英特尔-4Q17财报数据PPT（英文）-2018.1-21页-1mb

Q4'17 Earnings Summary

Core Content

Intel's Q4 2017 earnings presentation highlights the company's strong performance and strategic direction. The document outlines key financial metrics, non-GAAP measures, and forward-looking statements, emphasizing the shift from a PC-centric to a data-centric business model.

Main Points

• Non-GAAP Financial Measures:

  • The presentation includes non-GAAP financial measures, which are not a substitute for GAAP financial measures. A reconciliation of these measures is provided in the appendix.
  • These measures are used by management to provide supplemental information to investors.

• Forward-Looking Statements:

  • Statements about future performance, business outlook, and expectations are forward-looking and involve risks and uncertainties.
  • Important factors affecting actual results are detailed in the company's earnings release and SEC filings.

• CEO Key Messages:

  • Security is a top priority for Intel, with a focus on customer-first urgency, transparency, and timely communication.
  • Q4 2017 marked an all-time record quarter in an all-time record year, with Intel meeting or exceeding all 2017 revenue, spending, and profitability goals.
  • Data-centric growth accelerated to 21% YoY (excluding McAfee), contributing 47% to total revenue.
  • Execution on big bets in Autonomous Driving, AI, Memory, and 5G positions Intel for leadership in the new Data Economy.
  • Intel expects 2018 to be another record year, with a 10% dividend increase.

• CFO Key Messages:

  • Q4 2017 was an outstanding quarter with record revenue across Data Center Group (DCG), Programmable Solutions Group (PSG), and Internet of Things Group (IOTG).
  • Non-GAAP EPS increased by ~37% due to strong data-centric growth, operating margin expansion, and ICAP portfolio gains.
  • Capital allocation strategies included monetizing ASML, redeeming $1.6B convertible debenture, and tendering higher coupon debt for cash, reducing diluted share count by 59M shares.
  • Tax reform is expected to improve competitiveness, with an effective tax rate of ~14% in 2018.

Financial Highlights

• Revenue:

  • Q4 2017 revenue was $17.1B, up 8% (excluding McAfee) from $16.4B in Q4 2016.
  • Data-centric revenue (excluding McAfee) increased by 21%, while PC-centric revenue declined by 2%.

• Operating Margin:

  • Operating margin expanded, driven by revenue scale, ASP strength, and exclusion of one-time charges from 2016.

• EPS:

  • Non-GAAP EPS increased by ~37% YoY, with an expected impact of ~$0.28 in 2018 due to tax reform.

• Capital Allocation:

  • Strong free cash flow of $10.3B was used to fund buybacks and dividend increases.
  • Intel repositioned its portfolio through ICAP monetization and McAfee divestiture, supporting the Mobileye transaction.

• Investments and Growth:

  • Intel's investments in AI and Autonomous Driving are expected to drive future growth.
  • The company is on track to exceed its 3-year-plan targets in year two, with data-centric growth approaching 50% of total revenue.

Outlook for 2018

• Revenue:

  • Full-year 2018 revenue is expected to be $65.0B, up 4% (excluding McAfee).
  • Data-centric revenue is projected to grow mid-teens, while PC-centric revenue is expected to decline low single-digits.

• Operating Margin:

  • Operating margin is expected to be ~30% for the full year, with a slight decrease due to the ramp of adjacent businesses and 10nm technology.

• EPS:

  • Full-year 2018 EPS is expected to be ~$3.55, up 3% YoY, with a 10% increase excluding 2017 ICAP net gains.
  • Q1 2018 EPS is projected to be ~$0.70, up 6% YoY.

• Free Cash Flow:

  • Full-year 2018 free cash flow is expected to be ~$13.0B, with a 10% dividend increase.

Appendix Summary

• Non-GAAP Reconciliation:

  • Non-GAAP net revenue (excluding ISecG/McAfee) was $17.053B in Q4 2017, up from $15.824B in Q4 2016.
  • Non-GAAP operating income (excluding ISecG/McAfee) was $5.933B in Q4 2017, up from $4.796B in Q4 2016.
  • Non-GAAP diluted earnings per share (excluding ISecG/McAfee) was $1.08 in Q4 2017, up from $0.79 in Q4 2016.

• Free Cash Flow:

  • Free cash flow for Q4 2017 was $10.332B, driven by strong cash from operations and reduced capital expenditures.

Key Information

• Non-GAAP Measures: Used for supplemental financial information; reconciliation provided in the appendix.
• Forward-Looking Statements: Include risks and uncertainties; factors affecting performance are detailed in the earnings release and SEC filings.
• Capital Allocation: Includes debt restructuring, equity gains/losses, and tax reform impacts.
• Strategic Shift: From PC-centric to data-centric growth, with data-centric revenue representing 47% of total revenue in Q4 2017.
• Investments: In AI, Autonomous Driving, Memory, and 5G are key to future growth.
• Dividend Increase: Expected 10% raise in 2018, supported by strong free cash flow and tax reform benefits.