意法半導體 (STM) 2017 Q2 法說會逐字稿

Ladies and gentlemen, good morning or good afternoon.

女士們先生們，早上好或下午好。

Welcome to the STMicroelectronics Q2 2017 Earnings Results Conference Call and live webcast.

歡迎參加意法半導體 2017 年第二季度盈利結果電話會議和網絡直播。

I am Moira, the Chorus Call operator.

我是莫伊拉，合唱呼叫操作員。

(Operator Instructions) And the conference is being recorded.

（操作員指示）會議正在錄製中。

(Operator Instructions) The conference must not be recorded for publication or broadcast.

（操作員說明）不得對會議進行錄音以供出版或廣播。

At this time, it's my pleasure to hand over to Mr. Tait Sorensen, Group Vice President, Investor Relations.

此時此刻，我很高興將工作交給負責投資者關係的集團副總裁 Tait Sorensen 先生。

Please go ahead, sir.

請繼續，先生。

Thank you and good morning.

謝謝你，早上好。

Thank you for all for joining our second quarter and first half 2017 financial results conference call.

感謝大家參加我們的 2017 年第二季度和上半年財務業績電話會議。

Hosting the call today is Carlo Bozotti, ST's President and Chief Executive Officer.

今天主持電話會議的是 ST 總裁兼首席執行官 Carlo Bozotti。

Joining Carlo on the call today are Jean-Marc Chery, Deputy CEO; Carlo Ferro, Chief Financial Officer; and Georges Penalver, Chief Strategy Officer.

今天與 Carlo 一起參加電話會議的還有副首席執行官 Jean-Marc Chery；卡洛·費羅，首席財務官；喬治·佩納爾弗 (Georges Penalver)，首席戰略官。

This live webcast can be accessed through ST's website.

該網絡直播可通過 ST 網站觀看。

A replay will be available shortly after the conclusion of this call.

本次電話會議結束後不久將進行重播。

This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectation and plan.

此次電話會議將包括前瞻性陳述，這些陳述涉及可能導致 ST 的業績與管理層的預期和計劃存在重大差異的風險因素。

We encourage you to review the safe-harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings for a full description of these risk factors.

我們鼓勵您查看今天上午發布的結果新聞稿中包含的安全港聲明以及 ST 最新的監管文件中包含的安全港聲明，以獲取對這些風險因素的完整描述。

Also to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow up.

另外，為了確保所有參與者都有機會在問答環節提問，請限制自己提出一個問題並進行簡短的跟進。

And now I'd like to turn the call over to Carlo Bozotti, ST's President and CEO.

現在我想將電話轉給 ST 總裁兼首席執行官 Carlo Bozotti。

Carlo?

卡洛？

Thank you Tait and thank you all for joining us on our second quarter and first half earnings conference call.

謝謝泰特，感謝大家參加我們的第二季度和上半年收益電話會議。

Our agenda today includes an overview, followed by a detailed discussion of our results for the group, our outlook for the third quarter and our ambitions for the second half overall.

我們今天的議程包括概述，然後詳細討論我們的集團業績、第三季度的前景以及下半年的總體目標。

Before beginning, I want to welcome our deputy CEO Jean-Marc Chery to his new role, which officially started on July 2nd.

在開始之前，我要歡迎我們的副首席執行官 Jean-Marc Chery 就任新職務，該職務於 7 月 2 日正式上任。

I look forward to working even more closely with Jean-Marc and with our strong executive team to continue to deliver sustainable and profitable growth.

我期待著與 Jean-Marc 以及我們強大的執行團隊更加密切地合作，繼續實現可持續和盈利的增長。

Let's start now with our financial review.

現在讓我們開始我們的財務審查。

As you have seen, we are putting together quarters of successive improvement in our financial results.

正如您所看到的，我們正在匯總財務業績連續幾個季度的改善。

The second quarter delivered further improvement with strong sequential and year-over-year revenue growth and with operating income and net income following the same trajectory.

第二季度業績進一步改善，收入環比和同比強勁增長，營業收入和淨利潤遵循相同的軌跡。

Revenues, revenues increased 5.6%, sequentially, a better than seasonal performance and 60 basis points above the midpoint of our guidance.

營收環比增長 5.6%，好於季節性表現，比我們指引的中點高出 60 個基點。

On a year-over-year basis, revenues increased 12.9% with growth coming from all product groups and sales channels.

收入同比增長 12.9%，增長來自所有產品組和銷售渠道。

In the Internet of Things and smartphones, we continue to win business with our complete portfolio of microcontrollers, sensors, analog and power management, connectivity and secure solutions.

在物聯網和智能手機領域，我們憑藉微控制器、傳感器、模擬和電源管理、連接和安全解決方案的完整產品組合繼續贏得業務。

In IoT, our distribution channel plays a key role with point of sales in the second quarter growing 13% year-over-year.

在物聯網領域，我們的分銷渠道發揮著關鍵作用，第二季度的銷售點同比增長 13%。

Distribution represented 34% of our revenues in Q2.

分銷占我們第二季度收入的 34%。

In smart driving, we continued to capture opportunities bought with products developed in our automotive and discrete group, as well as with products such as sensors and general purpose analog, which are developed by other groups and fit the needs of automotive customers.

在智能駕駛方面，我們繼續抓住汽車和離散部門開發的產品以及其他部門開發的適合汽車客戶需求的傳感器和通用模擬等產品的機會。

With our present visibility, we expect our overall automotive business to grow by about 10% in 2017.

以我們目前的知名度，我們預計 2017 年我們的整體汽車業務將增長 10% 左右。

For the first half of 2017, ST's total revenues were $3.74 billion, up 12.9%.

2017年上半年，ST總營收為37.4億美元，增長12.9%。

Gross margin was 38.3% in the second quarter, 20 basis points above the midpoint of our range.

第二季度毛利率為 38.3%，比我們區間中點高 20 個基點。

On a sequential basis, gross margin increased by 70 basis points, positively impacted favorable product mix and manufacturing efficiencies, partially offset by price erosion.

毛利率環比增長 70 個基點，對有利的產品組合和製造效率產生了積極影響，但部分被價格侵蝕所抵消。

On a year-over-year basis, gross margin increased by 440 basis points reflecting manufacturing efficiencies, improved fab loading and favorable product mix, partially offset by normal price pressure.

毛利率同比增長 440 個基點，反映出製造效率、晶圓廠負荷改善和有利的產品組合，但部分被正常價格壓力所抵消。

Operating income before impairment or restructuring charges increased to $184 million representing an operating margin of 9.6%, thanks to our product and profit initiatives driving operating leverage, better product mix and manufacturing efficiencies.

由於我們的產品和利潤計劃推動了運營槓桿、更好的產品組合和製造效率，減值或重組費用前的運營收入增至 1.84 億美元，運營利潤率為 9.6%。

On a sequential and year-over-year basis, operating income before impairment and restructuring charges increased by $50 million and $144 million, respectively.

與去年同期相比，減值和重組費用前的營業收入分別增加了 5000 萬美元和 1.44 億美元。

Net income in the second quarter was up sharply to $151 million, representing a sequential improvement of $43 million and on a year-over-year basis a swing of $128 million.

第二季度淨利潤大幅增長至 1.51 億美元，環比增加 4300 萬美元，同比增加 1.28 億美元。

First half 2017 net income totaled $258 million.

2017年上半年淨利潤總計2.58億美元。

Free cash flow was $52 million in the second quarter and $113 million for the first half.

第二季度自由現金流為 5200 萬美元，上半年自由現金流為 1.13 億美元。

This means that we can support our higher level of capital investment in 2017 from our improved cash flow from operations.

這意味著我們可以通過運營現金流的改善來支持 2017 年更高水平的資本投資。

Exiting the second quarter, our net financial position was $524 million, slightly up from the first quarter and higher by $98 million compared to 1 year ago after having distributed $207 million in dividends.

第二季度結束時，我們的淨財務狀況為 5.24 億美元，比第一季度略有增加，在分配了 2.07 億美元的股息後，比一年前增加了 9800 萬美元。

To strengthen our capital structure and further enhance our financial flexibility, in July we raised $1.5 billion at an overall 0 cost through a convertible bond offering.

為了加強我們的資本結構並進一步提高我們的財務靈活性，我們於 7 月份通過可轉換債券發行以總體零成本籌集了 15 億美元。

Additionally, the combination of the net share settlement option and the ongoing repurchase of the underlying shares implies substantially no dilution at conversion to shareholders.

此外，淨股份結算選擇權和持續回購相關股份的結合意味著股東轉換時基本上不會被稀釋。

Proceeds from the issuance of the bonds will be used for general corporate purposes including support for growth and the redemption of our 2019 and 2021 convertible bond.

發行債券的收益將用於一般企業用途，包括支持增長以及贖回我們的 2019 年和 2021 年可轉換債券。

Now, let's move to a detailed review of our product groups beginning with automotives and discrete, our ADG.

現在，讓我們從汽車和離散產品（ADG）開始詳細回顧我們的產品組。

ADG revenues grew 6.6%, sequentially performing better than the company average and grew 4.7% in comparison to the year-ago quarter.

ADG 收入增長 6.6%，連續表現優於公司平均水平，與去年同期相比增長 4.7%。

ADG's operating income and operating margin improved sequentially driving ADG's second quarter operating margin to 8.6%.

ADG 的營業收入和營業利潤率連續改善，推動 ADG 第二季度營業利潤率達到 8.6%。

For the first half, ADG revenues increased 5.1% with its operating income up slightly and the operating margin substantially stable at 7.1%.Looking at our product portfolio for automotive, we see the increasing silicon content of the latest generation of cars, reflected in the number of ST components present in new models.

上半年，ADG收入增長5.1%，營業收入小幅增長，​​營業利潤率基本穩定在7.1%。從我們的汽車產品組合來看，我們看到最新一代汽車的矽含量不斷增加，反映在新型號中使用的ST 元件數量。

For example, in the new Audi A8 we estimate that we will contribute up to 1,000 components coming from all areas of our broad portfolio in the automotive.

例如，在新款奧迪 A8 中，我們估計將貢獻多達 1,000 個來自我們廣泛的汽車產品組合所有領域的組件。

With our focus on technologies and solutions enabling greener driving, we won important design wins related to car electrification.

通過專注於實現綠色駕駛的技術和解決方案，我們贏得了與汽車電氣化相關的重要設計勝利。

These included wins for silicon carbide MOSFET, high temperature silicon control rectifiers, and ultra-fast diodes from OEMs as well as from key automotive suppliers.

其中包括來自 OEM 以及主要汽車供應商的碳化矽 MOSFET、高溫矽控制整流器和超快二極管。

Semiconductors content for hybrid and electric vehicles is growing fast and we see the potential for over 50 silicon carbide diodes in today's typical electric car.

混合動力和電動汽車的半導體內容正在快速增長，我們看到了當今典型電動汽車中超過 50 個碳化矽二極管的潛力。

We also had a number of design wins related to a more connected and safer driving experience, such as an important win for a new generation of air bag platform from a major car safety technology leader.

我們還獲得了許多與更互聯、更安全的駕駛體驗相關的設計勝利，例如來自主要汽車安全技術領導者的新一代安全氣囊平台的重要勝利。

We also won audio amplifier socket with tier 1 and we were selected as a partner by a German company for the development of a next generation rear LED driver targeting major global car makers.

我們還贏得了一級音頻放大器插座，並被一家德國公司選為合作夥伴，為全球主要汽車製造商開發下一代後部 LED 驅動器。

Moving to our power discrete business outside automotive, here we had designs wins for high voltage super junction devices for battery chargers with leading smartphone makers, wins with high voltage IGBTs from many global leaders in home appliances, and wins with the ultra-fast series diodes at top air conditioning makers.

轉向汽車以外的功率分立業務，在這裡，我們贏得了領先智能手機製造商的電池充電器高壓超級結器件設計，贏得了許多全球家用電器領導者的高壓 IGBT，並贏得了超快速串聯二極管頂級空調製造商。

In our Analog & MEMs groups, AMG, we saw strong revenue growth both sequentially and year-over-year.

在我們的模擬和 MEM 部門 AMG，我們看到了收入的連續和同比強勁增長。

On a sequential basis, revenues increased 8.9% driven by both analog and MEMS products.

在模擬和 MEMS 產品的推動下，收入環比增長了 8.9%。

Year-over-year, AMG revenues were up 28.3% on sharply higher MEMS growth and also strong growth in analog.

由於 MEMS 的大幅增長以及模擬業務的強勁增長，AMG 收入同比增長 28.3%。

Similarly, AMG's second quarter operating margin saw stronger sequential and year-over-year improvement increasing to 14.5% from 10.1% and 0.2% in the prior and the year-ago quarters respectively.

同樣，AMG 第二季度營業利潤率環比和同比都有更強勁的改善，分別從上一季度的 10.1% 和去年同期的 0.2% 增至 14.5%。

For the first half 2017, AMG revenues increased 24.1%.

2017年上半年，AMG收入增長24.1%。

Its operating margin saw a significant turnaround reaching 12.4%, up from breakeven in the year-ago period.

其營業利潤率顯著好轉，達到 12.4%，高於去年同期的盈虧平衡。

Moving to the AMG products, our MEMS sensors achieved a number of important design wins across a diverse range of application.

轉向 AMG 產品，我們的 MEMS 傳感器在各種應用中取得了許多重要的設計成果。

These included motion sensors and magnetometers in the seasoned tablet, motion sensors for bike application in Asia and a 6-axis motion sensor for a top Chinese smartphone manufacturer.

其中包括經驗豐富的平板電腦中的運動傳感器和磁力計、亞洲自行車應用的運動傳感器以及中國頂級智能手機製造商的 6 軸運動傳感器。

We also received first orders for waterproof pressure sensors for a smartwatch from a leading global brand and one socket for pressure sensors in multiple applications including drones and appliances.

我們還收到了來自全球領先品牌的智能手錶防水壓力傳感器的第一筆訂單，以及用於無人機和電器等多種應用的壓力傳感器插座的訂單。

In addition, we enlarged our family of 10-year-longevity sensors with the introduction of a 6-axis module targeting the smart industry applications.

此外，我們還推出了針對智能工業應用的 6 軸模塊，擴大了 10 年壽命傳感器系列。

In sensors for automotive telematics applications, we grew more than 30% year-over-year with customers across the globe.

在汽車遠程信息處理應用傳感器方面，我們的全球客戶數量同比增長超過 30%。

In wireless connectivity, we launched a new system on super Bluetooth low energy 5.0 certified and also won a multiple designs for a sub-giga and Bluetooth low energy in a range of applications including wearables, smartphones and the smart building automation.

在無線連接方面，我們推出了經過超級藍牙低功耗5.0 認證的新系統，並贏得了多項亞千兆級和藍牙低功耗設計，適用於可穿戴設備、智能手機和智能樓宇自動化等一系列應用。

The performance of our analog business was strong during the second quarter.

第二季度我們的模擬業務表現強勁。

We achieved record quarterly sales in standard and high performance analog product families, and we introduced new advanced operational amplifiers to re-enforce our position both in industrial and in the automotive.

我們在標準和高性能模擬產品系列中實現了創紀錄的季度銷售額，並推出了新的先進運算放大器，以鞏固我們在工業和汽車領域的地位。

Our STSPIN motor control family won numerous sockets globally for a broad range of consumer and industrial motor control application including 3D printers, textile machines for smart factories but also vacuum cleaners and fan controls.

我們的 STSPIN 電機控制系列在全球範圍內贏得了眾多插座，適用於廣泛的消費和工業電機控制應用，包括 3D 打印機、智能工廠的紡織機以及真空吸塵器和風扇控制。

Wireless charging has been an area of recent investment and during the second quarter we landed a design win for fast wireless charging ICs in smartphone as well as introducing new multi-standard wireless charger IC.

無線充電一直是近期投資的一個領域，第二季度我們贏得了智能手機快速無線充電 IC 的設計，並推出了新的多標準無線充電器 IC。

Now let me share some highlights on our microcontrollers and digital ICs group MDG, which has seen a strong overall improvement in operating results since the start of the year.

現在讓我分享一下我們的微控制器和數字 IC 集團 MDG 的一些亮點，自今年年初以來，該集團的運營業績整體有了強勁的改善。

On a sequential basis, MDG's revenues increased 3.3% and year-over-year were up 10% on double digit growth of our general purpose microcontrollers, offset in part by lower digital IC sales including products undergoing a phase out.

環比增長 3.3%，由於通用微控制器的兩位數增長，MDG 的收入同比增長 10%，但數字 IC 銷售額（包括正在逐步淘汰的產品）的下降部分抵消了這一影響。

MDG's operating margin was 11.6% in the second quarter, showing sequential improvement and was up sharply compared to the year-ago quarter.

MDG第二季度的營業利潤率為11.6%，環比改善，與去年同期相比大幅上升。

On a year-over-year basis, this improvement reflects on the one hand our strong performance in microcontrollers and on the other our restructuring initiatives that have resulted in a substantial reduction of losses from digital ICs.

與去年同期相比，這種改善一方面反映了我們在微控制器方面的強勁表現，另一方面反映了我們的重組舉措導致數字 IC 的損失大幅減少。

First half MDG results further demonstrate the significant progress we have made with revenues increasing 10.7%, operating income up $126 million and its operating margin reaching 10.9% from 0.5% in the first half of 2016.

上半年 MDG 業績進一步證明了我們取得的重大進展，收入增長 10.7%，營業收入增長 1.26 億美元，營業利潤率從 2016 年上半年的 0.5% 升至 10.9%。

On general purpose microcontrollers, we have seen another record quarter in Q2.

在通用微控制器方面，我們在第二季度看到了另一個創紀錄的季度。

To further strengthen the STM32 family product offer and ecosystem, we introduced new parts for the STM32L4 and this family features advanced capabilities in terms of audio performance and also with this family we can provide a new IoT Discovery Kit indeed to accelerate development of applications with direct connection to the Cloud services.

為了進一步加強STM32 系列產品和生態系統，我們推出了STM32L4 的新部件，該系列在音頻性能方面具有先進的功能，並且通過該系列，我們確實可以提供新的物聯網發現套件，以直接加速應用程序的開發連接到雲服務。

We also increased our support for Smart Industry applications with a scalable industrial Ethernet platform through a cooperative effort with a German automotive solution provider.

我們還通過與德國汽車解決方案提供商的合作，利用可擴展的工業以太網平台增加了對智能工業應用的支持。

Moving to security, we started production of our latest high-performance Near Field Communication controller targeting consumer and mobile security applications.

轉向安全領域，我們開始生產針對消費者和移動安全應用的最新高性能近場通信控制器。

We launched a new STPay dual-interface banking solution and announced a solution for IoT security based on STSAFE Trusted Platform Module, in cooperation with Security Platform Inc.

我們推出了新的 STPay 雙界面銀行解決方案，並與 Security Platform Inc. 合作推出了基於 STSAFE 可信平台模塊的物聯網安全解決方案。

corporation.

公司。

We gained wins for ST25D dynamic RFID tags in washing machines and for ST25R near-field communication reader ICs for point-of-sales terminals from major OEMs, while beginning production ramp of a 256 kilobit EEPROM at a top sportswear brand.

我們在洗衣機中的 ST25D 動態 RFID 標籤和用於銷售點終端的 ST25R 近場通信讀取器 IC 方面贏得了主要 OEM 廠商的青睞，同時開始為一家頂級運動服裝品牌生產 256 kb EEPROM。

We also launched the ST25DV Dynamic Near Field Communication RFID Tag expansion board for the STM32 Nucleo ecosystem.

我們還推出了適用於 STM32 Nucleo 生態系統的 ST25DV 動態近場通信 RFID 標籤擴展板。

In our custom silicon business, we introduced the first European independent designed platform dedicated to ASICS for space applications in low power CMOS technology in cooperation with the European Space Agency and the French Space Agency, CNES.

在我們的定制芯片業務中，我們與歐洲航天局和法國航天局 CNES 合作，推出了第一個歐洲獨立設計的平台，專用於低功耗 CMOS 技術的航天應用 ASICS。

We also qualified a new FD-SOI digital ASIC for a key networking OEM and captured several design wins for optical ICs at a key subsystem manufacturer for application in datacenters.

我們還為一家關鍵網絡 OEM 驗證了新型 FD-SOI 數字 ASIC，並為一家關鍵子系統製造商贏得了數項用於數據中心應用的光學 IC 設計。

To complete the review of our products, let's now discuss our Imaging Product Division, which we report in Others.

為了完成對我們產品的審查，現在讓我們討論一下我們在“其他”中報告的成像產品部門。

As anticipated, Imaging revenues in the second quarter decreased slightly on a sequential basis to $68 million, while we prepare for the ramp of new products.

正如預期的那樣，在我們為新產品的推出做好準備的同時，第二季度的成像收入環比略有下降，至 6800 萬美元。

On a year-over-year basis, Imaging revenues increased 60% in the second quarter and for the first half 2017 rose 83% to $140 million driven by STs innovative Time-of-Flight technology.

在意法半導體創新的飛行時間技術的推動下，2017 年第二季度成像收入同比增長 60%，2017 年上半年增長 83%，達到 1.4 億美元。

In the second quarter, we continued to gain design wins, while delivering high volumes of our FlightSense, Time-of-Flight proximity and ranging sensors to multiple smartphone OEMs.

第二季度，我們繼續贏得設計勝利，同時向多家智能手機原始設備製造商提供大量 FlightSense、飛行時間接近和測距傳感器。

We now have reached commodity of the shipments of over 300 million Time-of-Flight sensors and are in more than 80 smartphone models from 15 different OEMs.

目前，我們的飛行時間傳感器出貨量已超過 3 億個，並應用於來自 15 個不同 OEM 的 80 多種智能手機型號中。

Moving now to our third quarter guidance, we anticipate continued progress in revenue growth, improvement in our operating performance and higher net income.

現在轉向我們的第三季度指導，我們預計收入增長將繼續取得進展，經營業績將得到改善，淨利潤將更高。

Bookings are strong across all product groups and regions, and we continue to see healthy inventory levels and demand from our point-of-sales data.

所有產品組和地區的預訂量都很強勁，從銷售點數據來看，我們繼續看到健康的庫存水平和需求。

Days on our current bookings activity and visibility; we expect [tempore] third quarter revenues to increase about 9% on a sequential basis.

我們當前的預訂活動和可見度的天數；我們預計第三季度收入將環比增長約 9%。

This represents a year-over-year growth of about 16.6% at the midpoint of our guidance.

這相當於我們指導中值的同比增長約 16.6%。

We expect this growth to come from all our businesses, regions and sales channels.

我們預計這種增長將來自我們所有的業務、地區和銷售渠道。

For our 3 product groups, we anticipate revenue growth in the third quarter to reflect higher than normal seasonality.

對於我們的 3 個產品組，我們預計第三季度的收入增長將反映高於正常的季節性。

In our Imaging business, we anticipate strong sequential growth as the key new program ramps in Q3, followed by further revenue acceleration in the fourth quarter of this year.

在我們的成像業務中，隨著關鍵新項目在第三季度的推出，我們預計將出現強勁的環比增長，隨後今年第四季度的收入將進一步加速。

Looking at 2017 overall and based on current visibility, we expect our revenues to be at the high end of the range that we gave at the Capital Market Day, which was 14% year-over-year revenue growth plus or minus 1.5 percentage point.

縱觀 2017 年整體情況，根據目前的情況，我們預計我們的收入將處於我們在資本市場日給出的區間的高端，即收入同比增長 14%，上下浮動 1.5 個百分點。

Turning to gross margin, we anticipate further expansion in the third quarter to about 39% at the midpoint leading to strong year-over-year improvement in operating and net income.

談到毛利率，我們預計第三季度中點將進一步擴張至 39% 左右，從而導致營業收入和淨利潤同比強勁改善。

With respect to our 2017 free cash flow, we continue to anticipate it well substantially -- that will substantially match the level of our dividend.

就 2017 年的自由現金流而言，我們仍然對其預期良好——這將與我們的股息水平基本匹配。

Additionally, let me share some more specifics on our capital investment plans for 2017.

此外，讓我分享一下我們 2017 年資本投資計劃的更多細節。

At our Capital Markets Day in May, we indicated we were reviewing our capital spending in 2017 above our initial plans of up to $1.1 billion.

在 5 月份的資本市場日上，我們表示正在審查 2017 年的資本支出，超出最初計劃的 11 億美元。

Based upon a combination of new products and the higher customer demand, we now anticipate capital investment in 2017 to be in the range of about $1.25 billion to $1.3 billion.

基於新產品和更高的客戶需求的結合，我們目前預計 2017 年的資本投資約為 12.5 億至 13 億美元。

This investment will support both 2017 revenues and our future growth programs.

這項投資將支持 2017 年的收入和我們未來的增長計劃。

To conclude, at our Capital Markets Day, we share with you our financial performance targets for the second half of 2017.

最後，在資本市場日，我們與您分享 2017 年下半年的財務業績目標。

Based upon our third quarter guidance and second half ambitions overall, we believe ST is very well positioned to reach these short-term financial targets.

根據我們第三季度的指導和下半年的總體目標，我們相信 ST 非常有能力實現這些短期財務目標。

My colleagues and I will now be happy to answer your questions.

我和我的同事現在很樂意回答您的問題。

Thank you.

謝謝。

(Operator Instructions) The first question is from Alex Duval from Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Alex Duval。

Alex Duval from Goldman Sachs.

來自高盛的亞歷克斯·杜瓦爾。

Just wanted to clarify exactly what automotive revenue you saw overall obviously that spread over several groups.

只是想準確地澄清您所看到的總體汽車收入顯然分佈在幾個組中。

That's the first point.

這是第一點。

And then the second one was just on some of the data points you've seen out at automotive semi's globally particularly in the U.S. We have seen some semi players and tier 1 suppliers have some weaker data points, but you seem to be pointing to double-digit growth in coming quarters.

第二個是您在全球汽車半成品（尤其是美國）看到的一些數據點。我們看到一些半成品製造商和一級供應商有一些較弱的數據點，但您似乎指出了雙倍未來幾個季度的數字增長。

So just wanted to understand your view on overall global auto end markets and any specifics ST metrics?

所以只是想了解您對全球汽車終端市場整體的看法以及任何具體的 ST 指標？

Yes, with the visibility that we have today, we will grow 10% in our automotive business.

是的，憑藉我們今天的知名度，我們的汽車業務將增長 10%。

And the backlog is very strong and is very strong across all technologies.

而且積壓的訂單量非常大，並且在所有技術方面都非常強大。

This is for power discrete, sensors, certainly for smart power products, microcontrollers and all the complex digital ASICs for current (inaudible) of advanced safety and connectivity.

這適用於功率分立器件、傳感器，當然也適用於智能功率產品、微控制器和所有復雜的數字 ASIC，以實現當前（聽不清）的高級安全性和連接性。

So it's a broad range and it is strong and of course we understand that there are some fluctuations in the overall volumes, but content is increasing.

所以它的範圍很廣而且很強大，當然我們知道總體數量有一些波動，但內容正在增加。

And with a visibility that we have today and support really unprecedentaly strong backlog in the auto market, we plan to grow 10% year-over-year.

憑藉我們今天的知名度以及汽車市場空前強勁的積壓訂單，我們計劃同比增長 10%。

That's very clear.

這非常清楚。

And just to have one quick follow up.

只是為了快速跟進。

We've seen some data points around wafer pricing increasing year-to-date.

我們已經看到一些有關晶圓定價的數據點今年以來一直在上漲。

I wondered if you could give a perspective on what that can mean for ST to what extent we could see any impact and how you'd quantify that.

我想知道您是否可以就這對 ST 意味著什麼給出一個觀點，我們可以在多大程度上看到影響以及您如何量化它。

Wafer pricing…

晶圓定價...

Carlo, you manage our procurement.

卡洛，你負責管理我們的採購。

Yes.

是的。

Indeed at the end of second half of 2017, it will be a period with some upside on the overall price for silicon substrates.

事實上，到2017年下半年末，矽基板的整體價格將出現一定的上漲。

This will affect us, is well incorporated in our gross margin roadmap, in the visibility that we are sharing with you.

這將影響我們，並已很好地納入我們的毛利率路線圖和我們與您分享的可見度中。

With some of this supplier, we have early contract.

我們與其中一些供應商簽訂了早期合同。

So I believe that perhaps this a little bit less affected than other semiconductor companies because of this reason.

所以我相信，也許這比其他半導體公司受到的影響要小一些。

And overall at the end, there are ingredients in our technology manufacturing roadmap that are exposed, clearly the 200 millimeter, the 300 millimeter bulk wafers while there are other ingredients like, for instance, the SOI substrate that became important in our volume, as you may expect, in the second half of this year that are less exposed to this price evolution.

總的來說，最後，我們的技術製造路線圖中有一些成分被公開，顯然是200 毫米、300 毫米體晶圓，而還有其他成分，例如在我們的捲中變得很重要的SOI 襯底，因為您預計，今年下半年受到這種價格變化影響的人會較少。

The next question is from Sandeep Deshpande from JP Morgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

I have 2 questions if I may.

如果可以的話，我有兩個問題。

Thanks for letting me on.

謝謝你讓我上來。

My first question is regarding your ASCI business.

我的第一個問題是關於你們的 ASCI 業務。

Carlo Bozotti, I mean, do you have –- are you working with any major smartphone vendors at this point on major ASICs on any -- in any major ASIC?

Carlo Bozotti，我的意思是，您目前是否在任何主要 ASIC 上與任何主要智能手機供應商合作開發主要 ASIC？

I mean, since last year when you did the restructuring in the set-top box business, you did move some employees into a power management business, and whether you are going to work in power management ASIC for instance in the smartphone market?

我的意思是，從去年你們對機頂盒業務進行重組以來，你們確實把一些員工調到了電源管理業務中，請問你們是否會去從事電源管理ASIC比如智能手機市場的工作？

And my second question, Carlo Ferro, is on the other revenues that you have -– that you report.

卡洛·費羅，我的第二個問題是關於您報告的其他收入。

Your other operating income losses increased in the second quarter.

您的其他營業收入損失在第二季度有所增加。

I am not entirely sure why that happened, given that your gross margin improved and your revenue improved.

鑑於你們的毛利率提高了，收入也提高了，我不完全確定為什麼會發生這種情況。

So how do we model that going forward into the latter half of the year?

那麼，我們如何在下半年建立模型呢？

Sandeep, I mean, yes, we have ASIC development of course.

Sandeep，我的意思是，是的，我們當然有 ASIC 開發。

We have a broad range of technologies and we can cover both smart power ASICs but also digital ASICs.

我們擁有廣泛的技術，既可以涵蓋智能功率 ASIC，也可以涵蓋數字 ASIC。

And indeed, we have important developments in this area.

事實上，我們在這一領域取得了重要進展。

Are you talking about the smartphone market?

您在談論智能手機市場嗎？

No, no, no, yes, I am talking about the smartphone, yes absolutely, yes.

不，不，不，是的，我說的是智能手機，是的，絕對是的。

Sandeep, to take your second question, help me please, is your question about the other revenues in the P&L or the revenues for the other group?

Sandeep，回答你的第二個問題，請幫幫我，你的問題是關於損益表中的其他收入還是其他組的收入？

No, other group, which is where you report Imaging and where you historically reported losses associated with underutilization et cetera, where it has increased from negative $14 million in Q1 to negative $28 million in Q2 as such really?

不，另一個組，這是您報告成像的地方，並且您歷史上報告了與利用不足等相關的損失，它從第一季度的負1400 萬美元增加到第二季度的負2800 萬美元，真的嗎？

Okay, I see the question.

好的，我看到這個問題了。

Of course, there are 2 important ingredients there, 1 is already very evident in our result is the substantial loading of the fab, so you make better that the second quarter results have really a very, very minor effect of unused capacity on this line.

當然，其中有2 個重要因素，1 在我們的結果中已經非常明顯，即晶圓廠的大量負載，因此您可以更好地了解第二季度的結果實際上對該生產線的未使用產能產生了非常非常小的影響。

Then the result of the Imaging division is very much associated with the evolution of the product programs and time to run the program.

那麼成像部門的結果與產品程序的演變和運行程序的時間有很大關係。

I believe it is not a surprise that no new program has ramped in the course of the second quarter, and this is the reason why revenues in Q2 were sequentially lower than prior quarter.

我認為第二季度沒有新項目增加並不奇怪，這就是第二季度收入連續低於上一季度的原因。

And overall, the combination of the top line and some effort to support a new program ready to start is the reason driving the operating income for the division in the second quarter.

總體而言，收入和支持即將啟動的新計劃的一些努力相結合是推動該部門第二季度營業收入的原因。

We are very confident for the second half of the year for this line.

我們對下半年這條線非常有信心。

Understood.

明白了。

So this was because of costs which are not covered on new projects, understood.

據了解，這是因為新項目未涵蓋成本。

Exactly, yes.

沒錯，是的。

The next question is from Achal Sultania from Credit Suisse.

下一個問題來自瑞士信貸銀行的 Achal Sultania。

Thanks for my question.

謝謝我的問題。

So if I look at your Q3 guidance, it implies that revenues are going to grow sequentially about $175 million.

因此，如果我看一下你們的第三季度指引，這意味著收入將連續增長約 1.75 億美元。

Can you help us understand like how much of that is going to come from the Others category, like, I know you can't give a precise number, but like just give some sense whether it is like 50% of that incremental growth is driven by Others or is it less than 50%, more than 50%, any color on that would be helpful.

您能否幫助我們了解其中有多少來自“其他”類別，例如，我知道您無法給出準確的數字，但請說明一下增量增長的 50% 是否是由驅動因素推動的由其他人繪製，或者小於50%，大於50%，任何顏色都會有幫助。

And then I have a follow-up.

然後我有一個後續行動。

Carlo?

卡洛？

Knowing where you want to go, I would be tempted to answer that from unused capacity fab loading, there are no revenues generation, but I am sure that your question is different and clearly we cannot be as you may understand very, very specific on individual line and individual program.

知道你想去哪裡，我很想回答說，從未使用的晶圓廠產能裝載來看，沒有收入產生，但我確信你的問題是不同的，而且顯然我們不能，因為你可能會非常非常具體地了解個人情況線路和個人程序。

Carlo, has already indicated the trend for both the Imaging division and the other overall 3 product groups.

Carlo 已經指出了成像部門和其他 3 個產品組的趨勢。

On the other overall 3 product groups, we see a sequential revenues increase higher than normal seasonality and the normal seasonality for us is between 3% and 3.5%, so higher means higher than that.

在其他 3 個產品組中，我們看到連續收入增幅高於正常季節性，而我們的正常季節性在 3% 至 3.5% 之間，因此較高意味著高於該水平。

And for the Imaging division, we see a strong increase in the quarter and furthermore increase in the acceleration in the fourth quarter upon the view of starting new program and acceleration of the program more loaded in the fourth quarter than in the third.

對於影像部門，我們看到該季度的強勁增長，並且由於啟動新計劃以及第四季度的計劃加速比第三季度負荷更大，第四季度的加速進一步增加。

And maybe a follow-up, on your sales guidance for the full year, obviously you have increased -- you are saying now you will probably reach the high end of the range.

也許後續，關於你全年的銷售指導，顯然你已經增加了——你說現在你可能會達到該範圍的高端。

Just trying to understand what are the key drivers that is making you actually more confident about that.

只是想了解讓您對此更有信心的關鍵驅動因素是什麼。

Is it mainly autos because I also see that you've raised autos guidance from 9% to 10%, and probably there is some FX tailwind on the top line as well because of weak dollar.

主要是汽車嗎，因為我還看到你們將汽車指導從 9% 提高到 10%，而且由於美元疲軟，營收可能也有一些外匯順風。

Are there any other puts and takes around that or…

還有其他的看跌期權和看跌期權嗎？

To be candid in the answer in respect to what we told you in May, I believe the only difference today is about timing and again visibility over timing.

坦率地回答我們五月份告訴您的內容，我認為今天唯一的區別在於時間安排以及時間安排上的可見性。

Again, we were very confident on the status of the business in May.

再次，我們對五月份的業務狀況非常有信心。

Given still 7 months to end the year, we tend to be a little bit more prudent.

距離年底還有 7 個月時間，我們傾向於更加謹慎一些。

Now we have a visibility with a very reasonable set of expectations give us comfort towards the high end of this range.

現在我們有了一個非常合理的期望的可見性，讓我們對這個範圍的高端感到放心。

Nothing in particular in respect to specific businesses or area of applications has changed as all remains quite strong.

特定業務或應用領域沒有任何特別變化，因為一切仍然相當強大。

Right.

正確的。

And inventory at our distributors really low, so it is across the board.

我們經銷商的庫存非常低，所以這是全面的。

So it is a good momentum in the 3 areas that we have, the IoT, the smartphone perhaps is one area automotive as we said at 10%.

因此，我們在物聯網、智能手機這三個領域的發展勢頭良好，正如我們所說，智能手機可能是汽車領域的一個，佔 10%。

And also, all of this new applications in the mass market, so we have a strong visibility pretty much across the board from a business point of view, but also from regional point of view.

而且，所有這些新應用程序都在大眾市場中，因此從業務角度以及區域角度來看，我們幾乎全面擁有強大的知名度。

The next question is from David Mulholland from UBS.

下一個問題來自瑞銀集團 (UBS) 的大衛·穆赫蘭 (David Mulholland)。

Thanks for taking the question.

感謝您提出問題。

Maybe similar to the -- to the vein of the last first question, but we had a fairly clear indication from another supplier into the product ramp in H2, the phasing would be a bit more Q4 weighted relative to Q3.

也許類似於最後一個第一個問題的脈絡，但我們從另一家供應商那裡得到了相當明確的指示，進入下半年的產品提升，相對於第三季度，第四季度的分階段權重會更大一些。

On when revenue benefit might be seen from the kind of 3D sensing in H2, I wonder if you could comment on whether you see similar trends kind of a bit more Q4 biased?

關於下半年何時可以從 3D 傳感中看到收入收益，我想知道您是否可以評論一下您是否認為類似的趨勢有點偏向第四季度？

And then secondly, on the Analog & MEMS growth that you have seen, I wonder if you'd just comment, you've made a few comments on what have been the drivers behind this, but could you help us understand distribution wise has this mostly been recovery in smartphones and again sort of major agents smartphone OEM or is it more diverse and broad based than that?

其次，關於您所看到的模擬和 MEMS 的增長，我想知道您是否願意發表評論，您已經就這背後的驅動因素發表了一些評論，但是您能否幫助我們了解分銷方面的情況？主要是智能手機的複蘇，以及主要代理商智能手機OEM 的複蘇，還是比這更多樣化、基礎更廣泛？

Again, I -- we already gave a visibility on what we expect in Q3 and our -- we see then Q3 moving into Q4, and how we said that in Q3, our 3 groups as far as Imaging, now they are growing more than seasonally and that as we said, our seasonality is 3% to 3.5%, so this will be higher than that.

再說一遍，我們已經清楚地了解了我們對第三季度的預期，我們看到第三季度進入第四季度，以及我們所說的在第三季度，就成像而言，我們的3 個小組現在的增長超過季節性，正如我們所說，我們的季節性是 3% 到 3.5%，所以這個會比那個更高。

So that will be step of course, important step, a strong step in Imaging.

所以這將是當然的一步，重要的一步，成像領域的強有力的一步。

And then we see for this line an acceleration of their revenues in Q4.

然後我們看到該系列產品第四季度的收入加速增長。

Now we cannot comment more than that.

現在我們無法評論更多。

If we go now to AMG, I think here we have important traction in analog.

如果我們現在轉向 AMG，我認為我們在模擬領域擁有重要的吸引力。

The traction is certainly important in distribution and I think it is either -- it is both, our general purpose analog on one side, but are also our more specific industrial and power conversion products including motion control products.

牽引力在分銷中當然很重要，我認為它是兩者之一——一方面是我們的通用模擬，但也是我們更具體的工業和電力轉換產品，包括運動控制產品。

So this is pretty strong and a demand through the mass market and the distribution.

因此，這是相當強勁的，並且是大眾市場和分銷的需求。

As far as MEMS is concerned, automotive is growing very rapidly as we said 30%, but we are not yet at the level that we would like to be in this domain of the MEMS business.

就 MEMS 而言，汽車行業的增長非常迅速，正如我們所說的 30%，但我們尚未達到我們希望在 MEMS 業務領域達到的水平。

I think it is important opportunity for us in the future to sell more of this product through automotive and industrial customers.

我認為，對於我們來說，未來通過汽車和工業客戶銷售更多該產品是一個重要的機會。

What we're doing on the other hand on consumer is of course try to justify our base clearly in terms of customers with more and more customers particularly in Asia, but also in terms of product and product categories.

另一方面，我們在消費者方面所做的當然是努力在擁有越來越多的客戶（特別是在亞洲）的客戶方面清楚地證明我們的基礎是合理的，而且在產品和產品類別方面也是如此。

So again it is pretty broad, I think for us in analog it is important to keep growing, because it is a great business both in general purpose high-end analog, the industrial and power conversion, certain products also for the computing for computer peripherals.

因此，它的範圍非常廣泛，我認為對於我們模擬領域來說，保持增長很重要，因為它在通用高端模擬、工業和電源轉換以及某些用於計算機外圍設備計算的產品方面都是一項偉大的業務。

So this for us is important and we have a pretty good visibility here.

所以這對我們來說很重要，我們在這裡有很好的能見度。

And MEMS, as I said we want to do more in areas where margins are higher, like industrial and automotive and remain well balanced in this platform in terms of customers and products.

至於MEMS，正如我所說，我們希望在工業和汽車等利潤率較高的領域做更多的事情，並在這個平台上的客戶和產品方面保持良好的平衡。

The next question is from Amit Harchandani from Citigroup.

下一個問題來自花旗集團的 Amit Harchandani。

Thanks for taking my questions.

感謝您回答我的問題。

Two, if I may.

如果可以的話，兩個。

My first question is with respect to the demand in the quarter, could you give us a sense for -- you've talked about inventories, but could you give us a sense for lead times and how they have shaped up, they are stable, getting stretched, whether you have seen any component shortages and also potentially comment on the linearity of bookings during the quarter?

我的第一個問題是關於本季度的需求，您能否讓我們了解一下——您談到了庫存，但是您能否讓我們了解交貨時間以及它們是如何形成的，它們是穩定的，是否感到捉襟見肘，您是否發現任何組件短缺，並可能對本季度預訂的線性發表評論？

And then I have a second follow up.

然後我進行第二次跟進。

But certainly time is stretching, I mean we have a strong demand, the book-to-bill is very positive and we have seen an acceleration of the bookings in the month of June, starting from a level that was already pretty high in April and in May.

但時間確實在延長，我的意思是我們有強勁的需求，訂單到賬單非常積極，我們看到 6 月份的預訂量從 4 月份已經相當高的水平開始加速，在五月。

And of course, we also have the first 3 weeks of July.

當然，我們還有七月的前三週。

I can say that the run rate is pretty good also in these first 3 weeks of July including last week.

我可以說，7 月的前 3 週（包括上週）的運行率也相當不錯。

So the book to bill is good, the time is stretching and the inventory order distribution are low and the trend of bookings has increased in the month of June and in the month of July compared to the month of April and May.

因此，6月份和7月份的訂單到帳情況良好，時間拉長，庫存訂單分佈較低，並且與4月份和5月份相比，6月份和7月份的預訂趨勢有所增加。

As an unrelated follow up, could I maybe get some more insight into the design wins you have talked about on the silicon carbide side, where you've talked about diode, you have talked about MOSFETs?

作為一個不相關的後續行動，我能否對您在碳化矽方面談到的設計勝利有更多的了解，您談到了二極管，您談到了 MOSFET？

We understand there is a strong win with an automotive customer.

我們知道汽車客戶取得了巨大的勝利。

Could you give us a sense for what's driving this?

您能否讓我們了解一下是什麼推動了這一趨勢？

Is it customers embracing it, is it competitive positioning, any sort of insights you could give with this which would help us better quantify the opportunity would be most welcome.

客戶是否接受它，是否具有競爭定位，您能提供的任何有助於我們更好地量化機會的見解都將受到歡迎。

Yes, no, I think frankly that we are in a good leadership position with our silicon carbide.

是的，不，我坦率地認為，我們的碳化矽處於良好的領導地位。

I think we want to make silicon carbide an important industrial product for this year.

我認為我們希望使碳化矽成為今年的重要工業產品。

And I think in this respect my opinion of course is that we are leading the market.

我認為在這方面我的觀點當然是我們正在引領市場。

And industrial is more spread and we certainly have opportunity in the industrial field, both with diode and with power MOS.

工業更加普及，我們在工業領域當然有機會，無論是二極管還是功率 MOS。

But the volumes and the volume potential in the automotive are significantly higher.

但汽車領域的銷量和銷量潛力要高得多。

So we have an aggressive plan to start I think in Q3.

因此，我認為我們有一個積極的計劃在第三季度開始。

Sales contribution is limited.

銷售貢獻有限。

However, we have an aggressive plan and it is very, very important program for the company to move on from what we have now with (inaudible) will succeed yields are improving, we are moving up and there is a strong determination to make this a successful program during the second half of this year.

然而，我們有一個積極的計劃，對於公司來說，這是非常非常重要的計劃，從我們現在所擁有的（聽不清）將取得成功，產量正在提高，我們正在前進，並且有堅定的決心使這成為一個今年下半年的計劃取得了成功。

The next question is from Janardan Menon from Liberum.

下一個問題來自 Liberum 的 Janardan Menon。

Thanks for taking the question.

感謝您提出問題。

I had a question on gross margin.

我有一個關於毛利率的問題。

For a very strong 9% quarter-on-quarter growth and Carlo Ferro, you had previously indicated that you will get a significant benefit from the second half from the increased capacity of the 300 millimeter fab where your cost of production goes down.

對於非常強勁的 9% 季度環比增長和 Carlo Ferro，您之前曾表示，您將從下半年 300 毫米晶圓廠產能的增加中獲得顯著收益，生產成本將下降。

I was just wondering that the 39% seems a little bit on the low side for when you put all that together.

我只是想知道，當你把所有這些放在一起時，39% 似乎有點偏低。

Are there any headwinds that you're facing right now on gross margin?

您目前的毛利率是否面臨任何阻力？

And how would you expect the gross margin progression to continue beyond Q3 based on what you know at this point in time?

根據您目前所了解的情況，您預計第三季度之後的毛利率將如何繼續？

And I have a follow up.

我有一個後續行動。

Okay.

好的。

Jan, thank you for the question since that help to highlight, also to point around our 39% guidance on gross margin midpoint.

Jan，謝謝你提出這個問題，因為這有助於強調，也指出了我們對毛利率中點 39% 的指導。

This point is again is -- if I do not mistake, this is a higher than consensus expectation for that (inaudible).

這一點再次是——如果我沒有弄錯的話，這比共識的預期要高（聽不清）。

And second is the opportunity of progression going forward at the end.

其次是最後的進步機會。

You have mentioned some of the driver we have discussed at Capital Market Day about our gross margin evolution through the year, the wafer cost particularly 300 millimeter is important.

您提到了我們在資本市場日討論的有關我們全年毛利率演變的一些驅動因素，其中晶圓成本尤其是 300 毫米很重要。

As the fab ramps, there is always a continued improvement on the learning curve and I believe the ability of taking full advantage of the scale of the fab at around 5,000 wafer per week will be more evident in the production, in the course of the third quarter.

As the fab ramps, there is always a continued improvement on the learning curve and I believe the ability of taking full advantage of the scale of the fab at around 5,000 wafer per week will be more evident in the production, in the course of the third四分之一.

And as you know, there is about 1 quarter lag as operating costs -- manufacturing costs translate into margin also the inventory cycle.

如您所知，運營成本（製造成本）轉化為利潤率以及庫存週期大約存在 1 個季度的滯後。

So at the end, it is early to anticipate a gross margin for the fourth quarter.

因此，最後預測第四季度的毛利率還為時過早。

There are a number of increases and variable, also depending clearly on product mix et cetera.

有許多增加和變化，也明顯取決於產品組合等。

Overall the visibility is that after the 39% in Q3, the progression towards Q4 will be on the positive direction.

總體來看，繼第三季度的 39% 之後，第四季度的進展將朝著積極的方向發展。

Understood.

明白了。

And just a brief follow up on the Time-of-Flight, which is in your other division.

只是對飛行時間的簡短跟進，它屬於您的另一個部門。

After a big jump in the second half of last year that revenue has sort of flattened out, but you are continuously reporting higher number of models and OEM on that particular product.

在去年下半年大幅增長之後，收入已經趨於平緩，但您不斷報告該特定產品的型號和 OEM 數量增加。

And now I understand that from the second half that revenue will increase sharply because of the treaty of the special program.

現在我了解到，由於特別計劃的條約，從下半年開始，收入將急劇增加。

But just on the Time-of-Flight itself, can you give some reason why that revenue is not really rising as the number of models, is there price pressure coming there or what are the dynamics which is happening there?

但僅就飛行時間本身而言，您能否給出一些原因，說明為什麼收入並未真正隨著模型數量的增加而增加，那裡是否存在價格壓力，或者那裡正在發生什麼動態？

This is Jean-Marc, speaking.

我是讓-馬克，正在發言。

Thank you for the question.

感謝你的提問。

We are simply executing timely and according to the plan of record of the program and our assessment is consistent with that.

我們只是根據該計劃的記錄計劃及時執行，我們的評估與之一致。

I think on the Time-of-Flight, we have an [almost] number of customers.

我認為在飛行時間上，我們有[幾乎]數量的客戶。

And of course, we are also working on new technologies for the Time-of-Flight, so there would be a new wave, but we are pretty happy that the growth is impressive in Imaging and we are investing a lot for the new initiative.

當然，我們也在研究飛行時間的新技術，因此將會出現新的浪潮，但我們很高興成像領域的增長令人印象深刻，並且我們為新計劃投入了大量資金。

This is visible, of course, in terms of expenses in the P&L, but we have now sold the 300 million pieces of Time-of-Flight.

當然，從損益表的支出來看，這是顯而易見的，但我們現在已經售出了 3 億張 Time-of-Flight。

We want to keep going and we have the opportunity.

我們想繼續前進，我們有機會。

I think it's pretty good and it's a pretty good business, I would say it's very good business.

我認為這非常好，這是一個非常好的生意，我會說這是一個非常好的生意。

But in parallel we are investing on new things and this will make -- will allow us to make another important step.

但與此同時，我們正在投資新事物，這將使我們能夠邁出又一個重要的一步。

The next question is from Adithya Metuku from Bank of America.

下一個問題來自美國銀行的 Adithya Metuku。

Thanks for taking my questions.

感謝您回答我的問題。

I have a couple of admin questions.

我有幾個管理問題。

Firstly, could you remind us of the proportion of costs in your business that have been hedged over the next 4 quarters especially given the recent moves in the euro dollar rate.

首先，您能否提醒我們，您的業務中在未來 4 個季度內對沖的成本比例，特別是考慮到歐元兌美元匯率最近的變動。

And also if you could remind us of the latest impact on your costs from the euro dollar move given all the restructuring and the changes in the business over the last 12 months or so.

另外，您能否提醒我們考慮到過去 12 個月左右的所有重組和業務變化，歐元兌美元走勢對您成本的最新影響。

And then secondly, just a quick follow-up on the recent convertible bond offering.

其次，對最近的可轉換債券發行進行快速跟進。

If you could give us some color on how we should think about the diluted share count and the impact from buybacks going forward, that would be really helpful.

如果您能為我們提供一些關於我們應該如何考慮稀釋後的股票數量以及未來回購的影響的信息，那將非常有幫助。

Okay, so I guess both questions are for me, Carlo.

好吧，我想這兩個問題都是問我的，卡洛。

The one on the hedging, overall COGS and operating expense is euro denominated at the current stage are hedged for the third quarter in the range of the 80%, so on the 1.12 effective rate underlying our guidance at the end the margin of volatility is quite limited.

在對沖方面，現階段以歐元計價的總體銷貨成本和營業費用在第三季度的80%範圍內進行對沖，因此，根據我們最終指導的1.12有效利率，波動幅度相當大有限的。

That could be about one figure assuming exchange rate stays at this level of [1.16.40].

假設匯率保持在[1.16.40]這一水平，這可能約為一個數字。

And for the fourth quarter, we have now hedged over 50% of the overall exposure and on this basis, based on current exchange rate at [1.16.4], you make that for the fourth quarter an effective exchange rate of about EUR 1.14 per dollar.

對於第四季度，我們現在已經對沖了總體風險的 50% 以上，在此基礎上，根據當前匯率 [1.16.4]，第四季度的有效匯率約為每歐元 1.14 歐元。美元。

The second part of the question is and I pursue the question as clearly our balance sheet at the end of the month of June still is subject to some evolution.

問題的第二部分是，我繼續追問這個問題，因為很明顯，我們在六月底的資產負債表仍然會發生一些變化。

On July 3, we have closed the issuance of the new convertible bond.

7月3日，我們已完成新可轉債的發行。

Then we are in the process of repurchasing 19 million shares and we are in the process of revealing the 2019 convertible bond.

然後我們正在回購1900萬股，我們正在披露2019年可轉換債券。

In respect to these initiatives, the current status is clearly the issuance of the convertible bond is complete and these also give us the opportunity for an additional 1.5 million of financing, if I take out the amount that we are using to repurchase the underlying shares to convert assuming net shares settlement at the end is 1.2 billion a net amount that came with zero cost and that with zero dilution is certainly strengthening the balance sheet of the company and the overall financial flexibility for the company.

就這些舉措而言，目前的情況顯然是可轉債的發行已經完成，這也給了我們額外150萬融資的機會，如果我把我們用來回購標的股票的金額拿出來假設最終淨股結算為12 億股，零成本和零稀釋的淨額肯定會加強公司的資產負債表和公司的整體財務靈活性。

Then we have the second ingredient which is the execution of the buyback.

然後我們有第二個要素，那就是回購的執行。

On the share buyback execution, we are at about 60% of completion.

在股票回購執行方面，我們已完成約 60%。

So I would expect that when we will talk at the end of Q3, but before in the next month, the program would have been totally completed.

因此，我預計當我們在第三季度末討論時，但在下個月之前，該計劃將完全完成。

And in respect to the redemption of the 2019 bond, the $600 million have been -- the full amount has been already noticed for conversion.

至於 2019 年債券的贖回，6 億美元已經全額轉換。

We are in the so-called observation period, which is a 20 days period.

我們正處於所謂的觀察期，也就是20天的時期。

So by the end of August the redemption of these $600 million of debt will be reflected.

因此，到8月底，這6億美元債務的贖回情況將得到體現。

To make shorter the story, you see $2 billion of available liquidity, $1.99 billion in the balance sheet at the end of June on a pro forma basis including the new convert, the repurchase of the shares and the redemption of the 2019 bond this level of liquidity would be about $2.6 billion.

簡而言之，您會看到 20 億美元的可用流動性，6 月底資產負債表中的備考基礎上有 19.9 億美元，包括新的轉換、股票回購和 2019 年債券的贖回。流動性約為26億美元。

And finally, I guess, on your question thereafter there is a question about the underlying shares for the shares count, and given the utilization of treasury shares to redeem the 2019 bond on one side and the buyback on the other side, what you may consider is that at the end of June 23.3 million shares were outstanding as the treasury shares at the end of September after all this process of refinancing being completed that we estimate about $28 million treasury shares or so.

最後，我想，關於您此後的問題，有一個關於股票計數的基礎股票的問題，考慮到一方面利用庫存股贖回2019年債券，另一方面回購，您可能會考慮什麼是在所有再融資過程完成後，截至6 月底，有2,330 萬股作為庫存股在流通，我們估計庫存股約為2,800 萬美元左右。

No big changes in the overall effect of treasury shares on the shares count.

庫存股對股數的整體影響沒有大的變化。

The next question is from Jerome Ramel from Exane BNP.

下一個問題來自 Exane BNP 的 Jerome Ramel。

A question on your manufacturing.

關於你們的製造的問題。

Could you give us what the capacity utilization rate was?

您能否告訴我們產能利用率是多少？

Also what is the current capacity in COGS 300 millimeter and have you already completed the program and the CapEx increase for this?

另外，目前 COGS 300 毫米的產能是多少？您是否已完成該計劃以及為此增加的資本支出？

Where is it going exactly?

它到底要去哪裡？

So to be specific about COGS 300, I have to say that all the equipment (inaudible) planned -- has been basically installed and qualifying now and the team is running full speed to reach a capacity about (inaudible) in the course of this second half of this year.

因此，具體來說COGS 300，我不得不說，計劃中的所有設備（聽不清）已經基本安裝完畢並取得資格，並且團隊正在全速運行，以在這一秒內達到大約（聽不清）的容量今年一半。

And overall, okay, the manufacturing machine (inaudible) is running full speed.

總的來說，好吧，製造機器（聽不清）正在全速運行。

And the CapEx, this phase is broad, the increase -- that the increase that we have given now it was pre-announced in fact in the month of May and today there is some form of quantification.

資本支出，這個階段是廣泛的，增加——我們現在給出的增加實際上是在五月份預先宣布的，今天有某種形式的量化。

It is also covering area like our (inaudible) for instance the smart power technologies, the silicon carbide typically proprietary technologies because we see important opportunities for the future, of course.

它還涵蓋了像我們（聽不清）的領域，例如智能電力技術、碳化矽通常是專有技術，因為我們當然看到了未來的重要機遇。

We also said, however, that this acts to the CapEx in terms of cash flow we would -- it will be fully compensated by increased EBITDA.

然而，我們也表示，這會影響資本支出，我們會通過增加 EBITDA 來充分補償我們的現金流。

So the cash flow anticipation that we had given would not change and we would certainly cover the distribution of dividend despite the increase in CapEx.

因此，我們給出的現金流預期不會改變，儘管資本支出增加，但我們肯定會進行股息分配。

And maybe I had a follow-up.

也許我有後續行動。

If you are fully loaded today and we should see real growth in Q4 and maybe let's say you have some costs next year, how are you going to deal with that?

如果您今天滿載，我們應該會在第四季度看到真正的增長，也許明年您有一些成本，您將如何處理？

Do you have extra capacity come in or are you stretched from a capacity standpoint?

您是否有額外的容量，或者從容量的角度來看您是否已經捉襟見肘？

Well, first of all, we have some ambition for Q4 and we are starting to describe the ambition, but certainly with what we have in our hands in terms of capacity and in terms of the backlog customer programs, we have moved quickly from a $7 billion company to a $9 billion company.

好吧，首先，我們對第四季度有一些雄心壯志，我​​們開始描述這個雄心壯志，但當然，憑藉我們在產能和積壓客戶計劃方面所擁有的資源，我們已經從 7 美元迅速轉變為10 億美元的公司到90 億美元的公司。

This is happening and this is happening for real.

這正在發生，而且這是真實發生的。

And of course we have opportunity inside ST overall, but we also have opportunity with our silicon primary partners.

當然，我們在意法半導體內部總體上有機會，但我們也有與我們的芯片主要合作夥伴合作的機會。

We are working internally, as we described today, but we are also working externally with a number of technologies.

正如我們今天所描述的，我們正在內部工作，但我們也在外部使用許多技術進行工作。

Traditionally this was on logic, the (inaudible) as you know.

傳統上，這是邏輯上的，正如你所知（聽不清）。

Embedded flash is also from our side and more recently the perimeter has become wider.

嵌入式閃存也來自我們這邊，最近範圍變得更廣。

We have the BCD also now.

我們現在也有 BCD。

So you see the contribution of important programs with our silicon primary partners and this increase of capacity internally and our really priorities to make sure that we can make another important step next year in terms of revenues.

因此，您可以看到我們的芯片主要合作夥伴的重要計劃的貢獻以及內部產能的增加以及我們真正的優先事項，以確保我們明年能夠在收入方面邁出又一個重要的一步。

Just to make clear, Carlo, with the current capacity you have and your partnership here with your foundry, you think you can deal with potentially a $9 billion revenue.

Carlo，需要澄清的是，以您當前的產能以及您與代工廠的合作關係，您認為您可以處理 90 億美元的潛在收入。

Is that what you said?

是你說的嗎？

No, I didn't say exactly that.

不，我沒有這麼說。

I said that with the silicon primary partners we can certainly exceed the $9 billion.

我說過，有了矽主要合作夥伴，我們肯定可以超過 90 億美元。

If I can, Jerome, on a more, I would say, technical standpoint help on the subject, I believe that we are not referring to any target of guidance for next year, which is clearly not too early.

杰羅姆，如果我能就這個問題提供更多的技術立場幫助，我相信我們並不是指明年的任何指導目標，這顯然還不算太早。

However, certainly the initial question about the limitation of our revenues growth and is better to current utilization of capacity, we tried to put in the right context because there are a number of ingredients that will support and could support together with demand expanding revenues as Carlo said, the sourcing of silicon from a foundry the fact that full use of capacity and full steams, it moved, then takes one quarter to translate into wafers out in our cycle.

然而，當然，關於我們收入增長的限制以及當前產能利用率的最初問題，我們試圖放在正確的背景下，因為有許多因素將支持並可能支持需求擴大收入，正如卡洛據說，從鑄造廠採購矽的事實是，充分利用產能和全速運轉，然後在我們的周期中需要四分之一的時間才能轉化為晶圓。

The fact that we are accelerating capital expenditure when you compare the $1.25 billion, $1.3 billion guidance for the year to the about $550 million spent in the first half, you see that there is a lot that we are receiving in these days, which clearly will increase capacity.

事實上，當你將今年 12.5 億美元、13 億美元的指導與上半年支出的約 5.5 億美元進行比較時，我們正在加速資本支出，你會發現我們這些天收到了很多資金，這顯然將增加容量。

And then obviously there is also on the inventory cycle.

顯然還有庫存週期。

So it's not so mathematical, it certainly is not correct.

所以它不是那麼數學化，它肯定是不正確的。

The next question is from Francois Meunier from Morgan Stanley.

下一個問題來自摩根士丹利的弗朗索瓦·莫尼耶。

Thanks for taking my question.

感謝您提出我的問題。

Just a bit more precisions around the silicon carbide MOSFET socket wins, in which region -- was that in Germany, and are you seeing the more traditional competitor there trying to come back on a silicon carbide.

碳化矽 MOSFET 插座的精度更高一點，在哪個地區 - 是德國，您是否看到那裡更傳統的競爭對手試圖回歸碳化矽。

That's the first question.

這是第一個問題。

Second question, on the gross margin, actually like back to the question you had earlier, I think the guidance for Q3 is pretty good.

第二個問題，關於毛利率，實際上就像回到您之前提出的問題一樣，我認為第三季度的指導非常好。

It feels like it's a 56% drop through on incremental revenues compared to 50% in Q2 so that's pretty good.

與第二季度的 50% 相比，增量收入下降了 56%，所以這相當不錯。

So, I think Carlo, you say that Q4 would potentially be even better.

所以，我認為卡洛，你說第四季度可能會更好。

So, is that basically because you expect the drop through to increase to 60% or both in Q4?

那麼，這主要是因為您預計第四季度的跌幅將增加至 60% 或兩者兼而有之？

And just to the question, if I may, any intent to use the 1.5 billion convert you rate at a very, very good price to increase your capabilities in XL?

就問題而言，如果可以的話，您是否打算以非常非常優惠的價格使用 15 億美元的轉換率來提高您在 XL 中的能力？

And also, and I'm sorry that's the first question, I'm really sorry.

而且，我很抱歉這是第一個問題，我真的很抱歉。

Have you heard of any double ordering taking place at the moment end of Q2, beginning of Q3 at any of your distributors or OEMs?

您是否聽說過您的任何分銷商或 OEM 在第二季度末、第三季度開始時發生重複訂購的情況？

Okay.

好的。

So, there are many questions.

所以，有很多問題。

Maybe Carlo you start on the gross margin.

也許卡洛你是從毛利率開始的。

Yes there -- so, I think the one on the gross margin unfortunately, Francois, with little ability of adding in respect to what we have already anticipated.

是的，所以，我認為不幸的是，弗朗索瓦，毛利率方面幾乎沒有能力增加我們已經預期的內容。

So, the opportunity of a further progression in the fourth quarter then to quantify at this stage is a bit premature as you could expect.

因此，正如您所預期的那樣，在第四季度取得進一步進展然後在現階段進行量化的機會還為時過早。

Then the other of your question was on utilization on the procedure from the convertible bond -- for what was the question?

那麼你的另一個問題是關於可轉債的使用程序——這個問題是什麼？

If you were willing to buy into XL capabilities for your 3G sensors.

如果您願意為您的 3G 傳感器購買 XL 功能。

No, no we have always positioned ourselves very clear about XL.

不，不，我們對XL的定位一直非常明確。

You have many, many XL type, okay, big one, big (inaudible).

你們有很多很多 XL 型，好吧，大的，大的（聽不清）。

So it's really strained and (inaudible) and I don't think a strategic agreement with supplier is basically what we are doing and we have done to support our Imaging growth.

因此，這確實很緊張（聽不清），我認為與供應商的戰略協議基本上不是我們正在做的事情，也是我們為支持我們的成像業務增長所做的事情。

In general, as you said -- Francois, thank you for saying that.

總的來說，正如你所說——弗朗索瓦，謝謝你這麼說。

At the end, we have raised money at very effective terms and this strength is the reason why we tap the market under a philosophy that is better to go to take money from the market when it easily and cheaply as opposed when you actually need this.

最後，我們以非常有效的條件籌集了資金，這種優勢就是我們在這樣的理念下開拓市場的原因：最好是在容易、便宜的情況下從市場上獲取資金，而不是在你真正需要的時候。

So, I would encourage not at all reading across the convert into -- to read our strategic our investment moving the protocol, really a bit more and more opportunistic than strategically needed.

因此，我鼓勵不要閱讀轉換為 - 閱讀我們的戰略我們的投資移動協議，實際上比戰略需要的機會主義越來越多。

And of course, a financial flexibility in semiconductor is always a great asset to support the growth.

當然，半導體的財務靈活性始終是支持增長的重要資產。

And then I think the last part is on silicon, right?

然後我認為最後一部分是在矽上，對吧？

Yes.

是的。

From which region and if you saw your more traditional competitor on power semi autos reacting to you progress in silicon carbide.

來自哪個地區以及您是否看到動力半汽車領域更傳統的競爭對手對您在碳化矽方面的進展做出反應。

Of course, I believe that we will see (inaudible).

當然，我相信我們會看到（聽不清）。

There is no doubt, I think this is a great opportunity for ST but it is a great opportunity for some of our competitors and we need to keep the -- going with innovation, industrialization et cetera.

毫無疑問，我認為這對 ST 來說是一個很好的機會，但對於我們的一些競爭對手來說也是一個很好的機會，我們需要保持創新、工業化等。

So, I expect that there would be a stronger effort from our competitors to be successful in this very, very important business.

因此，我預計我們的競爭對手會更加努力，以在這一非常非常重要的業務中取得成功。

We are working -- frankly we are working on the three regions.

我們正在努力——坦率地說，我們正在這三個地區開展工作。

I think it's something that I can mention because is it publicly known and it is about China.

我認為這是我可以提及的事情，因為它是眾所周知的並且是關於中國的。

In China, we have signed an agreement to contribute, this is with a consortium and the makers, battery maker, also research centers, and research institution in China.

在中國，我們與中國的一個財團和製造商、電池製造商、研究中心和研究機構簽署了一份貢獻協議。

This is for the management of the battery for electric vehicles.

這是用於電動汽車電池的管理。

I believe that this is something that I can mention because it is publicly known, and I think it is a good opportunity.

我相信這是我可以提到的，因為它是眾所周知的，我認為這是一個很好的機會。

It is a good opportunity.

這是一個很好的機會。

Of course, with our BCD technology but also with -- for our silicon carbide.

當然，我們的 BCD 技術也適用於我們的碳化矽。

But we are working -- in Asia we are working, in Europe, of course we working in Germany and we are working also in the United States.

但我們正在工作——在亞洲，我們在歐洲工作，當然我們在德國工作，我們也在美國工作。

Okay.

好的。

Thank you.

謝謝。

And any sign of hearing on any double ordering in microcontrollers or any standard parts?

是否有任何關於微控制器或任何標準部件中的雙重訂購的跡象？

Well, I think that's more than double ordering.

嗯，我認為這不僅僅是雙重訂購。

I think what we see is anticipation of orders.

我認為我們看到的是對訂單的預期。

Particularly, on microcontrollers to make sure that the backlog is well covered also for instance for the fourth quarter of this year and the first quarter of next year.

特別是在微控制器方面，以確保今年第四季度和明年第一季度的積壓工作得到很好的解決。

We know of course very well that on certain family, the book-to-bill ratio that we are experiencing is not sustainable but I think what we see is an effort to make sure that there is a good coverage in the backlog of our customers not just quarter 3 or with part of Q4, but on a longer frame of time.

我們當然非常清楚，對於某些家庭來說，我們所經歷的訂單出貨比是不可持續的，但我認為我們所看到的是努力確保我們的客戶積壓中有良好的覆蓋率，而不是僅第三季度或第四季度的一部分，但時間範圍更長。

The next question is from Andrew Gardiner from Barclays.

下一個問題來自巴克萊銀行的安德魯·加德納。

Thank you for taking the question.

感謝您提出問題。

I had another one on the CapEx side of things yes, I take your point that demand is strong and so it is you know the rising CapEx is covered by some broad based demand.

我還有一個關於資本支出方面的問題，是的，我同意你的觀點，即需求強勁，所以你知道不斷上升的資本支出是由一些廣泛的需求所覆蓋的。

But if I go back to some of the comments you made earlier this year, as well when we first saw the initial increase in CapEx there were portions of the 2017 budget, that were quite clearly allocated to specific projects.

但如果我回顧一下您今年早些時候發表的一些評論，以及當我們第一次看到資本支出最初增加時，2017 年預算的一部分非常明確地分配給了特定項目。

I'm just wondering whether now that was if now that we're in the middle part of the year we are going to see some of these ramp in the back half.

我只是想知道現在是否是現在，我們正處於今年中期，我們是否會在後半段看到其中一些斜坡。

How is your visibility into 2018 improving for these particular areas?

您對 2018 年這些特定領域的能見度有何改善？

And I go back to some of the points you made Carlo Ferro about so ensuring that you're going to get some multi-year returns on the investment being made just sort of further visibility into 2018 would be helpful.

我回顧一下您向 Carlo Ferro 提出的一些觀點，因此確保您的投資能夠獲得一些多年回報，進一步了解 2018 年將會有所幫助。

And I just got a quick can modeling follow-up.

我剛剛得到了一個快速的罐頭建模跟進。

Andrew at the end CapEx level in 2017 is clearly higher than what we have expected entering the year but also revenues for year are well higher than what we were expecting and we are really in a process of realigning capacity to demand and increasing sourcing from silicon foundry in parallel in order on one side to meet demand and on the other side to maintain or to increase flexibility for our manufacturing machinery recognizing that clearly the semiconductor industry remains overall closer to some level of pickup.

安德魯在 2017 年末的資本支出水平明顯高於我們對今年的預期，但今年的收入也遠高於我們的預期，我們確實正在根據需求重新調整產能並增加從矽代工廠的採購一方面為了滿足需求，另一方面為了保持或提高我們製造機械的靈活性，我們認識到半導體行業顯然仍總體上接近某種程度的回升。

So this is, I would say, a quite wise and well-balanced move.

所以我想說，這是一個非常明智且平衡的舉動。

Then as these evolution continues so far to be positive based on current visibility, 2018 could be another year important in term of overall capital expenditure.

然後，根據目前的可見度，這些演變迄今為止繼續保持積極的態勢，就總體資本支出而言，2018 年可能又是重要的一年。

However, frankly it's very early at these stage to anticipate the way that capital sourcing is executing this industry keeps away the upper price level of modularity in order to adjust the up or down depending on the evolution of the demand, depending on the design win.

然而，坦率地說，在這個階段預測資本採購執行該行業的方式還為時過早，以保持模塊化的最高價格水平，以便根據需求的演變和設計勝利來向上或向下調整。

Clearly, today also in Carlo's introduction you add a good feature of not only strong demand but a flow of design wins which is important in all and across the various technologies including in the area of analog and power technology and this is -- and that is on our product accelerating capital expenditure.

顯然，今天在Carlo 的介紹中，您添加了一個很好的功能，不僅是強勁的需求，而且是設計獲勝的流程，這對於所有技術和各種技術（包括模擬和電源技術領域）都很重要，這就是——那就是我們的產品加速了資本支出。

Just a quick follow-up, in terms of OpEx modeling, previously you'd guided to be $550 million per quarter on average through the year.

就運營支出建模而言，您之前的指導方針是全年平均每季度 5.5 億美元。

Can we assume that was a normal seasonality in OpEx sort of lower in 3Q and then higher in 4Q but does that average still hold for the year or is that moving a bit higher given the revenue growth?

我們是否可以假設運營支出在第三季度較低，然後在第四季度較高是正常的季節性，但這一平均值在今年仍然保持不變，還是考慮到收入增長，這一平均值是否會略高？

For the current quarter I would say no major surprise in respect to the gross operating expenses in SG&A and in R&D.

對於本季度的銷售、一般行政管理和研發總運營支出，我認為沒有什麼大的意外。

Clearly, there is more activity, the exchange rate is not as you noted in favor.

顯然，有更多的活動，匯率並不像您所說的那樣有利。

The seasonality plays in favor.

季節性因素很有利。

Overall, what you may expect is that this quarter is level of operating income, lower than what is the normal $15 million to $18 million we report each quarter.

總體而言，您可能會預期本季度的營業收入水平低於我們每季度報告的 1500 萬至 1800 萬美元的正常水平。

Not operating income.

不是營業收入。

Other income.

其他的收入。

Sorry of other income and expenses.

抱歉其他收入和支出。

I'm sorry, thank you Carlo.

對不起，謝謝你，卡洛。

Of other income and expenses a year on other income and expenses at the end you may expect a few million dollar of contribution.

其他收入和支出 一年的其他收入和支出最終可能會帶來幾百萬美元的貢獻。

So overall at the end the net operating expenses for Q3 would be slightly north of the $550 million of our target range.

因此，總體而言，第三季度的淨運營支出最終將略高於我們 5.5 億美元的目標範圍。

Then moving forward in Q4, you may expect as some increase due to seasonality and exchange rate on the gross expenses, the other income and expenses that go back to the usual $15 million to $18 million.

然後，在第四季度，您可能會預計，由於季節性和匯率，總支出會有所增加，其他收入和支出將回到通常的 1500 萬至 1800 萬美元。

And as the result of that, we maybe a few 10s of million dollar maximum above the $550 million reference.

因此，我們的最高限額可能比 5.5 億美元的參考值高出幾十萬美元。

The next question is from Robert Sanders from Deutsche Bank.

下一個問題來自德意志銀行的羅伯特·桑德斯。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to come back to a previous question about capacity.

我只是想回到之前關於容量的問題。

So if you were given a new order for a special program for second half '18, let's say at the end of this year.

因此，如果您收到 18 年下半年特別節目的新訂單，比如說今年年底。

How would you serve that if it was an FtsY ramp.

如果是 FtsY 坡道，您將如何提供服務。

Are you saying that you would serve that via foundries or are you saying that you would migrate embedded flash out to Crolles and into foundries to clear the decks for that.

您是說您會通過代工廠提供服務，還是說您會將嵌入式閃存遷移到克羅爾斯並轉移到代工廠中，以為此做好準備。

And I guess I have the same question for silicon carbide in the sense that it's currently on a 6 inch line at Catania, is there clear room space to ramped that up or would you need to do something with the 8 inch currently that is there as well.

我想我對碳化矽也有同樣的問題，因為它目前在卡塔尼亞的 6 英寸生產線上，是否有足夠的空間來提升它，或者您是否需要對目前的 8 英寸做一些事情出色地。

Well, let's start from the silicon carbide.

好吧，讓我們從碳化矽開始。

No the silicon carbide will stay inside.

碳化矽不會留在裡面。

We do not have any plan to outsource the silicon carbide at all.

我們根本沒有任何外包碳化矽的計劃。

So as you know at the end of last year, we moved from 4 inch to 6 inches and we ran this in our 6 inch model in Catania and we intend to continue the growth of this line in Catania.

如您所知，去年年底，我們從 4 英寸轉向 6 英寸，我們在卡塔尼亞的 6 英寸型號中運行了該產品線，我們打算繼續在卡塔尼亞發展這條生產線。

On the other end on the 6 inch in Catania, the intention is to move more and more production as we already described to Asia, to Singapore perhaps.

在卡塔尼亞 6 英寸工廠的另一端，我們的目的是將越來越多的生產轉移到亞洲，也許轉移到新加坡。

On the first part of the question, well it is a combination of the two, of course, we are building up flexibility, let's put it this way I mean you mention two important areas of flexibility.

關於問題的第一部分，這是兩者的結合，當然，我們正在建立靈活性，讓我們這樣說吧，我的意思是你提到了靈活性的兩個重要領域。

Flexibility you mentioned, flexibility on embedded flash, and you mentioned flexibility on the FtsY.

您提到的靈活性、嵌入式閃存的靈活性以及 FtsY 的靈活性。

And of course, this is part of whole manufacturing strategy, we must work from this and we must increase this level of flexibility and it is exactly the same for BCD, we want to have more flexibility also on BCD.

當然，這是整個製造戰略的一部分，我們必須以此為基礎，我們必須提高靈活性水平，這對於 BCD 來說是完全相同的，我們希望 BCD 也有更多的靈活性。

So as we said before, it will be a combination of internal investment but also a more extensive use of outsource.

正如我們之前所說，這將是內部投資的結合，也是更廣泛使用外包的結合。

So flexibility in FtsY, flexibility in embedded flash on a number of generation of technologies, flexibility on BCD but certainly let's say on a technology impact FtsY particularly in this space everything is and will remain inside, but flexibility to reduce the 6-inch in Catania moving the traditional production to Singapore and making more space for the FtsY, in case it's needed.

因此，FtsY 的靈活性、嵌入式閃存在多代技術上的靈活性、BCD 的靈活性，但當然可以說在技術影響FtsY 上，特別是在這個領域，一切都將保留在內部，但在卡塔尼亞減少6 英寸的靈活性將傳統生產轉移到新加坡，並為 FtsY 騰出更多空間，以備不時之需。

Got it.

知道了。

And just following up on that, so then no plans for a new clean room any time soon in order to expand your work capacity internally?

只是跟進這一點，那麼短期內沒有計劃建造一個新的潔淨室來擴大您的內部工作能力嗎？

Not for new buildings, we have always opportunity to use our infrastructure and -- better.

不是對於新建築，我們總是有機會更好地利用我們的基礎設施。

And our ambition is of course to build up more when we need in terms of capacity using what we have, that is ideally possible and of course to continue to drive down the work at Crolles.

我們的目標當然是在需要時利用我們現有的能力建設更多的設施，這是理想的可能，當然也會繼續減少克羅爾斯的工作量。

The next question is from Mr. Veysel Taze from Oddo.

下一個問題是來自 Oddo 的 Veysel Taze 先生。

Most of the questions have addressed.

大多數問題都已解決。

Maybe one question regarding your auto business and the seasonality in the second half of the year in your silicon carbide design wins is ramping up in Q3.

也許有關您的汽車業務以及下半年碳化矽設計勝利的季節性的一個問題在第三季度逐漸加劇。

So do you expect in Q4 a further seasonality in growth in your auto business?

那麼您預計第四季度汽車業務的增長會進一步出現季節性嗎？

And then on you silicon carbide business can you share what is your design win potential or what you have right now similar to the auto microcontroller and how that has changed throughout the first half of the year?

然後，關於碳化矽業務，您能否分享一下您的設計獲勝潛力是什麼，或者您現在擁有與汽車微控制器類似的產品，以及在今年上半年發生了怎樣的變化？

So again, on the silicon carbide, the ramp is now -- the contribution to revenue in Q3 is limited, we expect to have an important step in Q4 this year and importantly we see significant opportunities to grow next year.

因此，在碳化矽方面，現在的增長是——第三季度對收入的貢獻有限，我們預計今年第四季度將邁出重要一步，重要的是我們看到明年的重大增長機會。

I think that more in general in the automotives, as I was mentioning before, we see also good drive in the following areas, number one on this smart power technologies, okay.

我認為，正如我之前提到的，在汽車領域，我們在以下領域也看到了良好的驅動力，首先是智能動力技術，好吧。

Number two our microcontrollers dedicated to automotives, I'm talking about the microcontrollers that we have in ADG.

第二，我們專用於汽車的微控制器，我說的是我們在 ADG 中擁有的微控制器。

And number three, the complex digital ASICs that we now sell particularly for advanced (inaudible) applications.

第三，我們現在專門銷售用於高級（聽不清）應用的複雜數字 ASIC。

So we see a good momentum on these 3 technology line for automotive, so we expect an acceleration of the performance of our specific automotive group that is part of APG --- of course it is APG, the Automotive Product Group and our part of ADG, we see an acceleration of the growth in the second part of this year, but across the board in terms of technology coverage.

因此，我們看到這 3 條汽車技術線的良好勢頭，因此我們預計 APG 旗下特定汽車集團的業績將得到加速——當然是 APG、汽車產品集團和我們 ADG 的一部分，我們看到今年下半年增長加速，但在技術覆蓋範圍方面是全面的。

This I think it was probably this respond to all your questions, right.

我想這可能就是對你所有問題的回答，對吧。

Yes, the thing is so I guess in Q4 there will be another sequential growth versus Q3.

是的，事實是這樣，我想第四季度將比第三季度出現另一個連續增長。

Then on the silicon carbide really like in your auto microcontroller, you have this $4 billion design win potential, you mentioned.

您提到，在碳化矽上，就像汽車微控制器中的碳化矽一樣，您擁有 40 億美元的設計獲勝潛力。

But just to get a color on the silicon carbide as there is a lot of moving parts there, what is your current design win there just to quantify that if it's possible for you.

但只是為了在碳化矽上獲得顏色，因為那裡有很多移動部件，您當前的設計優勢是什麼，只是為了量化它是否對您來說可能。

That is not possible for me, I mean, I made the project an example from China because I can mention there was a press release.

這對我來說是不可能的，我的意思是，我以中國的項目為例，因為我可以提到有一份新聞稿。

I can -- unfortunately -- we are working in the three regions, so we are working in Asia, we are working in Europe, of course we are working in Europe and we are working in the United States.

不幸的是，我可以在這三個地區工作，所以我們在亞洲工作，我們在歐洲工作，當然我們在歐洲工作，我們在美國工作。

But I cannot give more color, I mean I tried before to give more color to this initiative in China that is important initiative.

但我無法賦予更多色彩，我的意思是我之前曾嘗試為中國的這項重要舉措賦予更多色彩。

There are 6 or 7 (inaudible) that are pooling on the electric cars initiative and clearly we have won the battery management system and I believe we can contribute with our technologies including silicon carbine.

有 6 或 7 個（聽不清）正在參與電動汽車計劃，顯然我們已經贏得了電池管理系統，我相信我們可以利用包括矽卡賓在內的技術做出貢獻。

But I cannot say more on other customers because of course it is confidential.

但我不能對其他客戶透露更多信息，因為這當然是保密的。

Okay.

好的。

And then just please follow up on your distribution business.

然後請跟進您的分銷業務。

I think in H1, it was 34% of revenues.

我認為上半年佔收入的 34%。

What is your growth expectations for the entire year in your distribution business?

您對全年分銷業務的增長預期是多少？

In Q1, it was 33.8, in Q2 it 34.4.

第一季度為 33.8，第二季度為 34.4。

So we said sometimes 34, but in Q2 it was 34.4, our distribution point QOP, the billing and the -- our billing to distribution customers.

所以我們有時會說 34，但在第二季度它是 34.4，我們的分銷點 QOP、計費以及我們對分銷客戶的計費。

But more importantly of course is the evolution of point of sales, the point of sales sequentially moving from Q1 to Q2 it improved by 7 percentage points.

但更重要的是銷售點的演變，銷售點從第一季度到第二季度依次提高了 7 個百分點。

And if I look year-over-year, Q2 over Q2, the point of sales increased 15%.

如果我與去年同期相比，第二季度的銷售點增長了 15%。

Well, we want to keep growing, the inventory are low, even too low, so we want to keep growing with the point of sales, I think we have two priorities in distribution; one priority is to make sure that the STM32 is more and more sticky and we have more and more products around the STM32.

嗯，我們想要繼續增長，庫存很低，甚至太低，所以我們想要隨著銷售點繼續增長，我認為我們在分銷方面有兩個優先事項；首要任務是確保STM32越來越有粘性，我們有越來越多的圍繞STM32的產品。

And of course, this is demand creation and operating with our distributors on the demand creation.

當然，這是需求創造，並與我們的經銷商一起根據需求創造進行運作。

And the second priority is the expansion of the customer base, to have more and more customers and of course we are consistent.

第二個優先事項是擴大客戶群，擁有越來越多的客戶，當然我們是一致的。

I believe we have strategy in distribution that is very consistent and we want to keep growing with this level of performance in the PoS and hopefully contributing a little bit more to the replenishment of the inventory while with distributors those are too low.

我相信我們的分銷策略是非常一致的，我們希望在 PoS 的這種性能水平上繼續增長，並希望為庫存補充做出更多貢獻，而分銷商的庫存補充太低了。

So to come back on that one.

所以回到那個。

What is in your 15% growth year-over-year revenue in the distribution part?

你們的分銷部分收入同比增長 15%，其中有哪些內容？

What is your year-over-year growth, which you assume here in your distribution business?

您認為您的分銷業務的同比增長是多少？

I think you mentioned the 13% on first half but what would be for the entire year?

我想你提到了上半年的 13%，但全年會是多少呢？

Well I think this is an area where of course we need to be more careful to provide information because this is not only us, but it is also the details of our distribution.

嗯，我認為這是一個我們當然需要更加小心提供信息的領域，因為這不僅是我們的問題，而且也是我們發行的細節。

Our ambition is to keep growing with this level of growth across the board.

我們的目標是在這種全面增長水平上繼續增長。

So then one set what will be the growth at the year end, last year was very positive, it was certainly very solid double digits in 2016 and we want to repeat the performance this year, I think we do not have any sign of change.

那麼我們就確定了年底的增長情況，去年是非常積極的，2016 年肯定是非常穩定的兩位數增長，我們希望今年重複這種表現，我認為我們沒有任何變化的跡象。

And we want to keep growing, but I think it would be not appropriate for us to give a PoS forecast now, a point of sales forecast for our distributors.

我們希望繼續增長，但我認為我們現在給出 PoS 預測（即對我們經銷商的銷售點預測）是不合適的。

Okay.

好的。

Based on time, we have -- take one more question please.

根據時間的推移，我們還有一個問題。

The last question is from Lee Simpson from Stifel.

最後一個問題來自 Stifel 的 Lee Simpson。

Most of my questions have been asked but maybe if I can ask a couple of future questions, just as it relates to the investments for the technology cycle.

我的大部分問題都已被問到，但也許我可以問一些未來的問題，就像它與技術週期的投資有關。

So okay question one, really around that (inaudible) wide band gap semi space obviously coming into power quite notably by silicon carbide including opportunities with China but it looks to us like the sweet spot to merging right across the voltage range for the need for higher efficiency transistors even in appliance charging.

所以好的問題一，實際上圍繞著（聽不清）寬帶隙半空間顯然正在由碳化矽佔據主導地位，包括與中國的機會，但在我們看來，它是在電壓範圍內合併的最佳點，以滿足更高的需求即使在設備充電時也能提高晶體管的效率。

So I'm just trying to understand, how far do your ambitions go maybe in the next 3 to 5 years with (inaudible) wide band gap semis, would gallium nitride feature at some point and what sort of [IP] datasets would you be looking for?

所以我只是想了解，在未來3 到5 年內，您的雄心壯志可能會在（聽不清）寬帶隙半半導體方面走多遠，氮化鎵在某個時候會出現特徵，以及您會成為什麼樣的[IP] 數據集尋找？

Second question, sorry quick one just on digital optics for the datacenters, you mentioned some uptick there I think in design wins, could you maybe just elaborate on that?

第二個問題，抱歉，關於數據中心的數字光學，您提到了一些上升，我認為在設計方面取得了勝利，您能否詳細說明一下？

Are we talking about new transceiver products for [10G] that sort of saying or are we talking about perhaps pivoting to new materials like indium phosphide?

我們是在談論 [10G] 的新收發器產品還是在談論可能轉向磷化銦等新材料？

Yes, for the first one, yes, I think we have important ambition.

是的，對於第一個，是的，我認為我們有重要的雄心。

We're also working on gallium nitride.

我們還在研究氮化鎵。

We are not at the level in gallium nitride that we have in the silicon carbide, but it is an important program in R&D.

我們在氮化鎵方面還沒有達到碳化矽方面的水平，但它是研發中的一個重要項目。

You are perfectly right, we talk a lot about automotives but this is broad.

你說得完全正確，我們談論了很多關於汽車的話題，但這涉及面很廣。

I think we see particularly in the area of home appliances, and air conditioning systems, a lot of opportunities for these kind of technologies, really a lot of opportunities.

我認為我們特別在家用電器和空調系統領域看到了這些技術的很多機會，真的很多機會。

And we see opportunities of course also in the industry [420] the industrial implement.

我們當然也在工業[420]工業實施中看到了機會。

So I think it is an important filler of strategy and we want to do much more there.

所以我認為這是戰略的重要補充，我們希望在這方面做得更多。

For us where -- our IGBT presence is more limited I think the silicon carbine and the innovation in the silicon carbine, it is a great opportunity to make a step forward in this area.

對於我們來說——我們的 IGBT 存在更加有限，我認為卡賓矽和卡賓矽的創新，這是在這一領域向前邁出一步的絕佳機會。

To response to the second part of the question.

回答問題的第二部分。

No, I think the bulk of this design win, it is more on very advanced bi-CMOS technologies that are used by our customers, as we mentioned, I think in my address before to build out transistors, including opticals assistance to be used for instance in datacenters.

不，我認為這個設計的大部分勝利，更多的是我們的客戶使用的非常先進的雙 CMOS 技術，正如我們提到的，我認為在我之前的演講中構建了晶體管，包括用於數據中心中的實例。

But it is very advanced bi-CMOS technologies and with these kind of technologies, we can certainly contribute and is mostly ASICs, we can certainly contribute in the optical application as we said for, as I said datacenters for instance, but also in the new area like the 5G.

但它是非常先進的雙CMOS 技術，有了這些技術，我們當然可以做出貢獻，而且主要是ASIC，我們當然可以在光學應用中做出貢獻，正如我們所說的那樣，例如我所說的數據中心，而且還可以在新的領域做出貢獻。像5G這樣的領域。

We have very amazing product again on bi-CMOS technologies, pretty advanced bi-CMOS technologies for 5G application, just to respond to your question.

我們再次推出了非常令人驚嘆的雙 CMOS 技術產品，非常先進的用於 5G 應用的雙 CMOS 技術，只是為了回答您的問題。

Great.

偉大的。

That's fine.

沒關係。

That's a very frank answer.

這是一個非常坦率的答案。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, Lee.

謝謝你，李。

At this point we'd like to conclude our Q2 call.

至此，我們想結束第二季度的電話會議。

Thank you very much.

非常感謝。

Ladies and gentlemen, the conference is now over.

女士們、先生們，會議現在結束了。

Thank you for choosing Chorus Call.

感謝您選擇合唱團。

And thank you for participating in the conference.

並感謝您參加本次會議。

You may now disconnect your lines.

您現在可以斷開線路。

Goodbye.

再見。