恩智浦 (NXPI) 2020 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Q4 2020 NXP Semiconductors Earnings Conference Call.

女士們先生們，早上好，歡迎來到恩智浦半導體 2020 年第四季度收益電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the conference over to Mr. Jeff Palmer.

我現在想將會議轉交給 Jeff Palmer 先生。

Please go ahead, sir.

請繼續，先生。

Great, thank you, Tiffany.

太好了，謝謝你，蒂芙尼。

Good morning, everyone.

大家，早安。

Welcome to the NXP Semiconductors fourth quarter 2020 earnings call.

歡迎來到恩智浦半導體 2020 年第四季度財報電話會議。

With me on the call today is Kurt Sievers, NXP's President and CEO; and Peter Kelly, our CFO.

今天與我通話的是恩智浦總裁兼首席執行官 Kurt Sievers；和我們的首席財務官 Peter Kelly。

As Tiffany said, the call is being recorded today and will be available for replay from our corporate website.

正如蒂芙尼所說，電話今天正在錄音，可以從我們的公司網站重播。

Today's call will include forward-looking statements that involve risks and uncertainties that could cause NXP's results to differ materially from management's current expectations.

今天的電話會議將包括前瞻性陳述，這些陳述涉及可能導致恩智浦業績與管理層當前預期存在重大差異的風險和不確定性。

These risks and uncertainties include, but are not limited to, statements regarding the continued impact of the COVID-19 pandemic on our business, the macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products, and our expectations for financial results for the first quarter of 2021.

這些風險和不確定性包括但不限於關於 COVID-19 大流行對我們業務的持續影響、宏觀經濟對我們經營所在的特定終端市場的影響、新產品和現有產品的銷售以及我們的聲明對 2021 年第一季度財務業績的預期。

Please be reminded that NXP undertakes no obligation to revise or update publicly any forward-looking statements.

請注意，恩智浦不承擔公開修改或更新任何前瞻性陳述的義務。

For a full disclosure on forward-looking statements, please refer to our press release.

有關前瞻性陳述的完整披露，請參閱我們的新聞稿。

Additionally, we will refer to certain non-GAAP financial measures today which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance.

此外，我們今天將提及某些非 GAAP 財務指標，這些指標主要由管理層認為與恩智浦基本核心運營績效不直接相關的離散事件驅動。

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our fourth quarter 2020 earnings press release, which will be furnished to the SEC on Form 8-K and is available on the NXP website in the Investor Relations section at nxp.com.

根據 G 條例，恩智浦在我們 2020 年第四季度的收益新聞稿中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，該新聞稿將通過 8-K 表格提交給 SEC，並可在恩智浦nxp.com 投資者關係部分的網站。

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

現在我想把電話轉給 Kurt。

Yes, thanks very much, Jeff, and good morning, everyone.

是的，非常感謝，傑夫，大家早上好。

We really appreciate you all joining the call this morning.

我們非常感謝大家今天早上加入電話會議。

Today, I will review our Q4 and our full year 2020 performance.

今天，我將回顧我們的第四季度和 2020 年全年業績。

I will provide insights on how we view the current supply-demand environment, and I will certainly discuss our guidance for quarter 1.

我將提供有關我們如何看待當前供需環境的見解，我肯定會討論我們對第一季度的指導。

Now let me begin with quarter 4. Our results were near the high end of our guidance.

現在讓我從第 4 季度開始。我們的結果接近我們指導的高端。

With the contribution from the automotive and mobile markets both meaningfully stronger than planned, and with trends in the industrial and IoT and communication infrastructure markets in line with our expectations.

汽車和移動市場的貢獻明顯強於計劃，工業、物聯網和通信基礎設施市場的趨勢符合我們的預期。

Taken together, NXP delivered quarter 4 revenue of $2.5 billion, an increase of 9% year-over-year and $57 million above the midpoint of our guidance range.

總的來說，恩智浦第四季度的收入為 25 億美元，同比增長 9%，比我們指導範圍的中點高出 5700 萬美元。

Our non-GAAP operating margin in quarter 4 was a strong 30.5%.

我們在第 4 季度的非 GAAP 營業利潤率高達 30.5%。

That is 60 basis points better than the year-ago period and about 80 basis points above the midpoint of our guidance.

這比去年同期好 60 個基點，比我們的指導中點高出約 80 個基點。

Our outperformance was thanks to good fall-through on strength, revenue growth, thanks to early benefits of our improved factory utilization and solid operating expense control.

我們的出色表現歸功於實力、收入增長的良好下降，這要歸功於我們提高工廠利用率和穩健的運營費用控制的早期收益。

For the full year, revenue was $8.6 billion, a decline of 3% year-over-year.

全年收入為 86 億美元，同比下降 3%。

And as 2020 progressed, and the initial impacts from the pandemic earlier in the year subsided, our customers began to accelerate orders at a very robust rate, which we do anticipate will continue throughout 2021.

隨著 2020 年的進展，以及今年早些時候大流行的初步影響消退，我們的客戶開始以非常強勁的速度加速訂購，我們預計這將持續到 2021 年。

Our full year non-GAAP operating margin was 25.9%, a 310 basis points decline because of lower revenue, reduced factory loadings combined with slightly reduced operating expenses.

我們的全年非 GAAP 營業利潤率為 25.9%，下降了 310 個基點，原因是收入減少、工廠負荷減少以及運營費用略有減少。

It is important to note though that throughout the year, we shifted more of our OpEx spend from SG&A towards R&D as we do continue to invest in new and differentiated products, which are definitely the lifeblood of our long-term growth ambitions.

值得注意的是，在這一年中，我們將更多的運營支出從 SG&A 轉移到研發，因為我們繼續投資於新的差異化產品，這絕對是我們長期增長目標的命脈。

Now let me turn to the specific trends in our focus end markets, starting with automotive.

現在讓我談談我們關注的終端市場的具體趨勢，首先是汽車。

Full year revenue was $3.83 billion, down 9% year-on-year, materially better than overall auto production and the reflection of strong new product traction and content gains in ADAS, in digital clusters, and in electrification, which we have all spoken about in the past.

全年收入為 38.3 億美元，同比下降 9%，明顯好於整體汽車產量，反映了我們都談到的 ADAS、數字集群和電氣化方面強勁的新產品吸引力和內容收益在過去。

For quarter 4, automotive revenue was $1.2 billion, up 9% versus the year ago period, and $20 million better than our guidance.

第 4 季度，汽車收入為 12 億美元，比去年同期增長 9%，比我們的指導高出 2000 萬美元。

Now moving to industrial and IoT.

現在轉向工業和物聯網。

Full year revenue was $1.84 billion, 15% year-on-year up, with both the wireless connectivity and our crossover processes supporting the growth.

全年收入為 18.4 億美元，同比增長 15%，無線連接和我們的交叉流程都支持增長。

For quarter 4, industrial and IoT revenue was $511 million, 23% versus the year ago period, and with that, in line with our guidance.

第 4 季度，工業和物聯網收入為 5.11 億美元，同比增長 23%，符合我們的指導。

Now moving to mobile, our full year revenue in mobile was $1.25 billion, up 5% year-on-year.

現在轉向移動，我們全年的移動收入為 12.5 億美元，同比增長 5%。

Now if we are reconciling this for the sale of our voice and audio business during quarter 1 last year, the underlying mobile end market growth was up a robust 19% year-on-year.

現在，如果我們將這一點與去年第一季度語音和音頻業務的銷售進行核對，則潛在的移動終端市場同比增長強勁 19%。

And during the year, we experienced continued strong adoption of our secure mobile wallet and the early ramps of our ultra-wideband solutions, offset by the anticipated discontinuation of some parts of our semi-custom mobile analog interface business.

在這一年中，我們的安全移動錢包持續得到廣泛採用，我們的超寬帶解決方案的早期增長被我們半定制移動模擬接口業務的某些部分預計停止所抵消。

We do estimate the full year attach rate of mobile wallets increased to about 40%, which is in line with our expectations and which is also supportive of our 50% attach rate target exiting 2021.

我們確實估計移動錢包的全年附加率增加到 40% 左右，這符合我們的預期，這也支持我們 2021 年 50% 的附加率目標。

For quarter 4, mobile revenue was $409 million, up 23% versus the year-ago period, and with that, $40 million better than our guidance.

第 4 季度，移動收入為 4.09 億美元，同比增長 23%，比我們的預期高出 4000 萬美元。

And last but not least, communication infrastructure and other full year revenue was $1.7 billion, down 9% year-over-year.

最後但同樣重要的是，通信基礎設施和其他全年收入為 17 億美元，同比下降 9%。

The year-on-year decline was due to reduced sales of RF Power products into the cellular base station market relative to the positive trends which we had experienced in the first half of 2019.

同比下降是由於相對於我們在 2019 年上半年經歷的積極趨勢，RF 功率產品進入蜂窩基站市場的銷量有所下降。

For quarter 4, revenue was 394 million, down 14% year-on-year and in line with our guidance.

第 4 季度收入為 3.94 億美元，同比下降 14%，符合我們的指引。

Now before turning to our guidance and expectations for the first quarter, I would like to offer my view on the current demand and supply environment as it pertains to NXP.

現在，在轉向我們對第一季度的指導和預期之前，我想談談我對當前與恩智浦相關的供需環境的看法。

When our customers began to reopen after the shutdowns in the second quarter, we did see order rates through Q3 and Q4 accelerate at a very rapid rate.

當我們的客戶在第二季度關閉後開始重新營業時，我們確實看到第三季度和第四季度的訂單率以非常快的速度加快。

This trend has continued, and it will likely be the case over several quarters to come.

這種趨勢一直在持續，未來幾個季度可能都會如此。

The increased demand has been broad-based across most of our focus end markets, most of our product portfolio and all of our geographies, as well as across our direct and our distribution fulfillment channels.

增加的需求廣泛存在於我們的大部分重點終端市場、我們的大部分產品組合和我們所有的地區，以及我們的直接和分銷履行渠道。

We actually believe that the working-from-home trends because of the pandemic, which emerged in full force beginning in the first half of the year, led to an explosion in demand for high-volume consumer compute and mobile type products in the industry.

我們實際上認為，從今年上半年開始全面出現的大流行病導致的在家工作趨勢導致了該行業對大容量消費類計算和移動類產品的需求激增。

And then as the auto and industrial markets began to rebound in the second half of the year, the available foundry capacity was largely sold out.

然後隨著汽車和工業市場在下半年開始反彈，可用的晶圓代工產能基本被搶購一空。

As a result, we and others are experiencing significant increases in lead times, and in certain cases, increased costs from suppliers.

因此，我們和其他人正在經歷交貨時間的顯著增加，在某些情況下，供應商的成本也在增加。

Taking that all together, the setup indicates a really robust demand environment, combined with a very challenging supply situation, which we anticipate may continue for several more quarters.

綜上所述，該設置表明需求環境非常強勁，加上供應形勢非常具有挑戰性，我們預計這種情況可能會持續幾個季度。

And we are working very diligently with both our external suppliers, our internal operations team and our customers to adequately align supply with demand.

我們正在與我們的外部供應商、我們的內部運營團隊和我們的客戶非常努力地合作，以充分協調供應與需求。

Against this backdrop, now let me come to the quarter 1 guidance.

在這種背景下，現在讓我談談第一季度的指導意見。

We are guiding quarter 1 revenue at $2.55 billion, up about 26% versus the first quarter of 2020, within the range of up 22% to up 30% year-over-year.

我們預計第一季度收入為 25.5 億美元，比 2020 年第一季度增長約 26%，同比增長 22% 至 30%。

From a sequential basis, this represents growth of about 2% at the midpoint versus the prior quarter.

從環比來看，這代表與上一季度相比中點增長約 2%。

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

在中點，我們預計我們的業務會出現以下趨勢。

First, automotive is expected to be up in the mid-20% range versus quarter 1 2020 and up in the mid-single digits versus quarter 4 2020.

首先，汽車預計與 2020 年第一季度相比增長 20% 左右，與 2020 年第四季度相比增長中個位數。

Industrial and IoT is expected to be up nearly 50% year-over-year and up high single digits versus quarter 4 2020.

與 2020 年第 4 季度相比，工業和物聯網預計將同比增長近 50%，並達到高個位數。

Mobile is expected to be up 40% year-over-year and down in the mid-teens versus quarter 4 '20.

預計移動業務將同比增長 40%，與 20 年第 4 季度相比下降 15%。

And finally, communication infrastructure and other is expected to be flat versus the same period a year ago and up in the low single-digit range on a sequential basis.

最後，通信基礎設施和其他預計將與去年同期持平，並在連續的基礎上處於較低的個位數範圍內。

Now while we are really encouraged by the rapid rebound in demand, it is important to remember we are still challenged by the impact of the global pandemic.

現在，雖然我們確實為需求的快速反彈感到鼓舞，但重要的是要記住，我們仍然受到全球大流行病影響的挑戰。

And we will carefully navigate the improving demand environment, focused on meeting our customers' requirements while simultaneously assuring at all times, the safety and health of all of our employees.

我們將謹慎應對不斷改善的需求環境，專注於滿足客戶的要求，同時始終確保所有員工的安全和健康。

And I am extremely proud of their adaptability, their dedication and their hard work in the face of continued adversity.

我為他們在持續逆境中的適應能力、奉獻精神和辛勤工作感到非常自豪。

So in summary, customer engagement levels, our design win momentum, and our strategic focus areas continue to be all very positive.

因此，總而言之，客戶參與度、我們的設計贏得動力以及我們的戰略重點領域都繼續非常積極。

And hence, we continue to be very optimistic about the future potential of NXP.

因此，我們繼續對恩智浦的未來潛力非常樂觀。

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

就此，我想把電話轉給你，彼得，讓你審查我們的財務業績。

Thank you, Kurt.

謝謝你，庫爾特。

Good morning to everyone on today's call.

今天的電話大家早上好。

As Kurt already covered the drivers of the revenue during the fourth quarter and provided our revenue outlook for Q1, I'll move on to the financial highlights.

由於 Kurt 已經介紹了第四季度的收入驅動因素並提供了我們對第一季度的收入展望，因此我將繼續介紹財務亮點。

Overall, our fourth quarter financial performance was very good.

總的來說，我們第四季度的財務表現非常好。

Revenue was near the high end of our guidance range with an improvement of both non-GAAP gross profit and non-GAAP operating profit.

收入接近我們指導範圍的高端，非 GAAP 毛利潤和非 GAAP 營業利潤均有所改善。

I'll first provide full year highlights and then move on to the fourth quarter results.

我將首先提供全年亮點，然後再介紹第四季度的業績。

Full year revenue for 2020 was $8.61 billion, down 3% year-on-year.

2020年全年收入為86.1億美元，同比下降3%。

We generated $4.4 billion in non-GAAP gross profit and reported a non-GAAP gross profit margin of 51.1%, down 240 basis points year-on-year because of the significant deceleration of revenue and the associated lower factory utilization during the year.

我們產生了 44 億美元的非 GAAP 毛利潤，非 GAAP 毛利率為 51.1%，同比下降 240 個基點，原因是年內收入大幅下降以及相關的工廠利用率下降。

Total non-GAAP operating expenses were $2.17 billion, down $8 million year-on-year.

非美國通用會計準則運營費用總額為 21.7 億美元，同比下降 800 萬美元。

Total non-GAAP operating profit was $2.23 billion, and non-GAAP operating margin was 25.9%, down 310 basis points year-on-year.

非美國通用會計準則營業利潤總額為 22.3 億美元，非美國通用會計準則營業利潤率為 25.9%，同比下降 310 個基點。

Non-GAAP interest expense was $357 million.

非 GAAP 利息支出為 3.57 億美元。

Cash taxes for ongoing operations were $103 million, and incidental taxes were $45 million, with noncontrolling interests of 28 million.

持續經營的現金稅為 1.03 億美元，附帶稅為 4500 萬美元，非控股權益為 2800 萬美元。

Stock-based compensation, which is not included in our non-GAAP earnings, was $384 million.

不包括在我們的非 GAAP 收益中的基於股票的薪酬為 3.84 億美元。

Full-year cash flow highlights include $2.48 billion in cash flow from operations, and $388 million in net CapEx investments, resulting in $2.09 billion of non-GAAP free cash flow or a very healthy 24% of revenue.

全年現金流亮點包括 24.8 億美元的運營現金流和 3.88 億美元的淨資本支出投資，從而產生 20.9 億美元的非 GAAP 自由現金流或非常健康的收入的 24%。

During 2020, we repurchased $627 million of shares and paid cash dividends of $420 million.

2020 年，我們回購了 6.27 億美元的股票，並支付了 4.2 億美元的現金股息。

In total, we returned $1.05 billion to our owners which was 50% of the total non-GAAP free cash flow generated during the year.

我們總共向所有者返還了 10.5 億美元，佔當年產生的非 GAAP 自由現金流總額的 50%。

Now moving to the details of the fourth quarter, total revenue was $2.51 billion, up 9% year-on-year, at the high end of our guidance range.

現在轉向第四季度的細節，總收入為 25.1 億美元，同比增長 9%，處於我們指導範圍的高端。

We generated $1.3 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 52.9%, down 130 basis points year-on-year and modestly above the midpoint of guidance.

我們產生了 13 億美元的非 GAAP 毛利潤，非 GAAP 毛利率為 52.9%，同比下降 130 個基點，略高於指導的中點。

Total non-GAAP operating expenses were $563 million, flat year-on-year and up $13 million from Q3, in line with the midpoint of our guidance.

非美國通用會計準則運營費用總額為 5.63 億美元，同比持平，比第三季度增加 1300 萬美元，符合我們指引的中點。

From a total operating profit perspective, non-GAAP operating profit was $764 million, and the non-GAAP operating margin was 30.5%, up 60 basis points year-on-year and well above the high end of our guidance.

從營業利潤總額來看，非美國通用會計準則營業利潤為 7.64 億美元，非美國通用會計準則營業利潤率為 30.5%，同比上升 60 個基點，遠高於我們指引的高端。

Non-GAAP interest expense was $90 million.

非 GAAP 利息支出為 9000 萬美元。

Cash taxes for ongoing operations were $30 million, and noncontrolling interest was $11 million.

持續經營的現金稅為 3000 萬美元，非控股權益為 1100 萬美元。

Stock-based compensation, which is not included in our non-GAAP earnings, was $89 million.

不包括在我們的非 GAAP 收益中的基於股票的薪酬為 8900 萬美元。

So turning to the changes in our cash and debt.

因此，轉向我們的現金和債務的變化。

Our total debt at the end of Q4 was $7.61 billion, down $1.75 billion sequentially as we retired early the 2021 $1.35 billion 4 1/8%, and the 2022 $400 million 4 5/8% notes.

我們在第四季度末的總債務為 76.1 億美元，由於我們提前退休了 2021 年 13.5 億美元 4 1/8% 和 2022 年 4 億美元 4 5/8% 的票據，因此連續減少了 17.5 億美元。

We did this on September 28, which was the first day of our fourth quarter.

我們在 9 月 28 日這樣做了，那是我們第四季度的第一天。

Our ending cash position was $2.28 billion, and was down $1.29 billion sequentially, mainly due to the previously noted debt repayments offset by cash generation during the fourth quarter.

我們的期末現金頭寸為 22.8 億美元，環比下降 12.9 億美元，這主要是由於之前提到的債務償還被第四季度產生的現金所抵消。

The resulting net debt was $5.3 billion -- $5.33 billion and we exited the quarter with a trailing 12-month adjusted EBITDA of $2.79 billion.

由此產生的淨債務為 53 億美元 - 53.3 億美元，我們以過去 12 個月調整後的 EBITDA 為 27.9 億美元結束了本季度。

Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q4 was 1.9x and our 12-month adjusted EBITDA interest coverage was 8x.

第四季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 1.9 倍，我們 12 個月調整後 EBITDA 利息覆蓋率為 8 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 fourth quarter, we paid $105 million in cash dividends and repurchased $257 million of our shares.

第四季度，我們支付了 1.05 億美元的現金股息並回購了 2.57 億美元的股票。

Turning to working capital metrics, days of inventory was 78 days, a decrease of 6 days sequentially, significantly below our long-term target.

談到營運資本指標，庫存天數為 78 天，連續減少 6 天，大大低於我們的長期目標。

We continue to closely manage our distribution channel, with inventory in the channel of 1.6 months also below our long-term targets.

我們繼續密切管理我們的分銷渠道，1.6 個月的渠道庫存也低於我們的長期目標。

Both metrics reflect customer orders accelerating faster than we had anticipated, and we find ourselves in a supply-constrained position.

這兩個指標都反映出客戶訂單的增長速度快於我們的預期，我們發現自己處於供應受限的境地。

It will take a number of quarters to rebuild on-hand inventory and channel inventories to our long-term target levels.

重建現有庫存並將庫存引導至我們的長期目標水平將需要多個季度。

Days receivables were 28 days, down 2 sequentially, and days payable was 75, an increase of 20 days versus the prior quarter as we rapidly increased material orders with our suppliers.

應收賬款天數為 28 天，連續下降 2 天，應付賬款天數為 75 天，比上一季度增加 20 天，因為我們迅速增加了與供應商的材料訂單。

Taken together, our cash conversion cycle was 31 days, an improvement of 28 days versus the prior quarter, reflecting strong customer demand, solid receivables collections and positioning for customer deliveries in future periods.

總而言之，我們的現金周轉週期為 31 天，比上一季度縮短了 28 天，反映出強勁的客戶需求、可靠的應收賬款回收以及未來期間客戶交付的定位。

Cash flow from operations was $1.03 billion in the quarter, and net CapEx was 103 million, resulting in a non-GAAP free cash flow of $926 million.

本季度運營現金流為 10.3 億美元，淨資本支出為 1.03 億美元，非 GAAP 自由現金流為 9.26 億美元。

Turning to our expectations for the first quarter, as Kurt mentioned, we anticipate Q1 revenue to be about $2.55 billion, plus or minus about $75 million.

談到我們對第一季度的預期，正如庫爾特提到的那樣，我們預計第一季度收入約為 25.5 億美元，上下浮動約 7500 萬美元。

At the midpoint, this is up 26% year-on-year and 2% sequentially.

從中點來看，這一數字同比增長 26%，環比增長 2%。

We expect non-GAAP gross margin to be about 53.5%, plus or minus 30 basis points.

我們預計非 GAAP 毛利率約為 53.5%，上下浮動 30 個基點。

Operating expenses are expected to be about $590 million, plus or minus about $10 million.

運營費用預計約為 5.9 億美元，上下浮動約 1000 萬美元。

Taken together, we see non-GAAP operating margin to be about 30.4% at the midpoint.

總而言之，我們認為非 GAAP 營業利潤率中點約為 30.4%。

We estimate non-GAAP financial expense to be about $85 million and anticipate cash tax related to ongoing operations to be about $56 million.

我們估計非 GAAP 財務費用約為 8500 萬美元，預計與持續運營相關的現金稅約為 5600 萬美元。

Noncontrolling interest will be about $10 million.

非控股權益約為1000萬美元。

And for the first quarter, we suggest that for modeling purposes, you use an average share count of 284 million shares.

對於第一季度，我們建議您使用 2.84 億股的平均股數進行建模。

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

最後，我想發表一些結束語。

One, clearly, demand has come back more rapidly than we could have expected.

第一，很明顯，需求的恢復速度比我們預期的要快。

Our current focus is to look after our customers and ensure we ship as much product to them as possible.

我們目前的重點是照顧我們的客戶，並確保我們向他們運送盡可能多的產品。

It's unfortunate that some of our suppliers are attempting to use the current type supply environment as a short-term opportunity to raise prices, which we will clearly have to pass on.

不幸的是，我們的一些供應商正試圖利用當前類型的供應環境作為提高價格的短期機會，我們顯然必須傳遞這種機會。

To be clear, though, we do not see this as an opportunity to improve our margin by sacrificing long-term relationships.

不過需要明確的是，我們並不認為這是通過犧牲長期關係來提高利潤率的機會。

Additionally, given the tightness in supply and the level of orders, we anticipate shipping for production during Q1.

此外，鑑於供應緊張和訂單水平，我們預計第一季度生產出貨。

It's unlikely we'll be able to increase our month of supply that distributors or move our DIO target upward towards our long-term targets during the first quarter.

在第一季度，我們不太可能增加分銷商的供應月數或將我們的 DIO 目標上調至我們的長期目標。

Between January 4 and February 1, we bought back an additional $354 million worth of stock and plan to continue to buy back in line with our capital allocation policy of returning all excess cash to shareholders.

從 1 月 4 日到 2 月 1 日，我們又回購了價值 3.54 億美元的股票，併計劃根據我們將所有多餘現金返還給股東的資本分配政策繼續回購。

Clearly, our operating margin reflects the significant fall-through benefit of the additional revenue.

顯然，我們的營業利潤率反映了額外收入的顯著下降收益。

Although the current environment creates a new set of challenges, we believe we can still deliver on our margin improvement plan in 2021.

儘管當前的環境帶來了一系列新的挑戰，但我們相信我們仍然可以在 2021 年實現我們的利潤率改善計劃。

In terms of the pandemic, our team continues to perform in a truly outstanding way.

在大流行方面，我們的團隊繼續以真正出色的方式表現。

And the safety of our team members, as Kurt mentioned, continues to be our primary concern.

正如庫爾特提到的，我們團隊成員的安全仍然是我們最關心的問題。

If anyone experiences any symptoms or are in any way exposed to the virus, we ask them to self-isolate for a period.

如果有人出現任何症狀或以任何方式接觸到該病毒，我們會要求他們自我隔離一段時間。

Unfortunately, in Q4, we've seen a few more people than expected in our fab operations requiring to self-isolate, and as a result of this shortage of labor, a small impact in our internal fab output.

不幸的是，在第四季度，我們發現晶圓廠運營中需要自我隔離的人數比預期的要多一些，由於勞動力短缺，對我們內部晶圓廠的產出影響很小。

Although this causes a short-term issue, it's clearly best for our overall performance in both the short to medium term.

雖然這會導致短期問題，但這顯然對我們中短期的整體表現是最好的。

We estimate this is impacting us to the tune of 80 basis points of profit in Q1 and 40 basis -- will impact us 40 basis points in Q2.

我們估計這將影響我們第一季度和 40 個基點的利潤 80 個基點 - 將影響我們第二季度的 40 個基點。

While this is a short-term headwind, the safety of our employees remains our key consideration, and we believe our COVID protocols are appropriate and correct.

雖然這是短期的逆風，但我們員工的安全仍然是我們的主要考慮因素，我們相信我們的 COVID 協議是適當和正確的。

Finally, I'd like to thank all my colleagues at NXP for a truly amazing 2020.

最後，我要感謝 NXP 的所有同事，讓我度過了一個真正令人驚嘆的 2020 年。

You've done an incredible job in a truly unbelievable environment and set us up for a very bright future.

你在一個真正令人難以置信的環境中完成了令人難以置信的工作，並為我們創造了一個非常光明的未來。

So with that, I'll turn it back to the operator for your questions.

因此，我會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 with Evercore.

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

I guess first question on gross margins.

我想第一個關於毛利率的問題。

Peter, you talked about the 55% still clearly in play.

彼得，你談到了 55% 仍然在發揮作用。

Curious if you can speak to how utilization will play a role in that, how mix, assuming comps recovers through the year?

好奇你是否可以談談利用率將如何發揮作用，如何混合，假設補償全年恢復？

And then I guess, probably most importantly, how to think about rising input costs and your ability to pass on and whether there's a timing difference there?

然後我想，可能最重要的是，如何考慮不斷上升的投入成本和你的傳承能力，以及那裡是否存在時間差異？

So great questions.

這麼好的問題。

Yes.

是的。

Let's talk about Q4 to Q1, first of all.

先說Q4到Q1。

So Q1, we go from 52.9% to 53.5%.

所以第一季度，我們從 52.9% 上升到 53.5%。

I think I said last quarter that utilization -- underutilization rather, would impact us about 150 basis points in Q4.

我想我上個季度說過，利用率——而不是利用率不足，將在第四季度影響我們大約 150 個基點。

So we'd have that level of benefit in Q1.

因此，我們將在第一季度獲得這種水平的收益。

As it turns out, because of these -- the need to self-isolate, instead of getting 150 basis points of improvement from Q4 into Q1, we've only got about 70 basis points.

事實證明，由於這些 - 需要自我隔離，而不是從第四季度到第一季度獲得 150 個基點的改進，我們只有大約 70 個基點。

So that 52.9% to 53.5%, the 60 basis points is really made up of 3 big things, C.J. So we picked up 70 basis points from improved factory performance, 20 -- sorry, from underutilization; 20 basis points from improved factory performance above and beyond what we were expecting; and it's about 30 basis points of headwind because of our annual price reductions.

所以 52.9% 到 53.5%，這 60 個基點實際上是由 3 件大事組成的，C.J. 所以我們從改進的工廠績效中獲得了 70 個基點，20 - 抱歉，來自未充分利用；工廠績效提高 20 個基點，超出我們的預期；由於我們的年度降價，這大約是 30 個基點的逆風。

So that's from Q4 to Q1.

所以這是從第四季度到第一季度。

Then if you say, okay, well, in Q4, you did 53.5%, why aren't you running -- sorry, from 52.9% to 53.5%, why aren't you running 55%?

那麼如果你說，好吧，好吧，在第四季度，你做了 53.5%，你為什麼不跑——抱歉，從 52.9% 到 53.5%，你為什麼不跑 55%？

That 150 basis points is really made up from 2 things.

這 150 個基點實際上是由兩件事組成的。

There's about -- in theory, it was about 50 basis points of underutilization, very roughly and about 100 basis points of mix.

理論上，大約有 50 個基點的未充分利用，非常粗略和大約 100 個基點的混合。

And the issue in mix, really, is one of our comm infra business.

混合問題實際上是我們的通信基礎設施業務之一。

So our comm infra business in the first half is relatively weak and auto and mobile are relatively strong.

所以上半年我們的通信基礎設施業務比較弱，汽車和移動比較強。

And we think as we move through the year, and as kind of 5G progresses, we'd seen an improvement in our mix over time.

我們認為，隨著這一年的發展，隨著 5G 的進步，我們已經看到我們的組合隨著時間的推移而有所改善。

Did I -- oh, and -- right, your other question was about pricing, right?

我有沒有——哦，還有——對了，你的另一個問題是關於定價的，對吧？

So pricing is really mixed, okay?

所以定價真的很複雜，好嗎？

So we're seeing some suppliers trying to put up the prices to us.

所以我們看到一些供應商試圖向我們抬高價格。

But we -- in the same way that we have long-term contracts with our customers, we have similar contracts with many of our suppliers.

但是我們——就像我們與客戶簽訂長期合同一樣，我們與許多供應商也簽訂了類似的合同。

So it's a bit of a mixed bag really.

所以這真的有點魚龍混雜。

Having said that, we are seeing price increases.

話雖如此，我們看到價格上漲。

And where we have them, we'll endeavor to pass those on to our customers.

在我們擁有它們的地方，我們將努力將它們傳遞給我們的客戶。

You made an interesting comment actually about how quickly you can do it.

你實際上對你能多快做到這一點發表了一個有趣的評論。

So I think what we'll actually see is, hopefully, we'd be able to pass them on pretty quickly.

所以我認為我們實際看到的是，希望我們能夠很快將它們傳遞下去。

But you could always have a month or 2 when -- or I guess even a quarter when you can't really pass them on that quickly.

但是你總是可以有一個月或兩個月——或者我猜甚至有一個季度你不能真的那麼快地傳遞它們。

So it's a disturbance rather than a fundamental issue.

所以這是一個乾擾而不是一個根本問題。

We would like to say that we don't see the current environment as an opportunity to structurally improve our margins.

我們想說的是，我們不認為當前環境是從結構上提高利潤率的機會。

We're not a commodity business.

我們不是商品企業。

We don't increase our prices when times are tight and reduce them when times are good but -- did I manage to cover everything there?

我們不會在時間緊迫的時候提高價格，在時間好的時候降低價格，但是——我是否設法涵蓋了那裡的一切？

I know there was a lot...

我知道有很多...

Yes, Peter.

是的，彼得。

Yes, no, that was great.

是的，不，那太好了。

And I guess, Kurt, if I could just follow up with a quick question.

我想，庫爾特，如果我可以跟進一個簡短的問題。

Considering the supply constraints on the auto side and considering you're and NXP's focus of really providing complete solutions, curious about what impact kind of the current supply-constrained environment is having then on your level of engagement with your automotive customers.

考慮到汽車方面的供應限制，並考慮到您和恩智浦真正專注於提供完整的解決方案，想知道當前供應受限的環境對您與汽車客戶的互動程度有何影響。

Yes, hi, C.J. So I think actually, that might sound ironic, but that's not what I mean.

是的，嗨，C.J. 所以我認為實際上，這聽起來很諷刺，但這不是我的意思。

It actually improved the engagement because I've probably never spent so much time with our customers as of today.

它實際上提高了參與度，因為我可能從來沒有在今天花這麼多時間與我們的客戶在一起。

And while certainly, this is a challenging moment for everybody in the chain, there is a lot we speak about the future in terms of how do we best deal with this on a go-forward basis, because everybody recognizes the enormous relevance of semiconductors in building cars.

當然，這對產業鏈中的每個人來說都是一個充滿挑戰的時刻，但我們就如何在前進的基礎上最好地處理這個問題談論了很多未來，因為每個人都認識到半導體在製造汽車。

So thinking about trends, thinking about aligning forecasts on a longer-term basis, is definitely a positive result out of this.

因此，考慮趨勢，考慮在長期基礎上調整預測，絕對是一個積極的結果。

So I don't think this is a negative.

所以我不認為這是消極的。

I think it is actually something we, as an industry, altogether are learning from, how to avoid these things from happening in the future.

我認為這實際上是我們作為一個行業正在學習的東西，如何避免這些事情在未來發生。

And the way to do this is just a much closer collaboration than we've had along the chain.

而做到這一點的方法只是比我們在整個鏈條上進行的更緊密的合作。

And what I mean is really not only with our Tier 1 customers, but also with the OEMs directly.

我的意思不僅是我們的一級客戶，而且還直接與原始設備製造商合作。

And that is obviously great for innovation at the same time.

同時這顯然對創新也有好處。

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

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

For my first question, I wanted to ask about the trajectory for the year.

對於我的第一個問題，我想問一下這一年的軌跡。

I mean, like normally, Q1 is the trough for the year, usually down, oh, I don't know, 7% or 8% sequentially from Q4 to Q1.

我的意思是，與往常一樣，Q1 是今年的低谷，通常會下降，哦，我不知道，從 Q4 到 Q1 連續下降 7% 或 8%。

You're obviously up a little bit at this time.

你這時候明顯有點精神了。

Given your commentary on sort of like sustained demand through the year, do you still see Q1 potentially as the trough?

鑑於您對全年持續需求的評論，您是否仍將第一季度視為低谷？

Hi, Stacy.

嗨，斯泰西。

I -- first of all, you are hinting to seasonality in a way.

我——首先，你在某種程度上暗示了季節性。

I think in the current environment, none of the historic seasonality patterns is really applicable.

我認為在當前環境下，歷史上的季節性模式都不是真正適用的。

So certainly, this is a very strong Q1 if you did hold it against historic patterns.

所以當然，如果你確實持有歷史模式，這是一個非常強大的 Q1。

But let's not forget that we are coming off actually 2 kind of disturbed and weak years.

但我們不要忘記，我們實際上正在度過 2 種不安和虛弱的歲月。

I mean, everybody talks about the impact of the pandemic on 2020, but also 2019 was not a strong year in semiconductors.

我的意思是，每個人都在談論大流行病對 2020 年的影響，但 2019 年在半導體領域也不是強勁的一年。

So from that perspective, I think we are just really coming out of a longer-term down which indeed hints to what I said on the -- in the prepared remarks earlier.

因此，從這個角度來看，我認為我們只是真正走出了長期下跌，這確實暗示了我在之前準備好的發言中所說的話。

We do see a pretty robust demand environment all through the year, also beyond Q1.

我們確實看到全年的需求環境非常強勁，在第一季度之後也是如此。

Got it.

知道了。

For my follow-up, I want to follow up a little bit on the comment that Peter said.

對於我的後續行動，我想稍微跟進一下 Peter 所說的評論。

You said you still feel confident in delivering on your margin improvement plan in 2021.

你說你仍然有信心在 2021 年實現你的利潤率改善計劃。

I just wanted to clarify exactly what is that margin improvement plan.

我只是想澄清一下利潤率提高計劃到底是什麼。

Is that the 55% gross margin target?

那是 55% 的毛利率目標嗎？

Or like specifically, what do you mean by delivering on your margin improvement plan in 2021?

或者俱體來說，您所說的在 2021 年實現利潤率提高計劃是什麼意思？

55%.

55%。

Okay, are there any like -- is that -- it's still at that $2.4 billion sort of threshold revenue level?

好的，有沒有類似的 - 它仍然處於 24 億美元的門檻收入水平？

Or do you just basically see yourself maintaining it?

或者你只是基本上看到自己在維護它？

I think at the levels of business we are at the moment, we should be running at about 55%.

我認為就我們目前的業務水平而言，我們應該以 55% 左右的速度運行。

I mean, we think we get a little bit carried away but it's not many dollars that moves it 50 basis points either way.

我的意思是，我們認為我們有點得意忘形，但無論哪種方式，它都不會移動 50 個基點。

Yes, no, I get that.

是的，不，我明白了。

Do you have any idea when in the year you might hit it though?

不過，您知道一年中什麼時候可以擊中它嗎？

Is that like a second half kind of target or...

這像是下半場的目標還是...

Oh, I think -- it's definitely second half, Stacy.

哦，我想——這絕對是下半場，史黛西。

And one of the single biggest items is -- our coming from being a bigger percentage of our overall business than it is today.

最大的項目之一是——我們在整體業務中所佔的比例比現在更大。

Okay.

好的。

Got it.

知道了。

But without the COVID impact, you'd be running over 54 right now in Q1, correct?

但是如果沒有 COVID 的影響，你現在在第一季度就會超過 54，對嗎？

Yes, yes, I think so.

是的，是的，我想是的。

Yes.

是的。

Yes, it'd be like 54.2 or something like that.

是的，它會像 54.2 或類似的東西。

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

你的下一個問題來自美國銀行證券公司的 Vivek Arya。

Congratulations on the strong growth and execution.

祝賀您的強勁增長和執行力。

Kurt, I'm curious, what's your baseline view of automotive unit growth in 2021 as you see at the start of the year?

庫爾特，我很好奇，您對年初看到的 2021 年汽車銷量增長的基線看法是什麼？

And also last year, when I look at your auto semiconductor sales which were down 9, they were like 5, 6, 7 points ahead of older units, so that was a very impressive content delta.

同樣在去年，當我看到你們的汽車半導體銷售額下降了 9 個時，它們比舊產品高出 5、6、7 個百分點，所以這是一個非常令人印象深刻的內容增量。

And how should we think about that similar content delta for this year?

我們應該如何考慮今年的類似內容增量？

And I ask those questions because it seems like the industry is off to a very strong start, but can this kind of strength be maintained?

我問這些問題是因為這個行業似乎開局非常強勁，但這種勢頭能否保持下去？

Which is why, just some -- just kind of help us align our models on what unit and content market expectation should be this year.

這就是為什麼，只是一些 - 只是幫助我們根據今年的單位和內容市場預期調整我們的模型。

Yes, sure, Vivek.

是的，當然，維維克。

So let me start with what IHS is telling us for this year in units for auto, and that would be around 85 million units, which if that comes, it's like 14% year-on-year growth in units.

因此，讓我從 IHS 告訴我們的今年汽車銷量開始說起，這將是大約 8500 萬輛，如果出現這種情況，銷量將同比增長 14%。

This is the IHS number.

這是 IHS 編號。

We've always used it internally.

我們一直在內部使用它。

I would tell you from my very, very frequent discussions over the past couple of weeks and also at the ending of last year.

我會告訴你過去幾週以及去年年底我非常非常頻繁的討論。

I think the sentiment in the auto industry is possibly even above that.

我認為汽車行業的情緒可能甚至高於此。

So maybe more 85 to 90 million units in what the car companies thinks to achieve.

因此，汽車公司認為要實現的目標可能會增加 85 到 9000 萬輛。

But a lot of that is obviously based on the assumption of, say, the second half of the year being fully vaccinated, society coming back to more normal lives, and that actually being another push for auto production and auto sales.

但其中很多顯然是基於這樣的假設，比如說，今年下半年疫苗接種全面完成，社會生活恢復正常，這實際上是對汽車生產和汽車銷售的又一次推動。

Again, the former number is 85 million units, which would be a 14% growth.

同樣，前一個數字是 8500 萬台，增長 14%。

But you were hinting to the other half of this discussion, which is actually content.

但是你在暗示這個討論的另一半，這實際上是內容。

Because clearly, the fact that we've been 7 points faster than the SAAR last year is thanks to content growth and thanks to our specific play in our high-growth areas like radar and electrification, BMS, digital clusters, which actually did not decline.

因為很明顯，事實上我們比去年的 SAAR 快了 7 個百分點，這要歸功於內容增長以及我們在雷達和電氣化、BMS、數字集群等高增長領域的具體發揮，這些領域實際上並沒有下降.

So our growth businesses, and you know that's about 1/4 of our auto business, those parts of our auto business did not decline last year.

所以我們的增長業務，你知道這大約是我們汽車業務的 1/4，我們汽車業務的這些部分去年沒有下降。

They actually had growth even in a year where the SAAR was, I think, last year, down by something like 16%.

實際上，即使在我認為去年 SAAR 下降了 16% 左右的那一年，它們也實現了增長。

And we see the content growth certainly going at the same rate going forward.

我們看到內容的增長肯定會以同樣的速度向前發展。

One really strong element is the CO2 targets which translates then often in electrification, but this is not just about the, say, the electric engines.

一個真正重要的因素是二氧化碳目標，它通常轉化為電氣化，但這不僅僅是關於電動發動機。

There's a lot of other applications which are coming in tune with electrification, which is overall driving the semi content in the car massively.

還有很多其他應用正在與電氣化相協調，這總體上正在大規模推動汽車中的半成品。

So all in all, we, I would say, I think it is safe to assume the 85 million units for this year, which is a 14% growth for SAAR.

所以總而言之，我想說，我認為假設今年的 8500 萬台是安全的，這對 SAAR 來說是 14% 的增長。

And definitely, our algorithm of outgrowing the SAAR as we spoke about it before, does stand strong also in this year.

當然，我們之前談到的超越 SAAR 的算法在今年也很強大。

Now 1 last element on this, which everybody tries to understand currently, is about inventory levels.

現在每個人都試圖了解的最後一個要素是庫存水平。

I think at the moment from anything we can see, the supply chains through the auto world are empty.

我認為目前從我們所看到的一切來看，汽車世界的供應鍊是空的。

And I say that because I know that every single product we are shipping is immediately built into a car.

我這麼說是因為我知道我們運送的每一件產品都會立即安裝到汽車中。

And so there is just nothing going on the sideline.

因此，場外什麼也沒有發生。

It all goes through into production immediately.

這一切都會立即投入生產。

That's why we also clearly said we are supply constrained for the first quarter.

這就是為什麼我們也明確表示我們第一季度的供應受到限制。

And as a reaction to this, I hear quite a few people in the industry speaking about the desire to actually ask for more inventory along the chain in automotive going forward.

作為對此的回應，我聽到不少業內人士談到希望在未來汽車產業鏈中實際要求更多庫存。

There is 1 large U.S. OEM, which actually made even a public statement about how much chip inventory they would like to see at their first-tier customers.

有一家美國大型 OEM，他們甚至公開聲明他們希望看到他們的一級客戶有多少芯片庫存。

So if you model this on top of the content gains and SAAR growth, which we just spoke about, then I think there is a good reason to believe there is a multiple-quarter growth pattern ahead of us.

因此，如果您在我們剛剛談到的內容收益和 SAAR 增長的基礎上對此進行建模，那麼我認為有充分的理由相信我們前面有一個多季度增長模式。

Got it.

知道了。

Very helpful.

很有幫助。

And for my follow-up, maybe, Peter, one for you.

對於我的後續行動，彼得，也許是給你的。

You mentioned that the plan is to return all excess free cash flow to investors.

你提到計劃是將所有多餘的自由現金流返還給投資者。

Last year, you generated over $2 billion or so in free cash flow.

去年，您產生了超過 20 億美元左右的自由現金流。

And I think the dividend only takes a quarter of that.

而且我認為股息只佔其中的四分之一。

How should we think about buybacks this year?

我們應該如何考慮今年的回購？

I know you gave a number for the start of the year.

我知道你給出了年初的數字。

Should we assume that based on the expectation of stronger free cash flow, that most of it will be devoted to buybacks, so we could be back in some of the strength we have seen in some prior years?

我們是否應該假設，基於對更強勁自由現金流的預期，其中大部分將用於回購，這樣我們就可以恢復前幾年的一些實力？

Or do you still expect to use some of that to deliver the balance sheet further?

或者您是否仍然希望使用其中的一些來進一步交付資產負債表？

Okay, Vivek, we've been amazingly predictable, okay?

好吧，Vivek，我們的預測能力驚人，好嗎？

So our stated capital allocation policy is we will return all excess cash to shareholders up to a level of 2x net debt to trailing 12 months EBITDA.

因此，我們聲明的資本分配政策是，我們將向股東返還所有多餘現金，最高為過去 12 個月 EBITDA 淨債務的 2 倍。

The reason we didn't return even more in 2020 is because for most of the year, we were above 2x net debt-to-EBITDA with the weak performance in Q2.

我們在 2020 年沒有更多回報的原因是，在這一年的大部分時間裡，由於第二季度表現不佳，我們的淨債務與 EBITDA 比超過 2 倍。

So depending on what your model is, you should assume that all excess cash up to a level of 2x net debt gets returned to shareholders.

因此，根據您的模型，您應該假設所有超過 2 倍淨債務水平的多餘現金都會返還給股東。

So yes, it will be substantially higher in 2021 than it was in 2020, same way 2019 was substantially higher than 2020.

所以是的，2021 年將大大高於 2020 年，同樣 2019 年也大大高於 2020 年。

And we definitely would not use it to delever the balance sheet.

我們絕對不會用它來去槓桿化資產負債表。

And you're already at 1.9 so you're below that range right now.

你已經在 1.9，所以你現在低於這個範圍。

The difference between 1.9 and 2 is not a big number.

1.9 和 2 之間的差異不是一個大數字。

But the issue is the EBITDA.

但問題是 EBITDA。

So you need to look at how Q2 and Q1 fall off and Q3 and Q4, which is a better come-on, which gives us more capacity to buy back stock.

所以你需要看看 Q2 和 Q1 是如何下降的，以及 Q3 和 Q4，這是一個更好的開始，這讓我們有更多的能力回購股票。

The next question comes from the line of John Pitzer with Credit Suisse.

下一個問題來自瑞士信貸的 John Pitzer。

Congratulations on the solid results.

祝賀你取得了不錯的成績。

Kurt, my first question is on the comms infrastructure business.

庫爾特，我的第一個問題是關於通信基礎設施業務。

Given how important it is to mix and gross margin leverage as we go throughout the year, what's the visibility in that business?

考慮到我們全年的混合和毛利率槓桿的重要性，該業務的可見度如何？

Why do you think it recovers in the back half of the year?

為什麼你認為它會在下半年恢復？

Is this a view that the U.S. government stance on Huawei changes?

這是否表明美國政府對華為的立場發生了變化？

Or do you see other design wins with other OEMs that will drive that business throughout the year?

或者您是否看到其他 OEM 贏得的其他設計將在全年推動該業務？

Yes, thanks, John.

是的，謝謝，約翰。

Let me take away the Huawei thing, first of all.

首先讓我帶走華為的東西。

We are here conservative, and we don't assume any moves on the licensing, et cetera, with Huawei.

我們在這裡是保守的，我們不假設華為在許可等方面有任何進展。

So that's not part of the plan anyway.

所以無論如何這都不是計劃的一部分。

What makes us actually optimistic for the second half is mainly our portfolio.

讓我們真正對下半年感到樂觀的主要是我們的投資組合。

I think we talked about our gallium nitride, both product as well as production capability, getting online at the end of last quarter.

我想我們談到了我們的氮化鎵，包括產品和生產能力，在上個季度末上線。

And I can actually probably say that in the meantime, all the products are qualified.

我實際上可以說，與此同時，所有產品都是合格的。

And more importantly, they are qualified at this handful of important customers.

更重要的是，他們在這屈指可數的重要客戶中是合格的。

And since this is a new for us because we haven't had this gallium nitride capability really in the first place, we absolutely see that we will gain share on that basis with the further rollout of the infrastructure in this coming year.

由於這對我們來說是新的，因為我們一開始還沒有真正擁有這種氮化鎵能力，我們絕對可以看到，隨著來年基礎設施的進一步推出，我們將在此基礎上獲得份額。

And yes, we believe this is kind of backloaded more towards the second half of the year versus the first half.

是的，我們認為與上半年相比，這在今年下半年有更多的回載。

But the driver is really the gallium nitride penetration, which we are foreseeing.

但真正的驅動因素是我們預見到的氮化鎵滲透。

That's helpful.

這很有幫助。

Then as my follow-up, just in your prepared comments, you pointed out that if you pro forma for the sale of the auto business, the mobile business last year was up significantly.

然後作為我的後續行動，就在你準備好的評論中，你指出，如果你對汽車業務的銷售進行備考，去年的移動業務增長顯著。

I'm kind of curious, as you think about the mobile wallet, the ultra-wideband penetration, are you preparing calendar year '21 to be another growth year in mobile?

我有點好奇，當你想到移動錢包、超寬帶普及時，你是否準備將 21 年作為移動領域的又一個增長年？

And is there any rule of thumb you can give us on how we should think about your content from 4G to 5G?

關於我們應該如何考慮從 4G 到 5G 的內容，您是否可以給我們任何經驗法則？

Well, I mean, we -- we only guide the first quarter here, John, so I will not provide guidance for the full year in mobile.

好吧，我的意思是，我們 - 我們只在這裡指導第一季度，約翰，所以我不會提供全年的移動指導。

But certainly, our focus on further driving penetration with the mobile wallet, where I think I spoke about the -- hitting the 40% attachment rate at the end of last year and we think we are perfectly on track to get this to a 50% rate through this year.

但可以肯定的是，我們專注於進一步推動移動錢包的滲透，我想我談到了——在去年年底達到 40% 的附件率，我們認為我們完全有望達到 50%率通過今年。

And secondly, we have the emerging ultra-wideband, and you've probably followed the most recent announcement of Samsung, who actually brought now another couple of phones out, which are carrying ultra-widebands.

其次，我們有新興的超寬帶，你可能已經關注了三星最近發布的消息，三星現在又推出了幾款搭載超寬帶的手機。

And that is now also spreading into associated ecosystems, which I think makes it even more attractive.

現在這也正在傳播到相關的生態系統中，我認為這使它更具吸引力。

I think Samsung spoke about digital car keys for a couple of car companies.

我想三星曾為幾家汽車公司談論過數字車鑰匙。

And they also spoke about -- actually their first moves now into the IoT world, which is a product which they call the [Smart Tech Plus] which is like a small finder device, which you can attach to something and you will find it with your phone.

他們還談到——實際上他們現在邁向物聯網世界的第一步是他們稱之為 [Smart Tech Plus] 的產品，它就像一個小型的取景器設備，您可以將其附加到某物上，然後通過它找到它您的手機。

Now all of that is going to help with Samsung, but of course, also with the other OEMs, drive further and speedy ultra-wideband adoption in line with what we did in the investor teaching some time ago.

現在，所有這些都將有助於三星，當然，也有助於其他 OEM 進一步推動超寬帶的採用，這與我們前段時間在投資者教學中所做的一致。

So those 2 pillars are standing firm.

所以這兩個支柱是堅定的。

And I'd say, certainly, some of the big OEM customers also have good run rates, John.

我想說，當然，一些大的 OEM 客戶也有很好的運行率，約翰。

But I would say for us, it continues to be a content growth story.

但我想對我們說，這仍然是一個內容增長的故事。

Secure mobile wallets, secure ultra-wideband.

安全的移動錢包，安全的超寬帶。

And then you know we also had the eUICC, which is coming in.

然後你知道我們還有即將推出的 eUICC。

So there is a number of very specific content drivers which make us actually quite optimistic in mobile on a continued basis beyond the unit rate.

因此，有許多非常具體的內容驅動因素使我們在單位費率之外的持續基礎上實際上對移動非常樂觀。

And Kurt, do you have enough data yet to think about how your content trends from 4G to 5G?

Kurt，你是否有足夠的數據來考慮你的內容從 4G 到 5G 的趨勢？

I'm assuming that these new applications are more broadly adopted in 5G phones.

我假設這些新應用在 5G 手機中得到更廣泛的採用。

Yes, sorry, I didn't respond to this in the first place.

是的，抱歉，我一開始沒有對此做出回應。

I think actually, in principle, this is not dependent or required as an association with 4G or 5G specifically.

我認為實際上，原則上，這與 4G 或 5G 無關，也不是必需的。

Clearly, 5G will be about high-end phones in the first place, where the early adoption of these features might be a first.

顯然，5G 將首先與高端手機相關，這些功能的早期採用可能是第一個。

But it is not necessarily something which is dependent on 4G or 5G, so -- which is good actually.

但它不一定依賴於 4G 或 5G，所以——這實際上很好。

So we are kind of agnostic to that.

所以我們對此有點不可知論。

Your next question comes from the line of Ross Seymore with Deutsche Bank.

你的下一個問題來自德意志銀行的 Ross Seymore。

First, Peter, congratulations on your retirement announcement.

首先，彼得，祝賀你宣布退休。

I know you're going to be with us for another year or so, but congrats, nonetheless.

我知道你會再和我們在一起一年左右，但還是要恭喜你。

I guess as my first question, overall, everybody knows that there's supply shortages, but I hope to get a little more color on it from a somewhat higher level.

我想作為我的第一個問題，總的來說，每個人都知道供應短缺，但我希望從更高的層面上得到更多的顏色。

Could you size in any way, shape or form the impact on what you couldn't ship?

你能以任何方式調整大小、塑造或形成對你無法運送的東西的影響嗎？

So what your revenue impact or the supply constraint was in the fourth quarter, the first quarter, any color about which end market is more acutely hit as you split your business.

那麼你的收入影響或供應限制是在第四季度，第一季度，當你拆分你的業務時，關於哪個終端市場受到更嚴重打擊的任何顏色。

And timing-wise, when do you think you'll be able to catch up?

在時間方面，你認為你什麼時候能趕上？

Kurt, I think you're on mute.

庫爾特，我想你是靜音的。

Go ahead, Peter.

來吧，彼得。

It's me?

這就是我？

Okay.

好的。

Right.

正確的。

I guess I'd say a couple of things, really, Ross.

我想我會說幾件事，真的，羅斯。

You can look to really big numbers in the fourth quarter and the first quarter, just if you do some chainsaw math on our months of supply and -- sorry, months of inventory and distribution.

你可以在第四季度和第一季度看到非常大的數字，只要你對我們的供應月數以及 - 抱歉，庫存和分銷月數進行一些電鋸計算。

I'm not sure how relevant it is, really.

我不確定它有多重要，真的。

So in theory, we could have shipped hundreds of millions of dollars of more.

所以從理論上講，我們本可以運送更多的數億美元。

But then I don't know to what extent you'd be then pulling that out of Q3 and Q4.

但是我不知道你會在多大程度上將其從第三季度和第四季度中撤出。

We're seeing strength across our businesses.

我們看到了我們業務的實力。

Obviously, there's a lot more reporting in the automotive sector because they're having real supply issues and having to maybe close down factories in certain cases.

顯然，汽車行業的報導要多得多，因為他們確實存在供應問題，在某些情況下可能不得不關閉工廠。

And you talk about people not being able to work for weeks at a time which is maybe different than you see in some of the smaller customers who don't have the same megaphone.

你談到人們一次不能工作數週，這可能與你在一些沒有相同擴音器的小客戶身上看到的不同。

But even in those areas, they're seeing they're seeing problems.

但即使在這些領域，他們也看到了問題。

So I would say it's pretty general.

所以我會說它很一般。

And I would go back to one of Kurt's comments, which was, 2019, the supply chain really got emptied.

我想回到庫爾特的一個評論，那就是，2019 年，供應鏈真的被清空了。

Demand was very weak.

需求非常疲軟。

We really forget about '19 in the context of COVID.

在 COVID 的背景下，我們真的忘記了 19 年。

And then in the first half of '20, we had absolutely the same issue.

然後在 20 世紀上半年，我們遇到了完全相同的問題。

So we're looking at pretty empty supply chains across the board.

所以我們正在尋找全面的空供應鏈。

To some extent, it's exacerbated by maybe people moving into the big Taiwanese and other foundries outside of China by the fact that the people thought maybe they would not be able to buy product out of China.

在某種程度上，由於人們認為他們可能無法從中國購買產品這一事實，人們可能會進入中國以外的大型台灣和其他鑄造廠，從而加劇了這種情況。

But I think trying to pass it to really individual situations is absolutely very difficult.

但我認為試圖將它傳遞給真正的個別情況絕對是非常困難的。

I would say, in theory, yes, we could have shipped a lot more.

我會說，理論上，是的，我們本可以出貨更多。

Effectively we're sold out for Q1.

實際上，我們在第一季度銷售一空。

And we're just spending huge amounts of time at the moment with customers, making sure that they keep their factories going, which is why Kurt made the comment that we don't think anything we're shipping in the month is going into inventory.

我們現在只是花大量時間與客戶打交道，確保他們讓工廠繼續運轉，這就是為什麼庫爾特發表評論說我們認為我們本月發貨的任何東西都不會進入庫存.

We think it's all going into building products.

我們認為這一切都將用於構建產品。

And we think it's going to be quite some time, and we wouldn't speculate exactly when, to when we get to a point that, that becomes more balanced and everyone can start to breathe normally.

我們認為這將需要相當長的時間，我們不會推測確切的時間，到什麼時候我們會變得更加平衡，每個人都可以開始正常呼吸。

I guess switching gears somewhat completely over to the OpEx side.

我猜想完全切換到 OpEx 端。

You gave a lot of details on the gross margin side and the profitability, why that's where it is and how it can improve.

你提供了很多關於毛利率和盈利能力的細節，為什麼會這樣，以及如何改進。

How are you approaching the OpEx side of the equation?

您如何處理等式的 OpEx 方面？

Obviously, the revenue sounds like it's going to be very strong throughout the year.

顯然，全年的收入聽起來會非常強勁。

Will you be spending to that?

你會為此花錢嗎？

How should we think about that 5 90 level in 1Q trending for the rest of the year?

我們應該如何看待今年剩餘時間 1Q 趨勢中的 5 90 水平？

We're going to run 16% of R&D and -- 16% of revenue for R&D and 7% for SG&A.

我們將運行 16% 的研發和 - 16% 的研發收入和 7% 的 SG&A。

In actual fact, the increase in dollars from Q4 to Q1 is essentially -- in fact, it's nearly all nonexec variable comp.

事實上，從第 4 季度到第 1 季度的美元增長本質上是——事實上，它幾乎都是非執行變量補償。

So it's just incentive.

所以這只是激勵。

So we're keeping a tight hand on OpEx.

因此，我們對 OpEx 保持嚴格控制。

We won't spend ahead of revenue really.

我們真的不會在收入之前花錢。

But we would like to run 16% of R&D and 7% of SG&A.

但我們希望進行 16% 的研發和 7% 的 SG&A。

And in the very short term for Q1, the increase is all -- increases in compensation in variable comp accruals.

在第一季度的短期內，增長就是全部 - 可變補償應計報酬的增加。

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

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

I'm wondering if you can discuss the competitive landscape today a little bit, in particular, as it relates to pending M&A.

我想知道您是否可以討論一下今天的競爭格局，尤其是與未決併購有關的競爭格局。

You have ADI buying Maxim, that consolidates the analog market a little bit.

ADI 收購了 Maxim，這在一定程度上鞏固了模擬市場。

You have NVIDIA buying ARM, which is an important supplier of yours.

你有 NVIDIA 收購 ARM，它是你的重要供應商。

I'm wondering if you can comment as to whether either one of these or any other transaction might have any influence on your competitive positioning and perhaps your own plans from the perspective of consolidation.

我想知道您是否可以評論其中一項或任何其他交易是否可能對您的競爭定位產生任何影響，也許從整合的角度來看您自己的計劃。

Hey, Bill.

嘿，比爾。

I mean, you know we just don't comment on M&A in these calls.

我的意思是，你知道我們只是不在這些電話中對併購發表評論。

But what is relevant is that as it relates to our strategic focus and our, say, belief in our power of differentiation, we continue to be super -- really super confident that with the portfolio, which we have actually largely achieved or to a good extent also through M&A achieved, is in a very good position.

但重要的是，因為它與我們的戰略重點和我們對差異化能力的信念有關，我們仍然超級 - 非常有信心，我們實際上已經在很大程度上實現了投資組合，或者取得了良好的成績一定程度上也是通過併購實現的，處於非常有利的地位。

I mean, let's not forget that this strength in secure edge processing solutions which we have is a result of the Freescale acquisition a couple of years back, and then further complemented by the wireless acquisition from Marvell about 1 year back.

我的意思是，我們不要忘記我們在安全邊緣處理解決方案方面的優勢是幾年前收購飛思卡爾的結果，然後又進一步補充了大約 1 年前收購 Marvell 的無線技術。

We are proud that we've been able to successfully integrate all of this and actually are now in a position to come out with solutions with products, which are building on the IPs from these different former deals.

我們感到自豪的是，我們已經能夠成功地整合所有這些，並且實際上現在能夠推出帶有產品的解決方案，這些產品是建立在這些不同的先前交易的 IP 之上的。

And from anything I've seen relative to the deals you mentioned, we don't see this as a threat to that competitive decision which we have.

從我所看到的與你提到的交易相關的任何事情來看，我們並不認為這是對我們所擁有的競爭決策的威脅。

So while I don't want to comment in general on M&A, I would say it doesn't touch our trust and our confidence with the strategic focus which we have.

因此，雖然我不想對併購發表一般性評論，但我想說這不會影響我們對戰略重點的信任和信心。

I continue to believe that full-steam execution on what we have is a very, very high value endeavor.

我仍然相信，全速執行我們所擁有的是一項非常非常有價值的努力。

Great.

偉大的。

Maybe if I can follow up with another question about the supply-demand imbalance.

也許我可以跟進另一個關於供需失衡的問題。

Typically, when this happens, you have this behavior of overordering by some customers that stimulates capacity additions and sort of there goes the cycle.

通常，當發生這種情況時，您會遇到一些客戶的超額訂購行為，這會刺激產能增加，然後就會出現這種循環。

This behavior is typically what sort of paints the peak of the cycle.

這種行為通常是一種描繪週期高峰的行為。

I've argued that I think the lean inventory through the supply chain and really, the breadth of demand is what perhaps will make the cycle extend a little bit longer.

我一直認為，我認為供應鏈中的精益庫存，實際上，需求的廣度可能會使周期延長一點。

But I wonder if there's anything else that relates to the insight that you've all shared with us already suggesting that we continue to see this imbalance favoring growth as we go through the year.

但我想知道是否還有其他任何與你們都與我們分享的洞察力相關的洞察力，這些洞察力表明我們在這一年中繼續看到這種有利於增長的失衡。

Yes.

是的。

I mean, indeed, well, we've all seen that movie before.

我的意思是，確實，好吧，我們以前都看過那部電影。

I couldn't agree more.

我完全同意。

There is this element which is creating a bubble eventually.

這個元素最終會產生泡沫。

But I would really highlight and I say that from very hands-on, practical experience currently, everything we ship goes into production.

但我真的要強調，我要說的是，從目前非常親身實踐的經驗來看，我們運送的所有東西都會投入生產。

That -- it isn't piling any inventory at any place.

那 - 它不會在任何地方堆積任何庫存。

And I can also again emphasize, it is broad.

我也可以再次強調，它是廣泛的。

I mean, you read and see a lot about automotive, as Peter said, because that is very prominent when it comes to publications, but it is much broader.

我的意思是，正如彼得所說，你閱讀和看到了很多關於汽車的內容，因為這在出版物方面非常突出，但范圍更廣。

We have that same surge in demand in our other markets.

我們在其他市場也有同樣的需求激增。

So that makes me believe that at least at this point in time, this is not about inventory building.

所以這讓我相信至少在這個時間點，這與庫存建設無關。

Now certainly, we will continue to watch this very carefully because, again, we've seen this before.

現在當然，我們將繼續非常仔細地觀察這一點，因為我們之前已經看到過這一點。

We have our controls, we know what to look after.

我們有自己的控制權，我們知道要照顧什麼。

But now is not the time to be worried about that.

不過現在不是擔心那個的時候。

So we clearly see this demand continuing for a couple of quarters without building unnecessary inventory.

因此，我們清楚地看到這種需求會持續幾個季度，而不會增加不必要的庫存。

The only, I wouldn't say exception, but the one thing specific which I believe could become a growth trend, which is then nothing wrong but something to be conscious about, is possibly the fact that the auto industry will want to have a longer supply chain, higher inventory levels than they used to have, just learning from the current experience and trying to mitigate any future disruptions.

唯一的，我不會說例外，但我認為可能成為增長趨勢的一件事，這沒什麼不對，但需要注意的是，汽車行業可能希望有更長的時間供應鏈，比過去更高的庫存水平，只是從當前的經驗中學習並試圖減輕未來的任何中斷。

That would be then building inventory but it wouldn't be a bubble, but it would be a very conscious and very, say, targeted building of inventory.

那將是建立庫存，但它不會是泡沫，但這將是一個非常有意識且非常有針對性的庫存建立。

But again, from anything, we can see with our product, this is -- we are far from this at this point in time, but it could become something which happens maybe later in the year.

但同樣，從任何方面，我們都可以從我們的產品中看到，這是——我們目前離這一點還很遠，但它可能會在今年晚些時候發生。

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

你的下一個問題來自 Blayne Curtis with Barclays。

I just want to ask on the industrial IoT business.

我只想問工業物聯網業務。

We obviously talked about the auto segment in depth.

我們顯然深入討論了汽車領域。

Obviously, that business seasonality is typically down, you guided it up.

顯然，業務季節性通常是下降的，你引導它上升。

I think you have an easy year-over-year compare, but it still seems up pretty robustly.

我認為你有一個簡單的同比比較，但它看起來仍然非常強勁。

So maybe you can just talk about the drivers within that segment.

因此，也許您可以只談論該細分市場中的驅動因素。

Blayne, did I hear you right, industrial IoT?

Blayne，我沒聽錯吧，工業物聯網？

Is that what you were asking?

那是你問的嗎？

Yes, yes.

是的是的。

Yes.

是的。

No, absolutely.

不，絕對。

I mean, we are actually quite proud about our performance in industrial, since even last year, which clearly was a very difficult year for the industry, our industrial business on a full year basis did grow by 15% year-on-year.

我的意思是，我們實際上對我們在工業領域的表現感到非常自豪，因為即使是去年，這對行業來說顯然是非常困難的一年，我們的工業業務全年同比增長了 15%。

And as you have seen from the guide, we have the confidence we'll continue this.

正如您從指南中看到的那樣，我們有信心繼續這樣做。

It's really carried by the solution capability made up by the crossover processes.

它實際上是由交叉過程組成的解決方案能力承載的。

I mean, it's the whole processing portfolio, but specifically, the crossovers are delivering on the promise, coupled with our WiFi capabilities.

我的意思是，這是整個處理組合，但具體來說，跨界車正在兌現承諾，再加上我們的 WiFi 功能。

And you might have seen just in Q4, we launched our first and what I think is really an industry-leading 2x2 WiFi 6 solution, which is a result of the Marvell acquisition.

你可能已經看到，就在第四季度，我們推出了我們的第一個，我認為這是真正行業領先的 2x2 WiFi 6 解決方案，這是 Marvell 收購的結果。

But getting this all together into solutions is actually doing what we wanted to see.

但是將所有這些整合到解決方案中實際上是在做我們想看到的事情。

Now there is 1 other element with this, which I think is a driver for the growth for NXP, particularly in that segment, and that is our exposure to China.

現在還有另外一個因素，我認為這是恩智浦增長的驅動力，尤其是在該領域，那就是我們在中國的業務。

That's also, I think, the background for last year's strong performance, because China left the pandemic from an industrial performance perspective behind them already in the second quarter.

我認為，這也是去年強勁表現的背景，因為從工業績效的角度來看，中國已經在第二季度將大流行拋在了身後。

So if you will, China had 3 strong quarters last year, and our industrial business has a quite big exposure to China.

因此，如果你願意的話，去年中國有 3 個強勁的季度，我們的工業業務對中國的敞口很大。

So we've been benefiting from this and we see this continuing into this year.

所以我們一直從中受益，我們看到這種情況會持續到今年。

Just maybe as a follow-up to that, could you just talk on the supply side?

也許作為後續行動，你能談談供應方面嗎？

Is this a segment that you're also being impacted by tightness?

這是您也受到緊縮影響的部分嗎？

And any kind of view on kind of lead times within that segment?

對該細分市場中的交貨時間有何看法？

It's across the board, Blayne.

這是全面的，布萊恩。

So yes, we are also impacted by the tightness of supply in our industrial business.

所以是的，我們也受到工業業務供應緊張的影響。

I can't really talk about lead times because it really differs.

我真的不能談論交貨時間，因為它真的不同。

I mean, we have a number of products with very normal lead times, but we also have a couple of products with 52 weeks lead time.

我的意思是，我們有許多產品的交貨時間非常正常，但我們也有一些產品的交貨時間為 52 週。

So there is not one answer to this question.

所以這個問題沒有一個答案。

The only thing I can say is that, yes, industrial is also impacted by the tightness of supply.

我唯一能說的是，是的，工業也受到供應緊張的影響。

I think that would be our last call, maybe pass it over to Kurt.

我認為那將是我們最後一次通話，也許會轉交給 Kurt。

Thank you.

謝謝。

And I would now like to turn the call back over to Mr. Sievers, Please go ahead.

我現在想把電話轉回給 Sievers 先生，請繼續。

Yes, thanks very much, operator.

是的，非常感謝，接線員。

Yes, I think in summary, it is fair to say that if we just for a minute look back to last year, last year has really been a year with 2 phases: a very grim and very difficult year in the first half; and then a definitely faster-than-anticipated recovery in the second half.

是的，我想總而言之，可以公平地說，如果我們稍微回顧一下去年，去年確實是有兩個階段的一年：上半年是非常嚴峻和困難的一年；然後下半場的複蘇肯定比預期的要快。

And given all the discussions which we've had about supply and demand, it is fair to say that we believe it's only the start of the recovery.

考慮到我們就供需進行的所有討論，可以公平地說，我們認為這只是複甦的開始。

This will continue through the calendar year 2021.

這將持續到 2021 日曆年。

And we see that our specific end market focus of NXP with a lot of strength in automotive, with a lot of very specific strength in the mobile and in industrial and IoT, gives us actually a very good opportunity to benefit from this continuing recovery into this calendar year.

我們看到恩智浦在汽車領域具有很強的實力，在移動、工業和物聯網方面具有很多非常具體的實力，我們看到我們特定的終端市場重點，實際上為我們提供了一個很好的機會，可以從這種持續復甦中獲益公曆年。

The 1 segment we've certainly been less happy with is the comms infra segment as we discussed.

正如我們所討論的，我們肯定不太滿意的第一個部分是通信基礎設施部分。

But also there, given the new product introductions in gallium nitride, we are optimistic on the second half of the year which is a strong driver for our mix when you think about our margin targets.

但同時，考慮到氮化鎵新產品的推出，我們對今年下半年持樂觀態度，當您考慮我們的利潤率目標時，這是我們組合的強大推動力。

And with that, I thank you all for dialing into the call.

就此，我感謝大家撥通電話。

And most of all, please all, stay safe and stay healthy.

最重要的是，請大家注意安全並保持健康。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。

You may now disconnect.

您現在可以斷開連接。