英特爾 (INTC) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Intel Corporation's Second Quarter Earnings Conference Call.

女士們，先生們，美好的一天，歡迎參加英特爾公司第二季度收益電話會議。

(Operator Instructions) As a reminder, today's program is being recorded.

（操作員說明）提醒一下，今天的節目正在錄製中。

I would now like to introduce your host for today's program, Mark Henninger, Head of Investor Relations.

我現在想介紹一下今天節目的主持人，投資者關係主管 Mark Henninger。

Please go ahead, sir.

請繼續，先生。

Thank you, operator, and welcome, everyone, to Intel's Second Quarter 2018 Earnings Conference Call.

謝謝運營商，歡迎大家參加英特爾 2018 年第二季度收益電話會議。

By now you should have received a copy of our earnings release and earnings presentation.

到目前為止，您應該已經收到了我們的收益發布和收益演示文稿的副本。

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 earnings presentation is also available in the webcast window, for those joining us online.

對於那些在線加入我們的人，收益報告也可以在網絡廣播窗口中獲得。

I'm joined today by Bob Swan, our Interim CEO and Chief Financial Officer; Murthy Renduchintala, Group President of the Technology, Systems Architecture & Client Group, and Chief Engineering Officer; as well as Navin Shenoy, Executive Vice President and General Manager of the Data Center Group.

今天，我們的臨時首席執行官兼首席財務官 Bob Swan 加入了我的行列； Murthy Renduchintala，技術、系統架構和客戶集團總裁兼首席工程官；以及數據中心集團執行副總裁兼總經理 Navin Shenoy。

In a moment, we'll hear brief remarks from Bob, followed by Q&A.

稍後，我們將聽到 Bob 的簡短評論，然後是問答環節。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it, and as such, does include risks and uncertainties.

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'll be speaking to the non-GAAP financial measures when describing our consolidated results.

今天，在描述我們的綜合結果時，我們將討論非公認會計原則的財務指標。

The earnings presentation and earnings release available on intc.com include the full GAAP and non-GAAP reconciliations.

intc.com 上提供的收益介紹和收益發布包括完整的 GAAP 和非 GAAP 對賬。

With that, let me hand it over to Bob.

有了這個，讓我把它交給鮑勃。

Thanks, Mark.

謝謝，馬克。

Our results for the quarter were outstanding, marking a record second quarter on our way to what we expect will be a record 2018.

我們本季度的業績非常出色，標誌著我們第二季度創下了創紀錄的 2018 年業績。

Last week, we celebrated Intel's 50th year as a company, which is a big deal in an industry that never stops evolving.

上週，我們慶祝了英特爾公司成立 50 週年，這對於一個永不停止發展的行業來說意義重大。

Even more remarkable is that after 5 decades in tech, Intel is poised to deliver its third year in a row of record financial performance.

更值得注意的是，經過 5 年的科技發展，英特爾有望連續第三年實現創紀錄的財務業績。

We set a course 5 years ago to transform the company.

5 年前，我們制定了改造公司的路線。

To do that, we made investments to enhance and extend our core microprocessor business along with a series of bold bets to compete and win in new markets.

為此，我們進行了投資以增強和擴展我們的核心微處理器業務，並進行了一系列大膽的賭注，以在新市場中競爭和取勝。

Our thesis was that Intel is uniquely positioned to capitalize on the world's insatiable need to process, store and move data.

我們的論點是，英特爾具有獨特的優勢，可以利用世界對處理、存儲和移動數據的永不滿足的需求。

The results have been dramatic.

結果是戲劇性的。

We are now competing for a $260 billion TAM, the largest in the company's history, and we have lots of room to grow.

我們現在正在爭奪 2600 億美元的 TAM，這是公司歷史上最大的，我們還有很大的發展空間。

Just 5 years ago, roughly 1/3 of our revenue was data-centric.

就在 5 年前，我們大約 1/3 的收入以數據為中心。

Today, nearly 1/2 of our revenue is data-centric and growing at a double-digit rate.

今天，我們近 1/2 的收入以數據為中心，並以兩位數的速度增長。

Data has never been more pervasive nor more valuable.

數據從未如此普遍，也從未如此有價值。

In fact, 90% of the digital data ever created was generated in just the past 2 years.

事實上，90% 的數字數據都是在過去兩年內產生的。

But of that data, only 1% has been analyzed, indicating massive untapped potential.

但在這些數據中，只有 1% 得到了分析，這表明有巨大的未開發潛力。

I'd like to highlight a few indicators of Intel's accelerating transformation before going into our financial results.

在談到我們的財務業績之前，我想強調一些英特爾加速轉型的指標。

First, in our data center business, our focus on the cloud, network transformation and AI and analytics produced outstanding results in a strong demand environment.

首先，在我們的數據中心業務中，我們對雲、網絡轉型以及人工智能和分析的關注在強勁的需求環境中取得了出色的成果。

Customer preference for our highest performance products continued, with Xeon Scalable at nearly 50% of our mix in the second quarter.

客戶對我們最高性能產品的偏好繼續存在，第二季度至強可擴展產品占我們產品組合的近 50%。

Cloud revenue grew as service provider CapEx continue to accelerate to meet the explosive demand for digital services, artificial intelligence and data analytics.

隨著服務提供商資本支出繼續加速以滿足對數字服務、人工智能和數據分析的爆炸性需求，雲收入增長。

Enterprise revenue is driven by a combination of macro strength and companies' increasing deployment of hybrid cloud solutions and data-intensive workloads.

企業收入是由宏觀實力和公司越來越多地部署混合雲解決方案和數據密集型工作負載共同推動的。

In the comms service providers segment, we continue to gain share as customers choose to virtualize and transform their networks and prepare for the 5G transition using Intel Architecture.

在通信服務提供商領域，隨著客戶選擇虛擬化和改造他們的網絡並為使用英特爾架構的 5G 過渡做準備，我們繼續獲得份額。

Our Programmable Solutions Group also delivered strong results this quarter.

我們的可編程解決方案集團在本季度也取得了強勁的業績。

PSG again set a record for design win volumes, indicating customers' confidence in our road map and growing adoption of FPGAs for workload acceleration from the data center through the network and out to the edge.

PSG 再次創造了設計獲勝量的記錄，表明客戶對我們的路線圖充滿信心，並且越來越多地採用 FPGA 來加速從數據中心到網絡再到邊緣的工作負載。

Earlier this month, we announced the planned acquisition of eASIC, which will give us a competitive differentiator and another solution to meet customers' diverse time-to-market performance, cost and power needs.

本月早些時候，我們宣布了收購 eASIC 的計劃，這將為我們提供具有競爭力的差異化優勢和另一種解決方案，以滿足客戶在上市時間、性能、成本和功率方面的各種需求。

We combined Intel and Altera 2.5 years ago and we expected a key value driver to be the increasing use of FPGAs in the data center.

我們在 2.5 年前合併了英特爾和 Altera，我們預計一個關鍵的價值驅動因素是數據中心越來越多地使用 FPGA。

In Q2, PSG's data center business more than doubled for the second consecutive quarter.

在第二季度，PSG 的數據中心業務連續第二個季度增長了一倍以上。

IoTG set an all-time revenue record with particular strength in the retail and industrial sectors as customers look to Intel not only for compute performance, but for solutions that drive business value.

IoTG 在零售和工業領域創造了具有特殊優勢的歷史收入記錄，因為客戶不僅期待英特爾的計算性能，而且尋求推動業務價值的解決方案。

We also completed the sale of Wind River as we continue to redeploy resources to higher growth and return areas.

隨著我們繼續將資源重新部署到更高的增長和回報領域，我們還完成了風河的出售。

Building on this industry leadership in ADAS and driving the industry toward an autonomous future, Mobileye set another all-time revenue record.

基於在 ADAS 領域的行業領先地位並推動行業走向自主的未來，Mobileye 創造了另一個歷史性的收入記錄。

Customer momentum continued with several design wins, including a multimillion unit deal with ZF for a large global automaker.

客戶勢頭繼續，贏得了多項設計勝利，包括與 ZF 為一家大型全球汽車製造商達成的數百萬台訂單。

We also announced that Baidu has adopted Mobileye's EyeQ base surround computer vision kit as the preferred vision solution for commercial Apollo pilot AV deployment.

我們還宣布，百度已採用 Mobileye 的 EyeQ 基礎環繞計算機視覺套件作為商業 Apollo 試點 AV 部署的首選視覺解決方案。

In both the open source and commercial Apollo programs, Baidu will also integrate Mobileye's responsibility sensitive safety model, an open and transparent model that provides safety assurance for AV decision-making, an industry imperative.

在開源和商業 Apollo 計劃中，百度還將整合 Mobileye 的責任敏感安全模型，這是一種開放透明的模型，可為 AV 決策提供安全保障，這是行業的當務之急。

Our memory business also set an all-time revenue record.

我們的內存業務也創下了歷史收入記錄。

We are transforming the memory industry with a pair of differentiated platform-connected capabilities, high-density Floating Gate 3D NAND and high-performance persistent Optane technology.

我們正在通過一對差異化的平台連接能力、高密度浮柵 3D NAND 和高性能持久 Optane 技術改變內存行業。

We've recently announced that we are in production on the industry's first 4 bits per cell data center NAND PCIe SSDs.

我們最近宣布，我們正在生產業界首款每單元 4 位數據中心 NAND PCIe SSD。

And at the same time, industry support for Intel Optane DC persistent memory continues to grow with technology leaders, including CERN, Google, SAP and Tencent already announcing plans for future use of the technology.

與此同時，業界對英特爾傲騰 DC 持久內存的支持繼續增長，包括 CERN、谷歌、SAP 和騰訊在內的技術領導者已經宣布了未來使用該技術的計劃。

Unlike traditional DRAM, Intel Optane DC persistent memory will offer the unprecedented combination of high capacity, up to 3 terabytes per socket, along with affordability and persistence.

與傳統的 DRAM 不同，英特爾傲騰 DC 持久內存將提供前所未有的高容量組合，每個插槽高達 3 TB，以及經濟實惠和持久性。

Intel and Micron recently announced that we will develop future generations of 3D XPoint technology independently to better align the technology to our individual business needs and strategy.

英特爾和美光最近宣布，我們將獨立開發下一代 3D XPoint 技術，以更好地使該技術與我們的個人業務需求和戰略保持一致。

We'll continue to jointly manufacture 3D XPoint at the Intel Micron flash technology fab in Lehi.

我們將繼續在位於李海的英特爾美光閃存技術工廠聯合製造 3D XPoint。

Intel intends to extend its leadership with Intel Optane products based on 3D XPoint, which, combined with our high-density 3D NAND technology, offer the best solution for today's computing and storage needs.

英特爾打算通過基於 3D XPoint 的英特爾傲騰產品擴大其領先地位，結合我們的高密度 3D NAND 技術，為當今的計算和存儲需求提供最佳解決方案。

And finally, in client computing, our focus on innovation and differentiation in the commercial, enthusiast and fin and light segments is producing results.

最後，在客戶端計算方面，我們專注於商業、發燒友以及鰭和輕型領域的創新和差異化正在產生成果。

Overall market conditions also continue to improve, and we now expect modest growth in the PC TAM this year for the first time since 2011.

整體市場狀況也在繼續改善，我們現在預計今年 PC TAM 將出現自 2011 年以來的首次溫和增長。

The commercial segment remains strong as CIOs refreshing aging PC fleets are turning to Intel Core processors with vPro as the gold standard for performance and manageability.

隨著 CIO 更新老化的 PC 機群正在轉向以 vPro 作為性能和可管理性的黃金標準的英特爾酷睿處理器，商業部門仍然保持強勁。

At the same time, consumer interest in gaming and our outright performance leadership are driving strength in the enthusiast segment, producing another outstanding quarter in gaming.

與此同時，消費者對遊戲的興趣和我們在性能上的領先優勢正在推動發燒友市場的發展，從而在遊戲領域創造了另一個出色的季度。

These trends reflect the market's demand for our highest performance products, resulting in strong overall product mix in CCG.

這些趨勢反映了市場對我們最高性能產品的需求，導致 CCG 的整體產品組合強勁。

We also began shipping the 7560 modem, Intel's first CDMA and first multi-SIM capable modem.

我們還開始出貨 7560 調製解調器，這是英特爾的第一款 CDMA 和第一款支持多 SIM 卡的調製解調器。

Our industry-leading products continue to deliver outstanding results.

我們行業領先的產品繼續提供出色的結果。

We have a leadership 14-nanometer product lineup for 2019 and we continue to make progress on 10-nanometer.

我們在 2019 年擁有領先的 14 納米產品陣容，我們將繼續在 10 納米方面取得進展。

Yields are improving consistent with the time line we shared in April and we expect systems on shelves for the 2019 holiday season.

與我們在 4 月分享的時間表一致，產量正在提高，我們預計系統會在 2019 年假日季節上架。

In the second quarter, we announced the CEO change.

在第二季度，我們宣布更換 CEO。

The board is making good progress determining the best person to be the next CEO of this great company.

董事會在確定最佳人選擔任這家偉大公司的下一任 CEO 方面取得了良好進展。

While there is no timetable, the board is working with a sense of urgency and the identification of candidates, both internal and external, is well underway.

雖然沒有時間表，但董事會正懷著緊迫感開展工作，內部和外部候選人的識別工作正在順利進行。

Personally, and on behalf of Intel's 100,000-plus employees, I'd like to thank Brian for his many contributions to the company over his 35-year career.

就個人而言，我謹代表英特爾的 100,000 多名員工感謝布賴恩在 35 年的職業生涯中為公司做出的許多貢獻。

The investments he made set us on a course for transformation.

他所做的投資使我們走上了轉型之路。

Even more importantly, he developed the right strategy and leadership team to carry that transformation forward while we conduct the CEO search.

更重要的是，他制定了正確的戰略和領導團隊，在我們進行 CEO 搜索的同時推進這一轉型。

Our financial results in the second quarter show we're doing just that.

我們第二季度的財務業績表明我們正在這樣做。

Let's turn to the numbers.

讓我們轉向數字。

Revenue of $17 billion was up 15% year-over-year, marking a second record quarter.

收入 170 億美元，同比增長 15%，是第二個創紀錄的季度。

We saw strong performance across all of our businesses and record revenue in NSG, IoTG and Mobileye.

我們看到我們所有業務的強勁表現以及 NSG、IoTG 和 Mobileye 的創紀錄收入。

Our data-centric businesses were collectively up 26%.

我們以數據為中心的業務總共增長了 26%。

Excellent operating margin leverage and a lower tax rate resulted in EPS of $1.04, up 44% year-on-year, even as we continue to invest for growth.

出色的營業利潤率槓桿和較低的稅率導致每股收益為 1.04 美元，同比增長 44%，即使我們繼續投資以實現增長。

From a capital allocation perspective, year-to-date we have generated $6.3 billion of free cash flow, returned $8.6 billion to shareholders, including $2.8 billion in dividends and $5.8 billion in buybacks, repurchasing 117 million shares.

從資本配置的角度來看，年初至今我們已經產生了 63 億美元的自由現金流，向股東返還了 86 億美元，其中包括 28 億美元的股息和 58 億美元的回購，回購了 1.17 億股股票。

As a result of the continued strength we are seeing in the business, we are raising our full year revenue guide by $2 billion to $69.5 billion.

由於我們在業務中看到的持續實力，我們將全年收入指南提高了 20 億美元，達到 695 億美元。

We are also raising our EPS guide by $0.30 versus April to $4.15, and the free cash flow guide by $0.5 billion to $15 billion.

與 4 月份相比，我們還將每股收益指引上調 0.30 美元至 4.15 美元，並將自由現金流指引上調 5 億美元至 150 億美元。

Our leadership products are winning in an expanded TAM and our data-centric businesses are now almost 50% of our total revenue.

我們的領先產品在擴展的 TAM 中獲勝，我們以數據為中心的業務現在幾乎占我們總收入的 50%。

Our data-centric businesses had strong quarters, with each business individually growing at a double-digit rate.

我們以數據為中心的業務季度表現強勁，每項業務都以兩位數的速度單獨增長。

Our PC-centric business was up 6% on strength in the commercial and enthusiast segments.

我們以 PC 為中心的業務在商業和發燒友領域的實力增長了 6%。

Q2 was another quarter of significant EPS growth, up 44% year-on-year.

第二季度是每股收益顯著增長的又一個季度，同比增長 44%。

And our operating margin expanded $1.4 billion and 5 points year-on-year.

我們的營業利潤率同比增長 14 億美元和 5 個百分點。

Our EPS improvement was driven by growing demand for high-performance products in the data center and client businesses, leading to higher volumes and ASPs, strong growth in our adjacent businesses and lower tax rate and lower share count as a result of buybacks.

我們每股收益的改善是由於數據中心和客戶業務對高性能產品的需求不斷增長，導致銷量和平均售價增加，我們相鄰業務的強勁增長，以及回購導致的稅率降低和股票數量減少。

In January, we pulled in our 30% spending goal for 2018, a full 2 years ahead of schedule.

1 月份，我們將 2018 年 30% 的支出目標提前了整整 2 年。

We are on track to meet that target and our operating efficiency continues to improve.

我們有望實現該目標，並且我們的運營效率將繼續提高。

We remain extremely diligent in managing spending while prioritizing investments in areas that will accelerate revenue growth, product leadership, artificial intelligence and autonomous driving.

我們仍然非常勤奮地管理支出，同時優先投資能夠加速收入增長、產品領先、人工智能和自動駕駛的領域。

This focused approach is producing results.

這種集中的方法正在產生結果。

Total Q2 spending came in at $5.1 billion, 30% of revenue.

第二季度總支出為 51 億美元，佔收入的 30%。

Total spending as a percentage of revenue is down 4.6 points year-over-year in the quarter while we continue to increase investment in our key priorities.

本季度總支出佔收入的百分比同比下降 4.6 個百分點，同時我們繼續增加對關鍵優先事項的投資。

Versus the second quarter of last year, we delivered $2.2 billion more revenue with no incremental spending.

與去年第二季度相比，我們在沒有增加支出的情況下增加了 22 億美元的收入。

Let's talk now about our Q2 performance by segment.

現在讓我們按細分市場討論我們的第二季度業績。

The Data Center Group delivered another great double-digit growth quarter with revenue of $5.5 billion, up 27% year-over-year and operating income of $2.7 billion, up 65%.

數據中心集團實現了又一個兩位數的強勁增長，收入為 55 億美元，同比增長 27%，營業收入為 27 億美元，增長 65%。

Q2 operating margin was 49%, and we continued to see strong growth in both the cloud and comms service providers segments, which now make up 2/3 of DCG revenue.

第二季度營業利潤率為 49%，我們繼續看到雲和通信服務提供商領域的強勁增長，目前佔 DCG 收入的 2/3。

Platform unit volume was up 14% and ASPs were up 11%.

平台單位銷量增長 14%，平均售價增長 11%。

Non-CPU adjacencies grew 30% over last year, yet another indicator that we are growing share in a larger data-centric TAM.

非 CPU 鄰接比去年增長了 30%，這是另一個指標，表明我們在更大的以數據為中心的 TAM 中的份額正在增長。

We saw continued broad-based demand strength this quarter with customer preference for leadership products like Xeon Scalable driving strong mix.

我們看到本季度持續廣泛的需求強勁，客戶對 Xeon Scalable 等領先產品的偏好推動了強勁的組合。

The cloud business, our largest data center segment, grew 41% year-over-year as hyperscale CapEx expands to handle the explosive need to transmit, store and analyze data.

隨著超大規模資本支出的擴展以應對傳輸、存儲和分析數據的爆炸性需求，我們最大的數據中心部門雲業務同比增長 41%。

Our comms service providers segment grew 30% year-over-year as customers continue to choose Intel Architecture to transform their networks.

隨著客戶繼續選擇英特爾架構來改造他們的網絡，我們的通信服務提供商部門同比增長 30%。

And our enterprise segment was up 10% year-over-year against a strong IT spending environment and prioritized investment in hybrid cloud implementations.

在強勁的 IT 支出環境和優先投資於混合雲實施的情況下，我們的企業部門同比增長 10%。

Our other data-centric businesses, IoTG, NSG and PSG, also achieved double-digit growth in Q2.

我們其他以數據為中心的業務 IoTG、NSG 和 PSG 在第二季度也實現了兩位數的增長。

And together, we're up 22% year-on-year.

加在一起，我們同比增長了 22%。

Our Internet of Things business achieved record volume and record revenue of $880 million, up 22% year-over-year, driven by strength in retail and industrial, as I mentioned earlier.

正如我之前提到的，在零售和工業實力的推動下，我們的物聯網業務實現了創紀錄的交易量和創紀錄的 8.8 億美元收入，同比增長 22%。

Operating profit was $243 million, up 75% year-over-year on higher revenue and flat spending.

由於收入增加和支出持平，營業利潤為 2.43 億美元，同比增長 75%。

We expect the Wind River divestiture, which closed in the second quarter, will have a negative impact to IoTG revenue of approximately $150 million in the second half of 2018.

我們預計在第二季度完成的風河資產剝離將對 2018 年下半年的 IoTG 收入產生約 1.5 億美元的負面影響。

Mobileye also had another strong double-digit growth in the quarter, up 37% over last year on increasing ADAS adoption.

Mobileye 在本季度也實現了另一個強勁的兩位數增長，由於 ADAS 採用率的提高，比去年增長了 37%。

Our memory business delivered more than $1 billion in revenue for the second quarter in a row, up 23% year-over-year.

我們的內存業務連續第二季度實現收入超過 10 億美元，同比增長 23%。

Optane gained momentum during the quarter, mostly on client strength, shipping over 1 million client Optane memory modules.

Optane 在本季度獲得了發展勢頭，主要依靠客戶實力，交付了超過 100 萬個客戶 Optane 內存模塊。

We expect the memory segment to have full year profitability in 2018 as we scale revenue and transition a higher percentage of our output to a cost-effective 64-layer 3D NAND.

隨著我們擴大收入並將更高比例的產出轉變為具有成本效益的 64 層 3D NAND，我們預計內存部門將在 2018 年實現全年盈利。

PSG's revenue came in at $517 million, up 18% in Q2, primarily from strength in the data center business.

PSG 的收入為 5.17 億美元，第二季度增長 18%，主要來自數據中心業務的實力。

PSG's data center segment was up 140% over last year.

PSG 的數據中心部門比去年增長了 140%。

In the Advanced products category, our 28-, 20- and 14-nanometer solutions grew 70%.

在高級產品類別中，我們的 28、20 和 14 納米解決方案增長了 70%。

Operating profit was $101 million, up 4% year-over-year.

營業利潤為 1.01 億美元，同比增長 4%。

Finally, the Client Computing Group continued to execute on all fronts with another outstanding quarter, generating $8.7 billion of revenue, up 6%.

最後，客戶端計算集團繼續在各個方面執行，又一個出色的季度，創造了 87 億美元的收入，增長了 6%。

Operating margin percent was flat year-over-year as the customer preference for high-performance products drove a strong mix and higher ASPs, offset by 10-nanometer ramp costs.

營業利潤率百分比與去年同期持平，因為客戶對高性能產品的偏好推動了強勁的組合和更高的平均售價，但被 10 納米坡道成本所抵消。

DCG continues to be an extremely important source of IP, scale and cash flow for our company.

DCG 仍然是我們公司極其重要的知識產權、規模和現金流來源。

We are executing to our capital allocation priorities of investing organically, expanding acquisitively and returning capital to our shareholders.

我們正在執行我們的資本配置優先事項，即有機投資、收購擴張和向股東返還資本。

Year-to-date, we generated $13.7 billion in cash from operations, we invested $7.4 billion in capital expenditures and delivered $6.3 billion in free cash flow, up 61% over the first half of last year.

年初至今，我們從運營中產生了 137 億美元的現金，我們投資了 74 億美元的資本支出並提供了 63 億美元的自由現金流，比去年上半年增長了 61%。

We returned well over 100% of our free cash flow to our shareholders.

我們向股東返還了超過 100% 的自由現金流。

Buybacks totaled $5.8 billion and dividends totaled $2.8 billion.

回購總額為 58 億美元，股息總額為 28 億美元。

In addition, settlements of our convertible debt reduced fully diluted shares by 12 million.

此外，我們可轉換債務的結算使完全稀釋的股份減少了 1200 萬股。

Shifting gears to our full year outlook.

轉向我們的全年展望。

Our strategy is working.

我們的策略正在奏效。

Our products are winning and our investments in data center growth are paying off.

我們的產品正在獲勝，我們對數據中心增長的投資正在獲得回報。

We are now forecasting the midpoint of the revenue range at $69.5 billion, up $2 billion versus our expectations in April.

我們現在預測收入範圍的中點為 695 億美元，比我們 4 月份的預期高出 20 億美元。

This represents a $4.5 billion increase versus the expectations we set in January.

與我們在一月份設定的預期相比，這意味著增加了 45 億美元。

Product innovation, a strong global economy and U.S. tax reform are spurring CIO investment in IT infrastructure, leading to higher data center demand and a stronger PC TAM.

產品創新、強勁的全球經濟和美國稅制改革正在刺激 CIO 對 IT 基礎設施的投資，從而導致更高的數據中心需求和更強大的 PC TAM。

We are seeing demand signals in supply feasibility to deliver on our revised expectations.

我們看到了供應可行性的需求信號，以實現我們修改後的預期。

Our biggest challenge in the second half will be meeting additional demand, and we are working intently with our customers and our factories to be prepared so we are not constraining our customers' growth.

我們下半年最大的挑戰將是滿足額外的需求，我們正在與我們的客戶和我們的工廠密切合作，做好準備，因此我們不會限制客戶的增長。

Data center growth is now expected to be approximately 20%, up from our April guidance of high teens.

數據中心的增長現在預計約為 20%，高於我們 4 月份對青少年的指導。

We now expect operating margin of approximately 32%, an increase of 1 point from April.

我們現在預計營業利潤率約為 32%，比 4 月份增加 1 個百分點。

We remain on track to our 30% spending goal, a full 2 years ahead of our original target.

我們仍朝著 30% 的支出目標前進，比我們最初的目標提前了整整 2 年。

Gross margin is expected to be up slightly versus our April guidance on broad-based business strength.

與我們 4 月份關於廣泛業務實力的指引相比，毛利率預計將略有上升。

And we expect a full year tax rate of roughly 12.5%, down slightly from our prior estimate.

我們預計全年稅率約為 12.5%，略低於我們之前的估計。

Overall, we expect stronger top line growth, improved operating margins and stronger demand will boost EPS to $4.15, up $0.30 from our estimate in April.

總體而言，我們預計更強勁的收入增長、更高的營業利潤率和更強勁的需求將使每股收益達到 4.15 美元，比我們 4 月份的估計高 0.30 美元。

In response to the stronger demand, we are raising gross CapEx $0.5 billion to $15 billion or $13 billion net of memory prepayments.

為了應對更強勁的需求，我們將資本支出總額提高 5 億美元至 150 億美元，即扣除內存預付款後的 130 億美元。

And we are now expecting free cash flow of $15 billion, up $0.5 billion from April.

我們現在預計自由現金流為 150 億美元，比 4 月份增加 5 億美元。

And we expect free cash flow per share as a percentage of EPS to improve by more than 10 points over last year.

我們預計每股自由現金流佔每股收益的百分比將比去年提高 10 個百分點以上。

We remain intensely focused on closing the gap between free cash flow and EPS and expect to make more progress next year.

我們仍然非常關注縮小自由現金流與每股收益之間的差距，並預計明年會取得更多進展。

For Q3, we are forecasting the midpoint of the revenue range at $18.1 billion, up 12% year-over-year.

對於第三季度，我們預測收入範圍的中點為 181 億美元，同比增長 12%。

We expect operating margin of approximately 34%, flat versus last year, which reflects about a 1 point decrease in gross margin and a roughly 1 point decline in spending.

我們預計營業利潤率約為 34%，與去年持平，這反映出毛利率下降約 1 個百分點，支出下降約 1 個百分點。

We also expect EPS at $1.15, up 31%, excluding equity adjustments from stronger top line growth, spending reductions and a lower tax rate.

我們還預計每股收益為 1.15 美元，增長 31%，不包括因收入增長強勁、支出減少和稅率降低而導致的股權調整。

Again, last week, we celebrated our 50th anniversary and reflected on the impact Intel and our ecosystem partners have had on the world.

上週，我們再次慶祝了公司成立 50 週年，並反思了英特爾和我們的生態系統合作夥伴對世界產生的影響。

It has been nothing short of extraordinary.

這簡直是非凡的。

At the same time, we are even more excited about the role Intel will play in technology's future.

與此同時，我們對英特爾將在技術未來發揮的作用更加興奮。

We're laser-focused on Intel's opportunity, which is larger than it has ever been.

我們專注於英特爾的機會，它比以往任何時候都大。

Intel's inventiveness, architectural innovation, manufacturing expertise and intense drive have allowed the company to create and capitalize on opportunity over the long haul.

英特爾的創造力、架構創新、製造專業知識和強烈的動力使公司能夠長期創造和利用機會。

From the early days of DRAM to the era of the first microprocessors, from one architectural battle to the next, and from the PC to the Internet to the cloud, Intel has grown and thrived.

從早期的 DRAM 到第一個微處理器的時代，從一場架構之戰到下一場架構之戰，從 PC 到互聯網再到雲，英特爾一直在成長壯大。

I'm very excited about what lies ahead for the company.

我對公司的未來感到非常興奮。

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

有了這個，讓我把它交給馬克，我們會回答你的問題。

Thank you.

謝謝你。

All right.

好的。

Thank you, Bob.

謝謝你，鮑勃。

Moving on to the Q&A.

繼續問答環節。

(Operator Instructions)

（操作員說明）

Operator, please go and introduce our first questioner.

接線員，請去介紹我們的第一個提問者。

(Operator Instructions) Our first question comes from the line of C.J. Muse from Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 C.J. Muse。

Our next question comes from the line of 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。

Bob, on 10-nanometer progress, any color on what you are doing.

鮑勃，關於 10 納米的進展，你正在做什麼。

And systems you mentioned on shelves for second half '19, I assume that's mostly PC Client.

你提到的 19 年下半年貨架上的系統，我認為主要是 PC 客戶端。

Any sense to when we can think of timing for your server products on 10-nanometer also.

任何時候我們都可以考慮您的服務器產品在 10 納米上的時間安排。

This is Murthy.

這是穆爾蒂。

I'll take that one.

我會拿那個。

We continue to make progress on 10-nanometers.

我們繼續在 10 納米方面取得進展。

Yields are improving consistent with the time lines we shared in April.

與我們在 4 月分享的時間表一致，產量正在提高。

And yes, you're quite right.

是的，你是對的。

The systems on shelves that we expect in holiday '19 will be Client systems with Data Center products to follow shortly after.

我們預計在 19 年假期上架的系統將是帶有數據中心產品的客戶端系統，隨後不久將推出。

So good progress on 10-nanometer and what we think is a very good lineup on 14-nanometer products for next year on both client and server that we think will deliver best-in-class performance as we continue to ramp 10.

10 納米的進展如此之好，我們認為明年在客戶端和服務器上的 14 納米產品陣容非常好，我們認為隨著我們繼續增加 10 納米，將提供一流的性能。

Our next question comes from the line of Pierre Ferragu from New Street Research.

我們的下一個問題來自 New Street Research 的 Pierre Ferragu。

A quick follow up on 10-nanometer.

快速跟進 10 納米。

When you -- when I look at this time line between now and (inaudible) season next year, 18 months is a very long time to improve your yield.

當您-當我查看從現在到明年（聽不清）季節之間的這條時間線時，18個月對於提高您的產量來說是一個很長的時間。

And I have 2 questions on this one.

我對此有 2 個問題。

The first one is, could you give us some color on what are the most challenging aspects of the process that you need to address to improve yields?

第一個問題是，您能否為我們提供一些關於您需要解決以提高產量的過程中最具挑戰性的方面的信息？

What's the most challenging dynamic or process?

最具挑戰性的動態或過程是什麼？

And then my second question is how do you think about the impact of this delay on your competitiveness?

然後我的第二個問題是，您如何看待這種延遲對您的競爭力的影響？

Where do you think it is going to hurt you the most?

你覺得哪裡會傷害你最深？

So let me take that.

所以讓我接受。

I think as we look at what we need to do in 10 nanometers, again, let me replay some of the data we shared on our April call.

我認為，當我們再次審視我們需要在 10 納米技術上做什麼時，讓我重溫一下我們在 4 月電話會議上分享的一些數據。

Recall that 10 nanometers strive for a very aggressive density improvement target beyond 14 nanometers, almost a 2.7x scaling.

回想一下，10 納米正在努力實現超過 14 納米的非常激進的密度改進目標，幾乎是 2.7 倍的縮放比例。

And really, the challenges that we're facing on 10 nanometers is delivering on all the revolutionary modules that ultimately deliver on that program.

實際上，我們在 10 納米上面臨的挑戰是交付最終交付該計劃的所有革命性模塊。

And while there's risk and a degree of delay in our time line on that where we're very pleased with the resiliency of our 14-nanometer road map where in the last few years we've delivered in excess of 70% product performance improvement as we move through our 14-nanometer generation of products.

雖然我們的時間線存在風險和一定程度的延遲，但我們對 14 納米路線圖的彈性感到非常滿意，在過去幾年中，我們已經交付了超過 70% 的產品性能改進，因為我們通過我們的 14 納米一代產品。

So as we look at 2019, across both client and data center space, we feel very good about the product competitiveness of our 14-nanometer program.

因此，縱觀 2019 年，在客戶端和數據中心領域，我們對 14 納米計劃的產品競爭力感到非常滿意。

And that, to some degree, is factoring into our timing of 10-nanometer and launching 10-nanometer at a point in time where we believe the yields are at a level that make it prime for volume production.

而且，在某種程度上，這也是我們推出 10 納米的時間和推出 10 納米的時間點的因素，我們認為在這個時間點，產量處於使其成為批量生產的首要水平。

So 14-nanometer, I think through the rest of this year and through 2019, continues we believe to drive product leadership across all our portfolios in clients and server.

因此，我認為在今年剩餘時間和 2019 年，14 納米將繼續推動我們在客戶端和服務器的所有產品組合中的產品領先地位。

Our next question comes from the line of John Pitzer from Credit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Just relative to your data center expectations now for the full year, I'm just kind of curious what's been the biggest driver.

就您現在對全年數據中心的期望而言，我只是有點好奇什麼是最大的驅動力。

You're kind of decelerating to mid-teens in the back half of the year, which is still very impressive.

你在今年下半年減速到十幾歲，這仍然令人印象深刻。

And I guess, as you talk about the question, maybe Navin can chime in.

我想，當你談到這個問題時，也許 Navin 可以插話。

Once again, enterprise is much better than expected.

再一次，企業好於預期。

And the 10% growth, I think, is what you referenced year-over-year in the June quarter.

我認為，10% 的增長就是你在 6 月季度所提到的同比增長。

To what extent is that going to be more sustainable as you look into the second half of the year and into 2019?

展望下半年和 2019 年，這將在多大程度上更具可持續性？

Yes, thanks, John, I'll start and then have Navin chime in.

是的，謝謝，John，我先開始，然後讓 Navin 插話。

Q2 data center growth was outstanding.

第二季度數據中心增長顯著。

We kind of started -- when we talked to you back in April, we started the quarter out strong.

我們有點開始了——當我們在四月份與你交談時，我們在本季度開始時表現強勁。

The middle of the quarter was strong and the end of the quarter was strong.

季中表現強勁，季末表現強勁。

So 27% top line growth for data center was -- we feel very good about it and see that momentum continuing into the second half of the year.

因此，數據中心的收入增長了 27%，我們對此感覺非常好，並且看到這種勢頭將持續到今年下半年。

As you know, Q4 last year was an outstanding year, so we had slightly tougher comps in the fourth quarter.

如您所知，去年第四季度是出色的一年，因此我們在第四季度的比賽稍微艱難一些。

But we're looking at real strong growth for the full year.

但我們正在關注全年真正的強勁增長。

And as I indicated earlier, the strength was across the board: cloud, up over 40%; comms services, up 30%.

正如我之前指出的那樣，實力是全面的：雲，增長超過 40%；通訊服務，增長 30%。

And specifically to your question, enterprise strength continues.

特別是對於您的問題，企業實力仍在繼續。

And not only volume, but the trajectory of Xeon Scalable and the adoption of Xeon Scalable has accelerated a little bit beyond what we expect to driving real good ASPs.

不僅數量，而且 Xeon Scalable 的發展軌跡和 Xeon Scalable 的採用速度都加快了一點，超出了我們對推動真正優秀 ASP 的預期。

So real good first half, strong outlook for the second half and slightly tougher -- strong outlook in the second half across the board and then slightly tougher comps as we go into Q4.

上半場真的很好，下半場前景強勁，而且略顯艱難——下半場整體前景強勁，然後隨著我們進入第四季度，陣容略顯艱難。

The only thing I'd add to that, John, is that the demand is broad-based across all the segments that Bob talked about.

約翰，我唯一要補充的是，鮑勃談到的所有細分市場的需求都是廣泛的。

And it's also broad-based in terms of our product portfolio.

就我們的產品組合而言，它的基礎也很廣泛。

Xeon Scalable, we launched about a year ago and it crossed over, getting close to crossing over at about 50% of our volumes.

Xeon Scalable，我們大約一年前推出，它跨越了，接近跨越了我們約 50% 的銷量。

So a lot of room still to go on Xeon Scalable as we look forward.

因此，正如我們所期待的那樣，Xeon Scalable 仍有很大的發展空間。

And as I think about the product portfolio beyond Xeon Scalable, you might have seen this week at the Google Next show, Google talked about adopting the Optane persistent memory DIMM, so we have that product portfolio ahead of us in the second half.

當我想到 Xeon Scalable 之外的產品組合時，你可能已經在本週的 Google Next 展會上看到，Google 談到採用 Optane 持久內存 DIMM，因此我們在下半年擁有該產品組合。

And then our next-generation Xeon will begin to ramp in the early part of '19.

然後，我們的下一代 Xeon 將在 19 年初開始量產。

So general macroeconomic, all segment growth, people applying information technology to handle their data problems, combined with a very strong product portfolio as we look forward.

因此，總體宏觀經濟，所有細分市場的增長，人們應用信息技術來處理他們的數據問題，以及我們期待的非常強大的產品組合。

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

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

I guess, one question.

我想，一個問題。

I wanted to ask about gross margins.

我想問一下毛利率。

Your full year guide implies a very significant deceleration of gross margins in Q4, like 300 bps sequentially, down about 59%.

您的全年指南暗示第四季度毛利率將大幅下降，如環比下降 300 個基點，下降約 59%。

Can you talk about what's driving that sequential decline from Q3 to Q4?

你能談談是什麼導致了從第三季度到第四季度的連續下滑？

And do those drivers sustain into 2019, for example, is it 10-nanometer or mix or whatever?

例如，這些驅動因素是否會持續到 2019 年，是 10 納米還是混合或其他？

Can you give us some color on what's going on there, please?

你能給我們一些關於那裡發生的事情的顏色嗎？

Yes.

是的。

Thanks, Stacy.

謝謝，斯泰西。

First, I think the first half to second half dynamics, we're looking at an operating margin improvement by 1.5 to 2 points.

首先，我認為上半年到下半年的動態，我們看到營業利潤率提高了 1.5 到 2 個百分點。

So we see good solid op margin growth first half to second half.

因此，我們看到上半年到下半年的營業利潤率增長良好。

The dynamics are the gross margin, we expect to come down a bit and be more than offset by good volume leverage on a relatively stable spending base.

動態是毛利率，我們預計會有所下降，並且在相對穩定的支出基礎上被良好的數量槓桿所抵消。

So that trend of modest gross margin erosion more than offset by spending leverage driving op income improvement is the trend that you've been seeing for the last 6 to 8 quarters, and we expect that to continue into the second half of the year.

因此，在過去 6 到 8 個季度中，您看到的趨勢是您在過去 6 到 8 個季度看到的趨勢，我們預計這種趨勢將持續到下半年。

When you look at -- implied in our guide for Q4, in particular, couple of things going on.

當您查看 - 在我們的第四季度指南中暗示時，特別是發生了幾件事。

One, accelerating growth of modem as we go through the second half of the year, accelerating growth of NSG or memory as we go through the second half of the year.

一，在下半年加速調製解調器的增長，在下半年加速NSG或內存的增長。

A, we haven't assumed the continued strong ASP performance that we've seen through the first half.

答，我們沒有假設我們在上半年看到的持續強勁的 ASP 表現。

We hope that turns to be conservative, but we'll see how that plays out.

我們希望這會變得保守，但我們會看到結果如何。

And then, lastly, to your point, and Murthy mentioned earlier, we're ramping up 10-nanometer to improve the yield.

然後，最後，就你的觀點，以及前面提到的 Murthy，我們正在增加 10 納米以提高產量。

So that's going to weigh on gross margins for the fourth quarter as well.

因此，這也將影響第四季度的毛利率。

So all things equal, we feel good about op margin expansion.

因此，在所有條件相同的情況下，我們對擴大營業利潤率感到滿意。

We're up 500 basis points in the quarter.

我們在本季度上漲了 500 個基點。

We'll be up another couple of points first half to second half, but the gross margin dynamics will weigh on us in the fourth quarter and spending will more than offset it.

上半年到下半年，我們將再上升幾個百分點，但毛利率動態將在第四季度給我們帶來壓力，支出將遠遠抵消它。

As we go into 2019, I think the way we've been running the business for the last few years, we have dramatically expanded our TAM.

隨著我們進入 2019 年，我認為過去幾年我們經營業務的方式已經大大擴展了我們的 TAM。

And with that TAM, we see more and more opportunities to invest and grow, and that growth is driving improved earnings for the company.

有了 TAM，我們看到了越來越多的投資和增長機會，而這種增長正在推動公司收益的提高。

At the same time, some of that growth has lower gross margins.

與此同時，其中一些增長的毛利率較低。

But that expanded TAM, the higher revenue growth on a very well-controlled spending base is expanding our op income dollars and our earnings per share.

但是，擴大的 TAM，在控制得很好的支出基礎上更高的收入增長正在擴大我們的運營收入和每股收益。

So we feel pretty good about where we are as we exit 2018 and head into 2019 in terms of operating income for the business.

因此，當我們退出 2018 年並進入 2019 年業務的營業收入時，我們對自己所處的位置感覺非常好。

Our next question comes from the line of Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

I want to go back to the DCG side of things.

我想回到 DCG 方面。

Obviously, the 27% year-over-year growth in 2Q is very impressive in both its magnitude and its breadth.

顯然，第二季度 27% 的同比增長在幅度和廣度上都令人印象深刻。

But I get a ton and an increasing amount of questions about competition, whether it's direct competition in the x86 CPU side of things or if it's a more indirect competition for a greater TAM from accelerators and FPGAs and the GPU compute, those sorts of things.

但是我收到了大量關於競爭的問題，無論是在 x86 CPU 方面的直接競爭，還是對於加速器和 FPGA 和 GPU 計算的更大 TAM 的更間接競爭，諸如此類的事情。

So I don't know if it'd be Murthy or Navin, but I'd love to hear how you guys are looking at competition.

所以我不知道是 Murthy 還是 Navin，但我很想听聽你們是如何看待競爭的。

And if you've taken the 10-nanometer aspect of competition and 7-nanometer for those folks off the table, talk about the design side where you think you can take share or there might actually be some pressure, and in general, how Intel reacts to the optimism we're hearing from a number of your aspiring new entrants.

如果你已經將 10 納米方面的競爭和 7 納米方面排除在外，那麼談談你認為可以分享的設計方面，或者實際上可能存在一些壓力，總的來說，英特爾如何對我們從許多有抱負的新進入者那裡聽到的樂觀情緒作出反應。

Sure, I'll take that.

當然，我會接受的。

It's Navin here.

這裡是納文。

Look, we feel great about our competitive position.

看，我們對自己的競爭地位感覺很好。

We came in to 2018 expecting a competitive environment.

進入 2018 年，我們期待競爭環境。

And against that backdrop, you've seen the results we've delivered over the last 2 or 3 quarters, and this is our third consecutive quarter above 20% growth.

在這種背景下，您已經看到我們在過去 2 或 3 個季度交付的結果，這是我們連續第三個季度增長超過 20%。

And really, that reflects our investments that we've made over several years.

真的，這反映了我們多年來所做的投資。

We have a leadership road map, not just in CPUs, but in, as you pointed out, a broad set of additional silicon, from ASICs to FPGAs to silicon photonics to memory.

我們有一個領先的路線圖，不僅在 CPU 方面，而且正如您所指出的，在廣泛的附加矽片中，從 ASIC 到 FPGA 到矽光子學到內存。

And our approach, really, has been to, over time, increasingly stitch all of those assets together to deliver a better solution for our customers.

實際上，我們的方法是，隨著時間的推移，越來越多地將所有這些資產整合在一起，為我們的客戶提供更好的解決方案。

And that really sets us apart from everyone that we're competing with where one or another may have one of those solutions, but very few have -- in fact, none have that broad portfolio that we've been pursuing.

這確實使我們與我們正在與之競爭的所有人區分開來，其中一個或另一個可能擁有其中一種解決方案，但很少有人擁有——事實上，沒有人擁有我們一直在追求的廣泛的產品組合。

So we are going to be aggressive in competing.

因此，我們將在競爭中積極進取。

We're going to have to go out and earn the business, just like we always have every day, every week, every month.

我們將不得不走出去贏得生意，就像我們每天、每週、每月一樣。

And as I look at our road map now and as I look at our road map in the second half and as I look at our road map into 2019, I'm very confident that we continue to maintain that leadership on that broad portfolio of products.

當我現在查看我們的路線圖以及下半年的路線圖以及到 2019 年的路線圖時，我非常有信心，我們將繼續在廣泛的產品組合中保持領先地位.

So we're set up for a great second half and another strong growth year as we head into 2019.

因此，我們已經為進入 2019 年的下半年和另一個強勁的增長年做好了準備。

The one thing I'd add, Ross, is on the accelerator side, particularly the FPGAs.

羅斯，我要補充的一件事是在加速器方面，尤其是 FPGA。

18% growth for FPGAs in the quarter, and as we mentioned earlier, real strong penetration in data center.

本季度 FPGA 增長 18%，正如我們之前提到的，數據中心的滲透率非常高。

So that growth has been fueled by 140% increase in PSG in the data center environment.

因此，數據中心環境中 PSG 增長 140% 推動了這一增長。

So I think, Navin, if I could, had a choice to make when he took over in the data center business and it was protect our large microprocessor share or dramatically expand the market and both protect our share as well as participate in a much bigger market, and that's how he and the team have been focused.

所以我認為，如果可以的話，Navin 在接手數據中心業務時可以做出選擇，那就是保護我們龐大的微處理器份額，或者大幅擴大市場，既保護我們的份額，又參與更大的市場。市場，這就是他和團隊一直專注的方式。

And that's resulted in both protection of CPUs, but expansion of share, and a much broader TAM.

這導致了對 CPU 的保護，但份額的擴大，以及更廣泛的 TAM。

So again, I'll just close with we feel great about what the team is doing in expanding the role we play in the data center and at the edge.

再說一次，我將結束我們對團隊在擴大我們在數據中心和邊緣所扮演的角色方面所做的事情感到非常滿意。

Our next question comes from the line of Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to ask you about 7. You mentioned 10 and timing there and I don't expect you to put a date out there for 7. So maybe you can talk about what you've learned on 10, how you're applying it to 7 and any indications of that development, how it's going.

我只是想問你關於 7 的事情。你提到了 10 和那裡的時間安排，我不希望你在 7 上約會。所以也許你可以談談你在 10 上學到了什麼，你是如何申請的它到 7 以及任何關於該發展的跡象，它是如何進行的。

Sure, Blayne.

當然，布萊恩。

So 7 is very much R&D in deep progress and we're making good progress on that development.

所以 7 是非常深入的研發，我們在這方面取得了良好的進展。

We're not giving a direct time line right now.

我們現在沒有給出直接的時間表。

But we've also made some fairly judicious choices in defining 7, learning from our 10-nanometer experiences.

但我們在定義 7 時也做出了一些相當明智的選擇，從我們的 10 納米經驗中學習。

And we're focusing on an optimum balance point between density, power and performance and schedule predictability.

我們專注於密度、功率和性能以及進度可預測性之間的最佳平衡點。

So I think what you'll see is a more balanced approach across those 3 vectors.

所以我認為你會看到在這三個向量中更平衡的方法。

So we're still going to drive density, but balancing that with a continued focus on driving transistor performance at the same time, which is highly valued as ASP drivers, both in our client and server businesses.

因此，我們仍將提高密度，但要平衡這一點，同時繼續關注驅動晶體管性能，這在我們的客戶端和服務器業務中都被高度重視為 ASP 驅動程序。

And we're really also focusing on being much more precise in our ability to launch.

而且我們實際上還專注於使我們的發射能力更加精確。

So those are the key learnings that are coming out of 10 as we go into 7. And as we monitor progress on 7 just as closely as we are on 10, I feel those lessons are being well absorbed into our progress.

所以這些是我們進入 7 時從 10 中學到的關鍵知識。當我們像 10 一樣密切監控 7 的進展時，我覺得這些教訓被很好地吸收到我們的進展中。

And we're lining up to support our product plans as our road map dictates.

我們正在排隊支持我們的產品計劃，正如我們的路線圖所指示的那樣。

Our next question comes from the line of Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I actually want to go back to the question about gross margins in Q4.

我實際上想回到關於第四季度毛利率的問題。

And I wanted to see if you can segment out the pieces because it seems like the modem piece could maybe be a 200 basis point hit just by itself.

而且我想看看你是否可以將這些片段分割出來，因為似乎調製解調器片段本身可能會受到 200 個基點的影響。

So I wondered if you could maybe segment out some of the pieces between 10-nanometer, between the modem and between ASP.

所以我想知道你是否可以在 10 納米之間、調製解調器之間和 ASP 之間分割出一些片段。

Yes.

是的。

I presume by segment out, you mean quantify, and my answer's probably unfulfilling if that's the case.

我假設分段，你的意思是量化，如果是這樣的話，我的回答可能不令人滿意。

But I think you hit on the 3 things.

但我認為你遇到了三件事。

And as we go into the -- as we enter the second half and the fourth quarter in particular, we see modem accelerating.

當我們進入 - 當我們進入下半年，特別是第四季度時，我們看到調製解調器正在加速。

We have a great product that's getting good traction in the modem space, so that product's accelerating and that obviously has margins a little lower.

我們有一款出色的產品，在調製解調器領域獲得了良好的牽引力，因此該產品正在加速發展，而且顯然利潤率略低。

NSG growth accelerating.

NSG 增長加速。

Going into the fourth quarter, those margins are a little bit lower.

進入第四季度，這些利潤率會低一些。

10-nanometer ramping, and that will weigh on gross margins.

10 納米的增長，這將影響毛利率。

And lastly, just our outlook for ASPs.

最後，只是我們對 ASP 的展望。

ASP has been a significant contributor to our high gross margin performance over the last couple of quarters.

在過去幾個季度中，ASP 一直是我們高毛利率表現的重要貢獻者。

Now we've assumed that it won't kind of stay at those levels.

現在我們假設它不會停留在這些水平上。

So those are the 4 components of segmentation.

所以這些是分割的 4 個組成部分。

And then I just go back to with this high growth, we're getting really good leverage and expect our operating margins to improve as we go to the back half of the year.

然後我回到這種高增長，我們獲得了非常好的槓桿作用，並期望我們的營業利潤率隨著我們進入下半年而有所提高。

Our next question comes from the line of 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 was wondering, so DCG, you guys have had an 11% ASP increase.

我想知道，所以 DCG，你們的 ASP 增長了 11%。

And I know there's a lot of noisiness to that, but it's about double what you've sort of averaged over the last few years.

而且我知道這有很多噪音，但它大約是過去幾年平均水平的兩倍。

Is that a Purley effect?

這是珀利效應嗎？

And if so, do you sort of anniversary that and have less of an ASP increase going forward?

如果是這樣，你會不會是周年紀念日，並且未來的 ASP 增長會更少？

Just how should I think about the price increase as you've seen there on average?

我應該如何看待平均價格上漲？

Yes, Joe.

是的，喬。

The ASP strength that we've seen, actually, really most of it this year is sort of a reflection of what we see our customers doing across the board.

實際上，我們在今年看到的大部分 ASP 實力在某種程度上反映了我們看到客戶全面開展的工作。

All of them are buying our highest performance products.

他們都在購買我們性能最高的產品。

There's sort of this insatiable appetite for performance on all the workloads that they're looking at.

對於他們正在研究的所有工作負載，都有一種無法滿足的性能需求。

Certainly, we did expect the transition to Purley to be accretive to us from an ASP point of view.

當然，從 ASP 的角度來看，我們確實希望過渡到 Purley 對我們有好處。

But if I look at our broad portfolio of products, our ASPs look very good.

但如果我看看我們廣泛的產品組合，我們的 ASP 看起來非常好。

And year-on-year, our ASPs look good in the other parts of our products as well, Broadwell, for example.

與去年同期相比，我們的 ASP 在我們產品的其他部分也看起來不錯，例如 Broadwell。

So in general, we're just seeing an almost insatiable appetite for the best products, the highest-performing products that we have.

所以總的來說，我們只是看到對最好的產品、我們擁有的性能最高的產品幾乎無法滿足的胃口。

I don't see that slowing down as I look forward.

在我期待的過程中，我沒有看到這種放緩。

Our next question comes from the line of Ambrish Srivastava from BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

I just wanted to go back to the comments you were making as you were concluding your prepared remarks about demand challenges in the second half.

我只是想回到你在結束你準備好的關於下半年需求挑戰的評論時發表的評論。

Is that specific to Clients?

這是特定於客戶的嗎？

Servers?

服務器？

And where is that coming from?

那是從哪裡來的？

And then, more importantly, does that open up another -- or a window for a competitor to wedge in and take some share from you?

然後，更重要的是，這是否會打開另一個窗口——或者是一個讓競爭對手進入並從你那裡獲得一些份額的窗口？

Yes, when we started the year, our outlook for the year was $65 billion in revenue.

是的，當我們年初的時候，我們今年的收入預期是 650 億美元。

And 6 months through the year, given strong demand across the board, actually, both servers and PCs.

一年中的 6 個月，考慮到對服務器和個人電腦的全面需求，實際上都是強勁的。

Real strong demand has raised our outlook by $4.5 billion for the year.

真正強勁的需求使我們對今年的展望提高了 45 億美元。

So we feel very good about the demand signals we see at the $69.5 billion level.

因此，我們對 695 億美元的需求信號感到非常滿意。

We feel very good about having the supply in place for that fairly significant demand increase.

對於相當顯著的需求增長，我們感到非常滿意。

And now as we go to the back half of the year to the extent demand continues to increase, which I'd say it has almost month-to-month the first 6 months of the year, we need to work with our customers and our fabs to make sure that we continue to have the capacity to fill demand to the extent that it rises beyond the $69.5 billion level.

現在，隨著我們進入下半年，需求繼續增加，我想說今年前 6 個月幾乎是逐月增長，我們需要與我們的客戶和我們的晶圓廠確保我們繼續有能力滿足需求，使其超過 695 億美元的水平。

So we're working closely with our customer base, both on the server and the PC side, and very closely with our internal teams to make sure we're not a constraint to the extent that demand in the second half of the year continues to go up like it has through the first 6 months of the year.

因此，我們正在與服務器和 PC 端的客戶群密切合作，並與我們的內部團隊密切合作，以確保我們不會受到下半年需求持續增長的限制。像今年前 6 個月一樣上漲。

And our intent is to fill that demand along the way and not give others the opportunity to fill it for us.

我們的意圖是在此過程中滿足這一需求，而不是讓其他人有機會為我們滿足它。

Our next question comes from the line of Chris Danely from Citigroup.

我們的下一個問題來自花旗集團的 Chris Danely。

Just a quick one on the DCG op margins.

只是一個快速的 DCG 操作利潤。

So Data Center rev was up sequentially, but the op margins were down.

因此，數據中心轉速環比上升，但運營利潤率下降。

I think you talked about the 10-nanometer yield issues.

我認為您談到了 10 納米良率問題。

Was that all that was going on there?

這就是那裡發生的一切嗎？

And so essentially, our DCG operating margins kind of capped at this 49%-and-change level.

因此，從本質上講，我們的 DCG 營業利潤率有點上限為 49% 和變化的水平。

What -- when are these 10-nanometer headwinds going to go away and reverse and start to become tailwinds?

什麼 - 這些 10 納米的逆風何時會消失並逆轉並開始成為順風？

Yes.

是的。

So just maybe repeat, 27% top line growth and 65% operating income growth with an 11-point improvement in operating margins year-on-year.

因此，也許只是重複，27% 的收入增長和 65% 的營業收入增長，營業利潤率同比提高 11 個百分點。

So outstanding performance on product margin, as Navin indicated, particularly with strong ASP performance, our margins have continued to improve and I'd just say not at the expense of curtailing investments for data center business.

正如 Navin 指出的那樣，產品利潤率的出色表現，尤其是強勁的 ASP 表現，我們的利潤率一直在提高，我只想說不以削減數據中心業務的投資為代價。

We see real good growth opportunities and we continue to invest.

我們看到了真正的良好增長機會，我們繼續投資。

So really good expansion in margin performance while continuing to invest.

因此，在繼續投資的同時，利潤率表現確實很好。

In terms of 10-nanometer, that is more -- again, with client being first on 10-nanometer, they are more feeling the effect of the 10-nanometer on their margins.

就 10 納米而言，這更多——再一次，客戶首先使用 10 納米，他們更能感受到 10 納米對其利潤的影響。

That's relatively de minimis effect for the DCG business.

這對 DCG 業務來說是相對微不足道的影響。

Our next question comes from the line of Christopher Rolland from Susquehanna.

我們的下一個問題來自 Susquehanna 的 Christopher Rolland。

Murthy, you might have actually answered this with your shortly after comment.

Murthy，你可能已經用你不久後的評論回答了這個問題。

But given some competitive threats in server in particular, are you guys thinking that you might ramp 10-nanometer server more quickly than you traditionally would after PC?

但是考慮到服務器方面的一些競爭威脅，你們是否認為你們可能會比傳統 PC 之後更快地升級 10 納米服務器？

In general, we're going to see a much shorter ramp period between our products going forward in client and server.

一般來說，我們將看到我們的產品在客戶端和服務器之間的發展週期要短得多。

So yes, I think it's a good observation.

所以是的，我認為這是一個很好的觀察。

But as we talk about our client systems on shelf by the second half of '18, you shouldn't expect too much of a delay before you see the data center products coming out.

但是當我們談論到 18 年下半年我們的客戶端系統上架時，您不應該期望在看到數據中心產品出現之前有太多的延遲。

So much closer proximity albeit slightly delayed than we expected on 10, and then you should see that pretty much improve to almost parity of launch as we get into later technologies.

儘管比我們在 10 上的預期稍有延遲，但距離如此之近，但隨著我們進入後期技術，您應該會看到幾乎與發布相當的改進。

So the traditional model of server following rather lengthily after client is probably going to become more sequential going forward.

因此，在客戶端之後相當長的服務器跟踪的傳統模型可能會在未來變得更加有序。

Our next question, we have C.J. Muse from Evercore back in the queue.

我們的下一個問題是，來自 Evercore 的 C.J. Muse 回到了隊列中。

Sorry about the gap earlier.

很抱歉之前的差距。

A question for you on your evolving manufacturing strategy.

關於您不斷發展的製造戰略的問題。

It sounds like, as opposed to [copying exactly], we're moving to a world where you would consider building both 14 and 10 in the same factory.

聽起來，與[完全複製]相反，我們正在走向一個你會考慮在同一工廠建造 14 和 10 的世界。

So curious what the implications of such a move are to gross margins and capital intensity as we look ahead.

如此好奇，在我們展望未來時，這一舉措對毛利率和資本密集度有何影響。

Yes.

是的。

I think, obviously, from node to node over the last several nodes, frankly, the capital intensity of the business with each node hasn't -- has increased over time.

我認為，顯然，在過去的幾個節點之間，從一個節點到另一個節點，坦率地說，每個節點的業務資本密集度並沒有隨著時間的推移而增加。

At the same time, the amount of reuse of equipment and tools from one node to the next is extremely high.

同時，設備和工具從一個節點到下一個節點的複用量極高。

So with the exception of particularly 10 going to 7 litho-changing quite a bit with EUV, with each node even with more capital intensity, we have relatively high reuse, then we can leverage the tools for longer and longer.

所以除了特別是 10 到 7 光刻用 EUV 改變了很多，每個節點即使有更多的資本密集度，我們有相對高的重用性，那麼我們可以使用工具的時間越來越長。

So in terms of implications on gross margin, I'd just say it's a function of product leadership and maintaining that product leadership.

因此，就對毛利率的影響而言，我只想說這是產品領先地位和保持產品領先地位的一個功能。

And Navin talked about how customers are looking for high performance and the ASPs associated with that high performance allows us to continue to generate extremely attractive gross margins, despite increased capital intensity as you go to each node.

Navin 談到了客戶如何尋求高性能以及與高性能相關的 ASP 使我們能夠繼續產生極具吸引力的毛利率，儘管隨著您進入每個節點而增加了資本密集度。

I just wanted to add to Bob's perspective.

我只是想補充一下 Bob 的觀點。

The way I look at our road map, what we're really focused on is delivering product leadership generation over generation, and that's at the system level.

我看待我們的路線圖的方式，我們真正關注的是提供一代又一代的產品領導力，這是在系統級別。

And while processes are very important part of that recipe, so are the other ingredients as well, such as product architecture, silicon design and packaging.

雖然工藝是該配方中非常重要的一部分，但其他成分也是如此，例如產品架構、矽設計和包裝。

And to Bob's point, as we look towards our road map, gross margin maximization is going to come from delivering excellence that drives performance, and therefore, we're taking a very balanced view on all the ingredients that go into that.

對於鮑勃的觀點，當我們展望我們的路線圖時，毛利率的最大化將來自於提供能夠推動業績的卓越，因此，我們對其中的所有要素採取了非常平衡的看法。

So you should expect in our road map going forward a much longer overlap between generations of technology as we try and make sure that, along with process, we add the other ingredients of technology leadership that will become more and more apparent.

因此，您應該期望在我們的路線圖中，隨著我們努力確保與流程一起添加技術領先地位的其他要素，這些要素將變得越來越明顯，因此您應該在我們的路線圖中期待更長時間的技術世代重疊。

Our next question comes from the line of Kevin Cassidy from Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Just looking at gross margin for the longer term, you named the 4 components.

只是從長期來看毛利率，你命名了 4 個組件。

And as we look beyond fourth quarter, does modem gross margins improve?

當我們展望第四季度之後，調製解調器的毛利率會提高嗎？

And is 10-nanometer less of a drag in the future?

未來 10 納米的阻力會減少嗎？

And can you kind of frame it, how long that would be?

你能把它框起來嗎，那會是多長時間？

Yes.

是的。

I mean, first, we've been -- our gross margin performance has been very strong, in the upper end of our kind of long-term gross margin target.

我的意思是，首先，我們一直 - 我們的毛利率表現非常強勁，處於我們長期毛利率目標的高端。

So we feel pretty good about where gross margin sits today.

所以我們對今天的毛利率感到非常滿意。

In terms of modem in particular, yes, we do expect to improve gross margins for our modem business, both with our 7560 product that will begin to ship in the second half.

特別是在調製解調器方面，是的，我們確實希望提高我們的調製解調器業務的毛利率，我們的 7560 產品都將在下半年開始出貨。

But also as we migrate to a 5G world, we expect margins in the modem business to continue to improve.

但隨著我們遷移到 5G 世界，我們預計調製解調器業務的利潤率將繼續提高。

So yes, we expect modem profitability to improve.

所以是的，我們預計調製解調器的盈利能力會提高。

We don't see it at the 60-plus percent gross margin level, but we do expect it to be a contributor to earnings performance as we go forward.

我們沒有看到它達到 60% 以上的毛利率水平，但我們確實預計它將成為我們前進的盈利表現的一個貢獻者。

Our final question for today comes from the line of Tristan Gerra from Baird.

我們今天的最後一個問題來自 Baird 的 Tristan Gerra。

So looking at the fact that you're ramping for the first time a very high volume non-x86 architecture, what are the longer-term implications of something that you haven't discussed much more recently, which is the custom foundry business for the medium term?

因此，考慮到您首次推出非常大容量的非 x86 架構這一事實，您最近沒有討論過的事情的長期影響是什麼，即定制代工業務中期？

Yes.

是的。

Again, while we haven't talked about it that much, the custom foundry aspects of our business still remain very particularly important to us.

再說一次，雖然我們沒有談論太多，但我們業務的定制代工方面對我們來說仍然非常重要。

We believe that as we continue to explore growth and partnership opportunities in our data-centric businesses, the ability to develop custom silicon products together with our customers is going to become increasingly important.

我們相信，隨著我們繼續探索以數據為中心的業務的增長和合作機會，與客戶一起開發定制矽產品的能力將變得越來越重要。

So as we see our customer relations going forward, you'll probably see a lot more codeveloped products using Intel process technology in order for their delivery and their interworking with the product portfolio that Navin talked about.

因此，當我們看到我們的客戶關係向前發展時，您可能會看到更多使用英特爾工藝技術共同開發的產品，以便交付並與 Navin 談到的產品組合進行交互。

So custom products through a custom foundry relationship remain a strategically important part of our customer engagement portfolio.

因此，通過定制代工關係定制產品仍然是我們客戶參與組合中具有戰略意義的重要組成部分。

All right.

好的。

Thank you everyone 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。

Certainly.

當然。

Thank you, ladies and gentlemen, 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 does conclude the program.

這確實結束了程序。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。