英特爾 (INTC) 2017 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q3 2017 Intel Corporation Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Mark Henninger, Head of Investor Relations. Please go ahead.

女士們、先生們，大家好，歡迎參加英特爾公司2017年第三季財報電話會議。（操作員指示）現在我將把電話轉交給投資人關係主管馬克‧亨寧格。請繼續。

Thank you, operator, and welcome, everyone, to Intel's Third Quarter 2017 Earnings Conference Call. By now, you should have received a copy of our earnings release and the CFO earnings presentation, which replaces the CFO commentary that we provided in the past. If you've not received both documents, they're available on our Investor website, intc.com. The CFO earnings presentation is also available in the webcast window for those joining us online.

謝謝接線員，歡迎各位參加英特爾2017年第三季財報電話會議。現在，您應該已經收到我們的獲利報告和財務長獲利演示文稿，取代了我們過去提供的財務長評論。如果您尚未收到這兩份文件，它們可以在我們的投資者網站 intc.com 上找到。在線上觀看直播的觀眾也可以在網路直播視窗中觀看財務長的業績報告。

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

今天和我一起的有我們的執行長布萊恩·科再奇和財務長鮑勃·斯旺。稍後我們將聽到他們兩人的簡短發言，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，請允許我提醒大家，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。

A brief reminder that this quarter, we have provided both GAAP and non-GAAP financial measures. Today, we will 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.

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，我們將結合非GAAP財務指標來介紹我們的合併績效。財務長評論和收益報告可在 intc.com 上查閱，其中包括完整的 GAAP 和非 GAAP 調整表。

With that, let me hand it over to Brian.

那麼，現在讓我把麥克風交給布萊恩。

Thanks, Mark. The third quarter exceeded our expectations with revenue of $16.1 billion, which was $400 million better than our outlook. Operating income of $5.6 billion was more than $700 million better than our outlook. Our data-centric businesses grew 15% year-over-year, reaching 45% of our revenue, proving that Intel is becoming a data-centric company.

謝謝你，馬克。第三季營收達到 161 億美元，超出預期，比我們先前的預期高出 4 億美元。營業收入達 56 億美元，比我們預期高出 7 億美元以上。我們的資料中心業務年增 15%，佔總營收的 45%，這證明英特爾正在成為一家以資料為中心的公司。

The fiscal discipline that Bob and I have talked about is delivering results even faster than we had forecasted, while simultaneously allowing us to focus more on innovation in our key growth segments.

鮑伯和我討論過的財政紀律正在以比我們預期更快的速度取得成效，同時使我們能夠更加專注於關鍵成長領域的創新。

Revenue grew 2%, or 6% after adjusting for the McAfee transaction. Operating income grew 8%, and earnings per share grew 26%, both reaching all-time records. Added all together, and this was a remarkable quarter in what is shaping up to be a remarkable year.

營收成長 2%，若計入 McAfee 交易的影響，則成長 6%。營業收入成長 8%，每股盈餘成長 26%，均創歷史新高。總而言之，這是一個非凡的季度，而今年也注定是非凡的一年。

Our strategy is to be the driving force of the data revolution across technologies and industries. Our data-centric businesses are the company's growth engine. Individually, these businesses provide great value to our customers. Collectively, they're solving our customers' problems in a way that no individual business or product could.

我們的策略是成為推動跨技術和產業數據革命的驅動力。我們以數據為中心的業務是公司的成長引擎。這些企業各自都為我們的客戶提供了巨大的價值。他們齊心協力，以任何單一企業或產品都無法做到的方式，解決了客戶的問題。

We've built a collection of capabilities that is unmatched. At the same time, our PC business remains central to our success. It's a source of great profit, cash flow, scale and intellectual property. We've made great progress in both our data-centric and PC-centric businesses over the last few months, and I'll share a few important milestones that illustrate that progress.

我們建構了一套無與倫比的能力體系。同時，我們的個人電腦業務仍然是我們成功的核心。它是巨額利潤、現金流、規模和智慧財產權的來源。在過去的幾個月裡，我們在以數據為中心和以個人電腦為中心的業務方面都取得了巨大的進步，我將分享一些重要的里程碑來說明這些進步。

I'm going to start with CCG, which produced exceptional results despite a declining PC TAM. PC market conditions continued to improve, and we achieved record Core i5 plus Core i7 client mix. Our focus on an annual beat rate of innovation and thoughtful segmentation, combined with an investment strategy designed to produce results even in a declining market, is paying off. We're especially excited about the launch of our latest Eighth Generation Core processor, codenamed Coffee Lake.

我先來談談CCG，儘管PC市場規模不斷萎縮，但該公司仍然取得了優異的成績。PC市場狀況持續改善，我們實現了Core i5和Core i7客戶組合的最高紀錄。我們專注於每年超越市場創新速度和周密的市場細分，並制定了即使在市場下滑的情況下也能產生業績的投資策略，這些都取得了成效。我們尤其興奮地宣布推出最新的第八代酷睿處理器，代號為 Coffee Lake。

The Coffee Lake family includes our first 6-core desktop CPU. And it's our best gaming processor to date, with up to 50% better performance than the competition on top-game titles. We're on track to ship our first low-volume 10-nanometer part by the end of the year. That will be followed by the initial ramp in the first half of 2018, with both high volume and system availability in the second half of 2018. We shipped our first modem into the auto industry, and our modem revenue was up 37% in total over last year.

Coffee Lake 系列包括我們首款 6 核心桌面 CPU。這是我們迄今為止最好的遊戲處理器，在熱門遊戲中，其效能比競爭對手高出 50%。我們預計在年底前交付首批小批量生產的 10 奈米裝置。隨後將在 2018 年上半年逐步提高產量，並在 2018 年下半年實現高產量和高系統可用性。我們向汽車產業交付了第一台調變解調器，而調變解調器總收入比去年成長了 37%。

Moving on to our data-centric businesses, DCG revenue grew 7% in Q3 and remains on track for high single-digit growth for the year. We saw strong cloud growth outgrew the comm service provider in market. And while the enterprise decline moderated sequentially, we still see workloads moving to the cloud. Cloud and comm service provider revenue combined is nearly 60% of DCG revenue now.

接下來談談我們以數據為中心的業務，DCG 第三季營收成長了 7%，並有望全年高個位數成長。我們看到，雲端運算的強勁成長超過了市場上的通訊服務供應商。儘管企業級工作負載的下滑速度有所放緩，但我們仍然看到工作負載正在向雲端遷移。目前，雲端服務和通訊服務供應商的收入合計佔 DCG 收入的近 60%。

In less than 3 months, we've had more than 200 Xeon Scalable OEM systems begin production shipments. And our customers across all of our segments are beginning deployments that will continue to ramp in Q4 and through 2018.

不到 3 個月的時間，我們已經有超過 200 套 Xeon 可擴展 OEM 系統開始生產出貨。我們各個領域的客戶都已開始部署，並將在第四季和 2018 年持續擴大部署規模。

In our Internet of Things business, revenue was up 23% with strengths across the retail, industrial and video segments. We also continue to build momentum in the vehicle infotainment market, winning designs from our competitors at leading automakers.

在我們的物聯網業務中，營收成長了 23%，零售、工業和視訊領域均表現強勁。我們在車載資訊娛樂市場也持續保持成長勢頭，贏得了領先汽車製造商的競爭對手的設計訂單。

Earlier in the quarter, we closed the Mobileye transaction, a full 4 months ahead of schedule. So far this year, Mobileye has won 14 ADAS designs across 14 automakers, a pace well ahead of the 12 wins they recorded all of last year. These designs provide for typical features like automated emergency braking, lane keeping and adaptive cruise control, but several also include next step functionality like highway autonomous driving.

本季度早些時候，我們完成了對 Mobileye 的收購，比原計劃提前了整整 4 個月。今年到目前為止，Mobileye 已為 14 家汽車製造商贏得了 14 個 ADAS 設計項目，這一速度遠遠超過了去年全年的 12 個項目。這些設計提供了自動緊急煞車、車道維持和自適應巡航控制等典型功能，但其中一些還包含高速公路自動駕駛等更高階的功能。

We're also winning marquee designs for Level 3 and higher levels of autonomy, including our strategic partnership with BMW and Fiat Chrysler.

我們還在 L3 及更高級別的自動駕駛領域贏得了標誌性設計，包括我們與寶馬和菲亞特克萊斯勒的策略合作。

Most recently, we announced that Waymo's newest vehicles, the self-driving Chrysler Pacifica hybrid minivans, feature Intel-based technologies for sensor processing, general compute and connectivity. With 3 million miles of real-world driving, Waymo cars with Intel technology inside have already processed more self-driving car miles than any other autonomous fleet on the U.S. roads.

最近，我們宣布 Waymo 最新自動駕駛汽車——克萊斯勒 Pacifica 混合動力小型貨車——採用了基於英特爾的技術，用於感測器處理、通用計算和連接。Waymo 汽車搭載英特爾技術，累計實際行駛里程已達 300 萬英里，超過了美國道路上任何其他自動駕駛車隊的行駛里程。

Intel and Mobileye provide the auto industry with unmatched product breadth, the architectural flexibility to support open and closed implementations and technology leadership. Our progress in just a few short months illustrates the benefits of our combination. And together, we can deliver the promise of autonomous driving and a safer collision-free future.

英特爾和 Mobileye 為汽車行業提供了無與倫比的產品廣度、支援開放式和封閉式實現的架構靈活性以及技術領先地位。短短幾個月內的進展就證明了我們團隊合作的優勢。我們攜手合作，就能實現自動駕駛的承諾，創造一個更安全、無碰撞的未來。

Let's move on now to memory and FPGAs. Our memory business grew 37% over last year. And operating margin improved significantly as Fab 68, our Dalian factory, continued to beat both its ramp rate and yield goal. Fab 68 accounted for more than half of our supply in the quarter, where more than 70% of the total bits were 3D NAND. Our memory innovation and technology leadership is having an impact. We shipped the industry's first 64-layer data center SSDs and have a strong Optane design win pipeline. That leadership technology has also resulted in strong customer interest in long-term supply agreements, and we've already signed 2 such agreements. Bob will share more about our approach, but this is an important step that will mitigate the short-term cash flow impacts of ramping our memory capacity.

接下來我們來談談記憶體和FPGA。我們的記憶體業務比去年成長了37%。隨著我們的大連工廠 Fab 68 不斷超越其產能爬坡速度和良率目標，營業利潤率也顯著提高。Fab 68 在本季占我們供應量的一半以上，其中 3D NAND 佔總位元數的 70% 以上。我們在記憶體創新和技術領先地位方面正在產生影響。我們推出了業界首款 64 層資料中心 SSD，並且擁有強大的 Optane 設計得標管道。這種領先技術也引起了客戶對長期供應協議的濃厚興趣，我們已經簽署了 2 份這樣的協議。Bob 將進一步介紹我們的方法，但這是重要的一步，可以減輕提高記憶體容量對短期現金流的影響。

And finally in our FPGA business, revenue was up 10% over last year with growth in the data center, embedded and automotive segments, where we're ramping designs like the Level 3 autonomous 2018 Audi A8 and DENSO's stereo vision system. Strength in these segments was partially offset by continued weakness in comms infrastructure.

最後，在我們的 FPGA 業務方面，營收比去年增長了 10%，這得益於資料中心、嵌入式和汽車領域的成長，我們正在加速推進 L3 級自動駕駛 2018 年奧迪 A8 和 DENSO 立體視覺系統等設計。這些領域的強勁成長被通訊基礎設施的持續疲軟部分抵消。

Our design win revenue value was up more than 10% in the third quarter, its highest level in more than 3 years. This business is essential to our success in artificial intelligence. In Q3, Microsoft announced that it would use our 14-nanometer Stratix 10 FPGAs for its accelerated deep learning platform that's codenamed Project Brainwave. And as part of a broadening engagement between our companies, Alibaba is using Intel FPGAs to power the acceleration of the service of Alibaba Cloud.

第三季度，我們的設計得標收入成長超過 10%，達到 3 年多來的最高水準。這項業務對我們在人工智慧領域的成功至關重要。第三季度，微軟宣布將使用我們 14 奈米 Stratix 10 FPGA 來建造其代號為 Project Brainwave 的加速深度學習平台。作為我們兩家公司之間不斷擴大合作的一部分，阿里巴巴正在使用英特爾FPGA來加速阿里雲端服務。

We made tremendous progress in AI and advanced computing technologies over the last few months. In addition to our FPGAs and autonomous driving wins, we launched the Movidius Myriad X, the world's first vision processing unit with a dedicated Neural Compute Engine to deliver artificial intelligence capabilities to the edge in a low-power, high-performance package.

過去幾個月，我們在人工智慧和先進計算技術領域取得了巨大進步。除了我們在 FPGA 和自動駕駛領域的成功之外，我們還推出了 Movidius Myriad X，這是世界上第一款具有專用神經運算引擎的視覺處理單元，以低功耗、高效能封裝將人工智慧功能帶到邊緣。

We also achieved new research milestones, as Intel scientists pursue exciting, emerging forms of compute. We delivered a 17-qubit superconducting test chip for quantum computing to our research partner, QuTech, and we'll follow that up with a 49-qubit test chip by the end of the year. We also unveiled the Loihi, a self-learning test chip that mimics the brain's basic mechanics and makes machine learning faster and more efficient. Later this quarter, we'll ship the Nervana neural network processor, the industry's first commercially available processor of its kind. I also announced last week that Facebook is working in close collaboration with us, sharing their technical insights as we bring this new generation of AI hardware to market.

我們也取得了新的研究里程碑，英特爾科學家們正在探索令人興奮的新興計算形式。我們向研究合作夥伴 QuTech 交付了用於量子運算的 17 量子位元超導測試晶片，我們將在年底前交付 49 量子位元測試晶片。我們還推出了 Loihi，這是一款自學習測試晶片，它模仿大腦的基本機制，使機器學習更快、更有效率。本季晚些時候，我們將推出 Nervana 神經網路處理器，這是業界首款商用同類處理器。上週我也宣布，Facebook 正在與我們密切合作，在我們把新一代人工智慧硬體推向市場的過程中，分享他們的技術見解。

Together, these accomplishments reinforce several things for me. First, Intel is the leader in AI inference from the core of the data center to autonomous vehicles, out to the edge devices where low power is especially critical. Second, artificial intelligence takes many forms and will require computing solutions that are tailored for the workload, the environment and the user, rather than a one-size-fits-all. And third, our investments and pipeline of innovation position us to lead for years to come.

這些成就共同讓我更加確信以下幾點。首先，從資料中心核心到自動駕駛汽車，再到對低功耗要求極高的邊緣設備，英特爾在人工智慧推理領域處於領先地位。其次，人工智慧的形式多種多樣，需要針對工作負載、環境和用戶量身定制的計算解決方案，而不是一刀切的解決方案。第三，我們的投資和創新計劃使我們能夠在未來幾年保持領先地位。

We had a quarter any CEO would be proud of. And I'd like to take a moment to remember our former CEO and my friend, Paul Otellini. Paul had an enormous impact on the industry and this company, and his Intel family will miss him. He would be proud of our growing momentum, and it's an important part of his legacy.

我們取得了任何CEO都會引以為傲的季度業績。我想藉此機會緬懷我們前任執行長、我的朋友保羅·奧特里尼。Paul 對整個產業和這家公司都產生了巨大的影響，他的英特爾大家庭將會懷念他。他會為我們不斷增長的發展勢頭感到自豪，這也是他留下的重要遺產。

Wrapping things up, I'm excited about both our progress and our prospects. And we're competing aggressively for our $260 billion TAM, the largest opportunity in our history with lots of room to grow market segment share. In some of our segments, we're facing new or resurging competitors. In other segments, we are the new competitor. But in all cases, competition brings out the very best in our company, as our third quarter results demonstrates.

總而言之，我對我們的進展和前景都感到興奮。我們正在積極爭奪 2,600 億美元的 TAM 市場，這是我們歷史上最大的機遇，市場份額還有很大的成長空間。在某些領域，我們正面臨新的或重新崛起的競爭對手。在其他領域，我們是新的競爭對手。但無論如何，競爭都能激發我們公司最好的一面，正如我們第三季的業績所證明的那樣。

We're now well ahead of our commitments we made to you in January. Our transformation is accelerating. And we're raising our full year expectations for revenue by $700 million and for operating profit by $900 million, our third consecutive increase this year. This puts us solidly on track to deliver the best year in the company's history for the second year in a row. And with that great news, I'd like to hand it over to Bob.

我們現在已經遠遠超額完成了1月份向您做出的承諾。我們的轉型正在加速。我們將全年營收預期上調 7 億美元，營業利潤預期上調 9 億美元，這是我們今年連續第三次上調預期。這將使我們穩穩地走上正軌，連續第二年實現公司史上最好的業績。帶著這個好消息，我想把它交給鮑伯。

Thanks, Brian, and good afternoon. This was an excellent quarter for Intel. Versus the expectations we set out at the beginning of the quarter, our revenue is better, our gross margins were stronger and our spending was lower. As Brian said, we're on track for another record in 2017.

謝謝你，布萊恩，下午好。對英特爾來說，這是一個非常出色的季度。與本季初我們設定的預期相比，我們的收入更好，毛利率更高，支出更低。正如布萊恩所說，我們預計在 2017 年再創佳績。

Revenue in the quarter was $16.1 billion, up 6% year-over-year, excluding McAfee, and we achieved record earnings. Operating income was $5.6 billion, up 8% year-over-year. And EPS was $1.01, up 26% year-over-year.

本季營收為 161 億美元，年成長 6%（不包括 McAfee），並且我們實現了創紀錄的獲利。營業收入為56億美元，較去年同期成長8%。每股收益為 1.01 美元，年增 26%。

From a capital allocation perspective, we closed the Mobileye transaction and funded a significant portion of the purchase price through the sale of noncore assets, including reducing our position in ASML and proceeds from the partial exit at McAfee. Additionally, we signed long-term NAND supply agreements providing more than $2 billion in prepayments through 2018, significantly improving free cash flow for our memory business. We generated $6.3 billion in cash flow from operations, and we returned $2.4 billion to shareholders.

從資本配置的角度來看，我們完成了對 Mobileye 的交易，並透過出售非核心資產（包括減少我們在 ASML 的持股）和從 McAfee 部分退出中獲得的收益，為收購價格的大部分提供了資金。此外，我們還簽署了長期 NAND 供應協議，到 2018 年已獲得超過 20 億美元的預付款，顯著改善了我們記憶體業務的自由現金流。我們從經營活動中產生了 63 億美元的現金流，並向股東返還了 24 億美元。

At our Analyst Day in February, we talked about our strategy to transform from a PC-centric company to a data-centric company. Our Q3 results demonstrated continued momentum in our transformation. Intel's data-centric businesses, those outside of the PC segment, grew 15% year-over-year and now represent 45% of our revenue, up from approximately 30% in 2012. This collection of businesses is well positioned to capitalize on industry trends, create great value for our customers and represents the company's growth engine going forward.

在二月的分析師日上，我們討論了從以個人電腦為中心的公司轉型為以數據為中心的公司的策略。第三季業績表明，我們的轉型進程持續保持強勁勢頭。英特爾以資料為中心的業務（即 PC 領域以外的業務）年增 15%，目前占我們營收的 45%，高於 2012 年的約 30%。這一系列企業能夠很好地掌握行業趨勢，為我們的客戶創造巨大價值，並代表公司未來發展的成長引擎。

Our PC-centric business generated flat revenue in the quarter and improved operating margin by over 3 points. The CCG team continues to execute extremely well in a declining PC TAM environment. Our focus on performance-leading products and a smart segmentation strategy is working. This business provides scale, funds IP and generates a significant portion of the company's profits and cash flows.

我們以個人電腦為中心的業務在本季度實現了收入持平，營業利潤率提高了 3 個百分點以上。在個人電腦市場規模不斷萎縮的環境下，CCG 團隊依然表現出色。我們專注於性能領先的產品和明智的市場區隔策略，並且正在取得成效。這項業務提供了規模優勢，為智慧財產權提供了資金，並產生了公司相當大一部分利潤和現金流。

Moving to earnings. We generated significant EPS expansion in the quarter, up 26% year-on-year. Our EPS improvement was driven by solid platform execution, strong growth from our adjacent products and businesses and lower spending, resulting in $408 million growth in operating income. Additionally, we continued to monetize some of our ICAP Portfolio position, resulting in a gain of $0.13 per share.

接下來是獲利部分。本季我們實現了顯著的每股盈餘成長，年增 26%。我們的每股盈餘成長得益於穩健的平台執行、鄰近產品和業務的強勁成長以及支出減少，使營業收入成長了 4.08 億美元。此外，我們持續變現部分 ICAP 投資組合頭寸，每股獲利 0.13 美元。

We made a commitment at the beginning of the year to reduce spending to 30% of revenue by 2020 at the latest, while continuing to invest in key growth areas and capabilities. We are making great progress. Total spending was down 6% year-over-year in the third quarter. We've continued investments in our key priorities, including driving Moore's Law forward, artificial intelligence and autonomous driving.

今年年初，我們承諾最遲到 2020 年將支出減少到營收的 30%，同時繼續投資於關鍵成長領域和能力。我們取得了巨大進展。第三季總支出較去年同期下降 6%。我們持續增加對重點領域的投資，包括推動摩爾定律的發展、人工智慧和自動駕駛。

At the same time, we're executing with operational discipline and generating significant leverage from higher revenue growth. Our R&D spending as a percent of revenue was flat, and our SG&A costs were down 3 points as we rationalize our marketing and sales programs and generate significant leverage in our G&A functions.

同時，我們以嚴謹的營運紀律執行，並透過更高的收入成長產生顯著的槓桿效應。我們的研發支出佔收入的百分比保持不變，而我們的銷售、管理及行政費用下降了 3 個百分點，因為我們合理化了行銷和銷售計劃，並在一般及行政職能方面產生了顯著的槓桿作用。

In addition, we made changes to our co-marketing programs to provide more flexibility and efficiency to our customers. These changes resulted in a reduction in revenue of approximately $200 million during the quarter, reducing year-over-year growth in CCG by approximately 2 points and DCG by just over 0.5 point, with a corresponding reduction in spending. These changes collectively have no impact on operating income. The impact of these changes will continue into Q4 at a slightly increased level.

此外，我們對聯合行銷計劃進行了調整，以便為客戶提供更大的靈活性和效率。這些變化導致本季收入減少了約 2 億美元，CCG 的年增率下降了約 2 個百分點，DCG 的年增速下降了略高於 0.5 個百分點，支出也相應減少。這些變化總體上對營業收入沒有影響。這些變化的影響將持續到第四季度，程度會略有加劇。

On a full year basis, we expect direct spending to be approximately 33%, 1 point better than our prior guidance and down over 2 full points from last year.

從全年來看，我們預計直接支出將達到約 33%，比我們之前的預期高出 1 個百分點，但比去年下降超過 2 個百分點。

Let me touch briefly on our segment performance on Slide 5. The Client Computing Group had another outstanding quarter. Revenue of $8.9 billion was flat year-over-year and operating margins grew by 3 points. Flat revenue was driven by client ASPs up 7%, unit volume down 7% and our adjacency business up 15%, partially offset by the changes to our co-marketing program.

讓我簡要介紹一下我們在投影片 5 的業務部門表現。客戶端運算集團又迎來了一個非常出色的季度。營收為 89 億美元，與前一年持平，營業利潤率成長了 3 個百分點。營收持平，主要原因是客戶平均售價上漲 7%，銷量下降 7%，以及我們的相關業務成長 15%，但部分被我們聯合行銷計劃的變化所抵消。

We saw a typical Q3 inventory build ahead of the holiday season, and we believe the worldwide PC supply chain is operating at healthy levels. This segment had another quarter of significant profit growth with operating income growing 8% from strong core mix, continued improvement in 14-nanometer unit cost and lower spending.

我們看到假期季前第三季典型的庫存增加，我們認為全球個人電腦供應鏈運作狀況良好。該業務板塊又一個季度實現了顯著的利潤增長，營業收入增長了 8%，這得益於強勁的核心產品組合、14 奈米單位成本的持續改善以及支出的減少。

The Data Center Group had revenue of $4.9 billion, up 7% year-over-year. And operating income of $2.3 billion grew 7%. Q3 operating margin was 46%. As Brian mentioned earlier, we had strong growth in both the comms and cloud service providers segments, which are nearly 60% of our DCG revenue.

資料中心集團營收達 49 億美元，年增 7%。營業收入為 23 億美元，成長 7%。第三季營業利益率為 46%。正如布萊恩之前提到的，我們在通訊和雲端服務供應商領域都實現了強勁成長，這兩個領域占我們資料中心集團收入的近 60%。

Overall unit volume was up 4%, ASPs were up 2% and adjacencies grew 16%. We launched Purley in Q3, and in less than 3 months, we've had more than 200 OEM systems begin production shipments.

整體單元銷售成長 4%，平均售價成長 2%，鄰近區域成長 16%。我們在第三季推出了 Purley，不到 3 個月的時間，就有超過 200 套 OEM 系統開始生產出貨。

Revenue scale from leadership products and spending leverage and efficiency drove strong operating income growth for the business. We expect DCG to meet our full year expectations of high single-digit growth and operating margin percent in the low 40s.

領先產品帶來的收入規模、支出槓桿效應和效率提升推動了公司營業收入的強勁成長。我們預計 DCG 將實現全年高個位數成長預期，營業利潤率將達到 40% 左右。

The IoT, NSG and PSG business segments are becoming a larger component of our overall business, growing 25% year-over-year. Our Internet of Things business achieved record revenue of $849 million, up 23% year-over-year, driven by strength in industrial and video and continued momentum in our retail business. Operating profit was $146 million, down 24% year-over-year from continued investments in the automotive segment.

物聯網、網路安全和產品安全業務部門在我們整體業務中所佔比例越來越大，比去年同期成長 25%。我們的物聯網業務實現了創紀錄的 8.49 億美元收入，年增 23%，這主要得益於工業和視訊業務的強勁表現以及零售業務的持續成長勢頭。營業利潤為 1.46 億美元，年減 24%，原因是持續投資於汽車領域。

We closed the Mobileye transaction early August, 4 months sooner than we expected. The Mobileye team executed extremely well in the third quarter and exceeded our expectations with $82 million in revenue and $39 million in operating income. Going forward, results for the Mobileye acquisition will be included in our all other segment. Increases in spending in this segment will correspond with reductions in the IoTG segment as we realize cost synergies from this acquisition.

我們在8月初完成了Mobileye的收購，比預期提早了4個月。Mobileye 團隊在第三季表現出色，營收達到 8,200 萬美元，營業收入達到 3,900 萬美元，超出了我們的預期。今後，Mobileye 收購案的業績將計入我們所有其他的業務部門。隨著此次收購帶來的成本綜效的實現，該領域的支出增加將與物聯網業務領域的支出減少相對應。

Our memory business had record revenue of $891 million, up 37% year-over-year, with strong demand from data center SSD solutions and demand signals outpacing supply. This segment had an operating loss of $52 million, an improvement of $82 million versus last year. Our memory fab in Dalian continues to make great progress. Yields continue to improve and unit costs are well ahead of expectations. The core NAND business continues to be profitable, and we expect the memory business as a whole to be profitable in 2018, both ahead of our prior estimates.

我們的記憶體業務營收創下歷史新高，達到 8.91 億美元，年增 37%，這主要得益於資料中心 SSD 解決方案的強勁需求，以及需求超過供應的跡象。該業務部門的營業虧損為 5,200 萬美元，比去年減少了 8,200 萬美元。我們在大連的記憶體工廠持續取得巨大進展。收益率持續提高，單位成本遠超預期。核心 NAND 業務持續獲利，我們預計整個記憶體業務在 2018 年也將實現獲利，這兩個數字都高於我們先前的預期。

The Programmable Solutions Group had revenue of $469 million, up 10% year-over-year, driven by strength in advanced products, data center, automotive and military. Operating profit was $113 million, up 45% year-over-year. We're making good progress in realizing cost synergies with the integration of this business.

可程式解決方案集團的營收為 4.69 億美元，年增 10%，主要得益於先進產品、資料中心、汽車和軍事領域的強勁表現。營業利潤為 1.13 億美元，年增 45%。透過整合這項業務，我們在實現成本協同效應方面取得了良好進展。

Moving to Slide 8. Our cash position of $17.5 billion at September 30 is basically unchanged from the beginning of the year, but we've had lots of moving pieces during the year. First, we have generated $7.2 billion in free cash flow year-to-date. And we've returned $7.4 billion to shareholders through the form of dividends of $3.8 billion and share repurchases of $3.6 billion, including $1.3 billion and $1.1 billion, respectively, in the quarter.

轉到第 8 張投影片。截至 9 月 30 日，我們的現金狀況為 175 億美元，與年初相比基本上沒有變化，但今年以來我們經歷了許多變數。首先，我們今年迄今已產生 72 億美元的自由現金流。我們已透過派發 38 億美元的股息和回購 36 億美元的股票，向股東返還了 74 億美元，其中本季分別返還了 13 億美元和 11 億美元。

Second, as we mentioned earlier, we closed Mobileye in the third quarter for $14.5 billion in cash and funded over 50% of the purchase price from the sale of noncore assets during the year, including McAfee and the sale of ASML shares.

其次，正如我們之前提到的，我們在第三季以 145 億美元現金完成了對 Mobileye 的收購，其中超過 50% 的收購價格來自年內出售非核心資產所得，包括 McAfee 和 ASML 股票的出售。

Earlier in the year, we received $924 million from the sale of 51% stake in McAfee. And in the quarter, McAfee re-

今年早些時候，我們透過出售 McAfee 51% 的股份獲得了 9.24 億美元。在本季度，McAfee 重新…

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notes of $2.2 billion and issued a dividend of $735 million.

發行了 22 億美元的債券，並派發了 7.35 億美元的股息。

Third, we expect to generate $1.5 billion to $2 billion more free cash flow versus where we were at the beginning of the year. The additional free cash flow is driven by higher earnings, lower CapEx, customer prepayments on supply agreements, partially offset by increases to working capital associated with stronger growth and NSG and modem momentum.

第三，我們預期自由現金流將比年初增加 15 億至 20 億美元。額外的自由現金流主要來自更高的收益、更低的資本支出、客戶對供應協議的預付款，但部分被與更強勁的增長以及 NSG 和調製解調器發展勢頭相關的營運資本增加所抵消。

Based on these factors, we're raising our full year revenue guidance by $700 million to $62 billion, operating income guidance by $900 million to $18.8 billion; and EPS guidance by $0.25 to $3.25 per share. The improvement in revenue outlook is primarily driven by higher expectations of the PC business and continued momentum in memory.

基於這些因素，我們將全年營收預期上調 7 億美元至 620 億美元，營業收入預期上調 9 億美元至 188 億美元；每股收益預期上調 0.25 美元至 3.25 美元。營收前景的改善主要得益於個人電腦業務預期提高以及記憶體業務持續成長動能。

The improvement in operating margin is primarily driven by our increased revenue outlook and lower spending. The increase in EPS is driven by higher expectations of revenue, coupled with gains on the sale of our equity investments.

營業利益率的提高主要得益於收入預期增加和支出減少。每股盈餘成長主要得益於對營收的更高預期，以及出售股權投資所獲得的收益。

And on Slide 11 as we look to the fourth quarter of 2017, we are forecasting the midpoint of the revenue range at $16.3 billion, up 3% year-over-year, excluding McAfee. We expect operating income of $5.2 billion, with gross margins flat year-over-year and spending as a percentage of revenue to be down approximately 2 points. We expect EPS at $0.86 driven by operating margin expansion and higher revenue.

在第 11 張投影片中，當我們展望 2017 年第四季時，我們預測營收範圍的中點為 163 億美元，年成長 3%（不包括 McAfee）。我們預計營業收入為 52 億美元，毛利率與去年持平，支出佔收入的百分比將下降約 2 個百分點。我們預計每股收益將達到 0.86 美元，主要得益於營業利潤率的提高和營收的成長。

2017 is shaping up to be a record year for Intel. We feel great about where we are 9 months into our 3-year transformation. Since January, we have raised our revenue outlook by $2.5 billion, our operating income by $1.7 billion and our EPS by $0.45.

2017年有望成為英特爾創紀錄的一年。在為期三年的轉型計畫進行到第九個月時，我們對目前的進展感到非常滿意。自 1 月以來，我們將營收預期上調了 25 億美元，營業收入預期上調了 17 億美元，每股收益預期上調了 0.45 美元。

At the same time, we are investing to compete and win in an expanded market. Our PC-centric team continues to operate very well in a down market. And our data-centric businesses are up double digits collectively, as we continue to transform the company to power the cloud and smart connected devices. With that, let me turn it back over to Mark.

同時，我們正在投資，以在擴大的市場中競爭並取得成功。在市場低迷時期，我們以PC為中心的團隊依然運作良好。隨著我們不斷轉型，為雲端運算和智慧互聯設備提供支持，我們以數據為中心的業務整體實現了兩位數的成長。那麼，現在讓我把麥克風交還給馬克。

Okay. Thank you, Brian and Bob. Moving on now to the Q&A. (Operator Instructions) Operator, please go ahead and introduce our first questioner.

好的。謝謝布萊恩和鮑伯。接下來進入問答環節。（操作員指示）操作員，請介紹我們的第一位提問者。

Our first question comes from Ross Seymore with Deutsche Bank.

我們的第一個問題來自德意志銀行的羅斯·西摩。

BK, a longer-term one for you. You rattled off a number of AI advancements that Intel is having, whether it be on the Nervana side or the Stratix side. Can you talk a little bit about the competitive environment in there? You mentioned that it's not going to be one size fit all -- fits all. But if you could give a little bit of how Intel does have an advantage versus some of the early movers in that space? And then perhaps more importantly, when will we, externally as investors, be able to start to see the financial benefits of these new products?

BK，這是為你準備的長期選擇。你一口氣列舉了英特爾在人工智慧領域的一些進步，無論是 Nervana 還是 Stratix。您能談談那裡的競爭環境嗎？你提到過，這不會是一刀切的——適合所有人。但您能否簡要說明一下，英特爾相對於該領域的一些早期進入者有哪些優勢？更重要的是，身為外部投資者，我們何時才能開始看到這些新產品帶來的經濟效益？

Sure, Ross. So let's talk about this. We can kind of break this down. So first, we are already seeing the benefits of AI in that number -- as I said, we lead in inference, which is the actual application of artificial intelligence, and we're continuing to really grow in that space. I think AI, if you take look at, in general, machine learning, it's the smallest segment or workload, if you look at the data center, but the fastest growing. So you're going to see it continue to become a bigger and bigger portion of our business. You're seeing the effects in our numbers already around Xeon, Xeon Scalable, the FPGAs. We talked about Microsoft Brainwave's launch that's occurring. So those products, you're going to see, I'll call those more of our traditional products. And also at the lower end outside the data center, things like Movidius and now Mobileye, you're seeing those hit our P&L as well real-time now as we speak. The other products like Nervana, you'll start to see really more towards the back end probably of 2018 from a P&L perspective. If you take a look at Nervana, it actually -- we get our first silicon out. It will be handed out as test silicons. We have a yearly cadence of products. And so I expect the first instantiations to be more people, figuring out how to use it. It won't be a big impact. But as we go through next year and move on beyond that and get the second generation and beyond, that will grow, we believe, quite considerably. And then products like Loihi, which is our neuromorphic, are same thing. That part we put out so far is really a chip for people to begin to use and learn how to program with neuromorphic, which is a very different type of machine learning. It lets you learn at hundreds of times faster rate than traditional, I'll say, GPUs and CPUs, especially around visual learning. Those as well, you'll start to see next -- late next year and beyond, as people really begin to learn how to program with these. So seeing it already and those newer products, I really think late '18 and beyond before they really start to hit P&Ls.

當然可以，羅斯。那我們就來談談這件事吧。我們可以把它分解一下。首先，我們已經從這個數字中看到了人工智慧帶來的好處——正如我所說，我們在推理方面處於領先地位，而推理才是人工智慧的實際應用，而我們正在這個領域繼續快速發展。我認為，如果你從整體上看人工智慧，特別是機器學習，它在資料中心中所佔的份額或工作負載是最小的，但卻是成長最快的。所以你會看到它在我們業務中所佔的份額越來越大。從我們的資料已經可以看到 Xeon、Xeon Scalable 和 FPGA 的影響。我們討論了微軟Brainwave的發布。所以，您將會看到這些產品，我稱它們為我們比較傳統的產品。而且在資料中心之外的低端領域，像 Movidius 和現在的 Mobileye 這樣的公司，正如我們所說，它們也正在即時影響我們的損益。從損益表的角度來看，像 Nervana 這樣的其他產品，你可能要等到 2018 年下半年才會真正看到更多。如果你看看 Nervana，實際上——我們推出了我們的第一個晶片。它將作為測試晶片分發。我們每年都有固定的產品發布週期。因此，我預計最初的使用場景會是更多的人，他們需要弄清楚如何使用它。影響不會很大。但我們相信，隨著明年及以後，隨著第二代及以後的到來，這個數字將會大幅增加。而像 Loihi 這樣的產品（我們的神經形態產品）也是如此。我們目前推出的部分實際上是一個晶片，供人們開始使用並學習如何使用神經形態進行編程，這是一種非常不同的機器學習類型。它能讓你以比傳統 GPU 和 CPU 快數百倍的速度學習，尤其是在視覺學習方面。這些功能你也會在明年年底及以後開始看到，因為人們會真正開始學習如何用它們進行程式設計。所以，就目前來看，以及那些新產品，我真的認為要到 2018 年底甚至更晚，它們才會真正開始對損益表產生影響。

Great. And then the follow-up question I had was actually for Bob, and it's on the OpEx side. And congrats on the great operating leverage in the quarter. As we think about the way you can get that operating leverage in the past, Intel seems to have focused mainly on keeping the OpEx relatively flat, and then revenue growth driving that leverage. But in the quarter and then the guide that you just delivered, it looks like OpEx is down about 6% year-over-year. Conceptually, as we go into the next couple of years, how do you think investors should think about the balance of delivering that cadence up to the 30% mark that you're looking for over the next couple of years? Is it more revenue growth? Or you are you indeed going to be cutting the absolute level of OpEx?

偉大的。然後，我的後續問題實際上是問鮑勃的，這個問題與營運支出方面有關。恭喜本季取得了優異的經營槓桿成績。當我們思考如何在過去獲得營運槓桿時，英特爾似乎主要專注於保持營運支出相對平穩，然後透過收入成長來推動槓桿作用。但從本季以及您剛發布的指南來看，營運支出較去年同期下降了約 6%。從概念上講，展望未來幾年，您認為投資者應該如何看待在未來幾年內實現您所期望的 30% 成長速度的平衡？是營收成長嗎？或者說，你們真的打算大幅削減營運成本？

Yes, Ross, great question. First, as you mentioned, we had great progress in the third quarter. We kind of started the year at a spending level which was a little over 35% of revenue. And we came into 2017 saying that we would get that down to roughly 34%. Reflected in our guidance is it will be closer to 33%. So we're delivering well ahead of our expectations, which have been a function of the 2 things you highlighted: one, much stronger growth; and two, lower spending levels. And those lower spending levels from the first half of this year to the second half are a function of continuing to look at every dollar that we spend, whether it's R&D, whether it sales and marketing, or whether it's G&A and making sure that those dollars are allocated towards the biggest growth opportunities. And we're not to redeploy that capital or to get it out of the ecosystem. So our first half to second half spend levels will be down roughly $700 million on a business that will be roughly $2.5 billion bigger in the second half versus the first half. So we're making great progress and making real trade-offs on our spending levels and getting the benefit of stronger growth. And we expect the combination of those 2 to continue as we go forward.

是的，羅斯，問得好。首先，正如您所提到的，我們在第三季取得了巨大的進步。年初時，我們的支出水準略高於收入的 35%。我們在 2017 年初就表示，我們要把這個數字降到大約 34%。我們的指導意見反映出，這一比例將接近 33%。因此，我們的業績遠遠超出了預期，這主要歸功於您提到的兩點：一是成長更加強勁；二是支出水準降低。今年上半年到下半年支出水準的下降，是因為我們繼續審視每一分錢的支出，無論是研發、銷售和行銷，還是一般及行政費用，並確保這些資金被分配到最大的成長機會上。我們不應該重新部署這些資金，也不應該將其從生態系統中移除。因此，我們上半年到下半年的支出水準將下降約 7 億美元，而下半年的業務規模將比上半年成長約 25 億美元。因此，我們在支出水準方面取得了巨大進步，並做出了真正的權衡，從而獲得了更強勁成長帶來的好處。我們預計未來這兩種模式將繼續結合。

Our next question is from Stacy Rasgon with Bernstein.

下一個問題來自伯恩斯坦的史黛西·拉斯貢。

First, I wanted to ask a little bit about the revenue drivers, revenue upside for the year and I guess margin up for 3 quarters. But it continues to look to be the same trend, almost entirely from PC and memory. In the meantime, I mean this is, in your words, your biggest server refresh in a decade, and we're not seeing any upside. We're doing 7% year-over-year pretty much for the full year, which I guess I would classify as barely high single digit. We're not really seeing meaningful ASP increases from mix as Purley. I was wondering if you could just kind of give us a view on, I guess, your expectations for data center, where it's coming in, why we're not seeing more upside from the Purley ramp versus what we've seen from prior platform introductions, and whether or not 7% actually would qualify as high single digits by your definition.

首先，我想問收入驅動因素、全年收入成長潛力以及連續三個季度的利潤率成長。但這種趨勢似乎仍在繼續，幾乎完全來自個人電腦和記憶體。同時，我的意思是，用你們的話來說，這是你們十年來規模最大的伺服器更新，但我們卻沒有看到任何好處。我們全年的年成長率基本上維持在 7%，我猜這只能算是勉強接近兩位數的成長。我們並沒有看到像 Purley 這樣的組合帶來實質的平均售價成長。我想請您談談您對資料中心的預期，它的發展方向，為什麼 Purley 的成長勢頭不如之前推出的平台那麼強勁，以及 7% 的成長是否符合您定義的高個位數成長。

So I'll start and Bob can jump in, Stacy. First, because you've kind of got a couple of questions in there, the way I would tell you is that the Purley ramp has just really started. It starts with the big comm service providers. You saw Google talk about it a couple of weeks ago. You saw Microsoft talk about it earlier this week. Those ramps are just beginning. I talked about the 200 design wins or design-ins at customers. Those are starting to come out. So we are really early. These ramps, remember because we have to -- it will go through the cloud service providers and then the Tier 2 cloud service provider, then on into comms and eventually into enterprise as well. This is going to be -- take a year or more. So it's -- I think it's early to make this judgment. The ramp's right within the range we predicted it to be from a ramp of that product. Your second part of your question is 7% high single digits. I will just make it simple and say, look, if you look, mathematically, I think it would meet a minima of high single digits, but it's certainly not necessarily where we're targeting to get to, but it's a high single-digit number. I'm not going to -- the math doesn't lie.

那我先開始，鮑伯可以接著說，史泰西。首先，因為你提了幾個問題，我想告訴你的是，普利坡道才剛真正開始。這一切始於大型通訊服務提供者。幾週前，谷歌也談到了這件事。本週早些時候，微軟也談到了這件事。這些坡道才剛開始。我向客戶介紹了 200 個設計方案或設計成果。這些開始陸續出來了。所以我們現在還很早。記住這些路徑，因為我們必須這樣做——它將通過雲端服務提供商，然後是二級雲端服務提供商，然後進入通訊領域，最終進入企業領域。這可能需要一年或更長時間。所以，我認為現在下結論還為時過早。該斜坡正好在我們根據該產品斜坡預測的範圍內。你問題的第二部分是 7% 的高個位數。我簡單來說，你看，從數學角度來看，我認為它至少能達到個位數，但這肯定不是我們想要達到的目標，但它確實是一個個位數。我不會這麼做——數學不會說謊。

Just to maybe add a little bit, I think the first part of your question, overall growth for the year relative to the expectations back in January, revenue will be up $2.5 billion. Obviously, PC is a significant part of that. Memory is growing faster. IoT is growing faster. PSG and data center -- PSG faster in the second half versus the first half, and DCG in line with our full year outlook at the beginning of the year to be high single digits. So real good strength on clients, on memory, on IoT and in line with the other businesses. The other thing I would just offer to -- follow up on Brian's commentary on DCG growth -- maybe 2 things. One, we started out at 6% in Q1. We were at 9% in Q2. We're at 7% in Q3 off a real tough comp last year of double-digit growth in the third quarter. So I would say from a top line perspective, we're right in line with kind of the guide that we gave at the end of the year. And secondly and as importantly, our operating margins has continued to grow significantly quarter-on-quarter through the course of the year, with 46% operating margins in the third quarter. And we told you early on despite a relatively slow start, we expect that operating margin for DCG to be above 40% for the year, and we're well on track to hit that important metric as well. So 9 months through the year, a great start to the year for us, and DCG in line with our expectations and building momentum as we exit the year.

我再補充一點，關於你問題的第一部分，今年的整體成長相對於一月份的預期，營收將成長 25 億美元。顯然，個人電腦是其中的重要組成部分。記憶體成長速度更快。物聯網發展速度正在加快。PSG 和資料中心－PSG 下半年的成長速度比上半年更快，而 DCG 的成長速度與我們年初的全年預期一致，將達到接近兩位數的成長。因此，我們在客戶、記憶體、物聯網等方面都擁有非常強大的實力，並且與其他業務保持一致。我還有一點想補充——針對 Brian 對 DCG 成長的評論——也許有兩點。第一季度，我們的初始成長率為 6%。第二季我們的成長率為 9%。第三季我們實現了 7% 的成長，而去年同期的成長率高達兩位數，這是一個非常高的數字。所以從整體來看，我們基本上符合年底給的指導方針。其次，同樣重要的是，我們的營業利潤率在今年內持續逐季顯著成長，第三季營業利益率達 46%。我們之前就告訴過你們，儘管開局相對緩慢，但我們預計 DCG 今年的營業利潤率將超過 40%，而且我們目前也正朝著實現這一重要指標穩步前進。今年前 9 個月，對我們來說是一個良好的開端，DCG 也符合我們的預期，並在年底前保持了良好的發展勢頭。

Did you have a follow-up, Stacy?

史泰西，你還有後續問題嗎？

I do. I want to ask about gross margins really quick. So revenue was up 0.6%. I guess, year-over-year, excluding McAfee. Gross margins are down like 90 bps year-over-year. I was wondering -- I was hoping you could give us some color on the drivers of that shift. And in particular, how should we think about the trajectory exiting the year into 2018, puts and takes on gross margins as we go into next year and given what we've seen this year?

我願意。我想快速問一下毛利率的問題。因此，營收成長了0.6%。我猜，如果排除 McAfee 的話，這是同比數據。毛利率年減約 90 個基點。我想知道——我希望您能給我們介紹一下促成這一轉變的驅動因素。特別是，鑑於我們今年所看到的情況，我們應該如何看待從今年到 2018 年的發展軌跡，以及明年毛利率的走勢？

Yes. On your first part, we laid out for the year 63% gross margins, and we're pretty much in line with that throughout the first -- in the first 9 months. And our outlook for Q4 is another 63%. So in line with kind of full year outlook, which is in the high end of our historical guide range. So we feel pretty good about where we are. And for the dynamics underneath the covers, the trends have been very consistent, volume leverage with good scale going through the fabs. ASPs modestly better, much better in the first half on easier comps, slightly better in the second half on tougher comps. Unit costs continues to come down. The ramp costs associated with 10-nanometer are lower. And offsetting those, you really have 3 things going on. One, we have a high growth in our adjacent businesses, memory and modem, that weigh on -- that are a big contributor to improved earnings, but they weigh on our gross margin. Secondly, we have higher engineering samples in the -- as we go into the fourth quarter. And third, the co-marketing change that we -- that I mentioned in the prepared remarks, Stacy, that has no impact in operating income, but a modest impact on gross margin, but offset by lower spending levels. So you take those all into account, and they have delivered solid Q3 dynamics, solid Q4 outlook. And the one change between Q3 and Q4 is primarily attributable to the mix of the higher growth adjacency businesses. Those trends and those dynamics, we'll talk much more about 2018 in January, but those trends have been fairly consistent for the last 4 quarters.

是的。關於您提到的第一部分，我們為全年設定了 63% 的毛利率目標，並且在前 9 個月裡，我們基本上都達到了這個目標。我們對第四季的預期是再成長 63%。因此，這與全年展望相符，處於我們歷史指導範圍的高端。所以我們對目前的狀況感覺相當不錯。至於幕後的動態，趨勢一直非常一致，即透過晶圓廠實現良好的規模化生產，從而發揮產量槓桿作用。ASP 略有改善，上半場在較簡單的比賽中改善很多，下半場在較難的比賽中略有改善。單位成本持續下降。10奈米製程的爬坡成本較低。抵消了這些因素之後，其實有三件事同時發生。第一，我們相鄰業務（記憶體和調變解調器）的高速成長對我們的毛利率造成了壓力——雖然這些業務對提高獲利能力貢獻很大，但它們也對我們的毛利率造成了壓力。其次，隨著我們進入第四季度，我們的工程樣品數量增加。第三，正如我在準備好的發言稿中提到的，Stacy，我們進行的聯合行銷變更，對營業收入沒有影響，但對毛利率有輕微影響，不過會被較低的支出水準所抵消。綜合考慮這些因素，他們實現了穩健的第三季業績，並對第四季前景持樂觀態度。第三季和第四季之間的唯一變化主要歸因於高成長鄰近業務的組合。關於這些趨勢和動態，我們將在 2018 年 1 月進行更詳細的討論，但這些趨勢在過去 4 個季度中一直相當穩定。

Our next question is from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Bob, I just wanted to go back to some of the comments you made. In DCG, op margin was up a ton. It's actually above your kind of full year. So just kind of curious where those cuts came from. And then as you look forward, I know you're not going to forecast for next year. But is there any reason why the spending will go up and down from here?

鮑勃，我只是想重申你之前的一些評論。在DCG，營業利益率大幅提升。實際上，這比你所說的全年計劃要高得多。所以我就有點好奇這些刪減是從哪裡來的。展望未來，我知道你不會對明年進行預測。但是，支出水準未來出現波動的原因是什麼呢？

Yes. The first half gross margin -- I should say operating margins were lower, second half much stronger. Fundamentally, it's less about cuts, to be honest with you. It's more about continuing to grow the top line, continuing to get ASP improvements or compensated for the performance that we're delivering; modestly -- and modestly lower unit costs. So the combination of those 3 are getting really good leverage and allow us to expand operating margins while we continue to invest in obviously Xeon, but also in artificial intelligence. So that's what's driven the kind of first half to second half dynamics. And as I indicated, we kind of started out the year saying that we were highly confident we'd be above 40 for the year. And that's kind of how it's played out during the course of the year.

是的。上半年的毛利率——應該說是營業利潤率——較低，下半年則強勁得多。坦白說，從根本上講，這與其說是削減開支，不如說是其他問題。更重要的是繼續提高營收，繼續提高平均售價，或根據我們所取得的業績獲得相應的補償；同時，也要適度降低單位成本。因此，這三者的結合帶來了非常好的槓桿效應，使我們能夠在繼續投資於至強處理器以及人工智慧的同時，擴大營運利潤率。這就是造成上半場到下半場這種動態變化的原因。正如我之前提到的，年初的時候我們就表示，我們非常有信心今年的業績會超過 40%。這一年裡，事情的發展大致就是這樣。

Great. And then I wanted to go back to a question on AI and inference. Brian, I was wondering if you just comment on today -- I think you said it was small. Just curious, out of the cloud spend, how much is inference today? And when you look at future workloads driving server units, where could that be in a couple of years?

偉大的。然後我想回到關於人工智慧和推理的問題上。布萊恩，我想問你對今天的情況有什麼看法——我記得你說過今天規模很小。我很好奇，在雲端支出中，目前推理支出佔多少？展望未來，驅動伺服器單元的工作負載在幾年後會發展成什麼樣子呢？

Sure. We don't separate out inference. So we -- what we said is simply in the past publicly that AI is -- one of the smallest workloads, but one of the fastest growing. We haven't broken out. We don't -- beyond just saying there's -- here's what cloud is growing at and here's what comms and here's what enterprises, we don't break out by workloads. And there's a variety of reasons for that. Part of it is it's sometimes hard. The mixture of what -- when somebody goes out and build a rack, what is it going into, how much of its workload is really being used by AI is -- anybody who tells you exactly what that number is, is just wrong, to be honest with you. So it's hard for us to say with precision, x percent of our units went into AI workloads, because it's rare that a rack is purely AI except for in rare cases. But we know that's it's small, despite the type of interactions we have, but also fast growing and one of the biggest areas of interest.

當然。我們不把推理單獨列出來。所以我們——我們過去公開說過，人工智慧是工作量最小的領域之一，但卻是成長最快的領域之一。我們還沒有突破防線。除了說雲端運算的成長速度、通訊的成長速度和企業的成長速度之外，我們不會按工作負載進行細分。造成這種情況的原因有很多。部分原因是，有時候確實很難。當有人出去搭建一個機架時，它會被放到什麼地方，人工智慧真正使用了多少工作負載——坦白說，任何告訴你確切數字是多少的人都是錯的。因此，我們很難精確地說，我們有多少百分比的設備用於 AI 工作負載，因為除了極少數情況外，很少有機架完全用於 AI。但我們知道，儘管我們之間有互動，但它的規模仍然很小，不過它發展迅速，也是我們最感興趣的領域之一。

Our next question is from John Pitzer with Crédit Suisse.

下一個問題來自瑞士信貸的約翰‧皮策。

Bob, maybe I can just ask Blayne's DCG op margin question a little bit differently. In the calendar third quarter, you actually I think had revenue up about $500 million sequentially in that business roughly, and operating profits grew by about $600 million sequentially. Can you just help us understand what drove that dynamic? Where there any onetimes? And just given how strong the operating margin is, I know you've reaffirmed for the full year. But is the Q3 level the new sort of norm we should start basing operating profit off of? Or was there something specific in Q3 that drove the op margin leverage above 100% sequentially?

鮑勃，或許我可以換個方式問布萊恩關於 DCG 營運利潤率的問題。在日曆年第三季度，我認為該業務的收入環比增長了約 5 億美元，營業利潤環比增長了約 6 億美元。您能否幫我們理解造成這種局面的原因？有沒有一次性的經驗？鑑於目前的營業利潤率非常強勁，我知道你們已經重申了全年的業績預期。但第三季的水平是否應該成為我們開始以此為基礎來衡量營業利潤的新常態？或者說，第三季有哪些特殊情況導致營業利益率較上季超過 100%？

No onetimers. It's in one sense, John, it's no real surprises for us. We anticipated growing throughout the year. We anticipated higher ASPs, i.e., sequentially ASPs being a little bit stronger, and that would drive incremental operating income. And some of the benefits, just a lower overall G&A spending for the company is benefiting all the different P&Ls that G&A is actually lower. So that's what's really been driving the improvement sequentially. And as you can tell from our full year guide, there'll be more of the same in Q4 relative to Q3. And then we'll, in terms of implications going forward, we got a great business. We've redefined the role we play in the data center business to be a not high 90% share player, but a 30% share player with lots of room to grow. And we expect that to be a continued important source of growth, both top and bottom line for the company. The specifics around that, we'll talk more about it in January.

不接受一次性交易。約翰，從某種意義上來說，這對我們來說並不算什麼意外。我們預計全年都會成長。我們預期平均售價會更高，即平均售價會較上季略有上漲，這將推動營業收入的成長。其中一些好處是，公司整體的 G&A 支出降低，所有不同的損益表都從中受益，因為 G&A 支出實際上降低了。這就是推動業績逐步提升的真正原因。從我們的全年指南中可以看出，第四季的情況與第三季大致相同。然後，就未來的影響而言，我們得到了一個很棒的業務。我們重新定義了我們在資料中心業務中扮演的角色，不再是佔據 90% 市場份額的高份額參與者，而是佔據 30% 市場份額且擁有巨大成長空間的參與者。我們預計這將繼續成為公司營收和利潤成長的重要來源。關於具體細節，我們將在1月詳細討論。

That's helpful. Maybe for my follow-up for Brian, Brian, I know this is not a big part of your growth strategy going forward. But as you mentioned in your prepared comments, CCG is still very important to scale advantages, to profitability, to free cash flow, to your ability to invest in growth markets. And that's been a business that's been sort of remarkably stable over the last 4 or 5 quarters. It's grown over the last couple of years, in part because we've had relatively easy compares in the PC market. So I'm kind of curious as you think about this business over the next, call it 4 to 8 quarters, how are you guys thinking about the corporate upgrade cycle or refresh cycle on PCs, the consumer refresh cycle, the gaming market, and I guess importantly, the modem business, which is becoming a bigger and bigger part of this business over time? Do you think you can still keep this business sort of on a flat growth trajectory? Or how are you thinking about it?

那很有幫助。也許我應該跟布萊恩說，布萊恩，我知道這不是你未來發展策略的重要組成部分。但正如您在準備好的評論中提到的，CCG 對於規模優勢、盈利能力、自由現金流以及您在成長型市場的投資能力仍然非常重要。在過去的四、五個季度裡，這項業務一直保持著相當穩定的狀態。過去幾年，它的市場份額有所增長，部分原因是PC市場相對容易進行比較。所以我很好奇，在接下來的 4 到 8 個季度裡，你們是如何看待企業 PC 的升級週期或更新周期、消費者的更新周期、遊戲市場，以及我認為非常重要的調製解調器業務的？隨著時間的推移，調變解調器業務在這個業務中所佔的比重越來越大。你認為你還能讓這家企業保持相對穩定的成長動能嗎？還是你是怎麼考慮的？

Sure. So you've captured that quite well, right? Let's just talk about there -- we can talk about it from a unit standpoint and then we can talk about it from how has our business done. From a unit standpoint, the decline has certainly slowed down, right? We -- if you go back a year or 2 ago, we were high single digits to low teens declines at times year-over-year from a unit basis. And that slowed into the low single digits that we're seeing today, but we still are seeing a decline on a unit level. And I always remind people, we've taken probably something like 25% of the annual units out of this business, yet grown in that time frame the profitability of that business significantly. So that I think just talks about both the great execution in products and segmentation strategy and just the leadership that, that team, at first with Navin Shenoy and now with Greg Bryant, have really delivered to the company. So our view is, John, that if you take a long-term view, we see the pattern kind of stabilizing at about where it is. I think we'll come in here, and there'll be quarters when the units are up slightly, and there'll be quarters when the units are down a little more slightly. But when we looked at it over the long haul, they're probably going to be down, those low single digits. But we also see segments that are growing that are very performance-focused, which allow us opportunities. So you talked about gaming, 2-in-1 devices, thin and light, the Ultrabook, as we like to think about it from the old. Those products are continuing to see growth actually. And they are pushing that record Core i5, i7. They're pushing the desire for Core i9, which is a new product that we introduced, right? Those are what's driving the segmentation, the ASP uplift and the increased profitability. We think to some level, that trend will continue. How long, I -- I'm not going to be that good of a prognosticator, but certainly for the near-term future, we don't see this trend shifting very much.

當然。所以你已經很好地捕捉到了這一點，對吧？我們就來談談這個——我們可以從單位的角度來談談，然後我們可以談談我們的業務做得怎麼樣。從單位數量來看，下降速度肯定已經放緩了，對吧？如果回顧一兩年前，我們有時會出現同比個位數到十幾個百分點的下降（以單位計算）。雖然增速放緩至我們今天看到的個位數低位，但從單位數量來看，我們仍然看到下降趨勢。我總是提醒人們，我們已經從這項業務中減少了大約 25% 的年銷量，但在此期間，這項業務的盈利能力卻顯著提高了。所以我認為這不僅體現了產品和細分策略的出色執行力，也體現了該團隊（最初是納文·舍諾伊，現在是格雷格·布萊恩特）為公司帶來的卓越領導力。所以約翰，我們的觀點是，如果你從長遠的角度來看，我們會看到這種模式逐漸穩定在目前的水平。我認為我們會進入這個階段，當單位數量略微上升時會有季度，當單位數量略微下降時也會有季度。但從長遠來看，它們可能會下降，降幅可能只有個位數。但我們也看到一些非常注重績效的細分市場正在成長，這為我們帶來了機會。所以你談到了遊戲、二合一設備、輕薄型設備、超極本，就像我們過去喜歡稱呼它的那樣。事實上，這些產品仍在持續成長。他們正用酷睿i5、i7處理器刷新紀錄。他們大力推廣酷睿 i9，這是我們新推出的產品，對吧？這些因素正在推動市場區隔、平均售價提升和獲利能力增強。我們認為這種趨勢在某種程度上還會持續下去。至於會持續多久，我——我不太擅長預測，但可以肯定的是，在不久的將來，我們看不到這種趨勢有太大的改變。

And then Brian, just on the modem side, in your prepared comments, I think you said it was up 37% year-over-year. What's the sustainability of that business and your ability to kind of continue to grow that business through penetration?

然後布萊恩，就調製解調器方面而言，在你事先準備好的評論中，我想你說過它同比增長了 37%。該業務的可持續性如何？你是否有能力透過市場滲透來持續發展該業務？

Yes. I'm excited about the modem business. We -- we've I think really gotten a team together that is world-class. We believe we now are on a yearly cadence of world-class modems, which is really critical. That's a big hurdle to get that technology to where you can reliably put out a yearly cadence, a world-class modem. We believe we're there now. We continue to increase the profitability or the efficiency of that organization, which we've always talked about in the past, and that's continued. So we think we can continue to both drive the technology and continue to grow that business.

是的。我對調製解調器業務感到興奮。我認為我們已經組建了一支世界一流的團隊。我們相信，我們現在已經能夠每年推出世界級的數據機，這真的至關重要。要讓這項技術發展到能夠可靠地每年推出世界級數據機的程度，這是一個很大的障礙。我們相信我們現在已經達到目標了。我們一直在努力提高組織的獲利能力或效率，這是我們過去一直在談論的，而且這一目標也一直在實現。所以我們認為我們可以繼續推動技術發展，並繼續發展這項業務。

Our next question is from Romit Shah with Nomura.

下一個問題來自野村證券的羅米特·沙阿。

Great EPS growth. I -- Bob, I think some of us who are more on the optimistic side definitely see a path to $4 of EPS, which makes look -- makes Intel look compelling. I think some of the pushback, though, has been among value investors who look at free cash flow. In this year for example, even with the equity gains, it looks like free cash flow is tracking down. So I know that this is an investment year, but how should people be thinking about free cash flow growth relative to EPS growth next year and maybe even 2019 as well?

每股收益成長顯著。我——鮑勃，我認為我們這些比較樂觀的人肯定看到了每股收益達到 4 美元的路徑，這使得英特爾看起來很有吸引力。不過，我認為部分反對意見來自那些關注自由現金流的價值投資者。例如，今年即使有股權收益，自由現金流似乎也在下降。我知道今年是投資年，但是人們應該如何看待明年甚至 2019 年的自由現金流成長與每股盈餘成長之間的關係呢？

Yes, the -- first in 2017, people ought to be thinking about free cash flow growth being $1.5 billion to $2 billion higher than what we -- what was primarily reflected in our guidance. Because we're saying that our current forecast is -- will be much better than kind of where we started the year. And that improvement is really a function of 3 things: one, earnings growth, more operating earnings growth as opposed to the ICAP gains, but real solid operating earnings growth; secondly, we reduced our CapEx outlook for the year from $12 billion to $11.5 billion this year; and third, we -- the long-term agreements that we signed in the year. One of the benefits on what we're trying to do is really match our net capital deployed in memory in conjunction with demand from strategic clients and partners, which has the effect of reducing the impact of the memory capital intensity on the free cash flows of the business that makes sense for our customers and makes sense for us. So we'll continue to look for those opportunities. The biggest gap between our earnings performance and our free cash flow performance has been the higher capital associated with growth, number one, but in particular, memory. And we're really looking for opportunities to reduce our net capital deployed into memory, which in turn will grow free cash flow over time, just closer and closer to our EPS growth.

是的，首先，在 2017 年，人們應該考慮到自由現金流增長比我們——主要反映在我們指導意見中的——高出 15 億至 20 億美元。因為我們說，我們目前的預測——將會比年初的情況好得多。這項改善實際上取決於三件事：第一，獲利成長，更多的是營運獲利成長而不是ICAP成長，而是真正穩健的營運獲利成長；第二，我們將今年的資本支出預期從120億美元下調至115億美元；第三，我們——我們今年簽署的長期協議。我們正在努力實現的其中一個好處是，將我們在記憶體方面投入的淨資本與策略客戶和合作夥伴的需求真正匹配起來，從而降低記憶體資本密集度對業務自由現金流的影響，這對我們的客戶和我們自己都是有意義的。所以我們會繼續尋找這樣的機會。我們的獲利表現與自由現金流表現之間最大的差距在於成長所需的較高資本，尤其是記憶體業務。我們正在積極尋找機會，減少投入記憶體的淨資本，這將隨著時間的推移增加自由現金流，使其越來越接近我們的每股盈餘成長。

And I guess along those lines, Brian, can you just give us an update on how you're thinking about CapEx at these levels and going forward?

那麼，布萊恩，我想就此談談你對當前及未來資本支出水準的看法吧？

Sure. What -- I think in our statements and in the release, we showed you that we actually lowered CapEx to -- by about $500 million for this year. We've talked about CapEx and thinking about it kind of being in this range. I don't think we have anything else to say about it. It's pretty close. Right now, we're just focused on the execution into Q4 and prepping for our views into 2018. So I don't want to have any other discussion on CapEx until we get to the January time frame right now for 2018.

當然。我認為，我們在聲明和新聞稿中已經表明，我們今年的資本支出實際上減少了​​約 5 億美元。我們已經討論過資本支出，並考慮讓它在這個範圍內。我想我們沒什麼好說的了。非常接近。目前，我們只專注於第四季的執行工作，並為 2018 年的展望做好準備。所以，在2018年1月份之前，我不想再就資本支出問題進行任何討論。

Our next question is from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的哈蘭‧蘇爾。

On the ASP trend in DCG was up 2% year-over-year, but it can be skewed by mix. So if we look at the 4 subsegments, cloud, comm service provider, enterprise, adjacencies, if you just look at those buckets as a silo as you ramp Skylake, did ASPs move higher in all of those subsegments? I'm just trying to get a sense for how broad-based the value capture was.

DCG 的平均售價較去年同期上漲 2%，但可能會受到產品組合的影響。因此，如果我們看一下這 4 個子細分市場：雲端、通訊服務供應商、企業、鄰近領域，如果您只是將這些類別視為一個個孤立的群體，隨著 Skylake 的逐步部署，所有這些子細分市場的平均售價 (ASP) 是否都提高了？我只是想了解一下價值獲取的範圍有多廣。

Yes, I would just, without giving you all the specifics of ASPs by segment, I would just say the biggest driver of ASP improvement is really incremental performance. So as we continue to transition -- we're still transitioning Haswell to Broadwell, which all else equal, there is positive ASP implications as we transition to Xeon Scalable and deliver higher performance. That growing mix of higher performance products is the single biggest contributor to ASP. We're still in the early days, as Brian mentioned in Xeon Scalable, but that is a higher performance product. And we would expect that will share in the benefits of high performance for our clients with higher ASPs, but that's the biggest dynamic.

是的，我不會提供各細分市場 ASP 的具體細節，但我只想說，ASP 提升的最大驅動因素實際上是效能的逐步提升。因此，隨著我們繼續轉型——我們仍在從 Haswell 向 Broadwell 轉型，在其他條件相同的情況下，隨著我們向 Xeon Scalable 轉型並提供更高的性能，ASP 將產生積極的影響。高性能產品組合的不斷成長是平均售價 (ASP) 的最大單一貢獻因素。正如 Brian 在 Xeon Scalable 中提到的那樣，我們仍處於早期階段，但那是一款性能更高的產品。我們預計這將使我們的客戶受益於更高的平均售價，從而獲得更高的性能，但這是最大的動態。

Great. And the team has talked about accelerating the server road maps to be more closely aligned with the cadence of manufacturing technology migrations, I believe starting with the 10-nanometer nodes. Can you guys just give us an update there?

偉大的。團隊曾討論過加快伺服器路線圖的製定，使其與製造技術遷移的節奏更加緊密地保持一致，我相信會從 10 奈米節點開始。你們可以給我們更新一下情況嗎？

Yes, think of it, so first, absolutely, you're right that we are going to move much more of our focus towards data center products coming first. It's not going to be the early part of the 10-nanometer, though. It just -- you got to look at the design cycles. And you make a decision like that, even you make it last year. You'll start to see the effect of the back end of 10-nanometers, and you'll really see it affect, 7-nanometers. So not these early products on 10, no. They were already in the hopper when we made that move.

是的，想想看，首先，你說的完全正確，我們將把更多的精力放在資料中心產品上。但這不會是 10 奈米製程的早期階段。關鍵是──你得看看設計週期。你做出了這樣的決定，即使是去年做出的決定。你會開始看到 10 奈米後端製程的影響，你會真正看到它對 7 奈米製程的影響。所以，不是這些早期推出的產品，10號。當我們採取那項行動時，他們已經在計劃之中了。

And our last question comes from Matthew Ramsay with Canaccord Genuity.

最後一個問題來自 Canaccord Genuity 的 Matthew Ramsay。

Bob, I wouldn't -- I wanted to ask a little bit about G&A leverage. You talked about in the script and in some of the Q&A here, some changes to the co-marketing programs and the like going forward in both the PC and the data center business. Is there any way you could maybe bound for us the size of those and their contributions to what the run rate has been of overall OpEx, and what kind of opportunities there are potentially to further restructure those going forward?

鮑勃，我不會——我只是想問一下關於一般及行政費用槓桿的問題。你在劇本和這裡的一些問答環節中都談到了未來在個人電腦和資料中心業務方面，聯合行銷計劃等方面的一些變化。您能否幫我們估算一下這些專案的規模及其對整體營運支出運作率的貢獻，以及未來可能有哪些機會可以進一步重組這些專案？

Yes, just on the co-marketing program in particular, this is really what we're trying to do is retain the value of the Intel Inside brand, but also to be more flexible and to kind of align our spending in conjunction with our customers -- more tailored programs by customer to drive more efficient demand. That's the intent of what we're trying to accomplish. And we're pretty excited about the change. The quantification of that strategy, in essence in the third quarter, was roughly $200 million that, in essence, shifted from spending to contra revenue. So no impact on operating income dollars, but roughly $200 million lower revenue, $200 million lower spending. And we expect that to be modestly higher as we go into the fourth quarter. So again, more effective and efficient way to spend our marketing dollars in conjunction with tailoring programs for -- with the OEMs. That drives a change in the geography of how those dollars were reflected in our P&L, but doesn't really impact our operating income.

是的，尤其是在聯合行銷計劃方面，我們真正想要做的是保持 Intel Inside 品牌的價值，同時也要更加靈活，並根據客戶的需求調整我們的支出——為客戶量身定制更多計劃，以推動更有效率的需求成長。這就是我們努力想要達成的目標。我們對這項變化感到非常興奮。該策略的量化結果，本質上是在第三季度，大約有 2 億美元從支出轉向了收入。因此，營業收入沒有受到影響，但收入減少了約 2 億美元，支出減少了 2 億美元。我們預計進入第四季後，這一數字會略有上升。所以，再次強調，與 OEM 廠商合作，制定量身訂製的方案，是更有效、更有效率地利用我們的行銷資金的方式。這導致這些資金在我們損益表中的體現方式發生了變化，但並不會真正影響我們的營業收入。

That's really helpful. And then as a follow-up, Brian, in automotive space, I think you mentioned 14 ADAS wins from Mobileye versus 12 of all last year. And that's sort of in the ADAS space, and you have some of your competitors making quite bold announcements about wins towards autonomous driving programs long term. Maybe you could talk about how commitments are being made in ADAS versus autonomous, and then how the acquisition that you've seen so far of Mobileye has maybe pulled some of your computing assets into these conversations for longer term with autonomous?

這真的很有幫助。然後，布萊恩，作為後續問題，在汽車領域，我想你提到 Mobileye 贏得了 14 項 ADAS 大獎，而去年總共只有 12 項。這有點像是高級駕駛輔助系統（ADAS）領域的情況，你的一些競爭對手正在就自動駕駛專案的長期成功做出相當大膽的聲明。或許您可以談談在 ADAS 和自動駕駛領域做出的承諾，以及您目前看到的對 Mobileye 的收購是如何將您的一些計算資源納入到與自動駕駛的長期對話中的？

Sure. That's a great question. So we kind of mentioned that even out of those 14, many of those continue on up into Level 3, Level 4. The Level 5 work that you see out there is pretty far out there. And I'll tell you that's -- there's a lot of just kind of experimental work going on there. If I take a look at though kind of a bigger picture, which is what you're asking is, this whole picture that we've been putting together is, I kind of said in the statement that, individually, these businesses are great. But when you pull these together into one package and you're able to walk into a customer with a complete solution, they're truly world-class and something nobody else can deliver. So you're right, when we go into and we talk to somebody about autonomous driving in general, whether it's Level 2 plus, Level 3, Level 4, Level 5, we bring with us a suite of products, depending on what kind of architecture. And they're -- what we're seeing is different OEMs, different customers thinking about those architectures even differently across that spectrum. Some are thinking, "Well, by Level 5, I think my skills will be up. I want a closed system. I want to have much more of the control of the software." So we have a set of solutions we bring to them there. Some of them want to have more FPGAs for how they bring their software down onto the silicon earlier on. But what we're able to do is bring our modems. We shipped -- and we mentioned it in the release that -- our first automotive modem. So we're able to bring automotive modems all the way through 5G. Most of these car companies are having to build data centers. And not just data centers, centralized data centers, but really a data center kind of architecture that goes all the way out with data and compute at the edge. You're going to want to be able to manipulate and transfer mapping, high-precision mapping to the cars and data back from the cars to change those maps, construction and things like that. So we're building that architecture. And we have the products and the talent to uniquely work with them all through that infrastructure. And then you get out to the car again and we can bring the FPGA, the Mobileye for center fusion or compute. We can put Xeons in there. And so we -- in each one of these discussions, they're all a bit different. They all have multiple phases as you go to 3, 4 and 5 on the levels. And what we're able to do is say you don't just have to take this one solution. This is not the only solution there is. What would you like to do? What best solves your problem in the most cost-effective lower -- lowest power efficient way? How much work do you want us to do in software development versus how much work do you want to own and have IP within your company? And that's changing, as we said, over time. And that's part of also why we're building out that 100-car fleet. Amnon has really has driven a vision that says it's one thing to bring foils to a meeting. It's another thing to bring a car and say now let's go out and drive, and show you how all of these fit together. And so all of that is -- this package that we have is unique, and it's resonating quite well as we walk into the various car OEMs. And I'm out there with them in various modes almost every week, every other week. Amnon's out. We're all talking about a complete package.

當然。這是一個很好的問題。所以我們剛才提到，即使在這 14 個等級中，很多等級也會繼續提升到 3 級、4 級。你看到的 5 級作品已經相當超前了。我可以告訴你，那裡正在進行許多實驗性的工作。但如果我從一個更宏觀的角度來看，也就是你所問的，我們一直在建構的這幅圖景，正如我在聲明中所說，就單一企業而言，它們都很出色。但是，當你把這些整合到一個方案中，並能夠帶著完整的解決方案去拜訪客戶時，它們就真正達到了世界一流水平，這是其他任何人都無法提供的。所以你說得對，當我們和別人談論自動駕駛時，無論是 L2+、L3、L4 還是 L5，我們都會根據不同的架構提供一系列產品。我們看到的是，不同的 OEM 廠商、不同的客戶對這些架構的看法甚至在整個領域都存在差異。有些人心想：“嗯，到了 5 級，我覺得我的技能應該就能提高了。”我想要一個封閉系統。我希望對軟體擁有更大的控制權。 ” 因此，我們為他們提供了一系列解決方案。他們中的一些人希望擁有更多的 FPGA，以便更早地將軟體部署到晶片上。但我們可以帶來的是我們的數據機。我們已經交付了——我們在新聞稿中也提到了——我們的第一款車載調製解調器。因此，我們能夠將汽車數據機一直推向 5G 網路。這些汽車公司大多需要建造資料中心。而且不只是資料中心，集中式資料中心，而是真正意義上的資料中心架構，將資料和運算一直延伸到邊緣。你需要能夠操控和傳輸地圖，將高精度地圖傳輸到車輛，並將資料從車輛傳輸回來，以便更改這些地圖、施工情況等等。所以我們正在建構這樣的架構。我們擁有相應的產品和人才，能夠透過這項基礎設施與他們進行獨特的合作。然後你再回到車裡，我們可以把 FPGA、Mobileye 帶到中心融合或計算區域。我們可以把至強處理器放進去。因此，在每一次討論中，情況都略有不同。當你升到第 3、4 和 5 級時，它們都有多個階段。我們能夠做的就是告訴大家，你們不必只接受這個解決方案。這並非唯一的解決辦法。你想做什麼？什麼方法能以最經濟有效率的方式解決你的問題？您希望我們在軟體開發上投入多少精力，而您希望公司擁有多少智慧財產權？正如我們所說，這種情況正在隨著時間推移而改變。這也是我們擴充100車車隊的部分原因。阿姆農確實提出了一個願景，即把錫箔紙帶到會議上是一回事。但如果開車帶你出去兜風，向你展示所有這些部件是如何組裝在一起的，那就完全是另一回事了。因此，我們擁有的這套方案是獨一無二的，而且在我們與各汽車OEM廠商洽談時，反應相當不錯。我幾乎每週或隔週都會以各種方式和他們在一起。阿姆農出局了。我們說的都是一個完整的方案。

Thanks, Brian. Thanks, Matt. And thank you all for joining us today. Operator, please go ahead and wrap up the call.

謝謝你，布萊恩。謝謝你，馬特。感謝各位今天蒞臨現場。接線員，請結束通話。

Ladies and gentlemen. Thank you for participating in today's conference. You may all disconnect. Everyone, have a great day.

女士們，先生們。感謝您參加今天的會議。你們可以斷開連結了。祝大家今天過得愉快。