恩智浦 (NXPI) 2023 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the NXP First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeff Palmer. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加恩智浦 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人 Jeff Palmer。請繼續。

Thank you, Latania, and good morning, everyone. Welcome to NXP Semiconductor's First Quarter Earnings Call. With me on the call today is Kurt Sievers, NXP's President and CEO; and William Betz, our CFO. The call today is being recorded and will be available for replay from our corporate website.

謝謝 Latania，大家早上好。歡迎來到恩智浦半導體第一季度財報電話會議。今天與我通話的是恩智浦總裁兼首席執行官 Kurt Sievers；和我們的首席財務官 William Betz。今天的通話正在錄音中，可以從我們的公司網站上重播。

Today's call will include forward-looking statements that involve risks and uncertainties that could cause NXP's results to differ materially from management's current expectations. These risks and uncertainties include but are not limited to, statements regarding the continued impact of the COVID-19 pandemic on our business, the macroeconomic impact on specific end markets in which we operate, the sale of new and existing products and our expectations for the financial results for the second quarter of 2023.

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。這些風險和不確定性包括但不限於關於 COVID-19 大流行對我們業務的持續影響、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2023 年第二季度的財務業績。

Please be reminded that NXP undertakes no obligation to revise or update publicly any forward-looking statements. For a full disclosure of forward-looking statements, please refer to our press release. Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance.

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。有關前瞻性陳述的完整披露，請參閱我們的新聞稿。此外，我們將參考某些非 GAAP 財務指標，這些指標主要由管理層認為與恩智浦基本核心運營績效不直接相關的離散事件驅動。

Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our first quarter 2023 earnings press release, which will be furnished to the SEC on Form 8-K and available on NXP's website in the Investor Relations section at nxp.com.

根據 G 條例，恩智浦在 2023 年第一季度收益新聞稿中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，該新聞稿將通過 8-K 表格提交給美國證券交易委員會，並可在恩智浦網站上查閱nxp.com 的投資者關係部分。

I would now like to turn the call over to Kurt.

我現在想把電話轉給 Kurt。

Thanks very much, Jeff, and good morning, everyone. We appreciate you joining our call today. I will start with a review of our quarter 1 results and then discuss our guidance for the second quarter. So let me begin with quarter 1. Our revenue was [$121 million] better than the midpoint of our guidance with the trends in all the end market segments performing better than our expectations.

非常感謝，傑夫，大家早上好。感謝您今天加入我們的電話會議。我將從回顧我們第一季度的業績開始，然後討論我們對第二季度的指導。所以讓我從第一季度開始。我們的收入 [1.21 億美元] 好於我們指導的中點，所有終端細分市場的趨勢都好於我們的預期。

Taken together, NXP delivered quarter 1 revenue of $3.12 billion, essentially flat year-on-year, while we continue to maintain our distribution channel inventory at a 1.6 months level, which is well below our long-term target. Non-GAAP operating margin in Q1 was 34.8%, 50 basis points above the midpoint of our guidance. So 90 basis points below the year-ago period. Year-on-year performance was a result of flattish revenue, combined with better gross margin offset by higher operating expenses.

總而言之，恩智浦第一季度營收為 31.2 億美元，同比基本持平，同時我們繼續將分銷渠道庫存維持在 1.6 個月的水平，遠低於我們的長期目標。第一季度的非美國通用會計準則營業利潤率為 34.8%，比我們的指引中點高出 50 個基點。因此比去年同期低 90 個基點。同比表現是收入持平的結果，加上更高的毛利率被更高的運營費用所抵消。

Now let me turn to the specific trends in our focus end markets. In automotive, quarter 1 revenue was $1.83 billion, up 17% versus the year ago period and above the midpoint of our guidance. In Industrial & IoT, quarter 1 revenue was $504 million, down 26% versus the year-ago period and near the high end of our guidance.

現在讓我談談我們關注的終端市場的具體趨勢。在汽車行業，第一季度收入為 18.3 億美元，同比增長 17%，高於我們指引的中點。在工業和物聯網領域，第一季度收入為 5.04 億美元，同比下降 26%，接近我們指引的高端。

In Mobile, quarter 1 revenue was $260 million, down 35% versus the year ago period and near the high end of our guidance. And finally, Communication Infrastructure and Other, Quarter 1 revenue was $529 million, up 7% year-on-year and above the midpoint of our guidance. During that first quarter, after a slow start, we have seen modest incremental improvement in our China-exposed businesses, which are primarily served through the distribution channel. And this was particularly true for our Industrial & IoT and Mobile businesses.

在移動領域，第一季度收入為 2.6 億美元，比去年同期下降 35%，接近我們指導的高端。最後，通信基礎設施和其他，第一季度收入為 5.29 億美元，同比增長 7%，高於我們指導的中點。在第一季度，在經歷了緩慢的開端之後，我們看到主要通過分銷渠道提供服務的中國業務略有改善。對於我們的工業和物聯網以及移動業務來說尤其如此。

At the same time, we saw solid demand in our North American and European businesses across all market segments. Now I will turn to our expectations for the second quarter of 2023. We are guiding Q2 revenue to $3.2 billion. While this is down about 3% versus the year-ago period, it represents a sequential resumption of growth to about 3% at the midpoint. At the midpoint, we anticipate the following trends in our business.

與此同時，我們在所有細分市場的北美和歐洲業務中看到了強勁的需求。現在我將談談我們對 2023 年第二季度的預期。我們將第二季度的收入引導至 32 億美元。雖然這比去年同期下降了約 3%，但它代表了連續恢復增長至中點約 3%。在中點，我們預計我們的業務會出現以下趨勢。

Automotive is expected to be up in the high single-digit percent range versus quarter 2, 2022 and up in the low single-digit range versus quarter 1, 2023. Industrial & IoT is expected to be down in the mid-20% range year-on-year and up in the high single-digit percent range versus quarter 1, 2023.

與 2022 年第二季度相比，汽車預計將在高個位數百分比範圍內增長，與 2023 年第一季度相比，將在低個位數範圍內增長。工業和物聯網預計將在 20% 範圍內下降-與 2023 年第一季度相比，同比增長並處於高個位數百分比範圍內。

Mobile is expected to be down in the low 30% range year-on-year and to be flat on a sequential basis. And finally, Communication Infrastructure and Other is expected to be up about 10% year-on-year and up in the mid-single-digit range sequentially.

預計移動業務同比下降 30%，環比持平。最後，通信基礎設施和其他預計同比增長約 10%，環比增長在中等個位數範圍內。

In summary, as we progress through 2023, we do see a continued solid demand environment in our automotive, core industrial and communications infrastructure businesses while our consumer, IoT and mobile businesses are stabilizing. We believe the severe shortages, which we have experienced over the last 2 years should subside as we progress towards the end of this year, with now only about 1/3 of our portfolio with lead times greater than 52 weeks.

總之，隨著我們到 2023 年的進展，我們確實看到我們的汽車、核心工業和通信基礎設施業務的需求環境持續穩定，而我們的消費者、物聯網和移動業務正在穩定。我們相信，隨著我們在今年年底取得進展，我們在過去兩年中經歷的嚴重短缺應該會消退，現在只有大約 1/3 的產品組合的交貨時間超過 52 週。

This is down substantially from prior periods. However, we continue to still be supply constrained in several specific technology nodes, primarily for the automotive and core industrial segments. In addition, we are experiencing higher input costs. Hence, we continue to execute our consistent pricing policy, which is to pass along the cost increases to our customers while not patting our gross margin.

這比以前的時期大幅下降。然而，我們在幾個特定的技術節點上仍然受到供應限制，主要是汽車和核心工業領域。此外，我們正在經歷更高的投入成本。因此，我們繼續執行我們一貫的定價政策，即在不增加毛利率的情況下將成本增加轉嫁給我們的客戶。

Within Automotive, we see a combination of positive tailwinds continuing throughout the year. This includes the ongoing secular adoption of xEV drivetrains and ADAS as well as NXP-specific content and price increases. Third-party research firms anticipate a modest increase year-on-year of global car production. While at the same time, we believe there are pockets of elevated inventory held at some select Tier 1 auto suppliers due to the golden screw issues, which have plagued the extended auto supply chain.

在汽車行業，我們看到全年持續的積極順風組合。這包括 xEV 動力傳動系統和 ADAS 的長期採用，以及恩智浦特定的內容和價格上漲。第三方研究公司預計全球汽車產量將同比小幅增長。與此同時，我們認為，由於金螺絲問題一直困擾著延長的汽車供應鏈，一些精選的一級汽車供應商的庫存有所增加。

In Industrial & IoT, we expect relative strength in the core industrial submarkets as our products enable critical infrastructure and companies to be more efficient. However, while the consumer IoT business is stabilizing, a more significant growth will be dependent on a cyclical rebound, especially in China. In the Mobile segment, we continue to navigate through a sub-seasonal trough in the first half of this year. However, we do anticipate normal premium model releases in the second half to help resume growth.

在工業和物聯網領域，我們預計核心工業子市場會出現相對強勢，因為我們的產品能夠提高關鍵基礎設施和公司的效率。然而，雖然消費物聯網業務正在企穩，但更顯著的增長將取決於週期性反彈，尤其是在中國。在移動領域，我們繼續在今年上半年度過一個非季節性的低谷期。但是，我們確實預計下半年會發布正常的高端車型，以幫助恢復增長。

And lastly, in Communications, Infrastructure and Other, we are further improving our supply capability against growing structural demand, specifically in our RFID tagging solutions and against pent-up demand for secure card solutions. On the other hand, our RF power business remains lumpy, and growth this year is limited to 5G build-outs in India.

最後，在通信、基礎設施和其他方面，我們正在進一步提高我們的供應能力，以應對不斷增長的結構性需求，特別是在我們的 RFID 標籤解決方案和對安全卡解決方案被壓抑的需求方面。另一方面，我們的 RF 功率業務仍然起伏不定，今年的增長僅限於印度的 5G 建設。

Our guidance for the second quarter contemplates that we maintain the 1.6 months channel inventory level. And yet, we may start increasing this level if and when we see consistent strength in general sell-through into the second half of this year. And overall, we are very well positioned with on-hand inventory to satiate a possible rebound in demand as it emerges.

我們對第二季度的指導預期我們維持 1.6 個月的渠道庫存水平。然而，如果我們看到今年下半年的總體銷售量持續強勁，我們可能會開始提高這一水平。總的來說，我們在現有庫存方面處於非常有利的位置，可以滿足可能出現的需求反彈。

In summary, the combination of our first quarter results, the guidance for the second quarter and our early views into the second half of the year leads us to believe that total revenue for the second half of the year will be greater than the first half. Despite our cautious optimism, we do acknowledge the ongoing uncertainty in the demand environment. Therefore, we will continue to be very disciplined and manage what is in our control and stay within our long-term financial model.

總之，結合我們第一季度的業績、第二季度的指引以及我們對下半年的早期看法，我們相信下半年的總收入將高於上半年。儘管我們持謹慎樂觀態度，但我們確實承認需求環境持續存在不確定性。因此，我們將繼續嚴格遵守紀律，管理我們可控的事情，並保持在我們的長期財務模式內。

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

有了這個，我想把電話轉給你，比爾，讓你審查我們的財務業績。

Thank you, Kurt, and good morning to everyone on today's call. As Kurt has already covered the drivers of the revenue during Q1 and provided our revenue outlook for Q2, I will move to the financial highlights. Overall, our Q1 financial performance was very good. Revenue was above the high end of our guidance range. And both non-GAAP gross and operating profits were above the midpoint of the guidance.

謝謝你，庫爾特，今天的電話會議大家早上好。由於 Kurt 已經介紹了第一季度的收入驅動因素並提供了我們對第二季度的收入展望，因此我將轉向財務亮點。總的來說，我們第一季度的財務表現非常好。收入高於我們指導範圍的高端。非 GAAP 毛利潤和營業利潤均高於指引的中點。

Now moving to the details of Q1. Total revenue was $3.12 billion, essentially flat year-on-year, while $121 million above the midpoint of the guidance range. We generated (technical difficulty).

現在轉到 Q1 的細節。總收入為 31.2 億美元，同比基本持平，但比指導範圍的中點高出 1.21 億美元。我們生成了（技術難度）。

(Operator Instructions)

（操作員說明）

This is your operator and you are live.

這是你的接線員，你是現場直播的。

Great. Bill, why don't you continue? Sorry about that folks.

偉大的。比爾，你為什麼不繼續？對不起那些人。

So let me start now moving to the details of Q1. Total revenue was $3.12 billion, essentially flat year-on-year, while $121 billion above the midpoint of the guidance range. We generated $1.82 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 58.2%, up 60 basis points year-on-year and 20 basis points above the midpoint of the guidance range.

那麼讓我現在開始介紹第一季度的細節。總收入為 31.2 億美元，同比基本持平，但比指導範圍的中點高出 1210 億美元。我們產生了 18.2 億美元的非 GAAP 毛利潤，非 GAAP 毛利率為 58.2%，同比增長 60 個基點，比指導範圍的中點高 20 個基點。

Total non-GAAP operating expenses were $728 million or 23.3% of revenue, up $40 million year-on-year and up $15 million from Q4, modestly above the high end of the guidance range, driven by variable compensation and slightly higher R&D investments. From a total operating profit perspective, non-GAAP operating profit was $1.09 billion and non-GAAP operating margin was 34.8%, down 90 basis points year-on-year, though above the midpoint of the guidance range, reflecting solid fall-through on the increased revenue level versus the guide.

非 GAAP 運營總支出為 7.28 億美元，佔收入的 23.3%，同比增長 4000 萬美元，比第四季度增長 1500 萬美元，略高於指導範圍的高端，這是受可變薪酬和略高的研發投資的推動。從營業利潤總額來看，非美國通用會計準則營業利潤為 10.9 億美元，非美國通用會計準則營業利潤率為 34.8%，同比下降 90 個基點，但高於指導範圍的中點，反映出穩步下降與指南相比增加的收入水平。

Non-GAAP interest expense was $76 million, with non-GAAP income tax provision of $167 million, consistent with the high end of the guidance due to better profitability reflecting a non-GAAP effective tax rate of 16.6%.

非 GAAP 利息支出為 7600 萬美元，非 GAAP 所得稅準備金為 1.67 億美元，與指導的高端一致，因為盈利能力更好，反映了 16.6% 的非 GAAP 有效稅率。

Noncontrolling interest was $8 million and stock-based compensation, which is not included in the non-GAAP earnings was $99 million. Taken together, this resulted in a non-GAAP earnings per share of $3.19, which is near the high end of our guidance range.

非控股權益為 800 萬美元，不包括在非 GAAP 收益中的基於股票的薪酬為 9900 萬美元。總而言之，這導致非 GAAP 每股收益為 3.19 美元，接近我們指導範圍的高端。

Turning to the changes in our cash and debt. Total debt at the end of Q1 was $11.17 billion, flat sequentially. The ending cash position was $3.93 billion up $85 million sequentially due to the cumulative effect of higher working capital, CapEx investments, capital returns and cash generation during Q1.

轉向我們的現金和債務的變化。第一季度末的總債務為 111.7 億美元，與上一季度持平。期末現金頭寸為 39.3 億美元，比上一季度增加了 8500 萬美元，這是由於第一季度較高的營運資本、資本支出投資、資本回報和現金產生的累積效應。

The resulting net debt was $7.24 billion and we exited the quarter with a trailing 12-month adjusted EBITDA of $5.46 billion. The ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q1 was 1.3x and the 12-month adjusted EBITDA interest coverage was 16.4x. During Q1, we paid $219 million in cash dividends, which represented 35% of cash flow from operations.

由此產生的淨債務為 72.4 億美元，我們以 54.6 億美元的過去 12 個月調整後 EBITDA 結束本季度。第一季度末淨債務與過去 12 個月調整後 EBITDA 的比率為 1.3 倍，12 個月調整後 EBITDA 利息覆蓋率為 16.4 倍。第一季度，我們支付了 2.19 億美元的現金股息，佔運營現金流的 35%。

Due to the uncertain macro environment and the recent liquidity issues in the regional banking sector, we paused our share repurchases during Q1. However, we plan to resume buybacks in Q2 and our capital allocation strategy has not changed. We plan to return 100% of excess free cash flow back to the owners of the company.

由於宏觀環境的不確定性和近期區域銀行業的流動性問題，我們在第一季度暫停了股票回購。但是，我們計劃在第二季度恢復回購，我們的資本配置策略沒有改變。我們計劃將 100% 的超額自由現金流返還給公司所有者。

Turning to working capital metrics. Days of inventory was 135 days, an increase of 19 days sequentially and distribution channel inventory was 1.6 months or 49 days. When combined, this represents approximately 184 days. As mentioned during the last earnings call, our inventory strategy is to manage both on hand and channel inventory together to better serve our customers and prevent excess finished goods inventory on our balance sheet and/or in the distribution channel.

轉向營運資本指標。庫存天數為 135 天，環比增加 19 天，分銷渠道庫存天數為 1.6 個月或 49 天。合併後，這代表大約 184 天。正如上次財報電話會議中提到的，我們的庫存策略是同時管理現有庫存和渠道庫存，以更好地為我們的客戶服務，並防止我們的資產負債表和/或分銷渠道中的成品庫存過剩。

Our goal is to only ship products into the distribution channel that has a high likelihood of selling through in the current quarter or is being pre-staged if needed for customer delivery in the next quarter. From an internal standpoint, we are comfortable supporting approximately 140 days of inventory on the balance sheet, so long as we hold the channel at 1.6 months or 49 days.

我們的目標是只將產品運送到本季度很可能售罄的分銷渠道，或者如果需要在下一季度為客戶交付而正在預先安排的分銷渠道。從內部角度來看，只要我們將渠道保持在 1.6 個月或 49 天，我們就可以在資產負債表上支持大約 140 天的庫存。

As the channel inventory returns to the long-term target of 2.5 months or 75 days, we would correspondingly lower our balance sheet inventory. In Q1, the inventory flexibility on the balance sheet enables us to deliver an extra $120 million of revenue by leveraging the [die bank] inventory on hand.

隨著渠道庫存回到 2.5 個月或 75 天的長期目標，我們將相應降低資產負債表庫存。在第一季度，資產負債表上的庫存靈活性使我們能夠通過利用手頭的 [die bank] 庫存提供額外的 1.2 億美元的收入。

Moving on to days receivables. It was 31 days, up 5 days sequentially. Days payable were 68 days, a sequential decrease of 9 days due to the timing of material receipts. Please note, beginning in Q1, we reclassified certain payables amounts to other current liabilities to better reflect true payable trends.

轉到應收賬款天數。為 31 天，連續增加 5 天。應付天數為 68 天，由於物料接收時間的原因，連續減少了 9 天。請注意，從第一季度開始，我們將某些應付款項重新分類為其他流動負債，以更好地反映真實的應付趨勢。

Taken together, the cash conversion cycle was 98 days, an increase of 33 days versus the prior quarter as we leverage the balance sheet to avoid over shipping into the channel. Cash flow from operations was $632 million and net CapEx was $251 million, resulting in non-GAAP free cash flow of $381 million or 12% of revenue. The reduction in free cash flow quarter-on-quarter is primarily due to increased working capital needs as previously noted.

總的來說，現金轉換週期為 98 天，比上一季度增加了 33 天，因為我們利用資產負債表來避免過度運送到渠道。運營現金流為 6.32 億美元，淨資本支出為 2.51 億美元，非 GAAP 自由現金流為 3.81 億美元，佔收入的 12%。如前所述，自由現金流環比減少主要是由於營運資金需求增加。

Our long-term target has not changed and we are focused on driving non-GAAP free cash flow margin to greater than 25%, a level we demonstrated in the second half of 2022. Turning now to our expectations for the second quarter. As Kurt mentioned, we anticipate Q2 revenue to be $3.2 billion, plus or minus $100 million.

我們的長期目標沒有改變，我們專注於將非 GAAP 自由現金流利潤率提高到 25% 以上，這是我們在 2022 年下半年展示的水平。現在談談我們對第二季度的預期。正如 Kurt 提到的，我們預計第二季度收入為 32 億美元，上下浮動 1 億美元。

Furthermore, given our manufacturing cycle times and the current demand environment, our guidance contemplates maintaining channel inventory at a 1.6-month level, though we may move this upward pending improved market conditions. At the midpoint of our revenue outlook, this is down [3%] year-on-year and up 3% versus Q1. We expect non-GAAP gross margin to be flat sequentially at 58.2%, plus or minus 50 basis points.

此外，鑑於我們的製造週期時間和當前的需求環境，我們的指導意見考慮將渠道庫存維持在 1.6 個月的水平，儘管我們可能會在市場條件改善之前將其上調。在我們收入展望的中點，這比去年同期下降了 [3%]，比第一季度上升了 3%。我們預計非 GAAP 毛利率環比持平於 58.2%，上下浮動 50 個基點。

Operating expenses are expected to be $760 million, plus or minus about $10 million, reflecting annual merit increases. Taken together, non-GAAP operating margin will be 34.5% at the midpoint. We expect non-GAAP financial expense to be $69 million and the non-GAAP tax rate to be 16.5% of profit before tax.

運營費用預計為 7.6 億美元，上下浮動約 1000 萬美元，反映年度業績增長。綜合考慮，非 GAAP 營業利潤率的中點將為 34.5%。我們預計非 GAAP 財務費用為 6900 萬美元，非 GAAP 稅率為稅前利潤的 16.5%。

Noncontrolling interest will be $7 million. For Q2, we suggest for modeling purposes, you use an average share count of 261.2 million shares and a CapEx rate of 8% of revenue. Taken together at the midpoint, this implies a non-GAAP earnings per share of $3.28.

非控股權益將為 700 萬美元。對於第二季度，出於建模目的，我們建議您使用平均股數為 2.612 億股，資本支出率為收入的 8%。按中點計算，這意味著非 GAAP 每股收益為 3.28 美元。

In closing, I would like to highlight the key themes for this earnings cycle. First, we will continue to manage our inventory as a combination of internal and channel inventory. This enables us to better serve our customers' requirements, prevent excess inventory buildup in the channel and supports our outlook for the second half revenue of 2023 to be greater than the first half.

最後，我想強調一下這個收益週期的關鍵主題。首先，我們將繼續將我們的庫存作為內部庫存和渠道庫存的組合來管理。這使我們能夠更好地滿足客戶的需求，防止渠道中庫存過多，並支持我們對 2023 年下半年收入高於上半年的展望。

Second, the Q2 guidance contemplates internal factory utilization to be in the mid-70s range, which is modestly down from the low 80s in Q1. We believe operating our factories at a more reasonable utilization level, enables better flexibility and improved throughput. Despite the lower utilization level, we anticipate our gross margin to remain at the high end of our long-term model for the remainder of 2023, driven by improved product mix.

其次，第二季度的指導預期內部工廠利用率在 70 年代中期，比第一季度的 80 年代低點略有下降。我們相信，以更合理的利用率水平運營我們的工廠，可以實現更好的靈活性和更高的吞吐量。儘管利用率水平較低，但我們預計在產品組合改善的推動下，我們的毛利率在 2023 年剩餘時間內仍將保持在長期模型的高端。

Thirdly, we are holding more cash on the balance sheet to enable greater flexibility. This includes options around the timing and magnitude of share repurchases, cash dividends or the ability to retire debt early as well as any small tuck-in acquisitions, all of which can be funded with cash on hand. Finally, we will continue to be very disciplined to manage what is in our control and stay within our long-term financial model.

第三，我們在資產負債表上持有更多現金，以實現更大的靈活性。這包括圍繞股票回購的時間和規模、現金股息或提前償還債務的能力以及任何小規模收購的選擇，所有這些都可以用手頭現金提供資金。最後，我們將繼續非常有紀律地管理我們控制的事情，並保持在我們的長期財務模型內。

I would like to now turn it back to the operator for questions.

我現在想把它轉回給接線員提問。

(Operator Instructions) Our first question will come from C.J. Muse of Evercore.

（操作員說明）我們的第一個問題將來自 Evercore 的 C.J. Muse。

I guess first question, I was hoping you could speak to perhaps pricing tailwinds in 2023. You told us in January that you saw a 14% increase for the overall business. And obviously, you're not going to update each quarter, I get that. But just curious, embedded in your outlook for a stronger second half versus first half, how are you thinking about the impact of higher pricing as it relates to your higher input costs? And is that something that is broad-based across all segments? Or is that something that we should be thinking about to just specific segments?

我想第一個問題，我希望你能談談 2023 年的定價順風。你在 1 月份告訴我們，你看到整體業務增長了 14%。很明顯，你不會每個季度都更新，我明白了。但好奇的是，在你對下半年比上半年更強勁的展望中，你如何看待與更高投入成本相關的更高定價的影響？這是否在所有細分市場都具有廣泛的基礎？還是我們應該只考慮特定細分市場的事情？

Thanks, C.J. So no, we don't see headwinds from pricing throughout this year. I would actually indeed say it's probably on the other side of that, since we continue to experience growing input cost, and we stay absolutely rock solid with our pricing policy, which has been and continues to be to pass on all of the increased input cost in order to keep our gross margin percentage protected.

謝謝，C.J. 所以不，我們沒有看到今年全年定價的不利因素。我實際上確實會說這可能是另一方面，因為我們繼續經歷不斷增長的投入成本，並且我們的定價政策絕對堅如磐石，該政策已經並將繼續轉嫁所有增加的投入成本為了保持我們的毛利率百分比受到保護。

So from that perspective, there will continue to be price increases this year. So no headwinds here. It's actually a tailwind. And yes, we will only detail out how big that tailwind is going to be by early next year. So just like we did this year and the year before. Now when you think across the segments, I think that was the second half of your question. How does it go into the different segments. I would say directionally, this is pretty simple and straightforward. It is a function of supply and demand and the -- say, the supply shortages, as I think I mentioned in my prepared remarks are most persistent in automotive and core industrial.

所以從這個角度來看，今年還會繼續漲價。所以這裡沒有逆風。這實際上是順風。是的，我們只會詳細說明明年初的順風會有多大。就像我們今年和前年所做的那樣。現在，當您考慮各個細分市場時，我認為這是您問題的後半部分。它如何進入不同的細分市場。我會定向地說，這非常簡單明了。它是供求關係的函數——比如說，正如我在準備好的發言中提到的那樣，供應短缺在汽車和核心工業領域最為持久。

So those are then also the 2 segments where the pricing sees the biggest tailwind continued into this year or throughout this year. In general, it's also important to note, C.J., that a large part of our business is actually anchored on annual price negotiations, which is anyway an annual price for the whole year where we don't touch that through the year.

因此，這些也是定價看到最大順風持續到今年或全年的 2 個部分。總的來說，C.J.，我們的大部分業務實際上都以年度價格談判為基礎，無論如何，這是全年的年度價格，我們全年都不會觸及它，這一點也很重要。

So in short, no headwind from pricing. What is contemplated in what we said about the second half being larger than the first half in terms of revenue in this year is based also on continued price increases.

簡而言之，定價沒有不利因素。我們所說的今年下半年收入大於上半年的預期也是基於持續的價格上漲。

Very helpful. As my quick follow-up, your OEM sales grew to 51% of total sales versus 45% a year ago. Is that simply a function of kind of mix shift to Auto-Industrial? Or is this a permanent shift that we should be thinking about for NXP?

很有幫助。作為我的快速跟進，您的 OEM 銷售額增長到總銷售額的 51%，而一年前為 45%。這僅僅是一種混合轉向汽車工業的功能嗎？或者這是我們應該為恩智浦考慮的永久性轉變嗎？

No, that was actually a function of the weakness of China in Q1. As we spoke on the last call, we had a significant weakness to start within the quarter 1 in China. China is largely distribution for us and a large part of our China business is then again with the industrial IoT and also automotive business.

不，這實際上是中國第一季度疲軟的結果。正如我們在上次電話會議上所說的那樣，我們在中國的第一季度開始時出現了明顯的弱點。中國主要是我們的分銷業務，我們的中國業務的很大一部分又是工業物聯網和汽車業務。

And this is why the distribution part of the business came out so much weaker relatively speaking, through the first quarter. So no, this is not going to be a permanent thing, but it has been a direct impact and consequence of this Q1 weakness in China.

這就是為什麼在整個第一季度，業務的分銷部分相對來說要弱得多。所以不，這不會是永久性的事情，但它是中國第一季度疲軟的直接影響和後果。

(Operator Instructions) And our next question will come from Ross Seymore of Deutsche Bank.

（操作員說明）我們的下一個問題將來自德意志銀行的 Ross Seymore。

I wanted to just talk about the Auto segment. Kurt, you just mentioned about still some shortages there. It's great to see significant upside in everything other than Auto. Can you just talk about a little bit of what you're seeing on the demand side in Auto? Is it really just supply limited? Is that the reason that it was a great quarter, but didn't upside as much as the others? Just some puts and takes on end demand versus supply, please?

我只想談談汽車領域。庫爾特，你剛才提到那裡仍然存在一些短缺。很高興看到除汽車以外的所有方面都有顯著的上漲空間。你能談談你在汽車需求方面看到的一點點嗎？真的只是限量供應嗎？這是一個很好的季度，但沒有其他季度那麼多的原因嗎？只是一些看跌期權和最終需求與供應的關係，好嗎？

Yes. Thanks, Ross. Well, I actually felt Q1 in Auto was a great quarter. I think we did 17% year-on-year growth, which is above the high end of our long-term revenue growth guidance. Indeed, the upside in Q1 in Auto was all gated by supply capability. That's indeed a matter of fact. Going forward, the remaining shortages, which we see across the company are largely in automotive, a little bit also in core industrial, but the more material part of the shortages indeed continues to be in Automotive, such that through the year, I would say the growth is really sitting on the drivers, which we have discussed before.

是的。謝謝，羅斯。好吧，我實際上覺得汽車行業的第一季度是一個很棒的季度。我認為我們實現了 17% 的同比增長，高於我們長期收入增長指導的上限。事實上，汽車行業第一季度的上漲完全受到供應能力的限制。這確實是事實。展望未來，我們在整個公司看到的剩餘短缺主要是在汽車行業，核心工業也有一點，但更重要的短缺確實繼續存在於汽車行業，因此我想說全年增長實際上取決於我們之前討論過的驅動因素。

It is continued content increases, which follows the xEV penetration and ADAS penetration. I'm pretty damn sure that NXP continues to gain share in automotive. It is pricing as I talked to C.J. earlier, which is in automotive quite vivid. And going forward, I hope that the supply/demand situation, Ross, will normalize through the second half of this year, including Automotive.

隨著 xEV 滲透和 ADAS 滲透，內容持續增加。我非常確定 NXP 將繼續在汽車領域獲得份額。這是我之前與 C.J. 交談時的定價，這在汽車行業非常生動。展望未來，羅斯，我希望今年下半年供需情況正常化，包括汽車業。

That's a perfect segue to my second question and that's on the utilization rate in the inventory. I was a little surprised that the inventory kind of did what you guys expected it to despite revenues beating so nicely. And then you're talking about taking utilization down while you're simultaneously sounding significantly more optimistic about the demand conditions, your ability to grow half over half, et cetera. Can you help us reconcile how the utilization/inventory versus conservatism versus more optimism on demand balance out?

這是我第二個問題的完美轉折點，那就是庫存的利用率。我有點驚訝，儘管收入增長如此之好，但庫存仍能達到你們的預期。然後你在談論降低利用率，同時你對需求狀況、增長一半以上的能力等等聽起來更加樂觀。您能否幫助我們調和利用率/庫存與保守主義與更樂觀的需求平衡如何？

Sure, Ross. Let me take that. So our utilizations, as mentioned, are running now in the mid-70s versus, again, last quarter, low 80s and then they were in the 90s in Q4 and high 90s. And we think the sweet spot is around probably 80% to 85%. We're a bit below that at the moment as we're trying to make sure we have rebuilt several of our buffer areas where we get inventory or produce inventory internally.

當然，羅斯。讓我拿那個。因此，如前所述，我們的利用率現在處於 70 年代中期，而上個季度再次處於 80 年代的低位，然後在第四季度處於 90 年代和 90 年代的高位。我們認為最佳點可能在 80% 到 85% 左右。目前我們略低於該水平，因為我們正在努力確保我們已經重建了我們在內部獲取庫存或生產庫存的幾個緩衝區。

So we have that all in strategic die bank form and ready to take on any new orders within the quarter and service them in that period. Related to our inventory, let me just help bridge that a bit. Again, we're holding about -- we're comfortable holding about 140 days. We're at 135 today. And if you think about it, we have 25 days we're holding where we could actually put it into the channel if we decide to do so, but we're not.

因此，我們將所有這些都採用戰略模具庫形式，並準備好在本季度內接受任何新訂單並在該期間為它們提供服務。與我們的庫存相關，讓我來幫助彌合一下。同樣，我們持有大約 140 天。我們今天是 135。如果您考慮一下，如果我們決定這樣做，我們有 25 天的時間可以實際將其放入頻道，但我們沒有。

We're being very cautious here. We're only looking at when product sells through and when the market improves. So again, that's about 25 days off of that 135 or off that 140 days. Then we have another 10 days, I would say, internally, which we call our strategic inventory as we continue to align our internal factories.

我們在這裡非常謹慎。我們只關注產品何時銷售以及市場何時改善。再次說明，那是 135 天或 140 天中的大約 25 天。然後我們還有 10 天，我想說，在內部，我們稱之為戰略庫存，因為我們繼續調整我們的內部工廠。

The CapEx that we're spending today is around 8% and 75% of that CapEx is linked to our internal factories as we get them really focused on our IP proprietary technology. And finally, to be honest with you, we like to hold another 10 days to be able to service the customer upside orders within the quarter and we feel comfortable with that versus the 95-day target that we set out during Analyst Day.

我們今天花費的資本支出約為 8%，其中 75% 與我們的內部工廠相關，因為我們讓他們真正專注於我們的 IP 專有技術。最後，老實說，我們希望再堅持 10 天，以便能夠在本季度內為客戶上行訂單提供服務，與我們在分析師日設定的 95 天目標相比，我們對此感到滿意。

So I think the way to think about inventory, our internal inventory, we'll probably work it down throughout 2023. By running our front-end internal utilizations in the mid-70s, we'll continue to adjust some of our foundry purchase orders and obviously, servicing the higher revenue and Kurt commented that the second half of 2023 will be larger than the first half.

所以我認為考慮庫存的方式，我們的內部庫存，我們可能會在整個 2023 年減少。通過在 70 年代中期運行我們的前端內部利用率，我們將繼續調整我們的一些代工採購訂單顯然，服務於更高的收入，Kurt 評論說 2023 年下半年將比上半年更大。

(Operator Instructions) And our next question will come from Stacy Rasgon of Bernstein Research.

（操作員說明）我們的下一個問題將來自 Bernstein Research 的 Stacy Rasgon。

I also wanted to ask about Auto. So I know you're talking about shortages still, but you also mentioned pockets of inventory out in the channel. I think this is the first time I've actually heard you directly mention auto build-outs in the channel. Could you give us a little more color on that? What kind of products -- how much of your revenue was in those categories? And are you seeing any pause in those areas given where those inventory levels are?

我也想問問汽車。所以我知道你還在談論短缺，但你也提到了渠道中的大量庫存。我想這是我第一次真正聽到您在頻道中直接提到自動擴建。你能給我們更多的顏色嗎？什麼樣的產品——你的收入有多少來自這些類別？鑑於這些庫存水平，您是否看到這些區域有任何暫停？

Stacy. No, the way you phrased it now sounds much, much larger than what I tried to describe. What we do see as a very few select Tier 1s, it's not about OEMs, it's about the Tier 1 suppliers. It's pockets of inventory on those products, which were suffering as a surplus from the golden screw problem. You remember that over the past 2 years, we consistently had those situations where 1 part was missing, other parts were available. And then those parts were piling up a bit more before they got flushed through when the missing part came on.

斯泰西。不，你現在的措辭方式聽起來比我試圖描述的要大得多。我們所看到的是極少數精選的一級供應商，這與原始設備製造商無關，而是與一級供應商有關。它是那些產品的大量庫存，這些產品因金螺絲問題而過剩。您還記得在過去 2 年中，我們一直遇到這樣的情況，即缺少 1 個零件，但其他零件可用。然後，當缺少的部分出現時，這些部分在被沖走之前堆積得更多。

And from that period, there seem to be a few pockets, but it's not structural that I could say it's certain products or a certain amount. But there seem to be a few products at a few select Tier 1s, which see somewhat elevated inventory. Now at the same time, there is now more and more of a discussion in the industry about the target size of inventory, which the Tier 1 should hold. And from what I'm witnessing is that the automotive OEMs, so the car companies are actually quite diligent in asking for elevated inventory levels to the Tier 1s anyway going forward.

從那個時期開始，似乎有一些口袋，但它不是結構性的，我可以說它是某些產品或一定數量。但在一些精選的一級供應商中似乎有一些產品的庫存有所增加。現在與此同時，現在業內對一級供應商應該持有的目標庫存規模的討論越來越多。從我所看到的情況來看，汽車原始設備製造商，因此汽車公司實際上非常勤奮地要求提高庫存水平以提高一級供應商的庫存水平。

So now we have to figure out to what extent actually maybe these elevated pockets, which I talked about, are actually used to just satisfy what is being needed going forward anyway in terms of somewhat elevated inventory levels for safety reasons -- for supply chain safety reasons in the industry. So it's a little bit, Stacy, as a very few customers. So nothing dramatic. I mean I just mentioned this because we talk about the SAAR growing by, I think, close to 4% this year.

因此，現在我們必須弄清楚，我談到的這些高位口袋實際上在多大程度上可能只是為了滿足出於安全原因——為了供應鏈安全——而在一定程度上提高庫存水平方面所需要的東西。行業原因。所以它有點，Stacy，因為客戶很少。所以沒什麼戲劇性的。我的意思是我剛才提到這個是因為我們談論 SAAR 今年的增長率接近 4%。

And I just wanted to put it in balance because there might be a tiny little bit of a headwind from those inventory levels. But all of that, just to be very clear, will not hinder the automotive business this year to grow and actually to grow substantially year-on-year.

我只是想讓它保持平衡，因為這些庫存水平可能會帶來一點點阻力。但需要明確的是，所有這些都不會阻礙今年汽車業務的增長，而且實際上會實現同比大幅增長。

Got it. That's helpful. For my follow-up, I wanted to ask about China. So it does sound like you worked through the China disti issues that you had mentioned on last quarter's call. Would you characterize this as a China recovery? Are you actually seeing recovery? Or is it maybe a little too early to jump that far? Is it more just like little green shoots? Or like what exactly are you seeing in China relative to what you were seeing last quarter?

知道了。這很有幫助。對於我的後續，我想問一下中國。所以聽起來你確實解決了你在上個季度的電話會議上提到的中國 disti 問題。您認為這是中國的複蘇嗎？你真的看到恢復了嗎？還是現在跳那麼遠還為時過早？它更像小綠芽嗎？或者你在中國看到的相對於上個季度的情況究竟如何？

Yes. Yes, Stacy. I think it's too early to make such a statement. We've seen a modest, gradual improvement throughout the first quarter from a very slow start, I mean, through Chinese New Year and these elevated infection levels in the first few weeks. It just came modestly up.

是的。是的，斯泰西。我認為現在發表這樣的聲明還為時過早。從一個非常緩慢的開始，我的意思是，通過農曆新年和前幾週感染水平的升高，我們在整個第一季度看到了適度的、逐漸的改善。它只是謙虛地出現了。

I would clearly not say and none of our forecast and guidance comments we are making today would be based on that. I would clearly see a sharp rebound. We don't see this. And again, our numbers are also not based on that. But by the way, Stacy, just also connecting this to your first question. Mind you that our automotive business is also 40% in distribution. So when I talk about these pockets of inventory, they are in the 60% of the automotive business, which goes through direct. But another large chunk is actually the 40% through distribution and that is controlled through what Bill explained earlier through our disciplined channel management at 1.6 months. I mean just to put it in perspective.

我顯然不會說，我們今天所做的預測和指導評論都不會基於此。我會清楚地看到急劇反彈。我們看不到這一點。同樣，我們的數字也不是基於此。但順便說一句，Stacy，也將此與你的第一個問題聯繫起來。請注意，我們的汽車業務也佔分銷業務的 40%。因此，當我談到這些庫存時，它們佔汽車業務的 60%，直接通過。但另一大塊實際上是 40% 通過分銷，這是通過比爾早些時候通過我們在 1.6 個月時嚴格的渠道管理所解釋的來控制的。我的意思是把它放在正確的角度。

(Operator Instructions) Our next question will come from Vivek Arya, Bank of America Securities.

（操作員說明）我們的下一個問題將來自美國銀行證券公司的 Vivek Arya。

My first one, Kurt, is about half-over-half growth because you mentioned it in your remarks. So if I exclude 2020, second-half sales for NXP have grown at least around 5% to 6% half-on-half. Is that the kind of expectation we should have about second half? And what do you think is driving that? Is it just seasonality? Is it China coming back? Is it pricing increasing half-on-half. Just if you could help us set the models in the right place on a conceptual basis about what kind of expectation? And more importantly, what is driving that growth in the second half?

我的第一個，庫爾特，大約有一半以上的增長，因為你在你的評論中提到了它。因此，如果我排除 2020 年，恩智浦下半年的銷售額至少增長了 5% 到 6% 左右。這是我們對下半場應該有的期望嗎？你認為是什麼推動了這一點？只是季節性嗎？中國回來了嗎？它的定價是對半增長嗎？只是如果你能幫助我們在概念的基礎上將模型設置在正確的位置關於什麼樣的期望？更重要的是，是什麼推動了下半年的增長？

So Vivek, I need to disappoint you a little. I will not size it here. You know that we only guide the next quarter. Yet, I want to give you a few -- maybe a few anchor points. Clearly, the seasonality in Mobile with the premium models ramping in the second half will support that growth of half 2 over half 1. I mean that's 1 element.

所以 Vivek，我需要讓你失望一點。我不會在這裡調整大小。你知道我們只指導下一個季度。然而，我想給你一些——也許是幾個錨點。顯然，隨著下半年高端機型的增加，移動設備的季節性將支持一半 2 超過一半 1 的增長。我的意思是這是 1 個元素。

The other element I would mention here is indeed increasing supply capability, and it is clearly in auto and core industrial as we discussed earlier. But it is also in Comm.Infra. Within the Comm.Infra. segments, we have this RFID tagging and secure card business, which continues to benefit this year massively from finally supply becoming available. We had actually de-prioritized the business through the past 2 years. And now we can finally serve that secular demand in RFID and quite a bit of pent-up demand in the secured cards business. So that together with the Mobile seasonality will drive the half 2 over half 1 growth.

我在這裡要提到的另一個因素確實是增加供應能力，正如我們之前討論的那樣，這顯然是在汽車和核心工業領域。但它也在 Comm.Infra 中。在 Comm.Infra 內。細分市場，我們擁有 RFID 標籤和安全卡業務，該業務今年將繼續從最終供應中獲得巨大收益。在過去的兩年裡，我們實際上已經降低了業務的優先級。現在我們終於可以滿足 RFID 的長期需求和安全卡業務中相當多的被壓抑的需求。因此，與移動季節性因素一起將推動 half 2 超過 half 1 的增長。

Got it. And then just one more on automotive and then just the state of play. When we look at the end market, right, we see a premium U.S. EV maker cutting prices, we hear sluggish demand in China. So how should we reconcile all those end market data points, Kurt, that are a lot more cautious and conservative because of macro factors versus the strength that you and your peers are reporting when it comes to automotive semiconductor demand.

知道了。然後是關於汽車的更多內容，然後是遊戲狀態。當我們審視終端市場時，我們看到一家優質的美國電動汽車製造商正在降價，我們聽到中國需求低迷。那麼我們應該如何調和所有這些終端市場數據點，庫爾特，由於宏觀因素與您和您的同行在汽車半導體需求方面報告的實力相比，這些數據點更加謹慎和保守。

Well, it really goes back to a content increase in the first place. And the latest data I have about xEVs, which is one of the two main drivers for a content increase is that the number of xEVs in absolute terms globally this year will grow like 34% over last year and it will then hit the 34% portion of the total SAAR.

好吧，這真的可以追溯到一開始的內容增加。我掌握的關於 xEV 的最新數據是內容增加的兩個主要驅動因素之一，即今年全球 xEV 的絕對數量將比去年增長 34%，然後將達到 34%總 SAAR。

So 34% or just a bit more than 1/3 of the total SAAR this year will be hybrid or fully electric. I mean this is a massive move. And by the way, yes, there are shifts. Clearly, there is a wave of success of local Chinese OEMs. You might have seen that some of the Western companies are losing grounds with electric vehicle sales in China against local companies. Now we are perfectly hedged.

因此，今年 SAAR 總量的 34% 或略多於 1/3 將是混合動力或全電動。我的意思是這是一個巨大的舉措。順便說一句，是的，有變化。顯然，中國本土整車廠正在掀起一波成功浪潮。您可能已經看到，一些西方公司在中國的電動汽車銷售方面正在輸給本土公司。現在我們完全對沖了。

So we are just as exposed to the Chinese OEMs as we are to the Western ones. So content increase is the main move. There is still also a forecast for an overall SAAR growth. I think the latest number I had seen from S&P was, I think, 85 million or 86 million, so somewhere in that neighborhood, which is a growth of about 4% over last year. So even the underlying SAAR, if you take it all together, xEVs and combustion-engine cars is also growing. And that's actually the reason why this business keeps going, Vivek. So I don't find it that's surprising.

因此，我們對中國 OEM 的接觸與對西方 OEM 的接觸一樣多。所以內容增加是主要舉措。還有一個整體 SAAR 增長的預測。我認為我從標準普爾看到的最新數字是 8500 萬或 8600 萬，所以在那個附近的某個地方，比去年增長了大約 4%。因此，即使是潛在的 SAAR，如果你把它們放在一起，xEV 和內燃機汽車也在增長。這實際上就是這項業務持續發展的原因，Vivek。所以我覺得這並不奇怪。

(Operator Instructions) And our next question will come from Matt Ramsay of TD Cowen.

（操作員說明）我們的下一個問題將來自 TD Cowen 的馬特拉姆齊。

Kurt, I wanted to revisit quickly the question of pricing. And you were very clear on your comments, particularly in the auto business to what pricing will do for -- or you expect it to do for the remainder of the year.

庫爾特，我想快速重新審視定價問題。你對你的評論非常清楚，特別是在汽車行業，定價將做什麼——或者你希望它在今年餘下的時間裡做什麼。

But I think though -- the question I get a lot is, eventually, when we get a point when lead times stabilize, input costs stabilize and maybe come down a little bit, how are you thinking about long-term pricing in your auto business? Are we going back to the normal price downs from a much, much higher base and a lot of these input cost increases you view as permanent. There's a little bit of an angst in the system, I think that what goes up will come down. And I just wondered if you could address some of that, please.

但我認為——我經常遇到的問題是，最終，當我們得到交貨時間穩定、投入成本穩定並可能下降一點的時間點時，你如何考慮汽車業務的長期定價？我們是否會從一個非常非常高的基數回到正常的價格下降，並且您認為這些投入成本的增加是永久性的。系統中有一點焦慮，我認為上升的東西會下降。我只是想知道你是否可以解決其中的一些問題。

Yes. So on the pricing, especially in Auto or I would actually extend this question to all those areas where we've had the most significant shortages. It is important to understand where the price increases came from in the first place. They came from a structural, significant CapEx investment in order to cater for new capacity in mature nodes.

是的。所以關於定價，特別是在汽車領域，或者我實際上會將這個問題擴展到我們最嚴重短缺的所有領域。重要的是首先要了解價格上漲的來源。它們來自一項結構性的、重要的資本支出投資，以迎合成熟節點的新容量。

So most of that is in the 16 to 180-nanometer area. And a lot of CapEx has been spent but continues to be spent also through the next few years and the depreciation of that additional capacity, which became necessary as we all painfully witnessed over the last years, the depreciation of that is going to sit on all of these products across the industry. So my estimate here is that, yes, pricing will, of course, plateau at some point.

所以大部分都在 16 到 180 納米區域。很多資本支出已經花掉，但在接下來的幾年裡還會繼續花掉，而且額外產能的折舊是必要的，正如我們在過去幾年痛苦地目睹的那樣，它的折舊將對所有人造成影響這些產品在整個行業中。所以我的估計是，是的，價格當然會在某個時候趨於平穩。

And then maybe when supply and demand will have normalized, we will go back to what we had before this situation, which was a small, single-digit ASP erosion year-over-year but that is not falling back to the old price levels. It is from the new level, which we have achieved in over 3 years of sequential price increases.

然後也許當供需正常化時，我們將回到這種情況之前的狀態，這是一個小的、個位數的 ASP 同比下降，但並沒有回落到舊的價格水平。這是我們在 3 年多的連續價格上漲中達到的新水平。

Very clear. Bill, for my follow-up, I wanted to ask about inventory levels. I've kind of made the observation that oftentimes your channel inventory being below the long-term target. And then the on-books inventory may be increasing. Those get discussed kind of isolation.

非常清楚。比爾，對於我的後續行動，我想詢問庫存水平。我觀察到，您的渠道庫存通常低於長期目標。然後賬面庫存可能會增加。那些被討論的孤立。

And I wonder if you could talk a little bit about it holistically, just that roughly speaking the inventory days of full NXP inventory are roughly flat, just more on books than in channel and gives you a bit more flexibility. And I guess the long-term question is, what's the real incentive to go back to the old mix? Why not just keep the ratios relatively close to where they are today given the flexibility it gives you?

我想知道你是否可以從整體上談談它，只是粗略地說，恩智浦完整庫存的庫存天數大致持平，只是賬面上多於渠道，給你更多的靈活性。我想長期的問題是，回到舊組合的真正動機是什麼？考慮到它給你的靈活性，為什麼不保持比率相對接近今天的水平呢？

Yes. The whole idea of managing the channel is really through understanding real demand in the market. And at the end of the day, what you want to do is put inventory on the shelf that's going to fast turn versus if you put inventory on the shelf, it stays there, then eventually you have to get discounted. It uses real good real estate and so forth.

是的。管理渠道的整個想法實際上是通過了解市場的真實需求。在一天結束時，你要做的是將庫存放在貨架上，以便快速周轉，而不是如果你將庫存放在貨架上，它會一直呆在那裡，然後最終你必須打折。它使用真正好的房地產等等。

So what we want to do is making sure we are only shipping product into the channel that is fast turning is the way to think about it. And you're right, the way you think about it is the same way we do. We combine both and basically holding the same amount of inventory combined, and we're just trying this new strategy -- actually, we changed the strategy from lessons we've learned in the past because at the end of the day, it's all about real demand.

所以我們想要做的是確保我們只將產品運送到快速轉變的渠道中，這是考慮它的方式。你是對的，你的想法和我們的想法是一樣的。我們將兩者結合起來，基本上持有相同數量的庫存，我們只是在嘗試這種新策略——實際上，我們根據過去吸取的教訓改變了策略，因為歸根結底，一切都是關於真實的需求。

And let me add, Bill. I think we will enter this now possibly relatively soon, as we emphasized in our prepared remarks as soon as we see a more consistent uptick in the sell-through trends in the channel, we will increase from the 1.6 months levels.

讓我補充一下，比爾。我認為我們現在可能會相對較快地進入這個階段，正如我們在準備好的評論中強調的那樣，一旦我們看到渠道中的銷售趨勢更加一致地上升，我們將從 1.6 個月的水平增加。

And mind you, we speak about the $500 million delta when we would go from 1.6 to 2.4 or 5 months. And again, we are having the attention to fill back to that level, but again, in line with industry demand coming back. But those $500 million, we basically have that and we will get it into the channel as soon as the demand is coming. In the end, that will be required to make sure we can gain market share through distribution the moment the industry ticks up.

請注意，當我們從 1.6 個月到 2.4 個月或 5 個月時，我們談論的是 5 億美元的增量。再一次，我們正在關注填補到那個水平，但再次符合行業需求的回歸。但是那 5 億美元，我們基本上已經擁有了，一旦需求到來，我們就會將其投入渠道。最後，這將需要確保我們能夠在行業復甦時通過分銷獲得市場份額。

(Operator Instructions) And our next question will come from Gary Mobley of Wells Fargo.

（操作員說明）我們的下一個問題將來自 Wells Fargo 的 Gary Mobley。

I presume that your backlog continues to trend down, but I was hoping that you can give us an update on where you stand today with weeks of backlog, the durability of that backlog and whether or not you're still sold out in automotive based on your available supply sold out through the remainder of the year I should add.

我認為您的積壓訂單繼續呈下降趨勢，但我希望您能告訴我們您今天的最新情況，積壓數週，積壓訂單的耐用性以及您是否仍然在汽車領域售罄基於我應該補充的是，今年剩餘時間您的可用供應已售完。

Gary. So no, we never talked about the size of the backlog because I really try to be sure you all understand that we consider that backlog number misleading and that -- it's been misleading since the beginning of the supply chain situation because, sure, we, and I guess everybody else has had double and triple orders in there.

加里。所以不，我們從來沒有談論過積壓的規模，因為我真的試圖確保你們都明白我們認為積壓數量具有誤導性而且 - 自供應鏈情況開始以來它一直具有誤導性，因為，當然，我們，我想其他人都在那裡有過兩倍和三倍的訂單。

So I felt it never made sense to speak about the backlog -- the size of that backlog as a metric to get a feel for future growth. So that's why, no, we will not speak about the backlog. What however comes back to what I think you're asking for is in Automotive, the NCNR orders. So yes, the largest part of our automotive business has been and continues to be covered by NCNR orders for this year. The size of that NCNR order backlog has not changed at all.

所以我覺得談論積壓是沒有意義的——積壓的大小作為衡量未來增長的指標。這就是為什麼，不，我們不會談論積壓的原因。然而，回到我認為你要求的是汽車，NCNR 訂單。所以是的，我們汽車業務的最大部分已經並將繼續由今年的 NCNR 訂單涵蓋。 NCNR 訂單積壓的規模根本沒有改變。

We also cannot ship more. I mean, it is what it is. And there are always mix changes from left to right and stuff, but the size of it is the same it has been before, and we just executed it down.

我們也不能運送更多。我的意思是，它就是這樣。而且總是有從左到右的混合變化等等，但它的大小和以前一樣，我們只是把它執行下來。

And a follow-up, I want to ask about changing behavior following a 3-year period of supply chain shortages in the Automotive end market. And so under the idea that the Automotive OEMs have learned a lesson and will work more collaboratively with chip companies like yourself, perhaps the big and bigger. And perhaps you can expand further your market share lead by collaborating more closely with these Automotive OEMs. Is there a way to quantify or qualify the impact to that and whether or not that has any validity?

接下來，我想問一下在汽車終端市場供應鏈短缺 3 年之後行為的變化。因此，汽車原始設備製造商已經吸取了教訓，並將與像您這樣的芯片公司進行更多合作，也許越來越大。或許您可以通過與這些汽車原始設備製造商更緊密地合作來進一步擴大您的市場份額。有沒有辦法量化或限定對此的影響以及它是否有效？

I think you have a really good point here. Very clearly, the rate of collaboration and also the depth and intensity of collaboration from logistics all the way to innovation and new design wins has significantly jumped up between us and the Auto OEMs. That indeed also leads to direct deals, which we are cutting with these companies on a very long-term basis where the principle is often that we give supply assurance against a very long-term demand assurance from the OEMs.

我認為你在這裡有一個非常好的觀點。很明顯，我們與汽車原始設備製造商之間的協作速度以及從物流一直到創新和新設計獲勝的協作深度和強度都大大提高了。這確實也導致直接交易，我們在非常長期的基礎上與這些公司進行直接交易，其原則通常是我們提供供應保證而不是 OEM 的非常長期的需求保證。

And yes, I believe there is a bit of a winner takes it all game here because if I put myself into the shoes of the OEMs, they cannot play with 6 or 8 different semiconductor companies. They will focus down on a few select leaders and you can be sure NXP is one of them.

是的，我相信這裡有一個贏家通吃的遊戲，因為如果我把自己放在 OEM 的位置上，他們就無法與 6 或 8 家不同的半導體公司合作。他們將重點關註一些精選的領導者，您可以肯定恩智浦就是其中之一。

And our next question will come from Blayne Curtis of Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

Bill, I wanted to just double click on the gross margins. It's actually kind of quite impressive that your utilization is down that much and it's flat. So maybe just walk us through the pieces again. Obviously, mix per segment, I wasn't sure if auto is accretive to that mix.

比爾，我只想雙擊毛利率。實際上，您的利用率下降了那麼多而且持平，這確實令人印象深刻。所以也許只是讓我們再次瀏覽這些片段。顯然，按細分混合，我不確定汽車是否會增加這種混合。

I think Mobile going down probably helps. But I also kind of wanted to understand your external loadings that you kind of mentioned that you might selectively bring that down. If you can comment on that as well.

我認為 Mobile 下降可能會有所幫助。但我也有點想了解你提到的你可能有選擇地降低它的外部負載。如果您也可以對此發表評論。

Sure. Let me -- the major drivers is first, again, what we expect favorable product mix. What we see, obviously, and what we're building to is favorable, and we see that in our forecast. Then it's clearly being driven by the customer orders we are serving. And then we talked about this new product introduction. We're starting to see some of that. But again, longer term, that will kick in a couple of years out to continue that richer mix for the company.

當然。讓我 - 主要驅動因素首先是我們期望有利的產品組合。顯然，我們所看到的以及我們正在建設的是有利的，我們在預測中看到了這一點。那麼它顯然是由我們服務的客戶訂單驅動的。然後我們談到了這個新產品介紹。我們開始看到其中的一些。但同樣，從長遠來看，這將在幾年後開始，以繼續為公司提供更豐富的組合。

Now second, you have to remember our fixed variable cost structure, which is approximately 30% fixed and 70% variable and this has significantly improved versus the last down cycle and over the last decade. And then finally, we are realigning our internal factories. And you have to remember, we service about 40% of our wafers, which 2/3 of our internal factories support Auto and Industrial IT proprietary technologies versus the past, we would build bulk CMOS and so forth, which would disturb the utilization of our factories.

其次，你必須記住我們的固定可變成本結構，大約 30% 是固定的，70% 是可變的，這與上一個下行週期和過去十年相比有了顯著改善。最後，我們正在重新調整我們的內部工廠。你必須記住，我們為大約 40% 的晶圓提供服務，與過去相比，我們內部工廠的 2/3 支持汽車和工業 IT 專有技術，我們將構建大塊 CMOS 等等，這會干擾我們的利用率工廠。

So think about the equipment that we're putting in, very sticky, very specific to our core IT technologies that service basically Auto and Industrial, the 2 fastest growth markets over the next decade that we're going to serve.

所以想想我們投入的設備，非常粘，非常針對我們的核心 IT 技術，這些技術基本上服務於汽車和工業，這是我們將服務的未來十年增長最快的兩個市場。

Got you. And then I wanted to ask you on the Comm segment. I think Kurt mentioned RFID being the big driver for the year. But is that the same driver for the strength you're seeing in March and June off the bottom?

明白了然後我想在 Comm 部分問你。我認為 Kurt 提到 RFID 是今年的主要推動力。但這是否與您在 3 月和 6 月看到的底部強度相同？

Yes. It is RFID and secure cards, which are really leading here from a growth perspective. That doesn't mean that the other stuff is not growing, but say the incremental additional growth really comes from supply into RFID and secure cards.

是的。從增長的角度來看，RFID 和安全卡在這方面確實處於領先地位。這並不意味著其他東西沒有增長，而是說增量的額外增長確實來自 RFID 和安全卡的供應。

But again, the difference between the 2 is that in RFID, it's really secular growth, which we've been working towards for many, many years and now a lot of these projects are unfolding. Whereas in the secure cards, it's somewhat more pent-up demand, which will separate at some point. But the lion's share is RFID.

但同樣，兩者之間的區別在於，在 RFID 中，它確實是長期增長，我們已經為此努力了很多年，現在很多這樣的項目正在展開。而在安全卡中，更多的是被壓抑的需求，它們會在某個時候分開。但最大的份額是 RFID。

(Operator Instructions) And our next question will come from William Stein of Truist.

（操作員說明）我們的下一個問題將來自 Truist 的 William Stein。

Congrats on the very good results and good outlook. The results came better than you expected. And I want to make sure I understand. I think at the beginning of the call, you said that the primary driver was an improvement in China. Is that correct? And I'm trying to reconcile this with the idea that distribution was down as a percent of sales because I thought most of what goes on in China for you guys is through the channel. Is it just the expectations in the channel and in China were so low you still came in low, but that's what improved through the quarter. Am I getting that right?

恭喜取得非常好的成績和良好的前景。結果比你預期的要好。我想確保我理解。我想在電話會議開始時，您說過主要驅動力是中國的進步。那是對的嗎？我試圖將此與分銷佔銷售額的百分比下降的想法相協調，因為我認為你們在中國發生的大部分事情都是通過渠道進行的。僅僅是渠道和中國的期望如此之低，你仍然很低，但這就是整個季度有所改善的地方。我說得對嗎？

Yes. So I'd say one part of it is China, where indeed it was less bad than feared in Mobile and Industrial & IoT. That's, I think, pretty much what you said. We took a cautious stance here because we had a really slow start in the beginning of the quarter. And then gradually, it improved a bit more than what we were fearing it would.

是的。所以我想說其中一部分是中國，在移動、工業和物聯網領域，它確實沒有人們擔心的那麼糟糕。我想，這幾乎就是你所說的。我們在這裡採取了謹慎的態度，因為我們在本季度初的開局非常緩慢。然後逐漸地，它比我們擔心的要好一些。

However, the other side is more supply, which came into Auto and Comm. Infra. So Comm. Infra, as I just explained to Blayne. And then also in Auto on a more broad-based that also helped the outperformance. At the same time, it's really important to see here that this $121 million more revenue we did not move the channel MOS up an inch. So that was really true good revenue, all the $121 million. But yes, a part of it in China was a say, a better performance than we were fearing how China's demand would develop.

然而，另一邊是更多的供應，進入了汽車和通訊。紅外線。所以通訊。下文，正如我剛剛向 Blayne 解釋的那樣。然後在汽車領域也有更廣泛的基礎，這也有助於表現出色。與此同時，在這裡看到這 1.21 億美元的收入非常重要，我們並沒有將渠道 MOS 提高一英寸。所以這真的是一筆不錯的收入，總共 1.21 億美元。但是，是的，在中國的一部分是說，比我們擔心中國需求如何發展的表現要好。

I would like to follow up with giving you an opportunity to talk about some of the growth drivers that I don't think have been as prominent in this call as in the past. Any highlights in terms of adoption of some of these new technologies. In Autos, you've talked about high-def radar, domain and zonal controllers and you've talked about ultra-wideband in a couple of different end markets. Maybe highlight some of the more significant content drivers in the near term and longer term.

我想跟進給你一個機會來談談我認為在這次電話會議中不像過去那樣突出的一些增長動力。在採用其中一些新技術方面的任何亮點。在汽車領域，您談到了高清雷達、域和區域控制器，並且談到了幾個不同終端市場中的超寬帶。也許突出一些近期和長期內更重要的內容驅動因素。

I think in radar and I think it's also in our press release, we are very properly launched now the industry's first 28-nanometer based 1 chip radar for Automotive, which is moving in production now, which is great progress. I think the -- this one market research company, which covers Automotive radar, Yole clearly presented us now as the #1 in Automotive radar in -- for last year. So the numbers are out. So now this whole thing is who is leading in Automotive radar is clear now. It's documented, we are #1.

我認為在雷達方面，我認為這也在我們的新聞稿中，我們現在非常恰當地推出了業界首款基於 28 納米的汽車單芯片雷達，現在正在生產中，這是一個很大的進步。我認為——這家涵蓋汽車雷達的市場研究公司，Yole 清楚地向我們展示了去年汽車雷達領域的第一名。所以數字出來了。所以現在這整件事是誰在汽車雷達領域處於領先地位現在很清楚了。它被記錄在案，我們是#1。

Then today, we had a very nice press release together with NIO, which is one of the smart electric car startups between California and China, which is using our 4D imaging radar, which is the high end of radar, which is a 300-millimeter -- sorry, 300-meter distance measurement including object classification.

然後今天，我們與 NIO 一起發布了一個非常好的新聞稿，NIO 是加利福尼亞和中國之間的智能電動汽車初創公司之一，它正在使用我們的 4D 成像雷達，這是雷達的高端，它是 300 毫米-- 抱歉，300 米距離測量包括對象分類。

And Bill, I remember you and I are speaking about this years ago as a dream in innovation. Now the thing is out and it sits in these NIO cars. Then moving to electrification, I think earlier in the call, I mentioned the growing strength of China OEMs when it comes to electric cars. That is very good for our battery management business because we have a strong bias to winning designs in China. So that's fast-turning business, fast-turning means for automotive standards, they go pretty quickly from design into production helps a lot our BMS/electrification business.

比爾，我記得你和我在幾年前談到過這是一個創新的夢想。現在東西出來了，它坐在這些 NIO 汽車裡。然後轉向電氣化，我想在電話會議的早些時候，我提到了中國原始設備製造商在電動汽車方面的實力不斷增強。這對我們的電池管理業務非常有利，因為我們強烈傾向於在中國贏得設計。所以這是快速轉變的業務，快速轉變的汽車標準手段，它們從設計到生產的速度相當快，這對我們的 BMS/電氣化業務有很大幫助。

Last but not least, you -- I think you mentioned ultrawide band. Ultra Wideband is a mixed picture though. The Android adoption continues in the ecosystem to be slower than we had anticipated. So that's a little -- I think we said this on the last call already, it's a little later. That doesn't mean it doesn't happen, but it's a little later.

最後但同樣重要的是，你——我想你提到了超寬帶。超寬帶雖然是一個複雜的畫面。 Android 在生態系統中的採用速度比我們預期的要慢。所以這有點——我想我們已經在最後一次電話會議上說過了，現在要晚一點。這並不意味著它不會發生，但它會晚一點。

While the Automotive side of ultra-wideband is actually picking up the pace now enormously. So we see very, very nice growth on the ultra-wideband side in cars, where we also haven't seen a single competitor yet. So it's really an NXP only story.

而超寬帶的汽車方面現在實際上正在加快步伐。因此，我們在汽車的超寬帶方面看到了非常非常好的增長，我們還沒有看到一個競爭對手。所以這真的是一個只有恩智浦的故事。

(Operator Instructions) And our next question will come from Toshiya Hari of Goldman Sachs.

（操作員說明）我們的下一個問題將來自高盛的 Toshiya Hari。

I wanted to follow up on China. Kurt, you talked about a modest recovery in the region. I was hoping you could speak to linearity in the quarter from either bookings or revenue recognition perspective? And then, I guess, more importantly, when you guys talk about the second half recovery in your overall business, the second half being higher than the first half, does that contemplate an increase in channel inventory from 1.6 months to something above 2? Or do you have visibility in half-over-half growth without any increase in channel inventory?

我想跟進中國。庫爾特，你談到了該地區的適度復甦。我希望您能從預訂或收入確認的角度談談本季度的線性？然後，我想，更重要的是，當你們談論下半年整體業務的複蘇時，下半年高於上半年，這是否考慮將渠道庫存從 1.6 個月增加到 2 個以上？或者您是否可以看到一半以上的增長而渠道庫存沒有任何增加？

Yes, Toshi. So on the first half of your question, we will not provide any within segment -- within quarter details. So it has gradually improved through the quarter. I mean, let's leave it here. The second half of your question is really, really important. The answer is no. Our Q2 guide of $3.2 billion does not need or comprehend any increase of our internal inventory. So to be very specific, it sits again on 1.6 months of general inventory. However, we will take the liberty to increase the channel inventory if and when we see a trend that the sell-through goes strong into the third quarter in order to prepare for that uptick. But then we will also make more than $3.2 billion in revenue. So the $3.2 billion, which are in the guidance, are connected with 1.6 months. We might still go higher, but then we will also print the higher revenue.

是的，東施。因此，在您問題的前半部分，我們不會提供任何細分市場內的信息——季度內的詳細信息。因此，它在本季度逐漸改善。我的意思是，讓我們把它留在這裡。你問題的後半部分非常非常重要。答案是不。我們 32 億美元的第二季度指南不需要或不包括我們內部庫存的任何增加。因此，非常具體地說，它再次處於 1.6 個月的一般庫存中。但是，如果我們看到第三季度銷售量強勁的趨勢，以便為這種上升做好準備，我們將自由增加渠道庫存。但屆時我們的收入也將超過 32 億美元。因此，指南中的 32 億美元與 1.6 個月有關。我們可能還會走得更高，但隨後我們也會印出更高的收入。

Understood. And then as my follow-up, I just wanted to clarify on lead times. You mentioned that in Q1, I think roughly a 1/3 of your product had lead times of 52 weeks or longer. Where do you expect that number to be exiting the year? And I was hoping you could speak to average lead times for your portfolio as well. What your target is, I guess, coming out of this pandemic?

明白了。然後作為我的後續行動，我只想澄清交貨時間。你提到在第一季度，我認為大約有 1/3 的產品有 52 週或更長的交貨時間。您預計該數字將在今年退出哪裡？我希望你也能談談你的投資組合的平均交貨時間。我猜你的目標是擺脫這場大流行病？

Yes. This is a -- it's a tricky question because the lead times are a function of the amount of NCNR orders we have. I spoke earlier about the fact that our Automotive business, which is the lead example for this is largely covered by NCNR orders. And that simply means that whole product portfolio for these customers, if they now ask for an additional order, of course, they get only a confirmation for next year because it's already ordered out.

是的。這是一個 - 這是一個棘手的問題，因為交貨時間是我們擁有的 NCNR 訂單數量的函數。我之前談到了一個事實，即我們的汽車業務是這方面的主要例子，主要由 NCNR 訂單涵蓋。這僅僅意味著這些客戶的整個產品組合，如果他們現在要求額外的訂單，當然，他們只會得到明年的確認，因為它已經訂購完了。

So I mean, the way you got to think about this is if all of our business was covered by NCNR orders, all of our business would have 52 weeks later. Now we don't have that. It's only a part of it. But that's why as long as we stick to the concept of annual -- they are based on calendar years, annual NCNR orders, we will have a sizable part of our portfolio sitting on 52-plus weeks lead time. It's just a consequence of the NCNR orders. So that's why, to answer your question, it depends if again for calendar 2024, we will enter into the concept of NCNR orders. If we do that and by the way, I expect that we will do that. We will have still a sizable part of the portfolio with lead times above 52 weeks too.

所以我的意思是，你必須考慮的方式是，如果我們所有的業務都被 NCNR 訂單覆蓋，我們所有的業務將在 52 週後。現在我們沒有了。這只是其中的一部分。但這就是為什麼只要我們堅持年度概念——它們基於日曆年、年度 NCNR 訂單，我們的投資組合中有相當一部分將處於 52 週以上的交貨時間。這只是 NCNR 命令的結果。這就是為什麼要回答你的問題，這取決於我們是否會在 2024 年再次進入 NCNR 訂單的概念。如果我們這樣做，順便說一句，我希望我們會這樣做。我們仍然會有相當一部分產品組合的交貨時間超過 52 週。

Now operator, I think we got to terminate the call here. We are at the top of the hour. So I just want to thank you all for your attention through today's call. I trust you felt that we are at a pivotal point in navigating through this cycle, where we see that we are successfully navigating the consumer-oriented weakness in our business and seeing a change in slope of that business. While the Core Industrial, Automotive and also large parts of Comm. Infra. continue to be resilient and strong. And then if we put all of these pieces together, that leads us then to what we said today, which is the second half of this year revenue being above the first half, and now also a guidance into the second quarter where each of our 4 segments is actually sequentially growing.

現在接線員，我想我們必須在這裡終止通話。我們正處於最高峰。所以我只想感謝大家通過今天的電話會議給予的關注。我相信你覺得我們正處於度過這個週期的關鍵時刻，我們看到我們正在成功地克服我們業務中以消費者為導向的弱點，並看到該業務的斜率發生變化。而核心工業、汽車以及通信的很大一部分。紅外線。繼續保持韌性和堅強。然後，如果我們將所有這些部分放在一起，就會得出我們今天所說的，即今年下半年的收入高於上半年，現在也是對第二季度的指導，我們的 4 個細分市場實際上是連續增長的。

And with that, I want to thank you all for your attention. Thank you.

就此，我要感謝大家的關注。謝謝。

Thank you, everyone, and this will conclude our call for today. Thank you very much.

謝謝大家，今天的電話會議到此結束。非常感謝。

Ladies and gentlemen, you may now disconnect. And this is your operator, you may now disconnect.

女士們先生們，你們現在可以斷開連接了。這是您的接線員，您現在可以斷開連接。