恩智浦 (NXPI) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the NXP Semiconductors First Quarter 2020 Earnings Conference Call.

女士們、先生們，感謝大家的支持，並歡迎參加恩智浦半導體 2020 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to your speaker today, Rick Clemmer, CEO.

現在我想把會議交給今天的發言人，執行長 Rick Clemmer。

Thank you, and please go ahead, sir.

謝謝您，請繼續，先生。

Yes.

是的。

Thank you, Chris, and good morning, everyone.

謝謝你，克里斯，大家早安。

Welcome to the NXP Semiconductors First Quarter 2020 Earnings Call.

歡迎參加恩智浦半導體 2020 年第一季財報電話會議。

With me on the call today from the far corners of the world is Rick Clemmer, NXP's CEO; Kurt Sievers, NXP's 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 Rick Clemmer。西弗斯 (Kurt Sievers)，恩智浦總裁；和我們的財務長彼得凱利。

We're all in remote locations today.

今天我們都在偏遠地區。

So if there's any delay in responding to questions, please bear with us.

因此，如果回答問題有任何延遲，請耐心等待。

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。

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

今天的電話會議將包括前瞻性陳述，這些陳述涉及風險和不確定性，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 financial results for the second 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預期的聲明2020年第二季財務業績。

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 certain 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，我們將參考某些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不直接相關的離散事件所驅動。

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our first 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 年第一季財報新聞稿中提供了非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，並可在恩智浦網站上取得在 nxp.com 的投資者關係部分。

Now I'd like to pass it over to Rick Clemmer.

現在我想把它交給瑞克·克萊默。

Kurt?

庫爾特？

So there might be a problem with Rick's connection.

所以 Rick 的連接可能有問題。

So this is Kurt, Kurt Sievers.

這是庫爾特，庫爾特·西弗斯。

I will take over from Rick such that we can get started swiftly.

我將接替 Rick，以便我們能夠快速開始。

So once again, thanks, Jeff, and good day everybody on the call.

再次感謝傑夫，祝各位與會者日安。

The last several months has been one of the most disruptive periods in the semiconductor industry.

過去幾個月是半導體產業最具顛覆性的時期之一。

But throughout this current period of widespread and unprecedented disruption due to the COVID-19 virus, we've never been as proud as now as of our entire NXP team.

但在目前因 COVID-19 病毒而造成廣泛且前所未有的破壞的時期，我們從未像現在這樣為整個恩智浦團隊感到自豪。

They are collectively demonstrating and living our core values during this challenging time as we continue to work to supply our customers and continue to focus on the development of our key programs.

在這個充滿挑戰的時期，他們共同展示並實踐我們的核心價值觀，同時我們繼續努力為客戶提供服務並繼續專注於關鍵項目的發展。

We have put a dedicated team in place to focus on the safety of our employees and the management of how our employees can work effectively, remotely and safely on-site when necessary.

我們設立了專門的團隊，專注於員工的安全，並管理員工在必要時如何有效、遠端和安全地在現場工作。

Kurt, I am back.

庫爾特，我回來了。

All right.

好的。

So Rick, will you take over?

那麼瑞克，你願意接手嗎？

Yes.

是的。

Yes, please.

是的，請。

All right.

好的。

Thanks, Rick.

謝謝，瑞克。

Thank you.

謝謝。

While NXP has long been geographically diverse, we now have over 12,000 of our worldwide team, including 90%-plus of our indirect employees that are not in manufacturing, working from home or just recently returned from working from home in China and Korea.

雖然恩智浦長期以來一直處於多元化的地理位置，但我們現在在全球擁有超過12,000 名團隊，其中包括90% 以上的間接員工，他們不在製造業、在家工作或剛從中國和韓國的家里工作回來。

Daily, our employees are taking initiative, intensely collaborating and focusing on delighting our customers.

每天，我們的員工都積極主動、密切合作，專注於讓客戶滿意。

I am heartened to see the genuine engaged curiosity, their desire to solve problems and everyone looking to drive positive outcomes in the respective areas of expertise, and through this all, displaying a sense of confidence that we will all successfully get through this.

我很高興看到他們真正投入的好奇心、解決問題的願望以及每個人都希望在各自的專業領域取得積極成果，並透過這一切表現出我們都將成功度過難關的信心。

NXP is structured to adapt to respond to unknown challenges and to support its people.

恩智浦的結構旨在適應未知的挑戰並為員工提供支援。

As an example, our team members are assuring that our customers in the health care and medical areas have critical MCU and center products to enable the increased production of respirators and other related medical equipment, though this is not a sufficient amount of revenue.

例如，我們的團隊成員向醫療保健和醫療領域的客戶保證擁有關鍵的 MCU 和中心產品，以增加呼吸器和其他相關醫療設備的產量，儘管這還不足以帶來足夠的收入。

Globally, we are donating PPE material, where it is needed, and providing laptops to students, NGOs and nursing home patients.

在全球範圍內，我們正在向有需要的地方捐贈個人防護用品，並向學生、非政府組織和療養院患者提供筆記型電腦。

Our team members are also independently raising funds and donating back in their local communities to help the less privileged.

我們的團隊成員也獨立籌集資金並向當地社區捐款，以幫助弱勢群體。

From an operational perspective, all of our manufacturing facilities are up and running, although we did previously have some limited government-ordered closures.

從營運角度來看，我們所有的製造設施都已啟動並運行，儘管我們之前確實有一些政府下令關閉的情況。

Our manufacturing plant in China has continued to operate through the entire period.

我們在中國的製造工廠在整個期間持續運作。

We have not experienced any major virus-related supply issues.

我們沒有遇到任何與病毒相關的重大供應問題。

We have been extremely fortunate that the virus has not materially impacted our broad employee base.

我們非常幸運，病毒沒有對我們廣泛的員工基礎產生重大影響。

We will continue to closely monitor all government orders, and take a cautious approach to allowing the employees to return from working from home.

我們將繼續密切關注所有政府命令，並採取謹慎的態度允許員工在家工作返回。

The safety of our employees remains our top priority.

員工的安全仍然是我們的首要任務。

Therefore, we will not rush to return to the opening, so that we can limit the number of employees on site, allowing for continued social distancing, especially where we have manufacturing and other operations combined on a single site.

因此，我們不會急於恢復營業，這樣我們就可以限制現場員工數量，從而保持持續的社交距離，特別是在我們將製造和其他業務合併在一個工廠的情況下。

Turning to how we view the current business environment.

轉向我們如何看待當前的商業環境。

This crisis is unlike anything previously experienced by the semiconductor industry with rapid changing characteristics, making it hard to identify true demand indicators.

這場危機與半導體產業之前經歷的任何危機不同，其特點是快速變化，因此很難確定真正的需求指標。

We will continue, as we've always done in the past, to share information openly to enable all of our stakeholders to understand the conditions that we are operating.

我們將一如既往地繼續公開分享訊息，使所有利益相關者都能了解我們的營運狀況。

We currently find ourselves attempting to make accurate projections of true OEM customer demand.

目前，我們發現自己正在嘗試準確預測原始設備製造商 (OEM) 客戶的真實需求。

This is especially true in global automotive markets where we have gone to our customers and worked with them to reduce their demand signals to more accurately reflect true auto OEM requirements.

在全球汽車市場尤其如此，我們與客戶合作，減少他們的需求訊號，以更準確地反映真實的汽車原始設備製造商的要求。

In North America and Europe, automotive OEM and Tier 1 suppliers currently had full or partial factory shutdowns and extended supply chains, although they are beginning to identify plans for reopening.

在北美和歐洲，汽車原始設備製造商和一級供應商目前已全部或部分關閉工廠並延長供應鏈，儘管他們已開始確定重新開業的計劃。

It is easy to completely focus on dramatic and negative impacts of the virus.

人們很容易完全關注病毒的巨大和負面影響。

However, we must also be aware of and ensure...

然而，我們也必須意識到並確保...

It seems that Rick's line is broken, again.

看來瑞克的路線又斷了。

I will pick up here.

我會在這裡接。

It's easy to completely focus on the dramatic and negative impacts of the virus.

人們很容易完全關注病毒的巨大和負面影響。

However, we must also be aware and ensure that we do not miss possible opportunities.

然而，我們也必須意識到並確保我們不會錯過可能的機會。

And as a good example, it's good to see that in the last 2 weeks, data for car sales in China show they are above the same period last year.

舉一個很好的例子，很高興看到過去兩週中國的汽車銷售數據顯示高於去年同期。

We also hear reports of people buying their first vehicle as they do not want to go back to mass transit with the fear overhang from the virus.

我們也聽到有報導稱，人們購買第一輛車是因為他們不想因為病毒帶來的恐懼而回到大眾運輸。

However, the reopening of the Tier 1 and OEM manufacturing plants continues to be uncertain, and it is this significant uncertainty that is making our planning so difficult right now.

然而，一級和 OEM 製造工廠的重新開放仍然存在不確定性，而正是這種巨大的不確定性使我們目前的計劃變得如此困難。

At the same time, the demand environment in China has clearly improved in the industrial and mobile end markets.

同時，中國工業和行動端市場的需求環境明顯改善。

We are encouraged with the increase in distribution sell through in the recent weeks, and we will continue to closely monitor the sustainability of these trends.

最近幾週分銷銷售量的增加令我們感到鼓舞，我們將繼續密切關注這些趨勢的可持續性。

The big question, though, is the impact from the economic weakness throughout the rest of the world on consumption, and hence the ultimate impact it may have on demand in China.

然而，最大的問題是世界其他地區經濟疲軟對消費的影響，以及最終可能對中國需求的影響。

Considering all of these indicators does create conflicting signals.

考慮所有這些指標確實會產生相互矛盾的訊號。

We are attempting to maximize our flexibility to ensure that we adequately support our customers' true demands, while at the same time, reducing our manufacturing supply risk, and ultimately avoiding excess inventory.

我們試圖最大限度地提高靈活性，以確保充分支援客戶的真正需求，同時降低製造供應風險，並最終避免庫存過剩。

Now more than ever, maintaining close, constant communications with our customers is really critical to the balance of our supply chain.

現在，與客戶保持密切、持續的溝通對於我們供應鏈的平衡比以往任何時候都更重要。

We are cautiously optimistic as we see early Q3 demand trends, which indicate a slightly sequential improvement, combined with the benefits from the planned ramp of NXP's specific programs.

我們持謹慎樂觀的態度，因為我們看到第三季早期的需求趨勢，這表明需求略有改善，再加上恩智浦特定專案計畫增加的好處。

During any economic downturn, investor attention always turns to the sustainability or robustness of the company's financial performance.

在任何經濟低迷時期，投資者的注意力總是轉向公司財務表現的可持續性或穩健性。

For those of you who have followed NXP for some time now, we view one of our inherent skills as keeping a steady hand on the financial and operational levers we can control.

對於那些關注恩智浦一段時間的人來說，我們認為我們的固有技能之一就是穩定地掌控我們可以控制的財務和營運槓桿。

We are not unemotional, but in challenging times like these, we have a cultural bias towards cost consciousness.

我們並非沒有感情，但在這樣充滿挑戰的時代，我們對成本意識有文化偏見。

We are not making knee-jerk decisions but taking an active review of all areas of discretionary spending, while simultaneously maintaining critical investments in areas that will assure NXP's long-term success.

我們不會做出下意識的決定，而是對所有可自由支配支出領域進行積極審查，同時在確保恩智浦長期成功的領域中保持關鍵投資。

Our business model is solid, and we continue to have ample financial liquidity and strength to weather the current unpredictable environment.

我們的商業模式是穩固的，我們繼續擁有充足的財務流動性和實力來應對當前不可預測的環境。

In closing, we are extremely proud of the adaptability of all our teams during this challenging period.

最後，我們對所有團隊在這充滿挑戰的時期的適應能力感到非常自豪。

And we will continue to succeed and are focused on driving positive results for all of our stakeholders.

我們將繼續取得成功，並專注於為所有利害關係人帶來正面成果。

And at this point, I move on actually to what is my original script here, so that was Rick's part.

此時，我實際上繼續討論我的原始腳本，這就是瑞克的部分。

And I will start to review the specifics of our quarter 1 results and, at the same time, provide an outlook for quarter 2.

我將開始審查第一季業績的具體情況，同時提供第二季的展望。

We find ourselves navigating a really, really fluid and challenging period due to the COVID-19 virus.

由於 COVID-19 病毒的影響，我們發現自己正在經歷一個非常非常不穩定和充滿挑戰的時期。

As the year began, we had an incrementally positive outlook for 2020 as customer reactions and engagement with our NXP portfolio and product road map continued to be really positive.

今年伊始，我們對 2020 年的前景越來越樂觀，因為客戶對我們的恩智浦產品組合和產品路線圖的反應和參與度仍然非常積極。

However, as the breadth of COVID-19 virus impact evolved in mid-February, we did find ourselves shifting from dealing with what we assumed were temporary supply chain disruptions post-Chinese Lunar New Year.

然而，隨著 2 月中旬 COVID-19 病毒影響範圍的擴大，我們確實發現自己不再處理我們所認為的中國農曆新年後暫時的供應鏈中斷問題。

And we had to adapt to a much wider, more disruptive broad base of shutdowns of our customers' manufacturing facilities, increasingly also outside China.

我們必須適應更廣泛、更具破壞性的客戶生產設施關閉的情況，而且越來越多地出現在中國以外的情況。

This has had a direct ripple effect throughout the supply chains we are exposed to.

這對我們所面臨的整個供應鏈產生了直接的連鎖反應。

While this is making our short-term outlook more uncertain, we do continue to execute consistently to our long-term strategy, deeply engaged with a sharp focus on enabling our customers' success, albeit from a virtual distance.

雖然這使我們的短期前景更加不確定，但我們確實繼續一致執行我們的長期策略，深入專注於幫助客戶取得成功，儘管是在虛擬的距離上。

Now let me turn to our results.

現在讓我談談我們的結果。

Q1 revenue came in below our original guidance.

第一季收入低於我們最初的指導。

Many of the automotive OEMs initiated factory shutdowns combined with order pushouts from both industrial and mobile customers.

許多汽車原始設備製造商開始關閉工廠，並同時取消工業和行動客戶的訂單。

Taken together, NXP delivered revenue of $2.02 billion, about $204 million below the midpoint of our original guidance range.

總的來說，恩智浦實現了 20.2 億美元的收入，比我們最初指導範圍的中點低了約 2.04 億美元。

Our non-GAAP operating margin was 24.8%, about 280 basis points below guidance as a result of lower operating profit flow through on the reduced revenue levels.

我們的非 GAAP 營業利潤率為 24.8%，比指導值低約 280 個基點，原因是收入水準下降導致營業利潤減少。

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

讓我談談我們重點終端市場的具體趨勢，從汽車開始。

Revenue in automotive was $994 million, down 4% versus the year ago and showing 9% sequential decline.

汽車業務收入為 9.94 億美元，較去年同期下降 4%，較上季下降 9%。

In industrial and IoT, our revenue was $376 million, up 2% versus the year ago period and down 9% sequentially.

在工業和物聯網領域，我們的營收為 3.76 億美元，比去年同期成長 2%，比上一季下降 9%。

In mobile, revenue was $247 million, up 2% versus the year ago period and down 26% sequentially.

行動業務收入為 2.47 億美元，較去年同期成長 2%，較上季下降 26%。

And lastly, communication infrastructure and other, our revenue was $404 million, down 10% year-on-year and 12% sequentially.

最後，在通訊基礎設施和其他方面，我們的收入為 4.04 億美元，年減 10%，環比下降 12%。

Now before I'm turning to the specifics of our quarter 2 expectations, I'd like to make a few comments.

現在，在我具體討論第二季的預期之前，我想發表一些評論。

Our revenue guidance range for Q2 is wider than normal, which is a reflection of what we view as an uncertain and highly fluid demand environment.

我們第二季的收入指導範圍比正常情況更寬，這反映了我們認為不確定且高度流動的需求環境。

We will provide as much transparency as possible, while we are cognizant that our ability to accurately predict the future is limited.

我們將提供盡可能多的透明度，但我們也認識到我們準確預測未來的能力是有限的。

As I said before, many of the ultimate end customers of our products, like the Automotive OEMs in Europe and North America, are still partially closed or just coming gradually back to work.

正如我之前所說，我們產品的許多最終客戶，例如歐洲和北美的汽車原始設備製造商，仍然部分關閉或剛剛逐漸恢復工作。

Therefore, the customer demand signals, which we rely on throughout the supply chain, need to be recalibrated to true end market demand.

因此，我們在整個供應鏈中所依賴的客戶需求訊號需要重新調整以適應真正的終端市場需求。

We are anticipating this recalibration should occur over the next few months.

我們預計這種重新校準將在未來幾個月內發生。

From a positive viewpoint, the supply chain inventory rationalization trends we witnessed through 2019 have essentially played out, both with our direct customers and also those served through global distribution.

從正面的角度來看，我們在 2019 年見證的供應鏈庫存合理化趨勢已基本顯現，無論是對我們的直接客戶還是透過全球分銷服務的客戶。

And therefore, once we begin to see demand signals recalibrated to our end customers, we are assuming there should not be a significant lag effect due to any excess supply chain inventory.

因此，一旦我們開始看到最終客戶的需求訊號重新調整，我們就假設不會因供應鏈庫存過剩而產生顯著的延遲效應。

And we have continued to apply the highest discipline to our distributor channel inventory as we held back about $150 million of shipments to distributors during the first quarter, and this is in order to maintain our target channel inventory metric of 2.4 months of supply.

我們持續對經銷商通路庫存實施最高紀律，第一季我們扣留了約 1.5 億美元的出貨給經銷商，這是為了維持我們 2.4 個月供應的目標通路庫存指標。

With that preamble, we are guiding quarter 2 revenue at $1.8 billion, down about 19% versus quarter 2 2019, within a range of down 14% to 23% year-on-year.

根據該序言，我們預計第二季營收為 18 億美元，比 2019 年第二季下降約 19%，年減 14% 至 23% 的範圍內。

From a sequential perspective, this represents a decline of about 11% at the midpoint versus the prior quarter.

從環比來看，這意味著與上一季相比中點下降了約 11%。

At the midpoint, we are anticipating the following year-on-year trends in our business: automotive is expected to be down about 30% versus quarter 2 2019 and down in the high 20% range versus quarter 1 2020; industrial and IoT is expected to be up low single digits versus quarter 2 '19 and up mid-single digits versus quarter 1 2020; mobile is expected to be down in the mid-teens range versus quarter 2 2019 and up low single digits versus quarter 1 2020; and finally, communication infrastructure and other is expected to be down in the mid-teens range versus quarter 2 2019 and up mid-single digits versus quarter 1 2020.

在中點，我們預計我們的業務將出現以下同比趨勢：汽車業務預計將比 2019 年第二季下降約 30%，比 2020 年第一季下降 20% 左右；與 2019 年第 2 季相比，工業和物聯網預計將成長低個位數，與 2020 年第 1 季相比將成長中位數；與 2019 年第二季相比，行動業務預計將下降到十幾位左右，與 2020 年第一季相比，預計將成長低個位數；最後，與 2019 年第二季相比，通訊基礎設施和其他基礎設施預計將下降中位數，與 2020 年第一季相比將上升中個位數。

In summary, this is an unprecedented period for our society, for our industry, for our customers and for NXP.

總之，對我們的社會、我們的產業、我們的客戶和恩智浦來說，這是一個前所未有的時期。

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

我們的首要任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 are extremely proud of the huge engagement and flexibility of all NXP employees.

我們對所有恩智浦員工的高度參與和靈活性感到非常自豪。

And as I previously mentioned, we do not have any unique insights as to when this challenging period will subside, but we do continue to have ample financial liquidity and strength to weather the current environment.

正如我之前提到的，對於這段充滿挑戰的時期何時結束，我們沒有任何獨特的見解，但我們確實仍然擁有充足的財務流動性和實力來應對當前的環境。

While we are actively reviewing all areas of discretionary spending, we do continue to maintain critical investments in the areas that will assure NXP's long-term success in our chosen strategy.

雖然我們正在積極審查所有可自由支配支出領域，但我們確實繼續在這些領域保持關鍵投資，以確保恩智浦在我們所選擇的策略中取得長期成功。

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

我們對前沿新產品的重點投資以及快速成長領域（例如 ADAS 和汽車電氣化）、物聯網安全連接邊緣處理和安全超寬頻的客戶參與都非常持久，並享有顯著的設計吸引力。

Once this pandemic is under control, NXP will emerge strongly and will resume its growth within its strategic focus areas, consistent with our prior long-term expectations.

一旦疫情得到控制，恩智浦將強勢崛起，並將在其戰略重點領域內恢復成長，這與我們先前的長期預期一致。

We execute consistently, and we are committed to our long-term strategy.

我們始終如一地執行，並致力於我們的長期策略。

And we continue to be deeply engaged with and sharply focused on enabling our customers' success.

我們將繼續深入參與並專注於幫助客戶取得成功。

And at this point, I would like to pass the call to Peter for a review of our financial performance.

此時，我想將電話轉給彼得，請他審查我們的財務表現。

Peter?

彼得？

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

謝謝庫爾特，今天電話會議的大家早安。

As Kurt already covered the drivers of the revenue during the quarter and provided our revenue outlook for the second 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二季度的收入前景，因此我將轉向財務要點。

In summary, our Q1 revenue performance was well below what we had planned as a result of the COVID virus.

總而言之，由於新冠病毒的影響，我們第一季的營收表現遠低於我們的計畫。

As the world struggled to cope with the significant disruption the virus caused, we saw approximately $200 million of our revenue disappear from the quarter.

當世界努力應對病毒造成的重大破壞時，我們看到本季約 2 億美元的收入消失了。

This significant reduction to revenue fell through to non-GAAP gross profit and non-GAAP operating profit, with the fall through on gross margin slightly offset the operating profit level by a reduction in OpEx, a truly stunning turn of events.

收入的大幅下降影響到了非公認會計原則毛利和非公認會計原則營業利潤，毛利率的下降透過營運支出的減少略微抵消了營業利潤水平，這是一個真正令人震驚的轉變。

Now moving to the details of the first quarter.

現在轉向第一季的細節。

Total revenue was $2.02 billion, down 3% year-on-year and $204 million below the midpoint of our original guidance.

總收入為 20.2 億美元，年減 3%，比我們最初指引的中位數低 2.04 億美元。

We generated $1.05 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 51.8%, down about 90 basis points year-on-year and 140 basis points below the midpoint of our guidance.

我們實現了 10.5 億美元的非 GAAP 毛利，非 GAAP 毛利率為 51.8%，年減約 90 個基點，比我們指引的中位數低 140 個基點。

Total non-GAAP operating expenses were $545 million, essentially flat year-on-year and better by $18 million from the fourth quarter.

非 GAAP 營運支出總額為 5.45 億美元，年比基本持平，較第四季增加 1,800 萬美元。

This was $28 million below the midpoint of our guidance.

這比我們指導的中點低了 2800 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $502 million, and non-GAAP operating margin was 24.8%, down about 190 basis points year-on-year as a result of the lower revenue.

從總營業利潤來看，非美國通用會計準則營業利潤為5.02億美元，非美國通用會計準則營業利益率為24.8%，由於營收下降，較去年同期下降約190個基點。

Non-GAAP financial expense were $75 million, cash taxes from ongoing operations were $28 million and noncontrolling interest were $8 million, all slightly better than our guidance.

非 GAAP 財務費用為 7,500 萬美元，持續經營現金稅為 2,800 萬美元，非控制權益為 800 萬美元，均略優於我們的指引。

Stock-based compensation, which is not included in our non-GAAP earnings, was $107 million.

股票薪酬為 1.07 億美元，不包含在我們的非 GAAP 收益中。

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

現在我想談談我們的現金和債務的變化。

Our total debt at the end of the first quarter was $7.37 billion, flat sequentially and our ending cash position was $1.08 billion, up $34 million.

第一季末我們的總債務為 73.7 億美元，環比持平，期末現金部位為 10.8 億美元，增加 3,400 萬美元。

The resulting net debt was $6.29 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $3.05 billion.

由此產生的淨債務為 62.9 億美元，本季結束時，過去 12 個月的調整後 EBITDA 為 30.5 億美元。

Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q1 was 2.1x, and our non-GAAP trailing 12-month adjusted EBITDA net interest coverage was 9.6x.

第一季末，我們的淨負債與追蹤 12 個月調整後 EBITDA 的比率為 2.1 倍，非 GAAP 追蹤 12 個月調整後 EBITDA 淨利息覆蓋率為 9.6 倍。

As you all know, I typically say that our balance sheet is very strong and our liquidity is excellent.

眾所周知，我通常會說我們的資產負債表非常強勁，流動性非常好。

We're proud of the fact that we're an investment-grade company.

我們為自己是一家投資級公司而感到自豪。

We achieved this by having a business that generates significant cash by having a very large revenue stream and by having strong financial discipline, including not extending ourselves when things look rosy.

我們之所以能實現這一目標，是因為我們的業務能夠透過龐大的收入來源和嚴格的財務紀律（包括在情況看起來樂觀時不擴張）來產生大量現金。

I'm really pleased to say that this is exactly the environment when having a strong business model and financial discipline pays off.

我真的很高興地說，這正是擁有強大的商業模式和財務紀律所帶來回報的環境。

So we continue to have a strong balance sheet, and we have excellent liquidity and access to the markets that a strong investment-grade company has.

因此，我們繼續擁有強勁的資產負債表，並且擁有出色的流動性和進入強大投資級公司所擁有的市場的機會。

During the first quarter, we paid $105 million in cash dividends and repurchased $355 million of our shares.

第一季度，我們支付了 1.05 億美元的現金股息，並回購了 3.55 億美元的股票。

You will have noted a small increase in our leverage in Q1 over Q4.

您會注意到我們的槓桿率在第一季比第四季略有增加。

This is driven by a reduction of trailing 12-month adjusted EBITDA, and our leverage will increase again in Q2 to 2.2x driven by our latest guidance for the quarter.

這是由過去 12 個月調整後 EBITDA 的減少所推動的，而在我們本季最新指導的推動下，我們的槓桿率將在第二季度再次增加至 2.2 倍。

As such, we'll temporarily suspend our buyback until our trailing 12-month adjusted EBITDA ratio improves to the level where we can once again be at the 2-point times -- at the 2x leverage ratio.

因此，我們將暫時暫停回購，直到我們的追蹤 12 個月調整後 EBITDA 比率改善到我們可以再次處於 2 點時間（2 倍槓桿率）的水平。

We will, in the meantime, continue to pay our quarterly dividend.

同時，我們將繼續支付季度股息。

Turning to working capital metrics.

轉向營運資本指標。

Days of inventory was 113 days, an increase of 11 days sequentially as revenue levels declined.

庫存天數為 113 天，由於收入水準下降，比上一季增加了 11 天。

We continue to closely manage our distribution channel with inventory in the channel at 2.4 months, definitely 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，絕對在我們的長期目標之內。

As Kurt noted, we held back about $150 million of orders into distribution to assure our channel inventory metrics remained within our target range.

正如 Kurt 指出的那樣，我們保留了約 1.5 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。

Days receivable were 28 days, up 2 days sequentially and days payable were 83 days, an increase of 2 days versus the prior quarter.

應收帳款天數為 28 天，較上季增加 2 天；應付帳款天數為 83 天，較上季增加 2 天。

Taken together, our cash conversion cycle was 58 days, an increase of 11 days versus the prior quarter.

總的來說，我們的現金週轉週期為 58 天，比上一季增加了 11 天。

Cash flow from operations was $512 million and net CapEx was $143 million, resulting in non-GAAP free cash flow of $369 million.

營運現金流為 5.12 億美元，淨資本支出為 1.43 億美元，非 GAAP 自由現金流為 3.69 億美元。

Turning to our expectations for the second quarter.

轉向我們對第二季的預期。

As Kurt mentioned, we anticipate second quarter revenue to be about $1.8 billion, plus or minus about $100 million, a wider-than-normal range considering the uncertain environment we are navigating.

正如庫爾特所提到的，我們預計第二季營收約為 18 億美元，上下浮動約 1 億美元，考慮到我們所處的不確定環境，這一範圍比正常範圍更寬。

At the midpoint, this is down 19% year-on-year and down 11% sequentially.

中間值年減 19%，季減 11%。

We expect non-GAAP gross margin to be about 48% plus or minus 100 basis points.

我們預計非 GAAP 毛利率約為 48%，上下浮動 100 個基點。

Operating expenses are expected to be about $523 million plus or minus about $5 million.

營運費用預計約 5.23 億美元上下左右 500 萬美元。

And taken together, we see non-GAAP operating margin to be about 19% plus or minus about 240 basis points.

綜合來看，我們預期非 GAAP 營運利潤率約為 19%，上下浮動約 240 個基點。

We estimate non-GAAP financial expense to be about $82 million and anticipate cash tax related to ongoing operations to be about $17 million.

我們預計非 GAAP 財務費用約為 8,200 萬美元，預計與持續營運相關的現金稅約為 1,700 萬美元。

Noncontrolling interest will be about $6 million.

非控制權益約 600 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。

Firstly, our gross margin looks weak for the second quarter.

首先，我們第二季的毛利率看起來疲軟。

About half of the drop is explained by the reduction in revenue, and the other half is a result of the fact that we'll be running our internal fabs at a utilization of approximately 50%.

大約一半的下降是由於收入減少，另一半是由於我們將以大約 50% 的利用率運行內部晶圓廠。

At this level of utilization, we take additional fixed cost charges in quarter rather than carry them through in inventory to the third quarter.

在這種利用率水準下，我們在季度中收取額外的固定成本費用，而不是在庫存中將其結轉到第三季。

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 level of quarterly revenue.

隨著全球經濟開始自我修正以及我們的收入重新加速，我們認為在季度收入 24 億美元的水平上我們沒有理由不能達到 55% 的毛利率目標。

Secondly, we are closely managing our cash and feel comfortable we will continue to generate cash even at these extremely low revenue levels.

其次，我們正在密切管理我們的現金，即使在收入水平極低的情況下，我們也將繼續產生現金。

As part of this, we've taken down the utilization of our internal factories, and are working with our external partners to manage our purchases with them.

作為其中的一部分，我們已經降低了內部工廠的利用率，並正在與外部合作夥伴合作管理我們的採購。

In fact, the bigger part of the reduction in wafers for this quarter has fallen on our internal fabs.

事實上，本季晶圓減少的大部分都落在了我們內部晶圓廠的身上。

Thirdly, we will continue to carefully manage OpEx levels and minimize any variable costs and, in particular, incentive payments.

第三，我們將繼續謹慎管理營運支出水平，並最大限度地減少任何可變成本，特別是獎勵支出。

Finally, these are very difficult times.

最後，這是非常困難的時期。

And along with Rick and Kurt, I'd like to thank all my colleagues around the world for their commitment to NXP, and doing the right thing for our customers.

我要與 Rick 和 Kurt 一起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。

The current period is unprecedented and is extremely difficult.

當前時期是前所未有的、極為困難的時期。

But for the long run, NXP has the right strategy, is in the right markets and has the right products 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，並擁有正確的產品來贏得勝利。

Before we turn to your questions, I'd like to pass the call back to Kurt for a moment.

在我們回答你的問題之前，我想暫時將電話轉給庫爾特。

Yes.

是的。

Thanks much, Peter.

非常感謝，彼得。

And I can just also notify everybody that Rick is back on the call now.

我還可以通知大家，瑞克現在又回來了。

Before we are moving on to Q&A, I still would like to take the opportunity to express my deep gratitude to Rick.

在我們進入問答環節之前，我還是想藉此機會向Rick表達深深的謝意。

And that is both on behalf of NXP, but also very much personally.

這既代表恩智浦，也代表我個人。

Rick, this appears to be your last NXP earnings call and your capacity as CEO of the company.

瑞克，這似乎是您最後一次恩智浦財報電話會議，也是您作為公司執行長的最後一次電話會議。

You have successfully led NXP since being appointed President and CEO back in 2009.

自 2009 年被任命為總裁兼執行長以來，您成功領導了恩智浦。

And under your leadership, NXP has transformed into a profitable high-performance mixed-signal leader, definitely with the NXP Freescale merger as a very remarkable milestone.

在您的領導下，恩智浦已經轉變為盈利的高性能混合信號領導者，與恩智浦飛思卡爾的合併無疑是一個非常了不起的里程碑。

And I want to thank you for your many years of hard work and much more importantly, for your personal dedication and commitment building NXP into the industry leader we are today.

我要感謝您多年來的辛勤工作，更重要的是，感謝您的個人奉獻和承諾，將恩智浦打造為當今的行業領導者。

And since I've personally served for the last 10 years as a member of your NXP executive management team, I'd especially like to thank you for your deep trust and for everything I've been privileged to learn from you.

由於我個人在過去 10 年裡一直擔任恩智浦執行管理團隊的一員，因此我要特別感謝您的深切信任以及我有幸向您學習的一切。

In my eyes, in my view, you personally embody the NXP culture of a customer-focused passion to win, and that along with great business acumen and very thoughtful leadership.

在我看來，您個人體現了恩智浦文化，即以客戶為中心、追求勝利的熱情，以及出色的商業頭腦和深思熟慮的領導力。

Given all of that, I am particularly glad and thankful that NXP and I can count on your continued support as a strong and close strategic adviser for the time to come.

考慮到所有這些，我特別高興和感謝恩智浦和我可以在未來依靠您作為強大而密切的策略顧問的持續支持。

Thank you once again.

再一次感謝你。

And with that, operator, we open the call for questions, please.

接線員，我們現在開始電話提問。

(Operator Instructions) Our first question comes from the line of Stacy Rasgon with Bernstein Research.

（操作員說明）我們的第一個問題來自 Bernstein Research 的 Stacy Rasgon。

About the $150 million that you didn't ship in the quarter, can you give us some feeling for how that splits up by end market?

關於本季未出貨的 1.5 億美元，您能給我們一些關於終端市場如何分配的感覺嗎？

What you're expecting to do with channel inventories into Q2?

您預計如何處理第二季的庫存管道？

And if you could give us some color maybe on what the sell-in versus sell-out was in the quarter into the channel, that would be very helpful.

如果您能給我們一些關於該季度管道的賣出與賣出情況的信息，那將非常有幫助。

Thanks, Stacy.

謝謝，史黛西。

So the $150 million that we had orders for from our disti partners that we chose not to ship to be sure that we maintained our distribution inventory at the 2.4 months was probably a higher concentration of industrial, but it was across the board in all areas.

因此，我們從分銷合作夥伴那裡收到的1.5 億美元訂單，我們選擇不發貨，以確保我們將分銷庫存維持在2.4 個月，這可能是工業領域的集中度較高，但在所有領域都是全面的。

So I can't really give you the details.

所以我無法向你提供詳細資訊。

But I would say it has a concentration more on the industrial side and probably less on the other areas.

但我想說的是，它更多地集中在工業方面，而可能較少集中在其他領域。

Our intent is to continue to maintain the 2.4 months of inventory.

我們的目的是繼續維持 2.4 個月的庫存。

We learned our lesson several years ago associated with this, and we're trying to be sure that we maintain that position and control our inventory commitment into the channel.

我們幾年前就吸取了與此相關的教訓，我們正在努力確保我們保持這一地位並控制我們進入渠道的庫存承諾。

So we're actively, as we talked about in the script, working with our customers to be sure that they adjust their demand signals to be sure that we do not increase the disti inventory or the work-in-process inventory with our OEM customers either.

因此，正如我們在腳本中談到的那樣，我們正在積極與客戶合作，以確保他們調整需求訊號，以確保我們不會增加 OEM 客戶的分銷庫存或在製品庫存任何一個。

Got it.

知道了。

And for my follow-up, I understand the auto decline, obviously, in the Q2, but what's driving the sequential increases in the rest of the businesses?

對於我的後續行動，我顯然了解第二季度汽車行業的下滑，但是是什麼推動了其他業務的連續成長？

It sounds like it's not -- it sounds like you don't think it's pull forward, just given your commentary on the channel inventory just now.

聽起來好像不是——聽起來你不認為它是向前推進的，只是考慮到你剛才對頻道庫存的評論。

Let me know if that is correct?

讓我知道這是否正確？

And if you could give us any color on what's driving that sequential demand in the other segments, that would be super helpful.

如果您能為我們提供有關推動其他細分市場連續需求的原因的任何信息，那將非常有幫助。

Sure.

當然。

So it clearly is not any pull forward that we see.

因此，我們顯然沒有看到任何推動。

It's based on orders from our customers.

它是基於我們客戶的訂單。

On a sequential basis in Q2, we're up -- sorry, down 11% in total, but actually down 27% in automotive, while we're up 6% in industrial and IoT and 5% in comms and infra and slightly up in mobile.

在第二季的環比基礎上，我們有所上升——抱歉，總共下降了11%，但實際上汽車領域下降了27%，而工業和物聯網領域增長了6%，通信和基礎設施領域增長了5%，並且略有上昇在手機中。

The industrial is -- we -- as we said in the script, we've actually seen some strength in China in the sell through.

工業界——我們——正如我們在劇本中所說，我們實際上看到了中國在銷售方面的一些實力。

Clearly, Europe continues to be fairly weak.

顯然，歐洲仍然相當疲軟。

And the U.S. is also pretty weak, although maybe a little bit of glimmers of improvement in the U.S. But clearly, the key indicator on the industrial side for Q2 is in our China sell through and really what gives us confidence in being able to achieve the 6% sequential growth in industrial and IoT.

美國也相當疲軟，儘管美國可能有一點改善的跡象，但顯然，第二季度工業方面的關鍵指標是我們中國的銷售情況，這真正讓我們有信心實現工業和物聯網環比增長 6%。

And some of that includes some of our new product deployments as well, Stacy.

其中一些還包括我們的一些新產品部署，史黛西。

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

我們的下一個問題來自 Vivek Arya 與美國銀行證券公司的聯繫。

And congrats to Kurt on the new role and best wishes to Rick on his next adventure.

祝賀庫爾特擔任新角色，並祝福瑞克開啟下一次冒險。

It has been great to work with you.

很高興與您合作。

For my first question, I wanted to just dig into the automotive market.

對於第一個問題，我想深入了解汽車市場。

I think for Q2, you mentioned automotive sales potentially down about 30%.

我認為對於第二季度，您提到汽車銷量可能會下降約 30%。

That is, obviously, much better than some of the unit trends over -- down over 40% year-on-year.

顯然，這比一些單位趨勢要好得多——同比下降超過 40%。

Could you give us some sense of how you are seeing the unit and the content parts of your business play throughout Q2?

您能否讓我們了解一下您對整個第二季業務的部門和內容部分的看法？

And importantly, do you think Q2 can mark the trough in your autos business?

重要的是，您認為第二季會標誌著您汽車業務的低谷嗎？

Because I recall Kurt, you saying that Q3 could be up slightly sequentially.

因為我記得庫爾特，你說第三季可能會略有上升。

So does that imply that Q2 is perhaps the trough in your autos business?

那麼這是否意味著第二季可能是你們汽車業務的低谷？

So just some more color in auto customer engagements would be very helpful.

因此，在汽車客戶互動中多一些色彩就會非常有幫助。

Thanks, Vivek.

謝謝，維韋克。

This is Rick.

這是瑞克。

Kurt, I'll let you take that.

庫爾特，我會讓你接受的。

Yes.

是的。

Thanks, Vivek.

謝謝，維韋克。

So yes, we have a careful view that Q3 should be slightly up over Q2.

所以，是的，我們謹慎認為第三季應該比第二季略有上升。

Now if you think about automotive specifically, mind you that you can never really track the SAR on a quarterly basis back to our business.

現在，如果您具體考慮汽車行業，請注意，您永遠無法真正按季度追蹤 SAR 回到我們的業務。

There is too much going on in the supply chains and especially these days.

供應鏈中發生了太多事情，尤其是現在。

So it doesn't really work that you take the quarter 2 projected car reduction if anybody knows it at all and hold that back to our revenue.

因此，如果有人知道的話，你採用第二季度預計的汽車減少量並將其保留在我們的收入中並沒有真正起作用。

So our revenue forecast in automotive for the second quarter is really just the result of a very careful alignment with our main customers, on mostly very application-specific products.

因此，我們對第二季汽車業務的收入預測實際上只是與我們的主要客戶（主要是針對特定應用的產品）進行非常仔細協調的結果。

So it's really just the backlog alignment more than anything else, it's not really tied to the SAR in that sense.

因此，這實際上只是積壓的調整，而不是其他任何事情，從這個意義上來說，它與特別行政區並沒有真正的聯繫。

But still, what is important in this period of uncertainty, we do absolutely believe that the content increase story holds so that continues also through this period.

但在這個充滿不確定性的時期，重要的是，我們絕對相信內容增加的故事會持續到這個時期。

Secondly, what we have seen in the reports from IHS is that the premium cars are actually going down a little bit less than the average car, which is possibly good for the mix, given the fact that there is obviously more semiconductors in premium cars.

其次，我們在 IHS 的報告中看到，高檔汽車的價格下降實際上比普通汽車要少一些，這可能對混合汽車有利，因為高檔汽車中顯然有更多的半導體。

This is a very broad statement, we cannot tie it back to any specific model or any specific product of ours, but that probably is a trend as long as we can see it now.

這是一個非常廣泛的說法，我們不能將其與我們的任何特定模型或任何特定產品聯繫起來，但只要我們現在看到它，這可能就是一種趨勢。

Finally, for the SAR itself, we continue to use IHS as the guideline.

最後，對於特區本身，我們繼續以IHS為指導。

They just came out actually on April 27, so very fresh with the latest forecast, which is a 22% decline for the year, where indeed they sharply see the biggest year-on-year decline in the second quarter.

他們實際上是在 4 月 27 日才發布的，最新的預測非常新鮮，今年將下降 22%，他們確實大幅看到了第二季度最大的同比跌幅。

So for the car production, I would support what you are saying.

所以對於汽車生產，我會支持你的說法。

But again, you cannot, one-on-one, connect this to our revenue.

但同樣，你不能一對一地將其與我們的收入連結起來。

Got it.

知道了。

And then for my follow-up, maybe, Peter, one on gross margins.

然後，對於我的後續行動，彼得，也許是關於毛利率的。

So clearly, I think you've explained the drivers for Q2 for gross margins to get towards 48% or so.

很明顯，我認為您已經解釋了第二季毛利率達到 48% 左右的驅動因素。

So sort of a similar question to the first one.

這與第一個問題類似。

Do you think if, let's say, all else being equal, if you start to see some revenue rebound in Q3 that have we kind of seen the trough in gross margins, what's on your dashboard to kind of look at the trajectory of gross margins over the next handful of quarters?

您是否認為，在其他條件相同的情況下，如果您開始看到第三季的收入反彈，我們是否已經看到了毛利率的低谷，那麼儀表板上的內容可以幫助您了解毛利率的軌跡接下來幾季？

To be honest, right now, and you saw it from the range we gave of revenue plus or minus $100 million on Q2, it's difficult to really speculate on where we might be in Q3, Q4.

說實話，現在，你從我們給出的第二季度收入正負 1 億美元的範圍中看到，很難真正推測我們在第三季、第四季可能處於什麼位置。

As Rick mentioned in his speech, we think we'll be up slightly.

正如里克在演講中提到的那樣，我們認為我們會略有上升。

I would hope this would be the trough on gross margin, but it really depends on how we -- right now, at these levels, how we load off our fabs.

我希望這將是毛利率的低谷，但這實際上取決於我們現在如何，在這些水平上，我們如何卸載我們的晶圓廠。

So I think it's going to be a tough couple of quarters from a gross margin perspective.

因此，我認為從毛利率的角度來看，這將是一個艱難的幾個季度。

I think the main thing for me is -- and maybe this is where you're really going is, as we move up more strongly and we get back to the $2.4 billion level, I don't think anything has changed in terms of the structural part of our business.

我認為對我來說最重要的是——也許這就是你真正要去的地方，隨著我們更加強勁地上升並回到 24 億美元的水平，我認為在我們業務的結構部分。

And I still have great confidence we can get to the 55% level in a more normal market.

我仍然非常有信心我們能夠在更正常的市場中達到 55% 的水平。

So as our revenue comes back, yes, our gross margin will go up.

因此，隨著我們的收入回升，我們的毛利率將會上升。

And our next question comes from the line of John Pitzer with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

First, Rick, I just want to thank you for all the help you've given me personally over the last decade, I really appreciate that.

首先，Rick，我只想感謝您在過去十年中個人給我的所有幫助，我真的很感激。

It's been an interesting 10 years.

這是有趣的10年。

But relative to my kind of first question, I'm just kind of curious, you used the term recalibrating of demand signals a couple of times when talking about the June guidance.

但相對於我的第一個問題，我只是有點好奇，在談論 6 月的指導意見時，您多次使用了需求訊號重新校準這個術語。

I'm just kind of curious to what extent is the June guide kind of a top-down view of the world from you versus a bottoms-up view, i.e., are your customer bookings actually still coming in stronger than you would have expected, given the demand destruction that's likely?

我只是有點好奇，六月指南在多大程度上是你自上而下的世界觀，而不是自下而上的世界觀，也就是說，你的客戶預訂實際上仍然比你預期的要強，考慮到需求破壞，這可能是什麼？

And if so, how are you able to kind of undership to what customers want to prevent inventory?

如果是這樣，您如何滿足客戶想要的產品以避免庫存？

Well, John, first off, thanks for your comment.

好吧，約翰，首先，感謝您的評論。

It's been fun for the last decade so.

過去十年很有趣。

On the demand signals, I think what we're really trying to communicate is, as we look at the Tier 1s, and obviously the car factory is actually being shut down as well as a lot of the Tier 1, the demand signals haven't been adjusted as much as they should have been.

關於需求訊號，我認為我們真正想要傳達的是，當我們觀察一級時，顯然汽車工廠以及許多一級工廠實際上正在關閉，需求訊號還沒有」沒有進行應有的調整。

And so we kind of took the lead from the industry viewpoint and going back to our customers, and aggressively working with them to modify their demand signals to really more accurately reflect the production levels that were taking place.

因此，我們從產業的角度出發，回到客戶身邊，積極與他們合作，修改他們的需求訊號，以真正更準確地反映正在發生的生產水準。

So our intent is to be sure that we try to minimize any inventory or work-in-process inventory build throughout the process on the OEM side.

因此，我們的目的是確保在 OEM 方面的整個流程中盡量減少庫存或在製品庫存的增加。

We're doing the same thing with our distribution partners.

我們正在與我們的分銷合作夥伴做同樣的事情。

Everyone is struggling to get their hands on what the real demand is with the highly fluid levels of inputs and how things move.

每個人都在努力透過高度流動的投入水平和事物的發展方式來了解真正的需求是什麼。

But we've aggressively worked with our customers, both OEM as well as even with our distribution partners to really modify their demand signals.

但我們積極與我們的客戶（包括 OEM 以及我們的分銷合作夥伴）合作，以真正改變他們的需求訊號。

We talked about we could have shipped another $150 million or more to our distribution partners in Q1 based on the orders we had, and we chose not to do that.

我們談到，根據我們的訂單，我們可以在第一季向我們的分銷合作夥伴再發貨 1.5 億美元或更多，但我們選擇不這樣做。

So we didn't increase our inventory levels in the distribution channel.

因此，我們沒有增加分銷管道的庫存水準。

So our focus is really ensuring that we maintain the right kind of work in process and disti inventory levels as we go through this process, not to build up the historic semiconductor industry levels that has happened frequently in the past in the industry.

因此，我們的重點實際上是確保在整個過程中保持正確的在製品和庫存水平，而不是建立過去在行業中經常發生的歷史半導體行業水平。

That's helpful, guys.

這很有幫助，夥計們。

And just my follow-up, Kurt, I know you guys are only officially guiding 90 days out, but your cautiously optimistic commentary around Q3 potentially being up modestly sequentially.

我的後續行動，庫爾特，我知道你們只是正式指導 90 天，但你們對第三季度的謹慎樂觀評論可能會連續適度上升。

Is that mostly an automotive view?

這主要是汽車視角嗎？

Or is that happening across all of your end markets?

或者您的所有終端市場都發生這種情況嗎？

And in your prepared comments, you talked about kind of company-specific drivers behind that in addition to just sort of general industry recovery.

在您準備好的評論中，除了一般行業復甦之外，您還談到了背後的公司特定驅動因素。

Wondering if you could elaborate on those company-specific drivers?

想知道您是否可以詳細說明這些公司特定的驅動程式？

Yes, John, I'm happy to do so.

是的，約翰，我很高興這樣做。

So first of all, let me just clarify, indeed, the comment about the Q3 slightly up over Q2 is a comment for the entire company, so integrally for the company.

首先，讓我澄清一下，事實上，關於第三季度比第二季度略有上升的評論是針對整個公司的評論，因此是對公司整體的評論。

I'd say the main reason, which gives us some confidence to make that statement is product-customer combination specific drivers, where we have design wins which are either starting to ramp or starting to quickly go up when they had started to ramp a little bit earlier already.

我想說，讓我們有信心做出這一聲明的主要原因是產品與客戶組合的特定驅動因素，我們的設計勝利要么開始增加，要么在開始稍微增加時開始快速上升已經有點早了。

So I'd say that's the main element, which is then across the known applications, which you are aware of.

所以我想說這是主要元素，它橫跨您所知道的已知應用程式。

So clearly, in automotive, I continue to emphasize RADAR and Battery Management being in here.

很明顯，在汽車領域，我繼續強調雷達和電池管理。

Clearly, in IoT, industrial, I would say, our crossover processes now more and more along with the connectivity.

顯然，在物聯網和工業領域，我想說，我們的交叉過程現在越來越多地隨著連接性而增加。

You remember the assets, which we bought from Marvell is playing out nicely together.

您還記得我們從 Marvell 購買的資產組合起來效果很好。

And in mobile, we have an unbroken continuation of the attach rate or the growth in the attach rates of our mobile wallet.

在行動領域，我們的行動錢包的附加率或附加率的成長不間斷。

So these are the elements, which actually are behind my comments about the Q3 possibly slightly up over quarter 2.

這些因素實際上是我對第三季可能比第二季略有上升的評論的背後原因。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

We want to also congratulate Rick, and thank you for all your help over the many years.

我們也要祝賀 Rick，並感謝您多年來的所有幫助。

So I guess my first question is, in the second quarter itself, the nonautomotive side being up.

所以我想我的第一個問題是，在第二季度，非汽車產業正在上升。

I think, Rick, you mentioned that you were excited about what was happening initially in China for your industrial and IoT segment.

我想，Rick，您提到您對中國工業和物聯網領域最初發生的事情感到興奮。

But the other kind of 35%, potentially in that quarter, 45% -- or 40% of the business in mobile and comm infrastructure.

但另一種是 35%，可能在該季度佔 45%，或 40% 的行動和通訊基礎設施業務。

Can you just talk a little bit about what's going on in those 2 segments to drive the increase sequentially?

您能否簡單談談這兩個細分市場中發生的情況以依次推動成長？

Sure.

當然。

The -- in Q2, our comm and infra is projected to be up about 5% sequentially, but down 15% year-over-year.

在第二季度，我們的通訊和基礎設施預計將環比增長約 5%，但同比下降 15%。

So I think we're still in the process of seeing a little bit of improvement in the 5G deployment associated with -- primarily in China on base stations.

因此，我認為我們仍在看到 5G 部署方面的一些改進——主要是在中國的基地台方面。

And the thing that's really fluid with that is, they're still working the specifications and the requirements associated with it, so it really is evolving rapidly.

真正穩定的事情是，他們仍在研究與之相關的規範和要求，因此它確實正在迅速發展。

But we see clearly the combination of the businesses that are there, including a little bit of improvement in our network processor area that contributes to that 5% in Q2.

但我們清楚地看到現有業務的組合，包括我們的網路處理器領域的一點改進，這為第二季的 5% 做出了貢獻。

In mobile, remember, Q2 a year ago, we had a very strong quarter as Huawei really took the Mobile wallet down across their product portfolio.

在行動領域，請記住，一年前的第二季度，我們有一個非常強勁的季度，因為華為確實在其產品組合中減少了行動錢包的影響。

But even with that, we'll be up slightly in Q2 in the mobile business.

但即便如此，我們的行動業務在第二季仍將略有成長。

So I think all of that comes back to the fact that we see some real improvement in China in POS that's encouraging.

所以我認為這一切都歸結於這樣一個事實：我們看到中國在 POS 方面取得了一些真正的進步，這是令人鼓舞的。

And we just have to see how that continues, Ross, as we go forward.

羅斯，我們只需要看看這種情況如何繼續下去，我們就會繼續前進。

And then I guess as my follow-up, either for you or Kurt, on the automotive side of things and maybe aligning to, Kurt, what you said for the third quarter maybe being up a bit sequentially for the entire company.

然後我想作為我的後續行動，無論是對你還是庫爾特來說，在汽車方面，也許與庫爾特保持一致，你所說的第三季度的情況可能會為整個公司帶來一些連續的增長。

I just wanted to dive into the kind of the symmetry of how the automotive plants are shut down around the world?

我只是想深入了解世界各地汽車工廠關閉的對稱性？

And then when they turn back on, obviously, true end demand at the end of the day is going to drive how your business grows in there?

然後，當它們重新啟動時，顯然，最終的真正最終需求將推動您的業務在那裡成長？

But I just want to see how aligned do you think you are to those factories being turned on and off, especially given the fact that the data points early as they may be out of China for automotive, as you mentioned, were positive.

但我只是想看看你認為你對這些工廠的開和關有多一致，特別是考慮到正如你所提到的，汽車產業早期的數據點是正面的。

Is the third quarter going to improve sequentially in automotive just because the factories hopefully will all be turned on globally at that point?

第三季汽車產業是否會持續改善，因為屆時全球工廠可望全部開工？

Or does it have to wait until true end demand gives us a sign of just how turned on they actually are?

還是必須等到真正的最終需求讓我們知道他們實際上有多興奮？

Yes, Ross.

是的，羅斯。

It is clearly phase shifted because, obviously, the biggest auto impact in Q1 was in China, while the European and U.S. factory shutdowns literally only started in the second half of March, so at the very, very end of Q1 and now hitting in Q2.

這顯然是階段性的，因為顯然，第一季最大的汽車影響是在中國，而歐洲和美國的工廠關閉實際上是在三月下旬才開始的，所以是在第一季末，現在是第二季。

So while I think it is fair to have some optimism about the industrial automotive activity in quarter 2 in China, it is really, really hard to say how this is going to play out in Europe and the U.S. I mean, just as an example, we all saw in the press that just this Monday, so yesterday, Volkswagen started to manufacture again, I mean, they just -- in Germany, they just went back to work, to my understanding, not at full capacity, but this is a gradual increase.

因此，雖然我認為對中國第二季度的工業汽車活動持樂觀態度是公平的，但很難說這將如何在歐洲和美國發揮作用。我的意思是，僅舉個例子，我們都在媒體上看到，就在本週一，所以昨天，大眾汽車再次開始生產，我的意思是，他們只是——在德國，他們剛剛回去工作，據我了解，沒有滿負荷生產，但這是一個逐漸增加。

And I think nobody really knows exactly what's the pace of those reopenings and to what capacity level they go under which time frame during the second quarter.

我認為沒有人真正確切地知道這些重新開放的速度以及第二季度在哪個時間範圍內它們的容量水平。

But clearly, it looks like the most significant car production impact in the Western world fits them in the beginning of the second quarter, and we have to see how long it takes in the second quarter.

但顯然，西方世界對汽車生產最重大的影響似乎發生在第二季初，我們必須看看第二季需要多長時間。

And that gets me back to what I think I quoted earlier about IHS.

這讓我回到了我之前引用的有關 IHS 的內容。

Clearly, the second quarter is, according to IHS, then seeing the biggest decline in car production with quite some improvement in quarter 3 from a car production perspective.

顯然，根據 IHS 的數據，第二季的汽車產量下降幅度最大，從汽車產量的角度來看，第三季出現了相當大的改善。

Now what Rick said earlier to one of the questions about us being very careful with understanding the end demand, this is exactly coming to this point, Ross, we try to make sure that what we are shipping to our Tier 1 customers in automotive aligns nicely to the real end demand, such that we don't overship because we learned that lesson 10 years ago.

現在，里克（Rick）之前對我們非常仔細地了解最終需求的問題之一所說的話，羅斯，我們正在努力確保我們向汽車領域的一級客戶提供的產品能夠很好地保持一致以滿足真正的最終需求，這樣我們就不會過度生產，因為我們10 年前就吸取了教訓。

And with that, we should -- if we do that right, and we work hard on it, we should then actually not see a long delay when the car production comes up because we shouldn't have overshipped the supply chain.

有了這個，我們應該——如果我們做得正確，並且我們努力工作，那麼當汽車生產開始時，我們實際上不應該看到長時間的延遲，因為我們不應該讓供應鏈超載。

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

我們的下一個問題來自 SunTrust 的 William Stein。

First, I'm hoping you can linger a little bit on the comment about aligning customers' forecast or going to them to ensure their forecasts were up to date.

首先，我希望您能在有關調整客戶預測或與他們聯繫以確保他們的預測是最新的評論上停留一下。

Can you help us understand what portion of the customers you deal with to get forecast, whether those are the Tier 1s or the OEMs, what portion of those are open?

您能否幫助我們了解與您打交道的哪部分客戶需要獲得預測，無論這些客戶是一級供應商還是 OEM，其中哪些部分是開放的？

And having these engagements with -- over these largely engagements where you work with customers and have a dialogue today?

今天您與客戶合作並進行對話的主要活動是什麼？

Or is it more a situation here, there's a big chunk of demand is really much more question because perhaps they're not even available to take the call.

或者這更像是這裡的情況，有大量的需求確實是更多的問題，因為也許他們甚至無法接聽電話。

So Will, I'll take a shot at it and then I'll let Kurt add.

那麼威爾，我會嘗試一下，然後讓庫爾特補充。

What we found is sometimes, it's a little more difficult to communicate with our customers at the Tier 1 level, but I think everyone is working from home.

我們發現有時與一級客戶溝通有點困難，但我認為每個人都在家工作。

So ultimately, you have the ability to communicate.

所以最終，你有溝通的能力。

I think what we're really trying to emphasize is that the demand signals they had, had not been modified for the plant closings either at their level or at -- as they look at their individual manufacturing facilities or at the actual automotive company level itself.

我認為我們真正想強調的是，他們所擁有的需求訊號並未因工廠關閉而被修改，無論是在他們的層面還是在——當他們審視自己的製造設施或實際的汽車公司層面本身時。

And so obviously, we've been trying to push back and actually told them that we were not going to ship parts, and went out pretty aggressively with some unique requirements on orders to be sure that we got as thorough assessment of demand as possible because we just felt like it was critical not to be shipping orders as they were indicating and building factory that was ultimately not going to be used.

顯然，我們一直在試圖反擊，實際上告訴他們我們不會運送零件，並且非常積極地對訂單提出了一些獨特的要求，以確保我們盡可能全面地評估需求，因為我們只是覺得重要的是不要運送訂單，因為它們表明並建造最終不會被使用的工廠。

So we've been very aggressive about that and worked with them and had good response.

因此，我們對此非常積極，並與他們合作並得到了良好的回應。

And I think the key is, as we go through this period of uncertainty and fluidity, we must really have good communications with the customers to really know what's going on.

我認為關鍵是，當我們經歷這個不確定性和流動性的時期時，我們必須真正與客戶進行良好的溝通，才能真正了解正在發生的事情。

And I think that's the key, is being sure.

我認為這是關鍵，就是確定。

And we're able to do that as they work from home.

由於他們在家工作，我們能夠做到這一點。

Kurt, please add anything you'd like.

庫爾特，請添加您想要的任何內容。

I completely second what you are saying.

我完全同意你所說的。

I would just add, Will, indeed, we have worked this very, very closely with the Tier 1 customers.

我想補充一點，事實上，我們與一級客戶進行了非常非常密切的合作。

All our large customers there, we have been sitting together over a number of weeks, virtually sitting together, and worked this very hard to come to what we jointly believe is a reasonable forecast, which was not their first input.

我們所有的大客戶，我們已經坐在一起幾週了，幾乎坐在一起，並非常努力地得出我們共同認為合理的預測，這不是他們的第一次輸入。

So it is the Tier 1s, which we've done it with.

所以這是我們已經完成的 Tier 1。

They are operational at this point in time.

它們此時正在運作。

And I think in the end, that was a very positive process because it also helps them in the way forward.

我認為最終，這是一個非常積極的過程，因為它也幫助他們前進。

One follow-up, if I can.

如果可以的話，請進行一次後續行動。

I'm wondering if you could comment on your ability to continue the pace of innovation when some of the employees are remote and the same relates to your customers, their ability to sort of engage in new technology evaluations as it relates to your products in this environment.

我想知道當一些員工處於遠端狀態並且與您的客戶相關時，您是否可以評論一下您繼續創新步伐的能力，他們參與與您的產品相關的新技術評估的能力環境。

And before I stop, let me just add my congrats to both of you in your new roles.

在我停止之前，請容許我對你們兩位擔任新職務表示祝賀。

Yes, Will, I think, that's actually working amazingly well.

是的，威爾，我想，這實際上效果非常好。

And I say that because I -- had you asked me 8 weeks ago would that be possible, I probably would have been much more cautious.

我這麼說是因為如果你八週前問我這可能嗎，我可能會更謹慎。

But the matter of the fact is that with all of these key customers for us, we have very longstanding and deep relationships, which actually made it relatively easy now to do this perfectly on a remote virtual basis.

但事實是，我們與所有這些關鍵客戶都擁有非常長期和深厚的關係，這實際上使得現在在遠端虛擬基礎上完美地完成這項工作變得相對容易。

So lots of video conference work.

很多視訊會議工作。

But also internally, Rick spoke about this in the beginning, a lot of our engineers are in a work-from-home situation.

但在內部，Rick 一開始就談到了這一點，我們的許多工程師都處於在家工作的狀態。

We have almost no drops in productivity, which we could measure so far.

到目前為止我們可以衡量，我們的生產力幾乎沒有下降。

So things really work and the same way it also works with our customers.

所以事情確實有效，而且同樣適用於我們的客戶。

But again, I think it's a result of the fact that, this is not a new relationship, which has to be built, but we've had these relationships for many years in most cases.

但我再次認為，這是因為，這不是一種必須建立的新關係，但在大多數情況下，我們已經擁有這些關係很多年了。

And our last question comes from the line of C.J. Muse with Evercore.

我們的最後一個問題來自 C.J. Muse 和 Evercore 的合作。

I guess another question back on auto.

我想另一個關於汽車的問題。

Can you speak to, I guess, how you're seeing trends geographically?

我想您能談談您如何看待地理趨勢嗎？

It sounds like production, positive territory for China, but down double digits in U.S. and Europe and would love to hear kind of how that plays a role in the thinking for your auto business growth or decline in calendar '20?

這聽起來像是中國的產量成長，但在美國和歐洲卻下降了兩位數，我很想聽聽這對您的汽車業務在 20 世紀的成長或下降的思考有何影響？

And I guess as part of that, how are you thinking about potential for cash for clunker plans into Q3, Q4?

我想作為其中的一部分，您如何看待第三季、第四季的舊計劃的現金潛力？

And within that, how are you planning perhaps for what the magnitude of recovery could look like if we do indeed get that type of plan?

在這之中，如果我們確實得到了這種類型的計劃，您將如何規劃復甦的規模？

Let me take a shot at this.

讓我來嘗試一下。

So on the cash for clunker programs, I mean, I know as little or as much as you do.

因此，關於舊項目的現金，我的意思是，我知道的和你一樣少或一樣多。

So there is a lot of discussion about this, which we are witnessing, I think, both in the U.S. as well as in several countries in Europe.

因此，對此有很多討論，我認為，無論是在美國還是在歐洲的幾個國家，我們都在見證這種討論。

I'm not aware of a specific one, which is agreed yet.

具體一項我不知道，目前已經達成一致。

And at least judging from how it did work in 2009, '10, then it had indeed a pretty significant positive impact.

至少從2009年10年的表現來看，它確實產生了相當顯著的正面影響。

But again, I don't know more of anyone which would be agreed yet.

但同樣，我不知道還有誰會同意。

What I do know is that China has renewed some of the similar programs for battery electric vehicles, which seems to be working.

我所知道的是，中國已經更新了一些類似的電池電動車計劃，這些計劃似乎正在發揮作用。

So there is clearly, as we said, not only the car sales and car production in China is moving up, but also the trend for electric vehicles specifically seems to look pretty good in China.

因此，正如我們所說，顯然不僅中國的汽車銷售和汽車產量正在上升，而且電動車的趨勢在中國看起來也相當不錯。

From a -- I mean we don't give a full year guidance, and it's really hard to say what the -- what Europe and the U.S. will do.

從——我的意思是我們沒有給出全年指導，很難說歐洲和美國會做什麼。

But I think it is indeed fair to say that China seems to be on a positive part at this point, which we have to follow, obviously, into Q3 and Q4, if it holds, but the beginning of Q2 is -- looks promising, I would say.

但我認為，可以公平地說，中國目前似乎處於積極的狀態，顯然，我們必須遵循這一點進入第三季度和第四季度，如果它成立的話，但第二季度的開始是——看起來很有希望，我會說。

Very helpful.

很有幫助。

If I could just sneak a last one in.

如果我能偷偷溜進最後一張就好了。

Can you provide an update on where we are in terms of UWB deployment?

您能否提供有關我們在 UWB 部署的最新進展？

Yes, Kurt, go ahead and...

是的，庫爾特，繼續吧…

Ultra-wideband -- sorry.

超寬頻——抱歉。

Yes, ultra-wideband deployment is on track to what we've spoken about earlier.

是的，超寬頻部署正朝著我們之前談到的方向發展。

So we have a small amount of revenue already running in the automotive space for a keyless entry solution, which is based on ultra-wideband.

因此，我們已經在汽車領域獲得了少量收入，基於超寬頻的無鑰匙進入解決方案。

And we continue to work very hard on seeing -- on mobile deployment in the second half of the year, which would deliver more significant volumes.

我們將繼續努力在今年下半年實現行動部署，這將帶來更顯著的銷售。

Traction overall, both in mobile and automotive and further IoT applications is absolutely on track to our earlier expectations.

整體而言，無論是在行動、汽車或其他物聯網應用領域，牽引力絕對符合我們先前的預期。

So ultra-wideband, I'd say, continues to be really hot, and NXP continues to be in a great leadership position.

因此，我想說，超寬頻仍然非常熱門，恩智浦繼續處於領先地位。

And this concludes today's question-and-answer session.

今天的問答環節到此結束。

I would now like to turn the call back to Rick Clemmer, CEO, for closing remarks.

現在我想將電話轉回給執行長 Rick Clemmer，讓其致閉幕詞。

Thank you very much.

非常感謝。

So it's with mixed emotions that I am talking to you guys today after 11.5 years with the opportunity to work with the team at NXP, and what I believe to be a true industry transformation, where we're really focused on shareholder value and a customer-focused passion to win, to drive through product leadership.

因此，在 11.5 年之後，我今天懷著複雜的心情與你們交談，有機會與恩智浦團隊合作，我相信這是一次真正的行業轉型，我們真正關注的是股東價值和客戶-專注於獲勝的熱情，推動產品領先地位。

And Kurt, I wish you the best of luck and really look forward over the next few quarters to support you in continuing to move forward from an NXP viewpoint as we move out of the current environment we're in.

Kurt，我祝您好運，並真誠地期待在接下來的幾個季度中，當我們擺脫當前所處的環境時，支持您繼續從恩智浦的角度前進。

Obviously, that current environment is very fluid and very dynamic and clearly creates a lot of mixed signals.

顯然，當前的環境非常不穩定且非常動態，並且顯然會產生大量混合訊號。

We're currently focused on the challenges that we see, but we want to be sure that we don't lose sight of the opportunities and the positive trends, specifically those recent trends that we talked about related to China.

我們目前專注於我們看到的挑戰，但我們希望確保我們不會忽視機會和積極趨勢，特別是我們談到的與中國相關的近期趨勢。

We know that NXP's long-term strategy is correct as we have a very strong portfolio, and we are focused on what we believe are the best markets for auto, industrial as well as being able to support the mobile wallet and comms and infra.

我們知道恩智浦的長期策略是正確的，因為我們擁有非常強大的產品組合，並且我們專注於我們認為的汽車、工業以及能夠支援行動錢包、通訊和基礎設施的最佳市場。

We will keep maniacally focused on key development programs and stay highly engaged with our customers, in ensuring that we drive true product leadership and then focus on taking that forward to solutions levels and driving thought leadership with our customers to be able to deploy more efficient solutions.

我們將繼續瘋狂地專注於關鍵開發計劃，並與客戶保持高度互動，以確保我們推動真正的產品領先地位，然後專注於將其提升到解決方案級別，並與客戶一起推動思想領導力，以便能夠部署更有效率的解決方案。

So with that, in my final remarks, I appreciate all your support over the years.

因此，在我的最後致詞中，我感謝你們多年來的所有支持。

And since I know there's a number of NXP team that are on the call as well, I really appreciate all of your support, and it's been a real honor to work with you over the last 11.5 years, and we'll continue to look forward to supporting Kurt and the team as we move forward for the next few quarters.

由於我知道還有許多 NXP 團隊也參與了電話會議，因此我非常感謝你們的支持，在過去 11.5 年裡與你們合作是我的榮幸，我們將繼續期待在我們接下來幾個季度的前進中支持庫爾特和團隊。

Thank you very much.

非常感謝。

Ladies and gentlemen -- thank you.

女士們、先生們——謝謝你們。

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

女士們、先生們，今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。