英特爾 (INTC) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2019 Intel Corporation Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加英特爾公司 2019 年第三季度財報電話會議。

(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, Trey Campbell, 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 Trey Campbell。

Please go ahead, sir.

請繼續，先生。

Thank you, operator, and welcome, everyone, to Intel's third quarter earnings conference call.

謝謝運營商，歡迎大家參加英特爾第三季度財報電話會議。

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，然後是問答環節。

Before we begin, let me remind everyone, 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, Trey.

謝謝，特雷。

Q3 2019 was the best quarter in our company's history.

2019 年第三季度是我們公司歷史上最好的季度。

We generated $19.2 billion in revenue and $1.42 in non-GAAP EPS, exceeding our guidance by $1.2 billion and $0.18, respectively.

我們創造了 192 億美元的收入和 1.42 美元的非公認會計原則每股收益，分別超過了我們的指導 12 億美元和 0.18 美元。

We achieved record revenue both overall and in our data-centric businesses while making continued progress on our strategic priorities.

我們在整體業務和以數據為中心的業務中都實現了創紀錄的收入，同時在我們的戰略重點方面不斷取得進展。

Simply put, our ambitions have never been greater.

簡而言之，我們的野心從未如此宏大。

We are growing share in a large and expanding $300 billion market opportunity fueled by the exponential growth of data, which is reshaping computing.

在數據呈指數級增長的推動下，我們正在不斷擴大、不斷擴大的 3000 億美元市場中的份額，這正在重塑計算。

I want to start with a recap of our May Analyst Day and our 3 priorities: Accelerating growth, improving execution and deploying capital for attractive returns.

我想先回顧一下我們的 5 月分析師日和我們的 3 個優先事項：加速增長、改進執行和部署資本以獲得可觀的回報。

First, growth.

第一，成長。

It starts with a core belief.

它始於一個核心信念。

We are at a key inflection point with the exponential growth of data creating massive demand for semiconductors.

我們正處於一個關鍵的轉折點，數據的指數級增長創造了對半導體的巨大需求。

Cloud workloads are diversifying.

雲工作負載正在多樣化。

Networks are transforming.

網絡正在發生變化。

And more computing performance is moving to the edge.

更多的計算性能正在向邊緣移動。

We've been on a multiyear journey to reposition the company's portfolio to take advantage of this industry catalyst.

我們多年來一直在重新定位公司的投資組合，以利用這一行業催化劑。

Today, we have the product and technology leadership that uniquely positions us to capitalize on these trends and will invest in the IP required to help our customers win the inflections of the future.

今天，我們擁有的產品和技術領先地位使我們能夠利用這些趨勢，並將投資於幫助我們的客戶贏得未來轉折所需的知識產權。

The opportunity is massive.

機會是巨大的。

As we told you in May, we expect to generate $85 billion in revenue and $6 in EPS in 3 to 4 years.

正如我們在 5 月份告訴您的那樣，我們預計在 3 到 4 年內將產生 850 億美元的收入和 6 美元的每股收益。

But that doesn't happen just by saying it.

但這並不是說出來就可以發生的。

Achieving this goal means delivering on our operational and financial priorities every 90 days.

實現這一目標意味著每 90 天交付一次我們的運營和財務優先事項。

Growth starts with our Core business where our workload-optimized platforms are winning in a highly competitive marketplace.

增長始於我們的核心業務，我們的工作負載優化平台在競爭激烈的市場中獲勝。

It's now been 9 quarters since the first Xeon Scalable processor launched, and we're proud to have delivered over 23 million units as customers rely on Xeon to power their data-centric workloads.

自第一款至強可擴展處理器推出至今已有 9 個季度，我們很自豪能夠交付超過 2300 萬台，因為客戶依靠至強來支持他們以數據為中心的工作負載。

In the third quarter, leading cloud customers ramped our second-generation Xeon Scalable processors with AWS, Google and Alibaba deploying instances based on Cascade Lake.

在第三季度，領先的雲客戶通過 AWS、谷歌和阿里巴巴部署了基於 Cascade Lake 的實例來提升我們的第二代 Xeon 可擴展處理器。

Customers including BP and TU Darmstadt selected our highest-performance Xeon Scalable platform, the 9200 series, for their most demanding workloads.

包括 BP 和 TU Darmstadt 在內的客戶選擇了我們性能最高的 Xeon 可擴展平台 9200 系列來處理他們最苛刻的工作負載。

One key reason customers are choosing Xeon Scalable is the platform's built-in workload acceleration for AI.

客戶選擇 Xeon Scalable 的一個關鍵原因是該平台內置的 AI 工作負載加速功能。

With the combination of Intel Deep Learning Boost and AVX-512 technologies, we're seeing advantages of up to 9x in AI inference versus competitor CPUs.

借助英特爾 Deep Learning Boost 和 AVX-512 技術的結合，我們看到與競爭對手 CPU 相比，AI 推理的優勢高達 9 倍。

We also see cloud and enterprise momentum building for our break-through memory technology, Intel Optane.

我們還看到我們的突破性內存技術英特爾傲騰正在形成雲和企業發展勢頭。

This quarter, we announced a strategic collaboration with Oracle.

本季度，我們宣布了與甲骨文的戰略合作。

Oracle is incorporating the high-performance capabilities of Intel Optane DC persistent memory into its next-generation Exadata platform, which powers high-performance database infrastructure at most of the world's leading banks, telecoms and retailers.

Oracle 正在將英特爾傲騰 DC 持久內存的高性能功能整合到其下一代 Exadata 平台中，該平台為大多數世界領先銀行、電信和零售商的高性能數據庫基礎設施提供支持。

And in client computing, we're excited that all our major PC OEM customers have Ice Lake designs, with 18 already shipping out of a total of 30 expected to launch this year.

在客戶端計算方面，我們很高興我們所有的主要 PC OEM 客戶都擁有 Ice Lake 設計，預計今年推出的 30 款產品中，有 18 款已經發貨。

We recently announced the next generation of Intel Xeon W and X-series processors for high-end desktops.

我們最近發布了用於高端台式機的下一代 Intel Xeon W 和 X 系列處理器。

These platforms lead the industry in bringing Intel Deep Learning Boost-powered AI acceleration into high-end PCs and mainstream workstations for the first time.

這些平台率先將英特爾 Deep Learning Boost 驅動的 AI 加速引入高端 PC 和主流工作站。

Available soon, these products deliver performance and value that give enthusiasts and creators more reasons to keep choosing Intel.

這些產品即將推出，提供的性能和價值讓愛好者和創作者有更多理由繼續選擇英特爾。

We've also embarked on a multiyear program, called Project Athena, that charts a course for the PC ecosystem to raise the bar on laptop innovation.

我們還啟動了一項名為 Project Athena 的多年計劃，該計劃為 PC 生態系統規劃了一條路線，以提高筆記本電腦創新的標準。

Amazing devices like the Dell XPS 13 2-in-1 and the HP Elite Dragonfly that meet the Project Athena spec are already available.

戴爾 XPS 13 2 合 1 和 HP Elite Dragonfly 等符合 Project Athena 規範的出色設備已經上市。

Our PC and server franchises are vital, but our ambitions are even greater.

我們的 PC 和服務器特許經營權至關重要，但我們的野心更大。

We're extending our product leadership to power an increasingly 5G- and AI-enabled world.

我們正在擴大我們的產品領先地位，為日益支持 5G 和人工智能的世界提供動力。

We have multibillion-dollar networking and IoT/Edge businesses delivering double-digit growth, and AI is driving significant revenue across our product portfolio.

我們擁有價值數十億美元的網絡和物聯網/邊緣業務，實現了兩位數的增長，人工智能正在推動我們產品組合的可觀收入。

We began investing 10 years ago in network IP, SoC capabilities and software so that we could drive workload convergence on Intel's silicon.

10 年前，我們開始在網絡 IP、SoC 功能和軟件方面進行投資，以便我們能夠推動英特爾芯片上的工作負載融合。

Today, we achieved #1 share in the network and silicon market with expected 2019 revenue of more than $5 billion, growing at 12% this year.

今天，我們在網絡和芯片市場取得了第一的份額，預計 2019 年收入將超過 50 億美元，今年增長 12%。

We're also well-positioned for 5G deployments in 2020 and expect to grow our market segment share in wireless base stations to 40% by 2022.

我們還為 2020 年的 5G 部署做好了準備，預計到 2022 年，我們在無線基站的市場份額將增長到 40%。

And we're ready for the next market inflection as 5G enables significant new IoT and Edge growth opportunities that extend from in-network and on-premise Edge equipment to smart connected endpoints.

我們已準備好迎接下一個市場拐點，因為 5G 帶來了重大的新物聯網和邊緣增長機會，從網絡內和本地邊緣設備擴展到智能連接端點。

Winning here means blending the right compute performance per watt with the emerging killer apps of the Edge, Computer Vision and AI inference acceleration.

在這裡獲勝意味著將正確的每瓦計算性能與邊緣、計算機視覺和人工智能推理加速的新興殺手級應用相結合。

These are the differentiating capabilities that have propelled our IOTG and Mobileye businesses to leadership share and the combined annual revenues approaching $5 billion.

這些差異化的能力推動了我們的 IOTG 和 Mobileye 業務的領先份額，並且年總收入接近 50 億美元。

The businesses are also growing quickly, up 18% year-to-date, excluding Wind River.

這些業務也在快速增長，今年迄今增長了 18%，不包括風河。

We're only at the bend of the curve in the Edge opportunity, and we're investing to lead.

我們只是在邊緣機會的曲線拐角處，我們正在投資以領先。

Finally, artificial intelligence.

最後，人工智能。

AI is becoming a pervasive use case.

人工智能正在成為一個普遍的用例。

According to IDC, 75% of enterprise applications will use AI by 2021, and that's why we're infusing AI in everything we build.

據 IDC 稱，到 2021 年，75% 的企業應用程序將使用 AI，這就是我們將 AI 注入到我們構建的所有東西中的原因。

But this isn't just about the future.

但這不僅僅是關於未來。

We are driving meaningful AI revenue inside Intel now.

我們現在正在英特爾內部推動有意義的人工智能收入。

With products spanning from the data center to the edge, we expect to generate more than $3.5 billion in AI-driven data-centric revenue in 2019, up more than 20% year-over-year.

憑藉從數據中心到邊緣的產品，我們預計 2019 年人工智能驅動的以數據為中心的收入將超過 35 億美元，同比增長超過 20%。

We're confident in our growth, but we also need to improve our execution on multiple fronts.

我們對自己的增長充滿信心，但我們還需要在多個方面提高執行力。

First, supply.

一是供給。

We've increased our output in response to stronger-than-expected demand.

我們增加了產量以應對強於預期的需求。

We've invested record levels of CapEx the last 2 years to expand our capacity and support our customers' growth.

在過去的 2 年中，我們投資了創紀錄的資本支出水平，以擴大我們的產能並支持我們客戶的增長。

With that investment, we've increased our 14-nanometer capacity 25% this year while also ramping 10-nanometer production.

有了這筆投資，我們今年將 14 納米的產能提高了 25%，同時還增加了 10 納米的產量。

We expect our second half PC Client supply will be up double digits compared to the first half, and we expect to further increase our PC Client supply by mid- to high single digits in 2020.

我們預計下半年 PC 客戶端供應量將比上半年增加兩位數，我們預計 2020 年我們的 PC 客戶端供應量將進一步增加中高個位數。

But that growth hasn't been sufficient.

但這種增長還不夠。

We're letting our customers down, and they're expecting more from us.

我們讓客戶失望了，他們對我們的期望更高。

PC demand has exceeded our expectations and surpassed third-party forecasts.

PC 需求超出了我們的預期，也超過了第三方的預測。

We now think the market is stronger than we forecasted back in Q2, which has made building inventory buffers difficult.

我們現在認為市場比我們在第二季度的預測要強，這使得建立庫存緩衝變得困難。

We are working hard to regain supply/demand balance, but we expect to continue to be challenged in the fourth quarter.

我們正在努力恢復供需平衡，但我們預計第四季度將繼續受到挑戰。

Our manufacturing process node execution is also improving.

我們的製造流程節點執行也在不斷改進。

We have fabs in Oregon and Israel in volume production on 10-nanometer and will soon start 10-nanometer production in Arizona.

我們在俄勒岡州和以色列有工廠批量生產 10 納米，並將很快在亞利桑那州開始 10 納米生產。

Yields are improving ahead of expectations for both client and data center products.

客戶和數據中心產品的收益正在提高，超出預期。

The Intel 10-nanometer product era has begun, and our new 10th Gen Core Ice Lake processors are leading the way.

英特爾 10 納米產品時代已經開始，我們全新的第 10 代酷睿 Ice Lake 處理器引領潮流。

In Q3, we also shipped our first 10-nanometer Agilex FPGAs.

在第三季度，我們還發布了第一款 10 納米 Agilex FPGA。

And in 2020, we'll continue to expand our 10-nanometer portfolio with exciting new products, including an AI inference accelerator, 5G base station SoC, Xeon CPUs for server storage and network, and a discrete GPU.

2020 年，我們將繼續擴展我們的 10 納米產品組合，推出令人興奮的新產品，包括 AI 推理加速器、5G 基站 SoC、用於服務器存儲和網絡的 Xeon CPU 以及獨立 GPU。

This quarter, we've achieved power-on exits for our first discrete GPU, DG1, an important milestone.

本季度，我們的第一個獨立 GPU DG1 實現了開機退出，這是一個重要的里程碑。

As we discussed at the May investor meeting, we are accelerating the pace of process node introductions and moving back to a 2- to 2.5-year cadence.

正如我們在 5 月的投資者會議上所討論的，我們正在加快引入流程節點的步伐，並回到 2 到 2.5 年的節奏。

Our process technology and design engineering teams are working closely to ease process design complexity and balance schedule, performance, power and cost.

我們的工藝技術和設計工程團隊正在密切合作，以簡化工藝設計的複雜性並平衡進度、性能、功率和成本。

We are on track to launch our first 7-nanometer-based product, a data center-focused discrete GPU, in 2021, 2 years after the launch of 10-nanometer.

我們有望在 10 納米推出兩年後的 2021 年推出我們的首款基於 7 納米的產品，即專注於數據中心的離散 GPU。

We are also well down the engineering path on 5-nanometer.

我們也在 5 納米的工程道路上走得很遠。

Last, a few thoughts on our capital deployment priorities.

最後，關於我們的資本部署優先事項的一些想法。

We are confident in our future, and our Board has approved an additional $20 billion share buyback authorization.

我們對我們的未來充滿信心，我們的董事會已批准額外的 200 億美元股票回購授權。

We have an excellent balance sheet, generate strong free cash flow and continue to invest in R&D and CapEx to grow.

我們擁有出色的資產負債表，產生強勁的自由現金流，並繼續投資於研發和資本支出以實現增長。

We've also returned 100% free cash flow to shareholders over the last 10 years.

在過去 10 年中，我們還向股東返還了 100% 的自由現金流。

At the same time, we're making tradeoffs.

同時，我們也在做權衡。

While we've increased R&D spending by more than $1 billion since 2015, we have reduced our total spending by 9 points over the same period.

雖然自 2015 年以來我們的研發支出增加了超過 10 億美元，但同期我們的總支出減少了 9 個百分點。

Additionally, we have established clear criteria for our big bets like Mobileye, 5G, and memory and storage.

此外，我們為 Mobileye、5G 以及內存和存儲等大賭注制定了明確的標準。

Our ambitions are to play a larger role in our customers' success and generate attractive returns for our shareholders.

我們的目標是在客戶的成功中發揮更大的作用，並為我們的股東創造可觀的回報。

And if we can't do both, we'll take swift action.

如果我們不能同時做到這兩點，我們將迅速採取行動。

We are making great progress with our Mobileye acquisition.

我們在收購 Mobileye 方面取得了很大進展。

We've now shipped over 12 million EyeQ devices this year, up more than 40% over the same period last year.

我們今年的 EyeQ 設備出貨量已超過 1200 萬台，比去年同期增長 40% 以上。

And in the third quarter, we delivered record revenue and secured 6 major new design wins, totaling nearly 10 million lifetime units.

在第三季度，我們實現了創紀錄的收入，並獲得了 6 項主要的新設計勝利，總計近 1000 萬個使用壽命單位。

We've increased our investment in 5G, but we've also announced our 5G smartphone modem exit and the sale of the IMFT fab to Micron.

我們增加了對 5G 的投資，但我們也宣布退出 5G 智能手機調製解調器並將 IMFT 工廠出售給美光。

We expect those to close in the fourth quarter.

我們預計這些將在第四季度結束。

And we continue to take steps to improve 3D NAND profitability and reduce memory CapEx investments while evaluating a variety of partnership options that can accelerate the path to profitability and improve returns.

我們將繼續採取措施提高 3D NAND 盈利能力並減少內存資本支出投資，同時評估各種合作夥伴選項，以加快盈利之路並提高回報。

We are confident in our multiyear business plan.

我們對我們的多年業務計劃充滿信心。

And consistent with that, we are increasing our buyback commitment.

與此一致，我們正在增加我們的回購承諾。

We expect to repurchase approximately 20 billion shares over the next 15 to 18 months.

我們預計在未來 15 至 18 個月內回購約 200 億股股票。

We'll fund the buyback from proceeds we generate from partnerships and/or noncore asset dispositions and by returning approximately 100% of 2020 free cash flow to investors.

我們將從合夥企業和/或非核心資產處置產生的收益中為回購提供資金，並將大約 100% 的 2020 年自由現金流返還給投資者。

In summary, our energies are focused on accelerating our growth, improving our execution and allocating our capital wisely.

總而言之，我們的精力集中在加速增長、提高執行力和明智地分配資本上。

Thanks to the team for a great quarter.

感謝團隊度過了一個很棒的季度。

And now I'll hand the call over to George for more details on our Q3 results and business outlook.

現在我將把電話轉給喬治，以獲取有關我們第三季度業績和業務前景的更多詳細信息。

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

We had an outstanding Q3 with record revenue of $19.2 billion, approximately flat year-on-year and $1.2 billion higher than guide.

我們的第三季度表現出色，收入達到創紀錄的 192 億美元，與去年同期基本持平，比指導水平高出 12 億美元。

We saw record data-centric revenue of $9.5 billion, representing just under 50% of our total revenue, an all-time high.

我們看到以數據為中心的收入達到創紀錄的 95 億美元，占我們總收入的不到 50%，創歷史新高。

DCG, IOTG, NSG and Mobileye all individually achieved record revenue in the quarter.

DCG、IOTG、NSG 和 Mobileye 在本季度均實現了創紀錄的收入。

PC-centric revenue was down 5% year-on-year on a very tough compare.

以 PC 為中心的收入同比下降了 5%，這是一個非常艱難的比較。

Q3 operating margin was approximately 36%, 1 point ahead of our guide on revenue strength and spending leverage.

第三季度營業利潤率約為 36%，比我們的收入實力和支出槓桿指引高出 1 個百分點。

Gross margin for the quarter was 60.4%, modestly below expectations as strong flow-through of higher DCG revenue was more than offset by mix effects of higher-than-expected NAND revenues and onetime impacts in NSG, including the absence of an expected grant associated with our NAND factory.

本季度毛利率為 60.4%，略低於預期，因為較高的 DCG 收入的強勁流動被高於預期的 NAND 收入和對 NSG 的一次性影響的混合效應所抵消，包括缺乏與預期相關的撥款與我們的NAND工廠。

Q3 EPS was $1.42, $0.18 above our guide.

第三季度每股收益為 1.42 美元，比我們的指導高 0.18 美元。

The results demonstrate strong top line performance, expense discipline, increased share buybacks as well as nonoperational factors like lower tax rate offset by the onetime items in our NSG business.

結果顯示了強勁的頂線業績、費用紀律、增加的股票回購以及非經營性因素，例如我們的 NSG 業務中的一次性項目抵消的較低稅率。

Year-to-date, we have generated $11.7 billion of free cash flow and returned $14.3 billion to shareholders.

年初至今，我們已經產生了 117 億美元的自由現金流，並向股東返還了 143 億美元。

Operating margin of 36% in quarter was down approximately 4 points versus last year as ASP strength in our server and client businesses and lower spending were more than offset by NAND pricing degradation, changes in modem reserves, platform volume declines and higher cost as we ramp our 10-nanometer client products.

本季度 36% 的營業利潤率與去年相比下降了約 4 個百分點，因為我們的服務器和客戶端業務的 ASP 實力以及較低的支出被 NAND 價格下降、調製解調器儲備變化、平台數量下降以及成本上升所抵消。我們的 10 納米客戶產品。

EPS was up 1% or $0.02 year-over-year as lower operating margin was offset by lower share count, the absence of onetime impairments related to the IMFT joint venture and a lower tax rate.

每股收益同比增長 1% 或 0.02 美元，因為較低的營業利潤率被較低的股票數量、沒有與 IMFT 合資企業相關的一次性減值以及較低的稅率所抵消。

Our non-GAAP tax rate in Q3 was approximately 11%, down 1 point versus last year and below our 13% guide as we reported a better-than-expected tax benefit related to our non-U.

我們在第三季度的非美國通用會計準則稅率約為 11%，比去年下降 1 個百分點，低於我們的 13% 指導，因為我們報告了與我們的非美國相關的稅收優惠好於預期。

S. sales on our recently filed 2018 U.S. tax return as well as for the 2019 tax year.

我們最近提交的 2018 年美國納稅申報表以及 2019 年納稅年度的銷售額。

Let's move to segment performance.

讓我們轉向細分性能。

Our Data Center Group had record revenue at $6.4 billion, up 4% from the prior year and up 28% sequentially.

我們的數據中心集團的收入達到創紀錄的 64 億美元，同比增長 4%，環比增長 28%。

These results beat our expectations with platform ASPs up 9% year-over-year on strong adoption of our highest performance 2nd Gen Xeon Scalable products.

這些結果超出了我們的預期，平台 ASP 同比增長 9%，原因是我們性能最高的第二代至強可擴展產品的大力採用。

Against a tough year-over-year compare, platform units were down 6% while DCG adjacencies achieved 12% revenue growth driven by our connectivity solutions.

與去年同期相比，平台單元下降了 6%，而 DCG 鄰接在我們的連接解決方案的推動下實現了 12% 的收入增長。

DCG growth segments, cloud and comms, now represent over 2/3 of total DCG revenue.

DCG 增長部分，雲和通信，現在佔 DCG 總收入的 2/3 以上。

Cloud revenue was up 3% year-over-year, returning to growth after a historic 2018 platform refresh as cloud service providers exited a 3-quarter capacity absorption cycle.

雲收入同比增長 3%，在 2018 年曆史性平台更新後恢復增長，因為雲服務提供商退出了 3 個季度的容量吸收週期。

Enterprise and government revenue came in ahead of expectations, growing 1% on strong mix and better China demand, while communication service providers revenue increased 11% on continued adoption and share gains of IA-based solutions.

企業和政府收入超出預期，增長了 1%，原因是強勁的組合和更好的中國需求，而通信服務提供商的收入增長了 11%，原因是繼續採用基於 IA 的解決方案並分享收益。

We estimate in Q3 that the enterprise and government and communication service provider segments benefited from trade-related demand pull-ins of approximately $200 million in revenue from Q4.

我們在第三季度估計，企業、政府和通信服務提供商部門受益於第四季度約 2 億美元的貿易相關需求拉動收入。

As a result of the strong top line performance, DCG achieved record quarterly operating income, and operating margin of 49% was up 13 points sequentially.

得益於強勁的營收表現，DCG 實現了創紀錄的季度營業收入，營業利潤率為 49%，環比增長 13 個百分點。

Our other data-centric businesses were up 13% year-over-year, and Q3 marked IOTG's first $1 billion revenue quarter, up 9% year-over-year, underscoring Intel's expanding opportunity at the Edge.

我們其他以數據為中心的業務同比增長 13%，第三季度是 IOTG 的第一個 10 億美元收入季度，同比增長 9%，突顯了英特爾在邊緣的不斷擴大的機會。

IOTG operating income was down 4% year-over-year due to lower benefits from inventory reserves and a mix shift to lower-margin products.

IOTG 營業收入同比下降 4%，原因是庫存儲備收益減少以及向低利潤率產品的混合轉變。

Mobileye revenue and operating income were up year-over-year, 20% and 29%, respectively, on continued ADAS penetration and new program launches.

由於 ADAS 的持續滲透和新項目的推出，Mobileye 的收入和營業收入分別同比增長 20% 和 29%。

NSG revenue returned to growth, up 19% on continued bit growth, partially offset by year-over-year pricing declines.

NSG 收入恢復增長，在比特持續增長的情況下增長了 19%，部分被價格同比下降所抵消。

These pricing declines, along with the onetime impacts discussed earlier, contributed to NSG's operating loss of approximately $500 million.

這些價格下降以及前面討論的一次性影響導致 NSG 的運營虧損約為 5 億美元。

PSG revenue grew 2% year-over-year on continued strength in wireless, partially offset by softness in cloud and enterprise, and operating income was down 13% on segment product mix.

由於無線業務的持續強勁，PSG 收入同比增長 2%，部分被雲和企業業務的疲軟所抵消，而細分產品組合的營業收入下降了 13%。

CCG revenue was $9.7 billion, down 5% year-over-year, as ASP strength partially offset lower platform volume.

CCG 收入為 97 億美元，同比下降 5%，因為 ASP 實力部分抵消了平台銷量的下降。

PC unit volumes were down 10% versus Q3 '18 where we benefited from drawing down internal inventory to satisfy demand.

與 18 年第三季度相比，PC 單位銷量下降了 10%，我們從減少內部庫存以滿足需求中受益。

We continue to be supply-constrained in Q3, particularly at the value end of the market as higher-than-expected PC demand strength continues to outpace our supply despite the capacity additions that Bob discussed earlier.

我們在第三季度繼續受到供應限制，特別是在市場價值端，因為高於預期的 PC 需求強度繼續超過我們的供應，儘管 Bob 之前討論了產能增加。

Adjacencies grew 10% year-over-year driven by strong demand for modems and connectivity solutions.

由於對調製解調器和連接解決方案的強勁需求，鄰接量同比增長 10%。

Operating margin was 44%, flat year-on-year, as lower revenue was offset by lower spending driven by the 5G smartphone modem exit.

營業利潤率為 44%，與去年同期持平，因為收入下降被 5G 智能手機調製解調器退出導致的支出下降所抵消。

Year-to-date, we have generated $23.3 billion dollars in operating cash flow and invested $11.5 billion in CapEx.

年初至今，我們已經產生了 233 億美元的運營現金流，並在資本支出上投資了 115 億美元。

We also returned 122% of free cash flow to shareholders through dividends and buybacks.

我們還通過股息和回購將 122% 的自由現金流返還給了股東。

During the quarter, we ramped buybacks, purchasing 92 million shares at an average price of $48.78 per share.

在本季度，我們加大了回購力度，以每股 48.78 美元的平均價格購買了 9200 萬股。

Now moving to the full year outlook.

現在轉向全年展望。

As a result of our strong Q3 operating performance and momentum into Q4, we are increasing our revenue outlook for 2019 by $1.5 billion to $71 billion.

由於我們強勁的第三季度運營業績和進入第四季度的勢頭，我們將 2019 年的收入前景提高了 15 億美元，達到 710 億美元。

We expect revenue from our data-centric businesses to be flat to slightly up for the full year and expect our PC-centric business to be flat to slightly down, both improving versus prior guidance.

我們預計，我們以數據為中心的業務全年收入將持平或略有上升，並預計我們以 PC 為中心的業務將持平或略有下降，與之前的指引相比都有所改善。

Operating margin for the year is expected to be approximately 32.5%, up 0.5 points from our prior guide.

今年的營業利潤率預計約為 32.5%，比我們之前的指導高 0.5 個百分點。

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 Q4 gross margin to be down 2 to 2.5 points sequentially as we continue to ramp 10-nanometer and will have sold through the previously reserved inventory, consistent with prior expectations.

我們預計第四季度毛利率將連續下降 2 至 2.5 個百分點，因為我們繼續增加 10 納米，並將通過先前預留的庫存進行銷售，與之前的預期一致。

Expectations for full year spending are unchanged, down approximately $900 million year-on-year.

全年支出預期保持不變，同比下降約 9 億美元。

As a result, non-GAAP EPS for the year is now expected to be $4.60, up $0.20 from our July guide on strong top line performance and tight expense control.

因此，今年非 GAAP 每股收益現在預計為 4.60 美元，比我們 7 月份關於強勁頂線業績和嚴格費用控制的指南增加 0.20 美元。

We are raising gross CapEx by $0.5 billion to $16 billion as a result of increased 10-nanometer and 7-nanometer investment.

由於增加了 10 納米和 7 納米的投資，我們將資本支出總額提高了 5 億美元至 160 億美元。

And we are raising our free cash flow guide by $1 billion to $16 billion.

我們正在將我們的自由現金流指南提高 10 億美元至 160 億美元。

Let's turn to Q4.

讓我們轉向第四季度。

After adjusting for the impact of trade-related pull-ins in DCG, we expect Q4 revenue of $19.2 billion, up 3% year-over-year and flat sequentially.

在調整 DCG 中貿易相關拉動的影響後，我們預計第四季度收入為 192 億美元，同比增長 3%，環比持平。

Our data-centric businesses are expected to be up 6% to 8% year-over-year on continued cloud recovery and sequential NAND pricing growth.

由於持續的雲恢復和連續的 NAND 定價增長，我們以數據為中心的業務預計將同比增長 6% 至 8%。

Our PC-centric business is expected to be flat to slightly down year-over-year.

我們以 PC 為中心的業務預計將同比持平或略有下降。

We expect Q4 operating margin of approximately 33.5% and a tax rate of 13.5%.

我們預計第四季度的營業利潤率約為 33.5%，稅率為 13.5%。

EPS is expected to be $1.24, down sequentially on lower gross margin, lower below-the-line nonoperational benefits and a higher tax rate.

每股收益預計為 1.24 美元，由於毛利率下降、線下非經營性福利降低和稅率提高，環比下降。

In summary, we are very pleased with the company's strong operating performance, and we will be very focused over the quarter on delivering a record year.

總之，我們對公司強勁的經營業績感到非常滿意，我們將在本季度非常專注於實現創紀錄的一年。

With that, let me turn it back over to Trey.

有了這個，讓我把它交給特雷。

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 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。

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

我們的第一個問題來自 Evercore 的 C.J. Muse。

I guess a question on the data center side.

我猜是數據中心方面的一個問題。

It's just -- to clear up the numbers, it looks like you're suggesting DCG up maybe 5% year-on-year.

只是——為了澄清數字，看起來你建議 DCG 可能同比增長 5%。

So can you speak to the accuracy of that?

那麼你能說一下它的準確性嗎？

And then, I guess, bigger picture, the comms service provider side, clearly, a very large source of strength for you guys, up 11% year-on-year and now representing more than 40% of the mix.

然後，我想，從更大的角度來看，通信服務提供商方面顯然是你們的一個非常大的力量來源，同比增長 11%，現在佔組合的 40% 以上。

So curious if you can kind of speak to the most important drivers of that business and how you're thinking about growth over the next 1, 2, 3 years?

很好奇您能否談談該業務最重要的驅動因素，以及您如何看待未來 1、2、3 年的增長？

Yes.

是的。

Thanks, C.J. First, we gave a DC-centric guide of 6% to 8%.

謝謝，C.J. 首先，我們給出了 6% 到 8% 的以 DC 為中心的指南。

And yes, I would -- we didn't give DCG specifically, but I would say it's a little bit lower than our 6% to 8% data center growth, so you're in the ballpark.

是的，我會 - 我們沒有特別提供 DCG，但我會說它比我們 6% 到 8% 的數據中心增長略低，所以你在球場上。

On comms service, the comms -- this has been an extremely important aspect of the business for a number of years now where we've seen the programmability at the networks with NFV and software-defined networks an opportunity for us to migrate the networking environment to IA architecture.

在通信服務方面，通信 - 多年來，這一直是業務的一個極其重要的方面，我們已經看到具有 NFV 和軟件定義網絡的網絡的可編程性為我們遷移網絡環境提供了機會到 IA 架構。

So we've been doing this for a number of years.

所以我們已經做了很多年了。

It's been a fulsome growth for us over time.

隨著時間的推移，這對我們來說是一個充實的成長。

And in the quarter, the 11% growth was significant in and of itself, but remember, last year's third quarter was also up in the mid- to high 20s.

在本季度，11% 的增長本身就很顯著，但請記住，去年的第三季度也在 20 多歲的中高點上升。

So we continue to make good -- great progress.

所以我們繼續取得良好的進展。

What we see going forward in this business is really a big opportunity in 5G.

我們在這項業務中看到的未來確實是 5G 的一個巨大機遇。

So next year, you're going to see -- our good progress has been on 3G and 4G.

所以明年，你會看到——我們在 3G 和 4G 方面取得了良好的進展。

Next year, we see real design wins that we've achieved, real growth as we go into that 5G world where we continue to see what we characterize as cloudification the network, more and more compute moving from the cloud and data centers out to a network and Edge.

明年，隨著我們進入 5G 世界，我們將看到我們已經取得的真正設計勝利、真正的增長，我們將繼續看到我們描述為網絡雲化的特徵，越來越多的計算從雲和數據中心轉移到網絡和邊緣。

And that's been an opportunity for us that we've been investing in over the past, and we expect to be a big source of growth for us going forward.

這對我們來說是一個機會，我們過去一直在投資，我們希望成為我們未來增長的重要來源。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Congratulations on the solid results.

祝賀你取得了堅實的成果。

I want to stick with DCG, Bob.

我想堅持 DCG，鮑勃。

If you look, impressive, but ASPs were up 9% year-over-year, especially as the mix shifted towards the comms business, which I believe tends to be lower ASPs.

如果你看起來，令人印象深刻，但 ASP 同比增長 9%，尤其是當組合轉向通信業務時，我認為這往往是較低的 ASP。

It's also happening in the quarter where you're seeing your competitor ramping their next-generation chips.

這也發生在你看到你的競爭對手正在增加他們的下一代芯片的那個季度。

So I guess I'm trying to understand what's the power of the Xeon Scalable upgrade cycle you referred to in your prepared comments?

所以我想我想了解您在準備好的評論中提到的至強可擴展升級週期的力量是什麼？

What inning are we in, in your mind?

在你看來，我們在哪一局？

How much of an ASP lift can that give you?

這能給您帶來多少 ASP 提升？

And do you anticipate any unusual pricing action as competition heats up in this market?

隨著市場競爭的加劇，您是否預計會有任何不尋常的定價行為？

Oh, boy.

好傢伙。

Was that your one question, John?

這是你的一個問題嗎，約翰？

Multiple parts.

多個部分。

Yes.

是的。

Okay.

好的。

So first, I'd say in our -- obviously, we're well into Skylake, but the transition now is into Cascade Lake, and that's a higher performance SKU.

所以首先，我會在我們的 - 顯然，我們已經進入 Skylake，但現在過渡到 Cascade Lake，這是一個更高性能的 SKU。

In the quarter, the high ASPs were really driven by particularly cloud customers really moving to the highest end product within the Cascade Lake family.

在本季度，高 ASP 真正受到雲客戶的推動，這些客戶真正轉向 Cascade Lake 家族中的最高端產品。

So we're seeing the transition from Skylake to Cascade Lake, and within Cascade Lake, real high-performance SKU that's our highest performance ASP.

因此，我們看到了從 Skylake 到 Cascade Lake 的過渡，在 Cascade Lake 中，真正的高性能 SKU 是我們性能最高的 ASP。

So that mix dynamic in Q3, I don't expect that to stay where it is.

所以第三季度的混合動力，我不希望它保持現狀。

I think we'll go to more of a balance as we're into Q4 next year.

我認為我們將在明年進入第四季度時更加平衡。

In terms of competitive dynamics, I would just say that we got a great lineup of products.

就競爭動態而言，我只想說我們擁有豐富的產品陣容。

We got Skylake to Cascade Lake.

我們將 Skylake 帶到 Cascade Lake。

First half to next year, we're looking at Cooper Lake.

上半年到明年，我們正在關注庫珀湖。

As we talked before, we're really excited about Ice Lake server coming out in the second half of next year.

正如我們之前所說，我們對明年下半年推出的 Ice Lake 服務器感到非常興奮。

And we realize it will be a more competitive environment, and we've tried to capture that in essence in how we think about 2020 for both demand equation but also the margins that we've flagged a little bit on the -- on our Q2 call back at Analyst Day, I think.

我們意識到這將是一個更具競爭性的環境，我們試圖在我們對 2020 年的需求方程以及我們在第二季度標記的利潤率方面從本質上捕捉到這一點我想，在分析師日回電。

So good quarter, good momentum first half to second half; high performance SKUs driving real high ASPs even though, you're right, that the ASPs with comms have a tendency to be a little bit lower.

這麼好的季度，上半年到下半年勢頭良好；高性能 SKU 推動了真正的高 ASP，儘管您是對的，帶有通信的 ASP 往往會稍微低一些。

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

我們的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could talk to the shortages a little bit more and, I guess, in the context of how much you said you brought 14-nanometer capacity up.

我想知道你是否可以多談談短缺問題，我想，在你說你提高了 14 納米容量的背景下。

And I realize demand is better, but it seems like it's a few points better, and yet the shortages are intensifying.

我意識到需求更好，但似乎好一點，但短缺正在加劇。

Can you just talk a little bit about that?

你能談談這個嗎？

And when do you think we'll be in a position where you don't have those tensions in your business anymore?

你認為我們什麼時候會在你的業務中不再有這些緊張局勢？

Yes.

是的。

Thanks, Joe.

謝謝，喬。

First, just kind of try to put it in to context.

首先，試著把它放在上下文中。

Over the course of the last 3 years, I guess, we've grown the business by about 20%, so $13 billion in revenue over the last 3 years.

我猜，在過去的 3 年裡，我們的業務增長了大約 20%，因此過去 3 年的收入達到了 130 億美元。

And the practical reality is we didn't anticipate that kind of explosive growth 3 years ago.

而現實情況是，我們在 3 年前並沒有預料到這種爆炸性的增長。

So we didn't have the capacity in place to deal with it.

所以我們沒有足夠的能力來處理它。

We've been working our tails off for the last 12 months to ensure for our customers that we wouldn't be a constraint on their growth.

在過去的 12 個月裡，我們一直在努力工作，以確保我們的客戶不會成為他們成長的製約因素。

From the last 2 years, I think, as you know, we've spent over $30 billion in CapEx to both have more capacity for 14 while we also begin to ramp 10.

如您所知，我認為從過去 2 年開始，我們已經在資本支出上花費了超過 300 億美元，以增加 14 個容量，同時我們也開始增加 10 個容量。

In my prepared comments, I said we added 25% wafer start capacity 2018 to 2019.

在我準備好的評論中，我說我們從 2018 年到 2019 年增加了 25% 的晶圓開工產能。

Our first half to second half unit volume will be up double digit, so we're making good progress throughout the course of the year, but our expectations were in the second half we will be back in a supply/demand equilibrium.

我們上半年到下半年的單位數量將增長兩位數，因此我們在整個一年中都取得了良好的進展，但我們的預期是在下半年我們將回到供需平衡狀態。

And the fact of the matter is we're not there because the demand profile that's resulting in our $1.5 billion higher revenue is just higher than we had anticipated.

事實是我們不在那裡，因為導致我們收入增加 15 億美元的需求狀況剛好比我們預期的要高。

So we have more work to do to meet our customers' demands in the fourth quarter and going into '20.

因此，我們還有更多工作要做，以滿足客戶在第四季度和進入 20 年的需求。

As we see fourth quarter, we're still going to be constrained in our customers' growth, which is absolutely where we do not want to be, but with the higher demand, we will be constraining the growth in the fourth quarter.

正如我們在第四季度看到的那樣，我們仍然會受到客戶增長的限制，這絕對是我們不希望的，但隨著需求的增加，我們將限制第四季度的增長。

But as we go into 2020, our expectations are we'll add another 25% capacity both for 14 and 10 and that we will have -- particularly for PC Client, we expect to be able to do mid- to high single-digit unit volume growth next year.

但是隨著我們進入 2020 年，我們的期望是我們將為 14 和 10 再增加 25% 的容量，並且我們將擁有 - 特別是對於 PC 客戶端，我們希望能夠實現中高個位數的單位明年銷量增長。

And that -- we don't expect the market to grow that fast, but we got to have just more inventory buffers so we're there when our customers need us.

而且——我們預計市場不會增長得那麼快，但我們必須有更多的庫存緩衝，所以當我們的客戶需要我們時，我們就在那裡。

So Q4 will be a little challenging, and in 2020, we expect to be able to rectify things.

所以 Q4 會有點挑戰，2020 年，我們希望能夠改正。

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

我們的下一個問題來自蒙特利爾銀行的 Ambrish Srivastava。

Bob, I wanted to go through the priority and the cadence that you talked about, bringing it back to 2, 2.5 here.

Bob，我想回顧一下你所說的優先級和節奏，在這裡將其恢復為 2、2.5。

Is that -- because my understanding is that they were just simply laws of physics that were causing the cadence to stretch out.

那是 - 因為我的理解是它們只是導致節奏延長的物理定律。

So what problems have the engineers and the process folks solved out there?

那麼工程師和流程人員解決了哪些問題呢？

Or is it just limited to the 7-nanometer, and then you would revisit that again?

或者它是否僅限於 7 納米，然後你會重新審視它？

Yes.

是的。

It's a good question.

這是個好問題。

Last -- back in our Analyst Day, we tried to go through this in quite a bit of detail, both, one, kind of our lessons learned coming out of the challenges we had with 10 and how we're capturing those lessons learned as we think about the next 2 generations.

最後 - 回到我們的分析師日，我們試圖詳細介紹這一點，一方面，我們從 10 所面臨的挑戰中吸取的經驗教訓，以及我們如何將這些經驗教訓作為我們考慮下 2 代人。

But first, our focus and energy is, right now, we're on scaling 10.

但首先，我們的重點和精力是，現在，我們正在擴展 10。

And as we said, we feel very good about the capacity we put in place, the products we have coming down the pipeline and the yields that we're achieving, almost week-on-week improvement over the last 6 months.

正如我們所說，我們對我們的產能、即將生產的產品以及我們正在實現的產量感到非常滿意，過去 6 個月幾乎每週都在改善。

So for 10, we feel really good.

所以對於10，我們感覺非常好。

Second, we -- when we put the design rules in for 7-nanometer, we were less aggressive in terms of density.

其次，當我們為 7 納米製定設計規則時，我們在密度方面沒有那麼激進。

Our learning from going from 14 to 10 is -- with the benefit of hindsight, we were just -- we tried to scale at a 2.7 factor, and that was -- that ended up putting too much indention or revolutionary nodes into the fab environment to meet those kind of hurdles.

我們從 14 到 10 的學習是——事後看來，我們只是——我們試圖以 2.7 倍進行擴展，那是——最終在晶圓廠環境中投入了太多的縮進或革命性節點來應對這些障礙。

And the learning from that is we just can't hit those kind of really aggressive targets when, to your point, the dynamics are getting increasingly challenging, so lots of learnings out of 10.

從中吸取的教訓是，當動態變得越來越具有挑戰性時，我們就是無法達到那些真正激進的目標，所以十個中有很多學習。

Our transition to 10 that we incorporated into 7, the design rules, there's less complexity.

我們過渡到 10 並合併到 7 中，即設計規則，複雜性更低。

And for the last couple years, we've been working with EUV.

在過去的幾年裡，我們一直在使用 EUV。

Litho has been the challenge.

Litho一直是挑戰。

We've had EUV that we've been working with for a few years now.

我們已經使用了幾年的 EUV。

And we expect to use EUV as we scale 7. And we indicated that our first product will be 2 years from this quarter, so fourth quarter of 2021, our first 7-nanometer product will come out.

我們預計在 7 倍規模時使用 EUV。我們表示，我們的第一款產品將在本季度後 2 年，因此 2021 年第四季度，我們的第一款 7 納米產品將問世。

And our expectation is we'll get back on a 2-year cadence in 7 and beyond.

我們的期望是，我們將在 7 歲及以後恢復 2 年的節奏。

So lots of learnings out of 10-nanometer that we've incorporated.

我們已經整合了很多關於 10 納米的知識。

And we said back in May and we reiterated today, we expect to be back to a 2- to 2.5-year cadence going forward, at least for the next few nodes.

我們早在 5 月就說過，今天我們重申，我們預計未來會回到 2 到 2.5 年的節奏，至少在接下來的幾個節點上是這樣。

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

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

I'll ask one question that (technical difficulty)

我會問一個問題（技術難度）

Pierre, you're breaking up.

皮埃爾，你要分手了。

Okay.

好的。

Let me -- a little better now?

讓我——現在好一點了嗎？

A little bit.

一點點。

Okay.

好的。

So my question is really about your competitive landscape.

所以我的問題實際上是關於你的競爭格局。

So your main competitor [indicate 86] ecosystem has produced in the last 10 months or 9 (technical difficulty) that's why it's not even impressive in the data center and also (technical difficulty).

因此，您的主要競爭對手 [indicate 86] 生態系統在過去 10 個月或 9 個月（技術難度）中產生了成果，這就是為什麼它在數據中心和（技術難度）中甚至都不令人印象深刻的原因。

And so my question is what's your perception on the evolution of your competitive landscape in the last 3 months?

所以我的問題是，您對過去 3 個月內競爭格局的演變有何看法？

Are things [being mainly] in line with what you had in mind and what you are expecting when we spoke over the summer?

事情[主要]是否符合你的想法以及我們在夏天談話時的預期？

And then how much of like the footprint you have in the data-centric you think you can produce competition with that in mind?

然後你認為你在以數據為中心的足蹟有多少可以在考慮到這一點的情況下產生競爭？

Pierre, let me kind of reframe that maybe.

皮埃爾，讓我重新定義一下。

I think you were talking about competition and how we feel about that now maybe...

我認為您在談論競爭以及我們現在對此的看法也許...

Both at the PC and the data center level.

在 PC 和數據中心級別。

And I'll -- maybe I'll jump in on the PC because I think the year-over-year compare in Q3 is -- could be causing some concern.

而且我會 - 也許我會加入 PC，因為我認為第三季度的同比比較是 - 可能會引起一些擔憂。

Just a reminder, in Q3 of last year, we had basically drawn down more than 1.5 weeks of inventory that -- which went into the channel.

提醒一下，在去年第三季度，我們基本上已經提取了超過 1.5 週的庫存——這些庫存進入了渠道。

And so when you do compares year-over-year on Q3, PC looks a little bit light on demand.

因此，當您在第三季度進行同比比較時，PC 的需求看起來有點少。

Really, as we look over the last 90 days, we haven't seen any difference in our view of the competitive dynamics.

確實，當我們回顧過去 90 天時，我們對競爭動態的看法沒有任何不同。

We are clearly being impacted significantly on the value end of the market, which is a supply issue for us.

我們顯然受到市場價值端的重大影響，這對我們來說是一個供應問題。

It's one of the reasons why we're building volume capacity -- continuing to build volume capacity into 2020 because we think it gives us an opportunity to compete for those units again next year.

這也是我們建設容量的原因之一——繼續建設容量到 2020 年，因為我們認為這讓我們有機會在明年再次競爭這些單位。

Bob, I don't know if you want to comment on the DCG side.

Bob，我不知道您是否想對 DCG 方面發表評論。

Yes.

是的。

I'll try because I'm not exactly sure I got the question, but yes, in terms of competitiveness, if that's the...

我會嘗試，因為我不確定我是否得到了這個問題，但是是的，就競爭力而言，如果那是...

That was it.

就是這樣。

The question.

這個問題。

Look, it's a more competitive world.

看，這是一個競爭更加激烈的世界。

And in that world, we just raised our full year outlook by $1.5 billion and increased our operating margin.

在那個世界上，我們剛剛將全年展望提高了 15 億美元，並提高了我們的營業利潤率。

So yes, I think, competitively, nothing's really changed in the last 3, 6, 9 months relative to what we expected, and our -- the only thing that's really changed is our performance.

所以是的，我認為，在競爭中，過去 3、6、9 個月相對於我們的預期並沒有真正改變，而我們——唯一真正改變的是我們的表現。

But we do know that, going into next year, that our role is to dramatically expand the role we play in our customers' success.

但我們確實知道，進入明年，我們的角色是顯著擴大我們在客戶成功中所扮演的角色。

So we're expanding the product, the architectures, the packaging technologies, the process capabilities and the software that we build so we can continue to deliver better and better product performance for our customers.

因此，我們正在擴展我們構建的產品、架構、封裝技術、流程能力和軟件，以便我們能夠繼續為我們的客戶提供越來越好的產品性能。

And I'd just say that we feel really good about where we are, but we're not complacent by any means in terms of an increased competitive environment as we go into 2020.

我只想說，我們對自己所處的位置感覺非常好，但我們不會因進入 2020 年競爭環境的加劇而自滿。

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

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

I was wondering if you could tell us, within your enterprise, cloud and comm businesses in DCG, in the quarter, how much of each of those was driven by China?

我想知道你能否告訴我們，在本季度，在 DCG 的企業、雲和通信業務中，這些業務中有多少是由中國驅動的？

And given the 200-millimeter -- $200 million pull-forward across enterprise and cloud that you mentioned -- enterprise and comm that you mentioned, was that beating enterprise relative to your expectations more or less than $200 million?

考慮到 200 毫米——你提到的跨企業和雲的 2 億美元的拉動——你提到的企業和通信，相對於你的預期，擊敗企業是多於還是少於 2 億美元？

Yes.

是的。

I think, Stacy, you've got the numbers right.

我想，斯泰西，你的數字是對的。

$200 million was on the enterprise and government and comms area.

2 億美元用於企業、政府和通信領域。

And that's -- I would say it was more in line with our expectations.

那就是 - 我會說這更符合我們的期望。

Once you take out that $200 million number, we had expected it to come up a little bit.

一旦你拿出這個 2 億美元的數字，我們預計它會出現一點點。

The growth year-over-year was definitely above our expectations and...

同比增長絕對超出我們的預期，並且...

So by more than $200 million?

那麼超過2億美元？

Yes, that was a fairly big number for us relative to our expectations.

是的，相對於我們的預期，這對我們來說是一個相當大的數字。

So how much of enterprise was China then?

那麼當時中國有多少企業呢？

Yes.

是的。

Look, I think in terms of the makeup of the business, for data center, you got roughly 2/3 is cloud and comms and roughly 1/3 is enterprise and government.

看，我認為就業務構成而言，對於數據中心，大約 2/3 是雲和通信，大約 1/3 是企業和政府。

So that, as you know, has changed dramatically over the years as we've continued to grow our presence in the cloud, and as I mentioned earlier to Joe's question, I think, gained share in comms.

因此，如您所知，隨著我們在雲中的影響力不斷擴大，這些年來發生了巨大的變化，正如我之前提到的喬的問題，我認為，在通信中獲得了份額。

So now we're in kind of 2/3, 1/3 state.

所以現在我們處於 2/3、1/3 的狀態。

And enterprise and government was -- across the board in DCG in the quarter, the strength was much higher than we anticipated back in July.

企業和政府 - 本季度 DCG 的整體實力遠高於我們在 7 月份的預期。

We had a first half to second half acceleration, but the acceleration was just more than we expected.

我們有上半場到下半場的加速，但加速超出了我們的預期。

And yes, I would say we saw strength across the board.

是的，我想說我們看到了全面的實力。

But as we look at the E&G growth in particular, we're trying to determine what is kind of -- what has the tendency to like pull in versus what can we count on as we project things forward.

但是，當我們特別關注 E&G 的增長時，我們正試圖確定什麼是 - 什麼是傾向於拉入的，什麼是我們在預測事情時可以指望的。

And our best guess on our stronger performance is that the $1.2 billion that we are over, roughly $200 million of that was particularly related to enterprise and government than particularly related to China.

我們對我們更強勁表現的最佳猜測是，我們超過了 12 億美元，其中大約 2 億美元與企業和政府特別相關，而不是與中國特別相關。

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。

Bob, it sounds like -- for 10-nanometer, it sounds like Ice Lake is still on track for the second half of next year.

鮑勃，聽起來——對於 10 納米，聽起來 Ice Lake 仍有望在明年下半年實現。

And it sounds like the 7-nanometer GPGPU is still on track for 2021.

聽起來 7 納米 GPGPU 仍有望在 2021 年推出。

You did talk about, for the first time, about 5-nanometer.

您確實第一次談到了 5 納米。

So can you talk a little bit about how you think of make versus outsource?

那麼，您能否談談您如何看待製造與外包？

And really what I'm after is, is sort of anything sacred?

我真正追求的是，有什麼神聖的東西嗎？

Or if going to a foundry partner to make CPU or maybe even like a chiplet strategy, if that would eliminate a significant piece of your competitive disadvantage, would you consider that?

或者，如果去找代工廠合作夥伴製造 CPU，或者甚至像小芯片策略一樣，如果這會消除你的競爭劣勢，你會考慮嗎？

Or is that sort of off the table for now?

或者現在這種情況不在討論範圍內？

Yes.

是的。

I mean, first, to the comment, yes, the -- nothing new about process relative to what we said at Analyst Day, ramp 10, 2-year cadence for 7 and our expectations that the cadence going forward will be more like 2- to 2.5-year time frame.

我的意思是，首先，對於評論，是的，與我們在分析師日所說的相比，流程沒有什麼新鮮事，坡道 10，7 年的 2 年節奏以及我們對未來節奏將更像 2- 的預期到 2.5 年的時間框架。

So intently focused on 10 now and 7 for the product you mentioned in the fourth quarter.

因此，現在專注於 10 個，而您在第四季度提到的產品則專注於 7 個。

So we're investing to recapture process leadership going forward.

因此，我們正在投資以重新奪回未來的流程領導力。

At the same time, we're going to be extremely open-minded about how do we ensure that we're building the best products, and where we build them is something that we'll always evaluate.

與此同時，我們將非常開放地考慮如何確保我們正在構建最好的產品，以及我們將始終評估它們的構建位置。

I think, as you know with the other foundry players, they've been a source of our capacities over the years.

我認為，正如您對其他代工廠商所了解的那樣，多年來，他們一直是我們產能的來源。

And our expectation is, to the extent that they can do something to support our growth better and/or for peak kind of demands, we're always going to look at how do we evaluate the opportunity set that's going to position us best to meet our customers' demand for the growing diversity of products that we have in our portfolio.

我們的期望是，在他們可以做一些事情來更好地支持我們的增長和/或滿足高峰需求的情況下，我們總是會研究如何評估能夠讓我們最好地滿足的機會集我們的客戶對我們產品組合中日益多樣化的產品的需求。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

I wanted to ask on gross margin.

我想問毛利率。

A year ago in your third quarter call, Bob, you gave some directional commentary on what you thought for the out-year, for 2019.

一年前，在你的第三季度電話會議中，鮑勃，你對你對 2019 年的看法給出了一些方向性的評論。

Today, as we look into 2020, you have a lot of moving parts with 2 nodes ramping, 10-nanometer, 7-nanometer, yields, competition, lots of moving parts, admittedly.

今天，當我們展望 2020 年時，你有很多移動部件，其中有 2 個節點斜坡上升，10 納米，7 納米，產量，競爭，很多移動部件，誠然。

But I was hoping, at least versus maybe the fourth quarter exit rate this year, that you could give some puts and takes on how you're feeling about next year's gross margin.

但我希望，至少與今年第四季度的退出率相比，你可以給出一些看跌期權，並了解你對明年毛利率的看法。

Ross, this is George.

羅斯，這是喬治。

Maybe I'll take that.

也許我會接受。

Actually, with respect to 2020, there's no material change to my characterization on the last call where we were talking about a 58% outlook for Q4 and 57% in 2021.

實際上，就 2020 年而言，我在上次電話會議上的描述沒有重大變化，我們談論的是第四季度 58% 的前景和 2021 年 57% 的前景。

And the question was, well, should that -- is there -- are those good proxies for 2020?

問題是，嗯，是否應該 - 是否存在 - 2020 年那些好的代理？

And my point was we think we'll be closer to 60% than to those numbers.

我的觀點是，我們認為我們將比這些數字更接近 60%。

But if you want to think about tailwinds and headwinds going into 2020 that we looked at as we think about that number, so tailwinds will be, obviously, we're going to have lower modem in the mix next year.

但是，如果您想考慮進入 2020 年的順風和逆風，我們在考慮這個數字時會看到順風，那麼順風很明顯，明年我們將在組合中使用較低的調製解調器。

Memory is starting to come out of that deep-down ASP period, and we think volumes are going to be up as we get a little better supply and demand situation.

內存開始走出深陷的 ASP 時期，我們認為隨著供需形勢好轉，銷量將會上升。

The headwinds that we're very mindful of is, obviously, 10-nanometer ramping is -- can be a little bit of a headwind on margins and also competitive impact on ASP.

顯然，我們非常注意的不利因素是 10 納米的爬坡是 - 可能對利潤率以及對 ASP 的競爭影響有點不利。

So those are the things that we'll continue to look at.

所以這些是我們將繼續關注的事情。

But as we look at those today, no material change at all from my previous comments.

但是當我們今天看這些時，與我之前的評論沒有任何實質性的變化。

Yes.

是的。

I would probably just, I guess, echo.

我可能只是，我猜，迴聲。

In all the complexity and all the moving parts, George kind of flagged -- what I'd characterize the 4 things that we're really dialing in on.

在所有的複雜性和所有移動的部分中，喬治有點標記 - 我會描述我們真正撥入的 4 件事。

One, going into next year, mix is going to be better because our modem volume will be lower and our NSG profitability will be better.

一，進入明年，混合會更好，因為我們的調製解調器數量會更低，我們的 NSG 盈利能力會更好。

So mix is going to have a -- mix has been a drag on 2019's gross margin, and it will be a big contributor as we go into 2020.

因此，混合將有一個 - 混合一直拖累 2019 年的毛利率，並且隨著我們進入 2020 年，它將成為一個重要貢獻者。

And secondly, on the first half of 2019, we had a lot of the on [O] costs, your cost of sales related to pre-PRQ 10-nanometer product.

其次，在 2019 年上半年，我們有很多 [O] 成本，即與 PRQ 之前的 10 納米產品相關的銷售成本。

So that will not repeat itself.

這樣就不會重演了。

So those 2 things are good, favorable things.

所以這兩件事是好的，有利的事情。

The third thing is just -- George flagged this, I'd just simplify this node transition.

第三件事就是——喬治標記了這一點，我只是簡化了這個節點轉換。

And for us, node transition next year is going to be -- 14-nanometer will be a little better in terms of its profitability.

對我們來說，明年的節點過渡將是——就其盈利能力而言，14 納米會好一些。

Yields won't be dramatically different because we're extremely mature, but depreciation levels will be lower because a lot of these tools have been fully depreciated there because we've been on that node for so long.

收益不會有顯著差異，因為我們非常成熟，但折舊水平會更低，因為很多這些工具已經在那裡完全折舊，因為我們已經在那個節點上呆了很長時間。

But for the node transition, 14 will be a little bit better.

但是對於節點過渡來說，14 會好一點。

Our expectation is 10-nanometer yields will continue to improve, but at the same time, the mix of 10 versus 14 will be a little bit of a wait.

我們的預期是 10 納米的良率將繼續提高，但與此同時，10 與 14 的混合將有點等待。

So node transition will work against us.

所以節點轉換將對我們不利。

And we also -- we've tried to, as best we can, take into account competitive dynamics as we exit this year and go into next year.

而且我們還 - 我們已經盡力在今年退出並進入明年時考慮到競爭動態。

In our quest to play a bigger role in our customers' success, we're going to compete to protect our position and expand the role we play.

為了在客戶的成功中發揮更大的作用，我們將通過競爭來保護我們的地位並擴大我們所扮演的角色。

So those are the 4 things and lots of complexity and lots of moving parts, but we -- a year ago, we dialed in 2019 pretty well.

所以這些是 4 件事，很多複雜性和很多活動部件，但我們 - 一年前，我們在 2019 年打得很好。

Now we've got to dial in 2020 as well.

現在我們也必須撥入 2020 年。

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。

Bob, you mentioned you're still facing some capacity shortages.

Bob，你提到你仍然面臨一些容量短缺的問題。

I wanted to understand how you're planning capacity for next year.

我想了解您如何規劃明年的產能。

What proportion will be 14?

14的比例是多少？

What will be 10?

10 會是什麼？

And will that mix require a higher or similar level of capital intensity as we saw this year?

這種組合是否需要我們今年看到的更高或類似水平的資本密集度？

Yes.

是的。

I mean our intention next year is to not be a constraint on our customers' growth, first and foremost.

我的意思是，我們明年的目標首先是不限制客戶的增長。

And given that, what I indicated is we expect to increase capacity by 25% next year, which is the same kind of level that we did this year.

鑑於此，我表示我們預計明年的產能將增加 25%，這與我們今年的水平相同。

We expect to do that again.

我們希望再次這樣做。

So we believe that data center, we've been in pretty decent shape.

所以我們相信數據中心，我們一直處於相當不錯的狀態。

But for client, we just want to get to mid-single-digit kind of unit output -- mid- to high single-digit unit output so, one, we can meet what we expect customer demand profiles to be but also so we can rebuild buffer levels of inventory so we can deal with these peaks, et cetera.

但是對於客戶來說，我們只想達到中個位數的單位產量——中高個位數的單位產量，所以，一，我們可以滿足我們期望的客戶需求概況，而且我們可以重建庫存的緩沖水平，以便我們能夠應對這些高峰，等等。

So we're trying to put the capacity in place, but we think we'll meet the customer demand and try to give us the inventory buffer that has been depleted over the course of the last 9 months or so.

因此，我們正在努力提高產能，但我們認為我們會滿足客戶的需求，並努力為我們提供在過去 9 個月左右的時間裡已經耗盡的庫存緩衝。

In terms of capital, I would just say we'll probably give you more detail on that come January, but George kind of laid out back in May a multiyear view of capital.

就資本而言，我只想說我們可能會在明年 1 月份為您提供更多細節，但喬治在 5 月份就已經闡述了對資本的多年看法。

There wasn't any dramatic changes from kind of where we are now.

與我們現在所處的位置相比，沒有任何戲劇性的變化。

So obviously, that'll be a function of growth.

很明顯，這將是增長的函數。

I would just add one thing to remind everybody is that, in 2019, we made a major shift from spending capital in the memory area to moving that capital over to expand our -- both our 10-nanometer and some 14-nanometer.

我只想補充一件事來提醒大家，在 2019 年，我們做出了重大轉變，從在內存領域投資資金轉向將資金轉移到擴大我們的 10 納米和一些 14 納米。

We continue to add capacity in 14-nanometer and began adding capacity at 7-nanometer as well.

我們繼續增加 14 納米的容量，並開始增加 7 納米的容量。

So we're very focused on getting the capacity in place that will allow us to take the word shortage out of our quarterly discussions.

因此，我們非常專注於使能力到位，這將使我們能夠將短缺一詞從我們的季度討論中剔除。

Our final question for today then comes from the line of Harlan Sur from JPMorgan.

我們今天的最後一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution.

在季度執行方面做得很好。

Last time we had a cloud and enterprise spending digestion pause was first half of 2017.

上一次雲計算和企業支出消化暫停是在 2017 年上半年。

It's kind of the same setup as this past, right?

這和過去的設置是一樣的，對吧？

Similar to 2017, DCG had strong second half growth.

與 2017 年類似，DCG 下半年增長強勁。

And in fact, back in 2017, it kicked off what was a 4- or 5-quarter period of strong spending by your cloud customers.

事實上，早在 2017 年，雲客戶就開始了 4 或 5 個季度的強勁支出。

Do you guys get a sense in discussions with your customers that the spending reacceleration is sustainable for the next few quarters?

你們在與客戶的討論中是否感覺到未來幾個季度的支出重新加速是可持續的？

I mean if I look at things like compute workload growth, that continues at a strong pace.

我的意思是，如果我看一下諸如計算工作負載增長之類的事情，那將繼續以強勁的速度增長。

Workload themselves are getting more complex.

工作負載本身變得越來越複雜。

And so just wanted to get your views on sustainability of the strong growth profile in DCG into next year.

因此，只想了解您對明年 DCG 強勁增長的可持續性的看法。

Yes.

是的。

I think the trends -- the macro trends that we see haven't subsided at all, and that is this insatiable appetite for the creation of data and the need to compute, process, store, move, make that data more relevant.

我認為趨勢——我們看到的宏觀趨勢根本沒有消退，那就是對創建數據的貪得無厭的胃口，以及計算、處理、存儲、移動、使數據更相關的需求。

Those macro trends have been very attractive for the long -- for a while, and we expect those to continue.

長期以來，這些宏觀趨勢一直非常有吸引力——有一段時間，我們預計這些趨勢將繼續下去。

But to your point, the -- our experience with the cloud providers is they go through big buying cycles and then relatively long digestion periods.

但就您而言，我們與雲提供商的經驗是他們經歷了大的購買週期，然後是相對較長的消化期。

What we did experience last year was a gangbuster year, but it's been 3 quarters coming into the third quarter where they went through digestions.

我們去年所經歷的經歷是轟轟烈烈的一年，但進入第三季度已經有 3 個季度經歷了消化。

And what we started to see in the third quarter was, particularly for high-performance compute, start to see them come back into the market to really begin to purchase a little bit more.

我們在第三季度開始看到的是，特別是對於高性能計算，開始看到它們重新進入市場並真正開始購買更多。

So how long that cycle lasts is going to be a function of several variables, but their end demand seems to continue to be relatively strong.

因此，該週期持續多長時間將取決於幾個變量，但它們的最終需求似乎仍然相對強勁。

And therefore, the need to add capacity, we think, will follow their end demand given they've been out of the market a little bit for about 3 quarters now up 'til Q3.

因此，我們認為，增加產能的需求將跟隨他們的最終需求，因為他們已經退出市場大約 3 個季度，直到第三季度。

Thanks, Harlan.

謝謝，哈蘭。

We're going to hand the call back over to Bob for some closing comments.

我們將把電話轉回給 Bob 以徵求一些結束意見。

Yes.

是的。

Look, thanks for joining us.

看，謝謝你加入我們。

We feel great about the quarter.

我們對這個季度感覺很好。

It's -- we're looking at -- we had a record quarter result, raising our outlook for the full year.

這是 - 我們正在關注 - 我們取得了創紀錄的季度業績，提高了我們對全年的展望。

The market we see, the trends we see are as big as they've ever been.

我們看到的市場，我們看到的趨勢與以往一樣大。

And we're really focused on continuing to deliver for our customers.

我們真正專注於繼續為我們的客戶提供服務。

10-nanometer era is now.

10納米時代已經到來。

We're ramping a multitude of products.

我們正在推出多種產品。

We have increased confidence in 5-nanometer.

我們增加了對 5 納米的信心。

And as we mentioned for 7 and 5 getting back to a 2.5-, 2-year cadence is what we're focused on.

正如我們在 7 和 5 中提到的，回到 2.5、2 年的節奏是我們關注的重點。

And we're confident in the future.

我們對未來充滿信心。

And you're seeing both in the first 9 months of the year as well as with our higher share buyback that we're putting your money where -- to work to reduce the float because we think there's a disconnect between the intrinsic value of the plan we shared with you back in May and how we're trading.

而且你在今年的前 9 個月以及我們更高的股票回購中都看到，我們把你的錢放在哪裡——努力減少流通量，因為我們認為股票的內在價值之間存在脫節。我們在 5 月份與您分享的計劃以及我們的交易方式。

So with our balance sheet, we're taking advantage of that.

因此，通過我們的資產負債表，我們正在利用這一點。

So thanks for joining us.

所以感謝您加入我們。

Thanks for your questions.

感謝您的提問。

And we'll talk to you soon.

我們很快就會和你談談。

Thanks, Bob and George, and thank you, everyone, for joining the call today.

謝謝鮑勃和喬治，謝謝大家今天加入電話會議。

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

接線員，請您繼續結束通話好嗎？

Certainly.

當然。

Thank you.

謝謝你。

And 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。