安森美 (ON) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

Welcome to the ON Semiconductor First Quarter 2019 Earnings Conference Call.

歡迎參加安森美半導體 2019 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想介紹一下今天會議的主持人，企業發展和投資者關係副總裁 Parag Agarwal。

Please go ahead.

請繼續。

Thank you, Chris.

謝謝你，克里斯。

Good morning, and thank you for joining ON Semiconductor Corporation's First Quarter 2019 Quarterly Results Conference Call.

早上好，感謝您參加安森美半導體公司 2019 年第一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 the first quarter of 2019, will be available on our website approximately 1 hour following this conference call, and the recorded broadcast will be available for approximately 30 days following this conference call.

該廣播的重播以及我們 2019 年第一季度的收益發布將在本次電話會議後大約 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大約 30 天內提供。

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

今天電話會議的腳本以及與我們的終端市場、業務部門、地域、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 information -- this presentation includes certain non-GAAP financial measures.

我們的收益發布和此信息——此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 projection 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、預期將、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 earnings release for the first quarter of 2019.

我們在 2019 年第一季度的收益報告中描述了其他因素。

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。

During the second quarter, we will attend Bank of America Technology Conference in San Francisco on June 4.

第二季度，我們將參加 6 月 4 日在舊金山舉行的美國銀行技術會議。

Now let me turn it over to Bernard Gutmann, who will provide an overview of first quarter 2019 results.

現在讓我把它交給伯納德·古特曼，他將概述 2019 年第一季度的業績。

Bernard?

伯納德?

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。

Our first quarter results demonstrate our solid execution on the operations front in face of slowing business conditions.

我們的第一季度業績表明，面對商業環境放緩，我們在運營方面的穩健執行。

Secular trends driving our business remain intact, and we are well positioned to capitalize on these secular trends to deliver strong revenue and margin performance.

推動我們業務的長期趨勢保持不變，我們有能力利用這些長期趨勢來提供強勁的收入和利潤率表現。

Mid- to long-term outlook for our business remains strong.

我們業務的中長期前景依然強勁。

And our design win pipeline in our key strategic markets, which include automotive, industrial and cloud power, continues to grow.

我們在包括汽車、工業和雲計算在內的關鍵戰略市場中的設計贏得渠道繼續增長。

Despite near-term headwinds, we remain upbeat about our future.

儘管近期面臨不利因素，但我們仍對未來持樂觀態度。

During the first quarter, we saw sub-seasonal trends across most geographies and end markets, and these trends have continued into the second quarter.

在第一季度，我們看到了大多數地區和終端市場的次季節性趨勢，並且這些趨勢一直持續到第二季度。

However, based on recent data, we expect to see improving business trends in the second half of 2019.

然而，根據最近的數據，我們預計 2019 年下半年的業務趨勢將有所改善。

Keith will provide further details on current business trends in his prepared remarks.

基思將在他準備好的評論中提供有關當前業務趨勢的更多詳細信息。

We're managing our business prudently to adjust to this near-term slowdown.

我們正在謹慎地管理我們的業務，以適應這種近期的放緩。

We have taken measures to control our operating expenses in line with relatively soft business conditions.

我們已根據相對疲軟的經營環境採取措施控制經營費用。

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 better navigate the current slowdown in demand as compared to broader analog and power semiconductor industry.

我們認為，與更廣泛的模擬和功率半導體行業相比，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更好地應對當前需求放緩。

While we are seeing some softness in business conditions in the near term, we're continuing to invest to strengthen and build our leadership in key strategic markets and to improve our cost structure.

雖然我們看到短期內商業環境有些疲軟，但我們將繼續投資以加強和建立我們在關鍵戰略市場的領導地位，並改善我們的成本結構。

In the first quarter, we entered into a definitive agreement to acquire Quantenna Communications, which we believe will strengthen our presence in connectivity applications for industrial and automotive end markets.

在第一季度，我們達成了收購 Quantenna Communications 的最終協議，我們相信這將加強我們在工業和汽車終端市場連接應用領域的影響力。

We also recently announced our plans to add the first 300-millimeter fab to our manufacturing network in a phased transaction over the next 4 years.

我們最近還宣布了我們計劃在未來 4 年內分階段將第一座 300 毫米晶圓廠添加到我們的製造網絡中。

The addition of this fab in a staged process should accelerate our progress towards our 2022 target financial model, enable savings of approximately $1 billion in capital expenditure over the next several years and provide sufficient capacity to support our long-term growth at highly competitive cost structure.

在分階段的過程中增加這家晶圓廠應該會加快我們實現 2022 年目標財務模型的進展，在未來幾年內節省約 10 億美元的資本支出，並提供足夠的能力以極具競爭力的成本結構支持我們的長期增長.

Now let me provide you additional details on our first quarter 2019 results.

現在讓我為您提供有關我們 2019 年第一季度業績的更多詳細信息。

Total revenue for the first quarter of 2019 was $1.387 billion, an increase of 1% as compared to revenue of $1.378 billion in the first quarter of 2018.

2019年第一季度總收入為13.87億美元，比2018年第一季度的13.78億美元增長1%。

First quarter 2019 revenue included the contribution of $18 million for ON Semiconductor Aizu, also known as OSA.

2019 年第一季度的收入包括為安森美半導體會津（也稱為 OSA）貢獻的 1800 萬美元。

Excluding the impact of OSA, our first quarter revenue declined by 1% year-over-year.

排除 OSA 的影響，我們第一季度的收入同比下降了 1%。

As we announced earlier, OSA is a manufacturing joint venture for an 8-inch wafer fab in Aizu-Wakamatsu, Japan.

正如我們之前宣布的，OSA 是一家位於日本會津若鬆的 8 英寸晶圓廠的製造合資企業。

GAAP net income for the first quarter was $0.27 per diluted share as compared to 37 -- $0.31 in the first quarter of 2018.

第一季度 GAAP 淨收入為每股攤薄收益 0.27 美元，而 2018 年第一季度為 37 - 0.31 美元。

Non-GAAP net income for the first quarter was $0.43 per diluted share as compared to $0.40 in the first quarter of 2018.

第一季度非美國通用會計準則淨收入為每股攤薄收益 0.43 美元，而 2018 年第一季度為 0.40 美元。

GAAP and non-GAAP gross margin for the first quarter was 37%.

第一季度 GAAP 和非 GAAP 毛利率為 37%。

On a year-over-year basis, our first quarter 2019 GAAP and non-GAAP gross margins declined by 60 basis points, of which 50 points was due to the impact of OSA.

與去年同期相比，我們 2019 年第一季度 GAAP 和非 GAAP 毛利率下降了 60 個基點，其中 50 個基點是由於 OSA 的影響。

Our GAAP operating margin for the first quarter of 2019 was 12.9% as compared to 13.5% in the first quarter of 2018.

我們 2019 年第一季度的 GAAP 營業利潤率為 12.9%，而 2018 年第一季度為 13.5%。

Our non-GAAP operating margin for the first quarter of 2019 was 15.5% as compared to 15.7% in the first quarter of 2018.

我們 2019 年第一季度的非公認會計原則營業利潤率為 15.5%，而 2018 年第一季度為 15.7%。

The year-over-year decline in operating margin was driven largely by the impact of OSA.

營業利潤率的同比下降主要是受 OSA 的影響。

GAAP operating expenses for the first quarter were $334 million as compared to $332 million in -- for the first quarter of 2018.

第一季度 GAAP 運營費用為 3.34 億美元，而 2018 年第一季度為 3.32 億美元。

Non-GAAP operating expenses for the first quarter were $299 million as compared to $301 million in the first quarter of 2018.

第一季度非美國通用會計準則運營費用為 2.99 億美元，而 2018 年第一季度為 3.01 億美元。

First quarter free cash flow was negative $19 million and operating cash flow was $138 million.

第一季度自由現金流為負 1900 萬美元，經營現金流為 1.38 億美元。

Capital expenditures during the first quarter were $157 million, which equates to a capital intensity of 11%.

第一季度的資本支出為 1.57 億美元，相當於 11% 的資本密集度。

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

我們預計 2019 年的資本密集度約為收入的 9%。

We exited the first quarter of 2019 with cash and cash equivalents of $940 million as compared to $1.070 billion at the end of the fourth quarter 2018.

2019 年第一季度結束時，我們的現金和現金等價物為 9.4 億美元，而 2018 年第四季度末為 10.7 億美元。

We used $75 million of cash to repurchase 4.4 million shares of our stock in the first quarter.

我們在第一季度用 7500 萬美元現金回購了 440 萬股我們的股票。

As a result of the acquisition activity in the first quarter, we have paused our share repurchase program.

由於第一季度的收購活動，我們暫停了股票回購計劃。

At the end of the first quarter, days of inventory on hand were 128 days, up by 8 days as compared to 120 in the first -- fourth quarter of 2018.

一季度末，庫存天數為128天，較2018年一、四季度的120天增加8天。

Distribution inventory levels in terms of weeks increased quarter-over-quarter in the first quarter and is now slightly higher than our target range of 11 to 13 weeks.

第一季度按週計算的分銷庫存水平環比增加，現在略高於我們 11 至 13 週的目標範圍。

We expect to see reductions in our distribution inventories in the second quarter.

我們預計第二季度我們的分銷庫存將減少。

The increase in weeks of inventory in the first quarter was driven largely by softer-than-expected demand.

第一季度庫存週數增加的主要原因是需求疲軟。

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，首先是 Power Solutions Group，或 PSG。

Revenue for PSG for the first quarter was $704 million.

PSG 第一季度的收入為 7.04 億美元。

Revenue for the Analog Solutions Group for the first quarter of 2019 was $494 million, and revenue for the Intelligent Sensing Group was $188 million.

模擬解決方案集團 2019 年第一季度的收入為 4.94 億美元，智能傳感集團的收入為 1.88 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？

Thanks, Bernard.

謝謝，伯納德。

Our execution momentum remains solid despite relatively soft market conditions.

儘管市場條件相對疲軟，我們的執行勢頭依然強勁。

We delivered strong margin and earnings performance even in the face of a slowdown in demand from most geographies and end markets.

即使面對大多數地區和終端市場的需求放緩，我們也實現了強勁的利潤率和盈利表現。

With our exposure to secular megatrends in automotive, industrial and cloud power end markets, strong operating expense discipline and solid execution on the operations front, we are well positioned to navigate through the current slowdown in market conditions.

憑藉我們在汽車、工業和雲能源終端市場的長期大趨勢、強大的運營費用紀律和運營方面的穩健執行，我們有能力應對當前市場狀況的放緩。

Furthermore, based on current order trends, distribution sell-through trends and macroeconomic data, we expect business conditions to improve in the second half of the year.

此外，根據目前的訂單趨勢、分銷銷售趨勢和宏觀經濟數據，我們預計下半年業務狀況將有所改善。

And we remain upbeat about our mid- to long-term prospects.

我們對我們的中長期前景保持樂觀。

With our planned acquisitions of Quantenna Communications and GLOBALFOUNDRIES 300-millimeter fab in East Fishkill, New York, we are making prudent investments to strengthen our market leadership and significantly improve our marketing cost -- manufacturing cost structure.

隨著我們計劃收購位於紐約東菲什基爾的 Quantenna Communications 和 GLOBALFOUNDRIES 300 毫米晶圓廠，我們正在進行審慎的投資，以加強我們的市場領導地位並顯著改善我們的營銷成本——製造成本結構。

Key megatrends driving our business remain intact.

推動我們業務發展的主要大趨勢保持不變。

And our customers are increasingly relying on us as a strategic partner for key technologies to enable major disruptive trends in automotive, industrial and cloud power end markets.

我們的客戶越來越依賴我們作為關鍵技術的戰略合作夥伴，以推動汽車、工業和雲能源終端市場的重大顛覆性趨勢。

In the automotive market, accelerating adoption of electric vehicles and active safety should drive strong growth in our power semiconductor and sensor business.

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

In the industrial market, we are seeing strong traction for our power semiconductors driven by higher power efficiency requirements for industrial systems.

在工業市場中，我們看到我們的功率半導體受到工業系統更高能效要求的強大牽引力。

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。

Let me now comment on the business environment.

現在讓我談談商業環境。

Business conditions continue to be soft across most end markets and geographies.

大多數終端市場和地區的商業環境繼續疲軟。

However, we are seeing signs that point towards improving business trends in the second half of the year.

然而，我們看到跡象表明下半年的業務趨勢會有所改善。

Thus far, orders for the second half of the year have shown strong recovery, and we have seen meaningful improvement in distribution sell-through in recent weeks.

到目前為止，下半年的訂單已顯示出強勁的複蘇，最近幾週我們看到分銷銷售量有了顯著改善。

From a geographical perspective, China, which has been a source of weakness in recent quarters, appears to be improving.

從地理角度來看，近幾個季度一直是疲軟之源的中國似乎正在改善。

Business conditions in other geographies have been sub-seasonal recently, but we believe that, that softness is temporary.

其他地區的商業狀況最近一直是次季節性的，但我們認為，這種疲軟是暫時的。

We expect to see improving business conditions in the second half of the year as customers adjust their inventory levels in line with demand outlook.

隨著客戶根據需求前景調整庫存水平，我們預計下半年的業務狀況將有所改善。

On the supply side, we are seeing broad-based inventory reduction by OEMs, even though inventories at OEMs appear to be at healthy levels.

在供應方面，我們看到 OEM 普遍減少庫存，儘管 OEM 的庫存似乎處於健康水平。

We believe that much of that inventory correction by OEMs should be complete in the second quarter.

我們認為，原始設備製造商的大部分庫存調整應在第二季度完成。

On the distribution front, although anecdotal data from the comments from distributors point to elevated semiconductor inventory levels, we believe that our inventory at distributors is at very healthy levels.

在分銷方面，儘管來自分銷商評論的傳聞數據表明半導體庫存水平上升，但我們認為我們在分銷商的庫存處於非常健康的水平。

As Bernard indicated earlier, our distribution inventory was slightly higher than our normal range at the end of the first quarter, but we expect to reduce our distribution inventories in the second quarter.

正如伯納德早些時候指出的那樣，第一季度末我們的分銷庫存略高於我們的正常範圍，但我們預計第二季度將減少我們的分銷庫存。

Now I'll provide details of our progress in various end markets for the first quarter of 2019.

現在，我將詳細介紹我們在 2019 年第一季度在各個終端市場取得的進展。

Revenue for the automotive market in the first quarter was $465 million and represented 34% of our revenue in the first quarter.

第一季度汽車市場的收入為 4.65 億美元，占我們第一季度收入的 34%。

First quarter automotive revenue grew by 4% year-over-year.

第一季度汽車收入同比增長 4%。

In the first quarter, we continued to see significant weakness in China market in automotive.

第一季度，我們繼續看到中國汽車市場顯著疲軟。

We were seeing some softness in the second quarter in automotive demand from other regions, including Americas, Europe and Japan.

我們看到第二季度其他地區的汽車需求出現疲軟，包括美洲、歐洲和日本。

We believe that the current softness will be short-lived as global OEMs and Tier 1s adjust their inventories in line with slowing global automotive market.

我們認為，隨著全球 OEM 和一級供應商根據全球汽車市場放緩調整庫存，當前的疲軟將是短暫的。

We expect to see improvement in demand for our automotive products in the second half of the year.

我們預計下半年對我們汽車產品的需求將有所改善。

Despite softness in automotive market conditions, our design win pipeline in automotive market continues to grow at a solid pace.

儘管汽車市場環境疲軟，但我們在汽車市場的設計贏得渠道繼續以穩健的速度增長。

Our content in automotive applications continues to grow, and we are seeing strong adoption of our products in vehicle electrification, active safety, LED lighting, in-vehicle networking and in various analog power management applications.

我們在汽車應用領域的內容不斷增長，我們看到我們的產品在汽車電氣化、主動安全、LED 照明、車載網絡和各種模擬電源管理應用中得到廣泛採用。

We are seeing strong momentum for our power products, especially MOSFETs, traction IGBTs, high-power modules and gate drivers in vehicle electrification with OEMs and Tier 1s worldwide.

我們看到我們的電源產品發展勢頭強勁，特別是 MOSFET、牽引 IGBT、大功率模塊和與全球 OEM 和一級供應商合作的車輛電氣化柵極驅動器。

We expect to start our production ramp of our design wins in multiple electric vehicle platforms in 2020.

我們預計將於 2020 年在多個電動汽車平台上開始我們的設計勝利量產。

Customer response to our silicon carbide products has been very strong.

客戶對我們的碳化矽產品的反應非常強烈。

We're also seeing strong traction for our power products in 12-volt and 48-volt electrical systems.

我們還看到我們的電源產品在 12 伏和 48 伏電氣系統中具有強大的吸引力。

In the ADAS applications, our momentum continues to accelerate.

在 ADAS 應用方面，我們的勢頭繼續加快。

We are seeing strong interest from customers in our broad portfolio of automotive image sensor products.

我們看到客戶對我們廣泛的汽車圖像傳感器產品組合產生了濃厚的興趣。

Recall that we are the only provider of automotive image sensors with a complete portfolio of 1-megapixel, 2-megapixel and 8-megapixel image sensors.

回想一下，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 has enabled us to secure many design wins from leading global OEMs and Tier 1s.

我們廣泛的產品組合使我們能夠從領先的全球 OEM 和一級供應商那裡獲得許多設計勝利。

We continue to make progress in our automotive radar development platform, and we expect our first radar-related revenue in 2021.

我們在汽車雷達開發平台上繼續取得進展，我們預計在 2021 年我們的第一筆雷達相關收入。

On the 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 are also seeing strong traction for our LED drivers and 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 second quarter for the automotive end market is expected to be slightly down as opposed to seasonally higher sequential revenue.

汽車終端市場第二季度的收入預計將略有下降，而不是季節性的連續收入增長。

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

我們的汽車業務低於季節性增長主要是由於全球汽車市場疲軟。

The industrial end market, which includes military, aerospace and medical, contributed revenue of $359 million in the first quarter.

包括軍事、航空航天和醫療在內的工業終端市場在第一季度貢獻了 3.59 億美元的收入。

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

工業終端市場占我們第一季度收入的 26%。

On a year-over-year basis, our first quarter industrial revenue declined by 5%.

與去年同期相比，我們第一季度的工業收入下降了 5%。

Greater China region has been the primary source of weakness in the industrial market.

大中華地區一直是工業市場疲軟的主要來源。

While we are seeing weakness in the industrial market largely due to softness in China, we believe that we are well positioned to capitalize on the secular trends of increased power efficiency requirements for industrial systems.

雖然我們看到工業市場的疲軟主要是由於中國的疲軟，但我們相信我們有能力利用工業系統提高能效要求的長期趨勢。

We continue to see strong traction for our power semiconductor products and modules in the industrial end market, and our customer engagements continue to expand.

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，我們的客戶參與度繼續擴大。

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

在工業中，醫療是第一季度實力強勁的領域。

We are seeing strong traction for our products in implantable devices, personal diagnostic and hearing health markets.

我們看到我們的產品在植入式設備、個人診斷和聽力健康市場具有強大的吸引力。

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

預計工業終端市場第二季度的收入將環比下降，而不是季節性的環比增長。

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

我們工業市場的弱於季節性增長主要是由大中華市場的疲軟推動的。

The communications end market, which includes both networking and wireless, contributed revenue of $259 million in the first quarter.

包括網絡和無線在內的通信終端市場在第一季度貢獻了 2.59 億美元的收入。

Communications end market represented 19% of our revenue in the first quarter.

通信終端市場占我們第一季度收入的 19%。

First quarter communications revenue increased by 15% year-over-year.

第一季度通信收入同比增長 15%。

Much of the year-over-year increase was driven by strength in 5G ramp.

同比增長的大部分是由 5G 的強勢推動的。

Smartphone-related revenue in the first quarter was also up year-over-year.

第一季度與智能手機相關的收入也同比增長。

We are seeing a strong ramp in our power products and 5G infrastructure market.

我們看到我們的電力產品和 5G 基礎設施市場強勁增長。

We expect this ramp to accelerate in 2019 with increasing 5G deployments in a few parts of the world.

我們預計隨著全球部分地區 5G 部署的增加，這一增長將在 2019 年加速。

Current indication from our customers points to a better-than-expected rate of deployment for 5G systems in the nearer term.

我們客戶的當前跡象表明，近期 5G 系統的部署率好於預期。

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

此外，我們對 5G 系統的參與率預計將顯著高於我們對 4G 系統的參與率。

On the smartphone front, we saw a significant decline in revenue quarter-over-quarter, although our revenue grew year-over-year.

在智能手機方面，儘管我們的收入同比增長，但我們的收入環比大幅下降。

Revenue in the second quarter for the communications end market is expected to be up quarter-over-quarter due to continuing ramp in our 5G business.

由於我們的 5G 業務持續增長，通信終端市場第二季度的收入預計將環比增長。

The computing end market contributed revenue of $144 million in the first quarter.

計算終端市場在第一季度貢獻了 1.44 億美元的收入。

Computing end market represented 10% of our revenue in the first quarter.

計算終端市場占我們第一季度收入的 10%。

First quarter computing revenue grew by 1% year-over-year.

第一季度計算收入同比增長 1%。

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 growth in our server business to continue in 2019, although we expect moderation in growth rate as compared to that in 2018.

我們預計我們的服務器業務將在 2019 年繼續增長，儘管我們預計增長率與 2018 年相比將放緩。

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 second quarter for the computing end market is expected to be up quarter-over-quarter due to normal seasonality and continuing strength in our server business.

由於正常的季節性和我們服務器業務的持續強勁，計算終端市場第二季度的收入預計將環比增長。

The consumer end market contributed revenue of $160 million in the first quarter.

消費者終端市場在第一季度貢獻了 1.6 億美元的收入。

The consumer end market represented 12% of our revenue in the first quarter.

消費者終端市場占我們第一季度收入的 12%。

First quarter consumer revenue declined by 15% year-over-year.

第一季度消費者收入同比下降 15%。

The year-over-year decline was due to broad-based weakness in consumer electronics and light goods segments and our selective participation in certain areas of the consumer electronics market.

同比下降是由於消費電子產品和輕型商品領域的普遍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 second quarter for the consumer end market is expected to be flat quarter-over-quarter.

消費者終端市場第二季度的收入預計將與上一季度持平。

In summary, business conditions continue to be sub-seasonal.

總而言之，商業狀況繼續呈現次季節性。

Based on macroeconomic data from various regions of the world, we don't expect a prolonged slowdown in our business, and we expect to see growth in the second half of this year.

根據全球各地區的宏觀經濟數據，我們預計我們的業務不會長期放緩，我們預計今年下半年將出現增長。

Despite current weakness in business trends across the industry, secular megatrends driving our business remain intact, and we are upbeat about our medium- to long-term prospects.

儘管當前整個行業的業務趨勢疲軟，但推動我們業務的長期大趨勢保持不變，我們對我們的中長期前景持樂觀態度。

We have established leadership in the highly differentiated power, analog and sensor semiconductor solutions.

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確立了領導地位。

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.

我們相信，客戶越來越依賴我們作為支持技術的關鍵供應商，為汽車、工業和雲能源終端市場的新興和顛覆性應用提供支持。

To adjust to slowing macroeconomic environment, we are prudently managing our business with a sharp focus on controlling expenses.

為適應放緩的宏觀經濟環境，我們審慎管理業務，重點控制開支。

Our operational execution remains solid.

我們的運營執行依然穩健。

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?

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 revenue is expected to be in the range of $1.36 billion to $1.41 billion in the second quarter of 2019.

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預計在 2019 年第二季度將在 13.6 億美元至 14.1 億美元之間。

Included in our second quarter revenue guidance is approximately $15 million in revenue from the manufacturing services provided by OSA.

我們第二季度的收入指導中包括來自 OSA 提供的製造服務的大約 1500 萬美元的收入。

For the second quarter of 2019, we expect gross margin to be in the range of 36.5% to 37.5%.

對於 2019 年第二季度，我們預計毛利率將在 36.5% 至 37.5% 之間。

Our second quarter gross margin guidance includes the negative impact of approximately 40 basis points from manufacturing services provided by OSA.

我們的第二季度毛利率指導包括 OSA 提供的製造服務帶來的大約 40 個基點的負面影響。

We expect total GAAP operating expenses of $322 million to $340 billion -- million.

我們預計 GAAP 總運營費用為 3.22 億美元至 3400 億美元——百萬美元。

Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be $27 million to $31 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 2700 萬至 3100 萬美元。

We expect total non-GAAP operating expenses of $295 million to $309 million in the second quarter.

我們預計第二季度非公認會計原則的總運營費用為 2.95 億美元至 3.09 億美元。

We anticipate second quarter of 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 $10 million.

我們預計 2019 年第二季度 GAAP 的其他淨收入和支出（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 tax in the second quarter of 2019 is expected to be $12 million to $16 million.

2019 年第二季度為所得稅支付的現金預計為 1200 萬至 1600 萬美元。

We expect total capital expenditure of $140 million to $150 million in the second quarter of 2019.

我們預計 2019 年第二季度的總資本支出為 1.4 億美元至 1.5 億美元。

We expect capital intensity to subside in the second half of the year.

我們預計資本密集度將在下半年減弱。

And for 2019, we expect capital intensity of 9%.

對於 2019 年，我們預計資本密集度為 9%。

We also expect share-based compensation of $26 million to $28 million in the second 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 年第二季度的股票薪酬為 2600 萬美元至 2800 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 second quarter of 2019 is expected to be 414 million shares based on the current stock price.

根據當前股價，我們 2019 年第二季度的稀釋後股票數量預計為 4.14 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 Chris, please open up the line for questions.

克里斯，請打開電話提問。

(Operator Instructions) And our first question comes from the line of Chris Danely with Citi.

（操作員說明）我們的第一個問題來自 Citi 的 Chris Danely。

So business is still a -- still a little on the weak side.

所以業務仍然是 - 仍然有點弱。

Would you say business has gotten, I guess, any worse than it was 3 months ago?

你會說生意變得，我猜，比三個月前更糟嗎？

Or has it basically stayed at the same level?

還是基本保持在同一水平？

No.

不。

It's actually improving here in the month of April, noticeably better than it was in the first quarter.

它實際上在四月份有所改善，明顯好於第一季度。

And so definitely improving trends.

所以肯定會改善趨勢。

Okay.

好的。

Thanks, Keith.

謝謝，基思。

And then as my follow-up, any commentary on lead time?

然後作為我的後續行動，對交貨時間有何評論？

Is anything changing there?

那裡有什麼變化嗎？

I think lead times will be stable for a while.

我認為交貨時間會穩定一段時間。

Our power lead times remain extended, but everything else is in normal range.

我們的供電時間仍然延長，但其他一切都在正常範圍內。

And our next question comes from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Keith, I wanted to ask about the cycle side of the equation.

基思，我想問一下等式的循環方面。

If I just compared your -- transcript of your prepared comments from last quarterly call to this quarterly call, both of them expressed confidence about near-term bookings getting better.

如果我只是將您從上個季度電話會議和本季度電話會議中準備好的評論的記錄進行比較，他們倆都對近期預訂變得更好表示了信心。

But yet the second quarter guidance is still weak.

但第二季度的指引仍然疲軟。

I know you just said April got better.

我知道你剛才說四月好轉了。

But could you give us a little more color on why you're confident in the second half of the year?

但是你能否給我們更多的色彩，說明你為什麼對下半年充滿信心？

And maybe specifically on the automotive and industrial sides given the importance of those, especially given that those were weaker in -- especially industrial, I guess, in the quarter and the guide is expected to go down again.

考慮到這些因素的重要性，也許特別是在汽車和工業方面，特別是考慮到那些在本季度較弱的 - 特別是工業方面，我猜，該指南預計將再次下降。

Yes.

是的。

We point to several things.

我們指出了幾件事。

One, resales and distribution have picked up significantly in April.

一是4月份轉售和分銷明顯回升。

So that is a much different trend than we had going on in Q1.

因此，這與我們在第一季度的趨勢大不相同。

From the automotive side, specifically the inventory correction is going on in our direct customers.

在汽車方面，特別是我們的直接客戶正在進行庫存調整。

We can tell that because their orders for Q1 and into Q2 were much less than the automotive resales.

我們可以看出這一點，因為他們第一季度和第二季度的訂單遠低於汽車轉售。

So we're seeing orders now being placed by that direct channel out into Q3 and picking up nicely.

因此，我們看到現在通過該直接渠道下達的訂單進入第三季度，並且得到很好的回升。

So overall, we're seeing a big pickup in bookings for the second half and more current activity in our distribution channel.

因此，總體而言，我們看到下半年的預訂量大幅回升，並且我們的分銷渠道中的當前活動更多。

Great.

偉大的。

And then for my follow-up, one for you, Bernard.

然後是我的後續，一個給你的，伯納德。

On the OpEx side, you guys did a great job in the quarter coming in low, and you're holding it flat in the second quarter.

在運營支出方面，你們在本季度的低位表現出色，並且在第二季度保持平穩。

Is that just cyclical belt-tightening?

這只是周期性的勒緊褲腰帶嗎？

Which would be understandable given where revenues are.

考慮到收入在哪裡，這是可以理解的。

Is there something more structural about that?

有沒有更多結構性的東西？

And any sort of color on your full year outlook of how you're going to handle OpEx?

對您將如何處理運營支出的全年展望有什麼看法？

We definitely had been prudent in our deployment of OpEx and have taken some belt-tightening and cost reduction items.

我們在部署 OpEx 時絕對是謹慎的，並採取了一些勒緊褲腰帶和降低成本的項目。

We also modulate our variable comp based on business results.

我們還根據業務結果調整我們的變量comp。

So there is also some impact of that.

所以這也有一些影響。

So for the year, we expect to still be prudent in terms of our approach towards that.

因此，在這一年裡，我們預計在實現這一目標方面仍將保持謹慎。

So I expect the -- a good set of numbers.

所以我期待——一組很好的數字。

And our next question comes from the line of Vivek Arya with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

Actually, I had two as well.

其實我也有兩個。

Keith, you mentioned you were starting to see some distributor resale activity pickup.

基思，你提到你開始看到一些分銷商轉售活動的回升。

Can you help us quantify what that rate of growth -- or decline was in Q1?

您能否幫助我們量化第一季度的增長率或下降率？

What are you seeing now?

你現在看到了什麼？

And importantly, where do you see distribution inventory exiting Q2?

重要的是，您認為第二季度的分銷庫存在哪裡？

So going into Q1 -- or the Q1 data said that our resales and our sell-in distribution were approximately the same.

所以進入第一季度——或者第一季度的數據表明我們的轉售和我們的銷售分佈大致相同。

And as we have entered April, there is a significant increase in the resales above our ship-ins in double-digit percentage range.

隨著我們進入四月，我們的出貨量以上的轉售量顯著增加，達到兩位數的百分比範圍。

Got it.

知道了。

And as my follow-up, maybe, Bernard, one for you on cash generation.

作為我的後續行動，伯納德，也許是關於現金產生的一個。

Q1 was somewhat low, I imagine because of seasonal and macro trends.

第一季度有點低，我想是因為季節性和宏觀趨勢。

But how are you thinking about the recovery from here?

但是你如何看待從這裡的複蘇？

And any comments on how we should think about the full year free cash flow outlook?

以及關於我們應該如何看待全年自由現金流前景的任何評論？

So the first quarter is always seasonally low, and we have also -- it's driven by some things like the payment of our annual bonus plan always occurs in the first quarter.

所以第一季度總是季節性低，我們也有 - 它是由一些事情驅動的，比如我們的年度獎金計劃的支付總是發生在第一季度。

Second half of the year is always our strong seasonal quarter.

下半年始終是我們強勁的季節性季度。

So we don't expect to see any meaningful change from what we have been previously talking about for our free cash flow generation.

因此，我們不希望看到與我們之前談論的自由現金流產生的任何有意義的變化。

And as I -- as we said, we are also keeping good control in our OpEx, which will also help us fuel that free cash flow generation.

正如我所說，我們也在對運營支出保持良好的控制，這也將幫助我們推動自由現金流的產生。

And our next question comes from the line of Vijay Rakesh with Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Yes.

是的。

Just on the disti inventory comment that you made.

就在您所做的 disti 庫存評論上。

I know you said inventories have picked up a little bit.

我知道你說庫存有所增加。

How much of that is because of the industrial weakness that you're seeing in Greater China?

其中有多少是因為您在大中華區看到的工業疲軟？

And how do you see that progress through the June quarter?

您如何看待整個六月季度的進展？

Yes.

是的。

So our inventories did not grow in dollars.

所以我們的存貨並沒有以美元計價。

They just grew in days as you calculate with the lower resales.

當您計算較低的轉售量時，它們只是在幾天內增長。

And yes, certainly, in Q1, the China industrial portion was a contributor.

是的，當然，在第一季度，中國工業部分是一個貢獻者。

And I know on the compute side, it -- your March quarter was up 1% year-on-year.

而且我知道在計算方面，您的 3 月季度同比增長 1%。

Can you talk about some of the trends you're seeing there into the back half between content share gains or units picking up?

你能談談你在內容份額增加或單位回升之間看到的一些趨勢嗎？

Yes.

是的。

We do expect to see more units as we go forward in the server side of the business this year.

隨著我們今年在服務器端的發展，我們確實希望看到更多的單位。

The rest of it is apparently very stable.

其餘部分顯然非常穩定。

Our next question comes from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

I have two as well.

我也有兩個。

One of your competitors, Infineon, reported about a month ago.

大約一個月前，您的競爭對手之一英飛凌報導了這一消息。

And at the time, they said they expected September quarter revenue to grow, but to be below seasonal.

當時，他們表示他們預計 9 月季度的收入將增長，但低於季節性。

And I guess you have a good month of bookings in April.

我猜你在 4 月份有一個很好的預訂月份。

But I mean as you guys look today, are you expecting more seasonal-type trends in the second half of the year?

但我的意思是，正如你們今天所看到的，你們是否預計下半年會有更多的季節性趨勢？

Or just any directional color on 2H, I think, would be helpful.

我認為，或者只是 2H 上的任何定向顏色都會有所幫助。

We -- yes, we only provide 1 quarter at a time.

我們——是的，我們一次只提供一個季度。

And I think it's a little too early to be calling the September quarter right now, but certainly encouraged with the data we've had this month.

而且我認為現在打電話給 9 月季度還為時過早，但我們本月獲得的數據無疑令人鼓舞。

Okay.

好的。

That's helpful.

這很有幫助。

And Keith, in your prepared remarks, you talked about silicon carbide seeing good momentum there.

基思，在你準備好的講話中，你談到碳化矽在那裡看到了良好的勢頭。

Can you just comment a bit more on the breadth of customer engagements and wins and how that may translate into revenue, over what sort of time frame?

您能否就客戶參與和贏得的廣度以及如何在何種時間範圍內轉化為收入發表更多評論？

Yes.

是的。

We have a broad range of wins in the industrial market and the automotive market.

我們在工業市場和汽車市場取得了廣泛的成功。

Geographically, that is spread out fairly wide, Europe, North America and Asia, with our strongest automotive wins in Asia.

從地理上講，這分佈在歐洲、北美和亞洲相當廣泛，我們在亞洲的汽車業勝場最為強勁。

And our next question comes from the line of Craig Ellis with B. Riley FBR.

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

My first question is regarding the gross margin outlook.

我的第一個問題是關於毛利率前景。

It's flat, guys.

是平的，伙計們。

But segment mix seems like it's actually a bit adverse with auto and industrial down.

但細分市場組合似乎實際上對汽車和工業下滑有點不利。

So it seems like there may be some good things happening either on an intra-segment basis or company-specific activity.

因此，似乎在部門內或公司特定活動中可能會發生一些好事。

What's going on there?

那裡發生了什麼事？

And how should we think about gross margin potential in the back half of the year?

我們應該如何看待下半年的毛利率潛力？

The fundamentals that we talked about at our Analyst Day are still intact.

我們在分析師日討論的基本面仍然完好無損。

So it's the same drivers basically [following] through on incremental revenue, mix, manufacturing cost savings and some divestiture that will make up the improvement that trends over time.

因此，基本上[跟隨]增加收入、組合、製造成本節約和一些資產剝離的驅動因素是相同的，這些因素將彌補隨著時間的推移而出現的改善。

In the short term, as you mentioned, we are having a slightly adverse mix impact with growth coming from our less stellar gross margin end markets.

正如您所提到的，在短期內，我們正受到來自我們不太出色的毛利率終端市場的增長的輕微不利混合影響。

But we do have some pretty good control -- cost-control measures that will also help shore up the gross margin.

但我們確實有一些很好的控制——成本控制措施也將有助於提高毛利率。

And then Keith, following up on the base station comments and the acceleration you're getting on the infrastructure side, can you just speak to the breadth of customer activity there?

然後基思，跟進基站評論和你在基礎設施方面獲得的加速，你能談談那裡客戶活動的廣度嗎？

And as you look out through the year, what happens with the progression of that business as we go through 2019?

當您展望這一年時，隨著我們度過 2019 年，該業務的進展會發生什麼？

Yes.

是的。

We have strong wins across all of the players in the telecom infrastructure area.

我們在電信基礎設施領域的所有參與者中都取得了巨大的勝利。

And we're expecting that to almost double this year from our content from last year.

我們預計今年的內容將比去年增加近一倍。

So very, very significant trends.

非常非常重要的趨勢。

And again, it's broad based and across all customers.

同樣，它的基礎廣泛，涵蓋所有客戶。

Relative to the rest of the year, it's kind of contained in my comment on the growth.

相對於今年剩餘時間，它包含在我對增長的評論中。

We're expecting to see it continue to accelerate.

我們期待看到它繼續加速。

And our next question comes from the line of Shawn Harrison with Longbow Research.

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

Yes.

是的。

I guess in the context of ON didn't see a lot of pricing tailwinds when the market got tight last year.

我猜在去年市場緊張時，在 ON 的背景下並沒有看到很多定價順風。

I've seen some stuff of some of your competitors, maybe on MOSFETs and discretes begin to lower pricing.

我已經看到您的一些競爭對手的一些東西，可能在 MOSFET 和分立器件上開始降低價格。

Are you seeing that out there as well?

你也在外面看到嗎？

And does that affect any way the gross margin expectations in the second half of the year as pricing begins to normalize in some of those products?

隨著其中一些產品的定價開始正常化，這是否會影響下半年的毛利率預期？

We're not seeing any pricing declines at all.

我們根本沒有看到任何價格下降。

And in fact, it's less than normal right now.

事實上，它現在不正常。

Okay.

好的。

And as a follow-up, the smartphone market, obviously, nice to see it up in the first quarter given the volume challenges.

作為後續行動，智能手機市場顯然很高興在第一季度看到銷量挑戰。

How do you expect kind of maybe smartphone volumes as you move throughout the year?

當您全年移動時，您如何期望智能手機的銷量？

Is this going to be a down market that maybe ON can grow because of content?

這是否會是一個低迷的市場，也許 ON 可以因為內容而增長？

Or will you more closely follow kind of the volumes of the market as the year progresses?

還是隨著時間的推移，您會更密切地關注市場的交易量？

We certainly have continued content increases.

我們當然有持續的內容增加。

And as you know, that market is very much back-end loaded.

如您所知，該市場的後端負載很大。

So we are expecting to see an increase from the first half.

因此，我們預計上半年會有所增加。

But overall, total smartphone units, we're expecting very flattish year-on-year.

但總體而言，我們預計智能手機總銷量將與去年同期持平。

And our next question comes from the line of Christopher Rolland with SIG.

我們的下一個問題來自 SIG 的 Christopher Rolland。

So Keith, I know you guys guide one quarter at a time.

所以基思，我知道你們一次指導四分之一。

But last quarter, you guys guided for growth year-on-year top line in 2019.

但是上個季度，你們指導了 2019 年的同比增長。

And then, I think you guys also talked about gross margin expansion.

然後，我想你們也談到了毛利率的擴張。

I was wondering if you guys had any updates for 2019 relative to that.

我想知道你們是否有任何與此相關的 2019 年更新。

Yes.

是的。

We're still only doing 1 quarter at a time.

我們仍然一次只做 1 個季度。

Clearly, the growth of the markets in 2019 is going to be very muted.

顯然，2019 年市場的增長將非常緩慢。

And so we're not expecting significant growth in the markets this year, but we believe we will be above the industry and our peers.

因此，我們預計今年市場不會出現顯著增長，但我們相信我們將超越行業和同行。

And perhaps another follow-up on comms.

也許還有另一個關於通訊的後續行動。

Can you give a rough -- us a rough idea of what percent of comms or a dollar amount you think is coming from 5G at this point and maybe what the contribution was in the quarter?

您能否粗略地告訴我們，您認為此時 5G 有多少百分比的通信或金額以及本季度的貢獻是多少？

I don't have that number right now.

我現在沒有那個號碼。

Sorry, Chris.

對不起，克里斯。

And our next question comes from the line of Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen 的對話。

Just a quick one on the data center power business.

只是快速了解數據中心電力業務。

I just wonder how you guys might have factored into your commentary this morning in the data center space the pretty sharply revised outlook from Intel last Thursday night.

我只是想知道你們今天早上在數據中心領域的評論中是如何考慮英特爾上週四晚上大幅修改的前景的。

And sort of what the design-in lead times might be if you have data center power portfolio products designed into products that might feature other silicon, whether that's Nvidia, AMD, Xilinx, any of the other folks that are ramping in that space.

如果您將數據中心電源組合產品設計成可能具有其他芯片的產品，無論是 Nvidia、AMD、Xilinx 還是其他在該領域發展的公司，設計交付週期可能會是多少。

Any color there would be helpful.

那裡的任何顏色都會有幫助。

Yes.

是的。

We do have a broad range of power solutions, and we are expecting some growth there from a content perspective in total for the year.

我們確實擁有廣泛的電源解決方案，並且從內容的角度來看，我們預計今年會有一些增長。

So again, I think it's -- it goes beyond just the data center comments you hear from the processor guys.

再說一次，我認為它不僅僅是您從處理器人員那裡聽到的數據中心評論。

We have content gains and we are spread across all of the suppliers.

我們有內容收益，我們分佈在所有供應商中。

And our next question comes from the line of Ari Shusterman with Needham.

我們的下一個問題來自 Ari Shusterman 和 Needham 的觀點。

I'm taking the question for Raji Gill.

我正在為 Raji Gill 提問。

First off, I want to say congratulations on your acquisition of the Fishkill fab.

首先，我要祝賀你們收購了 Fishkill 晶圓廠。

And just like moving forward, what is your strategic vision when it comes to expanding capacity in 300 millimeter, like any further plans there?

就像前進一樣，您在擴大 300 毫米產能方面的戰略願景是什麼，就像那裡的任何進一步計劃一樣？

How should we think about this expansion?

我們應該如何看待這種擴張？

No.

不。

That expansion, we're very excited about.

我們對此感到非常興奮。

It should fuel our growth for many years.

它應該會推動我們多年的增長。

We talked about the opportunity of doing well north of $2 billion of revenue there.

我們談到了在那裡取得超過 20 億美元收入的機會。

So we think that covers us, and that's why we believe we will be able to save CapEx going forward.

所以我們認為這涵蓋了我們，這就是為什麼我們相信我們將能夠節省未來的資本支出。

Okay.

好的。

And just a quick follow-up.

只是一個快速的跟進。

In terms of China, have you seen any changes in the past few months?

就中國而言，這幾個月你有沒有看到任何變化？

Some of our competitors have said that there have been some signs of stabilization.

我們的一些競爭對手錶示已經出現了一些穩定的跡象。

Like any update, any color on that?

像任何更新一樣，有什麼顏色嗎？

Yes.

是的。

The booking trends from China definitely picked up at the end of the first quarter, and we're seeing that continue here in the second quarter.

來自中國的預訂趨勢在第一季度末肯定有所回升，我們看到這種情況在第二季度仍在繼續。

So we're encouraged that maybe their inventory correction period is past them.

因此，我們感到鼓舞的是，他們的庫存修正期可能已經過去了。

And our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

First question on consumer.

關於消費者的第一個問題。

Primarily white goods has been weak since 3Q of last year.

自去年第三季度以來，主要是白色家電一直疲軟。

It's actually one of the first sectors we actually -- where you guys actually started to see the weakness first.

這實際上是我們實際上最早的領域之一——你們實際上首先開始看到弱點。

It looks like it's flattening out quarter-over-quarter this quarter.

看起來它本季度的季度環比趨於平緩。

Is this one of the areas where you're seeing improving order and forecast trends as you move into the second half of the year?

隨著您進入下半年，這是您看到訂單和預測趨勢改善的領域之一嗎？

It is.

這是。

And it is really in China.

它真的在中國。

Seasonally, we do normally see a pickup at this time.

季節性地，我們通常會在這個時候看到一個回升。

And so I'd say that market is returning to more normalcy.

所以我會說市場正在恢復正常。

And then, obviously, industrial continues to be impacted by the weakness in Greater China.

然後，顯然，工業繼續受到大中華區疲軟的影響。

What have you seen in the other geographies?

您在其他地區看到了什麼？

I'm curious there.

我很好奇那裡。

And are you seeing the same sort of booking indicators, sell-through trends that also point to a more normalized second half for the industrial sector?

您是否看到相同類型的預訂指標、銷售趨勢也表明工業部門下半年更加正常化？

Actually, we've seen what looks to be like a little inventory correction still going on there outside of China.

實際上，我們已經看到中國以外的地方仍在進行一些庫存調整。

And so our sub-seasonal comments in the prepared remarks apply to the global area.

因此，我們在準備好的評論中的次季節性評論適用於全球地區。

And our next question comes from the line of Kevin Cassidy with Stifel.

我們的下一個問題來自與 Stifel 的 Kevin Cassidy。

I wonder if you could give us a little more detail on what your CapEx spending was -- has been on.

我想知道您是否可以向我們提供更多關於您的資本支出支出的詳細信息 - 一直在。

Our CapEx spending, which was 11% in the first quarter, but we have said in the prepared remarks the full year will be 9%, is that mostly for capacity.

我們的資本支出支出在第一季度為 11%，但我們在準備好的評論中表示，全年將是 9%，主要用於產能。

I would say it's skewed a little bit more towards front-end capacity this year, but fairly evenly split.

我會說今年它更傾向於前端容量，但相當均勻。

Okay.

好的。

And your expansion for internal wafer manufacturing, is that completed now?

你們內部晶圓製造的擴展，現在完成了嗎？

It is ramping right now.

它現在正在加速。

And it is, from the CapEx spend, mostly completed.

而且，從資本支出支出來看，它已基本完成。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Yes.

是的。

Can you just -- I'm kind of curious, the comment about half-on-half growth in the second half.

你能不能 - 我有點好奇，關於下半年一半增長的評論。

Is that a half-on-half and a year-over-year comment?

這是半對半和一年比一年的評論嗎？

And an answer to an earlier question, you said that you expect to outgrow an industry that should show a little bit of growth.

在回答之前的一個問題時，您說您希望超越一個應該顯示出一點增長的行業。

There are some out there that think the semiconductor industry could actually decline this year.

有些人認為半導體行業今年實際上可能會下滑。

Are you comfortable in full year growth?

您對全年增長感到滿意嗎？

Or is it just too early to tell?

還是說現在還為時過早？

Yes.

是的。

So it's too early to tell, John.

所以現在說還為時過早，約翰。

My comment is I think we'll outgrow the industry.

我的評論是我認為我們將超越這個行業。

And I actually didn't give you an industry number.

我實際上並沒有給你一個行業編號。

So we're confident about the numbers we're seeing from the design wins and feedback from our customers that we're going to have continued share gain this year.

因此，我們對我們從設計勝利和客戶反饋中看到的數字充滿信心，我們將在今年繼續獲得份額。

But it's too early for me to call the full year.

但現在說全年還為時過早。

That's helpful.

這很有幫助。

And then Bernard, as a follow-up, notwithstanding that March is always kind of a seasonally slow quarter for free cash flow for some seasonal reasons, you did suspend the buyback.

然後伯納德，作為後續行動，儘管由於某些季節性原因，3 月對於自由現金流來說總是一個季節性緩慢的季度，但你確實暫停了回購。

Just help us understand use of cash for the year and when you might think is the earliest you'll be back in the market looking to buy stock.

只需幫助我們了解當年的現金使用情況，以及您可能認為最早的時間，您就會回到市場上尋求購買股票。

Well, we are committed to our $1.5 billion buyback program.

好吧，我們致力於我們的 15 億美元回購計劃。

And as we said, we did $75 million in the first quarter.

正如我們所說，我們在第一季度做了 7500 萬美元。

So that commitment will continue.

因此，這種承諾將繼續下去。

We will discuss with our Board at the upcoming Board meeting the re-initiation date.

我們將在即將召開的董事會會議上與董事會討論重新啟動日期。

But in general, we are committed to continuing with that plan.

但總的來說，我們致力於繼續執行該計劃。

And our next question comes from the line of Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

Keith, I was just trying to reconcile your comment about OEMs and your confidence about the second half.

基思，我只是想調和你對 OEM 的評論和你對下半年的信心。

And maybe I'm missing something, but if OEM inventory is at healthy levels, why are they reducing inventory?

也許我遺漏了一些東西，但如果 OEM 庫存處於健康水平，他們為什麼要減少庫存？

And does that not mean that they're seeing a slower demand environment for the back half?

這是否意味著他們看到後半部分的需求環境放緩？

And then how do you reconcile that with your confidence for the second half?

然後你如何調和你對下半場的信心？

That was my first, and then I have a quick follow-up.

那是我的第一次，然後我有一個快速的跟進。

Yes.

是的。

I think on that, we've looked at past trends in particularly the automotive and industrial segments.

我認為，我們已經研究了過去的趨勢，尤其是汽車和工業領域。

When you do go through a softer market, they overcorrect.

當你確實經歷了一個疲軟的市場時，它們會過度修正。

And again, we compare the sell-out rates from our customers and look at their sell-in rates to get that.

再一次，我們比較了客戶的售罄率，並查看他們的售罄率來了解這一點。

Certainly, there could be some anticipation of softer numbers, but the dialogue that we have with them does not indicate that.

當然，可能會有一些對較軟數字的預期，但我們與他們的對話並未表明這一點。

It does indicate they're trying to work on their cash flows and make sure that they continue to perform on a cash basis.

這確實表明他們正在努力處理他們的現金流，並確保他們繼續以現金為基礎開展業務。

Okay.

好的。

And then my follow-up on capacity.

然後是我對容量的跟進。

I have this concern, and I've heard it reflected in many investor conversations, is that you are adding capacity and you're doing it in a measured way, but your competitors are adding capacity.

我有這個擔憂，我在許多投資者的談話中都聽到了，你正在增加產能並且你正在以一種有節制的方式進行，但你的競爭對手正在增加產能。

Just give us some sense of overall industry capacity for discretes.

讓我們對離散器件的整體行業容量有所了解。

And what is it going to look like?

它會是什麼樣子？

I know it has been tight for a while.

我知道它已經緊張了一段時間。

But the concern is that there could be excess capacity coming online, which could linger on.

但令人擔憂的是，可能會有過剩的產能上線，這可能會持續下去。

We certainly are careful and watch that.

我們當然會小心並註意這一點。

But we look at the growth rates that we've talked about with electric vehicles, with the industrial and with the power segment out there for solar and wind, et cetera.

但我們看看我們討論過的電動汽車、工業以及太陽能和風能等電力部門的增長率。

The capacity that we see coming online over the next few years still looks to me to be a little less than the industry demands.

在我看來，未來幾年上線的容量仍然比行業需求略低。

We've commented that with all the activity you've heard about, we continue to have extended lead times in power.

我們評論說，通過您所聽說的所有活動，我們繼續延長執政時間。

So we're actually feeling that we're in pretty good shape.

所以我們實際上感覺我們的狀態非常好。

And our next question comes from the line of Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

On the manufacturing side, how does the time it takes for you guys to get equipment these days compare with the equipment lead times exiting last year?

在製造方面，你們這些天獲得設備所需的時間與去年退出的設備交貨時間相比如何？

In some spots, it's come in a little.

在某些地方，它進來了一點。

Most of the equipment was at a year kind of run rate.

大多數設備都以一年的速度運行。

Some of it's now down in the 9- or 10-month range, but it's nothing dramatic yet.

其中一些現在下降到 9 或 10 個月的範圍內，但還沒有什麼戲劇性的。

Okay.

好的。

Great.

偉大的。

And then could you provide color on your utilization rates for the just-reported quarter and your expectation for the June quarter?

然後，您能否提供一下剛剛報告的季度的利用率以及您對 6 月季度的預期？

So in the -- it was down in the first quarter in the middle 70s.

所以在 - 它在 70 年代中期的第一季度有所下降。

And we expect that to be about the same in the second quarter.

我們預計第二季度的情況大致相同。

And we do have an additional follow-up with the line of Craig Ellis, B -- with FB -- with B. Riley FBR, excuse me.

我們確實對 Craig Ellis, B - 和 FB - 和 B. Riley FBR 的線路進行了額外的跟進，對不起。

Yes.

是的。

Typically, when I ask about revenues, I focus on the end markets.

通常，當我詢問收入時，我會關注終端市場。

But Intelligent Sensing did grow quarter-on-quarter at a business unit level.

但智能傳感在業務部門層面確實實現了季度環比增長。

Guys, what's going on in Intelligent Sensing that's enabling it to overcome the cyclical pressures that we're seeing out there?

伙計們，Intelligent Sensing 中發生了什麼使它能夠克服我們所看到的周期性壓力？

Yes.

是的。

That continues to be the automotive portion of the business.

這仍然是該業務的汽車部分。

As you know, we were curtailing the consumer piece due to margin contribution.

如您所知，由於利潤貢獻，我們正在削減消費部分。

And the automotive piece continues to grow for us.

汽車部分繼續為我們增長。

And so that's been a great growth story, but it's all automotive.

所以這是一個偉大的增長故事，但都是汽車。

And then the second question is related to the Quantenna acquisition.

然後第二個問題與收購 Quantenna 有關。

It's early days, but I imagine your sales people have been able to gather some feedback from customers on their reaction to the deal.

現在還為時尚早，但我想您的銷售人員已經能夠從客戶那裡收集一些關於他們對交易的反應的反饋。

Can you share what you've heard thus far with this?

你能分享一下你迄今為止聽到的嗎？

Yes.

是的。

No, it's been well received.

不，它很受歡迎。

Customers are looking forward to having a large supplier with the great technologies that Quantenna has.

客戶期待擁有一家擁有 Quantenna 擁有的出色技術的大型供應商。

And so been very well received so far.

所以到目前為止很受歡迎。

And our next question comes from the line of Harsh Kumar with Piper Jaffray.

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

Two questions.

兩個問題。

First, Keith, if I can ask you for modeling purposes, auto and industrial are both down.

首先，基思，如果我可以問你建模的目的，汽車和工業都在下降。

But if I had to ask you to sort of venture as to which one would be down more on a percentage basis, and then I had a follow-up.

但是，如果我不得不讓你冒險確定哪一個會在百分比基礎上下降更多，然後我進行了跟進。

We think automotive will be slightly down to flat, so there's not much change there.

我們認為汽車將略微下降至持平，因此那裡沒有太大變化。

Automotive might be down a little more.

汽車可能會下降一點。

Industrial.

工業的。

Industrial.

工業的。

Excuse me, industrial.

對不起，工業。

Okay.

好的。

Industrial, flattish.

工業，平淡。

Got it.

知道了。

And then...

進而...

No.

不。

Let me start all over.

讓我從頭開始。

Automotive is flat to slightly down.

汽車持平或略有下降。

Industrial is going to be slightly down.

工業將略有下降。

Understood.

明白了。

And then so you are expecting to see reduced inventory in the distri channel.

然後，您期望看到分銷渠道中的庫存減少。

Is that a function of just demand picking up?

這只是需求回升的功能嗎？

Or are you still, at this point, today, actively reducing your sell-in into the channel?

或者，此時此刻，您是否仍在積極減少對渠道的銷售？

So the answer is we're seeing resales pick up noticeably, and we expect our shipments in to be flat to down.

所以答案是我們看到轉售明顯回升，我們預計我們的出貨量將持平或下降。

And our next question comes from the line of Chris Caso with Raymond James.

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

Yes.

是的。

Just a -- first question on just what would you consider to be seasonality as you look in the back half of the year with different business mix.

只是第一個問題，當你在下半年看到不同的業務組合時，你認為什麼是季節性的。

What do you consider that to be right now?

你認為現在是什麼？

So I'm not sure the exact question there, but we see all of our businesses picking up in Q3.

所以我不確定那裡的確切問題，但我們看到我們所有的業務在第三季度都在回升。

So generally, that is a trend for us across the board.

所以總的來說，這對我們來說是一個全面的趨勢。

So I would say, for our general company seasonality with the mix of products we have right now for Q3, it's probably in the 4% to 5% and flat for the fourth quarter.

所以我想說，對於我們目前在第三季度擁有的產品組合的一般公司季節性，它可能在 4% 到 5% 之間，第四季度持平。

Okay.

好的。

That's helpful.

這很有幫助。

And just with regards to the GLOBALFOUNDRIES deal, perhaps you could comment a bit on timing and magnitude of the cost and margin benefit you see there.

就 GLOBALFOUNDRIES 的交易而言，也許您可以就您在那裡看到的成本和利潤收益的時間和幅度發表一些評論。

I know that it's a bit of a unique transaction the way that's structured.

我知道它的結構方式有點獨特。

Could you be a little more specific on when you see -- start -- begin to see some benefits from that?

您能否更具體地說明您何時看到 - 開始 - 開始從中看到一些好處？

We will expect to start seeing benefits from that the middle of next year as we start shipping volumes of products out of there, and then it'll grow and increase as we increase the total amount we run in that factory for the next 3 years.

隨著我們開始從那裡運送產品量，我們預計將在明年年中開始看到從中受益，然後隨著我們在未來 3 年增加我們在該工廠運行的總量，它會增長和增加。

And our last question comes from the line of Craig Hettenbach with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Craig Hettenbach。

Yes.

是的。

Just wanted to get back to the commentary about inventory in distribution and the target of 11 to 13 weeks.

只是想回到關於分銷庫存和 11 到 13 週目標的評論。

So just for Q2, kind of where you expect it to shake out and then how you're thinking about managing that into the second half of the year.

因此，僅對於第二季度，您期望它會在哪裡擺脫，然後您將如何考慮將其管理到下半年。

We would be expecting it to get back to normal range in the second quarter.

我們預計它會在第二季度恢復正常範圍。

And then we will continue to prudently manage that into the second half.

然後我們將繼續謹慎地管理到下半年。

So normally, we do see it drop a bit in Q3 as demand picks up and then slightly up in Q4.

所以通常情況下，隨著需求回升，我們確實看到它在第三季度略有下降，然後在第四季度略有上升。

And that does conclude today's question-and-answer session.

這確實結束了今天的問答環節。

I would now like to turn the call back to Parag Agarwal, VP of Corporate Development and Investor Relations, for any further remarks.

我現在想將電話轉回企業發展和投資者關係副總裁 Parag Agarwal，以徵求任何進一步的意見。

Please go ahead.

請繼續。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

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

我們期待在本季度的各種會議上見到您。

Thank you and goodbye.

謝謝，拜拜。

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 today's program.

今天的節目到此結束。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。