安森美 (ON) 2018 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 2018 Earnings Conference Call.

    女士們,先生們,美好的一天,歡迎參加安森美半導體 2018 年第四季度收益電話會議。

  • (Operator Instructions)

    (操作員說明)

  • It is now my pleasure to turn the conference over to your host, Parag Agarwal, VP of Investor Relations and Corporate Development.

    現在,我很高興將會議轉交給您的主持人,投資者關係和企業發展副總裁 Parag Agarwal。

  • Please go ahead.

    請繼續。

  • Parag Agarwal - VP of IR

    Parag Agarwal - VP of IR

  • Thank you, Haley.

    謝謝你,海莉。

  • Good morning and thank you for joining ON Semiconductor Corporation's Fourth Quarter 2018 Quarterly Conference Call.

    早上好,感謝您參加安森美半導體公司 2018 年第四季度季度電話會議。

  • 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 earning release for the fourth quarter of 2018, will be available on our website approximately 1 hour following this conference call and recorded broadcast will be available for approximately 30 days following this conference call.

    本次廣播的重播以及我們 2018 年第四季度的收入發布將在本次電話會議後約 1 小時在我們的網站上提供,錄製的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 earning 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 will make projections or other forward-looking statements regarding future events or future financial performance of the company.

    在本次電話會議期間,我們將對公司的未來事件或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 events or results to differ materially from projections.

    我們希望提醒您,此類陳述存在風險和不確定性,可能導致實際事件或結果與預測存在重大差異。

  • 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, Form 10-Qs and other filings with 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、10-Qs 表格和其他文件中進行了描述。

  • Additional factors are described in our earning release for fourth quarter of 2018.

    我們在 2018 年第四季度的收益報告中描述了其他因素。

  • Our estimates may change, and 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。

  • As announced earlier, we will host our 2019 Analyst Day on March 8 in Scottsdale, Arizona.

    如前所述,我們將於 3 月 8 日在亞利桑那州斯科茨代爾舉辦 2019 年分析師日。

  • If you would like to attend the event and haven't received an invitation, please let us know.

    如果您想參加此次活動但尚未收到邀請,請告訴我們。

  • Now let me turn it over to Bernard Gutmann, who will provide an overview of fourth quarter 2018 results.

    現在讓我把它交給伯納德·古特曼,他將概述 2018 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 strong quarter of -- another quarter of strong financial results, despite challenging macroeconomic conditions.

    儘管宏觀經濟環境充滿挑戰,但我們又實現了強勁的季度業績——又一個季度強勁的財務業績。

  • Key secular drivers powering our business remain intact, and our execution on operations remain solid as evident by margin performance in several quarters.

    為我們的業務提供動力的關鍵長期驅動因素保持不變,我們的運營執行力保持穩健,這從幾個季度的利潤率表現可見一斑。

  • Our design win pipeline in our strategic markets, which include automotive, industrial and cloud power continue to grow, and we continue to strengthen our competitive position in those markets.

    我們在包括汽車、工業和雲計算在內的戰略市場中的設計贏得管道繼續增長,我們將繼續加強我們在這些市場中的競爭地位。

  • We remain upbeat about the future.

    我們對未來保持樂觀。

  • Since our last earnings call in November of last year, we noticed -- we have noticed a significant slowdown in demand from Greater China region.

    自去年 11 月的最後一次財報電話會議以來,我們注意到 - 我們注意到大中華地區的需求顯著放緩。

  • This slowdown further accelerated early this year when we noticed a sharp slowdown in bookings, especially from the distribution channel.

    今年年初,當我們注意到預訂量急劇放緩時,這種放緩進一步加速,尤其是來自分銷渠道的預訂量。

  • This steep decline in bookings has reversed course over the last couple of weeks, and we have seen a modest pickup.

    在過去的幾周里,預訂量的急劇下降已經逆轉,我們看到了溫和的回升。

  • Demand from other geographies appears to be in line with seasonality.

    其他地區的需求似乎與季節性一致。

  • Although weakening macroeconomic conditions could pose challenges based on current macroeconomic outlook, we expect to continue to grow our revenue and expand our margins in the current year.

    儘管基於當前的宏觀經濟前景,疲軟的宏觀經濟狀況可能會帶來挑戰,但我們預計今年的收入將繼續增長並擴大我們的利潤率。

  • Based on our current outlook, we believe that after greater-than-seasonal decline in the first quarter of 2019, we should grow sequentially in the second quarter of 2019.

    根據我們目前的展望,我們認為在 2019 年第一季度出現大於季節性的下滑之後,我們應該在 2019 年第二季度實現環比增長。

  • Key megatrends driving growth in our content in automotive, industrial and cloud power applications remain intact, and we expect to continue to benefit from these trends in the foreseeable future.

    推動我們在汽車、工業和雲電源應用內容增長的主要大趨勢保持不變,我們預計在可預見的未來將繼續受益於這些趨勢。

  • Although we remain confident in our outlook, we are managing our business prudently to rapidly adjust to slowing macroeconomic growth.

    儘管我們對我們的前景充滿信心,但我們正在謹慎管理我們的業務,以迅速適應宏觀經濟增長放緩。

  • We are taking measures to control our expenses, and we intend to adjust our working capital in line with our expected revenue.

    我們正在採取措施控制我們的開支,我們打算根據我們的預期收入調整我們的營運資金。

  • We plan to continue to expand our margins and grow our free cash flow despite current macroeconomic slowdown.

    儘管當前宏觀經濟放緩,我們仍計劃繼續擴大利潤率並增加自由現金流。

  • We believe that a highly diversified customer base, exposure to the fastest-growing semiconductor end markets and long life cycle of many of our products should help us navigate the current slowdown in demand.

    我們認為,高度多元化的客戶群、對增長最快的半導體終端市場的敞口以及我們許多產品的較長生命週期應該有助於我們應對當前的需求放緩。

  • Our largest customer in 2018 was approximately 5% of our revenue.

    我們在 2018 年的最大客戶約占我們收入的 5%。

  • Now let me provide you additional details on our fourth quarter 2018 results.

    現在讓我為您提供有關我們 2018 年第四季度業績的更多詳細信息。

  • Total revenue for the quarter of -- for the fourth quarter of 2018 was $1.503 billion, an increase of 9% as compared to revenue of $1.378 billion in the fourth quarter of 2017.

    2018 年第四季度的總收入為 15.03 億美元,與 2017 年第四季度的 13.78 億美元相比增長 9%。

  • Fourth quarter of 2018 revenue included the contribution of $19 million from ON Semiconductor Aizu, also known as OSA.

    2018 年第四季度的收入包括來自安森美半導體會津(也稱為 OSA)的 1900 萬美元的貢獻。

  • As we announced in our third quarter of 2018 earnings call, OSA is our manufacturing joint venture for an 8-inch wafer fab located in Aizu-Wakamatsu, Japan.

    正如我們在 2018 年第三季度財報電話會議上宣布的那樣,OSA 是我們在日本會津若鬆的 8 英寸晶圓廠的製造合資企業。

  • GAAP net income in our fourth quarter was $0.39 per diluted share as compared to $1.22 in the fourth quarter of 2017.

    我們第四季度的 GAAP 淨收入為每股攤薄收益 0.39 美元,而 2017 年第四季度為 1.22 美元。

  • Non-GAAP net income for the fourth quarter was $0.53 per diluted share as compared to $0.39 in the fourth quarter of 2017.

    第四季度非美國通用會計準則淨利潤為每股攤薄收益 0.53 美元,而 2017 年第四季度為 0.39 美元。

  • GAAP and non-GAAP gross margin for the fourth quarter was 37.9%.

    第四季度的 GAAP 和非 GAAP 毛利率為 37.9%。

  • OSA had a negative impact of 50 basis points in our fourth quarter 2018 gross margin.

    OSA 對我們 2018 年第四季度的毛利率產生了 50 個基點的負面影響。

  • On GAAP and non-GAAP -- on a GAAP and non-GAAP basis, our fourth quarter gross margin improved by 40 basis points year-over-year.

    根據公認會計原則和非公認會計原則——在公認會計原則和非公認會計原則的基礎上,我們第四季度的毛利率同比提高了 40 個基點。

  • Again, this year-over-year increase was negatively impacted by 50 basis points by OSA.

    同樣,這一同比增長受到 OSA 50 個基點的負面影響。

  • Another factor negatively impacted our fourth quarter 2018 gross margin on a year-over-year basis has been the rise in certain input costs.

    另一個對我們 2018 年第四季度毛利率同比產生負面影響的因素是某些投入成本的上升。

  • Our strong year-over-year gross margin performance was driven by solid operational execution and by improving mix.

    我們強勁的同比毛利率表現是由穩健的運營執行和改善組合推動的。

  • Our GAAP operating margin for the fourth quarter of 2018 was 14.8% as compared to 12.2% in the fourth quarter of 2017.

    我們 2018 年第四季度的 GAAP 營業利潤率為 14.8%,而 2017 年第四季度為 12.2%。

  • Our GAAP operating margin for the fourth quarter of 2018 was 16.8% as compared to 15.3% in the fourth quarter of 2017.

    我們 2018 年第四季度的 GAAP 營業利潤率為 16.8%,而 2017 年第四季度為 15.3%。

  • Our fourth quarter 2018 non-GAAP operating margin was impacted negatively by 20 basis points by OSA.

    我們 2018 年第四季度的非公認會計原則營業利潤率受到 OSA 的 20 個基點的負面影響。

  • On a year-over-year, revenue increase of 9% in the fourth quarter of 2018 and our non-GAAP operating income increased by 20%.

    與去年同期相比,2018 年第四季度的收入增長了 9%,我們的非公認會計準則營業收入增長了 20%。

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

    這種強勁的經營業績證明了我們經營模式的槓桿作用和實力。

  • GAAP operating expenses for the fourth quarter were $347 million as compared to $349 million in the fourth quarter of 2017.

    第四季度 GAAP 運營費用為 3.47 億美元,而 2017 年第四季度為 3.49 億美元。

  • Non-GAAP operating expenses for the fourth quarter were $317 million as compared to $305 million in the fourth quarter of 2017.

    第四季度非美國通用會計準則運營費用為 3.17 億美元,而 2017 年第四季度為 3.05 億美元。

  • Fourth quarter free cash flow was $289 million and operating cash flow was $421 million.

    第四季度自由現金流為 2.89 億美元,經營現金流為 4.21 億美元。

  • For the full year 2018, we generated free cash flow of $759 million as compared to $707 million in 2017.

    2018 年全年,我們產生了 7.59 億美元的自由現金流,而 2017 年為 7.07 億美元。

  • Capital expenditures during the fourth quarter were $132 million, which equates to a capital intensity of 9%.

    第四季度的資本支出為 1.32 億美元,相當於 9% 的資本密集度。

  • Recall that to meet increasing demands for our products and to mitigate the impact of steep rise in price of raw wafers, we expect a higher level of capital intensity for the current year.

    回想一下,為了滿足對我們產品不斷增長的需求並減輕原始晶圓價格急劇上漲的影響,我們預計今年的資本密集度會更高。

  • We exited the fourth quarter of 2018 with cash and cash equivalents of $1,070,000,000 as compared to $951 million at the end of the third quarter of 2018.

    2018 年第四季度末,我們的現金和現金等價物為 1,070,000,000 美元,而 2018 年第三季度末為 9.51 億美元。

  • We used $200 million of cash to repurchase 11.5 million shares of our stock in the fourth quarter.

    我們在第四季度用 2 億美元現金回購了 1150 萬股我們的股票。

  • At the end of the fourth quarter, days of inventory on hand were 120 days, up by 4 days as compared to 116 days in the third quarter.

    四季度末,庫存天數為120天,比三季度的116天增加4天。

  • Distribution inventory in terms of weeks increased quarter-over-quarter in the fourth quarter but is within our range of 11 to 13 weeks.

    第四季度分銷庫存按週計算環比增加,但在我們的 11 至 13 週範圍內。

  • We expect distribution inventories to remain within our normal range of 11 to 13 weeks in the near term.

    我們預計短期內分銷庫存將保持在我們正常的 11 至 13 週範圍內。

  • As we indicated earlier, to mitigate the risk of excessive inventory in the channel, we are proactively managing inventory in the distribution channel.

    如前所述,為了降低渠道庫存過多的風險,我們正在積極管理分銷渠道中的庫存。

  • We have implemented systems to ensure that distributors can't carry more inventory that -- than what is needed to support the 11 to 13 weeks of resales.

    我們已經實施了一些系統,以確保分銷商的庫存不能超過支持 11 到 13 周轉售所需的庫存。

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

    現在讓我向您介紹我們業務部門的最新表現,從 Power Solutions Group 或 PSG 開始。

  • Revenue for PSG for the fourth quarter was $787 million.

    PSG 第四季度的收入為 7.87 億美元。

  • Revenue for the Analog Solutions Group for the fourth quarter of 2018 was $530 million, and revenue for the Intelligent Sensing Group was $186 million.

    2018 年第四季度模擬解決方案集團的收入為 5.3 億美元,智能傳感集團的收入為 1.86 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 & Director

    Keith D. Jackson - CEO, President & Director

  • Thanks, Bernard.

    謝謝,伯納德。

  • The fourth quarter of 2018 was yet another strong quarter for ON Semiconductor.

    2018 年第四季度是安森美半導體又一個強勁的季度。

  • Despite a meaningful slowdown in demand from the Greater China region, we delivered strong revenue and margin performance.

    儘管大中華地區的需求顯著放緩,但我們實現了強勁的收入和利潤率表現。

  • Though the current macroeconomic outlook has impacted our near-term outlook, we remain upbeat about our mid- to long-term prospects.

    儘管當前的宏觀經濟前景影響了我們的近期前景,但我們仍然對我們的中長期前景持樂觀態度。

  • We believe that secular trends in our key markets driving our revenue will continue to strengthen, and we expect to outgrow the broader analog and power semiconductor group in a meaningful manner.

    我們相信,推動我們收入的主要市場的長期趨勢將繼續加強,我們預計將以有意義的方式超越更廣泛的模擬和功率半導體集團。

  • Our design win pipeline in our strategic markets is growing at a strong pace, our customer engagements are strengthening and our competitive positioning is improving significantly.

    我們在戰略市場中的設計贏得渠道正在以強勁的速度增長,我們的客戶參與度正在加強,我們的競爭地位正在顯著提高。

  • As I mentioned earlier, key megatrends driving our business continue to strengthen.

    正如我之前提到的,推動我們業務發展的主要大趨勢繼續加強。

  • In the automotive market, accelerating adoption of electric vehicles and active safety is driving strong growth in our power semiconductor and sensor businesses.

    在汽車市場,加速採用電動汽車和主動安全正在推動我們的功率半導體和傳感器業務的強勁增長。

  • In the industrial markets, we are seeing steep growth in our power semiconductor content, driven by higher power efficiency requirements for industrial systems.

    在工業市場,我們看到我們的功率半導體含量急劇增長,這是由工業系統更高的能效要求推動的。

  • In the cloud power market, we are seeing robust growth for our analog power management products for servers and power semiconductors for 5G infrastructure markets.

    在雲電源市場,我們看到用於服務器的模擬電源管理產品和用於 5G 基礎設施市場的功率半導體的強勁增長。

  • Before I get into details of the fourth quarter, let me highlight the business performance for 2018 and lay out priorities for 2019.

    在詳細介紹第四季度之前,讓我強調一下 2018 年的業務表現並列出 2019 年的優先事項。

  • 2018 was a strong year for ON Semiconductor, and we delivered solid results on all fronts.

    2018 年是安森美半導體強勁的一年,我們在各方面都取得了可觀的業績。

  • Our 2018 revenue, excluding OSA, grew by 9% year-over-year.

    我們 2018 年的收入(不包括 OSA)同比增長 9%。

  • Our 2018 non-GAAP gross margin expanded by 120 basis points year-over-year.

    我們的 2018 年非公認會計原則毛利率同比增長 120 個基點。

  • We achieved this strong gross margin expansion despite significant year-over-year increases in raw material costs in 2018.

    儘管 2018 年原材料成本同比大幅增加,但我們仍實現了強勁的毛利率增長。

  • Our non-GAAP operating margin expanded by 170 basis points year-over-year.

    我們的非公認會計原則營業利潤率同比增長 170 個基點。

  • On year-over-year non-GAAP revenue increase of 9%, our non-GAAP operating income increased by 22% in 2018.

    非 GAAP 收入同比增長 9%,我們的非 GAAP 營業收入在 2018 年增長了 22%。

  • Our 2018 free cash flow was $759 million as compared to $707 million in 2017.

    我們 2018 年的自由現金流為 7.59 億美元,而 2017 年為 7.07 億美元。

  • We expect to continue to grow in 2019, although headwinds from the slowing macroeconomic environment will likely impact our growth rate.

    我們預計 2019 年將繼續增長,儘管宏觀經濟環境放緩的不利因素可能會影響我們的增長率。

  • Customers are increasingly relying on us as a key provider of leading-edge power semiconductor, analog and sensing technologies, and we're working diligently to ensure success for our customers.

    客戶越來越依賴我們作為領先的功率半導體、模擬和傳感技術的主要供應商,我們正在努力確保客戶的成功。

  • We intend to grow faster than our analog and power semiconductor peer group, driven by our strong momentum in automotive, industrial and cloud power markets.

    在我們在汽車、工業和雲電源市場的強勁勢頭的推動下,我們打算比我們的模擬和功率半導體同行增長得更快。

  • On the margin front, we expect continued expansion in our gross margins in 2019, driven by ongoing operational improvements and improving mix of automotive, industrial and cloud power-related products.

    在利潤率方面,我們預計 2019 年我們的毛利率將繼續擴大,這得益於持續的運營改進以及汽車、工業和雲電源相關產品組合的改善。

  • Furthermore, we do not expect incremental headwinds from increases in raw material costs in 2019.

    此外,我們預計 2019 年原材料成本上漲不會帶來更大的阻力。

  • On the operating expense front, we intend to tightly manage our expenses in light of changing macroeconomic conditions.

    在運營費用方面,我們打算根據不斷變化的宏觀經濟狀況嚴格管理我們的費用。

  • Our above-industry revenue growth, coupled with strong margin performance, should result in strong free cash flow generation in 2019.

    我們高於行業的收入增長,加上強勁的利潤率表現,應該會在 2019 年產生強勁的自由現金流。

  • In summary, we intend to deliver solid all-around performance in 2019.

    總而言之,我們打算在 2019 年實現穩健的全面表現。

  • Now let me comment on the business environment.

    現在讓我評論一下商業環境。

  • Since our last earnings announcement in November of last year, we have seen continued softening in demand from the Greater China region with steep decline in order rates across all end markets.

    自去年 11 月我們上次發布財報以來,我們看到大中華地區的需求持續疲軟,所有終端市場的訂單率都急劇下降。

  • Industrial and consumer end markets have been especially weak in Greater China region.

    大中華地區的工業和消費終端市場尤其疲軟。

  • Decline in demand there is further corroborated by weakening macroeconomic indicators, such as GDP, PMI and export/import data.

    國內生產總值、採購經理人指數和進出口數據等宏觀經濟指標疲軟進一步證實了需求下降。

  • As Bernard noted in his remarks, in recent days, we have seen stabilization, followed by a modest pickup in bookings from the Greater China region.

    正如伯納德在講話中指出的那樣,最近幾天,我們看到了企穩,隨後大中華地區的預訂量略有回升。

  • Demand from other geographies is along historic seasonal trends.

    其他地區的需求符合歷史性的季節性趨勢。

  • We are also experiencing much-publicized weakness in global smartphone market, although our fourth quarter smartphone-related revenue was in line with expectations.

    儘管我們第四季度與智能手機相關的收入符合預期,但我們也在全球智能手機市場經歷了廣為人知的疲軟。

  • On the supply side, channel inventories are generally healthy.

    在供應方面,渠道庫存總體上是健康的。

  • But based on order patterns, it appears that distributors in Greater China region are aggressively reducing their inventory.

    但從訂單模式來看,大中華地區的經銷商似乎正在積極減少庫存。

  • We expect that softening macroeconomic conditions will have an impact on our near-term growth outlook.

    我們預計,疲軟的宏觀經濟狀況將對我們的近期增長前景產生影響。

  • However, based on current macroeconomic outlook and our momentum in industrial, automotive and cloud power markets, we expect to grow at a reasonable pace in 2019.

    然而,基於當前的宏觀經濟前景以及我們在工業、汽車和雲能源市場的發展勢頭,我們預計 2019 年將以合理的速度增長。

  • Now I'll provide details of the progress in our various end markets for the fourth quarter of 2018.

    現在,我將詳細介紹 2018 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 $475 million and represented 32% of our revenue in the fourth quarter.

    第四季度汽車市場的收入為 4.75 億美元,占我們第四季度收入的 32%。

  • Fourth quarter automotive revenue grew by 9% year-over-year.

    第四季度汽車收入同比增長 9%。

  • Excluding contribution of $14 million from OSA, our fourth quarter automotive revenue grew by 5% year-over-year.

    不計 OSA 貢獻的 1400 萬美元,我們第四季度的汽車收入同比增長 5%。

  • We noticed significant weakness in the automotive market in China in the fourth quarter.

    我們注意到第四季度中國汽車市場顯著疲軟。

  • Our design win pipeline in the automotive market continues to grow at a solid pace.

    我們在汽車市場的設計贏得渠道繼續以穩健的速度增長。

  • We are seeing strong adoption of our products in vehicle electrification, active safety and in various analog power management applications.

    我們看到我們的產品在汽車電氣化、主動安全和各種模擬電源管理應用中得到廣泛採用。

  • Despite a slowdown in economic growth outlook, we expect to see continuing meaningful increase in our content in automotive applications.

    儘管經濟增長前景放緩,但我們預計我們在汽車應用中的含量將繼續顯著增加。

  • We are seeing strong momentum for our power products, especially MOSFETs, traction IGBTs, high-power modules and gate drivers in vehicle electrification.

    我們看到我們的電源產品發展勢頭強勁,特別是 MOSFET、牽引 IGBT、大功率模塊和汽車電氣化中的柵極驅動器。

  • We are seeing strong momentum in China EV market with our silicon carbide and FET products.

    我們看到碳化矽和 FET 產品在中國電動汽車市場的強勁勢頭。

  • And we expect many customers to ramp traction inverters with our power semiconductors in the near term.

    我們預計許多客戶將在短期內使用我們的功率半導體增加牽引逆變器。

  • To capitalize on steep expected growth in China EV market, we continue to invest in that market.

    為了利用中國電動汽車市場的預期急劇增長,我們將繼續投資該市場。

  • In other markets, we are seeing significant excitement from customers related to our expanding silicon carbide and IGBT product portfolio.

    在其他市場,我們看到客戶對我們不斷擴大的碳化矽和 IGBT 產品組合感到非常興奮。

  • Momentum for our sensor products for ADAS and viewing applications is accelerating, and we are meaningfully extending our competitive lead in that market by a huge margin.

    我們用於 ADAS 和查看應用的傳感器產品的發展勢頭正在加速,我們正在顯著擴大我們在該市場的競爭優勢。

  • According to the latest report by TSR, a leading independent market research firm, our overall market share in the automotive image sensor market is now 62%, and our share in ADAS segment of automotive imaging market is 81%.

    根據領先的獨立市場研究公司 TSR 的最新報告,我們目前在汽車圖像傳感器市場的整體市場份額為 62%,我們在汽車影像市場的 ADAS 細分市場份額為 81%。

  • Customers are increasingly relying on us to provide them with leading-edge technologies and complete product portfolio for automotive imaging applications.

    客戶越來越依賴我們為他們提供領先的技術和完整的汽車成像應用產品組合。

  • As I've indicated before, we are the only provider of automotive image sensors with a complete portfolio of 1-megapixel, 2-megapixel and 8-megapixel image sensors.

    正如我之前所指出的,我們是唯一一家擁有完整的 1 兆像素、2 兆像素和 8 兆像素圖像傳感器產品組合的汽車圖像傳感器供應商。

  • The breadth of our portfolio enabled us to secure a major design win with a German automotive OEM for our 2-megapixel and 8-megapixel image sensors for Level 2 and Level 3 ADAS systems in the fourth quarter.

    我們廣泛的產品組合使我們能夠在第四季度與一家德國汽車 OEM 合作,為我們用於 2 級和 3 級 ADAS 系統的 2 兆像素和 8 兆像素圖像傳感器贏得重大設計勝利。

  • On analog power management front, we continue to make progress on our power management programs for automotive processors.

    在模擬電源管理方面,我們繼續在汽車處理器的電源管理計劃上取得進展。

  • We are engaged with all leading processor providers for automotive applications.

    我們與所有領先的汽車應用處理器供應商合作。

  • We're also seeing strong traction for our LED drivers and for lighting applications.

    我們還看到我們的 LED 驅動器和照明應用具有強大的吸引力。

  • Revenue in the first quarter for the automotive end market is expected to be flat to slightly down quarter-over-quarter as opposed to seasonally higher sequential revenue.

    預計汽車終端市場第一季度的收入環比持平或略有下降,而不是季節性的環比增長。

  • Weaker-than-seasonal growth in our automotive business is driven primarily by softness in the Greater China market.

    我們汽車業務的弱於季節性增長主要是由於大中華市場疲軟。

  • The industrial end market, which includes military, aerospace and medical, contributed revenue of $390 million in the fourth quarter.

    包括軍事、航空航天和醫療在內的工業終端市場在第四季度貢獻了 3.9 億美元的收入。

  • Contribution from OSA to the fourth quarter industrial revenue was not meaningful.

    OSA 對第四季度工業收入的貢獻沒有意義。

  • The industrial end market represented 26% of our revenue in the fourth quarter and grew by 8% year-over-year.

    工業終端市場占我們第四季度收入的 26%,同比增長 8%。

  • We continue to see strong traction for our power semiconductor products and modules in the industrial end market.

    我們繼續看到我們的功率半導體產品和模塊在工業終端市場上的強大吸引力。

  • For the broad range of medium- and high-voltage power semiconductors and modules, we are well positioned to capitalize on the secular trend of increased power efficiency requirements for industrial systems.

    對於範圍廣泛的中高壓功率半導體和模塊,我們有能力利用工業系統提高功率效率要求的長期趨勢。

  • Despite slowing macroeconomic conditions, demand for our power semiconductors and modules continues to be strong and our customer engagements continue to expand.

    儘管宏觀經濟狀況放緩,但對我們的功率半導體和模塊的需求仍然強勁,我們的客戶參與度繼續擴大。

  • Within industrial, medical was an area of solid strength in the fourth quarter.

    在工業中,醫療是第四季度實力強勁的領域。

  • We're seeing strong tractions for our products in personal diagnostics and hearing health market.

    我們看到我們的產品在個人診斷和聽力健康市場具有強大的吸引力。

  • Revenue in the first quarter for the industrial end market is expected to be flat to slightly down quarter-over-quarter as opposed to seasonally higher sequential revenue.

    預計工業終端市場第一季度的收入環比持平或略有下降,而不是季節性的環比增長。

  • Weaker-than-seasonal growth in our industrial business is driven primarily by softness in the Greater China market.

    我們的工業業務增長低於季節性,主要是由於大中華市場疲軟。

  • The communications end market, which includes both networking and wireless, contributed revenue of $300 million for 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 3 億美元的收入。

  • There was no contribution from OSA toward fourth quarter 2018 communications revenue.

    OSA 對 2018 年第四季度的通信收入沒有貢獻。

  • The communications end market represented 20% of our revenue in the fourth quarter.

    通信終端市場占我們第四季度收入的 20%。

  • Fourth quarter communications revenue increased by 20% year-over-year.

    第四季度通信收入同比增長 20%。

  • We are beginning to see strong ramp in our medium-voltage MOSFETs and 5G infrastructure market.

    我們開始看到我們的中壓 MOSFET 和 5G 基礎設施市場強勁增長。

  • We expect this ramp to accelerate in 2019 as the start of early 5G deployments in a few parts of the world.

    我們預計,隨著世界一些地區早期 5G 部署的開始,這一增長將在 2019 年加速。

  • Current indications from our customers point to a better-than-expected rate of deployment for 5G systems in the near term.

    我們客戶的當前跡象表明,短期內 5G 系統的部署率好於預期。

  • As we indicated earlier, our power content in the 5G infrastructure systems is many times that in the 4G systems.

    如前所述,我們在 5G 基礎設施系統中的功率含量是 4G 系統中的許多倍。

  • Furthermore, our participation in 5G systems is expected to be significantly higher than our participation in 4G systems.

    此外,我們對 5G 系統的參與預計將顯著高於我們對 4G 系統的參與。

  • On the smartphone front, our revenue in the fourth quarter declined only slightly quarter-over-quarter as content increases helped offset decline in units.

    在智能手機方面,我們在第四季度的收入僅比上一季度略有下降,因為內容的增加幫助抵消了單位的下降。

  • Revenue in the first quarter for the communications end market is expected to be down quarter-over-quarter.

    預計第一季度通信終端市場的收入將環比下降。

  • Revenue decline in the first quarter will be significantly greater than normal seasonality due to weakness in the global smartphone market.

    由於全球智能手機市場疲軟,第一季度的收入下降幅度將明顯大於正常的季節性。

  • The computing end market contributed revenue of $167 million in the fourth quarter.

    計算終端市場在第四季度貢獻了 1.67 億美元的收入。

  • There was no contribution from OSA toward the fourth quarter 2018 computing revenue.

    OSA 對 2018 年第四季度的計算收入沒有任何貢獻。

  • Computing end market represented 11% of our revenue in the fourth quarter, and the fourth quarter computing revenue grew by 22% year-over-year.

    計算終端市場占我們第四季度收入的 11%,第四季度計算收入同比增長 22%。

  • The year-over-year growth was driven primarily by strength in our server business.

    同比增長主要是由我們的服務器業務的實力推動的。

  • We expect strength in computing to continue into 2019, although we expect moderation in capital expenditures by leading cloud service providers.

    我們預計計算領域的實力將持續到 2019 年,儘管我們預計領先的雲服務提供商的資本支出將有所放緩。

  • In future generations of server platforms, we expect meaningful increase in our content.

    在未來幾代服務器平台中,我們期望我們的內容顯著增加。

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

    由於正常的季節性和疲軟的宏觀經濟狀況,預計計算終端市場第一季度的收入將環比下降。

  • The consumer end market contributed revenue of $171 million in the fourth quarter.

    消費者終端市場在第四季度貢獻了 1.71 億美元的收入。

  • The consumer end market represented 11% of our revenue in the fourth quarter.

    消費者終端市場占我們第四季度收入的 11%。

  • Excluding contribution of $4.2 million from OSA, fourth quarter 2018 consumer revenue was down 13% as compared to consumer revenue in the fourth quarter of 2017.

    不計 OSA 貢獻的 420 萬美元,與 2017 年第四季度的消費者收入相比,2018 年第四季度的消費者收入下降了 13%。

  • The decline was due to weakness in Greater China region and our selective participation in certain areas of consumer electronic market.

    下降是由於大中華地區的疲軟以及我們選擇性地參與消費電子市場的某些領域。

  • Revenue in the first quarter for the consumer end market is expected to be down quarter-over-quarter, primarily due to the continuing weakness in the Greater China region and normal seasonality.

    消費終端市場第一季度的收入預計將環比下降,主要是由於大中華地區的持續疲軟和正常的季節性因素。

  • In summary, we have seen weakness in demand from Greater China region.

    總而言之,我們看到大中華地區的需求疲軟。

  • However, despite current weakness in the macroeconomic environment, secular megatrends driving our business remain intact, and we are upbeat about our medium- to long-term prospects.

    然而,儘管當前宏觀經濟環境疲軟,推動我們業務的長期大趨勢仍然完好無損,我們對我們的中長期前景持樂觀態度。

  • The key driver of our business is significant content increase in many applications in automotive, industrial and cloud power end markets as opposed to underlying unit growth in these end markets.

    我們業務的主要驅動力是汽車、工業和雲電源終端市場的許多應用的內容顯著增加,而不是這些終端市場的基本單位增長。

  • We have established leadership in highly differentiated power, analog and sensor semiconductor solutions, and we believe that customers are increasingly relying on us as a key provider of enabling technologies for newly emerging and disruptive applications in automotive, industrial and cloud power end markets.

    我們在高度差異化的電源、模擬和傳感器半導體解決方案方面建立了領導地位,我們相信客戶越來越依賴我們作為支持技術的主要供應商,為汽車、工業和雲電源終端市場的新興和顛覆性應用提供支持技術。

  • To adjust to slowing macro environment, we are prudently managing our business with sharp focus on expenses and working capital.

    為了適應放緩的宏觀環境,我們謹慎地管理我們的業務,並將重點放在開支和營運資金上。

  • Our operational execution remains solid.

    我們的運營執行依然穩健。

  • We have continued to expand our margins and generate strong free cash flow.

    我們繼續擴大利潤率並產生強勁的自由現金流。

  • 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 turn levels, we estimate that total ON Semiconductor revenue is expected to be in the range of $1.365 billion to $1.415 billion in the first quarter of 2019.

    根據產品預訂趨勢、積壓水平和預計周轉水平,我們估計安森美半導體的總收入預計在 2019 年第一季度將在 13.65 億美元至 14.15 億美元之間。

  • Included in our first quarter revenue guidance is approximately $20 million revenue from manufacturing services provided by OSA.

    我們第一季度的收入指導中包括來自 OSA 提供的製造服務的約 2000 萬美元收入。

  • As I indicated earlier, the greater-than-seasonal decline in the first quarter is primarily driven by weakness in Greater China region.

    正如我之前指出的,第一季度大於季節性的下降主要是由大中華地區的疲軟推動的。

  • Based on our current outlook, assuming no further decline in macroeconomic conditions, we expect to grow sequentially in the second quarter of 2019.

    根據我們目前的展望,假設宏觀經濟狀況不會進一步下滑,我們預計 2019 年第二季度將連續增長。

  • For the first quarter of 2019, we expect gross margin to be in the range of 36.4% to 37.4%.

    對於 2019 年第一季度,我們預計毛利率將在 36.4% 至 37.4% 之間。

  • Our first quarter gross margin guidance includes the negative impact of 50 basis points from the manufacturing services provided by OSA.

    我們的第一季度毛利率指導包括 OSA 提供的製造服務帶來的 50 個基點的負面影響。

  • We expect total GAAP operating expenses of $330 million to $348 million.

    我們預計 GAAP 總運營費用為 3.3 億美元至 3.48 億美元。

  • Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be $30 million to $34 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 3000 萬至 3400 萬美元。

  • We expect total non-GAAP operating expenses of $300 million to $314 million in the first quarter.

    我們預計第一季度非美國通用會計準則運營費用總額為 3 億美元至 3.14 億美元。

  • We anticipate first quarter 2019 GAAP net other income and expense, including interest expense, will be $31 million to $34 million, which includes noncash interest expense of $9 million to the $10 million.

    我們預計 2019 年第一季度 GAAP 其他淨收入和支出(包括利息支出)將為 3100 萬美元至 3400 萬美元,其中包括 900 萬美元至 1000 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 $22 million to $24 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 2200 萬美元至 2400 萬美元。

  • Cash paid for income taxes for the first quarter of 2019 is expected to be $16 million to $20 million.

    2019 年第一季度為所得稅支付的現金預計為 1600 萬至 2000 萬美元。

  • We expect total capital expenditures of $170 million to $180 million in the first quarter of 2019.

    我們預計 2019 年第一季度的總資本支出為 1.7 億美元至 1.8 億美元。

  • We expect capital intensity for 2019 to be approximately 9%.

    我們預計 2019 年的資本密集度約為 9%。

  • We also expect share-based compensation of $19 million to $21 million in the first quarter of 2019, 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 2019 年第一季度的股票薪酬為 1900 萬美元至 2100 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 diluted share count for the first quarter of 2019 is expected to be 420 million shares based on the current stock price.

    根據當前股價,我們 2019 年第一季度的稀釋後股票數量預計為 4.2 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 Haley, please open up the line for questions.

    海莉,請打開電話提問。

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from Chris Danely of Citigroup.

    (操作員說明)我們的第一個問題來自花旗集團的 Chris Danely。

  • Christopher Brett Danely - MD

    Christopher Brett Danely - MD

  • Can you just talk about the pickup in order rates recently?

    你能談談最近的訂單率嗎?

  • And then if you've talked to the customers and the [disties,] what's the reasoning they're giving for the recovery in orders?

    然後,如果您與客戶和 [disties] 交談過,他們為恢復訂單給出的理由是什麼?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So again, I don't know if there is a lot to talk about.

    再說一次,我不知道是否有很多話要說。

  • We saw -- in early January, we normally would see a pickup in orders after a decline at the end of December, and it didn't happen.

    我們看到 - 在 1 月初,我們通常會看到訂單在 12 月底下降後回升,但並沒有發生。

  • And then here in the last week, it did start to pick up again and, really, have no more color beyond that.

    然後在上週,它確實開始再次回升,而且,真的,除此之外沒有更多的顏色了。

  • Christopher Brett Danely - MD

    Christopher Brett Danely - MD

  • Okay.

    好的。

  • And for my follow-up, can you just give us your take on what the plans are for utilization rates?

    對於我的後續行動,您能否告訴我們您對利用率計劃的看法?

  • And then how do we get the gross margins up to like 40%?

    那麼我們如何將毛利率提高到 40% 左右?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • So the utilization rates in the short term are flattish to slightly down compared to Q4.

    因此,與第四季度相比,短期內的利用率持平或略有下降。

  • It's about in the 80 -- low-80s percent.

    大約在 80 歲——80 歲以下。

  • The elements to grow gross margin continue being the same that we have talked about.

    增加毛利率的要素與我們所討論的相同。

  • A 50% mark-through on incremental revenue is nice and a significant help from the mix in our products; and probably, the moderation of the increases in headwinds that we had from cost increases in 2018 that we do not expect will continue in 2019.

    50% 的增量收入是不錯的,並且對我們的產品組合有很大幫助;並且,我們預計 2018 年成本增加帶來的不利因素增加可能會在 2019 年持續放緩。

  • Operator

    Operator

  • Our next question comes from Ross Seymore of Deutsche Bank.

    我們的下一個問題來自德意志銀行的 Ross Seymore。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • Keith, first one for you.

    基思,第一個給你。

  • Given the volatility of the bookings as you described it week-to-week and month-to-month, what gives you the confidence to believe you can grow in 2Q and 2019 as a whole?

    鑑於您所描述的每周和每月的預訂波動性,是什麼讓您有信心相信您可以在 2Q 和 2019 年整體增長?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Well, certainly, backlog indicates that at this stage.

    嗯,當然,積壓表明在這個階段。

  • And our design wins, as reported from the customers and their ramp dates as reported to us, support ramp Q2 and onward this year.

    我們的設計獲勝,正如客戶報告的那樣,他們向我們報告的斜坡日期,支持今年第二季度及以後的斜坡。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • Okay.

    好的。

  • And I guess, for my follow-on, one for you on your side, Bernard.

    我想,對於我的後續行動,伯納德,你身邊的一個。

  • The OpEx, you mentioned about controlling that tightly.

    運營支出,您提到要嚴格控制。

  • In the amount you guided to for the first quarter, is there any onetime benefits in that?

    在您指導第一季度的金額中,有沒有一次性的好處?

  • Or is that kind of the run rate you guys can hold until you get the revenue growth actually coming back?

    還是你們可以保持這種運行速度,直到收入增長真正恢復?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • We do have some permanent cuts.

    我們確實有一些永久性的削減。

  • At the same time, our fourth -- our first quarter is also shorter on dates.

    與此同時,我們的第四季度——我們的第一季度的日期也較短。

  • So in that sense, you can call that a little bit of a onetime.

    所以從這個意義上說,你可以稱之為一次性。

  • But in the long run, we expect to continue driving to our 21% target and expect to be gradually getting there.

    但從長遠來看,我們預計將繼續向我們的 21% 目標邁進,並有望逐步實現這一目標。

  • Operator

    Operator

  • Our next question comes from Vivek Arya of Bank of America Merrill Lynch.

    我們的下一個問題來自美銀美林的 Vivek Arya。

  • Vivek Arya - Director

    Vivek Arya - Director

  • Keith, it's interesting that overall sales grew 9% last year.

    基思,有趣的是,去年整體銷售額增長了 9%。

  • But your Intelligent Sensing Group sales were kind of flat.

    但是您的智能傳感集團的銷售額有點平淡。

  • I'm curious, what is the auto's versus non-auto's exposure in that segment?

    我很好奇,汽車與非汽車在該領域的曝光率是多少?

  • And what will be needed to make that business grow more in line with other segments?

    需要什麼才能使該業務與其他細分市場更加一致?

  • And when will you see some of the benefits of the ADAS that you outlined?

    您何時會看到您概述的 ADAS 的一些好處?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes.

    是的。

  • So the automotive piece continues to grow very significantly as we have set expectations for.

    因此,正如我們所設定的預期,汽車部分繼續顯著增長。

  • It's about half of the total number in Intelligent Sensors Group.

    約佔智能傳感器集團總數的一半。

  • The flatness that you see there is really us not participating in some of the low-end security market, which declined year-over-year.

    你看到的平坦度實際上是我們沒有參與一些低端安全市場,這些市場同比下降。

  • Vivek Arya - Director

    Vivek Arya - Director

  • Okay.

    好的。

  • And then in communications, could you also give us a breakdown of handsets versus infrastructure?

    然後在通信方面,您能否也給我們提供手機與基礎設施的細分?

  • And on the 5G side, what kind of content rates are you seeing?

    在 5G 方面,您看到什麼樣的內容速率?

  • And is there a way to quantify how much of 5G exposure can be in 2019?

    有沒有辦法量化 2019 年的 5G 曝光率?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So kind of try and take those as best I can do.

    因此,盡我所能嘗試並採取這些措施。

  • About 16% is handsets of sales, 4% is infrastructure, of the 20% total.

    大約 16% 是銷售的手機,4% 是基礎設施,佔總數的 20%。

  • So it's mostly handsets.

    所以主要是手機。

  • From a 5G infrastructure perspective, obviously that's small now.

    從 5G 基礎設施的角度來看,現在顯然這很小。

  • As it starts to ramp, it can be very significant for us.

    隨著它開始上升,它對我們來說可能非常重要。

  • Depending on the type of 5G installation, it can be anywhere from $10 to $150 or so.

    根據 5G 安裝的類型,價格可能在 10 美元到 150 美元之間。

  • Operator

    Operator

  • Our next question comes from Shawn Harrison of 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

  • Two questions, if I may.

    兩個問題,如果可以的話。

  • Keith, if you look at 2019, just hazarding a guess of maybe which end markets would you expect to be able to grow year-over-year versus maybe ones that would shrink?

    基思,如果你看看 2019 年,只是冒險猜測你可能期望哪些終端市場能夠同比增長,而哪些終端市場可能會萎縮?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So I would expect automotive and industrial and the cloud power 5G server piece of the business to grow very nicely.

    因此,我預計汽車和工業以及雲計算 5G 服務器業務將增長得非常好。

  • I would expect that consumer probably will not be growing as nicely, and the handset business will not grow very much.

    我預計消費者可能不會增長得那麼好,手機業務也不會增長太多。

  • Shawn Matthew Harrison - Senior Research Analyst

    Shawn Matthew Harrison - Senior Research Analyst

  • Okay.

    好的。

  • And then as my follow-up, Bernard, I think you mentioned looking to kind of work through -- cut working capital down a little bit.

    然後,作為我的後續行動,伯納德,我想你提到過尋求某種工作——稍微削減營運資金。

  • Do you have a target, either for the entire year in terms of days to come out or just progress you want to make in the first half of 2019?

    您是否有一個目標,無論是全年的天數還是您希望在 2019 年上半年取得的進展?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • So we -- as we have historically talked about, we do have some seasonality patterns in free cash flow, first half is typically lower than the second half.

    所以我們——正如我們在歷史上所討論的那樣,我們確實在自由現金流中有一些季節性模式,上半年通常低於下半年。

  • But we expect to grow year-over-year.

    但我們預計會逐年增長。

  • Shawn Matthew Harrison - Senior Research Analyst

    Shawn Matthew Harrison - Senior Research Analyst

  • Grow free cash flow?

    增加自由現金流?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • Yes.

    是的。

  • Operator

    Operator

  • Our next question comes from Vijay Rakesh of 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 looking at the compute side, it looks like it grew pretty nicely at 22% year-on-year.

    僅從計算方面來看,它似乎以 22% 的同比增長相當不錯。

  • Just wondering, as you look into 2019, how do you look at your market share in that segment exiting '18 and exiting '19?

    只是想知道,當您展望 2019 年時,您如何看待您在退出 18 和退出 19 的細分市場中的市場份額?

  • And is your share actually going up on the Cascade Lake?

    你的份額真的在 Cascade Lake 上升嗎?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So we expect to increase share on the server side because we are very low and growing quite rapidly.

    因此,我們希望增加服務器端的份額,因為我們非常低並且增長非常迅速。

  • But on the notebook and desktop side, remaining roughly flat where we had significant share before.

    但在筆記本電腦和台式機方面,與我們之前的顯著份額大致持平。

  • 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 5G side, I know you talked about it briefly here.

    在 5G 方面,我知道你在這裡簡要地談到了它。

  • But how do you see growth in 2019 year-on-year?

    但是您如何看待 2019 年的同比增長?

  • And what do you think your market share is there on the 5G side?

    您認為您在 5G 方面的市場份額是多少?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes.

    是的。

  • So 5G will grow significantly in the second half.

    所以下半年5G會大幅增長。

  • There was very little revenues in 2018, so you should see double-digit growth.

    2018 年的收入很少,所以你應該會看到兩位數的增長。

  • And our presence in 4G was quite low.

    我們在 4G 中的參與度很低。

  • So for us, the 5G switch should be very significant.

    所以對我們來說,5G的切換應該是非常重要的。

  • Operator

    Operator

  • Our next question comes from Kevin Cassidy of Stifel.

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

  • Kevin Edward Cassidy - Director

    Kevin Edward Cassidy - Director

  • The pickup you've seen, especially when you pointed to China, could that be just some ordering ahead of Chinese New Years?

    你看到的皮卡,尤其是當你指著中國的時候,會不會只是春節前的一些訂單?

  • Or how does that compared to past years in front of Chinese New Years?

    或者這與中國新年前的往年相比如何?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes, no.

    是的,沒有。

  • Actually, normally, we see bookings infill come in, in January because basically, December is declining.

    實際上,通常情況下,我們會在 1 月看到預訂量增加,因為基本上,12 月正在下降。

  • And so we would normally expect that.

    所以我們通常會這樣期望。

  • We didn't see it a couple of weeks there early January and is -- it's now returning to something looks like a more normal pattern.

    我們在一月初的幾週內沒有看到它,現在它正在恢復到看起來更正常的模式。

  • Kevin Edward Cassidy - Director

    Kevin Edward Cassidy - Director

  • Okay, great.

    好,太棒了。

  • And on the content increases you're seeing in servers, both AMD and Intel has talked about going to a chip flat for a multichip package devices.

    關於你在服務器中看到的內容增加,AMD 和英特爾都談到了為多芯片封裝設備採用芯片平面。

  • What changes with the power control on that?

    電源控制有什麼變化?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • That's been out.

    那已經出來了。

  • The control piece doesn't change dramatically nor does the power content because it really is a total power determination for the dollars in there.

    控制部分沒有顯著變化,功率內容也沒有顯著變化,因為它確實是其中美元的總功率決定。

  • Operator

    Operator

  • Our next question comes from Anthony Stoss of Craig-Hallum.

    我們的下一個問題來自 Craig-Hallum 的 Anthony Stoss。

  • Anthony Joseph Stoss - Managing Partner & Senior Research Analyst

    Anthony Joseph Stoss - Managing Partner & Senior Research Analyst

  • Keith, can you talk about the silicon carbide contribution in Q4 and also how you expect that to ramp throughout 2019?

    基思,你能談談第四季度碳化矽的貢獻,以及你預計它將如何在整個 2019 年增長嗎?

  • And a similar follow-up on EVs in terms of what you expect kind of year-over-year.

    以及對電動汽車的類似跟進,就您對每年的預期而言。

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Okay.

    好的。

  • So silicon carbide itself is still young and ramping for us.

    所以碳化矽本身對我們來說還很年輕,而且還在不斷發展。

  • We're talking, as I mentioned in the last call, tens of millions last year, ramping to hundreds of millions in the next couple of years.

    正如我在上次電話會議中提到的那樣,我們正在談論去年的數千萬,在接下來的幾年中增加到數億。

  • So it's still pretty early in that.

    所以現在還為時尚早。

  • We did see our first usage in EV automobiles for silicon carbide in both third and fourth quarters.

    我們確實在第三季度和第四季度首次在電動汽車中使用了碳化矽。

  • I'm expecting EV to ramp quite nicely with all of our related products this year.

    我預計今年 EV 將與我們所有的相關產品一起推出。

  • I don't have an exact growth number, but it's certainly going to be very high double-digit numbers.

    我沒有確切的增長數字,但肯定會是非常高的兩位數數字。

  • Operator

    Operator

  • Our next question comes from Craig Ellis of B. Riley FBR.

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

  • Craig Andrew Ellis - Senior MD & Director of Research

    Craig Andrew Ellis - Senior MD & Director of Research

  • Congratulations on the strong margin execution.

    祝賀強大的保證金執行。

  • Keith, this time of the year is typically one where the company would do pricing negotiations and updates with its long-term customers.

    基思,一年中的這個時候通常是公司與長期客戶進行定價談判和更新的時候。

  • Can you give us an update on how that is playing out and how pricing fared in the fourth quarter?

    您能否向我們介紹一下第四季度的情況以及定價的最新情況?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes.

    是的。

  • So our annual contracts are usually completed and they show up in our books in the first quarter here.

    因此,我們的年度合同通常已經完成,它們會在第一季度出現在我們的賬簿中。

  • As you mentioned, those numbers were better than we've had, quite benign, and should not be declining -- or should not provide a decline in ASP for the first quarter.

    正如你所提到的,這些數字比我們以前的要好,相當溫和,不應該下降——也不應該導致第一季度的 ASP 下降。

  • Craig Andrew Ellis - Senior MD & Director of Research

    Craig Andrew Ellis - Senior MD & Director of Research

  • And the follow-up is for Bernard.

    後續行動是針對伯納德的。

  • Bernard, very strong share buyback quarter in the fourth quarter, $200 million.

    伯納德,第四季度非常強勁的股票回購季度,2億美元。

  • On a full year basis, share buyback and debt paydown were about equally split.

    在全年的基礎上,股票回購和債務償還大致相等。

  • As we look to 2019, how should we think about your redeployment of free cash flow across those 2 parameters?

    展望 2019 年,我們應該如何考慮您在這兩個參數中重新部署自由現金流?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • So we'll continue having a balanced approach.

    因此,我們將繼續採取平衡的方法。

  • And definitely, we'll take advantage of dislocations in the market as it relates to share buybacks.

    當然,我們將利用與股票回購相關的市場錯位。

  • Operator

    Operator

  • Our next question comes from Harlan Sur of 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

  • On the recent pickup in bookings, the Greater China bookings, is this more distribution inventory replenishment?

    就近期預訂量的回升,大中華區的預訂量來說,這是不是更多的分銷庫存補充?

  • Or are you also seeing a pickup in resales out of disties?

    或者您是否也看到了地區轉售的回升?

  • I just want to get a sense if this is more replenishment or you guys are actually seeing the demand pull through as well.

    我只是想了解一下這是否是更多的補貨,或者你們實際上也看到了需求的減少。

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • But -- I mean, we don't have exact data from distribution, as you might guess.

    但是——我的意思是,正如您可能猜到的那樣,我們沒有來自分佈的確切數據。

  • But my -- the pattern would suggest they've run low on certain items and just need them for consumption.

    但我的——這種模式表明他們在某些物品上已經用完了,只是需要它們來消費。

  • Harlan Sur - Senior Analyst

    Harlan Sur - Senior Analyst

  • Got it.

    知道了。

  • And then we just got the SIA data for the month of December.

    然後我們剛剛獲得了 12 月份的 SIA 數據。

  • And the power transistor segment of the market was down only 3.5%.

    市場的功率晶體管部分僅下降了 3.5%。

  • Sequentially, it was up, I think, 11% year-over-year.

    因此,我認為它同比增長了 11%。

  • This is significantly better than the overall semiconductor industry.

    這明顯優於整個半導體行業。

  • And I think even within that, power MOSFETs did even better.

    我認為即使在其中,功率 MOSFET 的表現也更好。

  • So you guys have a pretty strong portfolio here.

    所以你們在這裡有一個非常強大的投資組合。

  • Is this all content gain driven or also a function of just end market exposure?

    這是所有內容收益的驅動還是僅僅是終端市場曝光的功能?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Clearly, the end markets are valuing higher power efficiency.

    顯然,終端市場重視更高的能效。

  • We've talked about those relative to cloud and the communications infrastructure, but also automotive.

    我們已經討論了與雲和通信基礎設施相關的那些,還有汽車。

  • And so those are really key factors for electric vehicles.

    因此,這些確實是電動汽車的關鍵因素。

  • The mileage that you get on the charge is a key parameter.

    您獲得的充電里程是一個關鍵參數。

  • And so they're using not just more MOSFETs, but they're using very high-performance MOSFETs, which drives, from a dollar perspective, good content gain.

    因此,他們不僅使用了更多的 MOSFET,而且還使用了非常高性能的 MOSFET,從美元的角度來看,這推動了良好的內容增益。

  • Operator

    Operator

  • Our next question comes from Tristan Gerra of Baird.

    我們的下一個問題來自 Baird 的 Tristan Gerra。

  • Tristan Gerra - MD and Senior Research Analyst

    Tristan Gerra - MD and Senior Research Analyst

  • Given the slowdown in end markets like auto, what are the plans to shift external capacity to your internal fabs?

    鑑於汽車等終端市場的放緩,將外部產能轉移到內部晶圓廠的計劃是什麼?

  • And could you help us quantify how much reduction in demand can you weather without incurring any other utilization charges?

    您能否幫助我們量化您可以在不產生任何其他使用費的情況下承受多少需求減少?

  • And also, given these trends, is it fair to assume that the lead times could come down this first half?

    而且,鑑於這些趨勢,假設交貨時間可能會在上半年下降是否公平?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So we do have significant flexibility in bringing things inside.

    所以我們在把東西帶進去方面確實有很大的靈活性。

  • We won't bring everything back inside, but you could see a point or 3 change in the amount of outsourcing that we do.

    我們不會把所有東西都帶回裡面,但你可以看到我們所做的外包數量發生了一到三點的變化。

  • So it's -- it is a significant amount.

    所以它 - 這是一個很大的數量。

  • Relative to lead times, we do expect, as we go through the first half of the year, to be able to help somewhat in the lead times, perhaps not as much in the power area.

    相對於交貨時間,我們確實希望,隨著我們度過上半年,能夠在交貨時間方面有所幫助,也許在電力領域沒有那麼多幫助。

  • But in the non-power area, our capacity equipment deliveries are now coming in.

    但在非電力領域,我們的產能設備交付正在到來。

  • And hopefully, we'll see some improvements by midyear.

    希望我們能在年中看到一些改進。

  • Tristan Gerra - MD and Senior Research Analyst

    Tristan Gerra - MD and Senior Research Analyst

  • Okay, great.

    好,太棒了。

  • And then as my follow-up, how long do you think the Chinese disties are going to be in inventory deleveraging mode?

    然後作為我的後續,你認為中國的去槓桿化模式會持續多久?

  • You mentioned some stabilization recently.

    你最近提到了一些穩定。

  • I'm assuming it doesn't really address the high inventory levels across-the-board.

    我假設它並沒有真正解決全面的高庫存水平。

  • And also, if you could help us quantify the slowdown in the China auto market sequentially in Q1.

    此外,如果你能幫助我們量化第一季度中國汽車市場的連續放緩。

  • Is it fair to assume that this is going to be down double digit?

    假設這將下降兩位數是否公平?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Okay.

    好的。

  • A lot of questions there.

    那裡有很多問題。

  • So on the distribution side, I can't imagine them being in a decline mode much longer than the first quarter because they still have to service their customers.

    因此,在分銷方面,我無法想像他們的衰退模式比第一季度要長得多,因為他們仍然必須為客戶提供服務。

  • There's lots of reasons they might be doing it, but their demand is not off that far.

    他們這樣做的原因有很多,但他們的需求並沒有那麼遠。

  • Relative to autos, they are weak in China, as all of us know.

    眾所周知,相對於汽車,它們在中國的實力較弱。

  • I don't expect double digits in the first quarter though.

    不過,我預計第一季度不會出現兩位數。

  • Our backlog, again, is a little weaker than normally seasonal for Q1 but not much.

    同樣,我們的積壓訂單比第一季度的正常季節性要弱一些,但並不多。

  • Operator

    Operator

  • Our next question comes from Rajvindra Gill of Needham & Company.

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

  • Rajvindra S. Gill - Senior Analyst of Microcontrollers, Analog & Mixed Signal; Consumer IC & Multi-Market

    Rajvindra S. Gill - Senior Analyst of Microcontrollers, Analog & Mixed Signal; Consumer IC & Multi-Market

  • Congrats on solid results in light of this volatility.

    鑑於這種波動性,恭喜您取得了可靠的結果。

  • A question on the automotive as well.

    還有一個關於汽車的問題。

  • I was wondering if you could maybe break out your exposure of auto across China, Europe and the U.S. And also, with respect to Europe, are you seeing kind of a rebuilding by the Europe automotive OEMs after they had transitioned to the new emission standard?

    我想知道你是否可以打破你在中國、歐洲和美國的汽車曝光率。此外,關於歐洲,你是否看到歐洲汽車原始設備製造商在過渡到新的排放標准後進行了某種重建?

  • And how does that affect that part of the business?

    這對這部分業務有何影響?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So our market is basically ranked: Europe is our largest market; U.S., second; and China, third.

    所以我們的市場基本排名:歐洲是我們最大的市場;美國,第二;中國,第三。

  • And we're not seeing anything significant in Europe.

    我們在歐洲沒有看到任何重要的東西。

  • They're still kind of flattish at this stage, and China is just slightly down.

    在這個階段他們仍然有點平淡,而中國祇是略微下降。

  • Rajvindra S. Gill - Senior Analyst of Microcontrollers, Analog & Mixed Signal; Consumer IC & Multi-Market

    Rajvindra S. Gill - Senior Analyst of Microcontrollers, Analog & Mixed Signal; Consumer IC & Multi-Market

  • Great.

    偉大的。

  • And for my follow-up on the sensor side, the sensor segment was kind of flat last year mainly because of the nonautomotive.

    對於我在傳感器方面的後續跟進,去年傳感器市場持平,主要是因為非汽車行業。

  • You mentioned automotive being about half of the sensor business.

    您提到汽車約佔傳感器業務的一半。

  • Wondering if you could give us a sense of how the auto sensor business grew last year, if you have those details.

    想知道您是否可以讓我們了解去年汽車傳感器業務的增長情況,如果您有這些詳細信息。

  • And what is the -- what are the other segments that make up that image sensor business outside of auto?

    除了汽車之外,構成圖像傳感器業務的其他細分市場是什麼?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So auto grew nearly 20% year-on-year.

    因此,汽車同比增長近 20%。

  • The other segments are consumer, things like drone usage and home camera usage.

    其他部分是消費者,例如無人機使用和家庭相機使用。

  • And then the other piece is industrial, which had a very strong segment in machine vision, et cetera, but has some security portions that were not quite as strong.

    然後另一部分是工業,它在機器視覺等方面有非常強大的部分,但有一些安全部分並不那麼強大。

  • Operator

    Operator

  • Our next question comes from John Pitzer of Credit Suisse.

    我們的下一個問題來自瑞士信貸的約翰·皮策。

  • 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, it sounds like the pricing environment for you is still holding up fairly well.

    基思,聽起來你的定價環境仍然相當不錯。

  • I'm just kind of curious, Bernard, can you help quantify the headwinds you guys saw on the cost side in calendar year '18?

    我只是有點好奇,伯納德,你能幫助量化你們在 18 日曆年在成本方面看到的不利因素嗎?

  • And as we go throughout calendar year '19, either because demand's a little bit weaker and supply's kind of filling up a little bit and/or because you guys are spending on CapEx to try to offset some of these headwinds.

    當我們在整個 19 日曆年進行時,要么是因為需求有點疲軟,而供應有點填滿,和/或因為你們正在投資資本支出以試圖抵消其中的一些不利因素。

  • But what kind of tailwinds on the cost side could you see this year?

    但今年你能在成本方面看到什麼樣的順風?

  • Bernard Gutmann - CFO, EVP and Treasurer

    Bernard Gutmann - CFO, EVP and Treasurer

  • So it's a -- we don't have a precise number.

    所以這是一個 - 我們沒有準確的數字。

  • But we think it was a fairly meaningful number that affected us in 2018, maybe somewhere around 50 basis points.

    但我們認為這是一個相當有意義的數字,在 2018 年影響了我們,可能在 50 個基點左右。

  • And we should recover some of that in 2019 with the combination of the pricing and the -- and less headwinds on this front.

    我們應該在 2019 年通過定價和減少這方面的阻力來恢復其中的一部分。

  • 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 then Keith, relative to your commentary for Q2 sequential growth and full year growth, I'm just kind of curious, you have to grow above seasonal every quarter this year to get to sort of some top line growth for the full year.

    然後基思,相對於你對第二季度連續增長和全年增長的評論,我只是有點好奇,你必須在今年每個季度的季度增長以上才能實現全年的一些頂線增長。

  • Do you see that mostly as a second half phenomenon?

    你認為這主要是下半年的現象嗎?

  • Or do you think we'll start to see evidence of that in Q2?

    還是您認為我們會在第二季度開始看到這方面的證據?

  • And I think as -- to -- per an earlier question, what bottoms-up markets do you feel like you're most best positioned to see outsized growth?

    我認為,根據之前的問題,您認為哪些自下而上的市場最有利於實現超額增長?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • I think outsized growth in 5G infrastructure, starting in Q3, would be above seasonal, above normal.

    我認為,從第三季度開始,5G 基礎設施的大幅增長將高於季節性,高於正常水平。

  • We think that the slowdown in some of the server purchases will also pick up about that time, so those 2 markets should be significant.

    我們認為一些服務器購買的放緩也將在那個時候回升,因此這兩個市場應該是重要的。

  • The new automobile models start ramping in Q3, and we think the content goes up quite significantly.

    新車型在第三季度開始升溫,我們認為內容增長相當顯著。

  • So simple answer to your question is, I do think Q3 will be more outsized from a content perspective -- significantly outsized.

    對您的問題的簡單回答是,我確實認為從內容的角度來看,第三季度的規模會更大——明顯超大。

  • Q2, will it be outsized or yet -- more -- not?

    Q2,它會超大還是 - 更多 - 不是?

  • It's a little too early for me to tell.

    我現在說還為時過早。

  • But certainly, backlog indicates some good growth in Q2.

    但可以肯定的是,積壓表明第二季度有一些良好的增長。

  • Operator

    Operator

  • Our next question comes from Ambrish Srivastava of BMO.

    我們的下一個問題來自 BMO 的 Ambrish Srivastava。

  • Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

    Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

  • And I apologize if I missed it, you didn't comment on what are your lead times currently.

    如果我錯過了,我很抱歉,你沒有評論你目前的交貨時間。

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes.

    是的。

  • They remain extended in the teens.

    他們在十幾歲時仍然很長。

  • They have not changed significantly.

    它們沒有顯著變化。

  • Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

    Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

  • Okay, all right.

    好吧,好吧。

  • And my follow-up is, just trying to tie up all your comments about order trends, your guidance and then second quarter.

    我的後續行動是,試圖將您對訂單趨勢、您的指導以及第二季度的所有評論聯繫起來。

  • Can you just throw in or enlighten us what are cancellations doing that gives you confidence that Q2 should recover?

    您能否簡單介紹一下或啟發我們取消的原因是什麼讓您對第二季度應該恢復充滿信心?

  • And also, are the LTAs helping on that front that you signed, which I think is different than the past several cycles where you now have a lot -- should have a lot more visibility?

    此外,LTA 是否在您簽署的這方面有所幫助,我認為這與您現在擁有很多的過去幾個週期不同 - 應該有更多的知名度?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes.

    是的。

  • The LTAs are definitely providing stability.

    LTA 無疑提供了穩定性。

  • The net change that we talked about, pickup in order rates here toward the end of January, reflect, I guess the absence of cancellations.

    我們談到的淨變化,即 1 月底這裡的訂單率回升,反映了我猜沒有取消。

  • And we saw some of the cancellations early in the month.

    我們在本月初看到了一些取消。

  • So they seem to be largely behind us.

    所以他們似乎在很大程度上落後於我們。

  • Operator

    Operator

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

    我們的下一個問題來自高盛的馬克德萊尼。

  • Mark Trevor Delaney - Equity Analyst

    Mark Trevor Delaney - Equity Analyst

  • I had a question on the smartphone market.

    我有一個關於智能手機市場的問題。

  • Do you guys have a sense about how much inventory that may be at your customers that you need to work through in the near term?

    你們對近期需要處理的客戶庫存有多少了解嗎?

  • And then as you think about that business over the intermediate to longer term, based on your discussions with your customers, do you think there's any increase -- increasing preference for your smartphone customers to start to focus more on lower-cost-type models and maybe the content opportunities may not be as much as we had expected, say, 6 to 12 months ago?

    然後,當您從中長期考慮該業務時,根據您與客戶的討論,您是否認為有任何增加——您的智能手機客戶越來越傾向於開始更多地關注低成本類型的機型,以及也許內容機會可能不如我們預期的那麼多,比如 6 到 12 個月前?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Okay.

    好的。

  • A lot of questions there.

    那裡有很多問題。

  • From a content perspective going forward, we're expecting increases in the -- as they put 5G in the handsets.

    從未來的內容角度來看,我們預計隨著他們將 5G 放入手機中,將會增加。

  • So that is a nice pickup.

    所以這是一個不錯的皮卡。

  • And from the 4G systems, the actual mix of what they plan on making, they don't share with us in advance.

    從 4G 系統來看,他們計劃製作的實際組合,他們不會提前與我們分享。

  • So I can't really comment on their strategies.

    所以我不能真正評論他們的策略。

  • And then from an inventory perspective, we're seeing a little greater-than-normal downturn here in Q1, which we assume is to address those inventories but no indication that, that will continue beyond the first quarter.

    然後從庫存的角度來看,我們在第一季度看到比正常情況稍大的低迷,我們假設這是為了解決這些庫存問題,但沒有跡象表明這將持續到第一季度之後。

  • Operator

    Operator

  • Our next question comes from Chris Rolland of Susquehanna.

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

  • Christopher Adam Jackson Rolland - Senior Analyst

    Christopher Adam Jackson Rolland - Senior Analyst

  • Perhaps one for you, Keith.

    也許給你一個,基思。

  • So I know content gains are a great driver for you guys.

    所以我知道內容收益對你們來說是一個很好的推動力。

  • But more broadly, for the power management industry, we've seen probably some relatively better results here.

    但更廣泛地說,對於電源管理行業,我們可能已經看到了一些相對較好的結果。

  • Do you think something's changed this down cycle?

    你認為有什麼改變了這個下行週期嗎?

  • Or is it from consolidation or lack of capacity adds across the industry or perhaps just not that severe of a downturn thus far?

    或者是由於整個行業的整合或缺乏產能增加,或者可能只是迄今為止沒有那麼嚴重的低迷?

  • What do you think the kind of puts and takes are there?

    你認為有哪些看跌期權?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes.

    是的。

  • I mean, I think capital has come on relatively slowly compared to the content gains for the last few years.

    我的意思是,與過去幾年的內容收益相比,我認為資本的發展相對緩慢。

  • So clearly, the industry is very tight on capacity in general.

    很明顯,該行業的產能總體上非常緊張。

  • I think that the content gains, however, as I mentioned earlier, will continue to have some very significant momentum and much faster than the end unit markets that we support just based on the power efficiency requirements and the continued increase in electric vehicles and 5G infrastructure.

    然而,正如我之前提到的,我認為內容收益將繼續具有非常顯著的勢頭,並且比我們僅基於能效要求以及電動汽車和 5G 基礎設施的持續增長所支持的終端單元市場要快得多.

  • So I think you've got a rapidly growing market, and you've got relatively constrained supply.

    所以我認為你有一個快速增長的市場,你的供應相對有限。

  • Christopher Adam Jackson Rolland - Senior Analyst

    Christopher Adam Jackson Rolland - Senior Analyst

  • Great.

    偉大的。

  • And you guys plan to take control on Aizu by 2020, I believe.

    我相信你們計劃在 2020 年之前控制會津。

  • But if we move into a pretty good upcycle here, what are your plans or preferences for capacity adds?

    但是,如果我們在這裡進入一個非常好的上升週期,您對容量增加的計劃或偏好是什麼?

  • Are you -- would you guys rather do internal, external or JVs?

    你是——你們更願意做內部、外部還是合資企業?

  • Do you have a preference?

    你有偏好嗎?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • I don't know that we have a strong preference for JV versus internal.

    我不知道我們對合資企業而不是內部企業有強烈的偏好。

  • We look for the most cost-effective capacity adding that we can get, and we use a combination of outside, inside and JVs.

    我們尋找我們可以獲得的最具成本效益的產能增加,我們使用外部、內部和合資企業的組合。

  • So whatever the best deal we can find is where we'll be headed.

    所以無論我們能找到什麼最好的交易都是我們要去的地方。

  • Operator

    Operator

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

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

  • Christopher Caso - Research Analyst

    Christopher Caso - Research Analyst

  • Just wondering if you could give a little more color on some of the cancellations that you spoke about at the start of the month.

    只是想知道您是否可以為您在本月初談到的一些取消提供更多顏色。

  • Was that geographically based?

    那是基於地理的嗎?

  • I know a lot of folks have been talking about weakness in China, presume it's there.

    我知道很多人一直在談論中國的弱點,假設它就在那裡。

  • Was it broader geographically?

    地理範圍更廣嗎?

  • And also, anything you can say about particular end markets?

    此外,關於特定終端市場,您有什麼想說的嗎?

  • For example, some of the handsets space, we've seen some weakness or perhaps in your side, the difference between some of the power components that have longer lead times and some of the other components, whatever sort of color you can provide.

    例如,在某些手機領域,我們已經看到了一些弱點,或者可能在您的身邊,一些具有較長交貨時間的電源組件與其他一些組件之間的差異,無論您可以提供哪種顏色。

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Yes.

    是的。

  • The -- most of the weakness is in the smartphone side, which is also mostly in China, from a build perspective, as you would guess.

    正如您所猜測的那樣,從構建的角度來看,大多數弱點都在智能手機方面,這也主要在中國。

  • And so it does still look mostly like China on that weakness side any way you want to slice it.

    因此,無論你想如何分割它,它在弱點方面看起來仍然很像中國。

  • So the rest of the market seem relatively stable and their order patterns appear more secure.

    所以市場的其餘部分似乎相對穩定,它們的訂單模式看起來更安全。

  • Christopher Caso - Research Analyst

    Christopher Caso - Research Analyst

  • So basically, those cancellations were isolated to the smartphone side, more or less?

    所以基本上,這些取消或多或少是孤立於智能手機方面的?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • Well, mostly smartphone, but also some of the consumer markets in China as well.

    嗯,主要是智能手機,還有中國的一些消費市場。

  • Christopher Caso - Research Analyst

    Christopher Caso - Research Analyst

  • All right, great.

    好的,太好了。

  • Just as a follow-up then.

    就像那時的跟進一樣。

  • With regard to distribution, you talked about distribution inventory increasing in Q4.

    關於分銷,您談到了第四季度的分銷庫存增加。

  • Can you just talk about how much?

    能說一下多少錢嗎?

  • And it sounds like you expect that to be cleaned up during the first quarter?

    聽起來您希望在第一季度進行清理?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • I expect it to be relatively stable in the first quarter.

    我預計第一季度會相對穩定。

  • It expanded by a few days in Q4, but nothing significant.

    它在第四季度擴大了幾天,但沒有什麼意義。

  • Operator

    Operator

  • (Operator Instructions) Our next question comes from Craig Hettenbach of Morgan Stanley.

    (操作員說明)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

  • Keith, just a question around lead times in the context of kind of some of the trends you're seeing.

    基思,在您所看到的一些趨勢的背景下,只是一個關於交貨時間的問題。

  • So even though the business has weakened a bit, you're still looking up about 1% year-over-year for guidance.

    因此,即使業務有所減弱,您仍在尋找同比增長約 1% 的指導。

  • If I look at some other analog companies, they're down as much as high single digits to mid-teens, and they have shorter lead times.

    如果我看看其他一些模擬公司,它們的下降幅度高達個位數到十幾歲,而且交貨時間更短。

  • So anything you're doing in terms of scrubbing the lead times and kind of matching up versus what you're seeing from a demand perspective?

    那麼,您在縮短交貨時間和匹配方面所做的任何事情與您從需求角度看到的情況相匹配?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • So we've been working with our distributors for some time to make sure that we are not basically getting an order pattern for immediate delivery for things they don't need for some time out.

    因此,我們已經與我們的分銷商合作了一段時間,以確保我們基本上不會為他們在一段時間內不需要的東西獲得立即交付的訂單模式。

  • We do that by looking at their lead times and our lead times and trying to get a pipeline.

    我們通過查看他們的交貨時間和我們的交貨時間並嘗試獲得管道來做到這一點。

  • So part of the extended lead times is really just a good management of our pipeline of products.

    因此,延長交貨時間的一部分實際上只是對我們產品管道的良好管理。

  • And so folks have ordered on us basically within the lead times we've given them, and they just -- that just keeps rolling forward.

    所以人們基本上在我們給他們的交貨時間內訂購了我們,他們只是 - 只是不斷向前推進。

  • So I mean, that's certainly company-specific there, but we do expect that.

    所以我的意思是,這肯定是特定於公司的,但我們確實希望如此。

  • And so our understanding is the consumption that you're having in Q1 is really consumption, not a reflection of major inventory changes other than the ones we talked about in China.

    所以我們的理解是,你在第一季度的消費是真正的消費,而不是反映除了我們在中國談到的主要庫存變化。

  • Craig Matthew Hettenbach - VP

    Craig Matthew Hettenbach - VP

  • Got it.

    知道了。

  • And then just as a follow-up.

    然後只是作為後續行動。

  • China, you had seen the weakness first, end of last year, particularly in kind of appliances and industrial.

    中國,去年年底,你首先看到了疲軟,尤其是在家電和工業領域。

  • Any thoughts there in terms of how far along they are?

    關於他們走了多遠,有什麼想法嗎?

  • And if those markets kind of got hit first, would you expect them to kind of recover out of this first as well?

    如果這些市場首先受到打擊,您是否會期望它們也能從中恢復過來?

  • Keith D. Jackson - CEO, President & Director

    Keith D. Jackson - CEO, President & Director

  • We are seeing increased orders in the white good piece, but that's the only piece so far that has shown any pickup.

    我們看到白色商品的訂單有所增加,但這是迄今為止唯一顯示任何回升的商品。

  • Operator

    Operator

  • And at this time, ladies and gentlemen, this does conclude our question-and-answer session for today.

    在這個時候,女士們,先生們,今天的問答環節到此結束。

  • I would like to turn the call of back over to Parag for any closing remarks.

    對於任何結束語,我想將電話轉回帕拉格。

  • 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 our Analyst Day on March 8 in Scottsdale.

    我們期待在 3 月 8 日在斯科茨代爾舉行的分析師日與您見面。

  • Goodbye.

    再見。

  • Operator

    Operator

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

    女士們,先生們,感謝你們參加今天的會議。

  • This does conclude the program, and you may now disconnect.

    這確實結束了程序,您現在可以斷開連接。

  • Everyone, have a great day.

    大家,有一個美好的一天。