英特爾 (INTC) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2021 Intel Corp. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加英特爾公司 2021 年第四季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to your speaker for today, Tony Balow, Vice President, Investor Relations. You may begin.

我現在想將會議轉交給您今天的演講者，投資者關係副總裁 Tony Balow。你可以開始了。

Thank you, operator.

謝謝你，接線員。

Welcome to Intel's fourth quarter earnings conference call. By now, you should have received a copy of our earnings release and the earnings presentation. If you have not received both documents, they are available on our investor website, intc.com. The earnings presentation is also available in the webcast window for those joining us online. I'm joined today by our CEO, Pat Gelsinger; and our new CFO, Dave Zinsner. Also joining us is our prior CFO, George Davis. In a moment, we'll have brief remarks from Pat and Dave followed by Q&A.

歡迎參加英特爾第四季度財報電話會議。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。如果您沒有收到這兩份文件，可以在我們的投資者網站 intc.com 上找到它們。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。今天，我們的首席執行官 Pat Gelsinger 加入了我的行列；和我們的新首席財務官戴夫·辛斯納（Dave Zinsner）。加入我們的還有我們的前任首席財務官 George Davis。稍後，我們將聽取 Pat 和 Dave 的簡短評論，然後進行問答。

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

在開始之前，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，因此它確實包含風險和不確定性。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. Today, we will be speaking to the non-GAAP financial measures when describing our consolidated results. The earnings presentation and earnings release available on intc.com include both the full GAAP and non-GAAP reconciliations.

簡要提醒一下，本季度我們提供了 GAAP 和非 GAAP 財務指標。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。 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。

In today's call, we will be discussing both the Q4 2021 and the full year 2021 results, providing forward-looking guidance for Q1 '22. We will be providing guidance for full year '22 at our Investor Day on February 17.

在今天的電話會議中，我們將討論 2021 年第四季度和 2021 年全年業績，為 22 年第一季度提供前瞻性指導。我們將在 2 月 17 日的投資者日為 22 年全年提供指導。

With that, let me hand it over to Pat.

有了這個，讓我把它交給帕特。

Thank you, Tony, and good afternoon, everyone.

謝謝你，托尼，大家下午好。

First, let me say welcome to Dave, who is joining us for his first earnings call. Many of you know Dave well and know his track record of successfully driving shareholder value. We're very excited to have him join our team. I also want to take a moment to thank George for his many contributions during the critical period in the company's transformation. Everyone here at Intel wishes him all the best in his future endeavors as he begins his planned retirement in May.

首先，讓我對戴夫表示歡迎，他將加入我們的第一次財報電話會議。你們中的許多人都非常了解戴夫，並且知道他成功推動股東價值的往績。我們很高興他能加入我們的團隊。我還要花一點時間感謝喬治在公司轉型的關鍵時期做出的許多貢獻。英特爾的每個人都祝愿他在未來的工作中一切順利，因為他將於 5 月開始計劃退休。

Q4 was a tremendous finish to a transformational year where we beat expectations on both the top and bottom line. We exceeded our guidance for the quarter by over $1 billion on the top line, finishing with our best quarter and our best full year revenue ever. We had a record quarter for DCG, where we grew 20% year-on-year and where we continue to be the partner of choice for cloud and data center customers. We expect that our Xeon shipments in December alone exceeded the total server CPU shipments by any single competitor for all of 2021.

第四季度是轉型年的一個巨大結束，我們在頂線和底線上都超出了預期。我們的收入超出了本季度的指導超過 10 億美元，以我們最好的季度和有史以來最好的全年收入結束。我們在 DCG 創下了創紀錄的季度，同比增長 20%，並且我們繼續成為雲和數據中心客戶的首選合作夥伴。我們預計，僅 12 月份我們的 Xeon 出貨量就超過了 2021 年全年任何單一競爭對手的服務器 CPU 總出貨量。

We had a record year for our client business. And in Q4, we outperformed our plan and delivered another $10 billion quarter, highlighting again that the PC is more essential than ever. Continuing our momentum as the market leader in ADAS and AV solutions, Mobileye grew more than 40% year-on-year in 2021, delivering a 14th consecutive year of revenue growth. And finally, IOTG had another $1 billion quarter to cap a record year as the need for compute at the edge continues to grow.

我們的客戶業務創歷史新高。在第四季度，我們超出了我們的計劃，又交付了 100 億美元的季度業績，再次強調 PC 比以往任何時候都更加重要。延續我們作為 ADAS 和 AV 解決方案市場領導者的勢頭，Mobileye 在 2021 年同比增長超過 40%，連續第 14 年實現收入增長。最後，隨著邊緣計算需求的持續增長，IOTG 又一個 10 億美元的季度為創紀錄的一年劃上句號。

Supporting these record results, our manufacturing network continued its superb execution throughout the year. As an IDM, we were able to rapidly adjust to support customers' mix changes, often with a normal lead time, and manufactured more than 2 million wafers. We broke ground on 2 new fabs in Arizona 3 months ahead of schedule as part of the largest overall manufacturing expansion in Intel's history and all while managing a challenging COVID environment and focusing on the safety of our employees, suppliers and partners.

為支持這些創紀錄的業績，我們的製造網絡在全年繼續保持出色的執行力。作為 IDM，我們能夠快速調整以支持客戶的組合變化，通常具有正常的交貨時間，並且製造了超過 200 萬片晶圓。作為英特爾歷史上最大的整體製造擴張的一部分，我們提前 3 個月在亞利桑那州的 2 座新晶圓廠破土動工，同時管理具有挑戰性的 COVID 環境並專注於員工、供應商和合作夥伴的安全。

We also took several in a series of key steps to shape our business. To begin with, we've recently completed the first close of the sale of our NAND business on time, a critical step in optimizing our portfolio in line with our new strategy. Second, we began unfolding our plan to find innovative ways to sustainably unlock shareholder value with the announcement of our intent to take Mobileye public in 2022. Third, just last week, we announced our new manufacturing site in Ohio, which will support our future growth and advances our plan to create a more geographically balanced, resilient supply chain. While there is a lot left to do, we're building momentum, and we intend to continue our laser focus on execution, innovation and growing the business.

我們還採取了一系列關鍵步驟來塑造我們的業務。首先，我們最近按時完成了 NAND 業務的首次銷售，這是根據我們的新戰略優化我們的產品組合的關鍵一步。其次，我們宣布計劃在 2022 年將 Mobileye 上市，開始展開我們的計劃，以尋找可持續釋放股東價值的創新方法。第三，就在上週，我們宣佈在俄亥俄州建立新的生產基地，這將支持我們未來的增長並推進我們的計劃，以創建一個地理上更平衡、更有彈性的供應鏈。雖然還有很多工作要做，但我們正在建立勢頭，我們打算繼續專注於執行、創新和發展業務。

Finally, Q4 was a sacred moment for the entire technology industry as we led the 50th anniversary celebration of the Intel 4004, the chip that changed the world. Microprocessor technology sparked by the Intel 4004 allows us to stay connected during the pandemic. It has opened up new ways to work and learn. It has removed geographical boundaries and changed almost every aspect of our lives. We are committed to accelerate this impact for the next 50 years as the insatiable need for compute that started with the 4004 continues to drive the value of Moore's Law. At IDM, we outlined a long-term path toward more than 10x density improvement in packaging and a 30% to 50% area improvement in transistor scaling. As the steward of Moore's Law, we remain committed to keeping it alive for the next decade and beyond.

最後，第四季度對整個科技行業來說是一個神聖的時刻，因為我們領導了改變世界的芯片英特爾 4004 的 50 週年慶典。英特爾 4004 引發的微處理器技術使我們能夠在大流行期間保持聯繫。它開闢了新的工作和學習方式。它消除了地理界限，幾乎改變了我們生活的方方面面。我們致力於在未來 50 年加速這種影響，因為從 4004 開始的對計算的永不滿足的需求繼續推動摩爾定律的價值。在 IDM，我們勾勒了一條將封裝密度提高 10 倍以上和晶體管縮放面積提高 30% 到 50% 的長期路徑。作為摩爾定律的管家，我們將繼續致力於在未來十年及更長時間內保持它的活力。

Looking across the industry, 2021 was dominated by 2 recurring themes, unprecedented demand and ecosystem supply constraints. The strong demand we saw throughout 2021 continued in Q4, and markets remained robust across all our businesses. We expect this trend to continue as the digitization of everything, driven by the 4 superpowers of AI, pervasive connectivity, ubiquitous compute and cloud-to-edge infrastructure leads to an era of sustainable growth.

縱觀整個行業，2021 年由兩個反復出現的主題、前所未有的需求和生態系統供應限制主導。我們在整個 2021 年看到的強勁需求在第四季度繼續存在，我們所有業務的市場都保持強勁。我們預計這一趨勢將繼續下去，因為在人工智能四大超級大國的推動下，無處不在的連接、無處不在的計算和雲到邊緣的基礎設施將引領一個可持續增長的時代。

2021 marked the best year in a decade for the PC industry, with third parties reporting a growth rate of approximately 15%, driven by higher PC density, shorter replacement cycles and increased market penetration. In Q4, we also saw the strong recovery in the channel as increased supply led to a record sell-through for Intel, and we started to see inventories return to prepandemic levels. The data center market was strong across all geographies in Q4, led by the enterprise where the market continued to recover from COVID lows. We expect the data center, network and edge markets to continue to have robust growth as hyperscalers lay out multiyear cloud CapEx investment plans.

2021 年是 PC 行業十年來最好的一年，第三方報告稱其增長率約為 15%，這得益於更高的 PC 密度、更短的更換週期和市場滲透率的提高。在第四季度，我們還看到了渠道的強勁復甦，因為供應增加導致英特爾的銷售量創紀錄，我們開始看到庫存恢復到大流行前的水平。第四季度，所有地區的數據中心市場都表現強勁，由市場繼續從 COVID 低點復甦的企業引領。隨著超大規模企業製定多年雲資本支出投資計劃，我們預計數據中心、網絡和邊緣市場將繼續強勁增長。

The ongoing need for data privacy and security drives additional edge and on-prem deployments. 5G network and edge build-outs are scaling and workloads like AI continue to expand. This unprecedented demand continues to be tempered by supply chain constraints as shortages in substrates, components and foundry silicon has limited our customers' ability to ship finished systems. Across the industry, this was most acutely felt in the client market, particularly in notebooks, but constraints have widely impacted other markets, including automotive, the Internet of Things and the data center.

對數據隱私和安全性的持續需求推動了額外的邊緣和本地部署。 5G 網絡和邊緣擴展正在擴展，人工智能等工作負載繼續擴展。這種前所未有的需求繼續受到供應鏈限制的影響，因為基板、組件和代工矽的短缺限制了我們客戶運送成品系統的能力。在整個行業中，客戶市場尤其是筆記本電腦市場對此感受最為強烈，但限制因素也廣泛影響了其他市場，包括汽車、物聯網和數據中心。

As we predicted, these ecosystem constraints are expected to persist through 2022 and into 2023, with incremental improvements over this period. The industry will continue to see challenges in a variety of areas, including specialty and overall foundry shortages, substrates as well as third-party silicon. While constraints will remain, our IDM 2.0 strategy affords us a superior position to navigate this environment. With control over our manufacturing network and supply chain, we are able to react to rapid changes in demand that help solve challenges for our customers, suppliers and partners. Equally important as an IDM, we remain more resilient to foundry price increases as only a minority of our volume is produced by third parties.

正如我們預測的那樣，這些生態系統限制預計將持續到 2022 年到 2023 年，並在此期間逐步改善。該行業將繼續在各個領域面臨挑戰，包括專業和整體代工短缺、基板以及第三方矽。雖然限制仍然存在，但我們的 IDM 2.0 戰略為我們提供了在這種環境中駕馭的優勢。通過控制我們的製造網絡和供應鏈，我們能夠對需求的快速變化做出反應，幫助我們的客戶、供應商和合作夥伴解決挑戰。與 IDM 同樣重要的是，我們對代工價格上漲仍然更有彈性，因為我們只有一小部分是由第三方生產的。

Turning from the ecosystem to Intel. We made incredible progress over the last year improving our execution in technology development, manufacturing and product leadership. With unprecedented transparency, we laid out an ambitious path to deliver 5 process nodes in 4 years and regain process performance parity by 2024 and unquestioned leadership by 2025. We are shipping Intel 7 in volume today. And as I was able to say last quarter and can reaffirm today, we remain on or ahead of schedule for Intel 4, 3, 20A and 18A against the time lines we laid out in July.

從生態系統轉向英特爾。去年，我們在提高技術開發、製造和產品領導力方面的執行力方面取得了令人難以置信的進步。憑藉前所未有的透明度，我們制定了一條雄心勃勃的道路，即在 4 年內交付 5 個工藝節點，到 2024 年重新獲得工藝性能平價，到 2025 年重新獲得無可爭議的領先地位。我們今天正在批量交付英特爾 7。正如我在上個季度所說的並且今天可以重申的那樣，我們在英特爾 4、3、20A 和 18A 的計劃上保持或領先於我們在 7 月制定的時間表。

Our manufacturing execution continued to improve. And in Q4, as we ship a record number of servers and we have more than a 30% year-on-year reduction in 10-nanometer wafer costs, we had record quarterly increase in our substrate capacity with our vendors, and we accelerated our pace of innovation with a record number of PDK releases and new product introductions in our factories.

我們的製造執行持續改進。在第四季度，隨著我們出貨的服務器數量創歷史新高，並且我們的 10 納米晶圓成本同比下降 30% 以上，我們與供應商的基板產能實現了創紀錄的季度增長，我們加快了我們的PDK 版本和新產品在我們的工廠推出的數量創下歷史新高。

Finally, as part of our strategy to use both internal and external manufacturing, we signed multiple long-term supply agreements ranging from foundry partners to substrates to equipment suppliers that will support the growth of our business for years to come. In particular, we announced the deepening of our ASML partnership and our leadership position with the second generation of EUV High-NA.

最後，作為我們使用內部和外部製造戰略的一部分，我們簽署了多項長期供應協議，從代工合作夥伴到基板再到設備供應商，這將支持我們未來幾年的業務增長。特別是，我們宣布深化我們的 ASML 合作夥伴關係以及我們與第二代 EUV High-NA 的領導地位。

In client, we had another $10 billion quarter, and 2021 was our sixth straight year of revenue growth. We feel great about our position within the sustainably larger client market, and we had an all-time record shipments with customers like Dell. We have a great product lineup starting with Tiger Lake, which has now shipped over 100 million units, making it the fastest-ramping notebook in our history. We are extending our leadership position further with products like our 12th generation Alder Lake, the fastest client processor ever, which is now shipping to over 140 customers in 30 countries around the world. As our first performance hybrid product, it features the highest-performance CPU core Intel has ever built as well as the efficient cores optimized for power. It leads the industry transition on DDR5 and PCIe 5 to enhance gaming and creator experiences.

在客戶方面，我們還有一個 100 億美元的季度，而 2021 年是我們連續第六年收入增長。我們對我們在可持續發展的更大客戶市場中的地位感到非常滿意，我們與戴爾等客戶的出貨量創下歷史新高。我們擁有從 Tiger Lake 開始的出色產品陣容，現已出貨超過 1 億台，使其成為我們歷史上增長最快的筆記本電腦。我們正在通過我們的第 12 代 Alder Lake 等產品進一步擴大我們的領導地位，這是有史以來最快的客戶端處理器，目前已向全球 30 個國家的 140 多家客戶發貨。作為我們的第一款性能混合產品，它具有英特爾有史以來性能最高的 CPU 內核以及針對功率優化的高效內核。它在 DDR5 和 PCIe 5 上引領行業轉型，以增強遊戲和創作者體驗。

The Alder Lake family will scale across every PC segment from ultra thin and light laptops to enthusiast desktops, where we've now set new overclocking records to mobile gaming, where the Core i9-12900HK, the world's best mobile gaming processor, is up to 40% faster than the prior generation. Following on the success of Alder Lake, we will continue to build momentum later this year when we expect to introduce Raptor Lake, which is already booted in our labs.

Alder Lake 系列將擴展到從超輕薄筆記本電腦到發燒友台式機的每個 PC 細分市場，我們現在已經在移動遊戲領域創造了新的超頻記錄，其中 Core i9-12900HK，世界上最好的移動遊戲處理器，高達比上一代快 40%。繼 Alder Lake 的成功之後，我們將在今年晚些時候繼續建立勢頭，屆時我們將推出 Raptor Lake，它已經在我們的實驗室中啟動。

In addition to leadership products, we are also driving platform innovations. And at CES, we unveiled our third-gen Evo platform. This new generation includes features like intelligent collaboration to optimize remote work and learning experiences as well as Thunderbolt 4 and WiFi 6E. With no legacy WiFi interference, WiFi 6E will enable incredible performance with low latency, the biggest WiFi advancement in 20 years. We are further reinvigorating the PC ecosystem with technologies like Screenovate, which provides a seamless multi-device and screen-sharing experience, which will begin rolling out on select Intel Evo platforms starting later this year. Driven by the strong product and platform lineup, we feel confident in our ability to compete and drive growth going forward.

除了領先的產品，我們還在推動平台創新。在 CES 上，我們推出了第三代 Evo 平台。新一代包括智能協作等功能，以優化遠程工作和學習體驗，以及 Thunderbolt 4 和 WiFi 6E。由於沒有傳統 WiFi 干擾，WiFi 6E 將以低延遲實現令人難以置信的性能，這是 20 年來 WiFi 的最大進步。我們正在通過 Screenovate 等技術進一步重振 PC 生態系統，該技術提供無縫的多設備和屏幕共享體驗，將於今年晚些時候開始在特定的英特爾 Evo 平台上推出。在強大的產品和平台陣容的推動下，我們對未來的競爭和推動增長的能力充滿信心。

Our Data Center Group had its best quarter ever as customers continued rebuilding their confidence in choosing Intel. Enabled by our IDM advantage, Ice Lake servers shipped more than 1 million units, equal to the amount we had shipped in the prior 3 quarters combined. All of our OEMs are currently shipping systems, and all of our major cloud customers have announced instances, including our third instance with Amazon Web Services. Going forward, our road map only gets better, and we expect to ship initial SKUs of Sapphire Rapids to select customers in Q1.

隨著客戶繼續重建他們選擇英特爾的信心，我們的數據中心集團迎來了有史以來最好的季度。借助我們的 IDM 優勢，Ice Lake 服務器出貨量超過 100 萬台，相當於我們前三個季度出貨量的總和。我們所有的 OEM 目前都在交付系統，我們所有的主要雲客戶都宣布了實例，包括我們使用 Amazon Web Services 的第三個實例。展望未來，我們的路線圖只會變得更好，我們預計將在第一季度向選定的客戶提供 Sapphire Rapids 的初始 SKU。

Sapphire Rapids will offer significant performance improvements across a range of workloads, including AI, where we are targeting up to 30x total gain for Xeon. This demonstrates that a general-purpose CPU with built-in AI acceleration can solve even more customer use cases that once necessitated GPU acceleration. Customers remain excited about Sapphire Rapids, and it has been chosen, along with HPE, to power the new Kestrel supercomputer. Built for the U.S. Department of Energy's National Renewable Energy Laboratory, Kestrel will accelerate discovery of renewable power. Once completed in 2023, Kestrel will have more than 5x greater capability than NREL's existing system with approximately 44 petaflops of peak performance.

Sapphire Rapids 將在包括 AI 在內的一系列工作負載中提供顯著的性能改進，我們的目標是使 Xeon 的總增益提高 30 倍。這表明具有內置 AI 加速功能的通用 CPU 可以解決更多曾經需要 GPU 加速的客戶用例。客戶仍然對 Sapphire Rapids 感到興奮，並已選擇它與慧與一起為新的 Kestrel 超級計算機提供動力。 Kestrel 專為美國能源部的國家可再生能源實驗室建造，將加速可再生能源的發現。一旦在 2023 年完成，Kestrel 的能力將是 NREL 現有系統的 5 倍以上，峰值性能約為 44 petaflops。

Beyond the core data center, we continue to build on our leadership position from the network to the edge with our comprehensive portfolio of hardware and software solutions. We are leading the transformation of the network where Xeon and FlexRAN software are used in almost all DRAM commercial deployments. We are driving AI inferencing adoption at the edge with our OpenVINO software and partners like BMW Group and Samsung in the factory and medical environments. And we are extending the IPU ecosystem and accelerating the creation of fully programmable network by collaborating on new FPGA-based IPU solutions with Inspur, Ruijie Networks and Silicom.

除了核心數據中心之外，我們通過全面的硬件和軟件解決方案組合繼續鞏固我們從網絡到邊緣的領先地位。我們正在引領網絡轉型，Xeon 和 FlexRAN 軟件幾乎用於所有 DRAM 商業部署。我們正在通過我們的 OpenVINO 軟件以及寶馬集團和三星等合作夥伴在工廠和醫療環境中推動邊緣人工智能推理的採用。我們正在擴展 IPU 生態系統，並通過與浪潮、銳捷網絡和 Silicom 合作開發基於 FPGA 的新 IPU 解決方案，加速創建完全可編程的網絡。

In our discrete and accelerated graphics business, we are starting the year very quickly. Alchemist, the first product in our Intel Arc Discrete Graphics lineup, is now shipping to customers with more than 50 new mobile and desktop designs, including with Acer, Asus, Dell, HP, Lenovo, Samsung and others. Our Arc family of products will scale from mainstream up to the performance graphics segment and will be available in the market later this quarter.

在我們的離散和加速圖形業務中，我們很快就開始了這一年。 Alchemist 是我們英特爾 Arc Discrete Graphics 產品系列中的第一款產品，現已向客戶提供 50 多種新的移動和台式機設計，包括宏碁、華碩、戴爾、惠普、聯想、三星等。我們的 Arc 系列產品將從主流擴展到高性能圖形領域，並將在本季度晚些時候上市。

In high-performance computing, our Ponte Vecchio GPU is already sampling to customers. With 100 billion transistors, Ponte Vecchio has our highest compute density ever and along with Sapphire Rapids will power the 2 exaflop Aurora supercomputer at Argonne National Laboratory. There are over 100 HPC applications running on Ponte Vecchio, which, enabled by 1 API, provides a unified and open programming model across CPU and GPU. We are working with numerous partners and customers, including Atos, Dell, HPE, Lenovo, Quanta and Super Micro to deploy our HPC-tuned CPUs and GPUs in their latest systems.

在高性能計算方面，我們的 Ponte Vecchio GPU 已經向客戶提供樣品。 Ponte Vecchio 擁有 1000 億個晶體管，擁有我們有史以來最高的計算密度，並與 Sapphire Rapids 一起為阿貢國家實驗室的 2 exaflop Aurora 超級計算機提供動力。 Ponte Vecchio 上運行著 100 多個 HPC 應用程序，由 1 個 API 啟用，提供跨 CPU 和 GPU 的統一開放編程模型。我們正在與眾多合作夥伴和客戶合作，包括 Atos、Dell、HPE、Lenovo、Quanta 和 Super Micro，以在他們的最新系統中部署我們的 HPC 調優 CPU 和 GPU。

Our IFS business continues to see strong and enthusiastic customer support. We have a strong pipeline of potential customers, and IP development with the ecosystem is progressing well. We are shipping for revenue on our packaging solutions, and we continue to expect customer test chips in our factories on our Intel 16 process this year. Innovations like RibbonFET and PowerVia are proving to be very attractive features to potential customers, and the Intel 18A design kit has now been released to 3 RAMP-C customers. Overall, we are ahead of where I thought we'd be, and I am thrilled with the progress of our IFS team.

我們的 IFS 業務繼續獲得強大而熱情的客戶支持。我們擁有強大的潛在客戶渠道，生態系統的 IP 開發進展順利。我們正在為我們的封裝解決方案提供收入，今年我們繼續期待客戶在我們的工廠中使用我們的英特爾 16 工藝測試芯片。事實證明，RibbonFET 和 PowerVia 等創新功能對潛在客戶非常有吸引力，英特爾 18A 設計套件現已向 3 個 RAMP-C 客戶發布。總的來說，我們領先於我的預期，我對我們 IFS 團隊的進步感到興奮。

In mobility, Mobileye continues to be an industry leader in both ADAS and AV, and we recently hit a significant milestone shipping our 100th million EyeQ SoC. At CES, we gave a glimpse of the future with the EyeQ Ultra, which will do the work of 10 EyeQ 5 SoCs in a single package and was designed to deliver the optimum power and performance for a fully self-driving vehicle. In Q4, we also introduced our first autonomous on-demand service in Paris in collaboration with the RATP Group. Paris is the latest in a list of locations where Mobileye is piloting autonomous vehicle test fleets, including New York, Munich, Detroit, Tokyo, Israel and China. Looking ahead, we still expect to launch commercial robotaxi services in Munich and Tel Aviv in 2022.

在移動性方面，Mobileye 繼續成為 ADAS 和 AV 的行業領導者，我們最近在交付我們的第 1 億個 EyeQ SoC 時達到了一個重要的里程碑。在 CES 上，我們通過 EyeQ Ultra 展望了未來，它將在一個封裝中完成 10 個 EyeQ 5 SoC 的工作，旨在為全自動駕駛汽車提供最佳功率和性能。在第四季度，我們還與 RATP 集團合作在巴黎推出了我們的首個自主按需服務。巴黎是 Mobileye 正在試行自動駕駛汽車測試車隊的最新地點，包括紐約、慕尼黑、底特律、東京、以色列和中國。展望未來，我們仍預計將於 2022 年在慕尼黑和特拉維夫推出商用機器人出租車服務。

As we announced in December, we are working to take Mobileye public to unlock shareholder value. We are making good progress, and we'll share more as we go through the year. You'll hear a lot more about how we are rearchitecting our business for growth as part of our upcoming Investor Day. We will lay out details on how we are leveraging our core strengths to accelerate our plans and how we are uniquely positioned to create value. We'll give you the proof points you should expect to see in 2022 that show that we are on track for our long-term plan, all backed up by the transparency and accountability that our new reportable segments will provide.

正如我們在 12 月宣布的那樣，我們正在努力讓 Mobileye 上市以釋放股東價值。我們正在取得良好的進展，我們將在這一年中分享更多信息。作為即將到來的投資者日的一部分，您將聽到更多關於我們如何重新構建業務以實現增長的信息。我們將詳細說明我們如何利用我們的核心優勢來加速我們的計劃，以及我們如何以獨特的方式創造價值。我們將為您提供您應該在 2022 年看到的證明點，這些證明點表明我們正在實現我們的長期計劃，所有這些都得到我們新的可報告部門將提供的透明度和問責制的支持。

Let me close by saying again that Q4 was an incredibly strong finish to a great 2021. And I believe that, with growing markets, our strong product road map and our increasingly solid execution, 2022 will only be better. In fact, just in the past 24 hours, we were pleased to see the ruling from the general court in Europe and their decision to overturn the EUR 1.1 billion fine. The semiconductor industry has never been more competitive than it is today, and we look forward to continuing to invest and grow in Europe.

最後讓我再說一遍，第四季度是 2021 年的一個非常強勁的結束。我相信，隨著市場的增長、我們強大的產品路線圖和我們日益穩健的執行，2022 年只會更好。事實上，就在過去的 24 小時內，我們很高興看到歐洲普通法院的裁決以及他們推翻 11 億歐元罰款的決定。半導體行業從未像現在這樣競爭激烈，我們期待繼續在歐洲投資和發展。

At the same time, here in the U.S., we were very excited to see the progress on the Chips Act with the House introducing their version of the bill yesterday. The President and other members of the administration have been clear on the importance of this transformational investment, and it's encouraging to see the strong bipartisan and bicameral support as we continue to work together to address the long-term impacts of the semiconductor shortage, restore U.S. leadership in this critical industry and rebalance the global supply chain.

與此同時，在美國這裡，我們很高興看到《籌碼法案》取得進展，眾議院昨天介紹了他們的法案版本。總統和其他政府成員已經明確了這項轉型投資的重要性，看到兩黨和兩院的強大支持令人鼓舞，因為我們將繼續共同努力解決半導體短缺的長期影響，恢復美國在這個關鍵行業的領導地位，並重新平衡全球供應鏈。

With that, let me turn it over to Dave.

有了這個，讓我把它交給戴夫。

Thanks, Pat, and good afternoon, everyone. First, let me say how happy I am to be part of Intel. It's a really exciting time, and I'm looking forward to the opportunity to support Intel's transformation and plans for growth. I think we have a great opportunity to drive compelling returns and shareholder value, which all starts with the plans that we will lay out for you at Investor Day in February.

謝謝，帕特，大家下午好。首先，讓我說我很高興成為英特爾的一員。這是一個非常激動人心的時刻，我期待有機會支持英特爾的轉型和增長計劃。我認為我們有一個很好的機會來推動令人信服的回報和股東價值，這一切都始於我們將在 2 月的投資者日為您制定的計劃。

Q4 was a record quarter, delivering a stronger-than-expected finish to another record year. Both DCG and IOTG achieved record quarters, with CCG, IOTG and Mobileye delivering full year record revenue. Q4 revenue was $19.5 billion, exceeding our guidance by $1.2 billion. The revenue beat was broad-based, led by stronger-than-expected enterprise and government demand in data center, desktop PC strength and better-than-expected notebook demand.

第四季度是一個創紀錄的季度，為另一個創紀錄的一年提供了強於預期的收尾。 DCG 和 IOTG 均實現了創紀錄的季度業績，CCG、IOTG 和 Mobileye 全年實現了創紀錄的收入。第四季度收入為 195 億美元，超出我們的預期 12 億美元。由於企業和政府對數據中心的需求強於預期、台式電腦的實力和筆記本電腦的需求好於預期，導致收入普遍超出預期。

Gross margin for the quarter was 55.4%, exceeding our guidance by 190 basis points due to strong flow-through on higher revenue. Q4 EPS was $1.09, $0.19 above our guide due to strong operational performance. For full year 2021, we achieved record revenue of $74.7 billion, up $1.2 billion from our previous guidance and up 2% year-over-year. 2021 gross margin was 57.7%, and EPS was $5.47, up $0.37 year-over-year. We generated $11.3 billion of free cash flow in 2021, approximately $1 billion lower than prior expectations as higher net income was offset by Q4 working capital fluctuations.

本季度毛利率為 55.4%，超出我們的預期 190 個基點，原因是收入增長強勁。由於強勁的運營業績，第四季度每股收益為 1.09 美元，比我們的指引高出 0.19 美元。 2021 年全年，我們實現了創紀錄的 747 億美元收入，比我們之前的指引增加了 12 億美元，同比增長 2%。 2021年毛利率為57.7%，每股收益為5.47美元，同比增長0.37美元。我們在 2021 年產生了 113 億美元的自由現金流，比之前的預期低約 10 億美元，因為較高的淨收入被第四季度的營運資金波動所抵消。

Now turning to our business units. CCG delivered record annual revenue, its sixth straight year of revenue growth, up 1% year-over-year and up 6% when excluding the modem and connected home divestitures. For the quarter, revenue was $10.1 billion, up 5% sequentially on strong commercial demand. Platform ASPs were up 15% year-over-year on a richer mix, driven by strong demand for our highest-performing platforms and industry-wide constraints leading our customers to prioritize limited components to higher-end systems. Operating profit was down 3% year-over-year on increased spending to further strengthen our product and platform road map.

現在轉向我們的業務部門。 CCG 實現了創紀錄的年收入，連續第六年實現收入增長，同比增長 1%，如果不包括調製解調器和聯網家庭資產剝離，則增長 6%。本季度收入為 101 億美元，在強勁的商業需求下環比增長 5%。由於對我們性能最高的平台的強勁需求和行業範圍內的限制導致我們的客戶將有限的組件優先考慮到高端系統，平台 ASP 同比增長 15%。由於增加支出以進一步加強我們的產品和平台路線圖，營業利潤同比下降 3%。

The Data Center Group delivered a record $7.3 billion in revenue for Q4, up 12% sequentially and up 20% year-over-year on strong enterprise and government demand. Full year revenue was down 1% due to a slower-than-expected recovery earlier in the year as well as competitive pressure, partially offset by stronger enterprise and government and communications service provider demand. Platform ASPs were up 3% sequentially and 4% year-over-year on improved mix to our highest-performing products. Operating profit in Q4 was down 17% year-over-year, primarily due to the previously disclosed Intel federal-related onetime charge and 10-nanometer product ramp. Full year operating profit was down due to lower revenue, with an increased mix of 10-nanometer products, Intel 4 start-up charges and increased investment in our product road map.

數據中心集團第四季度的收入達到創紀錄的 73 億美元，環比增長 12%，同比增長 20%，原因是企業和政府需求強勁。由於今年早些時候復甦慢於預期以及競爭壓力，全年收入下降了 1%，但部分被企業、政府和通信服務提供商的強勁需求所抵消。平台 ASP 環比增長 3%，同比增長 4%，原因是我們改進了性能最高的產品組合。第四季度的營業利潤同比下降 17%，主要是由於之前披露的英特爾聯邦相關一次性收費和 10 納米產品量產。由於收入下降、10 納米產品組合增加、英特爾 4 啟動費用以及對我們產品路線圖的投資增加，全年營業利潤下降。

IOTG achieved record Q4 and full year revenue. Q4 revenue was $1.1 billion, up 36% year-over-year on broad-based strength, led by the industrial and retail segments. Full year revenue was $4 billion, up 33% year-over-year as the business saw a strong recovery from COVID-related impacts. Operating profit for the year was $1 billion, up 110% year-over-year.

IOTG 實現了創紀錄的第四季度和全年收入。第四季度收入為 11 億美元，同比增長 36%，在工業和零售領域的帶動下，基礎廣泛。全年收入為 40 億美元，同比增長 33%，因為該業務從 COVID 相關影響中強勁復甦。全年營業利潤為 10 億美元，同比增長 110%。

PSG delivered $484 million in Q4 revenue, up 15% year-over-year and up slightly quarter-over-quarter as industry-wide supply constraints continue to severely limit revenue growth. Full year revenue was $1.9 billion, up 4% year-over-year. Operating profit was $51 million, up 19% year-over-year. If not for the external supply constraints, we believe the PSG business would have delivered over $500 million in additional revenue in 2021.

由於全行業的供應限制繼續嚴重限制收入增長，PSG 第四季度收入為 4.84 億美元，同比增長 15%，環比略有增長。全年收入為 19 億美元，同比增長 4%。營業利潤為 5100 萬美元，同比增長 19%。如果不是外部供應限制，我們認為 PSG 業務將在 2021 年帶來超過 5 億美元的額外收入。

Mobileye reported Q4 revenue of $356 million and $1.4 billion for full year, up 43% year-over-year. Full year operating profit was $460 million, up 91% year-over-year.

Mobileye 報告第四季度收入為 3.56 億美元，全年收入為 14 億美元，同比增長 43%。全年營業利潤為 4.6 億美元，同比增長 91%。

Before moving on to Q1 guidance, I want to briefly discuss changes to our non-GAAP reporting beginning in 2022 that we touched on in our Q3 earnings. First, in an effort to more closely align with our semiconductor peers and allow for more consistent comparability between periods, we'll be removing stock-based compensation and all gains and losses related to our ICAP portfolio from our non-GAAP results. Despite this change, we'll continue to closely evaluate stock-based compensation to ensure we're in line with industry benchmarks and optimize ICAP investments to advance our strategy and maximize ROI.

在繼續進行第一季度指導之前，我想簡要討論一下我們在第三季度收益中提到的從 2022 年開始的非公認會計原則報告的變化。首先，為了與我們的半導體同行更緊密地保持一致，並允許不同時期之間更一致的可比性，我們將從我們的非公認會計準則結果中刪除基於股票的薪酬以及與我們的 ICAP 投資組合相關的所有損益。儘管發生了這種變化，我們仍將繼續密切評估基於股票的薪酬，以確保我們符合行業基準並優化 ICAP 投資以推進我們的戰略並最大限度地提高投資回報率。

Second, we're modifying our segment reporting to align with our revised organizational structure and business strategy. Moving forward, we will report results under the following business units: Client Computing, which includes our historical CCG business plus workstation revenue; Data Center and Artificial Intelligence, which includes our data center CPU products plus our PSG business; Networking and Edge, which includes our IOTG business plus our networking-focused products previously included in DCG; Accelerated Computing and Graphics, which includes all discrete graphics products; Mobileye, which is unchanged from our prior segmentation; and Intel Foundry Services, which includes revenue from our wafer and packaging offerings.

其次，我們正在修改我們的分部報告，以符合我們修改後的組織結構和業務戰略。展望未來，我們將報告以下業務部門的業績： 客戶端計算，包括我們的歷史 CCG 業務加上工作站收入；數據中心和人工智能，包括我們的數據中心 CPU 產品以及我們的 PSG 業務；網絡和邊緣，包括我們的 IOTG 業務以及我們之前包含在 DCG 中的以網絡為中心的產品；加速計算和圖形，包括所有獨立圖形產品； Mobileye，與我們之前的細分相比沒有變化；和英特爾代工服務，其中包括來自我們的晶圓和封裝產品的收入。

This new reporting structure enables transparent accountability relative to how well we are managing and executing against the 6 business units that will be further communicated at Investor Day in February.

這種新的報告結構使我們能夠對 6 個業務部門的管理和執行情況進行透明的問責，這將在 2 月的投資者日進一步溝通。

Moving to our Q1 outlook. We continue to see strong demand across all our businesses, and note that Q1 includes the impact of an additional 14th week. We expect results to be tempered by continued industry-wide component constraints, normal seasonality and PC notebook inventory burn as OEMs work through inventory imbalances created by ecosystem constraints that have limited their ability to ship systems in certain segments.

轉向我們的第一季度展望。我們繼續看到我們所有業務的強勁需求，並註意到第一季度包括額外第 14 週的影響。我們預計，隨著 OEM 解決由生態系統限製造成的庫存失衡問題，這些因素限制了他們在某些細分市場中運送系統的能力，因此整個行業的持續組件限制、正常的季節性和 PC 筆記本電腦庫存消耗將緩和結果。

We expect Q1 revenue of $18.3 billion, down 1% year-over-year, but up 2% when adjusting for an approximately $600 million onetime corporate revenue item recognized in Q1 '21. As we signaled in our Q3 call, gross margin will be impacted by our 10-nanometer product ramp and increased process technology investment. The aforementioned onetime corporate revenue item in Q1 '21 will also impact the year-on-year compare. We are forecasting gross margin of 52%, EPS of approximately $0.80 and a tax rate of approximately 15%.

我們預計第一季度收入為 183 億美元，同比下降 1%，但在調整 21 年第一季度確認的約 6 億美元一次性企業收入項目時增長 2%。正如我們在第三季度電話會議中所暗示的那樣，毛利率將受到我們的 10 納米產品提升和增加的工藝技術投資的影響。上述 21 年第一季度的一次性企業收入項目也將影響同比比較。我們預測毛利率為 52%，每股收益約為 0.80 美元，稅率約為 15%。

Note that we will provide full year 2022 guidance and more details on our long-term financial model as part of our Investor Day on February 17. We hope to see you there in person for a full day of presentations and Q&A sessions with our most senior leaders.

請注意，作為 2 月 17 日投資者日的一部分，我們將提供 2022 年全年指導和有關我們長期財務模型的更多詳細信息。我們希望與您親臨現場，與我們最資深的高管進行一整天的演示和問答環節領導。

Finally, I want to thank George for his 3 years at Intel, delivering outstanding results and making many of the changes necessary to begin our transition to a growth company.

最後，我要感謝喬治在英特爾工作的 3 年，他取得了出色的成績，並做出了許多必要的改變，從而開始了我們向成長型公司的過渡。

And now let me hand it off to George to say a few words.

現在讓我把它交給喬治說幾句話。

Thanks, Dave. I want to close my final earnings call with sincere thanks to our Intel employees who amaze me every day and for the privilege to have served as your CFO. And I could not be more delighted that Dave is taking over, knowing all the incredible strengths he brings to the role. Thanks all.

謝謝，戴夫。在結束我的最後一次財報電話會議時，我要真誠地感謝我們的英特爾員工，他們每天都讓我感到驚訝，並有幸擔任您的首席財務官。我很高興戴夫接任，知道他為這個角色帶來的所有令人難以置信的優勢。謝謝大家。

Thanks, George. With that, let me turn the call back over to Tony to get to your questions.

謝謝，喬治。有了這個，讓我把電話轉給托尼來回答你的問題。

All right. Thank you, Dave. Moving on now to the Q&A. (Operator Instructions) Operator, please go ahead and introduce our first caller.

好的。謝謝你，戴夫。現在繼續進行問答。 （操作員說明）接線員，請繼續介紹我們的第一個來電者。

(Operator Instructions) Our first question comes from the line of John Pitzer with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 John Pitzer。

Congratulations on the results. Pat, it's great to see a second quarter of year-over-year growth in DCG and an acceleration over the calendar third quarter. But if you look underneath the covers, there's sort of 2 stories at play. Enterprises coming back extremely strong. But if you look at the cloud part of the business, I think this is the fifth consecutive quarter of year-over-year declines.

祝賀結果。帕特，很高興看到 DCG 的第二季度同比增長以及第三季度的加速。但如果你看看被子下面，就會發現有兩個故事在起作用。企業復工異常強勁。但如果你看一下業務的雲部分，我認為這是連續第五個季度同比下降。

And so I guess there's 2 parts to my question. One, when do you see a return to year-over-year growth in cloud? And two, to the extent that the investment community has a bias that everything eventually ends up in the cloud, what is kind of your long-term view of the sustainability of this enterprise demand?

所以我想我的問題有兩個部分。一，您何時看到雲計算恢復同比增長？第二，在投資界偏向於一切最終都在雲中結束的情況下，您對這種企業需求可持續性的長期看法是什麼？

Yes.Thanks, John, and thanks for the comments on a great finish to a great year. So as we look at the DCG business, we just say we started out behind early in the year digestion. And we've sort of been catching up and building momentum in the cloud piece of that business all year long. And we do see that momentum carrying into next year. So that creates some of the year-on-year quarterly compares that you described.

是的。謝謝，約翰，並感謝您對美好的一年的完美收尾的評論。因此，當我們查看 DCG 業務時，我們只是說我們在年初開始落後於消化。而且我們全年都在追趕並在該業務的雲計算方面建立勢頭。我們確實看到這種勢頭會持續到明年。因此，這會產生您所描述的一些同比季度比較。

E&G, really a tremendous second half and a really strong Q4 for that business where we have higher market share and have seen just a great environment. what we're hearing from our customers is that the momentum in E&G continues in the next year with very strong backlog positions, and it would have been even stronger had it not been for other supply constraints and match sets that we see. And as you may have heard me talk about before, we don't see everything going to the cloud. We see this balance of on-prem and cloud-based delivery. And cloud continues to grow faster than on-prem, but workloads continue to grow on-prem.

E&G，對於我們擁有更高市場份額並且看到了良好環境的業務來說，真的是一個非常棒的下半年和一個非常強勁的第四季度。我們從客戶那裡聽到的是，E&G 的勢頭將在明年繼續，積壓訂單非常強勁，如果不是我們看到的其他供應限制和匹配集，它會更加強勁。正如您之前可能聽過我所說的那樣，我們並沒有看到一切都進入雲端。我們看到了本地和基於雲的交付的這種平衡。雲的增長速度繼續快於本地，但工作負載繼續在本地增長。

Also, we expect to see an acceleration of edge-based -- and I spoke about this at our innovation conference, where the big story as we get out to 2 or 3 years from now is going to be accelerating edge growth. And that's an area that Intel has a very strong position in the edge, very high market share, leadership platforms in 5G in inference and AI. So overall, we expect to see it very balanced across our portfolio. We do see strength to see growth in our cloud business next year, continued sustainability of E&G. But the real story over the next couple of years we see as explosive edge growth.

此外，我們希望看到基於邊緣的加速 - 我在我們的創新會議上談到了這一點，從現在開始到 2 或 3 年的大故事將是加速邊緣增長。這是英特爾在邊緣領域擁有非常強大的地位、非常高的市場份額、5G 推理和人工智能的領導平台的領域。因此，總體而言，我們希望在我們的投資組合中看到它非常平衡。我們確實看到了明年我們的雲業務增長的力量，以及 E&G 的持續可持續性。但我們認為未來幾年的真實情況是爆炸性的邊緣增長。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

Congrats on the strong end of the year. And thank you to George, and congrats to Dave. So with all that out of the way, Pat, I want to talk about the PC market. I know you've been one of the more optimistic folks on that. And the fourth quarter results showed a little bit of evidence as to why you're optimistic. But you also talked about some interesting inventory dynamics in there, where channel inventory was rising.

祝賀今年的強勢結束。謝謝喬治，祝賀戴夫。因此，帕特，我想談談個人電腦市場。我知道你是這方面比較樂觀的人之一。第四季度的結果顯示了一些關於你為什麼樂觀的證據。但你也談到了一些有趣的庫存動態，渠道庫存正在上升。

Can you talk a little bit about your expectations for this year? Again, not front-running the Analyst Day too much, but the expectations for growth for the year and a little bit more on how you reconcile inventory rising with shortages still persisting?

你能談談你對今年的期望嗎？再說一次，不要過多地在分析師日上搶先一步，而是對今年的增長預期以及更多關於如何協調庫存上升與短缺仍然持續存在的問題？

Yes. Thank you. And 2021 was really good, if not great year, for the PC. And I think most of the forecasts now are coming in estimating about 15% growth last year. As we're seeing IDC Canalys modest growth in the market next year. So as you've heard me -- and I think this matches exactly what Sacha said yesterday -- we'll just say a structurally larger market for us for next year and a couple of percent growth in that. So we see that we will be able to have continued growth in our client business. And obviously, with a stronger and stronger product line, we see ourselves in a very good position for our client market share.

是的。謝謝你。 2021 年對於 PC 來說是非常好的，即使不是偉大的一年。而且我認為現在的大多數預測都來自於估計去年大約 15% 的增長。正如我們所看到的，IDC Canalys 明年在市場上的適度增長。因此，正如您所聽到的那樣——我認為這與 Sacha 昨天所說的完全一致——我們只會說明年對我們來說結構上更大的市場，並在其中增長幾個百分點。因此，我們看到我們的客戶業務將能夠持續增長。顯然，隨著產品線越來越強大，我們認為自己在客戶市場份額方面處於非常有利的位置。

Now the inventory position is one where we have just been at historically low inventories for an extended period of time, just racing to catch up with demand. And so we would say that some of this is just getting to inventory levels that are even approaching what we consider normal for a business of this size and one that's managing these still significant supply constraints at different areas, power controllers, display led controllers, other aspects of substrates and different component pieces. So a lot of these challenges have really led to, I'll just say, supply issues throughout the customer base.

現在庫存狀況是我們剛剛在很長一段時間內處於歷史低位的庫存狀況，只是為了趕上需求。所以我們會說，其中一些只是達到庫存水平，甚至接近我們認為對於這種規模的企業來說正常的水平，並且正在管理不同領域的這些仍然嚴重的供應限制，電源控制器，顯示 LED 控制器，其他基板和不同組件的各個方面。所以很多這些挑戰確實導致了，我只想說，整個客戶群的供應問題。

So as we go to next year, we hope to see some of those starting to moderate and turn to a more normal behavior in the industry, in particular, the channel inventory levels, the ones that were essentially 0, right, for almost all of the year. And now we're starting to see just a little bit of build back in that area, which particularly, for our channel and distribution partners, sort of for the first time, giving them something to sell for the whole year. So a lot of response positively there.

因此，當我們進入明年時，我們希望看到其中一些開始緩和並轉向行業中更正常的行為，特別是渠道庫存水平，幾乎所有的渠道庫存水平基本上是 0，對那一年。現在我們開始在該領域看到一點點重建，特別是對於我們的渠道和分銷合作夥伴來說，這是第一次，讓他們可以全年銷售。所以那裡有很多積極的回應。

Overall, we still see that the PC is now becoming this essential part in increasingly work from home, learn from home environment, Windows 11, a strong upgrade cycle being introduced by that. So a lot of good tailwinds and a great product line. It's going to be a great year for us in the client space.

總體而言，我們仍然看到，PC 現在正成為越來越多的在家工作、從家庭環境中學習、Windows 11 的重要組成部分，由此引入了強大的升級週期。所以有很多好的順風和很棒的產品線。在客戶領域，這將是我們偉大的一年。

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

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

Great. I wonder if you could talk about the capital spending a little bit. And again, I don't want to tread on material you're going to cover at the Analyst Day. But the footprint in Ohio, the various comments that you've made about not being able to foresee having too much capacity in the next couple of years, as you think about that, how much of that is your existing x86 business versus foundry and other opportunities? And any sense for the capital spending you felt through this year, how much of that is going to be buildings versus equipment?

偉大的。我想知道你是否可以談談資本支出。再說一次，我不想提及您將在分析師日介紹的材料。但是在俄亥俄州的足跡，關於在未來幾年內無法預見到有太多產能的各種評論，當您考慮到這一點時，您現有的 x86 業務與代工和其他業務相比有多少機會？對於您今年感受到的資本支出有什麼意義，其中有多少將是建築物與設備？

Yes. Thanks, Joe. And I'll kick it off and ask Dave to comment as well. Overall, we would just say that supply constraints, we just have a lot of catching up to do in building out the capital footprint. And some of that is catching up. Some of that's building for the new process technologies are 5 of those in 4 years. But it also is leveraging the smart cap strategy that we've laid out, where, boy, I lost for having a free shell today that we could be ramping into. We simply have to build some more shell capacity. And then we'll be determining where is the best use and how to fill that as we start to build out those shelves.

是的。謝謝，喬。我將開始並請戴夫發表評論。總的來說，我們只會說供應限制，我們在擴大資本足跡方面還有很多工作要做。其中一些正在迎頭趕上。其中一些是為新工藝技術構建的，其中 5 是在 4 年內建立的。但它也利用了我們制定的智能上限策略，男孩，我因為今天有一個免費的外殼而輸了，我們可以進入。我們只需要建立更多的外殼容量。然後，當我們開始建造這些貨架時，我們將確定最好的用途以及如何填充它。

Everything that we've described, our Arizona build-out, our Ohio build-out, we do expect that, that will be satisfying both our internal products as well as creating capacity corridors for our foundry business as well. At Analyst Day, we'll be shaping that with more clarity. And Dave will be giving updates on a number of the capital aspects at the foundry -- for foundry as well as for internal capacity there. So Dave, what else might you add?

我們所描述的一切，我們在亞利桑那州的擴建，我們在俄亥俄州的擴建，我們確實希望這將滿足我們的內部產品以及為我們的鑄造業務創造產能走廊。在分析師日，我們將更加清晰地塑造它。 Dave 將就鑄造廠的一些資本方面提供最新信息——鑄造廠以及那裡的內部產能。那麼戴夫，你還能補充什麼？

Yes. First of all, thanks, Pat. And I just did want to say thanks for joining the call, and I'm really happy to be part of Intel. We have an exciting opportunity in front of us, and I couldn't be more excited to be a part of IDM 2.0. I think there's a lot of opportunity to create a lot of shareholder value. In fact, one of the areas we're doing that right now is increasing the dividend 5%. So it's great to -- my first quarter.

是的。首先，謝謝，帕特。我只是想對參加電話會議表示感謝，我很高興成為英特爾的一員。我們面前有一個激動人心的機會，我對成為 IDM 2.0 的一份子感到無比興奮。我認為有很多機會可以創造很多股東價值。事實上，我們現在正在做的其中一個領域是將股息提高 5%。所以很高興 - 我的第一季度。

Dividend raise.

股息上漲。

On the CapEx -- on the CapEx front, Joe, obviously, as Pat mentioned, we'll give you a lot more granularity in terms of '22 and beyond in terms of CapEx. But if you look back at the 2021 CapEx split, it was roughly 60% equipment, 40% space build-out. So that's at least the ratio last year. Of course, it might evolve over time, but it gives you kind of a rough magnitude of the numbers.

在資本支出方面——在資本支出方面，喬，顯然，正如帕特所提到的，我們將在 22 年及以後的資本支出方面為您提供更多的粒度。但如果你回顧一下 2021 年的資本支出拆分，大約是 60% 的設備，40% 的空間擴建。所以這至少是去年的比例。當然，它可能會隨著時間的推移而發展，但它會給你一個粗略的數字。

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

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

I wanted to dig into your inventory comments again. So I know you're talking -- you're saying you're building inventories, but your PC volumes were down 18% year-over-year. The PC market wasn't down 18% year-over-year. So it doesn't feel like you're building inventory. If anything, it feels like inventory is bleeding out. So for your parts only. So how do we square that circle? What's going on there?

我想再次深入了解您的庫存評論。所以我知道你在說——你說你在建立庫存，但你的 PC 銷量同比下降了 18%。個人電腦市場並沒有同比下降 18%。所以感覺不像是在建立庫存。如果有的話，感覺就像庫存正在流失。因此，僅適用於您的零件。那麼我們如何把那個圓平方呢？那裡發生了什麼事？

You want to address that, Dave or George?

你想解決這個問題，戴夫還是喬治？

Yes. Maybe I'll just comment a little bit on it. When we do a year-over-year comparison, obviously, Q4 of last year was a huge quarter for CCG, particularly with the consumer and entry SKUs. And so what we've seen really starting with the second half, in particular, for 2021 is a rotation out of the consumer and entry area into the what we call our big core notebooks and our desktop, which desktop had really dropped off. And now we're seeing kind of a strong recovery there. So we -- if we think a little bit about the growth of CCG year-over-year, we certainly look to be growing lower than the TAM.

是的。也許我會稍微評論一下。當我們進行同比比較時，很明顯，去年第四季度對於 CCG 來說是一個巨大的季度，尤其是在消費者和入門 SKU 方面。因此，從下半年開始，尤其是 2021 年，我們真正看到的是從消費者和入門領域轉向我們所謂的大核心筆記本電腦和台式機，而台式機已經真正退出了市場。現在我們看到那裡出現了強勁的複蘇。所以我們 - 如果我們稍微考慮一下 CCG 的同比增長，我們肯定會低於 TAM。

But if you take into account the fact that we -- you look at our exit of modem and our exit of Home Gateway and the impact that, that had on a year-over-year comparison, that's about 6 points of growth. And then the customer's decision to go vertical on -- a large customer decided to go vertical, that's about another 6 points. So the overall growth, the pattern is a little different because of the mix year-over-year. But the growth relative to the TAM, when you take into account these changes, is much more in line with the overall growth of the industry.

但是，如果您考慮到我們退出調製解調器和退出家庭網關的事實，以及對同比增長的影響，這大約是 6 個百分點的增長。然後客戶決定垂直化——一個大客戶決定垂直化，這大約是另外 6 分。因此，整體增長模式略有不同，因為同比增長。但是，當您考慮到這些變化時，相對於 TAM 的增長更符合行業的整體增長。

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

我們的下一個問題來自摩根大通的 Harlan Sur。

On Intel foundry services, it appears that the team is off to a good start. It looks like a lot of good early engagements. If I'm a potential IFS customer and I start my design today, realistically, right, I'm not expecting my chip design to be ready for manufacturing conservatively for at least 2 years because that's just how long the design cycle times are for these leading-edge chips. And it seems consistent with your prior commentary on IFS customers more focused on your 20 and 18A nodes, which is kind of 2024-2025 time frame.

在英特爾代工服務方面，該團隊似乎有了一個良好的開端。看起來有很多不錯的早期約會。如果我是一個潛在的 IFS 客戶並且我今天開始我的設計，實際上，正確的，我不希望我的芯片設計保守地準備好製造至少 2 年，因為這正是這些設計週期時間的長短領先的芯片。這似乎與您之前對 IFS 客戶的評論一致，更關注您的 20 和 18A 節點，這是 2024-2025 年的時間框架。

So if I think about the real big CapEx outlay to support IFS, my assumption is that it's probably not until 2024 or maybe even 2025 time frame. Is that kind of the right way to think about it that most of the CapEx spend for IFS is probably 2 to 3 years' delay and more of the CapEx spend over the next 2, 3 years is to support growth of the core compute businesses?

因此，如果我考慮支持 IFS 的真正大資本支出支出，我的假設是可能要到 2024 年甚至 2025 年的時間框架。考慮到 IFS 的大部分資本支出可能會延遲 2 到 3 年，而未來 2 到 3 年更多的資本支出用於支持核心計算業務的增長，這種思考方式是否正確？

Yes. Your comments sort of dimensionalize it almost right. The key thing, to augment what you said, is that to be able to put the capital in place in '24, '25, you have to be building the shells in '22, '23. So that's what we've -- and why, for instance, the Ohio announcement, we said, hey, we are building shells so that we can fill it with our products and with foundry customers as well. But clearly, when we get to Intel 3 as well as Intel 18A ramps for foundry customers, those capital investments, most of that being back-end loaded, right, when you're putting equipment in place, really ramp up in '24 and '25. But we've got to start building the shell capacity for those in '22 and '23.

是的。您的評論幾乎正確地對其進行了維度化。關鍵是，為了加強你所說的，為了能夠在 24 年和 25 年將資本到位，你必須在 22 年和 23 年建造外殼。這就是我們所擁有的——以及為什麼，例如，俄亥俄州的公告，我們說，嘿，我們正在製造外殼，以便我們可以用我們的產品和鑄造客戶來填充它。但很明顯，當我們為代工客戶提供英特爾 3 和英特爾 18A 坡道時，那些資本投資，其中大部分是後端加載，對，當你將設備安裝到位時，在 24 年和'25.但是我們必須開始為 22 和 23 年的人構建外殼容量。

Your other comments, we do expect some of the Intel 16 customers that some of those products will start ramping next year. So we do expect some of those design starts that are already underway today to start giving us some revenues for our foundry offerings on Intel 16 in '23. We would expect Intel 3 to start contributing in '24 and Intel 18A in '25 and beyond. So it's sort of that nice ramp. But we've also said, "Hey, we already have packaging customers, and those revenues have already started in Q4 of this year. And obviously, some of the services, some of these are paid for services as well.

您的其他評論，我們確實預計英特爾 16 位客戶中的一些產品將在明年開始增加。因此，我們確實希望今天已經開始的一些設計開始為我們在 23 年英特爾 16 代工產品提供一些收入。我們預計英特爾 3 將在 24 年開始做出貢獻，英特爾 18A 將在 25 年及以後開始做出貢獻。所以這是一個不錯的坡道。但我們也說過，“嘿，我們已經有了包裝客戶，這些收入已經在今年第四季度開始了。顯然，有些服務，其中一些也是為服務付費的。

So those will start contributing even before then. But overall, the world wants more capacity. The world is looking for leading-edge foundry capabilities. We've seen very strong interest from many different sectors. And I'll just say, across whether it's leading-edge, high-performance computing, mobile customers, industrial customers and clearly, automotive customers, a very broad swath of customers who are interested in the Intel foundry services and great momentum that we're seeing.

因此，這些人甚至會在此之前開始做出貢獻。但總的來說，世界需要更多的容量。世界正在尋找領先的代工能力。我們已經看到許多不同領域的強烈興趣。我只想說，無論是領先的高性能計算、移動客戶、工業客戶，還是汽車客戶，對英特爾代工服務和我們的巨大發展勢頭感興趣的非常廣泛的客戶。重看。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Welcome to Dave. I actually had a near and longer-term question on gross margins. So in the near term, I'm wondering, the 52%, how does this kind of evolve through the year? I know you're not trying to give a specific number right now. But what are the puts and takes and kind of the key drivers? Is this the floor or ceiling or kind of the average level that we should be thinking about?

歡迎來到戴夫。實際上，我對毛利率有一個近期和長期的問題。所以在短期內，我想知道，這 52% 的人在這一年中會如何發展？我知道你現在不想給出一個具體的數字。但關鍵驅動因素是什麼？這是我們應該考慮的地板或天花板或平均水平嗎？

And then longer-term impact, how do we reconcile that your main competitor who is kind of just fabless is pretty much at the same gross margins without having to spend any of the CapEx that Intel plans to spend? When can Intel start using the pricing power in the markets where you have very large incumbency?

然後是長期影響，我們如何調和您的主要競爭對手（只是無晶圓廠）的毛利率幾乎相同，而無需花費英特爾計劃花費的任何資本支出？英特爾何時可以開始在您擁有大量現有市場的市場中使用定價權？

Okay. Let me start, and Pat can certainly provide us color around pricing. So you're right that we are going to provide a lot more details around the year at the Investor Day and give you actually some perspective over the longer term. But I think I can help you think through a little bit about the trend based on the following commentary.

好的。讓我開始吧，Pat 當然可以為我們提供定價方面的信息。所以你是對的，我們將在投資者日提供更多的細節，並為你提供一些長期的看法。但是我想我可以根據以下評論幫助您對趨勢進行一些思考。

So in our third quarter earnings call that Pat and George were representing Intel, we said that we had to make investments, both in terms of newer process technologies and the start-up costs associated with that and we needed to ramp 10-nanometer. And that was going to put pressure on gross margins. And they create -- they presented a range of somewhere between 51% and 53% was the gross margin level that we would need to operate at while we were getting ourselves caught up from a technology perspective. So we're in that range for their guidance, the 52%. And we feel very good about 51% to 53% range for the year.

因此，在 Pat 和 George 代表英特爾的第三季度財報電話會議中，我們表示我們必須在更新的工藝技術和與之相關的啟動成本方面進行投資，我們需要增加 10 納米。這將對毛利率造成壓力。他們創造了——他們提出了介於 51% 和 53% 之間的範圍，這是我們在從技術角度趕上我們時需要運營的毛利率水平。因此，我們在他們的指導範圍內，即 52%。我們對今年的 51% 到 53% 的範圍感覺非常好。

So that's -- so when you look at this number, it can bounce around a little bit. But the 51% to 53% range we've given, we feel real confidence around for the time being. Now after that, as we get back to a leadership position in terms of technology and in terms of products, of course, there's absolutely opportunity to improve upon that. And we will, I think, provide you good evidence of that at the Investor Day in February. So that should give you some incentive to come.

所以那是 - 所以當你看到這個數字時，它可能會反彈一點。但是我們給出的 51% 到 53% 的範圍內，我們暫時感到真正的信心。在那之後，隨著我們在技術和產品方面重新回到領先地位，當然，絕對有機會在這方面進行改進。我認為，我們將在 2 月的投資者日為您提供很好的證據。所以這應該會給你一些動力來。

And a couple of comments on the longer-term margin picture, as we said, leadership products, when we get to process leadership, right, and the nice cadence for those process technologies, those will become nicely accelerants. And we said that we will see our margins recover in the latter part of the 5-year window that we gave guidance on our last earnings call. So we do see those as contributors, and we'll see our margins rise over time as a result.

正如我們所說，關於長期利潤率圖的一些評論，領導產品，當我們獲得流程領導時，正確的，以及這些流程技術的良好節奏，這些將成為很好的促進劑。我們說，在我們上次財報電話會議提供指導的 5 年窗口的後期，我們將看到我們的利潤率恢復。因此，我們確實將這些視為貢獻者，因此我們將看到我們的利潤率隨著時間的推移而上升。

Additionally, we do expect our long-term margins to be a composite of our foundry business, which will be on the lower end of the margin range that we'll operate the company in and combining that with the higher end of our leadership products as those occur. So we'll be giving a better characterization of that at the -- at our investor meeting as well.

此外，我們確實預計我們的長期利潤率將是我們代工業務的綜合，這將處於我們將經營公司的利潤率範圍的低端，並將其與我們領先產品的高端相結合那些發生。因此，我們還將在我們的投資者會議上對此進行更好的描述。

Further, we'd say, over time, we think we have a structurally superior margin model for our business where I think everybody is seeing acute inflation and foundry costs and others in the industry where our factory network will give us a lot more opportunities to create a more balanced cost structure that others in the industry will not be able to accomplish.

此外，我們會說，隨著時間的推移，我們認為我們的業務擁有結構上優越的利潤率模型，我認為每個人都看到了嚴重的通貨膨脹和代工成本以及我們工廠網絡將為我們提供更多機會的行業其他方面創造一個業內其他人無法實現的更平衡的成本結構。

So overall, we see great margin outlook, great cash flow and free cash flow opportunities over the horizon, and we'll characterize those much more carefully as part of our investor meeting. But we see the advantages of our business model over anybody else in the industry to be quite substantial for supply, for margin creation, for cash flow generation. And all of these will come together in a very powerful way.

因此，總體而言，我們看到了巨大的利潤前景、巨大的現金流和自由現金流機會，我們將在我們的投資者會議中更仔細地描述這些。但我們認為，我們的商業模式在供應、創造利潤和產生現金流方面比業內其他任何公司都具有相當大的優勢。所有這些都將以一種非常強大的方式結合在一起。

Our next question comes from the line of Chris Danely with Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

So you're spinning out Mobileye to maximize shareholder value, which I think everybody likes. Have you given any thought or is there any possibility of spinning out Altera to maximize shareholder value as well?

所以你正在剝離 Mobileye 以最大化股東價值，我認為這是每個人都喜歡的。您是否考慮過或者是否有可能將 Altera 分拆出去以實現股東價值最大化？

Thank you for the question. The Mobileye spinout, things are progressing smoothly. We'll give updates on that as appropriate as we go out over time. But -- and as we said, it will be a partial spin, so we still see continuing and substantive value creation for Mobileye having a high relationship with Intel. So we'll be updating on that as things progress there. I won't say that's the last one that we'll consider for such moves.

感謝你的提問。 Mobileye 分拆出來，事情進展順利。隨著時間的推移，我們會在適當的時候提供更新。但是——正如我們所說，這將是一個部分的旋轉，所以我們仍然看到 Mobileye 與英特爾保持著密切的關係，持續和實質性的價值創造。因此，隨著事情的進展，我們將對此進行更新。我不會說這是我們為此類舉措考慮的最後一個。

We see this as a formula for value creation that may have other areas that could benefit from such approaches from the Intel family as we look to the future. And we said this is a model for value creation that we think is a powerful one and one that we'll be exercising in the industry, but we have no other specifics to talk about at this time. But keep showing up, we're going to have lots of good things to talk about.

我們將其視為創造價值的公式，在我們展望未來時，其他領域可能會受益於英特爾家族的此類方法。我們說這是一種創造價值的模型，我們認為它是一種強大的模型，我們將在行業中運用它，但我們目前沒有其他細節可談。但是繼續出現，我們會有很多好話要談。

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

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

Pat, I had a question about how you think about DCG and your server share. And obviously, Sapphire Rapids is going to be a lot more competitive. But Gen was also going to be ramping kind of right on top of it. So -- is there kind of a line in the sand that you think of that you won't let share go below x percentage? Can you just talk big picture about how you think about market share in server? Is there a threshold over which you'd use price to get more competitive?

Pat，我有一個關於你如何看待 DCG 和你的服務器共享的問題。顯然，Sapphire Rapids 將更具競爭力。但 Gen 也將在此基礎上逐漸增加。那麼 - 您認為您不會讓份額低於 x 百分比嗎？你能談談你對服務器市場份額的看法嗎？是否有一個閾值，您可以使用價格來提高競爭力？

Yes. Thank you. And overall, we do see that the product line is getting more competitive. Sapphire Rapids will be a stronger product. But we're already seeing that the product line is getting more competitive with Ice Lake. And our Q4 numbers on Ice Lake were very good. And we see the Q4 equaled all of the shipments of the first 3 quarters of the year. So Ice Lake is an improvement. Sapphire Rapids gets better. We do expect that there's going to be a bit of to and fro with the competitive alternatives where they'll deliver a product, we'll deliver the next product.

是的。謝謝你。總體而言，我們確實看到產品線變得更具競爭力。 Sapphire Rapids 將是一個更強大的產品。但我們已經看到，該產品線與 Ice Lake 相比更具競爭力。我們在冰湖上的第四季度數據非常好。我們看到第四季度的出貨量等於今年前三個季度的所有出貨量。所以冰湖是一個改進。藍寶石急流變得更好。我們確實希望在他們提供產品的競爭性替代方案中會有一些來回，我們將提供下一個產品。

And as you've heard me say, we are on a path to sustained unquestioned leadership into this area. It's going to take us a few generations until we're unquestionably in a leadership position, but we believe our product teams, our packaging teams and our process technologies, our factory capacity, all of these give us the tools to create leadership products. And then we combine that with our platform leadership and our software technologies, we have a path to unquestioned leadership over time.

正如你聽到我說的，我們正朝著該領域持續毫無疑問的領導地位邁進。我們需要幾代人才能毫無疑問地處於領先地位，但我們相信我們的產品團隊、我們的包裝團隊和我們的工藝技術、我們的工廠產能，所有這些都為我們提供了創造領先產品的工具。然後，我們將其與我們的平台領導地位和軟件技術相結合，隨著時間的推移，我們有一條通往無可置疑的領導地位的道路。

Obviously, we believe we're going to have a superior cost structure, as we've already touched on, given that many of our server products come from our factories. So we're going to be in a better margin and cost position and capacity. We think we have a lot of tools to address market share over time. And we're going to dimensionalize the business a bit more as part of our Analyst Day coming up.

顯然，我們相信我們將擁有一個優越的成本結構，正如我們已經提到的那樣，因為我們的許多服務器產品都來自我們的工廠。因此，我們將處於更好的利潤率、成本地位和產能。我們認為我們有很多工具可以隨著時間的推移解決市場份額問題。作為即將到來的分析師日的一部分，我們將對業務進行更多的維度化。

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

我們的下一個問題來自 Matt Ramsay 和 Cowen 的對話。

Just following up on the Data Center Group. The revenue very strong, but the operating margin, I think, was down 10 points year-over-year. And I wanted to dig into that a little bit. The slides and the release mentioned an Intel federal charge, if you guys could quantify that. But the bigger part of the question is now with the Ice Lake ramp, there's a lot more volume in DCG that's going on to the 10-nanometer node.

只是跟進數據中心組。收入非常強勁，但我認為營業利潤率同比下降了 10 個百分點。我想深入研究一下。幻燈片和新聞稿提到了一項英特爾聯邦指控，如果你們可以量化的話。但現在問題的更大部分是冰湖坡道，DCG 中有更多的體積正在進入 10 納米節點。

And my question, Pat, is do we need to evolve the product set to where we get to Granite Rapids and we get off of 10-nanometer before we see margin improvement in DCG? Or is there going to Sapphire Rapids in a tiled approach with smaller tiles while still on 10? Is that enough for the margins to recover?

我的問題，帕特，我們是否需要將產品集發展到我們到達 Granite Rapids 的地方，並且在我們看到 DCG 的利潤率提高之前我們離開 10 納米？還是在仍然在 10 處的情況下以更小瓷磚的瓷磚方式前往藍寶石急流？這足以讓利潤率恢復嗎？

Do you want to start that, Dave?

你想開始嗎，戴夫？

Yes, I'll start. Yes. So I mean, just in the strict walk of the operating margins of the DCG business. So it's -- some of the things I talked about in terms of the aggregate story around gross margins, there's the ramp of 10-nanometer for the data center space. There's higher start-up costs associated with new process technologies, so that's certainly driving it. We also had a onetime charge in our E&G business for a federal charge that also negatively impacted the operating margins.

是的，我會開始的。是的。所以我的意思是，就 DCG 業務的營業利潤率而言。所以它是 - 我談到的關於毛利率的總體故事的一些事情，數據中心空間有 10 納米的斜坡。與新工藝技術相關的啟動成本更高，所以這肯定是推動它的原因。我們的 E&G 業務也曾因聯邦收費而被一次性收費，這也對營業利潤率產生了負面影響。

And then lastly, as we talked about, we are continuing to ramp up our investment in terms of product technology in R&D. And so we had some increased OpEx investment that also drove it. But all of this is kind of executing to the plan that Pat laid out a quarter or so ago. And so this is all part of where we wanted to be at this point to drive the future of the company.

最後，正如我們所談到的，我們將繼續加大對研發產品技術的投資。因此，我們增加了一些運營支出投資，這也推動了它。但所有這一切都在執行帕特大約四分之一前製定的計劃。因此，這就是我們目前想要推動公司未來發展的一部分。

Yes. And I'd say, over time, we absolutely expect that we're going to improve the operating margin of this business again. And we haven't ramped the new node for 5 years in our data center business. And that's something that -- it's an embarrassing thing to say on the one hand. And obviously, as a result, we've been in an area that we shouldn't have had operating margins that high in this business. It's just been that we've been running on very mature nodes well past the time that a normal cycle should be. And now we're aggressively ramping 10. We're also starting to ramp the cost of 7 and 4 as well.

是的。我想說，隨著時間的推移，我們絕對希望我們將再次提高這項業務的營業利潤率。而且我們已經有 5 年沒有在數據中心業務中增加新節點了。這就是——一方面說起來很尷尬。顯然，因此，我們所處的領域是我們不應該在這項業務中擁有如此高的營業利潤率。只是我們已經在非常成熟的節點上運行，遠遠超過了正常週期應有的時間。現在我們正在積極地提高 10。我們也開始提高 7 和 4 的成本。

So all of these taken together, I think you're seeing a very unusual period in the gross margins and operating margins of this business. We fully expect that this is a very healthy business for us long term. And as we're going through the cycle of new process technologies, investments in the business, nothing here is surprising to us. And you can expect that over the long term this is a great business for Intel as we ramp leadership process technologies with unquestioned leadership products, we're going to do well here.

因此，將所有這些加在一起，我認為您在該業務的毛利率和營業利潤率方面看到了一個非常不尋常的時期。從長遠來看，我們完全期望這對我們來說是一項非常健康的業務。隨著我們正在經歷新工藝技術的循環，對業務的投資，這裡沒有什麼讓我們感到驚訝的。你可以期待，從長遠來看，這對英特爾來說是一項偉大的業務，因為我們用無可置疑的領先產品來提升領先的工藝技術，我們會在這裡做得很好。

Our next question comes from the line of Srini Pajjuri with SMBC Nikko.

我們的下一個問題來自於 SMBC Nikko 的 Srini Pajjuri。

Dave, a question on gross margins, actually a clarification. If I take your, I guess, the fourth quarter result, 55%, and then add back the federal charge, and then you're guiding to 52% for Q1, that's roughly 5 to 6 points of drop. So I'm just wondering what are some of the puts and takes that impacting, if there are any? I mean I see the headwinds that you talked about, but I'm wondering if there are any tailwinds or mix-related impacts as well.

戴夫，關於毛利率的問題，實際上是一個澄清。如果我拿你的，我猜，第四季度的結果，55%，然後加上聯邦費用，然後你指導第一季度的 52%，那大約是 5 到 6 個點的下降。所以我只是想知道哪些看跌期權會產生影響，如果有的話？我的意思是我看到了你談到的逆風，但我想知道是否還有順風或與混合相關的影響。

Sure. So definitely, the federal charge not repeating itself in the first quarter is certainly helpful. And there are a couple of mix benefits that we're seeing. But the charges associated with ramping 10-nanometer, particularly in the data center space, and the start-up costs on Intel 4 are predominantly what's driving the reduced gross margins. But again, it's exactly where we thought we would be in the first fiscal quarter. I mean this is the number that we were planning to drive the business to. And ultimately, the ROI on all the investments we're making that drive headwinds in the gross margins for the first quarter will turn around and drive a very good ROI down the road.

當然。因此，毫無疑問，第一季度不重複的聯邦指控肯定是有幫助的。我們看到了一些混合的好處。但與增加 10 納米技術相關的費用，尤其是在數據中心領域，以及英特爾 4 的啟動成本是導致毛利率下降的主要因素。但同樣，這正是我們認為我們在第一財季的情況。我的意思是這是我們計劃推動業務發展的數字。最終，我們正在進行的所有投資的投資回報率都會導致第一季度的毛利率出現逆風，並將在未來推動非常好的投資回報率。

Our final question comes from the line of Ambrish Srivastava with BMO.

我們的最後一個問題來自 BMO 的 Ambrish Srivastava。

Pat, I just wanted to check in on the expansion plans that you have. How much of that is dependent on the Chips Act passing and also from other incentives? And I asked that because I was listening to your presentation, I guess, earlier in the week at the Ohio site. And you did make a comment there urging attendees to make sure that they weigh into the standard they can to get the act passed. So I just was wondering how much of that of the expansion plans are dependent on the act here as well as in Europe, some government incentives.

帕特，我只是想看看你的擴張計劃。其中有多少取決於《籌碼法案》的通過以及其他激勵措施？我問這個問題是因為我猜想是在本週早些時候在俄亥俄州的網站上聽你的演講的。你確實在那裡發表了評論，敦促與會者確保他們權衡他們可以通過該法案的標準。所以我只是想知道擴張計劃中有多少取決於這里以及歐洲的行為，以及一些政府的激勵措施。

Well, thank you for that question. It's one I hoped would be raised in the call. So thank you for that. And I'll just say overall, I mean, it was just a fabulous day in Ohio, right? The enthusiasm we've gotten. And as I said at the event, we're -- we help put silicon into Silicon Valley. We established the Silicon Forest in Oregon, the Silicon Desert in Arizona and now the Silicon Heartland. And the enthusiasm we've gotten from the leadership there, the governor, the congressional leaders and being able for this farm kid from Pennsylvania to stand on stage in the White House and say now it's my pleasure to introduce the President of the United States of America, just surreal.

嗯，謝謝你的問題。這是我希望在電話會議中提出的。非常感謝你的幫忙。我只想說總體而言，我的意思是，這只是在俄亥俄州度過美好的一天，對吧？我們得到的熱情。正如我在活動中所說，我們 - 我們幫助將矽帶入矽谷。我們在俄勒岡州建立了矽森林，在亞利桑那州建立了矽沙漠，現在是矽中心地帶。我們從那裡的領導層、州長、國會領導人那裡得到的熱情以及能夠讓這個來自賓夕法尼亞州的農場孩子站在白宮的舞台上說現在我很高興介紹美國總統美國，簡直是超現實的。

So just a fabulous day for Intel, our nation and our industry. Obviously, with the Chips Act going on the floor of the house, we're highly encouraged. And I spoke to Speaker Pelosi at length on this subject just yesterday as there you expect it will be debated on the floor next week. And hopefully, following what we expect will be passage in the house, a reconciliation process. So I'd say everybody is now more optimistic on this coming across the line in the near future.

因此，對於英特爾、我們的國家和我們的行業來說，這只是美好的一天。顯然，隨著《籌碼法案》的出台，我們受到了極大的鼓舞。就在昨天，我與佩洛西議長就這個問題進行了詳細的交談，正如你所期望的那樣，下週會在現場進行辯論。並且希望，按照我們的預期，將是在房子裡的通道，一個和解的過程。所以我想說，現在每個人都對在不久的將來越界感到更加樂觀。

Now obviously, I think we and others have viewed the passage of this as an accelerant for our investment plans. And as I've said very clearly, hey, we're going to build a site in Ohio. It could either be small or it could be big and fast. And with the passage of the Chips Act, it's going to be bigger, and we're going to build it out faster as a result. And we think that's good for our company. Even more important, it's good for our nation as we rebuild a resilient, globally balanced supply chain. And the events of just yesterday, getting the bill on the House floor, I think, is a very, very good sign for all that will get us across the line.

現在很明顯，我認為我們和其他人已將其通過視為我們投資計劃的促進劑。正如我已經非常清楚地說過的，嘿，我們將在俄亥俄州建立一個站點。它可能很小，也可能又大又快。隨著《籌碼法案》的通過，它會變得更大，因此我們將更快地建立它。我們認為這對我們公司有好處。更重要的是，這對我們的國家有好處，因為我們重建了一個有彈性的、全球平衡的供應鏈。就在昨天發生的事件，我認為在眾議院收到賬單是一個非常非常好的跡象，這一切都會讓我們越過這條線。

But even more so, right, we see acts in Europe that are gaining momentum as well in the EU Chips Act as well. And we've been quite involved in that domain, and we hope to see our expansion plans accelerate in Europe as well. So overall, all of these things will simply benefit the industry, but it certainly will accelerate our investment plans as it makes us more competitive globally to be for our products, but even more so for our foundry business as well. So thank you for that question.

但更重要的是，我們看到歐洲的行為在歐盟芯片法中也獲得了動力。我們已經在該領域投入了大量精力，我們希望看到我們在歐洲的擴張計劃也能加快推進。因此，總體而言，所有這些事情只會使行業受益，但它肯定會加速我們的投資計劃，因為它使我們在全球範圍內對我們的產品更具競爭力，對我們的代工業務而言更是如此。所以謝謝你的問題。

And with that, let me, again -- I do want to say thank you to Dave joining us for the first time. George, thank you again for your support, for the years that you've contributed in this critical period of the company. And I do want to remind you of the strategies. We're going to build the team, improve the execution. As we look back in 2021, we've made tremendous progress across all areas that we've laid out. We still do have a lot of work to do, but we're focused, energized and momentum is building. And I look forward to sharing our progress with you as we continue on this amazing journey. And Investor Day is coming up. We're going to lay out the strategy. We've got a lot to say. And this is a great business. We finished a great year. Thank you all for joining us today.

有了這個，讓我再一次 - 我真的想感謝戴夫第一次加入我們。喬治，再次感謝您的支持，感謝您在公司這個關鍵時期做出的貢獻。我確實想提醒你這些策略。我們將建立團隊，提高執行力。回顧 2021 年，我們在已佈局的所有領域都取得了巨大進展。我們還有很多工作要做，但我們很專注，精力充沛，勢頭正在增強。我期待著與您分享我們的進步，因為我們將繼續這一驚人的旅程。投資者日即將到來。我們將製定戰略。我們有很多話要說。這是一項偉大的事業。我們度過了美好的一年。感謝大家今天加入我們。

Thank you, Pat. Thank you, Dave and George.

謝謝你，帕特。謝謝你，戴夫和喬治。

Operator, can you please close the call?

接線員，你能掛斷電話嗎？

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。