安森美 (ON) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ON Semiconductor Fourth Quarter 2019 Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加安森美半導體 2019 年第四季度收益電話會議。

(Operator Instructions) Please be advised that today's conference may be recorded.

（操作員說明）請注意，今天的會議可能會被錄製。

I would now like to hand the conference over to your speaker today, Parag Agarwal, Vice President of Corporate Development and Investor Relations.

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。

Please go ahead, sir.

請繼續，先生。

Thank you, Sydney.

謝謝你，悉尼。

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

早上好，感謝您參加安森美半導體公司 2019 年第四季度會議——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 2019 fourth 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.

該廣播的重播以及我們的 2019 年第四季度收益發布將在本次電話會議後約 1 小時在我們的網站上提供，錄製的廣播將在本次電話會議後約 30 天內提供。

The script for today's call and additional information related to our end markets, business segments, geographies, channels and share count and 2020 fiscal calendar are also posted on our website.

今天電話會議的腳本以及與我們的終端市場、業務部門、地理位置、渠道和股票數量以及 2020 年財政日曆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.

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。

Reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP are in our earnings release, which is posted separately on our website in the Investor Relations section.

這些非 GAAP 財務指標與 GAAP 下最直接可比指標的對賬在我們的收益發布中，該發佈在我們網站的投資者關係部分單獨發布。

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

在本次電話會議期間，我們將對公司的未來事件或未來財務業績做出預測或其他前瞻性陳述。

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

相信、估計、預測、預期、打算、可能、期望、將、計劃、應該或類似的表達方式旨在識別前瞻性陳述。

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

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

Important factors which can affect our business, including factors that could cause actual results to differ from our forward-looking statements are described in our Form 10-Ks, Form 10-Qs and other filings with Securities and Exchange Commission.

可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素，在我們提交給證券交易委員會的 10-Ks 表格、10-Qs 表格和其他文件中進行了描述。

Additional factors are described in our earnings release for fourth quarter of 2019.

我們在 2019 年第四季度的收益報告中描述了其他因素。

Our estimates and 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、更改的假設或其他因素的義務，除非法律要求。

On August 18, 2020, we will host an event for investment community in New York City to provide a strategic update on our business.

2020 年 8 月 18 日，我們將在紐約市為投資界舉辦一場活動，以提供有關我們業務的戰略更新。

At this event, we will update the investment community on our business, strategy and markets.

在本次活動中，我們將向投資界介紹我們的業務、戰略和市場。

In addition, we will provide information on our manufacturing consolidation plans and economics of our 300 mm manufacturing strategy.

此外，我們將提供有關我們的製造整合計劃和 300 毫米製造戰略的經濟性的信息。

We will send invitations for the event shortly.

我們將盡快發送活動邀請。

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

現在讓我把它交給伯納德·古特曼，他將概述我們 2019 年第四季度的業績。

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。

Following stabilization in the third quarter, we have seen improving business trends in the fourth quarter.

在第三季度企穩之後，我們看到第四季度的業務趨勢有所改善。

Order trends continued to improve throughout the quarter.

整個季度的訂單趨勢繼續改善。

We believe that in addition to the normalization of the supply chain, improving demand across most end markets is driving improved order rates.

我們認為，除了供應鏈的正常化之外，大多數終端市場的需求改善正在推動訂單率的提高。

Based on our order rates and conversations with customers, we believe that the pace of recovery is moderate rather than a sharp upturn in demand.

根據我們的訂單率和與客戶的對話，我們認為複甦的步伐是溫和的，而不是需求的急劇上升。

Macroeconomic data from most major economies is increasingly favorable, and industrial activity is showing signs of modest improvement.

大多數主要經濟體的宏觀經濟數據越來越有利，工業活動顯示出溫和改善的跡象。

At the same time, we're cognizant of the potential risks arising from the emerging coronavirus crisis, and we are diligently monitoring this rapidly evolving situation.

同時，我們意識到新出現的冠狀病毒危機帶來的潛在風險，我們正在密切關注這一迅速發展的局勢。

Our traction in our key strategic markets continues to accelerate, and our design win pipeline continues to grow at a rapid pace.

我們在關鍵戰略市場的吸引力繼續加快，我們的設計獲勝渠道繼續快速增長。

Our content in fastest-growing segments of automotive, industrial and cloud power markets continues to increase.

我們在汽車、工業和雲電源市場增長最快的細分市場中的內容不斷增加。

Our customers are adopting our solutions for industrial, automotive and cloud power market at an accelerated rate.

我們的客戶正在加速採用我們面向工業、汽車和雲電源市場的解決方案。

We believe that a highly diversified customer base, growing content in fastest-growing applications in the semiconductor market and long life cycle of many of our products should enable us to continue to outperform most of our peers.

我們相信，高度多元化的客戶群、半導體市場增長最快的應用中不斷增長的內容以及我們許多產品的較長生命週期應該使我們能夠繼續超越大多數同行。

To accelerate our progress towards our gross margin target, we have begun to make structural changes to our manufacturing footprint.

為了加快實現我們的毛利率目標，我們已經開始對我們的製造足跡進行結構性改變。

This morning, we announced that we are exploring the sale of our 6-inch fab in Belgium.

今天早上，我們宣布我們正在探索出售我們在比利時的 6 英寸晶圓廠。

We will provide updates on financial impact of these actions as we firm up our production transition plans.

隨著我們確定生產過渡計劃，我們將提供有關這些行動的財務影響的最新信息。

Keith will further expand on our plans for the Belgium fab later during this call.

基思稍後將在本次電話會議期間進一步擴展我們對比利時工廠的計劃。

Along with making structural changes to improve our gross margin, we are streamlining our investments in various markets.

除了進行結構性改變以提高我們的毛利率外，我們還在精簡我們在各個市場的投資。

Towards this end, we took limited restructuring actions in the first quarter to reduce our operating expenses by approximately $25 million per year.

為此，我們在第一季度採取了有限的重組行動，以每年減少約 2500 萬美元的運營費用。

We should begin to see nominal impact of this action in the second quarter of 2020 and full impact should be apparent by the fourth quarter of 2020.

我們應該在 2020 年第二季度開始看到這一行動的名義影響，到 2020 年第四季度應該會出現全面影響。

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

現在讓我為您提供有關我們 2019 年第四季度業績的更多詳細信息。

Total revenue for the fourth quarter of 2019 was $1.402 million (sic) [$1.402 billion], a decrease of 7% as compared to $1.503 million (sic) [$1.503 billion] in the fourth quarter of 2018.

2019 年第四季度的總收入為 140.2 萬美元（原文如此）[14.02 億美元]，與 2018 年第四季度的 150.3 萬美元（原文如此）[15.03 億美元]相比下降了 7%。

The year-over-year decline in revenue was primarily driven by well-publicized macroeconomic and geopolitical factors, which have affected the overall semiconductor industry.

收入同比下降的主要原因是廣為人知的宏觀經濟和地緣政治因素，這些因素影響了整個半導體行業。

GAAP net income for the fourth quarter was $0.14 per diluted share as compared to a net income of $0.39 in the fourth quarter of 2018.

第四季度的公認會計原則淨收入為每股攤薄收益 0.14 美元，而 2018 年第四季度的淨收入為 0.39 美元。

Non-GAAP net income for the fourth quarter of 2019 was $0.30 per diluted share as compared to $0.53 in the fourth quarter of 2018.

2019 年第四季度非美國通用會計準則淨利潤為每股攤薄收益 0.30 美元，而 2018 年第四季度為 0.53 美元。

GAAP and non-GAAP gross margin for the fourth quarter of 2019 was 34.6% as compared to 37.9% in the fourth quarter of 2018.

2019 年第四季度的 GAAP 和非 GAAP 毛利率為 34.6%，而 2018 年第四季度為 37.9%。

Fourth quarter gross margin was lower than our expectations due to a combination of certain transitory mix and operational issues.

由於某些暫時性組合和運營問題，第四季度毛利率低於我們的預期。

We had an unexpectedly high demand for a low-margin product line in our consumer segment during the fourth quarter.

在第四季度，我們的消費者部門對低利潤產品線的需求出乎意料地高。

We expect this strong demand to continue in the first quarter as well.

我們預計這種強勁的需求也將在第一季度繼續存在。

We intend to either discontinue this product line or significantly raise prices after the first quarter.

我們打算在第一季度之後停止該產品線或大幅提高價格。

On the operations front, we had certain facilities related and scrap issues.

在運營方面，我們遇到了某些與設施相關的問題和報廢問題。

We expect these issues will be resolved by the end of the first quarter of 2020.

我們預計這些問題將在 2020 年第一季度末得到解決。

In the near term, we expect to see headwinds from fixed costs to our gross margins.

在短期內，我們預計將看到固定成本對我們的毛利率的不利影響。

As you are aware, we expanded our manufacturing capacity in 2018 and '19.

如您所知，我們在 2018 年和 19 年擴大了製造能力。

However, revenue has lagged our expectations due to well-understood macroeconomic and geopolitical factors.

然而，由於眾所周知的宏觀經濟和地緣政治因素，收入落後於我們的預期。

Therefore, with the addition of manufacturing capacity and lack of revenue growth, we're now facing underutilization charges and higher depreciation expenses.

因此，隨著製造能力的增加和收入增長的缺乏，我們現在面臨著使用不足的費用和更高的折舊費用。

We expect revenue growth in 2020 -- with expected revenue growth in 2020, we should be able to offset the impact from underutilization and depreciation.

我們預計 2020 年的收入增長——隨著 2020 年的預期收入增長，我們應該能夠抵消利用不足和折舊的影響。

We expect higher than 50% incremental gross margin for 2020, starting in the second quarter of the year.

我們預計從今年第二季度開始，2020 年的毛利率增量將超過 50%。

Our GAAP operating margin for the fourth quarter of 2019 was 9.9% as compared to 14.8% in the fourth quarter of 2018.

我們 2019 年第四季度的 GAAP 營業利潤率為 9.9%，而 2018 年第四季度為 14.8%。

Our non-GAAP operating margin for the fourth quarter of 2019 was 12.3% as compared to 16.8% in the fourth quarter of 2018.

我們 2019 年第四季度的非公認會計原則營業利潤率為 12.3%，而 2018 年第四季度為 16.8%。

The year-over-year decline in operating margin was largely driven by lower gross margin.

營業利潤率同比下降主要是由於毛利率下降。

GAAP operating expenses in the fourth quarter were $347 million, flat as compared to those for the fourth quarter of 2018.

第四季度 GAAP 運營費用為 3.47 億美元，與 2018 年第四季度持平。

Non-GAAP operating expenses for the fourth quarter were $314 million as compared to $317 million for the fourth quarter of 2018.

第四季度非美國通用會計準則運營費用為 3.14 億美元，而 2018 年第四季度為 3.17 億美元。

Recall that our 2019 operating expenses included more than 2 quarters of expenses from our acquisition of Quantenna Communications.

回想一下，我們 2019 年的運營費用包括超過 2 個季度的我們收購 Quantenna Communications 的費用。

The year-over-year decline in fourth quarter operating expenses was driven by aggressive expense control and 0 bonus accrual.

第四季度運營費用同比下降的原因是積極的費用控制和0獎金應計。

Fourth quarter free cash flow was negative $21 million and operating free cash flow was $92 million.

第四季度自由現金流為負 2100 萬美元，經營自由現金流為 9200 萬美元。

The fourth quarter free cash flow and operating cash flow were negatively impacted by the onetime payment of approximately $175 million to Power Integrations for previously disclosed settlement of intellectual property litigation.

第四季度的自由現金流和經營現金流受到了一次性向 Power Integrations 支付約 1.75 億美元用於先前披露的知識產權訴訟和解的負面影響。

Capital expenditures during the fourth quarter were $112 million, which equate to a capital intensity of 8%.

第四季度的資本支出為 1.12 億美元，相當於 8% 的資本密集度。

Going forward, we anticipate that a sizable part of our CapEx will be spent on enabling our 300-millimeter East Fishkill fab.

展望未來，我們預計資本支出的很大一部分將用於啟用我們 300 毫米的東菲什基爾工廠。

We exited the fourth quarter of 2019 with cash and cash equivalents of $894 million as compared to $929 million at the end of the third quarter 2019.

2019 年第四季度末，我們的現金和現金等價物為 8.94 億美元，而 2019 年第三季度末為 9.29 億美元。

At the end of the fourth quarter, days of inventory on hand were 123 days, down by 5 days as compared to 128 days in the third quarter of 2019.

四季度末，庫存天數123天，比2019年三季度的128天減少5天。

Distribution inventory increased slightly but is within our comfort zone.

分銷庫存略有增加，但在我們的舒適範圍內。

The increase was driven by specific customer programs.

這一增長是由特定的客戶計劃推動的。

Now let me provide you an update on the performance of our business units, starting with the 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 fourth quarter was $696 million.

PSG 第四季度的收入為 6.96 億美元。

Revenue for the Advanced Solutions Group, previously known as Analog Solutions Group, for the fourth quarter was $507 million, and revenue for the Intelligent Sensing Group was $199 million.

高級解決方案集團（以前稱為模擬解決方案集團）第四季度的收入為 5.07 億美元，智能傳感集團的收入為 1.99 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。

I will start by reviewing our progress in 2019 and then touch on our objectives for 2020.

我將首先回顧我們在 2019 年的進展，然後談談我們 2020 年的目標。

Despite the macroeconomic and geopolitical challenges faced by the semiconductor industry in 2019, our execution was solid, and we expect to outperform most of our peers in the analog and power semiconductor group.

儘管半導體行業在 2019 年面臨宏觀經濟和地緣政治挑戰，但我們的執行力是穩健的，我們預計將超越模擬和功率半導體集團的大多數同行。

Our performance in 2019 clearly demonstrates the transforming nature of our business and the strength of our business model and execution and discipline.

我們在 2019 年的表現清楚地表明了我們業務的轉型性質以及我們的業務模式、執行和紀律的實力。

Our exposure to secular mega trends in automotive, industrial and cloud power end markets has enabled us to outgrow most of our peers.

我們對汽車、工業和雲能源終端市場長期大趨勢的了解使我們能夠超越大多數同行。

Despite macroeconomic and geopolitical headwinds, key secular mega trends driving our business remain intact.

儘管存在宏觀經濟和地緣政治不利因素，但推動我們業務發展的主要長期大趨勢仍然完好無損。

Our content in the fastest-growing applications in automotive, industrial and cloud power applications continue to grow, and we continue to strengthen our leadership in key markets, such as ADAS, power management for servers and 5G infrastructure and high-power solutions for electric vehicles.

我們在汽車、工業和雲電源應用中增長最快的應用中的內容持續增長，並且我們繼續加強我們在關鍵市場的領導地位，例如 ADAS、服務器和 5G 基礎設施的電源管理以及電動汽車的大功率解決方案.

We announced our plan to acquire our first 300-millimeter fab, and we expect to start production of our power products at this facility soon.

我們宣布了收購我們第一座 300 毫米晶圓廠的計劃，我們預計很快將在該工廠開始生產我們的電源產品。

Also in 2019, we closed our acquisition of Quantenna Communications, and we are making solid progress toward launching connectivity solutions for the industrial IoT applications.

同樣在 2019 年，我們完成了對 Quantenna Communications 的收購，我們在為工業物聯網應用推出連接解決方案方面取得了堅實的進展。

While we're pleased with our performance for 2019, we understand the need to take aggressive, substantial and immediate measures to accelerate our progress towards our margin targets.

雖然我們對 2019 年的表現感到滿意，但我們理解需要採取積極、實質性和直接的措施來加快實現我們的利潤率目標。

As Bernard indicated earlier, we announced this morning that we are exploring the sale of our 6-inch fab in Belgium.

正如伯納德早些時候所說，我們今天早上宣布我們正在探索出售我們在比利時的 6 英寸晶圓廠。

We are looking for partners that are willing to enter into an arrangement on mutually beneficial terms that enable smooth and orderly transition for both parties.

我們正在尋找願意以互惠互利的條款達成安排的合作夥伴，以使雙方能夠順利有序地過渡。

Our fab in Belgium is an attractive manufacturing asset with robust tool set and highly skilled workforce.

我們在比利時的工廠是一個有吸引力的製造資產，擁有強大的工具集和高技能的勞動力。

It is automotive qualified, and its proximity to the world's leading automotive innovation and manufacturing hub is a very compelling attribute.

它符合汽車標準，靠近世界領先的汽車創新和製造中心是一個非常引人注目的屬性。

We believe that our 300-millimeter East Fishkill fab affords us significant flexibility in optimizing our front-end footprint, and we will continue to work to improve efficiency of our manufacturing network.

我們相信，我們 300 毫米的 East Fishkill 工廠為我們優化前端足跡提供了極大的靈活性，我們將繼續努力提高製造網絡的效率。

Recall that in our third quarter 2019's earnings conference call, we announced that we had initiated a process of closing down our 6-inch fab in Rochester, New York.

回想一下，在 2019 年第三季度的財報電話會議上，我們宣布我們已經啟動了關閉位於紐約羅切斯特的 6 英寸晶圓廠的流程。

We're making strong progress towards ramping production at our 300-millimeter fab in East Fishkill.

我們在東菲什基爾的 300 毫米晶圓廠在提高產量方面取得了巨大進展。

At this point, we are tracking significantly ahead of schedule, and now we expect to begin initial production in the middle of 2020 as compared to our previous expectation to begin in the latter half of 2020.

在這一點上，我們的跟踪進度大大提前，現在我們預計將在 2020 年年中開始初步生產，而我們之前的預期是在 2020 年下半年開始。

The results and yields of initial wafer runs have been spectacular.

初始晶圓運行的結果和產量非常驚人。

Based on our experience thus far with the East Fishkill fab, we're even more confident that the transition of production to this fab will be a major inflection point for our manufacturing cost structure as we consolidate our front-end network.

根據我們迄今為止在 East Fishkill 工廠的經驗，我們更有信心，隨著我們鞏固前端網絡，將生產轉移到該工廠將成為我們製造成本結構的主要轉折點。

We will provide further details on the financial impact of our 300-millimeter fab transition at our strategic business update on August 18 in New York.

我們將在 8 月 18 日在紐約舉行的戰略業務更新中提供有關我們 300 毫米晶圓廠過渡的財務影響的更多詳細信息。

In addition to making structural changes to our operational cost structure, we have taken measures to optimize our operating expenses.

除了對運營成本結構進行結構性調整外，我們還採取措施優化運營費用。

As previously discussed, we took limited restructuring actions to streamline our investments in certain markets, and these actions are expected to result in annual savings of approximately $25 million.

如前所述，我們採取了有限的重組行動來簡化我們在某些市場的投資，這些行動預計每年可節省約 2500 萬美元。

A reduction of approximately $25 million per year should accelerate our progress towards our target operating expense intensity of 21%.

每年減少約 2500 萬美元應該會加速我們實現 21% 的目標運營費用強度。

Let me now comment on the current business environment.

現在讓我評論一下當前的商業環境。

We saw a moderate improvement in our order rates in the fourth quarter, and improvement has continued thus far in the current quarter.

我們在第四季度看到了我們的訂單率適度改善，並且在本季度迄今仍在繼續改善。

We believe that this improvement is driven by improving macroeconomic and geopolitical conditions and normalization of the supply chain inventories.

我們認為，這種改善是由宏觀經濟和地緣政治條件的改善以及供應鏈庫存的正常化推動的。

Macroeconomic data in most geographies suggests improving GDP outlook and modest improvement in manufacturing activity.

大多數地區的宏觀經濟數據表明，GDP 前景正在改善，製造業活動適度改善。

Data from China pointing towards relatively resilient manufacturing activity has been especially encouraging.

來自中國的數據表明製造業活動相對具有彈性，尤其令人鼓舞。

Based on publicly available data and inputs from our partners, we believe that the current inventory levels are in line with our near-term demand outlook.

根據我們合作夥伴的公開數據和輸入，我們認為當前的庫存水平符合我們的近期需求前景。

While we are encouraged by near-term trends, we are fully aware of risks emerging from the ongoing coronavirus crisis, and we are diligently monitoring this rapidly evolving situation.

雖然我們對近期趨勢感到鼓舞，但我們充分意識到持續的冠狀病毒危機帶來的風險，我們正在努力監測這一迅速發展的局勢。

Despite the gyrations in macroeconomic and geopolitical environment, we remain focused on our key strategic markets.

儘管宏觀經濟和地緣政治環境出現波動，我們仍然專注於我們的關鍵戰略市場。

At the same time, we are making substantial measures to make structural changes to our manufacturing footprint with the goal of expanding our margins and further improving our industry-leading cost structure.

與此同時，我們正在採取實質性措施對我們的製造足跡進行結構性改變，以擴大我們的利潤並進一步改善我們行業領先的成本結構。

We believe that automotive, industrial and cloud power will be the fastest-growing semiconductor end markets for the next 5 years.

我們相信汽車、工業和雲計算將是未來 5 年增長最快的半導體終端市場。

With highly differentiated portfolio of power, analog, sensor and connectivity products, we are well positioned to outgrow the semiconductor industry as we grow our content in the fastest-growing applications in our strategic markets.

憑藉高度差異化的電源、模擬、傳感器和連接產品組合，隨著我們在戰略市場中增長最快的應用中不斷增長我們的內容，我們有能力超越半導體行業。

Furthermore, with improving operational efficiency, we expect to meaningfully expand our margins and grow our free cash flow.

此外，隨著運營效率的提高，我們預計將有意義地擴大我們的利潤率並增加我們的自由現金流。

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

現在，我將詳細介紹 2019 年第四季度我們各個終端市場的進展情況。

Revenue for the automotive market in the fourth quarter was $462 million and represented 33% of our revenue in the fourth quarter.

第四季度汽車市場的收入為 4.62 億美元，占我們第四季度收入的 33%。

Fourth quarter automotive revenue declined 3% year-over-year.

第四季度汽車收入同比下降 3%。

Although our automotive revenue declined year-over-year, we continue to see improving trends in the market with ongoing recovery in China.

儘管我們的汽車收入同比下降，但隨著中國的持續復甦，我們繼續看到市場的改善趨勢。

Our momentum in ADAS and vehicle electrification continues to accelerate.

我們在 ADAS 和車輛電氣化方面的勢頭繼續加快。

During the fourth quarter of 2019, we secured design wins for key platforms for ADAS and in-cabin viewing applications.

在 2019 年第四季度，我們為 ADAS 和車內查看應用程序的關鍵平台贏得了設計勝利。

Our design funnel for ADAS continues to expand at a robust pace.

我們的 ADAS 設計漏斗繼續以強勁的速度擴展。

As we noted in our previous earnings call, we have won 16 of the 17 2-megapixel and 8-megapixel platforms awarded in 2019 for level 2 and level 3 vehicles.

正如我們在之前的財報電話會議中指出的那樣，我們贏得了 2019 年為 2 級和 3 級車輛授予的 17 個 2 兆像素和 8 兆像素平台中的 16 個。

Our LiDAR and radar products are gaining strong traction.

我們的激光雷達和雷達產品正在獲得強大的牽引力。

Our design funnel for these products continues to expand at a rapid pace.

我們針對這些產品的設計漏斗繼續快速擴展。

We believe that we are enabling democratization of LiDAR with a solid-state solution, which is a fraction of the cost of other existing solutions.

我們相信，我們正在通過固態解決方案實現 LiDAR 的民主化，這只是其他現有解決方案成本的一小部分。

Our low-cost advantage is enabled by a CMOS-based architecture as opposed to that based on exotic materials.

我們的低成本優勢是通過基於 CMOS 的架構實現的，而不是基於特殊材料的架構。

Based on our design win pipeline, we expect to have leading share with the top 5 global LiDAR module makers.

基於我們的設計獲勝管道，我們預計將與全球前 5 大 LiDAR 模塊製造商擁有領先的份額。

In addition, customer feedback on our radar solutions has been very positive, and we have emerged as a key contender for upcoming round of design wins.

此外，客戶對我們的雷達解決方案的反饋非常積極，我們已成為下一輪設計勝利的關鍵競爭者。

Based on our engagement with leading radar Tier 1 integrators, we expect to gain a very meaningful share in this market as the next round of designs are announced.

基於我們與領先的雷達 1 級集成商的合作，隨著下一輪設計的公佈，我們預計將在該市場獲得非常有意義的份額。

On vehicle electrification front, our engagement for silicon carbide modules with major global automakers continues to grow.

在汽車電氣化方面，我們與全球主要汽車製造商在碳化矽模塊方面的合作持續增長。

We are seeing a strong ramp of our IGBT modules for drivetrain of electric vehicles in Asia and in Europe, and based on our design wins and backlog, we expect continuing acceleration in this ramp during 2020 and beyond.

我們在亞洲和歐洲看到我們用於電動汽車動力傳動系統的 IGBT 模塊的強勁增長，根據我們的設計成果和積壓，我們預計在 2020 年及以後，這一增長將繼續加速。

We are beginning to see a ramp in analog power management for ADAS processors.

我們開始看到 ADAS 處理器的模擬電源管理出現增長。

We are engaged with all the leading processor providers for the automotive ecosystem and expect strong revenue contribution from this product line.

我們與汽車生態系統的所有領先處理器供應商合作，預計該產品線將帶來強勁的收入貢獻。

We expect to see strong growth in our analog power management solutions for instrument clusters, in-vehicle networking and advanced lighting.

我們預計我們的用於儀表組、車載網絡和高級照明的模擬電源管理解決方案將出現強勁增長。

Revenue in the first quarter of 2020 for the automotive end market is expected to be up quarter-over-quarter.

預計 2020 年第一季度汽車終端市場的收入將環比增長。

The industrial end market, which includes military, aerospace and medical, contributed revenue of $344 million in the fourth quarter.

包括軍事、航空航天和醫療在內的工業終端市場在第四季度貢獻了 3.44 億美元的收入。

Industrial end market represented 25% of our revenue in the fourth quarter.

工業終端市場占我們第四季度收入的 25%。

Year-over-year, our fourth quarter industrial revenue declined 12%.

與去年同期相比，我們第四季度的工業收入下降了 12%。

While macroeconomic data points to moderately improving manufacturing activity, we haven't seen significant improvement in order activity from our industrial customers.

雖然宏觀經濟數據顯示製造業活動適度改善，但我們的工業客戶的訂單活動並未出現顯著改善。

It appears that industrial customers are still in the process of realigning their inventories.

工業客戶似乎仍在重新調整庫存。

Despite soft end-market conditions, key secular trends driving our businesses remain intact.

儘管終端市場環境疲軟，但推動我們業務發展的主要長期趨勢仍然完好無損。

We're seeing strong traction for our silicon carbide modules, and we have commenced shipments of these modules to leading global industrial OEMs.

我們看到我們的碳化矽模塊具有強大的吸引力，我們已經開始向全球領先的工業 OEM 發貨這些模塊。

An emerging area of growth for industrial business is e-commerce.

工業業務的一個新興增長領域是電子商務。

We have built a strong design win pipeline for our CMOS image sensors for warehouse automation and delivery robots.

我們為倉庫自動化和交付機器人的 CMOS 圖像傳感器建立了強大的設計獲勝管道。

We are engaged with leading e-commerce retailers on many programs, and we expect strong contribution from this segment of the industrial market.

我們在許多項目中與領先的電子商務零售商合作，我們預計這部分工業市場將做出巨大貢獻。

Revenue in the first quarter of 2020 for industrial end market is expected to be flat to down slightly quarter-over-quarter.

預計 2020 年第一季度工業終端市場的收入將持平或環比略有下降。

The communications end market, which includes both networking and wireless, contributed revenue of $289 million in the fourth quarter.

包括網絡和無線在內的通信終端市場在第四季度貢獻了 2.89 億美元的收入。

The communications end market represented 21% of our revenue in the fourth quarter.

通信終端市場占我們第四季度收入的 21%。

Fourth quarter communications revenue declined 3% year-over-year.

第四季度通信收入同比下降 3%。

The decline was primarily due to weakness in our smartphone-related business.

下降主要是由於我們的智能手機相關業務疲軟。

On a quarter-over-quarter basis, we saw strong growth in our smartphone business in the fourth quarter, but 5G-related business was weak as customers continue to realign their inventories.

與上一季度相比，我們的智能手機業務在第四季度實現了強勁增長，但由於客戶繼續調整庫存，5G 相關業務表現疲軟。

Revenue in the first quarter of 2020 for the communications end market is expected to be down quarter-over-quarter.

預計 2020 年第一季度通信終端市場的收入將環比下降。

The computing end market contributed revenue of $153 million in the fourth quarter.

計算終端市場在第四季度貢獻了 1.53 億美元的收入。

Computing end market represented 11% of our revenue in the fourth quarter.

計算終端市場占我們第四季度收入的 11%。

Fourth quarter computing revenue declined 8% year-over-year.

第四季度計算收入同比下降 8%。

We continue to see strong momentum in our server-related computing business.

我們繼續看到與服務器相關的計算業務的強勁勢頭。

On a sequential basis, we saw growth in our client computing business, driven by improved supply of Intel processors.

在英特爾處理器供應改善的推動下，我們的客戶端計算業務連續增長。

Revenue in the first quarter of 2020 for the computing end market is expected to be down slightly quarter-over-quarter.

預計計算終端市場 2020 年第一季度的收入將環比略有下降。

We expect that strength in our server business should help mitigate the impact of normal seasonality.

我們預計，我們服務器業務的實力應該有助於減輕正常季節性的影響。

The consumer end market contributed revenue of $153 million in the fourth quarter.

消費者終端市場在第四季度貢獻了 1.53 億美元的收入。

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

消費者終端市場占我們第四季度收入的 11%。

Fourth quarter consumer revenue declined by 10% year-over-year.

第四季度消費者收入同比下降 10%。

The year-over-year decline was due to continuing broad-based weakness in consumer electronics.

同比下降是由於消費電子產品持續普遍疲軟。

On a quarter-over-quarter basis, revenue for consumer end market was flat as compared to our expectation of a decline due to previously discussed unexpected demand for a low-margin product line.

在環比的基礎上，消費者終端市場的收入與我們預期的下降相比持平，原因是之前討論過對低利潤產品線的意外需求。

Revenue in the first quarter of 2020 for the consumer end market is expected to be down quarter-over-quarter.

預計 2020 年第一季度消費者終端市場的收入將環比下降。

In summary, we are taking substantial actions to make structural changes to our cost model with the goal of accelerating our progress towards our target financial model.

總而言之，我們正在採取實質性行動對我們的成本模型進行結構性調整，目標是加快實現目標財務模型的進程。

At the same time, we have accelerated the time line for production ramp at our 300-millimeter fab as we now anticipate that initial production will start in the middle of 2020 as opposed to our prior expectation of the second half of the year.

同時，我們加快了 300 毫米晶圓廠的生產量產時間線，因為我們現在預計初始生產將在 2020 年年中開始，而不是我們之前預計的下半年。

Secular mega trends driving our business remain intact, and we are upbeat about our medium- to long-term prospects.

推動我們業務的長期大趨勢保持不變，我們對中長期前景持樂觀態度。

We are focused on the fastest-growing end markets of the semiconductor industry.

我們專注於半導體行業增長最快的終端市場。

And with our design wins, we expect that our content in automotive, industrial and cloud power applications will continue to grow.

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。

Our performance in 2019 clearly demonstrates the transforming nature of our business, strength of our business model and execution discipline.

我們在 2019 年的表現清楚地表明了我們業務的轉型性質、我們的業務模式和執行紀律的實力。

Now I would 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。

Our guidance for the first quarter of 2020 does not include the impact from potential supply chain disruption resulting from prevailing coronavirus crisis.

我們對 2020 年第一季度的指導不包括流行的冠狀病毒危機導致的潛在供應鏈中斷的影響。

As we indicated earlier, we are diligently monitoring the situation, but at this time, we don't have enough information on potential impact on our business from this rapidly evolving crisis.

正如我們之前所指出的，我們正在努力監控情況，但目前，我們沒有足夠的信息來說明這場迅速演變的危機對我們業務的潛在影響。

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 $1.355 billion to $1.405 billion in the first quarter of 2020.

根據產品預訂趨勢、積壓水平和預計周轉水平，我們預計 2020 年第一季度 ON 半導體總收入預計將在 13.55 億美元至 14.05 億美元之間。

For the first quarter of 2020, we expect GAAP and non-GAAP gross margin between 33.7% and 34.7%.

對於 2020 年第一季度，我們預計 GAAP 和非 GAAP 毛利率在 33.7% 至 34.7% 之間。

The quarter-over-quarter decline in first quarter gross margin is driven primarily by the annual contract pricing reset.

第一季度毛利率環比下降的主要原因是年度合同定價重置。

We expect total GAAP operating expenses of $357 million to $377 million.

我們預計 GAAP 總運營費用為 3.57 億美元至 3.77 億美元。

Our GAAP operating expenses include the amortization of intangibles, restructuring, asset impairments and other charges, which are expected to be in the $30 million to $34 million.

我們的 GAAP 運營費用包括無形資產攤銷、重組、資產減值和其他費用，預計在 3000 萬美元至 3400 萬美元之間。

We expect total non-GAAP operating expenses of $327 million to $343 million in the first quarter.

我們預計第一季度非美國通用會計準則運營費用總額為 3.27 億美元至 3.43 億美元。

The anticipated quarter-over-quarter increase in GAAP and non-GAAP operating expenses is primarily driven by the acceleration of process transfer activity at our 300-millimeter fab, the resumption of variable compensation accrual for 2020 and the end of tactical expense control measures in the fourth quarter of 2019.

GAAP 和非 GAAP 運營費用的預期環比增長主要是由於我們 300 毫米晶圓廠工藝轉移活動的加速、2020 年可變薪酬應計的恢復以及戰術費用控制措施的結束2019年第四季度。

We anticipate the first quarter 2020 GAAP 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.

我們預計 2020 年第一季度 GAAP 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。

We anticipate our non-GAAP net other income and expenses, including interest expense, will be in the $29 million to $31 million.

我們預計我們的非公認會計原則淨其他收入和支出，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 first quarter of 2020 is expected to be $14 million to $18 million.

2020 年第一季度為所得稅支付的淨現金預計為 1400 萬至 1800 萬美元。

We expect total capital expenditures of $125 million to $145 million in the first quarter of 2020.

我們預計 2020 年第一季度的總資本支出為 1.25 億美元至 1.45 億美元。

We currently are targeting an overwhelming proportion of our CapEx for enabling our 300-millimeter fab at an accelerated pace.

我們目前的目標是在我們的資本支出中佔絕大多數，以加速我們的 300 毫米晶圓廠。

We expect our CapEx intensity to subside in the latter half of the current year.

我們預計我們的資本支出強度將在今年下半年消退。

We also expect share-based compensation of $19 million to $21 million in the first quarter of 2020, 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 2020 年第一季度的股票薪酬為 1900 萬美元至 2100 萬美元，其中約 200 萬美元預計將用於銷售商品成本，其餘部分預計將用於運營費用。

This expense is included in our non-GAAP financial measures.

這筆費用包含在我們的非公認會計原則財務措施中。

Our GAAP diluted share count for the first quarter of 2020 is expected to be 418 million shares, and our non-GAAP diluted share count is expected to be 413 million shares based on our current stock price.

我們 2020 年第一季度的 GAAP 稀釋後股票數量預計為 4.18 億股，根據我們當前的股價，我們的非 GAAP 稀釋後股票數量預計為 4.13 億股。

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

我們的 10-Q 表格和 10-K 表格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.

有了這個，我想開始問答環節。

Thank you.

謝謝你。

And Sydney, please open the line for questions.

悉尼，請打開熱線提問。

(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。

It's good to see the revenue side turning the corner, and I think that's an important step.

很高興看到收入方面出現轉機，我認為這是重要的一步。

But the gross margin side is a big concern for a lot of investors.

但毛利率方面是許多投資者的一個大問題。

So Bernard or Keith, talk a little bit about the greater-than-50% incremental fall-through going forward.

所以伯納德或基思，談談未來超過 50% 的增量跌幅。

Any sort of scale on that?

有什麼規模嗎？

Revenues look like they should be up second quarter year-over-year.

收入看起來應該在第二季度同比增長。

Will gross margins take a big step-up?

毛利率會大幅提升嗎？

And when will some of these fixes really start to be shown on the gross margin side as you work your way towards that 4-handle target that you have?

當你朝著你所擁有的 4 手柄目標努力時，這些修復中的一些什麼時候才能真正開始在毛利率方面顯示出來？

So a couple of comments.

所以有幾點意見。

Thank you, Ross.

謝謝你，羅斯。

We do expect greater than 50% fall-through as revenue resume normal seasonality patterns in the second quarter as we mentioned in the call.

正如我們在電話會議中提到的那樣，隨著第二季度收入恢復正常的季節性模式，我們確實預計會有超過 50% 的下降。

We also have certain one-off transitionary items that affected us mix wise and factory wise that we expect to subside by the end of the first quarter, and that will also allow us to grow at a better-than-50% fall-through in the second quarter.

我們還有一些一次性的過渡項目，這些項目影響了我們在混合方面和工廠方面的影響，我們預計這些項目將在第一季度末消退，這也將使我們能夠以超過 50% 的跌幅增長第二季度。

Also, let me remind you that we have about -- probably 30 to 40 basis points improvement starting in the second quarter due to the elimination of the low-margin OSA contract.

另外，讓我提醒您，由於取消了低利潤的 OSA 合同，我們從第二季度開始大約有 30 到 40 個基點的改善。

So -- and as we mentioned, we are exploring the sale of our 6-inch facility in Belgium, which eventually will also result in some very nice tailwinds for our gross margin.

所以 - 正如我們所提到的，我們正在探索出售我們在比利時的 6 英寸工廠，這最終也將為我們的毛利率帶來一些非常好的順風。

We are quite confident about our secular drivers for growth on the top line in automotive, industrial and 5G, so we expect to see some pretty good resumption of our growth.

我們對汽車、工業和 5G 收入增長的長期驅動力非常有信心，因此我們預計我們的增長會出現一些很好的恢復。

And furthermore, we do feel very good about how the qualification is going at the 300-millimeter fab, which will also be a tailwind as we move further into 2020 and '21.

此外，我們對 300 毫米晶圓廠的認證進展感到非常滿意，隨著我們進一步進入 2020 年和 21 年，這也將成為順風。

And I guess as my follow-up, moving on to the OpEx side and sticking with the margin target side, I get that you were squeezing things tight at the end of 2019 and some of the variable costs come back into the equation, but it still seems like a pretty big step-up.

我想隨著我的後續行動，轉向運營支出方面並堅持利潤率目標方面，我知道你在 2019 年底把事情擠得很緊，一些可變成本又回到了等式中，但它似乎仍然是一個很大的進步。

How should we think about the $25 million of cuts coming out?

我們應該如何看待即將到來的 2500 萬美元的削減？

Even with that, it still seems like you're going to be a bit above where most of us had expected to be.

即使這樣，看起來你仍然會比我們大多數人預期的要高一點。

So any trajectory and kind of color on when you can get to that 21% OpEx intensity target would be helpful.

因此，當您可以達到 21% 的運營支出強度目標時，任何軌跡和顏色都會有所幫助。

Well, we have that laid out for 2022.

好吧，我們已經為 2022 年制定了計劃。

We are still absorbing the Quantenna OpEx, which is higher than what we had been running, so that has been a reason for being higher.

我們仍在吸收 Quantenna OpEx，這比我們一直在運行的要高，所以這就是更高的原因。

Definitely, taking out $25 million should help us get closer by the end of 2020, but we should be looking at 2021 before we can get to that 21% level.

毫無疑問，拿出 2500 萬美元應該會幫助我們在 2020 年底之前更接近，但我們應該在 2021 年達到 21% 的水平之前。

And our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗的 Chris Danely。

Just a couple more questions on gross margins.

還有幾個關於毛利率的問題。

So how big was the impact of the low-margin product that kind of ballooned up?

那麼這種膨脹的低利潤產品的影響有多大？

And then how big was the facilities and scrap issues impact?

那麼設施和報廢問題的影響有多大？

And then what exactly were the facilities and scrap issues that you had?

然後你到底有什麼設施和報廢問題？

So we're not getting into a lot of those details, but I can say that the mix between like the underutilization/depreciation versus the one-off items is about half and half.

所以我們沒有深入討論這些細節，但我可以說，像使用不足/折舊與一次性項目之間的混合大約是一半。

Okay.

好的。

Great.

偉大的。

And then on the sale of the Belgian fab, generally, there's a lot of like exit costs and stuff like that associated with doing anything over in Belgium.

然後在出售比利時工廠時，一般來說，有很多類似的退出成本以及與在比利時做任何事情相關的東西。

Is there like a way to work around that?

有沒有辦法解決這個問題？

Or what's sort of the plan on getting through the costs associated with doing something with that fab?

或者有什麼樣的計劃來解決與使用該晶圓廠做某事相關的成本？

Yes.

是的。

So Chris, we're looking at a similar arrangement that we've made both in Gresham and East Fishkill where we find an interested party who will be ramping the facility as we exit it.

所以克里斯，我們正在考慮我們在格雷沙姆和東菲什基爾所做的類似安排，在那裡我們找到了一個感興趣的人，他們將在我們退出設施時增加設施。

And so -- and that's a sales situation.

所以 - 這就是銷售情況。

You don't encounter any kind of exit costs that you're referring to.

您不會遇到您所指的任何類型的退出成本。

And our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

I had a few on margins as well.

我也有一些利潤空間。

First, at what revenue level do you expect to get back to your historical 36%, 37% gross margins?

首先，您希望在什麼收入水平上恢復到歷史 36%、37% 的毛利率？

And do you think getting to those kind of gross margins is possible in Q2 or Q3 of this year?

你認為今年第二季度或第三季度有可能達到這種毛利率嗎？

Well, if you -- again, if you take the 50% fall-through or better-than-50% fall-through, we should be able to get back to those levels in the rest of the year for 2020.

好吧，如果你 - 再次，如果你接受 50% 的跌幅或優於 50% 的跌幅，我們應該能夠在 2020 年的剩餘時間裡回到這些水平。

Got it.

知道了。

And for my follow-up, I think you mentioned some contract price reset in Q1.

對於我的後續行動，我認為您提到了第一季度的一些合同價格重置。

I'm curious, how were those negotiations this year relative to prior years because there does appear to be somewhat of a gross margin hit?

我很好奇，今年的這些談判與往年相比如何，因為毛利率似乎確實受到了影響？

And I think one of challenges we are facing is to try and discern how much of the gross margin -- Q1 gross margin is because of that contract pricing versus underutilization trends.

而且我認為我們面臨的挑戰之一是嘗試辨別毛利率的多少——第一季度的毛利率是因為合同定價與利用不足的趨勢。

So if you could quantify how much of this Q1 gross margin, right, roughly 200 basis points or below trend, how much of that is because of pricing versus how much is due to the underutilization trends?

因此，如果您可以量化第一季度的毛利率有多少，對，大約 200 個基點或低於趨勢，那麼其中有多少是由於定價而有多少是由於利用不足的趨勢？

So as you know, we have a good amount of our annual contracts for OEMs that are reset once per year, so we see as a result of that a once-per-year bigger impact.

如您所知，我們有大量的 OEM 年度合同每年重置一次，因此我們認為每年一次的影響會更大。

Our characterization is that the contract pricing has been pretty normal as compared to historical trends.

我們的特徵是，與歷史趨勢相比，合同定價非常正常。

And any impact from underutilization?

以及利用不足的影響？

Is there a way to quantify that?

有沒有辦法量化它？

And when will that disappear?

什麼時候會消失？

We definitely need revenue increases to help us absorb that underutilization.

我們肯定需要增加收入來幫助我們吸收利用不足的情況。

So if we have normal seasonal patterns, we should see some good recovery in the second quarter and beyond.

因此，如果我們有正常的季節性模式，我們應該會在第二季度及以後看到一些良好的複蘇。

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。

Just to clarify one of the other comments that you made regarding the underutilization charges, is what you're saying is that, that was one of the contributors to the gross margins being below what you had expected?

只是為了澄清您對未充分利用費用提出的其他評論之一，您的意思是，這是導致毛利率低於您預期的原因之一？

I think you said it was about half and half.

我想你說的是一半一半。

I'd just like -- I guess I don't fully understand why underutilization charges will be more than expected if revenue came in with slight upside.

我只是想 - 我想我不完全理解為什麼如果收入略有上升，未充分利用費用將超過預期。

Were there changes in production during the quarter?

本季度生產是否有變化？

Just some clarification, please.

只是一些澄清，請。

Yes.

是的。

So a couple of comments there.

所以有幾條評論。

One of them is we did also reduce inventories in the quarter.

其中之一是我們確實在本季度也減少了庫存。

And the second thing, our mix of external versus internal was not -- was more -- a little bit more towards external, which hasn't helped us, has caused the underutilization to be bigger, and that was based on the mix of products we had demand for.

第二件事，我們的外部與內部組合不是 - 更多 - 更多地向外部傾斜，這對我們沒有幫助，導致利用率不足更大，這是基於產品組合我們有需求。

Okay.

好的。

I guess, what a lot of us are struggling with the go-forward is kind of understanding gross margin issue that you saw and that was kind of short-term and transient, gets better as the year goes by, it gets much more persistent.

我想，我們很多人都在為前進而苦苦掙扎的是，你看到的毛利率問題是一種短期和短暫的理解，隨著時間的推移會變得更好，它會變得更加持久。

As you said, the 50% plus incremental gross margins, I think, typically, you've said in the past, 50% is what you get just on increasing revenue and better fixed cost absorption.

正如你所說，50% 以上的增量毛利率，我認為，通常，你過去說過，50% 是你在增加收入和更好地吸收固定成本時得到的。

So is it some point during the year, some of these transient issues go away and we sort of see a step up in gross margins, and then you get back to that 50% rate?

那麼是不是在這一年的某個時候，這些暫時性問題中的一些消失了，我們看到毛利率有所上升，然後你又回到了 50% 的利率？

Just some clarification around that.

只是對此進行一些澄清。

Yes.

是的。

We said that these transitionary items should last Q4 and Q1, and after Q1, they, for the most part, disappear.

我們說過，這些過渡項目應該持續到 Q4 和 Q1，而在 Q1 之後，它們大部分會消失。

So we should see some degree of step-up as you go into Q2 therefore?

因此，當您進入第二季度時，我們應該會看到一定程度的提升？

That's correct.

這是正確的。

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。

Yes.

是的。

If we kind of look past the temporary impacts to gross margins and kind of look to some of the margin tailwinds that could occur in your business, can you discuss in terms of the impact of qualifying to the 300-millimeter fab?

如果我們略過對毛利率的暫時影響，以及對您業務中可能發生的一些利潤順風的看法，您能否討論合格對 300 毫米晶圓廠的影響？

How much kind of cost benefit, increase in utilization rate do you think you'll get as you start to transition more process flows to that 300-millimeter fab?

當您開始將更多工藝流程轉移到 300 毫米晶圓廠時，您認為您會獲得多少成本效益和利用率提高？

And any color in terms of the sale of the 6-inch facility in Belgium, what that will do in terms of COGS?

就比利時 6 英寸工廠的銷售而言，任何顏色都會對 COGS 產生什麼影響？

What percentage of that manufacturing is of your internal manufacturing?

您的內部製造佔該製造的百分比是多少？

Just any color there in terms of trying to weigh the importance of that.

就試圖衡量其重要性而言，任何顏色都可以。

Yes.

是的。

I'll give you kind of directionally the impacts that you're referring to.

我會給你一種定向的影響，你指的是。

We'll give the specific models in August when we're ready to do that.

當我們準備好時，我們將在 8 月提供具體型號。

The 300-millimeter factory, as we mentioned, is going to allow us to get some very cost-effective products to the market.

正如我們所提到的，300 毫米的工廠將使我們能夠將一些非常具有成本效益的產品推向市場。

We expect to see some nice and quick ramp there.

我們希望在那裡看到一些不錯的快速坡道。

So back to Bernard's comment on more than 50% fall-through, we think that's a strong contributor to that in the second half of the year.

因此，回到伯納德關於超過 50% 跌幅的評論，我們認為這是下半年跌幅的重要原因。

It also enables us to do more in-sourcing in the factory rationalizations.

它還使我們能夠在工廠合理化方面進行更多的內購。

Selling of the Belgium factory also will contribute to that.

出售比利時工廠也將有助於實現這一目標。

We are not going to give specific numbers at this time, but all of those are factors that give us confidence in a much better than 50% fall-through as you go through the year.

我們目前不會給出具體數字，但所有這些因素都讓我們有信心在這一年中跌幅超過 50%。

And just to follow-up on the margins again, and you might have touched on this, but how low is the gross margin percentage for those consumer products?

只是再次跟進利潤率，您可能已經觸及到這一點，但是這些消費品的毛利率百分比有多低？

And any color on what those products were?

這些產品有什麼顏色嗎？

And why...

以及為什麼...

We're not going to get into details by product line.

我們不打算按產品線詳細介紹。

But definitely, we're substantially below the corporate average.

但可以肯定的是，我們大大低於公司平均水平。

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。

Just following up on gross margin again.

只是再次跟進毛利率。

I know you talked about lowering inventories through the quarter, but also, it looks like year-on-year also, it was a headwind in terms of utilization.

我知道你談到了整個季度的庫存下降，而且，看起來與去年同期相比，這在利用率方面是一個逆風。

But just wondering, in the past, you've given utilization numbers.

但只是想知道，在過去，您已經給出了利用率數字。

If you had some thoughts on where utilization were in Q4 that you expect in Q1 and how you expect that to progress.

如果您對 Q4 的利用率和 Q1 的預期有一些想法，以及您希望如何取得進展。

So in general terms, we expect flattish utilization in Q1.

因此，總的來說，我們預計第一季度的利用率將持平。

Got it.

知道了。

And on the industrial side, you mentioned there's still some realignment of inventory going on.

在工業方面，您提到庫存仍在進行一些調整。

How -- do you expect that alignment to be mostly done as you go through Q1?

怎麼樣——你是否希望在第一季度完成大部分調整？

Do you expect industrial to kind of return to some sort of growth into the back half?

您是否期望工業在後半段恢復某種增長？

We think so.

我們是這樣認為的。

We don't know for sure, but our expectation is by the second quarter and definitely by the back half of the year, it should be done.

我們不確定，但我們的預期是到第二季度，肯定到今年下半年，應該完成。

(Operator Instructions) And our next question comes from Christopher Rolland with Susquehanna.

（操作員說明）我們的下一個問題來自 Christopher Rolland 和 Susquehanna。

About the consumer product again, what were the dynamics for the product?

關於消費產品，產品的動力是什麼？

Was this a last-time buy?

這是最後一次購買嗎？

Or are you kind of expecting more after Q1?

還是您在第一季度之後期待更多？

And the reason I ask is it ties into the bigger picture story on, for the last decade, you guys have been talking about looming up the value stack with your products and the gross margins would follow.

我問的原因是它與更大的故事有關，在過去的十年裡，你們一直在談論用你們的產品來提升價值堆棧，毛利率也會隨之而來。

This seems like it's a product that was probably not price optimized considering at volume, it doesn't have the margin profile that you want.

考慮到數量，這似乎是一種可能未對價格進行優化的產品，它沒有您想要的利潤率。

So I guess, are there opportunities to review your entire product line to optimize pricing and eventually help the margin structure or even shutter some of these really low-margin businesses?

所以我想，是否有機會審查您的整個產品線以優化定價並最終幫助利潤率結構甚至關閉其中一些利潤率非常低的業務？

Yes.

是的。

Thank you.

謝謝你。

So really, the story there, you've seen the weakness in industrial, which is our highest-margin businesses in the company.

所以真的，那裡的故事，你已經看到工業的弱點，這是我們公司利潤率最高的業務。

At the same time, we had unexpected strength in the consumer segment.

同時，我們在消費領域也有意想不到的實力。

It is a segment that we were controlling pretty tightly, but we had some very strong demand for both Q4 and Q1 of 2020 deliveries.

這是我們控制得非常嚴密的細分市場，但我們對 2020 年第四季度和第一季度的交付都有非常強勁的需求。

We have now taken the steps we need to dramatically change the profile there and expect it to not continue past Q1 from a margin inhibitor.

我們現在已經採取了我們需要的步驟來顯著改變那裡的概況，並預計它不會因為利潤抑制因素而持續到第一季度。

So we do expect if you look at Q2 onwards, you'll see continued reduction in the consumer profile and increase in the industrial.

因此，我們確實預計，如果您從第二季度開始看，您會看到消費者形象的持續減少和工業的增加。

Okay.

好的。

Great.

偉大的。

And on the distributor side of things, I think you said distributor inventories increased.

在經銷商方面，我想你說經銷商庫存增加了。

I think the last update we had was maybe 11 to 13 weeks there.

我認為我們最後一次更新可能是在那裡 11 到 13 週。

Maybe if you could give us an update there.

也許如果你能在那裡給我們一個更新。

And then also, you talked about increases from specific customer programs.

然後，您還談到了特定客戶計劃的增長。

Maybe you could describe those programs and whether they're related to some of the changes at TI, for example.

例如，也許您可以描述這些程序以及它們是否與 TI 的某些變化有關。

So in general terms, what we said is the inventories increased, but we're still within our comfort zone where we like to operate at.

因此，總的來說，我們所說的是庫存增加，但我們仍處於我們喜歡經營的舒適區。

I can't comment definitely on the customer programs, but they were differently linked -- some of the increases were linked to those programs.

我不能肯定地評論客戶計劃，但它們之間的聯繫不同——一些增長與這些計劃有關。

And our next question comes from Craig Ellis with F.B. Riley (sic) [B.

我們的下一個問題來自 Craig Ellis 和 F.B.萊利（原文如此）[B.

Riley FBR].

萊利 FBR]。

It's B. Riley FBR.

我是 B. Riley FBR。

Bernard, I wanted to go back and take a longer-term look at gross margin.

伯納德，我想回頭看看毛利率的長期情況。

So from the level that we're guided to in the March quarter, we've got a 900 basis point gap to a better-than-50% target level.

因此，從我們在 3 月季度的指導水平來看，我們與超過 50% 的目標水平有 900 個基點的差距。

What I'm hoping you can do is just help characterize the trajectory of getting there.

我希望你能做的只是幫助描述到達那裡的軌跡。

How linear is it towards target?

它與目標的線性度如何？

How much of that gap is closed as we go through '20 and '21?

當我們經歷 20 年和 21 年時，這個差距縮小了多少？

And what are the big levers that you have to move the needle?

移動針頭必須使用哪些大槓桿？

They are the same that we have enumerated in our Analyst Day.

它們與我們在分析師日中列舉的相同。

The fall-through on incremental revenue definitely plays a significant role, and that was definitely a headwind in 2019 and expect that, that will resolve itself with better macros in the rest of the planning period.

增量收入的下降肯定起到了重要作用，這在 2019 年絕對是一個逆風，並預計這將在剩餘的規劃期內以更好的宏觀方式解決。

So we expect to get back into a nice growth rate, which will help us get some pretty good growth rates.

所以我們期望恢復到一個不錯的增長率，這將幫助我們獲得一些相當不錯的增長率。

The structural changes we're making in manufacturing as well as the ramping of the 300-millimeter fab should help us achieve the 130 or more basis points that will come from manufacturing cost savings.

我們在製造過程中進行的結構性改變以及 300 毫米晶圓廠的擴產應該可以幫助我們實現 130 個或更多的基點，這將來自於製造成本的節省。

The secular growth drivers where we are expecting to grow faster in high-margin end markets is also a contributing factor.

我們預計在高利潤終端市場增長更快的長期增長驅動因素也是一個促成因素。

That should be fairly gradual over time.

隨著時間的推移，這應該是相當漸進的。

Again, as we mentioned in the short term, we took some step back with this one-off consumer thing.

同樣，正如我們在短期內提到的，我們在一次性消費產品上退了一步。

But in the long term, we expect the mix to continue being a significant contributing factor.

但從長遠來看，我們預計這種組合將繼續成為一個重要的促成因素。

So -- and we will continue doing the portfolio managing, which has allowed us to divest from certain businesses that will continue helping us on that front.

所以 - 我們將繼續進行投資組合管理，這使我們能夠剝離某些將繼續在這方面幫助我們的業務。

So it's the same ones that we have talked about.

因此，這與我們討論過的相同。

It will definitely take us to good amount of revenue growth.

它肯定會帶我們實現可觀的收入增長。

It will take us to execute on our manufacturing cost savings, including the 300-millimeter fab and the mix.

我們將需要執行我們的製造成本節約，包括 300 毫米晶圓廠和混合。

But just to clarify that, the drivers are the same, but the gap is much more significant than it was when the target was first established.

但為了澄清一點，驅動因素是相同的，但差距比最初建立目標時要大得多。

So which of those variables do you think you can get incremental leverage on so that we can close that gap and make it to 43%?

那麼，您認為哪些變量可以增加槓桿作用，以便我們可以縮小差距並將其提高到 43%？

I think there is a good chance that we can do more on the manufacturing front.

我認為我們很有可能在製造方面做得更多。

We have a good amount of tools that we can do in flexibility with the new capacity we have for 300 millimeter.

我們擁有大量工具，可以靈活地使用 300 毫米的新容量。

But definitely, we need the revenue.

但毫無疑問，我們需要收入。

And the target model was predicated on a 5% CAGR, and we started 2019 with a negative.

目標模型基於 5% 的複合年增長率，我們在 2019 年開始時是負面的。

So that definitely puts a little bit of pressure on -- in terms of getting it done in the timing that we need.

所以這肯定會給我們帶來一點壓力——在我們需要的時間完成它。

That's helpful.

這很有幫助。

And then the follow up is for Keith.

然後是基思的後續行動。

Keith, we're seeing good automotive growth since the second quarter of last year.

基思，自去年第二季度以來，我們看到了良好的汽車增長。

Is your sense that we're on a sustainable growth trajectory?

您是否覺得我們正處於可持續增長的軌道上？

And then switching gears on industrial, it seems like that business has continued to ease down.

然後轉向工業，似乎該業務繼續放緩。

No surprise, maybe given global ISMs, but is your sense that industrial is at a bottom here in the March quarter?

毫不奇怪，也許考慮到全球 ISM，但您是否認為工業在 3 月季度處於底部？

Or do you think there's some further risk just given the different dynamics that you see?

或者你認為考慮到你看到的不同動態，還有一些進一步的風險？

And to the extent that it is the bottom, what kind of recovery trajectory do you see for industrial?

並且就它處於底部的程度而言，您認為工業的複蘇軌跡是怎樣的？

Yes.

是的。

I'll cover both automotive and industrial.

我將涵蓋汽車和工業。

The automotive piece, I think there is a feeling that we may see a return to more positive there.

汽車方面，我認為有一種感覺，我們可能會看到那裡更積極的回歸。

I think a lot of the dynamics is going to be accelerating more of the vehicle electrification at faster rates than we've seen in the past, which has a very large increase in our content, which gets us pretty excited about seeing a lot of good growth in automotive as we go through 2020.

我認為很多動力將以比我們過去看到的更快的速度加速更多的車輛電氣化，這會大大增加我們的內容，這讓我們對看到很多好的東西感到非常興奮隨著我們進入 2020 年，汽車行業的增長。

The industrial side has been weak, and it is generally the portion of the business that reflects kind of the GDP side of the equation.

工業方面一直很弱，通常是業務的一部分反映了等式的 GDP 方面。

We do see that bottoming out, we're starting to see order patterns pick up.

我們確實看到觸底反彈，我們開始看到訂單模式回升。

And like all of the sectors, the inventory piece appears to be getting back in control.

與所有行業一樣，庫存部分似乎正在重新獲得控制。

So I would expect to see the industrial side start picking up again in the second quarter.

因此，我預計工業方面將在第二季度再次開始回升。

And our next question comes from Mark Lipacis with Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

The -- just going back to the strong demand for the lower gross margin products, so the options sound like either discontinue or increase the ASPs.

- 只是回到對較低毛利率產品的強勁需求，因此這些選項聽起來像是停止或增加平均售價。

I just wanted to explore that.

我只是想探索一下。

So in the process -- if the decision is made to discontinue, is that because the lower gross margin products also are lower operating margin products also?

那麼在這個過程中——如果決定停止生產，是因為毛利率較低的產品也是營業利潤率較低的產品嗎？

Is it total lower profitability, and you just want to get out of that business?

是不是整體盈利能力較低，而您只是想退出該業務？

Would that be the rationale?

這會是理由嗎？

And if you decided to discontinue, would that hit your utilization rates and then cause a continued challenge for fixed-cost absorption?

如果您決定停止生產，這是否會影響您的利用率，進而對固定成本的吸收造成持續挑戰？

Or are these outsourced products?

還是這些外包產品？

That's the first question.

這是第一個問題。

So I would say the answer is yes.

所以我會說答案是肯定的。

This is both gross margin and operating margin in terms of problem.

這是毛利率和營業利潤率方面的問題。

Definitely raising prices helps significantly, and it is outsourced.

提高價格肯定有很大幫助，而且是外包的。

Okay.

好的。

Got you.

得到你。

That makes sense.

這就說得通了。

Okay.

好的。

And then on the -- Keith, you mentioned resilient manufacturing activity in China.

然後——基思，你提到了中國有彈性的製造業活動。

Is this -- were there particular end markets there?

這是——那裡有特定的終端市場嗎？

And do you have a sense of to the extent this is due to a restocking further downstream, or a -- if you got any read that this is real end-market consumption that's happening?

你有沒有感覺到這是由於下游的補充庫存，或者 - 如果你讀到這是正在發生的真正的終端市場消費？

That's all I had.

這就是我所擁有的。

Yes.

是的。

No, this is broad-based in China, and I think it's reflecting the inventories being back in line and still seeing economic growth in China.

不，這在中國是廣泛的，我認為這反映了庫存恢復正常，並且中國的經濟仍在增長。

So I think it's just basically removing some of the headwinds there, and it's pretty broad-based.

所以我認為它基本上只是消除了那裡的一些不利因素，而且它的基礎非常廣泛。

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。

On the improving business trends, could you just discuss them by geography?

關於不斷改善的商業趨勢，你能按地域來討論嗎？

Last quarter, I think you guys saw some improvements in auto in China, continued weakness in EMEA, stabilization in U.S. Did you guys see the demand profile by geo start to broaden out in Q4 and here in Q1?

上個季度，我認為你們看到中國汽車市場有所改善，歐洲、中東和非洲地區持續疲軟，美國市場趨於穩定。你們是否看到地理區域的需求狀況在第四季度和第一季度開始擴大？

So not a lot of change.

所以變化不大。

Some incremental weakness in Europe; incremental strength in China; and the U.S. and the rest of the world, pretty much on par with what we saw in early Q3 and Q4.

歐洲逐漸疲軟；在中國的增量實力；以及美國和世界其他地區，幾乎與我們在第三季度和第四季度初看到的情況相當。

Great.

偉大的。

And Bernard, on the higher OpEx base starting the year, combined with the restructuring actions announced today, how should we think about the progression of OpEx as the year unfolds?

而伯納德，在今年開始運營支出較高的基礎上，結合今天宣布的重組行動，隨著今年的展開，我們應該如何看待運營支出的進展？

Yes.

是的。

So I would expect OpEx to be definitely not higher than Q1 and flat, trending towards slightly down.

因此，我預計 OpEx 絕對不會高於第一季度並且持平，並趨於小幅下降。

And our next question comes from Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

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。

Maybe if I could go back to the 200-millimeter (sic) [300-millimeter] at the East Fishkill.

也許如果我能回到東菲什基爾的 200 毫米（原文如此）[300 毫米]。

The initial production there seems around mid-2020, we pull that in a bit.

那裡的最初生產似乎在 2020 年中期左右，我們稍微拉一下。

How aggressively, Keith, will you ramp East Fishkill?

基思，你將如何積極地提升東菲什基爾？

And what type of products are driving the initial ramp there?

什麼類型的產品正在推動那裡的初始增長？

And maybe then related to that, Bernard, can you remind us how much of the business is outsourced today and how much of that could be in-sourced as you ramp East Fishkill?

也許與此相關，伯納德，你能提醒我們今天有多少業務是外包的，隨著你在 East Fishkill 的發展，有多少可以內包？

Yes.

是的。

The -- our 300-millimeter ramp will be driven largely by medium-voltage MOSFETs where we see a great deal of demand pickup in our automotive designs for vehicles of all sorts, actually and in the industrial sector across all the segments.

- 我們的 300 毫米坡道將主要由中壓 MOSFET 驅動，我們看到在我們的汽車設計中對各種車輛的大量需求回升，實際上是在所有細分市場的工業領域。

So it is one of the high-growth areas, and we're seeing good demand pickup in the order patterns.

因此，它是高增長領域之一，我們看到訂單模式的需求回升良好。

And so that will be the first part to ramp in 300-millimeter.

因此，這將是第一個以 300 毫米遞增的部件。

So -- and the external utilization, in our model, we like to do 80 inside, 20 outside.

所以——以及外部利用率，在我們的模型中，我們喜歡在內部做 80 個，在外部做 20 個。

Right now, particularly for the front end, we're more in the middle 60s outsourced -- in-sourced and middle 30s outsourced.

現在，特別是對於前端，我們更多的是在 60 年代中期外包——內包和 30 年代中期外包。

And our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

I just wanted to understand of $26 million of synergies that were supposed to be taken out of the Quantenna (inaudible) and OpEx.

我只是想了解應該從 Quantenna（聽不清）和 OpEx 中提取的 2600 萬美元的協同效應。

How much of that has been realized so far?

到目前為止已經實現了多少？

And if you could touch on the OpEx synergies, in particular from Quantenna, have those been realized?

如果您能談到 OpEx 協同效應，特別是來自 Quantenna 的協同效應，這些是否已經實現？

And then related to that, and maybe I'll just ask my second question now, the new $25 million OpEx reduction plan that was announced, is that entirely separate from the Quantenna synergies?

然後與此相關，也許我現在要問我的第二個問題，即宣布的新的 2500 萬美元運營支出削減計劃，這是否與 Quantenna 協同效應完全分開？

Or some of that capture the Quantenna synergies that were previously anticipated?

或者其中一些捕捉到了之前預期的 Quantenna 協同效應？

So they are completely separate programs.

所以它們是完全獨立的程序。

One has nothing to do with the other.

一個與另一個無關。

I would say, on the Quantenna, a good portion -- a good sizable portion of the OpEx has already been realized, and we should see a little bit dribs or drabs still coming into the -- 2020.

我想說，在 Quantenna 上，很大一部分 - OpEx 的相當大一部分已經實現，我們應該會看到一些點點滴滴或單調的東西進入 - 2020 年。

But for the most part, it's all done.

但在大多數情況下，這一切都完成了。

And the other one will be all incremental.

另一個將是增量的。

And our next question comes from Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

I know your guidance does not include any impact from the coronavirus, but could you provide some color on what you're seeing so far in terms of factory shutdowns at some of the ODMs, and whether there's a risk that there could be some inventory holding?

我知道您的指導不包括冠狀病毒的任何影響，但是您能否就您目前所看到的一些 ODM 的工廠關閉以及是否存在可能存在一些庫存持有的風險提供一些顏色?

And is some of this potentially benefiting your Q1 revenue outlook?

其中一些是否可能有利於您的第一季度收入前景？

If you could provide any color on what you're seeing, understanding it's still very early in the process?

如果您可以為您所看到的內容提供任何顏色，那麼了解它還處於過程的早期階段嗎？

Yes.

是的。

It's developed rapidly and the changes have been quite quick.

它發展迅速，變化也很快。

We don't think there was opportunities for any inventory hoarding prior to any actions going on in China.

在中國採取任何行動之前，我們認為沒有任何囤積庫存的機會。

What we have seen is a request in China for factories to remain shut down after Chinese New Year longer than they normally would be.

我們所看到的是，中國要求工廠在農曆新年後關閉的時間比平時更長。

It looks like it's approximately a week.

好像是一周左右吧。

And of course, there is some capacity slack in the system as we've been talking about utilizations are not full, so we anticipate most people will be looking to recover that extra shutdown during the first quarter.

當然，由於我們一直在談論利用率未滿，因此系統中存在一些容量鬆弛，因此我們預計大多數人將尋求在第一季度恢復額外的停機。

So at this stage, really don't have much more visibility than that.

所以在這個階段，真的沒有比這更多的知名度了。

But it doesn't look like it will be a significant impact, at least based on today's data.

但至少從今天的數據來看，這似乎不會產生重大影響。

Okay.

好的。

Great.

偉大的。

And then sorry if I missed it, did you mention what percentage of capacity will be removed from the fab in Belgium?

如果我錯過了，很抱歉，你有沒有提到比利時工廠將從中移除多少百分比的產能？

We didn't.

我們沒有。

No, we haven't.

不，我們沒有。

We don't have a number yet.

我們還沒有號碼。

And our next question comes from Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Gary Mobley。

I want to go back to the automotive side of the business.

我想回到業務的汽車方面。

And if I'm not mistaken, in years past, you've talked about having roughly 7% automotive sales growth against a flat SAAR environment, and that appears to be the consensus view as it relates to auto sales in 2020.

如果我沒記錯的話，在過去的幾年裡，你曾談到在平穩的 SAAR 環境下汽車銷售增長大約 7%，這似乎是與 2020 年汽車銷售相關的共識。

So against that backdrop, are you confident you can see that mid- to high single-digit percent growth in your specific auto sales?

因此，在這種背景下，您是否有信心看到您的特定汽車銷售實現中高個位數百分比的增長？

We are.

我們是。

And we think if we look at the numbers in 2019, it supported that type of rate.

我們認為，如果我們查看 2019 年的數字，它支持這種比率。

The comments I made earlier today, though, I think there's more acceleration toward the hybrid and electric vehicles, so that might actually get better for us as we go through 2020.

不過，我今天早些時候發表的評論認為，混合動力和電動汽車的發展速度會更快，因此隨著 2020 年的到來，這對我們來說實際上可能會變得更好。

So we are expecting that high single-digit or better this year.

因此，我們預計今年會達到個位數或更高。

Okay.

好的。

Bernard, I just had a follow-up question.

伯納德，我剛剛有一個後續問題。

I just wanted to verify, for distribution, was the sell-in greater than the sell-out during the quarter?

我只是想驗證，對於分銷，本季度的銷售量是否大於銷售量？

Very slightly.

非常輕微。

And our next question comes from Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

Can you hear me, guys?

你們能聽到我嗎，伙計們？

Yes.

是的。

Yes.

是的。

Yes.

是的。

Sorry about that.

對於那個很抱歉。

I just wanted to get back to gross margin, and I'm not sure I caught the response on an earlier question on the quantification of the 3 different factors.

我只是想回到毛利率，我不確定我是否收到了對早期關於三個不同因素量化的問題的回應。

How much of underutilization also contributed?

未充分利用也有多少貢獻？

And then I'm not sure I understood this, the underut charge is going to go away as we go into Q3?

然後我不確定我是否理解這一點，隨著我們進入第三季度，underut 費用會消失嗎？

Or there's going to be lagging underutilization charges in Q3 as well?

或者第三季度也會出現滯後的未充分利用費用？

So what we characterized there is we said that about half of the issues were underutilization/depreciation and half were transitionary one-off items.

所以我們的特點是我們說大約一半的問題是利用不足/折舊，一半是過渡性的一次性項目。

There is a small lag in terms of the impact of underutilization impacts in the quarter.

就本季度未充分利用的影響而言，存在小幅滯後。

But for the -- and obviously, it will depend on how strong seasonally the second quarter is in terms of the rebound revenue, which will dictate how much the utilizations will be.

但對於 - 顯然，這將取決於第二季度在反彈收入方面的季節性強勁程度，這將決定利用率的多少。

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

我們的下一個問題來自瑞士信貸的 John Pitzer。

Just wanted to follow up.

只是想跟進。

To the extent that you end up getting out of some businesses in the consumer sector going into the second quarter, for modeling purposes, is there any way to try to quantify what the impact might be to revenue going into the June quarter maybe relative to seasonal?

在某種程度上，出於建模目的，您最終退出了消費領域的一些業務，進入第二季度，有沒有辦法嘗試量化對進入 6 月季度的收入可能產生的影響，可能與季節性有關?

We're still expecting seasonal or better behavior as we go through this year.

今年我們仍然期待季節性或更好的行為。

As I mentioned, we're through -- we think we're through the inventory correction phase.

正如我所提到的，我們已經完成了——我們認為我們已經完成了庫存修正階段。

And so you should be seeing -- in a relatively stable economic environment, you should be seeing better performance this year without those headwinds.

所以你應該看到 - 在一個相對穩定的經濟環境中，你應該看到今年沒有這些逆風的情況下會有更好的表現。

And so we're really not attributing a significant lessening of that with the consumer business.

因此，我們實際上並沒有將消費者業務的顯著減少歸因於這一點。

That's helpful.

這很有幫助。

And I think it probably shouldn't be that important because it doesn't impact free cash flow, but Bernard, I'm just kind of curious, as you march towards that 40-plus percent target for gross margins, how do we think about depreciation from the December quarter levels?

而且我認為它可能不應該那麼重要，因為它不會影響自由現金流，但是伯納德，我只是有點好奇，當你朝著毛利率 40% 以上的目標邁進時，我們怎麼看關於 12 月季度水平的折舊？

What does CapEx look like, especially as you start to really facilitate and build out East Fishkill?

資本支出是什麼樣的，尤其是當您開始真正促進和建設 East Fishkill 時？

So basically, what we said from the CapEx point of view, we guided for $125 million to $145 million for the very short term for the first quarter and said that a good portion of that CapEx is devoted towards the 300-millimeter fab.

所以基本上，從資本支出的角度來看，我們在第一季度的短期指導下為 1.25 億美元至 1.45 億美元，並表示資本支出的很大一部分用於 300 毫米晶圓廠。

And then we expect that to taper off throughout the year and go to a lower level in 2021.

然後我們預計這一數字將在全年逐漸減少，並在 2021 年降至較低水平。

At this stage, I would expect CapEx and depreciation to converge and be pretty much aligned.

在這個階段，我預計資本支出和折舊會收斂並且幾乎一致。

So I don't expect any significant amount of increased depreciation on our P&L as we normalize the CapEx.

因此，隨著我們使資本支出正常化，我預計我們的損益表不會出現任何顯著的折舊增加。

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。

Keith, the commentary on a return to normal seasonality.

基思，關於回歸正常季節性的評論。

Does that also apply to kind of the 5G infrastructure-related portion of the portfolio?

這是否也適用於投資組合中與 5G 基礎設施相關的部分？

Yes.

是的。

So I think, again, the comments are similar.

所以我認為，同樣，評論是相似的。

I think the inventory absorption piece is on track to be behind us here in Q1.

我認為庫存吸收部分有望在第一季度落後於我們。

So I would expect that to also look much more seasonal.

所以我希望這看起來也更具季節性。

However, secularly, it's going to grow, and so you should see basically no headwinds to that growth as you get through this year -- go through this year.

然而，長期來看，它會增長，所以當你度過這一年時，你應該基本看不到這種增長的逆風——度過這一年。

And then as a follow-up, Bernard.

然後作為後續行動，伯納德。

I know on a dollar basis, the cash tax has not much changed from the fourth quarter but it's up on a percentage basis.

我知道，按美元計算，現金稅與第四季度相比變化不大，但按百分比增長。

I just -- maybe any dynamics here in the March quarter associated with that or how it tracks maybe on a percentage basis or dollar basis post the March quarter?

我只是 - 也許與此相關的 3 月季度的任何動態或它如何在 3 月季度之後以百分比或美元為基礎進行跟踪？

Yes.

是的。

So CapEx -- cash CapEx by its nature is lumpy.

所以資本支出——就其性質而言，現金資本支出是不穩定的。

So I would say that Q1 is a little bit -- or tax is -- sorry, tax is lumpy.

所以我想說第一季度有點 - 或者稅收是 - 對不起，稅收是塊狀的。

And it is in the $14 million to $18 million range for Q1.

第一季度的價格在 1400 萬美元到 1800 萬美元之間。

We expect for the year to be 10% or less as a percent of profit, but again, it is a little bit lumpy.

我們預計今年利潤的百分比為 10% 或更少，但同樣，它有點不穩定。

And our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗的 Chris Danely。

Just a quick follow-up on consumer gross margin issue.

只是對消費者毛利率問題的快速跟進。

Did Chinese competition have anything to do with the gross margin issue, either from Nexperia or somebody else out there?

中國的競爭是否與毛利率問題有關，無論是來自 Nexperia 還是其他公司？

No.

不。

Not at all.

一點也不。

This was just a business that we thought was going to decline, and then there was a surprise upside.

這只是我們認為會下降的業務，然後出現了意外的上漲。

So it had nothing to do with any new competitive dynamics.

所以它與任何新的競爭動態無關。

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。

Keith, just thoughts on the end markets for 2020.

基思，只是對 2020 年終端市場的想法。

It sounds like you said kind of auto's high single-digit growth could kind of lead, industrial near term is lagging a bit.

聽起來你說汽車的高個位數增長可能會領先，工業近期有點滯後。

But just how do you see over the course of the year kind of the puts and takes by end market?

但是，您如何看待全年終端市場的看跌期權？

So on the industrial side, yes, we think it's still lagging right now, primarily the portions of that, that go into new factory buildings and new residential buildings.

所以在工業方面，是的，我們認為它現在仍然落後，主要是那些進入新廠房和新住宅樓的部分。

That has been kind of a drag piece.

那是一種拖累。

The medical piece that's in there has been strong and growing quite nicely.

那裡的醫療產品一直很強大，而且發展得很好。

We expect that trend will continue, and our mil/aero piece has been holding up quite well.

我們預計這種趨勢將繼續下去，我們的軍用/航空產品一直保持良好狀態。

So the changes that we're looking in the industrial side are twofold.

所以我們在工業方面看到的變化是雙重的。

One, we think the energy infrastructure will be a secular positive.

一，我們認為能源基礎設施將是長期的積極因素。

We're seeing more solar installations, wind installations.

我們看到更多的太陽能裝置、風能裝置。

We see growth in that as we go through this year.

隨著今年的發展，我們看到了這方面的增長。

And then on the building side, hopefully, we will have cleared through all the inventory here in Q1, and you will see a return to normality from a seasonality perspective after that.

然後在建築方面，希望我們能在第一季度清理掉所有庫存，之後從季節性的角度來看，你會看到恢復正常。

And I'm not showing any further questions at this time.

我目前沒有提出任何進一步的問題。

I will now turn the call back to Parag Agarwal for any further remarks.

我現在將電話轉回 Parag Agarwal 以徵求任何進一步的意見。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

We hope to see you at various conferences during the quarter.

我們希望在本季度的各種會議上見到您。

Goodbye.

再見。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。