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.

現在讓我從第二季開始。

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

同時，汽車、工業和行動市場的趨勢均略高於我們指導的中點。

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，恩智浦第二季度營收為 26 億美元，年增 43%，比我們指導範圍的中位數高出 2,600 萬美元。

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

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。

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.

我們第二季的非 GAAP 營運利潤率高達 32%，比去年同期高出 1,130 個基點，比我們指導的中點高出 70 個基點。

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

我們更強勁的營業利潤表現得益於更豐富的產品組合。

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

現在讓我談談我們重點關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，第二季營收為 12.6 億美元，年增 87%，略高於我們指引的中點。

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，第二季營收為 5.71 億美元，比去年同期成長 31%，略高於我們指引的中點。

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

在行動領域，第二季營收為 3.47 億美元，比去年同期成長 36%，略高於我們指引的中點。

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

最後，在通訊基礎設施及其他領域，第二季營收為 4.16 億美元，年減 8%。

However, about $21 million better than our guidance.

然而，比我們的指導值高出約 2100 萬美元。

With this, let me move to our outlook.

說到這裡，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.

我們預計第三季營收中點為 28.5 億美元，較 2020 年第三季成長 26%，年增 22% 至 29% 範圍內。

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

從環比來看，這一數字比上一季的中位數成長了 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 3 季相比，汽車產業預計將上漲 50% 左右，與 2021 年第 2 季相比，上漲幅度將在 15% 左右。

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 2021 年第 2 季相比，工業和物聯網預計年增率將達到百分之十左右，成長幅度將達到中個位數。

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 2021 年第 2 季相比，預計行動業務年減幅度將在低個位數範圍內，並將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，通訊基礎設施及其他業務預計將出現低個位數成長，較上季成長約 10%。

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

在此，讓我向您介紹恩智浦當前需求狀況的最新情況。

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，我們預計第二季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，我們預計在可預見的未來供應將成為挑戰。

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

我們確實繼續與客戶進行日常密切合作，以滿足他們最迫切的短期需求。

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，根據訂單以及我們在過去 6 到 9 個月採取的各種行動，我們開始看到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及以後晶圓供應將持續增加，這將支持我們隨後幾季的營收成長。

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，由於客戶需求超過當前供應（我們在所有終端市場都看到這種情況），我們正在努力確保額外供應，以實現需求與供應的健康平衡。

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，根據客戶的討論以及我們自己的分析，我們不認為恩智浦組件在延伸供應鏈上存在過剩庫存。

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，這是與我們的客戶群（特別是在汽車和工業終端市場）的長期需求有關的非常詳細的對話和相關承諾的直接結果。

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約承諾，以確保供應，以及進行投資以擴大我們的內部前端產能以及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驗證了我們業務出色的潛在長期成長、獲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.

我們繼續看到我們公司特定的關鍵收入成長驅動力在我們的策略終端市場中如我們長期以來的預期一樣展現出來。

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、領域和熱工藝以及電氣化產品，包括我們的電池管理系統，所有這些都位於汽車市場。

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.

在廣泛的工業和物聯網市場中，我們為實現完整、安全的互聯邊緣處理解決方案而進行的重大而集中的投資得到了強有力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.

他們所有人都將繼續為我們未來的成長做出貢獻。

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.

雖然我們不會提供當前季度之後的具體指導，但我們確實預計第四季度的收入絕對值將高於第三季。

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策略終端市場中長期升級週期的開始。

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

總之，我們對終端市場需求持續快速反彈感到非常鼓舞。

Our employees are highly engaged to drive our success.

我們的員工高度投入以推動我們的成功。

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系列。

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

客戶的反應、參與度和設計贏得動力都支撐了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.

在結束我準備好的演講之前，我想談談 COVID-19 大流行對恩智浦持續的影響。

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.

這場流行病仍然活躍，並繼續困擾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，在全球所有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.

我們已在多個國家為我們的團隊成員及其家人成功發起了疫苗接種活動。

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

然而，高度傳染性的三角洲變種要求我們在幾個地點恢復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韌性感到非常自豪。

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，他們為確保我們的客戶成功而不懈的關注和精力。

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.

正是他們在面對疫情和極具挑戰性的供應環境時的奉獻精神和辛勤工作，才真正發揮了作用。

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，請你審查我們的財務表現。

Peter?

彼得？

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

謝謝庫爾特，今天電話會議的大家早安。

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.

整體而言，我們第二季的財務表現非常好。

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，我們推動了非公認會計原則毛利和非公認會計原則營業利潤的改善，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在未來一段時間內實現強勁成長。

Now moving to the details of the second quarter.

現在轉向第二季的細節。

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，年增 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.

我們的非 GAAP 毛利為 14.6 億美元，非 GAAP 毛利率為 56.1%，較去年同期成長 700 個基點，高於我們指引的上限。

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

非 GAAP 營運費用總額為 6.26 億美元，較去年同期增加 1.1 億美元，比第二季增加 2,600 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，這比我們指導的中點高出 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 GAAP 營業利潤為 8.3 億美元，非 GAAP 營業利潤率為 32%，年成長 1,130 個基點，高於我們指引的上限。

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 9,100 萬美元，比指導值高出 400 萬美元，因為我們在本季初發行了 20 億美元的新債務。

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

持續經營業務的現金稅為 5,000 萬美元，非控制權益為 900 萬美元。

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

總而言之，線下專案比我們的指導值高出 100 萬美元。

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

以股票為基礎的薪酬為 9,300 萬美元，不包含在我們的非 GAAP 收益中。

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.

第二季末我們的總債務為 95.9 億美元，由於先前提到的債務發行，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.

由於新債務和現金生成，我們的期末現金部位為 29.1 億美元，比上一季增加 10.7 億美元，但被本季的資本回報所抵銷。

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，本季結束時，過去 12 個月的調整後 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.

在第二季末，我們的淨負債與過去 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.

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，為股東帶來了總計 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 日第二季末之後，我們透過 10b5-1 計畫額外回購了 10 億美元的股票，今年迄今總共向股東返還了 33.7 億美元。

Turning to working capital metrics.

轉向營運資本指標。

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

庫存天數為88天，比上一季增加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 95 天的長期目標，本季度的連續增長是由於晶圓供應驅動的在製品增加——晶圓供應交付支持我們第三季度的收入增長，而成品繼續下降到非常低的水平。

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。

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

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。

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

我們需要幾個季度的時間才能重建現有庫存並將庫存引導至我們的長期目標水準。

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.

由於我們持續增加對供應商的材料訂單，應收帳款天數為 35 天，比上一季增加 5 天，應付帳款天數為 92 天，比上一季增加 13 天。

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，我們的現金週轉週期為 31 天，比上一季度提高了 1 天，反映了強勁的客戶需求、穩健的應收帳款回收以及對未來時期客戶交付的定位。

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

營運現金流為 6.36 億美元，淨資本支出為 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.

轉向我們對第三季的預期。

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

正如 Kurt 所提到的，我們預計第三季營收為 28.5 億美元，上下浮動 7,500 萬美元。

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

中間值年增 26%，季增 10%。

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

我們預計非 GAAP 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.

營運費用預計約為 6.65 億美元，上下浮動約 1000 萬美元，與我們的長期模型一致。

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

綜合來看，我們預期非 GAAP 營運利潤率中位數約為 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.

我們預計非 GAAP 財務費用約為 9,600 萬美元，預計與持續營運相關的現金稅約為 9,000 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，我們表示預計 2021 年全年現金稅約為 9%，並將在下半年後端加載。

Noncontrolling interest will be about $9 million.

非控制權益約 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，使用 2.71 億股的平均股數，下降了約 13%——抱歉，由於一致執行，比去年同期下降了約 1300 萬股。政策。

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

最後，我想提出幾點結束語。

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

第一，我們的目標終端市場的需求趨勢持續強勁，客戶對我們最新產品的興趣持續強勁。

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

我們正在努力與客戶和供應商合作，及時解決訂單請求。

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降方面，這將使我們能夠將非公認會計準則毛利率推至毛利率中點以上目標。

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

第三，我們的業務持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，同時也提高我們現有的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.

我們堅定不移地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過去12 個月調整後EBITDA 淨債務的2 倍，我們就會將所有超額現金免費返還給我們的所有者，將所有超額自由現金流回饋給我們的所有者。

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 Kurt 所提到的，我們相信需求環境強勁，儘管存在供應限制，但我們仍然預計 2021 年剩餘時間以及 2022 年將出現強勁增長。

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，我們仍然在嚴格的流行病協議下工作。

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

我現在想將其轉回接線員詢問您的問題。

(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是，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產業的現狀。

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更接近高峰而不是低谷，並且很想聽聽您的想法。

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

是什麼讓您相信這種實力可以持續到 22 世紀及以後？

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

我們清楚地確信，我們離高峰還很遠，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.

看待這個問題的方法顯然是——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，但人們普遍認為明年 SAAR 將再增長 10% 左右。

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 年大流行前的絕對數量水準。

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，C.J.，正如我們過去多次討論的那樣，我們的內容增益——公司特定的內容增益，我在準備好的發言中提到了一些內容，例如雷達、eCockpit、熱過程和電池管理以及電氣化確實確實推動了恩智浦的特定優勢和成長。

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.

從市場角度來看，我想說，總體而言，內容的成長可能會有所加快，特別是由於 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，xEV 數量佔汽車總產量的比例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.

因此，我想我再次引用了我們看到的最新數據，IHS。

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

去年，xEV 產量佔汽車總產量的 12%。

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

明年將更像是季度。

And then growing fast from there further onwards.

然後從那裡開始快速成長。

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 的矽含量明顯更高，因此這是汽車市場的另一個強勁驅動力。

So far away from a peak.

距離巔峰還很遙遠。

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

最後，非常有策略，因為我知道每個人都想發言並想聽。

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，我每天都與我們的一級客戶的執行長保持聯繫，他們每天為汽車公司和汽車公司本身提供服務，試圖確保我們能夠滿足他們最緊迫的需求，日復一日日地真正掌管貨物。

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

因此，在延伸的供應鏈中沒有任何一個庫存。

They want to build more cars.

他們想要製造更多的汽車。

So I have any confidence that this keeps growing.

所以我有信心它會持續成長。

That's very helpful.

這非常有幫助。

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

我想作為後續產品，彼得，毛利率非常出色。

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.

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

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

我想，您如何看待與新冠病毒相關的成本削減，這會產生什麼樣的正面影響？

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，隨著負荷可能繼續上升，我們應該如何考慮從這裡開始的上升？

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，就我們的毛利率而言，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.

我們的工廠運作方式與過去幾乎相同。

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

我的意思是，顯然，更頻繁地對工廠進行消毒會產生成本。

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

我們一直在支付多種醫療支援費用。

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

但我不確定它是否大到足以真正影響利潤。

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，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，我們第三季 56.3% 的指導確實顯示了我們工廠滿載運轉時的毛利率。

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，當我們擴大收入並進入 2022 年時，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.

我們在第三季幾乎全力以赴。

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% 對我們來說是一個很大的數字，而且我們實現這一目標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.

我認為懸而未決的問題仍然是——57% 還需要幾年時間，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 幫助我們從第二季度進入——抱歉，從第一季度進入第二季度。

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

這就是為什麼我們在第二季做得更好。

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.

但從第二季到第三季的巨大影響實際上是額外的利用率和能夠運行我們的工廠，特別是後端的全面運作。

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?

關於第一個問題，庫爾特，具體到汽車，您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，投資人應該關注什麼，才能放心產業供應商的反應將受到約束。

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，我很感激您提到您每天都與客戶保持聯繫，並且今天沒有任何庫存。

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

但正如您也提到的，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一如既往地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.

但我想再次向您保證，我們——我認為我們離這個目標還很遠，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.

然後你提到了一些代工廠關於微控制器出貨量增加 60% 的聲明。

That isn't that much.

那還不算多。

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，我認為我們第一季和第二季的汽車供應量或收入合計也比去年增長了 50% 左右。

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

考慮到去年的歷史低點，這也是該行業所採取的做法。

So last year is not a good comparison.

所以去年並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，從汽車產量的角度來看，回到2019年甚至2018年，當行業處於巔峰水平時更有意義。

So how do we check this?

那我們要如何檢查這一點呢？

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

我的意思是，我真的想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，我們不僅與一級供應商保持著極其密切的聯繫，而且還直接與產品所在的原始設備製造商保持著密切的聯繫。

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

因此，我們同時對真實需求有非常非常好的了解，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.

如果您考慮到經過分銷的部分，我們將一如既往地繼續嚴格遵守與分銷商的庫存月數。

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.

當我們發佈時，我們再次保持了 1.6 個月的非常低的數字，我的意思是這與我們上一季的數字不同。

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

但你知道我們的目標模型更多是在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.

考慮到供應情況，我認為透明度已顯著增加，特別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.

我可以想像你問的整個問題肯定是針對更多類似商品的產品。

More difficult.

更難了。

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，哪個產品在哪家汽車公司的哪個應用程式中使用的情況非常清楚，我們對此的關注要少得多。

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

考慮到這種可見性，我非常有信心我們距離您所描述的情況還有相當遠的距離。

Got it.

知道了。

Very helpful.

非常有幫助。

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，我很好奇為什麼你們的行動銷售額（如果我沒聽錯的話）會連續下降，然後還會同比下降。

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

因為第三季不應該是該市場出貨量季節性強勁的季度嗎？

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

我們是否可以假設行動銷售即使進入第四季也將保持低迷？

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

那麼，為什麼行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相符呢？

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，考慮到目前的情況，今年並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，並且每年都會稍微下調。

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.

因此，我們對行動市場上的某些產品有供應限制，我們知道我們稍後會解決這個問題，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.

但在第三季度，我們突然意識到我們可以運送到我們想要運送的數量。

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

好消息是它不會損失我們任何市場份額。

So we don't lose any socket with this.

所以我們不會因此而失去任何套接字。

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

我們完全保持我們的勢頭，但這只是暫時的。

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.

如果你進行年度比較，我還可能想提醒你，去年第三季度是行動領域的一個特殊季度，因為這是華為禁令之前的最後一個季度，這實際上使我們的行動業務第三季度受益，因為人們第三季有更多，然後在第四季完全停止。

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

您的下一個問題來自伯恩斯坦研究中心的史黛西‧拉斯貢 (Stacy Rasgon)。

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，我想再次雙擊自動中的內容增加。

I mean you called out at EVs specifically.

我的意思是你專門針對電動車大聲疾呼。

I guess a couple of things.

我想有幾件事。

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

您能告訴我們現在您的汽車業務有多少是由電動車驅動的嗎？

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?

您認為下個季度的成長有多少是由終端市場單位成長而不是內容增加所推動的，例如——因為您銷售的是更高內容的車輛？

Yes, Stacy.

是的，史黛西。

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 xEV 收入成長的關鍵驅動力顯然是電池管理解決方案，該解決方案具有出色的曝光度。

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人講座中，我們告訴過您，未來幾年我們的複合年增長率將達到 60%。

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

我絕對可以在這裡再次確認，我們至少已經走上了電池管理解決方案的正軌。

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，如果你把它看得更寬一點，它實際上更多，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.

事實上，史黛西，我們將在投資者日更詳細地討論這個問題，傑夫剛剛在 11 月 11 日強調了這個問題，以更詳細的方式解析它是如何出現的。

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 相對於傳統動力傳動系統的雙倍矽含量也為恩智浦帶來了顯著的優勢。

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

因此，我們從更高的 xEV 比率中受益匪淺，這有力地推動了我們的內容成長故事。

Got it.

知道了。

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

對於我的後續行動，我想詢問現金回報的情況。

So you bought back a lot of stock.

所以你買回了大量的股票。

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 月份，我們加大了回購力度，並獲得了約 26 億美元的授權，現在已經完成了約 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，但您仍在引導份額倒數計時。

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?

我想考慮到目前回購的力度，你能談談這代表什麼嗎？

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——我想這增強了你談論明年成長的信心。

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

但我想一旦你——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，因為看起來你大部分時間都在回購這個日期？

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.

所以我想你的第二個問題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.

顯然，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.

至於多少——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.

我們一直表示，我們將把過去 12 個月的 EBITDA 淨債務保持在 2 倍——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.

因此，我們一直回購到這個水平，並且在可預見的未來我們將繼續這樣做。

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.

但說實話，這非常數學化，我們只是保持在 2 倍的淨債務水準。

(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.

如果我能如此大膽的話，我對一個問題進行了澄清，然後進行了後續跟進。

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

但你們把這 9000 萬美元的短缺物資運出了德州了嗎？

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

您是否已經掌握了汽車領域的所有知識？

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，也許對庫爾特來說，在汽車方面，更長期的問題是，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.

隨著最近需求的增長，該行業採取的準時製做法似乎對他們產生了一些適得其反的效果。

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

你們正在進行的對話中是否有強調結構性變化的？

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，您認為幾年後該行業不會真正發生任何改變？

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.

我想我記得，在第一個問題上，我們確實談到了 1 億美元，由於我們德州的 2 個工廠遭遇冬季風暴，我們損失了第二季的收入。

That is correct.

這是正確的。

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

我可以告訴你的是，兩家工廠確實已經完全投入運作。

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

因此，我們已經做好了風暴前的準備，並提高了兩家工廠的產量水平，因此再次全力以赴。

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

這樣，我們就得到了我們最初希望得到的輸出。

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

因此，從未來收入的角度來看，這是個好消息，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.

但從供應角度來看，這也是個好消息，因為正如我們之前討論的那樣，這兩家工廠都對汽車和通訊基礎設施市場有很大的影響，而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，我們對我們的員工感到高興和感謝，他們在[間隔]時間內恢復了營運。

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.

羅斯，關於你問題的另一半，我看到汽車行為有結構性變化的跡象，尤其是汽車終端客戶的行為。

And I think there are 2 pieces to this.

我認為這有兩個部分。

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.

人們確實會認識到，如果中間沒有某種緩衝來處理，即時系統並不完全相容於半導體 3 到 6 個月的製造週期。

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

因此，我認為，擴展供應鏈中的庫存將會增加。

Now when you ask me, is this being implemented?

現在當你問我，這正在實施嗎？

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

我的回答是否定的，但這只是因為供應不存在。

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，人們正在某個時候計劃這一點，但他們還無法實施。

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——第一，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，我們從未如此清楚地了解哪個產品、哪個應用程式、哪個型號年份的運行量是多少。

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.

因此，這比以往任何時候都好得多，因為從結構上來說，我們與汽車公司的合作更加緊密。

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.

這是一件很重要的事情，因為過去的情況並非如此。

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正確的能力進行預測和規劃。

One quickly for you, Peter.

彼得，快給你一份。

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

你對毛利率方面給了很好的描述。

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營運支出強度，我認為截至你們上次分析師會議，它的範圍在 20% 到 24% 之間。

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

我知道您可能會在今年稍後更新。

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

但您能簡單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，看起來你在這個目標範圍內運行，但在較高的範圍內，大約是 23%、23.5%。

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

您預期槓桿率會達到該範圍的下限嗎？

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

或者一般來說，我們應該如何看待相對於收入成長的營運支出？

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

當然，目前我認為營收佔 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 數位可能具有一定的槓桿作用，因為儘管我們通常會增加銷售和行銷、G&A，但我們更有可能保持美元不變。

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

但我認為目前 23% 確實是一個值得規劃的好數字。

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銀行的約翰‧皮策 (John Pitzer)。

Congratulations on the solid results.

祝賀取得了紮實的成果。

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.

庫爾特，我想詢問一些有關您的通訊基礎設施業務的情況，該業務的表現比六月季度的指導要好得多，並且將在九月季度實現良好增長。

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，但顯然必須透過禁令來降低期望。

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

但看來你們對 5G 週期的影響可能比我們有些人想像的還要大。

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成長的因素，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，我們去年確實談論過重要的設計贏得了中國大客戶的青睞，但它確實失敗了。

So indeed, this is still not there.

事實上，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.

目前正在執行的業務以及我們下一季指導的業務與我們去年討論過的設計勝利無關。

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

第二季的優異表現其實是整個細分市場的表現。

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 擴展，但它只涵蓋了該收入領域的所有產品子領域。

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

所以它不僅僅是5G，而且確實包括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 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，我們在最近的幾次電話會議中進行了討論，我想說，我們確實看到了圍繞 5G 的兩個趨勢，它們正在讓我們成長。

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組在美國的預期成長。

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.

但我們也很好地參與了中國 CP3 招標，這些招標是針對農村地區的宏基站，實際上頻率範圍低於 2.1 吉赫茲，所以我認為介於 700 兆赫茲和 2.1 吉赫茲之間，這非常適合我們的LDMOS 能力和領導地位。

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，當你考慮第三季度及以後的情況時，從長遠來看，這確實很好地推動了我們的成長。

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

美國的 5G 多技術模組和中國的 CP3 招標。

That's really good color, Kurt.

庫爾特，這個顏色真的很好。

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，Peter，在您準備好的評論中，您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?

這是否主要是透過外包合作夥伴完成的，因此這更多的是對營運資金的打擊，而不是對資本支出的打擊？

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，當您繼續努力使供應趕上需求時，我們如何看待未來幾季的資本支出？

CapEx will be about 7% this year.

今年資本支出約為 7%。

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

所以是的，它會在第三季、第四季有所上升。

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

主要是，那裡有大量的組裝和測試，但在我們的實際晶圓廠中也有一些瓶頸突破。

So CapEx will be up.

所以資本支出將會上升。

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

我認為營運資金不會真正增加。

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

我的意思是——如果我們能得到的話，我們肯定希望有更多的庫存。

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水平的評論。

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和正在進行的工作，這些原材料和工作是在我們收到的季度末從鑄造廠發貨的。

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

所以我想退一步來說，我們肯定會在內部能力上進行​​更多投資，這將對我們明年產生正面影響。

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

我們繼續與其他供應商努力合作，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.

但一旦我們得到它，我們就會盡快建立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.

因此，我確實認為我們的庫存水準不會很快恢復到正常水準。

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.

我還要表達我的祝賀，特別是對指南的祝賀，非常強烈。

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，作為一種澄清，通訊基礎設施業務的突破。

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大部分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.

但我知道有數位網絡，而且我認為那裡仍然有一些身份證業務。

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

您能否提醒我們分裂的情況，以及您期望其中 3 個部分如何隨著時間的推移而成長？

So Will, thanks for your contrast on the guidance.

所以威爾，感謝您對指導的比較。

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.

它與數位網路有關，其中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，而且我想我之前已經提到過，第二季的優異表現是所有這些公司都表現出色的。

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

因此，它不僅限於這些細分市場之一，而且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.

當您考慮第三季的指南和成長時，它可能是由 5G 相關的 Comms Infra RF Power 引領的。

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

如果可以的話，還有另一種產品問題。

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.

我忘記一兩年前，您可能開始談論超寬頻產品以及您預期在手機和汽車領域看到的成長。

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提供有關該產品類別在這兩個終端市場的收入吸引力以及它們今天的前景的一些最新資訊？

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——因為它真的很好地步入正軌——只是為了提醒大家，這不僅僅是產品的問題。

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，我們確實為汽車、行動和物聯網解決方案提供無線電、安全元件和軟體。

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.

不過，我認為，我們正在走上正軌，就像我們在宣講會上所說的那樣，在23 年（即從現在起的兩年內）在這些細分市場上實現約3 億至4 億美元的收入。

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

截至今天，我想說移動實際上正在發生。

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

如果你想想 Android 世界，我敢說，我們正在與所有主要 Android 手機公司密切合作。

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，這只是更多的功能，因為顯然，使用手機作為汽車鑰匙的汽車用例需要先將手機安裝到位。

This is now happening.

現在這種情況正在發生。

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

因此，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，我敢於相當肯定地說，任何致力於超寬頻實施的汽車公司都在與恩智浦合作。

So we are highly and very positively exposed here.

所以我們在這裡的曝光率非常高。

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

最後，我們也看到首次物聯網實施的良好吸引力。

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失去的東西。

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.

一切都步入正軌了，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.

同樣，我們給出的數據顯示，恩智浦在 2 年內的收入規模將達到 3 億至 4 億美元，我們認為該市場在未來幾年內將以 40% 左右的速度成長。

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.

我剛剛買了一份給庫爾特或彼得。

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.

我希望——我希望您能詳細說明您已經與代工廠合作夥伴簽署的長期協議，或者您希望未來簽署的長期協議。

We read about price increases from the foundries going forward.

我們了解到代工廠未來會漲價。

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

我們該如何考慮你們的成本通膨與你們未來定價更高的能力之間的平衡？

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.

我會讓彼得回答，但我真的想預先聲明一下，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，但這不是我們人為提高利潤的工具。

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，我們與客戶保持著很大程度上針對特定應用且非常信任的關係。

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

因此，我們確實轉嫁了投入成本的增加，但這並不是結構性增加利潤的機制。

Peter, you might want to give more color.

彼得，你可能想要提供更多顏色。

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，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.

我們不會時不時地提高價格，也不會在時間不緊張時降低價格。

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，庫爾特之前談過，它使我們能夠與客戶建立更深的關係，比過去更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，您無需深入了解很多細節，實際上就可以找出誰是您真正的合作夥伴，誰將在未來幾年支持您，以及誰是那些對您有一點幫助的人。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.

但我們的市場和供應鏈真正建立在長期關係和長期供應來源的基礎上，無論是對我們的客戶還是我們自己，以及可預測的定價和獲利水準。

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

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的克里斯卡索 (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.

關於您所說的下半年產能增加和資本支出的問題。

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

您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一定的了解。

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?

我想問題是你需要繼續增加產能多久才能趕上現在的需求水準？

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.

嗯，我想非常簡單的答案是，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經歷一個真正健康的循環。

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，過去 6 個月真正出現的一件事是，對於半導體產業以外的人來說，他們已經真正開始理解半成品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，就未來幾年國內生產毛額的成長而言，您將看到半導體的成長速度可能會更快。

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一點是，我們的組裝和測試能力中只有 70% 到 80% 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.

我認為我們的晶圓供應中大約有 57%、58% 是外部的。

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座新的晶圓廠，但我們會不斷更新那裡的設備，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，我們在整個週期中都說過，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，這一數字將為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)

（聽不清楚）

I'm sorry, you're breaking up.

對不起，你們要分手了。

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

（聽不清楚）對客戶來說，他們似乎有更多的庫存——更多的庫存有更高的安全性。

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?

當這種情況發生時，您預計誰將承擔（聽不清）的成本，我認為在本季度汽車製造商的賬簿上或將會（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，你是否聽得到他說的話。

I had the same problem.

我也有同樣的問題。

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

但我猜您是在問增加庫存的成本？

Yes.

是的。

I'm sorry.

對不起。

I'm not sure what happened.

我不確定發生了什麼事。

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，隨著庫存——汽車製造商要求更多的安全用品、更多的庫存，誰來承擔這些成本？

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

汽車製造商將擁有並提前支付這些庫存嗎？

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

這將是中心更多庫存的某種組合。

Who basically pays the cost of that?

基本上誰來支付這個費用？

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，今天這種情況在任何程度上都不會發生，因為不存在這種能力。

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、汽車公司和一些經銷商之間，但不是我們這邊。

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

你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，只是你所採取的節奏。

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

因此，當你在 9 月看到成長時，你會庫存嗎？

Or are you able to match that with supply?

或者你能將其與供應相匹配嗎？

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

只是想了解您引入的節奏。

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

然後你提到了行動領域，你在一個季度裡重新調整了優先順序。

Is that just kind of a one-off?

這只是一次性的嗎？

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，即使在 9 月有強有力的指導，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，布萊恩，我們仍然受到全面限制。

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

當然，我們始終需要做出某些優先決策。

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

事實上，行動業務在第三季受到了一定程度的影響。

But everything is relatively short across the board.

但總體而言，一切都相對較短。

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

來自許多不同來源的額外供應確實是漸進的。

I mean, we talked about it.

我的意思是，我們討論過它。

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

我們與鑄造供應商簽訂的中長期合約越來越有吸引力。

We have Texas fully up and running by now.

德克薩斯州現在已經完全啟動並運行。

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.

正如彼得所提到的，我們不僅投資了內部測試和組裝能力，還考慮了內部前端工廠的一些擴張。

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.

但我想說的是，隨著我們繼續預見的需求強勁，需求將在一段時間內保持緊張。

But the one really suffering in Q3 is indeed mobile.

但第三季真正受苦的確實是行動領域。

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

然後我想問一下汽車方面的問題。

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

內容收益的來源之一始終是新車型年，這通常會使汽車的季節性在三月變得沉重。

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

看起來您可能看到的是 22 年前的車型。

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，當你考慮內容部分時，你現在顯然受益於向電動車的混合轉變，但只是汽車季節性，今年有什麼不同嗎？

Are you seeing maybe model years earlier?

你幾年前有看過模特兒嗎？

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.

請引導我們了解一下，顯然，您不想提供 12 月至 3 月的指導，而只是想了解 9 月之前汽車業務的季節性情況。

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

好吧，布萊恩，我想我說過，對於總業務，我們預計第四季度的絕對收入將高於第三季。

That's one.

這是一個。

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不存在真正的季節性，因為美國和中國的經銷商庫存處於歷史最低水平，而且他們無法生產他們希望生產的那麼多汽車。

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

所以我認為這更多的是供應可用性的函數，即他們何時做什麼。

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

因此，在這個時候，他們的供應確實受到限制，我認為這會涵蓋任何季節性。

There are no further questions.

沒有其他問題了。

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

在這一點上，傑夫，我想我們正在與時間賽跑，對嗎？

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，讓我在結束通話時說，我希望我們能夠讓您對持續強勁的需求有一個良好的看法和透明度，我們正在全面看到這一點。

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.

同時，有消息指出我們​​看到供應能力不斷增強，這從收入角度推動了第三季的強勁指引。

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.

我們也告訴您，第四季度將高於第三季度，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已經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。

Thank you all.

謝謝大家。

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.

您現在可以斷開連線。