恩智浦 (NXPI) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the NXP Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加恩智浦 2021 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Jeff Palmer, Senior Vice President of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係高級副總裁 Jeff Palmer。請繼續。

Thank you, Katherine, and good morning, everyone. Welcome to the NXP Semiconductors Fourth Quarter 2021 Earnings Call. With me on the call today is Kurt Sievers, NXP's President and CEO; and Bill Betz, our CFO. The call today is being recorded and will be available for replay from our corporate website.

謝謝你，凱瑟琳，大家早上好。歡迎參加恩智浦半導體 2021 年第四季度財報電話會議。今天與我通話的是恩智浦總裁兼首席執行官 Kurt Sievers；還有我們的首席財務官 Bill Betz。今天的通話正在錄音中，可從我們的公司網站重播。

Today's call will include forward-looking statements that involve risks and uncertainties that could cause NXP's results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, statements regarding the continued impact of the COVID-19 pandemic on our business, the macroeconomic impact on specific end markets in which we operate, the sale of new and existing products and our expectations for financial results for the first quarter of 2022. Please be reminded that NXP undertakes no obligation to revise or update publicly any forward-looking statements. For a full disclosure on forward-looking statements, please refer to our press release.

今天的電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致恩智浦的業績與管理層當前的預期存在重大差異。這些風險和不確定性包括但不限於關於 COVID-19 大流行對我們業務的持續影響、對我們經營所在的特定終端市場的宏觀經濟影響、新產品和現有產品的銷售以及我們對2022年第一季度財務業績。請注意，恩智浦不承擔公開修改或更新任何前瞻性陳述的義務。有關前瞻性陳述的完整披露，請參閱我們的新聞稿。

Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our fourth quarter 2021 earnings press release, which will be furnished to the SEC on Form 8-K and available on NXP's website in the Investor Relations section at nxp.com.

此外，我們將參考某些非公認會計原則財務指標，這些指標主要由管理層認為與恩智浦基本核心運營業績不直接相關的離散事件驅動。根據 G 條例，恩智浦在我們的 2021 年第四季度收益新聞稿中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，該新聞稿將以 8-K 表格形式提供給 SEC，並可在 NXP 的網站上查閱nxp.com 的投資者關係部分。

Before we start the call today, I'd like to highlight NXP will be attending the Morgan Stanley TMT Conference in San Francisco on March 7 and 8.

在我們今天開始電話會議之前，我想強調一下 NXP 將參加 3 月 7 日至 8 日在舊金山舉行的摩根士丹利 TMT 會議。

Now I'd like to turn the call over to Kurt.

現在我想把電話轉給 Kurt。

Thank you very much, Jeff, and good morning, everyone. We really appreciate you all joining our call today. I will review both our quarter 4 and our full year 2021 performance, and then I will discuss our guidance for quarter 1.

非常感謝 Jeff，大家早上好。我們非常感謝大家今天加入我們的電話會議。我將回顧我們第 4 季度和 2021 年全年的業績，然後討論我們對第 1 季度的指導。

Beginning with quarter 4. Our revenue was $39 million better than the midpoint of our guidance, with most end markets stronger than planned and with the trends in the communication infrastructure markets more in line with our expectations. Taken together, NXP delivered quarter 4 revenue of $3.04 billion, an increase of 21% year-over-year.

從第 4 季度開始。我們的收入比我們指導的中點高出 3900 萬美元，大多數終端市場都比計劃強，通信基礎設施市場的趨勢更符合我們的預期。總的來說，恩智浦第四季度的收入為 30.4 億美元，同比增長 21%。

Non-GAAP operating margin in quarter 4 was a strong 34.9%, 440 basis points better than the year ago period and about 110 basis points above the midpoint of our guidance. Year-on-year outperformance was largely due to the impact of improved factory utilization and higher revenues. For the full year, revenue was a record $11.06 billion, an increase of 28% year-over-year.

第 4 季度的非 GAAP 營業利潤率強勁，達到 34.9%，比去年同期高 440 個基點，比我們的指導中點高出約 110 個基點。同比增長主要是由於工廠利用率提高和收入增加的影響。全年收入達到創紀錄的 110.6 億美元，同比增長 28%。

And as 2021 progressed, our customers continued to accelerate orders on NXP. We consistently found ourselves in a situation where robust demand outstripped available supply even as production levels, both internally and from our supply partners, improved across the year. We do anticipate a continuation of strong demand throughout 2022, likely better than we originally contemplated at our recent Investor Day in November.

隨著 2021 年的推進，我們的客戶繼續加快在 NXP 上的訂單。我們始終發現自己處於需求超過可用供應的情況，即使內部和我們的供應合作夥伴的生產水平在全年有所改善。我們確實預計整個 2022 年需求將持續強勁，這可能比我們在最近 11 月投資者日時最初預期的要好。

The full year non-GAAP operating margin was solid 32.9%, a 700 basis point improvement as a result of improved factory loadings, higher revenue and positive leverage on our operating expenses.

全年非美國通用會計準則營業利潤率為 32.9%，提高了 700 個基點，原因是工廠負荷改善、收入增加和對我們的運營費用產生了積極影響。

Now let me turn to the specific trends in our focus end markets. In automotive, full year revenue was $5.49 billion, up 44% year-on-year, a reflection of the strong company-specific product drivers we noted at our Investor Day, the step-up in content per vehicle as OEMs prioritized premium vehicles in a limited supply environment and the accelerated transition towards electric vehicles which have fundamentally higher semiconductor content. For quarter 4, automotive revenue was $1.55 billion, up 30% versus the year ago period and slightly better than our guidance.

現在讓我談談我們關注的終端市場的具體趨勢。在汽車領域，全年收入為 54.9 億美元，同比增長 44%，這反映了我們在投資者日註意到的強大的公司特定產品驅動力，隨著 OEM 優先考慮高端汽車，每輛車的內容有所增加有限的供應環境以及加速向具有更高半導體含量的電動汽車的過渡。第 4 季度，汽車收入為 15.5 億美元，同比增長 30%，略好於我們的預期。

Moving to industrial and IoT. Full year revenue was $2.41 billion, up 31% year-on-year, driven by our solutions offering with a combination of industrial and crossover processes, wireless connectivity and our analog attach products all driving the year-on-year growth. For quarter 4, industrial and IoT revenue was $661 million, up 29% versus the year ago period and better than our guidance.

轉向工業和物聯網。全年收入為 24.1 億美元，同比增長 31%，這得益於我們提供的結合工業和跨界工藝、無線連接和我們的模擬連接產品的解決方案，所有這些都推動了同比增長。第 4 季度，工業和物聯網收入為 6.61 億美元，同比增長 29%，好於我們的預期。

In mobile, full year revenue was $1.41 billion, up 13% year-on-year. During the year, we experienced continued strong adoption of our secure mobile wallet and early ramps of secure ultra-wideband solutions and a good traction for our mobile-embedded power solutions. These positive trends were modestly offset by a discontinuation of certain custom analog products. For quarter 4, mobile revenue was $374 million, down 9% versus the year ago period and better than our guidance.

在移動領域，全年收入為 14.1 億美元，同比增長 13%。在這一年中，我們經歷了安全移動錢包的持續強勁採用和安全超寬帶解決方案的早期增長，以及我們的移動嵌入式電源解決方案的良好牽引力。這些積極趨勢被某些定制模擬產品的停產適度抵消。第 4 季度，移動收入為 3.74 億美元，同比下降 9%，好於我們的預期。

Lastly, I will move to Communication Infrastructure and Other. Full year revenue was $1.75 billion, up 3% year-over-year. The year-on-year growth was due to a rebound in demand for secure transit, tagging and access solutions as well as solid demand for RF power products for the cellular base station market, somewhat tempered by the anticipated moderation in demand for network processing solutions. For quarter 4, revenue was $457 million, up 16% year-on-year and in line with our guidance.

最後，我將轉向通信基礎設施和其他。全年收入為 17.5 億美元，同比增長 3%。同比增長是由於對安全傳輸、標記和接入解決方案的需求反彈，以及蜂窩基站市場對射頻功率產品的穩定需求，但在一定程度上因網絡處理解決方案的預期需求放緩而有所緩和.第 4 季度的收入為 4.57 億美元，同比增長 16%，符合我們的預期。

In review, 2021 was an excellent year for NXP. We experienced significant design win traction across the entire portfolio and especially within the areas of our strategic growth drivers. Our priority has been to assure the health and safety of all our employees, and it is their engagement and performance which has been truly outstanding. We are extremely proud of their adaptability, dedication and hard work in the face of adversity.

回顧一下，2021 年對恩智浦來說是豐收的一年。我們在整個產品組合中，尤其是在我們的戰略增長驅動領域內，都經歷了顯著的設計贏得牽引力。我們的首要任務是確保所有員工的健康和安全，而真正出色的是他們的敬業度和表現。我們為他們在逆境中的適應能力、奉獻精神和辛勤工作感到非常自豪。

Now before I will turn to our expectations for quarter 1, I'd like to offer you some perspective on the coming year. For those who were able to join us at our recent Investor Day in November, you will remember, we offered a positive view of 2022, expecting revenue growth near the high end of our 8% to 12% long-term growth target. Now as we enter into early 2022, we are more optimistic about the opportunities in front of us, both in the short term as well as over the intermediate horizon. The demand signals from our customers continue to be very strong, inventories across all end markets appear very lean and our ability to supply continues to improve. Hence, we anticipate 2022 will be another year of demand/supply imbalance with lead times extending out across almost the entire portfolio and the level and intensity of supply-related escalation conversations with our customers remains elevated.

現在，在我轉向我們對第一季度的預期之前，我想為您提供對來年的一些看法。對於那些能夠在 11 月參加我們最近的投資者日的人，您會記得，我們對 2022 年提出了積極的看法，預計收入增長將接近我們 8% 至 12% 的長期增長目標的高端。現在，隨著我們進入 2022 年初，我們對擺在我們面前的機會更加樂觀，無論是短期還是中期。來自我們客戶的需求信號仍然非常強勁，所有終端市場的庫存似乎都非常稀少，我們的供應能力繼續提高。因此，我們預計 2022 年將是又一個供需失衡的一年，交貨時間幾乎貫穿整個投資組合，與客戶進行與供應相關的升級對話的水平和強度仍然較高。

Against this backdrop, we are guiding quarter 1 revenue at $3.1 billion, up about 21% versus the first quarter of 2021, within a range of up 18% to up 24% year-on-year. And from a sequential perspective, this represents growth of about 2% at the midpoint versus the prior quarter.

在此背景下，我們預計第一季度收入為 31 億美元，較 2021 年第一季度增長約 21%，同比增長 18% 至 24%。從連續的角度來看，這意味著中點與上一季度相比增長了約 2%。

At the midpoint, we anticipate the following trends in our business. Automotive is expected to be up in the mid-20% range versus quarter 1 '21 and flat versus quarter 4 '21. Industrial and IoT is expected to be up mid-teens year-on-year and flat versus quarter 4 '21. Mobile is expected to be up about 10% year-on-year and up in the low single-digit range versus quarter 4 '21. And finally, Communication Infrastructure and Other is expected to be up in the low 20% range versus the same period a year ago and up in the low double-digit range on a sequential basis.

在中點，我們預計我們的業務將出現以下趨勢。與 21 年第 1 季度相比，與 21 年第 4 季度相比，汽車預計將在 20% 的中間範圍內上漲。工業和物聯網預計將同比增長十幾歲，與 21 年第 4 季度持平。與 21 年第 4 季度相比，移動設備預計將同比增長約 10%，並在低個位數範圍內增長。最後，通信基礎設施和其他預計將與去年同期相比在 20% 的低位範圍內增長，並在連續兩位數的低位範圍內增長。

In summary, we do continue to see growing customer demand outstripping our improving supply as the inventory across all end markets remains very lean. Customer engagement levels and design win momentum in our strategic focus areas continue to be very positive. This underpins our continued confidence of robust growth throughout 2022, and we do continue to be very optimistic about the long-term potential of NXP.

總之，我們確實繼續看到不斷增長的客戶需求超過了我們不斷改善的供應，因為所有終端市場的庫存仍然非常稀少。在我們的戰略重點領域，客戶參與度和設計贏得勢頭繼續非常積極。這鞏固了我們對整個 2022 年強勁增長的持續信心，我們確實繼續對恩智浦的長期潛力非常樂觀。

Now at this point, I would like to pass the call over to you, Bill, for a review of our financial performance.

現在，我想將電話轉給比爾，讓您審查我們的財務業績。

Thank you, Kurt, and good morning to everyone on today's call. As Kurt has already covered the drivers of the revenue during Q4 and provided our revenue outlook for Q1, I will move to the financial highlights. Overall, our Q4 financial performance was very good. Revenue was above the midpoint of our guidance range and both non-GAAP gross profit and non-GAAP operating profit were above the high end of our guidance. I will first provide full year highlights and then move to the Q4 results.

謝謝你，庫爾特，今天電話會議上的每個人早上好。由於庫爾特已經涵蓋了第四季度收入的驅動因素並提供了我們對第一季度的收入前景，我將轉向財務亮點。總體而言，我們第四季度的財務表現非常好。收入高於我們指導範圍的中點，非美國通用會計準則毛利和非美國通用會計準則營業利潤均高於我們指導的高端。我將首先提供全年重點，然後轉到第四季度的結果。

Full year revenue for 2021 was $11.06 billion, up 28% year-on-year. We generated $6.21 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 56.1%, up 500 basis points year-on-year as a result of increased internal factory utilization, higher revenue levels and product mix. Total non-GAAP operating expenses were $2.56 billion or 23.2% of the revenue, in line with our long-term model.

2021年全年收入為110.6億美元，同比增長28%。我們創造了 62.1 億美元的非美國通用會計準則毛利潤，報告非美國通用會計準則毛利率為 56.1%，由於內部工廠利用率提高、收入水平和產品組合提高，同比增長 500 個基點。非美國通用會計準則運營費用總額為 25.6 億美元，佔收入的 23.2%，與我們的長期模型一致。

Total non-GAAP operating profit was $3.64 billion, up 63% year-on-year. This reflects a non-GAAP operating margin of 32.9%, up 700 basis points year-on-year and consistent with our long-term financial model. Non-GAAP interest expense was $365 million. Cash taxes for ongoing operations were $276 million. Noncontrolling interest of $35 million. And stock-based compensation, which is not included in our non-GAAP earnings, was $353 million.

非美國通用會計準則營業利潤總額為 36.4 億美元，同比增長 63%。這反映了非公認會計準則營業利潤率為 32.9%，同比增長 700 個基點，與我們的長期財務模型一致。非公認會計原則的利息支出為 3.65 億美元。持續經營的現金稅為 2.76 億美元。 3500萬美元的非控制性權益。不包括在我們的非公認會計原則收益中的基於股票的薪酬為 3.53 億美元。

Full year cash flow highlights includes $3.08 billion in cash flow from operations, $766 million in net CapEx investments, resulting in $2.31 billion of non-GAAP free cash flow or a solid 21% of revenue. During 2021, we repurchased 20.6 million shares for a total of $4.02 billion and paid cash dividends of $562 million. In total, we returned for that $4.58 billion to our owners, which was nearly 200% of the total non-GAAP free cash flow generated during the year.

全年現金流亮點包括 30.8 億美元的運營現金流、7.66 億美元的淨資本支出投資，產生 23.1 億美元的非 GAAP 自由現金流或占收入的 21%。 2021 年，我們以 40.2 億美元的價格回購了 2,060 萬股股票，並支付了 5.62 億美元的現金股息。總的來說，我們向我們的所有者返還了 45.8 億美元，這幾乎是當年產生的非 GAAP 自由現金流總量的 200%。

Now moving to the details of Q4. Total revenue was $3.04 billion, up 21% year-on-year and above the midpoint of our guidance range. We generated $1.74 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 57.3%, up 440 basis points year-on-year and above the upper end of our guidance range, driven by improved utilization, higher revenue and product mix. Total non-GAAP operating expenses were $681 million or 22.4%, up $118 million year-on-year and up $24 million from Q3, in line with the midpoint of our guidance, and again, consistent with our long-term model.

現在轉到第四季度的細節。總收入為 30.4 億美元，同比增長 21%，高於我們指導範圍的中點。我們創造了 17.4 億美元的非 GAAP 毛利潤，報告的非 GAAP 毛利率為 57.3%，同比增長 440 個基點，高於我們指導範圍的上限，這得益於利用率提高、收入和產品增加混合。非美國通用會計準則運營費用總額為 6.81 億美元或 22.4%，同比增加 1.18 億美元，比第三季度增加 2400 萬美元，符合我們指導的中點，也符合我們的長期模型。

From a total operating profit perspective, non-GAAP operating profit was $1.06 billion. And non-GAAP operating margin was 34.9%, up 440 basis points year-on-year, which is above the high end of our guidance, reflecting solid fall-through and operating leverage on the increased revenue level. Non-GAAP interest expense was $93 million, with cash taxes for ongoing operations of $100 million, and noncontrolling interest was $8 million. Stock-based compensation, which is not included in our non-GAAP earnings, was $88 million.

從總營業利潤的角度來看，非美國通用會計準則營業利潤為 10.6 億美元。非美國通用會計準則營業利潤率為 34.9%，同比增長 440 個基點，高於我們指引的高端，反映了收入水平提高的穩健下滑和運營槓桿。非公認會計原則的利息支出為 9300 萬美元，持續經營的現金稅為 1 億美元，非控制性權益為 800 萬美元。不包括在我們的非公認會計原則收益中的基於股票的薪酬為 8800 萬美元。

Now I would like to turn to the changes in our cash and debt. Our total debt at the end of Q4 was $10.57 billion, up $979 million sequentially, as we issued $2 billion of new notes at very attractive rates with longer durations and retired early the 2022 $1 billion notes with a rate of 3.875%. Our ending cash position was $2.83 billion, up $527 million sequentially due to the cumulative effect of the previous note debt repayments, capital returns, increased CapEx investments and cash generation during Q4.

現在我想談談我們的現金和債務的變化。我們在第四季度末的總債務為 105.7 億美元，比上一季度增加了 9.79 億美元，因為我們以極具吸引力的利率發行了 20 億美元的新票據，期限更長，並提前以 3.875% 的利率淘汰了 2022 年的 10 億美元票據。我們的期末現金頭寸為 28.3 億美元，環比增加 5.27 億美元，這是由於之前的票據債務償還、資本回報、增加的資本支出投資和第四季度現金產生的累積影響。

The resulting net debt was $7.74 billion, and we exited the quarter with a trailing month adjusted EBITDA of $4.23 billion. Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q4 was 1.8x and our 12-month adjusted EBITDA interest coverage was 11.6x. Cash flow generation of the business continues to be excellent, and our balance sheet continues to be very strong.

由此產生的淨債務為 77.4 億美元，本季度末調整後 EBITDA 為 42.3 億美元。截至第四季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 1.8 倍，我們 12 個月調整後 EBITDA 利息覆蓋率為 11.6 倍。業務產生的現金流量繼續出色，我們的資產負債表繼續非常強勁。

During Q4, we paid $150 million in cash dividends and repurchased $750 million of our shares. Subsequent to the end of Q4, between January 1 and January 31, 2022, we repurchased an additional $400 million of our shares via a 10b5-1 program. Additionally, the NXP Board of Directors has authorized an incremental $2 billion in the company's repurchase capacity, bringing the total new authorization and remaining authorization to $3.35 billion. Further, the Board has approved a 50% increase in the quarterly cash dividend, bringing the quarterly cash dividend to $0.845 per share. These actions are all aligned with our capital allocation strategy that we continue to execute to.

在第四季度，我們支付了 1.5 億美元的現金股息並回購了 7.5 億美元的股票。在第四季度末，2022 年 1 月 1 日至 1 月 31 日期間，我們通過 10b5-1 計劃額外回購了 4 億美元的股票。此外，恩智浦董事會已授權增加 20 億美元的公司回購能力，使新授權和剩餘授權總額達到 33.5 億美元。此外，董事會已批准將季度現金股息增加 50%，使季度現金股息達到每股 0.845 美元。這些行動都與我們繼續執行的資本分配戰略相一致。

Turning to working capital metrics. Days of inventory was 83 days, a decrease of 2 days sequentially, which is below our long-term target. We continue to closely manage our distribution channel with inventory in the channel at 1.5 months, also below our long-term targets. Both metrics reflect the continuation of customer shipments at a robust pace combined with supply challenges we continue to experience. We anticipate the coming year will be very similar to 2021, where customer demand is in excess of available supply.

轉向營運資金指標。庫存天數為 83 天，環比減少 2 天，低於我們的長期目標。我們繼續密切管理我們的分銷渠道，渠道庫存為 1.5 個月，也低於我們的長期目標。這兩個指標都反映了客戶出貨量的持續增長以及我們繼續面臨的供應挑戰。我們預計來年將與 2021 年非常相似，屆時客戶需求將超過可用供應。

Days receivable were 28 days, down 3% sequentially. And days payable were 87%, an increase of 4 days versus the prior quarter, as we continue to increase orders with our suppliers. Taken together, our cash conversion cycle was 24 days, an improvement of 9 days versus the prior quarter, reflecting strong customer demand, solid receivable collections and positioning for customer deliveries in future periods.

應收天數為 28 天，環比下降 3%。應付天數為 87%，與上一季度相比增加了 4 天，因為我們繼續增加與供應商的訂單。總而言之，我們的現金轉換週期為 24 天，比上一季度改善了 9 天，這反映了強勁的客戶需求、穩健的應收賬款以及未來期間客戶交付的定位。

Cash flow from operations was $785 million and net CapEx was $266 million, resulting in a non-GAAP free cash flow of $519 million.

運營現金流為 7.85 億美元，淨資本支出為 2.66 億美元，非 GAAP 自由現金流為 5.19 億美元。

Turning now to our expectations in the first quarter. As Kurt mentioned, we anticipate Q1 revenue to be about $3.1 billion, plus or minus about $75 million. At the midpoint, this is up 21% year-on-year and 2% sequentially. We expect non-GAAP gross margin to be about 57.3%, plus or minus 50 basis points. Operating expenses are expected to be about $693 million, plus or minus about $10 million. Taken together, we see non-GAAP operating margin to be about 35% at the midpoint. We estimate non-GAAP financial expense to be about $105 million and anticipate cash tax related to ongoing operations to be about $125 million. Noncontrolling interest will be about $9 million. For Q1, we suggest for modeling purposes, you use an average share count of 266 million shares.

現在轉向我們對第一季度的預期。正如庫爾特所說，我們預計第一季度的收入約為 31 億美元，上下浮動約 7500 萬美元。在中點，同比增長 21%，環比增長 2%。我們預計非美國通用會計準則毛利率約為 57.3%，上下浮動 50 個基點。運營費用預計約為 6.93 億美元，上下浮動約 1000 萬美元。綜合來看，我們認為非 GAAP 營業利潤率在中點約為 35%。我們估計非公認會計原則財務費用約為 1.05 億美元，預計與持續運營相關的現金稅約為 1.25 億美元。非控股權益約為 900 萬美元。對於第一季度，出於建模目的，我們建議您使用 2.66 億股的平均股數。

Finally, I have a few closing comments I'd like to make. First, as a housekeeping reminder, we anticipate our cash tax payments will trend towards 15% in 2022 based on the current U.S. tax legislation and law. As can be seen in our Q1 guidance, we are expecting a slightly lower tax rate in the short term and anticipate it will increase as we progress through the year.

最後，我想說幾句結束語。首先，提醒一下，根據當前的美國稅法和法律，我們預計 2022 年我們的現金稅支付將趨向於 15%。從我們的第一季度指導中可以看出，我們預計短期內稅率會略低，並預計隨著我們全年的進展，稅率會增加。

Secondly, we are investing to support our more profitable long-term growth. We currently have about $4 billion of long-term material supply obligations, as discussed at the Investor Day. Our CapEx investments for 2022 will be above the high end of our long-term CapEx model. These investments are focused on the combination of assured external foundry wafer supply, expansion of our internal back-end capacity and a modest expansion of our internal front-end capabilities. While significant, the investments we are committed to are more than balanced by the robust level of noncancelable, nonreturnable orders from our customers.

其次，我們正在投資以支持我們更有利可圖的長期增長。正如投資者日所討論的，我們目前有大約 40 億美元的長期材料供應義務。我們對 2022 年的資本支出投資將高於我們長期資本支出模型的高端。這些投資的重點是確保外部晶圓代工供應、擴大我們的內部後端能力和適度擴大我們的內部前端能力。雖然意義重大，但我們承諾的投資與來自客戶的不可取消、不可退貨訂單的強勁水平相得益彰。

In closing, we are very confident in our profitable growth over the intermediate to long term, especially in the key areas of the accelerated growth drivers as we highlighted during Investor Day. Our gross profit will continue to expand. And we have demonstrated solid control over our operating expenses while consistently investing in those areas which will enable our long-term growth. Together, these results in solid operating profit leverage and robust cash flow generation. And lastly, we have a proven track record of returning all excess free cash flow to our owners via our clear capital return policy.

最後，我們對中長期的盈利增長非常有信心，特別是在我們在投資者日強調的加速增長驅動因素的關鍵領域。我們的毛利將繼續擴大。我們已經表現出對運營費用的可靠控制，同時持續投資於那些能夠實現我們長期增長的領域。總之，這些結果帶來了穩健的營業利潤槓桿和強勁的現金流產生。最後，我們擁有通過我們明確的資本回報政策將所有多餘的自由現金流返還給我們的所有者的良好記錄。

With that, I'd like to turn it back to the operator for questions.

有了這個，我想把它轉回給接線員提問。

(Operator Instructions) Our first question comes from Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

Congrats on the strong results. I guess, Kurt, the first question I have is on the full year commentary. At the analyst meeting, you talked about, I guess, at the high end of your range before, about 12%. And now you're saying better than that. What changed?

恭喜取得了不錯的成績。我想，庫爾特，我的第一個問題是關於全年的評論。在分析師會議上，你談到，我猜，在你之前範圍的高端，大約 12%。現在你說的比這更好。發生了什麼變化？

And do you have the supply necessary to grow sequentially through the year to what seems to be something in the mid-teens roughly that you're guiding to now?

你是否有必要的供應來在一年中按順序增長到你現在正在指導的大約十幾歲的東西？

Yes. Ross, thanks for your question. Indeed, the commentary I made is that we have grown optimism, that we can grow above the high end of our long-term growth range, which was 8% to 12%, so above 12%, so indeed.

是的。羅斯，謝謝你的提問。事實上，我所做的評論是，我們已經變得樂觀，我們可以增長到超過長期增長范圍的高端，即 8% 到 12%，因此確實超過了 12%。

Yes, we do have the supply capability. We are gradually building more supply capability through the year. It's a huge amount of different actions, both in our own back-end test and assembly sites, in our internal front-ends. And mind you that this year, we will be running full out with our internal front-end factories. While last year, we had the winter storm taking capacity away and we had only started to ramp the factories full up during the first and second quarter. So from a year-on-year perspective alone, that does give us more supply.

是的，我們確實有供應能力。我們正在逐步建立更多的供應能力。在我們自己的後端測試和組裝站點中，在我們的內部前端中，這是大量不同的操作。請注意，今年，我們內部的前端工廠將全部用完。去年，我們的冬季風暴帶走了產能，我們只是在第一季度和第二季度才開始讓工廠滿負荷運轉。因此，僅從同比的角度來看，這確實為我們提供了更多的供應。

But also with third-party foundry suppliers, and Bill just mentioned our supply commitments and obligations here, we -- or purchase from our respective obligations here. We are growing our supply capabilities. So yes, the supply capability is here.

而且還有第三方代工供應商，比爾剛剛在這裡提到了我們的供應承諾和義務，我們——或者從我們各自的義務這裡採購。我們正在提高我們的供應能力。所以是的，供應能力就在這裡。

And while we will not guide the full year, Ross, it was still important, I felt, to make that comment because the demand situation has continued to be very, very strong. And I say continue to be very strong since our Investor Day in November. And we see the inventories, both our own ones, and I think we talked about the 83 days. We talked about the channel inventory even coming a little bit down. But also at our customers, we think inventories continue to be super lean, such that we see the potential of outgrowing the 12% high end of our long-term growth trajectory.

雖然我們不會指導全年，羅斯，我覺得發表評論仍然很重要，因為需求情況一直非常非常強勁。我說自 11 月的投資者日以來繼續保持強勁勢頭。我們看到了我們自己的庫存，我想我們談到了 83 天。我們談到了渠道庫存甚至下降了一點。但對於我們的客戶，我們認為庫存仍然非常稀少，因此我們看到了超過我們長期增長軌蹟的 12% 高端的潛力。

I guess as my follow-up, just sticking on the revenue line, it's been going a little shorter term for the first quarter. Are there any specific dynamics that are keeping automotive and industrial flat sequentially? Is it simply a supply issue? I think that's the first time in, I don't know, 6 quarters, that those will have been flat sequentially. So the dichotomy between auto and industrial flat and the relatively smaller segments growing was a little surprising to me. So any color on those dynamics would be helpful.

我想作為我的後續行動，只是堅持收入線，第一季度的時間較短。是否有任何特定的動態使汽車和工業按順序保持平穩？僅僅是供應問題嗎？我認為這是第一次，我不知道，六個季度，這些將連續持平。所以汽車和工業平板之間的二分法以及相對較小的部分增長讓我有點驚訝。因此，這些動態的任何顏色都會有所幫助。

Yes, it is actually totally supply-regulated. I mean, we have more than enough demand. It is all a function of supply. And maybe here, it is worthwhile to note that you all might have seen that, in the city of Tianjin in China, there was a controlled movement order which actually meant factory shutdowns. One of our test and assembly back-end sites is Tianjin. So we had a factory shutdown there for between 1 and 2 weeks. Think about maybe $50 million impact for the first quarter. And that is all sitting on industrial and auto, which is another factor which is actually hampering supply a little bit further than we would have wished into the first quarter.

是的，它實際上完全受供應監管。我的意思是，我們有足夠的需求。這都是供給的函數。也許在這裡，值得注意的是，你們可能已經看到，在中國天津市，有一個控制流動的命令，實際上意味著工廠關閉。我們的測試和組裝後端站點之一是天津。所以我們在那裡停工了 1 到 2 週。想想第一季度可能會產生 5000 萬美元的影響。這一切都在工業和汽車上，這是另一個實際上阻礙供應的因素，比我們在第一季度所希望的要多一些。

Mobile, on the other hand side, Ross, you know that the last 2 quarters, we've been really struggling with supply in mobile. I think we talked about this consistently in the call. This starts to get better, which actually helps us to start to do much better in mobile. So all of the, say, the movements quarter-on-quarter are much more a function of supply capability rather than demand.

移動，另一方面，羅斯，你知道過去兩個季度，我們一直在為移動供應而苦苦掙扎。我認為我們在電話會議中一直在討論這個問題。這開始變得更好，這實際上幫助我們開始在移動方面做得更好。因此，所有這些，比如說，季度環比變化更多地是供應能力而不是需求的函數。

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。

I guess first question on gross margins. You're 70 bps away from the high end of your target. And in your prepared remarks, Bill, you talked about expectations for gross margins to continue to expand. So curious how you're thinking about upward bias here in '22, and then moreover, I guess, '23, '24, as new products that carry higher margins come through the model.

我想第一個問題是關於毛利率的。你距離目標的高端有 70 個基點。在你準備好的講話中，比爾，你談到了對毛利率繼續擴大的預期。很好奇你在 22 年是如何考慮向上偏差的，此外，我猜是 23 年，24 年，因為具有更高利潤率的新產品通過該模型出現。

C.J., yes, for the rest of the year, we're not guiding. But our goal is to maintain, I'd say, a gross margin in the 57% range with the pluses and minuses we continue to talk about in any given quarter. Kurt just mentioned about the slight impact with Tianjin, which is impacting our margin a little bit in Q1. But that is offset by the higher revenue and volume that we're experiencing quarter-over-quarter by $60 million. So that kind of keeps it flat there for Q1. As we go forward, again, mix will play an important role as we are supply-constrained. And then over the long, long term, as we talked about, is really driven by our new product introductions out further.

C.J.，是的，在今年剩下的時間裡，我們沒有指導。但我想說，我們的目標是保持毛利率在 57% 的範圍內，而我們在任何給定季度都會繼續談論的優缺點。 Kurt 剛剛提到對天津的輕微影響，這對我們第一季度的利潤率產生了一點影響。但這被我們所經歷的季度環比增加 6000 萬美元的收入和銷量所抵消。所以這種情況在第一季度保持平穩。在我們前進的過程中，由於供應受限，混合將再次發揮重要作用。然後從長遠來看，正如我們所談到的，實際上是由我們進一步推出的新產品推動的。

Very helpful. And as my follow-up, I guess, Kurt, you talked in your prepared remarks about making real traction with some of the newer products. And I know, in particular, on the S32 domain processor side, there's significant architectural decisions being made today by your potential customers. So curious, any update in terms of the traction there? And I guess how to think about maybe some of these new products, and which we should be focused on in terms of driving real incremental growth into '23, '24?

很有幫助。我想，作為我的後續行動，庫爾特，你在準備好的評論中談到了一些新產品的真正吸引力。而且我知道，特別是在 S32 域處理器方面，您的潛在客戶正在做出重大的架構決策。很好奇，那裡的牽引力有什麼更新嗎？而且我想如何考慮這些新產品中的一些，以及在推動真正的增量增長到 '23、'24 方面我們應該關注哪些？

Yes, C.J., absolutely. I think at Investor Day, we tried to give a bit more of the deep dive on where we are in this area. And it's indeed especially about what we call the S32 platform, which is a software-compatible growing family of products, mainly for the networking infrastructure part of the car. And there is a very rapid, and I would also say very forceful rearchitecture action in place with all of the OEM customers.

是的，C.J.，絕對的。我認為在投資者日，我們試圖更深入地了解我們在這一領域的位置。它確實特別是關於我們所說的 S32 平台，它是一個與軟件兼容的不斷增長的產品系列，主要用於汽車的網絡基礎設施部分。並且所有 OEM 客戶都採取了非常迅速且非常有力的架構重構行動。

And one of the big features here is going to be over-the-air updates, including the required security, so to make sure that the performance of the car over its lifetime can be upgraded by software updates without changing the hardware. And the way to do this is over-the-air updates and then a very, say, both elegant and efficient network architecture inside the car. And the chip which does this over-the-air update is a gateway chip, and that's one of the flagship products which we are ramping. It's called S32G for gateway. And that is ramping with major OEM names through the next few years.

這裡的一項重要功能將是無線更新，包括所需的安全性，以確保汽車在其生命週期內的性能可以通過軟件更新進行升級，而無需更改硬件。做到這一點的方法是無線更新，然後是一個非常優雅和高效的車內網絡架構。進行這種無線更新的芯片是網關芯片，這是我們正在推廣的旗艦產品之一。網關稱為S32G。在接下來的幾年中，主要的 OEM 名稱將越來越多。

So that's just -- it's just one nice example. There is obviously more. I'm actually proud to mention because it's always difficult with OEM names in that particular industry. But I'm proud to mention or reflect on the announcement which we did, I think, in November with Ford Motor Company together, where we spoke about the fact that their new F-150, the Bronco, the E MAX, they will all be using, amongst others, this S32G platform for the gateway functionality.

所以這只是 - 這只是一個很好的例子。顯然還有更多。實際上，我很自豪地提及，因為在該特定行業中使用 OEM 名稱總是很困難。但我很自豪地提到或反思我們在 11 月與福特汽車公司一起發布的公告，我們談到了他們的新 F-150、野馬、E MAX，他們都將除其他外，正在使用此 S32G 平台來實現網關功能。

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

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

I just wanted a clarification. First, you identified the material weakness in internal controls in your earnings press release. I was just hoping you could maybe just discuss that issue. How much, if any, potential impact? And how soon can those issues be rectified?

我只是想澄清一下。首先，您在收益新聞稿中指出了內部控制的重大缺陷。我只是希望你可以討論這個問題。潛在影響有多大（如果有的話）？這些問題多久能得到糾正？

Vivek, I'll take that question. As shared in our EPR, as part of our annual year-end audit process, we did identify a potential material weakness associated with our general internal IT controls in the areas of user access, change management and documentation. At this moment, we are very comfortable there had been no impact on our current or past financial statements. We are actually very pleased with the fixes the teams are implementing, which just take time. And we feel confident that we'll be able to remediate these internal IT controls in 2022 and ensure the proper monitoring throughout the year. We want to disclose this now for full transparency, and we plan to disclose more about the details in our annual 10-K, per our normal scheduling in the late February.

維維克，我會回答這個問題。正如我們在 EPR 中所分享的，作為我們年度年終審計流程的一部分，我們確實發現了與我們在用戶訪問、變更管理和文檔領域的一般內部 IT 控制相關的潛在重大缺陷。目前，我們很放心，我們當前或過去的財務報表沒有受到影響。實際上，我們對團隊正在實施的修復感到非常滿意，這需要時間。我們相信，我們將能夠在 2022 年修復這些內部 IT 控制措施，並確保全年進行適當的監控。為了完全透明，我們現在想披露這一點，我們計劃按照 2 月下旬的正常安排，在我們的年度 10-K 中披露更多細節。

Great. Very helpful. And for my follow-up, Kurt, if I look at last year, we saw a nearly 40-point delta between auto unit production and your sales. I'm curious, what is the way you think about a more sustainable kind of content delta we should think about between units and sales over time? And what are you doing to ensure the quality of orders and the utilization of your products, so we are not surprised by any excess inventory, right, that might be there at your OEMs or Tier 1s?

偉大的。很有幫助。對於我的後續行動，庫爾特，如果我看一下去年，我們看到汽車單位產量和您的銷售額之間存在近 40 個百分點的差異。我很好奇，隨著時間的推移，我們應該在單位和銷售額之間考慮一種更可持續的內容增量，您是如何看待的？您正在採取哪些措施來確保訂單的質量和產品的利用率，所以我們不會對您的 OEM 或一級供應商可能存在的任何過剩庫存感到驚訝？

Yes. Thanks, Vivek. So first, let me just highlight again that, indeed, we are not at all concerned about that delta between the 44% of our revenue growth and the 2.5%, I think, SAAR growth last year. And that is given the content increases relative to premium vehicle mix changes and electric vehicle acceleration. But also the fact that, in 2020 and already earlier in '19, a lot of inventory in the very, very complex, extended supply chain has been -- or had been depleted. And then, of course, I definitely see that we also have grown market share.

是的。謝謝，維維克。所以首先，讓我再次強調一下，事實上，我們根本不關心我們收入增長的 44% 和我認為去年 SAAR 增長 2.5% 之間的差值。這是考慮到內容的增加相對於高檔汽車組合的變化和電動汽車的加速。但事實上，在 2020 年以及 19 年早些時候，非常、非常複雜、擴展的供應鏈中的大量庫存已經或已經耗盡。然後，當然，我肯定看到我們的市場份額也有所增長。

So indeed, for the history, we are not concerned about this. On the contrary, I continue to be chased on a -- really on a daily level to ship more product into automotive. It's still not enough as we speak.

因此，事實上，對於歷史，我們並不關心這一點。相反，我繼續被追逐——實際上是每天都在向汽車運送更多產品。我們說話的時候還不夠。

Now the measures to cope with this are, one, a very, very much higher level of transparency, which we not only do with our Tier 1 customers, but also especially with the OEM customers. So we have a lot of direct relationships built up now with the OEMs, and get multiyear forecasts which are very specific by model, by equipment, which gives us a much better view into the future in what is realistic content growth and whatnot.

現在解決這個問題的措施是，一個非常非常高的透明度，我們不僅對我們的一級客戶，而且特別是對 OEM 客戶這樣做。因此，我們現在與原始設備製造商建立了很多直接關係，並獲得了非常具體的模型和設備的多年預測，這讓我們對未來的現實內容增長和諸如此類有更好的看法。

And in the more shorter term, of course, we work with the NCNR order concept, which I think Bill had in his prepared remarks, which we actually -- especially in automotive, not only in automotive but especially in automotive, which give us a confirmed and noncancelable or nonreschedulable order pattern for the full calendar year 2022, which is a hell lot of more stability than we've ever had in the past.

當然，在更短的時間內，我們使用 NCNR 訂單概念，我認為 Bill 在他準備好的評論中提出了這一概念，我們實際上 - 特別是在汽車領域，不僅在汽車領域，而且在汽車領域，這給了我們一個2022 年整個日曆年的已確認且不可取消或不可重新安排的訂單模式，這比我們以往任何時候都更加穩定。

I -- from just a directional perspective, Vivek, I do believe the content increase continues to accelerate. And probably on the midterm, the 2 main factors are actually the acceleration of the share of xEVs, so electric and hybrid electric vehicles, which simply have so much more semiconductor content. But also the Level 2+, Level 3 autonomy efforts are getting more and more traction, again, which is a big deal for us when you think about our position in radar.

我 - 從方向的角度來看，Vivek，我相信內容的增長會繼續加速。可能在中期，兩個主要因素實際上是 xEV 份額的加速，即電動和混合動力電動汽車，它們只是擁有更多的半導體含量。但同樣，Level 2+、Level 3 的自主努力也越來越受到關注，當你考慮到我們在雷達中的地位時，這對我們來說是一件大事。

So we do believe that we will continue to outgrow this market, win share and have, at the same time, a faster market development given these changes. But with the NCNR orders and our relationships to the OEMs, I think we have a good handle to keep this in good track.

因此，我們確實相信，鑑於這些變化，我們將繼續超越這個市場，贏得份額，同時擁有更快的市場發展。但是有了 NCNR 的訂單以及我們與 OEM 的關係，我認為我們可以很好地保持這一點。

Our next question comes from William [Steel] with Truist.

我們的下一個問題來自 William [Steel] 和 Truist。

There's been a clear imbalance between supply and demand for the last few quarters, it's triggering very extended lead times in the last year. I don't I've heard an update on that condition during the call or in the press release or presentation. I'm hoping you can update us as to how that's trended in the most recent quarter. I would imagine, given the inventory decline, that lead times are still quite stretched. Any normalization you anticipate for that through this year?

過去幾個季度供需之間存在明顯的不平衡，這在去年引發了非常長的交貨時間。我沒有在電話會議或新聞稿或演示文稿中聽到有關該情況的更新。我希望您能向我們介紹最近一個季度的趨勢。我想，鑑於庫存下降，交貨時間仍然很長。您預計今年會有什麼正常化嗎？

Yes. So Bill, clearly, it has not improved. If I think about it from a supply perspective or if I put my more positive perspective on this, the demand continues to be very, very strong. So if I look forward into Q1 and into the rest of the year, Q1, very clearly, and I just want to be very explicit here relative to the guidance, this is completely kept by available supply, so much more demand than what we have in terms of supply.

是的。所以比爾，很明顯，它並沒有改善。如果我從供應的角度考慮，或者如果我對此持更積極的看法，需求將繼續非常非常強勁。因此，如果我非常清楚地展望第一季度和今年餘下的時間，第一季度，我只想在這里相對於指導非常明確，這完全由可用供應來維持，需求比我們擁有的要多得多在供應方面。

You mentioned some of the metrics which we can actually use in order to get a better feel on where this is going. Indeed, our internal inventory has further reduced. And I'm not happy to say that also the channel inventory dropped a little bit to 1.5 months. I mean, we've been standing now at 1.6 for quite a long time, all through last year. And mind you, this compares to a target of 2.4 to 2.5 months. And that's also the level we have come from. And the loan/debt delta is about $500 million.

您提到了一些我們可以實際使用的指標，以便更好地了解進展情況。事實上，我們的內部庫存進一步減少。而且我不高興地說，渠道庫存也下降了一點到 1.5 個月。我的意思是，我們現在的 1.6 已經有很長一段時間了，一直到去年。請注意，這與 2.4 到 2.5 個月的目標相比。這也是我們的水平。貸款/債務增量約為 5 億美元。

So I do not think that we get out of this imbalance through this calendar year. It might get better in certain spots. But overall, in the markets which we are serving, and again, I don't make a comment here about the whole semiconductor industry, but I make a comment about the key markets we are being exposed to, there, I do not see that we totally come out of this imbalance until the end of the year.

因此，我認為我們不會在這個日曆年擺脫這種不平衡。在某些地方它可能會變得更好。但總的來說，在我們服務的市場中，我不會在這裡對整個半導體行業發表評論，但我會對我們所接觸的關鍵市場發表評論，在那裡，我不認為直到今年年底，我們才能完全擺脫這種不平衡。

That really helps. One other, if I can. I'm going to ask the content -- automotive content question a little differently. It's clear, and you've made a pretty good case, that some of this content is a more permanent shift, like the new networking architectures and the like. But I think it's fair to say that some of the growth that we've seen in the last year has resulted from favorable mix shift to higher-end models and higher-end trims within those models that probably drive a little bit better semi content that's more profitable for the OEM customers.

這真的很有幫助。另一個，如果可以的話。我要問的內容——汽車內容問題有點不同。很明顯，你已經做了一個很好的案例，其中一些內容是一個更永久的轉變，比如新的網絡架構等。但我認為公平地說，我們在去年看到的一些增長是由於有利的混合轉向高端模型和這些模型中的高端裝飾，這可能會推動更好的半內容為 OEM 客戶帶來更多利潤。

What should -- what would you encourage investors to think about for this trend over the coming year? Does it continue? Or would it reverse as availability becomes more plentiful?

什麼應該 - 你會鼓勵投資者在未來一年考慮這一趨勢嗎？它繼續嗎？還是會隨著可用性變得更加豐富而逆轉？

Yes. So Bill, I completely confirm what you said. Definitely, last year has seen a spike in content increase due to the mix change to more premium vehicles. Absolutely agreed.

是的。所以比爾，我完全確認你所說的。毫無疑問，去年由於更高檔汽車的混合變化，內容增加了。絕對同意。

I think this is going to find a natural balance. As long as overall supply of the semi industry into the auto industry will continue to be constrained, they will continue to build the more profitable, the premium vehicles. I mean, that's very natural. And as soon as this maybe gets, over time, into a better balance, they will also start to build more of the volume cars again.

我認為這將找到一個自然的平衡。只要半工業進入汽車行業的整體供應將繼續受到限制，他們就會繼續製造利潤更高的高端汽車。我的意思是，這很自然。一旦這可能隨著時間的推移達到更好的平衡，他們也將再次開始製造更多的量產汽車。

But again, that is not a -- I cannot see this as a negative, Will, because they want to build and could sell more cars anyway. I mean, if you look at dealer inventories in the meantime, not only in the U.S. but also in China, they are just at rocking all-time lows, and it's getting worse and worse.

但同樣，這不是 - 我不能認為這是負面的，威爾，因為他們想要製造並且無論如何都可以銷售更多汽車。我的意思是，如果你同時查看經銷商庫存，不僅在美國，而且在中國，它們正處於歷史最低點，而且情況越來越糟。

So yes, it will change a little, but that is not going to go against -- as a negative against our demand because then they simply build more cars as a result.

所以是的，它會發生一點變化，但這不會與我們的需求背道而馳，因為那樣他們只會製造更多的汽車。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Kurt, I wonder if you could spend a couple of minutes just talking about the impact of inflationary pressures on the business right now both on revenue and on OpEx. And I know you've said historically that you're not raising pricing above your increase in cost. But I'm trying to get a sense of how much of a tailwind price is to your view that you'll be above the high end of that 8% to 12% this year. And conversely, what's the impact it's having on OpEx relative to higher prices?

庫爾特，我想知道您是否可以花幾分鐘時間來談談目前通脹壓力對企業收入和運營支出的影響。而且我知道您在歷史上曾說過，您不會將定價提高到成本增加之上。但我試圖了解您認為今年您將高於 8% 至 12% 的高端價格的順風價格有多大。相反，相對於更高的價格，它對 OpEx 的影響是什麼？

Well, in general, John, I absolutely want to reconfirm loud and clear that we will not use this current -- or abuse, I would almost say, this current situation to pad our margins. So we do absolutely stick to the policy I've talked about before, which is that, of course, we are passing on the increased input cost and raise prices to our customers along with that. That is something we had to start doing last year and we have to continue to do through this year.

好吧，總的來說，約翰，我絕對想大聲而明確地再次確認，我們不會使用這種電流 - 或者濫用，我幾乎會說，這種目前的情況來填補我們的利潤。所以我們絕對堅持我之前談到的政策，當然，我們正在將增加的投入成本轉嫁給我們的客戶，同時提高價格。這是我們去年必須開始做的事情，我們必須在今年繼續這樣做。

This is a function of the kind and the type of business we are in, which is the opposite of a commodity business. It's very application-specific. It has, I think, very specific and long-term customer relations where this is the only way to do it. And trust me, it's not an easy one for us to do this. But yes, that's what we do.

這是我們所從事的業務種類和類型的功能，這與商品業務相反。這是非常特定於應用程序的。我認為，它有非常具體和長期的客戶關係，這是唯一的方法。相信我，我們做到這一點並不容易。但是，是的，這就是我們所做的。

I mean, we -- I anyway can't guide the year going out into Q2, 3 and 4. But I can tell you, John, that for last year, the impact of pricing was absolutely minimal to the revenue growth. So don't think about this being the key factor here.

我的意思是，我們——無論如何我無法指導今年進入第二季度、第三季度和第四季度。但我可以告訴你，約翰，去年，定價對收入增長的影響絕對是微乎其微的。所以不要認為這是這裡的關鍵因素。

And maybe, Bill, do you want to speak a little bit about the impact on OpEx?

也許，比爾，你想談談對運營支出的影響嗎？

Yes, Kurt. John, I'd say we continue to do well here and near our 23% long-term model. As you know, Q4 finished at 22.4% of sales, which was better than our guidance of the 22.7%. We just guided Q1 to be about 22.4%. And this is up mainly because of the U.S. benefits for FICA and 401(k) tending to be higher in the U.S. in Q1.

是的，庫爾特。約翰，我想說我們在這裡繼續做得很好，接近我們 23% 的長期模型。如您所知，第四季度的銷售額佔銷售額的 22.4%，好於我們預期的 22.7%。我們剛剛指導第一季度約為 22.4%。這主要是因為第一季度美國對 FICA 和 401(k) 的福利往往更高。

But as you think ahead, and if this is where you're going, we mentioned during Investor Day, we like to run around 23% with quarters fluctuating a bit. But we do see that we can get additional leverage on the model, especially in the SG&A side.

但是，正如您提前考慮的那樣，如果這就是您要去的地方，我們在投資者日期間提到過，我們希望在 23% 左右的季度波動。但我們確實看到我們可以在模型上獲得額外的影響力，尤其是在 SG&A 方面。

That's helpful. And then guys, as my follow-up, Bill, you talked about in your prepared comments, CapEx this year being above target. I'm wondering if you could give us a little bit more granularity as to kind of what number you're thinking about for the full year.

這很有幫助。然後伙計們，作為我的後續行動，比爾，你在準備好的評論中談到，今年的資本支出高於目標。我想知道您是否可以更詳細地說明您在考慮全年的數字。

And Kurt, as he answers that, I'm curious as to what your internal versus external sort of capacity strategy is. Especially in the auto business, where historically, you've done more of the front end internally and especially against some of your peers that are looking to really expand their internal capacity, how confident are you that given the strong growth that you expect, especially in autos over the next several years, that you can get everything you need from your outsourcing partners?

Kurt，當他回答這個問題時，我很好奇您的內部與外部容量策略是什麼。尤其是在汽車行業，從歷史上看，您在內部做了更多的前端工作，尤其是與一些希望真正擴大內部產能的同行相比，鑑於您期望的強勁增長，您有多大信心，尤其是在接下來的幾年中，您是否可以從外包合作夥伴那裡獲得所需的一切？

Yes. Let me maybe get started, John, on the strategy here. We absolutely stick to our hybrid manufacturing strategy. And I also want to highlight, it has never been a function of doing this in auto and doing that in industrial and something else in mobile. It's much more a function of the kind of processing technology, where simply anything which is below 90 nanometers, we will not do in-house. And we see no reason to change this.

是的。約翰，讓我開始討論這裡的策略。我們絕對堅持我們的混合製造戰略。而且我還想強調，它從來都不是在汽車中做到這一點，在工業和移動領域中做到這一點的功能。它更多是一種處理技術的功能，在這種技術中，任何低於 90 納米的東西，我們都不會在內部進行。我們認為沒有理由改變這一點。

Honestly speaking, if you look at our results for last year, I think we've grown 28.5% year-over-year. We've probably grown faster than most of the comparable peers which might partially have more of an in-house manufacturing strategy. I think last year, the flexibility which we could apply is actually a fantastic proof point that this manufacturing strategy is not wrong.

老實說，如果你看看我們去年的業績，我認為我們同比增長了 28.5%。我們的增長速度可能比大多數可比同行更快，後者可能部分擁有更多的內部製造戰略。我認為去年，我們可以應用的靈活性實際上是一個極好的證明點，證明這種製造策略沒有錯。

Now going forward, we clearly are intensifying and working on long-term partnerships also with foundry partners. I mean, as much as I talked earlier about the longer-term nature of our relationship with customers and the better transparency we gain here from a demand perspective, obviously, we are doing exactly the same thing on the foundry side in order to make sure this is in good balance. So no change here.

現在展望未來，我們顯然正在加強並與代工合作夥伴建立長期合作夥伴關係。我的意思是，正如我之前談到的我們與客戶關係的長期性質以及從需求角度來看我們在這裡獲得的更好的透明度，顯然，我們在代工方面正在做同樣的事情，以確保這是一個很好的平衡。所以這裡沒有變化。

Bear, of course, we are investing and increasing our output capabilities in the -- on the back end. Because there, I think, currently, it's like 85% or so which we are doing in-house. We don't see a reason to change that either. So here, we are continuing to expand.

熊，當然，我們正在投資並增加我們在後端的輸出能力。因為在那裡，我認為，目前，我們在內部完成了大約 85% 的工作。我們也沒有理由改變這一點。所以在這裡，我們正在繼續擴展。

And related...

以及相關...

[Nothing that jumps out] this year?

[沒有什麼跳出來的]今年？

Yes, let me [jump that on the CapEx] side of the house, let me do that.

是的，讓我 [跳到房子的資本支出] 一邊，讓我這樣做。

Excuse me -- yes. Yes, Bill, go ahead.

對不起——是的。是的，比爾，繼續。

Yes. Thank you. Again, if you look at CapEx, just a quick recap. In 2020, we spent 4.6%. 2021, we spent 6.9%. And you just saw in Q4, we spent 8.8%. So we think that's going to go up a little bit more for 2021 (sic) [2022] without giving you the absolute guide, but think maybe another point or so on it related to it.

是的。謝謝你。同樣，如果您查看資本支出，請快速回顧一下。 2020 年，我們花費了 4.6%。 2021 年，我們花費了 6.9%。你剛剛在第四季度看到，我們花了 8.8%。因此，我們認為 2021 年（原文如此）[2022 年] 會增加一點，但沒有給你絕對的指導，但想想可能與它相關的另一點左右。

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。

I wanted to first ask about the mobile strength into Q1. And I get what you said on some of the supply constraints in that business that have been there easing a little bit. But is there anything else there around customer pull-forward or anything like that? What is actually driving that strength? And how do we think about the sustainability of that profile into Q2 and beyond, just given the above-seasonal nature of it into Q1?

我想先問一下 Q1 的移動強度。我明白你所說的，該業務的一些供應限制已經有所緩解。但是圍繞客戶拉動或類似的東西還有其他什麼嗎？究竟是什麼推動了這種力量？考慮到第一季度的季節性特徵，我們如何考慮該配置文件在第二季度及以後的可持續性？

Yes, Stacy, it's indeed 2 things. It is demand, and I speak about this in a second, and it is obviously supply. We've really been held back by supply the last 2 quarters. So Q3 and Q4 of last year, we clearly had a significant issue here from a supply perspective. By the way, not everything resolved, but at least improving into Q1. So that's one element.

是的，史黛西，這確實是兩件事。這是需求，我馬上談到這個，顯然是供應。在過去的兩個季度中，我們確實受到了供應的阻礙。因此，去年第三季度和第四季度，從供應的角度來看，我們顯然在這裡遇到了一個重大問題。順便說一句，並非一切都解決了，但至少在第一季度有所改善。這是一個要素。

The other element is demand. And I mean, I think I can understand why you are asking. But you know that we are not overly dependent on only one customer, on one mobile customer in that particular segment. So if you think about the mix of our customers, you will appreciate that there is a strong case to be made for demand going into the first quarter.

另一個要素是需求。我的意思是，我想我能理解你為什麼要問。但是您知道，我們並不過分依賴於該特定細分市場中的一位客戶，一位移動客戶。因此，如果您考慮我們的客戶組合，您會意識到第一季度的需求有充分的理由。

And also don't think about it as a spike, Stacy. This is not just a spike or something. It's -- I think it continues with our strategy of the attach rate of the mobile wallet. I mean, that's the main factor in there, and the more and more growing -- early growing part of the -- of our secure ultra-wideband solutions.

也不要認為它是一個尖峰，斯泰西。這不僅僅是一個尖峰或其他東西。這是 - 我認為它繼續我們的移動錢包附加率策略。我的意思是，這是其中的主要因素，而且我們的安全超寬帶解決方案越來越多——早期增長的一部分。

Got it. My follow-up, I wanted to ask about industrial, particularly in China. What are you seeing there? I mean, they have COVID-Zero. There were shutdowns, as you mentioned, on something, some of the data points are not great. Are you seeing any issues, particularly around China, especially for the industrial business?

知道了。我的後續，我想問工業，特別是在中國。你在那兒看到什麼？我的意思是，他們的COVID-0。正如你所提到的，在某些方面發生了關閉，一些數據點不是很好。您是否發現任何問題，尤其是在中國，尤其是工業企業？

No, we don't see it at this stage, Stacy. I mean, I'm reading the same news. Our main concern is indeed in China, much more about our own production, which, and I said this before, is in the meantime, fully up and running again. But that is actually where we see the issue.

不，我們在這個階段看不到它，斯泰西。我的意思是，我正在閱讀同樣的新聞。我們的主要關注點確實在中國，更多的是關於我們自己的生產，我之前說過，與此同時，它正在全面啟動並再次運行。但這實際上是我們看到問題的地方。

From a demand perspective, which indeed is largely the industrial markets largely served through distribution, we do not see any slowing at all. On the contrary, when you think about the fact that our channel inventory has further dropped, unfortunately, you know that a good -- a solid portion of that is actually in China. So no, we are not concerned here about the demand slowing in industrial China.

從需求的角度來看，實際上主要是通過分銷服務於工業市場，我們根本沒有看到任何放緩。相反，當您想到我們的渠道庫存進一步下降的事實時，不幸的是，您知道其中很大一部分實際上是在中國。所以不，我們在這裡並不擔心工業中國的需求放緩。

Our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James。

Kurt, I wonder if you could go through a bit about some of the commitments that you've had to make to secure that additional capacity. What is the commitment now to the foundry partners? And how has that changed versus prior cycles?

庫爾特，我想知道您是否可以稍微介紹一下您必須做出的一些承諾，以確保獲得額外的容量。現在對代工合作夥伴的承諾是什麼？與之前的周期相比，情況有何變化？

And I'm guessing by your comments that your feeling is that, that's backed up by the commitments from your customers to you. And how resilient do you think that will be over time as conditions change? And obviously, this seems like this is something different for the industry.

我從您的評論中猜測您的感覺是，這得到了客戶對您的承諾的支持。隨著條件的變化，隨著時間的推移，您認為這將有多大的彈性？顯然，這似乎對這個行業來說是不同的。

Yes. Thanks, Chris. Maybe Bill, you want to speak a little bit first about the $4-plus billion purchasing obligations which we entered into?

是的。謝謝，克里斯。也許比爾，你想先談談我們簽訂的超過 4 億美元的採購義務嗎？

Yes, that was in my prepared remarks. At the moment, we have $4 billion. And those are strongly supported by actually greater than our supply commitments, backed by the noncancelable, nonreturnable orders that we see. So the demand continues to be strong. Our customers are actually coming to us. And unfortunately, we can't serve them all.

是的，那是在我準備好的評論中。目前，我們有 40 億美元。這些得到了實際大於我們的供應承諾的強烈支持，並得到了我們看到的不可取消、不可退貨的訂單的支持。所以需求依然強勁。我們的客戶實際上是來找我們的。不幸的是，我們不能為所有人服務。

Yes. And then adding to this, Chris, on the NCNR. On the order side, I mean, it is as strong as a contract can be, Chris. We all know how the world can flip around. But I -- there is solid contracts behind that, so we really, really feel good about it. And I would tell you, we have actually customers who want more, so just no confusion here. It is not that we were hungry for these NCNR orders. It's actually the opposite. We cannot cover them all. So we are oversubscribed here. We cannot fulfill them all.

是的。然後在 NCNR 上補充一點，克里斯。在訂單方面，我的意思是，它與合同一樣強大，克里斯。我們都知道世界如何翻轉。但我 - 這背後有可靠的合同，所以我們真的，真的感覺很好。我會告訴你，我們實際上有想要更多的客戶，所以這裡沒有混淆。並不是我們渴望這些 NCNR 訂單。實際上恰恰相反。我們無法涵蓋所有這些。所以我們在這裡超額認購。我們無法全部實現。

And customers would love to place them actually over even longer periods of time, so reaching out into '23 and '24, where we are still seeing how we can best do this. So that dynamic is still going one way only. We don't see any softening. And I -- actually, I didn't say it before, but maybe I should just highlight this here. We see absolutely no order cancellation. We see no push-outs or no rescheduling of any backlog.

客戶希望將它們實際放置更長的時間，因此進入 23 年和 24 年，我們仍在研究如何最好地做到這一點。因此，這種動態仍然只有一種方式。我們沒有看到任何軟化。我——實際上，我之前沒有說過，但也許我應該在這裡強調一下。我們看到絕對沒有訂單取消。我們沒有看到任何積壓訂單的推出或重新安排。

Got it. That's very helpful. And for a follow-on question and maybe we'll return to pricing. And really kind of 2 questions on pricing. One is, obviously, we've seen foundry price increases announced last year. Do you think that is now behind us? Or with the continuing tight supply situation, is there potential for additional input cost increases as we go through the year?

知道了。這很有幫助。對於後續問題，也許我們會回到定價上。真的是關於定價的 2 個問題。一是，很明顯，我們已經看到去年宣布的代工價格上漲。你認為現在我們已經落後了嗎？或者在供應持續緊張的情況下，隨著我們這一年的到來，是否有可能增加額外的投入成本？

And then with that, I think there's an investor concern that some of these price increases are transitory because of the strong conditions, and obviously, the input costs on you, you're passing along to the customers. So what's your view of the stickiness of these price increases, that this is kind of a permanent ratchet up as opposed to something that's transitory just because of the supply conditions?

然後，我認為有一個投資者擔心，由於強勁的條件，這些價格上漲中的一些是暫時的，顯然，你的投入成本，你正在轉嫁給客戶。那麼您如何看待這些價格上漲的粘性，這是一種永久性的棘輪上漲，而不是僅僅因為供應條件而導致的暫時性上漲？

Yes. I actually think, Chris, unfortunately, there's always a chance for more cost increases. So this can never be totally ruled out. So on your -- on the first part of your question, I trust we have a good visibility and also good agreements for this year. But is it truly the end forever? I don't know. I mean, there could always be something.

是的。我實際上認為，克里斯，不幸的是，總是有更多成本增加的機會。所以永遠不能完全排除這種可能性。所以關於你的問題的第一部分，我相信我們今年有很好的知名度和良好的協議。但這真的是永遠的終結嗎？我不知道。我的意思是，總有一些東西。

On the durability of that, I have a very firm view that this is really a reset of the industry. So no, I do not think that things will go backward, and unfortunately, neither the input costs nor our pricing to our customers. I think the 4 or 5 quarters now of this really, really tough supply situation has learned the world a lot more about the value of semiconductors in many critical infrastructure and other applications. So I think the appreciation for this industry and for the kind of product which we do to enable applications, end applications has significantly grown. And with that, hand-in-hand, has gone a reset of the pricing structure. So I don't think this is going to go backwards.

關於它的持久性，我非常堅定地認為這確實是行業的重置。所以不，我不認為事情會倒退，不幸的是，無論是投入成本還是我們對客戶的定價。我認為現在這個非常非常艱難的供應形勢的 4 或 5 個季度讓世界更多地了解了半導體在許多關鍵基礎設施和其他應用中的價值。因此，我認為對這個行業以及我們為實現應用程序和終端應用程序所做的那種產品的欣賞已經顯著增長。隨之而來的是，定價結構的重新設置。所以我認為這不會倒退。

And our last question comes from Joe Moore with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的喬摩爾。

You talked about noncancelable backlog throughout the year. I think that was an automotive comment. Can you talk about your backlog coverage for the other businesses? And how far out does that extend? And do you see it -- if in the areas like auto, as you see it extending out a full year, do you think we continue to get that 1 year visibility as we move forward? Are people still looking out that far?

您談到了全年不可取消的積壓工作。我認為這是汽車評論。你能談談你對其他業務的積壓覆蓋嗎？這延伸到多遠？你看到了嗎 - 如果在汽車等領域，你看到它延長了一整年，你認為我們在前進的過程中會繼續獲得 1 年的知名度嗎？人們還在看那麼遠嗎？

So Joe, yes, first, I talked about automotive, but this is not just a phenomenon in automotive. I'd say with all of our direct customers, this NCNR pattern is a big desire because all of our customers consider this as a way to secure supply over a short- to medium-term period. So it ranges well beyond automotive.

所以喬，是的，首先，我談到了汽車，但這不僅僅是汽車領域的現象。我想說，對於我們所有的直接客戶來說，這種 NCNR 模式是一個很大的願望，因為我們所有的客戶都認為這是在中短期內確保供應的一種方式。所以它的範圍遠遠超出汽車。

I should maybe also highlight that the shortages in the industry are at least as bad in industrial and other applications as in automotive. It's just that automotive continues to catch better headlines in the news, but it's not that the situation is any easier in any of the other segments we are serving.

我也許還應該強調，該行業的短缺至少在工業和其他應用中與在汽車中一樣嚴重。只是汽車繼續在新聞中佔據更好的頭條，但這並不是說我們所服務的其他任何細分市場的情況都更容易。

I -- if you think about the order visibility, customers want to have it longer. I said, I think, earlier, I might have mentioned it already, that they would love to have NCNRs for 2 years out. So yes, I'm definitely sure on your question if they want to continue to go with a 1-year horizon. They definitely want to. I think, actually, if we are prepared for it, there might be also more cases coming where people want to have it even longer, so more than a year.

我——如果您考慮訂單可見性，客戶希望擁有更長的時間。我說，我想，早些時候，我可能已經提到過，他們希望 NCNR 有 2 年之久。所以是的，如果他們想繼續以 1 年為期限，我絕對確定你的問題。他們肯定想要。我認為，實際上，如果我們為此做好準備，可能還會有更多的案例出現，人們希望擁有更長的時間，超過一年。

And again, think about this commentary really being commentary mainly about automotive and industrial markets with very sticky products, very long life cycles, so it fits the nature of those industries. So I think it's a learning from our overall industry in order to better deal with the requirements of those markets.

再一次，想想這個評論實際上主要是關於汽車和工業市場的評論，這些市場的產品粘性很強，生命週期很長，所以它符合這些行業的性質。所以我認為這是對我們整個行業的學習，以便更好地滿足這些市場的需求。

I don't know if this is ever going to be the case in markets like mobile and computing. It might be different there, where also the end product cycles are much shorter. So that's why my commentary is probably biased to the automotive and industrial side of the house, where I think it is a big learning out of last year for the entire industry.

我不知道在移動和計算等市場是否會出現這種情況。那裡可能會有所不同，最終產品週期也短得多。所以這就是為什麼我的評論可能偏向於汽車和工業方面，我認為這是整個行業去年的一次重大學習。

Not at this point, I think -- I guess we run now to the end of the call. So I just want to summarize and highlight again.

不是現在，我想——我想我們現在跑到通話結束了。所以我只想再次總結和強調。

We feel we come off a very strong 2021 with more than 28% revenue growth. Maybe it's also worthwhile to say that if we look at the revenue growth over 2019, which was the prepandemic year, it is still a 25% growth. So '21 over 2019 is 25% growth. So we feel we are very well on track to our projected 8% to 12% long-term growth target. And if we look into -- more into the near term into this year, we feel increasingly optimistic, as I said, that we can be above the high end of that 8% to 12% for the calendar year 2022.

我們覺得我們在 2021 年非常強勁，收入增長超過 28%。或許還值得一提的是，如果我們看一下 2019 年的收入增長，那是疫情前的一年，它仍然是 25% 的增長。因此，'21 比 2019 年增長 25%。因此，我們認為我們非常順利地實現了我們預計的 8% 至 12% 的長期增長目標。如果我們更深入地研究今年的近期，我們會感到越來越樂觀，正如我所說，我們可以在 2022 日曆年高於 8% 到 12% 的高端。

And with that, I would like to thank you all for your attention today and speak to you next. Thank you very much.

有了這個，我要感謝大家今天的關注，接下來要和你們談談。非常感謝你。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。