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

女士們、先生們，大家好，歡迎參加英特爾公司第二季財報電話會議。（操作說明）提醒各位，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. Please go ahead, sir.

現在我謹向大家介紹今天節目的主持人，投資人關係主管馬克‧亨寧格。請繼續，先生。

Thank you, operator, and welcome, everyone, to Intel's Second Quarter 2018 Earnings Conference Call. By now you should have received a copy of our earnings release and earnings presentation. If you've not received both documents, they're available on our Investor website, intc.com. The earnings presentation is also available in the webcast window, for those joining us online.

謝謝接線員，歡迎各位參加英特爾2018年第二季財報電話會議。現在您應該已經收到我們的獲利報告和獲利簡報了。如果您尚未收到這兩份文件，它們可以在我們的投資者網站 intc.com 上找到。在線上觀看的朋友也可以在網路直播視窗中觀看業績報告。

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

今天與我一同出席的有：臨時執行長兼財務長鮑伯‧斯旺；技術、系統架構與客戶端集團總裁兼首席工程長穆爾蒂‧倫杜欽塔拉；以及資料中心集團執行副總裁兼總經理納文‧舍諾伊。稍後我們將聽到鮑勃的簡短講話，然後是問答環節。

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

在開始之前，我想提醒大家，今天的討論包含基於我們目前所見環境的前瞻性陳述，因此確實存在風險和不確定性。有關可能導致實際結果與預期結果存在重大差異的具體風險因素的更多信息，請參閱我們的新聞稿。

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

簡單提醒一下，本季我們同時提供了GAAP和非GAAP財務指標。今天，我們將結合非GAAP財務指標來介紹我們的合併績效。intc.com 上提供的收益簡報和收益發布包括完整的 GAAP 和非 GAAP 調整表。

With that, let me hand it over to Bob.

那麼，就讓我把麥克風交給鮑伯吧。

Thanks, Mark. Our results for the quarter were outstanding, marking a record second quarter on our way to what we expect will be a record 2018. Last week, we celebrated Intel's 50th year as a company, which is a big deal in an industry that never stops evolving. 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.

謝謝你，馬克。本季業績非常出色，創下了第二季的業績紀錄，我們預計2018年也將創下新的紀錄。上週，我們慶祝了英特爾公司成立 50 週年，這在不斷發展的行業中是一件大事。更令人矚目的是，經過 50 年的科技發展，英特爾有望連續第三年創下財務表現新高。

We set a course 5 years ago to transform the company. 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. Our thesis was that Intel is uniquely positioned to capitalize on the world's insatiable need to process, store and move data. The results have been dramatic. We are now competing for a $260 billion TAM, the largest in the company's history, and we have lots of room to grow.

五年前，我們制定了公司轉型計畫。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，同時也進行了一系列大膽的嘗試，以在新市場中競爭並取得成功。我們的論點是，英特爾擁有獨特的優勢，可以充分利用世界對處理、儲存和傳輸資料的永無止境的需求。結果非常顯著。我們現在正在爭奪 2,600 億美元的潛在市場規模，這是該公司歷史上最大的市場規模，而且我們還有很大的成長空間。

Just 5 years ago, roughly 1/3 of our revenue was data-centric. Today, nearly 1/2 of our revenue is data-centric and growing at a double-digit rate. Data has never been more pervasive nor more valuable. In fact, 90% of the digital data ever created was generated in just the past 2 years. But of that data, only 1% has been analyzed, indicating massive untapped potential.

僅僅5年前，我們大約三分之一的收入都來自數據相關業務。如今，我們近一半的收入都來自數據相關業務，並且正以兩位數的速度成長。數據從未像現在這樣普及，也從未像現在這樣有價值。事實上，有史以來產生的數字數據中有 90% 都是在過去兩年內產生的。但目前僅分析了這些數據的 1%，顯示還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.

在深入探討我們的財務表現之前，我想先重點介紹英特爾加速轉型的一些指標。

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

首先，在我們的資料中心業務中，我們專注於雲端運算、網路轉型以及人工智慧和分析，在強勁的需求環境下取得了卓越的成果。顧客對我們最高效能產品的偏好持續高漲，第二季 Xeon Scalable 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. Enterprise revenue is driven by a combination of macro strength and companies' increasing deployment of hybrid cloud solutions and data-intensive workloads.

隨著服務供應商資本支出持續加速以滿足對數位服務、人工智慧和數據分析的爆炸性需求，雲端服務收入也隨之成長。企業收入的成長得益於宏觀經濟的強勁表現，以及企業越來越多地部署混合雲解決方案和資料密集型工作負載。

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.

在通訊服務供應商領域，隨著客戶選擇虛擬化和改造其網絡，並使用英特爾架構為 5G 過渡做好準備，我們的市場份額持續成長。

Our Programmable Solutions Group also delivered strong results this quarter. 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.

我們的可程式解決方案團隊本季也取得了強勁的業績。PSG 再次創下了設計中標數量的紀錄，這表明客戶對我們的路線圖充滿信心，並且 FPGA 在從資料中心到網路再到邊緣的工作負載加速方面得到了越來越廣泛的應用。

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.

本月初，我們宣布計劃收購 eASIC，這將使我們擁有競爭優勢，並為滿足客戶多樣化的上市時間、效能、成本和功耗需求提供另一種解決方案。

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

兩年半前，我們將英特爾和 Altera 合併，我們當時預期，資料中心中 FPGA 的日益普及將成為關鍵的價值驅動因素。第二季度，PSG的資料中心業務連續第二個季度實現了翻倍。

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

IoTG 創下了有史以來的收入紀錄，尤其在零售和工業領域表現強勁，因為客戶不僅尋求英特爾的計算性能，還尋求能夠創造業務價值的解決方案。我們也完成了 Wind River 的出售，因為我們將繼續把資源重新部署到成長和回報更高的領域。

Building on this industry leadership in ADAS and driving the industry toward an autonomous future, Mobileye set another all-time revenue record. Customer momentum continued with several design wins, including a multimillion unit deal with ZF for a large global automaker.

憑藉在 ADAS 領域的行業領先地位，並推動業界邁向自動駕駛的未來，Mobileye 又創下了歷史營收紀錄。客戶勢頭持續強勁，贏得了多項設計訂單，其中包括與 ZF 為一家大型全球汽車製造商簽訂的數百萬台設備的合約。

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. 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.

我們還宣布，百度已採用 Mobileye 的 EyeQ 基地台環繞電腦視覺套件作為其商業 Apollo 飛行員自動駕駛汽車部署的首選視覺解決方案。在開源和商業化的 Apollo 專案中，百度也將整合 Mobileye 的責任敏感型安全模型。模型開放透明，為自動駕駛汽車的決策提供安全保障，這是業界的必然要求。

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

我們的記憶體業務也創下了歷史營收紀錄。我們正在透過兩項差異化的平台連接功能——高密度浮柵 3D NAND 和高效能持久性 Optane 技術——來改變記憶體產業。

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

我們最近宣布，我們正在生產業界首款每單元 4 位元的資料中心 NAND PCIe SSD。同時，業界對英特爾傲騰資料中心級持久記憶體的支援也在不斷增長，包括歐洲核子研究中心、Google、SAP 和騰訊在內的科技領導者已經宣布了未來使用該技術的計畫。與傳統 DRAM 不同，英特爾傲騰資料中心級持久記憶體將提供前所未有的高容量（每個插槽高達 3 TB）、經濟性和持久性組合。

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

英特爾和美光最近宣布，我們將獨立開發未來幾代的 3D XPoint 技術，以便更好地使該技術與我們各自的業務需求和策略保持一致。我們將繼續在位於萊希的英特爾美光閃存技術工廠聯合生產 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.

英特爾計畫透過基於 3D XPoint 的英特爾傲騰產品來鞏固其領先地位，該產品結合了我們的高密度 3D NAND 技術，為當今的運算和儲存需求提供了最佳解決方案。

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

最後，在客戶端運算領域，我們專注於商業、發燒友和鰭片燈光領域的創新和差異化，並且取得了成果。整體市場狀況也持續改善，我們現在預計今年個人電腦市場規模將自 2011 年以來首次出現小幅成長。

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.

商業領域依然強勁，因為資訊長們在更新老舊的PC設備時，紛紛轉向採用vPro技術的英特爾酷睿處理器，將其視為性能和可管理性的黃金標準。

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

同時，消費者對遊戲的興趣以及我們絕對的業績領先地位，推動了發燒友市場的成長，使遊戲業務又迎來了一個出色的季度。這些趨勢反映了市場對我們最高效能產品的需求，從而在 CCG 中形成了強大的整體產品組合。

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

我們也開始販售 7560 調變解調器，這是英特爾首款 CDMA 調變解調器，也是首款支援多 SIM 卡的數據機。

Our industry-leading products continue to deliver outstanding results. We have a leadership 14-nanometer product lineup for 2019 and we continue to make progress on 10-nanometer. Yields are improving consistent with the time line we shared in April and we expect systems on shelves for the 2019 holiday season.

我們業界領先的產品持續帶來卓越的效果。我們在 2019 年擁有領先的 14 奈米產品陣容，並且在 10 奈米技術方面也持續取得進展。產量正在按照我們在 4 月公佈的時間表逐步提高，我們預計這些系統將在 2019 年假期季節上架銷售。

In the second quarter, we announced the CEO change. The board is making good progress determining the best person to be the next CEO of this great company. 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.

第二季度，我們宣布了執行長的變更。董事會在確定這家偉大公司下一任執行長的最佳人選方面取得了良好進展。雖然沒有具體時間表，但董事會正在以緊迫感開展工作，內部和外部候選人的遴選工作正在順利進行中。

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. The investments he made set us on a course for transformation. Even more importantly, he developed the right strategy and leadership team to carry that transformation forward while we conduct the CEO search. Our financial results in the second quarter show we're doing just that. Let's turn to the numbers.

我謹代表英特爾超過 10 萬名員工，向布萊恩​​表示衷心的感謝，感謝他在 35 年的職業生涯中為公司做出的許多貢獻。他所進行的投資使我們走上了轉型之路。更重要的是，他制定了正確的策略和領導團隊，在我們尋找執行長期間，能夠推動這項轉型。第二季的財務表現表明，我們正在朝著這個方向努力。讓我們來看數據。

Revenue of $17 billion was up 15% year-over-year, marking a second record quarter. We saw strong performance across all of our businesses and record revenue in NSG, IoTG and Mobileye. Our data-centric businesses were collectively up 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.

營收達 170 億美元，年增 15%，創下第二季紀錄。我們所有業務都取得了強勁的業績，NSG、IoTG 和 Mobileye 的營收均創歷史新高。我們以數據為中心的業務整體成長了 26%。出色的營運利潤率槓桿作用和較低的稅率使得每股收益達到 1.04 美元，年增 44%，即便我們仍在繼續投資以實現成長。

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，今年迄今為止，我們已產生 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 億美元的股票回購，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. 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.

由於業務持續強勁成長，我們將全年營收預期上調 20 億美元至 695 億美元。我們同時將每股盈餘預期較 4 月調高 0.30 美元至 4.15 美元，自由現金流預期將調高 5 億至 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. Our data-centric businesses had strong quarters, with each business individually growing at a double-digit rate. Our PC-centric business was up 6% on strength in the commercial and enthusiast segments.

我們的領導力產品在擴大的潛在市場中取得了成功，而我們以數據為中心的業務現在幾乎占我們總收入的 50%。我們以數據為中心的業務季度表現強勁，每個業務都實現了兩位數的成長。在商業和發燒友市場的強勁表現下，我們以個人電腦為中心的業務成長了 6%。

Q2 was another quarter of significant EPS growth, up 44% year-on-year. And our operating margin expanded $1.4 billion and 5 points year-on-year. 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.

第二季每股收益再次實現顯著成長，年增 44%。我們的營業利潤率年增了 14 億美元，提高了 5 個百分點。我們的每股盈餘成長得益於資料中心和客戶端業務對高性能產品的需求不斷增長，從而帶動了銷量和平均售價的提高；此外，我們的相關業務也實現了強勁增長；同時，由於股票回購，稅率降低，流通股數量減少。

In January, we pulled in our 30% spending goal for 2018, a full 2 years ahead of schedule. We are on track to meet that target and our operating efficiency continues to improve. We remain extremely diligent in managing spending while prioritizing investments in areas that will accelerate revenue growth, product leadership, artificial intelligence and autonomous driving. This focused approach is producing results.

今年一月，我們提早兩年完成了 2018 年 30% 的支出目標。我們正朝著目標穩步前進，營運效率也不斷提高。我們將繼續嚴格控制支出，同時優先投資於能夠加速收入成長、產品領先地位、人工智慧和自動駕駛的領域。這種專注的方法正在發揮成效。

Total Q2 spending came in at $5.1 billion, 30% of revenue. 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. Versus the second quarter of last year, we delivered $2.2 billion more revenue with no incremental spending. Let's talk now about our Q2 performance by segment.

第二季總支出為 51 億美元，佔營收的 30%。本季總支出佔收入的百分比年減 4.6 個百分點，同時我們繼續增加對重點領域的投資。與去年第二季相比，我們在沒有增加任何支出的情況下，實現了 22 億美元的額外收入。現在我們來談談第二季各業務板塊的業績。

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%. 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.

資料中心集團又實現了兩位數的強勁成長，營收達 55 億美元，年增 27%；營業收入達 27 億美元，較去年同期成長 65%。第二季營業利潤率為 49%，雲端服務和通訊服務供應商業務部門持續保持強勁成長，目前這兩個板塊佔 DCG 收入的 2/3。

Platform unit volume was up 14% and ASPs were up 11%. Non-CPU adjacencies grew 30% over last year, yet another indicator that we are growing share in a larger data-centric TAM.

平台單元銷量成長 14%，平均售價成長 11%。非 CPU 鄰近業務比去年增長了 30%，這再次表明我們在更大的以數據為中心的 TAM 中份額不斷增長。

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

本季我們看到了持續強勁的全面需求，客戶對 Xeon Scalable 等領先產品的偏好推動了強勁的市場組合。雲端業務是我們最大的資料中心業務板塊，年增 41%，超大規模資本支出不斷擴大，以滿足傳輸、儲存和分析資料的爆炸性需求。

Our comms service providers segment grew 30% year-over-year as customers continue to choose Intel Architecture to transform their networks. And our enterprise segment was up 10% year-over-year against a strong IT spending environment and prioritized investment in hybrid cloud implementations.

我們的通訊服務供應商業務年增 30%，因為客戶繼續選擇英特爾架構來改造他們的網路。在強勁的 IT 支出環境和對混合雲實施的優先投資下，我們的企業部門年增了 10%。

Our other data-centric businesses, IoTG, NSG and PSG, also achieved double-digit growth in Q2. And together, we're up 22% year-on-year. 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.

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成長。總的來說，我們比去年同期成長了 22%。正如我之前提到的，在零售和工業領域的強勁推動下，我們的物聯網業務實現了創紀錄的銷售和創紀錄的收入，達到 8.8 億美元，比去年同期成長 22%。

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

營業利潤為 2.43 億美元，年增 75%，主要得益於營收成長和支出持平。我們預計，在第二季完成的 Wind River 資產剝離將對 IoTG 在 2018 年下半年的收入產生約 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.

由於 ADAS 的普及，Mobileye 在本季度也實現了強勁的兩位數成長，比去年同期成長了 37%。

Our memory business delivered more than $1 billion in revenue for the second quarter in a row, up 23% year-over-year. Optane gained momentum during the quarter, mostly on client strength, shipping over 1 million client Optane memory modules. 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.

我們的記憶體業務連續第二季實現營收超過 10 億美元，年增 23%。Optane 在本季度獲得了發展勢頭，主要得益於客戶的需求，Optane 內存模組的出貨量超過 100 萬個。我們預計，隨著收入規模的擴大以及將更高比例的產量過渡到更具成本效益的 64 層 3D NAND，記憶體業務將在 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's data center segment was up 140% over last year. In the Advanced products category, our 28-, 20- and 14-nanometer solutions grew 70%. Operating profit was $101 million, up 4% year-over-year.

PSG 在第二季度營收達 5.17 億美元，成長 18%，主要得益於資料中心業務的強勁成長。PSG的資料中心業務較去年成長了140%。在先進產品類別中，我們的 28 奈米、20 奈米和 14 奈米解決方案成長了 70%。營業利潤為 1.01 億美元，年增 4%。

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

最後，客戶端運算集團繼續在各方面取得佳績，又一個季度表現出色，創造了 87 億美元的收入，成長了 6%。由於客戶對高性能產品的偏好推動了強勁的產品組合和更高的平均售價，營業利潤率與去年持平，但被 10 奈米製程的爬坡成本所抵消。

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

DCG 仍然是我們公司知識產權、規模和現金流極為重要的來源。

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

我們正在執行資本配置優先事項，即進行內生式投資、透過收購進行擴張以及向股東返還資本。今年迄今為止，我們從營運活動中產生了 137 億美元的現金，我們在資本支出方面投資了 74 億美元，並實現了 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. Buybacks totaled $5.8 billion and dividends totaled $2.8 billion. In addition, settlements of our convertible debt reduced fully diluted shares by 12 million.

我們向股東返還了超過100%的自由現金流。股票回購總額為 58 億美元，股利總額為 28 億美元。此外，我們可轉換債務的結算使完全稀釋後的股份減少了 1,200 萬股。

Shifting gears to our full year outlook. Our strategy is working. Our products are winning and our investments in data center growth are paying off. We are now forecasting the midpoint of the revenue range at $69.5 billion, up $2 billion versus our expectations in April. This represents a $4.5 billion increase versus the expectations we set in January. 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.

接下來，我們來展望一下全年情況。我們的策略奏效了。我們的產品正在取得成功，我們對資料中心發展的投資也正在獲得回報。我們現在預測營收範圍的中位數為 695 億美元，比我們 4 月的預期高出 20 億美元。這比我們1月設定的預期增加了45億美元。產品創新、強勁的全球經濟和美國稅收改革正在刺激資訊長對 IT 基礎設施的投資，從而導致資料中心需求增加和個人電腦市場規模擴大。

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

我們看到，供應可行性方面存在需求訊號，能夠滿足我們修訂後的預期。下半年我們面臨的最大挑戰將是滿足額外的需求，我們正在與客戶和工廠密切合作，做好準備，以免限制客戶的成長。

Data center growth is now expected to be approximately 20%, up from our April guidance of high teens. We now expect operating margin of approximately 32%, an increase of 1 point from April. We remain on track to our 30% spending goal, a full 2 years ahead of our original target.

資料中心成長率預計目前約為 20%，高於我們 4 月預測的 15% 以上。我們現在預計營業利潤率約為 32%，比 4 月成長 1 個百分點。我們仍按計畫達成30%的支出目標，比原定目標提早了整整兩年。

Gross margin is expected to be up slightly versus our April guidance on broad-based business strength. And we expect a full year tax rate of roughly 12.5%, down slightly from our prior estimate.

由於業務整體走強，預計毛利率將比我們4月份的預期略有上升。我們預計全年稅率約為 12.5%，略低於我們先前的估計。

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，我們預計營收成長強勁、營業利潤率提高以及需求增強將推動每股收益達到 4.15 美元，比我們 4 月的預測高出 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. And we are now expecting free cash flow of $15 billion, up $0.5 billion from April. And we expect free cash flow per share as a percentage of EPS to improve by more than 10 points over last year. We remain intensely focused on closing the gap between free cash flow and EPS and expect to make more progress next year.

為因應更強勁的需求，我們將資本支出總額增加 5 億美元至 150 億美元，扣除記憶體預付款後淨額為 130 億美元。我們現在預計自由現金流為 150 億美元，比 4 月增加了 5 億美元。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。我們將繼續全力以赴縮小自由現金流與每股盈餘之間的差距，並期待明年取得更大進展。

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

我們預測第三季營收範圍的中位數為 181 億美元，年增 12%。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了約 1 個百分點，支出下降了約 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.

我們也預期每股收益為 1.15 美元，成長 31%，不包括因營收成長強勁、支出減少和稅率降低而產生的股權調整。

Again, last week, we celebrated our 50th anniversary and reflected on the impact Intel and our ecosystem partners have had on the world. It has been nothing short of extraordinary. At the same time, we are even more excited about the role Intel will play in technology's future. We're laser-focused on Intel's opportunity, which is larger than it has ever been. Intel's inventiveness, architectural innovation, manufacturing expertise and intense drive have allowed the company to create and capitalize on opportunity over the long haul. 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. I'm very excited about what lies ahead for the company.

上週，我們再次慶祝了公司成立 50 週年，並回顧了英特爾及其生態系統合作夥伴對世界的影響。這簡直非比尋常。同時，我們對英特爾將在科技未來發展中扮演的角色感到更加興奮。我們正全力關注英特爾的機遇，而這個機會比以往任何時候都更大。英特爾的創造力、架構創新、製造技術專長和強烈的進取心，使公司能夠長期創造和利用機會。從DRAM的早期時代到第一代微處理器時代，從一場架構之爭到另一場架構之爭，從個人電腦到互聯網再到雲端運算，英特爾不斷發展壯大。我對公司未來的發展前景感到非常興奮。

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

那麼，接下來就交給馬克，我們來回答你的問題。謝謝。

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

好的。謝謝你，鮑伯。接下來進入問答環節。（操作說明）

Operator, please go and introduce our first questioner.

接線員，請介紹我們的第一位提問者。

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

（操作說明）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國銀行美林證券的維韋克·阿亞。

Bob, on 10-nanometer progress, any color on what you are doing. And systems you mentioned on shelves for second half '19, I assume that's mostly PC Client. Any sense to when we can think of timing for your server products on 10-nanometer also.

鮑勃，關於 10 奈米的進展，請用任何顏色來描述你正在做的事情。至於你提到的 2019 年下半年上架的系統，我猜主要是 PC 用戶端。您能否告知我們何時可以考慮將貴公司的伺服器產品也採用 10 奈米製程？

This is Murthy. I'll take that one. We continue to make progress on 10-nanometers. Yields are improving consistent with the time lines we shared in April. And yes, you're quite right. The systems on shelves that we expect in holiday '19 will be Client systems with Data Center products to follow shortly after.

這是穆爾蒂。我選那個。我們在 10 奈米製程方面持續取得進展。收益率正在按照我們四月公佈的時間表進行改善。沒錯，你說得完全正確。我們預計 2019 年假期季節上架的系統將是客戶端系統，資料中心產品隨後也將陸續推出。

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.

因此，我們在 10 奈米技術方面取得了良好進展，我們認為明年在客戶端和伺服器端推出的 14 奈米產品陣容將非常出色，我們相信隨著我們繼續擴大 10 奈米技術的產能，這些產品將提供一流的性能。

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. 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. And I have 2 questions on this one. 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? What's the most challenging dynamic or process? And then my second question is how do you think about the impact of this delay on your competitiveness? Where do you think it is going to hurt you the most?

關於 10 奈米技術的快速後續報導。當你——當我審視從現在到（聽不清楚）明年季節之間的時間線時，18 個月對於提高產量來說是一個非常長的時間。關於這一點，我有兩個問題。第一個問題是，您能否詳細介紹一下，為了提高產量，您需要解決的最具挑戰性的工藝方面是什麼？最具挑戰性的動態或過程是什麼？那麼我的第二個問題是，您認為這次延誤會對您的競爭力產生什麼影響？你覺得哪裡會帶給你最大的傷害？

So let me take that. 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. Recall that 10 nanometers strive for a very aggressive density improvement target beyond 14 nanometers, almost a 2.7x scaling. And really, the challenges that we're facing on 10 nanometers is delivering on all the revolutionary modules that ultimately deliver on that program. 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. 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. 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. 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.

那我就接手吧。我認為，當我們再次審視我們需要在 10 奈米尺度上做的事情時，讓我重溫一下我們在 4 月電話會議上分享的一些數據。回想一下，10 奈米的目標是在 14 奈米的基礎上實現非常激進的密度提升，幾乎是 2.7 倍的放大。實際上，我們在 10 奈米製程方面面臨的挑戰是交付所有最終實現該專案目標的革命性模組。雖然這方面存在風險，而且我們的時間表也出現了一定程度的延誤，但我們對 14 奈米路線圖的韌性感到非常滿意，在過去的幾年裡，隨著我們逐步推出 14 奈米產品，我們的產品性能已經提高了 70% 以上。展望 2019 年，無論是在客戶端還是資料中心領域，我們都對我們的 14 奈米專案的產品競爭力感到非常滿意。在某種程度上，這也影響了我們推出 10 奈米技術的時機，我們選擇在良率達到適合大量生產的水平時推出 10 奈米技術。因此，我認為在今年剩餘的時間裡以及 2019 年，14 奈米技術將繼續推動我們在客戶端和伺服器的所有產品組合中保持領先地位。

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約翰‧皮策。

Just relative to your data center expectations now for the full year, I'm just kind of curious what's been the biggest driver. You're kind of decelerating to mid-teens in the back half of the year, which is still very impressive. And I guess, as you talk about the question, maybe Navin can chime in. Once again, enterprise is much better than expected. And the 10% growth, I think, is what you referenced year-over-year in the June quarter. To what extent is that going to be more sustainable as you look into the second half of the year and into 2019?

就您目前對全年資料中心的預期而言，我很好奇最大的驅動因素是什麼。下半年你的成績有所下降，降到了十幾分，但這仍然非常令人印象深刻。我想，既然你在討論這個問題，也許納文可以插句話。企業表現再次遠超預期。我認為，您提到的 10% 的成長率，是指六月季度年增速。展望今年下半年以及2019年，這種趨勢在多大程度上會更具可持續性？

Yes, thanks, John, I'll start and then have Navin chime in. Q2 data center growth was outstanding. We kind of started -- when we talked to you back in April, we started the quarter out strong. The middle of the quarter was strong and the end of the quarter was strong. 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. As you know, Q4 last year was an outstanding year, so we had slightly tougher comps in the fourth quarter. But we're looking at real strong growth for the full year. And as I indicated earlier, the strength was across the board: cloud, up over 40%; comms services, up 30%. And specifically to your question, enterprise strength continues. 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. 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.

好的，謝謝約翰，我先開始，然後讓納文插話。第二季資料中心成長表現優異。我們算是開了個好頭——四月我們跟你談過的時候，我們這季開局很強勁。季度中期表現強勁，季末表現也強勁。資料中心營收成長 27%——我們對此感到非常滿意，並認為這種勢頭將延續到下半年。如您所知，去年第四季度業績非常出色，因此第四季度的同比數據略有上升。但我們預計全年將實現強勁成長。正如我之前提到的，各方面都表現強勁：雲端運算成長超過 40%；通訊服務成長 30%。具體來說，針對您的問題，企業實力依然強勁。不僅是銷量，Xeon Scalable 的發展軌跡和 Xeon Scalable 的採用速度也略微超過了我們的預期，這將推動 ASP 實現非常好的成長。所以上半年表現非常好，下半年前景強勁，但進入第四季後，比較基數會稍微高。

The only thing I'd add to that, John, is that the demand is broad-based across all the segments that Bob talked about. And it's also broad-based in terms of our product portfolio. Xeon Scalable, we launched about a year ago and it crossed over, getting close to crossing over at about 50% of our volumes. So a lot of room still to go on Xeon Scalable as we look forward. 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. And then our next-generation Xeon will begin to ramp in the early part of '19. 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.

約翰，我唯一要補充的是，鮑伯提到的所有細分市場都存在著廣泛的需求。而且，就我們的產品組合而言，它的基礎也很廣泛。Xeon Scalable是我們大約一年前推出的產品，它的使用量已經接近我們的50%左右。展望未來，Xeon Scalable 還有很大的發展空間。當我思考 Xeon Scalable 以外的產品組合時，你可能在本週的 Google Next 大會上看到，谷歌談到了採用 Optane 持久內存 DIMM，因此我們在下半年將迎來該產品組合。然後，我們的下一代至強處理器將於 2019 年初開始量產。因此，展望未來，宏觀經濟整體呈現成長態勢，各細分市場均實現成長，人們運用資訊科技來處理數據問題，再加上我們擁有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伯恩斯坦研究公司的史黛西·拉斯貢。

I guess, one question. I wanted to ask about gross margins. Your full year guide implies a very significant deceleration of gross margins in Q4, like 300 bps sequentially, down about 59%. Can you talk about what's driving that sequential decline from Q3 to Q4? And do those drivers sustain into 2019, for example, is it 10-nanometer or mix or whatever? Can you give us some color on what's going on there, please?

我想問一個問題。我想問一下毛利率的問題。您的全年業績指引暗示第四季毛利率將大幅下降，季減約 300 個基點，即下降約 59%。能否談談導致第三季到第四季環比下滑的原因？例如，這些驅動因素是否會延續到 2019 年？是 10 奈米製程、混合製程還是其他什麼製程？請您詳細介紹一下那裡的情況好嗎？

Yes. Thanks, Stacy. First, I think the first half to second half dynamics, we're looking at an operating margin improvement by 1.5 to 2 points. So we see good solid op margin growth first half to second half. 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. 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. When you look at -- implied in our guide for Q4, in particular, couple of things going on. 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. A, we haven't assumed the continued strong ASP performance that we've seen through the first half. We hope that turns to be conservative, but we'll see how that plays out. And then, lastly, to your point, and Murthy mentioned earlier, we're ramping up 10-nanometer to improve the yield. So that's going to weigh on gross margins for the fourth quarter as well. So all things equal, we feel good about op margin expansion. We're up 500 basis points in the quarter. 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. 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. And with that TAM, we see more and more opportunities to invest and grow, and that growth is driving improved earnings for the company. At the same time, some of that growth has lower gross margins. 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. 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.

是的。謝謝你，史黛西。首先，我認為從上半年到下半年的動態來看，我們預計營業利潤率將提高 1.5 到 2 個百分點。因此，我們看到上半年到下半年營業利潤率實現了穩健成長。動態因素在於毛利率，我們預期毛利率會略有下降，但相對穩定的消費基礎和良好的銷售槓桿作用將足以抵消這種影響。因此，毛利率小幅下滑的趨勢被支出槓桿作用推動營業收入改善所抵消，這是過去 6 到 8 個季度以來一直存在的趨勢，我們預計這種情況將持續到今年下半年。特別是從我們第四季的指南中可以看出，有幾件事正在發生。第一，隨著下半年的到來，數據機的成長速度加快；隨著下半年的到來，NSG 或記憶體的成長速度也加快。A，我們並沒有假設ASP會像上半年那樣持續維持強勁的勢頭。我們希望結果是保守的，但結果如何，我們拭目以待。最後，正如你剛才提到的，Murthy 也提到，我們正在加快 10 奈米製程的研發，以提高良率。因此，這也會對第四季的毛利率造成壓力。因此，在其他條件相同的情況下，我們對營業利潤率的擴張感到樂觀。本季我們上漲了500個基點。上半場到下半場我們會再領先幾個百分點，但第四季毛利率的波動會給我們帶來壓力，而支出將足以抵銷這些影響。進入 2019 年，我認為，憑藉我們過去幾年來的業務運作方式，我們已經大幅擴大了我們的目標市場規模。隨著TAM的擴大，我們看到了越來越多的投資和發展機會，而這種成長正在推動公司獲利的提高。同時，部分成長帶來的毛利率較低。但隨著 TAM 的擴大，在控制良好的支出基礎上實現了更高的收入成長，這增加了我們的營業收入和每股盈餘。因此，就公司營業收入而言，我們對 2018 年底和 2019 年末的現狀感到非常滿意。

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羅斯·西摩。

I want to go back to the DCG side of things. Obviously, the 27% year-over-year growth in 2Q is very impressive in both its magnitude and its breadth. 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. 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. 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.

我想回到DCG那邊去。顯然，第二季年增 27%，無論從規模還是廣度來看都非常令人印象深刻。但我收到了很多關於競爭的問題，而且這個問題還在不斷增加，無論是 x86 CPU 方面的直接競爭，還是來自加速器、FPGA 和 GPU 計算等更大 TAM 的間接競爭，等等。所以我不知道是穆爾蒂還是納文，但我很想聽聽你們是如何看待競爭的。如果已經將 10 奈米和 7 奈米製程的競爭排除在外，那麼請談談設計方面，您認為您可以在哪方面佔據市場份額，或者實際上可能會面臨一些壓力，以及總的來說，英特爾對我們從一些有抱負的新進入者那裡聽到的樂觀情緒作何反應。

Sure, I'll take that. It's Navin here. Look, we feel great about our competitive position. We came in to 2018 expecting a competitive environment. 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. And really, that reflects our investments that we've made over several years. 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. And our approach, really, has been to, over time, increasingly stitch all of those assets together to deliver a better solution for our customers. 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. So we are going to be aggressive in competing. We're going to have to go out and earn the business, just like we always have every day, every week, every month. 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. So we're set up for a great second half and another strong growth year as we head into 2019.

好的，我接受。我是納文。你看，我們對自身的競爭地位感到非常滿意。進入2018年，我們預料到會面臨競爭激烈的環境。在這種背景下，你們已經看到了我們在過去兩三個季度所取得的業績，這是我們連續第三個季度實現 20% 以上的成長。這確實反映了我們多年來的投資。我們制定了領先路線圖，不僅在 CPU 領域，而且正如您所指出的，在廣泛的其他矽晶片領域，從 ASIC 到 FPGA，再到矽光子學和記憶體。而我們的方法，實際上是隨著時間的推移，不斷將所有這些資產整合起來，為我們的客戶提供更好的解決方案。而這正是我們與所有競爭對手真正區別開來的地方，其他競爭對手可能擁有其中一種解決方案，但很少有人——事實上，沒有一家公司擁有我們一直在追求的如此廣泛的產品組合。所以我們將採取積極主動的競爭策略。我們必須像以往每天、每週、每月一樣，走出去，努力贏得生意。當我審視我們目前的路線圖，審視我們下半年的路線圖，審視我們 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。因此，我們已經為下半年的良好發展和2019年的強勁成長做好了準備。

The one thing I'd add, Ross, is on the accelerator side, particularly the FPGAs. 18% growth for FPGAs in the quarter, and as we mentioned earlier, real strong penetration in data center. So that growth has been fueled by 140% increase in PSG in the data center environment. 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. And that's resulted in both protection of CPUs, but expansion of share, and a much broader 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.

Ross，我還要補充一點，是關於加速器方面，特別是FPGA方面。本季度 FPGA 成長了 18%，正如我們之前提到的，在資料中心領域實現了非常強勁的滲透。因此，資料中心環境中的 PSG 成長 140% 推動了這一成長。所以我覺得，如果可以的話，納文在接管資料中心業務時，面臨著一個選擇：是保護我們龐大的微處理器市場份額，還是大幅擴大市場，既保護我們的市場份額，又參與到更大的市場中。而這正是他和他的團隊一直以來所關注的。這不僅保護了 CPU，也擴大了市場份額，並帶來了更廣泛的潛在市場。最後，我想再次強調，我們對團隊在擴大我們在資料中心和邊緣領域所扮演的角色方面所做的工作感到非常滿意。

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布萊恩‧柯蒂斯。

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.

我只想問你關於第 7 號項目的問題。你提到了第 10 號項目以及時間安排，我並不指望你能公佈第 7 號項目的具體日期。所以，也許你可以談談你從第 10 號計畫中學到了什麼，你是如何將這些經驗應用到第 7 號計畫中的，以及這方面的進展如何。

Sure, Blayne. So 7 is very much R&D in deep progress and we're making good progress on that development. We're not giving a direct time line right now. But we've also made some fairly judicious choices in defining 7, learning from our 10-nanometer experiences. And we're focusing on an optimum balance point between density, power and performance and schedule predictability. So I think what you'll see is a more balanced approach across those 3 vectors. 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. And we're really also focusing on being much more precise in our ability to launch. 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. And we're lining up to support our product plans as our road map dictates.

當然可以，布萊恩。所以，7 目前正處於深入研發階段，我們在這方面取得了良好的進展。我們目前不會給出具體的時間表。但我們也從 10 奈米的經驗中吸取教訓，在定義 7 奈米時做出了相當明智的選擇。我們致力於在密度、功率和性能以及進度可預測性之間找到最佳平衡點。所以我認為你會看到一種在這三個方面更加平衡的方法。因此，我們仍將繼續提高密度，但同時也要繼續專注於提高電晶體效能，這對於我們的客戶端和伺服器業務而言，都是非常重要的 ASP 驅動因素。而且，我們也在努力提高發射的精準度。所以，這些都是我們從第 10 版中學到的關鍵經驗教訓，也是我們進入第 7 版的關鍵經驗教訓。正如我們密切關注第 10 版進展一樣，我認為這些經驗教訓正在很好地融入我們的進展中。我們將按照產品路線圖的指示，全力支持我們的產品計劃。

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

我們的下一個問題來自瑞銀集團的 Timothy Arcuri。

I actually want to go back to the question about gross margins in Q4. 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. So I wondered if you could maybe segment out some of the pieces between 10-nanometer, between the modem and between ASP.

我其實想回到第四季毛利率的問題。我想看看能否將各個部分分開來看，因為看起來調變解調器這部分本身就可能造成 200 個基點的損失。所以我想知道，您是否可以把 10 奈米製程之間的部分、數據機部分和 ASP 部分分開來。

Yes. I presume by segment out, you mean quantify, and my answer's probably unfulfilling if that's the case. But I think you hit on the 3 things. And as we go into the -- as we enter the second half and the fourth quarter in particular, we see modem accelerating. 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. NSG growth accelerating. Going into the fourth quarter, those margins are a little bit lower. 10-nanometer ramping, and that will weigh on gross margins. And lastly, just our outlook for ASPs. ASP has been a significant contributor to our high gross margin performance over the last couple of quarters. Now we've assumed that it won't kind of stay at those levels. So those are the 4 components of segmentation. 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.

是的。我猜你說的“分割”是指“量化”，如果是這樣的話，我的回答可能無法滿足你的需求。但我認為你提到的三點都很有道理。隨著我們進入下半場，特別是第四節，我們看到調製解調器加速運轉。我們有一款很棒的產品，在調變解調器領域獲得了良好的市場反響，因此該產品的成長速度很快，但顯然其利潤率略低一些。核電廠成長加速。進入第四季度，這些利潤率略有下降。10奈米製程的快速推進將對毛利率造成影響。最後，我們來談談平均售價 (ASP) 的展望。在過去的幾個季度裡，平均售價 (ASP) 對我們維持高毛利率做出了重要貢獻。現在我們假設它不會一直保持在那些水平。以上就是分割的 4 個組成部分。然後，我再說說這種高成長，我們獲得了非常好的槓桿作用，預計隨著下半年的到來，我們的營業利潤率將會提高。

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. 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. Is that a Purley effect? And if so, do you sort of anniversary that and have less of an ASP increase going forward? Just how should I think about the price increase as you've seen there on average?

我想問一下，DCG，你們的平均售價增加了11%。我知道這其中有很多幹擾因素，但這大約是過去幾年平均值的兩倍。這是珀利效應嗎？如果是這樣，你們是否會以此為契機，在未來降低平均售價的漲幅？我該如何看待你所看到的平均價格上漲？

Yes, Joe. 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. All of them are buying our highest performance products. There's sort of this insatiable appetite for performance on all the workloads that they're looking at. Certainly, we did expect the transition to Purley to be accretive to us from an ASP point of view. But if I look at our broad portfolio of products, our ASPs look very good. And year-on-year, our ASPs look good in the other parts of our products as well, Broadwell, for example. So in general, we're just seeing an almost insatiable appetite for the best products, the highest-performing products that we have. I don't see that slowing down as I look forward.

是的，喬。實際上，我們今年看到的平均售價 (ASP) 的成長，很大程度上反映了我們客戶的整體發展趨勢。他們都在購買我們性能最高的產品。他們似乎對所有工作負載的效能都有一種永不滿足的渴望。當然，我們確實預期從平均售價 (ASP) 的角度來看，過渡到 Purley 會為我們帶來收益。但從我們廣泛的產品組合來看，我們的平均售價非常好。而且，我們產品的其他部分（例如 Broadwell）的平均售價也逐年增長良好。所以總的來說，我們看到消費者對我們最好的、性能最高的產品有著近乎永不滿足的需求。展望未來，我認為這種趨勢不會放緩。

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. Is that specific to Clients? Servers? And where is that coming from? And then, more importantly, does that open up another -- or a window for a competitor to wedge in and take some share from you?

我只是想回到您在下半場總結關於需求挑戰的演講時所發表的評論。那是專門針對客戶的嗎？伺服器?那這種想法從何而來？更重要的是，這是否會給競爭對手打開另一個機會之窗，讓他們有機可乘，並搶走你的一些市場份額？

Yes, when we started the year, our outlook for the year was $65 billion in revenue. And 6 months through the year, given strong demand across the board, actually, both servers and PCs. Real strong demand has raised our outlook by $4.5 billion for the year. So we feel very good about the demand signals we see at the $69.5 billion level. We feel very good about having the supply in place for that fairly significant demand increase. 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. 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. And our intent is to fill that demand along the way and not give others the opportunity to fill it for us.

是的，年初的時候，我們對全年營收的預期是 650 億美元。一年中有 6 個月，伺服器和 PC 的需求都非常強勁。強勁的實際需求使我們對今年的預期提高了45億美元。因此，我們對695億美元水準的需求訊號感到非常樂觀。我們對目前的供應能力感到非常滿意，足以應付這相當大的需求成長。現在，隨著我們進入下半年，如果需求持續成長（我認為今年前六個月的需求幾乎每個月都在成長），我們需要與我們的客戶和晶圓廠合作，以確保我們繼續擁有足夠的產能來滿足需求，即使需求超過 695 億美元。因此，我們正在與伺服器和 PC 方面的客戶群密切合作，並與我們的內部團隊密切合作，以確保我們不會成為下半年需求像上半年那樣持續成長的瓶頸。我們的目標是在過程中滿足這項需求，而不是給其他人機會來替我們滿足這項需求。

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克里斯·丹利。

Just a quick one on the DCG op margins. So Data Center rev was up sequentially, but the op margins were down. I think you talked about the 10-nanometer yield issues. Was that all that was going on there? And so essentially, our DCG operating margins kind of capped at this 49%-and-change level. What -- when are these 10-nanometer headwinds going to go away and reverse and start to become tailwinds?

簡單說一下DCG的營運利潤率。資料中心收入環比成長，但營業利潤率下降。我想你之前談到了 10 奈米製程的良率問題。在那裡就發生這些事了嗎？因此，我們的 DCG 營運利潤率基本上被限制在了 49% 多一點的水平。什麼？這些10奈米的逆風什麼時候才能消失、逆轉，變成順風？

Yes. So just maybe repeat, 27% top line growth and 65% operating income growth with an 11-point improvement in operating margins year-on-year. 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. We see real good growth opportunities and we continue to invest. So really good expansion in margin performance while continuing to invest. 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. That's relatively de minimis effect for the DCG business.

是的。所以，或許可以重複一次：營收成長 27%，營業收入成長 65%，營業利益率較去年同期成長 11 個百分點。正如納文所指出的，產品利潤率表現出色，尤其是平均售價表現強勁，我們的利潤率持續提高，而且我只想說，這並沒有以削減資料中心業務投資為代價。我們看到了非常好的成長機會，並將繼續投資。因此，在持續投資的同時，利潤率也實現了非常好的成長。就 10 奈米製程而言，情況就更糟了——同樣，由於客戶率先採用 10 奈米工藝，他們更能感受到 10 奈米製程對其利潤的影響。對於DCG業務而言，這幾乎可以忽略不計。

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

我們的下一個問題來自薩斯奎哈納的克里斯多福羅蘭家族。

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

Murthy，你其實已經在隨後的評論中回答了這個問題。但考慮到伺服器領域面臨的一些競爭威脅，你們是否考慮過在PC之後以比傳統方式更快的速度推出10奈米伺服器？

In general, we're going to see a much shorter ramp period between our products going forward in client and server. So yes, I think it's a good observation. 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. 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. So the traditional model of server following rather lengthily after client is probably going to become more sequential going forward.

總的來說，未來我們的客戶端和服務端產品之間的過渡期將會大大縮短。是的，我認為這是一個很好的觀察。但鑑於我們預計到 2018 年下半年客戶端系統將上市，您不應預期資料中心產品會延遲太久才推出。雖然比我們預期的10號產品略有延遲，但距離目標更近了，隨著我們採用後續技術，你應該會看到這種情況幾乎會改善到與發佈時完全一致。因此，伺服器在客戶端之後很長時間才會回應的傳統模式，未來可能會變得更加順序化。

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

下一個問題，我們請到了 Evercore 的 C.J. Muse 再次回答。

Sorry about the gap earlier. A question for you on your evolving manufacturing strategy. 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. So curious what the implications of such a move are to gross margins and capital intensity as we look ahead.

抱歉之前有空檔。關於貴公司不斷發展的生產製造策略，我有個問題想請教您。聽起來，我們不再是完全複製，而是進入了一個可以在同一家工廠同時生產 14 台和 10 台的世界。很好奇，展望未來，這種措施對毛利率和資本密集度會產生哪些影響。

Yes. 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. At the same time, the amount of reuse of equipment and tools from one node to the next is extremely high. 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. So in terms of implications on gross margin, I'd just say it's a function of product leadership and maintaining that product leadership. 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.

是的。顯然，我認為，坦白說，在過去的幾個節點中，每個節點的業務資本密集度並沒有——而是隨著時間的推移而增加。同時，節點間設備和工具的重複利用率非常高。因此，除了 10 到 7 的光刻製程（EUV 製程變化很大）之外，每個節點即使資本密集度更高，我們的重複使用率也相對較高，這樣我們就可以更長時間地利用這些工具。所以就對毛利率的影響而言，我認為這取決於產品領先地位以及保持這種領先地位的能力。Navin 談到客戶如何追求高效能，以及與高效能相關的平均售價如何使我們能夠繼續產生極具吸引力的毛利率，儘管隨著節點數量的增加，資本密集度也隨之增加。

I just wanted to add to Bob's perspective. 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. 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. 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. 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.

我只是想補充鮑伯的觀點。在我看來，我們真正的發展路線圖是，我們真正關注的是一代又一代地保持產品領先地位，這是系統層面的。雖然流程是此配方中非常重要的一部分，但其他成分也同樣重要，例如產品架構、矽設計和包裝。正如鮑伯所說，展望未來，毛利率最大化將來自於提供卓越的產品和服務來推動業績成長，因此，我們對所有相關因素都採取了非常平衡的看法。因此，您應該會在我們的未來發展路線圖中看到技術世代之間更長的重疊期，因為我們將努力確保，除了流程之外，我們還將技術領先地位的其他要素融入其中，這些要素將變得越來越明顯。

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. And as we look beyond fourth quarter, does modem gross margins improve? And is 10-nanometer less of a drag in the future? And can you kind of frame it, how long that would be?

從長遠來看，毛利率由以下 4 個部分組成。展望第四季之後，現代毛利率會改善嗎？未來10奈米的製程差距會更小嗎？你能大概估算一下，大概要花多久時間嗎？

Yes. 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. So we feel pretty good about where gross margin sits today. 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. But also as we migrate to a 5G world, we expect margins in the modem business to continue to improve. So yes, we expect modem profitability to improve. 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.

是的。我的意思是，首先，我們的毛利率表現一直非常強勁，達到了我們長期毛利率目標的上限。所以我們對目前的毛利率水準感到相當滿意。就調變解調器業務而言，是的，我們確實預計調變解調器業務的毛利率會有所提高，這得益於我們將在下半年開始出貨的 7560 產品。但隨著我們向 5G 世界邁進，我們預計調製解調器業務的利潤率將繼續提高。所以，是的，我們預計調製解調器的獲利能力將會提高。我們預計毛利率不會達到 60% 以上，但我們預計未來它將成為獲利表現的貢獻者。

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 公司的 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?

鑑於你們首次大規模生產非 x86 架構晶片，那麼對於你們最近很少討論的客製化代工業務而言，中期內的長期影響是什麼？

Yes. Again, while we haven't talked about it that much, the custom foundry aspects of our business still remain very particularly important to us. 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. 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. So custom products through a custom foundry relationship remain a strategically important part of our customer engagement portfolio.

是的。雖然我們沒有過多談論，但我們業務中的客製化鑄造方面仍然對我們來說非常重要。我們相信，隨著我們不斷探索以數據為中心的業務的成長和合作機會，與客戶共同開發客製化矽產品的能力將變得越來越重要。因此，展望未來，隨著我們與客戶關係的不斷發展，您可能會看到更多採用英特爾製程技術共同開發的產品，以便交付並與 Navin 所提及的產品組合進行互通。因此，透過與代工廠建立合作關係來客製化產品仍然是我們客戶互動組合中具有重要策略意義的一部分。

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

好的。感謝各位今天蒞臨。接線員，請結束通話。

Certainly. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

當然。感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。