安森美 (ON) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the ON Semiconductor Fourth Quarter 2017 Earnings Conference Call.

女士們、先生們，美好的一天，歡迎參加安森美半導體 2017 年第四季財報電話會議。

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

（操作員說明） 現在我想介紹一下今天會議的主持人，企業發展和投資者關係副總裁 Parag Agarwal 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, Skyler.

謝謝你，斯凱勒。

Good morning, and thank you for joining ON Semiconductor Corporation's Fourth Quarter 2017 Quarterly Results Conference Call.

早安，感謝您參加安森美半導體公司 2017 年第四季業績電話會議。

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

今天我們的總裁兼執行長 Keith Jackson 也加入了我的行列。和我們的財務長伯納德·古特曼。

This call is being webcast on the Investor Relations section of our website at www.onsemi.com.

本次電話會議正在我們網站 www.onsemi.com 的投資者關係部分進行網路直播。

A replay of this broadcast, along with our earnings release for fourth quarter of 2017, will be available on our website approximately 1 hour following the conference call, and the recorded webcast will be available for approximately 30 days following this conference call.

本次廣播的重播以及我們 2017 年第四季的收益發布將在電話會議後大約 1 小時在我們的網站上發布，錄製的網路廣播將在本次電話會議後大約 30 天內提供。

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

今天電話會議的腳本以及與我們的終端市場、業務部門、地理位置、通路和股票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 most directly comparable measures under GAAP are in our earnings release, which is posted separately on our website in the Investor Relations section.

這些非公認會計原則財務指標與公認會計原則下最直接可比較指標的對帳已在我們的收益報告中進行，該報告單獨發佈在我們網站的投資者關係部分。

During the course of this conference call, we'll make projection or other forward-looking statements regarding future events or the future financial performance of the company.

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

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

相信、估計、預測、預期、打算、可能、期望、將、計劃、應該或類似表達等詞語旨在識別前瞻性陳述。

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

我們希望提醒您，此類陳述存在風險和不確定性，可能導致實際結果（事件或結果）與預測有重大差異。

Important factors, which can affect our business, including factors that could cause actual results to differ from our forward-looking statements, are described in our Form 10-Ks and 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表格 10-K 和表格 10-Q 以及其他文件中描述了可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素。

Additional factors are described in our earning release for the fourth quarter of 2017.

我們在 2017 年第四季的收益發布中描述了其他因素。

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 law.

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，除非法律要求。

For all synergy-related discussion on this call, we have used Fairchild's 2015 results as the base for all comparisons.

對於本次電話會議中所有與綜效相關的討論，我們使用 Fairchild 2015 年的表現作為所有比較的基礎。

During the first quarter of 2018, we will be attending Morgan Stanley Technology Conference in San Francisco on February 26.

2018 年第一季度，我們將於 2 月 26 日參加在舊金山舉行的摩根士丹利技術會議。

Now let me turn it over to Bernard Gutmann, who will provide an overview of the fourth quarter 2017 results.

現在讓我將其交給伯納德·古特曼 (Bernard Gutmann)，他將概述 2017 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，也謝謝大家今天加入我們。

We delivered yet another quarter of strong financial results, which exceeded our guidance and Street consensus on all metrics.

我們又一個季度實現了強勁的財務業績，超越了我們的指導和華爾街對所有指標的共識。

Momentum in our business remains strong, and our executions continues to be solid.

我們的業務動能依然強勁，我們的執行力也依然穩健。

Strong revenue growth in our key end -- key strategic markets accompanied by impressive margin expansion and robust free cash flow in the last many quarters clearly demonstrate our market leadership and our strong execution.

我們的關鍵終端—關鍵策略市場的強勁收入成長，加上過去幾季令人印象深刻的利潤率擴張和強勁的自由現金流，清楚地表明了我們的市場領導地位和強大的執行力。

While we have made tremendous progress in 2017, we believe that a large part of potential for our model remains untapped, and we intend to make strong progress in 2018 towards our 2020 target financial model.

雖然我們在 2017 年取得了巨大進展，但我們相信我們模型的很大一部分潛力尚未開發，我們打算在 2018 年朝著 2020 年目標財務模型取得重大進展。

We intend to drive meaningful margin expansion and free cash flow growth in 2018, driven by benefits from manufacturing synergies from Fairchild, above-market revenue growth and favorable mix improvement driven by growth in our automotive and industrial businesses.

我們計劃在 2018 年推動顯著的利潤率擴張和自由現金流增長，這得益於仙童半導體的製造協同效應、高於市場的收入增長以及汽車和工業業務增長推動的有利組合改善。

Our business remains strong, and indication from customers and macroeconomic data point to continuing strength in demand across most end markets and geographies in the near to midterm.

我們的業務仍然強勁，客戶和宏觀經濟數據的跡象表明，在近中期，大多數終端市場和地區的需求持續強勁。

With a strong product portfolio and robust design win pipeline, coupled with tailwinds from increasingly favorable macroeconomic environment and a friendlier tax regime in the United States, we are very well positioned to make significant progress towards our target model in the current year.

憑藉強大的產品組合和穩健的設計贏得管道，再加上日益有利的宏觀經濟環境和美國更友好的稅收制度的推動，我們完全有能力在今年的目標模型方面取得重大進展。

We continue to focus on key metrics that drive shareholder value.

我們持續關注推動股東價值的關鍵指標。

During 2017, we generated free cash flow of $707 million, a little less than double of $371 million we generated in 2016.

2017 年，我們產生了 7.07 億美元的自由現金流，略低於 2016 年 3.71 億美元的兩倍。

We had expanded our non-GAAP gross margin by 200 basis points and non-GAAP operating margin by 270 basis points in 2017.

2017 年，我們將非 GAAP 毛利率提高了 200 個基點，將非 GAAP 營業利潤率提高了 270 個基點。

We intend to sustain our momentum in 2018, driven by increasingly favorable macroeconomic environment, strong customer acceptance of our products and a solid execution on the operational front.

在日益有利的宏觀經濟環境、客戶對我們產品的強烈接受度以及營運方面的紮實執行的推動下，我們打算在 2018 年維持我們的勢頭。

As we have aggressively delevered our balance sheet, we intend to reinitiate our stock repurchase program, starting in the second quarter of 2018.

由於我們已積極去槓桿化資產負債表，我們打算從 2018 年第二季開始重新啟動股票回購計畫。

Given our accelerating momentum in key strategic markets and our road map for margin expansion and free cash flow generation, we are very upbeat about our future outlook.

鑑於我們在關鍵策略市場的加速勢頭以及我們的利潤率擴張和自由現金流產生的路線圖，我們對未來的前景非常樂觀。

And we believe that at current level, our stock offers a compelling investment opportunity.

我們相信，在目前的水平上，我們的股票提供了一個引人注目的投資機會。

Along with deploying our capital for repurchase of our shares, we will continue to delever our balance sheet to mitigate the risk of higher interest rates resulting from stronger macroeconomic growth.

在部署資本回購股票的同時，我們將繼續去槓桿化資產負債表，以降低宏觀經濟成長強勁帶來的利率上升風險。

In the first quarter of 2018, $129 million of debt is maturing, and we intend to use our free cash flow in the first quarter to pay down that debt.

2018 年第一季度，1.29 億美元的債務即將到期，我們打算利用第一季的自由現金流來償還該債務。

Moving on to taxes.

繼續討論稅收。

We believe that the recently enacted tax legislation is very favorable to us as it will enable us to repatriate our foreign cash at very attractive term after we exhaust our net operating losses and other tax attributes.

我們相信，最近頒布的稅收立法對我們非常有利，因為它將使我們能夠在耗盡淨經營虧損和其他稅收屬性後以非常有吸引力的條件匯回外國現金。

Without the tax legislation, after the exhaustion of our net operating losses and tax attributes, we would have been required to pay tax at a rate of 35% to repatriate cash to the United States.

如果沒有稅收立法，在我們的淨經營虧損和稅收屬性耗儘後，我們將需要以 35% 的稅率納稅才能將現金匯回美國。

The new tax legislation unlocks our ability to effectively deploy our foreign cash to generate value for our shareholders through capital returns and acquisitions.

新的稅收立法使我們能夠有效地部署外國現金，透過資本回報和收購為股東創造價值。

Based on our analysis of the available information on the new tax legislation, we anticipate that our cash tax rate will be approximately 10% until 2020.

根據我們對新稅法現有資訊的分析，我們預計到 2020 年，我們的現金稅率將約為 10%。

I must caution that as tax legislation was enacted only a month ago, our knowledge of new tax laws is limited.

我必須提醒大家，由於稅法剛頒布才一個月，我們對新稅法的了解還很有限。

And therefore, our outlook for our tax can change as we get more clarity on the recently enacted tax laws.

因此，隨著我們對最近頒布的稅法更加清晰，我們對稅收的前景可能會改變。

Now let me provide you additional details on our fourth quarter 2017 results.

現在讓我向您提供有關我們 2017 年第四季業績的更多詳細資訊。

Total revenue for the fourth quarter of 2017 was $1.378 billion, an increase of 9% as compared to $1.261 billion in the fourth quarter of 2016.

2017年第四季總營收為13.78億美元，較2016年第四季的12.61億美元成長9%。

GAAP net income for the fourth quarter was $1.22 per diluted share as compared to $0.26 in the fourth quarter of 2016.

第四季 GAAP 攤薄後每股淨利為 1.22 美元，而 2016 年第四季為 0.26 美元。

Non-GAAP net income for the fourth quarter was $0.39 per diluted share as compared to $0.29 in the fourth quarter of 2016.

第四季非 GAAP 攤薄後每股淨利為 0.39 美元，而 2016 年第四季為 0.29 美元。

For the full year of 2017, our GAAP earnings per share was $1.89, and non-GAAP earnings per share was $1.46 as compared to GAAP earnings per share of $0.43 and non-GAAP earnings per shares of $0.91 in 2016.

2017 年全年，我們的 GAAP 每股收益為 1.89 美元，非 GAAP 每股收益為 1.46 美元，而 2016 年 GAAP 每股收益為 0.43 美元，非 GAAP 每股收益為 0.91 美元。

GAAP gross margin for the fourth quarter was 37.3% as compared to 30.5% for the fourth quarter of 2016.

第四季 GAAP 毛利率為 37.3%，而 2016 年第四季為 30.5%。

Non-GAAP gross margin for the fourth quarter was 37.5%, an impressive increase of approximately 230 basis points over 35.2% in the fourth quarter of 2016.

第四季非 GAAP 毛利率為 37.5%，比 2016 年第四季的 35.2% 成長約 230 個基點，令人印象深刻。

This strong year-over-year gross margin performance was driven by solid operational execution and revenue performance.

強勁的同比毛利率表現是由穩健的營運執行和收入表現所推動的。

Improving product mix also contributed to higher gross margin.

改善產品結構也有助於提高毛利率。

With tailwinds from additional manufacturing synergies from Fairchild, mix improvement and portfolio optimization, we remain on track to achieve our target non-GAAP gross margin of 40% by 2020.

借助 Fairchild 額外的製造協同效應、產品組合改進和產品組合優化的推動，我們仍有望在 2020 年實現 40% 的非 GAAP 毛利率目標。

GAAP operating margin for the fourth quarter of 2017 was 12.1% as compared to 4.4% in the fourth quarter of 2016.

2017 年第四季的 GAAP 營運利潤率為 12.1%，而 2016 年第四季為 4.4%。

Our non-GAAP operating margin for the fourth quarter of 2017 was 15.4%, an increase of approximately 250 basis points over 12.9% in the fourth quarter of 2016.

2017 年第四季的非 GAAP 營運利潤率為 15.4%，比 2016 年第四季的 12.9% 成長約 250 個基點。

On a year-over-year revenue increase of 9% for the fourth quarter of 2017, our non-GAAP operating margin increased by 30%.

2017 年第四季營收年增 9%，我們的非 GAAP 營業利潤率成長了 30%。

This strong operating income performance demonstrates the leverage and strength of our operating model.

這種強勁的營業收入表現證明了我們營運模式的槓桿作用和優勢。

GAAP operating expenses for the fourth quarter were $348 million as compared to $329 million in the fourth quarter of 2016.

第四季 GAAP 營運費用為 3.48 億美元，而 2016 年第四季為 3.29 億美元。

Non-GAAP operating expenses for the fourth quarter were $305 million as compared to $281 million in the fourth quarter of 2016.

第四季非 GAAP 營運費用為 3.05 億美元，而 2016 年第四季為 2.81 億美元。

Operating expenses for the fourth quarter were higher than the midpoint of our guidance due to higher revenue.

由於收入增加，第四季度的營運費用高於我們指導的中點。

This is preliminary, but our fourth quarter results include a onetime GAAP income tax benefit of $450 million as a result of the U.S. corporate tax reform enacted in December.

這是初步的，但我們第四季度的業績包括由於 12 月頒布的美國企業稅改革而獲得的 4.5 億美元一次性 GAAP 所得稅優惠。

This benefit include charges related to the mandatory repatriation tax and the remeasurement of deferred tax assets for the lower U.S. statutory rate of 21%, offset by a reduction in the company's deferred tax liability on unremitted foreign earnings.

該福利包括與強制性匯回稅相關的費用以及按照較低的美國法定稅率 21% 重新計量遞延稅資產的費用，並被公司未匯出國外收入的遞延稅負債的減少所抵消。

As a result of the tax reform, our estimate of the mandatory repatriation tax is $219 million.

由於稅改，我們估計強制遣返稅為 2.19 億美元。

However, we can use $191 million of our existing U.S. tax credit carryforward to offset the mandatory repatriation tax.

然而，我們可以使用現有的美國稅收抵免結轉中的 1.91 億美元來抵消強制性匯回稅。

After the use of our tax credit, the remaining cash tax payable of $28 million is payable over 8 years, with $2.3 million due in 2018.

使用我們的稅收抵免後，剩餘的 2,800 萬美元現金稅需在 8 年內繳納，其中 230 萬美元將於 2018 年繳納。

Fourth quarter free cash flow was $49 million, and operating cash flow was $224 million.

第四季自由現金流為 4,900 萬美元，營運現金流為 2.24 億美元。

Capital expenditures during the fourth quarter were $176 million.

第四季的資本支出為 1.76 億美元。

Capital intensity based on non-GAAP revenue for 2017 was 7%.

根據 2017 年非 GAAP 收入計算的資本密集度為 7%。

We exited the fourth quarter of 2017 with cash and cash equivalents of $949 million as compared to $901.2 million in the third quarter.

2017 年第四季結束時，我們的現金和現金等價物為 9.49 億美元，而第三季為 9.012 億美元。

At the end of the fourth quarter of 2017, days of inventory on hand were 115 days, up 6 days as compared to inventory days at the end of the third quarter.

2017年第四季末庫存天數為115天，較三季末增加6天。

The increase in inventory was driven by strategic build of inventory to support ramp in certain automotive programs in the first half of 2018 and deliberate reduction in distribution inventory.

庫存增加的推動因素是策略性庫存建設，以支持 2018 年上半年某些汽車項目的成長以及刻意減少分銷庫存。

Distribution inventory in days declined by approximately a week in the fourth quarter as compared to the third quarter.

與第三季相比，第四季的分銷庫存天數減少了大約一週。

For the fourth quarter of 2017, our lead times were approximately flat quarter-over-quarter.

2017 年第四季，我們的交貨時間與上一季大致持平。

Our global factory utilization in the fourth quarter was down slightly quarter-over-quarter.

第四季我們的全球工廠利用率較上季略有下降。

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

現在讓我向您介紹我們業務部門的最新業績，首先是電源解決方案集團（PSG）。

Revenue for PSG was $698 million.

PSG 的營收為 6.98 億美元。

Revenue for our Analog Solutions Group for the fourth quarter of 2017 was $487 million.

我們的模擬解決方案集團 2017 年第四季的營收為 4.87 億美元。

And revenue for our Image Sensor Group was $192 million.

我們的影像感測器部門的收入為 1.92 億美元。

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

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

Keith?

基思？

Thanks, Bernard.

謝謝，伯納德。

We delivered yet another strong quarter, marked by solid all-around performance.

我們又交付了一個強勁的季度，其全面的業績表現十分強勁。

Over the last many quarters, we have posted strong revenue performance, especially in our strategic end markets.

在過去的許多季度中，我們公佈了強勁的收入表現，尤其是在我們的策略終端市場。

At the same time, we delivered impressive margin expansion, robust free cash flow and strong operating leverage.

同時，我們實現了令人印象深刻的利潤率擴張、強勁的自由現金流和強大的營運槓桿。

With strong momentum in our business and increasingly favorable macroeconomic conditions, we intend to make strong progress towards our 2020 target financial model in the current year.

憑藉我們業務的強勁勢頭和日益有利的宏觀經濟條件，我們打算在今年朝著 2020 年目標財務模式取得重大進展。

While 2017 was a spectacular year for ON Semiconductor, I'm very excited about our future outlook as we work to realize the full potential of our product portfolio and operating model.

雖然 2017 年對安森美半導體來說是輝煌的一年，但我對我們的未來前景感到非常興奮，因為我們正在努力實現我們的產品組合和營運模式的全部潛力。

We believe that we are in the early stages of realizing benefits of our investments in the automotive and industrial end markets.

我們相信，我們正處於實現汽車和工業終端市場投資效益的早期階段。

Increased adoption of ADAS, EV and HEVs, machine vision, robotics, et cetera, should drive further acceleration in our revenue and margins.

ADAS、電動車和混合動力車、機器視覺、機器人等技術的日益普及，應該會進一步推動我們的收入和利潤率的成長。

As I indicated in the earnings call for the third quarter of 2017, our business today is driven by sustainable secular growth drivers in the fastest-growing semiconductor end markets as opposed to being driven by macroeconomic and industry cyclicality a few years ago.

正如我在2017 年第三季財報電話會議中指出的那樣，我們今天的業務是由成長最快的半導體終端市場的可持續長期成長驅動力驅動的，而不是幾年前由宏觀經濟和產業週期性驅動的。

Through our investments over the last many years in high-growth segments and in highly differentiated products in automotive, industrial and communications end markets, we have radically transformed the nature of our business.

透過過去多年對汽車、工業和通訊終端市場高成長細分市場和高度差異化產品的投資，我們從根本上改變了我們的業務性質。

Customers are increasingly relying on us as a key provider of enabling technologies for newly emerging and disruptive applications in automotive and industrial end markets.

客戶越來越依賴我們作為汽車和工業終端市場新興和顛覆性應用的支援技術的主要提供者。

Along with strong revenue growth in our strategic end markets, we're delivering strong operating leverage, driven by impressive margin expansion.

隨著我們策略終端市場收入的強勁成長，在令人印象深刻的利潤擴張的推動下，我們正在提供強大的營運槓桿。

As Bernard mentioned earlier, on the year-over-year revenue increase of 9% for the fourth quarter of 2017, our non-GAAP operating income increased by 30%.

正如伯納德先前提到的，2017 年第四季營收年增 9%，我們的非 GAAP 營業收入成長了 30%。

We intend to grow faster than the semiconductor industry, and this growth should enable us to expand margins, driven by operating leverage.

我們打算以比半導體產業更快的速度成長，這種成長應該使我們能夠在營運槓桿的推動下擴大利潤率。

Insourcing of Fairchild's back-end operations remain on track, and this insourcing should be a meaningfully -- meaningful margin contributor in 2018 and 2019.

Fairchild 後端業務的內包仍在按計劃進行，這種內包應該會在 2018 年和 2019 年為利潤做出重大貢獻。

At the same time, mix shift towards margin-rich industrial and automotive end markets and ongoing divestiture of noncore businesses should drive additional margin expansion.

同時，向利潤豐厚的工業和汽車終端市場的混合轉型以及對非核心業務的持續剝離應該會推動利潤率的進一步擴張。

The current demand environment continues to be strong despite some softness in a few spots in the communications end market.

儘管通訊終端市場的某些領域出現疲軟，但當前的需求環境仍然強勁。

We continue to see strong demand for our products for most end markets and from most geographies as customers are increasingly relying on us as their key partner in emerging disruptive technologies, such as ADAS, electric vehicles, factory automation, machine vision, cloud power management, artificial intelligence and industrial power management.

我們繼續看到大多數終端市場和大多數地區對我們產品的強勁需求，因為客戶越來越依賴我們作為他們在新興顛覆性技術（例如 ADAS、電動車、工廠自動化、機器視覺、雲端電源管理、人工智慧和工業電源管理。

Our traction in ADAS continues to accelerate, and we are further extending our competitive lead in the ADAS with new products, both for image sensors and processor power management.

我們在 ADAS 領域的吸引力不斷增強，並且透過新產品（影像感測器和處理器電源管理）進一步擴大我們在 ADAS 領域的競爭領先地位。

We have secured design wins for silicon carbide for electric vehicles and remain on track for revenue in the latter half of this year.

我們已經贏得了電動車碳化矽的設計，並在今年下半年保持收入成長。

For the industrial end market, we are making strong progress in the machine vision and power modules with existing and new products.

對於工業終端市場，我們透過現有產品和新產品在機器視覺和電源模組方面取得了強勁進展。

In cloud and server power management market, our traction with leading server CPU providers continues to accelerate, and near to midterm outlook appears to be very strong.

在雲端和伺服器電源管理市場，我們對領先伺服器 CPU 供應商的吸引力持續加速，中期前景似乎非常強勁。

Our USB Type-C products are gaining traction in the automotive market in addition to ramps in the smartphone and computing markets.

除了智慧型手機和運算市場的成長之外，我們的 USB Type-C 產品在汽車市場也越來越受歡迎。

Let me now comment on the business trends in the fourth quarter.

我現在談談第四季的業務趨勢。

During the fourth quarter, demand trends and bookings were strong.

第四季度，需求趨勢和預訂強勁。

Supply-demand dynamics in the fourth quarter were stable as compared to supply-demand dynamics in the third quarter.

與第三季的供需動態相比，第四季的供需動態穩定。

Lead times were approximately flat quarter-over-quarter.

交貨時間與上一季相比大致持平。

And as Bernard mentioned in his prepared remarks, we significantly reduced distribution inventory levels from the third quarter of 2017.

正如伯納德在他準備好的演講中提到的，我們從 2017 年第三季開始大幅降低了分銷庫存水準。

Pricing continues to be benign as compared to historic trends.

與歷史趨勢相比，定價仍然溫和。

Our customers are upbeat on demand for their products, and they expect the strength in demand to continue for the near and midterm.

我們的客戶對其產品的需求持樂觀態度，他們預計近期和中期需求將持續強勁。

Now I'll provide details of the progress in our various end markets for the fourth quarter of 2017.

現在我將詳細介紹 2017 年第四季我們各個終端市場的進展。

Revenue for the automotive market in the fourth quarter was $437 million and represented 32% of our revenue in the fourth quarter.

第四季汽車市場營收為 4.37 億美元，占我們第四季營收的 32%。

Fourth quarter automotive revenue grew by an impressive 18% year-over-year.

第四季汽車營收年增 18%，令人印象深刻。

For the fourth quarter, we again saw strong broad-based demand for most product lines from most geographies.

第四季度，我們再次看到大多數地區對大多數產品線的強勁廣泛需求。

Our momentum in ADAS market continues to accelerate with strong demand for our 1-megapixel and 2-megapixel image sensors.

隨著對 100 萬像素和 200 萬像素影像感測器的強勁需求，我們在 ADAS 市場的勢頭繼續加速。

We recently launched an 8-megapixel image sensor for ADAS.

我們最近推出了一款用於 ADAS 的 800 萬像素影像感測器。

And with this launch, we are the only provider of complete line of 1-, 2- and 8-megapixel image sensors on a single platform for next-generation ADAS and autonomous driving systems.

透過此次發布，我們成為唯一一家在單一平台上為下一代 ADAS 和自動駕駛系統提供完整系列 1、2 和 800 萬像素影像感測器的供應商。

A complete line of image sensors on a single platform reduces qualification time, lowers cost for our customers, enables our customers to seamlessly port their algorithms across the product lines.

單一平台上的完整系列影像感測器縮短了認證時間，降低了客戶的成本，使我們的客戶能夠在整個產品線中無縫移植他們的演算法。

We believe that our complete line of image sensors on a single platform provides us with a significant competitive advantage and further extends our technology lead over our competitors.

我們相信，單一平台上的全系列影像感測器為我們提供了顯著的競爭優勢，並進一步擴大了我們相對於競爭對手的技術領先優勢。

A superior product portfolio complemented by a large installed base, deep and long-term relationships with leading ADAS and autonomous driving processor companies, our leading-edge technology, including self-correcting sensors with onboard cybersecurity and functional safety and strong application support has helped us strengthen our position within the ADAS and autonomous driving ecosystem.

卓越的產品組合輔以龐大的安裝基礎、與領先的ADAS 和自動駕駛處理器公司的深厚而長期的合作關係、我們的領先技術（包括具有板載網路安全和功能安全的自我校正感測器以及強大的應用支援）幫助了我們鞏固我們在 ADAS 和自動駕駛生態系統中的地位。

Based on inputs from our ecosystem partners, we believe that we are now the lead imaging partner for all ADAS platform providers.

根據我們生態系統合作夥伴的意見，我們相信我們現在是所有 ADAS 平台提供者的領先影像合作夥伴。

We further solidified our presence in the ADAS and autonomous driving ecosystem with our recently announced partnership with Baidu.

最近宣布與百度合作，進一步鞏固了我們在 ADAS 和自動駕駛生態系統中的地位。

We were recently selected by Baidu as the sole supplier of image sensors for its Apollo autonomous driving platform.

我們最近被百度選為其 Apollo 自動駕駛平台影像感測器的唯一供應商。

As I mentioned earlier, our silicon carbide development remains on track.

正如我之前提到的，我們的碳化矽開發仍處於正軌。

We are currently sampling products to customers, and we remain on track to generate revenue in the latter half of 2018.

我們目前正在向客戶提供產品樣品，我們仍有望在 2018 年下半年創造收入。

We are seeing ramps of our IGBTs and FETs for electric vehicle charger designs.

我們看到 IGBT 和 FET 在電動車充電器設計中的應用不斷增加。

We're working with leading ecosystem players on power management solutions for processors and other related applications in automotive.

我們正在與領先的生態系統參與者合作，為汽車中的處理器和其他相關應用提供電源管理解決方案。

We recently announced a strategic partnership with Audi to drive electronics innovation and quality in upcoming autonomous electric vehicles.

我們最近宣布與奧迪建立戰略合作夥伴關係，以推動即將推出的自動駕駛電動車的電子創新和品質。

Business in other areas of the automotive market was strong as well.

汽車市場其他領域的業務也很強勁。

Our analog power management products reached record revenue, driven by active safety, powertrain, body electronics and lighting applications.

在主動安全、動力系統、車身電子和照明應用的推動下，我們的類比電源管理產品收入創下歷史新高。

We saw strong growth in our LED lighting business as new programs ramped in Europe and China.

隨著歐洲和中國的新項目不斷湧現，我們的 LED 照明業務強勁成長。

Revenue in the first quarter for the 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 Industrial market, which includes military, aerospace and medical, contributed revenue of $358 million in the fourth quarter.

包括軍事、航空航太和醫療在內的工業市場在第四季度貢獻了3.58億美元的收入。

The Industrial end market represented 26% of our revenue in the fourth quarter.

工業終端市場占我們第四季營收的 26%。

Our fourth quarter industrial revenue grew by a solid 17% year-over-year.

我們第四季的工業收入年增 17%。

Demand from industrial end market remains strong, driven by favorable macroeconomic conditions and secular trends such as automation, energy efficience and machine vision.

在有利的宏觀經濟條件和自動化、能源效率和機器視覺等長期趨勢的推動下，工業終端市場的需求仍然強勁。

We expect recently enacted tax legislation in the U.S. to drive higher industrial capital expenditures in areas such as factory automation and robotics, which, in turn, should drive demand for semiconductors for industrial applications.

我們預計美國最近頒布的稅收立法將推動工廠自動化和機器人等領域的工業資本支出增加，進而推動工業應用半導體的需求。

We continue to benefit from demand for our power modules and power management semiconductor solutions for power generation and commercial air conditioning.

我們繼續受益於對發電和商用空調的電源模組和電源管理半導體解決方案的需求。

Our power module business for industrial applications continues to grow at a tremendous pace, and we expect this momentum to continue in 2018 as we launch new products with higher efficiency.

我們的工業應用電源模組業務繼續以驚人的速度成長，隨著我們推出效率更高的新產品，我們預計這一勢頭將在 2018 年持續下去。

In the machine vision market, we continue to make significant progress.

在機器視覺市場，我們不斷取得重大進展。

We broke a record of shipments with our PYTHON line of image sensors in 2017, and we are in the process of launching a new platform of products to address a wider swath of the industrial market.

2017 年，我們的 PYTHON 系列影像感測器打破了出貨量記錄，並且我們正在推出新的產品平台，以滿足更廣泛的工業市場需求。

The new machine vision platform will bring unprecedented levels of image quality, speed, pixel technology and price to the fast-growing machine vision industry.

新的機器視覺平台將為快速發展的機器視覺產業帶來前所未有的影像品質、速度、像素技術和價格水準。

We continue to develop synergies with our expertise in the automotive imaging market to accelerate our growth in the machine vision market as both of these markets are driven by artificial intelligence and face similar challenges such as low-light conditions, dynamic range and harsh operating environments.

我們繼續與我們在汽車成像市場的專業知識產生協同效應，以加速我們在機器視覺市場的成長，因為這兩個市場都是由人工智慧驅動的，並面臨著類似的挑戰，如弱光條件、動態範圍和惡劣的操作環境。

In addition to growth from secular strength in the industrial end market, we expect to benefit from share gains.

除了工業終端市場的長期強勁成長之外，我們預計還將受益於份額成長。

With expanded capabilities in power modules and with the addition of Fairchild's portfolio, we have one of the most comprehensive portfolios in the market for the industrial power management.

隨著電源模組功能的擴展以及飛兆半導體產品組合的增加，我們擁有了工業電源管理市場上最全面的產品組合之一。

Customers are increasingly relying on us as a credible alternative to the current market leader.

客戶越來越依賴我們作為當前市場領導者的可靠替代品。

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

工業終端市場第一季營收預計將季持平。

The communications end market, which includes both networking and wireless, contributed revenue of $268 million in the fourth quarter.

包括網路和無線在內的通訊終端市場在第四季度貢獻了 2.68 億美元的收入。

The communications end market represented 19% of our revenue in the fourth quarter.

通訊終端市場占我們第四季營收的 19%。

Fourth quarter communications revenue declined by 4% year-over-year due to softness in certain geographies, but we offset a significant part of that weakness with increased penetration in other key global accounts.

由於某些地區的疲軟，第四季度的通訊收入比去年同期下降了 4%，但我們透過其他主要全球客戶滲透率的提高抵消了這一疲軟的很大一部分。

Revenue in the first quarter for the communications end market is 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 computing end market contributed revenue of $139 million in the fourth quarter.

計算終端市場第四季貢獻營收1.39億美元。

The computing end market represented 10% of our revenue in the fourth quarter.

計算終端市場占我們第四季營收的 10%。

Fourth quarter computing revenue grew by 6% year-over-year.

第四季計算營收年增 6%。

The year-over-year growth in the fourth quarter computing revenue was driven primarily by ramps in our server business.

第四季計算收入的年增率主要是由伺服器業務的成長所推動的。

Our server business continues to strengthen, and we expect that in 2018, our server business will be a meaningful part of our computing business.

我們的伺服器業務持續加強，我們預計2018年，我們的伺服器業務將成為我們運算業務的重要組成部分。

We are working closely with leading server CPU providers on their next generation of processors.

我們正在與領先的伺服器 CPU 供應商密切合作，開發他們的下一代處理器。

On the customer front, we are actively engaged on designs with cloud service providers and traditional server OEMs.

在客戶方面，我們積極與雲端服務供應商和傳統伺服器OEM廠商進行設計。

In addition, we are in a leading position to provide power management solutions for accelerators that are increasingly being adopted for artificial intelligence and machine learning in server applications.

此外，我們在為加速器提供電源管理解決方案方面處於領先地位，這些加速器也越來越多地被用於伺服器應用中的人工智慧和機器學習。

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

由於正常的季節性因素，計算終端市場第一季的收入預計將環比下降。

The consumer end market contributed $175 million in the fourth quarter.

消費端市場第四季貢獻了1.75億美元。

The consumer end market represented 13% of our revenue in the fourth quarter.

消費端市場占我們第四季營收的13%。

Fourth quarter 2017 consumer revenue was up 1% as compared to consumer revenue in the fourth quarter of 2016.

2017 年第四季消費者營收較 2016 年第四季成長 1%。

Revenue in the first quarter for the consumer end market is expected be approximately flat quarter-over-quarter due to ramp of certain customer programs.

由於某些客戶計劃的增加，預計消費端市場第一季的收入將環比持平。

In summary, demand for our products remains strong, and our customers are upbeat about near to midterm outlook for their businesses.

總之，對我們產品的需求仍然強勁，我們的客戶對其業務的近中期前景持樂觀態度。

We continue to deliver solid results, driven by strong execution on all fronts.

在各方面強而有力的執行力的推動下，我們繼續取得紮實的成果。

Through our investments over the last many years in high-growth segments and in highly differentiated products in automotive, industrial and communications end markets, we have radically transformed the nature of our business.

透過過去多年對汽車、工業和通訊終端市場高成長細分市場和高度差異化產品的投資，我們從根本上改變了我們的業務性質。

Customers are increasingly relying on us as a key provider of enabling technologies for newly emerging disruptive applications in automotive and industrial end markets.

客戶越來越依賴我們作為汽車和工業終端市場新興顛覆性應用的支援技術的主要提供者。

With favorable macroeconomic tailwinds and a strong portfolio for industrial and automotive markets, we are well positioned to make solid progress towards our financial target models in 2018.

憑藉有利的宏觀經濟順風以及工業和汽車市場的強大投資組合，我們有能力在 2018 年的財務目標模型方面取得紮實進展。

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

現在我想把它轉回給伯納德以獲得前瞻性指導。

Bernard?

伯納德？

Thank you, Keith.

謝謝你，基斯。

Based on product booking trends, backlog levels and estimated turns levels, we anticipate that total ON Semiconductor revenues will be $1.34 billion to $1.39 billion in the first quarter of 2018.

根據產品預訂趨勢、積壓水平和預計週轉水平，我們預計安森美半導體 2018 年第一季的總收入將為 13.4 億美元至 13.9 億美元。

For the first quarter of 2018, we expect GAAP and non-GAAP gross margin in the range of 36.4% and 38.4%.

對於 2018 年第一季度，我們預計 GAAP 和非 GAAP 毛利率在 36.4% 和 38.4% 之間。

Factory utilization in the first quarter is likely to be approximately flat as compared to the fourth quarter 2017.

與 2017 年第四季相比，第一季工廠利用率可能大致持平。

We expect total GAAP operating expenses of $318 million to $336 million.

我們預期 GAAP 營運支出總額為 3.18 億美元至 3.36 億美元。

Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be $28 million to $32 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，預計為 2,800 萬至 3,200 萬美元。

We expect total non-GAAP operating expenses of $290 million to $304 million.

我們預計非 GAAP 營運支出總額為 2.9 億美元至 3.04 億美元。

We anticipate first quarter GAAP net other income and expense, including interest expense, will be $33 million to $36 million, which includes noncash interest expense of $8 million to $9 million.

我們預計第一季 GAAP 淨其他收入和支出（包括利息支出）將為 3,300 萬美元至 3,600 萬美元，其中包括 800 萬美元至 900 萬美元的非現金利息支出。

We anticipate our non-GAAP net other income and expense, including interest expense, will be $25 million to $27 million.

我們預計我們的非 GAAP 淨其他收入和支出（包括利息支出）將為 2500 萬美元至 2700 萬美元。

Cash paid for income taxes in the first quarter of 2018 is expected to be $18 million to $22 million.

2018年第一季所得稅支付現金預計為1,800萬至2,200萬美元。

We expect our 2018 cash tax rate to be 10% or lower.

我們預計 2018 年現金稅率為 10% 或更低。

We expect total capital expenditure of $70 million to $90 million in the first quarter of 2018.

我們預計 2018 年第一季的總資本支出為 7,000 萬至 9,000 萬美元。

We also expect share-based compensation of $18 million to $20 million in the first quarter of 2018, 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 2018 年第一季的股權激勵將達到 1,800 萬至 2,000 萬美元，其中約 200 萬美元預計將用於銷售商品成本，其餘金額預計將用於營運費用。

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 GAAP diluted share count for the first quarter of 2018 is expected to be 445 million to 447 million shares based on the current stock price.

根據目前股價，我們 2018 年第一季 GAAP 攤薄後的股票數量預計為 4.45 億至 4.47 億股。

Our non-GAAP diluted share count for the first quarter of 2018 is expected to be 432 million shares based on the current stock price.

根據目前股價，我們 2018 年第一季的非 GAAP 稀釋後股票數量預計為 4.32 億股。

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

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表格 10-Q 和表格 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.

謝謝。

And Skyler, please open up the line for questions.

斯凱勒，請開通提問專線。

(Operator Instructions) And our first question comes from Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

First one is on margin leverage.

第一個是保證金槓桿。

You guys had a great year of margin expansion in 2017.

你們在 2017 年度過了利潤擴張的偉大一年。

Looking forward, do you expect the margin leverage to come more from the gross margin side?

展望未來，您預期利潤槓桿是否更多來自毛利率方面？

Or can you get some OpEx to revenue leverage as well?

或者你也能獲得一些營運支出來提高收入槓桿嗎？

And then overall, how flexible is your cost structure if revenue growth does slow on either the COGS and/or the OpEx side?

總的來說，如果銷售成本和/或營運支出的收入成長確實放緩，您的成本結構有多靈活？

So thank you, Ross.

謝謝你，羅斯。

Yes, we do expect to see leverage also on the operating expenses.

是的，我們確實希望看到營運費用也能發揮槓桿作用。

Our target model calls for a 21% operating expense level, and we are, in 2017, at 22%.

我們的目標模型要求營運費用水準為 21%，而 2017 年的營運費用水準為 22%。

So we should be gradually moving towards that.

所以我們應該逐步朝這個方向邁進。

On the gross margin front, we have used the yardstick of about a 50% follow-through on incremental and decremental revenue, and we expect that that will continue.

在毛利率方面，我們使用的衡量標準是增量和減量收入的追蹤率約為 50%，並且我們預計這種情況將持續下去。

Furthermore, if times slow down, we would also pull triggers, such as moving outsourced production in-house to offset even further our impact of decremental revenue.

此外，如果時間放緩，我們也會採取措施，例如將外包生產轉移到內部，以進一步抵消收入減少的影響。

That's great.

那太棒了。

And as my follow-up, I want to talk about the cash return side.

作為我的後續內容，我想談談現金回饋方面。

You guys mentioned that you're going to start a share repurchase plan again in the second quarter.

你們提到第二季將再次啟動股票回購計畫。

Talk a little bit about what led you to that decision, not only the leverage ratio hit, but cash returns coming as share repurchase versus dividends.

談談是什麼導致你做出這個決定，不僅是槓桿率受到影響，還有股票回購與股利帶來的現金報酬。

And then any color you have on the share repurchase plan, how much is outstanding, the duration of it, et cetera.

然後是股票回購計畫的顏色、未償還金額、期限等。

So let me ask the -- answer the last question first.

所以讓我先問——回答最後一個問題。

The share buyback program we have, we have a little bit more than $600 million left between now and the end of 2018.

從現在到 2018 年底，我們的股票回購計畫還剩下 6 億多美元。

That's the current approved program.

這就是目前批准的計劃。

We believe the value of our stock still presents a very strong opportunity for buybacks.

我們相信我們股票的價值仍然提供了非常好的回購機會。

And therefore, our move more towards share buyback than dividends.

因此，我們更傾向於股票回購而不是股利。

Having said that, we do have debt that matures, and we intend to continue delevering, especially in these rising interest rate times, to make sure we derisk the balance sheet.

話雖如此，我們確實有到期的債務，我們打算繼續去槓桿化，特別是在利率上升的時期，以確保我們降低資產負債表的風險。

Our next question comes from Chris Danely with Citigroup.

我們的下一個問題來自花旗集團的克里斯·丹利（Chris Danely）。

Did the distis say why they were taking their inventory down for 1 week?

經銷商有沒有說明為什麼他們要減少庫存 1 週？

And then what do you expect their inventory to do this quarter as well?

那麼您預計他們本季的庫存會怎樣？

So we work together with our distribution partners to get the lowest amount that they need to service their customers because frankly, the extra revenue -- or the extra inventories there don't do either of us any good.

因此，我們與分銷合作夥伴合作，以獲得他們為客戶提供服務所需的最低金額，因為坦白說，額外的收入或額外的庫存對我們雙方都沒有任何好處。

So really, it's just keeping a good balance, making sure that they get the best use of their cash and making sure we get the best use of the products that we've got.

所以實際上，這只是保持良好的平衡，確保他們充分利用他們的現金，並確保我們充分利用我們擁有的產品。

So kind of mutual decision.

這是一種共同的決定。

In the first quarter, I would expect it to be relatively neutral from a change perspective.

從變化的角度來看，我預計第一季將相對中性。

Okay, great.

好的，太好了。

And then I'll keep you on the mic, Keith.

然後我會讓你繼續拿著麥克風，基斯。

Can you just kind of give us your outlook on the various end markets for the rest of the year in light of what's going on in handsets?

您能否根據手機市場的情況向我們介紹您對今年剩餘時間各個終端市場的展望？

And how do you feel on the overall environment now versus, say, a quarter ago?

與一個季度前相比，您對現在的整體環境有何看法？

Yes.

是的。

Actually, we're more encouraged on the overall environment.

事實上，我們更受鼓舞的是整體環境。

We know the biggest question people has is how long can it be good.

我們知道人們最大的問題是它能持續多久。

But in speaking with our customers going into this year, there are some very strong expectations from automotive, industrial and in all of the cloud-based and related markets.

但在今年與我們的客戶交談時，我們發現汽車、工業以及所有基於雲端和相關的市場都抱有非常強烈的期望。

And so those appear to be quite strong and expecting some good growth.

因此，這些似乎相當強勁，並有望出現良好的成長。

I think that will drive good growth this year on the macroeconomic side.

我認為這將推動今年宏觀經濟的良好成長。

Maybe not quite as good as '17, but it should be up or above mid-single-digits growth for the overall industry.

也許不如 17 年好，但整個產業的成長應該高於或高於中個位數成長。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Gross margins have been quite strong for a number of quarters now.

目前幾季的毛利率一直相當強勁。

Can you remind us, what are the milestones from here to the 40% target?

您能否提醒我們，從現在到 40% 的目標，有哪些里程碑？

And then longer term, if all other semiconductor companies are exceeding their prior highs in gross margins, Keith, is there some magic line around 40%?

從長遠來看，如果所有其他半導體公司的毛利率都超過了之前的高點，基思，是否存在 40% 左右的神奇線？

Or do you think longer term, there is a potential to exceed that target?

或者您認為從長遠來看，有可能超過該目標嗎？

So I'll answer the first question, Vivek.

所以我將回答第一個問題，Vivek。

The gross margin going forward, the improvements are the same as we laid out in our Analyst Day, slightly different flavors of them.

未來的毛利率和改進與我們在分析師日中列出的相同，但略有不同。

But definitely, we, first, will be getting some nice tailwinds from the Fairchild insourcing throughout both 2018 and '19.

但毫無疑問，我們首先將在 2018 年和 19 年從 Fairchild 內包中獲得一些良好的推動力。

We will continue getting mix improvements as we grow faster in the better-than-average gross margin areas of industrial and automotive.

隨著我們在高於平均毛利率的工業和汽車領域成長更快，我們將繼續改進產品組合。

We should also be getting the normal follow-through on incremental revenue.

我們也應該對增量收入進行正常的跟進。

And as we've mentioned, we continue doing portfolio management and potentially divesting from less-than-stellar performing operations.

正如我們所提到的，我們將繼續進行投資組合管理，並可能剝離業績不佳的業務。

I'll cover the 40% model.

我將介紹 40% 的模型。

The 40% model really was out there to give us a midterm target.

40% 模型確實為我們提供了中期目標。

There's no reason that that should stop at 40%.

沒有理由認為這一比例應該停留在 40%。

Businesses that we service and continued mix improvements with revenue growth should easily take us into the mid-40s.

我們服務的企業以及持續的組合改進和收入成長應該很容易讓我們進入 40 多歲。

Got it.

知道了。

And as a follow-up, on the exposure to electric vehicles or hybrid electric vehicles, can you remind us how much exposure you have today and how do you think it trends over the next 1 to 2 years?

作為後續，關於電動車或混合動力車的曝光度，您能否提醒我們您今天的曝光度有多少？

So it should be trending significantly higher as we get in more of the EV -- pure EV platforms and as they grow as a percentage of the total, particularly in China.

因此，隨著我們進入更多的電動車——純電動車平台，並且它們佔總數的百分比不斷增長，尤其是在中國，它應該呈現顯著上升的趨勢。

Looking at both the traction modules and in the battery charging modules, you add about another $200 per vehicle for that.

查看牽引模組和電池充電模組，每輛車還需要額外花費 200 美元。

So should be very strong trends in latter half of '18, and then '19 and '20.

因此，18 年下半年的趨勢應該非常強勁，然後是 19 年和 20 年。

And this is accretive to the model, I assume?

我認為這會增加模型？

Yes.

是的。

Our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自克里斯·卡索和雷蒙德·詹姆斯。

Just a question on utilization.

只是一個關於使用的問題。

Based on your comments, it sounds like it's running about flattish now, and it looks like your balance sheet inventory increased a little bit on what you said was automotive.

根據您的評論，聽起來現在的運行情況基本上持平，而且您的資產負債表庫存似乎比您所說的汽車庫存有所增加。

Could you give a little more color on that and what you would expect for utilization rates as well as your internal inventory going forward?

您能否對此進行更多說明，以及您對利用率以及未來內部庫存的預期？

So we're running in the high 80s and expect that to be about the same for the first quarter.

因此，我們的業績處於 80 多歲的高位，預計第一季的業績將大致相同。

Internal inventories, we were at 115 days.

內部庫存為 115 天。

I expect that will trend flat to slightly down.

我預計這一趨勢將持平或略有下降。

Okay.

好的。

And just a follow-up with regard to pricing.

這只是定價方面的後續行動。

Given fairly strong industry conditions, can you talk about what's happening with pricing now?

鑑於相當強勁的行業狀況，您能談談現在的定價情況嗎？

What was the result of some of the annual price negotiations that, I think, you have around the beginning of the year and what that potentially means for pricing as the year goes on?

我認為，今年年初的一些年度價格談判的結果是什麼？

Yes.

是的。

Clearly, the supply-demand dynamics are favoring focus on supply right now.

顯然，目前的供需動態有利於關注供應。

Pressures on pricing were less severe.

定價壓力沒那麼嚴重。

And in our annual negotiations, they were better than they were this time last year.

在我們的年度談判中，他們比去年這個時候更好。

So we are expecting to see some relief from our normal declines on annual pricing.

因此，我們預計年度定價的正常下降會有所緩解。

Our next question comes from Rajvindra Gill with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Just a quick housekeeping question.

只是一個簡單的內務問題。

I was wondering if you break out the percentage of revenue by end market by business unit.

我想知道您是否按業務部門細分了終端市場的收入百分比。

So for instance, if auto's generating about 1/3 of your revenue, how much -- what is the mix related to power, analog and image sensor?

舉例來說，如果汽車產生了大約 1/3 的收入，那麼與電力、類比和影像感測器相關的組合是多少？

And the same thing for industrial.

對於工業來說也是如此。

We don't break that out.

我們不會打破這個。

But in general terms, I would say that the percent that's represented at total company level is not too far off from at the group level.

但總的來說，我想說的是，公司整體層面的百分比與集團層面的百分比相去不遠。

Okay, got it.

好的，明白了。

And on the USB C adoption, we've seen some of your peers also indicate that USB adoption is starting to take off.

關於 USB C 的採用，我們看到一些同行也表示 USB 的採用正在開始起飛。

I was wondering if you could describe some of the end markets where you're best positioned in USB C. Is it smartphones?

我想知道您能否描述一下您在 USB C 方面最有優勢的一些終端市場。

Is it the fast chargers?

是快速充電器嗎？

Is it PCs?

是個人電腦嗎？

And where do you think we are in terms of the attach rates overall in terms of those markets?

您認為我們在這些市場的整體附加率方面處於什麼位置？

Yes.

是的。

So we've got very strong attach rates in the computing, fast charging and automotive areas.

因此，我們在計算、快速充電和汽車領域擁有非常強勁的附加率。

Penetration is still relatively low there.

那裡的滲透率仍然相對較低。

If you look at those markets, it's less than 10% overall, and we see that accelerating significantly in 2018.

如果你看看這些市場，你會發現整體比例還不到 10%，而且我們看到這一比例在 2018 年顯著加速。

Great.

偉大的。

And the last question for me in terms of the other growth drivers in the business.

我的最後一個問題是關於業務中的其他成長動力。

You had mentioned on the -- server power driving growth $30 per server, expect that to increase.

您曾提到—伺服器功率驅動成長，每台伺服器 30 美元，預計這一數字會增加。

Wondering if you could kind of elaborate further on -- you had mentioned in the past basically that that could increase another $15 over the next couple of years on the new server platforms.

想知道您是否可以進一步詳細說明 - 您過去基本上提到過，在未來幾年內，新伺服器平台上的費用可能會再增加 15 美元。

So we're going from $30 going on up.

所以我們的價格從 30 美元起。

So I'm kind of -- where are we in terms of that dollar increase this year or next year?

所以我想——就今年或明年的美元成長而言，我們處於什麼位置？

So most of that will be occurring in 2019.

因此，其中大部分將發生在 2019 年。

We're still seeing a good ramp in both share and volume with the current platforms.

我們仍然看到當前平台的份額和銷售量都有良好的成長。

Our next question comes from Craig Ellis with B. Riley FBR.

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

And I'll just stick with the server topic, but twist it the following way, Keith, you mentioned that you're seeing some good design-in activity on the accelerator side.

我將繼續討論伺服器主題，但以以下方式進行扭曲，Keith，您提到您在加速器方面看到了一些良好的設計活動。

Can you clarify if that's more on the GPU accelerators versus FPGA?

您能否澄清一下，GPU 加速器與 FPGA 相比是否更重要？

And would that engagement activity include higher-end cards?

該參與活動是否包括高階卡？

Or is it more the server systems that are the replicants of the Nvidia DGX and HGX?

或者伺服器系統更像是 Nvidia DGX 和 HGX 的複製品？

Well, we are seeing it across the spectrum in both areas.

嗯，我們在這兩個領域都看到了這一點。

There might be slightly more momentum in the GPU side, but we're seeing it everywhere.

GPU 方面的勢頭可能會稍大一些，但我們隨處可見。

And it's not just in the high-end modules.

而且它不僅存在於高端模組中。

Again, it's very broad-based.

同樣，它的基礎非常廣泛。

And then, I'll pitch the next one to both you and Bernard.

然後，我將向你和伯納德推銷下一個。

You mentioned significant confidence in being able to make progress on the target financial model, and I think you've spoken well to revenues and gross margins.

您提到對能夠在目標財務模型上取得進展充滿信心，我認為您在收入和毛利率方面說得很好。

But can you talk in more detail about free cash flow?

但您能更詳細地談談自由現金流嗎？

And Bernard, what should we expect for CapEx this year on a full year basis?

伯納德，我們對今年全年的資本支出有何預期？

So free cash flow, what we have said is that we should be growing by about $100 million per year.

因此，我們所說的自由現金流應該每年增長約 1 億美元。

So if last year, we hit $700 million, it points to about $800 million.

因此，如果去年我們達到了 7 億美元，現在大約是 8 億美元。

Our CapEx model is still the same, about 7% of revenue in total.

我們的資本支出模型仍然相同，約佔總收入的 7%。

Our next question comes from Vijay Rakesh with Mizuho.

我們的下一個問題來自 Mizuho 的 Vijay Rakesh。

Just on the repurchase cash return, just wondering how much is outstanding and how big is the authorization.

就回購現金回饋，只是想知道未償還金額是多少，授權有多大。

The authorization was for a $1 billion, and we still have in excess of $600 million left.

授權金額為 10 億美元，我們還剩下 6 億多美元。

Got it.

知道了。

And on the automotive side, I know you mentioned tailwinds of the silicon carbide and EV picking up in the second half.

在汽車方面，我知道您提到了下半年碳化矽和電動車的成長。

Are you guys supplying to all the big Chinese guys, BYD and [Cattle] and all those guys?

你們是否向所有中國大公司、比亞迪和[牛]以及所有這些公司供貨？

And does that keep the automotive growth -- should it -- should we see that accelerate in the back half again?

這是否會保持汽車產業的成長——應該如此——我們是否應該看到下半年汽車產業再次加速？

Yes.

是的。

So China customers are a significant portion of our design win base, and you should see that accelerate in the second half.

因此，中國客戶是我們設計獲勝基礎的重要組成部分，您應該會看到這種情況在下半年加速。

Our next question comes from Shawn Harrison with Longbow Research.

我們的下一個問題來自長弓研究中心的肖恩·哈里森。

First question, if I may.

第一個問題，如果可以的話。

The communications weakness that you're seeing, is that solely smartphones?

您所看到的通訊弱點只是智慧型手機嗎？

Or are you seeing weakness in base stations as well?

或者您也看到了基地台的弱點嗎？

And second to that, do you expect the market to be down year-over-year, either for the first quarter or for 2018, given that it was down for the fourth quarter?

其次，考慮到第四季的下滑，您預計第一季或 2018 年市場會比去年同期下滑嗎？

For the total year, we don't expect it to be down in 2018.

就全年而言，我們預計 2018 年不會下降。

Q1 may be slightly down.

第一季可能會略有下降。

But for the year, we're not projecting that.

但對於今年，我們並沒有做出這樣的預測。

We do think the weakness was across the board, but perhaps a little stronger in the China handsets for 2017.

我們確實認為這種疲軟是全面的，但 2017 年中國手機的疲軟可能會更嚴重一些。

We're not looking for that to repeat this year.

我們不希望今年重演這種情況。

Perfect.

完美的。

And then as a follow-up, the Fairchild synergy targets, which I think are about $40 million annualized for 2018, when will you start to see those benefits roll on in earnest?

接下來，仙童半導體的協同目標，我認為 2018 年的年化收益約為 4000 萬美元，您什麼時候才能開始真正看到這些好處？

Is it the third quarter?

是第三季嗎？

Is it the fourth quarter of this year when you'll see that ramp?

您會在今年第四季看到這種成長嗎？

It's actually we should be seeing some in the second quarter of this year, and then grow gradually throughout the year.

實際上，我們應該在今年第二季看到一些，然後全年逐漸成長。

Our next question comes from Kevin Cassidy with Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

On the distributor inventory coming down, can you remind us what end markets are serviced by the distributors?

關於經銷商庫存下降的問題，您能否提醒我們經銷商服務的終端市場有哪些？

All of our end markets are serviced by distributors.

我們所有的終端市場均由經銷商提供服務。

It's roughly 60% of our total business, and many of the OEMs use distribution as a service model in Asia for their manufacturing locations.

這大約占我們總業務的 60%，許多 OEM 廠商在亞洲的製造地點都採用分銷作為服務模式。

Okay.

好的。

So that does include the automotive?

那麼這包括汽車嗎？

It does include automotive.

它確實包括汽車。

Yes, it does.

是的，確實如此。

Okay.

好的。

And maybe one other question on use of cash.

也許還有一個關於現金使用的問題。

Acquisitions, is that back on the table now that it seems the Fairchild acquisition is going through fairly smoothly?

收購，既然仙童收購似乎進展得相當順利，那麼這個問題又回到了桌面上嗎？

Yes.

是的。

I mean, obviously, we've been thrilled with the Fairchild acquisition.

我的意思是，顯然，我們對仙童半導體的收購感到非常興奮。

Acquisitions are certainly still a consideration.

收購當然仍然是一個考慮因素。

We'll look at basically return for our shareholders.

我們將主要關注股東的回報。

And if there's opportunities, we're not shy.

如果有機會，我們不會害羞。

Right now, valuations look a bit expensive.

目前，估值看起來有點貴。

But certainly, we're open.

但當然，我們是開放的。

Our next question comes from Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

Given your expectation for inventories -- internal inventories to be flat or continue to increase slightly in Q1, when do you think lead times have a chance to come back down, given your sense that some customers would like to -- will be comfortable with a little bit higher inventory levels than they currently have?

考慮到您對庫存的預期（第一季內部庫存將持平或繼續小幅增加），您認為交貨時間何時有機會回落（考慮到您感覺有些客戶願意），您將對此感到滿意庫存水平比目前高一點？

Yes.

是的。

We -- the lead time piece of the equation is really about getting capacities in place in excess of the market growth.

我們——等式中的交貨時間部分實際上是讓產能超過市場成長。

We don't see that happening in the first half of this year, and it's unclear how much of it will happen in the second half as the entire industry continues to be very disciplined in putting in capital.

我們認為今年上半年不會發生這種情況，也不清楚下半年會發生多少，因為整個產業在資本投入方面仍然非常嚴格。

Okay.

好的。

And then on the silicon carbide opportunity, how does the margin profile compare with the rest of your business?

然後，關於碳化矽機會，您的利潤狀況與其他業務相比如何？

And then if you could also give us a sense of where it's going to be produced and the percentage of total output that you're eventually planning for silicon carbide.

然後您能否讓我們了解碳化矽的生產地點以及您最終計劃的碳化矽佔總產量的百分比。

So margins there are significantly above corporate averages.

因此，那裡的利潤率明顯高於企業平均。

We do manufacture the wafers in one of our offshore facilities, and so we get a pretty good margin profile from that.

我們確實在我們的一個離岸工廠生產晶圓，因此我們從中獲得了相當不錯的利潤率。

Our next question comes from Chris Rolland with Susquehanna.

我們的下一個問題來自薩斯奎哈納的克里斯羅蘭。

It's David Haberle on behalf of Chris Rolland.

我是大衛哈伯勒，代表克里斯羅蘭。

Congrats on the continued solid execution.

恭喜您繼續紮實的執行。

Just to follow up really quick on the silicon carbide.

只是為了快速跟進碳化矽。

Can you talk about the market in general and your availability to secure capacity?

您能談談整個市場以及您能否確保容量嗎？

That's all done in-house with you guys?

這些都是你們內部完成的嗎？

So our manufacturing is done in-house.

所以我們的製造是在內部完成的。

Yes, all of it.

是的，全部。

The substrates, we do still procure on the open market, and we have long-term supply agreements there.

我們仍然在公開市場上採購基材，並且我們在那裡有長期供應協議。

Got it.

知道了。

And then, I guess, over the last year or so, we've kind of noticed the percentage of distributor sales as a percentage of your overall revenue kind of creeping up from the low- to mid-50s to now 60% this quarter.

然後，我想，在過去一年左右的時間裡，我們注意到經銷商銷售額佔總收入的百分比從 50% 左右攀升至本季的 60%。

Is this a concerted effort by your team there?

這是你們團隊的共同努力嗎？

And should we expect this trend to continue?

我們是否應該預期這種趨勢會持續下去？

No, this was mainly a result of Fairchild acquisitions since Fairchild was the heavier in terms of disti.

不，這主要是仙童收購的結果，因為仙童在分銷方面更重。

But fundamentally, we are happy with the current mix that we have.

但從根本上來說，我們對目前的組合感到滿意。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Good morning, and great job on the solid execution by the team.

早安，團隊的紮實執行非常出色。

Obviously, there seems to be some concerns around the cycle, peaking cycle, whatever.

顯然，似乎對週期、峰值週期等存在一些擔憂。

An indicator to me is always the breadth of the demand trends.

對我來說，一個指標始終是需求趨勢的廣度。

You gave -- you guys gave a lot of great detail on the strong design win pipeline.

你們提供了關於強大的設計獲勝流程的大量詳細資訊。

But just stepping back and looking at your business broadly from a geographical perspective, wondering if you could just talk about the year-over-year trends in all of the major geographies.

但退一步，從地理角度廣泛審視您的業務，想知道您是否可以談論所有主要地區的逐年趨勢。

Sure.

當然。

We have seen very significant strength in Europe and the U.S. markets geographically.

我們在歐洲和美國市場上看到了非常顯著的優勢。

Those have been unusually strong after many years of being a little weaker than Asia.

在多年弱於亞洲之後，這些國家現在異常強勁。

And then secondly, China continues to grow extremely fast for us.

其次，中國對我們來說繼續以極快的速度成長。

And so that part of Asia also has been quite good.

所以亞洲的那部分也相當不錯。

Great.

偉大的。

And your auto and industrial businesses are not the only segments that are outperforming.

您的汽車和工業業務並不是唯一表現出色的領域。

Your compute business was up 6% year-over-year.

您的計算業務年增 6%。

And if I just layer on top the normal seasonal demand trends in the March quarter, it's going to be flat to up year-over-year here this quarter.

如果我只考慮三月季度的正常季節性需求趨勢，本季的需求將與去年同期持平或上升。

You talked about the strong tractions in servers and cloud.

您談到了伺服器和雲端的強大吸引力。

Your content is growing.

您的內容正在成長。

Data center CapEx is targeted to grow about 20% plus per year over the next few years.

資料中心資本支出的目標是在未來幾年每年增長約 20% 以上。

Are you guys kind of rethinking your long-term view that this business will be down 4% to 6% year-over-year from a longer-term perspective?

你們是否正在重新考慮你們的長期觀點，即從更長期的角度來看，這項業務將年減 4% 至 6%？

Yes.

是的。

Certainly, last year and we believe this year that -- it will outperform that, all driven by server revenues for the cloud.

當然，去年，我們相信今年，它的表現將優於去年，這一切都是由雲端伺服器收入推動的。

That is looking much stronger than we expected in offsetting declines in notebook and desktop.

這在抵消筆記型電腦和桌上型電腦下降方面看起來比我們預期的要強得多。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

I have 2. First question's a follow-up on the distribution inventory.

我有 2. 第一個問題是關於分銷庫存的後續問題。

Can you elaborate a bit more on the reason that there was inventory that ON felt that could come down in the distribution channel?

您能否詳細說明一下 ON 認為分銷管道中的庫存可能會下降的原因？

And I ask just given lead times were somewhat extended and demand's good.

我問，交貨時間延長，需求良好。

So I was curious as to why there's maybe some extra in the channel.

所以我很好奇為什麼頻道裡可能會有一些額外的內容。

Yes.

是的。

It's just a continuous balancing, and you adjust to actual sales quarter by quarter.

這只是一個持續的平衡，你會根據實際銷售情況逐季度進行調整。

And as we got to the end of the year, it was just balancing out the inventory market by market.

到了年底，我們只是在逐個市場平衡庫存市場。

Okay.

好的。

That's helpful, Keith.

這很有幫助，基思。

And then for a follow-up question, I was hoping you could elaborate a bit more on the sensor fusion opportunity that ON has been pursuing.

對於後續問題，我希望您能詳細說明 ON 一直在追求的感測器融合機會。

I think it was about 1 year ago ON did some purchases of radar assets from IBM, and I know it's been an investment focus for the company.

我認為大約一年前，ON 從 IBM 購買了一些雷達資產，我知道這一直是該公司的投資重點。

So maybe you can help us understand the time line for some of those types of solutions to be coming to market.

因此，也許您可以幫助我們了解其中一些類型的解決方案上市的時間表。

Yes.

是的。

We would expect those types of solutions to be coming at the market next year.

我們預計這些類型的解決方案將於明年上市。

With -- we're already working with sampling and modeling with our customers today.

我們今天已經在與客戶合作進行採樣和建模。

And it's really all about how do we make their algorithms as efficient as possible and get the best information for decisions with the least amount of data having to be transmitted.

這實際上是關於我們如何使他們的演算法盡可能高效，並以最少的資料量傳輸來獲得最佳的決策資訊。

So we're actually getting a lot of good traction with the customers there, but it'll be '19 before you see anything.

因此，我們實際上對那裡的客戶產生了很大的吸引力，但要到 19 年才能看到任何結果。

Our next question comes from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

I just had a question on the industrial strength in the quarter, up 17% year-over-year.

我剛才有一個關於本季工業實力的問題，年增17%。

And then a lot of your peers have also reported strong industrial growth.

許多同行也報告了強勁的工業成長。

Keith, as you look into this year, what's your expectation in terms of does that settle down closer to kind of a GDP-plus?

Keith，當您展望今年時，您對 GDP 是否會接近 GDP 成長有何期望？

Or how are you feeling about industrial growth in 2018?

或者您對2018年的工業成長有何看法？

No.

不。

For us, it should be significantly higher than GDP growth, on the order of 2x of that.

對我們來說，它應該顯著高於 GDP 成長，約為 GDP 成長的 2 倍。

We're still seeing a lot of traction in alternative power usage, machine vision and automation for factories.

我們仍然看到替代能源使用、機器視覺和工廠自動化的巨大吸引力。

Got it.

知道了。

And then just broadly by the end markets.

然後是終端市場。

The very strong growth in autos and industrial last year, and then comm and consumer a little bit weaker, which kind of match your longer-term model.

去年汽車和工業成長非常強勁，然後通訊和消費略有疲軟，這與您的長期模型相符。

Any puts and takes as to how you're seeing the end markets evolve for 2018?

您對 2018 年終端市場的發展有何看法？

I think nothing more significant than what we've already stated.

我認為沒有什麼比我們已經說過的更重要的了。

We actually talked about consumer being a little better than we expected.

我們實際上談到了消費者比我們預期的要好一些。

It would appear that the energy efficiency that we derive from our other market investments is spilling over and being adopted into the consumer side more robustly than we expected.

看來，我們從其他市場投資中獲得的能源效率正在溢出，並且比我們預期的更強勁地被消費者採用。

Our next question comes from Harsh Kumar with Piper Jaffray.

我們的下一個問題來自 Harsh Kumar 和 Piper Jaffray。

First of all, congratulations, very good execution.

首先恭喜你，執行力非常好。

Bernard, a question for you.

伯納德，問你一個問題。

You guys were at 21.3% on OpEx levels already in September, and then it dipped up -- or it went up a little bit in December.

9 月營運支出水準已經達到 21.3%，然後有所下降，或說 12 月略有上升。

Should we expect you to be 21.3% or better for most of 2018 as you try to get some OpEx leverage?

當您嘗試獲得一些營運支出槓桿時，我們是否應該期望您在 2018 年的大部分時間達到 21.3% 或更好？

And then I have one more question.

然後我還有一個問題。

So in -- for the year, we're at 22%.

所以今年，我們的成長率為 22%。

Yes, with our peak revenue in Q3, we're at the lowest.

是的，我們的收入在第三季達到峰值，但現在卻處於最低水平。

We expect that will be trending down and get somewhere around 21.5% for the year.

我們預計今年這一數字將呈下降趨勢並降至 21.5% 左右。

Some of it depends on, actually, individual circumstances like length of the quarter.

實際上，其中一些取決於個人情況，例如季度長度。

But in the first quarter, we're guiding to 21.8%, so it's coming down at the midpoint finally.

但在第一季度，我們的指導值為 21.8%，因此最終會下降到中點。

Understood.

明白了。

And for my follow-up, you guys do a lot of business with handsets in China.

對於我的後續行動，你們在中國做了很多手機業務。

A lot of companies have talked about inventory there.

很多公司都在談論庫存問題。

Any views on how long that would last?

對於這種情況會持續多久有什麼看法嗎？

And then also, your consumer business is performing better than seasonal in March, and you talked about some energy efficiency spilling over.

此外，您的消費者業務在三月的表現優於季節性，並且您談到了一些能源效率的外溢效應。

Could you talk about the nature of these programs maybe for us?

您能為我們談談這些計劃的性質嗎？

Okay.

好的。

On the handset side, we would expect the first quarter to get a significant amount of the correction behind us in the handsets in China.

在手機方面，我們預期第一季中國手機市場將大幅調整。

So maybe more normal patterns in Q2 and onward.

因此，第二季及以後的模式可能會更正常。

From the consumer side, basically, the adoption of technologies, including things like USB Type-C, are being picked up in consumer now.

從消費者方面來看，基本上，包括 USB Type-C 在內的技術的採用現在正在消費者中普及。

And also, most of the charging applications that we have for rapid charging and very energy-efficient charging are picking up into the consumer side.

此外，我們擁有的大多數快速充電和非常節能充電的充電應用正在進入消費者領域。

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

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Keith, my first question is just around the Q1 guidance, the March quarter guidance.

基思，我的第一個問題是關於第一季的指導，即三月季度的指導。

Typically, you talk about what percent of the guidance is in backlog.

通常，您會談論積壓的指南百分比。

I apologize if I missed it.

如果我錯過了，我深表歉意。

Do you have that number?

你有那個號碼嗎？

And specifically, on industrial, guiding flat, there's been quarters where industrial has been up in March.

具體而言，就工業指導水準而言，三月有幾個季度工業有所成長。

So how do you think about flat industrial in the March quarter relative to seasonal?

那麼，相對於季節性，您如何看待三月季度的扁平工業？

Okay.

好的。

The first question on backlog coverage, it is at least as strong as normal.

關於積壓覆蓋率的第一個問題，它至少與正常情況一樣強。

There's nothing of concern there.

那裡沒有什麼值得擔心的事。

Relative to industrial, we had an extremely good Q4 we just came off of, and so we're being, perhaps, conservative in Q1.

相對於工業，我們剛剛經歷了一個非常好的第四季度，所以我們在第一季可能是保守的。

But we feel comfortable that that market continues to perform.

但我們對這個市場的持續表現感到滿意。

That's helpful.

這很有幫助。

And Keith, as my follow-up, just on the computing opportunity, can you just remind us what percent of your compute business today is client versus server?

Keith，作為我的跟進者，就計算機會而言，您能否提醒我們，您今天的計算業務中客戶端與伺服器的比例是多少？

And maybe help me better understand the server content story.

也許可以幫助我更理解伺服器內容的故事。

How do we think about your dollar content in a traditional server versus maybe an accelerator or GPU-type application?

我們如何看待傳統伺服器與加速器或 GPU 類型應用程式中的美元內容？

Okay.

好的。

So the first question, the compute piece for client versus server, the server piece is still less than 20% of our total, and so it represents a pretty small fraction of that.

所以第一個問題，客戶端與伺服器的運算部分，伺服器部分仍然不到我們總數的 20%，所以它只佔其中的一小部分。

From a content perspective, the accelerators are kind of in the roughly $15 range for our content there.

從內容的角度來看，我們的內容加速器的價格約為 15 美元。

And then there's about $5 to $10 for the Vcore, which is common across all of them, and $25 to $30 for the power stage in the servers.

然後，Vcore 的價格約為 5 至 10 美元，這在所有伺服器中都很常見，伺服器中的功率級的價格為 25 至 30 美元。

At this time, I'm showing no further questions.

目前，我沒有再提出任何問題。

I'd like to turn the call back over to Mr. Parag Agarwal for closing remarks.

我想將電話轉回給帕拉格·阿加瓦爾先生致閉幕詞。

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 throughout the quarter.

我們期待在整個季度的各種會議上見到您。

Goodbye.

再見。

Ladies and gentlemen, thank you for your participation 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, 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。