恩智浦 (NXPI) 2023 Q4 法說會逐字稿

Good day, and welcome to the NXP 4Q '23 Earnings Conference Call. (Operator Instructions). As a reminder, this call is being recorded.

美好的一天，歡迎參加恩智浦 23 年第四季財報電話會議。 （操作員說明）。提醒一下，此通話正在錄音。

I would now like to turn the call over to Jeff Palmer, Senior Vice President of Investor Relations. You may begin.

我現在想將電話轉給投資者關係高級副總裁傑夫·帕爾默 (Jeff Palmer)。你可以開始了。

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

謝謝米歇爾，大家早安。歡迎參加恩智浦半導體第四季財報電話會議。今天與我一起參加電話會議的是恩智浦總裁兼執行長 Kurt Sievers。和我們的財務長比爾貝茨 (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 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 macro 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 first quarter of 2024.

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，可能導致恩智浦的表現與管理層目前的預期有重大差異。這些風險和不確定性包括但不限於有關對我們營運的特定終端市場的宏觀影響、新產品和現有產品的銷售以及我們對 2024 年第一季財務業績的預期的聲明。

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

請注意，恩智浦不承擔公開修改或更新任何前瞻性聲明的義務。有關前瞻性陳述的完整揭露，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階層認為與恩智浦基本核心營運績效不直接相關的離散事件所驅動。根據G 條例，恩智浦在2023 年第四季度收益新聞稿中提供了非GAAP 財務指標與最直接可比較的GAAP 指標的調節表，該新聞稿將以8-K 表格的形式提交給美國證券交易委員會，並可在恩智浦網站上取得。投資者關係部分。

Now I'd like to turn it over to Kurt.

現在我想把它交給庫爾特。

Thank you, Jeff, and good morning, everyone. We really appreciate you joining our call this morning. I will review both our quarter 4 and our full year 2023 performance and then discuss our guidance for quarter 1. Beginning with quarter 4, our revenue was $22 million better than the midpoint of our guidance with the trends in the mobile market performing better than our expectations, with Automotive and Industrial & IoT performance in line with our guidance and Communication Infrastructure slightly below our expectations.

謝謝你，傑夫，大家早安。我們非常感謝您今天早上加入我們的電話會議。我將回顧我們的第4 季和2023 年全年業績，然後討論我們對第1 季的指導。從第4 季開始，我們的收入比我們指導的中位數高2200 萬美元，行動市場的趨勢表現優於我們的指導預期，汽車、工業和物聯網業績符合我們的指導，而通訊基礎設施略低於我們的預期。

Taken together, NXP delivered quarter 4 revenue of $3.42 billion, an increase of 3% year-on-year. Non-GAAP operating margin in quarter 4 was 35.6%, 90 basis points below the year ago period and about 20 basis points above the midpoint of our guidance. The year-on-year performance was a result of solid gross profit growth offset by higher operating expenses as we continue to invest in new product development.

總的來說，恩智浦第四季營收為 34.2 億美元，年增 3%。第 4 季的非 GAAP 營業利潤率為 35.6%，比去年同期低 90 個基點，比我們指引的中點高約 20 個基點。年比業績是由於我們繼續投資新產品開發而導致營業費用的增加抵消了毛利的穩健增長。

From a channel perspective, we maintained distribution inventory at a tight 1.5 months level, well below our long-term target of 2.5 months. In addition, we continue to partner with our direct customers on the normalization of their on-hand inventory. For the full year, revenue was $13.28 billion, an increase of about 1% year-on-year.

從通路角度來看，我們將分銷庫存維持在 1.5 個月的緊張水平，遠低於 2.5 個月的長期目標。此外，我們繼續與直接客戶合作，實現其現有庫存的標準化。全年營收132.8億美元，年增約1%。

Passing the revenue growth, we increased our pricing by approximately 8% in 2023, offsetting our higher input costs to maintain our gross profit percentage. And at the same time, our unit volumes were down by approximately 7% through 2023. We believe this underpins our view that we have intentionally undershipped fundamental end demand in order to limit inventory build in the channel and at our direct customers.

在營收成長的同時，我們在 2023 年將定價提高了約 8%，抵消了較高的投入成本以維持毛利率。同時，到 2023 年，我們的銷售量將下降約 7%。我們相信，這支持了我們的觀點，即我們故意低於基本最終需求，以限制通路和直接客戶的庫存增加。

Full year non-GAAP operating margin was 35.1%, a 120 basis point compression versus the year ago period as a result of the improved gross profit performance offset by increased operating expenses, primarily in product and system innovation investments.

全年非 GAAP 營業利潤率為 35.1%，較上年同期壓縮 120 個基點，原因是毛利表現的改善被營業費用（主要是產品和系統創新投資）的增加所抵銷。

Now let me turn to the specific full year 2023 trends in our focus end markets. In Automotive, full year revenue was $7.48 billion, up 9% year-on-year, which is a reflection of higher pricing, strong company-specific growth drivers offset by lower shipment volumes. For quarter 4, Automotive revenue was $1.89 billion, up 5% versus the year ago period and in line with our guidance.

現在讓我談談我們重點關注的終端市場的 2023 年全年具體趨勢。在汽車領域，全年營收為 74.8 億美元，年增 9%，反映出較高的定價、強勁的公司特定成長動力被較低的出貨量所抵銷。第 4 季度，汽車業務收入為 18.9 億美元，比去年同期成長 5%，符合我們的指引。

Turning to Industrial & IoT. Full year revenue was $2.35 billion, down 13% year-on-year, a reflection of our tight channel management in a cyclically weak end market offsetting price increases. We saw the trough for the Industrial & IoT business back in quarter 1 2023. For quarter 4, Industrial & IoT revenue was $662 million, up 9% versus the year ago period and in line with our guidance.

轉向工業和物聯網。全年營收為23.5億美元，年減13%，反映出我們在週期性疲軟的終端市場中嚴格的通路管理抵銷了價格上漲。我們在 2023 年第一季度看到了工業和物聯網業務的低谷。第四季度，工業和物聯網收入為 6.62 億美元，比去年同期成長 9%，符合我們的指導。

In Mobile, full year revenue was $1.33 billion, down 17% year-on-year because of weak trends and inventory digestion in the handset marketplace. For quarter 4, Mobile revenue was $406 million, flat versus the year ago period and better than our guidance.

在行動領域，由於手機市場的疲軟趨勢和庫存消化，全年收入為 13.3 億美元，年減 17%。第四季度，行動收入為 4.06 億美元，與去年同期持平，但好於我們的預期。

Finally, in Communication Infrastructure & Other, full year revenue was $2.11 billion, up 5% year-on-year. The year-on-year growth was due to a combination of increased sales of secured card and tagging solutions, higher pricing and last-time buys of select legacy network processing solutions. And that was offset by declines of RF power products for the cellular base station markets. For quarter 4, revenue was $455 million, down 8% year-on-year and below our guidance.

最後，在通訊基礎設施及其他領域，全年收入為21.1億美元，較去年同期成長5%。同比增長歸因於安全卡和標籤解決方案銷量的增加、定價的提高以及精選傳統網路處理解決方案的最後一次購買。但這被蜂窩基地台市場射頻功率產品的下降所抵消。第 4 季的營收為 4.55 億美元，年減 8%，低於我們的指引。

Now like every year, I would like to provide the annual progress update on our 6 accelerated growth drivers, which we highlighted during our Analyst Day in November 2021. Starting with Automotive, the accelerated growth drivers are radar, electrification and our S32 processor family for the software-defined vehicle.

現在，像每年一樣，我想提供有關6 個加速成長驅動因素的年度進展更新，我們在2021 年11 月的分析師日期間強調了這些驅動因素。從汽車開始，加速成長驅動因素是雷達、電氣化和我們的S32 處理器系列軟體定義的車輛。

Looking at our performance in 2023, both the S32 processor family and our electrification solutions are tracking ahead of plan. Revenue from Radar is tracking below plan as we took strong actions to limit shipments to customers who are digesting inventory. Taken together, the automotive accelerated growth drivers in [Africa] are tracking above plan. The underlying core auto business grew in line with our longer-term expectations.

看看我們 2023 年的表現，S32 處理器系列和我們的電氣化解決方案都比計劃提前。 Radar 的收入低於計劃，因為我們採取了強有力的行動來限制向正在消化庫存的客戶發貨。總而言之，[非洲]的汽車加速成長動力正在遵循上述計畫。核心汽車業務的成長符合我們的長期預期。

Within Industrial & IoT, we are tracking below our expected growth range. We believe the underperformance is a reflection of significant cyclical end market weakness and of our disciplined approach to managing the distribution channel. So remember, we serve approximately 80% of the Industrial & IoT end markets through our distribution channel to efficiently address the needs of tens of thousands of small customers, the majority of whom are in the Asia Pacific and the Greater China region.

在工業和物聯網領域，我們的成長低於預期。我們認為，業績不佳反映了終端市場週期性的顯著疲軟以及我們管理分銷管道的嚴格方法。因此請記住，我們透過分銷管道為大約 80% 的工業和物聯網終端市場提供服務，以有效滿足數以萬計的小客戶的需求，其中大多數客戶位於亞太地區和大中華地區。

Within Mobile, we are below our expected revenue growth range for the Ultra-Wideband accelerated growth driver due to the well-documented weakness in the Android handset market. However, Ultra-Wideband traction in the automotive market, which is the first well-defined use case for Ultra-Wideband is progressing very well. 18 out of 20 automotive platforms have been awarded to NXP and another 15 platforms are evaluating NXP solutions as we speak. And at this point in time, the Ultra-Wideband revenue stream is being driven by about 7 automotive platforms and a few premier handset OEMs.

在行動領域，由於 Android 手機市場的疲軟，我們低於超寬頻加速成長驅動力的預期營收成長範圍。然而，超寬頻在汽車市場的吸引力（這是超寬頻的第一個明確定義的用例）進展非常順利。 20 個汽車平台中有 18 個已授予恩智浦，另外 15 個平台正在評估恩智浦解決方案。目前，超寬頻收入流由大約 7 個汽車平台和一些主要手機 OEM 推動。

Finally, for RF power amplifiers within Communications Infrastructure, we are below our expected revenue growth range. The challenge we faced was the combination of weaker base station deployments globally in 2023 and the faster-than-expected OEM transition to gallium nitride from LDMOS technology. However, the underlying core portion of Communications Infrastructure performed very well in 2023 as a result of serving pent-up demand for various secure cards and tagging solutions including RFID for intelligent labels.

最後，對於通訊基礎設施中的射頻功率放大器，我們低於預期的收入成長範圍。我們面臨的挑戰是 2023 年全球基地台部署較弱，以及 OEM 從 LDMOS 技術向氮化鎵過渡的速度快於預期。然而，由於滿足了對各種安全卡和標籤解決方案（包括用於智慧標籤的 RFID）的被壓抑的需求，通訊基礎設施的底層核心部分在 2023 年表現非常好。

Taken together, we are ahead of plan for the Communications Infrastructure segment.

總而言之，我們在通訊基礎設施領域領先於計劃。

Now let me turn to our expectations for quarter 1 2024. We are guiding quarter 1 revenue to $3.125 billion, about flat versus the first quarter of 2023. From a sequential perspective, this represents a deceleration of about 9% at the midpoint versus the prior quarter, which is consistent with our original outlook for quarter 1 to be down in the mid- to high single-digit range. Our tempered outlook for quarter 1 reflects typical seasonality, compounded by our continued desire to enable the normalization of on-hand inventories at our direct customers and we will continue to hold channel inventory in a tight range.

現在讓我談談我們對2024 年第一季的預期。我們預計第一季營收為31.25 億美元，與2023 年第一季持平。從環比來看，這意味著與之前的中點相比下降了約9%這與我們最初對第一季的預測一致，即在中高個位數範圍內下降。我們對第一季的溫和預期反映了典型的季節性因素，再加上我們繼續希望使直接客戶的現有庫存正常化，我們將繼續將通路庫存保持在狹窄的範圍內。

Regarding pricing, we see improving input cost trend versus previous years, which allow us to assume flat pricing for 2024. So at the midpoint, we anticipate the following trends in our business during quarter 1. Automotive is expected to be down in the low single-digit percent range versus quarter 1 2023 and down in the mid-single-digit percent range versus quarter 4 2023.

關於定價，我們看到投入成本趨勢與前幾年相比有所改善，這使我們能夠假設2024 年的定價持平。因此，在中點，我們預計第一季我們的業務將出現以下趨勢。汽車預計將在低單中下降與 2023 年第 1 季相比，百分比範圍下降了 - 位數，與 2023 年第 4 季相比，下降了中個位數百分比範圍。

Industrial & IoT is expected to be up in the mid-teens percent range year-on-year and down in the low double-digit percent range versus quarter 4 2023. Mobile is expected to be up in the low 30% range year-on-year and down in the mid-teens percent range versus quarter 4 2023.

與 2023 年第 4 季相比，工業和物聯網預計同比增長 15% 左右，下降兩位數百分比。移動預計同比增長 30% 左右與2023 年第4 季相比，同比下降了百分之十左右。

Finally, Communication Infrastructure & Other is expected to be down in the mid-20% range year-on-year and down in the low double-digit percent range versus quarter 4 2023.

最後，與 2023 年第 4 季相比，通訊基礎設施及其他業務預計將年減 20% 左右，下降兩位數百分比。

In review, during 2023, thanks to our company-specific end market exposure, we experienced the variations of the semiconductor cycle at distinctly different points of time for the various parts of our portfolio. On the one hand, full year revenue performance in our more consumer-oriented segments of Industrial & IoT and Mobile was underwhelming. However, following our tight channel management, these businesses trust already back in quarter 1 2023 after experiencing a dramatic post-COVID reset. Ever since we have seen a gradual improvement. And we do think these growth trends should continue throughout 2024.

回顧一下，2023 年期間，由於我們公司特定的終端市場曝險，我們投資組合的各個部分在明顯不同的時間點經歷了半導體週期的變化。一方面，我們以消費者為導向的工業、物聯網和行動領域的全年收入表現並不理想。然而，經過我們嚴格的通路管理，這些企業在經歷了新冠疫情後的戲劇性重置後，早在 2023 年第一季就已經恢復了信任。從那時起我們就看到了逐步的改善。我們確實認為這些成長趨勢應該會持續到 2024 年。

On the other hand, within Automotive and Core Industrial, we experienced solid trends in the early part of 2023, but have entered a multi-quarter inventory correction phase with our direct customers starting in the second quarter of 2023. This should continue through the first half of 2024. In the second half of 2024, we expect also in the Automotive and Core Industrial segments to shift to end demand and resume growth.

另一方面，在汽車和核心工業領域，我們在2023 年初經歷了穩健的趨勢，但從2023 年第二季度開始，我們的直接客戶已進入多季度庫存調整階段。這種情況應該會持續到第一個季度。2024 年下半年。2024 年下半年，我們預計汽車和核心工業領域也將轉向終端需求並恢復成長。

Regarding our Communication Infrastructure & Other business, we expect 2024 revenue to decline over 2023, consistent with our prior view we shared on the Q3 earnings call. So as we look ahead to 2024, we do think the macro has deteriorated from our view 90 days ago. We now expect the first half of 2024 will decline versus the first half of 2023 due to longer-than-anticipated inventory digestion at our direct automotive customers. However, we expect our company revenue in the second half of 2024 will grow over the first half of 2024, as we believe we will be shipping again to end demand by then.

關於我們的通訊基礎設施和其他業務，我們預計 2024 年營收將比 2023 年下降，這與我們先前在第三季財報電話會議上分享的觀點一致。因此，當我們展望 2024 年時，我們確實認為宏觀經濟狀況與 90 天前的看法相比已經惡化。由於我們的直接汽車客戶的庫存消化時間長於預期，我們現在預計 2024 年上半年將比 2023 年上半年下降。然而，我們預計我們公司 2024 年下半年的營收將比 2024 年上半年成長，因為我們相信屆時我們將再次出貨以滿足最終需求。

Overall, we have and will continue to manage everything in our control to navigate a soft landing for our business. As such, we have kept a very tight handle on our distribution channel, and we are supporting our direct customers to facilitate inventory digestion as appropriate. This enables us to take advantage of the cyclical improvement as soon as it materializes per segment. And based on everything I have set the potential outcome for 2024 should be in the range of a modest annual revenue growth or decline.

總體而言，我們已經並將繼續管理我們控制範圍內的一切，以實現我們業務的軟著陸。因此，我們對分銷管道保持非常嚴格的控制，並支援我們的直接客戶，以酌情促進庫存消化。這使我們能夠在每個細分市場實現週期性改進後立即利用它。根據我設定的一切，2024 年的潛在結果應該在年度收入適度增長或下降的範圍內。

So now I would like to pass the call to you, Bill, for a review of our financial performance.

所以現在我想把電話轉給你，比爾，請你審查我們的財務表現。

Thank you, Kurt, and good morning to everyone on today's call. As Kurt has already covered the drivers of the revenue during Q4 and provided our revenue outlook for Q1, I will move to the financial highlights.

謝謝庫爾特，今天電話會議的大家早安。由於庫爾特已經介紹了第四季度收入的驅動因素並提供了第一季的收入前景，我將轉向財務要點。

Overall, our Q4 financial performance was good. Revenue was slightly above the midpoint of our guidance range and non-GAAP gross profit was above the midpoint of our guidance range, driven by a higher mix from sales into distribution channel even as months of supply in the channel remained flat at 1.5 months or about 6 weeks.

整體而言，我們第四季的財務表現良好。收入略高於我們指導範圍的中點，非GAAP 毛利高於我們指導範圍的中點，這是由於銷售到分銷渠道的混合比例較高，儘管渠道中的供應月數仍保持在1.5 個月左右6週。

I will first provide full year highlights and then move to the Q4 results. Full year revenue for 2023 was $13.28 billion or up 1% year-on-year. We generate $7.76 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 58.5%, up 60 basis points year-on-year. Total non-GAAP operating expenses were $3.09 billion or 23.3% of revenue, slightly above our long-term financial model as we continue to invest in our strategy, supporting long-term profitable growth.

我將首先提供全年亮點，然後轉向第四季度的業績。 2023 年全年營收為 132.8 億美元，年增 1%。我們的非 GAAP 毛利為 77.6 億美元，非 GAAP 毛利率為 58.5%，較去年同期成長 60 個基點。非 GAAP 營運支出總額為 30.9 億美元，佔營收的 23.3%，略高於我們的長期財務模型，因為我們繼續投資於我們的策略，支持長期獲利成長。

Total non-GAAP operating profit was $4.66 billion, down 3% year-on-year. This reflects a non-GAAP operating margin of 35.1% down 120 basis points year-on-year and in line with our current long-term financial model. Non-GAAP interest expense was $283 million, taxes related to ongoing operations were $693 million or a 15.8% non-GAAP effective tax rate. Noncontrolling interests were $25 million, and stock-based compensation, which is not included in our non-GAAP earnings, was $411 million.

非 GAAP 營業利潤總額為 46.6 億美元，較去年同期下降 3%。這反映出非 GAAP 營業利潤率為 35.1%，年減 120 個基點，符合我們目前的長期財務模型。非 GAAP 利息支出為 2.83 億美元，與持續營業相關的稅金為 6.93 億美元，即非 GAAP 有效稅率為 15.8%。非控制權益為 2,500 萬美元，基於股票的薪酬（不包括在我們的非公認會計原則收益中）為 4.11 億美元。

Turning to full year cash flow performance. We generated $3.51 billion in cash flow from operations and invested $826 million in net CapEx or 6% of revenue. Taken together, this resulted in $2.69 billion of non-GAAP free cash flow or 20% of revenue. During 2023, we repurchased 5.46 million shares for $1.05 billion and paid cash dividends of $1.01 billion or 29% of cash flow from operations. In total, we returned $2.06 billion to our owners, which was 77% of the total non-GAAP free cash flow generated during the year.

轉向全年現金流表現。我們從營運中產生了 35.1 億美元的現金流，並投資了 8.26 億美元的淨資本支出，佔收入的 6%。總而言之，這帶來了 26.9 億美元的非 GAAP 自由現金流，即收入的 20%。 2023年，我們以10.5億美元回購了546萬股股票，並支付了10.1億美元的現金股息，佔營運現金流的29%。我們總共向所有者返還了 20.6 億美元，佔當年產生的非 GAAP 自由現金流總額的 77%。

Now moving to the details of Q4. Total revenue was $3.42 billion, up 3% year-on-year, modestly above the midpoint of our guidance range. We generated $2.01 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 58.7%, up 70 basis points year-on-year and 20 basis points above the midpoint of our guidance range, driven primarily by mix.

現在轉向第四季的細節。總收入為 34.2 億美元，年增 3%，略高於我們指引範圍的中點。我們的非 GAAP 毛利為 20.1 億美元，非 GAAP 毛利率為 58.7%，年成長 70 個基點，比我們的指導範圍中點高 20 個基點，這主要是由混合推動的。

Total non-GAAP operating expenses were $791 million or 23.1% of revenue, up $78 million year-on-year, though down $12 million from Q3 and within our guidance range. From a total operating profit perspective, non-GAAP operating profit was $1.22 billion, and non-GAAP operating margin was 35.6%, down 90 basis points year-on-year, above the midpoint of our guidance range.

非 GAAP 營運支出總額為 7.91 億美元，佔營收的 23.1%，年增 7,800 萬美元，但較第三季減少 1,200 萬美元，且在我們的指導範圍內。從總營業利潤來看，非 GAAP 營業利潤為 12.2 億美元，非 GAAP 營業利潤率為 35.6%，年減 90 個基點，高於我們指引範圍的中點。

Non-GAAP interest expense was $69 million, with taxes for ongoing operations were $178 million, or a 15.5% non-GAAP effective tax rate. Noncontrolling interest was $6 million and stock-based compensation, which is not included in our non-GAAP earnings, was $107 million.

非 GAAP 利息支出為 6,900 萬美元，持續營業稅為 1.78 億美元，即非 GAAP 有效稅率為 15.5%。非控制權益為 600 萬美元，基於股票的薪酬（不包括在我們的非 GAAP 收益中）為 1.07 億美元。

Now I would like to turn to the changes in our cash and debt. Our total debt at the end of Q4 was $11.17 billion, essentially flat sequentially. Our ending cash balance, including short-term deposits, was $4.27 billion, up $229 million sequentially due to the cumulative effect of capital returns, CapEx investments and cash generation during Q4. The resulting net debt was $6.9 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $5.41 billion. Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q4 was 1.3x, and our 12-month adjusted EBITDA interest coverage ratio was 21.6x.

現在我想談談我們的現金和債務的變化。第四季末我們的總債務為 111.7 億美元，與上一季基本持平。由於第四季資本回報、資本支出投資和現金產生的累積效應，我們的期末現金餘額（包括短期存款）為 42.7 億美元，比上一季增加 2.29 億美元。由此產生的淨債務為 69 億美元，本季結束時，過去 12 個月的調整後 EBITDA 為 54.1 億美元。截至第四季末，我們的淨負債與過去 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 21.6 倍。

During Q4, we paid $261 million in cash dividends, and we repurchased $434 million of our shares.

第四季度，我們支付了 2.61 億美元的現金股息，並回購了 4.34 億美元的股票。

Turning to working capital metrics. Days of inventory was 132 days, a decrease of 2 days sequentially, while we maintain distribution channel inventory at 1.5 months or about 6 weeks. As we have highlighted throughout the previous year, given the uncertain demand environment, we continue to make the intentional choice to limit inventory in the channel, while keeping inventory on our balance sheet to enable greater flexibility to redirect product as needed. Days receivable were 24 days, down 1 day sequentially and days payable were 72 days, an increase of 12 days versus the prior quarter due to increased external material sourcing.

轉向營運資本指標。庫存天數為 132 天，比上一季減少 2 天，而我們將分銷通路庫存維持在 1.5 個月或約 6 週。正如我們在過去一年中所強調的那樣，鑑於需求環境的不確定性，我們繼續有意選擇限制通路庫存，同時將庫存保留在我們的資產負債表上，以便能夠更靈活地根據需要重新調整產品。由於外部材料採購增加，應收帳款天數為 24 天，季減 1 天，應付帳款天數為 72 天，較上一季增加 12 天。

Taken together, our cash conversion cycle was 84 days, and an improvement of 15 days versus the prior quarter. Cash flow from operations was $1.14 billion and net CapEx was $175 million, resulting in non-GAAP free cash flow of $962 million or 28% of revenue.

總的來說，我們的現金週轉週期為 84 天，比上一季縮短了 15 天。營運現金流為 11.4 億美元，淨資本支出為 1.75 億美元，非 GAAP 自由現金流為 9.62 億美元，佔收入的 28%。

Turning now to our expectations for the first quarter. As Kurt mentioned, we anticipate Q1 revenue to be $3.125 billion, plus or minus about $100 million. At the midpoint, this is flat year-on-year and down 9% sequentially. We expect non-GAAP gross margin to be about 58%, plus or minus 50 basis points driven primarily related to lower distribution sales as we maintain our months of sales in the channel at 1.6 or below.

現在轉向我們對第一季的預期。正如 Kurt 所提到的，我們預計第一季營收為 31.25 億美元，上下浮動約 1 億美元。中位數與去年同期持平，季減 9%。我們預計非 GAAP 毛利率約為 58%，上下浮動 50 個基點，這主要與分銷銷售額下降有關，因為我們將通路月銷售額維持在 1.6 或以下。

Operating expenses are expected to be about $755 million, plus or minus about $10 million. Taken together, we see non-GAAP operating margin to be 33.9% at the midpoint. We estimate non-GAAP financial expense to be about $66 million. We anticipate the non-GAAP tax rate to be 16.9% of profit before tax. Noncontrolling interest and other will be about $3 million. For Q1, we suggest for modeling purposes, you use an average share count of 259 million shares. We expect stock-based compensation, which is not included in our non-GAAP guidance to be $127 million higher than normal, driven by our restructuring activities taken in Q4 as we continue to refine the portfolio.

營運費用預計約 7.55 億美元，上下浮動約 1,000 萬美元。綜合來看，我們預期非 GAAP 營業利益率為 33.9%。我們估計非 GAAP 財務費用約為 6,600 萬美元。我們預期非 GAAP 稅率為稅前利潤的 16.9%。非控制權益及其他權益約為 300 萬美元。對於第一季度，出於建模目的，我們建議您使用 2.59 億股的平均股數。我們預計以股票為基礎的薪酬（不包括在我們的非公認會計原則指引中）將比正常水準高出 1.27 億美元，這是由於我們在第四季度繼續完善投資組合而採取的重組活動所推動的。

For capital expenditures, we expect to be around 7%. Taken together at the midpoint, this implies a non-GAAP earnings per share of $3.17. For full year 2024 modeling purposes, we expect non-GAAP gross margin to be around the high end of our long-term model of plus or minus the normal 50 basis points. We expect operating expenses to stay within our long-term model and fluctuate by quarter, driven by annualized merits occurring in the second quarter and variable compensation movements pending actual performance.

對於資本支出，我們預計約為 7%。按中點計算，這意味著非 GAAP 每股收益為 3.17 美元。出於 2024 年全年建模目的，我們預計非 GAAP 毛利率將約為長期模型的上限，即正常值上下 50 個基點。我們預計營運費用將保持在我們的長期模型範圍內，並在第二季度發生的年化業績和取決於實際業績的可變薪酬變動的推動下按季度波動。

We suggest for non-GAAP tax rate use a range between 16.4% to 17.4%. For stock-based compensation, we suggest to use $480 million where Q1 is the peak for the year. For noncontrolling interest, we suggest to use $25 million. For capital expenditures, we expect to stay within the long-term model of 6% to 8% of sales.

我們建議非 GAAP 稅率使用 16.4% 至 17.4% 之間的範圍。對於基於股票的薪酬，我們建議使用 4.8 億美元，其中第一季是全年的峰值。對於非控制權益，我們建議使用 2500 萬美元。對於資本支出，我們預計將保持在銷售額的 6% 至 8% 的長期模式內。

In closing, looking ahead into 2024, I'd like to highlight a few focus areas for NXP. First, from a performance standpoint, we will continue to navigate a soft landing through a challenging and cyclical demand environment. Therefore, we will continue to be disciplined to manage what is in our control and stay within our long-term financial model. Second, operationally, the Q1 guidance assumes internal factory utilization will continue to be in the low to mid-70s range, a level we expect to hold until internal inventory normalizes.

最後，展望 2024 年，我想強調恩智浦的幾個重點領域。首先，從業績的角度來看，我們將繼續在充滿挑戰和週期性的需求環境中實現軟著陸。因此，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，在營運方面，第一季指導假設內部工廠利用率將繼續保持在 70 多歲的低至中段範圍內，我們預計在內部庫存正常化之前將保持這一水平。

Lastly, we will retire the $1 billion 2024 debt tranche when it comes due on March 1 with cash on hand. Finally, there is no change to our capital allocation strategy where we will continue to return all excess free cash flow back to our owners. In addition, since the beginning of Q1 2024, we repurchased $116 million worth of shares under our existing 10b5-1 program.

最後，我們將在 3 月 1 日到期時用手頭現金償還 10 億美元的 2024 年債務。最後，我們的資本配置策略沒有改變，我們將繼續將所有多餘的自由現金流回饋給我們的所有者。此外，自 2024 年第一季初以來，我們根據現有 10b5-1 計畫回購了價值 1.16 億美元的股票。

Overall, we will remain active repurchasing our shares. I'd like to now turn it back to the operator for questions.

總體而言，我們將繼續積極回購股票。我現在想將其轉回給接線員詢問問題。

(Operator Instructions) Our first question comes from Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

First, on the inventory management in general, Kurt, it sounded a lot like you've done a great job on the channel side, but the OEM side has gotten a little bit into the excess category. Can you just talk about, I guess on the channel side, do you have any plans for that $500 million coming into the plan in 2024, if that's still the number? And on the OEM side, when do you think that normalizes throughout the year?

首先，關於庫存管理，Kurt，聽起來你在渠道方面做得很好，但 OEM 方面已經進入了過剩類別。您能否談談，我想在通路方面，您是否有計劃在 2024 年將 5 億美元納入計劃（如果仍然是這個數字）？在 OEM 方面，您認為全年何時會恢復正常？

Yes. Thanks, Ross. Indeed, I think the color you put on this is what I would concur with. On the channel side, we feel safe and very much under control relative to the inventory. Let me put it that way. For quarter 1, we have absolutely no intention to go beyond the 1.6% range. It will hover between 1.5% and 1.6%. I think we had 1.5% the past 2 quarters. So consider for Q1, maybe a 1.6%, but that's not an increase. It's more the precision we can hold that.

是的。謝謝，羅斯。事實上，我認為你所使用的顏色是我會同意的。在通路方面，我們感到安全並且相對於庫存而言非常受控制。讓我這樣說吧。對於第一季度，我們絕對無意超出 1.6% 的範圍。它將徘徊在1.5%至1.6%之間。我認為過去兩個季度我們的成長率為 1.5%。因此，考慮第一季度，可能會成長 1.6%，但這並不是成長。更重要的是我們可以保持的精確度。

So no intention to increase general inventory really in the first quarter. For the rest of the year, Ross, it isn't much different to how we put this in the past couple of quarters. We will only start to replenish when we see sufficient momentum in the market to justify that. So that means there is neither a guarantee that by the end of the year, we hit the 2.5% inventory, which is our long-term target, nor will we do any fast or hectic steps here.

因此，第一季無意增加一般庫存。羅斯，在今年剩下的時間裡，這與我們在過去幾季的說法沒有太大不同。只有當我們看到市場有足夠的動力證明這一點時，我們才會開始補充。因此，這意味著我們既不能保證到今年年底能夠達到 2.5% 的庫存（這是我們的長期目標），也不會在這裡採取任何快速或忙碌的步驟。

So we will possibly start because I do assume and we come back to this later in the call, we do expect that there is some market recovery in the second half of the year. So that makes it more likely that we will start to just -- to replenish the channel by them. But again, it's really something which is a function of the market environment. The size of it is indeed the $500 million which we have discussed before. But again, that is not necessarily a part of our considerations for the annual revenue movement.

因此，我們可能會開始，因為我確實認為，我們確實預計今年下半年市場會出現一些復甦，並且我們會在電話會議稍後討論這一點。因此，這使得我們更有可能開始透過他們來補充管道。但話又說回來，這確實是市場環境的函數。它的規模確實是我們之前討論過的5億美元。但同樣，這不一定是我們考慮年度收入變動的一部分。

Now the inventory or the excess inventory at direct customers, indeed, I think we started to try and correct that one back in the second quarter of last year. I think that was the first time I also talked on the earnings call that we did see a few Automotive Tier 1 customers where the majority of that is sitting with having excess inventory. And the fact that we knew by them already, Ross, is thanks to our NCNR system. We -- and we discussed about these NCNR orders. which, by the way, in our case, are different to the construct, which some of our peers have been using. Ours were annual. Annual means tied to the calendar year.

事實上，現在的庫存或直接客戶的庫存過剩，我認為我們早在去年第二季就開始嘗試糾正這個問題。我認為這是我第一次在財報電話會議上談到我們確實看到一些汽車一級客戶，其中大部分都庫存過剩。羅斯，我們已經透過他們了解這一事實，這要歸功於我們的 NCNR 系統。我們 - 我們討論了這些 NCNR 訂單。順便說一下，在我們的例子中，這與我們的一些同行一直在使用的構造不同。我們的是一年一度的。年度意味著與日曆年相關。

So to be very explicit, we currently have no more NCNR orders. So all of that was running out at the end of the calendar year 2023. But those NCNR orders in hindsight were very good because they let customers call us up and say, we see a problem, we see building inventory. And since the second quarter of last year, we've been busy to try and normalize this in a reasonable cadence, which is also good for our financials.

明確地說，我們目前沒有更多 NCNR 訂單。因此，所有這些都在 2023 年底用完。但事後看來，這些 NCNR 訂單非常好，因為它們讓客戶打電話給我們說，我們看到了問題，我們看到庫存正在增加。自去年第二季以來，我們一直忙於嘗試以合理的節奏使其正常化，這對我們的財務狀況也有好處。

And coming back to your question, yes, we think we will still be busy with that through the middle of this year mainly, and I would say almost exclusively in Automotive. So that is something which we only have in Automotive. By the middle of this year, that should be behind us. And then we should move from under shipping end demand with direct customers in Automotive to shipping to end demand again in the second half.

回到你的問題，是的，我們認為我們仍然會在今年年中忙於解決這個問題，我想說幾乎完全是在汽車領域。所以這是我們只在汽車領域擁有的東西。到今年年中，這種情況應該就會過去。然後，我們應該在下半年從汽車直接客戶的運輸終端需求轉向運輸終端需求。

And I guess this is my second question, focusing on the auto side, it was helpful to hear about the 6 growth drivers overall. But in Automotive, the Radar below plan, EV above and S32 above, can you just talk about what your expectations are for those growth drivers in fiscal '24?

我想這是我的第二個問題，重點是汽車方面，了解整體的 6 個成長動力很有幫助。但在汽車領域，雷達（低於計劃）、電動車（高於計劃）和 S32（高於計劃），您能談談您對 24 財年這些增長動力的預期嗎？

Well, in principle, I would say, if there was no excess inventory, and we would be in a normal world, Ross, we stick to our 9% to 14% long-term growth, which includes then the said performance of those growth drivers, which we specified back in the Analyst Day in November '21.

好吧，原則上，我想說，如果沒有過剩的庫存，我們將處於一個正常的世界，羅斯，我們堅持 9% 到 14% 的長期增長，其中包括這些增長的上述表現驅動程序，我們在21年11 月的分析師日中指定了這一點。

So they are just moving around a little, and that's why we transparently gave the color for this past year, pending on the speed of inventory control. And I think you might have noticed that I did say that Radar was actually not performing to target. The reason here is really that Radar has a relatively concentrated customer base. It's almost -- it's just direct customers where the inventory control was much easier to exercise because it's a very specified product range with a very non-fragmented customer base, where it was easier to get a handle on the inventory control. So I have to say inventory control in Radar is already completely behind us, which will make '24, obviously, a much better year. So -- but on the longer term, on the 3-year horizon, Ross, just assume they all come to the targets which we specified back in November '21.

所以他們只是稍微移動了一下，這就是為什麼我們透明地給出了過去一年的顏色，這取決於庫存控制的速度。我想您可能已經註意到，我確實說過雷達實際上沒有達到目標。究其原因，其實是Radar的客戶群相對集中。這幾乎只是直接客戶，庫存控制更容易實施，因為它是一個非常特定的產品系列，擁有非常分散的客戶群，更容易掌握庫存控制。所以我必須說 Radar 的庫存控制已經完全成為過去，這顯然會讓 24 年變得更好。所以，但從長遠來看，從 3 年的角度來看，羅斯，假設他們都達到了我們在 21 年 11 月指定的目標。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Kurt, last quarter, you were good enough to kind of give us a little bit of color one quarter ahead. And I was hoping you could share your thoughts on how you see Q2 just generically shaping up, flat, up, down sequentially. And then when I take your commentary about the full year, I think you mentioned sort of flattish growth overall that still suggests kind of double-digit growth in the back half. So I realize visibility is limited and so forth, but any other market color that you can share that gives you the confidence about that sort of double-digit growth in the back half would be very useful.

庫爾特，上個季度，你表現得足夠好，為我們提前一個季度帶來了一些色彩。我希望您能分享您對第二季度的看法，即總體上按順序呈上升、持平、上升、下降的趨勢。然後，當我聽取您對全年的評論時，我認為您提到了整體平穩增長，但這仍然表明下半年將出現兩位數增長。因此，我意識到可見性是有限的等等，但是您可以分享的任何其他市場顏色，讓您對後半段的兩位數增長充滿信心，都會非常有用。

So Vivek, yes, apparently, I was a good man last time relative to the next quarter. I think you just reiterated the pieces which we gave you, but I'm happy to give you a bit more color around those. So we really see the different parts of our revenue being dependent on the cycle they are exposed to. So all the consumer-oriented businesses, and that's the IoT part of Industrial & IoT and Mobile, we think we left the trough way behind us in the first quarter of last year and other than some seasonal fluctuations, they will continue to grow throughout the calendar year 2024, which has to do that -- a large part of that is anyway supplied through the channel. So we are not suffering from excess inventory digestion. So we are pretty positive that, that part of the company will grow.

所以維韋克，是的，顯然，相對於下個季度，我上次是個好人。我想你只是重申了我們給你的那些內容，但我很高興為你提供更多關於這些內容的色彩。因此，我們確實看到我們收入的不同部分取決於它們所處的周期。因此，所有以消費者為導向的業務，即工業、物聯網和行動的物聯網部分，我們認為去年第一季我們已經擺脫了低谷，除了一些季節性波動之外，它們將在整個季度繼續增長。2024 年，必須做到這一點——其中很大一部分無論如何都是透過管道提供的。所以我們並沒有遭受庫存消化過剩的困擾。因此，我們非常樂觀地認為，公司的這一部分將會發展。

At the same time, I reiterate what I said last time, the Comms Infra & Other business will decline from a year-over-year perspective. So '24 revenue for Comms Infra & Other and other will be down versus the calendar year '23. I think we discussed at length the bits and pieces in there why it is.

同時，我重申我上次所說的，通訊基礎設施及其他業務從年比角度來看將會下降。因此，24 年通訊基礎設施和其他業務以及其他業務的收入將比 23 年日曆年有所下降。我想我們詳細討論了其中的細節。

And then you come to the block of Automotive and Core Industrial, where indeed, the -- there is something between first half and second half, which has to do with the inventory digestion at the direct customers in Automotive, which I just discussed with the question of Ross, a minute ago, where we do believe the turning point is somewhere around the middle of the year where that over inventory, which is still sitting there is being digested.

然後你來到汽車和核心工業領域，確實，上半年和下半年之間存在一些問題，這與汽車直接客戶的庫存消化有關，我剛剛與一分鐘前羅斯的問題，我們確實相信轉折點是在今年年中左右，此時仍存在的庫存過剩正在消化。

If you put all of these pieces together, Vivek, then obviously, half 2 is going to be bigger than half 1. Obviously, half 1 of this year of 2024 is going to be down against the half 1 of last year. And that puts it somewhere in this flat plus/minus range for the full year, indeed. So the confidence really comes from the view which we have on the inventory digestion on the Automotive and Core Industrial side.

Vivek，如果你把所有這些部分放在一起，那麼顯然，half 2 將大於 half 1。顯然，2024 年的 half 1 將低於去年的 half 1。事實上，這使得全年的正負值處於平坦的正負範圍內。因此，信心實際上來自於我們對汽車和核心工業方面庫存消化的看法。

At the end, at the very same time, the continued gradual improvement in the consumer-oriented businesses where given our tight channel management, we have no excess inventory. This is really where it comes from.

最後，同時，面向消費者的業務持續逐步好轉，加上我們嚴格的通路管理，我們沒有多餘的庫存。這確實是它的來源。

All right. And for my follow-up, your industrial trends are in -- Industrial & IoT trends are in big contrast to your peers. So I get what you did, right? You were early to spot it. You were under growing in the first half of last year and now you're doing much, much better now. But how long can you maintain such a contrast with your peers, right, who are seeing these kind of 20%, 30%, 40% declines in their Industrial & IoT business? Is it not apples-to-apples comparison? When do you think that there is somewhat of a convergence between what your peers are reporting in terms of their industrial correction versus the strength that NXP is seeing right now?

好的。對於我的後續行動，你們的工業趨勢是——工業和物聯網趨勢與你們的同行形成鮮明對比。所以我明白你所做的，對吧？你很早就發現它了。去年上半年你的成長不足，但現在你做得好多了。但是，您與同行的這種對比能維持多久，對吧，他們的工業和物聯網業務下降了 20%、30%、40%？這不是同類比較嗎？您何時認為您的同行所報告的工業調整與恩智浦目前看到的實力之間存在某種程度的趨同？

Look, Vivek, I, of course, don't know and cannot judge what exactly they do. But conceptually, the contrast will be alive as long as they need to digest their over-inventory in the channel. That's very simple. We don't have that because we never build it. We actually back in the second quarter of 2022, mind you, second quarter of 2022, that's almost 2 years ago, we started to control the channel and keep it at the 1.6 and 1.5 months level. We -- even with that, we trust them in the first quarter of '23. So we even went down from this. And since then, we kept it very steady.

聽著，維韋克，我當然不知道也無法判斷他們到底做了什麼。但從概念上講，只要他們需要消化渠道中的過剩庫存，這種對比就會存在。這很簡單。我們沒有這個，因為我們從不建造它。我們實際上回到了 2022 年第二季度，請注意，2022 年第二季度，差不多是 2 年前，我們開始控制通路並將其保持在 1.6 和 1.5 個月的水平。即便如此，我們在 23 年第一季仍然相信他們。所以我們甚至從此走下坡。從那時起，我們就保持了非常穩定的狀態。

In the meantime, some of our peers kept shipping hard and they just need to correct this. And that contract will disappear at the moment that overshipment they have done there is actually behind them.

與此同時，我們的一些同行一直在努力發貨，他們只需要糾正這一點。當他們在那裡進行的超額發貨實際上已經過去時，該合約就會消失。

I mean, maybe another number, Vivek, which puts this in perspective, and I -- we gave you that transparency very intentionally. Last year, NXP as a company, did grow 1% in revenue. I also told you that our pricing last year was up by 8%. So that gives you a feel that we had a pretty significant volume decline last year from a supply perspective. So plus 1% revenue, plus 8% price gives you a 7% volume decline, which is clearly under shipping, we think against end demand, but certainly against peers. I mean if you just take the same numbers from peers then many of them who are now having a bit more of a hard time, they just shipped harder through the first -- at least the first 3 quarters of last year.

我的意思是，也許還有另一個數字，Vivek，它使我們能夠正確地看待這一點，而且我——我們非常有意地向你們提供了透明度。去年，恩智浦公司的營收確實成長了 1%。我還告訴過你，去年我們的定價上漲了 8%。因此，這讓您感覺去年從供應角度來看，我們的銷售量出現了相當大的下降。因此，加上 1% 的收入，再加上 8% 的價格，銷量就會下降 7%，這顯然是在運輸過程中，我們認為不利於最終需求，但肯定不利於同行。我的意思是，如果你只從同行那裡得到相同的數字，那麼他們中的許多人現在正面臨著更多的困難，他們只是在第一個季度——至少是去年的前三個季度——表現得更努力。

So under the curve in the end, it's going to be the same thing. It's a matter of when did you ship and when do you need to reduce shipments. So that's my answer. I don't think other than that, there is a fundamental difference, Vivek. So I don't want to claim we have a much better industrial business. I think we just had a more disciplined handle on it earlier.

因此，最終在曲線下，情況會是一樣的。問題在於您何時出貨以及何時需要減少出貨量。這就是我的答案。我認為除此之外，沒有什麼根本區別，Vivek。所以我不想聲稱我們擁有更好的工業業務。我認為我們之前只是採取了更有紀律的處理方式。

Our next question comes from Stacy Rasgon with Bernstein Research.

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

Stacy, are you there? Operator, why don't we go to the next caller, and we'll circle around with Stacy?

史黛西，你在嗎？接線員，我們為什麼不去找下一個來電者，然後我們和史黛西一起繞一圈呢？

Hello.

你好。

I can hear you, Stacy.

我聽得到你的聲音，史黛西。

I had a question on the IoT trend. So it obviously bottomed in Q1 last year. I was wondering if you could parse out the recovery trends between the consumer piece and the Core Industrial. So we all know consumers getting a little better. Has the increase off the trough from a year ago been all consumer or has the general purpose IoT started to recover as well? Like what are those trends across those two pieces?

我有一個關於物聯網趨勢的問題。所以它顯然在去年第一季觸底。我想知道您是否可以解析消費領域和核心工業領域之間的復甦趨勢。所以我們都知道消費者的情況有好轉。較一年前的低谷成長是否全來自消費者，還是通用物聯網也開始復甦？這兩件作品的趨勢是什麼？

Yes. Thanks, Stacy. That's a fair question because, indeed, the two are trending differently. I'd say the IoT piece, which, by the way, is about 40% of that segment, has indeed gradually improved since the trough in the quarter 1 of last calendar year. Gradual means it's getting better and better and better, but it's still below the levels it had before the peak. So it's way not there where it used to be while it is gradually improving.

是的。謝謝，史黛西。這是一個公平的問題，因為事實上，兩者的趨勢不同。我想說的是，物聯網部分（順便說一句，約佔該細分市場的 40%）自去年第一季的低谷以來確實在逐漸改善。漸進意味著它變得越來越好，但仍然低於峰值之前的水平。所以在逐漸改善的同時，它已經不再是以前的樣子了。

In our case, and I think we revealed that before, a very good portion of that is in China. So think about it as a largely distribution and largely China-oriented IoT business. But yes, so the trend starting from the bottom of Q1 last year, gradually improving and that's what we continue -- what we see to continue through the rest of this calendar year.

就我們而言，我想我們之前已經透露過，其中很大一部分是在中國。因此，可以將其視為主要分銷且主要面向中國的物聯網業務。但是，是的，這一趨勢從去年第一季的底部開始，逐漸改善，這就是我們將繼續的趨勢——我們認為這一趨勢將在今年剩餘時間內繼續下去。

The Core Industrial part indeed has taken a somewhat different shape. Think about it more like Automotive, which is now suffering a bit more from over inventory, not much and end market weakness. So I would say core industrial relatively speaking, is a somewhat less good shape still, which is just face shifted to the IoT portion. So think about Core Industrial a bit more similar to what we see in Automotive.

核心工業部分確實採取了一些不同的形式。更像是汽車業，它現在因庫存過剩、庫存不多和終端市場疲軟而遭受更多損失。所以我想說，相對而言，核心工業的形態仍然不太好，只是臉轉向了物聯網部分。因此，核心工業的思考與我們在汽車領域看到的更加相似。

Got it. One follow-up, I wanted to ask about lead times. Have they normalized to pre-COVID levels? Or is that part of what's enabling you to keep pricing flat? Do you have just like better control of pricing because you have a better control of lead times? You've got a lot of competitors that are talking about pricing starting to come down now.

知道了。後續一項，我想問交貨時間。他們已經恢復到新冠疫情前的水準了嗎？或者說，這也是您能夠保持定價不變的原因之一嗎？您是否因為更好地控制交貨時間而更好地控制定價？很多競爭對手都在談論價格現在開始下降。

So first part of the question Stacy, absolute, yes, lead times are just normal. I mean, forget about supply constraints, we have normal lead times back to the pre-COVID times, which helps a lot also relative to visibility because all of the double ordering and all of the need for NCNRs and all of these things just consider them behind us more back to normal from that perspective. There is no real correlation of that to pricing, Stacy. The pricing, which I quoted to be about flat for this year, from our end is mainly a function of the input cost. We've been living in that world of sharply rising input costs over the past 3 years. And now it looks more normal.

所以問題的第一部分史黛西，絕對的，是的，交貨時間是正常的。我的意思是，忘記供應限制，我們有正常的交貨時間回到新冠疫情之前的時代，這對於可見性也有很大幫助，因為所有的雙重訂購和所有對NCNR 的需求以及所有這些事情都只考慮它們從這個角度來看，我們後面的情況更加恢復正常。 Stacy，這與定價沒有真正的相關性。從我們的角度來看，我今年的定價基本上持平，主要取決於投入成本。過去三年來，我們一直生活在一個投入成本急劇上升的世界。現在看起來更正常了。

So any view and handle which we have on the input cost for this year is around 0, I would say. And that's also why we put that forward as the pricing for '24 and we found acceptance and buy-in for that with our customers, Stacy, that's not -- it's not really correlated with lead times.

因此，我想說，我們對今年投入成本的任何看法和處理都在 0 左右。這也是為什麼我們提出了 24 小時的定價，我們發現我們的客戶對此表示接受和支持，史黛西，這不是——它與交貨時間並沒有真正的相關性。

I understand your question if we had more of a commodity portfolio since we don't have that correlation doesn't really exist.

我理解你的問題，如果我們有更多的商品投資組合，因為我們沒有這種相關性並不真正存在。

Our next question comes from Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券的加里·莫布里。

Kurt, you called out some better-than-expected revenue on the mobile side, and you appear to be poised for some pretty significant year-over-year growth in Mobile in the first half of fiscal year '24. Is that a function of the Android market being last bad? Is it largely a function of maybe some traction in Ultra-Wideband or is it a function of content gains at your largest Mobile customer.

Kurt，您提到行動方面的收入好於預期，而且您似乎準備在 24 財年上半年實現移動方面相當顯著的同比增長。這是Android市場最後一個糟糕的功能嗎？它在很大程度上是超寬頻的一些吸引力的函數，還是您最大的行動客戶的內容增益的函數。

So Gary, in full transparency, most of all, it's a function of the weak [comparison] last year. I just have to pull it out. I mean if you look at our Q1 of last year, it was horrendously low as a function of everything I explained in the last 10 minutes. So very, very clearly, mainly a function of weak comparison. However, you mentioned at least one other thing, which is certainly the case. We clearly see that the Android inventory digestion is completely behind us. I would almost claim already in Q4, it was largely behind us.

所以加里，完全透明地，最重要的是，這是去年弱[比較]的函數。我只需要把它拉出來。我的意思是，如果你看看我們去年的第一季度，你會發現，根據我在過去 10 分鐘解釋的所有內容，它低得可怕。非常非常清楚，主要是弱比較的函數。但是，您至少提到了另一件事，情況確實如此。我們清楚地看到Android的庫存消化已經完全落後了。我幾乎可以說在第四季度就已經過去了，它基本上已經過去了。

So in Android, we are shipping to end demand and you could also be somewhat hopeful about the Android market development going forward. So that is certainly a case and our premium handset customer is also in, I would say, in a decent shape relative to volume development. But that's it.

因此，在 Android 方面，我們正在滿足最終需求，您也可能對 Android 市場的未來發展抱持一定的希望。因此，這確實是一種情況，我想說，我們的高階手機客戶相對於銷售發展也處於良好的狀態。但僅此而已。

So again, it is very much a function of us trying to get as quickly as possible to true end demand and not suffering from excess inventory. I mean, that's a good example of where that also helps you then on the other side of the equation to quickly come back into growth.

再說一次，這在很大程度上是我們努力盡快滿足真正的最終需求而不遭受庫存過剩的影響。我的意思是，這是一個很好的例子，它也可以幫助你在等式的另一邊快速恢復成長。

And Bill, you seem to be calling out 58% gross margin for fiscal year '24, which is down only 50 basis points from the prior year. And that's quite commendable considering what's going on in the industry and whatnot. And it seems like you have a lot of gross margin headwinds from utilization to mix headwinds and whatnot. Maybe if you can give us some additional color in terms of the offsets to those headwinds and what's allowing for this gross margin resiliency.

比爾，您似乎聲稱 24 財年的毛利率為 58%，僅比前一年下降了 50 個基點。考慮到行業中正在發生的事情，這是非常值得稱讚的。而且，由於利用率和混合阻力等因素，您似乎面臨許多毛利率阻力。也許您能給我們一些額外的資訊來抵消這些不利因素以及毛利率彈性的原因。

Sure. Let me just use Q4 as an example in Q1 and then talk about some more of those levers, both tailwinds and headwinds. So in Q4, we did slightly better, as you know, 20 basis points. And really, that was driven by that distribution mix. It represented 61% of our sales up from 57% in Q3.

當然。讓我僅使用第四季度作為第一季的範例，然後討論更多這些槓桿，包括順風和逆風。因此，如您所知，我們在第四季度的表現稍好一些，上升了 20 個基點。事實上，這是由發行組合推動的。它占我們銷售額的 61%，高於第三季的 57%。

Now in Q1, we're guiding down 70 basis points, primarily driven again by this lower distribution mix and lower -- slightly lower fall-through on the sales. And because what we're doing there is we're seasonally adjusting distribution sales. So that will be down, but still probably better than a year ago from a mix standpoint. If you remember, distribution sales was about 49% in Q1, and I think we'll be a bit better than that, which is then offsetting the underutilization. If you recall, Q1 from a year ago, we were running in the low 80s and now we're running in the low 70s. So you got some moving parts from a year-over-year compare, but from a quarter-over-quarter compare, it's really driven by the mix.

現在，在第一季度，我們的指引下調了 70 個基點，這主要是由於分銷組合的下降和銷售下降幅度的降低而再次推動的。因為我們正在做的是季節性調整分銷銷售。因此，這一數字將會下降，但從混合的角度來看，仍可能比一年前更好。如果你還記得的話，第一季的分銷銷售額約為 49%，我認為我們會比這更好一點，從而抵消利用率不足的情況。如果你還記得，一年前的第一季度，我們的運行速度在 80 左右，現在我們的運行速度在 70 左右。因此，從同比比較中可以看到一些變化的部分，但從季度環比比較來看，它實際上是由混合驅動的。

Now talking about tailwinds and headwinds, you're right. Clearly, if we go below our current utilization levels of the low 70s, that becomes a headwind for us. We know that. We're managing it to this level. And you can see for the last 3 quarters, we've been running our internal factories, which represent 40% of our internal source wafers.

現在談論順風和逆風，你是對的。顯然，如果我們的利用率水準低於 70 多歲，這對我們來說將是一個阻力。我們知道。我們正在將其管理到這個水平。您可以看到，在過去的 3 個季度中，我們一直在運作我們的內部工廠，這些工廠占我們內部源晶圓的 40%。

Another obviously, headwind is obviously you have lower revenues, you have lower fall-through over your fixed cost structure. If we do see lower pricing, again, we're -- so far, we see that we're able to keep the stable and flat from a year-over-year comparison standpoint. But again, if we do have lower pricing, it's our job to offset that with lower cost and productivity gains.

另一個明顯的逆風是你的收入較低，固定成本結構的損失較低。如果我們確實看到價格下降，那麼到目前為止，我們看到，從同比的角度來看，我們能夠保持穩定和持平。但同樣，如果我們的定價確實較低，我們的工作就是透過降低成本和提高生產力來抵銷這一點。

Again, obviously, this is more longer term, the delay of any new product introductions could cause an impact from this quarter or that quarter based on timing. But the tailwinds we have again, is higher revenues, if you think about over the 30% fixed cost structure we have, so that falls through if we replenish our channel back to normal levels. Again, Kurt talked about that $500 million. It's a richer mix. And when we decide to do that, that becomes a tailwind and then utilization, if we improve our 70% utilization internally, going back to more something in the mid-80s, that's a tailwind.

同樣，顯然，這是更長期的，任何新產品推出的延遲可能會根據時間對本季或該季度產生影響。但如果你考慮到我們擁有超過 30% 的固定成本結構，我們再次面臨的有利因素是更高的收入，因此，如果我們將通路補充到正常水平，那麼收入就會下降。庫爾特再次談到了那 5 億美元。這是一個更豐富的組合。當我們決定這樣做時，這將成為順風，然後利用率，如果我們在內部提高 70% 的利用率，回到 80 年代中期的更多東西，那就是順風。

Another one is something that we talked about is we plan to expand our distribution reach and mass market customers. We don't think we're doing as good as a job like some of our peers. So that's something that we're going to focus on and do better at and reach more customers. And clearly, we're going to continue to execute on our productivity gains. And most importantly, longer term is to ramp up our new product introductions, which are accretive to the corporate gross margins today.

我們談論的另一件事是我們計劃擴大我們的分銷範圍和大眾市場客戶。我們認為我們的工作做得不如一些同行。因此，這是我們將重點關注並做得更好並涵蓋更多客戶的事情。顯然，我們將繼續提高生產力。最重要的是，從長遠來看，我們要加大新產品的推出力度，這將增加當今企業的毛利率。

So all in all, I think it's how you manage the tailwinds and the headwinds quarter in and quarter out, and we're going to do our best to maintain near the high end of the model as what I said at these types of revenue levels.

總而言之，我認為這就是如何管理季度和季度的順風和逆風，我們將盡最大努力保持模型的高端，正如我在這些類型的收入水平上所說的那樣。

Our next question comes from Francois Bouvignies with UBS.

我們的下一個問題來自瑞銀集團的 Francois Bouvignies。

I have two, maybe a follow-up to the previous question. The first one is on Automotive. I mean you mentioned that you are basically managing the channel and the under shipping at the moment with a more clear picture in the second half of the year, if I have to summarize. Can you quantify maybe how much do you undership the demand, maybe in the last 2 quarters? Because when I look at your Auto revenues, it was up 1% year-over-year. The production was -- of cars was obviously much higher. I was wondering if you had any intelligence of how much you are under shipping the Automotive right now, which basically would go into your way of a soft down cycle. But I was wondering if you have any quantification on that would be very helpful.

我有兩個問題，也許是上一個問題的後續。第一個是關於汽車的。我的意思是，如果我必須總結的話，您提到您目前基本上正在管理通路和運輸不足，並在下半年有更清晰的情況。您能否量化一下您在過去兩個季度中滿足了多少需求？因為當我查看你們的汽車收入時，它比去年同期成長了 1%。汽車的產量顯然要高得多。我想知道你是否知道你現在的汽車運輸量是多少，這基本上會進入你的軟下降週期。但我想知道您對此是否有任何量化會非常有幫助。

Yes. Francois, no exact quantification, but I guess a few pointers. It isn't useful in my view, to look at one individual quarter. But I think now since the full calendar year '23 is behind us, you can look at the full year where I think our Auto business did grow by 9%. I also said that the company has increased pricing by 8%. So let's just assume for a minute that in Auto, we did also increase price in that order of magnitude, which basically puts you almost on a 0 supply increase line last year in Automotive. So say 0 growth in Automotive last year in supply and units. And that goes against what I would call super bullish Automotive fuel last year with, I think, in the end, the 9% SAAR increase to 90 million units, a rocking increase in electric cars. I think the xEV cars last year, we're growing by 45% year-over-year.

是的。弗朗索瓦，沒有確切的量化，但我猜有一些建議。在我看來，只看單一季度是沒有用的。但我認為現在，既然 23 整個日曆年已經過去，你可以看看全年，我認為我們的汽車業務確實成長了 9%。我還說公司已經把定價提高8%了。因此，讓我們假設一下，在汽車行業，我們也確實以這個數量級提高了價格，這基本上使您去年在汽車行業幾乎處於 0 供應增長線。可以說，去年汽車業的供應量和銷售量成長為零。這與我去年所謂的超級看漲汽車燃料的情況背道而馳，我認為，最終，SAAR 成長了 9%，達到 9,000 萬輛，電動車的大幅成長。我認為去年 xEV 汽車的銷量比去年同期增長了 45%。

So I mean all the good arguments, which we've discussed so often for a lot of content increase on top of the 9% SAAR. And we ship 0. I mean that gives you a feel why we have a very strong view that we already significantly undershipped through all of last year. But at the same time, I mean, it's obvious. We have overshipped in the time before. It's just that I believe we started very early with taking a handle on that and controlling that overshipment and throttling it back.

所以我指的是所有好的論點，我們經常討論這些論點，以在 9% SAAR 的基礎上增加大量內容。我們的出貨量為 0。我的意思是，這讓您感受到為什麼我們有一個非常強烈的觀點，即我們去年全年的出貨量已經嚴重不足。但同時，我的意思是，這是顯而易見的。我們之前已經超載了。只是我相信我們很早就開始處理這個問題，控制超載並限制它。

I think through all of last year, we have undershipped in the distribution side of Automotive, which is 40% of the revenue. And I'd say we've take -- we started to take more stringent action in the second quarter of last year to also control the over shipments in the direct side. But that's the one which is not completely done yet. So it's very hard to qualify that Francois because you don't know what size of inventory individual Tier 1 customers want to keep on the long run. And it's also not a -- it's not a steady target. I mean we discussed with them very often. And these targets in terms of how many weeks of semiconductor inventory they want to keep. First of all, they are ranging widely between different Tier 1s. I could quote a range here between 2 weeks and 18 weeks. It's really all over the place. And it also changes over time.

我認為去年全年，我們在汽車分銷方面的出貨量不足，佔營收的 40%。我想說的是，我們從去年第二季開始採取更嚴格的行動，以控制直接方面的過度出貨。但這還沒有完全完成。因此，很難確定弗朗索瓦的資格，因為您不知道單一一級客戶希望長期保留多少庫存。這也不是一個穩定的目標。我的意思是我們經常與他們討論。這些目標是他們希望保留多少週的半導體庫存。首先，它們在不同的一級之間差異很大。我可以在這裡引用 2 週到 18 週之間的範圍。真的到處都是。而且它也會隨著時間的推移而改變。

As soon as they see reason to believe that their business is going to grow again, which means the OEM call offs they are getting then they want to grow their inventory again. So that's why it's a bit of a moving target. But I think for us, the synthesis is that we believe by the middle of calendar year '24, we have that behind us.

一旦他們有理由相信他們的業務將再次成長，這意味著他們收到 OEM 取消訂單，他們就會想要再次增加庫存。這就是為什麼它是一個移動目標。但我認為對我們來說，綜合來說，我們相信到 24 日曆年中，我們就已經過去了。

That's great answer. And the second follow-up is on the pricing. I mean you said flattish pricing in '24 and obviously, it seems to be like better than peers, and I understand the commodity part and also the input cost. If we look at the input cost, the electricity is coming down, I mean, obviously, from the peak you have the silicon wafers coming down. You have the mature nodes at the foundry level that is coming under pressure for many, many Tier 2, Tier 3 foundries. I was just wondering if the input cost is the main tracker of your pricing, how should we think about 2025 or through the year as we see input cost is also coming under pressure, if you see what I mean?

這是很好的答案。第二個後續行動是定價。我的意思是，你說 24 年的定價持平，顯然，它似乎比同行更好，而且我了解商品部分和投入成本。如果我們看一下投入成本，電力正在下降，我的意思是，顯然，矽晶圓從峰值開始下降。代工廠層級的成熟節點正面臨許多二級、三級代工廠的壓力。我只是想知道投入成本是否是你們定價的主要追蹤因素，我們應該如何看待 2025 年或全年，因為我們看到投入成本也面臨壓力，如果你明白我的意思的話？

Look, a couple of things, Francois. First of all, I'm glad we get well through '24. I can't get my head around '25, that's a little early, to be honest. Now at the same time, I think you put good pieces together relative to input costs, the one which you didn't put up is the fact that the Tier 1 foundries are still a bit tight lipped when it is to cost decreases. And the biggest part of our input is Tier 1 foundries, not Tier 2 and Tier 3 foundries because we need these Tier 1 foundries for our Automotive and Core Industrial business. And there, unfortunately, the trends are not quite as ambitious as you mentioned them.

聽著，有幾件事，弗朗索瓦。首先，我很高興我們能順利度過 24 年。我無法理解 25 歲左右的情況，說實話，這有點早了。同時，我認為你將相對於投入成本的好部分放在一起，但你沒有提出的事實是，一級代工廠在降低成本方面仍然守口如瓶。我們投入的最大部分是一級鑄造廠，而不是二級和三級鑄造廠，因為我們的汽車和核心工業業務需要這些一級鑄造廠。不幸的是，這些趨勢並不像您提到的那麼雄心勃勃。

Over time, Francois, I do believe, say, mid to longer term, that the industry will return to low single-digit ASP erosion year-over-year. That is what we had in the pre-COVID period in the application-specific business like ours. And I think it is reasonable to assume that, that is also going to happen in the mid- to longer-term future. However, this year is a transition year because the input is not yet the input cost and the inflationary environment is just not yet at that level as it used to be in the past. And very important, and I know it's probably very clear, but I just want to reiterate that very clearly. This does not mean falling back to the levels which we had pre-COVID.

弗朗索瓦，我確實相信，隨著時間的推移，從中長期來看，該行業將恢復到同比下降個位數的平均售價。這就是我們在新冠疫情之前的特定應用業務中所擁有的情況。我認為可以合理地假設，這也將在中長期的未來發生。然而，今年是個過渡年，因為投入還不是投入成本，通膨環境還沒有達到過去的水準。非常重要，我知道這可能非常清楚，但我只想非常清楚地重申這一點。這並不意味著我們會回到新冠疫情爆發前的水平。

What I'm saying is from the levels which we have achieved now, we possibly have that in the mid- to longer-term future, this very low single-digit ASP erosion per year, but we absolutely see no scenario that falls back to the levels of pre-COVID.

我所說的是，從我們現在所達到的水平來看，在中長期的未來，我們可能會出現每年非常低的個位數平均售價侵蝕，但我們絕對看不到會回落到新冠疫情之前的水平。

Our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗銀行的克里斯丹利 (Chris Danely)。

Just in terms of the things getting a little bit tougher over the last months. Kurt, is there any way to tell how much of this is, I guess, worsening demand versus a little more inventory than we thought? Any which way or the other on either side of that?

只是就過去幾個月事情變得有點困難而言。庫爾特，我想，有什麼方法可以告訴我們，需求惡化與庫存比我們想像的多一點之間的關係有多大嗎？兩邊有哪條路或另一條路？

Yes, clearly, first of all, I confirm what you say it got worse over the last 90 days or at least our view on what we are exposed to got worse. I would say the end demand in Auto has weakened. I mean the latest S&P data is now almost 1 percentage point down year-on-year in terms of SAAR, so that's a little less than it was before.

是的，顯然，首先，我確認你所說的，過去 90 天情況變得更糟，或者至少我們對所面臨的問題的看法變得更糟。我想說汽車的最終需求已經減弱。我的意思是，就 SAAR 而言，最新的標準普爾數據現在同比下降了近 1 個百分點，所以比以前要少一些。

The xEV penetration is a little slowing. Again, it is still up, but it is a little slowing. So these are just gradual movements to the less positive side than what it was 90 days ago. But I think what is probably the somewhat bigger part in here is that we just got a better handle now what is the remaining size of the excess inventory with our Tier 1 Automotive customers, which we are working down through the first half.

xEV 的滲透率略有放緩。同樣，它仍在上升，但速度有點放緩。因此，這些只是逐漸朝著比 ​​90 天前不太積極的方向發展。但我認為，這裡可能更重要的部分是，我們現在更好地處理了我們的一級汽車客戶剩餘的剩餘庫存規模，我們正在上半年解決這個問題。

So I cannot pass in percentage, which one of the two is contributing how much. But I'd say it is in that say, combination of Automotive, Core Industrial over Inventory and at the same time a weakening macro.

所以我無法通過百分比，兩者中哪一個貢獻了多少。但我想說的是，汽車、核心工業與庫存的結合，同時宏觀經濟的疲軟。

Great. And for my follow-up, I think -- so Bill talked about disti being 49% of sales in Q1 of last year and then 61% of sales in Q4. Did I hear that right? Or is that wrong?

偉大的。對於我的後續行動，我認為 - 所以比爾談到了去年第一季銷售額的 49%，然後是第四季度銷售額的 61%。我沒聽錯吧？或者說這是錯誤的？

That's correct. Chris.

這是正確的。克里斯。

So yes, okay. So my question is, your sales grew about, I guess, 10% from Q1 to Q4. And so that would mean your sales into disti grew a lot more than that. Why would that happen if the environment, like overall, at least outside you guys was a little more difficult?

所以是的，好吧。所以我的問題是，我猜你們的銷售額從第一季到第四季成長了 10% 左右。因此，這意味著您在分銷領域的銷售額成長得遠遠超過這個數字。如果整體環境（至少在你們之外）稍微困難一些，為什麼會發生這種情況呢？

Basically it is matching to the sell-through.

基本上與銷量相符。

Chris, I think the background here is mainly that the exposure to distribution is larger in our Industrial & IoT business. And that is the one where we have seen the trough already in the first quarter of last year. So that gradual improvement throughout the quarters I discussed earlier that shows up more on the distribution side because those are the segments which have that improvement. Where in Automotive, where distribution is only 40%, as I described, we have now the direct customer excess inventory digestion and distribution is a smaller part. So I think it is just a reflection of our exposure to the different end market segments.

克里斯，我認為這裡的背景主要是我們的工業和物聯網業務中的分銷風險更大。這就是我們在去年第一季已經看到的低谷。因此，我之前討論的整個季度的逐步改善更多地體現在分銷方面，因為這些是有這種改善的細分市場。在汽車領域，分銷只有 40%，正如我所描述的，我們現在直接客戶的過剩庫存消化和分銷只是一小部分。所以我認為這只是我們對不同終端細分市場的接觸的反映。

Our next question comes from Joshua Buchalter with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。

In Autos, you've heard from a few in the supply chain, that there's a bit of a push pull going on between OEMs and Tier 1s, where the OEMs want that your wants to keep carrying more inventory, Tier 1s are trying to manage their working capital and carry less. I just be curious, are you seeing that going on? Is that some -- the Tier 1 is wanting to lower their levels. Is that playing into what's going on with some of the digestion you're seeing now?

在汽車行業，您從供應鏈中的一些人那裡聽說，原始設備製造商和一級供應商之間存在一些推拉關係，原始設備製造商希望您繼續持有更多庫存，一級供應商正在努力管理他們的營運資金和攜帶較少。我只是好奇，你看到正在發生的事情嗎？是不是有一些——一級想要降低他們的等級。這是否會影響你現在看到的一些消化過程？

Joshua. Absolutely. That's a horrendous fight and that's why I said earlier, it is really hard to call the final exact landing place for the size of inventory for Tier 1 because it is a matter of their negotiation with the -- with their OEM customers. The midterm trend is that every piece of new business they are winning, OEMs are now often enforcing for the new business to hold a certain amount of inventory for specific semiconductor components. So that becomes very explicit, but it's only for new business.

約書亞。絕對地。這是一場可怕的戰鬥，這就是為什麼我之前說過，很難確定一級庫存規模的最終準確著陸點，因為這是他們與 OEM 客戶談判的問題。中期趨勢是，原始設備製造商在贏得每項新業務時，通常會要求新業務持有一定數量的特定半導體組件庫存。所以這變得非常明確，但這僅適用於新業務。

So think about it as something which will be layering in over the next couple of years as those new design wins are materializing. That's the way how the OEMs want to get a firm handle on the size of inventory at Tier 1s.

因此，可以將其視為在未來幾年內隨著新設計勝利的實現而分層的東西。這就是原始設備製造商希望牢牢掌握一級庫存規模的方式。

At the moment, it's still Wild West because none of this is really contractually anchored because it's old contracts, which didn't have these articulations, which is why it is indeed all over the place, and that makes it also a bit harder to be precise.

目前，它仍然是狂野西部，因為這一切都不是真正以合同為基礎的，因為它是舊合同，沒有這些銜接，這就是為什麼它確實到處都是，這也使得它變得有點困難精確的。

Sure. I think you have one more, Josh.

當然。我想你還有一個，喬許。

Yes, that's okay. I would just -- maybe for Bill. I was going to ask about the policy of repurchases. I know you mentioned it's still return 100% of free cash flow but have been running a little bit below that in the last several quarters. Should we expect after you pay down the debt in March that repurchases pick up? Or is it something more tied to the business environment.

是的，沒關係。我只是——也許是為了比爾。我想問一下回購政策。我知道您提到它仍然可以返回 100% 的自由現金流，但在過去幾個季度中一直略低於這一水平。我們是否應該預期在三月償還債務後回購會增加？或者它與商業環境更相關？

Yes. I mean, again, our capital allocation, as I stated, hasn't changed. If I just look over the last 3 years, we returned $8.8 billion or 113% over those 3 years. And you're right, the trailing 12 months, 77%, current quarter was 72%. And again, we are -- we set aside some cash, as you all know, that we're going to retire some of our debt and deleverage the company here, and we think that's a good use of our cash and we're going to continue being flexible on our balance sheet and doing all of the above, dividends, buybacks, debt as well as small M&A, no changes and we are going to continue to do what we do.

是的。我的意思是，正如我所說，我們的資本配置並沒有改變。如果只看過去 3 年，我們在這 3 年的回報率為 88 億美元，即 113%。你是對的，過去 12 個月是 77%，當季是 72%。再說一遍，我們預留了一些現金，正如你們都知道的，我們將償還部分債務並對公司進行去槓桿化，我們認為這是對我們現金的一個很好的利用，我們將我們的資產負債表繼續保持靈活性，並進行上述所有工作、股息、回購、債務以及小型併購，沒有任何變化，我們將繼續做我們所做的事情。

Thanks, Josh.

謝謝，喬許。

Yes, I guess that gets us to the end of the call. So, thanks, everybody, for joining the call this morning. Clearly, continues to be a tough environment where NXP takes any control possible. And I dare to say we've started to take that control, especially relative to inventory build externally and inventory management internally. We started to take that control in a very disciplined manner early in the mid of '22 for the distribution side and starting in the second quarter of last year on the direct customer side, which we believe allows us to continue to drive a safe landing and soft landing in this tough environment. Mid and longer term, we continue to be fully focused on the Automotive and Industrial markets to innovate and drive profitable growth. Thank you all.

是的，我想這讓我們結束了通話。所以，謝謝大家今天早上加入電話會議。顯然，當前的環境依然嚴峻，恩智浦必須採取一切可能的控制措施。我敢說我們已經開始採取這種控制措施，特別是在外部庫存建設和內部庫存管理方面。我們早在 22 年中期就開始以非常嚴格的方式對分銷方面進行控制，並從去年第二季度開始在直接客戶方面進行控制，我們相信這使我們能夠繼續安全著陸並在這個艱難的環境中實現軟著陸。從中長期來看，我們將繼續全面專注於汽車和工業市場，以創新並推動獲利成長。謝謝你們。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。