安森美 (ON) 2011 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ON Semiconductor fourth quarter and 2011 financial earnings call.

女士們、先生們，感謝你們的支持，並歡迎參加安森美半導體第四季和 2011 年財務收益電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

Callers are asked to limit to one question and one follow-up question.

要求來電者僅限提出一個問題和一個後續問題。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would like to turn the conference over to Ken Rizvi.

我想把會議交給 Ken Rizvi。

Please go ahead, sir.

請繼續，先生。

Thank you, Stephanie.

謝謝你，斯蒂芬妮。

Good afternoon, and thank you for joining ON Semiconductor Corporation's fourth quarter and 2011 annual results conference call.

下午好，感謝您參加安森美半導體公司第四季和 2011 年度業績電話會議。

I'm joined today by Keith Jackson, our President and CEO, and Donald Colvin, our CFO.

今天，我們的總裁兼執行長 Keith Jackson 和財務長唐納德科爾文 (Donald Colvin) 也加入了我的行列。

This call is being webcast on the Investor Relations section of our website, at onsemi.com, and a replay will be available for approximately 30 days following this conference call, along with our earnings release for the fourth quarter and year ended 2011.

本次電話會議將在我們網站 onsemi.com 的投資者關係部分進行網路直播，並將在本次電話會議之後約 30 天內進行重播，同時發布 2011 年第四季和全年的收益報告。

The script for today's call is posted on our website.

今天電話會議的腳本已發佈在我們的網站上。

Our earnings release and this presentation include 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 and posted on our website in the Investor Relations section.

這些非 GAAP 財務指標與 GAAP 下最直接可比較指標的對帳記錄在我們的收益報告中，並發佈在我們網站的投資者關係部分。

In the upcoming quarter, we will be attending the Morgan Stanley Technology Media Telecom Conference on February 28, and the Susquehanna Financial Group Semiconductor Conference on March 6, and the Wedbush Technology, Media and Telecom conference on March 7.

在下一季度，我們將參加2 月28 日舉行的摩根士丹利科技媒體電信會議、3 月6 日舉行的薩斯奎哈納金融集團半導體會議以及3 月7 日舉行的韋德布希科技、媒體和電信會議。

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公司未來財務表現做出預測或其他前瞻性陳述。

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

相信、估計、預期、打算、期望、計劃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 actual events or results to differ materially.

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出現重大差異。

Important factors relating to our business, including factors that could cause actual results to differ from our forward-looking guidance, are described in our Form 10-K, 10-Qs and other filings with the SEC.

與我們業務相關的重要因素，包括可能導致實際結果與我們的前瞻性指導不同的因素，在我們向 SEC 提交的 10-K、10-Q 表格和其他文件中進行了描述。

Additional factors are described in our earnings release for the fourth quarter and 2011, which includes certain uncertainties regarding the ongoing impact of the flood in Thailand.

我們在第四季度和 2011 年的收益報告中描述了其他因素，其中包括泰國洪水持續影響的某些不確定性。

Our estimates may change and the Company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions, or other factors.

我們的估計可能會發生變化，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。

Now let's hear from Donald Colvin, who will provide an overview of the fourth quarter and 2011 annual results.

現在讓我們聽聽 Donald Colvin 的發言，他將概述第四季和 2011 年度業績。

Donald.

唐納德.

Thank you, Ken, and thanks to everyone joining us today.

謝謝你，肯，也謝謝今天加入我們的所有人。

ON Semiconductor Corporation today announced that total revenues in the fourth quarter of 2011 were approximately $767.9 million, a decrease of approximately 14% from the third quarter of 2011.

安森美半導體公司今日頒布，2011年第四季總營收約7.679億美元，較2011年第三季下降約14%。

During the fourth quarter of 2011, the Company reported a GAAP net loss of $8.8 million, or $0.02 per fully diluted share.

2011 年第四季度，公司報告 GAAP 淨虧損為 880 萬美元，即完全稀釋後每股虧損 0.02 美元。

The fourth quarter 2011 GAAP net income included net charges of $67.2 million, or $0.15 per fully diluted share, from special items which are detailed in schedules included in our earnings press release.

2011 年第四季 GAAP 淨利潤包括 6,720 萬美元的淨費用，即每股完全攤薄後每股 0.15 美元的特殊項目費用，這些費用在我們的收益新聞稿中的附表中有詳細說明。

GAAP gross margin in the fourth quarter was 31.1%.

第四季 GAAP 毛利率為 31.1%。

Non-GAAP gross margin in the fourth quarter was 32.9%.

第四季非 GAAP 毛利率為 32.9%。

Fourth quarter 2011 non-GAAP net income was $58.4 million, or $0.13 per share on a fully diluted basis.

2011 年第四季非 GAAP 淨利潤為 5,840 萬美元，或完全攤薄後每股 0.13 美元。

We exited the fourth quarter of 2011 with record cash, cash equivalents and short-term investments of approximately $901.5 million.

2011 年第四季結束時，我們的現金、現金等價物和短期投資達到創紀錄的約 9.015 億美元。

At the end of the fourth quarter, total sales outstanding were approximately 54 days, down approximately 1 day compared with the third quarter of 2011.

截至第四季末，應收帳款總額約54天，較2011年第三季減少約1天。

ON Semiconductor's internal inventories were approximately 110 days.

安森美半導體的內部庫存約為 110 天。

Included in our total internal inventory is approximately $41 million of bridge inventory, primarily related to the consolidation of certain factories.

我們的內部庫存總額中包括約 4,100 萬美元的橋樑庫存，主要與某些工廠的整合有關。

Distribution inventories were down approximately 6% on a dollar basis in the fourth quarter and were at approximately 12.5 weeks exiting the fourth quarter.

第四季分銷庫存以美元計算下降約 6%，第四季結束時約為 12.5 週。

We expect inventory and distributors to continue to decline on a dollar basis in the first quarter of 2012.

我們預計 2012 年第一季庫存和分銷商以美元計算將繼續下降。

Cash capital expenditures during the fourth quarter of 2011 were approximately $57 million, bringing 2011 capital expenditures to approximately $316 million.

2011 年第四季的現金資本支出約為 5,700 萬美元，使 2011 年的資本支出達到約 3.16 億美元。

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

現在我想請基斯傑克森（Keith Jackson）徵求更多對商業環境的評論。

Thanks, Don.

謝謝，唐。

Now for an overview of our end markets.

現在概述我們的終端市場。

During the fourth quarter of 2011, our end market splits were as follows.

2011 年第四季度，我們的終端市場劃分如下。

The automotive end market represented approximately 23% of sales.

汽車終端市場約佔銷售額的23%。

The consumer electronics end market represented approximately 23% of sales.

消費性電子終端市場約佔銷售額的23%。

The industrial, military, aerospace and medical end markets represented approximately 21% of sales.

工業、軍事、航空航太和醫療終端市場約佔銷售額的21%。

And the computing end market represented approximately 18% of sales.

計算終端市場約佔銷售額的 18%。

And the communications end market, which includes wireless and networking, represented approximately 15% of sales.

包括無線和網路在內的通訊終端市場約佔銷售額的 15%。

On a direct billing basis, no individual ON Semiconductor product OEM customer represented more than 5% of fourth quarter sales.

在直接計費的基礎上，沒有任何安森美半導體產品 OEM 客戶佔第四季銷售額超過 5%。

Our top five product OEM customers during the fourth quarter were Continental Automotive Systems, Panasonic, Delta, Samsung and Sony.

第四季我們的前五大產品 OEM 客戶是大陸汽車系統、松下、台達、三星和索尼。

On a geographic basis, our contribution from sales in Asia, excluding Japan, represented approximately 55% of revenue.

從地理來看，我們在亞洲（不包括日本）的銷售貢獻約佔營收的 55%。

Our sales in the Americas represented approximately 17% of revenue.

我們在美洲的銷售額約佔收入的 17%。

Sales in Japan represented approximately 15% of revenue.

日本的銷售額約佔收入的 15%。

And sales in Europe represented approximately 13% of revenue during the quarter.

歐洲的銷售額約佔本季營收的 13%。

Looking across the channels, direct sales to OEMs represented approximately 61% of fourth quarter 2011 revenue.

縱觀各個管道，對 OEM 的直接銷售約佔 2011 年第四季營收的 61%。

Sales through the distribution channel were approximately 32% of fourth quarter revenue.

透過分銷管道的銷售額約佔第四季營收的 32%。

And the EMS channel represented approximately 7% of revenue.

EMS 通路約佔收入的 7%。

During the fourth quarter, ON Semiconductor revenues broken out by our new product groups were as follows.

第四季度，安森美半導體按新產品組劃分的收入如下。

The automotive, industrial, medical, and military aerospace products group represented approximately 29% of sales.

汽車、工業、醫療和軍事航空航太產品組約佔銷售額的 29%。

Sanyo Semiconductor products group represented approximately 28% of sales.

三洋半導體產品集團約佔銷售額的28%。

The standard products group represented approximately 25% of sales.

標準產品組約佔銷售額的 25%。

And the computing and consumer group represented approximately 18% of sales.

計算和消費性產品約佔銷售額的 18%。

We will publish our yearly revenue, gross profit and operating income breakout of these segments in our Form 10-K.

我們將在 10-K 表格中公佈這些部門的年收入、毛利和營業收入明細。

Now I'd like to provide you with some details of other progress we have made.

現在我想向大家介紹我們所取得的其他進展的一些細節。

In the fourth quarter, our production capacity was negatively impacted by the devastating flood in Thailand, which primarily impacted our Sanyo Semiconductor segment.

第四季度，我們的產能受到泰國特大洪水的負面影響，這主要影響了我們的三洋半導體部門。

Given the severity of damage to our internal manufacturing facilities in Thailand, we made the decision to migrate our internal production out of Thailand and into other locations within our global internal and external manufacturing network.

鑑於我們在泰國的內部製造設施受損嚴重，我們決定將內部生產從泰國轉移到全球內部和外部製造網路的其他地點。

The migration and ramping up production capacity at our other locations is progressing very well, thanks to the tremendous efforts of our team.

在我們團隊的巨大努力下，我們其他地點的遷移和產能提升進展順利。

While our Sanyo Semiconductor revenue in the first quarter of 2012 will continue to be negatively impacted by lower production capacity, we are expecting Sanyo Semiconductor revenues to be approximately flat compared to the fourth quarter of 2011.

雖然我們的三洋半導體 2012 年第一季的營收將繼續受到產能下降的負面影響，但我們預計三洋半導體的營收將與 2011 年第四季相比將大致持平。

Orders that were fulfilled out of finished goods inventory in the fourth quarter of 2011 will begin to be fulfilled in the form -- from production capacity at other locations within ON's overall manufacturing network in the first quarter of 2012.

2011 年第四季從成品庫存中履行的訂單將在 2012 年第一季開始以 ON 整個製造網絡內其他地點的生產能力來履行。

We anticipate full recovery of our production capacity during the second quarter of 2012.

我們預計 2012 年第二季我們的產能將全面恢復。

We exited 2011 with leadership positions in several of our focus end markets and applications.

2011 年結束時，我們在幾個重點終端市場和應用中佔據了領導地位。

In the computing market, we hold the number one position in V-core power management for desk tops and the number two position in V-core power management for notebooks.

在運算市場，我們在桌上型電腦V核電源管理領域佔據第一名，在筆記本V核電源管理領域佔據第二名。

In addition, we also retained our number one market share position for AC-DC power conversion in power adaptors for notebook computing.

此外，我們也維持了筆記型電腦電源轉接器AC-DC電源轉換市場佔有率第一的地位。

In the emerging market for energy efficient white goods, we are now the industry's second largest supplier of integrated power modules, with approximately 24% market share.

在新興的節能白色家電市場，我們目前是業界第二大整合式電源模組供應商，約有24%的市場份額。

We are also the market share leader in a variety of other product categories, including standard op amps, industrial ASICs, hearing aid SOCs, linear voltage regulators and silicon-based protection devices.

我們也是其他各種產品類別的市佔率領導者，包括標準運算放大器、工業 ASIC、助聽器 SOC、線性穩壓器和矽基保護元件。

Now let's review the progress and results in our focus end market and applications.

現在讓我們回顧一下我們重點關注的終端市場和應用的進展和成果。

The automotive end market reported record annual sales of approximately $739 million in 2011, up approximately 60% from 2010.

2011 年汽車終端市場的年銷售額創歷史新高，約 7.39 億美元，比 2010 年成長約 60%。

Year-over-year growth in the automotive market was helped by our acquisition of Sanyo Semiconductor.

汽車市場的年成長得益於我們對三洋半導體的收購。

Yet even when excluding Sanyo Semiconductor of sales into this end market, we're up approximately 21% in 2011 compared to 2010.

然而，即使不包括三洋半導體在這一終端市場的銷售額，我們 2011 年也比 2010 年增長了約 21%。

Revenue growth was driven primarily by increased units, as well as a continued proliferation of electronics into entry and mid-level vehicles.

收入成長主要是由於銷量增加以及入門級和中級車輛中電子設備的不斷普及所推動的。

In addition to continued strong demand for our power train, automotive body and safety solutions during 2011, we also saw a strong acceptance of our products for the China auto market, including adoption of our park-assist ASICs, LED lighting solutions and audio infotainment solutions.

除了2011 年對我們的動力系統、車身和安全解決方案的持續強勁需求外，我們的產品在中國汽車市場也得到了廣泛認可，包括採用我們的停車輔助ASIC、LED 照明解決方案和音頻資訊娛樂解決方案。

Overall, ON Semiconductor continued to gain share within the automotive segment and can service up to $90 of content per average vehicle.

總體而言，安森美半導體繼續擴大在汽車領域的份額，每輛汽車可以提供高達 90 美元的內容服務。

In the consumer end market, ON Semiconductor reported record annual sales of approximately $895 million in 2011.

在消費終端市場，安森美半導體 2011 年銷售額創下歷史新高，約 8.95 億美元。

This segment experienced an annual increase in sales of approximately 132%, with the addition of Sanyo Semiconductor.

隨著三洋半導體的加入，該部門的銷售額每年增長約132%。

Sales into this end market were negatively impacted in the fourth quarter by supply chain disruptions as a result of the flood in Thailand.

由於泰國洪水導致供應鏈中斷，第四季度該終端市場的銷售受到負面影響。

We continue to see the consumer segment as a strong end market for the Company.

我們仍然認為消費市場是公司強大的終端市場。

Our Sanyo Semiconductor division helped drive sales during the quarter, with motor drivers for a leading multi-function printer customer and delivery of IPMs for industry leading inverter washing machine manufacturers.

我們的三洋半導體部門協助推動了本季的銷售，為領先的多功能印表機客戶提供馬達驅動器，並為業界領先的變頻洗衣機製造商提供 IPM。

We saw an increase in our overall consumer products business in Japan, with our cross selling efforts of historical ON Semiconductor products to traditional Sanyo customers.

透過向傳統三洋客戶交叉銷售安森美半導體的歷史產品，我們在日本的整體消費品業務有所成長。

Additionally, we received several product awards, including two for our BelaSigna voice capture SOC used in consumer audio, SmartPhones and tablets.

此外，我們還獲得了多項產品獎項，其中包括用於消費音訊、智慧型手機和平板電腦的 BelaSigna 語音捕捉 SOC 的兩項獎項。

We received EDM China's Innovation Award in their digital signal category and Electronic Engineer Product World's Editor's Choice Award.

我們榮獲 EDM China 數位訊號類別創新獎和 Electronic Engineer Product World 編輯選擇獎。

Looking into 2012, we expect strong sales from our IPM products for white goods, such as air conditioners, washers and refrigerators, as well as sales of our lens, auto focus and optical image stabilizer system ICs for digital still cameras and SmartPhones.

展望2012年，我們預期空調、洗衣機和冰箱等白色家電的IPM產品以及數位相機和智慧型手機的鏡頭、自動對焦和光學影像穩定係統IC的銷售將會強勁。

In the computing end market, annual revenues grew by 14%, to approximately $660 million.

在計算終端市場，年收入成長了 14%，達到約 6.6 億美元。

These record levels were driven by continued proliferation of our products, such as our energy efficient V-core power management solutions, MOSFETs, bus switches, protection devices, thermal products and standard products, as well as through the acquisition of Sanyo Semiconductor.

這些創紀錄的水平是由我們產品的持續成長所推動的，例如我們的節能 V 核電源管理解決方案、MOSFET、匯流排開關、保護元件、熱產品和標準產品，以及透過收購三洋半導體。

Our extensive product portfolio enables us to service up to $11.50 per notebook, up to $10 per ultrabook, more than $13 of content for high end desktop computers, and up to $24 per server.

我們廣泛的產品組合使我們能夠為每台筆記型電腦提供高達 11.50 美元的服務，每台超級本高達 10 美元的服務，為高端桌上型電腦提供超過 13 美元的內容，每台伺服器高達 24 美元的服務。

During the quarter, we grew sales of our power adaptor products to top selling reader tablet makers and for digital image module customers.

在本季度，我們向最暢銷的閱讀器平板電腦製造商和數位影像模組客戶的電源轉接器產品銷售成長。

Other successes include a major battery MOSFET design win with a leading computer manufacturing of both tablets and notebooks.

其他成功包括在平板電腦和筆記型電腦的領先電腦製造領域贏得重大電池 MOSFET 設計勝利。

In the fourth quarter, this end market was impacted by the supply chain disruptions as a result of the flood in Thailand.

第四季度，該終端市場受到泰國洪水導致供應鏈中斷的影響。

As the supply chain begins to recover, we are expecting a nice recovery of sales in this end market.

隨著供應鏈開始復甦，我們預計該終端市場的銷售將出現良好復甦。

Annual revenues in the industrial, medical and milaero end market grew by 28% to record levels of approximately $665 million in 2011.

2011 年，工業、醫療和 milaero 終端市場的年收入成長了 28%，達到約 6.65 億美元的創紀錄水準。

If we exclude the Sanyo Semiconductor revenues in this end market, sales grew by approximately 14% in 2011 when compared to 2010.

如果我們排除三洋半導體在這終端市場的收入，2011 年的銷售額比 2010 年成長了約 14%。

During 2011, we saw growth from heavy industrial applications, such as building automation, as well as circuit-breaking and motor controlled devices.

2011 年，我們看到了樓宇自動化、斷路和馬達控制設備等重工業應用的成長。

In addition, we saw growth in areas such as smart metering, lighting control, and HVAC, and in building networks, such as security and fire protection systems.

此外，我們還看到智慧計量、照明控制和暖通空調等領域以及安全和消防系統等建築網路領域的成長。

Now I'd like to turn it back over to Donald for other comments and our other forward-looking guidance.

現在我想將其轉回唐納德以獲取其他評論和我們的其他前瞻性指導。

Donald?

唐納德？

Thank you, Keith.

謝謝你，基斯。

First quarter 2012 outlook.

2012 年第一季展望。

Our Sanyo Semiconductor division's revenue in the first quarter of 2012 will continue to be negatively impacted by lower production capacity as a result of the Thailand flood.

我們的三洋半導體部門2012年第一季的營收將持續受到泰國洪水造成的產能下降的負面影響。

We are, however, expecting Sanyo Semiconductor's revenues to be approximately flat compared to the fourth quarter of 2011, as orders that were fulfilled out of finished goods inventory in the fourth quarter will begin to be fulfilled from production capacity at other locations within our global manufacturing network in the first quarter of 2012.

然而，我們預計三洋半導體的收入將與 2011 年第四季相比將大致持平，因為第四季度用成品庫存履行的訂單將開始透過我們全球製造中其他地點的產能來履行2012年第一季上線。

We also believe that the historical ON Business will be seasonally down in the first quarter of 2012.

我們也認為，歷史 ON 業務將在 2012 年第一季出現季節性下降。

Based upon product booking trends, backlog levels and estimated tons levels, we anticipate that total ON Semiconductor revenues will be approximately $720 million to $760 million in the first quarter of 2012.

根據產品預訂趨勢、積壓水平和預計噸位水平，我們預計安森美半導體 2012 年第一季的總收入將約為 7.2 億至 7.6 億美元。

Backlog levels for the first quarter of 2012 represent approximately 80% to 85% of our anticipated first quarter 2012 revenues.

2012 年第一季的積壓水準約占我們 2012 年第一季預期營收的 80% 至 85%。

We expect the average selling prices for the first quarter of 2012 will be down approximately 2% to 3% compared to the fourth quarter of 2011.

我們預計 2012 年第一季的平均售價將比 2011 年第四季下降約 2% 至 3%。

We expect total cash capital expenditures of approximately $60 million to $70 million in the first quarter, and total capital expenditures of approximately $250 million to $275 million for 2012.

我們預計第一季的現金資本支出總額約為 6,000 萬至 7,000 萬美元，2012 年的資本支出總額約為 2.5 億至 2.75 億美元。

This forecast includes the expected $50 million of additional capital expenditures related to the restoration of capacity post the Thailand flood.

這項預測包括與泰國洪災後恢復產能相關的預計 5,000 萬美元的額外資本支出。

For the first quarter of 2012, we expect GAAP and non-GAAP gross margin of approximately 31.5% to 32.5%.

我們預計 2012 年第一季 GAAP 和非 GAAP 毛利率約為 31.5% 至 32.5%。

We also expect total GAAP operating expenses of approximately $195 million to $200 million.

我們也預期 GAAP 營運支出總額約為 1.95 億至 2 億美元。

Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to total approximately $15 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，預計總計約 1,500 萬美元。

We expect total non-GAAP operating expenses of $180 million to $185 million.

我們預計非 GAAP 營運支出總額為 1.8 億至 1.85 億美元。

We anticipate GAAP net interest expense and other expenses will be approximately $21 million for the first quarter of 2012, which includes non-cash interest expense of approximately $9 million.

我們預計 2012 年第一季 GAAP 淨利息支出和其他支出約為 2,100 萬美元，其中包括約 900 萬美元的非現金利息支出。

We anticipate our non-GAAP net interest expense and other expenses will be approximately $12 million.

我們預計我們的非 GAAP 淨利息支出和其他支出約為 1,200 萬美元。

GAAP and cash taxes are expected to be approximately $4 million to $5 million.

GAAP 和現金稅預計約 400 萬至 500 萬美元。

We also expect stock-based compensation expense of approximately $8 million to $10 million in the first quarter of 2012, of which approximately $2 million is expected to be in cost of goods sold, and the remaining in operating expenses.

我們也預計 2012 年第一季的股票補償費用約為 800 萬至 1,000 萬美元，其中預計約 200 萬美元用於銷售成本，其餘為營運費用。

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

這筆費用包含在我們的非公認會計準則財務指標中。

We believe the first quarter of 2012 represents the bottom of the current semiconductor cycle.

我們認為 2012 年第一季代表了目前半導體週期的底部。

As previously announced, we expect the negative impact of the Thailand flood to primarily impact our Sanyo Semiconductor segment revenue in the first quarter.

正如先前宣布的，我們預計泰國洪水的負面影響將主要影響我們三洋半導體部門第一季的收入。

We anticipate that Sanyo Semiconductor sales will be approximately flat compared to the fourth quarter of 2011, and should see improvement in the second quarter, as more production capacity comes on line.

我們預計三洋半導體的銷售額將與 2011 年第四季相比將大致持平，隨著更多產能投產，第二季應該會有所改善。

Our current fully diluted share count is approximately 460 million shares, based on the current stock price.

根據目前股價，我們目前完全攤薄後的股票數量約為 4.6 億股。

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

有關股份數量和每股盈餘計算的更多詳細資訊定期在我們的季度和年度報告中的 10-Q 和 10-K 表格中提供。

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

接下來，我想開始問答環節。

(Operator Instructions) Again, please remember to limit yourself to one question and one follow-up question.

（操作員說明）再次，請記住將自己限制在一個問題和一個後續問題上。

Please hold for your first question.

請等待您的第一個問題。

John Pitzer, Credit Suisse.

約翰‧皮策，瑞士信貸。

Yes.

是的。

Good afternoon, guys.

下午好，夥計們。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

I guess, Don, my first question relative to the Sanyo revenue stream.

唐，我想我的第一個問題是關於三洋收入流的。

Can you help us differentiate what was the impact of the cycle soft batch versus the capacity issues you had in Thailand?

您能幫我們區分循環軟批次的影響與您在泰國遇到的產能問題嗎？

I think on the last conference call you talked about a potential $60 million kind of revenue hit in the December quarter, $40 million to $60 million going forward.

我想在上次電話會議上，您談到了 12 月所在季度的收入可能達到 6000 萬美元，未來將達到 4000 萬至 6000 萬美元。

Can you just update us on those numbers?

您能告訴我們這些數字的最新情況嗎？

Thank you.

謝謝。

Sure.

當然。

I think, you know, as we go further away from the flood, we recover a lot better and the cycle, as you have mentioned, becomes very difficult to distinguish from the actual flood.

我認為，你知道，隨著我們距離洪水越來越遠，我們恢復得更好，正如你所提到的，週期變得很難與實際的洪水區分開來。

But, I mean, I think we made the call early in October that we saw this being much more meaningful than the earthquake.

但是，我的意思是，我認為我們在十月初就做出了決定，我們認為這比地震更有意義。

And as it turned out, that was the right call.

事實證明，這是正確的決定。

We see many people mentioning this later.

後面我們看到很多人都提到這個。

So probably something in the $60 million range was appropriate for the fourth quarter.

因此，6000 萬美元範圍內的金額可能適合第四季。

As we go this quarter, it is probably less, probably be in the $40 million.

就本季而言，這個數字可能會更少，可能在 4,000 萬美元左右。

But as we go forward, we see the actual cycle hitting the Sanyo revenue, as well, John.

但隨著我們的前進，我們看到實際的周期也影響了三洋的收入，約翰。

So it is very difficult.

所以這是非常困難的。

We do see some recovery.

我們確實看到了一些復甦。

We don't give guidance for more than one quarter.

我們不會給出超過一個季度的指導。

And history shows not smart.

歷史顯示這並不明智。

We see recovery going into the second quarter.

我們預計第二季將出現復甦。

But I think it's very difficult to distinguish what is the impact of the cycle going forward from the flood.

但我認為很難區分洪水週期的影響是什麼。

One thing is sure, the flood certainly did not help a lot of our Japanese customers, who have seen a negative impact this year as they lost out to other Asian suppliers.

有一點是肯定的，洪水肯定沒有幫助我們的許多日本客戶，他們今年受到了負面影響，因為他們輸給了其他亞洲供應商。

And, then, guys, as my second question, as you fold more of the Sanyo capacity into your existing network, can you just update us on the target margins and the time to get there?

然後，夥伴們，作為我的第二個問題，當你們將更多的三洋產能納入現有網路時，你們能否向我們通報目標利潤率和達到目標的時間？

And then I'm just curious, Keith, how sticky are the Sanyo products?

然後我很好奇，Keith，三洋產品的黏性有多大？

How concerned are you about market share loss as you try to re-ramp this capacity?

當您嘗試重新提高產能時，您對市場份額損失有多擔心？

How should we think about that?

我們該如何思考這個問題？

Thanks.

謝謝。

We've always said our model, our total blended model for the ON business, was something like low 40's gross margin and for the Sanyo business was something in the mid-30s, as we continued restructuring, as we completed our restructurings for Sanyo.

我們總是說我們的模型，我們 ON 業務的總混合模型，毛利率約為 40 多歲，而三洋業務的毛利率約為 30 多歲，隨著我們繼續重組，當我們完成三洋的重組時。

So on the gross margin, obviously it is dependent on the speed of recovery of the revenue to reach that.

因此，就毛利率而言，顯然取決於收入恢復的速度。

So the quicker the sooner we get the higher revenue back to historical levels, we can get to that gross margin which would, in our corporate model, be a combined gross margin closer to 40%, in the low 40's for ON, 30's for Sanyo business.

因此，我們越快越快將較高的收入恢復到歷史水平，我們就能達到這樣的毛利率，在我們的企業模型中，綜合毛利率接近 40%，ON 為 40 左右，三洋為 30 左右商業。

But it is very much dependent on the gross margin front of revenue recovering to pre-flood levels.

但這在很大程度上取決於收入恢復到洪水前水準的毛利率。

And, John, relative to stickiness on that Sanyo revenue, really there's about less than 30% of that is multi-source kinds of products that are easily replaced.

而且，約翰，相對於三洋收入的黏性，實際上其中大約不到 30% 是易於更換的多來源類型產品。

Most of that is either sole sourced, or at least design-specific types of products, which are more difficult to replace.

其中大部分要么是獨家採購的，要么至少是特定設計類型的產品，這些產品更難以替代。

We have been very careful, as you might imagine, with our customers to make sure we can supply them what they have to have during the tough times, so that they don't have the incentive, or frankly the time in the design cycle, to lose those sockets.

正如您可能想像的那樣，我們對我們的客戶非常謹慎，以確保我們能夠為他們提供他們在困難時期所需要的東西，這樣他們就沒有動力，或者坦率地說，設計週期中的時間，失去那些插座。

So I guess in general, it's pretty sticky.

所以我想總的來說，它非常黏。

On some of the standard components, we've already announced that we did some obsolescence on very bad margin products.

對於一些標準組件，我們已經宣布對利潤率非常低的產品進行了一些淘汰。

So there is a piece of it that we've said is about $20 million per quarter that may be gone, and then offset later in the year as we ramp both our camera auto focus products and our power modules for the white goods area.

因此，我們所說的每季度約 2000 萬美元的一部分可能會消失，然後在今年晚些時候隨著我們為白色家電領域增加相機自動對焦產品和電源模組而被抵消。

Christopher Danely, JPMorgan.

克里斯多福‧丹尼利，摩根大通。

Thanks, guys.

多謝你們。

So it sounds like you're guiding the ON business down in line with normal seasonality.

因此，聽起來您正在按照正常的季節性來指導 ON 業務。

And if Sanyo wasn't impacted by Thailand, it sounds like that would be roughly normal.

如果三洋沒有受到泰國的影響，聽起來這基本上是正常的。

So do you think we're back to normal seasonality in the semiconductor industry?

那麼您認為半導體產業已經回到正常的季節性了嗎？

You know, the down part right now definitely feels a bit seasonal.

你知道，現在的下半部肯定感覺有點季節性。

If you look at the two big markets that are displaying that habit, it is the computing and consumer, both of which are off approximately the same percentage they normally would be.

如果你看看表現出這種習慣的兩個大市場，那就是計算市場和消費者市場，這兩個市場的百分比與通常情況大致相同。

We look at the inventories in Asia are a bit lean, but there's still a lot of, I think, hesitancy to place a lot of backlog right now.

我們認為亞洲的庫存有點少，但我認為，現在對於放置大量積壓訂單仍然有很多猶豫。

So net-net, you know, we get a lot of that every January and February.

所以，網絡，你知道，我們每年一月和二月都會收到很多這樣的訊息。

And so it feels pretty normal.

所以感覺很正常。

Great.

偉大的。

And then as my follow-on, I know you guys don't normally forecast more than a quarter out, but if you could just talk about what normal seasonality would be for a combined ON/Sanyo entity in Q2-Q3, and then how, given normal seasonality, how would gross margins and OpEx trend in that environment?

然後，作為我的後續內容，我知道你們通常不會預測超過四分之一的時間，但如果您能談談ON/三洋合併實體在第二季度至第三季度的正常季節性是什麼，然後如何考慮到正常的季節性，在這種環境下毛利率和營運支出的趨勢如何？

Seasonality, fairly easy to predict.

季節性，相當容易預測。

Basically, the change in the total company is a little bit more consumer than we used to have.

基本上，整個公司的變化是消費者比以前多了一點。

But also, a little stronger automotive.

而且，汽車性能更強一些。

So when you balance those two things out, your Q1 should be your low point in a normal seasonal year.

因此，當您平衡這兩件事時，您的第一季應該是正常季節性年份中的低點。

You should build, you know, two to three or four percent in Q2, and then kind of five to eight in Q3.

你知道，你應該在第二季增加百分之二到百分之三或百分之四，然後在第三季增加百分之五到百分之八。

And then it's roughly flat in Q4 plus or minus one.

然後在第四季加減一時大致持平。

So that is really not a dramatically different profile.

所以這其實並不是一個截然不同的輪廓。

Maybe a percent or two in the quarter transitions might have changed.

也許季度轉變中的一兩個百分點可能發生了變化。

And then the margins and the OpEx?

然後是利潤率和營運支出？

I think on the margins, this is very difficult because you have to depend on the mix and all the rest.

我認為在邊緣，這是非常困難的，因為你必須依賴組合和所有其他的。

But I think that, because, look at something in the 400 to 500 basis points improvements in margin, depend -- over the fourth quarter, 400, 500 over the first quarter, as well, as we go through the year, depending on the mix.

但我認為，因為，看看利潤率 400 到 500 個基點的改善，取決於第四季度，第一季度的 400、500 個基點，以及我們全年的情況，取決於混合。

And as far as OpEx is concerned, we're not planning to spend a lot more OpEx.

就營運支出而言，我們不打算花費更多的營運支出。

Obviously, some things we would love to restore, like the bonus program.

顯然，我們希望恢復一些東西，例如獎金計劃。

So probably $5 million to $10 million additional OpEx is potential the exit quarter of this year, compared to the first quarter guidance.

因此，與第一季指引相比，今年退出季度可能會增加 500 萬至 1,000 萬美元的營運支出。

Great.

偉大的。

I'd like to restore the bonus program on Wall Street, too.

我也想恢復華爾街的獎金計畫。

So, any help you guys give us.

所以，你們給我們任何幫助。

Well, join the club.

好吧，加入俱樂部吧。

Thanks.

謝謝。

Mark Lipacis, Jefferies.

馬克‧利帕西斯，傑弗里斯。

Thanks for taking my question.

感謝您提出我的問題。

On the pricing environment, I believe in the press release you said you're expecting average pricing to decline 2% to 3%.

關於定價環境，我相信您在新聞稿中表示預計平均定價將下降 2% 至 3%。

What has it been over the last several quarters, if you could just play that back, and are you expecting a little bit more of a dramatic decline in pricing this quarter?

如果你可以回顧過去幾季的情況，你是否預期本季的定價會出現更多的大幅下降？

This quarter will be somewhat similar to last quarter.

本季將與上季有些相似。

But this quarter is more normal and last quarter was a little higher than normal.

但本季比較正常，上季略高於正常水準。

We do our annual contracts, and they all reprice in the first quarter.

我們簽訂年度合同，並在第一季重新定價。

So that tends to be our heaviest quarter lost in a normal year.

因此，這往往是我們正常年份中損失最慘重的季度。

And that is true for this year.

今年也是如此。

If we look at our quarterly negotiated ASP declines, they're much less than 2%.

如果我們看季度協商平均售價的降幅，就會發現降幅遠低於 2%。

So really, it's the first quarter captures all of the annual and semi-annual negotiations.

事實上，第一季涵蓋了所有年度和半年度談判。

So we would expect that this will be the toughest quarter this year, and the only comment compared to past is, Q4 was a little bit abnormally higher than normal.

因此，我們預計這將是今年最艱難的季度，與過去相比，唯一的評論是，第四季度比正常情況稍高。

When you say higher than normal, does that mean the decline was less than normal, or the decline was more --

當你說高於正常水平時，這是否意味著下降幅度小於正常水平，或下降幅度更大——

The decline was higher than normal.

跌幅高於正常水準。

So normally, we'd see 1% to 2% in the fourth quarter, rather than 2% to 3%.

所以通常情況下，我們會在第四季看到 1% 到 2%，而不是 2% 到 3%。

Okay.

好的。

Understand.

理解。

And then on the backlog, I believe you said the order backlog covers 80% to 85% of the guidance.

然後關於積壓，我相信你說訂單積壓佔指導的 80% 到 85%。

Can you remind us, how has the order backlog coverage tracked over the last several quarters or last couple of years?

您能否提醒我們，過去幾個季度或過去幾年的訂單積壓覆蓋率如何追蹤？

What is the normal range?

正常範圍是多少？

Thank you.

謝謝。

For those that have followed us a long time, ON normally had very high coverage going into each quarter, around 90% or so.

對於那些長期關注我們的人來說，ON 通常每個季度的覆蓋率都非常高，約為 90% 左右。

When we acquired Sanyo, they have a very different pattern.

當我們收購三洋時，他們的模式非常不同。

They have very little of their orders on the books.

他們的帳簿上的訂單很少。

And so it's been running that 80% to 85% since we've done that acquisition in the first quarter of 2011.

自從我們在 2011 年第一季完成收購以來，它一直在運行 80% 到 85%。

Thank you.

謝謝。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

Hello, and thanks for taking the question.

您好，感謝您提出問題。

This is Gabriela Borges on behalf of Jim.

我是加布里埃拉·博爾赫斯，代表吉姆。

You talked about the traditional audio business being down seasonally in 1Q, could you provide some more color around end market trends than that?

您談到傳統音訊業務在第一季季節性下滑，您能否提供更多有關終端市場趨勢的資訊？

Certainly.

當然。

Computing is down probably the largest percentage-wise, and that is reflecting the hard drive shortage on top of normal seasonal trends.

計算下降的百分比可能是最大的，這反映了在正常季節性趨勢之上硬碟短缺的情況。

The handset is down in Q1, but that looks pretty much like seasonal trends.

該手機在第一季有所下降，但這看起來很像季節性趨勢。

They're always down in the first quarter.

他們在第一季總是表現不佳。

And the other consumer goods, like televisions and audio players, also down pretty similar to normal.

其他消費品，如電視和音訊播放器，價格也與正常水平相當。

So, in essence, the one that stands out is computing is a little stronger than the normal trend.

因此，從本質上講，最突出的是運算能力比正常趨勢稍強。

That is helpful.

這很有幫助。

As a follow-up, if I may.

作為後續行動，如果可以的話。

It's been a few days since Chinese New Year.

距離農曆新年已經過了幾天。

Have you seen any changes in ordering pattern since that time?

從那時起，您發現訂購模式有任何變化嗎？

Certainly, we have seen some changes.

當然，我們已經看到了一些變化。

They have not snapped back briskly, but they are certainly improving.

他們並沒有迅速恢復，但他們確實正在進步。

There is still a lot of what I call wait and see going on in Asia.

亞洲仍然存在著許多我所說的觀望情緒。

So folks are waiting till they have to place those orders, and with very short lead times they don't have to place them yet for Q2.

因此，人們一直在等待，直到他們必須下訂單，並且由於交貨時間很短，他們不必在第二季下訂單。

So while our Q2 position is improving over the Q1 position, and we're fairly comfortable this is the bottom, it's not a big rush to place orders, because we still have very short lead times.

因此，雖然我們第二季度的位置比第一季的位置有所改善，而且我們對這是底部感到相當滿意，但並不急於下訂單，因為我們的交貨時間仍然很短。

That's helpful.

這很有幫助。

Thank you very much.

非常感謝。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hello, guys.

大家好。

Just a question on the production capacity.

只是生產能力的問題。

What sort of impact do you think that has on your March quarter guidance, and is that something that, once you get the production capacity up to full in the second quarter, as you said, should be able to fill in right in on top in that quarter?

您認為這對您的三月季度指導有何影響？正如您所說，一旦您在第二季度達到滿載生產能力，這應該能夠直接填補該季度？

You know, again, to Donald's earlier comments, it is -- it is not as easy as just guessing what backlog and capacities, because our customers have been impacted.

再說一遍，根據唐納德之前的評論，這並不像猜測積壓訂單和產能那麼容易，因為我們的客戶受到了影響。

My comments on disk drives, for example, are a great example of that.

例如，我對磁碟機的評論就是一個很好的例子。

And we're somewhat dependent on how fast that snap-back will be based on those events.

我們在某種程度上取決於基於這些事件的快速恢復速度。

But in general, we should have the capability of doing, in the second quarter, something like $40 million or more from a production capability perspective.

但總的來說，從生產能力的角度來看，我們應該有能力在第二季生產 4,000 萬美元或更多的產品。

And then the follow-up question on the gross margin side of things, Donald, in answer to an earlier question, you said from kind of first quarter to fourth quarter you could go up roughly four to five points.

然後是關於毛利率方面的後續問題，唐納德，在回答之前的問題時，您說從第一季到第四季度，您可能會上漲大約四到五個百分點。

How much of that increase is revenue dependent, and how should we contrast that with building in your fab closures, efficiency gains at Sanyo, et cetera.

其中有多少成長取決於收入，以及我們應該如何將其與關閉晶圓廠、三洋的效率提升等進行比較。

So how much is under your control, even excluding the revenue assumption?

那麼，即使排除收入假設，您能控制多少？

I'd say about 80% of it is revenue dependent, because remember, the Sanyo factories are supported by the parent Sanyo Electric, the ones we're closing down, so we got some support.

我想說，其中大約 80% 取決於收入，因為請記住，三洋工廠是由母公司三洋電機支持的，我們正在關閉這些工廠，所以我們得到了一些支持。

So in closing down these factories, we will not make the same absolute expense savings in our P&L, because they are supporting the factories for us.

因此，在關閉這些工廠時，我們不會在損益表中節省相同的絕對費用，因為他們正在為我們支援工廠。

So that will be more neutral than one would expect.

因此，這將比人們預期的更加中立。

We are closing down our legacy ON factory, and we will benefit from the higher utilization in our existing factories as we ramp up the stuff that comes out the closed factories.

我們正在關閉我們遺留的 ON 工廠，隨著我們增加關閉工廠的產量，我們將受益於現有工廠的更高利用率。

So I would say that is probably 20%, 25% of the margin improvement, but certainly 75%, 85% dependent on the total.

所以我想說，這可能是 20%、25% 的利潤率改善，但肯定 75%、85% 取決於總數。

And how much of that cost sharing have you guys used up?

你們用了多少費用分攤？

Remind us what the total is, the timing, and how much you have left.

提醒我們總數是多少、時間以及您還剩多少。

The cost sharing was a two-year program and it was supporting activities that we didn't really need.

成本分攤是一個為期兩年的計劃，它支持我們不真正需要的活動。

So it was running approximately $40 million or so a quarter.

所以每季的營業額約 4000 萬美元左右。

And we will use most of what was initially intended, but slightly less.

我們將使用最初預期的大部分內容，但會稍微少一些。

And we are still planning, despite floods and earthquakes, which hops orders down, to meet the intended closure of the excess facilities in the time scale we initially anticipated.

儘管洪水和地震導致訂單減少，但我們仍在計劃在我們最初預期的時間範圍內關閉多餘設施。

Great.

偉大的。

Thank you.

謝謝。

Terence Whalen, Citi.

特倫斯·惠倫，花旗銀行。

Hello.

你好。

Thanks for taking my question.

感謝您提出我的問題。

This one is on Sanyo.

這個是三洋的。

If we fast forward four quarters from now, when cost supports are no longer a factor and once the factory closures have occurred, what type of revenue level at Sanyo will be required to get to that targeted 36%, 37% gross margin?

如果我們從現在起快轉四個季度，當成本支撐不再是一個因素並且工廠關閉之後，三洋需要什麼樣的收入水平才能達到 36%、37% 毛利率的目標？

Thank you.

謝謝。

I didn't say 36%, 37%.

我沒說36%，37%。

I said mid-30s.

我說的是30多歲。

So give me some -- give me some slack.

所以給我一些——給我一些放鬆。

And, you know, I don't know whether the market will bear that this year.

而且，你知道，我不知道今年市場是否能承受這種情況。

But certainly, if we can get back to something in the mid-200s, then we should be able to touch on extra velocity close to 30%.

但當然，如果我們能回到 200 年代中期，那麼我們應該能夠達到接近 30% 的額外速度。

I'm not sure that we can reach that peak cruising altitude gross margins this year.

我不確定今年我們能否達到巡航高度毛利率的峰值。

But we -- as we ramp some new products, particularly these HIC products next year, and we improve P&L discipline and margin management, which we're also working on, then we should really start to reap the benefit of that next year.

但是，隨著我們明年推出一些新產品，特別是這些 HIC 產品，並且我們也在努力改善損益紀律和利潤管理，那麼我們明年應該真正開始受益。

So I think it's probably more a second half 2013 time frame.

所以我認為這可能是 2013 年下半年的時間範圍。

And we're talking about revenue in the high 200s and gross margin in the 30s, mid-30s.

我們談論的是 200 多歲的收入和 30 多歲、30 多歲的毛利率。

Okay.

好的。

Very helpful.

很有幫助。

And then the follow-up question is regarding capital expenditures.

接下來的問題是關於資本支出。

After the $250 million that you target in 2012, and taking into account 2011 CapEx, what is the net impact on an annualized margin or depreciation number?

在您 2012 年設定的 2.5 億美元目標之後，並考慮到 2011 年資本支出，對年化利潤率或折舊數字的淨影響是多少？

And also, what sort of a CapEx bogey should we be thinking about for 2013?

而且，2013 年我們該考慮什麼樣的資本支出禁忌？

Thanks.

謝謝。

These are already good, technical questions there, my friend.

我的朋友，這些已經是很好的技術問題了。

I think we're talking about the CapEx probably takes up our annualized capital expenditures by something in the $15 million to $20 million range.

我認為我們談論的資本支出可能會佔用我們的年化資本支出 1500 萬至 2000 萬美元。

I think one of the positives for us in this slowdown is that we will be able to reduce our capital expenditures.

我認為，在這次經濟放緩中，對我們來說的積極因素之一是我們將能夠減少資本支出。

And so we were -- our net of the Thailand recovery, our capital expenditures this year, are about $200 million, just over $200 million.

所以我們——扣除泰國復甦的淨額，我們今年的資本支出約為 2 億美元，剛剛超過 2 億美元。

We are spending just over approximately $50 million to recover from Thailand, which we anticipate all that cash to be paid for from insurance.

我們花費了大約 5000 萬美元從泰國收回資金，我們預計所有現金都將透過保險支付。

I think our first glance into 2013 suggests something approximate to the $200 million level, significantly less than the over $300 million we spent last year.

我認為，我們乍看之下 2013 年的支出約為 2 億美元，遠低於我們去年花費的 3 億多美元。

So that is the silver lining in this current slowdown is that the economies and capital expenditures should be able to improve our cash flow.

因此，當前經濟放緩的一線希望是經濟和資本支出應該能夠改善我們的現金流。

Terrific.

了不起。

Thanks.

謝謝。

Craig Berger, FBR Capital Markets.

Craig Berger，FBR 資本市場。

Hello, guys.

大家好。

Thank for taking my questions.

感謝您回答我的問題。

So I guess my first question is on the Sanyo biz, if it is the high 200s to get to those margins, what timeframe is that feasible in, would you say?

所以我想我的第一個問題是關於三洋業務的，如果是 200 多美元才能達到這些利潤，你認為在什麼時間範圍內是可行的？

I'm trying to understand how much of that business comes back and recovers.

我試圖了解有多少業務得以恢復。

I think Donald's answer earlier was kind of mid- to late 2013.

我認為唐納德早些時候的回答是在 2013 年中後期。

Definitely recovery from the current levels this year, but I don't expect the high 200s this year.

今年肯定會從目前的水平恢復，但我預計今年不會達到 200 多美元。

I expect that next year.

我預計明年會這樣。

How much do we plan for this year?

今年我們的計劃是多少？

Well, in the mid -- somewhere in between.

嗯，在中間——介於兩者之間。

Somewhere in between.

中間某個地方。

And again, it is driven by some -- a lot of new product growth in power modules and in the camera electronics.

同樣，它是由一些因素推動的——電源模組和相機電子產品中的許多新產品的成長。

And then as a follow-up, can you just help us understand where were lead times and utilizations in the fourth quarter, and how should we think about those trending?

作為後續行動，您能否幫助我們了解第四季度的交貨時間和利用率，以及我們應該如何看待這些趨勢？

The lead times should be approximately stable this quarter versus last quarter, and they -- there's a range of things, depending on product, but in general, less than six weeks.

本季的交貨時間與上季相比應該大致穩定，而且有很多因素，具體取決於產品，但一般來說不到六週。

And so I don't expect that to change much here in the first quarter.

因此，我預計第一季這種情況不會發生太大變化。

And utilizations?

以及用途？

Basically it's in the 70s, and again, not much change quarter-on-quarter from a utilization perspective.

基本上是在 70 年代，而且從利用率的角度來看，季度環比沒有太大變化。

And then lastly, can you just clarify, because there was a lot of talk of seasonality.

最後，您能否澄清一下，因為有很多關於季節性的討論。

It seems like with the Sanyo business recovering some, it could be better than seasonal once we get past the first quarter?

看起來隨著三洋業務的恢復，一旦我們度過第一季度，它可能會比季節性更好？

Certainly, you know, we're not going to give Q2 yet, but certainly circumstances are setting up so that you've got some relatively lean Asian inventories.

當然，你知道，我們還不會給出第二季的數據，但肯定情況正在發生，因此你會有一些相對較少的亞洲庫存。

You've got new capacity, which will help meet some of the delinquency caused by the Thailand floods.

你們獲得了新的產能，這將有助於解決泰國洪水造成的部分拖欠問題。

And so there is certainly the possibilities of such things.

所以肯定存在這樣的事情的可能性。

But again, we're not calling Q2 at this point.

但同樣，我們此時不會調用第二季度。

Very lastly, did you guys mention how much inventory came out of distribution in the fourth quarter?

最後，你們有沒有提到第四季有多少庫存來自分銷？

Thanks so much.

非常感謝。

I need a number.

我需要一個號碼。

6%.

6%。

We gave a percentage.

我們給了一個百分比。

I think it is fair to say that because of the slowdown in Asia, distribution resales fell, as well.

我認為可以公平地說，由於亞洲經濟放緩，分銷轉售也有所下降。

Our distribution inventory is down about 18% from the peak, but because of the fall in resales, the weeks are still in the 12 to 13 range.

我們的分銷庫存較高峰下降了約 18%，但由於轉售量下降，週數仍處於 12 至 13 週範圍內。

We do expect that will fall again this quarter.

我們確實預計本季該數字將再次下降。

Thank you.

謝謝。

Chris Caso, Susquehanna.

克里斯卡索，薩斯奎哈納。

Hello.

你好。

Thank you.

謝謝。

Just to follow up on your comments on distribution inventory.

只是為了跟進您對分銷庫存的評論。

Do you get the sense that we're pretty close to the levels where the distributors want to be with regard to inventory levels?

您是否感覺到我們已經非常接近經銷商希望的庫存水準了？

And I guess that question goes for the customers, too, given the declines that we've had over the past several quarters.

考慮到過去幾季我們的業績下滑，我想這個問題也適用於客戶。

I'll give a geographical answer to that.

我將給出一個地理答案。

We actually had the fortune to have all of our distributors and many of our customers in Phoenix last week for meetings.

實際上，上週我們有幸邀請了所有經銷商和許多客戶在鳳凰城參加會議。

And all of them globally were comfortable with the levels they had.

全球範圍內所有人都對自己的水準感到滿意。

But within that range of comfort, there's very lean inventories in Asia making them comfortable, and I would call quite robust levels in North America and Europe, which made them comfortable.

但在這個舒適度範圍內，亞洲的庫存非常少，讓他們感到舒適，我認為北美和歐洲的庫存水準相當強勁，這讓他們感到舒適。

And each of them were viewing that through a lens of what's going to change here coming into Q2; and I think there is still a lot of uncertainty in Asia, but the North America and Europe markets were indeed expecting to burn off or have demands increasing significantly for them.

他們每個人都透過第二季將發生的變化來看待這一點；我認為亞洲仍然存在許多不確定性，但北美和歐洲市場確實預計會消失或需求大幅增加。

So net-net, they're all pretty happy.

所以net-net，他們都很高興。

Our data kind of shows, looking at the end systems sales versus our sales out, it says there is still a gap being built.

我們的數據顯示，從終端系統銷售額與我們的銷售額來看，仍有差距。

In other words, they're under consuming or under ordering semi-conductors, based on what they're building.

換句話說，根據他們正在製造的產品，他們消耗或訂購的半導體較少。

So again, in general, people are feeling pretty comfortable.

所以，總的來說，人們感覺很舒服。

We feel pretty comfortable.

我們感覺很舒服。

But the pace of change and when that might turn around is still up in the air.

但變革的步伐以及變革何時可能扭轉仍懸而未決。

Sure.

當然。

As a follow-up, with regard to the industrial and the automotive markets, typically those markets are a little stronger in Q1.

接下來，就工業和汽車市場而言，這些市場通常在第一季會稍強。

You're still guiding those down.

你還在引導那些人下來。

And I guess is that still a situation where you've still got customers burning through inventory, or I guess maybe those distributors you spoke to last week probably were able to give you some color on that as well.

我想這仍然是這樣的情況，你仍然有客戶在消耗庫存，或者我想也許你上週採訪過的那些經銷商可能也能夠給你一些關於這方面的信息。

Yes, actually auto and industrial pretty flat going into Q1.

是的，實際上汽車和工業進入第一季相當平穩。

Those two I did not mention earlier as being down.

這兩個我之前沒有提到過。

Those are actually going to be fairly flat, plus or minus a very small amount.

這些實際上將相當平坦，加上或減去非常小的數量。

So maybe not the up we normally see traditionally, but certainly they're not down.

因此，也許不是我們通常看到的傳統上漲，但它們肯定沒有下跌。

Great.

偉大的。

Thank you.

謝謝。

Ramesh Misra, Brigantine Advisors.

拉梅什‧米斯拉 (Ramesh Misra)，雙桅帆船顧問公司。

Hello.

你好。

Good afternoon, guys.

下午好，夥計們。

Can you talk about the ordering activity that you saw late in Q4 and so far into Q1, in terms of linearity?

您能否從線性角度談談您在第四季度末和第一季到目前為止所看到的訂購活動？

It has been fairly linear.

它一直是相當線性的。

Obviously -- maybe not obviously, but Chinese New Year there was a bit of a hiatus, there weren't any orders placed that week.

顯然 - 也許不明顯，但農曆新年有一點間歇，那週沒有任何訂單。

But then when they came back, we did see an improvement over the December trends.

但當他們回來時，我們確實看到了 12 月趨勢的改善。

So I would basically say we have been improving since December, if you ignore the week of Chinese New Year.

所以我基本上會說，如果你忽略農曆新年這一周的話，自 12 月以來我們一直在進步。

Okay.

好的。

How are you in general doing in the Japanese market?

您在日本市場的整體表現如何？

I would think that with the strength of the yen, that would potentially help you increase your cross-selling, especially--

我認為，隨著日圓的走強，這可能會幫助你增加交叉銷售，特別是——

Yes, our cross-selling activities are going very well.

是的，我們的交叉銷售活動進展順利。

They are ahead of our expectations.

他們超出了我們的預期。

The design wins were accelerated by the Thailand disasters, as folks looked for alternative sources.

泰國災難加速了設計的勝利，因為人們正在尋找替代來源。

And that is actually looking quite good for us.

這實際上對我們來說看起來相當不錯。

As far as total dollars, they've kind of gotten lost in the weak markets here in Q4 and Q1.

就總美元而言，他們在第四季和第一季的疲軟市場中有些迷失。

But actually there's a very, very good trend for us.

但實際上我們有一個非常非常好的趨勢。

We're quite happy.

我們很高興。

Okay.

好的。

And similarly in that, what are you seeing in Europe?

同樣，您在歐洲看到了什麼？

Europe is pretty stagnant.

歐洲相當停滯。

Not really seeing much change there at all.

根本沒有看到太多變化。

Okay.

好的。

All right.

好的。

Thank you.

謝謝。

Tristan Gerra, Robert Baird.

特里斯坦·傑拉，羅伯特·貝爾德。

Hello.

你好。

Good afternoon.

午安.

Your gross margin guidance for Q1 is down just slightly, given the decline in revenues for Q4 and Q1.

鑑於第四季和第一季的收入下降，第一季的毛利率指引略有下降。

Is there a bit of a lagging effect?

是不是有一點滯後效應？

I mean, you mentioned that your utilization rates would be flattish.

我的意思是，您提到您的利用率將持平。

Or anything that helps gross margin for Q1?

或是有什麼有助於第一季毛利率的因素？

I think we had a little bit of, you know, usual year-end stuff.

我想我們有一些，你知道的，通常的年終活動。

We had a good mix of product in the fourth quarter, and slightly higher revenues.

第四季我們的產品組合良好，收入略有增加。

That's basically what we're missing in the first quarter.

這基本上就是我們在第一季所缺少的。

So basically a slightly different mix and slightly lower revenues, that's all there is to read into that.

因此，基本上是略有不同的組合和略低的收入，這就是我們需要了解的全部內容。

Okay.

好的。

And then you mentioned during the Q&A about delinquencies that you think you're going to start catching up with in Q2.

然後您在問答中提到了您認為將在第二季度開始解決的拖欠問題。

Can you quantify that in terms of how much you're missing from a revenue standpoint in Q1 or maybe as a percentage, and what do you expect to catch up in Q2?

您能否從第一季的收入角度或百分比來量化您的損失，以及您預計第二季會趕上多少？

Yes, I guess we'll try again.

是的，我想我們會再試一次。

I don't know if I'll make it any clearer.

我不知道我是否可以說得更清楚。

There's about $40 million worth of demand that has been placed or expectations set for delivering we can't get to in Q1.

我們在第一季無法實現價值約 4000 萬美元的需求或預期交付。

Whether that will really be there or not is more dependent on what happens to our customers, to some degree.

在某種程度上，這種情況是否真的存在，更取決於我們的客戶會發生什麼。

So it may not be -- I mean -- may or may actually be $40 million.

所以我的意思是，它可能不是，也可能實際上是 4000 萬美元。

It could be $30 million or $50 million.

可能是 3000 萬美元或 5000 萬美元。

There is no way for us to tell, because they have obviously been impacted by the same floods that we were.

我們無法判斷，因為他們顯然和我們一樣受到了同樣的洪水影響。

Great.

偉大的。

Thank you.

謝謝。

Craig Ellis, Caris & Company.

克雷格·埃利斯，卡里斯公司。

Thanks for taking the question, guys.

謝謝你們提出問題，夥伴們。

Keith, just wanted to follow-up on the PC comments.

Keith，只是想跟進 PC 評論。

You indicated that would be one of the weakest areas Q-on-Q in 1Q.

您表示這將是第一季環比最薄弱的領域之一。

When do you expect to see orders start to rebound in that business, would that be later in 1Q or will it be more 2Q for you?

您預計該業務的訂單何時開始反彈，是在第一季晚些時候還是在第二季？

I think it will be mostly Q2, from what we've been hearing.

據我們所知，我認為這主要是在第二季。

They may have to start placing orders in late March, but we are expecting the builds to ramp in Q2.

他們可能必須在三月下旬開始下訂單，但我們預計產量將在第二季增加。

Okay.

好的。

And then, Don, just to detail, there have been some fair market inventory valuation and Thai inventory charges in COGS.

然後，唐，詳細說明一下，在銷貨成本中存在一些公平的市場庫存估值和泰國庫存費用。

Are those behind us now, or is there still some of that coming in the first quarter?

這些現在已經過去了，還是第一季還會出現一些狀況？

I think these are behind us.

我認為這些都已經在我們身後了。

We had to write off essentially all the inventory.

我們不得不註銷基本上所有的庫存。

It was badly damaged.

它被嚴重損壞了。

And so we did our assessment of the Sanyo inventories.

因此我們對三洋的庫存進行了評估。

These adjustments are behind us now.

這些調整現在已經成為過去。

All right.

好的。

Thanks, guys.

多謝你們。

Patrick Wang, Evercore.

派崔克·王，Evercore。

Great.

偉大的。

Thanks for allowing me to ask a question.

感謝您允許我提問。

Don, just a quick clarification, the CapEx you gave for the year, was this net of the effect of the warranties that you're expecting?

唐，請快速澄清一下，您今年給出的資本支出是否扣除了您預期的保固影響？

We give it, it is not a warranty, Patrick, it is just we're getting insurance proceeds, I was mentioning going out on the call.

我們給它，這不是保修，帕特里克，這只是我們獲得保險收益，我提到了出去打電話。

Right.

正確的。

Exactly.

確切地。

Actually, that is what I meant to say.

其實我想說的就是這個。

This is net of the --

這是扣除——

The number I gave included -- I will repeat what I said.

我給出的數字包括在內——我將重複我所說的話。

Capital expenditures of approximately $250 million to $275 million for 2012, and this includes the expected $50 million of additional capital related to the restoration of capacity lost in the Thailand flood.

2012 年的資本支出約為 2.5 億至 2.75 億美元，其中包括與恢復泰國洪水損失的能力相關的預計 5,000 萬美元的額外資本。

Okay.

好的。

And that's that covering that insurance.

這就是該保險的承保範圍。

That's included.

這包括在內。

And that's why I said, if you look forward to next year, barring any more floods, we should be $200 million, $225 million range, something like that, which is significantly less than the $300-plus million we spent last year.

這就是為什麼我說，如果你期待明年，除非更多的洪水，我們應該是 2 億美元到 2.25 億美元的範圍，類似的，這比我們去年花費的 3 億多美元要少得多。

Perfect.

完美的。

Thanks for clearing that up.

感謝您澄清這一點。

And then Keith, can you talk quickly maybe about the next couple of milestones you're looking for that give you more confidence in our recovery today?

然後基思，你能快速談談你正在尋找的接下來的幾個里程碑，這些里程碑會讓你對我們今天的復甦更有信心嗎？

Well, clearly the CEO's favorite milestone is more backlog.

嗯，顯然執行長最喜歡的里程碑是更多的積壓。

We kind of enjoy that.

我們很享受這樣。

Like I said earlier, we have very short lead times, and to see a pickup in Q2 we would expect to see continued building of that order pattern and backlog as we go through March.

正如我之前所說，我們的交貨時間非常短，為了看到第二季的回升，我們預計在 3 月份，訂單模式和積壓訂單將繼續增加。

And so certainly, we're looking at that on a weekly basis to see the buildup in that.

當然，我們每週都會關注這種情況，以了解其累積情況。

The other piece of it would be to see confidence return, specifically in Asia, relative to the economy there.

另一方面是看到信心恢復，特別是在亞洲，相對於那裡的經濟。

There's just -- there is no other word I would use, other than I would call it uncertainty.

除了我稱之為不確定性之外，我沒有其他詞彙可以用。

And in times of uncertainty, people are going to sit on those orders until they absolutely are convinced that they need to turn loose of them.

在不確定的時期，人們會堅持執行這些命令，直到他們絕對確信需要放棄這些命令。

So little bit of confidence-building in the overall economy in Asia would help a lot.

因此，對亞洲整體經濟的一點信心建設將會有很大幫助。

That's a milestone for you.

這對你來說是一個里程碑。

But really, we watch the -- we watch the order patterns and expect them to improve through March.

但實際上，我們會觀察訂單模式，並期望它們在三月有所改善。

Got you.

明白你了。

And the last question, I guess, can you, Don, can you talk to us if the insurance claim actually impacted your fourth quarter or first quarter margins or OpEx?

我想最後一個問題是，唐，如果保險索賠實際上影響了您第四季度或第一季的利潤率或營運支出，您能告訴我們嗎？

Thank you very much.

非常感謝。

We netted the proceeds in the fourth quarter against the restructuring costs.

我們在第四季度根據重組成本扣除了收益。

So when we give our non-GAAP results, Patrick, we exclude any proceeds from insurance.

因此，帕特里克，當我們給出非公認會計原則結果時，我們排除了來自保險的任何收益。

And our outlook for the first quarter is constructed in a similar way.

我們對第一季的展望也是以類似的方式建構的。

We -- any proceeds from insurance we will not -- are not included in our guidance, and we will pro forma these non-recurring costs -- these non-recurring proceeds out of our P&L.

我們——任何我們不會的保險收益——都不包括在我們的指導中，我們將從我們的損益表中計算出這些非經常性成本——這些非經常性收益。

Kevin Cassidy, Stifel Nicolaus.

凱文卡西迪、史蒂菲爾尼克勞斯。

Hello.

你好。

This is Dean Grumlose calling in for Kevin Cassidy.

我是迪恩·格魯姆洛斯 (Dean Grumlose) 呼叫凱文·卡西迪 (Kevin Cassidy)。

Thank you very much for taking my call.

非常感謝您接聽我的電話。

As we look ahead for the ramp of Romley-based server platforms, can you provide a view on whether your content in this new generation of server products will increase or stay flat, or what guidance can you provide in that?

當我們展望基於 Romley 的伺服器平台的成長時，您能否提供您在新一代伺服器產品中的內容是否會增加還是持平的看法，或者您可以提供什麼指導？

It should increase somewhat.

它應該會增加。

I don't have figures for you right now.

我現在沒有數據給你。

Okay.

好的。

Thank you.

謝謝。

And as an additional question, following Chinese New Year, do you believe you had enough time for everything there to stabilize to see where the trends are, or do you think there's still more information that will come in the next few weeks?

作為一個附加問題，在農曆新年之後，您是否認為您有足夠的時間讓一切穩定下來以了解趨勢所在，或者您認為未來幾週內還會有更多資訊？

Actually, we haven't quite.

事實上，我們還沒有完全做到。

So most of our sales in Asia are through distribution.

所以我們在亞洲的大部分銷售都是透過分銷。

We get lagging sell through numbers from that channel that are generally a week to two weeks behind.

我們透過該管道獲得的銷售數據滯後，通常滯後一周到兩週。

So we don't really even know what the answer is for the week after Chinese New Year yet.

所以我們還不知道農曆新年後一週的答案是什麼。

However, after having said all those things, indications are improvement, but not dramatic.

然而，在說了所有這些事情之後，有跡象表明有所改善，但並不顯著。

And I attribute that to very short lead times.

我將其歸因於非常短的交貨時間。

So I am expecting to see pertinent data over the next few weeks.

所以我期待在接下來的幾週內看到相關數據。

Thank you.

謝謝。

That's very helpful.

這非常有幫助。

Parag Agarwal, UBS.

帕拉格·阿加瓦爾，瑞銀集團。

Hello, guys.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

The first question is on foreign exchange.

第一個問題是關於外匯的。

Is the weakening of Euro causing any impact on your gross margin, especially given that your European companies are (inaudible)?

歐元疲軟是否會對您的毛利率造成任何影響，特別是考慮到您的歐洲公司（聽不清楚）？

The Euro actually got weak and then it got stronger again.

歐元其實先是走弱，然後又走強。

So actually today, it's back to where it was two months ago.

所以實際上今天，它又回到了兩個月前的水平。

So I would say that there is nothing I can put my finger on.

所以我想說，沒有什麼是我可以指出的。

I would say generally we have more costs than revenues derived from a Euro.

我想說的是，一般來說，我們的成本高於歐元帶來的收入。

And so a weakening of the Euro actually should help our margin.

因此，歐元走弱實際上應該有助於我們的利潤。

It did slightly weaken, but as I said, it's now gotten stronger again.

它確實略有減弱，但正如我所說，它現在又變得更強了。

So, no impact.

所以，沒有影響。

Okay.

好的。

Perfect And the $40 million of (inaudible) you were talking about, is that all related to computing or is there something else in there as well?

完美 您所談論的 4000 萬美元（聽不清楚）是全部與計算有關還是其中還存在其他內容？

No, there were consumer products in those numbers, as well.

不，這些數字中也有消費品。

So basically, it was -- it was all of the products supplied out of that factory which have a profile not too dissimilar from the total Company profile.

基本上，該工廠供應的所有產品的概況與該公司的整體概況沒有太大不同。

Okay.

好的。

Thank you very much.

非常感謝。

Your last question comes from the line of Steve Smigie with Raymond James.

你的最後一個問題來自史蒂夫·斯米吉和雷蒙·詹姆斯的對話。

Great.

偉大的。

Thanks.

謝謝。

Keith, I was hoping you could comment a little bit on some technology changes in terms of core voltage regulation.

Keith，我希望您能對核心電壓調節方面的一些技術變化發表一些評論。

On the server, it seems like in some upcoming generations you'll see more digital power management.

在伺服器上，似乎在未來的幾代產品中您將看到更多的數位電源管理。

I'm just curious on any time you see in terms of that potentially migrating down more into the desktop and notebook areas, where you guys are pretty strong.

我只是好奇你們是否會看到這種趨勢更多地遷移到桌上型電腦和筆記型電腦領域，而你們在這些領域都非常強大。

It seems like it should be probably at least a couple years.

看起來應該至少要幾年。

I was wondering if that makes sense to you.

我想知道這對你來說是否有意義。

So any thoughts on timing there would be helpful.

因此，任何關於時間安排的想法都會有所幫助。

It will be several years, and it will be very price-dependent.

這將需要幾年的時間，而且很大程度上取決於價格。

The digital solutions tend to be much more expensive.

數位解決方案往往要昂貴得多。

And particularly in the notebook areas, there is a lot of price sensitivity, but also in desktops.

特別是在筆記型電腦領域，人們對價格非常敏感，但在桌上型電腦領域也是如此。

So basically the adoption is certainly significantly slowed by the price points.

因此，基本上，價格的採用肯定會顯著減緩。

From a technology perspective, we are looking to address those desires, if you will, for the more digital control in a cost-effective way, as our way of combating the trend long-term.

從技術角度來看，如果您願意的話，我們正在尋求以經濟高效的方式滿足這些願望，以實現更多的數位化控制，作為我們長期對抗這一趨勢的方式。

And so we expect to continue to hold our market share by finding more cost-effective digital methods.

因此，我們希望透過尋找更具成本效益的數位方法來繼續保持我們的市場份額。

Okay.

好的。

And just in general, you guys seeing any new entrants coming in, or any players exiting those markets?

總的來說，你們看到有新進入者進入，或是有玩家退出這些市場嗎？

No real change at all either in or out, from what we can tell in talking with our customers in the last nine months.

從過去九個月與客戶的交談中我們可以看出，無論是內部還是外部都沒有真正的變化。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

At this time, there are no further questions.

目前，沒有其他問題了。

I would like to thank everyone for their participation in today's conference call.

我要感謝大家參加今天的電話會議。

You may now disconnect.

您現在可以斷開連線。