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.

女士們，先生們，早上好，歡迎參加 2020 年第二季度恩智浦半導體收益電話會議。

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

（操作員說明）作為提醒，此電話會議正在錄音中。

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

我現在想把會議交給 Jeff Palmer 先生。

Thank you.

謝謝你。

Please go ahead.

請繼續。

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

謝謝你，杰羅姆，大家早上好，下午好。

We hope you're all safe and healthy.

我們希望你們都平安健康。

Welcome to the NXP Semiconductors Second Quarter 2020 Earnings Call.

歡迎參加恩智浦半導體 2020 年第二季度財報電話會議。

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

今天與我通話的是恩智浦首席執行官兼總裁 Kurt Sievers；和我們的首席財務官彼得凱利。

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

今天的通話正在錄音中，可從我們的公司網站重播。

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.

此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業績與管理層當前的預期存在重大差異。

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關於 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對2020年第三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 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 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業績沒有直接關係的離散事件驅動。

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，恩智浦在我們的 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的 GAAP 指標的對賬，該新聞稿將通過表格 8-K 提供給 SEC，並可在恩智浦的網站在 nxp.com 的投資者關係部分。

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

我現在想把電話轉給 Kurt。

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

非常感謝 Jeff，大家早上好或下午好。

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.

我們的第二季度收入略好於我們最初指導的中點。

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 的嚴重影響，導致我們客戶的工廠停工。

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增長。

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

我們對我們在中國經歷的積極趨勢感到鼓舞，我們的分銷渠道的銷售額確實環比增長。

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 1700 萬美元。

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

非美國通用會計準則營業利潤率為 20.7%，比指導中點高出約 170 個基點。

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

我們的收入略高，分銷渠道銷售比例更高。

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

由於積極的產品銷售組合，我們確實提供了更好的毛利率。

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

所有這一切與我們對運營費用的嚴格控制相結合，導致運營盈利能力好於預期。

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

現在轉向我們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.

在汽車領域，收入為 6.74 億美元，同比下降 35%，環比下降 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，收入為 4.35 億美元，同比增長 12%，環比增長 16%。

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

在移動領域，收入為 2.55 億美元，同比下降 14%，環比增長 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，移動業務的同比比較受到語音和音頻業務銷售的影響。

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

最後，通信基礎設施和其他收入為 4.53 億美元，同比下降 9%，環比增長 12%。

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

現在，在我轉向我們對第三季度預期的具體細節之前，我想發表一些重要的評論。

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

我們對第三季度的收入指導範圍再次超出正常範圍。

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

然而，我們認為進入下半年的情況會逐漸變得更加積極。

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序的吸引力，包括汽車雷達、無線連接、我們的交叉過程、我們的安全超寬帶等等。

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

此外，我們確實看到我們的終端市場正在持續穩定。

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，我們希望平衡我們的熱情，因為我們繼續認為鑑於 COVID-19 大流行，更廣泛的需求環境是不穩定的。

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.

現在就完全恢復正常化需求或複蘇形態的具體情況發表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最終客戶，特別是歐洲、北美和日本的汽車 OEM 客戶，仍在以低於疫情前的水平進行生產。

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，我們認為最好的做法是繼續關注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.

這當然包括我們對分銷商渠道庫存的嚴格紀律，以將我們的目標渠道庫存維持在 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.

正是在這種情況下，我們在上個季度阻止了向分銷商的約 1.45 億美元的發貨。

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

此外，我們繼續在低於正常運營水平的情況下運營內部工廠，避免建立過多的庫存。

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

有了這個序言，我們將第三季度的收入指導為 20 億美元，與 19 年第三季度相比下降了約 12%。

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

從連續的角度來看，這意味著中點比上一季度增長了約 10%。

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

在中點，我們預計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.

與 19 年第三季度相比，汽車預計將下降 20% 左右，與 20 年第二季度相比上漲約 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 年第三季度相比，工業和物聯網預計將在十幾歲左右的範圍內上升，與 20 年第二季度相比，預計將在十幾歲左右的範圍內上升。

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

與 19 年第三季度相比，移動設備預計將在青少年範圍內下降。

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

同樣，語音和音頻業務的銷售正在影響同比趨勢。

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

在連續的基礎上，移動預計將比 20 年第二季度增長約 10%。

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 年第三季度相比，通信基礎設施和其他設備預計將下降到十幾歲以下，而與 20 年第二季度相比，預計將下降到高個位數範圍。

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，我們將繼續在不確定的需求環境中導航。

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我們所有恩智浦團隊成員的健康和安全，同時通過客戶關注供應鍊和研發執行來促進最佳的業務連續性。

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

對於這個充滿挑戰的時期何時會消退，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.

我們保持所有領域的關鍵投資，以確保恩智浦在其所選戰略中取得長期成功，同時我們積極、持續地審查所有可自由支配的支出領域。

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.

我們專注於前沿新產品的投資，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帶都非常非常耐用，我們確實會繼續享受顯著的設計贏得牽引力。

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戰略，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，在我們回答您的所有問題之前，我想將電話轉給彼得，以審查我們的財務業績。

So Peter?

那麼彼得?

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

謝謝，Kurt，今天電話中的每個人早上好。

As Kurt 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.

由於庫爾特已經涵蓋了本季度收入的驅動因素並提供了我們對第三季度的收入展望，我將轉向財務亮點。

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

總而言之，我們第二季度的總收入表現比計劃的要好一些。

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顯著的實力。

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

我們進入移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.

你會注意到我們通過分銷與直接銷售的比例明顯更高，達到了創紀錄的 58%，因為中國的實力和汽車的弱點，這更像是一個直接的 - 更像是一個直接的商業終端市場。

So moving to the details of the second quarter.

所以轉移到第二季度的細節。

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，同比下降 18%，高於我們指導的中點 1700 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.

我們創造了 8.92 億美元的非 GAAP 毛利潤，報告的非 GAAP 毛利率為 49.1%，同比下降 420 個基點，比指導中點高 110 個基點。

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

毛利率好於預期，原因是混合轉向分銷和整體更豐富的產品組合。

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

非美國通用會計準則運營費用總額為 5.16 億美元，同比減少 2500 萬美元，比第一季度增加 2900 萬美元。

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

由於工資支出較低，這比我們指導的中點高出 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，非美國通用會計準則營業利潤為 3.76 億美元，非美國通用會計準則營業利潤率為 20.7%，同比下降約 820 個基點，但由於毛利率和較低的運營費用。

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 9200 萬美元，比指引高出 1000 萬美元，原因是我們在本季度發行了 20 億美元的新債券。

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

持續經營的現金稅為 1600 萬美元，非控股權益為 500 萬美元，綜合起來略好於我們的指導。

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

不包括在我們的非公認會計原則收益中的基於股票的薪酬為 1.05 億美元。

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

現在我想談談我們的現金和債務的變化。

Our total debt at the end of the second quarter was $9.35 billion, up about $2 billion sequentially.

我們在第二季度末的總債務為 93.5 億美元，比上一季度增加了約 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.

由於本季度的債務發行和現金產生，我們的期末現金頭寸為 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，我們在本季度結束時的 12 個月調整後 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.

在第二季度末，我們的淨債務與過去 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 過去 12 個月調整後的 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出色的流動性。

The response to the recent debt issuance was truly phenomenal.

對最近發行的債券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.

此次發行分為三批，分別為 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.

此次發行獲得了 11 倍的超額認購，我們很高興我們是少數成功進行綠色發行的科技公司之一。

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

在第二季度，我們支付了 1.05 億美元的現金股息。

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.

正如我們上個季度所指出的，在我們的槓桿率回到我們的 2 倍目標之前，我們暫時暫停了我們的回購，因此我們將維持我們的季度股息。

Turning to working capital metrics.

轉向營運資金指標。

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

由於收入水平下降，庫存天數為 120 天，環比增加 7 天。

Though on a dollar basis, inventory was flat sequentially.

儘管按美元計算，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渠道，渠道中的庫存為 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 億美元的訂單以確保我們的渠道庫存指標保持在我們的目標範圍內。

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

我為團隊管理自有庫存和渠道庫存的方式感到非常自豪。

Days receivable were 24 days, down 4 days sequentially.

應收天數為 24 天，環比減少 4 天。

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

應付天數為 71 天，比上一季度減少 12 天。

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

加在一起，我們的現金轉換週期為 73 天，比上一季度增加了 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.

運營現金流為 4.14 億美元，資本支出淨額為 7400 萬美元，非 GAAP 自由現金流為 3.4 億美元，這證明了該業務即使在充滿挑戰的時期也具有強大的現金流產生能力。

Turning to our expectations for the third quarter.

轉向我們對第三季度的預期。

As Kurt mentioned, we anticipate Q3 revenue to be about $2 billion plus or minus about $100 million.

正如庫爾特所說，我們預計第三季度的收入約為 20 億美元，上下浮動約 1 億美元。

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

同樣，考慮到我們正在航行的不確定環境，範圍比正常範圍更廣。

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

在中點，同比下降約 12%，而環比上升 10%。

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

我們預計非美國通用會計準則毛利率約為 49%，上下浮動 100 個基點。

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

運營費用預計約為 5.35 億美元，上下浮動約 1000 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，我們認為非 GAAP 營業利潤率約為 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.

我們估計非公認會計原則財務費用約為 9800 萬美元，預計與持續運營相關的現金稅約為 3400 萬美元。

Noncontrolling interests will be about $3 million.

非控制性權益約為 300 萬美元。

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

最後，我想說幾句結束語。

Our gross margin guidance for Q3 remains flat on Q2.

我們對第三季度的毛利率指引與第二季度持平。

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.

隨著收入環比增長 10%，我們看到額外的銷量帶來了一些好處，但這被我們的產品組合所抵消，與第二季度相比，第三季度的產品組合將不那麼強勁，其次，工廠利用率非常低的持續影響在我們管理庫存水平時。

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調整，我們的收入重新加速，我們認為沒有理由不能在 24 億美元的季度收入水平上實現 55% 的毛利率目標。

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

就運營費用而言，5.35 億美元的指引並非新常態。

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，反映了我們對組織實施的嚴格費用控制。

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.

所採取的行動包括取消年度績效增長和激勵措施，以及有效凍結招聘（包括更換），以及削減高管的薪水。

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做法，但在中期內它們是不可持續的。

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 年更正常的運營支出水平約為每季度 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，我們預計我們的運營費用將反映我們 16% 的研發和 7% 的 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平。

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，目標是在第三季度結束後達到 100 天左右的水平。

This will clearly impact our factory utilization.

這顯然會影響我們的工廠利用率。

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.

Kurt 和我要感謝我們在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.

當前時期是前所未有的。

It's extremely difficult.

這是極其困難的。

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，恩智浦擁有正確的戰略、正確的市場和正確的產品，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 Crédit Suisse 的 John Pitzer。

Congratulations on the solid results given the challenging environment.

祝賀在充滿挑戰的環境中取得了可靠的結果。

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，正如你在序言中提到的那樣，當我們審視公司時，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?

當您查看您對日曆第三季度的汽車增長預期時，與汽車業務更成熟的部分相比，增長在多大程度上來自業務增長領域？

And a similar question on the industrial IoT.

還有一個關於工業物聯網的類似問題。

Great sequential growth in the June quarter.

六月季度環比大幅增長。

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

您正在指導這一點持續到 9 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?

獲取 Marvell 資產並通過更強大的分銷渠道運行它所獲得的好處在多大程度上？

Yes.

是的。

Thanks, John.

謝謝，約翰。

First of all, a lot of good questions.

首先，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.

讓我先說一下，因為它確實適用於汽車和工業物聯網，確實看起來第二季度是低谷，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，汽車和工業物聯網的增長確實是公司特定增長的混合，而且顯然也是市場的複蘇。

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

在工業和物聯網中，非常非常清楚，我認為我們也為此發布了新聞稿。

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

我們於 4 月推出的 Marvell WiFi 6 產品組合實際上起到了幫助作用。

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.

現在，我們還成功地將 WiFi 產品組合集成到我們的微控制器和應用處理器軟件開發套件中，這對客戶來說非常容易。

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牽引力。

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非常好的增長的一個因素。

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

顯然，工業和物聯網，約翰，還有另一個強大的部門，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，第二季度工業和物聯網的良好增長很大程度上是從中國足蹟的角度來看的。

And that also continues into Q3.

這也持續到第三季度。

Now in auto, things are a little bit different.

現在在汽車中，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，很明顯，第二季度完全不正常，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正如我們在上次電話會議中解釋的那樣，我們真的想確保我們不會產生過多的過剩庫存在我們的客戶，不僅在分銷，而且在直接客戶。

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過我們預期的原因，但我們只是不想跟隨任何多餘的庫存建設。

But now this is nicely returning.

但現在這很好地回歸了。

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 Tier 1 恢復生產的混合體。

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，我們假設到第三季度末，全球汽車生產水平應恢復到大流行前的 80%。

So that's a pretty solid return through Q3.

所以這在第三季度是一個相當可觀的回報。

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

但是，RADAR 和我們的集群業務也因新的設計勝利而再次獲得動力，這正在引起人們的注意。

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，就在毛利率線上。

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.

您正在指導日曆第三季度的良好連續增長，但您也提到您正在努力控制庫存增加。

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

我有點好奇這對 Q2 到 Q3 的利用意味著什麼。

And then just remind us.

然後提醒我們。

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

您在本季度製造或發貨的大部分產品都是您上季度製造的。

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

那麼利用率的影響，如果你在第三季度獲得收益，那真的會出現在第三季度的毛利率中嗎？

Or how do we think about Q4 gross margin?

或者我們如何看待第四季度的毛利率？

Okay.

好的。

Several questions there.

那裡有幾個問題。

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

因此，首先，第三季度的利用率約為 - 平均比第二季度低約 400 個基點。

So clearly, that has an impact.

很明顯，這有影響。

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 天到 100 天，我認為這大約是，我不知道，系統中有 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它。

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——所以只是為了——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.

我們確實有這個規則——會計規則是什麼時候——它有點複雜，因為我們是按工廠來做的，而且它是 6 個月的跟踪利用率。

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

但是當利用率低於 70% 時，我們現在會加速固定成本。

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，第二季度和第三季度都遭受了固定成本加速減記的影響，因為您不會通過庫存將其結轉。

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，假設第四季度還好，利用率開始上升一點，即使它沒有達到 70% 的水平，它可能不會，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放入庫存中。

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度。

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.

但在當前環境中，由於利用率如此之低，您會受到打擊，而不是全部，而是在當前季度中受到大部分影響。

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.

Kurt，只是汽車領域的一項後續行動。

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.

我想你在第三季度末提到，生產水平將恢復到 80%，我相信，你說的是他們的正常趨勢。

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.

但是，當我以 8 億美元的指導值查看你們的汽車銷售額時，我認為這將達到之前峰值的 70%。

And I understand these things are not always coincident.

我明白這些事情並不總是巧合。

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元和內容恢復？

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

因為今年，我們都明白這很艱難。

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，他們看到的汽車銷量可能會達到兩位數。

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?

但是，如果它們上升了兩位數，那麼從概念上講，這能說明您的訂單業務嗎？鑑於您今年迄今所看到的趨勢？

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發表評論，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.

實際上，這一切都在檢查中。

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

因此，根據 IHS 的數據，第一季度的汽車產量同比下降了 22%。

Our business was only down 4%.

我們的業務僅下降了 4%。

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

第二季度，IHS 的汽車產量同比下降 45%。

We were down at just around 35%.

我們下降了大約 35%。

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

所以我們在前兩個季度的表現確實好多了。

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.

現在我並不聲稱這全是市場份額的增長或其他什麼，但其中一部分確實是他們在上半年建立的一些庫存，像往常一樣，下半年會下降。

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的第三季度中期到最後，我們應該再次完全平衡，這樣第三季度末 80% 的汽車產量——我認為這與我們的收入有合理的匹配，如果您考慮一下這樣一個事實，即在第一季度和第二季度，我們實際上發展得很好，遠遠領先於汽車生產。

Now a little bit more bigger picture, Vivek.

現在有點更大的畫面，維韋克。

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.

所以首先，是的，我絕對相信我們已經談到的算法，即半導體汽車市場應該比我們認為絕對成立的 SAAR 領先 3% 到 4%，即使在這次大流行期間，也不會出現大流行病。

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

我們的目標是增長 1.5 倍。

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生產到底要做什麼。

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

IHS 實際上——我認為這類似於 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，有了算法，Vivek，我們應該會在我們的業務中很好地發展。

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

所以它在季度內不起作用，但在一兩年內，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.

我的意思是我也沒有 - 我還沒有真正看到很多大規模的平台延遲或其他東西。

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

因此，我相信我們在增長領域取得的新勝利是全額徵稅，而且是準時到來的。

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，當我想到今年下半年的汽車時，我有相當一部分的樂觀情緒，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，通信基礎設施現在是僅次於汽車的第二大業務。

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.

而且我想像你的一個更有利可圖或可能是最有利可圖的業務，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 的增長前景和影響力？

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人相比增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？

When will you start to see those benefits?

你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，只需與我們談談通信基礎設施，因為它現在對您來說是一個如此大的部分，並且顯然是您的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.

所以這肯定是一個很大且重要的部分，但我的意思是相對於其他部分的相對規模，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，第二季度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，並不是所有的東西都是閃亮的，維韋克。

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

所以一件事是，很明顯，你知道有 1 家大型中國公司，這是中國部署的大載體。

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做什麼。

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，這至少是一個即將到來的因素，我們總是必須保持謹慎，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，如你所知，它具有更高的輸出功率，這實際上對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已經晚了。

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

所以我希望我們能夠更快地擴展我們的產能。

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

所以我們對需求有一點延遲，這導致我們，我想說，對機會的一些延遲。

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 領域擁有非常非常強大的地位，從氮化鎵一直到該領域的矽鍺。

But the market is bumpy.

但市場是顛簸的。

It has always been bumpy.

一直很坎坷。

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

對於我剛才引用的因素來說，它仍然是坎坷的。

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

您的下一個問題來自 Bernstein Research 的 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.

我想問一下你們新聞稿中的評論，其中說改進了——對下半年銷售趨勢改善的預期。

I want to verify.

我想驗證。

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度從第三季度開始連續增長？

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

如果是這樣，您能否讓我們了解一下最終市場可能會推動這一點？

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

好吧，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.

下個季度環比增長 10%。

And yes, I made that statement.

是的，我做了那個聲明。

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，我們沒有理由認為第四季度的增長不應超過第三季度。

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

我要提到的，可能是最能推動這一點的，將是汽車。

Got it.

知道了。

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

後續我想問一下產業實力。

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.

在大流行之後，許多公司在這個市場上看到了相對強大的吸引力，但也有人擔心潛在的客戶過度建設和前進。

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.

而且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，以試圖降低他們自己的需求預測以試圖控制它.

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上行空間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，斯泰西。

That's a good question, indeed.

這是個好問題，確實。

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，尤其是在當前環境下，這是控制中非常非常重要的一部分，我們可以在我們的業務中執行。

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通過分銷進行的。

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那樣，我們在 2.5 個月內保持超級自律。

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

實際上，我們在上個季度再次獲得了 2.4 個月的庫存分數。

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

而且我想我在準備好的講話中說過，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工業和物聯網。

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向這個市場銷售的方式。

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.

所以我的 - 對於我們可以看到的任何東西，我會說，通過我們手頭的庫存分配控制，我們可以很好地處理這個問題。

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.

Kurt的一個問題，只是關於超寬帶。

Can you talk about the breadth of design activity?

你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?

您如何看待汽車與智能手機接下來幾個季度的曝光率？

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

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

那是 - 我很高興你在問。

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

我絕對相信我們在構建移動和汽車超寬帶生態系統方面非常非常順利。

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.

而且我認為我們現在已經有一年的跡象表明，今年，在 2020 年，我們將以更實質性的方式開始在移動領域。

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

這確實是推動我們第三季度移動業務連續增長的因素之一。

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 太空公司的旗艦產品，我們的超寬帶正在加速發展。

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，但它是這樣計劃的，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跟進。

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.

今天，我們已經向汽車運送了非常少量的超寬帶，但它仍然以更傳統或傳統的鑰匙扣形式出現。

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

因此，這是一種更安全的汽車訪問方式。

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 現在在移動設備中更大規模地推出，我們將擁有 - 我們也將在明年的汽車 OEM 中看到這一點。

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 連接業務有很多行業曝光度。

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

那麼你能談談你在工業中看到的一些優勢嗎？

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

其中有多少可能是傳統的 NXP 業務與 Marvell 開始與您合作的影響？

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

彼得或傑夫，你——我認為你可以剖析——至少以非常粗略的方式將 Marvell 從我們最初的工業業務中分離出來。

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，這真的是組合，它產生了差異。

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序流程和 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，因為它們在未來越來越多地結合在一起。

Yes.

是的。

Kurt, I guess I'll take that.

庫爾特，我想我會接受的。

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

所以克雷格，如你所知，我們不會每個季度單獨拆分 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百分比並不完全是兩位數，但它在整個工業和物聯網業務中是一個非常高的單位，低兩位數的百分比。

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

就在那個終端市場內，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 with DB。

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，這可能會進入不讓任何善行逍遙法外的精神。

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

但我只是想考慮一下您如何戰略性地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朝著與你完全相反的方向發展，他們的庫存要高得多，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，要讓第一季度的 1.5 億美元和第二季度的 1.45 億美元的預訂量真正流過，我們需要看到什麼？

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?

我猜想在內部與此相關，一旦你達到 100 天，那麼當利用率開始攀升並且你的內部庫存消耗將停止時？

Ross, let me take the more strategic perspective first.

羅斯，讓我先從更具戰略意義的角度來看。

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

我認為你引用的競爭對手會告訴你完全相反的商業模式不同。

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.

這更多是關於幾家產品公司，我們的大部分產品實際上是特定於應用程序和/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，因為我們有相當好的可見性我們客戶的特定應用和相關的運行率。

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

因此，我們繼續相信 2.5 個月的分銷庫存對我們來說是正確的數字。

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

而且我們非常非常確定，通過遵循該策略，我們不會錯過任何一個節拍或不會錯過任何上漲。

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

現在，彼得，相對於第三季度的 100 天或更長的 95 天，也許交給你了。

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

只是為了補充一點，羅斯。

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

當分銷商開始將產品運送給最終客戶時，我們將運送 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，我們沒有發貨 1.5 億美元的原因是他們訂購的數量超過了他們的發貨時間，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非常複雜的模型。

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

在內部庫存方面，我們的目標是減少到 95 天。

Utilization will start to increase when revenue starts to increase.

當收入開始增加時，利用率將開始增加。

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——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.

所以這很簡單。

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

這一切都是關於我們運送的越多，利用率就越高。

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

我想這是我在運營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 5.75 億美元進行具體的數學計算，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.

但就你的框架而言，彼得，毛利率為 55%，達到 24 億美元，你對運營支出的評論每季度達到 5.75 億美元的水平。

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

關於這與您對收入的可見性、您的假設等方面的關係的任何類型的框架？

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如何改善或沒有改善，您可能會提高或降低多少？

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.

那麼，庫爾特之前說過的一件事是，我們認為第二季度是 2020 年最弱的收入數字。

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

我們認為下半年會比上半年強。

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，在這種情況下，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，我們將在我們的市場中獲勝。

So we have no plans to reduce our investment.

所以我們沒有減少投資的計劃。

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，我們採取了一些我提到的短期行動，比如減少——抱歉，基本上取消了加薪和獎勵金，以及削減高管工資。

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

當你進入明年時，至少前兩個是不可維護的。

So it will add to our cost.

所以它會增加我們的成本。

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度和第二季度，但我們可以承受這種水平的運營支出，因為我們認為收入會起到什麼作用。

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

現在我們 - 有一個巨大的第二波或什麼的，那麼也許我們會改變我們對此的看法。

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

但是，儘管我們沒有看到從第二季度到第三季度的 V 型複蘇，但我們認為 2021 年不會完全註銷。

So is that helpful?

那麼這有幫助嗎？

Did I give you the context?

我給你上下文了嗎？

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

您的下一個問題來自 C.J. Muse with Evercore 的台詞。

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

我猜是毛利率方面的後續問題。

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

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

So curious should that be ratable as you progress?

如此好奇，隨著你的進步，這應該是可評價的嗎？

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——我們所說的是你有一個我們認為合理的模型，收入變化 5% 給你大約 200 個基點的保證金——對不起，給你 100 個基點的保證金。

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

但這就是 23 億美元的正負值。

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

還有其他幾件事正在發生。

Our fixed costs at that level are about 35%.

我們在該水平上的固定成本約為 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，也許每季度多一點點。

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.

所以你確實在非常非常低的水平上得到了一些更高的跌落，兩個方向。

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

但是你必須能夠進行計算，而且它肯定是不可評價的。

Okay.

好的。

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

您是否希望它與利用率增加同時發生？

Or would it be one quarter delayed?

還是會延遲四分之一？

Well, a great question.

嗯，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，我們預計最高可達 70%——在利用率達到 70% 之前，利用率的任何提高都將在當前受益——不會在當前季度真正使我們受益。

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%，您就會看到很大的好處，因為您開始將一些固定成本向前結轉。

But it's done by factory.

但它是由工廠完成的。

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，當我們以目前的方式運營時，很難給你一個真正的路線。

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，在你準備好的評論中，你談到了你的一些勝利、雷達、無線、交叉處理器、安全 UWB 的鼓勵。

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後半場增長的信念，那麼很明顯，加上宏觀改進，它會在這個結構中是什麼？

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，我會說如果我必須在下半年選擇 2，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，您沒有強調汽車領域的幾個領域，我認為其中一個領域已經在加速發展，而另一個領域則更有前途。

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

但我想我們很想听聽電池管理系統進展的最新情況？

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

還有 S32G 網絡處理器，有什麼設計值得談論嗎？

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

如果可以的話，我確實有後續行動。

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，並不意味著他們不做他們應該做的事。

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，尤其是今年，因為它——與此同時，我認為可以公平地說，大流行看起來很不幸，但它似乎進一步推動電氣化的份額。

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，僅從運行速度的角度來看，從新車型發布的角度來看，看起來電動傳動系統在接下來的一段時間內都將從大流行中受益。

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非常非常強大的地位，正如你所知，我會說，在 - 特別是在中國有很多不同的客戶 - 非常好的增長位置，我們非常享受這一點。

So I'd say very much on track.

所以我會說非常正確。

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

實際上，我很驚訝您沒有在這種情況下提出一個問題，即 ADI 和 Maxim 作為競爭對手的組合。

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.

但是讓我在這裡提一下，因為看起來我們對系統方法（包括微觀）的卓越價值主張在我們看來又與該交易不匹配。

So very nicely on track.

非常順利。

The other one you mentioned is the S32G.

你提到的另一個是S32G。

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

這就是基於 FinFET 的 16 個網關處理器，它有望在明年推出並量產。

I just have to hold your horses a little bit.

我只需要稍微扶住你的馬。

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，我們將與一位非常知名的客戶一起發布新聞稿，這將為您提供進一步的證據，以及該解決方案的型號和數量坡道。

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，我希望我們可以在未來一段時間內真正宣布。

Great.

偉大的。

I appreciate that.

我很感激。

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

如果我能得到跟進，也許彼得。

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 3 月、4 月的時間框架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.

他們中的一些人已經恢復了原狀並償還了一些債務，也許考慮到可能不再需要這種水平的流動性。

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?

還是您打算在較高的流動性水平上運行一段時間？

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.

大約是 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，我們會償還。

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

但它總是計劃在 2022 年使用它。

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

這就是我們將使用它的目的。

Yes.

是的。

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

您的下一個問題來自高盛的 Toshiya Hari。

I wanted to ask on the mobile business.

我想問一下移動業務。

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

顯然，你們在一個相當具有挑戰性的環境中運營，智能手機銷量下降了兩位數。

You do seem to be outperforming the market.

你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，如果你能從移動錢包採用的角度談談你所看到的，那將非常有幫助。

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.

如果你能說出你的機會集，因為它與進入下半年，更重要的是進入 2021 年的超寬帶有關，那也會很有幫助。

Then I've got a quick follow-up.

然後我有一個快速跟進。

Yes.

是的。

Thanks for the question.

謝謝你的問題。

Great question.

好問題。

Indeed, we also see and believe we are outgrowing.

事實上，我們也看到並相信我們正在超越。

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

事實上，這在很大程度上與內容和附件率有關，而不是移動單元的運行率。

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的移動業務增長的兩個關鍵驅動因素確實是超寬帶，但它也存在於我們在該領域非常領先的客戶之一的移動錢包中，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正在交付到解決方案中的矽元內容。

It's actually nicely growing with that change.

它實際上隨著這種變化而很好地增長。

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.

所以增長——你所看到的連續增長，是超寬帶的新增功能，它是移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在上升。

And that was the other part of your question.

那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，移動錢包的附加率有望在明年達到 50% 大關。

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.

在這一點上也許有點軼事，但在我們看來，這種流行病也推動了全球那些國家的非接觸式支付，到目前為止，這些國家的連接率要低得多，因為人們還沒有真正做到接受了它。

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.

所以這實際上是另一個似乎是的——現在說這個電話太堅定還為時過早，但他們似乎也受到了大流行的幫助。

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.

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

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，我想問一下競爭格局。

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，我認為你們過去曾談到恩智浦可能成為美中貿易緊張局勢的受益者。

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

我意識到股票收益需要很長時間，在您的業務中可能需要數年時間。

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，您是否看到恩智浦的任何變化？

Yes.

是的。

It keeps being a door opener very clearly.

它一直是一個非常清楚的開門器。

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.

這絕對是參與的積極槓桿。

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

所以正如你所說，我的意思是，即使在快速發展的市場設計中獲勝也需要時間，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.

您的下一個問題來自巴克萊銀行的 Blayne Curtis。

This is Tom O'Malley on for Blayne Curtis.

這是 Blayne Curtis 的 Tom O'Malley。

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 中，您是否看到有人進入市場或競爭加劇？

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帶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 1 個 RFIC 無關。

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

它實際上是關於 RFIC 的組合，一個安全元件。

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序中，它總是與硬件安全元件和相關軟件一起出現。

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

這是軟件、硬件安全元件和 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.

這實際上是給我們帶來差異化的原因，我認為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.

因此，如果您僅從 RFIC 的角度來看，多年來製造具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.

但是要交付整個解決方案，這是一件大事，這就是我們領先的地方。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just a broader one.

然後只是一個更廣泛的。

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

跟進約翰早些時候的問題，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的回歸，還有一些工業。

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

但是你能確定這種好處的大小嗎？

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

更多是在汽車方面還是更多在工業物聯網方面？

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

好吧，從 - 你是要求 Q2 還是 Q3 的指導？

Both would be helpful.

兩者都會有所幫助。

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

但我認為你在第二季度和第三季度發表了評論。

So whatever you can give on both.

所以無論你可以給兩者。

Okay.

好的。

And I'll take that and get, right?

我會接受並得到，對嗎？

On Q2 -- yes, yes.

在第二季度——是的，是的。

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

顯然，在第二季度，中國是一個全面的重要因素。

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

這僅僅是因為大流行——我的意思是，它已經發生了階段性轉變。

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，中國已經在第一季度看到了大流行的最大影響，然後在第二季度出現了相當不錯的複蘇，而歐洲和美國在第二季度的早些時候基本上已經關閉。

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

現在，如果您進入第三季度，它實際上基礎更廣泛。

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

因此，汽車行業的複蘇，例如環比增長 20%，不僅僅是中國。

I mean, this is really across the board.

我的意思是，這真的是全面的。

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，我們確實看到汽車行業正在復蘇，尤其是從連續的角度來看，美國、歐洲以及日本也開始復蘇，因為這些地方是第二季度停產的地方。

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

接線員，我們今天可能還有時間再問一個問題。

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

你的最後一個問題來自 Chris Caso 和 Raymond James 的台詞。

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?

也許您可以談談那裡的計劃以及恢復的標準是什麼？

Shall I take that?

我要拿那個嗎？

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.

這是 - 當我們達到 2 倍淨債務與過去 12 個月 EBITDA 的比率時，我們將重新開始回購。

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

所以我們在第二季度運行 2.2，我不知道，第三季度會是 2.3、2.4。

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

因此，我們需要一段時間才能再次看到回購重啟。

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

但這是我們的淨債務水平回到 2 倍的時候。

Got it.

知道了。

That's clear.

這很清楚。

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.

只是關於您對生產和恢復利用率並達到庫存目標的一些評論的跟進。

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?

您是否有一個時間表——顯然，這取決於需求，但在需求沒有變化的情況下，在這些利用率下需要多長時間才能在內部達到您的庫存目標？

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

好吧，我們在第三季度降至 100，我們正努力達到 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，在這些利用率水平上，假設收入還可以，此時很容易降至 95。

Right.

正確的。

So by the end of the year, for sure?

所以到年底，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，杰羅姆。

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

謝謝大家，感謝你們今天的興趣和時間。

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

我不確定，Kurt，在我們今天簽字之前，您是否有任何最後要說的評論。

Yes.

是的。

Thanks, Jeff.

謝謝，傑夫。

So let me thank everybody for your attention today.

所以今天讓我感謝大家的關注。

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，因為看起來第二季度是低谷。

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

我們確實看到我們的業務在各個地區都在增長。

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混合體，但同時發揮了我們公司特定的驅動因素，這對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.

與此同時，我們仍然非常謹慎地對待這件事，這意味著，從運營支出的角度來看，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，因為我們在過去的一段時間裡做過。

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

有了這個，我謝謝大家，下次再和你們說話。

Thank you.

謝謝你。

Thank you all.

謝謝你們。

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.

你們都可以斷開連接。