恩智浦 (NXPI) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the NXP Third Quarter 2021 Earnings Conference Call. (Operator Instructions) And now I would like to turn the conference over to Mr. Jeff Palmer, Senior Vice President of Investor Relations. Please go ahead, sir.

美好的一天，感謝您的支持。歡迎參加恩智浦 2021 年第三季財報電話會議。 （操作員指示） 現在我想將會議交給投資者關係資深副總裁 Jeff Palmer 先生。請繼續，先生。

Thank you, Dexter, and good morning, everyone. Welcome to the NXP Semiconductors Third 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，德克斯特，大家早安。歡迎參加恩智浦半導體 2021 年第三季財報電話會議。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 the specific end markets in which we operate, the sale of new and existing products and our expectations for the financial results for the fourth quarter of 2021.

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的預期的聲明2021年第四季的財務業績。

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. 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.

請注意，恩智浦不承擔公開修改或更新任何前瞻性聲明的義務。有關前瞻性陳述的完整揭露，請參閱我們的新聞稿。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。

Pursuant to Regulation G, NXP has provided reconciliation to the non-GAAP financial measures to the most directly comparable GAAP measures in our third quarter 2021 earnings press release, which will be furnished to the SEC on Form 8-K and is available on NXP's website in the Investor Relations section at nxp.com.

根據G 條例，恩智浦在2021 年第三季財報新聞稿中提供了非GAAP 財務指標與最直接可比較的GAAP 指標的調節表，該新聞稿將透過8-K 表提交給SEC，並可在恩智浦網站上取得在 nxp.com 的投資者關係部分。

Before we start the call today, I'd like to remind everyone of our upcoming Analyst Day on Thursday, November 11, 2021. We are hosting a hybrid event. We will be in person in New York City, but also simulcasting the event from our website for virtual attendees. After the event concludes, we will post the slides to the Investor Relations website. Now I'd like to turn the call over to Kurt.

在我們今天開始電話會議之前，我想提醒大家即將於 2021 年 11 月 11 日星期四舉行的分析師日。我們將親自前往紐約市，同時也將透過我們的網站向虛擬與會者同步直播活動。活動結束後，我們會將投影片發佈到投資者關係網站。現在我想把電話轉給庫爾特。

Yes. Thanks very much, Jeff, and good morning, everyone. We appreciate you joining our call this morning. I will review our quarter 3 results and then discuss our guidance for quarter 4.

是的。非常感謝，傑夫，大家早安。我們感謝您今天早上加入我們的電話會議。我將回顧我們第三季的業績，然後討論我們對第四季的指導。

Overall, our quarter 3 results were better than the midpoint of our guidance with the mobile end market stronger than planned as a result of improved supply. At the same time, the trends in the auto, industrial and IoT and communication infrastructure markets were all in line with our guidance. Taken together, NXP delivered quarter 3 revenue of $2.86 billion, an increase of 26% year-on-year and $11 million above the midpoint of our guidance range. These are very good results given the constrained supply position we knew we would face entering the quarter.

整體而言，我們第三季的業績優於我們指導的中位數，由於供應改善，行動終端市場強於計畫。同時，汽車、工業、物聯網和通訊基礎設施市場的趨勢都符合我們的指引。總的來說，恩智浦第三季營收為 28.6 億美元，年成長 26%，比我們指引範圍的中位數高出 1,100 萬美元。考慮到進入本季我們將面臨的供應緊張狀況，這些結果非常好。

And we continue to view our channel and on-hand inventory metrics below our long-term targets. We exited quarter 3 with our distribution channel supply metric at 1.6 months, almost a full month lower than our long-term target, and we expect this to be the situation in quarter 4 again as well. Our non-GAAP operating margin in quarter 3 was a strong 33.5%, which is 770 basis points better than the year ago period and 50 basis points above the midpoint of our guidance. Operating profit dollars were $19 million better than guidance, driven by higher revenue and lower expense.

我們繼續認為我們的通路和現有庫存指標低於我們的長期目標。我們在第三季結束時，分銷通路供應指標為 1.6 個月，比我們的長期目標低了幾乎整整一個月，我們預計第四季也會發生這種情況。我們第三季的非 GAAP 營業利潤率為 33.5%，比去年同期高出 770 個基點，比我們指導的中點高出 50 個基點。由於收入增加和費用減少，營業利潤比指導值高出 1,900 萬美元。

Now let me turn to the specific trends in our focus end markets, starting with automotive. Quarter 3 revenue was $1.46 billion, 51% up versus the year ago period and in line with our expectations. In industrial and IoT, quarter 3 revenue was $607 million, up 18% versus the year ago period and again in line with our expectations. In Mobile, quarter 3 revenue was $345 million, up about 2% versus the year ago period and above our expectations. Lastly, in Communication Infrastructure and Other, quarter 3 revenue was $454 million, about flat versus the year ago period and in line with our expectations.

現在讓我談談我們重點終端市場的具體趨勢，從汽車開始。第三季營收為 14.6 億美元，比去年同期成長 51%，符合我們的預期。在工業和物聯網領域，第三季營收為 6.07 億美元，比去年同期成長 18%，再次符合我們的預期。在行動領域，第三季營收為 3.45 億美元，比去年同期成長約 2%，超出我們的預期。最後，在通訊基礎設施及其他領域，第三季營收為 4.54 億美元，與去年同期持平，符合我們的預期。

With this, let me move straight to our outlook for quarter 4. We expect the midpoint of quarter 4 revenue to be $3 billion, up 20% versus the fourth quarter of 2020, within a range of up 17% to up 23% year-on-year. From a sequential perspective, this is up 5% at the midpoint versus the prior quarter. And we again anticipate demand outstripping available supply in our quarter 4 outlook.

說到這裡，讓我直接談談我們對第四季度的展望。 。從環比來看，這一數字比上一季的中點增加了 5%。我們再次預計第四季度的需求將超過可用供應。

At the midpoint of this range, we anticipate the following trends in our business. Automotive is expected to be up in the high 20% range year-on-year and up in the mid-single-digit range versus quarter 3 '21. Industrial and IoT is expected to be up in the high 20% range year-on-year and up in the mid-single-digit range versus quarter 3 '21. Mobile is expected to be down in the mid-teens range year-on-year and up in the low single-digit range versus quarter 3 '21. And finally, Communication Infrastructure and Other is expected to be up in the high teens range versus the same period a year ago and up in the low single-digit range versus quarter 3 '21.

在此範圍的中點，我們預計我們的業務將出現以下趨勢。與 2021 年第 3 季相比，汽車產業預計年增幅將高達 20%，增幅將達到中個位數。與 2021 年第 3 季相比，工業和物聯網預計將年增 20% 高位，並出現中個位數成長。與 2021 年第 3 季相比，預計行動業務將年減幅度將在十幾位數左右，而成長幅度將在個位數左右。最後，與去年同期相比，通訊基礎設施和其他業務預計將出現高位數字的成長，與 2021 年第 3 季相比，預計將出現低位個位數的成長。

Over the course of the last 2 quarters, investors continue to ask how to reconcile the revenue performance of NXP's automotive business with that of the global vehicle production numbers as they are reported by IHS. Specifically, NXP's Automotive segment revenue is expected to be up over 40% in 2021. Against this the auto OEMs continue to struggle to match supply to strong consumer demand with the auto industry likely not able to meaningfully grow unit production versus 2020.

在過去兩個季度中，投資者不斷詢問如何協調恩智浦汽車業務的收入表現與 IHS 報告的全球汽車產量數據。具體而言，恩智浦的汽車部門收入預計在2021 年將成長40% 以上。大幅增加單位產量。

Now let me make a few observations, which may help you understand this divergence. First, the auto supply chain is very extended and complex with multiple points of product transformation across the globe. This extended supply chain needs to coordinate the timing and delivery of up to 30,000 parts and up to 1,500 different semiconductors from hundreds of suppliers to build just one single car.

現在讓我做一些觀察，這可能有助於您理解這種分歧。首先，汽車供應鏈非常延伸且複雜，產品轉型點遍布全球。這條延伸的供應鏈需要協調來自數百家供應商的多達 30,000 個零件和多達 1,500 種不同半導體的時間表和交付，才能製造出一輛汽車。

During normal periods from the time at which NXP ships a finished component to when the final assembly gets fitted into a finished car, it takes up to 6 months. And this is on top of the normal semiconductor manufacturing cycle times of 3 to 6 months. At each step of the transformation, as thousands of parts move through a complex global network of suppliers. For the process to work efficiently, it is essential that all of the components needed to complete a car are available exactly there and when they are required.

在正常情況下，從恩智浦運送成品零件到最終組裝成成品汽車，最多需要 6 個月的時間。這還不包括 3 至 6 個月的正常半導體製造週期。在轉型的每一步中，成千上萬的零件都要經過複雜的全球供應商網路。為了使流程有效率地進行，完成汽車所需的所有組件必須在需要時準確到位。

Now we believe the extended auto supply chain significantly depleted on-hand inventory of all types of products, including semiconductors, already by the beginning in the second half of 2018 and continuing through 2019 and most of 2020. That depletion was a result of global car production declining 6% in 2019 and another 16% in 2020. While NXP's auto business, despite content increases, declined by 7% into 2019 and by another 9% into 2020.

現在，我們認為，延伸的汽車供應鏈已顯著耗盡了包括半導體在內的所有類型產品的現有庫存，這種情況在2018 年下半年年初就已經持續到2019 年和2020 年的大部分時間。 這種消耗是全球汽車供應鏈的結果。年又下降了9%。

Now let me illustrate the impact by using the NXP distribution channel as a proxy for overall auto supply-demand trends and how we have been directly affected. We consistently monitor and measure all component movements and inventory data at our distribution partners at the end market level. Throughout 2021, these metrics for automotive have been at record low levels, with on-hand inventory being about 1 month below our long-term target of 2.5 months, with demand in the intermediate term being consistently greater than our ability to rebuild inventory back to normalized levels.

現在，讓我透過使用恩智浦分銷管道作為整體汽車供需趨勢的代理商來說明影響，以及我們如何受到直接影響。我們始終如一地監控和測量終端市場層級分銷合作夥伴的所有組件移動和庫存數據。在整個 2021 年，這些汽車指標一直處於創紀錄的低水平，現有庫存比我們 2.5 個月的長期目標低約 1 個月，中期需求持續大於我們將庫存重建至標準化水平。

In our and my personal daily discussions with our customers throughout the auto supply chain, we hear the consistent message that they want significantly more product. And in some cases, Tier 1s are struggling to assemble full kits. And in other cases, the OEMs choose to build partially completed cars or hold their production lines altogether.

在我們和我個人與整個汽車供應鏈客戶的日常討論中，我們聽到的一致訊息是他們需要更多的產品。在某些情況下，一級供應商正在努力組裝完整的套件。在其他情況下，原始設備製造商選擇生產部分完成的汽車或完全保留其生產線。

For NXP, lead times for about 75% of our automotive products continued to be above 52 weeks. Against this backdrop, our customers are placing NCNR orders to assure long-term supply. We, in turn, are making long-term supply commitments to our supply partners. In summary, we think the automotive supply-demand equation will continue to be out of balance through 2022.

對於恩智浦來說，我們約 75% 的汽車產品的交貨時間持續在 52 週以上。在此背景下，我們的客戶紛紛下達NCNR訂單，以確保長期供應。反過來，我們正在向我們的供應合作夥伴做出長期供應承諾。綜上所述，我們認為到 2022 年汽車供需方程式將繼續失衡。

In addition, as a learning out of the current material shortage situation and in order to mitigate the impacts the auto OEMs are experiencing today, our Tier 1 partners explicitly demand that more supplies and inventory will be needed in the extended supply chain, which we believe cannot be broadly achieved before 2023.

此外，為了了解當前的材料短缺情況，並為了減輕汽車原始設備製造商目前所經歷的影響，我們的一級合作夥伴明確要求在擴展的供應鏈中需要更多的供應和庫存，我們認為這是2023 年以前無法廣泛實現。

Now with this currently dysfunctional supply chain as a backdrop, there are very clear and very positive trends that have simultaneously increased the demand for auto semiconductors industry-wide as a consequence of content growth. We have seen multiple OEMs prioritize the production of premium vehicles, which require upwards of twice the semiconductor content from NXP and others.

現在，以目前功能失調的供應鏈為背景，出現了非常明顯和非常積極的趨勢，由於內容的增長，整個行業對汽車半導體的需求同時增加。我們已經看到多家原始設備製造商優先生產高端汽車，這需要恩智浦和其他公司的半導體含量兩倍以上。

And another clear and emerging secular content driver for the auto semiconductor market is the fast acceleration of full electric and hybrid electric vehicles, which combined have moved from 8% of global production in '19 to about 20% of production in 2021. This is very impactful since the average semiconductor content in an xEV is about $900, which is roughly 2x that of an equivalent ICE vehicle. These trends have resulted in industry-wide content per vehicle increasing at 10% per year over the last 3 years.

汽車半導體市場的另一個明顯且新興的長期內容驅動因素是全電動和混合動力電動車的快速發展，它們合計佔全球產量的比例已從 19 年的 8% 上升到 2021 年的約 20%。很大，因為xEV 中的平均半導體含量約為900 美元，約為同等ICE 車輛的2 倍。這些趨勢導致過去 3 年每輛車的全行業內容每年以 10% 的速度成長。

And on top of all of this, NXP is consistently gaining share in our focused growth areas and increasing content. These content gains include 77 gigahertz radar safety systems, multiple electrification system opportunities beyond just battery management and new domain and sonar processing as well as others.

最重要的是，恩智浦在我們的重點成長領域和不斷增加的內容中不斷獲得份額。這些內容收益包括 77 GHz 雷達安全系統、多個電氣化系統機會，而不僅僅是電池管理、新領域和聲納處理等。

Now for NXP, it's of course not just automotive driving our performance. Within the industrial and IoT market, we see our ability to provide complete turnkey connected edge processing solutions consisting of processes, connectivity, security and analog, all leading to increased customer traction. These are all just a few examples that underpin our confidence in our company-specific growth. As Jeff mentioned earlier, we plan to go into much greater detail at our Investor Day on November 11 next week in New York.

現在對恩智浦來說，推動我們業績的當然不僅僅是汽車。在工業和物聯網市場中，我們看到我們有能力提供完整的交鑰匙連接邊緣處理解決方案，包括流程、連接、安全和模擬，所有這些都可以增加客戶吸引力。這些只是支撐我們對公司特定成長充滿信心的幾個例子。正如傑夫之前提到的，我們計劃在下週 11 月 11 日於紐約舉行的投資者日上詳細介紹更多細節。

In summary, we continue to execute very well in a strong demand environment, notwithstanding the industry-wide supply charges. From a company-specific perspective, NXP is experiencing very positive customer traction of our newest products and solutions. Putting it all together, we are highly confident that the company's specific drivers within our strategic end markets will continue to build also beyond Q4 into Q1, as well as over the intermediate term through 2022.

總而言之，儘管全行業的供應費用較高，但我們在強勁的需求環境中繼續表現出色。從公司特定的角度來看，恩智浦的最新產品和解決方案受到了非常積極的客戶歡迎。總而言之，我們非常有信心，公司在策略終端市場中的特定驅動力將在第四季度到第一季以及到 2022 年的中期繼續發展。

Now before we move to the financial details of the quarter, I'd like to make a few remarks in the context of our recent announcement of Bill Betz as our new CFO. I have personally worked with Bill as a business partner and one of Peter Kelly's key finance leaders for over 8 years. Bill brings both a strong track record in career in the semiconductor industry as well as truly intimate knowledge of NXP and consistency to his new role. I personally drove the evaluation and interview process, interviewing a wide number of external candidates as well as Bill, and I concluded Bill is the right person to lead our NXP finance organization, and I'm personally truly excited to work with Bill and drive NXP's profitable growth going forward.

現在，在我們討論本季的財務細節之前，我想就我們最近宣布比爾貝茨 (Bill Betz) 擔任新財務長的情況發表一些評論。我作為業務合作夥伴和 Peter Kelly 的主要財務領導之一與 Bill 一起工作了 8 年多。 Bill 不僅在半導體行業擁有良好的職業記錄，而且對恩智浦有著深入的了解，並且對他的新角色保持一致。我親自推動了評估和麵試過程，面試了大量外部候選人以及比爾，我得出的結論是比爾是領導我們恩智浦財務組織的合適人選，我個人非常高興與比爾合作並推動恩智浦的發展未來獲利成長。

At the same time, I'd like to highlight the outstanding contribution Peter Kelly has played in the strategic evolution of NXP. Peter first came into the company in an operations role over a decade ago and then quickly moved into the CFO role to drive the financial discipline our stakeholders have all come to expect. He has been a clear thinking, strategic adviser to myself and a highly valued mentor to many on the NXP management team, obviously, including both Bill and Jeff. We wish Peter the very best in the next phase of his life and hope he gets to spend more quality time with his family.

同時，我想強調彼得凱利（Peter Kelly）在恩智浦的戰略演變中所做出的傑出貢獻。 Peter 十多年前首次進入公司擔任營運職務，然後迅速晉升為財務官，以推動我們的利益相關者所期望的財務紀律。他一直是我自己思路清晰的策略顧問，也是恩智浦管理團隊中許多人（顯然包括比爾和傑夫）高度評價的導師。我們祝福彼得在人生的下一階段一切順利，並希望他能與家人共度更多美好時光。

And with that, I would now like to pass the call to you, Bill, for a review of our financial performance. Bill?

說到這裡，我現在想把電話轉給你，比爾，請你審查我們的財務表現。帳單？

Thank you, Kurt, and good morning to everyone on today's call. As Kurt had already covered the drivers of the revenue during Q3 and provided our revenue outlook for Q4, I will move to the financial highlights.

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三季收入的驅動因素並提供了我們第四季度的收入前景，我將轉向財務要點。

Overall, our Q3 financial performance was very good. Revenue was above the midpoint of our guidance range and we drove an improvement of non-GAAP gross profit and non-GAAP operating profit, both of which were at the high end of our guidance range.

整體而言，我們第三季的財務表現非常好。收入高於我們指導範圍的中點，我們推動了非 GAAP 毛利和非 GAAP 營業利潤的改善，這兩者都處於我們指導範圍的高端。

Now moving to the details of Q3. Total revenue was $2.86 billion, up 26% year-on-year and above the midpoint of our guidance range. We generated $1.62 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 56.5%, up 640 basis points year-on-year and near the high end of our guidance. Total non-GAAP operating expenses were $657 million, up $107 million year-on-year and up $31 million from Q2. This was $8 million below the midpoint of our guidance due to lower material and mass spend during the quarter. From a total operating profit perspective, non-GAAP operating profit was $959 million and non-GAAP operating margin was 33.5%, up 770 basis points year-on-year. This was also at the high end of our guidance range as a result of better fall-through on higher revenues.

現在轉向第三季的細節。總收入為 28.6 億美元，年增 26%，高於我們指引範圍的中點。我們的非 GAAP 毛利為 16.2 億美元，非 GAAP 毛利率為 56.5%，較去年同期成長 640 個基點，接近我們指引的上限。非 GAAP 營運費用總額為 6.57 億美元，較去年同期增加 1.07 億美元，比第二季增加 3,100 萬美元。由於本季材料和大規模支出減少，這比我們指導的中點低了 800 萬美元。從總營業利潤來看，非美國通用會計準則營業利潤為9.59億美元，非美國通用會計準則營業利益率為33.5%，較去年同期成長770個基點。由於收入增加，這也處於我們指導範圍的高端。

Non-GAAP interest expense was $94 million with cash taxes on going operations of $86 million and noncontrolling interest was $7 million. Taken together, the below-the-line items were $8 million better than our guidance. Stock-based compensation, which is not included in our non-GAAP earnings, was $81 million.

非 GAAP 利息支出為 9,400 萬美元，其中持續經營現金稅為 8,600 萬美元，非控制利息為 700 萬美元。總而言之，線下專案比我們的指導值高出 800 萬美元。以股票為基礎的薪酬為 8,100 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 Q3 was $9.59 billion, flat on a sequential basis. Our ending cash position was $2.3 billion, down $607 million sequentially due to higher CapEx and robust capital returns during the quarter. The resulting net debt was $7.29 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $3.92 billion.

現在我想談談我們的現金和債務的變化。第三季末我們的總負債為 95.9 億美元，與上一季持平。由於本季資本支出增加和資本回報強勁，我們的期末現金部位為 23 億美元，比上一季減少 6.07 億美元。由此產生的淨債務為 72.9 億美元，本季結束時，過去 12 個月的調整後 EBITDA 為 39.2 億美元。

Our ratio of debt to trailing 12-month adjusted EBITDA at the end of Q3 was 1.9x, and our 12-month adjusted EBITDA interest coverage ratio was 11x. Our liquidity continues to be excellent, and our balance sheet is very strong.

截至第三季末，我們的債務與過去 12 個月調整後 EBITDA 的比率為 1.9 倍，12 個月調整後 EBITDA 利息保障倍數為 11 倍。我們的流動性仍然出色，資產負債表也非常強勁。

During Q3 we repurchased $1.16 billion of our shares and paid $152 million in cash dividends for a total of $1.31 billion of capital return to our owners. Subsequent to the end of Q3, between October 3 and November 1, we repurchased an additional $300 million of our shares via a 10b5-1 program resulting in a total of $4 billion return to our owners year-to-date.

第三季度，我們回購了 11.6 億美元的股票，並支付了 1.52 億美元的現金股息，為股東帶來了總計 13.1 億美元的資本回報。第三季末後，即 10 月 3 日至 11 月 1 日期間，我們透過 10b5-1 計畫額外回購了 3 億美元的股票，今年迄今為我們的所有者帶來了總計 40 億美元的回報。

Turning to working capital metrics. Days of inventory was 85 days, a decline of 3 days sequentially. Our DIO continues to be below our long-term target of 95 days. We continue to closely manage our distribution channel with inventory in the channel at 1.6 months, flat sequentially and below our long-term targets. Both metrics reflect the continuation of strong customer order rates and a tight supply environment.

轉向營運資本指標。庫存天數為85天，比上一季減少3天。我們的 DIO 繼續低於 95 天的長期目標。我們繼續密切管理我們的分銷管道，通路庫存為 1.6 個月，與上一季持平，低於我們的長期目標。這兩個指標都反映出強勁的客戶訂單率和緊張的供應環境的持續。

We continue to believe it will take multiple quarters before we are able to rebuild on hand and channel inventories to our long-term target level. Days receivable were 31 days, down 4 days sequentially, and days payable were 83, a decline of 9 days versus the prior quarter. Taken together, our cash conversion cycle was 33 days, an increase of 2 days versus prior quarter.

我們仍然相信，我們需要幾個季度才能重建現有庫存並將庫存達到我們的長期目標水準。應收帳款天數為 31 天，季減 4 天；應付帳款天數為 83 天，較上季減少 9 天。總的來說，我們的現金週轉週期為 33 天，比上一季增加了 2 天。

Cash flow from operations was $924 million, and net CapEx was $200 million, resulting in non-GAAP free cash flow of $724 million.

營運現金流為 9.24 億美元，淨資本支出為 2 億美元，非 GAAP 自由現金流為 7.24 億美元。

Turning to our expectations for Q4. As Kurt mentioned, we anticipate Q4 revenue to be $3 billion, plus or minus $75 million. At the midpoint, this is up 20% year-on-year and up 5% sequentially. We expect non-GAAP gross margin to be about 56.5%, plus or minus 50 basis points. Operating expenses are expected to be about $680 million, plus or minus about $10 million, consistent with our long-term model. Taken together, we see non-GAAP operating margin to be about 33.8% at the midpoint. We estimate non-GAAP financial expense to be about $94 million, and anticipate cash tax related to ongoing operations to be about $100 million. Noncontrolling interest will be about $9 million. For Q4, we suggest, for modeling purposes, you use an average share count of 270 million shares, which is down 15 million shares from a year ago period as a result of the consistent execution of our communicated capital return policy.

轉向我們對第四季的預期。正如 Kurt 所提到的，我們預計第四季營收為 30 億美元，上下浮動 7,500 萬美元。中間值年增 20%，季增 5%。我們預計非 GAAP 毛利率約為 56.5%，上下浮動 50 個基點。營運費用預計約為 6.8 億美元，上下浮動約 1000 萬美元，與我們的長期模型一致。綜合來看，我們預期非 GAAP 營業利潤率中位數約為 33.8%。我們預計非 GAAP 財務費用約為 9,400 萬美元，預計與持續營運相關的現金稅約為 1 億美元。非控制權益約 900 萬美元。對於第四季度，我們建議，出於建模目的，您使用 2.7 億股的平均股數，由於我們一致執行了我們傳達的資本回報政策，因此比去年同期減少了 1500 萬股。

Finally, I have a few closing comments I'd like to make. First, demand trends continue to be strong across our target end markets and customer interest in our newest products continues to be very robust. At the same time, we are closely working with our customers and our suppliers to address order requests in a timely manner.

最後，我想提出幾點結束語。首先，我們的目標終端市場的需求趨勢仍然強勁，客戶對我們最新產品的興趣仍然非常強勁。同時，我們與客戶和供應商密切合作，及時解決訂單請求。

Second, our Q4 guidance reflects the clear potential of our business model, both in terms of revenue growth as well as a significant profit fall-through, which will enable us to consistently drive our non-GAAP gross margin above the midpoint of our gross margin targets. Thirdly, our business continues to generate significant free cash flow, and we are committed to our capital return policy, and we'll return all excess free cash flow to our owners so long as our leverage ratio remains at or below 2x net debt to trailing 12-month adjusted EBITDA.

其次，我們的第四季指引反映了我們業務模式的明顯潛力，無論是在收入成長還是在利潤大幅下滑方面，這將使我們能夠持續將非公認會計原則毛利率推至毛利率中點以上目標。第三，我們的業務繼續產生大量的自由現金流，我們致力於我們的資本返還政策，只要我們的槓桿率保持在或低於追蹤淨債務的2 倍，我們就會將所有多餘的自由現金流返還給我們的所有者。

I'd also like to take this opportunity to thank Peter Kelly for his significant contributions to NXP since he joined the company in 2011. Not only did Peter guide NXP from a financial perspective, but he truly help lead the company and drive the strategy that made NXP what it is today. And on a personal note, I consider Peter a great leader, a mentor and a friend, and I will always be grateful for your support.

我還要藉此機會感謝 Peter Kelly 自 2011 年加入恩智浦以來為公司做出的重大貢獻。就我個人而言，我認為彼得是一位偉大的領導者、導師和朋友，我將永遠感謝您的支持。

And then finally, I'd like to thank all my colleagues across NXP for their outstanding work and dedication. We shouldn't forget that we are all still working under strict pandemic protocols. So with that, I'd like to turn it back to the operator for questions.

最後，我要感謝恩智浦所有同事的優秀工作和奉獻精神。我們不應該忘記，我們仍然在嚴格的流行病協議下工作。因此，我想將其轉回給接線員詢問問題。

(Operator Instructions) Our first question comes from the line of Ross Seymore.

（操作員說明）我們的第一個問題來自 Ross Seymore 的電話。

Bill, congratulations on the new role as CFO. My first question is for Kurt, and it's one on customer behavior. You gave a great deep dive into the apparent disconnect between the auto revs you have in production and all those explanations. What I really want to get into, are the customers changing the behavior? And if so, is it just with longer visibility for you, greater certainty? Or is the profitability that all the auto semi production -- companies are going to be able to garner from this sector starting to improve as well?

比爾，恭喜您擔任財務長的新職位。我的第一個問題是問庫爾特的，是關於客戶行為的。您深入探討了生產中的汽車轉速與所有這些解釋之間的明顯脫節。我真正想了解的是，客戶的行為是否正在改變？如果是這樣，對你來說是否只是擁有了更長的可見度、更大的確定性？或者，所有汽車半成品生產公司從該行業獲得的獲利能力是否也開始改善？

Yes. Indeed, a couple of changes. So first of all, very tactically and I just have to highlight that because it sits on top of my agenda every day in and out, there continues to be no change in pressure to get more products. So expedites, escalation calls, all sorts of real actions to try to get products faster to their manufacturing locations has not slowed down by an inch. So we see that continuing.

是的。事實上，有一些變化。首先，從戰術上講，我必須強調一點，因為它每天都在我的議程上，因此獲得更多產品的壓力仍然沒有變化。因此，加急、上報電話以及各種試圖將產品更快地運送到製造地點的實際行動並沒有放緩一英寸。所以我們看到這種情況仍在繼續。

From a more strategic and say, learning perspective, I would say, clearly the whole auto industry has realized now and that's for me a step function and the reset at the same time, has realized now how big the significance and importance of semiconductors is for their future, today, but also years out. I mean that's about innovation, but obviously, it's also about being able to build complete cars.

從更具策略性和學習的角度來看，我想說，顯然整個汽車行業現在已經意識到，這對我來說是一個步驟功能和重置，同時，現在已經意識到半導體對於汽車行業來說有多大的意義和重要性。我的意思是，這與創新有關，但顯然，這也與能夠製造完整的汽車有關。

And that has led to much closer and better relationships between us and directly the OEMs in terms of understanding both their innovation needs, but also the -- from a more tactical perspective, their product supply needs in the near and midterm. All of that leads then to a number of significant, I would say, quite significant changes. We are seeing longer-term orders so we get the so-called NCNR orders, which easily reach out for the entire next calendar year. These are coming from the Tier 1 customers of us, but of course, they do this since they get similar behavior from the OEMs. But we also get greater visibility into the longer term, which I find a very, very important perspective which reaches then over to innovation because the intimacy, which we can build with the OEMs now to think about future systems is a great help for us to construct the right road maps.

這使得我們和原始設備製造商之間的關係更加密切和更好，不僅了解他們的創新需求，而且從更戰術的角度來看，他們在近期和中期的產品供應需求。所有這些都會導致一些重大的，我想說，相當重大的變化。我們看到的是長期訂單，因此我們得到了所謂的 NCNR 訂單，這些訂單很容易涵蓋整個下一個日曆年。這些來自我們的一級客戶，當然，他們這樣做是因為他們從 OEM 那裡得到了類似的行為。但我們也對更長期的情況有了更大的了解，我發現這是一個非常非常重要的視角，可以延伸到創新，因為我們現在可以與原始設備製造商建立密切關係來思考未來的系統，這對我們建立正確的路線圖。

And I guess as my follow-up, just shifting gears quickly to a little bit of a nearer-term potential question, and that's on the mobile business. It's good to see that it upside surprised in the third quarter versus your original guidance. But I guess if I put the 2 quarters together, I know supply is tight and maybe you're just doing some allocation. But the mobile business is a bit weaker seasonally than we would have expected in the combination of the quarters. And I thought that, that was supposed to snap back a little bit in the third or in the fourth quarter, excuse me. So can you just talk about what's driving the relative weakness on a year-over-year basis in that business?

我想作為我的後續行動，只是快速轉向一些近期的潛在問題，那就是行動業務。很高興看到第三季與您最初的指導相比出現了令人驚訝的上升。但我想如果我把兩個季度放在一起，我知道供應緊張，也許你只是在做一些分配。但行動業務的季節性表現比我們對各季度的預期要弱一些。我認為，這應該在第三或第四季有所回升，請原諒。那麼您能否談談是什麼導致該業務比去年同期相對疲軟？

Well, it's clearly supply or the lack thereof, Ross. So as we -- when we went into quarter 3, I think we talked about a sequential decline, which we could avoid. So we could pull in some supply, and that's the whole reason why we actually ended up in mobile better than guidance. So there is no difference in sockets or anything. It was just that we had a somewhat better supply capability and we continue to forecast now a similar thing into the fourth quarter. But overall, if you take the full second half of this year, we are unfortunately significantly constrained in supply into the mobile market. It is gradually getting better, which is why we have this performance, I just quoted. But if you hold it just in total, it is pretty significantly suffering.

好吧，這顯然是供應或缺乏的問題，羅斯。因此，當我們進入第三季度時，我認為我們討論了連續下降，這是我們可以避免的。因此，我們可以拉動一些供應，這就是為什麼我們實際上最終在行動裝置上比指導更好的全部原因。所以套接字什麼的都沒差。只是我們的供應能力有所改善，我們現在繼續預測第四季會出現類似情況。但總的來說，如果你考慮今年下半年，不幸的是，我們對行動市場的供應嚴重受限。我剛才引用了，它正在逐漸變得更好，這就是為什麼我們有這樣的表現。但如果你僅僅持有它，它會遭受相當大的痛苦。

Now from a year-on-year perspective, Ross, it's a more difficult compare. Last year Q3, we had the ban on Huawei coming into play, which artificially bumped up quarter 3. And quarter 4, one of our very large mobile customers needed a lot of products, which also had to do with the phasing of the quarter of last year, which was later than normal. So that's why the year-on-year comparisons, both for Q3 and Q4, need some bridging given those 2 specific customer events. All in all, I just want to absolutely reconfirm we haven't lost a single socket there. So everything is going as we had planned. We are supply constrained, but the bigger drivers being the adoption of mobile wallet attach rates and also the early penetration of ultra wideband, secure ultra-wideband solutions are fully on track with earlier targets and earlier planning.

現在從同比的角度來看，羅斯，這是一個更困難的比較。去年第三季度，我們對華為的禁令生效，人為地推高了第三季度。正常情況要晚。因此，考慮到這兩個特定的客戶事件，第三季和第四季的年比比較都需要一些橋接。總而言之，我只是想再次確認我們沒有丟失任何一個插座。所以一切都按照我們的計劃進行。我們的供應有限，但更大的驅動因素是行動錢包附加率的採用以及超寬頻的早期滲透，安全的超寬頻解決方案完全符合早期目標和早期規劃。

Next we have Vivek Arya.

接下來我們有維韋克·艾莉亞。

Good luck to both Peter and Bill. Kurt, on the automotive industry, if one had told you that auto production would be flat this year, but your auto sales would have been up 40%. Would that have been predictable? And if not, what do you think surprised NXP other than some of the bad weather and the bad shutdown effect? Was it mix that surprised you? Was it pricing? Was it content? What specifically was the surprise this year to create this big gap between production and sales?

祝彼得和比爾好運。庫爾特，關於汽車產業，如果有人告訴你，今年汽車產量將持平，但你的汽車銷售將成長 40%。這是可以預見的嗎？如果沒有，您認為除了一些惡劣天氣和糟糕的停工影響之外，還有什麼讓恩智浦感到驚訝？它的組合讓你感到驚訝嗎？是定價的嗎？內容充實嗎？今年究竟是什麼意外造成如此大的產銷差距？

Yes. Vivek, I mean, very transparently and honestly, with the knowledge of today, of course, we could have predicted it with the knowledge at the time, no. So no, we didn't know.

是的。維韋克，我的意思是，非常透明和誠實，以今天的知識，當然，我們可以用當時的知識來預測它，不。所以不，我們不知道。

And now what you call surprises is what actually happened. A few things. One, clearly, the mix change to premium vehicles, which is an optimization to higher profit on the OEM side. It clearly is something we have not foreseen. I think nobody has anticipated that, and that has a significant impact on semiconductor consumption given that premium vehicles can easily have twice the semi content of a mass volume car.

現在你所謂的驚喜就是實際發生的事情。有幾件事。其一，很明顯，產品組合將轉向高端汽車，這是對 OEM 方面更高利潤的最佳化。這顯然是我們沒有預見到的。我認為沒有人預料到這一點，這對半導體消費產生了重大影響，因為高檔汽車的半導體含量很容易是大批量汽車的兩倍。

And on the same note, again, the xEV penetration, which I think is a result of the big focus in the growth on CO2 targets, but also a lot of government subsidies in various countries to boost actually more electric vehicles. Those 2 elements, so the mix to premium and the much stronger penetration or faster penetration of xEVs, those have significant positive impacts on the content increase for semiconductors.

同樣，xEV 的普及，我認為這是大力關註二氧化碳目標成長的結果，也是各國政府為推動更多電動車而提供的大量補貼的結果。這兩個要素，因此高端產品的組合以及 xEV 的更強滲透或更快滲透，對半導體含量的增加有顯著的正面影響。

So even if the car production is flat, the content goes up massively. Again, think about that both of these elements, each one on its own right, are potentially bringing the semi content of a car to a factor of 2x. So that's -- I mean this is just outstripping any car production by far.

因此，即使汽車產量持平，含量也會大幅增加。再考慮一下，這兩個元素，每一個元素本身，都有可能將汽車的半成品含量提高 2 倍。所以，我的意思是，這遠遠超過了任何汽車產量。

The third element, which I would say, I use your language, surprised us, I would rather say we gained more insight, is the enormous depth and complexity of the extended automotive supply chain, which means how many stages and companies sometimes are between us after we ship a product before that product ends up in a car.

第三個要素，我想說的是，我用你的語言，讓我們感到驚訝，我寧願說我們獲得了更多的見解，是擴展的汽車供應鏈的巨大深度和複雜性，這意味著我們之間有時有多少個階段和公司在我們運送產品之後，在該產品最終裝入汽車之前。

And if that supply chain is enormously depleted, as it has been the case after 2019 and 2020, it becomes incredibly dysfunctional. And we are still in the process of refilling that supply chain just to normalized levels. So really important, this is not about building any strategic inventory. It's just getting back to more normalized levels, which allow for proper operation of that supply chain. And that we didn't see, either.

如果供應鏈嚴重枯竭，就像 2019 年和 2020 年之後的情況一樣，它就會變得極其失調。我們仍在將供應鏈補充到正常水準。非常重要的是，這不是建立任何戰略庫存。它只是回到了更正常化的水平，這使得供應鏈能夠正常運作。我們也沒有看到。

I would say we had no idea how far it has been depleted, how deep it has been depleted nor how deep it is, which means how much elasticity is in there to be refilled in the first place to make it -- to try to make it functional. Again, it is still dysfunctional at this stage.

我想說的是，我們不知道它已經耗盡了多遠，它已經耗盡了多深，也不知道它有多深，這意味著首先需要重新填充多少彈性才能使其 - 試圖使它功能齊全。同樣，現階段它仍然功能失調。

Got it. And for my follow-up, Kurt, just to kind of continue that line of discussion. So you mentioned over the last few years that the content delta right between units and sales have been -- for the industry has been about 10 points with NXP doing better. If I look at the current IHS production forecast for next year, and I know they keep on changing all the time. But right now, it's about 10% to 11% unit growth. So assuming that happens, what is the crystal ball thing in terms of that rough delta for the industry next year? Do you think it will be that at that 10 point? Or it will be closer right to the much bigger number we saw this year?

知道了。我的後續行動，庫爾特，只是為了繼續這一討論。因此，您在過去幾年中提到，單位數量和銷售額之間的內容增量一直是——對於該行業來說，恩智浦做得更好，大約是 10 個百分點。如果我查看目前 IHS 明年的產量預測，我知道它們一直在變化。但目前，單位成長率約為 10% 至 11%。因此，假設這種情況發生，明年該行業的粗略增量會是什麼？你認為那10點會是這樣嗎？或者它會更接近我們今年看到的更大的數字？

Yes, Vivek. So first of all, you just mentioned another very important element, which is obviously our performance in all of this. I mean what I described to your earlier question was is how we think the industry surprised us all. The third element clearly is the NXP-specific company, specific content gains where we grew share, which makes it even faster. Now how that all goes into what it means for the next year and the next years from both a content growth perspective as well as an NXP-specific revenue growth perspective, I just asked you to wait for a week -- next week when we have our Investor Day in New York. We will give you the detail you're looking for. So we will guide for the next 3 years, both how we think the semi market and auto is going to develop as well as our performance relative to that. So please hold your horses until next week.

是的，維韋克。首先，您剛才提到了另一個非常重要的因素，這顯然是我們在這一切中的表現。我的意思是，我對你之前的問題所描述的是，我們認為這個行業讓我們所有人都感到驚訝。第三個要素顯然是恩智浦特定的公司，我們成長份額的特定內容收益，這使得它更快。現在，從內容成長的角度以及恩智浦特定的收入成長的角度來看，這一切對明年和未來幾年意味著什麼，我只是要求你們等待一周——下週，當我們有我們在紐約舉行的投資者日。我們將為您提供您正在尋找的詳細資訊。因此，我們將指導未來三年，我們認為半成品市場和汽車將如何發展，以及我們相對於此的表現。所以請把你的馬留到下週。

We have a question from John Pitzer.

約翰‧皮策向我們提出了一個問題。

Congratulations on the solid results. Kurt, I think we all appreciate all the details you gave in your opening comments about the complexity around the auto supply chain. I'm kind of curious if you could spend a couple of minutes just talking about your ability to grow supply from here, both internally and externally, both on the wafer side and on the back end on test. I'm assuming that the nice sequential jump in autos means that some of the weather events in the first half of the year have reversed themselves. But specifically, as you look over the next several quarters, would you expect your ability to grow supply to be relatively linear? Or is it going to be chunky? And is there a point in time where your ability to grow supply kind of accelerates in 2022?

祝賀取得了紮實的成果。庫爾特，我想我們都感謝您在開場評論中提供的有關汽車供應鏈複雜性的所有細節。我很好奇您是否能花幾分鐘談談您從這裡增加供應的能力，包括內部和外部、晶圓側和後端測試。我假設汽車銷售的連續成長意味著今年上半年的一些天氣事件已經發生了逆轉。但具體來說，當你展望未來幾季時，你是否預期你的供應成長能力會相對線性？還是會變得粗壯？ 2022 年，你們的供應成長能力是否會在某個時間點有所加速？

Yes. Thanks, John. Let me give you a few pieces on this. The one is indeed the negative impact from the (technical difficulty), which we had some, I think, early Q2 in Texas, is indeed behind us. So I mean, you just put that to file both factories, which were impacted are running very much at pre-storm levels and we are good.

是的。謝謝，約翰。讓我給你一些關於這個的內容。一個確實是來自（技術困難）的負面影響，我認為，德州第二季初期的一些影響確實已經過去了。所以我的意思是，您只需將其提交給兩家受到影響的工廠，它們的運行狀況基本上處於風暴前的水平，我們的情況很好。

Another element I have to mention here because it has impact on the industry. You've seen that over summer there have been quite a few factory shutdowns of back-end test and assembly sites in Malaysia. I just want to highlight that we have been in a very disciplined position to organize and manage our own factories in such a way that our shutdowns were very immaterial. So we had a few days, but by and large, we had very little negative impact from those shutdowns on our revenue.

我在這裡不得不提到另一個因素，因為它對行業有影響。您已經看到，今年夏天，馬來西亞有不少工廠關閉了後端測試和組裝工廠。我只是想強調，我們一直處於非常有紀律的位置來組織和管理我們自己的工廠，因此我們的停工是非常無關緊要的。所以我們有幾天的時間，但總的來說，這些關閉對我們的收入的負面影響很小。

So when you think about what we shipped in Q3, assume there was hardly any negative impact from COVID factory shutdowns from Southeast Asia and/or specifically Malaysia. Now going forward, we will clearly see improvements on the wafer side. We talked about earlier that we are entering into long-term supply commitments with our supply partners, and that's largely on the wafer side, which is going to start benefiting us next year, but also the years after. And again, this is in balance against the NCNR auto, which we are collecting from our customers.

因此，當您考慮我們在第三季的出貨量時，假設東南亞和/或特別是馬來西亞的新冠工廠關閉幾乎沒有任何負面影響。現在，展望未來，我們將清楚地看到晶圓方面的改進。我們之前談到，我們正在與供應合作夥伴簽訂長期供應承諾，這主要是在晶圓方面，這將在明年以及之後的幾年中開始使我們受益。同樣，這與我們從客戶那裡收集的 NCNR 汽車保持平衡。

The back-end test and assembly, which largely is in-house for NXP, we, of course, put all the CapEx and all the investments in place to make sure that any wafer we get our hands around will also find enough capacity in-house to be tested and assembled into finished products. So think about the test and assembly increase in capacity as pretty gradual because it is something which we are putting in tune with the wafers coming in.

後端測試和組裝主要由恩智浦內部完成，當然，我們將所有資本支出和所有投資到位，以確保我們拿到的任何晶圓也能找到足夠的產能——房屋進行測試並組裝成成品。因此，可以認為測試和組裝產能的增加是相當漸進的，因為這是我們正在與晶圓進入相協調的事情。

On the wafer side, it is in a way more discrete, but it's not jumpy, John, because we have obviously several wafer suppliers, and they don't improve all at the same time. So from that perspective, what comes out into the revenue think about something which is gradual, which doesn't have huge step functions at any specific point in time. However, the result of all of this is that clearly, our supply capability, as it has done through this year, will continue to grow also through next year.

在晶圓方面，它在某種程度上更加離散，但並不緊張，約翰，因為我們顯然有幾個晶圓供應商，而且他們不會同時改進。因此，從這個角度來看，收入的變化是漸進的，在任何特定時間點都沒有巨大的階躍函數。然而，所有這一切的結果是，很明顯，我們的供應能力，正如今年所做的那樣，明年也將繼續增長。

Now finally, I should say this is clearly not a comment which is in anyway or form specific to automotive, this is a broad comment because the supply shortages, which we are facing, is across all markets. We discussed earlier briefly mobile. Anyway, anybody knows about automotive. But we have the same negative impact on our industrial and IoT business and partially in the Comms Infra business. So all of these improvements will help and will support revenue growth across all of our end market segments.

最後，我應該說，這顯然不是專門針對汽車的評論，而是一個廣泛的評論，因為我們面臨的供應短缺遍及所有市場。我們之前簡要討論了移動。無論如何，任何人都了解汽車。但我們的工業和物聯網業務以及部分通訊基礎設施業務也受到同樣的負面影響。因此，所有這些改進都將有助於並將支持我們所有終端細分市場的收入成長。

That's really helpful color, Kurt. And then maybe for my follow-on, one for Bill. First, congratulations, looking forward to working with you in your new role. I'm just kind of curious on the gross margin line. Another really solid gross margin quarter. Given some of the logistic inflationary costs out there, oftentimes it's hard to within a quarter to get all of that right relative to pricing. Was there anything holding back gross margins from a cost side in the quarter? And I guess more importantly, as you look out across these LTAs, can you help us understand how they're being constructed relative to kind of your gross margin goal? I would assume it's much easier to price to value in this sort of environment. Does that mean we could see some tick-ups here in gross margins over the next several quarters?

這真是有用的顏色，庫爾特。然後也許是我的後續作品，一個是給比爾的。首先，恭喜您，期待在新職位上與您合作。我只是對毛利率有點​​好奇。另一個毛利率非常強勁的季度。考慮到一些物流通脹成本，通常很難在一個季度內實現所有與定價相關的正確。本季成本方面是否有任何因素阻礙毛利率？我想更重要的是，當您審視這些長期協議時，您能否幫助我們了解它們是如何相對於您的毛利率目標構建的？我認為在這種環境下定價更容易。這是否意味著我們可能會在接下來的幾季看到毛利率上升？

Yes. Thank you for your question. Let me give a bigger picture on the margin and more color about it. So as mentioned on our previous calls, our gross margin had improved drastically versus last year, driven by the higher volumes and improved internal utilizations from our factories. For example, if I try to remember, I think Q3 utilizations last year were in the mid-60s, and today we're in the high-90s. And from a guidance standpoint, as you saw, we were slightly better from a quarter-over-quarter basis by 20, 30 bps related to the improved product mix.

是的。謝謝你的提問。讓我給出一個更大的圖像和更多的色彩。正如我們之前的電話會議中提到的，由於產量增加和工廠內部利用率提高，我們的毛利率比去年大幅提高。例如，如果我試圖記住的話，我認為去年第三季的利用率在 60 多歲左右，而今天我們在 90 多歲左右。從指導的角度來看，正如您所看到的，由於產品組合的改進，我們的業績比上一季略好 20、30 個基點。

Now as we move forward over the next several quarters, it's going to be really difficult to have that additional fall-through on our internal factories. And basically, they're running full out, I'd say.

現在，隨著我們在接下來的幾個季度繼續前進，我們的內部工廠將很難再出現額外的失誤。我想說，基本上，他們已經全力以赴了。

To address your question on pricing, we are only passing on the increases of the input costs from our suppliers to our customers and we're not adding any of our margins in this process as we value our long-term relationships with our customers, I'd say. And we're really equally sharing the pain together.

為了解決您關於定價的問題，我們只是將供應商投入成本的增加轉嫁給我們的客戶，並且在此過程中我們不會增加任何利潤，因為我們重視與客戶的長期關係，我會說。我們確實平等地共同分擔痛苦。

As you could see in Q4, we are guiding our gross margins to be flat quarter-over-quarter. And any additional margin expansion, I'd say that come in the short term would be driven by that continued product mix. And more longer term will be really driven by the expansion of our new NPIs. I'd say overall, we're very proud of achieving these levels, and we look forward to continue delivering toward that higher end financial stated model of 57% as we go forward.

正如您在第四季度所看到的，我們指導毛利率環比持平。我想說，短期內任何額外的利潤擴張都將受到持續的產品組合的推動。從長遠來看，我們新非營利組織的擴張將真正推動這一趨勢。我想說，總的來說，我們對實現這些水平感到非常自豪，我們期待在前進的過程中繼續實現 57% 的高端財務模型。

Our next question is from Stacy Rasgon.

我們的下一個問題來自史黛西·拉斯貢。

I wanted to follow-up on the pricing question. I know you are not trying to extract more. But I mean to play devil's advocate a little bit, like given the shortages out there, why not? I mean you're in a period of time right now where the supply thing is probably tighter than it ever has than it ever will be, and there's demand for your products that's off the chart. You're walking customers in like at this point like why is this not the time even on a selective basis to try to extract more, especially given it seems like some of your peers actually are going down that path. Like why not you guys?

我想跟進定價問題。我知道你並不想提取更多。但我的意思是有點唱反調，例如考慮到那裡的短缺，為什麼不呢？我的意思是，您現在正處於供應可能比以往任何時候都更加緊張的時期，而且對您的產品的需求也超出了預期。此時你正在引導客戶，例如為什麼現在不是有選擇地嘗試提取更多資訊的時候，特別是考慮到你的一些同行實際上正在走這條路。就像你們為什麼不呢？

Yes. Hi, Stacy. There is a very clear answer to this, which is we are not in the commodity business. The very, very vast majority of our portfolio is application-specific. And with that portfolio, we are in very deep longer-term relationships with our customers. So what we do is, as Bill said, we pass on the input cost, which is already, in some cases, a pretty significant element to digest for our customers. But we want to be transparent and we want to have long-term relationships, which are built on trust with our customers. And in that context, we absolutely consider it the right thing to pass on the input cost, but not use it to pad on our margins.

是的。嗨，史黛西。對此有一個非常明確的答案，那就是我們不從事商品業務。我們的產品組合中的絕大多數都是針對特定應用的。憑藉該產品組合，我們與客戶建立了非常深厚的長期關係。因此，正如比爾所說，我們所做的就是轉嫁投入成本，在某些情況下，這已經是我們的客戶需要消化的一個非常重要的因素。但我們希望保持透明，並希望建立在與客戶信任之上的長期關係。在這種情況下，我們絕對認為轉嫁投入成本是正確的做法，而不是用它來增加我們的利潤。

I would personally say from being in different markets in the past, in a commodity market that works different, but that's not the kind of market environment we are moving in. And I'm very, very sure that this will pay off positively in the long term relative to the customer relations, which we need to continue to build our business.

我個人想說的是，過去處於不同的市場，在一個運作方式不同的商品市場，但這不是我們正在進入的市場環境。長期關係，我們需要繼續建立我們的業務。

In that context, it is also important to note that the whole environment clearly has a lot of input costs, which is going up for our customers. I mean it's not just on semis. A lot of other things are also moving. So it's a tough environment for all the participants, where I think consistency, transparency and trust into the long-term relationships is a big value, and that's something where we do differentiate.

在這種情況下，還需要注意的是，整個環境顯然有大量的投入成本，這對我們的客戶來說正在上升。我的意思是這不僅僅是半決賽。許多其他事情也在改變。因此，對於所有參與者來說，這是一個艱難的環境，我認為長期關係的一致性、透明度和信任是一個很大的價值，而這正是我們的差異化之處。

Got it. I guess for my follow-up, even to follow-up on that a little bit. The historical pricing practices, at least at a high level, especially in automotive, was to have long-term price downs that were sort of built into the contracts and you'd be sort of fighting that every year. I guess understanding that we're maybe coming off a higher base now, at least on raising price because of the input cost increases, do you foresee like a similar type of long-term kind of pricing behavior that are built into the long-term contracts? Are you still going to be fighting a couple of hundred basis points of margin compression every year just off the higher base like as part of these long-term contracts? Or is the general pricing structure like long term these contracts different than it was in the past?

知道了。我想我的後續行動，甚至是一點點的後續行動。歷史上的定價實踐，至少在高水準上，尤其是在汽車領域，是在合約中包含長期的價格下跌，而你每年都會與之作鬥爭。我想，我們現在可能會處於更高的基礎上，至少在由於投入成本增加而提高價格方面，您是否預見到類似類型的長期定價行為會內建在長期中合約？您是否仍會像這些長期合約的一部分一樣，每年在較高基數的基礎上壓縮幾百個基點的利潤率？或者這些合約的一般定價結構（例如長期合約）是否與過去不同？

Yes, Stacy. That's indeed the other side of this discussion. I mean I can't discuss any customer or very segment-specific trends here. But the overall situation indeed is a reset, and that is important and positive. And with reset, what I mean is that the step function which we have to take, is something which is here too large. And that comes with -- I think I made the comment earlier with the realization of all the industries we are serving, that's not just for automotive, of how important semiconductors are. It just represents a different value to them. And from that perspective, I think we make a step here, which is a reset, which is here to stay. How that goes then in individual cases or individual prices year-on-year is hard to anticipate, but I don't think it will go backwards.

是的，史黛西。這確實是本次討論的另一面。我的意思是我不能在這裡討論任何客戶或特定細分市場的趨勢。但整體形勢確實是一個重置，這是重要且積極的。對於重置，我的意思是我們必須採用的階躍函數在這裡太大了。隨之而來的是——我想我早些時候發表評論是為了意識到我們所服務的所有行業（不僅僅是汽車行業）半導體的重要性。它對他們來說只是代表了不同的價值。從這個角度來看，我認為我們在這裡邁出了一步，即重置，並將繼續存在。很難預測個別情況或個別價格同比情況如何，但我認為情況不會倒退。

Your next question is from William Stein.

你的下一個問題來自威廉斯坦。

First, I think you just spoke about this a moment ago. But can you talk about the magnitude and duration of your purchase commitments to foundry and your customer purchase commitments to NXP?

首先，我想你剛才談到了這個問題。但您能否談談您對代工廠的購買承諾以及您的客戶對恩智浦的購買承諾的規模和持續時間？

Well, Bill will fill in maybe with a bit more detail. But I'd say, in general, it really varies. I mean, we have some of them on the NCNR side, which is the customer orders. They would typically easily cover next year, so now getting an order which stretches all the way until the end of next year.

好吧，比爾也許會補充更多細節。但我想說的是，總的來說，情況確實有所不同。我的意思是，我們在 NCNR 方面有一些，即客戶訂單。他們通常很容易覆蓋明年，所以現在得到的訂單一直持續到明年年底。

If you think then on the other side, which is the agreements with our foundry and supply partners, I think we actually published a new number, which if I remember right, is between $4.3 billion and $4.4 billion of agreed and signed supply commitments, which we have entered into with our supplier base. The vast majority of that is obviously in wafers. But mind you, this is not just for 1 year. This stretches out over multiple years to come. $4.4 billion, to give you a feel.

如果你認為另一方面，即與我們的代工廠和供應合作夥伴達成的協議，我認為我們實際上發布了一個新數字，如果我沒記錯的話，商定和簽署的供應承諾在43 億美元到44 億美元之間，其中我們已經與我們的供應商基礎建立了聯繫。其中絕大多數顯然是在晶圓中。但請注意，這不僅僅是一年。這將持續數年。 44億美元，讓你感受一下。

That helps. And Bill, I want to offer some congratulations on your new role. Of course, you have some pretty big shoes to fill, given Peter's very strong performance and the company's strong performance in the last 10 years or so. I'm hoping you might give us a preview of what you might say next week, at least in terms of your priorities as the new CFO.

這有幫助。比爾，我想對你的新角色表示祝賀。當然，考慮到 Peter 的出色表現以及公司在過去 10 年左右的強勁表現，你還有一些相當大的問題需要填補。我希望您能讓我們預覽一下您下周可能會說的話，至少在您作為新任財務長的優先事項方面。

Yes. Thank you for your question. First off, I'm very honored and thankful for the role. I've been in the semi industry for about 20 years. Prior to NXP, I've worked with Fairchild, LSI, Agere Systems. And really no change. As you have to remember, I've been with NXP for about 8 years supporting the company's financial strategy alongside with Peter, Kurt and Jeff and the entire management team.

是的。謝謝你的提問。首先，我對這個角色感到非常榮幸和感激。我在半成品行業工作了大約 20 年。在加入 NXP 之前，我曾在 Fairchild、LSI、Agere Systems 工作過。而且確實沒有任何改變。您必須記住，我在恩智浦工作了大約 8 年，與 Peter、Kurt 和 Jeff 以及整個管理團隊一起支持公司的財務策略。

I'd say my style is a bit different than Peter's, where principles are the same focus on delivering, as you mentioned, these commitments and driving long-term value to our customers and employees and shareholders. Related to Analyst Day, yes, I'll share that next week related to our long-term financial model. But we really like to save that for next week and not address that in this call.

我想說，我的風格與彼得的風格有點不同，彼得的原則是同樣注重兌現這些承諾，並為我們的客戶、員工和股東帶來長期價值。與分析師日相關，是的，我將在下週分享與我們的長期財務模型相關的內容。但我們真的想把這個問題留到下週討論，而不是在這次電話會議中討論這個問題。

We have a question from Chris Caso.

克里斯·卡索向我們提出了一個問題。

First question, I wonder if I could just ask about those long-term agreements that you're signing with your customers now. Can you tell us what sort of commitments have your customers made to you under those agreements? And it sounds like you're using those agreements from your customers to backstop the agreements that you're making with your suppliers. Is that for specific volume commitments over a certain amount of time? And is pricing committed to in those agreements as well such that you have visibility on both volume and pricing?

第一個問題，我想知道是否可以詢問您現在與客戶簽署的那些長期協議。您能否告訴我們您的客戶根據這些協議向您做出了哪些承諾？聽起來您正在使用客戶的這些協議來支持您與供應商簽訂的協議。這是針對在一定時間內的特定數量承諾嗎？這些協議中是否也承諾了定價，以便您能夠了解數量和定價？

So I really can't go into great detail on this, as you will understand, Chris. But the headline is indeed in line with what you are saying. Those customer agreements would typically cover volume and price for, say, for example, a period of until end of next calendar year, and they even fix it by quarter. So it's not just one number for the whole year. But in many cases, it even goes to binding it 2 quarters.

所以我真的無法詳細說明這一點，克里斯，你會明白的。不過標題確實跟你說的相符。這些客戶協議通常會涵蓋例如直到下一個日曆年年底的一段時間的數量和價格，他們甚至按季度固定它。所以這不僅僅是全年的一個數字。但在很多情況下，它甚至會綁定兩個季度。

Very helpful. And if I could follow-up on pricing as well. And clearly, over the past couple of quarters you've been passing along, as you said, those price increases you've gotten from suppliers. Can you give us a sense of the magnitude of the pricing benefit you've seen out of the sort of 26% year-on-year increase [you seen on the] revenue. How substantial has price been in that calculation? And then as you go forward, are you expecting as you go into next year, there's still to be a pricing tailwind as the input costs rise.

非常有幫助。如果我也能跟進定價的話。顯然，正如您所說，在過去的幾個季度中，您一直在傳遞從供應商獲得的價格上漲。您能否讓我們了解您從[您看到的]收入同比增長 26% 中所看到的定價優勢有多大？在此計算中，價格的影響有多大？然後，當你展望未來時，你是否期望進入明年，隨著投入成本的上升，定價仍然會順風順水。

Well, generally, as we discussed before, we will continue to match the rising input costs with adjusting the prices accordingly such that, yes, since input costs will continue to go up also next year, that will also continue to be pricing adjustments into next year in general terms.

嗯，一般來說，正如我們之前討論的，我們將繼續與不斷上漲的投入成本相匹配，相應地調整價格，是的，由於投入成本明年也將繼續上漲，這也將繼續是明年的定價調整一般而言，年份。

For the rest of your question, I really cannot and don't want to go into greater detail in how much is what piece. It's really just important that the leading concept and philosophy of all of this is that the price increase is just matching the input cost increase and that's it. But that is something which indeed we have this year and which is going to follow us next year, too.

對於你問題的其餘部分，我真的不能也不想更詳細地討論多少錢是什麼。真正重要的是，所有這一切的主導概念和理念是，價格上漲只是與投入成本的上漲相匹配，僅此而已。但這確實是我們今年所擁有的，明年也將繼續存在。

Next question is from Blayne Curtis.

下一個問題來自布萊恩·柯蒂斯。

Also my congrats to Peter and Bill as well. Just going back on the auto side. I just wanted to be clear. So you've heard from some other companies that they are seeing their customers start to be more selective, trying to get kits together. You -- thanks for all the detail occurred on that supply chain seems very complex. So I'm just kind of curious, so are you seeing that same behavior maybe seeing offsetting strength elsewhere? Or are you a bit different given the company specific, the weather in Texas, et cetera, and some of the secular growth that you're not seeing that selective behavior in certain parts?

我也祝賀彼得和比爾。只是回到汽車方面。我只是想說清楚。因此，您從其他一些公司那裡聽說，他們看到客戶開始變得更加挑剔，試圖將套件組合在一起。感謝您提供的所有細節，供應鏈似乎非常複雜。所以我只是有點好奇，所以你是否看到同樣的行為可能在其他地方看到抵消的力量？或者考慮到公司的具體情況、德克薩斯州的天氣等等，以及一些長期增長，你在某些部分沒有看到選擇性行為，你是否有點不同？

Blayne, I think what you tried to ask me is, am I seeing a slowdown? And the clear answer is no. We absolutely don't see a slowdown. And you can imagine that especially the car companies with a pretty significantly negative impact to their car production numbers of this year and the ambition to grow them next year by, I don't know, 10-plus percent over this year, they clearly need more semiconductors. And that is not limited to 1 product or 1 technology. I think I also made the very open comment earlier that 75% of the product portfolio in our automotive business still has a lead time of above 52 weeks. I think that says it all.

布萊恩，我想你想問我的是，我是否看到了經濟放緩？明確的答案是否定的。我們絕對看不到經濟放緩。你可以想像，特別是那些對今年的汽車產量產生了相當顯著負面影響的汽車公司，並且雄心勃勃地希望明年的汽車產量比今年增長 10% 以上，我不知道，他們顯然需要更多半導體。這並不限於一種產品或一種技術。我想我之前也曾公開評論過，我們汽車業務中 75% 的產品組合的交貨時間仍然超過 52 週。我認為這說明了一切。

Maybe you could just -- no one asked on the industrial IoT. Maybe just kind of a discussion about what the areas of strength are for you? And maybe you just describe the supply chain as well for the back half of the year here? Is it just as tight? That would be helpful.

也許你可以——沒有人詢問工業物聯網。也許只是討論一下您的優勢領域是什麼？也許您只是在這裡描述了今年下半年的供應鏈？是不是也一樣緊？那會有幫助的。

Yes, Blayne. It is very tight, too. I would say no difference to automotive. Also, by the way, the impact of not shipping enough product is at least as significant as in automotive. It just catches less headlines in newspapers. But if you think about the impact on industrial automation, which is huge machinery, which cannot be built if there is not enough semiconductor supply or in the smart home, it's equally drastic as it is in automotive, just catching less headlines.

是的，布萊恩。它也非常緊。我想說與汽車沒有差別。另外，順便說一句，產品運輸不足的影響至少與汽車行業一樣嚴重。它只是在報紙上出現的頭條新聞較少。但如果你考慮一下對工業自動化的影響，工業自動化是一種巨大的機械，如果沒有足夠的半導體供應或智慧家庭就無法建造工業自動化，它與汽車領域的影響同樣劇烈，只是關注的頭條新聞較少。

Now our big differentiator more and more is our capability to offer complete solutions, complete solutions around the processor. We've had that leadership in a very wide range and portfolio of processing solutions, into industrial, but it's now very nicely complemented by connectivity, security and analog attach, which really differentiates us from our competitors. I would dare to say it's a very unrivaled position and offering here, which by the way is also going to be very much in the spotlight of our Investor Day next week. To give you much more detail what we have and why we think it makes us grow so much in the time to come.

現在，我們的最大優勢越來越在於我們提供完整解決方案的能力，圍繞著處理器的完整解決方案。我們在工業領域的廣泛處理解決方案組合中擁有領先地位，但現在它得到了連接性、安全性和類比連接的良好補充，這確實使我們與競爭對手區分開來。我敢說這是一個無與倫比的職位和產品，順便說一句，這也將成為我們下週投資者日的焦點。讓您更詳細地了解我們擁有什麼以及為什麼我們認為它使我們在未來取得如此大的成長。

Now from a supply chain or channel perspective, a lot of that business indeed is going through distribution, which is because it goes to thousands, literally thousands of small customers, and this is exactly why the solution capability of NXP makes such a big difference because many of these companies, which we are serving there through distribution don't have the capability themselves to deal with the complexity of these connected edge applications. So when and if we can offer them a complete solution, then that has a huge advantage for both time to market, but also from an R&D perspective for them. That's actually what I think is really a very, very significant differentiator for us.

現在從供應鏈或管道的角度來看，許多業務確實正在透過分銷，這是因為它流向了數千個，實際上是數千個小客戶，這正是恩智浦的解決方案能力產生如此大差異的原因，因為我們透過分銷為這些公司提供服務的許多公司本身沒有能力處理這些連接邊緣應用程式的複雜性。因此，如果我們能夠為他們提供完整的解決方案，那麼無論是在上市時間上，還是從研發角度來看，這都具有巨大的優勢。事實上，我認為這對我們來說是一個非常非常重要的差異化因素。

Now another element in the equation is we do have a relatively strong exposure to China. So if you think about the industrial business, a lot is going through distribution and a lot is going into China. And just to anticipate the question, we do not see a slowdown there in China. But again, mind you, it's also that we are -- we continue to be supply kept. So as I said earlier, also in Industrial, we could certainly run higher revenues if only we have more supply. Good news is also there, our supply capability, as we discussed with John earlier is improving every month so that over time, also there we hopefully get into a better place.

現在等式中的另一個因素是我們確實對中國有相對較強的敞口。因此，如果你考慮工業業務，很多東西都會經過分銷，很多東西會進入中國。為了預見這個問題，我們並沒有看到中國經濟放緩。但再次提醒您，我們仍然保持供應。因此，正如我之前所說，在工業領域，只要我們有更多的供應，我們肯定可以獲得更高的收入。好消息是，正如我們之前與約翰討論的那樣，我們的供應能力每個月都在提高，因此隨著時間的推移，我們也希望進入一個更好的地方。

We'll take 1 last call.

我們將接聽最後 1 通電話。

Okay. And our last question is from CJ Muse.

好的。我們的最後一個問題來自 CJ Muse。

I guess first question for you, Kurt. In your prepared remarks, you talked about auto supply demand balance probably not achieved until 2023. And so curious, as you contemplate that, what kind of assumptions are you making in terms of what kind of the future inventory management will look like both at the Tier 1s and OEMs? I imagine there's more of a just in case as opposed to just in time. So I would love to hear your thoughts on kind of that evolution that is likely coming ahead for the auto industry.

我想你的第一個問題是，庫爾特。在您準備好的發言中，您談到汽車供需平衡可能要到 2023 年才能實現。級供應商和OEM 廠商？我想更多的是以防萬一而不是及時。因此，我很想聽聽您對汽車產業可能出現的這種演變的看法。

Yes, CJ. Absolutely. I did indeed say that I don't think there is, broadly speaking, enough supply next year to already start building those additional inventories because that's exactly what you're asking for. Yes, we clearly see a demand by the OEMs to the Tier 1s and other participants in the extended supply chain, explicitly not the semi companies, but in between, between us and the OEMs, the demand and the requirements to build more inventory. That typical -- if you want to size this, a typical ask is somewhere between 3 and 6 months, sometimes longer. And it has a very simple reasoning. That's the manufacturing cycle time for a semiconductor product.

是的，CJ。絕對地。我確實說過，從廣義上講，我認為明年沒有足夠的供應來開始建立這些額外的庫存，因為這正是您所要求的。是的，我們清楚地看到原始設備製造商對一級供應商和延伸供應鏈中的其他參與者的需求，顯然不是半成品公司，而是在我們和原始設備製造商之間，建立更多庫存的需求和要求。典型的－如果你想確定這個規模，典型的要求是 3 到 6 個月之間，有時甚至更長。它有一個非常簡單的推理。這就是半導體產品的製造週期時間。

So in a very simple way, they say, okay, if this is the additional inventory, then that puts us maybe on the safe side for more flexibility. And yes, this is something which I don't see the industry has the capability to build that next year, but that's been for '23.

因此，他們以一種非常簡單的方式說，好吧，如果這是額外的庫存，那麼這可能會讓我們處於安全的位置，從而獲得更大的靈活性。是的，我不認為該行業有能力在明年實現這一目標，但那是 23 年的事情了。

Very helpful. And then I guess my follow-up question. Obviously, we've seen positive mix shift on the EV side, which you spoke to earlier. I'm curious, as we're seeing more and more OEMs target kind of full platforms moving over to EV or hybrid as well, curious how that has kind of played with your full solution, which kind of, I would think, would fit nicely into that. I would love to hear your thoughts there.

非常有幫助。然後我猜我的後續問題。顯然，我們已經看到了電動車方面的積極組合轉變，正如您之前談到的那樣。我很好奇，因為我們看到越來越多的原始設備製造商的目標是轉向電動車或混合動力的完整平台，很好奇這如何與你的完整解決方案一起發揮作用，我認為哪種適合很好地融入其中。我很想聽聽你的想法。

We love it, CJ. I mean, we talked a lot about our capability from, actually, also from a solution perspective and battery management solutions, which is greatly benefiting from this faster and accelerated penetration. We will open the kimono next week a little bit more in the Investor Day and give you insight in what else we do in electrification because we are not only with PMS exposed to this accelerated trend. So it's a very good thing for NXP and it goes beyond battery management, while battery management itself obviously is benefiting very greatly.

我們喜歡它，CJ。我的意思是，我們實際上從解決方案的角度和電池管理解決方案談論了很多我們的能力，這極大地受益於這種更快和加速的滲透。我們將在下週的投資者日進一步揭開和服的面紗，讓您深入了解我們在電氣化方面還做了哪些工作，因為我們不僅將 PMS 暴露在這種加速趨勢中。所以這對恩智浦來說是一件非常好的事情，它超越了電池管理的範疇，而電池管理本身顯然也受益匪淺。

Jeff, I guess, with this, we come to the end of the call, which maybe gets me in a position just to summarize very briefly. I mean it's a turbulent time out there, but I'm really proud that we could deliver what I think is a very good quarter 3, have a strong guidance into quarter 4. But even more so, we continue to have excellent momentum also into next year, which means continued strong demand across our end markets. No inventory build-out there. And we see that our supply capability is getting better and better and better to start matching that demand in the future.

傑夫，我想，到此，我們的通話就結束了，這也許讓我能夠非常簡短地總結一下。我的意思是，這是一個動蕩的時期，但我真的很自豪我們能夠交付我認為非常好的第三季度，並為第四季度提供強有力的指導。 ，這意味著我們的終端市場需求將持續強勁。那裡沒有庫存增加。我們看到我們的供應能力越來越好，可以更好地滿足未來的需求。

So with that, I thank you very much for your attendance today, and I hope to hear and see quite a few of you also next week when we have our much more extended Investor Day in New York. Thank you.

因此，我非常感謝你們今天的出席，我希望下週我們在紐約舉行更長的投資者日時也能聽到並見到你們中的一些人。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，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。