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.

女士們，先生們，美好的一天，歡迎參加英特爾公司 2017 年第四季度收益電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the conference over to Mark Henninger, Head of Investor Relations.

我現在想將會議轉交給投資者關係主管 Mark Henninger。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator, and welcome, everyone, to Intel's Fourth Quarter 2017 Earnings Conference Call.

謝謝運營商，歡迎大家參加英特爾 2017 年第四季度財報電話會議。

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.

到目前為止，您應該已經收到了我們的收益發布和 CFO 收益演示文稿的副本，它取代了我們之前使用的 CFO 評論。

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

如果您沒有收到這兩個文件，可以在我們的投資者網站 intc.com 上找到它們。

The CFO earnings presentation is also available via the webcast window for those joining us online.

在線加入我們的人也可以通過網絡廣播窗口觀看 CFO 收益報告。

I'm joined today by Brian Krzanich, our CEO; and Bob Swan, our Chief Financial Officer.

今天，我們的首席執行官 Brian Krzanich 加入了我的行列；和我們的首席財務官 Bob Swan。

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

稍後，我們將聽到他們兩人的簡短髮言，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.

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

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

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

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

簡要提醒一下，本季度，我們提供了 GAAP 和非 GAAP 財務指標。

Today, we will be speaking to the non-GAAP financial measures when describing our consolidated results.

今天，我們將在描述我們的綜合結果時談到非公認會計原則的財務指標。

CFO commentary and earnings release available on intc.com include the full GAAP and non-GAAP reconciliations.

intc.com 上提供的 CFO 評論和收益發布包括完整的 GAAP 和非 GAAP 對賬。

With that, let me hand it over to Brian.

有了這個，讓我把它交給布賴恩。

Thanks, Mark.

謝謝，馬克。

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.

2017 年對英特爾來說是創紀錄的一年，第四季度的業績非常出色，遠超我們在 10 月份概述的預測，這基於我們以 PC 為中心和以數據為中心的業務的實力。

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.

稍後我將與您一起回顧我們的結果，但在此之前，我想與您分享一些關於安全性的內容。

We've been working around the clock with our customers and partners to address the security vulnerabilities known as Spectre and Meltdown.

我們一直在與我們的客戶和合作夥伴日以繼夜地工作，以解決稱為 Spectre 和 Meltdown 的安全漏洞。

While we've made progress, I am acutely aware that we have more to do.

雖然我們取得了進展，但我敏銳地意識到我們還有更多工作要做。

We've committed to being transparent, keeping our customers and owners appraised (sic) [apprised] of our progress and, through our actions, building trust.

我們致力於保持透明，讓我們的客戶和所有者對我們的進展進行評估（原文如此）[獲悉]，並通過我們的行動建立信任。

Security is a top priority for Intel, foundational to our products, and it's critical to the success of our data-centric strategy.

安全性是英特爾的重中之重，是我們產品的基礎，也是我們以數據為中心的戰略成功的關鍵。

Our near-term focus is on delivering high-quality mitigations to protect our customers' infrastructure on these exploits.

我們近期的重點是提供高質量的緩解措施，以保護我們客戶的基礎設施免受這些攻擊。

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.

我們正在努力將基於矽的更改整合到未來的產品中，這些更改將直接解決硬件中的 Spectre 和 Meltdown 威脅，這些產品將在今年晚些時候開始出現。

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.

然而，這些情況是高度動態的，我們更新了我們的風險因素，以反映這些特定威脅和緩解措施的演變性質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.

安全一直是我們的首要任務，這些活動強化了我們開發世界上最安全產品的持續使命。

This will be an ongoing journey, but we are committed to that task, and I'm confident we are up to the challenge.

這將是一個持續的旅程，但我們致力於完成這項任務，我相信我們能夠應對挑戰。

To keep you informed, we've created a dedicated website and we're approaching this work with customer-first urgency.

為了讓您了解最新情況，我們創建了一個專門的網站，並以客戶至上的緊迫感來處理這項工作。

I've assigned some of the very best minds at Intel to work through this, and we're making progress.

我已經指派了一些英特爾最優秀的人才來解決這個問題，我們正在取得進展。

With that, let's turn to our 2017 and fourth quarter results.

有了這個，讓我們轉向我們 2017 年和第四季度的業績。

We just wrapped up the best year in Intel's history with the best quarter in Intel's history.

我們剛剛以英特爾歷史上最好的季度結束了英特爾歷史上最好的一年。

Revenue was up 4% year-over-year in the fourth quarter, 8% if you exclude McAfee, setting an all-time record.

第四季度收入同比增長 4%，如果不包括邁克菲，則增長 8%，創下歷史新高。

Our data center, IoT and FPGA businesses each set revenue records.

我們的數據中心、物聯網和 FPGA 業務各自創造了收入記錄。

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%.

我們達到或超過了年初對您做出的所有財務承諾，我們對效率和盈利增長的關注產生了巨大的槓桿作用，推動非公認會計準則營業收入增長了 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.

我們以數據為中心的業務為新的數據經濟奠定了技術基礎，使數據的分析、存儲和傳輸成為可能，使我們的客戶能夠將數據轉化為令人驚嘆的體驗和可操作的見解。

They're essential to our strategy.

它們對我們的戰略至關重要。

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.

以數據為中心的收入（不包括邁克菲）比去年第四季度增長了 21%，令人印象深刻，我想從 DCG 開始與您分享一些亮點。

DCG's revenue was up 20% over the fourth quarter.

DCG 的收入比第四季度增長了 20%。

The cloud segment was up 35%, comm service providers were up 16%, enterprise was up 11%, and our adjacency revenue was up 35%.

雲部門增長了 35%，通信服務提供商增長了 16%，企業增長了 11%，我們的鄰接收入增長了 35%。

We saw broad-based demand strength with customer preference for high-performance products driving richer ASP mix.

我們看到廣泛的需求強度以及客戶對高性能產品的偏好推動了更豐富的 ASP 組合。

Cloud segment results were driven by significant volume growth and continued customer preference for higher-performance products.

雲業務的業績受到銷量顯著增長和客戶對高性能產品的持續偏好的推動。

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.

在通信服務提供商領域，隨著客戶選擇基於 IA 的解決方案來虛擬化和改造他們的網絡，我們繼續分一杯羹並增加收入。

Enterprise segment strength was driven mostly by ASP as customers transitioned to Xeon Scalable products in a seasonally strong fourth quarter IT buying window.

企業部門的實力主要由 ASP 推動，因為客戶在季節性強勁的第四季度 IT 購買窗口中過渡到 Xeon Scalable 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.

雖然我們繼續看到企業客戶將工作負載卸載到公共雲，但我們也看到這些客戶優先考慮混合和本地構建的性能解決方案。

Customers across all of our segments are accelerating deployment on Xeon Scalable processors, which is ramping roughly in line with our historical Xeon transition.

我們所有細分市場的客戶都在加速部署至強可擴展處理器，這大致與我們歷史上的至強過渡一致。

We continue to demonstrate leadership and progress in artificial intelligence with the data center, the edge and some hundreds of watts to milliwatts.

我們繼續展示在數據中心、邊緣和數百瓦到毫瓦的人工智能方面的領先地位和進步。

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.

自 7 月推出以來，我們對 Caffe 框架的軟件優化已經非常強勁，超過了可擴展的 ResNet-50 推理性能 2 倍。

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.

第一代 Nervana 神經網絡處理器在我們收到矽片後不到 2 週就運行了一個神經網絡，並且我們已經交付了第一批客戶單元。

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，谷歌發布了配備我們的 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人員的支持深度學習的攝像機，它使用英特爾 CPU、圖形和用於深度神經網絡的計算庫。

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.

我們還看到了結合來自多個以數據為中心的業務部門的技術的設計勝利，強化了我們已經開發出獨特且差異化的功能集合的理念，這些功能可以比任何一個企業單獨更有效地解決客戶挑戰。

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.

一個很好的例子是大華公司最近發布的 Deep Sense 產品線，該產品線結合了 Core CPU、基於英特爾 FPGA 的網絡視頻錄像機以及基於 Movidius VPU 的攝像頭，使用人工智能實現人和汽車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.

在可編程解決方案部門，我們看到數據中心、汽車、嵌入式和高級產品類別以及最後一次購買傳統產品的強勁兩位數增長。

That strength was partially offset by softness in comms infrastructure.

通信基礎設施的疲軟部分抵消了這種優勢。

In Q4, we launched the Intel FPGA SDK for OpenCL that dramatically increased productivity for our customers.

在第四季度，我們推出了面向 OpenCL 的英特爾 FPGA SDK，極大地提高了我們客戶的工作效率。

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.

我們還在 Stratix 10 產品線中率先推出了市場領先的創新產品，包括首款採用 ARM 處理器、邏輯元件數量超過 100 萬個的 SoC FPGA 和業界首款集成 HBM2 內存的 FPGA。

Our Internet of Things Group grew 21% with continuing momentum in retail, video and in-vehicle infotainment verticals.

我們的物聯網集團增長了 21%，零售、視頻和車載信息娛樂垂直領域的持續發展勢頭。

Wind River saw strong multiyear contractor growth and delivered its profitable quarter ever for Intel.

Wind River 見證了強勁的多年承包商增長，並為英特爾帶來了有史以來的盈利季度。

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.

內存業務增長 9% 並在第四季度實現盈利，因為強勁的客戶數量被數據中心 SSD 數量的 1 季度資格延遲部分抵消。

Last quarter, I shared with you that our leadership technology is resulting in strong customer interest in long-term supply arrangements.

上個季度，我與您分享了我們的領先技術使客戶對長期供應安排產生了濃厚的興趣。

That interest has continued to grow.

這種興趣持續增長。

We have since signed additional agreements and now expect prepayments totaling roughly $2 billion over the course of 2018.

此後，我們簽署了其他協議，現在預計 2018 年的預付款總額約為 20 億美元。

Mobileye had another strong quarter, and business momentum is growing.

Mobileye 又一個強勁的季度，業務勢頭正在增長。

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.

我們在 2017 年贏得的 30 項設計和 2018 年推出的 15 項新計劃均比上一時期增長了 2.5 倍。

We now have Level 2-plus and Level 3 design wins with 11 automakers who collectively represent more than 50% of global vehicle production.

我們現在贏得了 11 家汽車製造商的 2 級以上和 3 級設計勝利，這些汽車製造商合計佔全球汽車產量的 50% 以上。

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.

這些高級程序將在未來 2 年內推出，與當前的半自主系統相比，它們代表了功能上的重大飛躍，並且是朝著可擴展的 4 級和 5 級完全自主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.

我們在第四季度達到了一個重要的里程碑：宣布基於 EyeQ5 和 Atom 的 3 到 5 級自動駕駛平台，我們將在未來幾個月內對其進行抽樣。

We believe this will be the most advanced, scalable and efficient platform of its kind.

我們相信這將是同類中最先進、可擴展和高效的平台。

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.

EyeQ5 將在 10 瓦功率包絡內提供 24 tera ops 的深度學習性能，或大約是競爭對手效率的 2.5 倍。

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.

就在幾週前的 CES 上，我們宣布，到 2018 年底，我們預計將有 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。

The resulting map will first be utilized in Level 3 beginning in 2019.

從 2019 年開始，生成的地圖將首先在 3 級中使用。

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.

眾包數據以構建和快速更新更高水平自動化所需的精確地圖的能力是我們構建最安全、最實惠的自動駕駛汽車系統計劃的主要區別。

It's also a great example of our data-centric strategy at work.

這也是我們以數據為中心的戰略在工作中的一個很好的例子。

And finally, I'd like to touch on our PC-centric businesses, the Client Computing Group.

最後，我想談談我們以 PC 為中心的業務，即客戶端計算集團。

Over the course of the year, the PC market improved.

在這一年中，個人電腦市場有所改善。

Our 14-nanometer manufacturing costs came down and the competitive environment intensified.

我們的 14 納米製造成本下降，競爭環境加劇。

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.

在這種背景下，PCG 對創新和性能的關注，尤其是在遊戲、二合一、輕薄筆記本電腦和企業等增長領域，導致第四季度創紀錄的核心組合和創紀錄的 i7 銷量。

We also shipped our first low-volume 10-nanometer SKU, and our modem business grew 26% over the fourth quarter of last year.

我們還出貨了我們的第一個小批量 10 納米 SKU，我們的調製解調器業務比去年第四季度增長了 26%。

Intel is undergoing one of the most significant transformations in corporate history from a PC-centric company to a data-centric company.

英特爾正在經歷公司歷史上最重大的轉變之一，從一家以 PC 為中心的公司到一家以數據為中心的公司。

We have made thoughtful, disciplined investments along the way that have expanded our TAM to $260 billion.

在此過程中，我們進行了深思熟慮、紀律嚴明的投資，將我們的 TAM 擴大到 2600 億美元。

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.

這些相同的投資產生了一系列無與倫比的以數據為中心的業務，以兩位數的速度增長，接近公司收入的 50%。

Our opportunity is larger than it's ever been, and we're hungry to compete and win.

我們的機會比以往任何時候都大，我們渴望競爭並贏得勝利。

In 2018, our highest priorities will be executing to our strategy and meeting the commitments we make to our owners and our customers.

2018 年，我們的首要任務將是執行我們的戰略並履行我們對業主和客戶的承諾。

This includes our commitment to restoring customer confidence in the security of their data.

這包括我們致力於恢復客戶對其數據安全性的信心。

This year, Intel will celebrate 0.5 centuries of innovation that has profoundly changed the world.

今年，英特爾將慶祝深刻改變世界的 0.5 個世紀的創新。

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.

在過去的 50 年裡，我們發明了架構和製造技術，使個人計算、互聯網和云不僅成為可能，而且無處不在。

The journey hasn't been without challenges.

旅程並非沒有挑戰。

Nothing worth doing ever is.

沒有什麼值得做的。

Our culture has been forged through taking challenges head-on and developing solutions our customers can count on.

我們的文化是通過直面挑戰和開發客戶可以信賴的解決方案而形成的。

That includes working directly to address the Spectre and Meltdown security threats.

這包括直接解決 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.

2017 年我們以財務高調離開，但我對即將發生的事情感到更加興奮，我們的戰略為我們的客戶生產優質產品並為我們的所有者帶來豐厚的回報。

I see Intel innovation changing the world for another 50 years, and that journey starts with 2018.

我看到英特爾的創新在未來 50 年內改變了世界，而這一旅程始於 2018 年。

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.

來年，我們將為PC市場帶來驚人的創新和性能，推動人工智能的發展，引領5G大規模部署，推出業界20年來首個新的內存架構，再邁出新的一步邁向一個更安全的世界，讓自動駕駛成為現實。

Looking back on 2017, I could not be more proud of our team and all they have accomplished.

回顧 2017 年，我為我們的團隊和他們所取得的成就感到無比自豪。

As I look to our 50th year, I'm more optimistic and confident than I've ever been about Intel's future.

展望我們的 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.

有了這個，讓我把它交給鮑勃。

Thanks, Brian.

謝謝，布賴恩。

The fourth quarter was an outstanding close to a record 2017, and we are building real momentum heading into 2018.

第四季度非常接近 2017 年的創紀錄水平，我們正在為 2018 年建立真正的動力。

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.

本季度收入為 171 億美元，同比增長 8%；營業收入為 59 億美元，同比增長 21%；每股收益為 1.08 美分，同比增長 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 年可轉換債券，減少了 5900 萬股股票，並回購了 5 億美元的高息債券，並將 18 億美元以低 1% 的票面利率兌換成 30 年期債券。

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.

在稅收改革方面，我們的第四季度 GAAP 收益反映了 54 億美元的一次性稅收影響，我們的指導反映了我們未來的有效稅率提高了大約 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.

總而言之，我們度過了一個美妙的季度和年度，並有望超過我們在分析師日制定的 3 年目標，比計劃提前 1 年。

Our Q4 results demonstrated continued momentum in our transformation from a PC-centric to a data-centric company.

我們的第四季度業績顯示了我們從以 PC 為中心向以數據為中心的公司轉型的持續動力。

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.

英特爾以數據為中心的業務（個人電腦領域以外的業務）占我們收入的 47%，高於 2012 年的約 40%，創下歷史新高。

We have made significant investments to expand our TAM into new data-rich markets like memory, programmable solutions and autonomous driving.

我們進行了大量投資，將我們的 TAM 擴展到新的數據豐富的市場，如內存、可編程解決方案和自動駕駛。

These investments are just starting to pay off and will fuel Intel's growth going forward.

這些投資才剛剛開始獲得回報，並將推動英特爾未來的增長。

Our PC-centric business was down 2% in a declining PC market, and it continues to be a great source of profitability.

在 PC 市場下滑的情況下，我們以 PC 為中心的業務下降了 2%，但它仍然是盈利的重要來源。

DCG delivered its most profitable year since 2011 by focusing on premium and growth segments with industry-leading products.

DCG 憑藉行業領先的產品專注於高端和增長領域，實現了自 2011 年以來利潤最高的一年。

This business generated the cash to fund Intel's investments in new data center growth.

該業務產生的現金用於資助英特爾對新數據中心增長的投資。

Moving to Q4 earnings.

轉向第四季度收益。

We generated significant EPS expansion in the quarter, up 37% year-on-year.

我們在本季度實現了顯著的每股收益增長，同比增長 37%。

Our EPS improvement was driven by strong top line growth, a 5-point improvement in operating margins and significant gains from our ICAP Portfolio.

我們每股收益的改善是由強勁的收入增長、營業利潤率提高 5 個百分點以及我們的 ICAP 投資組合帶來的顯著收益推動的。

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.

我們的毛利率在本季度增長了 2 個百分點，我們的支出佔收入的百分比下降了 3 個百分點，因為我們的收入增加了 7 億美元，支出減少了 3 億美元。

In terms of operating efficiency, we're well ahead of schedule of meeting our commitment by reducing spending to 30% by 2020.

在運營效率方面，我們提前兌現了承諾，到 2020 年將支出減少到 30%。

We now expect to achieve this goal no later than 2019.

我們現在預計最遲在 2019 年實現這一目標。

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.

第四季度總支出同比下降 6%，同時我們繼續投資於我們的關鍵優先事項，包括推動摩爾定律向前發展、贏得人工智能和自動駕駛。

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.

研發支出佔收入的百分比下降了大約 1 個百分點，我們的 SG&A 成本下降了 2 個百分點以上，因為我們合理化了我們的營銷和銷售計劃，並在我們的 SG&A 職能中產生了顯著的影響力。

Let me touch briefly on our segment performance.

讓我簡要談談我們的細分市場表現。

Client Computing Group had another strong quarter.

客戶計算集團又一個強勁的季度。

Revenue of $9 billion was down 2 points and operating margins were down 2 points.

90 億美元的收入下降了 2 個百分點，營業利潤率下降了 2 個百分點。

Operating margins were lower on 10-nanometer transition costs.

由於 10 納米的過渡成本，營業利潤率較低。

We saw strength in the commercial gaming business, and we believe the worldwide PC supply chain is operating at healthy levels.

我們看到了商業遊戲業務的實力，我們相信全球 PC 供應鏈正以健康的水平運行。

The Data Center Group had record revenue of $5.6 billion, up 20% year-over-year, and operating income of $3 billion grew 59%.

數據中心集團的收入達到創紀錄的 56 億美元，同比增長 20%，營業收入 30 億美元，增長 59%。

Q4 operating margin was 54%.

第四季度營業利潤率為 54%。

As Brian mentioned earlier, we had strong growth in execution across all segments.

正如布賴恩之前提到的，我們在所有領域的執行力都取得了強勁的增長。

Overall unit volume was up 10%, ASPs were up 8%, and our adjacencies grew by 35%.

整體單位銷量增長了 10%，平均售價增長了 8%，我們的鄰接業務增長了 35%。

Our ASP strength demonstrates the value customers see in our high-performance products.

我們的 ASP 實力證明了客戶在我們的高性能產品中看到的價值。

Xeon Scalable launched in July, is ramping well, with customers broadly deploying its leadership product family.

Xeon Scalable 於 7 月推出，進展順利，客戶廣泛部署其領先的產品系列。

Revenue scale from leadership products, ASP strength and the exclusion of 2016 onetime charges drove strong operating income growth for the business.

領先產品的收入規模、平均售價優勢以及排除 2016 年一次性費用推動了該業務強勁的營業收入增長。

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.

全年收入增長 11%，營業利潤率達到 44%，均高於我們在年初提供的預期。

The IoT, NSG and PSG business segments are becoming a larger component of our overall business, collectively growing 19% year-over-year.

物聯網、NSG 和 PSG 業務部門正在成為我們整體業務的重要組成部分，合計同比增長 19%。

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.

我們的物聯網業務實現了創紀錄的 8.79 億美元收入，同比增長 21%，這得益於工業和視頻業務的實力以及我們零售業務的持續發展勢頭。

Operating profit was $260 million, up 43% year-over-year.

營業利潤為 2.6 億美元，同比增長 43%。

The Mobileye business also had a record quarter, and we are on track to our deal thesis.

Mobileye 業務也創下了創紀錄的季度業績，我們正朝著我們的交易目標前進。

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.

正如我們上個季度所說，收購 Mobileye 的結果包含在我們的所有其他部分中，反映了第四季度英特爾自動駕駛集團支出與 Mobileye 的整合。

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.

我們的內存業務收入為 8.89 億美元，同比增長 9%，對數據中心 SSD 解決方案的需求強勁，需求信號超過供應。

This segment was profitable for the quarter, and we expect this segment to be profitable for the full year of 2018.

該部門在本季度實現盈利，我們預計該部門將在 2018 年全年實現盈利。

Programmable Solutions Group had record revenue of $568 million with 35% growth, driven by strength in data center, automotive and embedded.

Programmable Solutions Group 的收入達到創紀錄的 5.68 億美元，增長 35%，這得益於數據中心、汽車和嵌入式領域的實力。

Operating profit was $156 million, up 95% year-over-year.

營業利潤為 1.56 億美元，同比增長 95%。

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.

由於參與 5G、雲計算和基礎設施向網絡功能虛擬化的過渡，代表 PSG 有史以來最大的 Stratix 10 設計獲勝管道在去年翻了一番。

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.

我們在年初制定了資本配置優先事項：有機投資、收購擴張、向股東返還資本並明智地進行。

In the year, we delivered on our promise.

這一年，我們兌現了承諾。

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.

首先，我們在這一年產生了 103 億美元的強勁自由現金流，並通過 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。

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.

其次，我們在年內通過出售非核心資產（包括 McAfee 和出售 ASML 股票）為 Mobileye 收購提供了大部分資金。

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.

第三，我們贖回了 16 億美元的可轉換債券，減少了 5900 萬股，我們還用高息債券來換取低息債券。

Let me expand on the ICAP- and treasury-related transactions we executed in the quarter.

讓我擴展一下我們在本季度執行的 ICAP 和資金相關交易。

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.

首先，我們出售了 1140 萬股 ASML 股份，產生了 20 億美元的現金收益和 15 億美元的收益。

Second, we redeemed our 2035 convertible debenture.

其次，我們贖回了 2035 年可轉換債券。

This redemption created a $2.8 billion cash outflow and a noncash loss of $385 million, which was tax-deductible.

此次贖回造成了 28 億美元的現金流出和 3.85 億美元的非現金損失，這是可以免稅的。

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.

由於該債券是可轉換的，因此具有稀釋性，因此贖回實際上起到了回購的作用，將稀釋後的股票數量減少了 5900 萬股。

And third, we successfully tendered $2.3 billion of high-coupon debt in the quarter.

第三，我們在本季度成功投標了 23 億美元的高息債券。

We exchanged $1.9 billion of old debt into $2 billion of 30-year new debt, reducing our coupon rate by 1%.

我們將 19 億美元的舊債換成了 20 億美元的 30 年期新債，我們的票面利率降低了 1%。

We also redeemed $425 million of old debt for cash.

我們還用現金贖回了 4.25 億美元的舊債。

This transaction both lowered our leverage and our interest expense.

這筆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.

綜上所述，2017 年對英特爾來說又是創紀錄的一年。

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.

在我們以數據為中心的業務增長 16% 和以 PC 為中心的業務增長 3% 的推動下，收入為 628 億美元，同比增長 9%。

Operating income of $19.6 billion was up 18% on strong execution across the businesses and disciplined spending.

196 億美元的營業收入增長了 18%，原因是各業務部門的強勁執行力和嚴格的支出。

Earnings per share of $3.46 was up 28% on excellent operational performance and the benefit of $0.35 from ICAP net gains.

每股收益 3.46 美元，增長 28%，原因是出色的運營業績和 ICAP 淨收益帶來的 0.35 美元。

With the change to the accounting rules for recognizing price changes on equity investments, we do not expect to see these ICAP gains repeat.

隨著確認股權投資價格變動的會計規則發生變化，我們預計這些 ICAP 收益不會重複出現。

Before I turn to guidance, let me provide a little more context on the impact of tax reform on our business.

在我轉向指導之前，讓我提供更多關於稅收改革對我們業務的影響的背景信息。

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.

英特爾的第四季度業績反映了由於美國 12 月實施的公司稅改革，GAAP 所得稅費用增加了 54 億美元。

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.

這包括對以前未徵稅的外國收入進行一次性要求的稅收調整，應在 8 年內支付，這部分被新的美國法定稅率的遞延所得稅重新計量所抵消。

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.

展望未來，我們預計減稅和就業法案將有助於為英特爾等在當今全球經濟中競爭的美國製造商提供公平的競爭環境。

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.

我們預計 2018 年的稅率約為 14%，這主要得益於美國 21% 的較低法定稅率、較低的外國收入稅、美國出口商的利益以及研發信貸的延續。

The change in our tax rate drives approximately $0.28 in 2018 EPS.

我們稅率的變化推動了 2018 年每股收益約 0.28 美元。

Intel has a rich history of investing in U.S.-led research and development and U.S. manufacturing.

英特爾在投資美國主導的研發和美國製造方面有著悠久的歷史。

Just last year, we committed to the fit-up of our Fab 42 facility, creating thousands of jobs at completion.

就在去年，我們承諾對我們的 Fab 42 工廠進行裝修，建成後創造了數千個工作崗位。

These tax reforms provide further incentive to continue investments like this.

這些稅制改革為繼續進行此類投資提供了進一步的動力。

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.

在我們轉向 2018 年展望之前，我還想強調兩個會計規則的變化：第一，收入確認的新會計規則；其次，對權益損益進行會計處理。

We do not expect a material impact to revenue from the revenue recognition accounting change.

我們預計收入確認會計變更不會對收入產生重大影響。

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.

股權損益會計的變化將需要確認每個季度未實現的價格變化，因此像我們的 ASML 頭寸這樣的股權持有將看到按市值計算的調整，這將在 2018 年通過收益流動，這可能會導致更大的波動性公認會計原則基礎。

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.

這一變化導致我們在 2018 年 1 月 1 日計入股本的 27 億美元的未實現淨收益在年底產生了影響。

Now moving to the full year.

現在進入全年。

We are forecasting the midpoint of the revenue range at $65 billion, up 4% year-over-year.

我們預測收入範圍的中點為 650 億美元，同比增長 4%。

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.

我們預計營業利潤率約為 30%，毛利率下降 2 至 2.5 個百分點，支出佔收入的百分比將下降 1 至 1.5 個百分點。

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.

毛利率的下降是由我們相鄰業務的增長推動的，因為我們在擴大 TAM 和與 10 納米相關的過渡成本中發揮作用，這兩者都被我們 14 納米產品的更高毛利率部分抵消。

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，增長 14%，不包括 ICAP 淨收益，這是由於強勁的收入增長和約 14% 的較低稅率的推動，這將使每股收益增加約 0.28 美元。

We expect net capital deployed of $12 billion.

我們預計淨資本部署為 120 億美元。

This reflects gross CapEx of $14 billion, offset by approximately $2 billion of customer prepayments for memory supply agreements.

這反映了 140 億美元的總資本支出，被大約 20 億美元的內存供應協議客戶預付款所抵消。

Increase in CapEx reflects our and our customers' confidence in our memory technology leadership.

資本支出的增加反映了我們和我們的客戶對我們的內存技術領先地位的信心。

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為 130 億美元，增長約 30%，直接促成我們決定將股息提高整整 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.

展望 2018 年第一季度，我們預測收入範圍的中點為 150 億美元，同比增長 5%。

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.

我們預計營業利潤率約為 27%，與去年同期持平，毛利率下降 3 個百分點被支出下降 3 個百分點所抵消。

We expect EPS of $0.70, up 11% excluding ICAP net gains, from strong top line growth and a lower effective tax rate.

我們預計每股收益為 0.70 美元，扣除 ICAP 淨收益後將增長 11%，這主要得益於強勁的收入增長和較低的有效稅率。

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.

我們相信 2018 年將是英特爾又一個創紀錄的一年，我們對進入 3 年轉型的第 2 年感到非常高興。

We've met and exceeded our commitments.

我們已經達到並超越了我們的承諾。

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.

我們以 PC 為中心的團隊在低迷的市場中繼續運作良好，我們以數據為中心的業務共同增長了兩位數，因為我們繼續改造公司以支持雲和智能連接設備。

With that, let me turn it back to Mark.

有了這個，讓我把它轉回馬克。

All right.

好的。

Thank you, Brian and Bob.

謝謝你，布賴恩和鮑勃。

Moving on now to the Q&A.

現在繼續進行問答。

(Operator Instructions)

（操作員說明）

Operator, please go ahead and introduce our first questioner.

接線員，請繼續介紹我們的第一個提問者。

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 John Pitzer。

Yes, my first question just revolves around the revenue guidance for the March quarter.

是的，我的第一個問題只是圍繞著 3 月季度的收入指導。

At the midpoint, down about 12% sequentially is a lot worse than, I guess, normal seasonal.

在中點，環比下降約 12% 比我猜的正常季節性要差得多。

And I guess I'm trying to figure out kind of the parameters that you guys are using to come up with that number.

我想我正試圖弄清楚你們用來計算這個數字的參數類型。

Was there something in the DCG strength in the calendar fourth quarter that you don't think is repeatable?

日曆第四季度的 DCG 實力是否有一些你認為不可重複的東西？

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.

鑑於您對 PC 供應鏈健康的評論，對我來說，這比 3 月季度更具季節性。

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.

所以我只是有點好奇為什麼第一季度的收入會遠低於第一季度的 5 年季節性中值。

John, thanks.

約翰，謝謝。

It's Bob.

是鮑勃。

So really 2 things going on.

所以真的有兩件事發生。

One, the enterprise growth in DCG, as Brian highlighted, was up 11% in the fourth quarter.

第一，正如 Brian 強調的那樣，DCG 的企業增長在第四季度增長了 11%。

So extremely strong seasonal growth for enterprise, a little bit more than we expected, frankly.

坦率地說，企業的季節性增長非常強勁，略高於我們的預期。

That's number one.

那是第一名。

Number two, PSG's 35% growth was helped by end-of-life sales during the course of the quarter.

第二，PSG 35% 的增長得益於本季度的報廢銷售。

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.

如果你調整可能更正常化的企業增長和 PSG 增長，你會得到更多的第四季度到第一季度的季節性動態，因此如果你進行這 2 個調整，則與季節性一致。

That's very helpful.

這很有幫助。

And then, Brian, on my second question revolves around CapEx.

然後，布賴恩，我的第二個問題圍繞資本支出展開。

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.

我想是在一年前的電話會議上，你提到你認為 '17 日曆年和 '18 日曆年對你們來說會高於趨勢線的資本支出，然後你認為它會到來在 '19 日曆年再次下降到更正常的趨勢，儘管您沒有量化趨勢。

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?

考慮到 18 年的大幅上漲至 140 億美元，我意識到其中 20 億美元已經被預付款所覆蓋，但我們如何看待從這裡開始的趨勢線資本支出，特別是考慮到你和你之間不斷變化的關係IMFT上的美光？

Sure, John.

當然，約翰。

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.

所以我的觀點是，如果你看一下，對，記憶有點——我的意思是，我們資本支出的邏輯只是隨著我們收入的增加和我們整體增長率的增長而擴大。

So that's fell in line.

所以這是符合要求的。

With memory, we're going to take a look at it really on a year-by-year basis.

有了記憶，我們將逐年查看它。

And I'd tell you that Bob's really doing a good job of helping that business unit look over the capital.

我要告訴你，鮑勃在幫助業務部門監督資本方面做得很好。

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.

當我們有需求並且人們願意為這種需求預付並保留產能時，就像我們今年所做的那樣，我們將繼續將產能到位，加上我們認為我們認為的整體市場可以做為在整個市場上分佈。

And that's really independent of that changing relationship with Micron.

這真的與與美光不斷變化的關係無關。

That's really more about how we're doing development work out in time, really, and that's actually still 2 generations away.

這實際上更多的是關於我們如何及時進行開發工作，真的，而且實際上還有兩代人的時間。

That really didn't affect 2018.

這對 2018 年確實沒有影響。

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.

這實際上是關於我們看到的整個 NAND 內存市場以及人們希望通過該過程保留的額外資本和容量。

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."

約翰，我們每年都會看一下，然後說，“好吧，當我們在 18 年末展望 19 年時，我們會做同樣的分析。”

(inaudible)

（聽不清）

I would just -- sorry, I would just follow on to Brian's comments.

我會-- 抱歉，我會繼續關注Brian 的評論。

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.

我們看待內存的方式，我們在上次電話會議上談到了這一點，增加了對我們的客戶和我們正在開發的技術的信心，這些關係將有助於為容量的擴展提供資金發展業務。

And we're really trying to match net capital employed to be in conjunction with known customer demand.

我們真的在努力使所使用的淨資本與已知的客戶需求相匹配。

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.

那麼這意味著什麼——這對 2017 年意味著淨資本約為 15 億美元，我們在 2018 年保持相對平穩。

So while gross capital is higher, we have more conviction in the customer base to fund $2 billion of the gross capital.

因此，儘管總資本較高，但我們對客戶群更有信心為總資本中的 20 億美元提供資金。

So memory, we're really trying to focus on customer adoption of our technology to effectively and efficiently scale the business.

所以內存，我們真的在努力關注客戶對我們技術的採用，以有效和高效地擴展業務。

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.

然後是我唯一要在邏輯上提出的另一點，請記住，一年前就我們的增長前景而言，我們遠遠領先於我們的增長前景。

We were probably, at the time, implied in our outlook was probably a $62.5 billion kind of number in 2018.

當時，我們的展望中可能暗示 2018 年可能是 625 億美元的數字。

Obviously, with our guide now, it's $65 billion.

顯然，按照我們現在的指南，它是 650 億美元。

We're $2.5 billion higher.

我們高出 25 億美元。

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.

正是這種增量增長對邏輯容量提出了更高的要求，無論是 14-- 10 納米，還是我們認為的 7 納米。

Our next question comes from Joe Moore from Morgan Stanley

我們的下一個問題來自摩根士丹利的喬摩爾

I wonder if you could talk about OpEx.

我想知道你是否可以談談 OpEx。

Obviously, you've been pretty disciplined there bringing that down, but you've also got some other initiatives.

顯然，您在降低這一點時非常自律，但您也有其他一些舉措。

You've -- you announced a discrete graphics effort.

你已經——你宣布了獨立顯卡的工作。

Maybe if you could talk about -- it seems like that would cost a lot, if I just look at what your competitors are spending.

也許如果你能談談 - 如果我看看你的競爭對手的花費，這似乎會花費很多。

And then, at some point, you're going to spend money on NAND that used to be shared with Micron.

然後，在某個時候，您將花錢購買曾經與美光共享的 NAND。

So just can you talk about the puts and takes there?

所以你能談談那裡的看跌期權嗎？

And is there something that we should think about that's coming down to sort of offset those potential increases?

我們是否應該考慮一些事情來抵消這些潛在的增長？

Sure.

當然。

I'll start, and I'll let Bob kind of give you the under-the-cover detail of the dollars.

我將開始，讓鮑勃向您介紹美元的幕後細節。

But Joe, this -- really, we've already factored all of those things in.

但是喬，這個——真的，我們已經把所有這些因素都考慮在內了。

So things like the discrete graphics is a ramping spend.

所以像獨立顯卡這樣的東西是一筆巨大的開支。

The memory is R&D spending out in time, so for '18 has no, really, effect.

內存是 R&D 及時花費的，所以對於 '18 沒有，真的，影響。

And then we've driven an overall efficiency in all of our R&D spending to offset that.

然後我們提高了所有研發支出的整體效率來抵消這一點。

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.

因此，隨著 GPU 支出的增加，自動駕駛、其他一些人工智能和一些新興領域等領域也出現了一些其他增長。

You're right.

你是對的。

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.

隨著時間的推移，我們將增加在 NAND 的研發支出，但這些都被我們在其他產品研發中推動的效率所抵消。

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.

我們真的覺得我們已經到了一個很好的地步，我們可以保持核心產品的創新步伐，同時我們也為這些新舉措提供資金，而不是從我們在支出方面的持續效率努力中受到影響的收入。

Yes, Joe, I'd just add some numbers to Brian's words.

是的，喬，我只想在布賴恩的話中加上一些數字。

We've kind of come down from 36% to 35% to 34% to a second half of 2017 at roughly 31% of revenue.

到 2017 年下半年，我們的收入從 36% 下降到 35% 再到 34%，約佔收入的 31%。

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.

所以我們一直在下降，因為我們一直在做兩件事：第一，我們一直在進行的投資正在獲得更高增長的回報；第二，我們在投資的地方做出了真正的權衡。

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.

當我們進入 - 在我們的指導中暗示，當我們進入 18 年時，我們預計我們的支出水平將與 2017 年的年度支出水平大致持平。

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.

因此，我們將——在此基礎上，繼續提高銷售和營銷效率，因為我們變得更像是一家 B2B 或以數據為中心的公司，並全面利用我們的 G&A 職能。

So we've made real progress during the course of the last couple of years.

因此，我們在過去幾年中取得了真正的進步。

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.

包括下半年在內，我們預計將繼續取得進展，同時在獨立顯卡、自動駕駛、人工智能等領域進行關鍵投資，並繼續投資摩爾定律。

Okay, great.

好，太棒了。

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.

然後，當您考慮對 NAND 的投資時，我想人們會問我您是什麼——在長期道路上與美光分離意味著什麼。

Does that mean there's sort of more of a focus on propriety products like 3D XPoint?

這是否意味著更多地關注像 3D XPoint 這樣的專有產品？

Or do you remain firmly committed to sort of more -- to a more competitive NAND market?

或者你是否仍然堅定地致力於更多——一個更具競爭力的 NAND 市場？

Sure.

當然。

So I just want to make sure you -- we clarify a little bit, Joe.

所以我只是想確保你——我們澄清一點，喬。

The separation of development work is, again, out in time.

再次，開發工作的分離是及時的。

Think of it in the 2020 time frame is when the real independence come, and it's NAND-specific.

想想 2020 年的時間框架是真正獨立的時候，它是特定於 NAND 的。

So we continue to work together on 3D XPoint.

所以我們繼續在 3D XPoint 上合作。

So -- and this is really just -- it's not a separation of the companies or something about the relationship.

所以 - 這真的只是 - 這不是公司的分離或關係的什麼。

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.

與美光的關係繼續保持良好，我預計未來也將繼續保持良好關係。

This is about direction of where we're going to take our products.

這是關於我們將產品帶到哪裡的方向。

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.

我們已經談到我們的產品非常以數據中心為中心，並且與性能密切相關，並與我們真正關注的客戶市場保持一致。

And so the spending in R&D we're talking about right now is purely NAND-specific.

因此，我們現在談論的研發支出純粹是 NAND 特定的。

3D XPoint continues to be a joint effort.

3D XPoint 仍然是一項共同努力。

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

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

Brian and Bob, I wanted to go back to DCG, specifically on the op margin front.

Brian 和 Bob，我想回到 DCG，特別是在運營利潤方面。

We have not seen a [5-handle], if my model is correct, it's been 8-plus quarters.

我們還沒有看到 [5-handle]，如果我的模型是正確的，它已經超過 8 個季度。

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?

那麼您能否談談運營利潤率的可持續性以及使您達到該水平的驅動因素是什麼？

And then I had a follow-up as well, please.

然後我也進行了跟進，拜託。

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.

是的，所以我們進入了這一年，我們表示我們預計全年的利潤率將在 40% 到 45% 的範圍內。

And obviously, we started out low, but we said our expectations were that it would grow throughout to the course of the year.

很明顯，我們一開始就很低，但我們說我們的期望是它會在整個一年中增長。

A couple of things in the fourth quarter.

第四季度有幾件事。

Obviously, growth.

很明顯，成長。

So real good leverage on our existing investment was a big contributor.

因此，對我們現有投資的真正良好槓桿作用是一個很大的貢獻。

Secondly, ASPs were up 8%.

其次，平均售價上漲 8%。

So of the 20% growth, ASPs accounted for 8 points of that.

因此，在 20% 的增長中，平均售價佔其中的 8 個百分點。

And as Brian highlighted, whether it's cloud, comms or enterprise, customers in the quarter were really paying for performance.

正如 Brian 強調的那樣，無論是雲、通信還是企業，本季度的客戶都在為性能買單。

That performance for us was higher ASPs.

對我們來說，這種表現是更高的平均售價。

Third, our continued progress on unit cost.

第三，我們在單位成本方面的持續進步。

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.

最後，您可能還記得，去年第四季度，我們在數據中心業務中收取了一些與保修和 IP 相關的費用，我認為一年前我們花了大約 4 個百分點。

So last year's were a little bit deflated.

所以去年的情況有點洩氣。

But good volume leverage, strong ASPs as customers paid for performance and unit cost improving.

但是由於客戶為性能和單位成本的提高付費，因此良好的銷量槓桿、強勁的 ASP。

So we should expect this level going forward, Bob?

所以我們應該期待這個水平向前發展，鮑勃？

Yes, I think I wouldn't get too far away from the 40% to 45%, to be honest with you.

是的，老實說，我認為我不會離 40% 到 45% 太遠。

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.

我認為，隨著我們進入 2018 年，好的——我們認為良好的雲發展勢頭，在過去幾年中一直保持一致的表現。

Comms, our performance, we believe, was real strong in a somewhat sluggish market, so real share gains.

Comms，我們相信，在一個有點低迷的市場中，我們的表現非常強勁，所以真正的股票收益。

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.

但我們認為，本季度的高季節性企業增長和強勁的 ASP 在本質上更具季節性，我們預計企業增長不會在進入 18 年時保持在這些水平。

Okay, that's helpful.

好的，這很有幫助。

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.

然後，在我對明年毛利率的後續跟進中，您提供了——從質量上講，XRAM 的鄰接性以及成本影響。

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.

但是，a，我很驚訝你沒有提到競爭，因為現在 AMD 將在一個他們從未涉足的領域擁有一整年的產品——我不應該說從來沒有——他們很長時間沒有涉足一個領域.

So question is are you seeing any competition?

所以問題是你看到任何競爭嗎？

Are you factoring that in?

你把它考慮進去了嗎？

And then, b, would it be possible to quantify the 2 impacts that you mentioned?

然後，b，是否有可能量化您提到的 2 個影響？

Yes, I'd just -- I'd highlight 3 things that are driving the deterioration.

是的，我只是 - 我會強調導致惡化的 3 件事。

But I'd start first with we've always characterized our long-term gross margins to be in the 55% to 65% range.

但我首先要說的是，我們的長期毛利率總是在 55% 到 65% 之間。

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.

在過去幾年中，包括在我們今年的指導中，我們將處於 60% 到 65% 範圍的上限。

But for the last couple of years, there's -- we've had maturity of 14-nanometer.

但是在過去的幾年裡，我們已經成熟了 14 納米。

And that maturity, both in terms of getting more and more performance and lower and lower unit costs, has been contributors to gross margin.

這種成熟度，無論是在獲得越來越多的性能和越來越低的單位成本方面，一直是毛利率的貢獻者。

As we go into '18, we see 14-nanometer modest contribution from profitability because we've matured on the cost curve.

隨著我們進入 18 年，我們看到 14 納米對盈利能力的貢獻不大，因為我們在成本曲線上已經成熟。

That's an increasingly competitive environment, and we don't anticipate dramatic ASP improvements over the entire company.

這是一個競爭日益激烈的環境，我們預計整個公司的 ASP 不會有顯著提高。

In some cases, yes, but for the most part, no.

在某些情況下，是的，但在大多數情況下，不是。

So we'll see some continued improvement in 14-nanometer products during the course of the year.

因此，我們將在這一年中看到 14 納米產品的一些持續改進。

Secondly, we are really accelerating the growth of our adjacent businesses.

其次，我們確實在加速我們相鄰業務的增長。

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.

我們一直在以數據為中心的業務和我們在調製解調器方面的增長進行的投資，這些都為我們的每股收益同比增長做出了貢獻。

However, those -- both of those product lines or businesses have lower margins.

然而，那些——這兩個產品線或業務的利潤率都較低。

So our success in modem and memory is having a mix impact on our gross margins.

因此，我們在調製解調器和內存方面的成功對我們的毛利率產生了混合影響。

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.

第三個領域是我們正在從 10 納米啟動，我們的成本正在下降，更多地向 10 納米發展。

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.

隨著我們開始開發生產進入下半年，我們將在產量和成本的曲線上走高，這種增長將給利潤率帶來壓力。

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.

所以這些是我們所看到的三樣東西，如果我要描述，大約加 1，大約負 2，大約負 1，四捨五入。

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.

Ambrish，關於你的問題 - 特別是圍繞競爭，我認為，每年我們都將其視為一個競爭環境，我們要為我們的客戶競爭。

And so we factor that in each year appropriately, I think, against the competition.

所以我們每年都會適當地考慮這一點，我認為，反對競爭。

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.

因此，我們已經研究了競爭環境，我們相信 Xeon Scalable、出色的性能，我們的整體產品路線圖，我們認為我們有一個高度競爭的路線圖，並且 - 在我們的預測中已經對此進行了調整。

Our next question comes from Stacy Rasgon from Bernstein.

我們的下一個問題來自 Bernstein 的 Stacy Rasgon。

Firstly, can you walk us through your free cash flow waterfall?

首先，你能帶我們走過你的自由現金流瀑布嗎？

I can't get there.

我無法到達那裡。

Flattish operating income on 4% revenue growth.

營業收入持平，收入增長 4%。

You lose a couple billion dollars in ICAP gains.

您損失了數十億美元的 ICAP 收益。

CapEx, I guess, maybe it's flattish with the memory prepayments.

我想，資本支出可能與內存預付款持平。

Taxes maybe gets me 1/3 to half of the way there, but where does the rest of the free cash flow come from?

稅收可能讓我獲得 1/3 到一半的收益，但其餘的自由現金流從何而來？

Are you just draining a ton of working capital or what?

你只是在消耗大量的營運資金還是什麼？

Can you walk us through?

你能帶我們過去嗎？

Yes.

是的。

First, $13 billion in free cash flow, up roughly 30% year-on-year.

首先，130 億美元的自由現金流，同比增長約 30%。

First, higher cash earnings.

第一，更高的現金收益。

Our guide has EPS up roughly 14%.

我們的指南使每股收益增長了大約 14%。

In that guide, there's -- depreciation has grown in '18 relative to 2017.

在該指南中，與 2017 年相比，18 年的折舊率有所增加。

So that has just higher cash earnings.

所以這只是更高的現金收益。

Secondly, we do expect lower working capital as we go through 2018.

其次，我們確實預計 2018 年營運資金會有所下降。

Third, we have higher strategic customer supply agreements.

第三，我們有更高的戰略客戶供應協議。

And those 3 things are all contributing to the positive.

這三件事都有助於積極。

And then obviously, Stacy, the higher gross capital is a bit of an offset.

然後很明顯，斯泰西，較高的總資本有點抵消。

So stronger cash earnings, better working capital, more strategic supply, partially offset by higher CapEx.

因此，更強的現金收益、更好的營運資金、更多的戰略供應，部分被更高的資本支出所抵消。

Okay.

好的。

For my follow-up, I want to ask about the growth next year of your kind of adjacent businesses versus your core businesses.

對於我的後續行動，我想問一下你的這種相鄰業務與你的核心業務明年的增長情況。

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?

在這 4% 的 650 億美元中，你能告訴我們其中有多少來自相鄰的，我猜主要是內存和調製解調器，而不是核心？

It must be decent, given the gross margin pressures.

鑑於毛利率壓力，它必須是體面的。

And I guess, as a corollary to that, you mentioned a one delay -- 1-quarter delay in data center memory.

我想，作為一個推論，你提到了一個延遲——數據中心內存的四分之一延遲。

Is that -- was that a statement on XPoint?

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.

不，那是一個 NAND——我將首先回答這個問題，Stacy，那是一個 3D NAND SSD。

We had some delays in the fourth quarter, and those are being addressed now.

我們在第四季度出現了一些延誤，現在正在解決這些問題。

So that was that comment.

這就是那條評論。

Okay.

好的。

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

和增長——對不起，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.

不，我認為，在您的第一個問題上，在 650 億美元中，我們將其描述為我們以 PC 為中心的業務的低個位數下降。

So implied in that is PC maybe declining a little bit more and modem, i.e., adjacency within the CCG segment, partially offsetting that.

因此，這暗示著 PC 可能會下降一點點，而調製解調器（即 CCG 段內的鄰接）可能會部分抵消這一點。

In the overall guide, we said that the data-centric businesses would be growing in the mid-teens.

在總體指南中，我們說以數據為中心的業務將在十幾歲左右增長。

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.

顯然，我們相信這將是我們以數據為中心的業務構成中最強勁的增長部分。

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.

這將是 Brian 剛剛強調的客戶質量的一個功能，我們預計 NSG 增長將在整個 2018 年期間加速，因此以 PC 為中心的業務將出現個位數的下降，而以數據為中心的業務將出現中青年增長。

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

那麼，這種內存強度對數據中心的增長、DCG 的增長意味著什麼，特別是考慮到第四季度的強勁表現？

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.

在大多數情況下，將通過數據中心的 NSG 的 [獲勝] 將在 2018 年後期進行，並且不會真正對該業務的整體增長率產生影響。

So it's primarily about growth of 3D NAND during the course of the year.

所以這主要是關於 3D NAND 在這一年中的增長。

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

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess a couple of housekeeping questions, if I could kind of put them together.

我猜有幾個家政問題，如果我可以把它們放在一起的話。

Curious if you could share with us how you're thinking about CapEx spend between logic and memory.

想知道您是否可以與我們分享您如何看待邏輯和內存之間的資本支出支出。

And then, on the 10-nanometer start-up, can you share with us when you're expecting to begin depreciating those costs?

然後，關於 10 納米初創企業，您能否與我們分享一下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.

首先在資本支出方面，我們指出當年的總資本為 140 億美元，我們獲得了大約 20 億美元的客戶戰略供應協議。

So our net capital is $12 billion, $12 billion in the year.

所以我們的淨資本是 120 億美元，今年是 120 億美元。

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.

再一次，我會把它分成兩部分：記憶，使用的淨資本，沒有變化；從邏輯上看，資本支出同比增長約 10 億美元。

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.

正如我們之前提到的，這 10 億美元主要是增長，繼續增長 14 納米；第二，放大10納米；第三，在年內投資下一個 7 納米節點。

So those 3 things are really driving the $1 billion increase in CapEx for logic.

因此，這三件事真正推動了邏輯資本支出 10 億美元的增長。

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.

你問題的第二部分，對於 10 納米，當我們將設備上線時，我們會打開 - 現在有一些設備正在折舊。

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.

但是隨著我們的建設——帶來更多的在線，隨著我們在下半年的增加，當我們打開設備時，我們就開始貶值它。

So we'd expect our depreciation bill in the second half of the year to be growing.

因此，我們預計下半年的折舊費用將會增加。

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.

這是導致 - 是的，真的回到原點的原因之一，這是隨著我們開始向 10 納米邁進的這些年來毛利率惡化的原因之一。

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

我們的下一個問題來自美銀美林的 Vivek Arya。

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?

對於第一個，Brian，我很好奇，您是否對處理器安全問題的任何解決方案對銷售或成本或定價產生任何影響？

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.

有一種思路認為客戶可能會減慢購買速度，而業內其他人則認為客戶以後可能會加快購買速度。

So I'm just curious how you're looking at the financial implications, positive or negative, from this issue near term and longer term.

所以我只是好奇你如何看待這個問題的近期和長期財務影響，無論是正面的還是負面的。

Sure.

當然。

So we'll try and kind of break it into 2 kind of answers for that, Vivek.

因此，Vivek，我們將嘗試將其分解為兩種答案。

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.

從成本的角度來看，我們已經介入並且我們已經討論過，我們預計這種安全漏洞不會對我們的支出或產品成本或任何其他方面產生任何實質性影響。

So that's how we baked that in.

所以我們就是這樣烤的。

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.

從預測的角度來看，我們實際上做了我們的預測，並且我們已經檢查了它，因為我們經歷了這個 - 今年的前幾週，與我們之前的預測相比，以確保預測包含任何變化或任何跡象我們看到了向上或向下。

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.

我會告訴你，在最高級別上，我們沒有看到這些預測因此而發生太大變化。

So I'd tell you, it's pretty balanced right now.

所以我會告訴你，它現在非常平衡。

So spending, not material and didn't make any adds there.

因此，支出，而不是物質，並沒有在那裡增加任何東西。

And then our forecast, we had a forecast.

然後我們的預測，我們有一個預測。

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.

我們在一年的前幾週檢查了它，當我們看到它時，它並沒有真正改變或改變。

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.

根據布萊恩早些時候的評論，我唯一要補充的另一件事是，我們在進入這一年時意識到這是一個競爭日益激烈的環境。

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.

我們現在的重點是繼續將最好的、最高性能的產品推向市場，同時也將大量時間和精力花在解決這個問題上，主要是通過軟件補丁而不是短期硬件的東西。

Got it.

知道了。

And as my follow-up, for the full year, how should we think about growth in just the DCG business?

作為我全年的後續行動，我們應該如何考慮僅 DCG 業務的增長？

I understand you gave some color around the entire data-centric group, which includes memory and other segments.

我知道您為整個以數據為中心的組（包括內存和其他部分）提供了一些顏色。

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?

但只是蘋果對蘋果，我們應該如何看待 DCG 的增長，它在 17 年實現了非常強勁的兩位數增長？

Yes.

是的。

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.

在這一年的整個過程中，我們 - 抱歉，在整個 17 年的整個過程中，我們有點引導到高個位數，並且我們一直執行到這一點。

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.

然後第四季度與今年前三個季度並沒有太大的不同，真的，除了企業的高季節性支出。

And that really took us from a high single-digit to low double-digit or 11% growth for the year.

這確實使我們從高個位數增長到低兩位數或 11% 的年度增長。

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.

當我們進入 18 年時，我們並不期望——我們認為，在企業領域，事情會回到負個位數範圍，因此，我們不會預期我們的佈局方式會有顯著差異一年前出DCG。

So that's how we're thinking about it.

所以我們就是這麼想的。

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.

如果我可以稍微提高一點，想想我們什麼時候制定今年的計劃，我們傾向於對前景持謹慎態度的兩個領域。

One is PC TAM.

一種是 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.

我們傾向於對 PC TAM 更加謹慎，並且在考慮 DCG 業務的企業增長時我們傾向於更加謹慎。

And the reason we do that is we think it's important to be cautious, get our costs in line.

我們這樣做的原因是我們認為保持謹慎很重要，讓我們的成本保持一致。

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.

如果我們對市場增長率的假設結果是保守的，我們將受益於 - 我們相信我們將受益於更高的銷量和真正強勁的淨收入流入。

That's how we planned the year coming into 2017, and we did kind of the same thing for 2018.

這就是我們計劃進入 2017 年的方式，我們為 2018 年做了同樣的事情。

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.

因此，當我們進入 2018 年時，我預計 2017 年的 DCG 增長不會有顯著差異，因為我們確實沒有假設企業 CIO 支出在這一年中的軌跡發生變化。

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的 Blayne Curtis。

I just wanted to go back to the DCG ASPs.

我只是想回到 DCG ASP。

You had talked about the ramp of Scalable being kind of to plan, but then I think you got a nice tailwind.

你曾談到 Scalable 的坡道有點計劃，但我認為你有一個很好的順風。

I think you implied enterprise had a higher percent of Scalable.

我認為您暗示企業具有更高百分比的可擴展性。

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.

所以我只是想知道你是否可以簡單地談談可擴展斜坡在這裡的位置，以及你的期望如何度過這一年，可以去哪裡。

Sure.

當然。

So I'll start, and Bob can add some number detail and all.

所以我要開始了，Bob 可以添加一些數字細節等等。

The Xeon Scalable ramp is right in line with prior ramp of similar products on our DCG road map.

Xeon 可擴展斜坡與我們 DCG 路線圖上類似產品的先前斜坡完全一致。

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.

當我們談論第四季度時，你看到的不一定是更多的 Xeon Scalable，而是人們購買 Xeon Scalable 的股票，這推動了 ASP。

So they're buying the higher-performance, higher-priced parts.

所以他們正在購買性能更高、價格更高的零件。

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.

這種情況並不少見，在斜坡的早期階段，人們進來，他們通常想在開始時購買性能最高的零件，然後隨著其他買家和市場的其他部分的進來，他們填寫了他們的分銷有點開放。

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.

因此，坡道按計劃進行並與之前的坡道保持一致，而 ASP 更多的是關於購買性能更高的部件，而不是數量聲明。

Got you.

得到你。

And then I also want to go back on just -- sorry.

然後我還想繼續——抱歉。

I just want to go back on gross margin as well.

我只想回到毛利率。

As you look for March, you mentioned the drop is from adjacent business as well as 10-nanometer.

當您尋找 3 月時，您提到下降來自相鄰業務以及 10 納米。

Obviously, memory, you're signaling a big ramp, but it doesn't resolve fully.

顯然，記憶，你正在發出一個大斜坡的信號，但它並沒有完全解決。

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.

我只是想知道，鮑勃，你是否可以在 10 納米的啟動成本中略過它們，因為它們在一年中會發生變化，如果你能概述一下，在第一季度的這 2 個之間，更大的因素是什麼。

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.

因此，隨著我們的內存和調製解調器業務繼續加速強勁增長，我認為混合動力將成為今年整體的一個更大因素，無論是在第一季度還是今年剩餘時間。

So that's going to be the biggest impact.

所以這將是最大的影響。

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.

我認為 10 納米將立即產生影響，並且隨著我們規模的擴大，這一影響將持續一整年，但也需要在一年中提高產量。

So hopefully, that's helpful.

所以希望這會有所幫助。

All right.

好的。

Thank you all for joining us today.

感謝大家今天加入我們。

Operator, please go ahead and wrap up the call.

接線員，請繼續結束通話。

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

女士們，先生們，感謝你們參加今天的會議。

This concludes today's program.

今天的節目到此結束。

You may now disconnect.

您現在可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。