英特爾 (INTC) 2019 Q2 法說會逐字稿

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

女士們，先生們，美好的一天，歡迎參加 2019 年第二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, 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。

Please go ahead, sir.

請繼續，先生。

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

謝謝運營商，歡迎大家參加英特爾第二季度收益電話會議。

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 our CEO, Bob Swan; and our CFO, George Davis.

今天，我們的首席執行官 Bob Swan 加入了我的行列；和我們的首席財務官喬治戴維斯。

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

稍後，我們將聽到他們兩人的簡短評論，然後是問答。

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

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

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

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

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

簡要提醒一下，本季度我們提供了 GAAP 和非 GAAP 財務指標。

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

今天，我們將在描述我們的綜合結果時談到非公認會計原則的財務指標。

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

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

With that, let me hand it over to Bob.

有了這個，讓我把它交給鮑勃。

Thanks, Mark.

謝謝，馬克。

The second quarter was significantly stronger than we forecasted in April, and our results demonstrated our customers' preference for the performance of Intel XPUs as workloads grow, diversify and become increasingly complex.

第二季度明顯強於我們 4 月份的預測，我們的結果表明，隨著工作負載的增長、多樣化和變得越來越複雜，我們的客戶對英特爾 XPU 性能的偏好。

That need for performance manifested in strong mix in ASPs across the business.

這種對性能的需求體現在整個業務中 ASP 的強大組合中。

Our Q2 results are proof points for the megatrends that underpin our strategy.

我們的第二季度業績證明了支撐我們戰略的大趨勢。

The world's insatiable appetite for data is driving demand for solutions to process, store and move it faster and better.

世界對數據永不滿足的需求推動了對更快、更好地處理、存儲和移動數據的解決方案的需求。

Customers want to work with partners who can deliver performance and platforms to address their most important technology challenges.

客戶希望與能夠提供性能和平台的合作夥伴合作，以應對他們最重要的技術挑戰。

Our data-centric businesses overall performed roughly in line with our April expectations.

我們以數據為中心的業務總體表現大致符合我們 4 月份的預期。

Data center and IoTG customers chose our highest-performing products leading to strong mix in ASPs.

數據中心和 IoTG 客戶選擇了我們性能最高的產品，從而實現了 ASP 的強勁組合。

While our cloud customers absorb capacity they put in place over the last year, we continue to expect cloud demand to improve in the second half.

雖然我們的雲客戶吸收了他們在去年建立的容量，但我們仍然預計下半年雲需求會有所改善。

Enterprise and government spending remains weak, however, particularly in China.

然而，企業和政府支出仍然疲軟，尤其是在中國。

PC demand continued to improve, particularly in the commercial segment.

個人電腦需求持續改善，特別是在商業領域。

We now expect the PC TAM to be up slightly for the full year.

我們現在預計 PC TAM 全年將小幅上升。

Strong demand for our highest-performing products and the productivity and TCO gains they deliver continues.

對我們性能最高的產品以及它們帶來的生產力和 TCO 收益的強勁需求仍在繼續。

Mix was stronger than we anticipated.

混合比我們預期的要強。

While small core supply improved, we were not able to fully satisfy customer demand for these SKUs in the second quarter.

雖然小核心供應有所改善，但我們無法在第二季度完全滿足客戶對這些 SKU 的需求。

Tariffs and trade uncertainties created anxiety across our customers supply chain and drove a pull-in of client CPU orders into the second quarter.

關稅和貿易不確定性在我們的客戶供應鏈中引發了焦慮，並推動客戶 CPU 訂單進入第二季度。

We also halted shipments to certain customers in response to the U.S. government's revised entity list.

為響應美國政府修訂的實體清單，我們還暫停了向某些客戶發貨。

After a thorough review, we were able to resume shipments of some products in compliance with regulations and the net impact on the second quarter was limited.

經過徹底審查，我們能夠恢復部分產品的出貨符合規定，對第二季度的淨影響有限。

While we hope and expect trade issues to be resolved, further tightening of export restrictions would come with revenue risk to our business.

雖然我們希望並期望貿易問題能夠得到解決，但進一步收緊出口限制會給我們的業務帶來收入風險。

As a result, we enter the second half of the year a little more cautious than we were 90 days ago.

因此，我們進入下半年比 90 天前更加謹慎。

We met with many of you in May at our investor meeting where we outlined 3 major thrusts of our game plan to transform our company and grow.

我們在 5 月的投資者會議上與你們中的許多人會面，在會上我們概述了我們的遊戲計劃的 3 個主要推動力，以改造我們的公司和發展。

First, we're pursuing the largest opportunity in our company's history, a nearly $300 billion TAM comprised not just of CPUs for PCs and servers but of XPUs and adjacent technologies for an incredibly wide range of workloads and devices.

首先，我們正在尋求公司歷史上最大的機會，一個價值近 3000 億美元的 TAM，不僅包括用於 PC 和服務器的 CPU，還包括用於極其廣泛的工作負載和設備的 XPU 和相鄰技術。

Second, we're strengthening our product leadership by accelerating the rate of innovation.

其次，我們正在通過加快創新速度來加強我們的產品領先地位。

And third, we're evolving our culture and improving our execution so that we can play an even greater role in our customers' growth and success.

第三，我們正在發展我們的文化並改進我們的執行力，以便我們能夠在客戶的成長和成功中發揮更大的作用。

I'll take a few minutes to share some of the progress we're making.

我將花幾分鐘時間分享我們正在取得的一些進展。

I'll start with expanding our opportunity and expanding our TAM.

我將從擴大我們的機會和擴大我們的 TAM 開始。

Over the last few years, we have dramatically expanded our served market while the PC market was declining.

在過去的幾年裡，我們在 PC 市場下滑的同時大幅擴展了我們的服務市場。

Our served market now is more than 5x larger and growing faster, and we have reallocated spending to expand our capabilities in higher-growth areas.

現在，我們服務的市場規模擴大了 5 倍以上，增長速度更快，我們重新分配了支出以擴大我們在高增長領域的能力。

We are evolving Intel Inside from a CPU inside a PC to XPUs inside everything that processes, stores and moves data.

我們正在將 Intel Inside 從 PC 內部的 CPU 發展為處理、存儲和移動數據的一切內部的 XPU。

Big bets in 5G, AI and autonomous systems are an important part of this transformation.

5G、人工智能和自主系統的大賭注是這一轉變的重要組成部分。

In May, I outlined a disciplined framework for investing in and evaluating big bets as we expand into new markets.

5 月，我概述了一個嚴格的框架，用於在我們擴展到新市場時投資和評估大賭注。

First, we'll invest where we have an opportunity to lead major technology inflections.

首先，我們將在有機會引領重大技術變革的地方進行投資。

Second, our investments should allow us to play a larger role in our customers' success.

其次，我們的投資應該讓我們在客戶的成功中發揮更大的作用。

And finally, they must show a clear path to profitability and attractive returns.

最後，他們必須展示一條通往盈利和有吸引力回報的明確途徑。

Network infrastructure, which is transforming as the industry transitions to 5G, is one of our most important areas of investment, and we are laser-focused on this opportunity.

隨著行業向 5G 過渡，網絡基礎設施正在發生變化，這是我們最重要的投資領域之一，我們非常關注這個機會。

This business has grown at a 40% CAGR since 2014 from just over $1 billion in revenue to more than $4 billion last year.

自 2014 年以來，該業務以 40% 的複合年增長率增長，從剛剛超過 10 億美元的收入增長到去年的超過 40 億美元。

The network cloudification that comes with 5G expands our opportunity in the core network and at the edge as more data moves closer to where it is created.

5G 帶來的網絡雲化擴展了我們在核心網絡和邊緣的機會，因為更多的數據更靠近創建位置。

We expect to be in production on Snow Ridge, Intel's 10-nanometer system-on-chip technology for 5G base stations early next year.

我們預計明年初將在 Snow Ridge 上投入生產，這是英特爾用於 5G 基站的 10 納米片上系統技術。

We've already announced that 2 large telecom equipment manufacturers have committed to this architecture, and we're on track to 40% share in this market segment by 2022.

我們已經宣布 2 家大型電信設備製造商已致力於此架構，我們有望在 2022 年之前在該細分市場中佔據 40% 的份額。

While the 5G network opportunity meets each of our investment criteria, the 5G smartphone opportunity does not.

雖然 5G 網絡機會符合我們的每項投資標準，但 5G 智能手機機會卻不符合。

This is why we decided to exit the 5G smartphone modem business and conduct an analysis of our options for the remaining parts of that portfolio.

這就是為什麼我們決定退出 5G 智能手機調製解調器業務，並對我們對該產品組合其餘部分的選擇進行分析。

Today, we announced the sale of the majority of our 5G smartphone modem business to Apple.

今天，我們宣布將大部分 5G 智能手機調製解調器業務出售給 Apple。

This deal preserves Intel's access to critical IP we have developed.

這筆交易保留了英特爾對我們開發的關鍵 IP 的訪問權。

It enables us to focus on the more profitable 5G network opportunity where we are growing and winning share.

它使我們能夠專注於我們正在增長和贏得份額的更有利可圖的 5G 網絡機會。

Another growth market we're gaining share is the Internet of Things.

我們正在獲得份額的另一個增長市場是物聯網。

We are using our architecture, accelerators and software assets combined with unmatched scale and partners to develop one of the industry's fastest-growing IoT portfolios.

我們正在使用我們的架構、加速器和軟件資產以及無與倫比的規模和合作夥伴來開發業界增長最快的物聯網產品組合之一。

Taken together, the IoTG and Mobileye businesses grew at 22% over last year after adjusting for the sale of Wind River.

綜合考慮，在對風河的出售進行調整後，IoTG 和 Mobileye 業務比去年增長了 22%。

More intelligence is moving to the edge and more industries want to harness the power of data to create business value, innovate and grow.

越來越多的智能正在走向邊緣，越來越多的行業希望利用數據的力量來創造商業價值、創新和發展。

Devices and systems are becoming more autonomous.

設備和系統變得更加自主。

This is a trend IoTG is shaping and capitalizing on.

這是 IoTG 正在塑造和利用的趨勢。

Our team's work is producing outstanding results.

我們團隊的工作正在產生出色的成果。

In the second quarter, we grew at roughly 3x the market rate and are positioned to significantly outgrow the market over time.

在第二季度，我們以大約 3 倍的市場速度增長，並且隨著時間的推移，我們的增長速度將大大超過市場。

Here again, we saw demand for performance and strength across all verticals we serve with computer vision being an especially critical workload.

在這裡，我們再次看到我們所服務的所有垂直領域對性能和強度的需求，計算機視覺是一個特別關鍵的工作負載。

Mobileye is positioned to lead another huge opportunity, autonomous driving.

Mobileye 的定位是引領另一個巨大的機遇，即自動駕駛。

This business has grown at more than 30% CAGR since we acquired them in 2017.

自 2017 年我們收購該業務以來，該業務的複合年增長率超過 30%。

Our market leadership continues to build momentum with 20 new design wins this year, representing 11 million lifetime units.

我們的市場領導地位繼續保持勢頭，今年贏得了 20 項新設計，代表 1100 萬個使用壽命單位。

Nissan's ProPILOT 2.0 and NIO's pilot vehicles have begun production featuring Mobileye-based L2+ system for hands-free assisted driving technology.

日產的 ProPILOT 2.0 和 NIO 的試點車輛已經開始生產，配備基於 Mobileye 的 L2+ 系統，用於免提輔助駕駛技術。

I visited the Mobileye team in Israel last month and was treated to an autonomous ride through the streets of Jerusalem.

上個月，我訪問了以色列的 Mobileye 團隊，並在耶路撒冷的街道上進行了自動駕駛。

The progress we are making in Level 4 and Level 5 autonomy is extraordinary.

我們在 4 級和 5 級自治方面取得的進展是非凡的。

Our mobility as a service JV with VW for deploying a commercial robotaxi service in Tel Aviv by 2022 is on track.

我們與大眾的移動即服務合資企業將在 2022 年之前在特拉維夫部署商業機器人出租車服務，該合資企業正步入正軌。

Global coverage of REM, or Road Experience Management, mobilized real-time crowdsourced mapping capability, is expanding rapidly.

REM（即道路體驗管理）的全球覆蓋範圍正在迅速擴大，動員了實時眾包製圖能力。

Several major auto OEMs, most recently Ford, are adopting this breakthrough data-centric capability.

幾家主要的汽車原始設備製造商（最近是福特）正在採用這種突破性的以數據為中心的能力。

To understand the power of this data, consider this: 1.5 million kilometers is sent to the cloud daily from BMW production vehicles.

要了解這些數據的威力，請考慮以下情況：寶馬量產車每天向雲端發送 150 萬公里。

With the data collected from just the last 4 weeks, Mobileye was able to automatically map 94% of the German autobahn and motorway network.

憑藉僅在過去 4 週收集的數據，Mobileye 能夠自動繪製 94% 的德國高速公路和高速公路網絡的地圖。

And the commercial opportunity for REM extends beyond real-time maps for vehicles.

REM 的商業機會不僅限於車輛的實時地圖。

Since announcing the agreement earlier this year, Mobileye and Ordnance Survey have jointly launched a service that delivers high-precision road network location data to companies across multiple sectors.

自今年早些時候宣布該協議以來，Mobileye 和 Ordnance Survey 聯合推出了一項服務，為多個行業的公司提供高精度道路網絡位置數據。

Artificial intelligence is a $10 billion data center silicon opportunity by 2023.

到 2023 年，人工智能是一個價值 100 億美元的數據中心矽機會。

And today, it's fueling cloud customer demand for solutions that accelerate demand in AI workloads.

而今天，它正在推動雲客戶對加速 AI 工作負載需求的解決方案的需求。

This is evidenced by the fact that key cloud customers, most recently Baidu, are collaborating on our Nervana Neural Network Processor for Training or NNP-T.

關鍵的雲客戶（最近是百度）正在合作開發我們的 Nervana 神經網絡訓練處理器或 NNP-T，這一事實就證明了這一點。

NNP-T will sample to customers later this year, expanding our already diverse AI portfolio which spans multiple architectures, including ASICs like NNPI, TPUs, GPUs and FPGAs.

NNP-T 將於今年晚些時候向客戶提供樣品，擴展我們已經多樣化的人工智能產品組合，涵蓋多種架構，包括 NNPI、TPU、GPU 和 FPGA 等 ASIC。

All unified by single programming model, One API.

全部由單一編程模型統一，一個 API。

The second major element of our game plan is extending product leadership by accelerating the rate of innovation.

我們遊戲計劃的第二個主要元素是通過加快創新速度來擴大產品領先地位。

The future of computing will require a solution-oriented mindset building on 6 pillars of innovation.

計算的未來將需要基於 6 大創新支柱的以解決方案為導向的思維方式。

Over the last 50 years, Intel has delivered breakthrough after breakthrough in computing performance that has propelled technology and society forward.

在過去的 50 年裡，英特爾在計算性能方面取得了一次又一次的突破，推動了技術和社會向前發展。

We are far from finished as our product and customer announcements over the last quarter demonstrate.

正如我們上個季度的產品和客戶公告所表明的那樣，我們還遠未完成。

Our Data Center Group just announced a very important strategic partnership with SAP to optimize Intel's platforms, including Xeon Scalable processors and Optane DC persistent memory for SAP's end-to-end enterprise software applications, including SAP S/4HANA.

我們的數據中心集團剛剛宣布與 SAP 建立非常重要的戰略合作夥伴關係，以優化英特爾的平台，包括用於 SAP 端到端企業軟件應用程序（包括 SAP S/4HANA）的 Xeon 可擴展處理器和 Optane DC 持久內存。

For over a decade, we have worked closely with SAP on developing differentiated breakthrough technologies that make organizations run more efficiently.

十多年來，我們與 SAP 密切合作，開發差異化的突破性技術，使組織更高效地運行。

The broadening of our strategic partnership with SAP will allow our mutual customers to accelerate their organization's digital transformation by deploying SAP business applications optimized for Intel-based infrastructure in the cloud, on-premises and in hybrid environments.

擴大我們與 SAP 的戰略合作夥伴關係將使我們共同的客戶能夠通過在雲、本地和混合環境中部署針對基於英特爾的基礎設施優化的 SAP 業務應用程序來加速其組織的數字化轉型。

Our ecosystem partners have already received Ice Lake server samples.

我們的生態系統合作夥伴已經收到了 Ice Lake 服務器樣本。

We are making good progress on Ice Lake server and are now planning to start production wafers in the first half of 2020 with the volume ramp in the second half of the year.

我們在 Ice Lake 服務器上取得了良好的進展，現在計劃在 2020 年上半年開始生產晶圓，下半年量產。

Both yield and defect density are ahead of schedule for our 10-nanometer data center products.

我們的 10 納米數據中心產品的良率和缺陷密度均超前。

Cascade Lake, which is ramping now, is on track to be one of our fastest ramping products ever, and we have a great solution for our customers in the first half of 2020 with Cooper Lake in the same platform as Ice Lake.

現在正在升級的 Cascade Lake 有望成為我們有史以來升級速度最快的產品之一，我們在 2020 年上半年為我們的客戶提供了一個很好的解決方案，Cooper Lake 與 Ice Lake 處於同一平台。

We are working more deeply with our customers to understand their needs and become the partner that they rely on to innovate and grow their businesses.

我們正在與客戶進行更深入的合作，以了解他們的需求，並成為他們賴以創新和發展業務的合作夥伴。

They challenge us.

他們挑戰我們。

It's producing results, and it's making us better.

它正在產生結果，它讓我們變得更好。

For example, in the second quarter, we announced a strategic partnership with Google to collaborate on Anthos, a new reference design based on the second-generation Xeon Scalable processor and an optimized Kubernetes software stack that will deliver increased workload portability to customers who want to take advantage of hybrid cloud environments.

例如，在第二季度，我們宣布與 Google 建立戰略合作夥伴關係，以合作開發 Anthos，這是一種基於第二代 Xeon 可擴展處理器和優化的 Kubernetes 軟件堆棧的新參考設計，它將為希望為需要的客戶提供更高的工作負載可移植性。利用混合雲環境。

These deep customer engagements are frankly one of my favorite parts of the role.

坦率地說，這些深入的客戶參與是我最喜歡的角色之一。

We are constantly thinking about how we can help our data center customers harness the potential of data by processing, storing and moving it more efficiently.

我們一直在思考如何通過更有效地處理、存儲和移動數據來幫助我們的數據中心客戶利用數據的潛力。

An essential part of the equation is interconnect technology, which is why we recently announced our intention to acquire Barefoot Networks.

等式的一個重要部分是互連技術，這就是我們最近宣布打算收購 Barefoot Networks 的原因。

Barefoot Networks is an emerging leader in Ethernet switch silicon software with the programmability and flexibility necessary to meet the performance needs of the hyperscale cloud.

Barefoot Networks 是以太網交換機芯片軟件領域的新興領導者，具有滿足超大規模雲的性能需求所需的可編程性和靈活性。

We closed the transaction this week, and we are excited to have the Barefoot team as part of the Intel family.

我們本週完成了交易，我們很高興 Barefoot 團隊成為英特爾家族的一員。

Our client computing customers can look forward to exciting new Intel products this year.

我們的客戶端計算客戶可以期待今年激動人心的英特爾新產品。

In the second quarter, we launched a special edition of the world's best gaming processor, the Core i9-9900KS.

在第二季度，我們推出了世界上最好的遊戲處理器的特別版酷睿 i9-9900KS。

We also launched our new 10th Gen Core product family codenamed Ice Lake, which integrates WiFi 6, Gen11 graphics and AI acceleration.

我們還推出了代號為 Ice Lake 的全新第十代酷睿產品系列，它集成了 WiFi 6、Gen11 圖形和 AI 加速。

While we are delivering on the present, we are also creating the future.

我們在實現現在的同時，也在創造未來。

Intel Labs is researching completely new architectures like quantum and neuromorphic computing that promise incredible leaps in performance and power efficiency.

英特爾實驗室正在研究全新的架構，例如量子和神經形態計算，這些架構有望在性能和能效方面實現令人難以置信的飛躍。

Neuromorphic computing strives to emulate the neural structure and operation of the human brain, which could deliver big advancements in artificial intelligence by allowing computers to sense, learn and behave more naturally and efficiently.

神經形態計算致力於模擬人腦的神經結構和操作，通過讓計算機更自然、更有效地感知、學習和行為，可以在人工智能方面取得重大進展。

Just this month, we announced an 8 million neuron neuromorphic system comprising 64 Intel Loihi research chips that's now available to the broader research community.

就在本月，我們宣布了一個包含 64 個英特爾 Loihi 研究芯片的 800 萬個神經元神經形態系統，現在可供更廣泛的研究社區使用。

Finally, we are evolving our culture and improving execution because our customers are counting on us.

最後，我們正在發展我們的文化並提高執行力，因為我們的客戶指望我們。

Our process technology road map continues to improve, and we're making excellent progress on 10-nanometer.

我們的工藝技術路線圖不斷改進，我們在 10 納米方面取得了出色的進展。

We began shipping Ice Lake client in the second quarter supporting systems on the shelf for the holiday selling season and expect to ship Agilex, our first 10-nanometer FPGA later this year.

我們在第二季度開始出貨 Ice Lake 客戶端，支持系統在假期銷售季節的貨架上，並預計在今年晚些時候出貨我們的第一款 10 納米 FPGA Agilex。

We now have 2 factories in full production on 10-nanometer.

我們現在有 2 家工廠全面生產 10 納米。

We are also on track to launch 7-nanometer in 2021.

我們也有望在 2021 年推出 7 納米。

With a roughly 2x improvement in density over 10-nanometer, our 7-nanometer process, which will be comparable to competitors' 5-nanometer nodes, will put us on pace with the historical Moore's Law scaling.

與 10 納米相比，密度提高了大約 2 倍，我們的 7 納米工藝將與競爭對手的 5 納米節點相媲美，這將使我們與歷史上的摩爾定律縮放同步。

We're also making steady progress increasing CPU supply.

我們也在穩步增加 CPU 供應。

Through our investments, focused execution and tighter customer collaboration, we expect our PC CPU supply will be up mid-single digits this year while we expect the PC TAM to grow slightly.

通過我們的投資、專注的執行和更緊密的客戶合作，我們預計今年我們的 PC CPU 供應量將增長中個位數，而我們預計 PC TAM 將略有增長。

We'll continue to work with our customers to meet their required product mix and ramp additional capacity to ensure we are not a constraint on their growth.

我們將繼續與我們的客戶合作，以滿足他們所需的產品組合併增加額外的產能，以確保我們不會限制他們的增長。

A final point of pride in the second quarter that speaks to Intel's values is the release of our annual Corporate Responsibility Report, which highlights the progress made over the last year toward our 2020 goals around environmental sustainability, supply chain responsibility, diversity and inclusion and social impact.

第二季度最能體現英特爾價值觀的最後一點是發布了我們的年度企業責任報告，該報告強調了去年在實現我們圍繞環境可持續性、供應鏈責任、多樣性和包容性以及社會責任的 2020 年目標方面取得的進展影響。

We achieved a number of our 2020 goals ahead of schedule: energy conservation, nonhazardous waste recycling, workforce diversity and technology empowerment.

我們提前實現了多項 2020 年目標：節能、無害廢物回收、勞動力多元化和技術賦能。

Being responsible stewards of the communities in which we operate is central to our culture and it is helping us transform and deliver the results you expect of us.

成為我們經營所在社區的負責任管理者是我們文化的核心，它正在幫助我們轉變並實現您對我們的期望。

I'm proud of what our team has accomplished over the last quarter and look forward to sharing more proof points of our progress with you in the coming months.

我為我們的團隊在上個季度所取得的成就感到自豪，並期待在接下來的幾個月中與您分享我們取得進展的更多證據。

With that, I'll hand off to George, who will take you through the financial details.

有了這個，我將交給喬治，他將帶你了解財務細節。

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

We had a solid Q2 with revenue coming in at $16.5 billion, down 3% year-on-year and higher by $900 million compared to our guide.

我們的第二季度收入穩健，收入為 165 億美元，同比下降 3%，與我們的指南相比增加了 9 億美元。

Data-centric revenue was $7.7 billion, down 7%.

以數據為中心的收入為 77 億美元，下降 7%。

And PC-centric revenue was $8.8 billion, up 1% year-on-year.

以 PC 為中心的收入為 88 億美元，同比增長 1%。

Our Q2 operating margin was 31%, down 2 points as client ASP strength was more than offset by platform volume declines and continued NAND pricing degradation.

我們第二季度的營業利潤率為 31%，下降了 2 個百分點，因為客戶 ASP 的實力被平台銷量下降和 NAND 價格持續下降所抵消。

Q2 earnings per share came in at $1.06, up 2% year-on-year and $0.17 over our guide for the quarter.

第二季度每股收益為 1.06 美元，同比增長 2%，比我們本季度的指引高 0.17 美元。

Year-to-date, we have generated $5.7 billion of free cash flow, returned $8.4 billion to shareholders, paid dividends of $2.8 billion and repurchased approximately 117 million shares.

年初至今，我們已經產生了 57 億美元的自由現金流，向股東返還了 84 億美元，支付了 28 億美元的股息，並回購了大約 1.17 億股股票。

As mentioned last quarter, we anticipated a more challenging year in 2019 coming off a large build-out of capacity in 2018 by DCG customers as well as the pricing dynamics in memory, which is largely playing out as expected.

如上個季度所述，我們預計 2019 年將面臨更具挑戰性的一年，因為 DCG 客戶在 2018 年進行了大規模的產能擴張，以及內存定價動態，這在很大程度上正如預期的那樣。

In light of these factors, I'm pleased with our results and operating performance for the quarter.

鑑於這些因素，我對本季度的業績和經營業績感到滿意。

Non-GAAP EPS was up 2% year-over-year driven by strength in our platform ASPs, lower 10-nanometer startup costs, lower operating expenses as well as lower shares outstanding and a McAfee dividend.

非 GAAP 每股收益同比增長 2%，這得益於我們平台 ASP 的強勁、較低的 10 納米啟動成本、較低的運營費用以及較低的流通股和邁克菲股息。

Offsetting factors were data-centric demand softness, continued NAND pricing pressure and PC supply constraints impacting our ability to fulfill low-end PC demand.

抵消因素是以數據為中心的需求疲軟、持續的 NAND 定價壓力和影響我們滿足低端 PC 需求能力的 PC 供應限制。

Our non-GAAP tax rate came in at around 12%, in line with last year.

我們的非公認會計原則稅率約為 12%，與去年持平。

Let's now turn to segment performance.

現在讓我們轉向細分性能。

Our Data Center Group ended the quarter with revenue at $5 billion, down 10% from the prior year and up 2% sequentially.

我們的數據中心集團在本季度末的收入為 50 億美元，比上年下降 10%，環比增長 2%。

This was slightly ahead of our expectations with platform ASPs up 2% year-on-year.

這略高於我們的預期，平台 ASP 同比增長 2%。

Xeon ASPs were up double digits year-on-year on mix as our customers continue to select high-performance products.

由於我們的客戶繼續選擇高性能產品，至強 ASP 同比增長兩位數。

Against the tough year-over-year compare, platform units were down 12%.

與艱難的同比比較相比，平台單位下降了 12%。

Cloud revenue was down 1% year-over-year as cloud service providers absorbed capacity after growing demand 40% in 2018.

由於雲服務提供商在 2018 年需求增長 40% 後吸收了容量，雲收入同比下降 1%。

Enterprise and government revenue declined by 31% with particular weakness in China, while communication service providers revenue increased 3% year-over-year.

企業和政府收入下降 31%，尤其是中國市場疲軟，而通信服務提供商收入同比增長 3%。

We see comms service provider demand still in the early phase of a meaningful 5G-related build-out.

我們看到通信服務提供商的需求仍處於有意義的 5G 相關建設的早期階段。

Overall, our other data-centric businesses were down 1% year-over-year or up 2%, excluding Wind River, on strength in our Internet of Things businesses, partially offset by ASP weakness in our memory business.

總體而言，我們的其他以數據為中心的業務同比下降 1% 或增長 2%，不包括風河，這得益於我們在物聯網業務方面的實力，部分被我們內存業務的 ASP 疲軟所抵消。

Our Internet of Things businesses, which include IoTG and Mobileye, continue to show growth and delivered record revenue up 22%, excluding Wind River.

我們的物聯網業務（包括 IoTG 和 Mobileye）繼續呈現增長態勢，並實現了創紀錄的 22% 的收入增長（不包括風河）。

IoTG showed strength across all segments with revenue growth of 23% year-over-year, excluding Wind River, and operating income growth of 21% on strong demand for higher-performance products in the quarter.

IoTG 在所有細分市場均表現強勁，不包括風河，收入同比增長 23%，由於本季度對高性能產品的強勁需求，營業收入增長 21%。

We believe a portion of the revenue outperformance in IoTG is from tariff-related pull-ins.

我們認為 IoTG 的部分收入表現來自與關稅相關的拉動。

Our Mobileye revenue and operating margin were up year-over-year 16% and 20%, respectively, on continued ADAS penetration.

由於 ADAS 的持續滲透，我們的 Mobileye 收入和營業利潤率分別同比增長 16% 和 20%。

Our memory business revenue was down 13% as the industry supply surplus continued to feed a deteriorating NAND pricing environment.

由於行業供應過剩繼續助長不斷惡化的 NAND 定價環境，我們的內存業務收入下降了 13%。

NSG operating income weakened by approximately $220 million year-over-year.

NSG 營業收入同比減少約 2.2 億美元。

PSG revenue declined 5% year-over-year as softness in cloud and enterprise demand more than offset growth in 5G wireless.

由於雲和企業需求的疲軟抵消了 5G 無線的增長，PSG 收入同比下降 5%。

Advanced products, which includes those manufactured on 28-nanometer through 14-nanometer process nodes, grew 15% year-on-year.

先進產品，包括在 28 納米到 14 納米工藝節點上製造的產品，同比增長 15%。

PSG operating margin was down 49% year-over-year on lower revenue, product mix and 10-nanometer road map investments.

由於收入、產品組合和 10 納米路線圖投資下降，PSG 營業利潤率同比下降 49%。

The Client Computing Group demonstrated strong execution this quarter with revenue up 1% year-over-year on mix-driven ASP strength, strong demand in commercial PCs and modems and $200 million to $300 million in revenue from order pull-ins due to trade and tariff concerns.

客戶端計算集團在本季度表現出強勁的執行力，收入同比增長 1%，原因是混合驅動的 ASP 實力、商用 PC 和調製解調器的強勁需求以及由於貿易和關稅問題。

We believe the PC TAM grew slightly in Q2 led by our commercial PC demand.

我們認為，在我們的商用 PC 需求的帶動下，PC TAM 在第二季度略有增長。

Our PC units were down 5% as our small core supply was constrained and we could not fulfill all of our customer demand.

由於我們的小型核心供應受到限制並且我們無法滿足所有客戶需求，我們的 PC 單位下降了 5%。

We have made significant progress against our supply challenges, and we expect supply and demand to return to balance in the second half.

我們在應對供應挑戰方面取得了重大進展，我們預計下半年供需將恢復平衡。

That said, demand has been stronger than expected and product mix will continue to be a challenge in the third quarter as our teams work to align available supply with demand.

也就是說，需求強於預期，隨著我們的團隊努力使可用供應與需求保持一致，第三季度產品組合將繼續成為挑戰。

We saw strong ASPs in the quarter with notebook ASPs up 3% year-over-year and desktop ASPs up 5%.

我們在本季度看到強勁的 ASP，筆記本 ASP 同比增長 3%，台式機 ASP 增長 5%。

Operating margin for our client group was 42%, up 5 points year-on-year on strong revenue and mix and lower cost of sales post qualification of our 10-nanometer Ice Lake client product.

我們的客戶群的營業利潤率為 42%，同比增長 5 個百分點，原因是我們的 10 納米冰湖客戶產品獲得了強勁的收入和組合以及較低的銷售成本。

For the first 2 quarters, we generated $12.5 billion in operating cash flow and we invested $6.9 billion in capital to ramp 10-nanometer capacity and for 7-nanometer product development.

前兩個季度，我們產生了 125 億美元的運營現金流，我們投資了 69 億美元的資本來提升 10 納米產能和 7 納米產品開發。

We also spent $5.6 billion to repurchase 117 million shares to date.

迄今為止，我們還斥資 56 億美元回購了 1.17 億股股票。

Buyback was accelerated in the second quarter where our average purchase price was $46.78 per share.

第二季度加速回購，我們的平均購買價格為每股 46.78 美元。

We have $11.7 billion remaining on our Board authorization.

我們的董事會授權還剩 117 億美元。

Now let's talk about the full year outlook.

現在讓我們談談全年展望。

For the full year, the market dynamics reflected in our April guide remain largely in place although memory has continued to weaken relative to our expectations.

全年來看，我們 4 月指南中反映的市場動態基本保持不變，儘管內存相對於我們的預期繼續減弱。

Although we have seen a weaker first half in our data center business, we expect a better second half as demand from cloud and comms service providers improves and our second gen Xeon Scalable continues to ramp.

儘管我們的數據中心業務上半年表現疲軟，但我們預計下半年會更好，因為雲和通信服務提供商的需求有所改善，而且我們的第二代 Xeon Scalable 繼續增長。

We are increasing our revenue outlook for the full year by $500 million to $69.5 billion to reflect the outperformance in the second quarter somewhat offset by the effect of trade-related pull-ins and a weaker memory environment.

我們將全年收入預期上調 5 億美元至 695 億美元，以反映第二季度的出色表現在一定程度上被貿易相關拉動和較弱的記憶環境的影響所抵消。

We continue to expect revenue from our data-centric businesses to be down low single digits for the full year.

我們繼續預計我們以數據為中心的業務的收入全年將下降個位數。

Our guidance for full year PC-centric business growth remains a low single-digit decline for the year, reflecting share loss in small core applications where we have been short supply longer than expected and demand has remained healthy.

我們對全年以 PC 為中心的業務增長的指導仍然是個位數的低位下降，這反映了小型核心應用程序的份額損失，在這些應用程序中，我們的供應短缺時間比預期的要長，需求保持健康。

We expect to have additional small core supply in the second half, which should allow us to regain some of that lost share.

我們預計下半年會有額外的小型核心供應，這應該能讓我們重新獲得部分失去的份額。

Operating margin for the year is expected to be 32%, flat to our previous guide.

今年的營業利潤率預計為 32%，與我們之前的指引持平。

Full year expectations for gross margin are unchanged at approximately 60%.

全年毛利率預期保持不變，約為 60%。

We expect Q3 gross margins to be roughly in line with Q2 on strong flow-through of higher revenue offset by increased 10-nanometer cost as we ramp production.

我們預計第三季度毛利率將與第二季度大致持平，因為隨著我們增加產量而增加的 10 納米成本抵消了更高收入的強勁流動。

The cost increase in Q3 will be tempered as we will be selling through some of the previously reserved 10-nanometer in the quarter, and we see the benefit of a grant related to our NAND factory in China.

第三季度的成本增長將得到緩和，因為我們將在本季度通過一些先前保留的 10 納米進行銷售，並且我們看到了與我們在中國的 NAND 工廠相關的贈款的好處。

We expect Q4 gross margin to be down 3 to 3.5 points sequentially as we continue to ramp 10-nanometer and will have sold through the previously reserved inventory and will also not see the benefit of the NAND grant.

我們預計第四季度毛利率將連續下降 3 至 3.5 個百分點，因為我們繼續增加 10 納米，並且將通過之前預留的庫存進行銷售，並且也不會看到 NAND 授權的好處。

We are making great progress on 10-nanometer and expect to see continued yield improvement as we move into 2020 and work through the cost curve.

我們在 10 納米技術上取得了長足的進步，預計隨著我們進入 2020 年並克服成本曲線，產量將繼續提高。

Full year spending is expected to be down almost $1 billion year-on-year in line with our prior outlook adjusted for costs related to our acquisition of Barefoot Networks.

全年支出預計將同比下降近 10 億美元，這與我們之前對收購 Barefoot Networks 相關成本進行調整後的展望一致。

We are now expecting 2019 savings from our modem exit to rise to approximately $400 million to $500 million from our earlier estimates of $200 million to $300 million.

我們現在預計 2019 年從我們的調製解調器出口節省的費用將從我們之前估計的 2 億美元到 3 億美元增加到大約 4 億美元到 5 億美元。

The increased savings are being offset by higher spending on 10-nanometer and 7-nanometer processes and product R&D.

增加的節省被 10 納米和 7 納米工藝和產品研發的更高支出所抵消。

Earnings per share for the year is now expected to be $4.40, up $0.05 from our April guide, reflecting higher Q2 earnings offset somewhat by the impact of tariff pull-ins on the second half, weaker memory and a slightly higher full year tax rate.

今年的每股收益現在預計為 4.40 美元，比我們 4 月份的指引增加 0.05 美元，這反映了較高的第二季度收益在一定程度上被下半年關稅拉動、內存疲軟和全年稅率略高的影響所抵消。

We now expect the non-GAAP tax rate for Q3 and Q4 to be approximately 13%, up slightly from our April guide as we anticipate a higher mix of our pretax income in the second half in higher tax domains.

我們現在預計第三季度和第四季度的非美國通用會計準則稅率約為 13%，略高於我們 4 月份的指南，因為我們預計下半年在更高稅收領域的稅前收入組合會更高。

Turning to Q3 outlook.

轉向第三季度展望。

We expect revenue of $18 billion, up 9% sequentially, which is within our normal seasonal range after adjusting for trade-related pull-ins in Q2.

我們預計收入為 180 億美元，環比增長 9%，這在我們調整第二季度與貿易相關的拉動因素後的正常季節性範圍內。

Our data-centric and PC-centric businesses will be down mid-single digits year-over-year in Q3 against very challenging compares.

與極具挑戰性的比較相比，我們以數據為中心和以 PC 為中心的業務將在第三季度同比下降中個位數。

We expect Q3 operating margin of 35% and non-GAAP EPS of $1.24 on higher sequential revenue particularly in PC, data center and IoT.

我們預計第三季度營業利潤率為 35%，非公認會計原則每股收益為 1.24 美元，原因是連續收入增加，尤其是在個人電腦、數據中心和物聯網領域。

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。

All right.

好的。

Thank you, George.

謝謝你，喬治。

Moving on now to the Q&A.

現在繼續進行問答。

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

（接線員說明）接線員，請去介紹我們的第一個來電者。

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

我們的第一個問題來自花旗集團的 Chris Danely。

Just a question on share expectations.

只是一個關於股票預期的問題。

I know in the Analyst Day, you expected the competitive environment to get a little more -- I guess a little more competitive, although it doesn't seem to happen in Q2.

我知道在分析師日，您預計競爭環境會變得更加激烈——我想競爭會更加激烈，儘管它似乎不會在第二季度發生。

Maybe talk about how you expect your share to trend over the next 4 to 6 quarters in light of the competitor coming out with 7-nanometer and then you guys introducing 10-nanometer later on.

鑑於競爭對手推出 7 納米，然後你們稍後推出 10 納米，也許可以談談您預計未來 4 到 6 個季度的份額趨勢如何。

Do you think you'll maybe lose share over the next 3 to 4 quarters and then gain it back?

您認為您可能會在接下來的 3 到 4 個季度內失去份額然後重新獲得份額嗎？

Or how should we think about things are going to play out?

或者我們應該如何考慮事情將要發展？

Chris, it's Bob.

克里斯，我是鮑勃。

First, I would say that during the course of this year, as George mentioned in his prepared comments, we lost a little bit of share in the second quarter particularly in CSG at the lower end small core primarily due to supply constraints.

首先，我想說的是，正如喬治在他準備好的評論中提到的那樣，在今年的過程中，我們在第二季度失去了一點份額，尤其是在低端小核心的 CSG，主要是由於供應限制。

And our expectation is that we'll begin to work our way back in the second half of the year given the capacity we put in place to have more supply and meet our customers' demands.

我們的期望是，鑑於我們已經具備更多供應和滿足客戶需求的能力，我們將在下半年開始努力。

But stepping back and just looking at the macro environment over the next several years and particularly in the second half of the year on the data center side, what we've indicated is it will be a much more competitive environment.

但退後一步，看看未來幾年的宏觀環境，特別是下半年的數據中心方面，我們已經表明這將是一個更具競爭力的環境。

Our intentions are with a -- not a 90% share position, but more like a 23% share position that we have significant prospects for growth across multiple aspects of our business.

我們的意圖是——不是 90% 的份額，而是更像是 23% 的份額，我們在業務的多個方面都有顯著的增長前景。

And our intentions are over the -- over that time frame to continue to grow our data-centric collection of businesses at or above market rates of growth.

我們的意圖是在那個時間框架內繼續以或高於市場增長率的速度增長我們以數據為中心的業務集合。

And that's consistent with what we said back in January.

這與我們在一月份所說的一致。

We reiterated it again at our May Investor Day and nothing's really changed from that standpoint.

我們在五月的投資者日再次重申了這一點，從這個角度來看並沒有真正改變。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

Okay.

好的。

So a 2-part question on the Data Center Group.

這是關於數據中心組的兩部分問題。

I guess first and foremost, could you just discuss a little bit about the differences between the subsegments?

我想首先，你能討論一下子細分市場之間的差異嗎？

The cloud side was impressively strong in the quarter and it sounds like you think that's going to continue.

雲計算方面在本季度的表現令人印象深刻，聽起來您認為這種情況會持續下去。

But the enterprise and government side, I know you said that was China specific, but that was exceedingly weak.

但是企業和政府方面，我知道你說這是中國特有的，但那是非常薄弱的。

Any more color on what's going on on that enterprise side in the current quarter and probably of equal, if not greater importance, the second half looks like you still expect a really big ramp and potentially better than seasonal.

關於本季度企業方面發生的事情的更多顏色，可能同樣重要，如果不是更重要的話，下半年看起來你仍然期望一個非常大的斜坡並且可能比季節性更好。

What gives you the confidence in the second half ramp in DCG?

是什麼讓您對 DCG 下半年的爬坡充滿信心？

Ross, it's Bob.

羅斯，是鮑勃。

I'll comment and then George will pile on.

我會發表評論，然後喬治會繼續說下去。

First, on growth overall, we had -- cloud, I'd still put in the relatively soft category to the first half of the year as the cloud players continue to digest.

首先，在整體增長方面，我們有 - 雲，隨著雲玩家繼續消化，我仍然會在今年上半年將其歸為相對疲軟的類別。

And our expectations have been and still are that cloud will get a little bit stronger as we go into the second half.

我們的期望一直是並且仍然是隨著我們進入下半年，雲會變得更加強大。

And as George mentioned, comms has been low single digits as our customers begin to build up for the transition to 5G, so we expect that growth to probably materialize more as we go into the latter part of this year, but I think more in 2020.

正如喬治所說，隨著我們的客戶開始為過渡到 5G 做準備，通信一直處於低個位數，因此我們預計隨著我們進入今年下半年，這種增長可能會實現更多，但我認為 2020 年會更多.

Enterprise and government has been brutal through the first 6 months of the year.

今年前 6 個月，企業和政府一直很殘酷。

Q1 was really soft.

Q1真的很軟。

Q2 was even softer.

Q2 更加柔和。

And while we don't like it, it's been pretty much in line with how we expected the first half and even the second half of the year to kind of play out.

雖然我們不喜歡它，但它與我們預計上半年甚至下半年的表現非常一致。

A couple of dynamics.

幾個動態。

You'll remember last year was really strong for enterprise and government.

你會記得去年對企業和政府來說真的很強大。

Growth was much stronger than we expected.

增長比我們預期的要強勁得多。

Our belief at the time is that that was largely a function of increased digital transformation by CIOs, a favorable tax reform environment that gave them a little more capacity to spend.

我們當時的信念是，這主要是由於首席信息官們增加了數字化轉型，有利的稅收改革環境讓他們有了更多的消費能力。

And we benefited from that tremendously last year.

去年我們從中受益匪淺。

So the first half of this year, even the second half comps -- our comps are much tougher.

所以今年上半年，甚至是下半年的比賽——我們的比賽更加艱難。

And I would say our sense is that CIOs, broadly speaking, are a little more cautious as they go into the second half of the year.

我想說，我們的感覺是，從廣義上講，CIO 在進入下半年時會更加謹慎。

And then when you just take -- that's a broad-based comment.

然後，當您採取- 這是一個廣泛的評論。

And then when you take China into account, China is even worse than that.

再考慮到中國，中國甚至比這更糟糕。

So our thoughts through the first half of the year and even going into the second half of the year is the E&G environment won't get dramatically better.

因此，我們在上半年甚至下半年的想法是，E&G 環境不會顯著改善。

Cloud will get a little bit stronger and comms will get a little bit stronger in the context of our overall full year guide.

在我們的整體全年指南的背景下，雲會變得更強大，通信也會變得更強大。

Yes.

是的。

I would just add that we -- again, we saw enterprise and government down 31% year-over-year.

我只想補充一點，我們再次看到企業和政府同比下降 31%。

I would say maybe a little bit weaker than even we were forecasting, which is for a pretty weak performance in that group.

我會說可能比我們預測的要弱一點，這是因為該組的表現相當差。

But in general, I wouldn't add any more to what Bob said.

但總的來說，我不會再對 Bob 所說的添加任何內容。

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。

So we have gross margins coming down into Q4, you're probably in the low to mid 58%s.

所以我們的毛利率下降到第四季度，你可能處於 58% 的中低水平。

And I know at the Analyst Day, you had sort of given an indication for gross margins in like the 2021 time frame to be around 57% on a $77 billion number.

而且我知道在分析師日，你已經給出了一個跡象，即在 770 億美元的數字上，2021 年的毛利率約為 57%。

I guess how do we think about the trajectory from where we're exiting this year to the gross margin profile in 2021?

我想我們如何看待從今年退出到 2021 年毛利率的軌跡？

Does that imply that 2020 gross margins should be down from obviously 2019 and 2021 should be down from 2020?

這是否意味著 2020 年的毛利率應該明顯低於 2019 年，而 2021 年應該低於 2020 年？

And then what happens if you actually don't hit your revenue guidance of $77 billion in 2021 because the margin impact is mostly fixed?

如果你實際上沒有達到 2021 年 770 億美元的收入指導，因為利潤率影響大部分是固定的，那會發生什麼？

Does that imply margins come down even more in that case?

這是否意味著在這種情況下利潤率下降得更多？

I think -- Stacy, it's George.

我想——斯泰西，是喬治。

We did say that we think we'll bottom out at 57% in '21.

我們確實說過，我們認為我們將在 21 年觸底反彈 57%。

We didn't guide specifically for '20 but implied it would be closer to the 60% range.

我們沒有專門為 20 年提供指導，但暗示它會更接近 60% 的範圍。

And I would say, one of the things that's going to help us -- two things that are probably going to help us as we think about 2019 to 2020, one is we're going to see more of the benefit of moving up the yield curve in 10-nanometer, which is pretty painful now, and you're seeing that really in the fourth quarter gross margin.

我想說，其中一件事將對我們有所幫助——在我們考慮 2019 年至 2020 年時，兩件事可能會對我們有所幫助，一是我們將看到提高收益率的更多好處10 納米的曲線，現在非常痛苦，你在第四季度的毛利率中確實看到了這一點。

I would also say though, you're seeing a really pure impact of memory in the fourth quarter as well because they -- we have a grant in the third quarter.

不過，我還要說，您在第四季度也看到了內存的真正純粹影響，因為他們 - 我們在第三季度獲得了撥款。

So you're going to see a sequential step down just because of the absence of the grant and it just tells you how much the impact on gross margin overall for the DC-centric group has been because of memory.

因此，由於沒有撥款，您將看到連續遞減，它只是告訴您，以 DC 為中心的團隊對整體毛利率的影響有多大是因為內存。

I think memory, if we can start to see improvement on that in 2020 -- and there's some evidence of firming of the ASPs, but probably too early to call that.

我認為記憶力，如果我們能在 2020 年開始看到改善——並且有一些證據表明 ASP 走強，但現在斷言可能還為時過早。

I think that could also be a factor.

我認為這也可能是一個因素。

But you're also seeing growth in our adjacent businesses, which have attractive margins.

但您也看到了我們相鄰業務的增長，這些業務具有可觀的利潤率。

They'll continue to grow into 2020.

他們將繼續增長到 2020 年。

And like I said, I think largely it's going to be 10-nanometer yield curve benefits, maybe a little bit improving memory and then improving adjacent businesses should be a little more positive than what we're seeing purely in Q4.

就像我說的那樣，我認為很大程度上將是 10 納米收益率曲線的好處，也許會稍微改善內存，然後改善相鄰業務，這應該比我們在第四季度純粹看到的更積極一些。

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

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I had a question for George.

我有一個問題要問喬治。

So George, I'm just trying to figure out the incremental accretion from the sale of the modem business.

所以喬治，我只是想弄清楚出售調製解調器業務所帶來的增量。

It doesn't seem like a lot of it is dropping through to the op margin because you're investing more in 7- and 10-nanometer.

由於您在 7 納米和 10 納米上的投資更多，因此似乎並沒有太多下降到運營利潤率。

So I'm just wondering why that would be the case if yields are on track.

所以我只是想知道如果收益率正常，為什麼會出現這種情況。

Well, one of the things that we talked about, Tim, was trying to pull in as much as possible both the 10-nanometer and 7-nanometer road map because we think the economics of that is more than worth the investment.

嗯，我們談到的一件事，蒂姆，是試圖盡可能多地參與 10 納米和 7 納米路線圖，因為我們認為這樣做的經濟性比投資更值得。

And really, the investments we're making now are all focused on executing to that.

事實上，我們現在所做的投資都集中在執行上。

We're going to see more accretion from this deal coming in the following year when we would expect a significant increase in the reduction in sort of the run rate OpEx for the piece that's going out at the end of the year.

我們將在接下來的一年中看到這筆交易的更多增長，屆時我們預計將在年底推出的作品的運行率 OpEx 將大幅減少。

So maybe $400 million to $500 million this year, but you can probably double that number for next year, which we think will help on the total spending.

所以今年可能在 4 億到 5 億美元之間，但明年你可能會翻倍這個數字，我們認為這將有助於總支出。

And the question is will we need to retain this higher level run rate that we're seeing today for acceleration fully into next year?

問題是我們是否需要保持我們今天看到的更高水平的運行速度，以便完全加速到明年？

I think there might be some opportunity there as well.

我認為那裡可能也有一些機會。

But we're going to -- we're going to invest first in those things that we think drive yield improvement in 10 and product performance improvement in 10 and 7.

但我們將首先投資於那些我們認為推動 10 版產量提高和 10 版和 7 版產品性能提升的事物。

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。

Maybe just again to kind of step back on the data-centric businesses.

也許只是再次退一步以數據為中心的業務。

On the revised full year outlook, you're still guiding data-centric to be down low single digits year-over-year.

在修訂後的全年展望中，您仍在指導以數據為中心的同比下降低個位數。

Previously, within data-centric, you guys were looking for DCG specifically to be down mid-single digits year-over-year, which implies about 20% growth in DCG second half versus first half.

以前，在以數據為中心的情況下，你們特別希望 DCG 同比下降中個位數，這意味著 DCG 下半年與上半年相比增長約 20%。

Is that still how the team sees DCG for the full year?

這仍然是團隊對 DCG 全年的看法嗎？

I would say we're still roughly in that ballpark.

我會說我們仍然大致在那個範圍內。

We haven't really changed our view of the full year.

我們並沒有真正改變對全年的看法。

There may be a little bit that slipped into the first half relative to our original second half expectations on the pull-ins even though it's more of an impact on the PC side that we saw a little bit of that in DCG.

儘管我們在 DCG 中看到的對 PC 端的影響更大，但相對於我們最初對下半場的預期，上半場可能會有一點下滑。

So now we're looking to a strong second half for DCG.

所以現在我們期待 DCG 下半年表現強勁。

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

我們的下一個問題來自美銀美林的 Vivek Arya。

On inventory, they were up about 12% sequentially in terms of dollars.

在庫存方面，以美元計，它們環比增長了約 12%。

Now when I look at your second half sales, you're forecasting them to grow 13% to 14% half over half, so it kind of makes sense.

現在，當我查看您下半年的銷售額時，您預測它們將增長 13% 到 14% 一半以上，所以這是有道理的。

But just inventory in terms of historical levels, it's still quite elevated given the macro conditions.

但僅從歷史水平來看庫存，考慮到宏觀條件，它仍然相當高。

So is this all 10-nanometer-related inventory?

那麼這都是與 10 納米相關的庫存嗎？

Just what's driving this?

是什麼驅動了這一切？

How do you see it trending in the second half?

您如何看待下半年的趨勢？

And will there be any impact on the gross margins from any utilization changes that might be needed?

可能需要的任何利用率變化會對毛利率產生任何影響嗎？

Sure.

當然。

Great question.

好問題。

And we're watching inventory very closely ourselves.

我們自己也在密切關注庫存。

The big bounce this quarter, as you suspected, was really about 10-nanometer within finished goods coming onto the balance sheet.

正如您所猜想的那樣，本季度的大幅反彈實際上是在進入資產負債表的成品中大約 10 納米。

And so there is actually some gross margin benefit, which we began to see this quarter and we'll see a little bit next quarter previously reserved inventory then flowing into the marketplace, so some gross margin benefit from that, and you've seen that in the CCG margins.

所以實際上有一些毛利率收益，我們本季度開始看到，下個季度我們會看到一些先前保留的庫存然後流入市場，因此一些毛利率受益，你已經看到了在 CCG 邊緣。

We -- yes, normally we'd be up going into the seasonally strong third and fourth quarters in this quarter.

我們 - 是的，通常我們會在本季度進入季節性強勁的第三和第四季度。

I would say overall that we think the adds this quarter, which are all related to 10-nanometer, make sense.

我會說總體而言，我們認為本季度所有與 10 納米相關的新增內容是有道理的。

I think we feel still that our inventory is higher than we would like in memory, and we will look to bring that down over time.

我認為我們仍然覺得我們的庫存比我們記憶中的要高，我們會隨著時間的推移將其降低。

It's a very tough market to bring it down in and then feel good about yourself.

這是一個非常艱難的市場，要讓它進入市場，然後自我感覺良好。

So we'll continue to watch that.

所以我們會繼續觀察。

But that's been part of the pressure on free cash flow has been some of these working capital, particularly inventory impacts.

但這一直是自由現金流壓力的一部分，其中一些營運資金，特別是庫存影響。

To George's point, while we're not big fans of growing inventory, we feel great about qualifying the Ice Lake product in the second quarter.

就喬治而言，雖然我們不是增加庫存的忠實擁護者，但我們對在第二季度獲得 Ice Lake 產品的資格感到非常高興。

And that qualification is the single biggest reason for the step function in inventory from Q1 to Q2.

而這種資格是第一季度到第二季度庫存階梯函數的最大原因。

So we knew if we executed on our plans of the Ice Lake client qualification, we'd have a step-function in inventory and we feel good about getting that qualification done and behind us.

所以我們知道，如果我們執行我們的 Ice Lake 客戶資格認證計劃，我們將在庫存中有一個階梯式功能，並且我們對完成該資格認證並在我們身後感到滿意。

The implications of that is the higher balance in Q2 versus Q1.

這意味著第二季度的餘額高於第一季度。

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。

Congratulations on the solid results.

祝賀你取得了堅實的成果。

Maybe if I can go back to the gross margin from -- at the Q4 level, I'm just kind of curious, given that CapEx has been running significantly ahead of depreciation, I'm kind of curious if there's anything going on on the depreciation schedule, which is impacting the calendar fourth quarter gross margins.

也許如果我可以從第四季度的水平回到毛利率，我只是有點好奇，鑑於資本支出在貶值之前一直在顯著運行，我有點好奇是否有任何事情發生折舊時間表，這會影響日曆第四季度的毛利率。

And George, to the extent that in the previous question you talked about maybe some tailwinds relative to the fourth quarter run rate next year in 2020, how do we think about the bridge from sort of the Q4 guide of kind of 58.5 to the Analyst Day guide for 2021 of 57, is that all just the impact of 7-nanometer coming on in that year?

喬治，就您在上一個問題中談到的相對於明年 2020 年第四季度運行率而言可能存在一些不利因素而言，我們如何看待從 58.5 的第四季度指南到分析師日的橋樑57 的 2021 年指南，這僅僅是 7 納米技術在那一年出現的影響嗎？

Or is there some price consideration?

還是有一些價格方面的考慮？

How should we conceptually think about that?

我們應該如何從概念上思考這個問題？

Okay, John.

好的，約翰。

That's a great 3-part question.

這是一個很好的三部分問題。

There's nothing unusual going on in depreciation in the fourth quarter.

第四季度的折舊並沒有什麼異常。

As I said, most of the impact is really related to -- we'll have gotten through all of the previously reserved 10-nanometer products, so you're going to see more pressure on gross margin from the products that are coming into the marketplace while we're still at the low end of the yield curve on 10-nanometer, which is where we are today.

正如我所說，大部分影響確實與 - 我們將通過所有之前保留的 10 納米產品，因此您將看到來自即將進入的產品對毛利率的更大壓力市場，而我們仍處於 10 納米收益率曲線的低端，這就是我們今天所處的位置。

In 2020, how I think about 2020, I think we -- as I said earlier, we think we'll see a benefit from moving up the yield curve on 10-nanometer.

在 2020 年，我對 2020 年的看法，我認為我們 - 正如我之前所說，我們認為我們將看到在 10 納米上提高收益率曲線的好處。

We're pleased with our process work that's going on there now.

我們對現在正在進行的流程工作感到滿意。

And also, we would expect that memory, which has been a significant drag on gross margin this year, will help us a little bit overall.

此外，我們預計今年嚴重拖累毛利率的內存將對我們整體有所幫助。

So no real change.

所以沒有真正的改變。

Probably the easiest thing would have been to just go back to say no real change in our outlook that we gave at Analyst Day in terms of the gross margin trajectory over the next few years.

可能最簡單的事情就是回過頭來說我們在分析師日給出的未來幾年毛利率軌蹟的前景沒有真正改變。

George, the only thing I would add on the depreciation while there's nothing kind of out of the norm, there are 2 fairly big dynamics that happen over the course of the next several months.

喬治，我唯一要補充的是折舊，雖然沒有什麼不正常的，但在接下來的幾個月裡，有兩個相當大的動態發生。

One is over time, we have more and more of our 14-nanometer equipment that's fully depreciated.

一是隨著時間的推移，我們有越來越多的 14 納米設備完全折舊。

So as you know, that's been our engine for a while, and we'll have more and more fully depreciated assets that are at work.

如您所知，這一直是我們的引擎，我們將擁有越來越多完全折舊的資產在工作。

That's obviously favorable.

這顯然是有利的。

On the flip side, we have -- we talked about ramping 2 fabs and we've had a lot of assets under construction on our balance sheet that weren't being depreciated.

另一方面，我們談到了擴建 2 家晶圓廠，我們的資產負債表上有很多在建資產沒有折舊。

So in one sense, you have a drop off from the life of 14-nanometer equipment.

所以從某種意義上說，你從 14 納米設備的壽命中下降了。

At the same time, you're deploying some of the 10-nanometer equipment that we bought previously.

同時，您正在部署我們之前購買的一些 10 納米設備。

So those 2 things underneath the cover at the macro level to George's point, there's not a dramatic change.

因此，就喬治而言，宏觀層面上的這兩件事並沒有發生巨大的變化。

But underneath the covers there's 2 fairly big dynamics in the makeup of our equipment base and what's fully depreciated versus what's being put into service.

但在幕後，我們的設備基礎構成中有兩個相當大的動態，即完全折舊的設備與投入使用的設備。

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。

You talked about the reasons for being a little more conservative about the second half than you felt 90 days ago, but your second half guidance isn't materially different than it was 90 days ago.

您談到了下半年比 90 天前更加保守的原因，但您的下半年指導與 90 天前沒有實質性不同。

So I guess how are you thinking that relative to the forecast?

所以我猜你是怎麼想的相對於預測？

And I guess when you talk about pull-ins, like what is that -- I'm surprised that there is pull-ins at the same that there's shortages.

我想當你談論拉入時，就像那是什麼——我很驚訝在拉入的同時還有短缺。

So maybe you can just describe what the behavior is that's pulling revenue into Q2.

因此，也許您可以描述將收入拉入第二季度的行為是什麼。

So again, for the second half, really for the full year, we're largely seeing the full year as we talked about it 90 days ago.

再說一次，對於下半年，實際上是全年，我們在很大程度上看到了全年，因為我們在 90 天前談到了它。

What I think the biggest difference is just how strong you see demand has been and the pull-ins that came into the second quarter leading to a much stronger second quarter where we are passing obviously some of that through with the exception of the pull-ins to the full year.

我認為最大的區別在於您看到需求有多強勁，以及進入第二季度的拉動導致第二季度更加強勁，我們顯然正在通過其中的一些，但拉動除外到全年。

So I don't want to sound like we're going to -- we'll see the normal seasonal bounce and it will be a strong second half of the year for the company.

所以我不想听起來像我們將要 - 我們會看到正常的季節性反彈，這將是公司今年下半年的強勁表現。

And I think we're expecting a strong DCG improvement in the second half as they get through the capacity digestion.

而且我認為，隨著他們通過產能消化，我們預計下半年 DCG 會出現強勁的改善。

We think the PC is going to continue to be quite strong.

我們認為 PC 將繼續保持強勁勢頭。

So relative to our forecast, I guess I may be countering a little bit this idea of a weaker second half other than memory has been a little bit weaker than we had expected.

因此，相對於我們的預測，我想我可能會反駁這種觀點，即除記憶之外的下半年較弱的想法比我們預期的要弱一些。

ASPs are certainly down more, and so we're anticipating some pain from that.

ASP 肯定會下降更多，因此我們預計會因此而痛苦。

And then of course, some level of demand was pulled into the second quarter, but it's really reflective of a year that is playing out largely as we expected with some upside on PC TAM.

當然，一定程度的需求被拉到第二季度，但這確實反映了這一年的表現，很大程度上正如我們預期的那樣，PC TAM 有一些上行空間。

Yes.

是的。

And I think the only thing that I would add to that is relative to where we were in April looking out to the second half of the year, we still have the threat of tariffs going up for goods coming out of China and the implications of that.

而且我認為我要補充的唯一一點是相對於我們在 4 月份展望下半年的情況，我們仍然面臨對來自中國的商品徵收關稅的威脅及其影響.

And there's still a little bit of -- a little lack of clarity about the implications of the entity lists and how quickly applications for licenses will be received and processed.

對於實體列表的含義以及接收和處理許可證申請的速度，仍然存在一些問題。

So I think that the real -- we're kind of $900 million better in the quarter.

所以我認為真正的 - 我們在本季度增加了 9 億美元。

You took the year up for $500 million.

你今年花了 5 億美元。

We attributed roughly $400 million to pull-ins.

我們將大約 4 億美元歸因於拉入。

As we go into the second half, we're just at the -- there's still a little bit unknown about what -- how this China thing is going to play out.

當我們進入下半場時，我們只是在 - 關於什麼還有一點點未知 - 這個中國的事情將如何發展。

And that's a big important market for us, and that's probably what makes me a little more anxious.

這對我們來說是一個非常重要的市場，這可能是讓我更加焦慮的原因。

Our next question comes from the line of Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

George and maybe Bob as well, we had heard and continue to hear rumblings of -- and you guys have addressed it at the Analyst Day and in other forums about how you might be price aggressive in certain sectors to try to protect market share.

喬治，也許還有鮑勃，我們已經聽到並繼續聽到傳言——你們已經在分析師日和其他論壇上討論了你如何在某些領域採取激進的價格來保護市場份額。

And I wonder if you might comment about how you're thinking about that strategically in your notebook business where you have 10-nanometer product coming online versus in your desktop business where you might be on 14-nanometer for a bit longer.

我想知道您是否可以評論一下您在筆記本電腦業務中如何戰略性地考慮這一點，您有 10 納米產品上線，而在您的台式機業務中，您可能會使用 14 納米更長的時間。

First, I'd start with, at the risk of repeating myself, a TAM of $300 billion, the largest TAM in the company's history with a pretty decent wind at our back in terms of this insatiable appetite for data and what it means for the products that we build and design.

首先，冒著重蹈覆轍的風險，我會從一個 3000 億美元的 TAM 開始，這是公司歷史上最大的 TAM，就對數據的這種永不滿足的需求以及它對我們製造和設計的產品。

So we view ourselves as having a relatively low-share position with significant opportunity to grow.

因此，我們認為自己的份額相對較低，但有很大的增長機會。

But at the same time, we know it's just -- we're not the only ones that have seen a data-centric world and it will be a more intensely competitive environment.

但與此同時，我們知道這只是——我們並不是唯一看到以數據為中心的世界的人，這將是一個競爭更加激烈的環境。

And our expectations over time are to protect our market share position while continuing to invest in new prospects for growth.

隨著時間的推移，我們的期望是保護我們的市場份額地位，同時繼續投資於新的增長前景。

And that hasn't really changed.

這並沒有真正改變。

When you look at that by segment, we're going to be -- on the PC side, we've been protecting our position for the last couple of years.

當你按細分來看時，我們將是 - 在 PC 方面，過去幾年我們一直在保護我們的地位。

I'd say the competitive intensity on the PC side started probably in the first part of 2017.

我想說 PC 方面的競爭強度可能始於 2017 年上半年。

And during that time frame, we've tried to protect our position while moving end customers up to higher performance products that generate higher ASPs and with that have the capacity also to fight back and meet comps in targeted areas where we need to.

在此期間，我們試圖保護我們的地位，同時將最終客戶推向更高性能的產品，這些產品會產生更高的 ASP，並且有能力在我們需要的目標領域進行反擊和滿足競爭。

So that's -- how we think about it is big opportunity to grow, large market, protect our position while expanding into new vectors.

所以這就是 - 我們如何看待這是一個巨大的成長機會，巨大的市場，保護我們的地位，同時擴展到新的載體。

And that transforms all segments, and we're a little more protective about some segments versus others in those cases, particularly when we're in a supply-constrained environment.

這改變了所有細分市場，在這些情況下，我們對某些細分市場的保護程度高於其他細分市場，特別是當我們處於供應受限的環境中時。

So not a whole lot has really changed on that other than we know it's going to be more competitive and we try to take that into account as we've thought about not only our second half outlook but our 3-year outlook.

因此，除了我們知道它將更具競爭力之外，並沒有太大的改變，我們試圖考慮到這一點，因為我們不僅考慮了下半年的前景，還考慮了 3 年的前景。

Our final question then comes from the line of David Wong from Instinet.

我們的最後一個問題來自 Instinet 的 David Wong。

Just a clarification of what you had said with regard to restrictions in shipments to various entities in China.

只是澄清一下你所說的關於限制向中國各個實體發貨的內容。

Did you say that the net result was actually small in the second quarter?

您是說第二季度的淨結果實際上很小嗎？

And will there be -- do you expect any meaningful impact on DCG revenues from restrictions and shipments in the third quarter?

您是否預計第三季度的限制和出貨量會對 DCG 收入產生任何有意義的影響？

Or is that going to be small, too?

或者這也會很小？

Again, so it was small in the second quarter.

再次，所以它在第二季度很小。

In fact, it was probably a net positive because of pull-in activities.

事實上，由於參與活動，這可能是一個淨積極因素。

So if you looked at what we were prohibited from shipping versus what was pulled in on things we're allowed to ship where people were concerned that perhaps restrictions would become greater, that was a net positive in the second quarter.

因此，如果您查看我們被禁止運輸的物品與在人們擔心限制可能會變得更大的情況下我們被允許運輸的物品中被拉動的物品，那麼這在第二季度是一個淨積極因素。

We think that dynamic just remains in play in the second half of the year.

我們認為這種動態在下半年仍然存在。

How much of the demand concerns were met in the second quarter, we'll have to see how that plays out.

第二季度滿足了多少需求問題，我們將不得不看看結果如何。

But our forecast is based on kind of the current state of activity.

但我們的預測是基於當前的活動狀態。

And as Bob said, we're -- it doesn't mean that we're not concerned or cautious about what could happen if there's a change in policy between now and the end of the year.

正如鮑勃所說，我們 - 這並不意味著我們對從現在到年底之間政策發生變化可能發生的事情不擔心或謹慎。

Thanks, David.

謝謝，大衛。

And we'll hand the call back over to Bob to wrap things up.

我們會將電話轉回給 Bob 以完成所有工作。

Thanks, Mark.

謝謝，馬克。

Thanks, everybody, for joining us.

謝謝大家加入我們。

I'd just kind of close where I started.

我只是有點接近我開始的地方。

We had a -- the quarter played out much stronger than we expected.

我們有一個 - 本季度的表現比我們預期的要強得多。

Revenue better, gross margins better, spending in line, earnings greater.

收入更好，毛利率更好，支出一致，收益更大。

And therefore, from that confidence, we're raising our full year outlook and kind of feel good about our performance 6 months through the year.

因此，出於這種信心，我們正在提高全年展望，並對我們全年 6 個月的表現感到滿意。

Secondly and just more importantly, we continue to really work the supply chain so we're never in a position to constrain our customers' growth.

其次，更重要的是，我們繼續真正致力於供應鏈，因此我們永遠不會限制客戶的增長。

We've made good progress through the first half.

上半場我們取得了不錯的進展。

But I think more as we go into the second half, we're just in a better position than we've been in a while.

但我認為，隨著我們進入下半場，我們的位置比以往任何時候都好。

We still have work to do.

我們還有工作要做。

We're still working with our customers, but we feel pretty good on the supply as we enter the second half.

我們仍在與客戶合作，但隨著我們進入下半年，我們對供應的感覺非常好。

And then third, our progress on both 10-nanometer and our confidence in migrating from 10 to 7 continues to grow based on execution.

第三，我們在 10 納米方面的進展以及我們對從 10 納米遷移到 7 納米的信心在執行的基礎上繼續增長。

So we kind of gave you a 3-year outlook.

所以我們給了你一個3年的展望。

We consider this the second deposit of that 12 deposit 3-year outlook, and I'd say we feel pretty good about where we are.

我們認為這是 12 次存款 3 年展望中的第二次存款，我想說我們對我們所處的位置感覺很好。

And we look forward to giving you another update 90 days from now about continued progress momentum on our multiyear journey.

我們期待在 90 天后為您提供另一次更新，了解我們多年旅程的持續進展勢頭。

So thanks for joining us, and we look forward to talking to you again in 90 days.

感謝您加入我們，我們期待在 90 天內再次與您交談。

Thanks, Bob, and thank you all for joining us today.

謝謝，鮑勃，謝謝大家今天加入我們。

Operator, can you please go ahead and wrap up the call?

接線員，您可以繼續結束通話嗎？

Certainly.

當然。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了程序。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。