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 年第四季財報電話會議。 （操作員指示）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.

現在，我想將會議交給今天的發言人、投資者關係高級副總裁傑夫·帕爾默 (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.

謝謝凱瑟琳，大家早安。歡迎參加恩智浦半導體 2021 年第四季財報電話會議。今天與我一起參加電話會議的是恩智浦總裁兼執行長 Kurt Sievers。和我們的財務長比爾貝茨 (Bill Betz)。今天的通話正在進行錄音，並將可在我們的公司網站上重播。

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前瞻性聲明，這些聲明涉及風險和不確定性，可能導致恩智浦的表現與管理層目前的預期有重大差異。這些風險和不確定性包括但不限於有關 COVID-19 大流行對我們業務的持續影響、對我們經營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 年第一季度的財務表現。有關前瞻性陳述的完整揭露，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準則財務指標，這些指標主要由管理階層認為與恩智浦的基本核心營運績效沒有直接關係的離散事件所驅動。根據G 條例，恩智浦在2021 年第四季收益新聞稿中提供了非GAAP 財務指標與最直接可比較的GAAP 指標的調節表，該新聞稿將以8-K 表格的形式提交給SEC，並可在恩智浦網站上取得。

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，我想強調恩智浦將參加 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庫爾特。

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.

非常感謝你，傑夫，大家早安。我們非常感謝大家今天加入我們的電話會議。我將回顧我們的第四季和 2021 年全年業績，然後我將討論我們對第一季的指導。

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.

從第四季開始。總的來說，恩智浦第四季營收為 30.4 億美元，年增 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 季的非 GAAP 營運利潤率高達 34.9%，比去年同期高出 440 個基點，比我們指引的中點高出約 110 個基點。年比表現優異主要是由於工廠利用率提高和收入增加的影響。全年營收達到創紀錄的110.6億美元，年增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 年的進展，我們的客戶繼續加快恩智浦的訂單。我們始終發現自己處於強勁需求超過可用供應的情況，儘管內部和供應合作夥伴的生產水準全年都在提高。我們確實預計 2022 年需求將持續強勁，可能比我們在最近 11 月投資者日上預期的要好。

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 GAAP 營運利潤率為 32.9%，由於工廠負荷改善、收入增加以及營運支出的積極槓桿作用，提高了 700 個基點。

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.

現在讓我談談我們重點終端市場的具體趨勢。在汽車領域，全年營收為54.9 億美元，年增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因素，以及隨著OEM 優先考慮優質汽車，每輛車的內容不斷增加。第四季度，汽車收入為 15.5 億美元，比去年同期成長 30%，略優於我們的指導。

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。全年營收為 24.1 億美元，年增 31%，這得益於我們結合工業和跨界工藝、無線連接和類比連接產品提供的解決方案，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，比去年同期成長 29%，優於我們的指導。

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.

在行動領域，全年營收為 14.1 億美元，年增 13%。在這一年裡，我們的安全行動錢包持續廣泛採用，安全超寬頻解決方案也得到了早期推廣，我們的行動嵌入式電源解決方案也受到了良好的歡迎。這些正面的趨勢被某些客製化模擬產品的停產所抵消。第 4 季度，行動收入為 3.74 億美元，比去年同期下降 9%，優於我們的預期。

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，我將轉向通訊基礎設施和其他。全年營收為 17.5 億美元，年增 3%。年比成長的原因是對安全傳輸、標籤和接入解決方案的需求反彈，以及蜂窩基地台市場對射頻功率產品的強勁需求，但由於網路處理解決方案的預期需求放緩而有所緩和。第 4 季的營收為 4.57 億美元，年增 16%，符合我們的指引。

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.

回顧過去，2021 年對恩智浦來說是極好的一年。我們在整個產品組合中經歷了重要的設計贏得吸引力，特別是在我們的策略成長驅動力領域。我們的首要任務是確保所有員工的健康和安全，他們的參與和表現才是真正出色的。我們為他們在逆境中的適應能力、奉獻精神和努力工作感到非常自豪。

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，在我開始談論我們對第一季的預期之前，我想向您提供一些對來年的看法。對於那些能夠在 11 月參加我們最近的投資者日的人來說，您會記得，我們​​對 2022 年提出了積極的看法，預計收入增長接近我們 8% 至 12% 長期增長目標的上限。現在，隨著我們進入 2022 年初，我們對眼前的機會更加樂觀，無論是短期還是中期。我們客戶的需求訊號仍然非常強勁，所有終端市場的庫存都顯得非常精簡，我們的供應能力持續提高。因此，我們預計 2022 年將是另一個供需失衡的一年，幾乎整個產品組合的交貨時間都會延長，而且與客戶之間與供應相關的升級對話的水平和強度仍然很高。

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，我們預計第一季營收為 31 億美元，較 2021 年第一季成長約 21%，年增 18% 至 24% 範圍內。從環比來看，這意味著與上一季相比中點成長了約 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，我們預期我們的業務將出現以下趨勢。汽車產業預計將比 2021 年第 1 季成長 20% 左右，與 2021 年第 4 季持平。工業和物聯網預計將年增 15%左右，與 2021 年第 4 季持平。預計行動業務將年增約 10%，與 2021 年第 4 季相比，增幅將在較低的個位數範圍內。 最後，通訊基礎設施及其他業務預計將比去年同期成長 20% 左右，環比成長將在兩位數左右。

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.

總而言之，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少。我們的策略重點領域的客戶參與度和設計贏得動力仍然非常積極。這支撐了我們對 2022 年強勁成長的持續信心，並且我們仍然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，請您審查我們的財務表現。

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.

謝謝庫爾特，今天電話會議的大家早安。由於庫爾特已經介紹了第四季度收入的驅動因素並提供了第一季的收入前景，我將轉向財務亮點。整體而言，我們第四季的財務表現非常好。收入高於我們指引範圍的中點，非 GAAP 毛利和非 GAAP 營業利潤均高於我們指導的上限。我將首先提供全年亮點，然後轉向第四季度的業績。

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年全年營收為110.6億美元，年增28%。由於內部工廠利用率的提高、收入水準和產品組合的提高，我們實現了 62.1 億美元的非 GAAP 毛利，非 GAAP 毛利率為 56.1%，較去年同期成長 500 個基點。非 GAAP 營運支出總額為 25.6 億美元，佔營收的 23.2%，與我們的長期模式一致。

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 GAAP 營業利潤總額為 36.4 億美元，較去年同期成長 63%。這反映了非 GAAP 營運利潤率為 32.9%，年成長 700 個基點，與我們的長期財務模型一致。非 GAAP 利息支出為 3.65 億美元。持續經營業務的現金稅為 2.76 億美元。非控制權益為 3500 萬美元。股票薪酬為 3.53 億美元，不包括在我們的非 GAAP 收益中。

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.

全年現金流重點包括 30.8 億美元的營運現金流、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，佔收入的 21%。 2021年，我們回購了2,060萬股股票，總金額為40.2億美元，並支付了5.62億美元的現金股利。總的來說，我們向股東返還了 45.8 億美元，幾乎佔當年產生的非 GAAP 自由現金流總額的 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.

現在轉向第四季的細節。總收入為 30.4 億美元，年增 21%，高於我們指引範圍的中點。在利用率提高、收入和產品增加的推動下，我們實現了 17.4 億美元的非 GAAP 毛利，非 GAAP 毛利率為 57.3%，同比增長 440 個基點，高於我們的指導範圍上限混合。非 GAAP 營運費用總額為 6.81 億美元，佔 22.4%，年增 1.18 億美元，比第三季增加 2,400 萬美元，符合我們指引的中點，也與我們的長期模型一致。

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.

從總營業利潤來看，非公認會計準則營業利潤為 10.6 億美元。非 GAAP 營運利潤率為 34.9%，年成長 440 個基點，高於我們指導的上限，反映出收入水準增加帶來的穩健下滑和營運槓桿。非 GAAP 利息支出為 9,300 萬美元，持續經營現金稅為 1 億美元，非控制利息為 800 萬美元。股票薪酬為 8,800 萬美元，不包含在我們的非 GAAP 收益中。

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。截至第四季末，我們的總債務為105.7 億美元，比上一季增加9.79 億美元，因為我們以極具吸引力的利率發行了期限較長的20 億美元新票據，並於2022 年年初以3.875% 的利率收回了10 億美元票據。由於先前票據債務償還、資本回報、資本支出投資增加和第四季現金產生的累積效應，我們的期末現金部位為 28.3 億美元，比上一季增加 5.27 億美元。

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，本季末的調整後 EBITDA 為 42.3 億美元。截至第四季末，我們的淨負債與過去 12 個月調整後 EBITDA 的比率為 1.8 倍，12 個月調整後 EBITDA 利息覆蓋率為 11.6 倍。該業務的現金流量持續保持出色，我們的資產負債表仍然非常強勁。

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.

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。在第四季末後，即 2022 年 1 月 1 日至 1 月 31 日期間，我們透過 10b5-1 計畫額外回購了 4 億美元的股票。此外，恩智浦董事會也授權公司回購能力增加20億美元，使新授權和剩餘授權總額達到33.5億美元。此外，董事會還批准將季度現金股利增加 50%，使季度現金股利達到每股 0.845 美元。這些行動都與我們繼續執行的資本配置策略一致。

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.

轉向營運資本指標。庫存天數為 83 天，比上一季減少 2 天，低於我們的長期目標。我們繼續密切管理我們的分銷管道，通路庫存為 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強勁以及我們持續遇到的供應挑戰。我們預計來年將與 2021 年非常相似，客戶需求超過可用供應。

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.

應收帳款天數為 28 天，季減 3%。隨著我們繼續增加與供應商的訂單，應付天數為 87%，比上一季增加了 4 天。總而言之，我們的現金週轉週期為 24 天，比上一季度提高了 9 天，反映出強勁的客戶需求、穩健的應收帳款催收以及對未來時期客戶交付的定位。

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

營運現金流為 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的預期。正如 Kurt 所提到的，我們預計第一季營收約為 31 億美元，上下浮動約 7,500 萬美元。中間值年增 21%，季增 2%。我們預計非 GAAP 毛利率約為 57.3%，上下浮動 50 個基點。營運費用預計約 6.93 億美元，上下浮動約 1,000 萬美元。綜合來看，我們預期非 GAAP 營運利潤率中位數約為 35%。我們預計非 GAAP 財務費用約為 1.05 億美元，預計與持續營運相關的現金稅約為 1.25 億美元。非控制權益約 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，我想提出幾點結束語。首先，謹提醒您，根據美國現行稅法和法律，我們預計 2022 年我們的現金稅將趨向於 15%。從我們第一季的指導中可以看出，我們預計短期內稅率會略有下降，並預計隨著今年的進展，稅率將會增加。

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，我們進行投資是為了支持我們利潤更高的長期成長。正如投資者日討論的那樣，我們目前有約 40 億美元的長期材料供應義務。我們 2022 年的資本支出投資將高於長期資本支出模式的高端。這些投資的重點是確保外部代工晶圓供應、擴大我們的內部後端產能以及適度擴大我們的內部前端能力。我們承諾的投資雖然規模龐大，但與客戶不可取消、不可退貨的訂單的強勁水平相比，遠遠超出了平衡。

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，我們對中長期的獲利成長非常有信心，特別是在我們在投資者日強調的加速成長動力的關鍵領域。我們的毛利將持續擴大。我們已經表現出對營運費用的嚴格控制，同時持續投資於那些有助於我們長期成長的領域。這些共同帶來了穩健的營業利潤槓桿和強勁的現金流生成。最後，我們擁有透過明確的資本返還政策將所有多餘自由現金流返還給所有者的良好記錄。

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詢問問題。

(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?

祝賀取得強勁的成果。我想，庫爾特，我的第一個問題是關於全年評論的。我想，在分析師會議上，您之前談到了您範圍的上限，大約是 12%。現在你說的比那更好。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?

你們是否有必要的供應量來在一年中連續增長到目前你們所指導的大約十幾歲的水平？

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，謝謝你的問題。事實上，我的評論是，我們變得越來越樂觀，我們的成長可以超過長期成長範圍的上限，即 8% 到 12%，所以高於 12%，確實如此。

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。我們將在今年逐步建立更多的供應能力。這是大量不同的操作，無論是在我們自己的後端測試和組裝網站還是在我們的內部前端。請注意，今年我們的內部前端工廠將全面運作。去年，我們遭遇了冬季風暴，導致產能減少，我們在第一季和第二季才開始滿載生產工廠。因此，僅從同比角度來看，這確實為我們帶來了更多的供應。

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——或者在這裡從我們各自的義務中採購。我們正在增強我們的供應能力。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.

羅斯，雖然我們不會指導全年情況，但我認為發表這一評論仍然很重要，因為需求情況仍然非常非常強勁。我想說，自 11 月的投資者日以來，我們的表現仍然非常強勁。我們看到了庫存，都是我們自己的，我想我們討論了 83 天。我們談到渠道庫存甚至略有下降。但對於我們的客戶來說，我們認為庫存仍然非常精簡，因此我們看到了成長超過長期成長軌跡 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，第一季的期限有點短。是否有任何特定的動力使汽車和工業連續保持穩定？只是供給問題嗎？我認為這是六個季度以來（我不知道）第一次連續持平。因此，汽車和工業公寓之間的二分法以及相對較小的細分市場的成長讓我有點驚訝。因此，這些動態上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，它實際上是完全受供應管制的。我的意思是，我們的需求綽綽有餘。這都是供給的函數。也許在這裡，值得注意的是，你們可能都已經看到，在中國的天津市，有一個控制性的運動命令，這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。所以我們那裡的工廠停工了一到兩週。想想第一季可能會產生 5000 萬美元的影響。這一切都集中在工業和汽車領域，這是另一個因素，實際上阻礙了供應，比我們對第一季的預期要嚴重一些。

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.

另一方面，移動方面，羅斯，你知道過去兩個季度，我們一直在移動方面的供應方面苦苦掙扎。我認為我們在電話中一致討論了這一點。這開始變得更好，這實際上幫助我們開始在行動領域做得更好。因此，所有季度環比變動更多的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 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。您距離目標的高階還有 70 個基點。比爾，在您準備好的演講中，您談到了對毛利率繼續擴大的預期。很好奇你是如何看待 22 年的向上偏差，而且，我猜，23 年、24 年，隨著利潤率更高的新產品透過該模型出現。

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，我們不會提供指導。但我想說，我們的目標是保持 57% 的毛利率，並在任何特定季度繼續討論其優缺點。庫爾特剛剛提到了對天津的輕微影響，這對我們第一季的利潤率產生了一些影響。但這被我們季度環比增加 6000 萬美元的收入和銷售增加所抵消。因此，第一季的情況保持穩定。隨著我們的前進，由於供應有限，混合將再次發揮重要作用。從長遠來看，正如我們所說，這實際上是由我們進一步推出新產品所推動的。

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?

非常有幫助。作為我的後續行動，我想庫爾特，您在準備好的演講中談到瞭如何利用一些較新的產品來產生真正的吸引力。我知道，特別是在 S32 網域處理器方面，您的潛在客戶今天正在做出重大的架構決策。很好奇，那裡的吸引力有什麼更新嗎？我想如何思考其中一些新產品，以及我們應該專注於哪些新產品，以推動 23、24 年的真正增量成長？

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.，絕對是如此。我認為在投資者日，我們試圖更深入地探討我們在這一領域的進展。這確實特別是我們所說的 S32 平台，這是一個軟體相容的不斷增長的產品系列，主要用於汽車的網路基礎設施部分。所有 OEM 客戶都採取了非常迅速、非常有力的重組行動。

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.

這裡的一大特點是無線更新，包括所需的安全性，以確保汽車在其使用壽命內的性能可以透過軟體更新進行升級，而無需更改硬體。實現這一目標的方法是透過無線更新，然後在車內建立一個非常優雅且高效的網路架構。進行無線更新的晶片是網關晶片，這是我們正在推廣的旗艦產品之一。網關稱為S32G。在接下來的幾年裡，主要 OEM 品牌的這種需求將會不斷增加。

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。事實上，我很自豪地提到，因為在該特定行業中，OEM 品牌總是很困難。但我很自豪地提及或反思我們在 11 月與福特汽車公司一起發布的聲明，我們談到了這樣一個事實：他們的新 F-150、Bronco、E MAX，它們都將除其他外，還使用此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。我只是希望你能討論一下這個問題。潛在影響有多大（如果有）？這些問題多久可以修正？

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，我來回答這個問題。正如我們在 EPR 中所分享的那樣，作為年度年終審計流程的一部分，我們確實發現了與使用者存取、變更管理和文件領域的一般內部 IT 控制相關的潛在重大缺陷。目前，我們感到非常滿意的是，我們目前或過去的財務報表並沒有受到任何影響。事實上，我們對團隊正在實施的修復非常滿意，這只是需要時間。我們相信，我們將能夠在 2022 年修復這些內部 IT 控制，並確保全年進行適當的監控。為了完全透明，我們現在希望披露這一點，並且我們計劃根據 2 月底的正常安排，在年度 10-K 中披露更多詳細資訊。

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。非常有幫助。對於我的後續行動，庫爾特，如果我看看去年，我們發現汽車產量和銷售量之間有近 40 點的增量。我很好奇，您如何看待隨著時間的推移我們應該考慮單位和銷售之間更可持續的內容增量？您正在採取哪些措施來確保訂單品質和產品利用率，因此我們對您的 OEM 或一級供應商可能存在的任何過剩庫存並不感到驚訝，對吧？

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，維韋克。首先，讓我再次強調，事實上，我們根本不擔心我們的營收成長 44% 與去年的 2.5% SAAR 成長之間的差異。這是考慮到內容相對於高端車輛組合變化和電動車加速而增加。但事實上，在 2020 年以及 2019 年早些時候，非常非常複雜的延伸供應鏈中的大量庫存已經耗盡。當然，我確實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.

所以確實，對於歷史來說，我們並不關心這件事。相反，我每天都在不斷地追求將更多產品投入汽車領域。就我們現在所說的來說，這還不夠。

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.

現在應對這一問題的措施之一是提高透明度，我們不僅對一級客戶這樣做，而且特別對 OEM 客戶也這樣做。因此，我們現在與原始設備製造商建立了許多直接關係，並獲得了針對型號、設備的非常具體的多年預測，這使我們能夠更好地了解未來的實際內容增長等。

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，在更短期內，我們使用NCNR 訂單概念，我認為比爾在他準備好的講話中提到了這一概念，我們實際上- 特別是在汽車領域，不僅在汽車領域，而且特別是在汽車領域，這給了我們一個2022 年全年訂單模式已確認且不可取消或不可重新安排，這比我們過去的任何時候都穩定得多。

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——從一個方向的角度來看，Vivek，我確實相信內容的增加會繼續加速。從中期來看，這兩個主要因素實際上可能是 xEV 份額的加速增長，即電動車和混合動力電動車，它們的半導體含量要高得多。而且 2+ 級、3 級自主努力也越來越受到關注，當你考慮到我們在雷達領域的地位時，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，同時獲得更快的市場發展。但憑藉 NCNR 訂單以及我們與 OEM 的關係，我認為我們有很好的方法來保持這種良好勢頭。

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?

過去幾季的供需之間存在明顯的不平衡，導致去年的交貨時間非常長。我在電話會議或新聞稿或演示中沒有聽到有關該情況的最新消息。我希望您能給我們介紹最近一個季度的最新趨勢。我想，考慮到庫存下降，交貨時間仍然相當緊張。您預計今年會正常化嗎？

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。很明顯，比爾的情況並沒有改善。如果我從供應角度考慮，或者如果我對此持更積極的看法，需求仍然非常非常強勁。因此，如果我展望第一季和今年剩餘時間，非常明確地，我只想在這裡非常明確地相對於指導，這完全是由可用供應保持的，因此需求比我們現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.

您提到了一些我們實際上可以使用的指標，以便更好地了解事情的進展。確實，我們的內部庫存進一步減少了。我不太高興地說渠道庫存也略有下降至 1.5 個月。我的意思是，從去年開始，我們已經在很長一段時間內保持在 1.6 水平了。請注意，這與 2.4 至 2.5 個月的目標相比。這也是我們所處的水平。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，我認為我們今年不會擺脫這種不平衡。在某些地方可能會變得更好。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，但我對我們正在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.

這確實有幫助。如果可以的話，再來一張。我將以稍微不同的方式提出內容——汽車內容問題。很明顯，並且您已經提出了一個很好的案例，其中一些內容是更永久的轉變，例如新的網路架構等。但我認為可以公平地說，我們去年看到的一些增長是由於向高端車型和這些車型中的高端裝飾的有利組合轉變而導致的，這可能會帶來更好的半成品內容為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?

對於來年的這個趨勢，您應該鼓勵投資人思考什麼？還會繼續嗎？或者隨著可用性變得更加充足，這種情況會逆轉嗎？

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，我完全證實你所說的話。當然，去年由於更高端車輛的組合變化，內容激增。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.

我認為這會找到一個自然的平衡。只要半成品產業進入汽車產業的整體供應將繼續受到限制，他們就會繼續生產利潤更高的高檔汽車。我的意思是，這很自然。隨著時間的推移，一旦這種情況達到更好的平衡，他們也將再次開始生產更多的量產車。

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.

但再說一次，這不是——我不能認為這是一個負面因素，威爾，因為他們想要製造並可以銷售更多的汽車。我的意思是，如果你同時看看經銷商的庫存，不僅在美國，而且在中國，他們的庫存正處於歷史低點，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，它會發生一些變化，但這不會違背我們的需求，因為這樣他們就會製造更多的汽車。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

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?

Kurt，我想知道您是否可以花幾分鐘談談通膨壓力目前對業務的影響，包括收入和營運支出。我知道您曾經說過，您的定價不會高於成本的增加。但我正試圖了解您認為今年的價格將高於 8% 至 12% 的高端，這對您來說有多大的順風價格。相反，相對於更高的價格，它對營運支出有何影響？

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.

嗯，總的來說，約翰，我絕對想大聲而明確地再次確認，我們不會利用當前的情況——或者我幾乎可以說，濫用當前的情況來填補我們的利潤。因此，我們絕對堅持我之前談到的政策，那就是，當然，我們正在將增加的投入成本轉嫁給我們的客戶，並隨之提高價格。這是我們去年必須開始做的事情，今年我們必須繼續做。

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.

這是我們所處業務種類和類型的函數，與商品業務相反。它是非常特定於應用的。我認為，它擁有非常具體和長期的客戶關係，這是做到這一點的唯一方法。相信我，我們要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，無論如何，我無法指導今年第二季、第三季和第四季。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，您想談談對營運支出的影響嗎？

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，我想說我們在這方面繼續表現良好，並且接近我們 23% 的長期模型。如您所知，第四季度佔銷售額的 22.4%，優於我們 22.7% 的指導。我們剛剛指導第一季約為 22.4%。這一上升主要是因為美國第一季的 FICA 和 401(k) 福利往往較高。

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.

但當你提前思考時，如果這是你的目標，我們在投資者日期間提到，我們希望在季度略有波動的情況下運行 23% 左右。但我們確實看到我們可以在該模型上獲得額外的影響力，特別是在銷售、管理和行政費用方面。

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，夥計們，作為我的後續行動者，比爾，您在準備好的評論中談到，今年的資本支出高於目標。我想知道您能否更詳細地告訴我們您正在考慮的全年數字是多少。

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?

當庫爾特回答這個問題時，我很好奇你們的內部和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，特別是面對一些希望真正擴大內部能力的同行，考慮到您期望的強勁增長，您有多大信心，尤其是在未來幾年的汽車產業中，您可以從外包合作夥伴那裡獲得所需的一切嗎？

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策略。我還想強調的是，在汽車中做這個、在工業中做那個以及在移動中做其他事情從來都不是一個功能。這更多的是一種加工技術的功能，任何低於 90 奈米的東西，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，我認為我們比去年同期成長了 28.5%。我們的成長速度可能比大多數同類同行更快，這些同行可能在一定程度上擁有更多的內部製造策略。我認為去年我們可以應用的靈活性實際上是一個很好的證明，證明這種製造策略沒有錯誤。

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，我們顯然正在加強與代工合作夥伴的長期合作關係。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我們從需求角度獲得的更好的透明度，顯然，我們在代工廠方面正在做完全相同的事情，以確保這是一個很好的平衡。所以這裡沒有改變。

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.

當然，我們正在後端投資並提高我們的輸出能力。因為我認為目前 85% 左右的工作都是我們內部完成的。我們也沒有看到改變這一點的理由。所以在這裡，我們正在繼續擴張。

And related...

以及相關...

[Nothing that jumps out] this year?

今年[沒有什麼跳出來]？

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

是的，讓我[把它跳到房子的資本支出]一側，讓我這樣做。

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

對不起——是的。是的，比爾，繼續吧。

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。同樣，如果您查看資本支出，請快速回顧一下。 2020 年，我們花了 4.6%。 2021 年，我們花了 6.9%。你剛剛在第四季看到，我們花了 8.8%。因此，我們認為 2021 年（原文如此）[2022] 的價格將會上漲一點，但不會給您絕對的指導，但想想也許還有與之相關的另一點。

Our next question comes from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究中心的史黛西·拉斯貢（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?

我想先詢問第一季的移動實力。我明白你所說的，該行業的一些供應限制已經有所緩解。但有其他圍繞著客戶拉動或類似的事情嗎？到底是什麼推動了這種力量？考慮到第一季的季節性特徵，我們如何看待第二季及以後該狀況的可持續性？

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，確實是兩件事。這是需求，我稍後會談到這一點，顯然是供給。過去兩個季度我們確實受到供應的阻礙。因此，去年第三季和第四季，從供應角度來看，我們顯然遇到了重大問題。順便說一句，並不是所有問題都得到解決，但至少進入了第一季。這就是其中一個要素。

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.

另一個因素是需求。我的意思是，我想我能理解你為什麼問。但您知道，我們並不過度依賴某一特定細分市場中的一位客戶、一位行動客戶。因此，如果您考慮我們的客戶組合，您就會意識到第一季的需求有充足的理由。

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.

史黛西，也不要將其視為尖峰。這不只是一個尖峰什麼的。我認為這延續了我們的行動錢包附加率策略。我的意思是，這是其中的主要因素，而且我們的安全超寬頻解決方案正在不斷增長——早期成長的一部分。

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。我的後續問題是，我想問工業方面的問題，特別是在中國。你在那裡看到什麼？我的意思是，他們的新冠病毒為零。正如您所提到的，某些方面出現了關閉，有些數據點並不好。您是否看到任何問題，特別是在中國各地，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，我們現階段還看不到這一點，史黛西。我的意思是，我正在讀同樣的新聞。我們主要關心的確實是在中國，更多的是我們自己的生產，我之前說過，同時，我們的生產已完全恢復正常運作。但這其實就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，實際上主要是透過分銷來服務的工業市場，我們根本沒有看到任何放緩。相反，不幸的是，當你想到我們的渠道庫存進一步下降的事實時，你就會知道其中很大一部分實際上是在中國。所以，我們並不擔心工業化中國的需求放緩。

Our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自克里斯·卡索和雷蒙德·詹姆斯。

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?

Kurt，我想知道您是否可以介紹一下您為確保額外容量而必須做出的一些承諾。現在對代工夥伴的承諾是什麼？與之前的周期相比，這有何變化？

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.

根據您的評論，我猜測您的感受是這樣的，這得到了客戶對您的承諾的支持。隨著時間的推移，隨著情況的變化，您認為這種彈性會有多大？顯然，這對這個行業來說似乎是不同的。

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，您想先談談我們簽訂的超過 40 億美元的採購義務？

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，這是我準備好的發言。目前，我們有 40 億美元。這些都得到了實際上大於我們的供應承諾的有力支持，並得到了我們看到的不可取消、不可退貨的訂單的支持。因此需求持續強勁。我們的客戶其實是來找我們的。不幸的是，我們無法為所有人提供服務。

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。然後克里斯在 NCNR 上補充了這一點。在訂單方面，我的意思是，它與合約一樣強大，克里斯。我們都知道世界是如何翻轉的。但我——這背後有可靠的合同，所以我們真的、真的對此感覺很好。我想告訴你，我們實際上有客戶想要更多，所以這裡不要混淆。這並不是說我們渴望這些 NCNR 訂單。事實上恰恰相反。我們無法涵蓋所有這些。所以我們這裡已經超額認購了。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.

客戶實際上希望將它們放置更長的時間，因此進入 23 和 24 年，我們仍在研究如何最好地做到這一點。因此，這種動態仍然單向發展。我們沒有看到任何軟化。事實上，我之前沒有說過，但也許我應該在這裡強調這一點。我們絕對沒有看到訂單取消。我們沒有看到任何積壓的訂單被推遲或重新安排。

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。這非常有幫助。對於後續問題，也許我們會回到定價問題。還有兩個關於定價的問題。一是，顯然，我們去年宣布了代工價格上漲。你認為現在我們已經過去了嗎？或者在供應持續緊張的情況下，今年投入成本是否有可能進一步增加？

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?

隨之而來的是，我認為投資者擔心，由於條件強勁，其中一些價格上漲是暫時的，而且顯然，你的投入成本正在轉嫁給客戶。那麼，您對這些價格上漲的黏性有何看法？

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。事實上，克里斯，不幸的是，我認為成本總是有可能增加。所以這永遠不能完全排除。因此，關於你問題的第一部分，我相信我們今年有良好的知名度和良好的協議。但這真的是永遠的結局嗎？我不知道。我的意思是，總是會有一些事情。

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.

就其持久性而言，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，投入成本和我們對客戶的定價都不會倒退。我認為，在現在的四、五個季度，這種非常非常困難的供應情況已經讓世界更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式、最終應用程式而開發的產品的讚賞已經顯著增長。同時，定價結構也隨之重置。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。我認為這是一條汽車評論。您能談談您對其他業務的積壓情況嗎？那個範圍能延伸多遠？你看到了嗎——如果在汽車等領域，正如你看到的那樣，它會延長一整年，你認為我們在前進的過程中會繼續獲得一年的可見性嗎？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確保中短期供應的一種方式。因此它的範圍遠遠超出了汽車領域。

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.

我或許也應該強調，該產業的短缺至少在工業和其他應用領域與汽車領域一樣嚴重。只是汽車行業繼續成為新聞頭條，但我們所服務的其他細分市場的情況並沒有變得更容易。

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——如果你考慮訂單可見性，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，他們希望在兩年後擁有 NCNR。所以，是的，我非常確定你的問題，他們是否想繼續以一年為期限。他們肯定想要。我認為，實際上，如果我們做好準備，可能會有更多的情況出現，人們希望延長更長的時間，所以超過一年。

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.

再說一次，想想這篇評論實際上主要是針對汽車和工業市場的評論，這些市場的產品粘性很大，生命週期很長，所以它符合這些行業的性質。因此，我認為這是向我們整個行業學習，以便更好地應對這些市場的要求。

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.

我不知道行動和計算等市場是否會出現這種情況。那裡的情況可能有所不同，那裡的最終產品週期也短得多。因此，這就是為什麼我的評論可能偏向汽車和工業方面，我認為這對整個行業來說是去年的一個重大教訓。

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.

我想現在還不行──我想我們現在就結束通話了。所以我想再次總結和強調。

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.

我們認為 2021 年我們的業績非常強勁，營收成長超過 28%。也許值得一提的是，如果我們看看 2019 年（即疫情爆發前的一年）的收入成長，仍然是 25% 的成長。因此，'21 比 2019 年增長了 25%。因此，我們認為我們正在順利實現 8% 至 12% 的長期成長目標。如果我們更深入地研究今年的近期情況，正如我所說，我們會感到越來越樂觀，我們可以在 2022 年實現高於 8% 至 12% 的上限。

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

在此，我要感謝大家今天的關注，接下來我將向大家演講。非常感謝。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。