恩智浦 (NXPI) 2024 Q2 法說會逐字稿

Good day, and welcome to the NXP 2Q '24 earnings conference call. (Operator Instructions) As a reminder, this call may be recorded.

美好的一天，歡迎參加恩智浦 24 年第二季財報電話會議。 （操作員說明）謹此提醒，此通話可能會被錄音。

I would like to turn the call over to Jeff Palmer, Senior Vice President of Investor Relations. Please go ahead.

我想將電話轉給投資者關係高級副總裁傑夫·帕爾默 (Jeff Palmer)。請繼續。

Thank you, Michelle, and good morning, everyone. Welcome to NXP Semiconductors second-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二季財報電話會議。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 macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products, and our expectations for the financial results for the third quarter of 2024.

今天的電話會議將包括前瞻性聲明，這些聲明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宏觀經濟對我們經營所在的特定終端市場的影響、新產品和現有產品的銷售以及我們對 2024 年第三季度財務業績的預期的聲明。

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.

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。

Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our second-quarter 2024 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.

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的基本核心營運績效沒有直接關係的離散事件所驅動。根據G 條例，恩智浦在2024 年第二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 指標的調節表，該新聞稿將透過8-K 表格提交給SEC，並可在恩智浦網站上取得在投資者關係部分。

Before we start the call today, I have one housekeeping item related to the 2024 Investor Day, which will be held at the Four Seasons in Boston on November 7. The pre-registration website will be open on the NXP Investor Relations website beginning on August 7. The space will be limited. We request that you register in advance, and we hope to see you all in November in Boston.

在我們今天開始電話會議之前，我有一個與2024 年投資者日相關的內務事項，該日將於11 月7 日在波士頓四季酒店舉行。網站上開放7.空間有限。我們要求您提前註冊，我們希望 11 月在波士頓見到您。

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

現在我想把電話轉給庫爾特。

Thanks very much, Jeff, and good morning, everyone. We appreciate you all joining our call today.

非常感謝，傑夫，大家早安。我們感謝大家今天加入我們的電話會議。

Let me begin with quarter two. Revenue trends in all our focus end markets were in line with the midpoint of our guidance range. NXP delivered quarter-two revenue of $3.127 billion, down 5% year on year and flat sequentially.

讓我從第二季開始。我們所有重點終端市場的收入趨勢與我們指導範圍的中點一致。恩智浦第二季營收為 31.27 億美元，年減 5%，與上一季持平。

The non-GAAP operating margin in quarter two was 34.3%, 70 basis points below the year-ago period and 30 basis points above the midpoint of our guidance. Year-on-year performance was a result of lower revenue in the automotive and communications infrastructure markets, combined with consistent gross profit generation.

第二季的非 GAAP 營業利潤率為 34.3%，比去年同期低 70 個基點，比我們指引的中點高出 30 個基點。年比業績是汽車和通訊基礎設施市場收入下降以及毛利持續穩定的結果。

From a channel perspective, distribution inventory was 1.7 months, consistent with our guidance and just slightly up from the 1.6 months in quarter one. With that, we continue to operate well below our long-term target of 2.5 months of inventory in the channel.

從通路角度來看，分銷庫存為 1.7 個月，與我們的指引一致，僅略高於第一季的 1.6 個月。因此，我們的營運仍遠低於通路 2.5 個月庫存的長期目標。

Now let me turn to the specific trends in our focus end markets. In automotive, revenue was $1.73 billion, down 7% versus the year-ago period and in line with our guidance. We have worked with our direct Tier 1 customers to ensure a continued orderly process of inventory digestion.

現在讓我談談我們重點終端市場的具體趨勢。汽車領域的營收為 17.3 億美元，比去年同期下降 7%，符合我們的指引。我們與直接一級客戶合作，確保庫存消化過程持續有序。

In industrial and IoT, revenue was $616 million, up 7% versus the year-ago period and in line with our guidance. Our performance compared favorably versus the year-ago period, driven by demand in China and Asia-Pacific, while the trends in the European and North American markets remained soft.

在工業和物聯網領域，營收為 6.16 億美元，比去年同期成長 7%，符合我們的指引。在中國和亞太地區需求的推動下，我們的業績與去年同期相比表現良好，而歐洲和北美市場的趨勢仍然疲軟。

In mobile, revenue was $345 million, up 21% versus the year-ago period and in line with our guidance. And finally, in communication infrastructure and other, revenue was $438 million, down 23% year on year and in line with our guidance.

在行動領域，營收為 3.45 億美元，比去年同期成長 21%，符合我們的指引。最後，在通訊基礎設施和其他領域，收入為 4.38 億美元，年減 23%，符合我們的指引。

Now I will turn to our expectations for the third-quarter 2024. We are guiding Q3 revenue to $3.25 billion, down 5% versus the third quarter of 2023 and up 4% sequentially.

現在我將談談我們對 2024 年第三季的預期。

In the automotive end market, our revenue troughed in the second quarter. And we will resume sequential growth in quarter three. This will be led by company-specific drivers. And by now, we are also moving much closer to shipping to end demand at several customers.

在汽車終端市場，我們的營收在第二季觸底。我們將在第三季恢復連續成長。這將由公司特定的驅動程式領導。到目前為止，我們也更接近滿足多個客戶的最終需求。

At the same time, the inventory digestion process at select direct Tier 1 order customers will extend into the second half, stretching beyond our initially expected levels and with a surprisingly wide variation of their desired steady-state inventory levels. Taken together, by resuming sequential growth in the second half of 2024, we continue to ship below automotive end demand in the somewhat softening automotive macro.

同時，部分直接一級訂單客戶的庫存消化過程將延續到下半年，超出我們最初預期的水平，並且他們期望的穩態庫存水平存在令人驚訝的巨大變化。總而言之，透過在 2024 年下半年恢復環比成長，在汽車宏觀有所疲軟的情況下，我們的出貨量繼續低於汽車終端需求。

In the industrial and IoT end market, we see steady improvement in the consumer IoT demand in China. This is offset by persistent weakness in the core industrial demand in Europe and the Americas. In the mobile end market, we anticipate normal seasonality from a lean inventory position.

在工業和物聯網終端市場，我們看到中國消費物聯網需求穩定改善。這被歐洲和美洲核心工業需求的持續疲軟所抵消。在行動端市場，我們預期庫存狀況會出現正常的季節性變化。

And finally, within communications infrastructure and other, we expect our company-specific growth in secure RFID tagging to be more than offset by the previously discussed weakness in the remaining parts of that reportable end market. So at the midpoint, we anticipate the following trends in our business during the third quarter.

最後，在通訊基礎設施和其他方面，我們預計我們公司在安全 RFID 標籤方面的特定成長將被前面討論的可報告終端市場其餘部分的弱點所抵消。因此，我們預計第三季的業務將出現以下趨勢。

Automotive is anticipated to be down in the low single-digit percent range versus quarter-three '23 and up in the mid-single-digit percent range versus quarter-two 2024. Industry and IoT is expected to be up in the low single-digit percent range both year on year and quarter on quarter.

與2023 年第三季相比，汽車業預計將在低個位數百分比範圍內下降，而與2024 年第二季相比，預計汽車業將在中個位數百分比範圍內上升。聯網預計將在低個位數百分比範圍內增長。

Mobile is expected to be up in the mid-single-digit percent range versus quarter three '23 and up in the mid-teens percent range versus quarter two '24. Finally, communication infrastructure and other is expected to be down in the mid-20% range year on year and down in the mid-single-digit percent range versus quarter-two '24.

與 23 年第三季相比，行動業務預計將出現中位數百分比的成長，與 24 年第二季相比，行動業務的成長將在中位數百分比範圍內成長。最後，與 2024 年第二季相比，通訊基礎設施和其他基礎設施預計將年減 20% 左右，並下降個位數百分比左右。

In summary, NXP troughed in the first half of this year. And now, we expect to resume sequential growth through the second half. Therefore, during quarter three, we will continue to stage inventory just a touch higher in the channel in order to support our competitiveness and in order to prepare for the anticipated second-half growth and beyond.

綜上所述，NXP今年上半年陷入低潮。現在，我們預計下半年將恢復連續成長。因此，在第三季度，我們將繼續在通路中增加庫存，以支持我們的競爭力，並為預計的下半年及以後的成長做好準備。

With that, our quarter-three guidance assumes approximately 1.8 months of distribution channel inventory. However, we will not grow channel inventory back to anywhere near our long-term target of 2.5 months within this calendar year. As a result, we will continue to stage inventory in a very controlled and targeted manner in the channel.

因此，我們的第三季指引假設分銷通路庫存約為 1.8 個月。然而，我們不會在本日曆年內將通路庫存增加到接近我們 2.5 個月的長期目標。因此，我們將繼續以非常受控和有針對性的方式在渠道中儲存庫存。

Taken together, the second half will grow over the first half with the potential outcome for 2024 to be a modest annual revenue decline in the low single-digit range. This is toward the low end of our earlier expectations because of the more persistent and deep inventory digestion at our auto Tier 1 customers and due to the continued weakness in our core industrial markets in Europe and the Americas.

總而言之，下半年將比上半年成長，2024 年的潛在結果是年收入小幅下降，幅度在較低的個位數範圍內。由於我們的汽車一級客戶的庫存消化更加持久和深入，以及我們在歐洲和美洲的核心工業市場的持續疲軟，這接近我們先前預期的低端。

Before turning the call over to Bill, I would like to highlight what I believe is a truly strategic long-term investment for our hybrid manufacturing strategy. On June 5, 2024, we disclosed the formation of a 60/40 manufacturing joint venture between Vanguard International Semiconductor and NXP.

在將電話轉給比爾之前，我想強調一下我認為對我們的混合製造策略而言真正的策略性長期投資。 2024 年 6 月 5 日，我們揭露了 Vanguard International Semiconductor 與 NXP 成立 60/40 的製造合資企業。

The strategic rationale for the investment is to enable NXP to execute its long-term growth objectives, with access to competitive cost, supply control, and geographic resilience. This move complements our participation in the TSMC-led joint venture in Europe, which we announced in August 2023.

此次投資的策略理由是使恩智浦能夠執行其長期成長目標，並獲得具有競爭力的成本、供應控制和地理彈性。此舉是對我們於 2023 年 8 月宣布參與由台積電牽頭的歐洲合資企業的補充。

The new joint venture, VisionPower Semiconductor Manufacturing Company or VSMC, will build a 300-millimeter fab in Singapore, which is a global hub for third-party foundries with excellent access to a robust and highly skilled workforce for mature node manufacturing.

新的合資企業 VisionPower 半導體製造公司（VSMC）將在新加坡建造一座 300 毫米晶圓廠，新加坡是第三方代工廠的全球中心，可以很好地獲得強大且高技能的勞動力來進行成熟的節點製造。

Singapore is also where NXP and TSMC have successfully operated SSMC, a 200-millimeter joint venture for over 25 years. Phase one of the VSMC joint venture fab will support 130 nanometers to 40-nanometer mixed signal, power management and analog products, targeting the automotive, industrial, consumer, and mobile end markets.

新加坡也是恩智浦和台積電成功經營 SSMC（一家 200 毫米合資企業）超過 25 年的地方。 VSMC合資晶圓廠第一期將支援130奈米至40奈米混合訊號、電源管理和類比產品，瞄準汽車、工業、消費和行動終端市場。

When fully operational in 2029, the fab will produce 55,000 wafers per month. And there is a phase two option to expand the fab, providing an additional 45,000 wafers per month, including 28-nanometer process flows. A key factor for the long-term success of the joint venture is that TSMC will license the foundational process flows, as well as NXP contributing proprietary mixed signal process flows.

2029 年全面投入營運後，該晶圓廠每月將生產 55,000 片晶圓。第二階段可以選擇擴建工廠，每月額外生產 45,000 片晶圓，包括 28 奈米製程。這項合資企業長期成功的關鍵因素是台積電將獲得基礎製程的許可，以及恩智浦提供專有的混合訊號製程。

We are very confident to partner with Vanguard, an independent trailing-edge foundry located in Taiwan. Vanguard's largest shareholder is TSMC, which owns approximately 30% of Vanguard and which will help to assure the long-term success of the joint venture.

我們非常有信心與位於台灣的獨立後緣代工廠 Vanguard 合作。 Vanguard最大的股東是台積電，台積電擁有Vanguard約30%的股份，這將有助於確保合資企業的長期成功。

From a financial perspective, NXP will make a total investment of $2.8 billion between 2024 and 2028, with the peak investment period being in 2025. This investment enables NXP to address about $4 billion of incremental annual revenue, for which the capacity has not been available to us before.

從財務角度來看，恩智浦將在2024年至2028年間進行總投資28億美元，投資高峰期為2025年。的產能尚不具備。

Furthermore, this joint venture opens the door to a strategic road map to eventually consolidate our 200-millimeter internal factories over time into a very cost-competitive footprint. And now I would like to pass the call over to you, Bill, for a review of our financial performance.

此外，這家合資企業打開了策略路線圖的大門，隨著時間的推移，最終將我們的 200 毫米內部工廠整合為極具成本競爭力的足跡。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 Q2 and provided our revenue outlook for Q3, 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二季度收入的驅動因素並提供了第三季度的收入前景，我將轉向財務要點。

Overall, the Q2 financial performance was good. Revenue, non-GAAP gross margin, operating expenses, and distribution channel inventory all came in line with our guidance. Turning to Q2 specifics, total revenue was $3.127 billion, down 5% year on year.

整體而言，第二季財務表現良好。收入、非公認會計原則毛利率、營運費用和通路庫存均符合我們的指導。具體來看，第二季總營收為31.27億美元，年減5%。

We generated $1.83 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 58.6%,up 20 basis points year on year and 10 basis points above the midpoint of our guidance range. Total non-GAAP operating expenses were $760 million or 24.3% of the revenue, down $11 million year on year. This was $5 million below the midpoint of our guidance due to lower-than-anticipated hiring.

我們實現了 18.3 億美元的非 GAAP 毛利，非 GAAP 毛利率為 58.6%，與去年同期相比成長 20 個基點，比我們指引範圍的中點高出 10 個基點。非 GAAP 營運費用總額為 7.6 億美元，佔營收的 24.3%，較去年同期減少 1,100 萬美元。由於招募低於預期，這比我們指導的中點低了 500 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $1.07 billion. And non-GAAP operating margin was 34.3%, down 70 basis points year on year and up 30 basis points above the midpoint of our guidance.

從總營業利潤來看，非公認會計準則營業利潤為 10.7 億美元。非 GAAP 營運利潤率為 34.3%，較去年同期下降 70 個基點，比我們指引的中點高出 30 個基點。

Non-GAAP interest expense was $67 million, with taxes for ongoing operations of $169 million or a 16.8% non-GAAP effective tax rate. Non-controlling interest was $6 million. And stock-based compensation, which is not included in our non-GAAP earnings, was $114 million. Taken together, we delivered non-GAAP earnings per share of $3.20, consistent with our guidance.

非 GAAP 利息支出為 6,700 萬美元，持續營業稅為 1.69 億美元，即非 GAAP 有效稅率為 16.8%。非控制權益為 600 萬美元。股票薪酬為 1.14 億美元，不包括在我們的非 GAAP 收益中。總而言之，我們實現了非 GAAP 每股收益 3.20 美元，與我們的指導一致。

Now I would like to turn to the changes in our cash and debt. Our total debt at the end of Q2 was $10.18 billion, with a cash balance of $3.26 billion, down $49 million sequentially due to the cumulative effect of capital returns, CapEx investments, and cash generation during Q2.

現在我想談談我們的現金和債務的變化。在第二季末，我們的總債務為 101.8 億美元，現金餘額為 32.6 億美元，由於第二季資本回報、資本支出投資和現金產生的累積效應，比上一季減少了 4,900 萬美元。

The resulting net debt was $6.92 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $5.3 billion. Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q2 was 1.3 times, and our 12-month adjusted EBITDA interest coverage ratio was 23.1 times.

由此產生的淨債務為 69.2 億美元，本季結束時，過去 12 個月的調整後 EBITDA 為 53 億美元。在第二季末，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 23.1 倍。

During Q2, we paid $260 million in cash dividends and repurchased $310 million of our shares. Taken together, we returned $570 million to shareholders, representing 99% of non-GAAP free cash flow. After the end of Q2 and through Friday, July 19, we repurchased an additional $69 million of our shares under an established 10b5-1 program.

第二季度，我們支付了 2.6 億美元的現金股息，並回購了 3.1 億美元的股票。總的來說，我們向股東返還了 5.7 億美元，佔非 GAAP 自由現金流的 99%。第二季末到 7 月 19 日星期五，我們根據既定的 10b5-1 計畫額外回購了 6,900 萬美元的股票。

Turning to working capital metrics, days of inventory was 148 days, an increase of 4 days sequentially, while distribution channel inventory was 1.7 months or just over 7 weeks. The combination of balance sheet inventory and channel inventory was about 200 days of inventory.

就營運資本指標而言，庫存天數為 148 天，比上一季增加 4 天，而分銷通路庫存為 1.7 個月或略多於 7 週。資產負債表庫存和通路庫存合計約200天庫存。

Days receivable were 27 days, up 1 day sequentially. And days payable were 64 days, a decrease of 1 day versus the prior quarter. Taken together, our cash conversion cycle was 111 days, an increase of 6 days versus the prior quarter.

應收帳款天數為27天，月增1天。應付帳款天數為64天，較上季減少1天。總的來說，我們的現金週轉週期為 111 天，比上一季增加了 6 天。

Cash flow from operations was $761 million. And net CapEx was $184 million or 6% of revenue, resulting in non-GAAP free cash flow of $577 million or about 18% of revenue.

營運現金流為 7.61 億美元。淨資本支出為 1.84 億美元，佔收入的 6%，非 GAAP 自由現金流為 5.77 億美元，佔收入的 18% 左右。

Turning to our expectations for the third quarter, as Kurt mentioned, we anticipate Q3 revenue to be $3.25 billion, plus or minus about $100 million. At the midpoint, this is down 5% year on year and up 4% sequentially. We expect non-GAAP gross margin to be about 58.5%, plus or minus 50 basis points.

談到我們對第三季的預期，正如庫爾特所提到的，我們預計第三季營收為 32.5 億美元，上下浮動約 1 億美元。中間值年減 5%，季增 4%。我們預計非 GAAP 毛利率約為 58.5%，上下浮動 50 個基點。

As Kurt noted in his prepared remarks, we will continue to stage inventory in the channel to support growth in future periods. Our guidance assumes approximately 1.8 months of distribution channel inventory exiting Q3. Operating expenses are expected to be $760 million, plus or minus $10 million.

正如庫爾特在他準備好的演講中指出的那樣，我們將繼續在渠道中儲存庫存，以支持未來的成長。我們的指導假設第三季的分銷通路庫存約為 1.8 個月。營運費用預計為 7.6 億美元，上下浮動 1,000 萬美元。

Taken together, we see non-GAAP operating margin to be 35.1% at the midpoint. We estimate non-GAAP financial expense to be $67 million, with the non-GAAP tax rate to be 16.8% of profit before tax. Non-controlling interest and other will be about $9 million.

總而言之，我們預期非 GAAP 營運利潤率的中位數為 35.1%。我們預計非 GAAP 財務費用為 6,700 萬美元，非 GAAP 稅率為稅前利潤的 16.8%。非控制權益及其他權益約為 900 萬美元。

For Q3, we suggest for modeling purposes, you use an average share count of 258.5 million shares. We expect stock-based compensation, which is not included in our non-GAAP guidance, to be $116 million. For capital expenditures, we expect to be around 6%. Taken together, at the midpoint, this implies a non-GAAP earnings per share of $3.42.

對於第三季度，出於建模目的，我們建議您使用 2.585 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 GAAP 指引中）為 1.16 億美元。對於資本支出，我們預計約為 6%。總而言之，按中點計算，這意味著非 GAAP 每股收益為 3.42 美元。

Before going to my closing remarks, I will provide additional details of the VSMC joint venture as discussed by Kurt earlier. The total cost of the joint venture will be $7.8 billion. The NXP investment into the venture is $2.8 billion, made up of $1.6 billion commitment for a 40% equity stake in the joint venture, and an additional $1.2 billion investment for long-term capacity access.

在進行結束語之前，我將提供 Kurt 之前討論過的 VSMC 合資企業的更多細節。該合資企業的總成本將為78億美元。恩智浦對該合資企業的投資額為 28 億美元，其中包括 16 億美元的合資企業 40% 股權承諾，以及用於長期產能獲取的額外投資 12 億美元。

Vanguard will invest $3.1 billion, made up of $2.4 billion for a 60% equity stake, and an additional $700 million for long-term capacity access. The remainder of the funding will be provided by other sources in the form of subsidies and loan guarantees in Singapore.

Vanguard 將投資 31 億美元，其中 24 億美元用於獲得 60% 的股權，另外 7 億美元用於長期產能取得。其餘資金將由新加坡其他來源以補貼和貸款擔保的形式提供。

This joint venture will not consolidate into NXP's financial statements, but the profits and losses will be reflected under the equity-accounted investees in our non-GAAP income statement. The investment will be funded from cash flow from ongoing operations, with no need to raise additional debt.

該合資企業不會合併到恩智浦的財務報表中，但損益將反映在我們的非 GAAP 損益表中的權益會計投資對象項下。該投資將由持續營運的現金流提供資金，無需籌集額外債務。

Additionally, the joint venture will provide approximately 200 basis points of gross margin expansion to our total corporate gross margin when fully operational in 2029. The gross profit benefit is derived from the incremental revenue, the benefits of the increase to 300-millimeter wafer size, and the avoidance of typical margin stacking when buying material in the commercial foundry market.

此外，該合資企業將於 2029 年全面運營後，為我們的企業總毛利率提供約 200 個基點的毛利率擴張。 毛利收益來自增量收入、晶圓尺寸增加到 300 毫米的收益、以及在商業鑄造市場購買材料時避免典型的利潤堆積。

So in closing, looking through the remainder of 2024, I would like to highlight three areas of focus. First, with the VSMC and ESMC investments, there is no change to our capital allocation policy. We have returned $2.4 billion or 81% of the free cash flow generated over the last 12 months. Furthermore, we will continue to be active in the market, repurchasing NXP shares.

因此，最後，展望 2024 年剩餘時間，我想強調三個重點領域。首先，對於VSMC和ESMC投資，我們的資本配置政策沒有改變。我們已返還 24 億美元，佔過去 12 個月產生的自由現金流的 81%。此外，我們將繼續活躍於市場，回購恩智浦股票。

Second, we will continue to be disciplined to manage what is in our control and stay within our long-term financial model. Specifically, we expect our gross margin will continue to perform at or above the high end of the long-term model.

其次，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。具體來說，我們預計我們的毛利率將繼續達到或高於長期模型的高端水平。

And then, lastly, we feel confident to resume sequential growth through the second half, while we continue to stage inventory in the channel in a targeted and controlled manner. I would like to now turn it back to the operator for your questions.

最後，我們有信心在下半年恢復持續成長，同時我們繼續以有針對性和可控的方式在通路中儲存庫存。我現在想將其轉回接線員詢問您的問題。

(Operator Instructions) Vivek Arya, Bank of America Securities.

（操作員指令）Vivek Arya，美國銀行證券。

Thanks for taking my question. For this calendar year, Kurt, you're suggesting total sales down low single digit, which Bill also mentioned. I think that suggests Q4 up mid to high single-digit sequentially.

感謝您提出我的問題。庫爾特，您建議今年的總銷售額下降到低個位數，比爾也提到了這一點。我認為這表明第四季將連續出現中高個位數成長。

Normally, your Q4s are kind of flat or down. So I'm curious, what is giving NXP the confidence that you can have sequential growth in Q4? Are there certain end markets you think will do better than seasonality, or is this all kind of channel inventory refill? I'm just trying to understand the dynamics as you see it for Q4 right now.

通常情況下，您的 Q4 是平坦的或向下的。所以我很好奇，是什麼讓恩智浦有信心在第四季實現連續成長？您認為某些終端市場是否會比季節性市場表現更好，或者這是否是所有通路庫存補充？我只是想了解您現在看到的第四季度的動態。

Yeah. Thanks and good morning, Vivek. Certainly, it's not the channel refill. I tried to be very specific in my prepared remarks that we continue to be very thoughtful and cautious with channel refill. We've worked very hard over a long period of time to keep the channel lean.

是的。謝謝，早安，維韋克。當然，這不是頻道補充。我試圖在準備好的發言中非常具體地表明，我們對通路補充仍然非常深思熟慮和謹慎。為了保持頻道的精簡，我們在很長一段時間內付出了巨大的努力。

So we want to really tune this to the growth in the coming quarters in a careful manner. So, no, the channel is going to go nowhere near our longer-term target of 2.5 months. So that stays for next year. We will go to 1.8 months in the third quarter and then maybe a little bit further up in the fourth quarter. So, no, that's not it.

因此，我們希望認真地根據未來幾季的成長進行調整。所以，不，該通道將遠遠沒有達到我們 2.5 個月的長期目標。所以這個保留到明年。我們將在第三季達到 1.8 個月，然後在第四季可能會進一步提高。所以，不，不是這樣。

What is much more behind that continued resumption of growth now in the second half, which then includes quarter four, is a re-acceleration of automotive. You see that actually in the third quarter. I mean, we turned the corner from a quarter-two performance in automotive, which was a mid-single-digit decline to now a mid-single-digit growth sequentially in automotive.

下半年（包括第四季）持續恢復成長背後的更重要因素是汽車產業的重新加速。你實際上在第三季就看到了這一點。我的意思是，我們從汽車產業第二季的業績（中個位數下降）轉變為目前汽車產業的中個位數成長。

And we definitely want to continue, which has two legs. One is company-specific drivers, which is led by radar, but also a couple of other new platforms which are ramping, but also less and less need for digestion of over-inventory at our Tier 1 automotive customers.

我們肯定想繼續下去，這有兩條腿。一個是公司特定的驅動程序，以雷達為主導，但也有一些其他新平台正在增加，但我們的一級汽車客戶消化過剩庫存的需求也越來越少。

That will be getting less, while at the same time -- I also have to say in this call -- it takes longer than we thought. So it reaches now into the third quarter. We were hopeful it would end a little earlier. So that is protracted longer, which is one of the reasons why actually the second-half growth is a little less than we had assumed earlier. Still, it does grow. So automotive is the source of that.

這將會變得越來越少，而同時——我也必須在這次電話會議中說——它需要的時間比我們想像的要長。現在已經進入第三季了。我們希望它能早點結束。因此，這種情況持續的時間更長，這就是為什麼下半年成長實際上比我們之前假設的要少一些的原因之一。儘管如此，它確實在增長。所以汽車是它的來源。

Secondly, the RFID secure tagging, which I mentioned earlier, is a company-specific growth, which is going to be with us both in the third as well as in the fourth quarter. And we are also optimistic that industrial IoT will keep growing from our lean inventory position in the channel.

其次，我之前提到的 RFID 安全標籤是公司特定的成長，這將在第三季和第四季伴隨著我們。我們也樂觀地認為，工業物聯網將從我們在通路中的精實庫存狀況中持續成長。

Thank you, Kurt. And just one more on automotive. Post COVID, a lot of OEMs and Tier 1s built up a lot of inventory to avoid the problems they ran into as they were recovering.

謝謝你，庫爾特。還有一篇關於汽車的文章。新冠疫情過後，許多原始設備製造商和一級供應商建立了大量庫存，以避免在恢復過程中遇到問題。

Do you think that process is now behind us? Do you think they will hold to those levels? Do you think they will start to go back to the prior trends? The reason I ask the question is that, just as you're kind of signaling somewhat of a turn in automotive, auto production is not that great.

您認為這個過程現在已經過去了嗎？您認為他們會保持這些水平嗎？您認為他們會開始回到先前的趨勢嗎？我問這個問題的原因是，正如您暗示汽車業正在發生某種轉變一樣，汽車生產也並不是那麼好。

And there is just a lot of concern that maybe inventory levels are still too high, which is why it's kind of pleasantly surprising to hear you be somewhat more positive on the automotive recovery. So maybe just give us a sense of where we are in the supply-demand dynamic for automotive in the second half of this year versus what you thought it would be three months ago.

人們非常擔心庫存水平可能仍然過高，這就是為什麼聽到您對汽車復甦持更加積極的態度感到有點驚訝。因此，也許只是讓我們了解今年下半年汽車供需動態與您三個月前的預期相比。

Yeah. So, yes. First of all, indeed, the latest S&P forecast for SAR for the calendar year '24 dropped a little to a 2% decline. So we were more in the flattish kind of area, and now they forecast a 2% decline. So, yes, the auto macro has deteriorated a little from the views which we had 90 days ago.

是的。所以，是的。首先，事實上，標準普爾對 24 日曆年 SAR 的最新預測略有下降，跌幅為 2%。所以我們更處於持平的區域，現在他們預測下降 2%。所以，是的，汽車宏觀經濟與我們 90 天前的觀點相比已經略有惡化。

I do believe the bigger factor is actually that, indeed, the inventory digestion at the Tier 1 automotive customers, which is the direct customers of NXP -- so that is the 60% of our automotive business, which goes through direct. That takes longer, which, indeed, is a function of two things.

我確實相信更大的因素實際上是一級汽車客戶的庫存消化，這些客戶是恩智浦的直接客戶——所以我們 60% 的汽車業務是直接進行的。這需要更長的時間，這實際上是兩件事的函數。

One is, they are further down adjusting, in some cases, their inventory targets. And it is all over the place. So for our customers, inventory targets range between 2 and 12 weeks. So we have automotive Tier 1 customers who go for a 12-week target and others who are as far down as a 2-week target.

一是，在某些情況下，他們正在進一步下調庫存目標。而且到處都是。因此，對於我們的客戶來說，庫存目標範圍在 2 到 12 週之間。因此，我們有汽車一級客戶的目標是 12 週，而其他客戶則遠低於 2 週的目標。

We have our views on this, and I guess, we will discuss a bit more in that call here. Because going so low, clearly, will lead to a pretty sharp need to refill later. I mean, that led to the whole supply crisis in the first place a couple of years ago.

我們對此有自己的看法，我想，我們將在此電話會議中進行更多討論。因為顯然，如此低的價格會導致稍後需要補充。我的意思是，這首先導致了幾年前的整個供應危機。

But they are adjusting these targets on the go, and that is also what keeps us to be very transparent. It keeps us growing a little bit less into quarter three than we would have thought 90 days ago, because that keeps going a bit longer. Where exactly it's going to land is hard to say, Vivek.

但他們正在不斷調整這些目標，這也是我們保持高度透明的原因。這使得我們在第三季的成長速度比 90 天前的預期要慢一些，因為這個成長速度會持續更長的時間。維韋克，很難說它到底會降落在哪裡。

So it's hard to say what the target average of those inventory and numbers is from the Tier 1s. Because it's also going to change, probably, how they think about their future. If they get higher call-offs from the OEMs, they will start to want to increase their inventories again pretty quickly.

因此，很難說一級庫存和數量的目標平均值是多少。因為這也可能改變他們對未來的看法。如果他們從原始設備製造商那裡得到更高的取消訂單，他們將開始希望很快再次增加庫存。

But again, I can tell you today their targets are between 2 and 12 weeks. And we still have a little bit of work to do in the third quarter to get there. But you see it is already much less than before, which is, indeed, why our automotive growth has now snapped back into positive sequential and into what is only a low single-digit annual decline, which was a high single-digit annual decline in the past quarter. So you see the tide is already changing, but we are not through.

但我今天可以再次告訴您，他們的目標是 2 到 12 週。為了實現這一目標，我們在第三季仍有一些工作要做。但你會發現，它已經比以前少了很多，這確實是為什麼我們的汽車增長現在已經恢復到正向連續增長，並且只有較低的個位數年度下降，這是一個較高的個位數年度下降。所以你看，潮流已經在改變，但我們還沒結束。

Thank you.

謝謝。

CJ Muse, Cantor Fitzgerald.

CJ 繆斯、坎托·費茲傑拉。

Yeah, good morning. Good afternoon. Thank you for taking the question.

是的，早安。午安.感謝您提出問題。

I guess, first question, just to follow up on the auto side, can you kind of drill down by end market, between radar, BMS, advanced analog, and really kind of, I guess, help us understand where you think inventory is clear and maybe where there still remain excesses. And then as we look into 2025, how are you thinking about acceleration by these different segments?

我想，第一個問題，只是為了跟進汽車方面，您能否按雷達、BMS、高級模擬之間的終端市場進行深入研究，我想，可以幫助我們了解您認為庫存在哪裡是清晰的也許仍然存在過度行為。然後，當我們展望 2025 年時，您如何看待這些不同細分市場的加速發展？

Yeah, CJ. So relative to how is the inventory at the Tier 1s between those different product segments, it is completely customer specific, CJ. There is no overriding pattern because it really depended on what they thought they had to order through all of this NCNR time during the last two years.

是的，CJ。因此，相對於這些不同產品領域之間的一級庫存情況，它完全是針對特定客戶的，CJ。沒有壓倒性的模式，因為這實際上取決於他們認為在過去兩年的所有 NCNR 時間內必須訂購的內容。

So we don't have a pattern there, CJ. There is no answer to that question because it is absolutely different customer by customer. We also have Tier 1 customers where we are done with inventory digestion, which is actually driving the growth into the third quarter, where none of the product categories has any more surplus inventory. So it's a completely uneven picture.

所以我們沒有模式，CJ。這個問題沒有答案，因為每個客戶的情況完全不同。我們還有一級客戶，我們已經完成了庫存消化，這實際上推動了第三季的成長，其中沒有任何產品類別有任何剩餘庫存。所以這是一個完全不均勻的畫面。

And secondly, mind you that their targets are not the same. I think I said to Vivek earlier, targets range between 2 and 12 weeks. So the one would declare 12 weeks as being on target and no over-inventory. The other, with three weeks, says I still have a week too much because my target is two.

其次，請注意，他們的目標並不相同。我想我之前對 Vivek 說過，目標範圍在 2 到 12 週之間。因此，他們會宣布 12 週已達到目標，並且沒有庫存過剩。另一個說是三週，說我還有一週時間，因為我的目標是兩週。

So therefore, I can't answer that question because it's just all over the place. However, in general, our accelerated growth drivers -- think about the electrification BMS chips. Think about S32 CoreRide processing. Think about radar.

因此，我無法回答這個問題，因為它無處不在。然而，總的來說，我們的加速成長動力——想想電氣化 BMS 晶片。想想 S32 CoreRide 處理。想想雷達。

They tend to grow now anyway because they all have ramping platforms in the second half, which are overpowering, I would say, the inventory digestion, which is why we call that out as company-specific drivers, which is above and ahead of the inventory digestion in any case in the second half.

無論如何，它們現在往往會增長，因為它們在下半年都有爬坡平台，我想說，這些平台壓倒了庫存消化，這就是為什麼我們將其稱為公司特定驅動因素，該驅動因素高於並領先於庫存無論如何在下半場消化。

And of course, that's going to continue next year, CJ. But then the base is also going to be fine because by then, say, all the rest of the business which might still see some inventory digestion will be clear.

當然，這種情況明年還會持續，CJ。但到那時，基礎也會很好，因為到那時，比如說，所有其他可能仍會看到一些庫存消化的業務將變得清晰。

Very helpful. And I guess, just a quick follow-up, given kind of the change in your revenue outlook for the year, but still looking for strong growth into Q4 and 2025, how are you thinking about managing utilization rates?

很有幫助。我想，鑑於您今年的收入前景發生了一些變化，但仍然希望在第四季度和 2025 年實現強勁增長，您是如何考慮管理利用率的？

Yeah. Hey, CJ. This is Bill. So right now, on utilizations on our internal factories, we plan to run them for the rest of the year in the low 70s. We don't expect to bring them up or fully utilize them until 2025. As you can see, we have a bit higher inventory on our balance sheet.

是的。嘿，CJ。這是比爾。因此，目前，就我們內部工廠的利用率而言，我們計劃在今年剩餘時間內將其運行在 70 左右。我們預計要到 2025 年才會啟動或充分利用它們。

And again, we probably have holding about 25 days in theory that belongs into the channel. So we'll navigate through that. Another 10 days of strategic inventory and the remainder of 10 days of -- in orders that come in within a quarter that we want to serve the upside. So we think inventory gets back in balance sometime in 2025 at this current picture.

再說一次，理論上我們可能持有屬於通道的大約 25 天。所以我們將對此進行導航。另外 10 天的戰略庫存和剩餘 10 天的訂單——我們希望在一個季度內收到訂單，以實現上漲。因此，我們認為按照目前的情況，庫存將在 2025 年某個時候恢復平衡。

Thanks so much.

非常感謝。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi, guys. Thanks for -- asking the question. I want to pivot over to the industrial and IoT segment. Kurt, do you think that is a demand issue on the core industrial side? Or is it similar to the inventory burn dynamic that we've talked so much about on the automotive side?

嗨，大家好。感謝您提出問題。我想轉向工業和物聯網領域。 Kurt，您認為這是核心產業的需求問題嗎？或者它類似於我們在汽車方面討論過很多次的庫存消耗動態？

And really, what I'm getting at is, is that going to start growing more meaningfully on a sequential basis due to the core industrial just when you start shipping closer to demand? Or is this, especially in the US and Europe, truly a demand issue?

事實上，我的意思是，當你開始接近需求時，由於核心產業，它是否會開始更有意義地連續成長？或者說，尤其是在美國和歐洲，這確實是需求問題嗎？

Yeah, thanks. Good morning, Ross. It is, indeed, in our view, a demand issue in the US and Europe. So the US and Europe is where we have more of the core industrial business. And there, we clearly see it is a macro-driven demand issue. And at least in our case, not really that much a function of over-inventory.

是的，謝謝。早安，羅斯。我們認為，這確實是美國和歐洲的需求問題。因此，美國和歐洲是我們擁有更多核心工業業務的地方。在那裡，我們清楚地看到這是一個宏觀驅動的需求問題。至少在我們的例子中，庫存過剩並不是真正的原因。

And yes, where we do see growth into the third and fourth quarter is actually more from China. And that is more led from the consumer IoT part of the business. So that 40%, which is more IoT, what we call IoT, that is actually doing pretty well, which, by the way, is a matter of fact for China overall.

是的，我們確實看到第三和第四季的成長實際上更多來自中國。這更多是由消費者物聯網業務部分主導的。因此，40%，即更多的物聯網，我們所說的物聯網，實際上做得相當不錯，順便說一句，這對整個中國來說是一個事實。

So when I think about the geographies and how they've done in the past quarter, in the second quarter, then, actually, China is the one which is growing both year on year as well as -- or which has grown both year on year as well as sequentially.

因此，當我考慮各個地區以及他們在過去一個季度和第二季度的表現時，實際上，中國是同比增長的地區，或者說是同比增長的地區。

And that also plays into industrial, where then the consumer IoT is the piece which is pulling it. So answer is, in short, it is a demand issue very much from the Americas and Europe in core industrial.

這也適用於工業領域，其中消費者物聯網是推動它發展的部分。所以答案是，簡而言之，這是一個來自美洲和歐洲對核心產業的需求問題。

Thanks for that. I guess, as my follow-up then, switching gears over to one for Bill, I know you guys aren't changing your capital allocation. But you talked about the VSMC CapEx peaking next year. I believe you have a slug of debt due again next year.

感謝那。我想，作為我的後續行動，為比爾切換到一個檔位，我知道你們不會改變你們的資本配置。但您談到明年 VSMC 資本支出將達到頂峰。我相信明年你還有一大筆債務到期。

Any sort of change to the CapEx we should think about and/or just the thoughts on kind of how free cash flow might develop given those two dynamics, as we try to judge what you may or may not do on dividends and share repurchase, et cetera?

我們應該考慮資本支出的任何變化和/或考慮到考慮到這兩種動態，自由現金流可能會如何發展，因為我們試圖判斷您在股息和股票回購等方面可能會或可能不會做的事情諸如此類？

Yeah. Hey, Ross. Related to our capital allocation, again, as I stated, there's no change. We're going to be continually active buying back the stock, continue making sure our dividend is at 25% of our cash flow from operations, as right now, I think we're around 28% on a trailing standpoint.

是的。嘿，羅斯。正如我所說，與我們的資本配置相關，沒有任何變化。我們將繼續積極回購股票，並繼續確保我們的股息佔營運現金流的 25%，就目前而言，我認為從追蹤角度來看，我們的股息約為 28%。

We're going to continue to do some small M&A tuck-ins that we've been doing over the last several quarters. Related to the timing of the cash for both ESMC and VSMC, they are at different times. And they will show up in our cash flow statement in different areas.

我們將繼續進行過去幾季一直在進行的一些小型併購活動。與 ESMC 和 VSMC 的現金時間相關，它們處於不同的時間。它們將出現在我們不同領域的現金流量表中。

So think about the equity investments for both those ventures will show up in our equity investment accounting on our cash flow statement. And again, those are spread out for VSMC specifically. Think about five years where the first three years represent about 75% of the $2.8 billion that we talked about and the remainder over the two years.

因此，請考慮這兩家企業的股權投資將出現在我們現金流量表的股權投資會計中。再說一次，這些都是專門針對 VSMC 展開的。想想這五年，其中前三年約占我們談到的 28 億美元的 75%，其餘的則在兩年內。

As you know, we also have an investment of a 10% equity position in ESMC, again, similar but different timing in equity. And then there's a portion of -- we break that out -- of that $2.8 billion that I talked about, the $1.6 billion is equity. The $1.2 billion will come out of working capital operations.

如您所知，我們也投資了 ESMC 10% 的股權，同樣，股權投資時間相似但不同。然後，在我談到的 28 億美元中，有一部分——我們將其分解出來——其中 16 億美元是股權。這 12 億美元將來自營運資本營運。

It's more of a guarantee of supply where we have to actually get more supply up front so that we can service our customers and be able to deliver incremental revenue. Because at this point in time, we just don't have that capacity available based on all the design wins we have that are going to ramp at that timeframe. So that's the strategic nature of this venture related to it.

這更多的是供應的保證，我們實際上必須預先獲得更多的供應，以便我們能夠為客戶提供服務並能夠提供增量收入。因為在這個時間點上，我們只是沒有根據我們所擁有的所有設計勝利而提供的可用容量，這些設計將在那個時間範圍內增加。這就是與之相關的該企業的戰略性質。

Now on CapEx specifically, we're going to stay at the low end of our model at 6%. I don't see us going above that anytime soon. And again, we will probably update the CapEx as a percentage of revenue during our November 7 Investor Day.

現在具體來說，在資本支出方面，我們將保持在模型的低端 6%。我認為我們不會很快超越這個水平。同樣，我們可能會在 11 月 7 日投資者日期間更新資本支出佔收入的百分比。

Thank you.

謝謝。

François Bouvignies, UBS.

布維尼 (François Bouvignies)，瑞銀集團。

Hi, thank you very much. So I have two quick questions. The first one is maybe for Kurt.

你好，非常感謝你。我有兩個簡單的問題。第一個可能是給庫爾特的。

I mean, you mentioned the company-specific in auto in the second half of the year as one of the drivers for improvement. Could you be a bit more specific, give more details on what platform and what products, especially you are launching any drivers that is driving that?

我的意思是，您提到下半年汽車行業的公司特定因素是改進的驅動因素之一。您能否更具體一點，提供有關什麼平台和什麼產品的更多詳細信息，特別是您正在啟動驅動該平台和產品的任何驅動程式？

You mentioned radar, but I was wondering if you could be a bit more specific. Also in the context that we see that OEMs are talking about launches in the second half, but the demand is still unclear for this. So I just wanted to dig on these company-specific drivers on the platforms.

您提到了雷達，但我想知道您是否可以更具體一些。同樣在這樣的背景下，我們看到原始設備製造商正在談論下半年的發布，但對此的需求仍不清楚。所以我只是想在平台上挖掘這些公司特定的驅動程式。

And then I have a follow-up if I can.

如果可以的話，我會進行後續跟進。

Yeah, sure, François. So the growth in automotive in the second half is really having two legs, the company-specific, which I will reply to. But I have to highlight, it is also just moving closer to shipping to end demand --not all the way there, but moving closer -- because of inventory digestion being more behind us than in front of us.

是的，當然，弗朗索瓦。因此，下半年汽車產業的成長確實有兩條腿，這是針對公司的，我將對此進行答覆。但我必須強調，它也只是更接近最終需求的運輸——不是一直到那裡，而是更接近——因為庫存消化在我們身後比在我們面前更重要。

Now on the company-specific side, I mean, let me call out, indeed, radar. We have ramps with at least two Tier 1 automotive companies, which are operating absolutely globally. So they are serving OEM platforms across the globe. So we are pretty well-hatched here relative to end demand -- from an end demand perspective.

現在，在公司特定方面，我的意思是，讓我確實呼籲雷達。我們與至少兩家一級汽車公司建立了合作關係，這些公司在全球範圍內運營。因此他們為全球的 OEM 平台提供服務。因此，從最終需求的角度來看，我們相對於最終需求來說是相當成熟的。

And those are design wins, François, which we made, probably, three years ago or so, which are now finally coming into production. Everything is being prepared. And yes, of course, I mean, with a SAR of minus 2%, there is always something which is a little less and something which is a little more.

這些都是設計勝利，弗朗索瓦，我們可能在三年前左右製作的，現在終於投入生產了。一切都在準備之中。是的，當然，我的意思是，當 SAR 為負 2% 時，總會有少一點、多一點的情況。

But since it is widespread, both geographically and across different OEMs, we are actually absolutely optimistic that those numbers will come in the way we want them to come in. So there hasn't been also any change over the past couple of quarters in the view of preparing that. And again, it is about radar, front-facing and side radar platforms, for global OEMs.

但由於它在地理上和不同的原始設備製造商中都很廣泛，我們實際上絕對樂觀地認為這些數字將以我們希望的方式出現。的觀點。再說一遍，它涉及全球 OEM 的雷達、前置和側面雷達平台。

Great, Kurt.

太棒了，庫爾特。

And maybe, François, if you need even a bit more color, you know that when we talk about radar, it is typically a complete chipset. So we talk about the front-end transceiver, the microprocessor. And in several cases, not always, it even includes Ethernet connectivity and power management.

也許，弗朗索瓦，如果您需要更多的色彩，您知道當我們談論雷達時，它通常是一個完整的晶片組。所以我們談論前端收發器，即微處理器。在某些情況下（並非總是如此），它甚至包括乙太網路連接和電源管理。

Appreciate the color. Thank you, Kurt.

欣賞顏色。謝謝你，庫爾特。

And maybe the follow-up is, maybe more for Bill, on the pricing dynamic. And I'm probably a bit too picky here, but your guidance is 10 bps lower on the gross margin side versus Q2 -- I feel ashamed to ask -- but despite higher revenues.

也許對比爾來說，後續行動可能更多是關於定價動態。我在這裡可能有點太挑剔了，但你們的指導在毛利率方面比第二季度低了 10 個基點——我不好意思問——儘管收入更高。

So I just wanted to check the dynamic on the gross margin. And maybe if you could talk about the pricing dynamic in the market, it would be helpful. Thank you.

所以我只是想檢查一下毛利率的動態。如果您能談談市場的定價動態，也許會有幫助。謝謝。

Sure. Let me first say about pricing, pricing this year is flattish; again, no increases, no decreases. So that's not causing the movement in the gross margin. Again, in Q2, we kind of did slightly better by 10 basis points, and that was driven by favorable product mix.

當然。首先說一下定價，今年的定價比較平淡；再說一次，沒有增加，沒有減少。所以這不會導致毛利率的變動。同樣，在第二季度，我們的表現略好一些，提高了 10 個基點，這是由有利的產品組合推動的。

As we transition into Q3, we do see the favorability, like you point out, on the higher revenues over our fixed costs. But this is being offset by slightly unfavorable product mix that we plan to ship. So therefore, at the moment, those two are kind of offsetting each other.

正如您所指出的，當我們進入第三季時，我們確實看到了收入高於固定成本的優勢。但這被我們計劃發貨的稍微不利的產品組合所抵消。因此，目前這兩者是相互抵消的。

And just to remind everyone, we ship over 10,000 different part numbers a quarter on average. And to be honest with you, to manage the mix exactly right is quite difficult. And that's why we put the plus or minus 50 basis points on our gross margin.

謹提醒大家，我們平均每季出貨超過 10,000 個不同的零件號碼。老實說，要準確地管理混合是相當困難的。這就是為什麼我們在毛利率上加上或減去 50 個基點。

Now, on the positive side, we have multiple tailwinds to help improve our gross margins further both, I would say, more in the medium and long term. We talked earlier about the internal utilizations. Again, we're going to keep them in the low 70s for the rest of the year because of -- balancing our inventory.

現在，從積極的一面來看，我們有多個有利因素來幫助進一步提高我們的毛利率，我想說的是，從中長期來看，更多的是。我們之前討論過內部利用率。同樣，我們將在今年剩餘時間內將它們保持在 70 左右，因為平衡我們的庫存。

But we expect, in 2025, that becomes a tailwind for us as we bring that up. As clearly as revenue improves, we get that fall-through over the fixed costs as we demonstrated in Q3. But unfortunately, the mix is slightly going the other way.

但我們預計，到 2025 年，當我們提出這個問題時，這將成為我們的順風車。正如我們在第三季所展示的那樣，隨著收入的顯著提高，我們的固定成本也出現了下降。但不幸的是，這種混合略有相反。

Timing of the replenishing our distribution channel, it carries higher average -- higher margins. And so you heard Kurt talk about we're not going back to 2.5 this year, so expect that more in 2025. Internally, ongoing productivity, cost reductions, of course, we're doing -- we continue to have this big, big drive on really focusing on additional long-tail customers with our distribution partners, which, over time, should benefit.

補充我們的分銷管道的時機，它具有更高的平均水平 - 更高的利潤。所以你聽到 Kurt 談論我們今年不會回到 2.5，所以預計 2025 年會更多。的分銷合作夥伴一起真正關注更多的長尾客戶，隨著時間的推移，他們應該會受益。

As we always talk, the continued ramping of our new products, which carry a higher margin, and then more longer term, as I had in my prepared remarks, we expect to improve our 2029 margins by over 200 basis points of whatever the actual 2028 gross margins are driven by our strategic investments in this newly VSMC joint venture.

正如我們經常所說的那樣，我們新產品的持續增加，這些產品的利潤率更高，而且從長遠來看，正如我在準備好的演講中所說，我們預計2029 年的利潤率將比2028年的實際利潤率提高200 個基點以上毛利率是由我們對這家新成立的 VSMC 合資企業的策略性投資所推動的。

Again, we're going to talk more about this on our financial model on November 7. And you all know I've hinted many times that 58% is not our final destination.

同樣，我們將在 11 月 7 日更多地討論我們的財務模型。

Great. Thank you very much.

偉大的。非常感謝。

Stacy Rasgon, Bernstein Research.

史黛西‧拉斯貢，伯恩斯坦研究中心。

Hi, guys. Thanks for taking my questions. For my first one, on your auto commentary, I got to admit, I'm a little confused. So the auto market seems to be worsening versus your prior expectations, but the inventory draining is mostly done.

嗨，大家好。感謝您回答我的問題。對於我的第一個，關於你的汽車評論，我必須承認，我有點困惑。因此，與您先前的預期相比，汽車市場似乎正在惡化，但庫存消耗已基本完成。

You got some company-specific drivers like -- are your auto expectations better for yourself or worse than they were three months ago? Like, is it like you thought you were going to grow high single digits for the year, and now it's going to grow mid-single digits? Like, if you could just frame for us how your overall auto expectations for yourselves have changed over the next -- over the last 90 days that would be super helpful for me.

你有一些公司特定的驅動因素，例如——你對自己的汽車期望比三個月前更好還是更差？就像，您是否認為今年會實現高個位數成長，而現在卻會實現中個位數成長？就像，如果您能為我們描述您對自己的整體汽車期望在接下來的 90 天內發生了怎樣的變化，那對我來說將會非常有幫助。

Yeah. Hi, Stacy. I would say our auto expectations for the second half are in some -- in line with what we had before, so I would say similar to what we would have said 90 days ago, but with two moving components underneath. The inventory digestion to be done is actually worse.

是的。嗨，史黛西。我想說的是，我們對下半年的汽車預期在某種程度上與我們之前的預期一致，所以我想說的與我們 90 天前所說的類似，但下面有兩個移動組件。要做的庫存消化其實更糟。

So we have lower headwinds than we had anticipated some time ago. At the same time, some of our company-specific stuff is actually going better. Those two things are completely unrelated, Stacy. It just happens to play out for us that that part of the company is actually more in line with what we had seen before.

因此，我們面臨的阻力比我們之前預期的要小。與此同時，我們公司的一些特定的東西實際上正在變得更好。這兩件事完全無關，史黛西。我們碰巧發現，公司的這一部分實際上更符合我們之前看到的情況。

But again, I want to be very transparent. The inventory digestion automotive is a longer drag on us than I would have thought and I would have talked about 90 days ago, given all the changes on the inventory targets they have, which I explained in earlier questions.

但同樣，我想保持非常透明。考慮到庫存目標的所有變化（我在之前的問題中對此進行了解釋），汽車庫存消化對我們的拖累比我想像的要長，我會在 90 天前談論這一點。

Thank you. That's helpful. For my follow-up, I'm just curious -- I know the channel inventory is not ripping higher, but it is ticking higher.

謝謝。這很有幫助。對於我的後續行動，我只是好奇——我知道渠道庫存並沒有大幅上升，但它正在走高。

Where is that inventory getting built? Is it all industrial? Is it industrial and auto? And it did sound like -- I think I heard, maybe it was Bill say, the 2.5 target would be for 2025. So are you still planning to go back to 2.5 months as we get into this year?

庫存在哪裡建立？都是工業的嗎？是工業和汽車嗎？聽起來確實是——我想我聽說，也許是比爾說的，2.5 個月的目標是 2025 年。

Yeah, Stacy. So several points here. Yes, our long-term target remains to be 2.5, absolutely. I mean, we -- and that's not just because it used to be our target, but we went through the whole analysis. What makes sense? What is strategically meaningful?

是的，史黛西。這裡有幾點。是的，我們的長期目標絕對是 2.5。我的意思是，我們——這不僅是因為它曾經是我們的目標，而且我們進行了整個分析。有什麼意義呢？什麼具有戰略意義？

And it happens to be that, indeed, the outcome given our product and segment mix is that 2.5 remains the long-term target. What I did say in my prepared remarks is also, indeed, we don't see a case where we go back to the 2.5 at the end of this calendar year. I would almost say by far not.

事實上，考慮到我們的產品和細分市場組合，2.5 仍然是長期目標。事實上，我在準備好的發言中所說的是，我們沒有看到今年年底回到 2.5 的情況。我幾乎會說到目前為止還沒有。

And we just say that because we don't want to put smoke and mirrors on this. What is this annual outlook? Is it all driven by channel refill? No, no, no, it is not. And here, Stacy, I would also say that is a change probably versus 90 days ago.

我們這麼說只是因為我們不想在這件事上霧裡看花。今年的年度展望是什麼？這一切都是由通路補充所驅動的嗎？不，不，不，不是。在這裡，史黛西，我還要說，與 90 天前相比，這可能是個改變。

90 days ago, I thought we might want to be a bit more aggressive in refilling the channel, which, given the poor macro environment in the Americas and Europe, we feel is probably not appropriate. So that is not lost revenue.

90天前，我認為我們可能需要更積極地補充管道，但考慮到美洲和歐洲糟糕的宏觀環境，我們認為這可能不合適。所以這並不是收入損失。

So when we have now a little lower outlook than we had before, it is just that we do a little less into the channel than what we would have planned earlier for reasons which have to do with the macro. And we just want to continue to operate the company in a very responsible way.

因此，當我們現在的前景比以前低一些時，只是由於與宏觀有關的原因，我們在頻道上所做的事情比我們之前計劃的要少一些。我們只想繼續以非常負責任的方式經營公司。

Now, finally, you asked, where does it go into the channel, where we take it up? It's really across segments, Stacy. It is about high-runner products. The way we think about this is, there are certain products which are really hot in the channel.

現在，最後，你問，它從哪裡進入通道，我們從哪裡取出它？這確實是跨領域的，史黛西。這是關於高跑者產品的。我們的想法是，有些產品在通路中非常熱門。

And we have to make sure that we have sufficient of those products on the shelves of our distributors such that they push them instead of competitive products from our peers. And there, we are a little behind and are busy to push those products in. And they are, I would say, neither geography nor segment specific. They really go across the board. It's not product specific.

我們必須確保經銷商的貨架上有足夠的這些產品，以便他們可以推銷這些產品，而不是同行的競爭產品。在那裡，我們有點落後，正忙著推出這些產品。他們確實是全面的。這不是特定於產品的。

Got it. That's helpful. Thank you so much.

知道了。這很有幫助。太感謝了。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey, Kurt and Bill, thanks for letting me ask a question. My first one's on the calm side. So I think on the last earnings call, you talked about the RFID business representing roughly about 50% of the mix. In your comments, it kind of sounds like RFID is still doing well. But pretty much all other areas of the business are more than offsetting.

嘿，庫爾特和比爾，謝謝你們讓我問問題。我的第一個是平靜的一面。所以我認為在上次財報電話會議上，您談到了 RFID 業務約佔整個業務的 50%。在您的評論中，聽起來 RFID 仍然表現良好。但幾乎​​所有其他業務領域都不僅僅是抵消。

If you look at the growth profile of that business going forward, I mean, is RFID kind of 60%-plus of that business now? And how should we think about that business into the back half of the year?

如果你看看該業務未來的成長情況，我的意思是，RFID 現在是否佔該業務的 60% 以上？我們該如何看待下半年的業務？

Obviously, September, you're saying calm down kind of mid-single digits. But is there continued RFID growth with other stuff falling off faster? Just could you give us the profile how that business should trend going forward?

顯然，九月，你說的是中等個位數的冷靜。但 RFID 是否會持續成長，而其他產品卻會更快下滑？您能為我們介紹一下該業務的未來發展趨勢嗎？

Yeah. Hey, Tom. I'm sorry, and we might have been confusing here. To be very specific, RFID is not 50% of that segment. What is 50% of the segments -- by the end of last year, what was then 50% is what we call secure cards, which includes payment cards, transport cards and RFID, and security.

是的。嘿，湯姆。抱歉，我們可能在這裡感到困惑。具體來說，RFID 還不到該細分市場的 50%。 50%的細分市場－到去年年底，當時的50%是我們所謂的安全卡，其中包括支付卡、交通卡和RFID以及安全。

So the RFID is a part of that 50%, Tom. And for the rest, everything you said is right. The RFID keeps growing. It keeps growing into Q3. It will keep growing sequentially into Q4. But it is less than 50% of the total, which is why it is easily offset by the rest.

所以 RFID 是那 50% 的一部分，湯姆。至於其餘的，你說的一切都是對的。 RFID 不斷發展。進入第三季度，它繼續增長。到第四季它將繼續增長。但它還不到總數的50%，這就是為什麼它很容易被其餘部分抵消。

And the rest is then -- and again, here are the numbers from the end of last year. The legacy digital networking business was about 30% by the end of last year. And this is where we said we selectively start to end-of-life products after kind of eight years collecting good cash from that part.

剩下的就是──再說一遍，這是去年年底的數字。截至去年底，傳統數位網路業務約佔 30%。這就是我們所說的，在從該部分收集了大約八年的現金後，我們有選擇地開始生產報廢產品。

And it is the pretty lumpy radio power business, RF power business for the mobile base stations, which, at the end of last year, was 20%. And that is hanging in there. I would say it's kind of up and down every other quarter, but in the end, more on the downward slope.

這是相當不穩定的無線電功率業務，即行動基地台的射頻功率業務，截至去年年底，這一比例為 20%。那就是掛在那裡。我想說的是，每隔一個季度就會出現上下波動，但最終，更多的是向下傾斜。

So basically, think about this whole comms infrastructure segment. End of last year, 50% secure cards, including RFID; 30% legacy digital networking; 20% RF power. And the only structurally growing part in there is actually the RFID.

基本上，考慮一下整個通訊基礎設施領域。截至去年底，50% 的卡片安全，包括 RFID； 30% 傳統數位網路； 20% 射頻功率。其中唯一結構性成長的部分實際上是 RFID。

Super helpful. And then if I think about that trajectory, what you normally see with mobile in the fourth quarter and kind of your commentary about being kind of at the low end of your initial targets are kind of low single digits, total revenue down year over year.

超有幫助。然後，如果我考慮這個軌跡，你通常會看到第四季度的行動業務以及你對初始目標低端的評論是低個位數，總收入同比下降。

I guess, the last two pieces are just the industrial and IoT and auto into the fourth quarter. You kind of mentioned, hey, auto was down high single digits year over year. Now it's down low single digits year over year.

我想，最後兩塊只是第四季的工業、物聯網和汽車。你提到，嘿，汽車銷量比去年同期下降了高個位數。現在它比去年同期下降了低個位數。

Is your expectation for December to kind of get to that year-over-year growth? Or are you expecting most of that sequential growth into the fourth quarter to get you to that low single digits year over year to come from industrial and IoT? Thank you.

您對 12 月的預期是否會達到年成長？或者您是否預計第四季度的大部分連續成長將來自工業和物聯網，使您的年成長率達到較低的個位數？謝謝。

Hey, Thomas, look, you are really pushing it a step too far now. We try to give a lot of color for the second half with the guidance of the third quarter. I really can't give you all the breakout on how each segment is going to do in the fourth quarter.

嘿，托馬斯，你看，你現在確實太過分了。我們試圖在第三季的指導下為下半場增添色彩。我真的無法向您提供有關每個細分市場在第四季度的表現的所有突破。

And honestly speaking, Tom, we also don't know that. I mean, there are things which are constantly moving around, especially relative to this -- to two things. One is the inventory targets of our Tier 1 automotive customers. The other one is the macro for industrial in Europe and the US, which could or could not get better a little earlier or a little later.

老實說，湯姆，我們也不知道這一點。我的意思是，有些事情是不斷變化的，特別是與此相關的——與兩件事相關的。一是我們的一級汽車客戶的庫存目標。另外一個是歐洲和美國的工業宏觀，早一點或晚一點可能會好轉，也可能不會好轉。

So honestly speaking, I don't know. We just say here the outcome of all of this, if you put it all together, is going to be this low single-digit decline for the whole company over the complete year. But the trend -- and that piece I will tell you -- the trend in automotive is a positive one. I mean, we left the trough in automotive behind us. I want to be that clear.

老實說，我不知道。我們在這裡只是說，如果我們把所有這些放在一起，所有這一切的結果將是整個公司全年的低個位數下降。但趨勢——我會告訴你——汽車產業的趨勢是正面的。我的意思是，我們已經把汽車產業的低谷拋在了身後。我想說得這麼清楚。

Quarter two was the trough in automotive, which I think was a 9% peak to trough for automotive, and it is now coming up. How fast is something we have to see because it's really a function of the inventory digestion.

第二季是汽車產業的低谷，我認為汽車產業的峰谷值下降了 9%，現在正在上升。我們必須看到速度有多快，因為它實際上是庫存消化的函數。

Thank you, Kurt.

謝謝你，庫爾特。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

Hey, thanks, guys. Thanks for choosing me. And actually, two questions on auto processors. So Kurt, I wanted to ask you -- one of your European competitors has been talking about share gains. I know it's kind of fair while you're correcting to talk about share.

嘿，謝謝，夥計們。謝謝你選擇了我。實際上，有兩個關於汽車處理器的問題。庫爾特，我想問你——你的一位歐洲競爭對手一直在談論份額收益。我知道當你糾正談論分享時這是公平的。

But I wonder if you can just talk about, particularly in China, your share position with auto processors. I know you've talked about qualifying a Chinese fab as well. Can you maybe talk about the timing there and the decision to do that?

但我想知道您是否可以談談您在汽車加工商中的份額地位，特別是在中國。我知道您也談到對中國晶圓廠進行資格認證。您能談談當時的時間安排以及這樣做的決定嗎？

Yeah, hi, Blayne. So first of all, I just want to be sure everybody knows we are the number one in auto processes worldwide.

是的，嗨，布萊恩。首先，我想確保每個人都知道我們是全球汽車加工領域的第一名。

Whatever you hear from peers is, typically, related to parts of that, which is the microcontroller part or the application process part, et cetera. If you put it all together, you find enough third-party evidence that NXP is the number one and keeps being the number one. And that holds also for China.

您從同行聽到的任何內容通常都與其中的某些部分相關，即微控制器部分或應用程式處理部分等等。如果你把所有這些放在一起，你會發現足夠的第三方​​證據表明恩智浦是第一名並且一直是第一名。這對於中國也同樣適用。

So I think in China, we have a fairly strong position in processes. We actually push the performance very much up. So our attempt and our strategy in China is to lead customers to higher performance. Because we know that is where we have the most differentiation.

所以我認為在中國，我們在流程方面擁有相當強大的地位。我們實際上把性能提升了很多。所以我們的嘗試和我們在中國的策略是帶領客戶獲得更高的績效。因為我們知道這是我們最具差異化的地方。

We all know that Chinese local competition is coming in in the non-auto world on the low-end microcontrollers. I think it's just a function of time that they will try to do this also in automotive.

我們都知道，中國本土的競爭正在非汽車領域的低階微控制器上展開。我認為他們在汽車領域也嘗試這樣做只是時間的函數。

So all of our strategy here is to push for the higher-performance processes, not microcontrollers, but microprocessors, which for us is the 16-nanometer devices and going forward, even lower. And here, I think we have a unique and strong position plane. So I feel, actually, we are in a good place.

因此，我們的所有策略都是推動更高性能的工藝，不是微控制器，而是微處理器，對我們來說就是 16 奈米設備，甚至更低。在這裡，我認為我們有一個獨特而強大的位置平面。所以我覺得，實際上，我們處於一個很好的位置。

Now when it comes to manufacturing, absolutely right. In our China-for-China strategy, which is a big requirement in the meantime from our Chinese customers, our first tactical step is provide local manufacturing capability. And that includes the microcontrollers and microprocessors.

現在說到製造，絕對正確。在我們的「中國為中國」戰略中，同時也是中國客戶的重要要求，我們的第一個戰術步驟是提供本地製造能力。其中包括微控制器和微處理器。

For microprocessors, it is quite straightforward because we manufacture them in 16 FinFET from a big Taiwanese foundry. I think we published this earlier. It is TSMC, and TSMC has a fully operational factory in Nanjing in China, which is doing 16 nanometers.

對於微處理器來說，這非常簡單，因為我們是由台灣一家大型代工廠採用 16 FinFET 製造的。我想我們早些時候發布了這個。就是台積電，台積電在中國南京有一家全面運作的工廠，正在做16奈米。

So it's a copy-exact factory of what they have in Taiwan. So we are just transferring it from Taiwan into China. So it's a fairly straightforward process to allow local manufacturing for microprocessors of NXP in China.

所以這是一家完全複製台灣工廠的工廠。所以我們只是把它從台灣轉移到中國。因此，允許恩智浦微處理器在中國本地製造是一個相當簡單的過程。

Thanks, Kurt. And if I just follow up on what you just said there, the 16-nanometer domain zonal was something you outlined in, I think, 2021 Analyst Day. Could you just maybe talk about it?

謝謝，庫爾特。如果我跟進您剛才所說的內容，我想您在 2021 年分析師日中概述了 16 奈米域區域。能簡單談談嗎？

I know you're going to talk about it more in your upcoming Analyst Day. But in terms of -- these are very long-dated design cycles. But when should we think about revenue from these products? I mean, I don't know if you can size it today or kind of give us a sense of how material that could be as you're looking at next year.

我知道您將在即將到來的分析師日更多地談論它。但就這些而言，這些都是非常長期的設計週期。但我們什麼時候該考慮這些產品的收入呢？我的意思是，我不知道你今天是否可以確定它的大小，或者讓我們了解你明年會看到多少內容。

Yeah. Well, the 16-nanometer ones are in full production plane. So they absolutely contribute to one of the three accelerated growth drivers, which we highlighted in our '21 to '24 growth. So I think we guided 9% to 14% for automotive.

是的。嗯，16 奈米的已經全面量產了。因此，它們絕對有助於我們在「21 至 24 年成長」中強調的三個加速成長動力之一。所以我認為我們對汽車產業的指導價是 9% 到 14%。

And there were three high-growth drivers. One of them is the S32 platform, which is the performance processing for automotive. And the big part of that is indeed 16-nanometer processors.

還有三個高成長驅動因素。其中之一是S32平台，這是針對汽車的性能處理。其中很大一部分確實是 16 奈米處理器。

And what I can say now ahead of the November 7 Analyst Day is that, for that piece, we will be ahead of targets. So we laid out growth targets. And the automotive processing will be actually above the target which we had laid out in November 21.

在 11 月 7 日分析師日之前，我現在可以說的是，就這一部分而言，我們將領先於目標。因此我們制定了成長目標。汽車加工實際上將高於我們在 11 月 21 日制定的目標。

Thanks, Kurt.

謝謝，庫爾特。

Chris Danely, Citi.

克里斯丹利，花旗銀行。

Hey, thanks, gang, for squeezing me in. A lot of helpful color on the automotive end market. Are you seeing any trends by geography in the automotive end market, or any geographies better or worse than the others? Any particular strengths or weaknesses?

嘿，謝謝大家，讓我加入。您是否看到汽車終端市場按地理劃分的趨勢，或者有哪些地區比其他地區更好或更差？有什麼特別的優點或缺點嗎？

Yeah. Hi, Chris. Yes, I clearly say that China is in a better position than the other geographies in automotive these days, which I think is also a function of the continued success of electric vehicles in China. If you look at all the numbers, then electric vehicles, both hybrid and battery electric, continue to grow significantly.

是的。嗨，克里斯。是的，我明確地說，目前中國在汽車領域比其他地區處於更好的地位，我認為這也是電動車在中國持續成功的一個原因。如果你看一下所有的數字，你會發現電動車，無論是混合動力車還是純電動車，都將繼續大幅成長。

I think S&P just published something like 21% unit growth in xEVs in China in '24 over '23, which is a staggering growth. And that reflects also back into our business. So yeah, I would call out China.

我認為標準普爾剛剛公佈了 2023 年中國 xEV 銷量在 24 年增長了 21% 的數據，這是一個驚人的增長。這也反映了我們的業務。所以，是的，我會提到中國。

Thanks. And then just a quick follow-up on your own inventory days. It continues to creep higher at 150 days.

謝謝。然後快速跟進您自己的庫存天數。在 150 天時，它繼續攀升。

Given there's some sales growth coming in the second half, do you think your inventory days will go down? And are we looking at some sort of new range? Are you comfortable with 150? Where's the end goal? Where do you expect that to trend?

鑑於下半年銷售將出現一些成長，您認為您的庫存天數會下降嗎？我們正在尋找某種新的產品系列嗎？ 150你覺得舒服嗎？最終目標在哪裡？您預期這種趨勢會怎樣？

Sure, Chris, let me take that. Based on the latest second-half guidance for the revenues that Kurt talked about, we do expect internal inventory days to start coming down in Q4, as Q3 will probably be similar levels of Q2.

當然，克里斯，讓我接受。根據庫爾特談到的最新下半年收入指引，我們確實預期內部庫存天數將在第四季開始下降，因為第三季可能會與第二季的水平相似。

And the reason for this -- it takes a bit longer -- is where the inventory is staged. When you look at our Q filings, we reduced for WIP and moved products into finished goods as we service about 85% internally. So we add more value to that product through our back ends.

原因是——需要更長的時間——是庫存存放的地方。當你查看我們的 Q 檔案時，我們減少了 WIP，並將產品轉移到成品中，因為我們大約 85% 是內部服務。因此，我們透過後端為該產品增加更多價值。

Then these finished goods will help support the Q3 sequential growth. And we expect a similar profile entering into Q4 to ensure we service our customers around that. So again, I think this is probably near our peak levels. And hopefully, we expect Q4 to start coming down and then get this back in order in 2025.

那麼這些製成品將有助於支持第三季的環比成長。我們預計第四季度將出現類似的情況，以確保我們圍繞這一點為客戶提供服務。再說一次，我認為這可能接近我們的峰值水平。希望我們預計第四季會開始下降，然後在 2025 年恢復正常。

Great. Thanks, Bill.

偉大的。謝謝，比爾。

Thank you.

謝謝。

Thank you. That concludes our question-and-answer session. I'd like to turn the call back over to Kurt Sievers for closing remarks.

謝謝。我們的問答環節到此結束。我想將電話轉回給庫爾特·西弗斯（Kurt Sievers）做總結發言。

Yeah. Thanks, operator. Yeah, look, we really see that we have now, probably, the trough clearly behind us; navigated the cycle successfully with what we call consistent gross margin performance through all of this downcycle period.

是的。謝謝，接線生。是的，看，我們確實看到，現在可能，低潮已經清晰地在我們身後；在整個下行週期期間，我們以我們所說的一致的毛利率表現成功地駕馭了這個週期。

The company is resuming growth, most importantly, both in automotive as well as in industrial IoT. In automotive, turning from a mid-single-digit decline to a mid-single-digit growth now sequentially. In industrial IoT, we stay in the positive growth regime both year on year as well as sequentially.

最重要的是，該公司正在汽車和工業物聯網領域恢復成長。在汽車領域，從中個位數下降轉向中個位數成長。在工業物聯網領域，我們年比和季比均保持正成長。

However, we also have detractors. So the digestion of direct automotive customer inventory takes longer than we had anticipated. And given that, we also stay a little bit more muted in terms of how much channel refill -- how fast we will do.

然而，我們也有批評者。因此，直接汽車客戶庫存的消化時間比我們預期的要長。有鑑於此，我們在頻道補充量——我們的填充速度——方面也保持了沉默。

Those factors play then into our guide for the year being more of a low single-digit decline annually over last year, which is toward the lower end of what our earlier expectations were. But the growth hasn't gone away. It just shifts out, if you will, into next year, which makes us actually quite optimistic. And we will continue to be super vigilant in operating the company in a very responsible way.

這些因素在我們今年的指導中發揮了作用，即每年比去年出現較低的個位數下降，接近我們先前預期的下限。但成長並未消失。如果你願意的話，它只是轉移到明年，這讓我們實際上非常樂觀。我們將繼續保持高度警惕，以非常負責任的方式經營公司。

Thank you very much for the call this morning.

非常感謝您今天早上的來電。

Thank you. This does conclude the program. You may now disconnect. Everyone, have a great day.

謝謝。這確實結束了該程式。您現在可以斷開連線。大家，祝你有美好的一天。