英特爾 (INTC) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth 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 年第四季度收益電話會議。

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

（操作員說明）提醒一下，今天的節目正在錄製中。

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.

請繼續。

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

謝謝運營商，歡迎大家參加英特爾第四季度財報電話會議。

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 on 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上觀看收益報告。

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 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, Trey.

謝謝，特雷。

We exceeded our expectations for Q4 '19, capping off a fourth consecutive record year.

我們超出了對 19 年第四季度的預期，連續第四年創下紀錄。

In Q4, we generated $20.2 billion in revenue and $1.52 in earnings per share, exceeding our guidance by $1 billion and $0.28, respectively.

第四季度，我們創造了 202 億美元的收入和 1.52 美元的每股收益，分別超出我們的預期 10 億美元和 0.28 美元。

For the full year, we delivered $72 billion in revenue and $4.87 in EPS.

全年，我們實現了 720 億美元的收入和 4.87 美元的每股收益。

The PC, Data Center, IoT, Memory and Mobileye businesses each set all-time annual revenue records.

個人電腦、數據中心、物聯網、內存和 Mobileye 業務均創下歷史新高。

Several years ago, we began a transformation to reposition the company to take advantage of the data revolution that is reshaping computing.

幾年前，我們開始轉型以重新定位公司，以利用正在重塑計算的數據革命。

Exiting this quarter, we now have greater than 50% of our revenue coming from our data-centric collection of businesses, but our journey is just beginning.

本季度結束後，我們現在有超過 50% 的收入來自以數據為中心的業務集合，但我們的旅程才剛剛開始。

To reach our multiyear goals, we will continuously focus on 3 key priorities: accelerating growth, improving execution and deploying our capital for attractive returns.

為了實現我們的多年目標，我們將繼續專注於三個關鍵優先事項：加速增長、提高執行力和部署我們的資本以獲得可觀的回報。

I'd like to share our progress against these priorities over the last 90 days.

我想分享我們在過去 90 天內針對這些優先事項取得的進展。

We are accelerating growth by expanding the capabilities of our workload-optimized platforms, playing a larger role in our customers' success.

我們通過擴展我們的工作負載優化平台的功能來加速增長，在我們客戶的成功中發揮更大的作用。

Demand for our Intel Xeon Scalable processors is very strong as customers continue to make Xeon the foundation for their AI-infused data center workloads.

隨著客戶繼續將至強作為其註入 AI 的數據中心工作負載的基礎，對我們的英特爾至強可擴展處理器的需求非常強勁。

One of the reasons Cascade Lake is our fastest-ramping Xeon CPU is its unrivaled AI performance.

Cascade Lake 是我們速度最快的 Xeon CPU 的原因之一是其無與倫比的 AI 性能。

Xeon's AI performance will take another step in the first half of 2020 when our third generation Xeon Scalable processor, Cooper Lake, debuts.

至強的人工智能性能將在 2020 年上半年更上一層樓，屆時我們的第三代至強可擴展處理器 Cooper Lake 將首次亮相。

Cooper Lake features new Intel DL Boost extensions for built-in AI training acceleration, providing up to a 60% increase in training performance over the previous family.

Cooper Lake 採用新的 Intel DL Boost 擴展，用於內置 AI 訓練加速，與之前的系列相比，訓練性能提高了 60%。

Additionally, we've been expanding beyond the CPU, in the Data Center, with products such as Optane persistent memory, custom ASICs, Ethernet and silicon photonics.

此外，我們一直在數據中心的 CPU 之外進行擴展，推出了 Optane 持久內存、定制 ASIC、以太網和矽光子學等產品。

In Q4, Data Center adjacent products grew more than 30% year-over-year.

第四季度，數據中心相關產品同比增長超過 30%。

In client computing, we are seeing excellent momentum for our first 10-nanometer mobile CPU, Ice Lake, with 44 system designs already shipping.

在客戶端計算方面，我們看到我們的第一個 10 納米移動 CPU Ice Lake 的發展勢頭強勁，已經有 44 個系統設計出貨。

In addition to our CPU capabilities, we continue to deliver leadership PC platform connectivity.

除了我們的 CPU 功能外，我們還繼續提供領先的 PC 平台連接性。

With WiFi 6, we're delivering gig plus speeds.

借助 WiFi 6，我們可以提供 gig plus 的速度。

And for wired connectivity, we just announced Thunderbolt 4 for platforms in 2020.

對於有線連接，我們剛剛在 2020 年發布了適用於平台的 Thunderbolt 4。

At CES, we also showed customer momentum for our Project Athena innovation program, including the first Project Athena-verified Chromebooks.

在 CES 上，我們還向客戶展示了我們的 Project Athena 創新計劃的勢頭，包括第一款經過 Project Athena 驗證的 Chromebook。

Project Athena-verified laptops have been tuned, tested and verified to deliver fantastic system-level innovation and benefit spanning battery life, consistent responsiveness, instant wake, application compatibility and more.

經雅典娜計劃驗證的筆記本電腦已經過調整、測試和驗證，可提供出色的系統級創新，並在電池壽命、一致的響應能力、即時喚醒、應用程序兼容性等方面受益。

We verified 26 Project Athena designs to date and expect 50 more devices across Windows and Chrome to be verified this year.

迄今為止，我們驗證了 26 個 Project Athena 設計，並預計今年將有 50 多個跨 Windows 和 Chrome 的設備得到驗證。

In addition to strengthening our largest businesses, we're investing to win key data-driven technology inflections.

除了加強我們最大的業務外，我們還在投資以贏得關鍵的數據驅動技術的轉變。

These inflections include the rise of artificial intelligence, the transformation of networks and emergence of the intelligent and autonomous edge.

這些變化包括人工智能的興起、網絡的轉型以及智能和自主邊緣的出現。

The market for AI-based silicon is growing and evolving quickly.

基於 AI 的芯片市場正在快速增長和演變。

New workloads are emerging, and existing workloads like high-performance computing are converging with AI.

新的工作負載不斷湧現，高性能計算等現有工作負載正在與 AI 融合。

In 2019, we generated $3.8 billion in AI-based revenue.

2019 年，我們創造了 38 億美元的人工智能收入。

The AI market opportunity is expected to be $25 billion by 2024, and we're investing to lead with a strong portfolio of products.

到 2024 年，人工智能市場機會預計將達到 250 億美元，我們正在投資以提供強大的產品組合。

In addition to integrating AI into all our leading products, we've introduced and acquired new capabilities that deepen an already unparalleled portfolio of AI assets.

除了將 AI 集成到我們所有的領先產品中之外，我們還引入並獲得了新功能，以深化已經無與倫比的 AI 資產組合。

We announced the acquisition of Habana Labs, a leading developer of programmable, deep learning accelerators for the data center.

我們宣布收購數據中心可編程深度學習加速器的領先開發商 Habana Labs。

Habana, combined with Intel's existing AI ASICs and software expertise, will advance our AI offerings for the data center with high-performance training and inference processors and a standards-based programming environment to address evolving AI workloads.

Habana 與英特爾現有的 AI ASIC 和軟件專業知識相結合，將通過高性能訓練和推理處理器以及基於標準的編程環境來推進我們為數據中心提供的 AI 產品，以應對不斷發展的 AI 工作負載。

Delivering the optimal AI silicon architecture is critical but not sufficient to solve customers' problems.

提供最佳的 AI 芯片架構至關重要，但不足以解決客戶的問題。

That's why we launched the oneAPI industry initiative to deliver a unified and simplified programming model for application development across heterogeneous processing architectures.

這就是我們發起 oneAPI 行業計劃的原因，旨在為跨異構處理架構的應用程序開發提供統一且簡化的編程模型。

oneAPI marks a game-changing evolution from today's limiting proprietary program approaches to an open standard space model for cross-architecture developer engagement and innovation.

oneAPI 標誌著一個改變遊戲規則的演變，從今天限制性的專有程序方法到用於跨架構開發人員參與和創新的開放標準空間模型。

As expected, our networking business reached $5 billion in revenue in 2019.

正如預期的那樣，我們的網絡業務在 2019 年的收入達到了 50 億美元。

We've grown our business by helping our customers transform their networks by consolidating and virtualizing workloads on Intel Architecture-based servers.

我們通過在基於英特爾架構的服務器上整合和虛擬化工作負載來幫助客戶轉變他們的網絡，從而發展了我們的業務。

Now as we advance into the 5G era, we see our momentum and design win pipeline accelerating as we're positioned to win significant share in base stations.

現在，隨著我們進入 5G 時代，我們看到我們的勢頭和設計贏得管道正在加速，因為我們已準備好在基站中贏得重要份額。

This quarter, we announced a strategic agreement with Alibaba to support both the Tokyo and Beijing Olympics, building out 5G infrastructure utilizing Xeon Scalable, Optane persistent memory and Intel software.

本季度，我們宣布與阿里巴巴達成戰略協議，支持東京奧運會和北京奧運會，利用 Xeon Scalable、Optane 持久內存和英特爾軟件構建 5G 基礎設施。

These data-optimized 5G networks will support amazing experiences such as immersive 8K VR, cloud 3D stadium simulations and cloud broadcasting.

這些數據優化的 5G 網絡將支持令人驚嘆的體驗，例如沉浸式 8K VR、雲 3D 體育場模擬和雲廣播。

We also delivered almost $5 billion in annual revenue from our IoT/Edge portfolio of products.

我們還通過 IoT/Edge 產品組合實現了近 50 億美元的年收入。

In November, we disclosed our next-gen Movidius vision processing unit, Keem Bay.

11 月，我們披露了我們的下一代 Movidius 視覺處理單元 Keem Bay。

Keem Bay is highly optimized for edge inference with groundbreaking leaps forward in power-efficient performance, delivering up to 4x the performance or 6x the performance per watt over comparable competitive solutions.

Keem Bay 針對邊緣推理進行了高度優化，在節能性能方面實現了突破性的飛躍，與同類競爭解決方案相比，性能高達 4 倍或每瓦性能提高 6 倍。

It's been over 2 years since the acquisition of Mobileye, and we couldn't be more excited about the team's progress.

收購 Mobileye 已經 2 年多了，我們對團隊的進步感到無比興奮。

This quarter, we announced several exciting new engagements.

本季度，我們宣布了幾項激動人心的新活動。

We established an agreement for RAM data harvesting with SAIC Motor and embarked on a strategic partnership with NIO to deploy Mobileye's self-driving systems as the full stack solution for NIO's consumer AV.

我們與上汽簽訂了 RAM 數據採集協議，並與 NIO 建立戰略合作夥伴關係，將 Mobileye 的自動駕駛系統部署為 NIO 消費級 AV 的全棧解決方案。

We also continued to accelerate the commercialization of driverless mobility as a service with 2 new partnerships, RATP in Paris and Daegu City in South Korea.

我們還與兩個新的合作夥伴——巴黎的 RATP 和韓國的大邱市——繼續加速無人駕駛出行即服務的商業化。

In Q4, we were also excited to host analyst and investors at Mobileye's headquarters to discuss our strategy to win the more than $70 billion opportunity for ADAS, AV and data, and to expand our aspirations to an even larger role in the $160 billion opportunity for Mobility as a Service.

在第四季度，我們也很高興在 Mobileye 總部接待分析師和投資者，討論我們贏得超過 700 億美元 ADAS、AV 和數據機會的戰略，並擴大我們在 1600 億美元機會中發揮更大作用的抱負。移動即服務。

Our guests had the chance to test drive our technology on the demanding roads of Jerusalem as we demonstrated industry's leading AV solution stack navigating a wide variety of driving complexities and delivering unmatched agility and safety.

我們的客人有機會在耶路撒冷嚴苛的道路上試駕我們的技術，因為我們展示了行業領先的 AV 解決方案堆棧，可應對各種複雜的駕駛情況並提供無與倫比的敏捷性和安全性。

We have significant opportunities, but realizing them requires improved execution, starting with delivering more supply for our customers.

我們有很多機會，但要實現這些機會，就需要改進執行，首先要為我們的客戶提供更多供應。

In response to continued strong demand, we invested record levels of CapEx in 2018 and 2019.

為了應對持續強勁的需求，我們在 2018 年和 2019 年投資了創紀錄水平的資本支出。

That added capacity allowed us to increase our second half 2019 PC CPU supply by double digits relative to the first half.

增加的容量使我們能夠將 2019 年下半年的 PC CPU 供應量相對於上半年增加兩位數。

However, demand has continued to outpace PC supply, and supply remains tight in our PC business.

然而，需求繼續超過個人電腦供應，我們的個人電腦業務供應仍然緊張。

We're continuing to add capacity, so we're not constraining our customers' growth.

我們將繼續增加容量，因此我們不會限制客戶的增長。

Across our 14- and 10-nanometer nodes, we're adding 25% wafer capacity this year to deliver a high single-digit increase in PC unit volume.

在我們的 14 和 10 納米節點上，我們今年將增加 25% 的晶圓產能，以實現 PC 單位數量的高個位數增長。

This will enable us to meet market demand, deliver our 2020 financial plan and increase inventory to more normalized levels.

這將使我們能夠滿足市場需求，交付我們的 2020 年財務計劃並將庫存增加到更正常的水平。

Our near-term challenge is working with our customers to support their desired product mix.

我們近期面臨的挑戰是與我們的客戶合作，以支持他們所需的產品組合。

Our process technology execution continues to improve.

我們的工藝技術執行不斷改進。

In Q4, we ramped our 10-nanometer production and continue to see yields improve.

在第四季度，我們提高了 10 納米的產量，並繼續看到產量提高。

We are planning 9 new product releases on 10-nanometer this year, including our next-gen mobile CPU, a 5G base station SoC, an AI inference accelerator, our first discrete GPU and Xeon for server, storage and networking.

今年我們計劃發布 9 款 10 納米新產品，包括我們的下一代移動 CPU、5G 基站 SoC、人工智能推理加速器、我們的第一個獨立 GPU 以及用於服務器、存儲和網絡的 Xeon。

We're also on track to deliver 10-nanometer plus this year, our first performance upgrade on 10-nanometer.

我們也有望在今年推出 10 納米以上，這是我們在 10 納米上的首次性能升級。

Our 7-nanometer process remains on track to deliver our lead 7-nanometer product, Ponte Vecchio, at the end of 2021, with CPU products following shortly after in 2022.

我們的 7 納米工藝仍有望在 2021 年底交付我們的領先 7 納米產品 Ponte Vecchio，隨後不久將在 2022 年推出 CPU 產品。

We are also driving innovation in the next generation of computing.

我們也在推動下一代計算的創新。

At CES, we provided a first look at our next-gen Intel core mobile processor, code named Tiger Lake, which is designed to offer groundbreaking advancements when it ships later this year.

在 CES 上，我們首次展示了我們的下一代 Intel 核心移動處理器，代號為 Tiger Lake，旨在在今年晚些時候發貨時提供突破性的進步。

Tiger Lake, built on Intel's 10-nanometer plus process, will deliver significant gains in compute, AI, graphics and interconnect over the prior generation.

Tiger Lake 建立在英特爾 10 納米以上的工藝之上，與上一代相比，將在計算、人工智能、圖形和互連方面取得顯著進步。

We will also deliver initial production shipments on our first 10-nanometer-based Xeon Scalable product, Ice Lake, in the latter part of 2020.

我們還將在 2020 年下半年交付我們首款基於 10 納米的至強可擴展產品 Ice Lake 的初始生產出貨量。

We're also investing to lead the next wave of technology breakthroughs such as quantum computing.

我們還在投資以引領下一波技術突破，例如量子計算。

Our investment in quantum computing covers the full hardware and software stack in pursuit of a practical commercially viable quantum system.

我們在量子計算方面的投資涵蓋了完整的硬件和軟件堆棧，以追求實用的商業上可行的量子系統。

For example, last month, we unveiled a first of its kind cryogenic control chip, Horse Ridge, that will speed up development of full stack quantum computing systems.

例如，上個月，我們推出了首款低溫控制芯片 Horse Ridge，它將加快全棧量子計算系統的開發。

We made good progress this quarter but will continue to be laser-focused on improving our execution.

本季度我們取得了良好進展，但將繼續專注於提高我們的執行力。

That means delivering the supply, leadership process technology and product innovations that allow us to play a larger role in our customers' success.

這意味著提供供應、領先的流程技術和產品創新，使我們能夠在客戶的成功中發揮更大的作用。

Our third priority is to thoughtfully deploy your capital to deliver attractive returns.

我們的第三個優先事項是精心配置您的資金以提供有吸引力的回報。

That means, first, investing in the R&D and CapEx necessary to drive our long-term business plan.

這意味著，首先，投資於推動我們的長期業務計劃所需的研發和資本支出。

Since 2015, we have grown revenue by more than $16 billion while reducing spending by $500 million.

自 2015 年以來，我們的收入增長了超過 160 億美元，同時減少了 5 億美元的支出。

Spending as a percentage of revenue is down 9 points, while over the same period we've increased R&D spending by $1.2 billion.

支出佔收入的百分比下降了 9 個百分點，而同期我們的研發支出增加了 12 億美元。

We acquired Habana Labs, a fantastic company that will accelerate our AI plans, while also making thoughtful disinvestments.

我們收購了 Habana Labs，這是一家出色的公司，它將加速我們的 AI 計劃，同時進行深思熟慮的撤資。

We closed both the 5G smartphone modem exit and the sale of IMFT in the quarter.

我們在本季度完成了 5G 智能手機調製解調器出口和 IMFT 的銷售。

We are confident in our future.

我們對我們的未來充滿信心。

And consistent with that, our Board has approved a 5% increase in our dividend to $1.32 per share.

與此一致，我們的董事會已批准將我們的股息增加 5% 至每股 1.32 美元。

Last quarter, we announced a commitment to execute $20 billion in share repurchases over the next 15 to 18 months.

上個季度，我們宣布承諾在未來 15 到 18 個月內執行 200 億美元的股票回購。

And 3 months into that window, we've already repurchased $3.5 billion in shares.

進入那個窗口 3 個月後，我們已經回購了 35 億美元的股票。

Finally, our role goes beyond delivering strong results to being a great corporate citizen that has real impact on the world around us and in the communities where we work.

最後，我們的角色不僅僅是提供出色的成果，而是成為一個偉大的企業公民，對我們周圍的世界和我們工作的社區產生真正的影響。

I'm proud of the many outside recognitions we've received for our responsible business practices.

我為我們因負責任的商業行為而獲得的許多外部認可感到自豪。

This reflects our culture and the efforts of our 100,000-plus employees around the world.

這反映了我們的文化和全球 100,000 多名員工的努力。

Also, we continue to believe that a diverse workforce and inclusive culture are essential for executing our growth strategy, which is why we released detailed workforce representation data that raises the bar on ourselves and others for continued improvement.

此外，我們仍然相信多元化的勞動力和包容性文化對於執行我們的增長戰略至關重要，這就是為什麼我們發布了詳細的勞動力代表性數據，提高了我們自己和他人持續改進的標準。

And it's important to us to be a leader in environmental sustainability, and we're investing to continue to increase the energy efficiency of our operations and our products.

成為環境可持續發展的領導者對我們來說很重要，我們正在投資以繼續提高我們的運營和產品的能源效率。

And we're also making significant progress on our goal of restoring 100% of our global water use by 2025.

我們還在實現到 2025 年恢復 100% 全球用水的目標方面取得重大進展。

Back at our May Analyst Day, we told you that the industry was at an inflection point where the exponential growth of data is fueling massive expansion in multi-cloud environments, transforming networks and catalyzing the intelligent edge.

早在我們的五月分析師日，我們就告訴過您，該行業正處於一個轉折點，數據的指數級增長正在推動多雲環境的大規模擴張，改變網絡並催化智能邊緣。

We believe we're well positioned to lead this data revolution, and we expect to generate $85 billion in revenue and $6 in earnings per share in the next 3 to 4 years.

我們相信我們有能力引領這場數據革命，我們預計在未來 3 到 4 年內將產生 850 億美元的收入和 6 美元的每股收益。

1 year into that plan, we are tracking well ahead of our commitment.

實施該計劃 1 年，我們正在跟踪我們的承諾。

We have $3 billion more revenue, and we've earned an additional $0.52 in earnings versus our May expectations.

我們的收入增加了 30 億美元，與我們 5 月份的預期相比，我們的收益增加了 0.52 美元。

Our expectation is to continue to make deposits towards our multiyear goal every 90 days.

我們的期望是繼續每 90 天為我們的多年目標存入存款。

In summary, our priorities are to accelerate growth, improve execution and thoughtfully deploy our capital on behalf of our owners like you.

總而言之，我們的首要任務是代表像您這樣的所有者加速增長、改進執行和周到地部署我們的資本。

I'm excited about the opportunities in front of us and appreciate your continued support.

我對擺在我們面前的機會感到興奮，並感謝您一直以來的支持。

I'll now hand the call over to George for details on our Q4 results and business outlook.

我現在將電話轉給喬治，以了解我們第四季度業績和業務前景的詳細信息。

George?

喬治？

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

Q4 marked an outstanding finish to another record year, with $20.2 billion in revenue, up 8% year-on-year and $1 billion higher than guide.

第四季度以 202 億美元的收入，同比增長 8%，比指導水平高出 10 億美元，標誌著又一個創紀錄的年份的出色完成。

We saw record data-centric revenue of $10.2 billion, representing over 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 102 億美元，占我們總收入的 50% 以上，創歷史新高。

DCG and Mobileye both achieved record revenue in the quarter.

DCG 和 Mobileye 在本季度均實現了創紀錄的收入。

Q4 PC-centric revenue was $10 billion, up 2% year-on-year, capping CCG's fourth consecutive year of revenue growth.

第四季度以 PC 為中心的收入為 100 億美元，同比增長 2%，是 CCG 連續第四年收入增長的上限。

Q4 operating margin was approximately 36%, 2 points ahead of our guide on higher gross margin and spending leverage.

第四季度營業利潤率約為 36%，比我們關於更高毛利率和支出槓桿的指導高出 2 個百分點。

Gross margin for the quarter was 60.1%, beating expectations due to strong flow-through of higher DCG revenue.

本季度毛利率為 60.1%，由於 DCG 收入增長強勁，超出預期。

Q4 EPS was $1.52, $0.28 above our guide, primarily due to strong operational performance and further boosted by gains from our ICAP Portfolio.

第四季度每股收益為 1.52 美元，比我們的指導高 0.28 美元，這主要是由於強勁的運營業績以及我們的 ICAP 投資組合收益的進一步推動。

These results demonstrate the strong demand for our leadership products and solid execution to achieve a record-breaking year.

這些結果表明對我們的領先產品和堅實的執行力的強勁需求，以實現創紀錄的一年。

As a result, full year EPS of $4.87 was up 6% year-on-year.

因此，全年每股收益為 4.87 美元，同比增長 6%。

We generated $16.9 billion of free cash flow, up 19%, and returned $19.2 billion to shareholders.

我們產生了 169 億美元的自由現金流，增長了 19%，並向股東返還了 192 億美元。

We anticipate another record year in 2020 and are raising the dividend by 5%.

我們預計 2020 年將是另一個創紀錄的年份，並將股息提高 5%。

Moving to more details on Q4 performance.

轉到有關第四季度業績的更多細節。

Operating margin of 36% in the quarter was up over 0.5 point versus last year as higher volume and ASP strength in our data-centric portfolio and lower spending were partly offset by the ramp of our 10-nanometer process and NAND pricing degradation.

本季度 36% 的營業利潤率比去年增長了 0.5 個百分點以上，因為我們以數據為中心的產品組合中更高的銷量和 ASP 實力以及更低的支出被我們的 10 納米工藝和 NAND 價格下降所部分抵消。

EPS was up 19% or $0.24 year-over-year on higher operating margin, equity gains driven by our ICAP Portfolio and a lower share count, partially offset by a higher tax rate.

每股收益同比增長 19% 或 0.24 美元，原因是營業利潤率提高、我們的 ICAP 投資組合推動的股權收益以及股票數量減少，部分被更高的稅率所抵消。

Our non-GAAP tax rate in Q4 was 13.6%, in line with expectations, and up 5 points year-over-year due to tax benefits from tax reform and discrete items in Q4 '18.

我們在第四季度的非公認會計原則稅率為 13.6%，符合預期，由於稅收改革和 18 年第四季度的離散項目帶來的稅收優惠，同比增長 5 個百分點。

Through to segment performance.

通過細分性能。

Our Data Center Group had record revenue at $7.2 billion, up 19% from the prior year.

我們的數據中心集團的收入達到創紀錄的 72 億美元，比上一年增長 19%。

These results beat our expectations, with platform volumes up 12% and platform ASPs up 5% year-over-year on strong cloud demand and continued adoption of our highest performance second-gen Xeon Scalable products.

這些結果超出了我們的預期，平台數量同比增長 12%，平台 ASP 同比增長 5%，原因是強勁的雲需求和繼續採用我們最高性能的第二代 Xeon Scalable 產品。

In Q4, cloud revenue was up 48% year-over-year as cloud service providers continue building capacity to serve customer demand.

隨著雲服務提供商繼續建設能力以滿足客戶需求，第四季度雲收入同比增長 48%。

Enterprise and government revenue was down 7%, while communications service providers revenue grew 14% as customers continue to adopt IA-based solutions to transform their networks and transition to the 5G era.

企業和政府收入下降了 7%，而通信服務提供商的收入增長了 14%，因為客戶繼續採用基於 IA 的解決方案來改造他們的網絡並過渡到 5G 時代。

All 3 segments exceeded our expectations for the quarter.

所有三個部分都超出了我們對該季度的預期。

Our other data-centric businesses were up 6% year-over-year in Q4.

我們其他以數據為中心的業務在第四季度同比增長 6%。

IOTG achieved another double-digit growth quarter, with revenue up 13% and operating income up 29% year-over-year as customers increasingly adopt Intel AI-infused products to power the growing intelligent edge.

隨著客戶越來越多地採用英特爾人工智能產品來支持不斷增長的智能邊緣，IOTG 實現了另一個兩位數的增長，收入同比增長 13%，營業收入同比增長 29%。

And Mobileye revenue and operating income were up 31% and 54%, respectively, driven by the industry-leading EyeQ products, which offer unmatched computer vision and mapping capabilities and continue to win in a fast-growing ADAS market.

在行業領先的 EyeQ 產品的推動下，Mobileye 的收入和營業收入分別增長了 31% 和 54%，這些產品提供了無與倫比的計算機視覺和地圖功能，並在快速增長的 ADAS 市場中繼續獲勝。

EyeQ revenue was up 41% year-over-year.

EyeQ 收入同比增長 41%。

NSG revenue grew 10% on continued bit growth, partially offset by year-over-year pricing declines.

NSG 收入因比特數持續增長而增長了 10%，但部分被價格同比下降所抵消。

NSG reported an operating loss of $96 million as NAND cost improvements were more than offset by pricing declines.

NSG 報告運營虧損 9600 萬美元，因為 NAND 成本的改善被價格下降所抵消。

PSG revenue declined 17% year-over-year on softness in the embedded segment primarily driven by lower last-time buys versus Q4 '18, partially offset by strength in wireless.

PSG 收入同比下降 17%，主要是由於與 18 年第四季度相比，最後一次購買量較低，部分被無線業務的強勢所抵消。

Operating income was down 48% on lower revenue and segment product mix.

由於收入和細分產品組合下降，營業收入下降了 48%。

CCG revenue was $10 billion in the fourth quarter, up 2% year-over-year, driven by higher PC and modem volumes.

CCG 第四季度收入為 100 億美元，同比增長 2%，主要受個人電腦和調製解調器銷量增長的推動。

PC unit volumes were up 1% on continued market strength and increased capacity.

由於市場持續走強和產能增加，個人電腦的銷量增長了 1%。

Adjacencies, which include modems and wireless and wired connectivity solutions, grew 13% year-over-year driven by strong demand for modems and a better mix of connectivity solutions.

由於對調製解調器的強勁需求和更好的連接解決方案組合，包括調製解調器以及無線和有線連接解決方案在內的鄰接業務同比增長 13%。

Operating margin was 41%, up 4 points year-on-year on higher revenue and lower spending driven by the 5G smartphone modem exit.

由於 5G 智能手機調製解調器退出推動收入增加和支出減少，營業利潤率為 41%，同比增長 4 個百分點。

As a result, CCG achieved record operating income in 2019.

因此，CCG 在 2019 年實現了創紀錄的營業收入。

In 2019, we've generated $33.1 billion in operating cash flow and invested $16.2 billion in CapEx.

2019 年，我們產生了 331 億美元的運營現金流，並在資本支出上投資了 162 億美元。

We also returned 113% of free cash flow to shareholders through dividends and buybacks.

我們還通過股息和回購向股東返還了 113% 的自由現金流。

During the quarter, we purchased 63 million shares at an average price of $55.32 per share.

本季度，我們以每股 55.32 美元的平均價格購買了 6300 萬股股票。

Total 2019 share repurchases were 272 million.

2019年股票回購總額為2.72億股。

And in 2020, we expect to turn in excess of 100% of free cash flow to shareholders under the $20 billion buyback program announced last quarter and the increased dividend announced today.

根據上季度宣布的 200 億美元回購計劃和今天宣布的增加股息，我們預計到 2020 年，股東的自由現金流將超過 100%。

Let's move to outlook.

讓我們轉向展望。

2020 is expected to be another record year for the company.

預計 2020 年將是該公司又一個創紀錄的一年。

We are forecasting revenue of $73.5 billion and EPS of approximately $5.

我們預計收入為 735 億美元，每股收益約為 5 美元。

We expect our PC-centric business to be down low single digits year-over-year on a slightly down PC TAM.

我們預計，由於 PC TAM 略有下降，我們以 PC 為中心的業務將同比下降低個位數。

Within 2020, we expect to see a strong first half and a moderating second half dynamic due to lower modem revenue and expected lower PC TAM in the second half of 2020 as the Windows 10 commercial refresh matures.

在 2020 年，由於調製解調器收入下降，並且隨著 Windows 10 商業更新的成熟，預計 2020 年下半年 PC TAM 將下降，我們預計上半年將強勁，下半年動力將放緩。

We expect revenue from our data-centric businesses to be up high single digits for the full year as we capitalize on the secular trends that Bob outlined.

隨著我們利用 Bob 概述的長期趨勢，我們預計以數據為中心的業務全年的收入將增長個位數。

We are expecting an exceptionally strong Q1 as cloud customers continue to build capacity and adopt our highest-performing products.

隨著雲客戶繼續建立容量並採用我們性能最高的產品，我們預計第一季度將異常強勁。

This would mark 3 quarters of strong cloud buildout, and we expect more modest capacity expansion for the remainder of the year as CSPs move to a digestion phase.

這將標誌著 3 個季度的強勁雲建設，隨著 CSP 進入消化階段，我們預計今年剩餘時間的產能擴張將更加溫和。

We are also planning for an increasingly competitive environment as we move through the year.

隨著這一年的到來，我們還計劃打造一個競爭日益激烈的環境。

As a result of these dynamics, we expect total revenue to be more front-end loaded in the first half than we've seen historically.

由於這些動態，我們預計上半年的總收入將比我們歷史上看到的更多。

Gross margin is expected to be 59% for the year, down a point versus 2019 on both mix of products and the impact of 10-nanometer costs.

從產品組合和 10 納米成本的影響來看，今年的毛利率預計為 59%，比 2019 年下降一個百分點。

Spending for the year is expected to be approximately $19 billion or 26% of revenue, down 1 point, resulting in a flat operating margin of approximately 33%.

今年的支出預計約為 190 億美元，佔收入的 26%，下降 1 個百分點，營業利潤率約為 33%。

We expect 2020 CapEx of approximately $17 billion.

我們預計 2020 年的資本支出約為 170 億美元。

More than half of which is comprised of investments in fab space and 7- and 5-nanometer equipment.

其中一半以上是對晶圓廠空間和 7 納米和 5 納米設備的投資。

Free cash flow is expected to be approximately $16.5 billion as the flow-through from revenue growth and higher depreciation is offset by higher CapEx and rebuilding of critical product inventory back to more normal operating levels.

自由現金流預計約為 165 億美元，因為收入增長和更高折舊的流動被更高的資本支出和關鍵產品庫存重建恢復到更正常的運營水平所抵消。

Let's turn to Q1.

讓我們轉向Q1。

We anticipate a particularly strong start to another record year, with Q1 revenue of $19 billion, up 18% year-over-year and well above normal seasonal patterns.

我們預計新一年的開局特別強勁，第一季度收入為 190 億美元，同比增長 18%，遠高於正常的季節性模式。

This is being driven in particular by data-centric revenue growth expected to be above 25% year-over-year on continued cloud buildout and NAND bit growth.

這尤其受到以數據為中心的收入增長預計將超過 25% 的持續雲建設和 NAND 位增長的推動。

Our PC-centric business is also contributing and is expected to be up more than 10% year-over-year on continued PC market strength, additional supply and higher modem revenue.

我們以 PC 為中心的業務也做出了貢獻，並且由於 PC 市場的持續強勁、額外的供應和更高的調製解調器收入，預計將同比增長 10% 以上。

With strong top line growth and mix, we expect Q1 gross margin of approximately 61%, up 3 points year-over-year.

憑藉強勁的收入增長和組合，我們預計第一季度毛利率約為 61%，同比增長 3 個百分點。

Q1 operating margin is expected to be approximately 35%, up 7 points versus last year on higher gross margin and spending leverage on higher revenue.

第一季度的營業利潤率預計約為 35%，比去年增長 7 個百分點，原因是毛利率提高以及收入增加的支出槓桿。

Tax rate is expected to be 13%, and EPS is expected to be $1.30, up 46% year-over-year.

稅率預計為 13%，每股收益預計為 1.30 美元，同比增長 46%。

In summary, 2019 was Intel's best year ever, and we expect a strong start to 2020 on the way to another record year.

總而言之，2019 年是英特爾有史以來最好的一年，我們預計 2020 年將有一個強勁的開端，邁向另一個創紀錄的一年。

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)

（操作員說明）

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

我們的第一個問題來自德意志銀行的 Ross Seymore。

Congrats on the strong end of last year and start to this year.

祝賀去年的強勁結束和今年的開始。

George or Bob, whichever of you want to answer this, I want to go a little bit into the trajectory of revenues.

喬治或鮑勃，無論你們誰想回答這個問題，我都想稍微了解一下收入的軌跡。

George, you gave some great color there on the 2 different segments, PC-centric and data-centric.

喬治，您在 2 個不同的細分市場（以 PC 為中心和以數據為中心）上給出了一些很棒的顏色。

But it appears by the end of this year, you could even be going negative in both of those segments year-over-year.

但到今年年底，你甚至可能在這兩個領域都出現同比下降。

So it seems like it's a pretty significant drop.

所以看起來這是一個相當大的下降。

I appreciate conservatism in the end-of-life on the Windows side of things, but how do you factor in the increased competition that you mentioned and the fact that shortages should go away so you could actually have some market share gains?

我很欣賞 Windows 在生命終結時的保守主義，但是您如何考慮到您提到的競爭加劇以及短缺應該消失的事實，以便您實際上可以獲得一些市場份額增長？

Yes.

是的。

Let me -- thanks, Ross.

讓我——謝謝，羅斯。

Let me start, George, and you can chime in.

讓我開始吧，喬治，你可以插話。

First, at the -- thank you for the compliment on our fourth quarter results.

首先，感謝您對我們第四季度業績的稱讚。

When we look at 2020 demand cycles, we kind of have 3 things going on that are -- that impact the first half to second half outlook.

當我們查看 2020 年的需求週期時，我們有 3 件事正在發生——這會影響上半年到下半年的前景。

And George touched on a few of these.

喬治談到了其中的一些。

But first, at the macro level, the insatiable appetite for data and the processing resources that need to go to make that data relevant, those trends continue, and we feel very good about how we're positioned to capitalize on this increased demand.

但首先，在宏觀層面，對數據的永不滿足的需求以及使數據相關所需的處理資源，這些趨勢仍在繼續，我們對如何利用這種增加的需求進行定位感到非常滿意。

Second, the -- as you know, from a cloud perspective, which now is bigger and bigger part of our overall DCG revenue, we expect them to continue to benefit from the trajectories that I mentioned initially.

其次，正如你所知，從雲的角度來看，現在它在我們 DCG 整體收入中所佔的比重越來越大，我們預計他們將繼續從我最初提到的軌跡中受益。

At the same time, you'll remember from last year, our ability to predict the cloud -- the CSPs' purchasing and then kind of digestion patterns is relatively hard.

同時，你會記得，從去年開始，我們預測雲的能力——CSP 的購買和消化模式是相對困難的。

So we look at first half to second half, Q1 will be the, in essence, the third quarter in a row of real strong consumption patterns from the cloud folks.

因此，我們從上半年到下半年來看，第一季度本質上將是第三季度來自云人士的連續真正強勁的消費模式。

So we know from history that at some point, they go into digestion mode and the buying patterns begin to slow down.

所以我們從歷史中知道，在某個時候，他們進入消化模式，購買模式開始放緩。

And it doesn't impact medium- or long-term trends, but it does impact cyclical trends during the course of the year.

它不會影響中期或長期趨勢，但會影響一年中的周期性趨勢。

And we've tried to, based on our past learnings, take that into account as much as we can.

我們已經嘗試，根據我們過去的經驗，盡可能多地考慮到這一點。

So hopefully, we're wrong.

所以希望，我們錯了。

Hopefully, we're conservative.

希望我們是保守的。

But at this stage of the game, that's kind of how we've looked at cloud purchases first half to the second half.

但在遊戲的這個階段，這就是我們從上半年到下半年看待雲採購的方式。

The second thing, PC TAM, we think, is going to be flat to down a little bit this year.

第二件事，PC TAM，我們認為，今年將持平或略有下降。

And the expectation is the first half will continue to be a Windows 10 refresh that George flagged, and we expect that to slow down in the second half.

預計上半年將繼續是喬治標記的 Windows 10 更新，我們預計下半年會放緩。

And then the third item is modem.

然後第三項是調製解調器。

It's -- as we go into the second half of the year, we expect modem volume to be lower as we phase out of that business, as smartphone modem moves to the 5G world.

這是 - 隨著我們進入下半年，隨著智能手機調製解調器進入 5G 世界，我們預計隨著我們逐步退出該業務，調製解調器的銷量會降低。

So those 3 things have us looking at the full year of kind of 2% growth.

所以這三件事讓我們看到了全年 2% 的增長。

And inherent in that is we know we got a much more competitive environment.

與生俱來的是，我們知道我們有一個更具競爭力的環境。

And our intention during the course of the year is to compete vigorously to protect our position while continuing to expand as compute moves further and further away from the cloud out to the network and to the edge.

在這一年中，我們的目的是積極競爭以保護我們的地位，同時隨著計算越來越遠離雲、網絡和邊緣而繼續擴展。

Yes.

是的。

And I guess I would just add that we feel really good about the year overall.

我想我只想補充一點，我們對這一年的整體感覺非常好。

It's just going to be a little flatter in terms of the pattern and certainly than we saw last year and certainly different than our normal seasonal pattern, but good strength growth in all of the businesses really outside of the PC, which is going to -- is coming across some headwinds from TAM, but we still expect it to work on gaining back share in some areas where it's had difficulties in the past as we can start to provide more units.

就模式而言，它肯定會比我們去年看到的更平坦一些，當然也不同於我們正常的季節性模式，但所有真正在 PC 之外的業務都有良好的實力增長，這將——遇到了來自 TAM 的一些不利因素，但我們仍然希望它能夠在過去遇到困難的一些領域重新獲得份額，因為我們可以開始提供更多的單位。

And one last comment, I apologize.

最後一條評論，我很抱歉。

But I think just on a year-over-year basis, the comps in the first half of '20 are going to be easier.

但我認為僅按年計算，20 年上半年的比賽會更容易。

And then after a very strong second half of '19, comps a bit tougher in the second half of the year.

然後在 19 年下半年非常強勁之後，下半年的比賽會更加艱難。

But net-net, we're -- as George shaped it up, we're looking for another record year in 2020.

但是net-net，我們正在——正如喬治所塑造的那樣，我們正在尋找2020年另一個創紀錄的年份。

Thanks, Rob.

謝謝，羅伯。

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。

Congratulations on the strong results and especially the buybacks.

祝賀強勁的業績，尤其是回購。

Nearly 10% of shares retired in the last 2 years.

近 10% 的股票在過去 2 年中退休。

Question, Bob, on 10-nanometer.

問題，鮑勃，關於 10 納米。

I saw in the slides, you mentioned 10-nanometer yields ahead, right, of expectations.

我在幻燈片中看到，您提到了預期的 10 納米產量。

And you mentioned 9 product releases on 10.

你在 10 日提到了 9 個產品發布。

Can you help put that in context, what does it imply in terms of the range of desktop and server SKUs?

您能否將其放在上下文中，這對桌面和服務器 SKU 的範圍意味著什麼？

I think there is some speculation that maybe 10-nanometer might be a small node rather than a regular node.

我認為有一些猜測可能是 10 納米可能是一個小節點而不是常規節點。

Or I guess, asked in a different way, what percentage of your sales do you expect to be on 10-nanometer this year and maybe even next year?

或者我猜，以不同的方式問，你預計今年甚至明年在 10 納米上的銷售額百分比是多少？

Yes.

是的。

Well, first, we continue to make real progress on yields on 10-nanometer, and that's been -- after all the challenges we've had, that's been kind of a consistent theme over the last 4 to 6 quarters just on yield for 10.

嗯，首先，我們繼續在 10 納米的良率上取得真正的進展，這一直是 - 在我們遇到了所有挑戰之後，在過去的 4 到 6 個季度中，僅在 10 納米的良率上，這一直是一個一致的主題.

So we feel very good exiting the year and coming into this year and where we are in yields.

因此，我們在今年結束和進入今年以及我們的收益率方面感覺非常好。

Second, in terms of the product road map, we have -- we launched Ice Lake for client in the fourth quarter.

其次，在產品路線圖方面，我們已經在第四季度為客戶推出了 Ice Lake。

We launched FPGA's Agilex products on 10-nanometer in the fourth quarter.

我們在第四季度推出了 10 納米 FPGA 的 Agilex 產品。

And then through the course of this year, we're going to have successive products as AI inference accelerator, 5G SoC that we're really excited about for the 5G network GPU launched.

然後在今年的整個過程中，我們將陸續推出 AI 推理加速器、5G SoC 等產品，我們對推出的 5G 網絡 GPU 感到非常興奮。

And then last and certainly not least, bringing out Ice Lake server product at the back end of the year.

最後也是最重要的，在年底推出 Ice Lake 服務器產品。

So we've launched it.

所以我們推出了它。

Yields are good.

產量很好。

Designs across our portfolio of products are good, and we'll ramp them up during the course of the year.

我們產品組合的設計都很好，我們將在一年中增加它們。

But primarily, in terms of volume, we'll still be -- the client business is the one we're going to ramp the fastest.

但主要是，就數量而言，我們仍然是——客戶業務是我們將要以最快的速度發展的業務。

It'll ramp during the course of the year.

它將在一年中逐漸增加。

It'll be our second gen of 10-nanometer or what we'll call 10-plus in the second half of the year, which introduces a whole new level of performance for that product.

這將是我們的第二代 10 納米或我們將在下半年稱為 10 納米以上的產品，這將為該產品帶來全新的性能水平。

But in the aggregate, we won't have a huge percentage of our overall company volume in the second half of the year.

但總的來說，我們在下半年的公司總銷量中不會佔很大比例。

It'll grow as we exit the year and become a much bigger part of our overall volume in 2021.

隨著我們今年的結束，它會增長，並在 2021 年成為我們總銷量的更大一部分。

And then last, I'd just say that our intention back in May, and we reiterated again today, is that we want to get back to a 2- to 2.5-year cadence.

最後，我想說的是，我們在 5 月份的意圖是，我們今天再次重申，我們希望回到 2 到 2.5 年的節奏。

And shortly after launching 10, our expectations is we'll have our first 7-nanometer product launched in the latter part of 2021 with CPUs to closely follow.

在推出 10 後不久，我們的預期是我們將在 2021 年下半年推出我們的首款 7 納米產品，CPU 緊隨其後。

So -- and ramping will go to 10-plus for clients, and we'll ramp 7 on a 2-year cadence in 2021.

所以 - 客戶的增長將達到 10 多個，我們將在 2021 年以 2 年的節奏增長 7。

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

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Congrats on the great results.

祝賀偉大的結果。

Bob, maybe just following on that because I remember 2 quarters ago, you talked about Ice Lake taping out, for servers in the first half.

鮑勃，也許只是繼續關注，因為我記得 2 個季度前，你談到冰湖在上半場為服務器流片。

And there's a lot of different milestones, it gets confusing.

而且有很多不同的里程碑，這讓人感到困惑。

When you say second half, do you actually -- is that a volume ramp?

當你說下半場時，你真的 - 這是一個音量上升嗎？

Or is that when you actually expect the 10-nanometer servers to be out?

還是當您真正期望 10 納米服務器出現時？

Yes.

是的。

It's a good question.

這是個好問題。

Just a few things.

只是幾件事。

I think, first, in terms of how we deploy the technology.

我認為，首先，就我們如何部署技術而言。

Today, our ecosystem partners have already received Ice Lake server samples.

今天，我們的生態系統合作夥伴已經收到了 Ice Lake 服務器樣品。

So that's kind of the first step for us.

所以這對我們來說是第一步。

And then what we indicated is we'll start production wafers in the first half of this year, and that'll translate into production of shipments in the latter part of 2020.

然後我們表示我們將在今年上半年開始生產晶圓，這將轉化為 2020 年下半年的出貨量。

So that's the sequence of events.

這就是事件的順序。

So production -- we load wafers.

所以生產——我們裝載晶圓。

We deliver samples, check.

我們提供樣品，檢查。

We load wafers, first half.

我們裝載晶圓，上半年。

We deliver production output, latter part of the year.

我們提供生產輸出，今年下半年。

So that's been pretty consistent with how we've been trying to ramp this over the last several quarters.

因此，這與我們在過去幾個季度中一直試圖提高這一點的方式非常一致。

And then just clarity on the client side, I'm surprised by the seasonality, but I guess I understand with Win 10.

然後只是客戶端的清晰度，我對季節性感到驚訝，但我想我理解 Win 10。

With that growth or the strong year-over-year you're seeing in Q1, are you still shorting the market, I guess?

隨著您在第一季度看到的這種增長或強勁的同比增長，我猜您還在做空市場嗎？

Yes.

是的。

Yes.

是的。

First, very -- we came into 2019 looking at kind of a flat PC TAM.

首先，非常 - 我們進入 2019 年時正在尋找一種扁平的 PC TAM。

And when all was said and done, we ended the year with about 3% growth overall and even stronger in the fourth quarter.

總而言之，我們以 3% 的整體增長率結束了這一年，第四季度的增長率甚至更高。

So we've had a real strong -- the market has had a real strong year in 2019.

所以我們經歷了非常強勁的一年——市場在 2019 年經歷了非常強勁的一年。

At the end of the year, as we indicated, we were still constraining our PC customers.

正如我們所指出的那樣，在年底時，我們仍在限制我們的 PC 客戶。

And there's -- I'd say there's -- we left some backlog on the table that we are quickly trying to fill as we come into the first quarter.

還有 - 我會說有 - 我們在桌面上留下了一些積壓的工作，當我們進入第一季度時，我們正在迅速努力填補這些工作。

So that's obviously a disappointment in terms of our serving customers at the end of the year but adds to volume in the first quarter, first half.

因此，就我們在年底服務客戶而言，這顯然令人失望，但增加了第一季度和上半年的數量。

As we go through the course of the year, just from a macro level, we spent record capital in '18; again, record capital in '19.

隨著這一年的過去，僅從宏觀層面來看，我們在 18 年花費了創紀錄的資本；再次，在 19 年創紀錄的資本。

As George laid out in his prepared remarks, we'll spend -- we'll have record capital in 2020.

正如喬治在他準備好的講話中所述，我們將花費——我們將在 2020 年擁有創紀錄的資本。

And it's really geared to ensure that we never constrain our customers' growth.

它確實旨在確保我們永遠不會限制客戶的增長。

And our expectations in 2020 is that we'll have high single-digit PC unit volume and against the market that we expect to be flat to down slightly.

我們對 2020 年的預期是，我們將擁有高個位數的個人電腦銷量，而我們預計市場將持平或略有下降。

So we are going to be in a good position to meet customer -- the market demand in 2020 to deliver on our full year outlook and to begin to build the inventory levels to more natural position so that the mix dynamics of what product we're selling when we can manage the volatility in that much better than we have been able to in the fourth quarter.

因此，我們將有能力滿足客戶——2020 年的市場需求，以實現我們的全年展望，並開始將庫存水平提高到更自然的位置，以便我們的產品組合動態當我們能夠比第四季度更好地管理波動性時賣出。

So supply constraints, we are maniacal about eliminating those so that we can meet customer demand and don't have to worry about it.

所以供應限制，我們非常想消除這些限制，這樣我們就可以滿足客戶的需求而不必擔心。

And we'll expect to see more small core in the second half, which may be part of the dynamic, but we haven't really been able to serve that end of the market in the way that we would like to.

我們預計下半年會看到更多的小核心，這可能是動態的一部分，但我們並沒有真正能夠以我們想要的方式服務於市場的這一端。

So that may be part of what you're looking at.

因此，這可能是您正在查看的內容的一部分。

(Operator Instructions) Our next question comes from the line of John Pitzer from Crédit Suisse.

（操作員說明）我們的下一個問題來自 Crédit Suisse 的 John Pitzer。

Let me add my congratulations to the solid results.

讓我對可靠的結果表示祝賀。

I guess I've got a similar question to Ross' first question on revenue, but mine is going to be on gross margin.

我想我有一個與羅斯關於收入的第一個問題類似的問題，但我的問題是毛利率。

If you just sort of look at the Q1 guide of 61% versus the full year of 59%, I'm just trying to understand kind of the puts and takes that brings gross margin down throughout the year.

如果你只是看一下第一季度的 61% 與全年 59% 的指導，我只是想了解那種會導致全年毛利率下降的看跌期權。

And explicitly, how much of this is kind of you guys baking in some increased competition?

明確地說，你們有多少是在競爭加劇的情況下烘焙的？

Or how much of this is a pull forward of 7-nanometer?

或者這有多少是 7 納米的進步？

Because 59% is pretty close to what you talked about at the Analyst Day, kind of flattish year-on-year, but it is slightly lower, and you were pretty explicit about gross margins going down in calendar year '21.

因為 59% 與您在分析師日討論的非常接近，同比持平，但略低，而且您對 21 日曆年的毛利率下降非常明確。

I'm just kind of curious as to whether or not we're getting a pull forward of the 7 here?

我只是有點好奇我們是否在這裡獲得了 7 的領先優勢？

Or what are the puts and takes as you think about gross margin throughout the year?

或者你認為全年毛利率的看跌期權是多少？

Yes.

是的。

So as we -- let me just start with the full year because I think that'll be helpful.

所以我們——讓我從全年開始，因為我認為這會有所幫助。

At the highest level, what you're really seeing is the -- an impact of -- largely related to 10-nanometer costs that are coming into the system during this year and increasing as we go into the second half for all the reasons that Bob laid out.

在最高級別上，您真正看到的是 - 影響 - 很大程度上與今年進入系統的 10 納米成本有關，並且隨著我們進入下半年而增加，原因有以下幾點：鮑勃擺好姿勢。

We're actually getting some help that is moderating the impact of that from improving NAND pricing year-over-year.

我們實際上得到了一些幫助，這些幫助緩和了 NAND 定價逐年提高帶來的影響。

That's actually going to help us on gross margin and lower modem mix in -- particularly in the second half of the year but in the year overall.

這實際上將有助於我們的毛利率和較低的調製解調器組合 - 特別是在今年下半年，但在整個一年中。

So those are the big drivers of modems, and that nets out to about a 1% reduction.

所以這些是調製解調器的主要驅動力，淨減少約 1%。

And in Q1, what you're really seeing is lower modem and lower variable comp being the reason that we're moving up a point, say, from Q4.

在第一季度，你真正看到的是較低的調製解調器和較低的可變補償，這是我們從第四季度開始上升一個點的原因。

And so nothing unusual other than, normally, you would have expected to see a much bigger drop in Q1 gross margin because of the mix of products as it's the, obviously, the seasonally down quarter for many of our businesses.

所以沒有什麼不尋常的，除了通常情況下，由於產品組合的原因，你會預計第一季度毛利率會出現更大的下降，因為它顯然是我們許多業務的季節性下降季度。

George, the only thing that I would add is we do -- inherent in our guide is our expectations for lower ASPs.

喬治，我唯一要補充的是我們做的——我們指南中固有的就是我們對較低 ASP 的期望。

And it's a function of 2 things: one that George mentioned, which is we will eliminate the supply constraints and begin to get more volume on small core, which, as you know, has lower ASPs; and secondly, we're anticipating a more competitive environment in the -- as we go through the course of the year.

這是兩件事的作用：喬治提到的一件事，即我們將消除供應限制並開始在小型核心上獲得更多數量，如您所知，小型核心的平均售價較低；其次，我們預計今年會有一個更具競爭力的環境。

So to kind of bring it back, we're ramping 10.

所以為了把它帶回來，我們正在增加 10 個。

It's great.

這很棒。

And we're ramping 10 in the second half of the year.

我們將在今年下半年增加 10 個。

And in parallel with that, we are investing in 7 in 2020 and in 2021.

與此同時，我們將在 2020 年和 2021 年投資 7 項。

And those are the things that we flagged back in May at the Analyst Day.

這些是我們在 5 月分析師日標記的內容。

And I'd say the one thing that's really changed since then is that our yields on 10 are just a little bit better, and they're a contributor to slightly better gross margin in the second half of '19, and we expect that to be -- continue to be a contributor next -- this year, I should say.

我想說的是，從那時起真正改變的一件事是，我們在 10 年的收益率稍微好一點，它們是 19 年下半年毛利率略有提高的一個貢獻者，我們預計這會成為——接下來繼續成為貢獻者——今年，我應該說。

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。

On the full year guide for data-centric, up high single digits.

在以數據為中心的全年指南中，高個位數。

I appreciate the first half, second half profile on DCG.

我很欣賞 DCG 的前半部分和後半部分。

But how are you guys thinking about growth of DCG within that framework for the full year?

但是你們如何看待 DCG 在該框架內全年的增長？

Is it in line with the sort of high single-digits growth for data-centric?

它是否符合以數據為中心的高個位數增長？

And then within that framework, how do you see the growth trends in other DCG segments, i.e., enterprise and comms service provider?

然後在這個框架內，您如何看待其他 DCG 細分市場（即企業和通信服務提供商）的增長趨勢？

Yes.

是的。

So the way we would look at DCG, I would say the growth rate will be modestly lower than the overall growth rate.

所以我們看待 DCG 的方式，我會說增長率將略低於整體增長率。

You've got some very high growers contributing to pulling that up a little bit.

你有一些非常高的種植者有助於將其拉高一點。

So a little below the average but still attractive growth in the year.

因此，這一年的增長略低於平均水平，但仍具有吸引力。

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 wanted to ask a bit about the capacity additions.

我想問一些關於容量增加的問題。

So I kind of get this, adding 25% wafer capacity to support your own volumes, going up high single digits in a market that you think is down.

所以我有點明白這一點，增加 25% 的晶圓產能來支持你自己的產量，在你認為下降的市場中增長高個位數。

Does that imply that you're actually going to be over shipping the market this year as you sort of rebuild those channel inventories?

這是否意味著在您重建這些渠道庫存時，您今年實際上將過度出貨市場？

No, Stacy.

不，斯泰西。

And what does that imply if I'm going forward into 2021 where the PC market itself may still be in decline, and you'll be -- you'll have higher capacity and ideally like die shrink at that point?

如果我要進入 2021 年，PC 市場本身可能仍在下滑，這意味著什麼，而您將擁有更高的容量，並且理想情況下，屆時會像芯片縮小一樣？

Like how do we think about that?

比如我們是怎麼想的？

Yes.

是的。

No, I hear your point.

不，我聽到你的意思了。

One of the things that we mentioned is we are going to be producing in order to build inventory levels back up in the year.

我們提到的一件事是我們將生產以在今年建立庫存水平。

And so in the second half of the year, we would expect to be able to bring both our server products and most importantly, our PC products back to a more normalized inventory level.

因此，在下半年，我們希望能夠將我們的服務器產品，最重要的是，我們的 PC 產品恢復到更加正常的庫存水平。

So we are -- being up in the high single digits is meant to allow us to not only satisfy our customers but also rebuild the inventory.

所以我們 - 保持高個位數意味著我們不僅可以滿足我們的客戶，還可以重建庫存。

So your math is correct.

所以你的數學是正確的。

Right.

正確的。

So that's your own inventory?

那是你自己的庫存嗎？

Or inventory in the channel?

還是渠道中的庫存？

Are you going to be selling that to the customers or keeping it on your books?

您是將其出售給客戶還是保留在您的賬簿上？

It'll be our own inventories.

這將是我們自己的庫存。

And then we'll have to see -- if you look at the -- some of the channel information, you might see customers trying to build some inventory as well.

然後我們必須看到 - 如果你查看 - 一些渠道信息，你可能會看到客戶也試圖建立一些庫存。

But when we're talking about building inventories, it's our inventory levels.

但是當我們談論建立庫存時，這是我們的庫存水平。

I'd also say the channel inventories exiting the year for PC, I'd say, are relatively low.

我還要說，今年 PC 的渠道庫存相對較低。

And that's on us.

這取決於我們。

So I do expect, during the course of the year, we will build our inventory levels to more deal with spikes in demand.

因此，我確實預計，在這一年中，我們將建立我們的庫存水平，以更多地應對需求高峰。

But at the same time, we expect the channel to be at more healthy levels as we exit 2020 and enter 2021.

但與此同時，我們預計隨著我們退出 2020 年並進入 2021 年，該渠道將處於更健康的水平。

And then just the one other thing I'd mention is as we think about the business overall and kind of the demand signals, we continue to make really good progress on the comms sector, particularly with the growth in the network and the role that we play in the transition to 5G, and we characterize as the intelligent edge.

然後我要提到的另一件事是，當我們考慮整體業務和需求信號類型時，我們繼續在通信領域取得非常好的進展，特別是隨著網絡的增長和我們所扮演的角色在向 5G 的過渡中發揮作用，我們將其描述為智能邊緣。

We've delivered double-digit growth with IoT for the last several years.

在過去的幾年裡，我們通過物聯網實現了兩位數的增長。

And network and IoT are bigger and bigger parts of our business that we think we're very well positioned.

網絡和物聯網是我們業務中越來越大的部分，我們認為我們處於非常有利的位置。

So when you think about PC volume up or down over time, we got this bigger growing aspect of our business that places demand on our manufacturing footprint.

因此，當您考慮 PC 產量隨著時間的推移而增加或減少時，我們會發現我們業務的這一更大的增長方面對我們的製造足跡提出了要求。

So that's the only other thing that I would add, Stacy.

所以這是我唯一要補充的，Stacy。

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 guess going back to the PC constraints that you're seeing.

我想回到您所看到的 PC 限制。

So you'd like to build your inventory back up in, I think, you said earlier in the year, but it seems like we're just a few weeks from you going out to customers and telling them that you would be short.

所以你想建立你的庫存備份，我想，你在今年早些時候說過，但看起來我們只有幾週的時間才能找到客戶並告訴他們你會短缺。

So at what point can they start to add inventory?

那麼他們什麼時候可以開始添加庫存呢？

Are you forecasting that would happen in the second half, in the first half?

您是否預測下半年或上半年會發生這種情況？

And then do you feel like when those constraints are eased that you'll be able to take back unit share on the client side?

然後，您是否覺得當這些限制得到緩解時，您將能夠在客戶端收回單位份額？

Yes.

是的。

I think, first, it was middle of November, I should say, that we went out, and we want to be able to provide as much advance notice to our customer base as possible if supply is going to constrain their ability to grow to give them time to deal with it.

我認為，首先，我應該說，是 11 月中旬，我們出去了，我們希望能夠盡可能多地提前通知我們的客戶群，如果供應會限制他們增長的能力他們是時候處理它了。

And in November, with strong data center growth, PC demand continuing to grow and a factory excursion, combination of those things, we felt it was very important to get out to our customers as soon as possible.

11 月，隨著數據中心的強勁增長、PC 需求的持續增長以及工廠的擴建，這些因素的結合，我們認為盡快與我們的客戶聯繫非常重要。

I think as we close the year, one of the favorable things was we got more output from our factories.

我認為當我們結束這一年時，有利的事情之一是我們從工廠獲得了更多的產量。

And because of the capacity we put in place in '18, '19 and going into '20, we're really beginning to build back the capacity to meet the demand.

由於我們在 18 年、19 年和 20 年建立的能力，我們真的開始重建滿足需求的能力。

So our expectations are we'll have sufficient supply in the first quarter, or I should say, sufficient supply throughout the year.

所以我們的預期是我們將在第一季度有足夠的供應，或者我應該說，全年供應充足。

I think our challenge is really going to be on 2 things, particularly in Q2 with PCs, and that is linearity, not just the supply in the quarter, but week on week supply as our customers are hoping for.

我認為我們的挑戰實際上將在於兩件事，尤其是在第二季度的 PC 方面，那就是線性，不僅僅是本季度的供應，而是我們客戶所希望的每週供應。

And then second, particular SKUs or product mix, making sure that we have the right product mix.

其次，特定的 SKU 或產品組合，確保我們擁有正確的產品組合。

So we'll have enough capacity.

所以我們會有足夠的容量。

I think Q2 will be a little challenging as we try to deal with product mix and linearity.

我認為第二季度會有點挑戰，因為我們試圖處理產品組合和線性問題。

But overall, we really plan to be out of the supply-constrained environment in 2020.

但總的來說，我們確實計劃在 2020 年擺脫供應受限的環境。

Okay.

好的。

And then are the shortages anywhere other than client?

那麼除了客戶之外還有其他地方的短缺嗎？

Is it entirely client?

完全是客戶端嗎？

Are there any -- anything in server or any other products?

服務器或任何其他產品中是否有任何東西？

No.

不。

We're in pretty good shape on server.

我們在服務器上的狀態非常好。

And I think that going with 19% growth in fourth quarter depleted our inventory level.

我認為第四季度增長 19% 耗盡了我們的庫存水平。

So we're not -- you have that kind of spike in demand.

所以我們不是 - 你有那種需求激增。

We're not perfect across all products or all SKUs.

我們並非在所有產品或所有 SKU 上都完美無缺。

But server CPUs, we really prioritize that and try to put ourselves in a position where we're not constrained, and we're in pretty good shape.

但是服務器 CPU，我們真的優先考慮這一點，並嘗試將自己置於不受限制的位置，並且我們的狀態非常好。

Pretty great shape, macro, micro, a few challenges here and there, but server CPU supply is pretty good.

非常棒的形狀，宏觀，微觀，這里和那裡都有一些挑戰，但服務器 CPU 供應非常好。

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

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

On CapEx, specifically, $17 billion, you mentioned some of the parts there, but how do we divide that between kind of 7 and 5 versus what you're doing with 10?

關於資本支出，特別是 170 億美元，您提到了其中的一些部分，但是我們如何將其劃分為 7 和 5 種與您使用 10 種所做的？

And I don't know if you're still adding some 14 even.

而且我不知道你是否還在添加一些 14。

And as we think about CapEx moving forward and capacity here, how do you guys feel about outsourcing non-CPU products like, for example, PSG, could you outsource that to foundries, how are you thinking about CapEx going forward?

當我們考慮到資本支出和這裡的產能時，你們如何看待外包非 CPU 產品，例如 PSG，你們能否將其外包給代工廠，你們如何看待未來的資本支出？

Sure.

當然。

Why don't -- maybe I'll take CapEx, and Bob, you can cover the outsourcing piece.

為什麼不——也許我會接受資本支出，而鮑勃，你可以涵蓋外包部分。

The -- so on CapEx, we're -- part of the reason we're at -- expecting $17 billion this year is we're building more space, some of the longer lead time items.

- 所以在資本支出方面，我們 - 部分原因是我們預計今年將達到 170 億美元，因為我們正在建設更多的空間，一些交貨時間更長的項目。

One of the things that's really impacted us in terms of closing the gap on customer demand and our ability to support it has been not enough space available to fill with equipment, which you can do in a much shorter time frame if you already have a space in place.

在縮小客戶需求差距和我們支持它的能力方面，真正影響我們的一件事是沒有足夠的空間來裝滿設備，如果你已經有空間，你可以在更短的時間內完成到位。

So we said over half is going to be for space.

所以我們說超過一半將用於空間。

And then for 7- and 5-nanometer equipment, as you know, we've got all 3 nodes right on top of each other.

然後對於 7 納米和 5 納米設備，如您所知，我們將所有 3 個節點都放在彼此的頂部。

And so we're going to be perhaps a little less capital efficient when you combine that with the fact that we are trying to close the gap on meeting our customers' requirements.

因此，當您將其與我們試圖縮小滿足客戶要求的差距這一事實結合起來時，我們的資本效率可能會有所降低。

And I think all of those things add to the $17 billion.

我認為所有這些都增加了 170 億美元。

But we also -- we're building for the future to make sure we have the kind of capacity, shelf space in place where we can quickly add capacity to meet demand, if necessary.

但我們也 - 我們正在為未來建設，以確保我們擁有合適的容量和貨架空間，我們可以在必要時快速增加容量以滿足需求。

Yes.

是的。

And just on the -- the one other thing is maybe with the exception of litho, the reuse from 1 node to the next is still relatively high.

就在——另一件事可能是除了光刻之外，從一個節點到下一個節點的重用率仍然相對較高。

So what we put in place for a 10 or a 7, for the most part, we can continue to reuse those tools for next generation.

因此，我們為 10 或 7 設置的大部分內容，我們可以繼續為下一代重複使用這些工具。

On the second part of your question, we've historically leveraged third-party foundries for a long time.

關於您問題的第二部分，我們長期以來一直利用第三方代工廠。

And it's always been in the probably 20% to 25% of our overall supply we get from third-party foundries.

它一直在我們從第三方代工廠獲得的總供應量的大約 20% 到 25% 中。

And we continue to look at -- particularly in the non-IA, non-CPU products, we continue to evaluate where is -- in a capital-intense business, where is the best place to have these things manufactured.

我們繼續關注——尤其是在非 IA、非 CPU 產品中，我們繼續評估在哪裡——在資本密集型業務中，哪裡是製造這些東西的最佳地點。

That's an ongoing process.

這是一個持續的過程。

And I would say, all else equal, the broader -- the breadth of our portfolio as we play a larger and larger role in our customers' success, we build more products.

我想說，在其他條件相同的情況下，我們產品組合的廣度越廣，因為我們在客戶的成功中發揮著越來越大的作用，我們製造了更多的產品。

And with that, the evaluation of what we do inside and what we do outside is a full-time effort at our end.

這樣一來，對我們在內部所做的事情和我們在外部所做的事情的評估是我們最終的全職工作。

So we'll continue to do it.

所以我們會繼續做。

We'll continue to prioritize where we can get the best, most efficient output and make those decisions over time.

我們將繼續優先考慮我們可以獲得最佳、最有效輸出的地方，並隨著時間的推移做出這些決定。

Jonathan, I think we have time for one more question, and then we'll turn the call back over to Bob to wrap things up.

喬納森，我想我們還有時間再問一個問題，然後我們會將電話轉回給鮑勃以結束一切。

Our final question then for the day comes from the line of Timothy Arcuri from UBS.

我們今天的最後一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

George, I wanted to go back to gross margin.

喬治，我想回到毛利率。

I think last quarter, we were talking about 60% for this year, and we're now 59% for the year on a little bit better revenue.

我認為上個季度，我們談論的是今年的 60%，現在我們今年的收入為 59%，收入略有提高。

And yes, it's only 100 basis points less.

是的，它只減少了 100 個基點。

But obviously, people are concerned about the competitive environment.

但顯然，人們關心的是競爭環境。

So can you just talk specifically to what changed?

那麼你能具體談談發生了什麼變化嗎？

And maybe as you exit the year, it looks like that number has to be in the 57%, 57.5% range, which is about where you said next year would be, 2021.

也許當你結束這一年時，看起來這個數字必須在 57%、57.5% 的範圍內，這大約是你所說的明年，2021 年的水平。

So is that still the right number for next year, too?

那麼這仍然是明年的正確數字嗎？

Yes.

是的。

Tim, let me just kind of correct the history just a little bit.

蒂姆，讓我稍微糾正一下歷史。

What we said over the last couple of quarters was, when the question was, hey, when we look at 58%, which is what we quoted for Q4, does that mean -- is that the number that we should be expecting for 2020 and also with the 57% on the table for '21, is that where we are?

我們在過去幾個季度中所說的是，當問題是，嘿，當我們看到 58% 時，這是我們在第四季度引用的，這是否意味著 - 是我們應該期待的 2020 年和還有 21 年的 57%，那是我們現在的位置嗎？

And I said we will be closer to 60% than we will be to either of those numbers.

我說我們將比這兩個數字更接近 60%。

And so 59% is very much in line with what we believe we were guiding.

所以 59% 非常符合我們認為的指導方針。

So I don't really feel like we're down a point.

所以我真的不覺得我們落後了。

But clearly, there -- the factors that we talked about, everything from product mix to 10-nanometer mix, those are all things that are having an effect, particularly as the year plays out, and also the shape of the year.

但很明顯，我們談到的因素，從產品組合到 10 納米組合，所有這些都在產生影響，特別是隨著年份的結束，以及年份的形狀。

Bob talked about some of the things where we're -- we'll be in -- the mix in the first half is going to be much richer than we would normally have seen, and we may see a little less rich mix in the second half.

鮑勃談到了我們所處的一些事情——我們將進入——上半年的組合將比我們通常看到的要豐富得多，我們可能會看到在下半場。

So I think really nothing more than those type of movements, which are very much in line with what we were thinking we would see this year.

所以我認為真的只是那些類型的運動，這非常符合我們今年的想法。

Maybe -- Trey, maybe just to wrap.

也許——特雷，也許只是為了總結。

First, thanks for joining us.

首先，感謝您加入我們。

We feel great about how we wrapped up the year, our best quarter in the company's history, 2019, the best year in our company's history, and our outlook for 2020 is it'll -- is we'll do it again.

我們對我們如何結束這一年、公司歷史上最好的一個季度、2019 年、我們公司歷史上最好的一年以及我們對 2020 年的展望感到非常滿意，我們會再做一次。

We expect it to be another record year.

我們預計這將是另一個創紀錄的一年。

And our ambitions have just never been greater.

我們的雄心從未如此宏大。

As you know, we're going after a larger TAM.

如您所知，我們正在追求更大的 TAM。

We're expanding the role that we play in our customers' success.

我們正在擴大我們在客戶成功中所扮演的角色。

We're leveraging our CPU architecture but also evolving beyond the CPU to GPUs and visual processing units as workloads continue to evolve.

隨著工作負載的不斷發展，我們正在利用我們的 CPU 架構，但也從 CPU 發展到 GPU 和視覺處理單元。

And given the overall dynamics of the industry, we feel very good about where we stand and we realize it's an increasingly competitive world, and we feel like we're well positioned to deal with it.

鑑於行業的整體動態，我們對自己所處的位置感覺非常好，我們意識到這是一個競爭日益激烈的世界，我們覺得我們已經準備好應對它。

So thanks again for joining us.

所以再次感謝您加入我們。

Our focus is on obsessing about how we serve our customers best.

我們的重點是癡迷於我們如何最好地為客戶服務。

And if we -- and we expect to do that better and better, and that'll be what really drives the growth of the company.

如果我們 - 我們希望做得越來越好，那將是真正推動公司發展的因素。

So thanks, and we look forward to another deposit 90 days from now.

非常感謝，我們期待 90 天后的另一筆存款。

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

謝謝，鮑勃和喬治，感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。