恩智浦 (NXPI) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter 2019 NXP Semiconductors Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加 2019 年第四季度恩智浦半導體收益電話會議。

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

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Mr. Jeff Palmer.

我現在想把今天的會議交給你的演講者，傑夫·帕爾默先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, Crystal, and good morning, everyone.

謝謝你，Crystal，大家早上好。

Welcome to NXP Semiconductor's Fourth Quarter 2019 Earnings Call.

歡迎參加恩智浦半導體 2019 年第四季度財報電話會議。

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

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

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

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

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

此通話正在錄音中，可從我們的公司網站重播。

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涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致恩智浦的業績與管理層當前的預期存在重大差異。

These risks and uncertainties include, but are not limited to, statements regarding the macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products and our expectations for the financial results for the first quarter of 2020.

這些風險和不確定性包括但不限於關於宏觀經濟對我們經營所在的特定終端市場的影響、新產品和現有產品的銷售以及我們對 2020 年第一季度財務業績的預期的陳述。

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

請注意，恩智浦不承擔公開修改或更新任何前瞻性陳述的義務。

For a full disclosure on forward-looking statements, please refer to our press release 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 today, we will make reference to certain non-GAAP financial measures, which exclude the impact of purchase price accounting, restructuring, stock-based compensation, impairment, merger-related costs and other charges that are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance.

此外，在我們今天的電話會議中，我們將參考某些非公認會計準則財務指標，其中不包括購買價格會計、重組、基於股票的薪酬、減值、合併相關成本和其他主要由離散驅動的費用的影響管理層認為與恩智浦的基礎核心運營業績沒有直接關係的事件。

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our fourth quarter 2019 earnings press release, which will be furnished to the SEC on Form 8-K and is available on NXP's website in the Investor Relations section at nxp.com.

根據 G 條例，恩智浦在 2019 年第四季度收益新聞稿中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，該新聞稿將以 8-K 表形式提交給 SEC，可在恩智浦網站上查閱在 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 Rick。

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。

NXP delivered full revenue -- full year revenue of $8.9 billion, a decline of 6% year-on-year against a very challenging semiconductor industry backdrop throughout the year.

恩智浦實現了全部收入——全年收入為 89 億美元，在全年半導體行業極具挑戰性的背景下同比下降 6%。

Even though lower sales volume, we successfully improved our non-GAAP gross margin by 60 basis points and our non-GAAP operating margin by 30 basis points.

儘管銷量下降，我們成功地將我們的非公認會計原則毛利率提高了 60 個基點，我們的非公認會計原則營業利潤率提高了 30 個基點。

Clearly, better operating performance than in previous market downturns.

顯然，經營業績好於之前的市場低迷時期。

Our free cash flow conversion was solid at $1.9 billion.

我們的自由現金流轉換穩定在 19 億美元。

And we continue to follow through on our capital return strategy, returning nearly 95% of free cash flow generated or $1.8 billion to our owners.

我們繼續貫徹我們的資本回報戰略，將近 95% 的自由現金流或 18 億美元返還給我們的所有者。

As a reminder, we have returned $6.8 billion to our shareholders by share buybacks and cash dividends over the last 2 years.

提醒一下，在過去 2 年中，我們通過股票回購和現金股息向股東返還了 68 億美元。

And have reduced the diluted share count by 60 million shares.

並將稀釋後的股票數量減少了6000萬股。

Kurt will provide more details on the quarterly trends in a few moments.

Kurt 將在稍後提供有關季度趨勢的更多詳細信息。

Notwithstanding the semiconductor market environment during 2019, we continue to invest and execute our strategy within our target markets.

儘管 2019 年半導體市場環境不佳，但我們繼續在目標市場內投資和執行我們的戰略。

We have introduced many new products.

我們推出了許多新產品。

We've been actively engaged with customers on adopting these solutions, which we believe will support our long-term growth targets.

我們一直在積極與客戶合作採用這些解決方案，我們相信這將支持我們的長期增長目標。

If you happen to attend our investor open house at the CES trade show, you saw a glimpse of how some of these products will be used in real-world applications.

如果您碰巧參加了我們在 CES 貿易展上的投資者開放日，您就會看到其中一些產品將如何用於實際應用中。

These included automotive radar solutions, providing improved driver safety.

其中包括汽車雷達解決方案，可提高駕駛員的安全性。

Our family of quad core i.MX processors, which enable new multidisplay digital clusters, and our innovative battery management solutions for hybrid and full electric vehicles.

我們的四核 i.MX 處理器系列支持新的多顯示器數字集群，以及我們用於混合動力和全電動汽車的創新電池管理解決方案。

We also demonstrated our latest ultra-wideband solutions for secure access and localization with a mobile device for automotive, smart home and smart building solutions.

我們還展示了我們最新的超寬帶解決方案，用於汽車、智能家居和智能建築解決方案的移動設備的安全訪問和本地化。

Additionally, we showcased multiple new processor families, including the i.MX 8Mplus.

此外，我們還展示了多個新的處理器系列，包括 i.MX 8Mplus。

The first i.MX family to integrate neuro net processing, offering higher performance per dollar than GPU solutions, the RT crossover family for the secure edge computing market, the quad core i.MX 8 for industrial and high-end home automation applications and the high performance, fully ASIL-D compliant S32G for automotive network domain control.

第一個集成神經網絡處理的 i.MX 系列，提供比 GPU 解決方案更高的性價比，用於安全邊緣計算市場的 RT 交叉系列，用於工業和高端家庭自動化應用的四核 i.MX 8 以及用於汽車網絡域控制的高性能、完全符合 ASIL-D 標準的 S32G。

Taken together, the wave of new product introductions across the company and associated customer engagements is truly impressive.

總而言之，整個公司的新產品推出浪潮和相關的客戶參與確實令人印象深刻。

And there is more to come over the coming periods.

在接下來的時期裡還有更多的事情要做。

The NXP product portfolio is in its most competitive and innovative position in many years.

多年來，恩智浦產品組合處於其最具競爭力和創新性的地位。

And it's just beginning to fully reflect the synergy we envision when NXP and Freescale merged in 2016.

當恩智浦和飛思卡爾在 2016 年合併時，它才剛剛開始充分體現我們所設想的協同效應。

We are confident that as new products ramp into volume product production they will underpin both our top line growth, our longer-term gross margin targets and will yield significant cash flow.

我們相信，隨著新產品投入批量生產，它們將支撐我們的收入增長、我們的長期毛利率目標，並將產生可觀的現金流。

Then as the end markets begin to rebound, which we are beginning to initially see, especially in our automotive and industrial end markets, we anticipate a healthy improvement in our core business, which will also provide positive tailwinds to growth.

然後隨著終端市場開始反彈，我們開始看到這一點，特別是在我們的汽車和工業終端市場，我們預計我們的核心業務將出現健康改善，這也將為增長提供積極的推動力。

In summary, as we begin a new year, the team is invigorated and fully engaged.

總而言之，在我們開始新的一年時，團隊充滿活力並全身心投入。

Our strategy continues to yield positive results and the customer response to new products is very encouraging.

我們的戰略繼續取得積極成果，客戶對新產品的反應非常令人鼓舞。

We will continue to be laser-focused on our strategic end markets, engaging with customers to deliver superior and highly differentiated solutions.

我們將繼續專注於我們的戰略終端市場，與客戶合作以提供卓越和高度差異化的解決方案。

I'd like now to pass the call over to Kurt to discuss the results of the full year and the current quarter and provide an outlook for Q1.

我現在想把電話轉給庫爾特，討論全年和當前季度的業績，並提供第一季度的展望。

Thanks very much, Rick, and good morning, everyone.

非常感謝 Rick，大家早上好。

We appreciate you joining the call today.

感謝您今天加入電話會議。

Today, I want to review both our quarter 4 as well as our full year 2019 results.

今天，我想回顧一下我們的第 4 季度以及 2019 年全年的業績。

Overall, our Q4 results were above the midpoint of our guidance.

總體而言，我們的第四季度業績高於我們指導的中點。

With the contribution from the mobile, automotive and the industrial IoT markets, all stronger-than-planned, while demand in the comms infrastructure market performed as anticipated.

由於移動、汽車和工業物聯網市場的貢獻均超出預期，而通信基礎設施市場的需求表現符合預期。

Taken together, NXP delivered revenue of $2.3 billion, about $30 million above the midpoint of our guidance range.

總的來說，恩智浦實現了 23 億美元的收入，比我們的指導範圍中點高出約 3000 萬美元。

We did close the acquisition of the Marvell connectivity assets in early December, which was not included in our guidance.

我們確實在 12 月初完成了對 Marvell 連接資產的收購，這未包含在我們的指導中。

The connectivity assets contributed about $6 million of revenue to our quarter 4 results.

連接資產為我們的第四季度業績貢獻了約 600 萬美元的收入。

Non-GAAP operating margin was a strong 29.9%, about 30 basis points below guidance as a result of closing the Marvell transaction in early December.

由於 12 月初完成 Marvell 交易，非 GAAP 營業利潤率為 29.9%，比指引低約 30 個基點。

Now let me turn to the specific trends in our focus-end markets.

現在讓我談談我們重點市場的具體趨勢。

Starting with automotive.

從汽車開始。

Full year revenue was $4.2 billion, down 7% year-over-year as a result of lower industry-wide auto production and rationalization of the global auto supply chain.

由於全行業汽車產量下降和全球汽車供應鏈合理化，全年收入為 42 億美元，同比下降 7%。

Our growth automotive products grew year-on-year, primarily due to the ramp of radar and battery management system solutions.

我們增長的汽車產品同比增長，主要是由於雷達和電池管理系統解決方案的增加。

During quarter 4, our automotive revenue was $1.09 billion, down 1% versus the year ago period at a lesser rate of decline than in the previous quarters, and showing 5% sequential growth and better than our guidance by $9 million.

第 4 季度，我們的汽車收入為 10.9 億美元，與去年同期相比下降 1%，降幅小於前幾個季度，環比增長 5%，比我們的預期好 900 萬美元。

Included in our quarter 4 results in automotive was about $1 million associated with the newly acquired Marvell wireless assets.

我們第 4 季度的汽車業績中包括與新收購的 Marvell 無線資產相關的約 100 萬美元。

Turning to our Industrial and IoT segments.

轉向我們的工業和物聯網領域。

Full year revenue was $1.59 billion, down 12% year-on-year, as global trade concerns impacted demand for broad-based general purpose MCU products.

全年收入為 15.9 億美元，同比下降 12%，原因是全球貿易擔憂影響了對基礎廣泛的通用 MCU 產品的需求。

The demand trends for our industrial i.MX application processes were flattish on a year-on-year basis.

我們的工業 i.MX 應用流程的需求趨勢同比持平。

During quarter 4, industrial IoT revenue was $415 million, down 5% versus the year ago period, down 3% sequentially and $5 million better than our guidance.

第 4 季度，工業物聯網收入為 4.15 億美元，同比下降 5%，環比下降 3%，比我們的預期高出 500 萬美元。

Included in our quarter 4 results for Industrial and IoT were $5 million associated with the newly acquired Marvell wireless assets.

我們第 4 季度的工業和物聯網業績包括與新收購的 Marvell 無線資產相關的 500 萬美元。

Turning to mobile.

轉向手機。

Full year revenue was $1.19 billion, up 2% year-on-year.

全年收入為 11.9 億美元，同比增長 2%。

During the year, we experienced continued strong adoption of our secure mobile wallet and transit solutions, which was partially offset by anticipated declines in our semi-custom mobile analog interface business.

在這一年中，我們的安全移動錢包和傳輸解決方案持續強勁採用，這部分被我們的半定制移動模擬接口業務的預期下滑所抵消。

We do estimate the attach rate of mobile wallets increased to about 35%, in line with our expectations and very supportive of our 50% attach rate targets exiting 2021.

我們確實估計移動錢包的附加率增加到 35% 左右，符合我們的預期，並且非常支持我們在 2021 年退出 50% 的附加率目標。

During quarter 4, mobile revenue was $332 million, down 3% versus the year ago period, up 3% sequentially and $15 million better than our guidance.

第 4 季度，移動收入為 3.32 億美元，同比下降 3%，環比增長 3%，比我們的預期高出 1500 萬美元。

Lastly, turning to our comms infrastructure and other business.

最後，轉向我們的通信基礎設施和其他業務。

Full year revenue was $1.87 billion, up 5% year-over-year.

全年收入為 18.7 億美元，同比增長 5%。

During the year, we experienced robust growth associated with NXP's RF Power products.

在這一年中，我們經歷了與恩智浦射頻功率產品相關的強勁增長。

Due to the adoption of the company's massive MIMO solutions for the cellular base station markets, as mobile carriers began to increase network densification efforts ahead of future 5G cellular deployments.

由於採用了公司面向蜂窩基站市場的大規模 MIMO 解決方案，移動運營商開始在未來 5G 蜂窩部署之前加大網絡緻密化力度。

The strength in the cellular base station market was complemented by a stabilization in the company's communication processor business.

蜂窩基站市場的強勢與公司通信處理器業務的穩定相輔相成。

However, these positive trends were offset by year-on-year declines in the company's secured bank cards and e-government businesses.

然而，這些積極的趨勢被公司擔保銀行卡和電子政務業務的同比下降所抵消。

During quarter 4, revenue was $457 million, down 5% year-over-year, down 3% sequentially and in line with our guidance.

第 4 季度，收入為 4.57 億美元，同比下降 5%，環比下降 3%，符合我們的預期。

Now let me turn to our expectations for quarter 1. Our guidance reflects what we view as an improved demand environment that is moderately better than we've seen over the last number of quarters.

現在讓我談談我們對第一季度的預期。我們的指導反映了我們認為改善的需求環境，比我們在過去幾個季度看到的情況要好一些。

It does appear that the channel rationalization trends we witnessed throughout '19 have essentially played out, both with our direct customers and those served through global distribution.

看來，我們在整個 19 年目睹的渠道合理化趨勢已經基本上演，無論是我們的直接客戶還是通過全球分銷服務的客戶。

We are guiding quarter 1 revenue at $2.23 billion, up about 6% versus the first quarter of 2019, within the range of up 5% to 8% year-on-year.

我們指導第一季度收入為 22.3 億美元，與 2019 年第一季度相比增長約 6%，同比增長 5% 至 8%。

From a sequential perspective, this represents a decline of about 3% at the midpoint versus the prior quarter.

從連續的角度來看，這意味著中點與上一季度相比下降了約 3%。

At the midpoint, we anticipate the following year-over-year trends in our business for quarter 1. Automotive is expected to be up mid-single digits versus Q1 '19 and down low single digits versus Q4.

在中點，我們預計第一季度我們的業務將出現以下同比趨勢。與 19 年第一季度相比，汽車行業預計將增長中個位數，與第四季度相比下降個位數。

Industrial and IoT is expected to be up in the 20% range versus quarter 1 '19 and up high single digits versus quarter 4 '19.

與 19 年第 1 季度相比，工業和物聯網預計將增長 20%，與 19 年第 4 季度相比，將增長高個位數。

Mobile is expected to be up in the low double-digit percent range versus the period a year ago.

與一年前相比，移動設備預計將在兩位數的較低百分比範圍內增長。

And down in the high teens versus Q4 '19.

與 19 年第四季度相比，處於青少年時期。

Please remember, in 2019, the mobile VAS, voice and audio solutions business, was $150 million.

請記住，2019 年，移動增值服務、語音和音頻解決方案業務為 1.5 億美元。

And finally, communication infrastructure and other is expected to be down in the high single-digit range on a percentage basis, both on a year-on-year as well as on a sequential basis.

最後，通信基礎設施和其他方面的百分比預計將在高個位數範圍內下降，無論是同比還是環比。

Lastly, our aggregate quarter 1 guidance does include about $60 million contribution from the acquired Marvell assets.

最後，我們第一季度的總體指導確實包括來自收購的 Marvell 資產的約 6000 萬美元的貢獻。

And at the same time, it excludes the mobile VAS business, of which we did close the divestiture yesterday.

同時，它不包括移動增值業務業務，我們昨天確實完成了資產剝離。

For your reference, the mobile VAS business contributed $150 million in 2019.

供您參考，移動增值業務在 2019 年貢獻了 1.5 億美元。

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，我們在戰略重點領域的新產品推出、客戶參與度和設計贏得勢頭繼續非常積極。

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

我們繼續對恩智浦的中長期潛力非常樂觀。

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

現在我想把電話轉給彼得，讓他審查我們的財務業績。

Thank you, Kurt.

謝謝你，庫爾特。

Good morning to everyone on today's call.

今天電話會議上的每個人早上好。

As Kurt already covered the drivers of the revenue during the quarter and provided a revenue outlook for Q1.

由於庫爾特已經涵蓋了本季度收入的驅動因素，並提供了第一季度的收入前景。

I'll move to the financial highlights.

我將轉到財務亮點。

In summary, our fourth quarter revenue performance was above the high end of our guidance range, with improved non-GAAP gross profit and in line non-GAAP operating profit.

總之，我們第四季度的收入表現高於我們指導範圍的高端，非 GAAP 毛利潤和非 GAAP 營業利潤均有所提高。

I'll first provide full year highlights and then move to the fourth quarter results.

我將首先提供全年重點，然後轉到第四季度業績。

Full year revenue for 2019 was $8.88 billion, down 6% year-on-year, of which 140 basis points was the elimination of the MSA in 2019 versus 2018.

2019 年全年收入 88.8 億美元，同比下降 6%，其中 140 個基點是 2019 年取消 MSA 與 2018 年相比。

We generated $4.75 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 53.5%, up 60 basis points year-on-year.

我們創造了 47.5 億美元的非 GAAP 毛利潤，報告的非 GAAP 毛利率為 53.5%，同比增長 60 個基點。

Total non-GAAP operating expenses were $2.18 billion, down $99 million year-on-year.

非美國通用會計準則運營費用總額為 21.8 億美元，同比下降 9900 萬美元。

Total non-GAAP operating profit was $2.57 billion and non-GAAP operating margin was 29%, up 30 basis points year-on-year, despite a $530 million drop in revenue versus 2018.

非美國通用會計準則營業利潤總額為 25.7 億美元，非美國通用會計準則營業利潤率為 29%，同比增長 30 個基點，儘管收入與 2018 年相比下降了 5.3 億美元。

Non-GAAP interest expense was $265 million.

非公認會計原則的利息支出為 2.65 億美元。

Cash taxes for ongoing operations were $120 million.

持續運營的現金稅為 1.2 億美元。

And incidental taxes were $248 million with noncontrolling interest of $29 million.

附帶稅為 2.48 億美元，非控股權益為 2900 萬美元。

Stock-based compensation, which is not included in our non-GAAP earnings was $346 million.

不包括在我們的非公認會計原則收益中的基於股票的薪酬為 3.46 億美元。

Full year cash flow highlight include $2.37 billion in cash flow from operations and $503 million in net CapEx investments, resulting in $1.87 billion of non-GAAP free cash flow.

全年現金流亮點包括 23.7 億美元的運營現金流和 5.03 億美元的淨資本支出投資，產生 18.7 億美元的非 GAAP 自由現金流。

During 2019, we repurchased $1.44 billion of our shares and paid cash dividends of $319 million.

2019 年，我們回購了 14.4 億美元的股票，並支付了 3.19 億美元的現金股息。

In total, we returned $1.76 billion to our owners, which was 94% of the total non-GAAP free cash flow generated during the year.

我們總共向我們的所有者返還了 17.6 億美元，佔當年產生的非公認會計準則自由現金流總額的 94%。

We also spent a similar amount on the acquisition of the Marvell assets.

我們還在收購 Marvell 資產上花費了類似的金額。

Now moving to details of the fourth quarter.

現在轉到第四季度的細節。

Total revenue was $2.3 billion, down 4% year-on-year at the high end of our guidance range, of which 110 basis points of the decline was the elimination of the MSA.

總收入為 23 億美元，在我們指導範圍的高端同比下降 4%，其中 110 個基點的下降是因為取消了 MSA。

The quarter included $6 million of revenue associated with the acquisition of the Marvell assets, which closed in early December and which was not included in our guidance.

本季度包括與收購 Marvell 資產相關的 600 萬美元收入，該資產於 12 月初結束，未包含在我們的指導中。

We generated $1.25 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 54.2%, up 110 basis points year-on-year and in line with the midpoint of our guidance, despite the small headwind created by the Marvell acquisition.

儘管收購 Marvell 帶來的阻力很小，但我們的非 GAAP 毛利潤為 12.5 億美元，報告的非 GAAP 毛利率為 54.2%，同比增長 110 個基點，符合我們指引的中點.

Total non-GAAP operating expenses were $563 million, up $20 million year-on-year and up $32 million from the third quarter.

非美國通用會計準則運營費用總額為 5.63 億美元，同比增加 2000 萬美元，比第三季度增加 3200 萬美元。

This was $18 million above the midpoint of our guidance.

這比我們指導的中點高出 1800 萬美元。

And about $8 million of this was due to the operating costs associated with the Marvell asset acquisition.

其中約 800 萬美元是由於與 Marvell 資產收購相關的運營成本。

And the majority of the remainder to greater-than-anticipated new product introduction expenses.

其餘大部分用於超過預期的新產品引進費用。

From a total operating profit perspective, non-GAAP operating profit was $687 million and non-GAAP operating margin was 29.9%, down 50 basis points year-on-year driven by lower revenue.

從總營業利潤來看，非美國通用會計準則營業利潤為 6.87 億美元，非美國通用會計準則營業利潤率為 29.9%，在收入下降的推動下同比下降 50 個基點。

Non-GAAP interest expense was $77 million.

非公認會計原則的利息費用為 7700 萬美元。

Cash taxes for ongoing operations were $34 million and noncontrolling interest was $9 million.

持續經營的現金稅為 3400 萬美元，非控股權益為 900 萬美元。

Stock-based comp, which is not included in our non-GAAP earnings was $89 million.

不包括在我們的非公認會計原則收益中的基於股票的補償為 8900 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 debts at the end of the fourth quarter was $7.37 billion, down $1.14 billion sequentially as we retired the $1.15 billion convertible note at maturity in early December.

我們在第四季度末的總債務為 73.7 億美元，環比減少了 11.4 億美元，因為我們在 12 月初到期了 11.5 億美元的可轉換票據。

Our ending cash position was $1.05 billion, down $2.49 billion due to a combination of the closure of the Marvell asset and the previously noted debt repayment, offset by cash generation during the fourth quarter.

我們的期末現金頭寸為 10.5 億美元，減少了 24.9 億美元，原因是 Marvell 資產的關閉和之前提到的債務償還，被第四季度的現金產生所抵消。

The resulting net debt was $6.32 billion.

由此產生的淨債務為 63.2 億美元。

And we exited the quarter with a trailing 12-month adjusted EBITDA of $3.1 billion.

我們以 31 億美元的 12 個月調整後 EBITDA 結束本季度。

Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of the fourth quarter was 2x.

在第四季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 2 倍。

And our non-GAAP interest coverage was 8.9x.

我們的非 GAAP 利息覆蓋率為 8.9 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 fourth quarter, we paid $105 million in cash dividends and repurchased $74 million of our shares.

在第四季度，我們支付了 1.05 億美元的現金股息並回購了 7400 萬美元的股票。

Our capital return policy continues to be to return all excess cash to shareholders.

我們的資本回報政策仍然是將所有多餘的現金返還給股東。

Turning to working capital metrics.

轉向營運資金指標。

Days of inventory was 102 days, an increase of 4 days sequentially, which was a result of the Marvell acquisition.

庫存天數為 102 天，環比增加 4 天，這是收購 Marvell 的結果。

We continue to closely manage our distribution channel with inventory in the channel at 2.3 months within our long-term targets, but slightly below the 2.4 months we normally expect to run.

我們繼續密切管理我們的分銷渠道，渠道中的庫存在我們的長期目標範圍內為 2.3 個月，但略低於我們通常預期的 2.4 個月。

Days receivables were 26 days, down 6 days sequentially on improved sales linearity.

應收賬款天數為 26 天，由於銷售線性改善，環比下降 6 天。

And days payable were 81, an increase of 7 days versus the prior quarter.

應付天數為 81 天，比上一季度增加 7 天。

Taken together, our cash conversion cycle was 47 days, an improvement of 9 days versus the prior quarter.

總而言之，我們的現金轉換週期為 47 天，比上一季度改善了 9 天。

Cash flow from operations was $814 million.

運營現金流為 8.14 億美元。

And net CapEx was $138 million, resulting in non-GAAP free cash flow of $676 million.

淨資本支出為 1.38 億美元，非 GAAP 自由現金流為 6.76 億美元。

Turning to our expectations for the first quarter.

轉向我們對第一季度的預期。

As Kurt mentioned, we anticipate Q1 revenue to be about $2.23 billion, plus or minus about $30 million.

正如庫爾特所說，我們預計第一季度的收入約為 22.3 億美元，上下浮動約 3000 萬美元。

At the midpoint, this is up 6% year-on-year, down 3% sequentially.

在中點，同比增長 6%，環比下降 3%。

We expect non-GAAP gross margin to be about 53.2%, plus or minus 30 bps.

我們預計非美國通用會計準則毛利率約為 53.2%，上下浮動 30 個基點。

Operating expenses are expected to be about $573 million, plus or minus about $9 million.

運營費用預計約為 5.73 億美元，上下浮動約 900 萬美元。

And taken together, we see non-GAAP operating margin to be about 27.6%, plus or minus about 20 bps.

綜合來看，我們認為非美國通用會計準則營業利潤率約為 27.6%，上下浮動約 20 個基點。

We estimate non-GAAP financial expense to be about $78 million and anticipate cash tax related to ongoing operations to be about $32 million.

我們估計非公認會計原則財務費用約為 7800 萬美元，預計與持續運營相關的現金稅約為 3200 萬美元。

Noncontrolling interest will be about $6 million.

非控股權益約為 600 萬美元。

And for Q1, we suggest that your modeling purposes, you use an average share count of 284.5 million shares.

對於第一季度，我們建議您出於建模目的使用平均股數為 2.845 億股。

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

最後，我想說幾句結束語。

As both Rick and Kurt pointed out, we see the beginning of a moderately improving demand environment across our end markets with the exception of the 5G base station market.

正如 Rick 和 Kurt 所指出的，我們看到除了 5G 基站市場之外，我們的終端市場的需求環境開始適度改善。

From a revenue perspective, we are pleased with our performance in the fourth quarter, our revenue was slightly better than guidance, with the contribution from the mobile, auto and industrial markets, all a bit stronger than expected.

從收入的角度來看，我們對第四季度的表現感到滿意，我們的收入略好於預期，移動、汽車和工業市場的貢獻都略強於預期。

Our results within the communication infrastructure market were essentially in line with our expectations.

我們在通信基礎設施市場的業績基本符合我們的預期。

Our non-GAAP gross margin has steadily improved over the last year, even as we've navigated a challenging top line demand environment.

我們的非公認會計原則毛利率在去年穩步提高，即使我們已經度過了充滿挑戰的頂線需求環境。

Our non-GAAP gross margin improved again in the fourth quarter.

我們的非公認會計原則毛利率在第四季度再次提高。

And as we've previously signaled, we expect to see modest gross margin compression in the first quarter based on annual price agreements and lower revenue.

正如我們之前所暗示的那樣，根據年度價格協議和較低的收入，我們預計第一季度毛利率將出現適度壓縮。

We continue to be laser-focused on achieving our intermediate non-GAAP gross margin target of 55%.

我們將繼續專注於實現 55% 的中間非公認會計原則毛利率目標。

And we continue to believe this can be achieved with a revenue level in the $2.4 billion range.

我們仍然相信這可以通過 24 億美元的收入水平來實現。

As previously noted, our Board of Directors has approved an additional share repurchase and with the closure of the Marvell deal in December, we began to repurchase shares again in early January.

如前所述，我們的董事會已批准額外的股票回購，隨著 12 月 Marvell 交易的完成，我們於 1 月初再次開始回購股票。

And have bought 1.76 million shares at a cost of $230 million between January 2 and February 3.

並在 1 月 2 日至 2 月 3 日期間以 2.3 億美元的價格購買了 176 萬股股票。

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

因此，我現在想將其轉回給運營商以解決您的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from Vivek Arya from Bank of America Securities.

我們的第一個問題來自美國銀行證券公司的 Vivek Arya。

Great job on the free cash flow generation.

在自由現金流生成方面做得很好。

I think it's a record or so.

我認為這是一個記錄左右。

My first question on the China impact.

我的第一個問題是關於中國的影響。

I'm curious if your Q1 outlook bakes any supply or demand impact from the ongoing coronavirus related shutdowns?

我很好奇您的第一季度展望是否會因當前與冠狀病毒相關的停工而對供需產生任何影響？

Or do you think there could be perhaps a delayed impact on the industry that affects Q2 instead?

還是您認為可能會對第二季度的行業產生延遲影響？

And if you could remind us of how we think about seasonality for Q2?

如果你能提醒我們我們如何看待第二季度的季節性？

So thanks, Vivek.

所以謝謝，維韋克。

At this time, the situation on the coronavirus continues to be very fluid, and we are monitoring it very closely.

目前，冠狀病毒的情況仍然非常不穩定，我們正在密切關注它。

We're taking actions on travel, to protect our employees and in our manufacturing operations to be sure that we are -- have our employees at the forefront of our minds.

我們正在旅行、保護我們的員工和我們的製造業務中採取行動，以確保我們 - 讓我們的員工處於我們心中的最前沿。

And also been trying to support the general containment of any spread.

並且還一直在努力支持對任何傳播的全面遏制。

But as of today, we've seen no impact on orders.

但截至今天，我們還沒有看到對訂單的影響。

Although we're just coming out of the Lunar New Year holiday, clearly, the forced closures by some of the additional provinces in China, add more to the uncertainty and to be clear, it's just impossible for us to speculate on the impact and the implications associated with it.

雖然我們剛剛結束農曆新年假期，但顯然，中國一些額外省份的強制關閉增加了不確定性，而且要明確的是，我們無法推測影響和與之相關的影響。

Our guidance today does not contemplate any potential impact from the coronavirus.

我們今天的指導並未考慮冠狀病毒的任何潛在影響。

All right.

好的。

And for my follow-up on gross margins.

對於我對毛利率的跟進。

So Peter, thanks for giving us that $2.4 billion or so level.

所以彼得，謝謝你給了我們 24 億美元左右的水平。

What will it take?

需要什麼？

Is it just revenue that is the main driver to get to your -- the middle of your 53% to 57% target gross margin range?

僅僅是收入是達到您目標毛利率範圍（53% 到 57% 的中間值）的主要驅動力嗎？

Or is there anything about the products or end markets or manufacturing costs or competition that is influencing it?

或者有什麼影響它的產品或終端市場或製造成本或競爭？

Because when I look at your largest market in automotive, things like BMS that you're working on.

因為當我看到你們最大的汽車市場時，你們正在研究的 BMS 之類的東西。

Most of your competitors are on the analog side, then they're making 60%, 70% gross margin.

您的大多數競爭對手都在模擬方面，然後他們的毛利率為 60%、70%。

So it seems to me, whether I look at 5G or BMS and autos, that from that mix perspective, gross margin should be trending in the right direction?

所以在我看來，無論我看 5G 還是 BMS 和汽車，從混合的角度來看，毛利率應該朝著正確的方向發展？

I think there is a few things.

我認為有幾件事。

First of all, Q1 is obviously a very low number of 53.2%.

首先，Q1 顯然是一個非常低的數字，只有 53.2%。

It came off the fourth quarter of 54.2%.

第四季度為 54.2%。

And the change really is we have the annual price agreements -- that -- contractual agreements, pitches.

真正的變化是我們有年度價格協議 - 即 - 合同協議，推銷。

And that's roughly 60 basis points.

這大約是60個基點。

And then volume from Q4 to Q1 -- the revenue decline is probably another 60 basis points.

然後是從第四季度到第一季度的銷量——收入可能再下降 60 個基點。

And that's offset by the continued improvement we have in purchasing and manufacturing performance.

這被我們在採購和製造績效方面的持續改進所抵消。

So to go from 50 -- 53.2% to 55%, I think, is -- we just need to get our revenue up to a run rate of about $2.4 billion a quarter.

因此，從 50 - 53.2% 到 55%，我認為，我們只需要將我們的收入提高到每季度約 24 億美元的運行率。

Now to go from 55% to 57%, which I think takes potentially a number of years.

現在從 55% 上升到 57%，我認為這可能需要數年時間。

I'll call it mix, but it really is around -- and you've highlighted some of it, Vivek, it's -- our new products that are coming into place now, particularly, in automotive.

我將其稱為混合，但它確實存在 - 你已經強調了其中的一些，Vivek，它是 - 我們現在正在實施的新產品，特別是在汽車領域。

But also in our crossover products and the like.

但也在我們的跨界產品等中。

Like -- I don't think though we're the type of company that you -- as a traditional analog company that runs 65% gross margin with no real growth.

就像——我不認為我們是你那種類型的公司——作為一家傳統的模擬公司，毛利率為 65%，沒有真正的增長。

What we're targeting is to run well in excess of the market.

我們的目標是超越市場。

And we think our model of -- hope to up to 57%, I think we'd said what, 53% to 57% is more realistic.

我們認為我們的模型——希望達到 57%，我想我們說過什麼，53% 到 57% 更現實。

But so we get to 55% based on volume.

但是，我們會根據數量達到 55%。

55% to 57% is probably a couple of years out, but it's based on the mix and the introduction of our new products.

55% 到 57% 可能還需要幾年時間，但這是基於我們新產品的混合和推出。

Our next question comes from Stacy Rasgon from Bernstein Research.

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

I wanted to follow-up again on the gross margin.

我想再次跟進毛利率。

So you're still saying 55% on $2.4 billion, even with the impact of Marvell.

所以你仍然說 24 億美元的 55%，即使有 Marvell 的影響。

Can you give us, I guess, a ballpark estimate of how dilutive Marvell is by itself?

我猜，你能給我們大致估計一下 Marvell 本身的稀釋性有多大嗎？

And is this maybe the additional wireless or mobile divestiture that's offsetting some of that?

這可能是抵消了其中一部分的額外無線或移動資產剝離嗎？

Like how do we think about Marvell in the context of that gross margin target?

比如在毛利率目標的背景下，我們如何看待 Marvell？

On a gross margin perspective, Stacy, I think it's a rounding error.

從毛利率的角度來看，斯泰西，我認為這是一個四捨五入的錯誤。

It's -- but -- what we've talked about, it's not a significant part of our revenue this year.

這是 - 但是 - 我們已經談論過，這不是我們今年收入的重要組成部分。

We've always said it runs sort of low to mid-50s.

我們一直說它運行在 50 年代中期到 50 年代中期。

I mean it's rounding.

我的意思是它是圓的。

I don't think that really has an impact on our ability to get to 55% at $2.4 billion.

我認為這不會真正影響我們以 24 億美元達到 55% 的能力。

Got it.

知道了。

And the divested mobile business, was that also kind of closer to corporate average gross margins as well?

剝離的移動業務是否也更接近企業平均毛利率？

Or was that...?

或者那是……？

That's $150 million of revenue.

那是1.5億美元的收入。

From memory, it might be a little bit below our regular gross margins.

根據記憶，它可能略低於我們的正常毛利率。

But again, it kind of ends up in the rounding really.

但同樣，它真的以四捨五入結束。

Got it.

知道了。

That's helpful.

這很有幫助。

For my follow-up, I just wanted to talk a little bit about the demand improvements.

對於我的後續行動，我只想談談需求的改進。

You said especially auto and industrial IoT are rebounding.

你說特別是汽車和工業物聯網正在反彈。

Do you think this is like real kind of end demand like customer pull or is this just an inventory balance?

你認為這就像真正的最終需求，比如客戶拉動，還是僅僅是庫存平衡？

Or would you have any way to tell?

或者你有什麼辦法告訴？

Like just what are you seeing in the customer channel?

就像您在客戶渠道中看到的那樣？

So what we're really seeing is, Stacy, is out of China, and it's POS.

所以我們真正看到的是，Stacy，不在中國，而且是 POS。

So it's actually shipped through -- the majority of our business in China is shipped through the distribution partner -- through our distribution partners.

所以它實際上是通過我們在中國的大部分業務通過分銷合作夥伴發貨的 - 通過我們的分銷合作夥伴。

But this is POS, where customers have requested business and taking the business so it's not just orders.

但這是 POS，客戶請求業務並接受業務，因此不僅僅是訂單。

As far as replenishment of inventory, it's not possible for us to track what the orders are actually being used for, but it's based on their run rates and increased improvements.

至於庫存補貨，我們無法跟踪訂單的實際用途，但這是基於它們的運行率和不斷改進的。

Primarily, again, focused in micros for the industrial space as well as our automotive business.

再次，主要集中在工業領域的微觀領域以及我們的汽車業務。

I'm not sure what the impact or implications, as we said earlier, will be from the coronavirus.

正如我們之前所說，我不確定冠狀病毒會產生什麼影響或影響。

But through -- just before the Lunar New Year, we continued to see strong POS and strong sell-through.

但是通過 - 就在農曆新年之前，我們繼續看到強勁的 POS 和強勁的銷售。

Our next question comes from John Pitzer from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

Congratulations on the solid results.

祝賀你取得了堅實的成果。

Rick, Kurt, it's nice to see you guys get back to year-over-year growth in the March quarter, even excluding the Marvell acquisition.

Rick，Kurt，很高興看到你們在 3 月季度恢復了同比增長，即使不包括 Marvell 收購。

But my first question is just on the Marvell acquisition.

但我的第一個問題只是關於收購 Marvell。

Rick, when you guys announced the deal, you put out some pretty -- I wouldn't say aggressive targets, but targets for significant growth of that asset through your distribution business.

里克，當你們宣布這筆交易時，你們提出了一些漂亮的——我不會說激進的目標，而是通過你們的分銷業務顯著增長該資產的目標。

I know you've given us specific guidance for the calendar first quarter.

我知道您已經為我們提供了日曆第一季度的具體指導。

But I wonder if you could just level set everybody on the call as to how you feel about sort of the long-term growth of that Marvell asset?

但我想知道你是否可以讓每個人都接受電話會議，了解你對 Marvell 資產長期增長的看法？

And how we should think about the yearly sort of revenue levels to get to that $600 million sort of rev target you talked about when you first announced the deal?

以及我們應該如何考慮年收入水平以達到您在首次宣布交易時談到的 6 億美元的轉速目標？

Well, I think we still feel as confident about the business is as good about the business, as we've talked about, John.

好吧，我認為我們仍然對業務充滿信心，就像我們談到的業務一樣好，約翰。

It really is about the fact that 60% of our apps processors have connectivity associated with it.

事實上，我們 60% 的應用程序處理器都有與之相關的連接性。

So as we make those reference designs in place, we can, obviously, provide our own connectivity solutions, which puts us in a good position.

因此，當我們制定這些參考設計時，顯然我們可以提供我們自己的連接解決方案，這使我們處於有利位置。

The additional distribution, feet on the street that we have with the channel -- broad channel base we have, we think, also positions us quite well.

我們認為，我們擁有的額外的分銷渠道，以及我們擁有的廣泛渠道基礎，也使我們處於很好的位置。

If that means that it's going to be a ramp that will take place as that -- all of that comes to fruition.

如果這意味著它將成為一個斜坡，那麼所有這一切都會實現。

So the $600 million out in time will clearly be growing at a faster rate at the end of that period than it will be this quarter and next quarter.

因此，在那個時期結束時，6億美元的及時增長顯然會比本季度和下季度更快。

We feel good about the business.

我們對這項業務感覺良好。

And I think all of the feedback from customers had been extremely positive about how important it is.

而且我認為客戶的所有反饋都非常積極地表明了它的重要性。

And I'll let Kurt make some comments as well.

我也會讓 Kurt 發表一些意見。

Yes.

是的。

Thanks, Rick, and let me just add, John.

謝謝，里克，讓我補充一下，約翰。

I mean, for those of you who possibly have been at our booth at CES in Las Vegas a couple of weeks ago.

我的意思是，對於那些可能已經在幾週前在拉斯維加斯舉行的 CES 展位上參觀過我們展位的人。

I think we have turned at light speed, the availability of the Marvell connectivity assets into reference design.

我認為我們已經以光速將 Marvell 連接資產的可用性轉變為參考設計。

So we were able at CES just a couple of weeks, actually after closing the deal, to show a number of reference designs, which did include already the WiFi product from the former Marvell, into our reference designs for both automotive infotainment connectivity as well as industrial and IoT applications.

因此，我們能夠在 CES 上，實際上是在交易完成後的幾週內，展示了一些參考設計，其中確實包括前 Marvell 的 WiFi 產品，這些參考設計包括汽車信息娛樂連接以及汽車信息娛樂連接的參考設計。工業和物聯網應用。

And I would just tell you that the interest level and the engagement with customers on that combined solution is as big as we had anticipated.

我只想告訴你，對這個組合解決方案的興趣水平和與客戶的互動與我們預期的一樣大。

That's helpful.

這很有幫助。

And then as my follow-up, just looking at your auto business in the calendar fourth quarter, only down slightly year-over-year, which, relative to peers, appears to be significant outperformance.

然後作為我的後續行動，僅查看您在日曆第四季度的汽車業務，同比僅略有下降，與同行相比，這似乎是顯著的表現。

Kurt, I'm wondering if you could just comment about how the core business performed in the calendar fourth quarter versus kind of the growth segments?

Kurt，我想知道您是否可以評論一下日曆第四季度的核心業務與增長部分的表現如何？

And as you look out over the next couple of years, with some of the product-specific drivers you have.

當您展望未來幾年時，您將擁有一些特定於產品的驅動程序。

Do you think your growth rate is a multiple of SAARs improves from what it's historically been?

您認為您的增長率是從歷史上提高的 SAAR 的倍數嗎？

Thanks, John.

謝謝，約翰。

So on Q4, yes, I think our decline rate with only 1 percentage point has significantly improved over the much higher decline rates in the earlier quarters last year.

所以在第四季度，是的，我認為我們的下降率只有 1 個百分點，比去年前幾個季度更高的下降率有了顯著改善。

So absolutely, yes.

所以絕對是的。

And clearly, that is a function of what I would say, a continued growth of our growth elements being radar BMS, mainly.

顯然，這是我要說的功能，我們的增長要素的持續增長主要是雷達 BMS。

And a -- I'd say, a good improvement of the core business, which is very much in line with what we had anticipated, given a careful ending of the rationalization of the supply chain.

而且 - 我想說的是，考慮到供應鏈合理化的謹慎結束，核心業務得到了很好的改進，這非常符合我們的預期。

I mean that's what we have said all year long that we would hit that point.

我的意思是這就是我們全年所說的，我們會達到這一點。

And that's also what carries forward into quarter 1, which is then reflected with what Rick just said, solid POS trends, especially in China.

這也是第一季度的延續，這反映在 Rick 剛才所說的，穩固的 POS 趨勢，尤其是在中國。

Where that core product is a key part of our revenue.

該核心產品是我們收入的關鍵部分。

Going forward, John, we totally stick to our model of clearly outgrowing the SAAR based on the content gains of semis.

展望未來，約翰，我們完全堅持我們的模型，即基於半決賽的內容收益明顯超過 SAAR。

We gave that guidance of 7% to 10% based on a 1% to 2% SAAR.

基於 1% 到 2% 的 SAAR，我們給出了 7% 到 10% 的指導。

So if the SAAR is flattish.

因此，如果 SAAR 持平。

Well, maybe then we are at 5%, 6%, 7% or so.

好吧，也許那時我們處於 5%、6%、7% 左右。

And I'd say the ratio between core and growth initially stays the same.

我想說核心和增長之間的比率最初保持不變。

Over time, when the growth portion is getting bigger from a relative perspective, it might tilt slightly towards higher growth on the toll.

隨著時間的推移，當增長部分從相對角度變得更大時，它可能會略微傾向於更高的收費增長。

But in principle, we are just seeing now what we had anticipated, which is that the core is more getting back to mobile given the SAAR coming from a minus 6% environment last year into a probably flattish environment this year.

但原則上，我們現在才看到我們的預期，即考慮到 SAAR 從去年的負 6% 環境進入今年可能持平的環境，核心更多地回歸移動設備。

John, one thing, if I could just add to that.

約翰，有一件事，如果我能補充一點的話。

If you go back and look at the [turns] we had in our automotive business, which was kind of mid- to high single-digit earlier in the year.

如果你回過頭來看看我們在汽車業務中的[轉機]，今年早些時候這是中高個位數。

At -- our top-tier customers in automotive were actually flat.

在——我們在汽車領域的頂級客戶實際上是持平的。

And where we really saw the significant decline was in the mass market and our distribution partners in automotive.

我們真正看到顯著下降的是大眾市場和我們在汽車領域的分銷合作夥伴。

So that's where we're beginning to see the rebound associated with that, where we had such a negative decline in those.

所以這就是我們開始看到與此相關的反彈的地方，我們在這些地方出現瞭如此負的下降。

And then beginning to see the rest of the business come together.

然後開始看到其他業務融合在一起。

So it really has to do with that combination.

所以它確實與這種組合有關。

But I thought it's important to point out that our top-tier customers in automotive didn't really see a significant decline, but we're actually flat during this period of time.

但我認為重要的是要指出，我們在汽車領域的頂級客戶並沒有真正看到顯著下降，但在這段時間內我們實際上持平。

Nice [TDI] performance.

不錯的 [TDI] 性能。

Thanks, John.

謝謝，約翰。

Our next question comes from William Stein from SunTrust.

我們的下一個問題來自 SunTrust 的 William Stein。

Two.

二。

First, Rick, I think at some conferences in the last quarter or so, you've talked about repurchasing $2 billion plus of shares in the coming year.

首先，瑞克，我認為在上個季度左右的一些會議上，你談到了在來年回購超過 20 億美元的股票。

Can you maybe frame that up relative to your expectations for free cash flow in the coming year?

您能否將其與您對來年自由現金流的預期相提並論？

Your appetite for raising additional debt in order to keep the net leverage at 2x and maybe any appetite on the horizon for similar tuck-in acquisitions like Marvell?

您是否有興趣籌集額外的債務以將淨槓桿率保持在 2 倍，並且可能對 Marvell 等類似的一次性收購有任何興趣？

Hey Will, it's Peter.

嘿，威爾，是彼得。

I think, I'd describe it as follows: First of all, the Board's authorized $2 billion.

我認為，我將其描述如下：首先，董事會授權 20 億美元。

So technically, that was not forecast of how much we spend in the full year, but we just spent $230 million in the -- basically the first 6 weeks of this quarter.

所以從技術上講，這不是我們全年花費的預測，但我們只是在本季度的前 6 週花費了 2.3 億美元。

So once we get started on these things.

所以一旦我們開始做這些事情。

We don't tease.

我們不取笑。

What we have said is we will return all excess cash to shareholders.

我們所說的是，我們會將所有多餘的現金返還給股東。

And we will manage our net debt at 2x trailing 12 months EBITDA.

我們將以過去 12 個月 EBITDA 的 2 倍管理我們的淨債務。

So depending on your forecast, that require us to take on a little bit of extra debt to maintain the leverage.

因此，根據您的預測，這需要我們承擔一些額外的債務來維持槓桿。

And I won't give you an absolute number for the full year because it really depends on what you want to forecast for us.

我不會給你一個全年的絕對數字，因為這真的取決於你想為我們預測什麼。

But I think we're an exciting company.

但我認為我們是一家令人興奮的公司。

I think once the market comes back, we'll -- you'll see significant growth from us, and that will drive a very, very significant cash flow generation, which will return to our shareholders, so.

我認為一旦市場回歸，我們將 - 你會看到我們的顯著增長，這將推動非常非常重要的現金流產生，這將返回給我們的股東，所以。

And relative to the other M&A that you asked about, Will, I think the important thing to realize is we've been talking about connectivity being a critical element for us for some time.

相對於您詢問的其他併購，Will，我認為需要意識到的重要一點是，一段時間以來，我們一直在談論連接性是我們的關鍵要素。

We actually talked about it going into the Qualcomm transaction.

我們實際上談到了它進入高通的交易。

And when the Qualcomm transaction broke, we actually were quite open about the fact that the missing element we had would be a connectivity.

當與高通的交易破裂時，我們實際上對我們所缺少的元素將是連接這一事實非常開放。

Clearly, the assets from Marvell put us in a position to have leadership connectivity, which was really the missing element for us.

顯然，Marvell 的資產使我們能夠與領導層建立聯繫，而這確實是我們所缺少的元素。

So yes, I think we'll do relatively small tuck-in acquisitions for technology, but nothing in the scope and size of Marvell.

所以是的，我認為我們會在技術方面進行相對較小的收購，但不會像 Marvell 那樣規模和規模。

And clearly, we'll be focused on how we return cash to our shareholders during this period of time.

顯然，我們將專注於在這段時間內如何向股東返還現金。

That's really helpful.

這真的很有幫助。

If I can have one follow-up?

如果我可以有一個後續？

In automotive, I'm hoping you can frame up the timing of the various -- more growthy opportunities.

在汽車行業，我希望你能把握各種時機——更多增長機會。

For 2020, and maybe looking into 2021, should we expect the growth to be driven more by the emerging radar solutions, the battery management stuff or the new network domain controllers?

對於 2020 年，甚至可能展望 2021 年，我們是否應該期望新興雷達解決方案、電池管理產品或新的網絡域控制器更多地推動增長？

This is Kurt.

這是庫爾特。

Let me try to stage this a little.

讓我試著展示一下。

From a size perspective, it is led by radar, being about 10% of the total auto segment revenue.

從規模上看，以雷達為首，約佔汽車板塊總收入的10%。

And we continue to absolutely see our midterm growth here with 25% to 30% compound annual revenue growth.

我們繼續絕對看到我們的中期增長，年收入複合增長率為 25% 至 30%。

So that's the biggest and fastest-growing from those.

所以這是其中最大和增長最快的。

The next one, about the similar size, digital cluster business.

接下來是類似規模的數字集群業務。

So that follows the trends of multiscreen environments in the passenger cabin of the modern cars.

因此，這符合現代汽車客艙多屏環境的趨勢。

Where we see a growth in the mid-teens.

我們在青少年時期看到了增長。

And then you have a number of smaller ones, and they are smaller because they are much earlier in the growth cycle.

然後你有一些較小的，它們更小，因為它們處於增長周期的早期。

You did mention battery management solutions.

您確實提到了電池管理解決方案。

This is high-growth but significantly smaller than the others.

這是高增長，但明顯小於其他增長。

But it does contribute already into the 2020 and 2021 growth.

但它確實已經為 2020 年和 2021 年的增長做出了貢獻。

And what you also mentioned is the S32G, which we, I think, had a great show up at CES, which is our new fully ASIL-D compliance network processor for the car.

您還提到了 S32G，我認為我們在 CES 上的展示非常出色，這是我們用於汽車的全新完全 ASIL-D 合規網絡處理器。

That is actually really launching into the market only in 2021.

這實際上是在 2021 年才真正進入市場。

So from a growth contribution into 2021, I'd say it's at the late end kicking in, but we are sampling now.

因此，從對 2021 年的增長貢獻來看，我想說它是在後期開始，但我們現在正在抽樣。

And we are getting traction now.

我們現在正在獲得牽引力。

And the ultra-wideband will begin to kick in as well in the second half.

超寬帶也將在下半年開始發揮作用。

Yes.

是的。

Rick, thanks for the reminder.

瑞克，謝謝你的提醒。

Ultra-wideband is our, say, in between mobile and auto, which is why I didn't put it now fully into auto.

超寬帶是我們的，比如說，介於移動和汽車之間，這就是為什麼我現在沒有把它完全放在汽車上。

But indeed, we are already shipping small amounts now into auto.

但事實上，我們現在已經將少量產品運送到汽車中。

Second half of this year, we're going to see the first more material lift in revenues from ultra-widebands in the mobile segment and then extending into auto through the next few years.

今年下半年，我們將看到移動領域超寬帶收入的首次實質性增長，然後在未來幾年擴展到汽車領域。

So again, summary is the 2 large ones, radar and digital clusters, both about 10% of the total order revenue, radar 25% to 30% growth, digital clusters, mid-teens.

再說一遍，總結是兩大類，雷達和數字集群，都佔總訂單收入的 10% 左右，雷達增長 25% 到 30%，數字集群，十幾歲。

Our next question comes from Craig Hettenbach from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Just wanted to follow-up on the ultra-wideband comments, and just how you think about kind of the ecosystem?

只是想跟進超寬帶評論，您如何看待這種生態系統？

Where NXP kind of fits in?

恩智浦適合在哪裡？

And the different applications as you see them ramping?

以及您看到的不同應用程序正在加速發展？

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

I'd say we -- I continue to see us as one of the initiators and leaders of the ecosystem, which really stems from our former leadership in the security and mobile wallet applications, including software on the mobile side as well as the keyless entry applications on the auto side.

我想說我們——我繼續將我們視為生態系統的發起者和領導者之一，這實際上源於我們以前在安全和移動錢包應用程序方面的領導地位，包括移動端的軟件以及無鑰匙進入汽車方面的應用。

And as we talked about earlier, the first major use case, which we see coming up now is actually using ultra-wideband for mobile-based secure car access, which is a perfect, I'd say, hybrid and convergence between these 2 leadership positions, which we have had historically.

正如我們之前談到的，我們現在看到的第一個主要用例實際上是使用超寬帶實現基於移動的安全汽車訪問，我想說，這是這兩個領導者之間的完美混合和融合我們在歷史上擁有的職位。

Now the competitive dynamics.

現在是競爭動態。

I'd say judging from the traffic around this at CES, ultra-wideband has now really hit everybody's attention relative to a very precise localization technology, a technology which allows mobile access, secure mobile access ahead of any other possible technology.

我想說，從 CES 上的流量來看，超寬帶現在已經真正引起了所有人的關注，因為它是一種非常精確的定位技術，一種允許移動訪問的技術，比任何其他可能的技術都更安全。

So it's really in the spotlight now.

所以它現在真的是人們關注的焦點。

We continue to see very, very good traction with our solution portfolio actually, in this conversion space initially between mobile and auto.

實際上，在最初在移動和汽車之間的轉換空間中，我們繼續看到我們的解決方案組合具有非常非常好的吸引力。

But now we also start to see more traction, I would say, for further IoT application use cases going into '21, '22, probably revenue range.

但現在我們也開始看到更多的牽引力，我想說的是，對於進入 '21、'22 的進一步物聯網應用程序用例，可能是收入範圍。

When it comes to, for example, property access solutions and indoor navigation.

例如，在物業訪問解決方案和室內導航方面。

Yes.

是的。

One of the key things that really differentiates our solution is our secure element technology, and the software that we provide and the ability to leverage that for the ultra-wideband.

真正使我們的解決方案與眾不同的關鍵之一是我們的安全元件技術，以及我們提供的軟件以及將其用於超寬帶的能力。

So we're really in a unique position of bringing that installed base that we have in the mobile wallet and leveraging that for ultra-wideband, as Kurt talked about.

因此，正如 Kurt 所說，我們確實處於一個獨特的位置，可以將我們在移動錢包中擁有的安裝基礎並將其用於超寬帶。

Got it.

知道了。

And then just as a follow-up, I think one of the common themes for this earnings season has been the pause in 5G infrastructure.

然後作為後續行動，我認為本財報季的共同主題之一是 5G 基礎設施的暫停。

And so, Rick, if you could just get a sense in terms of what you're seeing?

所以，瑞克，如果你能對你所看到的有所了解嗎？

Kind of what you're hearing out there?

你在那裡聽到什麼？

And if there's any different trends by geography?

如果有任何不同的地理趨勢？

Well, the 5G infrastructure, the expectations of real strong growth comes from China.

那麼，5G 基礎設施，真正強勁增長的預期來自中國。

And clearly, there's a churn going on in China right now, not only with the suppliers, but also with the different standards and the different combination of carriers and their technology.

很明顯，現在中國正在發生混亂，不僅是供應商，還有不同的標準以及運營商及其技術的不同組合。

So we've talked about, for a quarter or so, a pause.

所以我們已經討論了大約四分之一的時間，暫停。

We really saw the strength last year from the deployment of massive MIMO that will ultimately be used for 5G.

去年，我們真正看到了最終將用於 5G 的大規模 MIMO 部署的實力。

But we actually got through a lot of that so that it was in the pipeline, if you will, and then we haven't seen a resumption of the 5G growth yet.

但我們實際上已經完成了很多，所以它正在籌備中，如果你願意的話，那麼我們還沒有看到 5G 增長的恢復。

And it looks like it will still be a couple of quarters out before we'll see strong growth in 5G deployment.

看起來還需要幾個季度才能看到 5G 部署的強勁增長。

We clearly see that it's coming, just don't see it in the near term.

我們清楚地看到它即將到來，只是在短期內看不到它。

Our next question comes from Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Congrats on turning the cyclical corner.

恭喜你轉向周期性拐角。

Just wanted to ask a question about the industrial and IoT business.

只是想問一個關於工業和物聯網業務的問題。

That one has been very volatile.

那一個非常不穩定。

I know it's a very disty heavy business and in the -- has its own share of China exposure.

我知道這是一項非常繁重的業務，並且在中國擁有自己的份額。

But can you just talk about the return to 20% growth?

但是你能談談恢復到 20% 的增長嗎？

How much of that is organic?

其中有多少是有機的？

Are you putting Marvell in there as well in the quarter?

您是否在本季度也將 Marvell 納入其中？

And from a cycle-to-cycle perspective, how do you think that business is shaping up heading into 2020 versus, I think, the volatile 2019?

從周期到週期的角度來看，與我認為動蕩的 2019 年相比，您認為業務在 2020 年的發展情況如何？

So Ross, the one thing that you should be clear.

所以羅斯，你應該清楚的一件事。

We talked about that Marvell will be about $60 million in Q1.

我們談到 Marvell 在第一季度的收入約為 6000 萬美元。

So it's nearly half of the growth of the industrial and IoT in that 22% year-over-year.

因此，在這 22% 的年同比增長中，工業和物聯網增長的近一半。

We'd probably be more like 12% or so without Marvell in.

如果沒有 Marvell，我們可能會更接近 12% 左右。

But that being said, 12% year-on-year growth is a long ways from where we've been for the last 4 or 5 quarters and feels really good.

但話雖如此，12% 的同比增長距離我們過去 4 或 5 個季度的水平還有很長的路要走，感覺非常好。

And again, what we see from that, it's really POS and the ship-through, primarily in China.

再說一次，我們從中看到的是真正的 POS 和直通，主要在中國。

We don't see real strength in Europe or in the U.S. But really, it's POS and ship-through in China in the industrial and IOT.

我們在歐洲或美國看不到真正的實力，但實際上，在中國的工業和物聯網領域是 POS 和直通。

Now the other thing, it is a key factor for us is the deployment of some of the company-specific design wins that will contribute to that and be a factor associated with it.

現在另一件事，對我們來說，一個關鍵因素是部署一些公司特定的設計勝利，這將有助於實現這一目標並成為與之相關的一個因素。

But basically, on a stand-alone basis, we'd probably be more like 12% than the 22%.

但基本上，在獨立的基礎上，我們可能更像是 12%，而不是 22%。

And probably be flat on a sequential basis versus the 9% that we are when you include Marvell.

並且可能在連續的基礎上持平，而當您包括 Marvell 時，我們是 9%。

Kurt, anything else you?

庫爾特，你還有什麼事嗎？

Yes.

是的。

I'd say, clearly, we see full support of our 8% to 11% growth target going forward.

我想說，很明顯，我們看到我們的 8% 到 11% 的增長目標得到充分支持。

So that's maybe then the perspective.

所以這也許就是觀點。

You should look at this in, hopefully, what is somewhat more normal quarters in the near and midterm future.

希望您應該在近期和中期的未來更正常的季度中看待這一點。

We -- on the specific design wins, I mean, clearly, the Marvell synergy, which we talked about earlier in the reference designs is a very helpful element.

我們——在具體的設計獲勝方面，我的意思是，很明顯，Marvell 協同作用，我們之前在參考設計中談到的，是一個非常有用的元素。

Secondly, we have -- we see continued great traction on the crossover products.

其次，我們看到了跨界產品的持續巨大吸引力。

So we think about a $60 million run rate from last year, which we have all confident that it should double this year.

因此，我們考慮了去年 6000 萬美元的運行率，我們都相信今年應該會翻一番。

So that's on track with how we talked about it earlier.

因此，這與我們之前討論的方式一致。

And finally, I'm personally really excited and proud about the i.MX 8M Plus product, which we showed first time in Las Vegas.

最後，我個人對我們在拉斯維加斯首次展示的 i.MX 8M Plus 產品感到非常興奮和自豪。

That's a 14-nanometer neuro net processor, actually the first neuro net processor, which NXP has ever launched.

那是一個 14 納米的神經網絡處理器，實際上是恩智浦推出的第一個神經網絡處理器。

We got silicon back from the factory just before Christmas.

我們在聖誕節前從工廠拿回了矽片。

And the team has done a superb job to get it running on a demo at CES in Vegas.

該團隊在拉斯維加斯的 CES 上進行了演示，做得非常出色。

Which really gives, I would say, AI performance at the edge on a much, much higher value per dollar than you would get from what people have done so far on GPUs.

我想說的是，這確實提供了邊緣的 AI 性能，其每美元的價值遠遠高於人們迄今為止在 GPU 上所做的事情。

So I really think that's a breakthrough product from a performance cost combination perspective, into what I would call the secure edge and IOT.

所以我真的認為從性能成本組合的角度來看，這是一個突破性的產品，我稱之為安全邊緣和物聯網。

So it's, of course, early, I mean, I cannot yet say there is -- that number of design wins because we just showed the product now, but from the interested gains and from the promise it delivers for secure edge processing, very, very exciting.

所以，當然，早期，我的意思是，我還不能說有 - 設計獲勝的數量，因為我們現在剛剛展示了產品，但是從感興趣的收益和它為安全邊緣處理提供的承諾來看，非常，非常令人興奮。

As my follow-up, I just wanted to head over onto the OpEx side.

作為我的後續行動，我只是想轉向運營支出方面。

And one for Peter.

還有一個給彼得。

You're really helpful on the gross margin side with the revenue levels and the levers to get to the 55% and eventually the 57%.

你在毛利率方面對收入水平和達到 55% 並最終達到 57% 的槓桿很有幫助。

I wanted to see if you could put some sort of framework around the operating margin or maybe the OpEx intensity?

我想看看你是否可以圍繞運營利潤率或運營支出強度建立某種框架？

I think in the past, you've talked about targets of roughly 23% of sales as your OpEx intensity.

我認為過去，您曾談到將大約 23% 的銷售額作為您的運營支出強度的目標。

Can you just talk about the puts and takes, especially with the acquisition of Marvell coming in and the divestiture of that mobile business going out?

你能談談看跌期權嗎，尤其是在收購 Marvell 和剝離移動業務的情況下？

How should we should think about OpEx and/or operating margin going forward?

我們應該如何考慮未來的運營支出和/或營業利潤率？

Yes.

是的。

I think one way to think about it.

我想一種方式來考慮它。

We disclosed that in the fourth quarter, Marvell's revenue -- revenue from Marvell was about $6 million, I think the OpEx was about $8 million, which was just less than a full month.

我們透露，在第四季度，Marvell 的收入——來自 Marvell 的收入約為 600 萬美元，我認為運營支出約為 800 萬美元，這還不到一個月。

So that gives you an idea of what the quarterly run rate would be.

這樣一來，您就可以了解季度運行率是多少。

And from a net income perspective, I think it -- in the fourth quarter, it was a hit of about $8 million.

從淨收入的角度來看，我認為——在第四季度，它達到了大約 800 萬美元。

So as we go forward, you would add in Marvell into the first quarter.

因此，隨著我們繼續前進，您將在第一季度添加 Marvell。

So that's a big chunk of additional costs.

所以這是一大筆額外費用。

You've got a IP.

你有一個IP。

The OpEx associated with VAS would be relatively small.

與 VAS 相關的 OpEx 會相對較小。

I want to say -- I don't know, maybe $6 million or $7 million.

我想說——我不知道，可能是 600 萬美元或 700 萬美元。

I mean it's not a huge amount of money that pops out of the company.

我的意思是這不是從公司彈出的巨額資金。

I think the more important part of your question, Ross, is where we're planning to be.

我認為你的問題中更重要的部分，羅斯，是我們計劃去的地方。

And our goal is still to run a 16% R&D and 7% SG&A.

我們的目標仍然是運行 16% 的研發和 7% 的 SG&A。

I kind of hate to admit it, but I think it has to be in a in a more normal market, and maybe we're getting back there where you see some growth in -- normal growth in revenue.

我有點不願意承認這一點，但我認為它必須在一個更正常的市場中，也許我們正在回到那裡，你會看到一些增長——收入的正常增長。

But we'll -- we're targeting it very hard and we plan to get there, it's always the question of how quickly we get there.

但我們會——我們非常努力地瞄準它，我們計劃到達那裡，這始終是我們能多快到達那裡的問題。

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

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess a follow-up to Ross' question on the OpEx side.

我想是羅斯在運營支出方面的問題的後續行動。

So it sounds like for the March quarter, you're including Marvell, excluding the divested mobile biz.

所以聽起來，對於 3 月季度，您包括 Marvell，不包括剝離的移動業務。

As we push forward beyond the March quarter, how should we think of the trajectory of OpEx?

隨著我們在 3 月季度之後向前推進，我們應該如何看待 OpEx 的軌跡？

Well, I think you should think about it that as we -- our revenue gets back to more of a normalized basis, we'll be still targeting for the 16% R&D and the 7% SG&A that Peter talked about.

好吧，我認為您應該考慮一下，當我們的收入恢復到更加正常化的基礎時，我們仍將瞄準彼得談到的 16% 的研發和 7% 的 SG&A。

We won't be there for the next couple of quarters because of the revenue trough that we've been in, but as we work our way through that growth, I think we clearly have the objective to be able to achieve that and feel comfortable about the actions we have in place to be sure we can achieve it.

由於我們一直處於收入低谷，我們將不會在接下來的幾個季度中出現，但隨著我們努力實現增長，我認為我們顯然有能夠實現這一目標並感到自在的目標關於我們為確保我們能夠實現它而採取的行動。

Yes.

是的。

I mean I don't want to say it's totally linked to revenue.

我的意思是我不想說它完全與收入有關。

But if we were -- in the fourth quarter at $2.3 billion, we were 16% and 16.7%, 16.5% something like that.

但如果我們是 - 在第四季度為 23 億美元，我們分別為 16% 和 16.7%、16.5% 之類的。

And just over 7.5% in SG&A.

SG&A 僅略高於 7.5%。

So I think once we get to the kind of $2.4 billion level.

所以我認為一旦我們達到 24 億美元的水平。

We're getting pretty close to the OpEx numbers we want to hit.

我們已經非常接近我們想要達到的 OpEx 數字。

Excellent.

優秀的。

And I guess, as my follow-up, I guess, two-part here.

我想，作為我的後續行動，我想，這里分為兩部分。

On the free cash flow margin side, I think you've talked about a near-term target of 25%, yet you did a great job and hit 28%, 29% in the second half of the year, though that was a little bit helped by working cap.

在自由現金流邊際方面，我認為您已經談到了 25% 的近期目標，但您做得很好，在下半年達到了 28% 和 29%，儘管那是一點點工作帽有點幫助。

So curious -- thinking into '20, into '21, what is your goal there?

太好奇了——想想 20 年，21 年，你的目標是什麼？

And then just as a quick kind of follow-up.

然後作為一種快速跟進。

Any update in terms of the S&P 500 inclusion?

關於標準普爾 500 指數的任何更新？

Well, let me talk to the S&P 5 -- S&P inclusion at the moment.

好吧，讓我談談標準普爾 5 指數——目前的標準普爾指數。

So as you know and as we said in the past, it's just an incredibly opaque process.

正如你所知，正如我們過去所說，這只是一個非常不透明的過程。

We believe we qualify and we believe that they're probably waiting for our K to be filed, which will be our first significant document, quickly followed by our proxy.

我們相信我們有資格並且我們相信他們可能正在等待我們的 K 提交，這將是我們的第一個重要文件，很快我們的代理就會緊隨其後。

So to be honest, you probably know as much as we do.

所以說實話，你可能知道的和我們一樣多。

We've been using our friends and family to try and help us get a better understanding and to plan to push S&P, but they're pretty -- as I say, they're pretty opaque, despite the best efforts of us and our bankers, but we believe we qualify.

我們一直在利用我們的朋友和家人來幫助我們更好地了解併計劃推動標準普爾指數，但它們很漂亮——正如我所說，它們很不透明，儘管我們和我們的團隊盡了最大努力銀行家，但我們相信我們有資格。

So it ought to be just a question of time.

所以應該只是時間問題。

But please feel free to reach out to them and ask them directly.

但請隨時與他們聯繫並直接詢問他們。

Yes.

是的。

And C.J., it's Jeff.

還有 C.J.，是傑夫。

We really don't have a free cash flow margin target stated.

我們確實沒有規定自由現金流利潤率目標。

What we have said is that we will pay out 25% of cash flow from operations and dividends, that's our target long term.

我們所說的是，我們將從運營和股息中支付 25% 的現金流，這是我們的長期目標。

And then I think more holistically, what we said is we'll return all excess free cash flow to our shareholders via buybacks and dividends.

然後我認為更全面地說，我們將通過回購和股息將所有多餘的自由現金流返還給我們的股東。

But there is no stated corporate mark -- free cash flow margin target.

但是沒有明確的公司標誌——自由現金流邊際目標。

And we'll take our final question from Chris Caso from Raymond James.

我們將向 Raymond James 的 Chris Caso 提出最後一個問題。

The question is on mobile.

問題在手機上。

First, from a short-term perspective, it looks like the guidance is roughly seasonal.

首先，從短期來看，該指引看起來大致是季節性的。

Is that how you characterize the environment there?

你就是這樣描述那裡的環境的嗎？

And then as we look out through the year, your mobile wallet was a big driver of mobile segment revenue last year, you talked about increasing attach rate.

然後，正如我們全年展望的那樣，您的移動錢包是去年移動部門收入的一大推動力，您談到了增加附加率。

Is that something still to be expected this year?

今年還有什麼可以期待的嗎？

And with some of the growth last year, are you -- I guess is there any concern of lingering inventory issues in mobile?

隨著去年的一些增長，您是否——我想您是否擔心移動設備中揮之不去的庫存問題？

Chris, let me go to the mobile attach rate first, mobile wallet.

克里斯，讓我先看看移動附加費率，移動錢包。

Yes, we are on track to our earlier stated targets of an attach rate of 50% exiting '21.

是的，我們正朝著我們早先聲明的 21 年附加率為 50% 的目標邁進。

I think the interim mark from last year is probably about 35%, which we consider on track.

我認為去年的中期標記可能約為 35%，我們認為這是正常的。

So the answer to your question is, yes, there is continued attach rate increase.

所以你的問題的答案是，是的，附加率持續增加。

We are in the middle of the game, and there is more to come towards '21.

我們正處於遊戲的中間階段，21 年還有更多的事情要做。

And ultra-wideband...

還有超寬帶...

And then beyond that, as I talked about in one of the earlier questions, ultra-widebands, which is a similar technology, but totally complementary to mobile wallet, is going to come in on top of this.

除此之外，正如我在之前的一個問題中談到的，超寬帶是一種類似的技術，但與移動錢包完全互補，它將在此基礎上發揮作用。

Again, very strongly driving content in mobile -- independence of run rates, actually.

再次，非常強烈地推動移動內容的發展——實際上是獨立於運行速度。

Now on the inventory question.

現在關於庫存問題。

No.

不。

I'd say we have no visibility of anything, particularly, concerning on the mobile side.

我想說我們對任何事情都一無所知，尤其是在移動端。

And seasonality, I think in the current environment, I really wouldn't want to go into any discussion about seasonality because it's really hard to say when the industry goes through a cycle as it currently does.

季節性，我認為在當前環境下，我真的不想討論任何關於季節性的討論，因為很難說這個行業什麼時候會像現在這樣經歷一個週期。

In general, it is, however, important to note that our mobile business is not as it used to be a single customer game.

然而，總的來說，重要的是要注意我們的移動業務不像過去那樣是單一客戶遊戲。

So we have broadened our business into, especially a number of Chinese players, which makes it probably different to what you would have expected from the past in terms of seasonality anyway.

所以我們已經將我們的業務擴大到，尤其是一些中國玩家，這使得它可能與你過去對季節性的預期有所不同。

And as a follow-up, maybe I can ask a little more on what you said on ultra-wideband.

作為後續，也許我可以就你在超寬帶上所說的內容多問一些。

And you mentioned a number of applications for that in a number of areas for which it'll have exposure.

你提到了它在許多領域的一些應用程序，它將有曝光。

Perhaps, we look at it in the short-term and the longer term, which areas do you think are expected to be most impactful as we look out in the next year?

也許，我們從短期和長期來看，你認為哪些領域預計在我們明年的展望中最具影響力？

Is it more on the mobile side or on the IoT side?

更多是在移動端還是在物聯網端？

More on the auto side?

更多的汽車方面？

And where do you think the longer -- well, where is the most opportunity over longer term?

你認為長期在哪裡——好吧，從長遠來看，哪裡是最大的機會？

Well.

好。

So first of all, there is a very small baseline, which is actually small in size, but it's significant from giving us evidence of the strength of the technology, which is in auto.

所以首先，有一個非常小的基線，實際上它的尺寸很小，但它為我們提供了汽車技術實力的證據，這一點很重要。

So we are shipping, as we speak, ultra-wideband into key fobs.

因此，正如我們所說，我們正在向密鑰卡發送超寬帶。

So that's all about mobile access.

這就是移動訪問的全部內容。

It's the classic key fob form factor, but it is ultra-wideband technology, which is being pick upped and used for more secure applications against relay station attacks.

它是經典的密鑰卡外形尺寸，但它是超寬帶技術，正在被採用並用於更安全的應用程序以抵禦中繼站攻擊。

So that is running as we speak, but it's really small.

因此，正如我們所說的那樣，它正在運行，但它真的很小。

And then the first meaningful lift in the second half of 2020 is going to be in mobile.

然後，2020 年下半年的第一次有意義的提升將出現在移動領域。

But the use case is very strongly focused on mobile car access.

但該用例非常關注移動汽車訪問。

So the revenue goes into mobile.

所以收入進入了移動領域。

And of course, on the counter side in auto.

當然，在汽車的反面。

But mobile is going to have the higher volumes.

但移動端的銷量將會更高。

For the use case of car access.

對於汽車訪問的用例。

That's what we see kicking in second half 2020.

這就是我們在 2020 年下半年看到的情況。

And all these other nice applications I mentioned earlier, especially in IoT, are then layered into the coming years.

我之前提到的所有這些其他不錯的應用程序，尤其是在物聯網中，都將分層到未來幾年。

Great.

偉大的。

So let me just take this opportunity to thank all of our investors for their support through this depth -- difficult semiconductor cycle we've been through in 2019.

因此，讓我藉此機會感謝我們所有的投資者在這個深度的支持——我們在 2019 年經歷的艱難的半導體週期。

We're encouraged that we see some of the initial near-term improvements, specifically in China and sell-through and more of a stabilization in some of the other regions, which puts us in a good position to get back on strong growth going forward from the company-specific design wins in the portfolio that we've been able to put in place.

我們感到鼓舞的是，我們看到了一些初步的近期改善，特別是在中國和銷售情況，以及其他一些地區的更多穩定，這使我們處於恢復強勁增長的有利位置從公司特定的設計中，我們已經能夠實施的產品組合中獲勝。

We think that, that will bode well for us and give us the opportunity to significantly outgrow the market.

我們認為，這對我們來說是個好兆頭，讓我們有機會顯著超越市場。

And as we get to the kind of margin level that we'd like to be at, clearly generate a significant amount of cash that we plan on focusing on returning to our shareholders.

當我們達到我們希望達到的利潤率水平時，顯然會產生大量現金，我們計劃專注於回報股東。

So we're excited about the future and the opportunity associated with it, albeit somewhat concerned about the impact of the coronavirus, which clearly, we have not reflected and don't know what that really will be yet.

所以我們對未來和與之相關的機會感到興奮，儘管有點擔心冠狀病毒的影響，很明顯，我們還沒有反映，也不知道那會是什麼。

But are clearly excited about the opportunities going into 2020 and returning to more of a normal semiconductor market, combined with the company-specific design wins that will be ramping for us in 2020 that will allow us to continue to grow at a significant rate.

但顯然，我們對進入 2020 年的機會感到興奮，並重返更正常的半導體市場，再加上將在 2020 年為我們帶來更多的公司特定設計勝利，這將使我們能夠繼續以顯著的速度增長。

So thank you very much.

所以非常感謝。

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 does conclude the program.

這確實結束了程序。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a wonderful day.

大家，有一個美好的一天。