恩智浦 (NXPI) 2018 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2018 NXP Semiconductors Earnings Conference Call.

女士們，先生們，美好的一天，歡迎參加 2018 年第四季度恩智浦半導體收益電話會議。

(Operator Instructions) And as a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

I would now like to hand the call over to Mr. Jeff Palmer, Vice President of Investor Relations.

我現在想把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, Amanda, and good morning, everyone.

謝謝你，阿曼達，大家早上好。

Welcome to the NXP Semiconductors Fourth Quarter and Full Year 2018 Earnings Call.

歡迎參加恩智浦半導體 2018 年第四季度和全年財報電話會議。

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

今天與我通話的是：恩智浦首席執行官里克克萊默；恩智浦總裁Kurt Sievers；和我們的首席財務官彼得凱利。

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

如果您尚未獲得我們的收益新聞稿副本，可以在我們公司網站的 nxp.com 投資者關係部分下找到它。

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

此通話正在錄音中，可從我們的公司網站重播。

On our call today, we'll include forward-looking statements that involve risks and uncertainties that can cause NXP's results to differ materially from management's current expectations.

在我們今天的電話會議上，我們將納入涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致恩智浦的業績與管理層當前的預期存在重大差異。

These risks and uncertainties include, but are not limited to, statements regarding the macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products and our expectations for financial results for the first quarter of 2019.

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 2019 年第一季度財務業績的預期的聲明。

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

請注意，恩智浦不承擔公開修改或更新任何前瞻性陳述的義務。

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

有關前瞻性陳述的完整披露，請參閱我們的新聞稿。

Additionally, during our call today, we will make reference to certain non-GAAP financial measures, which will include -- 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 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，我們將參考某些非公認會計原則財務措施，其中包括——排除購買價格會計、重組、基於股票的補償、減值、合併相關成本和其他費用的影響。主要由管理層認為與恩智浦基本核心運營績效沒有直接關係的離散事件驅動。

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our fourth quarter earnings 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，恩智浦在我們的第四季度收益新聞稿中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，該新聞稿將通過表格 6-K 提供給 SEC，並可在 NXP 的網站上獲得投資者關係部分。

Before we begin the call today, I'd like to remind you that beginning January 1, we've shifted our revenue reporting to an end-market view from an operating segment approach.

在我們今天開始電話會議之前，我想提醒您，從 1 月 1 日開始，我們已將收入報告從運營部門的方法轉變為終端市場的觀點。

We believe this change over time will enhance the insight into the drivers of our business relative to the markets in which we operate.

我們相信，隨著時間的推移，這種變化將增強對我們業務相對於我們經營所在市場的驅動因素的洞察力。

The current and historical end market information is available from our Investor Relations website in the historical financial model, which we post every quarter.

當前和歷史終端市場信息可從我們的投資者關係網站以歷史財務模型獲得，我們每季度發布一次。

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

現在我想把電話轉給 Rick。

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

謝謝，傑夫，歡迎大家參加我們的電話會議。

On today's call, I would like to cover 3 major themes: our full year financial performance, our view of the market environment in which we operate and then the specifics around our fourth quarter performance.

在今天的電話會議上，我想介紹 3 個主要主題：我們的全年財務業績、我們對經營所在市場環境的看法以及第四季度業績的具體情況。

Overall, looking at 2018, our revenue was $9.4 billion, an increase of 2% year-on-year.

總體而言，縱觀 2018 年，我們的收入為 94 億美元，同比增長 2%。

The drivers of the full year growth were the automotive and industrial end markets, with flattish trends in mobile following a strong 2017, offset by weaker trends in the communication infrastructure and other end market relating to a decline in our digital networking business.

全年增長的驅動力是汽車和工業終端市場，在 2017 年強勁之後，移動市場的趨勢趨於平緩，但與我們的數字網絡業務下滑相關的通信基礎設施和其他終端市場的疲軟趨勢抵消了這一趨勢。

Turning to the details of the full year.

談到全年的細節。

Automotive revenue was $4.51 billion, up 6% year-on-year.

汽車收入為 45.1 億美元，同比增長 6%。

Highlights include double-digit growth of both our RADAR transceivers and processing solutions for ADAS applications and the growth of i.MX processors used in auto display cluster applications.

亮點包括我們用於 ADAS 應用的雷達收發器和處理解決方案的兩位數增長，以及用於汽車顯示集群應用的 i.MX 處理器的增長。

For the full year, ADAS products were just under 10% of overall automotive revenue, and the expectation is for continued strong growth as automatic braking and other safety features become more widely deployed and mandated.

全年，ADAS 產品僅佔汽車總收入的 10% 以下，隨著自動制動和其他安全功能得到更廣泛的部署和授權，預計將繼續強勁增長。

Industrial and IoT revenue was $1.81 billion, up 6% year-on-year, including high single-digit growth in general purpose MCUs.

工業和物聯網收入為 18.1 億美元，同比增長 6%，包括通用 MCU 的高個位數增長。

Within the portfolio, growth of our 32-bit ARM MCU products were up in the high-teens, driven by the breadth of our power-optimized portfolio and 25,000-plus customer base served through our distribution partners across Industrial and IoT applications.

在產品組合中，我們的 32 位 ARM MCU 產品的增長速度高達十幾倍，這得益於我們的功率優化產品組合的廣度以及通過我們在工業和物聯網應用中的分銷合作夥伴服務的 25,000 多個客戶群。

We also continue to see the acceleration of design wins for our RT crossover processor family announced last year.

我們還繼續看到我們去年宣布的 RT 跨界處理器系列的設計勝利加速。

Mobile revenue in total was $1.16 billion, essentially flat year-on-year, with sales of mobile transaction products up mid-single digits in 2018.

移動總收入為 11.6 億美元，同比基本持平，2018 年移動交易產品銷售額增長中個位數。

In mobile transactions, we continued to be focused on moving the attached rate of mobile wallets down into the future phone market and adding new use cases, including transit and access solutions.

在移動交易方面，我們繼續專注於將移動錢包的附加費率降低到未來的手機市場，並增加新的用例，包括傳輸和訪問解決方案。

Communication infrastructure and other revenue was $1.79 billion, down 4% year-on-year, with increases from early 5G trials during the second half of 2018 more than offset by the continued declines in digital networking.

通信基礎設施和其他收入為 17.9 億美元，同比下降 4%，2018 年下半年早期 5G 試驗的增長被數字網絡的持續下降所抵消。

Before we review Q4, we would like to offer our views on the current demand environment.

在我們回顧第四季度之前，我們想談談我們對當前需求環境的看法。

As we communicated on our third quarter call, we believe the demand environment was cloudy at best.

正如我們在第三季度電話會議上所傳達的那樣，我們認為需求環境充其量是多雲的。

As we progressed into the later part of Q4, we began to see accelerating deterioration in the China market in industrial -- in the China automotive and industrial markets.

隨著我們進入第四季度後期，我們開始看到中國工業市場加速惡化——中國汽車和工業市場。

With respect to automotive, we see weakening domestic demand in China clearly impacting the demand from global OEMs and Tier 1 suppliers.

在汽車方面，我們認為中國國內需求疲軟明顯影響全球原始設備製造商和一級供應商的需求。

Within the broad China industrial market, serviced by our distribution partners, we saw an increased reluctance to place orders due to weak demand from their end customers, which we believe is due to the uncertainty created by the ongoing trade dispute.

在由我們的分銷合作夥伴提供服務的廣闊的中國工業市場中，由於最終客戶的需求疲軟，我們看到越來越不願意下訂單，我們認為這是由於持續的貿易爭端造成的不確定性。

In this broad market, it is extremely difficult to point to one specific set of customers or submarket that is causing the reduced demand.

在這個廣闊的市場中，很難指出導致需求減少的一組特定客戶或子市場。

In the European automotive market, the WLTP emissions testing bottlenecks we highlighted last quarter continues to create headwinds to demand.

在歐洲汽車市場，我們上個季度強調的 WLTP 排放測試瓶頸繼續對需求造成不利影響。

We do not see the testing bottlenecks clearing before the end of Q1.

我們沒有看到測試瓶頸在第一季度末之前消除。

In addition, the lack of progress of how the U.K. will exit the EU has created additional levels of uncertainties in the auto market.

此外，英國將如何退出歐盟缺乏進展給汽車市場帶來了額外的不確定性。

Within the mobile market, we anticipate worsening seasonal trends into the fourth quarter, primarily due to weaker trends in the premium smartphone market and the continued absorption of shipments after the strong launch in India by Reliance in the second half of 2017.

在移動市場中，我們預計到第四季度的季節性趨勢將惡化，這主要是由於高端智能手機市場的疲軟趨勢以及 Reliance 於 2017 年下半年在印度強勢推出後繼續吸收出貨量。

Overall, we do not see the historical leading indicators of an overheated supply chain, including unusual backlog cancellations or outright program cancellations.

總體而言，我們沒有看到供應鏈過熱的歷史領先指標，包括異常積壓取消或徹底取消計劃。

Our distribution channel continues to be in good shape, with channel inventory consistently at 2.4 months, in line with our long-term targets.

我們的分銷渠道繼續保持良好狀態，渠道庫存始終保持在 2.4 個月，符合我們的長期目標。

Unfortunately, we do not have any unique insights to forecast the duration or depth of the slowdown.

不幸的是，我們沒有任何獨特的見解來預測經濟放緩的持續時間或深度。

However, our order rates would indicate that Q2 revenue will be higher than Q1.

但是，我們的訂單率表明第二季度的收入將高於第一季度。

And with most third-party economists continuing to forecast global GDP at a range just under 3%, you would have to believe the second half of 2019 will be stronger than the first half for the semiconductor market.

由於大多數第三方經濟學家繼續預測全球 GDP 將保持在略低於 3% 的範圍內，因此您不得不相信 2019 年下半年半導體市場的表現將強於上半年。

Now I'd like to turn to the specifics of Q4.

現在我想談談第四季度的具體情況。

Total revenue was $2.4 billion, a decline of 2% year-over-year.

總收入為 24 億美元，同比下降 2%。

Our results were modestly better than our guidance for the quarter.

我們的業績略好於我們對本季度的指導。

From an end market perspective, automotive Q4 revenue was $1.11 billion, up 1% year-on-year with ADAS and i.MX, both up double digits.

從終端市場來看，汽車 Q4 收入為 11.1 億美元，同比增長 1%，其中 ADAS 和 i.MX 均增長兩位數。

In industrial and IoT, revenue was $435 million, down 7% year-on-year, primarily reflecting the weaker distribution trends in China, as previously mentioned.

如前所述，在工業和物聯網領域，收入為 4.35 億美元，同比下降 7%，主要反映了中國較弱的分銷趨勢。

In mobile, revenue was $344 million, down 8% year-on-year, primarily due to a tough comparison with the ramp-up of Reliance in the second half of 2017.

在移動領域，收入為 3.44 億美元，同比下降 8%，這主要是由於與 2017 年下半年 Reliance 的增長形成鮮明對比。

However, we did see seasonally strong sequential demand for mobile transaction products in the premium smartphone market.

然而，我們確實看到高端智能手機市場對移動交易產品的季節性強勁需求。

Finally, communications, infrastructure and other revenue was $483 million, up 3% year-on-year, with RF Power solutions up a very strong double-digit, offset by declines in digital networking.

最後，通信、基礎設施和其他收入為 4.83 億美元，同比增長 3%，其中射頻電源解決方案實現了非常強勁的兩位數增長，被數字網絡的下降所抵消。

Now I'd like to pass the call 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, and good morning to everyone on today's call.

謝謝你，瑞克，今天電話會議上的每個人早上好。

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

由於 Rick 已經介紹了本季度收入的驅動因素，我將轉向財務亮點。

In summary, our Q4 overall revenue performance was modestly better than the midpoint of guidance.

總而言之，我們第四季度的整體收入表現略好於指導的中點。

And as it's our year-end, I'll review the full year financial trends and then move on to the results for the fourth quarter.

由於這是我們的年終，我將回顧全年的財務趨勢，然後繼續討論第四季度的結果。

For the full year, revenue was $9.41 billion, up 2% year-on-year.

全年收入為94.1億美元，同比增長2%。

Non-GAAP gross profit was $4.98 billion or 52.9% of revenue.

非美國通用會計準則毛利潤為 49.8 億美元，佔收入的 52.9%。

Non-GAAP operating income was $2.7 billion or 28.7% of revenue, essentially flat year-on-year on a dollar basis as we stepped up R&D investments over the course of the year, while we managed SG&A expenses downwards.

非美國通用會計準則營業收入為 27 億美元，佔收入的 28.7%，與去年同期基本持平，因為我們在這一年中加大了研發投資，同時我們管理的 SG&A 費用也有所下降。

We generated $3.76 billion in free cash flow, which included the one-time termination fee from Qualcomm, and we returned $5.08 billion to our owners through a combination of share buybacks and cash dividends, and we reduced our diluted share count by 15% versus the same period a year ago.

我們產生了 37.6 億美元的自由現金流，其中包括來自高通的一次性終止費，我們通過股票回購和現金分紅相結合的方式向我們的所有者返還了 50.8 億美元，我們將稀釋後的股票數量減少了 15%。一年前的同一時期。

Focusing on the details of fourth quarter.

關注第四季度的細節。

Total revenue was $2.4 billion, down 2% year-on-year, but modestly above the midpoint of guidance.

總收入為 24 億美元，同比下降 2%，但略高於指引中點。

We generated $1.28 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 53.1%, down 110 basis points year-on-year.

我們創造了 12.8 億美元的非美國通用會計準則毛利潤，報告非美國通用會計準則毛利率為 53.1%，同比下降 110 個基點。

Total non-GAAP operating expenses were $543 million, down $25 million year-on-year and a reduction of $20 million from the third quarter.

非美國通用會計準則運營費用總額為 5.43 億美元，同比減少 2500 萬美元，比第三季度減少 2000 萬美元。

This was $8 million better than the midpoint of our guidance.

這比我們指導的中點高出 800 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $731 million and non-GAAP operating margin was 30.4%, down 70 basis points year-on-year, reflecting the previously mentioned items.

從總營業利潤來看，非美國通用會計準則營業利潤為7.31億美元，非美國通用會計準則營業利潤率為30.4%，同比下降70個基點，反映了上述項目。

Interest expense was $60 million, noncontrolling interest was $13 million and cash taxes for ongoing operations were $29 million.

利息支出為 6000 萬美元，非控股權益為 1300 萬美元，持續經營的現金稅為 2900 萬美元。

Stock-based compensation, which is not included in our non-GAAP earnings, was $93 million.

不包括在我們的非公認會計原則收益中的基於股票的薪酬為 9300 萬美元。

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

現在我想談談我們的現金和債務的變化。

Our total debt at the end of the fourth quarter was $7.35 billion, an increase of $1 billion sequentially, as we issued $2 billion of our first investment-grade bonds and simultaneously repaid the $1 billion bridge loan facility.

我們在第四季度末的總債務為 73.5 億美元，比上一季度增加了 10 億美元，因為我們發行了 20 億美元的第一筆投資級債券，同時償還了 10 億美元的過橋貸款。

Cash was $2.79 billion, and net debt was $4.57 billion.

現金為 27.9 億美元，淨債務為 45.7 億美元。

We exited the quarter with a trailing 12-month adjusted EBITDA of approximately $3.15 billion.

本季度末，我們過去 12 個月調整後的 EBITDA 約為 31.5 億美元。

Our ratio of net debt to trailing 12 months adjusted EBITDA at the end of fourth quarter was 1.45x, and our non-GAAP interest coverage was 12x.

截至第四季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 1.45 倍，我們的非 GAAP 利息覆蓋率為 12 倍。

Our liquidity is excellent, and our balance sheet is very strong.

我們的流動性非常好，我們的資產負債表非常強大。

During the month of October, we returned approximately $500 million to shareholders, as we bought 5 million shares for $424 million and paid $74 million in cash dividends.

在 10 月份，我們向股東返還了大約 5 億美元，我們以 4.24 億美元購買了 500 萬股股票並支付了 7400 萬美元的現金股息。

During the quarter, we paid a deemed dividend tax of $142 million.

在本季度，我們支付了 1.42 億美元的視同股息稅。

And as a reminder, this payment does not go through the P&L.

提醒一下，這筆付款不通過損益表。

Turning to working capital metrics.

轉向營運資金指標。

Days of inventory was 102 days, an increase of 2 days sequentially, was slightly down on an absolute dollar basis.

庫存天數為102天，環比增加2天，按絕對美元計算略有下降。

Days receivable were 30 days, a decrease of 2 days sequentially and days payable were 80, an increase of 6 days versus the prior quarter.

應收天數30天，環比減少2天，應付天數80天，比上一季度增加6天。

Taken together, our cash conversion cycle was 52 days, an improvement of 6 days versus the prior quarter.

總而言之，我們的現金轉換週期為 52 天，比上一季度改善了 6 天。

Cash flow from operations was $731 million and net CapEx was $170 million, resulting in free cash flow of $561 million.

運營現金流為 7.31 億美元，資本支出淨額為 1.7 億美元，自由現金流為 5.61 億美元。

Turning now to our expectations for the first quarter.

現在轉向我們對第一季度的預期。

We currently anticipate total revenue will decline in a range of 16% to 10% sequentially, reflecting the weaker demand environment we've discussed.

我們目前預計總收入將環比下降 16% 至 10%，這反映了我們討論過的疲軟需求環境。

At the midpoint of our range, this is a decline of approximately 13% sequentially and 8% versus the same period a year ago of $2.09 billion.

在我們範圍的中點，與去年同期的 20.9 億美元相比，環比下降了約 13%，下降了 8%。

As a reminder, beginning January 1, we made a shift towards reporting our total revenue on an end market approach.

提醒一下，從 1 月 1 日開始，我們轉向以終端市場方法報告總收入。

We have posted the historic data on our website and in our guidance today, we'll follow the new end market definitions.

我們已經在我們的網站上發布了歷史數據，在今天的指導中，我們將遵循新的終端市場定義。

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

在中點，我們預計該業務將出現以下連續趨勢。

Automotive is expected to be down about in the middle -- in the mid-single digit range.

預計汽車將下降大約在中間——在中個位數範圍內。

Industrial and IoT is expected to be down in the low double-digit range on a percentage basis.

工業和物聯網的百分比預計將下降到兩位數的低位。

And mobile is expected to be down in the low 30% range.

移動設備預計將下降 30% 左右。

And finally, communications infrastructure and other is expected to be down in the upper single-digit range.

最後，通信基礎設施和其他預計將在上個位數範圍內下降。

We expect non-GAAP gross margins to be about 52.3%, plus or minus 70 basis points.

我們預計非 GAAP 毛利率約為 52.3%，上下浮動 70 個基點。

Operating expenses are expected to be about $550 million plus or minus $12 million or so.

運營費用預計約為 5.5 億美元，上下浮動 1200 萬美元左右。

Taken together, we see non-GAAP operating margin to be about 26% plus or minus 100 basis points.

綜合來看，我們認為非美國通用會計準則營業利潤率約為 26% 上下 100 個基點。

We anticipate cash tax related to ongoing operations to be about $24 million, and we estimate interest expense to be about $62 million because of the additional debt we added last quarter.

我們預計與持續運營相關的現金稅約為 2400 萬美元，我們估計利息費用約為 6200 萬美元，因為我們在上個季度增加了額外的債務。

Noncontrolling interest will be about $7 million, down about $6 million below our usual number, reflecting our joint ventures -- joint venture partners reduced loadings in SSMC.

非控股權益將約為 700 萬美元，比我們通常的數字低約 600 萬美元，這反映了我們的合資企業——合資夥伴減少了 SSMC 的負荷。

I would like to provide an update on our share repurchase program.

我想提供有關我們股票回購計劃的最新信息。

As previously mentioned, in October of 2018, we bought back 5 million shares at a cost of $424 million.

如前所述，2018 年 10 月，我們以 4.24 億美元的價格回購了 500 萬股股票。

Since December 31 -- so in 2019, we've repurchased an additional 5.9 million shares at a cost of about $481 million under a 10b-5 program.

自 12 月 31 日以來——因此在 2019 年，我們根據 10b-5 計劃以約 4.81 億美元的成本回購了額外的 590 萬股股票。

We suggest that for modeling purposes, you use an average share count for the first quarter of 290 million shares.

我們建議，出於建模目的，您使用第一季度 2.9 億股的平均股數。

Finally, I have several housekeeping comments I'd like to address: one, given our new end market reporting, I would recommend you all review the data we posted.

最後，我有幾點我想發表的意見：第一，鑑於我們新的終端市場報告，我建議大家查看我們發布的數據。

But going forward and beginning in Q1, we will not include revenue from our manufacturing services agreements, which is related to the divestment of assets, such as Standard Products and RF Power a couple of years ago.

但從第一季度開始，我們將不包括製造服務協議的收入，這與幾年前的標準產品和射頻電源等資產的剝離有關。

And as an example, the MSA revenue in the first quarter of '18 was $39 million.

例如，18 年第一季度的 MSA 收入為 3900 萬美元。

And what you'll now see in Q1 guidance is 0, which creates, obviously, about 160 basis points of headwind to our product revenue growth.

你現在在第一季度的指導中看到的是 0，這顯然對我們的產品收入增長造成了大約 160 個基點的阻力。

As Rick pointed out, most economists continue to predict global GDP growing 3% in 2019.

正如里克指出的那樣，大多數經濟學家繼續預測 2019 年全球 GDP 將增長 3%。

So at this point, we would see no reason to not believe our market can't grow 3% to 5% compound annually over the next 3 years and our business reflecting this growth would grow 5% to 7% compound over the same period.

因此，在這一點上，我們認為沒有理由不相信我們的市場在未來 3 年不能以每年 3% 到 5% 的複合增長率增長，而我們反映這種增長的業務將在同一時期以 5% 到 7% 的複合增長率增長。

Clearly, our gross margins have challenged us in Q1, but we still plan to exit fourth quarter 2019 at 55%.

顯然，我們的毛利率在第一季度對我們提出了挑戰，但我們仍計劃在 2019 年第四季度以 55% 的水平退出。

Interest costs for 2019 are anticipated to be about $270 million and that reflects the new debt.

2019 年的利息成本預計約為 2.7 億美元，這反映了新債務。

We continue to believe our cash tax rate related to ongoing operations for 2019 should be about 5%, and we expect CapEx for 2019 to be in the range of 6% to 7%.

我們仍然認為與 2019 年持續運營相關的現金稅率應約為 5%，我們預計 2019 年的資本支出將在 6% 至 7% 的範圍內。

I'd like now to turn it back to the operator for questions for Rick and I and, of course, Kurt.

我現在想把它轉回給接線員，為 Rick 和我，當然還有 Kurt 提問。

(Operator Instructions) Our first question is from the line of John Pitzer of Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 John Pitzer。

Rick, I guess, my first question is just can you talk a little bit about the expected inventory trends as you go through the March quarter, both on your own balance sheet but I guess, more importantly, in distribution.

里克，我想，我的第一個問題是，您能否在您自己的資產負債表上談一談三月季度的預期庫存趨勢，但我想，更重要的是，在分銷方面。

When you look at your rev guide for Q1, do you think that, that represents kind of undershipping end demand?

當您查看第一季度的修訂指南時，您認為這是否代表了最終需求不足？

And is there any meaningful difference on what's going on with inventory by geo?

對於按地理位置劃分的庫存情況，是否存在任何有意義的差異？

Well, I think, John, as we talked about, if you look at our automotive business, the bulk of that, that's outside of China is actually on a vendor-managed inventory.

好吧，我認為，約翰，正如我們所談到的，如果你看看我們的汽車業務，其中大部分是在中國以外的，實際上是供應商管理的庫存。

So we actually only ship it to the customer when they're actually using it in production.

所以我們實際上只在客戶實際在生產中使用它時才將其運送給客戶。

In the case of China, it's not quite as refined yet, so most of the shipments we have for the automotive market in China do go through our distribution partners.

就中國而言，它還沒有那麼精緻，所以我們為中國汽車市場提供的大部分貨物都通過我們的分銷合作夥伴。

As we talked about, our total distribution inventory is at 2.4 months.

正如我們所說，我們的總分銷庫存為 2.4 個月。

And our target is to maintain that at around 2.5 months plus or minus a half.

我們的目標是將其維持在 2.5 個月左右。

So clearly, the guidance we have would be dependent upon our anticipation of what we believe the POS to be for Q1 with the reduced inventories that would go associated with that.

很明顯，我們的指導將取決於我們對我們認為第一季度的 POS 以及與之相關的庫存減少的預期。

I think we're in a very unusual environment where the U.S. is okay.

我認為我們處於一個非常不尋常的環境中，美國還可以。

Europe is basically okay and maybe not quite as robust as it was in Q3, but China is just kind of locked down.

歐洲基本上還好，可能不像第三季度那麼強勁，但中國祇是有點被封鎖了。

It's in the quagmire.

它在泥潭中。

Our distribution partners' customers are not placing orders and not taking inventory because of their uncertainty about what's going to happen in the trade war.

我們的分銷合作夥伴的客戶沒有下訂單，也沒有盤點，因為他們不確定貿易戰會發生什麼。

And as long as we see this uncertainty on the trade war, there'll continue to be at reluctance by them to place orders and take inventory.

只要我們看到貿易戰的這種不確定性，他們就會繼續不願下訂單和盤點。

Now if you believe that the full year's GDP growth is going to be 3% or just under, then clearly that can't continue.

現在，如果您認為全年的 GDP 增長將是 3% 或略低於 3%，那麼顯然這種情況無法持續。

So if that's the case, then we'll see a significant rebound in the second half of the year.

因此，如果是這樣的話，那麼我們將在下半年看到顯著的反彈。

And as we said, our orders right now would indicate that Q2 will be higher than Q1.

正如我們所說，我們現在的訂單表明第二季度將高於第一季度。

So I would say that we see an improved environment, but we're still going through the shipments in Q1, and we'll have the distribution inventory reduced associated with those reduced shipments in Q1.

所以我想說我們看到了一個改善的環境，但我們仍在經歷第一季度的出貨量，我們將減少與第一季度出貨量減少相關的分銷庫存。

And on our internal inventory, John, I think I said last time, I want to get it down to 95 days.

關於我們的內部庫存，約翰，我想我上次說過，我想把它縮短到 95 天。

And we're putting a lot of pressure on the organization to do that.

我們給組織施加了很大的壓力來做到這一點。

Clearly, Q1 is a difficult quarter to do because it tends to be a low quarter.

顯然，第一季度是一個難以完成的季度，因為它往往是一個低季度。

But I have a lot of confidence we'll get there, and we're certainly not going to allow our inventory to grow on a dollar basis.

但我很有信心我們會到達那裡，而且我們肯定不會讓我們的庫存以美元為基礎增長。

That's helpful.

這很有幫助。

And as my follow-up, just on the auto trends in Q1 and then throughout calendar year '19, clearly, auto is outperforming the midpoint of the overall guidance.

作為我的後續行動，僅就第一季度和整個 19 日曆年的汽車趨勢而言，顯然，汽車的表現優於整體指導的中點。

Does that, in your view, reflect just kind of you keeping up with the market or there are company specific drivers that you see kicking in in Q1 that are helping you outperform the overall market?

在您看來，這是否反映了您跟上市場的步伐，還是您看到第一季度出現的公司特定驅動因素正在幫助您超越整體市場？

And how does the company's specific stuff trend throughout calendar year '19?

公司的特定產品在 19 日曆年的趨勢如何？

Well, I think on the company's specific, I'll let Kurt comment on it in just a second, but I think we believe that on the ADAS, specifically in RADAR, that will continue to ramp through the year.

好吧，我認為關於公司的具體情況，我會讓 Kurt 在一秒鐘內發表評論，但我認為我們相信在 ADAS 上，特別是在 RADAR 上，這一年將繼續增長。

But Q1, it's -- we've been shipping it.

但是第一季度，它是 - 我們一直在運送它。

It's just under 10% of automotive revenue for full year '18.

這僅佔 18 年全年汽車收入的 10% 以下。

And so that will be -- we'll continue to see that more robust than the rest of the automotive market and that will continue to ramp through the years, specifically in automotive.

所以這將是 - 我們將繼續看到它比汽車市場的其他部分更加強勁，並且這些年將繼續增長，特別是在汽車領域。

Yes, Rick, so I -- absolutely, it's on the -- as we had discussed earlier, the ADAS being now just below 10% of the total order revenue is a strong content story.

是的，Rick，所以我——絕對是——正如我們之前討論的那樣，ADAS 現在僅佔總訂單收入的 10% 以下，這是一個強大的內容故事。

In the current environment, we don't see that disturbing the trend.

在當前環境下，我們認為這不會擾亂趨勢。

So we clearly see that the, say, 25% to 30% growth rate of that part of the business is fully intact, also, in the current environment.

因此，我們清楚地看到，這部分業務的 25% 到 30% 的增長率在當前環境下也完全完好無損。

While other parts of the business, obviously, are much closer tied to the SAAR, which has been more suffering from the Q1 environment.

顯然，業務的其他部分與 SAAR 的聯繫更加緊密，後者在第一季度的環境中受到了更大的影響。

Another one, which we -- and Rick was speaking about it earlier, which does clearly outgrow from a content perspective is our i.MX application processor business, which goes into the digital clusters.

另一個，我們和 Rick 之前談到的，從內容的角度來看，它顯然已經超出了我們的 i.MX 應用處理器業務，它進入了數字集群。

So there is a continued strong trend of adoption of digital-to-cluster solutions where we have a very strong leading solution with our i.MX applications processors.

因此，採用數字到集群解決方案的趨勢持續強勁，我們的 i.MX 應用處理器擁有非常強大的領先解決方案。

So those 2, I'd say, clearly, are content driven also through a weaker market environment.

因此，我想說，很明顯，這兩個是內容驅動的，也是通過疲軟的市場環境驅動的。

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

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

I wanted to ask about the gross margin guide.

我想問一下毛利率指南。

You're still holding the 55% at the end of the year.

到年底，你仍然持有 55% 的股份。

What revenue level is required to hit that?

達到這個目標需要什麼收入水平？

And can you give us some idea of the gross margin drivers that drive your trajectory from the Q1 point through Q4 exiting the year to get there?

您能否給我們一些關於毛利率驅動因素的想法，這些驅動因素推動您從第一季度到第四季度退出當年到達那裡的軌跡？

Yes.

是的。

Sure, Stacy.

當然，斯泰西。

I, obviously, anticipated that we'd get a lot of questions around this.

顯然，我預計我們會收到很多關於此的問題。

I think if you go from Q4 '18 to Q4 '19, so flat revenue.

我認為，如果您從 18 年第四季度到 19 年第四季度，那麼收入就會持平。

To get from 53.1% to 55%, several things.

從 53.1% 到 55%，有幾件事。

First of all, we have annual price reductions.

首先，我們每年都有降價。

So that gives us about an 80 basis point headwind.

因此，這給我們帶來了大約 80 個基點的逆風。

Mix has a little bit of a benefit in what we're planning right now, probably about 60 basis points.

混合對我們現在的計劃有一點好處，大概是 60 個基點。

Operationally, I've got about 200 basis points of performance locked in to get to the 55%.

在操作上，我已經鎖定了大約 200 個基點的性能以達到 55%。

So that's about 130 basis points in input pricing, which we've got identified and about 60 basis points in factory efficiency, which we've got identified.

因此，我們已經確定了投入定價的大約 130 個基點，以及我們已經確定的工廠效率的大約 60 個基點。

Now to be honest, on those -- on that last one in particular, the factory efficiencies, I'd like to see that improve actually.

現在老實說，關於那些——特別是最後一個，工廠效率，我希望看到它實際上有所提高。

But I said it last time, I don't think we need volume or revenue increase of our Q4 '18 number to get to 55%.

但我上次說過，我認為我們不需要將 18 年第四季度的數量或收入增長到 55%。

And I think we've got it pretty well identified now.

我認為我們現在已經很好地識別了它。

And that can do better, I'll do better, but there is always things that have the potential to offset some of the other potential goodies we could see.

這可以做得更好，我會做得更好，但總有一些東西有可能抵消我們可以看到的其他一些潛在好處。

I'm feeling pretty comfortable about it still.

我仍然對此感到很自在。

Got it.

知道了。

For my follow-up, I wanted to ask about buybacks.

對於我的後續行動，我想詢問關於回購的問題。

I know you've been buying back more incremental amounts lately.

我知道你最近一直在回購更多的增量金額。

I think you had said that you needed to hold a shareholder meeting to authorize like a -- further like large repurchase amounts.

我認為您曾說過您需要召開股東大會來授權像 - 進一步像大額回購金額。

Why have we not seen that shareholder meeting?

為什麼我們沒有看到那個股東大會？

Is it going to happen soon?

它會很快發生嗎？

And how much of the existing authorization of the buyback remains?

現有的回購授權還有多少？

Well, I can still -- yes, there is a kind of technical thing in the Netherlands where, basically, you get an authorization to buy back up to 20% of your stock.

好吧，我仍然可以 - 是的，在荷蘭有一種技術性的東西，基本上，你獲得了回購最多 20% 股票的授權。

And typically, people don't buy back 20% of their stock, but we're getting close to it.

通常，人們不會回購 20% 的股票，但我們已經接近了。

The reason we've not asked for that meeting yet is that I can still buy back about -- I think about 14 million shares, which is 1 -- at least of our current prices, $1.5 billion or so.

我們還沒有要求召開那次會議的原因是，我仍然可以回購大約 1400 萬股，這是 1 股，至少是我們當前價格的 15 億美元左右。

So as soon as I use all that, I'll go and request the meeting, but either way, our next annual general meeting is on -- Rick will probably correct me, is in May or June.

因此，一旦我使用了所有這些，我就會去請求開會，但無論如何，我們的下一次年度股東大會即將召開——Rick 可能會糾正我，是在 5 月或 6 月。

And we'd get it topped up to 20% on that.

我們會在上面加滿 20%。

But the simple answer is, I have the capacity to still buy an additional 1.5 billion.

但簡單的回答是，我還有能力再買15億。

So I don't need the approval right now.

所以我現在不需要批准。

Our next question is from the line of William Stein of SunTrust.

我們的下一個問題來自 SunTrust 的 William Stein。

Just one more quick one on the buyback.

回購時再快速一次。

Peter, you said -- I think you've said either at the Analyst Day or the last call that you anticipated spending approximately $3 billion from Q4 '18 through the full year '19, is that still the plan?

彼得，你說——我想你在分析師日或最後一次電話會議上說過，你預計從 18 年第四季度到 19 年全年將花費大約 30 億美元，這仍然是計劃嗎？

Yes.

是的。

We said we would return, and I said this for many years, all excess cash to shareholders.

我們說我們會回來，我說了很多年，所有多餘的現金都給股東。

So if we do the math, obviously, yes, we now include our dividend and -- but yes, it'd be roughly that number.

因此，如果我們進行數學計算，顯然，是的，我們現在包括我們的股息 - 但是是的，大概就是這個數字。

Okay.

好的。

And then, I guess, I'd like to turn to 5G.

然後，我想，我想轉向 5G。

Rick, last quarter, I think you expressed some skepticism about the near-term strength in that market owing to your customer's sort of design approach and expressed an expectation that there might be some change in that, that would accelerate demand.

瑞克，上個季度，我認為您對該市場的近期實力表示懷疑，因為您的客戶採用了某種設計方法，並表示期望這方面可能會發生一些變化，這將加速需求。

Can you update us on your view in that market in the quarter and as we progress through '19?

您能否在本季度以及我們在 19 年取得進展時更新我們對該市場的看法？

Yes.

是的。

So thanks, Will.

所以謝謝，威爾。

So I think 5G is still pretty fluid right now.

所以我認為5G現在仍然很流暢。

I think one of the major U.S. carriers actually announced that they were going to delay some of their deployments on the CPE with the last mile because they didn't believe the architecture was ready for prime time, a little bit like we talked about on our last earnings call.

我認為美國主要運營商之一實際上宣布他們將在最後一英里推遲他們在 CPE 上的一些部署，因為他們不相信架構已經準備好迎接黃金時段，有點像我們在我們的最後一次財報電話會議。

So I think it kind of confirmed our view associated with that.

所以我認為這有點證實了我們與此相關的觀點。

We anticipate that there is not really going to be the 5G availability by reasonable cost architecture that's not driven by FPGAs until late in '19.

我們預計，直到 19 年末才由 FPGA 驅動的合理成本架構不會真正實現 5G。

So we would not see a huge ramp-up of that CPE or last mile for 5G into late '19.

因此，到 19 年末，我們不會看到 CPE 或 5G 的最後一英里的大幅增長。

I think in the meantime, in preparation for 5G mobility, the infrastructure investments are ongoing, and we see a very solid demand, a very solid increasing demand that, frankly, we're struggling a little bit to get in position to be able to fulfill all the requirements.

我認為與此同時，為準備 5G 移動性，基礎設施投資正在進行中，我們看到了非常穩固的需求，非常穩固的不斷增長的需求，坦率地說，我們正在努力爭取能夠做到滿足所有要求。

So it is kind of the tale of 2 pieces.

所以這是一種2件的故事。

When you look at the infrastructure side, we do see that really beginning to ramp now, but when we see the deployment of more for the last mile, we think that, that will be later in the year before really the architecture will be cost-effective to be able to support a significant ramp.

當您查看基礎架構方面時，我們確實看到現在確實開始增加，但是當我們看到在最後一英里部署更多時，我們認為，那將是在今年晚些時候架構將真正成為成本-有效地能夠支持一個重要的斜坡。

In that last comment, you're talking about massive MIMO and your power amps, is that the business you're referring to?

在最後一條評論中，您說的是大規模 MIMO 和您的功率放大器，您指的是業務嗎？

Yes.

是的。

That's what we see today, is we see for the infrastructure deployment, massive MIMO as well as the deployment for base stations to get prepared for the 5G rollout actually beginning to be -- receive orders for it today.

這就是我們今天看到的，我們看到的是基礎設施部署、大規模 MIMO 以及基站部署，為 5G 的推出做好準備——今天就收到訂單。

Sorry.

對不起。

Just before the next question, I'll need to correct something.

就在下一個問題之前，我需要糾正一些事情。

Stacy, I have 10 million shares capacity left, not 15 million.

史黛西，我還有 1000 萬股容量，而不是 1500 萬股。

So I could only buyback $1.1 billion, $1.2 billion before I have to go back to the shareholders.

所以我只能回購 11 億美元，12 億美元，然後我必須回到股東那裡。

But again, I don't think that's an issue and it's an easy thing to do should we need it.

但同樣，我不認為這是一個問題，如果我們需要它是一件容易的事。

Our next question comes from the line of Vivek Arya of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

Rick, from a high-level perspective, do you think NXP is more exposed to China versus your peers?

Rick，從高層的角度來看，您認為恩智浦與您的同行相比，更容易接觸到中國嗎？

Or you are perhaps seeing more of this downturn?

或者您可能會看到更多這種低迷？

And if there is a trade resolution, perhaps you also see a somewhat better recovery.

如果有貿易解決方案，也許你也會看到更好的複蘇。

And as part of that, I think you mentioned some optimism around Q2 being better.

作為其中的一部分，我認為你提到了一些關於第二季度會更好的樂觀情緒。

Was hoping you could give us some color on which end markets are starting to stabilize and which remain weaker?

希望您能給我們一些顏色，了解哪些終端市場開始穩定，哪些仍然疲軟？

I know it's pretty early, and data is limited.

我知道現在還很早，而且數據有限。

So I guess, relative to China, I think we're -- China represents a significant portion of our business.

所以我想，相對於中國，我認為我們 - 中國代表了我們業務的重要組成部分。

If you look at what we see, we see that the end market in China from a distribution viewpoint for the industrial side is kind of continuing to be somewhat on hold or in a gray area.

如果您看一下我們所看到的，我們會發現，從工業方面的分銷角度來看，中國的終端市場有點繼續處於停滯狀態或處於灰色地帶。

I think what we talked about that gives us confidence for Q2 is the order rate that we see for the last few weeks coming in actually really gives us the confidence that Q2 will be in excess or larger than Q1.

我認為我們談論的讓我們對第二季度充滿信心的是，我們在過去幾週看到的訂單率實際上確實讓我們相信第二季度將超過或大於第一季度。

I do think that China is somewhat of a contributor.

我確實認為中國是一個貢獻者。

But I think, obviously, there was a hard shift, a hard reset by a number of our customers, specifically in automotive, but also with our industrial and IoT customers in China.

但我認為，很明顯，我們的一些客戶，特別是汽車客戶，以及我們在中國的工業和物聯網客戶，都經歷了一次艱難的轉變，一次艱難的重置。

As we see that taking place, as long as the world's GDP continues to be relatively healthy, then I think we're very confident we'll work our way out of that.

正如我們所看到的那樣，只要世界的 GDP 繼續保持相對健康，那麼我認為我們非常有信心我們會努力擺脫困境。

But the increased orders that we're seeing over the last few weeks really gives us that ability to have the confidence to be able to say that on this call.

但是我們在過去幾週看到的訂單增加確實讓我們有能力在這次電話會議上說出來。

And then relative to the second half of the year, it all gets down to what your belief is on the world's GDP.

然後相對於今年下半年，這一切都歸結為你對世界GDP的看法。

So as long as you believe it's going to be close to 3%, then we clearly believe that the second half of 2019 will be better than the first half.

所以只要你相信它會接近 3%，那麼我們顯然相信 2019 年下半年會好於上半年。

I think, Vivek, our exposure to China is -- complicates things for us slightly in the sense that we know what we ship in.

我認為，Vivek，我們與中國的接觸對我們來說有點複雜，因為我們知道我們在哪裡發貨。

And the supply chain in China is, certainly, more opaque than what you'd see in Western Europe or the U.S. So it feels to us like we do get moved about in terms of what's going on in the supply chain over there, but once we ship it in, you don't know when it comes out.

當然，中國的供應鏈比你在西歐或美國看到的更不透明。所以對我們來說，就那裡的供應鏈中發生的事情而言，我們確實感到不安，但有一次我們發貨，你不知道它什麼時候出來。

Our -- we ship auto product in there that some of it will be for domestic, some of it will be for global.

我們的 - 我們在那裡運送汽車產品，其中一些將用於國內，一些將用於全球。

Our industrial products we assembled into devices that get shipped all over the world.

我們將工業產品組裝成設備，然後運往世界各地。

And it works both ways actually.

它實際上是雙向的。

It's -- even some of the shift to in Europe and the U.S. ends up in the end market of China.

這是——甚至一些向歐洲和美國的轉移最終進入了中國的終端市場。

So we don't have 100% traceability, which shipments are really down to the market itself in China.

所以我們沒有 100% 的可追溯性，哪些出貨量真正取決於中國市場本身。

Both outside of China shipments could end up in China.

中國境外的兩批貨物最終都可能運往中國。

Some of the into-China shipments could be tied to end markets outside of China.

一些進入中國的出貨量可能與中國以外的終端市場有關。

So that's why it's really a bit hard to say what exactly that exposure is.

所以這就是為什麼很難說究竟是什麼曝光。

Jeff, what was our -- do you have our 2018 shipping number?

傑夫，我們的 - 你有我們 2018 年的發貨編號嗎？

Was it 20?

是20嗎？

Just about 20-some-odd percent into China.

只有大約 20% 左右進入中國。

Yes.

是的。

20, high 20.

20，高20。

No, 30%.

不，30%。

It was 27%.

為 27%。

27%.

27%。

I think it seems like 27%, 28% in terms of shipping for 2018.

我認為 2018 年的出貨量似乎是 27%、28%。

Got it.

知道了。

And for my follow-up back on the automotive business, so it grew about 6% you mentioned for the full year.

對於我對汽車業務的後續跟進，你提到的全年增長了約 6%。

It was growing at, obviously, a higher base until Q3.

顯然，直到第三季度，它的基數都在更高的基礎上增長。

How would you characterize the market share environment in your traditional market?

您如何描述傳統市場中的市場份額環境？

And let's say, if this year, we are in a situation where the automotive industry has negative units down 3%, 4%, do you still think your automotive business can grow in that environment that some of the new initiatives, Rick, that you mentioned in Battle Management Systems and RADAR and other areas, can they grow enough to -- from a content perspective to help you do better than the unit environment?

假設今年，我們處於汽車行業負單位下降 3%、4% 的情況下，您是否仍然認為您的汽車業務可以在這樣的環境中增長，瑞克，您在戰鬥管理系統和雷達和其他領域中提到，它們能否成長到足以——從內容的角度來幫助你做得比單位環境更好？

So let me -- this is Kurt.

所以讓我 - 這是庫爾特。

Let me try and capture the pieces of your question.

讓我試著捕捉你的問題。

So firstly, on the SAAR environment for 2019, we do see external sources forecasting somewhere between plus 1% and minus 1%.

因此，首先，在 2019 年的 SAAR 環境中，我們確實看到外部消息來源預測介於正 1% 和負 1% 之間。

So a big data point which we typically look at is actually IHF, which talks about plus 1% SAAR growth for '19, but also some people are more negative like minus 1%.

所以我們通常看的一個大數據點實際上是 IHF，它談到 19 年 SAAR 增長 1%，但也有些人更負面，比如負 1%。

So we think it's going to be somewhere in that range.

所以我們認為它會在這個範圍內的某個地方。

2018, however, was actually a negative SAAR, reported at minus 2%.

然而，2018 年實際上是負的 SAAR，報告為負 2%。

So in that environment, we did grow 6%, as you said.

因此，正如您所說，在那種環境下，我們確實增長了 6%。

So, obviously, the content growth story did play out the way we were speaking about it earlier.

所以，很明顯，內容增長的故事確實像我們之前所說的那樣上演了。

And in that regard, yes, we do think that also for 2019, that theme is intact.

在這方面，是的，我們確實認為，對於 2019 年，這個主題也是完整的。

I talked earlier about ADAS as a large contributor, being pretty independent of the SAAR, but also the i.MX cluster applications helping in that respect.

我之前談到 ADAS 是一個很大的貢獻者，它完全獨立於 SAAR，而且 i.MX 集群應用程序在這方面也有幫助。

So in the SAAR environment, which is maybe around the zero unit growth in '19, we do think indeed that our content growth story does help us to outgrow the SAAR continuously.

因此，在 SAAR 環境中，可能在 19 年的零單位增長附近，我們確實認為我們的內容增長故事確實幫助我們不斷超越 SAAR。

Hey, Vivek, it's Jeff.

嘿，維維克，我是傑夫。

I'd just like to also clarify, I looked at the wrong number.

我也想澄清一下，我看錯了號碼。

Our ship to for China is 30 -- high 30% range.

我們的船到中國是 30 - 高 30% 的範圍。

Apologies.

道歉。

Our next question is from the line of Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

I want to go back to the disty side of things and maybe ask the revenue visibility in a different way.

我想回到事情的最糟糕的一面，也許以不同的方式詢問收入的可見性。

Can you just talk about what you're seeing on the disty versus the OEM side?

你能談談你在 disty 和 OEM 方面看到的東西嗎？

And maybe, specifically, in your first quarter guide is a bit down 13% sequentially, how the OEM versus disty side differs either in aggregate or if the disty side is worse given your commentary in China?

也許，具體來說，在您的第一季度指南中環比下降了 13%，OEM 與 disty 方面的總體差異如何，或者根據您在中國的評論，如果 disty 方面更糟？

Is that really localized to the Industrial market or any of the various end markets that your new segments define?

這是否真的局限於工業市場或您的新細分市場定義的任何終端市場？

Well, clearly, Ross, when we talk about the market in China on the industrial, a significant chunk of that, somewhere around 3/4 or 80% of that, is served through the distribution channel.

好吧，很明顯，羅斯，當我們談到中國的工業市場時，其中很大一部分，大約 3/4 或 80% 左右，是通過分銷渠道提供的。

And that's really the area of significant weakness that we see, combined with automotive.

這確實是我們看到的重大弱點領域，與汽車相結合。

So in the case of automotive, it's probably somewhere between 1/4 and 1/3 of our total business goes through the channel, primarily for shipments into China.

因此，就汽車而言，我們總業務的 1/4 到 1/3 可能是通過該渠道進行的，主要用於向中國發貨。

The rest of it is pulled from vendor managed inventory where we have seen declines.

其餘部分來自供應商管理的庫存，我們看到這些庫存有所下降。

We talked about it in Q4, I mean, in our Q4 call for Q3 results that we've seen a decline in auto production in Europe for the CO2 testing and we see that continue through Q1.

我們在第四季度談到了這個問題，我的意思是，在我們對第三季度結果的第四季度呼籲中，我們看到歐洲的二氧化碳測試汽車產量有所下降，我們看到這種情況一直持續到第一季度。

So there is -- continues to be an impact of that.

所以有 - 繼續產生影響。

And then there is also the uncertainty of Brexit and the auto industry has a lot of parts moving from Europe to the U.K. and vice versa.

然後還有英國退歐的不確定性，汽車行業有很多零件從歐洲轉移到英國，反之亦然。

And so that's created some concern with the lack of clarifications on what's going to happen on Brexit as well.

因此，由於缺乏對英國退歐將會發生什麼的澄清，這引起了一些擔憂。

But I do think, really, the key area that we see the weakness is really China...

但我確實認為，真的，我們看到弱點的關鍵領域真的是中國......

Yes, and I think, Ross, your question was indeed then for China, disty versus direct, clearly that weakness in China expresses itself in the distribution channel for us, and that's both for industrial as well as automotive.

是的，我認為，羅斯，你的問題當時確實是針對中國的，無論是直接還是直接，顯然中國的弱點表現在我們的分銷渠道上，工業和汽車都是如此。

Got it.

知道了。

As my follow-up question, Peter, you did a great job of walking us through on your expectations for the full year on the gross margin side with a lot of helpful detail.

作為我的後續問題，彼得，您在毛利率方面做得很好，並提供了很多有用的細節，讓我們了解了您對全年的預期。

I want to switch over to the operating margin side, and specifically, the OpEx side.

我想切換到運營利潤率方面，特別是運營支出方面。

Given that revenues are weaker than expected, what's your plan as far as how OpEx spend might trend directionally throughout the year?

鑑於收入低於預期，就全年運營支出的方向性趨勢而言，您的計劃是什麼？

Are you tightening things down, given the revenue level?

考慮到收入水平，您是否正在收緊？

Are you investing more for growth?

您是否為增長投資更多？

Any sort of changes in your strategy from the last time we spoke?

自我們上次談話以來，你的策略有什麼變化嗎？

Well -- I mean, you can see in our Q4 actuals on our Q1 guide, we're definitely keeping a lid on things at the moment, so -- but it's -- we're not taking out any programs.

嗯 - 我的意思是，你可以在我們的 Q1 指南的 Q4 實際數據中看到，我們目前肯定會控制事情，所以 - 但它是 - 我們沒有採取任何計劃。

We're managing travel, not replacing electricians straightaway, trying to push out various expenses.

我們正在管理旅行，而不是直接更換電工，試圖推出各種費用。

So all that, kind of things you'd normally do.

所以所有這些，你通常會做的事情。

On a more long-term basis, so into '19 and '20, I'll go back to a percent of revenue.

在更長期的基礎上，到 19 和 20 年，我將回到收入的百分比。

So we want to run R&D about 16% of revenue.

因此，我們希望將收入的 16% 用於研發。

We'd like to run SG&A about 7.5%.

我們希望運行 SG&A 約 7.5%。

And so going forward, we'd see, over the next 3 years, R&D run about 16% and ultimately, getting SG&A down to about 7%.

所以展望未來，我們會看到，在接下來的 3 年裡，研發運行約 16%，最終將 SG&A 降至約 7%。

It is important to say, Ross, we are definitely taking actions in the near term to significantly control our cost.

重要的是，羅斯，我們肯定會在短期內採取行動來顯著控制我們的成本。

We're adjusting people levels relative to that.

我們正在相應地調整人員水平。

As Peter said, we're not really stopping any programs, but we clearly are not replacing attrition in some cases.

正如彼得所說，我們並沒有真正停止任何項目，但我們顯然不會在某些情況下取代減員。

Performance improvement, so we work to actually use this to move low performers, eventually, out of the company to strengthen the organization.

績效改進，因此我們努力實際使用它來將表現不佳的人最終從公司轉移出來以加強組織。

So all of that helps the cost levels.

因此，所有這些都有助於降低成本水平。

I think you can see -- you've seen, historically, from us, and I think it was a clear indication in Q3, Q4 and Q1 that we will manage our OpEx, and we know how to do that.

我想你可以看到——從歷史上看，你已經從我們那裡看到了，我認為在第三季度、第四季度和第一季度清楚地表明我們將管理我們的運營支出，我們知道如何做到這一點。

Our next question comes from the line of Matt Ramsey of Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsey。

I wanted to ask about, I guess, 2 of the smaller segments of the business.

我想問一下業務的兩個較小部分。

I think one growing really strongly and the other one on decline.

我認為一個增長非常強勁，另一個在下降。

I think you guys mentioned that 32-bit MCU programs in aggregate were up on the order of high-teens.

我想你們提到了 32 位 MCU 程序總體上是十幾歲的數量級。

Maybe you could give us sort of an update about how big that is in the overall mix and the trends you see there, relative to demand and sort of distribution levels?

也許您可以向我們提供有關總體組合有多大以及您在那裡看到的趨勢（相對於需求和分佈水平）的最新信息？

And then on the flip side, you've been very clear about how you're going to manage the decline sort of directionally of the digital networking business, but maybe just talk to us about where that business is run rating now, so we can sort of, I guess, calibrate models going forward?

然後另一方面，你已經非常清楚你將如何管理數字網絡業務的方向性下降，但也許只是和我們談談該業務現在的運行評級，所以我們可以有點，我猜，校準模型前進？

Yes, sure.

是的，當然。

On the 32-bit ARM, we don't talk about the specifics associated with it, but it's the biggest chunk of our industrial and IoT business.

在 32 位 ARM 上，我們不討論與之相關的細節，但它是我們工業和物聯網業務的最大組成部分。

And so that really gives us the benefits of [working] at that from a growth.

所以這真的給了我們從增長中[工作]的好處。

The one area that we're seeing really strong design wins on is our new crossover product that we announced really about a year ago, the so-called RT family, which takes the processing capability of our i.MX family down to a cost of micros on specific applications like visual or air detection or audio.

我們看到真正強大的設計獲勝的一個領域是我們大約一年前宣布的新跨界產品，即所謂的 RT 系列，它將 i.MX 系列的處理能力降低到成本micros 在特定應用上，如視覺或空氣檢測或音頻。

So that's really a significant factor for us in driving that growth, and we continue to see that accelerate with design wins.

所以這對我們來說是推動增長的一個重要因素，我們繼續看到隨著設計的勝利而加速。

So that puts us in a really unique and positive position for the 2019 outlook.

因此，這使我們對 2019 年的前景處於一個非常獨特和積極的位置。

And we're kind of uniquely positioned where there is not a lot of competition in that space.

而且我們在這個領域沒有太多競爭的地方處於獨特的位置。

Most of our competitors in i.MX don't participate in micros and vice versa, the same thing with the micro.

我們在 i.MX 中的大多數競爭對手都不參與 micros，反之亦然，micro 也是如此。

So we're kind of in the sweet spot where it gives us the ability to really drive that and participate in it.

因此，我們處於最佳狀態，它使我們能夠真正推動並參與其中。

On the digital networking business, that business is kind of stabilized.

在數字網絡業務方面，該業務已趨於穩定。

It's declined through 2018 and kind of stabilized.

它在 2018 年有所下降並趨於穩定。

It's just over $100 million a quarter or so.

每個季度大約只有 1 億多美元。

There are some opportunities for growth, with design wins we won over the last year or so as we see those finally begin to ramp.

有一些增長機會，我們在去年左右贏得了設計勝利，因為我們看到這些最終開始增加。

And the PowerPC legacy business is not continuing to decline as much as it has in the past.

PowerPC 的傳統業務並沒有像過去那樣繼續下滑。

So I think we've gotten to more of a stable level there and with some of the applications that we see, there are some opportunities for growth later in the year an 2020 that we'll see how they materialize.

因此，我認為我們已經達到了更穩定的水平，並且通過我們看到的一些應用程序，在今年晚些時候和 2020 年有一些增長機會，我們將看到它們如何實現。

Our next question is from the line of Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just one on auto.

只有一個在汽車上。

Just trying to better understand the trends there.

只是想更好地了解那裡的趨勢。

You obviously called out 2 segments in double-digit growth.

您顯然在兩位數增長中提到了 2 個細分市場。

Just curious, obviously, your orders are slower.

只是好奇，很明顯，你的訂單比較慢。

Just kind of curious, are there any segments that are providing a headwind above and beyond what we're seeing from just the overall environment?

有點好奇，是否有任何部分提供了超出我們從整體環境中看到的逆風？

And then in just 5G, I wanted to understand that was a big boost, it kind of surprised people end of '18, it seems like you're saying things may take a little bit of a pause, but I just wanted to understand what your expectations are for the RF business in kind of the first half of the year?

然後在 5G 中，我想明白這是一個很大的推動，這讓 18 年末的人們有點驚訝，好像你在說事情可能需要一點停頓，但我只是想了解什麼您對上半年射頻業務的期望是什麼？

Yes.

是的。

Let me take the RF business first and then I'll let Kurt to comment on automotive.

讓我先談談射頻業務，然後再讓庫爾特評論汽車。

So on RF, we are seeing demand ramp for the massive MIMO and 5G infrastructure.

因此，在射頻方面，我們看到對大規模 MIMO 和 5G 基礎設施的需求激增。

And we're frankly struggling here on a near-term basis in being able to meet all the requirements from our customers.

坦率地說，我們在短期內正在努力滿足客戶的所有要求。

So we are seeing a ramp and that's being a significant contributor -- positive contributor versus overall environmental issues that we see in the other businesses.

因此，我們看到了一個斜坡，這是一個重要的貢獻者——與我們在其他業務中看到的整體環境問題相比，這是一個積極的貢獻者。

So we think we're in a unique position with our massive MIMO product and have gotten really very positive feedback from customers and our requirement to be able to actually see if we can build more for them than what they'd originally anticipated as we go into the near term.

因此，我們認為我們的大規模 MIMO 產品處於一個獨特的位置，並且已經從客戶那裡獲得了非常積極的反饋，並且我們要求能夠真正看到我們是否可以為他們建造比他們最初預期的更多的東西進入近期。

Let me let Kurt then talk a bit on that.

讓我讓庫爾特再談一談。

Yes.

是的。

I think, in auto, it's really differentiated between what is the content growth story versus what is very tightly associated to the SAAR growth.

我認為，在汽車領域，內容增長故事與與 SAAR 增長密切相關的內容之間存在真正的區別。

So those product or application segments where we are holding our highest share, but the penetration itself isn't growing anymore, we are obviously more swinging with the SAAR quarter-by-quarter.

因此，那些我們佔有最高份額的產品或應用領域，但滲透率本身不再增長，我們顯然在逐個季度地與 SAAR 搖擺不定。

So you could call this, especially with the China environment and the WLTP in Europe, a headwind.

所以你可以稱之為逆風，尤其是在中國環境和歐洲 WLTP 的情況下。

They're, again, at the same time, the content growth, and I mentioned, ADAS RADAR before is largely independent of this.

同時，它們又是內容增長，我之前提到過，ADAS RADAR 在很大程度上與此無關。

So it's the mix of those 2 which drives our overall growth number.

因此，這兩者的結合推動了我們的整體增長。

And we -- roughly speaking, we think that about 70%-ish of our total business is pretty close associated with the SAAR, where another 30% are really benefiting from strong content growth.

而且我們 - 粗略地說，我們認為我們總業務的大約 70% 與 SAAR 密切相關，另外 30% 真正受益於強勁的內容增長。

And in that 30%, the largest piece, obviously, is ADAS, which is just under 10% of total run rate.

在這 30% 中，最大的部分顯然是 ADAS，它僅佔總運行率的 10% 以下。

Yes, it's -- Blayne, it's probably worthwhile to talk about in the case of automotive, in our last quarter's call, we talked about, in Q3, we'd really seen weakness in the CO2 testing in Europe.

是的，它是 - Blayne，在汽車的情況下可能值得談論，在我們上個季度的電話會議中，我們談到，在第三季度，我們確實看到了歐洲二氧化碳測試的弱點。

And we actually didn't see a lot of weakness in China in automotive at that time.

而且當時我們實際上並沒有看到中國在汽車領域有很多弱點。

It was really not until kind of mid-to-late Q4 where we begin to see some weakness in the automotive market in China as all of that is basically served through the distribution channel partners.

直到第四季度中後期，我們才開始看到中國汽車市場出現一些疲軟，因為所有這些基本上都是通過分銷渠道合作夥伴提供的。

So we saw that weakness really begin to materialize at that point.

因此，我們看到弱點在那個時候真正開始顯現。

This is Kurt, indeed.

這確實是庫爾特。

So while many of the Tier 1 companies talked about this already, we didn't see it in our orders nor in our revenue, but I think it was like late Q4, kind of late November, early December, that we also saw that hitting us.

因此，雖然許多 1 級公司已經討論過這一點，但我們在訂單和收入中都沒有看到，但我認為就像第四季度末，11 月底，12 月初，我們也看到了這一點我們。

But again, that only relates to that product, which is in the 1-1 relation with the car production.

但同樣，這僅與該產品有關，它與汽車生產處於 1-1 關係。

Our next question is from the line of C.J. Muse of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 C.J. Muse。

This is Matt Prisco on for C.J. So outside of GDP forecast, are there any customer conversations or other factors that are giving you confidence in this second half recovery?

這是 C.J. 的 Matt Prisco。所以在 GDP 預測之外，是否有任何客戶對話或其他因素讓您對下半年的複蘇充滿信心？

And regarding the recent order uptick, do you think any of that's related to pull-in ahead of the Chinese New Year tariff deadline?

關於最近的訂單增加，您認為這是否與中國新年關稅截止日期前的拉動有關？

No.

不。

There was none of that, that felt like it was pull-in associated with the Chinese New Year tariffs.

這些都沒有，感覺就像是與中國新年關稅有關。

Once again, the U.S. is okay.

再說一次，美國沒問題。

We really don't see a lot of concern about demand from our customers in the U.S. The general economy, even though it's down somewhat, is still performing quite well.

我們真的沒有看到美國客戶對我們的需求有太多擔憂。總體經濟雖然有所下降，但仍然表現良好。

In Europe, I would say, we see things pretty reasonable, but we do see isolated pockets, again, driven primarily by automotive.

我想說，在歐洲，我們看到的事情相當合理，但我們確實看到了孤立的口袋，再次，主要由汽車驅動。

And we believe that the biggest chunk of that is CO2 testing, and we'll see how the demand comes out as we get -- work through that.

我們相信其中最大的一部分是二氧化碳測試，我們將看到需求是如何產生的——解決這個問題。

Some of the Brexit.

一些英國脫歐。

And then the effects associated with Brexit that we talked about.

然後是我們談到的與英國脫歐相關的影響。

So in the case of China, that's much more cloudy, much more murky as far as determining what's happening [and coming in the second half] of the year.

因此，就中國而言，就確定今年發生的事情（以及下半年即將發生的事情）而言，情況更加多雲，更加模糊。

I think it does depend on some kind of resolution or confidence in what's going to happen out of the current trade issues that are being discussed.

我認為這確實取決於某種解決方案或對當前正在討論的貿易問題將要發生的事情的信心。

So if you believe that the trade issues were going to continue, then the world's GDP is not going to be close to 3% for the year and then that's a different factor.

因此，如果您認為貿易問題將繼續存在，那麼今年全球 GDP 不會接近 3%，那麼這是一個不同的因素。

But as long as you believe that the world's GDP is going to be just under 3%, so there probably has to be a trade resolution with China to be able to accomplish that.

但只要你相信世界 GDP 將略低於 3%，那麼可能必須與中國達成貿易決議才能實現這一目標。

And with that, then, we think we'll see a very strong growth in the second half of the year.

因此，我們認為我們將在下半年看到非常強勁的增長。

Fair enough.

很公平。

And then as a follow-up, just a housekeeping item.

然後作為後續，只是一個家務項目。

Looks like your incidental cash tax forecast increased for 2019 and therefore 2020, could you give some additional color there?

看起來您對 2019 年和 2020 年的附帶現金稅預測有所增加，您能否在此處提供一些額外的顏色？

Right.

正確的。

So you're talking about the taxes for the businesses that we -- like next period where we sold off and also the tax on the Qualcomm transaction.

所以你說的是我們的企業稅收——比如下一個我們賣掉的時期，以及高通交易的稅收。

You actually have to look at the Q4 actual.

您實際上必須查看第四季度的實際情況。

So we were saying previously that we've spent $295 million in Q4, and we only spent $32 million because we went into a kind of long-winded negotiation with the Dutch tax authorities and were able to negotiate that particular transaction, the Qualcomm deal went through the innovation box.

所以我們之前說過，我們在第四季度花費了 2.95 億美元，而我們只花費了 3200 萬美元，因為我們與荷蘭稅務機關進行了一種冗長的談判，並且能夠就特定交易進行談判，高通的交易去了通過創新框。

So we managed to reduce that a little, but I guess, because at the time we were negotiating, it's slipped from Q4 into Q1.

所以我們設法減少了一點，但我想，因為在我們談判的時候，它已經從第四季度滑到了第一季度。

So the big move is really just the fact that we moved the payment on the Qualcomm breakup fee from the end of December to early January.

所以真正的大動作是我們將高通分手費的支付從 12 月底轉移到 1 月初。

I think if you actually do the math on Q4 actual and what we've guided for 2019 and '20, the amount is actually lower, and it's a very specific cash flow item, so that's why we pulled that one out separately.

我認為，如果您真的對第四季度的實際情況以及我們對 2019 年和 20 年的指導進行數學計算，金額實際上會更低，而且它是一個非常具體的現金流項目，所以這就是我們單獨將其拉出的原因。

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

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Just question for Kurt on the BMS side.

只是向 BMS 方面的 Kurt 提問。

Just curious to get kind of what type of feedback you're hearing from customers, given you're taking more of a kind of complete system approach versus some of the existing players?

只是想知道您從客戶那裡聽到的反饋是什麼類型的，因為與一些現有的玩家相比，您正在採取更多的一種完整的系統方法？

And just how you feel about the pipeline of opportunity in BMS?

您對 BMS 的機會管道有何看法？

Thanks, Craig.

謝謝，克雷格。

Yes, we feel actually increasing these stronger because in the whole environment, the one subsegment, which is really pushed, is electric cars.

是的，我們覺得實際上增加了這些，因為在整個環境中，真正受到推動的一個細分市場是電動汽車。

So there is a pretty strong drive to really be on time from a car company perspective to do the launches, which we've planned for '19.

因此，從汽車公司的角度來看，我們有一個非常強大的動力來真正準時進行發布，這是我們計劃在 19 年進行的。

So if you think about it short term, the design win funnel which starts to turn into a couple of tens of millions revenue in '19 is on track that is all firmly designed in.

因此，如果您從短期來看，在 19 年開始轉化為數千萬收入的設計獲勝漏斗正走上軌道，所有這些都已被牢牢設計。

It depends really on the timeliness of the car launches.

這實際上取決於汽車發布的及時性。

I unfortunately cannot tell you which cars those are, but once they are out, we will tell you, and it's pretty prominent, nice car.

不幸的是，我不能告訴你這些是什麼車，但是一旦它們出來了，我們會告訴你的，而且它非常顯眼，好車。

On the more strategic side, yes, the solution play, which we talked about earlier is absolutely hitting the nail, as much as the ASIL-D capability.

在更具戰略意義的方面，是的，我們之前談到的解決方案遊戲絕對是一針見血，就像 ASIL-D 能力一樣。

So I really want to say it's 2 things: it is the solution play between micros and the analog front-ends, hence the ASIL-D capability of the whole solution, which continues to set us apart from competition.

所以我真的想說這是兩件事：它是微控制器和模擬前端之間的解決方案，因此整個解決方案的 ASIL-D 能力，繼續使我們在競爭中脫穎而出。

Got it.

知道了。

And then just a follow-up on the near-term environment.

然後只是對近期環境的跟進。

On the WLTP issue, do you think once that passes, there should be kind of a catch-up or because the overall automotive market is soft right now, you wouldn't see any kind of rebound, if you will, in Europe?

在 WLTP 問題上，您是否認為一旦過去，應該會有某種追趕，或者由於目前整體汽車市場疲軟，如果您願意的話，您不會在歐洲看到任何形式的反彈？

Really hard to say, Craig.

真的很難說，克雷格。

I'm very careful with that because -- of course, this is also somehow related to the overall demand environment in the end.

我對此非常小心，因為 - 當然，這最終也與整體需求環境有關。

And I'm hearing, but I -- we don't have the latest detail that there is a second wave of WLTP plant.

我聽說了，但我 - 我們沒有關於第二波 WLTP 工廠的最新細節。

So another type of test limits for CO2 emissions where I'm hearing that the OEMs now start to figure out how they can again go ahead with that one.

因此，另一種類型的二氧化碳排放測試限制，我聽說原始設備製造商現在開始弄清楚他們如何才能再次進行該測試。

So I -- what we can say, at this point, is that the current one is not going to be here before the end of Q1.

所以我 - 在這一點上我們可以說的是，當前的不會在第一季度結束之前出現。

If there is a strong rebound from this, I'm a bit careful to say that this is going to happen there in Q2, not sure.

如果有一個強勁的反彈，我有點謹慎地說這將在第二季度發生，不確定。

Our next question is from the line of Mark Lipacis of Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

One for Peter and one for Rick.

一份給彼得，一份給瑞克。

Peter, just accounting mechanics on the deemed dividend.

彼得，只是關於被視為股息的會計機制。

Is that embedded in the cash flow statement under shares repurchased?

是否包含在回購股份項下的現金流量表中？

And then for Rick, a number of microcontroller companies and analog companies have kind of talked about a benign pricing environment.

然後對 Rick 來說，許多微控制器公司和模擬公司都在談論良性的定價環境。

And when Peter just walked us through the variance progress marches as we go through this year, I think there was a note of 80 bps of headwind on the pricing side.

當彼得剛剛向我們介紹今年的差異進展時，我認為定價方面有 80 個基點的逆風。

So I was wondering if you can share with us your thoughts on kind of like just the bigger picture, what's going on in the industry with consolidation?

因此，我想知道您是否可以與我們分享您的想法，比如更大的圖景，行業整合的情況如何？

And how that seems to be helping some of the other microcontroller, analog companies, but doesn't seem to be benefiting you guys yet, so if you have any thoughts or color on that, that would be greatly appreciated.

這似乎對其他一些微控制器和模擬公司有所幫助，但似乎還沒有使你們受益，所以如果您對此有任何想法或看法，將不勝感激。

It's Peter.

是彼得。

So first thing is, it goes through the cash flow and not through the P&L.

所以第一件事是，它通過現金流而不是通過損益表。

And if you look on Table 3, you can see an item there, cash paid on behalf of shareholders for tax on repurchased shares, $142 million, right at the bottom of the cash flow, so that's pretty specific.

如果您查看表 3，您可以在其中看到一個項目，代表股東支付的回購股份稅款的現金，1.42 億美元，位於現金流的底部，因此非常具體。

And then the other thing, I'll just say on the comments I made on gross margin, on pricing, that's just our annual price reduction.

然後另一件事，我只想說我對毛利率，定價的評論，這只是我們每年的降價。

It's not related to kind of anything that's going on in the market.

它與市場上正在發生的任何事情無關。

Yes, I would say that the general environment on pricing is okay.

是的，我會說定價的總體環境還可以。

I don't think that we would say that it's poor for us at all.

我不認為我們會說這對我們來說很窮。

I think if anything we're trying to whittle down, when you go through the annual price negotiations with the OEMs and the Tier 1s, it's an arm wrestling that takes place.

我認為，如果我們試圖削減任何東西，當您與原始設備製造商和一級供應商進行年度價格談判時，就會發生一場手臂摔跤。

And we try to get down slightly and that's under the contract, and we try to reduce it slightly and they try to get a little more.

我們試圖稍微降低，這是合同規定的，我們試圖稍微降低它，他們試圖得到更多。

But I don't think there is a significant change in environment that we see associated with that.

但我認為我們認為與此相關的環境不會發生重大變化。

And on most of the industrial and IoT, you said that price with the design wins and then you have a built-in reduction that takes place associated with those that we honor contractually.

在大多數工業和物聯網中，您說設計的價格會獲勝，然後您會獲得與我們以合同方式兌現的價格相關的內置降價。

Kurt?

庫爾特？

Yes, and it's also important to note that a lot of the ASP reduction you see there is a once-in-the-year element.

是的，同樣重要的是要注意，你看到的很多 ASP 減少是一年一次的元素。

I mean, that happens in Q1 and then it's done for the year.

我的意思是，這發生在第一季度，然後全年都完成了。

So it's not like this repeats all the time, but it's -- because those are annual contracts.

所以這並不是一直重複，而是——因為那些是年度合同。

And I clearly support what Rick was saying, I think we actually played it a bit tougher this year.

我顯然支持里克所說的話，我認為我們今年實際上打得更加強硬了。

Meaning that, directionally, we gave less price away than on the average of the past years.

這意味著，在方向上，我們給出的價格低於過去幾年的平均水平。

Yes.

是的。

It really depends on the product family.

這實際上取決於產品系列。

And so it has different characteristics based on the customer and product family and everything.

因此，它具有基於客戶和產品系列以及一切的不同特徵。

So it's really hard to draw any conclusion, but I wouldn't say that the pricing environment is problematic.

所以真的很難得出任何結論，但我不會說定價環境有問題。

It's very healthy right now.

現在非常健康。

And this does conclude our question-and-answer session.

這確實結束了我們的問答環節。

I'd like to turn the conference over to Mr. Jeff Palmer.

我想把會議交給 Jeff Palmer 先生。

Great.

偉大的。

Thank you very much, everyone.

非常感謝大家。

Before we go, I think I'll pass the call over to Rick and see if he has any last comments he'd like to make.

在我們走之前，我想我會把電話轉給 Rick，看看他是否有任何他想發表的最後評論。

Yes.

是的。

Thank you for joining us.

感謝您加入我們。

I guess, the thing that we have to point out is that we remain in somewhat of a cloudy environment, but the encouraging sign that we see with increased orders over the last few weeks really improves our confidence for the Q2 outlook and that being larger than Q1.

我想，我們必須指出的是，我們仍處於陰雲密布的環境中，但過去幾週訂單增加的令人鼓舞的跡象確實提高了我們對第二季度前景的信心，並且大於Q1。

And again, then for the second half of the year, it comes down to your belief on the GDP and whether the trade issues will be resolved, so that we'll return to a healthy growth around just under 3% as most of the economists are projecting or not.

再一次，下半年，這取決於你對 GDP 的看法以及貿易問題是否會得到解決，這樣我們就會像大多數經濟學家一樣恢復到略低於 3% 的健康增長投影與否。

But with that, I think it's important to point out that we are taking the appropriate cost actions to be sure that our costs are under control and we can deliver on our financial performance to ensure that we continue to focus on improved shareholder value as we go forward.

但是，我認為重要的是要指出，我們正在採取適當的成本行動，以確保我們的成本得到控制，並且我們可以實現我們的財務業績，以確保我們繼續專注於提高股東價值向前。

So thank you very much for your support, and we appreciate it.

因此，非常感謝您的支持，我們對此表示感謝。

Thank you, everyone.

謝謝大家。

This concludes the call.

這結束了通話。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, you may now disconnect.

這確實結束了程序，您現在可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。