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 First Quarter 2020 Intel Corporation Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.
女士們,先生們,感謝您的支持並歡迎參加英特爾公司 2020 年第一季度收益電話會議。 (操作員說明)提醒一下,今天的節目正在錄製中。
I would now like to introduce your host for today's program, Trey Campbell, Head of Investor Relations. Please go ahead, sir.
我現在想介紹一下今天的節目主持人,投資者關係主管 Trey Campbell。請繼續,先生。
Trey Campbell - Head of IR
Trey Campbell - Head of IR
Thank you, operator, and welcome, everyone, to Intel's first quarter earnings conference call. By now, you should have received a copy of our earnings release and the earnings presentation. If you've not received both documents, they're 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, Bob Swan; and our CFO, George Davis. In a moment, we'll hear brief remarks from both of them followed by Q&A.
謝謝運營商,歡迎大家參加英特爾第一季度財報電話會議。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個文件,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 Bob Swan 加入了我的行列;和我們的首席財務官喬治戴維斯。稍後,我們將聽到他們兩人的簡短評論,然後是問答。
Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it and, as such, does include risks and uncertainties. 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'll be speaking to the non-GAAP financial measures when describing our consolidated results. The earnings presentation and earnings release available on intc.com include 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,在描述我們的綜合結果時,我們將討論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。
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. We had an outstanding Q1 in the midst of incredibly challenging circumstances. We generated $19.8 billion in revenue, expanded operating margin by 10 points and delivered $1.45 in earnings per share. We exceeded our guidance by $800 million on the top line and $0.15 on the bottom line. Our data-centric businesses grew 34% and now represent approximately 51% of the company's revenue, and our PC-centric business grew 14%.
謝謝,特雷,謝謝大家加入我們的電話。在極具挑戰性的環境中,我們的第一季度表現出色。我們創造了 198 億美元的收入,將營業利潤率提高了 10 個百分點,每股收益為 1.45 美元。我們的收入超出了我們的指導 8 億美元,底線超出了 0.15 美元。我們以數據為中心的業務增長了 34%,現在約占公司收入的 51%,我們以 PC 為中心的業務增長了 14%。
We'll talk about business trends later, but first, I want to thank and commend all the Intel employees and supply chain partners who have helped keep our business operating during this unprecedented challenge. I want to give a special praise to those in our factories and labs and other on-site personnel who have role modeled the values of our company every day and every shift. I am so incredibly proud of your effort and commitment. I also want to thank the rest of our employees who are largely working remotely to help support the social distancing requirements of those that need to work from our sites. Ensuring the safety and well-being of our global workforce has and will continue to be our #1 priority. That's why we are investing more than $100 million in additional benefits to aid and support employees, including a special recognition award for employees that have been working on site.
我們稍後會討論業務趨勢,但首先,我要感謝和讚揚所有英特爾員工和供應鏈合作夥伴,他們在這一前所未有的挑戰中幫助我們保持業務運營。我要特別表揚我們工廠和實驗室的工作人員以及其他現場工作人員,他們每天每班都以我們公司的價值觀為榜樣。我為你的努力和承諾感到無比自豪。我還要感謝我們其他主要遠程工作的員工,以幫助支持那些需要在我們的站點工作的人的社交距離要求。確保我們全球員工的安全和福祉已經並將繼續是我們的第一要務。這就是為什麼我們要投資超過 1 億美元用於幫助和支持員工的額外福利,包括為一直在現場工作的員工頒發特別表彰獎。
Intel's purpose is to create world-changing technology that enriches the lives of every person on earth. Never before has our delivery of that purpose been more essential. Intel technology runs 95% of the world's Internet communication and government digital infrastructure. And in a world where many of us are working remotely and socially distancing, the PCs and networking technologies delivered by Intel and our customers are providing a unifying fabric that's bringing us closer together, helping those directly struggling with the virus or caring for those who are enabling remote classrooms so that our children can continue to learn and connecting governments and businesses so they can operate and deliver goods and services.
英特爾的目標是創造改變世界的技術,豐富地球上每個人的生活。我們實現這一目標從未像現在這樣重要。英特爾技術運行著全球 95% 的互聯網通信和政府數字基礎設施。在我們中的許多人都在遠程工作和保持社交距離的世界中,英特爾和我們的客戶提供的個人電腦和網絡技術正在提供一種統一的結構,使我們更加緊密地聯繫在一起,幫助那些直接與病毒作鬥爭的人或照顧那些啟用遠程教室,以便我們的孩子可以繼續學習並連接政府和企業,以便他們能夠運營和提供商品和服務。
Around the world, Intel platforms that support telemedicines have also taken on greater importance since the outbreak of COVID-19 as hospitals and health care workers scale to meet the increasing demand for care. Our products and capabilities are also delivering vital computing power for medical research, robotics for assisted patient care and artificial intelligence and data analytics for public health. We recognize that our local and global communities need us to continue delivering technology to help overcome this COVID-19 challenge, and we're fully focused on that task. Our world-class safety standards have allowed our factories to continue to operate safely on a relatively normal basis with greater than 90% on-time delivery. We only allow employees in our factories who are essential to the factories' operations. By design, our clean rooms and factories are among the cleanest places in the world.
自 COVID-19 爆發以來,在全球範圍內,支持遠程醫療的英特爾平台也變得越來越重要,因為醫院和衛生保健工作者擴大規模以滿足日益增長的護理需求。我們的產品和能力還為醫學研究、用於輔助患者護理的機器人技術以及用於公共衛生的人工智能和數據分析提供了重要的計算能力。我們認識到,我們的本地和全球社區需要我們繼續提供技術來幫助克服這一 COVID-19 挑戰,我們完全專注於這項任務。我們世界一流的安全標準使我們的工廠能夠繼續在相對正常的基礎上安全運營,準時交貨率超過 90%。我們只允許對工廠運營至關重要的員工進入工廠。根據設計,我們的潔淨室和工廠是世界上最乾淨的地方之一。
While most of our construction projects have remained operational, we have had to temporarily pause a few projects due to local government restrictions at a small number of our sites. We will restart those projects in due course, and we expect these interruptions to have minimal impact on our ramp and no impact on our process technology transition time line.
儘管我們的大部分建設項目仍在運營,但由於當地政府對我們少數站點的限制,我們不得不暫時暫停一些項目。我們將在適當的時候重啟這些項目,我們預計這些中斷對我們的產量影響最小,對我們的工藝技術過渡時間線沒有影響。
We also realized that solving the enormous challenge of COVID-19 requires catalyzing the world's innovation in new ways. Intel is committed to accelerating access to technology that can combat the current pandemic and enable new technology and scientific discovery to better prepare society for future crisis. To that end, we've pledged $50 million in a global pandemic response technology initiative to combat the coronavirus through improved access to technology at the point of patient care, to speed scientific research and to ensure access to online learning for students and teachers. We are also granting free access to our IP to all COVID-19 researchers and scientists.
我們還意識到,解決 COVID-19 的巨大挑戰需要以新的方式促進世界的創新。英特爾致力於加速獲得能夠抗擊當前流行病的技術,並支持新技術和科學發現,以更好地為社會應對未來的危機做好準備。為此,我們已承諾在全球大流行應對技術計劃中投入 5000 萬美元,以通過改善患者護理點的技術獲取、加速科學研究並確保學生和教師獲得在線學習來對抗冠狀病毒。我們還允許所有 COVID-19 研究人員和科學家免費訪問我們的 IP。
At the same time, we also know that our communities need help right now. Between Intel and our foundation, we are providing $10 million towards coronavirus relief in the communities where we have significant presence. This will aid community organizations focused on food security, shelter, medical equipment and small business support. We also want to assist our communities' critically important health care workers in any way possible, so we have committed more than 1 million items of personal protective equipment. We have already started delivering masks, gloves, face shields and other gear that we've sourced from our supply chain and inventory on hand to local health authorities who are best positioned to determine the areas of greatest need. Beyond Intel's donations, our employees inspire us every day with the many ways they are applying their skills, generous spirit and technical innovation to help people and communities across the globe persevere through this crisis.
同時,我們也知道我們的社區現在需要幫助。在英特爾和我們的基金會之間,我們將提供 1000 萬美元,用於在我們有重要影響力的社區中緩解冠狀病毒。這將幫助專注於食品安全、住所、醫療設備和小企業支持的社區組織。我們還希望以任何可能的方式幫助我們社區至關重要的衛生保健工作者,因此我們承諾提供超過 100 萬件個人防護設備。我們已經開始將我們從供應鍊和手頭庫存中採購的口罩、手套、面罩和其他裝備交付給最有能力確定最需要的地區的地方衛生當局。除了英特爾的捐款之外,我們的員工每天都以各種方式激勵我們,他們運用自己的技能、慷慨的精神和技術創新來幫助全球人民和社區度過這場危機。
George will give more detail on what we're seeing and expect in the business. But first, I want to reiterate our strategy and priorities. Even as COVID-19 drives significant disruptions across the globe, our long-term strategy, to deliver the world's best semiconductors for an increasingly data-centric world, is unchanged. And the environment is uncertain, but our priorities are unwavering. We are focused on accelerating the growth of the company, improving our execution and continuing to thoughtfully deploy your capital.
喬治將提供更多關於我們在業務中看到和期望的細節。但首先,我想重申我們的戰略和優先事項。即使 COVID-19 在全球範圍內造成重大破壞,我們為日益以數據為中心的世界提供世界上最好的半導體的長期戰略沒有改變。環境是不確定的,但我們的優先事項是堅定不移的。我們專注於加速公司的發展,提高我們的執行力,並繼續深思熟慮地部署您的資金。
Over the last several years, we've transformed the company and are now positioned to grow our share in the largest market opportunity in our history. We live in a world where everything increasingly looks like a computer, including our homes, our cars, our cities, our hospitals and our factories. Additionally, we have redefined Intel Inside to include much more than the CPU as we've expanded our silicon offering to include ASICS, FPGAS, GPUs and Optane, among other capabilities. Our opportunity set is more and more Intel silicon inside more and more computers so that we can have a larger impact on our customers' success. And our quarterly results demonstrate the benefits of that diversity. Nowhere is growth accelerating more than in our cloud and networking businesses where we are helping our customers transform the way they move, store and process data.
在過去的幾年裡,我們對公司進行了轉型,現在我們已經準備好在我們歷史上最大的市場機會中擴大我們的份額。我們生活在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、我們的醫院和我們的工廠。此外,我們重新定義了 Intel Inside,使其包含的不僅僅是 CPU,因為我們已經擴展了我們的芯片產品以包括 ASICS、FPGAS、GPU 和 Optane 以及其他功能。我們的機會集是在越來越多的計算機中使用越來越多的英特爾芯片,這樣我們就可以對客戶的成功產生更大的影響。我們的季度業績證明了這種多樣性的好處。在我們幫助客戶改變他們移動、存儲和處理數據的方式的雲和網絡業務中,增長速度最為迅猛。
Through this crisis, the world's cloud and network infrastructure has delivered massive scaling to support vital workloads for businesses and consumers. Cloud-delivered applications seen as conveniences a quarter ago, such as online shopping and video collaboration, have now become indispensable. We scaled our cloud and communication service provider businesses by 53% and 33% year-over-year, respectively, to help our customers meet these growing needs. These 2 segments now drive 70% of our data center segment revenue.
在這場危機中,全球雲和網絡基礎設施實現了大規模擴展,以支持企業和消費者的重要工作負載。一個季度前被視為便利的雲交付應用程序,例如在線購物和視頻協作,現在已變得不可或缺。我們的雲和通信服務提供商業務分別同比增長 53% 和 33%,以幫助我們的客戶滿足這些不斷增長的需求。這兩個部門現在占我們數據中心部門收入的 70%。
New usage and market needs are also pushing compute resources closer to the data source or point-of-service delivery, giving rise to an increasingly intelligent edge. Our edge business delivers a wide range of platforms, including some innovative solutions that are helping the medical community tackle COVID-19. One example is Medical Informatics' Sickbay platform. Powered by Intel technology, this solution can turn beds into virtual ICU beds in minutes, helping protect critical health care workers while expanding their care capacity significantly. Houston Methodist Hospital deployed Sickbay for its virtual ICU and was able to leverage it within 1 day to support remote monitoring of its COVID-19 patients without risking exposure to care providers. We are also partnering closely with Medtronic and Dyson as they use Intel technologies to deliver much needed ventilators. We also continue to demonstrate significant progress in ADAS and autonomous driving. While auto vehicle production is largely stalled, Mobileye delivered another proof point, demonstrating its leadership position with a landmark first-ever design win with a major Asian OEM.
新的使用和市場需求也在推動計算資源更接近數據源或服務點交付,從而產生越來越智能的邊緣。我們的邊緣業務提供了廣泛的平台,包括一些幫助醫學界應對 COVID-19 的創新解決方案。一個例子是 Medical Informatics 的 Sickbay 平台。該解決方案由英特爾技術提供支持,可在數分鐘內將病床變成虛擬 ICU 病床,幫助保護關鍵的醫護人員,同時顯著擴大他們的護理能力。休斯頓衛理公會醫院為其虛擬 ICU 部署了 Sickbay,並能夠在 1 天內利用它來支持對其 COVID-19 患者的遠程監控,而不會冒著接觸護理提供者的風險。我們還與美敦力和戴森密切合作,因為他們使用英特爾技術來提供急需的呼吸機。我們還繼續展示 ADAS 和自動駕駛方面的重大進展。雖然汽車生產基本上停滯不前,但 Mobileye 再次證明了自己的領導地位,並憑藉其與一家主要亞洲 OEM 的標誌性首次設計勝利證明了其領導地位。
Finally, we see AI as a significant growth opportunity and are embedding AI capability into everything we make. AI has the power to reimagine how we solve problems across industries, including cutting-edge health care diagnostics, for example, in China, Intel teams with Lenovo and BGI Genomics to accelerate the analysis of genomic characteristics of COVID-19. Our combined work will further advance the capabilities of BGI sequencing tools to help scientists investigate transmission patterns of the virus and create better diagnostic methods. And in India, we are working with government labs, academia and industry to achieve faster and cheaper testing, accelerate drug discovery through virus genome sequencing and help architect a pandemic response platform.
最後,我們將 AI 視為一個重要的增長機會,並將 AI 能力嵌入到我們所做的一切中。人工智能有能力重新想像我們如何解決跨行業的問題,包括尖端的醫療保健診斷,例如,在中國,英特爾與聯想和華大基因合作,加速分析 COVID-19 的基因組特徵。我們的聯合工作將進一步提昇華大基因測序工具的能力,幫助科學家研究病毒的傳播模式並創造更好的診斷方法。在印度,我們正在與政府實驗室、學術界和工業界合作,以實現更快、更便宜的檢測,通過病毒基因組測序加速藥物發現,並幫助構建大流行應對平台。
We acquired Habana in the fourth quarter of last year to strengthen our AI portfolio and accelerate our efforts in a nascent, fast-growing AI silicon market that we expect will grow to $25 billion by 2024. This quarter, we have largely completed the integration. We consolidated product road maps, aligned software resources and are executing to our deal thesis. We are also now sampling Habana's first deep learning training processor to large CSPs.
我們在去年第四季度收購了 Habana,以加強我們的 AI 產品組合併加快我們在新興、快速增長的 AI 芯片市場的努力,我們預計到 2024 年該市場將增長到 250 億美元。本季度,我們已基本完成整合。我們整合了產品路線圖,調整了軟件資源,並正在執行我們的交易主題。我們現在還在為大型 CSP 採樣 Habana 的第一個深度學習訓練處理器。
I'll now take a few minutes to discuss how we're executing to our supply and road map objectives. Shortly after our January call, we started to see the impact of COVID-19 in China, forcing many of our ODM partners to extend Chinese New Year factory shutdowns. ODM partners have now returned to work, and production is increasing every week. As I mentioned earlier, our factories remain operational. And in Q1, we are able to mitigate most of the COVID-19-related supply chain disruptions and fulfill all of our customers' committed client CPU orders as expected. We remain on track to add sufficient wafer capacity this year so that we meet market demand and restore our PC unit inventory to more normal levels. Near-term PC demand has increased due to work from home and online learning, but the second half demand picture is more uncertain. We continue to assess how COVID-19 impacts to the economy will offset the immediate catalysts for more remote work and will balance wafer start plans accordingly.
我現在將花幾分鐘時間討論我們如何執行我們的供應和路線圖目標。在我們 1 月份的電話會議後不久,我們開始看到 COVID-19 在中國的影響,迫使我們的許多 ODM 合作夥伴延長春節工廠停工時間。 ODM合作夥伴現已復工,產量每週都在增加。正如我之前提到的,我們的工廠仍在運營。在第一季度,我們能夠緩解大部分與 COVID-19 相關的供應鏈中斷,並按預期履行所有客戶承諾的客戶端 CPU 訂單。我們今年仍有望增加足夠的晶圓產能,以滿足市場需求並將我們的 PC 單元庫存恢復到更正常的水平。由於在家工作和在線學習,近期 PC 需求增加,但下半年需求前景更加不確定。我們將繼續評估 COVID-19 對經濟的影響將如何抵消更多遠程工作的直接催化劑,並將相應地平衡晶圓啟動計劃。
We have made strong progress on a wave of 10-nanometer-based product introductions this year. This quarter, we announced the new Intel Atom P5900 SoC, Snow Ridge, a 10-nanometer-based new addition to our portfolio of 5G capabilities. We are a leading silicon provider in 5G infrastructure, and Snow Ridge expands our reach to the fullest edges of the network. With major design wins at Ericsson, Nokia and ZTE, we expect to be the base station market segment leader by 2021, a year earlier than previously committed.
今年我們在基於 10 納米的產品推出浪潮中取得了重大進展。本季度,我們發布了全新的英特爾凌動 P5900 SoC、Snow Ridge,這是我們 5G 功能組合中基於 10 納米的新成員。我們是 5G 基礎設施領域領先的芯片供應商,Snow Ridge 將我們的業務範圍擴展到網絡的最完整邊緣。憑藉愛立信、諾基亞和中興在設計方面的重大勝利,我們預計到 2021 年將成為基站細分市場的領導者,比之前的承諾提前一年。
In the middle of this year, we'll debut our next-generation mobile processor, Tiger Lake. Using our second-generation 10-nanometer process, Tiger Lake will deliver breakthrough performance, and our customers have more than 50 fantastic Tiger Lake-based notebook designs lined up for the holiday season. Finally, in the latter part of 2020, we continue to expect initial production shipments of our first 10-nanometer-based Xeon Scalable product, Ice Lake. While product development in a work-from-home environment is extremely challenging, we are largely on track for our 2020 product deliverables.
今年年中,我們將推出我們的下一代移動處理器 Tiger Lake。使用我們的第二代 10 納米工藝,Tiger Lake 將提供突破性的性能,我們的客戶有超過 50 款基於 Tiger Lake 的出色筆記本電腦設計為假日季準備就緒。最後,在 2020 年下半年,我們繼續預計我們的第一個 10 納米至強可擴展產品 Ice Lake 的初始生產出貨量。雖然在家工作環境中的產品開發極具挑戰性,但我們在很大程度上有望實現 2020 年的產品交付。
We are always mindful of our role as stewards and thoughtful allocators of your capital. We generate significant cash flow and have an excellent balance sheet. We're committed to our dividends, and we repurchased $4.2 billion in shares during the quarter. In light of the uncertainty, we took some actions to dramatically strengthen our liquidity position that we felt were prudent. We raised $10.3 billion in debt to further underpin an already strong balance sheet, and we suspended our share buybacks. We think this level of conservatism is appropriate at this phase, and we intend to reinstate our buyback program as circumstances warrant. Our focus now is on investing in our products and process technology and ensuring we have the capacity to meet our customer needs.
我們始終牢記我們作為您資本的管家和周到分配者的角色。我們產生大量現金流並擁有出色的資產負債表。我們承諾派發股息,並在本季度回購了 42 億美元的股票。鑑於不確定性,我們採取了一些我們認為謹慎的行動來顯著加強我們的流動性頭寸。我們籌集了 103 億美元的債務以進一步鞏固本已強勁的資產負債表,我們暫停了股票回購。我們認為這種程度的保守主義在這個階段是合適的,我們打算在情況允許時恢復我們的回購計劃。我們現在的重點是投資於我們的產品和工藝技術,並確保我們有能力滿足客戶的需求。
We also continue to take a disciplined approach to our portfolio of investments, including an agreement to divest our Home Gateway Platform business. We have transformed our company to lead the data-driven revolution that's fueling our industry. Our belief is that opportunity is resolute. COVID-19 has only reinforced how important it is for Intel and our customers to accelerate the power of data to fight the current pandemic and avert the next one. To use Andy Grove's words, bad companies are destroyed by crises. Good companies survive them. Great companies are improved by them. Guided by our cultural values, competitive advantages and financial strength, we will emerge from this situation even stronger.
我們還繼續對我們的投資組合採取嚴格的方法,包括剝離我們的家庭網關平台業務的協議。我們已經轉變了我們的公司,以引領推動我們行業發展的數據驅動革命。我們的信念是機會是堅定的。 COVID-19 只是強化了英特爾和我們的客戶加速數據力量對抗當前流行病並避免下一場流行病的重要性。用安迪·格魯夫的話來說,壞公司會被危機摧毀。好公司在他們中倖存下來。偉大的公司是由他們改進的。在我們的文化價值觀、競爭優勢和財務實力的指導下,我們將在這種情況下變得更加強大。
I'll now hand the call over to George for more details on our Q1 results, our Q2 outlook and how we're actively managing the business through this challenge.
我現在將電話轉給喬治,以了解有關我們第一季度業績、第二季度前景以及我們如何積極應對這一挑戰的業務的更多詳細信息。
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Thanks, Bob, and good afternoon, everyone. Q1 marked a strong start to the year amidst significant economic uncertainty and the unexpectedly strong demand for both PCs and servers as work-from-home and learn-from-home dynamics played out globally. Revenue came in at $19.8 billion, up 23% year-on-year and $800 million higher than guide. Data-centric revenue of $10.1 billion, up 34% year-on-year, represented 51% of our total revenue, an all-time high. Strong server demand across segments and a richer mix of our Xeon devices drove a significant portion of the upside. Q1 PC-centric revenue was $9.8 billion, up 14% year-on-year on strong notebook PC sales and increased supply resulting from capacity additions over the past year.
謝謝,鮑勃,大家下午好。第一季度標誌著今年的強勁開局,原因是經濟存在重大不確定性,並且隨著全球在家工作和在家學習的動態發展,對 PC 和服務器的需求出乎意料地強勁。收入為 198 億美元,同比增長 23%,比預期高出 8 億美元。以數據為中心的收入為 101 億美元,同比增長 34%,占我們總收入的 51%,創歷史新高。各細分市場對服務器的強勁需求以及我們至強設備的更豐富組合推動了很大一部分上漲。第一季度以 PC 為中心的收入為 98 億美元,同比增長 14%,原因是筆記本電腦銷售強勁以及過去一年產能增加導致供應增加。
Gross margin for the quarter was 62%, beating expectations due to strong flow-through of higher platform revenue, partly offset by reserves associated with our memory business and from the sale of our Home Gateway Business. Operating margin of 38% in the quarter was up 10 points versus last year on higher gross margins and disciplined spending controls, consistent with the environment.
本季度毛利率為 62%,超過預期,原因是平台收入增長強勁,部分被與我們的內存業務相關的儲備和出售我們的家庭網關業務所抵消。本季度的營業利潤率為 38%,與去年同期相比上升了 10 個百分點,原因是毛利率提高和嚴格的支出控制,與環境一致。
Q1 EPS was $1.45, $0.15 above our guide on strong operational performance, partially offset by losses in our ICAP and trading asset portfolios, along with the effects of a slightly higher tax rate. The strength of these results show the remarkable talent and commitment of our global workforce in a difficult and rapidly evolving environment.
第一季度每股收益為 1.45 美元,比我們對強勁運營業績的指導高 0.15 美元,部分被我們的 ICAP 和交易資產組合的損失以及稅率略高的影響所抵消。這些結果的優勢顯示了我們全球員工在困難且快速發展的環境中的卓越才能和承諾。
In Q1, we generated $6.2 billion in operating cash flow and invested $3.3 billion in CapEx with $2.9 billion of free cash flow, up 76% year-over-year. We returned $5.6 billion to shareholders via dividends and share repurchases. As Bob mentioned, we announced a pause in our share repurchase program as we felt it was prudent to do so in the current economic environment. This does not change our commitment to returning $20 billion in repurchases as outlined in October last year, and we plan to resume the program when market dynamics stabilize. With Q1 buybacks at $4.2 billion, we have already more than offset expected dilution associated with employee stock compensation for this year. In addition, our dividend policy remains unchanged with $1.4 billion in dividends paid in Q1.
在第一季度,我們產生了 62 億美元的運營現金流,並以 29 億美元的自由現金流投資了 33 億美元的資本支出,同比增長 76%。我們通過股息和股票回購向股東返還了 56 億美元。正如鮑勃所說,我們宣布暫停股票回購計劃,因為我們認為在當前的經濟環境下這樣做是謹慎的。這不會改變我們在去年 10 月概述的返還 200 億美元回購的承諾,我們計劃在市場動態穩定後恢復該計劃。憑藉 42 億美元的第一季度回購,我們已經抵消了與今年員工股票薪酬相關的預期稀釋。此外,我們的股息政策保持不變,第一季度支付了 14 億美元的股息。
Let's move to segment performance in Q1. Data Center Group revenue of $7 billion was up 43% from the prior year, coming in higher than expectations with strength across our customer landscape. Year-over-year platform volumes and ASPs were up 27% and 13%, respectively. While year-over-year comparisons benefited from a weak Q1 '19, revenue in the quarter came in at the second-highest level ever for DCG. Revenue was up 53% in cloud, 34% in enterprise and government and 33% for communication service providers. DCG adjacencies also delivered solid growth with revenue up 35% year-on-year on strong adoption of networking solutions.
讓我們轉向第一季度的細分錶現。數據中心集團的收入為 70 億美元,比上一年增長 43%,高於預期,我們客戶領域的實力強勁。平台數量和 ASP 同比分別增長 27% 和 13%。雖然同比比較受益於 19 年第一季度的疲軟,但該季度的收入是 DCG 有史以來的第二高水平。雲計算收入增長 53%,企業和政府收入增長 34%,通信服務提供商收入增長 33%。由於網絡解決方案的大力採用,DCG 鄰接也實現了穩健的增長,收入同比增長 35%。
Our other data-centric businesses were up 19% year-over-year in Q1 despite more tangible COVID impact. IOTG operating income declined 3%, primarily on lower revenue from industrial and retail. Mobileye revenue and operating income were up 22% and 29%, respectively, driven by continued ADAS penetration and new IQ program launches, offset partially by eroding conditions in the automotive market. While Q1 marked a record for Mobileye revenue, we expect 2020 revenue growth will be lower than our prior expectations as automobile production and volume ramps are being materially impacted by COVID-19. NSG revenue grew 46% on strong bit growth and improved pricing. Better market conditions versus last year, along with cost reductions on strong factory performance, resulted in a lower operating loss of $66 million. PSG revenue grew 7% year-on-year on cloud and enterprise strength, partially offset by weaker embedded and communications segment. Operating income was up 9% on higher revenue.
儘管 COVID 的影響更為明顯,但我們其他以數據為中心的業務在第一季度同比增長 19%。 IOTG 營業收入下降 3%,主要是由於工業和零售收入下降。 Mobileye 的收入和營業收入分別增長了 22% 和 29%,這主要得益於 ADAS 的持續滲透和新的 IQ 計劃的推出,部分被汽車市場的環境惡化所抵消。儘管第一季度 Mobileye 收入創下歷史新高,但我們預計 2020 年的收入增長將低於我們之前的預期,因為汽車生產和銷量增長正受到 COVID-19 的重大影響。 NSG 收入增長 46%,主要得益於強勁的比特增長和改進的定價。與去年相比,更好的市場條件以及強勁的工廠業績降低了成本,導致運營虧損減少了 6600 萬美元。 PSG 收入在雲和企業實力方面同比增長 7%,部分被較弱的嵌入式和通信部門所抵消。由於收入增加,營業收入增長了 9%。
CCG revenue was $9.8 billion in Q1, up 14% year-over-year, driven by notebook market strength and higher modem sales. PC unit volumes were up 13% year-over-year on higher notebook demand and increased supply. Notebook demand strength is expected to continue into Q2 with more people working and learning from home due to COVID-19-related shelter-in-place orders. Operating margin was 43%, up 7 points year-on-year, on higher revenue and lower spending driven by the 5G smartphone modem exits, partially offset by higher unit costs associated with the ramp of 10-nanometer products.
CCG 第一季度的收入為 98 億美元,同比增長 14%,這得益於筆記本電腦市場的強勁勢頭和更高的調製解調器銷量。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 13%。由於與 COVID-19 相關的就地庇護令,筆記本電腦需求強勁預計將持續到第二季度,更多人在家工作和學習。營業利潤率為 43%,同比增長 7 個百分點,原因是 5G 智能手機調製解調器退出推動收入增加和支出減少,部分被與 10 納米產品增加相關的單位成本增加所抵消。
Let's move to our second quarter outlook. Given the environment and the global economy, the range of potential outcomes has a wider distribution than normal. Based on demand signals from our customers, we expect the strength in cloud and comms infrastructure to continue in Q2, while IOTG and Mobileye will see lower demand driven by COVID-19. As a result, we expect total revenue of $18.5 billion with PC-centric approximately flat to slightly up year-over-year and data-centric up approximately 25% year-over-year. Operating margin is expected to be approximately 30%, down 1 point year-on-year on lower gross margin, largely offset by lower spending on higher revenue. Gross margins are expected to be approximately 56%, down 6 points sequentially due primarily to 3 reasons: prequalification reserves associated with the ramp of our next 10-nanometer client product, code named Tiger Lake; lower sequential revenue; and an accelerated ramp of 10-nanometer products, including isolate client CPUs and 5G SoC. The Tiger lake reserves are not expected to impact full year gross margin as we expect to sell through the reserve inventory in the second half of the year. As a result, Q2 EPS is expected to be approximately $1.10 per share.
讓我們轉向我們的第二季度展望。鑑於環境和全球經濟,潛在結果的範圍比正常情況更廣泛。根據客戶的需求信號,我們預計雲和通信基礎設施的實力將在第二季度繼續,而 IOTG 和 Mobileye 將看到 COVID-19 推動的需求下降。因此,我們預計總收入為 185 億美元,其中以 PC 為中心的收入同比大致持平或略有增長,以數據為中心的收入同比增長約 25%。營業利潤率預計約為 30%,由於毛利率下降,同比下降 1 個百分點,很大程度上被較高收入的支出減少所抵消。毛利率預計約為 56%,環比下降 6 個百分點,主要是由於 3 個原因:與我們下一個 10 納米客戶產品(代號 Tiger Lake)的升級相關的資格預審儲備;較低的連續收入;以及 10 納米產品的加速增長,包括隔離客戶端 CPU 和 5G SoC。虎湖儲備預計不會影響全年毛利率,因為我們預計下半年將通過儲備庫存進行銷售。因此,第二季度每股收益預計約為 1.10 美元。
Moving to the full year. With limited visibility due to the uncertainty driven by COVID-19, we are not guiding the full year. However, I do want to spend a few minutes discussing the expected headwinds and tailwinds we are monitoring and our response to the market dynamics.
移動到全年。由於 COVID-19 帶來的不確定性,能見度有限,我們不指導全年。但是,我確實想花幾分鐘討論我們正在監測的預期逆風和順風以及我們對市場動態的反應。
Tailwinds are most evident in the first half of the year on strong demand for mobile compute and related infrastructure on the dynamics of sheltering in place. In particular, mobile PCs, cloud and network infrastructure for 5G remain above seasonal trends. Headwinds include the impact of a global recession on IOTG end markets, particularly industrial and retail, lower automotive production impacting Mobileye and slowing enterprise and government data center demand. We also expect the PC TAM to weaken in the second half as GDP effects outweigh the initial demand bump from COVID. Also, given the volatility of the margins in Q1, our losses in our ICAP and trading asset portfolios were negatively impacting EPS by $0.03. Given the uncertain environment, this remains a watch item for the remainder of the year. In response to these market dynamics, we acted swiftly and strengthened liquidity.
順風在今年上半年最為明顯,原因是對移動計算和相關基礎設施的強勁需求以及就地避難的動態。特別是用於 5G 的移動 PC、雲和網絡基礎設施仍高於季節性趨勢。不利因素包括全球經濟衰退對 IOTG 終端市場的影響,尤其是工業和零售市場、影響 Mobileye 的汽車產量下降以及企業和政府數據中心需求放緩。我們還預計 PC TAM 將在下半年減弱,因為 GDP 影響超過了 COVID 帶來的初始需求增長。此外,鑑於第一季度利潤率的波動,我們在 ICAP 和交易資產組合中的損失對每股收益產生了 0.03 美元的負面影響。鑑於不確定的環境,這仍然是今年剩餘時間的觀察項目。針對這些市場動態,我們迅速採取行動,加強流動性。
In addition to spending repurchases, we issued $10.3 billion in debt in the quarter. Our total cash investment balance at quarter end was $20.8 billion. Our liquidity actions to date are expected to impact full year EPS performance by approximately $0.12. The company has an exceptional balance sheet and strong cash flow to handle a very wide range of scenarios. We have positioned the company to support investment in technology transitions, our new products, and our customers' requirements across these scenarios. As you would expect, we are very focused on cash flow management and believe our free cash flow generation this year will be resilient as impacts from COVID are tempered by first half demand strength, OpEx savings initiatives, capital actions and tight working capital oversight.
除了支出回購外,我們在本季度還發行了 103 億美元的債務。我們在季度末的總現金投資餘額為 208 億美元。迄今為止,我們的流動性行動預計將對全年每股收益表現產生約 0.12 美元的影響。該公司擁有出色的資產負債表和強大的現金流,可以處理非常廣泛的情況。我們已將公司定位為支持對技術轉型、我們的新產品和客戶在這些場景中的需求的投資。正如您所料,我們非常專注於現金流管理,並相信我們今年的自由現金流產生將具有彈性,因為上半年需求強度、運營支出節省計劃、資本行動和嚴格的營運資本監督會緩和 COVID 的影響。
To conclude, I'd like to join Bob in thanking our employees worldwide who are working diligently in these challenging times to provide products essential to the world.
最後,我想和 Bob 一起感謝我們的全球員工,他們在這個充滿挑戰的時代辛勤工作,為世界提供必不可少的產品。
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. Thank you, George. Moving on now to the Q&A. (Operator Instructions) Operator, please go ahead and introduce our first call.
好的。謝謝你,喬治。現在繼續進行問答。 (操作員說明)操作員,請繼續介紹我們的第一個電話。
Operator
Operator
Certainly. Our first question comes from the line of John Pitzer from Crédit Suisse.
當然。我們的第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
I'm just wondering if you could give us a little bit more detail on the gross margin decline heading into the calendar second quarter. George, you kind of broke it up into 3 different categories. I'd be interested on magnitude of Tiger Lake versus just lower volumes and then other 10-nanometer parts. And I guess, more importantly, how do we think about kind of normalized sort of gross margins as you get past some of the start-up costs for a faster 10-nanometer ramp?
我只是想知道您是否可以向我們提供更多關於進入日曆第二季度的毛利率下降的詳細信息。喬治,你把它分成了 3 個不同的類別。我會對 Tiger Lake 的大小感興趣,而不是只關注較小的體積,然後是其他 10 納米部件。而且我想,更重要的是,當您克服一些啟動成本以加快 10 納米的坡度時,我們如何考慮一種標準化的毛利率?
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Yes. Thanks, John. So the margin picture is really unchanged from what we've talked about in the past in terms of how we think our product road map is going to move products that we expect to introduce and their margin structure. And what you're seeing in Q2 is largely a timing issue. And about half of the impact that you're seeing in gross margin in the quarter is from the Tiger Lake pre PRQ reserves. Obviously, the fact that -- and that's both sequentially and year-over-year. And so I think the way we would look at it is pretty much we're not seeing anything as -- if you take COVID out of the year, we're really not seeing anything different in our basic view of gross margin dynamics, with the exception of we're seeing stronger pull-in of demand for some of our 10-nanometer products. I mean I think one of the things -- we got very strong demand for Tiger Lake. And so when you look at the impact that Tiger Lake reserves are having on the quarter, it's about the same level of impact that we had on Ice Lake in Q1 of '19. And yet we have about double the number of units in the -- being reserved. And I think it gives you an indication of just how much our performance was improving on 10-nanometer.
是的。謝謝,約翰。因此,就我們認為我們的產品路線圖將如何推動我們期望推出的產品及其利潤率結構而言,利潤率情況與我們過去所說的實際上並沒有變化。你在第二季度看到的主要是時間問題。您在本季度看到的毛利率影響中約有一半來自 Tiger Lake pre PRQ 儲備。顯然,事實是——而且是按順序和同比的。所以我認為我們看待它的方式幾乎是我們沒有看到任何東西——如果你把 COVID 排除在這一年之外,我們對毛利率動態的基本看法真的沒有看到任何不同,與除了我們看到對我們的一些 10 納米產品的需求的強勁增長。我的意思是我認為其中一件事——我們對老虎湖的需求非常強勁。因此,當您查看 Tiger Lake 儲備對本季度的影響時,它與我們在 19 年第一季度對 Ice Lake 的影響水平大致相同。然而,我們在--被保留的單位數量大約翻了一番。而且我認為它可以讓您了解我們的性能在 10 納米上的改進程度。
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
So John, I would just say, relative to where we were 90 days ago, gross margins are stronger through the first quarter. They're in line with our expectations through the second quarter. And to George's point, despite the timing dynamics of pre PRQ reserves that we take in the second quarter and recoup in the second half, the only other change is just that we feel confident in accelerating the ramp for 10. So from our vantage point, at or better than kind of how we started the year, and we feel very good about gross margin performance. We're very excited about the Tiger Lake products ramping going into the second half and the 5G Snow Ridge product that we announced. So all in all, gross margin dynamics, pretty strong.
所以約翰,我只想說,相對於我們 90 天前的情況,第一季度的毛利率更強。他們在第二季度符合我們的預期。就喬治而言,儘管我們在第二季度採取 PRQ 儲備的時間動態並在下半年恢復,但唯一的其他變化就是我們有信心加速 10 的坡道。所以從我們的優勢來看,等於或好於我們今年年初的情況,我們對毛利率表現感到非常滿意。我們對進入下半年的 Tiger Lake 產品以及我們宣布的 5G Snow Ridge 產品感到非常興奮。總而言之,毛利率動態非常強勁。
On the second part of your question, I'd go back to the commentary that George provided back at our Analyst Day in the spring, which is, obviously, when we transition from a mature node to a new node, margins tend to come down. We indicated that we plan to get back on a 2- to 2.5-year cadence, which means in 2021, we'll be ramping 10-nanometer even more while we're investing in 7-nanometer that we anticipate having in the fourth quarter of 2021. So those dynamics of -- from a mature node to a new node, impacts the gross margins of the business, but we feel like it's -- we're well on track from the plans we laid out and feel pretty good about a dynamite first quarter and an outlook for the second quarter in line or better than what we expected.
關於你問題的第二部分,我會回到喬治在春季分析師日提供的評論,顯然,當我們從成熟節點過渡到新節點時,利潤率往往會下降.我們表示我們計劃恢復 2 到 2.5 年的節奏,這意味著在 2021 年,我們將在 7 納米投資的同時進一步增加 10 納米,我們預計在第四季度擁有2021 年。因此,從成熟節點到新節點的這些動態影響了業務的毛利率,但我們覺得它是——我們正在按照我們制定的計劃走上正軌,感覺很好第一季度的炸藥和第二季度的前景符合或好於我們的預期。
Operator
Operator
Our next question comes from the line of Blayne Curtis from Barclays.
我們的下一個問題來自巴克萊銀行的 Blayne Curtis。
Blayne Peter Curtis - Director & Senior Research Analyst
Blayne Peter Curtis - Director & Senior Research Analyst
I guess a follow-on, John, with the gross margin. I mean I know you're not guiding full year anymore, but when we look out at that trajectory that you had given us, I was wondering if you can just kind of step us through with the acceleration. And actually, maybe looking back to last year, if you look at the improvement you saw of that low quarter, just kind of any kind of directional guidance of where this gross margin can go from here.
我想是毛利率的後續,約翰。我的意思是我知道你不再指導全年,但是當我們看到你給我們的軌跡時,我想知道你是否可以通過加速來引導我們。實際上,也許回顧去年,如果你看看你看到的那個低季度的改善,只是關於這個毛利率可以從這裡去哪裡的任何類型的方向指導。
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Yes. I mean first off, I think you're going to see, Blayne, that gross margin is going to improve, all things being equal, just from the fact that starting in the third quarter, we'll start to see the chips that have been reserved this quarter coming out on a 0 cost basis in the gross margin. And again, it's really hard to think about the second half in terms of how demand is going to look compared to what we ultimately thought when we first gave guidance, which is because of the -- all the obvious issues related to COVID. I'd just go back to -- as we look at what we guided all the way back in May of '19, if anything, we're ramping 10-nanometer a little faster. We're seeing clear evidence of improved performance on 10-nanometer. And so we feel good about the overall gross margin dynamics. You can see how our other cost initiatives are helping 5 points out of the 6-point impact that's being offset by effectively the OpEx percentage. So overall, I would go back and say no real change to our fundamental outlook. But when you overlay COVID, it's -- we'll just have to see how that plays out.
是的。我的意思是首先,我想你會看到,Blayne,毛利率會提高,所有條件都一樣,只是從第三季度開始,我們將開始看到有本季度以 0 成本為基礎保留毛利率。再一次,與我們最初給出指導時的最終想法相比,很難考慮下半年的需求情況,這是因為所有與 COVID 相關的明顯問題。我想回到——當我們看看我們在 19 年 5 月一路引導的東西時,如果有的話,我們正在加快 10 納米的速度。我們看到了明顯的證據表明 10 納米的性能有所提高。因此,我們對整體毛利率動態感覺良好。您可以看到我們的其他成本計劃如何幫助 6 點影響中的 5 點有效地被運營支出百分比所抵消。所以總的來說,我會回過頭來說我們的基本面沒有真正的變化。但是,當您覆蓋 COVID 時,它是 - 我們只需要看看它是如何發揮作用的。
Operator
Operator
Our next question comes from the line of Vivek Arya from Bank of America.
我們的下一個問題來自美國銀行的 Vivek Arya。
Vivek Arya - Director
Vivek Arya - Director
I appreciate all the color in these uncertain times. I'm curious how you are directionally feeling about the CapEx guidance for the year. I think you had about a $17 billion number before. I understand the need to be responsive to the macro dynamics and in preserving the balance sheet. But you upsided first half by quite a bit, and you're also accelerating the move to 10-nanometers. Does that create some upward bias or at least protect the kind of capital spending plans that you had for the year? Any puts and takes would be very helpful.
我欣賞這些不確定時期的所有色彩。我很好奇你對今年的資本支出指導有什麼方向感。我想你之前有大約 170 億美元的數字。我理解需要對宏觀動態做出反應並保留資產負債表。但是你在上半場上揚了很多,而且你也在加速向 10 納米邁進。這是否會產生一些向上的偏見,或者至少保護你今年的資本支出計劃?任何看跌期權都會非常有幫助。
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
Yes. Vivek, I'll start, and then George will fill in. First, both our R&D and our capital spend for this year are directed towards the multiyear plan that we shared with you back last year. So both the product road map over the next several years, the capital required to support the growth that we anticipate over the medium- to long-term horizon while adding capacity for the ramp of 10 as well. So coming into the year, we're very bullish about the medium- and long-term outlook. And we're putting our capital to work to support that medium- and long-term outlook, and that's not going to change.
是的。 Vivek,我先開始,然後 George 將填補。首先,我們今年的研發和資本支出都針對我們去年與您分享的多年計劃。因此,無論是未來幾年的產品路線圖,還是支持我們在中長期範圍內預期的增長所需的資本,同時也增加了 10 的產能。因此,進入這一年,我們非常看好中長期前景。我們正在投入資金來支持這種中長期前景,而且這種情況不會改變。
That being said, in the near term, as we try to get a better read on what the demand signals will be for the second half, whether we're dealing with being very disciplined on our spending levels, ensuring that wafer starts are in line with true demand signals and being very disciplined on the capital that isn't directly related to more capacity and/or technology development, we are going to be very disciplined through this near-term horizon. But I'd just go back to the first point, which is we're very bullish about the multiyear view. We have the largest TAM in the company's history. We got a great set of products that we're building and developing, and we're going to invest to position ourselves well to capitalize on the current disruptions that we're wrestling with.
話雖如此,在短期內,當我們試圖更好地了解下半年的需求信號時,我們是否正在處理非常嚴格的支出水平,確保晶圓開工符合要求有了真實的需求信號,並且對與更多產能和/或技術開發沒有直接關係的資本非常自律,我們將在近期內非常自律。但我想回到第一點,即我們非常看好多年期的觀點。我們擁有公司歷史上最大的 TAM。我們有一套很棒的產品正在構建和開發,我們將投資以定位好自己,以利用我們正在努力應對的當前中斷。
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Yes. What I would add is there's some natural things in addition to the discipline that will help us lower CapEx a little bit. It's part of why we said we think our free cash flow is going to be pretty resilient in the year because we've seen in some of the geographies where we have major construction projects underway, we're actually seeing that being pushed somewhat by regulatory requirements. And so we -- the way I would describe it is we probably see 6 to 8 weeks' worth of capital pushing out of this year. But any capital that is important for our 10-nanometer, 7-nanometer and even the start of 5-nanometer is going to be spent in line with the timetables that we've already laid out.
是的。我要補充的是,除了紀律之外,還有一些自然的事情可以幫助我們稍微降低資本支出。這就是為什麼我們說我們認為我們的自由現金流在今年將非常有彈性的部分原因,因為我們已經看到在一些我們正在進行重大建設項目的地區,我們實際上看到監管在一定程度上推動了這一點要求。所以我們——我會這樣描述它,我們可能會看到今年有 6 到 8 週的資本推出。但是對於我們的 10 納米、7 納米甚至 5 納米的起步來說,任何重要的資金都將按照我們已經制定的時間表來使用。
Operator
Operator
Our next question comes from the line of Joe Moore from Morgan Stanley.
我們的下一個問題來自摩根士丹利的喬摩爾。
Joseph Lawrence Moore - Executive Director
Joseph Lawrence Moore - Executive Director
Great. I wonder if you could talk about some of the changes to the server road map? And it seems like you've deemphasized Cooper Lake and are more focused on Ice Lake server. Is that about confidence of the -- in the 10-nanometer plus? Is that -- just kind of describe what led to that decision.
偉大的。我想知道你能否談談服務器路線圖的一些變化?而且您似乎不再強調 Cooper Lake,而是更專注於 Ice Lake 服務器。這是關於 10 納米以上的信心嗎?那是 - 只是描述導致該決定的原因。
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
Yes. Thanks, Joe. Yes, during the course of the year, we've been -- our product road map for servers is very focused on delivering workload-optimized platform foundation that's scalable for the real-world environments that our customers are operating in. So we ramped -- Skylake was the fastest ramp in the Xeon history, followed by Cascade Lake, that was a very strong ramp. Next, we have a Cascade Lake refresh that is a relatively simple, simple upgrade, easier upgrade for our customers because the architecture is very simple to the fastest-growing Cascade Lake ramp. And we're very focused on Ice Lake in the second half of the year or in the fourth quarter, as we indicated. So as we step back and look at the market dynamics and the product road map, we feel like we got the right products at the right time as we ramp and scale the high end of Cascade Lake and refresh while positioning for Ice Lake.
是的。謝謝,喬。是的,在這一年中,我們一直在 - 我們的服務器產品路線圖非常專注於提供工作負載優化的平台基礎,該平台基礎可針對我們客戶所在的實際環境進行擴展。所以我們加大了力度 - - Skylake 是 Xeon 歷史上最快的坡道,其次是 Cascade Lake,這是一個非常強大的坡道。接下來,我們有一個 Cascade Lake 更新,這是一個相對簡單、簡單的升級,對於我們的客戶來說更容易升級,因為對於增長最快的 Cascade Lake 斜坡來說,架構非常簡單。正如我們所指出的,我們在下半年或第四季度非常關注冰湖。因此,當我們退後一步查看市場動態和產品路線圖時,我們覺得我們在正確的時間得到了正確的產品,因為我們在 Cascade Lake 的高端市場上坡和擴展,並在定位 Ice Lake 的同時進行更新。
Joseph Lawrence Moore - Executive Director
Joseph Lawrence Moore - Executive Director
Okay. That makes sense. And as you've started to ramp 10-nanometer plus, is it possible to talk about the changes that you'll see versus 10? Is it better clock speeds, better yields, better -- is there better transistor performance implicit in that transition?
好的。這就說得通了。當您開始向 10 納米以上邁進時,是否有可能談談您將看到的與 10 納米相比的變化?是不是更好的時鐘速度、更好的良率、更好的——在這種轉變中是否隱含了更好的晶體管性能?
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
I presume you're talking about second gen for server products, Sapphire Rapids product or -- oh, for clients, sorry. Yes, the client -- the Tiger Lake product, we are extremely excited about. We -- as I think I mentioned in our prepared remarks that we have 50 designs that we expect to ramp in the holiday season this year. Clock speed, battery life, AI incorporation into the core design, a platform offering that we think is a real differentiator for customers on -- in thin and light format. So this is going to be a great launch. We're very excited about it. And to George's earlier point, the demand signals we're seeing and our confidence in both the product and the yield is -- has us at a point where we expect to accelerate the ramp and adoption a bit faster than we did coming into the year.
我想您是在談論第二代服務器產品、Sapphire Rapids 產品或--哦,對於客戶,對不起。是的,客戶——Tiger Lake 產品,我們非常興奮。我們 - 正如我在準備好的評論中提到的那樣,我們有 50 種設計,我們預計將在今年的假日季節推出。時鐘速度、電池壽命、將 AI 納入核心設計,我們認為平台產品對客戶來說是一個真正的差異化因素——採用輕薄格式。所以這將是一個偉大的發布。我們對此感到非常興奮。在喬治之前的觀點中,我們看到的需求信號以及我們對產品和產量的信心 - 讓我們達到了我們預計會比今年更快地加速斜坡和採用的地步.
Operator
Operator
Our next question comes from the line of Stacy Rasgon from Bernstein Research.
我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。
Stacy Aaron Rasgon - Senior Analyst
Stacy Aaron Rasgon - Senior Analyst
I wanted to ask first about the 10-nanometer mix exiting the year just given what you're seeing: a strong Tiger Lake demand signals and a potentially faster 10-nanometer. Like what do you think your product mix by node is going to be exiting the year? Do you think there'll be a crossover point on 10-nanometers?
鑑於您所看到的情況,我想首先詢問一下今年退出的 10 納米組合:強勁的 Tiger Lake 需求信號和可能更快的 10 納米。比如你認為你的節點產品組合將在今年退出嗎?你認為10納米會有一個交叉點嗎?
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Stacy, this is George. I don't think we'll see a crossover point this year. And this is -- again, I'm just going to take COVID out of the equation, so thinking through, I do think we're going to see more demand on 10-nanometer this year than we thought going in. Again, I think Ice Lake demand was strong -- is going to be strong in the first half. We're seeing our 5G SoCs on 10-nanometer getting stronger demand as the market there just gets stronger and stronger on the comp side. But Tiger Lake is really, I think, going to be the driver for us in being above our expectations for all the reasons that Bob just covered. And -- but it won't be enough to cause a crossover.
斯泰西,這是喬治。我認為今年我們不會看到交叉點。這是 - 再次,我只是要把 COVID 排除在外,所以仔細想想,我確實認為今年對 10 納米的需求會比我們想像的要多。再一次,我認為冰湖的需求很強勁——上半年會很強勁。我們看到我們的 10 納米 5G SoC 的需求越來越強,因為那裡的市場在競爭方面變得越來越強大。但是,我認為,Tiger Lake 確實會成為我們超出預期的驅動力,因為 Bob 剛剛提到的所有原因。而且——但這還不足以引起交叉。
Operator
Operator
Our next question comes from the line of Ross Seymore from Deutsche Bank.
我們的下一個問題來自德意志銀行的 Ross Seymore。
Ross Clark Seymore - MD
Ross Clark Seymore - MD
I want to go to the Data Center Group, you have the color commentary about the enterprise and government being weaker in the second half, and I don't think that surprises anybody. But I wanted to see what sort of color you're getting in the other 70% of that segment on the cloud and the comms side? And specifically, you had worried earlier this year that we'd enter a digestion period. So I wanted to see if your views have changed on that. And then in the comms service provider side, how much of that actually acts like the enterprise and government versus the side that benefits from the 5G ramp? Any pluses and minuses there would be helpful as well.
我想去數據中心集團,你有關於下半年企業和政府疲軟的色彩評論,我認為這不會讓任何人感到驚訝。但我想看看你在雲和通信方面的另外 70% 的部分中獲得了什麼樣的顏色?具體來說,您今年早些時候曾擔心我們會進入消化期。所以我想看看你對此的看法是否發生了變化。然後在通信服務提供商方面,有多少實際上像企業和政府,而不是從 5G 斜坡中受益的一方?那裡的任何優點和缺點也會有所幫助。
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
Yes. Thanks, Ross. First, on the cloud side, as you indicated, we came into the year off a very strong second half of 2019, and our expectations were that Q1 would continue that strength. But then the cloud service providers would go through their normal digestion stage, if you will. That was kind of what we indicated back in January. First quarter, as George flagged, demand was even stronger for the CSPs. In our raised outlook for Q2, we expect that demand for the cloud folks to -- the strong demand to continue. And possibly, even going into the second half of the year, that's TBD, but the trends are relatively encouraging, the demand signals are very high. The product that's being pulled is the XCC product. So ASPs, as you saw in our results, were very strong. So purchasing is extending beyond what we thought a few months ago. And that drove Q1 upside, it drove Q2 upside, and we think it will be relatively strong kind of going into Q3. That's TBD.
是的。謝謝,羅斯。首先,在雲方面,正如您所指出的,我們在 2019 年下半年非常強勁,我們的預期是第一季度將繼續保持這種勢頭。但是,如果您願意,雲服務提供商將經歷他們的正常消化階段。這就是我們在一月份所指出的。正如喬治所說,第一季度對 CSP 的需求更加強勁。在我們上調第二季度的展望中,我們預計對雲計算人員的需求將持續強勁。甚至可能進入下半年,那是待定,但趨勢相對令人鼓舞,需求信號非常高。被拉的產品是 XCC 產品。因此,正如您在我們的結果中看到的那樣,ASP 非常強勁。因此,採購的範圍超出了我們幾個月前的想法。這推動了第一季度的上漲,推動了第二季度的上漲,我們認為進入第三季度會相對強勁。那是待定。
On the comms side, fantastic growth in the first quarter. Our expectations are, as we go through the course of the year, it will stay relatively strong as we continue to gain share in that segment. And as we've expanded the 5G SoC, expanded our TAM within that sector and with the product that we just qualified a few weeks back. So we expect share gains, the infrastructure -- share gains to continue, infrastructure in 5G to continue, if not go faster, and we're relatively well positioned in the -- with the key players of Nokia, Ericsson and ZTE going into the second half of the year. So we feel good about the comms segment as well. And as you flagged, the ones that we're proud -- that we're most anxious about is just enterprise and government and what kind of demand signals we'll see in the second half. So the first 2 are as good, if not stronger. Enterprise and government, a big -- a bit of an unknown for us at this stage.
在通信方面,第一季度實現了驚人的增長。我們的預期是,隨著我們在這一年中的發展,隨著我們繼續在該領域獲得份額,它將保持相對強勁。隨著我們對 5G SoC 的擴展,我們在該領域以及幾週前剛剛獲得資格的產品擴展了我們的 TAM。因此,我們預計份額增長,基礎設施——份額增長將繼續,5G 的基礎設施將繼續,如果不是更快,我們在這方面處於相對有利的位置——諾基亞、愛立信和中興通訊的主要參與者進入下半年。因此,我們對通訊部分也感覺良好。正如你所指出的,我們引以為豪的——我們最擔心的只是企業和政府,以及我們將在下半年看到什麼樣的需求信號。所以前兩個同樣好,如果不是更強的話。企業和政府,在這個階段對我們來說有點未知。
Operator
Operator
Our next question comes from the line of Pierre Ferragu from New Street Research.
我們的下一個問題來自 New Street Research 的 Pierre Ferragu。
Pierre C. Ferragu - Global Team Head of Technology Infrastructure
Pierre C. Ferragu - Global Team Head of Technology Infrastructure
I'd like to get back to your performance in PC in the first quarter. So you're up 14% year-on-year. I was wondering a couple of things. The first one is how much is that really stronger demand, and that's just about it? And how much of that is more you catching up on capacity and being better able to serve the market and catching up maybe on demand you couldn't meet in the 2, 3 previous quarters? And then what's your early view on market share? Are you starting to regain share in PCs? And if not, when do you see that happening this year?
我想回到你在第一季度在 PC 上的表現。所以你同比增長了 14%。我想知道幾件事。第一個是真正強勁的需求有多少,僅此而已?其中有多少是您在產能方面的追趕,能夠更好地為市場服務,並在之前的 2、3 個季度中無法滿足的需求方面迎頭趕上?那麼您對市場份額的早期看法是什麼?您是否開始重新獲得 PC 市場份額?如果沒有,你認為今年什麼時候會發生這種情況?
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Pierre, it's George. I think what we saw is clearly some impact relative to our expectations from the work-at-home, learn-at-home dynamics. But we had expected a strong quarter in our initial forecast, which really reflected the dynamics that we're talking about. We had customers who have been short of demand for a number of quarters who were seeing a chance to finally build some -- a little bit of inventory, which gave us a seasonally strong first quarter relative to anything we might see historically. But we saw notebook volumes up over 20% in the quarter. And I would say that that's more than just the pent-up demand. And that's at a time when some of the OEMs were really struggling in the early part of the quarter with their supply chains, which is why there's some parts in their channel that's all opened up now. So we think that actually -- one of the good signs is though even that's opened up, we're still seeing very strong demand coming in on the PC side. So -- and we had expected solid PC in the first half. But I would say it's -- with COVID, it's been even stronger and heavily weighted towards the netbook.
皮埃爾,是喬治。我認為我們所看到的顯然是相對於我們對在家工作、在家學習動態的期望的一些影響。但我們在最初的預測中曾預計一個強勁的季度,這確實反映了我們正在談論的動態。我們的客戶在幾個季度都缺乏需求,他們看到了最終建立一些——一點點庫存的機會,相對於我們歷史上可能看到的任何情況,這給了我們一個季節性強勁的第一季度。但我們看到本季度筆記本電腦的銷量增長了 20% 以上。我想說,這不僅僅是被壓抑的需求。正是在那個時候,一些原始設備製造商在本季度初的供應鏈上真的很掙扎,這就是為什麼他們的渠道中的一些部分現在已經全部開放的原因。所以我們認為實際上 - 一個好的跡像是,即使它已經開放,我們仍然看到 PC 方面的需求非常強勁。所以——我們預計上半年會有穩定的 PC。但我想說的是——有了新冠病毒,它甚至更強大,更偏向上網本。
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
And the only thing I would add is in our fab network and the supply chain was able to -- coming out of last year, not only able to deal with the backlog coming into the year but also meet the higher demand signals that George flagged at the latter part of March.
我唯一要補充的是我們的晶圓廠網絡和供應鏈能夠——從去年開始,不僅能夠處理進入今年的積壓訂單,而且還能滿足喬治標記的更高需求信號三月下旬。
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Yes. I should have mentioned that. It's really heroic work, both at the supply chain level, we have a fantastic supply chain group, but also our manufacturing teams, keeping the factories up and running. Delivering a 90% on-time commits in a quarter like this is really remarkable.
是的。我應該提到這一點。這真是一項英勇的工作,無論是在供應鏈層面,我們都有一個出色的供應鏈團隊,還有我們的製造團隊,讓工廠保持正常運轉。在這樣的一個季度內交付 90% 的準時提交確實非常了不起。
Operator
Operator
Our next question comes from the line of C.J. Muse from Evercore.
我們的下一個問題來自 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 realized that you removed your guidance for the full year. But if I look at your results and your guide for Q2, it would suggest data-centric tracking, maybe down 2% half-on-half in the second half; and PC, down 14%. I'm just curious, is that directionally how you're seeing things? Or I guess given the positive trends in notebooks and the weakness on the enterprise and government side, perhaps it's a bit more muted, and would love to hear your thoughts on that.
我意識到你取消了全年的指導。但是,如果我查看您的結果和您的第二季度指南,它會建議以數據為中心的跟踪,可能在下半年下降 2%;和 PC,下降 14%。我只是好奇,這就是你看待事物的方向嗎?或者我猜考慮到筆記本電腦的積極趨勢以及企業和政府方面的弱點,也許它會更加沉默,並且很想听聽您對此的看法。
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Yes. We're -- I'm not going to be able to give you a full year guide by pieces. But I appreciate the question. I think the -- maybe talking a little bit, C.J., headwinds and tailwinds, which we referred to on the call, clearly, cloud is a tailwind and -- cloud and mobile compute are a tailwind for the first half for sure. I think cloud continues to be -- will probably be helpful throughout the year. The -- but at some point, we're going to see the impacts of the recession start to impact demand on PCs. So we're -- that's certainly a headwind. That is a reasonable expectation for the second half of the year. We're already seeing the impact of the recession on IOTG, particularly in industrial and retail.
是的。我們——我不能給你一個完整的年度指南。但我很欣賞這個問題。我認為——也許會說一點,C.J.,逆風和順風,我們在電話會議上提到的,很明顯,雲是順風,而且——雲和移動計算肯定是上半年的順風。我認為雲將繼續存在 - 可能會在一年中有所幫助。 - 但在某個時候,我們將看到經濟衰退的影響開始影響對個人電腦的需求。所以我們 - 這當然是一個逆風。這是對下半年的合理預期。我們已經看到了經濟衰退對 IOTG 的影響,尤其是在工業和零售領域。
We're seeing in automotive, Mobileye had a record quarter in Q1. But I think the full year is going to be certainly weaker than we had expected coming into the year. Now not nearly as weak as automotive overall because they continue to grow. They're in a part of the automotive market that is growing substantially. And they have the leadership position in ADAS. And so it will be more subtle of an impact, but still an impact nonetheless. And then as Bob said, on the data center side, enterprise and government appear to have been very strong in the first half, and so we would expect some digestion. How those things all play up and what percentages play out, C.J., I really can't say, but those are the things that we're watching to see how the year is going to play out.
我們在汽車行業看到,Mobileye 在第一季度創下了創紀錄的季度業績。但我認為全年肯定會比我們預期的要弱。現在不像汽車整體那麼弱,因為它們繼續增長。它們屬於正在大幅增長的汽車市場的一部分。他們在 ADAS 中處於領導地位。所以它會產生更微妙的影響,但仍然是一種影響。然後正如鮑勃所說,在數據中心方面,企業和政府在上半年似乎非常強大,因此我們預計會有所消化。 C.J.,這些事情是如何發揮作用的,百分比是多少,我真的不能說,但這些都是我們正在觀察的事情,看看今年將如何發揮作用。
Operator
Operator
Our next question comes from the line of Srini Pajjuri from SMBC Nikko.
我們的下一個問題來自 SMBC Nikko 的 Srini Pajjuri。
Srinivas Reddy Pajjuri - Research Analyst
Srinivas Reddy Pajjuri - Research Analyst
George, I want to go back to the gross margins. I think you did a great job giving us color about half of the impact from Tiger Lake. I'm just wondering, the remaining half, is that because of reserves, which is going to reverse in the second half? Or is this something more structural or mix related that's going to persist for the next few quarters? I would love to hear some color on that.
喬治,我想回到毛利率。我認為你做得很好,為我們提供了老虎湖一半影響的色彩。我只是想知道,剩下的一半,是因為儲備金,這將在下半場逆轉嗎?或者這是否會在接下來的幾個季度中持續存在結構性或混合相關性?我很想听聽一些顏色。
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
Well, I think the things that are structural is we're going to see more 10-nanometer demand in the year than we had forecasted at the beginning of the year. And that will have a little bit of dampening on margins but not materially different from what we had seen coming into the year. The temporary impact is really the reserve action, which will reverse. It is about half of the year-over-year effect. And so I would say the other impact, again, is if we look year-over-year, we're just seeing a much larger uptake of Ice Lake and 5G SoCs year-over-year, but much of that was expected. I would say both Ice Lake and the 5G SoCs are a little bit stronger than we would have thought coming into the year and -- which is consistent with just the demand activity that we're seeing in mobility and the infrastructure around that.
嗯,我認為結構性的事情是,我們將在今年看到比我們在年初預測的更多的 10 納米需求。這將對利潤率有所抑制,但與我們今年看到的情況並無本質區別。暫時的影響實際上是儲備行動,這將逆轉。這大約是同比效應的一半。所以我想說,另一個影響是,如果我們逐年看,我們只是看到 Ice Lake 和 5G SoC 的使用量逐年增加,但其中大部分是意料之中的。我想說的是,Ice Lake 和 5G SoC 都比我們今年預想的要強大一些,而且——這與我們在移動性和圍繞它的基礎設施方面看到的需求活動是一致的。
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
Yes. And just we came into the year with an outlook of 59% gross margin for the year. And I would just say through the first 90 days, we're much better. To the next 90 days, we're better or in line. And the dynamics of the pre PRQ reserve are no impact on the full year. Therefore, net-net, to the first 6 months of the year, we feel just as good about our gross margin performance and even better about our ability to ramp 10-nanometer. So we're feeling very good about how the first half of the year is playing out relative to where we were 90 days ago across demand signals and gross margin performance.
是的。剛剛我們進入了這一年,預計今年的毛利率為 59%。我只想說,在最初的 90 天裡,我們好多了。到接下來的 90 天,我們會更好或排隊。並且 PRQ 儲備金的動態對全年沒有影響。因此,淨淨值,到今年前 6 個月,我們對我們的毛利率表現感到同樣好,甚至對我們提升 10 納米的能力感到更好。因此,相對於 90 天前的需求信號和毛利率表現,我們對今年上半年的表現感到非常滿意。
Operator
Operator
Our next question comes from the line of Timothy Arcuri from UBS.
我們的下一個問題來自瑞銀的 Timothy Arcuri。
Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment
Timothy Michael Arcuri - MD and Head of Semiconductors & Semiconductor Equipment
I'm just wondering if you can talk about channel. Inventory, there's a -- customers in a lot of your end markets seem to be a little concerned about supply disruptions, and they -- sell-in seems to be a little bit above sell-through. Sell-through seems to be weakening a little bit. So can you talk about the potential for some inventory correction later this year and sort of how you track that?
我只是想知道你是否可以談談頻道。庫存,有一個 - 你的許多終端市場的客戶似乎有點擔心供應中斷,他們 - 銷售似乎有點高於銷售。銷售量似乎有所減弱。那麼您能否談談今年晚些時候進行一些庫存調整的可能性以及您如何跟踪它?
George S. Davis - Executive VP & CFO
George S. Davis - Executive VP & CFO
We're -- obviously, we're very focused on understanding that. I would say the -- any kind of dislocation that we're looking at right now is more a function of just the supply chain challenges that some of the OEMs had, particularly in the first half of the first quarter. But we've been watching that pretty closely because we want to make sure that this kind of buildup at our customer level makes its way through to the end customer. And we're seeing customers telling us that their end-customer demand continues to be very strong, and their order profile reflects they're going to clear their existing revenue. Now when that plays out, I'm not sure. It's part of why we struggle to understand how that second half is going to play out. But we feel good about the demand signals we're seeing now, and we understand the movements of our products in the system from the dynamics that we saw in the first quarter.
我們 - 顯然,我們非常專注於理解這一點。我想說——我們現在看到的任何類型的錯位更多地是一些原始設備製造商面臨的供應鏈挑戰的一個功能,特別是在第一季度的上半年。但我們一直在密切關注這一點,因為我們希望確保這種在我們客戶層面的積累能夠傳遞給最終客戶。我們看到客戶告訴我們,他們的最終客戶需求仍然非常強勁,他們的訂單資料反映他們將清除現有收入。現在什麼時候發生,我不確定。這也是我們難以理解下半場將如何進行的部分原因。但是我們對我們現在看到的需求信號感覺良好,並且我們從第一季度看到的動態中了解我們產品在系統中的運動。
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
Our final question then comes from Chris Danely from Citi.
我們的最後一個問題來自花旗的 Chris Danely。
Christopher Brett Danely - MD & Analyst
Christopher Brett Danely - MD & Analyst
Can you just run down the supply demand sort of balance throughout the server, desktop and notebook lines? I guess are you on track for the high single-digit unit increase in output? And then did the shortages anywhere get any worse during the during Q1? Or it sounds like they're abating in certain areas? Just any color there would be great.
你能在整個服務器、台式機和筆記本產品線中降低供需平衡嗎?我想您是否有望實現產量的高個位數單位增長?那麼在第一季度期間,任何地方的短缺情況是否會變得更糟?或者聽起來他們在某些領域正在減弱?只要有任何顏色都會很棒。
Robert H. Swan - CEO & Director
Robert H. Swan - CEO & Director
Yes. On -- as we indicated at the beginning of the year, our intention -- well, we did add capacity last year, and our intention this year was to add another mid-20% growth in capacity, which would generate real strong output. And we are on track, maybe even a little bit better than what we said at the time. Obviously, in the first quarter, demand was also greater. It was greater for -- across the board, server and notebook, in particular. And we were able to keep pace with accelerating demand as the quarter closed. So we're in pretty good shape in terms of the promise we've made to our customers, and that is that we will not -- we'll put the capacity in place so we are not a constraint on their growth. So we're in very good shape despite all the challenges. That being said by, we haven't replenished inventory levels. So meaning mix dynamics across the board is -- we're still not quite there yet, but we're in line a little bit better than we had hoped. We delivered more demand, and we got to continue to build the inventory levels back so we can deal with the variation by SKU mix.
是的。關於——正如我們在年初指出的那樣,我們的意圖——嗯,我們去年確實增加了產能,今年我們的意圖是再增加 20% 的產能增長,這將產生真正強勁的產出。我們正在走上正軌,甚至可能比我們當時所說的要好一點。顯然,一季度需求量也更大。它更適用於——尤其是服務器和筆記本電腦。隨著季度結束,我們能夠跟上不斷增長的需求。因此,就我們對客戶做出的承諾而言,我們的狀態非常好,那就是我們不會——我們將把產能落實到位,這樣我們就不會限制他們的增長。因此,儘管面臨所有挑戰,我們的狀態非常好。話雖如此,我們還沒有補充庫存水平。所以意味著全面的混合動力是 - 我們還沒有完全達到,但我們比我們希望的要好一點。我們提供了更多的需求,我們必須繼續建立庫存水平,以便我們可以處理 SKU 組合的變化。
Yes. So look, thanks, everybody, for joining us today. I just kind of want to wrap with -- to reiterate our purpose, and that is to create world-changing technology that enriches the lives of every person on earth. And that's never been more important than it is during this time. Our strategy is resolute, and our business is built to withstand challenges. We have a very diversified portfolio of businesses that are highly leveraged to major technology inflections like cloud, 5G, intelligent and autonomous edge computing and artificial intelligence. We generate significant and durable free cash flows, and our team of 110,000 people is operating as one team to enable our customers' success. So guided by our cultural values, our competitive advantages and our financial strength, we're confident that we will emerge from this situation even stronger.
是的。所以看,謝謝大家,今天加入我們。我只是想總結一下——重申我們的目標,那就是創造改變世界的技術,豐富地球上每個人的生活。在這段時間裡,這從未像現在這樣重要。我們的戰略是堅定的,我們的業務是為了抵禦挑戰而建立的。我們擁有非常多元化的業務組合,這些業務組合高度利用了雲、5G、智能和自主邊緣計算以及人工智能等主要技術變化。我們產生大量和持久的自由現金流,我們的 110,000 人團隊作為一個團隊運作,以幫助我們的客戶取得成功。因此,在我們的文化價值觀、競爭優勢和財務實力的指導下,我們有信心在這種情況下變得更加強大。
Thanks again for joining us. We hope you all stay safe as we work together to overcome this global crisis. And we look forward to hopefully seeing you in person over the near term. Thanks again for joining us.
再次感謝您加入我們。我們希望大家在我們共同努力克服這場全球危機時保持安全。我們期待在短期內與您見面。再次感謝您加入我們。
Trey Campbell - Head of IR
Trey Campbell - Head of IR
Thanks, Bob, and thank you all for joining us today. Operator, could you please go ahead and wrap up the call?
謝謝,鮑勃,謝謝大家今天加入我們。接線員,請您繼續結束通話好嗎?
Operator
Operator
Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.
女士們,先生們,感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。