is strong unit growth offset by a little bit of a mix down.

就定價而言，其實很簡單，就是按照我們在網路領域看到的成長率來定的。因此，在產品組合保持不變的情況下，我們會看到數據中心的平均售價上升，但網絡業務同比增長了 50%，這與我們的戰略完全一致，因此你會看到強勁的銷量增長被產品組合的略微下滑所抵消。

Got it, thank you. For my follow-up, I just wanted to touch on channel inventory. So, you had your notebook and desktop volumes down low single digits year-over-year. I think it's fair to say that PC builds in the industry were down quite a bit more than that. And yet you suggest that you drained out with the channel drain on inventory. What happened with your own inventory in the channel, and how do you see that changing for rest of the year?

明白了，謝謝。接下來，我想簡單談談通路庫存。所以，你們的筆記型電腦和桌上型電腦銷量較去年同期下降了個位數。我認為可以公平地說，業界個人電腦組裝量的下降幅度遠不止於此。然而，你卻認為庫存耗盡是由於渠道損耗所造成的。您在通路中的庫存如何？您認為今年剩餘時間庫存狀況會有什麼變化？

You said own inventory in the channel -

您提到了通路自有庫存——

The stuff you're shipping into the channel. Because it seems like your performance year-over-year is quite a bit better than what the industry was. I mean maybe you did some share gains, maybe it's the extra week, although you just said the extra week didn't amount for very much. So can you explain the differential between your year-over-year unit shipment performance in PCs and what the market seems to be doing?

你透過通路運送的貨物。因為你們的業績似乎比同業平均好得多。我的意思是，也許你獲得了一些股票收益，也許是因為多出的一周時間，儘管你剛才說多出的一周時間並沒有帶來多少收益。那麼，您能否解釋一下貴公司個人電腦出貨量年比與市場整體趨勢之間的差異？

Yes, so I would point to two things relative to the overall, what we saw from our customers. One is, yes, we had a 14th week that's going to make our compares different from IDC and Gartner, for sure.

是的，所以就整體而言，我想指出我們從客戶那裡看到的兩件事。一是，是的，我們多了第 14 週的數據，這肯定會使我們的比較結果與 IDC 和 Gartner 的結果有所不同。

But then the second thing is, when you look at the results of our customer base? They would see a weaker quarter, and I think that's because they were catching up to our view of the market and bringing inventory levels down.

但第二點是，當你查看我們客戶群的成果時呢？他們的季度業績會比較疲軟，我認為這是因為他們正在調整策略，以適應我們對市場的看法，並降低庫存水準。

So we were impacted by two things, I'll put it like that. We were impacted by a TAM that wasn't terribly strong, and the fact that our customers were bringing their inventory levels down some.

所以，我只能說，我們受到了兩件事的影響。我們受到了市場規模不太強勁以及客戶降低庫存水準的影響。

Thanks, Stacy.

謝謝你，史黛西。

Romit Shah, Nomura.

Romit Shah，野村證券。

Yes, thanks very much. Stacy, you're below your run rate on CapEx in Q1, and I know you reiterated for the year, but curious if you're giving yourself flexibility in case the second half doesn't prove out to be as strong as you are anticipating.

是的，非常感謝。Stacy，你第一季的資本支出低於預期，我知道你已經重申了全年的預算目標，但我很好奇你是否給自己留有餘地，以防下半年的業績不如預期。

No. What's going on there is that when you look at the two items that really dominated our CapEx this year, it's 10 nanometer capacity, so it's getting that first production capability in place, and it's the ramp of the memory factory in China. And those are both back end loaded, so that causes the linearity to be off a little bit.

不。今年我們資本支出中真正佔據主導地位的兩項內容是：10 奈米產能，也就是建立第一個生產能力；以及中國記憶體工廠的產能提升。而且它們都是後端加載的，所以會導致線性度略有偏差。

Okay, thanks. And then just staying on the theme of CapEx, with the restructuring you guys are talking about site consolidation, and I'm wondering if longer-term there will be an impact to the capital expenditures required to support the business, and by extension, free cash flow.

好的，謝謝。繼續討論資本支出這個話題，你們談到重組和站點整合，我想知道從長遠來看，這是否會對支持業務所需的資本支出以及由此產生的自由現金流產生影響。

I'd say the same answer. When you look at those two items, the majority of what we're spending the CapEx on, 10 nanometer and Memory? Neither one of those is impacted by the restructuring, so we haven't let our foot off the gas one bit on those two things.

我的答案也是一樣。當你審視這兩項時，你會發現我們資本支出的大部分都花在了10奈米過程和記憶體這兩項上。重組對這兩項工作都沒有影響，所以我們在這兩方面絲毫沒有放鬆。

Okay, thank you.

好的，謝謝。

C.J. Muse, Evercore ISI.

C.J. Muse，Evercore ISI。

Good afternoon, thank you for taking my question. I just have a follow-up on DCG. Thank you for the commentary around the pricing around network. But curious how we should think about the mix shift through, as we go through 2016, and here curious in terms of presumably slowing enterprise and uptick in hyperscale, and what that means to ASPs, and then as you layer in ongoing growth in networking, how we should think about platform versus ASPs moving through the year?

下午好，謝謝您回答我的問題。我還有關於DCG的後續問題。感謝您對網路定價方面的意見。但我很好奇，隨著我們進入 2016 年，我們應該如何看待這種組合轉變？這裡我們好奇的是，企業級應用程式成長放緩，超大規模應用程式成長，這對應用服務供應商 (ASP) 意味著什麼？然後，隨著網路業務的持續成長，我們應該如何看待平台與應用服務提供者 (ASP) 在這一年中的發展？

Sure. A bit of a complex question, so let me try and give you a lot of data that I hope will answer various parts of that question.

當然。這是一個有點複雜的問題，所以讓我嘗試提供大量數據，希望能回答這個問題的各個方面。

So first the simple answer. If you take a look at our forecast, we continue to forecast ASPs increasing through this year. So that's absolutely built into our forecast, and we've modeled in things like you described: the weaker enterprise computing, and the difference between the pricing segments.

首先，簡單回答如下。從我們的預測來看，我們預計今年平均售價將繼續上漲。所以這完全已經納入了我們的預測中，我們已經把您描述的那些因素建模進去了：較弱的企業運算能力，以及不同定價區間之間的差異。

And I always remind people that, let's just start at the very top as, when you take a look at the Data Center, it's not one product. It's a family of products that really spanned from Xeon 5s that sell for several thousand dollars, to the networking processors that are a few hundred dollars at times.

我總是提醒人們，讓我們從最頂層開始，因為當你審視資​​料中心時，你會發現它不是一個單一的產品。這是一個產品系列，涵蓋了從售價數千美元的至強5處理器到有時售價幾百美元的網路處理器。

But within each one of those families - so whether you have networking or cloud or hyperscale or enterprise computing - our ASPs are increasing, and that's mostly due to bringing in better products, people buying up the ladder in product, and resulting in a higher ASP on average for any one of those segments. So you will see slight shifts in the overall Data Center ASP.

但在每個細分領域——無論是網路、雲端運算、超大規模運算還是企業運算——我們的平均售價都在上漲，這主要是因為我們推出了更好的產品，人們購買了更高層級的產品，從而導致任何一個細分領域的平均售價都更高。因此，你會看到資料中心整體平均售價略有變化。

We have a boomer quarter like this, like Stacy talked about. Networking is a little bit higher or something like that. But if you take a look inside any one of those segments, ASPs are increasing, and our forecast for the overall segment for the year is an increasing ASP.

就像史泰西說的那樣，我們這一季迎來了嬰兒潮世代。人脈關係稍微重要一些，或類似的情況。但如果你仔細觀察其中任何一個細分市場，你會發現平均售價都在上漲，我們對全年整個細分市場的平均售價預測也是上漲。

And it's driven by people buying up the stock, and that's because we're bringing more performance for a better price to those customers.

這是因為人們紛紛購買股票，而這是因為我們以更優惠的價格為客戶帶來了更高的表現。

That's very helpful. And as a quick follow-up, you outlined the cost savings, but it doesn't appear as though there's really anything on the COGS side. So curious if you see a cost savings on that front, as well.

那很有幫助。另外，您提到了成本節約，但似乎在銷售成本方面並沒有什麼實際的節省。我很想知道您是否也看到了這方面的成本節約。

Yes, certainly. We are equally focused on efficiencies in the factory space. There's a little bit baked into the 2016 gross margin. I think you'll see a bit more of it kick in in 2017.

當然可以。我們同樣注重提高工廠的效率。2016 年的毛利率中已經包含了一些預期因素。我認為2017年你會看到這種情況更加明顯。

And just realize the labor cost in the factories is a relatively small component. The real opportunity for us is some of the other things around capital efficiency, and how fast we convert over processes, and things like that, and that takes a little while to play through.

要知道，工廠的勞動成本只是其中相對較小的一部分。對我們來說，真正的機會在於資本效率的其他方面，以及我們轉換流程的速度等等，而這些需要一些時間才能實現。

Very helpful, thank you.

非常有用，謝謝。

Thanks, C.J.

謝謝，C.J.

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Good afternoon. Thanks for letting me ask a question. My first one, I wanted to get a little more into profitability within the Data Center Group. You know revenue was down about $309 million sequentially. Operating profit was down $411 million sequentially. I know there's lots of moving parts, you have the extra week of OpEx that might not been fully covered by revenue. And Stacy, you talked about in your opening comments, the 14-nanometer ramp starting to hit there.

午安.謝謝允許我提問。我的第一篇論文，我想更深入地了解資料中心集團的獲利能力。你知道營收季減了約3.09億美元。營業利潤季減4.11億美元。我知道這其中有很多變數，你們還有額外一週的營運支出，這部分支出可能無法完全被收入覆蓋。史泰西，你在開場白中也提到了，14 奈米製程的加速發展已經開始了。

But with this new narrative of declining ASPs because of mix, I'm wondering if you could tell me how we should be thinking about operating profits in the business going forward? I think it was about 44% in the March quarter, down pretty significantly in the December quarter. Is this change in mix also having an impact on operating profits?

但是，鑑於目前由於產品組合變化導致平均售價下降的新說法，我想知道您能否告訴我，我們應該如何看待公司未來的營業利潤？我認為3月當季的比例約為44%，12月份當季則大幅下降。這種產品組合的變化是否也對營業利潤產生了影響？

Yes, so John, you nailed it in terms of what's going on with operating profit in Q1. It's just the early cost of the ramp of the 14-nanometer server product. That's what's causing that to behave a little differently from revenue.

是的，約翰，你對第一季營業利潤的情況分析得非常準確。這只是14奈米伺服器產品早期量產的成本。這就是導致其表現與收入略有不同的原因。

And back to Brian's point, I would say no, there's nothing in the mix that per se would cause me to have a different view of the overall profit potential of this business.

回到布萊恩的觀點，我會說不，這些因素本身並沒有什麼會讓我改變對這家企業整體獲利潛力的看法。

So taking networking as the example, it does have a lower ASP than the Xeon product line does. It also has a very different cost structure than the Xeon product line does. So it doesn't cause us to being a different space from overall operating profit percent.

以網路產品為例，它的平均售價確實比至強產品線低。它的成本結構也與至強產品線截然不同。所以它不會導致我們與整體營業利益率產生不同的影響。

That's helpful.

那很有幫助。

And maybe for my follow-up to Brian, you guys gave us your view for the PC market this year. I'm curious, in lieu of the restructuring, how you're thinking about the PC market longer-term. And specifically there's lots going on in the market that you probably can't control, but there's always been this view at Intel that the best use of cash is to invest in the business and to innovate, and innovation drives growth.

或許我可以接著布萊恩的問題問你們，你們可以談談對今年PC市場的看法嗎？我很好奇，在進行重組之後，您對個人電腦市場的長期發展有何看法。具體來說，市場上有很多你可能無法控制的事情發生，但英特爾一直認為，現金的最佳用途是投資於業務和創新，而創新驅動成長。

How do you balance that innovation desire with the realities of the PC market? And how do you think about the structural unit growth of PCs going forward, and do we run a risk at some point that PCs just don't provide the scale that you've talked about in the past, to invest in other businesses like DCG and IoT?

如何平衡創新願望與個人電腦市場的現實？那麼，您如何看待個人電腦未來的結構性成長？我們是否會面臨這樣的風險：個人電腦無法提供您過去所說的規模，因此無法投資於資料中心集團和物聯網等其他業務？

Sure, so again John, that's a bit of a two-sided question. So let me start with the back half, and then we'll move into the first half.

當然，約翰，這又是一個有點雙重性的問題。那麼，我先從後半部開始，然後再進入前半部。

First is, no, I'm not worried that the PC will shrink to a point where the scale won't get large enough to fund either the factories or the other innovation. In fact we talked about the restructuring actually makes us more profitable in the PC. That's allowing us to invest even more in those growth areas. Remember also those growth areas are growing, and so they are replacing some of the volume in the factories as they grow.

首先，不，我並不擔心個人電腦會萎縮到規模不足以資助工廠或其他創新的地步。事實上，我們討論過，重組實際上使我們在個人電腦領域更加盈利。這使我們能夠對這些成長領域進行更多投資。還要記住，這些成長領域也在不斷增長，因此隨著它們的成長，它們正在取代工廠的部分產能。

Now let's talk about the PC, you asked how do we take a look at the PC long-term, and how do we make sure we're making the right investments, which to me that's the key, right? That's what we really tried to do with this restructuring, is take a look at the areas that are growing, that we believe we can bring innovation to, that will make a difference to the end-user.

現在我們來談談個人電腦，你問我們如何從長遠角度看待個人電腦，以及如何確保我們做出正確的投資，對我來說，這才是關鍵，對吧？這就是我們此次重組的真正目的，即專注於那些正在成長的領域，我們相信我們可以在這些領域進行創新，從而為最終用戶帶來改變。

You are going to see more investments in 2-in-1s. You're going to see more investments in thin and light devices. You're going to see us push even harder on high-end gaming systems, which are growing at a very fast rate, and they tend to buy up the stack to the very, very top. And then we're continuing to gain share in segments like set-top boxes, which are becoming more and more PC-like with our capabilities, if you think about it from a hardware standpoint.

你會看到對二合一產品的更多投資。你會看到對輕薄設備進行更多投資。你會看到我們更努力地進入高階遊戲系統市場，這些系統正以非常快的速度成長，而且他們往往會購買最高階的產品。然後，隨著我們不斷提昇機上盒等細分市場的份額，從硬體角度來看，這些產品正變得越來越像電腦，而我們也不斷擴大這些細分市場的份額。

So there are absolutely segments we'll continue to invest and continue to innovate in. There's some very innovative systems in design right now, that bring new functionality and new thinness and lightness to the market for the second half of this year. And we'll do that.

因此，我們肯定會繼續在某些領域進行投資和創新。目前有一些非常創新的設計系統，它們將在今年下半年為市場帶來新的功能、更輕薄的特性。我們會這麼做。

What we're going to do is make sure we're doing this as most efficiently, and not doing it spread out across all PCs and all form factors. And that's what we've really tried to do with this effort right now.

我們將確保以最高效的方式完成這項工作，而不是分散到所有 PC 和所有外形尺寸的裝置上。而這正是我們目前努力的目標。

Helpful. Thanks.

很有幫助。謝謝。

Thanks, John.

謝謝你，約翰。

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場部。

Thanks a lot. Could you just talk about, from the restructuring cost perspective, how much of that is going to be cash versus non cash, and would all the cash outlays happen in the back half of this year?

多謝。從重組成本的角度來看，您能否談談其中有多少是現金支出，有多少是非現金支出？所有的現金支出都會在今年下半年發生嗎？

You were a bit faint. I think you asked on the restructuring how much of that is cash versus non cash, and how does that play out over the year?

你當時有點暈倒。我想你問的是重組中現金和非現金部分各佔多少，以及這一年將如何發展？

Yes.

是的。

Now you're loud and clear, thanks. I would say the restructuring charge is a mix of cash and non-cash, but it's probably, it's more heavily weighted towards cash costs, and it will be relatively front-end loaded on the year, but some of it will extend over the course of the year, and some of it frankly will extend into the first half of next year.

現在你的聲音很清楚了，謝謝。我認為重組費用是現金和非現金的混合，但可能現金成本佔比較高，而且年初會相對集中，但其中一部分會持續到年底，坦白說，一部分甚至會持續到明年上半年。

Perfect, and for the follow-up, ASPs on the client server up 19%. Just talk about how much of that was potentially CPU improvements on notebook and desktop pricing versus the lower mobility that may have had a better part to play there?

完美，後續數據顯示，客戶端伺服器端的 ASP 成長了 19%。請討論一下，筆記型電腦和桌上型電腦價格上漲的原因，究竟有多少是 CPU 效能提升帶來的，又有多少是便攜性降低造成的？

Yes, and if you look at the CFO commentary, we actually gave you desktop and notebook. What you'll see is that notebook was pretty flat from an ASP standpoint year-on-year. Desktop was up 6%, so that is one of the [adverse] to profitability.

是的，如果你看看財務長的評論，你會發現我們實際上為你提供了桌上型電腦和筆記型電腦。你會發現，從平均售價（ASP）的角度來看，這款筆記型電腦的銷售量比去年同期基本持平。桌上型電腦銷量成長了 6%，這是影響獲利能力的不利因素之一。

And then the big difference is what happened in phones and tablets. On a year-on-year basis, I think I termed it in the CFO commentary, up significantly as we weaned ourselves out of some of those counter revenue programs that we talked to you about. So that actually had a fairly significant impact on the overall ASP for CCG.

然後，最大的不同之處在於手機和平板電腦領域的變化。我記得我在財務長評論中提到過，與前一年相比，隨著我們逐步擺脫之前和你們討論過的一些抵消收入的項目，業績顯著增長。因此，這實際上對 CCG 的整體 ASP 產生了相當大的影響。

Perfect, thank you.

太好了，謝謝。

You're welcome.

不客氣。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

Thank you for taking my question.

感謝您回答我的問題。

Brian, on the Data Center Group there's a lot of headlines from IBM, from the different arms, several lenders, and even from some of your cloud customers like Google who want to try new architectures, and I understand there is no new-term impact, but longer-term, how do you assess the competitive landscape, and especially how do you think it plays out on the compute market, where you are very large incumbent versus the comms market where you are not the incumbent?

Brian，關於資料中心集團，IBM、各部門、幾家貸款機構，甚至一些像谷歌這樣的雲端客戶都發布了很多消息，他們想要嘗試新的架構。我知道這不會產生短期影響，但從長遠來看，您如何評估競爭格局？特別是您認為在計算市場（您是該領域的巨頭）和通訊市場（您不是該領域的巨頭）中，競爭格局會如何變化？

Sure, good question, Vivek. First I'll just tell you that, having been raised by Andy Grove, always paranoid about the competition, always driving, and you know that we live or die by the performance of our product. We believe that if you take a look at our road maps, we have strong competitive leadership that should allow us to continue to have the position in the market that we currently have.

當然，問得好，維韋克。首先我要告訴你，我從小就受安迪·格魯夫的影響，總是對競爭對手充滿戒備，總是不斷進取，你也知道，我們的成敗取決於我們產品的表現。我們相信，如果您看一下我們的發展路線圖，就會發現我們擁有強大的競爭優勢，這將使我們能夠繼續保持目前在市場上的地位。

I think also you have to take a look at some of our strategy that is becoming much much broader than just the CPU. What we're trying to do is really provide top of rack to bottom of rack solutions, that bring -- that work together and bring performance across the whole rack. And that starts with rack scale architecture itself, which is a very unique architecture that will allow people to build racks in a much more denser and lower cost way, through silicon photonics within rack communications. Then we go to 3D Xpoint. And then you have our whole CPU architecture, from networking, storage, up through server.

我認為你也應該看看我們的一些策略，這些策略正變得越來越廣泛，而不僅限於CPU。我們正在努力實現的是提供從機架頂部到機架底部的解決方案，這些解決方案能夠協同工作，並在整個機架上實現最佳性能。而這一切都始於機架級架構本身，這是一種非常獨特的架構，它透過機架通訊中的矽光子技術，使人們能夠以更密集、更低成本的方式建造機架。然後我們進入 3D Xpoint。然後還有我們整個 CPU 架構，從網路、儲存到伺服器。

So we believe we are uniquely positioned to provide that whole rack viewpoint, and have everything work together and come together to bring, really, performance that is just unbelievable. And that's what's key to really keeping our position, is to understand the whole rack from top to bottom. And that really is our strategy when you take a look at it.

因此，我們相信我們擁有獨特的優勢，能夠提供完整的機架視角，讓所有部件協同工作，共同帶來令人難以置信的性能。而真正維持我們地位的關鍵在於，要從上到下了解整個貨架。仔細想想，這其實就是我們的策略。

In the other areas, like you said, networking and storage and the telco area? Those are areas that we're gaining share, and as they move to software-defined infrastructure, and basically virtualized infrastructure, it plays right into the Intel architecture, and really what we do best which is general purpose computing. And that same architecture from top of rack to bottom of rack plays out in those areas as well, like in the telco area.

至於其他領域，例如你提到的網路和儲存以及電信領域？在這些領域，我們正在不斷擴大市場份額。隨著他們轉向軟體定義的基礎設施，以及基本上虛擬化的基礎設施，這正好契合了英特爾的架構，也正契合了我們最擅長的通用運算領域。從機架頂部到機架底部的相同架構也適用於電信領域等其他領域。

So we believe our strategy absolutely will maintain our position in that. But we're always paranoid and we're always realizing we get there by performance of those products.

因此，我們相信我們的策略絕對能夠保住我們在該領域的地位。但我們始終保持警惕，並且始終意識到，我們最終能否成功取決於這些產品的表現。

Got it, thanks for those details. As a follow-up, I know you probably have answered different pieces of this question, but perhaps Stacy, you could help us quantify what Intel started operating margins are this year, or maybe even longer term. Because when I look at a lot of fabless semiconductor companies, they can get towards 20%, 25% operating margins, and when I look at a Foundry, a DSMC, it's able to get close to 40% operating margin. So given those bookends, where should Intel be after all these restructuring actions are taken?

明白了，謝謝你提供這些細節。作為後續問題，我知道您可能已經回答了這個問題的不同部分，但也許 Stacy，您可以幫助我們量化英特爾今年的初始營業利潤率，或更長期的利潤率。因為當我觀察很多無晶圓廠半導體公司時，它們的營業利潤率可以達到 20% 到 25%，而當我觀察代工廠，例如台積電 (DSMC) 時，它們的營業利潤率可以接近 40%。那麼，考慮到這些因素，在採取所有這些重組措施之後，英特爾應該處於什麼位置？

Let me give you some elements of it, and then I would expect we'll have a much more in-depth conversation on that at the next investor meeting. But I'll give you some insight into how Brian and I are thinking of this.

讓我先介紹其中的一些要點，然後我預計我們會在下次投資者會議上就此進行更深入的討論。但我會向你透露我和布萊恩是如何考慮這件事的。

First and foremost, we believe there's growth potential here. So from a top line overall company standpoint, we think that there's significant opportunity to grow. And I think we've executed well in terms of growing over the last couple few years, even as PC TAM declined, and that's very consistent with our strategy as invest in the Data Center, in Memory, and IoT, and things like 5G, where we think there's opportunity, and focus our investments in the Client that we've talked about.

首先，我們相信這裡有成長潛力。因此，從公司整體發展的角度來看，我們認為有很大的發展機會。我認為，儘管個人電腦市場規模有所下降，但過去幾年我們在成長方面做得非常出色，這與我們的策略非常一致，即投資於資料中心、記憶體、物聯網以及我們認為有發展機會的 5G 等領域，並將投資重點放在我們之前提到的客戶領域。

In terms of the overall model, the financial model for the Company, I've given you this range of 55% to 65% gross margin as being -- most of the data points landing between those goal posts. If you look at it over the last five years, we've very consistently been in the very high end of that gross margin range, so it's more like between 60 and 65%. Last year we were 63%. This year we believe we are at 62%, so that continues. I don't see anything on the horizon that changes that in the near term.

就公司的整體模型和財務模型而言，我給出的毛利率範圍是 55% 到 65%——大部分數據點都落在這個目標範圍內。如果回顧過去五年，我們的毛利率一直保持在非常高的水平，大約在 60% 到 65% 之間。去年我們的結果是 63%。今年我們認為這一比例為 62%，並將繼續保持下去。短期內，我看不出有什麼跡象表明這種情況會改變。

And then with these actions that we're taking, when we get to full realization, and I want to stress, we do believe that this will give us an opportunity to reinvest in the business and actually accelerate growth, but if you just look at the cost side of it, it's 2 to 3 points of spending as a percent of revenue when we get to mid-2017, and full realization. That takes our spending as a percent of revenue, even just based on your estimate of 2016 revenue, it's 2 to 3 points, it takes us back down into the low 30s from a spending as percent of revenue. You can do the math from there and see what we think we can achieve next year in terms of overall operating range.

然後，隨著我們採取這些行動，當我們完全實現這些目標時，我想強調的是，我們相信這將給我們一個機會，讓我們重新投資於業務並真正加速成長。但如果你只看成本方面，到 2017 年年中，當我們完全實現這些目標時，支出佔收入的 2% 到 3%。這樣一來，我們的支出佔收入的百分比，即使僅根據您對 2016 年收入的估計，也有 2 到 3 個百分點，這將使我們的支出佔收入的百分比從 30% 左右下降到 30% 左右。您可以根據這些數據進行計算，看看我們認為明年在整體營運範圍方面能夠取得怎樣的成就。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Chris Danely, Citigroup.

克里斯丹尼利，花旗集團。

Thanks, just a quick follow-up on the last question on restructuring. So should we assume that total expenses will drop roughly $150 million a quarter from 4Q 2016 to the second quarter of 2017? And then if you could break that out between how much of the savings would be on COGS versus OpEx?

謝謝，我再補充一下關於重組的最後一個問題。那麼我們是否應該假設，從 2016 年第四季到 2017 年第二季度，總支出將每季下降約 1.5 億美元？然後，如果能把節省的成本細分為銷售成本節省和營運成本節省，那就更好了。

No, I'm not going to give that level of granularity of forecasting by quarter and 2017, but I'll say and I want to be clear that the $1.4 billion is all OpEx. That's an OpEx savings number that we think we get to by mid-2017.

不，我不會按季度和 2017 年給出如此細緻的預測，但我要說的是，而且我想明確指出，這 14 億美元全部是營運支出。這是我們認為在 2017 年年中可以實現的營運支出節省目標。

So just to recap the financial data that we provided you, we get to that level by mid-2017, that's $1.4 billion in savings, and that is a net number, so that's including some reinvestment that we plan to make. We think that's 12,000 positions that get eliminated, which is a very difficult thing for us to go through, but that's what's in these numbers. We think we achieve half of those employment reductions by the end of this year.

所以，為了總結我們之前提供的財務數據，到 2017 年年中，我們將達到那個水平，節省 14 億美元，這是一個淨數字，其中包括我們計劃進行的一些再投資。我們認為這將導致 12,000 個職位被裁撤，這對我們來說是一個非常艱難的決定，但這就是這些數字所反映的情況。我們認為到今年年底，我們可以實現一半的裁員目標。

And overall for 2016 we've brought down our OpEx by $700 million, that is again to get this restructuring program. And we've added in a line that you'll see on the GAAP P&L of $1.2 billion in restructuring charges to achieve that. So beyond that I'm not going to go into any more granular data. I think that should be plenty. And now we want to go have the conversation with the employees and help them understand what this program means.

2016 年，我們透過重組計劃，將營運支出減少了 7 億美元。為了實現這一目標，我們在GAAP損益表中增加了一筆12億美元的重組費用，您將在GAAP損益表中看到這筆費用。所以除此之外，我不會再深入探討任何更細緻的數據了。我覺得應該夠了。現在我們想和員工談談，幫助他們了解這個計畫的意義。

That's a very fair response.

這是一個非常合理的回答。

And then for my follow-up, in terms of the growth opportunities that you are pushing for, IoT, DCG, etcetera, if you look at the margin profile of them, memory and basically cell phone processors, it's substantially below your current margins. My question is why would you want to pursue two markets like that where the margin profile is so much lower than yours?

然後，關於您正在大力推進的成長機會，例如物聯網、分散式運算等，如果您看一下它們的利潤率，特別是記憶體和手機處理器，您會發現它們遠低於您目前的利潤率。我的問題是，為什麼要進軍利潤率遠低於你現有市場的兩個市場呢？

Sure, so let's dissect those. From memory, one, we believe that if you take a look at our typical margins, they're better than cell phone margins on typical quarters. But also it's integral to the Data Center, so it really actually is this virtual cycle that, especially as we move to 3D NAND and then to 3D Xpoint, as we've talked about 3D Xpoint and how that really re-architects how memory and storage is played out in the server rack and in the data center overall, it's a chance to really very uniquely shift that whole infrastructure. So we believe that's actually critical to our strategy in the Data Center. And we'll bring out a product with good margins.

當然，那我們就來仔細分析一下。憑記憶，我們認為，如果你看一下我們典型的利潤率，你會發現它們比手機產業在典型季度的利潤率要好。但它也是資料中心不可或缺的一部分，所以這實際上是一個虛擬循環，尤其是在我們轉向 3D NAND，然後轉向 3D Xpoint 時，正如我們討論過的 3D Xpoint 以及它如何真正地重新架構了伺服器機架和整個資料中心中記憶體和儲存的運作方式，這是一個真正獨特地改變整個基礎設施的機會。所以我們認為這對我們在資料中心的策略至關重要。我們將推出一款利潤豐厚的產品。

Now let's talk about IoT. If you take a look at it, first, it's growing quite well and if you take a look at the Data Center, I mean the IoT, right now, it grew 22% this quarter, and it has PC-like margins, so this is not cell phone chips. They don't tend to be cell phone chips.

現在我們來談談物聯網。首先，如果你仔細觀察一下，你會發現它發展得相當不錯；如果你看看資料中心，我的意思是物聯網，目前這個季度成長了 22%，而且它的利潤率和 PC 差不多，所以這不是手機晶片。它們通常不是手機晶片。

If you take a look at the segments we're really going after, which are things like automotive, or what I'll call autonomous vehicles, industrial and retail, they tend to be systems that have a fair amount of compute at the edge. They tend to have machine learning capabilities. These are systems and they tend to have a high degree of cons, more and more will move into 5G.

如果你看看我們真正瞄準的領域，例如汽車（或我稱之為自動駕駛汽車）、工業和零售，你會發現這些系統往往在邊緣擁有相當多的運算能力。它們通常具備機器學習能力。這些都是系統，而且往往缺點較多，越來越多的系統將會遷移到 5G。

But that link also between those products in IoT and 5G, and the 5G infrastructure, we believe also plays into the Data Center, and the whole Data Center strategy, and will be critical that you can provide end-to-end solutions. So, if you're somebody out trying to build whatever that autonomous vehicle is, you need to be able to provide the 5G back end, but also the 5G out on the device, whether it's a car or a drone or a robot, or whatever it is out there autonomously moving about.

但我們認為，物聯網和 5G 產品以及 5G 基礎設施之間的這種聯繫，也對資料中心和整個資料中心策略產生影響，並且對於您能夠提供端到端解決方案至關重要。所以，如果你正在嘗試製造某種自動駕駛車輛，你需要能夠提供 5G 後端，也需要能夠為設備提供 5G 輸出，無論它是汽車、無人機、機器人，還是任何在外面自主移動的設備。

And Chris, on the margin point, I'd take you back to points that Brian and I have made at the investor meeting and other places, which is, remember, and IoT's the perfect example of this, those businesses lever IP that we create broadly for the company. And so our cost of entry in something like IoT actually is relatively low, because we have the Atom core, we have the graphics, we're investing in the connectivity, we're investing in the wireless weigh in for other businesses. And that's where we really get leverage in this model, and that's one of the reasons that the IoT profit margins have been as high as they have been.

克里斯，關於邊際效益這一點，我想回顧一下我和布萊恩在投資者會議和其他地方提出的觀點，記住，物聯網就是這方面的完美例子，這些企業利用了我們為公司廣泛創造的智慧財產權。因此，我們進入物聯網等領域的成本實際上相對較低，因為我們擁有 Atom 內核，我們擁有圖形處理能力，我們正在投資連接性，我們正在投資無線技術，以服務其他企業。這就是我們在這個模型中真正獲得優勢的地方，也是物聯網利潤率一直如此之高的原因之一。

Got it, thanks.

明白了，謝謝。

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

謝謝克里斯和接線員，我想我們還有時間再問兩個問題。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

Hi, thank you very much. I actually wanted to continue on IoT, Brian. A couple years ago, you had laid out a 20% tailored target for this, then I think a year later you had brought it down to mid-teens, and yes, it grew very strong this quarter, but last full-year it was a 7% grower. So the question is, what's the right way to think about the growth profile for this Business, and what happened in the past? Was it a one year off event, or help us understand the drivers, and why it should re-accelerate, and why the first quarter is not an anomaly? And then a quick follow-up.

您好，非常感謝。布萊恩，我其實想繼續研究物聯網。幾年前，你曾為此設定了 20% 的定制目標，然後我想一年後你將其下調到 15% 左右，是的，本季度增長非常強勁，但去年全年增長率為 7%。所以問題是，看待這家企業的成長前景的正確方法是什麼？過去發生了什麼事？這是否只是一年的例外情況，還是有助於我們了解驅動因素，以及為什麼它應該重新加速，以及為什麼第一季並非異常現象？然後是一個簡短的後續問題。

Sure. I would tell you that I'd reiterate what I said, which is it's a mid-teen type of growth rate. You've got to take a look at this over the long haul.

當然。我會重申我之前說過的話，那就是它的生長速度相當於十幾歲中期的水平。你必須從長遠角度來看待這個問題。

The IoT space is similar to the embedded space of old to some extent, and to the FPGA space, where you have, especially where we're trying to go, where you're trying to go into products that require that higher level of compute, the machine learning, and those capabilities. You have a design time, a design in time to win the design, and then you have a ramp for that product. And so those tend to take a little while.

物聯網領域在某種程度上與過去的嵌入式領域和 FPGA 領域類似，尤其是在我們努力的方向，也就是我們試圖進入的產品領域，這些產品需要更高水準的運算、機器學習和這些功能。你有設計時間，需要在規定的時間內完成設計以贏得設計，然後你還要為該產品製定推廣計劃。所以這些往往需要一些時間。

Autonomous driving vehicles are good example. If you're out winning designs today, you're winning 2018, 2019 car designs. Those are what are being won today. So as you bring your products to market that's what you are winning.

自動駕駛汽車就是一個很好的例子。如果你今天就能贏得設計大獎，那麼你就能贏得 2018 年和 2019 年的汽車設計大獎。這就是我們今天正在贏得的東西。所以，當你把產品推向市場時，你就贏了。

So I'm still believing that over the long-term this will be a mid-teens growth. It will have for the most part PC-like margins. And we've tried to pick the segments that play to our strengths, and also use the connectivity that we believe we're uniquely qualified to bring.

所以我仍然相信，從長遠來看，這將是一個十幾個百分點的成長。它的大部分邊距將與PC類似。我們努力挑選能夠發揮我們優勢的細分市場，並利用我們認為我們獨有的優勢所帶來的連結性。

Okay, thank you, and then a quick follow up. Stacy, what explains such a big swing in the tax rate for the quarter, for the reported quarter, and then for the rest of the year? Thank you.

好的，謝謝。接下來還有一個問題。斯泰西，是什麼原因導致本季、報告季度以及全年的稅率出現如此大的波動？謝謝。

Sure. For the reported quarter, the big driver of the tax rate was the discrete item associated with one of the divestitures that we drove out of our Security business, and we got a one-time tax benefit associated with that.

當然。就本季報告而言，稅率的主要驅動因素是我們從安全業務中剝離的一項資產相關的特定項目，我們從中獲得了一次性稅收優惠。

Just going back to the strategy, you can see the performance of the Security business both in terms of the revenue growth and their profit growth. I think the team there is doing a really good job of focusing in on a few key areas where we think we have competitive advantage, and then driving them hard.

回到策略層面，我們可以看到安全業務在收入成長和利潤成長方面的表現。我認為那裡的團隊做得非常好，他們專注於我們認為具有競爭優勢的幾個關鍵領域，然後大力推進這些領域。

And we've divested a few smaller business and we happened to get a tax benefit on one of them. As we look at the year, so part of it is what happened in Q1. And then the other part is we would expect to have a higher proportion of our profit in lower tax jurisdictions as we work our way through the year. It will bring down the tax rate a little bit.

我們剝離了一些規模較小的企業，碰巧其中一家獲得了稅收優惠。回顧這一年，其中一部分要看第一季發生的事情。另一方面，我們預計隨著一年的進行，我們在低稅率地區的利潤比例會更高。這將使稅率略微降低。

Okay. Thank you.

好的。謝謝。

David Wong, Wells Fargo.

David Wong，富國銀行。

Thanks very much. A clarification of the commentary you gave earlier on your restructuring. Will there be any product lines or types of products that you'll be pulling out of in the future, with all the cuts that you're making?

非常感謝。澄清您先前就重組事宜所作的評論。鑑於你們正在進行的裁員，未來是否會停止生產某些產品線或產品類型？

Yes, I'm sure that as we go through this and we finish the project evaluation, there will be some products that we'll exit from, those as they're defined. Murthy, we've brought into the company is doing a complete review of all of our products. And he's going to report back to me in the near future and give me a proposal for what those look like. So we don't have any that are set out today, but at the end I'm sure there is going to be a few that are part of that.

是的，我相信隨著我們完成這項工作並最終完成專案評估，我們會退出一些產品，這些產品是按照既定的定義進行的。Murthy，我們公司聘請的這位正在對我們所有的產品進行全面審查。他會在不久的將來向我報告，並提出一個方案，說明這些方案具體會是什麼樣子。所以今天我們還沒有任何具體方案，但我相信最終肯定會有一些方案納入其中。

Okay. And related to that, does the restructuring affect your longer-term expectations for technology transitions, and in particular are you still hoping to get back to a two-year tick-tock cadence?

好的。與此相關的是，重組是否會影響您對技術轉型的長期預期，特別是您是否仍希望恢復到兩年一次的迭代節奏？

No, it does not have any effect on our technology cadence. It has not touched that at all. Stacy talked about even our CapEx and how the CapEx that we're spending this year, which has not moved, is mostly for either the 3D NAND ramp or 10 nanometers.

不，這不會對我們的技術發展節奏產生任何影響。它完全沒有觸及這一點。Stacy 甚至談到了我們的資本支出，以及我們今年的資本支出（沒有變化）主要用於 3D NAND 產能爬坡或 10 奈米製程。

As far as Moore's Law, we are always constantly striving to get back to two years. We've given you a timing that's for 10 nanometers; that's more like 2 1/2 years.

就摩爾定律而言，我們一直在努力爭取回到兩年的水平。我們給的時間是針對 10 奈米的；那差不多需要 2 年半的時間。

We haven't talked about 7 nanometers. Partly it's still in definition and alignment, so we're not sure, but I can truly tell you we're constantly working to get back to two years. And I've tried to lay out that if you look at the history of Moore's Law, there have been anywhere from 18 months to three years in the length of cycles over the time.

我們還沒討論過7奈米。部分原因還在定義和調整階段，所以我們還不能確定，但我可以肯定地告訴你，我們正在不斷努力爭取回到兩年的目標。我已經嘗試闡明，如果你回顧摩爾定律的歷史，你會發現其週期長度從 18 個月到 3 年不等。

More importantly what I always remind people is the leadership you have over the competition, which is always what's important, right? All of these are getting harder, and they get hard for everybody. And so you want to make sure also that your leadership gap, what you're able to do relative to the competition, remains constant, as well. Both of those are as important as the other.

更重要的是，我總是提醒人們，你們要對競爭對手保持領導地位，這才是最重要的，對吧？所有這些都變得越來越難，而且對每個人來說都很困難。所以你也要確保你的領導力差距，也就是你相對於競爭對手的能力，保持不變。兩者同等重要。

Great, thanks very much.

太好了，非常感謝。

Thanks, David, and thank you all for joining us today. Nicole, please go ahead and wrap up the call.

謝謝大衛，也謝謝各位今天蒞臨現場。妮可，請你結束通話吧。

Ladies and gentlemen, thank you for participating in today's conference. That does conclude today's program. You may all disconnect. Have a great day, everyone.

女士們、先生們，感謝各位參加今天的會議。今天的節目到此結束。你們可以斷開連結了。祝大家今天過得愉快。