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，感謝大家的支持，並歡迎參加安森美半導體 2019 年第四季財報電話會議。

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

（操作員指示）請注意，今天的會議可能會被錄音。

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

現在我想將會議交給今天的發言人，企業發展和投資者關係副總裁帕拉格·阿加瓦爾 (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.

早安，感謝您參加安森美半導體公司 2019 年第四季會議—季度業績電話會議。

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

今天我們的總裁兼執行長 Keith Jackson 也加入了我的行列。和我們的財務長伯納德·古特曼。

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路直播。

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.

本次電話會議後約 1 小時，我們將在我們的網站上提供本次廣播的重播以及 2019 年第四季度收益發布，並且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 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、通路和股票數量以及 2020 財年日曆相關的其他資訊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簡報包括某些非公認會計準則財務指標。

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.

這些非公認會計原則財務指標與公認會計原則下最直接可比較的指標的對帳已在我們的收益報告中進行，該報告單獨發佈在我們網站的投資者關係部分。

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，我們將對公司未來事件或未來財務表現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、應該或類似表達等詞語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有重大差異。

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.

我們向美國證券交易委員會提交的表格 10-K、表格 10-Q 和其他文件中描述了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。

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

我們在 2019 年第四季的收益發布中描述了其他因素。

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，除法律要求外，本公司不承擔更新前瞻性陳述以反映實際結果、變化的假設或其他因素的義務。

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，介紹我們業務的策略更新。

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、策略和市場的最新情況。

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 毫米製造策略的經濟性的資訊。

We will send invitations for the event shortly.

我們將很快發送活動邀請函。

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

現在讓我將其交給伯納德·古特曼 (Bernard Gutmann)，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.

謝謝帕拉格，也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.

繼第三季的穩定之後，我們看到第四季的業務趨勢有所改善。

Order trends continued to improve throughout the quarter.

訂單趨勢在整個季度持續改善。

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，大多數終端市場需求的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.

根據我們的訂單率以及與客戶的對話，我們認為復甦的步伐是溫和的，而不是需求急劇上升。

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日益有利，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，我們認識到新出現的冠狀病毒危機帶來的潛在風險，我們正在努力監測這一迅速發展的情況。

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

我們在關鍵策略市場的吸引力持續加速，我們的設計贏得管道繼續快速成長。

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

我們在汽車、工業和雲端電源市場成長最快的領域的內容不斷增加。

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的工業、汽車和雲端電源市場解決方案。

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、半導體市場成長最快的應用中不斷增長的內容以及我們許多產品的長生命週期將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.

為了加快實現毛利率目標，我們已開始對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，我們宣布正在考慮出售位於比利時的 6 吋晶圓廠。

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

當我們確定生產轉型計劃時，我們將提供有關這些行動的財務影響的最新資訊。

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

基斯稍後將在本次電話會議中進一步擴展我們對比利時晶圓廠的計畫。

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

在進行結構性改革以提高毛利率的同時，我們正在簡化在各個市場的投資。

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，我們在第一季採取了有限的重組行動，每年減少約 2,500 萬美元的營運費用。

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.

我們應該會在 2020 年第二季開始看到這項行動的名義影響，到 2020 年第四季度，全面影響將會顯現出來。

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

現在讓我向您提供有關 2019 年第四季業績的更多詳細資訊。

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 年第四季的總營收為 140.2 萬美元（原文如此）[14.02 億美元]，較 2018 年第四季的 150.3 萬美元（原文如此）[15.03 億美元]下降 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.

收入年減主要是由眾所周知的宏觀經濟和地緣政治因素推動的，這些因素影響了整個半導體產業。

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 GAAP 攤薄後每股淨利為 0.14 美元，而 2018 年第四季的淨利為 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 年第四季的非 GAAP 攤薄後每股淨利為 0.30 美元，而 2018 年第四季為 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 年第四季的 GAAP 和非 GAAP 毛利率為 34.6%，而 2018 年第四季為 37.9%。

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

由於某些暫時性的組合和營運問題，第四季的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.

第四季度，我們的消費領域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.

我們預計第一季這種強勁的需求也將持續。

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

我們打算在第一季後要麼停止該產品線，要麼大幅提高價格。

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

在營運方面，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 年第一季末解決。

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

在短期內，我們預期固定成本會對我們的毛利率產生不利影響。

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

如您所知，我們在 2018 年和 19 年擴大了生產能力。

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

然而，由於充分了解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成長的缺乏，我們現在面臨著利用率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 年營收將成長——隨著 2020 年營收的預期成長，我們應該能夠抵消利用率不足和折舊的影響。

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

我們預計，從今年第二季開始，2020 年毛利率增量將超過 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.

2019 年第四季我們的 GAAP 營業利潤率為 9.9%，而 2018 年第四季為 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.

2019 年第四季的非 GAAP 營業利潤率為 12.3%，而 2018 年第四季為 16.8%。

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

營業利益率較去年同期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 GAAP 營運費用為 3.47 億美元，與 2018 年第四季持平。

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

第四季非 GAAP 營運費用為 3.14 億美元，而 2018 年第四季為 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 年的營運費用包括了收購 Quantenna Communications 產生的超過 2 個季度的費用。

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

第四季營運費用年減是由於積極的費用控制和零獎金應計所致。

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

第四季自由現金流為負 2,100 萬美元，營運自由現金流為 9,200 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.

第四季度自由現金流和營運現金流受到了為先前披露的智慧財產權訴訟和解而向 Power Integrations 一次性支付約 1.75 億美元的負面影響。

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

第四季的資本支出為 1.12 億美元，相當於資本密集度為 8%。

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東菲什基爾 300 毫米晶圓廠。

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 年第四季結束時，我們的現金和現金等價物為 8.94 億美元，而 2019 年第三季末為 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.

截至第四季末，庫存天數為123天，較2019年第三季的128天減少5天。

Distribution inventory increased slightly but is within our comfort zone.

分銷庫存略有增加，但仍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業績，首先是電源解決方案集團（PSG）。

Revenue for PSG for the fourth quarter was $696 million.

PSG第四季營收為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，智慧感測集團的收入為 1.99 億美元。

Now I would like to turn the call over to Keith Jackson for additional comments on the business environment.

現在我想將電話轉接給基斯傑克森（Keith Jackson），請他就商業環境發表更多評論。

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.

我將先回顧我們 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2019年半導體產業面臨宏觀經濟和地緣政治挑戰，但我們的執行力依然強勁，我們預計將超越模擬和功率半導體領域的大多數同行。

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 2019 年的業績清楚地表明了我們業務的轉型性質以及我們的業務模式、執行力和紀律的優勢。

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、工業和雲端電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阻力，但推動我們業務的主要長期趨勢仍然完好無損。

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、工業和雲端電源應用等成長最快的應用領域的內容不斷增長，我們不斷加強在關鍵市場的領導地位，例如 ADAS、伺服器電源管理和 5G 基礎設施以及電動車的高功率解決方案。

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.

我們宣布計劃收購我們的第一座 300 毫米晶圓廠，我們預計很快就會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，並在推出工業物聯網應用連接解決方案方面取得了堅實進展。

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 年的業績感到滿意，但我們明白需要立即採取積極、實質的措施來加快實現利潤率目標。

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

正如 Bernard 早些時候指出的那樣，我們今天早上宣布正在考慮出售位於比利時的 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件達成安排的合作夥伴，以便雙方順利有序地過渡。

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

我們位於比利時的工廠是一項極具吸引力的製造資產，擁有強大的工具組和高技能的勞動力。

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，並且靠近世界領先的汽車創新和製造中心，這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，我們的 300 毫米 East Fishkill 晶圓廠為我們優化前端佔地提供了極大的靈活性，我們將繼續努力提高製造網路的效率。

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 年第三季的財報電話會議上，我們宣布已啟動關閉位於紐約羅徹斯特的 6 吋晶圓廠的流程。

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 毫米晶圓廠的產能提升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.

目前，我們的進度明顯提前，現在我們預計將在 2020 年中期開始初始生產，而先前的預期是在 2020 年下半年開始。

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

最初晶圓運行的結果和良率非常驚人。

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東菲什基爾工廠的經驗，我們更有信心，隨著我們整合前端網絡，生產轉移到該工廠將成為我們製造成本結構的一個主要轉折點。

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.

我們將於 8 月 18 日在紐約舉行的策略性業務更新中提供有關 300 毫米晶圓廠轉型的財務影響的更多詳細資訊。

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

除了對營運成本結構進行結構性改變外，我們還採取措施優化營運費用。

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%.

每年約減少 2500 萬美元，這將加速我們實現營運費用強度 21% 的目標。

Let me now comment on the current business environment.

我現在談談當前的商業環境。

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

我們看到第四季度的訂單率略有改善，並且本季至今仍在繼續改善。

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改善以及供應鏈庫存正常化所推動的。

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顯示 GDP 前景有所改善，製造業活動略有改善。

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

來自中國的數據顯示製造業活動相對有彈性，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.

根據公開數據和合作夥伴的意見，我們認為目前的庫存水準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.

儘管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所帶來的風險，並且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發生波動，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.

同時，我們正在採取重大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、工業和雲端電源將成為未來5年成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.

憑藉著高度差異化的電源、類比、感測器和連接產品組合，隨著我們在策略市場中成長最快的應用中不斷成長內容，我們已做好了超越半導體產業發展的準備。

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

此外，隨著營運效率的提高，我們預計將顯著擴大我們的利潤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年第四季我們各個終端市場的進展。

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

第四季汽車市場營收為 4.62 億美元，占我們第四季營收的 33%。

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

第四季汽車營收年減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年減，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持續加速。

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

2019 年第四季度，我們贏得了 ADAS 和車內檢視應用程式關鍵平台的設計。

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.

正如我們在先前的財報電話會議中指出的那樣，我們已經贏得了 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.

我們的光達和雷達產品正在獲得強勁的關注。

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

我們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，我們正在透過固態解決方案實現光達的民主化，而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透過基於 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.

根據我們的設計贏得管道，我們預計將在全球前 5 名雷射雷達模組製造商中佔據領先份額。

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回饋非常積極，我們已成為下一輪設計獲勝的主要競爭者。

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一級整合商的合作，隨著下一輪設計的公佈，我們預計將在這個市場上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的碳化矽模組合作持續成長。

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.

我們看到用於亞洲和歐洲電動車傳動系統的 IGBT 模組出現強勁增長，並且根據我們的設計成果和積壓訂單，我們預計這一增長在 2020 年及以後將繼續加速。

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

我們開始看到 ADAS 處理器的類比電源管理不斷進步。

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中所有領先的處理器供應商合作，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.

我們預計儀表板、車載網路和高級照明的類比電源管理解決方案將強勁成長。

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

2020年第一季汽車終端市場營收預計將較上季成長。

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

包括軍事、航空航太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營收的25%。

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

第四季工業收入年減 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，但我們尚未看到工業客戶的訂單活動顯著改善。

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。

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組具有強勁的吸引力，我們已經開始向全球領先的工業原始設備製造商運送這些模組。

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

工業企業的一個新興成長領域是電子商務。

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送貨機器人的 CMOS 影像感測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.

我們與領先的電子商務零售商就許多項目進行了合作，我們預計工業市場的這一領域將做出巨大貢獻。

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年第一季工業終端市場營收將較去年同期持平或小幅下降。

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

包括網路和無線在內的通訊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.

通訊終端市場占我們第四季營收的 21%。

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

第四季通訊收入較去年同期下降3%。

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

下降的主要原因是我們的智慧型手機相關業務疲軟。

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.

環比來看，第四季我們的智慧型手機業務強勁成長，但隨著客戶不斷調整庫存，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.

預計通訊終端市場2020年第一季營收季減。

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

計算終端市場第四季貢獻營收1.53億美元。

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

計算終端市場占我們第四季營收的 11%。

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

第四季計算營收年減 8%。

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

我們繼續看到伺服器相關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.

在連續的基礎上，我們看到在英特爾處理器供應增加的推動下，我們的客戶端運算業務有所成長。

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

計算終端市場2020年第一季營收預計季減。

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

我們預計伺服器業務的實力將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.

消費端市場第四季貢獻營收1.53億美元。

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

消費端市場占我們第四季營收的11%。

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

第四季消費者營收年減10%。

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

年比下降是由於消費性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.

從季度環比來看，消費終端市場的收入與我們預期的下降持平，原因是先前討論的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.

消費端市場2020年第一季營收預計季減。

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.

總之，我們正在採取實質行動，對我們的成本模型進行結構性改變，以加快實現目標財務模型的進展。

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 毫米晶圓廠的生產進度，因為我們現在預計初始生產將於 2020 年中期開始，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.

我們專注於半導體產業成長最快的終端市場。

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

隨著我們設計的成功，我們預計我們在汽車、工業和雲端電源應用方面的內容將繼續成長。

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

我們 2019 年的業績清楚地表明了我們業務的轉型性質、我們業務模式的優勢和執行紀律。

Now I would like to turn it back over to Bernard for forward-looking guidance.

現在我想把它轉回給伯納德以獲得前瞻性指導。

Bernard?

伯納德？

Thank you, Keith.

謝謝你，基斯。

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 年第一季的指導不包括當前的冠狀病毒危機造成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.

正如我們之前指出的，我們正在努力監控局勢，但目前我們沒有足夠的資訊來了解這場迅速發展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、積壓水平和預計週轉水平，我們預計 2020 年第一季安森美半導體總收入預計在 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.

第一季毛利率較上季下降的主要原因是年度合約定價重置。

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

我們預計 GAAP 營運費用總額為 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 營運費用包括無形資產攤銷、重組、資產減損和其他費用，預計在 3,000 萬至 3,400 萬美元之間。

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

我們預計第一季非 GAAP 營運支出總額為 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.

預計 GAAP 和非 GAAP 營運費用的環比增長主要是由於我們 300 毫米晶圓廠製程轉移活動的加速、2020 年可變薪酬應計恢復以及戰術費用控制措施的結束。

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 GAAP 淨其他收入和支出（包括利息支出）將為 3,800 萬美元至 4,100 萬美元，其中包括 900 萬美元至 1,000 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 GAAP 淨其他收入和支出（包括利息支出）將為 2,900 萬至 3,100 萬美元。

Net cash paid for income taxes in the first quarter of 2020 is expected to be $14 million to $18 million.

2020年第一季所得稅支付的淨現金預計為1,400萬至1,800萬美元。

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

我們預計 2020 年第一季的資本支出總額為 1.25 億至 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.

目前，我們的目標是將大部分資本支出用於加速建造 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.

我們也預計 2020 年第一季的股權激勵為 1,900 萬至 2,100 萬美元，其中約 200 萬美元預計將用於銷售商品成本，其餘金額預計將用於營運費用。

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準則財務指標中。

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.

根據我們目前的股價，我們 2020 年第一季的 GAAP 稀釋後股票數量預計為 4.18 億股，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.

有關股數和每股盈餘計算的更多詳細信息，請定期在我們的季度報告和年度報告中分別以表格 10-Q 和表格 10-K 提供。

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

接下來，我想開始問答環節。

Thank you.

謝謝。

And Sydney, please open the line for questions.

悉尼，請撥打電話提問。

(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好轉，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人的一大擔憂。

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

那麼 Bernard 或 Keith，請談談未來超過 50% 的增量失敗。

Any sort of scale on that?

有什麼規模嗎？

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

第二季的營收看起來應該會年增。

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?

當您努力實現 4 手柄目標時，其中一些修復何時才能真正開始在毛利率方面體現出來？

So a couple of comments.

所以有幾點評論。

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，我們預計會出現超過 50% 的下滑。

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性項目，這些項目對我們的混合和工廠方面產生了影響，我們預計這些項目將在第一季末消退，這也將使我們能夠以超過50% 的下滑速度成長。

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 OSA 合同，從第二季度開始，我們的業績可能會提高 30 到 40 個基點。

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.

因此，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，最終也將為我們的毛利率帶來一些非常好的推動力。

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 領域收入成長的長期驅動力充滿信心，因此我們預計我們的成長將會恢復良好。

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，我們確實對 300 毫米晶圓廠的資格認證進度感到非常滿意，這也將成為我們進一步進入 2020 年和 21 年的順風車。

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，作為我的後續行動，轉向營運支出方面並堅持利潤目標方面，我知道你們在 2019 年底緊縮了事情，一些可變成本又回到了等式中，但它看起來仍然是一個相當大的進步。

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.

即便如此，你的表現似乎仍然會高於我們大多數人的預期。

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

因此，當您能夠達到 21% 的營運支出強度目標時，任何軌跡和顏色都會有所幫助。

Well, we have that laid out for 2022.

嗯，我們已經為 2022 年做好了準備。

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 營運支出，該支出高於我們一直運行的營運支出，因此這是更高的原因。

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.

當然，拿出 2500 萬美元應該可以幫助我們在 2020 年底之前實現這一目標，但我們應該等到 2021 年才能達到 21% 的水平。

And our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗銀行的克里斯丹利 (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，這種低利潤產品的激增帶來了多大的影響呢？

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

那麼設施和廢棄物問題的影響有多大？

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

那麼您遇到的設施和廢棄物問題到底是什麼呢？

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.

因此，我們不會涉及太多細節，但我可以說，未充分利用/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，在出售比利時晶圓廠時，一般來說，有很多類似的退出成本以及與在比利時重新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，有什麼計劃來解決與該晶圓廠相關的成本問題？

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，我們正在考慮在格雷沙姆和東菲什基爾做出的類似安排，在那裡我們找到了一個感興趣的團體，他們將在我們退出該設施時對其進行擴建。

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

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.

我也有一些邊緣。

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

首先，您預計什麼收入水準才能恢復到歷史上 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?

您認為今年第二季或第三季有可能達到這樣的毛利率嗎？

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——再說一次，如果你採用 50% 的失敗率或優於 50% 的失敗率，我們應該能夠在 2020 年剩餘時間裡恢復到這些水平。

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的一些合約價格重置。

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，今年的談判與往年相比如何，因為毛利率似乎確實受到了一定程度的影響？

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.

我認為我們面臨的挑戰之一是嘗試辨別第一季毛利率中有多少是由於合約定價與利用率不足趨勢造成的。

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的毛利率大約有多少（對吧）大約 200 個基點或低於趨勢，那麼其中有多少是由於定價造成的，有多少是由於利用率不足的趨勢造成的？

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，我們有大量的原始設備製造商年度合約每年重置一次，因此我們看到每年一次的影響更大。

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，合約定價相當正常。

And any impact from underutilization?

未充分利用有什麼影響嗎？

Is there a way to quantify that?

有沒有辦法量化這一點？

And when will that disappear?

那什麼時候會消失呢？

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

我們絕對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及以後看到一些好的復甦。

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

我們的下一個問題來自克里斯·卡索和雷蒙德·詹姆斯。

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，未充分利用的費用會高於預期。

Were there changes in production during the quarter?

本季產量有變化嗎？

Just some clarification, please.

請澄清一些。

Yes.

是的。

So a couple of comments there.

所以有一些評論。

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

其中之一是我們在本季也確實減少了庫存。

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，我們的外部與內部的組合並不是——更多的是——更多地傾向於外部，這對我們沒有幫助，導致利用率不足更大，這是基於產品的組合我們有需求。

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，我們許多人在前進中遇到的困難是理解你所看到的毛利率問題，這是一種短期和短暫的問題，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%是你透過增加收入和更好地吸收固定成本而獲得的。

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，在一年中的某個時刻，其中一些暫時性問題會消失，我們會看到毛利率上升，然後又回到 50% 的水平嗎？

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.

我們說過這些過渡性項目應該持續到第四季和第一季度，而在第一季之後，它們大部分都會消失。

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?

如果我們忽略對毛利率的暫時影響，並關注您的業務中可能出現的一些利潤順風車，您能否討論一下獲得 300 毫米晶圓廠資格的影響？

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?

當您開始將更多製程轉移到 300 毫米晶圓廠時，您認為會獲得多少成本效益和利用率提升？

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

比利時 6 吋工廠的銷售有任何顏色，這對 COGS 有何影響？

What percentage of that manufacturing is of your internal manufacturing?

該製造佔您內部製造的百分比是多少？

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

只要嘗試權衡其重要性，就可以使用任何顏色。

Yes.

是的。

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

我會給你一些你所指的影響的方向。

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

當我們準備好時，我們將在八月提供具體模型。

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毫米工廠將使我們能夠向市場推出一些非常具有成本效益的產品。

We expect to see some nice and quick ramp there.

我們期望在那裡看到一些漂亮而快速的坡道。

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.

回到伯納德對超過 50% 的失敗率的評論，我們認為這是導致下半年失敗的重要因素。

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中進行更多內包。

Selling of the Belgium factory also will contribute to that.

出售比利時工廠也將對此做出貢獻。

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.

目前我們不會給出具體數字，但所有這些因素都讓我們有信心全年的失敗率會比 50%好。

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?

再次關注利潤率，您可能已經觸及這一點，但這些消費品的毛利率有多低？

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.

我們不會按產品線詳細介紹。

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

但可以肯定的是，我們遠低於公司平均值。

And our next question comes from Vijay Rakesh with Mizuho.

我們的下一個問題來自 Mizuho 的 Vijay Rakesh。

Just following up on gross margin again.

只要再跟進毛利率。

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.

我知道您談到了整個季度降低庫存的問題，但看起來與去年同期相比，這對利用率來說也是一個不利因素。

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.

如果您對第四季度的利用率有一些想法，那麼您預計第一季的利用率以及您預計這一情況將如何進展。

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?

您預計第一季的調整將如何完成？

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

您預計工業下半年會恢復某種成長嗎？

We think so.

我們認為是這樣。

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，但我們的預期是在第二季度，並且肯定是在今年下半年，應該會完成。

(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 Susquehanna 的 Christopher Rolland。

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

再次關於消費性產品，該產品的動態是什麼？

Was this a last-time buy?

這是最後一次購買嗎？

Or are you kind of expecting more after Q1?

或者您對第一季之後有更多期待嗎？

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圖像有關，在過去的十年裡，你們一直在談論如何用你們的產品提升價值堆棧，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，這似乎是一種可能沒有進行價格優化的產品，它沒有您想要的利潤狀況。

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，是否有機會審查整個產品線以優化定價並最終幫助利潤結構，甚至關閉其中一些真正低利潤的業務？

Yes.

是的。

Thank you.

謝謝。

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

事實上，從那裡的故事來看，你已經看到了工業領域的弱點，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，我們在消費領域也擁有意想不到的實力。

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.

這是我們控制得相當嚴格的細分市場，但我們對 2020 年第四季和第一季的交付量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必要的措施來大幅改變那裡的狀況，並預計第一季之後不會因為利潤率抑制劑而繼續下去。

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，如果您從第二季開始，您會看到消費者群體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.

我想我們最後一次更新可能是在 11 到 13 週之後。

Maybe if you could give us an update there.

也許您能給我們最新消息。

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成長。

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計劃以及它們是否與 TI 的某些變更相關。

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，但我們仍然處於我們喜歡運營的舒適區之內。

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

我無法對客戶計劃做出明確評論，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，我想回去對毛利率進行更長期的檢視。

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 3 月季度的指導水準來看，我們與好於 50% 的目標水準有 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?

它與目標的線性程度如何？

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

當我們經歷「20 世紀」和「21 世紀」時，這種差距會縮小多少？

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

推動改變的重要槓桿是什麼？

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

它們與我們在分析師日所列舉的相同。

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發揮著重要作用，這絕對是 2019 年的逆風，預計這將在規劃期間透過更好的宏觀政策自行解決。

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

因此，我們期望回到一個不錯的成長率，這將幫助我們獲得一些相當不錯的成長率。

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.

我們在製造方面進行的結構性變革以及 300 毫米晶圓廠的擴建應該有助於我們實現 130 個或更多的基點，從而節省製造成本。

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

我們預期高利潤終端市場的長期成長動力也是一個促成因素。

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.

再一次，正如我們在短期內提到的，我們在這個一次性消費者問題上退了一步。

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影響因素。

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.

因此，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.

所以這與我們討論過的相同。

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

這肯定會讓我們的收入大幅成長。

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

這將需要我們節省製造成本，包括 300 毫米晶圓廠和混合成本。

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.

但需要澄清的是，驅動因素是相同的，但差距比最初設定目標時要大得多。

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，您認為哪些變數可以增加槓桿作用，以便我們可以縮小這一差距並將其提高到 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，可以利用 300 毫米的新產能靈活地生產。

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.

目標模型的預測是 5% 的複合年增長率，而 2019 年伊始我們的業績卻是負值。

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

因此，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.

接下來是基斯的後續行動。

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

基思，自去年第二季以來，我們看到汽車產業出現了良好的成長。

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

您是否認為我們正處於可持續成長的軌道上？

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

然後轉向工業，該業務似乎繼續放緩。

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

也許考慮到全球供應管理協會，這並不奇怪，但您是否感覺工業在三月季度已觸底？

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

或者您認為考慮到您所看到的不同動態，還有進一步的風險嗎？

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

既然已經觸底，您認為工業的復甦軌跡是什麼樣的呢？

Yes.

是的。

I'll cover both automotive and industrial.

我將涵蓋汽車和工業領域。

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

在汽車方面，我認為我們可能會看到那裡的情況變得更加積極。

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，這使我們的內容大幅增加，這讓我們對看到很多好的東西感到非常興奮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，通常是反映GDP方面的企業部分。

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，訂單模式開始回升。

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

與所有行業一樣，庫存似乎正在重新獲得控制權。

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再次開始復甦。

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.

- 回到對毛利率較低的產品的強勁需求，因此選擇聽起來像是停止或提高平均售價。

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?

那麼在過程中，如果決定停產，是因為毛利率較低的產品也是營業利益率較低的產品嗎？

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

獲利能力是否完全下降，而您只想退出該業務？

Would that be the rationale?

這就是理由嗎？

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，這是否會影響您的使用率，然後對固定成本吸收造成持續的挑戰？

Or are these outsourced products?

或者這些是外包產品嗎？

That's the first question.

這是第一個問題。

So I would say the answer is yes.

所以我想說答案是肯定的。

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

這既是毛利率和營業利益率的問題。

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.

明白你了。

That makes sense.

這是有道理的。

Okay.

好的。

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

然後，基思，您提到了中國製造業活動的彈性。

Is this -- were there particular end markets there?

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?

您是否知道這在某種程度上是由於下游的補貨造成的，或者 - 如果您有任何讀物表明這是正在發生的真正的終端市場消費？

That's all I had.

這就是我所擁有的一切。

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以及中國經濟仍在成長。

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

所以我認為這基本上消除了一些不利因素，而且基礎相當廣泛。

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?

關於商業趨勢的改善，您能否按地域討論？

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，我認為你們看到了中國汽車業的一些改善，歐洲、中東和非洲地區的持續疲軟，美國的穩定。 ？

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.

歐洲的一些漸進式疲軟；在中國的增量實力；以及美國和世界其他地區，與我們在第三季初和第四季看到的情況基本持平。

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?

伯納德，在今年開始的較高營運支出基礎上，結合今天宣布的重組行動，我們該如何考慮今年營運支出的進展？

Yes.

是的。

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

因此，我預計營運支出絕對不會高於第一季度，並且持平，呈現小幅下降的趨勢。

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法國巴黎銀行的 David O'Connor。

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

也許我可以回到東菲什基爾的 200 毫米（原文如此）[300 毫米]。

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

最初的生產似乎會在 2020 年中期左右，我們會稍微推遲一下。

How aggressively, Keith, will you ramp East Fishkill?

基思，您將如何積極地提升東菲什基爾？

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

哪些類型的產品正在推動那裡的初始成長？

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?

也許與此相關的是，伯納德，您能否提醒我們，今天有多少業務是外包的，以及隨著您在東菲什基爾的擴張，其中有多少業務可以內包？

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，我們看到各種車輛的汽車設計需求大量增加，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，它是高成長領域之一，我們看到訂單模式的需求良好回升。

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

這將是第一個厚度達到 300 毫米的零件。

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

因此，對於外部利用，在我們的模型中，我們喜歡在內部進行 80 個，在外部進行 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，特別是在前端方面，我們更多的是 60 年代中期的外包——內包和 30 年代中期的外包。

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 Quantenna（聽不清楚）和營運支出應該會帶來 2600 萬美元的協同效應。

How much of that has been realized so far?

到目前為止，其中有多少已經實現？

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

如果您能談談營運支出綜效，特別是來自 Quantenna 的協同效應，這些協同效應是否已實現？

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?

與此相關，也許我現在要問第二個問題，宣布的新的 2500 萬美元營運支出削減計劃是否與 Quantenna 協同效應完全分開？

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

或者其中一些捕獲了先前預期的 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，營運支出的很大一部分已經實現，我們應該會在 2020 年看到一點點。

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

但大多數情況下，一切都已經完成了。

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，但您能否提供一些關於您迄今為止所看到的一些 ODM 工廠關閉情況的信息，以及是否存在庫存持有的風險？

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

其中一些可能有利於您第一季的收入前景嗎？

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

如果您可以對您所看到的內容提供任何顏色，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.

它發展很快，變化也很快。

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

我們認為，在中國採取任何行動之前，不存在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.

我們看到中國要求工廠在農曆新年後關閉的時間比平常更長。

It looks like it's approximately a week.

看起來大約需要一周時間。

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，系統中存在一些產能閒置，因為我們一直在談論利用率未滿，因此我們預計大多數人將尋求在第一季恢復額外的關閉。

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

所以在這個階段，確實沒有比這更多的可見度了。

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，抱歉，您是否提到比利時工廠將削減多少百分比的產能？

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的加里·莫布里。

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

我想回到汽車產業。

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，您曾談到在 SAAR 持平的環境下汽車銷量將增長約 7%，這似乎是與 2020 年汽車銷量相關的共識觀點。

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量實現中高個位數百分比成長？

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，如果我們看看 2019 年的數字，我們會發現它支持了這種類型的利率。

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，混合動力和電動車的發展速度會加快，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，我們預計今年將達到高個位數或更好。

Okay.

好的。

Bernard, I just had a follow-up question.

伯納德，我有一個後續問題。

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

我只是想驗證一下，對於分銷而言，該季度的賣入量是否大於售出量？

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?

夥計們，你們聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

Yes.

是的。

Sorry about that.

對此感到抱歉。

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，我不確定我是否理解了之前關於 3 個不同因素的量化問題的答案。

How much of underutilization also contributed?

未充分利用也造成了多少影響？

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，當我們進入第三季時，欠費費用會消失嗎？

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

或者第三季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.

因此，我們的特徵是，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.

本季利用率不足的影響有小幅滯後。

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.

但顯然，這將取決於第二季收入反彈的季節性有多強，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銀行的約翰‧皮策 (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?

如果您最終在進入第二季時退出消費產業的某些業務，出於建模目的，是否有任何方法可以嘗試量化對進入 6 月季度的收入可能相對於季節性的影響？

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

我們仍然預計今年會出現季節性或更好的表現。

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調整階段。

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

因此，您應該看到，在相對穩定的經濟環境中，您今年應該會看到更好的表現，而沒有這些不利因素。

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這種情況的顯著減少歸因於消費者業務。

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?

我認為這可能不應該那麼重要，因為它不會影響自由現金流，但伯納德，我只是有點好奇，當你朝著 40% 以上的毛利率目標邁進時，我們如何看待關於12 月季度水平的貶值？

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立東菲什基爾時？

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.

因此，基本上，從資本支出的角度來看，我們在第一季的短期內指導了 1.25 億至 1.45 億美元，並表示其中很大一部分資本支出專門用於 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，我預期資本支出和折舊會趨同且基本一致。

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

因此，隨著我們資本支出的正常化，我預計我們的損益表折舊不會大幅增加。

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

我們的下一個問題來自長弓研究中心的肖恩·哈里森。

Keith, the commentary on a return to normal seasonality.

基思，關於恢復正常季節性的評論。

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.

所以我再次認為，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預計將在第一季落後於我們。

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

所以我預計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，從長遠來看，它會增長，所以當你度過今年時，你應該會看到基本上不會遇到這種增長的阻力——度過今年。

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，以美元計算，現金稅與第四季相比沒有太大變化，但以百分比計算。

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——也許三月季度有任何與此相關的動態，或者三月季度後它如何以百分比或美元為基礎進行追蹤？

Yes.

是的。

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

因此，資本支出－現金資本支出本質上是不穩定的。

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

所以我想說，第一季有點——或者說稅收——抱歉，稅收是不穩定的。

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

第一季的價格在 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.

我們預計今年占利潤的百分比為 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銀行的克里斯丹利 (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，無論是來自安世半導體還是其他公司的競爭？

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.

這只是我們認為會衰退的業務，然後出現了令人驚訝的上升趨勢。

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.

Keith，只談談 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成長可能會領先，工業近期有點落後。

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

但您如何看待這一年中終端市場的看跌期權和看跌期權呢？

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.

因此，在工業方面，是的，我們認為現在仍然落後，主要是新廠房和新住宅大樓的部分。

That has been kind of a drag piece.

這有點拖沓。

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

其中的醫療部分一直很強大並且發展得很好。

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持續下去，並且我們的軍用/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.

因此，我們在工業方面尋求的變化是雙重的。

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

第一，我們認為能源基礎設施將帶來長期正面影響。

We're seeing more solar installations, wind installations.

我們看到越來越多的太陽能裝置、風能裝置。

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

今年我們看到了這方面的成長。

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，希望我們能夠在第一季清除所有庫存，之後從季節性角度來看，您將看到恢復正常。

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

目前我不會提出任何進一步的問題。

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

我現在將把電話轉回帕拉格·阿加瓦爾，徵求進一步意見。

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.

您現在可以斷開連線。