恩智浦 (NXPI) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q1 2019 NXP Semiconductors Earnings Conference Call.

女士們、先生們，美好的一天，歡迎參加恩智浦半導體 2019 年第一季財報電話會議。

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

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to introduce your host for today's conference, Mr. Jeff Palmer, Vice President of Investor Relations.

現在我想介紹一下今天會議的主持人，投資者關係副總裁 Jeff Palmer 先生。

Sir, you may begin.

先生，您可以開始了。

Thanks Demetrius and good morning, everyone.

謝謝德米特里厄斯，大家早安。

Welcome to the NXP Semiconductors First Quarter 2019 Earnings Call.

歡迎參加恩智浦半導體 2019 年第一季財報電話會議。

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

今天與我一起參加電話會議的是恩智浦執行長 Rick Clemmer；西弗斯 (Kurt Sievers)，恩智浦總裁；和我們的財務長彼得凱利。

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 nxp.com 的投資者關係部分找到該新聞稿。

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

本次通話正在錄音中，可在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 second quarter of 2019.

這些風險和不確定性包括但不限於有關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 年第二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聲明的義務。

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

有關前瞻性陳述的完整揭露，請參閱我們的新聞稿。

Additionally, 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 cost and other charges that are primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標，其中不包括購買價格會計、重組、股票補償、減損、合併相關成本和其他主要由離散事件造成的費用的影響管理階層認為這與恩智浦的底層核心運作性能沒有直接關係。

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our first quarter 2019 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 at nxp.com.

根據G 條例，恩智浦在2019 年第一季財報新聞稿中提供了非GAAP 財務指標與最直接可比較的GAAP 指標的調節表，該新聞稿將透過表格6-K 提交給SEC，並可在恩智浦網站上取得在 nxp.com 的投資者關係部分。

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

現在我想把電話轉給里克。

Thanks, Jeff, for that enlightening opening, and welcome, everyone, to our conference call today.

感謝傑夫的富有啟發性的開場白，並歡迎大家參加我們今天的電話會議。

Today, we're going to take a new approach to our prepared remarks.

今天，我們將對準備好的發言採取新的態度。

I'll start off and provide some longer-term strategic commentary, then Kurt Sievers, who is the President of the company, will review the end-market revenue details of Q1 and provide some revenue guidance for Q2.

我將首先提供一些長期戰略評論，然後公司總裁 Kurt Sievers 將審查第一季度的終端市場收入詳細信息，並為第二季度提供一些收入指導。

And finally, Peter Kelly will review the financial details of the quarter and expectations for Q2.

最後，Peter Kelly 將回顧本季的財務細節和第二季的預期。

Now for all of those of you that have followed the company for a while know we've spent a lot of our efforts assuring that our product portfolio is aligned to the long-term customer needs in our chosen application segments.

現在，對於所有關注該公司一段時間的人來說，我們已經花費了大量的努力來確保我們的產品組合符合我們所選應用領域的長期客戶需求。

We believe that if we consistently make the right product development decisions, this will result in very sticky high relative market share positions and true leadership, which should allow us to outgrow the market by 1.5 times.

我們相信，如果我們始終如一地做出正確的產品開發決策，這將帶來非常高的相對市場份額地位和真正的領導地位，這將使我們的成長速度超過市場 1.5 倍。

If we look at a few of the major themes from other September 2018 Analyst Day and the progress we've achieved, they clearly reflect the positive traction.

如果我們看一下 2018 年 9 月其他分析師日的一些主要主題以及我們取得的進展，它們清楚地反映了積極的吸引力。

First, our automated sales was just over $4.5 billion in 2018, and we continue to be the #1 ranked global automotive semiconductor supplier.

首先，2018 年我們的自動化銷售額略高於 45 億美元，我們仍然是全球排名第一的汽車半導體供應商。

We have gained share in the strategic areas of auto processing, ADAS/radar solutions and digital clusters.

我們在汽車處理、ADAS/雷達解決方案和數位集群等戰略領域中獲得了份額。

According to strategic -- strategy analytics, NXP is the leading supplier of both automotive processing and infotainment applications processors.

根據策略分析，恩智浦是汽車處理和資訊娛樂應用處理器的領先供應商。

30% of our auto business is focused on high-growth sectors like ADAS and electrification, which has grown at nearly 40% in compounded growth rate since 2015 and which we expect to continue to grow at 25% to 30% compounded rate growth rate as the business becomes more material in size.

我們30%的汽車業務集中在ADAS和電氣化等高成長領域，自2015年以來，這些領域的複合成長率成長了近40%，我們預計該領域將繼續以25%至30%的複合成長率成長。業務規模變得更加重要。

The other 70% of our automotive business represents a very large and entrenched core business with high barriers to entry.

我們另外 70% 的汽車業務代表著非常龐大且根深蒂固的核心業務，進入障礙很高。

We anticipate our core business will grow at a modest premium to the overall auto semiconductor market.

我們預計我們的核心業務將以相對於整個汽車半導體市場的適度溢價成長。

Our deep customer relationships with both Tier 1 suppliers as well as the OEMs enable us to gain long-term insights into the requirements.

我們與一級供應商以及 OEM 的深厚客戶關係使我們能夠長期洞察需求。

It is these relationships, combined with our world-class IP, which has allowed us to expand in new high-growth application solutions.

正是這些關係與我們世界一流的智慧財產權相結合，使我們能夠拓展新的高成長應用解決方案。

As an example, our ADAS business, which currently represents about 10% of our total automotive revenue, has grown at over 50% compounded annual growth rate since 2015.

例如，我們的 ADAS 業務目前約占我們汽車總收入的 10%，自 2015 年以來複合年增長率超過 50%。

In a few short years, we've emerged as the #1 supplier for the complete radar subsystem, including the 77-gigahertz front-end transceivers.

在短短幾年內，我們已成為完整雷達子系統（包括 77 千兆赫前端收發器）的第一大供應商。

The ASIL-D-compliant back-end processing engine, power management and the high-speed interconnect, all tied together with our software.

符合 ASIL-D 的後端處理引擎、電源管理和高速互連，全部與我們的軟體捆綁在一起。

Based on design wins that we are currently shipping, and designs we have been awarded with major OEMs, we see the business continuing to grow in the high 20% range through 2021 and beyond.

根據我們目前正在交付的設計成果以及我們已獲得主要 OEM 廠商授予的設計，我們預計到 2021 年及以後，該業務將繼續在 20% 的高區間內增長。

We believe this growth rate is about 1.4x faster than the overall ADAS/radar market, which is still in its relative infancy.

我們認為這一成長率比整個 ADAS/雷達市場快約 1.4 倍，而該市場仍處於相對起步階段。

Another new auto business we're very excited about is our battery management system, our BMS products for electric power trains, which we've learned from customers, particularly the actual battery manufacturers, is the need to increase efficiency and resulting range of the battery subsystem.

我們非常興奮的另一項新汽車業務是我們的電池管理系統，即我們用於電力傳動系統的BMS 產品，我們從客戶（尤其是實際的電池製造商）那裡了解到，需要提高電池的效率和由此產生的續航里程子系統。

To be able to achieve that requires the ability to monitor and take real-time action on the health of the battery on a cell-by-cell basis.

為了實現這一目標，需要能夠逐一監控電池的健康狀況並採取即時措施。

What is required is the combination of precision analog capability, ASIL-D functional safety expertise and deep automotive processor know-how.

所需要的是精密模擬能力、ASIL-D 功能安全專業知識和深厚的汽車處理器專業知識的結合。

Our team has developed a truly unique solution, which combines these capabilities.

我們的團隊開發了一個真正獨特的解決方案，它結合了這些功能。

While the business is relatively small today at about $50 million on an annualized run-rate basis, it has doubled over the last year.

雖然目前該業務規模相對較小，以年化運行率計算約為 5,000 萬美元，但其規模比去年翻了一番。

As more global auto OEMs expand their electric vehicle offerings, we're actively engaged winning designs and anticipate emerging in a leadership position versus current existing suppliers.

隨著越來越多的全球汽車原始設備製造商擴展其電動車產品，我們正在積極參與獲勝設計，並預計將在與現有供應商的競爭中佔據領先地位。

We think the BMS market as a subset of the overall power control market, would expand to about $800 million in 2021 at about 30% compounded growth rate.

我們認為，BMS 市場作為整體功率控制市場的子集，到 2021 年將擴大到約 8 億美元，複合成長率約為 30%。

If we expand the designs we have been awarded and are beginning to ship, we think this business could easily be several hundred million dollars of revenue in 2021.

如果我們擴大已獲得併開始出貨的設計，我們認為這項業務到 2021 年的收入很容易達到數億美元。

Now looking at our Industrial and IoT business, which is about $1.8 billion in 2018, it is primarily made up of our broad microcontrollers and application processor portfolios, along with some analog attach.

現在看看我們的工業和物聯網業務，2018 年約為 18 億美元，主要由我們廣泛的微控制器和應用處理器產品組合以及一些類比附加組成。

This is a business which is levered to the secular trends of the increased processing and security requirements of the Edge and IoT market.

這是一項利用邊緣和物聯網市場不斷增長的處理和安全要求的長期趨勢的業務。

NXP is in a unique position to address the market demands for higher performance microcontrollers, which are combined with functional, audiovisual capabilities and features normally found in applications processors.

恩智浦在滿足市場對更高性能微控制器的需求方面處於獨特的地位，這些微控制器與應用處理器中常見的功能、視聽功能和特性相結合。

We term this the crossover processing market.

我們稱之為交叉加工市場。

We see the addressable market for crossover processors growing about -- from about $270 million in 2018 to just under $1.5 billion by 2023 or 40% 5-year compounded growth rate.

我們預計跨界處理器的潛在市場將從 2018 年的約 2.7 億美元成長到 2023 年的近 15 億美元，即 5 年複合成長率為 40%。

Seeing great traction for this class of products, which range from our RT, ULP, and MScale LP families of processors.

我們的 RT、ULP 和 MScale LP 系列處理器等此類產品具有巨大的吸引力。

End application span from the secure AI-powered factory automation and building control in the industrial space to home audio solutions enabling full Dolby Atmos support down to high volumes, smart home and ultra low power wearable type devices.

最終應用涵蓋從安全的人工智慧驅動的工廠自動化和工業領域的樓宇控製到家庭音訊解決方案，可實現全面的杜比全景聲支持，直至大容量、智慧家庭和超低功耗可穿戴設備。

To be specific, we just received our Dolby 1.6 Atmos certification last week based on the multi-core crossover processor as opposed to the previous solutions based on multi-dSPs.

具體來說，我們上週剛剛獲得了基於多核心交叉處理器的杜比 1.6 Atmos 認證，而不是先前基於多 dSP 的解決方案。

We're seeing very good early traction on these families of processors and anticipate our crossover business will grow into a multi-hundred million dollar business by 2022.

我們看到這些處理器系列的早期吸引力非常好，預計到 2022 年我們的跨界業務將發展成為價值數億美元的業務。

These are just 3 exciting product areas that we believe will differentiate NXP in the coming years.

我們相信，這些只是 3 個令人興奮的產品領域，它們將使恩智浦在未來幾年中脫穎而出。

Clearly, our strategy is yielding positive results enabled us to aggressively return capital.

顯然，我們的策略正在產生積極的成果，使我們能夠積極返還資本。

Since the termination of the Qualcomm transaction through our report today, we have aggressively reduced the total number of shares outstanding by approximately 65 million shares or about 19% of the float and returned over $6 billion to our shareholders.

自從今天透過我們的報告終止高通交易以來，我們已大幅減少流通股總數約 6,500 萬股，約佔流通股的 19%，並向股東返還超過 60 億美元。

A testament to the strong free cash flow of our business that our business creates based on our long-term strategic decisions.

這證明了我們的業務根據我們的長期策略決策創造了強大的自由現金流。

I'd like now to pass the call over to Kurt to discuss the results of the current quarter.

我現在想把電話轉給庫爾特，討論本季的結果。

Thanks, Rick.

謝謝，瑞克。

And I'm glad to be able to talk to all of you today.

我很高興今天能夠與大家交談。

Overall, Q1 results were just above the midpoint of our guidance, as NXP delivered revenue of $2.1 billion.

總體而言，第一季業績略高於我們指導的中點，恩智浦實現了 21 億美元的收入。

However, due to a richer sales mix, combined with good expense control, we've successfully delivered profitability towards the higher end of our guidance range.

然而，由於更豐富的銷售組合，加上良好的費用控制，我們成功地將盈利能力推向了指導範圍的高端。

Looking forward, our second quarter guidance reflects the successful design win momentum and traction, which we have achieved with our customers.

展望未來，我們第二季的指導反映了我們與客戶共同實現的成功設計贏得動力和牽引力。

However, while we continue to believe the demand environment in the second half of 2019 should improve versus the first half, the macroeconomic environment is still uncertain, especially in China.

然而，儘管我們仍認為2019年下半年的需求環境應較上半年有所改善，但宏觀經濟環境仍存在不確定性，尤其是在中國。

Let me turn to the Q1 trends in the end markets.

讓我談談終端市場的第一季趨勢。

Automotive: Revenue was $1.04 billion, down 8% year-on-year, in line with our guidance.

汽車：營收為 10.4 億美元，年減 8%，符合我們的指引。

It was a challenging quarter given the macro environment, especially in China.

考慮到宏觀環境，尤其是中國的宏觀環境，這是一個充滿挑戰的季度。

All major product categories declined as expected, except for revenue from our ADAS solutions, which were up double digits versus the same period from a year ago.

除 ADAS 解決方案的營收較去年同期成長兩位數外，所有主要產品類別均按預期下降。

A continued reflection of the strong customer traction of our solutions in that space.

持續反映了我們的解決方案在該領域對客戶的強大吸引力。

In Industrial and IoT, revenue was $368 million, down 14% year-on-year.

在工業和物聯網領域，營收為3.68億美元，年減14%。

This was below our expectations as the demand for general-purpose microcontroller products in the broad-based China market continues to be very weak.

這低於我們的預期，因為廣泛的中國市場對通用微控制器產品的需求仍然非常疲軟。

Remember, this portion of our business is very dependent on thousands of smaller customers, service through distribution, who appear to be particularly affected by the U.S./China trade tensions.

請記住，我們這部分的業務非常依賴透過分銷提供服務的數千個小客戶，這些客戶似乎特別受到中美貿易緊張局勢的影響。

Let me turn to mobile.

讓我轉向行動裝置。

Revenue was $241 million, down 9% year-on-year, better than our expectations.

營收為2.41億美元，年減9%，優於我們的預期。

Overall, we experienced normal seasonality in this market.

總體而言，我們在這個市場經歷了正常的季節性。

Yet, as we predicted at our Analyst Day in September 2018, we're beginning to see the attach rate of mobile transaction solutions with the broader set of customers accelerate.

然而，正如我們在 2018 年 9 月的分析師日所預測的那樣，我們開始看到行動交易解決方案與更廣泛的客戶群的連接速度加快。

In the premium smartphone market, we did see reduced demand for custom interface products.

在高階智慧型手機市場，我們確實看到對客製化介面產品的需求減少。

Lastly, communications infrastructure and other revenue was $449 million, up 10% year-on-year, with our RF Power Solutions up a strong double-digit versus the year ago period.

最後，通訊基礎設施和其他收入為 4.49 億美元，年增 10%，其中我們的射頻電源解決方案比去年同期成長了兩位數。

We are currently seeing strong order rates for both our massive MIMO and high-power, single-channel RF power amplifiers.

目前，我們的大規模 MIMO 和高功率單通道射頻功率放大器的訂單率都很高。

That demand is broad-based across the spectrum of global base station OEMs.

這種需求在全球基地台原始設備製造商中具有廣泛的基礎。

Based on our customer conversations, most believe 2020 will be the big year for the 5G base station infrastructure build outs, especially in China.

根據我們與客戶的對話，大多數人認為 2020 年將是 5G 基地台基礎建設的重要一年，尤其是在中國。

From a product perspective, we think this translates into a phased build-out approach with sub-6 gigahertz products driving the early portion of the 5G cycle.

從產品的角度來看，我們認為這可以轉化為分階段的建置方法，使用低於 6GHz 的產品推動 5G 週期的早期階段。

And then, in 2021 and 2022, we will see carriers begin to deploy high-frequency millimeter-wave product.

然後，在2021年和2022年，我們將看到營運商開始部署高頻毫米波產品。

In digital networking, we continue to see stabilization and design win traction for the Layerscape family of multi-core ARM processors, which is positive, so revenue contribution is just beginning.

在數位網路領域，我們繼續看到 Layerscape 系列多核心 ARM 處理器的穩定性和設計贏得了關注，這是積極的，因此收入貢獻才剛剛開始。

Now turning to our expectations for quarter 2. We currently do anticipate total revenue will increase in the range of up 3% to 7% sequentially, reflecting improved order rates associated with company-specific products.

現在轉向我們對第二季的預期。我們目前預計總收入將環比增長 3% 至 7%，反映出與公司特定產品相關的訂單率的提高。

At the midpoint of our range, this is an increase of 5% sequentially or $2.2 billion.

以我們範圍的中點計算，這比上一季成長了 5%，即 22 億美元。

From a year-over-year perspective, this represents a decline of 4% versus the same period a year ago, of which 2% is the elimination of the MSA versus the year ago period.

從同比來看，這比去年同期下降了 4%，其中 2% 是因為取消了 MSA。

At the midpoint, we the anticipate the following sequential trends in our businesses: automotive is expected to be essentially flat; industrial and IoT is expected to be up in the mid single digit range on a percentage basis; mobile is expected to be up in the low-teens range on the percentage basis; and lastly, communication infrastructure and other is expected to be up about 10%.

在中點，我們預期我們的業務將出現以下連續趨勢：汽車產業預期基本持平；工業和物聯網預計將按百分比計算在中個位數範圍內成長；預計行動業務的百分比將在十幾歲範圍內增長；最後，通訊基礎設施和其他預計將成長約 10%。

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

現在我想將電話轉給彼得，請他審查我們的財務表現。

Peter?

彼得？

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

謝謝庫爾特，今天電話會議的大家早安。

As Kurt has already covered the drivers of the revenue during the quarter and provided our revenue outlook for Q2, I'll move to the financial highlights.

由於庫爾特已經介紹了本季收入的驅動因素並提供了我們對第二季度的收入前景，因此我將轉向財務要點。

In summary, our first quarter revenue performance was just above the midpoint of guidance and combined with richer sales mix and good expense control, we delivered better-than-anticipated non-GAAP operating profit.

總而言之，我們第一季的收入表現略高於指導中點，再加上更豐富的銷售組合和良好的費用控制，我們實現了好於預期的非公認會計原則營業利潤。

Focusing on the details of Q1.

重點關注Q1的細節。

Total revenue was $2.09 billion, down 8% year-on-year, of which 2% was the elimination of the MSA versus the year ago period.

總收入為 20.9 億美元，年減 8%，其中 2% 是由於取消 MSA 所致。

We generated $1.1 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 52.7%, down 20 basis points year-on-year, but 40 basis above the midpoint of guidance given the better mix.

我們實現了 11 億美元的非 GAAP 毛利潤，報告的非 GAAP 毛利率為 52.7%，比去年同期下降 20 個基點，但考慮到更好的組合，比指導中點高出 40 個基點。

Total non-GAAP operating expenses were $547 million, down $37 million year-on-year and up $4 million from the fourth quarter due to bonus expenses.

非 GAAP 營運支出總額為 5.47 億美元，年減 3,700 萬美元，但由於獎金支出而較第四季增加 400 萬美元。

This was $3 million below the midpoint of our guidance.

這比我們指導的中點低了 300 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $559 million and non-GAAP operating margin was 26.7%, down 50 basis points year-on-year despite $175 million drop in revenue over the same period.

從總營業利潤來看，非美國通用會計準則營業利潤為5.59億美元，非美國通用會計準則營業利潤率為26.7%，儘管同期營收下降了1.75億美元，但年減了50個基點。

Our interest expense was $61 million, noncontrolling interest was $5 million and cash taxes for ongoing operations were $17 million, all modestly better than the midpoint of guidance.

我們的利息支出為 6,100 萬美元，非控制利息為 500 萬美元，持續營運的現金稅為 1,700 萬美元，均略優於指導中位數。

Stock-based compensation, which is not included in our non-GAAP earnings, was $86 million.

基於股票的薪酬為 8,600 萬美元，不包括在我們的非 GAAP 收益中。

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

現在我想談談我們的現金和債務的變化。

Our total debt at the end of Q1 was $7.34 billion, essentially flat sequentially.

第一季末我們的總債務為 73.4 億美元，與上一季基本持平。

Cash was $2.19 billion, and net debt was $5.15 billion.

現金為 21.9 億美元，淨債務為 51.5 億美元。

We exited the quarter with a trailing 12-month adjusted EBITDA of $3.11 billion and our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q1 was 1.65x, and our non-GAAP interest coverage was 9x.

本季結束時，我們的過去12 個月調整後EBITDA 為31.1 億美元，第一季末的淨負債與過去12 個月調整後EBITDA 的比率為1.65 倍，我們的非GAAP 利息保障倍數為9 倍。

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

我們的流動性非常好，我們的資產負債表仍然非常強勁。

During the first quarter, we returned $788 million to shareholders, as we bought about 8.5 million shares for $715 million and paid $73 million in cash dividends.

第一季度，我們向股東返還了 7.88 億美元，因為我們以 7.15 億美元購買了約 850 萬股股票，並支付了 7,300 萬美元的現金股息。

Turning to working capital metrics.

轉向營運資本指標。

Days of inventory was 113 days, an increase of 11 days sequentially, although inventory on a dollar basis declined $38 million.

庫存天數為 113 天，比上一季增加 11 天，但以美元計算的庫存減少了 3,800 萬美元。

We continue to aggressively manage our distribution channel and inventory in the channel continues to be a very healthy 2.4 months, in line with our long-term targets.

我們繼續積極管理我們的分銷管道，通路庫存在 2.4 個月內繼續保持非常健康的水平，符合我們的長期目標。

Days receivable were 35 days, an increase of 5 days sequentially and days payable were 74, a decrease of 6 days versus the prior quarter.

應收帳款天數為35天，月增5天；應付帳款天數為74天，季減6天。

Taken together, our cash conversion cycle was 74 days, a deterioration of 22 days versus the prior quarter due to lower sales.

總的來說，我們的現金週轉週期為 74 天，由於銷售額下降，比上一季減少了 22 天。

Cash flow from operations was $296 million and net CapEx was $144 million, resulting in free cash flow of $152 million.

營運現金流為 2.96 億美元，淨資本支出為 1.44 億美元，自由現金流為 1.52 億美元。

Turning to our expectations for the second quarter.

轉向我們對第二季的預期。

As Kurt mentioned, we anticipate Q2 revenue to be about $2.2 billion, plus or minus $50 million.

正如 Kurt 所提到的，我們預計第二季營收約為 22 億美元，上下浮動 5,000 萬美元。

At the midpoint, this is up 5% sequentially, and we expect non-GAAP gross margin to be about 53.3%, plus or minus 50 basis points.

以中點計算，該數字比上一季成長 5%，我們預期非 GAAP 毛利率約為 53.3%，上下浮動 50 個基點。

Operating expenses are expected to be about $553 million, plus or minus about $10 million.

營運費用預計約 5.53 億美元，上下浮動約 1,000 萬美元。

And taken together, we see non-GAAP operating margin to be about 28%, plus or minus about 60 basis points.

綜合來看，我們預期非 GAAP 營運利潤率約為 28%，上下浮動約 60 個基點。

We estimate interest expense to be about $64 million and anticipate cash tax related to ongoing operations to be about $38 million.

我們估計利息支出約為 6,400 萬美元，預計與持續營運相關的現金稅約為 3,800 萬美元。

Noncontrolling interest will be about $6 million, a reflection of our reduced loading in SSMC.

非控制權益約為 600 萬美元，反映了我們在 SSMC 中的負載減少。

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資訊。

As previously mentioned, during the first quarter we bought back approximately 8.5 million shares at a cost of $715 million.

如前所述，第一季我們以 7.15 億美元的成本回購了約 850 萬股股票。

Since March 31, we have repurchased an additional 2.5 million shares at a cost of about $252 million under a 10b-5 program.

自 3 月 31 日以來，我們根據 10b-5 計畫額外回購了 250 萬股股票，成本約為 2.52 億美元。

We suggest that for modeling purposes, you use an average share count for Q2 of 287 million.

我們建議出於建模目的，您使用第二季的平均份額數 2.87 億。

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

最後，我想發表一些結束語。

As Rick highlighted, NXP has multiple unique drivers of growth, which will play out over the coming years.

正如 Rick 所強調的那樣，恩智浦擁有多種獨特的成長驅動力，這些驅動力將在未來幾年發揮作用。

We see our product portfolio as ideally positioned to address multiple secular market trends from the evolution of next-generation automobiles, all the way to securely connected Edge and IoT devices.

我們認為我們的產品組合非常適合滿足從下一代汽車的發展到安全連接的邊緣和物聯網設備的多種長期市場趨勢。

As Kurt pointed out, our revenue for the first quarter was slightly better than guidance with a richer sales mix, combined with good expense control, taken together resulted in a better than guided non-GAAP operating margin.

正如庫爾特指出的那樣，我們第一季的收入略好於指導，更豐富的銷售組合，再加上良好的費用控制，共同導致了優於指導的非公認會計原則營業利潤率。

And while our gross margin improved in Q1 and we anticipate an improvement in Q2, we still have work to do to achieve our long-term targets, but we continue to anticipate achieving our intermediate target of 55% exiting the fourth quarter of 2019.

雖然我們的毛利率在第一季有所改善，並且我們預計第二季也會有所改善，但我們仍有工作要做才能實現我們的長期目標，但我們仍然預計在2019 年第四季實現55% 的中期目標。

We continue to believe our cash tax rate related to ongoing operations for 2019 should be about 5%.

我們仍認為 2019 年與持續經營相關的現金稅率應約為 5%。

We continue to be committed to returning all excess free cash flow to our owners and we currently have approximately 3.7 million shares remaining under the current authorization.

我們繼續致力於將所有多餘的自由現金流返還給我們的所有者，目前我們在目前授權下剩餘約 370 萬股。

So with that, I'd like now to turn it back to the operator for any questions you might have.

因此，如果您有任何問題，我現在想將其轉回給接線員。

(Operator Instructions) And the first question comes from John Pitzer with Crédit Suisse.

（操作員說明）第一個問題來自瑞士信貸銀行的 John Pitzer。

Let me ask a question, I appreciate all the detail.

讓我問一個問題，我很欣賞所有的細節。

I wanted to ask a little bit about the industrial IoT segment and the expectation for the calendar second quarter.

我想詢問一些有關工業物聯網領域以及對第二季度的預期的問題。

When you're coming off of Q1 where you modestly missed your expectations, but you're guiding it up sort of mid-single digits.

當你從第一季結束時，你稍微低於你的預期，但你將其引導到中等個位數。

I'm wondering if you can help us understand from a bottoms-up what perspective, just given all the macro uncertainty, why the confidence level of sequential growth?

我想知道您是否可以幫助我們從自下而上的角度理解，在考慮到所有宏觀不確定性的情況下，為什麼會出現環比增長的置信水平？

And as you answer that question, can you remind us what normal seasonality for that business in Q2?

當您回答這個問題時，您能否提醒我們第二季度該業務的正常季節性是什麼？

Well, we're not really going to guide the second half of the year, John.

好吧，約翰，我們真的不會指導下半年。

The first one in terms of Q2, as always, our revenue is based on our backlog and what we believe we will book.

第一個是第二季的收入，一如既往，我們的收入是基於我們的積壓訂單和我們相信我們會預訂的訂單。

And certainly, the industrial market, particularly in China, has been difficult in Q1 and Q2.

當然，工業市場，尤其是中國的工業市場，在第一季和第二季一直很困難。

And I guess your third question, hidden in there is what is normal seasonality.

我想你的第三個問題隱藏在其中，什麼是正常的季節性。

I'd say, 2019, you throw normal seasonality out the window, really.

我想說，2019 年，你真的把正常的季節性因素拋到九霄雲外了。

It's really hard to say what might happen.

真的很難說會發生什麼事。

Certainly, as we thought, Q2 is stronger than Q1 and the second half we think will likely be stronger than the first half.

當然，正如我們所認為的，第二季度強於第一季度，我們認為下半年可能會強於上半年。

But beyond that, I don't know; Rick, would you say much more beyond that?

但除此之外，我不知道；瑞克，除此之外你還能說更多嗎？

The key, John, is the specific design wins we have that will drive our revenue increase, it's not about an expectation of a rebound in the marketplace, but more kind of a stabilization.

約翰，關鍵在於我們所取得的具體設計勝利將推動我們的營收成長，這不是市場反彈的預期，而是更多的穩定。

And frankly, China continues to be, which is clearly a large market for us from an industrial perspective, continues to be somewhat frozen.

坦白說，從工業角度來看，中國顯然是我們的一個大市場，但仍然處於某種程度的凍結狀態。

Our distributors or partners are becoming somewhat more encouraged, but the end customers are still quite reticent based on the trade uncertainty and the general environment about what's going to take place.

我們的經銷商或合作夥伴變得更加受到鼓舞，但由於貿易不確定性和即將發生的大環境，最終客戶仍然相當謹慎。

But what's really giving us the confidence in the outlook that we have is the specific customer design wins with the ramp up of those new designs that will allow us to outperform the general market.

但真正讓我們對前景充滿信心的是特定客戶設計的勝利，以及這些新設計的增加，這將使我們能夠超越一般市場。

One thing that was interesting John is, just going through Rick's comment there on what our distribution partners are thinking, we probably could have shipped about another $42 million worth of product at the end of the quarter in terms of what distribution was asking for, but we were not seeing them shipping out to their end customers.

約翰感興趣的一件事是，只要瀏覽一下里克對我們的分銷合作夥伴的想法的評論，就分銷商的要求而言，我們可能可以在本季度末再發貨價值約4200 萬美元的產品，但是我們沒有看到他們運送給最終客戶。

So we've not allowed them to take that product yet.

所以我們還不允許他們服用該產品。

So it is interesting that what we see a little bit of strength in PLA, but we haven't seen the additional or more importantly the strength in POS yet.

有趣的是，我們在 PLA 中看到了一點優勢，但我們還沒有看到 POS 中額外的或更重要的優勢。

That's helpful.

這很有幫助。

And then maybe for my follow-on, a lot of conversation about China/U.

然後也許對於我的後續內容，有很多關於中國/美國的對話。

S. trade relations, I'm wondering relative to autos if you can talk a little bit more about U.S., Europe and what's going on out around potential tariffs around emissions.

關於美國貿易關係，我想知道相對於汽車，您是否可以多談談美國、歐洲以及圍繞排放的潛在關稅的情況。

And as you look at your guidance for Q2 of kind of flat revenue growth Q-on-Q, how are you thinking about sort of overall industry production versus company-specific drivers of NXP like the radar subsystems.

當您查看第二季度營收成長環比持平的指引時，您如何看待整體產業生產與恩智浦公司特定驅動因素（如雷達子系統）之間的關係。

Let me take this.

讓我拿著這個。

When we think about the car production, we really look at the forecast of IHS mainly, which has deteriorated a little bit since our last call.

當我們考慮汽車產量時，我們主要關注 IHS 的預測，自我們上次電話會議以來，該預測略有惡化。

There, I think, we talked about like minus 0.4 for the global production in 2019 over '18.

我認為，我們討論了 2019 年全球產量比 18 年下降了 -0.4。

By now the IHS forecast is minus 0.9%, so almost minus 1%, which clearly did not have a great start in China.

到目前為止，IHS 的預測為負 0.9%，幾乎為負 1%，這顯然在中國沒有一個好的開始。

So the China Q1 production number in 2019 was actually minus 13%.

因此，2019年中國第一季的產量實際上是負13%。

Now if you look at the forecast for the full year being minus 0.9%, only in quotes, that means IHS, obviously, does project rebounds in both Europe and China in the second half of the year.

現在，如果你看看全年的預測為-0.9%（僅在報價中），這意味著 IHS 顯然預計歐洲和中國下半年都會反彈。

And that's largely what we take as a basis for our forecast.

這在很大程度上是我們預測的基礎。

So with that we also believe our business is going to be stronger in the second half of the year relative to the first half of the year.

因此，我們也相信下半年我們的業務將比上半年更強勁。

And yes, you were rightfully pointing to that part of our business, which is largely independent of that most prominent factor, certainly the radar business.

是的，您正確地指出了我們業務的這一部分，它在很大程度上獨立於最突出的因素，當然是雷達業務。

We did say it in the prepared notes earlier, we are on track here in Q1 and we see this also for Q2 and the rest of the year to be in the high 20% range in year-on-year growth.

我們確實在之前準備的說明中說過，第一季我們正步入正軌，我們也看到第二季和今年剩餘時間的同比增長將處於 20% 的高位。

So 25% to 30% growth in radar, which is a perfect continuation of the trends, which we've also seen over the past years already.

因此，雷達成長了 25% 到 30%，這是趨勢的完美延續，我們在過去幾年也看到了這一趨勢。

And our next question comes from William Stein with SunTrust.

我們的下一個問題來自 SunTrust 的 William Stein。

Also on the demand side, I think with regard to your Q2 guidance, I think, both your infrastructure and handset business look like they're being guided above seasonality.

同樣在需求方面，我認為關於你們第二季度的指導，我認為你們的基礎設施和手機業務看起來都受到高於季節性的指導。

Can you dig a little bit into the trend, especially in what -- well in each of them really?

您能否深入了解這一趨勢，尤其是在哪些方面？

So I think, the key on the communication side is really some of the early deployment of 5G, which will clearly being a near-term acceleration and then we think that we go through a little of a lull for a period where we won't see that continued growth.

所以我認為，通訊方面的關鍵實際上是 5G 的早期部署，這顯然會在短期內加速，然後我們認為我們會經歷一段時期的平靜期，我們不會看到持續成長。

But clearly, very positive for us in Q2 and a positive contribution.

但顯然，這對我們第二季度非常積極，並且做出了積極的貢獻。

In mobile, it really comes down to the continued deployment of the mobile wallet.

在行動領域，這實際上取決於行動錢包的持續部署。

And the applications that we've been referring to in the past, we're beginning to see that come to fruition with developing countries and new customers really offering opportunities to drive the growth rate that we're talking about for Q2.

我們過去提到的應用程序，我們開始看到這些應用程式在發展中國家和新客戶中取得了成果，真正提供了推動我們談論的第二季度成長率的機會。

Let me add here.

我在這裡補充一下。

This really falls in line with the longer-term trends, which we called out earlier.

這確實符合我們先前指出的長期趨勢。

So from an attach rate of about 30% last year, we see the mobile wallet attach rate going to 50% in 2021 and that's well on track.

因此，從去年約 30% 的附加率來看，我們預計行動錢包附加率將在 2021 年達到 50%，而且一切都步入正軌。

And that's actually behind the growth forecast for Q2 in mobile.

這實際上落後於行動領域第二季的成長預測。

If I can just dig into one of those for a second, Rick, I think, you mentioned something about DN getting new design wins.

如果我能深入研究其中一個，Rick，我想，你提到了 DN 獲得新設計勝利的事情。

That business has been challenged for some time.

一段時間以來，這項業務一直受到挑戰。

Is this sort of a turnaround we should expect here with growth going forward and sort of a re-acceleration of business?

隨著未來的成長和業務的重新加速，我們是否應該期待這種轉變？

Well, we didn't try to say that.

好吧，我們並沒有試著這麼說。

What we did say was that the decline we think is under control.

我們確實說過，我們認為下降趨勢已受到​​控制。

I think we have been getting design wins to be fair through this period of time, it's just the revenue ramp associated with those had been delayed.

我認為，在這段時間裡，我們已經獲得了公平的設計勝利，只是與這些相關的收入成長被推遲了。

And what we are now beginning to see is some of the revenue increases from those new design wins growing faster than the declines of the older legacy business, which created so much pressure over last few years, as you're well aware.

我們現在開始看到，這些新設計勝利帶來的收入成長速度快於舊傳統業務的下降速度，正如您所知，舊傳統業務在過去幾年中造成了巨大的壓力。

We're encouraged about our DN business and the design wins we had though and the full engagement and the opportunity to participate in a number of new areas where we really offer a differentiated technology with some of our software-defined radio technology that gives our customers the ability to expand into different innovative networking applications.

我們對我們的DN 業務和我們所取得的設計成果感到鼓舞，以及充分參與和參與許多新領域的機會，在這些領域中，我們透過一些軟體定義無線電技術真正提供了差異化技術，為我們的客戶提供了優勢擴展到不同創新網路應用的能力。

And our next question comes from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究中心的史黛西·拉斯貢（Stacy Rasgon）。

So the first one, wanted to hit on margins and I know you said you are still holding to the exit rate of 55%.

所以第一個目標是想要提高利潤率，我知道你說過你仍然堅持 55% 的退出率。

Can you just talk a little bit about growth margin drivers, I guess, in Q2 and then through the rest of the year that's going to get you there as well as your thoughts on OpEx and operating margins as we go through the rest of the year?

我想，您能談談第二季度以及今年剩餘時間的成長利潤驅動因素嗎？以及您對今年剩餘時間營運支出和營業利潤率的看法？

Well, on gross margin, I just go back to exactly what I said to last year because -- last quarter, because, I think, that best illustrates where we are on flat volume from a flat revenue from Q4 '18 to Q4 '19.

好吧，就毛利率而言，我只是回到我去年所說的，因為上個季度，因為我認為，這最好地說明了我們從2018 年第4 季度到19 年第4 季度營收持平的銷量持平情況。

It's basically 200 basis points of self-help and it's not any one single individual item.

它基本上是 200 個基點的自助，而不是任何一個單獨的項目。

We've got a bunch of things going on in test times and yields.

我們在測試時間和產量方面發生了很多事情。

And there's a bunch of, in fact, I guess, the largest part of it is savings that we have tied up with supplier pricing.

事實上，我想，其中最大的一部分是我們與供應商定價相關的節省。

So that, that really hasn't changed at all.

所以，這確實沒有改變。

And in terms of OpEx, what we said to you is you should think whatever your number is for the full year, take 16% of that for an annual R&D number and 7.5% for a SG&A number.

就營運支出而言，我們對您說的是，您應該考慮全年的數字是多少，將其中的 16% 作為年度研發數字，將 7.5% 作為 SG&A 數字。

And I guess, given now that we've given you the Q2 number a portion, a difference of over Q3 and Q4 based on how you think revenue is happening.

我想，鑑於我們已經向您提供了第二季的一部分數字，根據您對收入發生方式的看法，第三季和第四季的差異。

Within OpEx, the big changes you see from quarter-to-quarter, typically, more around what we're doing from a mask perspective than anything else.

在營運支出中，每個季度你看到的巨大變化通常更多是圍繞我們從掩模角度所做的事情而不是其他任何事情。

Right now, we're not really hiring.

目前，我們還沒有真正招募。

Clearly, there are some critical replacements we put in place, but we're trying to keep a cap on our cost.

顯然，我們採取了一些關鍵的替代措施，但我們正在努力控製成本。

And I think what you saw in Q2 is we're able to manage our expense pretty well actually.

我認為你在第二季度看到的是我們實際上能夠很好地管理我們的費用。

I think that's really important, Stacy.

我認為這非常重要，史黛西。

As we look at it with the current environment we see, we're keeping our expenses completely under control and keeping them up fairly constrained.

從我們目前的環境來看，我們完全控制了開支，並使其保持在相當有限的水平。

We clearly will have investments that we need to ramp up when we see a robust return to the marketplace, but clearly, that's not something that we're in the line of sight that we have today.

當我們看到市場的強勁回報時，我們顯然將需要增加投資，但顯然，這不是我們今天所看到的。

As we talked about the ramp up we see in revenue is more customer specific and design wins specific than the general market improvement.

正如我們所談到的，我們看到收入的成長更多是針對特定客戶和設計獲勝的，而不是整體市場的改善。

Got it.

知道了。

My follow-up, I want to ask about the disties channel.

我的後續行動，我想問 disties 頻道的情況。

So I'm glad to see that you guys have managed it tightly, but I don't understand you said that this channel could have taken an additional $42 million of revenue that you chose not to ship, but how do I reconcile that with your comments on the general uncertainty in cautioning the market?

所以我很高興看到你們管理得嚴密，但我不明白你們說這個頻道可能會額外帶走你們選擇不發貨的 4200 萬美元收入，但我該如何將其與你們的收入相協調？評論中普遍存在的不確定性警示市場？

Why would the channel be looking to take additional inventory if the environment is so uncertain unless that has some implications on how they are truly seeing -- how they are truly viewing the outlook through the second half...

如果環境如此不確定，為什麼該頻道會尋求增加庫存，除非這對他們如何真正看待下半年的前景產生一些影響...

Stacy, I don't think you should read too much into that.

史黛西，我認為你不應該對此過度解讀。

I think the point is we had the orders from disties that they have the confidence that they will meet the requirements that would have driven a $40 million additional revenue for us.

我認為關鍵是我們收到了來自各分銷商的訂單，他們有信心能夠滿足這些要求，這將為我們帶來 4000 萬美元的額外收入。

But without seeing the pickup in actual shipments out from the distributors, we chose not to ship that in because that would have obviously increased our months of inventory and we're very focused on maintaining that around the 2.4% range.

但在沒有看到分銷商實際發貨量增加的情況下，我們選擇不發貨，因為這會顯著增加我們幾個月的庫存，而且我們非常注重將其維持在 2.4% 左右的範圍。

I think the distributors are more encouraged than I've seen them in a few months, but it's not really materializing into shipments out to their customers in a significant fashion.

我認為分銷商比我幾個月來看到的更受鼓舞，但這並沒有真正以一種重要的方式落實到向客戶發貨。

So I think it's more of a general indicator, but it clearly hasn't resulted in improved business yet.

所以我認為這更多的是一個一般指標，但它顯然還沒有帶來業務的改善。

I guess, what I'm asking is what do you think is driving that sort of improved outlook from them, is that improved confidence from them?

我想，我想問的是，您認為是什麼促使他們改善了前景，這是否提高了他們的信心？

Because you don't seem to be seeing it, most of the players don't seem to be seeing it just yet.

因為你似乎沒有看到它，所以大多數玩家似乎還沒有看到它。

Is it just a hope in general that the second is half better or what?

整體來說只是希望第二個好一半還是什麼？

I think it just their business planning.

我認為這只是他們的商業計劃。

As they go through it and look at what their plans are, they placed orders that would have driven further increase in our shipments into distribution, which obviously we chose not to do based on the impact it would have had on inventory levels.

當他們仔細檢查並查看他們的計劃時，他們下的訂單將進一步增加我們的分銷發貨量，顯然我們選擇不這樣做，因為它會對庫存水平產生影響。

To be clear, it wasn't one order from one distributor, it was across the distribution.

需要明確的是，這不是來自某個分銷商的一份訂單，而是整個分銷商的訂單。

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。

The first one for Rick or Kurt.

第一個是給瑞克或科特的。

The Q2 sales outlook is among the best that we've seen in your peer group who were all complaining about China weakness, which is kind of surprising because my sense is that NXP is perhaps relatively more exposed to that market.

第二季度的銷售前景是我們在你們的同行中看到的最好的之一，他們都在抱怨中國的疲軟，這有點令人驚訝，因為我的感覺是恩智浦可能相對更多地接觸該市場。

So maybe Rick, could you give us some sense of trends you're seeing?

那麼，Rick，您能為我們介紹一下您所看到的趨勢嗎？

I think you mentioned China is kind of frozen, so the trend you're seeing in Q2, is that a measure of your own company-specific design win activity?

我認為您提到中國有點凍結，所以您在第二季度看到的趨勢是衡量您自己公司特定設計獲勝活動的指標嗎？

Or are you just seeing better trends outside of China?

或者您只是看到了中國以外更好的趨勢？

Can you just give us some quantification on what you're seeing in and outside of China?

您能給我們一些您在中國國內外所看到的情況的量化數據嗎？

Yes.

是的。

So I think it's really important to understand that our guidance is based on company-specific design wins that we have with customers that give us the confidence about our Q2 revenue outlook.

因此，我認為了解我們的指導是基於我們與客戶的特定公司設計勝利非常重要，這讓我們對第二季的營收前景充滿信心。

If you just look at the market, the market in China continues to be pretty frozen.

如果你只看市場，中國市場仍然相當凍結。

We don't see a robust recovery coming yet.

我們還沒有看到強勁的復甦。

There's still a great deal of concern relative to the trade activity and the uncertainty associated with it.

人們對貿易活動及其相關的不確定性仍然存在很大的擔憂。

I think, if you look at Europe, Europe has been kind of okay, but it's actually maybe even softened a little bit recently.

我認為，如果你看看歐洲，歐洲的情況還不錯，但實際上最近甚至可能已經軟化。

It's not clearly a robust improvement; and U.S. continues to operate quite fine.

這顯然不是一個強而有力的改進；美國仍然運作良好。

So I think, all of that comes together, but clearly, our revenue increases based on company-specific design wins, which we've been working on for a long period of time and we're now beginning to see the results of that design activity that we have had.

所以我認為，所有這些都結合在一起，但顯然，我們的收入成長是基於公司特定設計的勝利，我們已經為此工作了很長一段時間，現在我們開始看到該設計的結果我們進行過的活動。

All right.

好的。

And so my follow-up on the automotive business, the revenues on a quarterly basis have been in the $1 billion, $1.1 billion range for the last 2 years now.

因此，我對汽車業務的追蹤顯示，過去 2 年每季的營收一直在 10 億美元到 11 億美元之間。

I'm curious at what point do you think all the new activities you mentioned, whether it's in ADAS, radar or BMS, can help your overall automotive business get back into a target growth rate, which, I think, you had at a 7% to 10% CAGR on a longer-term perspective?

我很好奇您認為您提到的所有新活動（無論是在 ADAS、雷達還是 BMS 領域）可以在什麼時候幫助您的整體汽車業務恢復到目標增長率，我認為您的增長率是 7從長遠來看複合年增長率為% 至10%？

Well, I'd say they do have already now because it's about 30% of the total revenue, which is very above average in terms of growth.

嗯，我想說他們現在確實已經做到了，因為它約佔總收入的 30%，就成長而言遠高於平均水平。

So once the other 70% based on the SAAR comes back to a normal growth rate, you will see this striking through for the total.

因此，一旦基於 SAAR 的其他 70% 恢復到正常成長率，您就會看到總數的驚人變化。

And obviously, with these above average growth engines, like radar or BMS or the digital process, of course, gaining share against the total, this will become more and more material over time.

顯然，隨著這些高於平均水平的成長引擎，例如雷達、BMS 或數位流程，當然，它們在總體中所佔的份額不斷增加，隨著時間的推移，這將變得越來越重要。

This is today a 30% period since it grows far above average the 30%, of course, will take a higher share in the coming years.

今天這是 30% 的時期，因為它的增長遠高於平均水平，當然，30% 在未來幾年將佔據更高的份額。

I think the real clear thing is the reason you haven't seen our total grow because of the general automotive market and the declines in production.

我認為真正清楚的是，由於汽車市場整體狀況和產量下降，您沒有看到我們的整體成長。

So the fact is, we've been able to hold at that level on our shipments based on those new product areas and as the general automotive market production levels come back to more of a normal basis, clearly, it will kick in and drive revenue growth for us as a company.

因此，事實是，基於這些新產品領域，我們已經能夠將出貨量保持在這個水平，並且隨著總體汽車市場的生產水平恢復到正常水平，顯然，它將發揮作用並推動收入我們公司的成長。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

I want to stick on the automotive side of things.

我想專注於汽車方面。

And between the first quarter report and your second quarter guide, it looks like you're down in auto, 8%, 10% year-over-year.

從第一季報告和第二季指南來看，汽車產業似乎年減了 8%、10%。

I understand it's tough market for all the reasons you've given in answering prior questions.

出於您在回答先前問題時給出的所有原因，我知道這是一個艱難的市場。

But if we you think about that relative to SAAR, the last couple of years, you guys have outperformed SAAR.

但如果我們考慮一下相對於 SAAR 的情況，過去幾年，你們的表現超過了 SAAR。

You have the 30% driver, et cetera.

你有 30% 的司機，等等。

and you outgrow even in the 70%, but it doesn't seem like that's happening in the first half of the year.

即使 70% 的人都已經長大了，但今年上半年似乎並沒有發生這種情況。

Can you just talk about some of those drivers, is it simply the inventory burn in the first half?

您能談談其中一些驅動因素嗎？只是上半年的庫存消耗嗎？

And is your expectation still to be able to outgrow the SAAR side of things and even the automotive semi peers as we get through 2019 and beyond?

當我們度過 2019 年及以後時，您是否仍然期望能夠超越 SAAR 方面，甚至超越汽車半成品同行？

So yes, clearly, the expectation is to continue to outgrow the auto SAAR.

所以，是的，顯然，我們的期望是繼續超越汽車 SAAR。

It just doesn't work on a quarter-by-quarter basis.

它只是不能按季度進行。

I mean, you have to look at a little bit longer time.

我的意思是，你必須考慮更長的時間。

We started this also, historically, it's just swinging.

我們也開始了這個，從歷史上看，它只是搖擺不定。

And one single quarter doesn't really work.

一個季度並沒有真正發揮作用。

But yes, clearly, we'll continue to outgrow the overall auto SAAR by, say, 5% to 7%.

但是，是的，很明顯，我們的成長將繼續超過整體汽車 SAAR，比方說 5% 到 7%。

That has been the basis and continues to be the basis for our mid and long-term forecast, which is like 7% to 10%, which was based on a 2% SAAR.

這一直是並將繼續是我們中長期預測的基礎，中長期預測約為 7% 至 10%，基於 2% 的 SAAR。

Now if the SAAR in the couple of quarters returns to more normal rates, like 0% to 2%, we're also back to that growth rate.

現在，如果 SAAR 在這幾個季度恢復到更正常的水平，例如 0% 到 2%，我們也會回到這個成長率。

Relative to peers, I mean, I don't know what peers will print over time, but clearly, now chosen fields of focus, which we also mentioned at the beginning of the call very clearly be it battery management for the electric power train or be it radar within the ADAS space, we have outgrown and we'll continue to outgrow also our peers very clearly.

相對於同行，我的意思是，我不知道隨著時間的推移，同行會打印什麼，但顯然，現在選擇了重點領域，我們在電話會議開始時也非常清楚地提到了這一點，無論是電力傳動系統的電池管理還是無論是 ADAS 領域的雷達，我們已經超越了我們的發展，我們將繼續超越我們的同行。

Thanks for that, Kurt.

謝謝你，庫爾特。

My follow-up is one on cash returns for, probably it's for Peter.

我的後續行動是關於現金回報的，可能是針對彼得的。

I know you have a couple of million shares left to buy in the currently approved authorization.

我知道在目前批准的授權中，您還剩幾百萬股可供購買。

Can you just talk about the logistics to expand that?

您能談談擴大這一範圍的物流嗎？

And how you're planning to return cash in the balance between share repurchase and the dividend as we think going forward beyond this share repurchase program that's about to expire?

我們認為，在即將到期的股票回購計畫之後，您打算如何在股票回購和股利之間的餘額中返還現金？

Yes.

是的。

We can -- actually, we can buy back about another 3.7 million shares between now and our Annual General Meeting, which is in June.

事實上，我們可以從現在到 6 月的年度股東大會期間再回購約 370 萬股股票。

So in June, we will request...

所以在六月，我們會要求...

Request authorization.

請求授權。

Request authorization from our shareholders to have a general buyback capability of, I think, it's 20%.

請求我們的股東授權擁有一般回購能力，我認為是 20%。

That doesn't mean at that point, say, we're going to buy back 20% of the stock, but normally, a Dutch company runs with this 20% allowance in its back pocket but no one ever spends it, as Rick mentioned before, we basically just spent in the last 6 months, which is kind of unusual.

比方說，這並不意味著我們會在那時回購20% 的股票，但正如Rick 所提到的，通常情況下，一家荷蘭公司的後袋裡有這20% 的津貼，但沒有人花掉在它之前，我們基本上只花了最後6個月的時間，這有點不尋常。

So in June, we'll get that topped up.

所以在六月，我們將把它加滿。

But more generally, our commitment is to return all excess cash flow to our shareholders.

但更廣泛地說，我們的承諾是將所有多餘的現金流回饋給股東。

We have a history of living to that commitment and we'll continue to -- we'll continue to do it.

我們有著履行這項承諾的歷史，我們將繼續——我們將繼續這樣做。

And we continue to have a dividend, and we'll get the chance as we go forward to possibly and potentially increase that dividend here.

我們將繼續獲得股息，隨著我們前進，我們將有機會增加股息。

And our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just want to revisit the RF segment.

只是想重新檢視一下射頻部分。

It looks like it is reaccelerating in June.

六月似乎又加速了。

Just kind of curious your perspective on that trajectory this year and the next.

只是有點好奇你對今年和明年的發展軌跡有何看法。

There's been some talk about maybe customers positioning ahead of Chinese tenders, so maybe you get a little front-loading.

有一些討論可能是客戶在中國招標之前定位，所以也許你會得到一點預先加載。

Just kind of curious of your view there?

只是有點好奇你的看法？

And then any perspective on your GaN product would be helpful?

那麼對您的 GaN 產品有什麼看法會有幫助嗎？

Yes.

是的。

So I don't think we see a lot of pre-ordering associated with that.

所以我認為我們不會看到大量與此相關的預訂。

What we really are seeing is a ramp-up of deployment of our massive MIMO solutions, which we've had quite a success in the marketplace.

我們真正看到的是大規模 MIMO 解決方案的部署加速，我們在市場上取得了相當大的成功。

And frankly, we're limited by our manufacturing capability right now.

坦白說，我們目前受到製造能力的限制。

So I think, that's really kind of the contributing factor for us.

所以我認為，這對我們來說確實是一個促成因素。

It's not about, I think, the term you used was preorders associated with Chinese.

我認為，您使用的術語與中文預購無關。

We don't see that as being a significant factor in our Q2 guidance at all, but instead the massive MIMO results.

我們根本不認為這是我們第二季指導中的一個重要因素，而是大規模 MIMO 結果。

Our GaN solutions continue to be well received in the market.

我們的 GaN 解決方案繼續受到市場的好評。

We continue to win design wins.

我們繼續贏得設計勝利。

And frankly, it's a challenge to be able to supply all the customer requirements associated with it.

坦白說，能夠滿足與之相關的所有客戶需求是一個挑戰。

And we do have our internal manufacturing facility to be ramping later this year associated with GaN.

我們的內部製造工廠也將於今年稍後投入使用，與 GaN 相關。

So I think, we're in -- we believe quite reasonable shape in GaN.

所以我認為，我們相信 GaN 的形狀相當合理。

And I think, we can continue to take our leadership position in the base station RF market even as the market converts more to GaN, but the timing of the transition to GaN has clearly changed over the last few years.

我認為，即使市場更多地轉向 GaN，我們仍可以繼續保持在基地台 RF 市場的領導地位，但在過去幾年中，轉向 GaN 的時機明顯發生了變化。

And frankly, the massive MIMO opportunity represents a much more significant growth we believe in the next number of quarters, 1.5 years or so than really be opportunity specifically associated with GaN.

坦白說，我們相信在接下來的幾個季度（1.5 年左右）內，大規模 MIMO 機會將比與 GaN 相關的真正機會更為顯著。

The LDMOS technology has clearly moved up and been able to move into a higher performance than what people would have anticipated several years ago.

LDMOS 技術顯然已經取得了進步，並且能夠達到比人們幾年前預期的更高的效能。

Just want to follow up on your comments again on BMS.

只是想再次跟進您對 BMS 的評論。

You talked about several hundred million dollars potential in 2021.

您談到 2021 年有數億美元的潛力。

If you could wrap any color in terms of geographic?

如果你可以用地理來包裝任何顏色？

And any sort of between now and 2021, is there anything else that has to happen in terms of that design progress?

從現在到 2021 年，在設計進展方面還有什麼必須發生的事情嗎？

Well, the focus from a partner perspective is really the battery companies.

嗯，從合作夥伴的角度來看，重點實際上是電池公司。

So we do work not that much with the classic automotive Tier 1 companies, but with the battery companies.

因此，我們並沒有與傳統的汽車一級公司合作，而是與電池公司合作。

And they tend to be, by definition, more in Asia than in Europe or in the U.S. So I would say from a geographic design in perspective, think about China, Korea, even Japan.

根據定義，它們往往更位於亞洲，而不是歐洲或美國。所以我想說，從地理設計的角度來看，想想中國、韓國，甚至日本。

Now that doesn't mean that has to do with the local consumption there.

但這並不意味著這與當地的消費有關。

It's just that they are the leaders globally in battery technology and lithium-ion battery technology, but they do ship and we do have some transparency into this in which really the programs are ramping, that's absolutely global.

只是他們是電池技術和鋰離子電池技術的全球領導者，但他們確實發貨了，我們對此也確實有一定的透明度，其中的項目確實在不斷推進，這絕對是全球性的。

I mean, I wouldn't make any differentiation there between European, U.S. or Asian car programs.

我的意思是，我不會對歐洲、美國或亞洲的汽車計劃做出任何區分。

And the initial production is quite exciting platform.

而且最初的製作是相當令人興奮的平台。

So I mean, I'm still a bit shy to say it because it's just about too large, but actually, it's a large -- a very, very large German car OEM, which is -- which has its entire electric powertrain battery platform based on our solution.

所以我的意思是，我還是有點害羞地說，因為它太大了，但實際上，它是一家很大的——一個非常非常大的德國汽車原始設備製造商，它擁有整個電動動力總成電池平台基於我們的解決方案。

And the first cars, which are very nice high-end sports cars, which I think, we'll all love to have, but they're sold out by the way for the next 2 years as far as I know, they will launch in late summer this year.

第一批汽車是非常漂亮的高端跑車，我想我們都會喜歡擁有它們，但據我所知，它們在未來兩年內已經售罄，他們將推出今年夏末。

But again, that's a platform win, which is then going to actually go and spread out into all of the electric vehicles of that car company.

但同樣，這是一個平台的勝利，然後它將真正傳播到該汽車公司的所有電動車中。

So again, that happens to be a German company, but that doesn't mean that the battery work has been done with a German battery company, which doesn't exist, but actually all in Asia.

再說一次，那恰好是一家德國公司，但這並不意味著電池工作是由一家德國電池公司完成的，德國電池公司並不存在，但實際上都在亞洲。

So it's a very global business.

所以這是一項非常全球化的事業。

I think we spent very strong based on the combination of our analog precision of our ASIL-D function safety knowhow and the microcontrollers which we have.

我認為，基於我們的 ASIL-D 功能安全技術的模擬精度和我們擁有的微控制器的結合，我們花費了非常大的資金。

So that system approach continues to give us a unique position in that market.

因此，這種系統方法繼續為我們在該市場提供獨特的地位。

And 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。

I have a question on industrial IoT.

我有一個關於工業物聯網的問題。

If you can just talk about kind of attach rate with connectivity with a core microcontrollers and then any update on some of the trends you're seeing along those lines?

您是否可以談談與核心微控制器的連接的連接速率，然後您看到的一些趨勢有什麼更新嗎？

Yes.

是的。

I think we've talked about the connectivity requirements for low-power WiFi associated with industrial and IoT market.

我想我們已經討論了與工業和物聯網市場相關的低功耗 WiFi 連接要求。

We announced some partnerships in the previous, in the most recent, quarter that one of those in specifically was an announcement with Murata and Cypress associated with the solution that we're offering, but we continued to see high demand from our customers looking for a complete solution with the connectivity to go with our processing capability to be able to facilitate their solutions and what they're trying to accomplish.

我們在上一季（即最近一個季度）宣布了一些合作夥伴關係，其中特別是與村田製作所和賽普拉斯宣布與我們提供的解決方案相關的合作夥伴關係，但我們仍然看到尋求解決方案的客戶的高需求。完整的解決方案，具有連接性和我們的處理能力，能夠促進他們的解決方案和他們想要完成的任務。

Got it.

知道了。

And then just a follow up.

然後只是跟進。

I appreciate the color on the channel and inventory.

我很欣賞渠道和庫存上的顏色。

Any updates on just kind of how lead times are and then just the comments around kind of overall market stable just kind of how things were through the quarter.

有關交貨時間的任何更新，以及有關整個市場穩定情況的評論，以及整個季度的情況。

Is it still kind of choppy intra-quarter or anything along those lines on the order front?

季度內的情況是否仍不穩定，或訂單方面是否有類似情況？

So I guess, on the order front, as we talked a little bit about, we've actually seen an improvement in orders, but we don't see the sell-through from our distribution partners picking up, specifically in China.

所以我想，在訂單方面，正如我們所談到的，我們實際上已經看到訂單有所改善，但我們沒有看到分銷合作夥伴的銷量有所回升，特別是在中國。

So I think, while we've seen that increased order activity, we're a little bit reluctant to expect that to really fall through to the customers in the near-term or in the Q2 time frame.

因此，我認為，雖然我們看到訂單活動增加，但我們有點不願意期望這種情況在短期或第二季度內真正落到客戶手中。

And thus we're relying on the specific design wins that we have to be able to achieve the revenue increase that we have.

因此，我們必須依靠特定的設計成果來實現收入的成長。

And I'm sorry I forgot your first comment...

很抱歉我忘記了你的第一條評論...

Yes, we basically maintain our lead times.

是的，我們基本上保持了交貨時間。

We don't move our --

我們不移動我們的——

Oh, yes.

哦是的。

-- lead times around like maybe some of the other guys do.

-- 交貨時間可能就像其他一些人所做的那樣。

Yes.

是的。

We're pretty religious about our lead times.

我們對交貨時間非常重視。

If someone wants to place an order within the lead times, we actually have a tendency to charge them a premium associated with being able to meet those requirements.

如果有人想在交貨時間內下訂單，我們實際上傾向於向他們收取與能夠滿足這些要求相關的溢價。

And 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。

I guess, first question, NXPI specific design win momentum has been clearly a key theme on this call.

我想，第一個問題，NXPI 的具體設計贏得動力顯然是這次電話會議的關鍵主題。

So curious as you look at your second half outlook for continued recovery, is that NXPI specific again?

當您展望下半年持續復甦的前景時，您很好奇，這是否又是針對 NXPI 的？

Or is that something cyclically structurally where you see improvements?

還是你看到的是周期性結構上的改進？

We're not talking about the second half as far as projections associated with it beyond what we said that Q2-- I mean, second half will be above the first half.

我們不是在談論下半年，而是與我們所說的第二季度相關的預測——我的意思是，下半年將高於上半年。

The confidence we have is clearly associated with the designs wins we have and that being able to facilitate that.

我們的信心顯然與我們所取得的設計勝利以及能夠促進這一目標相關。

Although there should be some nominal pickup in market even if there's not a robust recovery in the second half.

儘管下半年市場沒有強勁復甦，但市場名義上應該會回升。

Helpful.

有幫助。

And then, I guess, as a follow up, the mobile upload teams in June is, I guess, a bit surprising seasonally.

然後，我想，作為後續行動，六月的行動上傳團隊，我想，季節性有點令人驚訝。

Curious, how we should interpret that in terms of impact and what the run rate will look like into the second half of 2019?

很好奇，我們應該如何從影響以及 2019 年下半年的運行率角度來解釋這一點？

Well, that's a design wins that we talked about in the improved acceptance of our mobile wallet.

嗯，這是我們在提高行動錢包接受度時談到的設計勝利。

So it's kind of continues down the same path, and we expect that to continue, as Kurt talked about from the...

所以它會沿著同樣的道路繼續下去，我們預計這種情況會繼續下去，正如庫爾特在…中談到的那樣。

30%.

30%。

30% to 50% by 2021.

到 2021 年從 30% 到 50%。

So we're kind of on course to be able to maintain that and see wider acceptance with more customers in different applications to continue to increase our confidence in it.

因此，我們當然能夠保持這一點，並看到更多客戶在不同應用中得到更廣泛的接受，以繼續增強我們對此的信心。

We're a niche player in the mobile market.

我們是行動市場的利基參與者。

We're not a mainline player in the mobile market and don't ever plan to be a mainline player, but instead can take unique technology to drive applications for customers that just happened to be deployed in the mobile market.

我們不是行動市場的主線玩家，也不打算成為主線玩家，而是可以採用獨特的技術來為剛剛部署在行動市場的客戶驅動應用程式。

And our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自馬特·拉姆齊和考恩。

Kurt, I wanted to ask a question just on the automotive semi macro just as more of a clarification than anything.

庫爾特，我想問一個關於汽車半宏觀的問題，只是為了澄清而不是任何事情。

The ADAS business that you have, 30% of your business obviously has really strong growth.

你所擁有的 ADAS 業務，佔你業務的 30%，顯然成長非常強勁。

The other 70% has been commented a few times is tied to SAAR, but I wanted to make sure we made the distinction between SAAR growth and semiconductor growth within the SAAR.

另外 70% 已被評論過幾次，與 SAAR 相關，但我想確保我們區分了 SAAR 增長和 SAAR 內的半導體增長。

Maybe you could sort of remind us what you guys are forecasting for market growth for the semiconductor macro within the SAAR?

也許您可以提醒我們，你們對 SAAR 內半導體宏觀市場成長的預測是什麼？

Well, let me first try and clarify when we say the 70% are tied to the SAAR, we still outgrow the SAAR.

好吧，讓我先嘗試澄清一下，當我們說 70% 與 SAAR 掛鉤時，我們的成長仍然超出了 SAAR。

So there's still content growth obviously which should be at least 5% ahead of the SAAR also in that 70% portion of our business.

因此，顯然內容仍在成長，在我們業務的 70% 部分中，內容成長應該至少比 SAAR 領先 5%。

When we say types of SAAR, what that really means is, since it is closer to the SAAR, it swings more with the SAAR.

當我們說 SAAR 的類型時，真正的意思是，由於它更接近 SAAR，所以它隨 SAAR 波動更大。

Wherein in radar when we grow, say, 30% year-over-year, I mean, the SAAR with the 2%, 3% change actually doesn't matter.

在雷達領域，當我們同比增長 30% 時，我的意思是，SAAR 的 2%、3% 變化實際上並不重要。

I mean, that was the commentary we made about association or non-association with the SAAR.

我的意思是，這就是我們對與 SAAR 關聯或不關聯的評論。

So that's why I would say the semi auto market should continue, thanks to the content increase across the board, should continue to be, I don't know, 4% or 5% ahead of SAAR through the cycle and through the year.

因此，這就是為什麼我會說，由於內容全面增加，半汽車市場應該繼續發展，我不知道，在整個週期和全年中，半汽車市場應該繼續領先 SAAR 4% 或 5%。

The more crucial question is actually what the SAAR is going to be?

更關鍵的問題實際上是 SAAR 將會是什麼？

And I mentioned earlier on the call that the Q1 wasn't particularly great start.

我之前在電話會議上提到，第一季並不是特別好的開始。

So IHS was reporting Europe minus 8% year-on-year in Q1 in car production.

因此，IHS 報告稱，歐洲第一季汽車產量年減 8%。

And China minus 13%, and those are 2 pretty significant sectors.

中國下降了 13%，這是兩個非常重要的產業。

While IHS still forecasts that for the year that this gets better in the second half, which results in the minus 1% for the full year, which should indicate a positive auto semiconductor market for the full year.

儘管IHS仍預測今年下半年情況會有所好轉，導致全年負1%，這應該表明全年汽車半導體市場將呈現積極態勢。

Yes, it's really important to think about the mix of that SAAR as well.

是的，考慮 SAAR 的組合也非常重要。

If you look at it, China is like double the size of the U.S. market and Europe is larger than the U.S. market.

如果你看一下，中國市場的規模是美國市場的兩倍，歐洲市場的規模也比美國市場大。

So in fact, the 2 largest regions for SAAR production were quite weak in the first quarter.

因此，事實上，第一季 SAAR 生產的兩個最大地區相當疲軟。

Got it.

知道了。

Thank you very much for the clarification.

非常感謝您的澄清。

Just one quick follow-up on BMS because it's been brought up a few times.

只是對 BMS 的一個快速跟進，因為它已經被提及了幾次。

Maybe I'm just curious as to your focus or strategy for the charging side of the battery equation, whether that's super charger, charger infrastructure, et cetera, and if you're doing any work there?

也許我只是好奇你對電池方程式充電的關注點或策略，是否是超級充電器、充電器基礎設施等等，以及你是否在那裡做任何工作？

No we don't.

不，我們不。

We're not in that.

我們不在其中。

On the automotive side, we do have charging...

在汽車方面，我們確實有充電...

For mobile..

對於移動..

For mobile devices.

對於行動裝置。

Far more than automotives.

遠遠超過汽車。

And 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。

Peter, I had a follow-up question on gross margins.

彼得，我有一個關於毛利率的後續問題。

You talked about richer product mix driving your profitability in Q2.

您談到更豐富的產品組合將推動第二季的獲利能力。

Can you talk to some of the product areas that drove the upside there?

您能談談推動該領域成長的一些產品領域嗎？

And related to that, Rick, you talked extensively about ADAS and BMS as long-term drivers.

與此相關的是，Rick，您廣泛談論了 ADAS 和 BMS 作為長期驅動因素。

Can you speak to profitability for those 2 segments as they continue to grow as a percentage of sales going forward?

您能否談談這兩個細分市場的獲利能力，因為它們佔銷售額的百分比將繼續增長？

Sure, we don't disclose profitability by segment either at the gross margin or the operating margin level.

當然，我們不會以毛利率或營業利潤率水準揭露各部門的獲利能力。

And it was -- there's just lots of moving parts.

確實有很多活動部件。

As I've said, previously, you have the big groups still have slightly different margin profiles.

正如我之前所說，大型集團的利潤率狀況仍然略有不同。

But within the groups, you have different product sets, which have different margin profiles as well and it turned out pretty nicely for us this quarter.

但在這些集團內，你有不同的產品集，它們也有不同的利潤概況，本季我們的業績非常好。

And maybe we're a little bit conservative going into the guide.

也許我們在閱讀指南時有點保守。

Yes, the mix comment was really more focused on Q1 helping facilitate that.

是的，混合評論確實更關注第一季度，以幫助促進這一點。

And then, I guess, the only thing that we could say is ADAS and BMS margins are quite nice.

然後，我想，我們唯一可以說的是 ADAS 和 BMS 的利潤率相當不錯。

Okay.

好的。

That's helpful.

這很有幫助。

And then, as a quick follow-up, the comms, infra, and other segment, I believe the long-term growth rate from your Analyst Day is flat to up 2%.

然後，作為快速跟進，通訊、基礎設施和其他領域，我相信分析師日的長期成長率將持平至 2%。

Given the recent developments there and given your commentary on the call, is that a pretty conservative kind of guide at this point?

考慮到最近的事態發展以及您對電話會議的評論，目前這是一個相當保守的指南嗎？

And could there be potential upside?

還有潛在的上升空間嗎？

Or do you think the near-term strength could be one-off in nature, if you will?

或者，如果您願意的話，您是否認為近期的強勢本質上可能是一次性的？

Well, you know there is always gives and takes associated with this.

嗯，你知道總是有與此相關的給予和索取。

I don't think we're going back and changing our long-term guidance at all.

我認為我們根本不會回頭改變我們的長期指導。

Clearly, in the near-term, it's a positive contributor and helps us kind of offset the general market weakness that we see.

顯然，在短期內，它是一個積極的貢獻者，有助於我們抵消我們所看到的整體市場疲軟。

But clearly, we were pretty conservative on that segment and we said that at the time we set that the growth guidance.

但顯然，我們對該細分市場相當保守，我們當時表示，我們設定了成長指引。

So there could be opportunity for upside, but it's always going to be gives and takes and we're not really changing any of our long-term guidance at all.

因此，可能存在上漲的機會，但總是有付出有回報，我們根本不會真正改變任何長期指導。

Operator, we'll take 1 more call today.

接線員，今天我們將再接 1 通電話。

And 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。

On the industrial and IoT segment in the June quarter, you talked about company-specific design wins.

在六月季度的工業和物聯網領域，您談到了公司特定的設計勝利。

This is a pretty broad-based segment, you've got Kinetis, you got i.MX, high performance analog, wireless connectivity.

這是一個基礎相當廣泛的細分市場，有 Kinetis、i.MX、高效能類比、無線連線。

Can you just help us understand given the strong design win pipeline, what are the specific applications or products or platforms that are driving the sequential growth?

您能否幫助我們了解，鑑於強大的設計贏得管道，推動連續成長的具體應用程式、產品或平台是什麼？

And is it biased more towards things like building automation or factory automation or connected home?

它是否更偏向於樓宇自動化、工廠自動化或互聯家居等？

Any insights would be helpful.

任何見解都會有幫助。

So it's a more on the crossover segment.

所以這是一個更多的跨界部分。

It's, I think, the key where we anticipate seeing the significant growth contribution is the crossover segment where we are kind of uniquely positioned.

我認為，我們預計看到顯著成長貢獻的關鍵是我們處於獨特地位的跨界細分市場。

And as far as driving the growth, it's a lot more on the fitness track, the --

就推動成長而言，更多的是在健身領域，——

Wearables.

穿戴式裝置。

-- wearables segment than anything else.

——穿戴式裝置領域比其他任何領域都重要。

I think over the intermediate term, there's a lot like the immersive sound solutions that we have to be able to differentiate on the Dolby Atmos capability.

我認為從中期來看，有許多類似的沉浸式聲音解決方案，我們必須能夠在杜比全景聲功能中脫穎而出。

A lot of factory automation that are spread among many thousands of customers.

許多工廠自動化分佈在成千上萬的客戶中。

And maybe adding voice assist.

也許還可以加入語音輔助。

So it's really 4 areas: the wearables which you mentioned, Rick; by industrial automation, which is anomaly detection and that kind of stuff; voice assist into a lot of home solutions.

所以這其實是四個領域：Rick，你提到的穿戴式裝置；透過工業自動化，即異常檢測之類的東西；語音助理已融入許多家庭解決方案中。

And industrial.

和工業。

And industrial, exactly.

確切地說是工業。

And finally, the sound bars where, I think, Rick, you also spoke about the Dolby Atmos for example which has got the certification.

最後，我想，Rick，您還談到了條形音箱，例如已經獲得認證的杜比全景聲 (Dolby Atmos)。

I'd say it's those 4 very different segments, but they all use of our crossover technology.

我想說的是這 4 個截然不同的部分，但它們都使用了我們的交叉技術。

Thanks for insights there and the insight into the RT crossover platform.

感謝您的見解以及 RT 跨界平台的見解。

But..

但..

Let's be specific Harlan, it's not just RT, our crossover family of processors is a combination of RT, ULP, and MScale.

讓我們具體來說 Harlan，它不僅僅是 RT，我們的跨界處理器系列是 RT、ULP 和 MScale 的組合。

So it's a combination of those, not just RT.

所以它是這些的組合，而不僅僅是 RT。

It's actually a broadening category, which is very good which I would almost say we're creating between the micros and the application processors.

它實際上是一個不斷擴大的類別，這非常好，我幾乎可以說我們正在微處理器和應用處理器之間創建。

So while that started really with a sharp focus on the RT, I think, we're broadening this because we have so much traction that we can pull more into it.

因此，雖然我們一開始就專注於 RT，但我認為，我們正在擴大這一範圍，因為我們有如此大的吸引力，我們可以投入更多精力。

Basically bringing some of the specific functionality that you could normally only get in very costly apps processor down to a more reasonable cost point for a broader array of implementations.

基本上，將通常只能在非常昂貴的應用程式處理器中獲得的一些特定功能降低到更合理的成本點，以實現更廣泛的實施。

Yes.

是的。

And that's a good segue to my next question, which is that when we think about your full-blown processor family, the i.MX family, which we typically associate with auto.

這是我的下一個問題的一個很好的延續，即當我們考慮成熟的處理器系列 i.MX 系列時，我們通常將其與汽車聯繫在一起。

The i.MX actually continues to have, I think, strong traction in the Industrial and IoT Edge markets.

我認為，i.MX 實際上在工業和物聯網邊緣市場仍然具有強大的吸引力。

For example, like you i.MX 8 family, that's actually 14-nanometer technology.

例如，像 i.MX 8 系列一樣，這實際上是 14 奈米技術。

Can you guys help us understand the contribution and design win traction of the i.MX in Industrial and IoT edge markets?

你們能否幫助我們了解 i.MX 在工業和物聯網邊緣市場中的貢獻和設計贏得的吸引力？

It's significant.

這很重要。

I don't -- Kurt talked about the specific applications that we see and the broad base associated with that.

我不——庫爾特談到了我們看到的具體應用以及與之相關的廣泛基礎。

And we continue to have good traction, but it's a broad array of customers, not any individual single solution.

我們繼續擁有良好的吸引力，但這是一個廣泛的客戶群，而不是任何單獨的單一解決方案。

Thank you.

謝謝。

Ladies and gentlemen, this now concludes our Q&A portion of today's conference.

女士們、先生們，今天會議的問答部分到此結束。

I would now like to turn the call back over to Jeff Palmer for any closing remarks.

我現在想將電話轉回給傑夫·帕爾默，請他發表結束語。

Maybe I'll make a few closing remarks, as opposed to Jeff.

也許我會做一些結束語，而不是傑夫。

But I think our -- we were very pleased with our quarterly results in Q1 and encouraged about the customer acceptance that we have that allows us to have the guidance for Q2.

但我認為我們對第一季的季度業績非常滿意，並對客戶的接受程度感到鼓舞，這使我們能夠獲得第二季的指導。

That opportunity continued to gain traction with the design wins and make a difference for our customers is really about our long-term strategy and how we're focused on customer-focus passion to win to be able to drive our solutions to be able to make a difference with our customers and we're encouraged about being able to demonstrate the comprehensive results associated with that.

這個機會繼續獲得設計勝利的牽引力，並為我們的客戶帶來改變，這實際上關係到我們的長期策略，以及我們如何專注於以客戶為中心的熱情，以贏得勝利，從而推動我們的解決方案能夠與我們的客戶有所不同，我們很高興能夠展示與此相關的綜合結果。

So thanks a lot for your support and we appreciate it.

非常感謝您的支持，我們對此表示感謝。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your attending today's conference, this does conclude the program, you may all disconnect.

女士們、先生們，感謝你們參加今天的會議，本次會議到此結束，大家可以斷線了。

Everyone, have a great day.

大家，祝你有美好的一天。