英特爾 (INTC) 2018 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Intel Corporation First Quarter 2018 Earnings Conference Call. (Operator Instructions) And as a reminder, this conference may be recorded.

女士們、先生們，大家好，歡迎參加英特爾公司2018年第一季財報電話會議。 （操作說明）提醒各位，本次會議可能會被錄音。

I would now like to turn the conference over to Mr. Mark Henninger, Head of Investor Relations. Sir, you may begin.

現在我將會議交給投資人關係主管馬克‧亨寧格先生。先生，您可以開始了。

Thank you, operator. And welcome, everyone, to Intel's first quarter 2018 earnings conference call. By now, you should have received a copy of our earnings release and the CFO earnings presentation that goes along with it. If you've not received both documents, they're available on our investor website, intc.com.

謝謝接線生。歡迎各位參加英特爾2018年第一季財報電話會議。各位現在應該已經收到我們的財報發布稿和財務長的財報簡報。如果您尚未收到這兩份文件，請造訪我們的投資者關係網站intc.com查看。

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

在線上觀看直播的觀眾也可以透過網路直播視窗觀看財務長的業績報告。

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

今天與我一同出席的有我們的執行長布萊恩·科再奇和財務長鮑勃·斯旺。稍後，他們將分別作簡短致辭，之後是問答環節。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it, and as such, does include risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

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

A brief reminder that this quarter, we have provided both GAAP and non-GAAP financial measures. Today, we will be speaking to the non-GAAP financial measures when describing our consolidated results. The CFO earnings presentation and earnings release available on intc.com include the full GAAP and non-GAAP reconciliations.

簡單提醒各位，本季我們同時提供了GAAP和非GAAP財務指標。今天，我們將重點介紹非GAAP財務指標，並闡述我們的合併績效。財務長的獲利報告和獲利公告可在intc.com網站上查閱，其中包含完整的GAAP和非GAAP財務指標調節表。

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. Coming off a record 2017, 2018 is off to an exceptionally strong start. Q1 was Intel's best first quarter ever and significantly exceeded the expectations we set in January. Our Client Computing Group continue to execute well, producing growth within a declining PC market. And our transformation to a data-centric company accelerated with our data-centric businesses, booting McAfee up 25% over the first quarter of last year.

謝謝，馬克。繼創紀錄的2017年之後，2018年開局異常強勁。第一季是英特爾有史以來業績最好的一個季度，遠遠超過我們1月設定的預期。我們的客戶端運算事業部持續保持良好表現，在個人電腦市場下滑的情況下實現了成長。隨著我們以數據為中心的業務發展，我們向數據驅動型公司的轉型也加速推進，推動McAfee的業績較去年同期增長了25%。

The strength of Intel's business underscores my confidence in our strategy. What we're seeing is an unrelenting demand for compute performance driven by the continuing growth of data and the need to process, analyze, store and share that data. That dynamic benefits our traditional CPU business and it reinforces the big bets we've made in memory, modems, FPGAs and autonomous vehicles. We're competing to win in our largest collection of addressable markets ever. And importantly, we're not just competing in these markets. We're leading and shaping them as our first quarter results demonstrate.

英特爾業務的強勁表現讓我更加確信我們策略的正確性。我們看到，隨著資料量的持續成長以及處理、分析、儲存和共享這些資料的需求不斷增加，對運算效能的需求也持續旺盛。這種趨勢不僅有利於我們傳統的CPU業務，也鞏固了我們在記憶體、數據機、FPGA和自動駕駛汽車領域的重大投資。我們正努力在有史以來規模最大的潛在市場中贏得競爭。更重要的是，我們不僅僅是在這些市場中競爭，正如我們第一季的業績所展現的那樣，我們正在引領和塑造這些市場。

Data Center Group revenue was up 24% year-over-year. We saw broad-based demand strength across all DCG segments in Q1. And customer preference for high performance products, including Xeon Scalable drove a richer ASP mix.

資料中心集團營收年增24%。第一季度，資料中心集團所有業務部門均呈現強勁需求。客戶對高效能產品（包括Xeon Scalable處理器）的偏好推動了平均售價組合的豐富化。

The cloud segment grew 45%. And in the comm service provider segment, we continue to take share and grew revenue 33% as customers chose IA-based solutions to virtualize and transform their networks as the industry prepares for the 5G transition.

雲端業務成長了 45%。在通訊服務供應商領域，我們繼續擴大市場份額，收入成長了 33%，因為客戶選擇基於 IA 的解決方案來虛擬化和改造他們的網絡，以迎接產業向 5G 過渡的挑戰。

Intel's presence at the Winter Olympics in Pyongyang was a powerful showcase of our 5G capability. Intel and KT deployed the world's largest 5G network to date, including more than 20 5G links delivering 3,800 terabytes of network capacity. We've established leadership in 5G. And when commercial networks begin deploying around 2019, we'll be there with industry-leading products from the core of the data center to the edge to mobile devices.

英特爾在平壤冬奧的亮相，有力地展現了我們的5G實力。英特爾與韓國電信（KT）合作部署了迄今為止全球規模最大的5G網絡，包含超過20條5G鏈路，提供3800TB的網路容量。我們已確立了5G領域的領先地位。當商用網路在2019年左右開始部署時，我們將提供從資料中心核心到邊緣再到行動裝置的業界領先產品。

And we also saw growth in our enterprise segments for the second consecutive quarter as macro strength continued and customers prioritized hybrid and on-premises infrastructure investments. Data center customers are also looking to FPGAs for workload acceleration. The Programmable Solutions Group again set a record for design win volume, and those design wins are translating directly into revenue.

隨著宏觀經濟持續走強，以及客戶優先考慮混合和本地部署基礎設施投資，我們的企業級業務連續第二季實現成長。資料中心客戶也正在尋求利用FPGA加速工作負載。可程式解決方案事業部再次創下設計訂單量新紀錄，這些訂單已直接轉化為收入。

PSG's business grew 17% in Q1 on data center and embedded strength along with last time buys. PSG's data center segment was up 150% over last year, and the Advanced products category, our 28-, 20- and 14-nanometer solutions grew more than 40%.

PSG第一季業務成長17%，主要得益於資料中心和嵌入式業務的強勁成長以及上次收購的收益。 PSG的資料中心業務較去年同期成長150%，而先進產品類別（包括我們的28奈米、20奈米和14奈米解決方案）的成長超過40%。

Microsoft also recently announced that they're using Intel's FPGAs to power new Bing intelligent search features using real-time AI. PSG's momentum is evidence that our 2016 acquisition of Altera is delivering value for our customers and contributing directly to Intel's growth.

微軟近期也宣布，他們正在使用英特爾的FPGA晶片，利用即時人工智慧技術為必應的全新智慧搜尋功能提供支援。 PSG的強勁發展動能證明，我們2016年收購Altera的措施正在為客戶創造價值，並直接促進英特爾的成長。

Our IoTG business grew 17% on record unit volume with continuing momentum in the retail and video segment as compute increasingly moves to the edge. Consistent with our commitment to be disciplined with our resources, we made the decision to divest Wind River and sharpen the focus of IoTG on other growth opportunities that more closely align to our strategy.

我們的物聯網業務成長了17%，銷售量創歷史新高，零售和視訊領域的成長動能依然強勁，這得益於運算能力日益向邊緣化轉移。秉持合理利用資源的原則，我們決定剝離Wind River，並將物聯網業務的重心放在其他更符合我們策略的成長機會上。

The memory business set a revenue record, growing 20% in the first quarter, crossing over the $1 billion mark in revenue. The last business that passed that mark was DCG, crossing over that mark over a decade ago.

記憶體業務營收創下新紀錄，第一季成長20%，營收突破10億美元大關。上一次有業務達到這一里程碑還是十多年前，當時是DCG。

Both yields and output in our Dalian factory continue to ramp ahead of schedule. In fact, we believe the Dalian Fab extension is one of the fastest brownfield of wafer starts projects in memory industry history.

我們大連工廠的良率和產量均持續提前提升。事實上，我們相信大連晶圓廠擴建計畫是記憶體產業史上晶圓生產啟動速度最快的舊廠改造計畫之一。

We also launched our first mainstream Optane SSDs for clients, known as the 800 series, driving further industry adoption of this revolutionary technology. The NSG remains on track to be profitable for the full year.

我們也針對客戶推出了首款主流Optane固態硬碟，即800系列，進一步推動了這項革命性技術在業界的應用。 NSG全年仍有望獲利。

And we continue to demonstrate momentum in autonomous driving, and I'm happy to report that the Intel Mobileye autonomous vehicle test fleet has begun to operate in Israel and will expand to other geographies in the coming months. Our fleet fully implements the Responsible Sensitive Safety system or RSS that we introduced last year. This unique system applies a formal, common sense safety field to the vehicle's decision making, resulting in the optimal combination of provable safety and humanlike driving style. We believe that the winning path to autonomous driving will be a progression from ADAS capabilities to full autonomous driving. And we're seeing significant momentum in the marketplace, including a recent high-volume design win for EyeQ5 with a European premium vehicle manufacturer.

我們在自動駕駛領域持續展現強勁勢頭，我很高興地宣布，英特爾Mobileye自動駕駛車輛測試車隊已在以色列投入運營，並將於未來幾個月擴展到其他地區。我們的車隊全面部署了去年推出的「負責任敏感安全系統」（RSS）。這套獨特的系統將一套正式的、符合常識的安全準則應用於車輛的決策過程，從而實現了可驗證的安全性與類人駕駛風格的最佳結合。我們相信，實現自動駕駛的致勝之道在於從高級駕駛輔助系統（ADAS）逐步過渡到完全自動駕駛。目前，我們在市場上看到了顯著的成長勢頭，例如最近與一家歐洲高端汽車製造商達成了一項EyeQ5的大批量設計合作。

And finally, the Client Computing Group extended its strong track record of execution in a challenging PC environment. The revenue was up 3% despite a declining PC TAM on strength in the commercial and enthusiast segments, leading to a strong core mix. The CCG launched its first ever i9 processors for laptops in the first quarter, again demonstrating our outright product leadership.

最後，客戶端運算事業部在充滿挑戰的PC市場環境中延續了其強勁的業績表現。儘管PC市場規模有所下滑，但得益於商業和發燒友市場的強勁成長，營收仍實現了3%的成長，核心業務組合表現良好。客戶端運算事業部在第一季推出了首款筆記型電腦專用i9處理器，再次展現了我們在產品領域的絕對領先地位。

We continue to make progress on our 10-nanometer process. We are shipping in low volume and yields are improving, so the rate of improvement is slower than we anticipated. As a result, volume production is moving from the second half of 2018 into 2019. We understand the yield issues and have defined improvements for them, but they will take time to implement and qualify. We have leadership products on the road map that continue to take advantage of 14-nanometer with Whiskey Lake for Client and Cascade Lake for the data center coming later this year.

我們在10奈米製程方面持續取得進展。目前我們以小批量出貨，良率也逐步提高，但提升速度低於預期。因此，量產計畫將從2018年下半年延後到2019年。我們了解良率問題，並已製定改進方案，但這些方案的實施和驗證需要時間。我們的產品路線圖上還有幾款領先產品將繼續採用14奈米製程，其中面向客戶端的Whiskey Lake和麵向資料中心的Cascade Lake將於今年稍後推出。

Moore's Law is essential to our strategy and our product leadership. It continues to create significant value for Intel and our customers. While it's taking longer and costing more to deliver and yield advanced process technologies, we are able to optimize our process and products within a node to deliver meaningful performance improvements. For example, 14-nanometer process optimizations and architectural improvements have resulted in performance gains of more than 70% since the first 14-nanometer products were launched. We combined these advances in manufacturing technology and architecture that produced truly a leadership product, and it's that product leadership that ultimately matters most to our customers and end users.

摩爾定律對我們的策略和產品領先地位至關重要。它持續為英特爾和我們的客戶創造巨大價值。雖然先進製程技術的交付和良率提升需要更長時間和更高的成本，但我們能夠在同一節點內優化製程和產品，從而實現顯著的效能提升。例如，自首款 14 奈米產品發布以來，14 奈米製程的最佳化和架構改進已帶來超過 70% 的性能提升。我們將這些製造技術和架構的進步結合，打造出真正領先的產品，而正是這種產品領先地位最終對我們的客戶和最終用戶至關重要。

Intel and the industry stepped up for a tough challenge as we responded to the security vulnerabilities known as Spectre and Meltdown. I'm pleased with our progress and proud of how Intel and industry partners address this issue collaboratively, with transparency and with customer-first urgency. We're delivering against our security-first pledge and we've now rolled out micro code-based mitigation for all Intel products launched over the last 9 years that require protection against Spectre and Meltdown.

面對Spectre和Meltdown安全漏洞帶來的嚴峻挑戰，英特爾和整個產業齊心協力，共同回應。我對我們的進展感到欣慰，並為英特爾和行業合作夥伴以協作、透明和客戶至上的緊迫感來解決這個問題而感到自豪。我們正在履行「安全至上」的承諾，並已為過去9年推出的所有需要​​防範Spectre和Meltdown漏洞的英特爾產品部署了基於微代碼的緩解措施。

We'll also begin delivering both client and data center products with the hardware-based mitigations later this year.

今年晚些時候，我們還將開始交付具有基於硬體的緩解措施的客戶端和資料中心產品。

With our Data centric transformation accelerating, we're raising our expectations for our full year results, yet more evidence that our strategy is working. As Intel marks its 50th anniversary, we're well positioned to be the end-to-end platform provider for the new data world and the leader in artificial intelligence and the autonomous revolution.

隨著我們以數據為中心的轉型加速推進，我們提高了全年業績預期，這進一步證明了我們的策略正在發揮作用。在英特爾成立50週年之際，我們已做好充分準備，成為新數據世界的端到端平台提供商，並在人工智慧和自動駕駛領域引領變革。

With that, let me hand it over to Bob.

那麼，就讓我把麥克風交給鮑伯吧。

Thanks, Brian. Q1 was truly an outstanding start to 2018. Our transformation to a data-centric company continues to build momentum. Revenue was a first quarter record of $16.1 billion, up 13% year-over-year. Operating income was $4.8 billion, up 21% year-over-year. And EPS of $0.87 was up 32% year-over-year.

謝謝布萊恩。 2018 年第一季開局非常出色。我們向數據驅動型公司的轉型勢頭持續強勁。營收達到創紀錄的 161 億美元，年增 13%。營業利潤為 48 億美元，年增 21%。每股收益為 0.87 美元，年增 32%。

From a capital allocation perspective, we generated $6.3 billion of cash flow from operations and returned $3.3 billion to shareholders in the form of buybacks and dividend. As a result of the strength we are seeing in the business, we are raising our full year revenue guide by $2.5 billion to $67.5 billion. We're raising our EPS guide by $0.30 to $3.85. And we're raising our free cash flow guide by $1.5 billion to $14.5 billion.

從資本配置角度來看，我們從經營活動中產生了63億美元的現金流，並透過股票回購和分紅的形式向股東返還了33億美元。鑑於業務的強勁表現，我們將全年營收預期上調25億美元至675億美元，每股收益預期上調0.30美元至3.85美元，自由現金流預期上調15億美元至145億美元。

Our Q1 results demonstrated continued momentum in our transformation from a PC-centric company to a data-centric company. Intel's data-centric businesses were up 25% collectively with each business individually growing double digits. Our data-centric businesses are now approaching 50% of our revenue, an all-time high.

我們第一季的業績表明，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。英特爾的資料中心業務整體成長了25%，其中各項業務均實現了兩位數的成長。目前，資料中心業務的收入佔比已接近總收入的50%，創歷史新高。

Our PC-centric business was up 3% on strength in notebook, desktop and modem. DCG strong cash flows fund Intel's investment in new data-centric growth.

由於筆記型電腦、桌上型電腦和數據機業務的強勁表現，我們以個人電腦為中心的業務成長了3%。資料中心業務集團強勁的現金流為英特爾投資新的資料中心成長專案提供了資金支持。

As a reminder, we adopted a new revenue recognition standard in Q1. The new standard drove $462 million in incremental Q1 revenue recognition. This predominantly affected CCG and NSG. By year-end, we expect roughly half of this to net out.

再次提醒，我們在第一季採用了新的收入確認準則。新準則導致第一季新增收入確認額達 4.62 億美元。這主要影響了 CCG 和 NSG 兩大業務部門。我們預計到年底，其中大約一半的影響將會抵消。

Moving to Q1 earnings. We generated significant EPS expansion in the quarter, up 32% year-on-year. Our non-GAAP EPS improvement was driven by strong top line growth, a 3-point improvement in operating margins and an 11-point reduction in our effective tax rate. The 3-point improvement in operating margins were driven by a 4-point reduction in spending, partially offset by a 1 point decline in gross margin. The 1 point decline in gross margin was driven by growth in our adjacencies, which have lower gross margins than our CPU products.

接下來是第一季財報。本季我們實現了每股盈餘 (EPS) 的顯著成長，年增 32%。非 GAAP 每股盈餘的成長主要得益於強勁的營收成長、營業利潤率提升 3 個百分點以及實際稅率降低 11 個百分點。營業利潤率提升 3 個百分點主要歸功於支出減少 4 個百分點，但部分被毛利率下降 1 個百分點所抵銷。毛利率下降 1 個百分點是由於我們相關業務的成長所致，這些業務的毛利率低於我們的 CPU 產品。

From a spending standpoint, versus last year, we delivered $1.3 billion more revenue on $200 million less spending.

從支出角度來看，與去年相比，我們在支出減少 2 億美元的情況下，實現了 13 億美元的額外收入。

As a second reminder, we adopted a new mark-to-market standard for our equity investments. In 2017, all realized gains and losses were recorded in our non-GAAP results. But in 2018, all mark-to-market adjustments flow through earnings. In an effort to eliminate volatility, we have excluded these adjustments from our non-GAAP results. Our Q1 GAAP EPS included approximately $0.13 for mark-to-market gains in our ICAP portfolio that were excluded from our non-GAAP results.

再次提醒，我們已對股權投資採用了新的市值計價標準。 2017年，所有已實現的損益均計入非GAAP財務報表。但2018年，所有市值計價調整均計入收益。為消除波動性，我們已將這些調整從非GAAP財務報表中剔除。我們第一季GAAP每股收益中包含了ICAP投資組合中約0.13美元的市值計價收益，該收益已從非GAAP財務報表中剔除。

We are also making excellent progress in our operating efficiencies. In January, we pulled in our 30% spending goal from 2020 to 2019, and we're off to a good start in 2018. Total spending was down 4% year-over-year in the quarter. R&D spending as a percentage of revenue was down approximately 2 points. And our SG&A costs were down over 2 points. Our intensity on spending is designed to accelerate top line growth, and it is paying off. Currently, as a result of strong top line growth, we now expect to meet our 30% spending target in 2018, 2 years ahead of our original expectations.

我們在營運效率方面也取得了顯著進展。今年1月，我們將原定於2020年實現的30%支出目標提前至2019年，並且2018年開局良好。本季總支出較去年同期下降4%。研發支出佔收入的比例下降約2個百分點。銷售、管理及行政費用也下降超過2個百分點。我們加大支出力道旨在加速營收成長，並且已初見成效。目前，由於營收強勁成長，我們預計2018年提前兩年實現30%的支出目標。

Let me touch briefly on our Q1 performance by segment. The Data Center Group delivered a great quarter, much better than expected. DCG revenue of $5.2 billion was up 24% year-over-year, and operating income of $2.6 billion grew 75%. Q1 operating margin was 50%. Overall, unit volume was up 16%, and ASPs were up 7%.

讓我簡單介紹一下我們第一季各業務板塊的業績。資料中心集團（DCG）本季表現出色，遠超預期。 DCG營收達52億美元，年增24%；營業利潤達26億美元，較去年同期成長75%。第一季營業利益率為50%。整體而言，出貨量成長16%，平均售價（ASP）成長7%。

We saw broad-based demand strength in Q1 with customer preference for high-performance products driving richer ASPs. Cloud and comms service providers segments were greater than 60% of the data center business. And this was the first quarter our cloud business has surpassed $2 billion in revenue, which made it our largest segment in the first quarter.

第一季我們看到市場需求全面強勁，顧客對高效能產品的偏好推動了平均售價（ASP）的提升。雲端服務和通訊服務供應商業務佔資料中心業務的60%以上。此外，我們的雲端業務營收首次突破20億美元大關，成為第一季最大的業務部門。

Additionally, we redefined our expanded TAM for DCG to markets beyond the CPU, like silicon photonics, Fabric, network ASICs and 3D XPoint memory. These adjacent businesses are gaining traction and grew 16% year-over-year. DCG performance in all segments was better than our January forecast, and we expect that strength to continue to aid DCG momentum through the second quarter.

此外，我們重新定義了資料中心業務集團（DCG）的擴展目標市場規模（TAM），涵蓋了CPU以外的市場，例如矽光子學、光纖通道、網路專用積體電路（ASIC）和3D XPoint記憶體。這些相關業務正蓬勃發展，年增16%。 DCG所有業務部門的業績均優於我們1月的預期，我們預計這一強勁勢頭將在第二季度繼續推動DCG的成長。

Our additional data-centric businesses, IoTG, NSG and PSG, are becoming a larger component of our overall business, growing 18% year-over-year in the quarter. Our Internet of Things business achieved revenue of $840 million, growing 17% year-over-year, driven by strength in video and continued momentum in retail. Operating profit was $227 million, up 116% year-over-year on higher revenue and lower spending as we shifted our ADAS investments to Mobileye.

我們新增的以數據為中心的業務，包括物聯網業務集團 (IoTG)、網路服務集團 (NSG) 和產品服務集團 (PSG)，在整體業務中的佔比越來越大，本季同比增長 18%。物聯網業務營收達 8.4 億美元，年增 17%，主要得益於視訊業務的強勁成長和零售業務的持續發展勢頭。營業利潤為 2.27 億美元，年增 116%，這主要得益於營收成長和支出減少，因為我們將 ADAS 投資轉移到了 Mobileye。

As you heard from Brian, the Mobileye business is going strong. Q1 revenue was $151 million. And while it's early in the journey, we are on track to our deal thesis.

正如布萊恩所說，Mobileye的業務發展勢頭強勁。第一季營收達1.51億美元。雖然目前還處於早期階段，但我們正朝著既定的交易目標穩步前進。

Our memory business broke the $1 billion in quarterly revenue for the first time, up 20% year-over-year with strong demand for data center SSD solutions.

我們的記憶體業務季度營收首次突破 10 億美元大關，年增 20%，這主要得益於對資料中心 SSD 解決方案的強勁需求。

We reduced our operating losses by $48 million with strong gigabyte demand and unit cost reductions more than offsetting ASP reductions.

由於千兆位元組需求強勁，單位成本降低，抵消了平均售價下降的影響，我們減少了 4800 萬美元的營運虧損。

The transition to 64 3D NAND is improving our cost while we invest in and expand our Dalian factory. We expect the second half of '18 to be balanced between supply and demand, and we continue to expect this segment to be profitable for the full year of 2018.

向 64 位元 3D NAND 快閃記憶體的過渡正在降低我們的成本，同時我們也在投資和擴大大連工廠。我們預計 2018 年下半年供需將趨於平衡，並繼續預期該業務板塊在 2018 年全年都能實現盈利。

The Programmable Solutions Group had revenue of $498 million with 17% growth, driven by strength in data center and the embedded segments. Operating profit was $97 million, up 5% year-over-year. The PSG team continues to perform and execute well. Our advanced FPGA products, those at 28-, 20- and 14-nanometer, grew over 40% in the quarter. In fact, PSG won more customer designs in Q1 than in any prior quarter.

可程式解決方案事業部（PSG）營收達4.98億美元，年成長17%，主要得益於資料中心和嵌入式領域的強勁表現。營業利潤為9700萬美元，較去年同期成長5%。 PSG團隊持續保持良好的績效與執行力。我們先進的FPGA產品，包括28奈米、20奈米和14奈米製程的產品，本季銷量成長超過40%。事實上，PSG在第一季贏得的客戶設計訂單數量超過了以往任何一個季度。

Finally, the Client Computing Group had another strong quarter. Revenues of $8.2 billion were up 3%, and operating margins were down 4 points due to 10-nanometer transition cost and growth in our modem business.

最後，客戶端運算事業部又迎來了一個強勁的季度。營收達82億美元，成長3%，但由於10奈米製程過渡成本和調變解調器業務成長，營業利潤率下降了4個百分點。

Our PC-centric business continues to perform well in a challenging but improving market and serves as a significant source of cash flow for the company. We saw strength in the commercial and gaming businesses, and we believe the worldwide PC supply chain is operating at healthy levels.

在充滿挑戰但不斷改善的市場環境下，我們以個人電腦為中心的業務持續表現良好，並為公司提供了重要的現金流來源。我們看到商業和遊戲業務表現強勁，我們相信全球個人電腦供應鏈運作狀況良好。

We've laid out our capital allocation priorities: invest organically, expand acquisitively and return capital to our shareholders, and do it wisely. We continue to execute to these priorities. We generated $6.3 billion in cash from operations. This included $1.7 billion in cash received from NAND customer supply agreement. We invested $2.9 billion in CapEx and delivered $3.4 billion in free cash flow, up 73% year-over-year. We returned almost 100% of free cash flow to our shareholders in the form of $1.9 billion in buybacks and $1.4 billion in dividends, a 10% increase per share over last year.

我們已製定資本配置優先事項：進行內生式投資、透過收購擴張以及向股東返還資本，並且要謹慎行事。我們將繼續執行這些優先事項。我們透過經營活動創造了63億美元的現金流，其中包括從NAND客戶供應協議中獲得的17億美元現金。我們在資本支出方面投入了29億美元，並實現了34億美元的自由現金流，年增73%。我們將近100%的自由現金流以股票回購19億美元和股息14億美元的形式返還給了股東，每股股息較上年增長10%。

Now moving to our full year outlook. Our strategy is working, and our investments are paying off. We are now forecasting the midpoint of the revenue range at $67.5 billion, up $2.5 billion versus our expectations in January. We expect operating margin of approximately 31%, up 1 point from January as spending as a percent of revenue drops to approximately 30%.

現在我們來看全年展望。我們的策略行之有效，投資也獲得了回報。我們目前預測營收區間中位數為675億美元，比1月的預期高出25億美元。我們預期營業利潤率約31%，較1月提高1個百分點，原因是支出佔營收的比例下降至約30%。

Versus prior estimates, gross margin will be approximately flat as broad-based strength in our business is offset by the higher cost associated with the 10-nanometer volume production shift to 2019.

與先前的估計相比，毛利率將大致持平，因為我們業務的全面強勁增長被 10 奈米批量生產轉移到 2019 年所帶來的較高成本所抵消。

We now expect a full year tax rate of 13%, 1 point down versus our prior estimate. Overall, stronger top line growth, improved operating margins and a lower tax rate will boost EPS to $3.85, up $0.30 versus prior estimate. From a cash flow perspective, we are increasing our free cash flow to $14.5 billion, up $1.5 billion from January. We now expect net capital deployed of approximately $12.5 billion, up $500 million versus the expectations we set in January. This reflects gross CapEx of approximately $14.5 billion offset by approximately $2 billion of customer prepayments for memory supply agreement.

我們現在預計全年稅率為13%，較先前預期下調1個百分點。整體而言，營收成長強勁、營運利潤率提升以及稅率降低將推動每股盈餘(EPS)達到3.85美元，較先前預期上調0.30美元。從現金流角度來看，我們將自由現金流預期上調至145億美元，較1月增加15億美元。我們現在預期淨資本投入約為125億美元，較1月的預期增加5億美元。這反映了約145億美元的總資本支出，並扣除了約20億美元的客戶預付記憶體供應協議款項。

In Q2, we expect strong growth to continue. We are forecasting the midpoint of the revenue range at $16.3 billion, up 10% year-over-year. We expect operating margin of approximately 30%, up 1 point versus last year, which reflects approximately 1.5 point decrease in gross margin and a 2.5 to 3-point decline in spending.

我們預計第二季將持續保持強勁成長。我們預測營收區間中位數為163億美元，年增10%。我們預期營業利潤率約30%，較去年同期成長1個百分點，反映出毛利率下降約1.5個百分點，以及支出下降2.5至3個百分點。

We expect EPS of $0.85, up 31% excluding equity adjustments from strong top line growth, spending reductions and a lower tax rate.

我們預期每股收益為 0.85 美元，不計股權調整，成長 31%，主要得益於強勁的營收成長、支出削減和較低的稅率。

To sum it up, we believe 2018 will be another record year for Intel. We've met and exceeded our financial commitments, and we feel great about where we are relative to our 3-year plan. Our PC-centric team keeps winning in a challenging market, and our data-centric businesses are growing fast, fueling Intel's transformation to a company that powers the cloud in smart connected devices.

總而言之，我們相信2018年將是英特爾又一個創紀錄的年份。我們已經完成並超越了財務目標，並且對目前三年計畫的進展感到非常滿意。我們以個人電腦為中心的團隊在充滿挑戰的市場中持續取得成功，而我們以數據為中心的業務也在快速成長，這推動英特爾向智慧互聯設備雲端賦能型公司的轉型。

With that, let me turn it over to Mark, and we'll get to your questions.

那麼，接下來就交給馬克，我們來回答你的問題。

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

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

And the first question will come from the line of Ross Seymore with Deutsche Bank.

第一個問題將來自德意志銀行的羅斯·西摩。

Brian, one for you about the sustainability of this demand, specifically in the data center side. I think people are pretty aware that the macroeconomic drivers are all kind of going the right way and that's helping the enterprise side of things. But the acceleration of the cloud and the comm side for the last 2 quarters is beating your own expectations for growth rates and been quite strong. How much of that do believe is Intel specific? And if you can go to the reasons why? Or is the macro side really the bigger driver in those 2 vectors as well?

Brian，我想問你一個關於這種需求的可持續性問題，尤其是在資料中心領域。我認為大家都很清楚，宏觀經濟驅動因素都在朝著正確的方向發展，這對企業級應用很有幫助。但過去兩個季度雲端運算和通訊領域的成長速度超出了你的預期，而且非常強勁。你認為其中有多少是英特爾獨有的？你能解釋一下原因嗎？或者說，宏觀經濟因素在這兩個領域的成長中也扮演更大的角色？

Sure, Ross. That's a good question. Let me try and answer it. So first thing I'll tell you is that there is a bit here that is the transition to cloud continues to occur, occurring at a bit even faster rate so that -- you do see that trend is going on. But remember, we've always talked about that over the long haul, you have to look at these, it can sometimes be lumpy. So our forecast for the long term is still in that high teens, low 20s kind of range for that kind of growth. We thought that we -- the enterprise is clearly up. We think that -- as you said that a lot of that is reinvigoration of investments by companies in on-site data. Our view of long term there, I look out over the long term again, it's still -- that should be in a declining mode versus moving those workloads long term over to the cloud. So if I take a look at this, as Bob said in his prepared remarks, so we look at -- if I look at our data-centric businesses in general, so even just beyond the data center, we see these growing in that mid- to high teens range. And that's kind of how we view this. And we do believe that is sustainable. And it will move from cloud to enterprise. And sometimes, you'll see IoT pick up a bit, offset something, but that's why we grouped those into that data centric. But they're all really tied together. It's data coming from the edge, moving through the network into the data center and really being based in the cloud and analytics being applied to it and people using that data then to make decisions to drive businesses. So we think it's sustainable in kind of the data-centric numbers that you saw. But it will float between those various segments.

當然，羅斯。問得好。讓我試著回答一下。首先，我要說的是，向雲端遷移的趨勢仍在繼續，而且速度似乎更快了——你確實可以看到這種趨勢。但請記住，我們一直強調，從長遠來看，這種趨勢有時會出現波動。因此，我們對長期成長的預測仍然是十幾到二十幾個百分點。我們認為，企業級應用顯然有所成長。正如你所說，這很大程度上是由於企業重新加大了對本地數據的投資。從長遠來看，我們認為，與將這些工作負載長期遷移到雲端相比，本地資料應用應該會呈現下降趨勢。正如鮑伯在事先準備好的發言稿中所說，如果我們看一下我們以資料為中心的業務，即使僅限於資料中心，我們也看到這些業務的成長速度在15%到10%之間。這就是我們對這趨勢的看法。我們相信這種增長是可持續的。它將從雲端擴展到企業級應用。有時，你會看到物聯網（IoT）的成長增加，抵消一部分市場份額，但這正是我們將它們歸類為以數據為中心的業務的原因。但它們實際上都是緊密相連的。數據來自邊緣，透過網路傳輸到數據中心，最終在雲端進行分析，然後人們利用這些數據做出決策來推動業務發展。因此，我們認為以數據為中心的業務成長速度是可持續的，正如你所看到的。但它會在不同的細分市場之間波動。

The only thing, Ross, that I would add is in terms of our outlook in the more near term, our outlook for the year is kind of continued strength in the second quarter similar to the first quarter. And -- but beyond that, it's probably a little cloudier. I think we are benefiting from global macroeconomic environment. I think the higher earning is -- higher earnings and the ability to deduct IT related expenditures, I think is giving CIOs a little more money to spend. And we see ourselves benefiting from that through the first half of the year.

羅斯，我唯一要補充的是，就我們近期的展望而言，我們預計第二季業績將延續第一季的強勁勢頭。但除此之外，前景可能不太明朗。我認為我們正受益於全球宏觀經濟環境。更高的獲利能力——以及可以抵扣IT相關支出——讓資訊長們有了更多可支配資金。我們預計上半年將持續受益於此。

Second half is going to be a little bit of a wait and see as to whether the short-term dynamics continue into the second half. But you go back to Brian's comments, I think the -- what we do know is the -- this increased demand for compute data, analytics, storage, rapid retrieval is what's really driving the demand for high performance compute. And not only do we see the unit volume strength but also the ASP strength, which we think is a function of Intel-related products.

下半年市場走勢需要一些時間觀察，才能判斷短期成長動能能否延續到下半年。但正如布萊恩所說，我們目前已知的是，對運算數據、分析、儲存和快速檢索的需求不斷增長，這才是真正推動高效能運算需求的驅動力。我們不僅看到了銷售量的強勁成長，也看到了平均售價的上漲，我們認為這與英特爾相關產品的發展密切相關。

That's very helpful. For my follow-up question, one for either of you, frankly. In the 10-nanometer pushout, do you believe that the competitive lead you have versus your competition is shrinking? Or is this a challenge everybody's going to have? And then the gross margin side of that equation, Bob, you said it was going to be a headwind into the full year guide. Any sort of linearity about when that starts to move from being a headwind to a tailwind would be great.

這很有幫助。我的後續問題，坦白說，想問你們兩位。在10奈米製程製程的推廣中，你們認為你們相對於競爭對手的領先優勢正在縮小嗎？還是說這是所有廠商都會面臨的挑戰？還有，鮑勃，你之前說過，毛利率方面的問題會持續到全年業績預期。如果能大致說明一下，毛利率何時會從不利因素轉為有利因素，那就太好了。

Sure, Ross. So let me start -- we absolutely have product and process leadership. We're shipping 10-nanometer products today. So I did want to make sure that, that was very clear to you and that was our densest, highest performing product out there. We're slowing the ramp down as we go and fix the yields, and we were able to do that. A, we understand the yield issues. They're really tied to this being the last technology tied to not having EUV and the amount of multi-patterning and the effects of that or defects. But also, the real strengths of 14-nanometers, I mentioned in my prepared remarks that we've done 70% improvements in the performance of that technology over its current life time. And we believe it continues to have lags that we can continue to make improvement, both within that process technology and architecturally. That's really giving us the breathing room to go and make these yield improvements. So it's really balancing between delivering the world's best product. So we believe our road map for 2018 is strong and stronger than it's ever been. And we have the ability to carry that into 2019, allowing us to get the yields where we want them to be. So the cost and the spending are really in line with what you as a shareholder expect from us. We believe that if you take a look at others during this time frame, if you look at anybody else and said 70% improvement on a technology note, yes, let me rename those nodes as we go through this. And we have always chosen to be really transparent and clean and just say, it's improvements on the existing technology rather than renaming. So we believe we have that. Now as we look at -- out in time, we do see the density. You just take that component, the density gap is narrowing a bit. But that's out in time. But again, performance is really a function of multiple parts of the process around power and performance and in architecture. And that's why we think our products continue to lead and be the world standard.

當然，羅斯。那麼讓我先說——我們在產品和工藝方面絕對處於領先地位。我們現在已經開始交付10奈米產品了。所以我想確保這一點你很清楚，這是我們目前密度最高、性能最好的產品。我們正在逐步放慢產能爬坡速度，並努力解決良率問題，而我們已經做到了。首先，我們了解良率問題。這主要是因為這是最後一款沒有EUV微影技術的工藝，以及多重曝光及其對缺陷的影響。但同時，14奈米製程的真正優勢也顯而易見。我在先前的發言稿中提到過，在其目前的生命週期內，我們已經將這項技術的效能提升了70%。我們相信它仍然存在一些可以繼續改進的地方，無論是在製程技術層面還是在架構層面。這確實給了我們足夠的空間去進一步提升良率。所以，我們實際上是在努力提供世界上最好的產品之間尋求平衡。因此，我們相信我們2018年的發展路線圖非常穩健，比以往任何時候都更加完善。我們有能力將此路線圖延續到2019年，以實現我們預期的良率目標。因此，成本和支出完全符合您作為股東對我們的期望。我們相信，如果您看看其他公司在同一時期的表現，如果他們聲稱某項技術改進了70%，那麼他們很可能只是在不斷更改節點名稱。而我們始終堅持透明和清晰的原則，直接說明這是對現有技術的改進，而不是更改名稱。因此，我們相信我們能夠做到這一點。展望未來，我們確實看到了密度方面的提升。以該組件為例，密度差距正在縮小。但這還只是時間問題。效能其實是功耗、效能和架構等多個環節共同作用的結果。正因如此，我們認為我們的產品將繼續保持領先地位，並成為世界標準。

And on the gross margin question, the strong -- both volume and ASP performance in the first quarter contributed to gross margins being 2 points ahead of kind of our expectations at the beginning of the year. So we saw that real good performance on top line flowing through in the first quarter. What we indicated for the full year, though, there's no change in our full year gross margin. That essentially is a function of continued volume and ASP strength but partially offset by yields that are improving, but not quite at the rate that we had anticipated on 10-nanometer.

關於毛利率問題，第一季強勁的銷售和平均售價表現，使得毛利率比年初預期高出2個百分點。因此，我們看到第一季營收的良好成長動能得以延續。然而，我們先前預測的全年毛利率將保持不變。這主要得益於銷售量和平均售價的持續強勁成長，但部分被良率的提升所抵消，儘管良率的提升速度並未達到我們先前對10奈米製程的預期。

And secondly, our cost associated with -- we expected, at the end of the year, that we'll have pre-PRQ reserves that will be a little bit higher as we shift into 2019. So strong first quarter, strong for the full year, but those 10-nanometer costs will be a little bit of a drag. We step back, we still look at kind of gross margins for the full year that are at the high end of kind of our historical range in the 60% to 65% range, which is good. And for us, that's despite the fact that we're getting really solid growth from our lower margin, but earnings-accretive businesses like modem and memory.

其次，我們預計到年底，PRQ（產品研發）前的準備金會略高一些，尤其是在進入2019年後。因此，儘管第一季和全年業績強勁，但10奈米製程的成本會略微拖累整體業績。總的來說，我們預計全年毛利率仍將處於歷史區間的高端，在60%到65%之間，這很不錯。對我們而言，即便如此，我們仍然能夠從調製解調器和記憶體等利潤率較低但盈利能力強的業務中獲得非常穩健的成長。

The next question comes from the line of Stacy Rasgon with Bernstein Research.

下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

I wanted to follow-up on that 10-nanometer point. So as the volume production pushes out into 2019, given you understand the yield issue supposedly, is this a first half kind of push out? Or does it push out into the second half? And when it actually does ramp, do you think it actually will be the current 10-nanometer process that's shipping? Or will that be like slipping out to like 10, 10 nanometers plus potentially?

我想就10奈米製程的問題再追問一下。有鑑於您了解良率方面的問題，量產延後到2019年，這是指上半年還是下半年？當真正開始量產時，您認為屆時出貨的會是目前的10奈米製程嗎？還是會採用10奈米甚至10奈米以上的製程？

So I'm just going to correct you. You said that supposedly, we have the solutions. We do understand these things. So we do have confidence that we can go and work these issues, Stacy. Right now, as I said, we are shipping. We're going to start that ramp as soon as we think the yields are in line. So as I said, 2019. We didn't say first or second half, although we'll do it as quickly as we can based on the yield. And the last part of your question about whether -- will it be a 10 or a 10++ or a 10-plus, I think, was your question, these -- the yield improvements that we're making are just that, more focused on yield. So think of them as improvements to the various etch steps and lithography steps and cleans and things like that in order to really drive the multi-patterning and in some cases, the multi multi-patterning where we have 4, 5, 6 layers of patterning to produce a feature. It's really about that. They aren't necessarily around performance. We do have plans on 10-nanometer all ready similar to 14-nanometer, for 10-plus and 10++. And so we think all of these technologies now have multiple years of performance improvement built into them as they come off the floor.

我來糾正一下你。你說我們好像有解決方案。我們確實了解這些問題。所以我們有信心解決這些問題，Stacy。正如我所說，我們現在正在發貨。一旦良率達到預期，我們就會開始量產。就像我說的，是2019年。我們沒有說是上半年還是下半年，但我們會根據良率盡快推進。你最後一個問題是關於良率是10%、10%以上還是10%以上，我想，你問的是，我們正在進行的良率改進，重點在於提高良率。你可以把它們理解為對各種蝕刻步驟、光刻步驟、清洗等的改進，目的是為了真正推動多重曝光，在某些情況下，甚至是多層曝光，也就是用4層、5層甚至6層曝光來製作一個特徵。關鍵就在於此。它們並非都圍繞著性能。我們已經制定了與 14 奈米製程類似的 10 奈米製程計劃，包括 10plus 和 10++ 製程。因此，我們認為所有這些技術在問世之初就已具備多年性能提升的空間。

For my follow up, I wanted to ask about gross margin drivers and free cash flow drivers into 2019. We have CapEx pretty significantly outpacing depreciation at the moment. You'll have that 10-nanometer ramp kind of starting. Memory and modems probably going to be growing. And then on the free cash flow side, we've got the reversal potentially of the NAND prepayments eventually as you start shipping the NAND that you've been paid for. So how do we think about the drivers, gross margin puts and takes around those elements and maybe others as we get into -- as we go through -- get into 2019?

我想進一步詢問2019年毛利率和自由現金流的驅動因素。目前，我們的資本支出遠遠超過折舊。 10奈米製程的產能爬坡即將啟動。記憶體和調製解調器業務可能會成長。自由現金流方面，隨著NAND快閃記憶體晶片的出貨，預付款最終可能會被收回。那麼，在進入2019年之際，我們該如何看待這些因素以及其他因素對毛利率的影響呢？

First, I'm not -- probably not throw a whole lot in 2019 as we focus on trying to execute what we believe will be an outstanding 2018. But I think there's a few dynamics that we've been wrestling with. As you know, over the last couple of years we've seen a gap between earnings and cash flow, and it's really been driven by a couple of things. One, success and by that, I mean, accelerating rates of growth and the additional capital that goes along with that growth, both CapEx and inventory levels. So those have been one of the drivers. Secondly, we brought on 10-nanometer equipment but haven't necessarily put it to use yet. So that's a cash driver without an impact on earnings. And third, memory is in the investment phase. So those 3 things have really been what's been driving the gap, and we've done a few things in light of that, that you're aware of. One, memory, we engage in the strategic supply agreements that you mentioned, which really for us is a sign that our customers are excited and committed to the technologies that we're building such that we can help -- we can use their money to help fund the scaling of the business. And we think that's a good, positive short, medium and long-term move. And the other thing, just if you think about, Stacy, kind of how we guided this year, you have earnings -- if you don't give us credit for the ICAP gains last year and strip that out, you see earnings growth that's roughly 25%, 26% and you see free cash flow growth that's in the mid-30s. So you'll start to see that gap narrowing as we go through the course of this year. And then the other thing is we're going to make a fairly significant cash tax payment in 2018 as a result of the ICAP gains from last year, and that's roughly $1.2 billion that's going to weigh on our cash flows this year. If you strip that out for a second, what you see during the course of 2018 is roughly 25% earnings growth and roughly 50% free cash flow growth, and that gap begins to narrow while we're accelerating the growth rate of the business. So those are -- that's kind of the dynamics in terms of how we're deploying capital for accelerating top line growth and the improvements on free cash flow relative to earnings per share this year. As we get through the course of 2018, we'll start to shed a little more light on what that means for 2019 later in the year.

首先，我可能不會在2019年投入太多資源，因為我們將專注於實現我們認為將會非常出色的2018年業績。但我認為我們一直在努力應對一些動態因素。如您所知，過去幾年我們的利潤和現金流之間存在差距，這主要是由以下幾個因素造成的。第一，是業務成功，我指的是成長速度的加快以及隨之而來的額外資本投入，包括資本支出和庫存水準。這些都是造成差距的驅動因素之一。第二，我們引進了10奈米設備，但尚未投入使用。這雖然增加了現金流，但對獲利沒有影響。第三，記憶體業務目前處於投資階段。這三點正是造成差距的主要原因，我們也針對這些情況採取了一些措施，您也已經了解了。第一，關於記憶體方面，我們簽訂了您提到的策略供應協議，這確實表明我們的客戶對我們正在開發的技術充滿熱情並全力支持，這樣我們就可以利用他們的資金來幫助業務規模化發展。我們認為這是一個積極且利好的短期、中期和長期舉措。第二，Stacy，如果您回顧我們今年的業績預期，就會發現，如果不計入去年的ICAP收益，獲利成長率約為25%至26%，自由現金流成長率約為30%左右。因此，隨著今年的推進，您會看到兩者之間的差距逐漸縮小。此外，由於去年ICAP收益的影響，我們將在2018年支付一筆數額相當大的現金稅款，約為12億美元，這將對我們今年的現金流造成一定壓力。如果暫時拋開這些因素，我們可以看到，2018 年全年獲利成長約 25%，自由現金流成長約 50%，隨著業務成長速度的加快，兩者之間的差距開始縮小。以上就是我們今年如何運用資本來加速營收成長以及改善自由現金流與每股盈餘之間的關係。隨著 2018 年的推進，我們將在今年稍後進一步闡述這些因素對 2019 年的影響。

The next question comes from the line of Chris Danely with Citigroup.

下一個問題來自花旗集團的克里斯·丹利。

I guess another question on the manufacturing. Can you just talk about why the ramp in 10-nanometer, why the yields have been a little bit slower than expected? Have there been any changes in manufacturing? And then also, should we expect this to extend to future generations as well, i.e., a little bit slower than it had been in the past?

我想再問一個關於製造方面的問題。能否談談10奈米製程的產能爬坡速度，以及良率為何比預期略慢？製造流程方面是否有任何變化？另外，我們是否應該預期這種情況也會延續到未來的幾代工藝，也就是說，產能爬坡速度會比以往略慢一些？

Sure. So the issues around 10 nanometers, I kind of tried to lay that out without getting too deep into the technology, but this is the last technology with -- that doesn't incorporate EUV. And what you also need to understand is that we took very aggressive goals at 10 nanometers. So if you talk about the scaling factor or think about it as the multiple at which you shrink a feature, okay, we took a target of 2.7. So you took any feature and 1 over 2.7 is the dimensional shrink that you get to this device. For example, on 14 nanometers, we took a target of 2.4. So you're almost 10% more aggressive on 10 nanometers. And if you look at what more is the industry standard, what the foundries and other players are typically doing, they're typically in that 1.5 to 2.0 range. So they're -- we're maybe 20% more aggressive. So we took very aggressive goals to hit our cost targets and where we want the technology to be. And that, combined with end-of-life of emergent scanner before we hit EUV, has just created something that's a little bit more difficult. And so that's why I have the confidence that this is not something we're shipping, that transistors work. We know the performance is in line. So it's really just about getting the defects and the cost in line to where we want. As far as what does that imply for future technologies, we made a lot of changes at 7 nanometers. 7 nanometers currently is the first technology forecasted to implement EUV. So that immediately makes the lithography system different. We're going back to a more standard for us compaction number of 2.4 So that makes it a little bit easy. We think we've bit off a little too much in this case. And it may not seem like a lot, but 10% can make a lot of difference in this kind of the world. And thirdly, we are using some very unique packaging technologies and such that allow us that 7 nanometers and beyond, we really move into a world where you're not going to look at any piece of silicon as being a single node. You're going to use what we're going to call heterogeneous techniques that allow us to use silicon for multiple nodes. So you may use course from 7 nanometers and IP from 14 nanometers and even as far back as 22 nanometers for the parts that don't need the high performance. And we're able to put those together and make them perform and behave like a single piece of silicon in the package. So really, 7 nanometers is quite a bit different, and so I think as a result, we don't expect to see these kinds of impacts on 7 nanometers.

當然。關於10奈米製程的問題，我盡量在不深入探討技術細節的情況下進行簡要說明，但這是最後一種不採用極紫外光刻（EUV）技術的製程。您還需要了解的是，我們在10奈米製程上設定了非常激進的目標。如果您談到縮放因子，或將其理解為縮小特徵尺寸的倍數，我們設定的目標是2.7。也就是說，對於任何特徵，1除以2.7就是您在該裝置上能夠達到的尺寸縮小倍數。例如，在14奈米製程上，我們設定的目標是2.4。因此，我們在10奈米製程上的目標比14奈米製程高出近10%。如果您看看行業標準，也就是代工廠和其他廠商通常採用的縮放因子，他們通常在1.5到2.0之間。所以，我們可能比他們高出20%。我們設定了非常激進的目標，以實現我們的成本目標以及我們期望的技術發展方向。再加上我們還沒接觸到EUV光刻技術，現有掃描器的生命週期就結束了，這無疑增加了難度。正因如此，我才有信心我們不會出貨，電晶體是可以正常運作的。我們知道性能符合要求。所以，現在的問題在於如何將缺陷率和成本控制在理想範圍內。至於這對未來科技意味著什麼，我們在7奈米製程上做了很多改變。 7奈米製程目前預計是第一個採用EUV光刻技術的製程。因此，光刻系統本身就有所不同。我們將回歸到更標準的2.4的壓縮數，這使得事情變得容易一些。我們認為這次我們有點操之過急了。雖然10%的差距看起來不大，但在當今這個行業，即使是10%的差距也會產生巨大的影響。第三，我們正在使用一些非常獨特的封裝技術，這使得我們在7奈米及以下過程中真正進入了一個全新的世界：不再將任何一塊矽片視為單一節點。我們將採用所謂的異構技術，使矽片能夠用於多個製程節點。例如，我們可以在7奈米製程中使用晶圓，在14奈米製程中使用IP，甚至在22奈米製程中使用IP（用於那些不需要高性能的零件）。我們能夠將這些零件封裝在一起，使它們像一塊完整的矽片一樣運作。因此，7奈米製程與此截然不同，所以我認為，我們預期7奈米製程不會受到此類影響。

Great. For my follow up, I know in the presentation you mentioned that adjacency ramps will be responsible for some of the gross margins being down in Q2. Does that have any impact on gross margin for the rest of the year? Or are you assuming that data center growth is going to slow down in the second half of the year and that's another reason why the gross margin hasn't moved up? Or is it entirely the 10-nanometer issue?

好的。我的後續問題是，我知道您在演示中提到，相鄰節點的擴容會導致第二季毛利率下降。這會對今年剩餘時間的毛利率產生影響嗎？或者您認為資料中心的成長會在下半年放緩，這也是毛利率沒有上升的另一個原因？還是完全是10奈米製程的問題？

No, it's -- maybe all 3. First, we do expect the adjacencies throughout the course of the year to continue to grow faster than the rest of the business, if you will. So that will have a compression kind of effect throughout the course of the year. Secondly, yes, 10-nanometer will be a headwind. And third, for data center growth, while we're kind of expecting strong growth through the first half of the year, the second half of the year implied in our guidance is a deceleration. And if you put it in the context of kind of the updated guide, we have data-centric growth going from mid-teens to higher teens. And you can attribute virtually all of that to DCG because obviously it's the biggest component. But we do expect there to be deceleration for DCG growth from first half to second half for sure. We hope we're wrong, but where we sit right now, we see the trends continuing to Q2. But we'll have tougher comps. We'll have tougher competition going into the second half, and we're going to wait to July to see kind of how we see the trends we've experienced through the first 4 months of the year play out for the second half.

不，或許是這三點都有影響。首先，我們預期全年相關業務的成長速度將持續超過其他業務。因此，這將在全年產生一種壓縮效應。其次，是的，10奈米製程將是一個不利因素。第三，關於資料中心業務的成長，雖然我們預計上半年將保持強勁成長，但我們的業績指引暗示下半年成長將放緩。如果結合我們更新後的業績指引來看，資料中心業務的成長將從15%左右提升至10%以上。這幾乎完全歸功於資料中心業務成長，因為它顯然是最大的組成部分。但我們確實預期資料中心業務的成長速度將從上半年放緩至下半年。我們希望我們的預測是錯誤的，但就目前而言，我們認為這種趨勢將持續到第二季​​。不過，屆時我們將面臨更嚴峻的業績基數。進入下半年，我們將面臨更激烈的競爭，我們將等到七月份，看看今年前四個月所經歷的趨勢在下半年會如何發展。

The next question comes from the line of Chris Caso with Raymond James.

下一個問題來自克里斯·卡索和雷蒙德·詹姆斯的連線。

Just first question is on CapEx that's been coming up a bit. If you could talk a little bit about the incremental growth in CapEx, what that's associated with. And are there any CapEx effects associated with the changes in the ramp up of 10-nanometer?

第一個問題是關於資本支出（CapEx）的，這個問題最近被多次提及。您能否談談資本支出的增量成長，以及它與哪些方面有關？另外，10奈米製程產能提升過程中的變化是否會對資本支出產生任何影響？

Yes, the -- just the CapEx that we took up, $0.5 billion is really a function of the incremental $2.5 billion of revenue. So of course, when we came into the year, we guided a logic CapEx of roughly $10.5 billion, and we had full year revenue of $65 billion. So we've taken $65 billion up to 67 50. That's going to require roughly $0.5 billion additional CapEx for the second half of the year and as we go into 2019. So it's the best I've ever felt about a CapEx increase, and it's a result of $2.5 billion more revenue and that the CapEx increase, as we indicated, will generate an additional $1.5 billion of free cash flow as well.

是的，我們增加的5億美元資本支出實際上是由於新增25億美元的收入所致。年初時，我們設定的合理資本支出約為105億美元，全年收入為650億美元。現在營收從650億美元成長到675億美元。這意味著下半年以及2019年初期需要額外增加約5億美元的資本支出。這是我對資本支出成長最滿意的一次，這得益於新增的25億美元收入，而且正如我們之前提到的，資本支出的增加還將產生額外的15億美元自由現金流。

All right. Great. And as a follow up, perhaps you can give a bit more color on the expectations on memory as you go through the year. I know you talked about that being profitable and I think consistent with what you said -- what you guys said last quarter. Has there been any changes in your outlook for the year? And if you could talk a little bit about what's framed your expectations as you look through the year for memory.

好的，太好了。接下來，您能否更詳細地談談您對內存業務今年的預期？我知道您之前提到記憶體業務會獲利，而且我認為這與您上個季度的說法一致。您對今年的展望是否有任何變化？能否談談是什麼因素影響了您對內存業務今年的預期？

First, no real changes. As Brian mentioned, it's our first $1 billion order in Q1. We feel good about the demand that we're seeing. Demand -- gigabyte demand is relatively strong. Our cost per gigabyte coming out of our Dalian fab continues to trend down. And at the same time, we see ASPs were down a bit. But as we go through the rest of the year, we see demand and supply to be relatively well balanced. We are ramping [mod a] in Dalian. So that is in the early stages of the ramp that's costing a little bit. Continued gigabyte demand, continuing to scale the Dalian fab and continuing to come down the gigabyte -- the cost per gigabyte curve are all contributing to what we believe will be a continued growth and profitability for the business for the full year.

首先，沒有實質的變化。正如Brian所提到的，這是我們第一季首個10億美元的訂單。我們對目前的需求感到樂觀。千兆位元組的需求相對強勁。我們大連工廠的每千兆位元組成本持續下降。同時，我們看到平均售價略有下降。但隨著今年剩餘時間的推移，我們預計供需將保持相對平衡。我們在大連工廠正在逐步擴大產能。目前正處於產能提升的初期階段，因此成本略有增加。持續的千兆位元需求、大連工廠產能的持續擴大以及每千兆位元組成本的持續下降，所有這些因素都將有助於我們實現全年業務的持續成長和獲利。

And maybe the only thing I'd add to that is as Bob mentioned in his remarks, our 64 Tier product, we -- I still believe gives us really a leading-edge product and also a very good cost relative to the market. So as we ramp that technology in Dalian at 64 Tiers, we believe our costs are very competitive relative to the rest of the market.

我唯一想補充的是，正如鮑伯在演講中提到的，我們的64層產品——我仍然相信它是一款真正領先的產品，而且相對於市場而言成本也非常有競爭力。隨著我們在大連逐步擴大64層產品的產能，我們相信我們的成本相對於其他市場競爭對手來說極具競爭力。

The next question comes from the line of John Pitzer with Crédit Suisse.

下一個問題來自瑞士信貸的約翰‧皮策。

Brian, I think within DCG, the cloud hyperscale dynamics are kind of well understood by investors. 90 days ago, I think what surprised everybody, probably including yourselves, was just the strength of enterprise in the December quarter. And I think when you reported December, you were reluctant to call that a trend and you wanted to get some more data points. I'm kind of curious as to kind of what the view of enterprise is now 90 days later. And specifically, a couple of your key software partners last year in Microsoft and VMware finally brought out kind of their hybrid cloud software stack solution, and I'm wondering if that's actually been the driver of some of this pent-up demand in the enterprise. And how sustainable do you think it is?

布萊恩，我認為在DCG內部，投資人對超大規模雲端的動態已經有了比較清晰的了解。 90天前，我想包括你們在內的所有人都感到驚訝的是，去年12月季度企業業務的強勁表現。我記得你們在發布12月業績報告時，並不願意將其視為一種趨勢，而是希望收集更多的數據。我很好奇90天后，你們對企業業務的看法如何。特別是，你們去年的一些重要軟體合作夥伴，例如微軟和VMware，終於推出了他們的混合雲端軟體堆疊解決方案，我想知道這是否是企業業務中一些被壓抑的需求釋放的真正驅動因素。你們認為這種需求的可持續性如何？

Yes, it's a great question, John. What I would tell you is clearly, as we look out into Q2, we're expecting the same kind of positive trend on enterprise for the second quarter. I think as we look at the long term though, that trend that enterprise should decline in that low single digit and it drives and helps fuel the growth of cloud, not all of those are drivers of the growth of cloud, that -- those workloads are moving over to the cloud base continues. I think you're right. Products like Microsoft Azure and others where you can be a hybrid, Azure on-prem versus Azure on cloud, are great examples how, I think, that low single digits is sustainable over the long haul. But I just don't see that trend. Again, I try and look at these businesses not over the quarter or even 1 to 2 quarters, but really thinking about how am I going to invest over the next 2 to 5 years. I got to look at that and say that trend's probably likely to continue. Now for us, you also need to understand that those other segments, so data center, the cloud and like networking and comms, as I look at the Data Center Group are now well over 50% of the revenue of that segment. So we are less and less impacted, I'd say, by the enterprise. If you go back when I started as CEO, enterprise was 60%, 70% of the business. And so we swung wildly by that. It's kind of the other way around now where the cloud and networking and storage are now that 60% to 70% growing to their right and the enterprise is less and less. So the other thing you need to realize, John, is we're more driven by what that cloud is doing anyway.

是的，約翰，你問得好。我想說的是，展望第二季度，我們預期企業業務將延續同樣的正面趨勢。但從長遠來看，我認為企業業務的下滑幅度應該會維持在個位數，這推動並促進了雲端運算的成長。當然，並非所有企業業務都是雲端運算成長的驅動因素，但工作負載遷移到雲端的趨勢仍在持續。我認為你說得對。像微軟 Azure 這樣的產品，以及其他一些支援混合部署（Azure 本機部署和 Azure 雲端部署）的產品，就是一個很好的例子，說明我認為個位數的下滑幅度在長期內是可持續的。但我並不認為這種趨勢會持續下去。我看待這些業務時，不會只專注在一個季度甚至一兩個季度，而是思考未來兩到五年的投資策略。基於這種長遠考慮，我認為這種趨勢很可能會繼續下去。現在，您還需要了解，其他業務板塊，例如資料中心、雲端運算以及網路和通信，就我觀察，資料中心集團目前的收入佔比已超過該板塊總收入的50%。因此，可以說，我們受企業業務的影響越來越小。回想我剛擔任CEO時，企業業務佔比高達60%到70%。當時我們的業務波動很大。而現在情況正好相反，雲端運算、網路和儲存業務的佔比已達到60%到70%，而且還在持續成長，而企業業務的佔比則越來越小。所以，約翰，您還需要意識到，我們目前的發展更多是受到雲端運算發展趨勢的驅動。

That's helpful. And as my follow up to Bob, just kind of a multipart question on the guide for Q2 and the full year. First, was the 606 impact embedded in the original March quarter guidance? Is that the only quarter where you'll have a 606 impact? Second, is Wind River now out of the Q2 and full year guide, or is that still in it? And kind of how big is that business? And then third, when you look at Q2 specifically, it just looks like the operating income beat seems a lot larger than the EPS beat. Is there anything going on below the line other than the tax rates that you guided to that can explain that?

這很有幫助。作為對Bob的後續回复，我還有一些關於第二季度和全年業績指引的問題。首先，606的影響是否已包含在最初3月份的季度指引中？ 606的影響是否只會在第三季出現？其次，Wind River是否已從第二季和全年業績指引中移除，還是仍包含在內？ Wind River的業務規模有多大？第三，具體來看第二季度，營業收入的超預期幅度似乎遠大於每股盈餘的超預期幅度。除了您之前提到的稅率之外，還有其他因素可以解釋這個現象嗎？

Yes, great question. First, 606, what we expect for the full year, we had a strong benefit in the first quarter and roughly half of that unwinds during the course of the year. So it contribute to growth in Q1. It will unwind itself throughout the course of the year. So full year impact will be likely -- at this stage of the game, we get more around $200 million to $250 million, but it unwinds through the next several quarters. I think your second question, John, was Wind River. Our assumptions are that we will complete the sale of that business at the end of the second quarter. So it's in our second quarter guide, but it's a component of the first half to second half deceleration. The third question, I think it relates to in the first quarter we had good volume, operating margin flow-through to EPS. In the second quarter, the flow-through is not as rich. And the fundamental reason is we have some below-the-line charges associated with, a, the 2039 convertible securities that we have outstanding that have a exchange feature associated with them. And as people, as we hit a certain stock price, our holders can exercise that exchange feature. The implications are there's a noncash charge associated with that, which goes through our interest and other line that's negative. The good aspects of it is all else equal, it reduces our outstanding, our diluted shares and we avoid a coupon going forward. But that will have -- as more people exercise that exchange feature, we'll see that noncash charge below the line. So that's causing a little bit of a drag on the operating income growth flowing through to the EPS in Q2.

是的，問得好。首先，關於606，我們對全年的預期是，第一季收益強勁，其中大約一半會在年內逐步釋放。所以它對第一季的成長有所貢獻，但會在年內逐步釋放。因此，全年的影響可能——在目前階段，我們預計在2億至2.5億美元之間，但這部分收益將在接下來的幾季逐步釋放。約翰，我想你的第二個問題是關於Wind River的。我們預計在第二季末完成該業務的出售。所以它包含在我們的第二季業績指引中，但它是上半年到下半年成長放緩的一部分。第三個問題，我認為與第一季銷售良好、營業利潤率對每股盈餘的正面影響有關。第二季度，這種影響不如第一季那麼顯著。根本原因在於，我們有一些與2039年到期的可轉換證券相關的非現金支出。這些可轉換證券附帶交換條款。當股價達到一定水準時，持有人可以行使該交換權。這意味著會產生一項非現金支出，該支出會計入我們的利息和其他相關科目，造成負值。好處在於，在其他條件相同的情況下，它可以減少我們的流通股和稀釋後股份，從而避免未來支付利息。但隨著越來越多的人行使交換權，我們將看到這筆非現金支出計入帳面。因此，這會對第二季的營業收入成長以及最終的每股盈餘造成一定程度的拖累。

And our next question will come from the line of Timothy Arcuri from UBS.

接下來，我們將提出來自瑞銀集團的提摩西‧阿庫裡的問題。

I actually have a 2-part question on 10-nano. The issues seem to be going on now for some time, and it's almost as if the design libraries or something are flawed. And so I guess the first question is why not skip 10-nanometer and go directly to 7? You guys have a lot of EUV experience and it's going to cut out a lot of the multi-patterning layers. So that's the first question. And number two, the real question is that if you did that, would that be a net drag to gross margin looking out because you never really monetized 10-nanometer?

關於10奈米工藝，我其實有兩個問題。這些問題似乎已經持續一段時間了，感覺像是設計庫或其他方面有缺陷。所以我想問的第一個問題是，為什麼不跳過10奈米直接採用7奈米呢？你們在EUV製程方面經驗豐富，而且7奈米製程可以省去很多多層曝光。這是第一個問題。第二個問題，也是真正的問題，如果你們這樣做，會不會因為10奈米製程從未真正獲利而導致毛利率下降？

Okay. So let me try and answer your question. So no, there's nothing wrong with the design libraries or anything like that. I mean, the proof of that is that we're shipping products. So if there were basic functionality issues like that, you wouldn't be able to produce and ship a product. Again, as I said, this is all around how many layers are on multi-patterning and kind of the end-of-life of the emergent for the critical later. The second part of your question was would it benefit to just skip to 7 nanometers and would that have an effect on the capital or the gross margin. The simple answer is no, I don't think that's a good idea. The best answer is to fix -- there's a lot of learning that will happen that we can carry forward in the 7 nanometers, just like we carried from 14 to 10. The other thing is that we still hold roughly 80% of our capital equipment is fungible to the next node or backwards to the prior node. And so that's why as we shifted 10 and 14, we're able to do that without shifting our capital expenditures greatly. We're able to just move the capacity back and forth. The same thing is going to happen between 10 and 7. So you'll have some percentage, and it's always based on demand and how fast things are ramping and all of that. But the equipment will be fungible for the most part between 10 and 7 as well. But no, the right thing to do is exactly what we're doing. This is a unique opportunity we have. There's a lot, lot more performance in 14. We can keep driving that. We'll fix the yield issues. If 10, it's going to have a 10, a 10-plus, a 10++, you can see a lot of products and a lot of performance out of that technology.

好的。讓我試著回答你的問題。不，設計庫之類的東西都沒問題。我的意思是，我們已經在出貨了，這就能證明這一點。如果有這種基本功能問題，產品根本無法生產和出貨。再說一遍，就像我剛才說的，這一切都與多層圖案化製程的層數以及新興技術最終能否應用於關鍵技術有關。你的第二個問題是，直接跳到7奈米製程是否有利，以及這會對資本或毛利率產生什麼影響。答案很簡單，我不認為這是個好主意。最好的方法是進行改進——我們可以把很多經驗應用到7奈米製程中，就像我們從14奈米到10奈米製程一樣。另外，我們大約80%的資本設備仍然可以用於下一個製程節點，或是回溯到先前的製程節點。所以這就是為什麼我們在調整10號和14號生產線時，無需大幅調整資本支出就能實現產能轉移的原因。我們只需來回調整產能即可。 10號和7號生產線之間也會發生同樣的情況。因此，產能轉移會有一定的比例，具體比例取決於市場需求、產能爬坡速度等等因素。但10號和7號生產線之間的設備大部分是可以互換的。總之，我們正在做的正是正確的做法。這是一個千載難逢的機會。 14號生產線的性能還有很大的進步空間。我們可以繼續推進這項技術的發展。我們會解決良率問題。如果10號生產線能夠發展出10號、10+、10++等多種型號，你會看到這項技術能帶來豐富的產品和卓越的效能。

And the next question comes from the line of Romit Shah with Nomura Instinet.

下一個問題來自野村證券的 Romit Shah。

Brian, I wanted to ask you about China. Your filings indicate that Mainland China was about 20-plus percent of revenue in 2017, and I have 2 questions. One, does that figure represent your exposure to the domestic vendors in China? And I guess just in light of the current environment between the U.S. and China, there's reports now of potential ban beyond ZTE. How concerned are you as it relates to the impact to Intel?

布萊恩，我想問你一些關於中國的問題。你的財務報表顯示，2017年中國大陸的收入比超過20%，我有兩個問題。第一，這個數字是否反映了你對中國本土供應商的風險敞口？第二，鑑於目前中美關係緊張，有報告指出除了中興之外，其他廠商也可能面臨禁令。你對此有多擔心，以及這會對英特爾造成多大影響？

So yes, that number is much broader. So that would be -- if you think about it, so everything from shipments in companies like ZTE or Huawei that are more domestically oriented, although Huawei ships around the world now, it goes to Lenovo and companies like that, spread charm, all of those companies now, if you look at Chinese companies, very few are holdings within just China. They're almost all shipping products and selling across the world. So that's -- that number is really representative of all of the companies that are building within China. Our view is that China is an important market as you just described, right, 20-something-plus percent. It's one of our fastest-growing segments as well. It's important to us, and we're counting on our leaders and the leaders of the world to go resolve these issues. We believe in fair trade. We believe that countries and companies need to be able to play in markets fairly and compete, and we're counting on this getting worked out. That's very important to us.

是的，這個數字涵蓋的範圍要廣得多。仔細想想，這包括像中興或華為這樣更偏向國內市場的公司的出貨量（儘管華為現在也銷往世界各地），以及聯想等其他公司，它們都在積極拓展國際市場。如果你觀察中國公司，你會發現很少有公司是完全在中國境內運作的。它們幾乎都在向世界各地發貨和銷售產品。所以，這個數字真正代表了所有在中國發展壯大的公司。我們認為，正如你剛才所說，中國是一個重要的市場，佔比超過20%。它也是我們成長最快的業務板塊之一。這對我們來說至關重要，我們期待中國領導人和世界各國領導人能夠解決這些問題。我們相信公平貿易。我們相信各國和企業都應該能夠在市場上公平競爭，我們期待這些問題能得到解決。這對我們來說非常重要。

Okay. Great. And then Bob, I'm curious if you'll shed more light on longer-term spending targets. But as we build our models for '19, do you think it's reasonable to assume that you can drive additional operating leverage beyond 2018?

好的，太好了。鮑勃，我很想知道你能否進一步闡述長期支出目標。但是，在我們建立2019年模型時，你認為假設你能在2018年後繼續推動營運槓桿效應是否合理？

You're right. I will shed more light on that later. No, but I think, look, the trends that you've seen over the last couple of years is in -- it's kind of how we frame things back at our Analyst Day early last year, I guess. And that is that we're going to see an expanded TAM and with that expanded TAM, accelerating growth in areas that have lower gross margins. And that we expect over time that there will be a modest degradation in gross margins as a result of growing earnings in different segments. But at the same time, we've said that, that gross margin modest erosion, we believe, will be offset by continued -- both continuing to invest in the critical priorities, but getting leverage on our existing spending base. So with that, I think you're going to have a natural offset, and we're 2 years ahead of our targets to get to 30%. We're excited about the accelerating growth of the company, and we do believe that as we continue to accelerate growth and invest in key priorities that our leverage on spending continue to come down.

你說得對。稍後我會詳細解釋。不，但我認為，你看，過去幾年的趨勢——我想這和我們去年年初分析師日上的觀點差不多——就是我們將看到目標市場規模擴大，隨之而來的是毛利率較低領域的增長加速。我們預計，隨著不同業務板塊的獲利成長，毛利率會略有下降。但同時，我們也說過，我們相信，這種毛利率的輕微下滑將被持續的投資所抵消——我們將繼續投資於關鍵優先事項，並充分利用現有的支出基礎。因此，我認為毛利率的下降會自然地得到抵消，而且我們比30%的目標提前了兩年。我們對公司加速成長感到興奮，我們相信，隨著我們繼續加速成長並投資關鍵優先事項，我們的支出槓桿率將繼續下降。

Thanks, Romit, and thank you all for joining us. Operator, please go ahead and wrap up the call.

謝謝羅米特，也謝謝各位的參與。接線員，請結束通話吧。

Thank you. Ladies and gentlemen, this does conclude today's conference. You may all disconnect. Everyone, have a great day.

謝謝大家。女士們、先生們，今天的會議到此結束。大家可以斷開連線了。祝大家今天過得愉快。