英特爾 (INTC) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Intel Corporation's First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加英特爾公司 2024 年第一季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Mr. John Pitzer, Corporate Vice President of Investor Relations.

現在我想介紹一下今天節目的主持人，投資者關係公司副總裁 John Pitzer 先生。

Thank you, Jonathan. By now, you should have received a copy of the Q1 earnings release and earnings presentation, both of which are available on our Investor Relations website, intc.com. For those joining us online today, the earnings presentation is also available in our webcast window.

謝謝你，喬納森。到目前為止，您應該已經收到第一季收益報告和收益簡報的副本，這兩份文件都可以在我們的投資者關係網站 intc.com 上找到。對於今天在線加入我們的人來說，收益演示也可以在我們的網路廣播視窗中觀看。

I'm joined today by our CEO, Pat Gelsinger; and our CFO, David Zinsner. In a moment, we will hear brief comments from both followed by a Q&A session. Before we begin, please note that today's discussion does contain forward-looking statements based on the environment as we currently see it and as such, are subject to various risks and uncertainties. It also contains reference to non-GAAP financial measures that we believe provide useful information to our investors.

今天我們的執行長 Pat Gelsinger 也加入了我的行列。以及我們的財務長 David Zinsner。稍後，我們將聽到雙方的簡短評論，然後進行問答環節。在開始之前，請注意，今天的討論確實包含基於我們目前所看到的環境的前瞻性陳述，因此受到各種風險和不確定性的影響。它還包含對非公認會計準則財務指標的參考，我們認為這些指標為我們的投資者提供了有用的信息。

Our earnings release, most recent quarterly report on Form 10-Q and other filings with the SEC provide more information on specific risk factors that could cause actual results to differ materially from our expectations. They also provide additional information on our non-GAAP financial measures, including reconciliations where appropriate to corresponding GAAP financial measures.

我們的收益發布、最新的 10-Q 表格季度報告以及向 SEC 提交的其他文件提供了有關可能導致實際結果與我們的預期存在重大差異的特定風險因素的更多資​​訊。它們還提供有關我們的非 GAAP 財務指標的更多信息，包括與相應 GAAP 財務指標相應的調整表。

With that, let me turn things over to Pat.

那麼，讓我把事情交給帕特。

Thanks, John, and welcome, everyone.

謝謝約翰，歡迎大家。

We've reported solid Q1 results, delivering revenue in line and EPS above our guidance as we continue to focus on operating leverage and expense management. Our results reflect our disciplined approach on reducing costs as well as the steady progress we are making against our long-term priorities. While first half trends are modestly weaker than we originally anticipated, they are consistent with what others have said and also reflect some of our own near-term supply constraints. We continue to see Q1 as the bottom, and we expect sequential revenue growth to strengthen throughout the year and into 2025, underpinned by: one, the beginnings of an enterprise refresh cycle and growing momentum for AI PCs; two, a data center recovery with a return to more normal CPU buying patterns and ramping of our accelerator offerings; and three, cyclical recoveries in NEX, Mobileye and Altera.

我們報告了穩健的第一季業績，隨著我們繼續專注於營運槓桿和費用管理，收入符合我們的指導，每股收益高於我們的指導。我們的結果反映了我們在降低成本方面的嚴格方法，以及我們在長期優先事項方面取得的穩定進展。雖然上半年趨勢略弱於我們最初的預期，但它們與其他人所說的一致，也反映了我們自己的一些近期供應限制。我們仍然認為第一季是底部，我們預計全年營收季增將加強，直至 2025 年，其基礎是：第一，企業更新周期的開始和人工智慧 PC 的成長勢頭；第二，資料中心恢復，恢復到更正常的 CPU 購買模式，並增加我們的加速器產品；第三，NEX、Mobileye 和 Altera 的周期性復甦。

We had an extremely productive Q1 and achieved several important milestones along our journey to reposition the company for improved execution, competitiveness and perhaps, most importantly, financial results. We hosted our first-ever Intel foundry Direct Connect, which drew nearly 300 partners, customers and potential customers to hear about the momentum we are building with our foundry offerings. We were pleased to announce Microsoft as our fifth Intel 18A customer. We also updated our lifetime deal value to greater than $15 billion and extended our road map with Intel 14A, the first process node in the industry to use High NA EUV technology.

我們的第一季非常富有成效，並在重新定位公司以提高執行力、競爭力以及也許最重要的財務表現的過程中實現了幾個重要的里程碑。我們舉辦了首次英特爾代工直連活動，吸引了近 300 名合作夥伴、客戶和潛在客戶來了解我們透過代工產品打造的勢頭。我們很高興地宣布 Microsoft 成為我們的第五個 Intel 18A 客戶。我們還將生命週期交易價值更新為超過 150 億美元，並透過英特爾 14A 擴展了我們的路線圖，英特爾 14A 是業界第一個使用高數值孔徑 EUV 技術的製程節點。

Shortly following Direct Connect, we were thrilled to join with President Biden and Commerce Secretary Raimondo to announce our position as the National Semiconductor Champion along with the single largest award from the CHIPS and Science Act of more than $45 billion of proposed grants, tax incentives and loans. During the second week of April, we brought together more than 1,000 of our top customers and partners at Intel Vision 2024, where we introduced our next-generation Gaudi 3 accelerator. We were joined by Naver, Dell, Bosch, Supermicro and Roche, among many others who shared how they are benefiting from Intel solutions.

在Direct Connect 之後不久，我們很高興與拜登總統和商務部長雷蒙多一起宣布我們作為國家半導體冠軍的地位，以及《晶片和科學法案》頒發的單項最大獎項，包括超過450 億美元的擬議撥款、稅收優惠和貸款。 4 月的第二週，我們聚集了 1,000 多名頂級客戶和合作夥伴參加英特爾 Vision 2024，並推出了下一代 Gaudi 3 加速器。 Naver、戴爾、博世、Supermicro 和羅氏等眾多公司也加入我們，分享了他們如何從英特爾解決方案中受益。