恩智浦 (NXPI) 2024 Q2 法說會逐字稿

Good day, and welcome to the NXP 2Q '24 earnings conference call.

大家好，歡迎參加恩智浦 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this call may be recorded.

（操作員指示）提醒一下，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.

我想將電話轉給投資者關係高級副總裁傑夫帕爾默。

Please go ahead.

請繼續。

Thank you, Michelle, and good morning, everyone.

謝謝你，米歇爾，大家早安。

Welcome to NXP Semiconductors second-quarter earnings call.

歡迎參加恩智浦半導體第二季財報電話會議。

With me on the call today is Kurt Sievers, NXP's President and CEO; and Bill Betz, our CFO.

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。

The call today is being recorded and will be available for replay from our corporate website.

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.

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。

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.

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 年第三季財務業績的預期的陳述。

NXP undertakes no obligation to revise or update publicly any forward-looking statements.

NXP 不承擔修改或公開更新任何前瞻性聲明的義務。

For a full disclosure on forward-looking statements, please refer to our press release.

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.

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。

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.

根據 G 規則，恩智浦已在我們的 2024 年第二季度收益新聞稿中提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表，該對帳表將以 8-K 表格的形式提供給美國證券交易委員會 (SEC)，並在恩智浦網站的「投資者關係」部分提供。

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.

在我們今天開始電話會議之前，我有一件與 2024 年投資者日相關的事務，將於 11 月 7 日在波士頓四季酒店舉行。

The pre-registration website will be open on the NXP Investor Relations website beginning on August 7.

預註冊網站將於 8 月 7 日起在恩智浦投資者關係網站上開放。

The space will be limited.

空間將受到限制。

We request that you register in advance, and we hope to see you all in November in Boston.

我們要求你們提前註冊，我們希望11月在波士頓見到你們。

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.

非常感謝，傑夫，大家早安。

We appreciate you all joining our call today.

我們感謝大家今天參加我們的電話會議。

Let me begin with quarter two.

讓我從第二季開始。

Revenue trends in all our focus end markets were in line with the midpoint of our guidance range.

我們所有重點終端市場的收入趨勢均與我們的指導範圍的中點一致。

NXP delivered quarter-two revenue of $3.127 billion, down 5% year on year and flat sequentially.

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.

第二季的非公認會計準則營業利益率為 34.3%，比去年同期低 70 個基點，比我們的預期中位數高 30 個基點。

Year-on-year performance was a result of lower revenue in the automotive and communications infrastructure markets, combined with consistent gross profit generation.

年比業績表現是由於汽車和通訊基礎設施市場收入下降，以及毛利持續成長。

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.

從通路角度來看，分銷庫存為 1.7 個月，與我們的預期一致，略高於第一季的 1.6 個月。

With that, we continue to operate well below our long-term target of 2.5 months of inventory in the channel.

因此，我們的庫存量仍然遠低於我們長期目標 2.5 個月的通路庫存量。

Now let me turn to the specific trends in our focus end markets.

現在讓我來談談我們關注的終端市場的具體趨勢。

In automotive, revenue was $1.73 billion, down 7% versus the year-ago period and in line with our guidance.

汽車業務的營收為 17.3 億美元，較去年同期下降 7%，符合我們的預期。

We have worked with our direct Tier 1 customers to ensure a continued orderly process of inventory digestion.

我們已經與直接一級客戶合作，以確保庫存消化過程持續有序進行。

In industrial and IoT, revenue was $616 million, up 7% versus the year-ago period and in line with our guidance.

工業和物聯網業務的營收為 6.16 億美元，較去年同期成長 7%，符合我們的預期。

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.

受中國和亞太地區需求的推動，我們的業績與去年同期相比有所好轉，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.

行動業務收入為 3.45 億美元，較去年同期成長 21%，符合我們的預期。

And finally, in communication infrastructure and other, revenue was $438 million, down 23% year on year and in line with our guidance.

最後，在通訊基礎設施和其他方面，收入為 4.38 億美元，年減 23%，符合我們的預期。

Now I will turn to our expectations for the third-quarter 2024.

現在，我將談談我們對 2024 年第三季的預期。

We are guiding Q3 revenue to $3.25 billion, down 5% versus the third quarter of 2023 and up 4% sequentially.

我們預計第三季營收為 32.5 億美元，季減 5%，季增 4%。

In the automotive end market, our revenue troughed in the second quarter.

在汽車終端市場，我們的營收在第二季跌至低谷。

And we will resume sequential growth in quarter three.

我們將在第三季恢復連續成長。

This will be led by company-specific drivers.

這將由公司特定的司機領導。

And by now, we are also moving much closer to shipping to end demand at several customers.

現在，我們已經非常接近為多個客戶發貨的最終需求。

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.

同時，部分一級直接訂單客戶的庫存消化過程將延續到下半年，超出我們最初的預期水平，而且其期望的穩定狀態庫存水平變化幅度也大得驚人。

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.

綜合來看，透過在 2024 年下半年恢復連續成長，我們在汽車宏觀經濟略有疲軟的情況下，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.

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提升。

This is offset by persistent weakness in the core industrial demand in Europe and the Americas.

但歐洲和美洲核心工業需求持續疲軟抵消了這種影響。

In the mobile end market, we anticipate normal seasonality from a lean inventory position.

在行動端市場，我們預期庫存狀況將呈現正常的季節性。

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.

最後，在通訊基礎設施和其他領域，我們預計我們公司在安全 RFID 標籤方面的特定成長將被先前討論的該可報告終端市場剩餘部分的疲軟所抵消。

So at the midpoint, we anticipate the following trends in our business during the third quarter.

因此，我們預計第三季我們的業務將呈現以下趨勢。

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.

預計汽車銷售額將比 2023 年第三季降低個位數百分比範圍，比 2024 年第二季上升中個位數百分比範圍。

Industry and IoT is expected to be up in the low single-digit percent range both year on year and quarter on quarter.

預計工業和物聯網的年比和環比成長都將達到低個位數百分比。

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.

與 2023 年第三季相比，行動業務預計將成長 50% 左右，與 2024 年第二季相比，行動業務預計將成長 100% 左右。

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.

最後，通訊基礎設施和其他領域預計將年減 20% 左右，與 2024 年第二季相比下降個位數左右。

In summary, NXP troughed in the first half of this year.

總結來說，恩智浦在今年上半年陷入了低潮。

And now, we expect to resume sequential growth through the second half.

現在，我們預計下半年將恢復連續成長。

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.

因此，在第三季度，我們將繼續在通路中稍微增加庫存，以支持我們的競爭力，並為預期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.

因此，我們對第三季的預測假設分銷通路庫存約為 1.8 個月。

However, we will not grow channel inventory back to anywhere near our long-term target of 2.5 months within this calendar year.

然而，我們不會在今年內將渠道庫存增加到接近我們長期目標 2.5 個月的水平。

As a result, we will continue to stage inventory in a very controlled and targeted manner in the channel.

因此，我們將繼續在通路中以非常可控且有針對性的方式分階段管理庫存。

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.

綜合來看，下半年將超過上半年，預計 2024 年全年營收將出現小幅下降，降幅在個位數以下。

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.

這低於我們早先的預期，因為我們的一級汽車客戶對庫存的消化更為持久和深入，而且我們在歐洲和美洲的核心工業市場持續疲軟。

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.

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來說是一項真正具有戰略意義的長期投資。

On June 5, 2024, we disclosed the formation of a 60/40 manufacturing joint venture between Vanguard International Semiconductor and NXP.

2024 年 6 月 5 日，我們揭露先鋒國際半導體與恩智浦成立 60/40 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.

此次投資的策略原則是使恩智浦能夠實現其長期成長目標，同時獲得有競爭力的成本、供應控制和地理彈性。

This move complements our participation in the TSMC-led joint venture in Europe, which we announced in August 2023.

此舉是對我們於 2023 年 8 月宣布參與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.

新合資公司 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，擁有強大且高技能的勞動力隊伍，可以進行成熟節點製造。

Singapore is also where NXP and TSMC have successfully operated SSMC, a 200-millimeter joint venture for over 25 years.

恩智浦和台積電也在新加坡成功營運了 200 毫米合資企業 SSMC，至今已有 25 年多的歷史。

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.

VSMC合資工廠一期將支援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.

該晶圓廠於 2029 年全面投入營運後，每月將生產 55,000 片晶圓。

And there is a phase two option to expand the fab, providing an additional 45,000 wafers per month, including 28-nanometer process flows.

第二階段的選項是擴建晶圓廠，每月額外提供 45,000 片晶圓，包括 28 奈米製程。

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.

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授權，而恩智浦則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.

我們非常有信心與位於台灣的獨立後緣晶圓代工廠Vanguard合作。

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.

先鋒的最大股東是台積電，擁有先鋒約 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.

從財務角度來看，恩智浦在2024年至2028年間的總投資額將達到28億美元，其中2025年為投資高峰。

This investment enables NXP to address about $4 billion of incremental annual revenue, for which the capacity has not been available to us before.

這項投資使恩智浦能夠實現每年約 40 億美元的增量收入，這是我們以前沒有的產能。

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.

此外，該合資企業為戰略路線圖打開了大門，最終將我們的 200 毫米內部工廠整合為一個非常具有成本競爭力的工廠。

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

現在我想把電話交給你，比爾，來審查我們的財務表現。

Thank you, Kurt, and good morning to everyone on today's call.

謝謝你，庫爾特，今天電話會議中的各位嘉賓早安。

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.

由於 Kurt 已經介紹了第二季的收入驅動因素並提供了第三季的收入展望，因此我將轉到財務亮點。

Overall, the Q2 financial performance was good.

整體來看，第二季財務表現良好。

Revenue, non-GAAP gross margin, operating expenses, and distribution channel inventory all came in line with our guidance.

收入、非公認會計準則毛利率、營業費用和通路庫存均符合我們的預期。

Turning to Q2 specifics, total revenue was $3.127 billion, down 5% year on year.

第二季具體情況：總營收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.

我們實現了 18.3 億美元的非公認會計準則毛利，非公認會計準則毛利率為 58.6%，比去年同期增長 20 個基點，比我們預期範圍的中點高出 10 個基點。

Total non-GAAP operating expenses were $760 million or 24.3% of the revenue, down $11 million year on year.

非公認會計準則總營業費用為 7.6 億美元，佔營收的 24.3%，較去年同期下降 1,100 萬美元。

This was $5 million below the midpoint of our guidance due to lower-than-anticipated hiring.

由於招聘人數低於預期，這比我們的預期中位數低了 500 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $1.07 billion.

從總營業利潤來看，非GAAP營業利潤為10.7億美元。

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.

非公認會計準則營業利益率為 34.3%，較去年同期下降 70 個基點，高出我們預期中位數 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.

非公認會計準則利息支出為 6,700 萬美元，持續營業稅為 1.69 億美元，或非公認會計準則有效稅率為 16.8%。

Non-controlling interest was $6 million.

非控制權益為 600 萬美元。

And stock-based compensation, which is not included in our non-GAAP earnings, was $114 million.

而股票薪酬（未包含在我們的非 GAAP 收益中）為 1.14 億美元。

Taken together, we delivered non-GAAP earnings per share of $3.20, consistent with our guidance.

整體來看，我們實現的非公認會計準則每股收益為 3.20 美元，與我們的預期一致。

Now I would like to turn to the changes in our cash and debt.

現在我想談談我們的現金和債務的變化。

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.

我們第二季末的總負債為 101.8 億美元，現金餘額為 32.6 億美元，比上一季下降 4,900 萬美元，原因是第二季資本回報、資本支出投資和現金產生的累積效應。

The resulting net debt was $6.92 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $5.3 billion.

由此產生的淨債務為 69.2 億美元，而本季結束時我們過去 12 個月的調整後 EBITDA 為 53 億美元。

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.

我們第二季末的淨負債與過去 12 個月調整後 EBITDA 的比率為 1.3 倍，我們 12 個月調整後 EBITDA 利息覆蓋率為 23.1 倍。

During Q2, we paid $260 million in cash dividends and repurchased $310 million of our shares.

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。

Taken together, we returned $570 million to shareholders, representing 99% of non-GAAP free cash flow.

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%。

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.

第二季結束後截至 7 月 19 日星期五，我們根據既定的 10b5-1 計畫額外回購了價值 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.

談到營運資本指標，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 個月或略高於 7 週。

The combination of balance sheet inventory and channel inventory was about 200 days of inventory.

資產負債表庫存和通路庫存的總和約為200天的庫存。

Days receivable were 27 days, up 1 day sequentially.

應收帳款天數為27天，較上一季增加1天。

And days payable were 64 days, a decrease of 1 day versus the prior quarter.

應付帳款天數為 64 天，較上一季減少 1 天。

Taken together, our cash conversion cycle was 111 days, an increase of 6 days versus the prior quarter.

總的來說，我們的現金轉換週期為 111 天，比上一季增加了 6 天。

Cash flow from operations was $761 million.

經營活動現金流為 7.61 億美元。

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.

淨資本支出為 1.84 億美元，佔收入的 6%，導致非 GAAP 自由現金流為 5.77 億美元，約佔收入的 18%。

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.

談到我們對第三季的預期，正如 Kurt 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。

At the midpoint, this is down 5% year on year and up 4% sequentially.

中間值年減 5%，季增 4%。

We expect non-GAAP gross margin to be about 58.5%, plus or minus 50 basis points.

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.

正如庫爾特在其準備好的發言中指出的那樣，我們將繼續在渠道中分階段儲備庫存，以支持未來時期的成長。

Our guidance assumes approximately 1.8 months of distribution channel inventory exiting Q3.

我們的指導假設是第三季分銷通路庫存約為 1.8 個月。

Operating expenses are expected to be $760 million, plus or minus $10 million.

預計營運費用為 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.

綜合來看，我們認為非 GAAP 營業利潤率中間值為 35.1%。

We estimate non-GAAP financial expense to be $67 million, with the non-GAAP tax rate to be 16.8% of profit before tax.

我們預計非公認會計準則財務費用為 6,700 萬美元，非公認會計準則稅率為稅前利潤的 16.8%。

Non-controlling interest and other will be about $9 million.

非控制權益和其他權益約為 900 萬美元。

For Q3, we suggest for modeling purposes, you use an average share count of 258.5 million shares.

對於第三季度，出於建模目的，我們建議您使用平均股數 2.585 億股。

We expect stock-based compensation, which is not included in our non-GAAP guidance, to be $116 million.

我們預期股票薪酬（未包含在我們的非 GAAP 指引中）為 1.16 億美元。

For capital expenditures, we expect to be around 6%.

對於資本支出，我們預計在6%左右。

Taken together, at the midpoint, this implies a non-GAAP earnings per share of $3.42.

綜合來看，以中間值計算，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.

在發表結束語之前，我將提供 Kurt 之前討論過的 VSMC 合資企業的更多細節。

The total cost of the joint venture will be $7.8 billion.

合資公司的總成本將達到 78 億美元。

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.

恩智浦對該合資企業的投資為 28 億美元，其中 16 億美元承諾佔有合資企業 40% 的股權，另外 12 億美元投資用於長期產能取得。

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.

Vanguard 將投資 31 億美元，其中 24 億美元獲得 60% 的股權，另外 7 億美元用於長期產能使用。

The remainder of the funding will be provided by other sources in the form of subsidies and loan guarantees in Singapore.

剩餘資金將由新加坡以補貼和貸款擔保的形式由其他來源提供。

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.

該合資企業將不會合併到恩智浦的財務報表中，但其利潤和損失將反映在我們的非公認會計準則損益表中按權益法核算的被投資企業下。

The investment will be funded from cash flow from ongoing operations, with no need to raise additional debt.

該投資將由持續經營產生的現金流提供資金，無需增加額外債務。

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.

此外，合資企業將於 2029 年全面投入運營，屆時我們的企業總毛利率將增加約 200 個基點。

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.

毛利收益來自於增量收入、晶圓尺寸增加的好處、以及避免在商業代工市場購買材料時出現的典型的利潤堆積。

So in closing, looking through the remainder of 2024, I would like to highlight three areas of focus.

最後，展望 2024 年的剩餘時間，我想強調三個重點領域。

First, with the VSMC and ESMC investments, there is no change to our capital allocation policy.

首先，對於 VSMC 和 ESMC 的投資，我們的資本配置政策並沒有改變。

We have returned $2.4 billion or 81% of the free cash flow generated over the last 12 months.

我們已經返還了過去 12 個月產生的 24 億美元或 81% 的自由現金流。

Furthermore, we will continue to be active in the market, repurchasing NXP shares.

此外，我們將繼續活躍在市場上，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.

其次，我們將繼續嚴格管理我們所能控制的事物，並維持我們的長期財務模式。

Specifically, we expect our gross margin will continue to perform at or above the high end of the long-term model.

具體來說，我們預計我們的毛利率將繼續保持在長期模型的高端或更高。

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.

最後，我們有信心在下半年恢復連續成長，同時我們將繼續有針對性和可控地在通路中分階段庫存。

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

現在我想把話題轉回給接線員來回答您的問題。

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

（操作員指示） Vivek Arya，美國銀行證券。

Thanks for taking my question.

感謝您回答我的問題。

For this calendar year, Kurt, you're suggesting total sales down low single digit, which Bill also mentioned.

庫爾特，就今年而言，您預測總銷售額將下降個位數，比爾也提到了這一點。

I think that suggests Q4 up mid to high single-digit sequentially.

我認為這表明第四季度的業績將環比成長中高個位數。

Normally, your Q4s are kind of flat or down.

通常情況下，您的 Q4 是平坦的或下降的。

So I'm curious, what is giving NXP the confidence that you can have sequential growth in Q4?

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？

Are there certain end markets you think will do better than seasonality, or is this all kind of channel inventory refill?

您認為某些終端市場的表現會比季節性更好嗎，或者這是否是所有通路庫存補充？

I'm just trying to understand the dynamics as you see it for Q4 right now.

我只是想了解您現在看到的第四季度的動態。

Yeah.

是的。

Thanks and good morning, Vivek.

謝謝，早安，維韋克。

Certainly, it's not the channel refill.

當然，這不是頻道補充。

I tried to be very specific in my prepared remarks that we continue to be very thoughtful and cautious with channel refill.

我在準備好的發言中試圖非常具體地說明，我們將繼續非常周到和謹慎地進行頻道補充。

We've worked very hard over a long period of time to keep the channel lean.

我們長期以來一直努力保持通路精簡。

So we want to really tune this to the growth in the coming quarters in a careful manner.

因此，我們希望以謹慎的方式調整這一指標以適應未來幾季的成長。

So, no, the channel is going to go nowhere near our longer-term target of 2.5 months.

因此，該通路根本無法實現我們 2.5 個月的長期目標。

So that stays for next year.

所以這將留到明年。

We will go to 1.8 months in the third quarter and then maybe a little bit further up in the fourth quarter.

第三季我們將達到 1.8 個月，第四季可能會稍微上升一點。

So, no, that's not it.

所以，不，不是這樣的。

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.

下半年（包括第四季）持續恢復成長的背後，更重要的是汽車產業的再度加速。

You see that actually in the third quarter.

您實際上在第三季就看到了這一點。

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.

我的意思是，我們擺脫了第二季度汽車業務的中個位數下滑，現在汽車業務實現了連續中個位數的成長。

And we definitely want to continue, which has two legs.

我們當然想繼續走這條路。

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.

一個是公司特定的驅動因素，由雷達主導，但也有幾個其他新平台正在加速發展，但我們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.

這個數字將會越來越少，同時──我還必須在這次電話會議上說──它所花費的時間比我們想像的還要長。

So it reaches now into the third quarter.

現在已經進入第三季。

We were hopeful it would end a little earlier.

我們希望它能早點結束。

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.

因此，這種情況會持續更長時間，這也是為什麼下半年的成長實際上比我們之前預期的要低的原因之一。

Still, it does grow.

但它確實在增長。

So automotive is the source of that.

汽車就是這現象的根源。

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.

其次，我之前提到的RFID安全標籤是公司特有的成長，它將在第三季和第四季伴隨我們。

And we are also optimistic that industrial IoT will keep growing from our lean inventory position in the channel.

我們也樂觀地認為，工業物聯網將憑藉我們在通路中精益的庫存狀況持續成長。

Thank you, Kurt.

謝謝你，庫爾特。

And just one more on automotive.

還有一個關於汽車的問題。

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.

疫情過後，許多 OEM 和一級供應商累積了大量庫存，以避免在復甦過程中遇到的問題。

Do you think that process is now behind us?

您認為這個過程已經結束了嗎？

Do you think they will hold to those levels?

您認為他們會堅持這些水平嗎？

Do you think they will start to go back to the prior trends?

您認為他們會開始回到以前的趨勢嗎？

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.

我之所以問這個問題是因為，正如你所預示的汽車產業將出現某種轉變，但汽車生產並不是那麼好。

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.

人們非常擔心庫存水準可能仍然過高，因此聽到您對汽車業復甦持更積極的態度，我感到很驚訝。

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.

因此，您能否讓我們了解一下今年下半年汽車供需動態情況，以及三個月前的預測情況？

Yeah.

是的。

So, yes.

所以，是的。

First of all, indeed, the latest S&P forecast for SAR for the calendar year '24 dropped a little to a 2% decline.

首先，標準普爾對 24 日曆年 SAR 的最新預測確實略有下降，降至 2%。

So we were more in the flattish kind of area, and now they forecast a 2% decline.

所以我們更多地處於持平區域，而現在他們預測將下降 2%。

So, yes, the auto macro has deteriorated a little from the views which we had 90 days ago.

因此，是的，自動巨集與我們 90 天前的視圖相比有所下降。

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.

我確實認為更大的因素實際上是一級汽車客戶（恩智浦的直接客戶）的庫存消化，這占我們汽車業務的 60%，是透過直接業務進行的。

That takes longer, which, indeed, is a function of two things.

這需要更長的時間，事實上，這是由兩件事引起的。

One is, they are further down adjusting, in some cases, their inventory targets.

一是，在某些情況下，他們正在進一步調整庫存目標。

And it is all over the place.

它無所不在。

So for our customers, inventory targets range between 2 and 12 weeks.

因此對於我們的客戶來說，庫存目標範圍是2至12週。

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.

因此，我們有汽車一級客戶設定了 12 週的目標，也有其他客戶設定了 2 週的目標。

We have our views on this, and I guess, we will discuss a bit more in that call here.

我們對此有自己的看法，我想，我們將在這次電話會議中進一步討論。

Because going so low, clearly, will lead to a pretty sharp need to refill later.

因為如果低於這個水平，顯然會導致稍後需要非常急切地補充。

I mean, that led to the whole supply crisis in the first place a couple of years ago.

我的意思是，這在幾年前就導致了整個供應危機。

But they are adjusting these targets on the go, and that is also what keeps us to be very transparent.

但他們正在隨時調整這些目標，這也是我們保持高度透明的原因。

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.

這導致我們第三季的成長速度比我們 90 天前預期的要慢一些，因為這種情況會持續更長時間。

Where exactly it's going to land is hard to say, Vivek.

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.

因此很難說出一級市場的這些庫存和數字的目標平均值是多少。

Because it's also going to change, probably, how they think about their future.

因為這也可能改變他們對未來的看法。

If they get higher call-offs from the OEMs, they will start to want to increase their inventories again pretty quickly.

如果他們從原始設備製造商那裡獲得更高的訂單量，他們很快就會開始再次增加庫存。

But again, I can tell you today their targets are between 2 and 12 weeks.

但我今天可以再告訴大家，他們的目標是2至12週之間。

And we still have a little bit of work to do in the third quarter to get there.

為了實現這一目標，我們在第三季還有一些工作要做。

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.

但您會發現，這個數字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連續正增長，並且僅僅是低個位數的年度下降，而上個季度的年度下降幅度是高個位數。

So you see the tide is already changing, but we are not through.

所以你看，潮流已然開始改變，但我們還沒結束。

Thank you.

謝謝。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

Yeah, good morning.

是的，早安。

Good afternoon.

午安.

Thank you for taking the question.

感謝您回答這個問題。

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.

我想，第一個問題，只是為了跟進汽車方面的問題，您能否深入研究終端市場，包括雷達、BMS、高級模擬等等，真的，我想，可以幫助我們了解您認為哪些庫存是清空的，哪些地方可能仍然存在過剩。

And then as we look into 2025, how are you thinking about acceleration by these different segments?

那麼，展望 2025 年，您如何看待這些不同細分市場的加速發展？

Yeah, CJ.

是的，CJ。

So relative to how is the inventory at the Tier 1s between those different product segments, it is completely customer specific, CJ.

因此，相對於不同產品細分市場之間的一級庫存情況，這完全取決於客戶特定，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.

不存在壓倒一切的模式，因為這實際上取決於他們認為在過去兩年中整個 NCNR 時間內必須訂購什麼。

So we don't have a pattern there, CJ.

所以我們沒有發現任何模式，CJ。

There is no answer to that question because it is absolutely different customer by customer.

這個問題沒有答案，因為對不同的客戶來說，答案是完全不同的。

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.

我們還擁有一級客戶，我們已經完成了庫存消化，這實際上推動了第三季的成長，其中所有產品類別都不再有剩餘庫存。

So it's a completely uneven picture.

所以這是一幅完全不平衡的畫面。

And secondly, mind you that their targets are not the same.

其次，請注意他們的目標並不相同。

I think I said to Vivek earlier, targets range between 2 and 12 weeks.

我想我之前跟 Vivek 說過，目標範圍是 2 到 12 週之間。

So the one would declare 12 weeks as being on target and no over-inventory.

因此人們會宣稱 12 週是達到目標且沒有庫存過剩的時間。

The other, with three weeks, says I still have a week too much because my target is two.

另一個是三週，他說我仍然有一週的時間，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.

因此，我無法回答這個問題，因為它無處不在。

However, in general, our accelerated growth drivers -- think about the electrification BMS chips.

然而，總的來說，我們的加速成長動力——想想電氣化 BMS 晶片。

Think about S32 CoreRide processing.

考慮一下 S32 CoreRide 處理。

Think about radar.

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，它們現在都趨於增長，因為它們在下半年都有增長平台，我認為這些平台將壓倒庫存消化，這就是為什麼我們將其稱為公司特定的驅動因素，無論如何，在下半年，這些驅動因素都會高於和超過庫存消化。

And of course, that's going to continue next year, CJ.

當然，明年這種情況還會持續，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.

但那時基礎也會很好，因為到那時，其餘可能仍會看到一些庫存消化的業務將會清晰起來。

Very helpful.

非常有幫助。

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?

我想，只需快速跟進一下，考慮到您對今年收入前景的變化，但仍期待第四季度和 2025 年實現強勁增長，您如何考慮管理利用率？

Yeah.

是的。

Hey, CJ.

嘿，CJ。

This is Bill.

這是比爾。

So right now, on utilizations on our internal factories, we plan to run them for the rest of the year in the low 70s.

因此現在，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利用率保持在 70% 左右。

We don't expect to bring them up or fully utilize them until 2025.

我們預計要到 2025 年才能投入使用或充分利用。

As you can see, we have a bit higher inventory on our balance sheet.

如你所見，我們的資產負債表上的庫存略高。

And again, we probably have holding about 25 days in theory that belongs into the channel.

再說一次，理論上我們可能持有大約 25 天屬於該頻道的時間。

So we'll navigate through that.

所以我們會解決這個問題。

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.

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實現上行。

So we think inventory gets back in balance sometime in 2025 at this current picture.

因此，我們認為，按照目前的情況，庫存將在 2025 年左右恢復平衡。

Thanks so much.

非常感謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys.

嗨，大家好。

Thanks for -- asking the question.

感謝您提出這個問題。

I want to pivot over to the industrial and IoT segment.

我想轉向工業和物聯網領域。

Kurt, do you think that is a demand issue on the core industrial side?

庫爾特，您認為這是核心工業的需求問題嗎？

Or is it similar to the inventory burn dynamic that we've talked so much about on the automotive side?

或者它類似於我們在汽車方面討論過的庫存消耗動態？

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?

而實際上，我想說的是，當你開始根據需求進行運輸時，由於核心工業的原因，這種增長是否會開始更有意義地連續增長？

Or is this, especially in the US and Europe, truly a demand issue?

或者這真的是一個需求問題，尤其是在美國和歐洲？

Yeah, thanks.

是的，謝謝。

Good morning, Ross.

早安，羅斯。

It is, indeed, in our view, a demand issue in the US and Europe.

我們認為，這確實是一個美國和歐洲的需求問題。

So the US and Europe is where we have more of the core industrial business.

因此，我們的核心工業業務主要集中在美國和歐洲。

And there, we clearly see it is a macro-driven demand issue.

我們清楚地看到，這是一個宏觀驅動的需求問題。

And at least in our case, not really that much a function of over-inventory.

至少就我們的情況而言，這並不是庫存過剩造成的。

And yes, where we do see growth into the third and fourth quarter is actually more from China.

是的，我們確實看到第三季和第四季的成長實際上更多來自中國。

And that is more led from the consumer IoT part of the business.

這更多是由消費者物聯網業務部分主導的。

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.

所以那 40%，也就是更多的物聯網，我們所說的物聯網，實際上表現相當不錯，順便說一句，這對中國整體來說都是事實。

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，當我思考各個地區以及它們在過去一個季度和第二季度的表現時，實際上，中國是同比增長和環比增長的國家。

And that also plays into industrial, where then the consumer IoT is the piece which is pulling it.

這也適用於工業領域，而消費者物聯網是推動它發展的因素。

So answer is, in short, it is a demand issue very much from the Americas and Europe in core industrial.

所以答案很簡單，這很大程度上是一個來自美洲和歐洲的核心工業需求問題。

Thanks for that.

謝謝。

I guess, as my follow-up then, switching gears over to one for Bill, I know you guys aren't changing your capital allocation.

我想，作為我的後續問題，轉到比爾的問題上，我知道你們不會改變你們的資本配置。

But you talked about the VSMC CapEx peaking next year.

但是您談到了 VSMC 資本支出明年將達到高峰。

I believe you have a slug of debt due again next year.

我相信你明年還會有一大筆債務到期。

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?

我們應該考慮對資本支出進行任何形式的改變，和/或只是考慮在考慮到這兩種動態的情況下自由現金流將如何發展，因為我們試圖判斷你在股息和股票回購等方面可能會做什麼或不會做什麼？

Yeah.

是的。

Hey, Ross.

嘿，羅斯。

Related to our capital allocation, again, as I stated, there's no change.

關於我們的資本配置，正如我所說，沒有變化。

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.

我們將繼續積極回購股票，並繼續確保我們的股利達到經營活動現金流的 25%，就目前而言，我認為我們的股利佔經營活動現金流的比例約為 28%。

We're going to continue to do some small M&A tuck-ins that we've been doing over the last several quarters.

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。

Related to the timing of the cash for both ESMC and VSMC, they are at different times.

關於 ESMC 和 VSMC 的現金時間，它們處於不同的時間。

And they will show up in our cash flow statement in different areas.

它們會出現在我們的現金流量表的不同區域。

So think about the equity investments for both those ventures will show up in our equity investment accounting on our cash flow statement.

因此，考慮一下這兩家企業的股權投資將會出現在我們的現金流量表的股權投資會計中。

And again, those are spread out for VSMC specifically.

再次強調，這些都是專門為 VSMC 展開的。

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.

想想五年，前三年約占我們所談論的 28 億美元的 75%，剩餘部分則分佈在兩年內。

As you know, we also have an investment of a 10% equity position in ESMC, again, similar but different timing in equity.

如您所知，我們也投資了 ESMC 10% 的股權，同樣，股權投資的時間類似，只是不同。

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.

然後有一部分——我們把它分解開來——在我談到的 28 億美元中，有 16 億美元是股權。

The $1.2 billion will come out of working capital operations.

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.

這更像是一種供應保證，我們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。

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.

因為在這個時間點，根據我們目前掌握的所有設計訂單，我們還沒有達到那個時間段內可用的產能。

So that's the strategic nature of this venture related to it.

這就是與之相關的這項事業的戰略性質。

Now on CapEx specifically, we're going to stay at the low end of our model at 6%.

現在具體到資本支出，我們將維持在模型的低端 6%。

I don't see us going above that anytime soon.

我認為我們近期不會超過這個數字。

And again, we will probably update the CapEx as a percentage of revenue during our November 7 Investor Day.

再次，我們可能會在 11 月 7 日的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.

瑞銀的 François Bouvignies。

Hi, thank you very much.

你好，非常感謝。

So I have two quick questions.

我有兩個簡單的問題。

The first one is maybe for Kurt.

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.

我的意思是，您提到下半年公司在汽車領域的特定表現是改進的驅動力之一。

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?

您能否更具體一點，提供有關什麼平台和什麼產品的更多細節，特別是您將推出哪些驅動因素？

You mentioned radar, but I was wondering if you could be a bit more specific.

您提到了雷達，但我想知道您是否可以更具體一點。

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.

另外，我們看到 OEM 正在談論下半年推出產品，但需求仍不清楚。

So I just wanted to dig on these company-specific drivers on the platforms.

所以我只是想深入研究平台上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跟進。

Yeah, sure, François.

是的，當然，弗朗索瓦。

So the growth in automotive in the second half is really having two legs, the company-specific, which I will reply to.

因此，下半年汽車產業的成長實際上有兩個支柱，具體到各個公司，我會對此做出回答。

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.

但我必須強調的是，它也正朝著運輸到最終需求的方向前進——雖然還沒有完全到達那裡，但正在越來越近——因為庫存消化還處於落後狀態，而不是處於前方。

Now on the company-specific side, I mean, let me call out, indeed, radar.

現在談到公司特定的方面，我的意思是，讓我確實提到雷達。

We have ramps with at least two Tier 1 automotive companies, which are operating absolutely globally.

我們與至少兩家一級汽車公司有合作關係，這些公司的業務範圍是全球性的。

So they are serving OEM platforms across the globe.

因此他們為全球的OEM平台提供服務。

So we are pretty well-hatched here relative to end demand -- from an end demand perspective.

因此，從最終需求的角度來看，我們在這方面做得相當好。

And those are design wins, François, which we made, probably, three years ago or so, which are now finally coming into production.

弗朗索瓦，這些都是我們大概三年前設計成功的作品，現在終於投入生產了。

Everything is being prepared.

一切準備就緒。

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.

是的，當然，我的意思是，當 SAR 為負 2% 時，總會有少一點的東西和多一點的東西。

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.

但由於它在地理上和跨不同的 OEM 上都十分普及，我們實際上非常樂觀地認為這些數字將按照我們期望的方式出現。

So there hasn't been also any change over the past couple of quarters in the view of preparing that.

因此，從準備角度來看，過去幾季也沒有發生任何變化。

And again, it is about radar, front-facing and side radar platforms, for global OEMs.

再次強調，這是針對全球 OEM 的雷達、前置和側置雷達平台。

Great, Kurt.

太好了，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.

也許，弗朗索瓦，如果您需要更多細節，您就會知道，當我們談論雷達時，它通常是一個完整的晶片組。

So we talk about the front-end transceiver, the microprocessor.

因此我們討論前端收發器，微處理器。

And in several cases, not always, it even includes Ethernet connectivity and power management.

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.

感謝色彩。

Thank you, Kurt.

謝謝你，庫爾特。

And maybe the follow-up is, maybe more for Bill, on the pricing dynamic.

對比爾來說，後續問題可能更多是關於定價動態。

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.

我可能在這裡有點太挑剔了，但您的預期是毛利率比第二季度低了 10 個基點——我很慚愧地問——但儘管收入更高。

So I just wanted to check the dynamic on the gross margin.

所以我只是想檢查一下毛利率的動態。

And maybe if you could talk about the pricing dynamic in the market, it would be helpful.

如果您能談談市場定價動態，那可能會有所幫助。

Thank you.

謝謝。

Sure.

當然。

Let me first say about pricing, pricing this year is flattish; again, no increases, no decreases.

首先我來談談定價，今年的定價比較穩定；再一次，沒有增加，也沒有減少。

So that's not causing the movement in the gross margin.

所以這不會導致毛利率的變動。

Again, in Q2, we kind of did slightly better by 10 basis points, and that was driven by favorable product mix.

同樣，在第二季度，我們的表現略好 10 個基點，這是由於有利的產品組合所致。

As we transition into Q3, we do see the favorability, like you point out, on the higher revenues over our fixed costs.

隨著我們進入第三季度，正如您所指出的，我們確實看到了收入高於固定成本的有利因素。

But this is being offset by slightly unfavorable product mix that we plan to ship.

但這被我們計劃運送的略微不利的產品組合所抵消。

So therefore, at the moment, those two are kind of offsetting each other.

因此，目前，這兩者是互相抵消的。

And just to remind everyone, we ship over 10,000 different part numbers a quarter on average.

需要提醒大家的是，我們平均每季發送超過 10,000 個不同的零件編號。

And to be honest with you, to manage the mix exactly right is quite difficult.

老實說，要準確地管理混合是非常困難的。

And that's why we put the plus or minus 50 basis points on our gross margin.

這就是我們在毛利率上加上或減去 50 個基點的原因。

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.

現在，從積極的一面來看，我們有多個順風因素可以幫助我們進一步提高毛利率，我想說，這在中期和長期內更為有利。

We talked earlier about the internal utilizations.

我們之前談到了內部利用。

Again, we're going to keep them in the low 70s for the rest of the year because of -- balancing our inventory.

再說一次，由於平衡庫存，我們將在今年剩餘時間內將價格保持在 70 美元以下。

But we expect, in 2025, that becomes a tailwind for us as we bring that up.

但我們預計，到 2025 年，隨著我們提出這一目標，這將成為我們的順風。

As clearly as revenue improves, we get that fall-through over the fixed costs as we demonstrated in Q3.

很明顯，隨著收入的增加，我們的固定成本出現了下降，正如我們在第三季所展示的那樣。

But unfortunately, the mix is slightly going the other way.

但不幸的是，情況卻略有不同。

Timing of the replenishing our distribution channel, it carries higher average -- higher margins.

補充我們分銷管道的時機可以帶來更高的平均利潤率。

And so you heard Kurt talk about we're not going back to 2.5 this year, so expect that more in 2025.

所以你聽到 Kurt 說我們今年不會回到 2.5，所以預計 2025 年會更多。

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.

在內部，我們正在不斷提高生產力、降低成本——我們將繼續大力推動與我們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，他們將受益。

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.

正如我們經常談論的那樣，我們不斷推出的新產品將帶來更高的利潤率，而且從長遠來看，正如我在準備好的發言中所說的那樣，我們預計 2029 年的利潤率將提高 200 個基點以上，無論 2028 年的實際毛利率是多少，這都得益於我們對新 VSMC 合資企業的戰略投資。

Again, we're going to talk more about this on our financial model on November 7.

再次，我們將在 11 月 7 日的財務模型中進一步討論這一點。

And you all know I've hinted many times that 58% is not our final destination.

大家知道我已經多次暗示過，58% 並不是我們的最終目的地。

Great.

偉大的。

Thank you very much.

非常感謝。

Stacy Rasgon, Bernstein Research.

伯恩斯坦研究公司的史黛西‧拉斯岡 (Stacy Rasgon)。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

For my first one, on your auto commentary, I got to admit, I'm a little confused.

對於我的第一個問題，關於您的自動評論，我必須承認，我有點困惑。

So the auto market seems to be worsening versus your prior expectations, but the inventory draining is mostly done.

因此，汽車市場似乎比您之前的預期更糟，但庫存消耗基本上已經完成。

You got some company-specific drivers like -- are your auto expectations better for yourself or worse than they were three months ago?

您有一些特定於公司因素的驅動因素，例如—您對汽車的期望比三個月前更好還是更差？

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?

就像，您是否曾經認為今年的成長速度會達到高個位數，但現在卻只達到中個位數了？

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.

例如，如果您可以向我們描述過去 90 天您對汽車的整體期望發生了怎樣的變化，那麼這對我會非常有幫助。

Yeah.

是的。

Hi, Stacy.

你好，史黛西。

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.

我想說，我們對下半年汽車市場的預期與先前的預期有些一致，所以我認為與我們 90 天前的預測類似，但其中有兩個變動因素。

The inventory digestion to be done is actually worse.

要做的庫存消化工作其實更加困難。

So we have lower headwinds than we had anticipated some time ago.

因此，我們面臨的阻力比我們之前預期的要小。

At the same time, some of our company-specific stuff is actually going better.

與此同時，我們公司的一些具體業務實際上正在進展得更好。

Those two things are completely unrelated, Stacy.

這兩件事完全不相關，史黛西。

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.

事實上，我們發現公司的這一部分實際上與我們之前看到的更加一致。

But again, I want to be very transparent.

但我再次強調，我希望做到非常透明。

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.

汽車庫存消化對我們的拖累比我想像的要長，考慮到他們的庫存目標發生的所有變化，我早在 90 天前就談到了這一點，我在之前的問題中解釋過這一點。

Thank you.

謝謝。

That's helpful.

這很有幫助。

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

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增加，但確實在增加。

Where is that inventory getting built?

這些庫存是在哪裡建立的？

Is it all industrial?

都是工業化的嗎？

Is it industrial and auto?

是工業和汽車嗎？

And it did sound like -- I think I heard, maybe it was Bill say, the 2.5 target would be for 2025.

這聽起來確實像是——我想我聽過，也許是比爾說的，2.5 的目標是在 2025 年實現。

So are you still planning to go back to 2.5 months as we get into this year?

那麼，今年您還打算再回到 2.5 個月嗎？

Yeah, Stacy.

是的，史黛西。

So several points here.

這裡有幾個要點。

Yes, our long-term target remains to be 2.5, absolutely.

是的，我們的長期目標仍然是 2.5，絕對的。

I mean, we -- and that's not just because it used to be our target, but we went through the whole analysis.

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。

What makes sense?

有什麼道理？

What is strategically meaningful?

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.

事實確實如此，考慮到我們的產品和細分市場組合，2.5 仍然是我們的長期目標。

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.

我在準備好的發言中也確實說過，我們確實不認為今年年底會出現回到 2.5 的情況。

I would almost say by far not.

我幾乎要說，遠遠不是。

And we just say that because we don't want to put smoke and mirrors on this.

我們之所以這麼說，是因為我們不想在這件事上製造障眼法。

What is this annual outlook?

這個年度展望是怎樣的？

Is it all driven by channel refill?

這一切都是由通路補充所推動的嗎？

No, no, no, it is not.

不，不，不，不是這樣的。

And here, Stacy, I would also say that is a change probably versus 90 days ago.

史黛西，在這裡我想說，與 90 天前相比，這可能會有所改變。

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.

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。

So that is not lost revenue.

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.

因此，當我們現在的預期比以前略低時，只是因為我們在通路方面的投入比我們之前計劃的要少一些，而原因與宏觀有關。

And we just want to continue to operate the company in a very responsible way.

我們只是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?

現在，您終於問到了，它會進入哪個管道，我們會在哪裡接收它？

It's really across segments, Stacy.

這確實是一個跨領域的問題，史黛西。

It is about high-runner products.

這是關於高端產品的。

The way we think about this is, there are certain products which are really hot in the channel.

我們的想法是，有些產品在通路中確實很熱銷。

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.

我們必須確保我們的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，而不是推銷我們同行的競爭產品。

And there, we are a little behind and are busy to push those products in.

而我們在這方面稍微落後了一點，正忙著推銷這些產品。

And they are, I would say, neither geography nor segment specific.

我想說的是，它們既不特定於地理位置，也不特定於特定部分。

They really go across the board.

他們確實全面參與。

It's not product specific.

它不是特定於產品的。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you so much.

太感謝了。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, Kurt and Bill, thanks for letting me ask a question.

嘿，庫爾特和比爾，感謝你們讓我提問。

My first one's on the calm side.

我的第一個是比較平靜的。

So I think on the last earnings call, you talked about the RFID business representing roughly about 50% of the mix.

所以我認為在上次財報電話會議上，您談到了 RFID 業務約佔總業務的 50%。

In your comments, it kind of sounds like RFID is still doing well.

在您的評論中，聽起來 RFID 仍然表現良好。

But pretty much all other areas of the business are more than offsetting.

但幾乎​​所有其他業務領域都得到了抵消。

If you look at the growth profile of that business going forward, I mean, is RFID kind of 60%-plus of that business now?

如果您看一下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？

And how should we think about that business into the back half of the year?

那我們該如何考慮今年下半年的業務呢？

Obviously, September, you're saying calm down kind of mid-single digits.

顯然，你說的九月會平靜下來，大概是一個位數的中段。

But is there continued RFID growth with other stuff falling off faster?

但是，RFID 是否會繼續成長，而其他產品的下滑速度會更快呢？

Just could you give us the profile how that business should trend going forward?

您能否向我們介紹一下該業務未來的發展趨勢？

Yeah.

是的。

Hey, Tom.

嘿，湯姆。

I'm sorry, and we might have been confusing here.

很抱歉，我們可能在這裡造成混淆。

To be very specific, RFID is not 50% of that segment.

具體來說，RFID 並不佔該領域的 50%。

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.

截至去年年底，50% 的細分市場是我們所謂的安全卡，其中包括支付卡、交通卡和 RFID 以及安全卡。

So the RFID is a part of that 50%, Tom.

所以 RFID 是那 50% 的一部分，湯姆。

And for the rest, everything you said is right.

至於其餘部分，您說的一切都是對的。

The RFID keeps growing.

RFID 持續發展。

It keeps growing into Q3.

它在第三季度繼續增長。

It will keep growing sequentially into Q4.

它將在第四季度繼續持續成長。

But it is less than 50% of the total, which is why it is easily offset by the rest.

但這還不到總量的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.

其餘的是——再說一次，這些都是去年年底的數據。

The legacy digital networking business was about 30% by the end of last year.

截至去年底，傳統數位網路業務佔比約為 30%。

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.

這就是我們所說的，在經過八年的時間從該部分收集到可觀的現金之後，我們會有選擇地開始終止使用壽命的產品。

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%.

這是相當不穩定的無線電功率業務，用於行動基地台的射頻功率業務，截至去年年底，該業務的比例為 20%。

And that is hanging in there.

並且它仍在那裡。

I would say it's kind of up and down every other quarter, but in the end, more on the downward slope.

我想說的是，每隔一個季度，情況都會有所起伏，但最終，更多的是呈下降趨勢。

So basically, think about this whole comms infrastructure segment.

所以基本上，思考一下整個通訊基礎設施部分。

End of last year, 50% secure cards, including RFID; 30% legacy digital networking; 20% RF power.

截至去年底，安全卡比例達50%，包括RFID； 30% 傳統數位網路； 20% 射頻功率。

And the only structurally growing part in there is actually the RFID.

其中唯一結構性成長的部分實際上是 RFID。

Super helpful.

超有幫助。

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.

然後，如果我考慮這個軌跡，你通常會看到第四季度行動業務的表現，以及你關於處於初始目標低端的評論，都是低個位數，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.

我想，最後兩個部分就是工業、物聯網和汽車進入第四季。

You kind of mentioned, hey, auto was down high single digits year over year.

您剛才提到，汽車銷售量比去年同期下降了個位數。

Now it's down low single digits year over year.

如今，這一數字年比去年下降了個位數。

Is your expectation for December to kind of get to that year-over-year growth?

您預計 12 月的銷售額會達到年成長嗎？

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?

或者您預計第四季度的大部分連續成長將使年增幅達到個位數的低位，而這些成長主要來自於工業和物聯網？

Thank you.

謝謝。

Hey, Thomas, look, you are really pushing it a step too far now.

嘿，托馬斯，你看，你現在真的做得太過分了。

We try to give a lot of color for the second half with the guidance of the third quarter.

我們試圖在第三季的指導下為下半年增添色彩。

I really can't give you all the breakout on how each segment is going to do in the fourth quarter.

我確實無法向您提供第四季度各個部門的具體表現。

And honestly speaking, Tom, we also don't know that.

老實說，湯姆，我們也不知道這一點。

I mean, there are things which are constantly moving around, especially relative to this -- to two things.

我的意思是，有些事情總是在不斷變化，尤其是與此相關的——兩件事。

One is the inventory targets of our Tier 1 automotive customers.

一是我們的一級汽車客戶的庫存目標。

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.

另外一個是歐洲和美國的工業宏觀狀況，它可能會早一點或晚一點好轉，也可能不會。

So honestly speaking, I don't know.

說實話，我不知道。

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.

我們在這裡只想說，如果把所有這些因素綜合起來，那麼整個公司全年的業績將會出現低個位數的下降。

But the trend -- and that piece I will tell you -- the trend in automotive is a positive one.

但趨勢——我會告訴你——汽車產業的趨勢是正面的。

I mean, we left the trough in automotive behind us.

我的意思是，我們已經走出了汽車產業的低谷。

I want to be that clear.

我想說清楚這一點。

Quarter two was the trough in automotive, which I think was a 9% peak to trough for automotive, and it is now coming up.

第二季是汽車產業的低谷，我認為從高峰到低谷是 9%，現在正在上升。

How fast is something we have to see because it's really a function of the inventory digestion.

我們必須觀察它的速度有多快，因為它實際上取決於庫存消化的速度。

Thank you, Kurt.

謝謝你，庫爾特。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯（Blayne Curtis），傑富瑞（Jefferies）。

Hey, thanks, guys.

嘿，謝謝大家。

Thanks for choosing me.

感謝您選擇我。

And actually, two questions on auto processors.

實際上，有兩個關於自動處理器的問題。

So Kurt, I wanted to ask you -- one of your European competitors has been talking about share gains.

所以庫爾特，我想問你——你的一位歐洲競爭對手一直在談論份額成長。

I know it's kind of fair while you're correcting to talk about share.

我知道，當你糾正談論份額時，這很公平。

But I wonder if you can just talk about, particularly in China, your share position with auto processors.

但我想知道您是否可以談談您在中國汽車加工商中的份額地位。

I know you've talked about qualifying a Chinese fab as well.

我知道您也談到中國晶圓廠的資格認證。

Can you maybe talk about the timing there and the decision to do that?

您能談談當時的時間安排以及做出這項決定嗎？

Yeah, hi, Blayne.

是的，你好，布萊恩。

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

首先，我想讓大家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.

您從同行聽到的內容通常都與其部分相關，即微控制器部分或應用程式流程部分等等。

If you put it all together, you find enough third-party evidence that NXP is the number one and keeps being the number one.

如果把所有這些放在一起，你會發現足夠的第三方​​證據表明，恩智浦半導體是第一，並且將繼續保持第一。

And that holds also for China.

這對中國來說也是如此。

So I think in China, we have a fairly strong position in processes.

所以我認為，在中國，我們在流程上擁有相當強勢的地位。

We actually push the performance very much up.

我們實際上大大提高了性能。

So our attempt and our strategy in China is to lead customers to higher performance.

所以我們在中國的嘗試和策略是引領客戶實現更高的績效。

Because we know that is where we have the most differentiation.

因為我們知道，這裡是我們最與眾不同的地方。

We all know that Chinese local competition is coming in in the non-auto world on the low-end microcontrollers.

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領域展開。

I think it's just a function of time that they will try to do this also in automotive.

我認為他們也會嘗試在汽車領域這樣做，這只是時間的問題。

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.

因此，我們所有的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，這是 16 奈米的設備，未來甚至會更低。

And here, I think we have a unique and strong position plane.

在這裡，我認為我們擁有獨特且強大的定位平面。

So I feel, actually, we are in a good place.

因此，我實際上感覺我們處於一個很好的位置。

Now when it comes to manufacturing, absolutely right.

現在談到製造業，絕對正確。

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.

在我們的「中國為中國」策略中，這也是我們中國客戶目前的一大需求，我們的第一步策略就是提供本地製造能力。

And that includes the microcontrollers and microprocessors.

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.

對於微處理器來說，這非常簡單，因為我們在一家大型台灣代工廠使用 16 FinFET 製造它們。

I think we published this earlier.

我記得我們之前發布過這個。

It is TSMC, and TSMC has a fully operational factory in Nanjing in China, which is doing 16 nanometers.

就是台積電，台積電在中國南京有一座全面投入運作的工廠，正在進行 16 奈米製程的生產。

So it's a copy-exact factory of what they have in Taiwan.

所以它是台灣工廠的翻版。

So we are just transferring it from Taiwan into China.

所以我們只是將其從台灣轉移到中國。

So it's a fairly straightforward process to allow local manufacturing for microprocessors of NXP in China.

因此，允許恩智浦微處理器在中國本地生產是一個相當簡單的過程。

Thanks, Kurt.

謝謝，庫爾特。

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.

如果我只是跟進您剛才所說的內容，我認為 16 奈米域區域是您在 2021 年分析師日中概述的內容。

Could you just maybe talk about it?

你能談談這個嗎？

I know you're going to talk about it more in your upcoming Analyst Day.

我知道您將在即將到來的分析師日上進一步談論這個問題。

But in terms of -- these are very long-dated design cycles.

但就這一點而言——這些都是非常長期的設計週期。

But when should we think about revenue from these products?

但是我們應該何時考慮這些產品的收入呢？

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.

我的意思是，我不知道您是否可以今天就給出一個大概的規模，或者讓我們了解明年這可能會有多重要。

Yeah.

是的。

Well, the 16-nanometer ones are in full production plane.

嗯，16奈米的已經全面投入生產了。

So they absolutely contribute to one of the three accelerated growth drivers, which we highlighted in our '21 to '24 growth.

因此，它們絕對為三大加速成長動力之一做出了貢獻，我們在 21 年至 24 年的成長中強調了這一點。

So I think we guided 9% to 14% for automotive.

所以我認為我們預期汽車產業的成長率是 9% 到 14%。

And there were three high-growth drivers.

高成長動力有三個。

One of them is the S32 platform, which is the performance processing for automotive.

其中之一是S32平台，它是針對汽車的性能處理。

And the big part of that is indeed 16-nanometer processors.

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.

在 11 月 7 日分析師日到來之前，我可以說的是，就這一點而言，我們將提前實現目標。

So we laid out growth targets.

因此我們制定了成長目標。

And the automotive processing will be actually above the target which we had laid out in November 21.

汽車加工實際上將高於我們在11月21日設定的目標。

Thanks, Kurt.

謝謝，庫爾特。

Chris Danely, Citi.

花旗銀行的克里斯丹尼利 (Chris Danely)。

Hey, thanks, gang, for squeezing me in.

嘿，謝謝大家擠時間給我。

A lot of helpful color on the automotive end market.

汽車終端市場上有很多有用的顏色。

Are you seeing any trends by geography in the automotive end market, or any geographies better or worse than the others?

您是否看到汽車終端市場按地區劃分的趨勢，或者哪些地區比其他地區好或差？

Any particular strengths or weaknesses?

有什麼特別的優點或缺點嗎？

Yeah.

是的。

Hi, Chris.

你好，克里斯。

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.

是的，我明確地說，中國目前在汽車領域的地位比其他地區要高，我認為這也是中國電動車持續成功的因素。

If you look at all the numbers, then electric vehicles, both hybrid and battery electric, continue to grow significantly.

如果你看一下所有的數字，你會發現電動車（包括混合動力車和電池電動車）都繼續大幅成長。

I think S&P just published something like 21% unit growth in xEVs in China in '24 over '23, which is a staggering growth.

我認為標準普爾剛剛發布了 2024 年中國 xEV 銷量較 2023 年增長 21% 的數據，這是一個驚人的增長。

And that reflects also back into our business.

這也反映在我們的業務上。

So yeah, I would call out China.

是的，我會批評中國。

Thanks.

謝謝。

And then just a quick follow-up on your own inventory days.

然後只需快速跟進您自己的庫存天數。

It continues to creep higher at 150 days.

150 天后，數字持續攀升。

Given there's some sales growth coming in the second half, do you think your inventory days will go down?

鑑於下半年銷售會有所成長，您認為您的庫存天數會下降嗎？

And are we looking at some sort of new range?

我們是否正在考慮某種新的範圍？

Are you comfortable with 150?

你對 150 滿意嗎？

Where's the end goal?

最終目標在哪裡？

Where do you expect that to trend?

您認為其未來趨勢如何？

Sure, Chris, let me take that.

當然，克里斯，讓我來接手。

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.

根據 Kurt 談到的最新下半年營收指引，我們確實預期內部庫存天數將在第四季開始下降，因為第三季的水準可能與第二季相似。

And the reason for this -- it takes a bit longer -- is where the inventory is staged.

而出現這種情況的原因——它需要更長的時間——取決於庫存的存放地點。

When you look at our Q filings, we reduced for WIP and moved products into finished goods as we service about 85% internally.

當您查看我們的 Q 文件時，我們減少了 WIP 並將產品轉移到成品中，因為我們內部提供的服務約為 85％。

So we add more value to that product through our back ends.

因此，我們透過後端為該產品增加了更多價值。

Then these finished goods will help support the Q3 sequential growth.

那麼這些成品將有助於支持第三季的連續成長。

And we expect a similar profile entering into Q4 to ensure we service our customers around that.

我們預計第四季度的情況也類似，以確保我們能為客戶提供相應的服務。

So again, I think this is probably near our peak levels.

因此，我再次認為這可能接近我們的峰值水平。

And hopefully, we expect Q4 to start coming down and then get this back in order in 2025.

我們希望第四季的營收能夠開始下降，並在 2025 年恢復正常。

Great.

偉大的。

Thanks, Bill.

謝謝，比爾。

Thank you.

謝謝。

Thank you.

謝謝。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the call back over to Kurt Sievers for closing remarks.

我想將電話轉回給庫爾特·西弗斯 (Kurt Sievers) 來做最後發言。

Yeah.

是的。

Thanks, operator.

謝謝，接線生。

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，看，我們確實看到，現在我們可能已經明顯走出了低谷；在整個經濟下行時期，我們維持了穩定的毛利率表現，並成功度過了這個週期。

The company is resuming growth, most importantly, both in automotive as well as in industrial IoT.

該公司正在恢復成長，最重要的是，無論是在汽車領域還是工業物聯網領域。

In automotive, turning from a mid-single-digit decline to a mid-single-digit growth now sequentially.

在汽車領域，銷售額已從中個位數下滑轉為中個位數成長。

In industrial IoT, we stay in the positive growth regime both year on year as well as sequentially.

在工業物聯網方面，我們年比和季比均保持正成長。

However, we also have detractors.

然而，我們也有批評者。

So the digestion of direct automotive customer inventory takes longer than we had anticipated.

因此，消化直接汽車客戶庫存所需的時間比我們預期的要長。

And given that, we also stay a little bit more muted in terms of how much channel refill -- how fast we will do.

有鑑於此，我們在通路補充量方面——也就是我們的補充速度方面——也會保持謹慎。

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.

這些因素影響了我們對今年的預期，即同比去年下降幅度將略低於個位數，這接近我們先前預期的低端。

But the growth hasn't gone away.

但成長勢頭並未消失。

It just shifts out, if you will, into next year, which makes us actually quite optimistic.

如果你願意的話，它只是轉移到明年，這實際上讓我們非常樂觀。

And we will continue to be super vigilant in operating the company in a very responsible way.

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.

謝謝。

This does conclude the program.

該計劃確實結束了。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a great day.

祝大家有個愉快的一天。