英特爾 (INTC) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Intel Corporation Q4 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mark Henninger, Head of Investor Relations. Sir, you may begin.

各位女士、先生，大家好，歡迎參加英特爾公司2017年第四季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。現在我將把會議交給投資人關係主管馬克‧亨寧格。先生，您可以開始了。

Thank you, operator, and welcome, everyone, to Intel's Fourth 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've previously used. If you've not received both documents, they're available on our investor website, intc.com. The CFO earnings presentation is also available via the webcast window for those joining us online. 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.

謝謝接線生，歡迎各位參加英特爾2017年第四季財報電話會議。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，取代了我們之前使用的財務長評論。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。在線上參加我們活動的觀眾也可以透過網路直播視窗觀看財務長的業績報告。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 discussions contain 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. 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. 2017 was a record year for Intel, and fourth quarter results were outstanding, well ahead of the forecast we outlined in October, based on the strength of both our PC-centric and data-centric businesses. I'll review our results with you in just a moment, but before I do that, I'd like to share a few words about security.

謝謝你，馬克。2017 年是英特爾創紀錄的一年，第四季度業績非常出色，遠遠超過了我們在 10 月份根據我們以 PC 為中心和以數據為中心的業務的強勁表現而製定的預測。我稍後會和大家一起回顧我們的結果，但在此之前，我想先談談安全問題。

We've been working around the clock with our customers and partners to address the security vulnerabilities known as Spectre and Meltdown. While we've made progress, I am acutely aware that we have more to do. We've committed to being transparent, keeping our customers and owners appraised (sic) [apprised] of our progress and, through our actions, building trust. Security is a top priority for Intel, foundational to our products, and it's critical to the success of our data-centric strategy. Our near-term focus is on delivering high-quality mitigations to protect our customers' infrastructure on these exploits. We're working to incorporate silicon-based changes to future products that will directly address the Spectre and Meltdown threats in hardware, and those products will begin appearing later this year. However, these circumstances are highly dynamic, and we updated our risk factors to reflect both the evolving nature of these specific threats and mitigations as well as the security challenge more broadly.

我們一直在與客戶和合作夥伴日以繼夜地工作，以解決被稱為 Spectre 和 Meltdown 的安全漏洞。雖然我們已經取得了一些進展，但我深知我們還有更多的工作要做。我們致力於保持透明，讓我們的客戶和業主隨時了解我們的進展，並透過我們的行動建立信任。安全是英特爾的首要任務，也是我們產品的基礎，也是我們以資料為中心的策略成功的關鍵。我們近期的重點是提供高品質的緩解措施，以保護客戶的基礎設施免受這些攻擊。我們正在努力將基於矽的改進融入未來的產品中，以直接解決硬體中的 Spectre 和 Meltdown 威脅，這些產品將於今年稍後開始面世。然而，這些情況瞬息萬變，我們更新了風險因素，以反映這些具體威脅和緩解措施的演變，以及更廣泛的安全挑戰。

Security has always been a priority for us, and these events reinforce our continuous mission to develop the world's most secure products. This will be an ongoing journey, but we are committed to that task, and I'm confident we are up to the challenge. To keep you informed, we've created a dedicated website and we're approaching this work with customer-first urgency. I've assigned some of the very best minds at Intel to work through this, and we're making progress.

安全一直是我們的首要任務，這些事件也更加堅定了我們開發世界上最安全產品的決心。這將是一段持續的旅程，但我們致力於完成這項任務，我相信我們能夠應對挑戰。為了讓大家隨時了解最新情況，我們創建了一個專門的網站，並且我們以客戶至上的緊迫感來推進這項工作。我已經指派英特爾最優秀的人才來研究這個問題，我們正在取得進展。

With that, let's turn to our 2017 and fourth quarter results. We just wrapped up the best year in Intel's history with the best quarter in Intel's history. Revenue was up 4% year-over-year in the fourth quarter, 8% if you exclude McAfee, setting an all-time record. Our data center, IoT and FPGA businesses each set revenue records. We met or exceeded all of the financial commitments we made to you at the beginning of the year, and our focus on efficiency and profitable growth produced significant leverage, driving non-GAAP operating income up 21%.

接下來，讓我們來看看2017年第四季的業績。我們剛結束了英特爾史上最好的一年，也迎來了英特爾史上最棒的一個季度。第四季營收年增 4%，如果排除 McAfee，則年增 8%，創歷史新高。我們的資料中心、物聯網和FPGA業務都創下了營收紀錄。我們實現了年初對您所做的所有財務承諾，並且我們專注於效率和獲利成長，從而產生了顯著的槓桿效應，推動非GAAP營業收入成長了21%。

Our data-centric businesses delivered the technology foundations for the new data economy, making the analysis, storage and transfer of data possible, giving our customers the ability to turn data into amazing experiences and actionable insights. They're essential to our strategy. Data-centric revenue, excluding McAfee, was up an impressive 21% over the fourth quarter of last year, and I'd like to share a few highlights with you starting with DCG.

我們以數據為中心的業務為新的數據經濟提供了技術基礎，使數據的分析、儲存和傳輸成為可能，使我們的客戶能夠將數據轉化為驚人的體驗和可操作的見解。它們對我們的策略至關重要。不包括 McAfee 在內的資料中心營收比去年第四季成長了令人矚目的 21%，我想和大家分享一些亮點，首先是 DCG。

DCG's revenue was up 20% over the fourth quarter. The cloud segment was up 35%, comm service providers were up 16%, enterprise was up 11%, and our adjacency revenue was up 35%. We saw broad-based demand strength with customer preference for high-performance products driving richer ASP mix. Cloud segment results were driven by significant volume growth and continued customer preference for higher-performance products. In the comms service provider segment, we continued to take share and grow revenue as customers chose IA-based solutions to virtualize and transform their networks. Enterprise segment strength was driven mostly by ASP as customers transitioned to Xeon Scalable products in a seasonally strong fourth quarter IT buying window.

DCG第四季營收成長20%。雲端業務成長了 35%，通訊服務供應商成長了 16%，企業業務成長了 11%，我們的相關收入成長了 35%。我們看到市場需求全面強勁，客戶對高性能產品的偏好推動了更豐富的平均售價組合。雲端業務板塊的業績成長主要得益於銷售量的顯著成長以及客戶對高效能產品的持續偏好。在通訊服務供應商領域，隨著客戶選擇基於 IA 的解決方案來虛擬化和改造其網絡，我們繼續擴大市場份額並增加收入。企業級業務的成長主要得益於平均售價 (ASP) 的提升，因為客戶在第四季度 IT 採購旺季期間紛紛轉向 Xeon 可擴展產品。

While we continue to see enterprise customers offload workloads to the public cloud, we are also seeing those customers prioritize performance solutions for hybrid and on-premise buildouts. Customers across all of our segments are accelerating deployment on Xeon Scalable processors, which is ramping roughly in line with our historical Xeon transition.

雖然我們不斷看到企業客戶將工作負載卸載到公有雲，但我們也看到這些客戶優先考慮混合雲和本地部署的效能解決方案。我們所有業務領域的客戶都在加速部署 Xeon 可擴展處理器，這一進程與我們歷史上 Xeon 的過渡大致同步。

We continue to demonstrate leadership and progress in artificial intelligence with the data center, the edge and some hundreds of watts to milliwatts. Our software optimizations for the Caffe framework has improved already strong, beyond scalable ResNet-50 inference performance by 2x just since the launch in July. The first-generation Nervana neural network processor ran a neural network less than 2 weeks after we received silicon, and we've shipped our first customer units.

我們在資料中心、邊緣運算以及數百瓦到毫瓦的功耗範圍內，持續展現人工智慧領域的領導地位和進步。自 7 月發布以來，我們針對 Caffe 框架的軟體優化已經取得了顯著進步，可擴展的 ResNet-50 推理效能提高了 2 倍。第一代 Nervana 神經網路處理器在收到晶片不到 2 週後就運行了神經網絡，我們已經向客戶交付了第一批產品。

At the edge, Google announced its AIY Vision Kit featuring our Movidius vision processing unit, and Amazon announced DeepLens, the world's first deep learning-enabled video camera for developers, which uses an Intel CPU, graphics and compute libraries for deep neural networks.

在邊緣運算領域，Google發布了採用 Movidius 視覺處理單元的 AIY Vision Kit，亞馬遜發布了 DeepLens，這是世界上第一款面向開發者的深度學習視訊攝影機，它使用英特爾 CPU、圖形和用於深度神經網路的計算庫。

We're also seeing design wins that combine technologies from multiple data-centric business units, reinforcing the idea that we have developed a unique and differentiated collection of capabilities that can address customer challenges together more effectively than any one business could alone.

我們也看到一些設計方案融合了多個以數據為中心的業務部門的技術，這進一步印證了我們已經開發出一套獨特且差異化的能力組合，能夠比任何一個單獨的業務部門更有效地共同應對客戶挑戰。

A great example is Dahua's recent announcement of their Deep Sense product line, which combines Core CPU, Intel FPGA-based network video recorders, along with Movidius VPU-based cameras, to enable people and automobile detection and smart city application using artificial intelligence.

大華最近發布的 Deep Sense 產品線就是一個很好的例子，它結合了酷睿 CPU、基於英特爾 FPGA 的網路視訊錄影機以及基於 Movidius VPU 的攝像頭，利用人工智慧實現人員和車輛檢測以及智慧城市應用。

In the Programmable Solutions Group, we saw strong double-digit growth in the data center, auto, embedded and advanced products categories as well as last-time buys of legacy products. That strength was partially offset by softness in comms infrastructure. In Q4, we launched the Intel FPGA SDK for OpenCL that dramatically increased productivity for our customers. We also delivered first-to-market leadership innovations in the Stratix 10 product line, including the first SoC FPGA with an ARM processor at more than 1 million logic elements and the industry's first FPGA with integrated HBM2 memory.

在可程式解決方案集團，我們看到資料中心、汽車、嵌入式和先進產品類別以及傳統產品的最後一次購買都實現了強勁的兩位數成長。這一優勢被通訊基礎設施的薄弱部分抵消。第四季度，我們推出了 Intel FPGA OpenCL SDK，顯著提高了客戶的生產力。我們也在 Stratix 10 產品線中推出了率先上市的領先創新產品，包括首款擁有超過 100 萬個邏輯單元的 ARM 處理器的 SoC FPGA，以及業界首款整合 HBM2 記憶體的 FPGA。

Our Internet of Things Group grew 21% with continuing momentum in retail, video and in-vehicle infotainment verticals. Wind River saw strong multiyear contractor growth and delivered its profitable quarter ever for Intel. The memory business grew 9% and achieved profitability in Q4 as strong client volume was partially offset by a 1-quarter qualification delay of a data center's SSD volumes.

我們的物聯網集團成長了 21%，在零售、視訊和車載資訊娛樂等垂直領域保持了持續成長勢頭。Wind River 實現了多年來強勁的承包商成長，並為英特爾帶來了有史以來獲利的一個季度。記憶體業務在第四季度增長了 9%，並實現了盈利，強勁的客戶銷售部分被資料中心 SSD 容量的認證延遲一個季度所抵消。

Last quarter, I shared with you that our leadership technology is resulting in strong customer interest in long-term supply arrangements. That interest has continued to grow. We have since signed additional agreements and now expect prepayments totaling roughly $2 billion over the course of 2018.

上個季度，我曾向大家介紹過，我們的領先技術正引起客戶對長期供應安排的濃厚興趣。這種興趣持續增長。此後我們又簽署了其他協議，預計在 2018 年將收到總計約 20 億美元的預付款。

Mobileye had another strong quarter, and business momentum is growing. Our 30 design wins over the course of 2017 and 15 new program launches in 2018 are both increases of 2.5x over the prior period. We now have Level 2-plus and Level 3 design wins with 11 automakers who collectively represent more than 50% of global vehicle production. These advanced programs launch over the next 2 years, and they represent a major leap in functionality versus current semiautonomous system and are a significant step towards a scalable Level 4 and Level 5 fully autonomous system.

Mobileye 又迎來了一個強勁的季度，業務發展勢頭正在增強。我們在 2017 年贏得了 30 個設計項目，並在 2018 年推出了 15 個新項目，這兩個數字都比去年同期成長了 2.5 倍。我們目前已與 11 家汽車製造商達成 2 級以上和 3 級設計合作，這些汽車製造商的總產量佔全球汽車產量的 50% 以上。這些先進的程式將在未來兩年內推出，與目前的半自動系統相比，它們在功能上實現了重大飛躍，並且是向可擴展的 L4 和 L5 完全自動系統邁出的重要一步。

We reached an important milestone in the fourth quarter: the announcement of our Level 3 through 5 autonomous driving platform based on EyeQ5 and Atom, which we'll sample over the next few months. We believe this will be the most advanced, scalable and efficient platform of its kind. EyeQ5 will deliver 24 tera ops of deep learning performance in a 10-watt power envelope, or about 2.5x the efficiency of the competition. Just a couple of weeks ago at CES, we announced that, by the end of 2018, we expect 2 million EyeQ-equipped cars will be collecting crowdsourced data for REM, our Road Experience Management mapping solution. The resulting map will first be utilized in Level 3 beginning in 2019. The ability to crowdsource data to build and rapidly update the precision maps required for higher levels of automation is a major differentiator in our plan to build out the safest and most affordable autonomous vehicle system. It's also a great example of our data-centric strategy at work.

我們在第四季達到了一個重要的里程碑：發布了基於 EyeQ5 和 Atom 的 L3 至 L5 自動駕駛平台，我們將在接下來的幾個月中進行測試。我們相信這將是同類平台中最先進、可擴展性和最高效的平台。EyeQ5 將在 10 瓦的功耗範圍內提供 24 兆次深度學習運算的效能，效率約為競爭對手的 2.5 倍。就在幾週前的 CES 展會上，我們宣布，到 2018 年底，預計將有 200 萬輛配備 EyeQ 的汽車為我們的道路體驗管理地圖解決方案 REM 收集眾包數據。產生的地圖將首先在 2019 年開始的 3 級中使用。利用眾包數據來建立和快速更新更高自動化水平所需的精確地圖的能力，是我們構建最安全、最經濟實惠的自動駕駛汽車系統的計劃中的一個主要差異化因素。這也是我們以數據為中心的策略發揮作用的絕佳例證。

And finally, I'd like to touch on our PC-centric businesses, the Client Computing Group. Over the course of the year, the PC market improved. Our 14-nanometer manufacturing costs came down and the competitive environment intensified. Against that backdrop, PCG's focus on innovation and performance, especially in growth segments like gaming, 2-in-1s, thin and light notebooks and enterprise, led to a record Core mix and record i7 volume in the fourth quarter. We also shipped our first low-volume 10-nanometer SKU, and our modem business grew 26% over the fourth quarter of last year.

最後，我想談談我們以 PC 為中心的業務部門—客戶端運算集團。在這一年中，個人電腦市場有所改善。我們的 14 奈米製造成本下降了，競爭環境也變得更加激烈。在此背景下，PCG專注於創新和效能，尤其是在遊戲、二合一電腦、輕薄筆記型電腦和企業級電腦等成長領域，使得第四季酷睿處理器組合和i7處理器銷量均創歷史新高。我們也推出了首款小批量 10 奈米 SKU，我們的數據機業務比去年第四季成長了 26%。

Intel is undergoing one of the most significant transformations in corporate history from a PC-centric company to a data-centric company. We have made thoughtful, disciplined investments along the way that have expanded our TAM to $260 billion. Those same investments have produced a collection of data-centric businesses that are unmatched, growing at double-digit rates and approaching 50% of the company's revenue. Our opportunity is larger than it's ever been, and we're hungry to compete and win.

英特爾正在經歷企業史上最重大的轉型之一，從以個人電腦為中心的公司轉型為以數據為中心的公司。我們一路以來進行了深思熟慮、有紀律的投資，使我們的總市場規模擴大到 2,600 億美元。這些投資催生了一系列無與倫比的以數據為中心的業務，這些業務以兩位數的速度成長，並接近公司收入的 50%。我們的機會比以往任何時候都更大，我們渴望競爭並取得勝利。

In 2018, our highest priorities will be executing to our strategy and meeting the commitments we make to our owners and our customers. This includes our commitment to restoring customer confidence in the security of their data.

2018年，我們的首要任務是執行我們的策略，並履行我們對所有者和客戶的承諾。這包括我們致力於恢復客戶對其資料安全的信心。

This year, Intel will celebrate 0.5 centuries of innovation that has profoundly changed the world. Over the last 50 years, we invented the architecture and manufacturing technologies that have made personal computing, the Internet and the cloud not only possible, but pervasive. The journey hasn't been without challenges. Nothing worth doing ever is. Our culture has been forged through taking challenges head-on and developing solutions our customers can count on. That includes working directly to address the Spectre and Meltdown security threats.

今年，英特爾將慶祝其半世紀以來對世界產生的深遠影響，這段期間的創新成就舉世矚目。在過去的 50 年裡，我們發明了架構和製造技術，這些技術不僅使個人運算、互聯網和雲端運算成為可能，而且使其普及。這段旅程並非一帆風順。凡是值得做的事，都不會是簡單的事。我們的企業文化是透過迎難而上，開發客戶可以信賴的解決方案而形成的。這包括直接著手解決 Spectre 和 Meltdown 安全威脅。

We leave 2017 on a financial high note, but I'm even more excited about what's to come, about our strategy producing great products for our customers and great returns for our owners. I see Intel innovation changing the world for another 50 years, and that journey starts with 2018. Over the coming year, we'll bring amazing innovation and performance to the PC market, advance the state of art in the artificial intelligence, lead the way towards mass 5G deployment, launch the industry's first new memory architecture in 2 decades and take another step toward a safer world in which autonomous driving is a reality.

2017 年我們取得了不錯的財務成績，但我對未來更加興奮，因為我們的策略將為客戶創造優質產品，並為股東帶來豐厚回報。我認為英特爾的創新將在未來 50 年改變世界，而這段旅程將從 2018 年開始。在接下來的一年裡，我們將為個人電腦市場帶來驚人的創新和效能，推進人工智慧領域的技術進步，引領 5G 大規模部署，推出業界 20 年來首個全新記憶體架構，並朝著自動駕駛成為現實的更安全世界邁出又一步。

Looking back on 2017, I could not be more proud of our team and all they have accomplished. As I look to our 50th year, I'm more optimistic and confident than I've ever been about Intel's future.

回顧2017年，我為我們的團隊以及他們所取得的成就感到無比自豪。展望公司成立 50 週年，我對英特爾的未來比以往任何時候都更加樂觀和自信。

And with that, let me hand it over to Bob.

那麼，現在讓我把麥克風交給鮑伯。

Thanks, Brian. The fourth quarter was an outstanding close to a record 2017, and we are building real momentum heading into 2018. Revenue for the quarter was $17.1 billion, up 8% year-over-year; operating income was $5.9 billion, up 21% year-over-year; and EPS of $1.08 cents was up 37% year-over-year.

謝謝你，布萊恩。第四季為創紀錄的 2017 年畫上了圓滿的句號，我們正在為 2018 年積蓄真正的動力。本季營收為 171 億美元，年增 8%；營業收入為 59 億美元，年增 21%；每股收益為 1.08 美分，年成長 37%。

From a capital allocation perspective, we redeemed $1.6 billion of 2035 convertible debt, reducing our share count by 59 million shares, and repurchased $500 million of higher-coupon debt and exchanged $1.8 billion into 30-year debt at a 1% lower coupon rate.

從資本配置的角度來看，我們贖回了 16 億美元的 2035 年到期可轉換債券，減少了 5,900 萬股股份，並回購了 5 億美元的高息債券，將 18 億美元兌換成 30 年期、票面利率低 1% 的債券。

On tax reform, our Q4 GAAP earnings reflect a onetime tax impact of $5.4 billion, and our guidance reflects approximately 7-point improvement in our effective tax rate going forward.

關於稅改，我們第四季 GAAP 收益反映了 54 億美元的一次性稅收影響，我們的預期反映了未來實際稅率將改善約 7 個百分點。

To summarize, we had a fantastic quarter and year and are on track to exceed the 3-year targets we laid out at our Analyst Day, 1 full year ahead of schedule. Our Q4 results demonstrated continued momentum in our transformation from a PC-centric to a data-centric company. Intel's data-centric businesses, those outside of the PC segment, are at an all-time-high mix of 47% of our revenue, up from approximately 40% in 2012. We have made significant investments to expand our TAM into new data-rich markets like memory, programmable solutions and autonomous driving. These investments are just starting to pay off and will fuel Intel's growth going forward.

總而言之，我們本季和本年度的業績都非常出色，預計將提前一年實現我們在分析師日上所設定的三年目標。我們第四季的業績表明，我們從以個人電腦為中心的公司向以數據為中心的公司轉型的勢頭持續強勁。英特爾以資料為中心的業務（即 PC 領域以外的業務）占我們收入的比例達到了歷史新高，為 47%，高於 2012 年的約 40%。我們已投入巨資，將我們的目標市場拓展到記憶體、可程式解決方案和自動駕駛等資料密集型新市場。這些投資正開始產生回報，並將推動英特爾未來的成長。

Our PC-centric business was down 2% in a declining PC market, and it continues to be a great source of profitability. DCG delivered its most profitable year since 2011 by focusing on premium and growth segments with industry-leading products. This business generated the cash to fund Intel's investments in new data center growth.

在個人電腦市場下滑的情況下，我們以個人電腦為中心的業務下降了 2%，但它仍然是獲利的重要來源。DCG 透過專注於高端和成長市場，推出業界領先的產品，實現了自 2011 年以來盈利最高的一年。這項業務產生的現金為英特爾投資新建資料中心提供了資金。

Moving to Q4 earnings. We generated significant EPS expansion in the quarter, up 37% year-on-year. Our EPS improvement was driven by strong top line growth, a 5-point improvement in operating margins and significant gains from our ICAP Portfolio.

接下來是第四季財報。本季我們實現了顯著的每股盈餘成長，年增 37%。我們的每股盈餘成長得益於強勁的營收成長、營業利潤率提高 5 個百分點以及 ICAP 投資組合的顯著收益。

Our gross margins expanded 2 points in the quarter, and our spending as a percent of revenue declined by 3 points as we delivered $700 million more revenue and $300 million less spending.

本季我們的毛利率成長了 2 個百分點，支出佔收入的百分比下降了 3 個百分點，因為我們實現了 7 億美元的收入成長和 3 億美元的支出減少。

In terms of operating efficiency, we're well ahead of schedule of meeting our commitment by reducing spending to 30% by 2020. We now expect to achieve this goal no later than 2019. Total spending was down 6% year-over-year in the fourth quarter, while we continued investing in our key priorities including driving Moore's Law forward, winning in artificial intelligence and autonomous driving. R&D spending as a percent of revenue was down approximately 1 point, and our SG&A costs were down over 2 points as we rationalized our marketing and sales programs and generated significant leverage in our SG&A functions.

就營運效率而言，我們已提前完成到 2020 年將支出減少 30% 的承諾。我們現在預計最遲在2019年實現這一目標。第四季總支出年減 6%，但我們繼續投資於關鍵優先事項，包括推動摩爾定律向前發展，在人工智慧和自動駕駛領域取得成功。研發支出佔收入的百分比下降了約 1 個百分點，銷售、一般及行政費用下降了 2 個百分點以上，因為我們合理化了營銷和銷售計劃，並在銷售、一般及行政職能方面產生了顯著的槓桿作用。

Let me touch briefly on our segment performance. Client Computing Group had another strong quarter. Revenue of $9 billion was down 2 points and operating margins were down 2 points. Operating margins were lower on 10-nanometer transition costs. We saw strength in the commercial gaming business, and we believe the worldwide PC supply chain is operating at healthy levels.

讓我簡要談談我們業務板塊的表現。客戶端運算集團又一個季度業績強勁。營收為 90 億美元，下降 2 個百分點；營業利潤率也下降 2 個百分點。10 奈米製程過渡成本導致營運利潤率降低。我們看到了商業遊戲業務的強勁表現，我們相信全球個人電腦供應鏈正在健康運作。

The Data Center Group had record revenue of $5.6 billion, up 20% year-over-year, and operating income of $3 billion grew 59%. Q4 operating margin was 54%. As Brian mentioned earlier, we had strong growth in execution across all segments. Overall unit volume was up 10%, ASPs were up 8%, and our adjacencies grew by 35%. Our ASP strength demonstrates the value customers see in our high-performance products. Xeon Scalable launched in July, is ramping well, with customers broadly deploying its leadership product family. Revenue scale from leadership products, ASP strength and the exclusion of 2016 onetime charges drove strong operating income growth for the business. For the full year, revenue was up 11% and operating margin came in at 44%, both ahead of the expectations we provided at the beginning of the year.

資料中心集團營收創歷史新高，達 56 億美元，年增 20%；營業收入達 30 億美元，成長 59%。第四季營業利益率為54%。正如布萊恩之前提到的，我們在所有業務領域的執行力都實現了強勁成長。整體銷量成長了 10%，平均售價成長了 8%，鄰近區域成長了 35%。我們的ASP實力反映了客戶對我們高性能產品的價值認可。Xeon Scalable 於 7 月推出，目前發展勢頭良好，客戶已廣泛部署其領先的產品系列。領先產品帶來的收入規模、平均售價優勢以及2016年一次性費用的排除，推動了公司營業收入的強勁成長。全年來看，營收成長了 11%，營業利潤率達到 44%，均高於我們年初給出的預期。

The IoT, NSG and PSG business segments are becoming a larger component of our overall business, collectively growing 19% year-over-year. Our Internet of Things business achieved record revenue of $879 million, growing 21% year-over-year, driven by strength in industrial and video and continued momentum in our retail business. Operating profit was $260 million, up 43% year-over-year.

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，合計較去年同期成長 19%。我們的物聯網業務實現了創紀錄的 8.79 億美元收入，年增 21%，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 2.6 億美元，年增 43%。

The Mobileye business also had a record quarter, and we are on track to our deal thesis. As we called out last quarter, results for the Mobileye acquisition are included in our all other segment and reflects the Q4 integration of Intel's autonomous driving group spending into Mobileye.

Mobileye 的業務也創下了季度紀錄，我們的交易計劃正朝著既定目標穩步前進。正如我們上個季度所指出的，Mobileye 收購案的業績已計入我們的所有其他業務板塊，反映了英特爾自動駕駛集團在第四季度的支出併入 Mobileye 的情況。

Our memory business had revenue of $889 million, up 9% year-over-year, with strong demand for data center SSD solutions and demand signals outpacing supply. This segment was profitable for the quarter, and we expect this segment to be profitable for the full year of 2018.

我們的記憶體業務收入為 8.89 億美元，年成長 9%，資料中心 SSD 解決方案需求強勁，需求訊號超過了供應。該業務板塊本季實現盈利，我們預計該業務板塊在 2018 年全年也將實現盈利。

Programmable Solutions Group had record revenue of $568 million with 35% growth, driven by strength in data center, automotive and embedded. Operating profit was $156 million, up 95% year-over-year. The Stratix 10 design win pipeline, which represents PSG's largest ever, doubled over the last year due to engagements in 5G, cloud computing and the infrastructure transition to network function virtualization.

可程式解決方案集團營收創下 5.68 億美元的紀錄，成長 35%，這主要得益於資料中心、汽車和嵌入式系統的強勁表現。營業利潤為 1.56 億美元，年增 95%。Stratix 10 設計專案中標數量是 PSG 有史以來最大的，由於在 5G、雲端運算和向網路功能虛擬化的基礎設施過渡方面的合作，其數量在過去一年中翻了一番。

We laid out our capital allocation priorities early in the year: invest organically, expand acquisitively and return capital to our shareholders and do it wisely. In the year, we delivered on our promise. First, we generated strong free cash flow of $10.3 billion in the year and returned $8.7 billion to shareholders through dividends of $5.1 billion and share repurchases of $3.6 billion. Second, we funded a majority of the Mobileye acquisition from the sale of noncore assets during the year, including McAfee and the sale of ASML shares. And third, we redeemed $1.6 billion in convertible debt, reducing 59 million shares, and we also tendered higher-coupon debt for lower-coupon debt.

今年年初，我們制定了資本配置優先事項：進行內生式投資、透過收購進行擴張、向股東返還資本，並且要明智地進行這些投資。這一年，我們兌現了承諾。首先，我們今年產生了 103 億美元的強勁自由現金流，並透過 51 億美元的股息和 36 億美元的股票回購，向股東返還了 87 億美元。其次，我們透過出售本年度的非核心資產（包括 McAfee 和 ASML 股票）為 Mobileye 的收購提供了大部分資金。第三，我們贖回了 16 億美元的可轉換債券，減少了 5,900 萬股股份，我們也以高息債券換取了低息債券。

Let me expand on the ICAP- and treasury-related transactions we executed in the quarter. First, we sold 11.4 million shares of our ASML holding, which generated $2 billion in cash proceeds and a gain of $1.5 billion.

讓我詳細介紹一下我們在本季執行的 ICAP 和財務相關交易。首先，我們出售了我們持有的 1,140 萬股 A​​SML 股票，獲得了 20 億美元的現金收入和 15 億美元的收益。

Second, we redeemed our 2035 convertible debenture. This redemption created a $2.8 billion cash outflow and a noncash loss of $385 million, which was tax-deductible. Since this debenture was convertible and therefore dilutive, the redemption effectively acted as a buyback that will reduce diluted share count by 59 million shares.

其次，我們贖回了 2035 年到期的可轉換債券。這次贖回造成了 28 億美元的現金流出和 3.85 億美元的非現金損失，這部分損失可以抵稅。由於該債券是可轉換的，因此稀釋股份，贖回實際上相當於一次股份回購，這將使稀釋後的股份數量減少 5,900 萬股。

And third, we successfully tendered $2.3 billion of high-coupon debt in the quarter. We exchanged $1.9 billion of old debt into $2 billion of 30-year new debt, reducing our coupon rate by 1%. We also redeemed $425 million of old debt for cash. This transaction both lowered our leverage and our interest expense.

第三，本季我們成功發行了 23 億美元的高息債券。我們將 19 億美元的舊債務置換為 20 億美元的 30 年期新債務，使我們的票面利率降低了 1%。我們也用現金償還了 4.25 億美元的舊債。這項交易既降低了我們的槓桿率，也降低了我們的利息支出。

Adding it all up, 2017 was another record year for Intel. Revenue of $62.8 billion was up 9% year-over-year, driven by 16% growth in our data-centric businesses and 3% growth in PC-centric business. Operating income of $19.6 billion was up 18% on strong execution across the businesses and disciplined spending.

總而言之，2017 年對英特爾來說又是個創紀錄的一年。營收達 628 億美元，年增 9%，其中以資料為中心的業務成長 16%，以 PC 為中心的業務成長 3%。由於各業務部門的強勁執行和嚴格的支出控制，營業收入達到 196 億美元，成長 18%。

Earnings per share of $3.46 was up 28% on excellent operational performance and the benefit of $0.35 from ICAP net gains. With the change to the accounting rules for recognizing price changes on equity investments, we do not expect to see these ICAP gains repeat.

每股收益為 3.46 美元，成長 28%，這得益於出色的營運業績以及 ICAP 淨收益帶來的 0.35 美元收益。由於確認股權投資價格變動的會計準則發生了變化，我們預計ICAP不會再出現這樣的成長。

Before I turn to guidance, let me provide a little more context on the impact of tax reform on our business. Intel's fourth quarter results reflect a higher GAAP income tax expense of $5.4 billion as a result of U.S. corporate tax reform enacted in December. This includes a onetime required tax adjustment on previously untaxed foreign earnings, payable over 8 years, which was partially offset by the remeasurement of deferred income taxes for the new U.S. statutory tax rate. Looking ahead, we expect the Tax Cuts and Jobs Act will help level the playing field for U.S. manufacturers like Intel that compete in today's global economy. We expect a 2018 tax rate of approximately 14%, driven by a lower U.S. statutory tax rate of 21%, lower tax on foreign income, benefits from U.S. exporters and the continuation of the R&D credit. The change in our tax rate drives approximately $0.28 in 2018 EPS.

在給予指導意見之前，讓我先簡單介紹一下稅制改革對我們業務的影響。由於美國在 12 月實施了企業稅制改革，英特爾第四季業績反映出 GAAP 所得稅支出增加至 54 億美元。這包括對以前未徵稅的海外收入進行一次性必要的稅收調整，該調整可在 8 年內支付，部分被根據新的美國法定稅率重新計量遞延所得稅所抵消。展望未來，我們預計《減稅與就業法案》將有助於為像英特爾這樣的美國製造商創造公平的競爭環境，使他們能夠在當今全球經濟中競爭。我們預計 2018 年的稅率約為 14%，這主要得益於美國法定稅率降至 21%，外國所得稅降低，美國出口商的優惠政策以及研發稅收抵免政策的延續。稅率的變化導致 2018 年每股收益增加約 0.28 美元。

Intel has a rich history of investing in U.S.-led research and development and U.S. manufacturing. Just last year, we committed to the fit-up of our Fab 42 facility, creating thousands of jobs at completion. These tax reforms provide further incentive to continue investments like this.

英特爾一直以來都非常重視投資美國主導的研發和美國製造業。就在去年，我們承諾對 Fab 42 工廠進行裝修，建成後將創造數千個就業機會。這些稅收改革為繼續進行此類投資提供了進一步的誘因。

Before we turn to our 2018 outlook, I also want to highlight 2 accounting rule changes: first, new accounting rules for revenue recognition; and second, accounting for equity gains and losses. We do not expect a material impact to revenue from the revenue recognition accounting change. The changes in accounting for equity gains and losses will require the recognition of unrealized price changes each quarter, so equity holdings like our ASML position will see mark-to-market adjustments that will flow through earnings in 2018, which may create greater volatility on a GAAP basis. This change resulted in an impact of $2.7 billion of net unrealized gains at year-end that we booked to equity on January 1, 2018.

在展望 2018 年之前，我還想重點介紹兩項會計準則變更：第一，收入確認的新會計準則；第二，權益損益的會計處理。我們預期收入確認會計準則的變更不會對收入產生重大影響。權益損益會計處理方式的改變將要求每季確認未實現的價格變動，因此像我們持有的 ASML 這樣的權益持股將出現按市值計價的調整，這些調整將在 2018 年計入收益，這可能會在 GAAP 準則下造成更大的波動。這項變更導致年底淨未實現收益減少了 27 億美元，我們在 2018 年 1 月 1 日將其計入權益。

Now moving to the full year. We are forecasting the midpoint of the revenue range at $65 billion, up 4% year-over-year. We expect operating margin of approximately 30%, with gross margins down 2 to 2.5 points and spending as a percent of revenue to be down 1 to 1.5 points. The decline in gross margin is driven by growth in our adjacent businesses as we play in an expanded TAM and transition cost associated with 10-nanometer, both partially offset by higher gross margins from our 14-nanometer products.

現在進入全年。我們預測營收範圍的中位數為 650 億美元，年增 4%。我們預期營業利潤率約為 30%，毛利率下降 2 至 2.5 個百分點，支出佔收入的百分比下降 1 至 1.5 個百分點。毛利率下降是由於我們相鄰業務的成長，因為我們參與了擴大的市場規模，以及與 10 奈米相關的過渡成本，這兩方面都被我們 14 奈米產品更高的毛利率部分抵消。

We expect EPS of $3.55, up 14%, excluding the ICAP net gains, driven by a strong top line growth and a lower tax rate of approximately 14%, which will increase EPS by approximately $0.28.

我們預計每股收益為 3.55 美元，成長 14%（不包括 ICAP 淨收益），這主要得益於強勁的營收成長和約 14% 的較低稅率，這將使每股收益增加約 0.28 美元。

We expect net capital deployed of $12 billion. This reflects gross CapEx of $14 billion, offset by approximately $2 billion of customer prepayments for memory supply agreements. Increase in CapEx reflects our and our customers' confidence in our memory technology leadership.

我們預計淨投入資本為120億美元。這反映了140億美元的總資本支出，但被約20億美元的客戶預付記憶體供應協議款項所抵銷。資本支出增加反映了我們和我們的客戶對我們在記憶體技術領域領先地位的信心。

We expect free cash flow of $13 billion, an increase of approximately 30%, directly contributing to our decision to raise our dividend by a full 10%.

我們預計自由現金流將達到 130 億美元，成長約 30%，這將直接促使我們決定將股利提高 10%。

As we look to the first quarter of 2018, we are forecasting the midpoint of revenue range at $15 billion, up 5% year-over-year. We expect operating margin of approximately 27%, flat year-over-year, with a 3-point decline in gross margins offset by a 3-point decline in spending. We expect EPS of $0.70, up 11% excluding ICAP net gains, from strong top line growth and a lower effective tax rate.

展望 2018 年第一季度，我們預測營收範圍的中位數為 150 億美元，年增 5%。我們預期營業利潤率約為 27%，與去年同期持平，毛利率下降 3 個百分點，但支出下降 3 個百分點可以抵銷這一降幅。我們預計每股收益為 0.70 美元，不計 ICAP 淨收益，成長 11%，這得益於強勁的營收成長和較低的實際稅率。

We believe 2018 will be another record year for Intel, and we feel great about where we are entering year 2 of our 3-year transformation. We've met and exceeded our commitments. 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.

我們相信 2018 年將是英特爾的另一個創紀錄的年份，我們對即將進入三年轉型計劃第二年的發展狀況感到非常滿意。我們已完成並超額完成了我們的承諾。在市場低迷時期，我們以個人電腦為中心的團隊仍然運作良好，而我們以數據為中心的業務整體實現了兩位數的成長，因為我們將繼續轉型公司，為雲端運算和智慧互聯設備提供支援。

With that, let me turn it back to Mark.

那麼，現在讓我把話題轉回給馬克。

All right. Thank you, Brian and Bob. Moving on now to the Q&A. (Operator Instructions)

好的。謝謝布萊恩和鮑伯。接下來進入問答環節。（操作說明）

Operator, please go ahead and introduce our first questioner.

接線員，請介紹我們的第一位提問者。

Our first question comes from the line of John Pitzer from Crédit Suisse.

我們的第一個問題來自瑞士信貸的約翰‧皮策。

Yes, my first question just revolves around the revenue guidance for the March quarter. At the midpoint, down about 12% sequentially is a lot worse than, I guess, normal seasonal. And I guess I'm trying to figure out kind of the parameters that you guys are using to come up with that number. Was there something in the DCG strength in the calendar fourth quarter that you don't think is repeatable? Given your comments around the PC supply chain being healthy, that to me feels a little bit more seasonal than not in the March quarter. So I'm just kind of curious as to why Q1 revenue would be so much below what has been kind of the 5-year median seasonality for Q1.

是的，我的第一個問題是關於三月季度的營收預期。中點下跌約 12%，比正常的季節性下跌要糟糕得多。我想弄清楚你們用哪些參數來得出這個數字。DCG在第四季展現的優勢是否有一些您認為無法重複出現的情況？鑑於您先前對個人電腦供應鏈健康狀況的評論，我覺得這在三月這個季度更多的是季節性因素造成的。所以我很好奇，為什麼第一季的營收會比過去五年第一季的平均季節性低這麼多。

John, thanks. It's Bob. So really 2 things going on. One, the enterprise growth in DCG, as Brian highlighted, was up 11% in the fourth quarter. So extremely strong seasonal growth for enterprise, a little bit more than we expected, frankly. That's number one. Number two, PSG's 35% growth was helped by end-of-life sales during the course of the quarter. And if you adjust for maybe a more normalized enterprise growth and PSG growth, you get to more of a seasonal Q4 to Q1 dynamic, so in line with seasonal if you make those 2 adjustments.

約翰，謝謝。是鮑伯。所以其實有兩件事在發生。第一，正如布萊恩所強調的那樣，DCG 的企業成長率在第四季度達到了 11%。因此，企業季節性成長非常強勁，坦白說，比我們預期的還要多一些。這是第一點。第二，PSG 在本季實現了 35% 的成長，這得益於報廢產品的銷售。如果調整企業成長和 PSG 成長，使其更加正常化，那麼就會呈現出更明顯的第四季到第一季的季節性動態，因此，如果進行這兩項調整，就會符合季節性規律。

That's very helpful. And then, Brian, on my second question revolves around CapEx. I think it was a year ago on this conference call that you kind of mentioned that you thought that calendar year '17 and calendar year '18 would be sort of above trend-line CapEx spending for you guys, and then you thought it would come down again in calendar year '19 to a more normal trend, albeit you didn't quantify the trend. Just given the big uptick in '18 to $14 billion, I realize $2 billion of that's already being covered by prepayments, but how do we think about kind of the trend-line CapEx from here, especially in light of the changing relationship between yourself and Micron on IMFT?

那很有幫助。然後，布萊恩，我的第二個問題是關於資本支出的。我記得大約一年前的這次電話會議上，你曾提到你認為 2017 年和 2018 年的資本支出會高於你們的趨勢線，然後你認為 2019 年會回落到更正常的趨勢，儘管你沒有量化這種趨勢。鑑於 2018 年資本支出大幅增長至 140 億美元，我知道其中 20 億美元已經透過預付款支付，但我們應該如何看待從現在開始的資本支出趨勢，特別是考慮到您和美光在 IMFT 方面的關係正在改變？

Sure, John. So my perspective is, if you take a look at it, right, memory kind of -- I mean, logic on our CapEx just scaled with our increase in revenue and kind of our overall growth rate. So that's fell in line. With memory, we're going to take a look at it really on a year-by-year basis. And I'd tell you that Bob's really doing a good job of helping that business unit look over the capital. And when we have demand and people are willing to pay up front for that demand and reserve the capacity, like we've done this year, we're going to go ahead and put that capacity in place plus what we think the overall market we can do as distributing across the overall market. And that's really independent of that changing relationship with Micron. That's really more about how we're doing development work out in time, really, and that's actually still 2 generations away. That really didn't affect 2018. This was really about what we saw for the overall NAND memory market plus the additional capital and capacity that people wanted to reserve through that process. We'll look at that each year, John, and say, "Okay, as we look out into '19 at the end of '18, we'll do that same analysis."

當然可以，約翰。所以我的觀點是，如果你仔細觀察一下，對吧，記憶體方面——我的意思是，我們資本支出的邏輯只是隨著收入的成長和整體成長率的成長而擴大。所以這件事就順理成章了。對於記憶體問題，我們將逐年進行考察。我可以告訴你，鮑伯在幫助該業務部門審視資金方面做得非常出色。當有需求，並且人們願意預先支付需求費用並預留產能時，就像我們今年所做的那樣，我們將繼續部署這些產能，再加上我們認為可以在整個市場範圍內分銷的產能。這與美光公司不斷變化的關係完全無關。這實際上更多地關乎我們如何按時完成開發工作，而這實際上還需要兩個世代的時間。那件事對2018年並沒有產生什麼影響。這實際上反映了我們對整個 NAND 記憶體市場的觀察，以及人們希望透過此流程預留的額外資金和產能。約翰，我們每年都會這樣做，然後說：“好的，在 2018 年底展望 2019 年時，我們會進行同樣的分析。”

(inaudible)

（聽不清楚）

I would just -- sorry, I would just follow on to Brian's comments. The way we're looking at memory, and we talked a bit about this on the last call, is increased confidence in our customers and the technologies that we're developing where, those relationships, they will help fund the scaling of the capacity to grow the business. And we're really trying to match net capital employed to be in conjunction with known customer demand. So what that means -- what that meant for 2017 is the net capital was roughly $1.5 billion, and we've held that relatively flat in 2018. So while gross capital is higher, we have more conviction in the customer base to fund $2 billion of the gross capital. So memory, we're really trying to focus on customer adoption of our technology to effectively and efficiently scale the business. And then just the only other point I would make on logic, remember, a year ago in terms of our outlook for growth, we're well ahead of our outlook for growth. We were probably, at the time, implied in our outlook was probably a $62.5 billion kind of number in 2018. Obviously, with our guide now, it's $65 billion. We're $2.5 billion higher. And it's that incremental growth that's placing more demands on logic capacity, both for 14- -- 10-nanometer and, as we think forward, on that 7-nanometer.

我只想——抱歉，我只想接著布萊恩的評論繼續說下去。我們對記憶體的看法，我們在上次電話會議上也談到了這一點，那就是增強客戶對我們正在開發的技術的信心，這些關係將有助於為業務成長提供資金，擴大產能。我們正努力使投入的淨資本與已知的客戶需求相符。所以這意味著——2017 年的淨資本約為 15 億美元，而我們在 2018 年保持了相對穩定的水平。因此，雖然總資本更高，但我們對客戶群更有信心，能夠為 20 億美元的總資本提供資金。所以，在記憶體方面，我們真正努力關注的是客戶對我們技術的接受度，以便有效且有效率地擴展業務。關於邏輯，我只想補充一點：請記住，一年前我們對成長的預期，現在我們已經遠遠超過了預期。當時，我們的預期可能隱含著 2018 年 625 億美元的數字。顯然，按照我們現在的估算，這個數字是 650 億美元。我們比之前高出25億美元。正是這種漸進式成長對邏輯能力提出了更高的要求，無論是 14 奈米到 10 奈米工藝，還是展望未來，7 奈米製程。

Our next question comes from Joe Moore from Morgan Stanley

下一個問題來自摩根士丹利的喬·摩爾。

I wonder if you could talk about OpEx. Obviously, you've been pretty disciplined there bringing that down, but you've also got some other initiatives. You've -- you announced a discrete graphics effort. Maybe if you could talk about -- it seems like that would cost a lot, if I just look at what your competitors are spending. And then, at some point, you're going to spend money on NAND that used to be shared with Micron. So just can you talk about the puts and takes there? And is there something that we should think about that's coming down to sort of offset those potential increases?

我想請您談談營運支出（OpEx）。顯然，你們在降低污染方面做得非常自律，但你們也有一些其他的措施。你們——你們宣布了一項獨立的圖形處理計劃。或許你可以談談——如果我看看你的競爭對手的支出，這似乎會花很多錢。然後，在某個時候，你將會花錢購買以前與美光共享的 NAND 快閃記憶體晶片。那麼，您能談談那裡的買賣情況嗎？那麼，有沒有什麼措施可以抵銷這些潛在的成長呢？

Sure. I'll start, and I'll let Bob kind of give you the under-the-cover detail of the dollars. But Joe, this -- really, we've already factored all of those things in. So things like the discrete graphics is a ramping spend. The memory is R&D spending out in time, so for '18 has no, really, effect. And then we've driven an overall efficiency in all of our R&D spending to offset that. So increasing in GPU spending, there's some other increases as well around things like autonomous driving and some of the other artificial intelligence and some of the emerging areas. You're right. Over time, we'll increase spending in NAND in R&D, but those are being offset by efficiencies that we're driving into the rest of our product R&D. And we really feel like we're getting to a good point where we can keep the pace of innovation going on our core products while we fund these new initiatives as well and not take a beat from our continued efficiency efforts across the spending as a percent of revenue.

當然。我先來，然後請鮑伯來跟你透露一下關於美元的內幕細節。但是喬，真的，我們已經把所有這些因素都考慮進去了。所以像是獨立顯示卡之類的東西，支出會不斷增加。記憶體是研發投入，隨著時間的推移而消耗，因此對於 2018 年來說，實際上並沒有什麼影響。然後，我們提高了所有研發支出的整體效率，以抵銷這項損失。隨著 GPU 支出的增加，自動駕駛、人工智慧以及其他一些新興領域的支出也有所增加。你說得對。隨著時間的推移，我們將增加在 NAND 研發方面的投入，但這些投入將被我們在其他產品研發領域提高效率所抵銷。我們感覺我們已經達到了一個很好的階段，既可以保持核心產品的創新步伐，又能為這些新舉措提供資金，同時還能在支出佔收入的百分比方面繼續提高效率，而不會受到影響。

Yes, Joe, I'd just add some numbers to Brian's words. We've kind of come down from 36% to 35% to 34% to a second half of 2017 at roughly 31% of revenue. So we've been coming down as we've been doing 2 things: One, the investments that we'd been making are paying off in terms of higher growth; and number two, we're making real trade-offs in where we're investing our money. As we go into -- implied in our guidance, as we go into '18, we're expecting our spending levels to be roughly flat with an annualized 2017 spending level. So we're going to -- and underneath that, continuing to drive efficiencies in sales and marketing as we become more of a B2B or data-centric company and getting real leverage on our G&A functions across the board. So we've made real progress during the course of the last couple of years. Including the second half, we expect to make continued progress while making the critical investments in things like discrete graphics, autonomous driving, artificial intelligence and continuing to invest in Moore's Law.

是的，喬，我只是想在布萊恩的話裡加上一些數字。我們從 2017 年下半年的 36% 下降到 35%，再到 34%，到 2017 年下半年，營收佔比約為 31%。因此，我們一直在減少支出，因為我們做了兩件事：第一，我們先前進行的投資正在帶來更高的成長；第二，我們在投資方向上做出了真正的權衡。正如我們的指導意見所暗示的那樣，進入 2018 年，我們預計支出水準將與 2017 年的年度支出水準大致持平。因此，我們將——在此基礎上，隨著我們逐漸成為一家 B2B 或以數據為中心的公司，繼續提高銷售和行銷效率，並在各個方面真正發揮 G&A 職能的優勢。因此，在過去幾年裡，我們取得了真正的進步。包括下半年在內，我們預計將繼續取得進展，同時在獨立圖形、自動駕駛、人工智慧等領域進行關鍵投資，並繼續投資於摩爾定律。

Okay, great. And then as you think about that NAND investment, I guess people have asked me what you're -- what the separation from Micron on a long-term path means. Does that mean there's sort of more of a focus on propriety products like 3D XPoint? Or do you remain firmly committed to sort of more -- to a more competitive NAND market?

好的，太好了。然後，當你考慮 NAND 投資時，我想人們會問我，從長遠來看，與美光分道揚鑣意味著什麼。這是否意味著公司會更重視像 3D XPoint 這樣的專有產品？或者您仍然堅定地致力於打造一個更具競爭性的 NAND 市場？

Sure. So I just want to make sure you -- we clarify a little bit, Joe. The separation of development work is, again, out in time. Think of it in the 2020 time frame is when the real independence come, and it's NAND-specific. So we continue to work together on 3D XPoint. So -- and this is really just -- it's not a separation of the companies or something about the relationship. The relationship with Micron continues to be a good one, and I foresee it will continue to be a good one in the future as well. This is about direction of where we're going to take our products. And we've talked about ours are very data center-centric and really tied to performance and aligning to the customer market that we're really looking at. And so the spending in R&D we're talking about right now is purely NAND-specific. 3D XPoint continues to be a joint effort.

當然。所以我想確保你——我們稍微澄清一下，喬。開發工作的分離又過時了。想想看，真正的獨立性將在 2020 年到來，而且這與 NAND 快閃記憶體有關。因此，我們將繼續合作開發 3D XPoint。所以——這真的只是——這並不是公司之間的分離，也不是關於公司關係的問題。與美光的關係一直都很好，我預見未來也會繼續保持良好的關係。這關乎我們產品未來的發展方向。我們已經討論過，我們的產品非常以資料中心為中心，並且與效能以及我們真正關注的客戶市場緊密相關。因此，我們現在所談論的研發支出完全是針對 NAND 快閃記憶體的。3D XPoint 仍然是一項合作專案。

Our next question comes from Ambrish Srivastava with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

Brian and Bob, I wanted to go back to DCG, specifically on the op margin front. We have not seen a [5-handle], if my model is correct, it's been 8-plus quarters. So can you please speak to the sustainability of the op margin and kind of what were the drivers that got you to that level? And then I had a follow-up as well, please.

Brian 和 Bob，我想回到 DCG，特別是關於營運利潤率。我們還沒見過[5柄]，如果我的模型正確的話，已經是8個以上的四分之一了。那麼，您能否談談營運利潤率的可持續性，以及是什麼因素促使您達到這個水平？然後我還有一個後續問題，請問。

Yes, so we came into the year and we indicated that we expected margins for the full year to be in the kind of 40% to 45% range. And obviously, we started out low, but we said our expectations were that it would grow throughout to the course of the year. A couple of things in the fourth quarter. Obviously, growth. So real good leverage on our existing investment was a big contributor. Secondly, ASPs were up 8%. So of the 20% growth, ASPs accounted for 8 points of that. And as Brian highlighted, whether it's cloud, comms or enterprise, customers in the quarter were really paying for performance. That performance for us was higher ASPs. Third, our continued progress on unit cost. And then, last, you may remember, last year's fourth quarter, we had some warranty- and IP-related charges in the data center business that I think cost us roughly 4 points a year ago. So last year's were a little bit deflated. But good volume leverage, strong ASPs as customers paid for performance and unit cost improving.

是的，我們在年初就表示，我們預計全年利潤率將在 40% 到 45% 之間。顯然，我們起步很低，但我們預計它會在這一年中逐步成長。第四節有幾件事。顯而易見，是成長。因此，充分利用現有投資是促成這項結果的重要因素。其次，平均售價上漲了 8%。因此，在 20% 的成長中，平均售價 (ASP) 佔了 8 個百分點。正如布萊恩所強調的那樣，無論是雲端運算、通訊還是企業服務，本季客戶都在為效能付費。對我們來說，這意味著更高的平均售價。第三，我們在單位成本方面持續取得進展。最後，您可能還記得，去年第四季度，我們在資料中心業務中產生了一些保固和智慧財產權相關的費用，我認為這些費用一年前大約讓我們損失了 4 個百分點。所以去年的業績有點令人失望。但良好的銷售槓桿作用、強勁的平均售價（因為客戶為性能付費）以及單位成本的提高，使得銷售優勢得以發揮。

So we should expect this level going forward, Bob?

所以鮑勃，我們應該預期未來會一直保持這個水平嗎？

Yes, I think I wouldn't get too far away from the 40% to 45%, to be honest with you. I think, as we go into 2018, the good -- we think good cloud momentum, that's been consistent performance over the course of the year, last couple of years. Comms, our performance, we believe, was real strong in a somewhat sluggish market, so real share gains. But the high kind of seasonal enterprise growth and strong ASPs in the quarter, we think, are more seasonal in nature, and we're not anticipating enterprise growth to stay at these levels as we go into '18.

說實話，我覺得40%到45%之間不會有太大偏差。我認為，進入 2018 年，好的一面是——我們認為雲端運算發展勢頭良好，在過去的幾年裡，雲端運算一直保持著穩定的發展勢頭。我們認為，在市場略顯低迷的情況下，通訊業務的表現非常強勁，因此取得了真正的市佔率成長。但我們認為，本季較高的季節性企業成長和強勁的平均售價更多是季節性的，我們預計企業成長在進入 2018 年時不會保持在這樣的水平。

Okay, that's helpful. And then for my follow-up on the gross margin for next year, you provided the -- sort of qualitatively the adjacency as well as the cost impact from the XRAM. But, a, I was surprised you didn't mention competition because now AMD will have a full year of product in an area they never were for -- I shouldn't say never -- they were not in an area for a long time. So question is are you seeing any competition? Are you factoring that in? And then, b, would it be possible to quantify the 2 impacts that you mentioned?

好的，這很有幫助。然後，對於我接下來關於明年毛利率的問題，您提供了——某種程度上定性地鄰近性以及 XRAM 的成本影響。但是，令我驚訝的是，你沒有提到競爭，因為現在 AMD 將在一個他們從未涉足的領域推出一整年的產品——我不應該說從未涉足——他們已經很久沒有涉足這個領域了。所以問題是，你覺得有競爭嗎？你是否把這一點考慮進去了？其次，能否量化您提到的這兩個影響？

Yes, I'd just -- I'd highlight 3 things that are driving the deterioration. But I'd start first with we've always characterized our long-term gross margins to be in the 55% to 65% range. And for the last several years, and included in our guidance this year, we'll be at the upper end of that 60% to 65% range. But for the last couple of years, there's -- we've had maturity of 14-nanometer. And that maturity, both in terms of getting more and more performance and lower and lower unit costs, has been contributors to gross margin. As we go into '18, we see 14-nanometer modest contribution from profitability because we've matured on the cost curve. That's an increasingly competitive environment, and we don't anticipate dramatic ASP improvements over the entire company. In some cases, yes, but for the most part, no. So we'll see some continued improvement in 14-nanometer products during the course of the year. Secondly, we are really accelerating the growth of our adjacent businesses. The investments that we've been making in both the data-centric businesses and our growth in modem, those are contributing to our year-on-year EPS growth. However, those -- both of those product lines or businesses have lower margins. So our success in modem and memory is having a mix impact on our gross margins. The third area is we're going from 10-nanometer start-up, where our costs are coming down, to more the ramp to the 10-nanometer. And that ramp is going to weigh on the margins as we begin to develop production going into the second half of the year where we're way up the curve on where our yields and costs are. So those are kind of the 3 things as we see it, and if I were to characterize, roughly plus 1, roughly minus 2, roughly minus 1, rounding those.

是的，我只想強調導致這種惡化的三件事。但首先我想說的是，我們一直以來都將長期毛利率設定在 55% 到 65% 的範圍內。過去幾年，包括今年的預期在內，我們的成長率將保持在 60% 到 65% 的區間上限。但近幾年來，14奈米技術已經成熟了。這種成熟，無論是在性能不斷提升方面，還是在單位成本不斷降低方面，都對毛利率的提高做出了貢獻。進入 2018 年，我們看到 14 奈米製程對獲利能力的貢獻有限，因為我們在成本曲線上已經成熟。這是一個競爭日益激烈的環境，我們預期整個公司的平均售價不會大幅提升。有些情況下是這樣，但大多數情況下不是。因此，我們將在今年看到 14 奈米產品持續改進。其次，我們正在加速相關業務的成長。我們在資料中心業務和調變解調器業務成長方面的投資，都促進了我們每股盈餘的逐年成長。然而，這兩條產品線或業務的利潤率都較低。因此，我們在調製解調器和記憶體方面的成功對我們的毛利率產生了喜憂參半的影響。第三個方面是，我們正在從 10 奈米的初創階段（成本正在下降）過渡到 10 奈米的更大規模階段。隨著我們進入下半年開始增產，產量和成本都將大幅上升，這種產能爬坡將對利潤率造成壓力。所以，這就是我們看到的這三件事，如果讓我概括一下，大概是加 1，減 2，減 1，四捨五入一下。

Ambrish, on your question about -- specifically around competition, I think, every year we look at it as a competitive environment, and we're out to compete for our customers. And so we factor that in each year appropriately, I think, against the competition. So we've looked at the competitive environment, and we believe Xeon Scalable, great performance that has, our overall product road map, we think we have a highly competitive road map and -- have adjusted for that in our forecast.

Ambrish，關於你提出的問題——特別是關於競爭的問題，我認為，我們每年都將其視為一個競爭環境，我們努力爭取我們的客戶。因此，我認為我們每年都會適當地將這一點考慮在內，以應對競爭。因此，我們研究了競爭環境，我們相信 Xeon Scalable 具有卓越的性能，並且我們的整體產品路線圖也極具競爭力，並且——我們已在預測中對此進行了調整。

Our next question comes from Stacy Rasgon from Bernstein.

下一個問題來自伯恩斯坦公司的史黛西·拉斯貢。

Firstly, can you walk us through your free cash flow waterfall? I can't get there. Flattish operating income on 4% revenue growth. You lose a couple billion dollars in ICAP gains. CapEx, I guess, maybe it's flattish with the memory prepayments. Taxes maybe gets me 1/3 to half of the way there, but where does the rest of the free cash flow come from? Are you just draining a ton of working capital or what? Can you walk us through?

首先，您能為我們詳細介紹一下您的自由現金流流程嗎？我到不了那裡。營業利潤基本持平，營收成長4%。你損失了數十億美元的ICAP收益。我猜想，加上記憶體預付款，資本支出可能會比較平穩。稅收或許能幫我解決三分之一到一半的問題，但剩下的自由現金流從哪裡來呢？你這是在白白消耗大量營運資金嗎？您能給我們詳細講解一下嗎？

Yes. First, $13 billion in free cash flow, up roughly 30% year-on-year. First, higher cash earnings. Our guide has EPS up roughly 14%. In that guide, there's -- depreciation has grown in '18 relative to 2017. So that has just higher cash earnings. Secondly, we do expect lower working capital as we go through 2018. Third, we have higher strategic customer supply agreements. And those 3 things are all contributing to the positive. And then obviously, Stacy, the higher gross capital is a bit of an offset. So stronger cash earnings, better working capital, more strategic supply, partially offset by higher CapEx.

是的。首先，自由現金流達 130 億美元，年增約 30%。首先，現金收益更高。我們的指南顯示，每股盈餘 (EPS) 將上漲約 14%。指南中提到－2018 年的折舊額相對於 2017 年有所成長。所以它的現金收益更高。其次，我們預期 2018 年的營運資金將會減少。第三，我們擁有更高層級的策略客戶供應協議。這三件事都對結果產生了正面影響。很顯然，Stacy，較高的總資本在一定程度上可以抵消部分影響。因此，更強勁的現金收益、更好的營運資本、更具策略性的供應，部分被更高的資本支出所抵銷。

Okay. For my follow-up, I want to ask about the growth next year of your kind of adjacent businesses versus your core businesses. Of that $65 billion of that 4%, can you give us a feeling how much of that is coming from the adjacent, I guess mostly memory and modems, versus the core? It must be decent, given the gross margin pressures. And I guess, as a corollary to that, you mentioned a one delay -- 1-quarter delay in data center memory. Is that -- was that a statement on XPoint?

好的。接下來，我想詢問明年貴公司相關業務（包括核心業務和輔助業務）的成長情況。在這 4% 的 650 億美元中，您能否大致估算一下，其中有多少來自相鄰的（我猜主要是內存和調製解調器）組件，又有多少來自核心組件？考慮到毛利率壓力，這應該還不錯。我想，作為由此推論，您提到了資料中心記憶體的延遲—1/4 延遲。那是──那是關於XPoint的聲明嗎？

No, that was a NAND -- I'll start with just the answer to that question first, Stacy, that, that was a 3D NAND SSD. We had some delays in the fourth quarter, and those are being addressed now. So that was that comment.

不，那是 NAND——我先回答這個問題，Stacy，那是 3D NAND SSD。第四季我們遇到了一些延誤，現在這些問題正在解決中。這就是那條評論。

Okay. And growth -- I'm sorry, go ahead.

好的。至於增長——抱歉，請繼續。

No, I think, on your first question, in the $65 billion, we characterized it as roughly low single-digit decline in our PC-centric businesses. So implied in that is PC maybe declining a little bit more and modem, i.e., adjacency within the CCG segment, partially offsetting that. In the overall guide, we said that the data-centric businesses would be growing in the mid-teens. And obviously, that's -- we believe that'll be -- the strongest growth segment within the makeup of our data-centric businesses will be in memory. And it will be a function of customer quals that Brian just highlighted, and we expect NSG growth to accelerate throughout the course of 2018, so single-digit decline on PC-centric and mid-teen growth on data-centric businesses.

不，我認為，關於你的第一個問題，在 650 億美元的損失中，我們將其描述為我們以 PC 為中心的業務出現了大致個位數百分比的下滑。因此，這意味著個人電腦可能會進一步減少，而數據機（即 CCG 領域內的相鄰設備）在一定程度上抵消了這種減少。在整體指南中，我們提到以資料為中心的企業將實現十幾個百分點的成長。顯然，我們相信，在我們以資料為中心的業務構成中，成長最快的部分將是記憶體。而這將取決於布萊恩剛才強調的客戶資質，我們預計 NSG 的成長將在 2018 年加速，因此以 PC 為中心的業務將出現個位數下降，而以數據為中心的業務將出現十幾個百分點的增長。

So what does that memory strength imply for the data center growth, the DCG growth, particularly given the strong performance in Q4?

那麼，這種強大的記憶體效能對資料中心成長、資料中心成長意味著什麼？尤其是在第四季表現強勁的情況下？

For the most part, the [wins] for NSG that will go through data center will be late in 2018 and won't really have an impact on the overall growth rate of that business. So it's primarily about growth of 3D NAND during the course of the year.

對於 NSG 而言，透過資料中心獲得的[訂單]大多將在 2018 年末完成，並且不會對該業務的整體成長率產生真正的影響。所以，主要關注的是3D NAND在這一年中的成長情況。

Our next question comes from C.J. Muse from Evercore.

我們的下一個問題來自 Evercore 公司的 C.J. Muse。

I guess a couple of housekeeping questions, if I could kind of put them together. Curious if you could share with us how you're thinking about CapEx spend between logic and memory. And then, on the 10-nanometer start-up, can you share with us when you're expecting to begin depreciating those costs?

我想問幾個家務事方面的問題，如果我能把它們放在一起說的話。能否請您分享一下您是如何考慮邏輯和記憶體之間的資本支出分配的？那麼，關於 10 奈米新創企業，您能否告訴我們您預計何時開始折舊這些成本？

First on the CapEx, we indicated gross capital in the year of $14 billion, that we get customer strategic supply agreements of roughly $2 billion. So our net capital is $12 billion, $12 billion in the year. Again, I'd kind of break that into 2 pieces: memory, net capital employed, no change; and logic, CapEx up roughly $1 billion year-on-year. And as we mentioned earlier, that $1 billion is a function of, primarily growth, continuing to grow 14-nanometer; second, scaling up 10-nanometer; and third, investing in next node 7-nanometer during the course of the year. So those 3 things are really driving the $1 billion increase in CapEx for logic. The second part of your question, the -- so for 10-nanometer, as we bring that equipment online, we turn on -- there's some equipment now that's being depreciated. But as we build -- bring more online, as we ramp in the second half of the year, when we turn that equipment on is when we start depreciating it. So we'd expect our depreciation bill in the second half of the year to be growing. That's one of the contributors to -- yes, really to come full circle, that's one of the contributors to the gross margin deterioration during the course of the years as we start to ramp 10-nanometer.

首先，關於資本支出，我們表示當年的總資本支出為 140 億美元，我們獲得了約 20 億美元的客戶策略供應協議。因此，我們今年的淨資本為 120 億美元，120 億美元。我再把它分成兩部分：內存，淨資本投入，沒有變化；邏輯，資本支出同比增長約 10 億美元。正如我們之前提到的，這 10 億美元主要取決於以下三個方面：首先是 14 奈米技術的持續成長；其次是 10 奈米技術的規模化；第三是今年對下一代 7 奈米技術的投資。因此，正是這三件事推動了邏輯電路資本支出增加 10 億美元。關於您問題的第二部分，——對於 10 奈米技術，當我們把這些設備上線時，我們就會啟動——現在有一些設備正在折舊。但隨著我們不斷建造——隨著更多設備上線，隨著我們在下半年加大投入，當我們啟動這些設備時，我們就開始對其進行折舊。因此，我們預計下半年的折舊費用將會成長。這是導致——是的，說到底，這也是我們開始逐步推進 10 奈米技術以來，毛利率逐年下降的原因之一。

Our next question comes from Vivek Arya from Bank of America Merrill Lynch.

下一個問題來自美國銀行美林證券的維韋克·阿亞。

For the first one, Brian, I'm curious, are you baking in any effect on sales or cost or pricing from any resolution on the processor security issues? There is one line of thinking that says customers might decelerate their purchase, and then you have others in the industry saying that customers might accelerate their purchase later on. So I'm just curious how you're looking at the financial implications, positive or negative, from this issue near term and longer term.

布萊恩，首先，我很好奇，任何處理器安全問題的解決方案是否會對銷售、成本或定價產生任何影響？一種觀點認為顧客可能會放慢購買速度，而業內也有人認為顧客之後可能會加快購買速度。所以我很好奇，您如何看待這個問題在短期和長期內的財務影響，無論是積極的還是消極的。

Sure. So we'll try and kind of break it into 2 kind of answers for that, Vivek. From a cost standpoint, we've baked in and we've talked about that we don't expect any material impact of this security exploit on our spending or product costs or any of that. So that's how we baked that in. From a forecast standpoint, we actually made our forecast, and we've checked it, as we go through this -- the first few weeks here of the year, against our prior forecasts to make sure that the forecast incorporated any changes or any signs we're seeing up or down. And I'll tell you, at the highest level, we're not seeing much of a change in those forecasts as a result of this. So I'd tell you, it's pretty balanced right now. So spending, not material and didn't make any adds there. And then our forecast, we had a forecast. We've checked it as we go through the first few weeks of the year, and it hasn't really changed or altered as we looked at it.

當然。所以，Vivek，我們會嘗試用兩種方式來回答這個問題。從成本角度來看，我們已經考慮到了這一點，也討論過，我們預計這次安全漏洞不會對我們的支出、產品成本或其他任何方面產生實質影響。所以我們就這樣把它融入設計裡了。從預測的角度來看，我們實際上已經做出了預測，並且在今年最初的幾周里，我們一直在對照先前的預測進行檢查，以確保預測包含了任何變化或我們看到的任何上升或下降跡象。我可以告訴你，從最高層次來看，我們並沒有看到這些預測因此發生太大變化。所以我覺得，目前情勢相當平衡。所以，指的是消費，而不是物質消費，而且沒有在這方面做任何投入。然後，我們做了預測。在今年最初的幾周里，我們一直在關注這個問題，但就我們所觀察的情況來看，它並沒有什麼變化。

And the only other thing I'd add, per Brian's comment earlier, we kind of go into the year realizing that it's an increasingly competitive environment. And our focus is on, right now, continuing to bring the best, highest-performance products to market, but also to -- lots of time and energy spent on focusing on fixing this issue, primarily through software patches as opposed to short-term hardware things.

我還要補充一點，正如布萊恩之前所說，我們進入新的一年就意識到，這是一個競爭日益激烈的環境。而我們目前的重點是繼續將最好、性能最高的產品推向市場，同時也投入大量時間和精力來解決這個問題，主要是透過軟體修補程式而不是短期的硬體措施。

Got it. And as my follow-up, for the full year, how should we think about growth in just the DCG business? I understand you gave some color around the entire data-centric group, which includes memory and other segments. But just sort of apples-to-apples, how should we think about growth in just DCG, which had a very strong double-digit growth year in '17?

知道了。作為後續問題，對於全年而言，我們應該如何看待 DCG 業務的成長？我了解到您對整個資料中心集團（包括記憶體和其他部門）進行了一些介紹。但公平地說，我們該如何看待 DCG 的成長呢？該公司在 2017 年實現了非常強勁的兩位數成長。

Yes. Throughout the course of the year, we -- sorry, throughout the course of '17, we kind of guided to high single digits, and we kind of executed to that throughout. And then Q4 wasn't dramatically different than the first 3 quarters of the year, really, with the exception of the high seasonal spend for enterprise. And that really took us from a high single-digit to low double-digit or 11% growth for the year. As we go into '18, we do not expect that -- we think that, in the enterprise space, things will go back down to the negative single-digit range and, therefore, don't anticipate a dramatic difference in how we laid out DCG a year ago. So that's how we're thinking about it. If I maybe elevate that back up a little bit and just think about when we're putting together our plans for the year, there's 2 areas where our tendency is to be a little cautious on the outlook. One is PC TAM. We tend to be a little more cautious on PC TAM, and we tend to be a little more cautious as we think about enterprise growth in the DCG business. And the reason we do that is we think it's important to be cautious, get our costs in line. And if our assumptions on market rate to growth turn out to be conservative, we'll benefit from -- we believe we'd benefit from higher volume and real strong flow-through to net income. That's how we planned the year coming into 2017, and we did kind of the same thing for 2018. So I don't anticipate dramatically different DCG growth in how we laid out 2017 as we enter 2018, because we really haven't assumed a change in trajectory of enterprise CIO spending in the course of the year.

是的。在過去一年裡，我們——抱歉，是在過去 2017 年裡，我們一直努力將勝率控制在個位數以上，並且始終保持這個目標。除了企業季節性支出較高之外，第四季與前三個季度並沒有太大差異。這使得我們全年的成長率從個位數高點躍升至兩位數低位，即 11%。進入 2018 年，我們預計不會出現這種情況——我們認為，在企業領域，情況將回落到負個位數範圍，因此，我們預計 DCG 的佈局方式與一年前相比不會有太大變化。這就是我們的想法。如果我稍微提高一下標準，想想我們在製定年度計劃時，有兩個領域的前景我們傾向於比較謹慎。其中之一就是 PC TAM。我們對 PC TAM 的評估往往比較謹慎，對 DCG 業務的企業成長評估也往往比較謹慎。我們這樣做的原因是，我們認為謹慎行事、控製成本很重要。如果我們對市場成長率的假設是保守的，我們將受益於－我們相信我們將受益於更高的銷售量和真正強勁的淨利傳導。這就是我們2017年的計劃，2018年我們也做了類似的事。因此，我預期 2018 年 DCG 的成長情況不會與我們 2017 年的預期有太大不同，因為我們並沒有假設企業 CIO 的支出軌跡在這一年中會改變。

Yes, our last question comes from Blayne Curtis from Barclays.

是的，我們的最後一個問題來自巴克萊銀行的布萊恩柯蒂斯。

I just wanted to go back to the DCG ASPs. You had talked about the ramp of Scalable being kind of to plan, but then I think you got a nice tailwind. I think you implied enterprise had a higher percent of Scalable. So I just wondered if you could just talk on broad strokes just where the Scalable ramp is here, and how your expectation kind of getting through the year, where that could go.

我只是想回到 DCG ASPs。你之前說過 Scalable 的發展勢頭基本上符合計劃，但後來我覺得你們得到了很好的助力。我認為你的意思是企業級應用程式可擴展性的比例更高。所以我想知道您是否可以大致談談 Scalable 目前的成長勢頭，以及您對今年的發展預期，以及它未來的發展方向。

Sure. So I'll start, and Bob can add some number detail and all. The Xeon Scalable ramp is right in line with prior ramp of similar products on our DCG road map. And what you saw when we talked about Q4 was not necessarily more Xeon Scalable but people buying up the stock on Xeon Scalable, which drove ASP. So they're buying the higher-performance, higher-priced parts. And that's not uncommon when, at the early stages of a ramp, people come in and they typically want to buy the highest-performing parts at the beginning, and then they fill out their distribution as other buyers come in and other parts of the market kind of open up. So ramp's on schedule and aligned with prior ramps, and the ASP was more about buying up on the higher-performance parts than necessarily a volume statement.

當然。那我就先開始，鮑伯可以補充一些數字細節之類的。Xeon Scalable 的量產計畫與我們 DCG 路線圖上類似產品的先前量產計畫完全一致。我們在第四季度討論時看到的，不一定是 Xeon Scalable 的銷售成長，而是人們大量購買 Xeon Scalable 的股票，這推高了平均售價。所以他們會購買性能更高、價格更高的零件。在創業初期，這種情況並不罕見。人們通常會先購買性能最好的零件，然後隨著其他買家的加入和市場其他部分的開放，他們才會逐步完善分銷管道。因此，產能爬坡按計畫進行，與先前的爬坡計畫保持一致，平均售價更多是針對高性能零件的採購，而不是銷售指標。

Got you. And then I also want to go back on just -- sorry. I just want to go back on gross margin as well. As you look for March, you mentioned the drop is from adjacent business as well as 10-nanometer. Obviously, memory, you're signaling a big ramp, but it doesn't resolve fully. I'm just wondering if, Bob, you could just walk through the 10-nanometer start-up costs as they kind of move through the year, and kind of if you can outline, between those 2 in Q1, what's the bigger factor.

抓到你了。然後我還想再補充一點——抱歉。我還想再談談毛利率。您在查看三月的數據時提到，下降的原因是鄰近業務以及 10 奈米技術。顯然，內存，你發出了一個大斜坡的信號，但它並沒有完全解決。Bob，我只是想問，你能不能詳細介紹一下 10 奈米製程的啟動成本在一年中的變化情況，以及在第一季度，這兩項成本中哪個因素更大。

So I see mix dynamics are going to be a bigger factor overall for the year, both in Q1 and for the rest of the year, as our memory and modem business continue to accelerate strong growth. So that's going to be the biggest impact. I think 10-nanometer will have an impact just right out of the gate and will kind of continue throughout the year as we scale volume, but also need to improve yields during the course of the year. So hopefully, that's helpful.

因此，我認為產品組合動態將成為今年整體業績的一個更大因素，無論是在第一季還是在接下來的幾個月裡，因為我們的記憶體和數據機業務將繼續保持強勁成長。所以這將是最大的影響。我認為 10 奈米製程一推出就會產生影響，並且隨著我們擴大產量，這種影響會持續一整年，但我們也需要在這一年中提高良率。希望這能有所幫助。

All right. Thank you all for joining us today. Operator, please go ahead and wrap up the call.

好的。感謝各位今天蒞臨。接線員，請結束通話。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes today's program. You may now disconnect. Everyone, have a great day.

女士們、先生們，感謝各位參加今天的會議。今天的節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。