安森美 (ON) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the On Semiconductor First Quarter 2020 Earnings Conference Call.

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 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Parag Agarwal.

現在我想將會議交給今天的發言人帕拉格·阿加瓦爾 (Parag Agarwal)。

You may begin.

你可以開始了。

Thank you, DuWanda.

謝謝你，杜旺達。

Good morning, and thank you for joining On Semiconductor Corporation First Quarter 2020 Quarterly Results Conference Call.

早安，感謝您參加安森美半導體公司 2020 年第一季季度業績電話會議。

I'm joined today by Keith Jackson, our President and CEO; and Bernard Gutmann, our CFO.

今天我們的總裁兼執行長 Keith Jackson 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.

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。

A replay of this broadcast, along with our 2020 first quarter earnings release, will be available on our website approximately 1 hour following this conference call and the recorded broadcast will be available for approximately 30 days following this conference call.

本次電話會議後約 1 小時，我們將在我們的網站上提供本次廣播的重播以及我們的 2020 年第一季度收益發布，並且錄製的廣播將在本次電話會議後大約 30 天內提供。

The script for today's conference call -- today's call and additional information related to our end markets, business segments, geographies, channels, share count and 2020 fiscal calendar are also posted on our website.

今天電話會議的腳本——今天的電話會議以及與我們的終端市場、業務部門、地理位置、管道、股票數量和 2020 年財務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.

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。

Reconciliations of these non-GAAP financial measures to the most directly comparable measures under GAAP are in our earnings release, which is posted separately on our website in the Investor Relations section.

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已在我們的收益報告中進行，該報告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 future events or the future financial performance of the company.

在本次電話會議期間，我們將對未來事件或本公司未來財務表現做出預測或其他前瞻性陳述。

The words believe, estimate, project, anticipate, intend, may, expect, will, plan, should or similar expressions are intended to identify forward-looking statements.

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。

We wish to caution that such statements are subject to risks and uncertainties that could cause actually events or results to differ materially from projections.

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。

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 Securities and Exchange Commission.

我們向美國證券交易委員會提交的 10-K 表、10-Q 表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。

Additional factors are described in our earnings release for the first quarter of 2020.

我們的 2020 年第一季財報中描述了其他因素。

Our estimates, or other forward-looking statements may change, and the company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors except as required by law.

我們的估計或其他前瞻性陳述可能會發生變化，本公司不承擔更新前瞻性陳述以反映實際結果、變化的假設或其他因素的義務，除非法律要求。

Given the current restriction on travel and gathering due to COVID-19 pandemic, the previously announced strategic business update scheduled for August 18 in New York has been postponed.

鑑於目前因 COVID-19 大流行而對旅行和聚會造成限制，先前宣布的原定於 8 月 18 日在紐約舉行的策略業務更新已被推遲。

We will provide you new date and location for the event as we get further clarity.

當我們進一步了解情況後，我們將為您提供新的活動日期和地點。

Now let me turn it over to Bernard Gutmann, who will provide an overview of our first quarter 2020 results.

現在讓我將其交給 Bernard Gutmann，他將概述我們 2020 年第一季的業績。

Bernard?

伯納德？

Thank you, Parag, and thank you, everyone, for joining us today.

謝謝帕拉格，也謝謝大家今天加入我們。

As is the case with most of our peers, our results for the first quarter of 2020, and outlook for the second quarter have been meaningfully impacted by COVID-19.

與我們大多數同業的情況一樣，我們 2020 年第一季的業績和第二季的前景受到了 COVID-19 的重大影響。

Although our near-term results have been impacted by the pandemic, we believe that long-term drivers of our business remain intact.

儘管我們的近期業績受到了疫情的影響，但我們相信我們業務的長期驅動因素仍然完好無損。

We expect to show progress towards our target financial model as global macroeconomic environment recovers, and we continue to implement structural changes to drive margin expansion and higher free cash flow.

我們預計，隨著全球宏觀經濟環境的復甦，我們的目標財務模型將取得進展，並且我們將繼續實施結構性變革，以推動利潤率擴張和更高的自由現金流。

In face of challenging business conditions, we have taken measures that should strengthen our balance sheet and free cash flow.

面對充滿挑戰的商業環境，我們已採取措施加強我們的資產負債表和自由現金流。

These steps include the drawdown of approximately $1.17 billion from our revolving line of credit.

這些步驟包括從我們的循環信貸額度中提取約 11.7 億美元。

This step was taken out of abundance of caution to ensure that we have adequate level of liquidity to the global macroeconomic conditions unexpectedly and sharply deteriorate due to the COVID-19 pandemic.

採取這一步驟是出於高度謹慎，以確保我們擁有充足的流動性，以應對因 COVID-19 大流行而意外急劇惡化的全球宏觀經濟狀況。

Further, we have taken certain tactical and temporary actions, which should result cost savings of approximately $50 million throughout the rest of the year.

此外，我們還採取了某些戰術和臨時行動，這將在今年剩餘時間內節省約 5,000 萬美元的成本。

These measures include a reduction in executive salaries and compensation for board members, the suspension of our 401(k) company managed program in the U.S., deferral of merit salary and wage increases and staggered furlough of certain employees for 3 weeks during the year.

這些措施包括減少高階主管薪資和董事會成員的薪酬、暫停我們在美國的 401(k) 公司管理計劃、推遲績效工資和工資增長以及年內對某些員工錯開 3 週的休假。

The cost savings of $50 million throughout the rest of 2020 of are in addition to those from our $115 million restructuring programs announced earlier.

除了先前宣布的 1.15 億美元重組計畫之外，2020 年剩餘時間還節省了 5,000 萬美元的成本。

We anticipate that our capital expenditures for 2020 will be largely focused on enabling our 300-millimeter fab in East Fishkill.

我們預計 2020 年的資本支出將主要集中在啟用東菲什基爾的 300 毫米晶圓廠。

At this time, we expect capital expenditures of approximately $425 million in 2020.

目前，我們預計 2020 年的資本支出約為 4.25 億美元。

Furthermore, to preserve our balance sheet strength, we do not intend to buyback our shares until business conditions improve.

此外，為了維持我們的資產負債表實力，在業務狀況改善之前，我們不打算回購股票。

Now let me provide you additional details on our first quarter 2020 results.

現在讓我向您提供有關我們 2020 年第一季業績的更多詳細資訊。

Total revenue for the first quarter of 2020 was $1.278 billion, a decrease of 8% as compared to revenue of $1.387 billion in the first quarter of 2019.

2020年第一季總營收為12.78億美元，較2019年第一季13.87億美元下降8%。

The year-over-year decline in revenue was primarily driven by a slowdown in macroeconomic activity and supply constraints resulting from COVID with government-related mandated lockdown measures around the world.

收入較去年同期下降的主要原因是宏觀經濟活動放緩以及新冠疫情以及世界各地政府強制實施的封鎖措施造成的供應限制。

We drastically curtailed operations at few of our factories to ensure the safety of our employees and to comply with global regulations.

我們大幅削減了少數工廠的運營，以確保員工的安全並遵守全球法規。

GAAP net loss for the first quarter was $0.03 per diluted share as compared to a net income of $0.27 per diluted share in first quarter of 2019.

第一季 GAAP 淨虧損為每股攤薄後 0.03 美元，而 2019 年第一季攤薄後每股淨利為 0.27 美元。

Non-GAAP net income for the first quarter of 2020 was $0.10 per diluted share as compared to $0.43 per diluted share in the first quarter of 2019.

2020 年第一季的非 GAAP 攤薄後每股淨利為 0.10 美元，而 2019 年第一季攤薄後每股淨利為 0.43 美元。

GAAP and non-GAAP gross margin for the first quarter of 2020 was 31.5% as compared to 37% in the first quarter of 2019.

2020 年第一季 GAAP 和非 GAAP 毛利率為 31.5%，而 2019 年第一季為 37%。

The year-over-year decline in gross margin was primarily driven by lower revenue and significantly lower level of using factory utilization, as mentioned earlier.

如前所述，毛利率年減主要是由於收入下降和工廠利用率顯著降低。

As required by GAAP, we recorded a period charge of approximately $19 million due to the significant underutilization of our factory network in the first quarter.

根據 GAAP 的要求，由於第一季我們的工廠網路利用率嚴重不足，我們記錄了約 1900 萬美元的期間費用。

This charge also includes the impact of a short strike at our Belgium fab.

這項費用還包括我們比利時工廠短暫罷工的影響。

This strike was related to our announced plan to divest the fab.

這次罷工與我們宣布的剝離晶圓廠的計畫有關。

As utilization of our factory network improved with expected improvement in business conditions, potentially in the second half of the year, we will not be required to take underutilization related period charges.

由於我們工廠網路的利用率隨著業務狀況的預期改善而改善，可能在今年下半年，我們將不需要收取與利用率不足相關的期間費用。

As a result, we did see a step-function increase in our gross margin.

結果，我們確實看到了毛利率的階躍成長。

First quarter of 2020 gross margin was further impacted by approximately $3 million of charges as a result of higher logistics and freight costs.

由於物流和貨運成本上升，約 300 萬美元的費用進一步影響了 2020 年第一季的毛利率。

Our GAAP operating margin for the first quarter of 2020 was 1.5% as compared to 12.9% in the first quarter of 2019.

我們 2020 年第一季的 GAAP 營運利潤率為 1.5%，而 2019 年第一季為 12.9%。

Our non-GAAP operating margin for the first quarter of 2020 was 6.6% as compared to 15.5% in the first quarter of 2019.

我們 2020 年第一季的非 GAAP 營業利潤率為 6.6%，而 2019 年第一季為 15.5%。

The year-over-year decline in operating margin was largely driven by lower revenue and gross margin.

營業利益率年減主要是由於收入和毛利率下降所致。

GAAP operating expenses for the first quarter were $384 million as compared to $334 million in the first quarter of 2019.

第一季 GAAP 營運費用為 3.84 億美元，而 2019 年第一季為 3.34 億美元。

First quarter GAAP operating expenses include approximately $31 million associated with restructuring programs announced earlier.

第一季 GAAP 營運費用包括與先前宣布的重組計劃相關的約 3,100 萬美元。

Non-GAAP operating expenses for the first quarter were $319 million, as compared to $290 million (sic) [$299 million] in the first quarter of 2019.

第一季的非 GAAP 營運費用為 3.19 億美元，而 2019 年第一季的營運費用為 2.9 億美元（原文如此）[2.99 億美元]。

The year-over-year increase in non-GAAP operating expenses was primarily due to the acquisition of Quantenna.

非 GAAP 營運費用年增主要是由於收購 Quantenna。

First quarter free cash flow was $34 million, and operating cash flow was $166 million.

第一季自由現金流為 3,400 萬美元，營運現金流為 1.66 億美元。

During the first quarter, we used approximately $65 million to repurchase 3.6 million shares of our common stock.

第一季度，我們使用約 6,500 萬美元回購了 360 萬股普通股。

Capital expenditure during the first quarter were $132 million, which equates to a capital intensity of 10.3%.

第一季的資本支出為1.32億美元，相當於資本密集度為10.3%。

Given the current macroeconomic environment, we are directing most of our capital expenditures towards enabling our 300-millimeter fab at East Fishkill.

鑑於當前的宏觀經濟環境，我們將大部分資本支出用於啟用東菲什基爾的 300 毫米晶圓廠。

As indicated earlier, we expect capital expenditures for 2020 to be approximately $425 million.

如前所述，我們預計 2020 年的資本支出約為 4.25 億美元。

We exited the first quarter of 2020 with cash and cash equivalents of $1.982 billion as compared to $894 million at the end of the fourth quarter of 2019.

2020 年第一季結束時，我們的現金和現金等價物為 19.82 億美元，而 2019 年第四季末為 8.94 億美元。

At this time, with cash balance of approximately $2 billion, we are very comfortable with our liquidity position.

目前，我們的現金餘額約為 20 億美元，我們對流動性狀況非常滿意。

At the end of the first quarter, days of inventory on hand were 131 days, up by 8 days as compared to 123 in the fourth quarter of 2019.

一季末，庫存天數為131天，較2019年第四季的123天增加8天。

The increase in days of inventory was driven primarily by a lower expected revenue.

庫存天數的增加主要是由於預期收入較低所致。

Distribution inventory increased slightly in terms of weeks of inventory due to lower resales.

由於轉售減少，分銷庫存以庫存週數計算略有增加。

In terms of dollars, distribution inventory declined quarter-over-quarter.

以美元計算，分銷庫存季減。

Now let me provide you an update on the performance of our business units, starting with Power Solutions Group or PSG.

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）。

Revenue for PSG for the first quarter of 2020 was $624 million.

巴黎聖日耳曼2020年第一季的營收為6.24億美元。

Revenue for the Advanced Solutions Group, previously known as Analog Solutions Group, for the first quarter was $467 million, and revenue for our Intelligent Sensing Group was $187 million.

高級解決方案集團（以前稱為模擬解決方案集團）第一季的營收為 4.67 億美元，智慧感測集團的營收為 1.87 億美元。

Now I would like to turn the call over to Keith Jackson for additional comments on the business environment.

現在我想將電話轉接給基斯傑克森（Keith Jackson），請他就商業環境發表更多評論。

Keith?

基思？

Thanks, Bernard.

謝謝，伯納德。

At the outset, I thank all of our employees for their dedication in supporting our first responders and customers in the face of very challenging conditions.

首先，我感謝我們所有的員工在面對非常具有挑戰性的條件時為支持我們的急救人員和客戶而奉獻的精神。

Our employees went well beyond what is required of them to ensure supply of critical components for ventilators and other medical equipment.

我們的員工遠遠超出了他們的要求，以確保呼吸器和其他醫療設備的關鍵部件的供應。

In countries where government instituted lockdown measures to control the spread of the virus, many of our manufacturing and support teams stayed at the factories to ensure supply of critical components to our customers.

在政府採取封鎖措施來控制病毒傳播的國家，我們的許多製造和支援團隊都留在工廠，以確保向客戶供應關鍵零件。

Safety of our employees is of paramount importance to us.

員工的安全對我們來說至關重要。

Consistent with that commitment, we have suspended all-nonessential travel.

根據這項承諾，我們暫停了所有非必要的旅行。

Globally, the teams are working remotely in compliance with local rules and are following strict social distancing guidelines in case they are required to visit a work facility.

在全球範圍內，這些團隊都按照當地規則進行遠端工作，並遵循嚴格的社交距離準則，以防需要訪問工作設施。

Our IT organization has done an outstanding job of enabling thousands of our employees to work remotely.

我們的 IT 組織在使數千名員工能夠遠距工作方面做得非常出色。

We are actively supporting local communities by donating medical supplies and personal protective equipment and matching employee donations.

我們透過捐贈醫療用品和個人防護裝備以及匹配員工捐款等方式積極支持當地社區。

We continue to step up on short notice.

我們將繼續在短時間內採取行動。

When the state of California requested one of our customers for a quick turnaround on ventilators, our supply chain and manufacturing teams responded with extreme urgency to provide critical components immediately.

當加州要求我們的一位客戶快速週轉呼吸機時，我們的供應鏈和製造團隊極其緊急地做出反應，立即提供關鍵組件。

These teams, like many others in ON Semiconductor, exemplify the spirit of collaboration and being a good corporate citizen.

這些團隊與安森美半導體的許多其他團隊一樣，體現了協作精神和良好的企業公民精神。

Despite the current challenges, key secular megatrends and long-term drivers of our business remain intact.

儘管當前面臨挑戰，但我們業務的主要長期大趨勢和長期驅動因素仍然完好無損。

In automotive, we expect the key secular trends such as ADAS, vehicle electrification and fuel efficiency will continue along a steep upward trajectory.

在汽車領域，我們預計 ADAS、車輛電氣化和燃油效率等主要長期趨勢將繼續沿著陡峭的上升軌道發展。

In Industrial, we expect to see acceleration in factory and warehouse automation, robotics, energy efficiency and personal medical devices.

在工業領域，我們預計工廠和倉庫自動化、機器人技術、能源效率和個人醫療設備將加速發展。

In cloud power, along with growth in data-centric applications, we expect to see an increased spending on servers and communications infrastructure as companies put in place a robust infrastructure to enable a remote and distributed workforce.

在雲端運算方面，隨著以數據為中心的應用程式的成長，隨著公司建立強大的基礎設施來支援遠端和分散式勞動力，我們預計伺服器和通訊基礎設施的支出將會增加。

We believe that the global community should be able to overcome the current health crisis in a timely manner, and we expect business activity to improve soon thereafter.

我們相信，國際社會應該能夠及時克服當前的健康危機，我們預計商業活動此後很快就會改善。

While we are taking measures to mitigate the impact of soft business conditions, our long-term goals and strategy remain unchanged.

雖然我們正在採取措施減輕商業環境疲軟的影響，但我們的長期目標和策略保持不變。

We are aggressively working to enable our 300-millimeter manufacturing capability.

我們正在積極努力實現 300 毫米製造能力。

Our product development programs and customer engagement on key strategic projects are continuing as planned.

我們的產品開發計劃和客戶對關鍵策略項目的參與正在按計劃繼續進行。

We continue to strengthen our leadership in -- by investing in the fastest-growing segments of automotive, industrial and cloud power end markets.

我們透過投資汽車、工業和雲端電源終端市場成長最快的領域，持續加強我們的領導地位。

We expect that our contact in these applications will continue to grow at a healthy pace despite the current crisis.

儘管面臨當前的危機，我們預計我們在這些應用程式中的聯繫將繼續以健康的速度成長。

Along with continued execution on our key strategic initiatives, we are making structural and technical changes to align our business with current conditions and to drive long-term growth in profitability and free cash flow.

在繼續執行我們的關鍵策略舉措的同時，我們正在進行結構和技術變革，以使我們的業務適應當前狀況，並推動盈利能力和自由現金流的長期成長。

Our business realignment programs remain on track.

我們的業務調整計劃仍在按計劃進行。

We have taken actions to complete the previously announced restructuring programs.

我們已採取行動完成先前宣布的重組計劃。

These programs should result in cost savings of approximately $115 million a year.

這些計劃每年可節省約 1.15 億美元的成本。

As announced earlier, we should be able to achieve these savings by the fourth quarter of 2020 on a run rate basis.

正如之前所宣布的，我們應該能夠在 2020 年第四季之前根據運行率實現這些節省。

We believe that with these actions, the company is well positioned for accelerated progress towards our target model as the global macroeconomic environment recovers from the COVID-19 pandemic.

我們相信，透過這些行動，隨著全球宏觀經濟環境從 COVID-19 大流行中恢復，公司已做好準備，加速實現我們的目標模式。

As mentioned during the previous results conference call, we are making strong progress towards ramping production at our 300-millimeter fab at East Fishkill.

正如在先前的業績電話會議中提到的，我們在東菲什基爾 300 毫米晶圓廠的產量提升方面取得了巨大進展。

At this point, we are tracking significantly ahead of schedule, and we now expect to begin initial production in the middle of 2020.

目前，我們的進度明顯提前，預計將於 2020 年中期開始初始生產。

The results and yields of initial wafer runs have been spectacular.

最初晶圓運行的結果和良率非常驚人。

Based on our experience thus far with the East Fishkill fab, we are even more confident that transition of production to this fab will be a major inflection point for our manufacturing cost structure as we consolidate our front-end network.

根據我們迄今為止在東菲什基爾工廠的經驗，我們更有信心，隨著我們整合前端網絡，將生產轉移到該工廠將成為我們製造成本結構的一個主要轉折點。

Let me now comment on the current business environment.

我現在談談當前的商業環境。

On the demand front, it is a mixed picture.

在需求方面，情況好壞參半。

Demand from automotive end market has been impacted severely due to the closure of manufacturing plants and extremely challenging global macroeconomic conditions.

由於製造工廠的關閉和極具挑戰性的全球宏觀經濟狀況，汽車終端市場的需求受到嚴重影響。

We expect the automotive weakness to continue till automotive manufacturing plants reopen and global production restarts at least at a moderate pace.

我們預計汽車產業的疲軟局面將持續下去，直到汽車製造廠重新開業且全球生產至少以適度的速度重新啟動。

We are seeing good strength in a few end markets in the second quarter.

我們看到第二季一些終端市場表現強勁。

Most notably, activity in the industrial end market appears to be strong across most geographies.

最值得注意的是，大多數地區工業終端市場的活動似乎都很強勁。

Server and 5G infrastructure-related demand continues to grow at a healthy pace.

伺服器和 5G 基礎設施相關需求持續健康成長。

Demand from smartphone and consumer end markets continues to be soft due to massive slowdown in global macroeconomic activity.

由於全球宏觀經濟活動大幅放緩，智慧型手機和消費終端市場的需求持續疲軟。

From a geographic perspective, after slowdown early in the first quarter, demand from China has improved meaningfully.

從地域角度來看，經過第一季初的放緩後，中國的需求已顯著改善。

Japan is another area of moderate strength.

日本是另一個實力中等的地區。

Demand from the U.S. and Europe has significantly softened due to the pause in most economic activities because of government-mandated quarantines and other regulatory action aimed at reducing the spread of COVID-19.

由於政府強制實施隔離和其他旨在減少 COVID-19 傳播的監管行動，導致大多數經濟活動暫停，美國和歐洲的需求顯著疲軟。

Both in the U.S. and Europe, automotive is an area of conspicuous weakness.

在美國和歐洲，汽車產業都是一個明顯薄弱的領域。

It appears that customers are preparing for a recovery in the second half and are placing orders to ensure supply.

看來客戶正在為下半年的復甦做準備，並正在下訂單以確保供應。

At this time, we are seeing significantly higher order activity for the second half of the year as compared to that in the first half of the year.

目前，我們看到下半年的訂單活動明顯高於上半年。

The orders are broad-based in terms of end markets, geographies and channels.

這些訂單在終端市場、地理和通路方面基礎廣泛。

During the first quarter, the COVID-19 pandemic significantly affected our operations and impacted our ability to supply products to many of our customers.

在第一季度，COVID-19 大流行嚴重影響了我們的運營，並影響了我們向許多客戶供應產品的能力。

These disruptions have continued into the current quarter, and we expect to resolve them by the end of this week.

這些中斷一直持續到本季度，我們預計在本週末之前解決這些問題。

Early in the first quarter, our manufacturing facilities in China were closed for longer than planned for Lunar New Year holidays in compliance with government mandates.

第一季初，我們在中國的製造工廠按照政府規定在農曆新年假期期間關閉的時間比計劃的要長。

Following the extended shutdown, our China factories resumed production and are now running at close to full utilization.

長時間停工後，我們的中國工廠恢復了生產，目前已接近滿載運轉。

Subsequently, in March, our facilities in Malaysia and Philippines, where a sizable part of our back-end operations are located, were severely impacted due to lockdown mandates by various governments.

隨後，在三月份，我們在馬來西亞和菲律賓的設施（我們很大一部分後端業務所在地）由於各國政府的封鎖命令而受到嚴重影響。

Our Malaysia and Philippines manufacturing plants ran significantly below capacity for most of March.

3 月大部分時間，我們的馬來西亞和菲律賓製造工廠的產能明顯低於產能。

Underutilization of these facilities continues in April and into May.

這些設施的利用不足在 4 月和 5 月持續。

Most of our facilities worldwide are expected to be running at required level of utilization by the end of this week.

預計我們在世界各地的大多數設施將在本週末之前達到所需的利用率水準。

Now I'll provide details of the progress in our various end markets for the first quarter of 2020.

現在我將詳細介紹2020年第一季我們各個終端市場的進展。

Revenue for the automotive market in the first quarter was $439 million and represented a 34% of our revenue in the first quarter.

第一季汽車市場營收為 4.39 億美元，占我們第一季營收的 34%。

First quarter automotive revenue declined 6% year-over-year.

第一季汽車營收年減 6%。

The year-over-year decline in automotive market was primarily driven by the closure of automotive production facilities in various parts of the world and supply constraints driven by reduced level of operations at our partners' manufacturing facilities.

汽車市場較去年同期下降的主要原因是世界各地汽車生產設施的關閉以及我們合作夥伴製造設施營運水準下降所導致的供應限制。

We saw weakness in China automotive and industrial markets earlier in the first quarter, but business activity has since picked up as factories have reopened in China.

第一季早些時候，我們看到中國汽車和工業市場疲軟，但隨著中國工廠重新開業，商業活動有所回升。

Currently, we are seeing significant weakness in the U.S. and European automotive markets due to the closure of automotive factories.

目前，由於汽車工廠的關閉，我們看到美國和歐洲汽車市場顯著疲軟。

Based on comments by major automakers, it appears that many European factories are now gradually restarting.

根據主要汽車製造商的評論，許多歐洲工廠目前似乎正在逐步重啟。

In the U.S., automakers are planning to reopen factories starting in latter half of May.

在美國，汽車製造商計劃從五月下旬開始重新開放工廠。

Based on third-party reports, we expect global light vehicle production units to decline by approximately 20% to 25% year-over-year in 2020.

根據第三方報告，我們預計2020年全球輕型車產量將年減約20%至25%。

Despite a massive decline in light vehicle production units, we expect semiconductor content in automotive applications to continue to increase at a healthy pace.

儘管輕型汽車產量大幅下降，但我們預計汽車應用中的半導體含量將繼續以健康的速度成長。

Key secular megatrends driving increased semiconductor content in automotive applications such as vehicle electrification, ADAS, fuel efficiency, and LED lighting remain intact, and we are well positioned through our technology leadership and customer relationships to capitalize on these trends.

推動汽車電氣化、ADAS、燃油效率和 LED 照明等汽車應用中半導體含量增加的主要長期大趨勢保持不變，我們透過我們的技術領先地位和客戶關係處於有利地位，可以利用這些趨勢。

During the first quarter, we secured a major design win for ADAS image sensors with a Japanese OEM.

第一季度，我們贏得了日本 OEM 的 ADAS 影像感測器的重大設計勝利。

This OEM is one of the largest automakers in the world.

這家原始設備製造商是世界上最大的汽車製造商之一。

This win underscores our global leadership in ADAS image sensors and highlights customer confidence in our technology in a high safety critical application.

這場勝利凸顯了我們在 ADAS 影像感測器領域的全球領先地位，並凸顯了客戶對我們在高安全關鍵應用中的技術的信心。

Our momentum for Silicon Carbide and silicon power products for electric vehicles continues to increase at a rapid pace.

我們對電動車用碳化矽和矽動力產品的發展動能持續快速成長。

With a solid product portfolio of Silicon Carbide devices and modules, we are seeing strong growth in revenue from electric vehicles.

憑藉堅實的碳化矽元件和模組產品組合，我們看到電動車收入的強勁成長。

At the same time, the breadth and depth of our engagement with leading participants in the electric vehicle ecosystem is expanding very significantly.

同時，我們與電動車生態系統領先參與者合作的廣度和深度正在顯著擴大。

We expect to see strong revenue growth in our IGBT modules for EV traction inverters as our design wins ramp in China this year.

隨著我們的設計今年在中國取得成功，我們預計用於電動車牽引逆變器的 IGBT 模組的收入將強勁增長。

Extension of subsidies for electric vehicles in China till 2022 is likely to be a significant boost for our Silicon Carbide and IGBT business in China.

中國將電動車補貼延長至 2022 年可能會對我們在中國的碳化矽和 IGBT 業務產生重大推動作用。

Our power products continue to grow in many automotive applications.

我們的電源產品在許多汽車應用中持續成長。

Electrification of various vehicle systems to conserve energy and to improve performance is a key driver of increasing content of power devices in vehicles.

各種車輛系統的電氣化以節省能源並提高性能是增加車輛中功率裝置含量的關鍵驅動力。

During the first quarter, we also secured a major design win for our mid-voltage MOSFETs for 48-volt systems.

第一季度，我們也為 48 伏特系統中壓 MOSFET 贏得了重大設計勝利。

Revenue in the second quarter of 2020 for the automotive end market is expected to be down steeply quarter-over-quarter due to closure of most U.S. and European automotive factories for a significant part of the quarter.

由於大多數美國和歐洲汽車工廠在該季度的大部分時間內關閉，預計汽車終端市場 2020 年第二季的收入將比去年季大幅下降。

The industrial end market, which includes military, aerospace and medical, contributed revenue of $315 million in the first quarter.

包括軍事、航空航太和醫療在內的工業終端市場第一季貢獻了3.15億美元的收入。

The industrial end market represented 25% of our revenue in the first quarter.

工業終端市場占我們第一季營收的25%。

Year-over-year, our first quarter industrial revenue declined 12%.

第一季工業收入年減 12%。

This decline was driven by a swift and sharp decline in global industrial activity and supply constraints due to the COVID-19 pandemic.

這一下降的原因是全球工業活動迅速大幅下降以及新冠肺炎 (COVID-19) 大流行造成的供應限制。

Despite challenging macroeconomic conditions, we continue to make progress towards our key strategic initiatives.

儘管宏觀經濟情勢充滿挑戰，我們仍繼續在關鍵策略舉措方面取得進展。

In industrial power segment, momentum for our Silicon Carbide and silicon devices remain robust.

在工業電力領域，我們的碳化矽和矽元件的勢頭依然強勁。

We are seeing strong customer interest for our silicon carbide devices for fast charging stations for electric vehicles.

我們看到客戶對我們用於電動車快速充電站的碳化矽設備表現出濃厚的興趣。

During the first quarter, we secured an important design win for our high-voltage super junction MOSFETs for electric vehicle charging stations.

第一季度，我們的電動車充電站高壓超級結 MOSFET 獲得了重要的設計勝利。

On the medical front, our teams are working very hard to support the medical community in the fight against COVID-19.

在醫療方面，我們的團隊正在努力支持醫學界對抗 COVID-19。

The entire organization is focused on supporting increased demand for components for critical medical equipment such as ventilator, infusion pumps, patient monitoring systems, cardiac assess systems and medical imaging equipment.

整個組織致力於支援呼吸器、輸液幫浦、病患監護系統、心臟評估系統和醫學影像設備等關鍵醫療設備組件不斷增長的需求。

Our engagement with e-commerce customers is growing at a rapid pace, and we expect e-commerce-related applications will be a strong driver of our industrial image sensor business.

我們與電子商務客戶的互動正在快速成長，我們預計電子商務相關應用將成為我們工業影像感測器業務的強大推動力。

We believe the growth in our e-commerce-related business will be driven by increasing e-commerce volumes, increasing warehouse automation and adoption of delivery robots.

我們相信電子商務相關業務的成長將由電子商務量的增加、倉庫自動化程度的提高和送貨機器人的採用來推動。

Through our early engagement with industry leaders in e-commerce, we've built strong design win pipeline for our CMOS image sensors for warehouse automation and delivery robots.

透過與電子商務行業領導者的早期合作，我們為倉庫自動化和送貨機器人的 CMOS 影像感測器建立了強大的設計贏得管道。

Revenue in the second quarter of 2020 for the industrial end market is expected to be up quarter-over-quarter, driven by strong recovery in the demand from all regions.

在各地區需求強勁復甦的推動下，工業終端市場2020年第二季營收預計將較上季成長。

The communications end market, which includes both networking and wireless, contributed revenue of $254 million in the first quarter and represented 20% of our revenues during the first quarter.

包括網路和無線在內的通訊終端市場在第一季貢獻了 2.54 億美元的收入，占我們第一季收入的 20%。

First quarter communications revenue declined 1% year-over-year.

第一季通訊營收年減1%。

The decline was primarily due to weakness in our smartphone-related business.

下降的主要原因是我們的智慧型手機相關業務疲軟。

We saw solid year-over-year growth in our infrastructure business, driven largely by 5G.

在 5G 的推動下，我們的基礎設施業務實現了年比穩健成長。

We further solidified our position in the 5G infrastructure market by winning new designs for medium voltage MOSFETs.

我們贏得了中壓 MOSFET 的新設計，進一步鞏固了我們在 5G 基礎設施市場的地位。

Revenue in the second quarter of 2020 for the communications end market is expected to be down quarter-over-quarter, primarily due to softness in the smartphone market.

預計通訊終端市場 2020 年第二季營收將季減，主要是因為智慧型手機市場疲軟。

We expect our 5G infrastructure to grow at a robust pace quarter-over-quarter in the second quarter.

我們預計第二季 5G 基礎設施將較上季強勁成長。

The computing end market contributed revenue of $136 million in the first quarter.

計算終端市場第一季貢獻營收1.36億美元。

Computing end market represented 11% of our revenue in the first quarter.

計算終端市場占我們第一季營收的 11%。

First quarter computing revenue declined 7% year-over-year, primarily due to our selective participation in client-related business.

第一季計算營收年減 7%，主要是因為我們選擇性參與客戶相關業務。

Our server business grew at a very impressive rate year-over-year.

我們的伺服器業務年增速度非常驚人。

We experienced better-than-expected results in our server business as corporation rushed to augment their IT infrastructure to support a remote workforce.

隨著公司急於增強其 IT 基礎設施以支援遠端員工，我們的伺服器業務取得了好於預期的成果。

Our power management products for server processors and IGBTs for uninterruptible power supplies were a key driver of strength in our server business.

我們用於伺服器處理器的電源管理產品和用於不間斷電源的 IGBT 是我們伺服器業務實力的關鍵驅動力。

Revenue in the second quarter of 2020 for the computing end market is expected to be up quarter-over-quarter.

計算終端市場2020年第二季的營收預計將季增。

We expect growth in both server and client parts of our computing business.

我們預計計算業務的伺服器和客戶端部分都會成長。

The consumer end market contributed revenue of $134 million in the first quarter.

第一季消費端市場貢獻營收1.34億美元。

The consumer end market represented 10% of our revenue in the first quarter.

消費端市場占我們第一季營收的10%。

First quarter consumer revenue declined by 17% year-over-year.

第一季消費者營收年減 17%。

And the year-over-year decline was due to broad-based weakness in consumer electronics market due to the COVID-19 pandemic and our selective participation in this market.

同比下降是由於 COVID-19 大流行導致消費性電子市場普遍疲軟以及我們選擇性地參與該市場。

Revenue in the second quarter of 2020 for the consumer end market is expected to be down quarter-over-quarter.

消費端市場2020年第二季營收預計季減。

In summary, COVID-19 has had a sizable impact on both demand for our products and our ability to supply.

總之，COVID-19 對我們產品的需求和我們的供應能力都產生了相當大的影響。

We expect that during the second quarter, by the end of this week, our supply capabilities will improve significantly.

我們預計，在第二季度，到本週末，我們的供應能力將顯著提高。

Based on order patterns, it appears that our customers are planning for a recovery in the second half of the year, and we are encouraged by the gradual resumption of global -- activity globally.

根據訂單模式，我們的客戶似乎正在計劃在今年下半年復甦，全球活動的逐步恢復令我們感到鼓舞。

Despite current challenges due to COVID-19 pandemic, our long-term goals and strategy remains unchanged.

儘管目前因 COVID-19 大流行而面臨挑戰，但我們的長期目標和策略保持不變。

We have taken previously announced restructuring actions to optimize our investments and cost structure, and we are well positioned to make accelerated progress towards our target model as the global macroeconomic environment recovers.

我們已經採取了先前宣布的重組行動，以優化我們的投資和成本結構，並且隨著全球宏觀經濟環境的復甦，我們已做好準備，加速實現我們的目標模式。

We continue to work aggressively to enable our 300-millimeter fab in East Fishkill, and we remain on track to start our 300-millimeter production by the middle of this year.

我們繼續積極努力，以啟用東菲什基爾的 300 毫米晶圓廠，並且我們仍有望在今年年中開始 300 毫米生產。

Despite the current macroeconomic disruptions, key secular megatrends driving our business remain intact, and we are upbeat about our medium- to long-term prospects.

儘管當前宏觀經濟受到干擾，但推動我們業務的主要長期大趨勢仍然完好無損，我們對中長期前景持樂觀態度。

We are focused on the fastest-growing end markets of the semiconductor industry, and with our design wins, we expect that our content in automotive, industrial and cloud power applications will continue to grow.

我們專注於半導體產業成長最快的終端市場，隨著我們的設計勝利，我們預計我們在汽車、工業和雲端電源應用方面的內容將繼續成長。

Now I'd like to turn it back over to Bernard for forward-looking guidance.

現在我想把它轉回給伯納德以獲得前瞻性指導。

Bernard?

伯納德？

Thank you, Keith.

謝謝你，基斯。

Before I get into the details, let me highlight the key drivers of the guidance for the second quarter.

在詳細介紹之前，讓我先強調一下第二季度指導的主要驅動因素。

Our guidance for the second quarter is based on the assumption that the global macroeconomic environment will not further deteriorate due to COVID-19 pandemic.

我們對第二季的指引是基於全球宏觀經濟環境不會因 COVID-19 大流行而進一步惡化的假設。

We will likely continue to face operational and logistical challenges to the government mandates.

我們可能會繼續面臨政府授權的營運和後勤挑戰。

Also, this period of extreme uncertainty and volatility and future results of our business will not only depend on the course of the pandemic, but also on government actions and pace of recovery in global macroeconomic activity.

此外，這段極度不確定和波動的時期以及我們業務的未來業績不僅取決於疫情的進程，還取決於政府的行動和全球宏觀經濟活動的復甦步伐。

Therefore, our ability to forecast our business performance is limited and the range of our guidance for various financial for the second quarter is wider than what we have provided historically.

因此，我們預測業務績效的能力有限，我們對第二季度各種財務指引的範圍比我們歷史上提供的範圍更廣。

Based on product booking trends, backlog levels and estimated turns levels, we anticipate that total ON Semiconductor revenue is expected to be in the range of $1.1 billion to $1.26 billion in the second quarter of 2020.

根據產品預訂趨勢、積壓水平和預計週轉水平，我們預計 2020 年第二季安森美半導體總收入預計在 11 億美元至 12.6 億美元之間。

As noted earlier, we will likely continue to face operational and logistical challenges due to government mandates in the second quarter.

如前所述，由於第二季政府的指令，我們可能會繼續面臨營運和後勤方面的挑戰。

For the second quarter of 2020, we expect GAAP and non-GAAP gross margin between 29% and 31%.

對於 2020 年第二季度，我們預計 GAAP 和非 GAAP 毛利率在 29% 至 31% 之間。

Lower revenue in the second quarter as compared to that of the first quarter is the primary driver of the quarter-over-quarter decline in gross margin for the second quarter.

第二季營收較第一季下降是第二季毛利率較上季下降的主要原因。

We expect to record marginally lower period underutilization charge in the second quarter as compared to that of the first quarter.

我們預計第二季的期間未充分利用費用將比第一季略有下降。

We expect total GAAP operating expenses of $340 million to $360 million.

我們預期 GAAP 營運支出總額為 3.4 億至 3.6 億美元。

Our GAAP operating expenses include amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be only between $43 million and $47 million.

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，預計僅在 4,300 萬美元至 4,700 萬美元之間。

We expect total non-GAAP operating expenses of $297 million to $313 million in the second quarter.

我們預計第二季非 GAAP 營運支出總額為 2.97 億美元至 3.13 億美元。

We anticipate second quarter of 2020 GAAP net other income and expenses, including interest expense, will be in the $42 million to $45 million, which includes noncash interest expense of $9 million to $10 million.

我們預計 2020 年第二季 GAAP 淨其他收入和支出（包括利息支出）將為 4,200 萬至 4,500 萬美元，其中包括 900 萬至 1,000 萬美元的非現金利息支出。

We anticipate our non-GAAP net other income and expenses, including interest expense, will be $33 million to $35 million.

我們預計我們的非公認會計準則其他淨收入和支出（包括利息支出）將為 3,300 萬美元至 3,500 萬美元。

Net cash paid for income taxes in the second quarter of 2020 is expected to be $10 million to $13 million.

2020年第二季繳納所得稅的淨現金預計為1,000萬至1,300萬美元。

For 2020, we expect cash paid for taxes to be in the range of $50 million to $60 million.

2020 年，我們預計繳稅現金將在 5,000 萬至 6,000 萬美元之間。

We expect total capital expenditures of $80 million to $100 million in the second quarter of 2020.

我們預計 2020 年第二季的資本支出總額為 8,000 萬至 1 億美元。

We are currently targeting an overwhelming proportion of our CapEx for enabling our 300-millimeter fab at an accelerated pace.

目前，我們的目標是將大部分資本支出用於加速建造 300 毫米晶圓廠。

For 2020, we expect total capital expenditures of approximately $425 million.

2020 年，我們預計總資本支出約為 4.25 億美元。

We also expect share-based compensation of $19 million to $21 million in the second quarter of 2020, of which approximately $2 million is expected to be in cost of goods sold and the remaining amount is expected to be in operating expense.

我們也預計 2020 年第二季的股權激勵將達到 1,900 萬至 2,100 萬美元，其中約 200 萬美元預計將計入銷售商品成本，其餘金額預計將計入營運費用。

This expense is included in our non-GAAP financial results.

這筆費用包含在我們的非公認會計準則財務表現中。

Our GAAP diluted share count for the second quarter of 2020 is expected to be 413 million shares based on our current stock price.

根據我們目前的股價，我們 2020 年第二季的 GAAP 稀釋後股票數量預計為 4.13 億股。

Further details on share count and earnings per share calculations are provided regularly in our quarterly and annual reports on Form 10-Q and Form 10-K, respectively.

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表格 10-Q 和表格 10-K 提供。

With that, I would like to start the Q&A session.

接下來，我想開始問答環節。

Thank you, and DuWanda, please open up the line for questions.

謝謝您，杜旺達，請開通提問專線。

(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）。

I guess first on the revenue side of things, can I get a little more color on what you're seeing in the near term bookings?

我想首先是在收入方面，我能否進一步了解您在近期預訂中看到的情況？

And how you're guiding versus that?

你是如何指導的？

Because I guess the impression I have from your script is more that you're not seeing as much strength as some of your peers in the very near term, but you're more confident in the back half of the year.

因為我想我從你的劇本中得到的印象更多的是，你在短期內沒有看到像你的一些同行那麼強大的力量，但你在今年下半年更有信心。

And it seems like a bit of a dichotomy where they're guiding well below currently strong bookings for fear that the macroeconomy is actually going to weaken further, where your guidance seems to take the opposite tact?

這似乎有點二分法，他們的指導遠低於目前強勁的預訂，因為擔心宏觀經濟實際上會進一步疲軟，而您的指導似乎採取相反的策略？

Yes.

是的。

Interesting comparison.

有趣的比較。

I think the 2 things that impact that: one, when we're talking about the revenue strength, the impact that we have in the Philippines and Malaysia is perhaps more significant than much of our competition.

我認為有兩件事會影響這一點：第一，當我們談論收入實力時，我們在菲律賓和馬來西亞的影響可能比我們的許多競爭對手更重要。

And so you're hearing us talk about supply constraints in the near term.

所以你聽到我們談論近期的供應限制。

On the demand side, the automotive piece is very significant for us, but it is picking back up for Q3.

在需求方面，汽車部分對我們來說非常重要，但第三季正在回升。

And so again, I don't have any specific comparatives other than to say that what we've seen is more demand than we can service in the second quarter.

再說一次，我沒有任何具體的比較，只是說我們所看到的需求超出了我們在第二季所能提供的服務。

And the rate of that pace is going up significantly in the third quarter, but we think we'll be able to have all of the supply constraints behind.

第三季這一速度顯著上升，但我們認為我們將能夠克服所有供應限制。

And then I guess my second question would be on the gross margin side of things.

然後我想我的第二個問題是關於毛利率方面的。

It continues to be a source of headwinds.

它仍然是阻力的來源。

I think directionally, everybody understands why?

我想定向一下，大家懂為什麼嗎？

But the magnitude is bigger than I even thought.

但規模比我想像的還要大。

So I guess kind of 2 points on that.

所以我想有兩點。

Weren't there a number of one-time issues that hit you in the fourth quarter and first quarter, that should have been a bit of a tailwind in the second quarter?

難道第四季和第一季沒有出現一些一次性問題，這應該會對第二季起到一定的推動作用嗎？

And then as we think about that second half trajectory on gross margin, are there some structural changes that are going to kick in?

然後，當我們思考下半年毛利率的軌跡時，是否會發生一些結構性變化？

Or what's the stair-step you're talking about?

或是你說的樓梯是什麼？

Is it just utilization popping up?

只是利用率突然出現嗎？

Thank you, Ross.

謝謝你，羅斯。

So you're correct.

所以你是對的。

We did have some onetime items that affected us in Q4.

我們確實有一些一次性項目在第四季度影響了我們。

And basically, those have been resolved.

基本上，這些都已經解決了。

We don't see those anymore.

我們再也看不到那些了。

Same with the OSA that will go away in Q2.

與將在第二季取消的 OSA 相同。

Definitely, as Keith mentioned earlier, we were substantially affected by the abnormally low utilization for the periods in which we had lockdowns in our factories and that caused us to book the abnormal one-time $19 million hit to our gross margin, which we expect will continue, maybe a little bit marginally lower, but will continue throughout Q2.

當然，正如 Keith 之前提到的，我們在工廠停工期間受到了異常低利用率的嚴重影響，這導致我們的毛利率遭受了異常的一次性 1,900 萬美元打擊，我們預計這將繼續，可能會略有下降，但將持續整個第二季。

One -- once that goes away, we're back to eliminating that and gross margin should step up nicely.

一——一旦這種情況消失，我們就會重新消除這種情況，毛利率應該會大幅提高。

Obviously, the markets continue behaving.

顯然，市場持續表現。

And our fall through should be pretty nice as we go back to doing that.

當我們回去這樣做時，我們的失敗應該是相當不錯的。

So it is -- and it is primarily the fact that we have had the significant hit to our operations to the supply constraints.

事實確實如此——主要是因為供應限制對我們的營運造成了重大打擊。

Our next question comes from the line of Chris Danely with Citigroup.

我們的下一個問題來自花旗集團的克里斯丹利 (Chris Danely)。

Just to follow-up on Ross' question.

只是為了跟進羅斯的問題。

So if the revenue levels don't get back to 2019 levels for quite some time, what's the plan to drive to the gross margin target, especially considering the manufacturing capacity you have right now?

因此，如果收入水平在相當長一段時間內無法恢復到 2019 年的水平，那麼推動毛利率目標的計劃是什麼，特別是考慮到您目前擁有的製造能力？

Well, we have already announced the intended sale of our Belgium fab.

嗯，我們已經宣布打算出售我們的比利時工廠。

And we will continue doing that fab.

我們將繼續做那個工廠。

And if things continue getting worse, there will be other actions that would be along the same line.

如果情況持續惡化，就會有其他類似的行動。

We continue to focus on cash, and we also -- not that much on the gross margin.

我們繼續關注現金，我們也不太關注毛利率。

But across the spectrum, we took some temporary actions to shore up our numbers.

但在整個範圍內，我們採取了一些臨時行動來支撐我們的數字。

We had announced $150 million previously of permanent restructuring actions, and then we announced at this time, another $50 million of various tactical actions that will show up the cash.

我們之前宣布了 1.5 億美元的永久性重組行動，然後我們此時宣布了另外 5000 萬美元的各種戰術行動，這些行動將顯示現金。

If conditions continue worsening, we'll be ready to take more actions.

如果情況繼續惡化，我們將準備採取更多行動。

And then as my follow-up, just to go along with the restructuring actions.

然後作為我的後續行動，只是為了配合重組行動。

Can you give us a sense of how these things are supposed to trend in terms of OpEx versus cost of goods for the rest of this year?

您能否讓我們了解今年剩餘時間這些事情在營運支出與商品成本的趨勢如何？

And then will there still be some savings next year?

那麼明年還會有一些節省嗎？

Will you realize all the savings by the end of this year?

到今年年底你會實現所有節省嗎？

For the $150 million that we announced earlier, we expect to achieve the exiting velocity in Q4.

對於我們先前宣布的 1.5 億美元，我們預計將在第四季度達到現有速度。

It is primarily OpEx driven.

它主要是由營運支出驅動的。

There is a little bit -- a small piece of it that goes to COGS, but most of it is OpEx driven.

其中一小部分用於 COGS，但大部分是由營運支出驅動的。

The $50 million of temporary actions is, by nature of being temporary, just between now and the end of the year.

5000萬美元的臨時行動本質上是臨時性的，只是從現在到年底。

It's about close to $50 million heavier focus on OpEx, but there is still a good participation of COGS that will help us.

營運支出的重點增加了近 5000 萬美元，但 COGS 的良好參與仍然對我們有幫助。

Next question comes from the line of Chris Caso with Raymond James.

下一個問題來自克里斯·卡索和雷蒙·詹姆斯的對話。

Just a question on the supply disruptions, and you talked about that was pretty severe in the second quarter.

只是關於供應中斷的問題，您談到第二季供應中斷相當嚴重。

What's -- one, what's the status of that -- I'm sorry, as you go into the second quarter, what's the status of those supply disruptions?

一、抱歉，當你進入第二季時，這些供應中斷的狀況如何？

What's a percentage of your capacity that's back online?

恢復在線容量的百分比是多少？

And then naturally, when you have those supply disruptions, there's some incentive on the part of customers to layer in some orders they might not necessarily need, what's your visibility on that?

當然，當供應中斷時，客戶會有一些動機去下一些他們可能不一定需要的訂單，您對此有何看法？

I know it's always something difficult to judge, but how are you, I guess, judging down the orders that you have to avoid the potential of double ordering?

我知道這總是很難判斷的，但我猜你是如何判斷你必須避免雙重排序的可能性的訂單？

Yes.

是的。

So the supply disruptions have improved as we got into May.

因此，進入五月後，供應中斷情況有所改善。

They were still quite severe in April, and we don't expect to be a full capacity until the end of this week.

四月份的情況仍然相當嚴重，我們預計要到本週末才能滿載。

So it's a very sizable part of the second quarter has already been impacted.

因此，第二季度的很大一部分已經受到了影響。

Relative to the demand things, I will just tell you that the orders we have make sense based on the end market data that we're getting.

相對於需求問題，我只是告訴您，根據我們獲得的終端市場數據，我們的訂單是有意義的。

We don't see anything that's abnormal relative to what's going on in end market.

相對於終端市場的情況，我們沒有看到任何異常情況。

So the areas that are weak or weak in our backlog in the areas that have picked up primarily due to China coming back online are the ones that have picked up.

因此，在主要由於中國恢復上線而有所回升的領域中，我們積壓的薄弱領域或薄弱領域已經有所回升。

Okay.

好的。

As a follow-up, with regard to CapEx, and I understand there's some elevated CapEx right now because of what you're doing with the Fishkill facility.

作為後續行動，關於資本支出，我知道由於您對菲什基爾設施所做的事情，目前資本支出有所增加。

Can you talk about how long that continues?

能談談這種情況持續多久嗎？

At what point is the spending on Fishkill over?

Fishkill 的支出什麼時候結束？

And then once that's the case, what's a more normalized level of CapEx spending that we should expect when Fishkill is over and presumably as we go into 2021?

那麼，一旦發生這種情況，當 Fishkill 事件結束時，大概進入 2021 年時，我們應該預期的更正常化的資本支出水準是多少？

So basically, we have said once we made the acquisition of this Fishkill that our long-term goal is 6% to 7% on CapEx.

所以基本上，我們在收購 Fishkill 後就說過，我們的長期目標是資本支出 6% 到 7%。

We will be moving towards that target as time goes by.

隨著時間的推移，我們將朝著這個目標邁進。

I'm not sure it will be exactly at the beginning of '21, but we'll be moving towards that as we go in time.

我不確定具體時間是 21 年初，但隨著時間的推移，我們將朝著這個目標邁進。

Our next question comes from the line of Raji Gill with Needham & Company.

我們的下一個問題來自拉吉·吉爾 (Raji Gill) 與尼達姆公司 (Needham & Company) 的對話。

A question on the comment about the gross margin stepping up significantly in the third quarter, how are you stepping up?

關於第三季毛利率大幅提升的評論問題，您的提升情況如何？

Wanted to kind of discuss that in a little bit more detail, obviously, the underutilization charges will go away.

我想更詳細地討論一下，顯然，未充分利用的費用將會消失。

But what else will drive that step-up function?

但還有什麼可以驅動升壓功能呢？

Are you expecting a better mix shift in the third quarter, if auto comes back online?

如果汽車產業重新上線，您是否預期第三季會有更好的組合轉變？

Any other details in terms of what you think will be the drivers for the step-up in margins in the back half of the year?

您認為下半年利潤率上升的驅動因素還有其他細節嗎？

So as Keith mentioned earlier, we are seeing better demands for the back half.

正如基斯之前提到的，我們看到對後半場的要求更高。

So we expect a help from incremental revenue and the call flow should be pretty nice.

因此，我們預期增量收入會有所幫助，而且通話流程應該會非常好。

We also should be seeing mix as our markets that drive better gross margin should be coming back up, particularly on boarding.

我們也應該看到混合，因為推動毛利率提高的市場應該會回升，特別是在登機方面。

And in terms of the end markets, you had mentioned that Europe and the U.S. are starting to bring back manufacturing online.

在終端市場方面，您提到歐洲和美國正在開始恢復線上製造。

This is based on the commentary from those companies that you cited.

這是基於您引用的那些公司的評論。

In terms of tangible evidence from your perspective, on the automotive side, how would you characterize the orders in automotive as we go into kind of -- if you look at the third quarter?

從您的角度來看，在汽車方面，從第三季的情況來看，您將如何描述汽車訂單的特徵？

And then also, has there been any delays of more advanced ADAS programs because of the drop in demand?

此外，更先進的 ADAS 專案是否因需求下降而出現延遲？

Any thoughts there in terms of the current ADAS programs or the EV programs that are on track?

對於目前的 ADAS 專案或正在進行的 EV 專案有什麼想法嗎？

Yes.

是的。

We saw a very steep decline in demand from automotive as we got through the first quarter and into the first part of the second quarter.

從第一季到第二季上半年，我們看到汽車需求急劇下降。

That free fall, if you will, has leveled off and is no longer declining.

如果你願意的話，這種自由落體已經趨於平穩並且不再下降。

So that's certainly a good sign.

所以這當然是個好兆頭。

And then we have specific requests from our large OEMS, letting us know that they are expecting to have more demand in the second half, and we need to be ready.

然後我們收到大型原始設備製造商的具體要求，讓我們知道他們預計下半年會有更多需求，我們需要做好準備。

From a demand on things like ADAS and electrification, those continued quite on track.

從對 ADAS 和電氣化等產品的需求來看，這些需求繼續步入正軌。

And what we're seeing is that some companies are using this location in the market to kind of reposition themselves upscale with both their electric vehicles and their ADAS content.

我們看到的是，一些公司正在利用這一市場定位，透過其電動車和 ADAS 內容重新定位自己的高端市場。

So we're actually seeing potentially an accelerator in those 2 parts of automotive as it recovers.

因此，我們實際上看到汽車的這兩個部分在復甦過程中可能會出現加速器。

And just last question on the smartphone side.

最後一個問題是關於智慧型手機方面的。

You mentioned the drop in smartphones going to offset partially by 5G infrastructure.

您提到智慧型手機銷售的下降將被 5G 基礎設施部分抵銷。

There's been indications that smartphones are recovering in China.

有跡象顯示智慧型手機在中國正在復甦。

I just wanted to get your thoughts on maybe your dollar content opportunity in smartphones and any view there in terms of how we think about the second half?

我只是想了解您對智慧型手機領域的美元內容機會的看法，以及我們對下半年的看法？

So dollar content is around $9 for smartphone.

因此，智慧型手機的美元含量約為 9 美元。

We have indeed seen a pickup in China, but only with the China brands at this stage, but we are expecting to see global brands launching new models in the second half.

我們確實在中國看到了回升，但現階段僅限於中國品牌，但我們預計下半年將看到全球品牌推出新車型。

So our expectation is that the second half will be much better for smartphones than the first half.

因此，我們預計下半年智慧型手機的表現將比上半年好得多。

Our next question comes from the line of Jay Rakesh with Mizuho.

我們的下一個問題來自 Jay Rakesh 和 Mizuho 的對話。

I know you guys mentioned some long lead orders that came in for the second half.

我知道你們提到了下半年收到的一些長訂單。

Just wondering if it's slanted disproportionately to automotive or industrial?

只是想知道它是否不成比例地偏向汽車或工業？

Or how you're seeing that?

或者你怎麼看？

Yes.

是的。

It's very broad in the second half.

下半場的範圍非常廣泛。

Demand there is looking good.

那裡的需求看起來不錯。

We just mentioned smartphones look like they're going to be up.

我們剛剛提到智慧型手機看起來即將興起。

Automotive is up from a very low number.

汽車行業的數字從非常低的水平開始上漲。

So it's -- I don't want to get too excited.

所以——我不想太興奮。

But the industrial piece continues to build and our server and cloud business continues to show great strength.

但工業部分仍在持續發展，我們的伺服器和雲端業務持續展現出強大的實力。

Got it.

知道了。

And on the 5G side, I think you mentioned it's growing sequentially into the second quarter, is that infrastructure or base station both coming from China?

在5G方面，我想你提到它在第二季度持續成長，基礎設施或基地台都來自中國嗎？

Or is it -- do you see a second half pickup in the U.S., Europe, et cetera?

或者是──你認為下半年美國、歐洲等地區的經濟會回升嗎？

So China is certainly the strongest pickup there, but we really never saw much of a decline outside of China.

因此，中國無疑是其中最強勁的復甦，但我們確實從未看到中國以外地區大幅下滑。

So it continues to be healthy.

所以它仍然是健康的。

Our next question comes from the line of Christopher Rolland with Susquehanna International.

我們的下一個問題來自薩斯奎哈納國際公司的克里斯多福羅蘭。

I know we might be a ways away from M&A, but it's been a focus of yours in the past.

我知道我們距離併購可能還有一段距離，但這一直是你們過去關注的焦點。

And you guys have previously talked about doing something more strategic or higher gross margin.

你們之前曾討論過做一些更具策略性或更高毛利率的事情。

But given the underutilizations and growing footprint that you guys have, have you shifted at all towards a belief that you need more volume across your infrastructure?

但考慮到你們的利用率不足和不斷增長的足跡，你們是否已經轉變為需要更多基礎設施容量的信念？

And maybe if you can talk about any other levers you can pull there in terms of underutilization you've talked about reducing your older footprint, but how about bringing more external, internal, for example?

也許如果您可以談論任何其他槓桿，您可以在未充分利用方面進行拉動，您已經談到減少舊的足跡，但是例如引入更多的外部、內部怎麼樣？

Is that a sole year?

那是唯一的一年嗎？

So I guess 2 questions on that.

所以我想有兩個問題。

From an M&A perspective, we're not sure this is a prudent time.

從併購的角度來看，我們不確定現在是否是一個謹慎的時機。

And so really nothing new to report there.

所以確實沒有什麼新的東西可以報告。

And as far as utilizing the network, we clearly are looking at bringing more manufacturing inside.

就利用網路而言，我們顯然正在考慮將更多的製造業引入內部。

Those are actions that are underway and should help us in the second half of this year.

這些都是正在進行的行動，應該會在今年下半年對我們有幫助。

Got it.

知道了。

And then on to Fishkill, that was some nice commentary you guys had around ramping yields there.

然後是菲什基爾，你們對提高產量發表了一些很好的評論。

I guess since things are ramping a little bit better than expected, how does this compare to your original expectation?

我想既然事情進展得比預期好一點，那麼這與您最初的預期相比如何？

Are there any changes to the model positively?

模型有什麼正面的改變嗎？

And then secondly, what's going to be your strategy since yields are so good in terms of bringing bulk volume from other fabs?

其次，既然產量如此之高，從其他晶圓廠帶來大批量產量，您的策略是什麼？

Are you going to bring them immediately and leave those other fabs somewhat empty?

你會立即把它們帶過來，而讓其他晶圓廠空著嗎？

Or is it going to be more of a controlled process in which you're doing at one fab at a time?

或者這將更像是一個受控過程，您一次在一個晶圓廠進行？

Yes.

是的。

So a couple of commentary.

所以有一些評論。

One, the products we're putting into EFK first on the power products, supporting most of our automotive and cloud power type applications.

第一，我們首先在電源產品上放入 EFK 的產品，支援我們大多數的汽車和雲端電源類型應用。

And so the good news is those volumes continue to grow.

好消息是這些數量持續增長。

And so we feel pretty good about that.

所以我們對此感覺很好。

We have intended to ramp that in not empty other factories, and we continue to think that we'll be able to keep our factories full while ramping EFK.

我們打算在其他工廠中增加產能，我們仍然認為我們能夠在增加 EFK 的同時保持工廠滿載。

And from on track or ahead of schedule perspective, it's roughly looking like we're about 6 months in advance of where we thought we would be, and we work with customers that are specifically growing power content with us to qualify those factories and start running here in a matter of weeks.

從按計劃或提前的角度來看，我們大約比預期提前了 6 個月，並且我們與專門與我們一起增加電力容量的客戶合作，以確保這些工廠合格並開始運行幾週後就到這裡。

Our next question comes from the line of Craig Ellis with B. Riley.

我們的下一個問題來自 Craig Ellis 和 B. Riley 的對話。

Yes.

是的。

And I'll just ask a follow-up to the last question.

我只想問最後一個問題的後續問題。

So if you're getting good engagement with customers on East Fishkill, Keith, what would you expect the percent upon production to be out of that facility exiting this year?

因此，如果您與東菲什基爾的客戶取得了良好的互動，基思，您預計今年退出的工廠的生產百分比是多少？

And if you have another 6 quarters under the belt exiting calendar '21, what's the percent of total sales that could come out of East Fishkill with its lower cost footprint than what you have elsewhere?

如果 21 日曆年還有 6 個季度的時間，那麼東菲什基爾的總銷售額佔總銷售額的百分比是多少，因為其成本足跡比其他地方更低？

So I don't actually have prepared quarter-by-quarter breakdown for you, Craig.

所以，克雷格，我實際上並沒有為你準備好季度細目。

We talked about having the ability to do about $2 billion of revenue from the factory.

我們談到有能力從工廠獲得約 20 億美元的收入。

That won't happen in '20 or even '21.

這在 20 年甚至 21 年都不會發生。

But by the time we get to '23, we should be able to do that.

但到了 23 年，我們應該可以做到這一點。

Okay.

好的。

That's helpful.

這很有幫助。

And then auto, obviously, has been a big focus on this call as it has many others given the impact to units this year.

顯然，汽車一直是這次電話會議的一大焦點，因為考慮到今年對單位的影響，它還有許多其他電話會議。

As we look at auto, I think we're probably in the second quarter, going to be tracking about $120-ish million below prior highs.

當我們審視汽車產業時，我認為第二季的銷售額可能會比之前的高點低約 1.2 億美元左右。

How much of that volume can be made up with increased content over the next year or 2, Keith?

基思，未來一年或兩年內增加的內容可以彌補該卷的多少？

And how much of what had been automotive volumes in the factory network will need to be absorbed by things like cloud power or other growth initiatives or areas where you've got secular content in?

工廠網路中的汽車銷售量有多少需要被雲端運算或其他成長計畫或擁有世俗內容的領域所吸收？

Yes.

是的。

So the -- I mentioned before, the things we're watching carefully are the electric vehicle ramps in China.

所以我之前提到過，我們仔細觀察的是中國的電動車坡道。

They put back incentives to focus there.

他們重新投入精力，集中精力在那裡。

The content, as you know, is several hundred dollars higher in electric vehicle.

如您所知，電動車的內容要高出數百美元。

And so the simple answer is if they really ramp mostly electric -- as we go forward in China, there's a substantial opportunity to overcome any unit losses.

因此，簡單的答案是，如果它們真的主要以電力為主——隨著我們在中國的前進，就有很大的機會來克服任何單位損失。

And then ADAS, similar kinds of situation there.

然後是 ADAS，也有類似的情況。

They're becoming -- consumers are more safety conscious, and so we're seeing the contents there go up $20, $30 a car at a time.

消費者的安全意識越來越強，因此我們看到每輛車的價格一次上漲 20 至 30 美元。

And so I think the question will be as we come out of this downturn, what's the strategy is going to be?

所以我認為問題是當我們走出這次低迷時，我們的策略是什麼？

And right now, at least we're looking at more electric vehicles and more focus on safety.

現在，至少我們正在考慮更多的電動車，並且更加關注安全性。

So we think most of that, if not all of that will be offset as we exit this year.

因此，我們認為，隨著我們今年退出，其中大部分（如果不是全部）都將被抵消。

Our next question comes from the line of Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

I just wanted to come back to the gross margin side, Bernard.

我只是想回到毛利率方面，伯納德。

And I'm sorry, you were cutting out when you were answering the question, at least for me.

抱歉，你在回答問題時被打斷了，至少對我來說是這樣。

I wanted to understand the bridge between Q1 and Q2?

我想了解 Q1 和 Q2 之間的橋樑？

So how much of the cost would go away?

那麼，有多少成本會消失呢？

How much of it is onetime in nature?

其中有多少是自然界中一次性的？

And then kind of related to the recovery part is you talked about fall through and you're also talking about a step function increase and then there's a bigger third factor coming in, which is your 300-millimeter fab.

然後與恢復部分相關的是你談到了失敗，你也談到了階躍函數的增加，然後還有一個更大的第三個因素進來，那就是你的 300 毫米晶圓廠。

So what's the right way to think about fall through as margins recover as a result of revenues coming back?

那麼，當利潤因收入回升而恢復時，如何正確看待虧損呢？

That would be helpful.

那會有幫助的。

So A, just kind of help us bridge the gap?

那麼A，只是幫助我們彌補差距嗎？

And B, how should we think about fall through?

B，我們該如何看待失敗？

So the bridge for Q1 to Q2 is pretty straightforward.

因此 Q1 到 Q2 的橋接非常簡單。

It's mostly the decremental fall through of 50% on the revenue going from $1,278 million to $1,180 million at the midpoint.

主要是營收從 12.78 億美元下降到中點 11.8 億美元，下降了 50%。

The one-off period charges that we saw in Q1 will continue in Q2.

我們在第一季看到的一次性費用將在第二季繼續。

Keith mentioned the fact that we had during the month of April continued shelter-in-place mandates, government mandates in most of our locations, and then we expect to be getting close to being out of that at the end of this week.

基斯提到，我們在四月繼續執行就地避難令，這是我們大多數地點的政府強制令，我們預計在本週末將接近結束這項規定。

So it has had a significant impact in this quarter, which is going to be similar in nature.

因此，它在本季度產生了重大影響，本質上也是類似的。

Maybe it had a bit less but similar in nature to what we had in Q1.

也許它的含量有點少，但本質上與我們在第一季的情況相似。

That's the one that when we go into Q3, assuming that there is -- that the -- all these supplier issues, i.e., the mandates from the government would have been eliminated.

這就是當我們進入第三季時，假設存在所有這些供應商問題，即政府的授權將被消除。

That approximately $20 million goes away completely as we go into Q3.

當我們進入第三季時，大約 2000 萬美元就完全消失了。

And then we have the normal fall through on whatever revenue comes through.

然後無論收入如何，我們都會遭遇正常的失敗。

That's the high level.

這就是高水平。

And how does fall through change because 300 should be helping you?

因為 300 應該可以幫助你，所以你會如何經歷改變？

And this is not a question for this year, obviously, you just started to ramp it.

這不是今年的問題，顯然，你剛開始加大力度。

But steady state, how should 300-millimeter have a positive impact for margins?

但在穩定狀態下，300 毫米應該如何對利潤率產生正面影響？

We definitely see that the unit cost of our -- for mass cleaner per wafer will be better at the East Fishkill.

我們確實看到，東菲什基爾的每片晶圓大規模清潔器的單位成本會更好。

Obviously, it will be depending on the speed of the qualification from our customers.

顯然，這將取決於我們客戶獲得資格的速度。

And as we go into that, and it's more of a longer term '21, '22 time frame, and we expect any significant direct impact in 2020 as it relates to gross margin.

當我們進入這個問題時，這更多的是一個較長的“21”、“22”時間框架，我們預計 2020 年會產生任何重大的直接影響，因為它與毛利率有關。

And we're also relying a lot on what we're seeing.

我們也非常依賴我們所看到的。

Others have done as they go into 300-millimeter, and we expect that we'll have something similar in nature.

其他人在進入 300 毫米時已經做到了，我們預計我們也會有類似的結果。

Okay.

好的。

And my quick follow-up, Keith, sorry.

我的快速跟進，基思，抱歉。

On your comment about Q-over-Q increase the second quarter, I was a little bit surprised about industrials, especially given the macro backdrop.

關於您對第二季度環比增長的評論，我對工業股有點驚訝，特別是考慮到宏觀背景。

Is that primarily related to China recovery or sell in?

這主要與中國經濟復甦還是拋售有關？

Just can you please expand on that, please?

請您詳細說明一下好嗎？

Yes.

是的。

China is certainly the biggest driver of the increase there.

中國無疑是該地區成長的最大推動力。

As you remember in the end of last year, it had been severely curtailed in China.

正如你所記得的，去年年底，它在中國受到了嚴重限制。

It was very, very weak.

它非常非常虛弱。

And so that has been recovering.

所以這種情況一直在恢復。

We also have the medical business in that industrial category, and they've certainly seen an uptick globally.

我們在該工業類別中也有醫療業務，而且它們在全球範圍內的成長肯定有所增加。

And so those are kind of the big ones there.

這些都是那裡的大事。

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。

I just wanted to follow-up, Keith, on a couple of other questions that folks asked about assumptions for manufacturing at East Fishkill.

基思，我只是想跟進人們詢問的有關東菲什基爾製造假設的其他幾個問題。

Just assuming, given what's going on in the macro, that revenue levels for the industry and the whole company will be maybe lower exiting when you take -- coming into the point where you take over full ownership of the facility, are you guys basically kind of saying that through different optimizations of the rest of your factory network and a little bit more in-sourcing that the overall volume and dollar content of what you might put through Fishkill at the point that you take over ownership, we should just assume is roughly what it was when you signed the agreement?

假設，考慮到宏觀上正在發生的事情，當你接管該設施的全部所有權時，行業和整個公司的收入水平可能會降低，你們基本上是善良的嗎？進行不同的優化，並進行更多的內包，當您接管所有權時，您可能透過Fishkill 投入的總數量和美元含量，我們應該假設大致為您簽署協議時是什麼情況？

Or are there any sort of big picture changes to those assumptions that we should think about given all that's going on?

或者考慮到正在發生的一切，我們應該考慮這些假設是否會發生任何重大變化？

Well, the way we look at things is kind of twofold.

嗯，我們看待事物的方式是雙重的。

One, the amount of power that we've got as a percentage of the company, we expect to continue to expand for all the reasons we've been explaining.

第一，我們所擁有的權力占公司的百分比，由於我們已經解釋過的所有原因，我們預期會繼續擴大。

And so when we take over in 2023, we would certainly expect that power piece of the business to have grown substantially.

因此，當我們在 2023 年接手時，我們當然希望該業務的核心部分能夠大幅成長。

We don't think COVID is with us forever.

我們認為新冠病毒不會永遠伴隨我們。

And then secondly, from a factory perspective, I mean we did view that expansion, frankly, because our outlook for the growth in electric vehicles and the growth in the 5G infrastructure and the cloud power was going to be such that, that specific set of technology nodes would need that expansion.

其次，從工廠的角度來看，坦白說，我的意思是我們確實認為這種擴張是因為我們對電動車成長以及 5G 基礎設施和雲端運算能力成長的前景將是這樣的：技術節點需要這種擴充。

So really, nothing has changed on that perspective from the 2023 look, but certainly has had a major interruption here in 2020.

因此，實際上，從 2023 年的角度來看，這一點沒有任何變化，但 2020 年肯定發生了重大中斷。

Got it.

知道了。

That's clear and helpful.

這很清楚並且有幫助。

Just wanted to follow-up, obviously on, Bernard, on the OpEx side, there's some actions you guys have laid out.

只是想跟進，顯然伯納德，在營運支出方面，你們已經採取了一些行動。

Anything in particular to call out in R&D that might be changes to different programs that we should pay attention to?

在研發方面有什麼特別需要注意的可能是我們應該注意的不同項目的變化嗎？

Or is it no real change to what you guys announced last quarter and just some, obviously, additional belt tightening, given what's going on globally?

或者說，你們上個季度宣布的內容並沒有真正的改變，只是考慮到全球正在發生的情況，顯然只是額外勒緊褲腰帶？

So no additional from what we announced last quarter.

因此，我們上季宣布的內容沒有更多內容。

We did -- we aligned some of our investments to make sure we are targeting the highest growth markets and the ones we think about.

我們做到了——我們調整了一些投資，以確保我們瞄準的是成長最快的市場和我們考慮的市場。

But most of these additional actions we built are more tactical in nature and therefore, don't change our view of R&D.

但我們制定的大多數額外行動本質上更具戰術性，因此不會改變我們對研發的看法。

Our next question comes from the line of Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的加里‧莫布里 (Gary Mobley)。

Just need time, I'll pose both of my questions now.

只是需要時間，我現在提出我的兩個問題。

I know in the past, you were planning on becoming more vertically integrated in power devices with some silicon carbide materials.

我知道過去，您計劃使用一些碳化矽材料在功率裝置中進行更垂直的整合。

I wonder if that's still in the cards for you guys.

我想知道你們是否仍然有可能這樣做。

And Bernard, could you give us some, I guess, benchmark on what the OpEx run rate can be as we exit the year, is $290 million in that fourth quarter, the right number to think about?

伯納德，我想，您能否給我們一些關於今年結束時營運支出運行率的基準，即第四季度 2.9 億美元是值得考慮的正確數字？

Okay.

好的。

On the continued vertical integration, we continue to be on track there.

在持續的垂直整合方面，我們繼續走在正軌上。

And we will have a network, as I mentioned before, of internal supply and external supply for the wafering as we do with silicon today.

正如我之前提到的，我們將擁有一個晶圓片的內部供應和外部供應網絡，就像我們今天對矽所做的那樣。

And so we continue to invest in that and are making good progress.

因此，我們繼續對此進行投資並取得了良好進展。

And on the OpEx question, we do intend to continue reducing our OpEx in absolute dollars throughout the year our current levels and from our Q2 midpoint of $305 million.

在營運支出問題上，我們確實打算從第二季中位數 3.05 億美元開始，繼續將全年營運支出（以絕對美元計算）降低到當前水準。

So with the actions, that the temporary and permanent actions we're talking about, the $290 million seems to be an appropriate number.

因此，就我們正在討論的臨時和永久行動而言，2.9 億美元似乎是一個合適的數字。

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

我們的下一個問題來自哈蘭·蘇爾 (Harlan Sur) 與摩根大通 (JPMorgan) 的對話。

The operational and logistic challenges in Southeast Asia are certainly impacting your lead times.

東南亞的營運和物流挑戰肯定會影響您的交貨時間。

I think to recall that normalized lead times for the team is around 8 to 12 weeks, but you guys seem to have very good order visibility for Q3, second half.

我想回想一下，團隊的正常交貨時間約為 8 至 12 週，但你們似乎對第三季下半年訂單的可見度非常好。

So it does look like lead times are higher.

所以看起來交貨時間確實更長。

Can you guys just give us a sense on where the average lead times are today?

你們能為我們介紹一下今天的平均交貨時間嗎？

Just wanted to see how much order and backlog visibility you guys actually have for the second half?

只是想看看你們下半年實際有多少訂單和積壓可見度？

Yes.

是的。

So it's around 14 weeks.

所以大約是14週。

But what you see from an order pattern perspective is our industrial and automotive customers and even the cellphone customers, our handset customers will give us a much longer look and actually much longer orders, particularly as they see they're planning on ramping in the second half.

但從訂單模式的角度來看，我們的工業和汽車客戶，甚至手機客戶，我們的手機客戶會給我們更長的目光，實際上更長的訂單，特別是當他們看到他們計劃在第二季度擴大規模時一半。

So a piece of it is lead times and a piece of it is just the nature of the customers we serve.

因此，其中一部分是交貨時間，一部分是我們所服務的客戶的性質。

Great.

偉大的。

And then on the lower -- on the utilization charges this quarter, just given the better second half order book, manufacturing lead times, are you guys actually starting to take up wafer starts in your fab now?

然後，就本季的使用費用而言，考慮到下半年訂單和製造交貨時間有所改善，你們現在真的開始在你們的晶圓廠啟動晶圓了嗎？

Or do you have enough better dye supply and just hope to supply the better demand initially from an improvement in the back-end operations?

或者您是否有足夠更好的染料供應，只是希望透過後端營運的改進來滿足最初的更好需求？

Yes.

是的。

Most of the increase, all of the increase has really been in the dye supply -- for our inventories have been dye supply here in the first quarter and as we go into the second quarter because we were back-end constrained.

大部分的成長，所有的成長實際上都來自染料供應——因為我們的庫存在第一季一直是染料供應，而當我們進入第二季時，因為我們受到後端限制。

So we really haven't had to ramp the front-end jet because we're still playing in a constrained back-end environment.

因此，我們確實不必提高前端噴射機的速度，因為我們仍然在受限的後端環境中進行遊戲。

As we get to Q3 with higher revenues then we can start to look at that.

當我們進入第三季並獲得更高的收入時，我們可以開始關注這一點。

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)。

Keith, I'm just talking that you could quantify what you think the supply impact was from COVID in the March quarter?

Keith，我只是說您可以量化您認為新冠疫情對 3 月季度的供應影響嗎？

And what's embedded in the June guide?

六月指南包含哪些內容？

I'm just trying to get a sense that if you weren't having these issues in Malaysia and the Philippines, how much higher do you think revenue could have been in March?

我只是想了解一下，如果馬來西亞和菲律賓沒有遇到這些問題，您認為 3 月的收入會高出多少？

And how much higher do you think it could be in June?

您認為 6 月可能會高出多少？

Yes.

是的。

I guess I will try and get as quantifiable as I can.

我想我會盡可能量化。

We would have made our original guidance in the first quarter, and we not had the supply disruptions.

我們本應在第一季制定最初的指導方針，並且沒有出現供應中斷的情況。

And you can figure out that's a pretty significant number.

你可以發現這是一個相當可觀的數字。

And actually, in the second quarter, the supply constraints have at least as big of impact, if not slightly more because it is for a much longer period of time in the second quarter than we had in the first.

實際上，在第二季度，供應限制的影響至少與第一季一樣大，甚至稍大一些，因為第二季度的影響比第一季要長得多。

That's really helpful.

這真的很有幫助。

Keith, and then I want to go back to your comments about content growth in autos, helping kind of take some of the sting out of units being down 20% to 25% this year.

Keith，然後我想回到您對汽車內容成長的評論，這有助於緩解今年銷量下降 20% 至 25% 的一些痛苦。

I guess when you look back at calendar year '19, your business contracted about as much as SAARs did.

我想當你回顧 19 日曆年時，你的業務收縮幅度與 SAAR 的收縮幅度一樣大。

And I understand that '19 within the auto space was also an inventory digestion period.

據我了解，汽車領域的 19 年也是庫存消化期。

But I got to believe with units being down this much, that it's more likely that the supply chain continues to take the inventory down in calendar year '20.

但我不得不相信，隨著單位數量下降這麼多，供應鏈更有可能在 20 日曆年繼續減少庫存。

So why more optimistic about content growth this year than last?

那為什麼對今年的內容成長比去年更樂觀呢？

Are there company-specific drivers that you could touch to?

是否有您可以接觸的公司特定驅動程式？

Twofold.

雙重。

One, we really do think that inventory situation is in better control this year.

第一，我們確實認為今年庫存狀況得到了更好的控制。

The orders came down on us quite dramatically in automotive during the first quarter and into the second quarter.

從第一季到第二季度，我們在汽車領域的訂單大幅下降。

So we believe they're being very prudent, but they are now getting to levels of inventory that I think that actually concern our customers a bit.

因此，我們認為他們非常謹慎，但他們現在的庫存水準我認為這實際上讓我們的客戶有點擔心。

They don't want to go lower than that from a supply perspective.

從供應角度來看，他們不想低於這個水準。

And there's still certainly some memories out there of 2010 from a lot of them.

當然，他們中的許多人仍然對 2010 年有一些回憶。

So I guess the first order would be, we don't expect more inventory contractions this year.

所以我猜第一個訂單是，我們預計今年庫存不會出現更多收縮。

Second piece is looking at the electric vehicle content and particularly in China, we do think that, that mix will go up much nicer than it was in '19, very significant increase there.

第二部分是電動車內容，特別是在中國，我們確實認為，這種組合將比 19 年好得多，那裡的成長非常顯著。

And so that piece of it, as we mentioned earlier, opens up a couple of hundred dollars or more of content per car.

正如我們之前提到的，這一部分為每輛車打開了幾百美元或更多的內容。

And if you have an increase in EVs in China a couple of percent, it would certainly offset a weakness of the SAAR that's been projected.

如果中國的電動車數量增加幾個百分點，那肯定會抵消預計的 SAAR 的疲軟。

Our next question comes from the line of Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird 的對話。

Just a quick follow-up question to John's question.

只是約翰問題的一個快速後續問題。

So what type of point-of-sale is built into your Q2 guidance, given the supply disruptions that you've mentioned?

那麼，考慮到您提到的供應中斷，您的第二季指導中建立了哪種類型的銷售點？

And is it -- should we assume that inventory level at this -- these are going to come down in Q2 and potentially rebound in Q3 as a result of your supply coming back in the second half?

我們是否應該假設目前的庫存水準會在第二季下降，並可能由於下半年供應恢復而在第三季反彈？

So we are assuming an increase in our POS on a sequential basis.

因此，我們假設 POS 數量會連續增加。

We expect that on a week's basis, we'll be trending back down to the 11 to 13 weeks that we have in our normal operations mode.

我們預計，以一周為基礎，我們將恢復到正常營運模式的 11 至 13 週。

Okay.

好的。

And then any quick update on the Quantenna in terms of new product development and any type of potential savings that you're doing there?

那麼 Quantenna 在新產品開發方面有什麼快速更新以及您在那裡所做的任何類型的潛在節省嗎？

We continue to make good progress on our client devices that we talked about at the time of acquisition.

我們在收購時談到的客戶端設備方面持續取得良好進展。

Obviously, no revenue here in 2020.

顯然，2020 年這裡沒有收入。

We're not expecting those devices now until next year.

我們預計這些設備要到明年才會推出。

But the balance of the business has held up quite well in these environments, folks are still doing the infrastructure investment similar to 2019.

但在這些環境下，業務平衡保持得很好，人們仍在進行與 2019 年類似的基礎設施投資。

Our next question comes from the line of Shawn Harrison with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Shawn Harrison。

Keith, I was hoping to make sort of getting a finer point on the automotive content.

基思，我希望對汽車內容有更深入的了解。

I think you outperformed production by maybe 17 points in the first quarter.

我認為第一季你們的表現可能比生產高出了 17 個百分點。

The past couple of years, you've seen, I don't know, anywhere from 5 points of outperformance to 10 points of outperformance.

在過去的幾年裡，你已經看到了，我不知道，從 5 點的表現優異到 10 點的表現優異。

Do you think second quarter maybe you more mere production and then you start to see that type of potentially high single digit, double-digit outperformance versus production for 2020?

您是否認為第二季度可能更多的是生產，然後您開始看到與 2020 年生產相比可能出現高個位數、兩位數的表現？

Yes.

是的。

Again, as we're expecting in the third quarter as things begin to ramp again, you'll see more of the leverage.

同樣，正如我們預計的那樣，隨著第三季情況再次開始好轉，您將看到更多的槓桿作用。

And then as I mentioned several times, particularly as the mix shifts more electric, you should see an acceleration of that delta.

然後，正如我多次提到的，特別是當混合動力轉向更多電動時，您應該看到該增量的加速。

Okay.

好的。

But the second quarter would more maybe mere global productions have outperforming?

但第二季是否更多的是全球產量的表現會優於大盤？

Yes.

是的。

We're -- I'm not looking for any outperformance in the quarter.

我不希望本季有任何出色的表現。

Again, everybody is shut down and yes, I would not expect to outperform this quarter.

再說一遍，每個人都被關閉了，是的，我預計本季的表現不會更好。

Great.

偉大的。

And then Bernard, just the incremental $90 million of cost out.

然後是伯納德，僅增加了 9000 萬美元的成本。

I know the first $25 million was more focused than on R&D.

我知道第一筆 2500 萬美元比研發更重要。

I think you were implying that the majority of this $90 million is SG&A related versus incremental R&D.

我認為您的意思是這 9000 萬美元中的大部分與銷售、一般行政費用 (SG&A) 相關，而不是增量研發。

I just wanted a clarification on that, please.

我只是想對此進行澄清。

No, it is -- the remaining $90 million spread across the whole OpEx, P&L geographies, including R&D, but also all the other sales and marketing G&A and a little bit of COGS.

不，是這樣——剩下的 9000 萬美元分佈在整個營運支出、損益地域，包括研發，但也包括所有其他銷售和行銷管理費用以及一點銷貨成本。

Okay.

好的。

And maybe relatively equal?

也許相對平等？

Probably as a percent, yes.

可能是百分比，是的。

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。

I just wanted to, for the first one, nail down gross margin.

對於第一個目標，我只想確定毛利率。

So if, Bernard, let's say, Q3 sales are flat versus Q2, what's the gross margin?

那麼，伯納德，假設第三季的銷售額與第二季持平，那麼毛利率是多少？

And if, let's say, sales grow 10%, what's the gross margin, assuming some seasonal mix?

假設銷售額成長 10%，那麼毛利率是多少（假設有季節性因素）？

So definitely, on the -- the revenues are flat, I would still expect the approximately $20 million of period expenses going away, that should be the primary improvement in gross margin and assuming no change in revenue or mix.

因此，毫無疑問，收入持平，我仍然預計大約 2000 萬美元的期間費用會消失，這應該是毛利率的主要改善，假設收入或組合沒有變化。

And if we have a 10%, you pretty much have to take about a 50% fall through on that incremental 10%.

如果我們有 10%，那麼你幾乎必須在這增量的 10% 上承受大約 50% 的失敗。

Got it.

知道了。

And then I was wondering, did you talk about the disti resale activity in June?

然後我想知道，您是否談到了 6 月的分銷轉售活動？

What are your expectations?

您的期望是什麼？

And just kind of what we should think of your balance sheet inventory and distribution inventory exiting June?

我們該如何看待 6 月結束的資產負債表庫存和分銷庫存？

So let me start with internal inventories.

讓我從內部庫存開始。

We expect those to be flattish to slightly higher, to Keith's comment about, depending on how strong we see the third quarter, we might have to restart some of the fabs at a higher level and build to more die.

根據 Keith 的評論，我們預計這些晶圓廠將持平至略高，這取決於我們對第三季的強勁程度，我們可能必須在更高的水平上重啟一些晶圓廠並建造更多晶片。

On the disti inventory, as I mentioned earlier, we expect to trend back down to that 11 to 13 weeks with stronger resale sequentially than in the first quarter.

至於分銷庫存，正如我之前提到的，我們預計將回落至 11 至 13 週，轉售量將比第一季強勁。

Our next question comes from the line of Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Just a question on automotive and understanding the quarterly trends to be noisy, but in the full year, in the context of, if auto production is down 20% to 25%, what would you expect to be kind of a rough growth for on in 2020?

只是一個關於汽車的問題，了解季度趨勢會很吵鬧，但在全年的背景下，如果汽車產量下降 20% 至 25%，您預計今年的粗略增長是多少？

So we expect that the unit -- the content growth will be just like we've talked for a long time, in that 7% to 8%.

因此，我們預計內容成長將像我們長期以來所說的那樣，即 7% 到 8%。

So you can see that whatever the unit is offset by a 7% to 8% content growth offset.

所以你可以看到，無論什麼單位，都會被 7% 到 8% 的內容成長抵銷所抵銷。

Got it.

知道了。

And then just a follow-up on the 300-millimeter, really in the context of consolidating other fabs.

然後只是 300 毫米的後續行動，實際上是在整合其他晶圓廠的背景下。

Can you just talk about maybe a rough time line of how that plays out over the next couple of years?

您能否談談未來幾年的大致時間表？

So we've announced the divestiture of one of our factories now, closure of a second one there in Rochester, New York, have both been announced those will be actioned sometime in the next year.

因此，我們現在宣布剝離我們的一家工廠，並關閉紐約州羅徹斯特的第二家工廠，這兩家工廠都已宣布將在明年的某個時候採取行動。

And then we have no further ones to announce today.

今天我們沒有進一步的消息要宣布。

But clearly, the demand picture in '21 will give us some more direction on timing.

但顯然，21 年的需求情況將為我們提供更多的時間方向。

Our next question comes from the line of Nik Todorov with Long Beach Research (sic) [Longbow Research].

我們的下一個問題來自長灘研究中心（原文如此）[長弓研究中心] 的尼克‧托多羅夫 (Nik Todorov)。

I just want to go back to the industrial comments and specifically the strength in China.

我只想回到產業評論，特別是中國的實力。

I was wondering if you can give us some more color.

我想知道你是否能給我們更多的顏色。

I think you mentioned indications of increased automation and robotics, do you see the current pandemic kind of essentially putting the seeds to a secular change in that industry and to your point, seeing that increase in automation, if you can comment?

我想你提到了自動化和機器人技術增加的跡象，你是否認為當前的流行病本質上為該行業的長期變化埋下了種子，就你的觀點而言，看到自動化程度的提高，如果你能發表評論嗎？

So what level of the demand in China and industrial is coming back to compared to pre-COVID levels?

那麼，與疫情前的水準相比，中國和工業的需求將恢復到什麼水準？

Yes.

是的。

So first, I'll talk about trends.

首先，我要談談趨勢。

We do see this pandemic as accelerating people's thoughts and investment in automations.

我們確實認為這種流行病加速了人們對自動化的思考和投資。

And so we are seeing that industrial automation piece pick up quite nicely.

因此，我們看到工業自動化領域的發展相當不錯。

And we think that, that will be a continued trend because, again, just from a rational business perspective, the biggest impact we've had is on people.

我們認為，這將是一個持續的趨勢，因為，從理性的商業角度來看，我們產生的最大影響是對人的影響。

So the more I mention we have the less expectation for the disruption.

因此，我提及得越多，我們對中斷的預期就越少。

But broadly, beyond just that secular trend, we do see a pick back up.

但總的來說，除了長期趨勢之外，我們確實看到了回升。

And the factories closed in the first quarter in China, the orders completely stopped.

而且中國第一季工廠關閉，訂單完全停止。

And what we're seeing now is just to return to a more normal environment that we had pre-Chinese New Year.

我們現在看到的只是回到農曆新年前的更正常的環境。

So not excessively greater than we had in pre-Chinese New Year, but very similar to that.

所以並沒有比農曆新年前的情況大太多，但與那非常相似。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a wonderful day.

祝大家有美好的一天。