安森美 (ON) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ON Semiconductor Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

女士們、先生們，感謝大家的支持，並歡迎參加安森美半導體 2020 年第四季財報電話會議。 （操作員指示）請注意，今天的會議可能會被錄音。 （操作員說明）

I would like to hand the conference over to one of your speakers today, Parag Agarwal, Vice President of Corporate Development and Investor Relations. Sir, please go ahead.

我想將會議交給今天的發言人，企業發展和投資者關係副總裁帕拉格·阿加瓦爾 (Parag Agarwal)。先生，請繼續。

Thank you, Michelle. Good morning, and thank you for joining ON Semiconductor Corporation's Fourth Quarter 2020 Quarterly Results Conference Call. I'm joined today by Hassane El-Khoury and -- our President and CEO; and Bernard Gutmann, our CFO.

謝謝你，米歇爾。早安，感謝您參加安森美半導體公司 2020 年第四季業績電話會議。今天，哈桑·埃爾-庫裡 (Hassane El-Khoury) 和我們的總裁兼執行長也加入了我的行列。和我們的財務長伯納德·古特曼。

This call is being webcast on the Investor Relations section of our website at www.onsemi.com. A replay of this webcast, along with our 2020 fourth quarter earnings release, will be available on our website approximately 1 hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call. Additional information related to our end markets, business segments, geographies, channels, share count and 2021 fiscal calendar are also posted on our website.

本次電話會議正在我們網站 www.onsemi.com 的投資者關係部分進行網路直播。本次網路廣播的重播以及我們的 2020 年第四季收益發布將在本次電話會議後約 1 小時在我們的網站上發布，錄製的網路廣播將在本次電話會議後約 30 天內提供。與我們的終端市場、業務部門、地理位置、通路、股份數量和 2021 財年日曆相關的其他資訊也發佈在我們的網站上。

Our earnings release and this presentation includes certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable measures under GAAP are also included in our earnings release, which is posted separately on our website in the Investor Relations section.

我們的收益發布和本簡報包括某些非公認會計準則財務指標。這些非公認會計準則財務指標與公認會計準則下最直接可比較指標的對帳也包含在我們的收益發布中，該收益發佈單獨發佈在我們網站的投資者關係部分。

During the course of this conference call, we will make projections or other forward-looking statements regarding our future events or future financial projection of the company. The words believe, estimate, project, anticipate, intend, may, expect, will, plan, should or similar expressions are intended to identify forward-looking statements. We wish to caution that such statements are subject to risks and uncertainties that could cause actual events or results to differ materially from projections. Important factors which can affect our business, including factors that could cause actual results to differ from our forward-looking statements, are described in our Form 10-K, Form 10-Qs and other filings with the Securities and Exchange Commission. Additional factors are described in our earnings release for our fourth quarter of 2020. Our estimates or other forward-looking statements may change, and the company assumes no obligation to update forward-looking statements to reflect actual results, change assumptions or other events that may occur except as required by law.

在本次電話會議期間，我們將就我們的未來事件或公司未來的財務預測做出預測或其他前瞻性陳述。相信、估計、預測、預期、打算、可能、期望、將、計劃、應該或類似表達等詞語旨在識別前瞻性陳述。我們希望提醒您，此類陳述存在風險和不確定性，可能導致實際事件或結果與預測有重大差異。我們向美國證券交易委員會提交的表格 10-K、表格 10-Q 和其他文件中描述了可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素。我們在2020 年第四季的收益發布中描述了其他因素。義務。

We have changed the date for our Analyst Day. Now we plan to host our Analyst Day on August 5 of this year instead of March 5. With the recent change in leadership of the company, we believe that we will need -- we will be able to provide a firm and complete view of our updated strategy and financial targets on August 5.

我們更改了分析師日的日期。現在，我們計劃在今年 8 月 5 日而不是 3 月 5 日舉辦分析師日。 8 月5 日更新了策略和財務目標。

Now let me turn it over to Hassane. Hassane?

現在讓我把它交給哈桑。哈桑？

Thank you, Parag, and thank you, everyone, for joining us today. I want to start by expressing how excited I am to be part of this historic company and its incredibly talented and motivated workforce. I will start by sharing with you the initial observations and updating you on the process we will use to evolve the future strategy and direction of the company. I will then address our fourth quarter 2020 results and turn the call over to Bernard to discuss financials and forward-looking guidance.

謝謝帕拉格，也謝謝大家今天加入我們。首先，我想表達能夠成為這家歷史悠久的公司的一員以及其才華橫溢、積極進取的員工隊伍的一員，我感到多麼興奮。首先，我將與您分享初步觀察結果，並向您介紹我們將用於制定公司未來策略和方向的流程的最新情況。然後，我將介紹我們 2020 年第四季的業績，並將電話轉給伯納德，討論財務和前瞻性指導。

I took the role as CEO because I could clearly see the tremendous potential we have even as I looked at it from the outside. Having been in the role for a few months now, I can see a company with outstanding assets, including a highly talented and motivated workforce, intellectual property, sales channels, products, customer relationships, brand and industry-leading operational prowess, to name a few.

我擔任執行長的角色是因為即使我從外部看，我也能清楚地看到我們擁有的巨大潛力。入職幾個月後，我看到一家公司擁有出色的資產，包括才華橫溢、積極進取的員工隊伍、智慧財產權、銷售管道、產品、客戶關係、品牌和行業領先的營運能力等等。

We are focused on the right markets, which are the fastest-growing semiconductor end markets with solid margin potential. I'm excited about the opportunities we have in front of us to maximize the value for our shareholders, customers and employees.

我們專注於正確的市場，這些市場是成長最快的半導體終端市場，具有堅實的利潤潛力。我對我們面前的機會感到很興奮，可以為我們的股東、客戶和員工實現價值最大化。

As I dove deeper into the company during the last 8 weeks, I have been positively surprised, and I have grown increasingly bullish about our prospects. The opportunities in front of us far exceed my initial expectations, and I'm working with my team to turn these opportunities into a strategy with a credible execution plan. I'm very confident that we will be able to deliver the full potential of the company to our stakeholders.

在過去的 8 週裡，隨著我對公司的深入了解，我感到非常驚訝，而且我對我們的前景越來越看好。擺在我們面前的機會遠遠超出了我最初的預期，我正在與我的團隊合作，將這些機會轉化為具有可信賴執行計劃的策略。我非常有信心，我們將能夠向利害關係人充分發揮公司的潛力。

At this time, I don't have all the answers to what the future strategy and direction of the company will be. However, I will walk you through the process we will be following to get there and be able to share the details with you at our Analyst Day in August. It should come as no surprise that our primary value driver will come from our gross margin expansion initiative. At this time, we aim to maintain the over-market revenue growth in our strategic markets while being opportunistic in others. We will focus on maximizing free cash flow to delever our balance sheet and set us up to remain a consolidator.

目前，對於公司未來的策略和方向是什麼，我還沒有所有的答案。不過，我將引導您完成我們將遵循的流程，並能夠在八月的分析師日與您分享詳細資訊。毫不奇怪，我們的主要價值驅動力將來自我們的毛利率擴張計劃。目前，我們的目標是在策略市場維持超市場收入成長，同時在其他市場保持機會主義。我們將專注於最大化自由現金流，以減少資產負債表的槓桿，並使我們繼續成為整合者。

To achieve our objective of maximizing shareholder value, we are ready to make substantial changes in our strategy, business and organization. We have begun the process of reevaluating our current product portfolio and our investments across the board. We will reallocate investments and resources to accelerate our growth in high-margin businesses away from nondifferentiated products and markets, which have had a historically low-margin profile. We will reduce complexity, streamline the organization and improve efficiencies.

為了實現股東價值最大化的目標，我們準備好對我們的策略、業務和組織進行重大變革。我們已經開始重新評估我們目前的產品組合和全面的投資。我們將重新分配投資和資源，以加速高利潤業務的成長，遠離歷史上利潤率較低的非差異化產品和市場。我們將降低複雜性、精簡組織並提高效率。

After realigning our investments with our products and market strategy, we will double down on R&D to accelerate growth and margin expansion. We will rationalize our manufacturing footprint to align with our investment priorities and new corporate strategy. Our primary goal is to reduce volatility in our margins and maximize return on our manufacturing investments. Our product strategy will drive our manufacturing footprint and capital investments. We intend to transition to a lighter fab model in which our margins are not as heavily influenced by our fab loadings.

在根據我們的產品和市場策略重新調整我們的投資後，我們將加倍加大研發力度，以加速成長和利潤率擴張。我們將合理化我們的製造足跡，以符合我們的投資重​​點和新的企業策略。我們的主要目標是減少利潤波動並最大限度地提高製造投資回報。我們的產品策略將推動我們的製造足跡和資本投資。我們打算過渡到更輕的晶圓廠模式，在這種模式下，我們的利潤不會受到晶圓廠負荷的嚴重影響。

As you can already tell, we have hit the ground running, and we are making progress in a short period of time. We will provide you with greater insight into our strategy and targets at our Analyst Day on August 5. In the meantime, we plan to continue to provide updates as we make progress.

正如您已經知道的那樣，我們已經開始行動，並且在短時間內取得了進展。我們將在 8 月 5 日的分析師日讓您更深入地了解我們的策略和目標。

Now moving on to the fourth quarter 2020 results. Revenue for the fourth quarter of 2020 was $1.45 billion, an increase of 3% year-over-year. We saw a steep improvement in demand in the fourth quarter, and the momentum has continued thus far in the current quarter. The surge in demand is driven by a broad-based improvement in global macroeconomic conditions and lean channel and end-market inventories.

現在我們來看 2020 年第四季的業績。 2020年第四季營收為14.5億美元，年增3%。我們看到第四季度的需求急劇改善，並且本季迄今這股勢頭仍在持續。需求激增是由全球宏觀經濟狀況的廣泛改善以及精實通路和終端市場庫存所推動的。

The automotive end market had the steepest recovery in the fourth quarter. Based on current demand trends and the global macro outlook, we expect to continue to see above-seasonal demand trends in the near term.

汽車終端市場第四季復甦最快。根據當前的需求趨勢和全球宏觀前景，我們預期短期內將持續出現高於季節性的需求趨勢。

On the supply side, we have been able to manage our customers' requirements for our products thus far. As semiconductor vendor increase supply and customers fulfill pent-up demand, the temporary supply-demand imbalance should subside in a few quarters.

在供應方面，到目前為止，我們已經能夠管理客戶對我們產品的需求。隨著半導體供應商增加供應並且客戶滿足被壓抑的需求，暫時的供需失衡應該會在幾個季度內得到緩解。

Let me discuss a few highlights of our key strategic end markets, starting with automotive. Revenue for the automotive market in Q4 2020 was a record $491 million and represented 34% of our revenue and an increase of 6% from Q4 of 2019. Our 2020 automotive revenue declined by 7.5% year-over-year but significantly outperformed the 2020 global automotive production unit, which declined by 16% over the same period. The significant outperformance was driven by increasing content for our products and fastest-growing applications in the automotive market.

讓我從汽車開始討論我們關鍵策略終端市場的一些亮點。 2020 年第四季汽車市場營收達到創紀錄的4.91 億美元，占我們營收的34%，比2019 年第四季成長6%。收入汽車產量較去年同期下降16%。我們產品內容的增加以及汽車市場中成長最快的應用推動了業績的顯著成長。

Our design win funnel continues to expand. We won ADAS and viewing sockets on many of the recently announced platforms. We also secured a win for our LiDAR products with a European automotive OEM. We expect this win to ramp later this year.

我們的設計獲勝漏斗不斷擴大。我們在許多最近宣布的平台上贏得了 ADAS 和查看套接字。我們的光達產品也贏得了一家歐洲汽車原始設備製造商的青睞。我們預計這場勝利將在今年稍後取得進展。

Another significant design during the fourth quarter was with a major Tier 1 for our sensor module, which features a lens integrated in a sensor pocket -- package for in-vehicle experience application.

第四季的另一個重要設計是我們的感光元件模組的主要第 1 層，其特點是將鏡頭整合在感光元件口袋中——用於車載體驗應用的封裝。

We continue to see strong momentum for our silicon carbide and IGBT product for electric vehicles and expect to see strong ramp in our EV-related revenue with various models going into production in 2020 and 2022.

我們繼續看到電動車用碳化矽和 IGBT 產品的強勁勢頭，並預計隨著 2020 年和 2022 年投入生產的各種車型，我們的電動車相關收入將強勁增長。

The industrial end market, which includes military, aerospace and medical, contributed revenue of $384 million (sic) [$348 million] in the fourth quarter of 2020 at 24% of our revenue. Year-over-year, our fourth quarter industrial revenue increased by 2%. This increase was driven by broad-based pickup in global industrial activity, partially offset by geopolitical issues related to a specific customer.

包括軍事、航空航太和醫療在內的工業終端市場在 2020 年第四季貢獻了 3.84 億美元（原文如此）[3.48 億美元]的收入，占我們收入的 24%。與去年同期相比，我們第四季的工業收入成長了2%。這一增長是由全球工業活動廣泛回升推動的，但部分被與特定客戶相關的地緣政治問題所抵消。

In the industrial end market, we continue to see strong momentum for our power modules and alternative energy applications. Our customer base for power semiconductor and alternative energy has expanded by approximately 50% in 2020. We expect to see strong growth in this business as the new U.S. administration is focused on the reduction in global carbon emissions. We are seeing strong traction for machine vision, factory automation applications with our exit -- XGS family of image sensors. In the communications end market, we expect strong growth in 2021 for 5G-related revenue driven by increased 5G capital expenditure by carriers.

在工業終端市場，我們繼續看到我們的電源模組和替代能源應用的強勁勢頭。 2020 年，我們的功率半導體和替代能源客戶群擴大了約 50%。隨著我們退出 XGS 系列影像感測器，我們看到了機器視覺、工廠自動化應用的強勁吸引力。在通訊終端市場，我們預期在營運商5G資本支出增加的推動下，2021年5G相關收入將強勁成長。

Now I will turn the call over to Bernard to provide additional details on our financials and guidance. Bernard?

現在我將把電話轉給伯納德，以提供有關我們財務和指導的更多詳細資訊。伯納德？

Thank you, Hassane. During the fourth quarter of 2020, we saw continuing recovery in business conditions driven by robust growth in global economic activity. Order activity accelerated sharply across most end markets as customers are ramping production and replenishing inventories to meet a steep increase in end-market demand. Along with the strong broad-based recovery in macroeconomic conditions, secular megatrends in automotive, industrial and cloud power markets continue to drive our business.

謝謝你，哈桑。 2020年第四季度，在全球經濟活動強勁成長的推動下，商業狀況持續復甦。由於客戶正在提高產量並補充庫存，以滿足終端市場需求的急劇增長，大多數終端市場的訂單活動急劇加速。隨著宏觀經濟狀況的強勁廣泛復甦，汽車、工業和雲端電源市場的長期大趨勢繼續推動我們的業務。

Gross margin improvement is the primary strategic priority for the company. As Hassane indicated in his remarks, we are going through a detailed review of our product portfolio. The primary objective is to reallocate our capital to drive margin expansion and growth. Our revised product strategy will determine our capital expenditures and investments in other resources needed to support the business. We will update you with our progress as we go through the process.

提高毛利率是公司的首要策略重點。正如哈桑在演講中指出的那樣，我們正在對我們的產品組合進行詳細審查。主要目標是重新分配我們的資本以推動利潤率擴張和成長。我們修訂後的產品策略將決定我們的資本支出和其他支持業務所需的資源的投資。我們將在整個過程中向您通報最新進展。

We are on track with our manufacturing consolidation plans, and discussions are ongoing with various parties regarding the previously announced intended sales of our fabs in Belgium and Niigata, Japan. We have closed our operations and sold the fab in Rochester, New York. And we should begin to realize annual savings of $15 million, starting in the first quarter of 2021.

我們的製造整合計劃正在按計劃進行，並且正在與各方就先前宣布的比利時和日本新潟工廠的銷售計劃進行討論。我們已經關閉了我們的業務並出售了紐約羅徹斯特的工廠。從 2021 年第一季開始，我們應該開始實現每年 1500 萬美元的節省。

Now let me provide you additional details on our results. Total revenue for the fourth quarter of 2020 was $1.45 billion, an increase of 3% as compared to revenue of $1.40 billion in the fourth quarter of 2019. The year-over-year increase in revenue was driven by growth in our key strategic end markets. GAAP net income for the fourth quarter was $0.21 per diluted share as compared to a net income of $0.14 per diluted share in the fourth quarter of 2019. Non-GAAP net income for the fourth quarter of 2020 was $0.35 per diluted share as compared to $0.30 per diluted share in the fourth quarter of 2019.

現在讓我向您提供有關我們結果的更多詳細資訊。 2020年第四季總營收為14.5億美元，較2019年第四季14.0億美元成長3%。第四季GAAP 攤薄每股淨利為0.21 美元，而2019 年第四季攤薄每股淨利為0.14 美元。攤薄每股淨利為0.30 美元2019 年第四季稀釋後每股收益。

GAAP and non-GAAP gross margin for the fourth quarter of 2020 were 34.4% as compared to 34.6% in the fourth quarter of 2019. The year-over-year decline in gross margin was driven primarily by a weakening U.S. dollar against currencies in most regions in which we operate our manufacturing facilities. Our GAAP operating margin for the fourth quarter of 2020 was 11.6% as compared to 9.9% in the fourth quarter of 2019.

2020 年第四季的 GAAP 和非 GAAP 毛利率為 34.4%，而 2019 年第四季為 34.6%。我們 2020 年第四季的 GAAP 營運利潤率為 11.6%，而 2019 年第四季為 9.9%。

Our GAAP -- our non-GAAP operating margin for the fourth quarter of 2020 was 14.2% as compared to 12.3% in the fourth quarter of 2019. The year-over-year increase in operating margin was driven largely by lower operating expenses.

我們的 GAAP—2020 年第四季的非 GAAP 營運利潤率為 14.2%，而 2019 年第四季為 12.3%。

GAAP operating expenses for the fourth quarter of 2020 were $329.6 million as compared to $346.8 million in the fourth quarter of 2019. Non-GAAP operating expenses for the fourth quarter of 2020 were $292.4 million as compared to $313.6 million in the fourth quarter of 2019. The year-over-year decrease in non-GAAP operating expenses was driven primarily by restructuring and cost-saving measures undertaken by the company.

2020 年第四季的GAAP 營運支出為3.296 億美元，而2019 年第四季為3.468 億美元。 。

Fourth quarter 2020 free cash flow was $284 million, and operating cash flow was $400 million. Full year 2020 free cash flow increased to $501 million from $160 million in 2019 despite a 5% decline in revenue. Capital expenditures for the fourth quarter of 2020 were $116.4 million, which equates to a capital intensity of 8%. As indicated previously, we are directing most of our capital expenditures towards enabling our 300 millimeter capabilities of the East Fishkill fab.

2020年第四季自由現金流為2.84億美元，營運現金流為4億美元。儘管收入下降了 5%，但 2020 年全年自由現金流從 2019 年的 1.6 億美元增至 5.01 億美元。 2020 年第四季的資本支出為 1.164 億美元，相當於資本密集度為 8%。如前所述，我們將大部分資本支出用於實現東菲什基爾晶圓廠的 300 毫米產能。

Total capital expenditures for 2020 was $384 million. We exited the fourth quarter of 2020 with cash and cash equivalents of $1.081 billion as compared to 1.64 -- $1.654 billion at the end of the third quarter of 2020. The decline in our cash balance was primarily related to the repayment of our 2020 convertible note principal at maturity in December 2020.

2020 年資本支出總額為 3.84 億美元。 2020 年第四季結束時，我們的現金和現金等價物為 10.81 億美元，而 2020 年第三季末為 1.64 - 16.54 億美元。 2020 年12 月到期。

At the end of the fourth quarter of 2020, days of inventory on hand were 120 days, down 13 days as compared to 133 days in the third quarter of 2020. At this time, we're comfortable with the level of our balance sheet inventory. In the fourth quarter of 2020, distribution inventory decreased marginally as sales through the distribution channels increased significantly quarter-over-quarter. Distribution inventories are within our target range of 11 to 30 weeks.

截至2020年第四季末，庫存天數為120天，比2020年第三季的133天減少了13天。 2020年第四季，分銷庫存小幅下降，分銷通路銷售額較上季大幅成長。分銷庫存在我們 11 至 30 週的目標範圍內。

Now let me provide you an update on the performance by our business units, starting with Power Solutions Group or PSG. Revenue for PSG for the fourth quarter was $716 million. Revenue for the Advanced Solutions Group or ASG for the fourth quarter was $522 million, and revenue for our Intelligent Sensing Group or ISG was $208 million.

現在讓我向您介紹我們業務部門的最新業績，首先是電源解決方案集團（PSG）。 PSG第四季營收為7.16億美元。高級解決方案集團（ASG）第四季的營收為 5.22 億美元，智慧感測集團（ISG）的營收為 2.08 億美元。

Moving on to guidance. Based on product booking trends, backlog levels and estimated turn levels, we anticipate that total ON Semiconductor revenue will be in the range of $1.41 billion to $1.51 billion in the first quarter of 2021. For the first quarter of 2021, we expect GAAP and non-GAAP gross margin between 34.1% and 36.1%. We expect total GAAP operating expenses for the first quarter of 2021 of $345 million to $363 million. Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be in the $32 million to $36 million range.

繼續指導。根據產品預訂趨勢、積壓水平和預計週轉水平，我們預計安森美半導體 2021 年第一季的總收入將在 14.1 億美元至 15.1 億美元之間。 GAAP 毛利率介於34.1% 至36.1% 之間。我們預計 2021 年第一季 GAAP 營運支出總額為 3.45 億美元至 3.63 億美元。我們的 GAAP 營運費用包括無形資產攤銷、重組、資產減損和其他費用，預計在 3,200 萬美元至 3,600 萬美元範圍內。

We expect total non-GAAP operating expenses of $313 million to $327 million in the first quarter. The expected increase in our first quarter operating expenses as compared to those in the fourth quarter is driven by the expected accrual for variable compensation in anticipation of a strong financial performance in 2021 and is in line with the $25 million to $30 million increase foreshadowing the last quarter's earnings call's prepared remarks. In our 2020 operating expenses, the variable component of compensation was not significant.

我們預計第一季非 GAAP 營運支出總額為 3.13 億美元至 3.27 億美元。與第四季度相比，我們第一季營運費用的預期成長是由於預計2021 年財務業績強勁而預計可變薪酬應計費用所驅動，並且與去年預示的2500 萬至3000 萬美元的增長一致。在我們 2020 年的營運費用中，薪酬的可變部分並不重要。

For the first quarter of 2021, we anticipate GAAP net other income and expense, including interest expense, will be an expense of $34 million to $37 million, which includes the noncash interest expense of $4 million to $5 million. We anticipate our non-GAAP net other income and expenses, including interest expense, will be an expense of $30 million to $32 million. Net cash paid for income taxes in the first quarter of 2021 is expected to be in the $18 million to $24 million. For 2021, we expect cash paid for income taxes to be in the range of $80 million to $90 million.

對於 2021 年第一季度，我們預計 GAAP 淨其他收入和支出（包括利息支出）將為 3,400 萬至 3,700 萬美元，其中包括 400 萬至 500 萬美元的非現金利息支出。我們預計我們的非 GAAP 淨其他收入和支出（包括利息支出）將為 3,000 萬至 3,200 萬美元。 2021 年第一季繳納所得稅的淨現金預計為 1,800 萬至 2,400 萬美元。 2021 年，我們預計所得稅支付現金將在 8,000 萬至 9,000 萬美元之間。

We expect total capital expenditures of $90 million to $100 million in the first quarter of 2021. We expect share-based compensation of $15 million to $17 million in the first quarter of 2021, of which approximately $3 million is expected to be in cost of goods sold, and the remaining amount is expected to be in operating expenses. This expense is included in our non-GAAP financial measures.

我們預計 2021 年第一季的資本支出總額為 9,000 萬美元至 1 億美元。 我們預計 2021 年第一季的股權激勵為 1,500 萬美元至 1,700 萬美元，其中預計約 300 萬美元用於商品成本出售，剩餘金額預計將計入營運費用。這筆費用包含在我們的非公認會計準則財務指標中。

Our GAAP diluted share count for the first quarter of 2021 is expected to be 438 million to 439 million shares based on our current stock price. Our non-GAAP diluted share count for the first quarter of 2021 is expected to be 431 million shares based on our current stock price. Further details on share count and earnings per share calculations are provided regularly in our quarterly and annual reports on Form 10-Q and 10-K, respectively.

根據我們目前的股價，我們 2021 年第一季的 GAAP 稀釋後股票數量預計為 4.38 億至 4.39 億股。根據我們目前的股價，我們 2021 年第一季的非 GAAP 稀釋後股票數量預計為 4.31 億股。有關股數和每股收益計算的更多詳細信息，請定期在我們的季度報告和年度報告中分別以 10-Q 和 10-K 表格形式提供。

I would like to end my comments on a personal note. As you're all aware, I have decided to retire after 39 years with ON Semiconductor and its predecessor company. It has truly been an honor to serve the company and its shareholders, employers and customers for all these years. I have enjoyed interacting with all of you over the years. You have kept me on my toes and always helped me strive to do better at my job. ON Semiconductor has a very bright future, and the company is well positioned to deliver significant value to its shareholders, customers and employees.

我想以個人觀點來結束我的評論。眾所周知，在安森美半導體及其前身公司工作了 39 年後，我決定退休。多年來為公司及其股東、雇主和客戶提供服務確實是一種榮幸。多年來我很高興與大家互動。您讓我保持警惕，並始終幫助我努力把工作做得更好。安森美半導體擁有非常光明的未來，該公司有能力為股東、客戶和員工創造巨大的價值。

With that, I would like to start the Q&A session. Thank you, and Michelle, please open the line for questions.

接下來，我想開始問答環節。謝謝您，米歇爾，請撥打電話提問。

(Operator Instructions) Our first question comes from the line of Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

First, Bernard, great working with you all the years. Congrats on the retirement. My first question is for Hassane. You mentioned a laundry list of actions you're going to take structurally for the company. I know you're not going to go into exceedingly detailed levels before the analyst meeting in August. But I wondered how you're balancing the gross margin side versus the OpEx and operating margin side. You mentioned about doubling down on R&D. How do you balance the gross margin versus the operating margin priority for the company?

首先，伯納德，這些年來與你的合作非常愉快。恭喜退休。我的第一個問題是問哈桑的。您提到了您將為公司採取的一系列結構性行動。我知道在八月的分析師會議之前您不會討論非常詳細的問題。但我想知道你們如何平衡毛利率與營運支出和營業利潤率。您提到要加倍投入研發。您如何平衡公司的毛利率和營業利潤優先權？

Sure, Ross. Let me give you kind of how the approach has been because we started doing that work. At a high level, you can think about it as self-funding, meaning it's -- I don't like to dabble. Whether we say we're working on it or not, if we are creating products in low-margin businesses or markets that are not our strategic markets, those investments are going to stop. That's going to release capital for us to reinvest, and that's where they're doubling down.

當然，羅斯。讓我向您介紹一下我們開始做這項工作以來的方法。從較高的層面來看，你可以將其視為自籌資金，這意味著我不喜歡涉足。無論我們是否說我們正在努力，如果我們在低利潤業務或非我們策略市場的市場中創造產品，這些投資就會停止。這將為我們釋放資金進行再投資，而這正是他們加倍努力的地方。

So in -- don't think about it as we're going to double down, and OpEx is going to click up beyond the level. We're going to actually reallocate OpEx. And with the simplicity and removing complexity on the way we run our operations here, that's going to relieve a lot of more capital for us to reinvest. So I'm not worried about having enough investments that we can reallocate while maintaining at or below our OpEx, which obviously will drive our operating margin favorably.

因此，不要考慮這個問題，因為我們將加倍下注，而營運支出將超出該水平。我們將實際重新分配營運支出。由於我們在這裡運作的方式變得簡單並消除了複雜性，這將為我們節省更多的資金用於再投資。因此，我並不擔心我們有足夠的投資可以重新分配，同時保持或低於我們的營運支出，這顯然將有利地提高我們的營運利潤率。

And I guess one for either you or Bernard. The guidance is better than seasonally. You said that's going to continue for a bit. Was the better-than-seasonal comment just about the first quarter or was it longer than that? And any color between the different segments to get to your guidance for the first quarter?

我猜你或伯納德都可以。該指導優於季節性指導。你說過這會持續一段時間。比季節性的評論好是針對第一季還是比第一季更長？不同細分市場之間有什麼顏色可以得出您對第一季的指導嗎？

Yes. This is Hassane again. Our focus right now is in the first quarter. Obviously, we're coming out of a very lean inventory, both our customers and in the supply chain. So that's the rebound you're seeing in Q1 better than seasonal. I remain cautiously optimistic for the rest of the year, but it's too soon to call the rest of the year at this point.

是的。這又是哈桑。我們現在的重點是第一季。顯然，我們的客戶和供應鏈的庫存都非常精簡。這就是您在第一季看到的反彈比季節性反彈更好。我對今年剩餘時間保持謹慎樂觀，但現在判斷今年剩餘時間還為時過早。

In the prepared remarks, we talked about. It may take a few quarters to kind of stabilize the supply and demand situation. And that's when we'll get a little bit more clarity. Obviously, if you've seen the news, a lot of that strength is coming from automotive. And we see it the same way, which is a big market and a focus market for us. So we're watching it closely, but I remain cautiously optimistic until we get out of the trend of supply-demand imbalance.

在準備好的發言中，我們談到了。供應和需求狀況可能需要幾個季度才能穩定下來。到那時我們就會變得更加清晰。顯然，如果您看過新聞，您會發現其中很大一部分力量來自汽車行業。我們也以同樣的方式看待它，這對我們來說是一個很大的市場，也是一個重點市場。所以我們正在密切關注，但我仍然保持謹慎樂觀，直到我們擺脫供需失衡的趨勢。

And our next question comes from the line of Chris Danely with Citi.

我們的下一個問題來自花旗銀行的克里斯丹利 (Chris Danely)。

First of all, Bernard, congratulations. (foreign language) I'm jealous. First question is just on OpEx. I guess what's the thought process of an upfront payment to everybody in front of the upturn versus afterwards? And is this -- should we consider this as a new baseline for OpEx? Or could it trend down after this?

首先，伯納德，恭喜你。 （外語）我很嫉妒。第一個問題是關於營運支出的。我想在經濟好轉之前和之後向每個人預付款的思考過程是什麼？我們是否應該將其視為營運支出的新基準？或者說在此之後它會趨於下降嗎？

So it is not an upfront payment. It is an accrual, an accounting accrual as we have an annual plan, which actually would, cash-wise, pays in next year in February if we achieve the numbers. So this is just an accounting accrual recognizing the liability we are creating with delivering results that lead the new plan.

所以這不是預付款。這是一個應計項目，一個會計應計項目，因為我們有一個年度計劃，實際上，如果我們實現了這些數字，從現金角度來看，它將在明年二月份支付。因此，這只是一項會計應計項目，承認我們在交付引領新計劃的結果時所產生的責任。

Yes. I mean let me just put that stake in the ground. We are 100% focused on pay for performance. We have to accrue throughout the year. But pay will occur in 2022 in the first quarter, just like it did this time for the prior year. So it's after the fact. We don't do any advanced planning as far as payment in any form to employees until after the performance period is done and validated.

是的。我的意思是讓我把那根木樁放在地上。我們 100% 注重績效薪酬。我們必須全年累積。但薪資將於 2022 年第一季支付，就像去年同期一樣。所以這是事後的事。在績效期間完成並驗證之前，我們不會對以任何形式向員工付款進行任何預先規劃。

And then to your question about the trend on OpEx, we believe we have the step-function increase. And pretty much after that, it should be fairly steady.

關於您關於營運支出趨勢的問題，我們相信我們已經實現了階躍函數的成長。在那之後，它應該會相當穩定。

Okay. And for my follow-up, hey, Hassane, you mentioned you're going to take a look at the product lines. I guess what sort of rough percentage of revenue are we talking about that's being targeted as far as these low-margin product lines? And can you shed any light on what are these low-margin product lines? Is it some MOSFETs or IGBTs or some other sort of like passive types of products you guys have?

好的。對於我的後續行動，嘿，哈桑，你提到你要看看產品線。我想我們所說的這些低利潤產品線的目標收入大致百分比是多少？能透露一下這些低利潤產品線是什麼嗎？你們有一些 MOSFET 或 IGBT 或其他類似被動型式的產品嗎？

Sure. It's too soon to tell as far as to give you a percent because literally, I am looking at everything. But the way I look at it is strategic alignment to our end markets, strategic alignment to our margin target and really strategic alignment to the growth that we want to set for the company, both in gross margin expansion and revenue. So to put a percent on how much is that, it's hard to tell.

當然。現在告訴你百分比還為時過早，因為從字面上看，我正在考慮一切。但我看待它的方式是與我們的終端市場進行策略調整，與我們的利潤率目標進行策略調整，以及與我們希望為公司設定的成長（無論是在毛利率擴張還是在收入方面）的真正戰略調整。因此很難用百分比來表示這個數字是多少。

But it's not going to be, like you were expecting of IGBT or a FET of whatever kind. Because we're not looking at it as just a product family. I'll give you an example. We have IGBTs that goes into EV. I love that. That's a growth market. It's good margin, and we have a very good position in that market. That's going to be obviously a growth product and market for us. But IGBT in a low-margin consumer, that is not going to be an investment for us. So that's the surgical approach we are actually proceeding in order to get the right balance we talked about already.

但它不會像您所期望的 IGBT 或任何類型的 FET 那樣。因為我們不僅僅將其視為一個產品系列。我給你舉個例子。我們有用於電動車的 IGBT。我喜歡那個。這是一個成長的市場。這是很好的利潤率，而且我們在該市場上擁有非常好的地位。這對我們來說顯然是一個成長的產品和市場。但 IGBT 對於低利潤消費者來說，這不會成為我們的投資。這就是我們實際上正在進行的手術方法，以獲得我們已經討論過的正確平衡。

And our next question comes from the line of Toshiya Hari with Goldman Sachs.

我們的下一個問題來自 Toshiya Hari 與高盛的對話。

Hassane, you talked about you guys addressing demand so far, being pretty successful in addressing demand so far. But can you speak to where lead times are for your business today versus 3 months ago, 6 months ago? And sort of related to that, how is the pricing outlook for your business over the next 6 to 12 months in relation to what you guys have seen over the past few years?

哈桑，你談到到目前為止你們在解決需求方面非常成功。但您能談談您的企業今天的交貨時間與 3 個月前、6 個月前相比如何嗎？與此相關的是，與過去幾年的情況相比，您的業務未來 6 到 12 個月的定價前景如何？

So let me address the lead times. They have been inching up. They are still in the mid-teens but moving upwards in direction.

那麼讓我談談交貨時間。他們一直在緩慢上升。他們仍處於十幾歲左右，但正在朝著向上的方向發展。

Yes. For the pricing, I mean, we see a healthy pricing environment. Obviously, there are price increases that we have incurred from our supply chain, and we are working with customers to pass those on down the supply chain from where we are. There, of course, with supply and demand, we are always reviewing our pricing posture, and we're doing that as we speak.

是的。對於定價，我的意思是，我們看到了一個健康的定價環境。顯然，我們的供應鏈出現了價格上漲，我們正在與客戶合作，將這些價格從我們所在的供應鏈傳遞到下游。當然，在供應和需求方面，我們一直在審查我們的定價狀況，而我們正在這樣做。

It's not just only -- let me riff a little bit on, it's not just the supply and demand. We do have high-value products and the high-value products demand a higher margin. So I'm reviewing all our pricing discipline outside of just the supply and demand, and that's something you should see from us moving forward as a structural change we're implementing in the company. Where that's going to get us and where it's going to land as far as tangible result that I can credibly talk to you, that's going to be in the August meeting because that will give me enough runway to establish that process and see the impact.

這不僅僅是——讓我簡單說一下，這不僅僅是供給和需求。我們確實有高價值的產品，而高價值的產品需要更高的利潤。因此，我正在審查供應和需求之外的所有定價規則，這是我們在公司實施的結構性變革中應該看到的。這將為我們帶來什麼，以及它將取得什麼具體結果，我可以可信地與你們交談，這將在八月的會議上進行，因為這將為我提供足夠的跑道來建立該流程並觀看到影響。

Great. And then as a quick follow-up, just on sort of the long-term model. Again, I appreciate you're not going to preview your August Analyst Day. But when you look at some of the numbers that Keith and Bernard put up during their last -- during your last Investor Day, mid-single-digit revenue growth, 43% gross margin, 22 -- 21% OpEx intensity, given what you've seen so far, Hassane, where do your views differ the most? Is it more on the growth side? Is it more on the margin side? Is it both? Any color would be super helpful.

偉大的。然後作為快速跟進，只是針對長期模型。再次，我很感謝您不打算預覽八月分析師日。但是，當你看一下 Keith 和 Bernard 在上一次投資者日期間提供的一些數字時，你會發現收入成長處於中個位數，毛利率達到 43%，營運支出強度達到 22% 到 21%。目前為止，哈桑，你們的觀點最不同的地方在哪裡？更多的是成長方面嗎？是不是更偏向邊際？兩者都是嗎？任何顏色都會非常有幫助。

Look, it's not about the top line or gross margin. My focus is on the timing of it. That's kind of where I'm putting my energy right now. And then we will talk about what does that yield on top line and how quickly do we get to the -- I'm going to call it the 43% because that's the only number that is available externally.

看，這與營收或毛利率無關。我的重點是它的時機。這就是我現在投入精力的地方。然後我們將討論這會帶來什麼收益，以及我們要多快才能達到——我將其稱為 43%，因為這是唯一可以從外部獲得的數字。

A lot of people ask me, what should we be looking for as far as financial model. And my answer, and I'll reiterate it here, just hold us accountable to whatever we -- the company has done already, even though it was not me personally, until I stand in front of all of you in August and change it. But for now, just hold us accountable to the target and the financial model that we have made available already as a company.

很多人問我，就財務​​模型而言，我們應該尋找什麼？我的答案是，我會在這裡重申，只要讓我們對公司已經做過的事情負責，即使不是我個人，直到八月我站在你們所有人面前並改變它。但目前，我們只需對我們作為一家公司已經提供的目標和財務模型負責即可。

And our next question comes from the line of Raji Gill with Needham.

我們的下一個問題來自拉吉·吉爾和李約瑟的對話。

Yes. And best of luck, Bernard, and congrats, Hassane, on the new role. Hassane, a question on the 300 millimeter, the transition that's been undergoing for a couple of years. Any thoughts on how that progress is happening? And what are your thoughts on that transition to 300 millimeter? Are there steps that you want to try to accelerate that transition? And what would they be?

是的。祝伯納德好運，並祝賀哈桑擔任新角色。 Hassane，一個關於 300 毫米的問題，這個轉變已經經歷了幾年。對於這項進展是如何發生的有什麼想法嗎？您對向 300 毫米的過渡有何看法？您想採取哪些措施來加速這項轉變？它們會是什麼？

Sure. Obviously, 300 millimeter transition is a transition that we need as a company. We have it internally, and the company has already set itself on a path to have an in-source fab for that. There's obviously -- we're looking at the baseline to see if we need more, how do we get it. It doesn't necessarily mean we're going to have a multitude of fabs at the 12 inch. It's going to be driven -- to answer your question more directly, it's going to be driven by the product portfolio that we're going to have and we want to be investing in over the next 5 years, and that's part of the portfolio rationalization. I can't really address a need for a manufacturing footprint until I know exactly what we want to do, where the margin is going to come from and what the manufacturing footprint needed in order to support it, inside or outside. So that's the work we're doing on right now.

當然。顯然，300毫米過渡是我們作為一家公司所需的過渡。我們內部擁有它，公司已經走上了一條為此擁有一個內源晶圓廠的道路。顯然，我們正在查看基線，看看我們是否需要更多，我們如何獲得它。這並不一定意味著我們將擁有大量 12 吋晶圓廠。它將受到驅動——更直接地回答你的問題，它將受到我們將擁有的產品組合的驅動，我們希望在未來 5 年內進行投資，這是投資組合合理化的一部分。在我確切地知道我們想要做什麼、利潤從何而來以及製造足跡需要什麼來支持它（內部或外部）之前，我無法真正解決對製造足蹟的需求。這就是我們現在正在做的工作。

However, we do have the East Fishkill engagement. We have been making progress on it, where products are taping out. Some products are already sampling. So technology development and product move into that fab is ongoing, and I'm happy with where we are.

然而，我們確實有東菲什基爾的參與。我們一直在這方面取得進展，產品正在流產。部分產品已經開始提供樣品。因此，技術開發和產品進入該工廠的工作正在進行中，我對我們的現狀感到滿意。

To accelerate is going to be dependent on, as I mentioned, product and margin focus. And that's going to be with the capital associated with it. That's the work in progress we have to do. We have not completed yet, but I expect it to be complete by the time I give an updated financial model in the August meeting, which will include capital and manufacturing footprint targets.

正如我所提到的，加速將取決於對產品和利潤的關注。這將與與之相關的資本有關。這就是我們必須要做的正在進行的工作。我們還沒有完成，但我預計當我在八月的會議上提供更新的財務模型時，它就會完成，其中將包括資本和製造足跡目標。

And for my follow-up, Hassane, you talked about product rationalization. And I think you had mentioned achieving that either through potentially M&A or divestment, and maybe if I -- maybe correct me if that's not the case. But wondering how you would think about product rationalization in -- with respect to those 2 possible strategies.

在我的後續行動中，哈桑，您談到了產品合理化。我想你曾經提到過透過潛在的併購或撤資來實現這一目標，也許我——如果情況並非如此，也許可以糾正我。但想知道您如何看待這兩種可能的策略中的產品合理化。

Sure. But it's not -- those are obviously part of the strategy, but that's not the one that's going to get you the most impact. The one that's going to get you the most impact is literally defocusing on products that we don't see bring us any -- whether it's top line growth or margin expansion.

當然。但事實並非如此——這些顯然是戰略的一部分，但這並不是能為你帶來最大影響力的戰略。真正能為你帶來最大影響的是把注意力集中在那些我們看不到會帶給我們任何好處的產品上——無論是營收成長還是利潤擴張。

And by defocusing, there are multiple ways. You put it in harvest, you EOL it. It's short-lived, if you talk about EOL, anywhere from 6 months to 18 months. Depending on engagement with the customer as far as when we're going to exit that business, we'll notify customers, we'll support them in a transition, a transition to our products, which are better-margin structured. So we will force a conversion, or we will just exit the business and exit that customer at the top line. And we're looking at everything equally.

透過散焦，有多種方法。你把它收割，你就終止它。如果您談論 EOL，那麼它的壽命很短，從 6 個月到 18 個月不等。根據與客戶的互動情況，當我們要退出該業務時，我們將通知客戶，我們將在過渡過程中為他們提供支持，過渡到我們的產品，這些產品的利潤結構更好。因此，我們將強制進行轉換，或者我們將退出業務並退出頂線的客戶。我們平等地看待一切。

Where is that going to be as far as divesting? If there is a business that we believe has value for somebody outside of ON Semiconductor, we will monetize it instead of through an EOL, like I mentioned. We will monetize it through a divestiture.

剝離到哪裡去了？如果我們認為某項業務對安森美半導體以外的人有價值，我們會將其貨幣化，而不是像我提到的那樣透過停產。我們將透過資產剝離將其貨幣化。

Leading up to the third tenet, which is the M&A, M&A is just going to be a complementary view of what we are able to do with our portfolio rationalization. Once we have a portfolio footprint that we like in the market -- end markets that we want, then M&A would be an inorganic growth within these markets. We're not going to use M&A to solve our internal issues because then you're just creating chaos after chaos. We're going to rationalize our internal markets, our internal portfolio, that M&A will just strengthen that posture.

引出第三個原則，即併購，併購只是我們對投資組合合理化的能力的補充。一旦我們在市場上擁有了我們喜歡的投資組合——我們想要的終端市場，那麼併購將成為這些市場中的無機成長。我們不會用併購來解決我們的內部問題，因為那樣只會製造一個接一個的混亂。我們將合理化我們的內部市場、我們的內部投資組合，併購只會加強這一態勢。

And our next question comes from the line of Matt Ramsay with Cowen.

我們的下一個問題來自馬特拉姆齊 (Matt Ramsay) 和考恩 (Cowen) 的對話。

Thanks and congrats, Bernard. Hassane, it's kind of an interesting call, right, because you guys are clearly going to put out longer-term targets in August, but folks are poking and prodding, you trying to get a little bit of hint about where that's going. But I might just ask a couple of questions along those lines.

謝謝並祝賀，伯納德。哈桑，這是一個有趣的電話，對吧，因為你們顯然會在八月份制定長期目標，但人們正在不斷地探索，你們試圖得到一些關於進展的暗示。但我可能只是沿著這些思路問幾個問題。

One is, you talked a little bit in your script about potentially taking the company a little bit more towards being fab light. And obviously, the product portfolio will, I would imagine, mostly inform that decision. But no secret the U.S. government is thinking about incentivizing semiconductor manufacturing and R&D in the states. So I wonder, I guess, first question is how much is that going to inform your decision?

一是，您在劇本中談到了可能使公司進一步走向輕晶圓廠的方向。顯然，我想，產品組合將主要影響這個決定。但眾所周知，美國政府正在考慮激勵各州的半導體製造和研發。所以我想，第一個問題是，這對你的決定有多少影響？

And then the second piece is around the channel. Texas is taking an interesting strategy of going more direct. You guys have a pretty broad distributor footprint. How are you thinking about that in terms of making your decisions going forward?

然後第二塊是在通道周圍。德州正在採取一種有趣的策略，即更加直接。你們擁有相當廣泛的經銷商足跡。您在做出未來的決定時如何考慮這一點？

Sure. Let me tackle the fab light comment I made. So fab light, obviously, is an analog range that goes between fabless and only internal manufacturing. So where we are, a lighter fab, which means we're going to be shrinking our manufacturing footprint from where we are today. So that's the fab light comment, and that's going to be a result of what we need to manufacture internally versus what there are foundries that do a better job at the manufacturing that we do. And that's the balance we're going to be doing, and we started that effort. Obviously, there was a management change that did occur to start looking at that in parallel with me looking at the portfolio rationalization. So that's ongoing, and the results and the reporting I do real time.

當然。讓我來談談我所做的精彩評論。因此，顯然，晶圓廠光是一個介於無晶圓廠和僅內部製造之間的模擬範圍。因此，我們現在的工廠規模更輕，這意味著我們將比現在縮小我們的製造足跡。這就是晶圓廠的輕評，這將是我們需要內部製造的產品與在製造方面比我們做得更好的代工廠相比的結果。這就是我們要做的平衡，我們開始了這項努力。顯然，在我考慮投資組合合理化的同時，管理層確實發生了變化，開始考慮這個問題。所以這是持續進行的，結果和報告是我即時進行的。

From the government side of it, listen, we're going to make the best decision for our company that drives shareholder value. That's the first and foremost decision-making. If at the end of that first tranche of decisions, there's alignment with where the administration is going or what state we are in, that's great. But we're not going to make a short-term decision based on the current politics that will hinder us from potentially achieving our maximum value creation that we could otherwise. So our focus is on value creation as we see it for the company, our shareholders, our customers and our employees. And then we'll figure out how we land in the politics at that time.

從政府方面來看，我們將為公司做出能推動股東價值的最佳決策。這是首要的也是最重要的決策。如果在第一批決策結束時，與政府的發展方向或我們所處的狀態保持一致，那就太好了。但我們不會根據當前政治做出短期決定，這將阻礙我們實現我們本來可以實現的最大價值創造。因此，我們的重點是為公司、股東、客戶和員工創造價值。然後我們就會弄清楚當時我們如何涉足政壇。

From the distribution and other work we have been doing, it is the channel rationalization, just like the portfolio. Once you know where you want to grow and how aggressively you want to grow in which market, you're going to partner with the distributors that are strong indeed in that same arena you want to play in, and that's going to be an outcome of the portfolio. And that's why I keep going back to, the portfolio work we're doing is going to drive a lot of those dependencies because it's all interlocked, but it definitely starts with a portfolio rationalization to market and the strategy. Everything else is really how do you execute the strategy to the best you can.

從我們一直在做的發行等工作來看，就是通路的合理化，就像投資組合一樣。一旦您知道您想要在哪裡發展以及您希望在哪個市場中如何積極地發展，您將與在您想要參與的同一領域中確實實力雄厚的分銷商合作，這將是以下結果：投資組合。這就是為什麼我不斷回顧，我們正在做的投資組合工作將驅動很多依賴關係，因為它們都是相互關聯的，但它肯定是從投資組合合理化到市場和策略開始的。其他一切實際上都是你如何盡可能地執行策略。

And our next question comes from the line of Vijay Rakesh with Mizuho.

我們的下一個問題來自 Vijay Rakesh 和 Mizuho 的對話。

Hassane and Bernard, a good quarter and guide here. Bernard, congratulations on a great career. Just a couple of questions. Just wondering on the automotive side, you mentioned sensor module and some pickup on the electric vehicle side. Is your guide still for longer term, 9% to 11% above what the automotive market growth is? Or do you see upside based on some of the wins that you have here? And then I have a follow-up.

哈桑和伯納德是這裡的好嚮導。伯納德，恭喜你有一個偉大的職業生涯。只是幾個問題。只是想知道汽車方面，您提到了電動車方面的感測器模組和一些拾音器。您的指南是否仍是長期目標，比汽車市場成長高出 9% 至 11%？或者，根據您在這裡取得的一些勝利，您是否看到了好處？然後我有一個後續行動。

Think of it it's high single.

想想也是高單身。

Yes. We basically think it's high single digits above the SAAR levels. And we actually confirm that with our 2020 performance.

是的。我們基本上認為它比 SAAR 水平高出個位數。我們 2020 年的業績實際上證實了這一點。

Got it. And Hassane, you made a comment on lean inventory. Can you give us some level? Is that like 2 to 3 weeks of inventory versus normal, like 4 to 6 weeks? Or what are the inventory levels here?

知道了。哈桑，您對精益庫存發表了評論。你能給我們一些水平嗎？庫存是 2 到 3 週，而正常情況是 4 到 6 週嗎？或者這裡的庫存水準是多少？

Yes. So Vijay, I can't give you a target right now. I'm looking at it because not all businesses, obviously, we have here are created equal. Some of them need more inventory than others, and there's going to be a lot of ins and outs, to be fair. As we figure out our, as I mentioned before, our EOL, some bridge build or some fab moves that we need to make, that's going to kind of put a -- bumps in the road for our inventory. And we're going to manage it as such, but there's going to be a few ins and outs before we get to a model.

是的。所以維傑，我現在無法給你目標。我之所以關注這個問題，是因為顯然我們這裡的所有企業並非都是平等的。公平地說，他們中的一些人需要比其他人更多的庫存，而且會有很多來龍去脈。正如我之前提到的，當我們弄清楚我們的停產、一些橋樑建設或我們需要進行的一些工廠搬遷時，這將為我們的庫存帶來一些障礙。我們將這樣管理它，但在我們建立模型之前，會有一些細節。

So I'll be ready to give you a model where we want to end up in the August meeting. But between now and then, I'm really going to be opportunistic about what we need to do in order to quickly shift to where I want us to be as a company, whether it's portfolio or manufacturing footprint.

因此，我將準備好為您提供一個模型，我們希望在八月的會議上最終實現該模型。但從現在到那時，我真的會機會主義地對待我們需要做的事情，以便快速轉變為我希望我們作為一家公司達到的目標，無論是投資組合還是製造足跡。

And our next question comes from the line of Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler 的對話。

Bernard, first of all, thank you for all the help over the years as we've worked together, and we really appreciate it and enjoy your retirement. And then for my question, so everybody is talking about tightness in the auto industry. Hassane, you guys have plenty of capacity here, at least available to you. Is there any opportunity for you to be able to take some incremental share? Or is that just not how things work in automotive, given the long design cycles?

伯納德，首先，感謝您多年來我們一起工作時提供的所有幫助，我們非常感謝並享受您的退休生活。對於我的問題，每個人都在談論汽車行業的緊張狀況。哈桑，你們這裡有足夠的能力，至少可以供你們使用。您是否有機會獲得一些增量份額？或者考慮到設計週期很長，這在汽車領域並不是這樣運作的？

Sure, Harsh. So obviously, for areas where we are double sourced, we're one of 2 suppliers, we have some of these in our product lines, if we're able to support it, we will. Of course, we're going to ship. We've already engaged with customers where we know we don't have 100% share in order for us to help if they need it. So that's ongoing, and that's the way we're running the business day-to-day.

當然，嚴厲。顯然，對於我們雙重來源的領域，我們是兩家供應商之一，我們的產品線中有一些供應商，如果我們能夠支持的話，我們會的。當然，我們要出貨。我們已經與我們知道自己沒有 100% 份額的客戶進行了接觸，以便我們在他們需要時提供幫助。所以這是持續進行的，這就是我們日常經營業務的方式。

The challenge that we are looking at is, okay, even if we do ship that product, is that customer getting the rest of the product from supplier number 2, 3 and 4. That's what I don't know. So to be able to evaluate how much share is actually going to go into revenue, that's going to be, call it, towards the end of the quarter when the dust settles.

我們面臨的挑戰是，好吧，即使我們確實運送了該產品，客戶也會從 2、3 和 4 號供應商那裡獲得其餘產品。因此，為了能夠評估實際上有多少份額將進入收入，這將是在季度末塵埃落定時。

We're ready to help, but the problem is our product line is not the bottleneck as far as creating the end products, if that makes sense? We're watching it. We're going to go after it because like you said, if we have the capacity, we're going to sell it. And we're going to give it to the end customer, not sit on distributor shelf or even on our shelves. It's going to go as quickly as we can see the demand for it.

我們已準備好提供協助，但問題是我們的產品線並不是創建最終產品的瓶頸，這是否有意義？我們正在關注它。我們將繼續追求它，因為就像你說的，如果我們有能力，我們就會出售它。我們將把它交給最終客戶，而不是放在經銷商的貨架上，甚至不是我們的貨架上。只要我們看到對它的需求，它就會盡快進行。

Got it. And for my follow-up, Hassane, can you talk about the activity that ON Semi is seeing in the EV space in China, specific to charging and chargers? This has been an area, I think that ON's been very active in that particular geography. Could you just talk about what you think is your position there?

知道了。 Hassane，您能否談談安森美半導體在中國電動車領域的活動，特別是充電和充電器方面的活動？這是一個領域，我認為 ON 在該特定地區非常活躍。您能談談您認為您在那裡的立場嗎？

Yes. We're still very active in that area. Obviously, when you have the products that customers value as far as the technical prowess and the portfolio that we're able to manage, we're definitely always considered. And more often than not, we are the ones being selected. That has not changed. And our posture in China EV specifically is strong, and we've had design wins actually in the second half of 2020 that support that view in the market.

是的。我們在該領域仍然非常活躍。顯然，當您擁有客戶重視的產品以及我們能夠管理的技術實力和產品組合時，我們肯定會始終受到考慮。很多時候，我們都是被選中的人。這一點沒有改變。我們在中國電動車領域的地位尤其強勁，而且我們實際上在 2020 年下半年就獲得了設計勝利，這支持了市場的這一觀點。

And our next question comes from the line of Chris Caso with Raymond James.

我們的下一個問題來自克里斯·卡索和雷蒙·詹姆斯的對話。

And my congratulations to Bernard as well. It's been a pleasure working with you. Hassane, I just want to ask a follow-up question regarding some of the comments about refocusing the product line and potentially consolidating the manufacturing footprint. I recognize that we're asking you some unfair questions because the plan isn't always together -- isn't all together yet.

我也祝賀伯納德。很高興與您合作。哈桑，我只想問一個關於重新調整產品線和可能鞏固製造足跡的一些評論的後續問題。我知道我們問你一些不公平的問題，因為計劃並不總是一致的——還沒有全部一致。

But when I look at the gross margins for ON now versus the prior peak at similar revenue levels, the delta is about 300 basis points, and most of that's depreciation. So I guess the question is, as you've done the initial review of manufacturing, is there enough flex in the system potentially selling fabs or such, such that you would be able to make a meaningful dent in that depreciation if your business review would warrant that smaller footprint? Is there ability to consolidate if that's the -- if that's the decision that you want to make?

但當我查看 ON 現在的毛利率與類似收入水平下的先前峰值時，增量約為 300 個基點，其中大部分是折舊。所以我想問題是，當你完成了對製造的初步審查後，系統中是否有足夠的靈活性可能會出售晶圓廠等，這樣，如果你的業務審查會，你將能夠對折舊產生有意義的影響。如果這是您想要做出的決定，是否有能力進行整合？

The answer is yes. There's always opportunity, and we're looking at everything. And it's not just depreciation. And once you -- when you start consolidating, there's obviously the utilization for the fab -- the receiving fabs. And really, there's overhead simplification.

答案是肯定的。機會總是存在的，我們正在考慮一切。這不僅僅是折舊。一旦你開始整合，顯然就會出現晶圓廠的利用率——接收晶圓廠。事實上，開銷也得到了簡化。

When I say about rationalizing portfolio and manufacturing footprint, all of this is going to drive costs out of the company. It's not going to be sucked in anywhere else, and it's not going to be reallocated. It's going to be managed out of the company. Of course, some timing is different depending on what category of spend, COGS versus OpEx, and we're in OpEx and we're in COGS. But we are tracking every dollar that is the outcome of every decision we make in order to decide where it's going to end up.

當我談到合理化產品組合和製造足跡時，所有這些都將降低公司的成本。它不會被吸到其他地方，也不會被重新分配。它將在公司之外進行管理。當然，根據支出類別（COGS 與 OpEx）的不同，某些時間安排也會有所不同，我們既在 OpEx 中，又在 COGS 中。但我們正在追蹤我們所做的每個決定所產生的每一美元，以便決定它的最終去向。

But to answer your question more generally, I am optimistic about the levers that we have to drive gross margin expansion since I've been here in the company. So that has not been a worry of mine of, great, now what do I do. There's enough to do. And my focus is putting it in an executable strategy that I will ask, starting with our Board of Directors, but more importantly, our shareholders and you all outside to hold us accountable to. And that's the work we're doing right now, is how do we translate that into an executable plan.

但為了更籠統地回答你的問題，自從我加入公司以來，我對推動毛利率擴張的槓桿感到樂觀。所以這不是我擔心的，太好了，現在我該怎麼辦。有足夠的事情要做。我的重點是把它納入一個可執行的策略中，我會要求從我們的董事會開始，但更重要的是，我們的股東和你們所有人都要對我們負責。這就是我們現在正在做的工作，就是如何將其轉化為可執行的計劃。

That's great. As a follow-up, if I could ask a near-term question regarding production. And if you could talk about where the utilization is now as compared to where it was last year? And how does that track as you go into next year as you try to address some of the bottlenecks?

那太棒了。作為後續行動，我是否可以問一個有關生產的近期問題。您能否談談現在的利用率與去年相比如何？當你進入明年試圖解決一些瓶頸時，情況如何？

And then finally, maybe you could talk about where the bottlenecks are. Are they more in the front end or the back end or perhaps at some of the outside suppliers?

最後，也許你可以談談瓶頸在哪裡。他們更多地在前端還是後端，或者可能在一些外部供應商？

So definitely, utilization last year in the first quarter was quite low. And we were also affected at that time by the -- especially towards the end of it by the pandemic and the shelter-in-place closings that we have in several of our factories in China, and towards the end, in the Philippines and Malaysia.

所以可以肯定的是，去年第一季的使用率相當低。當時我們也受到了影響——尤其是在疫情快結束時，以及我們在中國的幾家工廠以及在菲律賓和馬來西亞的工廠關閉了就地避難所。

We did see a little bit of an increase in the utilization in the fourth quarter to the low 70s, about 70%, 75%. And we expect that as we ramp in 2021 in the first quarter in anticipation of a seasonal growth in the second quarter primarily on the fab side, we should see it helping a little bit of -- improve utilization in our foundries.

我們確實看到第四季的利用率略有上升，達到了 70% 左右，大約 70%、75%。我們預計，隨著我們在2021 年第一季實現產量成長，預計第二季度主要是在晶圓廠方面出現季節性成長，我們應該會看到它會有所幫助——提高我們代工廠的利用率。

Yes. Most of the -- it's Hassane again. Most of our constraints are primarily on the outside, not internally. And the front end and the back end for us is, I would call it a balanced loading. There's gives and takes, depending on the product line. But managing the supply constraint externally is really with the foundry at this point.

是的。大多數人——又是哈桑。我們的大多數限制主要來自外部，而不是內部。對我們來說，前端和後端是，我稱之為平衡載入。根據產品線的不同，有給予和索取。但目前，從外部管理供應限制實際上是代工廠的責任。

And our next question comes from the line of Vivek Arya with Bank of America.

我們的下一個問題來自 Vivek Arya 與美國銀行的聯繫。

Congratulations and best wishes to both Hassane and Bernard. Hassane, for my first question, I'm curious as to your insights on the current demand environment. I think you mentioned auto units were down kind of in the mid-teens, but your sales are only down 7.5% last year and, in fact, are at a record in Q4. And this delta between auto units and auto semiconductor sales is perhaps one of the widest that we have seen.

祝賀哈桑和伯納德，並致以最良好的祝愿。 Hassane，對於我的第一個問題，我很好奇您對當前需求環境的見解。我想你提到汽車銷量在十幾歲左右下降了，但去年你的銷量只下降了 7.5%，事實上，第四季的銷量創了歷史新高。汽車銷量與汽車半導體銷量之間的這種差異可能是我們所見過的最大的差異之一。

So my question is, how much are you shipping to real end demand versus customers stocking up when they just read about the shortages and the auto production shutdowns? How do we get the confidence that these above-seasonal quarters that you're seeing in Q4 and Q1 will not be followed by some process of normalization later in the year? What is your level of insight into actual consumption of what you're shipping into the automotive supply chain?

所以我的問題是，與客戶剛剛得知短缺和汽車生產停工時庫存的情況相比，您要向真正的最終需求發貨多少？我們如何確信您在第四季和第一季看到的這些高於季節性的季度不會在今年稍後出現某種正常化過程？您對運送到汽車供應鏈的實際消耗情況的了解程度如何？

Sure. So I'm going to answer direct as it relates to getting to our customer, which are the Tier 1. And I will skip any conversation about, does it go through disti or not disti. Because for disti, we ship it to disti if it ships out right away to an end customer. So that's kind of how we're dealing with the disti, so we don't have a stranded inventory that could go to demand.

當然。因此，我將直接回答，因為這與聯繫我們的客戶（即一級客戶）有關。因為對於 disti，如果它立即運送給最終客戶，我們會將其運送到 disti。這就是我們處理分銷的方式，因此我們沒有可以滿足需求的滯留庫存。

So then to answer your question directly, how do we deal with the Tier 1, it's literally direct engagement. We know what the production rates are, and we know what we're shipping in. And we know which OEMs -- we all know this way -- in this side as far as what OEM are not manufacturing which products. So we know where our product ends with which OEM for which model year to a, call it, 98th percentile. And that's how we manage it.

那麼，直接回答你的問題，我們如何處理第一層，這實際上是直接參與。我們知道生產率是多少，我們也知道我們要運送什麼。因此，我們知道我們的產品在哪個 OEM、哪個型號年份的終點，即第 98 個百分位。這就是我們的管理方式。

If we know, for example, there's a shortage in an area or a shutdown of an OEM plant, and we do have products that are targeted for that, we are going to redirect our products to somebody else. Sometimes, that engagement is with OEM. They say we're shutting down this factory, but we want our capacity to go to this other factory. We know it's going to a, call it, a vehicle versus a -- just a Tier 1 making a box that may not end up in a vehicle. Now obviously, you're not going to get it 100% right, but if we get 80% to 90% of it, I'll be very happy.

例如，如果我們知道某個地區出現短缺或 OEM 工廠關閉，而我們確實有針對該情況的產品，我們就會將我們的產品重新分配給其他人。有時，這種參與是與 OEM 合作。他們說我們要關閉這家工廠，但我們希望將產能轉移到另一家工廠。我們知道這將是一種車輛與一種——只是一級製造的盒子可能不會最終出現在車輛中。顯然，你不可能 100% 正確，但如果我們能正確理解 80% 到 90%，我會很高興。

And we monitor our inventory. It's a -- there is a lot of demand. And like you said, we're rationalizing all of that demand to make -- or the supply to match the demand. And I use the term cautiously optimistic because it will take a couple of quarters, which is, call it, a full manufacturing cycle time from start to finished goods to kind of get that through the system and see what the real demand is in that time frame. But we're -- it's gorilla warfare that we're doing every day, but I'm happy with what the team's insights are for us to make decisions.

我們監控我們的庫存。這是一個——有很多需求。就像你說的，我們正在合理化所有的需求——或者說供應，以匹配需求。我使用「謹慎樂觀」這個詞是因為需要幾個季度的時間，即從開始到成品的完整製造週期時間，才能通過系統並了解當時的實際需求。但我們每天都在進行大猩猩戰爭，但我很高興團隊的見解可以幫助我們做出決策。

Got it. And Hassane, as my follow-up, the gross margins for Q1 guided up about 70 basis points at the midpoint even though sales are kind of flattish. And I heard some mention of the benefits of some prior fab closure decisions. So I was hoping if you could -- or Bernard could walk us through the gross margin improvement, kind of level set us on Q1. Are we now looking at all the benefits of pricing and fab closures and everything until you make new decisions? Like is this Q1 gross margin the new baseline? Or are you still seeing the headwinds from utilization and other perspective? Or maybe a different way to ask the same question, what is the incremental gross margin we should be modeling from Q2 onwards?

知道了。 Hassane 表示，儘管銷售額持平，但第一季的毛利率中點上漲了約 70 個基點。我聽到有人提到一些先前關閉晶圓廠的決定的好處。所以我希望你或伯納德可以引導我們了解毛利率的改善，這是我們在第一季設定的水平。我們現在是否正在考慮定價和關閉晶圓廠以及一切的所有好處，直到您做出新的決定？第一季的毛利率是新的基準嗎？或者您仍然從利用率和其他角度看到阻力？或者也許用不同的方式來問同一個問題，我們應該從第二季開始建模的增量毛利率是多少？

So definitely, the Q1 number includes the benefit of the closure of Rochester. That's fully executed, and we are seeing those going to our numbers, and that is having an effect on ON. And we said before, it's $50 million a year. So that's having an effect on our gross margin.

因此，第一季的數字肯定包括羅徹斯特關閉帶來的好處。這已經完全執行了，我們看到這些都達到了我們的數字，這對 ON 產生了影響。我們之前說過，每年 5000 萬美元。這對我們的毛利率產生了影響。

As far as moving forward and what you should expect, I will start with our Q1 guide. And that's part of the regular updates I'll be giving you until I give you a trajectory for our gross margin. And Vivek, you know what trajectory and how committed I am once I deploy a step function by the quarters based on my prior life. That's the one we're building right now.

至於前進和您應該期待什麼，我將從我們的第一季指南開始。這是我將向您提供的定期更新的一部分，直到我向您提供我們的毛利率軌跡。維韋克，你知道一旦我根據我之前的生活按季度部署階梯功能，我的軌跡和承諾是多麼堅定。這就是我們現在正在建造的。

Now how much of this is in Q1 for the Rochester closure or the pricing judgment that I've talked about or other levers we're doing? It's actually -- there's a lot of line items that we have been pulling on. I'm not waiting, obviously, till August or till Q2 to start the work. We've made tremendous progress. You're going to see a few weeks in Q1 on some items or a full month or 2 months in Q1 on others, depending on when we pull the trigger.

現在，第一季有多少是為了羅徹斯特關閉或我談到的定價判斷或我們正在採取的其他槓桿？事實上，我們一直在拉動很多訂單項目。顯然，我不會等到八月或第二季才開始工作。我們已經取得了巨大的進步。您將在某些項目上看到第一季的幾週時間，或在其他項目上看到一整個月或兩個月的時間，這取決於我們何時扣動扳機。

My focus, though, is what I call structural gross margin improvement. And what I mean by structural is gross margin improvement that we drive and it doesn't happen to us. I'll take the stuff, the favorable things that happened to us, but there has to be a structural baseline that is a "up into the right" gross margin baseline that you can hold us accountable to. And that's the plan we're going to be deploying.

不過，我的重點是所謂的結構性毛利率改善。我所說的結構性是指我們推動的毛利率改善，但它並沒有發生在我們身上。我會接受這些東西，發生在我們身上的有利事情，但必須有一個結構基線，即「正確的」毛利率基線，你可以讓我們對此負責。這就是我們將要部署的計劃。

And our next question comes from the line of Christopher Rolland with Susquehanna International Group.

我們的下一個問題來自薩斯奎哈納國際集團的克里斯多福羅蘭。

Bernard, I echo my congrats. Thank you for all the time we spent together. It was great. There's no business like no business. Enjoy your retirement.

伯納德，我也表示祝賀。感謝我們一起度過的所有時光。太棒了。沒有生意就像沒有生意一樣。享受你的退休生活。

All the good questions have been asked for the most part. Two quick ones. I guess, first of all, disti revenue has traditionally been maybe in the 50s, and we've had 2 strong quarters now in 63%, 64%. Maybe talk about what you're seeing on the disti side? Are there shortages direct and people are going disti at some of your competitors, for example? What's driving that disti number so much higher than typical?

大多數好的問題都已被提出。兩個快的。我想，首先，傳統上，分銷收入可能在 50 多歲，而我們現在已經經歷了 2 個強勁的季度，分別為 63% 和 64%。也許談談你在 disti 方面看到的情況？例如，是否存在直接短缺以及人們對您的某些競爭對手的不滿？是什麼導致該距離值遠高於典型值？

Resales have been pretty strong in the channel. We are managing our inventories to be within our normal 11 to 13 weeks and keeping it that way. So it's more just overall strength.

該通路的轉售量相當強勁。我們將庫存控制在正常的 11 至 13 週內，並保持這種狀態。所以更多的是綜合實力。

Yes. But I don't know of the discrepancy that you're mentioning as far as -- I'm guessing the 60% and the 50% numbers are percent mix from distribution. It's been very consistent at about the 60% range. So there hasn't been really a change in behavior. Because direct customers are not going to switch to disti because they can't get products from us. And that's why the comment I gave to Vivek earlier. We are driving the disti inventory to be able to be a straight shot through disti to our end customer. There's no point on building inventory on the shelf at disti.

是的。但我不知道你提到的差異 - 我猜測 60% 和 50% 的數字是分佈的百分比混合。其在 60% 左右的範圍內非常穩定。所以行為上並沒有真正的改變。因為直接客戶不會因為無法從我們這裡獲得產品而轉向分銷。這就是我之前對維韋克發表評論的原因。我們正在推動分銷庫存，以便能夠透過分銷直接到達我們的最終客戶。在分銷商的貨架上建立庫存是沒有意義的。

So if the customer cannot get it direct from us, I can guarantee you, they're not going to be able to get it from the distributor by bypassing. That's not a driver, but it's been consistent. I don't see any change in distribution percentage for the company.

因此，如果客戶無法直接從我們這裡獲得它，我可以向你保證，他們將無法繞過經銷商從經銷商處獲得它。那不是一個驅動程序，但它一直是一致的。我沒有看到公司的分配百分比有任何變化。

Sure. Understood. My second question on the comp side. That was better than we had expected. Could you talk about the importance of maybe North America into this as you put handsets into comms versus rest of the world, China and others? Just talk about maybe where we're seeing outsized strength and how important that North American customer is in particular.

當然。明白了。我的第二個問題是關於補償方面的。這比我們預期的要好。當您將手機投入通訊時，與世界其他地區、中國和其他國家相比，您能否談談北美在這方面的重要性？只是談談我們在哪些方面看到了巨大的實力，以及北美客戶的重要性。

I mean obviously, North American customer is important because the deployment and the capital expenditure is happening. And given our position with the 5G power side of the market, we are very well positioned across the regions. There's a certain level of total market. And as things lose share regionally, we will gain it somewhere else. And that's the work we're really monitoring on a global basis, regardless of where the design in happens.

我的意思顯然是，北美客戶很重要，因為部署和資本支出正在發生。鑑於我們在 5G 電力市場的地位，我們在各個地區都處於非常有利的地位。市場總量有一定水準。當事物在區域上失去份額時，我們將在其他地方獲得它。這就是我們真正在全球範圍內監控的工作，無論設計發生在哪裡。

And our next question comes from the line of Craig Ellis with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Craig Ellis。

Bernard, congrats. It's been great working with you over the years. Hassane, I wanted to start just by following up on compute sequential strength and dig into it the following way: One, can you help us understand just the distinction between what server power might have done versus notebook, given the strength in notebook units? And then as you look at the things that distinguish where you'll want to allocate resources, any initial views on the ability to drive high gross margins and value out of those 2 different sides of the business going forward would be helpful.

伯納德，恭喜。這些年來與您合作真是太好了。 Hassane，我想先追蹤運算順序強度，並透過以下方式進行深入研究：第一，考慮到筆記型電腦的強度，您能否幫助我們理解伺服器效能與筆記型電腦效能之間的差異？然後，當您考慮區分要在何處分配資源的因素時，任何有關未來業務的兩個不同方面提高高毛利率和價值的能力的初步觀點都會有所幫助。

Yes. So our focus in the computing space is more on the server and cloud. That's where we view where we have opportunities for enhanced shareholder value in the future. In the meantime, we're taking opportunities -- of the fact that the client computing has been quite strong. And in that sense, we believe some of it is from the work-from-home scenario. And obviously, we are taking advantage of that. But the focus in the long run where we see better margins and also enhanced growth is on the server side.

是的。所以我們在運算領域的重點比較是在伺服器和雲端。這就是我們認為未來有機會提高股東價值的地方。同時，我們正在抓住機會——客戶端運算已經相當強大。從這個意義上說，我們認為其中一些來自在家工作的場景。顯然，我們正在利用這一點。但從長遠來看，我們看到更好的利潤率和增強的成長的重點是伺服器端。

Yes. And that's -- it's kind of when you overlay our strategic markets. I talk about automotive and industrial. There are other, I'd call it, submarkets that you're familiar with like the server within the compute that is a focused market, because I look at it as an adjacent technology market. If we are able to create high-value products in auto and industrial, those are very valuable for these submarkets that I'm talking about. They will drive growth and margin accretion for the company. And those would be things -- you're not going to see us invest as a point product in them, but we're definitely going to be addressing them as part of the adjacency we drive. And that's effectively the OpEx efficiency metric.

是的。這就是——當你涵蓋我們的策略市場時。我談論汽車和工業。還有其他我稱之為您熟悉的子市場，例如計算中的伺服器，這是一個重點市場，因為我將其視為相鄰的技術市場。如果我們能夠在汽車和工業領域創造高價值產品，那麼這些產品對我所說的這些子市場來說非常有價值。他們將推動公司的成長和利潤成長。這些就是事情——你不會看到我們將其作為點產品進行投資，但我們肯定會將它們作為我們推動的鄰接關係的一部分來解決。這實際上就是營運支出效率指標。

Got it. And then for the follow-up, Hassane, you mentioned early in your script that you've been boarded on, you've had some notable positive surprises. I was just hoping you could list 2 or 3 of those and talk about them and their implications as you think about driving the business forward and creating additional shareholder value.

知道了。然後，對於後續行動，哈桑，你在劇本的早期提到你已經加入了，你已經得到了一些顯著的積極驚喜。我只是希望您能列出其中的 2 到 3 個，並在您考慮推動業務發展並創造額外的股東價值時討論它們及其影響。

Sure. I'll give you -- I don't want to steal my own thunder for the August meeting, but I'll give you one that we have -- if you look at the product portfolio mapping versus gross margin profile, I really like the distribution. I thought the distribution is going to be more -- less levers and much higher gross margin businesses than what I found. So we do have some very healthy gross margins. And the focus for me is how do we double down on those and grow them in order to start effectively shifting the mix while we disposition the dilutive tail.

當然。我會給你——我不想在八月份的會議上搶了自己的風頭，但我會給你一個我們擁有的——如果你看看產品組合映射與毛利率概況，我真的很喜歡分佈。我認為分配的槓桿會比我發現的更多，更少，毛利率更高。所以我們確實有一些非常健康的毛利率。我關注的焦點是我們如何加倍努力並發展它們，以便在我們處理稀釋尾部的同時開始有效地改變組合。

There's more levers in that view of the business than I have thought walking in. And that gets me excited because I don't have to wait 5 years to change a mix. We can actually try to manage a mix shift effectively, and we control it.

這種業務視角中的槓桿比我想像的要多。我們實際上可以嘗試有效地管理混合轉變，並且我們可以控制它。

And our next question comes from the line of Kevin Cassidy with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的凱文卡西迪 (Kevin Cassidy)。

Congratulations, Bernard. Just on the foundries, how many different foundries do you use? And are they all raising prices? Is this what you're talking about when you say the supply chain is -- your supply chain is increasing prices?

恭喜，伯納德。就鑄造廠而言，您使用了多少家不同的鑄造廠？他們都在漲價嗎？當你說供應鏈是－你的供應鏈正在提高價格時，你所說的就是這個嗎？

So we use the same usual suspects that pretty much everybody else uses, the big ones and small ones. We have a pretty long list of foundries. And we are subject to the same pressures that probably all of our competitors are subject to.

因此，我們使用幾乎其他人都使用的相同的常見嫌疑人，大的和小的。我們有一個很長的鑄造廠名單。我們可能面臨著與我們所有競爭對手相同的壓力。

Yes. But the comment I made about the supply chain is not really foundry versus internal. You need to look at it as material. There is also -- it's not really the supply shortages that everybody is seeing, but more importantly that I look at is the materials that is required.

是的。但我對供應鏈的評論並不是真正的代工與內部。你需要將其視為物質。還有──並不是每個人都看到供應短缺，但更重要的是我關注的是所需的材料。

So there are pockets that our suppliers have asked for. And if we're able to absorb them, we are; if not, we usually have a dual-source strategy, so we'll move somewhere else. But with a -- the supply constraint that everybody is seeing, some of it, we just have to basically eat in order for us to support our customers. And in those cases, we are going to pass it down. But it's not a foundry versus internal cost conversation. It's more, call it, raw material for our supply chain.

所以我們的供應商要求提供一些口袋。如果我們能夠吸收它們，我們就可以；如果沒有，我們通常有雙源策略，所以我們會搬到其他地方。但由於每個人都看到供應限制，其中一些，我們基本上只需要吃飯就能支持我們的客戶。在這些情況下，我們會將其傳承下來。但這不是代工廠與內部成本的對話。它更像是我們供應鏈的原料。

Okay. Understood. And maybe just as a quick follow-up. And maybe in part of your strategy development, is there consideration for consolidating foundries or trying to get prices down by putting more into one foundry?

好的。明白了。也許只是作為一個快速的後續行動。也許在您的策略制定的一部分中，是否考慮整合代工廠或試圖透過向一家代工廠投入更多資金來降低價格？

Well, obviously, if you are able to consolidate even your business on the foundry, you will get the volume pricing benefit versus being able to be spread across multiple. We don't always have the choice because of the technology footprint that you need. Some foundry just doesn't do a wide range of the technology we need and -- but that's part of how we are looking at it. So when I say manufacturing consolidation, it's both internal and external in order to get the best pricing and the best posture we can to service our end markets.

顯然，如果您能夠將您的業務整合到代工廠，那麼您將獲得批量定價優勢，而不是能夠分散到多個代工廠。由於您需要的技術足跡，我們並不總是有選擇。有些鑄造廠並沒有提供我們所需的廣泛技術——但這就是我們看待它的方式的一部分。因此，當我說製造業整合時，它既是內部的也是外部的，以便獲得最好的定價和最好的姿態來服務我們的終端市場。

And our next question comes from the line of David O'Connor with Exane Paribas.

我們的下一個問題來自 David O'Connor 和 Exane Paribas 的對話。

Great maybe 1 or 2 just follow-ups on my side. Hassane, you mentioned about being positively surprised when you came in and started looking at the business. Was there any negative surprises that kind of stood out for you? That's my first question.

很好，我這邊可能只有 1 或 2 個後續行動。哈桑，您提到當您進來並開始關注該業務時感到非常驚訝。有沒有什麼負面的驚喜讓你印象深刻？這是我的第一個問題。

And then maybe as the follow-up, the industry has been caught by surprise by this foundry tightness. How do you think that changes the relationship, if at all, with foundries in the kind of longer term? Is there anything in terms of securing that capacity that needs to change or just even in the relationship?

也許接下來，業界對這種代工緊張感到驚訝。從長遠來看，您認為這會如何改變與鑄造廠的關係（如果有的話）？在確保這種能力方面，甚至在關係方面，有什麼需要改變的嗎？

Sure. It's hard for me to answer the negative surprises because I don't have any. My mind works differently. If I see something that is not what I expected, I look at it as a positive opportunity. So it's always positive, whether it's a surprise or an opportunity.

當然。我很難回答負面的驚喜，因為我沒有。我的思考方式不同。如果我看到的東西不是我所期望的，我會將其視為一個積極的機會。所以它總是積極的，無論是驚喜還是機會。

Of course, there are a couple that I just didn't know. I didn't have an opinion one way or another because they're internal. I didn't have the privilege of getting in and looking at nonpublic information before I joined that I discovered. But I looked at it as, well, that's part of the reason I took the job is in order to be able to identify all of these opportunities and turn them into positive surprises for us and our shareholders.

當然，還有一些我不知道的。我沒有以某種方式發表意見，因為它們是內部的。我發現在加入之前我沒有特權進入並查看非公開資訊。但我認為，這就是我接受這份工作的部分原因是為了能夠識別所有這些機會，並將它們轉化為給我們和我們的股東帶來積極的驚喜。

But I will tell you, in general, the umbrella that I would answer is there hasn't been a day in the last 8 weeks where I will come thinking, what the heck did I just do. It's always been, let's go at it, let's write more things down, and let's start executing. That's been kind of the mindset I've had. And really, the response from the team has been tremendous, and that's why you see an energized workforce, but more importantly, the results are going to start showing. So that's on this side.

但我會告訴你，總的來說，我會回答的總括是，在過去的八周里，沒有一天我會思考，我到底做了什麼。一直都是這樣，讓我們繼續吧，讓我們寫下更多的東西，然後讓我們開始執行。這就是我的心態。事實上，團隊的反應是巨大的，這就是為什麼你會看到一支充滿活力的員工隊伍，但更重要的是，結果將開始顯現。所以這是在這一邊。

Now how do we deal with the long term, kind of the industry caught by surprise and so on? It's really -- once you have a strategy and a 5-year outlook with a 3-year credible window, then you start having those strategic conversations with your suppliers and turning the conversation from a tactical to a strategic, where if you're able to commit this is your growth and you're able to keep their factories not lumpy, up and down, then you have a much better relationship.

現在我們該如何應對長期、產業意外等問題？事實上，一旦你有了戰略和 5 年展望以及 3 年可信窗口，那麼你就開始與供應商進行戰略對話，並將對話從戰術轉向戰略，如果你能夠的話承諾這一點就是你的成長，你能夠讓他們的工廠不亂七八糟，上下起伏，然後你們就有更好的關係。

I have a lot of those relationships personally. Wei-Chung, who we brought in as the Head of Global Manufacturing and Operation, has a lot of these relationships. And we're going to strengthen those, but it's all going to start with we, as a company, what do we want to do strategically and how can they help.

我個人有很多這樣的關係。我們聘請 Wei-Chung 擔任全球製造和營運主管，他與我們有許多這樣的關係。我們將加強這些，但這一切都將從我們作為一家公司開始，我們想從戰略上做什麼以及他們如何提供幫助。

And our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自 Harlan Sur 與摩根大通的對話。

Hassane, welcome to the team, and thank you to Bernard for your contributions and support over the past number of years. As a part of your strategy, Hassane, focus on high-margin, high-growth products and markets, I think a key part of that is you lead with certain leadership products and then drive further dollar content attached given the breadth of the portfolio. What's your assessment of the current sales and marketing organization and focus and the ability to cross-sell and drive higher attach rates to targeted opportunities?

Hassane，歡迎加入我們的團隊，並感謝 Bernard 在過去幾年所做的貢獻和支持。哈桑，作為您策略的一部分，專注於高利潤、高成長的產品和市場，我認為其中的關鍵部分是您以某些領先產品為主導，然後在考慮到產品組合的廣度的情況下進一步推動附加的美元內容。您對目前銷售和行銷組織、重點以及交叉銷售和提高目標機會附加率的能力有何評價？

Yes. I think from our direct sales force and our marketing, the mindset is there. And my drive for these groups is really adding the focus. If you have a sales force and/or marketing, I would call it, sales and marketing, with a very heavy bag to sell and a portion of that bag is not going to drive the value, I'd rather lighten that bag and have a really hardcore sell of the things that we want them to sell still at a breadth and a bill of material coverage. That's how I'm thinking about it.

是的。我認為從我們的直銷隊伍和行銷人員的角度來看，我們的心態就在那裡。我對這些團體的推動確實是增加了焦點。如果你有一支銷售隊伍和/或行銷人員，我會稱之為銷售和行銷，有一個非常重的包要出售，而該包的一部分不會帶來價值，我寧願減輕那個包的重量並擁有對我們希望他們銷售的東西進行真正的硬核銷售，但仍以廣泛的範圍和材料覆蓋範圍進行銷售。我就是這麼想的。

And that, by the way, is going to match our distribution. I answered the prior question where portfolio rationalization is going to drive our distribution footprint. I'm going to be looking at distribution the same way I look at our direct sales and marketing. It's going to be, how do we maximize the content that I want to maximize.

順便說一句，這將與我們的分佈相符。我回答了先前的問題，即投資組合合理化將推動我們的分銷足跡。我將以同樣的方式看待分銷和行銷。問題是，我們如何最大化我想要最大化的內容。

Yes. Makes sense. And then maybe if you could just give us your thoughts on the silicon carbide power portfolio. I know the team has been talking about the growing portfolio and design win pipeline of next-generation silicon carbide-based power solutions in both automotive and industrial, but wanted to get your views.

是的。有道理。然後，也許您可以告訴我們您對碳化矽電源產品組合的想法。我知道團隊一直在討論汽車和工業領域下一代碳化矽電源解決方案不斷增長的產品組合和設計贏得管道，但想聽聽您的看法。

Sure. I would put that under one of the positive surprises that I've seen since joining. I think our products are very competitive. I like where we are on the technology development for that. And really, more importantly, is the design wins that we've had in these markets.

當然。我會把它歸類在我加入以來所看到的正面驚喜之一。我認為我們的產品非常有競爭力。我喜歡我們在這方面的技術開發進展。事實上，更重要的是我們在這些市場上所取得的設計勝利。

Now obviously, as far as revenue drive, as we all know, the mix of IGBT versus silicon carbide, we're going to see that cross over probably over the next, I don't know, 4 to 5 years. But we're here, we're playing, and we're going to start taking share based on where our products are going to be. So I see that as a positive surprise for me, and it's going to be definitely part of the strategic intent that we're talking about.

現在顯然，就收入驅動而言，眾所周知，IGBT 與碳化矽的組合，我們可能會在接下來的 4 到 5 年內（我不知道）看到這種交叉。但我們在這裡，我們正在玩，我們將開始根據我們的產品的定位來獲取份額。所以我認為這對我來說是一個積極的驚喜，它肯定會成為我們正在討論的戰略意圖的一部分。

And our next question comes from the line of John Pitzer with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Yes. Hassane, congratulations. Hassane, you mentioned earlier that we're all trying to steal your thunder for the August Analyst Day, and I apologize if this is an attempt. But you talked about the margin targets that are out there today, and that they wouldn't change until August. But in that preamble, you also talked about timing to get there was being a big focus.

是的。哈桑，恭喜。哈桑，你之前提到我們都想在八月分析師日搶你的風頭，如果這是一種嘗試，我深表歉意。但您談到了今天的利潤目標，並且它們要到八月才會改變。但在序言中，您也談到了實現這一目標的時機是一個重點。

I'm kind of curious, relative to the existing targets that are out there, how quickly do you think you can get there? And if you could help me understand where the low-hanging fruit is versus the stuff that's a little bit harder to do.

我有點好奇，相對於現有的目標，你認為你能多快達成目標？如果你能幫助我了解哪些是容易達成的目標，哪些是難以達成的目標。

Sure. So you see already, Q1 is a move in the right direction as far as margin. So that -- I'll just tell you that. You're not going to wait until -- we have one more quarter before the August discussion we will have. So you'll see more progress then.

當然。所以你已經看到，就利潤率而言，第一季是朝著正確方向發展的。所以——我就告訴你這一點。你不會等到——我們在八月的討論之前還有一個季度的時間。所以你會看到更多的進步。

As far as the timing, of course, fab changes will take the longest because it takes time to change your manufacturing footprint between transferring technology and getting customer quals. But you're also not going to hear me say, "Wait for me for 3 years before we unwind all of this." We have and there are enough levers for us to make a positive impact on margin. But what I'm hesitating, because I really haven't done the full scope of it, is the scale of that positive impact we can do in the short term.

當然，就時間而言，晶圓廠的變更將花費最長的時間，因為在轉移技術和獲得客戶品質之間改變製造足跡需要時間。但你也不會聽到我說：“等我三年，然後我們才能解開這一切。”我們擁有並且有足夠的槓桿來對利潤率產生正面影響。但我猶豫的是，因為我確實還沒有完全做到這一點，所以我們在短期內可以產生多大的正面影響。

And again, all I'm asking for is till August. But you're not going to see, yes, we're stuck with manufacturing, so it's going to take a long time. That's not what you can expect. You'll expect something much more favorable.

再說一次，我所要求的只是到八月。但你不會看到，是的，我們被困在製造業中，所以這需要很長時間。這不是你所期望的。你會期待一些更有利的事情。

No, that's helpful. So just as my follow-up, just going back to your M&A comments. I know you're not going to be too specific, but I was hoping you could give us some broad strokes of how you're thinking about M&A. You clearly created a lot of value at Cypress with the Broadcom IoT acquisition. If you look at the history with ON, there's sort of been this tension between M&A and profitability targets. And oftentimes, the M&A set the profitability targets back. What kind of principled views do you have on M&A around accretion, around the model, around what it needs to add to the business?

不，這很有幫助。正如我的後續行動一樣，回到您的併購評論。我知道您不會說得太具體，但我希望您能給我們一些關於您如何看待併購的大致思路。透過收購博通物聯網，您顯然為賽普拉斯創造了​​很多價值。如果你回顧一下 ON 的歷史，就會發現併購和獲利目標之間存在著某種緊張關係。通常，併購會推遲獲利目標。對於圍繞著增值、模型、以及需要為業務增加什麼的併購，您有什麼樣的原則性觀點？

Sure. There's not really one recipe for M&A. What -- in parallel to what I talk about with the strategy for the company, I do have a M&A strategy very specifically that matches up to that. And what do I mean? Some deals are strategic deals, where they may not be accretive right in the first year or when we do it or at the synergy, but they're strategic to give us a position in the market that we would like, a leadership position. We're going to be looking at those, for example.

當然。併購其實並沒有單一的秘訣。與我談論的公司策略並行的是，我確實有一個非常具體的與之相符的併購策略。我的意思是什麼？有些交易是策略性交易，它們可能不會在第一年或我們這樣做時或協同作用時產生增值作用，但它們具有戰略意義，可以讓我們在市場上獲得我們想要的地位，即領導地位。例如，我們將研究這些。

There are some that are financial deals where you do a deal because it strengthen your current markets or capability that you are growing organically, where you can give it an adrenaline shot in the arm and accelerate the attainment versus doing it organically. So I look at M&A, and you've seen it the way we've done it at Cypress, in order to fit a certain purpose. And that's the thesis that I form prior to going into the M&A. Because if I can't explain it to all of our employees, I sure as heck cannot explain it to all of you out there. So focusing on why we are doing it is key.

有一些是金融交易，你進行交易是因為它可以增強你當前的市場或你正在有機增長的能力，與有機地進行交易相比，你可以給它注射腎上腺素並加速實現。因此，我關注併購，您已經看到了我們在賽普拉斯的做法，以實現特定目的。這就是我在進行併購之前形成的論文。因為如果我不能向我們所有的員工解釋，我當然也無法向你們所有人解釋。因此，關注我們為什麼這樣做是關鍵。

But we're not going to do a bad deal just to do a bad deal. We do have the scale. We have the growth. We have a lot of opportunity for us to create value. So you're not going to see us rushing doing something just for the sake of doing something. We're going to be very disciplined. But when we do something, you can expect that it's going to be to achieve a very specific thesis that is very well aligned with our strategy.

但我們不會為了做壞事而做壞事。我們確實有規模。我們有成長。我們有很多創造價值的機會。所以你不會看到我們只是為了做某事而匆忙做某事。我們會非常遵守紀律。但是，當我們做某事時，您可以期望它將實現一個非常具體的論文，該論文與我們的策略非常一致。

And our next question comes from the line of William Stein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 William Stein。

Great. I offer my congrats again to Bernard. And so Hassane, probably for you. I'm hoping you can dig into the end markets a little bit more. In particular, I think we didn't hear about consumer and compute in the quarter. Maybe that's a tell as to the strategic focus of those end markets. But maybe you can talk also about the Q1 outlook by end market a little bit.

偉大的。我再次向伯納德表示祝賀。哈桑，可能適合你。我希望你能多挖掘終端市場。特別是，我認為我們在本季度沒有聽到有關消費者和計算的消息。也許這顯示了這些終端市場的戰略重點。但也許你也可以談談終端市場的第一季前景。

Sure. Your comment is very accurate. I'm starting to set the stage of where we're going to be. And obviously, the Q&A session is very, very long, but it's very also important just to kind of set the stage of where we are. But you're going to start expecting these commentary in order for us, as a company, to start driving the narrative of where we are and what our strategy is. And that's why you didn't see a lot of commentary on -- as far as some of the end markets that I'll gladly take if they support growth at the right margin profile that we have, but what I call -- they are opportunistic markets.

當然。你的評論非常準確。我開始為我們將要達到的目標做好準備。顯然，問答環節非常非常長，但也非常重要，只是為了奠定我們所處的階段。但你會開始期待這些評論，以便我們作為一家公司開始推動我們的現狀和策略的敘述。這就是為什麼你沒有看到很多評論——就一些終端市場而言，如果它們支持我們擁有的正確利潤率的成長，我會很樂意接受，但我所說的話——它們是機會主義市場。

I'm not going to be delving into a lot of those details moving forward. But if there's anything notable, we will just tell you regarding that. And that includes kind of given the breakdown, forward-looking guidance by all of these end markets. I don't think that, that dilutes a little bit of what we are doing. So I want to keep the message on point.

我不會繼續深入研究這些細節。但如果有什麼值得注意的事情，我們只會告訴您。這包括所有這些終端市場的細分、前瞻性指導。我不認為這會削弱我們正在做的事情。所以我想保持訊息的重點。

Okay. Maybe then I can ask a little bit about the backlog. We've heard a lot about shortages that stimulate double ordering because customers get nervous. It sounds like that's not so much happening with your business. But maybe you can give us some idea as to the size of the backlog now and the duration of the backlog relative to what it looks like typically.

好的。也許那時我可以詢問一下積壓的情況。我們聽說過很多關於由於顧客緊張而導致重複訂購的短缺的情況。聽起來您的企業並沒有發生太多這樣的事。但也許您可以給我們一些關於現在積壓的大小以及積壓相對於通常情況的持續時間的想法。

Listen, there's always a risk of double ordering, and we have a lot of metrics. Our sales force and our operations team have way more data than I can tell you about how do we trend and make sure that there are inconsistencies between what we expect, what the market tells us and what the orders on our books are. So I'll leave it at that. And whenever we see risk of double ordering, we pick up the phone and have to engage directly. We don't depend just on the backlog to drive our inventory and our wafer starts. So we do that, again, as a day-to-day.

聽著，總是存在著雙重排序的風險，而且我們有很多指標。我們的銷售團隊和營運團隊擁有的數據比我能告訴你的要多得多，這些數據無法告訴你我們如何預測趨勢，並確保我們的預期、市場告訴我們的資訊和我們帳上的訂單之間存在不一致。所以我就這樣吧。每當我們看到重複訂購的風險時，我們就會拿起電話直接聯繫。我們不僅僅依靠積壓來推動我們的庫存和晶圓的開工。所以我們每天都會這樣做。

Typically, in normal times, we don't have to do this. But again, if it goes back to the comment I made earlier, when we get an order, I want to make sure to whatever confidence I can, 80%, 90%, 100% confidence, that it's going to be on a board at a customer that's going to ship to an end consumer. That's the focus. So we're trying to plow through it. But there are indications of some double booking that we just ignore, I guess.

通常，在正常情況下，我們不必這樣做。但同樣，如果回到我之前發表的評論，當我們收到訂單時，我想盡我所能，80%、90%、100% 的信心，確保它將出現在董事會上將向最終消費者發貨的客戶。這就是重點。所以我們正在努力克服它。但我想，有跡象表明我們只是忽略了一些重複預訂的情況。

Congrats on the great results and guidance.

祝賀取得的巨大成果和指導。

Thank you.

謝謝。

And this does conclude today's question-and-answer session. And I would like to turn the conference back over to Parag Agarwal for any further remarks.

今天的問答環節到此結束。我想將會議轉回給帕拉格·阿加瓦爾（Parag Agarwal），以便他可以發表進一步的評論。

Thank you, everyone, for joining the call today. We look forward to seeing you at various conferences and various nondeal road shows throughout the quarter. Thank you, and goodbye.

謝謝大家今天加入電話會議。我們期待在整個季度的各種會議和各種非交易路演中見到您。謝謝你，再見。

Ladies and gentlemen, this concludes today's program. You may all disconnect. Everyone, have a great day.

女士們、先生們，今天的節目到此結束。你們都可以斷開連線。大家，祝你有美好的一天。