恩智浦 (NXPI) 2019 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Second Quarter 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 年第二季財報電話會議。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to Jeff Palmer, Vice President of Investor Relations.

我現在想將會議交給投資者關係副總裁傑夫·帕爾默 (Jeff Palmer)。

You may begin.

你可以開始了。

Thank you, Sania, and good morning, everyone.

謝謝你，薩尼亞，大家早安。

Welcome to the NXP Semiconductors' Second Quarter 2019 Earnings Call.

歡迎參加恩智浦半導體 2019 年第二季財報電話會議。

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 the financial results for the third 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 年第三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 today.

有關前瞻性陳述的完整披露，請參閱我們今天的新聞稿。

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

此外，在我們的電話會議中，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驅動的費用的影響管理階層認為與公司的基本核心經營績效沒有直接關係。

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our second quarter 2019 earnings press release, which will be furnished to the SEC on a 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 年第二季度收益新聞稿中提供了非GAAP 財務指標與最直接可比較的GAAP 指標的調節表，該新聞稿將以6-K 表格的形式提交給SEC，並可在恩智浦的網站上取得。

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

我現在想把電話轉給里克。

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

謝謝傑夫，歡迎大家參加我們今天的電話會議。

Today, I'll start with and provide some mid- and long-term strategic commentary.

今天我先做一些中長期策略的評論。

Then Kurt Sievers, our President, will review the end-market revenue details of Q2 and provide revenue guidance for Q3.

然後，我們的總裁 Kurt Sievers 將審查第二季度的終端市場收入詳細信息，並為第三季度提供收入指導。

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

最後，彼得凱利將回顧本季的財務細節和對第三季的預期。

As most of you remember, last quarter we discussed company-specific design wins in our focused end markets of automotive and industrial and IoT.

大多數人都記得，上個季度我們討論了在汽車、工業和物聯網等重點終端市場中公司特定的設計勝利。

Today, I'd like to provide additional details and share some exciting new engagements, which reflect the momentum we have in our target markets.

今天，我想提供更多細節並分享一些令人興奮的新活動，這些活動反映了我們在目標市場的勢頭。

Within our automotive market, we discussed that one of our key focus areas is RADAR solutions for level 2 and level 3 ADAS vehicles.

在我們的汽車市場中，我們討論了我們的重點關注領域之一是針對 2 級和 3 級 ADAS 車輛的雷達解決方案。

Initially, RADAR will facilitate automatic emergency braking, which is being mandated by multiple regulatory groups like NCAP in Europe.

最初，RADAR 將促進自動緊急制動，這是歐洲 NCAP 等多個監管機構強制要求的。

Eventually, new use cases will be adaptive cruise control, lane change assistance, cross-traffic alerts and blind spot detection.

最終，新的用例將是自適應巡航控制、變換車道輔助、交叉交通警報和盲點偵測。

These features are all dependent on RADAR as the key enabling function, and ultimately, RADAR solutions will become standard equipment regardless of the car, tier or OEM brand, making all of our driving safer.

這些功能都依賴雷達作為關鍵使能功能，最終，雷達解決方案將成為標準設備，無論汽車、層級或 OEM 品牌如何，讓我們的駕駛更加安全。

For NXP, we have emerged as the #1 supplier for the complete RADAR subsystem, with RADAR representing almost 10% of our auto revenues in 2018.

對於恩智浦來說，我們已成為完整 RADAR 子系統的第一大供應商，2018 年 RADAR 幾乎占我們汽車收入的 10%。

To date, our success on the processor side has been broad-based, while the transceiver shipments have been largely driven by a single large European Tier 1, who represents about 30% of the overall radar market and services several major OEMs globally.

迄今為止，我們在處理器方面的成功已經取得了廣泛的基礎，而收發器的出貨量主要由一家大型歐洲一級公司推動，該公司約佔整個雷達市場的30%，並為全球幾家主要OEM 提供服務。

We are excited that shipments from our design win momentum will expand based on the initial ramp-up of one of the most innovative North American Tier 1 suppliers, who we ultimately expect to have about 20% of the overall radar market.

我們很高興看到，我們的設計獲勝勢頭將隨著最具創新性的北美一級供應商之一的初步增長而擴大，我們最終預計該供應商將佔據整個雷達市場約 20% 的份額。

We are now aligned with the Tier 1 market leaders, which service a dozen of the largest global auto OEMs.

我們現在與一級市場領導者結盟，這些領導者為全球十幾家最大的汽車原始設備製造商提供服務。

Our success in the ecosystem is due to the market-leading performance, product integration and complete end-to-end solutions supported by the industry's broadest portfolio and road map of multi-generation processors and front-end transceivers, both 77 gigahertz SiGe and RFCMOS.

我們在生態系統中的成功歸功於市場領先的性能、產品整合和完整的端到端解決方案，並獲得業界最廣泛的產品組合和多代處理器和前端收發器（77 GHz SiGe 和RFCMOS）路線圖的支持。

And we have additional Tier 1 design wins and engagements ongoing and we'll continue to invest in the area to expand our market and thought leadership.

我們還有更多的一級設計勝利和正在進行中的合作，我們將繼續投資該領域，以擴大我們的市場和思想領導。

These engagements continue to underpin our confidence that NXP will outgrow the overall auto RADAR market with our planned growth of 25% to 30% compounded annually over the next few years.

這些合作繼續增強了我們的信心，即恩智浦的成長將超越整個汽車雷達市場，我們計劃在未來幾年內實現每年 25% 至 30% 的複合成長率。

Now I'd like to turn to a very exciting new solution Ultra-Wideband or UWB.

現在我想談談一個非常令人興奮的新解決方案：超寬頻或 UWB。

UWB is the technology that enables secure relative location and distance measurement with a very high degree of precision and low latency.

UWB 是一種能夠以非常高的精度和低延遲實現安全相對定位和距離測量的技術。

This is an area we have been investing for several years in a stealth mode, and believe NXP has a unique first-mover advantage, which yields category leadership.

這是我們多年來一直以隱形模式投資的領域，並相信恩智浦擁有獨特的先發優勢，從而產生類別領導地位。

We see clear interest from participants in the automotive, industrial IoT, smart home, smart retail and mobile markets.

我們看到參與者對汽車、工業物聯網、智慧家庭、智慧零售和行動市場表現出明顯的興趣。

One of the first use case applications will be to revenue -- revolutionize the next generation of secure car access solutions.

首批用例應用程式之一將是收入——徹底改變下一代安全汽車門禁解決方案。

We have a system-level solution that leverages foundation IP at the intersection of two existing NXP application areas: automotive secure car access and secure mobile payments, both areas where NXP is the undisputed true market leader with relative market share of 2.9x and 7.9x, the #2 player, respectively.

我們擁有一個系統級解決方案，該解決方案利用兩個現有恩智浦應用領域交叉點的基礎IP：汽車安全汽車訪問和安全移動支付，恩智浦在這兩個領域都是無可爭議的真正市場領導者，相對市佔率分別為2.9 倍和7.9 倍，分別是排名第二的玩家。

The overall solution leverages NXP's market leadership in connectivity, embedded secure element and digital credential management technology.

整體解決方案利用了恩智浦在連接、嵌入式安全元件和數位憑證管理技術方面的市場領先地位。

As announced by the leading German newspaper and mentioned by Forbes, UWB, today, adds a new level of security, the car key fab -- fobs that can prevent relay station attacks by distinguishing the authentic signal from the relayed or spoofed signal.

正如德國主要報紙所宣布的以及《福布斯》所提到的，UWB 今天增加了一個新的安全級別，即汽車鑰匙扣，可以透過區分真實訊號與中繼或欺騙訊號來防止中繼站攻擊。

UWB is the most precise, secure and real-time ranging technology that allows coexistence with existing radio technologies.

UWB 是最精確、安全和即時的測距技術，可與現有無線電技術共存。

This will give various applications the ability to process contextual information, such as the position of a UWB anchor, its movements and the distance to other devices with an unprecedented precision to within a few centimeters, which enables decision-making and management of these devices to take place with high granularity.

這將使各種應用程式能夠以前所未有的精確度（幾厘米以內）處理上下文訊息，例如 UWB 錨點的位置、其移動以及與其他設備的距離，從而使這些設備的決策和管理能夠以高粒度發生。

As an example, a consumer could remotely share secure access to home or building from their phone, where the door lock identifies the new person through localization and secured credentials before opening the door.

例如，消費者可以透過手機遠端共享對家庭或建築物的安全訪問，其中門鎖在開門之前透過本地化和安全憑證來識別新人。

In addition to the secured door access, our customers have envisioned applications such as indoor location-based services, highly immersive virtual gaming systems and many more use cases.

除了安全門禁之外，我們的客戶還設想了室內基於位置的服務、高度沉浸式虛擬遊戲系統和更多用例等應用程式。

This is clearly not a science project looking for a problem to solve, we have developed products and are very actively engaged with leading customers in various target segments in a complete ecosystem.

這顯然不是一個尋求解決問題的科學項目，我們開發了產品，並非常積極地與完整生態系統中各個目標細分市場的領先客戶合作。

We have won key designs with several customers across the mobile and automotive end markets with volume production to start in 2020.

我們已贏得行動和汽車終端市場多家客戶的關鍵設計，並將於 2020 年開始大量生產。

We see the market opportunity developing to approximately $900 million by 2024.

我們預計到 2024 年，市場機會將成長至約 9 億美元。

We believe our market share will be equivalent with our first-mover advantage, unique IP, system knowledge and high RMS for foundational positions.

我們相信，我們的市佔率將與我們的先發優勢、獨特的智慧財產權、系統知識和基礎地位的高 RMS 相當。

This is an exciting, new and incremental opportunity for NXP.

對於恩智浦來說，這是一個令人興奮的、全新的、漸進的機會。

Now turning to the industrial and IoT market.

現在轉向工業和物聯網市場。

On May 29, we announced the intent to acquire Marvell's connectivity assets.

5 月 29 日，我們宣布有意收購 Marvell 的連結資產。

We expect the business to add about $600 million of incremental revenue by 2022, roughly 2x its current run rate.

我們預計到 2022 年，該業務將增加約 6 億美元的增量收入，約為目前運作率的 2 倍。

This was not an acquisition we executed in the spur of the moment.

這不是我們一時衝動執行的收購。

We spent nearly a year looking at all the connectivity assets in the market.

我們花了近一年的時間研究市場上的所有連結資產。

Our conclusion was that the Marvell team provides NXP with an industry-leading connectivity engineering team, a strong complementary product portfolio and a successful history of fundamental IP development.

我們的結論是，Marvell 團隊為 NXP 提供了業界領先的連接工程團隊、強大的互補產品組合以及基礎 IP 開發的成功歷史。

The product set and especially, the disruptive WiFi 6 portfolio will immediately complement our key processing, security and connectivity offerings in our strategic end markets of industrial and IoT as well as in automotive.

該產品集，尤其是顛覆性的 WiFi 6 產品組合，將立即補充我們在工業、物聯網以及汽車等戰略終端市場中的關鍵處理、安全和連接產品。

As a point of reference, looking at the recent history of all applications in cross-over processor design wins, we have been awarded in the industrial and IoT market, nearly 2/3 have included a connectivity solution, which had to be sourced from other vendors.

作為參考，縱觀跨界處理器設計中所有應用的近期歷史，我們在工業和物聯網市場中獲獎，近 2/3 包含連接解決方案，該解決方案必須從其他公司採購供應商。

Connectivity is clearly becoming a must-have functional capability for IoT solutions.

連接性顯然正在成為物聯網解決方案的必備功能。

We believe our leading processor product offering, our broad go-to-market channel and the market inflection by WiFi 6 will all directly underpin the strong growth we have highlighted.

我們相信，我們領先的處理器產品、廣泛的上市管道以及 WiFi 6 帶來的市場變化都將直接支撐我們所強調的強勁成長。

We are very excited about the transaction and look forward to welcoming the team to NXP.

我們對這筆交易感到非常興奮，並期待歡迎團隊加入恩智浦。

Lastly, a quick comment on our efforts in the mobile market.

最後，快速評論一下我們在行動市場的努力。

As you remember from our Analyst Day, our focus in the mobile markets is primarily aimed at the evolution and adoption of the mobile wallet and associated services like transit ticketing.

正如您在分析師日所記得的那樣，我們對行動市場的關注主要是針對行動錢包和交通票務等相關服務的發展和採用。

We said our growth in the mobile market would be a function of the increased attach rate, not the fundamental handset unit growth.

我們表示，我們在行動市場的成長將取決於附加率的提高，而不是手機銷售的基本成長。

We believe the mobile wallet attach rate in 2018 was about 30% of all phones, and we are targeting this to expand to about 50% by 2021.

我們認為 2018 年手機錢包的使用率約為所有手機的 30%，我們的目標是到 2021 年將這一比例擴大到 50% 左右。

I'd like to report that a large Chinese handset OEM has aggressively deployed our mobile wallet solution now across its entire portfolio, whereas in the past, the adoption had been only deployed on limited premium models.

我想向您報告，一家大型中國手機 OEM 現已在其整個產品組合中積極部署我們的行動錢包解決方案，而在過去，該解決方案僅部署在有限的高端型號上。

This customer is strategically focused on increasing its market share in both the domestic China and global handset market, and as a result, has significantly increased its 2019 launch and build plans.

該客戶的戰略重點是增加其在中國國內和全球手機市場的市場份額，因此大幅增加了 2019 年的發布和建設計劃。

As a proof point, NXP experienced a significant ramp in demand during Q2, and this is a great example of how customers are perceiving the value of NXP's mobile wallet, especially in the domestic Chinese market for mass transit access.

作為一個證明，恩智浦在第二季度經歷了需求的大幅增長，這是客戶如何看待恩智浦行動錢包價值的一個很好的例子，特別是在中國國內的公共交通市場。

Kurt will review the specific details in a moment.

庫爾特稍後會回顧具體細節。

In summary, our strategy continues to yield positive results.

總而言之，我們的策略持續取得正面成果。

We will continue to drive focus in our strategic end markets, engaging with customers to deliver superior, highly differentiated products regardless of the short-term fluctuations in demand.

我們將繼續專注於我們的策略終端市場，與客戶合作，提供卓越的、高度差異化的產品，無論需求的短期波動如何。

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

我現在想將電話轉給庫爾特，討論本季的結果。

Thanks, Rick, and good morning, everyone.

謝謝瑞克，大家早安。

I'm really glad to be able to speak with you all today.

我很高興今天能夠與大家交談。

Overall, our Q2 results were above the midpoint of our guidance with the contribution from the mobile market somewhat stronger than planned, while the demand in the auto markets was slightly weaker.

總體而言，我們第二季的業績高於我們指導的中點，行動市場的貢獻略強於計劃，而汽車市場的需求略有疲軟。

Taken together, NXP delivered revenue of $2.22 billion, which, combined with good expense control, enabled us to successfully deliver operating profitability above the higher end of our guidance range.

總的來說，恩智浦實現了 22.2 億美元的收入，再加上良好的費用控制，使我們能夠成功實現高於指導範圍上限的營運利潤。

Let me turn to the specific trends in Q2 in our focused end markets.

讓我談談第二季我們重點關注的終端市場的具體趨勢。

Automotive revenue was $1.03 billion, down 10% year-on-year, in line with our guidance.

汽車收入為 10.3 億美元，年減 10%，符合我們的指引。

Based on the most recently available IHS data, year-on-year global car protection trends continue to be revised down, especially in China and Europe, the 2 largest auto manufacturing markets, while the North American market slowed modestly.

根據IHS最新數據，全球汽車防護趨勢比去年同期持續下調，尤其是中國和歐洲這兩個最大的汽車製造市場，而北美市場則略有放緩。

This had the effect of slightly weaker-than-anticipated shipments in Q2 for NXP.

這導致恩智浦第二季度出貨量略低於預期。

Revenue in all our major product categories declined versus the year-ago period as anticipated.

正如預期的那樣，我們所有主要產品類別的收入均較去年同期下降。

Except for revenue from ADAS, especially RADAR, which was up double digits, a continued reflection of NXP's differentiated product offerings and our strong customer traction, very much in line with how Rick laid it out just a minute ago.

除了 ADAS 的收入，尤其是雷達的收入成長了兩位數，這持續反映了恩智浦的差異化產品和我們強大的客戶吸引力，這與 Rick 一分鐘前的佈局非常一致。

In industrial and IoT, revenue was $390 million, down 14% year-on-year, in line with our expectations as the demand for general-purpose MCU products in the broad-based China market continues to be very weak.

在工業和物聯網領域，營收為 3.9 億美元，年減 14%，符合我們的預期，因為廣泛的中國市場對通用 MCU 產品的需求仍然非常疲軟。

However, we saw the expected double-digit year-on-year growth of our crossover processor products abate from a small overall base today.

然而，我們看到我們的跨界處理器產品預期的兩位數年增長從今天較小的整體基數減弱。

Remember, our industrial and IoT business is primarily serviced through our global distribution partners and relies on tens of thousands of smaller customers, which appear to be particularly affected by the continued U.S.-China trade tensions.

請記住，我們的工業和物聯網業務主要透過我們的全球分銷合作夥伴提供服務，並依賴數以萬計的小客戶，這些客戶似乎尤其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 $297 million, up 25% year-on-year, better than our expectations.

營收為2.97億美元，年增25%，優於我們的預期。

As Rick just mentioned, we continue to see the attach rate of our mobile transaction solutions grow with a broader set of customers and moving from premium to volume and all the way to feature phones.

正如里克剛才提到的，我們繼續看到我們的行動交易解決方案的附加率隨著更廣泛的客戶群的增長而增長，並從高端轉向批量，一直到功能手機。

Specifically, in Q2, we saw a large Chinese handset customer, who is focused on increasing its market share globally and locally and ramped orders on us, a touch more than what we had anticipated.

具體來說，在第二季度，我們看到一家中國大型手機客戶專注於增加其全球和本地市場份額，並向我們增加了訂單，超出了我們的預期。

Lastly, our communication and infrastructure segments, revenue was $499 million, up 19% year-on-year, in line with our guidance.

最後，我們的通訊和基礎設施部門，營收為 4.99 億美元，年增 19%，符合我們的指引。

All associated product lines grew during Q2, with our power solutions continuing to drive strong double-digit growth versus the year-ago period.

所有相關產品線在第二季度均實現成長，我們的電源解決方案持續推動與去年同期相比強勁的兩位數成長。

And consistent with last quarter, we experienced strong annual growth in our shipments for both our massive MIMO and high-power single-channel RF power amplifiers with the increased demand spread across nearly all the global base station OEMs.

與上季一致，我們的大規模 MIMO 和高功率單通道射頻功率放大器的出貨量實現了強勁的年度成長，幾乎所有全球基地台 OEM 的需求都在成長。

Now turning to our expectations for quarter 3. In the auto and industrial and IoT markets, our guidance reflects ongoing subacute ordering trends due to macro uncertainty, combined with the anticipated pause in the communications infrastructure market after the blistering pace of growth over the last quarters.

現在轉向我們對第三季的預期。快速增長之後預計將出現停頓。

Embedded in our Q3 mobile guidance is what we would consider normal sequential order rates from our largest premium handset customer, offset by a sequential step down from the Chinese handset customer we previously discussed.

我們第三季行動業務指引中包含了我們最大的高階手機客戶的正常連續訂單率，並被我們之前討論的中國手機客戶的連續下降所抵消。

Taken together, this distorts what some elements would consider seasonality of our mobile business into Q3 of this year.

總而言之，這扭曲了一些因素對我們今年第三季行動業務季節性的看法。

We currently anticipate total revenue will be in the range of flat to up 2% sequentially.

我們目前預計總收入將環比持平至成長 2%。

At the midpoint of our range, this is an increase of 1% sequentially or $2.24 billion.

以我們範圍的中點計算，這比上一季成長了 1%，即 22.4 億美元。

From a year-over-year perspective, this represents a decline of about 8% versus the same period a year ago, of which 120 basis points 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約8%，其中120個基點是與去年同期相比取消了MSA。

At the midpoint, we do anticipate the following sequential trends in our business: Automotive is expected to be up low single digits versus Q2.

在中點，我們確實預期我們的業務將出現以下連續趨勢：汽車業務預計將比第二季成長低個位數。

Industrial and IoT is expected to be up in the upper single-digit range on a percentage basis.

工業和物聯網預計將按百分比增長在較高個位數範圍內。

Mobile is expected to be down in the low single digits on a percentage basis.

預計行動業務的百分比將下降至低個位數。

And finally, communications, infrastructure and other is expected to be down in the low single digits on a percentage basis.

最後，通訊、基礎設施和其他領域的百分比預計將下降到低個位數。

We believe the short-term demand environment continues to be challenging and has incrementally weakened versus our prior view.

我們認為短期需求環境仍然充滿挑戰，並且與我們先前的觀點相比已經逐漸減弱。

And yet, we do still anticipate the second half of the year to be greater than the first half, though at a lesser rate than assumed earlier this year.

然而，我們仍然預計今年下半年的業績將高於上半年，儘管增幅低於今年稍早的假設。

In summary, our new product introductions, customer engagement levels and design win momentum in our strategic focus areas continue to be very positive.

總而言之，我們在策略重點領域的新產品推出、客戶參與程度和設計贏得動力仍然非常積極。

And we continue to be very optimistic about the long-term potential of NXP.

我們仍然對恩智浦的長期潛力非常樂觀。

And with that, I would like to pass the call to you, Peter, for a review of our financial performance.

在此，我想將電話轉給您，彼得，請您審查我們的財務表現。

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's already covered the drivers of the revenue during the quarter and provided our revenue outlook for Q3, 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三季的收入前景，我將轉向財務要點。

In summary, our Q2 revenue performance was just above the midpoint of guidance which, combined with good expense control, resulted in a very strong non-GAAP rate of profit.

總之，我們第二季的營收表現略高於指引的中點，再加上良好的費用控制，導致了非常強勁的非公認會計準則利潤率。

Focusing on the details of Q2, total revenue was $2.22 billion, down 3% year-on-year, of which, 160 basis points was the elimination of the MSA versus the year-ago period.

關注第二季的具體情況，總營收為22.2億美元，年減3%，其中取消MSA較去年同期下降160個基點。

We generated $1.2 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 53.3%, up 50 basis points year-on-year and in line with the midpoint of our guidance.

我們的非 GAAP 毛利為 12 億美元，非 GAAP 毛利率為 53.3%，較去年同期成長 50 個基點，與我們指引的中位數一致。

Total non-GAAP operating expenses were $541 million, down $50 million year-on-year and down $6 million from Q1.

非 GAAP 營運支出總額為 5.41 億美元，年減 5,000 萬美元，比第一季減少 600 萬美元。

This was $12 million better than the midpoint of our guidance.

這比我們指導的中位數高出 1200 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $640 million and non-GAAP operating margin was 28.9%, up 190 basis points year-on-year, despite a $73 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6.4億美元，非美國通用會計準則營業利益率為28.9%，較去年同期成長190個基點，儘管同期營收下降了7,300萬美元。

Interest expense was $61 million.

利息支出為 6,100 萬美元。

Cash taxes for ongoing operations were $30 million and noncontrolling interest were $5 million, all modestly better than the midpoint of our guidance.

持續經營業務的現金稅為 3,000 萬美元，非控制權益為 500 萬美元，均略優於我們指導的中位數。

Stock-based compensation, which is not included in our non-GAAP earnings was $87 million.

以股票為基礎的薪酬（不包括在我們的非 GAAP 收益中）為 8,700 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 Q2 was $8.54 billion, up $1.2 billion sequentially, as we issued $1.75 billion of new debt and retired $600 million of existing debt.

在第二季末，我們的總債務為 85.4 億美元，較上季增加 12 億美元，因為我們發行了 17.5 億美元的新債務，並償還了 6 億美元的現有債務。

Cash was $3.03 billion; net debt was $5.51 billion, slightly above Q1.

現金為30.3億美元；淨債務為 55.1 億美元，略高於第一季。

We exited the quarter with a trailing 12-month adjusted EBITDA of $3.15 billion, and our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q2 was 1.75x and our non-GAAP interest coverage was 10.5x.

本季結束時，我們的過去12 個月調整後EBITDA 為31.5 億美元，第二季末我們的淨負債與過去12 個月調整後EBITDA 的比率為1.75 倍，我們的非GAAP 利息保障倍數為10.5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 Q2, we returned $716 million to shareholders as we bought about 6.6 million shares for $645 million and paid $71 million in cash dividends.

第二季度，我們向股東返還了 7.16 億美元，因為我們以 6.45 億美元購買了約 660 萬股股票，並支付了 7,100 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 100 days, a decrease of 13 days sequentially and a quarter-on-quarter decline of $97 million.

庫存天數為100天，季減13天，季減9700萬美元。

We continue to aggressively manage our distribution channel and inventory in the channel was very healthy at 2.4 months within our long-term targets.

我們繼續積極管理我們的分銷管道，該渠道的庫存非常健康，為 2.4 個月，符合我們的長期目標。

Days receivable were 32 days, a decrease of 3 days sequentially and days payable were 67, a decrease of 7 days versus the prior quarter.

應收帳款天數為32天，季減3天；應付帳款天數為67天，較上季減少7天。

Taken together, our cash conversion cycle was 65 days, an improvement of 9 days versus the prior quarter.

總的來說，我們的現金週轉週期為 65 天，比上一季縮短了 9 天。

Cash flow from operations was $517 million, net CapEx was $106 million, resulting in free cash flow of $411 million.

營運現金流為 5.17 億美元，淨資本支出為 1.06 億美元，自由現金流為 4.11 億美元。

Turning to our expectations for the third quarter.

轉向我們對第三季的預期。

As Kurt mentioned, we anticipate third quarter revenue to be about $2.24 billion, plus or minus $30 million.

正如 Kurt 所提到的，我們預計第三季營收約為 22.4 億美元，上下浮動 3,000 萬美元。

At the midpoint, this is up 1% sequentially.

在中點處，該數字比上一季成長了 1%。

We expect non-GAAP gross margin to be about 53.7%, plus or minus 30 basis points.

我們預計非 GAAP 毛利率約為 53.7%，上下浮動 30 個基點。

Operating expenses are expected to be about $536 million, plus or minus about $10 million.

營運費用預計約 5.36 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 29.7%, plus or minus about 20 basis points.

綜合來看，我們預期非 GAAP 營運利潤率約為 29.7%，上下浮動約 20 個基點。

We estimate interest expense to be about $69 million and anticipate cash tax related to ongoing operations to be about $41 million.

我們估計利息支出約為 6,900 萬美元，預計與持續營運相關的現金稅約為 4,100 萬美元。

Noncontrolling interest will be about $10 million, reflecting improved loadings at SSMC.

非控制權益約為 1000 萬美元，反映了 SSMC 負荷的改善。

I'd 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 second quarter, we bought back approximately 6.6 million shares at a cost of $645 million.

如前所述，第二季我們以 6.45 億美元的成本回購了約 660 萬股股票。

Since the beginning of Q3 2018, we have repurchased just over 69 million shares for a total of $6.33 billion.

自 2018 年第三季初以來，我們回購了略多於 6,900 萬股的股票，總價值達 63.3 億美元。

Combined with our quarterly cash dividend, we've returned $6.55 billion to our owners over this period.

加上我們的季度現金股息，我們在此期間向股東返還了 65.5 億美元。

Our capital strategy continues to be to return all excess cash to our owners while maintaining a target leverage ratio of 2x net debt to trailing 12-month adjusted EBITDA.

我們的資本策略仍然是將所有多餘現金回饋給我們的所有者，同時維持 2 倍淨債務與過去 12 個月調整後 EBITDA 的目標槓桿率。

During the second quarter, we announced the acquisition of Marvell connectivity assets for $1.76 billion.

第二季度，我們宣布以 17.6 億美元收購 Marvell 連結資產。

And as we build cash to pay for this asset, we will likely pause our share repurchase program for the balance of 2019.

隨著我們累積現金來支付這項資產，我們可能會在 2019 年剩餘時間內暫停股票回購計畫。

So for the third quarter we suggest that for modeling purposes you use an average share count of 284 million shares.

因此，對於第三季度，我們建議出於建模目的，使用 2.84 億股的平均股數。

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

最後，我想發表一些結束語。

Firstly, as previously announced, the NXP Board of Directors has decided that NXP will become a U.S. domestic filer as of August 2019, though we will continue to be a Dutch-domiciled company.

首先，正如先前宣布的那樣，恩智浦董事會已決定，恩智浦將從 2019 年 8 月起成為美國國內申報人，但我們仍將是一家荷蘭註冊公司。

As a result, in October, we will file our first quarterly 10-Q financial statements and we will submit our annual 10-K in February of 2020.

因此，我們將在 10 月提交第一個季度 10-Q 財務報表，並將於 2020 年 2 月提交年度 10-K 財務報表。

We believe this will ultimately lead to NXP being included in the various broad-based U.S. equity indexes.

我們相信，這最終將導致恩智浦被納入各種廣泛的美國股票指數。

Secondly, as Rick highlighted, we're very positive about the acquisition of the Marvell connectivity assets, and we have now submitted all the required regulatory pre-merger notifications.

其次，正如 Rick 所強調的，我們對收購 Marvell 連結資產非常積極，我們現在提交了所有必需的監管合併前通知。

We received an early termination clearance from the U.S. Federal Trade Commission on July 11, and continue to expect that all regulatory approvals will be complete by the first quarter of 2020, with the possibility that the remaining approvals could be obtained earlier.

我們於 7 月 11 日收到美國聯邦貿易委員會的提前終止許可，並繼續預計所有監管批准將在 2020 年第一季完成，剩餘審批有可能提前獲得。

As Kurt pointed out, we are pleased with our performance in Q2.

正如庫爾特指出的那樣，我們對第二季的表現感到滿意。

Our revenue was slightly better than guidance, and with the contribution from the mobile market a bit stronger-than-expected, while the automotive market was slightly weaker.

我們的收入略好於預期，行動市場的貢獻略強於預期，而汽車市場則略弱。

Our expectations are that revenue in the second half of the year will be greater than in the first half of the year.

我們預計下半年的收入將高於上半年。

However, the absolute performance is likely to be weaker than we originally anticipated at the beginning of the year, so for that matter, at the end of last quarter.

然而，絕對表現可能會弱於我們年初（即上季末）的最初預期。

Our non-GAAP margin improved again in Q2, and we anticipate further improvements into Q3 as we continue to work towards our intermediate target of 55% exiting Q4 2019 on flat year-on-year revenue.

我們的非 GAAP 利潤率在第二季再次有所改善，我們預計第三季將進一步改善，因為我們將繼續努力實現 2019 年第四季 55% 的中間目標，營收與去年同期持平。

I continue to have confidence in our ability to deliver the improvements under our control, particularly as regards to cost control.

我仍然對我們在控制下實現改進的能力充滿信心，特別是在成本控制方面。

However, given the current environment, it's difficult to predict what the final revenue for the fourth quarter and its impact on gross margin might be.

然而，考慮到當前的環境，很難預測第四季度的最終收入及其對毛利率的影響。

So with that, I'd now like to turn the call back over to the operator for your questions.

因此，我現在想將電話轉回給接線員詢問您的問題。

Sania, we'll now pull for questions, please.

Sania，我們現在請提問。

(Operator Instructions) Our first question comes from Craig Hettenbach of Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Craig Hettenbach。

First question just, Rick, talking about the current environment.

第一個問題，Rick，談論當前的環境。

Like you said, things have still gotten a bit worse here from a macro perspective, but just curious to see how you're seeing distributors act during this period of time?

正如您所說，從宏觀角度來看，情況仍然變得更糟，但只是想知道您在這段時間裡看到經銷商的行為如何？

I think last quarter, you mentioned you could have shipped 40 more to distribution than you did and you kind of held back.

我想上個季度，您提到您本可以向分銷商運送 40 多件貨物，但您有所保留。

And so how you managed it this quarter and as you look into Q3?

那麼本季以及第三季您是如何管理的呢？

Yes, thanks.

是的，謝謝。

I think the market environment hasn't changed significantly.

我認為市場環境並沒有重大變化。

We have anticipated that we would see some improvements in the second half of the year, and clearly, that's been pushed out.

我們預計下半年會看到一些改進，但顯然，這已經被推遲了。

We do see a little bit of improvement in China I would say, and I think that comes down to just the fact that their inventory levels are down, where now when they have orders, they have to place -- they have to order product to be able to supply those.

我想說，我們確實看到中國有了一點改善，我認為這歸結為他們的庫存水平下降了，現在當他們有訂單時，他們必須下訂單——他們必須訂購產品能夠供應這些。

However, at the same time, we've seen Europe weaken and we've seen the U.S. weaken.

然而，同時，我們看到歐洲衰弱，我們看到美國衰弱。

When you look at our distributor partners, they are clearly not having the same performance levels they were as you look at their announcement of their results with even one of them doing a pre-announcement associated with it.

當您查看我們的經銷商合作夥伴時，您會發現他們顯然沒有達到與您查看其結果公告相同的績效水平，甚至其中之一還進行了與之相關的預先公告。

So I think the environment continues to stay quite uncertain.

所以我認為環境仍然相當不確定。

The improvements that we had anticipated have definitely been moved out, although we still are improving slightly as we show from the base.

我們預期的改進肯定已經被取消，儘管我們仍然在從基礎上顯示出輕微的改進。

Clearly, automotive is improving.

顯然，汽車業正在進步。

We've been fortunate that we had the strength of our infrastructure and 5G deployment over the last couple of quarters, and clearly the large mobile customer that deployed on more broadly based in Q2 that then requires a little bit of adjustment in Q3, after they filled up their supply chain.

我們很幸運，在過去的幾個季度中，我們擁有強大的基礎設施和 5G 部署能力，而且顯然，大型行動客戶在第二季度進行了更廣泛的部署，因此在第三季度需要進行一些調整。填補了他們的供應鏈。

So all of that comes together to kind of create a little bit of an uncertain environment, I would say, on a continuous basis and not the uptick that we had anticipated for the -- for Q3 and going forward all at this point yet.

因此，我想說，所有這些因素結合在一起，持續創造了一些不確定的環境，而不是我們預期的第三季以及目前的成長。

Okay.

好的。

I appreciate that, the context there, Rick.

我很欣賞那裡的背景，瑞克。

And then just a follow up for Kurt on the automotive side, particularly for BMS just kind of how you're feeling about from a design perspective?

然後是 Kurt 在汽車方面的後續行動，特別是 BMS，您從設計角度有何感受？

What you're seeing in the market for new designs around BMS?

您在市場上看到了哪些圍繞 BMS 的新設計？

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

No, clearly, we do see continuous strong traction on the design side, since BMS is 100% a function of the traction and penetration of all levels of electrical vehicles.

不，顯然，我們確實在設計方面看到了持續強勁的牽引力，因為 BMS 100% 是各級電動車牽引力和滲透率的函數。

All the way from mild hybrids over hybrids to fully electric vehicles.

從輕度混合動力車到混合動力車，再到全電動車。

Our traction on the design win side is good, and we do see now in the second half of this year the first more significant shipments going.

我們在設計上的吸引力很好，我們現在確實看到今年下半年出現了第一批更重要的出貨量。

I think we talked earlier about the fact that a large European OEM is going into full production in the second half of this year with the fully electric vehicle, which we serve 100%.

我想我們之前談過這樣一個事實，一家大型歐洲 OEM 將於今年下半年全面生產全電動汽車，我們為該汽車提供 100% 的服務。

So from that perspective, we are very much on track, Craig, with what we had expected on the BMS side.

因此，從這個角度來看，克雷格，我們非常符合我們對 BMS 的期望。

I might want to give you a little bit more detail on the different levels and the different silicon levels -- content silicon levels in the different source of vehicles.

我可能想向您提供有關不同級別和不同矽等級的更多詳細資訊 - 不同來源的車輛中的含量矽等級。

So we are, especially, focused now and have a very high success rate in the low- and mid-voltage electric vehicles.

因此，我們現在特別關注，並且在低壓和中壓電動車方面擁有非常高的成功率。

This contains mild hybrids and full hybrid vehicles.

其中包括輕度混合動力汽車和全混合動力汽車。

In those vehicles, we do see silicon content from NXP in the range of $50 to $90 per car.

在這些車輛中，我們確實看到恩智浦的矽含量在每輛車 50 至 90 美元之間。

That contains the microcontroller and it contains all the analog front-end chips on each of the battery cells.

其中包含微控制器以及每個電池上的所有類比前端晶片。

Obviously, the larger the battery is, the more cells, the more analog front-ends and higher the silicon content.

顯然，電池越大，電芯越多，模擬前端越多，矽含量越高。

That's why I give you this range of $50 to $90.

這就是為什麼我給你這個範圍是 50 到 90 美元。

For those particular reasons, our design win rate continues to be in a range of, I would say, 80% hit rate.

由於這些特殊原因，我們的設計獲勝率仍然保持在 80% 的命中率範圍內。

So from all the visibility we have into open design win funnel, we win -- we continue to win about 80%, which is truly high.

因此，從我們對開放式設計獲勝漏斗的所有可見性來看，我們獲勝了——我們繼續獲勝約 80%，這確實很高。

This is next to the fully electric vehicles, where I just quoted to you that with this large European OEM, we are going into production as we speak.

這是緊鄰全電動汽車的，我剛剛向你們引述說，我們正在與這家大型歐洲原始設備製造商一起投入生產。

Those cars we call high-voltage BMS systems, so they typically go all the way up to 800 volts.

我們將這些汽車稱為高壓 BMS 系統，因此它們的電壓通常高達 800 伏特。

They have a somewhat higher silicon content.

它們的矽含量稍高。

Here we can cover between $80 and $160 per vehicle.

在這裡，我們可以為每輛車支付 80 至 160 美元之間的費用。

And also there, our traction is good, but not as high as the 80%, which I quoted for the low- to mid-voltage cars.

同樣，我們的牽引力也不錯，但沒有我為中低壓汽車引用的 80% 高。

So Craig, I know that went a little bit deeper than you might have expected, but since this is such a area of high interest, I felt it was appropriate to give you a bit more granularity here.

克雷格，我知道這比您預期的要深入一些，但由於這是一個非常令人感興趣的領域，因此我認為在這裡為您提供更詳細的資訊是合適的。

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

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策。

My first question just on inventory management.

我的第一個問題是關於庫存管理的。

You guys did a really good job in the June quarter, both with channel inventory and inventory on your own balance sheet.

你們在六月季度的表現非常好，無論是通路庫存還是自己資產負債表上的庫存。

Peter, I'm kind of curious if you can give us some sort of guidance looking into September of how you think your own inventory days would trend?

彼得，我很好奇您能否為我們提供一些關於 9 月份您認為您自己的庫存天數趨勢的指導？

And I guess, importantly, as part of your gross margin target of 55% exiting the year, were there any utilization actions that you've taken that were a headwind, that start to become a tailwind as you thought about managing inventory?

我想，重要的是，作為您今年 55% 毛利率目標的一部分，您採取的任何利用行動是否是逆風，當您考慮管理庫存時開始變成順風？

As always, really good questions, John.

一如既往，非常好的問題，約翰。

First of all, on distribution.

首先，關於分配。

We've talked in the past that we just manage the distribution inventory really, really tightly and don't ship in until they're willing -- until they -- more or less, proven they shipped out.

我們過去曾說過，我們只是非常非常嚴格地管理分銷庫存，並且在他們願意之前不發貨，直到他們或多或少證明他們已發貨。

In terms of internal inventory, it's been a challenge for the last 3 or 4 quarters to show an improvement in inventory as the revenue is kind of suffering from the kind of lack of demand in the marketplace, but we finally caught up this quarter.

就內部庫存而言，過去三、四個季度的庫存改善一直是一個挑戰，因為市場需求缺乏導致收入受到一定程度的影響，但我們終於在本季度迎頭趕上了。

My internal target is 95 days.

我的內在目標是 95 天。

I'm not sure I can kind of get there in this coming quarter, but I would not expect our inventory to go up in terms of days.

我不確定我能否在下個季度實現這一目標，但我不認為我們的庫存會以天數增加。

So it should be somewhere between 98 and 100 days.

所以應該在 98 到 100 天之間。

We have been hit by some utilization issues as you were suggesting in Q1, Q2 and Q3.

正如您在第一季、第二季和第三季所建議的那樣，我們遇到了一些利用率問題。

And we'll see some of the relief from that in Q4.

我們將在第四季度看到一些緩解。

So yes, there you go.

所以是的，就這樣。

I think it's probably particularly worthwhile to point out, John, that as you can tell from our inventory, we've been very cautious and -- with our manufacturing operation.

約翰，我認為特別值得指出的是，正如您從我們的庫存中可以看出的那樣，我們對我們的製造業務一直非常謹慎。

So we would not try to load them up to put product in inventory as we understand some of our competitors have.

因此，我們不會像我們了解的一些競爭對手那樣嘗試裝載它們以將產品放入庫存。

That's helpful.

這很有幫助。

And then, Rick, maybe as my follow up, I wondered if you could just comment a little bit about the U.S.-China trade issues.

然後，里克，也許作為我的後續行動，我想知道你是否可以就美中貿易問題發表一些評論。

And whether or not either directly or indirectly, the Huawei ban impacted either your June quarter or September quarter either on the mobile or the infrastructure side?

華為禁令是否直接或間接影響了您的 6 月季度或 9 月季度的移動或基礎設施方面？

Yes.

是的。

So I think the trade issues between the U.S. and China, I think continue to be quite unclear.

因此，我認為美國和中國之間的貿易問題仍然相當不清楚。

And we really are not the most knowledgeable source of information.

我們確實不是最淵博的資訊來源。

Relative to Huawei specific, well, we continue to follow the U.S. guidelines and trade policies.

相對於華為的具體情況，我們繼續遵循美國的指導方針和貿易政策。

We are -- we have been shipping and will ship again in Q3.

我們一直在發貨，並將在第三季再次發貨。

There are some limited product areas where we have U.S.-sourced technology that we have not been able to ship to Huawei at the current time.

在一些有限的產品領域，我們擁有美國採購的技術，但目前我們還無法向華為提供這些技術。

But it's pretty de minimis impact, not really a significant financial impact for NXP.

但這對恩智浦來說影響很小，並不是真正的重大財務影響。

And our next question comes from William Stein of SunTrust.

我們的下一個問題來自 SunTrust 的 William Stein。

First, I am hoping you can comment on margins or said another way, OpEx.

首先，我希望您能對利潤率發表評論，或者換句話說，營運支出。

I think you've provided a sort of goalpost to get to 23.5% of revs spend on OpEx by Q4.

我認為你們已經提供了一種目標，即到第四季度將 23.5% 的轉速支出用於營運支出。

I assume that's pushed out a little bit owing to the slightly slower demand you highlighted, but any update there would be helpful.

我認為由於您強調的需求稍慢，該時間被推遲了一點，但任何更新都會有所幫助。

We continue to manage OpEx pretty tightly.

我們繼續嚴格管理營運支出。

We're going full out to get to 16% on R&D and 7.5% for SG&A.

我們將全力以赴，使研發費用達到 16%，銷售管理費用達到 7.5%。

You've seen in -- both in our Q2 actual and our Q3 guidance, we do have some flexibility on what we can do.

您已經在我們的第二季實際情況和第三季指導中看到，我們在我們能做的事情上確實有一定的靈活性。

And I think Rick talked in the past that we've not been replacing attrition as we go forward.

我認為里克過去曾說過，我們在前進的過程中並沒有取代消耗。

And certainly, any hiring we do for new positions is very, very limited.

當然，我們為新職位所做的任何招聘都非常非常有限。

So that's helped us.

這對我們有幫助。

We do have some flexibility with our incentive compensation.

我們的激勵薪酬確實有一定的彈性。

So reflecting the lack of growth in the businesses has had an impact on our incentive compensation.

因此，反映業務成長乏力對我們的激勵薪酬產生了影響。

And -- but on the other hand, we continue to invest aggressively in the programs that we think will drive the future success of our company.

但另一方面，我們繼續積極投資於我們認為將推動公司未來成功的項目。

So you see mask charges in particular, usually a big item can move cost around from quarter-to-quarter.

所以你會看到特別是掩模費用，通常一個大專案可以將成本從一個季度轉移到另一個季度。

So we -- absolutely, we've not given up on the 16% and 7.5%, well, and we'll either get there or get very close I think this year.

所以，我們絕對沒有放棄 16% 和 7.5%，我想今年我們要嘛會達到這個目標，要嘛會非常接近。

And talk about that for future years as well.

並討論未來幾年的情況。

Yes.

是的。

Well, it's probably worthwhile to add that we've also taken out low performers, several hundreds of low performers as we tried to manage our cost base in addition to the attrition Peter -- nonreplacement that Peter had talked about.

好吧，也許值得補充的是，我們還剔除了低績效員工，數百名低績效員工，因為除了彼得談到的人員流失之外，我們還試圖管理我們的成本基礎。

So we continue to be very tight relative to our investments and go through a lot of review of the strategic investments we are making to ensure that the timing is absolutely required, but yet, we want to be sure that we are not letting any of the growth plans and any of our customer relationships in any kind of risk or jeopardy at all.

因此，我們對我們的投資繼續非常嚴格，並對我們正在進行的策略性投資進行大量審查，以確保時機是絕對必要的，但是，我們希望確保我們不會讓任何成長計劃以及我們的任何客戶關係面臨任何類型的風險或危險。

That's great and very helpful.

這很棒而且非常有幫助。

I appreciate it.

我很感激。

If I can follow-up on the handset growth and subsequent sort of fall off in the coming quarter.

我能否跟進下一季手機的成長和隨後的下滑。

I thought that either last quarter or intra-quarter you had highlighted at least one other region where there was strength outside of China is -- are you seeing a broader than anticipated adoption of mobile wallet?

我認為無論是上個季度還是本季度，您都強調了中國以外至少另一個具有實力的地區——您是否看到行動錢包的採用範圍比預期更廣泛？

And did you see that in the quarter?

您在本季看到了嗎？

Am I correct that there were -- there was more than just this one vendor in China you referred to?

我是否正確，在中國不僅有您提到的這一家供應商？

There definitely is.

肯定有。

We've been very successful in India as we mentioned, where the mobile wallet has actually been deployed on phones as low as $25 phone.

正如我們所提到的，我們在印度非常成功，手機錢包實際上已部署在低至 25 美元的手機上。

Now in the current quarters, they already filled up their supply chain and they're kind of trying to absorb that and achieve their deployment to the market.

現在，在當前幾個季度，他們已經填滿了供應鏈，他們正在嘗試吸收這一點並實現對市場的部署。

So it's not nearly as significant an impact in Q2 or even the Q3 outlook as it has been earlier.

因此，這對第二季甚至第三季前景的影響並不像之前那麼大。

But it definitely represents that another significant proof point.

但這絕對代表了另一個重要的證據。

But this customer in China, the encouraging thing was we've been very successful with them on their high-end smartphone deployments.

但對於中國的客戶來說，令人鼓舞的是我們在他們的高階智慧型手機部署方面非常成功。

And because of the success we've had with China transit and the ease of use of passengers getting on transit systems in a much more effective manner, they have now deployed this across their entire portfolio.

由於我們在中國交通方面取得的成功以及乘客以更有效的方式輕鬆使用交通系統，他們現在已在其整個產品組合中部署了此功能。

And they are very aggressive in their intent and goals and increasing their position in the mobile market.

他們的意圖和目標非常積極，並不斷提高他們在行動市場的地位。

And so we're encouraged about being able to support them.

因此，我們很高興能夠為他們提供支援。

But in Q2 specifically, they ramped up as they -- decision to go across the entire portfolio, we had to ramp up their supply chain and then we go through a normalization process in future quarters.

但具體來說，在第二季度，他們決定擴大整個投資組合，我們必須擴大他們的供應鏈，然後我們在未來幾季經歷正常化流程。

So the Q2 did have a ramp associated with that, that then falls off in Q3 for that specific customer in China.

因此，第二季確實有與此相關的成長，然後在第三季針對中國的特定客戶而下降。

And our next question comes from Stacy Rasgon of 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）。

I wanted to ask a little bit about the 3-year model.

我想問一些關於 3 年模型的問題。

That model was, I guess, starting in 2019 and going forward for a few years.

我猜這個模式是從 2019 年開始的，並將持續幾年。

But 2019 obviously is going to be weaker than anticipated.

但2019年的情況顯然會弱於預期。

How does the weakness in 2019 affect that 3-year model at all?

2019 年的疲軟對三年模型有何影響？

And where does the, I guess, additional growth that would have to come in the last 2 years to make up for the weakness in the first 2, where does that growth come from?

我想，為了彌補前兩年的疲軟，過去兩年必須出現額外的成長，這種成長來自哪裡？

So Stacy, it was actually 2018 through 2021, so the base share was 2018.

Stacy，實際上是 2018 年到 2021 年，所以基本份額是 2018 年。

So really we don't see that being a material impact.

所以我們確實認為這不會產生實質影響。

I think what we could see is some of the categories, the areas that we have, changing somewhat.

我認為我們可以看到我們現有的一些類別和領域正在發生一些變化。

But we believe that in total, we're still on track.

但我們相信，總的來說，我們仍然走在正軌上。

But we have to go through the process, and it depends obviously on how long this slowdown in industry were to continue.

但我們必須經歷這個過程，這顯然取決於工業放緩會持續多久。

But really the key for this is the design wins and the company-specific ramp in revenue that we have associated with that, where we continue to be very encouraged in the growth areas of automotive that we talked about, specifically in RADAR in the near term for level 2 and 3. The crossover processors, they continue to be a strong contributor and will continue to add more and more as we go forward in the future quarters with the increased revenue associated with that.

但真正的關鍵是設計的勝利以及我們與之相關的公司特定的收入成長，我們在我們談到的汽車成長領域繼續受到很大的鼓舞，特別是在短期內的雷達領域對於2 級和3 級。

And clearly, 5G representing an opportunity above what we actually had in the growth guidelines at that time.

顯然，5G 代表的機會超出了我們當時成長指南中實際擁有的機會。

So I think we're still in the ballpark associated with it.

所以我認為我們仍然處於與之相關的範圍內。

But we clearly have to do some work and understand where -- how long it takes us to get through this industry slowdown to actually be able to confirm that, Stacy.

但我們顯然必須做一些工作，了解我們需要多長時間才能度過這個行業放緩的時期，才能真正確認這一點，史黛西。

Got it.

知道了。

And I guess to follow up on that around auto.

我想跟進汽車方面的情況。

So the auto business for the first 3 quarters of the year with the guidance down, call it like mid- to high-single digits.

因此，今年前三個季度的汽車業務指引下調，可以稱之為中高個位數。

And with the strength in RADAR and BMS and some of the others that are growing quite a bit, it implies sort of the more traditional part of the portfolio is even worse than that.

隨著 RADAR 和 BMS 以及其他一些公司的實力不斷增長，這意味著投資組合中更傳統的部分甚至比這更糟。

So like -- and obviously, SAAR was down this year, but it's going to be down, I don't think that much.

顯然，SAAR 今年有所下降，但它將會下降，我認為不會下降那麼多。

I mean is this just inventory correction?

我的意思是這只是庫存調整嗎？

And if that's the case, I mean, is it reasonable to expect that to rebound as the inventory sort of flush out as we drive into next year?

如果是這樣的話，我的意思是，隨著我們進入明年庫存的減少，預期這種反彈是否合理？

Would it be reasonable to assume that we could do better than normal next year coming off of this?

是否可以合理地假設我們明年可以做得比正常更好？

Yes.

是的。

Stacy, this is Kurt.

史黛西，這是庫爾特。

Let me try and answer that.

讓我嘗試回答這個問題。

So first of all, yes, the latest SAAR forecast, and you know that we typically use -- IHS has deteriorated unfortunately again.

首先，是的，最新的 SAAR 預測，你知道我們通常使用的——IHS 不幸地再次惡化。

So I think a quarter ago, we talked about a 3% SAAR decline this year.

所以我認為一個季度前，我們談到了今年 SAAR 下降 3%。

The latest IHS forecast we got just 10 days ago was minus 4%.

我們 10 天前得到的最新 IHS 預測為負 4%。

So a 4% decline.

所以下降了4%。

And actually, if you look through the reports from the big Tier 1s, so like Continental, Aaptiv, Bosch and others, they estimate more like 5%.

事實上，如果你看一下大型一級公司（如大陸集團、Aaptiv、博世等）的報告，他們估計大約是 5%。

Now our model still sits on IHS, which is the firm's third-party source, but indeed, it has deteriorated.

現在我們的模型仍然依賴該公司的第三方來源 IHS，但事實上，它已經惡化了。

Obviously, then somewhere in the minus 4% to minus 5% area.

顯然，那麼在負 4% 到負 5% 的區域內。

Now coming back to your question.

現在回到你的問題。

Yes, this inventory effect is something we've seen through the past cycles too, which means that the auto semi market declines stronger going into this and bouncing back stronger going out of it.

是的，這種庫存效應也是我們在過去的周期中看到的，這意味著汽車半成品市場在進入這個週期時會下跌得更厲害，而在離開這個週期時會反彈得更強勁。

The question is obviously, when is that moment of change of direction, which I don't dare to forecast.

問題顯然是，改變方向的時刻是什麼時候，我不敢預測。

The only thing I would tell you is that if you look on an annual growth basis into our quarters, then in quarter 2, we did report a minus 10% decline in automotive.

我唯一要告訴你的是，如果你從我們季度的年增長率來看，那麼在第二季度，我們的汽車業務確實出現了負 10% 的下降。

And the quarter 3 guide, which we just gave you is now minus 7%.

我們剛剛向您提供的第三季指南現在為負 7%。

So we see, at least from a Q2 -- or against Q2 comparison perspective annually, it's getting slightly better.

所以我們看到，至少從第二季——或者從每年第二季比較的角度來看，情況略有改善。

If this is the indication of things really moving out, I don't know.

我不知道這是否是事情真正發生進展的跡象。

But at least also the SAAR is reported by IHS in the second half to get slightly better, less by China, because China seasonally always has a much better second half than the first half.

但至少 IHS 報告稱，下半年的 SAAR 略有好轉，而中國的情況要好一些，因為從季節角度來看，中國下半年的表現總是比上半年好得多。

And IHS is thinking about a 14% second half over first half growth in auto production in China.

IHS 預計下半年中國汽車產量將比上半年成長 14%。

I don't know if that is true, but certainly directionally, it should be right that this is changing now second half to first half.

我不知道這是否屬實，但肯定是方向性的，現在下半場變成上半場應該是正確的。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

And I want to focus on the industrial and IoT side of things.

我想專注於工業和物聯網方面。

I know the crossover processors are a great source of growth and you guys have been in line with your guidance in the last quarter and seem to be accelerating seasonally in the third quarter.

我知道跨界處理器是成長的重要來源，你們在上個季度一直遵循你們的指導，並且似乎在第三季季節性加速。

But overall, it's still down about 15% year-over-year.

但整體而言，仍年減約15%。

Can you talk a little bit about what's weighing on that?

能談談其中的影響因素嗎？

Is it just the inventory burn in the channel or is there anything else?

只是通路中的庫存消耗還是還有其他原因？

And how do you expect that growth to resume, somewhat similar to the last question, once that inventory burn is done, is there kind of a supersized re-acceleration as the channel starts to refill?

您預計成長將如何恢復，有點類似於上一個問題，一旦庫存消耗完成，隨著通路開始重新填充，是否會出現超大規模的重新加速？

So Ross, I think you're absolutely right.

所以羅斯，我認為你是完全正確的。

If you look at it, our industrial and IoT for the last couple of quarters have been down around 14% year-over-year.

如果你仔細觀察一下，你會發現過去幾季我們的工業和物聯網年減了 14% 左右。

And our guidance, while up 8% in Q3, would still be down around that same level year-over-year.

我們的指引雖然在第三季成長了 8%，但年比仍會下降至同一水準。

I think -- I don't think that we can be specific on the inventory levels.

我認為——我認為我們無法具體說明庫存水準。

You got to remember that on the industrial and IoT, probably 80% of that goes through the distribution channel.

你必須記住，在工業和物聯網領域，可能 80% 是透過分銷管道進行的。

And so we're really kind of at the mercy, if you will, of our distribution partners to understand what's happening with the customers.

因此，如果您願意的話，我們確實需要我們的分銷合作夥伴來了解客戶的情況。

There is not any perception of ongoing inventory, it's really this quagmiring what I said last quarter, the market is kind of frozen, specifically in China with the fear about what's going to happen in the trade tensions.

沒有任何關於持續庫存的看法，這確實是我上個季度所說的困境，市場有點凍結，特別是在中國，人們擔心貿易緊張局勢會發生什麼。

And we don't see a significant improvement overall, although I do think we see a little bit of improvement in China.

儘管我確實認為中國有所改善，但總體而言我們並沒有看到顯著的改善。

But at the same time, we've seen a weakening in Europe and the U.S., that kind of offsets that.

但同時，我們看到歐洲和美國的疲軟，這在某種程度上抵消了這種影響。

So in total, we're kind of in the same position in industrial and IoT.

總的來說，我們在工業和物聯網領域處於相同的地位。

Now at the same point, as you look at the new design wins that we have in the crossover areas, as those begin to ramp, we should see a revenue contribution from that.

現在，在同一點上，當你看到我們在跨界領域獲得的新設計勝利時，隨著這些設計開始增加，我們應該會看到由此帶來的收入貢獻。

But that's going to be at a slow rate and it will be a positive contribution, but it won't move the needle significantly on any individual quarter.

但這將是一個緩慢的速度，這將是一個積極的貢獻，但它不會對任何一個季度產生重大影響。

It's more of the cumulative impact of those design wins and how they get deployed in the market, which clearly, should put us in a better position as we go out a few quarters.

更多的是這些設計勝利的累積影響以及它們如何在市場中部署，這顯然應該讓我們在幾個季度的發展中處於更好的位置。

Okay.

好的。

That's helpful.

這很有幫助。

And for my follow-up, I just want to switch over to the comm infrastructure and others segment.

對於我的後續行動，我只想切換到通訊基礎設施和其他部分。

You talked about the 5G side pausing a bit.

你談到5G方面暫停了一下。

Can you just walk through how you see that rolling out for the different stages of 5G?

能否簡單介紹一下您如何看待 5G 不同階段的推出？

And maybe remind us what percentage roughly of that kind of 21%, 22% of your total revenues in that segment, the comm infrastructure side truly represents?

也許提醒我們，在通訊基礎設施方面真正佔該細分市場總收入的 21%、22% 的比例是多少？

Yes, on a percentage of that, it's...

是的，就其中的百分比而言，它是...

It's probably 2/3, yes, between the RF Power and the Digital Networking business.

是的，射頻功率和數位網路業務之間的比例可能為 2/3。

Yes, if you include Digital Networking associated with this, because it's probably about 1/2 for the RF Power, just slightly under 1/2 based on the growth we've seen.

是的，如果您包括與此相關的數位網絡，因為射頻功率可能約為 1/2，根據我們所看到的增長略低於 1/2。

But really the growth that we've seen, Ross, has been in the massive MIMO deployment, where they're expanding the capacity associated with their installed infrastructure.

但羅斯，我們真正看到的成長是在大規模 MIMO 部署中，他們正在擴大與其安裝的基礎設施相關的容量。

And now, in the future, when they move to 5G deployments, they can upgrade that with a software deployment to be able to facilitate 5G.

現在，將來當他們轉向 5G 部署時，他們可以透過軟體部署進行升級，以促進 5G 的發展。

So really what we're seeing that's creating a significant increase in revenue has been the massive MIMO deployment and not 5G per se.

因此，我們真正看到的是大規模 MIMO 部署，而不是 5G 本身，才顯著增加了收入。

We've seen some 5G impact, but it's really been much more significantly weighted towards massive MIMO.

我們已經看到了 5G 的一些影響，但它實際上更側重於大規模 MIMO。

And we basically have a pause as we've been saying that we would anticipate a pause after our customers are ramping up their supply chain.

我們基本上會暫停，因為我們一直在說，在我們的客戶擴大供應鏈後，我們預計會暫停。

We still see very positive scenario in what's going on and clearly continue deployment through the rest of this year and next year in massive MIMO, and believe our success is quite positive in that area.

我們仍然看到正在發生的事情非常積極的情況，並且顯然會在今年剩餘時間和明年繼續部署大規模 MIMO，並且相信我們在該領域的成功是相當積極的。

And then we would anticipate seeing the 5G ramp itself happening much more strongly in 2020.

然後我們預計 5G 的發展會在 2020 年更加強勁。

And that kind of depends on when it gets rolled out in China.

這取決於它何時在中國推出。

We've seen some pull in of the rollout of 5G base stations in China as they appear to want to accelerate their 5G deployment.

我們看到中國開始部署 5G 基地台，因為他們似乎希望加快 5G 部署。

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

我們的下一個問題來自美銀美林的 Vivek Arya。

I had two as well.

我也有兩個。

First on gross margins.

首先是毛利率。

I believe, Peter, you mentioned that you're still kind of targeting 55% exiting Q4, so that would be about 130 basis points or so sequential improvement.

Peter，我相信您提到您的目標仍然是第四季度退出 55%，因此這將是大約 130 個基點左右的環比改善。

I'm curious what are the puts and takes around that?

我很好奇圍繞這個問題有哪些看跌期權和拿貨？

What kind of revenue or mix assumptions underlie that?

什麼樣的收入或組合假設是其基礎？

Because usually, your Q4, that has been up some years, it's been down some years.

因為通常情況下，第四季的成長率已經上升了幾年，也下降了幾年。

If I assume it's flat, that would signal some year-on-year sales decline.

如果我假設它持平，那就意味著銷售額比去年同期有所下降。

So I'm just curious to understand what is the sensitivity of gross margins to that kind of revenue profile?

所以我很好奇毛利率對這種收入狀況的敏感度是什麼？

Well, what I have talked about in the past, I've said based on a flat revenue from Q4 '18 to Q4 '19, we would move up from 53% to 55%.

嗯，我過去談到過，根據 18 年第 4 季到 19 年第 4 季的收入持平，我們將從 53% 上升到 55%。

And I talked about we saw some headwinds -- normal headwinds from price of ASP and they'd be offset by mix.

我談到我們看到了一些不利因素——來自平均售價的正常不利因素，它們會被混合所抵消。

So we had about 230 basis points of self help.

所以我們有大約 230 個基點的自助。

And I think just over half of that was in supplier pricing or maybe just less than half.

我認為其中一半以上是供應商定價，或者可能不到一半。

So where am I at the moment?

那我現在在哪裡呢？

So at the moment, I'm really, really confident on the self-help part.

所以目前，我對自助部分非常非常有信心。

So I think that's in the bag and we've started to see some of the impacts of that from Q1 into Q2, and Q2 into Q3.

因此，我認為這已成定局，我們已經開始看到從第一季到第二季、從第二季到第三季的一些影響。

I -- at the moment, I really don't know where we'll end up on revenue.

我——目前，我真的不知道我們最終的收入會在哪裡。

As we said in our comments, although the situation hasn't gotten worse, it's -- versus where we were 90 days ago, it hasn't strengthened, and we feel a little bit more uncomfortable with -- than we did then.

正如我們在評論中所說，雖然情況並沒有變得更糟，但與 90 天前相比，它並沒有加強，我們感到比當時更不舒服。

So flat revenue, I'd say, 55% is in the bag.

如此穩定的收入，我想說，55% 已成定局。

The revenue is not flat off Q4.

第四季的營收並沒有持平。

Then previously we've said, and it's a very, very rough guideline, a 5% drop in revenue is about 100 basis points of impact to gross margin.

之前我們說過，這是一個非常非常粗略的指導方針，收入下降 5% 會對毛利率產生約 100 個基點的影響。

But it really depends on what the mix of the change is and is it internal or external?

但這其實取決於變革的組合是什麼，是內在的還是外在的？

So it's not an absolute.

所以這不是絕對的。

So I guess, in terms of things I have under our control, very, very confident, incrementally more confident than I was 3 months ago, but we'll need to wait and see how the revenue plays out for Q4.

所以我想，就我所控制的事情而言，我非常非常有信心，比三個月前更有信心，但我們需要等待，看看第四季的營收表現如何。

Definitely think we've done the right thing structurally and hopefully is in good shape for when things come back.

我們絕對認為我們在結構上做了正確的事情，希望事情恢復時狀態良好。

And for my follow-up, I'm curious about the 30% of your business in automotive tied to ADAS and electrification where you -- I think breaking the past, set at 25%, 30% growth target.

對於我的後續行動，我很好奇你們的汽車業務中有 30% 與 ADAS 和電氣化相關，我認為打破過去，設定 25%、30% 的成長目標。

And how did that do in Q2 and what are the trends in the second half?

第二季的表現如何？

Do you think the macro environment is impacting that growth part of the auto's business or there is a secular aspect to it?

您認為宏觀環境正在影響汽車業務的成長部分還是有長期的影響？

And that is still continuing for your original targets?

對於您最初的目標，這仍然持續嗎？

I'll make a couple of comments and I'll let Kurt talk.

我會發表一些評論，然後讓庫爾特發言。

I think the fact that -- the thing is as we see clearly a softness in auto demand, it does have some impact on those growth areas as well.

我認為事實是，正如我們清楚地看到汽車需求疲軟一樣，它確實對這些成長領域也產生了一些影響。

They're not ramping up quite as fast, they still are growing very significantly, but not quite as fast as we would have anticipated originally.

它們的增長速度沒有那麼快，但仍然在非常顯著地增長，但沒有我們最初預期的那麼快。

So it does have some impact, but clearly, we see a strong growth associated with those areas, and specifically, RADAR.

所以它確實有一些影響，但顯然，我們看到與這些領域相關的強勁增長，特別是雷達。

Yes, Rick.

是的，瑞克。

So clearly, we do confirm double-digit growth.

顯然，我們確實確認了兩位數的成長。

I mean, we did achieve that in Q2 as expected.

我的意思是，我們確實在第二季實現了預期。

But versus -- SAAR being maybe then more in the minus 5% area versus a 0% or plus 2%, obviously, there is some impact.

但是，與 SAAR 相比，SAAR 可能更處於負 5% 區域，而與 0% 或正 2% 區域相比，顯然存在一些影響。

But -- I mean, this is nothing of any relevance for the mid to longer term because the rents are still very much dependent on penetration of the functionality as Rick had laid out for RADAR in the -- in his prepared remarks.

但是——我的意思是，這與中長期來看沒有任何關係，因為租金仍然在很大程度上取決於功能的滲透，正如里克在他準備好的演講中為雷達所闡述的那樣。

So over and above, we are very confident to continue to expect 25% to 30% revenue growth over the next 3 years in that portion of the auto business.

因此，除此之外，我們非常有信心繼續預計未來 3 年汽車業務該部分的收入將成長 25% 至 30%。

And I just want to remind you, again, that it's mainly ADAS, RADAR, digital clusters and somewhat later because it comes today from a smaller base, the battery management business.

我只是想再次提醒您，它主要是 ADAS、雷達、數位集群，稍後會出現，因為它現在來自較小的基礎，即電池管理業務。

And our next question comes from Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

I have two.

我有兩個。

Just one, just on the OpEx side.

只有一個，就在營運支出方面。

I noticed you moved about $80 million to asset held-for-sale, I know it's fairly small.

我注意到你將大約 8000 萬美元轉移到待售資產，我知道這個數字相當小。

Just wondering if you could comment on that or if you can't, just maybe just strategically any comments on that kind of initiative?

只是想知道您是否可以對此發表評論，或者如果不能，只是從戰略上對此類舉措發表任何評論？

And then you mentioned UWB, maybe -- sounds like that will get maybe some adoption on the mobile side this year in the market.

然後你提到了 UWB，也許——聽起來今年可能會在市場的行動端得到一些採用。

I'm just kind of curious for you, when you see that ramping and see any way you can kind of size that market?

我只是對你有點好奇，當你看到這種成長並看到有什麼方法可以擴大這個市場的規模？

No.

不。

So the asset held-for-sale, we can't tell you specifically what it is.

所以持有待售的資產，我們不能具體告訴你它是什麼。

But we're doing due diligence to dispose of a very small part of our business at the moment.

但我們目前正在進行盡職調查，以處置我們業務的一小部分。

And hopefully, we'll wrap that up before the end of the year.

希望我們能在年底前完成這項工作。

So we moved that asset to held-for-sale.

因此，我們將該資產轉為持有待售。

And it's nonstrategic and a business that we just felt was better off being in somebody else's hands than ours.

這是一個非策略性的業務，我們只是覺得把它交給別人比我們自己更好。

On Ultra-Wideband, it really won't start shipping till 2020, not this year.

在超寬頻方面，它實際上要到 2020 年才會開始發貨，而不是今年。

And we're extremely excited about the opportunity there.

我們對那裡的機會感到非常興奮。

In fact, I'm going to let Kurt make some comments on that as well.

事實上，我也會讓庫爾特對此發表一些評論。

Yes.

是的。

So it's really a ecosystem play which leverages in an excellent way our strong foothold from a technology end market perspective and secure cars as well as mobile transactions and security.

因此，這確實是一個生態系統遊戲，以出色的方式利用我們從技術終端市場角度的強大立足點以及安全汽車以及行動交易和安全性。

Revenue impact, we will start to see by mid of next year ramping.

收入影響，我們將在明年中期開始看到成長。

We think this will be a market which is almost $1 billion in 2024.

我們認為到 2024 年這將是一個接近 10 億美元的市場。

And as Rick explained earlier, with our first-mover advantage, with our strong foothold and creation of the ecosystem itself, we do think we will have a leading market share in that field.

正如里克之前解釋的那樣，憑藉我們的先發優勢，憑藉我們強大的立足點和生態系統本身的創建，我們確實認為我們將在該領域擁有領先的市場份額。

So very exciting, Blayne.

非常令人興奮，布萊恩。

And our next question comes from Matt Ramsay of Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

I just wanted to follow-up to the last question there on UWB.

我只是想跟進 UWB 上的最後一個問題。

Kurt, maybe you could talk a little bit about what other standards are out there that are competing with UWB?

Kurt，也許您可以談談還有哪些其他標準可以與 UWB 競爭？

And then on the flip side, are there other ecosystem partners and potentially other chipmakers that are involved such that this could be an industry-wide standard as it rolls out?

另一方面，是否有其他生態系統合作夥伴和潛在的其他晶片製造商參與其中，以便在推出時這可能成為全行業標準？

Yes.

是的。

So on the standard side, there is an IEEE initiative underway for a very firm standardization of the physical layer hardware protocol to make sure that indeed different vendors can ship competitor product.

因此，在標準方面，IEEE 正在發起一項旨在對實體層硬體協定進行非常嚴格的標準化的舉措，以確保不同的供應商確實可以發布競爭對手的產品。

That has been underway for a while.

這已經進行了一段時間了。

It is supported by all the key companies through the whole value chain.

它得到整個價值鏈中所有關鍵公司的支持。

So clearly, any ingredients from our experience, which is needed for a successful connectivity side, is fully in place.

很明顯，我們經驗中成功連結所需的任何要素都已完全到位。

Relative to competing technologies of standard, the only one which directionally comes somewhere in the proximity, but really doesn't get there really is Bluetooth low energy, which has some ranging capability, but it lacks by far the precision of Ultra-Wideband.

相對於標準競爭技術，唯一定向到達附近某個地方但實際上無法到達的技術是低功耗藍牙，它具有一定的測距能力，但迄今為止缺乏超寬頻的精度。

So I just want to reiterate, the key feature of Ultra-Wideband is it measures time of flight and through that it can detect exactly where the communicating options are relative to each other.

所以我想重申一下，超寬頻的關鍵特徵是它測量飛行時間，並透過它可以準確地偵測通訊選項相對於彼此的位置。

So it's all about distance -- precision in distance measurement.

所以這一切都與距離有關——距離測量的精度。

Bluetooth low energy can do a little bit of that, but it's far from it from a precision spec.

低功耗藍牙可以做到這一點，但距離精確規格還很遠。

That's why our key partners along the value chain have clearly decided for Ultra-Wideband.

這就是為什麼我們價值鏈上的主要合作夥伴明確決定採用超寬頻。

I mean it's a very, very clear and definitive choice in that field.

我的意思是，這是該領域一個非常非常明確且明確的選擇。

The other one which maybe didn't come across clearly, a lot of this has to do with security.

另一個可能沒有被清楚地理解，其中很大一部分與安全有關。

So we always play in door access or car access applications which we are seeing here, together with our secure element.

因此，我們總是在門禁或汽車門禁應用中發揮作用，我們在這裡看到的以及我們的安全元件。

So it is the combination of the secure element and the Ultra-Wideband connectivity technology which makes the use case fly in.

因此，正是安全元件和超寬頻連線技術的結合才使得用例飛速發展。

That combination, I dare to say, is pretty unique.

我敢說，這種組合非常獨特。

Got you.

明白你了。

Just as a quick follow-up, I continue to get the question from investors, so I will bring it up again, the visibility towards doubling the Marvell revenue run rate of the business you're acquiring.

作為快速跟進，我不斷收到投資者的問題，因此我將再次提出，將您所收購的業務的 Marvell 收入運行率翻倍的可見性。

If you guys have any more color on design win pipeline visibility, or I guess, the focus WiFi 6. It's just a question that keeps coming up, so I'm just relaying it along.

如果你們對設計贏得管道可見性有更多的見解，或者我猜，焦點是 WiFi 6。

Sure.

當然。

I think our confidence comes from the combination of the portfolio, their leading technology in WiFi 6, our broad-based distribution channel that's much more broad-based than Marvell, while Marvell has a fine distribution channel, our position in distribution clearly puts us in a better basis.

我認為我們的信心來自於產品組合、他們在 WiFi 6 方面的領先技術、我們比 Marvell 更廣泛的分銷管道，雖然 Marvell 擁有良好的分銷管道，但我們在分銷領域的地位顯然使我們處於領先地位。更好的基礎。

And the fact is as we talk about our processing customers, 2/3 of our design wins have had WiFi connectivity associated with it.

事實上，當我們談論我們的加工客戶時，我們 2/3 的設計勝利都與 WiFi 連線相關。

And being able to supply a WiFi 6 solution in combination with our processing puts us in a really unique position to be able to grow that business much faster.

能夠提供 WiFi 6 解決方案並結合我們的處理能力，使我們處於非常獨特的位置，能夠更快地發展業務。

So I think all of those things are the combination that really gives us the ability to project doubling that business in a relatively short period of time.

因此，我認為所有這些因素的結合確實使我們有能力在相對較短的時間內將業務增加一倍。

And the reason why it was so critical to us to be able to meet our customers' requirements.

這也是滿足客戶要求對我們如此重要的原因。

We're very fortunate to have the funds available from the Qualcomm breakup fee to be able to put connectivity in place.

我們非常幸運，能夠從高通分手費中獲得資金來建立連結。

And so we're looking forward to closing the transaction, so we can offer a complete solution for our customers.

因此，我們期待完成交易，以便我們可以為客戶提供完整的解決方案。

So let me maybe just add that now where we're someway into this process, also with customers.

因此，讓我補充一點，現在我們正在以某種方式進入這個過程，也與客戶一起。

Clearly, the customer reactions are very positive and very reconfirming on the fit of the portfolio complementary nature of WiFi 6 with our app store to them.

顯然，客戶的反應非常積極，並再次確認了 WiFi 6 與我們的應用程式商店的產品組合互補性質。

So what was theory in the first place?

那麼理論首先是什麼呢？

Obviously, we get now more specific feedback from customers and that's both for industrial as well as for auto is very reconfirming to the numbers which we have put out.

顯然，我們現在從客戶那裡得到了更具體的回饋，無論是工業領域還是汽車領域，都非常證實了我們發布的數字。

And our last question comes from Toshiya Hari of Goldman Sachs.

我們的最後一個問題來自高盛的 Toshiya Hari。

I just had one on capital allocation.

我剛剛有一篇關於資本配置的文章。

After the Marvell acquisition, assuming a close in line with the schedule, how should we think about the balance between M&A and dividends and buybacks?

Marvell收購之後，假設如期完成，我們該如何考慮併購與股利和回購之間的平衡？

Would it be fair to assume that you feel like your technology and IP portfolio is somewhat complete post Marvell?

可以公平地假設您認為在 Marvell 之後您的技術和 IP 產品組合已經相當完整了嗎？

Or would M&A continue to play a critical role in your strategy?

或者併購會繼續在您的策略中發揮關鍵作用嗎？

Yes.

是的。

Thanks.

謝謝。

I think we have most of the critical components that we really feel like we need going forward.

我認為我們擁有我們真正需要的大部分關鍵組件。

I'm sure that we will always have some tuck-in acquisitions that we need to do to either strengthen the technical position or with some other pieces that happen, but the Marvell acquisition on the connectivity side is clearly one that was significant and one that we were getting a lot of demand from our customers.

我確信我們總是需要進行一些收購，以加強技術地位或發生其他一些事情，但連接方面的 Marvell 收購顯然是一項意義重大的收購，也是一項重要的收購。

So I think that really builds out the -- most of the requirement.

所以我認為這確實滿足了大部分要求。

I think as we look at analog attach, we are trying to see what we can do to improve that.

我認為，當我們研究模擬連接時，我們正在嘗試看看我們可以做些什麼來改進它。

That's a focus area for us.

這是我們的重點領域。

Fortunately, we have a lot of internal capability associated with that, specifically in the PMIC area that we can ship alongside of our processing capability to drive a complete solution.

幸運的是，我們擁有許多與此相關的內部能力，特別是在 PMIC 領域，我們可以將其與我們的處理能力一起提供，以驅動完整的解決方案。

But I think, you're absolutely right.

但我認為，你是絕對正確的。

Most of our focus on the cash return post the Marvell transaction will be focused on share repurchase and our dividend as we move forward.

隨著我們的發展，Marvell 交易後現金回報的大部分重點將集中在股票回購和股息上。

And we've talked about that we would anticipate or plan to increase our dividend on an annual basis moving it up to more in line with our normal industrial -- semiconductor industry peers.

我們已經討論過，我們預計或計劃每年增加股息，使其與我們正常的工業半導體行業同行更加一致。

So thanks, everyone, for joining us this morning.

謝謝大家今天早上加入我們。

We clearly felt like that we had a good performance in Q2.

我們明顯感覺到我們在第二季的表現不錯。

And while we see improvements off that Q2 base continuing, they are not at the same rate we would have anticipated 90 days ago, as we have seen a little bit of reset in the marketplace based on the continued trade friction and the uncertainty that's now beginning to have an impact in other regions of the world as well.

雖然我們看到第二季的基礎持續改善，但與我們 90 天前預期的速度不同，因為我們看到市場因持續的貿易摩擦和現在開始的不確定性而發生了一些重置對世界其他地區也產生影響。

But we're encouraged about our design wins and the portfolio we have and continuing to be in a position to outgrow the market going forward and create -- and continue to increase significant shareholder value.

但我們對我們的設計勝利和我們擁有的產品組合感到鼓舞，並繼續能夠超越市場的發展和創造——並繼續增加顯著的股東價值。

Thank you very much.

非常感謝。

Thank you, everyone.

謝謝大家。

I appreciate your attendance today.

感謝您今天的出席。

Have a good day.

祝你有美好的一天。

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

女士們、先生們，感謝你們參加今天的會議。

This concludes today's program.

今天的節目到此結束。

You may all disconnect.

你們都可以斷開連線。