安森美 (ON) 2015 Q4 法說會逐字稿

Good day, ladies and gentlemen and welcome to the ON Semiconductor quarter four earnings call.

美好的一天，女士們、先生們，歡迎參加安森美半導體第四季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Mr. Parag Agarwal, Vice President of Investor Relations and Corporate Development.

現在我想介紹一下今天會議的主持人，投資者關係和企業發展副總裁帕拉格·阿加瓦爾先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, Chelsea.

謝謝你，切爾西。

Good morning and thank you for joining ON Semiconductor Corporation's fourth-quarter 2015 quarterly results conference call.

早安，感謝您參加安森美半導體公司 2015 年第四季業績電話會議。

I apologize for the confusion this morning regarding the call.

對於今天早上有關電話的混亂，我深表歉意。

The delay was due to an issue with our provider and I can assure you that that was the only reason for the delay.

延遲是由於我們的提供者的問題造成的，我可以向您保證這是延遲的唯一原因。

I am 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 和財務長 Bernard Gutmann 也加入了我的行列。

This call is being webcast on the investor section of our website at www.ONSEMI.com.

此次電話會議正在我們網站 www.ONSEMI.com 的投資者部分進行網路直播。

A replay will be available on our website approximately one hour following this live broadcast and will continue to be available for approximately 30 days following this conference call along with our earnings release for the fourth quarter of 2015.

直播結束後約一小時，我們的網站上將提供重播，並將在本次電話會議以及 2015 年第四季收益發布後的大約 30 天內繼續提供。

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。

Additional information related to our end markets, business segments, geographic channels and share count is also posted on our website.

與我們的終端市場、業務部門、地理管道和股份數量相關的其他資訊也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。

Reconciliation 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 investors section.

這些非公認會計原則財務指標與公認會計原則下最直接可比較的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部分。

During the course of this conference call, we will make projections and other forward-looking statements regarding future events or future financial performance of the Company.

在本次電話會議期間，我們將對公司未來事件或未來財務表現做出預測和其他前瞻性陳述。

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 actual events or results to differ materially from the 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 the forward-looking statements, are described in our Forms 10-Ks, Form 10-Qs and other filings with the Securities and Exchange Commission.

我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格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前瞻性陳述不同的因素。

Additional factors are described in our earnings release for the fourth quarter of 2015.

我們的 2015 年第四季財報中描述了其他因素。

Our estimates 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 the law.

我們的估計可能會發生變化，除法律要求外，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。

During the first quarter, we'll be attending the Susquehanna Semi, Storage and Tech Summit on March 10 in New York City.

在第一季度，我們將參加 3 月 10 日在紐約市舉行的 Susquehanna Semi、儲存和技術高峰會。

Now let me turn it over to Bernard Gutmann, who will provide an overview of fourth-quarter 2015 results.

現在讓我將其交給伯納德·古特曼 (Bernard Gutmann)，他將概述 2015 年第四季的業績。

Bernard.

伯納德.

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

謝謝帕拉格，謝謝大家今天加入我們。

Let me start by providing an update on overall business results.

首先我要介紹一下整體業務表現的最新情況。

As evidenced from the recent results of many semiconductor companies, the macroeconomic environment continues to be challenging and demand trends are subseasonal.

許多半導體公司近期的業績表明，宏觀經濟環境仍充滿挑戰，需求趨勢呈現反季節趨勢。

However, the healthy supply side dynamics with low channel inventories and reduced utilization are helping to mitigate the impact of soft demand.

然而，健康的供應面動態、通路庫存低和利用率降低有助於減輕需求疲軟的影響。

We have noticed a steady improvement in booking trends in the current quarter although the macroeconomic picture hasn't changed much.

我們注意到，儘管宏觀經濟狀況沒有太大變化，但本季的預訂趨勢穩步改善。

Despite the challenging macro conditions, our performance in the fourth quarter was strong.

儘管宏觀環境充滿挑戰，我們第四季的業績依然強勁。

Although we slightly missed the midpoint of our revenue guidance, we overdelivered on factors that are well within our control.

儘管我們略微錯過了收入指引的中點，但我們在完全可控的因素上實現了超額交付。

Our operating expenses for the fourth quarter were well below our guidance and we were able to deliver strong EPS performance under the circumstances.

我們第四季的營運費用遠低於我們的指導，在這種情況下我們能夠實現強勁的每股盈餘表現。

We're fully committed to delivering a strong operating performance even if macroeconomic conditions remain challenging.

即使宏觀經濟狀況仍充滿挑戰，我們也完全致力於提供強勁的經營業績。

In 2016, we intend to accelerate our progress towards our target financial model, which we provided to the investment community at our 2015 Analyst Day.

2016 年，我們打算加快實現目標財務模型的進程，我們已在 2015 年分析師日向投資界提供了該模型。

During the year, we plan to take measures to improve our cost structure and position the Company to deliver higher margins on a sustainable basis.

年內，我們計劃採取措施改善成本結構，使公司能夠持續實現更高的利潤率。

Keith will touch upon the topic later in his prepared remarks.

基思稍後將在他準備好的演講中談到這個話題。

Now let me provide you an update on our fourth-quarter 2015 results.

現在讓我向您介紹 2015 年第四季業績的最新情況。

ON Semiconductor today announced that total revenue for the fourth quarter of 2015 was approximately $840 million, a decrease of approximately 7% as compared to the third quarter of 2015.

安森美半導體今日宣布，2015年第四季總營收約8.4億美元，較2015年第三季下降約7%。

GAAP net income for the fourth quarter was $0.13 per diluted share.

第四季 GAAP 攤薄後每股淨利為 0.13 美元。

Excluding the impact of amortization of intangibles and restructuring and other special items, non-GAAP net income for the fourth quarter was $0.19 per diluted share.

不計無形資產攤銷、重組和其他特殊項目的影響，第四季度非公認會計準則淨利潤為每股攤薄收益 0.19 美元。

GAAP gross margin for the fourth quarter was 33.3% as compared to 34.1% in the third quarter of 2015.

第四季 GAAP 毛利率為 33.3%，而 2015 年第三季為 34.1%。

Non-GAAP gross margin for the fourth quarter was 33.2% as compared to 34.1% in the third quarter of 2015.

第四季非公認會計準則毛利率為 33.2%，而 2015 年第三季為 34.1%。

The 90 basis points of sequential decline was largely driven by lower utilization in the fourth quarter as compared to the third quarter.

季減 90 個基點主要是因為第四季利用率低於第三季。

As we had planned, we reduced utilization of our factories in the fourth quarter to manage internal and distribution channel inventory levels.

按照我們的計劃，我們在第四季度減少了工廠的利用率，以管理內部和分銷管道的庫存水準。

Average selling prices for the fourth quarter decreased by approximately 2% as compared to the third quarter.

第四季平均售價較第三季下降約2%。

GAAP operating margin for the fourth quarter of 2015 was approximately 6.6% as compared to approximately 7.7% in the prior quarter.

2015 年第四季的 GAAP 營運利潤率約為 6.6%，而上一季約為 7.7%。

Our non-GAAP operating margin for the fourth quarter was 11.1%, down approximately 70 basis points as compared to the third quarter of 2015 primarily due to lower gross margin in the fourth quarter.

我們第四季的非公認會計原則營業利潤率為 11.1%，比 2015 年第三季下降約 70 個基點，主要是由於第四季毛利率下降。

The impact of lower gross margin on operating margin was offset by strong expense control in the fourth quarter.

毛利率下降對營業利益率的影響被第四季強而有力的費用控制所抵銷。

GAAP operating expenses for the fourth quarter were approximately $224 million as compared to approximately $239 million in the third quarter of 2015.

第四季 GAAP 營運費用約為 2.24 億美元，而 2015 年第三季約為 2.39 億美元。

Non-GAAP operating expenses for the fourth quarter were approximately $186 million, down approximately $16 million as compared to the third quarter of 2015.

第四季非公認會計準則營運費用約 1.86 億美元，比 2015 年第三季減少約 1,600 萬美元。

The decline in operating expenses was driven by solid execution on costs and expense controls in times of heightened macroeconomic certainty.

營運費用的下降是由於宏觀經濟確定性增強時期對成本和費用控制的嚴格執行所推動的。

We exited the fourth quarter of 2015 with cash, cash equivalents and short-term investments of approximately $618 million, an increase of approximately $61 million from the third quarter.

2015 年第四季結束時，我們持有現金、現金等價物和短期投資約 6.18 億美元，比第三季增加約 6,100 萬美元。

Operating cash flow for the fourth quarter was approximately $157 million as compared to approximately $128 million in the third quarter.

第四季的營運現金流約為 1.57 億美元，而第三季約為 1.28 億美元。

We spent approximately $66 million of cash for the purchase of capital equipment.

我們花了大約 6,600 萬美元現金購買資本設備。

During the fourth quarter, we used approximately $22 million for the repayment of long-term debt and capital leases and we used approximately $20 million to repurchase approximately 2 million shares of our common stock at an average price of $10.46.

第四季度，我們使用約 2,200 萬美元償還長期債務和資本租賃，並使用約 2,000 萬美元以平均價格 10.46 美元回購約 200 萬股普通股。

At the end of the fourth quarter, approximately $628 million remained of the total authorized amount of $1 billion under the current stock repurchase program, which was announced on December 1, 2014.

截至第四季末，2014 年 12 月 1 日宣布的當前股票回購計畫授權總額 10 億美元中，還剩約 6.28 億美元。

At the end of the fourth quarter of 2015, ON Semiconductor days of inventory on hand were 122 days, up approximately 6 days from the prior quarter.

截至2015年第四季末，安森美半導體體現有庫存天數為122天，比上一季增加約6天。

In the fourth quarter of 2015, distribution inventory decreased by approximately $21 million quarter-over-quarter and distributor resales decreased by approximately 6% quarter-over-quarter.

2015年第四季，分銷庫存較上季減少約2,100萬美元，經銷商轉售較上季減少約6%。

For the fourth quarter of 2015, our leadtimes were up slightly as compared to the third quarter.

2015 年第四季度，我們的交貨時間比第三季度略有成長。

Our global factory utilization for the fourth quarter was down as compared to the third quarter.

與第三季相比，我們第四季的全球工廠利用率有所下降。

As we had indicated in our third-quarter earnings conference call, we reduced factory loadings in the fourth quarter to manage inventory levels.

正如我們在第三季財報電話會議中指出的那樣，我們減少了第四季的工廠負荷以管理庫存水準。

Now let me provide you an update on performance by our business units starting with the image sensor group.

現在，讓我從影像感測器組開始向您介紹我們業務部門的最新業績。

Revenue for the image sensor group was approximately $184 million, down approximately 3% as compared to the third quarter.

影像感測器部門的營收約為1.84億美元，較第三季下降約3%。

Revenue for standard products group for the fourth quarter of 2015 was approximately $293 million, down approximately 6% quarter-over-quarter.

標準產品集團2015年第四季營收約2.93億美元，季減約6%。

Revenue for the applications product group was approximately $253 million, down approximately 8% over the third quarter.

應用產品組的營收約為2.53億美元，比第三季下降約8%。

Revenue for the fourth quarter of 2015 for the system solutions group was approximately $110 million as compared to $128 million in the third quarter as a steep decline in appliances-related revenue in China, broad-based weakness in Japan and well-publicized weakness in the premium segment of smartphone market contributed to weaker-than-expected revenue for our system solution group.

2015 年第四季系統解決方案部門的營收約為 1.1 億美元，而第三季為 1.28 億美元，原因是中國家電相關收入急劇下降、日本普遍疲軟以及眾所周知的日本市場疲軟。智慧型手機市場的高端細分市場導致我們的系統解決方案部門的收入低於預期。

Now I'd 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)，以獲取有關商業環境的更多評論。

Keith.

基思.

Thanks, Bernard.

謝謝，伯納德。

Let me start with laying out our priorities for 2016.

首先讓我列出 2016 年的優先事項。

And then I will reflect on our accomplishments for 2015.

然後我將回顧 2015 年我們所取得的成就。

Lastly, I will address the overall business environment and trends in various end markets.

最後，我會談談各個終端市場的整體商業環境和趨勢。

For 2016, there are three main objectives for us.

2016年，我們有三個主要目標。

First, implement cost control measures that will accelerate our moves towards our target model.

首先，實施成本控制措施，加速我們邁向目標模式。

Second, meet the integration targets for our pending Fairchild acquisition and position the acquisition to deliver targeted synergies.

其次，滿足我們即將進行的仙童收購的整合目標，並將收購定位為實現有針對性的綜效。

And third, continue to build on our momentum in strategic growth markets of automotive, wireless devices and select areas of industrial.

第三，繼續鞏固我們在汽車、無線設備和特定工業領域的策略性成長市場的勢頭。

Now let me expand on each of these objectives starting from implementing measures to achieve our target model.

現在讓我從實現我們的目標模型的措施開始詳細闡述這些目標。

During the year, we intend to make structural changes in our manufacturing network to reduce our fixed cost footprint in order to drive gross margin expansion.

今年，我們打算對製造網絡進行結構性變革，以減少固定成本足跡，從而推動毛利率擴張。

Additional cost reduction on the manufacturing front will include reduction in overhead and in variable costs.

製造方面的額外成本降低將包括管理費用和變動成本的降低。

Furthermore, during the year, we plan to improve our operating expense efficiency independent of synergies from our pending acquisition of Fairchild.

此外，在這一年中，我們計劃提高我們的營運費用效率，而不受我們即將收購 Fairchild 的協同效應的影響。

We'll be sharing additional details with you as specific measures are implemented during the course of the year.

隨著年內實施具體措施，我們將與您分享更多詳細資訊。

Moving on, I want to ensure that we're able to deliver the targeted synergies from our pending Fairchild acquisition in a timely manner.

接下來，我想確保我們能夠及時實現即將進行的仙童收購所帶來的目標綜效。

We remain on track to close the acquisition in the second quarter of 2016.

我們仍有望在 2016 年第二季完成收購。

The integration teams from both companies are working closely and early indications point toward a smooth integration in a timely manner.

兩家公司的整合團隊正在密切合作，早期跡象顯示整合將及時順利進行。

The two companies have similar operations and organizational structures and we're well-positioned to realize targeted synergies in a timely manner after closing the transaction.

兩家公司具有相似的營運和組織結構，我們有能力在交易完成後及時實現有針對性的協同效應。

Let me also comment on the status of our Fairchild acquisition.

我還要評論一下仙童收購的狀況。

We have a fully executed merger agreement with Fairchild and are very confident of our position, despite the presence of a competing bid.

我們與 Fairchild 簽訂了全面執行的合併協議，儘管存在競爭性投標，但我們對我們的地位非常有信心。

We've always exercised discipline in deploying our capital and if a competitive situation arises, we'll exercise the same discipline.

我們在部署資本時始終遵守紀律，如果出現競爭情況，我們也會遵守相同的紀律。

Lastly, let me discuss our continuing momentum in the automotive, industrial and wireless end markets.

最後，讓我討論一下我們在汽車、工業和無線終端市場的持續發展勢頭。

We've been outgrowing the industry in these markets and we expect that our success in these markets will continue in 2016 driven by design wins with new products.

我們在這些市場上的發展速度已經超過了行業的發展速度，我們預計，在新產品的設計勝利的推動下，我們在這些市場上的成功將在 2016 年繼續下去。

Though Aptina has been a key driver of our growth, especially in the automotive market, our performance on an organic basis exceeded that of the industry in 2015.

儘管 Aptina 一直是我們成長的關鍵驅動力，尤其是在汽車市場，但我們的有機表現在 2015 年超過了行業。

I believe that 2016 will be a pivotal year for ON Semiconductor as we close the pending Fairchild transaction and make strong progress towards our targeted financial model.

我相信 2016 年對安森美半導體來說將是關鍵的一年，因為我們完成了懸而未決的仙童交易，並在我們的目標財務模型方面取得了重大進展。

Now let me briefly address our achievements of the past year.

下面我簡單介紹一下一年來我們所取得的成績。

Although much of 2015 was clouded by macroeconomic uncertainty, we delivered strong operational and financial performance.

儘管 2015 年大部分時間都受到宏觀經濟不確定性的影響，但我們仍實現了強勁的營運和財務表現。

We've successfully integrated Aptina and results from Aptina far exceeded our expectations and the guidance we provided to the investment community.

我們已經成功整合了 Aptina，Aptina 的結果遠遠超出了我們的預期以及我們為投資界提供的指導。

We believe that we're in early stages of realizing full potential of our acquisition of Aptina.

我們相信，我們正處於充分發揮收購 Aptina 潛力的早期階段。

With Aptina, we believe that ON Semiconductor is among the best positioned companies to benefit from steep adoption of ADAS in automobiles.

透過 Aptina，我們相信安森美半導體是最有能力從汽車中 ADAS 的廣泛採用中受益的公司之一。

As I noted earlier, we outgrew the semiconductor industry on an organic basis in 2015.

正如我之前指出的，2015 年我們的有機發展速度超過了半導體產業。

We exceeded our annual commitment of capital returned to shareholders and we repurchased approximately $348 million of our stock.

我們超越了年度向股東返還資本的承諾，並回購了約 3.48 億美元的股票。

Lastly, we announced the acquisition of Fairchild in November of 2015.

最後，我們在 2015 年 11 月宣布收購 Fairchild。

Now let me comment on the business trends in the fourth quarter.

現在我來談談第四季的業務趨勢。

During the fourth quarter, the pace of bookings was subdued through much of the quarter.

在第四季的大部分時間裡，預訂量都處於低迷狀態。

From a revenue perspective, we saw weakness in Japan and China.

從收入角度來看，我們看到日本和中國的疲軟。

As Bernard indicated in his prepared remarks, the global macroeconomic environment remains challenging, which we believe is impacting the overall semiconductor industry.

正如伯納德在準備好的演講中指出的那樣，全球宏觀經濟環境仍然充滿挑戰，我們認為這正在影響整個半導體產業。

However, we're not seeing a noticeable change in the underlying fundamentals of our business and our design win momentum remains strong.

然而，我們沒有看到我們業務的基本面有明顯變化，我們的設計獲勝勢頭仍然強勁。

We have noticed a significant improvement in bookings in the current quarter, but given the recent history of false starts and prevailing macroeconomic overhang, we remain cautious.

我們注意到本季的預訂量顯著改善，但考慮到最近的錯誤開局歷史和普遍的宏觀經濟過剩，我們仍然保持謹慎。

However, we remain confident in our ability to outgrow the semiconductor industry driven by the strength of our design wins in the automotive, industrial and smartphone end markets.

然而，我們仍然相信，在汽車、工業和智慧型手機終端市場的設計優勢的推動下，我們有能力超越半導體產業。

Now I will provide some details of the progress in our various end markets.

現在我將提供我們在各個終端市場的進展的一些細節。

The automotive end market represented approximately 36% of our revenue in the fourth quarter and was up approximately 6% quarter over quarter.

汽車終端市場約占我們第四季營收的 36%，季增約 6%。

Fourth-quarter revenue for automotive was driven by strong regional performance in China, Japan, South Korea and the Americas.

第四季汽車收入受到中國、日本、韓國和美洲強勁的地區業績推動。

Revenue from key application areas, including active safety, body and lighting grew strongly quarter-over-quarter in the fourth quarter.

第四季主動安全、車身和照明等關鍵應用領域的營收季增強勁。

Our momentum in CMOS image sensors for automotive applications remained intact driven by steep adoption of ADAS and viewing cameras.

在 ADAS 和觀察相機的廣泛採用的推動下，我們在汽車應用 CMOS 影像感測器方面的發展勢頭保持不變。

We are leveraging our leadership in automotive image sensors to expand into adjacent areas such as power management for ADAS systems.

我們正在利用我們在汽車影像感測器領域的領先地位擴展到相鄰領域，例如 ADAS 系統的電源管理。

Our design win pipeline for automotive continues to grow as we target new applications in fast-growing segments of the market.

隨著我們瞄準快速成長的市場領域的新應用，我們的汽車設計贏得管道不斷成長。

We also continue to grow our presence with a broad range of automakers through share gains and existing products and applications.

我們也透過份額成長以及現有產品和應用繼續擴大我們在眾多汽車製造商中的影響力。

Revenue in the first quarter for automotive end market is expected to be up quarter-over-quarter.

汽車終端市場第一季營收預計將季增。

The communications end market, which includes both networking and wireless, represented approximately 18% of our revenue in the fourth quarter and was down approximately 6% quarter-over-quarter, primarily driven by weakness in the premium segment of the smartphone market.

包括網路和無線在內的通訊終端市場約占我們第四季營收的 18%，季減約 6%，這主要是由於智慧型手機市場高階市場的疲軟所致。

Our design win momentum in the smartphone market remains intact and our design wins continue to drive increased content and new generations of smartphones.

我們在智慧型手機市場的設計勝利勢頭保持不變，我們的設計勝利繼續推動內容的增加和新一代智慧型手機的發展。

We are winning sockets with our optical image stabilization solutions, ESD protection, EMI filter, LDOs, EEPROMs, small signal diodes and MOSFET.

我們憑藉光學影像穩定解決方案、ESD 保護、EMI 濾波器、LDO、EEPROM、小訊號二極體和 MOSFET 贏得了市場。

Revenues in the first quarter for the communications end market are expected to be down quarter-over-quarter due to normal seasonality.

由於正常的季節性因素，通訊終端市場第一季的收入預計將環比下降。

The consumer end market represented approximately 12% of our revenue in the fourth quarter and was down approximately 26% quarter-over-quarter.

消費端市場約佔第四季營收的 12%，季減約 26%。

The decline in consumer was driven by weakness in the light goods, action sports camera and gaming markets.

消費者的下降是由於輕型商品、運動相機和遊戲市場的疲軟造成的。

During 2015, we benefited from our presence in new categories such as action, sports camera and wearables.

2015 年，我們受惠於動作、運動相機和穿戴式裝置等新類別的發展。

We also secured a win on a virtual reality platform, which should drive revenue in the current year.

我們也贏得了虛擬實境平台的勝利，這應該會推動今年的收入。

Revenue for the first quarter for consumer end market is expected to be down quarter-over-quarter due to normal seasonality.

由於正常的季節性因素，消費端市場第一季預計將季減。

Industrial end market, which includes military, aerospace and medical, represented approximately 23% of our revenue in the fourth quarter and was down approximately 10% quarter-over-quarter.

工業終端市場，包括軍事、航空航太和醫療，約占我們第四季營收的 23%，季減約 10%。

In addition to seasonality, global macroeconomic weakness contributed to the revenue decline.

除了季節性因素外，全球宏觀經濟疲軟也是收入下降的原因之一。

We saw significant weakness in our major industrial customers with exposure to manufacturing.

我們發現從事製造業的主要工業客戶顯著疲軟。

Also, our security-related revenue was down significantly due to a macroeconomic slowdown in China.

此外，由於中國宏觀經濟放緩，我們的安全相關收入大幅下降。

In 2015, we significantly improved our market position in security-related imaging markets with year-over-year revenue growth of 15%.

2015年，我們在安防相關影像市場的市場地位顯著提升，營收年增15%。

Revenue for our medical business was approximately flat quarter-over-quarter.

我們的醫療業務收入環比持平。

During the quarter, we launched a few key ASSPs for the hearing aid market.

本季度，我們針對助聽器市場推出了幾個關鍵的 ASSP。

These products have received a strong customer reception and these products should cement our position as a leading silicon supplier for the hearing aid market.

這些產品受到了客戶的熱烈歡迎，這些產品將鞏固我們作為助聽器市場領先矽供應商的地位。

Our medical-related revenue posted a healthy growth in 2015.

2015年，我們的醫療相關收入實現健康成長。

Our military and aerospace-related revenue posted strong growth in the fourth quarter.

我們的軍事和航空航太相關收入在第四季度實現了強勁成長。

During the fourth quarter, we saw strong traction for RF products for industrial IoT applications from our recently closed acquisition of [Axiom].

在第四季度，由於我們最近完成了對 [Axiom] 的收購，我們看到了工業物聯網應用射頻產品的強勁吸引力。

Revenue for the first quarter for industrial end market is expected to be flat to down quarter-over-quarter.

工業終端市場第一季營收預計將季持平或下降。

Computing end market represented approximately 12% of our revenue in the fourth quarter and was down approximately 12% compared to the third quarter.

計算終端市場約佔第四季營收的 12%，較第三季下降約 12%。

Our Skylake-related revenue grew strongly quarter-over-quarter, but we did experience weakness in other parts of the market such as hard disk drives and power supplies.

我們的 Skylake 相關收入環比強勁增長，但我們在硬碟和電源等市場其他部分確實經歷了疲軟。

Furthermore, we made the decision to shift some of the computing-related production capacity to drive our growth in automotive.

此外，我們決定轉移一些與運算相關的產能，以推動我們在汽車領域的成長。

Revenue for the first quarter for computing end market is expected to be flat quarter-over-quarter.

計算終端市場第一季的營收預計將環比持平。

We expect to see a strong ramp for Skylake-related computing revenue throughout the current year.

我們預計今年 Skylake 相關的計算收入將強勁成長。

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

現在，我想將其轉回伯納德以獲取其他評論和我們的其他前瞻性指導。

Bernard.

伯納德.

Thank you, Keith.

謝謝你，基斯。

Now for first quarter of 2016 outlook.

現在展望 2016 年第一季。

Before I get into the details of the guidance, let me state that we're cognizant of the prevailing macroeconomic conditions and our guidance reflects our caution regarding macroeconomic factors.

在詳細介紹該指引之前，請允許我聲明，我們了解當前的宏觀經濟狀況，我們的指引反映了我們對宏觀經濟因素的謹慎態度。

Based on product booking trends, backlog levels and estimated tourist levels, we anticipate that whole ON Semiconductor revenues will be approximately $800 million to $840 million in the first quarter of 2016.

根據產品預訂趨勢、積壓訂單水準和預計遊客量，我們預計 2016 年第一季安森美半導體的整體收入約為 8 億至 8.4 億美元。

Backlog levels for the first quarter of 2016 represent approximately 80% to 85% of our anticipated first-quarter revenues.

2016 年第一季的積壓水準約占我們第一季預期營收的 80% 至 85%。

We expect inventory at distributors to be flat quarter-over-quarter on a dollar basis.

我們預計分銷商的庫存以美元計算季度環比持平。

We expect our total capital expenditures of approximately $60 million to $70 million in the first quarter of 2016.

我們預計 2016 年第一季的總資本支出約為 6,000 萬至 7,000 萬美元。

For the first quarter of 2016, we expect GAAP and non-GAAP gross margin of approximately 31.8% to 33.8%.

我們預計 2016 年第一季 GAAP 和非 GAAP 毛利率約為 31.8% 至 33.8%。

Factory utilization in the first quarter is likely to be flat as compared to the fourth quarter.

第一季的工廠利用率可能與第四季持平。

We expect total GAAP operating expenses of approximately $221 million to $233 million.

我們預計 GAAP 營運費用總額約為 2.21 億至 2.33 億美元。

Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be approximately $35 million to $37 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，預計約 3,500 萬至 3,700 萬美元。

We expect our total non-GAAP operating expenses of approximately $186 million to $196 million.

我們預計非 GAAP 營運費用總額約為 1.86 億至 1.96 億美元。

We anticipate GAAP net interest expense and other expenses will be approximately $13 million to $16 million for the first quarter of 2016, which includes non-cash interest expense of approximately $6 million.

我們預計 2016 年第一季 GAAP 淨利息支出和其他支出約為 1,300 萬至 1,600 萬美元，其中包括約 600 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 $7 million to $10 million.

我們預計我們的非 GAAP 淨利息支出和其他支出將約為 700 萬至 1000 萬美元。

GAAP taxes are expected to be approximately $2 million to $6 million and cash taxes are expected to be approximately $5 million to $10 million.

GAAP 稅預計約 200 萬至 600 萬美元，現金稅預計約 500 萬至 1,000 萬美元。

We also expect share-based compensation of approximately $11 million to $13 million in the first quarter of 2016, of which approximately $2 million is expected to be in cost of goods sold and the remaining amount is expected to be in operating expenses.

我們也預計 2016 年第一季的股權激勵約為 1,100 萬至 1,300 萬美元，其中約 200 萬美元預計將計入銷售成本，其餘金額預計將計入營運費用。

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。

Our diluted share count for the first quarter of 2016 is expected to be approximately 417 million shares based on the current stock price.

根據目前股價，我們 2016 年第一季的稀釋後股票數量預計約為 4.17 億股。

Further details on share count and earnings per share calculations are provided regularly in our Quarterly and Annual Reports on Forms 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表格 10-Q 和 10-K 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。

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

謝謝您和切爾西，請打電話提問。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Thanks for letting me ask a question.

謝謝你讓我問一個問題。

I guess, Keith, the first one for you is if you can give any color on the bookings trends.

我想，基思，您的第一個問題是您能否對預訂趨勢給出任何顏色。

I know you mentioned repeatedly that macro is weak, but you also said that bookings are strong.

我知道您多次提到宏觀經濟疲軟，但您也表示預訂強勁。

Any more color on what those bookings are doing by either end market or geography would be helpful.

如果能更了解這些預訂在終端市場或地理位置上的表現，將會有所幫助。

Sure.

當然。

So as we entered January, we did see a noticeable pickup in bookings.

因此，當我們進入一月份時，我們確實看到預訂量明顯增加。

This is not atypical, but this is much stronger than normal that we saw.

這並非不典型，但比我們看到的正常情況要強得多。

It is pretty broad-based and the only areas that might be perhaps a little less than normal seasonality would be the industrial market and everything else is looking a little stronger than we would expect going into a January.

它的基礎相當廣泛，唯一可能比正常季節性稍弱的領域是工業市場，其他一切看起來都比我們預期的一月份要強一些。

And I guess following up on that industrial point, you guided your industrial business to be down sequentially in the first quarter.

我想，在該工業點之後，您引導您的工業業務在第一季連續下降。

What's driving -- I guess flat to down specifically -- but what's driving that?

是什麼在推動——我想具體是持平甚至下降——但是是什麼推動了這個趨勢呢？

I thought seasonally that would be an area that could actually improve?

我認為從季節性角度來看，這將是一個真正可以改進的領域？

Normally it is, but we're still seeing inventory burnoff in China specifically and rather muted growth in Europe and North America.

通常情況下是這樣，但我們仍然看到中國的庫存消耗特別明顯，而歐洲和北美的成長則相當緩慢。

So we normally do expect Q1 to be up more than what we're seeing in industrial.

因此，我們通常預計第一季的成長將超過我們在工業領域看到的水平。

Great.

偉大的。

Thank you.

謝謝。

John Pitzer, Credit Suisse.

約翰‧皮策，瑞士信貸。

Good morning, guys.

早上好傢伙。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

Keith, I just want to go back to the operational side of the business.

基思，我只想回到業務的營運方面。

Last year, at the Analyst Day, you guys threw out a gross margin target of about 40% longer term.

去年，在分析師日，你們提出了 40% 左右的長期毛利率目標。

And if you look over the last several quarters, we've seen gross margins come down by 300 to 400 basis points.

如果你看看過去幾個季度，我們發現毛利率下降了 300 到 400 個基點。

To what extent is this just the new mix of the business and we have to live with lower gross margins?

這在多大程度上只是新的業務組合，我們必須忍受較低的毛利率？

To what extent do you think you can tackle this operationally and are we still longer term on target to get to that 40% gross margin?

您認為您在營運上可以在多大程度上解決這個問題？從長遠來看，我們是否仍能實現 40% 毛利率的目標？

Sure.

當然。

So a couple comments there.

所以有一些評論。

One, as we've mentioned multiple times, we get about a 50% fallthrough on revenue and as we entered the second half of last year, we saw the inventory corrections taking place and the revenues decline, so there's a pretty much direct hit there.

一，正如我們多次提到的，我們的收入下降了大約 50%，當我們進入去年下半年時，我們看到庫存調整正在發生，收入下降，所以這幾乎是直接的打擊。

Utilization, big factor, as you also know, in order to keep inventories in check, we were taking additional actions there giving us even lower utilization.

利用率是一個重要因素，如您所知，為了控制庫存，我們採取了額外的措施，從而使利用率更低。

From an actual mix perspective, rather than hurting us, it actually is helping us.

從實際組合的角度來看，它不但沒有傷害我們，反而幫助了我們。

We are seeing the gains in the mix side.

我們看到了混合方面的效益。

They are just not big enough to offset the underutilization of the factories or the lower revenues right now.

它們的規模還不足以抵消工廠利用率不足或目前收入下降的影響。

So I think the story is still intact.

所以我覺得這個故事還是完整的。

As we see the revenues come back as we go through 2016, I think you'll see not only the 300 or 400 that you saw go away, but a couple hundred basis points more as we continue to reduce our fixed cost structure, as I mentioned in my opening remarks and we get some of those revenues back.

當我們看到 2016 年收入回升時，我認為您不僅會看到您所看到的 300 或 400 個基點消失，而且隨著我們繼續減少固定成本結構，還會增加幾百個基點，因為我我在開場白中提到過，我們收回了其中的一些收入。

That's helpful, Keith.

這很有幫助，基思。

And then on the ASP front, the last couple quarters, you have been at the lower range of that down 1% to 2%.

然後在平均售價方面，過去幾個季度，您一直處於下降 1% 到 2% 的較低範圍。

Anything going on there?

那裡有什麼事嗎？

And I guess longer term as China seems to be intent to kind of get into the semi market and enter through either Fairchild, if not Fairchild, another company who does standard products, how should we think about pricing pressure longer term, especially if the Chinese get a foothold here in the business?

我想，從長遠來看，由於中國似乎有意進入半成品市場，並透過飛兆半導體（如果不是飛兆半導體，另一家生產標準產品的公司）進入，我們應該如何考慮長期的定價壓力，特別是如果中國能在這個行業立足嗎？

Well, we've been operating, as you mentioned, closer to that 2% mark, which is higher than a normal year and I think it's reflective frankly of companies adapting to the weaker-than-expected markets in the second half.

嗯，正如您所提到的，我們的營運一直接近 2% 的水平，這高於正常年份，我認為這坦率地反映了公司正在適應下半年弱於預期的市場。

We are not seeing any signs of increased pricing pressures, so we think that there is not an increasing issue going on, but it has lasted for more quarters at these levels than we're used to.

我們沒有看到任何價格壓力增加的跡象，因此我們認為問題並沒有日益嚴重，但在這些水平上持續的季度時間比我們習慣的要長。

I think the China piece of the equation yet to be seen.

我認為中國的部分還有待觀察。

This is really all the pricing we're seeing right now still coming from Western companies and again, I guess we'll have to wait and see how that plays out.

這實際上是我們現在看到的所有定價仍然來自西方公司，我想我們將不得不等待，看看結果如何。

Thanks, guys.

多謝你們。

Chris Danely, Citigroup.

克里斯丹尼利，花旗集團。

Thanks, guys.

多謝你們。

Keith, can you talk about, to the extent you can, any impacted timing of the cost reductions that you mentioned in the script today?

Keith，您能否盡可能談談您今天在腳本中提到的成本削減的任何影響時間？

Yes, they are going to be going on throughout the year, so you will hear us announce new specifics on each of our calls, but beyond that, I'm really not able to give you more than that.

是的，這些活動將持續一整年，所以你會聽到我們在每次通話中宣布新的細節，但除此之外，我真的無法向你提供更多資訊。

Most of these involve changes in factories and so you will hear us announce them and then the actual impact will occur several quarters later.

其中大多數涉及工廠的變化，因此您會聽到我們宣布這些變化，然後實際影響將在幾個季度後發生。

Okay.

好的。

And then one more question on the competitive bid from Fairchild, is there any circumstance or anything that you could foresee that would cause you to raise your bid or is your bid pretty much 20 and whatever happens happens?

然後還有一個關於 Fairchild 競爭性出價的問題，是否有任何情況或您可以預見的事情會導致您提高出價，或者您的出價是否接近 20 以及發生什麼情況？

Well, at this point, we don't see any reason to raise it and as I said, we'll act prudently and appropriately is about all I can share with you.

嗯，在這一點上，我們認為沒有任何理由提出這個問題，正如我所說，我們將謹慎、適當地行事，這就是我能與您分享的全部內容。

That's fine.

沒關係。

Thanks, guys.

多謝你們。

Chris Caso, Susquehanna Financial.

克里斯‧卡索，薩斯奎哈納金融公司。

Thank you.

謝謝。

Good morning.

早安.

A question regarding utilization and what you are doing with the fabs right now.

關於利用率以及您現在正在對晶圓廠做什麼的問題。

I know you had plans to take down the utilization last quarter.

我知道您計劃在上個季度降低利用率。

It sounds like you are continuing that into the first quarter.

聽起來你會在第一季繼續這樣做。

Perhaps you could talk about the impact of that on channel inventory as you go into the first quarter and on your own internal inventory and when you think that inventory drain might be complete.

也許您可以在進入第一季時以及您認為庫存耗盡可能完成時談論這對渠道庫存的影響以及對您自己的內部庫存的影響。

Obviously, in the channel, I think we were coming into the quarter with some pretty low inventory levels to start with.

顯然，在通路中，我認為我們進入本季時庫存水準相當低。

We're actually, we believe, quite lean in the channel itself and I'm expecting that there's going to be some impact as we get into Q2 from the bookings acceleration that I mentioned earlier that will cause them to have to do some restocking.

事實上，我們相信，通路本身相當精簡，我預計，當我們進入第二季時，我之前提到的預訂加速將會產生一些影響，這將導致他們不得不進行一些補貨。

Internally, we will probably not take that number down in Q1 because we are preparing for higher sales in the second quarter.

在內部，我們可能不會在第一季降低這個數字，因為我們正在為第二季的更高銷售做準備。

So we're looking for a fairly flattish internal performance on the inventories for the Company.

因此，我們希望公司的庫存內部表現相當平淡。

Okay.

好的。

And as a follow-up to that, as you mentioned, bookings looking better as you go into Q2, could you remind us what you consider to be normal seasonality as you go into the second quarter?

作為後續行動，正如您所提到的，進入第二季度時預訂情況看起來更好，您能否提醒我們，進入第二季度時您認為什麼是正常季節性？

Second quarter tends to be 4% to 6% range from Q1.

第二季較第一季成長 4% 至 6%。

And the areas that typically are stronger or weaker seasonally as you go into second quarter?

進入第二季時，哪些領域通常會季節性走強或走弱？

Pretty much everything is stronger in the second quarter.

第二季幾乎一切都變得更強。

There are no segments that are normally down.

沒有任何段通常處於關閉狀態。

Got it.

知道了。

Thank you.

謝謝。

Craig Ellis, B. Riley.

克雷格·艾利斯，B.萊利。

Thanks for taking the question.

感謝您提出問題。

Keith, I wanted to follow up on the manufacturing efficiencies.

基思，我想跟進製造效率。

Can you talk about what the implications are for your capital spending this year and what's a good number to look at for capital intensity for 2016 [pron]?

您能否談談這對您今年的資本支出有何影響以及 2016 年資本密集度的最佳數字是多少 [pron]？

We still are on the model of 7%.

我們仍然採用 7% 的模型。

We're a little bit higher.

我們稍微高一點。

It was a little bit lumpy in 2015, but, in 2016, we expect to be in that 7% mode.

2015 年有點不穩定，但 2016 年我們預計會處於 7% 的模式。

Okay.

好的。

And then the follow-up is related to the target financial model.

然後後續就跟目標財務模型相關了。

John asked about the gross margin target of 40%.

約翰詢問 40% 的毛利率目標。

You also have an 18% operating margin target.

您還有 18% 的營業利潤率目標。

Can you talk about your confidence in getting to both the 40% and 18% targets next year?

您能談談您對明年實現40%和18%目標的信心嗎？

Do you have greater confidence in one versus the other and what demand backdrop do you need to get to those two targets?

您對其中一個目標是否更有信心？實現這兩個目標需要什麼需求背景？

Well, we based our model on a $4 billion revenue and obviously the challenge to the back half of 2015 and at least what we're seeing so far and as we start 2016 with going to potentially a lower revenue and that will definitely affect the timing of the achievement of the target model.

好吧，我們的模型是基於 40 億美元的收入，顯然是 2015 年下半年面臨的挑戰，至少是我們目前所看到的，當我們進入 2016 年時，收入可能會下降，這肯定會影響時機目標模型的實現情況。

But we still think that revenue level, it is our target and we're moving towards that.

但我們仍然認為收入水準是我們的目標，我們正在朝著這個目標邁進。

And to clarify that, Bernard, do you think the savings that you have lined up for this year, which will directly impact POGs and indirectly it sounds like impact overhead, do those keep the business model even in a difficult demand environment, or are those margin [expanse] have been the kind of demand environment that we're looking at this year?

為了澄清這一點，伯納德，你認為今年的節省是否會直接影響 POG，並間接影響開銷，即使在困難的需求環境中，這些節省是否也能保持業務模式，或者是那些利潤率[擴張]是我們今年關注的需求環境嗎？

I expect there will be a margin enhancement.

我預計利潤率將會提高。

Thanks, guys.

多謝你們。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Good morning.

早安.

You've talked about orders picking up for Q2; yet industrials still weak.

您談到了第二季的訂單增加；但工業仍然疲軟。

Are you still looking at the inventory normalization for light good appliances and industrial by Q2, which I think was your commentary from a quarter ago?

您是否仍在關注第二季度輕型家電和工業品的庫存正常化，我認為這是您在一個季度前的評論？

Yes, so we put light goods in the consumer sector as we report and we're expecting that inventory correction to continue in Q1, but be largely complete at that time.

是的，因此，正如我們所報告的那樣，我們將輕質商品放在消費領域，我們預計庫存調整將在第一季繼續進行，但屆時將基本完成。

Okay.

好的。

And then any quick estimate in terms of what you think the mix of Skylake will be in Q1?

那麼您對 Skylake 在第一季的組合有何快速估計？

So we think our overall computing, as I mentioned, will be roughly flat.

因此，正如我所提到的，我們認為我們的整體計算將大致持平。

Skylake should increase in double digits, but we think that the hard drive and peripherals markets will continue to be a little bit soft in Q1.

Skylake 應該會以兩位數成長，但我們認為第一季硬碟和周邊市場將繼續略顯疲軟。

Great.

偉大的。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Steve Smigie, Raymond James.

史蒂夫·斯米吉，雷蒙德·詹姆斯。

Thanks.

謝謝。

This is Vince Celentano in for Steve.

這是文斯塞倫塔諾（Vince Celentano）飾演史蒂夫。

I was hoping you could talk about any new smartphone wireless charging design wins you may have gotten during the quarter and when you expect the ones that you currently have now to ramp?

我希望您能談談您在本季可能獲得的任何新的智慧型手機無線充電設計成果，以及您預計目前擁有的那些設計何時會增加？

So there are some ramping now from Korea handset makers and as we understand it, there will be more around the June timeframe, other customers.

因此，韓國手機製造商現在有一些成長，據我們了解，在 6 月的時間範圍內，其他客戶將會有更多的成長。

Okay, thanks.

好的謝謝。

And do you think 2016 is a year where we can see revenue from wireless charging from wearable or PC application?

您認為2016年是我們可以看到穿戴式裝置或PC應用的無線充電收入的一年嗎？

Most likely not.

很可能不會。

We're still working design wins there.

我們仍在努力贏得設計勝利。

I think that's -- wearables specifically will most likely be next year.

我認為穿戴式裝置很可能會在明年出現。

Great.

偉大的。

Thank you.

謝謝。

Ian Ing, MKM Partners.

Ian Ing，MKM 合夥人。

Thank you.

謝謝。

You talked about reducing the fixed portion of your manufacturing footprints.

您談到了減少製造足跡的固定部分。

Do you have a sense of the new quarterly revenue run rates to get to fully utilized manufacturing?

您是否了解新的季度收入運作率以充分利用製造業？

And I seem to recall in the past the argument against reducing capacity was you couldn't really monetize the equipment, this limits servicing higher revenues.

我似乎還記得過去反對減少產能的論點是你無法真正將設備貨幣化，這限制了服務更高的收入。

So just a sense of what's changed since then.

所以只是了解從那時起發生了什麼變化。

Really there's a couple things going on.

確實有幾件事正在發生。

You've heard us mention our agreement with Fujitsu on a joint venture.

您已經聽我們提到我們與富士通就合資企業達成的協議。

That opens up significant capacity to us at some very attractive costs and so we're actually not limiting or reducing our dollar volume capabilities with these footprint changes.

這以一些非常有吸引力的成本為我們提供了巨大的產能，因此我們實際上並沒有透過這些足跡變化來限製或減少我們的美元容量能力。

So that piece of the equation is a little different than you described.

所以這個等式與你描述的有點不同。

So we're expecting to be able to continue to increase our capability to generate revenue while shrinking our footprint.

因此，我們期望能夠繼續提高我們的創收能力，同時縮小我們的足跡。

Relative to revenues, we mentioned before we like to aim at around 85% utilization as kind of a normal run rate.

相對於收入，我們之前提到過，我們希望將利用率目標定為 85% 左右，作為正常運作率。

Gives us ability to swing up if the market warrants it and doesn't require a lot of work on the downside.

如果市場允許，我們就有能力向上波動，並且不需要在下行方面做很多工作。

And those numbers are reachable at revenue levels similar to last time we were there, which would have been second quarter of last year.

這些數字的收入水準與我們上次造訪時（去年第二季）類似。

Thanks for clarifying.

感謝您的澄清。

And in your prepared remarks, you talked about being in the early stages of achieving the Aptina potential on ADAS.

在您準備好的發言中，您談到了在 ADAS 上實現 Aptina 潛力的早期階段。

So just what are the catalysts for ADAS this year?

那麼今年 ADAS 的催化劑是什麼呢？

Is it really propagation of this feature across the automotive tiers?

這個功能真的會在汽車各層傳播嗎？

Is it adoption of autonomous driving at some point?

是否會在某個時候採用自動駕駛？

Is it if certain suppliers like FireEye win or not?

是像 FireEye 這樣的某些供應商獲勝嗎？

Just get a sense of the catalysts here.

感受一下這裡的催化劑吧。

Yes, the catalysts are really more models adopting -- well, all models adopting the rear cameras and then more models adopting ADAS.

是的，催化劑確實是更多車型採用——好吧，所有車型都採用後置攝像頭，然後更多車型採用 ADAS。

It's just an expansion.

這只是一個擴展。

Autonomous driving is not a factor at this point.

自動駕駛目前還不是一個因素。

And we do work with several partners in the field, so we're not dependent on any one partner from a success perspective.

我們確實與該領域的多個合作夥伴合作，因此從成功的角度來看，我們不依賴任何一個合作夥伴。

Great.

偉大的。

Thank you, Keith.

謝謝你，基斯。

Rajvindra Gill, Needham & Company.

Rajvindra Gill，李約瑟公司。

Hi, this is Josh Buchalter on behalf of Raji.

大家好，我是喬許‧布查爾特 (Josh Buchalter)，代表拉吉 (Raji)。

Thank you for taking my questions.

感謝您回答我的問題。

I was hoping you could provide a little more granularity on what led specifically to the OpEx decline on a dollar basis in Q4 and how should we kind of think about a run rate going forward) Will it be more tied to revenue or is there a specific dollar target?

我希望您能更詳細地說明導致第四季度營運支出以美元計算的下降的具體原因，以及我們應該如何考慮未來的運行率）它是否與收入更加相關，或者是否有一個特定的指標？美元目標？

Thank you.

謝謝。

Remember, in our third-quarter earnings call, we announced that we were taking both temporary and permanent reductions and that's what you see in the fourth-quarter results.

請記住，在我們的第三季財報電話會議中，我們宣布我們將採取臨時和永久的削減措施，這就是您在第四季度業績中看到的。

Actually we were even favorable to those numbers.

事實上，我們甚至對這些數字感到滿意。

In the first quarter, we expect some of those to come back.

在第一季度，我們預計其中一些會回來。

The temporary nature of some of our savings will come back.

我們的一些儲蓄的臨時性質將會恢復。

So we expect to still be better by the permanent reductions, so in the midpoint of our guidance is 191, so that's -- for the short term, that's what we expect our OpEx to be.

因此，我們預計透過永久性削減仍然會更好，因此我們指導的中點是 191，所以從短期來看，這就是我們期望的營運支出。

Beyond that, we don't expect to have any major changes except just for inflationary merit-based increases.

除此之外，除了通膨性的績效加薪之外，我們預期不會有任何重大變化。

Okay, thank you.

好的謝謝。

That's helpful.

這很有幫助。

And then given the stepdown in revenue in the first quarter and your commentary about bookings increasing so far in January.

然後考慮到第一季收入的下降以及您對一月份迄今為止預訂量增加的評論。

I know you don't guide to beyond the first quarter, but can we start to think about maybe an above-seasonal second quarter given that qualitative commentary?

我知道你不會指導第一季之後的情況，但考慮到定性評論，我們是否可以開始考慮第二季是否會高於季節性？

Thank you.

謝謝。

I think it's really too early to prognosticate there until after Chinese New Year this week.

我認為在本週農曆新年之後才做出預測還為時過早。

Okay.

好的。

It was worth a try.

值得一試。

Thank you, guys.

感謝你們。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

On the move to a more low cost and variable base COG structure with more outsourcing, I think you had previously mentioned talking about mid-teens as a percent of your production output this year to be outsourced relative to the 5% that you did last year.

關於轉向成本更低、基礎可變的 COG 結構以及更多外包的問題，我想您之前曾提到過，相對於去年的 5%，您今年的外包產量將佔 10% 左右。 。

Do you now have a higher target mix in mind, or are you just accelerating that move to the 15% range?

現在您有更高的目標組合，還是只是加速朝 15% 的目標邁進？

No, actually our outsourcing model is, has been and will continue to be approximately 20% outsourced, 80% insourced.

不，實際上我們的外包模式現在、過去和將來都是大約 20% 外包，80% 內包。

We think that's a great flex point for us and allows us to be most effective with our capital.

我們認為這對我們來說是一個很好的靈活點，使我們能夠最有效地利用我們的資本。

These are really a shift inside of network that we're discussing, not a shift outside of network.

我們正在討論的這些其實是網路內部的轉變，而不是網路外部的轉變。

Got it.

知道了。

Okay.

好的。

And then on the disti inventories on a dollar basis, they were down.

然後，以美元計算的分銷庫存量下降了。

Can you just help us quantify days of inventory in distis in Q4 and help us understand whether they declined in days Q3 to Q4?

您能否幫助我們量化第 4 季 distis 的庫存天數，並幫助我們了解第 3 季至第 4 季的天數是否有所下降？

I believe you guys were sitting at around 9.5 weeks exiting the September quarter?

我相信你們在 9.5 週左右就退出了 9 月的季度？

They are pretty flat in terms of weeks.

從週數來看，它們相當持平。

Okay.

好的。

Thank you.

謝謝。

Betsy Van Hees, Wedbush Securities.

貝特西·範·希斯，韋德布希證券。

Good morning and thanks so much for taking my question.

早安，非常感謝您提出我的問題。

Thanks, Keith, very much for the clarification on the inventory work here in China on light goods in your consumer bucket.

基思，非常感謝您對中國的消費品庫存工作的澄清。

But in regard to industrial being flat to down quarter on quarter, I believe that you said that you were still seeing inventory also on China specifically that needed to be burned off.

但就工業環比持平或下降而言，我相信您說過您仍然看到中國的庫存需要消耗掉。

What products need to be worked through and how long is this going to take?

需要開發哪些產品以及需要多長時間？

Is this a one to two-quarter issue?

這是一到兩個季度的問題嗎？

We actually think Q1 will see the majority of that and it's really all building-related sales.

實際上，我們認為第一季將看到其中的大部分，而且實際上都是與建築相關的銷售。

So it shows up in equipment.

所以它體現在裝備上。

It shows up in power supplies.

它出現在電源中。

It shows up in a broad sector of things that buildings require.

它出現在建築物所需的廣泛領域。

Thanks.

謝謝。

That was very helpful.

這非常有幫助。

And then my follow-up question is, in 2015, you guys bought back $372 million of your $1 billion stock buyback.

然後我的後續問題是，2015 年，你們回購了 10 億美元股票回購中的 3.72 億美元。

So with the stock hitting a 52-week low today, how should we be thinking about the strength of your buyback in light of the pending acquisition of Fairchild and a challenging macro backdrop?

因此，鑑於該股今天觸及 52 週低點，鑑於即將收購 Fairchild 以及充滿挑戰的宏觀背景，我們應該如何考慮回購力度？

So right now, obviously, with the impending acquisition of Fairchild, we're on a wait-and-see mode and after that, we'll be discussing it again.

所以現在，顯然，隨著仙童半導體即將被收購，我們處於觀望狀態，之後我們將再次討論它。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Hi, this is [Anai] calling in for Craig.

嗨，我是 [Anai] 打電話給克雷格。

Thanks for taking my question.

感謝您提出我的問題。

I had a follow-up on communication.

我對溝通進行了跟進。

So you think weakness in the high end, similar to a lot of your peers.

因此，您認為高端市場存在弱點，這與您的許多同行類似。

Just wanted to touch upon what are the trends you are seeing at China OEMs and what kind of visibility do you have for the business for this year?

只是想談談您在中國整車廠看到的趨勢是什麼，以及您對今年的業務有何看法？

So China OEMs, there definitely seems to be some share consolidation to a small subset of the suppliers there.

因此，中國的原始設備製造商似乎確實對一小部分供應商進行了一些份額整合。

Overall, we're actually not seeing a big weakness, but we're certainly seeing more growth in that kind of mid tier than we are at the high end.

總體而言，我們實際上並沒有看到很大的弱點，但我們肯定會看到中端市場的成長比高端市場的成長更多。

So our expectations for China-based handset companies is to grow this year probably in the mid to high single digits.

因此，我們對中國手機公司的預期是今年的成長可能達到中高個位數。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

For my follow-up, can you just talk about the image sensor business?

接下來，您能簡單談談影像感測器業務嗎？

Like post-Aptina, you talked about improving gross margins for the business for the next couple of years.

就像 Aptina 之後一樣，您談到了未來幾年提高業務毛利率的問題。

Can we just talk about any gross margin initiatives specifically apart from just mix and how is that playing out and what should we expect this year?

我們可以談談除了混合之外的任何毛利率舉措嗎？效果如何，我們今年應該期待什麼？

Well, we do have several manufacturing insourcing and cost-reduction efforts underway.

嗯，我們確實正在進行一些製造內包和降低成本的工作。

And those are not maybe as big as some of the mix changes, but they are certainly in the tens of bps for impact in 2016.

這些可能不像某些組合變化那麼大，但它們對 2016 年的影響肯定有數十個基點。

Got it.

知道了。

Thank you.

謝謝。

Shawn Harrison, Longbow Research.

肖恩·哈里森，長弓研究中心。

Good morning.

早安.

Apologize if some of these are duplicative; I got on late.

如果其中一些內容重複，請道歉；我來晚了。

But I thought I heard a comment earlier about potential restocking activity necessary in the second quarter.

但我想我早些時候聽到了有關第二季必要的潛在補貨活動的評論。

And I was wondering if that view was more just based upon what you are seeing in bookings rates versus inventory in the channel, or are you actually hearing anecdotal commentary from distributors, and if so, was it the Western distributors, or particularly within China where you think a restocking event should occur?

我想知道這種觀點是否更公正地基於您在渠道中看到的預訂率與庫存，或者您是否真的聽到了分銷商的軼事評論，如果是這樣，是西方分銷商，還是特別是在中國，您認為應該進行補貨活動嗎？

Yes, we have a lot of data points that we use.

是的，我們使用了很多數據點。

We look at the orders on us from our distributors.

我們查看經銷商向我們發出的訂單。

We look at the orders on them from their customers and we also look in general at what's going on with our OEM.

我們會查看客戶的訂單，也會查看我們的 OEM 的整體情況。

And when we look at that, in essence, we're seeing more orders from the OEMs and on our distributors' customers for them than we are orders on us from our distributors.

當我們看到這一點時，本質上我們看到來自原始設備製造商和我們經銷商客戶的訂單比我們經銷商給我們的訂單更多。

So that's how we get there with that conclusion.

這就是我們得出這個結論的方式。

Okay.

好的。

Is this globally focused or is there a regional dynamic at play?

這是全球性的還是區域性的？

It's primarily Asia.

主要是亞洲。

Okay.

好的。

And then as my follow-up, as I said, sorry if I missed this, but Sanyo, did that break even in the December quarter as it's been doing for the past couple quarters?

然後，作為我的後續行動，正如我所說，抱歉，如果我錯過了這一點，但是三洋，在 12 月季度是否像過去幾個季度那樣實現了收支平衡？

No, slightly negative.

不，有點消極。

We had very significant headwinds revenue there on the consumer piece of that business in the fourth quarter, as we announced.

正如我們所宣布的那樣，第四季度我們在該業務的消費者部分的收入遇到了非常大的阻力。

We don't expect that's a lasting thing, but it certainly was a big impact in Q4.

我們預計這不會是一個持久的事情，但它肯定對第四季度產生了很大的影響。

Okay.

好的。

Thank you, Keith.

謝謝你，基斯。

Chris Rolland, FBR & Company.

克里斯羅蘭 (Chris Rolland)，FBR 公司。

Hey, guys.

大家好。

Thanks for the question.

謝謝你的提問。

Just a follow-up there on Sanyo.

只是三洋的後續行動。

So you said it was slightly negative, maybe if you guys could give us a new kind of breakeven quarterly run rate and then also kind of how we should think about a more sustainable run rate for these guys going forward?

所以你說這有點負面，也許你們能給我們一種新的盈虧平衡季度運行率，然後我們應該如何考慮這些人未來更可持續的運行率？

Yes, the third-quarter rates are what we expect to be more sustainable.

是的，我們預計第三季的利率將更具可持續性。

We will continue to bring down our breakevens on that business because we're not aiming for breakeven.

我們將繼續降低該業務的收支平衡，因為我們的目標不是收支平衡。

We want profits and we'll be able to discuss that as part of our overall Company cost improvements that I mentioned at the beginning of my remarks.

我們想要利潤，我們將能夠將其作為我在發言開頭提到的公司整體成本改進的一部分進行討論。

So as we go through the year, we'll get the specifics on that, but you'd expect the breakeven to continue to come down for that business and we should see that business operating back up in the 120s very shortly.

因此，當我們回顧這一年時，我們將了解具體情況，但您預計該業務的盈虧平衡將繼續下降，我們應該會看到該業務很快就會恢復到 120 多歲。

Okay, great.

好的，太好了。

And then also perhaps you guys can talk about maybe some maximum debt metrics that you guys might take on for the Company.

然後也許你們也可以談論你們可能為公司承擔的一些最大債務指標。

Is there anything that we can think about in terms of a max range for let's say like EBITDA to debt, or sorry, EBITDA to debt interest expense or just total debt to EBITDA?

我們是否可以考慮最大範圍，例如 EBITDA 與債務之比，或者抱歉，EBITDA 與債務利息費用之比，或者只是總債務與 EBITDA 之比？

So I don't want to get into too much specifics, but pretty much we think that what we have out there right now to do the Fairchild acquisition is appropriate in terms of leverage capability.

因此，我不想透露太多細節，但我們幾乎認為，就槓桿能力而言，我們目前用於收購仙童的資源是合適的。

If you could, just remind us what kind of interest rate you think you might be able to get to finance the Fairchild deal?

如果可以的話，請提醒我們您認為您能夠獲得什麼樣的利率來為仙童半導體的交易提供資金？

So they indicate these terms that we obtained when we, on the commitment papers, when we did the announcement in November, was LIBOR plus 350 on term loan B with a LIBOR floor of 0.75.

因此，它們顯示了我們在 11 月發佈公告時在承諾文件上獲得的這些條款，即定期貸款 B 的 LIBOR 加 350，LIBOR 下限為 0.75。

The credit markets have tightened a bit since then, so it probably will be a little bit higher.

自那時以來，信貸市場有所收緊，因此價格可能會略高一些。

Great.

偉大的。

Thanks so much, guys.

非常感謝，夥計們。

Thank you.

謝謝。

I'm not showing any further questions at this time.

我目前不會提出任何進一步的問題。

I would now like to turn the call back to Mr. Parag Agarwal for closing remarks.

現在我想將電話轉回給帕拉格·阿加瓦爾先生，讓其致閉幕詞。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

We look forward to seeing you at various conferences during the quarter.

我們期待在本季的各種會議上見到您。

Thank you and bye-bye.

謝謝你，再見。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone, have a great day.

大家，祝你有美好的一天。