恩智浦 (NXPI) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to NXP's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to Jeff Palmer, Senior Vice President of Investor Relations. Please go ahead, sir.

美好的一天，感謝您的支持。歡迎參加恩智浦 2023 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給投資者關係高級副總裁傑夫·帕爾默 (Jeff Palmer)。請繼續，先生。

Thank you, Norma, and good morning, everyone. Welcome to NXP Semiconductor's second quarter earnings call. With me on the call today is Kurt Sievers, NXP's President and CEO; and Bill Betz, our CFO. Call today is being recorded and will be available for replay from our corporate website.

謝謝你，諾瑪，大家早上好。歡迎參加恩智浦半導體第二季度財報電話會議。今天與我一起參加電話會議的是恩智浦總裁兼首席執行官庫爾特·西弗斯 (Kurt Sievers)。和我們的首席財務官比爾·貝茨 (Bill Betz)。今天的通話正在進行錄音，並將可在我們的公司網站上重播。

Today's call will include forward-looking statements that involve risks and uncertainties and 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 macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products and our expectations for financial results for the third quarter of 2023. Please be reminded that NXP undertakes no obligation to revise or update publicly any forward-looking statements.

今天的電話會議將包括前瞻性陳述，這些陳述涉及風險和不確定性，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。這些風險和不確定性包括但不限於有關宏觀經濟對我們經營所在的特定終端市場的影響、新產品和現有產品的銷售以及我們對 2023 年第三季度財務業績的預期的聲明。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. 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. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our second quarter 2023 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.

有關前瞻性陳述的完整披露，請參閱我們的新聞稿。此外，我們將參考某些非公認會計準則財務指標，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。根據 G 條例，恩智浦在 2023 年第二季度收益新聞稿中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的調節表，該新聞稿將以 8-K 表格形式提交給 SEC，並可在恩智浦網站上獲取在 nxp.com 的投資者關係部分。

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

現在我想把電話轉給庫爾特。

Thank you, Jeff, and good morning, everyone. We really appreciate you joining our call today. I will start with a review of our quarter 2 results and then discuss our guidance for quarter 3.

謝謝你，傑夫，大家早上好。我們非常感謝您今天加入我們的電話會議。我將首先回顧我們第二季度的業績，然後討論我們對第三季度的指導。

Now let me begin with quarter 2. Our revenue came in at the high end of our guidance or about $100 million better than the midpoint with the trends in all end market segments performing better than our expectations. Taken together, NXP delivered quarter 2 revenue of $3.3 billion, essentially flat year-on-year, while we continue to maintain our distribution channel inventory strictly at a 1.6-month level, which remains to be well below our long-term target of 2.5 months.

現在讓我從第二季度開始。我們的收入達到了指導的上限，即比中點高出約 1 億美元，所有終端細分市場的趨勢表現都好於我們的預期。總的來說，恩智浦第二季度營收為 33 億美元，與去年同期基本持平，而我們繼續將分銷渠道庫存嚴格維持在 1.6 個月的水平，仍遠低於我們 2.5 個月的長期目標幾個月。

Non-GAAP operating margin in quarter 2 was 35%, 50 basis points above the midpoint of our guidance, so 100 basis points below the year ago period. The year-on-year performance was a result of stronger gross margin, offset by higher R&D investments in support of our mid- and long-term growth targets.

第二季度的非 GAAP 營業利潤率為 35%，比我們指引的中點高出 50 個基點，比去年同期低 100 個基點。同比業績是毛利率上升的結果，但被為支持我們的中長期增長目標而增加的研發投資所抵消。

Now let me turn to the specific trends in our focus end markets. In Automotive, quarter 2 revenue was $1.87 billion, up 9% versus the year ago period and near the high end of our guidance.

現在讓我談談我們重點終端市場的具體趨勢。在汽車領域，第二季度收入為 18.7 億美元，比去年同期增長 9%，接近我們指導的上限。

In Industrial and IoT, quarter 2 revenue was $578 million, down 19% versus the year ago period and near the high end of our guidance.

在工業和物聯網領域，第二季度收入為 5.78 億美元，比去年同期下降 19%，接近我們指導的上限。

In Mobile, quarter 2 revenue was $284 million, down 27% versus the year ago period and above the high end of our guidance.

在移動領域，第二季度收入為 2.84 億美元，比去年同期下降 27%，高於我們指導的上限。

In Communication, Infrastructure & Other, quarter 2 revenue was $571 million, up 15% year-on-year and at the high end of our guidance.

在通信、基礎設施及其他領域，第二季度收入為 5.71 億美元，同比增長 15%，處於我們指導值的上限。

During the second quarter, we had experienced incremental improvement across all regions with China also gradually improving quarter-over-quarter. Year-on-year growth was led by our Direct business. While our Distribution business continues to grow sequentially from the trough in Q1, though still down on a year-on-year basis.

第二季度，我們在所有地區都經歷了逐步改善，其中中國也逐季度逐步改善。同比增長主要由我們的直營業務帶動。雖然我們的分銷業務繼續從第一季度的低谷開始環比增長，但同比仍有所下降。

Now let me turn to our expectations for quarter 3, 2023. We are guiding quarter 3 revenue to $3.4 billion. This is down about 1% versus the year ago period and represents sequential growth of about 3% at the midpoint. We do anticipate the following trends in our business. Automotive is expected to be up in the mid-single-digit percent range versus quarter 3, '22 and up in the low single-digit range sequentially.

現在讓我談談我們對 2023 年第三季度的預期。我們預計第三季度的收入為 34 億美元。與去年同期相比下降約 1%，中點環比增長約 3%。我們確實預計我們的業務將出現以下趨勢。與 2022 年第 3 季度相比，汽車行業預計將出現中個位數百分比增長，並依次出現低個位數百分比增長。

Industrial and IoT is expected to be down in the mid-teens percent range versus quarter 3, '22 and up in the low single-digit percent range sequentially. Mobile is expected to be down in the mid-teens percentage range versus quarter 3, '22 and to be up in the mid-20% range on a sequential basis.

與 2022 年第三季度相比，工業和物聯網預計將下降百分之十左右，並連續上昇在低個位數百分比範圍內。與 2022 年第 3 季度相比，移動業務預計將下降 15% 左右的百分比，但環比將上升 20% 左右的百分比。

And finally, Communication, Infrastructure & Other is expected to be up about 10% versus quarter 3, '22 and flattish sequentially.

最後，通信、基礎設施及其他業務預計將比 2022 年第 3 季度增長約 10%，與上一季度持平。

Our guidance for the third quarter contemplates that we maintain the 1.6-month distribution channel inventory level and very consistent to our approach in prior quarters, we will manage sell-in to the channel tightly, so we may start to increase general inventory [if] and when we see consistent strength in channel sell-through for future periods.

我們對第三季度的指導認為，我們將維持 1.6 個月的分銷渠道庫存水平，並且與我們前幾個季度的做法非常一致，我們將嚴格管理渠道的銷售，因此我們可能會開始增加一般庫存[如果]當我們看到未來時期渠道銷售量持續強勁時。

We are well positioned with on-hand inventory to [satiate] a possible rebound in demand as it emerges. Furthermore, we continue to experience higher input costs. Hence, we stick to our consistent pricing policy, which is to pass along the input cost increases to our customers, while not having our gross margin.

我們的現有庫存處於有利位置，可以滿足需求可能出現的反彈。此外，我們繼續面臨更高的投入成本。因此，我們堅持一貫的定價政策，即將投入成本的增加轉嫁給我們的客戶，同時不保留我們的毛利率。

From a more strategic standpoint, we focus on enhancing how we work with our suppliers and customers in order to enable long-term supply and demand assurance programs especially in the automotive and core industrial businesses.

從更具戰略性的角度來看，我們專注於加強與供應商和客戶的合作方式，以實現長期的供需保證計劃，特別是在汽車和核心工業業務領域。

Now as we progress through 2023, we are gaining confidence that we will be able to return to predictable year-over-year growth of the business. Demand in the Automotive and Core Industrial businesses continues to be solid with only a few pockets of stubborn supply shortages persisting through year-end.

現在，隨著 2023 年的進展，我們越來越有信心，我們將能夠恢復可預測的業務同比增長。汽車和核心工業業務的需求繼續強勁，只有少數地區的供應短缺持續到年底。

Within the Mobile segment, we are seeing the expected strong seasonal trends in the premium portion of the market in quarter 3. And our consumer IoT business appears to be accelerating from the trough in Q1. However, it does not show signs of a sharp rebound as of yet.

在移動領域，我們預計第三季度高端市場將出現強勁的季節性趨勢。我們的消費者物聯網業務似乎正在從第一季度的低谷中加速增長。不過，目前還沒有出現大幅反彈的跡象。

And finally, in our Communications, Infrastructure segment, we see soft and lumpy demand in the cellular base station markets, offset by strength in our [secured card and tech-in businesses].

最後，在我們的通信、基礎設施領域，我們看到蜂窩基站市場的需求疲軟且不穩定，但被我們的[安全卡和技術業務]的實力所抵消。

So taken together our first half results and our guidance for quarter 3, give us confidence that we are successfully navigating through the cyclical downturn in our consumer exports businesses, while we do see continued strength in our Automotive, Core Industrial and Communications Infrastructure businesses.

因此，綜合上半年業績和第三季度的指引，我們相信我們正在成功度過消費品出口業務的周期性低迷，同時我們確實看到汽車、核心工業和通信基礎設施業務持續強勁。

We believe quarter 1 was the trough in our business. And we anticipate the second half of 2023 will be greater than the first half of this year and also the second half of 2023 will grow over the second half of 2022. And this outlook does not contemplate a strong rebound in the consumer IoT business or the Android handset market nor does it assume the retail of the distribution channel to our long-term target of 2.5 months.

我們認為第一季度是我們業務的低谷。我們預計 2023 年下半年將比今年上半年增長，並且 2023 年下半年將比 2022 年下半年增長。而且這一前景並未考慮到消費物聯網業務或物聯網業務的強勁反彈。 Android手機市場也不假設零售分銷渠道達到我們2.5個月的長期目標。

So overall, we will continue to be very, very disciplined, manage what is in our control and stay within our long-term financial model.

因此，總的來說，我們將繼續非常非常自律，管理我們控制範圍內的事情，並保持我們的長期財務模式。

And before I turn the call over to Bill, I'd like to take a moment and thank our automotive processor team for achieving a very significant milestone for the enablement of the software-defined vehicle. At the end of June, NXP takes out the industry's first fully automotive specified safe and secure 5-nanometer vehicle computer. This is a 4 billion transistor multi-core NPU based on an innovative chip architecture that allows the up-integration of new functions and consolidation of existing ECU functions.

在將電話轉給比爾之前，我想花一點時間感謝我們的汽車處理器團隊在實現軟件定義車輛方面實現了一個非常重要的里程碑。 6月底，恩智浦推出業界首款完全車規級安全可靠的5納米車載電腦。這是一款基於創新芯片架構的40億晶體管多核NPU，可以向上集成新功能並整合現有ECU功能。

The vehicle of the future will utilize new software-defined platforms to allow easy upgrades and new features to be added through the vehicle lifetime. Software-defined vehicles get more performance, more reliable, more functional with time instead of degrading as it's the case today.

未來的車輛將利用新的軟件定義平台，以便在車輛的整個生命週期內輕鬆升級並添加新功能。隨著時間的推移，軟件定義的車輛將獲得更高的性能、更可靠、更實用的功能，而不是像今天這樣退化。

In order to achieve this capability, auto OEMs require both flexibility in their compute architecture as well as the opportunity to tap into a broad ecosystem of application developers. At the top of the compute hierarchy in the car is the vehicle computer that runs the vehicle's core services and orchestrates functionality across domains deployed into new (inaudible) processes.

為了實現這一功能，汽車原始設備製造商不僅需要計算架構的靈活性，還需要有機會利用廣泛的應用程序開發人員生態系統。汽車計算層次結構的頂部是車輛計算機，它運行車輛的核心服務並協調部署到新（聽不清）流程中的跨域功能。

With our S32 platform, NXP is the only semiconductor company which offers a complete portfolio to address a wide range of processing requirements across the entire compute hierarchy of the software-defined vehicle.

憑藉我們的 S32 平台，恩智浦成為唯一一家提供完整產品組合的半導體公司，可以滿足軟件定義車輛整個計算層次結構中的各種處理要求。

The challenge the auto OEMs are facing with this transformation is the enablement of both software reuse and software scalability. And NXP's S32 platform addresses that challenge by enabling software reuse both horizontally across domains as well as vertically from low-end micro-controllers, all the way up to the high-performance vehicle computer.

汽車原始設備製造商在這一轉型中面臨的挑戰是實現軟件重用和軟件可擴展性。恩智浦的 S32 平台通過實現軟件的跨域水平重用以及從低端微控制器一直到高性能車載計算機的垂直重用來解決這一挑戰。

Over the last several years, we have engaged with and enabled multiple automotive OEMs in their journey towards the software-defined vehicle. We have continued to receive significant OEM awards, including the new 5-nanometer vehicle computer, which will help accelerate our automotive growth very well beyond 2024.

在過去的幾年裡，我們與多家汽車原始設備製造商合作並幫助他們邁向軟件定義汽車。我們繼續獲得重要的 OEM 獎項，包括新型 5 納米車載計算機，這將有助於加速我們的汽車業務在 2024 年之後的增長。

We are -- and I am really excited to be on this truly transformational journey with the automotive industry. And now I would like to pause -- to pass the call over to you, Bill, for a review of our financial performance.

我們——而且我真的很高興能夠與汽車行業一起踏上這段真正的轉型之旅。現在我想暫停一下，將電話轉給比爾，請您審查我們的財務業績。

Well, thank you, Kurt, and good morning to everyone on today's call. As Kurt has already covered the drivers of the revenue during Q2 and provided the revenue outlook for Q3, I will move to the financial highlights.

好的，謝謝你，庫爾特，今天電話會議上的大家早上好。由於庫爾特已經介紹了第二季度收入的驅動因素並提供了第三季度的收入前景，我將轉向財務要點。

Overall, our Q2 financial performance was very good. Revenue was at the high end of the guidance range in both non-GAAP gross profit and non-GAAP operating profit were above the midpoint of the guidance.

總體而言，我們第二季度的財務業績非常好。收入處於指導範圍的高端，非 GAAP 毛利潤和非 GAAP 營業利潤均高於指導範圍的中點。

Now moving to the details of Q2. Total revenue was $3.3 billion, essentially flat year-on-year, while $99 million above the midpoint of the guidance range. We generated $1.93 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 58.4%, up 60 basis points year-on-year and 20 basis points above the midpoint of the guidance range.

現在轉向第二季度的細節。總收入為 33 億美元，同比基本持平，但高於指導範圍中值 9,900 萬美元。我們實現了 19.3 億美元的非 GAAP 毛利潤，非 GAAP 毛利率為 58.4%，同比增長 60 個基點，比指導範圍中點高 20 個基點。

Total non-GAAP operating expenses were $771 million or 23.4% of the revenue, which is up $47 million year-on-year and up $43 million from Q1. This was at the high end of the guidance range due to our planned annual [merit] expenses and higher variable compensation.

非 GAAP 運營費用總額為 7.71 億美元，佔收入的 23.4%，同比增加 4700 萬美元，較第一季度增加 4300 萬美元。由於我們計劃的年度[績效]費用和較高的可變薪酬，這處於指導範圍的高端。

From a total operating profit perspective, non-GAAP operating profit was $1.16 billion, and non-GAAP operating margin was 35%. This was down 100 basis points year-on-year though above the midpoint of the guidance range, which is a reflection of solid fall-through on the combination of higher revenue, better gross profit, offset by slightly higher operating expenses.

從總營業利潤來看，非 GAAP 營業利潤為 11.6 億美元，非 GAAP 營業利潤率為 35%。儘管高於指導範圍的中點，但同比下降了 100 個基點，這反映出收入增加、毛利潤增加以及運營費用略有增加所抵消，導致業績大幅下滑。

Non-GAAP interest expense was $73 million with non-GAAP income tax provision of $180 million consistent with better profitability, reflecting a non-GAAP effective tax rate of 16.6%. Noncontrolling interest was $6 million and stock-based compensation, which is not included in the non-GAAP earnings, was $102 million. Taken together, this resulted in a non-GAAP earnings per share of $3.43, near the high end of the guidance range.

非 GAAP 利息支出為 7300 萬美元，非 GAAP 所得稅撥備為 1.8 億美元，這與更好的盈利能力相一致，反映了 16.6% 的非 GAAP 有效稅率。非控股權益為 600 萬美元，股票薪酬（不包括在非公認會計原則收益中）為 1.02 億美元。總而言之，非 GAAP 每股收益為 3.43 美元，接近指導範圍的上限。

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 $3.86 billion, down $67 million sequentially due to the cumulative effect of capital returns, offset by lower CapEx investments, working capital needs and cash generation during Q2. The resulting net debt was $7.31 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $5.44 billion. The ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q2 was 1.3x, and the 12-month adjusted EBITDA interest coverage ratio was 18.2x.

轉向我們的現金和債務的變化。第一季度末總債務為 111.7 億美元，與上一季度持平。由於資本回報的累積效應，期末現金頭寸為 38.6 億美元，比上一季度減少 6700 萬美元，但被第二季度資本支出投資、營運資金需求和現金生成的下降所抵消。由此產生的淨債務為 73.1 億美元，本季度結束時，過去 12 個月的調整後 EBITDA 為 54.4 億美元。第二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 利息保障倍數為 18.2 倍。

During Q2, we repurchased $302 million of our shares and paid $264 million in cash dividends. Taken together, we returned $566 million to the owners in the quarter, which represented 102% of non-GAAP free cash flow generated during the quarter and 80% on a trailing 12-month period.

第二季度，我們回購了 3.02 億美元的股票，並支付了 2.64 億美元的現金股息。總的來說，我們在本季度向所有者返還了 5.66 億美元，佔本季度產生的非 GAAP 自由現金流的 102%，佔過去 12 個月期間產生的 80%。

Furthermore, subsequent to the end of Q2, we continue to execute our share repurchase program, buying an incremental $69 million of our shares through Friday, July 21.

此外，在第二季度末後，我們繼續執行股票回購計劃，到 7 月 21 日星期五為止增加了 6900 萬美元的股票。

Now turning to working capital metrics. Days of inventory was 137 days, an increase of 2 days sequentially and distribution channel inventory was 1.6 months or approximately 49 days. When combined, this represents approximately 186 days.

現在轉向營運資本指標。庫存天數為 137 天，比上一季度增加 2 天，分銷渠道庫存為 1.6 個月或約 49 天。合計起來大約為 186 天。

Furthermore, we continue to be laser-focused on tightly controlling our channel inventory levels, while leveraging our balance sheet strength to hold product (inaudible) for quick turnaround as demand materializes. We will only ship products into distribution that has a high likelihood of selling through in the current quarter or is being pre-staged if needed for specific customer deliveries in the next quarter and along with any change in market conditions.

此外，我們繼續專注於嚴格控制我們的渠道庫存水平，同時利用我們的資產負債表實力來持有產品（聽不清），以便在需求實現時快速周轉。我們只會將那些很可能在本季度銷售完畢的產品運送到分銷商，或者如果需要在下個季度為特定客戶交付以及市場條件發生任何變化，則將其預先安排好。

Days receivable were 29 days, down 2 days sequentially. Days payable were 63 days, a sequential decrease of 5 days due to the timing of material receipts. Taken together, the cash conversion cycle was 103 days, an increase of 5 days versus the prior quarter.

應收賬款天數為29天，比上一季度減少2天。應付賬款天數為 63 天，由於材料收貨時間原因，環比減少 5 天。合計而言，現金周轉週期為 103 天，較上季度增加 5 天。

Cash flow from operations was $756 million, and net CapEx was $200 million or 6% of revenue, resulting in non-GAAP free cash flow of $556 million or 17% of Q2 revenue. On a trailing 12-month basis, this represents a 20% free cash flow margin. We continue to be focused on driving non-GAAP free cash flow margin to greater than 25%, a level we have demonstrated in the past and the level we believe we can achieve in the future.

運營現金流為 7.56 億美元，淨資本支出為 2 億美元，佔收入的 6%，因此非 GAAP 自由現金流為 5.56 億美元，佔第二季度收入的 17%。在過去 12 個月的基礎上，這代表著 20% 的自由現金流利潤率。我們繼續致力於將非 GAAP 自由現金流利潤率提高到 25% 以上，這是我們過去已經證明的水平，也是我們相信未來能夠實現的水平。

Turning now to our expectations for the third quarter. As Kurt mentioned, we anticipate Q3 revenue to be $3.4 billion, plus or minus $100 million. At the midpoint of our revenue outlook, this is down about 1% year-on-year and about up 3% versus Q2. Furthermore, given our manufacturing cycle times in the current demand environment, our guidance contemplates maintaining channel inventory at 1.6-month level, though, again, we may move this upward pending improved market conditions and customer requests.

現在轉向我們對第三季度的預期。正如 Kurt 提到的，我們預計第三季度收入為 34 億美元，上下浮動 1 億美元。在我們收入前景的中點，這一數字同比下降約 1%，較第二季度增長約 3%。此外，考慮到我們在當前需求環境下的製造週期時間，我們的指導意見考慮將渠道庫存維持在 1.6 個月的水平，但我們可能會再次上調這一水平，以待市場條件和客戶要求的改善。

We expect non-GAAP gross margin to be flat sequentially at 58.4% plus or minus 50 basis points, as we continue to balance our mix and internal utilizations. However, we do see and expect higher input costs from our suppliers to continue. As a result, we remain focused on mitigating these higher input costs through a combination of productivity and higher prices to our customers.

隨著我們繼續平衡我們的組合和內部利用率，我們預計非 GAAP 毛利率將與上一季度持平，為 58.4%，上下浮動 50 個基點。然而，我們確實看到並預計供應商的投入成本將繼續上升。因此，我們仍然致力於通過提高生產力和向客戶提供更高的價格來降低這些更高的投入成本。

Operating expenses are expected to be $785 million plus or minus about $10 million. Taken together, non-GAAP operating margin will be 35.3% at the midpoint. We expect non-GAAP financial expense to be $67 million and non-GAAP tax rate to be 16.6% of profit before tax.

運營費用預計為 7.85 億美元上下大約 1000 萬美元。總而言之，非 GAAP 營業利潤率為中值 35.3%。我們預計非 GAAP 財務費用為 6700 萬美元，非 GAAP 稅率為稅前利潤的 16.6%。

Noncontrolling interest will be $4 million. And for Q3, we suggest for modeling purposes, you use an average share count of 261.3 million shares and capital expenditures of 7% of revenue. Taken together at the midpoint, this implies a non-GAAP earnings per share of $3.60.

非控股權益將為 400 萬美元。對於第三季度，出於建模目的，我們建議您使用 2.613 億股的平均股數和占收入 7% 的資本支出。按中點計算，這意味著非 GAAP 每股收益為 3.60 美元。

In closing, I would like to highlight the key themes for this earnings cycle. First, from a performance standpoint, we will continue to be disciplined to manage what is in our control and stay within our long-term financial model. Second, Operationally, the Q3 guidance assumes internal factory utilization in the low- to mid-70s range, similar to this past quarter and a level we expect to hold until internal inventory normalizes.

最後，我想強調本財報週期的關鍵主題。首先，從績效的角度來看，我們將繼續嚴格管理我們控制範圍內的事情，並保持在我們的長期財務模式之內。其次，從運營角度來看，第三季度指導假設內部工廠利用率在 70 年代低至中的範圍內，與上一季度類似，並且我們預計在內部庫存正常化之前將保持這一水平。

Lastly, we continue to hold more cash on the balance sheet to enable greater flexibility. Options include reinvestment in the business, continued share repurchases, growth of the dividend and reduced debt levels. Similar to last quarter, we continue to remain active repurchasing our shares.

最後，我們繼續在資產負債表上持有更多現金，以實現更大的靈活性。選項包括業務再投資、持續股票回購、增加股息和降低債務水平。與上季度類似，我們繼續積極回購股票。

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

我現在想將其轉回給接線員詢問問題。

(Operator Instructions) And our first question comes from the line of Gary Mobley with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的加里·莫布里（Gary Mobley）。

Let me be the first to extend my congratulations on good execution. You guys have been consistent in your communication about keeping distribution inventory low and so you see better sell out of the distribution channel. But per your 10-Q filing, your inventory sales were up 13.5% sequentially in the June quarter, and I have to presume that sell out of the distribution channel is up a commensurate amount. So what precisely are you looking at to define better sell, how the distribution channel best trigger taking up that inventory by $500 million?

讓我首先對良好的執行表示祝賀。你們在保持較低分銷庫存的溝通中一直保持一致，因此您會看到分銷渠道的銷售情況更好。但根據你們的 10-Q 報告，你們的庫存銷售額在 6 月季度連續增長了 13.5%，我必須假設分銷渠道的銷售量也相應增長。那麼，您到底在尋找什麼來定義更好的銷售，分銷渠道如何最好地觸發庫存增加 5 億美元？

Yes. Thanks, Gary, also for the feedback. Yes, we have indeed, and that's a good thing, increased our distribution performance in the second quarter, which is also why I said in my prepared remarks that we saw the trough in our consumer exports businesses, which are the main users of that distribution channel already back in Q1. So we went up into Q2.

是的。也謝謝加里的反饋。是的，我們確實提高了第二季度的分銷業績，這是一件好事，這也是為什麼我在準備好的發言中說，我們看到消費出口業務陷入低谷，這些業務是該分銷的主要用戶渠道已經回到第一季度。所以我們進入了第二季度。

However, at the same time, we do not see a real rebound in China. So I think that the main trigger point for us would (inaudible) upper rebound in China, which, in our case, would both be relevant to the Android handset business as well as to the consumer-exposed IoT business.

但與此同時，我們並沒有看到中國出現真正的反彈。因此，我認為我們的主要觸發點將是中國（聽不清）的上行反彈，就我們而言，這既與 Android 手機業務相關，也與消費者接觸的物聯網業務相關。

That hasn't really happened to the extent that we would consider it consistent and persistent enough in order to move up with the distribution inventory. And that's why we try to confirm indeed that all the numbers we just gave you for the guidance contemplates a strict 1.6 again. Still, we may move higher, but then we would also deliver more revenue accordingly. In case we see that rebound in China coming. Today, it's not visible.

這種情況還沒有真正發生到我們認為它足夠一致和持久以提高分銷庫存的程度。這就是為什麼我們試圖確認我們剛剛為您提供的所有指導數字確實再次考慮了嚴格的 1.6。儘管如此，我們可能會走得更高，但隨後我們也會相應地提供更多的收入。萬一我們看到中國的反彈即將到來。今天，它已經看不見了。

That's helpful color. Kurt, I appreciate you dropping breadcrumbs as to how we should think about the second half of the year. And based on those breadcrumbs, we have to infer that your fourth quarter will be flat sequentially. Is that a proper read or is there a possibility of maybe even some sequential growth in the fourth quarter?

這是有用的顏色。庫爾特，我很感謝你就我們應該如何思考下半年的問題提供了一些建議。根據這些麵包屑，我們必須推斷第四季度將連續持平。這是一個正確的解讀嗎？或者第四季度是否有可能出現連續增長？

Gary, I mean, I'll let you draw your conclusions about the fourth quarter, which we don't guide here. But clearly, what I did repeat, and I think I said this last earnings already that the second half is going to be larger than the first half. Now we are adding indeed that the second half is also going to grow over the second half of last year. We don't want to tell it closer than this at this point. It's just hard in the current environment to do so.

加里，我的意思是，我會讓你對第四季度得出結論，我們在這裡不做指導。但顯然，我重複了一遍，我想我已經說過，下半年的收益將比上半年更大。現在我們確實補充說，下半年也將比去年下半年增長。我們現在不想講得比這更接近。只是在目前的環境下，很難做到這一點。

But I think the key point here is that it is really based on 2 separate legs, which are very important to contemplate. One is consistent strength in the Automotive, Core Industrial and Comms-Infra business, pulling -- just continue to pull ahead, while at the same time, we left this trough in the consumer exposed businesses in Q1 behind us, which then also helps in the second half to resume the growth which I was describing. Now for the fourth quarter, specifically, let's see when we get there, how that goes.

但我認為這裡的關鍵點是它實際上是基於兩條獨立的腿，這一點非常值得考慮。一個是汽車、核心工業和通信基礎設施業務的持續強勁，拉動——繼續拉動，同時，我們在第一季度將消費者暴露業務的低谷拋在了身後，這也有助於下半年恢復我所描述的增長。現在具體來說第四季度，讓我們看看我們何時到達那裡，進展如何。

And our next question will come from the line of Joshua Buchalter with TD Cowen.

我們的下一個問題將來自 Joshua Buchalter 和 TD Cowen 的對話。

Congratulations on the results. Last quarter, you called out pockets of inventory at Tier 1s in the auto business from some golden screw issues. I mean clearly, your results don't seem to indicate that this was an issue at all. But could you provide an update on that situation? Did this resolve intra-quarter, still sort of lingering and hanging out there, but you're managing through it? Would be curious to hear how you're seeing things now?

祝賀結果。上個季度，您因一些金螺絲問題而調出了汽車業務一級供應商的部分庫存。我的意思很明確，你的結果似乎根本沒有表明這是一個問題。但你能否提供有關情況的最新情況？這個問題在季度內得到解決了嗎？仍然揮之不去，但你正在克服它嗎？很想知道您現在如何看待事情？

Yes, Joshua. Indeed, it was last earnings that we mentioned that there were about 2, actually, we said European auto Tier 1s, which seem to have some over inventory. In the meantime, this is all contemplated in the guidance you just heard. It is still, I would say, an unstable situation because in the meantime, lead times have largely normalized. So we are back to a much more normal order pattern, which is good after 2.5 years of turmoil from supply challenges.

是的，約書亞。事實上，我們在上次財報中提到，大約有2家，實際上，我們說的是歐洲汽車一級公司，它們似乎有一些庫存過剩。與此同時，這一切都在您剛剛聽到的指導中得到考慮。我想說，這仍然是一個不穩定的情況，因為與此同時，交貨時間已基本正常化。因此，我們回到了更加正常的訂單模式，這在經歷了 2.5 年供應挑戰的動蕩之後是件好事。

At the same time, OEMs are asking very much more strict inventory targets from the Tier 1s, but that hasn't settled in all cases. So what we are, say seeing here is that in several cases, there is a bit of a tense situation between the OEMs, the auto OEMs and the automotive Tier 1s in how much inventory they should actually hold.

與此同時，原始設備製造商要求一級供應商制定更嚴格的庫存目標，但這並沒有在所有情況下得到解決。所以我們在這裡看到的是，在一些情況下，原始設備製造商、汽車原始設備製造商和汽車一級供應商之間在他們實際應該持有多少庫存方面存在著一些緊張的情況。

And that mix with those golden screw left overs is indeed leading to a somewhat uneven situation, which in the end -- and I mean, I've seen this 2, 3 times before in those cycles, it is not the normalization of what we've had to be over the past 2.5 years with not much more normal lead times. And in that sense, I think everything is contemplated. I'd say the situation has normalized relative to what I did say last time.

與那些剩下的金螺絲的混合確實導致了某種不平衡的情況，最終 - 我的意思是，我在這些週期中已經見過這種情況 2、3 次了，這不是我們的正常化過去 2.5 年裡，正常的交貨時間已經不多了。從這個意義上說，我認為一切都是經過深思熟慮的。我想說，相對於我上次所說的情況，情況已經正常化。

Thank you for all the color there and then for my follow-up, I wanted to ask about a comment made towards the end of the prepared remarks. It sounds like you're going to hold utilizations in this 70% range until you get back inventory on books to their target range. I just want to confirm that target range is at 95 days from the Analyst Day. And so does that imply sort of sell-through greater than sell-in in the back half of the year and you're confident you can keep margins at this level as the utilization rates stay in the 70s?

感謝您的所有發言，然後是我的後續行動，我想詢問在準備好的發言結束時發表的評論。聽起來您將把利用率保持在 70% 的範圍內，直到圖書庫存恢復到目標範圍為止。我只是想確認目標範圍是從分析師日起 95 天。那麼，這是否意味著今年下半年的銷售量大於銷售量，並且您有信心在利用率保持在 70 左右的情況下將利潤率保持在這個水平？

Yes. Joshua, this is Bill. A couple of questions in there, mix around. So first, let me talk about utilization. We expect those to be very similar in our Q3 in the mid to low 70s. And again, what we've guided is our improved mix, a bit higher revenues offsetting those utilization very nicely of everything we can see.

是的。約書亞，這是比爾。裡面有幾個問題，混合一下。首先，讓我談談利用率。我們預計這些情況將在 70 年代中後期的第三季度非常相似。再說一次，我們所引導的是我們改進的組合，更高的收入很好地抵消了我們能看到的所有東西的利用率。

On inventory, we expect inventory to go down from a day standpoint internally, assuming the channel stays at the 1.6, right? So we're not counting on those 25 days to deplete our internal inventory, that will be at a later date when we feel confident in the market.

在庫存方面，假設通道保持在 1.6，我們預計內部庫存將從日內下降，對吧？因此，我們並不指望這 25 天來耗盡我們的內部庫存，這將在我們對市場充滿信心的晚些時候進行。

So remember, so we're holding about 25 days of extra inventory internally on our balance sheet and prepared for that. I think overall, longer term, I would say we're more comfortable holding about 105 days, I would call it a bit more normal than the 95-day target that we set about 1.5 years ago.

所以請記住，我們在資產負債表上保留了大約 25 天的內部額外庫存，並為此做好了準備。我認為總體而言，從長遠來看，我們更願意持有大約 105 天，我認為它比我們大約 1.5 年前設定的 95 天目標更正常。

We've learned a lot over the last couple of years. And it's just good to have a little bit more inventory, so you can really churn those -- any orders inside the quarter under lead times and be able to upside revenue. And clearly, we've demonstrated that in the past 2 quarters by upsizing our revenue, having the material in our [Di-bank] and being able to fast turn them through our back end and deliver. So the team is doing a great job here.

過去幾年我們學到了很多東西。擁有更多的庫存是件好事，這樣你就可以真正地攪動這些訂單——在交貨期內的季度內的任何訂單，並能夠增加收入。顯然，我們在過去兩個季度中通過增加收入、將材料存放在我們的[Di-bank]中並能夠通過我們的後端快速轉移和交付來證明了這一點。所以團隊在這裡做得很好。

And our next question will come from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Ross Seymore。

Kurt, first one for you. I just want to dig a little deeper into the automotive side. People have been waiting for another shoe to drop in that space for a couple of years' time. And you guys have been kind of flat-to-up solidly on a sequential basis and much better than that on a year-over-year basis for nearly 4 quarters now, including your guide.

庫爾特，第一個給你的。我只是想更深入地了解汽車方面。幾年來，人們一直在等待另一隻鞋子落入這個空間。你們在連續四個季度的基礎上一直表現穩定，並且比去年同期要好得多，包括你們的指南。

So I just wanted to go into the covers, are you still limited by supply? If I put the content together with some unit growth, you don't seem to be doing anything better than SAAR right now. So just if you could go into where supply and demand are relative to one another, content gains, any of those sorts of details would be great.

所以我只是想深入了解一下，你們的供應仍然受到限制嗎？如果我把內容和一些單位增長放在一起，你現在似乎沒有做任何比 SAAR 更好的事情。因此，如果您能夠了解供應和需求之間的相對關係、內容增益等任何此類細節都會很棒。

Yes. Thanks, Ross. I'm happy to do so. But let me maybe just respond to the initial part of the question on the shoe to drop in Automotive. I think the shoe just fits, we just don't see it dropping because things are largely normalized by now, which means, indeed, we only have a few actually stubborn pockets of supply constraints left.

是的。謝謝，羅斯。我很高興這樣做。但讓我也許只是回答有關汽車領域鞋子問題的最初部分。我認為這雙鞋很合腳，我們只是沒有看到它下降，因為現在情況基本上已經正常化，這意味著，事實上，我們只剩下一些實際上頑固的供應限制。

But in the bigger scheme of things, I mean, they are nasty for customers from a revenue perspective or from an order size perspective, those are actually quite small. So this whole idea of a totally overstated backlog or huge inventory build, I mean, that's behind us. We've been working through this over the last 3 quarters.

但從更大的角度來看，我的意思是，從收入角度或從訂單規模角度來看，它們對客戶來說是令人討厭的，這些實際上很小。因此，我的意思是，完全誇大積壓或巨大庫存建設的整個想法已經過去了。過去三個季度我們一直在努力解決這個問題。

The automotive industry situation, in my view, is actually surprisingly good. I say surprisingly because when you remember back to the SAAR forecast at the beginning of the year, they were more in the 3% range. I think last quarter, we talked about 4%. We keep quoting S&P and now they say 5%. And that's also the numbers which are being reported from the different regions.

在我看來，汽車行業的形勢實際上是出奇的好。我說令人驚訝是因為當你回想起年初的 SAAR 預測時，它們更多地在 3% 的範圍內。我想上個季度我們談到了 4%。我們一直引用標準普爾，現在他們說 5%。這也是不同地區報告的數字。

So SAAR itself is on a solid part for this year. Yes, it still only returns then for the full year with 87 million units to a number which is still lower than the 2019 peak volume. The more important part of it, obviously, is the part, how many electric vehicles and hybrid vehicles are amongst that. And also, they're very consistent.

因此，SAAR 本身今年的表現非常出色。是的，全年銷量仍然只有 8700 萬台，這個數字仍然低於 2019 年的峰值銷量。顯然，其中更重要的部分是其中有多少電動汽車和混合動力汽車。而且，它們非常一致。

Any forecast we have said that about 1/3 of the global stated here is going to be either hybrid or fully electric vehicles, which is a 31% year-on-year growth in absolute terms of those kind of vehicles, which from a content increase perspective is, of course, a fantastic opportunity for the semiconductor business. So also here, nothing to worry about.

我們曾說過，全球約 1/3 的汽車將是混合動力或全電動汽車，此類汽車的絕對值同比增長 31%，從內容來看當然，增加前景對於半導體業務來說是一個絕佳的機會。所以這裡也沒什麼好擔心的。

Now the whole turmoil, I would say, which clearly we have been witnessing is in the supply chain. There was this complete supply crisis over a very extended period of time, which is totally drained supply chain, which has now normalized.

我想說，現在我們所目睹的整個混亂是在供應鏈中。這場完整的供應危機持續了很長一段時間，供應鏈完全耗盡，現在已經正常化。

And then with the golden screw that normalization has been a bit uneven in cases, but I think that's all coming to a point that things are more normal. Now when you say growing just around SAAR, well, we look at our trailing 12 months growth, which I think sits at 12% currently with the guidance for Q3, which is pretty fine. I mean this is exactly where it needs to be.

然後，隨著金螺絲的出現，正常化在某些情況下有點不平衡，但我認為一切都已經到了事情變得更加正常的地步。現在，當你說圍繞 SAAR 增長時，好吧，我們看看過去 12 個月的增長，我認為根據第三季度的指導，目前增長為 12%，這相當不錯。我的意思是，這正是它需要的地方。

And if you look back over the last 10 years, there has never been one quarter, which is showing the mathematical formula of SAAR plus content increase. I mean that just never happens. It always moves around the quarter. So I'd say with more normal lead times now, things are in the right place.

而如果你回顧過去10年，從來沒有一個季度是呈現SAAR加含量增長的數學公式。我的意思是這種事永遠不會發生。它總是圍繞季度移動。所以我想說，現在交貨時間更加正常，一切都在正確的位置。

I guess for my follow-up, one on the gross margin side for Bill. You guys have done a great job. You're at the high end of your long-term target for your last analyst meeting, and you've done that while mix is moving around and utilization is low to the extent we focus on the mix side of that equation.

我想我的後續行動是針對比爾的毛利率方面的。你們做得很好。您在上次分析師會議上處於長期目標的高端，並且您已經做到了這一點，而混合正在移動並且利用率低到我們專注於該等式的混合方面的程度。

When you talk about mix being a tailwind, is that between your segments that you're referring to? And if it is, if those segments start to normalize at some point, your Industrial IoT business grew very fast in this last quarter, you're guiding for the next quarter of the Mobile business to come back, does mix become less of a tailwind? And if so, how do you handle that? And how does it show itself on gross margin?

當您談到混合是一種順風時，您指的是您的細分市場之間的混合嗎？如果是的話，如果這些細分市場在某個時候開始正常化，您的工業物聯網業務在上個季度增長得非常快，您正在指導下個季度的移動業務捲土重來，混合是否會變得不那麼順風順水？如果是這樣，你如何處理？它的毛利率如何表現？

Sure. Thank you, Ross. And let me try to share additional color for our gross margin performance for Q2. The guidance we just provided, talked about the next several quarters of what we can see after Q3 and even more longer term, so beyond the next year.

當然。謝謝你，羅斯。讓我嘗試分享第二季度毛利率表現的更多信息。我們剛剛提供的指導討論了第三季度之後我們可以看到的未來​​幾個季度，甚至更長遠的情況，所以超出了明年。

And again, for Q2, the guidance, we did slightly better because of that product mix. Now if you look at our distribution, distribution represented about 51% of our sales, and this is up nicely from 48%. And again, distribution long-tail has higher margin, lower volume type of customers and richer mix. And again, still not where it used to be more in the mid-50s.

同樣，對於第二季度的指導，由於產品組合，我們做得稍好一些。現在，如果你看一下我們的分銷，就會發現分銷約占我們銷售額的 51%，比 48% 大幅上升。同樣，分銷長尾具有更高的利潤、更少的客戶類型和更豐富的組合。再說一遍，仍然沒有達到 50 年代中期的水平。

So this kind of is offsetting us very nicely as we really work our internal inventories down and adjust our foundry purchase orders, it just takes time to do that. And so we feel good at the right balance these 2 offsetting each other.

因此，這種情況很好地抵消了我們的影響，因為我們確實減少了內部庫存並調整了我們的代工廠採購訂單，只是需要時間來做到這一點。因此，我們感覺很好地平衡了這兩者，相互抵消。

Q3 guidance, more of the same. And again, as I mentioned earlier, in another question, a response to a question is, I think, and we are planning for inventory days to go below the current levels as we get that back into control and improve our free cash flow.

第三季度指導，更多相同。再次，正如我之前在另一個問題中提到的，我認為對一個問題的回答是，當我們重新控制並改善我們的自由現金流時，我們計劃將庫存天數降至當前水平以下。

Now beyond Q3 and next several quarters, we expect to, I'd say, remain at the high end of the gross margin model of 58% plus or minus 50 basis points. And again, mix, I believe, is more of a tailwind, not as a headwind, because of distribution, we're really focusing on that long tail, and we expect that to really kick in as we continue to go forward.

現在，在第三季度和接下來的幾個季度之後，我想說，我們預計將保持在 58% 正負 50 個基點的毛利率模型的高端。再說一次，我相信，混合更多的是順風，而不是逆風，因為分佈，我們真正關注的是長尾，我們預計隨著我們繼續前進，它會真正發揮作用。

Now much longer term, so think about beyond next year, I would say our ambitions are to see gross margins to expand further, driven by higher revenues. You have to remember, this falls through on our 30% fixed cost structure that we have talked about. We should see productivity gains, especially when returning our utilization rates to more optimal levels. So more back to that 85%.

從長遠來看，考慮到明年以後，我想說我們的目標是在收入增加的推動下看到毛利率進一步擴大。你必須記住，這在我們討論過的 30% 固定成本結構中是失敗的。我們應該看到生產力的提高，特別是當我們的利用率恢復到更優化的水平時。所以更多地回到那 85%。

I would say we plan to focus on growing that [long-term] customers, which again are those lower volume, but higher margin business. And lastly, you've heard us talk about this, our new product introductions become accretive over the long term as they ramp up, it just takes time.

我想說，我們計劃專注於發展[長期]客戶，這又是那些銷量較低但利潤率較高的業務。最後，您已經聽我們談論過這一點，從長遠來看，我們的新產品推出會隨著它們的增加而增加，這只是需要時間。

So overall, we feel quite good to improve gross margins over the longer term above the current levels. Obviously, in the next couple of quarters, we think we'll be in this ZIP code of what we just shared.

因此，總體而言，我們認為從長遠來看，將毛利率提高到當前水平以上是非常好的。顯然，在接下來的幾個季度中，我們認為我們將處於我們剛剛分享的這個郵政編碼中。

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

我們的下一個問題來自史黛西·拉斯貢·伯恩斯坦研究中心。

First one, I had some more questions on the disti sales. I'm a little bit confused. So the disti sales weren't up, but the months didn't change. So that means the sell-out was equal to the increase in sell-in, but that's not a recovery. I guess can you explain that? And what are you assuming the disti sales doing Q3 in sell-in and sell-out in order to keep that -- the month of inventory flat in Q3?

第一個，我還有一些關於分銷銷售的問題。我有點困惑。因此，分銷銷量沒有增加，但月份沒有變化。因此，這意味著售出量等於售入量的增加，但這並不是複蘇。我想你能解釋一下嗎？為了保持第三季度庫存持平，您假設第三季度的分銷商銷售情況如何？

So Stacy, let me take that one. So selling was up, sell-through was up, that's the only way you can balance that 1.6. So that's what the math is. In Q3, we expect, again, our distribution sales as a percentage of how we service our customers to be up again.

那麼史黛西，讓我來拿那個吧。所以銷量上升了，銷售率上升了，這是平衡 1.6 的唯一方法。這就是數學的意義。在第三季度，我們再次預計我們的分銷銷售額占我們為客戶提供服務的百分比將再次上升。

Okay. So how is that not a recovery though? I mean you talked about you didn't think that, that was a recovery. So this is like a few quarters now where it looks at the sell-through is going up.

好的。那麼，這怎麼可能不是複蘇呢？我的意思是你談到你不認為這是一種康復。所以這就像幾個季度以來銷售量正在上升一樣。

We've talked about a normal steady recovery, but no sharp rebounds that many are anticipating specifically out of China.

我們已經談到了正常的穩定復甦，但並沒有出現許多人特別預期的中國的大幅反彈。

Got it. For my second question, I want to follow up on just -- it was an offhand comment you just made in front of one of the other questions. You talked about controlling your internal inventories and adjusting your foundry purchase orders. What did that last statement mean, you're reducing your foundry purchase orders in order to help bring your internal inventories down?

知道了。對於我的第二個問題，我想跟進一下——這是您剛剛在其他問題之一之前發表的即興評論。您談到了控制內部庫存和調整鑄造廠採購訂單。最後一句話是什麼意思，您正在減少代工廠採購訂單以幫助降低內部庫存？

No. It's -- again, as you can imagine, 6 months ago, we had foundry purchase orders, we have internal utilizations that we're in, I don't know, in the 90s, right? So naturally, as we adjust our inventory levels to real demand we adjust both those levers. I mean that's just normal business.

不，正如你可以想像的那樣，6 個月前，我們有代工廠採購訂單，我們有內部利用率，我不知道，在 90 年代，對嗎？因此，當我們根據實際需求調整庫存水平時，我們自然會調整這兩個槓桿。我的意思是這只是正常的生意。

Got it. I guess I'm confused at like your utilizations are in the 70s and your gross margins are at the peak. And I mean before your -- your gross margin got anywhere closer, your utilizations were probably in the 90s. Is that just overall higher revenues or is it -- I mean, because disti sales are lower, I guess -- how are you actually getting the margins to where they are (inaudible) utilizations are?

知道了。我想我很困惑，因為你們的利用率在 70 年代，而你們的毛利率卻處於峰值。我的意思是，在你的毛利率變得更接近之前，你的利用率可能在 90 年代。這只是總體收入增加還是——我的意思是，因為我猜分銷渠道的銷售額較低——你實際上是如何將利潤率提高到利用率（聽不清）的水平的？

Sure. I think there's a combination of tailwinds offsetting those -- that internal utilization. First off, the internal utilization in our factory footprint is much lower than it was 3 or 4 or even 6 years ago during different cycles. We're talking about 30% fixed cost structure, much lower than the past as we source 60% externally.

當然。我認為有多種有利因素抵消了這些因素——內部利用率。首先，我們工廠佔地面積的內部利用率在不同周期比3年前、4年前甚至6年前要低得多。我們談論的是 30% 的固定成本結構，遠低於過去，因為我們 60% 是從外部採購的。

The mix of our products, the quality of our portfolio have improved. And so you can see as we work through this cycle, distribution was quite low, and I continue to repeat on this, distribution represents the long tail, which carries a richer mix because it's low volume compared to more of your direct customers, which tend to be higher volumes and a bit lower margin.

我們的產品組合和產品組合的質量都得到了改善。因此，您可以看到，當我們完成這個週期時，分銷量相當低，我繼續重複這一點，分銷代表著長尾，它帶來了更豐富的組合，因為與更多直接客戶相比，它的數量較低，而直接客戶傾向於更高的銷量和更低的利潤。

There's really no difference between segment mix. We really looked at product mix because all the segments are very close to the corporate average. That's what we drive. So we feel very comfortable where we are with these utilization rates to focus on our free cash flow and bring in slightly little bit of that back in balance. Again, we're holding 25 days of that distribution inventory and then maybe we'll get another 5 or 10 days internally to get that back into balance, and we feel very comfortable to support the growth of our long-term business. But I would say we have quite a number of tailwinds and headwinds that can offset each other.

分段混合之間確實沒有區別。我們確實關注了產品組合，因為所有細分市場都非常接近公司平均水平。這就是我們所駕駛的。因此，我們對目前的利用率感到非常滿意，可以專注於我們的自由現金流，並稍微恢復平衡。同樣，我們持有 25 天的分銷庫存，然後我們可能會在內部再獲得 5 或 10 天的時間來恢復平衡，我們非常樂意支持我們長期業務的增長。但我想說，我們有很多可以相互抵消的順風和逆風。

And our next question will come from the line of Vivek Arya with Bank of America Securities.

我們的下一個問題將來自美國銀行證券公司的 Vivek Arya。

Kurt, how is NXP's content different in a hybrid or full EV versus a traditional (inaudible) ? And I ask that because when I look at your automotive business, so you mentioned it's up about 12%, 13% in the first half, but it is slowing down towards kind of the mid-single digit range in Q3. So when we compare that against a SAAR production level that is quite decent, then we also add in some of the pricing tailwinds and some of the content tailwinds, wouldn't that suggest your automotive sales should be growing faster at this point? So just curious, how does that hybrid versus ICE mix play into how you look at your automotive sales growth?

Kurt，恩智浦的混合動力或全電動汽車內容與傳統（聽不清）有何不同？我之所以這麼問，是因為當我查看你們的汽車業務時，你們提到上半年增長了約 12%、13%，但在第三季度正在放緩至中個位數範圍。因此，當我們將其與相當不錯的 SAAR 生產水平進行比較時，然後我們還添加了一些定價順風和一些內容順風，這是否表明您的汽車銷售此時應該增長得更快？所以只是好奇，混合動力與內燃機的混合如何影響您如何看待汽車銷售增長？

Yes. Thanks, Vivek. So the content or our exposure to electric and hybrid vehicles is extremely accretive to us. And that is products which are specific to the electric drive train like battery management and gate drivers for inverter control, et cetera. But it is also a lot of other products which are pulled into electric vehicles because they tend to be much richer when it comes to electronic features in the ADAS and body and comfort world, so highly accretive to NXP.

是的。謝謝，維韋克。因此，這些內容或我們對電動和混合動力汽車的接觸對我們來說是非常有益的。這是特定於電力傳動系統的產品，例如電池管理和用於逆變器控制的柵極驅動器等。但也有很多其他產品被引入電動汽車，因為它們在 ADAS 以及車身和舒適領域的電子功能方面往往更加豐富，這對恩智浦來說非常有利。

Now what you try to do Vivek just doesn't work, you can never take a single quarter and compare the SAAR, which you see, to our revenue. The products which are now getting into cars, we probably shipped 2 quarters ago, maybe in some cases, longer. It's a very deep supply chain, which has been the whole reason for the drama over the last 2.5 years.

現在，Vivek 你嘗試做的事情根本行不通，你永遠無法用一個季度的時間來將你看到的 SAAR 與我們的收入進行比較。現在進入汽車的產品，我們可能在兩個季度前發貨，在某些情況下可能更長。這是一個非常深入的供應鏈，這也是過去 2.5 年發生的戲劇性事件的全部原因。

So it doesn't work that way. It's not like mobile, where we ship and then it sits in the smartphone 4 weeks later. That's not the rhythm and the cadence in automotive. So some of this on a more, say, normalized basis over several quarters certainly has to do that finally the supply chain is now stabilizing, which is a good thing. So we are very happy with how it's moving because it looks like the drama comes behind us, while at the same time, we are now in a position -- and that's very different to pre-crisis days, we are in a position now to have much longer-term demand and supply assurance programs in place with our customers, which means we have a much longer forward visibility on our revenue stream and on our required products.

所以它不會那樣工作。它與移動設備不同，我們先發貨，然後 4 週後將其安裝到智能手機中。這不是汽車行業的節奏和節奏。因此，在幾個季度的正常化基礎上，其中一些肯定必須做到這一點，最終供應鏈現在趨於穩定，這是一件好事。因此，我們對它的進展感到非常滿意，因為看起來戲劇性的事情已經過去了，而與此同時，我們現在處於一個位置——這與危機前的日子非常不同，我們現在處於一個位置與我們的客戶制定了更長期的需求和供應保證計劃，這意味著我們對我們的收入流和我們所需的產品有更長期的預見性。

Got it. And then, Kurt, on -- as the supply environment in automotive normalizes, how are the discussions with your customers changing as you look over the next 3, 4 quarters? Are they less willing to accept higher prices? Are they less willing to take on and hold inventory than they did in the past? Like how is this environment going to transition as we go from a very supply-constrained environment to something that is more towards a normal environment?

知道了。然後，Kurt，隨著汽車供應環境的正常化，您展望未來 3、4 個季度，與客戶的討論會發生怎樣的變化？他們是否不太願意接受更高的價格？他們是否比過去更不願意接受和持有庫存？就像當我們從供應非常有限的環境轉變為更接近正常環境時，這種環境將如何轉變？

I have to repeat what I said last call because that really hasn't changed from that perspective. Our pricing follows the increased input costs and unfortunately, we continue to have increased input costs through this year. So NXP pricing, including Automotive, will be up this year.

我必須重複我上次通話中所說的話，因為從這個角度來看，這確實沒有改變。我們的定價遵循投入成本的增加，不幸的是，今年我們的投入成本繼續增加。因此，恩智浦今年的定價（包括汽車領域）將會上漲。

For next year, we see the same signs again of increasing input costs. A few other elements in our input costs seem to look a little bit better for next year. So it's hard for me to say what exactly the mix of our manufacturing and input cost is going to be next year. If it is up again and unfortunately, there are signs it could be up again, then we will follow the same policy we have so far.

明年，我們再次看到投入成本增加的相同跡象。明年我們的投入成本中的其他一些因素似乎會好一些。因此，我很難說明年我們的製造和投入成本到底會是多少。如果它再次上漲，並且不幸的是，有跡象可能再次上漲，那麼我們將遵循迄今為止的相同政策。

And you know it will be accepted, Vivek, because our product, especially in automotive, where I think your question is going to, is unique. It is, in most cases, anyway not replaceable on the short-term. So there is no -- this whole idea of it is a commodity product and if the price doesn't sit where it should sit somebody else gets the socket, that doesn't work in that industry.

你知道它會被接受，Vivek，因為我們的產品，特別是在汽車領域，我認為你的問題將是獨一無二的。在大多數情況下，無論如何，它在短期內是不可替代的。因此，整個想法是一種商品，如果價格沒有達到應有的水平，其他人就會獲得插座，這在該行業是行不通的。

It's actually much more the opposite through what we've done over the last 2, 3 years. We have a much bigger number of very long-term agreements with our customers on demand assurance which is to our benefit, but we also signed up for supply assurance to their benefit, which is a pretty symmetric model. But that model avoids actually any short-term fluctuations which you are probably questioning here.

事實上，我們過去兩三年所做的事情恰恰相反。我們與客戶簽訂了更多數量的長期協議，要求提供保證，這對我們有利，但我們也簽署了供應保證，以保證他們的利益，這是一個相當對稱的模型。但該模型實際上避免了您可能在這裡質疑的任何短期波動。

And our next question comes from the line of Francois Bouvignies with UBS.

我們的下一個問題來自瑞銀集團的弗朗索瓦·布維尼 (Francois Bouvignies)。

I have 2 quick questions. The first one is on the automotive. And Kurt, I think you have been very clear on the solid outlook for Automotive. I just wanted to check on the all the behavior that you have in Automotive in a way that you don't see anything on the P&L side, but I assume you have a significant backlog still to normalize? And what we are seeing in the auto OEM side is like the orders is coming down rather sharply also on the EV side of things, probably some macro impact there. But I just wanted to check with you if you see any impacts on the order behavior, although it doesn't impact your P&L because of your backlog yet. Is there anything happening on these orders that you see coming through?

我有兩個簡單的問題。第一個是關於汽車。庫爾特，我認為您對汽車行業的光明前景非常清楚。我只是想檢查您在汽車領域的所有行為，但您在損益方面看不到任何內容，但我認為您仍有大量積壓需要正常化？我們在汽車原始設備製造商方面看到的情況是，電動汽車方面的訂單也大幅下降，可能會受到一些宏觀影響。但我只是想與您核實一下您是否發現訂單行為受到任何影響，儘管由於您的積壓，這不會影響您的損益。您認為這些訂單有什麼進展嗎？

Francois, thanks for the question. I actually I like the question because it helps me to clarify something. We never worked on the backlog. We never had that concept of looking at a big backlog, which is like pent-up demand and then working it down. We did these NCNR agreements, which we continue to do with our customers in order to have a long-term perspective on what the true demand is. Nothing about backlog, it's really about true demand and how we can best serve that over an extended period of time.

弗朗索瓦，謝謝你的提問。實際上我喜歡這個問題，因為它可以幫助我澄清一些事情。我們從未處理過積壓的工作。我們從未有過查看大量積壓訂單的概念，這就像被壓抑的需求，然後將其解決。我們簽訂了這些 NCNR 協議，並將繼續與客戶簽訂這些協議，以便從長遠角度了解真正的需求是什麼。與積壓無關，這實際上是關於真正的需求以及我們如何在較長時間內最好地滿足該需求。

So therefore, no, there is no negative or positive impact from working down the backlog that has normalized already. So we -- it's not that we currently benefit from a backlog which has worked down, which would be larger than the true demand. We don't have that. That's behind us. We -- maybe we had a bit of this in the first quarter, but that's behind us.

因此，減少已經正常化的積壓工作不會產生任何負面或正面影響。因此，我們目前並不是從積壓訂單中受益，積壓訂單已經減少，這將大於真正的需求。我們沒有那個。那是在我們身後。我們——也許我們在第一季度就遇到過這樣的情況，但那已經過去了。

I would rather say I'm not -- I cannot completely see what you said about the negative macro impact on automotive. So clearly, I agree with you on the one hand that, of course, the macro is very uncertain, and there is a lot of concerns about consumer behavior. At the same time, if you look at the fact then as I said earlier, the SAAR for this year is consistently every quarter upgraded. So it's now at a 5% growth forecast for this year, that's not NXP, it's third-party research companies.

我寧願說我不是——我不能完全理解你所說的對汽車的負面宏觀影響。很明顯，我一方面同意你的觀點，當然，宏觀經濟非常不確定，而且對消費者行為有很多擔憂。與此同時，如果你看一下事實，正如我之前所說，今年的 SAAR 每個季度都會持續升級。所以現在預測今年增長 5%，這不是恩智浦，而是第三方研究公司。

The electrification penetration is consistent with what people said before and I just checked this data yesterday, the dealer inventories are now below the long-term average in China. So they are lower than what they used to be. In the U.S., they are lower than what they used to be. Only in Europe, dealer inventories apparently have kind of normalized now.

電動化滲透率和之前人們說的一致，我昨天剛剛查了這個數據，經銷商庫存現在低於中國的長期平均水平。所以他們的水平比以前要低。在美國，它們比以前要低。僅在歐洲，經銷商庫存現在顯然已趨於正常化。

So while I totally agree with you that the macro is certainly not a great place to be currently. But the auto comes consumption per se is actually not in the bad shape. Maybe some OEMs were much more ambitious in the first place, that may be, but if you look at the numbers, which are actually happening month-on-month and quarter-on-quarter, it's not degrading.

因此，雖然我完全同意你的觀點，但目前宏觀經濟肯定不是一個好地方。但汽車消費本身的狀況其實並不差。也許一些原始設備製造商一開始就雄心勃勃，但如果你看看這些數字，這些數字實際上是按月和按季度發生的，這並沒有降低。

Very clear. My quick follow-up would be on the pricing. Obviously, it's concern for investors, I mean at least a big focus. And we are seeing some sort of pocket of pricing pressure from local Chinese for vast range of product. So I was wondering, you talked about the input cost increasing and that's putting the pricing up for your business. How do you see the behavior of some local Chinese or some discount that we see?

非常清楚。我的快速跟進是定價。顯然，這是投資者的擔憂，我的意思是至少是一個很大的關注點。我們看到中國當地的各種產品都面臨著某種定價壓力。所以我想知道，您談到投入成本增加，這導致您的業務定價上漲。您如何看待一些當地中國人的行為或我們看到的一些折扣？

It seems to be on the low-end side of the spectrum, but just wondering if you see anything on your side? And maybe it would be great to have a quantification of how much of your business you would consider as low end versus high end, maybe would be very helpful?

它似乎處於光譜的低端一側，但只是想知道您是否看到了您這邊的東西？也許如果能夠量化您的業務中有多少是低端業務與高端業務，也許會很有幫助？

Yes. I mean there was already a quarter ago that some of our peers apparently spooked the market a bit with this -- with what you say. I mean we -- I can only report here what we are witnessing -- the only 1 place where we see more extended pricing pressure is low-end micro controllers in China. Which is something which we have almost abandoned already a while ago. I mean we are still witnessing it because it's, of course, we speak to our distribution partners there and the end customers.

是的。我的意思是，一個季度前，我們的一些同行顯然已經用你所說的這件事嚇壞了市場。我的意思是，我們——我只能在這里報告我們所目睹的情況——我們看到更大的價格壓力的唯一一個地方是中國的低端微控制器。這是我們不久前幾乎已經放棄的東西。我的意思是，我們仍在見證這一點，因為當然，我們與那裡的分銷合作夥伴和最終客戶進行了交談。

But that's not a place where NXP ever really wanted to be because the main philosophy of our business is to be differentiated by product, by the product value and its performance and its specification. So wherever we would be in something you call low-end or a commoditized replaceable product, it's actually not a place where NXP is normally operating.

但這並不是恩智浦真正想要的地方，因為我們業務的主要理念是通過產品、產品價值及其性能和規格來實現差異化。因此，無論我們身處什麼所謂的低端產品或商品化的可替代產品，實際上都不是恩智浦正常運營的地方。

Now that doesn't mean it's 0, Francois, because things over time might commoditize. So we are always having some of this. I cannot quantify it, but it's actually quite small because the whole philosophy of NXP is to not compete on price.

弗朗索瓦，這並不意味著它是 0，因為隨著時間的推移，事物可能會商品化。所以我們總是有一些這樣的東西。我無法量化它，但它實際上很小，因為恩智浦的整個理念是不進行價格競爭。

And our next question will come from the line of C.J. Muse from Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 C.J. Muse。

I guess, Kurt, I was hoping you could spend a little time discussing the trends that you're seeing in China, whether there's any green shoots at all, whether it's NIO and BYD or Android or other? Would love to hear your thoughts?

我想，庫爾特，我希望你能花一點時間討論一下你在中國看到的趨勢，是否有任何新芽，無論是蔚來和比亞迪還是安卓還是其他？想听聽您的想法嗎？

Yes. Thanks, C.J. I'm hesitating a little because I wish I could say we see the rebound, which maybe everybody was hoping for. And bottom line is what -- I will give you a few more details, but we don't see a rebound. And that's also not contemplated in any of our numbers or remarks. Now in our specific case, I would maybe highlight 2 things. We have a strong feeling that at least in the Android space, the over inventory, which we might have had with our customers is worked down.

是的。謝謝，C.J。我有點猶豫，因為我希望我能說我們看到了反彈，這也許是每個人都希望的。最重要的是——我會向您提供更多細節，但我們沒有看到反彈。我們的任何數字或評論中也沒有考慮到這一點。現在，在我們的具體案例中，我可能會強調兩件事。我們強烈感覺到，至少在 Android 領域，我們與客戶可能存在的庫存過剩問題已經得到解決。

So it looks like that our exposure to Android phones is now such that if there is a demand increase from the consumer side, we will immediately have it also in our numbers. No more inventory sitting there, which -- and that could be company specific. So I can only say that for NXP. At the same time, we don't see a massive pickup in Android. But I'm sure our peers which have much more exposure to the China handset market will provide more clarity in this during the next calls in the next couple of days.

因此，看起來我們現在對 Android 手機的接觸程度是這樣的：如果消費者方面的需求增加，我們也會立即將其納入我們的數據中。不再有庫存存在，這可能是公司特定的。所以我只能對NXP這麼說。與此同時，我們並沒有看到 Android 的大幅增長。但我確信，我們的同行在中國手機市場上有更多的接觸，將在未來幾天的下一次電話會議中提供更清晰的信息。

The other side is, indeed, in Automotive, we are nicely exposed to those electric car companies, which, in my view, will be the winners in China and maybe to an extent globally. I don't know to what extent they will be able to do this globally, but certainly in China, companies like BYD potentially going forward also NIO will grow share. And our exposure to them is very nice because they have a tendency to pick up newer products much faster than the Western car companies.

另一方面，事實上，在汽車領域，我們很好地接觸到了那些電動汽車公司，在我看來，這些公司將成為中國乃至全球範圍內的贏家。我不知道他們在全球範圍內能做到什麼程度，但可以肯定的是，在中國，像比亞迪這樣的公司未來可能也會增加蔚來的份額。我們與他們的接觸非常好，因為他們傾向於比西方汽車公司更快地獲得新產品。

So on average, we have a much newer part of our portfolio in those companies, which sits at higher [ASPs], which is why we benefit from their success to a much higher rate than we would with competitors from the West, given the portfolio exposure we have. So that's a good thing.

因此，平均而言，我們在這些公司的投資組合中擁有更新的部分，它們的[ASP]更高，這就是為什麼我們從他們的成功中受益，其受益率比西方競爭對手高得多，考慮到投資組合我們擁有的曝光度。所以這是一件好事。

And they seem to be on a good road. So I dare to say that China electric automotive is in a good place. It's developing nicely. Finally, the much more hard-to-grasp consumer IoT world, which we are serving in China, we had nice sequential increase from Q1 into Q2. And when you look at our guidance into quarter 3, which in Industrial IoT is again some sequential increase, that also comes from China consumer IoT.

他們似乎走在一條美好的道路上。所以我敢說中國電動汽車處於一個很好的位置。發展的很好啊最後，我們在中國服務的更難以掌握的消費者物聯網世界，從第一季度到第二季度我們實現了良好的連續增長。當您查看我們對第三季度的指導時，工業物聯網領域再次出現了一些環比增長，這也來自中國消費者物聯網。

So it is gradually increasing. However, I wouldn't call it a rebound, and that goes back to the whole discussion we had earlier about when do we start to refill the channel? The signals we have currently are not strong enough to justify that. So it's still a very mixed picture, C.J.

所以是逐漸增加的。然而，我不會稱之為反彈，這可以追溯到我們之前關於何時開始重新填充通道的整個討論。我們目前掌握的信號還不足以證明這一點。所以這仍然是一個非常複雜的情況，C.J.

Very helpful. As my follow-up, and I don't know if it's for Kurt or Bill, but Tier 2 foundry pricing has definitely weakened over the last few months. And just curious, are you seeing that potentially spread to the Tier 1s? And is that loosening up way for pricing for you at all in any of your markets?

很有幫助。作為我的後續行動，我不知道是針對 Kurt 還是 Bill，但二級代工定價在過去幾個月里肯定有所減弱。只是好奇，您是否看到這種情況有可能蔓延到一級？在您的任何市場中，這種定價方式是否對您來說是寬鬆的？

Yes. So I would confirm that Tier 2s have shown that behavior, absolutely. The trouble is it doesn't help us much because most of our Tier 1 and Core Industrial and Automotive customers don't want product from these sources. So for a larger majority of our input costs that hasn't helped. Will it spread to the Tier 1 foundries? You go ask them, C.J. I don't know. I would be really speculating here, which I can't. We don't have signs of that yet.

是的。因此，我確認二級供應商絕對已經表現出這種行為。問題是它對我們沒有多大幫助，因為我們的大多數一級和核心工業和汽車客戶不想要這些來源的產品。因此，對於我們大部分的投入成本來說，這並沒有幫助。它會蔓延到一級代工廠嗎？你去問他們吧，C.J。我不知道。我真的會在這裡猜測，但我不能。我們還沒有任何跡象。

Norma, we'll take 1 last question here today. Thank you.

諾瑪，今天我們將回答最後一個問題。謝謝。

And our final question will come from the line of Blayne Curtis with Barclays.

我們的最後一個問題將來自巴克萊銀行的布萊恩·柯蒂斯 (Blayne Curtis)。

Maybe I'll just start by following on C.J.'s question because you mentioned higher input costs. So I think it sounds like you're not getting breaks in the foundries, but I'm curious if you could just quantify where you're seeing the most pressure from rising input costs, external versus internal? And when does that start to layer in?

也許我會先回答 C.J. 的問題，因為你提到了更高的投入成本。所以我認為聽起來你在代工廠沒有得到休息，但我很好奇你是否可以量化你看到的來自投入成本上升的最大壓力（外部與內部）？那什麼時候開始分層呢？

Blayne, that's not new. So we've had for probably 2 years in a row, a quite significant input cost increases. Of course, those are our own costs, but input costs from foundries, which for us is clearly the Tier 1 foundries, which are well-known companies.

布萊恩，這不是什麼新鮮事。因此，我們可能已經連續兩年出現了相當顯著的投入成本增加。當然，這些是我們自己的成本，而是代工廠的投入成本，對我們來說顯然是一級代工廠，都是知名公司。

And there were even -- I think it was even public to what extent they have raised their price on us as well as in our competitors. So that is the whole reason why we had continuously had to increase our price to our customers in order to offset -- to offset that and protect our gross margin performance.

甚至 - 我認為他們對我們以及我們的競爭對手提高價格的程度甚至是公開的。因此，這就是我們必須不斷提高向客戶提供的價格以抵消這一影響並保護我們的毛利率表現的全部原因。

When that's going to change Blayne, again I don't know, but it's a matter of fact that the Tier 2 foundries, they have already reduced prices in some cases, quite considerably, but it hasn't spread so far to any of the Tier 1s, and we also haven't -- we haven't really had indications that they would change.

當這會改變 Blayne 時，我再次不知道，但事實上，二級代工廠在某些情況下已經大幅降低了價格，但到目前為止還沒有蔓延到任何一家一級，我們也沒有——我們還沒有真正跡象表明它們會改變。

Great. And then I just want to ask you, Kurt, on lead times. You said a couple of times more normal ranges. I think if I remember right, last quarter, you still had a 1/3 that were greater than 52 weeks. So maybe just a little more color on what that more normal is, what your normal range is and all your products, for the most part, back into that normal range by that comment?

偉大的。然後我只想問你，庫爾特，關於交貨時間。你說的是正常範圍的幾倍。我想如果我沒記錯的話，上個季度，仍有 1/3 的時間超過 52 週。那麼，也許只是更多地說明什麼是更正常的，您的正常範圍是什麼，以及您的所有產品在很大程度上都通過該評論回到了正常範圍？

Yes, most of the products are. The trouble is, and that's why I didn't give a number here -- well, not trouble is actually, it's a positive thing. A good part of our business sits under these MT&R contracts, where, by definition, we are order out for the year. So all of those products for those customers where we have these agreements, the lead time is 52 weeks by definition because the orders have been already placed for the full year.

是的，大多數產品都是。問題是，這就是為什麼我沒有在這裡給出一個數字——嗯，實際上不是問題，這是一件積極的事情。我們業務的很大一部分是在這些 MT&R 合同下進行的，根據定義，我們是全年訂單的。因此，對於我們簽訂這些協議的客戶來說，所有這些產品的交貨時間根據定義都是 52 週，因為全年訂單已經下達。

But if you theoretically took this away and said it was -- that wasn't existing, then I'd say the largest part of NXP products have normal lead times. We have a very few remaining notes, 1 or 2 internally and 1 or 2 from third-party foundries where we are still in a severe shortage, which are very nasty because you know that each product which is missing to a customer is a big problem.

但如果你從理論上把它拿走並說它不存在，那麼我會說恩智浦產品的最大部分都有正常的交貨時間。我們剩下的筆記很少，一兩個是內部的，一兩個來自第三方代工廠，我們仍然嚴重短缺，這非常令人討厭，因為你知道每件產品對客戶來說都是一個大問題。 。

But from a size perspective, if you measure it in dollars against our total revenue, this is very minimal in the meantime. And through the end of the year, it should have gone away completely.

但從規模的角度來看，如果你用美元來衡量我們的總收入，那麼目前這個規模是非常小的。到今年年底，這種情況應該會完全消失。

All right. Then operator, I think I have to close the call here, and I want to thank you all for being on the call. In summary, our take is that we see clearly now that we left the trough of the consumer exposed businesses behind us in Q1, see good incremental growth from there sequentially, while Automotive, Comms-Infra and Core Industrial continue to be very solid and that together lets us resume much more predictable growth going forward. And at the same time, we are confident to stick to our resilient margin pattern at the high end of our long-term guidance.

好的。那麼接線員，我想我必須在此結束通話，我要感謝大家參加通話。總而言之，我們的看法是，我們現在清楚地看到，我們在第一季度將消費者暴露業務的低谷拋在了身後，並從那裡看到了良好的增量增長，而汽車、通信基礎設施和核心工業仍然非常穩固，並且讓我們共同恢復更加可預測的未來增長。與此同時，我們有信心在長期指導的高端堅持我們的彈性利潤率模式。

With that, I want to thank you all and speak to you next. Thank you. Bye-bye.

在此，我要向大家表示感謝，並在接下來與大家講話。謝謝。再見。

Thank you very much.

非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。祝大家度過美好的一天。