恩智浦 (NXPI) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by.

女士們先生們，美好的一天，感謝你們的支持。

Welcome to the NXP Semiconductors Second Quarter 2018 Earnings Conference.

歡迎來到恩智浦半導體 2018 年第二季度財報會議。

(Operator Instructions) And as a reminder, this conference may be recorded.

（操作員說明）提醒一下，這次會議可能會被錄製下來。

Now it's my pleasure to turn the call to Mr. Jeff Palmer, VP of Investor Relations.

現在我很高興將電話轉給投資者關係副總裁 Jeff Palmer 先生。

You may begin.

你可以開始了。

Thank you, Carmen, and good morning, everyone.

謝謝卡門，大家早上好。

Welcome to NXP Semiconductors Second Quarter 2000 (sic) [2018] Earnings Call.

歡迎來到恩智浦半導體 2000 年第二季度（原文如此）[2018] 財報電話會議。

We appreciate you joining us on such short notice today.

感謝您今天在如此短的時間內加入我們。

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

今天與我通話的是恩智浦總裁兼首席執行官里克·克萊默 (Rick Clemmer)；和我們的首席財務官 Peter Kelly。

As it's been 21 months since our last earnings conference call, we will extend the Q&A session today to accommodate as many of the analyst questions as possible.

自我們上次召開財報電話會議以來已有 21 個月，我們今天將延長問答環節，以盡可能多地回答分析師提出的問題。

If you've not obtained a copy of our second quarter 2018 earnings press release, it can be found on our company website under the Investor Relations section at nxp.com.

如果您還沒有獲得我們 2018 年第二季度收益新聞稿的副本，可以在我們公司網站 nxp.com 的投資者關係部分找到它。

Additionally, we have posted on our Investor Relations website a supplemental earnings summary presentation and a document of our historical financials to assist in your modeling efforts.

此外，我們還在我們的投資者關係網站上發布了一份補充收益摘要介紹和一份我們的歷史財務文件，以幫助您進行建模工作。

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

此通話正在錄音中，可以從我們的公司網站上重播。

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

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

These risks and uncertainties include, but are not limited to, statements regarding the 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 third quarter of 2018.

這些風險和不確定性包括但不限於關於宏觀經濟對我們經營所在的特定終端市場的影響、新產品和現有產品的銷售以及我們對 2018 年第三季度財務業績的預期的聲明。

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, during our call today, we will make reference to certain non-GAAP financial measures, which exclude the impact of purchase price accounting, restructuring, stock-based compensation, impairment, merger-related costs and other charges that are driven primarily by discrete events that the management does not consider to be directly related to NXP's underlying core operating performance.

此外，在我們今天的電話會議中，我們將參考某些非 GAAP 財務措施，這些措施不包括購買價格會計、重組、股票補償、減值、合併相關成本和其他主要由離散驅動的費用的影響管理層認為與恩智浦的基本核心運營績效沒有直接關係的事件。

Pursuant to Regulation G, NXP has provided reconciliations of our non-GAAP financial measures to the most directly comparable GAAP measures in our second quarter 2018 press release, which will be furnished to the SEC on Form 6-K and is available on NXP's website in the Investor Relations section.

根據 G 條例，恩智浦在我們 2018 年第二季度的新聞稿中提供了我們的非 GAAP 財務措施與最直接可比的 GAAP 措施的對賬，該新聞稿將通過 6-K 表格提交給美國證券交易委員會，並可在恩智浦網站上獲取投資者關係部分。

I'd like to turn the call over to Rick.

我想把電話轉給里克。

Thanks, Jeff, and welcome, everyone, to our conference call today.

謝謝杰夫，歡迎大家參加我們今天的電話會議。

Hopefully, you've all seen the announcement that Qualcomm has decided not to extend the purchase agreement and did not move forward with the proposed acquisition of NXP.

希望你們都看到了高通決定不延長購買協議並且沒有推進對恩智浦的擬議收購的公告。

It is an understatement to say we are all disappointed in the outcome of the regulatory approval process in China.

毫不誇張地說，我們對中國監管審批程序的結果都感到失望。

Before we start today, I'd like to acknowledge the Qualcomm team and, in particularly, Steve Mollenkopf and all of his executive team, in addition to the employees involved in the planned integration process.

在今天開始之前，我要感謝高通團隊，特別是史蒂夫·莫倫科普夫 (Steve Mollenkopf) 和他的所有執行團隊，以及參與計劃整合過程的員工。

The combination of the 2 companies would have represented the true semiconductor industry powerhouse.

兩家公司的合併將代表真正的半導體行業巨頭。

The product portfolios were highly complementary, including the market-leading NXP auto portfolio and the Snapdragon processors and the strong NXP MCU portfolio and Qualcomm connectivity portfolios.

產品組合高度互補，包括市場領先的恩智浦汽車產品組合和驍龍處理器，以及強大的恩智浦 MCU 產品組合和高通連接產品組合。

However, we do not believe there is any value to dwell on what could have been or spend any time discussing the events of the last 2 years.

但是，我們認為過去 2 年發生的事情或花費任何時間討論過去 2 年發生的事件沒有任何價值。

Instead, we are going to look forward and continue to execute to our strategy and focus on what we can do to accelerate and expand our leadership.

相反，我們將向前看並繼續執行我們的戰略，並專注於我們可以做些什麼來加速和擴大我們的領導地位。

We realize that it's been 21 months since we were last able to actively communicate with our shareholders and that over the period the visibility in our operations has been limited.

我們意識到自從我們上次能夠與股東積極溝通以來已經過去了 21 個月，並且在此期間我們運營的知名度有限。

Therefore, before we turn to the review of our second quarter performance, we would like to share 4 key messages, which we've gotten questions over the last 2 years.

因此，在我們回顧第二季度業績之前，我們想分享 4 個關鍵信息，我們在過去兩年中收到了這些信息。

First, I understand we've been asked about the level of commitment of the NXP executive management team.

首先，我知道我們被問及恩智浦執行管理團隊的承諾水平。

Over the course of the last 21 months, the entire executive team, including both Peter and myself, have been fully engaged in actively running the business.

在過去的 21 個月裡，整個執行團隊，包括 Peter 和我自己，都全力投入到積極的業務運營中。

This also includes the general managers of all of our strategic businesses further down in the organization.

這還包括我們組織中所有戰略業務的總經理。

While the organization has experienced a level of deal fatigue, the core basics of the business have actually strengthened, and our position in Auto and IOT is now stronger than when we announced the transaction 21 months ago.

雖然該組織經歷了一定程度的交易疲勞，但業務的核心基礎實際上得到了加強，我們在汽車和物聯網領域的地位現在比我們 21 個月前宣布交易時更強大。

With the decision announced overnight and our recent decisions with the board, the management team, including Peter and myself, are fully committed to continue to drive the future success of NXP.

隨著一夜之間宣布的決定以及我們最近與董事會的決定，包括彼得和我在內的管理團隊將全力致力於繼續推動恩智浦未來的成功。

Secondly, during the transaction, we have not provided any insights into the potential future performance of the company.

其次，在交易過程中，我們沒有提供任何關於公司未來潛在業績的見解。

I would like to quickly review the model we have been operating towards, in which we believe shareholders should judge our future success.

我想快速回顧一下我們一直採用的模式，我們認為股東應該判斷我們未來的成功。

Consistent with our prior approach, we will provide guidance on 1-quarter basis and reference our 3-year model targets for longer-term discussions.

與我們之前的方法一致，我們將提供 1 個季度的指導，並參考我們的 3 年模型目標進行長期討論。

During Peter's remarks, he will provide specific guidance for the third quarter.

在彼得的講話中，他將對第三季度提供具體指導。

Our long-term model is consistent with what we presented prior to the Qualcomm transaction announcement in October 2016.

我們的長期模型與我們在 2016 年 10 月高通交易公告之前呈現的一致。

Specifically, from a revenue perspective, we believe NXP can achieve a 3-year compounded growth rate of approximately 5% to 7%, which is 50% greater than the growth of our focused addressable market.

具體來說，從收入的角度來看，我們認為 NXP 可以實現約 5% 至 7% 的 3 年復合增長率，這比我們關注的目標市場的增長高出 50%。

In other words, our focus TAM, which is WTS has -- with memory OPPO and discretes removed.

換句話說，我們關注的 TAM，也就是 WTS 擁有——移除了內存 OPPO 和分立元件。

We will continue to target our non-GAAP gross margins in the range of 53% to 57%, and we will continue to make focus investments, which will drive our non-GAAP operating margin in the range of 31% to 34%, which is based on an R&D investment level of 14% to 16% of revenue and a SG&A target of 6% to 8%.

我們將繼續將我們的非 GAAP 毛利率目標定在 53% 至 57% 的範圍內，我們將繼續進行重點投資，這將推動我們的非 GAAP 營業利潤率在 31% 至 34% 的範圍內，這基於收入的 14% 至 16% 的研發投資水平和 6% 至 8% 的 SG&A 目標。

At our Analyst Day on September 11, which we are now announcing, we will present a deep dive into how we will achieve our goals, including a strategic update on our focused businesses and the unusually strong opportunity we have in those specific markets.

在我們現在宣布的 9 月 11 日的分析師日上，我們將深入探討我們將如何實現我們的目標，包括對我們重點業務的戰略更新以及我們在這些特定市場中擁有的異常強大的機會。

Thirdly, since the Qualcomm transaction was announced in October 2016, we suspended our capital return program.

第三，自高通交易於 2016 年 10 月宣布以來，我們暫停了資本返還計劃。

Going forward, our capital procurement policy will be consistent with prior periods and is aimed at returning all excess free cash flow to shareholders.

展望未來，我們的資本採購政策將與前期保持一致，旨在將所有多餘的自由現金流返還給股東。

We, just yesterday, obtained authorization from our board to initiate a $5 billion share repurchase program.

就在昨天，我們獲得了董事會的授權，啟動了一項價值 50 億美元的股票回購計劃。

Our current cash position is very strong, with nearly $3 billion accumulated on the balance sheet.

我們目前的現金狀況非常強勁，資產負債表上積累了近 30 億美元。

The amount is even after we retire $1.25 billion of gross debt in Q2 and does not include the termination fee due from Qualcomm.

這個數額甚至是在我們在第二季度償還了 12.5 億美元的總債務之後，並且不包括高通應付的終止費。

Our leverage is below our long-term target, and quarterly free cash flow generation is -- continues to be very strong.

我們的槓桿率低於我們的長期目標，而且季度自由現金流的產生仍然非常強勁。

In a few moments, Peter will discuss the funding of the program as well as our target leg breach, which remains consistent with our prior plans.

稍後，彼得將討論該計劃的資金來源以及我們的目標腿突破，這與我們之前的計劃保持一致。

Lastly, I would like to reflect on the business trends over the last 21 months.

最後，我想回顧一下過去 21 個月的商業趨勢。

If I look at the results for 2017 that were very good.

如果我看一下 2017 年的結果，那是非常好的。

We grew our HPMS revenue to $8.75 billion, growing solidly in our focus markets.

我們的 HPMS 收入增長到 87.5 億美元，在我們的重點市場穩步增長。

We successfully completed the Freescale integration and began to see the anticipated revenue synergies.

我們成功完成了對飛思卡爾的整合，並開始看到預期的收入協同效應。

We began to see solution synergies in our automotive business.

我們開始在我們的汽車業務中看到解決方案的協同效應。

Our general purpose microcontroller business performed very well, due to the strong adoption of both i.MX apps processors, high-performance apps processor as well as continued adoption in the mass market for the Kinetis and LPC MCU products.

由於 i.MX 應用處理器、高性能應用處理器的廣泛採用以及 Kinetis 和 LPC MCU 產品在大眾市場的持續採用，我們的通用微控制器業務表現非常出色。

In terms of challenges, RF Power business has been seen -- has recently seen issues of slow growth in the base station market, which we began seeing weakness also in the Digital Networking business in 2017, and the bottoming of our bank card business came into clearer focus.

就挑戰而言，射頻功率業務已經看到——最近看到基站市場增長緩慢的問題，我們在 2017 年開始看到數字網絡業務也出現疲軟，我們的銀行卡業務觸底進入更清晰的焦點。

We're at the halfway mark in 2018.

2018 年，我們已經過半。

We continue to see some of the same trends.

我們繼續看到一些相同的趨勢。

Our auto and microcontroller business continue the positive trajectory seen in 2017.

我們的汽車和微控制器業務延續了 2017 年的積極發展軌跡。

The severity of the transitions within the digital networking became even more apparent, and the ebbs and flows of the base station market in China continue to challenge the growth of our RF Power business.

數字網絡轉型的嚴重性變得更加明顯，中國基站市場的潮起潮落繼續挑戰我們射頻功率業務的增長。

And after 21 months, we did begin to see some deal-related impacts to the business, including some of our strategic mobile customers disengaging on new expanded opportunities.

21 個月後，我們確實開始看到一些與交易相關的業務影響，包括我們的一些戰略移動客戶不再參與新的擴展機會。

However, on balance, we see far more opportunities to excel and lead in our target markets than hurdles in which we need to overcome.

然而，總的來說，我們看到在我們的目標市場中脫穎而出和領先的機會遠遠多於我們需要克服的障礙。

Based on direct impact from customers, we have the right products, the right go-to-market strategies and the best talented employees who are held in very high regard by our customers.

基於客戶的直接影響，我們擁有正確的產品、正確的上市策略和最優秀的員工，他們受到客戶的高度評價。

Quite a winning combination.

相當成功的組合。

Our auto business continues to strengthen our unique position where we can lead with the technology to provide safer driving through level 3 or 4, on our way to actually moving to autonomous driving.

我們的汽車業務繼續鞏固我們的獨特地位，我們可以通過技術引領通過 3 級或 4 級提供更安全的駕駛，在我們真正轉向自動駕駛的道路上。

We now hear from our auto customers, we have a unique portfolio to also address the electric vehicle market growth, which is an incremental growth driver from what we had talked about previously.

我們現在從我們的汽車客戶那裡聽到，我們有一個獨特的產品組合來解決電動汽車市場的增長，這是我們之前談到的增量增長動力。

Our smarter world, or as we like to refer to, the IoT, is in a good position as we increasingly work through the cloud providers to allow the smart edge processing to facilitate and expand full use of the capabilities of the cloud and to facilitate the connection of everything to make all of our world a more productive and better place to live.

隨著我們越來越多地通過雲提供商開展工作，以允許智能邊緣處理促進和擴展雲功能的充分利用，並促進萬物互聯，使我們的世界成為一個更高效、更宜居的地方。

Now turning to an overview of our performance in the second quarter.

現在轉向我們在第二季度的表現概述。

Since we did not give guidance for Q2, my comments will be relative to our performance in prior periods and not what analysts have assumed.

由於我們沒有給出第二季度的指引，我的評論將與我們前期的表現相關，而不是分析師的假設。

Overall, our revenue in the quarter was good, albeit with a few items which were out of our control, creating somewhat modest headwinds.

總體而言，我們本季度的收入不錯，儘管有一些項目超出了我們的控制範圍，造成了一些適度的阻力。

The ban on shipments to ZTE caused a short-term disruption to our RF Power business and, to a lesser degree, our Digital Networking and other businesses.

禁止向中興通訊發貨對我們的 RF 功率業務造成了短期中斷，並在較小程度上影響了我們的數字網絡和其他業務。

In Automotive, industry shortages of discrete components caused a modest pause in demand for automotive MCU products.

在汽車行業，分立元件的行業短缺導致對汽車 MCU 產品的需求略有停頓。

In addition, we continue to have capacity issues in our Kinetis family of microcontrollers as their upside design wins has put us behind in ramping our manufacturing capacity to support our upside customer requirements.

此外，我們的 Kinetis 系列微控制器仍然存在容量問題，因為他們的優勢設計勝利使我們在提高製造能力以支持我們的優勢客戶需求方面落後了。

Looking at the specifics, total revenue in Q2 was $2.29 billion, an increase of 4% year-on-year.

具體來看，Q2總營收為22.9億美元，同比增長4%。

And our HPMS segment, which really is our focused revenue, was $2.19 billion, up 5% year-on-year.

而我們的 HPMS 部門，這實際上是我們的重點收入，為 21.9 億美元，同比增長 5%。

From an operating segment perspective, within automotive, revenue was a record high at just over $1 billion, up 7% year-on-year, with all product categories growing nicely.

從運營部門的角度來看，在汽車領域，收入創歷史新高，略高於 10 億美元，同比增長 7%，所有產品類別均增長良好。

One of the most encouraging trends we have seen in our Auto business has been the increasing cross-selling of the entire portfolio.

我們在汽車業務中看到的最令人鼓舞的趨勢之一是整個產品組合的交叉銷售不斷增加。

Our engagement with customers have elevated broadly to more consultative levels in which we propose complete solutions that leverage products from across our entire portfolio.

我們與客戶的接觸已廣泛提升到更具諮詢性的水平，在這種水平上，我們提出了利用我們整個產品組合中的產品的完整解決方案。

NXP is viewed by our automotive customers as having the most complete system solutions, with a clear expertise in high-performance processing, analog, security and functional safety.

我們的汽車客戶認為恩智浦擁有最完整的系統解決方案，在高性能處理、模擬、安全和功能安全方面擁有明確的專業知識。

The view provides opportunity for NXP to be a true partner in the automotive market, as auto OEMs have made the journey towards safer driving and ultimately providing the building blocks for autonomous driving.

這一觀點為恩智浦提供了成為汽車市場真正合作夥伴的機會，因為汽車原始設備製造商已經邁向更安全的駕駛並最終為自動駕駛提供構建模塊。

Within Secure Connected Devices, or SCD, revenue was $644 million, up 10% versus the first quarter of 2017.

在安全連接設備 (SCD) 中，收入為 6.44 億美元，比 2017 年第一季度增長 10%。

The core growth areas of general purpose microcontrollers and mobile transactions were both up year-on-year.

通用微控制器和移動交易的核心增長領域均同比增長。

Macros continue to experience long lead times in our Kinetis family due to the tightness of wafer supply.

由於晶圓供應緊張，宏指令在我們的 Kinetis 系列中的交付週期仍然很長。

Our mobile transaction business continue to benefit from expanding customer adoption, with shipments beginning to accelerate to a large OEM in India.

我們的移動交易業務繼續受益於不斷擴大的客戶採用率，向印度一家大型 OEM 的出貨量開始加速。

Within Secure Interface & Infrastructure, or SI&I, revenue was $398 million, down 9% versus the year-ago period.

在 Secure Interface & Infrastructure (SI&I) 中，收入為 3.98 億美元，比去年同期下降 9%。

While interface products were up high-single-digits percent, with both RF Power and Digital Networking down over 20%.

雖然接口產品增長了高個位數百分比，但射頻功率和數字網絡都下降了 20% 以上。

The quarterly performance of this segment was impacted due to the U.S. Commerce Department's ban on material shipments to ZTE.

由於美國商務部禁止向中興通訊運送材料，該部門的季度業績受到影響。

The high-performance RF Power business was materially impacted and to a lesser extent, the Digital Networking.

高性能射頻功率業務受到重大影響，數字網絡受到的影響較小。

Taken together, the ZTE ban cost us about $31 million in the quarter.

總而言之，中興通訊禁令在本季度使我們損失了約 3100 萬美元。

Lastly, within Secure Identification Solutions, or SIS, revenue was $143 million, up 7% versus a year ago period, with a growth driven by strong trends in mobility and retail market due to good demand for both our UHF tagging and MIFARE access solutions.

最後，在安全識別解決方案 (SIS) 中，收入為 1.43 億美元，比去年同期增長 7%，增長受到移動和零售市場強勁趨勢的推動，這是由於對我們的 UHF 標籤和 MIFARE 訪問解決方案的良好需求。

Both eGovernment and banking revenue were down versus the second quarter of 2017, reflecting the continued lumping project-oriented nature of these markets.

與 2017 年第二季度相比，電子政務和銀行業收入均有所下降，反映出這些市場繼續以項目為導向的特性。

Turning to our distribution channel.

轉向我們的分銷渠道。

The total months of inventory in the distribution channel held steady at 2.4.

分銷渠道的總存貨月數穩定在 2.4。

We consistently target to maintain 2.5 months of supply plus or minus some half month in the channel, a range we had stayed within for 34 quarters.

我們一貫的目標是在渠道中維持 2.5 個月的供應加上或減去大約半個月，這是我們在 34 個季度內保持的範圍。

Distribution as a percentage of total revenue is just over 50%.

分配佔總收入的百分比剛剛超過 50%。

We use this channel to address the mass market for products like general purpose MCUs, which are sold to thousands of the end customers.

我們使用此渠道來解決通用 MCU 等產品的大眾市場，這些產品銷往成千上萬的最終客戶。

The channel is also leveraged by our strategic customers, which require NXP to position material prior to the seasonal peaks.

我們的戰略客戶也利用該渠道，這些客戶要求恩智浦在季節性高峰之前定位材料。

Overall, as our business grows, the percentage of business through distribution has also increased at a rate higher than that.

總體而言，隨著我們業務的增長，分銷業務的百分比也以高於此的速度增長。

Our channel inventory is in good shape, and we will continue to target supply at 2.5 months plus or minus a half month.

我們的渠道庫存狀況良好，我們將繼續以2.5個月上下半個月為目標供應。

Before I turn the call over to Peter, I want to thank all of our employees for their dedication, hard work and the laser focus they have shown over the last several years as we completed the Freescale integration and prepared for the Qualcomm integration.

在我把電話轉給 Peter 之前，我要感謝我們所有的員工，感謝他們在過去幾年中在我們完成飛思卡爾集成並為高通集成做準備時所表現出的奉獻精神、辛勤工作和高度專注。

We've asked a lot all of our employees and we ask it often.

我們已經問了很多我們所有的員工，而且我們經常問。

We know the deal fatigue has been an issue for the last few quarters, but now is the time to focus on our short journey and move forward to drive our future strategy, which will result in the industry leadership in our focus markets.

我們知道過去幾個季度交易疲勞一直是一個問題，但現在是時候專注於我們的短途旅行並向前推進我們的未來戰略，這將導致我們在重點市場中處於行業領先地位。

I am genuinely impressed and grateful in how our employees rose to the task presented to them.

我對我們的員工如何完成交給他們的任務感到由衷的感動和感激。

I thank all of them and I'm proud of the organization and each person who has contributed towards success.

我感謝他們所有人，我為組織和每個為成功做出貢獻的人感到自豪。

Now I'd like to pass the call over to Peter for a review of our financial performance.

現在我想把電話轉給彼得，讓他審查我們的財務業績。

Thank you, Rick.

謝謝你，里克。

Good morning to everyone on today's call.

今天的電話大家早上好。

I'd like to say it's great to be able to speak to you all again today, and I'm really looking forward to meeting most of you in person in the near future.

我想說今天能夠再次與大家交談真是太好了，我真的很期待在不久的將來與你們中的大多數人見面。

As Rick has already covered the drivers of the revenue during the quarter, I'll move to the financial highlights.

由於里克已經介紹了本季度收入的驅動因素，我將轉向財務重點。

In summary, revenue and profit in the quarter was adversely impacted by the ZTE ban and auto customers managing their shortages and other components.

總之，本季度的收入和利潤受到中興禁令和汽車客戶管理其短缺和其他組件的不利影響。

Non-GAAP operating profit was 29%, and cash flow continues to be strong.

非美國通用會計準則營業利潤為 29%，現金流繼續強勁。

Our balance sheet is in excellent condition with a leverage ratio of 0.74x, which is substantially below our long-term target.

我們的資產負債表狀況良好，槓桿率為 0.74 倍，遠低於我們的長期目標。

Focusing on the details of Q2.

關注Q2的細節。

Total revenue was $2.2.9 billion (sic) [$2.29 billion], up 4% year-on-year.

總收入為 22.9 億美元（原文如此）[22.9 億美元]，同比增長 4%。

We generated $1.21 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 52.8%, down 20 basis points year-on-year.

我們產生了 12.1 億美元的非 GAAP 毛利潤，非 GAAP 毛利率為 52.8%，同比下降 20 個基點。

Total non-GAAP operating expenses were $591 million, up $50 million year-on-year, reflecting the impact of a stronger dollar and investments we've made in the business.

非美國通用會計準則運營費用總額為 5.91 億美元，同比增加 5000 萬美元，反映了美元走強和我們在業務中進行的投資的影響。

From a total operating profit perspective, non-GAAP operating profit was $618 million, and non-GAAP operating margin was 27%, down 140 basis points year-on-year, reflecting the above-mentioned items.

從營業利潤總額來看，Non-GAAP營業利潤為6.18億美元，Non-GAAP營業利潤率為27%，同比下降140個基點，反映了上述各項。

Interest expense was $31 million, noncontrolling interest was $12 million and cash taxes were $56 million.

利息支出為 3100 萬美元，非控股利息為 1200 萬美元，現金稅為 5600 萬美元。

Stock-based compensation, which is not included in our non-GAAP earnings, was $69 million.

不包括在我們的非 GAAP 收益中的基於股票的薪酬為 6900 萬美元。

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

現在我想談談我們現金和債務的變化。

Our total debt at the end of Q2 was $5.34 billion, cash was $2.98 billion and net debt was $2.36 billion.

我們在第二季度末的總債務為 53.4 億美元，現金為 29.8 億美元，淨債務為 23.6 億美元。

We exited the quarter with a trailing 12-month adjusted EBITDA of approximately $3.18 billion.

本季度結束時，過去 12 個月的調整後 EBITDA 約為 31.8 億美元。

Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q2 was 0.74x, as I said earlier, and our non-GAAP interest coverage was nearly 20x.

正如我之前所說，我們在第二季度末的淨債務與過去 12 個月調整後 EBITDA 的比率為 0.74 倍，我們的非 GAAP 利息覆蓋率接近 20 倍。

Turning to working capital metrics.

轉向營運資本指標。

Days of inventory was 111 days.

庫存天數為111天。

Days receivable was 31 days, an increase of 1 day sequentially.

應收賬款周轉天數為 31 天，環比增加 1 天。

And days payable were 90 days, up 7 days versus the prior quarter.

應付天數為 90 天，比上一季度增加 7 天。

Taken together, our cash conversion cycle was 52 days, an improvement of 3 days versus the prior quarter.

總而言之，我們的現金周轉週期為 52 天，比上一季度縮短了 3 天。

Cash from operations was $403 million, and net CapEx was $129 million, resulting in non-GAAP free cash flow of $274 million.

運營現金為 4.03 億美元，淨資本支出為 1.29 億美元，非 GAAP 自由現金流為 2.74 億美元。

Turning to our expectations for the third quarter.

談談我們對第三季度的預期。

We currently anticipate total revenue will be up in a range of 3% to 9% sequentially.

我們目前預計總收入將連續增長 3% 至 9%。

And at the midpoint of our range, we anticipate the following trends in the business: Auto is expected to be flat sequentially; Secure Connected Devices is expected to be up low double digits; Secure Interface & Infrastructure is expected to be up about 20%; and Secure Identification Solutions is expected to be down high single digits sequentially.

在我們範圍的中點，我們預計該業務將出現以下趨勢：汽車預計環比持平；安全連接設備預計將增長兩位數； Secure Interface & Infrastructure 預計增長約 20%；預計 Secure Identification Solutions 將連續下降高個位數。

We anticipate revenue from corporate and other to be approximately $95 million.

我們預計來自企業和其他方面的收入約為 9500 萬美元。

We expect non-GAAP gross margin to be about 53.3%, plus or minus 50 basis points.

我們預計非 GAAP 毛利率約為 53.3%，上下浮動 50 個基點。

Operating expenses are expected to be about $588 million, plus or minus about $10 million.

運營費用預計約為 5.88 億美元，上下浮動約 1000 萬美元。

Taken together, we see non-GAAP operating margin to be about 29.1%, plus or minus 60 basis points.

總而言之，我們認為非 GAAP 營業利潤率約為 29.1%，上下浮動 60 個基點。

We anticipate cash tax to be about $37 million and estimated interest expense of about $32 million, with noncontrolling interest at $13 million.

我們預計現金稅約為 3700 萬美元，估計利息支出約為 3200 萬美元，其中非控股權益為 1300 萬美元。

I'd like to comment on our capital structure and the announced share repurchase program.

我想對我們的資本結構和已宣布的股票回購計劃發表評論。

Prior to the failed transaction, NXP consistently returned all of its excess cash to its owners.

在交易失敗之前，恩智浦一直將其所有多餘現金返還給所有者。

Now we continue to believe this and are supported in this view by our Board of Directors.

現在我們繼續相信這一點，並得到我們董事會的支持。

Given our short-term cash requirements, our current leverage and the fact that we believe the current market price significantly undervalues the company, we believe a buyback is an appropriate method to return excess cash to shareholders.

鑑於我們的短期現金需求、我們目前的槓桿作用以及我們認為當前市場價格嚴重低估公司的事實，我們認為回購是向股東返還多餘現金的合適方法。

To this end, our board has authorized a $5 billion repurchase program, and we'll fund this with a combination of existing cash on balance sheet, the after-tax proceeds from the termination fee as well as cash flow from operations with the balance from debt.

為此，我們的董事會已批准一項 50 億美元的回購計劃，我們將結合資產負債表上的現有現金、終止費的稅後收益以及運營現金流和債務。

If executed before the end of the year, we'll see our leverage at the end of 2018 to be about 1.5x.

如果在年底前執行，我們將看到我們在 2018 年底的槓桿率約為 1.5 倍。

As the specifics of the new debt and our complete third quarter interest expenses and estimates, please note that any purchase of quantities of stock above approximately 10 million shares will be subject to a deemed dividend payable by the company of about 11%.

關於新債務的具體細節和我們完整的第三季度利息支出和估計，請注意，任何購買數量超過約 1000 萬股的股票都將被視作公司支付約 11% 的股息。

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

所以我現在想回到接線員那裡回答你的問題。

And I think Jeff you mentioned we're going to have an extended Q&A session.

我想傑夫你提到我們將有一個延長的問答環節。

That's correct, so we get everyone's Q&A today.

沒錯，所以我們今天得到每個人的問答。

Operator?

操作員？

(Operator Instructions) And our first question is from William Stein with SunTrust.

（操作員說明）我們的第一個問題來自 SunTrust 的 William Stein。

Two questions, if I can.

兩個問題，如果可以的話。

First, I'm wondering if we can get a further discussion of capital allocation beyond a buyback.

首先，我想知道我們是否可以在回購之外進一步討論資本配置。

In the past, you've discussed, when you were still -- pre-Qualcomm discussion, there was a sense that you'd start a dividend when you got to the right leverage level, I think.

過去，你曾經討論過，當你還在討論高通之前的討論時，我認為當你達到正確的槓桿水平時，你會開始分紅。

And there is also a discussion of incremental M&A.

還有增量併購的討論。

Can you update us on that aspect?

你能告訴我們這方面的最新情況嗎？

Yes.

是的。

Sure.

當然。

On the dividend, we're actively discussing that now.

關於股息，我們現在正在積極討論。

Certainly, we can afford it.

當然，我們負擔得起。

Our leverage at the end of the year would only be -- if we do execute the whole buyback before the end of the year, would only be 1.5.

我們在年底的槓桿率僅為 - 如果我們在年底前執行整個回購，則僅為 1.5。

And at the end of next year, we'll be back below 1. So we're in discussions with our board, and I guess, we'll update you on the Analyst Day as to what we've decided.

到明年年底，我們將回到 1 以下。所以我們正在與董事會討論，我想我們會在分析師日向您更新我們的決定。

That's on the dividend.

那是在分紅上。

In terms of incremental M&A, I think it's a bit early to say we're going to go and buy them.

在增量併購方面，我認為現在說我們要去收購它們還為時過早。

Well, I think the bottom line is with the what we consider to be quite unfair process that we just went through with China.

好吧，我認為底線是我們認為我們剛剛與中國經歷的相當不公平的過程。

I don't think you'll see us be trying to do any big merger or equal kind of transactions like what we did with Freescale.

我不認為你會看到我們試圖進行任何大型合併或類似的交易，就像我們對飛思卡爾所做的那樣。

I mean, clearly, the regulatory process has proven to be quite a challenge, and I think that's not something that we perceive as being a priority now in creating value.

我的意思是，很明顯，監管過程已被證明是一個相當大的挑戰，我認為這不是我們現在認為創造價值的優先事項。

So clearly, small acquisitions that provide some unique product technology or allow us to provide a more complete solution to our customers are within reason, but I don't think that you'll see us trying to do any huge transactions like merger of equals.

很明顯，提供一些獨特產品技術或允許我們為客戶提供更完整解決方案的小型收購是合理的，但我認為你不會看到我們嘗試進行任何大型交易，如平等合併。

I appreciate that.

我很感激。

And then one more if I can.

如果可以的話，再來一張。

The 5% to 7% growth is the -- more or less the same target that you had prior to the -- to this Qualcomm transaction.

5% 到 7% 的增長與高通交易之前的目標大致相同。

It looks relative to somewhat weaker SI&I and SIS security markets.

它看起來相對於稍弱的 SI&I 和 SIS 安全市場。

I'm wondering if we should read that 5% to 7% to suggest that those 2 markets will stage a recovery or should we read it as those will be the relatively weaker ones, and we should see more outsized growth, for example, in Automotive and the MCU part of Secure Connected Devices?

我想知道我們是否應該讀到 5% 到 7% 表明這兩個市場將出現復甦，或者我們應該讀它，因為它們將是相對較弱的市場，我們應該看到更多的超額增長，例如，在汽車和安全連接設備的 MCU 部分？

Absolutely.

絕對地。

We will definitely -- our plan of the growth rate is balanced with stronger growth in Automotive than what we would have had a couple -- 2.5 years ago when we went through this as well as in micros.

我們肯定會 - 我們的增長率計劃與汽車行業的強勁增長相平衡 - 2.5 年前我們經歷過這個以及微觀。

Our portfolio continues to drive a lot of growth in those areas.

我們的產品組合繼續推動這些領域的大量增長。

So the continued weakness in SIS, which is a relatively small portion of our total business at this point in time.

因此，SIS 的持續疲軟，目前在我們的總業務中所佔比例相對較小。

And certainly, we're working through some of the issues in our RF Power and Digital Networking business.

當然，我們正在解決射頻功率和數字網絡業務中的一些問題。

So I think when you look at it on the growth rate, even though it's the same number, it's a much more rich, fuller growth rate that plays to our strength than what we would have had 2.5, 3 years ago when we set those targets before.

所以我認為當你看增長率時，即使它是相同的數字，它比我們 3 年前設定這些目標時的 2.5 更豐富、更充分的增長率發揮了我們的優勢前。

Yes.

是的。

The way I figure out, Will, is versus where we were 2 years ago.

威爾，我的計算方式與 2 年前相比。

And coincidentally, it is a similar number.

巧合的是，這是一個相似的數字。

There is all -- all of our businesses are doing well except for, as Rick mentioned, DN, and we started to talk about that.

除了 Rick 提到的 DN，我們所有的業務都做得很好，我們開始談論它。

RF tends to be -- it's a relatively small business for us, but it tends to be cyclical.

RF 往往是——對我們來說這是一個相對較小的業務，但它往往是周期性的。

So that...

以便...

Very profitable.

非常有利可圖。

SIS has probably bottomed out now.

SIS 現在可能已經觸底了。

We definitely went through some issues in '16 and '17.

我們肯定在 16 年和 17 年經歷了一些問題。

So it's a certainly different mix than we have 2 years ago.

因此，這與我們 2 年前的組合肯定不同。

But the thing is that we were really investing in that are at the core of our company are actually doing, from our perspective, very well.

但問題是，從我們的角度來看，我們真正投資的是我們公司的核心，實際上做得很好。

And our next question comes from Vivek Arya with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

Rick, for my first one, your OpEx was up 8% to 9% in the first half year-on-year.

里克，對於我的第一個，你的運營支出在上半年同比增長了 8% 到 9%。

Are there areas in NXP where estimates were perhaps paused and need to be restarted now that you have to go on your own?

恩智浦是否有可能暫停估計並且需要重新啟動的區域，因為你必須自己去？

Or asked in a different way, when do you think you can get to your target model for gross and operating margins?

或者以不同的方式提問，您認為什麼時候可以達到毛利率和營業利潤率的目標模型？

Yes.

是的。

I think those are kind of diametrically opposed.

我認為這些是截然相反的。

I think the growth rate that you're talking about, I don't think anything was paused.

我認為你所說的增長率，我認為沒有任何暫停。

We were focused on the opportunities.

我們專注於機會。

And as you saw in our R&D, we've actually invested in some areas where we thought it was critical to invest in that technology to continue to drive our leadership with the expanded opportunities we saw.

正如你在我們的研發中看到的那樣，我們實際上已經投資了一些我們認為投資該技術以繼續通過我們看到的擴大機會推動我們的領導地位的關鍵領域。

And there is a lot of factors that come into account associated with currency as well as customer funding and grants, et cetera.

還有很多與貨幣以及客戶資金和贈款等相關的因素需要考慮。

But the bottom line is, there is not anything that we need to reaccelerate.

但最重要的是，我們不需要重新加速任何事情。

We have been making good level of investments.

我們一直在進行良好的投資。

I think one of the things that we will consider on CapEx is perhaps strengthening that a little bit for the next couple of years to be sure that we can drive our cost reduction opportunities by expanding some of our internal capacity and perhaps using a little bit of a breakup fee to really reinvest in the cost savings for the company.

我認為我們在資本支出方面要考慮的一件事可能是在接下來的幾年裡稍微加強一點，以確保我們可以通過擴大我們的一些內部能力並可能使用一點點來推動我們降低成本的機會分手費，真正為公司節省的成本進行再投資。

But on the OpEx side, I think we do not have to reignite anything.

但在 OpEx 方面，我認為我們不必重新點燃任何東西。

In fact, we're making those investments for the future to continue to drive our strength.

事實上，我們正在為未來進行這些投資，以繼續增強我們的實力。

Got it.

知道了。

And then for my follow-up, just in terms of clarification, are you assuming ZTE gets back in from Q3 onwards?

然後對於我的後續行動，就澄清而言，你是否假設中興通訊從第三季度開始回歸？

And on the buyback, Peter, is there a time frame in which you plan to complete them?

關於回購，彼得，你有計劃完成它們的時間框架嗎？

So let me do the part.

所以讓我來做這個部分。

ZTE has started again.

中興又開始了。

So that would be in Q3 and hopefully, continue as a normal company going forward.

所以這將在第三季度，並希望繼續作為一家正常的公司前進。

As regards to buyback, we -- I think you know from our kind of historical activity, we don't announce buybacks and don't do them.

關於回購，我想你從我們的歷史活動中知道，我們不會宣布回購，也不會這樣做。

But we'll look at the market on a daily basis and to the extent that the opportunities there will go out.

但我們每天都在觀察市場，看看那裡的機會會消失到什麼程度。

And we would expect to complete the buyback in a timely fashion.

我們希望及時完成回購。

It was an interesting -- it's very interesting because it's clearly important for us from a revenue viewpoint.

這很有趣——非常有趣，因為從收入的角度來看，這對我們來說顯然很重要。

It was considered to be one of the factors in the discussions with the Chinese relative to the regulatory approval process.

這被認為是與中國就監管審批程序進行討論的因素之一。

And so it's quite surprising that the Chinese made the decision they did not do actually approve the transaction given that ZTE was brought back to life by the U.S. Administration in Congress.

因此，鑑於美國政府在國會使中興起死回生，中國人做出了他們實際上沒有批准交易的決定，這令人非常驚訝。

Our next question comes from Stacy Rasgon with Bernstein Research.

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

My first question is on gross margin leverage.

我的第一個問題是關於毛利率槓桿。

So it's obviously stopped a little bit.

所以它顯然停止了一點。

And I get that part of it was a function of mixes like some of the higher margin businesses kind of had a bit of a headwind.

我知道這部分是混合的函數，比如一些利潤率較高的企業有點逆風。

But I'm also surprised like if you're going forward as revenue is growing and particularly the Secure Interface's business is growing so much next quarter where we're still not seeing any gross margin leverage.

但我也感到驚訝，如果你隨著收入的增長而前進，特別是安全接口的業務在下個季度增長如此之多，我們仍然沒有看到任何毛利率槓桿。

So what's going on there.

那麼那裡發生了什麼。

I guess, what do you need to do to get the margins back up because you're running below your model?

我想，由於您的運行低於模型，您需要做什麼才能恢復利潤率？

And I guess, structurally, how do we think about the drivers of gross margin going forward?

我想，從結構上講，我們如何看待未來毛利率的驅動因素？

When do you think you get back into kind of more than normalized range of your target model?

你認為你什麼時候回到目標模型的標準化範圍之外？

What -- when you say more than a normalized range, I mean...

什麼 - 當你說超過正常範圍時，我的意思是......

It's your -- what's the ranges, like 54% to 57%, whatever it was.

這是你的——範圍是多少，比如 54% 到 57%，不管它是什麼。

And so you're running 53%.

所以你跑了 53%。

And next quarter, you got Secure Interface is up 20%, which is some of the really high-margin stuff and yet you got gross margins kind of flattish to down and revenues going up.

下個季度，Secure Interface 增長了 20%，這是一些真正高利潤的東西，但你的毛利率有點持平甚至下降，而收入卻在上升。

So I just -- I don't quite understand, is there something going on with utilizations because if you know your inventories are high or what?

所以我只是 - 我不太明白，利用率是否有問題，因為如果你知道你的庫存很高或什麼？

No.

不。

Absolutely not.

絕對不。

First of all, we look at the targets on an annual basis.

首先，我們每年查看目標。

We're not going to obsess over the current quarter.

我們不會沉迷於當前季度。

And there is all sort of things that go on in any single quarter that move the gross margin around.

任何一個季度都會發生各種各樣的事情，這些事情會影響毛利率。

Having said that, our gross margin, right now, is not where we'd like it to be and it needs to improve.

話雖如此，我們目前的毛利率並不是我們希望的水平，需要提高。

Probably, the biggest single thing that's hitting us this year is there is about 80 basis points of kind of price increases.

可能，今年打擊我們的最大的一件事就是價格上漲了大約 80 個基點。

I think you heard a bunch of people say raw wafers have gone up, freights gone up, but that's certainly causes the headwind.

我想你聽過很多人說生晶圓價格上漲，運費上漲，但這肯定是不利因素。

We would expect to quickly get back into our range.

我們希望很快回到我們的範圍內。

And clearly, depends on the mix of products and a whole bunch of other things, but I don't like the current quarter.

很明顯，取決於產品組合和一大堆其他東西，但我不喜歡當前的季度。

I think we need to do better, but there's nothing structurally wrong.

我認為我們需要做得更好，但結構上沒有任何問題。

Got it.

知道了。

That's helpful.

這很有幫助。

And for my follow-up, I guess, to the point, you talked about some of the cost increases and you've talked about revenue missing, obviously, because capacity is tight in microcontroller.

對於我的後續行動，我想，您談到了一些成本增加，並且您已經談到了收入損失，顯然，因為微控制器的容量緊張。

So can you give us a view of how much revenue you're actually missing because of those long lead times and tight capacity?

那麼，您能否告訴我們由於交貨時間長和產能緊張，您實際損失了多少收入？

And when you see those supply constraints even?

當你甚至看到這些供應限制時？

And I guess, just as an unrelated housekeeping question, tax rates for this year and next year, are they still the same as what you gave on your prior model?

而且我想，就像一個不相關的內務管理問題，今年和明年的稅率，它們是否仍然與您為之前的模型提供的一樣？

Well, let me do tax.

好吧，讓我報稅。

So tax, we usually give cash taxes quarter-by-quarter and we've given you that.

所以稅收，我們通常按季度徵收現金稅，我們已經給了你。

And we've previously said 2019 would be 12%, and I think that's a good number.

我們之前曾說過 2019 年將是 12%，我認為這是一個很好的數字。

The impact of tightness in capacity, it's a few tens of millions of dollars a quarter.

產能吃緊的影響，一個季度是幾千萬美元。

I don't think it's huge.

我不認為它很大。

Yes.

是的。

And I guess, Stacy, when you look at it our Kinetis family up until maybe a month ago, we were at 26-week lead time, which is clearly not where we want to be.

我想，Stacy，當你看看我們的 Kinetis 家族時，直到大約一個月前，我們的交貨時間為 26 週，這顯然不是我們想要的。

And -- but when you have those design wins, you have to work with customers to be sure you don't take them lying down even with those extended lead times.

而且——但是當你獲得了這些設計勝利時，你必須與客戶合作，以確保即使交貨時間延長，你也不會讓他們失望。

So as we get our manufacturing capacity back in time -- back in line, it should allow us to be in a position where we can drive growth faster than what we've been able to achieve with the capacity limitations.

因此，當我們及時恢復製造能力時——恢復正常，它應該使我們能夠以比我們在產能限制下所能實現的更快的速度推動增長。

And we'll see that as we approach the end of the year.

我們將在接近年底時看到這一點。

Some of that begin to come online.

其中一些開始上線。

And clearly, the thing that we're excited about is the design wins we have and the ability to drive that.

顯然，我們感到興奮的是我們擁有的設計勝利以及推動它的能力。

And we've been able to keep customers where they haven't gone lying down even though we've had limitations and extremely unacceptable long lead times based on what we have to -- had to layout.

我們已經能夠讓客戶保持在他們沒有躺下的地方，即使我們有限制並且基於我們必須 - 必須佈局的極其不可接受的長交貨時間。

We've actually reduced those slightly in the last few weeks, and we think we'll continue to get those under more of a reasonable basis going forward.

我們實際上在過去幾週略微減少了這些，我們認為我們將繼續讓這些在更合理的基礎上前進。

Got it.

知道了。

It's likely would still be more than 20 weeks so probably?

它可能仍會超過 20 週，所以可能嗎？

Stacy, it's hard to say.

斯泰西，很難說。

We're bringing the past as quickly as we can.

我們正在盡快帶回過去。

And I think over a period of time, certainly 20 weeks is not even reasonable lead times associated with micros.

而且我認為在一段時間內，20 週肯定不是與微型相關的合理交貨時間。

So we would anticipate and hope that we'll get down into more of a reasonable range that kind of in the teens as opposed to even 20 as we're getting into early next year.

因此，我們預計並希望我們能在十幾歲時進入更合理的範圍，而不是在我們進入明年初時甚至達到 20 歲。

Our next question comes from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Yes.

是的。

First question, just on the disti inventory has been a remarkably consistent at 2.3, 2.4 months.

第一個問題，disti 庫存在 2.3、2.4 個月一直非常穩定。

So just anything -- particularly because things are pretty tight now in the channel, anything you're doing differently versus prior cycles just to manage the inventories for distribution?

所以只是任何事情 - 特別是因為現在渠道中的情況非常緊張，與以前的周期相比，你正在做的任何不同的事情只是為了管理庫存以進行分銷？

I'd say, the biggest -- 3 years ago, we had a problem in 1 quarter, which shook us up pretty badly.

我想說，最大的 - 3 年前，我們在 1 個季度遇到了問題，這讓我們非常震驚。

And at that time, we completely revamped our -- I'll call them our control systems.

那時，我們徹底改造了我們的——我稱它們為我們的控制系統。

But if you like our ability to look into what the disties have and what we're shipping out, what's on the shelves.

但是，如果您喜歡我們的能力，可以了解各地區擁有的東西以及我們正在運送的東西，以及貨架上的東西。

And we just continue to do that and manage it really tightly, but we do manage it to that number, Craig.

我們只是繼續這樣做並非常嚴格地管理它，但我們確實將它管理到那個數字，克雷格。

It's not a coincidence.

這不是巧合。

We make sure it doesn't go plus or minus above 2.4 months.

我們確保它不會超過 2.4 個月。

The truth is, this is always a tug-of-war with the big disti houses.

事實是，這始終是與大型發行商的拉鋸戰。

They are focused on their turns and earns and want to be sure they have less inventory, and we'd like to be sure we actually have a little more inventory in the channel to be able to support our customer base and drive the growth that we're trying to achieve.

他們專注於他們的轉機和收入，並希望確保他們擁有更少的庫存，我們希望確保我們的渠道中實際上有更多的庫存，以便能夠支持我們的客戶群並推動我們的增長正在努力實現。

So that's always a little bit of an arm wrestle to see where it is.

因此，要查看它的位置總是有點困難。

We're still in that range of 2.4 during the quarter, it may go slightly below that, but we're at that range.

本季度我們仍處於 2.4 的範圍內，它可能會略低於該範圍，但我們處於該範圍內。

And frankly, I'd prefer it to be more closer to 2.5 than the 2.4.

坦率地說，我更希望它比 2.4 更接近 2.5。

Yes.

是的。

I'm Steve and [Mattias] who are our Heads of Sales and Ops guy.

我是史蒂夫和 [Mattias]，他們是我們的銷售和運營主管。

They work substantially on the mix of products that's actually on the shelves.

他們對實際在貨架上的產品組合進行了大量工作。

So one of the big challenges is how good is the inventory.

因此，最大的挑戰之一是庫存有多好。

And I think our inventory in disti now is as good as it's ever been in terms of the quality of the product that's there.

而且我認為，就產品質量而言，我們現在在 disti 的庫存與以往一樣好。

I appreciate the color there.

我欣賞那裡的顏色。

And then just as a follow-up for Rick, just because it's been some time, can you update us on the progress around kind of radar and ADAS and any kind of anecdotes from a design perspective?

然後作為 Rick 的後續行動，只是因為已經有一段時間了，你能從設計的角度向我們介紹雷達和 ADAS 的進展以及任何類型的軼事嗎？

Or how things are playing out for you in that market?

或者你在那個市場上的表現如何？

Absolutely.

絕對地。

So we have the strongest portfolio in radar products and working broadly with all of the major car customers.

因此，我們擁有最強大的雷達產品組合，並與所有主要汽車客戶廣泛合作。

And so their acceptance of our technology is -- has been really overwhelming, and we're very pleased with that.

因此，他們對我們的技術的接受是 - 真的是壓倒性的，我們對此感到非常高興。

The ramping, the capacity to be able to support the requirement has been more of a challenge than the design win side.

能夠支持需求的能力比設計獲勝方更具挑戰性。

But with the portfolio we have and the ability to bring total solutions together, we continue to grow and get strength in driving more of a complete solution with our automotive customers.

但憑藉我們擁有的產品組合以及將整體解決方案整合在一起的能力，我們將繼續發展壯大，並在與我們的汽車客戶一起推動更多完整解決方案方面獲得實力。

And clearly, our radar success has been a contributing factor to that.

顯然，我們雷達的成功是其中的一個促成因素。

But as we look at safer driving and autonomous driving, radar is only 1 factor associated with it.

但當我們關注更安全的駕駛和自動駕駛時，雷達只是與之相關的因素之一。

Also our vehicle-to-vehicle communications platform, our entire microcontroller family supporting that as well as the security to be able to drive safer solutions is really some of the key technology that we'll talk more about in our Analyst Day that we think will really allow us to continue to drive growth well above the marketplace.

此外，我們的車對車通信平台、支持該平台的整個微控制器系列以及能夠驅動更安全解決方案的安全性確實是我們將在分析師日討論的一些關鍵技術，我們認為真正讓我們能夠繼續推動遠高於市場的增長。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

First question I know this is a bit longer term, but I think the appealing part about the Qualcomm NXP merger was really the positioning in automotive.

第一個問題，我知道這是一個長期問題，但我認為高通恩智浦合併的吸引人的部分確實是在汽車領域的定位。

How should we think about NXP's long-term strategy in automotive?

我們應該如何看待恩智浦在汽車領域的長期戰略？

And I'm thinking more in terms of, obviously, NXP has a lot of analytical mixed signal expertise, Qualcomm probably also more on the digital processing side.

顯然，恩智浦在分析混合信號方面擁有豐富的專業知識，而我在考慮更多，而高通可能在數字處理方面也更多。

So just strategically, how should we think about NXP going forward in automotive, especially more on the digital side of things?

那麼從戰略上來說，我們應該如何看待恩智浦在汽車領域的發展，尤其是在數字方面？

So when you think about the automotive and especially moving to autonomous driving, the sensor fusion, we will not have that high performance processing capability that we would have had with a combination with Qualcomm.

因此，當你想到汽車，尤其是轉向自動駕駛、傳感器融合時，我們將不會擁有與高通公司結合時所擁有的高性能處理能力。

So clearly, that's something that we'll have to figure out how we work with our customers and those companies to really be able to partner to provide solutions to be able to fulfill it.

很明顯，這是我們必須弄清楚我們如何與我們的客戶和那些公司合作才能真正能夠合作提供能夠實現它的解決方案的事情。

But when you really think about the -- after the learning process takes place with artificial intelligence, it's really more about the microcontrollers and the capability to drive that on a consistent basis at an affordable basis for a broader array of cars.

但是當你真正想到——在人工智能的學習過程之後，它實際上更多地是關於微控制器以及以可負擔的基礎為更廣泛的汽車持續驅動它的能力。

It's really what drives the improved safety.

這才是提高安全性的真正動力。

And frankly, NXP is extremely well positioned to take advantage of that and provide solutions that will really continue to drive strong growth.

坦率地說，恩智浦完全有能力利用這一點並提供真正繼續推動強勁增長的解決方案。

So I think we're in a very solid position.

所以我認為我們處於非常穩固的位置。

The interesting thing that we've really made some progress over the last couple of years on the analog side is we think our portfolio is even more well suited towards the electric vehicle portion of the automotive market than what we thought at 2.5 years ago.

有趣的是，過去幾年我們在模擬方面確實取得了一些進展，我們認為我們的產品組合比我們 2.5 年前的想法更適合汽車市場的電動汽車部分。

So we think that our portfolio, and we'll talk more about that in the Analyst Day, will serve roughly 40% of the TAM associated with electric vehicles and really puts us in a great position.

因此，我們認為我們的投資組合，我們將在分析師日進一步討論，將為大約 40% 的與電動汽車相關的 TAM 提供服務，這確實使我們處於有利地位。

But we'll continue to see the safer driving moving towards autonomous driving, where NXP will be a key leader in driving that technology to facilitate safer driving across the industry.

但我們將繼續看到更安全的駕駛轉向自動駕駛，恩智浦將成為推動該技術以促進整個行業更安全駕駛的關鍵領導者。

That's very helpful.

這很有幫助。

And just as a housekeeping for Peter.

就像彼得的家務一樣。

Peter, what should we use for our CapEx both for calendar '18 and calendar '19 please?

彼得，請問我們應該為 18 年日曆和 19 年日曆使用什麼資本支出？

We would -- I'm just trying to think of the best way to describe this.

我們會 - 我只是想想出最好的方式來描述這一點。

Normally, in the past, we've spoke about 5% CapEx.

通常，在過去，我們談到了 5% 的資本支出。

I think we're running year-to-date about 6.5%.

我認為我們今年迄今的運行率約為 6.5%。

And as Rick mentioned before, probably in -- and I'm saying this on the fly.

正如 Rick 之前提到的，可能是——我是在說這個。

In '19 and '20, we might let it go up to as high as 7% if we can see a very significant gross margin return, given we got the funding of the breakup fee.

在 19 年和 20 年，如果我們能看到非常可觀的毛利率回報，我們可能會把它提高到 7%，因為我們得到了分手費的資金。

So we'd reinvest some of the breakup fee back in gross margin.

因此，我們會將部分分手費重新投資到毛利率中。

So I'd say for your model, maybe use 7% next year and the year after.

所以我會說對於你的模型，明年和後年可能使用 7%。

This year, I think it's about -- I think it's going to be about 6.5%, but I'd have to check exactly.

今年，我認為大約是——我認為大約是 6.5%，但我必須準確核實一下。

Our next question comes from John Pitzer with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 John Pitzer。

Peter, I think you were kind enough to tell us what the ZTE impact was to the June quarter.

彼得，我想你很友好地告訴我們中興通訊對 6 月季度的影響。

Does the September quarter guide embed all of that revenue come back -- coming back?

9 月季度指南是否包含所有這些收入的回歸——回歸？

Or is that going to take a couple of quarters to come back?

或者這需要幾個季度才能恢復？

It's -- I'm not sure it's exactly $31 million that comes back, but most -- we would expect most of it to come back in Q3.

它是——我不確定它到底是 3100 萬美元回來了，但大多數——我們預計其中大部分會在第三季度回來。

But we do think we've lost at least a quarter of our revenue in the year.

但我們確實認為我們今年至少損失了四分之一的收入。

It's not like -- let's say, for example, we were literally $30 million a quarter.

這不像——比如說，我們每個季度的收入實際上是 3000 萬美元。

It's not like Q3 would be $60 million.

第三季度不會是 6000 萬美元。

It's just the $30 million seems to disappear into the ether.

這只是 3000 萬美元似乎消失在以太中。

Yes, and we probably won't even be completely back at that full run rate, John, in Q3, but we're getting close and working to do that and working with the new management team at ZTE to be in the position to support them as they really look at how they go address this in the marketplace.

是的，我們甚至可能不會在第三季度完全恢復到完全運行速度，約翰，但我們正在接近並努力做到這一點，並與中興通訊的新管理團隊合作，以支持他們真的在看他們如何在市場上解決這個問題。

That's helpful.

這很有幫助。

And then, Rick, just turning to the auto business, which is kind of the one of the core businesses that you have.

然後，里克，轉向汽車業務，這是您擁有的核心業務之一。

Year-over-year growth was about 7.5%, which is still really solid, but it is below kind of some of your comps or peers out there.

同比增長約為 7.5%，這仍然非常穩固，但低於你的一些競爭對手或同行。

I'm just kind of wondering, were you -- do think you are more dispassionately hurt by these discrete shortages?

我只是想知道，你是不是認為這些離散的短缺更冷靜地傷害了你？

Is there something going on within your exposure?

在你的曝光範圍內有什麼事情發生嗎？

Is this key fobs that are under growing?

這是正在成長的鑰匙扣嗎？

Or help me understand kind of your growth rate relative to peers and how you're looking at that.

或者幫助我了解您相對於同行的增長率以及您如何看待這一點。

John, our growth rate across the board was still very strong in automotive.

約翰，我們在汽車領域的整體增長率仍然非常強勁。

The one area that we had a little headwind in the quarter was in auto microcontrollers, where some of the lack of some of the discretes reduced the pool by our customers.

我們在本季度遇到一些不利因素的一個領域是汽車微控制器，其中一些分立器件的缺乏減少了我們客戶的數量。

I mean, it was a little bit surprising because they really didn't give us much indication of that early in the quarter.

我的意思是，這有點令人驚訝，因為他們在本季度初確實沒有給我們太多暗示。

And as you know, we have just in time warehouses at all of those key customers.

如您所知，我們在所有這些主要客戶處都設有及時倉庫。

But as they went through their pool process towards the end of the quarter, it was at lower levels than what we would have anticipated based on some of their inability to have sufficient discrete products in place.

但是當他們在本季度末完成他們的池過程時，它的水平低於我們基於他們無法擁有足夠的離散產品的一些預期。

But the rest of the portfolio continues to perform very well, and we continue to be very excited about the growth of our automotive business going forward and probably at a higher rate than we were thinking about 3 years ago.

但其餘的投資組合繼續表現良好，我們繼續對我們汽車業務的未來增長感到非常興奮，而且可能比我們 3 年前想像的要快。

That's helpful.

這很有幫助。

And guys, If I sneak in just a quick housekeeping -- Peter, ASC 606, I think you talked about it on the -- in the press release and the impact on the balance sheet.

伙計們，如果我偷偷做一個快速的家務管理——彼得，ASC 606，我想你在新聞稿中談到了它——以及對資產負債表的影響。

I just want to get a better understanding here.

我只是想在這裡得到更好的理解。

Are you fully through that transition?

您是否完全完成了過渡？

What was the impact to revenue?

對收入有何影響？

And I guess, the reason why I asked because I just want to make sure as we look at year-over-year growth rates that we're sort of comping apples-to-apples.

而且我想，我問的原因是因為我只是想確保在我們查看同比增長率時我們正在比較蘋果對蘋果。

Yes, yes.

是的是的。

My favorite topic.

我最喜歡的話題。

I just think that's -- if I can have a mind to rant for a second, I think it's one of the most -- for us, one of the most ridiculous things ever implemented, just like crazy amount of work for not much news.

我只是認為那是——如果我能想吐槽一秒鐘，我認為這是最重要的事情之一——對我們來說，這是有史以來最荒謬的事情之一，就像瘋狂的工作量卻沒有太多新聞一樣。

I think this, in Q2, would have an impact of $4 million.

我認為這在第二季度將產生 400 萬美元的影響。

And for memory, I think it was a $4 million benefit.

對於記憶，我認為這是 400 萬美元的收益。

But I mean, it's noise level, John.

但我的意思是，這是噪音水平，約翰。

Our next question comes from C.J. Muse with Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

First question, on a LTM basis, you guys generated 19% free cash flow margin.

第一個問題，在 LTM 的基礎上，你們產生了 19% 的自由現金流利潤率。

Curious, as you start getting closer to your target model, what kind of percentage are you thinking there?

很好奇，當您開始接近目標模型時，您認為那裡的百分比是多少？

That's what I think about that really.

這就是我的真實想法。

Really trying to get a feel of the numbers you guys -- you asked.

真的想了解你們這些人的數字——你們問了。

But I think it approximates in the end, our EBIT margins.

但我認為它最終接近於我們的息稅前利潤率。

But maybe just give me time to think about that, but I think the EBIT margin would be a good proxy.

但也許只是給我時間考慮一下，但我認為息稅前利潤率將是一個很好的代表。

Okay.

好的。

That's helpful.

這很有幫助。

And then I guess a question on the buyback.

然後我猜是關於回購的問題。

You talked about completing it in a timely fashion.

你談到及時完成它。

How should we think about annual share grants as a partial offset each year?

我們應該如何考慮將年度股票授予作為每年的部分抵消？

What we've normally been -- we've been granting less than, well, less than 1%.

我們通常的情況是——我們一直在資助少於，好吧，少於 1%。

So I think that's -- on a regular basis, I think that's the way I'd look at our share grants.

所以我認為這是——定期地，我認為這就是我看待我們的股票贈款的方式。

Our normal annual grants would be that.

我們正常的年度撥款就是這樣。

Certainly at the moment, we're kind of looking at some things of what we should do in terms of how do we retain our employees and should we provide them with some additional handcuffs to keep them in the company.

當然，目前，我們正在考慮一些我們應該做的事情，比如我們如何留住我們的員工，以及我們是否應該為他們提供一些額外的手銬以讓他們留在公司。

But I think our normal grant is -- would be what we go forward with generally.

但我認為我們的正常撥款是 - 將是我們總體上前進的方向。

I can't really leave that going with handcuffs, but we want to keep our employees incentivized.

我真的不能讓它帶著手銬離開，但我們想讓我們的員工保持積極性。

And I do think that as we go through a reset and a reboot, we'll see a little bit of additional equity, probably as our board goes through that, and we'll give you some more specifics when we go through the Analyst Day here in September.

我確實認為，當我們進行重置和重啟時，我們會看到一些額外的股權，可能是因為我們的董事會正在經歷這些，我們會在分析師日時為您提供更多細節九月在這裡。

Excellent.

出色的。

If I could sneak one last one.

如果我能偷偷最後一張。

And you talked about some of the other segments.

你談到了其他一些部分。

Could you speak to your thought process on the growth trajectory for SCD over the next 4 to 6 quarters?

您能否談談您對 SCD 在未來 4 到 6 個季度的增長軌蹟的思考過程？

What puts and takes for that line item?

該訂單項的賣價和賣價是多少？

And what we should kind of be aware of given we haven't spoken to you for so long?

鑑於我們已經很長時間沒有和你說話了，我們應該注意什麼？

So on the 3-year basis, we feel very good about SCD.

所以在 3 年的基礎上，我們對 SCD 感覺很好。

I think we -- the lion's share of that business is really on the micro side, and our growth there is extremely good, and it's actually been limited by capacity that we could bring online.

我認為我們 - 該業務的最大份額確實在微觀方面，我們在那裡的增長非常好，實際上它受到我們可以在線帶來的能力的限制。

So our customer perspective and perception, which is -- on the micros, which is, I don't know, what, Jeff, 60% or so of the -- of SCD.

所以我們的客戶觀點和看法，這是 - 在微觀上，我不知道，Jeff，SCD 的 60% 左右。

We see extremely strong growth and continuing to be in a solid position, and I think that's going to continue for the next few years.

我們看到了極其強勁的增長並繼續保持穩固的地位，我認為這將在未來幾年繼續下去。

In Secure Connected Devices, we continue to be in a very strong position there.

在安全連接設備領域，我們繼續處於非常有利的地位。

We have a large OEM in India.

我們在印度有一家大型 OEM。

That's ramping.

那是斜坡。

It's clearly a factor in the near term associated with it, but we continue to be in a very strong position on the mobile wallet basis and continue to move forward very positively.

這顯然是短期內與之相關的一個因素，但我們在移動錢包的基礎上繼續處於非常有利的地位，並繼續非常積極地向前邁進。

I think, C.J., we'll provide for you guys kind of individual operating segment growth targets at the Analyst Day.

我想，C.J.，我們會在分析師日為你們提供一些單獨的運營部門增長目標。

But I think to support Rick's comments, this has been one of the real bright spots of the business.

但我認為支持里克的評論，這是該業務真正的亮點之一。

The micros and the microcontroller business has been very strong, and the mobile transactions has been very strong as well.

微型和微控制器業務非常強勁，移動交易也非常強勁。

And if we look at it over the 3-year basis, the ability to really take that business and drive the processing to the edge as well as the security to be able to provide to ensure that there's not hacking as we go to the world of the Internet of Things, this is really a key area for us and one that we think will contribute significantly to the growth.

如果我們在 3 年的基礎上審視它，真正開展該業務並將處理推向邊緣的能力以及能夠提供的安全性，以確保在我們走向世界時沒有黑客攻擊物聯網，這對我們來說確實是一個關鍵領域，我們認為這將對增長做出重大貢獻。

And we're well positioned with the product portfolio basis to really support customers and solutions and really be able to facilitate, realizing the full value of the cloud and the capability that it offers to all of the users.

我們在產品組合基礎上處於有利地位，可以真正支持客戶和解決方案，並真正能夠促進、實現雲的全部價值及其為所有用戶提供的功能。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Great.

偉大的。

I wanted to follow up on your market share in automotive semis broadly.

我想廣泛了解你們在汽車半成品市場的份額。

According to guys like Gartner, I think you guys lost a little bit of share in 2017.

根據 Gartner 等人的說法，我認為你們在 2017 年失去了一些份額。

Given what you delivered so far in 2018, I think you might lose some this year as well.

鑑於您在 2018 年迄今交付的成果，我認為您今年也可能會損失一些。

Rick, just given what you're seeing from a design perspective today, at what point should we expect your positioning to improve and revert to the upside?

里克，鑑於您今天從設計角度所看到的情況，我們應該期望您的定位在什麼時候改善並恢復到上行？

Our position is very good and very solid.

我們的立場非常好，非常穩固。

I think as we've seen e-vehicles begin to grow, contribute to the overall automotive growth, and our portfolio on analog, which is well positioned to specifically drive growth in that area, particularly in China, where we see a lot of e-vehicle growth.

我認為，正如我們已經看到電動汽車開始增長，為汽車的整體增長做出貢獻，我們的模擬產品組合處於有利地位，可以專門推動該領域的增長，特別是在中國，我們看到很多電子產品-車輛增長。

I think we'll see that the growth of those -- some of those design wins that we've been able to achieve over the last few quarters and years really begin to kick in associated with it.

我認為我們會看到這些增長——我們在過去幾個季度和幾年中取得的一些設計勝利真正開始與之相關。

But I think if anything, when you look at it on a customer-facing basis and position, our share is gaining.

但我認為，如果有的話，當你在面向客戶的基礎上和立場上看它時，我們的份額正在增加。

And we continue to have design wins growing at a much more rapid rate than our overall revenue, which puts us in a great position.

而且我們繼續讓設計獲勝的增長速度比我們的總收入快得多，這使我們處於有利地位。

As you know, the automotive business is one where you win designs 2 to 3 -- 2 to 4 years before you actually begin to ship.

如您所知，汽車行業是您在實際開始發貨前 2 到 3 年 - 2 到 4 年贏得設計的行業。

So if I look at the design wins, we continue to gain market share and be well positioned for growth going forward.

因此，如果我看一下設計勝利，我們將繼續獲得市場份額，並為未來的增長做好準備。

Okay.

好的。

Great.

偉大的。

And Rick, historically, you've been very disciplined from a portfolio or management perspective, and you've shared your views on things like relative market share.

而里克，從歷史上看，從投資組合或管理的角度來看，你一直非常自律，並且你已經分享了你對相對市場份額等事情的看法。

Are there any businesses or product groups within NXPI today that you would consider deemphasizing or potentially selling?

恩智浦內部目前是否有任何您會考慮淡化或可能出售的業務或產品組？

Or are pretty comfortable with what you have today?

或者對你今天所擁有的感到很舒服？

Well, after the 2-year pause at our portfolio, I think there's always businesses that you want to step up investments in and try to acquire some technology and businesses that don't -- that aren't as critical or strategic to the portfolio going forward.

好吧，在我們的投資組合暫停 2 年後，我認為總有一些企業你想加大投資力度並嘗試收購一些技術和業務，但這些企業對投資組合來說並不那麼重要或具有戰略意義向前走。

So I would always say that's the case for us -- and we clearly went through a couple of year pause, as we went through waiting for the integration associated with Qualcomm.

所以我總是會說我們就是這種情況——我們顯然經歷了幾年的停頓，因為我們正在等待與高通相關的整合。

So I do think that there are some things that we'll think about.

所以我確實認為我們會考慮一些事情。

It would be premature for us to discuss those, but I think we'll continue to be in the basis of driving the best portfolio going forward that we can to support the market opportunities that we perceive as strategic and how we can best positioned to drive solutions for customers in those areas.

我們現在討論這些還為時過早，但我認為我們將繼續以推動最佳投資組合為基礎，我們可以支持我們認為具有戰略意義的市場機會，以及我們如何能夠最好地推動為這些領域的客戶提供解決方案。

And our next question is from Rajvindra Gill with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Just to follow up again on the auto.

只是為了再次跟進汽車。

Any more color there would be helpful.

任何更多的顏色都會有所幫助。

The growth rate -- if you take the average year-over-year growth rate in 2017, I believe it was around 11%, and it has decelerated to 7%.

增長率——如果你採用 2017 年的平均同比增長率，我相信它在 11% 左右，現在已經減速到 7%。

And as you said, a lot of that is due to shortages of the discrete components.

正如您所說，其中很多是由於分立元件短缺造成的。

Wondering if you'd give us kind of what the specific dynamics that were going on with the shortages.

想知道您是否能告訴我們短缺的具體動態是什麼。

Why did that happen?

為什麼會這樣？

When do you think you can get resolved?

你覺得什麼時候可以解決？

Is that affecting other competitors in your view?

您認為這會影響其他競爭對手嗎？

Any clarity there would be helpful.

任何清晰度都會有所幫助。

I think it's affecting all the competitors in automotive micros, so I don't anticipate that we are unusual at all.

我認為這影響了汽車微電子領域的所有競爭對手，所以我認為我們根本不會與眾不同。

But we, clearly, are one of the leaders in that space.

但很明顯，我們是該領域的領導者之一。

So as they have discrete shortages that impact their overall basis, it has more of an impact on us because of our position in auto micros.

因此，由於他們的離散短缺會影響他們的整體基礎，因此由於我們在汽車微觀領域的地位，它對我們的影響更大。

I -- the resolution of that, I -- you -- I can't really address that.

我——解決這個問題，我——你——我真的無法解決這個問題。

I think we don't see that as being an area that's going to be a prolonged basis.

我認為我們不認為這是一個將長期存在的領域。

We think the auto companies are going to get back to more of a normalized basis on micros as we move forward.

我們認為，隨著我們的前進，汽車公司將在微觀上恢復到更多的標準化基礎。

Yes.

是的。

And I think we have to be careful about parsing the numbers, really.

我認為我們必須小心解析這些數字，真的。

I mean, if I look at trailing 12 months Q2, auto grew 10%.

我的意思是，如果我看一下過去 12 個月的第二季度，汽車增長了 10%。

If I look at trailing 12 months Q3 at the midpoint, it's probably about 8.5%, 9%.

如果我在中點查看過去 12 個月的第三季度，它可能約為 8.5%、9%。

If I look at year-to-date, it's probably about 8.5%.

如果我看看年初至今，它可能約為 8.5%。

I -- auto is running 8%, 9%, especially when it's a $4 billion business a year.

我——汽車的運行率為 8%、9%，尤其是當它是一項每年 40 億美元的業務時。

It's pretty cool.

它太酷了。

And if we look out over the next few years, I think we're going to see nothing but maybe increased growth associated with -- based on the design wins that we've been able to achieve.

如果我們展望未來幾年，我認為我們除了可能會看到相關的增長之外什麼也看不到——基於我們已經取得的設計勝利。

Kurt has done a fantastic job -- well Kurt and his team.

Kurt 做得非常出色——Kurt 和他的團隊。

So I think we're in great position in automotive.

所以我認為我們在汽車領域處於有利地位。

And you really can't look at it on a quarter-by-quarter basis, as Peter just said.

正如彼得剛才所說，您真的不能按季度查看它。

You got a look at it on a little bit of an annual basis to really reflect what's going on in the automotive market per se.

你每年都會看一下它，以真正反映汽車市場本身正在發生的事情。

Yes.

是的。

That's helpful.

這很有幫助。

And for my follow-up, a significant amount of growth in general purpose microcontrollers.

而對於我的後續行動，通用微控制器的顯著增長。

Can you maybe dig a little bit deeper in terms of what's driving that?

您能否更深入地了解驅動因素？

With Freescale, you became a -- one of the largest microcontroller suppliers in the world -- or the second largest microcontroller supplier in the world.

通過飛思卡爾，您將成為世界上最大的微控制器供應商之一或世界第二大微控制器供應商。

Are you seeing a significant demand from IoT devices?

您是否看到物聯網設備的巨大需求？

IoT now as a market has developed over the last couple of years.

物聯網現在作為一個市場在過去幾年中得到了發展。

Can you maybe talk about that as well?

你能不能也談談這個？

I think we're seeing it broad-based, so I think we're in a leadership position.

我認為我們看到它的基礎廣泛，所以我認為我們處於領先地位。

I think that our portfolio plays well.

我認為我們的投資組合運作良好。

I think when you really look at it in the marketplace, we have the strongest portfolio, the ability to go from the core micros to higher end micros to apps processors and some products that we just announced that kind of cross over between micros and apps processor.

我認為當你真正在市場上看它時，我們擁有最強大的產品組合，能夠從核心微處理器到高端微處理器再到應用處理器以及我們剛剛宣布的一些產品，這些產品是微處理器和應用處理器之間的交叉產品.

They really put us in a unique position to drive solutions for customers that they really don't have the opportunity to have that kind of breadth of portfolio.

他們確實讓我們處於一個獨特的位置，可以為客戶提供解決方案，而他們確實沒有機會擁有如此廣泛的產品組合。

And then we can even go to the high end associated with our network processors.

然後我們甚至可以進入與我們的網絡處理器相關的高端。

So I think the portfolio of processing capability that we have really plays well in the overall market.

所以我認為我們擁有的處理能力組合在整個市場上確實發揮了很好的作用。

While it's not the sensor fusion capability at the real high end, I think when you look at the applications that drive the high volumes and the capability, we're really well positioned to take advantage of that.

雖然這不是真正高端的傳感器融合能力，但我認為當你看看推動高容量和能力的應用程序時，我們確實處於充分利用這一優勢的位置。

And our portfolio plays extremely well.

我們的投資組合發揮得非常好。

And the team there, Jeff, Lisa and the team there are doing a great job of positioning that business to move forward and continue to win market share.

那裡的團隊，傑夫、麗莎和那裡的團隊在定位該業務以向前發展並繼續贏得市場份額方面做得很好。

Our next question is from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Rick, I wanted to ask a little bit of a strategic question, and I sort of echo your sentiments that it's a shame that the powers that be didn't let the transaction with Qualcomm go through.

里克，我想問一個戰略性的問題，我有點同意你的觀點，即當權者沒有讓與高通的交易通過時，這是一種恥辱。

But given the amount of, I guess, cross company diligence, both of you guys have gone against each other's businesses during this period of time.

但考慮到，我猜，跨公司的努力，你們兩個在這段時間裡都反對彼此的業務。

Is there an opportunity you think for your company and for Qualcomm to work together in partnership around some solutions for customers that might be sort of accretive to the long-term business?

您認為您的公司和高通是否有機會圍繞一些可能對長期業務有所增長的客戶解決方案展開合作？

And how should we think about that potential, if there is any?

如果有的話，我們應該如何考慮這種潛力？

Yes.

是的。

I think there clearly is some potential like in NFC, where we actually have been working with Qualcomm for the last few years associated with it.

我認為 NFC 顯然有一些潛力，過去幾年我們實際上一直在與高通公司合作。

I think you have to give us a little bit of time to get through the overhang.

我認為你必須給我們一點時間來度過難關。

I think we and Qualcomm were both working diligently through midnight last night to be able to close the transaction.

我認為我們和高通昨晚都在努力工作到午夜才能夠完成交易。

So I think you have to give us a little time to think about if there's really any opportunity for us to work together going forward.

所以我認為你必須給我們一點時間來考慮我們是否真的有機會在未來共同努力。

I wouldn't rule it out.

我不排除它。

I think that as we think about the high end processing associated with the automotive market, we clearly are going to have to look at some partnerships to able to drive a more complete solution for our customers since we don't have the capability that you can find with Qualcomm.

我認為，當我們考慮與汽車市場相關的高端加工時，我們顯然將不得不考慮一些合作夥伴關係，以便能夠為我們的客戶提供更完整的解決方案，因為我們沒有您可以做到的能力找到高通。

But I think it's premature to really talk about that specifically.

但我認為現在具體談論這個還為時過早。

I think we're really excited about the growth opportunities we have.

我認為我們對我們擁有的增長機會感到非常興奮。

We would have loved to have had the leadership connectivity combined with our leadership processing and security that would have been combined into what I believe to be the industry powerhouse.

我們希望將領導力連接與我們的領導力處理和安全性結合起來，我認為這將成為行業強國。

But since the regulators didn't let that take place, we think we're well positioned and really can drive significantly above-market growth and continue to create significant shareholder value going forward.

但由於監管機構不允許這種情況發生，我們認為我們處於有利地位，確實可以推動顯著高於市場的增長，並繼續為未來創造可觀的股東價值。

And yes, I realize things are happening quick here, and things just happened to midnight last night officially.

是的，我意識到這裡發生的事情很快，而且事情正式發生在昨晚午夜。

So I appreciate the color.

所以我很欣賞這種顏色。

Just as a follow-up, shifting gears a little bit to the sort of IoT-MCU business.

作為後續行動，將方向稍微轉向 IoT-MCU 業務。

How have you guys been investing in different area interface technologies in the IoT and the like?

你們是如何投資於物聯網等領域的不同區域接口技術的？

Obviously, Qualcomm had a portfolio, a big one there that you might have relied on if the merger had taken place.

顯然，高通有一個投資組合，一個很大的投資組合，如果合併發生，你可能會依賴它。

And just wanted an update onto how the investment levels have been in the peripheral communications technologies around the IoT business?

只是想了解有關物聯網業務周邊通信技術投資水平的最新情況？

Yes, yes.

是的是的。

No, that's great, a great question.

不，這很好，一個很好的問題。

I think when you look at the so-called IoT business and really moving to the edge, we're really getting well positioned with the cloud providers and really providing a unique capability associated with it.

我認為，當你審視所謂的物聯網業務並真正轉向邊緣時，我們確實在雲提供商中處於有利地位，並真正提供了與之相關的獨特功能。

To be fair, we had actually put a pause on some of our Wi-Fi development capabilities with the planning for the merger with Qualcomm.

公平地說，我們實際上已經暫停了我們的一些 Wi-Fi 開發能力，併計劃與高通公司合併。

So we're back considering those and how we get in a position really have the connectivity platforms to be able to draw complete solutions for our customers, and we have some technology in our network processing area in the Wi-Fi space.

因此，我們重新考慮這些，以及我們如何真正擁有連接平台，以便能夠為我們的客戶繪製完整的解決方案，並且我們在 Wi-Fi 領域的網絡處理領域擁有一些技術。

Clearly, we're going to look at how we can position and drive to a broader array of customers through the industrial space.

顯然，我們將研究如何通過工業領域定位和吸引更廣泛的客戶。

But we're getting really positive feedback from the big cloud guys about the unique capability we have to really protect the edge and facilitate, take the smart edge processing and then be able to move those transactions to the cloud to be able to facilitate that, which is when you really peel the onion on IoT, one of the critical factors to be able to drive that.

但是我們從大型雲計算人員那裡得到了非常積極的反饋，關於我們必須真正保護邊緣和促進的獨特能力，採用智能邊緣處理，然後能夠將這些交易轉移到雲中以促進這一點，這是你真正在物聯網上剝洋蔥的時候，這是能夠推動它的關鍵因素之一。

In fact, it was a couple of months -- or 6 weeks ago maybe, they came out with companies -- with machine learning and artificial intelligence.

事實上，幾個月前——或者可能是 6 週前，他們推出了公司——機器學習和人工智能。

And frankly, we were the fourth one mentioned in the semiconductor space, which surprised me a little bit as we went through it.

坦率地說，我們是半導體領域中第四個被提及的公司，這讓我有點吃驚。

But then when we peeled the onion and understood what they were taking into account relative to our edge processing capability and working with the cloud providers really confirmed the architecture and the opportunity space that we've been focused on and where we see some significant growth.

但是當我們剝開洋蔥並了解他們考慮的與我們的邊緣處理能力相關的內容時，與雲提供商的合作確實證實了我們一直關注的架構和機會空間，以及我們看到一些顯著增長的地方。

But this year, but out over the next few years and where we think we're well positioned with our technology to really provide a leadership capability.

但是今年，但在接下來的幾年裡，我們認為我們的技術處於有利地位，可以真正提供領導能力。

Our next question comes from Romit Shah with Nomura.

我們的下一個問題來自野村的 Romit Shah。

Rick, I guess just listening to the conference call, my general takeaway is that after a 2-year pause, NXPI basically just needs to reinvest in the portfolio and manufacturing in order to really grow the business.

里克，我想只是聽了電話會議，我的一般看法是，在停頓了 2 年之後，NXPI 基本上只需要對投資組合和製造進行再投資，才能真正發展業務。

But that sort of puts you at odds with the profitability targets, and so we should just be conservative in our assumptions around when you get to your target model.

但這會讓你與盈利目標不一致，所以我們應該在你達到目標模型時對我們的假設持保守態度。

Do you think that's a fair way to look at it?

你認為這樣看待它公平嗎？

No.

不。

I think what's happened is over the last 2 years, we've been continuing to run full out our core businesses and the areas we're really excited to continue to do well.

我認為過去兩年發生的事情，我們一直在繼續全面開展我們的核心業務以及我們非常高興能夠繼續做好的領域。

Yes, our gross margins are a little bit below where we want it to be at the moment.

是的，我們的毛利率略低於我們目前希望的水平。

That would happen whatever happened.

無論發生什麼都會發生。

The manufacturing capability we have is a really good capability.

我們擁有的製造能力是非常好的能力。

But we see some, let's say, marginal investments to make.

但我們看到一些，比方說，要進行邊際投資。

We're not talking about building new fabs or anything like that.

我們不是在談論建造新的晶圓廠或類似的東西。

It's all about marginal increases to capacity that could drive an outsized return to us in terms of profitability.

這一切都是關於產能的邊際增長，這可能會在盈利能力方面為我們帶來巨大的回報。

I guess I'm not going to get into when are we going to hit the midpoint of the range.

我想我不會討論我們什麼時候會達到範圍的中點。

I think you'll find the Analyst Day very, very helpful.

我認為您會發現分析師日非常非常有幫助。

But we'll be pushing very, very hard to move forward as quickly as we can.

但我們會非常、非常努力地盡快推進。

And I think, Rick mentioned earlier on that if anything over the last 2 years, the only thing that's been a little bit of a challenge for us is, at the margin, you have a slightly different view of the portfolio when you're going to be part of this huge juggernaut powerhouse company than you do as a pretty sizable $10 billion company.

我認為，Rick 早些時候提到過，如果說過去兩年有什麼不同的話，唯一對我們來說有點挑戰的是，在邊際上，當你去的時候，你對投資組合的看法略有不同成為這個巨大的強大公司的一部分比你作為一個相當大的 100 億美元的公司做的還要多。

But I certainly would not characterize things as being poor or weaker.

但我當然不會將事物描述為較差或較弱。

I think we've been running full out, and things are only going to get better.

我認為我們已經筋疲力盡，事情只會變得更好。

I guess, we talk about the manufacturing capacity and really investing in internal capacity to drive our gross margins.

我想，我們談論的是製造能力，並真正投資於內部能力以推動我們的毛利率。

One of the things that's even included in our CapEx now is we're doing a significant expansion in our SSMC joint venture in Singapore, where we have a joint venture with TSMC.

現在甚至包括在我們的資本支出中的一件事是，我們正在對我們在新加坡的 SSMC 合資企業進行重大擴張，我們在那裡與台積電建立了合資企業。

And we're significantly increasing the capacity in that facility, and that's comprehended in the CapEx where we are.

我們正在顯著增加該設施的容量，這體現在我們所處的資本支出中。

What we're talking about is the potential to continue to expand that and be able to drive some of the unique solutions and unique processing capabilities that we have to be able to meet our customer requirements and taking a little bit of our breakup fee and driving that investment to really ensure expansion of our gross margins and ability to drive that.

我們正在談論的是繼續擴展它的潛力，並能夠推動我們必須能夠滿足客戶要求的一些獨特的解決方案和獨特的處理能力，並收取我們的分手費和駕駛費用該投資真正確保擴大我們的毛利率和推動毛利率的能力。

That's a key priority for us and one that we think a good return for our shareholders.

這是我們的首要任務，我們認為這對我們的股東來說是一個很好的回報。

Yes, 1% of additional CapEx is for $100 million.

是的，1% 的額外資本支出為 1 億美元。

Peter, though, just one thing that stands out from these numbers is OpEx.

不過，彼得，只有一件事從這些數字中脫穎而出，那就是運營支出。

OpEx is up high single digits on basically similar revenues from a year ago.

與一年前基本相似的收入，OpEx 增長了高個位數。

How do we think about the outlook for OpEx?

我們如何看待 OpEx 的前景？

And specifically R&D, which, for several quarters, was running at about $350 million plus or minus and now is creeping closer to $400 million.

特別是研發，幾個季度以來，它的運行成本約為 3.5 億美元上下，現在正接近 4 億美元。

Do you expect -- does R&D start to come down?

你預計——研發會開始下降嗎？

Or do you sort of maintain these levels and generate leverage by growing the top line?

還是您會保持這些水平並通過增加收入來產生影響力？

I think it's 2 things.

我認為這是兩件事。

We're up about -- if you do it in dollars, we're up about $50 million, 5-0, year-on-year.

我們上漲了 - 如果你以美元計算，我們同比上漲約 5000 萬美元，5-0。

Half of that is currency, and half of that is in kind of investment.

其中一半是貨幣，一半是實物投資。

You can get -- again, you can get a bit hung up on the quarters.

你可以——再一次，你可以在宿舍上有點掛斷。

But if you look at it on an annual basis, what you say is true.

但如果你按年看，你說的是真的。

Our R&D has crept up, and it's really a reflection of kind of how we were viewing the portfolio as being part of Qualcomm.

我們的研發已經悄然進行，這確實反映了我們如何將產品組合視為高通的一部分。

But we intend to absolutely get back to within our range and stay within that strategic range.

但我們打算絕對回到我們的範圍內並保持在該戰略範圍內。

And we think we can drive quite lot of value by doing that.

我們認為我們可以通過這樣做來推動相當大的價值。

And on some years, we'll be closer to the top of the range.

在某些年裡，我們將更接近該範圍的頂端。

On other years, we'll be maybe more closer to the bottom of the range.

在其他年份，我們可能會更接近該範圍的底部。

Yes, but I guess it's -- we should -- do not let your statement go without at least responding to that.

是的，但我想這是——我們應該——不要在沒有至少回應的情況下放棄你的聲明。

You said on flat revenue.

你說收入持平。

Actually, the revenue in HPMS is up 5% year-over-year.

實際上，HPMS 的收入同比增長了 5%。

So while our R&D has grown a little faster than revenue with some of the strategic investments we're making, it's not like all of that OpEx is based on flat revenue.

因此，儘管通過我們正在進行的一些戰略投資，我們的研發增長速度略快於收入增長，但並非所有運營支出都基於固定收入。

We are up 5%.

我們上漲了 5%。

And if you look out in the future, we think we'll continue to outgrow the market.

如果你展望未來，我們認為我們將繼續超越市場。

So I don't -- we will go through in the September Analyst Day a lot more detail on our target models and where we are, but we're not backing off our total target relative to R&D.

所以我不——我們將在 9 月的分析師日詳細介紹我們的目標模型和我們所處的位置，但我們不會放棄與研發相關的總體目標。

But we are making the strategic investments to be able to ensure that we solidify the stronger growth going forward in the near term.

但我們正在進行戰略投資，以確保我們在短期內鞏固更強勁的增長。

Our next question is from Vijay Rakesh with Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

You guys look like the Phoenix.

你們看起來像鳳凰。

You're back.

你回來了。

Just a couple of quick questions...

只是幾個簡單的問題......

Hopefully, not rising from the ashes.

希望不要從灰燼中重生。

That's right.

這是正確的。

On the automotive side, as you talked about sensor fusion, just wondering, are you guys looking at LiDAR also?

在汽車方面，當你談到傳感器融合時，只是想知道，你們也在關注 LiDAR 嗎？

Do you already have it in your portfolio?

你已經在你的投資組合中了嗎？

How do you see that -- building that out?

你怎麼看 - 建立它？

Yes.

是的。

So when you think about LiDAR, we are the processing capability for a number of the LiDAR solutions that are in the marketplace.

因此，當您想到 LiDAR 時，我們是市場上許多 LiDAR 解決方案的處理能力。

So we play a significant role in providing the specific LiDAR technology.

因此，我們在提供特定的 LiDAR 技術方面發揮著重要作用。

When you think about safer driving, it's not about any individual solution.

當您考慮更安全的駕駛時，這與任何單獨的解決方案無關。

You need to really have a complete solution that includes RADAR, includes LiDAR potentially, depending on how advanced RADAR gets.

你真的需要一個完整的解決方案，包括雷達，可能包括激光雷達，這取決於雷達的先進程度。

All have -- so it has to include vision.

所有人都有 - 所以它必須包括願景。

And all of those will provide -- we don't have the sensor capability far built in.

所有這些都將提供——我們沒有內置傳感器功能。

We're making the investments.

我們正在進行投資。

Because of the size of those and the uncertainty in some of those technologies, we'll provide the processing capability to be able to facilitate that.

由於它們的規模和其中一些技術的不確定性，我們將提供處理能力來促進這一點。

And when you look at solution to really be able to drive safer driving, we provide the backbone for the bulk of that and the ability to really be a significant participant in driving those solutions as we go forward.

當您尋找真正能夠實現更安全駕駛的解決方案時，我們為其中的大部分提供了支柱，並且能夠在我們前進的過程中真正成為推動這些解決方案的重要參與者。

Got it.

知道了。

And just on the automotive side, I think you guys mentioned EV.

在汽車方面，我想你們提到了電動汽車。

Just wondering how much content you have on the EV side.

只是想知道您在 EV 方面有多少內容。

And also, SII has been lumpy.

而且，SII 一直起伏不定。

But as you go to 5G, what's the step-up in content you get from -- in 5G versus 4G?

但是當你進入 5G 時，你從中獲得的內容有何提升——5G 與 4G 相比？

So the -- I got distracted.

所以——我分心了。

Did you talk about SII?

你說的是SII嗎？

Could you just repeat the question just before that again?

你能再重複一遍之前的問題嗎？

Because I was focused on that until you started talking about 5G.

因為在您開始談論 5G 之前，我一直專注於此。

Sorry.

對不起。

Yes, sure.

是的，當然。

I was also asking on the EV side, the electric vehicle side.

我也在問電動汽車方面，電動汽車方面。

Just wondering if you had content there.

只是想知道您是否有內容。

Yes.

是的。

So I guess over the last couple of years, we spent a lot of time really looking at the opportunities that we saw in EV.

所以我想在過去的幾年裡，我們花了很多時間真正研究我們在 EV 中看到的機會。

We -- if you look at our analog portfolio, where we have really a very strong position, we think that we'll address about 40% of the electric vehicle total TAM our served market.

我們——如果你看看我們的模擬產品組合，我們在這些產品組合中確實處於非常強大的地位，我們認為我們將解決我們所服務市場中約 40% 的電動汽車總 TAM。

And so I think we're in a really strong position to be able to expand that.

所以我認為我們處於能夠擴展它的非常強大的位置。

That's much broader, much higher percentage than what we're planning on 2.5 or 3 years ago as we talked about.

這比我們在 2.5 或 3 年前談論的計劃要廣泛得多，百分比要高得多。

And specifically, as you look at the growth in e-vehicle -- electric vehicles in China, I think we're really in a good position to be able to support that and take advantage of that marketplace growth.

具體來說，當你看到中國電動汽車的增長時，我認為我們確實處於能夠支持它並利用市場增長的有利位置。

On the SII, 5G, we're not in the best position to talk about the 5G rollout.

在 SII，5G 上，我們不是談論 5G 推出的最佳位置。

I do think that when we look at our portfolio and some of the massive MIMO capability that we have, the MIMO that's kind of an interim step as you're moving to 5G, we have some solutions that will be a contributing factor to growth.

我確實認為，當我們審視我們的產品組合和我們擁有的一些大規模 MIMO 功能時，MIMO 是您轉向 5G 時的一個過渡步驟，我們有一些解決方案將成為增長的一個促成因素。

The question is when that will be deployed, whether it's months or quarters, and just how much overall impact it will have.

問題是何時部署，是幾個月還是幾個季度，以及它將產生多大的總體影響。

But I think it will be a contributing factor to be able to drive the growth going forward.

但我認為這將是能夠推動未來增長的一個促成因素。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Just a follow-up on the 5G question.

只是對 5G 問題的跟進。

You guys obviously have a great position with your RF Power portfolio.

你們顯然在射頻功率產品組合方面處於有利地位。

How does the Digital Networking portfolio stack up as the industry moves to 5G?

隨著行業轉向 5G，數字網絡產品組合如何疊加？

It's still a pretty big part of the mix.

它仍然是組合中相當大的一部分。

Is this segment more sort of in cash, call it, kind of harvest mode?

這個部分是否更像是現金，稱之為收穫模式？

Or does the team have some traction here for the 5G interface transition?

或者團隊是否對 5G 接口過渡有一些吸引力？

So I think if you look at DN, DN is -- we've seen a pretty significant shift, except especially in the network processing areas.

所以我認為，如果你看一下 DN，DN 是——我們已經看到了一個非常顯著的轉變，特別是在網絡處理領域。

A lot of those customers have moved that fundamental processing capability internally.

許多這些客戶已經在內部轉移了基本的處理能力。

We still are driving multi-core arm solutions with some limited portion of the portfolio for those customers, but it's not broad base that it was 5 or 6 years ago.

我們仍在為這些客戶推動多核 arm 解決方案，其中產品組合的一部分有限，但它並不像 5 或 6 年前那樣廣泛。

So that's one of the reasons that we're spending quite a bit of time looking at our network processing area and DN, and frankly, looking at the capability.

因此，這就是我們花大量時間查看我們的網絡處理區域和 DN，坦率地說，查看功能的原因之一。

We are seeing some significant opportunities in automotive, where they're basically taking a network architecture and applying that to the car.

我們在汽車領域看到了一些重要的機會，他們基本上是在採用網絡架構並將其應用於汽車。

And some of the technology we have there really positions us well to be able to provide a leadership technology in providing that communications hub, if you will, in the car, which is a real opportunity to use our fundamental technology.

我們在那裡擁有的一些技術確實使我們能夠提供領先的技術來提供通信中心，如果你願意的話，在汽車中，這是使用我們的基礎技術的真正機會。

On 5G per se, on the DN, I don't think that it's really going to be a significant factor in driving huge growth for us, but we will be a participant.

就 5G 本身而言，在 DN 上，我不認為它真的會成為推動我們巨大增長的重要因素，但我們將成為參與者。

We do have some technology that allows us some software upgrades in the network processor that really opens up market opportunities for us.

我們確實有一些技術可以讓我們在網絡處理器中進行一些軟件升級，這確實為我們打開了市場機會。

But we have to prove the size of those and what a significant -- and how significant that will be in our growth in the specific area before.

但我們必須證明這些的規模以及重要性——以及這對我們之前在特定領域的增長有多大意義。

Rick, and then macro dimensions appear quite healthy, I mean, industrial trends especially.

里克，然後宏觀維度看起來很健康，我的意思是，尤其是工業趨勢。

Industrial production appears to be quite strong.

工業生產似乎相當強勁。

Consumer demand appears fairly healthy.

消費者需求似乎相當健康。

Can you guys just talk about the breadth of the demands geographically?

你們能談談地理上需求的廣度嗎？

I know you track ship to trends, but I think even that would be helpful.

我知道您會跟踪趨勢，但我認為即使那樣也會有所幫助。

Just trying to get a sense of how diversified the demand profile is.

只是想了解需求概況的多樣化程度。

The demand is broad-based industrial across the board.

需求是廣泛的工業領域。

China represents -- half of our shipments are going to China, and the continued strength in China continues to be very solid.

中國代表——我們一半的出貨量都運往中國，而且中國的持續實力仍然非常穩固。

But our -- the broad base of our product applications really covers all the areas from consumer goods through to industrial applications associated with it, and we see strength in all of those areas.

但是我們——我們產品應用的廣泛基礎確實涵蓋了從消費品到與之相關的工業應用的所有領域，我們在所有這些領域都看到了實力。

And for example, our micro area, where double-digit growth has been very consistent, probably would have been even stronger if we would have the manufacturing capacity in place to be able to prove it.

例如，如果我們有足夠的製造能力來證明這一點，我們的微觀領域的兩位數增長一直非常穩定，可能會更加強大。

(Operator Instructions) And our next question is from Mark Lipacis with Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Rick, on the Kinetis business, just to go back to that for a second, the -- that was -- that really seemed to be a growth engine for you, and you've been bit in the last couple of quarters with the supply challenges.

里克，關於 Kinetis 業務，只是想回到那個——那是——這對你來說真的似乎是一個增長引擎，在過去的幾個季度裡，你一直在供應挑戰。

You say you're trying to bring some supply online.

你說你正試圖在線提供一些供應。

Could you give us some more color on that?

你能給我們更多的顏色嗎？

I'm trying to understand to what extent that's in your control.

我試圖了解您可以控製到什麼程度。

Or are you kind of looking to your foundry suppliers to ramp up there or alleviate the pressure?

或者您是否希望您的代工供應商在那裡增加或減輕壓力？

Any color there would be helpful.

那裡的任何顏色都會有所幫助。

Yes.

是的。

It's a 90-nanometer special process -- proprietary process that we have outsourced to our foundry partner that has not been able to bring on capacity at the same rate that our customer orders have come in.

這是一個 90 納米的特殊工藝——我們已外包給我們的代工合作夥伴的專有工藝，該工藝無法以與我們的客戶訂單進來的速度相同的速度帶來產能。

They've actually stepped up their capacity now, where we think late this year going into early next year, we'll be in a position to basically replenish our inventories that we've drained in that area.

他們現在實際上已經提高了產能，我們認為今年年底到明年年初，我們將能夠基本上補充我們在該地區耗盡的庫存。

So it's been a limiting factor to our growth, but we still have strong growth in micros even with that.

所以它一直是我們增長的一個限制因素，但即使如此，我們在微觀領域仍然有強勁的增長。

And so our growth would have just been even stronger if we would have that manufacturing capacity with our foundry partner to have been able to support all of our customer demands.

因此，如果我們與代工合作夥伴的製造能力能夠滿足我們所有客戶的需求，我們的增長將會更加強勁。

The design wins we have in that area and the capability to continue to drive that, we feel very positive about.

我們在該領域的設計勝利以及繼續推動這一領域的能力，我們對此感到非常樂觀。

That's helpful.

這很有幫助。

And Peter, a couple of housekeeping things.

還有彼得，一些家政事務。

You mentioned -- I didn't catch it, but I think you mentioned your expected leverage ratio.

你提到過——我沒聽清楚，但我想你提到了你的預期槓桿率。

If you could repeat that.

如果你能重複一遍。

And then the net cash you're going to get after -- when you receive the breakup fee, I didn't catch that.

然後你將獲得的淨現金——當你收到分手費時，我沒聽清楚。

Yes, yes.

是的是的。

So it will be subject to that's -- full Dutch tax rate of 25%, so it will be about $1.5 billion after tax.

所以它將受到——荷蘭 25% 的全額稅率，所以稅後約為 15 億美元。

We've already received the funds from Qualcomm, so they wired that to us this morning.

我們已經收到了高通的資金，所以他們今天早上把錢電匯給了我們。

Leverage at the end of the year, assuming we buy back the $4 billion, $5 billion, it would be $1.5 billion, and we'd be back below $1 billion at the end of 2019 pretty easily.

到年底的槓桿率，假設我們回購 40 億美元、50 億美元，那就是 15 億美元，到 2019 年底我們很容易回到 10 億美元以下。

And I'm not showing any further questions in the queue -- I'm sorry, there is [Danny Farber] from Hudson Bay.

我不會在隊列中顯示任何進一步的問題 -- 抱歉，有來自哈德遜灣的 [Danny Farber]。

It's actually Aaron Rickles from Hudson Bay.

實際上是哈德遜灣的 Aaron Rickles。

Just a quick follow-up to that most recent question.

只是對最近的問題的快速跟進。

I believe your slide show references at 2x leverage target.

我相信您的幻燈片放映參考是 2 倍槓桿目標。

And I assume you'll talk about this more at your Analyst Day, which we're excited for.

我想你會在你的分析師日更多地談論這個，我們很高興。

But can you give us a sense when you think about end of '19 at onetime levered with a longer-term target of 2?

但是，當您考慮到 19 年底與 2 的長期目標相結合時，您能給我們一種感覺嗎？

How are you thinking about your cap structure?

你如何看待你的帽結構？

Are you able to incur more debt?

你能承擔更多的債務嗎？

Would you do additional buybacks through '19?

你會在 19 年之前進行額外的回購嗎？

How quickly do want to get to that 2x levered?

想要多快達到 2 倍的槓桿率？

It depends on what the opportunities are.

這取決於機會是什麼。

I think what it says is we have a really flexible balance sheet.

我認為它說的是我們有一個非常靈活的資產負債表。

And depending on the circumstances, we could -- first of all, any excess cash, we will return to shareholders, so that would either be through buyback or a dividend or whatever.

根據具體情況，我們可以——首先，任何多餘的現金，我們都會返還給股東，所以這將通過回購或派息或其他方式進行。

But it gives us a lot of flexibility for M&A should that prove to be a valid opportunity given the comments Rick made before.

但它為我們提供了很大的併購靈活性，如果這被證明是一個有效的機會，考慮到 Rick 之前發表的評論。

What do you think about minimum cash balances when you think about excess cash?

當您考慮過剩現金時，您如何看待最低現金餘額？

$1 billion.

10億美元。

$1 billion?

10億美元？

$1 billion, assuming $250 million is -- of that billion is actually in SSMC or joint venture with TSMC out in Singapore, so I think in the $1 billion, yes.

10 億美元，假設 2.5 億美元——其中 10 億美元實際上是在 SSMC 或與台積電在新加坡的合資企業，所以我認為在 10 億美元中，是的。

And this concludes our Q&A for today.

今天的問答到此結束。

I will turn the call back to Rick Clemmer for his final remarks.

我會將電話轉回給 Rick Clemmer，聽取他的最後評論。

Thank you, operator.

謝謝你，運營商。

So thanks a lot for joining us today.

非常感謝今天加入我們。

It's frankly good to be back.

坦率地說，能回來真是太好了。

We look at the opportunities we've got going forward, and we are very excited about the opportunity to continue to outgrow the market and drive significant shareholder value.

我們著眼於我們前進的機會，我們對有機會繼續超越市場並推動重要的股東價值感到非常興奮。

So we look forward to seeing you all on September 11 in New York City for our Analyst Day and be happy to go into more detail at that point in time about the significant market opportunities and where our solutions really make a difference for our customers in being able to drive growth.

因此，我們期待 9 月 11 日在紐約市的分析師日與大家見面，並很高興在那個時間點詳細介紹重要的市場機會，以及我們的解決方案在哪些方面真正為我們的客戶帶來改變能夠推動增長。

Thanks a lot.

多謝。

Thank you, operator.

謝謝你，運營商。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

Take care.

小心。

Thank you, everyone, for participating in today's conference.

謝謝大家參加今天的會議。

This concludes the program, and you may all disconnect.

程序到此結束，你們都可以斷開連接。