恩智浦 (NXPI) 2020 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Q2 2020 NXP Semiconductors Earnings Conference Call.

早安，女士們、先生們，歡迎參加恩智浦半導體 2020 年第二季財報電話會議。

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

（操作員說明）謹此提醒，本次電話會議正在錄音。

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

我現在想把會議交給傑夫·帕爾默先生。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you, Jerome, and good morning and good afternoon, everyone.

謝謝傑羅姆，大家早安，下午好。

We hope you're all safe and healthy.

我們希望你們都安全健康。

Welcome to the NXP Semiconductors Second Quarter 2020 Earnings Call.

歡迎參加恩智浦半導體 2020 年第二季財報電話會議。

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

今天與我一起參加電話會議的是恩智浦執行長兼總裁 Kurt Sievers。和我們的財務長彼得凱利。

The call today is being recorded and will be available for replay from our corporate website.

今天的通話正在進行錄音，並將可在我們的公司網站上重播。

The 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.

這次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致恩智浦的表現與管理層目前的預期有重大差異。

These risks and uncertainties include, but are not limited to, statements regarding the continued impact of the COVID-19 pandemic on our business, the macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products, and our expectations for the financial results for the third quarter of 2020.

這些風險和不確定性包括但不限於有關 COVID-19 大流行對我們業務的持續影響、對我們經營的特定終端市場的宏觀經濟影響、新產品和現有產品的銷售以及我們的業務的聲明。對2020年第三季財務業績的預期。

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聲明的義務。

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

有關前瞻性陳述的完整揭露，請參閱我們的新聞稿。

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

此外，我們將參考非公認會計準則財務指標，這些指標主要由管理階層認為與恩智浦基本核心營運績效沒有直接關係的離散事件所驅動。

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

根據G 條例，恩智浦在2020 年第二季度收益新聞稿中提供了非GAAP 財務指標與最直接可比較的GAAP 指標的調節表，該新聞稿將以8-K 表格形式提交給SEC，並可在恩智浦的網站上取得。

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

我現在想把電話轉給庫爾特。

Thanks very much, Jeff, and good morning or good afternoon, everyone.

非常感謝，傑夫，大家早安或下午好。

We really appreciate you joining the call today.

我們非常感謝您今天加入電話會議。

Now let me turn to our results.

現在讓我談談我們的結果。

Our Q2 revenue was modestly better than the midpoint of our original guidance.

我們第二季的收入略好於我們最初指導的中位數。

Our automotive business was significantly impacted by the COVID-19 caused factory shutdowns of our customers.

我們的汽車業務受到 COVID-19 導致客戶工廠關閉的嚴重影響。

So we did experience better-than-anticipated trends and sequential growth in all of our other end markets.

因此，我們在所有其他終端市場確實經歷了好於預期的趨勢和連續成長。

We are encouraged by the positive trends we experienced in China and the sales out of our distribution channel did improve sequentially.

我們對在中國經歷的正面趨勢感到鼓舞，而且我們分銷管道的銷售確實有所改善。

Taken together, NXP delivered revenue of $1.82 billion, $17 million above the midpoint of our original guidance range.

總的來說，恩智浦實現了 18.2 億美元的收入，比我們最初指導範圍的中點高出 1,700 萬美元。

Non-GAAP operating margin was 20.7%, about 170 basis points above the midpoint of guidance.

非 GAAP 營業利潤率為 20.7%，比指導中位數高出約 170 個基點。

We experienced slightly higher revenue with a higher proportion of distribution channel sales.

我們的收入略有增加，分銷通路銷售的比例較高。

We did deliver better gross margin because of a positive product sales mix.

由於積極的產品銷售組合，我們確實實現了更好的毛利率。

And all of this combined with tight control of our operating expenses resulted in better-than-expected operating profitability.

所有這些加上我們對營運費用的嚴格控制，帶來了好於預期的營運獲利能力。

Now turning to the specific trends in our focused end markets.

現在轉向我們重點關注的終端市場的具體趨勢。

In automotive, revenue was $674 million, down 35% versus the year ago period and showing a 32% sequential decline.

汽車領域的營收為 6.74 億美元，較去年同期下降 35%，較上季下降 32%。

In industrial and IoT, revenue was $435 million, up 12% versus the year ago period and up 16% sequentially.

在工業和物聯網領域，營收為 4.35 億美元，比去年同期成長 12%，比上一季成長 16%。

In mobile, revenue was $255 million, down 14% versus the year ago period, up 3% sequentially.

行動業務營收為 2.55 億美元，較去年同期下降 14%，較上一季成長 3%。

And please note the year-on-year comparison in mobile was impacted by the sale of the voice and audio business.

請注意，行動領域的同比比較受到語音和音訊業務出售的影響。

And lastly, communication infrastructure and other revenue was $453 million, down 9% year-on-year and up 12% sequentially.

最後，通訊基礎設施和其他收入為 4.53 億美元，年減 9%，季增 12%。

Now before I'm turning to the specifics of our Q3 expectations, I'd like to make a few important comments.

現在，在我具體討論第三季的預期之前，我想發表一些重要的評論。

Our revenue guidance range for Q3 is again wider than normal.

我們第三季的收入指引範圍再次比正常情況更寬。

However, we believe the setup is gradually more positive heading into the second half of the year.

然而，我們相信，進入今年下半年，情況將逐漸變得更加積極。

And this is thanks to customer traction with NXP-specific drivers, including automotive radar, wireless connectivity, our crossover processes, our secure ultra-widebands, just to name a few.

這要歸功於客戶對恩智浦特定驅動程式的吸引力，包括汽車雷達、無線連接、我們的交叉流程、我們的安全超寬頻等等。

And furthermore, we do see an ongoing stabilization of our end markets.

此外，我們確實看到終端市場持續穩定。

However, at the same time, we want to balance our enthusiasm as we continue to view the broader demand environment as fluid given the COVID-19 pandemic.

然而，與此同時，鑑於 COVID-19 大流行，我們繼續認為更廣泛的需求環境不穩定，因此我們希望平衡我們的熱情。

It is too early to make a broad statement regarding a complete return to normalized demand or the specifics of the shape of the recovery.

現在就需求完全恢復正常或復甦的具體情況做出廣泛的聲明還為時過早。

As an example, several of the ultimate end customers of our products, especially the automotive OEM customers in Europe, North America and Japan, are still running production at below pre-pandemic levels.

例如，我們產品的一些最終客戶，特別是歐洲、北美和日本的汽車原始設備製造商客戶，其生產仍低於疫情前的水平。

Therefore, we view the best course of action is to continue to focus on those aspects of our business, which we can directly control.

因此，我們認為最好的行動方案是繼續專注於我們可以直接控制的業務方面。

This certainly includes stringent discipline of our distributor channel inventory to maintain our target channel inventory at 2.4 months of supply.

這當然包括嚴格控制我們的經銷商通路庫存，以將我們的目標通路庫存維持在 2.4 個月的供應量。

And exactly in that light, we held back about $145 million of shipments to distributors during the past quarter.

正是考慮到這一點，我們在上個季度扣留了約 1.45 億美元的發貨給分銷商。

Additionally, we continue to run our internal factories significantly below normal operating levels, avoiding building excess inventory.

此外，我們繼續以顯著低於正常運作水準的方式運作內部工廠，避免庫存過剩。

And with that preamble, we are guiding Q3 revenue at $2 billion, down about 12% versus Q3 '19.

在此序言中，我們預計第三季營收為 20 億美元，比 19 年第三季下降約 12%。

And from a sequential perspective, this represents an increase of about 10% at the midpoint versus the prior quarter.

從環比來看，這意味著與上一季相比中位數成長了約 10%。

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

在中點，我們預期我們的業務將出現以下趨勢。

Automotive is expected to be down in the low 20% range versus Q3 '19 and up about 20% versus Q2 '20.

汽車產業預計與 19 年第三季相比下降 20% 左右，與 20 年第二季相比成長約 20%。

Industrial and IoT is expected to be up in the mid-teens range versus Q3 '19 and is expected to be up in the mid-teens range versus Q2 '20.

與 19 年第 3 季相比，工業和物聯網預計將出現 10% 左右的成長，與 20 年第 2 季相比，工業和物聯網預計將在 10% 左右範圍內成長。

Mobile is expected to be down in the low teens range versus Q3 '19.

與 19 年第三季相比，行動業務預計將下降至十幾歲以下。

Again, the year-on-year trends are being impacted by the sale of the voice and audio business.

同比趨勢再次受到語音和音訊業務出售的影響。

On a sequential basis, mobile is expected to be up about 10% versus Q2 '20.

與 20 年第二季相比，行動業務預計將環比成長 10% 左右。

And finally, communication infrastructure and other is expected to be down in the low teens range versus Q3 '19 and down in the upper single digits range versus Q2 '20.

最後，與 19 年第三季相比，通訊基礎設施和其他基礎設施預計將下降到十幾位數範圍內，而與 20 年第二季相比，預計將下降到高個位數範圍內。

Now let me summarize.

現在讓我總結一下。

We will be laser-focused on what we can control, and we will continue to navigate an uncertain demand environment.

我們將專注於我們可以控制的事情，我們將繼續應對不確定的需求環境。

Clearly, our #1 priority is to assure the health and safety of all of our NXP team members, while at the same time, facilitating the best possible business continuity with a customer focus on supply chain and R&D execution.

顯然，我們的第一要務是確保所有恩智浦團隊成員的健康和安全，同時促進最佳的業務連續性，讓客戶專注於供應鏈和研發執行。

We don't have any unique insights as to when this challenging period will subside.

對於這段充滿挑戰的時期何時會結束，我們沒有任何獨特的見解。

But we continue to have ample financial liquidity and strength to weather the current environment.

但我們仍然擁有充足的金融流動性和實力來應對當前的環境。

And we maintain all the critical investments in areas that will assure NXP's long-term success in its chosen strategy, while we actively and continuously review all areas of discretionary spending.

我們在確保恩智浦在其所選策略方面取得長期成功的領域保留所有關鍵投資，同時我們積極、持續地審查所有可自由支配支出領域。

Our focused investments in leading-edge new products and deep customer engagements in fast growing segments, such as automotive, ADAS and electrification, secure connected edge processing for the IoT and our secure ultra-widebands are all very, very durable, and we do continue to enjoy significant design win traction.

我們對領先新產品的重點投資以及在汽車、ADAS 和電氣化等快速增長領域的深入客戶參與、物聯網的安全連接邊緣處理以及我們的安全超寬頻都非常非常耐用，我們確實會繼續享受重要的設計贏得吸引力。

We are committed to the consistent execution of our long-term strategy and continue to be deeply engaged and sharply focused on enabling our customers' success.

我們致力於始終如一地執行我們的長期策略，並繼續深入參與並專注於幫助客戶取得成功。

And now I would like to pass the call to Peter for a review of our financial performance before we turn to all of your questions.

現在，在我們回答你們的所有問題之前，我想把電話轉給彼得，讓他回顧一下我們的財務表現。

So Peter?

那麼彼得?

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 has already covered the drivers of the revenue during the 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本季收入的驅動因素並提供了我們對第三季的收入前景，我將轉向財務要點。

In summary, our second quarter revenue performance in total was a little better than planned.

總而言之，我們第二季的整體營收表現比計畫好一點。

Our industrial and IoT end market, along with common infrastructure, showed significant strength.

我們的工業和物聯網終端市場以及通用基礎設施顯示出巨大的實力。

Our shipments into the mobile end market were about where we planned.

我們進入行動終端市場的出貨量與我們計劃的差不多。

And our automotive revenue was significantly weaker than planned as OEMs and Tier 1 suppliers in Europe, North America and Japan closed their factory for extended periods.

由於歐洲、北美和日本的原始設備製造商和一級供應商長時間關閉工廠，我們的汽車收入明顯低於計劃。

You'll note our proportion of sales through distribution versus direct was significantly higher, reaching a record 58%, given the strength in China and the weakness in automotive, which is more of a direct -- more a direct business end market.

您會注意到，考慮到中國的強勢和汽車市場的疲軟（更直接的業務終端市場），我們透過分銷的銷售比例明顯高於直接銷售，達到創紀錄的 58%。

So moving to the details of the second quarter.

現在轉向第二季的細節。

Total revenue was $1.82 billion, down 18% year-on-year and $17 million above the midpoint of our guidance.

總收入為 18.2 億美元，年減 18%，比我們指導中位數高出 1,700 萬美元。

We generated $892 million in non-GAAP gross profit and reported a non-GAAP gross margin of 49.1%, down 420 basis points year-on-year and 110 basis points above the midpoint of guidance.

我們實現了 8.92 億美元的非 GAAP 毛利，非 GAAP 毛利率為 49.1%，較去年同期下降 420 個基點，比指導中位數高出 110 個基點。

Gross margins were better-than-expected because of the mix swing towards distribution and an overall richer product mix.

由於產品組合轉向分銷以及整體產品組合更加豐富，毛利率好於預期。

Total non-GAAP operating expenses were $516 million, down $25 million year-on-year and better by $29 million from the first quarter.

非 GAAP 營運支出總額為 5.16 億美元，年減 2,500 萬美元，較第一季增加 2,900 萬美元。

This was $7 million better than the midpoint of our guidance because of lower payroll expense.

由於薪資支出較低，這比我們指導的中位數高出 700 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $376 million, and non-GAAP operating margin was 20.7%, down about 820 basis points year-on-year, but 170 basis points higher than guidance due to better gross margin and lower operating expense.

從總營業利潤來看，非 GAAP 營業利潤為 3.76 億美元，非 GAAP 營業利潤率為 20.7%，年減約 820 個基點，但由於更好的毛利率和降低營運費用。

Non-GAAP financial expense was $92 million, which was $10 million higher than guidance because of the new $2 billion debt issuance we undertook during the quarter.

非 GAAP 財務費用為 9,200 萬美元，比指導值高出 1,000 萬美元，因為我們在本季度進行了 20 億美元的新債務發行。

Cash taxes for ongoing operations were $16 million and noncontrolling interests were $5 million, slightly better on a combined basis than our guidance.

持續經營業務的現金稅為 1,600 萬美元，非控制權益為 500 萬美元，綜合計算略優於我們的指導。

Stock-based compensation, which is not included in our non-GAAP earnings, was $105 million.

基於股票的薪酬為 1.05 億美元，不包括在我們的非 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 $9.35 billion, up about $2 billion sequentially.

第二季末我們的總債務為 93.5 億美元，比上一季增加約 20 億美元。

And our ending cash position was $3.27 billion, up $2.2 billion because of the debt issuance and cash generation during the quarter.

由於本季的債務發行和現金生成，我們的期末現金部位為 32.7 億美元，增加了 22 億美元。

Net debt was slightly better at $6.09 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $2.8 billion.

淨債務略好於 60.9 億美元，本季結束時，過去 12 個月的調整後 EBITDA 為 28 億美元。

Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of the second quarter was 2.2x.

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 2.2 倍。

And our non-GAAP trailing 12-month adjusted EBITDA net interest coverage was 8.5x.

我們的非 GAAP 追蹤 12 個月調整後 EBITDA 淨利息覆蓋率為 8.5 倍。

We continue to have a strong balance sheet and excellent liquidity.

我們繼續擁有強勁的資產負債表和良好的流動性。

The response to the recent debt issuance was truly phenomenal.

最近發債的反應確實是驚人的。

The offering was structured in 3 tranches of a $500 million 5-year note, a $500 million 7-year note and a $1 billion 10-year Green Bond.

此次發行分為三部分，分別是5億美元的5年期票據、5億美元的7年期票據和10億美元的10年期綠色債券。

The offering was 11x oversubscribed, and we were very excited that we were one of a very small number of tech companies to have successfully made a Green offering.

這次發行獲得了 11 倍的超額認購，我們非常高興我們是極少數成功發行綠色產品的科技公司之一。

During the second quarter, we paid $105 million in cash dividends.

第二季度，我們支付了 1.05 億美元的現金股利。

And as we noted last quarter, until our leverage returns to our 2x target, we have temporarily suspended our buybacks, so we will maintain our quarterly dividend.

正如我們上季度指出的，在我們的槓桿率恢復到 2 倍目標之前，我們已暫時暫停回購，因此我們將維持季度股利。

Turning to working capital metrics.

轉向營運資本指標。

Days of inventory was 120 days, an increase of 7 days sequentially as revenue levels declined.

庫存天數為 120 天，由於收入水準下降，比上一季增加了 7 天。

Though on a dollar basis, inventory was flat sequentially.

儘管以美元計算，庫存環比持平。

We continue to closely manage our distribution channel with inventory in the channel at 2.4 months, well within our long-term targets.

我們繼續密切管理我們的分銷管道，通路庫存為 2.4 個月，完全符合我們的長期目標。

And we held back about $145 million of orders into distribution to assure our channel inventory metrics remained within our target range.

我們保留了約 1.45 億美元的訂單進行分銷，以確保我們的通路庫存指標保持在目標範圍內。

I'm very proud of how the team has managed both owned and channel inventory.

我對團隊管理自有庫存和通路庫存的方式感到非常自豪。

Days receivable were 24 days, down 4 days sequentially.

應收帳款天數為24天，季減4天。

Days payable were 71 days, a decrease of 12 days versus the prior quarter.

應付帳款天數為 71 天，較上季減少 12 天。

And taken together, our cash conversion cycle was 73 days, an increase of 15 days versus the prior quarter.

總的來說，我們的現金週轉週期為 73 天，比上一季增加了 15 天。

Cash flow from operations was $414 million, and net CapEx was $74 million, resulting in non-GAAP free cash flow of $340 million, a testament to the strong cash flow generating capability of the business, even in a challenging period.

營運現金流為 4.14 億美元，淨資本支出為 7,400 萬美元，非 GAAP 自由現金流為 3.4 億美元，證明了即使在充滿挑戰的時期，該業務也具有強大的現金流生成能力。

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 about $2 billion plus or minus about $100 million.

正如 Kurt 所提到的，我們預計第三季營收約為 20 億美元將上下約 1 億美元。

Again, a wider range than normal considering the uncertain environment we are navigating.

考慮到我們所處的不確定環境，這個範圍比正常範圍更寬。

At the midpoint, this is down about 12% year-on-year, while up 10% sequentially.

中間值年減約 12%，而環比增長 10%。

We expect non-GAAP gross margin to be about 49%, plus or minus 100 basis points.

我們預計非 GAAP 毛利率約為 49%，上下浮動 100 個基點。

Operating expenses are expected to be about $535 million, plus or minus about $10 million.

營運費用預計約 5.35 億美元，上下浮動約 1,000 萬美元。

And taken together, we see non-GAAP operating margin to be about 22%, plus or minus about 180 basis points.

綜合來看，我們預期非 GAAP 營運利潤率約為 22%，上下浮動約 180 個基點。

We estimate non-GAAP financial expense to be about $98 million and anticipate cash tax related to ongoing operations to be about $34 million.

我們預計非 GAAP 財務費用約為 9,800 萬美元，預計與持續營運相關的現金稅約為 3,400 萬美元。

Noncontrolling interests will be about $3 million.

非控制權益約 300 萬美元。

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

最後，我想提出幾點結束語。

Our gross margin guidance for Q3 remains flat on Q2.

我們對第三季毛利率的指引與第二季持平。

With revenue up 10% sequentially, we see some benefit from the additional volume, but this is offset by our product mix, which will be less robust than in Q3 as compared to Q2 and, secondly, the continued effects of a very low factory utilization as we manage our inventory levels.

隨著營收連續成長10%，我們看到銷量增加帶來了一些好處，但這被我們的產品組合所抵消，與第二季度相比，我們的產品組合將不如第三季度強勁，其次，工廠利用率極低的持續影響當我們管理庫存水準時。

As the global economy starts to correct itself and our revenue reaccelerates, we see no reason why we cannot hit our 55% gross margin target at the $2.4 billion of quarterly revenue level.

隨著全球經濟開始自我修正以及我們的收入重新加速，我們認為我們沒有理由不能在 24 億美元的季度收入水準上實現 55% 的毛利率目標。

In terms of operating expense, the guidance of $535 million is not a new normal.

就營運費用而言，5.35 億美元的指引並不是新常態。

But it's a constrained number, reflecting the stringent expense controls we've imposed on the organization.

但這是一個有限的數字，反映了我們對該組織實施的嚴格的費用控制。

The actions taken include the elimination of annual merit increases and incentives and effective hiring freeze, including replacements, as well as salary cuts for executives.

採取的行動包括取消年度績效加薪和激勵措施、有效凍結招聘（包括替換）以及高階主管減薪。

Clearly, although these are the right things to do in the short term, they're not sustainable in the medium term.

顯然，儘管這些在短期內是正確的事情，但從中期來看它們是不可持續的。

And you should assume a more normal level of OpEx in 2021 to be about $575 million a quarter depending on seasonal influences.

您應該假設 2021 年更正常的營運支出水準約為每季 5.75 億美元，具體取決於季節性影響。

When our revenue returns to a more normal level, we would expect our operating expenses to reflect our long-term model of 16% R&D and 7% SG&A.

當我們的收入恢復到更正常的水平時，我們預計我們的營運支出將反映我們 16% 研發和 7% SG&A 的長期模式。

Lastly, we are proactively driving down our internal inventory levels.

最後，我們正在積極降低內部庫存水準。

Our long-term target is 95 days and aim to achieve about 100-day level exiting the third quarter.

我們的長期目標是 95 天，並爭取在第三季結束時達到 100 天左右的水平。

This will clearly impact our factory utilization.

這顯然會影響我們工廠的使用率。

Finally, these are very difficult times.

最後，這是非常困難的時期。

Kurt and I would like to thank all of our colleagues around the world for their commitment to NXP and for doing the right thing for our customers.

庫爾特和我要感謝世界各地的所有同事對恩智浦的承諾以及為我們的客戶做正確的事情。

The current period is unprecedented.

當前的時期是前所未有的。

It's extremely difficult.

這是非常困難的。

But over the long run, NXP has the right strategy, is in the right markets and has the right products to continue to win.

但從長遠來看，恩智浦擁有正確的策略，處於正確的市場，並擁有正確的產品，可以繼續獲勝。

Now I'd like to turn to our questions.

現在我想談談我們的問題。

Operator?

操作員？

(Operator Instructions) Your first question comes from the line of John Pitzer with Crédit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸銀行的 John Pitzer。

Congratulations on the solid results given the challenging environment.

恭喜您在充滿挑戰的環境中取得了紮實的成果。

Kurt, I guess, as we look at the company, as you mentioned in your preamble, there's a lot of company-specific drivers.

庫爾特，我想，當我們審視公司時，正如您在序言中提到的那樣，有很多公司特定的驅動因素。

And I guess I wanted to try to get a better understanding.

我想我想嘗試更好地理解。

When you look at the auto growth that you expect in the calendar third quarter, to what extent is that coming from the growth areas of the business versus the more mature parts of the auto business?

當您查看預計第三季的汽車成長時，您會發現，成長領域與汽車業務更成熟的部分相比，成長在多大程度上來自業務成長領域？

And a similar question on the industrial IoT.

還有關於工業物聯網的類似問題。

Great sequential growth in the June quarter.

六月季度較上季大幅成長。

You're guiding for that to sustain into the September quarter.

您正在指導這種情況持續到九月季度。

I'm just kind of curious.

我只是有點好奇。

To what extent is this the benefits you're getting of taking that Marvell asset and running it through kind of your stronger distribution channel?

透過採用 Marvell 資產並透過更強大的分銷管道運營它，您能獲得多大程度的好處？

Yes.

是的。

Thanks, John.

謝謝，約翰。

First of all, a lot of good questions.

首先，有很多好問題。

Let me maybe start with saying because it really holds for -- both for auto and industrial IoT, that indeed it all looks like that Q2 was the trough, and now we are moving up from here.

首先我要說的是，因為它確實適用於汽車和工業物聯網，事實上，看起來第二季是低谷，現在我們正在從這裡向上移動。

And the moving up is indeed a mix of company-specific growth in both segments, by the way, in auto and in industrial IoT and obviously also a recovery of the market.

順便說一句，汽車和工業物聯網領域的上升確實是公司特定成長的結合，顯然也是市場的復甦。

In industrial and IoT, very, very clearly, the -- and I think we did also a press release on this.

在工業和物聯網領域，非常非常明顯，我認為我們也就此發布了新聞稿。

The WiFi 6 portfolio from Marvell, which we launched in April, is actually helping.

我們在 4 月推出的 Marvell WiFi 6 產品組合實際上正在提供幫助。

We have also now successfully integrated the WiFi portfolio into our microcontroller and applications processor software development kits, which makes it really easy for customers.

我們現在也成功地將 WiFi 產品組合整合到我們的微控制器和應用處理器軟體開發套件中，這使客戶真正輕鬆使用。

So yes, we do see early traction from that combination.

所以，是的，我們確實看到了這種組合的早期吸引力。

So it is a factor in the continued very nice growth in industrial and IoT.

因此，這是工業和物聯網持續良好成長的因素。

Clearly, industrial and IoT, John, has another strong sector, which is China.

顯然，約翰，工業和物聯網還有另一個強大的領域，那就是中國。

So the good growth in Q2 in industrial and IoT has been carried largely from a Chinese footprint perspective.

因此，工業和物聯網第二季度的良好成長主要是從中國足跡的角度來看的。

And that also continues into Q3.

這也持續到第三季。

Now in auto, things are a little bit different.

現在在汽車領域，情況有所不同。

In auto, clearly, Q2 was completely abnormal since we had these factory shutdowns, specifically from the OEMs in Europe and the U.S. And as we explained in the last call, we really wanted to make sure that we wouldn't create too much excess inventory at our customers, not only at distribution, but also at the direct customers.

在汽車領域，顯然，第二季度是完全不正常的，因為我們關閉了這些工廠，特別是來自歐洲和美國的原始設備製造商。確保我們不會產生太多過剩庫存我們的客戶，不僅是分銷，還包括直接客戶。

And that's actually the reason why the business has decreased more than we would have anticipated, but we just didn't want to follow any excess inventory building.

這實際上就是業務下降幅度超出我們預期的原因，但我們只是不想遵循任何過多的庫存建設。

But now this is nicely returning.

但現在這一切都很好地回歸了。

So we see pretty good momentum in auto actually into Q3.

因此，我們實際上在第三季度看到了汽車行業的良好勢頭。

And it is indeed a mix between OEMs and Tier 1s getting back to production.

這確實是 OEM 和一級供應商恢復生產的混合。

So we assume that by the end of Q3, production levels across the world in automotive should be back to 80% of the pre pandemic period.

因此，我們假設到第三季末，全球汽車生產水準應恢復到疫情前的 80%。

So that's a pretty solid return through Q3.

因此，第三季的回報相當可觀。

But it's also that RADAR and our cluster business just gets steam again with new design wins, which are taking traction.

但 RADAR 和我們的集群業務也因新的設計勝利而再次獲得動力，這些設計正在受到關注。

That's helpful.

這很有幫助。

And then as a quick follow-up for Peter, just on the gross margin line.

然後作為彼得的快速跟進，就毛利率線而言。

You're guiding for good sequential growth in the calendar third quarter, but you also mentioned that you're trying to keep a cap on inventory build.

您指導第三季度實現良好的連續成長，但您也提到您正在努力限制庫存建設。

I'm kind of curious as to what that means for utilization Q2 into Q3.

我有點好奇這對於從第二季到第三季的使用率意味著什麼。

And then just remind us.

然後提醒我們。

Most of what you make or ship this quarter you made last quarter.

本季生產或出貨的大部分產品都是上季生產的。

So is the utilization impact, if you get a benefit in Q3, is that really going to show up in Q3 gross margin?

那麼，如果您在第三季獲得收益，那麼利用率的影響是否真的會反映在第三季的毛利率中？

Or how do we think about Q4 gross margin?

或者我們如何看待第四季的毛利率？

Okay.

好的。

Several questions there.

有幾個問題。

So first of all, utilization in Q3 is about -- on average about 400 basis points lower than Q2.

首先，第三季的使用率平均比第二季低 400 個基點左右。

So clearly, that has an impact.

很明顯，這會產生影響。

And I'm trying to take about to go from 120 to 100 days, I think it's about, I don't know, $70 million of inventory out of the system.

我正在嘗試從 120 天延長到 100 天，我認為這大約是（我不知道）系統中 7000 萬美元的庫存。

So one of the reasons utilization is down is we're shipping from inventory to keep it under control.

因此，利用率下降的原因之一是我們從庫存中發貨以控制庫存。

We do have this -- so just to -- sorry, utilization is running about, I think, about 50%, maybe a little bit less.

我們確實有這個——所以只是——抱歉，我認為利用率大約是 50%，也許會少一點。

We do have this rule -- accounting rule that when -- and it's a little bit complicated because we do it by factory, and it's 6 months trailing utilization.

我們確實有這條規則——會計規則，當——它有點複雜，因為我們是在工廠做的，而且有 6 個月的追蹤利用率。

But when utilization is below 70%, we accelerate the fixed cost right now.

但當利用率低於 70% 時，我們會立即加快固定成本的速度。

So both Q2 and Q3 suffer from an accelerated fixed cost write-down in that you don't carry it forward through inventory.

因此，第二季和第三季都遭受了固定成本加速減記，因為您不會透過庫存結轉固定成本。

But on the other hand, assuming Q4 is okay and utilization starts to come up a little bit, even if it doesn't get to the 70% level, which it probably won't, we'd expect to see some small benefit.

但另一方面，假設第四季度情況良好且利用率開始略有上升，即使沒有達到 70% 的水平（很可能不會達到），我們​​預計會看到一些小的好處。

And as time goes on, we'll be able to put more and more of the fixed costs into inventory.

隨著時間的推移，我們將能夠將越來越多的固定成本投入庫存。

So typically, utilization in the current quarter impacts the next quarter.

因此，通常情況下，當前季度的利用率會影響下一季。

But in the current environment, because utilization is so low, you take a hit, not all of it, but you take most of it in the current quarter.

但在當前環境下，由於利用率如此之低，你會受到打擊，雖然不是全部，但在本季度你會受到大部分打擊。

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

您的下一個問題來自美國銀行證券公司的 Vivek Arya。

Kurt, just one follow-up on the auto segment.

庫爾特（Kurt），只是汽車領域的後續行動。

I think you mentioned at the end of Q3, production levels will be back to 80%, I believe, you said off of their normal trend.

我想你提到在第三季末，生產水準將恢復到80%，我相信，你所說的偏離了正常趨勢。

But when I look at your automotive sales at the $800 million guidance, I think that will be up to 70% of its prior peak.

但當我看到你們的汽車銷售額為 8 億美元時，我認為這將達到之前高峰的 70%。

And I understand these things are not always coincident.

我知道這些事情並不總是同時發生。

But I'm curious.

但我很好奇。

How do you look at the unit and the content recovery from here?

您如何看待這裡的單位和內容恢復？

Because this year, we all understand it's tough.

因為今年，我們都知道這很難。

When I look at some of the IHS forecasts for next year, they are looking at auto units perhaps being up double digit.

當我查看 IHS 對明年的一些預測時，他們看到汽車銷售可能會成長兩位數。

And I know the visibility is low.

我知道能見度很低。

But if they are up double digits, what does -- can that conceptually say about your orders business, given the trend that you have seen so far play out this year?

但如果它們增長了兩位數，那麼考慮到今年到目前為止您所看到的趨勢，這從概念上可以說明您的訂單業務是什麼？

Yes.

是的。

Vivek, let me, first of all, comment to the current quarters, I would say, so the past 2 quarters and the next quarter.

Vivek，首先讓我對當前季度進行評論，我想說的是過去兩個季度和下一個季度。

That is actually all pretty much in check.

事實上，這一切都已經被控制住了。

So according to IHS, the car production in Q1 was down year-on-year, 22%.

因此，根據 IHS 的數據，第一季的汽車產量較去年同期下降了 22%。

Our business was only down 4%.

我們的業務只下降了 4%。

In Q2, car production according to IHS was down year-on-year, 45%.

根據 IHS 的數據，第二季汽車產量年減 45%。

We were down at just around 35%.

我們的下降幅度僅 35% 左右。

So we've been doing really a lot better in these first 2 quarters.

所以我們在前兩季做得確實好多了。

Now I don't claim this is all market share gains or something, but part of this is indeed some inventory they've been building in the first half, like always, which will come down in the second half.

現在我並不認為這全部是市場份額的成長或其他什麼，但其中一部分確實是他們在上半年建立的一些庫存，就像往常一樣，這些庫存將在下半年下降。

But actually not too much, which is why I think latest mid through end Q3, we should be totally in balance again, such that the 80% car production at the end of Q3 is -- I think that has a reasonable fit with our revenues, if you think about the fact that in Q1 and Q2 we've actually grown well, well ahead of the car production.

但實際上並沒有太多，這就是為什麼我認為最近第三季中到年底，我們應該再次完全平衡，這樣第三季末 80% 的汽車產量是——我認為這與我們的收入合理匹配，如果你考慮一下這樣一個事實：在第一季和第二季度，我們實際上成長得很好，遠遠領先於汽車生產。

Now a little bit more bigger picture, Vivek.

現在有一點更大的前景，Vivek。

So first of all, yes, I definitely believe the algorithm, which we've spoken about, that the semiconductor auto market should be like 3% to 4% ahead of SAAR we think that absolutely holds, also through this pandemic and out of the pandemic.

So first of all, yes, I definitely believe the algorithm, which we've spoken about, that the semiconductor auto market should be like 3% to 4% ahead of SAAR we think that absolutely holds, also through this pandemic and out of the大流行.

And our target to outgrow that by 1.5x also stands.

我們的目標是成長 1.5 倍，這目標也成立。

Now I don't know what the car production next year is exactly going to do.

現在我不知道明年的汽車產量到底會怎樣。

IHS actually -- I think that's something like, I think, 13% or 14% growth.

IHS 實際上——我認為這大約是 13% 或 14% 的增長。

And yes, with the algorithm, Vivek, we should be then nicely growing ahead of this in our business.

是的，有了 Vivek 演算法，我們的業務就應該在這方面取得良好的發展。

So it doesn't work by the quarter, but over a year or 2, it absolutely stands.

所以它按季度是行不通的，但在一兩年後，它絕對有效。

And I mean I also haven't -- I haven't really seen a lot of massive platform delays or something.

我的意思是我還沒有——我還沒有真正看到很多大規模的平台延遲或其他情況。

So I believe the new wins which we have in our growth areas are all-in tax and also come on time.

因此，我相信我們在成長領域的新勝利都是全額稅收，而且也會按時實現。

So I have, say, a relatively solid portion of optimism when I think about automotive for the second half of this year, but then certainly going into next year.

因此，當我考慮今年下半年的汽車產業時，我抱持著相對樂觀的態度，但肯定會進入明年。

Got it.

知道了。

Very helpful.

非常有幫助。

And then, Kurt, for my follow-up.

然後，庫爾特，我的後續行動。

Comms infrastructure is interestingly now your second largest business after autos.

有趣的是，通訊基礎設施現在是繼汽車之後的第二大業務。

And I imagine one of your more profitable or perhaps the most profitable business, which is why I think your -- I think, Peter, you mentioned about that mix effect going into Q3.

我想像你的利潤更高或可能是利潤最高的業務之一，這就是為什麼我認為你的 - 我認為，彼得，你提到了進入第三季度的混合效應。

I'm curious.

我很好奇。

How do you think about the growth prospects and leverage to 5G?

您如何看待 5G 的成長前景和影響力？

Because when I recall back to the Analyst Day, I think this was supposed to be a segment with kind of more modest growth prospects versus others.

因為當我回想起分析師日時，我認為這應該是一個與其他細分市場相比成長前景更為溫和的細分市場。

So how do you think about the leverage to 5G?

那麼您如何看待 5G 的影響力呢？

When will you start to see those benefits?

您什麼時候開始看到這些好處？

Because we are seeing very strong global deployment of 5G.

因為我們看到 5G 的全球部署非常強勁。

So just talk to us about comms infrastructure just because it's now such a large segment for you and obviously an important contributor to your gross margins.

因此，請與我們談論通訊基礎設施，因為它現在對您來說是一個很大的部分，並且顯然是您毛利率的重要貢獻者。

So it's certainly a large and important segment, but I mean the relative size to the others, obviously, in this abnormal period, is really shifting every quarter.

因此，這肯定是一個龐大而重要的細分市場，但我的意思是與其他細分市場的相對規模，顯然，在這個異常時期，每個季度都在變化。

So I mean it's kind of -- Q2 certainly wasn't a normal quarter from a revenue's perspective.

所以我的意思是，從收入的角度來看，第二季肯定不是一個正常的季度。

But anyhow, going forward, clearly the 5G deployment is a key factor.

但無論如何，展望未來，5G 部署顯然是一個關鍵因素。

But not everything is shiny, Vivek, to be fair.

但公平地說，維韋克，並不是所有的東西都是閃亮的。

So the one thing is that, clearly, you know there is 1 large Chinese company, which is a big carrier of the Chinese deployments.

所以有一件事是，很明顯，你知道有一家大型中國公司，它是中國部署的大型營運商。

And nobody really knows what the export control regulations will do relative to this customer.

沒有人真正知道出口管制法規會對這個客戶產生什麼影響。

So I mean, that's at least one factor on the horizon, where we always have to be a bit, say, cautious instead of being overly optimistic.

所以我的意思是，這至少是即將出現的一個因素，我們總是必須保持一點謹慎，而不是過於樂觀。

And the other one is that more recently the -- we are working on our gallium nitride product, as you know, which has higher output powers, which is actually very, very attractive across the customer base.

另一個是，最近我們正在開發我們的氮化鎵產品，如您所知，它具有更高的輸出功率，這實際上對整個客戶群非常非常有吸引力。

The only issue is that we are late relative to the demand.

唯一的問題是我們相對於需求來說遲到了。

So I wish we had a faster expansion of our capacity.

所以我希望我們能夠更快地擴大產能。

So we have a little bit of a delay here against the demand, which causes us, I'd say, some delay against the opportunity.

因此，我們對需求有一點延遲，我想說，這導致我們對機會有一些延遲。

But overall, I'm absolutely with you.

但總的來說，我絕對支持你。

We have a very, very strong position here across LDMOS all the way through gallium nitride to silicon germanium in that space.

我們在 LDMOS 領域、從氮化鎵到矽鍺領域都擁有非常非常強大的地位。

But the market is bumpy.

但市場卻坎坷不平。

It has always been bumpy.

一直都是坎坷的。

It remains bumpy for the factors I've just quoted.

由於我剛才引用的因素，它仍然坎坷不平。

Your next question comes from the line of Stacy Rasgon with 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)。

I wanted to ask about the commentary in your release, which said improved -- expectations for improved sales trends through the second half of the year.

我想問你們新聞稿中的評論，其中提到了下半年銷售趨勢改善的預期。

I want to verify.

我想驗證一下。

Does that actually imply that you do see Q4 growing sequentially off of Q3?

這實際上是否意味著您確實看到第四季比第三季連續成長？

And if so, can you give us some feeling for what end markets might be driving that?

如果是這樣，您能給我們一些關於哪些終端市場可能會推動這一趨勢的感覺嗎？

Well, typically, Stacy, clearly we only guide for next quarter.

嗯，通常情況下，史黛西，顯然我們只為下個季度提供指導。

And that next quarter is a 10% sequential growth.

下個季度季增 10%。

And yes, I made that statement.

是的，我說過這樣的話。

So what I would say is we see no reason why Q4 should not be growing over Q3.

所以我想說的是，我們認為第四季沒有理由不超過第三季的成長。

And the one I would call out, which is probably pulling this the most, is going to be automotive.

我要指出的，最能推動這一趨勢的可能是汽車產業。

Got it.

知道了。

For my follow-up, I wanted to ask about the industrial strength.

後續我想問產業實力。

A lot of companies have been seeing relatively strong traction in this market in the wake of the pandemic, but there's also been some concerns around potential customer overbuilds and pull forward.

疫情爆發後，許多公司在這個市場上看到了相對強勁的吸引力，但也存在一些對潛在客戶過度建設和提前推進的擔憂。

And I know you've been trying to be cautious, not just with your disti channel, but also with some of your customers, maybe that was more in auto but maybe also industrial to try to reduce their own demand forecast to try to control that.

我知道您一直在努力保持謹慎，不僅對您的分銷渠道，而且對您的一些客戶，也許更多的是汽車行業，但也可能是工業行業，試圖減少自己的需求預測，以試圖控制這種情況。

I guess, what are you doing along those lines?

我想，你在做什麼？

And how confident are you that the industrial upside that we're seeing right now actually is sustainable versus just being pulled forward?

您對我們現在看到的工業成長實際上是可持續的而不是僅僅被拉動有多大信心？

Yes.

是的。

Thanks, Stacy.

謝謝，史黛西。

That's a good question, indeed.

這確實是一個好問題。

Because I believe, especially in the current environment, this is a very, very important part of the controls, which we can execute on our business.

因為我相信，特別是在當前環境下，這是我們可以在業務上執行的控制中非常非常重要的一部分。

And the distribution inventory is indeed the most relevant factor in our industrial and IoT business because a large portion of that business is actually going through distribution.

分銷庫存確實是我們的工業和物聯網業務中最相關的因素，因為該業務的很大一部分實際上是透過分銷進行的。

And as we've spoken about a lot of times, we remain super disciplined on the 2.5 months.

正如我們多次談到的，我們在 2.5 個月內仍然保持嚴格的紀律。

Actually, we had a score again of 2.4 months of inventory in the last quarter.

事實上，上個季度我們的庫存量再次達到 2.4 個月。

And I think I said in my prepared remarks that we could have shipped $145 million more in this last quarter.

我想我在準備好的發言中說過，我們本可以在上個季度增加 1.45 億美元的出貨量。

And a solid part of that would probably have been in industrial and IoT.

其中很大一部分可能是在工業和物聯網領域。

And this is our way to make sure that we don't overship into this market.

這是我們確保我們不會過度進入這個市場的方法。

So my -- to anything we can see, which I know, I'd say, through the distribution controls on the inventory, which we have in hand, we have a pretty good handle on this.

所以，對於我們能看到的任何事情，我知道，我想說的是，透過我們手中的庫存分配控制，我們對此有很好的處理。

There isn't that much direct business in industrial for us.

對我們來說，工業領域沒有那麼多直接業務。

Your next question comes from the line of Craig Hettenbach with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Craig Hettenbach。

A question for Kurt, just on ultra-wideband.

問庫爾特一個關於超寬頻的問題。

Can you talk about the breadth of design activity?

能談談設計活動的廣度嗎？

And how you see kind of your exposure the next couple of quarters in autos versus smartphones?

您如何看待未來幾季在汽車和智慧型手機領域的曝光度？

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

That's -- I'm glad you are asking.

那是——我很高興你問這個問題。

I definitely believe we are very, very much on track with building the ecosystem in ultra-wideband across mobile and auto.

我絕對相信，我們正在非常非常順利地建立跨移動和汽車的超寬頻生態系統。

And I think we had kind of signposted now for a year already that this year, in 2020, we would get started in a more material way in mobile.

我認為我們現在已經有一年的路標了，今年，也就是 2020 年，我們將以更物質的方式開始移動領域。

And that is indeed one of the factors which is driving our sequential growth in mobile into Q3.

這確實是推動我們行動業務進入第三季連續成長的因素之一。

And I mean, let me say that much.

我的意思是，讓我說這麼多。

It's a flagship product in an Android space company, which is ramping with our ultra-wideband.

它是 Android 領域公司的旗艦產品，隨著我們的超寬頻的發展而不斷發展。

So from a revenue and unit perspective, clearly mobile is now outpacing automotive to start with, but that it's been planned that way because we first have to roll out the mobile ecosystem and then the secure car access -- mobile secure car access application is going to follow in the next year.

因此，從收入和單位的角度來看，顯然移動現在已經超過了汽車，但它是這樣規劃的，因為我們首先必須推出移動生態系統，然後是安全汽車訪問——移動安全汽車訪問應用程序正在發展明年繼續。

We are shipping already a very small amount of ultra-wideband into automotive today, but it's still coming in the more conventional or traditional form factor of a key fob.

如今，我們已經將極少量的超寬頻應用到汽車中，但它仍然以更傳統或傳統的密鑰卡形式出現。

So it's a more secure way of doing car access.

因此，這是一種更安全的汽車通行方式。

But with Android now going out in a larger scale in mobile, we will have -- and we'll see this also with auto OEMs next year in car access.

但隨著 Android 現在在行動領域更大規模地推廣，我們將在明年的汽車接入領域看到汽車原始設備製造商的這種情況。

Got it.

知道了。

And just as a follow-up on industrial.

就像工業的後續行動一樣。

I know the Marvell connectivity business had a lot of industrial exposure.

我知道 Marvell 連結業務有很多行業曝光。

So can you just talk to some of the strength you're seeing in industrial?

那麼您能談談您在工業領域看到的一些實力嗎？

How much of that is perhaps the legacy NXP business versus the impact of just Marvell starting to kind of ramp with you?

其中有多少可能是遺留的恩智浦業務與剛開始與您一起崛起的 Marvell 的影響？

Peter or Jeff, you -- I think you can dissect the -- at least in a very rough way the Marvell from our original industrial business.

Peter 或 Jeff，你們——我認為你們可以從我們最初的工業業務中剖析——至少以一種非常粗略的方式。

But let me first of all say, Craig, it is really the combination, which makes the difference.

但首先讓我說，克雷格，這確實是組合，才造成了差異。

Because we do leverage our leading position in apps processes and LCUs to pull through the connectivity.

因為我們確實利用我們在應用程式流程和 LCU 方面的領先地位來實現連接。

So it becomes more and more difficult, actually, to talk about the 2 things in a separate way because they are just getting more and more combined going forward.

因此，實際上，以單獨的方式談論這兩件事變得越來越困難，因為它們正在變得越來越結合在一起。

Yes.

是的。

Kurt, I guess I'll take that.

科特，我想我會接受的。

So Craig, as you know, we're not going to break out Marvell individually every quarter.

因此，克雷格（Craig），如您所知，我們不會每個季度都單獨介紹 Marvell。

But I will say in Q2, the Marvell WiFi business was a not quite a double-digit percentage of the overall industrial business, but it was a very high kind of single, low double-digit percentage of the overall industrial and IoT business.

但我要說的是，在第二季度，Marvell WiFi 業務在整個工業業務中所佔的比例並不是兩位數，但在整個工業和物聯網業務中卻是一個非常高的單一、較低的兩位數百分比。

Just within that one end market, but we're not going to break out Marvell in aggregate.

就在這一終端市場內，但我們不會在整體上突破 Marvell。

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

您的下一個問題來自 Ross Seymore 與 DB 的對話。

I wanted to ask the first one on the inventory side of things, and this might go into the spirit of leaving no good deed unpunished.

我想問第一個關於庫存方面的問題，這可能符合善行不受到懲罰的精神。

But I just wanted to think about how you look at inventory strategically and how your customers are considering it.

但我只是想思考一下您如何從戰略角度看待庫存以及您的客戶如何考慮它。

And the real question is some of your competitors are seemingly going the exact opposite way of you, running much higher inventory, making sure channel inventory is ready for a rebound, et cetera.

真正的問題是，你的一些競爭對手似乎正在採取與你完全相反的方式，運行更高的庫存，確保渠道庫存準備好反彈，等等。

So I guess, what are we going to have to see to get you to let that either $150 million in the first quarter, $145 million in the second quarter in bookings actually flow through?

所以我想，我們需要看到什麼才能讓你讓第一季 1.5 億美元、第二季 1.45 億美元的預訂實際流轉？

And I guess related to that internally, once you hit that 100 days, is that when the utilization will start to creep up and your inventory burn internally will stop?

我想與內部相關的是，一旦達到 100 天，利用率就會開始上升，內部庫存消耗就會停止嗎？

Ross, let me take the more strategic perspective first.

羅斯，讓我先從更具策略性的角度來看。

I think competitors who you are quoting would tell you the exact opposite has a different business model.

我認為您所引用的競爭對手會告訴您完全相反的競爭對手有不同的商業模式。

This is more about couple of product companies, where the majority of our product is really application and/or customer deal specific, which means, in our case, we just don't need to hold more inventory because we have a fairly good visibility into the specific applications at our customers and the associated run rates.

這更多的是關於幾個產品公司，我們的大多數產品實際上是特定於應用程式和/或客戶交易的，這意味著，在我們的例子中，我們不需要持有更多庫存，因為我們對客戶的具體應用以及相關的運行率。

So we continue to believe that the 2.5 months of inventory in distribution is about the right number for us.

因此，我們仍然相信 2.5 個月的分銷庫存對我們來說是合適的數字。

And we are very, very sure we will not miss a beat or not miss any uptick by following that strategy.

我們非常非常確信，透過遵循這一策略，我們不會錯過任何一個節拍，也不會錯過任何上漲。

Now, Peter, maybe over to you relative to the 100 or better 95 days in Q3.

現在，Peter，也許是關於第三季 100 天或更好的 95 天的問題。

And just to add a little bit to that, Ross.

羅斯，我想補充一點。

We'll ship the $150 million when distributors start shipping their product to their end customers.

當分銷商開始向最終客戶運送產品時，我們將運送這 1.5 億美元。

And at the moment, the reason we don't ship $150 million is that they order more than they can ship, and we're not willing to let them have more than 2.5 months because we have pretty sophisticated models by type of product.

目前，我們不發貨 1.5 億美元的原因是他們的訂單超出了他們的發貨能力，而且我們不願意讓他們有超過 2.5 個月的時間，因為我們擁有按產品類型劃分的相當複雜的模型。

In terms of the internal inventory, our goal is to go down to 95 days.

就內部庫存而言，我們的目標是降至95天。

Utilization will start to increase when revenue starts to increase.

當收入開始增加時，利用率就會開始增加。

So on flat revenue, flat utilize -- flat revenue, flat inventory, you'd see utilization be relatively flat.

因此，在收入持平、利用率持平的情況下——收入持平、庫存持平，你會看到利用率相對持平。

Flat inventory, increasing revenue, you'd see utilization start to increase.

庫存持平，收入增加，您會看到利用率開始增加。

So it's pretty straightforward.

所以這非常簡單。

It's all about the more we ship, the better the utilization gets.

關鍵在於我們運送的貨物越多，利用率就越高。

And I guess as my follow-up on the OpEx side.

我想這是我在營運支出方面的後續行動。

I know there's specific math we can do on the $575 million and what percentage of revenues that would be.

我知道我們可以對這 5.75 億美元進行具體的計算，以及這將佔收入的百分比。

But to the extent you have the framework, Peter, about the gross margin being 55% at $2.4 billion, your commentary about the OpEx getting up to kind of a $575 million level on a quarterly basis.

但彼得，就毛利率 55% 達到 24 億美元的框架而言，您對營運支出每季達到 5.75 億美元水準的評論。

Any sort of framework about the relationship on that to your visibility on revenues, your assumptions, et cetera?

關於這與你的收入可見度、你的假設等之間的關係有什麼框架嗎？

And how much you might turn that up or down relative to how the revenue trajectory improves or doesn't at that time?

相對於當時收入軌跡的改善或沒有改善，您可以將其調高或調低多少？

Yes.

是的。

That's a great question, Ross.

這是一個很好的問題，羅斯。

So what -- one of the things that Kurt was saying before is we think Q2 was the weakest revenue number for 2020.

那又怎樣——庫爾特之前說過的一件事是我們認為第二季是 2020 年最弱的收入數字。

We think the second half will be stronger than the first half.

我們認為下半場會比上半場更強。

And we think '21 will be better than 2020.

我們認為 21 年會比 2020 年更好。

So within that context, we think we have the right products.

因此，在這種背景下，我們認為我們擁有合適的產品。

We're making the right investments and we're going to win in our markets.

我們正在做出正確的投資，我們將贏得市場。

So we have no plans to reduce our investment.

所以我們沒有計劃減少投資。

And this year, we've taken some short-term actions that I mentioned like reducing -- sorry, basically eliminating pay rises and incentive payments and cutting executive salaries.

今年，我們採取了我提到的一些短期行動，例如減少——抱歉，基本上取消加薪和獎勵金以及削減高階主管薪資。

And at least the first 2 of those are not maintainable as you go into next year.

當你進入明年時，至少其中的前兩個是無法維護的。

So it will add to our cost.

所以這會增加我們的成本。

But our assumption is maybe not completely in the first and second quarter, but we can afford this level of OpEx because of what we think the revenue will do.

但我們的假設可能不完全是在第一季和第二季度，但我們可以承受這種水平的營運支出，因為我們認為收入會起作用。

Now we -- there was a huge second wave or something, then maybe we change our view on that.

現在我們——出現了第二波巨大的浪潮或其他什麼，然後也許我們會改變對此的看法。

But although we didn't see a V-shaped recovery from Q2 into Q3, we don't think 2021 is a complete write-off.

不過，儘管我們沒有看到從第二季到第三季的 V 型復甦，但我們並不認為 2021 年是完全沖銷的。

So is that helpful?

那麼這有幫助嗎？

Did I give you the context?

我提供你背景了嗎？

Your next question comes from the line of C.J. Muse with Evercore.

你的下一個問題來自 C.J. Muse 和 Evercore 的線。

I guess a follow-up question on the gross margin side.

我想後續問題是關於毛利率方面的。

So you're effectively telling us that between $2 billion and $2.4 billion, you should see 85% incremental gross margin.

因此，您實際上是在告訴我們，在 20 億美元到 24 億美元之間，您應該會看到 85% 的增量毛利率。

So curious should that be ratable as you progress?

很好奇，隨著你的進步，這應該要得到評價嗎？

We don't say that.

我們不這麼說。

What we do -- what we've said is you have a model that we think is reasonable of a 5% in change in revenue gives you about 200 basis points of margin -- sorry, gives you 100 basis points of margin.

我們所做的——我們說過的是，你有一個我們認為合理的模型，收入變化 5% 會給你帶來大約 200 個基點的利潤——抱歉，給你 100 個基點的利潤。

But that's the kind of plus or minus the $2.3 billion level.

但這是正負 23 億美元的水準。

There's a couple of other things that go on.

還有其他一些事情正在發生。

Our fixed costs at that level are about 35%.

我們在該水準上的固定成本約為 35%。

So if you do the math, that's about, I don't know, $400 million, maybe a little bit more million dollars a quarter.

所以如果你算一下，我不知道，大約是 4 億美元，也許每季多一點 100 萬美元。

So at a much lower level of revenue, your fixed costs are higher.

因此，在收入水平低得多的情況下，您的固定成本會更高。

So you do get some higher fall-throughs at very, very low levels, both directions.

所以你確實會在兩個方向上在非常非常低的水平上得到一些更高的失敗。

But you have to be able to do the calculation, and it's certainly not ratable.

但你必須會計算，而且它肯定不能評級。

Okay.

好的。

And would you expect it to be concurrent with the utilization increase?

您是否期望它與利用率的增加同時發生？

Or would it be one quarter delayed?

還是會延後四分之一？

Well, a great question.

嗯，這是一個很好的問題。

Okay.

好的。

So up to 70%, we'd expect -- until utilization is 70%, any improvement in utilization will kind of benefit is in the current -- won't benefit us really in the current quarter.

因此，在利用率達到 70% 之前，我們預計，在利用率達到 70% 之前，利用率的任何改進都會在當前帶來某種好處，但不會在當前季度中真正使我們受益。

You see a big benefit once you go above 70% because you start to carry some of the fixed cost forward.

一旦超過 70%，您就會看到巨大的收益，因為您開始結轉部分固定成本。

But it's done by factory.

但都是工廠做的。

So it's kind of hard to give you a real line when we're operating the way we are at the moment.

因此，當我們按照目前的方式運作時，很難為您提供真實的路線。

Okay.

好的。

That's helpful.

這很有幫助。

And then as my follow-up, in your prepared remarks, you talked about being encouraged by some of your wins, radar, wireless, crossover processors, secure UWB.

然後，作為我的後續行動，在您準備好的演講中，您談到了對您的一些勝利感到鼓舞，雷達、無線、交叉處理器、安全 UWB。

If you had to really highlight what is driving your conviction on growth in the back half, what would it be within that construct, clearly, with the addition of macro improvements as well?

如果你必須真正強調是什麼推動了你對下半年成長的信念，那麼在這個結構中，除了宏觀改進之外，它會是什麼？

Yes, I'd say if I had to pick 2 for the second half, then it's probably the automotive radar and the wireless connectivity.

是的，我想說，如果我必須在下半年選擇兩個，那麼它可能是汽車雷達和無線連接。

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

您的下一個問題來自 SunTrust 的 William Stein。

First, Kurt, there's a couple of areas in automotive that you haven't highlighted, that -- one of which I think is already ramping and another one is more of a future.

首先，庫爾特，汽車領域有幾個你沒有強調的領域，我認為其中一個領域已經在發展，另一個領域則更具未來性。

But I think we'd love to hear an update on the Battery Management Systems progress?

但我想我們很想聽聽電池管理系統進展的最新消息？

And also the S32G network processor, any design win traction to talk of there?

還有S32G網路處理器，有什麼設計值得談嗎？

And then I do have a follow-up, if I can.

如果可以的話，我確實會有後續行動。

Yes.

是的。

Thanks, Will.

謝謝，威爾。

Absolutely.

絕對地。

By the way, by not mentioning them, doesn't mean that they don't do what they should do.

順便說一句，不提及他們並不意味著他們沒有做他們應該做的事情。

So the Battery Management is actually very, very nicely on track, especially this year, since it -- in the meantime, I think it's fair to say it all looks like that the pandemic as unfortunate as it is, but it seems to further push the share of electrification.

因此，電池管理實際上非常非常好地步入正軌，尤其是今年，因為與此同時，我認為可以公平地說，疫情看起來很不幸，但它似乎進一步推動了這一趨勢。

So just from a run rate perspective, from a new model launch perspective, it all looks like that electric drivetrains are benefiting from the pandemic over the next period of time.

因此，僅從運行率的角度來看，從新車型發布的角度來看，電動傳動系統似乎將在未來一段時間內受益於這場流行病。

And given our very, very strong position with the leading European OEM, as you know, and I would say, very nicely growing position in -- with a lot of different customers in -- especially in China, we are enjoying that very much.

鑑於我們在歐洲領先的原始設備製造商中的非常非常強大的地位，正如你所知，我想說的是，我們在許多不同的客戶中的地位正在不斷增長，特別是在中國，我們非常享受這一點。

So I'd say very much on track.

所以我想說，一切都在正軌上。

I was actually surprised you didn't ask one question in that context, which is the combination of ADI and Maxim as a competitor.

事實上，我很驚訝你沒有在這種情況下提出任何問題，即 ADI 和 Maxim 作為競爭對手的結合。

But let me just mention it here because it all looks like that our superior value proposition of a system approach, including the micro, is again something which isn't matched by that deal as it looks to us.

但讓我在這裡提一下，因為看起來我們對系統方法（包括微觀）的卓越價值主張又與我們認為的該交易不符。

So very nicely on track.

非常順利地步入正軌。

The other one you mentioned is the S32G.

你提到的另一款是S32G。

So that's the 16 FinFET-based gateway processor, on track, launching and ramping in production next year.

這就是基於 16 FinFET 的網關處理器，即將在明年推出並擴大生產。

I just have to hold your horses a little bit.

我只需稍微控制住你的馬就可以了。

Very likely in the next maybe 3 or 4 months, we're going to come out with a press release with a pretty prominent customer, which is going to give you then further evidence there and in which model and with which volume this solution is going to ramp.

很可能在接下來的3 或4 個月內，我們將與一位相當知名的客戶一起發布一份新聞稿，這將為您提供進一步的證據，以及該解決方案將在哪個模型中以及哪個卷中使用坡道。

I mean, it's a much broader basis, but there is 1 very prominent one, which I hope we can actually announce in the coming period.

我的意思是，這是一個更廣泛的基礎，但有一個非常突出的基礎，我希望我們能夠在未來一段時間內真正宣布這一點。

Great.

偉大的。

I appreciate that.

我很欣賞這一點。

And if I can get a follow up, perhaps with, Peter.

如果我能得到跟進，也許是彼得。

A lot of companies raised capital to improve liquidity in sort of the March, April time frame, perhaps as NXP did.

許多公司在三月、四月的時間範圍內籌集資金以改善流動性，也許就像恩智浦所做的那樣。

Some of them have since sort of reverted back and repaid some debt to perhaps consider that maybe that level of liquidity is no longer needed.

此後，他們中的一些人已經恢復並償還了一些債務，也許是因為他們認為不再需要這種程度的流動性。

Is NXP contemplating this?

恩智浦正在考慮這個嗎？

Or are you planning to run at the elevated liquidity level for a while?

或者您打算在較高的流動性水平下運行一段時間？

Yes.

是的。

To be honest, irrespective of the COVID crisis, I would have gone out and taken that debt anyway because it's to pay down the 2021.

老實說，不管新冠危機如何，我無論如何都會出去承擔這筆債務，因為這是為了償還 2021 年的債務。

It's about $1.4 billion note.

這是大約14億美元的鈔票。

So in the coming months when we think it's the right time, we'll pay it down.

因此，在接下來的幾個月裡，當我們認為時機成熟時，我們就會還清這筆錢。

But it was always planned to use it for that and a little bit of the 2022.

但一直計劃將其用於此目的以及 2022 年的一小部分。

So that's what we'll use it for.

這就是我們用它的目的。

Yes.

是的。

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

你的下一個問題來自高盛的 Toshiya Hari。

I wanted to ask on the mobile business.

我想問一下行動業務。

Obviously, you guys are operating in a fairly challenging environment with smartphone units declining strong double digits.

顯然，你們正處於一個相當具有挑戰性的環境中，智慧型手機銷量大幅下降兩位數。

You do seem to be outperforming the market.

您的表現似乎確實跑贏了市場。

I guess, if you can speak to what you're seeing from a mobile wallet adoption perspective, that would be very helpful.

我想，如果您能從行動錢包採用的角度談談您所看到的情況，那將會非常有幫助。

And if you can speak to your opportunity set as it relates to ultra-wideband going into the second half, and more importantly into 2021, that would be helpful as well.

如果您能談談您的機會集，因為它與進入下半年、更重要的是進入 2021 年的超寬頻相關，那也會很有幫助。

Then I've got a quick follow-up.

然後我會進行快速跟進。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

Great question.

很好的問題。

Indeed, we also see and believe we are outgrowing.

事實上，我們也看到並相信我們正在成長。

And indeed, this is very much about content and attachment rates rather than mobile unit run rates.

事實上，這很大程度上與內容和附件率有關，而不是行動裝置的運作率。

The 2 key drivers for growth going into the third quarter and the second half in mobile is indeed ultra-widebands, as I briefly mentioned before, but it's also inside the mobile wallet with one of our very leading customers in that space, we have actually a change of the system architecture.

正如我之前簡要提到的，進入第三季度和下半年行動領域成長的兩個關鍵驅動力確實是超寬頻，但它也存在於我們在該領域非常領先的客戶之一的行動錢包中，我們實際上已經系統架構的改變。

And that change impacts the silicon dollar content, which we are shipping into the solution.

這種變化會影響我們將其運送到解決方案中的矽元含量。

It's actually nicely growing with that change.

事實上，隨著這種變化，它正在很好地成長。

So the growth -- the sequential growth, which you are seeing, is the new addition of ultra-wideband, and it is a higher content of silicon in the mobile wallet.

因此，您所看到的增長——連續增長是超寬頻的新增加，並且是行動錢包中更高的矽含量。

And thirdly, it is the attach rate of mobile wallet per se, which is going up.

第三，手機錢包本身的附加率正在上升。

And that was the other part of your question.

這是你問題的另一部分。

So the mobile wallet attach rate are on track to the 50% mark in the next year.

因此，明年行動錢包的使用率預計將達到 50%。

And maybe a little bit more anecdotally at this point, but it feels to us that the pandemic is giving also a boost to contactless payments in those countries on the globe where there has been a much lower attachment rate so far because people haven't really accepted it yet.

也許在這一點上有點軼事，但我們覺得，這種流行病也促進了全球那些迄今為止附著率低得多的國家的非接觸式支付，因為人們還沒有真正意識到這一點。 。

So it is actually another one which seems to be -- and it's a bit early to make that call too firm, but they seem to be also helped by the pandemic.

因此，這實際上是另一種情況——現在下這個決定還為時過早，但他們似乎也受到了這場流行病的幫助。

So 3 drivers in mobile: higher silicon content in the solution for the mobile wallet; the attach rate of the wallet going up; and thirdly, ultra-wideband.

行動領域的 3 個驅動因素：行動錢包解決方案中的矽含量更高；錢包的附加率上升；第三，超寬頻。

Great.

偉大的。

And then as my follow-up, I wanted to ask on the competitive landscape.

然後作為我的後續行動，我想問競爭格局。

Kurt, I think you guys have, in the past, talked about NXP potentially being a beneficiary of the U.S.-China trade tensions.

庫爾特，我想你們過去曾談論過恩智浦可能是中美貿易緊張局勢的受益者。

I realize share gains take a long time, probably take years in your business.

我意識到股票成長需要很長時間，可能需要在你的業務中花費數年時間。

But from a customer engagement perspective, are you seeing any change for the better for NXP?

但從客戶參與的角度來看，您是否看到恩智浦有任何更好的變化？

Yes.

是的。

It keeps being a door opener very clearly.

它一直是一個非常明顯的開門器。

So we are seen as a European company.

所以我們被視為一家歐洲公司。

We are a European company doing business with China.

我們是一家與中國開展業務的歐洲公司。

And that is definitely a positive lever into engagements.

這絕對是參與活動的正面槓桿。

So as you said, I mean, even in fast-moving market design wins take time, but it is clearly a positive for us.

正如您所說，我的意思是，即使在快速變化的市場中，設計的勝利也需要時間，但這對我們來說顯然是積極的。

Yes.

是的。

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

你的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯 (Blayne Curtis)。

This is Tom O'Malley on for Blayne Curtis.

我是湯姆·奧馬利，替布萊恩·柯蒂斯發言。

I just wanted to ask quickly on competition in UWB.

我只是想快速詢問一下 UWB 的競爭情況。

Apple has their own.

蘋果有自己的。

In Android, do you see anyone entering the market or any increase in competition there?

在 Android 領域，您是否看到有人進入該市場或那裡的競爭是否加劇？

Or is this really just a discussion of attach rates going forward?

或者這真的只是對未來附加費率的討論？

Tom, great question.

湯姆，好問題。

I think ultra-wideband across ecosystems is very, very much of a deep system play.

我認為跨生態系統的超寬頻是非常非常深入的系統遊戲。

So it is not about this 1 RFIC.

所以這與這個 1 RFIC 無關。

It is actually about the combination of the RFIC, a secure element.

它實際上是關於RFIC（安全元件）的組合。

So in all the applications, which we are starting to ship now, it always comes together with the hardware secure elements and the associated software.

因此，在我們現在開始發布的所有應用程式中，它始終與硬體安全元件和相關軟體結合在一起。

So that's a triangle combination of software, hardware secure elements and RFIC.

這是軟體、硬體安全元件和 RFIC 的三角組合。

That is actually what gives us the differentiation and which I believe is also a pretty high hurdle for competitors.

這實際上是我們的差異化因素，我相信這對競爭對手來說也是一個相當高的障礙。

So if you only look at it from an RFIC perspective, it's probably not such a big deal over many years to make a competitive product.

所以如果你只從RFIC的角度來看，多年來製造出有競爭力的產品可能並不是什麼大不了的事。

But for the whole solution to be shipped, it's a big deal, and that's where we have the lead.

但對於要交付的整個解決方案來說，這是一件大事，而這正是我們領先的地方。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just a broader one.

然後是更廣泛的一個。

Following up on John's question earlier and really in your prepared remarks, you called out China specifically.

繼約翰之前的問題之後，在你準備好的發言中，你特別提到了中國。

Obviously, I assume a portion of that is the automotive coming back and some industrial as well.

顯然，我認為其中一部分是汽車產業的回歸，還有一些工業產業的回歸。

But could you kind of size where that benefit came in?

但你能確定這種好處的規模嗎？

Was it more on the auto side or more on the industrial IoT side?

是汽車方面更多，還是工業物聯網方面更多？

Well, from a -- are you asking for Q2 or for the guidance into Q3?

那麼，您是在要求第二季還是第三季的指導？

Both would be helpful.

兩者都會有幫助。

But you made the comment, I think, on Q2 and going into Q3.

但我認為您在第二季和第三季發表了評論。

So whatever you can give on both.

所以無論你能為兩者付出什麼。

Okay.

好的。

And I'll take that and get, right?

我會接受並得到，對吧？

On Q2 -- yes, yes.

關於第二季度——是的，是的。

Clearly, on Q2, China was a big factor across the board.

顯然，在第二季度，中國是一個重要因素。

And that's simply because the pandemic -- I mean, it has had like a phased shift.

這只是因為大流行——我的意思是，它發生了階段性的轉變。

So China has seen the biggest impact from the pandemic in Q1 already and then a pretty good recovery in Q2, while Europe and the U.S. have been essentially shut down for the earlier part of Q2.

因此，中國在第一季就已經受到了疫情的最大影響，然後在第二季度有了很好的復甦，而歐洲和美國在第二季早些時候基本上已經處於封鎖狀態。

Now if you go into Q3, it is actually more broad-based.

現在，如果你進入第三季度，它實際上具有更廣泛的基礎。

So the auto recovery, for example, the 20% quarter-on-quarter, that's not just China.

因此，汽車復甦，例如，季度環比增長 20%，這不僅僅是中國的情況。

I mean, this is really across the board.

我的意思是，這確實是全面的。

So we do see auto recovering, especially, I would say, from a sequential perspective, in U.S., in Europe and also starting in Japan because those are the places where the shutdowns were in Q2.

因此，我們確實看到汽車產業正在復甦，特別是從順序角度來看，美國、歐洲以及日本也開始復甦，因為這些是第二季停工的地方。

Operator, we have time for probably one more question today.

接線員，今天我們可能還有時間回答一個問題。

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

你的最後一個問題來自克里斯·卡索和雷蒙·詹姆斯的對話。

Question is with regard to the buyback.

問題是關於回購。

Perhaps you could talk about what the plans are there and what would be the criteria for doing some resumption?

也許你可以談談有哪些計劃以及恢復的標準是什麼？

Shall I take that?

我要接受那個嗎？

Peter, I guess, that's for you.

彼得，我想，那是給你的。

Yes, yes.

是的，是的。

It's -- we'll restart the buyback when we get to a ratio of 2x net debt to trailing 12 months EBITDA.

當淨債務與過去 12 個月 EBITDA 的比率達到 2 倍時，我們將重新啟動回購。

So we run 2.2 in Q2, will be, I don't know, 2.3, 2.4 in Q3.

所以我們在第二季運行 2.2，我不知道，第三季會運行 2.3、2.4。

So it's going to be a while before we see the buyback restart again.

因此，我們還需要一段時間才能看到回購再次重啟。

But it's when our net debt levels have returned to 2x.

但這是我們的淨債務水準恢復到原來的兩倍的時候。

Got it.

知道了。

That's clear.

很清楚。

Just a follow-up with regard to some of the comments you made about production and getting the utilization back up and getting to your inventory target.

只是針對您對生產、恢復利用率以及達到庫存目標所做的一些評論的後續行動。

Do you have a time frame in mind when -- and obviously, this is dependent on demand, but absent a inflection in demand, how long does it take at these utilization rates to get to your inventory targets internally?

您是否有一個時間框架——顯然，這取決於需求，但如果需求沒有變化，在這些利用率下需要多長時間才能達到您的內部庫存目標？

Well, we get down to 100 in Q3, and we're trying to get to 95.

好吧，我們在第三季下降到 100，我們正在努力達到 95。

So it's -- at these utilization levels, it's -- assuming revenue is okay, it's pretty easy at this point to get down to 95.

因此，在這些利用率水準上，假設收入還不錯，那麼此時很容易降至 95。

Right.

正確的。

So by the end of the year, for sure?

那麼到今年底，確定嗎？

Yes, I would think so.

是的，我會這麼認為。

Yes.

是的。

I would now like to turn the conference back to the company.

我現在想把會議轉回公司。

Great.

偉大的。

Thank you, Jerome.

謝謝你，傑羅姆。

Thank you, everyone, for your interest and your time today.

謝謝大家今天的興趣和時間。

I'm not sure, Kurt, if you had any last moment remarks you'd like to make before we sign off today.

庫爾特，我不確定在我們今天結束之前您是否還有最後一刻想說的話。

Yes.

是的。

Thanks, Jeff.

謝謝，傑夫。

So let me thank everybody for your attention today.

因此，讓我感謝大家今天的關注。

I think it's indeed a good moment now because it all looks like Q2 was the trough.

我認為現在確實是一個好時機，因為看起來第二季就是低潮。

We do see growth going forward across our businesses, across the regions.

我們確實看到我們的業務、各個地區都在不斷成長。

And I feel good about this because it is clearly a mix of a recovery of the market, but at the same time playing out our company-specific drivers, which is most important for us to win market share going forward.

我對此感覺很好，因為這顯然是市場復甦的結合，但同時發揮了我們公司特定的驅動力，這對於我們未來贏得市場份額最重要。

At the same time, we still treat this very cautiously, which means, from an OpEx spend perspective, from an inventory perspective, from all the factors which are under our direct control, we're going to stay very, very vigilant as we've done over the past period.

同時，我們仍然非常謹慎地對待這個問題，這意味著，從營運支出的角度來看，從庫存的角度來看，從我們直接控制的所有因素來看，我們將保持非常非常警惕，因為我們「我在過去一段時間裡做過的事情。

And with that, I thank you all, and speak to you next time.

在此，我感謝大家，並下次再與你們交談。

Thank you.

謝謝。

Thank you all.

謝謝大家。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

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 all disconnect.

你們都可以斷開連線。