恩智浦 (NXPI) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the NXP fourth-quarter 2024 earnings conference call.

歡迎參加恩智浦 2024 年第四季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jeff Palmer, Senior Vice President of Investor relations, please go ahead.

現在，我想將會議交給今天的發言人，投資者關係高級副總裁傑夫帕爾默，請開始。

Thank you, Daniel, and good morning everyone.

謝謝你，丹尼爾，大家早安。

Welcome to NXP Semiconductors fourth-quarter earnings call.

歡迎參加恩智浦半導體第四季財報電話會議。

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 first quarter of 2025.

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 2025 年第一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'll 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 fourth-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 at nxp.com. Now I'd like to turn the call over to Kurt.

根據規則G，恩智浦已在我們的2024 年第四季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 表格形式提交給美國證券交易委員會，並在恩智浦網站上提供請參閱 nxp.com 的「投資者關係」部分。現在我想把電話轉給庫爾特。

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早安。

We really appreciate you joining our call today.

我們非常感謝您今天參加我們的電話會議。

I will read you both our quarter-four and our full-year 2024 performance, and then I will discuss our guidance for quarter one.

我將向您宣讀我們第四季和 2024 年全年的業績，然後我將討論我們對第一季的指導。

Beginning with quarter four, our revenue was $11 million better than the midpoint of our guidance.

從第四季開始，我們的營收比預期中位數高出 1,100 萬美元。

The revenue trends in our end markets were slightly above in automotive, in line and mobile, slightly below in Industrial and IoT while communication infrastructure and other missed our expectations.

我們終端市場的收入趨勢在汽車、生產線和行動領域略高，在工業和物聯網領域略低，而通訊基礎設施和其他領域則未達到我們的預期。

So taken together, NXP delivered quarter four revenue of $3.11 billion, a decrease of 9% year on year.

整體來看，恩智浦第四季營收為 31.1 億美元，年減 9%。

The non-GAAP operating margin in quarter four was 34.2%, 140 basis points below the year ago period and about 10 basis points above the midpoint of our guidance.

第四季的非公認會計準則營業利潤率為 34.2%，比去年同期低 140 個基點，比我們的預期中位數高出約 10 個基點。

Year-on-year performance was the result of the lower revenue and the related gross profit fall through, partially offset by lower operating expenses.

年比業績表現不佳是由於收入下降以及相關毛利下降，但部分被營運費用下降所抵消。

From a channel perspective, we kept distributing inventory flat at eight weeks below our long-term target of 11 weeks.

從通路角度來看，我們的庫存分銷時間保持平穩，為 8 週，比我們的長期目標 11 週低。

From a direct sales perspective, we supported Western Tier 1 automotive customers with their continued digestion of on-hand inventory in a cloudy auto demand environment.

從直銷角度來看，我們支持西方一級汽車客戶在汽車需求不景氣的環境下持續消化庫存。

For the full calendar year 2024, revenue was $12.61 billion, a decrease of 5% year on year.

2024年全年營收為126.1億美元，年減5%。

Full year non-GAAP operating margin was 34.6%, a 50 basis point compression versus the year ago period due to lower revenue and the related gross profit fall-through, partially offset by lower operating expenses.

全年非公認會計準則營業利潤率為 34.6%，較去年同期下降 50 個基點，原因是收入下降和相關毛利下降，但營業費用下降部分抵消了這一影響。

While the second half of 2024 did not play out as we had originally expected, we rigorously focused on what is under our own control to minimize the impact on our financial performance.

雖然 2024 年下半年的情況並未像我們最初預期的那樣，但我們嚴格專注於我們自己可以控制的事情，以盡量減少對我們財務業績的影響。

And now let me turn to the specific full year 2024 trends in our focus end markets.

現在，我來談談我們重點終端市場的 2024 年全年具體趨勢。

In automotive, full-year revenue was $7.15 billion, down 4% year on year, primarily a reflection of declining automotive production in Europe and Japan exacerbated by inventory digestion at Western Tier 1 customers in an uncertain automotive demand environment.

汽車業務全年營收為 71.5 億美元，年減 4%，主要反映歐洲和日本汽車產量下滑，加上汽車需求環境不確定導致西方一級客戶庫存消化，導致產量下滑。

Against this backdrop, we experienced company-specific growth in our accelerated growth drivers.

在此背景下，我們在加速成長動力中實現了公司特定的成長。

S32 for the software-defined vehicle, automotive connectivity, radar, and electrification.

S32 用於軟體定義汽車、汽車連接、雷達和電氣化。

For quarter four, automotive revenue was $1.79 billion, down 6% versus the year ago period and near the high end of our guidance.

第四季度，汽車收入為 17.9 億美元，較去年同期下降 6%，接近我們預期的高點。

Turning to industry and IoT.

轉向工業和物聯網。

Full-year revenue was $2.27 billion, down 3% year on year a reflection of ongoing weakness in end demand and tight control of distribution channel inventories.

全年營收為 22.7 億美元，年減 3%，反映出終端需求持續疲軟以及分銷通路庫存的嚴格控制。

For quarter four, Industry and IoT revenue was $516 million down 22% versus the year ago period and slightly below our guidance.

第四季度，工業和物聯網營收為 5.16 億美元，較去年同期下降 22%，略低於我們的預期。

In mobile, full year revenue was $1.49 billion, up 13% year on year.

行動業務全年營收為 14.9 億美元，較去年同期成長 13%。

Thanks to easy compares in the first half of 2023.

感謝 2023 年上半年的輕鬆比較。

For quarter four, mobile revenue was $396 million, down about 2% versus the year ago period and in line with our guidance.

第四季度，行動收入為 3.96 億美元，較去年同期下降約 2%，符合我們的預期。

In communication infrastructure and other, full-year revenue was $1.69 billion, down 20% year on year.

通訊基礎設施及其他方面，全年營收16.9億美元，年減20%。

The year-on-year decline was due to lower sales across the entire portfolio.

年比下降是由於整個產品組合的銷售下降。

For quarter four, revenue was $409 million, down 10% year on year and below our guidance.

第四季的營收為 4.09 億美元，年減 10%，低於我們的預期。

Now I will turn to our expectations for quarter one, 2025.

現在我來談談我們對 2025 年第一季的期望。

We are guiding quarter one revenue to $2.25 billion, down 10% versus the first quarter of 2024 and down 9% sequentially.

我們預計第一季營收為 22.5 億美元，較 2024 年第一季下降 10%，季減 9%。

From a sequential perspective, this is consistent with our original outlook for quarter one to be seasonally down in the high single-digit range.

從連續角度來看，這與我們最初的預測一致，即第一季的銷售額將出現季節性下降，降幅在個位數左右。

At the midpoint, we expect the following trends in our business during quarter one.

從中期來看，我們預期第一季的業務將呈現以下趨勢。

Automotive is expected to be down in the mid-single-digit percent range versus both quarter one, 2024 and quarter four 2024.

與 2024 年第一季和第四季相比，汽車銷售額預計將下降百分之中等個位數。

Industrial and IoT is expected to be down in the low double-digit percent range year on year and about flat versus quarter four 2024.

預計工業和物聯網的年減幅度將達到兩位數的低百分比，與 2024 年第四季相比持平。

Mobile is expected to be down in the high single-digit range year on year and down in the high teens percent range versus quarter four 2024.

預計行動業務的銷售額將年減至高個位數，與 2024 年第四季相比將下降高十個百分點。

And finally, communication, infrastructure and other is expected to be down in the mid-20% range versus quarter one 2024 and down in the upper 20% range versus quarter four 2024.

最後，預計通訊、基礎設施和其他領域將比 2024 年第一季下降 20% 左右，比 2024 年第四季下降 20% 以上。

Zooming out, as we enter 2025, we continue to see weakness in Europe.

放眼2025年，我們將繼續看到歐洲的疲軟。

The Americas appear to be bouncing off the bottom and China has implemented several incentive programs.

美洲似乎正走出低谷，中國也已實施多項激勵計畫。

All of this correlates with the reported manufacturing PMI being around 50 with China and the US slightly above and Europe and Japan below.

所有這些都與報告的製造業PMI在50左右相關，其中中國和美國略高於該值，而歐洲和日本低於該值。

Against this backdrop, we continue to have poor forward visibility, and we are experiencing relatively high turns business, reflective of our short orderly terms.

在這種背景下，我們的前瞻預見性仍然較差，而且我們的業務週轉率相對較高，這反映出我們的訂購期限較短。

On the customer front, we have completed the majority of our annual price negotiations for calendar year 2025, and we continue to be confident in low single-digit price erosion year over year, consistent with our prior commentary.

在客戶方面，我們已經完成了 2025 日曆年的大部分年度價格談判，並且我們仍然對逐年降低個位數價格有信心，這與我們之前的評論一致。

When it comes to inventory in the market, our quarter one guidance contemplates decreasing inventory dollars in both the direct and the distribution channels, reflecting under shipment against true end demand.

對於市場庫存，我們第一季的指引考慮減少直銷和分銷管道的庫存金額，以反映貨量低於真正的最終需求。

We expect distribution channel inventory to be eight to nine weeks below our long-term target of 11 weeks.

我們預計分銷通路庫存將比我們的長期目標 11 週低 8 至 9 週。

Now before turning to your questions, I would like to review two strategic acquisitions, which we announced over the last 90 days.

在回答您的問題之前，我想回顧一下我們在過去 90 天宣布的兩項策略收購。

Both are vital building blocks to accelerate and expand NXP's CoreRide vision for next-generation software-defined vehicle platforms.

兩者都是加速和擴展 NXP 的新一代軟體定義汽車平台 CoreRide 願景的重要基石。

Our CoreRide platform comprises a complete suite of secure hardware and software solutions, including processes, connectivity, functional safety, and power management as we had laid out in our Investor Day in November.

我們的 CoreRide 平台包含一整套安全的硬體和軟體解決方案，包括流程、連接性、功能安全和電源管理，正如我們在 11 月的投資者日所介紹的那樣。

So first, in mid-December, we announced our intention to acquire for $243 million.

首先，在12月中旬，我們宣布了以2.43億美元收購的意圖。

Aviva is a five-year old Silicon Valley startup, whose founders have a proven track record in the multi-gigabit Ethernet market.

Aviva 是一家成立五年的矽谷新創公司，創辦人在多千兆乙太網路市場擁有豐富的經驗。

The company is focused on multi-gigabit automotive connectivity technology based on the ASA-MLE standard, which is ideally suited for asymmetric point-to-point connectivity of ADAS sensors and IVI display applications.

該公司專注於基於 ASA-MLE 標準的多千兆位元汽車連接技術，非常適合 ADAS 感測器和 IVI 顯示器應用的非對稱點對點連接。

Asymmetrical ASA links are cost and performance optimized for one-way data traffic typical for ADAS and IVI applications, whereas Ethernet is optimized for two-way data traffic going in both directions at the same speed.

非對稱 ASA 連結針對 ADAS 和 IVI 應用中典型的單向資料流量進行了成本和效能最佳化，而乙太網路則針對以相同速度在兩個方向上傳輸的雙向資料流量進行了最佳化。

This addition is fully complementary with NXP's market-leading positions in automotive networking processors, gateways, and broad in-vehicle networking solutions.

此次收購將與恩智浦在汽車網路處理器、網關和廣泛的車載網路解決方案領域的市場領先地位形成全面補充。

Aviva is an innovation leader in open standards-based asymmetrical ASA service with the first two markets best-in-class 16-nanometer quad-port 16 gigabit per second uplink product.

Aviva 是基於開放標準的非對稱 ASA 服務領域的創新領導者，擁有兩個市場上首屈一指的 16 奈米四端口 16 千兆每秒上行鏈路產品。

The company's pre-revenue and has received design awards from OEMs and Tier 1 customers aiming to replace proprietary solutions.

該公司尚未獲利，並已獲得OEM和一級客戶的設計獎，旨在取代專有解決方案。

We expect Aviva to enhance and complement our broad automotive networking business beginning in 2027.

我們預計 Aviva 將從 2027 年開始增強和補充我們廣泛的汽車網路業務。

With this, we are capturing a growing application area we have not taken part in by our standards-based solution.

透過這種方式，我們正在透過基於標準的解決方案佔領一個我們尚未參與的不斷增長的應用領域。

This acquisition reinforces our company's specific automotive connectivity accelerated growth driver.

此次收購增強了我們公司特定的汽車連接加速成長動力。

And secondly, in early January, we announced our intention to acquire TTTech Auto for $625 million, the division of TTTech, a privately held software company based in Austria.

其次，1 月初，我們宣布有意以 6.25 億美元收購 TTTech Auto，它是總部位於奧地利的私人軟體公司 TTTech 的部門。

TTTech Auto has extensive knowledge and expertise in the automotive market, especially in the domain of vehicle safety and real-time integration.

TTTech Auto 在汽車市場擁有豐富的知識和專業技能，尤其是在車輛安全和即時整合領域。

Its software product called MotionWise, is focused on safety and deterministic real-time performance, key attributes of the software-defined vehicle.

其軟體產品 MotionWise 專注於安全性和確定性即時性能，這是軟體定義汽車的關鍵屬性。

MotionWise bridges the silicon hardware layer to the operating system layer, enabling deterministic and safe management of the application software layer.

MotionWise 將矽硬體層與作業系統層連接起來，實現應用軟體層的確定性和安全性的管理。

MotionWise is already deployed in over 4 million vehicles with a pipeline of awarded projects, which will enable another 7 million vehicles.

MotionWise 已部署在超過 400 萬輛汽車中，並且還有一系列獲獎項目，將為另外 700 萬輛汽車提供支援。

The combination of NXP ScoreRide and TTTech Auto's MotionWise, will reduce our customers' integration efforts enabling software reuse and delivering optimal system performance.

NXP ScoreRide 與 TTTech Auto 的 MotionWise 的結合將減少我們客戶的整合工作量，以實現軟體重複使用並提供最佳的系統效能。

The combined expertise of NXP and TTTech Auto will allow to drive faster time to market and lower cost solution in direct collaboration with automotive OEMs.

NXP 和 TTTech Auto 的全面專業知識將有助於透過與汽車 OEM 的直接合作，縮短產品上市時間並降低解決方案成本。

Taken together, these acquisitions enhance our long-term competitive position in the automotive end market.

總的來說，這些收購增強了我們在汽車終端市場的長期競爭地位。

We expect the regulatory approvals should be complete by the end of quarter three '25.

我們預計監管部門的批准將於 2025 年第三季末完成。

These transactions are consistent with our long-term strategic efforts and will begin to contribute revenue within a brief period after close.

這些交易符合我們的長期策略努力，並將在交易結束後短時間內開始貢獻收入。

However, they will not have a material impact on the financial model we recently shared at our Investor Day in November.

然而，它們不會對我們最近在 11 月投資者日分享的財務模型產生重大影響。

By 2028 and beyond, these assets will be accretive to our current financial model and will help bootstrap and accelerate our capabilities in specific functional areas.

到 2028 年及以後，這些資產將對我們目前的財務模式產生增值作用，並將有助於提升和加速我們在特定職能領域的能力。

I am very excited about how they will help NXP to offer complete system-level solutions for tomorrow's automotive markets.

我很高興他們將幫助恩智浦為未來的汽車市場提供完整的系統級解決方案。

We do look forward to welcoming the talented teams to NXP.

我們熱切期待優秀團隊加入恩智浦。

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

最後，我想把電話交給你，比爾，請你檢視一下我們的財務表現。

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 Q4 and provided our revenue outlook for Q1, I will move to the financial highlights.

由於 Kurt 已經介紹了第四季度的收入驅動因素並提供了第一季的收入展望，因此我將轉到財務亮點。

Overall, our Q4 financial performance was good.

總體而言，我們第四季的財務表現良好。

Revenue and non-GAAP gross profit were both modestly above the midpoint of our guidance range, while operating expenses were in line with the midpoint of our guidance.

收入和非公認會計準則毛利均略高於我們預期範圍的中點，而營運費用與我們的預期中點一致。

Taken together, we delivered non-GAAP earnings per share of $3.18 or $0.05 better than the midpoint of our guidance.

整體來看，我們實現的非公認會計準則每股收益為 3.18 美元，比我們預期的中位數高出 0.05 美元。

Furthermore, we continue to tightly manage sales into the distribution channel with weeks of inventory in the channel flat sequentially at eight weeks.

此外，我們持續嚴格管理通路的銷售，通路庫存週數連續持平於八週。

I will first provide full year highlights and then move to the Q4 results.

我將首先介紹全年亮點，然後介紹第四季的業績。

Full-year revenue for 2024 was $12.61 billion, down 5% year on year due to a weak macro in the Western markets, while China continued to be resilient.

2024年全年營收為126.1億美元，年減5%，原因是西方市場宏觀經濟疲軟，而中國市場持續維持韌性。

We generated $7.33 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 58.1%, down 40 basis points year on year.

我們實現了 73.3 億美元的非公認會計準則毛利，非公認會計準則毛利率為 58.1%，較去年同期下降 40 個基點。

Now, total non-GAAP operating expenses were $2.96 billion or 23.5% of revenue, slightly above our long-term operating expense model as we continue to invest in our strategy, supporting long-term profitable growth.

現在，非公認會計準則下的總營運費用為 29.6 億美元，佔收入的 23.5%，略高於我們的長期營運費用模型，因為我們將繼續投資於我們的策略，支持長期獲利成長。

Total non-GAAP operating profit was $4.37 billion, down 6% year on year.

非公認會計準則下營業利潤總額為 43.7 億美元，較去年同期下降 6%。

This reflects a non-GAAP operating margin of 34.6%, down 50 basis points year on year and in line with our long-term financial model.

這反映了非公認會計準則營業利潤率為 34.6%，年減 50 個基點，符合我們的長期財務模型。

Non-GAAP interest expense was $275 million.

非公認會計準則利息支出為 2.75 億美元。

Taxes related to ongoing operations were $686 million or a 16.8% non-GAAP effective tax rate.

與持續經營相關的稅金為 6.86 億美元，或 16.8% 的非 GAAP 有效稅率。

Noncontrolling interest was $32 million and the results from equity account investees associated with our joint venture manufacturing partnerships was zero.

非控制權益為 3,200 萬美元，與我們的合資製造夥伴關係相關的股權帳戶投資結果為零。

Stock-based compensation, which is not included in our non-GAAP earnings was $461 million.

股票薪酬未計入我們的非公認會計準則收益，為 4.61 億美元。

Turning to full-year cash flow performance.

轉向全年現金流表現。

We generated $2.78 billion in cash flow from operations and invested $693 million in net CapEx or about 5.5% of revenue.

我們從營運中產生了 27.8 億美元的現金流，並投資了 6.93 億美元的淨資本支出，約佔收入的 5.5%。

Taken together, this resulted in $2.09 billion of non-GAAP free cash flow or about 17% of revenue.

總體而言，這產生了 20.9 億美元的非 GAAP 自由現金流，約佔收入的 17%。

During 2024, we repurchased 5.7 million shares for $1.37 billion and paid cash dividends of $1.04 billion or 37% of cash flow from operations.

2024 年，我們以 13.7 億美元回購了 570 萬股，並支付了 10.4 億美元的現金股息，佔經營現金流的 37%。

In total, we returned $2.41 billion to our owners, which was 115% of the total non-GAAP free cash flow generated during the year.

總體而言，我們向所有者返還了 24.1 億美元，佔當年產生的非 GAAP 自由現金流總額的 115%。

Now, moving to the details of Q4.

現在，轉到第四季的細節。

Total revenue was $3.11 billion, down 9% year on year, modestly above the midpoint of our guidance range.

總收入為 31.1 億美元，年減 9%，略高於我們預期範圍的中點。

We generated $1.79 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 57.5%, down 120 basis points year on year and in line with the midpoint of our guidance range.

我們實現了 17.9 億美元的非公認會計準則毛利，非公認會計準則毛利率為 57.5%，年減 120 個基點，與我們的指導範圍中點一致。

Total non-GAAP operating expenses were $725 million or 23.3% of revenue, down $66 million year on year and in line with the midpoint of our guidance range.

非公認會計準則總營業費用為 7.25 億美元，佔收入的 23.3%，年減 6,600 萬美元，與我們的指導範圍中點一致。

From a total operating profit perspective, non-GAAP operating profit was $1.06 billion, and non-GAAP operating margin was 34.2%, down 140 basis points year on year and above the midpoint of our guidance range.

從總營業利潤來看，非公認會計準則營業利潤為 10.6 億美元，非公認會計準則營業利潤率為 34.2%，年減 140 個基點，高於我們指引範圍的中點。

Non-GAAP interest expense was $74 million, while taxes for ongoing operations were $164 million, or a 16.5% non-GAAP effective tax rate.

非公認會計準則利息支出為 7,400 萬美元，持續營業稅為 1.64 億美元，非公認會計準則有效稅率為 16.5%。

Non-controlling interest was $10 million and results from equity account invest fees associated with our joint venture manufacturing partnerships was 0, although $2 million better than our expectations.

非控制權益為 1000 萬美元，與我們的合資製造夥伴關係相關的股權帳戶投資費用結果為 0，儘管比我們的預期好 200 萬美元。

Stock-based compensation, which is not included in our non-GAAP earnings, was $117 million.

股票薪酬為 1.17 億美元，未計入我們的非 GAAP 收益。

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 Q4 was $10.85 billion, up $672 million sequentially due to the attractively priced loan from the European Investment Bank.

由於從歐洲投資銀行獲得了價格誘人的貸款，我們第四季末的總債務為 108.5 億美元，比上一季增加了 6.72 億美元。

Our ending cash balance was $3.29 billion, up $144 million sequentially and due to the cumulative effect of additional liquidity, capital returns, CapEx investments, and cash generation during Q4.

我們的期末現金餘額為 32.9 億美元，比上一季增加 1.44 億美元，這是由於第四季額外流動性、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 $7.56 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $5.06 billion.

由此產生的淨債務為 75.6 億美元，而我們在本季結束時的過去 12 個月調整後 EBITDA 為 50.6 億美元。

Our ratio of net debt to curing 12-month adjusted EBITDA at the end of Q4 was 1.5 times, and our 12-month adjusted EBITDA interest coverage was 21.3 times.

我們的淨債務與第四季末的 12 個月調整後 EBITDA 比率為 1.5 倍，我們的 12 個月調整後 EBITDA 利息覆蓋率為 21.3 倍。

During Q4, we paid $258 million in cash dividends and repurchased $455 million of our shares.

第四季度，我們支付了 2.58 億美元的現金股息，並回購了價值 4.55 億美元的股票。

After the end of the quarter and through January 31, we bought an additional 101 million of our shares under established 10b-51 program.

在本季結束後至 1 月 31 日，我們根據已建立的 10b-51 計畫額外購買了 1.01 億股股票。

Turning to working capital metrics.

轉向營運資本指標。

Days of inventory was 151 days, an increase of two days sequentially, while we maintain distribution channel inventory at eight weeks.

庫存天數為 151 天，比上一季增加兩天，而我們的分銷通路庫存維持在八週。

As we have highlighted throughout the previous year, given the uncertain demand environment, we continue to make the intentional choice to control the increase of channel inventory.

正如我們在過去一年中所強調的那樣，鑑於不確定的需求環境，我們繼續有意選擇控制通路庫存的成長。

Days receivables were 30 days, flat sequentially and days payable or 65 days, an increase of five days versus the prior quarter due to improving our payment terms with suppliers.

應收帳款天數為 30 天，與上一季持平；應​​付帳款天數為 65 天，較上一季增加 5 天，原因是我們改善了與供應商的付款條件。

Taken together, our cash conversion cycle was 116 days, an improvement of three days versus the prior quarter.

總的來說，我們的現金轉換週期為 116 天，比上一季提高了三天。

Cash flow from operations was $391 million, and net CapEx was $99 million or 3% of revenue, resulting in non-GAAP free cash flow of $292 million or 9% of revenue.

營運現金流為 3.91 億美元，淨資本支出為 9,900 萬美元，佔收入的 3%，導致非 GAAP 自由現金流為 2.92 億美元，佔收入的 9%。

During Q4, we paid a $275 million capacity access fee related to BSFC, which is included in our cash flow from operations.

在第四季度，我們支付了與 BSFC 相關的 2.75 億美元容量使用費，該費用包含在我們的營運現金流中。

Additionally, we paid $50 million into our -- the ESMC equity accounted foundry joint venture under construction in Germany, which is included in our cash flow from investing.

此外，我們也向正在德國建設的 ESMC 股權會計代工合資企業投資了 5,000 萬美元，這筆錢包含在我們投資的現金流中。

Turning now to our expectations for the first quarter.

現在來談談我們對第一季的預期。

As Kurt mentioned, we anticipate Q1 revenue to be $2.825 billion, plus or minus about $100 million.

正如 Kurt 所提到的，我們預計第一季的營收為 28.25 億美元，上下浮動約 1 億美元。

At the midpoint, this is down about 10% year on year and down about 9% sequentially.

中間值年減約 10%，季減約 9%。

We expect non-GAAP gross margin to be about 56.3% plus or minus 50 basis points, driven by the return of our annual price concessions and lower revenue fall through over our fixed costs.

我們預計非 GAAP 毛利率約為 56.3%（正負 50 個基點），這得益於我們年度價格優惠的回歸以及固定成本導致的收入下降。

Operating expenses are expected to be about $700 million, plus or minus about $10 million.

預計營運費用約 7 億美元，上下浮動約 1,000 萬美元。

The sequential decline is driven by restructuring the business and lower variable compensation.

連續下滑是由於業務重組和浮動薪酬降低所致。

Taken together, we see non-GAAP operating margin to be 31.5% at the midpoint.

綜合來看，我們認為非公認會計準則下的營業利益率中間值為 31.5%。

We estimate non-GAAP financial expense to be about $80 million.

我們估計非公認會計準則財務支出約為 8,000 萬美元。

We expect the non-GAAP tax rate to be 17.5% of profit before tax.

我們預期非公認會計準則稅率為稅前利潤的17.5%。

Non-controlling interest will be about $5 million, and results from equity account invest fees to be about $1 million.

非控制權益約 500 萬美元，股權帳戶投資費用約 100 萬美元。

For Q1, we suggest for modeling purposes, you use an average share count of 256 million shares.

對於 Q1，出於建模目的，我們建議您使用 2.56 億股的平均股數。

We expect stock-based compensation, which is not included in our non-GAAP guidance to be $128 million, taken together at the midpoint.

我們預計，以中點計算，股票薪酬（未包含在我們的非 GAAP 指引中）總計為 1.28 億美元。

This implies a non-GAAP earnings per share of $2.59.

這意味著非 GAAP 每股收益為 2.59 美元。

Turning to uses of cash.

談談現金的用途。

We expect capital expenditures to be around 5% of revenue.

我們預計資本支出約佔收入的5%。

We also made a $125 million capacity access fee into the SMC, which was originally planned for Q4.

我們也向SMC繳納了1.25億美元的容量使用費，這筆費用原計劃在第四季支付。

Additionally, we will make a $32 million equity investment into ESMC and a $76 million equity investment into VSMC, our two equity accounted foundry joint ventures under construction.

此外，我們將向我們正在建造的兩家權益法核算的代工合資企業 ESMC 進行 3,200 萬美元的股權投資，向 VSMC 進行 7,600 萬美元的股權投資。

For full year 2025 modeling purposes consistent with comments from our recent Investor Day, we expect operating expenses to stay with our long-term model of 23% for the year.

對於 2025 年全年建模目的，與我們最近的投資者日的評論一致，我們預計全年營運費用將保持在 23% 的長期模型水平。

We will see a step-up of operating expenses due to the annualized merits the $15 million annual license fee, along with variable compensation movements pending actual performance.

由於每年 1500 萬美元的許可費的年化價值以及取決於實際表現的可變薪酬變動，我們將看到營運費用的增加。

We suggest using a non-GAAP tax rate of 17.5%, plus or minus 50 basis points.

我們建議使用非公認會計準則稅率 17.5%，上下浮動 50 個基點。

For stock-based compensation, we suggest using of $475 million.

對於股票薪酬，我們建議使用 4.75 億美元。

For non-controlling interest, we suggest modeling $30 million, plus or minus a few million.

對於非控制權益，我們建議模型為 3000 萬美元，上下浮動數百萬美元。

And for equity accounted investees, we suggest modeling $10 million loss, plus or minus a few million depending on the build progress for both ESMC and the VSMC joint venture from our front-end facilities.

對於以權益法核算的被投資單位，我們建議模擬 1,000 萬美元的損失，根據 ESMC 和 VSMC 合資企業前端設施的建設進度，上下浮動數百萬美元。

For capital expenditures, we expect to stay within the long-term model of 5% or less.

對於資本支出，我們預計將保持在 5% 或以下的長期模型內。

In closing, I would like to highlight a few focus areas for NXP.

最後，我想強調恩智浦的幾個重點領域。

First, as you can see, we have taken some restructuring charges in Q4 as we are creating space for our recent acquisitions to prevent dilution and to ensure we stay within our long-term operating expense model.

首先，正如您所看到的，我們在第四季度承擔了一些重組費用，因為我們正在為最近的收購創造空間，以防止稀釋並確保我們保持在我們的長期營運費用模型之內。

Second, our internal front-end utilizations will remain in the low 70% range.

其次，我們的內部前端利用率將維持在 70% 的低點。

Consistent with our hybrid manufacturing strategy, we are now also concretely planning the consolidation of our internal 200-millimeter factories.

與我們的混合製造策略一致，我們現在也正在具體規劃內部 200 毫米工廠的整合。

And lastly, as visibility remains very cloudy, we will rigorously focus on managing what is in our control to navigate a soft landing while executing our growth strategy.

最後，由於可見性仍然很不明朗，我們將嚴格集中精力管理我們能夠控制的事情，以便在執行成長策略的同時實現軟著陸。

And of course, there is no change to our capital allocation strategy.

當然，我們的資本配置策略並沒有改變。

With that, I would like to turn it back to the operator for your questions.

說完這些，我想把話題轉回給接線員，以便回答您的​​問題。

(Operator Instructions) CJ Muse, Cantor Fitzgerald.

（操作員指令） CJ Muse、Cantor Fitzgerald。

Yeah.

是的。

Good morning, good afternoon.

早安，下午好。

Thank you for taking the question.

感謝您回答這個問題。

I guess high level, all eyes are on the rate of recovery off of a likely Q1 bottom for you guys as well as the industry.

我想，高層所有人的目光都集中在你們以及整個產業從第一季觸底的速度。

So be curious if you think we're set up for normal seasonal trends into Q2 and beyond?

所以，您是否好奇，我們是否認為我們已經為第二季及以後的正常季節性趨勢做好了準備？

And if you could kind of parse through that, where you're seeing relative strength and perhaps we're you see relative weakness or where you see concerns where perhaps trends won't be as strong as seasonal.

如果你能仔細分析一下，你會發現，我們可能看到相對強勢，也可能看到相對弱勢，或者你擔心，趨勢可能不會像季節性那麼強勁。

Thanks, CJ, and good morning.

謝謝，CJ，早安。

Let me start with reiterating what I said in my prepared remarks, the visibility we have is really, really poor.

首先，我要重申我在準備好的發言中所說的話，我們的能見度真的非常非常差。

Given the low order lead times, there is a lot of turns business and customers place their orders very late.

由於訂單交付週期較短，因此存在許多周轉業務，並且客戶下訂單的時間很晚。

So we have, in total, a pretty limited visibility.

因此，整體而言，我們的可見度相當有限。

Now coming more specifically back to your question, yeah, so Q1 with the 9% sequential decline is, I'd say it's on the lower bound of seasonal as we had anticipated and kind of soft guided in the previous quarter.

現在更具體地回到你的問題，是的，第一季環比下降 9%，我想說的是，正如我們預期的那樣，這是季節性的下限，並且在上一季度有所放緩。

There -- in -- I would qualify this actually as kind of okay in automotive and industrial kind of okay, meaning that the year-on-year decline in automotive is the same as we had it in quarter four.

我認為，在汽車和工業領域，這種情況實際上還算可以，這意味著汽車產業的年減幅度與第四季相同。

So that's like a mid-single-digit year-on-year decline.

因此，這相當於同比出現中等個位數的下降。

And in industrial IoT, we actually are flat from Q4 into Q1.

在工業物聯網方面，我們從第四季到第一季實際上持平。

There it really comes down, is in the comms infra segment where we have an accelerated pace of the earlier discussed end-of-life situation with some of the former digital networking or former free-scale digital networking products.

問題的關鍵在於，在通訊基礎設施領域，我們之前討論過的一些前數位網路或前自由縮放數位網路產品的壽命終止正在加速。

That's the one which really falls short.

這才是真正不足之處。

In line with what we said over last year that this part of that segment is really becoming weak.

正如我們去年所說的那樣，該領域的這一部分確實正在變得疲軟。

Now I heard your question you were asking for quarter two.

現在我聽到了您關於第二季度的問題。

With the little visibility we have, we really can't call quarter two.

由於我們掌握的資訊不多，我們真的無法預測第二季度的情況。

Now I understand you need something for the model, CJ.

現在我明白了你需要一些東西作為模型，CJ。

If anything, probably a flat to slightly up is what I would use for modeling purposes.

如果有的話，出於建模目的，我可能會使用平坦或略微向上的形狀。

But that isn't really based on a hell lot of forward visibility, which we have at this stage.

但這其實並非基於我們現階段所擁有的大量前瞻性視野。

But I guess, flat to slightly up is the best proxy at this stage.

但我想，現階段，持平或略有上漲是最好的指標。

Very helpful.

非常有幫助。

And then maybe a question for you, Bill.

那也許我要問你一個問題，比爾。

Our gross margins, given where we are in the cycle, [57% to 63%] is spectacular.

考慮到我們所處的週期階段，我們的毛利率[57%至63%]是驚人的。

Would love to hear kind of how you see a recovery playing out from utilization rates from mix, from bringing in higher-margin distribution?

很想聽聽您如何看待從產品組合利用率到引入更高利潤分銷的復甦？

Would love to kind of how you see things evolve.

很想知道您如何看待事態的發展。

CJ, absolutely.

CJ，絕對是。

As you could see, the gross margins decline as we anticipated by about 120 basis points.

正如您所看到的，毛利率正如我們預期的那樣下降了約 120 個基點。

And the attributes, again, we are now returning to our normal annual price negotiations.

現在，我們又恢復了正常的年度價格談判。

And as Kurt alluded to, down to low to mid-single-digit range.

正如庫爾特所提到的那樣，下降到低至個位數到中等個位數範圍。

So when you do the quick math, you can understand that effect.

因此，當您進行快速計算時，您就可以了解這種影響。

And then as we enter toward in Q4 guidance, we would lose some of the fall-through over our fixed costs, which actually happened.

然後，當我們進入第四季度指引時，我們將會損失一些固定成本，這實際上已經發生了。

But on the bright side, which is more of a tailwind, we were able actually to partially offset some of those headwinds through the improved mix in Q1.

但從好的方面來看，這更像是一種順風，我們實際上能夠透過第一季改善的產品組合來部分抵消部分逆風。

And also, we are getting lower supplier and operating costs, which are tying throughout the year to offset that total pricing effect that occurred in the first quarter.

此外，我們的供應商和營運成本也在降低，這些成本將在全年抵消第一季發生的整體定價效應。

So the cost adjustments come throughout the year.

因此成本調整是全年都會進行的。

Overall, I would say at these revenue levels and as I mentioned, we're running front-end internal utilizations in the low 70s, I feel pretty confident that we will remain at these gross margin levels, plus or minus the normal 50 basis points driven by mix.

總體而言，我想說，在這些收入水平上，正如我提到的那樣，我們的前端內部利用率在 70% 以下，我非常有信心我們將保持這些毛利率水平，上下浮動 50 個基點由混合驅動。

I'd say once we return to revenue growth, we will then move back into our long-term gross margin range of 57% to 63%.

我想說，一旦我們恢復收入成長，我們的長期毛利率就會回到 57% 至 63% 的範圍。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你們回答我的問題。

I wanted to focus in on the regional trends.

我想關注區域趨勢。

It sounds very similar, what you're kind of talking about, at least on the auto side with some inventory at the North American guys with potentially some better environments elsewhere.

這聽起來非常相似，至少在汽車方面，北美公司有一些庫存，而其他地方的環境可能會更好。

Could you just maybe talk about the inventory situation at the North American customers versus three months ago?

您能否談談與三個月前相比北美客戶的庫存狀況？

Do you feel like that's coming to a bottom here with some inflection from this point forward or -are you still kind of working that down?

您覺得從現在起這種情況會逐漸降至最低點並出現一些轉折，或者您仍在努力解決這個問題？

Any additional color there would be helpful.

任何額外的顏色都會有幫助。

Yeah.

是的。

Thanks, Tom.

謝謝，湯姆。

I hear two parts in your question.

我聽到了你的問題中的兩個部分。

One is the regional one and the other one, the inventory.

一個是區域性的，另一個是庫存性的。

On the regional side, in quarter four, clearly, Asia, led by China was on the brighter side of things with Europe and the US being very weak.

從區域來看，第四季度，以中國為首的亞洲地區表現明顯較好，而歐洲和美國則表現疲軟。

And that very weakness was certainly driven both by inventory digestion, as you're hinting to, and a week-end demand.

正如您所暗示的，這種疲軟肯定是由庫存消化和週末需求共同造成的。

That was pretty much as we had anticipated.

這與我們的預期差不多。

So I'd say quarter four, there was nothing really changing through the quarter versus our anticipation.

所以我想說，第四季與我們的預期相比並沒有什麼變化。

And going into quarter one, overall, I'd say we do see some early strength in Asia for industrial IoT.

進入第一季度，總體而言，我認為我們確實看到亞洲工業物聯網的一些早期優勢。

You saw that we sequentially guided that flat.

您看到我們按順序引導了該平面。

Also for auto, Asia is robust.

亞洲的汽車業也表現強勁。

So it's kind of the same situation like 90 days ago from a regional split perspective with a strong Asia and a relatively weak or especially weak Europe and maybe the US getting a little better.

因此，從區域分裂的角度來看，這種情況與 90 天前的情況類似，亞洲強大，歐洲相對較弱或特別弱，而美國可能稍微好一些。

Now, on the inventory side, so the answer, first of all, Thomas, yes.

現在，就庫存方面而言，答案首先是托馬斯，是的。

We continue to digest on-hand inventory at our direct Tier 1 customers.

我們繼續消化直接一級客戶的現有庫存。

That process continues, and it is both for the US as well as for the European Tier 1 customers.

這一進程仍在繼續，無論是針對美國還是歐洲一級客戶。

How much it is and how long that still lasts?

它是多少以及還能持續多久？

I can't really tell you.

我確實不能告訴你。

And I would also not put Q1 into comparison to Q4 in terms of its less or more.

而且我也不會將 Q1 與 Q4 進行比較，無論是多或少。

No, we have individual plans there with each single customer, and we got to see how that plays out.

不，我們針對每個客戶都有單獨的計劃，我們必須看看計劃如何實施。

But that is clearly still weighing on our revenue performance, especially in automotive keeping it at a sub end demand level.

但這顯然仍然對我們的收入表現造成壓力，特別是在汽車領域，其收入仍處於次端需求水準。

At the same time, and I -- for completeness, I have to say that also the discipline on the general inventory holds, you saw that we kept it flat at eight weeks in the fourth quarter.

同時，為了完整起見，我必須說，整體庫存的紀律也保持不變，您會看到，我們在第四季度將其保持在八週的平穩狀態。

For Q1, I had in my prepared remarks, something like eight to nine weeks.

對於第一季度，我在準備好的發言中提到，大約需要八到九週。

It's a bit hard to say to pin it down exactly about, say, eight to nine weeks, so -- and in total, by the way, a reduction in dollars in the inventory.

很難確切地說，大約八到九週，所以 - 總的來說，庫存減少了美元。

So the important piece is we continue to do this from inventories, both at distributors as well as direct customers, go down from a dollar perspective.

因此，重要的是我們繼續從美元角度降低分銷商和直接客戶的庫存。

So at some point, that must come to an end because the rate of under shipment against and demand in a flat SAAR environment that must come to an end.

因此，在某個時候，這種情況必須結束，因為在平穩的 SAAR 環境下，裝運不足與需求不符的情況必須結束。

I gave up to try and call when exactly.

我放棄了嘗試撥打電話詢問具體時間。

But if you do the math, it cannot take that long anymore.

但如果你計算一下，就不會花那麼久了。

Super helpful.

超有幫助。

And then just as a follow-up, I think you gave a lot of really good pieces there.

然後作為後續，我認為你在那裡給了很多非常好的作品。

So the days the inventory is low.

因此庫存較低。

You talked about low 70s range in terms of internal utilization.

您談到了內部利用率低於 70 年代的範圍。

Like clearly, visibility going into this year is really difficult for you guys right now.

顯然，現在對你們來說，今年的前景確實很艱難。

But can you just maybe walk through for us on the line, when do you start to make decisions about internal utilization?

但是您能否為我們簡單介紹一下，您是什麼時候開始對內部利用做出決策？

Like is it like two or three quarter out scenario where, hey, things are getting better, we're going to reduce a bit.

就像是第二季或第三季之後的情況，嘿，情況正在好轉，我們會減少一點。

It seems like things are at a healthy level right now from the utilization perspective.

從利用率的角度來看，目前情況似乎處於健康水平。

But when do you make that call?

但是你什麼時候打這通電話呢？

And maybe what levers do you look at when you think about potentially reducing that if demand isn't coming back?

如果需求沒有回升，當您考慮如何潛在地減少這一數字時，您會考慮哪些槓桿？

Yeah.

是的。

Let me take this one.

讓我來拿這個。

Obviously, we're focused on what we control.

顯然，我們關注的是我們能夠控制的事情。

At the same time, you know our internal inventory from a dollar perspective is up quarter over quarter.

同時，您知道，從美元角度來看，我們的內部庫存是逐季增加的。

We expect those dollars going into Q2 as Kurt alluded to, on flat to slightly up from a dollar perspective is to stay flattish.

正如庫爾特所提到的，我們預計進入第二季度，從美元角度來看，美元將保持穩定或略有上漲。

So that's what we're balancing the dollars and the utilization from an internal standpoint as well as we have to adjust our foundry and subcon orders with current revenue levels.

因此，我們從內部的角度平衡了資金和利用率，同時我們也必須根據目前的收入水準調整我們的代工和分包訂單。

So again, we're balancing all that.

因此，我們再次平衡所有這些。

I would say if the second half comes up and were planned and ready for that, that's probably when that will take effect when we would increase our utilization.

我想說，如果下半年到來並且我們做好了計劃和準備，那麼這可能就會生效，屆時我們將提高利用率。

But again, we're going to be very cautious.

但我們會非常謹慎。

As Kurt alluded to, we kind of got this wrong last year, so we're just going to take it one quarter at a time.

正如庫爾特所提到的，我們去年在這方面做得有點不對，所以我們只會一個季度一個季度地解決。

Ross Seymour, Deutsche Bank.

德意志銀行的羅斯·西摩。

Kurt, the industrial IoT segment being flat sequentially.

庫爾特（Kurt），工業物聯網領域較上季持平。

You alluded a little bit to Asia acting a bit better, but I think that flatness is a welcome surprise to people.

您稍微暗示了亞洲的表現會更好一些，但我認為這種平穩的表現對人們來說是一個令人欣喜的驚喜。

Can you dive a little bit deeper into what's going on there and keeping that business flat?

您能否更深入地講講那裡發生的事情以及如何保持業務平穩？

Yeah, Ross.

是的，羅斯。

As I said, the relative strength -- I don't want to use the strength yet, but the relative strength from a sequential perspective indeed comes from Asia.

正如我所說，相對實力——我還不想使用這種實力，但從連續角度來看，相對實力確實來自亞洲。

And within Asia, clearly, from China.

而在亞洲，顯然是來自中國。

And you know that we have a relatively high exposure in that segment to China.

你知道，我們在該領域對中國的關注度相對較高。

I think we are helped by our low channel inventory in that case because we don't have to reduce that further.

我認為在這種情況下，低渠道庫存對我們有幫助，因為我們不需要進一步減少庫存。

So any possible light at the end of the tunnel in terms of end demand directly comes to us because we don't have to work down inventory in the channel.

因此，就最終需求而言，隧道盡頭的任何可能的曙光都會直接出現在我們面前，因為我們不必減少渠道中的庫存。

That's how I would characterize it.

這就是我對它的描述。

But I -- Ross, I also don't want to go that far to talk about green shoots or anything.

但是我──羅斯，我也不想走那麼遠去談論綠芽或任何事。

I mean it's kind of -- it looks a little better indeed in Asia, but too early to follow the trend.

我的意思是——亞洲的情況確實看起來好一點，但順應這股趨勢還為時過早。

Thanks for that.

謝謝。

And then I guess as my follow-up, switching over to the comms business and other, you've mentioned about kind of an accelerated end-of-life process.

然後我想作為我的後續行動，轉向通訊業務和其他業務，您提到了一種加速的生命終點過程。

Is that now behind us?

這一切已經過去了嗎？

And so the business a little under $300 million, I guess, in the first quarter for your guide is now going to act along with whatever demand does?

那麼，我猜第一季的業務額會略低於 3 億美元，按照您的指南，現在會隨著需求的變化而改變嗎？

Or is there more room that, that has to be taken down?

還是還有更多需要拆除的空間？

Yeah, let me try to pass that.

是的，讓我嘗試通過。

So when exiting last year, calendar '24, think about the comms infra segment with roughly the following split.

因此，當結束去年（日曆 24 年）時，請考慮通訊基礎設施部分大致如下的劃分。

So 50% was in the secure card area, which includes also RFID, 20% in the radio power for the mobile base station networks, and 30% in this digital networking business.

因此，50% 在安全卡領域，其中也包括 RFID，20% 在行動基地台網路的無線電功率，30% 在數位網路業務。

So that's about the size we talk about here.

這就是我們在這裡談論的尺寸。

And that end of lighting still continues to us.

而那道照明的盡頭依然延伸到我們身邊。

It goes into Q1, but I would expect it further continues beyond Q1.

它進入了第一季度，但我預計它會在第一季之後繼續持續。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks for taking my question.

感謝您回答我的問題。

Kurt, on the first one, maybe a little deeper into the automotive segment, There's a lot of talk of tariffs, et cetera, this year.

庫爾特，關於第一個問題，也許我要更深入地談談汽車領域，今年有很多關於關稅等方面的討論。

Have you seen any change yet in customer behavior, pull in, push out, mix of EV, et cetera?

您是否已經看到客戶行為、吸引、推出、電動車組合等方面的任何變化？

Just how are you reflecting this kind of evolving landscape in your thinking for 2025?

您如何在 2025 年的思考中反映這種不斷變化的情況？

Yeah.

是的。

So first of all, to be clear, given all the uncertainty and the many moving parts, it is not reflected in anything we told you today.

因此首先要明確的是，考慮到所有的不確定性和諸多變動因素，這並沒有反映在我們今天所告訴您的任何內容中。

I just want to be very clear, there is so many unknowns that we could only get it wrong.

我只是想說清楚，有太多未知數，我們只能犯錯。

So it's just not reflected with it.

所以它只是沒有反映出來。

Most of it from what we are hearing about today will be indirect impact on NXP.

我們今天所聽到的大部分消息都會對恩智浦產生間接影響。

Let me give you the example of Canada and Mexico.

我舉一下加拿大和墨西哥的例子。

That's not something where we would be impacted because we don't ship from Canada or Mexico into the US.

這不會對我們造成影響，因為我們不會從加拿大或墨西哥運送貨物到美國。

So for us, that's not relevant.

所以對我們來說，這並不相關。

The China one, clearly touches us eventually because we have some production in China.

顯然，中國市場最終會與我們產生聯繫，因為我們在中國也有一些生產。

As you know, we have this back-end facility in Tianjin.

如您所知，我們在天津有這個後端設施。

And there is also some shipments from there to the US.

並且還有一些貨物從那裡運往美國。

We looked through this, Vivek, and it would be completely immaterial to us.

維維克，我們看過了這些，它對我們來說完全不重要。

So that's the only one where I can get my hands firmly around because we know what it is, and that has absolutely immaterial impact on us.

所以這是我唯一能牢牢把握的事情，因為我們知道它是什麼，而且它對我們影響絕對不大。

Why that is?

這是為什麼呢？

We can discuss it another time and it's a complex consideration behind it.

我們可以在另一個時間討論它，這背後有一個複雜的考慮。

So therefore, the straight answer is, Vivek, beyond that, nothing is contemplated in our -- in what we said today.

因此，直接的答案是，維韋克，除此之外，我們今天所說的內容中沒有考慮到任何內容。

And maybe one for Bill, just kind of a hypothetical if I sort of take what was said about Q2, and I completely understand visibility is limited.

也許對比爾來說這是一個假設，如果我接受關於第二季度的說法，我完全理解可見性是有限的。

But if I assume some semblance of normal seasonality in the back half.

但如果我假設下半年會出現一些正常的季節性現象。

I kind of get it conceptually sales down high single digit or so this year.

我從概念上理解，今年的銷售額下降了個位數左右。

So I'm not asking you to endorse that.

所以我並不要求你認可這一點。

But let's say that was the situation what would be the right way to mathematically think about gross margins and OpEx this year?

但假設情況確實如此，那麼從數學上考慮今年的毛利率和營運支出的正確方法是什麼？

Thank you.

謝謝。

Yeah.

是的。

Similar to last quarter, the best metric, I think, for modeling purposes, without knowing all the different movements and visibility, I would just go back to whatever you put in your model for those type of revenues look at from a historical standpoint.

與上一季類似，我認為，出於建模目的，最好的指標是，在不了解所有不同的變動和可見性的情況下，我只需回到您在模型中輸入的內容，從歷史角度來查看這些類型的收入。

That's all I can provide, to be honest with you, because as you know, there's many moving parts, but that's, I would say, a fair representation for modeling purposes.

老實說，這就是我所能提供的全部內容，因為如你所知，其中涉及很多活動部件，但我想說，出於建模目的，這是一個公平的表示。

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。

I wanted to go back to gross margins.

我想回到毛利率的話題。

You said gross margins would probably stay here, give or take, until revenue started to grow.

您說過，毛利率可能會維持在這個水平，直到收入開始成長。

You suggested Q2 would be maybe flattish or up a bit.

您認為第二季度可能會持平或略有上升。

So I assume Q2 gross margins in that environment don't really go up very much.

因此，我估計在這種環境下第二季的毛利率實際上不會有太大成長。

Hopefully, that revenue grows in the second half.

希望下半年營收能夠成長。

But before you had suggested that margins for the full year would land still within your range of 57% to 63%.

但之前您曾表示全年利潤率仍將在 57% 至 63% 的範圍內。

Given you're going to be in the 56% is in the first half, do you think you can still get into the range for the full year?

考慮到您上半年的銷售額將達到 56%，您認為全年銷售額還能達到這個範圍嗎？

And if you do, is it like very close to the low end because I'm having a hard time getting it much more than that without a lot of growth in the second half.

如果是的話，那麼它是否非常接近低端，因為如果下半年沒有太大的成長，我很難獲得比這更高的收入。

Yes, Stacy, first off, related to the gross margins, you're right, for Q2, I said at similar levels, plus or minus the 50 basis points.

是的，史黛西，首先，關於毛利率，你是對的，對於第二季度，我說的是相似的水平，上下浮動 50 個基點。

We never guided the full year and say we would stay within the financial model for

我們從未給出全年業績指引，也從未表示我們將維持全年財務模型。

(multiple speakers)

（多位發言者）

At the Analyst Day, you said that.

在分析師日上，您這麼說過。

Correct.

正確的。

We have said that, and a lot will depend on the second half related to return of growth.

我們已經說過了，很多事情將取決於下半年恢復成長的情況。

So as I mentioned earlier to another question, I said if the second half grows above the first half, we will then get back into model of the 57% to 63%, but a lot depends on the recovery of the second half.

正如我之前在另一個問題中提到的那樣，我說如果下半年的成長超過上半年，我們將回到 57% 到 63% 的模型，但這在很大程度上取決於下半年的復甦。

If you don't know if you'll be there for the full year now?

如果你不知道自己是否能在那裡待滿一年？

I'm not guiding that at this point in time with the low visibility we have.

由於我們的能見度較低，目前我無法對此做出指導。

Okay.

好的。

And I guess on that point of visibility, you said you have a lot of terms.

我想，關於可見性這一點，您說過您有很多術語。

What is your percentage of orders that are coming from turns right now?

目前來自輪流的訂單佔比是多少？

And like how does that differ across the different segments?

那麼，在不同的細分市場中，這有何不同？

We don't disclose that.

我們不會透露這一點。

All I can tell you is the trend has picked up over the last three quarters and they're getting larger and larger.

我可以告訴你的是，過去三個季度，這個趨勢有所回升，而且規模越來越大。

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

Hi, good morning.

嗨，早安。

Thanks so much for taking the question.

非常感謝您回答這個問題。

My first one is on the automotive business.

我的第一個問題與汽車業務有關。

Just from a business planning perspective, and again, I realize you've got a little visibility and a lot of moving parts here.

僅從業務規劃的角度來看，我再次意識到您在這裡獲得了一些可見性和許多活動部件。

But from a planning perspective, what kind of global SAAR or global unit production are you expecting for the year?

但從規劃的角度來看，您預計今年的全球 SAAR 或全球單位產量會達到什麼樣的水平？

And more importantly, Kurt, you talked about the secular drivers that you guys have been speaking to the 32 connectivity radar, et cetera, what rate of outperformance or content growth should we or can we expect in calendar '25 versus '24.

更重要的是，庫爾特，您談到了您一直在談論的 32 個連接雷達等長期驅動因素，我們應該或可以預期 25 年與 24 年相比，其表現或內容增長率會是多少。

Yeah.

是的。

Hi, Toshiya.

你好，Toshiya。

So yes, the first part of deeds pretty simple.

是的，第一部分的事情非常簡單。

We just quote S&P here.

我們這裡只引用標準普爾。

We think about around about 89 million units in car production this year, which would be a very slight flat minus.

我們預計今年的汽車產量約為 8900 萬輛，這將是一個輕微的持平下降。

So just a little bit down.

所以只是稍微下降一點。

Where it's probably important to understand that in that China is more flat plus versus Europe and the US, flat minus.

或許重要的是要了解，中國的成長更為平穩，而歐洲的成長則較為平穩，美國的成長則較為平穩。

So that's the two directions within that.

這就是其中的兩個方向。

And as Vivek alluded to, I mean, let's see what the tariffs will do to all of this.

正如維韋克所提到的，我的意思是，讓我們看看關稅會對這一切產生什麼影響。

We can't say, but we model with a flat to slightly down car production for the year.

我們無法說，但我們模擬了今年的汽車產量持平或略有下降的情況。

The outperformance of the company-specific growth drivers, what I suggest to do, Toshiya, is you use the percentage growth rates, which we guided in our Analyst and Investor Day back in November, offset by what you see the overall business underperforming currently, which is the on the shipment, which we have to do on inventory digestion.

對於公司特定成長動力的出色表現，我建議你使用百分比成長率，這是我們在 11 月的分析師和投資者日上給出的指導，抵消目前整體業務表現不佳的影響，這是關於發貨的事情，也是我們要進行的庫存消化的事情。

But the delta between what the core business does and what the accelerated growth drivers do, that does hold.

但核心業務和加速成長動力之間的差異確實存在。

There is no difference because they all have about the same inventory levels.

沒有區別，因為他們的庫存水平都大致相同。

So there is statistically looking at the total, it doesn't make sense to model any difference in inventory, which means they all suffer from the same offset.

因此，從統計上看總體，對庫存的任何差異進行建模都是沒有意義的，這意味著它們都受到相同的抵消。

So it's the same delta.

因此，其增量是相同的。

That's probably the best you can assume.

這可能是您能做出的最好的假設。

And they run well.

而且它們運作良好。

I mean, let me say that they also, all three of them did grow last year from an absolute perspective year on year, while the total auto business last year was down.

我的意思是，我要說的是，從絕對角度來看，這三家公司去年都實現了同比增長，而去年整個汽車業務卻出現下滑。

Those pieces, which are quite sizable, as were up, and we clearly see this continuing this year.

這些作品的數量相當可觀，而且已經上漲，我們清楚地看到，今年這種趨勢還會持續下去。

That's helpful.

這很有幫助。

And then as my follow-up, you mentioned for the year, you're expecting blended pricing to be down in the low single digits.

然後作為我的後續問題，您提到，您預計今年混合價格將下降到個位數低點。

I'm curious what your expectations are in terms of foundry costs or wafer costs in '25 versus '24?

我很好奇，您對 25 年和 24 年的代工成本或晶圓成本的期望是什麼？

And then somewhat related to that, Bill, you talked about potentially consolidating 8-inch facilities.

與此相關的是，比爾，你談到了合併 8 英寸設施的可能性。

If you can expand on that and kind of speak to timing and magnitude in terms of potential gross margin tailwind in future years, that would be helpful.

如果您可以對此進行擴展，並談談未來幾年潛在毛利率順風的時間和幅度，那將會很有幫助。

Thank you.

謝謝。

Yes.

是的。

Let me take the first half of your question.

讓我來回答你問題的前半部。

So yes, I reconfirm the low single-digit price erosion, which we see this year, this calendar year, by the way, coming from a flat line last year.

所以是的，我再次確認了低個位數價格侵蝕，順便說一下，今年我們看到的是今年的價格侵蝕，而去年的價格侵蝕則處於持平狀態。

I'm not sure we said this before, but I can now confirm that last year, as we had anticipated, we were neutral on pricing.

我不確定我們之前是否說過這個，但我現在可以確認，去年正如我們預期的那樣，我們對定價持中立態度。

This year, low single-digit down.

今年的降幅低於個位數。

It's now with high confidence that we can say that.

現在我們可以非常有信心地說這一點。

And the input cost you were asking for has also started to develop more favorably, which means it helps us offset from a gross profit perspective.

而且您要求的投入成本也開始變得更加有利，這意味著它可以幫助我們從毛利的角度進行抵銷。

The headwinds which we are seeing from that low single-digit price erosion, the only thing is it's a bit of a timing element and Bill spoke about this earlier because a large part of the pricing hits us already in while the cost erosion, the input cost erosion is through the full year.

我們看到的阻力來自低個位數的價格侵蝕，唯一的問題是它有點時間因素，比爾早些時候談到了這一點，因為很大一部分定價已經對我們造成了影響，而成本侵蝕、投入成本侵蝕是貫穿全年的。

So we need through the year to offset that.

所以我們需要透過這一年的時間來抵消這一差距。

But that has become a more favorable environment, which helps us offset the ASP erosion.

但這已成為一個更有利的環境，有助於我們抵消 ASP 的侵蝕。

And Bill, maybe you speak about the consolidation of that.

比爾，也許你可以談談這一點的鞏固。

Yes, absolutely.

是的，絕對是如此。

Obviously, this is something we shared during Investor Day.

顯然，這是我們在投資者日分享的內容。

I just hinted that we're basically planning and almost complete.

我只是暗示說我們基本上已經在計劃並且快要完成了。

When this occurs?

什麼時候發生？

It will occur sometime in 2025.

它將在 2025 年的某個時候發生。

And there will be a natural tailwind associated with the utilization as we start bridging some of the build plan for the transfers of those products.

當我們開始銜接這些產品的轉移建設計畫時，利用率將出現自然的順風。

That would probably be my guess more of an impact in the second half of the year when we decide to announce this.

我猜測，當我們決定宣布這一消息時，這可能會在下半年產生更大的影響。

And again, at this point in time, I could just show you, yeah, that's roughly basically, I would say there is a tailwind when we do and start that process.

再說一次，在這個時候，我只能向你們展示，是的，基本上就是這樣，我想說，當我們開始這個過程時，就會有順風。

But we haven't yet.

但我們還沒有。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yes.

是的。

Thank you.

謝謝。

Good morning.

早安.

The first question is, again, on some of the digital networking products that are going end of life.

第一個問題同樣是關於一些即將終止使用的數位網路產品。

I want to make sure that we're calibrated on this correctly.

我想確保我們對此進行了正確的校準。

So I think what you said is that was about 30% of the common infrastructure segment.

所以我認為您所說的大約占公共基礎設施部分的 30%。

Should we expect that a large part of that goes away over the next few quarters?

我們是否應該預期其中很大一部分會在接下來的幾季內消失？

I guess I'm trying to quantify -- how much of the business is affected by end of life and sort of the timing that you expect for that to finally work its way down.

我想量化的是——業務受到壽命終止的影響有多大，以及您預計這種影響最終會在什麼時候消退。

Yeah.

是的。

So first of all, yes, I reconfirm you understood me correctly.

首先，是的，我再次確認您理解得正確。

It's about 30% exiting last year of the total revenue of the segment, which we discuss about here.

這約佔該部門去年總收入的 30%，我們在此進行討論。

And by the way, just as an aside, I mean, the RF power business in there is also pretty lumpy.

順便說一句，順便說一下，其中的射頻功率業務也相當不穩定。

It's not like everything else is gold, and that's the only concern.

並不是其他所有東西都是金子，這是唯一令人擔心的地方。

But that's the one we speak about.

但這就是我們談論的。

And yes, it will continue through the next couple of quarters to further decline given the end-of-life actions on several of these products.

是的，考慮到其中一些產品的停產措施，未來幾季這一趨勢還會繼續下降。

That doesn't mean it goes totally away but think about the continued decline through the next couple of quarters of that 30% piece.

這並不意味著它會完全消失，但想想在接下來的幾個季度中這 30% 的份額會繼續下降。

Now at the same time, the secure card business is okay.

現在同時安全卡業務還不錯。

In there, we have RFID.

在那裡，我們有 RFID。

You know that RFID is a growth business for NXP.

您知道 RFID 是 NXP 的一項成長業務。

So there are many moving pieces in this comms infra segment, which is why for the next 3 years, we guided it to be just flat.

所以，在這個通訊基礎設施領域有很多活動的部分，這就是為什麼在接下來的 3 年裡，我們指導它保持穩定。

I just wanted to show today to call out that, that 30% portion really sees a quite material decline through this year.

我今天只是想指出，這 30% 的部分今年確實出現了相當大的下降。

Understood.

明白了。

A follow-up question is on China.

後續問題是關於中國的。

And obviously, it's very strong now given some of the share shifts that are happening in the industry.

顯然，考慮到該行業正在發生的一些份額變化，它現在非常強勁。

I guess, in the interest of no good deed goes unpunished, we do get a lot of questions about the sustainability of that strength and owing to the fact that there are a lot of OEMs in China trying to gain share.

我想，出於善有善報惡有惡報的原則，我們確實對這種實力的可持續性產生了許多疑問，而且因為中國有很多原始設備製造商試圖獲得市場份額。

Could you talk about your view of the sustainability of what's happening in China now and the steps you're taking to make sure that the customers aren't building inventory, we're not over shipping to that region.

您能否談談對目前中國情勢可持續性的看法，以及您為確保客戶不會累積庫存、我們不會向該地區過度發貨而採取的措施。

Yeah.

是的。

So that's a number of questions.

這些都是問題。

Let me try and pass them.

讓我嘗試通過它們。

One is, indeed, last year, China as a region for NXP, did grow by 4% year-over-year.

一是確實，去年中國作為恩智浦的一個地區，年增了4%。

So if you take the China portion of the NXP revenue, calendar '24 over 23%, that was 4% up.

因此，如果將恩智浦半導體收入中的中國份額計算在內，24年佔23%，那麼成長了4%。

And that made it a 36% portion of the total NXP revenue.

這佔恩智浦總收入的 36%。

So while the company was down 5%, China was actually up 4% last year.

因此，儘管公司業績下滑了 5%，但中國市場去年實際上卻成長了 4%。

We have 0 indication.

我們有 0 個跡象。

I have said very clear.

我已經說的很清楚了。

We have 0 indication that there was any inventory build or pull in or anything like this in there.

我們沒有任何跡象表明存在任何庫存累積或拉入或類似情況。

We just see it really correlated and a good part of it is obviously automotive to the increased content and the relatively good production trends and global market share trends of Chinese OEMs.

我們只是看到它們確實存在關聯，其中很大一部分顯然與汽車行業的含量增加以及中國原始設備製造商相對較好的生產趨勢和全球市場份額趨勢有關。

So that -- there is no pull ahead or inventory build.

因此 — — 不存在提前拉動或庫存累積。

It was just natural growth, which structurally, we think will continue which clearly goes at the expense of the Western OEMs.

這只是自然成長，從結構上來說，我們認為這種成長將會持續下去，但顯然是以犧牲西方原始設備製造商的利益為代價的。

I mean as I said earlier, the SAAR this year, the global car production is about flattish.

正如我之前所說，今年的年度季節性調整後，全球汽車產量基本上持平。

So there is a share shift from the West to China building.

因此，市場份額正在從西方轉移到中國。

And furthermore, Chris, in China, the electric vehicle penetration is really fast paced.

此外，克里斯，在中國，電動車的普及速度非常快。

So through the second half of last year, it was 50%.

到去年下半年，這一比例是 50%。

So 50% of the cars sold last year -- second half of last year, were in some form, electric, hybrid or fully electric in China.

去年（去年下半年）在中國銷售的汽車中有 50% 都是電動、混合動力或全電動的。

So very high penetration already and continuing, which, of course, delivers us over average content growth from a semiconductor perspective.

因此滲透率已經很高並且還在持續，從半導體的角度來看，這當然為我們帶來了超過平均水平的內容增長。

We are dealing with that, I would say, aggressively to the extent that we want to be the right partner there to not have the risk of losing share.

我想說，我們正在積極地處理這個問題，我們希望成為那裡的合適合作夥伴，以避免失去份額的風險。

I just changed my organization.

我剛剛改變了我的組織。

I have a business leader now for China who reports directly to me to make sure that we do what we've spoken about before, which is dedicated solutions for Chinese OEMs because if you think about software-defined vehicle and electrification, it is now that in many aspects, China is leading.

我現在有一位中國業務負責人，他直接向我匯報，以確保我們按照之前所說的去做，即為中國 OEM 提供專用解決方案，因為如果你想想軟體定義的汽車和電氣化，現在在很多方面，中國都處於領先地位。

So we leverage them as lead customers and turn more of our R&D attention to that side of the world to stay competitive.

因此，我們利用他們作為主要客戶，並將更多的研發注意力轉向世界的那一邊，以保持競爭力。

Secondly, we have our manufacturing strategy, China for China because a big requirement there is that we do local manufacturing, which we are delivering through our back-end facility, which I mentioned earlier in Tianjin.

其次，我們有針對中國的製造策略，因為中國的一大要求就是我們進行本地製造，我們透過我們位於天津的後端工廠來交付。

And three elements of front-end manufacturing being TSMC and Nanjing, SMIC and HH Grace as we announced in our Investor Day in November.

正如我們在 11 月的投資者日上宣布的那樣，前端製造的三大要素是台積電、南京、中芯國際和華虹宏力。

So Chris, I think this trend continues.

所以克里斯，我認為這種趨勢會持續下去。

We do everything to stay and be very competitive locally, really with substantial changes in how we operate because we think this continues to be a significant growth factor for NXP.

我們竭盡全力保持本地競爭力，並對營運方式進行了重大改變，因為我們認為這仍然是恩智浦的重要成長因素。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Hey guys, thanks for squeezing me in and taking my question.

嘿夥計們，感謝你們抽出時間回答我的問題。

Very much appreciate that you gave us the, rough outlook for the second quarter given the low visibility environment.

非常感謝您為我們提供了在低能見度環境下對第二季的粗略展望。

I guess as you sit here today, do you expect to still be under shipping in that second quarter?

我猜，當您今天坐在這裡時，您是否預計第二季度的出貨量仍會不足？

Is there any way to quantify that amount?

有沒有辦法量化這個數量？

And I assume within that flat to up number, that still includes the channel staying in sort of the eight to nine week range.

我認為在這個持平到上漲的數字內，仍然包括保持在八到九週範圍內的管道。

Thank you.

謝謝。

Josh, this is a good trial to further help us guide the second quarter, which we did not intend to do.

喬什，這是一個很好的嘗試，可以進一步幫助我們指導第二季度，這是我們原本不打算做的。

Yes, it's just mathematics.

是的，這只是數學。

If we are flat or slightly up, we still under ship.

如果價格持平或略有上漲，則表示我們仍在出貨。

We very clearly think we have a much higher natural demand in run rates than that.

我們非常清楚地認為，我們對運行率的自然需求要高得多。

So if it is flat to slightly up, only then it continues to be under shipment, which I would think is in holding discipline on the channel.

因此，如果它持平或略有上漲，那麼它就會繼續處於出貨量不足的狀態，我認為這是為了保持通路紀律。

Yes, the eight to nine weeks is it?

是的，八到九週嗎？

And secondly, it is -- it would then be probably further digestion of on-hand inventory at especially automotive Tier 1 customers.

其次，這可能會進一步消化尤其是汽車一級客戶的現有庫存。

Again, all of this is not a guide, Josh.

再說一遍，喬希，這些都不是指南。

But if you put it that way, if it is flat to slightly up, then that would be indeed the consequence.

但如果你這樣說的話，如果它持平或略有上漲，那麼這確實就是結果。

Got it.

知道了。

I appreciate the color there, and I'll give the cycle a break for a moment.

我很欣賞那裡的色彩，我會暫時休息一下。

I wanted to ask about the TTTech acquisition.

我想詢問有關 TTTech 收購的事情。

You're moving into -- further into the software space and acquiring the middleware assets.

您正在進一步進入軟體領域並獲取中間件資產。

Can you maybe speak to, I guess, one, how that changes your conversations with your OEM customers and the potential pull for your broader set of hardware solutions?

您能否談談，第一，這如何改變您與 OEM 客戶的對話，以及對您的更廣泛的硬體解決方案的潛在吸引力？

And also, is there any element of -- with this acquisition in particular that where you're competing a little bit more so with your customers.

此外，這次收購是否存在一些因素導致您與客戶之間的競爭更加激烈？

Thank you.

謝謝。

Yeah, Josh.

是的，喬希。

Thanks for that really, I think, important question because that's a key strategic move, which we announced there.

非常感謝您提出這個非常重要的問題，因為這是我們在那裡宣布的關鍵策略舉措。

I would say that very clearly, it does enable the conversation and engagement with automotive OEMs.

我想非常清楚地說，它確實促進了與汽車原始設備製造商的對話和互動。

So when you ask what does it do?

那麼當你問它做什麼時？

It enables it.

它使之成為可能。

The software-defined rein definition and architecture creation is in the hands of the OEMs.

軟體定義的韁繩定義和架構創建掌握在 OEM 手中。

No single Tier 1 can ever do that.

沒有任何一個一級企業能夠做到這一點。

It has to be top down for the whole vehicle.

整個車輛都必須是頂部朝下的。

So it is owned by the OEMs.

因此它歸 OEM 所有。

And in order to make NXP the leading partner for them to architect those new backbones of the car, we needed more software that became abundantly clear over the past couple of quarters.

為了使恩智浦成為他們設計新汽車主幹的領先合作夥伴，我們需要更多軟體，這一點在過去幾個季度中變得非常清晰。

And this is where TTTech Auto builds ideally in.

這正是 TTTech Auto 的理想立足之處。

So it makes -- it gives us the possibility to have that conversation and to co-design those STB architectures with OEMs.

因此，它使我們有可能與 OEM 進行對話並共同設計這些 STB 架構。

I wouldn't call it competition with our direct customers, but we are moving up the value stack.

我不會稱之為與直接客戶的競爭，但我們正在提升價值。

I mean that is a matter of fact, Josh.

我的意思是，這是事實，喬希。

So in that sense, from what my leader for the automotive business talked about in our Investor Day in November, TTTech is a very important building block to make that vision a reality, which is co-architecting those platforms with OEMs.

所以從這個意義上來說，從我的汽車業務領導在 11 月的投資者日上所說的來看，TTTech 是實現這一願景的一個非常重要的基石，即與 OEM 共同建立這些平台。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn it back to Kurt Sievers for closing remarks.

現在我想請庫爾特·西弗斯作最後發言。

Yeah.

是的。

Thanks operator.

謝謝接線生。

Yeah, thanks for paying attention to today's call.

是的，感謝您專注於今天的電話。

We continue to be in a very cloudy environment where you saw our hesitation and cautiousness to call the bottom or to speak about the rest of the year.

我們繼續處於一個非常陰雲密佈的環境中，你可以看到我們對觸底或談論今年剩餘時間的表現猶豫不決、謹慎謹慎。

We take, however, a very rigorous focus on cost and gross margin management, which is under our control to continue consistently on that strategy of soft landing to be ready and best prepared for the up cycle when and if it comes.

然而，我們非常嚴格地註重成本和毛利率管理，這在我們的控制之下，可以持續不斷地執行軟著陸策略，以便為上升週期的到來做好準備並做好最佳準備。

With that, I thank you for your attention.

最後，我感謝您的關注。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。