英特爾 (INTC) 2016 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Intel Corporation third-quarter 2016 earnings conference call.

女士們、先生們，大家好，歡迎參加英特爾公司2016年第三季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, today's program is being recorded. I would now like to introduce your host for today's program, Mr. Mark Henninger, Head of Investor Relations. Please go ahead.

提醒各位，今天的節目正在錄製。現在我很榮幸地向大家介紹今天的節目主持人，投資者關係主管馬克·亨寧格先生。請開始吧。

Thank you, Jonathan, and welcome, everyone, to Intel's third-quarter 2016 earnings conference call. By now you should have received a copy of our earnings release and the CFO commentary that goes along with it. If you've not received both documents, they're available on our investor website, INTC.com. I'm joined today by Brian Krzanich, our CEO; Stacy Smith, our Executive Vice President of Manufacturing, Sales, and Operations; and our Chief Financial Officer, Bob Swan. In a moment, we'll hear brief remarks from all three of them followed by Q&A.

謝謝喬納森，也歡迎各位參加英特爾2016年第三季財報電話會議。各位現在應該已經收到我們的財報以及財務長的評論。如果您還沒有收到這兩份文件，可以在我們的投資人關係網站INTC.com上找到。今天與我一同出席會議的還有我們的執行長布萊恩·科再奇、負責製造、銷售和營運的執行副總裁斯泰西·史密斯以及首席財務官鮑勃·斯旺。稍後，我們將分別聽取他們三位的簡短發言，之後是問答環節。

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.

在正式開始之前，請允許我提醒各位，今天的討論包含基於當前情況的前瞻性陳述，因此存在風險和不確定性。有關可能導致實際結果與預期結果有重大差異的具體風險因素，請參閱我們的新聞稿。

Also, a brief reminder that this quarter we provided both GAAP and non-GAAP financial measures. Today we'll be speaking to the non-GAAP financial measures when describing our consolidated results. The CFO commentary and earnings release available on INTC.com include the full GAAP and non-GAAP reconciliations. With that, let me hand it over to Brian.

另外，簡單提醒一下，本季我們同時提供了GAAP和非GAAP財務指標。今天，在介紹合併績效時，我們將主要討論非GAAP財務指標。財務長的評論和獲利報告可在INTC.com上查閱，其中包含完整的GAAP和非GAAP調節表。接下來，我將把發言權交給Brian。

Thanks, Mark. Q3 was an outstanding quarter, which produced records in a number of product lines, and serves as evidence of our transformation to a Company that powers the cloud and billions of smart connected devices. As a great proof point, third-quarter revenue grew 9% over last year to an all-time record of $15.8 billion on broad-based strength across our businesses.

謝謝，馬克。第三季業績斐然，多個產品線均創下歷史新高，充分證明了我們正轉型成為一家為雲端運算和數十億智慧互聯設備提供技術支援的公司。一個強而有力的例證是，第三季營收年增9%，達到創紀錄的158億美元，這得益於我們各項業務的全面強勁成長。

I'd like to take a minute to share a few of the highlights with you now. I'll start with the client computing group, which had a stellar quarter. This team's focus on delivering an annual cadence of innovative new products, improving product costs, and driving operational efficiencies contributed to a remarkable 37% growth in CCG operating margins.

現在我想花一點時間和大家分享一些亮點。首先是客戶端計算團隊，他們本季表現出色。該團隊專注於每年推出創新產品、降低產品成本並提高營運效率，這些措施促成了客戶端運算團隊營業利潤率高達37%的顯著成長。

The client computing group's revenue grew 5% over last year, but just as importantly, DCG is playing in a direct and impactful role in our transformation. In the data center group, revenue grew 10% year over year to a record $4.5 billion. We saw the growth segments of the data center group accelerating at a rate above our forecast.

客戶端運算集團的營收年增5%，但同樣重要的是，資料中心集團（DCG）在我們的轉型過程中發揮著直接而重要的作用。資料中心集團的營收年增10%，達到創紀錄的45億美元。我們看到資料中心集團的成長板塊成長超過了我們的預期。

The cloud service provider segment was up 32%. In the [com] service provider segment, we continued to grow at a faster rate than the market, 16% growth, as the market converts to NFE and SDN and demand for our products increase.

雲端服務供應商細分市場成長了 32%。在 [com] 服務供應商細分市場，我們繼續以高於市場平均的速度成長，增幅達 16%，因為市場正在向 NFE 和 SDN 轉型，對我們產品的需求也在增加。

In addition, non-CPU adjacencies across DCG grew an impressive 34%. This category includes our new omni-path high-performance fabric, which is leading in performance and gaining design-win momentum. It includes our Silicon Photonics and our Xeon Phi, all of which began their ramps this year.

此外，資料中心集團（DCG）非CPU相關業務也實現了令人矚目的34%的成長。這一類別包括我們全新的全路徑高性能架構，該架構在性能方面處於領先地位，並正迅速贏得設計訂單。它還包括我們的矽光子裝置和至強融核（Xeon Phi）產品，所有這些產品都已於今年開始量產。

However, enterprise revenue was down 3%, trending below our expectations of a roughly flat year over year. As a result, DCG revenue growth for the full year will likely be in the high single digits.

然而，企業收入下降了3%，低於我們先前預期的與去年同期基本持平。因此，全年DCG收入成長可能僅為個位數高點。

Another key growth opportunity for Intel, our Internet of Things business, grew 19% over last year, setting an all-time revenue record of nearly $700 million. We saw strength across the board in retail, video, and transportation segments.

英特爾的另一項關鍵成長機會－物聯網業務，較去年同期成長19%，創下近7億美元的歷史新高。零售、視訊和交通運輸等各領域均表現強勁。

Revenue in our memory business was approximately flat year over year. 3D NAND production at the Dalian factory is ramping ahead of schedule, with yields matching those of our other production facilities. We continue to see industry enthusiasm building for our ground-breaking new memory technology, 3D Crosspoint, and we're making steady progress toward bringing it into production.

我們的記憶體業務營收與去年同期基本持平。大連工廠的3D NAND快閃產能提升速度超乎預期，良率與其他生產基地持平。我們看到業界對我們突破性的新型記憶體技術——3D Crosspoint——的熱情持續高漲，我們也穩步推進其量產。

Intel's programmable solutions group, formerly Altera, was up 6% on strength in wireline, industrial, and broadcast segments. I'm very pleased with the integration of Altera into Intel. We continued to execute against our [deal thesis], and PSG has produced three consecutive quarters of year-over-year growth compared to Altera's results after adjusting for acquisition-related accounting charges.

英特爾可程式解決方案事業部（原Altera）業績成長6%，主要得益於有線、工業和廣播領域的強勁表現。我對Altera併入英特爾的整合非常滿意。我們持續推進[交易邏輯]，在調整收購相關會計費用後，PSG已連續三個季度實現同比增長，超過了Altera的業績。

In the third quarter, we began sampling our Stratix 10 product, Intel's first FPGA produced on our own process technology, and also, the industry's first and only 14-nanometer FPGA. We are shipping our first co-packaged parts for the data center and are continuing to see opportunities for design wins with PSG products across many of Intel's businesses. PSG's results show the tremendous progress and execution.

第三季度，我們開始提供 Stratix 10 產品的樣品。這是英特爾首款採用自主製程製程生產的 FPGA，也是業界首款也是目前唯一一款 14 奈米 FPGA。我們正在交付首批用於資料中心的聯合封裝產品，並且持續看到 PSG 產品在英特爾眾多業務領域贏得設計訂單的機會。 PSG 的表現展現了其巨大的進步和卓越的執行力。

The Intel security business was up 6% over last year. Last month we announced that we will sell 51% of Intel security to private equity firm TPG, and establish a jointly-owned, independent cybersecurity Company named McAfee. This transaction will position McAfee to invest as an independent Company while allowing Intel to continue to participate in McAfee's success and growth.

英特爾安全業務較去年成長了6%。上個月，我們宣布將英特爾安全業務51%的股份出售給私募股權公司TPG，並成立一家名為McAfee的合資獨立網路安全公司。此次交易將使McAfee能夠作為一家獨立公司進行投資，同時英特爾也能繼續參與McAfee的成功和發展。

Intel's transformation continues and the restructuring program that we've announced in April remains on track. I'm really proud of the work our employees are doing to accelerate our strategy. A change of this magnitude is hard, and going through it has again reinforced just how talented, committed, and resilient this team is.

英特爾的轉型仍在持續，我們四月宣布的重整計畫也進展順利。我為員工們為加速推進我們的策略所付出的努力感到無比自豪。如此巨大的變革實屬不易，經歷這一切也再次印證了我們團隊的才華、奉獻和韌性。

And finally, I'd like to welcome Bob to the Company as our Chief Financial Officer. He brings a wealth of leadership experience to Intel, and his financial acumen and strategic insights will be an asset to the Company.

最後，我謹代表公司歡迎鮑伯加入，擔任財務長。他為英特爾帶來了豐富的領導經驗，他的財務才能和策略洞察力將是公司的寶貴財富。

At the same time, I'd like to thank Stacy for an outstanding nine years as CFO. He's been a great partner, and I'm excited to have his leadership in manufacturing, sales, and operations moving forward.

同時，我要感謝Stacy在過去九年裡擔任財務長期間的出色表現。他是一位優秀的合作夥伴，我很高興未來能繼續在他的領導下，在製造、銷售和營運方面取得更大的成就。

Wrapping things up, I'm very pleased with our results in the third quarter. We introduced exciting new products, delivered strong financials, and continued to realign our resources to our strategy. The progress we're making leaves me increasingly confident in our transformation. With that, let me turn the call over to Stacy.

總結起來，我對第三季的業績非常滿意。我們推出了令人振奮的新產品，財務表現表現強勁，並持續調整資源配置以更好地配合我們的策略。我們所取得的進展讓我對我們的轉型越來越有信心。接下來，我將把電話交給史泰西。

Thanks, Brian. In the third quarter, we achieved record revenue of $15.8 billion, and also achieved $5.1 billion in operating income. Revenue growth of 9% year over year is driven by solid growth across the client computing, data center, and Internet of Things groups.

謝謝布萊恩。第三季度，我們實現了創紀錄的158億美元營收，營業利潤也達到了51億美元。營收年增9%，主要得益於客戶端運算、資料中心和物聯網業務的穩健成長。

Gross margin at 64.8% was higher than expected, and up 3 points from the second quarter. Operating income grew 18% from a year ago. Earnings per share of $0.80 were up $0.14 from a year ago.

毛利率為64.8%，高於預期，較第二季成長3個百分點。營業收入較去年同期成長18%。每股收益為0.80美元，較去年同期成長0.14美元。

The client computing group had revenue of $8.9 billion, up 5% year over year During the third quarter, we saw strengthening of demand and an inventory build in the worldwide PC supply chain. This segment had another quarter of significant profit growth, with operating profit growing 37% from a year ago as revenue increased, costs came down, and investment levels declined.

客戶端運算業務集團營收達89億美元，年增5%。第三季度，全球PC供應鏈需求走強，庫存增加。該業務板塊連續第二季實現顯著利潤成長，營業利潤年增37%，主要得益於營收成長、成本下降和投資水準降低。

The data center group had record revenue of $4.5 billion, up 10% year over year. In the third quarter, we continue to see robust growth in the cloud segment of the business, which grew over 30% year over year, partially offset by a 3% decline in enterprise segment over the same horizon. The data center group had operating profit of $2.1 billion, down 1% year over year, as we increased investments and ramp Broadwell, the first 14-nanometer server product.

資料中心業務集團營收創歷史新高，達45億美元，年增10%。第三季度，雲端業務部門持續保持強勁成長，年成長超過30%，但同期企業業務部門下滑3%，部分抵銷了雲端業務的成長。由於加大投資並加速了首款14奈米伺服器產品Broadwell的量產，資料中心業務集團營業利潤為21億美元，年減1%。

Our Internet of Things business achieved revenue of $689 million, growing 19% year over year, driven by strength in our retail, video, and transportation segments. Operating profit for the business was $191 million, up 27% year over year.

我們的物聯網業務營收達6.89億美元，年增19%，主要得益於零售、視訊和交通運輸領域的強勁表現。該業務的營業利潤為1.91億美元，年增27%。

Our memory business had revenue of $649 million, down 1% year over year. This segment had an operating loss of $134 million as a result of start-up costs for our China factory and costs associated with 3D Crosspoint.

我們的記憶體業務營收為6.49億美元，年減1%。該業務板塊因中國工廠的啟動成本以及與3D Crosspoint相關的成本，導致營業虧損1.34億美元。

The programmable solutions group had revenue of $425 million, up 6% when compared to Altera's results from a year ago. Operating profit was $78 million.

可程式解決方案集團營收達4.25億美元，較Altera去年同期成長6%。營業利潤為7800萬美元。

Our security business had revenue of $537 million, up 6% from a year ago. In the third quarter, we announced a newly formed, jointly owned, independent cybersecurity Company called McAfee. The transaction values the business at approximately $4.2 billion, and at deal close, we expect to realize a pretax gain on this sale of roughly $500 million when the transaction closes in the second quarter of 2017.

我們的安全業務營收為 5.37 億美元，年增 6%。第三季度，我們宣布成立一家名為 McAfee 的全新合資獨立網路安全公司。該交易對該公司的估值約為 42 億美元，預計交易將於 2017 年第二季完成，屆時我們將實現約 5 億美元的稅前收益。

The costs associated with the transaction are factored into our restructuring and spending guide. Post deal close, we will own 49% of the new Company.

此次交易的相關成本已納入我們的重組和支出計劃。交易完成後，我們將持有新公司49%的股份。

We are generating healthy levels of free cash flow, which enables us to invest in our business and return cash to shareholders. This is demonstrated in our third-quarter results, as we generated $5.8 billion of cash from operations, purchased $2.5 billion in capital assets, repaid $1 billion in commercial paper, repurchased approximately $500 million of stock, and paid $1.2 billion in dividends.

我們擁有健康的自由現金流，這使我們能夠投資於業務並向股東返還現金。第三季業績充分證明了這一點：我們從經營活動中產生了58億美元的現金，購買了25億美元的資本資產，償還了10億美元的商業票據，回購了約5億美元的股票，並支付了12億美元的股息。

As we look forward to the fourth quarter of 2016, we are forecasting the midpoint of the revenue range at $15.7 billion, roughly flat to the third quarter. This is below the average seasonal increase for the fourth quarter, as we expect the worldwide PC supply chain to reduce the inventory.

展望2016年第四季度，我們預測營收區間中位數為157億美元，與第三季基本持平。由於我們預計全球個人電腦供應鏈將減少庫存，因此這個數字低於第四季的平均季節性成長。

Since the last earnings call, our view of second-half 2016 revenue has increased, as a result of strength in the client computing and Internet of Things groups, partially offset by weakness in the enterprise segment of the data center. We are now forecasting the midpoint of the fourth-quarter gross margin to be 63%. Spending is expected to be approximately $5.2 billion.

自上次財報電話會議以來，由於客戶端運算和物聯網業務的強勁成長，我們對2016年下半年營收的預期有所上調，但部分被資料中心企業業務的疲軟所抵銷。我們目前預測第四季毛利率中位數為63%。預計支出約52億美元。

Intel is in the midst of a significant transformation. We are focusing on being more efficient, investing in higher growth segments, and with the McAfee transaction, we are focusing our business on core strategic areas. Given that, I would like to provide a little more context on each.

英特爾正處於重大轉型期。我們致力於提高效率，投資高成長領域，並透過收購麥克菲，將業務重心放在核心策略領域。有鑑於此，我想就每項舉措提供一些更詳細的背景資訊。

We are on track to achieve the run-rate savings and employment reductions associated with the restructuring program announced earlier this year, and in fact, we are moving faster than we anticipated. In addition, the deal involving the Intel security group, which was announced in the third quarter, will result in additional restructuring charges, a pretax gain, and reduced spending levels in 2017.

我們正按計劃推進今年稍早宣布的重組計劃，預計將實現預期的成本節約和裁員目標，事實上，我們的進度甚至超過了預期。此外，第三季宣布的英特爾安全集團收購案將帶來額外的重組費用、稅前收益，並降低2017年的支出水準。

As a result of those restructuring charges, and the increased mix of retirements and European severances, we are increasing the restructuring and other charges forecast by $700 million to $2.3 billion. The majority of the remaining restructuring charges will be realized between now and the middle of 2017.

由於重組費用以及退休和歐洲員工遣散費佔比增加，我們將重組及其他費用預測值上調7億美元至23億美元。剩餘的大部分重組費用將在2017年年中之前確認。

We are on track to the original restructuring and focusing our business on core strategic areas. This is allowing incremental investments in critical areas like the data center, Internet of Things, and memory. The overall impact of the announced reductions, Intel security group transaction, and reinvestment is that we expect our 2016 spending as a percent of revenue to be down almost 1 point versus 2015, and we expect to achieve another 1 point reduction in 2017 as we accelerate our transformation.

我們正按原計劃推進重組，並將業務重心放在核心策略領域。這使我們能夠逐步增加對資料中心、物聯網和記憶體等關鍵領域的投資。考慮到已宣布的削減開支、英特爾安全集團交易以及再投資等因素，我們預計2016年支出佔收入的比例將比2015年下降近1個百分點，並且隨著轉型步伐的加快，我們預計2017年還將再下降1個百分點。

In the third quarter, we achieved record revenue and strong operating profit. But since this is my last earnings call, I would like to take the opportunity to provide some historical perspective on how the Company has changed over the 10 years since I've been attending these calls, which I really think shows the transformation of our business.

第三季度，我們實現了創紀錄的營收和強勁的營業利潤。但由於這是我最後一次參加財報電話會議，我想藉此機會回顧一下公司在我參加這些電話會議的這十年間發生的變化，我認為這充分體現了我們業務的轉型。

Ten years ago, virtually the entirety of our business was tied to the PC market. Today, we have a diversified portfolio of growing businesses with roughly half of our profits coming from the data center and Internet of Things businesses.

十年前，我們幾乎所有業務都與個人電腦市場息息相關。如今，我們擁有多元化的業務組合，其中約一半的利潤來自資料中心和物聯網業務。

We are also a different Company in terms of how we look financially. Ten years ago, our revenue was approximately $35 billion with a gross margin of 52%. In 2016, we're on a path to almost $59 billion in revenue with a gross margin of 63%. Over the past 10 years, we've increased our dividend from $0.40 per share to $1.04 per share, and we've repurchased about $55 billion of stock.

從財務狀況來看，我們也與以往大不相同。十年前，我們的營收約350億美元，毛利率為52%。 2016年，我們的營收可望達到近590億美元，毛利率將達到63%。過去十年間，我們將每股股利從0.40美元提高到1.04美元，並回購了約550億美元的股票。

Looking forward, Intel is positioned with technology leadership, an amazing workforce, and significant market opportunity as we power the cloud at the heart of all of these smart and connected devices. I am excited about how we're positioned for growth and my next role in the Company, and about the leadership, experience, and continued focus on driving long-term shareholder value that Bob will bring as CFO. With that, let me turn it over to Bob for a few words.

展望未來，英特爾憑藉技術領先優勢、卓越的員工隊伍和龐大的市場機遇，為所有智慧連網設備的核心——雲端運算——提供強大動力。我對公司未來的發展前景以及我在公司擔任的下一個職位感到非常興奮，也對鮑勃作為首席財務官將帶來的領導力、經驗以及他對提升股東長期價值的持續關注充滿期待。接下來，請鮑伯談談他的看法。

Thanks, Stacy, and thanks, Brian. I am both excited and very honored to be joining the team at Intel. The Company has had a profound impact on the world with industry-leading technologies, it has a great business model driven by Moore's Law, and an outstanding balance sheet. Additionally, I'm inheriting a top-notch, world-class finance organization.

謝謝Stacy，也謝謝Brian。能夠加入英特爾團隊，我感到無比興奮和榮幸。公司憑藉著業界領先的技術對世界產生了深遠的影響，擁有以摩爾定律為驅動的卓越商業模式，以及出色的資產負債表。此外，我還將接手一個頂尖的世界級財務團隊。

It's an extremely exciting time in the Company's history, as we transition from a PC-centric Company to one that powers the cloud in billions of smart connected devices. I am looking forward to the journey. With that, let me turn the call over to Mark.

公司正處於一個令人興奮的發展階段，我們將從以個人電腦為中心的公司轉型為一家為數十億智慧互聯設備提供雲端服務的公司。我非常期待這段旅程。接下來，我將把電話交給馬克。

Okay. Thank you, Brian, Stacy, and Bob. Moving on now to the Q&A, as is our normal practice, we would ask each participant to ask one question and a follow-up if you have one. Jonathan, please go ahead and introduce our first questioner.

好的。謝謝布萊恩、史泰西和鮑伯。接下來進入問答環節，依照慣例，我們會請每位參與者提出一個問題，如果有後續問題也可以提。喬納森，請介紹我們的第一位提問者。

Our first questioner comes from the line of CJ Muse from Evercore. Your question, please.

第一位提問者來自Evercore的CJ Muse。請問您的問題是什麼？

Good afternoon. Thank you for taking my question. First question on DCG, you took the number down for Q4. Curious how we should think about contribution from enterprise looking into 2017, when you think that could stabilize. And then as you start to think about greater contributions from hyperscale and networking, is that 10% to 15% sustainable or should we be thinking high single digits going forward? Thank you.

午安.感謝您回答我的問題。關於資料中心成長（DCG），您降低了第四季的業績資料。我想了解一下，展望2017年，企業級業務的貢獻該如何變化，您認為這一數字何時才能趨於穩定？另外，隨著超大規模和網路業務貢獻的增加，10%到15%的佔比是否可持續，還是應該預期未來會達到接近兩位數？謝謝。

Hi, CJ. This is Stacy. So, let me take the first part of that question. So yes, as we just said on the call, what we're seeing in the data center is very strong growth rates in the cloud, very strong growth rates in networking and storage, as those areas become virtualized and our products extend into those areas. And then we saw some weakness in the enterprise in Q4 -- or Q3, and that's what we're expecting for Q4.

嗨，CJ。我是Stacy。那麼，讓我先回答問題的第一部分。是的，正如我們剛才在電話會議上提到的，資料中心領域我們看到雲端運算、網路和儲存的成長非常強勁，因為這些領域正在虛擬化，而我們的產品也擴展到了這些領域。然後，我們在第四季度（或者說第三季）看到了企業級市場的疲軟，這也是我們預期第四季的情況。

I think we're going to hold off on providing a forecast for 2017 at this time. We would normally provide that to you in January, and then have a much more in-depth conversation in the investor meeting in February.

我認為我們目前暫不提供2017年的業績預測。通常情況下，我們會在1月提供預測，然後在2月份的投資人會議上進行更深入的討論。

Okay. Very helpful. And on the PC front, given the volatility there, I wouldn't expect you guys to put the flag down and say that we've completely stabilized. But curious what trends you can speak to in terms of growth, perhaps, in emerging markets and what that speaks to in terms of the trajectory for unit demand from here.

好的，很有幫助。至於個人電腦市場，考慮到目前的波動性，我並不期待你們就此打住，宣布市場完全穩定下來。但我很好奇，你們能否談談新興市場的成長趨勢，以及這些趨勢對未來單位需求趨勢的影響。

Sure, and I would agree, we're not going to raise the flag and say everything's good again. If you take a look at this quarter, what we saw was an increased strength in the areas that have been strong in the past. So definitely the mature markets were a bit stronger. The one that was probably a little bit of a shift is China, it was a little bit better than we had forecasted as well.

當然，我同意，我們不會高舉旗幟宣布一切都恢復正常。如果你看本季的數據，你會發現過去表現強勁的領域進一步增強了。成熟市場無疑表現得更強勁。中國市場的情況可能略有不同，它的表現也比我們預期的要好一些。

Enterprise was again strong. Consumer was better, but it's still not back to where we consider it -- where we'd like to see the consumer side. And it was a good mix between desktop and mobile products, laptops, and two-in-ones and devices like that. So it was an increase in what's been strong in the past is really what drove the growth for this quarter.

企業業務依然強勁。消費者業務有所改善，但仍未恢復到我們預期的水平。桌上型電腦和行動產品、筆記型電腦、二合一電腦等設備的銷售組合良好。因此，本季成長的真正驅動力是過去表現強勁的業務部門的持續成長。

Operator, please go ahead and introduce our next questioner.

接線員，請介紹下一位提問者。

Your next question comes from the line of Stacy Rasgon from Bernstein Research. Your question, please.

您的下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。請問您的問題是什麼？

Hi guys. Thanks for taking my questions. First, DCG revenue's up 10% year over year. Operating profit down year over year. I know you had highlighted some increased investments. But we also have cloud growth and networking and some of the other non-CPU stuff that's been growing as well.

大家好。感謝你們回答我的問題。首先，DCG 的營收年增了 10%，但營業利潤較去年同期下降。我知道你們之前提到了一些增加的投資，但我們的雲端業務、網路業務以及其他一些非 CPU 業務也在成長。

How should we think about that change in the growth drivers in terms of impacting the margins over the last year? And how should we think about the likely margin trends for the business as we go into next year?

我們該如何看待過去一年成長驅動因素的變化對利潤率的影響？我們又該如何看待明年業務利潤率的可能趨勢？

I'll take that, and then Brian may want to talk about more of the longer term. It's not a driver in what we saw in the third quarter. There really are the two issues. We have been very consciously increasing investment there. We see a tremendous long-term opportunity, so that's been an ongoing process for us.

我接受這個觀點，然後布萊恩可能想談談更長遠的規劃。這並非我們第三季業績的主要驅動因素。實際上，只有兩個問題。我們一直在有意識地增加這方面的投資。我們看到了巨大的長期機遇，所以這對我們來說是一個持續的過程。

But then the thing that really kicked in this quarter is they're ramping their first 14-nanometer server product, which is Broadwell for the server market, and that -- those first products coming out on that product line are fairly expensive.

但本季真正引起轟動的是，他們正在大力推進其首款 14 奈米伺服器產品——面向伺服器市場的 Broadwell 處理器——而且該產品線推出的首批產品價格相當昂貴。

To the mix question, it doesn't really drive things probably as much as you would expect. We have very strong product margins across the portfolio of server products in the enterprise or in the data center, ranging from enterprise to storage to networking. And in fact, when we look at the server ASPs, we actually saw ASPs up across the board in every one of our server categories, so NP, DP. And so it really is a mix impact of what you see happening this quarter, where it was a little weaker on enterprise and a little stronger in places like networking.

至於產品組合方面的問題，它對業績的影響可能不如您預期的那麼大。我們在企業級和資料中心伺服器產品組合中，從企業級到儲存再到網絡，都擁有非常強勁的利潤率。事實上，當我們查看伺服器平均售價（ASP）時，我們發現所有伺服器類別（包括網路產品和分散式產品）的ASP都出現了全面成長。因此，本季業績的影響是多種因素共同作用的結果，企業級產品略有疲軟，而網路等其他領域則略有成長。

Stacy, maybe -- this is Brian. Maybe let me help you just think about the data center from a larger perspective, right. As Stacy said, what you have to really take a look here is the growth areas that we said we were going to continue to grow in, the cloud service provider, the telco space, the networking and storage, networking specifically is some of our fastest growing areas of the data center. And in the adjacencies, which are all new, emerging markets for us around things like Silicon Photonics and Omni-Path fabric and all, all of those are growing at or above what we had forecasted. And doing quite well.

Stacy，或許──我是Brian。或許我可以幫你從更宏觀的角度來看資料中心，對吧。正如Stacy所說，你真正需要關注的是我們之前提到的那些需要持續成長的領域，例如雲端服務供應商、電信領域、網路和存儲，特別是網路領域，它是我們資料中心成長最快的領域之一。此外，在矽光子學和Omni-Path光纖網路等相關領域，這些都是我們新興的市場，它們的成長速度都達到了甚至超過了我們的預期，而且表現相當出色。

And as Stacy said, across each of those, our ASPs are both increasing. And if you take a look at that, even if you go down to like an Atom server, the Atom-based server, yes, their ASPs are lower, but the margins are still quite healthy down there because their costs are quite a bit lower. So you've got to keep all of that into perspective as you look at the mix that goes across these.

正如Stacy所說，我們所有產品的平均售價都在成長。即使你仔細觀察，例如Atom伺服器，基於Atom的伺服器，它們的平均售價確實較低，但利潤率仍然相當可觀，因為它們的成本要低得多。所以在分析這些產品組合時，你必須把所有這些因素都考慮在內。

What happened this quarter is that we had anticipated the Enterprise to go from that low single-digit decline to roughly flat, and it just hasn't -- the enterprise market hasn't shored up there yet. We're working on tactics to shore that up over the next couple quarters, and we're still very convinced on the long-term path of -- that those growth areas that we described are going to be what drives the data center.

本季的情況與我們預期相反，我們原本預期企業業務會從個位數低點下滑轉為基本持平，但實際情況並非如此——企業市場尚未出現復甦跡象。我們正在製定策略，力爭在未來幾季內提振市場，同時我們仍然堅信，我們之前提到的那些成長領域將是資料中心發展的長期驅動力。

Thank you. For my follow-up, I'd like to touch on the last point you just made. So enterprise is, like you said, disappointing this quarter. But let's be honest, enterprise has been in decline for years.

謝謝。關於您剛才提到的最後一點，我想補充一點。正如您所說，企業業務本季的表現令人失望。但說實話，企業業務的下滑趨勢已經持續了好幾年。

Why would it stabilize? What would it start growing? Why is the -- I know we probably talked about this before, but why isn't the cloud grout that we're seeing in the enterprise indicative of that cloud growth? I don't understand why we should expect that business to ever turn around. Can you give us some color on that?

為什麼它會趨於穩定？它又會開始成長嗎？我知道我們之前可能討論過這個問題，但為什麼我們在企業中看到的雲端服務普及率下降並不代表雲端業務的成長？我不明白為什麼我們應該期待這項業務出現轉機。能詳細解釋一下嗎？

Sure. I think there's two parts to this. Certainly a certain amount of the enterprise weakness, right, that has occurred over the last few years is certainly driven by movement of those enterprise applications to the cloud. And we're very comfortable. It doesn't really matter for us, from a product definition or product performance standpoint, whether it goes -- those applications go to the cloud or whether they stay in the enterprise.

當然。我認為這包含兩個面向。過去幾年企業出現的一些弱點，確實很大程度是因為企業應用程式遷移到雲端所造成的。而我們對此非常放心。從產品定義或產品效能的角度來看，這些應用程式遷移到雲端還是留在企業內部，對我們來說都無關緊要。

That said, there's several enterprises that we are in talks with that all want to grow their own private clouds, and they're really looking at how best to do that, when do they do that. So I think it's more the customer feedback we're getting that gives us some confidence that the enterprise side, with their own private clouds, will continue to see some improvement.

話雖如此，我們正在與多家企業洽談，他們都希望發展自己的私有雲，並且正在認真研究如何以最佳方式實現這一目標，以及何時實施。因此，我認為我們收到的客戶回饋讓我們更有信心，企業擁有自己的私有雲將會持續進步。

It's not going to be a growth area, though, so don't take this as I'm saying, Stacy, that this is going to be a growth segment. What we're saying is, given what we're seeing from customers, we should see some level of stabilization or less of a decline. Didn't show up this quarter. We'll have to take a look at that as we move through into 2017.

不過，這不會是一個成長領域，所以史泰西，別誤會我的意思，我不是說這會是一個成長板塊。我們想說的是，根據我們從客戶那裡了解到的情況，我們應該會看到某種程度的穩定，或者下滑幅度會有所減少。但本季並沒有出現這種情況。我們需要在進入2017年後再仔細觀察。

And just on a tactical basis, Stacy, to reinforce, our forecast now for the data center for Q4 also is not including improvement in this segment of the business.

史泰西，從戰術層面來說，我還要強調一點，我們目前對第四季資料中心業務的預測也不包括該業務板塊的改善。

Thanks, guys.

謝謝各位。

Thank you. Our next question comes from the line of Vivek Arya from Bank of America-Merrill Lynch. Your question, please.

謝謝。下一個問題來自美國銀行美林證券的維韋克·阿亞。請問您的問題是什麼？

Thanks for taking my question and before I forget, thanks and good luck to Stacy in his new role.

感謝您回答我的問題，還有，對了，也祝史泰西在新崗位上一切順利。

Thank you.

謝謝。

So first question is, again, staying on the data center theme, can you quantify the enterprise mix in DCG now? And is that required to be flat in order to maintain the double-digit growth in DCG or can it actually start growing double digit if the growth in other areas remains at this current pace, just because of the mix effect?

所以第一個問題，還是回到資料中心這個主題，您現在能否量化資料中心業務組合（DCG）中的企業佔比？為了維持資料中心業務組合的兩位數成長，企業佔比是否必須維持不變？或者，如果其他領域的成長速度保持目前水平，僅僅因為業務組合效應，資料中心業務組合實際上也可以開始實現兩位數成長？

So let me take a shot at the quantification question. And again, I think we'll -- Brian talked about this bullishness on the long term for the data center, but we'll hold off on specific CAGRs and 2017 forecasts to both earnings and then the investor meeting.

那麼，讓我來嘗試回答量化問題。再次強調，我認為——布萊恩談到了他對數據中心長期前景的樂觀態度，但我們暫且擱置具體的複合年增長率和2017年的盈利預測，直到投資者會議召開。

On the -- I think you're referring back to what I showed a year ago, which was the size of the enterprise versus the size of the data center for the -- or size of the cloud for the server segment of DCG and that we were heading towards a crossover between those. Again, we'll update that explicitly come February. But based on what we've seen this year with really robust growth still occurring in the cloud, so again, this quarter over 30% and a weaker than expected enterprise, I think that crossover point pulls in.

關於－我想您指的是我一年前展示的內容，即企業規模與資料中心規模（或資料中心成長集團伺服器部分的雲端規模）的對比，以及我們正朝著兩者交彙的方向發展。我們會在二月對此進行更明確的更新。但根據我們今年觀察到的情況，雲端業務依然保持強勁成長，本季成長超過30%，而企業業務則低於預期，我認為交會點即將到來。

And then I think you have a phenomenon that says the cloud portion of the enterprise becomes so big and continues to grow at a fast pace that we can certainly maintain a robust growth rate, even if the enterprise segment is not growing to slightly weak.

我認為，企業雲端業務規模如此龐大，且持續快速成長，即使企業業務本身成長乏力甚至略顯疲軟，我們也能維持強勁的成長率。

And as my follow-up, a longer-term question. I think there's a debate in the industry that computation is becoming more parallel with this growth in deep learning and machine learning, which benefits products like GPUs more than CPUs. I'm wondering, would you agree with that and do you think this parallel computing market is incremental or cannibalistic for Intel?

還有一個後續問題，我想問一個更長期的問題。我認為業界存在著一種觀點，認為隨著深度學習和機器學習的興起，運算正變得越來越並行化，而GPU等產品比CPU受益更多。我想知道您是否同意這種觀點？您認為並行計算市場對英特爾來說是成長還是蠶食？

Sure, so first, to your first question, I 100% agree with what Stacy said. And I expect that these growing segments, that's why we focus on them so much and will be the dominant as we move out into the later parts of this decade.

當然，首先，對於你的第一個問題，我完全同意Stacy的觀點。我預計這些不斷增長的細分市場——這也是我們如此重視它們的原因——將在本十年後期佔據主導地位。

Your question on accelerators really is what you're asking when you take a look at GPUs and things like deep learning. The first thing you have to separate out is things like is-- are you talking about the deep learning on the learning portion or the scoring portion? So we don't look at accelerators as cannibalistic, because you still have to have a Xeon system with those when you go to actually do the implementation of the deep learning application.

你關於加速器的問題，其實就是你在研究GPU和深度學習時所要問的。首先你需要區分的是──你指的是深度學習的學習部分還是評分部分？所以我們不認為加速器會取代GPU，因為當你實際運行深度學習應用時，你仍然需要一個配備Xeon處理器的系統。

The second thing we tell you is that we actually had worked over the last two years or so to really implement a much broader collection of accelerators, when you think about these. If you want to think about the rates of performance of each one of these, you have FPGAs which are accelerators, and we see those accelerators go into everything from networking devices to machine learning applications. Those have high levels of flexibility that can be programmed on the fly, but maybe not quite the performance.

其次，我們要告訴大家的是，在過去兩年左右的時間裡，我們一直在努力實現更廣泛的加速器組合。如果您想了解每種加速器的效能，FPGA 就是一種加速器，我們看到這些加速器被廣泛應用於從網路設備到機器學習應用等各種領域。 FPGA 具有高度的靈活性，可以即時編程，但性能可能略遜一籌。

Then you have GPUs. GPUs do have, as you say, good accelerating performance in certain linear algorithms. Those are quite good, and we have our Xeon Phi in that space.

然後是GPU。如你所說，GPU在某些線性演算法上確實具有良好的加速效能。它們的性能相當出色，而我們的Xeon Phi處理器就屬於這一領域。

And then the highest performance area are ASICs, where they're very workload-specific and designed around the algorithm specifically, and you saw our applications of Nervana. We also did an acquisition of Movidius earlier this quarter. Those are all very specific workloads around machine learning that are ASIC-driven and even give higher performance.

而效能最高的領域則是專用積體電路（ASIC），它們針對特定工作負載而設計，並圍繞特定演算法進行最佳化，您已經看到了我們應用於 Nervana 的案例。此外，我們在本季稍早也收購了 Movidius。這些都是圍繞機器學習的特定工作負載，由 ASIC 驅動，並且效能更高。

So we look at those accelerators as being enhancing this growth. You sell a Xeon typically with that so it doesn't cannibalize the business. We believe we have the lightest really offerings of these accelerators from FPGAs through the Xeon Phi and then into ASIC-driven devices.

因此，我們認為這些加速器能夠促進業務成長。通常情況下，我們會同時銷售 Xeon 處理器，所以不會蠶食現有業務。我們相信，我們擁有業界最輕量級的加速器產品，涵蓋從 FPGA 到 Xeon Phi，再到 ASIC 驅動的設備。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Toshiya Hari from Goldman Sachs. Your question, please.

謝謝。下一個問題來自高盛的Toshiya Hari。請問您的問題是什麼？

Thanks for taking my question. My first one is on gross margins. In your Q4 guide, you have memory and higher factory start-up costs on 10-nanometer working against you. But I was curious when you would expect these items to fade and potentially provide a tailwind to gross margins.

感謝您回答我的問題。我的第一個問題是關於毛利率的。在您的第四季業績指引中，記憶體成本和10奈米製程工廠較高的啟動成本對毛利率不利。但我很好奇您預計這些不利因素何時會逐漸消失，並有可能提振毛利率。

So this is Stacy. That's a good question. So typically, on the shape of start-up costs, you would expect that 10-nanometer costs go up in the back half of this year, as you're seeing. They stay high into the first two to three quarters of next year, and then they start to fall off in the back half of next year. So I'll just stick with that for now and then leave it to Bob to show you the start-up cost trends, as he thinks that that's important.

我是Stacy。問得好。通常來說，根據啟動成本的走勢，如你所看到的，10奈米製程的成本會在今年下半年上漲。成本會在明年前兩到三個季度保持高位，然後在明年下半年開始下降。我先說到這裡，接下來就交給Bob來解釋啟動成本的趨勢，他認為這很重要。

On the memory costs, what you're seeing is really two impacts. One is the start-up costs associated with Dalian, or China, factory for memory, and then some of the first wafers coming out for 3D NAND and 3-D Crosspoint. And I'd expect that that starts to get better into next year. Hard to pick the quarter, but it should become a tailwind as we get into 2017.

關於記憶體成本，目前主要受到兩方面的影響。一是與大連（中國）記憶體工廠相關的啟動成本，二是首批用於 3D NAND 和 3D Crosspoint 的晶圓的投入成本。我預計這種情況明年會有所改善。雖然很難確定具體是哪個季度，但隨著進入 2017 年，這應該會成為一個利好因素。

Okay. Great. As my follow-up, I have a question on CapEx as well. Based on your annual guide, I think the implied Q4 number is close to $3.5 billion, which is clearly a pretty big number. Should we take this as a new normal for Intel, or is this a one-off quarter where you're spending aggressively in both the core business and in memory and that the quarterly run rate going forward should revert to somewhere in the $2 billion to $2.5 billion range? Thank you.

好的，太好了。我還有一個關於資本支出的問題。根據你們的年度指南，我認為第四季隱含的支出接近35億美元，這顯然是一個相當大的數字。我們應該把這視為英特爾的新常態嗎？還是說這只是一個特殊的季度，你們在核心業務和內存業務上都進行了大手筆的投入，而未來的季度支出水平應該會回落到20億到25億美元之間？謝謝。

I think if you go back to the guide at the -- I think we probably talked about it some time prior April, that I pointed to Q4 as probably being a pretty high CapEx quarter. And it's the combination of where we're at in purchasing the first production set for 10-nanometer and where we're at with the memory factory in China. So I think you're seeing some lumpiness here. I wouldn't run rate that out.

我認為，如果你回顧一下之前的指南——我想我們可能在四月之前就討論過——我當時指出第四季度資本支出可能會相當高。這主要是因為我們目前正在採購第一批10奈米製程的生產設備，以及我們在中國的記憶體工廠的建造情況。所以，我認為你會看到一些波動。我不會對此進行過度解讀。

Yes, this is Brian. Just having managed CapEx in this Company for years, you really have to take a look at our annual guidance, because literally, within the quarter, or quarter to quarter, the tools will push out. We'll try to always be more efficient and/or you'll have these kinds of one-time upside as things combine, come together. So we expect our annualized run rate for this year to be the $9.5 billion or so that we forecasted, and don't expect that quarterly run rate to be indicative of Q4.

是的，我是布萊恩。我在這家公司負責資本支出多年，您一定要仔細看看我們的年度預期，因為實際上，每個季度，甚至每個季度之間，情況都會有所變化。我們會努力提高效率，隨著各種因素的綜合作用，您也會獲得一些一次性的利益。因此，我們預計今年的年度運行率將達到我們預測的95億美元左右，但預計季度運行率並不能代表第四季度的情況。

Very helpful. Thank you so much.

非常有幫助，非常感謝。

Thanks, Toshiya.

謝謝，Toshiya。

Thank you. Our next question comes from the line of John Pitzer from Credit Suisse. Your question, please.

謝謝。下一個問題來自瑞士信貸的約翰‧皮策。請問您的問題是什麼？

Hi, guys, thanks for letting me ask the question. My first question is just relative to what's embedded within PCs for the calendar fourth quarter. It's getting a little bit more difficult to track because of CCG, including the mobile. And if you look at the volume growth in the September quarter, it was clearly above normal seasonal trends for the core PC business. How much below seasonal do you think PCs will be in the calendar fourth quarter, and how are you guys thinking about the inventory channel management in Q4?

大家好，感謝允許我提問。我的第一個問題是關於第四季（自然季度）PC業務的具體情況。由於行動業務也包含在內，CCG（消費品集團）的加入使得追蹤PC業務變得更加困難。如果看一下9月的銷售成長，就會發現它明顯高於核心PC業務的正常季節性趨勢。你們認為第四季PC業務的銷售量會比往年同期下降多少？你們對第四季的庫存通路管理有何看法？

I'd say from an end-market standpoint, it's pretty seasonal. And then from our business, it's the impact that Brian and I both talked about, which is we saw some strengthening of demand in the third quarter. We saw some refilling of the pipeline, which was lean coming in. And then in Q4, we're expecting seasonal end demand but some depletion of inventory pipeline.

從終端市場角度來看，這確實具有很強的季節性。而從我們公司業務的角度來看，正如我和布萊恩都提到的，我們在第三季度看到了需求的增強，庫存也得到了補充，此前庫存較為緊張。我們預計第四季將出現季節性需求高峰，但庫存也會減少。

And it doesn't take much. If you think about the size of the PC market, you're down to changes in inventory levels across the worldwide PC supply chain that are measured in days or certainly less than a week of inventory that shifts around.

而且這並不需要太多的變動。想想個人電腦市場的規模，就會發現，全球個人電腦供應鏈中庫存水準的變化，往往只需要幾天，或肯定不到一週的時間就能完成。

Got it, and then, guys, maybe as my follow-up, all year long, you guys have been giving what's turned out to be conservative gross margin guidance by quarter. You've been beating that guidance, in part, this quarter helped by all the PC volume. But I'm just curious, as you look at the calendar fourth quarter, I understand the headwinds coming from memory and 10-nanometer start-ups, but what about some of the tailwinds from14-nanometer?

明白了。那麼，各位，我想補充一點，你們今年每季給的毛利率預期都比較保守。你們本季的業績超出了預期，部分原因在於個人電腦銷售的大幅成長。但我很好奇，展望第四季度，我知道記憶體晶片和10奈米製程新創公司會帶來不利影響，但14奈米製程帶來的利多因素又該如何看待呢？

You're going into a period now where you're reaching mature yields in PCs on 14. You should start to be reaching mature yields on servers for 14. How much of a tailwind is that? And are we looking at another quarter of conservative guide on the gross margin line?

現在你們的PC產品在2014年即將達到成熟的良率期。伺服器產品在2014年也應該開始達到成熟的良率期。這會有多大的利多？我們是否會繼續維持毛利率預期較保守？

I can only say I'm sure Bob will do a better job of forecasting gross margin than I have done., I highlighted for you the two big items from Q3 to Q4, which is the things that are worth a point, and it's, as stated, the increase in 10-nanometer start-up costs and what we see going on in the memory business for the elements that I saw.

我只能說，我相信鮑伯在預測毛利率方面會比我做得更好。我重點強調了第三季到第四季的兩大變化，這兩點值得關注，正如前面提到的，分別是10奈米製程啟動成本的增加，以及我觀察到的記憶體業務方面的變化。

Yes, I think we'll see some slight benefit associated with 14-nanometer. I also think we'll be down a little bit in terms of PC volume, but those are all relatively small impacts to the gross margin forecast.

是的，我認為14奈米製程會帶來一些輕微的好處。我也認為個人電腦的銷售量會略有下降，但這些對毛利率預測的影響都相對較小。

Thanks, guys.

謝謝各位。

Thanks, John.

謝謝你，約翰。

Thank you. Our next question comes from the line of Ross Seymore from Deutsche Bank. Your question, please.

謝謝。下一個問題來自德意志銀行的羅斯·西摩。請問您的問題是什麼？

Hi, guys. My first question's on the CCG side of things. Specifically, in the third quarter, you talked about the ASPs year over year in desktops and notebooks and then overall. I think the ASPs were up 6% in CCG, but the desktop and notebook side were both well below that. Is that just the contra revenue still in there? Or is there anything we can read through onto the mobile business, given those differences?

大家好。我的第一個問題是關於CCG業務的。具體來說，在第三季度，你們提到了桌上型電腦和筆記型電腦以及整體的平均售價年變動。我記得CCG的平均售價成長了6%，但桌上型電腦和筆記型電腦的平均售價都遠低於這個數字。這是因為之前的收入有變動嗎？還是說，考慮到這些差異，我們可以從中推斷出行動業務的情況？

Yes, that's a great question. So yes, you -- and we published what we saw happen in notebook and desktop ASPs. The piece that's missing, and it's relatively small, but it has a fairly big impact on the average is that within the phone and tablet products, we saw relatively less volume in Q4, so we got -- or Q3, sorry, we got some mix effect. And that ASP is up dramatically on a year-on-year basis as a result of the abatement of the contra revenue program. So that's the missing piece you need to get to the overall platform ASP math.

是的，這是一個很好的問題。是的，我們已經發布了筆記型電腦和桌上型電腦平均售價（ASP）的觀察結果。目前缺少的一項數據，雖然影響相對較小，但對平均售價影響卻相當大，那就是手機和平板電腦產品在第四季度的銷量相對較低，所以我們——或者說第三季度，抱歉，我們統計的是混合數據。由於抵扣收入計畫的取消，這些產品的平均售價較去年同期大幅上漲。因此，這就是計算整體平台平均售價所需的關鍵資訊。

Great, and as a follow-up, switching over to the OpEx side of things. Stacy, in your script, you mentioned about the OpEx to revenue improving by about 1 point this year, year over year, and then again, another 1 point next year. Can you just walk us through a little bit about what that means, either from a linearity perspective or an absolute dollar perspective. Any more color would be appreciated.

好的，接下來我們來談談營運支出方面。 Stacy，你在稿子裡提到，今年的營運支出佔收入的比例比去年同期提高了大約1個百分點，明年又提高了1個百分點。你能詳細解釋一下這意味著什麼嗎？可以從線性關係的角度或絕對金額的​​角度來解釋。如果能提供更多資訊就更好了。

Sure. I'd be happy to do that. So let me just -- let me take you all the way back to -- because I think this gets very confusing, because we obviously had the restructuring program in place. We now have the spinout or the divestiture, excuse me, of the Intel security business. The timing of those things will play out differently over the course of next year. So I just thought it was best to clean all of this up and give you one metric for the year that summarizes everything.

當然可以，我很樂意這麼做。那麼，讓我先帶您回顧一下——因為我覺得這很容易讓人困惑，畢竟我們之前已經實施了重組計劃。現在，我們又要剝離英特爾安全業務。這些事情的進展時間會隨著時間而有所不同。所以我認為最好先把所有這些理順，然後用一個指標來概括全年的情況。

And so starting with restructuring, it's on track. When you look at the savings that we've already generated this year, really the only adjustment to the spending guide that we've made when we started the restructuring is the fact that profits and revenue is up, and we have some profit and revenue-dependent spending.

因此，從重組開始，一切都在按計劃進行。看看我們今年已經實現的節約，實際上，我們在啟動重組時對支出指南所做的唯一調整，就是利潤和收入有所增長，而我們的一些支出與利潤和收入密切相關。

You can see we're over three quarters saving on the order of $700 million. You can think of that as an annualized run rate of a little north of $1 billion of savings that then rolls into next year. Then we'll get some incremental savings. We throw McAfee into the mix here, and we're going to make some reinvestments, as we've talked about in some of the areas that are important, think of data center and IoT and memory.

您可以看到，我們已經節省了超過四分之三的成本，大約7億美元。您可以將其理解為年化節省金額略高於10億美元，而這部分節省將延續到明年。之後，我們還會獲得一些增量節省。我們把McAfee也納入考慮範圍，並且我們將進行一些再投資，正如我們之前討論過的，這些投資將用於一些重要領域，例如資料中心、物聯網和記憶體。

And so when you add all that up, to just give you an all-in number that captures the full calendar 2017, what we're expecting is that from the starting point of 2015, we're down about 1 point in 2016, and then we should be down on the order of another 1 point next year in 2017 with all of this all in, the restructuring, McAfee, and the reinvestment. I hope that helped.

所以，把所有這些因素加起來，得出涵蓋整個2017年全年的總數字，我們預計，從2015年的起點算起，2016年會下降大約1個百分點，然後，考慮到重組、McAfee收購和再投資等所有因素，2017年應該還會再下降大約1個百分點。希望這能有所幫助。

Yes, that did. Thank you and congratulations on your new gig.

是的，確實如此。謝謝你，也恭喜你找到新工作。

Thank you, sir.

謝謝您，先生。

Thank you. Our next question comes from the line of Chris Danely from Citigroup. Your question, please.

謝謝。下一個問題來自花旗集團的克里斯·丹尼利。請問您的問題是什麼？

Thanks, guys. Just on the PC, you guys were pretty much first to call the inventory burn in Q1 of this year. In terms of your call for inventory burn in the PC channel for Q4, is this reflected in your order book? Is this what your customers and channel partners are telling you? Or is this you guys think that, hey, things were a little too good in Q3 so they have to ease up a little bit in Q4?

謝謝各位。就PC端而言，你們幾乎是最早預測到今年第一季庫存消耗的。關於你們預測的第四季PC通路庫存消耗，這是否反映在你們的訂單中？你們的客戶和通路夥伴是否也這樣回饋？或者你們認為，第三季的銷售情況可能過於火爆，所以第四季需要適當放緩？

I'd tell you it's some mix. We had some indications from some of our partners that there was some inventory building tied to various SKUs. We're also watching the sell-through as it goes all the way through the OEMs and out into the retail sectors.

我覺得情況比較複雜。我們的一些合作夥伴反映，部分SKU存在庫存積壓的情況。我們也密切關注銷售情況，包括從OEM廠商到零售通路的整個銷售過程。

So it's never a guess on our part. It's always some combination of that data set that is what the OEMs tell us, what we see in retail and our discussions with retail, and even just our own -- we go out and collect that data in the retail space of what people are doing, what's the basically population density at a place like Best Buy? How many people are out there buying PCs versus something else in the store? We compile all that data to give that forecast.

所以，我們的預測絕非猜測。它總是綜合運用多種數據，包括OEM廠商提供的資訊、我們在零售通路的觀察和與零售商的溝通，甚至我們自身的數據——我們會實地走訪零售場所，收集人們的消費行為數據，例如像百思買這樣的零售店的客流量密度如何？有多少人購買電腦，有多少人購買其他商品？我們將所有這些數據匯總起來，最終得出預測結果。

But like Stacy said, we're not talking about a major shift in the inventory. We're talking about a couple of days. But a couple of days when you ship 1 million units a day is a big number when you take a look at the ASPs in 1 million units a day. So it doesn't take a big swing. We're not talking weeks here; we're talking a couple of days.

但就像史泰西說的，我們說的不是庫存的大幅變動，只是幾天而已。但如果你每天出貨100萬件，考慮到100萬件的平均售價，幾天時間就足以造成很大的影響。所以，這不會造成太大的波動。我們說的不是幾週，只是幾天而已。

I would just add, the order book is much less meaningful than it used to be, because in many cases, we hold inventory at a hub at our customer's location. The cancellation policy is such that they only pull demand when they need it. We have policies to make sure we're not creating false incentives for them to take demand they don't want. So while we do have some indication of what they want, it can change on a daily basis.

我還要補充一點，訂單簿的意義遠不如以前了，因為在許多情況下，我們會在客戶所在地的配送中心存放庫存。取消訂單的政策是，客戶只會在真正需要的時候才提貨。我們制定了相關政策，確保不會人為地誘導客戶接受他們不想要的訂單。所以，雖然我們能大致了解客戶的需求，但這些需求每天都在改變。

Got it. Great. And then for my follow-up, a question on inventory. So sales were up over $2 billion, but your inventory only went down a little bit. Can you just comment on why that happened and where utilization rates are going? What you feel comfortable as far as inventory levels go, does it worry you at all?

明白了，太好了。接下來我想問一個關於庫存的問題。銷售額成長了20多億美元，但庫存卻只略有下降。您能否解釋一下原因以及庫存利用率的走向？您對目前的庫存水準感到滿意嗎？您是否對此感到擔憂？

Yes, it came in pretty much right where I was expecting, Chris. What we saw is a reduction in CPU inventory in the third quarter, and even within that, a pretty sizable reduction in first-generation 14-nanometer products being replaced by second-generation 14-nanometer products. So that played out as expected. And then we saw some increases in other areas in inventory, non-CPU areas.

是的，克里斯，結果基本上符合我的預期。我們看到第三季CPU庫存有所下降，而且即便在CPU庫存中，第一代14奈米產品被第二代14奈米產品取代的比例也相當可觀。所以這部分情況符合預期。此外，我們也看到其他領域（非CPU領域）的庫存增加。

And then, we're still on track. I was looking at the -- what we're expecting from a sales standpoint, and what we're expecting from overall builds and yields and everything else, we're still on track to have inventory come down in Q4, which is what I signaled on the last call.

而且，我們目前仍按計劃進行。我查看了我們對銷售、整體產量、產量以及其他所有方面的預期，我們仍然預計在第四季度降低庫存，這與我在上次電話會議上所說的一致。

Great. Thanks.

太好了，謝謝。

Thank you. Our next question comes from the line of Blayne Curtis from Barclays. Your question, please.

謝謝。下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。請問您的問題是什麼？

Thanks for taking my question. Just want to circle back on DCG, just when you look at the way September played out and as you look into December, was enterprise really the only area that changed? And I'm just trying to understand. You talked about mix, the networking. Was there any difference. You had also talked about lumpiness in cloud. Did that all play out as you expected?

感謝您回答我的問題。關於DCG，我想再補充一點，回顧9月的狀況，展望12月份，企業級市場真的是唯一改變的領域嗎？我只是想弄清楚。您提到了混合部署和網路部署，這些方面有什麼不同嗎？您也提到了雲端服務的不穩定性，這些情況是否都如您所預期的那樣發展了？

Yes, it absolutely did. We tried to talk about the numbers in the preview to the start of just showing you by segment there, cloud, telco, networking and storage, and then the adjacencies. They all grew at or above our forecast.

是的，確實如此。我們在預覽中嘗試按細分市場（雲端、電信、網路和存儲，以及相關領域）展示數據，結果顯示所有細分市場都達到或超過了我們的預期。

Those are still, as we talked about earlier in one of the questions, growing in a percentage of our overall data center business. So they weren't quite enough to offset the 3 percentage decline in the enterprise side. But absolutely, that was the story for the quarter.

正如我們之前在某個問題中提到的，這些業務在我們整體資料中心業務中所佔的比例仍在成長。因此，它們不足以抵銷企業級業務3%的下滑。但毫無疑問，這就是本季的情況。

We're quite happy, and I think our thesis of what continues to drive their growth is holding. When we go out and talk to our partners and customers about what's driving cloud growth, what's going to drive the networking and storage requirements out in time, we start to look at devices like autonomous cars and the IoT network in general, all of those things are driving large requirements into those data centers in those growth segments. And so that's what gives us the comfort that, yes, this will continue. And our forecasts are holding in those spaces.

我們非常滿意，我認為我們關於推動其成長的因素的論點仍然成立。當我們與合作夥伴和客戶探討推動雲端運算成長的因素，以及未來網路和儲存需求的發展趨勢時，我們發現自動駕駛汽車和物聯網等設備都在推動這些成長領域對資料中心提出更高的要求。因此，我們確信這種成長勢頭將會持續下去。我們在這些領域的預測也依然有效。

Thanks. And then just on the [non-volatile group] you've been spending a lot of money. Another big CapEx in Q4 here. Can you just talk about when the capacity additions could lead to revenue? And then as you look at the operating margin of that business, when could it be a positive contributor?

謝謝。另外，你們在非波動性業務板塊投入了大量資金。第四季還有一筆數額龐大的資本支出。能否談談產能擴張何時能轉化為收入？再看看該業務的營業利潤率，它何時才能成為獲利貢獻者？

I'll start with the first and then I'll let Stacy talk about the margin. Absolutely first, as we said and I think Stacy said a couple minutes ago as well, at our Dalian, China factory, we are now running wafers. The yields are quite good; they're as good as our existing factories.

我先說第一個問題，然後讓Stacy談談利潤率。首先，正如我們剛才所說，Stacy幾分鐘前也提到過，我們在中國大連的工廠現在已經開始生產晶圓了。良率相當不錯，跟我們現有工廠的良率一樣好。

So you'll see that factory now ramp through the first half, roughly, of next year, and as most of that spending will occur in that same time frame as far as adding the equipment to facilitate that ramp. From there then, it's just purely just running the volume and continuing to grow in that space. That's primarily 3D NAND. Again, we believe we have cost performance that is quite good relative to the rest of the market.

因此，您會看到該工廠在明年上半年左右開始逐步提高產能，而大部分投資也將在同一時期用於添置設備以支持產能提升。之後，工廠將專注於維持現有產能並繼續拓展該領域。這主要涉及3D NAND快閃記憶體。再次強調，我們相信我們的性價比相對於市場上的其他產品而言相當出色。

With the 3-D Crosspoint, we are in the process of shipping samples now to customers by the -- as we go through this quarter, we'll ship thousands of samples to customers. We're targeting to start or to finish qualification at the end of this quarter, and that ramp really starts -- it's really a 2018 ramp for that product. So you'll see, again, the revenue and, hence, the costs go down on 3-D Crosspoint as we go into next year as well.

目前，我們正在向客戶寄送3D Crosspoint的樣品－在本季末，我們將向客戶寄送數千份樣品。我們的目標是在本季末開始或完成產品認證，並真正開始量產——這實際上是該產品2018年的量產計劃。因此，您將會看到，隨著我們進入明年，3D Crosspoint的收入以及相應的成本將會下降。

Let me -- I'll hit on the margin, but I do want to do a shout-out to the China factory team. I was just out there and Brian was being a little humble. The yields on their first production material matched the yields on the mature production facility, which is a phenomenal result for a factory. So they're doing quite well.

讓我——我只能略過不提，但我還是要特別表揚一下中國工廠的團隊。我剛才去那裡的時候，布萊恩還挺謙虛的。他們第一批生產材料的良率就和成熟生產線的良率持平了，這對一家工廠來說絕對是驚人的成績。所以他們做得相當不錯。

In terms of the overall margin, if you look at the -- let's just focus on Q3. What we saw in Q3 is an improvement in the underlying NAND business being offset by increased start-up costs associated with Dalian, China, and some increased costs associated with 3-D Crosspoint.

就整體利潤率而言，我們不妨只關注第三季。第三季我們看到的是，NAND業務基礎的改善被大連工廠（位於中國）的啟動成本增加以及3D Crosspoint的一些成本增加所抵消。

As Brian said, when we get into the first half of next year, those products are ramping. And so we should start to see pretty significant improvements in the overall P&L because that headwind, if you will, goes away and we have a very competitive, very cost competitive product line that we're selling in the marketplace.

正如布萊恩所說，到了明年上半年，這些產品的產能將會逐漸提升。因此，我們應該會看到整體損益表出現相當顯著的改善，因為不利因素將會消失，而我們將擁有極具競爭力、成本極具競爭力的產品線在市場上銷售。

Hey, just a correction. The team here just caught me on. I think I had my years off. So on the 3-D Crosspoint, it will be qualified at the end of this quarter. We're shipping thousands of samples to customers. We're shipping samples already. We'll ship thousands through this quarter. And it ramps in 2017.

嘿，糾正一下。我們團隊剛剛提醒我。我好像好幾年沒更新了。關於3D Crosspoint，它將在本季結束時完成認證。我們正在向客戶寄送數千份樣品。我們已經開始寄送樣品了。本季我們將寄送數千份。它將在2017年全面量產。

I think I said by mistake 2018. I'm sorry, I'm just -- too many years that we're talking through here. So ramp in 2017, revenue growth in 2017, samples, thousands in the fourth quarter and qualified at the end of the quarter. Sorry for that confusion.

我好像不小心說成了2018年。抱歉，我們討論的年份太多了，有點暈。所以，2017年是產品上市初期，2017年是營收成長期，第四季發放了數千份樣品，並在季度末完成了合格測試。很抱歉造成了誤解。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Chris Rolland from Susquehanna. Your question, please.

謝謝。下一個問題來自薩斯奎哈納的克里斯羅蘭。請問您的問題是什麼？

Hey, guys, thanks for the question. Welcome, Bob, and congratulations on your guys' PC number. Do you guys think that there is some cannibalization here of Broadwell from those waiting for the release of the Purley platform next year?

嘿，夥計們，謝謝你們的提問。歡迎鮑勃，也祝賀你們的電腦銷售。你們覺得明年Purley平台發表後，Broadwell平台的銷售量會不會受到一些蠶食呢？

And also, how do you guys view the value prop for Purley? You guys have a faster interface there, more pins and IO. But do you think there's some killer feature there that makes Purley much stronger than typical platform ramp?

另外，你們又如何看待 Purley 的價值主張？你們的介面速度更快，接腳和 I/O 也更多。但你們認為 Purley 有什麼殺手級功能，使其比典型的平台 Ramp 更具優勢嗎？

Sure. So I think I heard all of your questions. But I think your question is -- you can correct me if I got it wrong, A, how much of the enterprise slowdown that we saw is being driven by cannibalization, basically, of people waiting for Purley, aka Skylake platform? And then what are the real features that we're looking for that drive Skylake performance? Did I get that right?

當然。我想我已經聽到您的所有問題了。但我認為您的問題是——如果我理解有誤請指正——A，我們看到的企業級產品增速放緩，有多少是由於用戶等待 Purley（也就是 Skylake 平台）而造成的？其次，我們真正期待哪些特質能夠提升 Skylake 的效能？我理解對嗎？

Yes. I'm just trying to gauge if there could be a reacceleration in DCG around Purley.

是的。我只是想評估一下珀利附近直流煤層氣（DCG）是否有可能再次加速成長。

So first, it's always very difficult for us. If you take a look at Broadwell, the Broadwell platform, the performance is quite good. What we find is that each one of these generations, as long as you stay on this cost-performance curve, people are willing to go buy those that are running these cloud platforms quite quickly.

首先，這對我們來說總是非常困難。以 Broadwell 平台為例，它的表現相當出色。我們發現，只要每一代產品都能維持這種性價比，人們就願意購買那些運行雲端平台的設備，而且速度很快。

And so we're seeing demand for Broadwell from the cloud service providers, from the networking and telco side, and quite strong. So we don't think we see -- if we were going to see performance-based cannibalization, you'd see it in those real high-level performance sectors first actually, I would think. So we don't see that.

因此，我們看到雲端服務供應商、網路營運商和電信營運商對 Broadwell 的需求非常強勁。所以我們認為，如果真的會出現基於性能的蠶食現象，我認為首先會在那些真正對性能要求極高的領域出現。但我們目前沒有看到這種情況。

On the Purley platform, we're actually starting to sample those products already to some of the leading-edge customers. And they're seeing not only just an overall TCO performance advantage that we typically see with each one of these, but this also continues our integration of things like the Omni-Path fabric. It has more integration of the Silicon Photonics. So it's those adjacency functions that are quite strong as you -- and they will get more and better as we go through each one of these.

在 Purley 平台上，我們已經開始向一些領先的客戶提供這些產品的樣品。他們不僅看到了我們通常在每款產品中都看到的總體擁有成本 (TCO) 效能優勢，而且還看到了我們持續整合 Omni-Path 架構等技術的成果。它也進一步整合了矽光子學技術。因此，這些鄰近功能非常強大——而且隨著我們不斷推動這些產品，它們將變得越來越好。

There will be a second generation of Purley that includes 3-D Crosspoint. It allows pooling of memory, and then there will be future ones that allow additional pooling of things like FPGAs. So each one of these now adds some additional features across the rack that really helps in the overall system performance.

第二代 Purley 將包含 3D Crosspoint 技術，支援記憶體池化。未來也將推出支援 FPGA 等組件池化的版本。因此，每一代產品都為機架增添了更多功能，並顯著提升了系統整體效能。

Great. Thanks for that. And then a lot of discussions that I've had with the channel recently have been fairly positive around PC ASP increases next year. And part of this is the mix towards enterprise as consumer mix down. But others are pointing to an inflection in ultrabooks, thin and light. So let's say we got a massive ASP increase in laptops, like they're up 10% or something like that. What fall-through would we expect for CPU ASPs?

太好了，謝謝。最近我跟通路裡的很多人討論過明年PC平均售價（ASP）的成長，大家的預期都相當正面。部分原因是企業級市場佔比上升，而消費級市場佔比下降。但也有人指出，超極本（輕薄本）市場即將迎來轉捩點。假設筆記型電腦的平均售價大幅上漲，例如上漲10%左右，那麼CPU的平均售價會受到怎樣的影響呢？

100% of that. I mean -- (multiple speakers) So first let's -- it's ASP, it all flows through.

百分之百是這樣。我的意思是──（多人發言）首先，我們──它是ASP，一切都透過它運作。

First, I do want to recognize that our OEM partners are putting out some great products, and I think you're going to have to take a look at this and really ask -- that's a pretty interesting scenario and I'm very hesitant to this. But typically, Stacy's right. If ASPs go up across the board at the system level, it tends to float all boats.

首先，我確實想肯定我們的OEM合作夥伴推出了一些非常優秀的產品，我認為你們需要認真審視一下這個問題——這確實是一個很有意思的情況，我對此也持保留狀態。但通常來說，Stacy的說法是對的。如果系統層面的平均售價普遍上漲，那麼對所有產品都有好處。

So our OEM partners would see an increase. We'd see an increase. The other partners within that infrastructure would see it. We really more think of our pricing, though, as value-based. So as we bring out new products and bring out new features, we make sure that the value-based pricing is there and that people are either getting more value for the same price or quite a bit more for a slightly increased price.

因此，我們的OEM合作夥伴會看到成長，我們自己也會看到成長，該基礎設施內的其他合作夥伴也會看到成長。不過，我們更傾向於以價值為基礎來定價。所以，當我們推出新產品和新功能時，我們會確保以價值為基礎的定價策略，讓用戶要麼以相同的價格獲得更多價值，要麼以略微增加的價格獲得更多價值。

So I think that's such a unique scenario, as it just over, across the board, all of the sudden one day prices go up, actually, we wouldn't necessarily flow through that ASP to our end partners because we didn't necessarily drive that from a new features. If it happens with our 10-nanometer launch and it's because of features, then we do add those. So we do it based on what value we provide to the end user and our OEM partners.

所以我覺得這種情況非常特殊，因為價格突然全面上漲，事實上，我們可能不會將平均售價（ASP）的上漲轉嫁給最終合作夥伴，因為價格上漲並非源自於新功能。但如果價格上漲是由於10奈米製程的推出以及新功能的增加，那麼我們會相應地提高價格。所以，我們是根據我們為最終用戶和OEM合作夥伴提供的價值來決定價格的。

And if I can just add, the way we would see that is actually with a mixing up. We don't raise our pricing. But the way you articulated this, if it's a bunch of high-end notebook ultrathins, thin and lights, we would see a mixing up of our overall demand. And in fact, it is one of the phenomenons that we've been seeing. I think we've done a good job of creating a differentiated product line. And this quarter, we saw great sales of I-7s and notebooks. And so I think it's consistent with what you're seeing in your channels.

我再補充一點，我們觀察到的情況其實是產品組合的混合。我們不會提高價格。但正如您所說，如果市場充斥著大量高端超薄、輕薄筆記型電腦，那麼我們的整體需求就會出現混合。事實上，這正是我們觀察到的現象之一。我認為我們在打造差異化產品線方面做得很好。本季度，i7處理器和筆記型電腦的銷量都非常出色。所以我認為這與您在頻道中觀察到的情況是一致的。

Probably the best example of that is the gaming space. We continue to see -- we put out the [case] SKU, a 12-core monster, and we wonder how many people are going to go buy it and we find we're sold out. So I think that's an example where, quote, our ASPs go up but it's really a mix function. Otherwise, it's going to be -- we always just do pricing based on value and features that we bring.

遊戲領域或許是最好的例子。我們經常看到這樣的情況：我們推出一款12核心的頂級處理器，然後想知道有多少人會買，結果發現已經售罄。所以我覺得這就是一個例子，雖然我們的平均售價上漲了，但這其實是多種因素共同作用的結果。除此之外，我們始終堅持根據產品的價值和功能來定價。

Great. Thanks for the detail.

太好了，謝謝你的詳細說明。

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

接線員，我想我們還有時間再回答兩位提問者的問題。

Our next question comes from the line of Timothy Arcuri from Cowen & Company. Your question, please.

下一個問題來自考恩公司（Cowen & Company）的蒂莫西·阿庫裡（Timothy Arcuri）。請問您的問題是什麼？

Thank you very much. My first question is, I think you had said at the spring analyst meeting that the enterprise would be a little bit less than half of DCG this year, revenue-wise. Can you right-size us on what enterprise will be as a percentage of DCG just in the fourth quarter?

非常感謝。我的第一個問題是，我記得您在春季分析師會議上說過，今年企業業務的營收將略低於DCG的一半。您能否具體說明一下，第四季企業業務的營收將佔DCG的多少比例？

This is Stacy. I think I took a stab at this earlier, but let me just reiterate what I said. To be clear, I was talking CPUs, enterprise server CPUs. And so if you take the slides that I showed back a year ago, we've seen robust growth rates in the cloud. We've seen less-than-expected growth rates in the enterprise. So if anything, we've pulled in those crossover points.

我是史泰西。我之前好像已經嘗試解釋過這個問題了，不過我再重申一次。需要說明的是，我當時說的是CPU，企業級伺服器CPU。如果你回顧我一年前展示的幻燈片，你會發現雲端運算領域實現了強勁的成長，而企業級伺服器的成長則低於預期。所以，如果有什麼變化的話，那就是我們已經觸及了這兩個領域的交會點。

Beyond that, we haven't given a new percentage, and that would be something that we would logically talk about when we give the longer-term perspective to the market in this coming February investor meeting.

除此之外，我們還沒有給出新的百分比，而這理所當然是我們會在即將到來的二月份投資者會議上向市場闡述長期前景時討論的問題。

Got it. Okay. And then I want to ask a question on the mobile losses. I know that you don't break out MCG anymore. But I think I asked you last call about feeling good about this $800 million improvement in losses this year. That would get you to roughly a loss of 2.2 to 2.3 in the former MCG.

明白了。好的。接下來我想問一個關於行動端虧損的問題。我知道你們現在不再單獨列出行動端資料了。但我記得上次電話會議我問過您，對於今年虧損額減少8億美元這件事，您是否感到滿意。如果算上之前的行動端數據，虧損額大概會降到2.2到2.3億美元。

Can you talk in light of the iPhone win, can you talk maybe how you think about the degree to which you could get further improvement in that number next year? Thanks.

鑑於iPhone銷量大獲成功，您能否談談您認為明年這個數字還能在多大程度上得到進一步提升？謝謝。

Sure. So first off, let me just say as is our standard practice, we don't talk about our customer -- what technology they use inside their products in this space. So I'm not going to confirm or anything on a particular win. But I'll take you back to the mobile loss here.

當然。首先，我要說明的是，按照我們的慣例，我們不談論客戶——不談論他們在這個領域產品中使用的技術。所以我不會確認任何具體的成功案例。但我會帶你回到行動端的失利。

So as you got right, we no longer have a mobile segment; we haven't for a while. We had articulated that in 2015 we expected to improve the loss by $800 million. We actually ended up closer to $1 billion.

正如您所說，我們已經沒有行動業務部門了；這種情況已經持續了一段時間。我們曾預計2015年虧損額將減少8億美元，但最終虧損額接近10億美元。

We said, hey, based on everything we know of what's going on with contra revenue and investments and margin improvements and all of that, that we'd expect something on the order of an $800 million improvement in 2016. Everything I know from there would say we're on track or exceeding that, just because we know that as we've gone through our restructuring, we've made some further disinvestments. We've, as you just heard earlier, our volume's a little lower, our contra revenue's looking a little lower, the product margins all look good.

我們當時說，根據我們對逆向收入、投資、利潤率提升等各方面情況的了解，我們預計2016年業績將改善約8億美元。就我目前掌握的資訊來看，我們目前正按計劃推進，甚至可能超額完成目標，因為我們知道，在重組過程中，我們進一步剝離了一些投資。正如您剛才聽到的，我們的銷售量略有下降，逆向收入也略有下降，但產品利潤率看起來都不錯。

So I'm not seeing anything that would say it's smaller. If anything, it's going to be bigger in terms of the overall savings. And I do just want to reiterate, it's impossible for us to detangle it going forward. Where you really see this is in the CCG operating results, and as we started this call, they had phenomenal operating margins this quarter. And everything went right. They had revenue growth. They saw unit costs coming down. They're making, I think, prudent disinvestment decisions. When you add all that up, they become a real cash and profit driver for the Company.

所以我沒看到任何跡象顯示規模會縮小。如果有什麼變化，那就是整體節省的金額會更大。我還要重申，我們不可能在未來將其完全剝離。這點在CCG的營運表現中體現得淋漓盡致。正如我們開始這次電話會議時所說，他們本季的營運利潤率非常驚人。一切都進展順利。他們的收入成長了，單位成本下降了。我認為，他們正在做出審慎的撤資決策。總而言之，他們成為了公司現金流和利潤的真正驅動力。

Thank you.

謝謝。

Thank you. Our final question then comes from the line of Harlan Sur from JPMorgan. Your question, please.

謝謝。我們最後一個問題來自摩根大通的哈蘭‧蘇爾。請問您的問題是什麼？

Good afternoon. Thanks for taking my question. On the IoT business, it's good to see the reacceleration in growth. Can you just talk about the sustainability of the double-digits year-over-year growth trends and the sustainability of the 20%-plus operating margins on a go-forward basis? I know you mentioned broad-based strength across the verticals. Maybe you can just also talk about some of the product segments that are powering this growth.

午安.感謝您回答我的問題。關於物聯網業務，很高興看到成長再次加速。您能否談談兩位數年成長趨勢的可持續性，以及未來20%以上營業利潤率的可持續性？我知道您提到了各個垂直領域的整體強勁成長。您能否也談談推動這項成長的具體產品領域？

Yes, sure. So I'm trying to make sure I really think about what question you're asking. From a -- can we sustain the double-digit growth? We absolutely believe that we can, and we've tested that with our -- the deals that we see on the plate going forward. So we've forward tested that.

當然可以。所以我正在努力認真思考你提出的問題。你是問──我們能否維持兩位數的成長？我們絕對相信可以，而且我們已經透過目前正在洽談的交易驗證了這一點。所以，我們已經對此進行了前瞻性測試。

And we've looked at our product road maps and what we're bringing out. And we've got products like Atlas Peak and Atlas Peak 2 that are coming that are Broxton-based products that are quite strong and quite capable in this segment, and priced and designed right for that.

我們已經審視了產品路線圖以及即將推出的產品。我們即將推出的產品包括 Atlas Peak 和 Atlas Peak 2，它們都是基於 Broxton 平台的產品，在這個細分市場中性能強勁、功能強大，而且定價和設計都非常合理。

The segments are going to continue to believe -- be, we believe, the video analytics segment; that continues to go well. There are other segments of the industrial segment that we believe will continue to grow on machine automation, machine factory automation, think of it as factory automation.

我們相信，視訊分析領域將繼續保持成長勢頭。此外，我們認為工業領域的其他一些細分領域，例如機器自動化、工廠自動化（或工廠自動化），也將持續成長。

The retail segment will continue to be an area where it continues to grow. And then automotive, and you saw us make deals, for example, this quarter with BMW on autonomous driving, which is a little further out. But that's just an example.

零售領域將繼續保持成長勢頭。汽車領域也是如此，例如，您也看到了，我們本季與寶馬就自動駕駛技術達成了合作協議，雖然這項技術目前還處於起步階段。但這只是一個例子。

You'll also see products from Land Rover and a variety of other OEMs that are a mix of everything from autonomous driving programs to in-vehicle infotainment-type systems. And those systems are quite -- we're thinking of them more and more as servers on wheels, as you start looking at all of the adjacencies too. They're needing connectivity. They're needing storage. They're needing Silicon Photonics for moving the infotainment, basically the graphics video around the system. They use FPGAs for accelerators, like we talked about earlier.

你還會看到路虎和其他各種原始設備製造商（OEM）的產品，它們涵蓋了從自動駕駛程式到車載資訊娛樂系統等各種功能。這些系統相當複雜——我們越來越覺得它們就像是移動的伺服器，尤其是在考慮到它們的所有相關功能之後。它們需要連接性，需要儲存空間，還需要矽光子技術來傳輸資訊娛樂數據，也就是圖形和視訊。它們也使用FPGA作為加速器，就像我們之前提到的那樣。

So when we look across those segments and we test it out, we do believe we can continue that. Those are also high compute areas, and it's what gives us the confidence in the margin functions as well. They tend to reuse a lot of our intellectual property from the PC segment and carry that down over into it. That's one of the real strengths of Intel's integrated device manufacturing business model.

因此，當我們審視這些細分市場並進行測試後，我們相信能夠繼續保持這種勢頭。這些領域也屬於高運算領域，這也讓我們對利潤率充滿信心。它們往往會沿用我們在個人電腦領域的大量智慧財產權，並將其應用到其他領域。這正是英特爾整合元件製造商業模式的真正優勢之一。

And so the amount of investment required to bring those to market are less than if you start from scratch and that's your only product. That's what gives us the confidence in the margin space as well.

因此，將這些產品推向市場所需的投資比從零開始開發唯一產品要少。這也讓我們對利潤率充滿信心。

Great, and then thanks for the insights there. On the cellular modem front, obviously the team is driving good success here with the 7360 this year. Looks like you guys are continuing to drive the road maps.

太好了，感謝您提供的見解。在蜂窩調製解調器方面，顯然團隊今年憑藉 7360 取得了不錯的成績。看來你們正在繼續推進產品路線圖的發展。

I notice that your next-generation platform, the 7480, was just qualified at AT&T just this month. This was actually about the same time last year that you guys qualified the 7360 at AT&T. Now that it's qualified, can you just help us understand when should we expect 7480 to show up in mobile devices? Would this be 2017, and any other color you can provide us in terms of other global carriers that you've qualified this new chip set with?

我注意到你們的下一代平台 7480 本月剛剛通過了 AT&T 的認證。事實上，去年差不多也是這個時候，你們的 7360 也通過了 AT&T 的認證。既然 7480 已經通過認證，能否告知我們 7480 何時會應用於行動裝置？是 2017 年嗎？你們能否透露一下還有哪些全球業者也通過了這款新晶片的認證？

Sure. So I think you really want to think the modem space as really an annual cadence. I think that's what it's taking us a while to get to is to get to that annual pace. But we really believe we're on a clip now. As you said, the 7480 is now qualified. As you said, it's qualified at AT&T there.

當然。所以我認為，調變解調器領域的發展應該以年度為單位來衡量。我認為，我們目前需要一段時間才能達到這種年度節奏。但我們確實相信，我們現在已經步入正軌了。正如您所說，7480 已經通過認證。正如您所說，它在 AT&T 已經通過認證。

We typically go then out and around the world. So you'll see it at many of the same places that the 7360 got qualified, in Europe, in China, other parts of southeast Asia. So those will be ongoing now.

我們通常會帶著它到世界各地進行展示。所以你會在7360獲得認證的許多地方看到它，像是歐洲、中國、東南亞其他地區。這些展示活動目前仍在進行中。

And you should just think about we're really targeting modem technology advancements on that annual basis, and typically, you're right; they get qualified in the third and fourth quarter of the year before. And then customers start to roll out those devices, typically, more towards the second half of the following year. So you should see these things start to show up in devices in the second half of 2017.

你應該想想，我們每年都在積極推動調變解調器技術的進步，通常情況下，你說得對，這些技術會在前一年的第三季和第四季獲得認證。然後，客戶通常會在第二年的下半年開始部署這些設備。所以你應該會在2017年下半年看到這些技術開始出現在各種設備中。

And you should just think about that from this business from here on. We should come out with another series next year at this time with the 2018 target. That's really our business model for the modems moving forward.

從現在開始，你應該就按照這個思路來經營這項業務。我們計劃明年這個時候推出另一個系列，目標是在2018年完成。這才是我們未來調變解調器業務的真正商業模式。

Thank you.

謝謝。

Great. Thank you all for joining us today and, Jonathan, please go ahead and wrap up the call.

太好了。感謝各位今天參加我們的電話會議，喬納森，請你們結束今天的通話吧。

Certainly. This does conclude the question-and-answer session, as well as today's program. Thank you for your participation and have a great day.

當然。問答環節到此結束，今天的節目也到此結束。感謝您的參與，祝您有美好的一天。