恩智浦 (NXPI) 2021 Q2 法說會逐字稿

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（技術難度）

Now let me start with quarter 2. Overall, our results were better than the midpoint of our guidance with the contribution from the communication infrastructure end market stronger than planned and above the high end of our guidance.

現在讓我從第 2 季度開始。總體而言，我們的業績好於我們指引的中點，通信基礎設施終端市場的貢獻強於計劃並高於我們指引的高端。

At the same time, the trends in the auto, industrial and mobile markets were all slightly above the midpoint of our guidance.

與此同時，汽車、工業和移動市場的趨勢均略高於我們指引的中點。

Taken together, NXP delivered quarter 2 revenue of $2.6 billion, an increase of 43% year-on-year, and $26 million above the midpoint of our guidance range.

總的來說，恩智浦第二季度的收入為 26 億美元，同比增長 43%，比我們的指導範圍中點高出 2600 萬美元。

These are very good results given the constrained supply position we knew we would face entering the quarter.

鑑於我們知道進入本季度將面臨的供應受限，這些都是非常好的結果。

Our non-GAAP operating margin in quarter 2 was a strong 32%, 1,130 basis points better than the year ago period and 70 basis points above the midpoint of our guidance.

我們在第二季度的非美國通用會計準則營業利潤率為 32%，比去年同期高出 1,130 個基點，比我們的指導中點高出 70 個基點。

Our stronger operating profit performance was driven by a richer product mix.

更豐富的產品組合推動了我們更強勁的營業利潤表現。

Now let me turn to the specific trends in our focused end markets.

現在讓我談談我們專注的終端市場的具體趨勢。

In automotive, quarter 2 revenue was $1.26 billion, up 87% versus the year-ago period and slightly above the midpoint of our guidance.

在汽車領域，第二季度收入為 12.6 億美元，同比增長 87%，略高於我們預期的中點。

In industrial and IoT, quarter 2 revenue was $571 million, up 31% versus the year ago period and slightly above the midpoint of our guidance.

在工業和物聯網領域，第二季度收入為 5.71 億美元，同比增長 31%，略高於我們預期的中點。

In mobile, quarter 2 revenue was $347 million, up 36% versus the year ago period and slightly above the midpoint of our guidance.

在移動領域，第二季度收入為 3.47 億美元，同比增長 36%，略高於我們預期的中點。

And lastly, in Communication Infrastructure & Other, quarter 2 revenue was $416 million, down 8% year-on-year.

最後，在通信基礎設施和其他方面，第二季度收入為 4.16 億美元，同比下降 8%。

However, about $21 million better than our guidance.

但是，比我們的指導高出約 2100 萬美元。

With this, let me move to our outlook.

有了這個，讓我談談我們的展望。

We are guiding the midpoint of quarter 3 revenue to $2.85 billion, up 26% versus the third quarter of 2020, within the range of up 22% to up 29% year-on-year.

我們將第三季度收入的中點引導至 28.5 億美元，與 2020 年第三季度相比增長 26%，同比增長 22% 至 29%。

From a sequential perspective, this is up 10% at the midpoint versus the prior quarter.

從連續的角度來看，這比上一季度的中點增長了 10%。

At the midpoint of this range, we anticipate the following trends in our business.

在此範圍的中點，我們預計我們的業務將出現以下趨勢。

Automotive is expected to be up in the low 50% range versus quarter 3 2020, and up in the mid-teens range versus quarter 2 '21.

與 2020 年第三季度相比，汽車預計將在 50% 的較低範圍內增長，與 21 年第 2 季度相比，將在十幾歲左右的範圍內增長。

Industrial and IoT is expected to be up in the high teens percent range year-on-year and up in the mid-single-digit range versus quarter 2 '21.

與 21 年第 2 季度相比，工業和物聯網預計將同比增長 10% 以上，並在中個位數範圍內增長。

Mobile is expected to be down in the low single-digit range year-on-year and down in the mid-single-digit range versus quarter 2 '21.

與 21 年第 2 季度相比，移動設備預計將同比下降在低個位數範圍內，並在中個位數範圍內下降。

And finally, Communication Infrastructure & Other is expected to be up in the low single-digit range versus the same period a year ago and up about 10% on a sequential basis.

最後，與去年同期相比，通信基礎設施和其他預計將在低個位數範圍內增長，環比增長約 10%。

At this point, let me give you an update on NXP's current demand position.

在這一點上，讓我給你一個關於恩智浦當前需求位置的更新。

As I shared with you on our last earnings call, we had anticipated product supply to be a challenge in quarter 2, and this is indeed what we experienced.

正如我在上次財報電話會議上與您分享的那樣，我們曾預計第二季度的產品供應將是一個挑戰，而這確實是我們所經歷的。

With the continuation of robust demand, we expect supply to be a challenge for the foreseeable future.

隨著需求持續強勁，我們預計供應在可預見的未來將是一個挑戰。

We do continue to work very closely with our customers on a day-to-day basis to accommodate their most pressing short-term requirements.

我們確實會繼續與我們的客戶進行日常密切合作，以滿足他們最緊迫的短期需求。

During quarter 2, based on the orders and all of the various actions we took over the last 6 to 9 months, we began to see wafer supply from our foundry partners and internal fabs improve.

在第二季度，根據過去 6 到 9 個月的訂單和我們採取的所有各種行動，我們開始看到我們的代工合作夥伴和內部晶圓廠的晶圓供應有所改善。

We do anticipate continued increase of wafer supply during quarter 3 and beyond, which will support our revenue growth in subsequent quarters.

我們確實預計第三季度及以後的晶圓供應將持續增加，這將支持我們隨後幾個季度的收入增長。

However, with customer demand outstripping current supply, a situation that we see across all our end markets, we are working diligently to secure additional supply to achieve a healthy balance of demand versus supply.

然而，隨著客戶需求超過當前供應，我們在所有終端市場都看到了這種情況，我們正在努力確保額外供應，以實現供需之間的健康平衡。

A significant number of our customers are also taking action by placing noncancelable and nonreturnable orders for the medium term.

我們的大量客戶也在採取行動，在中期下達不可取消和不可退貨的訂單。

Furthermore, based on customer discussions and also based on our own analysis, we do not believe there is excess inventory of NXP components along the extended supply chain.

此外，根據客戶討論以及我們自己的分析，我們認為在擴展的供應鏈中恩智浦組件不會出現過多庫存。

Additionally, we continue to make significant investments as a direct result of the very detailed conversations and associated commitments concerning long-term demand across our customer base, especially within the automotive and industrial end markets.

此外，我們繼續進行大量投資，這是我們就客戶群的長期需求進行的非常詳細的對話和相關承諾的直接結果，尤其是在汽車和工業終端市場中。

These investments include long-term contractual commitments to our front-end foundry partners in order to assure supply as well as making investments to expand our internal front-end capacity and our internal back-end test and assembly capabilities so as to avoid potential bottlenecks as wafer supply materializes.

這些投資包括對我們的前端代工合作夥伴的長期合同承諾，以確保供應，以及進行投資以擴大我們的內部前端能力和內部後端測試和組裝能力，以避免潛在的瓶頸晶圓供應實現。

Notwithstanding this challenging supply environment, our results and guidance clearly validate the excellent underlying long-term growth, profitability and cash-generating capability of our business.

儘管供應環境充滿挑戰，但我們的業績和指導清楚地證明了我們業務出色的潛在長期增長、盈利能力和現金產生能力。

We continue to see our company-specific key revenue growth drivers in our strategic end markets unfold as we have long anticipated.

正如我們長期以來的預期，我們繼續看到我們公司特定的關鍵收入增長驅動因素在我們的戰略終端市場中展開。

These drivers include our 77 gigahertz radar systems, our eCockpit solutions, the domain and thermal processes and electrification products, including our Battery Management Systems, all in the automotive market.

這些驅動因素包括我們的 77 GHz 雷達系統、我們的 eCockpit 解決方案、域和熱過程以及電氣化產品，包括我們的電池管理系統，所有這些都在汽車市場。

And within the broad-based industrial and IoT market, our significant and focused investment to enable complete, secure connected edge processing solutions are being very well validated by strong customer design win awards.

在基礎廣泛的工業和物聯網市場中，我們為實現完整、安全的連接邊緣處理解決方案而進行的重大而集中的投資正在得到強大的客戶設計獎項的充分驗證。

And these are just a few of the opportunities we have shared with you at our product teach-ins.

這些只是我們在產品教學中與您分享的一些機會。

All of them will continue to contribute to our future growth.

他們都將繼續為我們未來的發展做出貢獻。

While we will not provide specific guidance beyond the current quarter, we do anticipate quarter 4 revenue will be greater than quarter 3 on an absolute basis.

雖然我們不會在當前季度之後提供具體指導，但我們確實預計第 4 季度的收入絕對會大於第 3 季度。

And we are highly confident that 2021 marks just the beginning of a longer-term upcycle for NXP within our strategic end markets.

我們非常有信心，2021 年只是恩智浦在我們的戰略終端市場中長期上升週期的開始。

In summary, we are very encouraged by the continued and consistent rapid rebound in demand across our end markets.

總而言之，我們對終端市場的需求持續快速反彈感到非常鼓舞。

Our employees are highly engaged to drive our success.

我們的員工高度敬業以推動我們的成功。

We have a robust pipeline of new and innovative products.

我們擁有強大的新產品和創新產品管道。

And the customer response, engagement and design win momentum all underpin our optimism about the future potential of NXP.

客戶響應、參與度和設計贏得勢頭都支持我們對恩智浦未來潛力的樂觀態度。

Before concluding my prepared remarks, I would like to speak to the impact the COVID-19 pandemic continues to have on NXP.

在結束我準備好的發言之前，我想談談 COVID-19 大流行繼續對 NXP 產生的影響。

The pandemic remains active with spikes that continue to plague multiple regions where we have operations, namely India, in the second quarter and Southeast Asia most recently.

大流行仍然活躍，高峰繼續困擾著我們開展業務的多個地區，即第二季度的印度和最近的東南亞。

We continue to remain very vigilant, enforcing our safety protocols across all of our global sites.

我們繼續保持高度警惕，在我們所有的全球站點執行我們的安全協議。

We have initiated successful vaccination drives in several countries for our team members and their families.

我們已在多個國家/地區為我們的團隊成員及其家人發起了成功的疫苗接種活動。

However, the highly contagious delta variant has required that we revert to a complete work-from-home situation in several of our locations.

但是，具有高度傳染性的 delta 變種要求我們在幾個地點恢復到完全在家工作的情況。

I am extremely proud of all our employees for their dedication and for their resilience during this very challenging period.

我為我們所有員工在這個充滿挑戰的時期的奉獻精神和堅韌不拔感到非常自豪。

I would like to especially comment on our manufacturing operations and customer-facing teams for their relentless focus and energy on assuring our customer success.

我想特別評價我們的製造業務和麵向客戶的團隊，他們在確保客戶成功方面的不懈關注和精力。

It is their dedication and their hard work in the face of the pandemic and the very challenging supply environment at the same time, which truly make a difference.

面對大流行和極具挑戰性的供應環境，他們的奉獻精神和辛勤工作，真正發揮了作用。

Now I would like to pass the call over to you, Peter, for a review of our financial performance.

現在我想把電話轉給你，彼得，讓你審查我們的財務業績。

Peter?

彼得?

Thanks, Kurt, and good morning to everyone on today's call.

謝謝，Kurt，今天電話中的每個人早上好。

As Kurt already covered the drivers of the revenue during the second quarter and provided our revenue outlook for the third quarter, I'll move to the financial highlights.

由於庫爾特已經介紹了第二季度收入的驅動因素並提供了我們對第三季度的收入前景，我將轉向財務亮點。

Overall, our second quarter financial performance was very good.

總體而言，我們第二季度的財務表現非常好。

Revenues were 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 above the high end of our guidance range.

收入高於我們指導範圍的中點，我們推動了非 GAAP 毛利潤和非 GAAP 營業利潤的改善，這兩者都高於我們指導範圍的高端。

Additionally, we have implemented long-term supply agreements with our foundry partners, which we believe will enable NXP to deliver robust growth in the coming periods.

此外，我們還與我們的代工合作夥伴實施了長期供應協議，我們相信這將使恩智浦能夠在未來一段時間內實現強勁增長。

Now moving to the details of the second quarter.

現在轉到第二季度的細節。

Total revenue was $2.6 billion, up 43% year-on-year and above the midpoint of our guidance range.

總收入為 26 億美元，同比增長 43%，高於我們指導範圍的中點。

We generated $1.46 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 56.1%, up 700 basis points year-on-year and above the high end of our guidance.

我們創造了 14.6 億美元的非美國通用會計準則毛利潤，報告非美國通用會計準則毛利率為 56.1%，同比增長 700 個基點，高於我們指引的高端。

Total non-GAAP operating expenses were $626 million, up $110 million year-on-year and up $26 million from the second quarter.

非美國通用會計準則運營費用總額為 6.26 億美元，同比增加 1.1 億美元，比第二季度增加 2600 萬美元。

This was $3 million above the midpoint of our guidance due to increased variable comp driven by an improved first half performance.

由於上半年業績改善導致可變薪酬增加，這比我們的指導中點高出 300 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $830 million and non-GAAP operating margin was 32%, up 1,130 basis points year-on-year and was above the high end of our guidance.

從總營業利潤來看，非美國通用會計準則營業利潤為 8.3 億美元，非美國通用會計準則營業利潤率為 32%，同比增長 1,130 個基點，高於我們指引的高端。

Non-GAAP interest expense was $91 million, $4 million above guidance as we issued $2 billion of new debt early in the quarter.

非 GAAP 利息支出為 9100 萬美元，比指引高出 400 萬美元，因為我們在本季度初發行了 20 億美元的新債務。

Cash taxes for ongoing operations were $50 million and noncontrolling interest was $9 million.

持續經營的現金稅為 5000 萬美元，非控股權益為 900 萬美元。

Taken together, the below-the-line items were $1 million better than our guidance.

總而言之，線下項目比我們的指導高出 100 萬美元。

Stock-based compensation, which is not included in our non-GAAP earnings, was $93 million.

不包括在我們的非公認會計原則收益中的基於股票的薪酬為 9300 萬美元。

Now I'd like to turn to the changes in our cash and debt.

現在我想談談我們的現金和債務的變化。

Our total debt at the end of the second quarter was $9.59 billion, an increase of $1.98 billion due to the previously mentioned debt issuance.

我們在第二季度末的總債務為 95.9 億美元，由於前面提到的發債，增加了 19.8 億美元。

Our ending cash position was $2.91 billion, up $1.07 billion sequentially due to new debt and cash generation, offset by capital returns during the quarter.

由於新債務和現金產生，我們的期末現金頭寸為 29.1 億美元，環比增加 10.7 億美元，但被本季度的資本回報所抵消。

The resulting net debt was $6.68 billion and we exited the quarter with a trailing 12-month adjusted EBITDA of $3.55 billion.

由此產生的淨債務為 66.8 億美元，我們在本季度結束時的 12 個月調整後 EBITDA 為 35.5 億美元。

Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q2 was 1.9x and our 12-month adjusted EBITDA interest coverage was 10x.

在第二季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 1.9 倍，我們 12 個月調整後 EBITDA 利息覆蓋率為 10 倍。

Our liquidity is excellent and our balance sheet continues to be very strong.

我們的流動性非常好，我們的資產負債表仍然非常強勁。

During the second quarter, we repurchased $1.2 billion of our shares and paid $155 million in cash dividends for a total of $1.36 billion of capital return to our owners.

在第二季度，我們回購了 12 億美元的股票並支付了 1.55 億美元的現金股息，為我們的所有者帶來了總計 13.6 億美元的資本回報。

Subsequent to the end of the second quarter between July 5 and August 2, we repurchased an additional $1 billion of our shares via a 10b5-1 program, resulting in a total of $3.37 billion returned to our owners year-to-date.

在 7 月 5 日至 8 月 2 日第二季度末之後，我們通過 10b5-1 計劃額外回購了 10 億美元的股票，今年迄今共向我們的所有者返還了 33.7 億美元。

Turning to working capital metrics.

轉向營運資金指標。

Days of inventory was 88 days, an increase of 7 days sequentially.

庫存天數88天，環比增加7天。

Our DIO continues to be below our long-term target of 95 days, and the sequential increase in the quarter was due to an increase in work in process driven by wafer supplies -- wafer supply deliveries to support our Q3 revenue ramp, while finished goods continue to drain to very low levels.

我們的 DIO 繼續低於我們 95 天的長期目標，本季度的連續增長是由於晶圓供應推動的在製品增加——晶圓供應交付支持我們第三季度的收入增長，而成品繼續流失到非常低的水平。

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.

我們繼續密切管理我們的分銷渠道，渠道庫存為 1.6 個月，環比持平，低於我們的長期目標。

Both metrics reflect the continuation of strong customer order rates and a tight supply environment.

這兩個指標都反映了強勁的客戶訂單率和緊張的供應環境的持續。

It will take several quarters before we're able to rebuild on inventory on hand and channel inventories to our long-term target levels.

我們需要幾個季度才能重建現有庫存並將庫存引導到我們的長期目標水平。

Days receivables were 35 days, up 5 days sequentially and days payable were 92, an increase of 13 days versus the prior quarter as we continue to increase material orders to our suppliers.

應收天數為 35 天，比上一季度增加 5 天，應付天數為 92 天，與上一季度相比增加了 13 天，因為我們繼續增加對供應商的材料訂單。

Taken together, our cash conversion cycle was 31 days, an improvement of 1 day versus the prior quarter, reflecting strong customer demand, solid receivable collections and positioning for customer deliveries in future periods.

總而言之，我們的現金轉換週期為 31 天，比上一季度改善了 1 天，反映了強勁的客戶需求、穩健的應收賬款收款以及未來期間客戶交付的定位。

Cash flow from operations was $636 million and net CapEx was $150 million, resulting in non-GAAP free cash flow of $486 million.

運營現金流為 6.36 億美元，資本支出淨額為 1.5 億美元，非 GAAP 自由現金流為 4.86 億美元。

Turning to our expectations for the third quarter.

轉向我們對第三季度的預期。

As Kurt mentioned, we anticipate Q3 revenue to be $2.85 billion, plus or minus $75 million.

正如庫爾特所說，我們預計第三季度的收入為 28.5 億美元，上下浮動 7500 萬美元。

At the midpoint, this is up 26% year-on-year and 10% sequentially.

在中點，同比增長 26%，環比增長 10%。

We expect non-GAAP gross margin to be about 56.3%, plus or minus 30 basis points.

我們預計非美國通用會計準則毛利率約為 56.3%，上下浮動 30 個基點。

Operating expenses are expected to be about $665 million, plus or minus about $10 million, consistent with our long-term model.

運營費用預計約為 6.65 億美元，上下浮動約 1000 萬美元，與我們的長期模式一致。

Taken together, we see non-GAAP operating margin to be about 33% at the midpoint.

綜合來看，我們認為非 GAAP 營業利潤率在中點約為 33%。

We estimate non-GAAP financial expense to be about $96 million and anticipate cash tax related to ongoing operations to be about $90 million.

我們估計非公認會計原則財務費用約為 9600 萬美元，預計與持續運營相關的現金稅約為 9000 萬美元。

Please note, during the second quarter, we indicated that we anticipated full year cash taxes for 2021 to be approximately 9%, and that it would be back-end loaded into the second half of the year.

請注意，在第二季度，我們表示我們預計 2021 年全年的現金稅約為 9%，並將在下半年進行後端加載。

Noncontrolling interest will be about $9 million.

非控股權益約為 900 萬美元。

And for Q3, we suggest that for modeling purposes, you use an average share count of 271 million shares, which is down about 13% -- sorry, down about 13 million shares from the year ago period as a result of the consistent execution of our communicated capital return policy.

對於第三季度，我們建議出於建模目的，您使用 2.71 億股的平均股數，下降了約 13%——抱歉，由於持續執行我們傳達的資本回報政策。

Finally, I have a few closing comments I'd like to make.

最後，我想說幾句結束語。

One, demand trends continue to be strong across our target end markets and customer interest in our newest products continues to be robust.

一，我們的目標終端市場的需求趨勢繼續強勁，客戶對我們最新產品的興趣繼續保持強勁。

We are diligently working with our customers and our suppliers to address order requests in a timely manner.

我們正在努力與我們的客戶和供應商合作，及時處理訂單請求。

Secondly, our third quarter guidance reflects the clear potential of our business model, both in terms of revenue growth as well as the significant profit fall-through, which will enable us to drive our non-GAAP gross margin above the midpoint of our gross margin targets.

其次，我們的第三季度指引反映了我們業務模式的明顯潛力，無論是在收入增長還是在顯著的利潤下滑方面，這將使我們能夠將我們的非公認會計準則毛利率提高到毛利率的中點以上目標。

Thirdly, our business continues to generate significant free cash flow.

第三，我們的業務繼續產生大量的自由現金流。

We continue to invest in our internal manufacturing capabilities, increasing CapEx to expand our back-end capacity, but also to increase the output capacity of our existing front-end wafer factories.

我們繼續投資於我們的內部製造能力，增加資本支出以擴大我們的後端產能，同時也增加我們現有前端晶圓工廠的產能。

We are steadfastly committed to our capital return policy, and we'll return all excess cash free -- all excess free cash flow to our owners so long as our leverage ratio remains at or below 2x net debt to trailing 12 months adjusted EBITDA.

我們堅定地致力於我們的資本回報政策，我們將免費返還所有多餘的現金——所有多餘的自由現金流給我們的所有者，只要我們的槓桿率保持在或低於過去 12 個月調整後 EBITDA 的 2 倍淨債務。

As Kurt mentioned, we believe the demand environment is strong and notwithstanding the supply constraints, we continue to anticipate robust growth for the remainder of 2021 as well as into 2022.

正如庫爾特所說，我們認為需求環境強勁，儘管供應受限，但我們繼續預計 2021 年剩餘時間和 2022 年將實現強勁增長。

Finally, I'd like to thank all my colleagues for their outstanding work and dedication.

最後，我要感謝所有同事的出色工作和奉獻精神。

We shouldn't forget that we are all still working under stringent pandemic protocols.

我們不應該忘記，我們仍然在嚴格的大流行協議下工作。

I'd like to now turn it back to the operator for your questions.

我現在想把它轉回給接線員來回答你的問題。

(Operator Instructions) Your first question comes from the line of C.J. Muse from Evercore.

（操作員說明）您的第一個問題來自 Evercore 的 C.J. Muse。

I guess first question for you, Kurt.

我想你的第一個問題，庫爾特。

I was hoping you could speak more about the current state of the auto industry.

我希望你能多談談汽車行業的現狀。

I think there's a fear amongst some investors that the current auto run rate is closer to peak than trough, and would love to hear your thoughts.

我認為一些投資者擔心當前的汽車運行率接近峰值而不是谷底，並且很想听聽你的想法。

What gives you confidence that strength is sustainable into '22 and beyond?

是什麼讓你相信力量可以持續到 22 年及以後？

We are clearly convinced that we are far away from a peak, especially in the auto end market.

我們清楚地相信，我們距離高峰還很遠，尤其是在汽車終端市場。

The way to look at this is clearly that the -- while the SAAR this year probably is going to grow around 10%, that's the latest data point we have from IHS, there is broad consensus that it's going to grow another around 10% next year.

看待這個問題的方式很明顯，雖然今年的 SAAR 可能會增長 10% 左右，這是我們從 IHS 獲得的最新數據點，但人們普遍認為，接下來它將再增長 10% 左右年。

And only then it will actually surpass the absolute volume levels from the pre-pandemic year of 2019.

只有到那時，它才會真正超過 2019 年大流行前一年的絕對銷量水平。

But more importantly, C.J., as we've discussed many times in the past, our content gains -- company-specific content gains, and I mentioned a few in my prepared remarks, like radar, eCockpit, thermal processes and the battery management and electrification really, really drive specific strengths and growth for NXP.

但更重要的是，CJ，正如我們過去多次討論過的，我們的內容收益——公司特定的內容收益，我在準備好的評論中提到了一些，比如雷達、eCockpit、熱過程和電池管理以及電氣化真的，真的推動了恩智浦的特定優勢和增長。

And from a market perspective, I'd say that the content gains, in general, maybe are accelerating a little, especially thanks to the accelerated pace to xEVs.

從市場的角度來看，我想說的是，總體而言，內容收益可能正在加速，尤其是由於 xEV 的步伐加快。

So we do see that the number of xEVs as a portion of the total car production is growing faster than anybody had anticipated.

因此，我們確實看到，作為汽車總產量一部分的 xEV 數量的增長速度超出了任何人的預期。

So the latest data we see, again, I'm quoting, I think, IHS here.

所以我們看到的最新數據，我認為，我在這裡引用 IHS。

It was like 12% of the total car production last year dedicated for xEVs.

這相當於去年專門用於 xEV 的汽車總產量的 12%。

It's going to be more like a quarter next year.

明年將更像是一個季度。

And then growing fast from there further onwards.

然後從那裡進一步快速增長。

Since xEVs have a significantly higher silicon content compared to traditional combustion engine vehicles, this is another strong driver for the auto market.

由於與傳統內燃機汽車相比，xEV 的矽含量要高得多，這是汽車市場的另一個強勁動力。

So far away from a peak.

離峰頂那麼遠。

And finally, very tactically because I know everybody wants to speak and wants to hear about that.

最後，非常戰術性，因為我知道每個人都想發言並想听聽。

I mean, trust me, I'm in daily contact with the CEOs of the -- both the Tier 1 customers of us, which are serving the car companies and the car companies themselves on a daily level, trying to make sure that we can fulfill their most pressing needs, really handholding shipments, day in, day out.

我的意思是，相信我，我每天都與我們的 1 級客戶的 CEO 保持聯繫，他們每天都在為汽車公司和汽車公司本身服務，試圖確保我們能夠滿足他們最緊迫的需求，真正的手持貨物，日復一日。

So there is not a single piece of inventory anywhere in the extended supply chain.

因此，在擴展的供應鏈中的任何地方都沒有單件庫存。

They want to build more cars.

他們想製造更多的汽車。

So I have any confidence that this keeps growing.

所以我有信心這會繼續增長。

That's very helpful.

這很有幫助。

I guess as a follow-up, Peter, gross margins, stellar.

我想作為後續行動，彼得，毛利率，恆星。

I think reading your 10-Q, you talked about the benefit of increased loadings, but that mix was not helpful and that you had higher personnel costs.

我認為閱讀您的 10-Q，您談到了增加負載的好處，但這種組合沒有幫助，而且您的人員成本更高。

How are you thinking about, I guess, COVID-related costs unwinding, what kind of impact that would have on a positive side?

我想，您如何看待與 COVID 相關的成本減少，這會對積極的一面產生什麼樣的影響？

And from current levels, how should we be thinking about uplift from here as presumably loadings continue to move higher?

從目前的水平來看，我們應該如何考慮從這裡的抬升，因為可能負載繼續走高？

I think the -- so first of all, on the COVID test in terms -- in the context of our gross margin, I think -- to be honest, I think the costs are relatively low.

我認為 - 首先，在 COVID 測試方面 - 在我們的毛利率的背景下，我認為 - 老實說，我認為成本相對較低。

We've been running our factories pretty much the same way we have in the past.

我們一直在以與過去幾乎相同的方式經營我們的工廠。

I mean, obviously, you've got the cost of disinfecting the factory more often.

我的意思是，很明顯，你需要更頻繁地對工廠進行消毒。

We've been paying for lots of kind of medical support.

我們一直在為許多醫療支持付費。

But I'm not sure it's big enough to really influence the margin.

但我不確定它是否足以真正影響利潤率。

I think in terms of the additional utilization, you've seen the benefit of that as we go from Q2 to Q3.

我認為就額外利用率而言，隨著我們從第二季度到第三季度，您已經看到了它的好處。

So our guidance of 56.3% in Q3 really shows our gross margin when our factories running full out.

因此，我們在第三季度 56.3% 的指導確實顯示了當我們的工廠滿員時我們的毛利率。

So as we kind of expand our revenue and go into 2022, you won't see increased utilization because we actually have to add capacity.

因此，隨著我們增加收入並進入 2022 年，您不會看到利用率增加，因為我們實際上必須增加產能。

We're running pretty much full out in Q3.

我們在第三季度運行得差不多了。

So I still think 56%, I think is a great number for us, and we've gotten there quicker than we thought we would do.

所以我仍然認為 56%，我認為對我們來說是一個很大的數字，而且我們到達那裡的速度比我們想像的要快。

And I think the unanswered question is still -- 57% is still a couple of years away and it's more around new product introduction.

而且我認為未解決的問題仍然是 - 57% 仍然是幾年後的事情，而且更多的是圍繞新產品的推出。

Mix helped us from Q2 into -- sorry, Q1 into Q2.

Mix 幫助我們從 Q2 進入 - 抱歉，Q1 進入 Q2。

And that's why we did a little bit better in Q2.

這就是我們在第二季度做得更好的原因。

But the big impact from Q2 to Q3 is really the additional utilization and being able to run our factories, particularly the back end full out.

但從第二季度到第三季度的最大影響實際上是額外的利用率和能夠運行我們的工廠，尤其是後端全面。

Your next question comes from the line of Vivek Arya from Bank of America.

您的下一個問題來自美國銀行的 Vivek Arya。

On the first one, Kurt, specific to autos, when do you think supply increases enough to meet demand?

關於第一個，Kurt，具體到汽車，你認為供應何時增加足以滿足需求？

And importantly, what should investors look to, to be reassured that the industry supplier response will be disciplined.

重要的是，投資者應該關注什麼，以確保行業供應商的反應將受到紀律處分。

So for example, if we see headlines around any specific foundry increasing microcontroller production significantly, how should we react to that?

例如，如果我們看到任何特定代工廠顯著增加微控制器產量的頭條新聞，我們應該如何應對？

So I appreciate that you mentioned that you're in daily touch with customers and there isn't any inventory today.

因此，我感謝您提到您每天與客戶保持聯繫，並且今天沒有任何庫存。

But as you also mentioned, the industry is increasing supply.

但正如你也提到的，該行業正在增加供應。

So how should we be assured that the supplier response is not going to overwhelm demand at some point?

那麼我們應該如何確保供應商的反應不會在某個時候壓倒需求呢？

Of course, we are watching this as always in through every cycle very, very carefully.

當然，我們在每個週期中都非常非常仔細地觀察這一點。

But again, I want to reassure you, we -- I think we really are quite far away from this because at this point, and I mean you can read the headlines every day, the industry is still short from a supply perspective.

但是，我想再次向您保證，我們 - 我認為我們真的離這很遠，因為在這一點上，我的意思是您可以每天閱讀頭條新聞，從供應的角度來看，該行業仍然短缺。

And then you are referring to some foundry statements about 60% increase of microcontroller shipments.

然後你指的是一些代工廠的聲明，微控制器出貨量增加了 60%。

That isn't that much.

那不是那麼多。

I mean, our -- I think our auto supply or revenue in the first and second quarter taken together is also around 50% up over the last year.

我的意思是，我們的 - 我認為我們第一季度和第二季度的汽車供應或收入加起來也比去年增長了約 50%。

And that's also what the industry takes, given the record lows of last year.

鑑於去年的創紀錄低點，這也是該行業所採取的措施。

So last year is not a good comparison.

所以去年不是一個很好的比較。

I think it's more meaningful to benchmark back to 2019 or even 2018 when the industry was more at peak levels from a car production perspective.

我認為從汽車生產的角度來看，當行業處於峰值水平時，將基準追溯到 2019 年甚至 2018 年更有意義。

So how do we check this?

那麼我們如何檢查呢？

I mean I would really say most of our product is very application-specific.

我的意思是，我真的會說我們的大部分產品都是針對特定應用的。

So we are in extremely close contact and that is new, not only with the Tier 1 suppliers, but also directly with the OEMs where the product is going.

因此，我們與一級供應商保持著非常密切的聯繫，這是新的，而且還直接與產品所在的原始設備製造商。

So we have a very, very good visibility in the meantime on the true demand, much more than ever before in history.

因此，在此期間，我們對真實需求的了解非常非常好，比歷史上任何時候都多。

And if you think about the portion which goes through distribution, we, as always, continue to be super disciplined on the months of inventory with our distributors.

而且，如果您考慮通過分銷的部分，我們一如既往地在與我們的分銷商的幾個月的庫存方面繼續保持超級紀律。

And as we published, we again stayed as a -- on a really low number with 1.6 months, I mean that's not the same number we had in the quarter before.

正如我們發布的那樣，我們再次保持在一個非常低的數字上，只有 1.6 個月，我的意思是這與我們上一季度的數字不同。

But you know that our target model is more around 2.4, 2.5.

但是你知道我們的目標模型更多的是在 2.4、2.5 左右。

So we watch it very carefully.

所以我們非常仔細地觀察它。

Given the supply situation, I think the transparency has significantly increased, especially in what we are serving, which is very application-specific product.

鑑於供應情況，我認為透明度已顯著提高，尤其是在我們所服務的產品中，這是非常特定於應用的產品。

I could imagine the whole question you're asking is certainly for more commodity-like products.

我可以想像您要問的整個問題肯定是針對更多類似商品的產品。

More difficult.

更加困難。

In our case, where it is so crystal clear which product goes where into what application at which car company, we have much less of a concern on this.

在我們的案例中，哪個產品進入哪個汽車公司的哪個應用程序非常清楚，我們對此的擔憂要少得多。

And given that visibility, I'm very confident that we are still quite a bit away from the situation you're describing.

鑑於這種可見性，我非常有信心，我們與您所描述的情況仍有相當大的差距。

Got it.

知道了。

Very helpful.

很有幫助。

And then for my follow-up, I'm curious why your mobile sales, if I heard correctly, would be down sequentially and then also year-on-year.

然後對於我的後續行動，我很好奇為什麼如果我沒聽錯的話，您的移動銷售會依次下降，然後同比下降。

Because isn't Q3 supposed to be a seasonally stronger quarter for shipments into that market?

因為第三季度不應該是進入該市場的出貨量季節性更強的季度嗎？

And are we to assume that mobile sales will stay subdued even into Q4?

我們是否假設移動銷售將保持低迷甚至到第四季度？

So just why are mobile sales not behaving kind of in line with the usual seasonal pattern we see in that industry?

那麼，為什麼移動銷售的表現與我們在該行業看到的通常的季節性模式不一致呢？

Yes.

是的。

Vivek, I'd say, in general, there isn't much of a seasonal pattern this year anyway, given the situation.

Vivek，我想說，總的來說，鑑於這種情況，今年無論如何都沒有太多的季節性模式。

But here, specifically, yes, you're right.

但在這裡，具體來說，是的，你是對的。

We are guiding sequentially and also annually a little bit down.

我們按順序進行指導，並且每年也有所下降。

It really has to do with the supply constraints.

這確實與供應限制有關。

So we have a supply constraint for some products in the mobile market, which we know we will address later on, so this is just of a temporary nature.

所以我們對移動市場的一些產品有供應限制，我們知道我們稍後會解決，所以這只是暫時的。

But for quarter 3, it just hits us that we can ship to the amount which we want to ship.

但是對於第 3 季度，我們可以按我們想要的數量發貨。

The good news is it doesn't cost us any market share.

好消息是它不會花費我們任何市場份額。

So we don't lose any socket with this.

所以我們不會因此丟失任何套接字。

We fully keep our momentum going, and it's of a temporary nature.

我們完全保持勢頭，這是暫時的。

If you do the annual comparison, I also might want to remind you that last year, Q3 was a bit of a special quarter in mobile because it was the last quarter before the Huawei ban, which actually benefited quarter 3 in our mobile business since people had a bit more in Q3, then it stopped totally in quarter 4. So that's the simple background, not more.

如果你做年度比較，我可能還想提醒你，去年第三季度是移動業務的一個特殊季度，因為它是華為禁令之前的最後一個季度，實際上我們的移動業務第三季度受益，因為人們在第三季度有更多，然後在第四季度完全停止。所以這就是簡單的背景，而不是更多。

Your next question comes from the line of Stacy Rasgon from Bernstein Research.

您的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

For my first question, I wanted to double-click once again on the content increase in auto.

對於我的第一個問題，我想再次雙擊自動增加的內容。

I mean you called out at EVs specifically.

我的意思是你特別呼籲電動汽車。

I guess a couple of things.

我猜有幾件事。

Can you tell us how much of your auto business is being driven by EV today?

您能否告訴我們今天有多少汽車業務是由電動汽車驅動的？

I guess, of those content-specific drivers, which one do you think is the biggest driver in the near term?

我想，在這些特定於內容的驅動因素中，您認為哪一個是近期最大的驅動因素？

And how much of the lift in the next quarter do you think is being driven just by end market unit growth versus like content increase, like -- because you're selling in the higher content vehicles?

您認為下一季度的增長在多大程度上是由終端市場單位增長而不是類似內容的增長推動的，比如——因為你銷售的是內容更高的汽車？

Yes, Stacy.

是的，斯泰西。

In general, our key driver for revenue growth in xEVs is clearly the Battery Management Solutions, which have a fantastic exposure.

總的來說，我們推動 xEV 收入增長的主要動力顯然是電池管理解決方案，它的曝光率很高。

I think in our investor teach-in, we told you that we would have a 60% CAGR over the next couple of years.

我認為在我們的投資者培訓中，我們告訴過你，我們將在未來幾年內實現 60% 的複合年增長率。

And I can absolutely reconfirm here that we are at least if not more than on track with that trend in Battery Management Solutions.

而且我在這裡絕對可以再次確認，我們至少在電池管理解決方案方面的趨勢已經步入正軌。

Now if you take it a little bit wider, it is actually more because a lot of our microcontrollers and other products are also very strongly exposed to the increased content of xEVs.

現在，如果你把範圍擴大一點，實際上更多，因為我們的許多微控制器和其他產品也非常強烈地暴露於 xEV 增加的內容。

We will actually go in a bit more detail on particular question, Stacy, in our Investor Day, which Jeff has just highlighted, November 11, to parse it a little bit more -- in a more detailed way on how this shows up.

實際上，我們將在 11 月 11 日 Jeff 剛剛強調的投資者日中更詳細地討論特定問題 Stacy，以更詳細地分析它是如何顯示的。

But overall, just take it for granted that the double silicon content of a xEV versus a conventional drivetrain gives a significant benefit also to NXP.

但總體而言，xEV 與傳統動力傳動系統相比，雙矽含量也為 NXP 帶來了顯著優勢，這是理所當然的。

So we are significantly benefiting from a higher rate of xEVs, which is a strong push for our content growth story here.

因此，我們從更高比例的 xEV 中受益匪淺，這有力地推動了我們的內容增長故事。

Got it.

知道了。

For my follow-up, I want to ask about the cash returns.

對於我的後續，我想詢問現金回報。

So you bought back a lot of stock.

所以你買回了很多股票。

I think as of March, we upped the buyback, you had something like $2.6 billion in authorization and you're through like $2.2 billion of it now.

我認為截至 3 月，我們增加了回購，您獲得了大約 26 億美元的授權，而您現在已經完成了大約 22 億美元。

So you're almost through the whole authorization, but you're still guiding share counts down.

因此，您幾乎完成了整個授權，但您仍在指導共享倒計時。

So I guess do we suspect even more?

所以我想我們會懷疑更多嗎？

Are you going to return more than 100% this year?

今年你的回報率會超過100%嗎？

And I guess just given the strength of the buyback as it exists, can you talk a little bit about what that suggests?

而且我想只是考慮到回購的力量，你能談談這意味著什麼嗎？

I suppose it shows that you have -- I guess it reinforces that confidence you're talking about growth into next year.

我想這表明你已經 - 我想它加強了你談論明年增長的信心。

But I guess once you -- why are you buying back so much stock right now?

但我猜你曾經——你為什麼現在要回購這麼多股票？

And -- or should we expect even more cash return as we go through the rest of the year since it seems like you're mostly through the buyback as the date?

而且 - 或者我們應該在今年剩下的時間裡期待更多的現金回報，因為看起來你主要是通過回購作為日期？

So maybe I'll take that, Kurt.

所以也許我會接受，庫爾特。

So I guess the answer to your second or third question that is, we have a lot of confidence in terms of where the company is going.

所以我猜你的第二個或第三個問題的答案是，我們對公司的發展方向充滿信心。

So clearly, we think buying our stock at the moment is a good investment.

很明顯，我們認為目前購買我們的股票是一項不錯的投資。

In terms of how much -- it's really quite simple.

就多少而言——這真的很簡單。

We've said all along, we'll keep our net debt to trailing 12 months EBITDA at 2x -- at the 2x level.

我們一直在說，我們將把我們的淨債務保持在過去 12 個月的 EBITDA 的 2 倍——在 2 倍的水平。

So we buy back to that level all that time, and we'll continue to do that for the foreseeable future.

所以我們一直回購到那個水平，我們將在可預見的未來繼續這樣做。

And if that results in us buying more -- if that results in us returning more than 100% this year, that's what the result is.

如果這導致我們購買更多——如果這導致我們今年的回報率超過 100%，那就是結果。

But to be honest, it's pretty mathematical, we just stay at 2x net debt.

但老實說，這是相當數學化的，我們只是保持 2 倍的淨債務。

(Operator Instructions) Your next question comes from the line of Ross Seymore from Deutsche Bank.

（操作員說明）您的下一個問題來自德意志銀行的 Ross Seymore。

I had one clarification on one question and then a follow-up, if I can be so bold.

如果我可以這麼大膽的話，我對一個問題進行了一次澄清，然後進行了跟進。

But have you guys shipped the $90 million in shortages out of Texas?

但是你們把 9000 萬美元的短缺貨物運出德州了嗎？

Did you catch up on all of that in automotive or where have you?

您是否趕上了汽車領域的所有這些，或者您在哪裡？

That's the clarification.

這就是澄清。

And then I guess the longer-term question, maybe for Kurt, on the auto side, are you seeing the customers change their behavior at all?

然後我想一個更長期的問題，也許是對庫爾特來說，在汽車方面，你是否看到客戶改變了他們的行為？

The just-in-time practices that sector has adopted seemingly have backfired on them a bit with the velocity of demand recently.

隨著最近的需求速度，該行業採用的準時製做法似乎適得其反。

Are any of the conversations you're having highlighting structural changes?

你的談話中是否有突出結構性變化的？

Or is this all basically just short-term reactive movement, and you don't think anything is really going to change a couple of years down the road for the industry as far as just-in-time?

或者這一切基本上只是短期的反應性運動，你認為未來幾年行業不會有任何改變，就準時製而言？

Yes.

是的。

Thanks, Ross.

謝謝，羅斯。

On the first one, we talked indeed about $100 million, I think I remember, which we lost for the second quarter revenue given the winter storm in our 2 Texas facilities.

在第一個問題上，我們確實談到了 1 億美元，我想我記得，由於我們在德克薩斯州的 2 個工廠發生冬季風暴，我們在第二季度的收入中損失了這一部分。

That is correct.

那是對的。

What I can tell you is indeed that both factories are up and running completely.

我可以告訴你的是，這兩家工廠確實都已完全啟動並運行。

So we are up to the pre-storm and higher output levels in both factories, so firing on all cylinders again.

所以我們都達到了風暴前和兩個工廠更高的產量水平，所以再次全力以赴。

And with that, we have the output which we would have wished to have already in the first place.

有了這個，我們就有了我們本來希望已經有的輸出。

So that is good news, both from a revenue perspective going forward because it is steady.

所以這是個好消息，無論是從收入的角度來看，因為它是穩定的。

I mean this is not a onetime effect, but it's steady output.

我的意思是這不是一次性的效果，而是穩定的輸出。

But it's also good news from a supply perspective since both factories have a significant exposure, as we discussed earlier, to automotive and the comms infrastructure market, which we're badly waiting for these products.

但從供應的角度來看，這也是一個好消息，因為正如我們之前所討論的，兩家工廠都對汽車和通信基礎設施市場有很大的影響，我們正在急切地等待這些產品。

So we are glad and thankful to our employees to -- who have restored operations in [interval] time.

因此，我們很高興並感謝我們的員工——他們在 [間隔] 時間內恢復了運營。

On the other half of your question, Ross, I see signs of a structural change in the behavior of the auto, especially also of the auto end customers.

關於你問題的另一半，羅斯，我看到汽車行為發生結構性變化的跡象，尤其是汽車最終客戶的行為。

And I think there are 2 pieces to this.

我認為這有兩部分。

The one is going to be indeed realizing that a just-in-time system is not totally compatible with a 3 to 6 months manufacturing cycle time in semiconductors if you don't have some sort of a buffer in-between which is dealing with it.

人們將確實意識到，如果您之間沒有某種緩衝來處理它，那麼準時制系統並不完全兼容 3 到 6 個月的半導體製造週期時間.

So some more inventory in the extended supply chain, I think, is going to be a result of this.

因此，我認為，擴展供應鏈中的更多庫存將是這種情況的結果。

Now when you ask me, is this being implemented?

現在當你問我，這是否正在實施？

My answer is no, but it's just because the supply is not there.

我的回答是否定的，但這只是因為沒有供應。

I mean at this point in time, people are planning for this at some point, but they can't implement it yet.

我的意思是在這個時間點上，人們在某個時候正在計劃這個，但他們還不能實現它。

But I think this is going to be eventually a structural change.

但我認為這最終將是一個結構性變化。

The other one is actually the -- first, the transparency, which we get directly from the car companies.

另一個實際上是 - 首先是透明度，我們直接從汽車公司獲得。

As I mentioned earlier, we've never had so much clarity about what product in which application in which model year will run at what volume.

正如我之前提到的，我們從來沒有這麼清楚地知道什麼產品在哪個應用程序中哪個型號年份將以什麼體積運行。

So this is becoming much, much better than it has ever been because structurally, we are just moving much closer in a collaboration with the car companies.

所以這變得比以往任何時候都好得多，因為在結構上，我們只是在與汽車公司的合作中走得更近。

And I think with that, also the binding forecast, so not only providing that forecast, but also making it more binding on a mid- to long-term basis is going to be a structural change.

我認為，具有約束力的預測也是如此，因此不僅提供該預測，而且使其在中長期基礎上更具約束力，這將是一個結構性變化。

And that's a significant one because that wasn't the case in the past.

這很重要，因為過去並非如此。

So a more binding forecast will also help to foresee and plan with the right capacities on our end.

因此，更具約束力的預測也將有助於我們以適當的能力進行預見和計劃。

One quickly for you, Peter.

彼得，快給你一個。

You gave great color on the gross margin side of things.

你在毛利率方面給了很好的色彩。

Another target you guys have given historically is the OpEx intensity, and I think it ranged anywhere between 20% to 24% as of your last analyst meeting.

你們歷史上給出的另一個目標是運營支出強度，我認為截至你們上次分析師會議時，它的範圍在 20% 到 24% 之間。

And I know you might be updating that later this year.

我知道你可能會在今年晚些時候更新它。

But can you talk just a little bit about the leverage potential there?

但是你能談談那裡的槓桿潛力嗎？

I think this year, it looks like you're running kind of within that target range, but at the higher end, kind of 23%, 23.5%.

我認為今年，您似乎在該目標範圍內運行，但在較高端，23％，23.5％。

Do you foresee some leverage getting to the lower end of that range?

您是否預見到一些槓桿會達到該範圍的下限？

Or just generally, how should we think of OpEx relative to revenue growth?

或者只是一般而言，我們應該如何看待相對於收入增長的運營支出？

Certainly, for the moment, I think of 23% of revenue, 16% for R&D and 7% for SG&A.

當然，目前我認為收入的 23%，研發佔 16%，SG&A 佔 7%。

There's probably some leverage in the SG&A number because although we typically increase sales and marketing, G&A, we're more likely to hold flat in dollars.

SG&A 數字可能有一些影響力，因為儘管我們通常會增加銷售和營銷、G&A，但我們更有可能以美元持平。

But I think certainly for the moment, 23% is a good number to plan on.

但我認為，就目前而言，23% 是一個不錯的數字。

Your next question comes from the line of John Pitzer from Crédit Suisse.

您的下一個問題來自瑞士信貸的 John Pitzer。

Congratulations on the solid results.

祝賀你取得了堅實的成果。

Kurt, I wanted to ask a little bit about your Comm Infrastructure business, which came in much better than guide for the June quarter and is going to grow nicely in the September quarter.

Kurt，我想問一些關於您的 Comm Infrastructure 業務的問題，該業務比 6 月季度的指導要好得多，並且在 9 月季度將有很好的增長。

I know that pre the Huawei ban, you were very excited by some design wins you had won there, but clearly had to kind of temper expectations with the ban.

我知道在華為禁令之前，你對在那裡贏得的一些設計勝利感到非常興奮，但顯然不得不對禁令有所緩和。

But it seems like you guys might be more levered to the 5G cycle than some of us think.

但看起來你們可能比我們中的一些人想像的更能利用 5G 週期。

Can you just walk through kind of what you think is driving that growth, especially given how good the margin can be in that business?

您能否簡單介紹一下您認為推動增長的因素，特別是考慮到該業務的利潤率有多高？

Yes.

是的。

So John, indeed, we did talk last year about significant design win traction around the large Chinese customer, which did fall apart.

所以約翰，事實上，我們去年確實談到了圍繞中國大客戶的重大設計贏得牽引力，但確實分崩離析。

So indeed, this is still not there.

所以確實，這仍然不存在。

I just want to be clear.

我只想說清楚。

The business which is now performing and which we guide for the next quarter is not related to this design win, which we had talked about last year.

現在正在執行的業務以及我們在下一季度指導的業務與我們去年談到的這個設計勝利無關。

The outperformance in the second quarter is actually across the segment.

第二季度的出色表現實際上是整個細分市場。

It does include some of the 5G build-outs, but it's just across all of the product subsegments which are in this revenue segment.

它確實包括一些 5G 建設，但它只是在這個收入領域的所有產品子領域。

So it is not only 5G, but it does include 5G.

所以它不僅是5G，它確實包括5G。

Now if you think about the nice guidance for the third quarter in Comms Infra, then I'd say, yes, indeed.

現在，如果您考慮 Comms Infra 對第三季度的良好指導，那麼我會說，是的，確實如此。

As we had anticipated and actually, I think, discussed on a number of the last calls, we do see, I'd say, 2 trends around 5G, which are letting us grow.

正如我們所預期的那樣，實際上，我認為，在最近的幾次電話會議中討論過，我們確實看到了，我想說，圍繞 5G 的兩個趨勢正在讓我們成長。

We see the anticipated ramps for these multi-technology modules in the U.S. So multi-technology means LDMOS and gallium nitride or new -- from our new gallium nitride, both technology product and facility in Arizona.

我們看到這些多技術模塊在美國的預期增長。因此，多技術意味著 LDMOS 和氮化鎵或新的——來自我們在亞利桑那州的技術產品和設施的新氮化鎵。

But it's also that we are nicely included in the China CP3 tenders, which are those macro base stations for the rural areas, which are actually in the frequency range sub 2.1 gigahertz, so somewhere between, I think, 700 megahertz and 2.1 gigahertz, which is just perfect fit to our LDMOS capability and leadership.

但這也是我們很好地參與了中國 CP3 招標，這些是農村地區的宏基站，實際上在 2.1 GHz 以下的頻率範圍內，所以我認為介於 700 兆赫和 2.1 兆赫之間，非常適合我們的 LDMOS 能力和領導力。

So it is those 2, John, from a go-forward basis when you think about Q3 and beyond, which are indeed driving nicely our growth.

因此，約翰，當您考慮第三季度及以後的時間時，從前進的基礎上看，正是這 2 個人確實很好地推動了我們的增長。

The U.S. multi-technology modules for 5G and those CP3 tenders in China.

美國的 5G 多技術模塊和中國的 CP3 招標。

That's really good color, Kurt.

這顏色真好，庫爾特。

And then Peter, in your prepared comments, you talked about the high-class problem of needing to expand in both front-end and back-end capacity.

然後彼得，在你準備好的評論中，你談到了需要擴展前端和後端容量的高級問題。

Is that mostly being done with outsourced partners, so it's more of a working capital hit than a CapEx hit?

這主要是由外包合作夥伴完成的，所以它更多的是對營運資金的打擊而不是資本支出的打擊？

Or how do we think about CapEx over the next several quarters as you continue to try to make supply catch up to demand?

或者，隨著您繼續努力使供應趕上需求，我們如何看待未來幾個季度的資本支出？

CapEx will be about 7% this year.

今年的資本支出約為 7%。

So yes, it will step up a bit in Q3, Q4.

所以是的，它會在第三季度和第四季度有所提升。

Mainly, there's a lot of assembly and tests going in there, but also some bottleneck busting in our actual fabs.

主要是那裡有很多組裝和測試，但在我們的實際工廠中也有一些瓶頸。

So CapEx will be up.

所以資本支出會增加。

I don't see working capital going up any time really.

我真的不認為營運資金會在任何時候上升。

I mean it's -- we definitely like more inventory if we could get it.

我的意思是——如果我們能得到它，我們肯定會喜歡更多的庫存。

But as fast as we get it, we tend to build it, which is the comment I had around finished goods being at an all-time low.

但只要我們得到它，我們就會傾向於建造它，這是我對成品處於歷史最低點的評論。

We do have a bit more raw material and work in progress from shipments from the foundries towards the end of the quarter that we received.

我們確實有更多的原材料，並且在我們收到的季度末從鑄造廠發貨的工作正在進行中。

So I guess stepping back, we're definitely investing more in internal capacity, and that will have a positive impact on us next year.

所以我想退後一步，我們肯定會更多地投資於內部產能，這將對我們明年產生積極影響。

And we continue to work very hard with our other suppliers just to get additional supply from them.

我們繼續與我們的其他供應商一起努力工作，只是為了從他們那裡獲得額外的供應。

But as fast as we get it, we build it and ship it to customers.

但是，一旦我們得到它，我們就會建造它並將其運送給客戶。

So I don't really see our inventory levels getting anything back to anything like normal any time soon.

所以我真的看不到我們的庫存水平很快就會恢復到正常水平。

Your next question comes from the line of William Stein from Truist Securities.

您的下一個問題來自 Truist Securities 的 William Stein。

And I'll add my congratulations, especially on the guide, very strong.

我還要祝賀你，特別是在指南上，非常強大。

I'm wondering if you can remind us as sort of a clarification, the breakout within the Comm Infrastructure business.

我想知道您是否可以提醒我們澄清一下，Comm Infrastructure 業務的突破。

I think we tend to think about this as largely or all RF Power amplifiers.

我認為我們傾向於將其視為主要或全部射頻功率放大器。

But I know there's digital networking and I think there's still some ID card business in there as well.

但我知道有數字網絡，我認為那裡還有一些身份證業務。

Can you remind us of the split and maybe how you expect the 3 of those pieces to grow over time?

你能提醒我們分裂，也許你希望這三個部分隨著時間的推移而增長？

So Will, thanks for your contrast on the guidance.

所以，威爾，感謝您對指導的對比。

The subset is indeed, as you said, the RF Power for Infrastructure.

正如您所說，該子集確實是基礎設施的射頻功率。

It is about digital networking and there is some secure card business also in there.

它是關於數字網絡的，那裡也有一些安全卡業務。

We will not break out the details between them, Will.

我們不會透露他們之間的細節，威爾。

So -- but what I can say, and I think I mentioned it earlier, the outperformance in the second quarter was across all of them.

所以 - 但我可以說，我想我之前提到過，第二季度的出色表現是所有這些。

So it wasn't limited to one of these subsegments, but it was actually across all of them.

因此，它不僅限於這些子細分市場之一，而是實際上涵蓋了所有細分市場。

When you think about the guide and the growth into the third quarter, it is probably led by the 5G-related Comms Infra RF Power.

當您考慮到第三季度的指南和增長時，它可能由與 5G 相關的 Comms Infra RF Power 引領。

And one more, if I can, another sort of product question.

還有一個，如果可以的話，另一種產品問題。

I forget when, 1 or 2 years ago, perhaps you started talking about the ultra-wideband products and the growth that you anticipated seeing in handsets and automotive.

我忘記了 1 或 2 年前，也許您開始談論超寬帶產品以及您預期在手機和汽車中看到的增長。

And I'm wondering if you can provide some update in terms of your revenue traction in those 2 end markets for this product category and the outlooks for them today?

我想知道您是否可以就您在該產品類別的這兩個終端市場的收入牽引力以及他們今天的前景提供一些更新？

Yes.

是的。

Happy to do so, Will.

很高興這樣做，威爾。

This -- because it's really nicely on track -- just to remind everybody that it's not just about product.

這 - 因為它真的很順利 - 只是為了提醒大家這不僅僅是關於產品。

This is a complete ecosystem play where indeed we offer the radio, the secure element and software for solutions across automotive, mobile and IoT.

這是一個完整的生態系統遊戲，我們確實為汽車、移動和物聯網的解決方案提供無線電、安全元件和軟件。

We are very much on track though with, I think, what we said at the teach-in to have some $300 million to $400 million revenue across those segments in '23, so in only 2 years from now.

儘管我認為，我們在教學中所說的在 23 年這些細分市場的收入約為 3 億至 4 億美元，但我認為我們已經步入正軌，因此僅在 2 年後。

As of today, I'd say mobile is actually happening as we speak.

到今天為止，我想說移動實際上正在我們說話的時候發生。

If you think about the Android world, I dare to say, with all the major Android phone companies, we are working very closely.

如果你想一想 Android 世界，我敢說，我們與所有主要的 Android 手機公司都在密切合作。

Automotive is now closely following, and that was just a function of more because, obviously, the automotive use case of using your mobile as a car key needs the phones to be in place firstly.

汽車現在緊隨其後，這只是更多功能，因為顯然，將手機用作車鑰匙的汽車用例需要首先將手機安裝到位。

This is now happening.

現在正在發生這種情況。

So the first cars will be out in the market in the second half of this year and next year.

所以第一批汽車將在今年下半年和明年上市。

And there, I dare to say with a relatively high degree of certainty that any car company, which is working in and on an ultra-wideband implementation, is working with NXP.

在那裡，我敢肯定地說，任何致力於超寬帶實施的汽車公司都在與恩智浦合作。

So we are highly and very positively exposed here.

因此，我們在這裡受到高度和非常積極的曝光。

Finally, we also see a good traction with first IoT implementations.

最後，我們還看到了第一個物聯網實施的良好牽引力。

One of the early examples are the -- those techs, which help you to find stuff which you might have lost.

早期的例子之一是——那些技術，它們可以幫助你找到你可能丟失的東西。

But it also -- we also see nice design wins in door locks for home properties, for example, where you would then use your mobile phone to open your front door and unlock it.

但它也——我們也看到了住宅門鎖的出色設計，例如，您可以使用手機打開前門並解鎖。

So very much on track, Will.

非常順利，威爾。

Again, the numbers which we have given the $300 million to $400 million revenue size for NXP in 2 years from now, and we think the market for this is growing at some 40% over the next couple of years.

再一次，我們給出的數字是從現在開始的 2 年內 NXP 的 3 億到 4 億美元的收入規模，我們認為未來幾年這個市場將以 40% 左右的速度增長。

Your next question comes from the line of Toshiya Hari from Goldman Sachs.

您的下一個問題來自高盛的 Toshiya Hari。

I just had one for Kurt or Peter.

我剛給庫爾特或彼得買了一個。

I wanted -- I was hoping you could elaborate a little bit on the LTSAs that you've already signed with foundry partners or perhaps you're looking to sign going forward.

我想要 - 我希望你能詳細說明你已經與代工合作夥伴簽署的 LTSA，或者你可能希望繼續簽署。

We read about price increases from the foundries going forward.

我們了解到未來代工廠的價格上漲。

How should we think about the balance between cost inflation for you guys versus your ability to price higher as well going forward?

我們應該如何考慮你們成本膨脹與未來定價能力之間的平衡？

And my guess is the 57% number that, Peter, you alluded to embeds some of those dynamics, but I wanted to clarify that as well.

我的猜測是，彼得，你提到的 57% 的數字嵌入了其中的一些動態，但我也想澄清這一點。

I'll let Peter answer but I really want to make one upfront statement because that's -- this is -- it is important.

我會讓 Peter 回答，但我真的很想先做一個聲明，因為這很重要。

Yes, input cost is rising.

是的，投入成本正在上升。

And yes, we pass on the cost increases, but this is not a tool for us to artificially increase margins.

是的，我們轉嫁了成本增加，但這不是我們人為增加利潤的工具。

We are in a largely application-specific and very trustful relation with our customers for years to come.

在未來的幾年裡，我們與客戶的關係主要是針對特定應用的，並且非常信任。

So we do pass on the input cost increases, but that's not a mechanism here to structurally increase margins.

所以我們確實傳遞了投入成本的增加，但這並不是一種結構性地增加利潤的機制。

Peter, you might want to give more color.

彼得，你可能想給更多的顏色。

I think you just answered the question really, Kurt.

我想你剛剛回答了這個問題，庫爾特。

Yes, it's -- we're not a commodity company.

是的，它是——我們不是一家商品公司。

We don't raise prices from time to time and reduce them when times are not tight.

我們不會時不時漲價，時間不緊的時候降價。

What's been very interesting about this whole change is there's really been 2 big factors.

整個變化非常有趣的是確實有兩個重要因素。

One, Kurt was talking about before, which is it's enabling us to build deeper relationships with our customers and understand their requirements and their supply chains a lot better than we have in the past.

第一，Kurt 之前說過，這使我們能夠與客戶建立更深層次的關係，並比過去更好地了解他們的需求和供應鏈。

And in terms of our suppliers, you can -- without kind of going into a lot of detail, you can actually find out who are your true partners and who will support you in the years to come and who were the guys who were a little bit more predatory.

就我們的供應商而言，您可以 - 無需詳細說明，您實際上可以找出誰是您真正的合作夥伴，誰將在未來幾年支持您，以及誰是小伙伴更具掠奪性。

But ours is a market and supply chain where it's really built on long-term relationships and long-term sources of supply, both for our customers and for ourselves and for a predictable level of pricing and profitability.

但我們是一個市場和供應鏈，它真正建立在長期關係和長期供應來源之上，既為我們的客戶，也為我們自己，以及可預測的定價和盈利水平。

Your next question comes from the line of Chris Caso from Raymond James.

您的下一個問題來自 Raymond James 的 Chris Caso。

A question on the capacity additions and the CapEx that you said was stepping up here in the second half of the year.

你所說的關於產能增加和資本支出的問題在下半年得到了加強。

How -- for how long do you expect that to continue?

怎麼樣——你預計這種情況會持續多久？

I imagine that the equipment lead times are extended also.

我想設備的交貨時間也會延長。

So you have to be giving your equipment suppliers some visibility on this.

因此，您必須讓您的設備供應商對此有所了解。

I guess the question is how long will you be needing to continue adding capacity in order to get caught up with the level of demand right now?

我想問題是你需要多長時間才能繼續增加產能才能趕上現在的需求水平？

Well, I guess the very simple answer is we'll continue to need capacity for the foreseeable future because we believe there's a really healthy cycle going on in terms of our product.

好吧，我想一個非常簡單的答案是，在可預見的未來，我們將繼續需要產能，因為我們相信我們的產品正在形成一個非常健康的周期。

So one thing that's really come out in the last 6 months is that for those people outside the semiconductor industry, they've really begun to understand that semis are a core part of everything we do.

因此，在過去 6 個月中真正出現的一件事是，對於半導體行業以外的那些人來說，他們已經真正開始明白，半導體是我們所做的一切的核心部分。

So to the extent that GDP grows over the next few years, you will see semiconductors grow at probably a faster rate.

因此，就未來幾年 GDP 的增長而言，您將看到半導體可能以更快的速度增長。

I think the thing to remember with us about 70 -- just 70% to 80% of our assembly and test capacity is internal.

我認為我們要記住的大約 70 件事——只有 70% 到 80% 的組裝和測試能力是內部的。

So that will continue to be kind of healthy source of capital requirements.

因此，這將繼續成為一種健康的資本需求來源。

And I think it's about 57%, 58% of our wafer supply is external.

我認為大約有 57%、58% 的晶圓供應來自外部。

We're not likely to have a build a new fab, but we're constantly updating the equipment we have there to keep them [current].

我們不太可能建造一個新的晶圓廠，但我們會不斷更新我們在那裡的設備以保持它們[最新]。

So I think in the past, we've said through the cycle, we'll spend 5% to 7% on CapEx.

所以我認為在過去，我們在整個週期中說過，我們將在資本支出上花費 5% 到 7%。

Last year, it was below 5%.

去年，這一比例低於 5%。

This year, it will be at 7%.

今年將達到7%。

We'll probably update a more longer-term view at the Analyst Day in November.

我們可能會在 11 月的分析師日更新更長期的觀點。

(inaudible)

（聽不清）

I'm sorry, you're breaking up.

對不起，你們分手了。

(inaudible) The customers, they seem to have had more inventory -- more inventory have higher securing.

（聽不清）客戶，他們似乎有更多的庫存——更多的庫存有更高的保障。

As that happens, who do you expect to bear the cost of (inaudible) I think in the quarter being on the automaker's books or will be (inaudible) So I guess what are the (inaudible) terms of who bears the cost of that?

發生這種情況時，您希望誰承擔（聽不清）我認為在該季度出現在汽車製造商的賬簿上的成本，或者將是（聽不清）所以我猜誰承擔成本的（聽不清）條款是什麼？

I apologize.

我道歉。

I don't know if it was me, but I couldn't hear anything there.

我不知道是不是我，但我聽不到任何聲音。

I don't know, Kurt, if you could hear what he said.

我不知道，庫爾特，你是否能聽到他說的話。

I had the same problem.

我有同樣的問題。

But I guess you were asking about something of the cost of increased inventory?

但我猜你問的是增加庫存的成本？

Yes.

是的。

I'm sorry.

抱歉。

I'm not sure what happened.

我不確定發生了什麼。

But the question is, as the inventory -- as the automakers ask for more security supplies, more inventory, who bears the cost of that?

但問題是，作為庫存——當汽車製造商要求更多的安全用品、更多的庫存時，誰來承擔成本？

Will that be inventory that the automakers will take possession of and pay for in advance?

這會是汽車製造商將擁有並提前支付的庫存嗎？

It will be some combination of just more inventory on the hub.

這將是集線器上更多庫存的某種組合。

Who basically pays the cost of that?

基本上誰來支付這些費用？

Well, first, let me point out again, it's not something which happens to any extent today because the capability is not there.

好吧，首先，讓我再次指出，這不是今天發生的任何事情，因為沒有能力。

Once it will happen, it won't be us.

一旦發生，就不是我們了。

I mean it needs to be part of their business model.

我的意思是它需要成為他們商業模式的一部分。

So it will have to be somewhere between Tier 1 suppliers, auto companies and maybe some distributors in some cases, but not on our end.

因此，在某些情況下，它必須介於一級供應商、汽車公司和一些分銷商之間，但不是在我們這邊。

Your next question comes from the line of Blayne Curtis from Barclays.

您的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just wanted to revisit on the supply side, just the cadence that you're bringing it on.

我只是想重新審視供應方面，只是你帶來它的節奏。

So when you -- the growth you're seeing in September, will you -- will inventory -- will you have to ship out inventories?

因此，當您 - 您在 9 月份看到的增長時，您會 - 將庫存 - 您是否必須運送庫存？

Or are you able to match that with supply?

還是您能夠將其與供應相匹配？

Just trying to understand the cadence you're bringing it in.

只是想了解你引入的節奏。

And then you mentioned mobile, you're kind of reprioritizing for a quarter.

然後你提到了移動，你有點重新確定了四分之一的優先級。

Is that just kind of a one-off?

這只是一種一次性的嗎？

Or are you -- are there other segments that even with the strong guide in September that you're having to prioritize away from them?

或者您是否 - 即使在 9 月份有強有力的指導，您是否還必須優先考慮其他細分市場？

Well, Blayne, we continue to be constrained across the board.

好吧，Blayne，我們繼續受到全面限制。

And of course, we need to take all the time certain priority decisions.

當然，我們需要始終做出某些優先決定。

And indeed, mobile is kind of suffering in the third quarter.

事實上，移動在第三季度有點受挫。

But everything is relatively short across the board.

但一切都相對較短。

The additional supply coming online is really gradual from many different sources.

上線的額外供應確實是來自許多不同來源的漸進式供應。

I mean, we talked about it.

我的意思是，我們談到了它。

We have increasing traction with the mid- and longer-term contracts with our foundry suppliers.

我們與代工供應商簽訂的中長期合同的吸引力越來越大。

We have Texas fully up and running by now.

到目前為止，我們已經完全啟動並運行了德克薩斯州。

We have, as Peter alluded to, invested both into our internal test and assembly capability, but also looking at some expansions of our internal front-end factories.

正如彼得所暗示的那樣，我們既投資了我們的內部測試和組裝能力，也考慮了我們內部前端工廠的一些擴展。

So all of these things across the different technologies and products are happening gradually.

因此，所有這些跨越不同技術和產品的事情正在逐漸發生。

So it's not a onetime event.

所以這不是一次性事件。

But I would say with the demand being as strong as we continue to foresee it, it will remain tight for a while.

但我想說，隨著我們繼續預見到需求強勁，它會在一段時間內保持緊張。

But the one really suffering in Q3 is indeed mobile.

但在第三季度真正受苦的確實是移動設備。

And then I just want to ask you on the auto side.

然後我只想在汽車方面問你。

One source of content gains is always new model years that typically make seasonality in autos kind of have a March heavy.

內容收益的一個來源總是新車型年，這通常會使汽車的季節性在 3 月變得沉重。

It seems like maybe you're seeing '22 model years earlier.

似乎您可能早在 22 年前就看到了 '22 模型。

I'm just kind of curious, as you think about that content portion, you're obviously benefiting now from maybe a mix shift to EV, but just kind of auto seasonality, is it different this year?

我只是有點好奇，當你想到內容部分時，你現在顯然從混合轉向電動汽車中受益，但只是一種汽車季節性，今年有什麼不同嗎？

Are you seeing maybe model years earlier?

您是否看到幾年前的模型？

Just kind of walk us through, obviously, you don't want to guide for December-March, but just any thoughts on kind of seasonality for that auto business up to September.

只是有點引導我們，顯然，你不想指導 12 月至 3 月，但只是對截至 9 月的汽車業務的季節性的任何想法。

Well, Blayne, I think I said for the total business that we expect Q4 in absolute revenue terms to be above Q3.

好吧，Blayne，我想我說的是，我們預計第四季度的絕對收入將高於第三季度。

That's one.

那是一個。

Secondly, I don't think there is really seasonality in auto at this point in time because dealer inventories are at record lows in the U.S. and in China and they just can't build as many cars as they would wish to build.

其次，我認為目前汽車行業並沒有真正的季節性，因為美國和中國的經銷商庫存處於創紀錄的低位，他們無法製造他們希望製造的汽車數量。

So I think it's more a function of supply availability in terms of when they would do what.

因此，我認為就他們何時會做什麼而言，這更多的是供應可用性的功能。

So at this point in time, it is really supply constrained for them, which I think overwrites any seasonality.

所以在這個時間點，他們的供應確實受到限制，我認為這會覆蓋任何季節性。

There are no further questions.

沒有進一步的問題。

At this point, Jeff, I guess we are running against time, right?

在這一點上，傑夫，我想我們正在爭分奪秒，對吧？

Yes, that's correct, Kurt.

是的，這是正確的，庫爾特。

Yes.

是的。

So let me then maybe from my end conclude the call with saying, I hope we could give you a good view and transparency into the continued very strong demand, which we are seeing across the board.

因此，讓我在結束電話會議時說，我希望我們能夠讓您對持續的非常強勁的需求有一個良好的看法和透明度，這是我們全面看到的。

And at the same time, the news that we are seeing increased supply capability coming online, which drives the strong guidance into the third quarter from a revenue perspective.

與此同時，我們看到在線供應能力增加的消息，從收入的角度推動了對第三季度的強勁指導。

We also told you that quarter 4 is going to be yet higher than quarter 3 and we continue to see this trend going into the next year.

我們還告訴您，第 4 季度將高於第 3 季度，我們將繼續看到這種趨勢持續到明年。

And at the same time, we see that our gross margins are now very much hitting the mark which we had anticipated for a long time.

同時，我們看到我們的毛利率現在非常接近我們長期以來的預期。

With that, I thank you for your attendance today.

在此，我感謝您今天的出席。

Thank you.

謝謝你。

Thank you all.

謝謝你們。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。