英特爾 (INTC) 2019 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, ladies and gentlemen, and welcome to the First Quarter 2019 Intel Corporation Earnings Conference Call.

    女士們,先生們,美好的一天,歡迎參加 2019 年第一季度英特爾公司收益電話會議。

  • (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。

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

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

  • Please go ahead, sir.

    請繼續,先生。

  • Mark H. Henninger - VP of Finance and Director of IR

    Mark H. Henninger - VP of Finance and Director of IR

  • Thank you, operator, and welcome, everyone, to Intel's Second Quarter 2018 (sic) [First Quarter 2019] Earnings Conference Call.

    謝謝運營商,歡迎大家參加英特爾 2018 年第二季度(原文如此)[2019 年第一季度] 收益電話會議。

  • By now, you should have received a copy of our earnings release and the 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.

    在線加入我們的人也可以在網絡廣播窗口中獲得收益演示文稿。

  • I'm joined today by Bob Swan, our interim CEO and Chief Financial Officer; Murthy Renduchintala, Group President of the Technology, Systems Architecture and 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。

  • (technical difficulty)

    (技術難度)

  • We're having technical difficulties.

    我們遇到了技術難題。

  • Let me jump back in here.

    讓我跳回這裡。

  • I'm joined today by our CEO, Bob Swan; our CFO, George Davis; and in a moment, we'll hear brief remarks from both of them, followed by the Q&A.

    今天,我們的首席執行官 Bob Swan 加入了我的行列;我們的首席財務官喬治戴維斯;稍後,我們將聽到他們兩人的簡短髮言,然後是問答環節。

  • Before we begin, let me remind everyone that today's 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 GAAP and non-GAAP financial measures.

    簡要提醒一下,本季度,我們提供了 GAAP 和非 GAAP 財務指標。

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

    今天,當我們描述我們的綜合結果時,我們將談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。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Thanks, Mark.

    謝謝,馬克。

  • With the interim introduction, I thought on our outlook I was getting demoted already.

    隨著臨時介紹,我認為我們的前景我已經被降級了。

  • But look, coming off a record 2018, our top line results came in slightly higher than expectations, with upsides in the PC and IoT segments, offset by incremental NAND pricing weakness.

    但是看,在 2018 年創紀錄的情況下,我們的頂線業績略高於預期,PC 和物聯網領域的上行空間被 NAND 定價的疲軟所抵消。

  • Total revenue of $16.1 billion was flat year-over-year, as our PC-centric business grew 4% and our data-centric businesses were down 5%.

    161 億美元的總收入與去年同期持平,因為我們以 PC 為中心的業務增長了 4%,而以數據為中心的業務下降了 5%。

  • The team executed well, though underlying trends are concerning, and as a result, we've revised our expectations down for the full year.

    儘管潛在趨勢令人擔憂,但團隊執行良好,因此我們下調了全年的預期。

  • I'll give you some insight into the customer trends informing our outlook, but first, I'd like to take a few minutes to recap the progress we've made over the first quarter.

    我將讓您深入了解影響我們前景的客戶趨勢,但首先,我想花幾分鐘回顧一下我們在第一季度取得的進展。

  • It's been just under 3 months since I was honored with the best job in the world.

    距離我獲得世界上最好的工作不到 3 個月的時間。

  • At that time, I said that our leadership team would focus relentlessly on delivering for our customers to take advantage of the biggest opportunity in our company's history.

    當時,我說我們的領導團隊將不懈地專注於為我們的客戶提供服務,以利用我們公司歷史上最大的機會。

  • We're making important progress by intensifying our focus in 3 key areas: expanding our TAM, accelerating innovation and improving our execution while evolving our culture.

    通過加強對 3 個關鍵領域的關注,我們正在取得重要進展:擴大 TAM、加速創新和提高執行力,同時發展我們的文化。

  • I'd like to spend a few minutes talking about our philosophy and progress in each of those areas.

    我想花幾分鐘談談我們在這些領域的理念和進展。

  • First, expanding our TAM.

    首先,擴展我們的 TAM。

  • We are transforming from a PC-centric company to a data-centric company, and our ambitions are bigger than they've ever been.

    我們正在從一家以 PC 為中心的公司轉變為一家以數據為中心的公司,我們的野心比以往任何時候都更大。

  • Our aim is to identify and capitalize on key technology inflections that set us up to play a larger role in our customers' success while improving returns for our owners.

    我們的目標是識別和利用關鍵技術變化,這些變化使我們能夠在客戶的成功中發揮更大的作用,同時提高我們所有者的回報。

  • You can see the impact of this approach in our Q1 execution.

    您可以在我們的第一季度執行中看到這種方法的影響。

  • For example, our first-ever data-centric portfolio launch marked an important milestone in our efforts to capitalize on the AI opportunity and undisputed technology inflection.

    例如,我們首次推出以數據為中心的產品組合標誌著我們努力利用人工智能機會和無可爭議的技術變化的一個重要里程碑。

  • Our new second-generation Xeon Scalable is the only processor in the industry with built-in artificial intelligence acceleration.

    我們全新的第二代 Xeon Scalable 是業內唯一一款內置人工智能加速的處理器。

  • Not only did we deliver a 14x generation-over-generation performance improvement, but we also showed CPU performance beating GPU performance on major AI workloads like recommendation engines.

    我們不僅將性能提高了 14 倍,而且我們還展示了 CPU 性能在推薦引擎等主要 AI 工作負載上超過了 GPU 性能。

  • And we worked closely with the software industry ahead of the launch to deliver a great out-of-the-box experience for customers like Siemens.

    在發布之前,我們與軟件行業密切合作,為西門子等客戶提供出色的開箱即用體驗。

  • They're collaborating with us on a breakthrough AI-based cardiac MRI model.

    他們正在與我們合作開發基於人工智能的突破性心臟 MRI 模型。

  • This application has the potential to provide real-time diagnosis using the DL Boost technology in our newest Xeon Scalable processor.

    該應用程序有可能使用我們最新的 Xeon 可擴展處理器中的 DL Boost 技術提供實時診斷。

  • Another TAM-expanding business that continues to gain traction is Mobileye, with 8 new global ADAS designs in the first quarter alone, including our first win in India.

    另一個繼續獲得牽引力的 TAM 擴展業務是 Mobileye,僅在第一季度就有 8 個新的全球 ADAS 設計,包括我們在印度的首次勝利。

  • Mobileye's real-time crowd-sourced mapping technology, Road Experience Management or REM, continues to build momentum with a major North American automaker adopting this breakthrough data-centric capability.

    Mobileye 的實時眾包地圖技術道路體驗管理或 REM 繼續與一家北美主要汽車製造商採用這種突破性的以數據為中心的能力建立勢頭。

  • Autonomous driving is a technology inflection that we're ready to lead.

    自動駕駛是我們準備好引領的技術轉折點。

  • 2019 will be a foundational year for another disruptive technology, 5G.

    2019 年將是另一項顛覆性技術 5G 的基礎之年。

  • As you know, we recently sharpened our 5G focus.

    如您所知,我們最近加強了對 5G 的關注。

  • When it became apparent that we don't have a clear path to profitability in 5G smartphone modems, we acted.

    當我們在 5G 智能手機調製解調器方面沒有明確的盈利途徑變得明顯時,我們採取了行動。

  • We are now winding down that business and conducting a strategic assessment of 5G modems for the PC and IoT sectors while continuing to meet our current 4G customer commitments.

    我們現在正在結束這項業務,並對 PC 和物聯網領域的 5G 調製解調器進行戰略評估,同時繼續履行我們當前的 4G 客戶承諾。

  • By acting now, we focus our 5G efforts on the transformation of the wireless network and edge infrastructure, where we have a clear technology advantage, market share to win and a strategic role to play with customers.

    通過現在採取行動,我們將 5G 工作重點放在無線網絡和邊緣基礎設施的轉型上,在這方面我們擁有明顯的技術優勢、贏得市場份額以及與客戶扮演的戰略角色。

  • At Mobile World Congress, we demonstrated a range of 5G products under development, including the 5G-ready N3000 FPGA acceleration card and the new 10-nanometer-based Snow Ridge network SoC for use in 5G base stations.

    在世界移動通信大會上,我們展示了一系列正在開發的 5G 產品,包括支持 5G 的 N3000 FPGA 加速卡和用於 5G 基站的新型 10 納米 Snow Ridge 網絡 SoC。

  • As networks cloudify, Intel is in a great position to win in this base station segment, where we expect to grow to 40% market segment share by 2022.

    隨著網絡雲化,英特爾在這個基站領域處於有利地位,我們預計到 2022 年該領域的市場份額將增長到 40%。

  • The vast majority of the 5G market opportunity and profit is in the transformation of network and edge infrastructure, where we are now laser focused.

    絕大多數 5G 市場機會和利潤都來自網絡和邊緣基礎設施的轉型,我們現在專注於這些領域。

  • Next, accelerating innovation.

    其次,加快創新。

  • Successfully competing in a bigger TAM requires a broad range of products and technologies.

    在更大的 TAM 中成功競爭需要廣泛的產品和技術。

  • Only Intel has the breadth of IP to deliver leadership products across increasingly diverse workloads for the data-centric era.

    只有英特爾擁有廣泛的 IP,可以在以數據為中心的時代為日益多樣化的工作負載提供領先的產品。

  • Harnessing data for discovery, invention and business value is not a one-size-fits-all computing challenge.

    利用數據進行發現、發明和商業價值並不是一刀切的計算挑戰。

  • That's why we are investing in 6 important pillars of innovation: process technology, architecture, memory, interconnect, security features and software.

    這就是我們投資 6 個重要創新支柱的原因:工藝技術、架構、內存、互連、安全功能和軟件。

  • Already this year, we've introduced incredible examples of this approach to innovation across the business.

    今年,我們已經在整個企業中介紹了這種創新方法的令人難以置信的例子。

  • Let me take a minute to talk about a few.

    讓我花點時間談一些。

  • We are currently architecting what we expect will be the United States' first exascale supercomputer for the U.S. Department of Energy's Argonne National Laboratory.

    我們目前正在為美國能源部的阿貢國家實驗室設計我們預期的美國第一台百億億級超級計算機。

  • This supercomputer, called Aurora, will be delivered in 2021 and powered by Intel technologies designed specifically for the convergence of artificial intelligence and high-performance computing.

    這台名為 Aurora 的超級計算機將於 2021 年交付,並採用專為人工智能和高性能計算融合而設計的英特爾技術。

  • These include a future generation of the Intel Xeon Scalable processor, Intel's Xe compute architecture, a future generation of Optane persistent memory and Intel's One API software.

    其中包括下一代英特爾至強可擴展處理器、英特爾 Xe 計算架構、下一代傲騰持久內存和英特爾 One API 軟件。

  • It's a great example of how our data-centric products architected together can deliver technology breakthroughs for our customers.

    這是一個很好的例子,說明我們以數據為中心的產品如何構建在一起,可以為我們的客戶帶來技術突破。

  • We are also accelerating innovation in our PC-centric business.

    我們還在以 PC 為中心的業務中加速創新。

  • For example, our team is hard at work with our OEM customers to define and deliver a stunning new class of next-generation laptops.

    例如,我們的團隊正在與我們的 OEM 客戶一起努力定義和交付令人驚嘆的新一代筆記本電腦。

  • We call this Project Athena, and the first of these sleek, beautiful designs are coming in the second half of 2019.

    我們將此稱為雅典娜計劃,這些時尚、精美的設計中的第一個將於 2019 年下半年推出。

  • And just this week, we launched the most powerful generation of Intel Core mobile processors ever, designed for gamers and content creators.

    就在本週,我們推出了有史以來最強大的一代英特爾酷睿移動處理器,專為遊戲玩家和內容創作者而設計。

  • On the process technology front, our teams executed well in Q1 and our velocity is increasing.

    在工藝技術方面,我們的團隊在第一季度表現良好,而且我們的速度正在提高。

  • We remain on track to have volume client systems on shelves for the holiday selling season.

    我們仍有望在假日銷售季節上架批量客戶端系統。

  • And over the past 4 months, the organization drove a nearly 2x improvement in the rate at which 10-nanometer products moved through our factories.

    在過去的 4 個月中,該組織推動 10 納米產品通過我們工廠的速度提高了近 2 倍。

  • Finally, execution and culture.

    最後,執行力和文化。

  • This is about concentrating our resources on the vital few programs that will have an impact on our customers' success and our owners' return, rather than the trivial many.

    這是關於將我們的資源集中在對我們客戶的成功和我們所有者的回報產生影響的少數幾個重要項目上,而不是一些瑣碎的項目上。

  • Over the last couple of years, that focus has resulted in exiting McAfee and wearables business, shutting down Saffron and divesting Wind River.

    在過去的幾年裡,這種關注導致了邁克菲和可穿戴設備業務的退出,關閉了 Saffron 並剝離了 Wind River。

  • And our spending as a percentage of revenue has gone from approximately 36% to about 30% this quarter.

    本季度,我們的支出佔收入的百分比從大約 36% 上升到大約 30%。

  • It has allowed us to invest more of our resources, and just as importantly, our collective attention and focus, where it really counts.

    它使我們能夠投入更多的資源,同樣重要的是,我們的集體注意力和專注力才是真正重要的。

  • By doing fewer things, we'll execute better at the things that matter most.

    通過做更少的事情,我們將在最重要的事情上執行得更好。

  • Specific areas where we need to improve execution include meeting customer demand and delivering on our 10-nanometer lineup of products, and we are making progress.

    我們需要改進執行的具體領域包括滿足客戶需求和交付我們的 10 納米產品陣容,我們正在取得進展。

  • Our supply constraints have had a disruptive impact on our customers and ecosystem.

    我們的供應限制對我們的客戶和生態系統產生了破壞性影響。

  • We've committed never again to be a constraint on our customers' growth.

    我們承諾不再成為客戶成長的製約因素。

  • We've increased capacity to improve our position in the second half, although product mix will continue to be a challenge in the third quarter as our teams align available supply with customer demand.

    我們增加了產能以在下半年改善我們的地位,儘管隨著我們的團隊將可用供應與客戶需求保持一致,產品組合在第三季度仍將是一個挑戰。

  • As I shared earlier, our confidence in 10-nanometer is also improving.

    正如我之前分享的,我們對 10 納米的信心也在提高。

  • In addition to the manufacturing velocity improvement I described earlier, we expect to qualify our first volume 10-nanometer product, Icelake, this quarter and are increasing our 10-nanometer volume goals for the year.

    除了我之前描述的製造速度提高之外,我們希望在本季度獲得第一批 10 納米產品 Icelake 的資格,並提高我們今年的 10 納米產量目標。

  • I'll shift now to our full year outlook.

    我現在將轉向我們的全年展望。

  • Going forward, George will deliver our forecast.

    展望未來,喬治將提供我們的預測。

  • But given this is his third week with us, I'll share my thoughts on our full year reset and he'll review our first quarter results and second quarter guide.

    但鑑於這是他與我們在一起的第三週,我將分享我對全年重置的想法,他將審查我們的第一季度業績和第二季度指南。

  • Our conversations with customers and partners across our PC and data-centric businesses over the past couple of months have made several trends clear.

    在過去的幾個月裡,我們與 PC 和以數據為中心的業務中的客戶和合作夥伴的對話清楚地表明了幾個趨勢。

  • The decline in memory pricing has intensified.

    內存定價的下降加劇了。

  • The data center inventory and capacity digestion that we described in January is more pronounced than we expected, and China headwinds have increased, leading to a more cautious IT spending environment.

    我們在 1 月份描述的數據中心庫存和容量消化比我們預期的更為明顯,而且中國逆風有所增加,導致 IT 支出環境更加謹慎。

  • And yet those same customer conversations reinforce our confidence that demand will improve in the second half.

    然而,這些相同的客戶對話增強了我們對下半年需求將改善的信心。

  • So we've reassessed our '19 expectations based on the challenges we're seeing.

    因此,我們根據我們所看到的挑戰重新評估了 19 年的期望。

  • Our full year outlook is now $69 billion in revenue, down 3% year-over-year and down approximately $2.5 billion from our previous estimate.

    我們現在的全年收入展望為 690 億美元,同比下降 3%,比我們之前的估計下降約 25 億美元。

  • Given the magnitude of change, we'll be somewhat more granular in explaining the drivers.

    鑑於變化的幅度,我們將在解釋驅動因素時更加細緻。

  • We now see data-centric revenue down low single digits year-over-year, with DCG down mid-single digits year-over-year off a tough compare, continued China weakness and inventory and capacity absorption.

    我們現在看到以數據為中心的收入同比下降低個位數,DCG 同比下降中個位數,這是一個艱難的比較,中國持續疲軟以及庫存和產能吸收。

  • We are also anticipating an incrementally more challenging NAND pricing environment.

    我們還預計 NAND 定價環境將面臨越來越多的挑戰。

  • Our PC-centric forecast remains unchanged at low single digits.

    我們以 PC 為中心的預測保持在低個位數不變。

  • We are forecasting operating margin to be 32%, down approximately 3 points year-over-year and down approximately 2 points from our previous guide.

    我們預測營業利潤率為 32%,同比下降約 3 個百分點,比我們之前的指南下降約 2 個百分點。

  • This outlook reflects lower full year revenue and a year-over-year decline in gross margins as a result of the 10-nanometer ramp and NAND pricing.

    這一前景反映了由於 10 納米斜坡和 NAND 定價導致全年收入下降和毛利率同比下降。

  • We continue to see good discipline on spending and expect our exit from the 5G smartphone modem segment, annualized in 2018 spending actions, and incremental spending efficiencies to reduce OpEx by approximately $1 billion year-over-year, partially offsetting the impact of lower gross margin.

    我們繼續看到良好的支出紀律,並預計我們將退出 5G 智能手機調製解調器領域,在 2018 年的支出行動中按年計算,並增加支出效率,使 OpEx 同比減少約 10 億美元,部分抵消毛利率下降的影響.

  • We now forecast full year EPS at $4.35 per share, down approximately 5% year-over-year and $0.25 from our previous guide.

    我們現在預測全年每股收益為 4.35 美元,同比下降約 5%,比我們之前的指南下降 0.25 美元。

  • We now expect our full year tax rate to be 12%, up 1 point year-over-year and down 1.5 points versus our prior guide, largely as a result of lower pretax income.

    我們現在預計我們的全年稅率為 12%,同比上升 1 個百分點,與我們之前的指南相比下降 1.5 個百分點,這主要是由於稅前收入較低。

  • Before I hand the call over to George, I'd like to welcome him as Intel's new CFO.

    在我把電話交給喬治之前,我想歡迎他成為英特爾的新首席財務官。

  • I've known George for a long time from his CFO days at Applied Materials while I was a board member.

    在我擔任董事會成員期間,我在應用材料公司擔任首席財務官時,我就認識 George 很長時間了。

  • He brings deep industry knowledge from prior roles.

    他從以前的角色中獲得了深厚的行業知識。

  • He's a true team player and he cares deeply about people development and diversity.

    他是一個真正的團隊合作者,他非常關心人的發展和多樣性。

  • George will review our first quarter financials and second quarter guide, then we'll get to your questions.

    George 將審查我們的第一季度財務和第二季度指南,然後我們將回答您的問題。

  • George?

    喬治?

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • Thanks, Bob, and good afternoon, everyone.

    謝謝,鮑勃,大家下午好。

  • I'm delighted to be at Intel and look forward to regularly engaging with our key stakeholders.

    我很高興加入英特爾,並期待與我們的主要利益相關者定期交流。

  • Revenue for our first quarter came in at $16.1 billion, flat year-on-year and slightly higher than our guide.

    我們第一季度的收入為 161 億美元,與去年同期持平,略高於我們的指引。

  • Data-centric revenue was $7.5 billion, down 5%; and PC-centric revenue was $8.6 billion, up 4% year-on-year.

    以數據為中心的收入為 75 億美元,下降 5%;以 PC 為中心的收入為 86 億美元,同比增長 4%。

  • Q1 operating margin was 28%, down 2 points due to cost of our 10-nanometer ramp and NAND reserves, partially offset by platform ASP strength as supply constraints at the low end in CCG led to an especially rich mix as well as lower spending overall.

    第一季度營業利潤率為 28%,由於我們的 10 納米斜坡和 NAND 儲備的成本下降了 2 個百分點,部分被平台 ASP 實力所抵消,因為 CCG 低端的供應限制導致了特別豐富的組合以及整體支出的降低.

  • Q1 EPS came in at $0.89, up 2% versus the prior year and $0.02 over what we guided for the quarter.

    第一季度每股收益為 0.89 美元,比去年同期增長 2%,比我們本季度的指導值高 0.02 美元。

  • Year-to-date, we have generated $1.6 billion of free cash flow; returned $3.9 billion to shareholders, including dividends of $1.4 billion; and repurchased approximately 49 million shares.

    年初至今,我們已經產生了 16 億美元的自由現金流;向股東返還 39 億美元,包括 14 億美元的股息;並回購了約4900萬股。

  • We are pleased with the team's focused execution for the quarter.

    我們對團隊在本季度的集中執行感到滿意。

  • We anticipated a challenging start to 2019, and that's what we have encountered.

    我們預計 2019 年的開端會充滿挑戰,而這正是我們所遇到的。

  • We also knew that the timing of our 10-nanometer ramp would pressure margins in the first quarter.

    我們還知道,我們 10 納米斜坡的時機將在第一季度給利潤率帶來壓力。

  • And while we continue to make progress on the road map, that pressure remains a factor.

    雖然我們繼續在路線圖上取得進展,但這種壓力仍然是一個因素。

  • We see customers becoming more cautious in their buying patterns, with the most acute deceleration happening in China.

    我們看到客戶的購買方式變得更加謹慎,其中中國出現了最嚴重的減速。

  • Demand pressure is particularly evident in our data center business, where we are seeing a continuing inventory correction in enterprise and comms and capacity digestion among cloud service providers who ramped consumption strongly in 2018.

    需求壓力在我們的數據中心業務中尤為明顯,我們看到企業和通信的庫存持續調整,以及雲服務提供商在 2018 年大幅增加消費的能力消化。

  • Non-GAAP EPS was up 2% year-over-year driven by strength in our client and IoT ASPs, lower spending, lower shares outstanding and the McAfee dividend received in the quarter.

    非 GAAP 每股收益同比增長 2%,這是由於我們的客戶和物聯網 ASP 的實力、支出減少、流通股減少以及本季度收到的邁克菲股息。

  • Offsetting factors were continued NAND pricing pressure, 10-nanometer ramp cost and weak enterprise and government data center demand.

    抵消因素是持續的 NAND 定價壓力、10 納米斜坡成本以及疲軟的企業和政府數據中心需求。

  • Our tax rate came in at 12.5%, up almost 1 point year-over-year due to nonrecurring benefits in Q1 of 2018.

    由於 2018 年第一季度的非經常性福利,我們的稅率為 12.5%,同比增長近 1 個百分點。

  • We continue to improve our operating efficiency year-over-year from 32.4% to 30.3% spending as a percent of revenue.

    我們繼續將運營效率從 32.4% 提高到 30.3%,佔收入的百分比。

  • Total spending was down 7% year-over-year in the quarter as we drove efficiencies in our SG&A spending and kept R&D spending flat compared to the prior year.

    本季度總支出同比下降 7%,因為我們提高了 SG&A 支出的效率,並使研發支出與上一年相比持平。

  • Within that overall flat R&D spend, we are making thoughtful trade-offs so that we can amplify the investments into key priorities to grow the business.

    在總體持平的研發支出中,我們正在做出深思熟慮的權衡,以便我們可以將投資擴大到關鍵優先事項以發展業務。

  • This has resulted in more investment in 10-nanometer and 7-nanometer process technology and accelerating road maps in DCG and CCG and in key growth areas like autonomous driving, AI and 5G network infrastructure.

    這導致了對 10 納米和 7 納米工藝技術的更多投資,並加快了 DCG 和 CCG 以及自動駕駛、人工智能和 5G 網絡基礎設施等關鍵增長領域的路線圖。

  • Let me now break down our performance by segment.

    現在讓我按部分細分我們的表現。

  • Our Data Center Group ended the quarter with revenue of $4.9 billion, down 6% from the prior year and 19% sequentially within our expected range of sequential decline, given the headwinds we noted last quarter.

    鑑於我們上季度注意到的不利因素,我們的數據中心集團在本季度末的收入為 49 億美元,比上年下降 6%,環比下降 19%,在我們預期的環比下降範圍內。

  • Against the challenging year-over-year compare, platform units were down 8%.

    與具有挑戰性的同比比較相比,平台單位下降了 8%。

  • We saw record Xeon ASPs as customers continue to select high-performance products.

    隨著客戶繼續選擇高性能產品,我們看到了創紀錄的 Xeon ASP。

  • We also saw a strong ramp of network SoCs, resulting in moderation of our blended platform ASP.

    我們還看到網絡 SoC 的強勁增長,導致我們的混合平台 ASP 適度。

  • Non-CPU adjacencies were up 2% driven by strength in network ASICs and silicon photonics.

    在網絡 ASIC 和矽光子學實力的推動下,非 CPU 鄰接增加了 2%。

  • Cloud revenue grew 5% year-over-year in the first quarter as cloud service providers absorbed capacity put in place in 2018.

    由於雲服務提供商吸收了 2018 年到位的容量,第一季度雲收入同比增長 5%。

  • Enterprise and government revenue declined by 21%, and comms service provider revenue declined 4% year-over-year in the first quarter as both enterprise and comms customers worked through inventory and China demand weakened.

    第一季度企業和政府收入下降了 21%,通信服務提供商收入同比下降 4%,原因是企業和通信客戶都在通過庫存工作以及中國需求減弱。

  • Overall, our data-centric businesses were flat year-over-year.

    總體而言,我們以數據為中心的業務同比持平。

  • Our IoT businesses saw 19% revenue growth adjusted for Wind River and operating income growth of 11% year-on-year due to a mix shift to higher core products in the quarter, with the growth of compute-intensive applications like AI and computer vision.

    由於本季度向更高核心產品的混合轉變,以及人工智能和計算機視覺等計算密集型應用的增長,我們的物聯網業務根據風河調整後的收入增長 19%,營業收入同比增長 11% .

  • Mobileye had record revenue, up 38% due to an extended -- expanded product portfolio and customer base.

    由於產品組合和客戶群的擴展,Mobileye 的收入增長了 38%,創歷史新高。

  • Our memory business was down 12% due to continued NAND pricing pressures, offset by NAND data center and client bit growth.

    由於持續的 NAND 定價壓力,我們的內存業務下降了 12%,但被 NAND 數據中心和客戶端位的增長所抵消。

  • Operating income for this group is down driven by NAND ASP deterioration and demand softness, resulting in inventory revaluations.

    該集團的營業收入因 NAND ASP 惡化和需求疲軟而下降,導致庫存重估。

  • The PSG group declined 2% year-on-year due to weakness in cloud and enterprise, partially offset by strength in wireless and advanced node products.

    由於雲和企業業務疲軟,PSG 集團同比下降 2%,部分被無線和高級節點產品的實力所抵消。

  • The Client Computing Group showed continued growth, with revenue up 4% year-over-year.

    客戶端計算集團表現出持續增長,收入同比增長 4%。

  • Platform revenue was up 3% driven by strength in large commercial and gaming.

    受大型商業和遊戲實力的推動,平台收入增長了 3%。

  • Modem drove the majority of strength in the adjacencies, resulting in a 26% increase over the prior year.

    調製解調器推動了相鄰區域的大部分強度,比上一年增加了 26%。

  • We have added supply capacity and continue working closely with our customers to align our available supply to their demand.

    我們增加了供應能力,並繼續與客戶密切合作,以使我們的可用供應滿足他們的需求。

  • However, supply of our PC processors and chipsets remains tight, particularly for our small core products as we prioritize big core.

    然而,我們的 PC 處理器和芯片組的供應仍然緊張,特別是對於我們的小核心產品,因為我們優先考慮大核心。

  • We saw strong ASP growth in desktop and notebook in part due to the small core constraints, but also on strong performance in gaming.

    我們看到台式機和筆記本電腦的 ASP 強勁增長,部分原因是核心限制較小,但也得益於遊戲的強勁表現。

  • Constraints were also responsible for the year-over-year decline in volume.

    限制因素也是銷量同比下降的原因。

  • This quarter, we generated $5 billion in operating cash flow, and we invested $3.3 billion to expand our 14-nanometer capacity and ramp 10-nanometer.

    本季度,我們產生了 50 億美元的運營現金流,我們投資了 33 億美元來擴大我們的 14 納米產能和 10 納米產能。

  • We raised the dividend by 5% and repurchased 49 million shares.

    我們將股息提高了 5%,並回購了 4900 萬股。

  • Let me wrap up with our Q2 outlook.

    讓我總結一下我們的第二季度展望。

  • We expect Q2 revenue to be $15.6 billion, down 8% year-over-year.

    我們預計第二季度收入為 156 億美元,同比下降 8%。

  • Our data-centric businesses are expected to decline in the high single digits year-over-year as memory pricing declines weigh on our NAND business and DCG customers continue to consume inventory and absorb capacity.

    由於內存價格下降對我們的 NAND 業務造成壓力,並且 DCG 客戶繼續消耗庫存和吸收產能,我們以數據為中心的業務預計將同比下降高個位數。

  • We expect DCG to be approximately flat sequentially.

    我們預計 DCG 將依次大致持平。

  • The PC-centric segment is expected to decline in the high single digits on declining PC ASPs on a relative mix of more small core units.

    由於更多小型核心單元的相對組合,PC ASP 下降,預計以 PC 為中心的細分市場將以高個位數下降。

  • Operating margin in Q2 is expected to be 29%, down 4 points year-over-year on lower platform revenue, the 4G modem ramp and NAND pricing.

    第二季度的營業利潤率預計為 29%,同比下降 4 個百分點,原因是平台收入下降、4G 調製解調器增長和 NAND 定價。

  • We forecast earnings per share of $0.89, flat sequentially and down $0.15 year-over-year.

    我們預計每股收益為 0.89 美元,環比持平,同比下降 0.15 美元。

  • We expect the non-GAAP tax rate in the quarter to be 11.5%.

    我們預計本季度的非公認會計原則稅率為 11.5%。

  • I will conclude here and turn the call back to Mark.

    我將在這裡結束並將電話轉回馬克。

  • Mark H. Henninger - VP of Finance and Director of IR

    Mark H. Henninger - VP of Finance and Director of IR

  • Great.

    偉大的。

  • Thank you, George.

    謝謝你,喬治。

  • After that eventful start to the call, we'll now move on to the Q&A.

    在電話會議開始之後,我們現在將繼續進行問答。

  • (Operator Instructions) Operator, please go ahead and introduce our first caller.

    (操作員說明)接線員,請繼續介紹我們的第一個來電者。

  • Operator

    Operator

  • Certainly.

    當然。

  • Our first question comes from the line of Joe Moore from Morgan Stanley.

    我們的第一個問題來自摩根士丹利的 Joe Moore。

  • Our next question comes from the line of Aaron Rakers.

    我們的下一個問題來自 Aaron Rakers。

  • Aaron Christopher Rakers - MD of IT Hardware & Networking Equipment and Senior Analyst

    Aaron Christopher Rakers - MD of IT Hardware & Networking Equipment and Senior Analyst

  • Yes, as we think about the gross margin trajectory through the course of the year, I'm wondering if you could help us understand the delta between the impact of 10-nanometer ramping relative to kind of the impact that you're seeing.

    是的,當我們考慮全年的毛利率軌跡時,我想知道您是否可以幫助我們了解 10 納米斜坡的影響與您所看到的影響之間的差異。

  • It seems like it's going to persist, related to NAND flash.

    似乎它會持續存在,與 NAND 閃存有關。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes, it's lots of movement going on in the gross margin line.

    是的,毛利率線發生了很多變化。

  • I'd start by saying implied in our guide for the first half is roughly 60%, so it implies a little increase off of Q1.

    我首先要說上半年我們的指南中暗示的大約是 60%,因此這意味著第一季度略有增加。

  • And our implied guide then for full year is almost 60%.

    我們全年的隱含指導幾乎是 60%。

  • So through all the ups and downs, there's going to be quite a bit of consistency.

    因此,通過所有的起起落落,會有相當多的一致性。

  • That being said, the Q1 will likely be the lowest, because as I indicated in my prepared remarks, that we're going to -- we intend to qualify the 10-nanometer part in the second quarter.

    話雖如此,第一季度可能是最低的,因為正如我在準備好的評論中所指出的那樣,我們將——我們打算在第二季度對 10 納米部件進行認證。

  • So what that means is in the first quarter, all of our 10-nanometer cost is flowing through cost of sales.

    所以這意味著在第一季度,我們所有的 10 納米成本都流經銷售成本。

  • When we qualify, it goes on the balance sheet.

    當我們符合條件時,它就會出現在資產負債表上。

  • And then when we sell those previously reserved units in the third quarter, those units go out with no cost.

    然後,當我們在第三季度出售那些先前保留的單位時,這些單位會免費出售。

  • So the dynamics imply low Q1 and a much stronger Q3, but through it all, fairly stable at roughly 60% level.

    因此,動態意味著 Q1 較低且 Q3 更強勁,但總體而言,相當穩定在大約 60% 的水平。

  • On the year-on-year decline, obviously, the NSD -- sorry, NSG pricing is having a real impact on us.

    顯然,在同比下降方面,NSD - 抱歉,NSG 定價對我們產生了真正的影響。

  • We expect NSG for the year to be down roughly 10% almost, and that is primarily driven by significant change in pricing dynamics during the course of the year.

    我們預計今年 NSG 將下降約 10%,這主要是由於年內定價動態的重大變化。

  • So that'll be a headwind for us throughout the year.

    所以這將是我們全年的逆風。

  • Aaron, sorry, I should probably add something, Mark.

    亞倫,對不起,我可能應該補充一些東西,馬克。

  • The one last thing is, as we indicated, we expect to have systems on shelf in the fourth quarter or for holiday season, so -- and that given the progress we've made on 10, we're going to be shifting more units in the fourth quarter than we previously anticipated.

    最後一件事是,正如我們所指出的,我們希望在第四季度或假期期間有系統上架,所以 - 鑑於我們在 10 上取得的進展,我們將轉移更多單位第四季度超出了我們之前的預期。

  • So all else equal, that implies Q4 would a little bit lower than the full year guide.

    因此,在其他條件相同的情況下,這意味著第四季度將略低於全年指南。

  • Operator

    Operator

  • Once again, Joe Moore, your line is open.

    再一次,喬摩爾,你的電話是開放的。

  • Joseph Lawrence Moore - Executive Director

    Joseph Lawrence Moore - Executive Director

  • With regards to DCG being down mid-single digits for the year, I understand the issues in the first half.

    關於今年 DCG 下降中個位數,我理解上半年的問題。

  • But it seems like the cloud guys were -- the CapEx has been okay, and I thought we had a little bit more snap back in the back half.

    但看起來雲計算的人 - 資本支出還可以,我認為我們在後半部分有更多的反彈。

  • Can you just talk a little bit more about the dynamics, specifically on the cloud side, and related to your -- the inventory that they may have of your parts there?

    你能多談談動態,特別是在雲方面,並且與你的 - 他們可能在那裡擁有你的零件的庫存有關嗎?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes.

    是的。

  • Joe, as you know, the -- we came off a very strong 2018, up 21%.

    喬,如你所知,我們在 2018 年表現非常強勁,增長了 21%。

  • As we came into the year, implied in our guide, particularly in Q1, was our expectations that we'd be in quite a digestion period, both for enterprise and government but cloud as well and that, that would really impact our Q1.

    當我們進入這一年時,我們的指南中暗示,尤其是在第一季度,我們期望我們將處於相當消化的時期,無論是企業還是政府,但云也是如此,這將真正影響我們的第一季度。

  • Look, what we're highlighting today as it relates to cloud is 2 things: that we expect the digestion to continue into Q2; that demand is going to be soft in Q2.

    看,我們今天要強調的是與雲相關的兩件事:我們預計消化將持續到第二季度;該需求將在第二季度疲軟。

  • And it's even exacerbated in China where, if you'll remember, through the third quarter last year, our demand for cloud players in China was close to triple digits.

    如果你還記得,去年第三季度,中國對雲播放器的需求甚至接近三位數。

  • That was negative in the first quarter.

    這在第一季度是負面的。

  • So overall, they're still in a digestion period, the cloud guys.

    所以總的來說,他們仍處於消化期,雲傢伙。

  • And in China is even -- it's been even more dramatic in the first quarter and the first couple weeks here in the second quarter.

    在中國甚至 - 在第一季度和第二季度的前幾週更加戲劇化。

  • That being said, when we asked that, when we look at end demand in this data-centric environment, when we're looking at end demand, it still seems relatively strong.

    話雖如此,當我們問到這個以數據為中心的環境中的最終需求時,當我們看到最終需求時,它似乎仍然相對強勁。

  • And the -- in our dialogues with our customers, they are implying an uptick as we move from first half into second half.

    而且 - 在我們與客戶的對話中,隨著我們從上半年進入下半年,他們暗示著上升。

  • Operator

    Operator

  • Our next question comes from the line of Toshiya Hari from Goldman Sachs.

    我們的下一個問題來自高盛的 Toshiya Hari。

  • Toshiya Hari - MD

    Toshiya Hari - MD

  • I had a question on your enterprise business within DCG.

    我對您在 DCG 內的企業業務有疑問。

  • I was a little bit surprised by the magnitude of the decline in Q1.

    我對第一季度的下降幅度感到有些驚訝。

  • Bob, in your view and based on what you know, what you hear from customers, how much of that decline is tied to true end demand versus inventory dynamics at your customers?

    Bob,在你看來,根據你所知道的,你從客戶那裡聽到的,這種下降有多少與真正的最終需求與客戶的庫存動態有關?

  • And I ask that question because some of your customers may have pre-bought in fear of supply constraints.

    我問這個問題是因為你的一些客戶可能因為擔心供應限製而預先購買了。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes, it's a great question.

    是的,這是一個很好的問題。

  • Truly, we believe that there's the end demand, and forget about which segment, but end demand remains relatively strong.

    確實,我們認為有最終需求,忘記了哪個細分市場,但最終需求仍然相對強勁。

  • But by segment, enterprise and government year-on-year decline was not way off what we expected, because we didn't have a real robust guide for Q1, but we have seen it continue into the second quarter.

    但從細分市場來看,企業和政府部門的同比下降並沒有超出我們的預期,因為我們沒有一個真正穩健的第一季度指南,但我們已經看到它持續到第二季度。

  • And I just think that the ordering ahead or the digestion of last year's strong growth, we expect now just to continue in enterprise and government through the first half and even a little more into the second half as it relates to E&G.

    而且我只是認為,提前訂購或消化去年的強勁增長,我們現在預計企業和政府將在上半年繼續,甚至在與 E&G 相關的下半年更多一些。

  • Operator

    Operator

  • 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。

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • I wanted to know, of the mid-single-digit decline for data center, how much of that do you think is units versus pricing?

    我想知道,在數據中心的中個位數下降中,您認為其中有多少是單位與定價?

  • I would have expected, with the new platform launch, we might have seen better.

    我本來預計,隨著新平台的推出,我們可能會看到更好的結果。

  • And obviously, you have the inventory in digestion, but there's also competition that's coming in the second half.

    顯然,你有消化庫存,但下半年也有競爭。

  • So how do you see units versus pricing declining within the envelope of your down mid-single digits for the business overall?

    那麼,您如何看待整體業務在下降中個位數範圍內的單位與價格下降?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes, we kind of -- as we came in -- the updated guide, the guide now is more a unit story.

    是的,當我們進來時,我們有點像更新的指南,現在的指南更像是一個單元故事。

  • When we came into the year, back in January, our expectation on ASPs is they would be pressured in DCG by 2 things in particular: one, just we indicated at the time that we expected an increased competitive environment as we go into the second half; and then two, as we look at 5G SoCs beginning to ramp as we go into the fourth quarter, they tend to be at lower ASPs.

    當我們進入這一年時,回到一月份,我們對 ASP 的預期是他們在 DCG 中尤其會受到兩件事的壓力:一,只是我們當時表示,我們預計下半年競爭環境會增加;然後是第二個,當我們看到 5G SoC 在進入第四季度時開始增長時,它們的平均售價往往較低。

  • So we expect product enhancements but offset by tougher competitive environment and mix of SoCs for the comms service providers.

    因此,我們期望產品增強,但會被更激烈的競爭環境和通信服務提供商的 SoC 組合所抵消。

  • So the big change from January is really more a unit story.

    因此,從一月份開始的重大變化實際上更像是一個單元故事。

  • And we think we bounded the ASPs best we could back in January time frame.

    我們認為我們在 1 月份的時間框架內最好地限制了 ASP。

  • That hasn't changed.

    那沒有改變。

  • Operator

    Operator

  • Our next question comes from the line of C.J. Muse from Evercore.

    我們的下一個問題來自 Evercore 的 C.J. Muse。

  • Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

    Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

  • I guess a question on the modem side of things.

    我猜想在調製解調器方面有一個問題。

  • As you think about the cost savings as you deemphasize that business, will that be repurposed?

    當您不再強調該業務時考慮節省成本時,會重新利用它嗎?

  • Or should that accrue to the bottom line?

    還是應該計入底線?

  • And can you give some thoughts as to what the cost savings will have -- look like and what time frame we should see it?

    您能否就節省的成本提供一些想法——看起來像什麼,我們應該在什麼時間範圍內看到它?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes, let me -- C.J., let me take a run and ask George to chime in as well.

    是的,讓我——C.J.,讓我跑一下,讓喬治也插嘴。

  • We announced that we were going to exit the 5G smartphone business and that we are going to evaluate the 5G Modem in other applications, like PC and IoT, while assessing our alternatives as it relates to the 5G Modem overall.

    我們宣布我們將退出 5G 智能手機業務,我們將在 PC 和物聯網等其他應用中評估 5G 調製解調器,同時評估我們與 5G 調製解調器相關的替代方案。

  • So what's reflected in kind of the updated guide we gave is we do expect lower spending for 5G smartphone as we go through the course of the year.

    因此,在我們提供的更新指南中反映的是,我們確實預計隨著今年的發展,5G 智能手機的支出會有所下降。

  • That is part of the lower spending going into the second half that we reflected.

    這是我們反映的下半年支出減少的一部分。

  • But we also -- we haven't really completed our assessment about what to do with the wonderful IP that we've developed, the real strong team that we have and the other opportunities we have, whether it's in network infrastructure, where we're really excited about the role we'll play in 5G, or whether it's the role that 5G Modem plays in these non-smartphone applications.

    但我們也——我們還沒有真正完成評估如何處理我們開發的精彩 IP、我們擁有的真正強大的團隊以及我們擁有的其他機會,無論是在網絡基礎設施中,我們在哪裡”對於我們將在 5G 中扮演的角色,或者 5G 調製解調器在這些非智能手機應用中扮演的角色,我感到非常興奮。

  • So that's something that we're working very hard on to try to get to the right answer about how we'll deal with the technologies we built, the capabilities we have and what the implications will be on cost structure as we go into the second half of the year and into next year.

    因此,這是我們正在努力解決的問題,試圖就如何處理我們構建的技術、我們擁有的能力以及我們進入第二階段對成本結構的影響找到正確的答案半年到明年。

  • So that's still a work in progress.

    所以這仍然是一項正在進行的工作。

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • And C.J., I just might add, we talk about spending being down $1 billion year-over-year, I would say the expectations for slowing 5G spend or reducing 5G smartphone spend prior to getting through the decision process of -- that we're going through right now, is maybe 20% to 30% of that.

    C.J.,我只是想補充一下,我們談論的是支出同比下降 10 億美元,我想說的是,在通過決策過程之前,放緩 5G 支出或減少 5G 智能手機支出的預期——我們正在現在正在經歷,可能是其中的20%到30%。

  • So there is not a lot yet evident in the spend rate that we're talking about that results from the 5G Modem business.

    因此,在我們談論的 5G 調製解調器業務的結果中,支出率還不是很明顯。

  • Operator

    Operator

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

    我們的下一個問題來自瑞士信貸的 John Pitzer。

  • John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

    John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

  • I know you would like us to focus a little bit more on op margin than gross margin, but I just want to go back to the gross margin line.

    我知道您希望我們更多地關注運營利潤率而不是毛利率,但我只想回到毛利率線。

  • As far as I can remember, with an in line revenue quarter for March, this is the most significant gross margin miss to Street estimates that I can remember for the company.

    據我所記得,3 月份的收入季度保持一致,這是我能記住的公司最嚴重的毛利率低於 Street 估計的情況。

  • And I know you've talked about 10-nanometer volumes being higher than you expected this year.

    我知道你已經談到今年 10 納米的體積比你預期的要高。

  • Can you talk a little bit about the yield curve and kind of the cost of 10-nanometer?

    你能談談收益率曲線和 10 納米的成本嗎?

  • And I guess really importantly, if the long-term sort of upper range of your gross margin had been 60% to 65%, do you still think that that's the right sort of higher-end range as we go to the 10-nanometer node for CPUs, notwithstanding that some of the adjacencies are lower gross margin?

    而且我想真的很重要,如果你的毛利率的長期上限是 60% 到 65%,當我們進入 10 納米節點時,你仍然認為這是正確的高端範圍嗎?對於 CPU,儘管某些鄰接物的毛利率較低?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes.

    是的。

  • Thanks, John.

    謝謝,約翰。

  • First, in the first quarter, kind of 2 things that really impacted gross margin: one, frankly, we planned for and played out as we expected; and two, we did not plan for.

    首先,在第一季度,有兩件事真正影響了毛利率:一,坦率地說,我們按預期進行了計劃和發揮;第二,我們沒有計劃。

  • But the one we planned for is just as we ramp 10, and as you're aware and I mentioned earlier, until we qualify the product, which we expect to do in the second quarter, all that cost flows through cost of sales.

    但是我們計劃的目標是在我們升級 10 時,正如你知道的和我之前提到的,在我們對產品進行認證之前,我們預計在第二季度完成,所有成本都通過銷售成本流動。

  • So when we're in early stages of ramp prior to qualification, that does compress gross margin.

    因此,當我們處於資格認證之前的早期階段時,這確實會壓縮毛利率。

  • And that played out as we expected, because I mentioned in my prepared remarks that our progress and our improvement on 10-nanometer yields was in line with what we've expected coming into the year, a little bit better, that gave us the comfort that we're going to increase volume at the end of the year.

    這正如我們預期的那樣,因為我在準備好的評論中提到,我們在 10 納米產量方面的進展和改進符合我們對今年的預期,稍微好一點,這給了我們安慰我們將在年底增加銷量。

  • But Q1 is just the dynamics of all of that ramp cost going through cost of sales.

    但第一季度只是通過銷售成本的所有坡道成本的動態變化。

  • That was planned and that was anticipated.

    這是計劃好的,也是預料之中的。

  • The not planned in the quarter was just the ASP declined much greater than we had anticipated for NSG.

    本季度未計劃的只是 ASP 下降幅度遠大於我們對 NSG 的預期。

  • We were in the -- we were expecting kind of mid-20s to 30% ASP declines.

    我們處於 - 我們預計 20 年代中期到 30% 的 ASP 下降。

  • The reality is it was closer to the mid-40s.

    現實情況是它更接近 40 年代中期。

  • And as a result, and George flagged this, but as a result, we had to take a lower cost or market reserve against our inventory balance in the quarter.

    結果,喬治標記了這一點,但結果是,我們不得不針對本季度的庫存餘額採取較低的成本或市場儲備。

  • That cost us over 1 point of gross margins in the quarter.

    這使我們在本季度損失了超過 1 個百分點的毛利率。

  • That we did not quite anticipate.

    這是我們沒有預料到的。

  • So gross margin Q1, in line with kind of what we thought, with the exception of inventory reserves that we took in the quarter.

    因此,第一季度的毛利率與我們的想法一致,但我們在本季度採取的庫存儲備除外。

  • And as I said, Q2, we expect it to be better than Q1 because we'll begin to capitalize those costs because of the progress we're making on 10-nanometer.

    正如我所說,第二季度,我們預計它會比第一季度更好,因為我們將開始利用這些成本,因為我們在 10 納米方面取得了進展。

  • And then just to kind of go from your Q1 to your 5 years out point of view, I guess maybe on the gross margin, operating margin dynamics, maybe we'll defer that, kick the can couple of weeks, until we see you on May 8 when we kind of walk through our longer-range planning process.

    然後只是從你的第一季度到你 5 年的觀點,我想也許是在毛利率、營業利潤率動態方面,也許我們會推遲幾週,直到我們看到你5 月 8 日,我們將逐步完成我們的長期規劃過程。

  • Operator

    Operator

  • 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。

  • Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

    Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment

  • Bob, I wanted to ask you just a question strategically about memory.

    鮑勃,我想問你一個關於記憶的戰略問題。

  • And I wanted to understand, obviously, you need to make cost [point], but relative to NAND, why the need to make NAND on your own?

    我想明白,很明顯,你需要製造成本 [point],但相對於 NAND,為什麼需要自己製造 NAND?

  • It seems like you could sell the factory and maybe strike some sort of a supply agreement and save a lot of free cash flow, particularly after a quarter rotation can cost you 100 basis points.

    看起來你可以賣掉工廠,並可能達成某種供應協議並節省大量的自由現金流,特別是在一個季度輪換之後可能會花費你 100 個基點。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes.

    是的。

  • First, maybe just some context on when we talk about expanded TAM, the -- maybe the criteria we think about and then I'll try to apply them to where we are in memory.

    首先,也許只是我們談論擴展 TAM 時的一些背景,也許是我們考慮的標準,然後我會嘗試將它們應用到我們記憶中的地方。

  • First, we look for technology inflections where we think we have a real advantage, whether it's process manufacturing or performance-oriented design that is worth pursuing, number one; number two, such that we can play a more important role in the success of our customers; and third, in an area where we think we can get attractive returns for our investors.

    首先,我們尋找我們認為具有真正優勢的技術轉折點,無論是工藝製造還是以性能為導向的設計,都值得追求,第一;第二,我們可以在客戶的成功中發揮更重要的作用;第三,在我們認為可以為投資者獲得可觀回報的領域。

  • So those are our -- the 3 criteria that we're applying, and we're going to be increasingly disciplined on the third aspect of those criteria.

    所以這些是我們 - 我們正在應用的 3 個標準,我們將在這些標準的第三個方面受到越來越多的約束。

  • As it relates to memory, we have a high-performance Optane product that we think is really differentiated, coupled with our CPU that can do things best in industry that's really needed to keep pace with the increased performance of CPU processing.

    因為它與內存有關,我們有一個我們認為真正與眾不同的高性能 Optane 產品,再加上我們的 CPU 可以在行業中做最好的事情,這確實需要跟上 CPU 處理性能的提高。

  • So strategically, we think it's really important.

    所以從戰略上講,我們認為這非常重要。

  • Technically, we think we have a real advantage.

    從技術上講,我們認為我們擁有真正的優勢。

  • And third, we think we can get good returns.

    第三,我們認為我們可以獲得良好的回報。

  • As it relates to NAND, we think we have process technology advantage.

    因為它與 NAND 有關,我們認為我們具有工藝技術優勢。

  • We're in the stage where we've gone from 32-layer to 64-layer now.

    我們現在處於從 32 層到 64 層的階段。

  • The profitability of the NAND business pre this massive decline in ASPs was okay last year as we were ramping the business.

    在 ASP 大幅下降之前,NAND 業務的盈利能力在去年還不錯,因為我們正在擴大業務。

  • And our challenge going forward is we're just going to have to execute better on the NAND business, so we can check that third box of attractive returns for our investors.

    我們未來面臨的挑戰是我們必須在 NAND 業務上執行得更好,這樣我們才能為投資者檢查第三個有吸引力的回報。

  • And I don't want to -- when the market's plummeting I don't want to conclude what the right decision is.

    而且我不想——當市場暴跌時,我不想得出正確的決定是什麼的結論。

  • I want to maybe look through the horizon a little bit to get to the right decision.

    我想也許會稍微看一下地平線,以做出正確的決定。

  • But clearly, we got to generate more attractive returns on the NAND side of the business, and the team is very focused on making that a reality.

    但顯然,我們必須在業務的 NAND 方面產生更具吸引力的回報,而團隊非常專注於實現這一目標。

  • And to the extent there is a partnership out there that's going to increase the likelihood and/or accelerate the pace, we're going to evaluate those partnerships along the way so it can be enhancing to the returns of what we do in the memory space.

    如果有合作夥伴關係會增加可能性和/或加快步伐,我們將在此過程中評估這些合作夥伴關係,以便提高我們在記憶空間中所做工作的回報.

  • Operator

    Operator

  • Our next question comes from the line of David Wong from Nomura.

    我們的下一個問題來自野村的 David Wong。

  • David Michael Wong - MD

    David Michael Wong - MD

  • Bob, given your stance on concentration of resources, what are you thinking with regard to Intel developing a [term] GPU product?

    Bob,鑑於您對資源集中的立場,您對英特爾開發 [term] GPU 產品有何看法?

  • And if you are pressing ahead with this, can give us an update on where you are and when we might see the first Intel GPUs?

    如果您正在推進這方面的工作,能否向我們提供有關您在哪里以及何時我們可能會看到第一批英特爾 GPU 的最新信息?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes.

    是的。

  • I mean first, as we think about the key technologies that we believe are going to be increasingly important going forward, I flagged them earlier, but we characterize them as our -- kind of our 6 pillars of technology differentiation.

    我的意思是,首先,當我們考慮到我們認為未來將變得越來越重要的關鍵技術時,我之前已經標記了它們,但我們將它們描述為我們的——我們技術差異化的 6 大支柱。

  • Obviously, process technology is an important component; Second, architectures, I'll come back to that; third, memory; fourth, interconnect; fifth, security; and sixth, software.

    顯然,工藝技術是一個重要組成部分;第二,架構,我會回到那個;第三,記憶;四、互連;五、安全;第六,軟件。

  • And how we bring the collection of those 6 things together that nobody else in the industry can do, we think is really what's going to allow us to capitalize on an increasingly data-centric world.

    以及我們如何將這 6 件事整合在一起,這是業內其他人無法做到的,我們認為這真的可以讓我們利用日益以數據為中心的世界。

  • When we think about architecture, we just -- as we learn more and more about how workloads are evolving and the increasingly importance of artificial intelligence and parallel processing, we believe that architectures beyond the CPU, like GPU, like FPGA, like AI, like other accelerators, become increasingly important.

    當我們考慮架構時,我們只是——隨著我們越來越多地了解工作負載如何發展以及人工智能和並行處理的重要性日益增加,我們相信 CPU 之外的架構,如 GPU、FPGA、AI、其他加速器變得越來越重要。

  • So we have decided that we are going to invest in discrete GPUs.

    因此,我們決定投資離散 GPU。

  • We're going to launch a new integrated GPU in the near term, which we're pretty excited about.

    我們將在短期內推出一款新的集成 GPU,對此我們感到非常興奮。

  • But discrete GPUs, I think we said that we are going to launch it in 2020 time frame, both for clients and for data center.

    但是離散 GPU,我想我們說過我們將在 2020 年的時間範圍內為客戶和數據中心推出它。

  • Increased workloads, we're going to leverage the integrated technology that we've enhanced and invested in discrete GPUs because we think it's an architecture that's increasingly important.

    隨著工作負載的增加,我們將利用我們已經增強並投資於離散 GPU 的集成技術,因為我們認為它是一種越來越重要的架構。

  • And we think we can develop some real attractive products based on our existing core architecture.

    我們認為我們可以基於我們現有的核心架構開發一些真正有吸引力的產品。

  • Operator

    Operator

  • Our next question comes from the line of Vivek Arya from Bank of America.

    我們的下一個問題來自美國銀行的 Vivek Arya。

  • Vivek Arya - Director

    Vivek Arya - Director

  • Bob, I had a question on 10-nanometer progress and the competition on the server side.

    Bob,我有一個關於 10 納米進展和服務器端競爭的問題。

  • I know your -- the team is sounding more confident about 10-nanometer on the client side.

    我知道你的——團隊聽起來對客戶端的 10 納米更有信心。

  • I'm curious what the progress is on 10-nanometer and the server side, and as part of that, how do you think your customers are reacting to a competitor bringing out their products in the back half?

    我很好奇 10 納米和服務器端的進展如何,作為其中的一部分,您認為您的客戶對競爭對手在後半部分推出他們的產品有何反應?

  • Your products are coming out next year.

    你們的產品明年上市。

  • What are you hearing from customers as to how they are thinking about the next generation of server CPUs and the desire for perhaps diversifying suppliers?

    您從客戶那裡聽到了哪些關於他們對下一代服務器 CPU 的看法以及對供應商多元化的渴望?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • First, on 10-nanometer for server, what we've indicated is that we would have client systems on shelf for the holiday season, and our expectation is that server CPUs would be a fast follow.

    首先,在 10 納米服務器上,我們已經表明我們將在假日季節推出客戶端系統,我們的預期是服務器 CPU 會很快跟進。

  • Historically, I think it's been more of a 12- to 18-month gap between client and then server.

    從歷史上看,我認為客戶端和服務器之間的間隔更像是 12 到 18 個月。

  • On 10-nanometer, that gap would be much shorter.

    在 10 納米上,這個差距會更短。

  • And again, what we said is fast follow after client systems on shelf, so sometime in 2020, earlier versus later.

    再說一次,我們所說的是在貨架上的客戶端系統之後快速跟進,所以在 2020 年的某個時候,更早與更晚。

  • In terms of just competitive positioning, with the -- we've been -- our Xeon Scalable product that we launched last year and then enhanced with our Cascade Lake launch just a few weeks ago I think, that has increased performance.

    就競爭定位而言,我們去年推出的 Xeon Scalable 產品以及幾週前推出的 Cascade Lake 產品增強了我們的性能,我認為這提高了性能。

  • It's got AI acceleration built into it.

    它內置了人工智能加速功能。

  • It's coupled with Optane memory.

    它與傲騰內存相結合。

  • It's got a 56 core count.

    它有 56 個核心數。

  • And the performance of that product, coupled with our knowledge of the environment in which -- our customers' environments, we think we really have demonstrated differentiated performance, a product leadership performance, even though it is still on 14-nanometer.

    該產品的性能,再加上我們對環境的了解——我們的客戶環境,我們認為我們確實已經展示了差異化的性能,產品的領先性能,即使它仍然是 14 納米。

  • So we have a good product that really pulls together those 6 pillars that I talked about earlier.

    所以我們有一個很好的產品,它真正將我之前談到的這 6 個支柱結合在一起。

  • We launched it a few weeks ago.

    我們幾週前推出了它。

  • We said we expect it to ramp as fast as any launch that we've done in the past.

    我們說我們希望它能夠像我們過去所做的任何發布一樣快。

  • And we think it positions us competitively in the second half of the year, despite increased competition prior to launching 10-nanometer in 2020.

    儘管在 2020 年推出 10 納米技術之前競爭加劇,但我們認為它使我們在下半年具有競爭力。

  • So we feel good about 10-nanometer in general.

    所以我們總體上對 10 納米感到滿意。

  • We're going to be a fast follow with server in 2020.

    我們將在 2020 年快速跟進服務器。

  • In the meantime, the Cascade Lake product has some real performance enhancements based on our deep domain knowledge of our customers.

    與此同時,Cascade Lake 產品基於我們對客戶的深厚領域知識,具有一些真正的性能增強。

  • And it'll be an increased competitive environment, but we feel pretty good and we tried the best we could to capture that in our outlook for 2019.

    這將是一個更加激烈的競爭環境,但我們感覺很好,我們盡最大努力在 2019 年的展望中捕捉到這一點。

  • Operator

    Operator

  • Our next question comes from the line of Harlan Sur from JPMorgan.

    我們的下一個問題來自摩根大通的 Harlan Sur。

  • Harlan Sur - Senior Analyst

    Harlan Sur - Senior Analyst

  • 5G network connectivity is very strong and projected to continue to accelerate on a go-forward basis.

    5G 網絡連接非常強大,預計將繼續加速發展。

  • Korea, China, U.S., all starting to fire.

    韓國、中國、美國,都開始火了。

  • You guys have a great lineup of products, Xeon D, full-blown Xeon, base station ASICs, FPGAs and so on.

    你們擁有豐富的產品陣容,Xeon D、成熟的 Xeon、基站 ASIC、FPGA 等等。

  • So help us understand, given all these dynamics, why did the comms service provider segment decline year-over-year in Q1?

    因此,請幫助我們了解,鑑於所有這些動態,為什麼通信服務提供商部門在第一季度同比下降?

  • And maybe more importantly, just given the strong 5G lineup that you have, do you see comms service provider contributing to the strong second half implied growth in your data-centric segment guidance for the full year?

    也許更重要的是,鑑於您擁有強大的 5G 陣容,您是否認為通信服務提供商對下半年以數據為中心的全年指引的強勁增長做出了貢獻?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes.

    是的。

  • I think, first, yes, we feel like we got a great product lineup for the launch of 5G.

    我認為,首先,是的,我們覺得我們為 5G 的推出提供了一個很棒的產品陣容。

  • We have a strong position today, and we think 5G is only going to accelerate that across a broad swath of our products and technologies.

    我們今天擁有強大的地位,我們認為 5G 只會在我們廣泛的產品和技術中加速這一點。

  • The -- a couple of things going on, we believe, in Q1.

    我們相信,第一季度發生了幾件事。

  • One, just in terms of the increased demand, we do expect it to be coming maybe a little bit later in the year.

    一,就需求增加而言,我們確實預計它可能會在今年晚些時候到來。

  • I think FPGA is a little bit earlier, but the Xeon, we expect to follow later in the year and even more in 2020, to be honest with you.

    我認為 FPGA 有點早,但老實說,我們預計會在今年晚些時候甚至 2020 年更早推出 Xeon。

  • So timing, we expect it to be out a little bit, modest improvement in the second half but not dramatic.

    所以時機,我們預計它會在下半年出現一點點,適度的改善,但不會有戲劇性。

  • And the other thing I would say is that we have a strong customer base in China in comms.

    我要說的另一件事是,我們在中國擁有強大的通信客戶群。

  • And we -- like we saw in cloud and enterprise and government, comms growth we think was also impacted by strong comms growth last year that's probably being digested a little bit in the first couple of quarters of this year.

    而且我們 - 就像我們在雲、企業和政府中看到的那樣,我們認為通信增長也受到了去年強勁的通信增長的影響,這可能在今年前幾個季度被消化了一點。

  • Again, one of our large customers in China is a contributor to the question earlier about buying ahead and then digestion, is a weight on comms growth in the first quarter.

    同樣,我們在中國的一個大客戶是早先關於提前購買然後消化的問題的一個貢獻者,這是對第一季度通信增長的影響。

  • So we're pretty excited about the demand signals we're seeing, the relationships we've built for 5G and think it's going to be a really important part of our story going forward.

    因此,我們對我們看到的需求信號、我們為 5G 建立的關係感到非常興奮,並認為這將成為我們未來故事的一個非常重要的部分。

  • Operator

    Operator

  • 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。

  • Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

    Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

  • Bob, I just wanted to -- I was wondering if you could shed more light on the DCG op margin.

    Bob,我只是想——我想知道你是否可以更清楚地了解 DCG 的操作利潤率。

  • We've not seen this low a number in quite a few quarters, I think 6 to 8 quarters, 38%.

    我們已經有好幾個季度沒有看到這麼低的數字了,我認為是 6 到 8 個季度,38%。

  • And you list 3 reasons, but it disproportionately seems to be lower versus the revenue decline.

    您列出了 3 個原因,但與收入下降相比,它似乎不成比例地降低了。

  • Could you shed a little bit more light?

    你能不能多說一點?

  • And more importantly, how should we expect this to trend as the year progresses?

    更重要的是,隨著時間的推移,我們應該如何預期這種趨勢?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes, I mean I think the things we flagged, obviously, unit volume declines on a high-margin business worked against us.

    是的,我的意思是我認為我們標記的事情,顯然,高利潤業務的單位數量下降對我們不利。

  • Secondly, it's really DCG now.

    其次,現在真的是DCG了。

  • I talked to you about the fast follow of DCG on 10-nanometer after client launch.

    我和你談到了客戶端啟動後 DCG 在 10 納米上的快速跟進。

  • So as a result, they're just now beginning to bear some of the brunt of the cost of sales that all went through the P&L in the first quarter until those products qualify.

    因此,他們現在才開始首當其沖地承擔第一季度全部通過損益表的銷售成本,直到這些產品符合條件。

  • And then third, this is a -- this is a big growth area for us and we're going to continue to make investments.

    第三,這對我們來說是一個很大的增長領域,我們將繼續進行投資。

  • So those 3 things are really what drove the op margin decline in the quarter.

    因此,這三件事確實是推動本季度營業利潤率下降的原因。

  • As you know, just from historical trends, data center margins tend to be a little bit lower in the first quarter.

    如您所知,僅從歷史趨勢來看,第一季度數據中心的利潤率往往會略低一些。

  • And obviously, implied in our guide first half to second half, second half is a little stronger.

    很明顯,在我們的前半場到下半場指南中暗示,下半場要強一些。

  • And with that strength on unit volumes despite maybe more intense ASP environment, we expect operating margins to kind of improve in line with revenue growth in the second half.

    儘管 ASP 環境可能更為激烈,但由於單位銷量的強勁勢頭,我們預計營業利潤率將隨著下半年的收入增長而有所改善。

  • Those trends are fairly consistent with how the quarterly dynamics of DCG operating margins go.

    這些趨勢與 DCG 營業利潤率的季度動態相當一致。

  • They're just more exacerbated in Q1 with the 10-nanometer cost of sales starting to impact the business.

    隨著 10 納米的銷售成本開始影響業務,它們在第一季度更加惡化。

  • Operator

    Operator

  • Our final question for tonight comes from the line of Blayne Curtis from Barclays.

    我們今晚的最後一個問題來自巴克萊銀行的 Blayne Curtis。

  • Blayne Peter Curtis - Director & Senior Research Analyst

    Blayne Peter Curtis - Director & Senior Research Analyst

  • Just one more on gross margin, if possible, and I know you don't want to comment on '20.

    如果可能的話,在毛利率上再增加一個,我知道你不想對 20 年發表評論。

  • But I'm just trying to understand the trajectory here, because it seems like your 10-nanometer has been delayed.

    但我只是想了解這裡的軌跡,因為看起來你的 10 納米已經延遲了。

  • You're ramping it now.

    你現在正在加速它。

  • It does seem like it's on a portion of the product line, not like the old days, where it would flip over all of client.

    看起來它確實在產品線的一部分上,不像過去那樣會翻轉所有客戶。

  • So I'm just trying to understand, if you look at the impact you saw this year, why is it incorrect to think about that you should see a similar impact next year?

    所以我只是想了解,如果你看看你今年看到的影響,為什麼認為明年你應該看到類似的影響是不正確的?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Well, yes, I think you know that our expectations are as we begin to ramp high-volume manufacturing, that in conjunction with that, we expect to see improved yields and better [units-to-die] performance as we go throughout the course of the year and as we step on the pedal and ramping volumes.

    嗯,是的,我想你知道我們的期望是隨著我們開始大批量生產,與此相結合,我們希望在整個課程中看到更高的產量和更好的 [units-to-die] 性能年度最佳,當我們踩下踏板並增加音量時。

  • So the -- part of the answer is we expect to improve yields as we go forward.

    因此,答案的一部分是我們希望在前進的過程中提高產量。

  • But that being said, any time we transition to a new node, the earlier stages tend to be -- have a little bit of a compression effect on gross margins until we get a little more maturity.

    但話雖如此,每當我們過渡到一個新節點時,早期階段往往會對毛利率產生一點壓縮效應,直到我們變得更加成熟為止。

  • And I don't want to get out ahead on 2020.

    而且我不想在 2020 年提前出局。

  • We're more focused on '19 right now, but it's natural for the transition to a new node in early stages to have a bit of a downward pressure on gross margin.

    我們現在更關注 19 年,但在早期階段過渡到新節點自然會對毛利率產生一些下行壓力。

  • Mark H. Henninger - VP of Finance and Director of IR

    Mark H. Henninger - VP of Finance and Director of IR

  • Thanks, Blayne.

    謝謝,布萊恩。

  • And thank you all for joining us today.

    感謝大家今天加入我們。

  • Operator, please go ahead and wrap up the call.

    接線員,請繼續結束通話。

  • Operator

    Operator

  • Certainly.

    當然。

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

    女士們,先生們,感謝你們參加今天的會議。

  • This 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。