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Operator
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the ON Semiconductor Third Quarter 2019 Earnings Conference Call. (Operator Instructions)
女士們,先生們,感謝您的支持,歡迎參加安森美半導體 2019 年第三季度收益電話會議。 (操作員說明)
I would now like to hand the conference over to your speaker today, Parag Agarwal, VP, Corporate Development and Investor Relations. Please go ahead, sir.
我現在想把會議交給你今天的演講者,公司發展和投資者關係副總裁 Parag Agarwal。請繼續,先生。
Parag Agarwal - VP of IR & Corporate Development
Parag Agarwal - VP of IR & Corporate Development
Thank you, Sydney. Good morning, and thank you for joining ON Semiconductor Corporation's Third Quarter 2019 Quarter Results Conference Call. I am joined today by Keith Jackson, our President and CEO; and Bernard Gutmann, our CFO.
謝謝你,悉尼。早上好,感謝您參加安森美半導體公司 2019 年第三季度季度業績電話會議。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. A replay of this broadcast, along with our 2019 third quarter earnings release, 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.
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。該廣播的重播以及我們的 2019 年第三季度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 earnings release and this presentation includes certain non-GAAP financial measures. 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.
我們的收益發布和本演示文稿包括某些非公認會計原則財務措施。這些非 GAAP 財務指標與 GAAP 下最直接可比指標的對賬在我們的收益發布中,該發佈在我們網站的投資者關係部分單獨發布。
During the course of this conference call, we'll make projections or other forward-looking statements regarding future events or the future financial performance of the company. The words believe, estimate, project, anticipate, intend, may, expect, will, plan, should or similar expressions are intended to identify forward-looking statements. 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. 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. Additional factors are described in our earnings release for the third quarter of 2019.
在本次電話會議期間,我們將對未來事件或公司未來的財務業績做出預測或其他前瞻性陳述。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。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。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。我們在 2019 年第三季度的收益報告中描述了其他因素。
Our estimates, other forward-looking statements 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.
我們的估計和其他前瞻性陳述可能會發生變化,公司不承擔更新前瞻性陳述以反映實際結果、改變的假設或其他因素的義務,除非法律要求。
During the fourth quarter, we will attend NASDAQ Technology Conference in London on December 3 and Deutsche Bank AutoTech Conference in San Francisco on December 10.
在第四季度,我們將參加 12 月 3 日在倫敦舉行的納斯達克技術會議和 12 月 10 日在舊金山舉行的德意志銀行汽車技術會議。
Now let me turn it over to Bernard Gutmann, who will provide an overview of our third quarter 2019 results. Bernard?
現在讓我把它交給伯納德·古特曼,他將概述我們 2019 年第三季度的業績。伯納德?
Bernard Gutmann
Bernard Gutmann
Thank you, Parag, and thank you, everyone, for joining us today. We saw stabilization in business trends in the third quarter. We believe that much of the stabilization was driven by normalization of inventories in the supply chain as both distributors and OEMs have realigned their inventory in line with lower end market demand. While we have seen normalization in supply chain inventories, end market demand signals remain weak. Geopolitical and macroeconomic factors still weigh on demand, and visibility into demand remains poor.
謝謝你,帕拉格,謝謝大家今天加入我們。我們看到第三季度的業務趨勢趨於穩定。我們認為,大部分穩定是由供應鏈庫存正常化推動的,因為分銷商和原始設備製造商都根據低端市場需求調整了庫存。雖然我們看到供應鏈庫存正常化,但終端市場需求信號仍然疲弱。地緣政治和宏觀經濟因素仍然對需求構成壓力,對需求的了解仍然很差。
Despite a lukewarm business environment, key secular mega trends driving our business remain intact, and we are making long-term investments to improve our competitive position in our strategic end markets and to improve our industry-leading manufacturing cost structure. We expect that the current downturn will not detract us from our long-term goals, and we will continue to invest to position the company for long-term success.
儘管商業環境不溫不火,但推動我們業務發展的主要長期大趨勢保持不變,我們正在進行長期投資,以提高我們在戰略終端市場的競爭地位,並改善我們行業領先的製造成本結構。我們預計當前的低迷不會影響我們的長期目標,我們將繼續投資以使公司獲得長期成功。
Current bookings are trending along historical seasonal patterns, but as I indicated earlier, we are not seeing any strong evidence of recovery in end market demand. Macroeconomic data from major economies point towards tepid industrial activity. Global automotive market continues to be soft, but we are continuing to see strong content growth for our products in automotive market. We believe the primary driver of stabilization in our business has been the normalization of channel inventories with our distributors and OEMs. Based on anecdotal data, it appears that the supply chain inventories have normalized largely, and we don't expect any more inventory digestion in the near term.
目前的預訂量呈歷史季節性趨勢,但正如我之前指出的,我們沒有看到終端市場需求復甦的任何有力證據。主要經濟體的宏觀經濟數據表明工業活動不溫不火。全球汽車市場繼續疲軟,但我們繼續看到我們的產品在汽車市場的內容增長強勁。我們認為,我們業務穩定的主要驅動力是我們的分銷商和原始設備製造商的渠道庫存正常化。根據傳聞數據,供應鏈庫存似乎已基本正常化,我們預計短期內不會有更多庫存消化。
While stabilization in business trends and normalization of supply chain inventory are encouraging, risks from unforeseen geopolitical and macroeconomic events continues to be an overhang. We are managing our business in line with prevailing risks and business conditions. We are tightly controlling our operating expenses, and we have taken measures to lower our capital intensity in line with current market conditions. We believe that a highly diversified customer base, exposure to the fastest-growing semiconductor end markets and long life cycles of many of our products should help us better navigate the current slowdown in demand as compared to the broader analog and power semiconductor industry.
儘管業務趨勢的穩定和供應鏈庫存的正常化令人鼓舞,但來自不可預見的地緣政治和宏觀經濟事件的風險仍然是一個懸而未決的問題。我們根據現行風險和商業條件管理我們的業務。我們嚴格控制運營費用,並根據當前市場情況採取措施降低資本密集度。我們相信,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。
Now let me provide you additional details on the third quarter 2019 results. Total revenues for the third quarter of 2019 were $1.382 billion, a decrease of 10% as compared to revenues of $1.542 billion in the third quarter of 2018. The year-over-year decline in revenue was primarily driven by well-publicized macroeconomic and geopolitical factors, which have affected the overall semiconductor industry. Also, the 2019 third quarter revenue was impacted by a significant onetime adjusted -- adjustment related to a customer issue.
現在讓我為您提供有關 2019 年第三季度業績的更多詳細信息。 2019 年第三季度總收入為 13.82 億美元,與 2018 年第三季度的 15.42 億美元相比下降 10%。收入同比下降主要受廣為人知的宏觀經濟和地緣政治影響影響整個半導體行業的因素。此外,2019 年第三季度收入受到與客戶問題相關的重大一次性調整的影響。
GAAP net loss for the third quarter was $0.15 per diluted share as compared to a net income of $0.38 in the third quarter of 2018. Consistent with our expectations, and as disclosed in our recent SEC filings, the GAAP net loss in the third quarter of 2019 was driven primarily by a onetime payment to settle all pending intellectual property litigation with Power Integrations, Inc. Non-GAAP net income for the third quarter was $0.33 per diluted share as compared to $0.50 -- $0.57 in the third quarter of 2018.
第三季度的公認會計原則淨虧損為每股攤薄收益 0.15 美元,而 2018 年第三季度的淨收入為 0.38 美元。與我們的預期一致,並且正如我們最近向美國證券交易委員會提交的文件中所披露的那樣,2018 年第三季度的 GAAP 淨虧損2019 年主要由一次性付款推動,以解決與 Power Integrations, Inc. 的所有未決知識產權訴訟。第三季度非 GAAP 淨收入為每股攤薄收益 0.33 美元,而 2018 年第三季度為 0.50 美元 - 0.57 美元。
GAAP gross margin for the third quarter was 34.4%. Non-GAAP gross margin for the third quarter was 35.8%. The third quarter gross margin was impacted by a onetime adjustment related to a customer issue and by ASP pressure, primarily on nondifferentiated -- on the nondifferentiated part of our portfolio.
第三季度的GAAP毛利率為34.4%。第三季度非美國通用會計準則毛利率為 35.8%。第三季度毛利率受到與客戶問題相關的一次性調整和 ASP 壓力的影響,主要是非差異化——我們投資組合的非差異化部分。
Furthermore, in order to reduce inventory on our balance sheet and in distribution channel, we meaningfully lowered our factory utilization in the third quarter. We intend to keep our factory utilization at current levels until we see a meaningful recovery in demand.
此外,為了減少資產負債表和分銷渠道的庫存,我們在第三季度顯著降低了工廠利用率。我們打算將工廠利用率保持在當前水平,直到我們看到需求出現有意義的複蘇。
Year-over-year, our third quarter 2019 non-GAAP gross margin declined by 290 basis points. Our GAAP operating margin for the third quarter of 2019 was a negative 3.2% as compared to 15.7% in the third quarter of 2018. GAAP operating loss in the third quarter was primarily driven by an expense of approximately $170 million related to the previously mentioned litigation settlement with Power Integrations.
與去年同期相比,我們 2019 年第三季度的非公認會計原則毛利率下降了 290 個基點。我們 2019 年第三季度的 GAAP 營業利潤率為負 3.2%,而 2018 年第三季度為 15.7%。第三季度的 GAAP 營業虧損主要是由於與前述訴訟相關的約 1.7 億美元費用所致與 Power Integrations 達成和解。
Our non-GAAP operating margin for the third quarter of 2019 was 13% as compared to 17.8% in the third quarter of 2018. The year-over-year decline in operating margin was driven largely by lower gross margin. Our third quarter non-GAAP operating margin excludes the impact of the Power Integrations settlement.
我們 2019 年第三季度的非公認會計原則營業利潤率為 13%,而 2018 年第三季度為 17.8%。營業利潤率同比下降主要是由於毛利率下降。我們第三季度的非公認會計原則營業利潤率不包括 Power Integrations 和解的影響。
GAAP operating expenses for the third quarter were $519 million as compared to $355 million for the third quarter of 2018. As I indicated earlier, third quarter GAAP operating expense include $170 million related to the settlement with Power Integrations. Non-GAAP operating expenses for the third quarter were $314 million as compared to $322 million in the third quarter of 2018. The year-over-year decline in third quarter operating expenses was driven by aggressive expense control and 0 bonus accrual.
第三季度 GAAP 運營費用為 5.19 億美元,而 2018 年第三季度為 3.55 億美元。如前所述,第三季度 GAAP 運營費用包括與 Power Integrations 和解相關的 1.7 億美元。第三季度非美國通用會計準則營業費用為 3.14 億美元,而 2018 年第三季度為 3.22 億美元。第三季度營業費用同比下降是由於積極的費用控制和 0 應計獎金。
Third quarter free cash flow was $131 million, and operating cash flow was $242 million. Capital expenditures during the third quarter were $112 million, which equates to a capital intensity of 8%. With the recent acquisition of 300-millimeter fab in East Fishkill and with slowing end market demand, we expect that in the near to midterm, capital intensity will continue at current levels. Going forward, a sizable part of CapEx will be spent on enabling the East Fishkill fab.
第三季度自由現金流為 1.31 億美元,經營現金流為 2.42 億美元。第三季度的資本支出為 1.12 億美元,相當於 8% 的資本密集度。隨著最近收購東菲什基爾的 300 毫米晶圓廠以及終端市場需求放緩,我們預計在近期至中期,資本密集度將繼續保持在當前水平。展望未來,資本支出的很大一部分將用於啟用 East Fishkill 工廠。
We exited the third quarter of 2019 with cash and cash equivalents of $929 million as compared to $885 million at the end of the second quarter of 2019. We used $13 million of cash to repurchase approximately 764,000 shares of our stock during the third quarter. For a big part of the third quarter, we were restricted from buying stock -- or buying back our stock for 2 reasons: first, we were negotiating a settlement with Power Integrations; and second, we were refinancing our debt.
我們在 2019 年第三季度結束時的現金和現金等價物為 9.29 億美元,而 2019 年第二季度末為 8.85 億美元。我們在第三季度使用 1300 萬美元現金回購了大約 764,000 股我們的股票。在第三季度的大部分時間裡,我們被限制購買股票——或者回購我們的股票,原因有兩個:首先,我們正在與 Power Integrations 談判和解;其次,我們正在為債務再融資。
At the end of the third quarter, days of inventory on hand were 128 days, down by 9 days as compared to 137 in the second quarter of 2019. Excluding the impact of fair market step-up of inventory related to Quantenna, days of inventory on hand were 128 days, down 7 days as compared to 135 days in the second quarter. We intend to further lower the days of inventory on our balance sheet in the fourth quarter.
三季度末,庫存天數為128天,比2019年二季度的137天減少9天。剔除與Quantenna相關的庫存公平市場增加的影響,庫存天數庫存天數為 128 天,比二季度的 135 天減少 7 天。我們打算在第四季度進一步降低資產負債表上的庫存天數。
Distribution resales increased in the third quarter over the second quarter. Distribution inventory in terms of weeks declined quarter-over-quarter in the third quarter. We're very comfortable with the level of inventory in the distribution channel. As we have noted in our previous earnings calls, we are aggressively managing our distribution inventory in an effort to ensure a healthy level of inventory in the distribution channel.
第三季度的分銷轉售量比第二季度有所增加。第三季度,按週計算的分銷庫存環比下降。我們對分銷渠道的庫存水平非常滿意。正如我們在之前的財報電話會議中所指出的那樣,我們正在積極管理我們的分銷庫存,以確保分銷渠道中的庫存處於健康水平。
Now let me provide you an update on performance of our business units, starting with Power Solutions Group, or PSG. Revenue for PSG for the third quarter was $688 million. Revenue for the Analog Solutions Group for the third quarter was -- of 2019 was $509 million. And revenue for the Intelligent Sensing Group was $185 million.
現在讓我向您介紹我們業務部門的最新業績,從 Power Solutions Group 或 PSG 開始。 PSG 第三季度的收入為 6.88 億美元。模擬解決方案集團第三季度的收入為 - 2019 年為 5.09 億美元。 Intelligent Sensing Group 的收入為 1.85 億美元。
Now I would like to turn the call over to Keith Jackson for additional comments on the business environment. Keith?
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。基思?
Keith Jackson
Keith Jackson
Thanks, Bernard. While business conditions remain challenging, we continue to execute on our strategy of focusing on our key strategic markets and investing in our operations to enhance our industry-leading cost structure. The current slowdown in demand, which is largely driven by macroeconomic and geopolitical factors, does not change our view on our long-term growth potential. With ongoing investments in product development and in our 300-millimeter East Fishkill fab, we intend to emerge even stronger out of the current downturn.
謝謝,伯納德。儘管商業環境仍然充滿挑戰,但我們繼續執行我們的戰略,專注於我們的關鍵戰略市場並投資於我們的運營,以加強我們行業領先的成本結構。目前主要受宏觀經濟和地緣政治因素驅動的需求放緩並未改變我們對長期增長潛力的看法。隨著對產品開發和我們 300 毫米東菲什基爾工廠的持續投資,我們打算在當前的低迷時期變得更加強大。
Key secular trends driving our business remain intact, and our momentum in key strategic markets continues to accelerate. Despite the current slowdown in end market demand, we continue to see meaningful increase in our content in automotive, industrial and cloud power applications. We believe that automotive, industrial and cloud power end markets will be among the fastest-growing semiconductor end markets for a long time.
推動我們業務發展的主要長期趨勢保持不變,我們在主要戰略市場的發展勢頭繼續加快。儘管目前終端市場需求放緩,但我們繼續看到我們在汽車、工業和雲電源應用方面的內容顯著增加。我們相信,汽車、工業和雲能源終端市場將在很長一段時間內成為增長最快的半導體終端市場之一。
In the automotive market, we believe that accelerating adoption of electric vehicles and active safety should drive strong growth in our power semiconductor and sensor businesses.
在汽車市場,我們認為加速採用電動汽車和主動安全應該會推動我們的功率半導體和傳感器業務的強勁增長。
In the industrial market, we are seeing strong traction for our power semiconductor products driven by higher power efficiency requirements in industrial systems.
在工業市場,由於工業系統中更高的能效要求,我們的功率半導體產品受到了強大的牽引力。
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。
In the near term, we continue to navigate through an improving, although still challenging, business environment. Although revenue has stabilized, end market demand visibility is low as macroeconomic and geopolitical factors continue to weigh on outlook. Customers continue to be cautious. Based on commentary from our distribution partners, it appears that inventory correction in the distribution channel is largely complete. With normalization of supply chain inventories, we are seeing some degree of normal seasonality in our business.
在短期內,我們將繼續在改善但仍充滿挑戰的商業環境中前行。儘管收入已經企穩,但由於宏觀經濟和地緣政治因素繼續對前景構成壓力,終端市場需求的能見度較低。客戶繼續保持謹慎。根據我們分銷合作夥伴的評論,分銷渠道中的庫存調整似乎已基本完成。隨著供應鏈庫存的正常化,我們的業務出現了一定程度的正常季節性。
In the third quarter, we substantially reduced our balance sheet and supply chain inventories, and we did an outstanding job of managing our operating expenses. While near-term business conditions are soft, long-term outlook for our business, with exposure to secular mega trends in automotive, industrial and cloud power end markets, remains solid.
第三季度,我們大幅減少了資產負債表和供應鏈庫存,我們在管理運營費用方面做得非常出色。雖然近期商業環境疲軟,但我們業務的長期前景,在汽車、工業和雲能源終端市場的長期大趨勢下,依然穩健。
We are also making strong progress towards ramping our production at our 300-millimeter East Fishkill fab in upstate New York, and we are solidly on track to begin production in the fab next year. Our process development is progressing at a solid pace. And currently, we are in the final stages of tweaking and freezing our processes. As we've indicated earlier, we expect that our 300-millimeter East Fishkill fab will accelerate our progress towards our 2022 target model, enable efficiencies in our manufacturing network and further strengthen our industry-leading cost structure. We believe that ramping of our 300-millimeter production will be a major inflection point in our manufacturing strategy and in our manufacturing cost structure. Our 300-millimeter East Fishkill fab affords us significant flexibility in optimizing our front-end network, and we are taking measures to improve the efficiency of our manufacturing network. We are currently in the process of closing down one of our smaller 6-inch fabs in Rochester, New York and expect that this will -- action will result in nominal cost savings.
我們還在紐約州北部的 300 毫米東菲什基爾工廠提高產量方面取得了巨大進展,我們有望在明年開始在該工廠生產。我們的工藝開發正在穩步推進。目前,我們正處於調整和凍結流程的最後階段。正如我們之前所指出的,我們預計 300 毫米的 East Fishkill 工廠將加快我們實現 2022 年目標模型的進度,提高我們的製造網絡效率並進一步加強我們行業領先的成本結構。我們相信,我們 300 毫米的產量將成為我們製造戰略和製造成本結構的主要轉折點。我們 300 毫米的 East Fishkill 工廠為我們優化前端網絡提供了極大的靈活性,我們正在採取措施提高製造網絡的效率。我們目前正在關閉我們在紐約羅切斯特的一家較小的 6 英寸晶圓廠,並期望這將——行動將節省名義上的成本。
Now I'll provide details of the progress in our various end markets for the third quarter. Revenue for the automotive market in the third quarter was $446 million and represented 32% of our revenue in the third quarter. Third quarter automotive revenue declined 3% year-over-year. Asia, including Greater China, remains the primary contributor to this year-over-year decline. But on a quarter-on-quarter basis, we saw meaningful increase in the automotive revenue from the Greater China region in the third quarter. We continue to see weakness in the EMEA automotive markets, which also contributed to the year-over-year decline.
現在,我將詳細介紹第三季度我們各個終端市場的進展情況。第三季度汽車市場的收入為 4.46 億美元,占我們第三季度收入的 32%。第三季度汽車收入同比下降 3%。包括大中華區在內的亞洲仍然是造成這一同比下降的主要原因。但從環比來看,我們看到第三季度大中華地區的汽車收入顯著增長。我們繼續看到歐洲、中東和非洲汽車市場疲軟,這也導致了同比下降。
Our leadership in ADAS continues to strengthen, and our design win pipeline continues to expand at a rapid rate. We have won 16 of 17 2-megapixel and 8-megapixel platforms awarded year-to-date in 2019 and -- for Level 2 and Level 3 vehicles. During the third quarter, we achieved landmark of shipping more than 100 million AR0132 image sensors for ADAS applications.
我們在 ADAS 領域的領導地位不斷加強,我們的設計獲勝渠道繼續快速擴張。我們贏得了 2019 年年初至今授予的 17 個 2 兆像素和 8 兆像素平台中的 16 個,以及 2 級和 3 級車輛。在第三季度,我們實現了為 ADAS 應用出貨超過 1 億個 AR0132 圖像傳感器的里程碑。
Vehicle electrification is quickly emerging as a key driver of our automotive revenue. During the third quarter, we commenced production of EV PIM modules for customer shipments in the fourth quarter of 2019. During the third quarter, we secured design wins for 7 EV traction inverter platforms.
汽車電氣化正迅速成為我們汽車收入的主要驅動力。在第三季度,我們於 2019 年第四季度開始生產 EV PIM 模塊供客戶出貨。在第三季度,我們獲得了 7 個電動汽車牽引逆變器平台的設計中標。
Our silicon carbide products are continuing to gain momentum, and our global customer engagements are growing. During the third quarter, we launched our 1,200-volt low RDSon and 900-volt silicon carbide FET product families.
我們的碳化矽產品繼續保持增長勢頭,我們的全球客戶參與度也在增長。在第三季度,我們推出了 1,200 伏低 RDSon 和 900 伏碳化矽 FET 產品系列。
Our momentum in automotive analog power management remains strong. We secured design wins for our analog power management products for ADAS, instrument clusters as well as in-vehicle networking Solutions. Growth for our advanced lighting, power management and LED driver solutions remains healthy.
我們在汽車模擬電源管理方面的勢頭依然強勁。我們為 ADAS、儀表組以及車載網絡解決方案的模擬電源管理產品贏得了設計勝利。我們先進的照明、電源管理和 LED 驅動器解決方案的增長保持健康。
Revenue in the fourth quarter for the automotive end market is expected to be up quarter-over-quarter. The industrial end market, which includes military, aerospace and medical, contributed revenue of $351 million in the third quarter. The industrial end market represented 25% of our revenue in the third quarter. Year-over-year, our third quarter industrial revenue declined 13%. On a year-over-year basis, we saw broad weakness in the industrial end markets across most geographies.
汽車終端市場第四季度的收入預計將環比增長。包括軍事、航空航天和醫療在內的工業終端市場在第三季度貢獻了 3.51 億美元的收入。工業終端市場占我們第三季度收入的 25%。與去年同期相比,我們第三季度的工業收入下降了 13%。與去年同期相比,我們看到大多數地區的工業終端市場普遍疲軟。
While we are seeing soft market conditions in the industrial market, key secular trends driving our business still remain intact. Customers are continuing to invest in improving power efficiency of industrial systems. Our mid- and high-voltage power semiconductor products such as FETs and IGBTs and modules continue to see increased momentum within the industrial end market. Revenue in the fourth quarter for the industrial end market is expected to be flat quarter-over-quarter.
雖然我們看到工業市場的市場狀況疲軟,但推動我們業務發展的主要長期趨勢仍然完好無損。客戶將繼續投資於提高工業系統的電源效率。我們的中高壓功率半導體產品(例如 FET 和 IGBT 和模塊)在工業終端市場中繼續保持增長勢頭。工業終端市場第四季度的收入預計將與上一季度持平。
The communications end market, which includes both networking and wireless, contributed revenue of $275 million in the third quarter. The communications end market represented 20% of our revenue in the third quarter. Third quarter communications revenue declined 8% year-over-year. The year-over-year decline in communications was driven by weakness in the handset-related revenue.
包括網絡和無線在內的通信終端市場在第三季度貢獻了 2.75 億美元的收入。通信終端市場占我們第三季度收入的 20%。第三季度通信收入同比下降 8%。通信業務同比下降是由於手機相關收入疲軟所致。
We continue to see strong traction for our medium-voltage power products for 5G infrastructure. Revenue in the fourth quarter for the communications end market is expected to be down quarter-over-quarter.
我們繼續看到我們用於 5G 基礎設施的中壓電源產品具有強大的吸引力。預計第四季度通信終端市場的收入將環比下降。
The computing end market contributed revenue of $154 million in the third quarter. The computing end market represented 11% of our revenue in the third quarter. Third quarter computing revenue declined 8% year-over-year. We continue to see strong growth in our server-related computing revenue. On a sequential basis, easing supply of Intel's processors also contributed to growth in computing revenue. Revenue in the fourth quarter for the computing end market is expected to be up quarter-over-quarter.
計算終端市場在第三季度貢獻了 1.54 億美元的收入。計算終端市場占我們第三季度收入的 11%。第三季度計算收入同比下降 8%。我們繼續看到與服務器相關的計算收入強勁增長。從環比來看,英特爾處理器供應的放鬆也促進了計算收入的增長。計算終端市場第四季度的收入預計將環比增長。
The consumer market contributed revenue of $157 million in the third quarter. Consumer end market represented 11% of our revenue in the third quarter. Third quarter consumer revenue declined by 26% year-over-year. The year-over-year decline was due to continuing broad-based weakness in the consumer electronics and white goods markets. We continue to be selective in our participation in these markets. Revenue in the fourth quarter for the consumer end market is expected to be down quarter-over-quarter.
消費市場在第三季度貢獻了 1.57 億美元的收入。消費者終端市場占我們第三季度收入的 11%。第三季度消費者收入同比下降 26%。同比下降是由於消費電子和白色家電市場持續普遍疲軟。我們繼續在參與這些市場時保持選擇性。消費者終端市場第四季度的收入預計將環比下降。
In summary, business conditions have stabilized as supply chain inventories have normalized. However, visibility into end market demand is low as macroeconomic and geopolitical factors continue to weigh on the outlook. Despite current weakness in business trends across the industry, secular mega trends driving our business remain intact, and we are upbeat about our medium- to long-term prospects. We are focused on the fastest-growing end markets of the semiconductor industry. And with our design wins, we expect that our content in automotive, industrial and cloud power applications will continue to grow.
總之,隨著供應鏈庫存的正常化,商業狀況已經穩定。然而,由於宏觀經濟和地緣政治因素繼續對前景構成壓力,終端市場需求的可見度很低。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。我們專注於半導體行業增長最快的終端市場。隨著我們的設計獲勝,我們預計我們在汽車、工業和雲電源應用中的內容將繼續增長。
To adjust to slowing macroeconomic environment, we are prudently managing our business with sharp focus on controlling expenses. In these challenging times, our operational execution remains strong. We are continuing to invest in our product development efforts and in improving industry cost leading structure (sic) [industry-leading cost structure]. We expect to emerge even stronger out of the current downturn.
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。在這些充滿挑戰的時代,我們的運營執行力依然強勁。我們將繼續投資於我們的產品開發工作和改善行業成本領先結構(原文如此)[行業領先的成本結構]。我們預計會在當前的低迷時期變得更加強大。
Now I'd like to turn it back over to Bernard for forward-looking guidance. Bernard?
現在我想把它交還給伯納德以獲得前瞻性指導。伯納德?
Bernard Gutmann
Bernard Gutmann
Thank you, Keith. 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 $1.35 billion to $1.4 billion in the fourth quarter of 2019.
謝謝你,基思。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 年第四季度將在 13.5 億美元至 14 億美元之間。
For the fourth quarter of 2019, we expect GAAP and non-GAAP gross margin between 35.7% to 36.7%. We expect total GAAP operating expenses of $344 million to $364 million. Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be in the 30 -- to be $32 million to $36 million. We expect total non-GAAP operating expenses of $312 million to $328 million in the fourth quarter. The anticipated quarter-over-quarter increase in operating expenses for the fourth quarter over those in the third quarter is driven primarily by 4 extra days in the fourth quarter as compared to those in the third quarter.
對於 2019 年第四季度,我們預計 GAAP 和非 GAAP 毛利率在 35.7% 至 36.7% 之間。我們預計 GAAP 總運營費用為 3.44 億美元至 3.64 億美元。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,預計在 30 至 3200 萬美元至 3600 萬美元之間。我們預計第四季度非美國通用會計準則運營費用總額為 3.12 億美元至 3.28 億美元。與第三季度相比,第四季度運營費用的預期環比增長主要是由於第四季度與第三季度相比增加了 4 天。
We anticipate fourth quarter of 2019 net other income and expenses, including interest expense, will be $38 million to $41 million, which includes noncash interest expense of $9 million to $10 million. We anticipate non-GAAP net other income and expenses, including interest expense, will be in the $29 million to $31 million.
我們預計 2019 年第四季度的其他淨收入和支出(包括利息支出)將為 3800 萬美元至 4100 萬美元,其中包括 900 萬美元至 1000 萬美元的非現金利息支出。我們預計非公認會計原則的其他淨收入和支出,包括利息支出,將在 2900 萬美元至 3100 萬美元之間。
Net cash paid for income taxes in the fourth quarter of 2019 is expected to be $14 million to $18 million. We expect total capital expenditures of $105 million to $115 million in the fourth quarter of 2019.
2019 年第四季度為所得稅支付的淨現金預計為 1400 萬至 1800 萬美元。我們預計 2019 年第四季度的總資本支出為 1.05 億美元至 1.15 億美元。
We also expect share-based compensation of $17 million to $19 million in the fourth 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. This expense is included in our non-GAAP financial measures.
我們還預計 2019 年第四季度的股票薪酬為 1700 萬美元至 1900 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。這筆費用包含在我們的非公認會計原則財務措施中。
Our GAAP diluted share count for the fourth quarter of 2019 is expected to be 414 million shares, and our non-GAAP diluted share count is expected to be 412 million shares based on our current stock price. 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, respectively.
根據我們當前的股價,我們 2019 年第四季度的 GAAP 稀釋後股票數量預計為 4.14 億股,我們的非 GAAP 稀釋後股票數量預計為 4.12 億股。我們的 10-Q 表格和 10-K 表格的季度報告和年度報告分別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. Thank you, and Sydney, please open up the lines for questions.
有了這個,我想開始問答環節。謝謝你,悉尼,請打開線路提問。
Operator
Operator
(Operator Instructions) And our first question comes from Ross Seymore with Deutsche Bank.
(操作員說明)我們的第一個問題來自德意志銀行的 Ross Seymore。
Ross Clark Seymore - MD
Ross Clark Seymore - MD
First question is on the revenue side of the equation. It's good to see you guys were in line and then are guiding seasonal. But I wonder about the seasonal guide given what we've heard from other broad-based players were largely subseasonal and for some of the players significantly so still persists. So what do you think that gives you the comfort to be seasonal in the fourth quarter?
第一個問題是等式的收入方面。很高興看到你們排隊,然後是季節性的。但我想知道關於季節性指南的內容,因為我們從其他廣泛的玩家那裡聽到的消息基本上是非季節性的,而且對於一些玩家來說,顯然仍然存在。那麼,您認為什麼能讓您在第四季度保持季節性?
Keith Jackson
Keith Jackson
Ross, I think it's mostly the content gains we continue to have. And as we mentioned, the automotive piece of our business should be up. We're seeing some recovery in Asia there. And with our exposure in content, we think that may give us a little better lift. And then, quite frankly, we've done a very good job in getting inventories in the supply chain in place to enable a more normal environment.
羅斯,我認為這主要是我們繼續擁有的內容收益。正如我們所提到的,我們業務的汽車部分應該上升。我們在那裡看到亞洲的一些復甦。隨著我們在內容上的曝光,我們認為這可能會給我們帶來更好的提升。然後,坦率地說,我們在供應鏈中的庫存到位方面做得非常好,以創造一個更正常的環境。
Ross Clark Seymore - MD
Ross Clark Seymore - MD
Okay. Then switching one for you, Bernard, over on the gross margin side of things. It was a little bit less than what you guided to. I know you gave 3 reasons for that. Could you give us a little bit of color on those 3 reasons, the onetime or the ASPs and the utilization?
好的。然後為你換一個,伯納德,在毛利率方面。它比你引導的要少一點。我知道你給出了 3 個理由。您能否就這三個原因(一次性或 ASP 和利用率)給我們一些顏色?
And as we go into the fourth quarter, it looks like it's up a little bit. I assume that's just the onetime reversing itself. But any color on what's happening there? If you view all these moving parts to be temporary? And do any of these things change your longer-term trend towards the 4 handle?
隨著我們進入第四季度,它看起來有點上升。我認為這只是一次逆轉。但是那裡發生的事情有什麼顏色嗎?如果您認為所有這些活動部件都是暫時的?這些事情是否會改變您對 4 手柄的長期趨勢?
Bernard Gutmann
Bernard Gutmann
Thank you, Ross. So I'll start from the latter part. We don't believe this affects us in the long term. The secular drivers and the reasons for growth are the same. There is no structural changes that prevent us from doing that.
謝謝你,羅斯。所以我將從後半部分開始。從長遠來看,我們認為這不會影響我們。長期驅動因素和增長原因是相同的。沒有任何結構性變化阻止我們這樣做。
Addressing the specifics, we did enumerate 3. The first one is really a vendor cost, product specification issue that impacted one customer. Can't give you more detail than that. It is one of the reasons why the fourth quarter is showing some lift.
針對具體問題,我們列舉了 3 個。第一個問題實際上是影響一個客戶的供應商成本、產品規格問題。不能給你比這更詳細的了。這也是第四季度有所提升的原因之一。
The second piece is we did see more pressure on ASPs, on -- primarily on multisource products in the last quarter, and that's obviously a reflection of the weaker end demand in the market.
第二部分是我們確實看到了 ASP 面臨的更大壓力,主要是上個季度的多源產品,這顯然反映了市場終端需求疲軟。
And the third reason is we did purposefully control our disties and internal inventories. And as a result, our utilization was in the middle 60s. It was one of the lowest we have had in a long time and obviously, that has also ramifications on gross margin. We expect to -- not to have a lot more inventory reduction in the disti channel, but still a little bit more internally, so our gross margin will still have -- or our utilization will still be in the lower portion of our normal range. And -- but if I look at the long run, our 300-millimeter fab Fishkill acquisition, we believe, is really something that will be transformative and will allow us to show significant improvement in gross margin, and we're very happy with what we're seeing so far in terms of process, plant flows and qualification.
第三個原因是我們確實有目的地控制了我們的庫存和內部庫存。結果,我們的利用率處於 60 年代中期。這是我們長期以來的最低水平之一,顯然,這也對毛利率產生了影響。我們預計 - 在 disti 渠道中不會有更多的庫存減少,但內部仍然會多一點,因此我們的毛利率仍然會有 - 或者我們的利用率仍將處於正常範圍的較低部分。而且 - 但如果我從長遠來看,我們相信,我們收購 300 毫米晶圓廠 Fishkill 確實具有變革性,將使我們的毛利率顯著提高,我們對此感到非常滿意到目前為止,我們在工藝、工廠流程和資質方面都看到了這一點。
Operator
Operator
And our next question comes from Chris Danely with Citigroup.
我們的下一個問題來自花旗集團的 Chris Danely。
Christopher Brett Danely - MD & Analyst
Christopher Brett Danely - MD & Analyst
Just a couple of questions to dig into the gross margins a little bit. So on the onetime customer adjustment, if, like, business conditions stay in this sort of sluggish overall environment, is it possible that other customers could come back and ask for something like that?
只需幾個問題即可深入了解毛利率。因此,在一次客戶調整中,如果業務狀況保持在這種低迷的整體環境中,是否有可能其他客戶會回來要求類似的東西?
And then on the ASPs being lower for multisource products, how much of your product portfolio -- I guess is that risk from that? And then when can we expect this to reverse? Or could this get worse if business conditions remain kind of sluggish like this?
然後在多源產品的 ASP 較低的情況下,您的產品組合中有多少——我想這會帶來風險嗎?然後我們什麼時候可以期待這種情況發生逆轉?或者,如果商業狀況仍然像這樣低迷,情況會變得更糟嗎?
Bernard Gutmann
Bernard Gutmann
So the -- let me answer you in reverse. The products that are mostly affected by that are those that are in our computing end consumer, which is about 20% of our business. That's kind of -- give or take. Obviously, weak end demands are making this a factor. So this -- it will be a function of how long the weakening demand continues in terms of pricing pressure.
所以——讓我反過來回答你。受此影響最大的產品是那些在我們的計算終端消費者中的產品,約占我們業務的 20%。那是-給予或接受。顯然,疲軟的終端需求正在成為一個因素。因此,這將取決於價格壓力疲軟的需求持續多長時間。
The second one, we believe the adjustment is related to one single customer, and we don't -- there is no risk that it will affect other customers.
第二個,我們認為調整與一個客戶有關,我們不認為 - 沒有影響其他客戶的風險。
Christopher Brett Danely - MD & Analyst
Christopher Brett Danely - MD & Analyst
Okay. Great. And for my follow-up, Keith, can you just kind of run us through your major end markets? It sounds like auto is getting a little better. How would you sort of rank them from, I guess, least to most impacted?
好的。偉大的。對於我的後續行動,Keith,您能否介紹一下您的主要終端市場?聽起來汽車正在變得更好。我猜你會如何對它們進行排序,從受影響最小到受影響最大?
Keith Jackson
Keith Jackson
Yes. So automotive, we're seeing a recovery in Asia. We're seeing recovery in the server portion of computing. Relatively continued benign conditions in industrial. And then you have a seasonal weakening in consumer, as you would expect, so I'm not sure that, that is abnormal from a seasonal perspective. And in the handset market, same story.
是的。所以汽車,我們看到亞洲正在復蘇。我們看到計算的服務器部分正在恢復。工業環境相對持續良好。然後,正如您所期望的那樣,消費者的季節性減弱,所以我不確定,從季節性的角度來看,這是不正常的。而在手機市場,同樣的故事。
Operator
Operator
And our next question comes from 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。
Vivek Arya - MD in Equity Research & Research Analyst
Vivek Arya - MD in Equity Research & Research Analyst
I wanted to also talk about gross margins first. Since you completed the acquisition of Fairchild, gross margins have -- they kind of peaked around 39%. Right now, they are 36%. And I think, Bernard, you mentioned that utilization is in the low 60s-or-so range. So as you move forward, is the 50% incremental gross margin still a useful construct as we go forward? Do you think that as you get more production onto 300-millimeter, it could be better than that at some point?
我還想先談談毛利率。自從您完成對 Fairchild 的收購以來,毛利率已經達到了 39% 左右的峰值。現在,他們是 36%。我認為,伯納德,你提到利用率在 60 多歲左右的低範圍內。因此,隨著您的前進,50% 的增量毛利率在我們前進的過程中仍然是一個有用的結構嗎?您是否認為隨著您在 300 毫米上獲得更多產量,在某些時候它可能會比這更好?
Bernard Gutmann
Bernard Gutmann
Yes. In the short term, the 50% should still be a valid thing. Obviously, as you said, they're still doing some transformative changes, and that can affect that -- the fall through. And also, as we continue with our secular drivers in the areas that are growing faster, those command also better gross margin, so that should also help in terms of the fall through.
是的。短期來看,50%應該還是一個有效的東西。顯然,正如你所說,他們仍在進行一些變革性的改變,這可能會影響這一點——失敗。而且,隨著我們在增長更快的領域繼續使用我們的長期驅動因素,這些領域的毛利率也會更高,因此這也應該有助於緩解衰退。
Vivek Arya - MD in Equity Research & Research Analyst
Vivek Arya - MD in Equity Research & Research Analyst
Got it. And for my follow-up, Keith, there is some discussion amongst investors that perhaps some Chinese hardware makers might be deliberately or under some pressure being asked to move away from U.S. chip makers. So not ON specific, but applies to all of your diversified peers. Have you seen any evidence of this from your customer discussions and of any share shift, right, being in place, whether to your European or Japanese competitors? Have you seen any evidence of that so far?
知道了。對於我的後續行動,Keith,投資者之間有一些討論,也許一些中國硬件製造商可能會被故意或在某種壓力下被要求離開美國芯片製造商。所以不是特定的,但適用於所有多元化的同行。你有沒有從你的客戶討論中看到任何證據,以及任何份額轉移,正確的,已經到位,無論是對你的歐洲還是日本的競爭對手?到目前為止,你有沒有看到任何證據?
Keith Jackson
Keith Jackson
So far, there's been some share shift where we're unable to ship products to the European or Japan-based competitors. Those are small amounts for us. But otherwise, nothing detected in their current business patterns. There have been discussions with many of the customers in China about having alternate sources for shared supply, but no dialogue at this stage about losing specific share.
到目前為止,發生了一些份額轉移,我們無法將產品運送到歐洲或日本的競爭對手。這些對我們來說都是小數目。但除此之外,在他們當前的業務模式中沒有發現任何東西。與中國的許多客戶就共享供應的替代來源進行了討論,但現階段沒有關於失去特定份額的對話。
Operator
Operator
And our next question comes from Raji Gill with Needham & Company.
我們的下一個問題來自Needham & Company 的Raji Gill。
Rajvindra S. Gill - Senior Analyst
Rajvindra S. Gill - Senior Analyst
A question on the inventory digestion because I think that's important. That's something that at least you can control. The end demand is harder to figure out. But in terms of the inventory digestion, I was wondering if you could kind of characterize where we are in the inventory correction cycle. This started about a year ago, so are we interpreting this to be a -- we're at the bottom of that correction?
關於庫存消化的問題,因為我認為這很重要。這至少是你可以控制的。最終需求更難計算。但就庫存消化而言,我想知道您是否可以描述我們在庫存修正週期中的位置。這開始於大約一年前,所以我們是否將其解釋為 - 我們處於修正的底部?
And then along those lines, if demand were to snap back from a trade resolution or for whatever factor, how quickly do you think you'll be able to respond to meet that demand in your supply chain as well as at your own internal levels?
然後沿著這些思路,如果需求從貿易決議或任何因素中恢復,您認為您將能夠多快響應以滿足您的供應鏈以及您自己的內部級別的需求?
Keith Jackson
Keith Jackson
Okay. So inventory-wise, as I mentioned last quarter, we felt we were nearing the end of the correction process. We still believe that. We think we're in a stable and reasonable place with the supply chain area. One of the key things, if you look at recovery, those recoveries do generally happen quickly and can change things. But with our inventory levels, where they are in distribution and internally, we think we're in good shape for a response.
好的。因此,就庫存而言,正如我上個季度提到的那樣,我們覺得我們已經接近修正過程的尾聲。我們仍然相信這一點。我們認為我們在供應鏈領域處於穩定合理的位置。關鍵的事情之一,如果你看恢復,這些恢復通常會很快發生並且可以改變事情。但考慮到我們的庫存水平,它們在分銷和內部,我們認為我們處於良好的響應狀態。
Rajvindra S. Gill - Senior Analyst
Rajvindra S. Gill - Senior Analyst
Okay. Great. And for my follow-up, a question related to 5G. You had basically said in the past you had 0 4G revenue, but because of the increased power requirements for these base stations at the radio access head as well the auxiliary supplies, that there's going to be a significant increase in MOSFET content. Wondering if you could kind of characterize the 5G base station infrastructure cycle. There's been some reports that there might have been a little bit of a pause. How do we think about 5G relative to your position as we go into next year?
好的。偉大的。對於我的後續,一個與 5G 相關的問題。您過去基本上說過您的 4G 收入為 0,但由於無線電接入頭處的這些基站以及輔助電源的功率需求增加,MOSFET 的含量將顯著增加。想知道您是否可以描述 5G 基站基礎設施週期。有一些報導稱可能會有一點停頓。在我們進入明年時,相對於您的立場,我們如何看待 5G?
Keith Jackson
Keith Jackson
Okay. So we are, I think, well positioned with all of the players in 5G, and that deployment will continue to expand. I think we had some pretty rapid early test trials that went on. A little bit of a pause, but we expect next year to be a very significant ramp in China.
好的。因此,我認為,我們與 5G 的所有參與者都處於有利地位,而且這種部署將繼續擴大。我認為我們進行了一些非常快速的早期測試試驗。有點停頓,但我們預計明年在中國將是一個非常重要的增長。
Operator
Operator
And our next question comes from Christopher Rolland with Susquehanna.
我們的下一個問題來自 Christopher Rolland 和 Susquehanna。
Christopher Adam Jackson Rolland - Senior Analyst
Christopher Adam Jackson Rolland - Senior Analyst
So given a slower macro -- and this is probably maybe for Keith, I'm not sure. But given a slower macro and your new plans to lower existing utilizations, given that macro, does this change the speed at which you're going to equip new projects like, for example, the Fishkill fab? Maybe you can talk about how you would equip that and what utilizations might look like for the next 3 years or so.
所以給定一個較慢的宏——這可能是為了基思,我不確定。但是考慮到較慢的宏以及您降低現有利用率的新計劃,考慮到該宏,這是否會改變您裝備新項目(例如 Fishkill 工廠)的速度?也許你可以談談你將如何裝備它以及未來 3 年左右的使用情況。
And then also, I think you have some wafer capacity coming on as well. Does that slower macro affect equipment there as well?
然後,我認為你也有一些晶圓產能。那個較慢的宏也會影響那裡的設備嗎?
Keith Jackson
Keith Jackson
The simple answer there is a slower macro is not going to deter us enabling our 300-millimeter expansion. That is a key part of getting our margin profile where we'd like it and being able to satisfy the growth in demand for automotive and industrial power. So that will continue. Other types of things have been curtailed significantly to balance that total capital needs, but those will continue to move forward. We don't see any situation in which that would make sense to slow. And as we mentioned earlier, that ramp will enable us to balance our network out better to accelerate gross margin.
簡單的答案是一個較慢的宏不會阻止我們啟用我們的 300 毫米擴展。這是獲得我們想要的利潤率並能夠滿足汽車和工業動力需求增長的關鍵部分。所以這將繼續。為了平衡總資本需求,其他類型的事情已經大大減少,但這些事情將繼續向前發展。我們沒有看到任何情況下放慢速度是有意義的。正如我們之前提到的,這種增長將使我們能夠更好地平衡我們的網絡,以加快毛利率。
Christopher Adam Jackson Rolland - Senior Analyst
Christopher Adam Jackson Rolland - Senior Analyst
Great. And then there have been some moves this last quarter, one company and competitor in particular, as they move more towards a direct sales force versus distribution perhaps controlling that process and capturing more margin. Just wanted to know your thoughts on distribution versus perhaps a move -- moving more internal for you guys. Or do you view kind of these competitive changes here as an opportunity for you guys even?
偉大的。然後在上個季度出現了一些舉措,特別是一家公司和競爭對手,因為他們更多地轉向直銷隊伍而不是分銷,可能控制該流程並獲得更多利潤。只是想知道你對分發的想法,而不是移動——對你們來說更內部移動。或者你認為這裡的這些競爭性變化對你們來說是一個機會嗎?
Keith Jackson
Keith Jackson
Yes. We are strongly believers in the distribution network. They can reach a range of customers around the world for the design win commitments that we need. And they are also quite efficient at reaching all those small customers. So we continue to support them strongly, see share gains in that distribution network on an annual basis. And we'll be looking for opportunities to grow even faster in distribution.
是的。我們堅信分銷網絡。他們可以接觸到世界各地的一系列客戶,以實現我們需要的設計贏得承諾。他們在接觸所有這些小客戶方面也非常有效。因此,我們繼續大力支持他們,每年都會看到該分銷網絡的份額增長。我們將尋找機會在分銷方面更快地增長。
Operator
Operator
And our next question comes from Craig Ellis with B. Riley FBR.
我們的下一個問題來自 Craig Ellis 和 B. Riley FBR。
Craig Andrew Ellis - Senior MD & Director of Research
Craig Andrew Ellis - Senior MD & Director of Research
And congratulations, guys, on navigating the trough well. Bernard, I wanted to follow up first just with a clarification on operating expense. Clearly, there's a lot going on to shield operating income from some of the pressures that were on gross margin. But can you clarify, for the things that were done in the third quarter, how much of those moves are tactical versus more structural changes that would flow through to next year?
恭喜,伙計們,在低谷中航行得很好。伯納德,我想首先澄清一下運營費用。顯然,有很多事情可以保護營業收入免受毛利率的一些壓力。但是你能否澄清一下,對於第三季度所做的事情,這些舉措中有多少是戰術性的,而不是更多的結構性變化,這些變化將持續到明年?
Bernard Gutmann
Bernard Gutmann
In general terms, most of the actions were tactical. There is some that we took earlier in the year that were more structural, but what we did in the third quarter was more tactical.
一般來說,大多數行動都是戰術性的。我們在今年早些時候採取了一些更具結構性的措施,但我們在第三季度所做的更具戰術性。
Craig Andrew Ellis - Senior MD & Director of Research
Craig Andrew Ellis - Senior MD & Director of Research
Got it. And then on the COGS side, there was mention made of a 6-inch fab shutdown in Rochester, New York. Can you just summarize for us what some of the cost reduction levers are as you look out into 2020? And with utilization at 65%, is there anything else that might be contemplated if the demand environment that we have now persists into next year?
知道了。然後在 COGS 方面,有人提到了紐約羅切斯特的 6 英寸晶圓廠關閉。您能否為我們總結一下您展望 2020 年的一些降低成本的槓桿?在利用率為 65% 的情況下,如果我們現在的需求環境持續到明年,還有什麼可以考慮的嗎?
Bernard Gutmann
Bernard Gutmann
Yes. So we -- the levers that we have continue being the same. Definitely, the East Fishkill as well as the Aizu fab give us more degrees of freedom in terms of managing our network and more opportunities for optimization. And at the same time, we will continue working on the regular fall through as we increase our utilization back up to the more normal levels as well as mix.
是的。所以我們 - 我們擁有的槓桿繼續保持不變。毫無疑問,East Fishkill 和會津工廠在管理我們的網絡方面給了我們更多的自由度和更多的優化機會。同時,隨著我們將利用率提高到更正常的水平以及混合使用,我們將繼續努力解決常規故障。
Operator
Operator
And our next question comes from Ambrish Srivastava with 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
I had a question on China auto. This is the first time in a long while we have heard anybody say China and growth in the same breath. Is this due to some design wins that you have that are ramping? Or is it reflective of maybe production bottoming out and seeing a pickup from very low levels? So is it specific to you? Or is it more macro?
我有一個關於中國汽車的問題。這是很長一段時間以來我們第一次聽到有人說中國和增長相提並論。這是由於您獲得的一些設計勝利正在增加嗎?或者它是否反映了生產可能觸底並看到從非常低的水平回升?那麼它是針對您的嗎?還是更宏觀?
And then my follow-up. Bernard, you talked about -- you mentioned share buyback and the lack thereof in the quarter that just ended. What does it mean for buyback going forward? I'm assuming you brought it up because it means you're going to be back buying stock this quarter onwards.
然後是我的跟進。伯納德,你談到了——你提到了股票回購以及剛剛結束的季度的股票回購。這對未來的回購意味著什麼?我假設您提出來是因為這意味著您將在本季度開始重新購買股票。
Keith Jackson
Keith Jackson
Okay. On the China auto business, those are new wins we've got primarily in electric vehicles. And new models are starting to ramp, so there's a content piece there. But our sense also is that generally, there's going to be more units made now than there has been in the earlier part of the year. So a combination of both content and a few more units.
好的。在中國汽車業務方面,這些是我們主要在電動汽車領域取得的新勝利。新模型開始出現,所以那裡有一個內容片段。但我們的感覺也是,總的來說,現在生產的單位將比今年早些時候更多。所以結合了內容和更多的單元。
Bernard Gutmann
Bernard Gutmann
And on the share buyback question, Ambrish, in the long run, we are committed to our share buyback program. We have a $1.5 billion program and intend to continue working on that one. In the short run, we do have the -- as we mentioned several times during the call, we do have the settlement of the litigation issue we had with Power, and that implies a significant cash outlay in the short term, and that will have to be taken into account as we go through that.
關於股票回購問題,Ambrish,從長遠來看,我們致力於我們的股票回購計劃。我們有一個 15 億美元的計劃,並打算繼續開展這項工作。從短期來看,我們確實有——正如我們在電話會議中多次提到的那樣,我們確實解決了我們與 Power 的訴訟問題,這意味著在短期內會有大量的現金支出,這將有在我們經歷的過程中被考慮在內。
Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst
Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst
So that goes through this quarter as well, Bernard?
伯納德,這也貫穿了本季度?
Bernard Gutmann
Bernard Gutmann
It should.
它應該。
Operator
Operator
And our next question comes from Matt Ramsay with Cowen.
我們的下一個問題來自 Matt Ramsay 和 Cowen。
Matthew D. Ramsay - MD & Senior Technology Analyst
Matthew D. Ramsay - MD & Senior Technology Analyst
Keith, I have, I guess, 2 questions on the automotive business, and I'll just, I guess, go ahead and ask them both at the same time for expediency. The first one is on the image sensor business. I think you mentioned in the
基思,我想,我有兩個關於汽車業務的問題,我想,為了方便起見,我想同時問他們兩個。第一個是圖像傳感器業務。我想你在
(technical difficulty)
(技術難度)
Bernard Gutmann
Bernard Gutmann
Matt?
馬特?
Keith Jackson
Keith Jackson
We lost you, Matt.
我們失去了你,馬特。
Operator
Operator
Our next question comes from Mark Delaney with Goldman Sachs.
我們的下一個問題來自高盛的 Mark Delaney。
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
First is a follow-up on the gross margin topic and underutilization. I was hoping you could clarify if ON took a period charge in the quarter related to the underutilization because I think there's only so much FX cost you can capitalize into inventory. So did you take a charge? And if so, can you quantify that?
首先是對毛利率主題和未充分利用的跟進。我希望你能澄清 ON 是否在本季度收取與未充分利用有關的期間費用,因為我認為只有這麼多的外匯成本可以資本化到庫存中。那你負責了嗎?如果是這樣,你能量化嗎?
Bernard Gutmann
Bernard Gutmann
So in terms of utilization, we mentioned we were in the 65%, which used our normal capitalization rules, whereby a portion of the unit cost, if it's below our standard, gets written off. If it's above our standard, it gets capitalized. So there was no unusual activity, no period charge.
因此,在利用率方面,我們提到我們處於 65%,它使用了我們的正常資本化規則,如果單位成本低於我們的標準,就會被註銷。如果它高於我們的標準,它將被大寫。所以沒有異常活動,沒有期間費用。
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
Okay. That's helpful. And then a follow-up question around the bookings trends. I was hoping you could comment a little bit more on the linearity of bookings that the company saw. Did the quarter start off weak, and then bookings more recently have been largely seasonal? Or was it pretty consistent throughout the quarter?
好的。這很有幫助。然後是關於預訂趨勢的後續問題。我希望你能對公司看到的預訂線性度發表更多評論。本季度開始時是否疲軟,然後最近的預訂主要是季節性的?還是整個季度都非常一致?
Bernard Gutmann
Bernard Gutmann
We believe it has been pretty consistent and based -- and seasonal.
我們相信它一直非常一致且基於 - 並且是季節性的。
Operator
Operator
And our next question comes from Chris Caso with Raymond James.
我們的下一個問題來自 Chris Caso 和 Raymond James。
Christopher Caso - Research Analyst
Christopher Caso - Research Analyst
First question is on ASPs. And you talked about some pricing pressure that was starting. If you could help to quantify a little bit of that. And I know that this is the time of year where you start to negotiate some of the annual pricing. Can you give some indication of how that's looking for next year? I know the past several years, ASPs have been performing better than they normally have. Is it kind of getting back to where we were a couple of years ago now?
第一個問題是關於 ASP。你談到了一些開始的定價壓力。如果你能幫助量化一點。我知道這是一年中你開始協商一些年度定價的時候。您能否說明明年的情況?我知道在過去的幾年裡,ASP 的表現比平時要好。是不是回到了我們幾年前的狀態?
Bernard Gutmann
Bernard Gutmann
Yes. So Chris, we don't quantify ASPs in -- like we did in the past. But I can say that in general terms, it is less than historical, less than in previous cycles. It is still more than what we saw in the first couple of quarters of the year, but less than historical.
是的。所以克里斯,我們不會像過去那樣量化 ASP。但我可以說,總體而言,它低於歷史,低於以前的周期。它仍然高於我們在今年前幾個季度看到的情況,但低於歷史水平。
Christopher Caso - Research Analyst
Christopher Caso - Research Analyst
All right. As a follow-up on automotive, maybe can you give some indication of where you think your auto growth falls relative to units? And I say it looks like your auto is going to come in somewhere down 4% or so this year on a similar reduction in units this year. How do you look going forward? What would be the spread between ON Semi's auto revenue and units? Obviously, your content is growing. By how much more do you expect to grow versus the market going forward?
好的。作為汽車的後續行動,也許你能給出一些你認為你的汽車增長相對於單位的下降的跡象嗎?我說看起來你的汽車今年的銷量會下降 4% 左右,而今年的銷量也會出現類似的下降。你如何看待未來?安森美的汽車收入和單位之間的差距是多少?顯然,您的內容正在增長。與未來的市場相比,您預計增長多少?
Keith Jackson
Keith Jackson
Yes. We're -- if you look at kind of performance this year, you think -- we believe there was a contraction in the supply chain. So in essence, it wasn't just a reflection of the end units but actual inventory coming down throughout the whole chain. So we still believe you get a significant benefit from the content gain even in a down market. Going forward, we're looking for 7% to 9% kind of growth in the auto market for us. On unit basis, which I think is forecasted, roughly flat to up 1%.
是的。我們 - 如果你看一下今年的表現,你會認為 - 我們認為供應鏈出現了收縮。因此,從本質上講,它不僅反映了最終單位,而且反映了整個鏈條中的實際庫存下降。因此,我們仍然相信即使在市場低迷的情況下,您也可以從內容收益中獲得顯著收益。展望未來,我們希望汽車市場有 7% 到 9% 的增長。在單位基礎上,我認為這是預測的,大致持平至 1%。
Operator
Operator
And our next question comes from Vijay Rakesh with Mizuho.
我們的下一個問題來自瑞穗的 Vijay Rakesh。
Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst
Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst
Just going back on the comm handset side. I saw your September quarter grew 11% sequentially. Just wondering, if you were to look at 5G and handsets, what trends you saw versus that growth.
只是回到通訊聽筒方面。我看到你們 9 月份的季度環比增長了 11%。只是想知道,如果您要查看 5G 和手機,您看到的趨勢與這種增長有何不同。
And if you look at the December quarter, I know you guided it down. Just wondering which segment was weaker going into December.
如果您查看 12 月季度,我知道您將其引導下來。只是想知道進入 12 月哪個部分較弱。
Keith Jackson
Keith Jackson
So we don't think 5G handsets were a big play in the third quarter. There was certainly content there and some phones out, but it was not a substantial portion of the total. And then as we look into the fourth quarter for handsets, it's a normal seasonal down, so nothing significant there other than normality.
因此,我們認為 5G 手機在第三季度不會有太大影響。那里肯定有內容,也有一些手機,但它並不佔總數的很大一部分。然後當我們進入第四季度的手機市場時,這是一個正常的季節性下降,所以除了正常之外沒有什麼重要的。
Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst
Vijay Raghavan Rakesh - MD of Americas Research & Senior Semiconductor Analyst
Got it. And then last question, Quantenna. Any thoughts there? How that's progressing? What you guys are seeing there?
知道了。最後一個問題,Quantenna。有什麼想法嗎?進展如何?你們在那裡看到了什麼?
Keith Jackson
Keith Jackson
So that business continues to be soft like the rest of the markets, but we're not seeing continued decline there. So it looks like it's stabilized, and we are expecting more normality as we get into 2020.
因此,該業務繼續像其他市場一樣疲軟,但我們並沒有看到那裡繼續下滑。所以看起來它已經穩定下來,我們預計進入 2020 年會更加正常。
Bernard Gutmann
Bernard Gutmann
And we have also -- we are also completing the integration work this quarter, and that should result also in some of the synergy delivery.
我們也 - 我們也在本季度完成整合工作,這也應該會產生一些協同效應。
Operator
Operator
And our next question comes from David Williams with Loop Capital.
我們的下一個問題來自 Loop Capital 的 David Williams。
David Williams
David Williams
Would -- just want to ask on the industrial side. Are you seeing anything in terms of the subsegments that stands out or maybe gives you a bit of optimism for return to growth there?
會 - 只是想問工業方面。您是否看到任何突出的細分市場或可能讓您對那裡恢復增長感到樂觀?
Keith Jackson
Keith Jackson
Right now, pretty much all segments are showing the same type of weakness. Nothing looks like it's breaking out yet. I am expecting the medical piece of that business to break out pretty quickly as a lot of our design wins in the personal medical electronics arena start ramping in 2020.
目前,幾乎所有細分市場都表現出相同類型的弱點。看起來它還沒有爆發。我預計該業務的醫療部分將很快爆發,因為我們在個人醫療電子領域的許多設計勝利將在 2020 年開始升溫。
David Williams
David Williams
And then can you talk a little bit about the content growth you see between the standard 4G handset and maybe going to a 5G handset? What is the opportunity there for content growth?
然後你能談談你看到的標準4G手機和5G手機之間的內容增長嗎?內容增長的機會是什麼?
Keith Jackson
Keith Jackson
It's going to be somewhere around a $1 difference in content.
內容的差異將在 1 美元左右。
Operator
Operator
And our next question comes from Harlan Sur with JPMorgan.
我們的下一個問題來自摩根大通的 Harlan Sur。
Harlan Sur - Senior Analyst
Harlan Sur - Senior Analyst
On the consumer, specifically white goods, this is a segment that continues to show appreciable year-over-year deceleration into Q3. But it looks like year-over-year compares are starting to actually get better in Q4 and showing signs of normal seasonality on a sequential basis. I know it's off of a low base, and it's one of the more trade and macro-sensitive segments. But looking beyond Q4, do you guys expect that end demand trends are now looking to be more seasonal going forward for this segment?
在消費者方面,特別是白色家電,這一細分市場在第三季度繼續表現出明顯的同比減速。但看起來,與去年同期相比,第四季度實際情況開始好轉,並連續顯示出正常季節性的跡象。我知道它的基數很低,而且它是對貿易和宏觀更敏感的細分市場之一。但展望第四季度之後,你們是否認為該細分市場的最終需求趨勢現在看起來更具季節性?
Keith Jackson
Keith Jackson
Yes. I would expect more normal seasonality as you enter the first quarter next year. There was buying that was anticipation of tariffs that had some significant skewing of purchase patterns there. We think that's behind us. And there was also some inventory corrections, which we think are largely behind us. So it should be looking more like a normal seasonal business going into next year.
是的。當您進入明年第一季度時,我預計會有更正常的季節性。有購買是對關稅的預期,那裡的購買模式存在一些重大偏差。我們認為這已經過去了。還有一些庫存修正,我們認為這在很大程度上已經過去了。因此,它應該看起來更像是進入明年的正常季節性業務。
Harlan Sur - Senior Analyst
Harlan Sur - Senior Analyst
Great. Good to hear that. And then on the new product front, you gave us some metrics on your design win traction on auto image sensors for 2 and 8-megapixel sensors. But on the high-performance 8-megapixel front for ADAS, I think Sony might have a 7.5-megapixel solution. But do you guys have any competition at the 8-megapixel level?
偉大的。很高興聽到。然後在新產品方面,您向我們提供了一些關於您的設計贏得 2 兆像素和 8 兆像素傳感器的自動圖像傳感器牽引力的指標。但在 ADAS 的高性能 8 兆像素前端,我認為索尼可能有一個 7.5 兆像素的解決方案。但是你們在 8 兆像素級別有什麼競爭嗎?
Keith Jackson
Keith Jackson
No. We have superior performance there and nothing that I would consider competition. We have been winning the platforms at 8 megapixel and not losing any ground or traction.
不,我們在那裡有出色的表現,沒有什麼我認為是競爭的。我們一直在以 8 兆像素贏得平台,並且沒有失去任何基礎或牽引力。
Operator
Operator
And our next question comes from David O'Connor with Exane BNP Paribas.
我們的下一個問題來自 Exane BNP Paribas 的 David O'Connor。
David O'Connor - Analyst of IT Hardware and Semiconductors
David O'Connor - Analyst of IT Hardware and Semiconductors
A question on my side on the design wins on the silicon carbide. You mentioned EVs. You mentioned 7 inverter wins in the transcript. Can you give some more detail on them, when exactly these are ramping? What kind of geographies? And are these silicon -- are these actually silicon carbide? Are they more silicon-based? And I have a follow-up.
我的一個關於設計的問題在碳化矽上獲勝。你提到了電動汽車。您在成績單中提到了 7 個逆變器獲勝。你能提供更多關於它們的詳細信息嗎?什麼樣的地理?這些是矽嗎?這些實際上是碳化矽嗎?它們更基於矽嗎?我有一個後續行動。
Keith Jackson
Keith Jackson
Okay. They're a mixture of IGBT and silicon carbide, and those wins ramp anywhere from late next year to the following year. So I don't have the specific schedules in front of me, but it-will be over the next 2 years.
好的。它們是 IGBT 和碳化矽的混合體,從明年年底到次年,這些勝利都會逐漸增加。所以我沒有具體的時間表擺在我面前,但它會在未來 2 年內完成。
David O'Connor - Analyst of IT Hardware and Semiconductors
David O'Connor - Analyst of IT Hardware and Semiconductors
Great. And then maybe one follow-up for Bernard. So just to clarify, so will Q4 be the peak underutilization charges?
偉大的。然後也許是伯納德的後續行動。所以只是澄清一下,第四季度是否會是未充分利用費用的高峰期?
Bernard Gutmann
Bernard Gutmann
The -- we believe that Q4 is probably going to be the lowest utilization. Just like Q3, we believe we're at the bottom in terms of utilization right now.
- 我們認為第四季度可能是最低的利用率。就像第三季度一樣,我們認為我們現在在利用率方面處於底部。
Operator
Operator
And our next question comes from Tristan Gerra with Baird.
我們的下一個問題來自 Tristan Gerra 和 Baird。
Tristan Gerra - Senior Research Analyst
Tristan Gerra - Senior Research Analyst
As a follow-up to the prior question, what percentage of manufacturing are you currently outsourcing? And is there any leverage there to bring capacity back internally to help your utilization rates?
作為對上一個問題的跟進,您目前外包的製造比例是多少?是否有任何槓桿可以在內部恢復產能以提高利用率?
Bernard Gutmann
Bernard Gutmann
We have been doing that as a regular ongoing process. The total outsourced amount is about 30%, including everything at about 20% when you exclude our most recent acquisition.
我們一直將其作為一個常規的持續過程。外包的總金額約為 30%,如果排除我們最近的收購,包括大約 20% 的所有內容。
Tristan Gerra - Senior Research Analyst
Tristan Gerra - Senior Research Analyst
Okay. And is that a process that can continue? Or how low can you go in terms of outsourcing as a percentage?
好的。這是一個可以繼續的過程嗎?或者,就外包而言,你能走多低的百分比?
Keith Jackson
Keith Jackson
We continue to balance where we can. We've got obligations to some of our suppliers there. But in general, we think we can get that down a few percentage points over the next year.
我們將繼續在力所能及的範圍內保持平衡。我們對那裡的一些供應商負有義務。但總的來說,我們認為我們可以在明年將其降低幾個百分點。
Operator
Operator
And our next question comes from Harsh Kumar with Piper Jaffray.
我們的下一個問題來自與 Piper Jaffray 的 Harsh Kumar。
Harsh V. Kumar - MD & Senior Research Analyst
Harsh V. Kumar - MD & Senior Research Analyst
Solid execution. I had a couple of questions. First, on the auto, I think, Keith, you mentioned that second half, you're expecting to see more units in China. I was curious if this is normal or you think this is just sort of we contracted so much that we're kind of whipping around and trying to make up a little bit?
紮實的執行力。我有幾個問題。首先,在汽車方面,我認為,Keith,您提到下半年,您希望在中國看到更多的單位。我很好奇這是否正常,或者你認為這只是我們的合同太多以至於我們有點鞭打並試圖彌補一點?
And then how do you see -- when you talk to your kind of customers over in China, how do you see the demand trends for next year?
然後你怎麼看——當你和你在中國的客戶交談時,你如何看待明年的需求趨勢?
Keith Jackson
Keith Jackson
Okay. So on the first part, kind of current conditions, there was some changing regulations and changes in government policies on how they subsidize that marketplace, created some bad situations in the middle part of the year. We see some recovery from that. Not a significant in-demand jump is the way I would describe current conditions. Then next year, though, we do think there will be continued expansion. Their economy is going to continue to grow. We think they will have digested the efficiency requirement changes that they're going through right now, and we should see some continued growth there in 2020.
好的。所以在第一部分,目前的情況,有一些變化的法規和政府關於如何補貼市場的政策的變化,在年中造成了一些糟糕的情況。我們看到了一些復甦。我描述當前狀況的方式不是顯著的需求跳躍。不過,明年我們確實認為會繼續擴張。他們的經濟將繼續增長。我們認為他們將消化他們目前正在經歷的效率要求變化,我們應該會在 2020 年看到一些持續增長。
Harsh V. Kumar - MD & Senior Research Analyst
Harsh V. Kumar - MD & Senior Research Analyst
Understood. And my follow-up, I know semis have been like all over the place and businesses have been all over the place, the trade war. But could you maybe remind us how we might even try to think about seasonality here for your business and maybe even the industry as such or particularly for your business?
明白了。而我的後續行動,我知道半成品已經遍布各地,企業也到處都是,貿易戰。但是您能否提醒我們,我們甚至可以如何嘗試在這里為您的業務甚至行業本身或特別為您的業務考慮季節性?
Bernard Gutmann
Bernard Gutmann
Sure. So normal seasonality, if there is such a thing, is 0% to 2% negative for the fourth quarter, so a small negative. The first quarter is also a negative, in the 2% to 3% range. Q3 -- Q2 and Q3 are on the positive, something like 4%, 5% for both Q2 and Q3.
當然。所以正常的季節性,如果有這樣的事情,第四季度的負值是 0% 到 2%,所以是一個小負值。第一季度也是負面的,在 2% 到 3% 的範圍內。 Q3 - Q2 和 Q3 是積極的,大約 4%,Q2 和 Q3 都是 5%。
Operator
Operator
And our next question comes from Shawn Harrison with Longbow Research.
我們的下一個問題來自 Longbow Research 的 Shawn Harrison。
Shawn Harrison
Shawn Harrison
First question, just on product lead times. Is there any product right now where you're still seeing extended lead times? Or is everything pretty much normalized for you?
第一個問題,只是關於產品交貨時間。現在有沒有什麼產品你仍然看到延長交貨時間?或者對你來說一切都正常化了嗎?
Keith Jackson
Keith Jackson
No. We have a few specific more custom-based products that still have extended lead times, but those are where there's unique flows or unique requirements. Most of our general products are in the normal range.
不。我們有一些特定的、更基於定制的產品,它們的交貨時間仍然延長,但這些產品有獨特的流程或獨特的要求。我們的大部分普通產品都在正常範圍內。
Shawn Harrison
Shawn Harrison
In the end markets, those products are -- is it more auto sensor recurrent?
在終端市場中,這些產品是——是否更頻繁地使用汽車傳感器?
Keith Jackson
Keith Jackson
It tends to be industrial and automotive more than any other segment.
與其他任何細分市場相比,它更傾向於工業和汽車領域。
Shawn Harrison
Shawn Harrison
Okay. And then as a brief follow-up, Bernard, I think there's a convert coming due next year. Do you have any thoughts on refinance that, pay that off, et cetera?
好的。然後作為簡短的跟進,伯納德,我認為明年會有一個皈依者。你對再融資有什麼想法,還清,等等?
Bernard Gutmann
Bernard Gutmann
We -- at this stage, we intend to pay it down. We do have -- but we could also explore possibilities of refinancing. We did refinance our debt recently and have about $1.2 billion of undrawn revolver in case we want to tap into that.
我們 - 在這個階段,我們打算支付它。我們確實有——但我們也可以探索再融資的可能性。我們最近確實為我們的債務再融資,並且有大約 12 億美元的未動用左輪手槍,以防我們想利用它。
Operator
Operator
And our next question comes from Craig Hettenbach with Morgan Stanley.
我們的下一個問題來自摩根士丹利的 Craig Hettenbach。
Craig Matthew Hettenbach - VP
Craig Matthew Hettenbach - VP
Just going back to Quantenna. Any update on just product development in the areas of autos, industrial and then how you're thinking about that?
剛回到昆騰納。關於汽車、工業領域的產品開發的任何更新,然後您是如何考慮的?
Keith Jackson
Keith Jackson
Yes. We continue to invest. We took some ON teams and added them to the Quantenna team to continue to drive derivations of the high-performance WiFi that they've got into those marketplaces. That development looks like it's going to be in good shape to deliver what we set as expectations for the 18 months to 2 years from now.
是的。我們繼續投資。我們聘請了一些 ON 團隊並將他們添加到 Quantenna 團隊中,以繼續推動他們已經進入這些市場的高性能 WiFi 的衍生產品。這種發展看起來會很好地實現我們對從現在開始的 18 個月到 2 年的預期。
Craig Matthew Hettenbach - VP
Craig Matthew Hettenbach - VP
Got it. And then just a follow-up for Bernard. You mentioned the inventory in the channel came down sequentially. Can you talk about just kind of framing that versus the typical target of 11 to 13 weeks and then where you guys are today?
知道了。然後只是伯納德的後續行動。您提到渠道中的庫存依次下降。你能談談與 11 到 13 週的典型目標相比的一種框架,然後你們今天在哪裡?
Bernard Gutmann
Bernard Gutmann
Sure. We are comfortably within that 11- to 13-week range.
當然。我們在這 11 到 13 週的範圍內很舒服。
Operator
Operator
And this concludes our Q&A session. I would now like to turn it back to Parag Agarwal with any further remarks.
我們的問答環節到此結束。我現在想把它轉回 Parag Agarwal 並發表任何進一步的評論。
Parag Agarwal - VP of IR & Corporate Development
Parag Agarwal - VP of IR & Corporate Development
Thank you, everyone, for joining the call today. We look forward to seeing you at various conferences during the quarter. Goodbye.
謝謝大家今天加入電話會議。我們期待在本季度的各種會議上見到您。再見。
Operator
Operator
Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.
女士們,先生們,今天的會議到此結束。感謝您的參與。您現在可以斷開連接。