NXP（NXPI）— 2026-10-27 3Q26 法說會逐字稿（英文原文＋中譯）

日期：2026-10-27（美國時間盤後） 逐字稿為 earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。

校正紀錄

本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - 「BSMC joint venture」→ VSMC（Vanguard International Semiconductor 與 NXP 合資的新加坡 12 吋廠；依上下文與 Harlan Sur 問題同指 VSMC） - 00:32:29「opening of the SMC」→ VSMC（依上下文：首批放量在合作夥伴側、聚焦 interposer，與庫內 Citi 2026-09-28 報告對 VSMC 的描述一致） - 結語「construction infrastructure segments」→ communication infrastructure（通訊基礎設施，與前文終端市場名稱一致） - 「discrete MPU」→ discrete NPU（指 ARA 離散 NPU；原文與中譯皆為誤植） - 00:29:34「our one queue is down」→ Q1（第一季環比；IR 明言非指引，為過去 5–10 年趨勢） - 00:20:58 CFO 答覆中「they／them」依上下文指工廠稼動率（utilization）：目前中 80% 區間、4Q 維持、2027 年高 80% 區間；原文省略主詞，未改動 - 00:18:53「types of files we need to deploy」語意不明，標 [待確認]，未猜測 - 00:28:46 XEV 占比「47% vs 41%＝12% growth」：41%→47.5% 為約 +6.5ppts／約 +16%，與「12%」不符，標 [數字存疑]；後文「明年 55%」亦為 +15% 之誤差同源，記為存疑，memo 只引用占比數字 - 00:27:49 Blayne 問題「Texas saw an uptick」疑為其他公司名誤植，語意不影響，未改 - 財務四項交叉驗算：①營收 37.9 億 × 毛利率 58.6% ＝ 毛利約 22.2 億；減營業費用 8.1 億 ＝ 營業利益約 14.1 億（37.2%），與口述 37.1% 差 0.1ppts 為四捨五入 ✓；營益率 < 毛利率 ✓；②營業利益 14.1 億 − 利息 0.85 億，× (1−18%) − 非控制權益 0.15 億 − 合資損失 0.04 億 ＝ 約 10.7 億，÷ EPS 4.20 ＝ 約 2.54 億股；4Q 同法：38.5 億 × 59% − 8.3 億 − 0.79 億，× (1−17.5%) − 0.14 − 0.05 ＝ 約 11.05 億，÷ 2.54 億股 ＝ 約 4.35 美元，與口述中點 4.36 ✓；③終端市場：汽車 ＞20 億 ＋ 工業物聯網 8.02 億 ＋ 通訊基礎設施 5.03 億 ＋ 行動 4.11 億 ＝ 約 37.2 億 ＋ 汽車超出 20 億的部分，與 37.9 億吻合（汽車約 20.7 億†）✓；④3Q 營收 QoQ +8%：37.9 ÷ 1.08 ＝ 約 35.1 億（2Q），合理 ✓；自由現金流 12.6 億 − 0.5 億 ＝ 12.1 億 ✓，占營收 31.9% ✓

警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo 亮點 • NXP 在 2026 年第三季超越所有終端市場的展望，各區域均實現兩位數年增長。營收達 37.9 億美元，年增 19%，非 GAAP 每股盈餘為 4.20 美元，年增 35%。董事會授權額外 50 億美元進行股票回購，總授權額達 63 億美元。 [CEO - 00:02:02] • 汽車營收首次突破 20 億美元，扣除感測器後成長 17%。2026 年第三季軟體定義車輛（SDV）營收年化超過 15 億美元，正朝 2027 年 20 億美元目標邁進。 [CEO - 00:03:15] • 工業物聯網營收達 8.02 億美元，年增 39%，工業部門成長近 50%。資料中心營收預計將超過 2026 年 5 億美元的展望，並預計在未來幾年內突破 10 億美元。 [CEO - 00:05:38] • 非 GAAP 營業利潤率為 37%，年增 330 個基點。第三季自由現金流為 12.1 億美元，約佔營收的 32%。 [CEO - 00:02:37] [CFO - 00:11:29] • 訂單出貨比在所有終端市場及區域均遠高於一。訂單積壓以美元計持續成長，並延伸至 2027 年。約 80% 的交貨期超過 16 週，較一年前的 25% 大幅增加。 [CFO - 00:31:03] 總體經濟 • 公司指出宏觀經濟影響為市場風險因素，但本次電話會議未對宏觀經濟趨勢提供具體評論。 [IR - 00:01:04] 產業循環週期 • 汽車市場今年表現強勁，幾乎每季均超出季節性預期。第四季汽車營收環比成長 2%，高於季節性預期，因汽車季節性趨勢可能持平或略增。 [IR - 00:22:51] • 通常第一季環比下降約中個位數，主要受行動裝置影響（下降約中雙位數），汽車、工業物聯網及通訊基礎設施則下降低至中個位數。這是過去 5 至 10 年觀察到的整體趨勢。 [IR - 00:29:51] 產業供需 • 訂單出貨比在所有終端市場及區域均遠高於一。訂單積壓以美元計持續成長，並延伸至 2027 年。約 80% 的交貨期超過 16 週，較一年前的 25% 大幅增加。客戶升級需求季比季顯著增加。 [CFO - 00:31:03] • 目前後端產能非常緊張。前端產能預計未來將趨緊，但 NXP 及其他廠商新增產能將有助緩解此狀況。公司預期此情況將於明年某時發生（根據音訊推斷）。 [CFO - 00:46:16] 產業狀況 • 當前需求環境真實且可持續，主要由軟體定義車輛、物理人工智慧及資料中心投資推動，與 COVID 疫情期間的需求激增本質上不同。 [CEO - 00:47:02] 獲利 • 非 GAAP 營業利潤率為 37%，年增 330 個基點。非 GAAP 每股盈餘為 4.20 美元，年增 35%。非 GAAP 毛利率為 58.6%，年增 160 個基點。 [CEO - 00:02:37] [CFO - 00:09:24] • 2026 年第四季，公司預期非 GAAP 毛利率為 59%（上下 50 個基點），非 GAAP 營業利潤率為 37.5%。2027 年毛利率預計擴大至 60%。 [CFO - 00:13:46] [CFO - 00:15:26] 公司展望、未來成長動能 • NXP 預期 2027 年營收將持續兩位數成長，動力來自軟體定義車輛、工業物聯網及資料中心擴張。公司計劃於 2027 年將毛利率提升至 60%，並預期持續強勁的自由現金流產生。 [CFO - 00:15:13] [CEO - 00:47:44] • 車輛架構從域控制轉向區域及集中運算被視為多年升級週期，促進物理人工智慧及自動駕駛能力。中央運算 S32N 預計於 2027 年底初期量產，K5 與 S32N 預計於 2028 年全面量產。 [CEO - 00:03:43] [CEO - 00:35:53] 市場競爭策略 • NXP 的軟體定義車輛產品組合被認為是領導者，RVTech（Volkswagen 與 Rivian 合資企業）標準化其平台於 NXP S32K5。新平台的合作全球擴展，預計中國首批出貨最早於 2027 年第一季。 [CEO - 00:04:35] 營收 • 2026 年第三季營收為 37.9 億美元，年增 19%，扣除 MEMS 感測器業務後增長 22%。2026 年第四季營收指引為 38.5 億美元，環比增長 2%，年增 15%，扣除感測器後為 18%。 [CEO - 00:02:27] 訂單 • 訂單出貨比在所有終端市場及區域均遠高於一。訂單積壓以美元計持續成長，並延伸至 2027 年。 [CFO - 00:31:03] 產品組合 • 成長主要由汽車及工業領域的公司特定驅動因素帶動，兩者年增 30%，約佔總營收三分之一，並伴隨資料中心基礎設施持續強勁。 [CEO - 00:02:10] • 產品組合對毛利率提升有貢獻，並伴隨營運效率改善。軟體定義車輛的價值是傳統產品組合的兩到三倍。 [CFO - 00:21:34] [CFO - 00:24:25] 營收地區 • 2026 年第三季每個區域均實現兩位數年增長。 [CEO - 00:02:02] 下游客戶 • 原廠製造商（OEM）參與度提高，直接向 NXP 提供指引。客戶關係更為密切，全年需求可見度提升，交貨期延長。 [CEO - 00:18:39] 稼動率 • 毛利率提升反映工廠利用率改善及營收增加的良好轉換。利用率目前約為 80% 中段，預計第四季維持此水準，2027 年將提升至 80% 高段。 [CFO - 00:09:32] [CFO - 00:21:14] 存貨庫存 • 庫存天數從第二季的 156 天降至 148 天，其中約 13 天為因計劃中的前端工廠整合而預先建置的庫存。公司預期 2026 年底預先建置庫存約為 15 天。 [CFO - 00:11:05] 出貨週期與交期 • 交貨期延長，提升可見度。約 80% 的交貨期超過 16 週，較一年前的 25% 大幅增加。 [CEO - 00:18:33] [CFO - 00:31:21] 新產品／新技術 • 2027 年，NXP 將開始出貨次世代軟體定義車輛處理器，包括 S32K5 區域平台及 S32N 中央運算平台。S32N 預計於 2027 年底初期量產，K5 與 S32N 預計於 2028 年全面量產。 [CEO - 00:04:18] [CEO - 00:35:53] • ARA 為離散式神經處理器（NPU），是 AI 產品組合的關鍵元件，在工業自動化及汽車 AI 應用中獲得市場認可，預計 2028 年量產。 [CEO - 00:06:16] 產品價格 • 2026 年全年價格維持中性，第三季價格上調約 1%，第四季再上調約 1%。2027 年，因多項投入成本上升，將轉嫁給客戶以維護毛利率。軟體定義車輛推升平均銷售價格（ASP），價值為傳統產品組合的兩到三倍。 [CFO - 00:24:00] • 產業價格結構正發生轉變。與過去十年常見的年度價格侵蝕不同，半導體在系統中佔更大價值及創新比重，創造更佳價值捕捉機會。預期年度價格侵蝕趨勢將逐步緩和。 [CEO - 00:25:15] 成本毛利 • 2026 年第三季非 GAAP 毛利率為 58.6%，年增 160 個基點。毛利率提升反映工廠利用率改善及營收增加的良好轉換。非 GAAP 營業費用為 8.1 億美元，佔營收 21.4%。 [CFO - 00:09:24] • 毛利率提升具結構性，受益於營收增加、利用率提升、產品組合及營運效率改善。毛利率未受當前價格調整影響，因價格調整僅抵銷通膨成本上升。 [CFO - 00:21:14] 銷售／管理／研發費用 • 2026 年第三季非 GAAP 營業費用為 8.1 億美元，佔營收 21.4%。第四季營業費用預計為 8.3 億美元，正負 1,000 萬美元，環比增加主要因支持物理人工智慧策略的新產品流片。 [CFO - 00:09:41] • 2027 年上半年營業費用預計約佔營收 23%，受新產品導入推動，下半年預計低於 23%。 [CFO - 00:15:31] 擴廠規劃 • NXP 將於 2027 年將資本支出提升至約 5%，較 2026 年約 2% 明顯增加，以擴充後端產能並建設馬來西亞新組裝及測試廠，預計 2028 年投產。 [CFO - 00:16:09] [CFO - 00:33:53] 營業利益 • 2026 年第三季非 GAAP 營業利潤率為 37.1%，年增 330 個基點。 [CFO - 00:09:52] 業外損益 • 營業外項目方面，2026 年第三季非 GAAP 利息費用為 8,500 萬美元。非控股權益為 1,500 萬美元。合資企業權益法投資損失 400 萬美元。 [CFO - 00:10:02] 稅率 • 2026 年第三季稅率維持穩定於 18%。第四季非 GAAP 稅率預計約為 17.5%。2027 年假設非 GAAP 年度有效稅率為 17.5%。 [CFO - 00:10:06] [CFO - 00:15:46] 股利政策 • 過去 12 個月，NXP 透過股利及股票回購向股東返還 17 億美元。公司承諾長期將 100% 超額自由現金流返還股東。 [CFO - 00:12:24] 股本、增資、可轉換債券、庫藏股 • 董事會授權新的 50 億美元股票回購計畫，總授權額達 63 億美元，約佔目前市值的 10%。回購將於 2026 年第四季開始。 [CFO - 00:12:59] [CEO - 00:48:19] 現金、現金流 • NXP 於 2026 年第三季末持有現金 39.4 億美元，負債 109.8 億美元，淨槓桿比率為 1.3 倍。營運現金流為 12.6 億美元，淨資本支出 5,000 萬美元，自由現金流為 12.1 億美元（佔營收 32%）。過去 12 個月自由現金流約為 35 億美元（佔營收 25%）。 [CFO - 00:10:53] 長短期借款 • NXP 於 2026 年第三季末負債 109.8 億美元，淨槓桿比率為 1.3 倍。 [CFO - 00:10:57] 管理層人事異動 • 感謝 Jeff Palmer 過去 16 年擔任投資人關係主管期間的貢獻。 [CFO - 00:16:57] Transcript Presentation Lisa - Operator

(00:00:00)Good day, and thank you for standing by. Welcome to the NXP Third Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. If you would like to ask a question, please press star 11 on your telephone. To remove yourself from the queue, press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Mike Lucarelli, Senior Vice President, Investor Relations.

(00:00:00)大家好，感謝您耐心等待。歡迎參加 NXP 2026 年第三季度財報電話會議。此時，所有參與者均為靜音模式。演講者的報告結束後，將進行問答環節。如果您想提問，請在電話上按星號 11。若要退出隊列，請再次按星號 11。請注意，今天的會議正在錄音。現在我想將會議轉交給Mike Lucarelli，資深副總裁，投資者關係部。

Lisa - Operator

(00:00:38)Please go ahead.

(00:00:38)請繼續。

Mike Lucarelli - NXP, Investor Relation

(00:00:40)Thank you, Lisa, and good afternoon, everyone. Welcome to NXP's third quarter earnings call. Joining the call today are Rafael Sotomayor, NXP's President and CEO, and Bill Betz, our CFO. The call today is being recorded and will be available for replay on our corporate website. Today's call will include forward-looking statements that involve risks and uncertainties which could cause NXP's results to differ materially from management's current expectations.

(00:00:40)謝謝你，Lisa，大家下午好。歡迎參加 NXP 的第三季度財報電話會議。今天參加會議的有 Rafael Sotomayor，NXP 的總裁兼首席執行官，以及我們的首席財務官 Bill Betz。今天的會議正在錄音，並將在我們的公司網站上提供重播。今天的會議將包括前瞻性聲明，這些聲明涉及風險和不確定性，可能導致 NXP 的結果與管理層當前的預期有重大差異。

Mike Lucarelli - NXP, Investor Relation

(00:01:04)These risks and uncertainties include, but are not limited to, statements regarding the macroeconomic impact on the markets in which we operate, the sale of new and existing products, and our expectations for the financial results for the fourth quarter of 2026. NXP undertakes no obligation to revise or publicly update any forward-looking statements. For a full disclosure of forward-looking statements, please refer to our press release. Additionally, we will refer to certain non-GAAP financial measures, which are primarily driven by discrete events that management does not consider directly related to NXP's underlying core operating performance.

(00:01:04)這些風險和不確定性包括但不限於有關我們運營市場的宏觀經濟影響、新舊產品的銷售，以及我們對 2026 年第四季度財務結果的預期。NXP 不承擔修訂或公開更新任何前瞻性聲明的義務。有關前瞻性聲明的完整披露，請參閱我們的新聞稿。此外，我們將提及某些非 GAAP 財務指標，這些指標主要由管理層認為與 NXP 的核心運營表現無直接關聯的特定事件驅動。

Mike Lucarelli - NXP, Investor Relation

(00:01:39)Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our third quarter 2026 earnings release. This release was furnished to the SEC on Form 8-K and is available on NXP's website in the investor relations section at nxp.com. I'll now turn the call over to Rafael.

(00:01:39)根據 G 規定，NXP 已在我們的 2026 年第三季度財報中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的調整。此報告已以 8-K 表格提交給 SEC，並可在 NXP 的網站上投資者關係部分的 nxp.com 獲得。現在我將會議轉交給 Rafael。

Rafael Sotomayor - NXP, CEO

(00:01:59)Thank you, Mike, and good afternoon. In Q3, we exceeded our outlook across all end markets, with every region growing double digits year over year. Growth was led by our company-specific drivers in automotive and industrial, which grew 30% year over year, representing roughly a third of our total revenue, along with continued strength in data center infrastructure. Revenue was $3.79 billion, up 19% year over year, or up 22% excluding the MEMS sensor business. Non-GAAP operating margin was 37%, up 330 basis points, and non-GAAP EPS was $4.20, up 35% year over year.

(00:01:59)謝謝你，Mike，大家下午好。在第三季度，我們在所有終端市場的表現超出了預期，每個地區的增長均達到兩位數。增長主要來自我們在汽車和工業領域的公司特定驅動因素，這兩個領域的增長達到 30%。這大約佔我們總收入的三分之一，並且數據中心基礎設施的持續強勁表現。收入為 37.9 億美元，同比增長 19%，不包括 MEMS 傳感器業務則增長 22%。非 GAAP 營業利潤率為 37%，上升 330 個基點，非 GAAP 每股收益為 4.20 美元，同比增長 35%。

Rafael Sotomayor - NXP, CEO

(00:02:50)These results are translating into strong free cash flow generation, enabling us to invest in the business and return cash to shareholders. To that end, our board has authorized an incremental $5 billion for share repurchases, bringing total authorization to approximately $6.3 billion. Turning to end market performance. Automotive revenue crossed $2 billion for the first time, up 17% excluding sensors. This growth is driven by content gains led by our software-defined vehicle portfolio in a flat unit production environment.

(00:02:50)這些結果轉化為強勁的自由現金流，讓我們能夠投資於業務並向股東回報現金。為此，我們的董事會已授權額外 50 億美元用於股票回購，將總授權金額提高至約 63 億美元。現在轉向終端市場表現。汽車收入首次突破 20 億美元，同比增長 17%，不包括傳感器。這一增長是由我們的軟體定義車輛產品組合在單位生產環境平穩的情況下推動的內容增長。

Rafael Sotomayor - NXP, CEO

(00:03:31)SDV revenue in Q3 is running above $1.5 billion annualized and remains well on track to reach our $2 billion 2027 target. We view the transition from domain-based architectures to zonal and centralized compute as a multi-year upgrade cycle that will enable physical AI and autonomous capabilities in vehicles. These new architectures create a need for system solutions that drive higher content across NXP's portfolio, including additional processing nodes, connectivity, and power management. This results in two to three times higher content per vehicle compared to today's architecture.

(00:03:31)第三季度的 SDV 收入年化超過 15 億美元，並且仍然在朝著我們 2027 年 20 億美元的目標邁進。我們認為，從基於領域的架構過渡到區域和集中計算是一個多年的升級週期，將使物理 AI 和自動駕駛能力在車輛中得以實現。這些新架構創造了對系統解決方案的需求，推動 NXP 產品組閤中的更高內容，包括額外的處理節點、連接性和電源管理。這導致每輛車的內容比當前架構高出兩到三倍。

Rafael Sotomayor - NXP, CEO

(00:04:14)This evolution is still in its early stages. In 2027, we will begin shipping our next-generation SDV processors, including the S32K5 zonal and S32N central compute platforms. We are starting to see material proof points of the SDV transition. RVTech, the joint venture of Volkswagen and Rivian, announced yesterday that it has standardized its platform on NXP S32K5 across both companies. This is a clear signal of the leadership of NXP's SDV portfolio and the direction of the industry. Engagements with our new platform continue to expand globally, and we now expect our first S32K5 shipments in China as early as the first quarter of 2027.

(00:04:14)這一演變仍處於早期階段。到 2027 年，我們將開始發運我們的下一代 SDV 處理器，包括 S32K5 區域和 S32N 中央計算平台。我們開始看到 SDV 轉型的實質證據。RVTech，福斯汽車和 Rivian 的合資企業，昨天宣佈已在兩家公司之間標準化其平台，使用 NXP S32K5。這是 NXP SDV 產品組合領導地位和行業方向的明確信號。我們的新平台的參與持續在全球擴展，我們現在預計在 2027 年第一季度在中國首次發運 S32K5。

Rafael Sotomayor - NXP, CEO

(00:05:08)Software-defined vehicles are among the first deployments of physical AI, and the opportunity extends well beyond the automotive sector. The same building blocks of central compute, sensing, networking, and secure control are moving into robotics and other intelligent edge systems. This quarter, we secured our first S32K5 design win in humanoid robotics with a leading U.S. global technology company. Now, moving to industrial IoT. Revenue was $802 million, representing a 39% increase year over year. The industrial segment of this end market grew nearly 50%, driven by data center, factory automation, and healthcare.

(00:05:08)軟體定義車輛是物理 AI 的首批應用之一，這一機會遠超汽車行業。中央計算、感測、網絡和安全控制的相同基本構件正在進入機器人技術和其他智能邊緣系統。本季度，我們在一個領先的美國全球科技公司中獲得了我們的第一個 S32K5 設計勝利。全球科技公司。現在，轉向工業物聯網。營收為 8.02 億美元，年增 39%。此終端市場的工業部門增長近 50%，主要受到數據中心、工廠自動化和醫療保健的推動。

Rafael Sotomayor - NXP, CEO

(00:05:52)It now accounts for approximately 70% of the industrial and IoT market. As mentioned in our Q2 call, AI-enabled processors are projected to represent about 15% of industrial and IoT processor revenue by 2026. This figure more than doubles compared to last year. Given the market adoption of intelligent systems, we anticipate continued growth into 2027. ARA, our discrete NPU, is a key component of our AI portfolio. It continues to gain traction in industrial automation and automotive AI applications, with volume production expected in 2028.

(00:05:52)現在約佔工業和物聯網市場的 70%。正如我們在第二季電話會議中提到的，預計到 2026 年，AI 啟用的處理器將佔工業和物聯網處理器營收的約 15%。這一數字比去年翻了一番以上。鑑於市場對智能系統的採用，我們預計到 2027 年將持續增長。ARA，我們的離散 NPU，是我們 AI 產品組閤中的關鍵組件。它在工業自動化和汽車 AI 應用中持續獲得 traction，預計在 2028 年開始量產。

Rafael Sotomayor - NXP, CEO

(00:06:31)Now, let me provide an update on our data center business. Given the strength observed year to date, we now expect revenue to exceed the $500 million outlook provided earlier this year. With new products in development and expanding customer engagements, we anticipate this business will surpass one billion dollars within a couple of years. Moving to communication infrastructure and other segments, revenue was $503 million, up 54% year over year, driven by data center and secure cards. Lastly, mobile revenue was $411 million, down 4% year over year.

(00:06:31)現在，讓我提供我們數據中心業務的最新情況。鑑於年初至今觀察到的強勁表現，我們現在預計營收將超過今年早些時候提供的 5 億美元預測。隨著新產品的開發和客戶參與的擴大，我們預計這項業務在幾年內將超過十億美元。轉向通信基礎設施和其他部門，營收為 5.03 億美元，年增 54%，主要受到數據中心和安全卡的推動。最後，移動業務的營收為 4.11 億美元，年減 4%。

Rafael Sotomayor - NXP, CEO

(00:07:17)Turning to our Q4 outlook. We are guiding revenue to $3.85 billion, up 2% sequentially and 15% year over year, or 18% excluding sensors. This would mark our fourth consecutive quarter of double-digit annual growth. At the midpoint, we expect the following business trends during Q4. Automotive is expected to increase in the low double-digit percent range year over year and rise in the low single-digit range sequentially. Adjusted for the sale of the MEMS sensor business, our guidance implies high teens percentage growth year over year.

(00:07:17)現在，讓我們來看看第四季的展望。我們預測營收將達到 38.5 億美元，環比增長 2%，年增 15%，或不包括傳感器時增長 18%。這將標誌著我們連續第四個季度的兩位數年增長。在中點，我們預計第四季將出現以下業務趨勢。汽車業務預計年增低雙位數百分比，環比增長低單位數百分比。調整 MEMS 傳感器業務的出售，我們的指導暗示年增高十幾個百分比。

Rafael Sotomayor - NXP, CEO

(00:08:02)Industrial and IoT is expected to grow in the high 20% range year over year, and increase in the low single-digit range sequentially. Mobile is expected to decline in the mid-teens percent range year over year but increase slightly sequentially. Finally, communication infrastructure and other segments are expected to grow over 50% year over year and rise in the low single-digit range sequentially. Now, I will turn the call over to Bill for a review of our financial performance.

(00:08:02)工業和物聯網預計年增高 20% 範圍，並在環比上增長低單位數範圍。移動業務預計年減中十幾個百分比，但環比略有增長。最後，通信基礎設施和其他部門預計年增超過 50%，環比增長低單位數範圍。現在，我將把電話交給 Bill，讓他回顧我們的財務表現。

Bill Betz - NXP, CFO

(00:08:41)Thank you, Rafael, and good afternoon to everyone on today's call. As Rafael has covered the revenue drivers, I will now discuss the financial highlights. Q3 was another strong quarter with record revenue, operating margin, and non-GAAP EPS. Revenue grew 19% year over year, and 8% sequentially to $3.79 billion. Growth was driven by company-specific factors across software-defined vehicles, electrification, connectivity, radar, industrial edge processing, and continued momentum in our emerging data center business.

(00:08:41)謝謝你，Rafael，大家下午好。由於 Rafael 已經介紹了營收驅動因素，我現在將討論財務亮點。第三季是另一個強勁的季度，創下了營收、營業利潤率和非 GAAP 每股收益的紀錄。營收年增 19%，環比增長 8%，達到 37.9 億美元。增長主要受到公司特定因素的推動，包括軟體定義的車輛、電氣化、連接性、雷達、工業邊緣處理，以及我們新興數據中心業務的持續動力。

Bill Betz - NXP, CFO

(00:09:24)Non-GAAP gross margin was 58.6%, up 160 basis points year over year. This margin improvement reflects better factory utilization and solid flow-through on higher revenues. Non-GAAP operating expenses were $810 million, or 21.4% of revenue, demonstrating strong operating leverage. This resulted in a non-GAAP operating margin of 37.1%, up 330 basis points year over year. Below the line, non-GAAP interest expense was $85 million. The tax rate remained steady at 18%. Non-controlling interest was $15 million.

(00:09:24)非 GAAP 毛利率為 58.6%，年增 160 個基點。此毛利率改善反映了更好的工廠利用率和更高營收的穩健流通。非 GAAP 營業費用為 8.1 億美元，佔營收的 21.4%，顯示出強勁的營運槓桿。這導致非 GAAP 營業利潤率為 37.1%，年增 330 個基點。在利息支出方面，非 GAAP 利息支出為 8500 萬美元。稅率保持在 18%。非控制性權益為 1500 萬美元。

Bill Betz - NXP, CFO

(00:10:13)Results from our joint venture equity-accounted investees showed a $4 million loss. This led to non-GAAP earnings per share of $4.20, a 35% increase year over year, approximately twice our revenue growth rate. Turning to the balance sheet, cash flow, and capital returns, our balance sheet remains strong, providing flexibility to invest in strategic growth priorities, advance our hybrid manufacturing model, and return capital to shareholders. We ended Q3 with $3.94 billion in cash, and $10.98 billion in debt, resulting in a net leverage ratio of 1.3 times.

(00:10:13)我們的合資企業股權會計投資者的結果顯示虧損 400 萬美元。這導致非 GAAP 每股收益為 4.20 美元，年增 35%，大約是我們營收增長率的兩倍。轉向資產負債表、現金流和資本回報，我們的資產負債表依然強勁，提供靈活性以投資於戰略增長優先事項，推進我們的混合製造模式，並向股東回報資本。我們在第三季結束時擁有 39.4 億美元的現金，和 109.8 億美元的債務，導致淨槓桿比率為 1.3 倍。

Bill Betz - NXP, CFO

(00:11:05)Days of inventory declined to 148 days from 156 days in Q2, including approximately 13 days of pre-built inventory related to planned front-end factory consolidations. We expect to have approximately 15 days of pre-built inventory by the end of 2026. For the quarter, operating cash flow was strong at $1.26 billion, with net capital expenditures of $50 million, resulting in free cash flow of $1.21 billion, or approximately 32% of revenue. During Q3, we invested $218 million in equity and access fees in VSMC and ESMC.

(00:11:05)存貨天數從第二季的 156 天下降至 148 天，包括約 13 天的預建存貨，與計劃中的前端工廠整合有關。我們預計到 2026 年底將擁有約 15 天的預建存貨。在本季度，營業現金流強勁，達到 12.6 億美元，淨資本支出為 5000 萬美元，導致自由現金流為 12.1 億美元，約佔營收的 32%。在第三季期間，我們在 VSMC 和 ESMC 的股權和接入費用上投資了 2.18 億美元。

Bill Betz - NXP, CFO

(00:11:56)A detailed breakdown of our joint venture investments is available in our historical financial model on the investor relations website. We expect to be over 75% complete with our joint venture investments by the end of the year. On a trailing 12-month basis, free cash flow was approximately $3.5 billion. This represents 25% of revenue, in line with our long-term target. Over the same period, we returned $1.7 billion to shareholders through dividends and share repurchases. Most recently, shareholder returns have been below our long-term target as we prioritize leveraging strategic acquisitions and investments in our manufacturing joint ventures to support future growth.

(00:11:56)我們合資企業投資的詳細分解可在我們的歷史財務模型中找到，該模型位於投資者關係網站上。我們預期到年底，我們的合資企業投資將完成超過 75%。在過去 12 個月的基礎上，自由現金流約為 35 億美元。這代表收入的 25%，符合我們的長期目標。在同一期間，我們通過股息和股票回購向股東返還了 17 億美元。最近，股東回報低於我們的長期目標，因為我們優先考慮利用戰略收購和對我們的製造合資企業的投資，以支持未來的增長。

Bill Betz - NXP, CFO

(00:12:48)Additionally, we are focusing on gross margin expansion. Moving forward, we plan to accelerate our buyback activity in Q4 and throughout 2027. Consistent with that commitment, the board authorized a new $5 billion share repurchase program, bringing total authorization to $6.3 billion, which represents around 10% of our current market capitalization. Overall, we remain committed to returning 100% of our excess free cash flow to shareholders over the long term. Now, turning to our expectations for Q4.

(00:12:48)此外，我們專注於擴大毛利率。展望未來，我們計劃在第四季度及整個 2027 年加速回購活動。與此承諾一致，董事會授權了一項新的 50 億美元股票回購計劃，將總授權金額提高到 63 億美元，這約佔我們當前市值的 10%。總體而言，我們仍然致力於在長期內將 100% 的超額自由現金流返還給股東。現在，轉向我們對第四季度的預期。

Bill Betz - NXP, CFO

(00:13:30)We expect revenue of $3.85 billion, plus or minus $100 million, which is up 15% year over year, or up 18% adjusted for the sale of our sensors business, and up 2% sequentially. We expect a non-GAAP gross margin of 59%, plus or minus 50 basis points, driven by higher revenue and manufacturing utilization. We expect operating expenses of $830 million, plus or minus $10 million. The sequential increase is primarily driven by new product tape-outs to support our trusted Physical AI strategy. At the midpoint, this results in a non-GAAP operating margin of 37.5%.

(00:13:30)我們預期收入為 38.5 億美元，誤差範圍為 1 億美元，這比去年增長 15%，調整後考慮到我們的傳感器業務出售，增長 18%，環比增長 2%。我們預期非 GAAP 毛利率為 59%，誤差範圍為 50 個基點，這是由於收入和製造利用率的提高。我們預期營運支出為 8.3 億美元，誤差範圍為 1000 萬美元。環比增長主要是由於新產品的試產，以支持我們的可信物理 AI 策略。在中點，這將導致非 GAAP 營運利潤率為 37.5%。

Bill Betz - NXP, CFO

(00:14:21)Below the line, we expect non-GAAP financial expense to be $79 million, with a non-GAAP tax rate of approximately 17.5%. We expect non-controlling interest of $14 million and $5 million of losses in our joint venture equity account related to investee fees. This implies Q4 non-GAAP earnings per share of $4.36 at the midpoint, an increase of 30% year over year, demonstrating continued earnings power. Turning to Q4 uses of cash, we expect capital expenditures to be approximately 3% of revenue, with equity payments to VSMC of $86 million and to ESMC of $60 million.

(00:14:21)在利潤表下，我們預期非 GAAP 財務費用為 7900 萬美元，非 GAAP 稅率約為 17.5%。我們預期非控股權益為 1400 萬美元，合資企業股權賬戶的損失為 500 萬美元，與被投資者的費用相關。這意味著第四季度的非 GAAP 每股收益在中點為 4.36 美元，同比增長 30%，顯示出持續的盈利能力。轉向第四季度的現金使用，我們預期資本支出約佔收入的 3%，對 VSMC 的股權支付為 8600 萬美元，對 ESMC 的支付為 6000 萬美元。

Bill Betz - NXP, CFO

(00:15:13)Looking ahead to 2027 and for your modeling considerations, we will continue to drive double-digit revenue growth. We plan to expand our gross margins to 60% during 2027. We expect operating expenses for the first half of the year to be around 23% of revenue, driven by new product introductions, with the second half expected to be below 23%. Assuming a non-GAAP annual effective tax rate of 17.5%, we now expect joint venture investee losses to be around $80 million for the full year, suggesting about a $10 million loss for Q1 and a $20 million loss for Q2.

(00:15:13)展望 2027 年，供您建模考慮，我們將繼續推動兩位數的收入增長。我們計劃在 2027 年將毛利率擴大到 60%。我們預期上半年的營運支出將約佔收入的 23%，這是由於新產品的推出，下半年預期將低於 23%。假設非 GAAP 年度有效稅率為 17.5%，我們現在預期合資企業的被投資者損失將在全年約為 8000 萬美元，這意味著第一季度約為 1000 萬美元的損失，第二季度約為 2000 萬美元的損失。

Bill Betz - NXP, CFO

(00:16:09)Capital expenditures are expected to be around 5%, as we plan to bring more backend capacity online in 2027 and build out our new assembly and test facility in Malaysia, which will be ready for production in 2028. Lastly, we will continue to generate healthy levels of cash and plan to accelerate capital returns to our shareholders. Next, to better understand our business, we plan to realign our end-market revenues beginning in 2027. In addition, we plan to host our Investor Day on March 3rd in Boston, where we will update our strategic and long-term financial model.

(00:16:09)資本支出預計約為 5%，因為我們計劃在 2027 年啟用更多的後端產能，並在馬來西亞建設新的組裝和測試設施，該設施將於 2028 年準備投入生產。最後，我們將繼續產生健康的現金水平，並計劃加速資本回報給我們的股東。接下來，為了更好地瞭解我們的業務，我們計劃從 2027 年開始重新調整我們的終端市場收入。此外，我們計劃在 3 月 3 日在波士頓舉辦投資者日，屆時我們將更新我們的戰略和長期財務模型。

Bill Betz - NXP, CFO

(00:16:57)Finally, I'd like to thank Jeff Palmer, who has served as our head of investor relations for the past 16 years, and express our gratitude for his many contributions to NXP. I would now like to turn the call back to the operator for your questions.

(00:16:57)最後，我想感謝 Jeff Palmer，他在過去 16 年中擔任我們的投資者關係負責人，並對他對 NXP 的諸多貢獻表示感謝。現在我想把電話交回給操作員，讓您提問。

Lisa - Operator

(00:17:13)Thank you. If you would like to ask a question, please press star 11 on your telephone. You will hear an automated message confirming that your hand has been raised. If you would like to remove yourself from the queue, please press star 11 again. We ask that you please wait for your name and company to be announced before proceeding with your question. Please keep your questions to one question and one follow-up. One moment while we compile the Q&A roster. Our first question will be from Jim Schneider of Goldman Sachs.

(00:17:13)謝謝。如果您想提問，請在您的電話上按星號 11。您將聽到一條自動消息，確認您的舉手已被記錄。如果您想從隊列中移除自己，請再次按星號 11。我們請您在您的名字和公司被宣佈之前，請耐心等待再進行提問。請將您的問題限制為一個問題和一個後續問題。請稍等，我們正在整理問答名單。我們的第一個問題將來自高盛的 Jim Schneider。

Lisa - Operator

(00:17:44)Please go ahead.

(00:17:44)請開始。

Jim Schneider - Goldman Sachs, Analyst

(00:17:47)Good afternoon. Thank you for taking my question.

(00:17:47)下午好。感謝您回答我的問題。

Q&A Jim Schneider - Goldman Sachs, Analyst

(00:17:49)I was wondering if you could talk a little about the customer behavior you are seeing across your OEM customers specifically. Are you seeing signs of them restocking more aggressively than in past quarters? And could you give us a sense of the customer commentary regarding lead times and how they are responding to that?

(00:17:49)我想知道您能否談談您在 OEM 客戶中看到的客戶行為。您是否看到他們比過去幾個季度更積極地補貨？而且您能否告訴我們客戶對交貨時間的評論，以及他們是如何回應的？

Rafael Sotomayor - NXP, CEO

(00:18:13)Yes. So, Jim, thank you for the question. I assume this is an automotive-related question. So, in the context of automotive, we are not seeing any noticeable signs that would suggest a broad-based restocking. From a visibility perspective, I believe visibility has greatly improved. Lead times have extended, but this has also resulted in better visibility. Another trend in the automotive market is that OEMs are becoming more involved and providing guidance directly to companies like us. There is much closer intimacy in customer relationships regarding their needs throughout the year.

(00:18:13)是的。所以，Jim，謝謝你的問題。我假設這是一個與汽車相關的問題。因此，在汽車領域，我們並未看到任何顯著的跡象表明會有廣泛的補貨。從可見性的角度來看，我相信可見性已大大改善。領先時間已延長，但這也導致了更好的可見性。汽車市場的另一個趨勢是，原始設備製造商（OEM）變得更加參與，並直接向像我們這樣的公司提供指導。在客戶關係中，對於他們全年需求的親密度大大提高。

Rafael Sotomayor - NXP, CEO

(00:18:53)Therefore, I feel we have good visibility into what that means. Supply will be required, along with the types of files [待確認] we need to deploy.

(00:18:53)因此，我覺得我們對這意味著什麼有很好的可見性。供應將是必需的，還有我們需要部署的文件類型。

Jim Schneider - Goldman Sachs, Analyst

(00:19:06)Thank you. Yes, and as a follow-up, I just wanted to say it’s very helpful to see the solid guidance for 2027. Could you give us a sense, by end market, of where you have the greatest confidence in outperforming that overall double-digit outlook, and where there might be more uncertainty? Thank you.

(00:19:06)謝謝。是的，作為後續，我只是想說看到2027 年的穩固指導非常有幫助。你能否根據最終市場告訴我們在哪裡你對超越整體雙位數展望的信心最大，以及在哪裡可能存在更多不確定性？謝謝。

Rafael Sotomayor - NXP, CEO

(00:19:32)Sure. What is working in 2026 will continue to work in 2027. Your question is about what drives our confidence and the double-digit growth in 2027, which remains focused on certain areas. Software-defined vehicle (SDV) adoption continues. In fact, it is just beginning, and we see several ramps, especially in the second half of 2027. We have very important ramps in our SDV portfolio. The same applies to industrial and IoT. The adoption of AI continues to add content gains in industry and IoT, and this growth is quite strong.

(00:19:32)當然。在 2026 年有效的東西將在 2027 年繼續有效。你的問題是關於驅動我們信心的因素以及 2027 年的雙位數增長，這仍然集中在某些領域。軟體定義車輛（SDV）的採用持續進行。事實上，這才剛剛開始，我們看到幾個增長，特別是在 2027 年下半年。我們在 SDV 產品組閤中有非常重要的增長。工業和物聯網（IoT）同樣適用。人工智慧的採用持續增加在工業和物聯網中，這一增長相當強勁。

Rafael Sotomayor - NXP, CEO

(00:20:11)The deployment we are just starting on the control plane and data center continues to progress for us.

(00:20:11)我們剛開始在控制平面和數據中心的部署持續進展。

Mike Lucarelli - NXP, Investor Relation

(00:20:20)Thank you.

(00:20:20)謝謝。

Lisa - Operator

(00:20:21)Thank you, Jim. Thank you. One moment for the next question. Our next question will come from Thomas O'Malley of Barclays. Your line is open.

(00:20:21)謝謝你，Jim。謝謝。稍等一下，下一個問題。我們的下一個問題將來自 Barclays 的 Thomas O'Malley。你的線路已開通。

Thomas O'Malley - Barclays, Analyst

(00:20:33)Hello, everyone. Thanks for taking my question. Maybe this is for Bill. Looking at the December guidance, you are projecting 59% gross margins. That’s a significant step up in incrementals from September. I believe it’s 85% quarter over quarter, and close to 70% year over year. Obviously, volume is part of that, but could you walk us through other factors driving this, as it’s a big step up from the last three to four quarters?

(00:20:33)大家好。感謝你們回答我的問題。也許這是給 Bill 的。看著 12 月的指導，你預測 59% 的毛利率。這是從 9 月的增量中顯著提升。我相信這是按季度增長 85%，按年增長接近 70%。顯然，產量是其中的一部分，但你能否告訴我們驅動這一增長的其他因素，因為這是從過去三到四個季度的大幅提升？

Bill Betz - NXP, CFO

(00:20:58)Absolutely, Thomas. A couple of points on gross margin. First, they are performing to our expectations. As we shared, they continue to expand into Q4. I would say our gross margin improvements are very structural in nature. They are driven by a combination of higher revenues and higher utilizations. As I mentioned, we are running, I gave guidance, in the mid-80s. They are currently running in the mid-80s. We expect this to continue in Q4, remaining in the mid-80s. And we actually... expect them to run in the high 80s in 2027.

(00:20:58)當然，Thomas。關於毛利率有幾個要點。首先，它們的表現符合我們的預期。正如我們所分享的，它們在第四季度繼續擴張。我會說我們的毛利率改善在本質上是非常結構性的。它們是由更高的收入和更高的利用率組合驅動的。正如我提到的，我們的指導是在中 80% 左右。它們目前運行在中 80% 左右。我們預計這將在第四季度繼續，保持在中 80% 左右。而我們實際上...預計它們在 2027 年將運行在高 80% 左右。

Bill Betz - NXP, CFO

(00:21:34)Clearly, product mix plays a role, along with improved operational efficiencies. I would also note that our gross margins are not influenced by the current price increases, as those increases merely offset higher inflationary costs passed on to our customers. And overall, we expect gross margins to continue expanding, reaching 60% by 2027. Furthermore, we anticipate margins will exceed 60% in 2028, driven by the ramp-up of our VSMC joint venture, which we have discussed previously.

(00:21:34)顯然，產品組合在其中起著作用，還有改善的運營效率。我還要指出，我們的毛利率不受當前價格上漲的影響，因為這些上漲僅僅抵消了轉嫁給我們客戶的更高通脹成本。整體而言，我們預期毛利率將持續擴大，並在 2027 年達到 60%。此外，我們預計到 2028 年，毛利率將超過 60%，這是由於我們的 VSMC 合資企業的增長，這一點我們之前已經討論過。

Thomas O'Malley - Barclays, Analyst

(00:22:15)Do you have a follow-up question on that? Yes, I do. Thanks, Mike. Regarding seasonality, while numbers may vary, my data shows auto was slightly ahead of seasonal trends in September, yet your guidance suggests low single-digit sequential growth. Traditionally, December seasonality is closer to mid to high single digits. Is there a reason for this difference? Could it be due to stronger quarters in June and September, or is there something specific we should note? Thank you.

(00:22:15)您對此有後續問題嗎？是的，我有。謝謝，Mike。關於季節性，雖然數字可能有所變化，但我的數據顯示，九月份的汽車銷售略微超過了季節性趨勢，但您的指導建議顯示低單位數的環比增長。傳統上，十二月的季節性接近中到高的單位數。這種差異有什麼原因嗎？是否可能是因為六月和九月的季度表現較強，還是有其他特定的因素需要注意？謝謝。

Mike Lucarelli - NXP, Investor Relation

(00:22:44)I believe you are referring specifically to the automotive segment. Is that correct? If so, then yes, specifically for auto into December, you are correct. Auto has been quite strong this year, exceeding seasonal expectations in nearly every quarter. Regarding the fourth quarter, I'm not certain. Seasonality varies widely depending on the years considered—3, 5, 7, or 10 years. However, I believe seasonality for auto is likely flat to slightly up. Therefore, a 2% growth would be above seasonal expectations.

(00:22:44)我相信您特別指的是汽車部門。是這樣嗎？如果是的話，那麼是的，特別是對於十二月的汽車，您是正確的。今年汽車表現相當強勁，幾乎每個季度都超過了季節性預期。關於第四季度，我不太確定。季節性根據考慮的年份（3 年、5 年、7 年或 10 年）變化很大。不過，我相信汽車的季節性可能是平穩或略微上升的。因此，2% 的增長將超過季節性預期。

Mike Lucarelli - NXP, Investor Relation

(00:23:07)That is how I interpret it. So, strong trends continue in the automotive sector. That is the straightforward answer regarding the automotive market specifically. Please proceed to the next question.

(00:23:07)這是我的解讀。因此，汽車行業的強勁趨勢持續。這是關於汽車市場的直接回答。請進入下一個問題。

Lisa - Operator

(00:23:18)One moment, please. Our next question comes from Joshua Buchalter of TD Cowen. Please go ahead.

(00:23:18)請稍等。我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。請繼續。

Joshua Buchalter - TD Cowen, Analyst

(00:23:33)Hello, everyone. Thank you for taking my question. Following up on Tom's question, can you provide any insights on the current overall pricing environment? Also, looking into 2027, in prior years there has been a step-down in gross margins due to annual pricing resets. Should we expect a similar step-down in the first quarter of 2027? Thank you.

(00:23:33)大家好。謝謝您回答我的問題。跟進 Tom 的問題，您能提供有關當前整體定價環境的任何見解嗎？此外，展望 2027 年，過去幾年由於年度定價重置，毛利率有所下降。我們應該預期 2027 年第一季度會有類似的下降嗎？謝謝。

Bill Betz - NXP, CFO

(00:23:57)Let me start with pricing. Heading into 2026, we anticipated a low single-digit price decline. However, as we plan to exit 2026, we now expect pricing to be neutral for the year. For 2027, we continue to see higher input costs in many areas, which we will pass on to customers to protect our gross margins. Revenue is also expected to be supported by product mix, especially in the SDV portfolio with new solutions that drive higher average selling prices, as Rafael mentioned, since SDVs carry two to three times more value than our traditional portfolio.

(00:23:57)讓我先從定價開始。進入 2026 年，我們預期會有低單位數的價格下降。不過，隨著我們計劃結束 2026 年，我們現在預期該年的定價將保持中立。對於 2027 年，我們仍然看到許多領域的輸入成本上升，我們將把這些成本轉嫁給客戶，以保護我們的毛利率。收入也預計將受到產品組合的支持，特別是在 SDV 產品組閤中，新的解決方案推動了更高的平均售價，正如 Rafael 提到的，因為 SDV 的價值是我們傳統產品組合的兩到三倍。

Bill Betz - NXP, CFO

(00:24:48)In the short term, pricing is performing as expected. We are passing along costs. Pricing was neutral, with perhaps a 1% increase in Q3. There was about a 1% price increase in Q3 and another 1% in Q4. This keeps pricing neutral for the full year of 2026.

(00:24:48)短期內，定價表現如預期。我們正在轉嫁成本。定價保持中立，第三季度可能有 1% 的增長。第三季度約有 1% 的價格上漲，第四季度又有 1%。這使得 2026 年的整體定價保持中立。

Rafael Sotomayor - NXP, CEO

(00:25:04)Josh, let me add a high-level perspective, setting aside variable input costs for a moment. We see a structural shift in the industry regarding pricing. Unlike the past decade, when annual price erosion was common, semiconductors now represent a larger share of value and innovation in systems. This shift creates opportunities for significantly better value capture. This is unrelated to input costs. It reflects the changing value of semiconductors within systems. While competitive pressures remain, we expect the historical pattern of annual price erosion to moderate over time.

(00:25:04)Josh，讓我補充一個高層次的觀點，暫時撇開可變的輸入成本。我們看到行業在定價方面的結構性變化。與過去十年每年價格下降的情況不同，半導體現在在系統中佔據了更大的價值和創新份額。這一變化為顯著更好的價值捕捉創造了機會。這與輸入成本無關。這反映了半導體在系統中價值的變化。雖然競爭壓力仍然存在，但我們預計年度價格下降的歷史模式將隨著時間的推移而減緩。

Rafael Sotomayor - NXP, CEO

(00:25:53)Over time, this should make pricing less of a headwind year over year.

(00:25:53)隨著時間的推移，這應該使得定價在每年之間的阻力減少。

Joshua Buchalter - TD Cowen, Analyst

(00:25:57)Year. Thank you for all the detailed insights. As a follow-up, you mentioned that you're not seeing any signs of widespread restocking. There has been mixed commentary from the industry over the last couple of quarters about whether restocking is occurring or not. How much of what you're seeing reflects proactive conservatism on your part, similar to how you managed the previous cycle? Or is there anything different about your portfolio, products, or exposure that would result in a different cadence of restocking compared to some peers who say they are already seeing it?

(00:25:57)年。感謝您提供所有詳細的見解。作為後續，您提到您沒有看到任何廣泛補貨的跡象。在過去幾個季度，業界對於是否正在進行補貨的評論不一。您所看到的情況有多少反映了您主動的保守主義，類似於您如何管理之前的週期？或者，您的產品組合、產品或風險敞口是否有任何不同，導致與一些同行相比，補貨的節奏有所不同？

Joshua Buchalter - TD Cowen, Analyst

(00:26:36)Thank you.

(00:26:36)謝謝您。

Rafael Sotomayor - NXP, CEO

(00:26:38)Josh, we're not seeing restocking, correct? I can only speak to what we observe. We are simply not seeing it. Given that our core products are central to the software-defined vehicle, I don't see how we would miss restocking if it were happening. There have been conversations with some OEMs about establishing safety stock due to current supply tightness. However, this has yet to materialize. While I acknowledge some headlines from tier 1 OEMs, we have not observed restocking. Since our products are integral to the vehicle's core functions, any restocking would be evident to us.

(00:26:38)喬希，我們沒有看到補貨，對嗎？我只能說明我們所觀察到的情況。我們根本沒有看到。鑑於我們的核心產品對於軟體定義車輛至關重要，我不明白如果補貨正在發生，我們會怎麼錯過。我們與一些 OEM 進行了關於建立安全庫存的對話，因為目前供應緊張。然而，這尚未實現。雖然我承認來自一級 OEM 的一些頭條新聞，但我們並未觀察到補貨。由於我們的產品對於車輛的核心功能至關重要，任何補貨對我們來說都是顯而易見的。

Bill Betz - NXP, CFO

(00:27:25)To add, remember that we service automotive distribution by about 40%, and we maintain strong control over that. Thank you both. Appreciate it.

(00:27:25)此外，請記住，我們在汽車分銷方面的服務約佔 40%，我們對此保持強有力的控制。謝謝你們兩位。非常感謝。

Lisa - Operator

(00:27:37)Please proceed to the next question. One moment, please, for the next question. The next question is from Blayne Curtis of Jefferies. Your line is open. Hello, everyone. Thank you for your questions.

(00:27:37)請進入下一個問題。請稍等，下一個問題。下一個問題來自傑富瑞的布萊恩·柯提斯。您的線路已開通。大家好。感謝您的提問。

Blayne Curtis - Jefferies, Analyst

(00:27:49)I'd like to start with the automotive segment. Obviously, there are many structural drivers with software-defined vehicles. I was curious about what you are seeing on the electrification side. I think Texas saw an uptick. I'm also curious about the impact of gas prices. Perhaps you could start with that.

(00:27:49)我想從汽車部門開始。顯然，軟體定義車輛有許多結構性驅動因素。我對您在電氣化方面的觀察感到好奇。我認為德克薩斯州出現了增長。我也對油價的影響感到好奇。或許您可以從這方面開始。

Bill Betz - NXP, CFO

(00:28:03)Yes, this is Bill. Hi, Blayne. We are seeing strength across all our company-specific growth drivers in automotive. Last year, electrification was going through inventory digestion, and some of our new products were delayed. However, those products are performing well this year, catching up, and growing above the growth rate we provided during Investor Day, especially in electrification. Looking at total sales as a reference... Total sales are slightly down, but the penetration of XEVs, including hybrids, is growing.

(00:28:03)是的，我是比爾。嗨，布萊恩。我們在汽車領域看到所有公司特定增長驅動因素的強勁表現。去年，電氣化經歷了庫存消化，我們的一些新產品被延遲。然而，這些產品今年表現良好，正在追趕，並且增長超過我們在投資者日提供的增長率，特別是在電氣化方面。以總銷售作為參考……總銷售略有下降，但 XEV 的滲透率，包括混合動力車，正在增長。

Bill Betz - NXP, CFO

(00:28:46)The forecast for total production this year is roughly 47.5% XEVs. Next year, it's expected to exceed 50%, reaching about 55%. So, 47% this year compared to 41% last year represents a 12% growth. [數字存疑] The forecast anticipates another 15% increase in penetration rate. From a macro perspective, we see XEVs continuing to grow globally. As you know, XEVs carry two to three times more semiconductor content than regular internal combustion engine vehicles. Thank you.

(00:28:46)今年的總生產預測約為 47.5% 的 XEV。明年預計將超過 50%，達到約 55%。因此，今年的 47% 與去年的 41% 相比，代表著 12% 的增長。預測顯示滲透率將再增加 15%。從宏觀角度來看，我們看到 XEV 在全球持續增長。如您所知，XEV 的半導體含量是普通內燃機車輛的兩到三倍。謝謝。

Blayne Curtis - Jefferies, Analyst

(00:29:23)Bill, please don't be upset, but I wanted to ask if you have any early thoughts on March, either by segment or overall. Are you referring to the first quarter?

(00:29:23)比爾，請不要生氣，但我想問問您對三月份的早期看法，無論是按部門還是整體。您是指第一季度嗎？

Mike Lucarelli - NXP, Investor Relation

(00:29:34)Yes, that's right. I thought someone else might ask, Blayne. I expected it would be Vivek, but it was you, Blayne. You were ahead of the queue. Thank you. So, again, this is not guidance. There is a wide range of expectations on these figures. I'll provide my usual caveats here. Typically, our Q1 is down about mid-single digits. The mid-single digit sequential decline is driven by mobile, which is down mid-teens sequentially. Then automotive, industrial IoT, and communications infrastructure decline by low to mid single digits, roughly 3%, 4%, or 5% sequentially.

(00:29:34)是的，沒錯。我以為會有其他人問，布萊恩。我原本預期是維維克會問，但卻是你，布萊恩。你在隊伍前面。謝謝。所以，再次強調，這不是指導意見。對這些數字的預期範圍很廣。我會在這裡提供我通常的警告。通常，我們的第一季（Q1）環比下降約中單位數。中單位數的連續下降是由於移動設備，該部分連續下降約中十位數。然後，汽車、工業物聯網和通信基礎設施的下降幅度為低至中單位數，大約是 3%、4% 或 5% 的連續下降。

Mike Lucarelli - NXP, Investor Relation

(00:30:09)Again, this is not guidance. These are overall trends observed over the past 5 to 10 years in our business. Thanks, Mike. Anytime.

(00:30:09)再次強調，這不是指導意見。這些是我們業務在過去 5 到 10 年中觀察到的整體趨勢。謝謝，Mike。隨時歡迎。

Lisa - Operator

(00:30:19)Thank you. One moment for the next question. Our next question is from Harlan Sur of J.P. Morgan. Morgan. Please go ahead.

(00:30:19)謝謝你。稍等一下，下一個問題。我們的下一個問題來自 J.P. Morgan 的 Harlan Sur。Morgan。請繼續。

Harlan Sur - J.P. Morgan, Analyst

(00:30:30)Yes, good afternoon. Thanks for taking my question, and thanks for sharing the near-term trends in your automotive franchise. Obviously, you have many other company-specific drivers in other segments, such as Edge AI, Physical AI, and data center, to name a few. Looking across your overall business, was the book-to-bill ratio greater than one in Q3? If so, did backlog grow across all segments, and did overall customer escalations continue to rise given the tight supply environment? Continue to rise just given the tight supply environment?

(00:30:30)是的，下午好。謝謝你接受我的問題，並感謝你分享你們汽車業務的近期趨勢。顯然，你們在其他細分市場中還有許多公司特定的驅動因素，例如邊緣 AI、物理 AI 和數據中心等。從你們整體業務來看，第三季度的訂單與出貨比是否大於 1？如果是，所有細分市場的訂單積壓是否都有增長，並且在供應緊張的環境下，整體客戶升級是否持續上升？在供應緊張的環境下，是否持續上升？

Bill Betz - NXP, CFO

(00:31:02)Yeah, let me take that question. I would say all signals have improved compared to 90 days ago. The book-to-bill ratio remains well above one across all end markets and regions. Our backlog continues to grow in dollar terms and extends further into 2027. Lead times continue to extend; to give you a sense, about 80% of our lead times are now above 16 weeks, compared to only 25% a year ago. Customer escalations continue to increase significantly quarter over quarter.

(00:31:02)是的，讓我來回答這個問題。我會說，與 90 天前相比，所有信號都有所改善。訂單與出貨比在所有終端市場和地區都保持在 1 以上。我們的訂單積壓在金額上持續增長，並延伸到 2027 年。交貨時間持續延長；給你一個概念，現在大約 80% 的交貨時間超過 16 週，而一年前只有 25%。客戶升級持續顯著增加，季度間增長。

Mike Lucarelli - NXP, Investor Relation

(00:31:44)Would you like to follow up, Harlan?

(00:31:44)Harlan，你想跟進一下嗎？

Harlan Sur - J.P. Morgan, Analyst

(00:31:44)I appreciate it. Yeah. On the... Regarding the supply side and the 300-millimeter expansion initiatives, primarily driven through your ESMC and VSMC 300-millimeter joint ventures, I believe VSMC is targeted for analog power mixed-signal products. I understand VSMC has just started production and qualification, with shipments targeted for the first half of next year. And if I recall correctly, ESMC, for your MCU and embedded products, is targeted for production around the end of next year. Could you provide an update on these initiatives?

(00:31:44)我很感謝。是的。關於...關於供應方面和 300 毫米擴張計劃，主要通過你們的 ESMC 和 VSMC 300 毫米合資企業推動，我相信 VSMC 的目標是針對模擬電源混合信號產品。我瞭解 VSMC 剛開始生產和資格認證，預計在明年上半年發貨。如果我沒記錯，ESMC 針對你們的 MCU 和嵌入式產品，目標是於明年年底前開始生產。你能提供這些計劃的最新情況嗎？

Harlan Sur - J.P. Morgan, Analyst

(00:32:22)In this tight supply environment, it seems the 300-millimeter programs are coming online at just the right time.

(00:32:22)在這個供應緊張的環境中，似乎 300 毫米計劃正好在合適的時候上線。

Bill Betz - NXP, CFO

(00:32:29)Absolutely. As you know, this is happening both in the front end and the back end. On the front end, we recently celebrated the opening of the VSMC, which is ahead of schedule. The first ramp will be on our partner's side, focusing on interposers. On our side, we are in the process of qualifying our first set of technologies, with material production starting in the first half and expected outputs in the second half of the year. We do see some outputs coming ahead of schedule, but the bulk of volume pickup is expected in 2028.

(00:32:29)絕對如此。如你所知，這在前端和後端都在進行。在前端，我們最近慶祝了 VSMC 的開幕，這比預期提前了。首次擴張將在我們的合作夥伴那一方，專注於中介層。在我們這一方，我們正在進行資格認證我們的第一組技術，材料生產將在上半年開始，預計在下半年產出。我們確實看到一些產出提前了，但大部分的產量預計在 2028 年。

Bill Betz - NXP, CFO

(00:33:12)This will also help expand our gross margins. As you know, there are two benefits from this. You gain from moving to 300 millimeters, and you also avoid margin stacking that occurs when buying from an outside foundry partner. Regarding the back end, as I mentioned in my prepared remarks, we are increasing our CapEx to about 5%, compared to around 2% this year. There are two factors driving this. First, we are adding capacity in Q1 and Q2 to support our revenue in the back end, as we have some available space, and we are utilizing it.

(00:33:12)這也將有助於擴大我們的毛利率。如你所知，這有兩個好處。你從轉向 300 毫米中獲益，並且避免了從外部代工廠合作夥伴那裡購買時發生的利潤堆疊。關於後端，正如我在準備的發言中提到的，我們將資本支出提高到約 5%，而今年約為 2%。有兩個因素推動這一增長。首先，我們在第一季度和第二季度增加產能，以支持我們後端的收入，因為我們有一些可用空間，並且正在利用它。

Bill Betz - NXP, CFO

(00:33:50)This will help drive double-digit growth. More importantly, we are building and preparing a new facility in Kuala Lumpur, which we broke ground on in August. It is expected to be operational by early 2028. This facility will generate significant revenue and support our gross margin expansion as well. Great.

(00:33:50)這將有助於推動雙位數增長。更重要的是，我們正在吉隆坡建設並準備一個新設施，該設施於八月動工，預計將於 2028 年初投入運營。這個設施將產生可觀的收入，並支持我們的毛利率擴張。很好。

Harlan Sur - J.P. Morgan, Analyst

(00:34:13)Thank you for the color, Bill.

(00:34:13)謝謝你的補充，Bill。

Lisa - Operator

(00:34:18)Thank you. One moment, please, for the next question. Our next question comes from Matthew Prisco of Cantor Fitzgerald. Please go ahead.

(00:34:18)謝謝。請稍等，下一個問題。我們的下一個問題來自 Cantor Fitzgerald 的 Matthew Prisco。請開始。

Matthew Prisco - Cantor Fitzgerald, Analyst

(00:34:29)Hi, everyone. Thanks for taking my questions. First, on the software-defined vehicle (SDV) side, with these increased engagements, can you provide more detail on what's driving these wins today? Also, how should we think about the ramp timing and potential inflection points given these wins? Is this more of a 2027-2028 story, or are there ancillary opportunities you are seeing? The Volkswagen partnership seems focused on the MCU side, but obviously, you are selling these systems with other components as well.

(00:34:29)大家好，謝謝你們回答我的問題。首先，在軟體定義車輛（SDV）方面，隨著這些增加的參與，您能否提供更多細節，說明今天這些成功的驅動因素？此外，考慮到這些成功，我們應該如何看待增長時間和潛在的轉折點？這是更偏向於 2027-2028 年的故事，還是您看到其他附帶的機會？大眾汽車的合作似乎專注於 MCU 方面，但顯然，您也在銷售這些系統與其他組件。

Matthew Prisco - Cantor Fitzgerald, Analyst

(00:34:58)Are there opportunities beyond that core? Thanks.

(00:34:58)除了核心之外還有其他機會嗎？謝謝。

Rafael Sotomayor - NXP, CEO

(00:35:02)Yes. What is driving the zonal design is the massive adoption of the software-defined vehicle, as we've been discussing. The whole concept is revolutionary. It is transforming the way vehicles are made. There are two architectures: the zonal architecture and the central compute architecture. I am simplifying it a bit. The Volkswagen press announcement focused on their zonal architecture, which uses our high-performance S32K5. That said, we also have many engagements in our S32N central compute architecture.

(00:35:02)是的。驅動區域設計的因素是軟體定義車輛的廣泛採用，正如我們所討論的。整個概念是革命性的。它正在改變汽車的製造方式。有兩種架構：區域架構和中央計算架構。我在簡化一下。大眾汽車的新聞公告專注於他們的區域架構，該架構使用我們的高性能 S32K5。話雖如此，我們在 S32N 中央計算架構方面也有許多參與。

Rafael Sotomayor - NXP, CEO

(00:35:39)We already have design wins in North America. We have a recent design win in the South Pacific and Asia. Additionally, we have several proofs of concept in China and Europe. Early ramps of the central compute S32N are likely in late 2027, with full volume ramps for both the K5 and S32N expected in 2028. We are quite bullish about these developments because the content gains from SDV are significant, and as we provide more transparency over the next year, it will show that this content gain compounds with share gain.

(00:35:39)我們已經在北美獲得設計勝利。我們在南太平洋和亞洲最近獲得了一個設計勝利。此外，我們在中國和歐洲有幾個概念驗證。中央計算 S32N 的早期增長可能在 2027 年底，K5 和 S32N 的全面增長預計在 2028 年。我們對這些發展持樂觀態度，因為 SDV 帶來的內容增長是顯著的，隨著我們在接下來的一年中提供更多透明度，這將顯示內容增長與市場份額增長是相互增強的。

Matthew Prisco - Cantor Fitzgerald, Analyst

(00:36:29)Do you have a follow-up? Oh, yes. On physical AI, last call you mentioned a pipeline and your system-level approach. Could you update us on how you view the physical AI opportunity, perhaps sizing it as a percentage of processor revenues for 2027 and beyond, and how quickly this market can grow? Thanks. Well, that is the core of what we are discussing: physical AI.

(00:36:29)您有後續問題嗎？哦，是的。在物理 AI 方面，上次通話中您提到了一個管道和您的系統級方法。您能否更新我們對物理 AI 機會的看法，也許將其作為 2027 年及以後處理器收入的百分比來估算，以及這個市場的增長速度？謝謝。嗯，這就是我們討論的核心：物理 AI。

Rafael Sotomayor - NXP, CEO

(00:36:54)AI is the main driver for content gain in industrial and IoT sectors. I believe we mentioned last call that AI-enabled processors without the discrete NPU accounted for approximately 15% of total processor revenue. We expect that to have doubled compared to a year ago. So, we anticipate strong growth continuing into 2027. Regarding the discrete NPU, we are now gaining significant traction with various proofs of concept in industrial, IoT, and automotive sectors. We expect early production in 2028. Thank you, Matt.

(00:36:54)AI 是工業和物聯網領域內容增長的主要驅動力。我相信我們在上次通話中提到過，不含離散 NPU 的 AI 啟用處理器約佔總處理器收入的 15%。我們預計這一比例將比一年前翻倍。因此，我們預期強勁的增長將持續到 2027 年。關於離散 NPU，我們現在在工業、物聯網和汽車領域獲得了顯著的進展，並有多個概念驗證。我們預計在 2028 年開始早期生產。謝謝你，Matt。

Mike Lucarelli - NXP, Investor Relation

(00:37:37)Next caller, please. Please.

(00:37:37)下一位來電者，請。請。

Lisa - Operator

(00:37:44)Thank you. One moment, please. Our next question is from Vivek Arya of Bank of America Securities. Please go ahead.

(00:37:44)謝謝。請稍等。我們的下一個問題來自美國銀行證券的 Vivek Arya。請開始。

Vivek Arya - BofA Securities, Analyst

(00:37:57)Thanks for taking my question. Rafael, one of the criticisms against NXP has been limited exposure to the data center market. I believe you mentioned this year's target of over $500 million. That represents a low single-digit percentage. Even a billion dollars would represent less than 10%. This is compared to many of your peers who have between 10 to 20% exposure to the data center market. So the question is: Is the data center market not a strategic priority for NXP? And if it is, do you believe you can pursue it organically, especially since you suggest that cash use will prioritize buybacks over other investments?

(00:37:57)謝謝你回答我的問題。Rafael，對 NXP 的批評之一是對數據中心市場的曝光有限。我相信您提到過今年的目標超過 5 億美元。這代表著低單位數的百分比。即使是一十億美元也只佔不到 10%。這與許多同行相比，他們在數據中心市場的曝光率介於 10% 到 20% 之間。那麼問題是：數據中心市場對 NXP 來說不是戰略優先事項嗎？如果是的話，您認為您能夠有機地追求它嗎，特別是因為您提到現金使用將優先考慮回購而非其他投資？

Vivek Arya - BofA Securities, Analyst

(00:38:32)Strategically, how do you view the data center business, its importance, and what level of exposure should NXP have in that end market?

(00:38:32)從戰略上看，您如何看待數據中心業務及其重要性，NXP 在該終端市場應有何程度的曝光？

Rafael Sotomayor - NXP, CEO

(00:38:41)Perhaps you could summarize the question a bit? Today, we provided an outlook indicating that data center revenue would be about $500 million. We also mentioned that we expect to close the year exceeding that figure. With the new products we are developing and current engagements, we now anticipate that revenue to reach a billion dollars by 2028. Now, the thesis is, The core idea in our playbook is that if data plane performance increases, then the control plane must also improve in performance. This involves not only enhanced processing power but also increased networking, security, and safety capabilities.

(00:38:41)或許您可以稍微總結一下問題？今天，我們提供了一個展望，顯示數據中心的收入將約為 5 億美元。我們還提到，我們預計年末將超過這一數字。隨著我們正在開發的新產品和當前的合作，我們現在預計到 2028 年收入將達到十億美元。現在，論點是，我們的行動計劃的核心思想是，如果數據平面性能提高，那麼控制平面的性能也必須改善。這不僅涉及增強的處理能力，還包括增強的網絡、安全和安全能力。

Rafael Sotomayor - NXP, CEO

(00:39:28)These areas align with NXP's core competencies. Given that there is zero tolerance for downtime, reliable, industrial-grade control processes are essential. You should view the portfolio as including top-of-rack switches, which are beginning to gain traction. Additionally, there are controllers and processors for board management, including secure elements, processors, microcontrollers, and interfaces. We are currently developing more products to expand this scope. We are leveraging NXP's core components to address the control plane in data centers.

(00:39:28)這些領域與 NXP 的核心競爭力相符。鑑於對停機時間的零容忍，可靠的工業級控制過程是必不可少的。您應該將產品組合視為包括頂級機架交換機，這些交換機開始獲得市場認可。此外，還有用於板管理的控制器和處理器，包括安全元件、處理器、微控制器和接口。我們目前正在開發更多產品以擴大這一範疇。我們正在利用 NXP 的核心元件來解決數據中心的控制平面問題。

Rafael Sotomayor - NXP, CEO

(00:40:09)The growth from $500 million to a billion dollars over the next two years, driven by new product ramps, is quite impressive.

(00:40:09)在未來兩年內，從 5 億美元增長到十億美元，這一增長主要由新產品推動，這是相當令人印象深刻的。

Bill Betz - NXP, CFO

(00:40:23)Vivek, I want to clarify that the buyback does not imply we are not investing in data centers. As you can see, we are generating significant cash flow. We will continue to invest in the data center market. You will likely hear more about this during our investor day in March.

(00:40:23)Vivek，我想澄清一下，回購並不意味著我們不在數據中心進行投資。如您所見，我們正在產生可觀的現金流。我們將繼續在數據中心市場進行投資。您可能會在我們三月份的投資者日上聽到更多關於這方面的消息。

Mike Lucarelli - NXP, Investor Relation

(00:40:38)I believe your question is somewhat negative in tone. Data center has become another pillar in our growth strategy. We have Autos as a core franchise, and software-defined vehicles (SDV), which are performing well. That is fantastic. Data centers represent a new and emerging opportunity. Rafael outlined initiatives we are undertaking to accelerate growth in this area. Then there is the industrial and IoT market, with Physical AI as another growth opportunity. Thus, NXP's growth strategy rests on three pillars.

(00:40:38)我認為您的問題語氣有些消極。數據中心已成為我們增長戰略的另一個支柱。我們有汽車作為核心業務，並且軟件定義的車輛（SDV）表現良好。這真是太棒了。數據中心代表了一個新的新興機會。Rafael 概述了我們正在採取的舉措，以加速這一領域的增長。然後是工業和物聯網市場，物理人工智慧作為另一個增長機會。因此，NXP 的增長戰略基於三個支柱。

Mike Lucarelli - NXP, Investor Relation

(00:41:05)We are not dependent on a single segment. Having multiple growth drivers is a net positive for the company.

(00:41:05)我們並不依賴於單一的市場。擁有多個增長驅動因素對公司來說是淨正面的。

Vivek Arya - BofA Securities, Analyst

(00:41:12)For my follow-up, regarding your communications infrastructure and other segments, how should we think about growth? What is the outlook as we look into next year? This year, it was the fastest-growing segment after two years of decline. Rafael, what are the key factors influencing that segment's performance next year? Thank you.

(00:41:12)對於我的後續問題，關於您的通信基礎設施和其他細分市場，我們應該如何看待增長？當我們展望明年時，前景如何？今年，它是經過兩年衰退後增長最快的細分市場。Rafael，明年影響該細分市場表現的關鍵因素是什麼？謝謝。

Bill Betz - NXP, CFO

(00:41:37)Let me explain how that segment is structured. As I mentioned in my prepared remarks, we will realign the segment starting in 2027. This will provide greater transparency and clarity on the business components. At the end of 2025, approximately 50% of the segment was secure card business. Twenty-five percent was digital networking (DN). And 25% was RF power. Looking toward the end of 2026, about half of the data center revenue will come from digital networking. Therefore, we expect communications and infrastructure for DN to exceed 30%.

(00:41:37)讓我解釋一下該細分市場的結構。正如我在準備的發言中提到的，我們將從 2027 年開始重新調整該細分市場。這將提供對業務組件更大的透明度和清晰度。到 2025 年底，該細分市場約有 50% 的業務來自安全卡業務。25% 來自數字網絡（DN）。另外 25% 來自射頻功率。展望 2026 年底，約一半的數據中心收入將來自數字網絡。因此，我們預計 DN 的通信和基礎設施將超過 30%。

Bill Betz - NXP, CFO

(00:42:25)We have exited the next-generation RF power business and expect that segment to be below 20% by the end of 2026. You will also see continued growth in our secure card business alongside these trends. But we will break that out and provide much greater transparency in our Q4 earnings release. Thank you, Vivek.

(00:42:25)我們已經退出了下一代射頻功率業務，預計到 2026 年底該細分市場將低於 20%。您還將看到我們的安全卡業務在這些趨勢下持續增長。但我們將會將其拆分，並在第四季度的財報中提供更大的透明度。謝謝你，Vivek。

Mike Lucarelli - NXP, Investor Relation

(00:42:52)Can we proceed to our last question, please?

(00:42:52)我們可以進入最後一個問題嗎？

Lisa - Operator

(00:42:54)Thank you. One moment, please. The next question will come from Francois of UBS. Please go ahead.

(00:42:54)謝謝。請稍等。下一個問題來自 UBS 的 Francois。請開始。

Francois-Xavier Bouvignies - UBS, Analyst

(00:43:06)Thank you very much. I have two quick questions. Perhaps a follow-up on the data center segment. You mentioned $1 billion for 2028, up from $500 million this year. Looking at your peers, most are expecting to double revenues by next year already. Considering gigawatt additions in various data, it appears capacity will double in 2027 compared to 2026. All data suggests the data center market should nearly double next year. So, your $1 billion target for 2028 implies slower growth in 2027. Are you being conservative, or could you reach $1 billion as early as next year? Should we anticipate any drag into next year?

(00:43:06)非常感謝。我有兩個簡短的問題。也許是關於數據中心部門的後續問題。你提到 2028 年將達到 10 億美元，較今年的 5 億美元有所上升。看著你的同行，大多數預期到明年收入將翻倍。考慮到各種數據中的千兆瓦新增量，似乎到 2027 年容量將比 2026 年翻倍。所有數據顯示，數據中心市場明年應該幾乎翻倍。因此，你的 2028 年 10 億美元目標暗示 2027 年增長較慢。你是保守估計，還是明年就能達到 10 億美元？我們應該預期明年會有任何拖累嗎？

Rafael Sotomayor - NXP, CEO

(00:44:04)Francois, the first thing to consider about our data center business is the type of products we deploy. We are not in discrete components. Nor are we in power components. We focus on the control plane. Any MCU or microprocessor in the rack falls within our market. We started this business only recently, this year. Currently, growth depends on product representation. It also depends on design wins and acceptance. Additionally, growth relies on customers deploying software on our products. So, our portfolio is quite different.

(00:44:04)Francois，考慮我們的數據中心業務的第一件事是我們部署的產品類型。我們不涉及離散元件。我們也不涉及電源元件。我們專注於控制平面。機架中的任何 MCU 或微處理器都屬於我們的市場。我們這個業務是最近才開始的，今年才開始。目前，增長取決於產品的代表性。這也取決於設計贏得和接受度。此外，增長依賴於客戶在我們的產品上部署軟件。因此，我們的產品組合非常不同。

Rafael Sotomayor - NXP, CEO

(00:44:47)I believe it is even stickier than some products and companies you mentioned. We are excited about the ramp-up of our data center business because these are processors. These align with NXP's core competencies in networking, security, and processors. I believe NXP will perform very well in this area.

(00:44:47)我相信它甚至比你提到的一些產品和公司更具黏性。我們對數據中心業務的增長感到興奮，因為這些是處理器。這些與 NXP 在網絡、安全和處理器方面的核心競爭力相一致。我相信 NXP 在這個領域會表現得非常好。

Francois-Xavier Bouvignies - UBS, Analyst

(00:45:10)Great. Thank you, Rafael. My follow-up is on pricing. You mentioned bill of input cost as a driver of pricing. Rafael, you also mentioned mix impacting pricing next year. Another pricing factor could be the supply-demand environment, with many discussing tightness potentially leading to a COVID-like scenario. When I look at it, peer utilization rates vary: Renesas at 60%, TI and Infineon ramping new fabs, and you also have a new fab ramping, yet you did not mention tightness in pricing. Is it fair to say the market is not as tight as perceived?

(00:45:10)很好。謝謝你，Rafael。我的後續問題是關於定價的。你提到輸入成本的賬單作為定價的驅動因素。Rafael，你也提到明年產品組合會影響定價。另一個定價因素可能是供需環境，許多人討論緊張可能導致類似 COVID 的情況。當我看這個問題時，同行的利用率各不相同：Renesas 為 60%，TI 和 Infineon 正在擴建新廠，而你們也有新廠在擴建，但你並未提到定價的緊張。是否可以公平地說市場並不像人們認為的那麼緊張？

Francois-Xavier Bouvignies - UBS, Analyst

(00:46:01)Perhaps there is ample capacity coming online, or it is a timing or lead-time issue, but it is temporary and not as fundamental as the COVID situation. Is that correct?

(00:46:01)也許有充足的產能即將上線，或者這是一個時機或交貨期問題，但這是暫時的，並不像 COVID 情況那樣根本。這是正確的嗎？

Bill Betz - NXP, CFO

(00:46:14)Yes. Let me address that question, Francois. It is well known that backend capacity is currently very tight. Um, We do see frontend capacity tightening in the future. Capacity coming online from us and others will help alleviate this. We anticipate capacity increases as the next phase of supply-demand imbalance resolution. We expect this to occur sometime next year. We are very fortunate to have made investments in both the back end and front end that will enable us to service demand effectively. Currently, pricing adjustments are only related to inflationary costs.

(00:46:14)是的。讓我來回答這個問題，Francois。大家都知道目前後端產能非常緊張。嗯，我們確實看到未來前端產能會收緊。我們和其他公司即將上線的產能將有助於緩解這一情況。我們預計產能的增加將是供需失衡解決的下一階段。我們預期這將在明年某個時候發生。我們非常幸運能夠在後端和前端進行投資，這將使我們能夠有效地滿足需求。目前，價格調整僅與通脹成本有關。

Bill Betz - NXP, CFO

(00:46:53)Could pricing also be influenced by demand and supply imbalances, similar to what we experienced during COVID? Absolutely. However, we will wait and see how that situation develops.

(00:46:53)價格是否也可能受到需求和供應不平衡的影響，類似於我們在 COVID 期間的經歷？絕對是的。不過，我們會觀察這種情況如何發展。

Rafael Sotomayor - NXP, CEO

(00:47:02)And Francois, the demand environment today is very different, correct? You mentioned COVID, but... The current demand environment is genuine and sustainable. It is driven by transformation. Software-defined vehicles, physical AI transformation, data, CapEx investment—all are driving this transformation. So, it is a fundamentally different environment. I believe this demand will fuel value creation, value capture, and potentially pricing power.

(00:47:02)Francois，今天的需求環境非常不同，對嗎？你提到了 COVID，但……當前的需求環境是真實且可持續的。這是由轉型驅動的。軟體定義的車輛、實體 AI 轉型、數據、資本支出投資——這些都在推動這一轉型。所以，這是一個根本不同的環境。我相信這一需求將促進價值創造、價值捕捉，並可能帶來定價權。

Francois-Xavier Bouvignies - UBS, Analyst

(00:47:32)Great. Thank you very much.

(00:47:32)很好。非常感謝。

Lisa - Operator

(00:47:36)Thank you. That concludes today's Q&A session. I will now turn the call over to Rafael for closing remarks.

(00:47:36)謝謝你。這就結束了今天的問答環節。現在我將把電話交給 Rafael 進行結語。

Rafael Sotomayor - NXP, CEO

(00:47:41)Please go ahead. Thank you, everyone. I want to leave you with three key takeaways. First, our growth is structural. Software-defined vehicles, the intelligent industrial edge, and data centers are multi-year growth drivers, and wins like RVTech demonstrate our strong positioning for the next growth phase. Second, this growth is broad-based, with every region showing expansion. Automotive, industrial, IoT, and communication infrastructure segments are all growing at double-digit rates year over year. Lastly, our growth generates robust free cash flow, enabling us to invest in the business and return capital to shareholders.

(00:47:41)請繼續。謝謝大家。我想給大家留下三個關鍵要點。首先，我們的增長是結構性的。軟體定義的車輛、智能工業邊緣和數據中心是多年的增長驅動因素，像 RVTech 這樣的勝利展示了我們在下一個增長階段的強大定位。其次，這一增長是廣泛的，每個地區都顯示出擴張。汽車、工業、物聯網和通訊基礎設施領域的增長率均為兩位數。最後，我們的增長產生了強勁的自由現金流，使我們能夠投資於業務並向股東回報資本。

Rafael Sotomayor - NXP, CEO

(00:48:19)As disclosed today, we have a new $5 billion repurchase authorization, positioning us to accelerate our buybacks.

(00:48:19)如今天所披露的，我們有一項新的 50 億美元的回購授權，使我們能夠加速回購。

Mike Lucarelli - NXP, Investor Relation

(00:48:27)These buybacks will begin in Q4. Thank you all for joining us today.

(00:48:27)這些回購將在第四季度開始。非常感謝大家今天的參與。

Lisa - Operator

(00:48:33)Thank you for joining us today. You may now disconnect. This concludes today's program.

(00:48:33)感謝您今天的參與。您現在可以斷開連接。這就結束了今天的節目。