安森美 (ON) 2017 Q4 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • 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 年第四季度收益電話會議。

  • (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)我現在想介紹一下今天會議的主持人,公司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。

  • Parag Agarwal - VP of IR

    Parag Agarwal - VP of IR

  • 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.

    早上好,感謝您參加安森美半導體公司 2017 年第四季度季度業績電話會議。

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

    今天,我們的總裁兼首席執行官 Keith Jackson 也加入了我的行列;和我們的首席財務官 Bernard Gutmann。

  • 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絡直播。

  • 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 年第四季度的收益發布將在電話會議後約 1 小時在我們的網站上提供,錄製的網絡廣播將在本次電話會議後約 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、地域、渠道和股票數量相關的其他信息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演示文稿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 GAAP 財務指標與 GAAP 下最直接可比指標的對賬在我們的收益發布中,該發佈在我們網站的投資者關係部分單獨發布。

  • 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公司未來財務業績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、應該或類似的表達方式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,此類陳述存在可能導致實際結果的風險和不確定性——事件或結果與預測存在重大差異。

  • 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.

    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,在我們提交給證券交易委員會的 10-Ks 表格和 10-Qs 表格以及其他文件中進行了描述。

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

    我們在 2017 年第四季度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、更改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協同效應相關的討論,我們使用了飛兆半導體 2015 年的結果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,我們將參加 2 月 26 日在舊金山舉行的摩根士丹利技術大會。

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

    現在讓我把它交給伯納德·古特曼,他將概述 2017 年第四季度的業績。

  • Bernard?

    伯納德?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

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

    謝謝你,帕拉格,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.

    我們又交付了四分之一的強勁財務業績,超出了我們在所有指標上的指導和華爾街共識。

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

    我們業務的勢頭依然強勁,我們的執行力繼續穩固。

  • 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.

    我們關鍵端的強勁收入增長——關鍵戰略市場伴隨著令人印象深刻的利潤率擴張和過去許多季度強勁的自由現金流清楚地證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仍未開發,我們打算在 2018 年朝著我們的 2020 年目標財務模型取得強勁進展。

  • 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.

    我們打算在 2018 年推動有意義的利潤率擴張和自由現金流增長,這得益於飛兆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.

    我們的業務依然強勁,來自客戶和宏觀經濟數據的跡象表明,在近期和中期,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渠道,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,我們非常有能力在今年朝著我們的目標模型取得重大進展。

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

    我們繼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 年產生的 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,我們的非美國通用會計準則毛利率擴大了 200 個基點,非美國通用會計準則營業利潤率擴大了 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運營方面的穩健執行的推動下,我們打算在 2018 年保持我們的勢頭。

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

    由於我們積極去槓桿化我們的資產負債表,我們打算從 2018 年第二季度開始重新啟動我們的股票回購計劃。

  • 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.

    鑑於我們在關鍵戰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.

    除了將我們的資金用於回購我們的股票外,我們將繼續去槓桿化我們的資產負債表,以減輕宏觀經濟增長強勁導致利率上升的風險。

  • 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度的自由現金流來償還債務。

  • Moving on to taxes.

    繼續稅收。

  • 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.

    我們認為,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我們用盡淨經營虧損和其他稅收屬性後以非常有吸引力的期限匯回我們的外國現金。

  • 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用儘後,我們將需要按 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.

    新的稅法釋放了我們有效部署外國現金的能力,通過資本回報和收購為我們的股東創造價值。

  • 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.

    根據我們對新稅法可用信息的分析,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.

    我必須提醒的是,由於稅法僅在一個月前頒布,我們對新稅法的了解有限。

  • 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,我們的稅收前景可能會發生變化。

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

    現在讓我為您提供有關我們 2017 年第四季度業績的更多詳細信息。

  • 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年第四季度總收入為13.78億美元,比2016年第四季度的12.61億美元增長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.

    第四季度 GAAP 淨收入為每股攤薄收益 1.22 美元,而 2016 年第四季度為 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.

    第四季度非美國通用會計準則淨利潤為每股攤薄收益 0.39 美元,而 2016 年第四季度為 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.

    第四季度 GAAP 毛利率為 37.3%,而 2016 年第四季度為 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.

    第四季度非美國通用會計準則毛利率為 37.5%,比 2016 年第四季度的 35.2% 增長了約 230 個基點。

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

    這種強勁的同比毛利率表現是由穩健的運營執行和收入表現推動的。

  • Improving product mix also contributed to higher gross margin.

    改善產品組合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.

    借助飛兆半導體的額外製造協同效應、組合改進和產品組合優化,我們仍有望在 2020 年之前實現 40% 的非美國通用會計準則毛利率目標。

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

    2017 年第四季度的 GAAP 營業利潤率為 12.1%,而 2016 年第四季度為 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.

    我們 2017 年第四季度的非公認會計原則營業利潤率為 15.4%,比 2016 年第四季度的 12.9% 增加了約 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 年第四季度收入同比增長 9%,我們的非公認會計原則營業利潤率增長了 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運營模式的槓桿作用和實力。

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

    第四季度 GAAP 運營費用為 3.48 億美元,而 2016 年第四季度為 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.

    第四季度非美國通用會計準則運營費用為 3.05 億美元,而 2016 年第四季度為 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,第四季度的運營費用高於我們指引的中點。

  • 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,但我們的第四季度業績包括 4.5 億美元的一次性 GAAP 所得稅收益,這是由於 12 月實施的美國公司稅改革。

  • 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.

    這一好處包括與強制性遣返稅相關的費用,以及美國法定稅率 21% 的遞延所得稅資產的重新計量,被公司對未匯出的外國收入的遞延所得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.

    由於稅制改革,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.

    但是,我們可以使用我們現有的 1.91 億美元的美國稅收抵免結轉來抵消強制性的遣返稅。

  • 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 2800 萬美元現金稅將在 8 年內支付,其中 230 萬美元將於 2018 年到期。

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

    第四季度自由現金流為 4900 萬美元,經營現金流為 2.24 億美元。

  • Capital expenditures during the fourth quarter were $176 million.

    第四季度的資本支出為 1.76 億美元。

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

    基於 2017 年非公認會計原則收入的資本密集度為 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 年第四季度,我們的現金和現金等價物為 9.49 億美元,而第三季度為 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年四季度末,庫存天數115天,比三季度末庫存天數增加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.

    庫存的增加是由於戰略性的庫存增加,以支持 2018 年上半年某些汽車項目的增加,以及故意減少分銷庫存。

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

    與第三季度相比,第四季度的分銷庫存天數減少了大約一周。

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

    2017 年第四季度,我們的交貨時間與季度環比基本持平。

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

    我們第四季度的全球工廠利用率環比略有下降。

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

    現在讓我為您提供我們業務部門的最新業績,從 Power Solutions Group 或 PSG 開始。

  • Revenue for PSG was $698 million.

    PSG 的收入為 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 年第四季度的收入為 4.87 億美元。

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

    我們的圖像傳感器組的收入為 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,我想將電話轉給 Keith Jackson,以獲取有關商業環境的更多評論。

  • Keith?

    基思?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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,以穩健的全面表現為標誌。

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

    在過去的多個季度中,我們發布了強勁的收入表現,尤其是在我們的戰略終端市場。

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

    與此同時,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經營槓桿。

  • 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.

    鑑於我們業務的強勁勢頭和日益有利的宏觀經濟條件,我們打算在本年度朝著我們的 2020 年目標財務模型邁進。

  • 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產品組合和運營模式的全部潛力。

  • 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,我們正處於實現我們在汽車和工業終端市場投資收益的早期階段。

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

    ADAS、電動汽車和混合動力汽車、機器視覺、機器人技術等的更多采用應該會推動我們的收入和利潤率進一步加速。

  • 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 年第三季度的財報電話會議中指出的那樣,我們今天的業務是由增長最快的半導體終端市場的可持續長期增長驅動力驅動的,而不是幾年前受到宏觀經濟和行業周期性的驅動。

  • 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.

    通過過去多年對汽車、工業和通信終端市場的高增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支持技術的主要供應商,為汽車和工業終端市場的新興和顛覆性應用提供支持。

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

    隨著我們戰略終端市場的強勁收入增長,在令人印象深刻的利潤率擴張的推動下,我們正在提供強大的運營槓桿。

  • 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%.

    正如伯納德之前提到的,在 2017 年第四季度收入同比增長 9% 的情況下,我們的非公認會計準則營業收入增長了 30%。

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

    我們打算比半導體行業增長得更快,這種增長應該使我們能夠在經營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進行中,這種內包應該是 2018 年和 2019 年有意義的——有意義的利潤貢獻者。

  • 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.

    與此同時,向利潤豐厚的工業和汽車終端市場的混合轉變以及對非核心業務的持續剝離應該會推動額外的利潤率擴張。

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

    儘管通信終端市場的一些地方出現疲軟,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.

    隨著客戶越來越依賴我們作為新興顛覆性技術(例如 ADAS、電動汽車、工廠自動化、機器視覺、雲電源管理、人工智能和工業電源管理。

  • 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 領域的吸引力繼續加快,我們正在通過新產品進一步擴大我們在 ADAS 領域的競爭優勢,包括圖像傳感器和處理器電源管理。

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

    我們已獲得電動汽車碳化矽的設計勝利,並有望在今年下半年實現收入。

  • 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,我們在現有和新產品的機器視覺和電源模塊方面取得了長足的進步。

  • 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.

    在雲和服務器電源管理市場,我們與領先的服務器 CPU 供應商的合作繼續加速,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.

    除了智能手機和計算市場的增長,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.

    現在讓我評論一下第四季度的業務趨勢。

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

    在第四季度,需求趨勢和預訂量強勁。

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

    與第三季度的供需動態相比,第四季度的供需動態保持穩定。

  • Lead times were approximately flat quarter-over-quarter.

    交貨時間與季度環比大致持平。

  • 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講話中提到的那樣,我們從 2017 年第三季度開始顯著降低了分銷庫存水平。

  • Pricing continues to be benign as compared to historic trends.

    與歷史趨勢相比,定價繼續保持良性。

  • 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的強勁勢頭將持續。

  • 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 年第四季度我們各個終端市場的進展情況。

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

    第四季度汽車市場的收入為 4.37 億美元,占我們第四季度收入的 32%。

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

    第四季度汽車收入同比增長 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.

    對於第四季度,我們再次看到大多數地區對大多數產品線的廣泛需求。

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

    隨著對我們的 1 兆像素和 2 兆像素圖像傳感器的強勁需求,我們在 ADAS 市場的發展勢頭繼續加快。

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

    我們最近推出了一款用於 ADAS 的 8 兆像素圖像傳感器。

  • 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.

    通過此次發布,我們是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 8 兆像素圖像傳感器的供應商。

  • 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.

    單一平台上的完整圖像傳感器系列縮短了驗證時間,降低了我們客戶的成本,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,我們在單一平台上的完整圖像傳感器系列為我們提供了顯著的競爭優勢,並進一步擴大了我們對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.

    卓越的產品組合加上龐大的安裝基礎、與領先的 ADAS 和自動駕駛處理器公司的深厚和長期合作關係、我們的領先技術(包括具有車載網絡安全和功能安全的自校正傳感器以及強大的應用支持)幫助了我們加強我們在 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 平台提供商的主要成像合作夥伴。

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

    我們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.

    我們最近被百度選擇為其 Apollo 自動駕駛平台的圖像傳感器的唯一供應商。

  • 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 年下半年產生收入。

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

    我們正在看到用於電動汽車充電器設計的 IGBT 和 FET 的增長。

  • 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,為處理器和其他汽車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汽車的電子創新和質量。

  • 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、動力總成、車身電子和照明應用的推動下,我們的模擬電源管理產品實現了創紀錄的收入。

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

    隨著歐洲和中國新項目的增加,我們的 LED 照明業務實現了強勁增長。

  • 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度的收入預計將環比增長。

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

    包括軍事、航空航天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度收入的 26%。

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

    我們第四季度的工業收入同比增長了 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依然強勁。

  • 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,進而推動工業應用對半導體的需求。

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

    我們繼續受益於對我們用於發電和商用空調的電源模塊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.

    我們的工業應用功率模塊業務繼續以驚人的速度增長,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 年繼續保持。

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

    在機器視覺市場,我們繼續取得重大進展。

  • 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.

    我們在 2017 年打破了 PYTHON 系列圖像傳感器的出貨量記錄,我們正在推出一個新的產品平台,以應對更廣泛的工業市場。

  • 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行業帶來前所未有的圖像質量、速度、像素技術和價格水平。

  • 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.

    我們繼續利用我們在汽車成像市場的專業知識發展協同效應,以加速我們在機器視覺市場的增長,因為這兩個市場都是由人工智能驅動的,並面臨著類似的挑戰,例如低光照條件、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實力增長外,我們預計還將受益於股票收益。

  • 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.

    隨著電源模塊功能的擴展和飛兆半導體產品組合的增加,我們擁有市場上最全面的工業電源管理產品組合之一。

  • 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度的收入預計將與上一季度持平。

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

    包括網絡和無線在內的通信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.

    通信終端市場占我們第四季度收入的 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,第四季度通信收入同比下降 4%,但我們通過其他主要全球客戶的滲透率增加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,預計第一季度通信終端市場的收入將環比下降。

  • The computing end market contributed revenue of $139 million in the fourth quarter.

    計算終端市場在第四季度貢獻了 1.39 億美元的收入。

  • 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度收入的 10%。

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

    第四季度計算收入同比增長 6%。

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

    第四季度計算收入的同比增長主要是由我們服務器業務的增長推動的。

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

    我們的服務器業務繼續加強,我們預計在 2018 年,我們的服務器業務將成為我們計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.

    我們正在與領先的服務器 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,我們積極與雲服務提供商和傳統服務器 OEM 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,這些加速器越來越多地用於服務器應用程序中的人工智能和機器學習。

  • 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度的收入預計將環比下降。

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

    消費者終端市場在第四季度貢獻了 1.75 億美元。

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

    消費者終端市場占我們第四季度收入的 13%。

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

    與 2016 年第四季度的消費者收入相比,2017 年第四季度的消費者收入增長了 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,預計消費者終端市場第一季度的收入將與上一季度相比大致持平。

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

    總而言之,對我們產品的需求依然強勁,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.

    在各條戰線的強大執行力的推動下,我們繼續取得可觀的成果。

  • 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.

    通過過去多年對汽車、工業和通信終端市場的高增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支持技術的關鍵供應商,為汽車和工業終端市場中新興的顛覆性應用提供支持。

  • 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對工業和汽車市場的強大投資組合,我們有能力在 2018 年實現我們的財務目標模型。

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

    現在我想把它交還給伯納德以獲得前瞻性指導。

  • Bernard?

    伯納德?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • Thank you, Keith.

    謝謝你,基思。

  • 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、積壓水平和預計周轉水平,我們預計安森美半導體的總收入將在 2018 年第一季度達到 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% 的範圍內。

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

    與 2017 年第四季度相比,第一季度的工廠利用率可能大致持平。

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

    我們預計 GAAP 總運營費用為 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 運營費用包括無形資產攤銷、重組、資產減值和其他費用,預計為 2800 萬至 3200 萬美元。

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

    我們預計非公認會計原則的總運營費用為 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.

    我們預計第一季度 GAAP 其他淨收入和支出(包括利息支出)將為 3300 萬美元至 3600 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 年第一季度為所得稅支付的現金預計為 1800 萬至 2200 萬美元。

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

    我們預計 2018 年的現金稅率為 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 年第一季度的總資本支出為 7000 萬至 9000 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.

    我們還預計 2018 年第一季度的股票薪酬為 1800 萬美元至 2000 萬美元,其中約 200 萬美元預計為銷售成本,其餘部分預計為運營費用。

  • 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原則財務措施中。

  • 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.

    根據當前股價,我們 2018 年第一季度的 GAAP 稀釋後股票數量預計為 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.

    根據當前股價,我們 2018 年第一季度的非公認會計原則稀釋後的股票數量預計為 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.

    我們的 10-Q 表格和 10-K 表格的季度和年度報告定期提供有關股票數量和每股收益計算的更多詳細信息。

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

    有了這個,我想開始問答環節。

  • Thank you.

    謝謝你。

  • And Skyler, please open up the line for questions.

    Skyler,請打開電話提問。

  • Operator

    Operator

  • (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。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • 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 年實現了利潤增長的偉大一年。

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

    展望未來,您是否預計利潤率槓桿將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運營支出來提高收入槓桿?

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

    總體而言,如果 COGS 和/或 OpEx 方面的收入增長放緩,您的成本結構有多靈活?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • So thank you, Ross.

    所以謝謝你,羅斯。

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

    是的,我們確實希望看到對運營費用的影響。

  • 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運營費用水平為 21%,而我們在 2017 年為 22%。

  • So we should be gradually moving towards that.

    所以我們應該逐漸朝著那個方向前進。

  • 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,我們使用了大約 50% 的增量和遞減收入的標準,我們預計這種情況將繼續下去。

  • 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,我們也會觸發觸發因素,例如將外包生產轉移到內部,以進一步抵消我們收入減少的影響。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • 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,我想談談現金回報方面。

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

    你們提到要在第二季度再次啟動股票回購計劃。

  • 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,還有現金回報來自股票回購與股息。

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

    然後是你對股票回購計劃的任何顏色,有多少是優秀的,它的持續時間等等。

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

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

    所以讓我問-- 首先回答最後一個問題。

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

    我們擁有的股票回購計劃,從現在到 2018 年底,我們還剩下 6 億多美元。

  • That's the current approved program.

    這是當前批准的程序。

  • 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為回購提供了一個非常強大的機會。

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

    因此,我們更多地轉向股票回購而不是股息。

  • 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,尤其是在利率上升的時期,以確保我們解除資產負債表的風險。

  • Operator

    Operator

  • Our next question comes from Chris Danely with Citigroup.

    我們的下一個問題來自花旗集團的 Chris Danely。

  • Christopher Brett Danely - MD

    Christopher Brett Danely - MD

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

    distis 有沒有說明他們為什麼要減少庫存 1 週?

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

    然後你希望他們的庫存在本季度也能做什麼?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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,我們與我們的分銷合作夥伴合作,以獲得他們為客戶提供服務所需的最低金額,因為坦率地說,額外的收入——或者那裡的額外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.

    所以真的,它只是保持一個良好的平衡,確保他們充分利用他們的現金,並確保我們充分利用我們所擁有的產品。

  • So kind of mutual decision.

    這樣的共同決定。

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

    從變化的角度來看,我預計第一季度將是相對中性的。

  • Christopher Brett Danely - MD

    Christopher Brett Danely - MD

  • Okay, great.

    好,太棒了。

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

    然後我會讓你保持在麥克風上,基思。

  • 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?

    鑑於手機市場正在發生的事情,您能否向我們介紹一下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?

    你對現在的整體環境有什麼感覺?比如說,一個季度前?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • Yes.

    是的。

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

    實際上,我們對整體環境更受鼓舞。

  • 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.

    但在與我們進入今年的客戶交談時,汽車、工業以及所有基於雲的及相關市場都有一些非常強烈的期望。

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

    因此,這些似乎相當強勁,並期待一些良好的增長。

  • 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方面的良好增長。

  • 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 年那麼好,但它應該高於或高於整個行業的中個位數增長。

  • Operator

    Operator

  • 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。

  • Vivek Arya - Director

    Vivek Arya - Director

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

    幾個季度以來,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,從這裡到 40% 目標的里程碑是什麼?

  • 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%?

    然後從長遠來看,如果所有其他半導體公司的毛利率都超過了之前的高點,Keith,40% 左右是否有一些神奇的線?

  • 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?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • So I'll answer the first question, Vivek.

    所以我會回答第一個問題,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,改進與我們在分析師日中提出的相同,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 年期間從 Fairchild 內包中獲得一些不錯的順風。

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

    隨著我們在工業和汽車毛利率高於平均水平的領域增長更快,我們將繼續獲得組合改進。

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

    我們還應該對增量收入進行正常跟進。

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

    正如我們已經提到的,我們繼續進行投資組合管理,並可能從表現不佳的業務中剝離。

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • I'll cover the 40% model.

    我將介紹 40% 模型。

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

    40% 的模型確實是為了給我們一個中期目標。

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

    沒有理由停止在 40%。

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

    我們服務的業務以及持續改進與收入增長相結合的業務應該很容易將我們帶入 40 年代中期。

  • Vivek Arya - Director

    Vivek Arya - Director

  • 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,關於電動汽車或混合動力汽車的曝光,您能否提醒我們您今天的曝光量以及您認為未來 1 到 2 年的趨勢如何?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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汽車——純電動汽車平台,並且隨著它們佔總數的百分比增長,特別是在中國,它應該會顯著上升。

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

    看看牽引模塊和電池充電模塊,每輛車又要多花 200 美元。

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

    所以在 18 年下半年應該是非常強勁的趨勢,然後是 19 和 20 年。

  • Vivek Arya - Director

    Vivek Arya - Director

  • And this is accretive to the model, I assume?

    我假設這對模型有影響嗎?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • Yes.

    是的。

  • Operator

    Operator

  • Our next question comes from Chris Caso with Raymond James.

    我們的下一個問題來自 Chris Caso 和 Raymond James。

  • Christopher Caso - Research Analyst

    Christopher Caso - Research Analyst

  • 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,聽起來它現在運行平穩,看起來您的資產負債表庫存比您所說的汽車有所增加。

  • 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,以及您對利用率和內部庫存的預期?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

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

    因此,我們正處於 80 年代的高位,並預計第一季度的情況大致相同。

  • Internal inventories, we were at 115 days.

    內部庫存,我們在 115 天。

  • I expect that will trend flat to slightly down.

    我預計這將趨於持平或略有下降。

  • Christopher Caso - Research Analyst

    Christopher Caso - Research Analyst

  • Okay.

    好的。

  • And just a follow-up with regard to pricing.

    只是關於定價的後續行動。

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

    鑑於相當強勁的行業條件,您能談談現在定價的情況嗎?

  • 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,您在年初進行的一些年度價格談判的結果是什麼?隨著時間的推移,這對定價可能意味著什麼?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • Yes.

    是的。

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

    顯然,供需動態目前有利於關注供應。

  • Pressures on pricing were less severe.

    定價壓力不那麼嚴重。

  • 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要好。

  • 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。

  • Operator

    Operator

  • 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。

  • Rajvindra S. Gill

    Rajvindra S. Gill

  • Just a quick housekeeping question.

    只是一個快速的家政問題。

  • 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按終端市場劃分收入百分比。

  • 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?

    例如,如果汽車產生了大約 1/3 的收入,那麼與功率、模擬和圖像傳感器相關的組合是多少?

  • And the same thing for industrial.

    工業也是如此。

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • We don't break that out.

    我們不會打破它。

  • 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,在整個公司層面所代表的百分比與集團層面的差距並不大。

  • Rajvindra S. Gill

    Rajvindra S. Gill

  • Okay, got it.

    好,知道了。

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

    在 USB C 的採用方面,我們看到您的一些同行也表示 USB 的採用開始起飛。

  • 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 中最能定位的一些終端市場。是智能手機嗎?

  • Is it the fast chargers?

    是快充嗎?

  • 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?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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高的附加率。

  • 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,整體不到 10%,我們看到 2018 年這一數字顯著加速。

  • Rajvindra S. Gill

    Rajvindra S. Gill

  • Great.

    偉大的。

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

    最後一個問題是關於業務中的其他增長動力。

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

    您曾提到——服務器功率推動每台服務器增長 30 美元,預計會增加。

  • 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.

    想知道你是否可以進一步詳細說明——你過去基本上提到過,在接下來的幾年裡,在新的服務器平台上,這可能會再增加 15 美元。

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

    因此,我們將從 30 美元開始上漲。

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

    所以我有點——就今年或明年的美元增長而言,我們在哪裡?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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數量都有很好的增長。

  • Operator

    Operator

  • 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。

  • Craig Andrew Ellis - Senior MD & Director of Research

    Craig Andrew Ellis - Senior MD & Director of Research

  • 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.

    我將堅持服務器主題,但請按照以下方式扭曲它,Keith,您提到您在加速器方面看到了一些很好的設計活動。

  • 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 相比是否更多?

  • And would that engagement activity include higher-end cards?

    這種參與活動會包括高端卡嗎?

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

    還是更多的服務器系統是 Nvidia DGX 和 HGX 的複製品?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

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

    好吧,我們在這兩個領域都看到了它。

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

    GPU 方面的動力可能會稍大一些,但我們隨處可見。

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

    而且它不僅僅是在高端模塊中。

  • Again, it's very broad-based.

    同樣,它的基礎非常廣泛。

  • Craig Andrew Ellis - Senior MD & Director of Research

    Craig Andrew Ellis - Senior MD & Director of Research

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

    然後,我會向你和伯納德介紹下一個。

  • 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,我認為您對收入和毛利率的評價很好。

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

    但是你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期望?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

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

    所以自由現金流,我們所說的是我們應該每年增長約 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 7 億美元,它指向大約 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%。

  • Operator

    Operator

  • Our next question comes from Vijay Rakesh with Mizuho.

    我們的下一個問題來自瑞穗的 Vijay Rakesh。

  • Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst

    Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst

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

    剛剛回購現金返還,就想知道有多少未償付,授權有多大。

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

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

    授權是 10 億美元,而我們還剩下 6 億多美元。

  • Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst

    Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst

  • 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,我知道你提到了下半年碳化矽和電動汽車的順風。

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

    你們供應給所有中國大佬,比亞迪和[牛]以及所有那些傢伙嗎?

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

    這是否會保持汽車增長 - 如果它 - 我們是否應該看到後半部分再次加速?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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贏家基礎的重要組成部分,您應該會看到下半年會加速。

  • Operator

    Operator

  • Our next question comes from Shawn Harrison with Longbow Research.

    我們的下一個問題來自 Longbow Research 的 Shawn Harrison。

  • Shawn Matthew Harrison - Senior Research Analyst

    Shawn Matthew Harrison - Senior Research Analyst

  • 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?

    您看到的通信弱點僅僅是智能手機嗎?

  • Or are you seeing weakness in base stations as well?

    或者您是否也看到基站的弱點?

  • 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,鑑於第四季度下跌,您是否預計市場會在第一季度或 2018 年同比下跌?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

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

    對於全年,我們預計 2018 年不會下降。

  • Q1 may be slightly down.

    Q1 可能略有下降。

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

    但就今年而言,我們並沒有預測到這一點。

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

    我們確實認為疲軟是全面的,但 2017 年中國手機可能會稍強一些。

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

    我們不希望今年重蹈覆轍。

  • Shawn Matthew Harrison - Senior Research Analyst

    Shawn Matthew Harrison - Senior Research Analyst

  • 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?

    然後作為後續行動,我認為 2018 年的 Fairchild 協同效應目標每年約為 4000 萬美元,你什麼時候開始看到這些好處真正滾滾而來?

  • Is it the third quarter?

    是第三季嗎?

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

    你會在今年第四季度看到這個斜坡嗎?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • 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度看到一些,然後全年逐漸增長。

  • Operator

    Operator

  • Our next question comes from Kevin Cassidy with Stifel.

    我們的下一個問題來自 Stifel 的 Kevin Cassidy。

  • Kevin Edward Cassidy - Director

    Kevin Edward Cassidy - Director

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

    關於分銷商庫存下降,您能否提醒我們分銷商服務於哪些終端市場?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • All of our end markets are serviced by distributors.

    我們所有的終端市場都由分銷商提供服務。

  • 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%,許多原始設備製造商在亞洲的製造地點使用分銷即服務模式。

  • Kevin Edward Cassidy - Director

    Kevin Edward Cassidy - Director

  • Okay.

    好的。

  • So that does include the automotive?

    那麼這包括汽車嗎?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • It does include automotive.

    它確實包括汽車。

  • Yes, it does.

    是的,它確實。

  • Kevin Edward Cassidy - Director

    Kevin Edward Cassidy - Director

  • Okay.

    好的。

  • And maybe one other question on use of cash.

    也許還有另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,現在看來 Fairchild 的收購進展相當順利,這是否又回到了談判桌上?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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.

    我們將著眼於股東的基本回報。

  • 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.

    但可以肯定的是,我們是開放的。

  • Operator

    Operator

  • Our next question comes from Tristan Gerra with Baird.

    我們的下一個問題來自 Tristan Gerra 和 Baird。

  • Tristan Gerra - MD and Senior Research Analyst

    Tristan Gerra - MD and Senior Research Analyst

  • 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?

    鑑於您對庫存的預期——內部庫存將在第一季度持平或繼續小幅增加,鑑於您認為一些客戶願意,您認為交貨時間何時有機會回落——您會對庫存水平比他們目前的水平高一點?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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 - 等式的交貨時間實際上是關於獲得超過市場增長的產能。

  • 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,而且由於整個行業在投入資金方面繼續非常自律,目前尚不清楚下半年會發生多少。

  • Tristan Gerra - MD and Senior Research Analyst

    Tristan Gerra - MD and Senior Research Analyst

  • Okay.

    好的。

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

    然後在碳化矽機會方面,利潤率狀況與您的其他業務相比如何?

  • 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,如果您還可以讓我們了解它的生產地點以及您最終計劃用於碳化矽的總產量百分比。

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • So margins there are significantly above corporate averages.

    因此,那裡的利潤率大大高於企業平均水平。

  • 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海上設施中製造晶圓,因此我們從中獲得了相當不錯的利潤狀況。

  • Operator

    Operator

  • Our next question comes from Chris Rolland with Susquehanna.

    我們的下一個問題來自 Chris Rolland 和 Susquehanna。

  • David Wayne Haberle - Associate

    David Wayne Haberle - Associate

  • It's David Haberle on behalf of Chris Rolland.

    我是代表 Chris Rolland 的 David Haberle。

  • Congrats on the continued solid execution.

    祝賀繼續紮實的執行。

  • 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?

    您能談談總體市場以及您確保容量的可用性嗎?

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

    這一切都是在你們內部完成的嗎?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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.

    基板,我們仍然在公開市場上採購,我們在那裡有長期供應協議。

  • David Wayne Haberle - Associate

    David Wayne Haberle - Associate

  • 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,我們已經註意到分銷商銷售額佔總收入的百分比從本季度的 50 年代中期到現在的 60% 上升。

  • 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?

    我們是否應該期望這種趨勢繼續下去?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

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

    不,這主要是 Fairchild 收購的結果,因為 Fairchild 在 disti 方面更重。

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

    但從根本上說,我們對目前的組合感到滿意。

  • Operator

    Operator

  • 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。

  • Harlan Sur - Senior Analyst

    Harlan Sur - Senior Analyst

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

    早上好,團隊的紮實執行工作做得很好。

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

    顯然,圍繞週期、峰值週期等似乎存在一些擔憂。

  • 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——你們提供了很多關於強大設計獲勝管道的詳細信息。

  • 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.

    但只是退後一步,從地理角度廣泛地審視您的業務,想知道您是否可以只談論所有主要地區的同比趨勢。

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • Sure.

    當然。

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

    我們已經看到歐洲和美國市場的地理優勢非常顯著。

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

    在多年弱於亞洲之後,這些國家異常強勁。

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

    其次,對我們來說,中國繼續以極快的速度增長。

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

    所以亞洲的那一部分也一直很好。

  • Harlan Sur - Senior Analyst

    Harlan Sur - Senior Analyst

  • 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細分市場。

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

    您的計算業務同比增長 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.

    如果我只是在 3 月季度的正常季節性需求趨勢之上疊加,那麼本季度它將與去年同期持平。

  • You talked about the strong tractions in servers and cloud.

    您談到了服務器和雲計算領域的強大吸引力。

  • Your content is growing.

    您的內容正在增長。

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

    數據中心資本支出的目標是在未來幾年內每年增長約 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您的長期觀點,即從長期角度來看,這項業務將同比下降 4% 至 6%?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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,去年和我們相信今年 - 它會跑贏那,所有這一切都受到雲服務器收入的推動。

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

    在抵消筆記本電腦和台式機的下滑方面,這看起來比我們預期的要強得多。

  • Operator

    Operator

  • Our next question comes from Mark Delaney with Goldman Sachs.

    我們的下一個問題來自高盛的 Mark Delaney。

  • Mark Trevor Delaney - Equity Analyst

    Mark Trevor Delaney - Equity Analyst

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

    我有 2。第一個問題是對分銷庫存的跟進。

  • 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 認為分銷渠道中可能出現庫存下降的原因?

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

    我問剛剛給定的交貨時間有所延長並且需求良好。

  • 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東西。

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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,你會逐季調整到實際銷售量。

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

    當我們到年底時,它只是按市場平衡庫存市場。

  • Mark Trevor Delaney - Equity Analyst

    Mark Trevor Delaney - Equity Analyst

  • 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.

    然後對於後續問題,我希望您能詳細說明 ON 一直在追求的傳感器融合機會。

  • 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.

    我認為大約是 1 年前 ON 從 IBM 購買了一些雷達資產,我知道這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解決方案進入市場的時間線。

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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在明年上市。

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

    隨著——我們今天已經在與我們的客戶一起進行採樣和建模。

  • 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算法盡可能高效,並以最少的數據傳輸量獲得最佳決策信息。

  • 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,我們實際上在那裡的客戶中獲得了很多良好的牽引力,但要等到 19 年,你才能看到任何東西。

  • Operator

    Operator

  • 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。

  • Craig Matthew Hettenbach - VP

    Craig Matthew Hettenbach - VP

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

    我剛剛對本季度的工業實力提出了疑問,同比增長 17%。

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

    然後你的很多同行也報告了強勁的工業增長。

  • 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?

    基思,當你展望今年時,你對它是否更接近於 GDP 增長的預期是什麼?

  • Or how are you feeling about industrial growth in 2018?

    或者您對 2018 年的工業增長有何看法?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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 增長,大約是 GDP 增長的 2 倍。

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

    我們仍然看到工廠在替代能源使用、機器視覺和自動化方面的巨大吸引力。

  • Craig Matthew Hettenbach - VP

    Craig Matthew Hettenbach - VP

  • Got it.

    知道了。

  • And then just broadly by the end markets.

    然後只是廣泛的終端市場。

  • 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.

    去年汽車和工業的增長非常強勁,然後通信和消費者稍微走弱,這符合你的長期模式。

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

    關於您如何看待 2018 年終端市場的發展,您有什麼看法嗎?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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了。

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

    我們實際上談到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,並比我們預期的更為強勁地被消費者採用。

  • Operator

    Operator

  • 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。

  • Harsh V. Kumar - MD & Senior Research Analyst

    Harsh V. Kumar - MD & Senior Research Analyst

  • First of all, congratulations, very good execution.

    首先,恭喜,執行得非常好。

  • 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.

    你們在 9 月份的運營支出水平已經達到 21.3%,然後下降了 - 或者在 12 月份略有上升。

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

    當您嘗試獲得一些運營支出槓桿時,我們是否應該期望您在 2018 年的大部分時間里達到 21.3% 或更好?

  • And then I have one more question.

    然後我還有一個問題。

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

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

    所以在 - 今年,我們是 22%。

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

    是的,由於我們在第三季度的收入達到頂峰,我們處於最低水平。

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

    我們預計這一數字將呈下降趨勢,今年將達到 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,我們指導的是 21.8%,所以它最終在中點下降。

  • Harsh V. Kumar - MD & Senior Research Analyst

    Harsh V. Kumar - MD & Senior Research Analyst

  • Understood.

    明白了。

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

    在我的後續行動中,你們在中國做很多手機業務。

  • A lot of companies have talked about inventory there.

    很多公司都在談論那裡的庫存。

  • Any views on how long that would last?

    關於這將持續多長時間的任何看法?

  • 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 3 月份的表現優於季節性,您談到了一些能源效率溢出。

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

    您能否為我們談談這些計劃的性質?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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,我們預計第一季度中國手機市場將出現大幅回調。

  • So maybe more normal patterns in Q2 and onward.

    所以可能在第二季度及以後更正常的模式。

  • 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 等技術的採用現在正在消費者中得到採納。

  • 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.

    而且,我們用於快速充電和非常節能的充電的大多數充電應用正在進入消費者端。

  • Operator

    Operator

  • 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的 John Pitzer。

  • John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

    John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

  • 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度的指導,即 3 月季度的指導。

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

    通常,您會談論待辦事項中有多少百分比的指導。

  • 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,在工業指導水平方面,有幾個季度工業在 3 月份一直在上漲。

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

    那麼,您如何看待 3 月季度相對於季節性的工業持平?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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大。

  • There's nothing of concern there.

    那裡沒什麼好擔心的。

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

    相對於工業領域,我們剛剛結束的第四季度非常好,因此我們在第一季度可能比較保守。

  • But we feel comfortable that that market continues to perform.

    但我們對這個市場繼續表現感到放心。

  • John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

    John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

  • 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,作為我的後續,就計算機會而言,您能否提醒我們今天您的計算業務中有多少是客戶端與服務器?

  • And maybe help me better understand the server content story.

    也許可以幫助我更好地理解服務器內容的故事。

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

    我們如何看待傳統服務器與加速器或 GPU 類型應用程序中的美元內容?

  • Keith D. Jackson - CEO, President and Director

    Keith D. Jackson - CEO, President and Director

  • 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,客戶端與服務器的計算部分,服務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,加速器對於我們那裡的內容來說大約在 15 美元的範圍內。

  • 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 到 10 美元,這在所有這些產品中都很常見,而服務器中的功率級則為 25 到 30 美元。

  • Operator

    Operator

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

    在這個時候,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 Parag Agarwal 先生以作結束髮言。

  • Parag Agarwal - VP of IR

    Parag Agarwal - VP of IR

  • 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。

  • Operator

    Operator

  • 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,有一個美好的一天。