恩智浦 (NXPI) 2025 Q3 法說會逐字稿

Hello and thank you for standing by. Welcome to NXP third quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the conference over to Jeff Palmer, Senior Vice President investor relations. Please go ahead, sir.

您好，感謝您的支持。歡迎參加恩智浦 2025 年第三季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係高級副總裁傑夫·帕爾默 (Jeff Palmer)。先生，請繼續。

Thank you, Tawanda. And good morning, everyone. Welcome to our third quarter earnings call today. With me on the call today is Rafael Sotomayor, NXP's President and CEO; and Will Betz, our CFO. Also on the call with us is Kurt Sievers who will act as a special adviser to Rafael through the end of 2025.

謝謝你，塔萬達。大家早安。歡迎參加我們今天的第三季財報電話會議。今天與我一起參加電話會議的還有恩智浦總裁兼執行長拉斐爾·索托馬約爾 (Rafael Sotomayor) 和我們的財務長威爾·貝茨 (Will Betz)。與我們一起參加電話會議的還有庫爾特·西弗斯 (Kurt Sievers)，他將擔任拉斐爾的特別顧問直至 2025 年底。

The 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.

今天的電話會議正在錄音，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 and markets in which we operate. The sale of new and existing products, and our expectations for financial results for the fourth quarter of 2025. NXP undertakes no obligation to revise or update publicly any forward-looking statements.

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市場的影響的陳述。新產品和現有產品的銷售情況，以及我們對 2025 年第四季財務表現的預期。NXP 不承擔公開修改或更新任何前瞻性聲明的義務。

For a full disclosure of forward-looking statements, please refer to our press release. Additionally, we will refer to certain non-GAAP financial measures which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance.

有關前瞻性陳述的完整揭露，請參閱我們的新聞稿。此外，我們將參考某些非 GAAP 財務指標，這些指標主要由管理階層認為與 NXP 核心營運績效沒有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 third 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. Now I'd like to turn the call over to Rafael.

根據規則 G，恩智浦已在 2025 年第三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 指標的對賬，該對賬將以 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。現在我想把電話轉給拉斐爾。

Thank you, Jeff and good morning. We appreciate you joining our call today. Our overall performance during the third quarter was solid. Our revenue exceeded guidance by $23 million. We experience sequential growth, driven by broad-based improvements across all regions and in markets. We maintain good profitability and control operating expenses resulting in healthy fall through.

謝謝你，傑夫，早安。感謝您今天參加我們的電話會議。我們第三季的整體表現穩健。我們的收入超出預期 2300 萬美元。我們經歷了連續成長，這得益於所有地區和市場的廣泛改善。我們保持良好的盈利能力並控制營運費用，從而實現健康的盈利。

Turning to the specifics. NXP delivered third quarter revenue of $3.17 billion, a decline of 2% year on year and up 8% sequentially. Non-GAAP operating margin in the third quarter was about 34%, a 170 basis points below the same period a year ago, and 10 basis points above the midpoint of our guidance.

談到具體情況。恩智浦第三季營收為31.7億美元，年減2%，季增8%。第三季非公認會計準則營業利潤率約 34%，比去年同期低 170 個基點，比我們預期的中點高出 10 個基點。

The lower operating margin versus the same period last year was due to lower revenue and growth profit, partially helped by flat operating expenses. Taken together, we drove non-GAAP earnings per share of $3.11, a penny better than guidance.

與去年同期相比，營業利潤率較低是由於收入和利潤增長較低，部分原因是營業費用持平。總體而言，我們實現的非公認會計準則每股收益為 3.11 美元，比預期高出一美分。

Distribution inventory was flat at nine weeks, consistent with our guidance, while still below our long-term target of 11 weeks. From a direct sales perspective, we believe our shipments into the tier one automotive supply chain has approach and demand. We estimate that aggregate inventory levels of NXPC -- NXP specific products at our major tier one partners are below NXP's manufacturing cycle time.

分銷庫存持平於九週，與我們的指導一致，但仍低於我們 11 週的長期目標。從直接銷售的角度來看，我們相信我們向一級汽車供應鏈的發貨量已經達到要求並有需求。我們估計，我們主要一級合作夥伴的 NXPC - NXP 特定產品的總庫存水準低於 NXP 的製造週期。

We believe this reflects a continued cautious approach in the automotive supply chain due to the uncertain macro environment. Overall, during the quarter, we did not experience any material customer order pull-ins or push-ups. Now, I will turn to our expectations for the fourth quarter.

我們認為，這反映出由於宏觀環境不確定，汽車供應鏈仍將採取謹慎態度。總體而言，在本季度，我們沒有經歷任何實質的客戶訂單拉動或增加。現在，我將談談我們對第四季的預期。

Our outlook reflects the continued strength of our company specific road drivers and signs of a steady cyclical recovery in our automotive and industrial markets. We do not yet anticipate direct customer inventory restocking, as one might expect off the bottom of a cyclical trough. From a channel perspective, our guidance assumes distribution inventory may fluctuate between 9 and 10 weeks, as we are selectively staging additional products in the channel to be competitive.

我們的前景反映了我們公司特定道路驅動力的持續強勁以及汽車和工業市場穩步週期性復甦的跡象。我們尚未預期客戶會直接補充庫存，正如人們在週期性低谷期所預期的那樣。從通路角度來看，我們的指導假設分銷庫存可能在 9 到 10 週之間波動，因為我們正在選擇性地在通路中推出更多產品以保持競爭力。

We are guiding fourth quarter revenue to $3.3 billion, up 6% versus the fourth quarter of 2024, and up 4% sequentially. At the midpoint, we expect the following trends in our business during Q4. Automotive is expected to be up mid-single-digit versus Q4 2024, and up in the low single-digit percent range versus Q3 2025. Industrial and IoT It's expected to be up in the mid 20% range, year on year, and up 10% versus Q3 2025.

我們預計第四季營收將達到 33 億美元，較 2024 年第四季成長 6%，季增 4%。從中期來看，我們預期第四季我們的業務將呈現以下趨勢。預計汽車銷售額將比 2024 年第四季成長中等個位數，比 2025 年第三季成長低個位數百分比。工業和物聯網預計將年增 20% 左右，與 2025 年第三季相比成長 10%。

Mobile is expected to be up in the mid-teens percent range year on year and up in the mid-single-digit range on a sequential basis. And finally, communication infrastructure and other is expected to be down in the 20% range versus Q4 2024, and flat versus Q3, 2025. In summary, NXP third quarter results and guidance for the fourth quarter reflect a growing confidence in the company-specific road drivers, and that a new upcycle is beginning to materialize.

預計行動業務年增將達到百分之十幾左右，環比成長將達到個位數左右。最後，預計通訊基礎設施和其他領域將比 2024 年第四季下降 20%，與 2025 年第三季持平。總而言之，恩智浦第三季業績和第四季指引反映出人們對公司特定道路驅動因素的信心不斷增強，新的上升週期正在開始實現。

This is based on several signals we track regularly. These include continually growing customer backlog place with our distribution partners, improve order signals from our direct customers, increase short cycle orders, and a growing number of product shortages leading to customer escalations. At the same time, we do not yet see material customer restocking due to the uncertain macro environment.

這是基於我們定期追蹤的幾個訊號。這些包括我們與分銷合作夥伴不斷增加的客戶積壓，改善來自我們直接客戶的訂單訊號，增加短週期訂單，以及導致客戶升級的產品短缺數量不斷增加。同時，由於宏觀環境不確定，我們尚未看到實質客戶補貨。

Now, an update on our pending acquisitions of Kinara and Aviva links. We have received all regulatory approvals. We have closed both Aviva Links and Kinara. We are extremely excited about the long-term benefits these acquisitions will bring to our customer engagements and market position.

現在，讓我們來更新我們即將收購的 Kinara 和 Aviva 連結。我們已獲得所有監管部門的批准。我們已經關閉了 Aviva Links 和 Kinara。我們對這些收購將為我們的客戶參與度和市場地位帶來的長期利益感到非常興奮。

As we have previously shared in the short-term, these acquisitions will have an immaterial impact to the revenue and the financial model of NXP. We do believe the revenue impact will be material in 2028 and beyond. The three recent acquisitions TTTech Auto, Kinara, and Aviva Links, will enable NXP's vision to be the leader in intelligent edge systems in the automotive industrial and [IoT] market.

正如我們先前在短期內所分享的，這些收購將對恩智浦的收入和財務模型產生非實質的影響。我們確實相信，這對 2028 年及以後的收入影響將是巨大的。最近的三筆收購TTTech Auto、Kinara和Aviva Links將使恩智浦成為汽車工業和[物聯網]市場智慧邊緣系統的領導者。

As this is my first earnings call, I would like to assure you that the strategy we laid out during our November 2024 investor date stays firmly in place. This includes our product innovation focus in our financial and capital return model. For the last six months, I've traveled globally, engaging with our customers, suppliers, and development teams. My key takeaway is that NXP strategy is compelling.

由於這是我的第一次財報電話會議，我想向你們保證，我們在 2024 年 11 月投資者會議期間所製定的策略將堅定不移。這包括我們在財務和資本回報模型中的產品創新重點。在過去的六個月裡，我走遍了全球，與我們的客戶、供應商和開發團隊進行交流。我的主要觀點是恩智浦的策略引人注目。

We are focused on the most important customers and top leaders. Our highly differentiated product road maps positioned as well to achieve our long-term goals. I will continue to work closely with the cross-functional leaders throughout NXP to accelerate our innovation in time to market efforts.

我們專注於最重要的客戶和高階領導。我們高度差異化的產品路線圖也有助於實現我們的長期目標。我將繼續與恩智浦的跨職能領導密切合作，加速我們的創新上市速度。

Overall, we remain focused on discipline, investment, and portfolio enhancements to drive profitable growth. While maintaining control over the factors we can influence. And now, I would like to pass the call to Bill for a review of our financial performance.

總體而言，我們仍然專注於紀律、投資和投資組合增強，以推動獲利成長。同時保持對我們能夠影響的因素的控制。現在，我想把電話轉給比爾，讓他審查我們的財務表現。

Thank you, Rafael, and good morning to everyone on today's call. As Rafael has already covered the drivers of the revenue during Q3, and provide the revenue outlook for Q4, I would like to move to the financial highlights. Overall, Q3 financial performance was solid, with revenue, gross profit, and operating profit all above the midpoint of our guidance range.

謝謝你，拉斐爾，今天電話會議中的各位早安。由於拉斐爾已經介紹了第三季的收入驅動因素，並提供了第四季度的收入前景，因此我想轉到財務亮點。整體而言，第三季財務表現穩健，營收、毛利和營業利潤均高於我們預期範圍的中點。

While operating expenses were a touch above the midpoint of our guidance due to slightly higher variable compensation. Taken together, we delivered non-GAAP earnings per share of $3.11 or a penny better than the midpoint of our guidance. Now moving to the details of Q3, total revenue was $3.17 billion, down 2% year on year, and $23 million above the midpoint of our guidance range.

由於浮動薪酬略高，營運費用略高於我們預期的中點。總體而言，我們實現的非公認會計準則每股收益為 3.11 美元，比我們的預期中位數高出一美分。現在來看看第三季的具體情況，總收入為 31.7 億美元，年減 2%，比我們的指導範圍中點高出 2,300 萬美元。

We generated$ 1.81 billion in non-GAAP gross profit, and reported a non-GAAP gross margin of 57%, down 120 basis points year on year and in line with the midpoint of our guidance range. Total non-GAAP operating expenses were $738 million or 23.3% of revenue flat year on year.

我們實現了 18.1 億美元的非公認會計準則毛利潤，並報告非公認會計準則毛利率為 57%，年減 120 個基點，與我們指導範圍的中點一致。非公認會計準則總營運費用為 7.38 億美元，佔營收的 23.3%，與去年同期持平。

From a total operating profit perspective, non-GAAP operating profit was $1.07 billion, and non-GAAP operating margin was 33.8%, down 170 basis points year on year, and 10 basis points above the midpoint of our guidance range. Non-GAAP interest expense was $91 million while taxes for ongoing operations were $173 million or a 17.7% non-GAAP effective tax rate.

從總營業利潤來看，非公認會計準則營業利潤為10.7億美元，非公認會計準則營業利潤率為33.8%，年減170個基點，高於我們指導範圍的中點10個基點。非公認會計準則利息支出為 9,100 萬美元，而持續經營稅為 1.73 億美元，即非公認會計準則有效稅率為 17.7%。

Non-controlling interest was $15 million, and results from equity accounted investees related to our joint venture manufacturing partnerships was a $2 million loss. Taken together. The below the line items were six million unfavorable versus our guidance, primarily due to a slightly higher tax rate driven by improved profitability.

非控制權益為 1,500 萬美元，與我們的合資製造夥伴關係相關的權益法核算的被投資企業的表現為虧損 200 萬美元。綜合起來。低於預期的項目與我們的預期相比有 600 萬美元的不利影響，這主要是由於盈利能力提高導致稅率略有上升。

Stock-based compensation, which is not included in our non-GAAP earnings, was $118 million. Now I'd like to turn to the changes in our cash and debt. Our total debt at the end of Q3 was $12.24 billion, up $757 million sequentially. We issued three new tranches of debt, totaling $1.5 billion with a combined weighted cost of debt of 4.853%.

股票薪酬（未計入我們的非公認會計準則收益）為 1.18 億美元。現在我想談談我們的現金和債務的變化。我們第三季末的總負債為 122.4 億美元，比上一季增加 7.57 億美元。我們發行了三批新債務，總額為 15 億美元，綜合加權債務成本為 4.853%。

During the quarter, we reduced our net commercial paper outstanding by $735 million. Additionally, we plan to retire two tranches of debt due in March and June of 2026, totaling $1.25 billion with a weighted cost of debt of 4.465%. Our ending cash balance was $3.95 billion, up $784 million sequentially due to the cumulative effect of commercial paper reduction, capital returns, equity and CapEx investments, offset against the new debt and cash generated during the quarter.

本季度，我們的商業票據淨餘額減少了 7.35 億美元。此外，我們計劃償還 2026 年 3 月和 6 月到期的兩筆債務，總額為 12.5 億美元，加權債務成本為 4.465%。我們的期末現金餘額為 39.5 億美元，比上一季增加 7.84 億美元，這是由於商業票據減少、資本回報、股權和資本支出投資的累積效應，抵消了本季產生的新債務和現金。

The resulting net debt was $8.28 billion, with a trailing 12 month adjust the EBITDA of $4.65 billion. Our ratio of net debt to trailing 12 month adjusted EBITDA at the end of Q3 was 1.8 times, and our 12 month adjusted EBITDA interest coverage ratio was 15.9 times.

由此產生的淨債務為 82.8 億美元，過去 12 個月的調整後 EBITDA 為 46.5 億美元。截至第三季末，我們的淨負債與過去 12 個月調整後 EBITDA 的比率為 1.8 倍，而我們的 12 個月調整後 EBITDA 利息覆蓋率為 15.9 倍。

During Q3, we paid $256 million in cash dividends, and we purchased 54 million of our shares, representing a 12 month total shareholder return of $2.05 billion or 106% of non-GAAP free cash flow. After the end of the quarter, and through October 24, we bought an additional $100 million of our shares under a 10b5-1 program.

在第三季度，我們支付了 2.56 億美元的現金股息，並回購了 5,400 萬股股票，這意味著 12 個月的股東總回報為 20.5 億美元，佔非 GAAP 自由現金流的 106%。本季結束後，截至 10 月 24 日，我們根據 10b5-1 計畫額外購買了價值 1 億美元的股票。

Now turning to working capital metrics, days of inventory was 161 days, an increase of three days versus the prior quarter, with inventory dollars up modestly due to pre-built, and wafer receipts from our foundry partners. Days receivables were 31 days, down two days sequentially, and days payable were 58 days down two days sequentially as well.

現在轉向營運資本指標，庫存天數為 161 天，比上一季增加了 3 天，由於預建和來自我們的代工合作夥伴的晶圓收據，庫存金額小幅增加。應收帳款天數為 31 天，較上一季減少兩天，應付帳款天數為 58 天，比上一季減少兩天。

Taken together, our cash conversion cycle was 134 days. Cash flow from operations was $585 million, and net CapEx was $76 million or about 2% of revenue, resulting in non-GAAP free cash flow of $509 million or 16% of revenue. During Q3, we paid $225 million towards the capacity access fees related to the SMC, which is included in our cash flow from operations.

總的來說，我們的現金轉換週期為 134 天。營運現金流為 5.85 億美元，淨資本支出為 7,600 萬美元，約佔收入的 2%，導致非 GAAP 自由現金流為 5.09 億美元，佔收入的 16%。在第三季度，我們支付了 2.25 億美元的與 SMC 相關的容量接取費，這筆費用包含在我們的營運現金流中。

Additionally, we paid $139 million into the SMC and $15 million into ESMC, our two equity accounted foundry joint ventures under construction, with the payments reflected in our cash flow from investing activities. Now turning to our expectations for the fourth quarter.

此外，我們還向兩家正在建設中的權益法核算的代工合資企業 SMC 支付了 1.39 億美元，向 ESMC 支付了 1500 萬美元，這些付款反映在我們的投資活動現金流中。現在談談我們對第四季的預期。

As Raphael mentioned, we anticipate Q4 revenue to be $3.3 billion, plus or minus $100 million. At the midpoint, this is up about 6% year on year and up 4% sequentially, better than our view 90 days ago. We expect non-GAAP gross margin to be 57.5%, plus or minus 50 basis points. Operating expenses are expected to be about $757 million, plus or minus $10 million or about 23% of revenue, consistent with our long-term financial model.

正如拉斐爾所提到的，我們預計第四季營收為 33 億美元，上下浮動 1 億美元。以中位數計算，這一數字年增約 6%，較上季成長 4%，優於我們 90 天前的預期。我們預期非 GAAP 毛利率為 57.5%，上下浮動 50 個基點。預計營運費用約為 7.57 億美元，上下浮動 1,000 萬美元，約佔收入的 23%，與我們的長期財務模型一致。

Taken together, we see non-GAAP operating margin to be 34.6% at the midpoint, bringing NXP back into our long-term financial model. In addition, our guidance includes about two months of operating expenses for the close of Viva Links and Kinara acquisitions.

綜合來看，我們認為非 GAAP 營業利潤率的中間值為 34.6%，這使 NXP 重新回到我們的長期財務模型中。此外，我們的指導還包括完成 Viva Links 和 Kinara 收購所需的約兩個月的營運費用。

Now turning to the below line item. We estimate non-GAAP financial expense to be about $103 million. We expect the non-GAAP tax rate to be 18% of profit before tax. Non-controlling interest expense will be about $14 million, and startup expenses related to our equity account investees will be about $3 million loss.

現在轉向下面的項目。我們估計非公認會計準則財務支出約為 1.03 億美元。我們預期非公認會計準則稅率為稅前利潤的18%。非控制權益費用約為 1,400 萬美元，與我們的股權帳戶投資對象相關的啟動費用約為 300 萬美元的損失。

For Q4, we suggest, for modeling purposes, you use an average share count of 254.3 million shares. We expect stock-based compensation, which is not included in our non-GAAP guidance, to be $118 million. Taken together at the midpoint, this implies a non-GAAP earnings per share of $3.28.

對於第四季度，出於建模目的，我們建議您使用 2.543 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 1.18 億美元。以中間值計算，這意味著非 GAAP 每股收益為 3.28 美元。

Turning to the uses of cash, we expect capital expenditures to be around 3% of revenue, below our 5% target as we execute our hybrid manufacturing strategy. This includes consolidating our 200 millimeter front-end manufacturing factories, investing in our 300 millimeter joint ventures with VSMC and ESMC.

談到現金的用途，我們預計資本支出將佔收入的 3% 左右，低於我們執行混合製造策略的 5% 的目標。其中包括整合我們的 200 毫米前端製造工廠，投資與 VSMC 和 ESMC 成立的 300 毫米合資企業。

These investments will result in margin expansion, supply resilience, and access to a competitive manufacturing cost structure. As shared at our investor day, we will continue to substantially invest in DSMC in Singapore during Q4, including a $250 million capacity access fee payment and a $350 million equity investment.

這些投資將帶來利潤的擴大、供應的彈性以及具有競爭力的製造成本結構。正如我們在投資者日所分享的那樣，我們將在第四季度繼續對新加坡的 DSMC 進行大量投資，包括支付 2.5 億美元的容量使用費和 3.5 億美元的股權投資。

When VSMC is fully loaded in 2028, it will drive a 200 basis points improvement in NXP's total gross margin. Additionally, we will make a $45 million equity investment into ESMC in Germany, enabling additional 300 millimeter supply resilience. Lastly, we will pay approximately $500 million for the closed acquisitions of both Aviva links and Kinara.

當 VSMC 在 2028 年滿載運轉時，它將推動 NXP 的總毛利率提高 200 個基點。此外，我們將向德國 ESMC 進行 4,500 萬美元的股權投資，以增強 300 毫米供應彈性。最後，我們將支付約 5 億美元用於對 Aviva links 和 Kinara 的收購。

And furthermore, we have restarted our buybacks at the beginning of September, and we will continue to buy back stock consistent with our capital allocation strategy. And finally, I would like to extend my personal thanks to Kurt as he transitions to a new and exciting chapter of his life.

此外，我們已於 9 月初重啟回購，並將繼續按照我們的資本配置策略回購股票。最後，我要向庫爾特表達我個人的感謝，他即將開啟人生中令人興奮的新篇章。

He's been an inspiration to all NXP team members, and a personal mentor and value partner to me as a CFO. We will miss his infectious humor, timely counsel, and thoughtful insights. With that, I would like to now turn it back to the operator for questions.

他一直是恩智浦所有團隊成員的靈感源泉，也是我作為財務長的個人導師和價值合作夥伴。我們會懷念他富有感染力的幽默、及時的建議和深思熟慮的見解。說完這些，我現在想把問題交還給接線生。

(Operator Instructions)

（操作員指示）

Ross Seymore, Deutsche Bank AG.

羅斯·西莫爾，德意志銀行。

Hi guys, thanks for asking the question and congrats to both Kurt and Rafael. I guess my first question, a big picture one, Bill, you just mentioned that the guidance for the fourth quarter was better than you expected 90 days ago, but the details Rafael gave, while positive, didn't seem like much had really changed. So what specifically got better over the last 90 days either by end market, inventory, region, etc.

大家好，感謝你們提出這個問題，並祝賀 Kurt 和 Rafael。我想我的第一個問題是一個大局問題，比爾，你剛才提到第四季度的預測比你 90 天前的預期要好，但拉斐爾給出的細節雖然是積極的，但似乎並沒有太大的變化。那麼，在過去 90 天裡，無論是終端市場、庫存、地區等，具體有哪些方面有所改善？

Yeah, let me take that one, Ross. So we -- the way, the way we think about Q4 is we're guiding Q4 sequentially, 4% up. And so, what we said last time, we said we're going to, I mean, we did a provider soft guide of Q4 that we said we're going to be flat slightly up.

是的，羅斯，我來接手吧。因此，我們對第四季的看法是，我們預計第四季將環比成長 4%。所以，我們上次說過，我們說過我們將會，我的意思是，我們做了一個第四季度的供應商軟指南，我們說過我們將會略微上升。

So I think what I would say is the things that we expected to go, maybe potentially the risk that we have, they didn't materialize. And the signals, with respect to a soft recovery continues to get, to continue to be there, right?

所以我想說的是，我們預期發生的事情，也許我們可能面臨的風險，都沒有實現。關於軟復甦的訊號還在繼續出現，對嗎？

And our order book continues to be strong, the end consumer backlog, our distribution partners continues to be healthy. And so if you look at the quarter to quarter guide, what is driving a slight improvement, I would say or seasonality, pre-COVID seasonality is industrial and IoT, where I think we see signs now of slight demand improvement.

我們的訂單持續強勁，最終消費者積壓，我們的分銷合作夥伴持續健康。因此，如果您查看季度指南，我想說推動略有改善的因素是季節性，COVID 之前的季節性是工業和物聯網，我認為我們現在看到了需求略有改善的跡象。

Good, I guess on that front, you mentioned about the inventory staying in the 9 to 10 week level, not quite getting to the 11, that's your target. If you go from 9 to 11, any sort of rough dollar amount that contributes that we should think about? And is there any specific trigger that you're looking at to let that inventory get back to its normal level, whether it be in the fourth quarter, which it doesn't sound like, or, say the first half of next year?

很好，我想在這方面，您提到的庫存保持在 9 到 10 週的水平，而不是達到 11 週，這是您的目標。如果從 9 增加到 11，我們應該考慮一下這筆錢的大致金額嗎？您是否正在尋找某種特定的觸發因素來讓庫存恢復到正常水平，無論是在第四季度（聽起來不太可能），還是在明年上半年？

Yeah, Ross, so I understand that in the past, I mean, we apply a math, that it was -- that we said it's about one week of inventory equals to $100 million. And I understand the map, but I -- what I would like to kind of for now, I think it's more useful to look at how we're managing the channel strategically, and so kind of shift a little bit of how you look at a channel inventory.

是的，羅斯，所以我明白，在過去，我的意思是，我們運用數學計算，那就是——我們說大約一周的庫存相當於 1 億美元。我理解這張圖，但是我現在想說的是，我認為更有用的是看看我們如何從策略上管理管道，從而稍微改變一下你看待通路庫存的方式。

If you look at today, given the current environment that we have where visibility is limited, orders come late, the one thing I want to leave you where it's important to have the right product mix in the channel to be competitive, especially when you think about our competition that has significantly higher inventory in the channel than us.

如果你看看今天，考慮到我們目前的環境，可見性有限，訂單延遲，我想告訴你的一件事是，在渠道中擁有正確的產品組合對於保持競爭力非常重要，特別是當你想到我們的競爭對手在渠道中的庫存比我們高得多時。

And so, and as we're not a catalog company, so getting the right product makes it is really important for us. Now, today, right now we're being selected. We're staging additional products that have -- that we have high conviction that of sell to.

因此，由於我們不是一家目錄公司，因此獲得正確的產品對我們來說非常重要。現在，今天，我們正在被選中。我們正在推出更多產品，我們非常有信心這些產品能夠暢銷。

And so that one, that's the reason I state that the inventory may fluctuate between 9 and 10 because what I want to leave you with is in today's environment, weeks of inventory is not static, right? Orders are coming late. Now I will say that your question with respect to when 11 weeks, I would say that after visibility and confidence continues to improve, and I will confirm your point.

這就是我說庫存可能在 9 到 10 之間波動的原因，因為我想告訴你的是，在今天的環境下，幾週的庫存不是靜態的，對吧？訂單來晚了。現在我要回答你關於第 11 週的問題，我想說，在可見性和信心不斷提高之後，我會確認你的觀點。

We still see the optimal level moving towards 11 weeks. And that may or may not happen in Q1, as we see improvements in the business conditions.

我們仍然看到最佳水平朝著 11 週的方向發展。隨著我們看到商業環境的改善，這種情況在第一季可能會發生，也可能不會發生。

Thanks, Ross.

謝謝，羅斯。

(Operator Instructions)

（操作員指示）

Francois-Xavier Bouvignies, UBS Inc

Francois-Xavier Bouvignies，瑞銀集團

Thank you very much. My first question is on maybe, your comment, Rafael. You said that you think inventories are, I mean, low, in automotive, for example, and things are getting better, broad-based. But you do not expect to increase inventories in the channel.

非常感謝。我的第一個問題可能是關於您的評論，拉斐爾。您說您認為庫存很低，例如汽車行業，而且情況正在全面改善。但你並不期望增加渠道中的庫存。

I mean, or even, sorry, not in channel but in the direct, channel. So I was wondering if we look at Q1, in terms of seasonality, I think you are done. I think digit percentage quarter on quarter for Q1. Should I read this comment as, today, with your visibility you are comfortable with seasonality assuming there is no stockpiling and demand is stabilizing is that the right way to look at it?

我的意思是，或甚至，抱歉，不是在頻道中，而是在直接管道中。所以我想知道如果我們看一下第一季度，從季節性的角度來看，我認為你已經完成了。我認為第一季環比百分比為 1%。我是否應該這樣解讀這條評論：今天，根據您的可見性，您對季節性感到滿意，假設沒有囤積並且需求正在穩定，這是正確的看待方式嗎？

So you're asking me about Q1?

所以你問我關於 Q1 的問題？

Yeah, if you want, so like in a way directionally based on what you just said, like, are you comfortable with the seasonal trend?

是的，如果您願意的話，那麼從某種意義上來說，根據您剛才所說的，您對季節性趨勢感到滿意嗎？

Yeah, well, let me just kind of before I get into, I give you a slight answer on that one, I would say that If you look into what we feel good about is the set up into 2026. If you look at how we finish Q4, I think that we are now entering a phase of inventory normalization and auto, and we're seeing signals of, I would say, of demand improvement in industrial and IoT.

是的，好吧，在我開始之前，讓我先給你一個簡單的答案，我想說，如果你看看我們感覺良好的事情，那就是 2026 年的設定。如果你看看我們第四季的結束情況，我認為我們現在正進入庫存正常化和自動化階段，而且我們看到了工業和物聯網需求改善的訊號。

I think we like the setup. Not going to guide you one for you, Francois, but I think if you're going to model. I think not only seasonality, and I would say using pre-COVID seasonality, which is high single-digits decline would be reasonable.

我認為我們喜歡這個設定。弗朗索瓦，我不會為你提供指導，但我認為如果你要做模特兒的話。我認為不僅是季節性因素，我想說使用 COVID 之前的季節性因素，即高個位數的下降是合理的。

Thank you, Rafael. I appreciate the call. Maybe the second question is for bill. I mean, gross margin is going up in the next quarter. I assume it could be because of mix, but I would be happy to have your view here. But more generally, I mean, your inventory is still fairly high, there's a bit higher dollar, a bit higher. So you, I assume you're loading is still, you keep loading quite high.

謝謝你，拉斐爾。我很感謝你的來電。也許第二個問題是針對比爾的。我的意思是，下個季度的毛利率將會上升。我認為這可能是因為混合，但我很高興在這裡聽聽您的意見。但更普遍地說，我的意思是，你的庫存仍然相當高，美元有點高，有點高。所以，我假設你的負載仍然很高，你的負載仍然很高。

So how should we think about the ghost Martin, direction after this Q4? Are you going to decrease the loading at the expense of gross margin or do you think you can manage this level of ghost margin or even increase from here? Just the moving parts would be very helpful. Thank you.

那我們該如何看待鬼才馬丁，以及第四季之後的方向呢？您會以犧牲毛利率為代價來降低負荷，或者您認為您可以管理這種幽靈利潤水平，甚至從現在開始增加？光是活動部件就會非常有幫助。謝謝。

Sure, Francois. As you can see, as you mentioned, we are guiding gross margins up approximately 50 basis points into Q4, and this is driven by the higher revenues once of all improved operational costs, and also, yes, higher utilization, which is actually offset with unfavorable product mix, and then of course we have the normal plus or minus 50 basis points on what that mix tends to ultimately be in the quarter.

當然，弗朗索瓦。正如您所看到的，正如您所提到的，我們預計第四季度的毛利率將上升約 50 個基點，這是由更高的收入、更低的運營成本以及更高的利用率推動的，但這實際上被不利的產品組合所抵消，當然，我們最終會在本季度看到該組合正常的正負 50 個基點的波動。

For Q1, 2026 in the full year of 2026, we're not guiding. However, please consider our normal seasonality that Rafael just talked about in revenues for Q1, along with our annual low single-digit price negotiations that typically impact us in the first quarter, and we always work to offset those throughout the year through cost reductions and operational efficiencies.

對於 2026 年第一季和 2026 年全年，我們沒有做出預測。但是，請考慮拉斐爾剛才談到的第一季收入的正常季節性，以及通常會在第一季度對我們產生影響的年度低個位數價格談判，並且我們始終致力於通過降低成本和提高運營效率來抵消全年的這些影響。

So for full year 2026, I would say we expect to be in our long-term model of 57% to 63%, driven by a function of revenue levels, improved utilizations, cost reductions, offsetting the price gives, and the normal product mix fluctuations in any given quarter.

因此，對於 2026 年全年，我認為我們預計我們的長期模型將達到 57% 至 63%，這主要受到收入水平、利用率提高、成本降低、抵消價格影響以及任何特定季度的正常產品組合波動的推動。

I would say, as stated before, please continue to use that rule of thumb. For every $1 billion of revenue on a full year basis, drives approximately 100 basis points improvement to gross margin. For example, I shared in the past at $15 billion we should be at 60%.

我想說，如前所述，請繼續使用該經驗法則。全年每增加 10 億美元收入，毛利率就會提高約 100 個基點。例如，我過去曾分享過，當規模達到 150 億美元時，我們應該會達到 60%。

And then remember, as I mentioned in my prepared remarks beyond 2027, we also see another lift to our gross margins by approximately 200 basis points, driven by our hybrid manufacturing strategy. And again, overall I think we're very pleased with the trajectory of our gross margins and how we manage this.

然後請記住，正如我在準備好的發言中提到的那樣，在 2027 年以後，在我們的混合製造策略的推動下，我們的毛利率還將再提升約 200 個基點。總的來說，我認為我們對我們的毛利率走勢以及我們如何管理毛利率感到非常滿意。

Related to your inventory question, you're right. In Q3, we finish inventory at 161 days. That was up three days, and we're staging inventory to support our growth into Q4. Proactively, we are holding more inventory to support the continued increase of late orders that Rafael talked about which are coming in below lead times, and of course the customer escalations have grown quarter over quarter as Rafael shared in his prepared remarks.

關於您的庫存問題，您說得對。在第三季度，我們的庫存完成時間為 161 天。這已經持續了三天了，我們正在準備庫存以支持我們進入第四季度的成長。我們積極主動地持有更多庫存，以支持拉斐爾所說的持續增加的延遲訂單，這些訂單的交付時間低於交貨時間，當然，正如拉斐爾在他準備好的發言中分享的那樣，客戶升級的數量逐季度增長。

And as I mentioned last quarter, we started our pre-builds for the 200 millimeter consolidation plan, which by the end of the year will be worth about six to seven days of our total NXP, days of inventory. Also remember, we're holding approximately 14 days of inventory on our balance sheet versus our distribution partners again that assumes nine weeks.

正如我上個季度提到的那樣，我們已開始為 200 毫米整合計劃進行預構建，到今年年底，該計劃的價值將相當於我們 NXP 總庫存的六到七天。還要記住，我們的資產負債表上持有的庫存約為 14 天，而我們的分銷合作夥伴則假​​設為 9 週。

And with the positive signals we are seeing and from lessons learned from the past, I'm quite comfortable and pleased with the internal inventory positioning. As we mentioned many times, we have long-lived, inventory and die form preventing obsolescence risk. So you know, if you had me call inventory into Q4, I would say similar levels from a day's perspective plus or minus five days, is the best view I can give you at the moment into Q4.

透過我們看到的正面訊號以及從過去學到的教訓，我對內部庫存定位感到非常滿意。正如我們多次提到的，我們擁有長壽命庫存和模具，可以防止過時的風險。所以你知道，如果你讓我把第四季度的庫存稱為庫存，我會說從一天的角度看，加減五天的水平相似，這是我目前能給你的關於第四季度的最佳看法。

Very clear. Thank you, gentlemen.

非常清楚。謝謝各位。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. Thank you. I also wanted to touch on automotive customers kind of view on inventories, and I guess can you just talk to us a little bit about what those conversations are like, understanding there's not much overlap between you and Nexperia at this point.

偉大的。謝謝。我還想談談汽車客戶對庫存的看法，我想您能否跟我們簡單談談這些對話的內容，因為目前您和 Nexperia 之間沒有太多重疊。

I would think stuff like that is a reason to want to hold more inventory, and kind of buffer yourself from these geopolitics issues. Just are you seeing any indications that that is happening or will happen?

我認為諸如此類的事情是想要持有更多庫存的原因，並且可以在一定程度上緩解這些地緣政治問題。您是否看到任何跡象表明這種情況正在發生或將會發生？

Yeah, Joe, I mean that's a great question and I think it really, I think the issue with Nexperia really shows that the current level of inventory at the end customer is not sufficient to have any ripple of business continuity. We don't see restocking with our direct customers.

是的，喬，這是一個很好的問題，我認為 Nexperia 的問題確實表明最終客戶當前的庫存水平不足以對業務連續性產生任何影響。我們沒有看到直接客戶補貨。

And now, I would say, I mean the good thing, right, if you look at the business dynamics of auto highly related to inventory, the normalization and also already a very nice already, we could consider a very nice tailwind.

現在，我想說的是，我的意思是好事，對吧，如果你看看與庫存高度相關的汽車業務動態，正常化已經非常好了，我們可以認為是一個非常好的順風。

And you would expect the next phase to actually be a restocking of inventory, but we have not seen it. And so, the conversations are pretty much about how they are being very conservative with respect to how they manage the working capital. So no restocking so far.

您可能會期望下一階段實際上是補充庫存，但我們還沒有看到。因此，談話內容基本上都是關於他們在如何管理營運資金方面非常保守。因此目前還沒有補貨。

Yeah. Maybe I'll add on Nexperia itself just to add to it because I think your question does it impact NXP in any way from a direct standpoint, the answer is no, and as Rafael said, we're still in the early phase and seeing customer escalations, the signals improved the restocking has not happened, nor has price increases that happened which you typically see during a supply crisis, but those are other signals that we wait to see.

是的。也許我會補充 Nexperia 本身，因為我認為您的問題是否會從直接角度對 NXP 產生任何影響，答案是否定的，正如 Rafael 所說，我們仍處於早期階段，看到客戶升級，信號改善了補貨尚未發生，也沒有發生通常在供應危機期間看到的價格上漲，但這些是我們等待看到的其他信號。

Okay, and is there any impact potentially on automotive production from all of that on the negative side that you could see, if they have shortages of other components that it slows productions?

好的，如果其他零件短缺，從而減慢生產速度，您是否看到所有這些對汽車生產可能產生的負面影響？

Well, Joe, we don't anticipate that. I think the products are associated right now with Nexperia, these are products that they could be second source. I think the qualification process is, it could be relatively benign for OEMs, but so far, our orders would I, will not indicate any impacts into the production of auto. Thank you so much.

嗯，喬，我們沒想到這一點。我認為這些產品現在與 Nexperia 有關，這些產品可能是他們的第二來源。我認為資格認證過程對於 OEM 來說可能相對溫和，但到目前為止，我們的訂單不會對汽車生產產生任何影響。太感謝了。

Stacy Rasgon, Sanford C Bernstein & Co LLC.

拉斯貢（Stacy Rasgon），Sanford C Bernstein & Co LLC。

Hi guys. Thanks for taking my questions. My first one, I wanted to drill into the gross margins a little more. So you are guiding it up sequentially, but it's flat year over year even on a pretty decent, revenue increase. I guess that's mixed, but I'm struggling to see where the mix issue is. It looks like your industrial mix is higher, auto looks about the same, like what is going on with gross?

嗨，大家好。感謝您回答我的問題。首先，我想更深入地了解毛利率。因此，您指導其連續成長，但即使收入成長相當可觀，其同比仍持平。我猜這是混合的，但我很難看出混合問題在哪裡。看起來您的工業組合更高，汽車看起來差不多，總量怎麼樣？

What it sounds like utilizations? I'm not even sure. They don't sound like they're lower year over year. Like why aren't we getting more gross margin leverage like on a year over year basis?

這聽起來像是什麼用途？我什至不確定。聽起來它們並不像逐年下降。為什麼我們沒有像去年同期那樣獲得更高的毛利率槓桿？

Yes, Stacey, I think the factor that we see going into Q4, again what we talked about is from an end segment our gross margins tend to be much closer to each other to the corporate average but you can see the industry not the industrial, the common infra is down quite a bit year over year, and then the other one is you could see we're having record quarters in our mobile space which again you kind of slightly below our margin corporate mix.

是的，斯泰西，我認為我們看到的進入第四季度的因素是，我們再次談到的是從終端部分來看，我們的毛利率往往更接近企業平均水平，但你可以看到行業而不是工業，常見的基礎設施同比下降幅度很大，然後另一個是你可以看到我們的移動領域創下了季度記錄，這再次略低於我們的企業利潤率。

So those two and markets are kind of impacting our mix. From a utilization standpoint, we are in the high 70s or plan to be in the high 70s into Q4, related to it and so we do have kind of inventory at the high end internally.

因此，這兩個市場對我們的組合有一定影響。從利用率的角度來看，我們的利用率處於 70% 的高位，或者計劃在第四季度達到 70% 的高位，與此相關，因此我們內部確實存在高端庫存。

So of course that also has an impact of how we run total, our material throughout the line, just not in the front end but also in the back end and so forth. So, but really those are help off the setting that that unfavorable mix that we see at the moment.

當然，這也會影響我們如何在整個生產線上運行整體材料，不僅在前端，而且在後端等等。所以，但實際上這些有助於消除我們目前看到的不利組合環境。

But I guess is the decrease the inventory so also helps that the depreciate the distribution stuff is higher margin as well.

但我猜想庫存的減少也有助於降低分銷成本並提高利潤率。

Yeah, there's two sets of it. So remember the distribution and what you'll see is actually our distribution sales will be up quarter over quarter, but let me remind you that a portion of that, or a large portion of it is driven by our mobile business where we drive, and use the distribution partners in that mobile and market and so that's what's driving the increase from a quarter over quarter perspective.

是的，有兩套。因此，請記住分銷情況，您實際上會看到我們的分銷銷售額將逐季增長，但讓我提醒您，其中一部分或很大一部分是由我們的移動業務推動的，我們推動並使用移動和市場的分銷合作夥伴，所以從季度環比的角度來看，這就是推動增長的因素。

Got it thanks. For my follow-up, I just wanted to, the level set. So, sounds like there is some duty filling in Q4. So if it's, if I say half a week, I guess, is that, do I just like roughly think of that as $50 million of income on the in impact into the Q4 right?

明白了，謝謝。對於我的後續行動，我只是想設定水平。因此，聽起來第四季有一些職責需要填補。因此，如果我說是半週，我想，那我是否可以粗略地認為這是對第四季度 5000 萬美元收入的影響，對嗎？

And you said Q1 you were comfortable with seasonal, but does that incremental channel filling Q4 influence how we might think about Q1 seasonality? You sort of implicitly assuming that you are going to be putting more into the channel in Q1 before seasonal die.

您說您對第一季的季節性感到滿意，但是填充第四季度的增量管道是否會影響我們對第一季季節性的看法？您有點隱含地假設您將在季節性消退之前在第一季向通路投入更多資金。

Okay, there was, several questions on that one, Stacy. Let me grab that one. So you made a comment again on the, on trying to kind of equate where we're going to end up, in the channel, and you equate, I mean you mentioned $50 million. And again, I mean, I wouldn't see it that way.

好的，史黛西，關於這個問題有幾個問題。讓我抓住那個。因此，您再次就試圖將我們最終的最終結果等同於頻道發表了評論，並且您等同於，我的意思是您提到了 5000 萬美元。再說一次，我的意思是，我不會這麼看。

I mean we gave a guidance of 3.3. The demands, again, I mean the visibility that we have right now is low. Orders are coming late. And so where the weeks of inventory end up in the channel, like I said, it may fluctuate between 9 and 10. It's not going to be more than 10.

我們給出的指導值為3.3。需求方面，我的意思是，我們現在的能見度很低。訂單來晚了。因此，正如我所說，庫存的周數最終會進入渠道，它可能會在 9 到 10 之間波動。不會超過 10 個。

It may be not, and so to put a formulaic, kind of way of looking at how much revenue is going to come from weeks of inventory staying in the channel, I don't know if I can really kind of, go there given how fluid the demand is. Again, we're putting products that we have high conviction or sell to, right? And so I don't see it.

可能並非如此，因此，要用一種公式化的方式來衡量庫存在渠道中停留數週能帶來多少收入，考慮到需求的變化，我不知道我是否真的可以做到這一點。再說一次，我們投放的是我們有信心或有銷售力的產品，對嗎？所以我沒看到。

We use a lot of a scenario in the guidance. But you must have a scenario that's baked into guidance for Q4. Right?

我們在指導中使用了很多場景。但你必須有一個融入第四季指引的情景。正確的？

Yeah, and the scenario says that we, it depends, the inventory may fluctuate between 9 and 10 weeks. The scenario is what material we put in the channel.

是的，情況表明，這取決於庫存，庫存可能會在 9 到 10 週之間波動。場景就是我們在頻道中放置什麼材料。

Tom O'Malley, Barclays Services Corp.

巴克萊服務公司湯姆·奧馬利

Hey guys, thanks for taking my questions. The industrial IT business seems very strong to close the year, kind of particularly versus where expectations were. You guys have been helpful in the past about kind of laying out where you're seeing that strength, whether it's the core industrial side or more on that IoT side. Could you give us a little bit of a feel of what's moving into your into your Q4?

嘿夥計們，謝謝你們回答我的問題。今年工業 IT 業務表現似乎非常強勁，尤其是超出了預期。你們過去曾幫助我們闡明你們所看到的優勢，無論是核心工業方面還是物聯網方面。您能否向我們簡單介紹一下您第四季的進展？

Yes, let me, just step back and if you look at our industrial and IoT business at a high level, 60% is core industrial, 40% is consumer. And even within that, 80% of the revenue flows to distribution. So it just kind of gives you kind of step by.

是的，讓我退一步說，如果你從高層次來看我們的工業和物聯網業務，60％是核心工業，40％是消費者。即使如此，80% 的收入也流向了分銷。所以它只是給你一些循序漸進的方法。

Now, what we see in the IoT, the end customer backlog through the channel continues to improve, so we see really strong signs of demand improvement. On the consumer side, this is where we continue to benefit from company specific drivers and this, for instance, I'll give you an example that there's a new category of wearables. There's a smart glasses that have high demand. They require high performance, low power processing, and this is an area where our portfolio is strong.

現在，我們在物聯網中看到，透過通路的最終客戶積壓持續改善，因此我們看到了需求改善的強勁跡象。在消費者方面，我們繼續受益於公司特定的驅動因素，例如，我給你一個例子，有一個新的穿戴式裝置類別。有一種智慧眼鏡的需求量很大。它們需要高效能、低功耗的處理，而這正是我們的產品組合所擅長的領域。

So we're seeing some tailwinds on that side. In the core industrial, we're seeing broad-based improvements across regions and products, and for us, if you were to drill into a little bit of the application specific, it will be driven by for us, it's driven by energy storage systems and building automation.

因此我們看到了那方面的一些順風。在核心工業領域，我們看到了跨地區和跨產品的廣泛改進，對於我們來說，如果深入研究具體的應用，就會發現它將受到能源儲存系統和樓宇自動化的推動。

Now, let me put a caveat here. I don't think we -- and we, the first one to tell you, we don't see ourselves as bellwethers for industrial and IoT. And so what we see, it may be that this is very company specific.

現在，讓我在這裡提出一個警告。我不認為我們——我們首先要告訴你們，我們並不認為自己是工業和物聯網的領導者。因此，我們看到，這可能是因公司而異的。

Helpful. And then a similar question, just on the automotive side because it's useful to kind of see what's moving here is just on the S32 portfolio like you've seen some really strong growth trends. And like part of the reason, many think that you guys have handled this a lot better is just the growing portion of your business that is levered to processors.

很有幫助。然後是一個類似的問題，僅在汽車方面，因為了解這裡的動態很有用，就像您看到 S32 產品組合中的一些非常強勁的成長趨勢一樣。部分原因是，很多人認為你們處理得更好，只是你們業務中利用處理器的部分不斷成長。

So maybe again, what happened in the quarter, maybe the processor business versus the rest of auto and then into the fourth quarter. Any kind of color on if there's a divergence there how we should be thinking about just the entire auto business with those two pieces. Thank you.

那麼，也許再次，本季發生了什麼，也許是處理器業務與汽車其他業務的對比，然後進入第四季度。如果存在分歧，我們應該如何用這兩部分來考慮整個汽車產業。謝謝。

No, I think I mean, we were encouraged about the direction that auto is taking, right? I mean, if you were to take just Q3, in Q3, we're only 3% below our prior peak. And so I think that's encouraging. Now, with respect to what is driving the performance in the business, I mean, it continues to be what we deem, what we term coin accelerate growth drivers, and these are in the software defined vehicle which is 32 franchise that you mentioned is radar is connectivity and so.

不，我的意思是，我們對汽車的發展方向感到鼓舞，對嗎？我的意思是，如果只看第三季度，我們只比之前的峰值低 3%。所以我認為這是令人鼓舞的。現在，關於推動業務表現的因素，我的意思是，它仍然是我們所認為的，我們稱之為加速增長的驅動力，這些都在軟體定義的車輛中，也就是您提到的 32 個特許經營權，是雷達、連接性等等。

If you were to ask me what is driving is, what is, that is exactly what is, I mean, the secular shift to so 45 vehicles is driving the performance of auto.

如果你問我什麼是駕駛，什麼是駕駛，那正是駕駛，我的意思是，長期向 45 輛汽車的轉變正在推動汽車的性能。

And Tom, if I could add, we'll provide a full year kind of a, update on where we're at with our accelerated growth drivers on our Q4 call, but direction I'd say, we feel very good about how the accelerated growth drivers are playing out inter quarter.

湯姆，如果我可以補充的話，我們將在第四季度電話會議上提供全年的最新情況，說明我們的加速成長動力的現狀，但我想說的是，我們對加速成長動力在季度間的表現感到非常滿意。

Thank you guys.

謝謝你們。

Yeah.

是的。

Vivek Arya, BofA Securities.

Vivek Arya 的美國銀行證券。

Thanks for taking my question, and best wishes to both, Rafael and Kurt. So Rafael, let's say, if '26 plays out the way '25 did with China, OEMs and EVs growing, but the rest of the world, not growing or flattish. What does it mean for NXP? So, in an overall flattish auto production environment, what kind of lift can content provide, net of any pricing movement like can your autos be conceptually within your long-term model for next year?

感謝您回答我的問題，並向拉斐爾和庫爾特致以最良好的祝愿。因此，拉斐爾，假設 26 年的情況與 25 年一樣，中國、原始設備製造商和電動車都在成長，但世界其他地區既沒有成長也沒有持平。這對恩智浦來說意味著什麼？那麼，在整體持平的汽車生產環境中，內容可以提供什麼樣的提升，扣除任何價格變動，例如您的汽車在概念上是否可以符合明年的長期模型？

So Vivek, I think the one thing I want to maybe reframe the way we -- the drivers of our business, right? . Car production is not the driver of our business. We're not so related. I mean, if you were to look at the production, the production has been stable for years. I mean it varies 1% here and there, but it stays pretty flat at ninety-ish million a year. Content growth dwarfs our growth.

所以 Vivek，我認為我想要做的一件事可能是重新建構我們業務的驅動力，對嗎？。汽車生產不是我們業務的驅動力。我們並沒有那麼親近。我的意思是，如果你看一下產量，你會發現產量多年來一直很穩定。我的意思是，雖然這裡和那裡會有 1% 的變化，但每年都保持在九千萬左右的水平。內容的成長使我們的成長相形見絀。

And so, and then what you have in auto is the projection is quite stable, but you have a very complex supply chain, and that complex supply chain is the one that creates either bubbles and inventory, [gaps] or vacuums that create shortages and that the supply chain is the one that creates the cyclical aspect of our business.

因此，汽車產業的預測相當穩定，但供應鏈非常複雜，而複雜的供應鏈會造成泡沫和庫存，[缺口]或真空，從而造成短缺，而供應鏈又會造成我們業務的周期性。

If I just say it the way I see it is we see normalization inventory. If you already get behind the content growth of auto, normalization of inventory is something that we see as very positive for the direction of art. And so I just want to kind of basically reframe the way I think you pose the question a little bit and the way we see it.

如果我只是按照我所看到的方式說的話，那就是我們看到了正常化庫存。如果您已經支持汽車的內容成長，那麼我們認為庫存的正常化對於藝術方向來說非常積極。因此，我只是想從根本上重新建構你提出問題的方式以及我們看待問題的方式。

Content growth and normalization of inventory provides for us an optimistic view of our business in a in 2026.

內容的成長和庫存的正常化使我們對2026年的業務充滿樂觀。

And for my follow-up, bill on gross margins, is it just volume that takes you from the kind of the lower end of the 57 to 63 range, right towards the middle of the range, or are there any new products, any new kind of mixing up of your portfolio that can provide benefits on top of any, volume benefits?

接下來我想問毛利率的問題，是否只是銷量讓你們的毛利率從 57 到 63 的低端上升到了中間水平，還是說你們的產品組合中除了銷量優勢之外，還有什麼新產品或新組合能夠帶來其他好處？

Oh absolutely, as we said in the past, our new product ramps, are creative to the company, and they go through the normal growing pains of course as they ramp and other parts of our products roll off. I mean mix is really the one that you know what orders we get, what orders we serve, we serve over 10,000 skews or products every quarter, and so, we have to adjust and either accommodate for it and offset those or vice versa, let them fall through and that's why gross margin improves as another factor, related to it.

哦，當然，正如我們過去所說的那樣，我們的新產品的推出對公司來說是有創意的，當然，隨著新產品的推出和我們其他產品部分的推出，它們會經歷正常的成長痛苦。我的意思是，組合實際上就是你知道我們收到什麼訂單，我們服務什麼訂單，我們每個季度服務超過 10,000 個偏差或產品，因此，我們必須進行調整，要么適應它並抵消它們，反之亦然，讓它們失敗，這就是為什麼毛利率提高的原因，這是與之相關的另一個因素。

But really also our hybrid manufacturing strategy, as we move more to 300 millimeter, and as we're making all these investments that will start to yield be benefits, beyond 2027 as I talked about, but short-term levers again, it's, I think we're doing a really good job offsetting any price gives that we give through our cost efficiencies and productivity internally on test time reductions and so forth.

但實際上，隨著我們向 300 毫米邁進，隨著我們進行所有這些投資，這些投資將在 2027 年以後開始產生效益，正如我所說的那樣，但短期槓桿再次是，我認為我們在通過成本效率和內部生產力（例如測試時間減少等）來抵消任何價格損失方面做得很好。

So those, that's really what we're supposed to go, do day in and day out and I think the team's doing a good job and you can see this by just our variability in our gross margins through this last cycle. So, I think as we become less, fixed costs that will just improve with that variability going forward.

所以，這些才是我們真正應該做的事情，日復一日地去做，我認為團隊做得很好，你可以從我們上一個週期的毛利率變化中看到這一點。因此，我認為隨著固定成本的減少，這種可變性將會不斷改善。

As I mentioned today, we're 30% fixed, and my guess is in about a couple of years from now, once we finish our consolidation efforts, so I think five years, and so we'll probably below 20% which will reduce that variability.

正如我今天提到的，我們的固定比率是 30%，我猜大約幾年後，一旦我們完成整合工作，我認為是五年，我們的固定比率可能會低於 20%，這將減少這種變化。

Chris Caso, Wolfe Research.

克里斯‧卡索 (Chris Caso)，沃爾夫研究公司。

Yes, thanks. Good morning. I wanted to go back to, some what you said with inventory levels, particularly at your direct automotive customers. Where do those inventory levels stand now, and you quantified a bit on what the impact would be as the distribution channel increased in increased inventory? Is there any -- what I mean, help us with the magnitude of what would happen if those direct auto customers, finally decided that they did indeed need to restock?

是的，謝謝。早安.我想回顧一下您所說的庫存水平，特別是您的直接汽車客戶的庫存水平。這些庫存水準現在處於什麼水準？您是否量化了隨著分銷通路庫存增加會產生什麼影響？有什麼——我的意思是，幫助我們了解如果那些直接汽車客戶最終決定他們確實需要補貨，會發生什麼情況嗎？

So, Chris, what we see right now that we're starting to shift to and demand. And I think that normalization and we can see it in an orders. And we did say indeed that we don't see the restock. Now, the specific question of what the levels are, I think we don't have disability at a granular level per customer per tier one that will be a com complex, but it's very clear to us that is way below our manufacturing cycle.

所以，克里斯，我們現在看到的是我們開始轉變需求。我認為我們可以在訂單中看到這種正常化。我們確實說過，我們沒有看到補貨。現在，關於等級的具體問題，我認為我們並沒有針對每個客戶、每個一級客戶進行細緻的殘疾評估，這將是一個複雜的問題，但我們很清楚，這遠低於我們的製造週期。

And that's what I mean by is, I think that is just eventually not a healthy level to be able to manage sustainable business. I can't comment whether this will happen or not in the next few quarters or in even 2026. But that is a potential scenario of restocking. It's indeed a tailwind for our business that is, that is something that will provide benefit for us.

這就是我的意思，我認為這最終不是一個能夠管理永續業務的健康水準。我無法評論這是否將在未來幾季甚至 2026 年發生。但這是一種潛在的補貨情景。這對我們的業務來說確實是一個順風，也就是說，這將為我們帶來利益。

Maybe I could add a little bit rough there, Chris, as for about the last eight quarters we've been under shipping into the tier one supply chain and actual end production. So, it's actually been a headwind to us. I'd say over the last two quarters and in our guidance into Q4, we started to see that that headwind subside.

克里斯，也許我可以在這裡添加一些粗略的信息，因為在過去的八個季度裡，我們一直在向一級供應鏈和實際的最終生產中發貨。所以，這對我們來說實際上是一個阻力。我想說，在過去兩個季度以及我們對第四季的預測中，我們開始看到這種不利因素正在消退。

And so we think the inventory levels at the tier one are where they, the tier one players believe are normalized for the current environment. They are still very cautious on the macroeconomic outlook, as Rafael said, we've not seen that next lever of restocking occurring.

因此，我們認為一級供應商的庫存水準是一級供應商認為在當前環境下正常的水準。他們對宏觀經濟前景仍然非常謹慎，正如拉斐爾所說，我們還沒有看到下一個補貨槓桿的出現。

But when you go from a headwind of under shipping to at least shipping to in demand, that's the new growth in the short-term. Did you have a follow-up, Chris?

但是，當你從運輸不足的逆風轉向至少運輸需求充足時，這就是短期內的新成長。克里斯，你還有後續消息嗎？

I do thanks. I want to come to your comment on buybacks that you mentioned you prepared remarks. Could you give us a little more detail on what the intention is going forward and what we should expect now that you're resuming the buybacks?

我確實感謝。我想談談您對回購的評論，您提到您準備了評論。您能否向我們詳細介紹一下未來的意圖以及在您恢復回購之後我們應該期待什麼？

Yeah, no change to our capital allocation strategy, Chris, as shared in our prepared remarks, we restart our buybacks. As I mentioned, we have a lot of cash going out, and so we just want to make sure we had all the cash to continue to return and make all the investments we want to make inside NXP but also balance that with healthy returns to our owners.

是的，克里斯，我們的資本配置策略沒有改變，正如我們在準備好的演講中所分享的，我們重新開始回購。正如我所提到的，我們有大量現金支出，因此我們只想確保我們擁有足夠的現金來繼續回報並進行我們想要在 NXP 內部進行的所有投資，同時也要為我們的所有者帶來健康的回報。

And so if you look at the last 12 months, we returned 106% back to our owners and, we're going to continue to go do that.

因此，如果你回顧過去 12 個月，我們向所有者返還了 106%，我們將繼續這樣做。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Hey guys. Thanks for taking my question. I just want to ask on, the kind of cyclical tailwinds for seasonality. I mean, I guess if you look at December, it's really just industrial that maybe you could argue is above typical seasonality, and then I think you said just soft guidance for March normal. I think a lot of people have talked about the slowing down of the single recovery.

嘿，大家好。感謝您回答我的問題。我只是想問一下，季節性的周期性順風是什麼。我的意思是，我想如果你看一下 12 月份，你會發現實際上只是工業成長高於典型的季節性，然後我認為你說的只是 3 月份正常的軟指導。我認為很多人都談論過單曲復甦放緩的問題。

I mean, your comments were pretty positive, Rafael. I'm just kind of curious, if you can just kind of assess. If you're just looking at seasonality, I guess is there is the seasonal, the sickle tailwind slowing, and I guess maybe you can look at the different markets and if you feel differently about them.

我的意思是，你的評論非常積極，拉斐爾。我只是有點好奇，你是否可以評估一下。如果你只是關注季節性，我想就會有季節性，鐮刀形的順風正在減緩，我想也許你可以看看不同的市場，看看你對它們有不同的感受。

Yeah, you I think if you look at the Q4 numbers, you clearly stated industrial IT was about seasonality. I would even say that automotive was slightly better than seasonality, right, pre-COVID levels. And the drivers are -- well they have a one common driver that is I think is inventory digestion is. It's, it, it's almost done. I think that is, that is one normalization is a big deal.

是的，我認為如果你看一下第四季的數據，你會清楚地發現工業 IT 與季節性有關。我甚至會說，汽車行業的季節性表現比疫情之前的水平略好一些。而驅動因素是——嗯，它們有一個共同的驅動因素，我認為那就是庫存消化。快完成了，快完成了。我認為，正常化是一件大事。

And we start to shift to true and demand and automotive, and we're starting to see some company-specific drivers and industrial IT that are helping us. With respect to whether the seasonality is going to change, we call it an up cycle. I think we're careful with that because one, we do have the inventory digestion done as a factor for an up cycle.

我們開始轉向真正的需求和汽車，我們開始看到一些公司特定的驅動因素和工業 IT 正在幫助我們。至於季節性是否會發生變化，我們稱之為上升週期。我認為我們對此持謹慎態度，因為首先，我們確實已經完成了庫存消化，這是上升週期的一個因素。

We do see some specific areas of growth in industrial, and we see an encouraging signs of true demand in industrial IoT. And so, we do see the elements of a soft upcycle. And that's the reason why I would say that like that if you were to ask me today, are you more optimistic than you were last quarter? I would say that we are slightly more optimistic than last quarter.

我們確實看到了工業領域的一些特定成長領域，我們看到了工業物聯網真正需求的令人鼓舞的跡象。因此，我們確實看到了軟上升週期的因素。這就是我這樣說的原因，如果您今天問我，您是否比上個季度更樂觀？我想說我們比上一季稍微樂觀一點。

Thanks. And then I wanted to ask you on mobile. I mean, if I have my numbers right, it might be a record. I'm just kind of curious the drivers behind that.

謝謝。然後我想透過手機問你。我的意思是，如果我的數字正確的話，這可能是一個記錄。我只是有點好奇這背後的驅動因素。

You, and all my mobile, we're a specialty player there mostly driven by the wallet, and a little bit of custom analog that we do for a tier one customer there. I see that the moves of Q2 to Q3, and Q4, and I think you got to take Q3 and Q4 together. It is purely in my opinion; it's just a seasonal move and some strength in some of our customers.

您和我的所有行動設備，我們都是那裡的專業參與者，主要由錢包驅動，我們為那裡的一級客戶提供了一些客製化模擬。我看到了 Q2 到 Q3 和 Q4 的舉動，我認為你必須將 Q3 和 Q4 結合起來。這純粹是我個人的看法；這只是一個季節性的舉動，也是我們一些客戶的優勢。

Okay. Thank you.

好的。謝謝。

Joshua Buchalter, TD Cowen and Company LLC

Joshua Buchalter，TD Cowen and Company LLC

Hey guys, thank you for taking my question and congrats to both Rafael and Kurt and good luck. I know it's still early in earning season, but you -- your comments and outlook on the industrial IT segment, we're certainly better than your peers who have mainly talked about decelerating trends.

嘿，大家好，謝謝你們回答我的問題，恭喜拉斐爾和庫爾特，祝你們好運。我知道現在還處於獲利季節的早期，但是您對工業 IT 領域的評論和展望肯定比主要談論減速趨勢的同行要好。

We've kind of touched on it a little bit, and I realize you're not going to comment on peers, but would you say the difference in what you're seeing versus peers is because of inventory management or more product cycle driven and what gives you confidence in the sustainability of sort of the upcycle that you're starting to see signs of with orders still coming in in late and with the lead time? thank you.

我們已經稍微談過這個問題了，我知道您不會對同行發表評論，但您是否認為您所看到的與同行之間的差異是因為庫存管理或更多的產品週期驅動？是什麼讓您對上升週期的可持續性充滿信心？您開始看到訂單仍然延遲和交貨時間的跡象？謝謝。

Yeah and Josh, you have the -- so let, I can speak of NXP situation with respect to industrial and IoT because for us, industrial and IoT has indeed been one of the more challenging and markets since 2022 and also Q3, our business is still 20% below our peak. Right?

是的，喬希，你可以談談恩智浦在工業和物聯網方面的情況，因為對我們來說，工業和物聯網確實是自 2022 年以來最具挑戰性的市場之一，而且在第三季度，我們的業務仍比峰值低 20%。正確的？

And again, I do remind you that we're not the bellwether for industrial IoT, so the comparisons to other, you could say peers may not be, I guess relevant. But I would have to say that we did manage inventory in a different way. We were very disciplined in the way we managed our business in the down cycle. And I think I would say that we will be similarly disciplined managing what we see and I would say it's a sub upcycle.

我再次提醒您，我們不是工業物聯網的領頭羊，因此與其他同行的比較可能不相關。但我不得不說，我們確實以不同的方式管理庫存。在經濟下行週期中，我們管理業務的方式非常嚴謹。我想說的是，我們將同樣嚴格地管理我們所看到的情況，我想說這是一個上升週期。

And again, I mean, we are having some company specific drivers there, they're driving demand that is through new demand, and we have exposure to a few companies specific design winds in the core industrial that are driving, they're driving some of the, the improvement. But I don't know how you will take that as a bad weather for the industry.

再說一次，我的意思是，我們在那裡有一些公司特定的驅動因素，他們透過新需求來推動需求，而且我們接觸到一些公司在核心工業領域的特定設計風，這些風正在推動，它們正在推動一些改進。但我不知道您如何看待這對行業而言是一個壞天氣。

Understood. Helpful caller. Thank you. And I was maybe also hoping that you could provide some color on the China auto market what you saw there in your quarter and your expectations into 4Q. I believe a good amount of that is actually served by the DT so our inventory levels there, lean as well. Thank you.

明白了。樂於助人的來電者。謝謝。我可能也希望您能提供一些有關中國汽車市場的情況，介紹一下本季的情況以及對第四季的預期。我相信其中很大一部分實際上是由 DT 提供的，因此我們那裡的庫存水平也很低。謝謝。

Yes, China, I mean. I listen, I was in China a few months ago, with Kurt, and we did a customer visit to both China, Taiwan, and actually Japan. China specifically, China continues to be strong, continues to be a very dynamic market themselves. The auto industry there is very competitive, and they continue to actually push for innovation, push for products.

是的，我指的是中國。我聽說，幾個月前我和庫爾特一起去了中國，我們拜訪了中國大陸、台灣和日本的客戶。具體來說，中國繼續保持強勁，繼續是一個非常有活力的市場。那裡的汽車產業競爭非常激烈，他們不斷推動創新，不斷推出新產品。

Our, I would say inventory situation there is also lean. It's also, but it's a business that is driven, that is thriving, is strong, we have good customer traction, so we feel very optimistic about our position in China.

我想說我們的庫存情況也很緊張。這也是一項有動力、蓬勃發展、實力雄厚的業務，我們擁有良好的客戶吸引力，因此我們對在中國的地位非常樂觀。

And Josh, if I could add as a reminder, in the Asia market, specifically in China Auto, we service the majority of that through our distribution channel, and it is in the Western markets in North America and Europe where we do it on a direct basis. So our approach to channel management, which I'd say is probably best in class, we take a heavy hand there even in Asia with the channel.

喬希，我想提醒一下，在亞洲市場，特別是在中國汽車市場，我們透過分銷管道為大部分市場提供服務，而在北美和歐洲等西方市場，我們則直接提供服務。因此，我認為我們的通路管理方法可能是同類中最好的，即使在亞洲，我們也對通路採取了強有力的措施。

Thank you both.

謝謝你們兩位。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Oh great. Thanks for taking my questions. First, I'm hoping you can remind us about the strategic, purpose of the recent acquisitions. I think TTTech closed, recently, but then you have the two new ones as well. Can you just frame that as it relates to the rest of the auto business and then I have a follow-up? Thank you.

哦，太好了。感謝您回答我的問題。首先，我希望您能提醒我們最近收購的策略目的。我認為 TTTech 最近關閉了，但還有兩家新公司。您能否簡單地將其與其他汽車業務聯繫起來，然後我可以跟進？謝謝。

Yeah, well, this is, these acquisitions are actually, directly aligned with the strategic direction of bringing intelligence systems at the edge of industrial and automotive. If you look at TTTech is a company that is a software company that is going to help us accelerate our move of the system defined vehicle in and around S32s and around the system approach.

是的，這些收購實際上與將智慧系統引入工業和汽車前沿的戰略方向直接一致。如果你看一下 TTTech，它是一家軟體公司，它將幫助我們加速在 S32 內部和周圍以及圍繞系統方法的系統定義車輛的移動。

And so quite excited to have them is a, it's a capability that would have been very difficult to obtain organically, and it's a company that brings IP specific also and functional safety at the system level. Aviva Links, the company that has a really, I would say innovative technology on a, on the 30s, technology that is a standard, so it's a standard 30s, and that is critical to standardize sensors.

因此，能夠擁有它們我感到非常興奮，因為這種能力很難自然獲得，而且這是一家在系統層面上提供特定 IP 和功能安全的公司。Aviva Links 公司擁有真正的創新技術，我想說，這項技術是 30 年代的標準技術，所以它是標準的 30 年代技術，這對於標準化感測器至關重要。

Think of our radar, think of cameras, think of IAR around a core processor, which in this case will be our S32. So we're quite bullish on Aviva links, and Kinara brings AI capabilities, especially Gen AI capabilities, high performance, low power that is going to also accelerate in the -- our portfolio of intelligence into the edge.

想想我們的雷達，想想攝影機，想想圍繞核心處理器的 IAR，在這種情況下將是我們的 S32。因此，我們非常看好 Aviva 鏈接，而 Kinara 帶來了 AI 功能，尤其是 Gen AI 功能，其高性能、低功耗也將加速我們的智慧產品組合走向邊緣。

And then the follow-up, there's been some discussion about some elevated competitive dynamics in the infotainment, part of your auto's business. Can you remind us how big that is in your auto's business and maybe update us on that competitive situation? Thank you.

接下來，我們討論了資訊娛樂領域（汽車業務的一部分）競爭態勢的提升。您能否提醒我們這在您的汽車業務中佔多大比重，並向我們介紹一下競爭情況？謝謝。

Yeah, well, I'll take that one. So think about IBI and vehicle infotainment, there's kind of two parts. There's the visualization what you see on the dashboards, and there's the what you hear the audio portion. I'd say on IBI order, we continue to be a dominant player there on the visualization.

是的，好吧，我會選擇這個。所以想想 IBI 和車輛資訊娛樂，有兩個部分。您在儀表板上看到的是視覺化內容，您在音訊部分聽到的是視覺化內容。我想說，在 IBI 訂單方面，我們在視覺化方面繼續佔據主導地位。

Our performance is maybe a little below, some of our peers, but I think that's very well-known at this time. And I think with that, [Twanda], I think we're going to need to move back to Rafael for closing remarks if we can.

我們的表現可能比我們的一些同行略差一些，但我認為這是眾所周知的。我認為，[Twanda]，如果可以的話，我們需要回到拉斐爾來做結束語。

Well thank you everyone for joining us today and your thoughtful questions. This quarter marks both a leadership transition, and a reaffirmation of NXP's consistent strategy focused on profitable growth, discipline, execution, and predictable returns. We are encouraged by the gradually increasing signs of a cyclical recovery, across our automotive, and industrial and IoT and markets and by the continuous strength of our company specific road drivers.

非常感謝大家今天的參與以及提出深思熟慮的問題。本季標誌著領導層的過渡，也標誌著恩智浦一貫注重獲利成長、紀律、執行和可預測回報的策略的重申。令我們感到鼓舞的是，汽車、工業和物聯網市場週期性復甦的跡象逐漸增多，公司特定道路驅動力也持續強勁。

Our priorities remain clear. Deliver on our commitments and manage what is in our control, position, and speed to continue to grow profitably. I want to express my gratitude to Kurt for his outstanding leadership and for the partnership we have built over many years.

我們的優先事項仍然很明確。履行我們的承諾並管理我們所能控制的、地位和速度，以繼續實現獲利成長。我要對庫爾特的傑出領導以及我們多年來建立的夥伴關係表示感謝。

In his 30-year career at NXP, he has left a lasting legacy, navigating us through various challenges, and positioning NXP as a leader in the markets we serve. I am truly humbled to follow his footsteps. It is a privilege to meet this company and this team. I am excited about what we will achieve together. Thank you.

在恩智浦 30 年的職業生涯中，他留下了持久的遺產，帶領我們克服了各種挑戰，並使恩智浦成為我們所服務市場的領導者。能夠跟隨他的腳步，我深感榮幸。我很榮幸能夠認識這家公司和這個團隊。我對我們將要共同達成的成就感到興奮。謝謝。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，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。