英特爾 (INTC) 2020 Q2 法說會逐字稿

完整原文

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

  • Operator

    Operator

  • Ladies and gentlemen, thank you for standing by, and welcome to the Second Quarter 2020 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 2020 年第二季度收益電話會議。

  • (Operator Instructions) Please be advised that today's conference is being recorded.

    (操作員說明)請注意,今天的會議正在錄製中。

  • (Operator Instructions)

    (操作員說明)

  • I would now like to hand the conference over to your host today, Mr. Trey Campbell, Director of Investor Relations.

    我現在想將會議交給今天的主持人,投資者關係總監 Trey Campbell 先生。

  • Thank you.

    謝謝你。

  • Please go ahead, sir.

    請繼續,先生。

  • Trey Campbell - Head of IR

    Trey Campbell - Head of IR

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

    謝謝運營商,歡迎大家參加英特爾第二季度財報電話會議。

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

    到目前為止,您應該已經收到了我們的收益發布和收益演示文稿的副本。

  • If you've not received both documents, they're available on our investor website, intc.com.

    如果您沒有收到這兩個文件,可以在我們的投資者網站 intc.com 上找到它們。

  • The earnings presentation is also available in the webcast window for this joining us online.

    收益報告也可在網絡廣播窗口中獲得,以便在線加入我們。

  • 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。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Thanks, Trey, and thank you all for joining our call.

    謝謝,特雷,謝謝大家加入我們的電話。

  • Amid a very challenging environment, cloud and network infrastructure and PC capabilities have been vital in allowing businesses and people to continue to work, learn, stay connected and provide critical goods and services.

    在極具挑戰性的環境中,雲和網絡基礎設施以及 PC 功能對於讓企業和人們繼續工作、學習、保持聯繫以及提供關鍵商品和服務至關重要。

  • Those trends contributed to a very strong quarter in which we generated $19.7 billion in revenue and delivered $1.23 in earnings per share.

    這些趨勢促成了一個非常強勁的季度,我們創造了 197 億美元的收入和 1.23 美元的每股收益。

  • We exceeded our guidance by $1.2 billion on the top line and $0.13 on the bottom line.

    我們的收入超出了我們的指導 12 億美元,底線超出了 0.13 美元。

  • Our data-centric businesses grew 34% and drove approximately 52% of the company's revenue, and our PC-centric businesses grew 7%.

    我們以數據為中心的業務增長了 34%,為公司帶來了大約 52% 的收入,我們以 PC 為中心的業務增長了 7%。

  • I continue to be amazed by our employees and supply chain partners who have diligently worked to keep our business operating at a high level during this unprecedented challenge.

    我繼續對我們的員工和供應鏈合作夥伴感到驚訝,他們在這一前所未有的挑戰中努力工作以保持我們的業務在高水平運行。

  • COVID-19 has driven redesigned workflows and added additional environmental stress that I know has strained employees and ecosystem partners as they try to maintain productivity in this new world.

    COVID-19 推動了重新設計的工作流程並增加了額外的環境壓力,據我所知,這讓員工和生態系統合作夥伴在試圖在這個新世界中保持生產力時感到緊張。

  • I want to thank our employees and partners for their incredible contributions.

    我要感謝我們的員工和合作夥伴做出的令人難以置信的貢獻。

  • Our primary focus continues to be ensuring the safety and well-being of our global workforce, delivering for our customers and helping the communities in which we operate.

    我們的主要重點仍然是確保我們全球員工的安全和福祉,為我們的客戶提供服務並幫助我們經營所在的社區。

  • On each earnings call, I give updates about our progress against 3 key priorities: accelerating the growth of the company, improving our execution and continuing to thoughtfully deploy your capital.

    在每次財報電話會議上,我都會更新我們在 3 個關鍵優先事項方面的進展情況:加速公司的發展、提高我們的執行力以及繼續深思熟慮地部署您的資金。

  • Let me give you a few thoughts on each.

    讓我給你一些想法。

  • We're transforming the company to accelerate growth.

    我們正在改造公司以加速增長。

  • That means not just playing defense but position our business to grow share in the largest market opportunity in our history.

    這意味著不僅要進行防禦,還要將我們的業務定位為在我們歷史上最大的市場機會中增加份額。

  • We've built scale businesses indexed to key technology inflections such as cloud, AI, 5G and the intelligent and autonomous edge.

    我們已經建立了與雲、人工智能、5G 和智能和自主邊緣等關鍵技術變化相關的規模業務。

  • We see a world where everything increasingly looks like a computer, including our homes, our cars, our cities, our hospitals, our factories and now even our schools.

    我們看到了一個一切都越來越像計算機的世界,包括我們的家、我們的汽車、我們的城市、我們的醫院、我們的工廠,甚至我們的學校。

  • In this new world, our opportunity set becomes more than just the CPU.

    在這個新世界中,我們的機會集不僅僅是 CPU。

  • It's more and more Intel silicon inside more and more computers so we can have a larger impact on our customers' success.

    越來越多的計算機中使用了越來越多的英特爾芯片,因此我們可以對客戶的成功產生更大的影響。

  • That diversity is one critical factor in driving today's results.

    這種多樣性是推動今天結果的一個關鍵因素。

  • I'll highlight a few examples from the last 90 days.

    我將重點介紹過去 90 天的幾個例子。

  • AI use cases are becoming pervasive, and we are embedding AI capability into all our products.

    AI 用例正變得無處不在,我們正在將 AI 功能嵌入到我們所有的產品中。

  • Our Xeon platform is foundational for data center AI with value, scalability, built-in AI acceleration and inference leadership.

    我們的至強平台是數據中心人工智能的基礎,具有價值、可擴展性、內置人工智能加速和推理領先地位。

  • This quarter, we launched our third-generation Intel Xeon Scalable processor, Cooper Lake, which is the first mainstream server CPU, bfloat16 support, which increases AI throughput by reducing the amount of data required for the same accuracy.

    本季度,我們推出了我們的第三代 Intel Xeon Scalable 處理器 Cooper Lake,它是第一個主流服務器 CPU,支持 bfloat16,通過減少相同精度所需的數據量來提高 AI 吞吐量。

  • Developers can use and test latest Intel optimized versions of TensorFlow and PyTorch to train their models using bfloat16 and the Intel distribution of OpenVINO to deploy optimized inference from cloud to edge.

    開發人員可以使用和測試最新的英特爾優化版本的 TensorFlow 和 PyTorch,使用 bfloat16 和英特爾發布的 OpenVINO 來訓練他們的模型,以部署從雲端到邊緣的優化推理。

  • In Q2, both our cloud and comms service provider businesses grew more than 40% year-over-year as critical cloud-delivered applications continued to scale and 5G build-outs accelerated.

    在第二季度,隨著關鍵的雲交付應用程序繼續擴展和 5G 建設加速,我們的雲和通信服務提供商業務同比增長超過 40%。

  • Leading cloud service providers, including Alibaba, Baidu, Facebook and Tencent, announced they are adopting our third-gen Intel Xeon Scalable processors into their infrastructure and services.

    包括阿里巴巴、百度、Facebook 和騰訊在內的領先雲服務提供商宣布,他們將在其基礎架構和服務中採用我們的第三代英特爾至強可擴展處理器。

  • Also this quarter, Azure introduced several new Xeon Scalable instances, including general purpose and memory optimized Azure virtual machines.

    同樣在本季度,Azure 推出了幾個新的 Xeon Scalable 實例,包括通用和內存優化的 Azure 虛擬機。

  • We were also excited to be part of an industry first with Rakuten's full-scale commercial launch of its mobile carrier service.

    我們也很高興能成為樂天全面商業推出其移動運營商服務的行業第一人。

  • This service is the world's first end-to-end, fully virtualized, cloud native mobile network, and it's powered by Intel processors and FPGAs from the radio access network to the 5G-ready mobile core.

    這項服務是世界上第一個端到端、完全虛擬化的雲原生移動網絡,它由英特爾處理器和 FPGA 提供支持,從無線接入網絡到支持 5G 的移動核心。

  • Compute capabilities are moving from the cloud to the edge and catalyzing a vast array of new usages and market opportunities.

    計算能力正在從雲端轉移到邊緣,並催生了大量的新用途和市場機會。

  • The largest opportunity we see at the edge is the $230 billion 2030 TAM for ADAS, data and Mobility-as-a-Service technologies.

    我們在邊緣看到的最大機會是 2030 年價值 2300 億美元的用於 ADAS、數據和移動即服務技術的 TAM。

  • Since the last call, we acquired Moovit, a leading Mobility-as-a-Service solution company.

    自上次電話會議以來,我們收購了領先的移動即服務解決方案公司 Moovit。

  • Combining Mobileye's market-leading ADAS and AD technologies with Moovit accelerates our ability to become a full-stack mobility provider and truly revolutionize transportation.

    將 Mobileye 市場領先的 ADAS 和 AD 技術與 Moovit 相結合,加快了我們成為全棧移動提供商並真正徹底改變交通方式的能力。

  • The most important demonstration of the power of our technologies is the commitment of our customers, and we are excited this week to announce a significant design win with Ford.

    我們技術力量的最重要展示是我們客戶的承諾,我們很高興本周宣布與福特取得重大設計勝利。

  • Design win to date in 2020 include multiple new ADAS production programs, representing cumulative volume of over 20 million units.

    2020 年迄今為止的設計勝利包括多個新的 ADAS 生產計劃,累計產量超過 2000 萬台。

  • We're also driving incredible innovation for our customers across a wide spectrum of PC use cases.

    我們還在廣泛的 PC 用例中為我們的客戶推動令人難以置信的創新。

  • This quarter, we introduced 3 new additions to our 10th gen processor family, extending our leadership in gaming and business.

    本季度,我們為第 10 代處理器系列推出了 3 款新產品,擴大了我們在遊戲和商業領域的領先地位。

  • The Core S- and H-series processors for desktop and mobile gaming deliver speeds out of the box reaching up to 5.3 gigahertz, making them the world's fastest gaming processors; and our new 10th-gen Intel Core vPRO processors deliver uncompromised productivity and hardware-based security for commercial PCs.

    用於桌面和移動遊戲的 Core S 系列和 H 系列處理器提供高達 5.3 GHz 的開箱即用速度,使其成為世界上最快的遊戲處理器;我們全新的第 10 代 Intel Core vPRO 處理器為商用 PC 提供無與倫比的生產力和基於硬件的安全性。

  • Q2 also marked the launch of Lakefield, featuring our new Intel hybrid technology, which is a hybrid CPU architecture for power and performance scalability.

    第二季度還標誌著 Lakefield 的推出,採用了我們新的英特爾混合技術,這是一種混合 CPU 架構,可實現功率和性能可擴展性。

  • We also continue to work on improving our execution.

    我們還將繼續努力提高我們的執行力。

  • Intel employees and our supply chain partners have role modeled teamwork in navigating difficult conditions while working to support customer upsides during the crisis.

    英特爾員工和我們的供應鏈合作夥伴以團隊合作為榜樣,在困難的條件下導航,同時在危機期間努力支持客戶的利益。

  • We have made significant progress in increasing our capacity and improving our supply while delivering $2 billion above our plans through the first 6 months of the year.

    我們在增加產能和改善供應方面取得了重大進展,同時在今年前 6 個月交付了超過我們計劃的 20 億美元。

  • We're on track to return to more normal levels of PC inventory as we work through the second half of the year.

    隨著我們在下半年的工作,我們有望恢復到更正常的 PC 庫存水平。

  • Acceleration of our next-generation products continues.

    我們的下一代產品繼續加速。

  • We now expect to increase our 10-nanometer-based product shipments for the year by more than 20% versus our January expectations.

    我們現在預計今年 10 納米產品的出貨量將比我們 1 月份的預期增加 20% 以上。

  • Customer demand for our family of 10-nanometer-based SoCs for 5G base station designs is also very strong.

    客戶對我們用於 5G 基站設計的 10 納米 SoC 系列產品的需求也非常強勁。

  • We delivered a full node of performance improvement within our 14-nanometer-based products by optimizing our product and process together, and the power of our intra-node improvements continues with our next-generation 10-nanometer-based client product, Tiger Lake.

    我們通過共同優化我們的產品和流程,在基於 14 納米的產品中實現了性能改進的完整節點,並且我們的節點內改進的力量在我們的下一代基於 10 納米的客戶端產品 Tiger Lake 中繼續存在。

  • Tiger Lake delivers breakthrough performance in CPU, graphics and AI, and we'll be shipping to customers in a matter of weeks.

    Tiger Lake 在 CPU、圖形和 AI 方面提供突破性的性能,我們將在幾週內發貨給客戶。

  • We are also targeting initial production shipments for our first 10-nanometer-based Xeon Scalable product, Ice Lake, for the end of the year.

    我們還計劃在今年年底為我們的第一個 10 納米至強可擴展產品 Ice Lake 提供初始生產出貨量。

  • And we have a pipeline of exciting new product architectures for 2021 led by Alder Lake for client and Sapphire Rapids for server.

    我們擁有一系列令人興奮的 2021 年新產品架構,由 Alder Lake 領導客戶端和 Sapphire Rapids 領導服務器。

  • Both products will start initial production shipments in the second half of '21.

    兩種產品都將在 21 年下半年開始量產出貨。

  • Let me provide some updates on our technology road map.

    讓我提供一些關於我們技術路線圖的更新。

  • We continue to demonstrate proof points of our breakthrough advanced packaging technologies.

    我們繼續展示我們突破性的先進封裝技術的證明點。

  • Our Lakefield product, which I mentioned earlier, delivers scale production of our 3D packaging technology, Foveros, combining both 10-nanometer and 22-nanometer capabilities in a disaggregated architecture.

    我之前提到的我們的 Lakefield 產品提供了我們的 3D 封裝技術 Foveros 的規模生產,將 10 納米和 22 納米的能力結合在一個分解的架構中。

  • This quarter also marked a significant milestone in our data center GPU technology.

    本季度也標誌著我們數據中心 GPU 技術的一個重要里程碑。

  • We successfully powered a petaflop scale GPU with high bandwidth memory, using our advanced embedded multi-die interconnect bridge, or EMIB, 2D packaging technology.

    我們使用我們先進的嵌入式多芯片互連橋或 EMIB、2D 封裝技術,成功地為具有高帶寬內存的 PB 級 GPU 供電。

  • Turning to our 7-nanometer technology.

    轉向我們的 7 納米技術。

  • We are seeing an approximate 6-month shift in our 7-nanometer-based CPU product timing relative to prior expectations.

    與之前的預期相比,我們看到基於 7 納米的 CPU 產品時間大約有 6 個月的變化。

  • The primary driver is the yield of our 7-nanometer process, which, based on recent data, is now trending approximately 12 months behind our internal target.

    主要驅動因素是我們 7 納米工藝的產量,根據最近的數據,該工藝現在比我們的內部目標落後大約 12 個月。

  • We have identified a defect mode in our 7-nanometer process that resulted in yield degradation.

    我們在 7 納米工藝中發現了一種導致良率下降的缺陷模式。

  • We've root caused the issue, and believe there are no fundamental roadblocks.

    我們已經從根源上解決了這個問題,並且相信沒有根本的障礙。

  • But we have also invested in contingency plans to hedge against further schedule uncertainty.

    但我們也投資了應急計劃,以對沖進一步的時間表不確定性。

  • We're mitigating the impact of the process delay on our product schedules by leveraging improvements in design methodology such as die disaggregation and advanced packaging.

    我們正在通過改進設計方法(例如芯片分解和先進封裝)來減輕工藝延遲對我們的產品計劃的影響。

  • We have learned from the challenges in our 10-nanometer transition and have a milestone-driven approach to ensure our product competitiveness is not impacted by our process technology road map.

    我們從 10 納米過渡的挑戰中吸取了教訓,並採用里程碑式的方法來確保我們的產品競爭力不受我們的工藝技術路線圖的影響。

  • Our overarching priority is to deliver product leadership for our customers, and we are taking the right steps to produce a strong lineup of leadership products.

    我們的首要任務是為我們的客戶提供產品領先地位,我們正在採取正確的步驟來生產強大的領先產品陣容。

  • We will continue to invest in our future process technology road map, but we will be pragmatic and objective in deploying the process technology that delivers the most predictability and performance for our customers, whether that be on our process, external foundry process or a combination of both.

    我們將繼續投資於我們未來的工藝技術路線圖,但我們將務實和客觀地部署為我們的客戶提供最大可預測性和性能的工藝技術,無論是在我們的工藝、外部鑄造工藝還是在兩個都。

  • Our advanced packaging technologies, combined with our disaggregated architecture, give us tremendous flexibility to use the process technology that best serves our customers.

    我們先進的封裝技術與我們的分解架構相結合,為我們提供了極大的靈活性,可以使用最能為我們的客戶服務的工藝技術。

  • As an example, our data center GPU design, Ponte Vecchio, will now be released in late 2021 or early 2022, utilizing external and internal process technologies, combined with our world-leading packaging technologies.

    例如,我們的數據中心 GPU 設計 Ponte Vecchio 現在將在 2021 年底或 2022 年初發布,採用外部和內部工藝技術,並結合我們世界領先的封裝技術。

  • We now expect to see initial production shipments of our first Intel-based 7-nanometer product, a client CPU, in late '22 or early '23.

    我們現在預計,我們的第一個基於英特爾的 7 納米產品(客戶端 CPU)將在 22 年末或 23 年初首次生產出貨。

  • We are also focused on maintaining an annual cadence of significant product improvements independent of our process road map, including the holiday refresh window of 2022.

    我們還專注於保持獨立於我們的流程路線圖的重大產品改進的年度節奏,包括 2022 年的假期更新窗口。

  • In addition, we expect to see initial production shipments of our first Intel-based 7-nanometer data center CPU design in the first half of '23.

    此外,我們預計我們的第一個基於英特爾的 7 納米數據中心 CPU 設計將在 23 年上半年首次量產。

  • Finally, while process technology is very important, it is only one of the 6 technology pillars of innovation that drive differentiation in our products.

    最後,雖然工藝技術非常重要,但它只是推動我們產品差異化的 6 大創新技術支柱之一。

  • You will hear more about advances across all 6 technology pillars: process, packaging, architecture, memory, interconnect and security/software at the upcoming Intel Architecture Day.

    您將在即將到來的英特爾架構日聽到更多關於所有 6 個技術支柱的進步:工藝、封裝、架構、內存、互連和安全/軟件。

  • Last, we are focused on the thoughtful allocation of your capital.

    最後,我們專注於對您的資金進行周到的分配。

  • We are investing to grow our capabilities even as we deliver significant free cash flow this year.

    即使我們今年提供了大量的自由現金流,我們仍在投資以提高我們的能力。

  • Since 2015, we have grown R&D spending by more than $1 billion while divesting noncore assets and reducing overall spending as a percentage of revenue by 9 points.

    自 2015 年以來,我們的研發支出增加了超過 10 億美元,同時剝離了非核心資產,並將總體支出佔收入的百分比降低了 9 個百分點。

  • We also look for opportunities to augment our product lines and speed the pace at which we can grow the company.

    我們還尋找機會擴大我們的產品線並加快公司發展的步伐。

  • As discussed earlier, we acquired Moovit this quarter, investing approximately $900 million to dramatically accelerate our capability to capitalize on the $160 billion Mobility-as-a-Service opportunity.

    如前所述,我們在本季度收購了 Moovit,投資約 9 億美元,以顯著提高我們利用 1600 億美元的移動即服務機會的能力。

  • We also announced a $250 million investment in Jio Platforms, a high-speed wireless connectivity and digital services provider, to help fuel digital transformation in India.

    我們還宣布向高速無線連接和數字服務提供商 Jio Platforms 投資 2.5 億美元,以幫助推動印度的數字化轉型。

  • Our purpose to deliver world-changing technology that enriches the lives of every person on Earth has never been more essential, but the global problems we face are bigger than any one company can solve alone.

    我們提供改變世界的技術以豐富地球上每個人的生活的目標從未如此重要,但我們面臨的全球性問題比任何一家公司都無法單獨解決。

  • That's why we established 2030 corporate responsibility goals, which call for a collective response to revolutionize health and safety, make technology fully inclusive and help address climate change.

    這就是我們制定 2030 年企業責任目標的原因,該目標呼籲採取集體應對措施,徹底改變健康和安全,使技術具有完全包容性,並幫助應對氣候變化。

  • We've also committed more than $50 million and extended our expertise, global reach and influence to combat COVID-19 as well as social injustice.

    我們還投入了超過 5000 萬美元,並擴大了我們的專業知識、全球影響力和影響力,以對抗 COVID-19 和社會不公。

  • The early results of our pandemic response technology initiative, which we announced earlier this week, underscore Intel's unique ability to partner and collectively solve critical problems.

    我們本週早些時候宣布的大流行應對技術計劃的早期成果凸顯了英特爾合作並共同解決關鍵問題的獨特能力。

  • In closing, I want to thank all our employees who are working through this challenging time to deliver our purpose and support our customers.

    最後,我要感謝我們所有的員工,他們在這個充滿挑戰的時期努力實現我們的目標並支持我們的客戶。

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • Thanks, Bob, and good afternoon, everyone.

    謝謝,鮑勃,大家下午好。

  • The atypical seasonal effects of COVID-related demand for mobility products and data center infrastructure continued in Q2, resulting in record Q2 revenue for CCG, DCG and memory.

    與 COVID 相關的移動產品和數據中心基礎設施需求的非典型季節性影響在第二季度繼續存在,導致 CCG、DCG 和內存的第二季度收入創紀錄。

  • Revenue came in at $19.7 billion, up 20% year-on-year, and $1.2 billion higher than guide.

    收入為 197 億美元,同比增長 20%,比預期高出 12 億美元。

  • Data-centric revenue of $10.2 billion, up 34% year-on-year, represented 52% of our total revenue, an all-time high.

    以數據為中心的收入為 102 億美元,同比增長 34%,占我們總收入的 52%,創歷史新高。

  • Strong demand for NAND and 5G networking solutions and richer server mix drove most of the upside versus our expectations.

    對 NAND 和 5G 網絡解決方案的強勁需求以及更豐富的服務器組合推動了大部分的上漲,而不是我們的預期。

  • Q2 PC-centric revenue was $9.5 billion, up 7% year-on-year on strong notebook PC sales enabled through increased manufacturing supply on capacity additions over the past year.

    第二季度以 PC 為中心的收入為 95 億美元,同比增長 7%,原因是過去一年產能增加導致製造供應增加,筆記本電腦銷售強勁。

  • Gross margin for the quarter was 55%, slightly below expectations, on higher product costs from faster uptake of our 5G ASIC products, which are margin dilutive relative to the company average, and also continued acceleration of 10-nanometer products overall, partially offset by a shift of costs from cost of sales to R&D related to 7-nanometer product timing.

    本季度的毛利率為 55%,略低於預期,原因是我們的 5G ASIC 產品的更快採用導致產品成本上升,相對於公司平均水平而言,利潤率稀釋,以及 10 納米產品整體的持續加速,部分抵消了成本從銷售成本轉移到與 7 納米產品時間相關的研發成本。

  • As a reminder, we expected an approximate 3-point reduction in gross margin in the second quarter on the effect of pre-PRQ reserves for our Tiger Lake client product.

    提醒一下,由於我們的 Tiger Lake 客戶產品的 PRQ 前儲備的影響,我們預計第二季度毛利率將下降約 3 個百分點。

  • This is largely a timing item with respect to the full year as we benefit from the $0 units in our initial sales of product, which will begin this quarter.

    這在很大程度上是關於全年的時間項目,因為我們將從本季度開始的產品初始銷售中的 0 美元單位受益。

  • Operating margin of 31% in the quarter was approximately flat versus last year as spending efficiency offset lower gross margin.

    由於支出效率抵消了較低的毛利率,本季度 31% 的營業利潤率與去年基本持平。

  • Q2 EPS was $1.23, $0.13 above our guide as stronger-than-expected operating results from notebook, memory and a richer mix of server products, along with higher gains in our trading asset portfolios, offset increased costs from our 10-nanometer acceleration and the effects of a discrete foreign tax item.

    第二季度每股收益為 1.23 美元,比我們的指導高 0.13 美元,因為筆記本電腦、內存和更豐富的服務器產品組合的經營業績強於預期,以及我們交易資產組合的更高收益,抵消了我們 10 納米加速和離散外國稅收項目的影響。

  • In Q2, we generated $11.2 billion in operating cash flow and invested $3.4 billion in CapEx, with $7.7 billion of free cash flow up 92% year-over-year.

    在第二季度,我們產生了 112 億美元的運營現金流,並在資本支出上投資了 34 億美元,其中 77 億美元的自由現金流同比增長了 92%。

  • We returned $1.4 billion to shareholders via dividends.

    我們通過股息向股東返還了 14 億美元。

  • As a reminder, we paused our share repurchase program in Q1 as we felt it was prudent to do so in the current economic environment.

    提醒一下,我們在第一季度暫停了股票回購計劃,因為我們認為在當前的經濟環境下這樣做是謹慎的。

  • We expect to complete the balance of our $20 billion share repurchase program and return to our historical capital return practices when market dynamics stabilize.

    我們預計在市場動態穩定時完成我們 200 億美元的股票回購計劃的餘額,並恢復我們的歷史資本回報做法。

  • Moving to segment performance in Q2.

    轉向第二季度的細分市場表現。

  • Data Center Group revenue of $7.1 billion was up 43% from the prior year, coming in higher than expectations, with strength across our customer segments.

    數據中心集團收入為 71 億美元,比上年增長 43%,高於預期,在我們的客戶群中表現強勁。

  • Year-over-year platform volumes and ASPs were up 29% and 5%, respectively.

    平台數量和 ASP 同比分別增長 29% 和 5%。

  • DCG adjacencies also delivered significant growth with revenue up 118% year-on-year on strong adoption of 5G networking solutions.

    由於 5G 網絡解決方案的大力採用,DCG 鄰接也實現了顯著增長,收入同比增長 118%。

  • While year-over-year comparisons for DCG benefited from a weaker Q2 '19, revenue in the quarter came in at the second highest level ever for DCG and the highest revenue ever in our cloud business.

    雖然 DCG 的同比比較受益於 19 年第二季度的疲軟,但該季度的收入是 DCG 有史以來的第二高水平,也是我們雲業務有史以來的最高收入。

  • Revenue year-over-year was up 47% in cloud, 34% in enterprise and government and 44% for communications service providers.

    雲計算收入同比增長 47%,企業和政府收入同比增長 34%,通信服務提供商收入同比增長 44%。

  • Operating margin was 44%, up 8% year-on-year on higher revenue and high-end compute mix.

    由於收入增加和高端計算組合,營業利潤率為 44%,同比增長 8%。

  • We see increased competition this year, but we've also seen strong customer response to our product portfolio and now expect to end the year with market share that is somewhat higher than our original expectations.

    我們看到今年競爭加劇,但我們也看到客戶對我們的產品組合的強烈反應,現在預計到今年年底市場份額將略高於我們最初的預期。

  • Our other data-centric businesses were up 14% year-over-year, primarily on the NAND dynamics in Q2, despite significant COVID headwinds impacting demand in our more GDP-sensitive businesses, IOTG and Mobileye.

    我們的其他以數據為中心的業務同比增長 14%,主要是由於第二季度的 NAND 動態,儘管 COVID 的重大不利因素影響了我們對 GDP 更為敏感的業務 IOTG 和 Mobileye 的需求。

  • IOTG revenue and operating income declined 32% and 76%, respectively, primarily on lower revenue from industrial, retail and vision segments.

    IOTG 收入和營業收入分別下降 32% 和 76%,主要是由於工業、零售和視覺領域的收入下降。

  • Mobileye revenue was down 27%, and operating income turned to a modest loss as the decline in global auto sales more than offset continued ADAS penetration and new IQ program launches.

    Mobileye 收入下降 27%,營業收入轉為小幅虧損,因為全球汽車銷量的下降抵消了 ADAS 持續滲透和新 IQ 計劃推出的影響。

  • NSG's record quarterly revenue of approximately $1.7 billion was up 76% year-on-year on strong NAND bit growth and improved pricing.

    NSG 創紀錄的季度收入約為 17 億美元,同比增長 76%,這得益於強勁的 NAND 位增長和定價改善。

  • Q2 was an all-time record for quarterly revenue for our memory business.

    第二季度是我們內存業務季度收入的歷史記錄。

  • The business also returned to profitability this quarter, generating approximately $300 million in operating income.

    該業務在本季度也恢復了盈利,產生了約 3 億美元的營業收入。

  • PSG revenue grew 2% year-over-year on cloud strength, which was partially offset by weaker demand from embedded and communications segments.

    PSG 收入在雲實力的推動下同比增長 2%,這部分被嵌入式和通信領域的需求疲軟所抵消。

  • Operating income was up 54% on richer product mix and improved unit cost.

    由於更豐富的產品組合和改善的單位成本,營業收入增長了 54%。

  • CCG revenue was $9.5 billion in Q2, up 7% year-over-year, driven by notebook demand and higher modem and WiFi sales, which more than offset lower desktop volumes.

    CCG 在第二季度的收入為 95 億美元,同比增長 7%,這主要得益於筆記本電腦需求以及調製解調器和 WiFi 銷量的增長,這足以抵消台式機銷量的下降。

  • PC unit volumes were up 2% year-over-year on higher notebook demand and increased supply.

    由於筆記本電腦需求增加和供應增加,個人電腦銷量同比增長 2%。

  • We expect our share to improve throughout the remainder of the year as we begin to recover unit share in notebooks, utilizing our smaller core products which we have not been able to fully serve given the strength of demand for our large core products.

    隨著我們開始恢復筆記本電腦的單位份額,我們預計我們的份額將在今年剩餘時間內有所改善,利用我們較小的核心產品,鑑於對我們大型核心產品的需求強勁,我們無法充分服務這些產品。

  • Operating margin was 30%, down 12 points year-on-year as higher unit costs associated with the ramp of 10-nanometer products and the pre-PRQ reserves ahead of our Q3 Tiger Lake launch more than offset the benefits of higher revenue.

    營業利潤率為 30%,同比下降 12 個百分點,原因是與 10 納米產品的增加相關的更高單位成本以及在我們第三季度 Tiger Lake 推出之前的 PRQ 前儲備,抵消了更高收入的好處。

  • Moving now to our third quarter outlook.

    現在轉到我們的第三季度展望。

  • Based on demand signals from our customers, we expect continued strength in cloud and comms infrastructure and consumer notebook PCs in Q3, but we expect that the weak economic environment will impact our commercial PC business, particularly the desktop form factor, and also drive lower demand for the enterprise and government segment in DCG and in IOTG and Mobileye.

    根據客戶的需求信號,我們預計第三季度雲和通信基礎設施以及消費筆記本電腦將繼續走強,但我們預計疲軟的經濟環境將影響我們的商用 PC 業務,尤其是台式機外形,並推動需求下降適用於 DCG 以及 IOTG 和 Mobileye 的企業和政府部門。

  • As a result, we expect total revenue of $18.2 billion, with PC-centric and data-centric businesses down mid-single digits year-over-year.

    因此,我們預計總收入為 182 億美元,以 PC 為中心和以數據為中心的業務同比下降中個位數。

  • In Q3, we expect the PC TAM to be down high single digits year-over-year on OEM inventory drawdown, softer desktop demand and the effects of the global recession.

    在第三季度,由於 OEM 庫存下降、桌面需求疲軟和全球經濟衰退的影響,我們預計 PC TAM 將同比下降高個位數。

  • Gross margin is expected to be approximately 57%, down 3.5 points year-over-year as the accelerated ramp of 10-nanometer products and lower platform revenue more than offset NAND margin improvement.

    毛利率預計約為 57%,同比下降 3.5 個百分點,因為 10 納米產品的加速增長和平台收入的下降抵消了 NAND 利潤率的提高。

  • We are expecting a tax rate of approximately 15.5% in Q3.

    我們預計第三季度的稅率約為 15.5%。

  • This is approximately 2 to 2.5 points above our previous expectations, primarily due to a lower FDII benefit in the year, a temporary reduction in R&D tax credits in California and the effect of a pushout of a foreign grant.

    這比我們之前的預期高出大約 2 到 2.5 個百分點,主要是由於今年 FDII 收益較低、加利福尼亞州研發稅收抵免暫時減少以及外國贈款推出的影響。

  • The higher tax rate is reducing our EPS in the quarter by approximately $0.03 versus our prior rate expectations.

    與我們之前的利率預期相比,較高的稅率使我們本季度的每股收益減少了約 0.03 美元。

  • As a result, Q3 EPS is expected to be approximately $1.10 per share.

    因此,第三季度每股收益預計約為每股 1.10 美元。

  • Moving to full year.

    移動到全年。

  • We are providing full year guidance, although visibility remains somewhat limited into the fourth quarter.

    我們正在提供全年指導,儘管到第四季度的能見度仍然有限。

  • Still, we do expect some part of the company's first half outperformance will be additive to our estimate for full year revenue.

    儘管如此,我們確實預計該公司上半年的部分業績將增加我們對全年收入的估計。

  • We are now forecasting revenue of $75 billion and EPS of approximately $4.85.

    我們現在預測收入為 750 億美元,每股收益約為 4.85 美元。

  • We expect our PC-centric business to be flat to slightly down against the PC TAM that is down mid-single digits year-over-year.

    我們預計我們以 PC 為中心的業務將與 PC TAM 持平或略有下降,PC TAM 同比下降中個位數。

  • Following a very strong first half of the year, we expect demand trends to moderate in the second half as weaker global GDP and the maturing Win 10 commercial refresh drive a lower PC TAM.

    在上半年非常強勁之後,我們預計下半年需求趨勢將放緩,因為全球 GDP 疲軟和成熟的 Win 10 商業更新推動了較低的 PC TAM。

  • Again, we also expect to increase our market segment share as we have greater supply for entry PC designs.

    同樣,我們也希望增加我們的市場份額,因為我們有更多的入門 PC 設計供應。

  • Additionally, we are forecasting lower modem revenue in the second half.

    此外,我們預計下半年調製解調器收入將下降。

  • We expect revenue from our data-centric businesses to be up approximately 10% for the full year on strong cloud demand and increased 5G build-outs.

    我們預計,由於強勁的雲需求和增加的 5G 建設,我們以數據為中心的業務全年的收入將增長約 10%。

  • After significant cloud expansion in the first half and into Q3, we expect capacity expansion to moderate as CSPs move to a digestion phase.

    在上半年和第三季度大幅擴展雲之後,我們預計隨著 CSP 進入消化階段,容量擴張將放緩。

  • We are also planning for an increasingly competitive environment as we move into the second half.

    隨著我們進入下半年,我們還計劃應對競爭日益激烈的環境。

  • We expect continued global GDP-related impacts to our IOTG and Mobileye businesses in the second half of the year.

    我們預計下半年將繼續對我們的 IOTG 和 Mobileye 業務產生與全球 GDP 相關的影響。

  • Overall, our implied first half/second half revenue contribution is an anomalous 53% to 47% as opposed to a more typical year with underserved seasonal volume patterns of 46% and 54%, respectively.

    總體而言,我們隱含的上半年/下半年收入貢獻是異常的 53% 至 47%,而不是更典型的年份,即服務不足的季節性銷量模式分別為 46% 和 54%。

  • Gross margin is expected to be 58% for the year, down 1 point versus our original expectations for the year and 2 points lower year-over-year.

    全年毛利率預計為 58%,比我們最初的預期下降 1 個百分點,同比下降 2 個百分點。

  • This change is being largely driven by higher costs from higher-than-expected demand for our 10-nanometer products and the pushout of a government grant for our memory business.

    這一變化主要是由於對我們的 10 納米產品的需求高於預期以及政府為我們的內存業務推出的撥款導致成本上升。

  • These effects, coupled with softness in our IoT businesses, more than offset the stronger overall demand, improved mix in DCG and the shift in some spending between OpEx and cost of sales related to the product timing delays Bob discussed earlier.

    這些影響,再加上我們物聯網業務的疲軟,足以抵消整體需求的強勁增長、DCG 組合的改善以及與 Bob 之前討論的產品時間延遲相關的運營支出和銷售成本之間的一些支出的轉變。

  • Spending for the year is expected to be approximately $19.7 billion or 26% of revenue, down 1 point year-on-year.

    全年支出預計約為 197 億美元,佔收入的 26%,同比下降 1 個百分點。

  • Full year spending is up versus our January expectations on higher R&D expenditures, including the previously discussed shift between OpEx and cost of sales and costs related to COVID, partially offsetting the cost reductions on the modem exit and other portfolio actions as well as ongoing SG&A productivity gains.

    全年支出高於我們 1 月份對更高研發支出的預期,包括之前討論的運營支出與銷售成本之間的轉變以及與 COVID 相關的成本,部分抵消了調製解調器退出和其他投資組合行動的成本降低以及持續的 SG&A 生產力收益。

  • The resulting operating margin is 32%, down 1 point year-over-year the tax rate is expected to be 14.5%, reflecting the impact of discrete items and the lower FDII benefit.

    由此產生的營業利潤率為 32%,同比下降 1 個百分點,稅率預計為 14.5%,反映了離散項目的影響和較低的 FDII 收益。

  • Full year EPS of $4.85 is $0.15 below our January expectations as increased server and notebook PC demand and slightly higher equity gains are more than offset by COVID-related impacts to IOTG and Mobileye, higher product costs from accelerating 10 nanometer, a higher tax rate and the impacts of improving our liquidity by raising additional debt and temporarily pausing our share buyback.

    全年每股收益為 4.85 美元,比我們 1 月份的預期低 0.15 美元,因為服務器和筆記本電腦需求增加以及股票收益略高被 COVID 對 IOTG 和 Mobileye 的影響、加速 10 納米帶來的更高產品成本、更高的稅率和通過增加額外債務和暫時暫停我們的股票回購來改善我們的流動性的影響。

  • The combination of our liquidity actions and the higher tax rate alone impact full year EPS by more than $0.15.

    僅我們的流動性行動和更高的稅率就對全年每股收益產生了超過 0.15 美元的影響。

  • We expect 2020 CapEx of approximately $15 billion and free cash flow of approximately $17.5 billion.

    我們預計 2020 年資本支出約為 150 億美元,自由現金流約為 175 億美元。

  • To conclude, I'd like to join Bob in thanking our employees worldwide.

    最後,我想和 Bob 一起感謝我們在全球的員工。

  • Very much appreciate the hard work of our employees and contractors who delivered excellent results in the face of a very difficult environment.

    非常感謝我們的員工和承包商的辛勤工作,他們在非常困難的環境中取得了優異的成績。

  • With that, I'll hand it back to Trey, and we'll get to your questions.

    有了這個,我會把它交還給 Trey,我們會回答你的問題。

  • Trey Campbell - Head of IR

    Trey Campbell - Head of IR

  • All right.

    好的。

  • Thank you, George.

    謝謝你,喬治。

  • Moving on now to the Q&A.

    現在繼續進行問答。

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

    (操作員說明)接線員,請繼續介紹我們的第一個來電者。

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from Vivek Arya with Bank of America.

    (操作員說明)我們的第一個問題來自美國銀行的 Vivek Arya。

  • Vivek Arya - Director

    Vivek Arya - Director

  • I wanted to dig into the competitive and the financial implications of the 7-nanometer delays that, Bob, you mentioned.

    我想深入研究你提到的 7 納米延遲的競爭和財務影響。

  • So on the competitive side, by the time you come out with 7, TSMC is planning to be on the 3-nanometer node so will still be a generation ahead.

    所以在競爭方面,當你推出 7 時,台積電正計劃採用 3 納米節點,因此仍將領先一代。

  • So what's the market share implication of that?

    那麼這對市場份額有何影響?

  • And then related, on the financial side, what's the CapEx and gross margin implications and even pricing implications if you stay on 10-nanometer longer next year?

    然後,在財務方面,如果您明年繼續使用 10 納米技術,對資本支出和毛利率甚至定價的影響是什麼?

  • And I guess the bigger question that a lot of investors would have is, at what point Intel should just consider outsourcing a lot more to foundries so that you can keep in line with the state-of-the-art and manufacturing technology?

    而且我想很多投資者會有更大的問題是,英特爾應該在什麼時候考慮將更多的外包給代工廠,這樣你就可以與最先進的製造技術保持一致?

  • Trey Campbell - Head of IR

    Trey Campbell - Head of IR

  • Yes.

    是的。

  • Thanks, Vivek.

    謝謝,維維克。

  • I mean, first, our primary focus is on ensuring that we're delivering leadership -- an annual cadence of leadership products each and every year for our customers in a predictable manner.

    我的意思是,首先,我們的主要重點是確保我們提供領導力——每年以可預測的方式為我們的客戶提供領導力產品的年度節奏。

  • So what we talked about today is a strong lineup for 2020, 2021, 2022 for both client and server.

    因此,我們今天談論的是 2020、2021、2022 年客戶端和服務器的強大陣容。

  • And we feel very good about that lineup.

    我們對這個陣容感覺很好。

  • And our expectation on 10-nanometer, much like what we're able to do on 14-nanometer, is to get another node of performance within that -- within 10-nanometer in and of itself.

    我們對 10 納米的期望,就像我們能夠在 14 納米上做的一樣,是在其中獲得另一個性能節點——在 10 納米內和本身內。

  • So we feel very good about our product road map through 2022.

    所以我們對我們到 2022 年的產品路線圖感覺非常好。

  • That being said, as we think about that next-generation of products in late '22 and '23 and beyond, we need to make sure that we continue to deliver strong performance.

    話雖如此,當我們考慮 22 年末和 23 年及以後的下一代產品時,我們需要確保我們繼續提供強勁的性能。

  • And our priorities in the ideal world is leadership products on our process technology, so we capture the economic benefits of IDM.

    在理想世界中,我們的首要任務是我們工藝技術的領先產品,因此我們獲得了 IDM 的經濟效益。

  • But the focus will be leadership products.

    但重點將是領先產品。

  • So to the extent that we need to view somebody else's process technology, and we call those contingency plans, we will be prepared to do that.

    因此,如果我們需要查看其他人的工藝技術,我們稱之為應急計劃,我們將做好準備。

  • And if we do, there's lots of moving parts, but the economic implications in the event that we decide to move to somebody else's foundry, and with our scale, how do you get ASPs in line with our cost, continue to deliver leadership products so we capture attractive ASPs and to reduce the amount of capital that we have to deploy to build a foundry on an older node or on a last gen kind of process node.

    如果我們這樣做,會有很多活動部件,但如果我們決定搬到其他人的代工廠,經濟影響,以及我們的規模,你如何讓 ASP 符合我們的成本,繼續提供領先的產品,所以我們捕獲了有吸引力的 ASP,並減少了我們必須部署的在較舊節點或最後一代工藝節點上建造代工廠的資金量。

  • So in the aggregate, for the last couple of years, with the real focus on product leadership, we've been engaging with the ecosystem in a much more holistic way.

    因此,總的來說,在過去的幾年裡,我們真正專注於產品領導力,我們一直在以更全面的方式參與生態系統。

  • We've been designing our products and advancing our packaging technology so that we have much more flexibility to decide if and when we will use our fabs or somebody else's to deliver that annual cadence of leadership products.

    我們一直在設計我們的產品並推進我們的封裝技術,以便我們有更大的靈活性來決定是否以及何時使用我們的晶圓廠或其他人的晶圓廠來提供這種年度領先產品的節奏。

  • We feel very good through '22 time frame, and now we're evaluating the optionality that we have on '23 and beyond.

    我們在 22 年的時間框架內感覺非常好,現在我們正在評估我們在 23 年及以後的可選性。

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • Vivek, let me just comment on your question around what we're going to see -- what we might see next year.

    Vivek,讓我就你關於我們將要看到什麼的問題發表評論——我們明年可能會看到什麼。

  • Next year is still going to be as it was when we talked about it last in May of '19, still going to be largely a 10-nanometer with some 14-nanometer year.

    明年仍將是我們上次在 19 年 5 月談論它時的樣子,仍將主要是 10 納米和大約 14 納米的年份。

  • And the dynamics there are as we're coming into it with having moved a little bit further along the yield curve, as we've seen more demand for 10-nanometer products in 2020 than we had expected.

    隨著我們沿著收益率曲線進一步移動,我們正在進入其中的動態,因為我們看到 2020 年對 10 納米產品的需求比我們預期的要多。

  • So we're not going to update '21 at this time, but I think we're more concerned about what the global economy is doing than where we are on 10-nanometer.

    所以我們現在不打算更新'21,但我認為我們更關心全球經濟在做什麼,而不是我們在 10 納米上的情況。

  • Operator

    Operator

  • Our next question comes from C.J. Muse with Evercore.

    我們的下一個問題來自於 Evercore 的 C.J. Muse。

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

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

  • I guess a follow-up question on the 7-nanometer delay.

    我猜是關於 7 納米延遲的後續問題。

  • I guess curious how should we think about the implications for CapEx and required capacity adds at 10-nanometer and 14-nanometer.

    我猜想我們應該如何考慮對資本支出的影響以及 10 納米和 14 納米所需的容量增加。

  • And then just to circle back on the comment around contingency plans after '22, considering your first data center CPU will launch in first half '23, are you suggesting that, that could be found out and not be built internally at Intel?

    然後回到關於 22 年之後的應急計劃的評論,考慮到你的第一個數據中心 CPU 將在 23 年上半年推出,你是否建議可以發現而不是在英特爾內部構建?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Well, I think the first part of your question, in the -- with 2022 being, in essence, a full array of 10-nanometer products, the expectation is, all else equal, a little more 10-nanometer spend and less 7-nanometer spend, provided we decide to continue to do all of our production inside.

    好吧,我認為你問題的第一部分,在 2022 年,本質上是一整套 10 納米產品,預期是,在其他條件相同的情況下,多一點 10 納米的支出,少一點 7-納米花費,前提是我們決定繼續在內部進行所有生產。

  • In the event we decide that we're going to leverage third-party foundries more effectively, we would have a little more 10 and a lot less 7. And that's kind of the optionality that we've tried to build in as we evaluate the future of Moore's Law, invest in technology development leadership.

    如果我們決定更有效地利用第三方代工廠,我們會多出 10 個,少很多 7 個。這就是我們在評估摩爾定律的未來,投資於技術發展的領導地位。

  • In the event we're not there and there's a better alternative, be prepared to take advantage of it.

    如果我們不在那裡並且有更好的選擇,請準備好利用它。

  • Operator

    Operator

  • Our next question comes from John Pitzer with Crédit Suisse.

    我們的下一個問題來自瑞士信貸的 John Pitzer。

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

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

  • Sticking on the same topic of 7-nanometer.

    堅持 7 納米的同一主題。

  • Bob, if you could just help me understand, yields are 12-month behind where you would expect them, but the product ramp is only 6. If you could square that circle, that would be helpful.

    鮑勃,如果你能幫助我理解,產量比你預期的要晚 12 個月,但產品斜坡只有 6 個月。如果你能把那個圓圈擺正,那會很有幫助。

  • But more importantly, you had multiple sort of pushouts of 10-nanometer.

    但更重要的是,你有多種 10 納米的推出。

  • You're identifying this 7-nanometer pushout today.

    您今天正在識別這個 7 納米的突出物。

  • What confidence level do you have that this is sort of a one-and-done issue and it doesn't turn into a repeat of 10 where you kind of had multiple periods of pushouts?

    你有多大的信心認為這是一個一次性的問題,它不會變成 10 次的重複,你有多個時期的推出?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Thanks, John.

    謝謝,約翰。

  • I mean, first, product schedule slippage of roughly 2 quarters, while process we expect now to be roughly 4 quarters.

    我的意思是,首先,產品計劃延遲大約 2 個季度,而我們現在預計的流程大約是 4 個季度。

  • The difference of the gap is driven by a couple of things: one, a buffer in our planning process between process and products to make sure that we don't -- minimal disruption on customers because of process; second, as I've mentioned in the prepared remarks, die disaggregation and advanced packaging gives us the ability for a given SoC to do some stuff inside and some stuff outside and, therefore, further compress the product delivery in light of process slippage.

    差距的差異是由幾件事驅動的:第一,我們在流程和產品之間的規劃過程中的緩衝,以確保我們不會——因為流程而對客戶造成的干擾最小化;其次,正如我在準備好的評論中提到的那樣,芯片分解和先進封裝使我們能夠讓給定的 SoC 在內部做一些事情,在外面做一些事情,因此,根據工藝滑點進一步壓縮產品交付。

  • So that's why we've been able to be confident in a 6-month product ship slip, even though process was moving out 12 months.

    所以這就是為什麼我們能夠對 6 個月的產品發貨單有信心,儘管流程已經推遲了 12 個月。

  • In terms of -- I think your second question was about we've seen this movie before, maybe.

    就——我認為你的第二個問題是關於我們以前看過這部電影的,也許。

  • And I think the importance of our many lessons coming out of 10-nanometer, one of them was how do we ensure that we have contingency plans in the event that our advancements in process technology, as it gets increasingly complicated, do not play out the way we'd hope, how do we make sure that we can continue to deliver leadership products for our customers on that annual cadence.

    我認為我們從 10 納米獲得的許多經驗教訓的重要性,其中之一是我們如何確保我們有應急計劃,以防我們在工藝技術方面的進步,因為它變得越來越複雜,不會發揮作用我們希望的方式,我們如何確保我們能夠繼續以每年的節奏為我們的客戶提供領先的產品。

  • So I'm sure things won't play out exactly the way we want.

    所以我確信事情不會完全按照我們想要的方式發展。

  • We think we've dialed in 7. But at the same time, what's different is we're going to be pretty pragmatic about if and when we should be making stuff inside or making outside and making sure that we have optionality to build internally, mix and match inside and outside or go outside in its entirety if we need to.

    我們認為我們已經撥入了 7。但與此同時,不同的是,我們將非常務實地決定是否以及何時應該在內部或外部製造東西,並確保我們可以選擇在內部構建,如果需要,可以內外混合搭配,也可以完全外出。

  • And that's kind of one of our learnings coming out of 10 is, in the event process doesn't move along as we expect, let's make absolutely sure, with advanced contingency planning and real milestones, that we can glitch the best we can to leverage somebody else and not slip product schedules in light of process complexities.

    這就是我們從 10 次中學到的其中一個教訓是,如果事件流程沒有按照我們的預期進行,讓我們絕對確保,通過先進的應急計劃和真正的里程碑,我們可以利用我們所能利用的最好的故障其他人,而不是根據過程複雜性滑倒產品時間表。

  • Operator

    Operator

  • Our next question comes from 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 Clark Seymore - MD

    Ross Clark Seymore - MD

  • I'm going to stick with the theme and ask about the 7-nanometer as well.

    我將堅持主題並詢問 7 納米。

  • I guess, Bob, it's great to hear that you're being -- you're saying you're going to be more pragmatic about internal versus external.

    我想,鮑勃,很高興聽到你正在——你說你將更加務實地對待內部與外部。

  • But it seems like contingency plan 3 years down the road is how the external option is being treated.

    但似乎 3 年後的應急計劃是如何處理外部選擇的。

  • I think investors are frustrated with how long the misexecution on the manufacturing has happened.

    我認為投資者對製造業的錯誤執行發生了多長時間感到沮喪。

  • Are there steps where, instead of being a contingency plan, you actually start making the external side the primary source before 2023, obviously, on the design side more than the revenue side?

    是否有步驟,而不是作為應急計劃,您實際上在 2023 年之前開始將外部方面作為主要來源,顯然,在設計方面比收入方面更重要?

  • And maybe a follow-up.

    也許還有後續。

  • If 3 to 5 years down the road, the 20/80, 20 external, 80 internal mix, do you think that changes?

    如果 3 到 5 年後,20/80、20 外部、80 內部混合,您認為會發生變化嗎?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Let me -- maybe I'll flip those around.

    讓我——也許我會把那些翻過來。

  • Over the last couple of years, we've been talking about, as we expand our capacity, evaluating more holistically when do we use third-party foundries rather than do everything ourselves.

    在過去的幾年裡,我們一直在談論,隨著我們擴大產能,更全面地評估我們何時使用第三方代工廠,而不是自己做所有事情。

  • And we call that engaging in the ecosystem in much more holistic ways for a variety of different reasons, so we don't have to build everything ourselves as the capital associated with each node becomes a bit higher.

    出於各種不同的原因,我們稱之為以更全面的方式參與生態系統,因此我們不必自己構建所有東西,因為與每個節點相關的資本變得更高一些。

  • So in general, I would say, for planning purposes, we've been engaging with the ecosystem much more.

    所以總的來說,我會說,出於規劃目的,我們一直在與生態系統進行更多的互動。

  • And all else equal, I would expect that roughly 20% to be a little bit higher as we focus on growing the business.

    在其他條件相同的情況下,我預計隨著我們專注於發展業務,大約 20% 會更高一點。

  • Your first question in terms of planning then, we have -- we feel like we have a real solid product road map, again, for the second half of this year, for '21 and for '22, and that we'll do it on our existing 10-nanometer that's ramping faster than we expected.

    那麼關於計劃的第一個問題,我們有 - 我們覺得我們有一個真正可靠的產品路線圖,再次,今年下半年,'21'和'22,我們會這樣做在我們現有的 10 納米上,它的增長速度比我們預期的要快。

  • It yields in line with what we expected.

    它的產量符合我們的預期。

  • So for the near term, we think we got a great lineup of products, and we expect to fight and protect our share while expanding the role we play in a variety of different places in the industry.

    因此,在短期內,我們認為我們有一個很棒的產品陣容,我們希望在擴大我們在行業各個不同領域所扮演的角色的同時,爭取和保護我們的份額。

  • But now is when we're planning for '22, '23.

    但現在是我們計劃 '22、'23 的時候。

  • And we are evaluating now -- in light of where we are, where we think the industry, the competition of third parties are, evaluating now what's the best option for us to make sure that we can deliver an annual cadence of product leadership for our customers.

    我們現在正在評估——根據我們所處的位置、我們認為行業的位置、第三方的競爭情況,現在評估什麼是我們的最佳選擇,以確保我們能夠為我們的產品提供年度領先的節奏。顧客。

  • And those decisions are not decisions that we'll make in 2023.

    這些決定不是我們將在 2023 年做出的決定。

  • Those decisions based on the information that we have along the way will be made long before then, whether it's decisions about how much capacity we need to put in place or decisions about how do we leverage more effectively somebody else's process capabilities and factories so that we can get real good incremental returns on capital deployed.

    那些基於我們一路上獲得的信息的決定將在很久之前做出,無論是關於我們需要投入多少能力的決定,還是關於我們如何更有效地利用其他人的流程能力和工廠的決定,以便我們可以在部署的資本上獲得真正良好的增量回報。

  • Operator

    Operator

  • Our next question comes from Stacy Rasgon with Bernstein Research.

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

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • I want to ask about the acceleration in 10-nanometer.

    我想問一下10納米的加速度。

  • Is this really because yields are getting better and there's higher demand or because you're trying to offset the 7-nanometer delay?

    這真的是因為產量越來越好,需求也越來越高,還是因為你試圖抵消 7 納米的延遲?

  • Because it's hitting the margins big time, which doesn't really tie in my head to, like, yields getting hugely better versus where you thought they were going to be in January.

    因為它在很大程度上達到了利潤率,這在我的腦海中並沒有真正與,比如,收益率比你在一月份的預期水平要好得多。

  • So how do I think about the drivers of that 7-nanometer acceleration in light of the 7 -- or 10-nanometer acceleration in light of the 7-nanometer delay given what it's doing to the margins?

    那麼,鑑於 7 納米的延遲,我如何考慮 7 納米加速的驅動因素?

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • Yes.

    是的。

  • Stacy, this is George.

    斯泰西,這是喬治。

  • Maybe I'll just cover it in general on the margin picture for the year because it's clearly -- it's having an impact there.

    也許我會在今年的邊緣圖片中籠統地介紹它,因為它很明顯 - 它在那裡產生了影響。

  • The acceleration is really definitionally tied to the fact that we're growing faster than we expected in 2020.

    加速確實與我們在 2020 年的增長速度超過預期的事實有關。

  • And we're -- part of that growth is a higher mix on the PC side and, I would say, on the comms and 5G ASIC side, higher demand for products that are on 10-nanometer than we had forecasted for the year.

    而且我們 - 這種增長的一部分是 PC 方面的更高組合,我想說的是,在通信和 5G ASIC 方面,對 10 納米產品的需求高於我們今年的預測。

  • So it's why you're seeing a little less flow-through on revenue than we would have expected for the year.

    所以這就是為什麼你看到的收入流動比我們今年預期的要少。

  • It's a positive growth story in that, again, we're seeing customers attracted to the 10-nanometer products.

    這是一個積極的增長故事,我們再次看到客戶被 10 納米產品所吸引。

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • But wait a minute, if I look at your annual guidance now versus where it was in the beginning of the year, it's higher, but it's actually lower in the second half versus what you had implied in -- when you first gave the annual guidance 6 months ago.

    但是等一下,如果我現在看一下您的年度指導與年初的情況相比,它會更高,但實際上下半年與您第一次給出年度指導時所暗示的相比要低6個月前。

  • How does that imply that demand is higher versus where you were now given you've actually lowered the second half?

    這如何暗示需求高於你現在的需求,因為你實際上已經降低了下半年?

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • It's the demand for 10-nanometer products within the mix of our overall revenue, Stacy.

    這是我們總收入 Stacy 中對 10 納米產品的需求。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Well, I think I'd start with our full year demand relative to where we were at the beginning of the year is our guidance is up by $1.5 billion in revenue.

    好吧,我想我會從相對於年初的全年需求開始,我們的指導是收入增加了 15 億美元。

  • So that's...

    所以那是...

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • Yes, but you're just making it sound like where you can typically get to, is there...

    是的,但你只是讓它聽起來像你通常可以到達的地方,有沒有......

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Let me just finish, Stacy.

    讓我說完,斯泰西。

  • I think it's a good question, but maybe if you could give me a chance to answer it.

    我認為這是一個很好的問題,但也許你能給我一個機會來回答它。

  • So full year demand for the company is higher.

    所以全年對公司的需求更高。

  • Secondly, the yields for 10-nanometer we've kind of set are in line with what we expected coming into the year through the first 6 months, and we feel pretty good about where we are on yields.

    其次,我們設定的 10 納米的產量與我們對今年前 6 個月的預期一致,我們對產量的狀況感到非常滿意。

  • Third, that the overall demand for our products on PC side and for the 5G SoC in the comms sector is higher than we expected.

    第三,PC端對我們產品的整體需求和通信領域對5G SoC的整體需求高於我們的預期。

  • That is part of the contribution to the $1.5 billion of higher revenue for the year.

    這是對今年增加的 15 億美元收入的貢獻的一部分。

  • And as we accelerate 10 faster, because customers are banding it more, the implications are that our margins, all else equal, will be lower.

    隨著我們加快 10 倍的速度,因為客戶越來越多地捆綁它,這意味著我們的利潤(在其他條件相同的情況下)會更低。

  • George kind of highlighted those were the primary drivers of the 1 point decline.

    喬治有點強調這些是下降 1 點的主要驅動因素。

  • 10-nanometer products are ramping faster, and our 5G comms business and the Data Center Group is growing much quicker than we had anticipated.

    10 納米產品的發展速度更快,我們的 5G 通信業務和數據中心集團的增長速度比我們預期的要快得多。

  • I put that -- I put ramping of 10-nanometer faster in the good category.

    我把它——我把 10 納米的加速放在了好的類別中。

  • We feel -- we know margins are lower when we start a new node versus exit an old node.

    我們感覺——我們知道當我們啟動一個新節點比退出一個舊節點時利潤率更低。

  • 10-nanometer margins are lower than 14 at this stage of the game.

    在遊戲的這個階段,10 納米的邊距低於 14。

  • Ramping 10, we think, is a good thing for customers.

    我們認為,Ramping 10 對客戶來說是件好事。

  • We do take a dip in yield.

    我們確實降低了產量。

  • If it's more of our growth than we had anticipated, all else equal, margins will be a little bit lower.

    如果我們的增長比我們預期的要多,在其他條件相同的情況下,利潤率會低一點。

  • And that's kind of the updated guidance for the year.

    這就是今年的更新指南。

  • Higher growth in a more challenging market, more demand for our 10-nanometer products that we're ramping as we -- ramping yields as we expected with more volume, all else equal, will have a modest impact on our gross margin for the full year.

    在更具挑戰性的市場中實現更高的增長,對我們正在增加的 10 納米產品的更多需求——我們預期的產量增加,產量增加,其他條件相同,將對我們的毛利率產生適度的影響年。

  • Thank you.

    謝謝你。

  • Operator

    Operator

  • Our next question comes from Timothy Arcuri with UBS.

    我們的下一個問題來自瑞銀的 Timothy Arcuri。

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

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

  • I wanted to ask also on the same manufacturing topic.

    我也想問同樣的製造話題。

  • So I think, Bob, when you were talking about Ponte Vecchio, I think you said that you're going to package it internally, but it seemed like you were implying an external foundry contingency even for this first GPU product.

    所以我認為,Bob,當你談論 Ponte Vecchio 時,我想你說過你將在內部封裝它,但即使對於第一個 GPU 產品,你似乎也暗示了外部代工廠的意外情況。

  • I guess my question is, did I read that right?

    我想我的問題是,我讀對了嗎?

  • And also, I wanted to ask, George, what the long-term implications are if you move to somebody else's fab?

    另外,我想問一下,喬治,如果你搬到其他人的晶圓廠會有什麼長期影響?

  • What does this do to your 57% to 63% long-term gross margin?

    這對您 57% 到 63% 的長期毛利率有何影響?

  • And how does it impact free cash flow?

    它如何影響自由現金流?

  • I mean, obviously, it saves you on CapEx, but can it be accretive to free cash flow?

    我的意思是,很明顯,它可以節省您的資本支出,但它可以增加自由現金流嗎?

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes.

    是的。

  • On the -- on Ponte Vecchio, originally, the architecture of Ponte Vecchio includes an I/O-based die connectivity, a GPU and some memory tiles, all kind of packaged together.

    在——在舊橋上,最初,舊橋的架構包括一個基於 I/O 的芯片連接、一個 GPU 和一些內存塊,所有這些都打包在一起。

  • That's kind of the design of Ponte Vecchio.

    這就是老橋的設計。

  • From the beginning, we would do some of those tiles inside and some of those tiles outside and again leverage the packaging technology as a proof point of how do we mix and match different designs into one package.

    從一開始,我們會在裡面做一些瓷磚,在外面做一些瓷磚,並再次利用包裝技術作為我們如何將不同設計混合和匹配到一個包裝中的證明點。

  • So that was the design from the beginning.

    所以這就是從一開始的設計。

  • And again, when we talk about disaggregation, more flexibility, optionality in our designs, use some stuff inside, some stuff outside, Ponte Vecchio was really -- Ponte Vecchio on the data center side and Lakefield on the client side were kind of our test products, both the -- one of which we've launched; the other one, which is in development.

    再說一次,當我們談到設計中的分解、更大的靈活性、可選性,在內部使用一些東西,在外部使用一些東西時,Ponte Vecchio 真的是——數據中心側的 Ponte Vecchio 和客戶端的 Lakefield 是我們的測試產品,我們已經推出了這兩種產品;另一個正在開發中。

  • So that design disaggregation gives us lots of flexibility.

    因此,設計分解為我們提供了很大的靈活性。

  • As we go forward now, we can think about whether we introduce Ponte Vecchio with -- I think I said some of those tiles are inside and outside from the beginning.

    隨著我們現在的進展,我們可以考慮是否將老橋引入——我想我說過一些瓷磚從一開始就在裡面和外面。

  • Now as we go forward, we can assess whether we swap out one of our tiles for a third-party foundry or not.

    現在,隨著我們繼續前進,我們可以評估是否將我們的一塊瓷磚換成第三方代工廠。

  • Again, that's the beauty and the value of this change in design methodology that gives us much more optionality and flexibility.

    再一次,這就是設計方法的這種變化的美麗和價值,它給了我們更多的選擇性和靈活性。

  • So in the event there's a process slip, we can buy something rather than make it all ourselves.

    因此,如果出現流程失誤,我們可以購買一些東西,而不是自己製作。

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • And with respect to the long-term outlook, first off, our long-term margin outlook is not 57%.

    關於長期前景,首先,我們的長期利潤率前景不是 57%。

  • We've talked about it being well above that over time.

    隨著時間的推移,我們已經討論過它遠高於此。

  • But in terms of -- as we dynamically move -- potentially move product depending on where it is best provided, I think that certainly gives us more flexibility to optimize our capital spend, get a higher return on that capital spend.

    但就 - 當我們動態移動時 - 可能會根據提供最佳產品的位置移動產品,我認為這肯定會給我們更多的靈活性來優化我們的資本支出,獲得更高的資本支出回報。

  • And it should be accretive to free cash flow.

    它應該增加自由現金流。

  • So we talked a little bit about that actually back in May of '19 that embracing the ecosystem and balancing some of our activity externally is going to be important as we look to improving returns over time.

    因此,我們實際上早在 19 年 5 月就談到了這一點,即擁抱生態系統並在外部平衡我們的一些活動將很重要,因為我們希望隨著時間的推移提高回報。

  • Operator

    Operator

  • Our next question comes from Weston Twigg with KeyBanc Capital Markets.

    我們的下一個問題來自 KeyBanc Capital Markets 的 Weston Twigg。

  • Weston David Twigg - MD & Senior Research Analyst

    Weston David Twigg - MD & Senior Research Analyst

  • I just wanted to ask about the data-centric revenue heading into Q3.

    我只是想問一下進入第三季度的以數據為中心的收入。

  • The mid-single-digit decline year-over-year implies a pretty big decline from Q2.

    同比下降中個位數意味著較第二季度有相當大的下降。

  • You helped a little bit on the call, but I'm wondering if you could help us better understand the reason for that big quarterly drop.

    您在電話會議上提供了一些幫助,但我想知道您是否可以幫助我們更好地了解季度大幅下降的原因。

  • And kind of as an aside, you also mentioned increased competition in DCG in the second half, and I'm just wondering what exactly you're referring to on that side.

    順便說一句,你還提到了下半場 DCG 的競爭加劇,我只是想知道你在這方面到底指的是什麼。

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • Yes.

    是的。

  • As you look at the data-centric revenue, we'll see a number of factors at play.

    當您查看以數據為中心的收入時,我們會看到許多因素在起作用。

  • Obviously, year-over-year, you're going to see the impact of the falloff in IoT and in Mobileye.

    顯然,年復一年,您將看到物聯網和 Mobileye 衰退的影響。

  • But what we're seeing in the data-centric -- or the DCG side is we think we peaked on cloud in the second quarter, and it was an all-time record, so not a bad peak.

    但我們在以數據為中心——或 DCG 方面看到的是,我們認為我們在第二季度在雲上達到了頂峰,這是一個歷史記錄,所以不是一個糟糕的頂峰。

  • We've probably peaked back in Q4 of '19 on enterprise and government.

    我們可能在 19 年第四季度的企業和政府方面達到頂峰。

  • And while it was reasonably strong in Q1, it's -- you can see it coming down over the next few quarters.

    雖然它在第一季度相當強勁,但它 - 你可以看到它在接下來的幾個季度中下降。

  • It may have -- it often has a little bit of a bounce in Q4, we'll have to see.

    它可能有——它通常在第四季度會有一點反彈,我們必須拭目以待。

  • And our comms provider, I would say, we expect Q2 to have been a peak there, and that'll start rolling off from there.

    我們的通訊提供商,我想說,我們預計第二季度將在那里達到一個高峰,並且將從那裡開始滾動。

  • So everything on the DCG side has got a step-down from a very strong Q2 and probably continues down on cloud and comms as our current outlook.

    因此,DCG 方面的一切都從非常強勁的第二季度有所下降,並且可能會繼續在雲和通信方面作為我們目前的前景。

  • Does that help?

    這有幫助嗎?

  • Weston David Twigg - MD & Senior Research Analyst

    Weston David Twigg - MD & Senior Research Analyst

  • Okay.

    好的。

  • Yes.

    是的。

  • That's helpful.

    這很有幫助。

  • And then the comment on increased competition in DCG in second half.

    然後是關於下半年 DCG 競爭加劇的評論。

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • Yes.

    是的。

  • We expected, based on the competition's product road map, that we would see increasing competition in the second half of this year.

    根據競爭對手的產品路線圖,我們預計今年下半年我們將看到競爭加劇。

  • We also thought -- we've been a little bit pleasantly surprised in the strength of our -- the demand for our products in the first half of the year, and it's continuing into the second half.

    我們還認為 - 我們對我們的實力感到有點驚喜 - 今年上半年對我們產品的需求,並且一直持續到下半年。

  • So we don't think the impact will be quite as large competitively in the second half as we had thought.

    因此,我們認為下半年的競爭影響不會像我們想像的那麼大。

  • And as I said on PC, we think we're going to actually gain share.

    正如我在 PC 上所說,我們認為我們將真正獲得份額。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • I would just say it's -- we had -- when we guided back in January, in the context of our guidance, we made that statement.

    我只想說,當我們在一月份進行指導時,在我們的指導範圍內,我們做出了這樣的聲明。

  • So George is just reiterating that, that we see a more competitive world, and we'll be prepared to deal with it.

    所以喬治只是重申,我們看到了一個競爭更加激烈的世界,我們將準備好應對它。

  • And we've factored that into our outlook for the second half of the year.

    我們已經將這一點納入了我們對下半年的展望。

  • Trey Campbell - Head of IR

    Trey Campbell - Head of IR

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

    接線員,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 Bob 以結束一切。

  • Operator

    Operator

  • And our final question comes from Srini Pajjuri with SMBC Nikko.

    我們的最後一個問題來自 SMBC Nikko 的 Srini Pajjuri。

  • Srinivas Reddy Pajjuri - Research Analyst

    Srinivas Reddy Pajjuri - Research Analyst

  • George, I have a question about your guidance for the full year.

    喬治,我有一個關於你全年指導的問題。

  • I think it implies DCG declining again in Q4, pretty much in double-digit sequentially.

    我認為這意味著 DCG 在第四季度再次下降,幾乎是兩位數的連續下降。

  • So just trying to understand, I mean, is it primarily because of digestion that you talked about?

    所以只是想了解,我的意思是,主要是因為你談到的消化嗎?

  • And also if you can talk about to what extent you have visibility into Q4.

    如果你能談談你對第四季度的了解程度。

  • Are you just taking a conservative stance because you just simply don't have visibility into Q4?

    您是否只是因為您根本無法了解第四季度而採取保守立場?

  • George S. Davis - Executive VP & CFO

    George S. Davis - Executive VP & CFO

  • I think as I said on the last question that we have a reasonable view that spending is going to be coming down in the cloud and in enterprise and even comms off of very high levels, and we expect that to continue into Q4.

    我認為正如我在最後一個問題上所說的那樣,我們有一個合理的觀點,即云計算和企業的支出將會下降,甚至會達到非常高的水平,我們預計這種情況將持續到第四季度。

  • And so again, I think when we look at the full year, stronger than expected.

    再說一次,我認為當我們看全年時,比預期的要強。

  • Overall, this is -- this would be -- in many ways, we're delighted to be as close to our forecast as we were given all of the things going on in the world.

    總體而言,這是 - 這將是 - 在許多方面,我們很高興能與我們的預測一樣接近我們的預測,因為我們得到了世界上正在發生的所有事情。

  • But again, we've seen very strong demand peaking for cloud in the third quarter -- excuse me, the second quarter; peaking for comms in the second quarter.

    但是,我們再次看到第三季度對雲的需求非常強勁——對不起,第二季度;第二季度的通信高峰。

  • And it's just going to be a period of a little bit of digestion as one would expect.

    正如人們所期望的那樣,這只是一段消化的時期。

  • Robert H. Swan - CEO & Director

    Robert H. Swan - CEO & Director

  • Yes.

    是的。

  • Let me just kind of close out and end where we began.

    讓我結束並結束我們開始的地方。

  • First, over the last couple of years, as you know, we've expanded our TAM in the quest to play a much larger role in our customers' success by investing in key leading technologies like 5G, AI and intelligence at the edge.

    首先,如您所知,在過去幾年中,我們擴大了 TAM,通過投資 5G、人工智能和邊緣智能等關鍵領先技術,在客戶的成功中發揮更大的作用。

  • And we feel pretty good about the investments that we've been making.

    我們對我們一直在做的投資感覺很好。

  • And last year, we wrapped up our best year in the company's history, entering 2020.

    去年,我們結束了公司歷史上最好的一年,進入 2020 年。

  • Obviously, this year has been an incredibly challenging year on multiple fronts.

    顯然,今年在多個方面都是極具挑戰性的一年。

  • But at the same time, we expect '20 to be the best year in our company's history, our fifth record year in a row, delivering better results than we expected in January at a time when the market is worse than we expected.

    但與此同時,我們預計 20 年將是我們公司歷史上最好的一年,這是我們連續第五年創紀錄,在市場比我們預期更糟糕的 1 月份,我們的業績比我們預期的要好。

  • So competitively, we feel stronger as we exit 2020.

    競爭如此激烈,當我們退出 2020 年時,我們會感覺更強大。

  • Third point I'd make is our execution has improved.

    我要說的第三點是我們的執行力有所提高。

  • Capacity and supply is in place.

    產能和供應到位。

  • We're ramping a slew of 10-nanometer products across our portfolio.

    我們在我們的產品組合中增加了一系列 10 納米產品。

  • We are ramping 10 faster than we had planned and we have a strong leadership -- a strong pipeline over the next several years.

    我們的速度比我們計劃的要快 10 倍,而且我們擁有強大的領導力——未來幾年的強大管道。

  • And we believe we can deliver another notable performance on 10-nanometer itself.

    我們相信我們可以在 10 納米本身上提供另一個顯著的性能。

  • Fourth point, at the same time, our 7-nanometer products will be delayed.

    第四點,同時,我們的7納米產品也會延遲。

  • We've pushed out the timing of the 7-nanometer node.

    我們已經推遲了 7 納米節點的時間安排。

  • But along the way, we have taken steps on die disaggregation, advanced packaging, deeper engagement with the ecosystem and contingency planning as a sign of strength, not as a sign of weakness, that gives us much more flexibility to make the decisions on where is the most effective way to build our products to deliver that annual cadence of leadership for our customers.

    但在此過程中,我們在芯片分解、先進封裝、更深入地參與生態系統和應急計劃方面採取了措施,將其作為實力的標誌,而不是弱點的標誌,這使我們能夠更靈活地做出決定構建我們的產品的最有效方式,為我們的客戶提供每年的領導節奏。

  • And we feel pretty good about where we are, though we're not happy.

    我們對自己所處的位置感覺很好,儘管我們並不快樂。

  • I'm not pleased with our 7-nanometer process performance.

    我對我們的 7 納米工藝性能不滿意。

  • But as we sit here today, 6 months through the year, our people are safe.

    但是當我們今天坐在這裡,一年中有 6 個月,我們的人民是安全的。

  • We're delivering for our customers.

    我們正在為我們的客戶提供服務。

  • The communities we operate in are better as a result of our presence and the passion of our employees for making a difference.

    由於我們的存在和員工對改變的熱情,我們經營所在的社區變得更好。

  • And next 90 days from now, we'll talk more about our efforts to create world-changing technologies that continue to enrich the lives of every person on earth.

    從現在開始的接下來的 90 天,我們將更多地談論我們為創造改變世界的技術所做的努力,這些技術將繼續豐富地球上每個人的生活。

  • So thanks for joining us, and we'll talk to you soon.

    感謝您加入我們,我們會盡快與您聯繫。

  • Trey Campbell - Head of IR

    Trey Campbell - Head of IR

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

    謝謝,鮑勃,謝謝大家今天加入我們。

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

    接線員,請您繼續結束通話好嗎?

  • Operator

    Operator

  • Ladies and gentlemen, this concludes today's conference call.

    女士們,先生們,今天的電話會議到此結束。

  • Thank you for participating.

    感謝您的參與。

  • You may now disconnect.

    您現在可以斷開連接。