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.

大家好，歡迎參加恩智浦 23 年第四季財報電話會議。 （操作員指令）。提醒一下，本次通話正在錄音。

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

現在，我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.

謝謝你，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半導體總裁兼執行長 Kurt Sievers；以及我們的財務長 Bill Betz。今天的電話會議正在錄音，可從我們的公司網站重播。

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，其中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我們經營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。

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，恩智浦不承擔修改或公開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 GAAP 財務指標，這些指標主要由管理階層認為與 NXP 核心營運績效無直接關係的離散事件所驅動。根據規則G，恩智浦已在2023 年第四季財報新聞稿中提供了非GAAP 財務指標與最直接可比較的GAAP 指標的對帳表，該對帳表將以8-K 表格提交給SEC，並可在恩智浦網站查閱。

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

現在我想把話題交給寇特。

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。我們非常感謝您參加我們今天上午的電話會議。我將回顧我們第四季度和2023 年全年的業績，然後討論我們對第一季度的指導。比我們的預期，汽車、工業及物聯網的表現符合我們的指導，而通訊基礎設施的表現略低於我們的預期。

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.

綜合來看，恩智浦第四季營收為34.2億美元，年增3%。第四季非公認會計準則營業利益率為 35.6%，比去年同期低 90 個基點，比我們的預期中位數高出約 20 個基點。與去年同期相比，我們的業績表現得益於穩健的毛利成長，但因我們持續投資於新產品開發而導致的營運費用上升。

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，遠低於我們 2.5 個月的長期目標。此外，我們繼續與直接客戶合作，使他們的庫存正常化。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 under-shipped fundamental end demand in order to limit inventory build in the channel and at our direct customers.

除了收入成長之外，我們在 2023 年將定價提高了約 8%，以抵消更高的投入成本，從而維持我們的毛利率。同時，到 2023 年，我們的單位產量下降了約 7%。

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.

全年非公認會計準則營業利潤率為 35.1%，比去年同期下降 120 個基點，原因是毛利表現的改善被營業費用的增加所抵消，主要是在產品和系統創新投資方面。

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，讓我來談談我們重點終端市場的 2023 年全年具體趨勢。汽車業務全年營收為 74.8 億美元，比上年增長 9%，反映出定價上漲、公司特定成長動力強勁但出貨量下降帶來的收入成長。第四季度，汽車營收為 18.9 億美元，較去年同期成長 5%，符合我們的預期。

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消了價格上漲的影響。我們在 2023 年第一季看到了工業和物聯網業務的低谷。

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.

在行動業務方面，全年營收為 13.3 億美元，年減 17%，原因是手機市場趨勢疲軟和庫存消化。第四季度，行動收入為 4.06 億美元，與去年同期持平，且優於我們的預期。

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%。年比成長是由於安全卡和標籤解決方案的銷售成長、價格上漲以及部分傳統網路處理解決方案的最後一次購買等因素造成的。但這被蜂窩基地台市場射頻功率產品的下滑所抵消。第四季的營收為 4.55 億美元，年減 8%，低於我們的預期。

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，和往年一樣，我想提供我們6 個加速成長動力的年度進展更新，我們在2021 年11 月的分析師日上重點介紹了這些動力。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 aggregate are tracking above plan. The underlying core auto business grew in line with our longer-term expectations.

縱觀我們 2023 年的表現，S32 處理器系列和我們的電氣化解決方案都提前實現了計劃。由於我們採取強有力的措施限制向正在消化庫存的客戶的發貨量，雷達收入低於計劃。綜合來看，汽車業加速成長的整體動能超出計畫。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，我們的成長速度低於預期。我們認為，業績表現不佳是由於終端市場週期性明顯疲軟，以及我們管理分銷管道的嚴謹方法所致。請記住，我們透過分銷管道服務約 80％ 的工業和物聯網終端市場，以有效滿足成千上萬小客戶的需求，其中大多數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 手機市場明顯疲軟，我們的超寬頻加速成長動力的營收成長預期低於範圍。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用例，進展非常順利。 20 個汽車平台中，有 18 個已經授予恩智浦，另有 15 個平台正在評估恩智浦解決方案。目前，超寬頻收入流主要由大約 7 個汽車平台和一些頂級手機 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，對於通訊基礎設施內的射頻功率放大器，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 技術向氮化鎵的過渡速度快於預期。然而，由於滿足了對各種安全卡和標記解決方案（包括智慧標籤的 RFID）的壓抑需求，通訊基礎設施的底層核心部分在 2023 年表現非常出色。

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

總的來說，我們在通訊基礎設施領域的計劃已經提前完成了。

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。了約9%。我們對第一季的謹慎展望反映了典型的季節性，同時我們仍希望實現直接客戶的現有庫存正常化，並將繼續將通路庫存保持在一個狹窄的範圍內。

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，與前幾年相比，我們看到投入成本趨勢有所改善，這使我們能夠假設2024 年的價格持平。汽車價格將在低點下降與 2023 年第一季相比，下降了 10% 左右，與 2023 年第四季相比，下降了 10% 左右。

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.

工業和物聯網預計將同比增長 15% 左右，與 2023 年第四季度相比下降 10% 左右。幾個百分點。

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，通訊基礎設施和其他領域預計將年減在 20% 左右，與 2023 年第 4 季相比下降在兩位數的低百分比範圍內。

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 troughed 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，在 2023 年，由於我們公司特定的終端市場敞口，我們在投資組合的各個部分截然不同的時間點經歷了半導體週期的變化。一方面，我們更面向消費者的工業和物聯網以及行動領域的全年收入表現令人失望。然而，由於我們嚴格的通路管理，這些業務在經歷了疫情後的劇烈調整後，在 2023 年第一季就已經跌入低谷。自此以後，我們看到了逐步的改善。我們確實認為這些成長趨勢將持續到 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. 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.

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 年第二季開始，我們的直接客戶進入了多個季度的庫存調整階段。到第一季。關於我們的通訊基礎設施和其他業務，我們預計 2024 年的營收將比 2023 年下降，這與我們在第三季財報電話會議上分享的先前觀點一致。

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.

因此，展望 2024 年，我們確實認為宏觀經濟已經比我們 90 天前的看法更惡化。我們現在預計，由於我們的直接汽車客戶的庫存消化時間長於預期，2024 年上半年的銷售額將較 2023 年上半年下降。不過，我們預計 2024 年下半年的公司營收將比 2024 年上半年成長，因為我們相信到那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 said, the potential outcome for 2024 should be in the range of a modest annual revenue growth or decline.

總的來說，我們已經並將繼續管理好一切力所能及的事情，以實現業務軟著陸。因此，我們嚴格控制分銷管道，並支援我們的直接客戶適當消化庫存。這使我們能夠在每個細分市場實現週期性改進時立即利用它。根據我所說的一切，2024 年的潛在結果應該在年收入適度成長或下降的範圍內。

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，來檢視一下我們的財務表現。

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.

謝謝你，庫爾特，今天電話會議中的各位嘉賓早安。由於 Kurt 已經介紹了第四季度的收入驅動因素並提供了第一季的收入展望，因此我將轉到財務亮點。

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.

總體而言，我們第四季的財務表現良好。收入略高於我們預期範圍的中點，非GAAP 毛利也高於我們預期範圍的中點，這得益於分銷渠道的銷售額組合增加，儘管渠道的供應月數仍保持在1.5 個月左右，即約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.

我將首先介紹全年亮點，然後介紹第四季的業績。 2023年全年營收為132.8億美元，年增1%。我們創造了 77.6 億美元的非公認會計準則毛利，非公認會計準則毛利率為 58.5%，較去年同期成長 60 個基點。非公認會計準則總營業費用為 30.9 億美元，佔收入的 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.

非公認會計準則下營業利潤總額為 46.6 億美元，較去年同期下降 3%。這反映了非公認會計準則營業利潤率為 35.1%，年減 120 個基點，符合我們目前的長期財務模型。非公認會計準則利息支出為 2.83 億美元，持續營業相關稅費為 6.93 億美元，即非公認會計準則有效稅率為 15.8%。非控制權益為 2,500 萬美元，股票薪酬（未包含在非 GAAP 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%。總體而言，這產生了 26.9 億美元的非 GAAP 自由現金流，佔收入的 20%。 2023 年，我們以 10.5 億美元回購了 546 萬股，並支付了 10.1 億美元的現金股息，佔經營現金流的 29%。總體而言，我們向所有者返還了 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.

現在轉到第四季的細節。總收入為 34.2 億美元，年增 3%，略高於我們預期範圍的中點。我們創造了20.1 億美元的非公認會計準則毛利潤，並報告非公認會計準則毛利率為58.7%，比去年同期增長70 個基點，比我們指導範圍的中點高出20 個基點，這主要得益於產品組合。

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.

非公認會計準則總營業費用為 7.91 億美元，佔營收的 23.1%，年增 7,800 萬美元，但較第三季下降 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.

非公認會計準則利息支出為 6,900 萬美元，持續營業稅為 1.78 億美元，即非公認會計準則有效稅率為 15.5%。非控制權益為 600 萬美元，股票薪酬（未包含在非 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.

現在我想談談我們的現金和債務的變化。我們第四季末的總負債為 111.7 億美元，與上季基本持平。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，這得益於第四季度資本回報、資本支出投資和現金產生的累積效應。

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.

由此產生的淨債務為 69 億美元，而本季結束時我們過去 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，我們的 12 個月調整後 EBITDA 利息覆蓋率為 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一直強調的那樣，鑑於不確定的需求環境，我們繼續有意選擇限制渠道中的庫存，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定向產品。應收帳款天數為 24 天，較上一季減少 1 天；應付帳款天數為 72 天，比上一季增加 12 天，原因是外部材料採購增加。

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，我們的現金轉換週期為 84 天，比上一季改善了 15 天。營運活動現金流為 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.

現在來談談我們對第一季的預期。正如 Kurt 所提到的，我們預計第一季的營收為 31.25 億美元，上下浮動約 1 億美元。中間值與去年同期持平，比上一季下降 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，因為我們將該通路的銷售月數維持在 1.6 個月或以下。

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.

預計營運費用約 7.55 億美元，上下浮動約 1,000 萬美元。綜合來看，我們認為非 GAAP 營業利潤率中間值為 33.9%。我們估計非公認會計準則財務支出約為 6,600 萬美元。我們預期非公認會計準則稅率為稅前利潤的16.9%。非控制權益和其他權益約為 300 萬美元。對於 Q1，出於建模目的，我們建議您使用 2.59 億股的平均股數。我們預計股票薪酬（未包含在我們的非 GAAP 指引中）將比正常水平高出 1.27 億美元，這得益於我們第四季度繼續完善投資組合而採取的重組活動。

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，我們預計在7%左右。按照中間值計算，這意味著非 GAAP 每股收益為 3.17 美元。就 2024 年全年建模目的而言，我們預計非 GAAP 毛利率將達到我們長期模型的高端，即正負正常 50 個基點。我們預計營運費用將保持在我們的長期模型內，並按季度波動，受第二季度發生的年度績效和實際表現決定的可變薪酬變動所驅動。

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.

我們建議非公認會計準則稅率使用範圍介於 16.4% 至 17.4% 之間。對於股票薪酬，我們建議使用 4.8 億美元，其中第一季是今年的最高峰。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.

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能控制的事情並維持我們的長期財務模式。

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.

其次，從營運角度來看，第一季的指引假設內部工廠利用率將繼續維持在 70% 左右的低點至中位數區間，我們預計這一水準將維持到內部庫存恢復正常為止。

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 10b-51 program.

最後，我們將在 3 月 1 日到期時用現金償還 2024 年 10 億美元的債務。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，我們根據現有的 10b-51 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我們的股票。現在我想將問題轉回給接線生。

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

（操作員指示）我們的第一個問題來自德意志銀行的羅斯·西摩。

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?

首先，關於整體庫存管理，Kurt，聽起來你在渠道方面做得很好，但是 OEM 方面有點過剩。您能否談談通路方面，如果 2024 年仍是這個數字，您是否計劃投資 5 億美元？

And on the OEM side, when do you think that normalizes throughout the year?

從 OEM 方面來看，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. So no intention to increase general inventory really in the first quarter.

是的。謝謝，羅斯。確實，我認為您所賦予的顏色是我所同意的。在通路方面，我們感到安全，庫存方面我們有很大控制力。讓我這樣說吧。對於第一季度，我們絕對無意超越 1.6% 的範圍。它將徘徊在1.5%和1.6%之間。我認為過去兩個季度的成長率是 1.5%。因此，考慮第一季度，可能是 1.6%，但這並不是增加。我們能保持的更多的是精確度。因此，第一季實際上沒有增加一般庫存的意圖。

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.

羅斯，對於今年剩餘時間的情況來說，與我們過去幾季的情況沒有太大區別。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。所以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），我們也不會在這裡採取任何快速或倉促的措施。

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.

所以我們可能會開始，因為我確實假設並且我們將在稍後的電話會議中回到這個問題，我們確實預計今年下半年市場會出現一些復甦。因此，我們更有可能開始透過它們來補充管道。但話說回來，這其實是市場環境的作用。

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.

它的規模確實是我們之前討論過的5億美元。但同樣，這不一定是我們年度收入變動考量的一部分。

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.

現在直接客戶的庫存或過剩庫存，實際上，我認為我們從去年第二季就開始嘗試修正這個問題。我想那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，其中大多數都積壓了過剩庫存。事實上，羅斯，我們之所以已經知道這些事實，要感謝我們的 NCNR 系統。我們——我們討論了這些 NCNR 命令。順便說一下，在我們的案例中，這與我們的一些同行所使用的結構不同。我們的是每年一次。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.

所以明確地說，我們目前沒有更多的 NCNR 訂單。所以所有這些都將在 2023 年底耗盡。自去年第二季以來，我們一直在忙於嘗試以合理的節奏使這種情況正常化，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，我們認為今年年中我們仍然會忙於這件事，主要是在汽車領域。所以這是我們只在汽車領域才擁有的東西。到今年年中，這個問題就將成為過去。然後，我們應該在下半年從汽車直接客戶的航運終端需求轉向航運終端需求。

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，重點關注汽車方面，了解整體的 6 個成長動力很有幫助。但是在汽車領域，下面的雷達計劃，上面的 EV 和上面的 S32，您能談談您對 24 財年這些增長動力的期望嗎？

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，如果沒有過剩庫存，我們就會處於一個正常的世界裡，羅斯，我們堅持 9% 到 14% 的長期增長，其中包括上述增長的表現驅動因素，這是我們在21 年11 月的分析師日上指定的。

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。我想你可能已經注意到了，我確實說過雷達實際上並沒有達到目標。這裡的原因實際上是雷達擁有相對集中的客戶群。幾乎——它只是直接客戶，庫存控制更容易實施，因為它是一個非常指定的產品範圍，擁有非常不分散的客戶群，更容易掌握庫存控制。因此，我不得不說，雷達的庫存控制已經完全落後於我們了，這顯然會使 24 年成為更好的一年。所以 — — 但從長遠來看，從 3 年期來看，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，你的表現非常好，為我們提前一個季度提供了一些資訊。我希望您能分享一下您對第二季整體呈現上升、持平、上升、下降趨勢的看法。然後，當我聽到您對全年的評論時，我認為您提到了總體上比較平穩的增長。這仍然表明下半年將出現兩位數的增長。因此，我意識到可見性是有限的，等等，但您可以分享的任何其他市場顏色，可以讓您對下半年的兩位數成長充滿信心，這將是非常有用的。

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 Vivek，是的，顯然，相對於下個季度而言，上次我是個好人。我認為您只是重申了我們給您的部分，但我很樂意為您提供更多有關這些部分的詳細資訊。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，所有面向消費者的業務，即工業和物聯網以及行動物聯網部分，我們認為，我們在去年第一季已經走出了低谷，除了一些季節性波動外，它們將在整個行業中繼續成長。年必須這樣做——其中很大一部分無論如何都是透過管道供應的，因此我們不會遭受過剩庫存消化的影響。因此我們非常樂觀地認為公司的這一部分將會成長。

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，我重申上次所說的話，通訊基礎設施和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的收入將比 '23 日曆年有所下降。我想我們已經詳細討論了其中的細節，為什麼會這樣。

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板塊，確實，上半年和下半年之間存在一些差異，這與汽車直接客戶的庫存消化有關，我剛剛與剛才羅斯的問題是，我們確實認為轉折點是在年中左右，屆時仍然存在的過剩庫存將被消化。

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.

維韋克，如果你把所有這些部分放在一起，那麼顯然，2 的一半將大於 1 的一半。事實上，這使得全年的獲利處於持平的正負範圍內。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，在消費者業務持續逐步改善的同時，由於我們嚴密的通路管理，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 kinds 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 corrections versus the strength that NXP is seeing right now?

好的。我的後續問題是，您的行業趨勢是 - 工業和物聯網趨勢與您的同行形成鮮明對比。所以我明白你做了什麼，對吧？你很早就發現它了。去年上半年你們的發展速度較慢，但現在情況好多了。但是，您與同行之間的這種對比還能維持多久呢？這不是同類比較嗎？您認為何時您的同業所報告的產業調整與恩智浦目前的實力會出現某種程度的趨同？

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。但從概念上來說，只要他們需要消化渠道中的過剩庫存，這種對比就會一直存在。這很簡單。我們沒有這個，因為我們從來沒有建造它。實際上，早在 2022 年第二季度，請注意，2022 年第二季度，也就是差不多兩年前，我們就開始控制通路並將其保持在 1.6 和 1.5 個月的水平。即使如此，我們仍然相信他們會在 23 年第一季取得成功。所以我們甚至從此走下坡了。自此以後，我們一直保持穩定。

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 over-shipment they have done there is actually behind them.

與此同時，我們的一些同行仍在努力發貨，他們只需要糾正這一點。一旦他們完成超額裝運，合約也將消失。

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，也許另一個數字，維韋克，可以讓你更好地理解這一點，而且我們有意為你提供這種透明度。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，從供應角度來看，你會感覺到去年我們的產量下降相當明顯。因此，加上 1% 的收入，加上 8% 的價格，會導致銷量下降 7%，這顯然是出貨量不足，我們認為這與終端需求有關，但肯定與同行有關。我的意思是，如果你從同行那裡得到相同的數據，那麼他們中的許多人現在正面臨更大的困難，他們只是在第一季——至少是去年前三個季度——表現更加艱難。

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，情況將是相同的。這是一個你什麼時候出貨、什麼時候需要減少出貨量的問題。這就是我的答案。維韋克，我認為除此之外，沒有什麼根本的差別。所以我不想聲稱我們的工業業務要好得多。我認為我們之前只是對此採取了更嚴謹的處理方式。

Our next question comes from Stacy Rasgon with Bernstein Research.

下一個問題來自伯恩斯坦研究公司的史黛西‧拉斯岡 (Stacy Rasgon)。

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?

我對物聯網趨勢有一個疑問。因此，它顯然在去年第一季觸底。我想知道您是否可以分析消費部分和核心工業之間的復甦趨勢。因此我們都知道消費者的情況會好轉一些。與一年前相比，物聯網從低谷中恢復過來的是否全是消費領域的問題，還是通用物聯網也開始復甦了？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。這是一個合理的問題，因為兩者的趨勢確實不同。我想說的是，物聯網部分（順便說一下，它佔該細分市場的 40％ 左右）自去年第一季的低谷以來確實已經逐步改善。漸進意味著它會越來越好，但仍低於峰值之前的水平。因此，它已經遠遠不如以前的狀態了，但正在逐步改善。

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.

就我們的情況而言，我想我們之前就透露過，其中很大一部分是在中國。因此，可以將其視為一個主要分銷且主要面向中國的物聯網業務。但是的，這種趨勢從去年第一季末開始逐漸改善，而且我們預計這種趨勢將持續到今年剩餘時間。

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.

核心工業部分確實已經呈現出一些不同的形態。想想汽車產業，現在它受到的困擾更多的是庫存過剩，而不是終端市場疲軟。因此，我認為核心工業相對而言狀況仍然不太好，只是轉向了物聯網部分。因此，核心工業與我們在汽車領域看到的更相似一些。

Got it. As a follow-up, I wanted to ask about lead times. Have they normalized to pre-COVID levels? And 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。作為後續問題，我想詢問有關交貨時間的問題。它們是否已經恢復至疫情之前的水準？這是否是你們能夠保持價格平穩的部分原因？您是否因為更好地控制了交貨時間而更好地控制了定價？許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.

所以問題的第一部分，史黛西，絕對是的，交貨時間是正常的。我的意思是，忘記供應限制，我們的交貨時間恢復到了疫情之前的正常水平，這對可見性也有很大的幫助，因為所有的重複訂購和對 NCNR 的需求以及所有這些事情都只是考慮它們從這個角度來看，我們已經恢復正常了。

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.

史黛西，這與定價並沒有真正的關聯。我給的報價是今年基本上持平，從我們的角度來看，定價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.

所以我認為，我們對今年投入成本的任何看法和處理都是在 0 左右。這也是為什麼我們將其作為 24 年的定價，我們發現我們的客戶也接受並認可這一點，Stacy，這並不是——它實際上與交貨時間沒有關係。

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，那麼這種相關性其實就不存在了。

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

下一個問題來自富國證券的 Gary Mobley。

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 less 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?

庫爾特，您指出行動業務的收入好於預期，而且您似乎預計在 24 財年上半年實現行動業務的相當顯著的同比增長。這是 Android 市場功能不太好嗎？這在很大程度上是否是超寬頻牽引力的作用，還是您最大的行動客戶的內容收益的作用？

So Gary, in full transparency, most of all, it's a function of the weak compares with last year. I just have to point 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 compares. 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，坦白說，最重要的是，與去年相比，這是一個弱勢群體。我只是必須指出這一點。我的意思是，如果你看看我們去年第一季的業績，你會發現它的業績低得可怕，就像我在過去 10 分鐘所解釋的一切一樣。所以非常非常清楚，這主要是弱比較的功能。但是，您至少提到了另一件事，事實確實如此，我們清楚地看到，Android 庫存消化已經完全結束。我幾乎可以在第四季就宣稱，這基本上已經成為過去了。

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，我們正在根據最終需求進行出貨，您也可以對未來 Android 市場的發展抱持一定希望。所以這確實是個案例，而且我想說，我們的高階手機客戶在銷售發展方面也處於良好的狀態。但就是這樣。

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.

所以，這在很大程度上取決於我們試圖盡快滿足真正的最終需求，而不是遭受庫存過剩的困擾。我的意思是，這是一個很好的例子，它也能幫助你在等式的另一端快速恢復成長。

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，你似乎預期 24 財年的毛利率為 58%，僅比前一年下降了 50 個基點。考慮到行業現狀等等，這是非常值得稱讚的。而且看起來，從利用率到混合阻力等等，您的毛利率面臨許多阻力。也許您能給我們一些額外的信息，說明如何抵消這些不利因素，以及是什麼因素導致了毛利率的彈性。

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。讓我以 Q1 中的 Q4 為例，然後再討論其他一些槓桿，包括順風和逆風。因此，在第四季度，我們的表現略好一些，如您所知，成長了 20 個基點。事實上，這是由分銷組合推動的。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 will 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，我們預計銷售額將下降 70 個基點，這主要還是由於分銷組合下降以及銷售額略有下降所致。因為我們所做的是根據季節調整分銷銷售。因此，這個數字將會下降，但從混合角度來看，可能仍比一年前好。如果你還記得的話，第一季的分銷銷售額約為 49%，我認為會比這好一點，從而抵消利用不足的問題。如果你還記得的話，一年前的第一季度，我們的運行速度在 80 出頭，而現在我們的運行速度在 70 出頭。因此，透過同比比較，您可以發現一些變動的部分，但透過季度環比比較，它實際上是由組合驅動的。

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，如果我們的利用率低於目前 70% 的水平，這對我們來說就會是一個阻力。我們知道這一點。我們正在將其管理到這個水平。您可以看到，在過去的三個季度中，我們一直在運營內部工廠，這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.

另一個明顯的不利因素是您的收入較低，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，從同比比較的角度來看，我們能夠保持穩定和平穩。但是，如果我們確實降低了價格，那麼我們的工作就是透過降低成本和提高生產力來彌補這一缺陷。

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.

再一次，顯然，這是一個長期問題，任何新產品的推出延遲都可能根據時間對本季或那一季造成影響。但是，我們再次面臨的順風是更高的收入，如果你想想我們超過 30% 的固定成本結構，那麼如果我們將通路補充回正常水平，這筆收入就會下降。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，這就會成為一種順風，然後是利用率，如果我們將內部利用率提高 70%，回到 80 年代中期的某個水平，這就是一種順風。

Another one is something that we talked about is we plan to expand our distribution reach in 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.

我們談到的另一件事是我們計劃擴大我們在大眾市場客戶的分銷範圍。我們認為，我們的工作做得不如一些同行那麼好。因此，這是我們要重點關注的事情，我們要做得更好，以接觸更多的客戶。顯然，我們將繼續努力提高生產力。最重要的是，長期來看我們要加大新產品的推出，這將增加企業目前的毛利率。

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，我認為這取決於你如何應對季度內的順風和逆風，我們將盡最大努力保持模型的高端，就像我所說的那樣，在這些類型的收入水平上。

Our next question comes from Francois Bouvignies with UBS.

我們的下一個問題來自瑞銀的 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 under-ship 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. It would be very helpful.

我有兩個問題，也許是對上一個問題的後續。第一個是關於汽車的。我的意思是，您提到，如果必須我總結的話，您目前基本上是在管理通路和出貨量不足的問題，下半年的情況會更加明朗。您能否量化一下過去兩個季度您的出貨量是否低於需求量？因為當我查看你們的汽車收入時，我發現它比去年同期成長了 1%。汽車產量顯然要高得多。我想知道您是否知道目前汽車出貨量不足多少，基本上會讓您陷入軟下滑週期。但我想知道您是否對此有任何量化。這將會非常有幫助。

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，但我猜有幾點建議。在我看來，只看一個季度是沒有用的。但我認為，現在由於 23 年全年已經過去，您可以看看全年，我認為我們的汽車業務確實增長了 9%。我還說公司已經把價格提高8%了。因此，我們假設一下，在汽車領域，我們也確實將價格提高了那麼多倍，這基本上使得去年汽車領域的供應量幾乎增加了 0。所以說去年汽車供應量和單位數都沒有成長。這與我去年所說的超級看漲的汽車燃料相反，我認為最終 SAAR 增長了 9%，達到 9000 萬輛，電動車數量大幅增加。我認為去年的 xEV 汽車同比增長了 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 under-shipped through all of last year. But at the same time, I mean, it's obvious. We have over-shipped in the time before. It's just that I believe we started very early with taking a handle on that and controlling that over-shipment and throttling it back.

所以我的意思是，我們經常討論的所有好的論點都是在 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強烈認為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。我們之前曾超額出貨過。我只是相信我們很早就開始著手處理這個問題，控制過度運輸並減少其數量。

I think through all of last year, we have under-shipped 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，這佔了收入的 40%。我想說的是，我們從去年第二季開始採取更嚴格的措施來控制直銷的超額出貨量。但這個還沒有完全完成。因此，很難確定 Francois 的資格，因為您不知道各個一級客戶希望長期保留多少庫存。這也不是一個——這不是一個穩定的目標。我的意思是我們經常與他們討論。這些目標是指他們希望保留多少週的半導體庫存。首先，它們在不同的 Tier 1 之間差異很大。我可以在這裡引用2周到18週之間的範圍。它確實無所不在。而且它還會隨著時間而改變。

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，這意味著他們將獲得 OEM 取消訂單，然後他們就會想再次增加庫存。這就是為什麼它有點像一個移動的目標。但我認為，對我們來說，綜合來看，我們相信到2024年中期，我們就能夠實現這一目標。

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?

這個答案太棒了。第二個後續問題是關於定價。我的意思是，您說 24 年的定價比較平穩，顯然，這似乎比同行要好，而且我了解商品部分以及投入成本。如果我們看投入成本，電力正在下降，我的意思是，顯然，從高峰來看，矽片的成本正在下降。代工廠層級的節點已經成熟，而這對許多二級、三級代工廠來說正面臨壓力。我只是想知道，如果投入成本是您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，您明白我的意思嗎？

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.

瞧，有幾件事，弗朗索瓦。首先，我很高興我們順利度過了24年。我無法接受 25 歲這個數字，老實說，這有點早了。同時，我認為你在投入成本方面提出了很好的建議，但你沒有提出的一個事實是，一級鑄造廠在降低成本方面仍然有些守口如瓶。我們投入的最大部分是一級代工廠，而不是二級和三級代工廠，因為我們的汽車和核心工業業務需要這些一級代工廠。不幸的是，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，我相信，隨著時間的推移，從中期到長期來看，該行業的 ASP 降幅將回落到逐年低於個位數的水平。這就是我們在疫情之前，在特定應用業務（例如我們自己的）中所經歷的。我認為，可以合理地假設，這也將在中長期發生。然而，今年是個過渡年，因為投入還未達到投入成本，通膨環境也尚未達到過去的水準。而且非常重要，我知道這可能非常清楚，但我只是想非常清楚地重申這一點。這並不意味著回落到疫情之前的水平。

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.

我想說的是，從我們現在所達到的水平來看，在中長期內，我們可能會看到每年平均售價下降幅度非常低的個位數，但我們絕對看不到回落到與新冠疫情之前的水平相當。

Our next question comes from Chris Danely with Citi.

下一個問題來自花旗的 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?

只是說過去幾個月的情況變得有些艱難了。庫爾特，有什麼方法可以判斷其中有多少是需求惡化，有多少是庫存比我們想像的要多？在那一邊有哪一種方式嗎？

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，我確認你所說的情況在過去 90 天裡變得更糟了，或者至少我們對所接觸到的事物的看法變得更糟了。我想說汽車終端需求已經減弱。我的意思是，最新的標準普爾數據按 SAAR 計算同比下降了近 1 個百分點，所以比以前要少一點。

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 的滲透率稍微放緩。再次，它仍然在上漲，但是速度略有放緩。因此，與 90 天前相比，這些只是逐漸向不太積極的方面發展。但我認為這裡可能更重要的部分是，我們現在更好地掌握了一級汽車客戶剩餘的過剩庫存規模，我們正在上半年努力減少這些庫存。

So I cannot parse 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.

因此我無法以百分比來分析兩者中哪一個貢獻了多少。但我想說的是，這是由於汽車、核心工業庫存過高以及宏觀經濟同時走弱。

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。至於我的後續問題，我認為——比爾談到分銷佔去年第一季銷售額的 49%，而第四季的分銷佔銷售額的 61%。我沒聽錯吧？或者說這是錯誤的？

That's correct. Chris.

沒錯。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?

是的，好的。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大約 10%。所以這意味著你的分銷銷售額成長幅度遠不止於此。如果環境（例如整體而言，至少你們外面的環境）稍微困難一些，為什麼會發生這種情況？

Basically it is matching to the sell-through.

基本上它是與銷售量相符的。

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對分銷的接觸更大。我們在去年第一季就已經看到了低谷。所以，我之前提到過，各季度的逐步改善更多地體現在分銷方面，因為這些部分取得了改善。正如我所描述的，在汽車行業，分銷僅佔 40%，我們現在直接客戶的過剩庫存消化和分銷只佔較小部分。所以我認為這只是我們對不同終端市場領域的接觸的反映。

Our next question comes from Joshua Buchalter with TD Cowen.

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'd 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，你可能從供應鏈中的一些人那裡聽說，OEM 和一級供應商之間存在一些推拉關係，OEM 希望他們繼續持有更多庫存，而一級供應商則試圖管理他們的營運資金和攜帶量較少。我很好奇，你看到這種情況了嗎？是不是有些——第 1 層企業想要降低他們的水平，這是否與您現在看到的一些消化情況有關？

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 businesses.

約書亞，絕對是。這是一場可怕的戰鬥，這就是我之前說的，很難說出 Tier 1 庫存規模的最終確切著陸點，因為這是他們與 OEM 客戶談判的問題。中期趨勢是，OEM 廠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元件庫存。所以這變得非常明確，但它只適用於新企業。

So think about it as something which we'll 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，請想像一下，隨著這些新的設計成果逐漸實現，我們將在未來幾年逐步實現它。這就是 OEM 希望牢牢掌握一級供應商庫存規模的方式。

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，這仍然是一個狂野的西部，因為所有這些都沒有真正的合同約束，因為這些是舊的合同，沒有這些明確規定，這就是為什麼它確實到處都是，這也使得它更難精確的。

Sure. I think you have one more, Josh.

當然。我想你還有一個，喬希。

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。我本來想問一下回購政策。我知道您提到它仍然會回報 100％ 的自由現金流，但在過去幾個季度中，它的回報一直略低於這個數字。我們是否應該預期在三月償還債務後回購將會回升？或者它與商業環境有更密切的關係。

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。如果我只回顧過去 3 年，我們在這 3 年中的回報率為 88 億美元，即 113％。您說得對，過去 12 個月是 77%，本季是 72%。再說一次，我們——我們留出了一些現金，正如你們所知，我們將償還一些債務，並降低公司的槓桿率，我們認為這是對現金的良好利用，我們將繼續靈活地調整我們的資產負債表並進行上述所有操作，包括股息、回購、債務以及小型併購，沒有任何變化，我們將繼續做我們正在做的事情。

Thanks, Josh.

謝謝，喬希。

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，我想我們的通話到此結束。所以，感謝大家參加今天早上的電話會議。顯然，NXP 所面臨的環境依然很艱難，必須盡一切可能進行控制。我敢說我們已經開始採取這種控制措施，特別是相對於外部庫存建立和內部庫存管理。我們從 2022 年中期開始以非常嚴謹的方式對分銷端進行控制，並從去年第二季度開始對直接客戶端進行控制，我們相信這使我們能夠繼續安全著陸，在這種艱難的環境中實現軟著陸。從中期和長期來看，我們將繼續全力專注於汽車和工業市場，以創新和推動獲利成長。謝謝大家。

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了。祝大家有個愉快的一天。