恩智浦 (NXPI) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to NXP second quarter 2025 earnings conference call. (Operator instructions)

女士們，先生們，感謝大家的支持，歡迎參加恩智浦 2025 年第二季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would like now to turn the conference over to your first speaker, Jeff Palmer, Senior Vice President of Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給第一位發言者，投資者關係高級副總裁傑夫·帕爾默 (Jeff Palmer)。請繼續。

Thank you, Michelle, and good morning, everyone. Thank you for joining our call today. With me on the call is Kurt Sievers, NXP's CEO; Rafael Sotomayor, NXP's President; and Bill Betz, our CFO.

謝謝你，米歇爾，大家早安。感謝您今天參加我們的電話會議。與我一起參加電話會議的還有恩智浦半導體首席執行官庫爾特·西弗斯 (Kurt Sievers)、恩智浦半導體總裁拉斐爾·索托馬約爾 (Rafael Sotomayor) 和我們的首席財務官比爾·貝茨 (Bill Betz)。

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

今天的通話正在錄音，可從我們的公司網站重播。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 2025. NXP undertakes no obligation to revise or update publicly any forward-looking statements. For a full disclosure on forward-looking statements, please refer to our press release.

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 年第三季財務業績的預期的陳述。NXP 不承擔公開修改或更新任何前瞻性聲明的義務。有關前瞻性陳述的完整揭露，請參閱我們的新聞稿。

Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our second quarter 2025 earnings press release, which will be furnished to the SEC on Form 8-K and is available on NXP's website in the Investor Relations section.

此外，我們將參考某些非 GAAP 財務指標，這些指標主要由管理階層認為與 NXP 核心營運績效無直接關係的離散事件所驅動。根據 G 條例，恩智浦已在 2025 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 表格形式提交給美國證券交易委員會 (SEC)，並可在恩智浦網站的「投資者關係」部分查閱。

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

現在，我想把電話轉給庫爾特。

Thank you, Jeff, and good morning, everyone. We appreciate you joining our call today. I will review our quarter two performance and then I will discuss our guidance for the third quarter.

謝謝你，傑夫，大家早安。感謝您今天參加我們的電話會議。我將回顧我們第二季的表現，然後討論我們對第三季的指導。

Beginning with Q2, our revenue was $26 million better than the midpoint of our guidance. The revenue trends in all our focus end markets were above expectations, reflective of increasingly positive cyclical trends.

從第二季開始，我們的營收比預期中位數高出 2,600 萬美元。我們所有重點終端市場的收入趨勢均超出預期，反映出日益積極的周期性趨勢。

Taken together, NXP delivered quarter two revenue of $2.93 billion, a decrease of 6% year-on-year. Non-GAAP operating margin in quarter two was 32%, 230 basis points below the year ago period and 20 basis points above the midpoint of our guidance. Year-on-year performance was a result of the lower revenue and the related gross profit fall through, partially offset by $40 million lower operating expenses.

整體而言，恩智浦第二季營收為29.3億美元，年減6%。第二季非公認會計準則營業利益率為 32%，比去年同期低 230 個基點，比我們預期的中點高出 20 個基點。同比業績表現不佳是由於收入減少和相關毛利下降，但被 4000 萬美元的營運費用減少部分抵消。

From a channel perspective, distribution inventory was consistent with our guidance of nine weeks, while still below our long-term target of 11 weeks. And during the quarter, we did not experience any material customer order pull-ins or push outs, which could be associated with tariffs.

從通路角度來看，分銷庫存與我們 9 週的預期一致，但仍低於我們 11 週的長期目標。在本季度，我們沒有遇到任何可能與關稅有關的重大客戶訂單延長或延遲。

From a direct sales perspective, we continue to support western Tier 1 automotive customers with their desire to digest on-hand inventory. However, we do believe that for the most part, the Tier 1 are either approaching or already at normalized inventory levels.

從直銷角度來看，我們繼續支持西方一級汽車客戶消化現有庫存。然而，我們確實相信，在大多數情況下，一級供應商要么接近要么已經達到正常的庫存水準。

Now, let me turn to our expectations for the third quarter. Our guidance for the third quarter reflects the combination of an emerging cyclical improvement in NXP's core end markets and the performance of our company-specific growth drivers. We are guiding quarter three revenue to $3.15 billion, down 3% versus the third quarter of 2024 and up 8% sequentially, a return to better than historic seasonal trends.

現在，讓我來談談我們對第三季的預期。我們對第三季的預期反映了恩智浦核心終端市場新興的周期性改善和我們公司特定成長動力的表現。我們預計第三季營收為 31.5 億美元，較 2024 年第三季下降 3%，季增 8%，恢復到優於歷史季節性趨勢的水平。

At the midpoint, we expect the following trends in our business during quarter three. Automotive is expected to be flat versus quarter three 2024 and up in the mid-single-digit percent range versus quarter two 2025. Industrial & IoT is expected to be up in the mid-single-digit range year-on-year and up in the high single-digit range versus quarter two '25. Mobile is expected to be up in the low single-digit percent range year-on-year and up in the mid-20% range on a sequential basis. And finally, Communication Infrastructure & Other is expected to be down in the upper 20% range versus quarter three 2024 and flat versus quarter 2 2025.

從中期來看，我們預計第三季我們的業務將呈現以下趨勢。預計汽車銷售額將與 2024 年第三季持平，與 2025 年第二季相比將成長中個位數百分比。預計工業和物聯網將年成長中等個位數，與 2025 年第二季相比將成長高個位數。行動業務預計年增率將達到個位數低段百分比，環比成長率將達到 20% 左右。最後，預計通訊基礎設施及其他行業將比 2024 年第三季下降 20% 以上，比 2025 年第二季持平。

Our guidance assumes channel inventory will remain at nine weeks. However, if the cyclical recovery continues, we may stage additional products at our distribution partners to be competitive. And hence, we may selectively increase the inventory in the trend.

我們的指導假設渠道庫存將維持在九週。然而，如果週期性復甦持續下去，我們可能會向分銷合作夥伴推出更多產品，以提高競爭力。因此，我們可能會選擇性地增加庫存。

With respect to direct sales, our automotive outlook assumes that we will come closer to shipping to natural and demand. In Industrial & IoT, which is primarily served through distribution, we see globally a broad-based recovery across both core industrial and consumer IoT.

對於直銷，我們的汽車展望假設我們將更接近自然和需求的運輸。在主要透過分銷提供服務的工業和物聯網領域，我們看到全球核心工業和消費者物聯網都出現了廣泛的復甦。

So in summary, NXP's second quarter results and guidance for the third quarter reflect an increasingly positive view that a new upcycle is beginning to materialize. This is based on several signals being tracked regularly. These include continually growing customer backlog levels placed with our distribution partners, improved order signals from our direct customers, increased short cycle orders and increasing product shortages leading to customer escalations.

總而言之，恩智浦第二季度的業績和第三季的預期反映出一種越來越積極的觀點，即新的上升週期正在開始實現。這是基於定期追蹤的幾個訊號。這些包括我們分銷合作夥伴的客戶積壓水準不斷增長、來自我們直接客戶的訂單訊號改善、短週期訂單增加以及產品短缺加劇導致客戶升級。

At the same time, the tariff environment continues to create a level of uncertainty in the long-term planning of our customers. And yet, as of today, the direct impact of the current tariffs is immaterial to NXP's financials.

同時，關稅環境持續為客戶的長期規劃帶來一定程度的不確定性。然而，截至今天，當前關稅的直接影響對恩智浦的財務狀況並不重要。

So looking ahead, we will continue to manage what is in our direct control to drive solid profitability and earnings. This includes strengthening our competitive portfolio by leveraging the recently closed acquisition of TTTech Auto as well as the addition of Kinara and Aviva Links, which are still pending regulatory approval. Lastly, we are on track to align our wafer fabrication footprint consistent with our hybrid manufacturing strategy.

因此，展望未來，我們將繼續管理我們直接控制的領域，以實現穩健的獲利能力和收益。這包括利用最近完成的 TTTech Auto 的收購以及仍有待監管部門批准的 Kinara 和 Aviva Links 的加入來加強我們的競爭產品組合。最後，我們正在按計劃調整我們的晶圓製造足跡，使其與我們的混合製造策略保持一致。

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，來審查一下我們的財務表現。

Thank you, Kurt, and good morning to everyone on today's call. As Kurt has already covered the drivers of the revenue during Q2 and provided our revenue outlook for Q3, I will move to the financial highlights.

謝謝你，庫爾特，今天電話會議中的各位早安。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, our Q2 financial performance was good with revenue and gross profit above the midpoint of our guidance range, while our operating expenses were at the high end of our guidance due to the timing of payouts and project spend. Taken together, we delivered non-GAAP earnings per share of $2.72 or $0.06 better than the midpoint of guidance. Consistent with our guidance, the distribution channel inventory was nine weeks.

總體而言，我們的第二季財務表現良好，收入和毛利高於我們的指導範圍的中點，而由於支付時間和專案支出，我們的營運費用處於指導的高端。總體而言，我們實現的非公認會計準則每股收益為 2.72 美元，比預期中位數高出 0.06 美元。與我們的指導一致，分銷通路庫存為九週。

Now, moving to the details of Q2. Total revenue was $2.93 billion, down 6% year-on-year and $26 million above the midpoint of our guidance range. We generated $1.65 billion in non-GAAP gross profit and reported a non-GAAP gross margin of 56.5%, down 210 basis points year-on-year and 20 basis points above the midpoint of our guidance range due to higher revenue and slightly favorable manufacturing costs. Total non-GAAP operating expenses were $720 million or 24.6% of revenue, down $40 million year-on-year and $10 million above the midpoint of our guidance range.

現在，轉到第二季的細節。總收入為 29.3 億美元，年減 6%，比我們的指導範圍中點高出 2,600 萬美元。我們實現了 16.5 億美元的非公認會計準則毛利潤，並報告非公認會計準則毛利率為 56.5%，同比下降 210 個基點，高出我們指導範圍中點 20 個基點，這歸因於收入增加和製造成本略有優惠。非公認會計準則總營運費用為 7.2 億美元，佔收入的 24.6%，年減 4,000 萬美元，比我們的指導範圍中點高出 1,000 萬美元。

From a total operating profit perspective, non-GAAP operating profit was $935 million and non-GAAP operating margin was 32%, down 230 basis points year-on-year and 20 basis points above the midpoint of the guidance range.

從總營業利潤來看，非公認會計準則營業利潤為 9.35 億美元，非公認會計準則營業利潤率為 32%，年減 230 個基點，高於指導範圍中點 20 個基點。

Non-GAAP interest expense was $85 million, while taxes for ongoing operations were $148 million or a 17.4% non-GAAP effective tax rate. Non-controlling interest was $12 million and results from equity accounting investees associated with our joint venture manufacturing partnerships was zero. Taken together, the below-the-line items were $1 million unfavorable to our guidance. Stock-based compensation, which is not included in our non-GAAP earnings, was $117 million.

非公認會計準則利息支出為 8,500 萬美元，而持續經營稅為 1.48 億美元，即非公認會計準則有效稅率為 17.4%。非控制權益為 1,200 萬美元，與我們的合資製造夥伴關係相關的權益會計投資結果為零。綜合起來，低於預期的項目對我們的指導不利，金額達 100 萬美元。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. Our total debt at the end of Q2 was $11.48 billion, down $247 million sequentially, as we repaid the $500 million tranche of debt due in May 2025 during the quarter. Our ending cash balance was $3.17 billion, down $818 million sequentially due to the cumulative effect of acquisition costs, debt reduction, capital returns, equity and CapEx investments offset against the cash and additional liquidity generated during the quarter.

現在，我想談談我們的現金和債務的變化。我們第二季末的總債務為 114.8 億美元，比上一季減少 2.47 億美元，因為我們在本季償還了 2025 年 5 月到期的 5 億美元債務。我們的期末現金餘額為 31.7 億美元，比上一季減少 8.18 億美元，因為收購成本、債務減少、資本回報、股權和資本支出投資的累積效應抵消了本季產生的現金和額外流動資金。

The resulting net debt was $8.31 billion, and we exited the quarter with a trailing 12-month adjusted EBITDA of $4.75 billion. Our ratio of net debt to trailing 12-month adjusted EBITDA at the end of Q2 was 1.8 times, and our 12-month adjusted EBITDA interest coverage ratio was 17.4 times.

由此產生的淨債務為 83.1 億美元，本季末我們過去 12 個月的調整後 EBITDA 為 47.5 億美元。我們第二季末的淨負債與過去 12 個月調整後 EBITDA 的比率為 1.8 倍，而我們 12 個月調整後 EBITDA 利息覆蓋率為 17.4 倍。

During Q2, we paid $257 million in cash dividends and repurchased $204 million of our shares. Due to the capital requirements related to the TTTech Auto acquisition, the potential closure of Kinara and Aviva Links and our long-term net debt leverage ratio targets, we paused the buyback during the quarter. We expect to resume the buyback in Q3, consistent with our long-term capital allocation policy.

第二季度，我們支付了 2.57 億美元的現金股息，並回購了價值 2.04 億美元的股票。由於與 TTTech Auto 收購相關的資本需求、Kinara 和 Aviva Links 的潛在關閉以及我們的長期淨債務槓桿率目標，我們在本季度暫停了回購。我們預計將在第三季恢復回購，這符合我們的長期資本配置政策。

Turning to working capital metrics. Days of inventory was 158 days, a decrease of 11 days versus [the prior quarter], with inventory dollars slightly up sequentially. Base receivables were 33 days, down 1 day sequentially and days payable were 60 days, down 2 days sequentially. Taken together, our cash conversion cycle improved to 131 days.

轉向營運資本指標。庫存天數為 158 天，比上一季減少 11 天，庫存金額較上季略有上升。基本應收帳款天數為 33 天，較上一季減少 1 天，應付帳款天數為 60 天，比上一季減少 2 天。整體而言，我們的現金轉換週期縮短至 131 天。

Cash flow from operations was $779 million, and net CapEx was $83 million or 3% of revenue, resulting in non-GAAP free cash flow of $696 million or 24% of revenue. During Q2, we paid $35 million towards the capacity access fees related to VSMC, which is included in our cash flow from operations. Additionally, we paid $50 million into VSMC and $16 million into ESMC, our two equity accounting joint ventures under construction with the payments reflected in our cash flow from investing activities.

營運現金流為 7.79 億美元，淨資本支出為 8,300 萬美元，佔收入的 3%，導致非 GAAP 自由現金流為 6.96 億美元，佔收入的 24%。在第二季度，我們支付了 3,500 萬美元與 VSMC 相關的容量使用費，這筆費用包含在我們的營運現金流量中。此外，我們還向 VSMC 支付了 5000 萬美元，向 ESMC 支付了 1600 萬美元，這兩個合資公司都是我們正在建設中的權益法核算企業，這些付款反映在我們的投資活動現金流中。

Now, turning to our expectations for the third quarter. As Kurt mentioned, we anticipate Q3 revenue to be $3.15 billion, plus or minus about $100 million. At the midpoint, this is down about 3% year-on-year and up 8% sequentially. We expect non-GAAP gross margin to be 57%, plus or minus 50 basis points.

現在，談談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 31.5 億美元，上下浮動約 1 億美元。中間值年減約 3%，季增 8%。我們預期非 GAAP 毛利率為 57%，上下浮動 50 個基點。

Operating expenses are expected to be about $735 million, plus or minus about $10 million or about 23% of revenue, consistent with our long-term financial model. The sequential increase is primarily driven by the acquisition of TTTech Auto and variable compensation. Taken together, we see non-GAAP operating margin to be 33.7% at the midpoint.

預計營運費用約為 7.35 億美元，上下浮動約 1,000 萬美元，或約佔收入的 23%，與我們的長期財務模型一致。連續成長主要得益於收購 TTTech Auto 和可變薪酬。綜合來看，我們認為非 GAAP 營業利潤率的中間值為 33.7%。

Please note our third quarter guidance does not incorporate the remaining two acquisitions, which continue to be under regulatory review. We estimate non-GAAP financial expense to be about $91 million. We expect non-GAAP tax rate to be 17.4% of profit before tax. Non-controlling interest will be about $14 million and results from equity accounted investees about $1 million.

請注意，我們的第三季指引並未涵蓋剩餘的兩起收購，這兩起收購仍在接受監管審查。我們估計非公認會計準則財務支出約為 9,100 萬美元。我們預期非公認會計準則稅率為稅前利潤的17.4%。非控制權益約 1,400 萬美元，權益法核算的被投資企業的收益約為 100 萬美元。

For Q3, we suggest, for modeling purposes, you use an average share count of 253.8 million shares. We expect stock-based compensation, which is not included in our non-GAAP guidance to be $116 million. Taken together at the midpoint, this implies non-GAAP earnings per share of $3.10.

對於第三季度，出於建模目的，我們建議您使用 2.538 億股的平均股數。我們預計股票薪酬（未包含在我們的非公認會計準則指引中）為 1.16 億美元。以中間值計算，這意味著非 GAAP 每股收益為 3.10 美元。

Turning to uses of cash. We expect capital expenditures to be around 3% of revenue. We will make a $225 million capacity access fee and a $145 million equity investment into VSMC, as well as a $15 million equity investment in ESMC, which are two equity accounted foundry joint ventures under construction. Pending the regulatory approval for Aviva and Kinara acquisitions, we will result in a cash payment of $550 million.

談談現金的用途。我們預計資本支出將佔收入的3%左右。我們將向 VSMC 支付 2.25 億美元的產能使用費和 1.45 億美元的股權投資，同時向 ESMC 支付 1500 萬美元的股權投資，這是兩家正在建設中的權益法核算的代工合資企業。在等待監管部門批准 Aviva 和 Kinara 收購案後，我們將支付 5.5 億美元現金。

Now, in closing, I would like to highlight a few focus areas for NXP. First, as Kurt mentioned, based on the signals we track, it appears to us we are in the early stages of a cyclical recovery. Second, we have started the consolidation of our legacy front and 200-millimeter factories as part of our hybrid manufacturing strategy. This includes rebuilding a bridge for future customer requirements, which will result in higher inventory.

最後，我想強調恩智浦的幾個重點領域。首先，正如庫爾特所提到的，根據我們追蹤的訊號，我們似乎正處於週期性復甦的早期階段。其次，作為混合製造策略的一部分，我們已經開始整合我們的傳統前端工廠和 200 毫米工廠。這包括為滿足未來客戶的需求而重建一座橋樑，這將導致更高的庫存。

We expect by year-end, this will be approximately six to seven days of inventory, which we will hold in [value] form. As a result, our front-end utilizations have moved to the mid-70% range during Q2 from the low 70% range before. Lastly, we will continue to focus on what is in our control, driving solid profitability and earnings consistent with our long-term financial model.

我們預計到年底，這將相當於大約六到七天的庫存，我們將以[價值]形式持有。因此，我們的前端利用率在第二季度已從先前的 70% 低點上升至 70% 中位數。最後，我們將繼續專注於我們能夠控制的事情，推動與我們的長期財務模式一致的穩健盈利能力和收益。

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

現在我想把問題轉回接線生。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

Kurt, you went through some of the same signals this quarter as you did last quarter about the cyclical business turning and then, of course, some of the idiosyncratic NXP-specific drivers. I just wondered how you'd compare those signals quarter-to-quarter. Is your cyclical confidence rising quarter-over-quarter or is it staying about the same? In general, just how are you feeling this quarter versus last?

庫爾特，本季你經歷了與上個季度相同的一些訊號，關於週期性業務轉變，當然還有一些特殊的 NXP 特定驅動因素。我只是想知道您如何逐季度比較這些訊號。您的周期性信心是否逐季上升，還是保持不變？整體來說，與上一季相比，您本季的感覺如何？

Yeah. Clearly better. So it is indeed the same signals. That's actually the reason why we do this. We track these signals all the time, and there is still an improvement on all four of them over the past 90 days. That is exactly why I tried to highlight them because that drives our growing confidence that we are in the beginning of a new upside.

是的。明顯好多了。所以這確實是相同的訊號。這實際上就是我們這樣做的原因。我們一直在追蹤這些訊號，過去 90 天這四個訊號都有所改善。這正是我試圖強調它們的原因，因為這推動了我們越來越有信心，相信我們正處於一個新的上升階段的開始。

So 90 days ago, I guess, I really talked about a balance of uncertainty from tariffs and some early, early signals which would signify the early innings of a new cycle. This time, I would say, nothing really new on the tariffs, but clearly, those signals about the new upcycle have strengthened since 90 days ago. So a market difference, Ross, versus one quarter ago.

所以我想，90 天前，我確實談到了關稅的不確定性平衡，以及一些預示著新周期初期的早期訊號。這次我想說，關稅方面並沒有什麼新變化，但顯然，有關新一輪上升週期的訊號自 90 天前以來已經加強。因此，羅斯，與一個季度前相比，市場存在差異。

Great. And then for Bill, just, I guess, two parts quickly on margins. One, how much does your gross margin get benefited from running the fabs a little hot in the consolidation? And then two, with those to pending deals on the OpEx side of things, how do you expect to manage that? If they close, does OpEx pop up in the fourth quarter or can you kind of offset that in other ways to keep that 23% intensity?

偉大的。對比爾來說，我想，只需要在邊際上快速分割兩個部分。第一，在整合過程中，如果晶圓廠運作稍微熱一些，你們的毛利率會提高多少？其次，對於 OpEx 方面的待決交易，您打算如何管理？如果他們關閉，營運支出是否會在第四季度出現，或者您是否可以透過其他方式抵消這筆支出以保持 23% 的強度？

Sure. Related to Q2 results, delivering the 56.5%, it had very little impact. Related to the 57%, not much, I would say, because again, you start the material and we're only building a couple of days and at the end of the year, it will be about six to seven days. As you can see, we've been also focused on draining some of our internal inventory as well. So you have that net effect occurring there.

當然。與第二季的業績相比，其影響很小，達到了 56.5%。與 57% 相關，我想說並不多，因為再說一次，你開始製作材料，我們只花了幾天的時間，到年底，大約需要六到七天。如您所見，我們也一直致力於消耗部分內部庫存。因此，你會看到那裡發生的淨效應。

Related to the acquisitions, that are still pending. Again, we have mechanisms in a way to try to absorb this as much as we can if we do close in this quarter, which we do expect. We may be a bit higher. But remember, these two acquisitions are the smaller of the three. Just to remind you from the head count side, I believe Kinara is around 60 and Aviva Links is around 100.

與尚待完成的收購有關。再說一次，如果我們確實在本季度完成交易，我們有某種機制來盡可能地吸收這些資金，這也是我們預期的。我們可能稍微高一點。但請記住，這兩次收購是三次收購中規模較小的一次。只是從人數方面提醒您，我相信 Kinara 大約有 60 人，而 Aviva Links 大約有 100 人。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Kurt, I heard on the call the suggestion that you're in early stages of a cyclical recovery. So if you apply that to the automotive segment, Q2 sales, flattish year-on-year. I think Q3, you're also indicating to be flattish year-on-year. And that seems to be a somewhat more conservative tone that we hear from some of your analog peers who are more optimistic. They are seeing the year-on-year sales increase, especially in China. So how would you contrast the pace of recovery you are seeing in automotive versus your peers? And when do you expect your automotive sales to start growing year-on-year? Can that happen in Q4?

庫爾特，我在電話中聽到有人說你正處於週期性復甦的早期階段。因此，如果將其應用於汽車領域，第二季的銷售額與去年同期持平。我認為您也表示第三季的業績與去年同期相比持平。我們從一些更樂觀的模擬同行那裡聽到了這種更保守的語氣。他們看到銷售額逐年成長，尤其是在中國。那麼，您如何比較汽車產業與同業的復甦速度呢？您預計汽車銷售何時會開始年增？這會在第四季發生嗎？

Vivek, yeah, well, I can't really contrast to our peers because I think we are the first one to have earnings. So I wouldn't really know what they have to say this quarter. We will -- probably all of us learn a little later.

維韋克，是的，嗯，我無法與我們的同行進行對比，因為我認為我們是第一個獲得收益的人。所以我真的不知道他們本季會說什麼。我們——可能我們所有人稍後都會學到。

Now, I still fully understand your question, and I would reformat this a little. Our Automotive business is accelerating massively from the second into the third quarter when you think about the sequential growth. So we just gave you actual of the second quarter, which were 3% up quarter-on-quarter. And for the first time in a long time, by the way, flat year-on-year, as you rightfully said. And we said now mid-single digits up into the third quarter. So that is doubling in terms of sequential growth, Vivek.

現在，我仍然完全理解您的問題，我將稍微重新格式化它。從連續成長來看，我們的汽車業務從第二季到第三季正在大幅加速。我們剛剛公佈了第二季度的實際情況，環比增長了 3%。順便說一句，正如您所說，這是很長一段時間以來第一次同比持平。我們現在說第三季的成長率將達到個位數的中間值。因此，從連續成長來看，這是翻倍了，Vivek。

So therefore, I'd say there is a clear difference. Furthermore, the underlying inventory burn, which has held us back for quite a while, that is actually what is moderating or eventually going away through the quarter. So that was the Tier 1 inventories in the western world, which we've talked about many quarters where we have to follow their desire to bring down their internal inventory quite materially. It appears that this is coming to an end through this upcoming quarter. So that is actually the real factor.

因此，我認為存在明顯的區別。此外，長期阻礙我們發展的潛在庫存消耗實際上正在本季度緩解或最終消失。這就是西方世界的一級庫存，我們已經討論過很多個季度了，我們必須遵循他們的願望，大幅降低他們的內部庫存。看來這種情況將在即將到來的季度結束。這才是真正的因素。

China since you also asked about China, China has been strong all along, and my view that we are serving the automotive market in China predominantly through distribution, where we have been and continue to be below our inventory targets there with nine weeks, significantly less than 11 weeks. So what really matters is this change in the western Tier 1s.

中國既然您也問到中國，那麼中國一直很強大，我認為我們主要透過分銷來服務中國的汽車市場，我們的庫存一直低於我們的目標，為 9 週，明顯少於 11 週。因此真正重要的是西部一級聯賽的變化。

So what I try to say is, Vivek, I don't think we should sugarcoat that the automotive macro is certainly mixed. S&P just came out with their latest SAAR forecast for this year, which they upped actually from 90 days ago to flat year-on-year, 90 million cars. When we talked 90 days ago, they were actually at 88 million cars. So the forecast has slightly gone up. I wouldn't celebrate this as a big thing. It's still flat. So our main improvement is that we come closer to shipping to natural and demand, Vivek. That's the key point because the inventory burn at the Tier 1s is going away. So that's how I would frame the automotive environment at this stage.

所以我想說的是，維韋克，我認為我們不應該粉飾汽車宏觀經濟肯定是混合的。標準普爾剛剛發布了今年最新的 SAAR 預測，實際上，他們將該預測從 90 天前上調至與去年持平的 9,000 萬輛汽車。當我們 90 天前交談時，他們的汽車數量實際上已經達到 8800 萬輛。因此預測略有上升。我不會把這當作一件大事來慶祝。它仍然是平的。因此，我們的主要改進是，我們更接近自然和需求的運輸，Vivek。這是關鍵點，因為一級供應商的庫存消耗正在消失。這就是我目前對汽車環境的描述。

Okay. And for my follow-up, just want to relate one for Bill. So Bill, if you could give us the contribution from the acquisitions. I think one has closed, two have not closed. So just how to kind of think about when they do close, what the contribution ranges might be?

好的。至於我的後續行動，我只想向比爾講述一件事。那麼比爾，如果你能告訴我們收購帶來的貢獻。我認為一個已經關閉，兩個尚未關閉。那麼，當它們確實關閉時，該如何考慮貢獻範圍可能是多少？

And then if I were to make a guess for Q4 and say if NXP sales were to grow low to mid-single digits sequentially in Q4, what would that do to gross margins? And is there any mix that we should be thinking about as we kind of conceptually think about Q4 gross margins?

然後，如果我對第四季度做出預測，並說如果恩智浦半導體的銷售額在第四季度環比增長低至中等個位數，這會對毛利率產生什麼影響？當我們從概念上考慮第四季的毛利率時，是否應該考慮任何組合？

Okay. There was a number of questions, Vivek, which you did slow into your second question. Well done. Let me try to pass them. The first one was about the contribution of the acquisitions. We actually closed one acquisition in the second quarter, which is TTTech Automotive. And as we said before, their contribution from a revenue gross margin perspective is completely immaterial to our financial model all the way through '27. We did acquire them for the IP and know-how they have in software for safe processing in the software-defined vehicle, where it is a major, major contributor to our system solutions there.

好的。維韋克，你提出了許多問題，但慢慢地進入了你的第二個問題。做得好。讓我嘗試通過它們。第一個是關於收購的貢獻。我們實際上在第二季完成了一項收購，即 TTTech Automotive。正如我們之前所說，從收入毛利率的角度來看，他們的貢獻對於我們整個 27 年的財務模型來說完全無關緊要。我們收購他們是因為他們擁有軟體定義汽車安全處理軟體的智慧財產權和專有技術，這對我們的系統解決方案做出了重大貢獻。

On the OpEx side, we do have to digest OpEx from them. And I think Bill talked about this in the prior quarters, both quarters before that we do create space with our existing OpEx by actually deprioritizing less strategic parts in our portfolio in order to have enough room to swallow TTTech Auto's OpEx. And I think we also told you they come with 1,100 software engineers. Those are now indeed part of NXP.

在營運支出方面，我們確實必須消化他們的營運支出。我認為比爾在前幾個季度談到了這一點，在此之前的兩個季度，我們確實通過降低投資組合中不太具有戰略性的部分的優先級來為現有的運營支出創造空間，以便有足夠的空間來吞噬 TTTech Auto 的運營支出。我想我們也告訴過你，他們有 1,100 名軟體工程師。這些現在確實是 NXP 的一部分。

So the OpEx guide, which you get for quarter three, Vivek, includes fully TTTech Automotive. It's fully in there but we did create space for this by deprioritizing other elements. And all in all, and here I speak for what Bill said earlier, we are on track in the second half of the calendar year '25 to be in our OpEx model or say, 23% OpEx of revenue. That's what we're going to hit in the second half of calendar year '25.

因此，Vivek，您在第三季獲得的 OpEx 指南完全包含了 TTTech Automotive。它完全在那裡，但我們確實通過降低其他元素的優先級來為它創造空間。總而言之，我在這裡代表比爾之前所說的話發言，我們將在 2025 年下半年實現我們的營運支出模式，或者說，營運支出佔收入的 23%。這就是我們25年下半年要達成的目標。

Now, you talked also about Q4, and I think this gets pretty lengthy here. We don't really guide here for Q4, but you put something into my mouth. So from experience, I know I have to say something. Otherwise, you say, I said it differently. We don't guide Q4, but I know you want to model something, Vivek. So I guess for Q4 revenue, to start with, it is fair to orientate yourself. On the long-term historical seasonality, which we have had from Q3 to Q4, or to be more specific, a flat to slightly up revenue development from Q3 into Q4.

現在，您還談到了 Q4，我認為這裡的內容相當冗長。我們實際上並沒有在這裡指導第四季度，但你把一些東西放到了我的嘴裡。所以根據經驗，我知道我必須說些什麼。不然，你說，我說的不一樣。我們不指導 Q4，但我知道你想建模一些東西，Vivek。因此，我認為，對於第四季的收入來說，首先，你應該對自己進行定位。從長期歷史季節性來看，從第三季度到第四季度，或者更具體地說，從第三季度到第四季度，收入發展持平或略有上升。

Now, I want to remind you when saying this that this is all sitting on nine weeks of inventory. And in order to stay competitive in the channel, we may want to stage our, what we call, hero products, which are the products which have the best sell-through, higher in the channel from an inventory perspective in order to be competitive against the competitive pressure in an upcycle situation.

現在，我想提醒你，說這些都是基於九週的庫存。為了在通路中保持競爭力，我們可能希望從庫存角度將我們所謂的明星產品（即銷售最好的產品）在通路中推向更高的位置，以便在上升週期中抵禦競爭壓力。

So I made that comment for quarter three. And I want to be sure that you all understood what I said, the quarter three guide, which we gave you, the $3,150 million sits at nine weeks, but we may take it higher by putting more inventory in, and the same holds for Q4. And that would be, of course, over and above this historic seasonality of flat to slightly up, which I talked about earlier.

所以我對第三季發表了這樣的評論。我想確保你們都理解我所說的，我們給你們的第三季度指南是 31.5 億美元，相當於九週的時間，但我們可能會通過投入更多庫存來提高這一數字，第四季度也是如此。當然，這將超出我之前談到的歷史性季節性平穩或略有上升的情況。

And now the last part of your question was about the impact on gross margin and that I give to you, Bill.

現在，您問題的最後一部分是關於對毛利率的影響，我將這個問題交給您，比爾。

Sure. Q3 related to gross margin. The way to think about this, the 57% guide assumes that we stay in the [mid-70s] from a utilization standpoint because at the same time, we're lowering the inventory, but we start to bridge and build up a couple of days of our inventory as well.

當然。Q3 與毛利率有關。思考這個問題的方式是，57% 的指南假設我們從利用率的角度保持在 [70 年代中期]，因為與此同時，我們正在降低庫存，但我們也開始彌補並建立幾天的庫存。

Now, for Q4, we are not guiding it. However, I will continue at this time to model a front-end utilization in the [mid-70s] based on what Kurt just said, the normal revenue seasonality have flattish to slightly up. Unless we see stronger business signals and conditions, which we may want to increase then up to the upper [70s]. We haven't made that decision yet. It's something that we will monitor very carefully and explore from now until next earnings period.

現在，對於第四季度，我們還沒有進行指導。不過，根據 Kurt 剛才所說的，我將繼續對 [70 年代中期] 的前端利用率進行建模，正常的收入季節性將趨於平穩或略有上升。除非我們看到更強勁的商業訊號和條件，否則我們可能希望將其提高到上限[70年代]。我們尚未做出決定。從現在到下一個收益期，我們將非常仔細地監控和探索這一點。

And then again, beyond 2025, I know you didn't ask, but I'm sure somebody will ask. Without providing direct guidance, I'll just refer to what I said last quarter. And what we shared during Analyst Day as a good rule of thumb. For every $1 billion in incremental revenue, we should see about 100 basis points of incremental margin on a full year basis. So about $12 billion revenue should be around 57%, $13 billion at 58%, $14 billion, 59% and so on.

再說了，2025 年以後，我知道你沒問，但我一定有人會問。我不提供直接指導，只是參考我上個季度所說的內容。我們在分析師日期間分享了一個很好的經驗法則。每增加 10 億美元的增量收入，我們應該會看到全年利潤率增加約 100 個基點。因此，120 億美元的收入應為 57% 左右，130 億美元的收入應為 58% 左右，140 億美元的收入應為 59% 左右，以此類推。

Now, of course, there's timing elements and other levers that we may get us above or below these levels given any quarter, and hence, why we give plus or minus 50 basis points on a quarterly basis. Now, remember, these other levers include front-end utilization back to the 85% level or EBIT above mix, refilling our channel target of 11 weeks, ramp of those new products, improve costs, normal annual low single-digit ASPs. And eventually think about post 2027, reducing our fixed costs with our consolidation efforts, part of our hybrid manufacturing strategy.

當然，現在還有時間因素和其他槓桿，我們可能在任何一個季度中將利率提高或降低到這些水平之上或之下，因此，我們每個季度給出正負 50 個基點的利率。現在，請記住，這些其他槓桿包括前端利用率回到 85% 的水平或高於組合的 EBIT、重新填充我們 11 週的通路目標、增加這些新產品、改善成本、正常的年度低個位數 ASP。最終考慮 2027 年以後，透過整合努力降低固定成本，這是我們混合製造策略的一部分。

So a lot going on, but we have the levers in place, and we feel very confident in delivering our long-term model range of 57% to 63%.

雖然有很多事情要做，但我們已經做好準備，並且對實現 57% 至 63% 的長期模型範圍非常有信心。

Francois Bouvignies, UBS.

瑞銀集團的 Francois Bouvignies。

I just have a follow-up on your channel inventories. So you said, Kurt, that you expect to sit at nine weeks. Your guidance is based on nine weeks. And you may increase it either in Q3 and Q4, if I recall correctly. What are you waiting for exactly to increase? I mean, what are the signs that you would make you make the decisions and why you don't do it right now? So what are the moving parts that would make it increase to higher levels? That would be my first question.

我只是想了解您的渠道庫存。所以你說，庫爾特，你預計要坐九週。您的指導是基於九週。如果我沒記錯的話，您可以在 Q3 或 Q4 中增加它。您到底在等什麼來增加？我的意思是，有哪些跡象表明你會做出這些決定，以及為什麼你現在不這樣做？那麼，哪些活動部件可以使其提升到更高的水平？這是我的第一個問題。

Yeah. I actually did not say or Q3 or Q4. What I want to say is it could be Q3 and Q4. That really depends on the circumstances. What we are waiting for is a further solidification through this quarter, but it could be in this quarter of those -- at least those four trends, which I talked about earlier. Which is the number of short cycle orders, which is the growing backlog of the orders at our distribution partners, which is the growth of our direct customer order book and actually escalations, supplier escalations, which, by the way, have almost doubled over the last 90 days.

是的。我其實並沒有說 Q3 或 Q4。我想說的是，它可能是 Q3 和 Q4。這確實取決於具體情況。我們正在等待本季的進一步鞏固，但可能在本季就會出現這些趨勢——至少是我之前談到的四個趨勢。這是短週期訂單的數量，這是我們分銷合作夥伴不斷增加的訂單積壓，這是我們直接客戶訂單的增長，實際上是升級，供應商升級，順便說一下，在過去 90 天裡幾乎翻了一番。

So if this continues to go, and that's why I put it into my prepared remarks, Francois, it could be as early as in this running quarter that we start to touch this. Again, the importance here is it is not about those $200 million revenue, which is probably the difference currently between 9 and 11 weeks, it is much more about the competitiveness of the right products of the distributor [shops]. That is what we are launching.

所以如果這種情況繼續發展下去，這就是我把它寫進準備好的發言稿中的原因，弗朗索瓦，我們可能最早在本季度就開始觸及這個問題。再次強調，這裡重要的不是那 2 億美元的收入，這可能是目前 9 週和 11 週之間的差異，而是分銷商正確產品的競爭力[商店]。這就是我們正在推出的。

Likely, it will lead to an increase then at some point of the inventory, but we don't look at it at as making revenue because we know we just ship revenue from here to there. It is about being competitive and drive ourselves as the distributors with the right products. So that's how you have to think about it. But again, there is a chance that happens in Q3 and the same again in Q4, and that would be end-end eventually.

很有可能，這將導致庫存在某個時候增加，但我們並不認為這是創造收入，因為我們知道我們只是將收入從這裡運送到那裡。這是為了保持競爭力，並推動我們作為分銷商提供合適的產品。所以你必須這樣去思考。但同樣，這種情況有可能在第三季發生，也可能在第四季再次發生，最終將會是兩個截然不同的結果。

Makes sense. And maybe one for Bill on the inventory days, 11 days below is actually a big decrease in days, I mean when you look in the history. So that's welcome. Still on the absolute number, it's still very relatively high. But how should we think about your own inventories in Q3 and Q4? Do you want to work it down more aggressively, perhaps given the relative high level? Would be great to have your color here.

有道理。也許對於比爾來說，庫存天數低於 11 天實際上是一個很大的減少，我的意思是當你查看歷史記錄時。所以，我們歡迎您。從絕對數字來看，還是比較高的。但是我們該如何看待你們自己在第三季和第四季的庫存呢？考慮到目前的相對高水平，您是否想更積極地降低這一水平？如果有你的顏色在這裡就太好了。

Absolutely, Francois. For Q2, we made some progress on reducing our internal DIO from 169 days last quarter to 158 days. Now, approximately five days are linked to a future asset for sale and the remaining is linked to reducing our inventory levels from a days perspective. For Q3, based on the combination of the inventory linked to the higher revenues and take into account the start of our prebuilds of a couple of days, we expect to be at a similar levels ending in Q3.

當然，弗朗索瓦。對於第二季度，我們取得了一些進展，將內部 DIO 從上一季的 169 天減少到 158 天。現在，大約有五天的時間與未來資產的出售有關，剩下的時間則與從天數的角度降低我們的庫存水準有關。對於第三季度，基於與更高收入相關的庫存組合，並考慮到我們幾天的預建開始，我們預計第三季末的水平將達到相似。

Now, please note, we are still holding about 14 days worth of channel inventory on our balance sheet. And by year-end, sold about six to seven days of pre-billed stock related to our manufacturing consolidation efforts. So overall, we're trying and continue to balance and hold a bit more internal inventory versus our long-term target of 110 days to ensure we improve supply in this new emerging upcycle from the lessons learned from the COVID supply crisis in the past. So we're trying to balance this as best as we can.

現在，請注意，我們的資產負債表上仍然持有約 14 天的通路庫存。到年底，我們已售出了與製造業整合工作相關的約六到七天的預付款庫存。因此，總體而言，我們正在嘗試並繼續平衡並持有比我們 110 天的長期目標更多的內部庫存，以確保我們能從過去 COVID 供應危機中吸取的教訓中改善這一新興上升週期中的供應。因此，我們正在盡力平衡這一點。

C.J. Muse, Cantor.

C.J. Muse，領唱者。

I guess digging a little bit deeper into auto, you talked about shipments tracking to natural end demand. I was hoping perhaps you could be a little more specific within your key growth drivers and the trends you're seeing there, both from China and kind of non-China perspective to get a sense of the rate of recovery geographically.

我想，深入研究一下汽車行業，您談到了追蹤自然最終需求的貨運量。我希望您能更具體地說明主要的成長動力以及您所看到的趨勢，包括從中國和非中國的角度，以了解地理上的復甦速度。

So a couple of statements here. One is as we annually update them, I sneak preview, it appears that all the growth drivers, which we laid out and that means, of course, also including the automotive ones, are on track to the targets which we have given you in November last year in our Investor Day.

這裡有幾點聲明。一是，我們每年都會更新這些成長動力，我可以先睹為快，我們列出的所有成長動力，當然也包括汽車成長動力，都有望實現我們在去年 11 月投資者日給出的目標。

Secondly, I think, it's really important in automotive to take a step back and look at our overall automotive situation probably relative to peers. And I want to remind you that the revenue which we just guided for quarter three is only 4% below the peak, which we had in automotive in the fourth quarter of calendar year '23.

其次，我認為，在汽車產業中，退一步看看我們相對於同行的整體汽車狀況非常重要。我想提醒大家的是，我們剛剛預測的第三季營收僅比 2023 年第四季汽車業務的峰值低 4%。

So we are just a little bit away from the peak. So we've done extremely well through this, what you would call a down cycle. Again, you know where the industry has gone and what high percentage is from peak to trough. We are now only 4% away from the former peak. Now, of course, we're going to grow above that peak because of the growth drivers but I just wanted to put this a bit into perspective also relative to the question earlier from Vivek.

所以我們距離巔峰只有一點點距離了。因此，我們在所謂的下行週期中表現得非常好。再次，你知道這個行業已經發展到什麼程度，以及從高峰到低谷的百分比是多少。現在我們距離之前的峰值僅剩4%。現在，當然，由於成長動力，我們將超越這一峰值，但我只是想結合 Vivek 之前提出的問題，稍微客觀地闡述這一點。

Now, on a geographic basis, C.J., the way I would phrase it is China has been and continues to grow both from a quarter-on-quarter perspective as well as from a year-on-year perspective. There was one dip in the Q-on-Q growth in auto in China, which was Q1. And we talked about this earlier, this is a seasonal drop, which we, every year, have in China. It did grow very nicely into the second quarter, and so it will into the third quarter. The same is true for Japan and Asia Pacific.

現在，從地理角度來看，C.J.，我想說的是，中國無論是從季度環比角度還是從年度同比角度來看，都一直在增長，並且將繼續增長。中國汽車銷量較上月成長出現一次下滑，即第一季。我們之前談過，這是季節性下降，中國每年都會出現這種情況。它在第二季度確實增長得很好，在第三季度也將如此。日本和亞太地區的情況也是如此。

What for us is the change which is significant, and which really makes a difference to us and that also drives the higher sequential growth for the total auto segment is that the inventory burn with the Tier 1s, and that is especially in Europe and to a lesser extent in the US, is starting to go away. Which means, through this quarter, we think we will start versus the second part of the quarter, maybe versus the end of the quarter, we will start to ship to end demand.

對我們來說，一個重大的變化是，一級汽車製造商的庫存消耗正在開始減少，這種情況在歐洲尤其明顯，在美國則稍有減少，而這種現象對我們影響很大，也推動了整個汽車行業的連續增長。這意味著，我們認為我們將在本季的第二部分，也許是在本季末，開始出貨以滿足最終需求。

And that makes a real difference because we get the growth, without the macro would need to improve. So we don't need improvement from the macro for us to grow. And we also don't need restocking at customers. That growth comes alone from the moderation of the inventory burn at these Tier 1 customers. And that's the biggest dynamic which we currently have, C.J.

這確實有所不同，因為我們實現了成長，而宏觀經濟卻不需要改善。因此，我們不需要宏觀上的改進就能達到成長。而且我們也不需要向客戶補貨。這種成長完全來自於這些一級客戶庫存消耗的緩和。這就是我們目前面臨的最大動力，C.J.

Very helpful. And I guess a follow-up question for you, Bill. You spoke earlier to Vivek around the key drivers to gross margins. I was hoping perhaps you could speak to maybe the near term, the next six to nine months within the kind of structure of 57% to 63% target model. Would you highlight any particular drivers outside of utilization and mix that could impact trends there or no?

非常有幫助。比爾，我想問你一個後續問題。您之前與 Vivek 談到了毛利率的關鍵驅動因素。我希望您能談談近期的情況，即未來六到九個月內 57% 到 63% 目標模型的結構。您能否強調一下除了利用率和組合之外可能影響趨勢的任何特定驅動因素？

Yeah. I think, Kurt alluded to it. We still are holding at nine weeks. And obviously, that's an opportunity once we feel in targeting specific areas to bring that back up to 11, and that will also help our inventory. I think, ongoing improved costs. We continue -- if you recall, in the beginning of the year, we always have our low single-digit price adjustments, and then it takes time to get through and improve for the full year effect. So that becomes a tailwind. We continue (technical difficulty) And then more medium term, it's really going to be a function of why we laid out that rule of thumb. So that's where we are besides the utilization that I mentioned earlier.

是的。我認為，庫爾特暗示了這一點。我們仍堅持九週。顯然，一旦我們瞄準特定領域，這是一個機會，可以將其恢復到 11，這也將有助於我們的庫存。我認為，成本正在持續改善。我們繼續——如果你還記得的話，在年初，我們總是進行低個位數的價格調整，然後需要時間來度過並改善全年的效果。因此這將成為順風。我們繼續（技術難題）然後從中期來看，這實際上將取決於我們為什麼制定該經驗法則。這就是除了我之前提到的利用率之外我們所處的位置。

Chris Danely, Citi.

花旗銀行的克里斯丹尼利 (Chris Danely)。

Kurt, can you just give us a little more color on the visibility trends maybe through the end of the year or even into next year? You mentioned some shortages and escalations. Just any sort of quantitative metrics you can give us, say, now versus three months ago on how the rest of this year or next year is looking?

庫爾特，您能否向我們詳細介紹今年年底甚至明年的可見度趨勢？您提到了一些短缺和升級問題。您能否提供一些定量指標給我們，例如，與三個月前相比，今年剩餘時間或明年的情況如何？

Well, Chris, I'm smiling now because I went ahead of my skis already. Yeah, the Q3 guidance you just got. The difference to 90 days ago is that 90 days ago, we didn't even provide any -- not even a remote soft guide for the next quarter. I did offer that color for the calendar quarter four of this year a few minutes ago with a flat to slightly up typically historic seasonality based on the nine-week distribution inventory, and we may or may not be higher than that.

好吧，克里斯，我現在笑了，因為我已經領先了我的滑雪板。是的，您剛剛獲得了第三季的指導。與 90 天前不同的是，90 天前，我們甚至沒有提供任何資訊——甚至沒有提供下一季的遠端軟指南。幾分鐘前，我確實為今年第四季提供了這種顏色，根據九週的分銷庫存，其歷史季節性通常持平或略有上升，我們可能會或可能不會高於這個數字。

My sense is, Chris, that, that dynamic is continuing because inventory has burned away our company-specific growth drivers. And here, I would actually call out auto because it's almost 60% of the company are just firing on all cylinders. I mean, there is a whole race now on the software-defined vehicles, which is driving very hard our revenue in the S32 processor families going very, very well. So this number one position, which we have there globally. We really see it expanding.

克里斯，我的感覺是，這種動態正在持續，因為庫存已經耗盡了我們公司特定的成長動力。在這裡，我實際上要強調的是汽車產業，因為幾乎 60% 的公司都在全力以赴。我的意思是，現在軟體定義汽車領域正在展開一場競賽，這極大地推動了 S32 處理器系列的收入成長。因此，我們在全球佔據第一的位置。我們確實看到它在擴張。

Radar is doing very well because the ADAS levels are driven up. And I personally even believe, if you think a bit more midterm, that robotaxis will become more pervasive. When an electrification, even so people in the western world might have been a little bit more muted on it, electrification just keeps penetrating. So S&P latest forecast for this year is 15% more units, car units, which are xEVs over last year, and ending this year at 43% global penetration.

由於 ADAS 水平的提高，雷達表現非常好。我個人甚至相信，如果你再多考慮中期情況，那麼自動駕駛計程車將變得更加普及。當電氣化出現時，儘管西方世界的人們可能對此保持沉默，但電氣化仍在不斷滲透。因此，標準普爾對今年電動車銷量的最新預測是，與去年相比，電動車銷量將增加 15%，全球滲透率將達到 43%。

Now, what makes me really excited, Chris, in all of this is China. So Rafael and I, we were just week before last week, we worked together in China. And maybe Rafael, you share a little how excited we were by how innovative and how fast customers are turning design-ins into revenue.

克里斯，現在讓我真正興奮的是中國。拉斐爾和我上週之前就在中國一起工作過。也許拉斐爾，您可以和我們分享一下，我們對客戶如此創新、如此快速地將設計轉化為收入感到多麼興奮。

Yeah, indeed, and thanks for the question on that one. If you think of China, China is an OEM-driven market, where driving innovation through software-defined vehicles is extremely fast moving. So clearly, China is extremely competitive and the competitive pressure (technical difficulty) So this is not only in pricing, it's also on product differentiation and innovation.

是的，確實如此，感謝您提出這個問題。如果您想到中國，中國是一個 OEM 驅動的市場，透過軟體定義的汽車推動創新的速度非常快。顯然，中國競爭非常激烈，競爭壓力（技術難度）不僅體現在定價上，也體現在產品差異化和創新上。

So quite exciting. We had a week of very good meetings with both OEMs and Tier 1s where kind of part of the transition plan past the relationship to me. But not only that resulted initiatives associated with software refinement architectures, BMS and Radar. And so quite exciting, the opportunities that we see in China.

非常令人興奮。我們與 OEM 和一級供應商進行了一周非常好的會談，這對我來說是過去關係過渡計劃的一部分。但這不僅導致了與軟體改進架構、BMS 和雷達相關的舉措。我們在中國看到的機會非常令人興奮。

And the strength in China comes also with Tier 1s. There's a story there in China that's probably not told enough. The Tier 1s in China are relevant, not only for China, but are relevant for foreign OEMs, for China markets and non-China. And so quite important meetings there with the Tier 1 Chinese customers who are driving innovation and competitiveness in non-China OEMs.

中國的實力也來自一級市場。中國有一個故事可能還未被充分講述。中國的一級供應商不僅與中國相關，而且與外國 OEM、中國市場和非中國市場都相關。因此，與推動非中國原始設備製造商創新和競爭力的中國一級客戶舉行了非常重要的會議。

So just as a follow-up, I guess, on that same topic. I mean, it sounds like auto, you're most optimistic on that. If we look at the next, I don't know, 1 year, 1.5 years, Kurt, would you expect higher relative growth from your automotive segment or your industrial segment?

因此，我想這只是對同一主題的後續討論。我的意思是，這聽起來像是自動的，你對此最樂觀。如果我們展望未來，我不知道，1年，1.5年，庫爾特，您是否預期汽車領域或工業領域的相對成長率會更高？

Like Chris, two points. The one is we are as optimistic on industrial. It was an auto question, so we answered on auto. That doesn't mean we are not optimistic on industrial. And the best way to answer your mid-term question is, we see absolutely no reason to not meet our November '24, three-year Wall Street guide of 8% to 12%, both in industrial and IoT as well as in auto. Since we will be certainly below this, this year, we clearly see the opportunity to catch up next year and the year after, which is greatly helped by the cycle and by the company's specific drivers.

和克里斯一樣，有兩點。一是我們對工業同樣樂觀。這是一個自動提問，所以我們自動回答。這並不意味著我們對工業不樂觀。回答您的中期問題的最佳方式是，我們認為完全沒有理由不實現我們 24 年 11 月華爾街三年指導的 8% 至 12% 的成長目標，無論是在工業和物聯網領域還是在汽車領域。由於我們今年的業績肯定會低於這一水平，因此我們清楚地看到了明年和後年迎頭趕上的機會，這在很大程度上得益於週期和公司的特定驅動因素。

So it's also industrial. And maybe Rafael, you speak a bit about early views on AI capability of NXP in Industrial.

所以它也是工業化的。也許 Rafael，您可以談談對 NXP 在工業領域 AI 能力的早期看法。

Yeah. Well, we're already starting to see the signals already in industrial for the next quarter to actually normalize. This is the first time. The last time we discussed how Q2 industrial IoT was being driven by our consumer space. The changes that we've seen now in Q3 is that this is broad-based. This is the growth that you see in quarter-over-quarter is driven geographically in all areas. All geographies are showing growth. And the other thing we see in this is we also see now a big part of this growth comes also from industrial, in core industrial, not just consumer.

是的。嗯，我們已經開始看到下個季度工業領域真正恢復正常的訊號。這是第一次。上次我們討論了第二季工業物聯網如何受到消費領域的推動。我們現在在第三季看到的變化是廣泛的。這是您所看到的季度環比增長，是由所有地區的地理位置推動的。所有地區都呈現成長態勢。我們看到的另一件事是，我們現在也看到，這種成長很大一部分來自工業、核心工業，而不僅僅是消費品。

So the strength of the stabilization in industrial for NXP on the MCU, in microprocessor price is starting to kind of take shape. And now, we started to scale engagements for next year on high performance, high capabilities with our Tier 1s. So the thesis of our industrial growth of 8% to 12%, that continues to 8% to 12%, they're still very much in place and continues.

因此，恩智浦在 MCU 和微處理器價格方面的工業穩定性優勢已開始顯現。現在，我們開始與 Tier 1 擴大明年在高效能、高效能方面的合作。因此，我們的工業成長率為 8% 至 12%，並將繼續保持這一水準。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

If I look at last quarter and this quarter, obviously, one of the major changes is your confidence that you could actually up some of the weeks of just the inventory. And you're still kind of waiting mid-quarter here, and you kind of addressed that already. But you made the remark, 9 weeks to 11 weeks. Is 11 weeks the maximum that you guys would channel refill in this period of time? Or is there any circumstance in which you would go a little bit higher than that? Just walk me through why would be 11 weeks? Is that just kind of the stated goal long term? Or what would change to make you maybe go a little bit higher than that, given that you guys are clearly seeing a recovery?

如果我看一下上個季度和這個季度，顯然，其中一個重大變化就是你對自己實際上可以增加幾週庫存的信心。您仍在等待季度中期，並且您已經解決了這個問題。但您說的是9週到11週。你們在這段時間內最多需要 11 週來補充頻道嗎？或者在什麼情況下你會把價格定得比這更高一點？請告訴我為什麼要花 11 週的時間？這只是既定的長期目標嗎？或者，考慮到你們明顯看到了復甦，什麼變化可能會讓你們的目標略高於這個數字？

Yeah, Tom. It's a stated long-term goal, which we actually -- about the same size we have before the whole COVID and supply prices. We completely relooked at it, reassessed it by the mix of the pieces which are in there. And not by top-down decision, but by bottom-up assessment, we arrived again at 11 weeks being a reasonable target across our different segments.

是的，湯姆。這是一個既定的長期目標，實際上，我們的規模與整個 COVID 和供應價格爆發之前的規模大致相同。我們徹底重新審視了它，並根據其中的各個部分對它進行了重新評估。這不是透過自上而下的決策，而是透過自下而上的評估，我們再次得出 11 週是我們不同部門的合理目標。

So the reality is, once we are there, I think we also want to stop speaking about this at the time because we got almost paranoid about this, which we did because we were probably the only ones to hold our channel inventory very much under control through this cycle, which has served us extremely well. But yeah, we want to go back to normal. The definition of normal for us is 11 weeks, and then we just continue on a much more regular basis.

所以現實情況是，一旦我們到達那裡，我想我們當時也想停止談論這個問題，因為我們對此幾乎感到偏執，我們之所以這樣做，是因為我們可能是唯一在這個週期內將渠道庫存控制在可控範圍內的人，這對我們非常有利。但是是的，我們想恢復正常。對我們來說，正常的定義是 11 週，然後我們就會以更規律的方式繼續下去。

But yes, maybe it jumps the day to 12 and jumps down to 10 again. But this target, to say this long-term target is indeed 11 weeks. I would almost go that far, and I think we have it even on a slide there, in our Wall Street model, which we provided last November, the 11 weeks was actually an element of the forecast. So we said this forecast is valid with the 11 weeks inventory on the long run.

但是的，也許它會將日期跳到 12，然後再跳到 10。但是這個目標，要說這個長期目標確實是11週。我幾乎要走那麼遠，我認為我們甚至在幻燈片上也有它，在我們去年 11 月提供的華爾街模型中，11 週實際上是預測的一個要素。因此我們說，從長遠來看，這個預測對於 11 週的庫存是有效的。

Helpful, Kurt. And then, obviously, you gave us a little sneak peek into Q4, so I can't help but pick a little bit there, too, but you're saying flat to slightly up. If you look at normal seasonality for your segments kind of into the December quarter, at least over the past seven, eight years, it looks like auto is up low single digits, industrials actually up a bit more robustly in the fourth quarter.

很有幫助，庫爾特。然後，顯然，您讓我們對第四季度有了一點了解，所以我也忍不住要挑一點，但您說的是持平或略有上升。如果你觀察一下 12 月季度各個細分市場的正常季節性，至少在過去七、八年中，你會發現汽車銷量呈個位數低幅增長，而工業銷量在第四季度實際上增長更為強勁。

If you were to plug that in, you kind of get greater than 20% growth in the Industrial business. You're clearly pointing to some strength there. But any differences that we should be thinking about in the recovery between auto industrial as the year closes or would you say the contributing factors to that flat to slightly up are relatively in line with what you've seen historically?

如果你把它算進去，工業業務的成長就會超過 20%。您顯然指出了那裡的一些優勢。但是，隨著年底的到來，我們應該考慮汽車工業復甦中存在的哪些差異，或者您是否認為導致汽車工業平穩或略有上升的因素與您歷史上看到的情況相對一致？

Tom, that's a stretch too far. Clearly, no segment guidance in Q4. What I did say that flat to slightly up is indeed just mathematically or, I don't know, nine year or so average historical seasonality across the entire company. And that's what we get for Q4 and it stays there. So I'm sorry, but we really can't go to a segment level at this stage.

湯姆，這太誇張了。顯然，第四季沒有分部指引。我確實說過，持平或略有上升確實只是數學上的，或者，我不知道，整個公司九年左右的平均歷史季節性。這就是我們在第四季所取得的成績，而這項成績一直維持在那裡。所以很抱歉，但目前我們確實無法進入細分級別。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

In your prepared remarks, I think you talked about not seeing any material impact from the tariff environment or pull-ins. Can you maybe elaborate on what signals you're looking for and what makes you so sure that there's not really a meaningful impact yet. I think a few of your peers have commented your customers don't check a pull-in box when they place an order. So I'd be curious to hear if there's any changes in your customers' behavior and what you're seeing on the tariff front?

在您準備好的演講中，我認為您談到沒有看到關稅環境或拉動帶來任何實質影響。您能否詳細說明您正在尋找什麼訊號，以及是什麼讓您如此確定目前還沒有產生真正的有意義的影響。我認為您的一些同事已經評論說您的客戶在下訂單時沒有勾選拉入式盒子。所以我很好奇，想知道您的客戶行為是否有任何變化，以及您在關稅方面看到了什麼變化？

We have a pretty good view on this, Joshua, because we are very alert to it. And that has to do that we have been highly disciplined over a number of years now on inventory levels. So we didn't want to get into the trap of being a victim of pull-ins here at the very end of the down cycle or better at the beginning of the up cycle.

約書亞，我們對此有很好的看法，因為我們對此非常警惕。我們必須這樣做，因為多年來我們一直嚴格控制庫存水準。因此，我們不想在下行週期的最後階段，或是在上升週期的開始階段陷入成為拉動因素的受害者的陷阱。

The way we can do this is we have a lot of AI running on our auto patents, which tells you immediately if there is anything which falls out of the normal patents. And when we see that, we go back to the customer and ask, what is it? And if there is a clear fleet or this is a wish for a pull-in relative to tariffs, we typically don't support because that is exactly what we want to avoid.

我們可以透過在汽車專利上運行大量人工智慧來做到這一點，如果有任何內容超出了正常專利的範圍，它會立即告訴你。當我們看到它時，我們會回到客戶那裡並詢問它是什麼？如果有明確的船隊規模，或希望透過降低關稅來吸引客戶，我們通常不會支持，因為這正是我們想要避免的。

We had a very few of those situations. So I'm not talking fiction, not much so. And therefore, we can really make this statement. We also looked at it relative to Liberation Day if there was any correlation of any of these signals. And given our very application-specific business structure. I mean we have pretty smooth order trends. I mean this is not like everything is jumping around all the time. It is relatively smooth. So we would see those deviations. That's the basis I made this comment from.

我們很少遇到這樣的情況。所以我講的不是虛構，至少不是。因此，我們確實可以做出這樣的聲明。我們也研究了與解放日相關的這些訊號之間是否存在關聯。並考慮到我們非常特定於應用的業務結構。我的意思是我們的訂單趨勢相當平穩。我的意思是，這並不意味著所有東西都在不停地跳動。比較順暢。所以我們會看到這些偏差。這就是我發表此評論的依據。

My comment, to be very clear here, was a firm comment for the past second quarter. So the numbers which we gave you had no pull ins or push outs. And the comment also holds for what we can see from today's perspective for the third calendar quarter. Now, I don't know yet what the rest of the quarter is going to be in the end, but it doesn't appear at this stage that any of this would happen.

我在這裡要明確指出的是，我的評論是對過去第二季的堅定評論。因此，我們給您的數字既沒有拉入也沒有推出。從今天的角度來看，這一評論也適用於第三季的情況。現在，我還不知道本季剩餘時間的最終結果會怎樣，但目前看來，這一切都不會發生。

Got it. You touched on this before, but I was wondering if you could maybe comment on behaviors from your auto customers, specifically related to their investment in software-defined vehicle. I mean, it's a very challenging time still to be an auto OEM. Like are you seeing them sustain, accelerate, pull back on their investment in newer technologies and features like SDV and ones that, that enables?

知道了。您之前提到過這一點，但我想知道您是否可以評論一下您的汽車客戶的行為，特別是與他們對軟體定義汽車的投資有關的行為。我的意思是，對於汽車原始設備製造商來說，現在仍然是一個非常具有挑戰性的時期。您是否看到他們維持、加速、撤回對 SDV 等新技術和功能的投資？

Yeah. That's actually what I find exciting because, yes, that is accelerating. Clearly, OEMs around the world are finding out more and more that the SDV concept delivers a number of very, very significant competitive advantages. One is really consumer value because the car just doesn't age in the hands of the consumer, which is a significant advantage. But it also makes their designs more versatile and cheaper.

是的。這確實是令我興奮的事情，因為是的，這一進程正在加速。顯然，世界各地的 OEM 越來越發現 SDV 概念具有許多非常顯著的競爭優勢。一是真正的消費者價值，因為汽車在消費者手中不會老化，這是一個顯著的優勢。但這也使得他們的設計更加靈活且更便宜。

So I'm going that far to claim that a lot of the cost advantages, which the western car industry is suffering from against or disadvantages against the Chinese players is because China has embarked earlier, faster and more successfully on SDV concept. So it's a must do for the rest of the world to catch up to remain competitive with China.

所以我想說，西方汽車產業相對於中國汽車企業所擁有的成本優勢或劣勢，很大程度上是因為中國更早、更快、更成功地採用了 SDV 概念。因此，世界其他國家必須迎頭趕上，才能保持與中國的競爭力。

So clearly, an acceleration. And I know that, that sounds orthogonal to the tariff pressures and other turmoil this industry is in but they all know this is the way to move forward. It's almost like electrification of drivetrains and people know how to do it, it's not like how we reach the consumer with it. The next big thing is SDVs. And the next big thing in that is NXP. I mean we are -- with our S32 family and our Ethernet connectivity with it, we [take] auto software, there's just -- I mean, we are just far away from everybody.

顯然，這是一種加速。我知道，這聽起來與該行業面臨的關稅壓力和其他動盪無關，但他們都知道這是前進的方向。這幾乎就像是動力傳動系統的電氣化，人們知道如何做，而不是像我們如何用它來接觸消費者。下一個大事件是 SDV。下一個大熱門是 NXP。我的意思是，我們擁有 S32 系列和乙太網路連接，我們採用自動軟體，只是——我的意思是，我們離所有人都很遠。

Got it. And Kurt, this is indeed your last earnings call. Thank you for all the help over the years.

知道了。庫爾特，這確實是你最後一次財報電話會議了。感謝您多年來的幫助。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Kurt, I wanted to revisit the TTTech in the guide. I know you said it was insignificant, but I mean, they have 1,100 employees, and you paid $625 million for it. Is the revenue really zero? Like how big is the insignificant amount of revenue that's actually in Q3?

庫爾特，我想重新回顧一下指南中的 TTTech。我知道你說這微不足道，但我的意思是，他們有 1,100 名員工，而你為此支付了 6.25 億美元。收入真的是零嗎？那麼第三季的實際營收到底有多大呢？

It is insignificant, Stacy, because we don't want them to do what they used to do to an extent. We need that competence they have and that know-how in a sector which they know, but really going more from maybe a service model to becoming an integral element of what we do for the SDV. So that's why this is also changing to what it might have been in the past, Stacy.

這無關緊要，史黛西，因為在某種程度上我們不希望他們做以前做過的事情。我們需要他們擁有的能力以及他們所熟悉領域的專業知識，但實際上，他們可能只是一種服務模式，而要成為我們為 SDV 所做工作的一個組成部分。所以這就是為什麼這也正在改變它與過去的樣子，史黛西。

Okay. So it's like, what, single-digit millions or is it double? Like just help me size it, how big is it?

好的。那麼，它是幾百萬呢，還是幾百萬呢？例如幫我測量一下尺寸，它有多大？

We don't give a number for it, Stacy, but it is really completely insignificant and immaterial to NXP's financials. On the revenue/gross margin as a consequence side, it is not insignificant at all from the OpEx side, which I called out because those 1,100 engineers, we, of course, want to have them, we pay them. So they are on the payroll. So that's really where the impact is.

史泰西，我們沒有給出具體數字，但這對恩智浦的財務狀況來說確實完全無關緊要。從收入/毛利率的角度來看，從營運支出的角度來看，這根本不是微不足道的，我之所以提到這一點，是因為我們當然希望擁有這 1,100 名工程師，並向他們支付報酬。所以他們在薪資單上。這才是真正的影響力所在。

Got it. Okay. So there's a business model change is what you're saying. Okay.

知道了。好的。所以您說的是商業模式改變了。好的。

Absolutely.

絕對地。

For my follow-up, I wanted to take a little bit on Q4. So it does sound like, I get it, the guidance, that doesn't include still in the channel, but it's certainly on the table. And you sort of gave a number for kind of typical seasonality for Q4. Are there plausible scenarios where you could be above seasonal in Q4 without filling up the channel further than it is right now?

作為我的後續行動，我想稍微談談 Q4。所以聽起來確實像，我明白，指導意見不包括仍在渠道中，但它肯定在討論中。您給出了第四季度典型季節性的數字。是否存在一些可行的方案，使得您在第四季度的業績能夠高於季節性，而無需比現在進一步填滿管道？

Stacy, we don't guide Q4 at all.

史黛西，我們根本不指導第四季。

I'm not asking you the guidance.

我並不是向你尋求指導。

No, you asked me if I could give you a direction today, if we can be above seasonality. I mean, that's your question.

不，你問我今天是否可以給你一個方向，我們是否可以超越季節性。我的意思是，這就是你的問題。

What I'm asking is, do you need to fill the channel to be above seasonal, is what I'm asking.

我問的是，你是否需要填充管道以達到季節性以上，這就是我問的。

No. That is fine with nine weeks. However, the sell-through trends, Stacy, are very dynamic to the positive side. And that's why I made the comment even for quarter three, Stacy. I mean you asked for quarter four. Honestly, I think the more burning question is for quarter three because already there, the dynamic is such that we might selectively put it a little higher. Now, if that all continues the way, it's actually an overpass cycle has continued, of course, the dynamic holds or accelerates even into Q4.

不。九週就可以了。然而，Stacy，銷售趨勢是非常積極的。這就是我為什麼對第三季發表評論的原因，史黛西。我的意思是你要求的是第四季。老實說，我認為更迫切的問題是第三季度，因為那裡的動態是這樣的，我們可能會有選擇地把它放得稍微高一點。現在，如果這一切繼續下去，這實際上是一個立交橋週期，當然，這種動態甚至在第四季度仍會保持或加速。

I mean, even though, I wonder a little bit, we've had negative pre-announcements from auto OEMs and like the end demand environment for auto doesn't seem fantastic. So it's tied on normalization of inventory or likewise.

我的意思是，儘管我有點懷疑，我們已經從汽車原始設備製造商那裡得到了負面的預先公告，而且汽車的最終需求環境似乎並不理想。因此，它與庫存的正常化或類似情況有關。

I absolutely know what you speak about. There were a few less overwhelming announcements very recently. But I think we have to look at the total market, Stacy, and I told you that S&P just upped their car forecast for this year from 88 million to 90 million. It's only 2 million cars. And I would also clearly not say it's not the SAAR, which is driving us. But it's not going backwards. It's actually improving a little and our growth comes from content increase, thanks to our like Radar Electrification, S32.

我完全知道你在說什麼。最近有一些不那麼令人震驚的公告。但我認為我們必須考慮整個市場，史黛西，我告訴過你，標準普爾剛剛將今年的汽車銷量預測從 8800 萬輛上調至 9000 萬輛。只有200萬輛汽車。而且我也不會明確地說，推動我們前進的不是 SAAR。但它不會倒退。它實際上正在改善，我們的成長來自內容的增加，這要歸功於我們的雷達電氣化、S32。

And it's really important, it comes from a moderation or even cease of the inventory burn at the Tier 1s in the western world, which has been a big headwind over, I'd say, eight quarters now. And if that goes away, we just start to ship to natural and demand, which is growth, Stacy. I mean, there's not much we have to do. It's just the inventory burn also way at the Tier 1s, and we've already grown.

這確實很重要，它來自於西方世界一級供應商庫存消耗的緩和甚至停止，我想說，這已經成為八個季度以來的一大阻力。如果這種情況消失，我們就會開始根據自然需求發貨，這就是成長，史黛西。我的意思是，我們能做的事情不多。這只是一級供應商的庫存消耗，而我們已經實現了成長。

I think we are at time. So I want to thank you all for the attention, and I trust you, you got to feel that we have quite a change from 90 days ago relative to the sentiment on the up cycle, which starts to be clearly broad-based in Industrial & IoT, across geographies, across consumer IoT and for industrial and across direct and distribution channels. So it can't be broader than this.

我認為我們正是時候。所以我要感謝大家的關注，我相信你們會感覺到，與 90 天前相比，我們對上升週期的情緒發生了很大變化，這種情緒開始明顯廣泛地應用於工業和物聯網、跨地域、跨消費者物聯網、跨工業、跨直接和分銷渠道。所以它不可能比這更廣泛。

And also auto, which was actually the best segment, if you will, in the second quarter because it was already flat year-on-year, it's accelerating from a sequential perspective. But what excites us in auto is the design win traction on the one hand and the fact that this dampened inventory burn at the Tier 1 starts to go away.

另外，汽車產業實際上是第二季表現最好的產業，因為它已經與去年同期持平，而且從連續角度來看，它正在加速發展。但讓我們在汽車行業感到興奮的是，一方面是設計獲勝的牽引力，另一方面是一級供應商的庫存消耗開始消失。

Having said that, thank you very much all, and speak to you in the individual calls. Thank you. Bye-bye.

話雖如此，我還是非常感謝大家，並會在單獨通話中與你們交談。謝謝。再見。

Thank you.

謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。