Nordic Semiconductor ASA (NDCVF) 首席执行官 Svenn-Tore Larsen 在 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年07月12日 · 43 次阅读

Nordic Semiconductor ASA (OTCPK:NDCVF) Q2 2019 Earnings Conference Call July 11, 2019 2:00 AM ET

Nordic Semiconductor ASA([OTCPK:NDCVF])2019年第二季度收益电话会议2019年7月11日美国东部时间上午2:00


Svenn-Tore Larsen - CEO
Pal Elstad - CFO

  • Svenn-Tore Larsen - 首席执行官
  • Pal Elstad - 首席财务官


Christoffer Bjørnsen - DNB Markets
Aksel Engebakken - ABG
Andreas Bertheussen - Kepler Cheuvreux

  • ChristofferBjørnsen - DNB Markets
  • Aksel Engebakken - ABG
  • Andreas Bertheussen - 开普勒Cheuvreux

Svenn-Tore Larsen

Good morning. Welcome to the Nordic Semiconductor's Second Quarter Presentation for 2019. So, it's like every quarterly presentation, I do a quick business update; Pal, our CFO, will go through the numbers, and then we come -- I come back and do business outlook.
So, we put together some highlights. What we will see when you look through the report is that we had a very strong backlog and that's basically increased because of Tier 1 contribution and it also impacted our revenue this quarter.
And Nordic Bluetooth design win certification this quarter grew by 21% from 125 in Q2 2018 to 151 this quarter and Nordic design win market share was again at 43%, strong market share.
We have reported quite a few major design wins [report] during this quarter. The record-high backlog was driven by new design win with Tier 1 customers and is globally.
We had a strong margin this quarter as a result of the investment we've done in supply chain. As you might recall, we got $100 million we raised in April last year. We bought test equipment to be faster to market with the optimal yield and that really shows on our margins today. We promised to release software for the cellular IoT products last quarter. We did so now in June.
And also there has been some market uncertainty and that's been impacting the business willingness to keep inventory and we have basically managed this adaption to current situation throughout this quarter.
So, our revenue was in line with the guidance, was $70.5 million. It's a decrease of 0.9%. The important thing is that Bluetooth had an increase of 7.1% year-on-year. If you look at the quarter, it was increase of 50% quarter-on-quarter. But we still are impacted by this market uncertainty, but we keep our market share, which is very important.
We had a down of 25.6% in proprietary and that was basically due to inventory adjustments. And I would say not PC, which is the biggest chunk of our business, PC accessories, but non-PC accessories contributed to this revenue decline. We sampled cellular IoT products for $200,000. It's not bad doing sampling. And back to the backlog, $112 million is close to 40% growth year-on-year.
Our gross margin, 51.2%, is an expansion of 2.2 year-on-year. We really get payback for the investment we did on supply chain, on test equipment. This is the best margin we have had in four years.
We see that the design wins that are contributing to revenue growth is the higher n52 family. It really shows that our new customer base, more or less the Tier 1 customers, they want advanced Bluetooth chips.
EBITDA was at $9.8 million. If we adjust that for short range only, we had an EBITDA margin of $15.3 million, which is 21.8%. So, that's basically EBITDA on short-range business from Nordic.
So, Pal, I'll hand over to you and you do the numbers.

早上好。欢迎阅读Nordic Semiconductor的2019年第二季度演示文稿。因此,就像每季度演示一样,我做了快速的业务更新; Pal,我们的首席财务官,将通过数字,然后我们来 - 我回来做商业前景。












Pal Elstad

Thank you, Svenn-Tore. I will go through the financials now. So, it's good to be back on higher revenue. Last quarter, all our operational KPIs saw very negative variances compared to what we've historically shown. But when we're back to $70 million in revenue, we see that the operational leverage gets our KPIs back to what we've seen as the historical trailing numbers.
I'm going to go through this model now as always. Just remember that the cost items here are the reported numbers, so we haven't adjusted for noncash items. First of all, as Svenn-Tore said, revenue down 0.9%; good growth in Bluetooth offset by the negative proprietary variance.
Gross margins, up 2.2 percentage points compared to last year, positive contribution from cost improvements and also a favorable customer and product mix compared to last year.
If you look at our total costs for the quarter, it was 37.3% of revenue or $26.3 million. That's a 5% -- a 5.6% increase from the $24.9 million last year. It's actually down compared to last quarter, but that's the effect on salary pay that we always have in this -- in Q2.
Total R&D, $23.8 million, up from $20.1 million last year. Included in this number is a capitalization of R&D of $3.8 million, slightly higher than last quarter's, but more or less the same number as last year.
The difference in capitalization this quarter versus last quarter's is that it's less cellular in this number now. This month -- this quarter, it's only $2 million. So, $1.8 million relates to the short-range business, which is then development of new products and new variance that will come in with.
So, total cost for the cellular operation in the quarter was $5.6 million versus $3.4 million reported last year. However, the underlying cash cost is an increase from $6.8 million to $7.5 million or about 10%. We're close to 200 people in Finland now. The 200 people is not only working on long range, some of it is also short-range people, but in total, 200 people.
Finally, SG&A, $9.5 million versus $10.6 million last year. Actually, if you adjust for the IFRS 16 effect of $1 million, SG&A is more or less the same. So, in the challenging market, we are actually conserving costs while we, at the same time, are ramping business to sell the cellular business in next years. As Svenn-Tore mentioned, EBITDA margin of close to 14%, same as last year, above 20% for the first time adjusted for the cellular business.
Now, I'm going to jump to revenue per market. Nordic, after two quarters with negative growth, we have the first quarter where we have flat numbers and that will, of course, be seen in the change in per market.
So, you see all of them are more or less flat compared to last year and have a significant growth compared to last quarter. That's both the market improvement, but also the seasonal effect Q2 versus Q1.
And I'm going to highlight the main items in each of the markets. If we start with Consumer Electronics, down 3.4% compared to last year. You remember proprietary is down 25%, and proprietary is, to a large extent, in Consumer Electronics. That means that the Bluetooth business in Consumer Electronics is pretty strong and showing a good growth.




如果你看一下我们这个季度的总成本,它是收入的37.3%或2630万美元。这是5% - 比去年的2490万美元增长了5.6%。与上一季度相比,它实际上有所下降,但这是我们在第二季度总是有的薪水工资的影响。


本季度与上一季度的资本化差异在于,现在这个数字的细胞数量较少。这个月 - 本季度只有200万美元。因此,180万美元涉及短期业务,然后是新产品的开发和新的变化。

因此,本季度手机业务的总成本为560万美元,而去年报告的为340万美元。然而,基础现金成本从680万美元增加到750万美元或约10%。我们现在在芬兰接近200人。 200人不仅在远程工作,有些人也是短程人员,但总共有200人。

最后,SG&A,去年为950万美元,而去年为1060万美元。实际上,如果您调整IFRS 16效果100万美元,则SG&A或多或少相同。因此,在充满挑战的市场中,我们实际上在节约成本的同时,我们正在扩大业务,以便在未来几年内销售蜂窝业务。正如Svenn-Tore所提到的,EBITDA利润率接近14%,与去年同期相比,首次调整为蜂窝业务的20%以上。




That growth is sort of the mix between a transition from proprietary to Bluetooth on some of the PC accessory products, but also some good designs that we've -- Svenn-Tore has mentioned previously, most of them actually come in, in Consumer Electronics.
Wearables, up 7.3%, $12.7 million is actually the strongest number we've had in Wearables since Q4 of 2015 when our previous big customer in Wearables was at its peak. So, we had a rebound in Wearables.
There's really two reasons for this increase or this good number. First of all, Wearables was very weak in Q1 because Wearables is the market that was hit most of the issues the ODMs had earlier this year due to the trade issue. Secondly, we do have quite a few of very good new design wins both in internationally and in China domestic markets within the Wearable market. So, a good number.
Building and Retail, more or less flat compared to last year. Really the only big difference between last year is this RFID customer that we've had for ages had had lower numbers in this year compared to last year. Compared to last quarter, a 60% increase, there's some really good smart home applications and also beacon, asset trackers in that number.
Healthcare has been more or less flat for the last quarters, also this quarter, of 1.5% versus last year. This is a market we're investing a lot and coming up with new products and new variance, so we hope to gain traction in this market because it's an important market in Bluetooth. Finally, Others, good contribution from all our module partners.
Talk about gross margin, in 2016, when we experienced significant yield problems on the -- in connection with the introduction of the 52, we had margin far down on the 50s. We started guiding on a target for 50% on gross margin. Since that date, we've been able to more or less constantly increase our gross margin. And for the fourth consecutive quarter, we're above our 50% target.
We've talked about these improvements many times. It comes as a result of strong operational performance, where we now don't have all the wastes when we introduce new products. We've had good wafer savings.
And also we now have a much broader portfolio, so we're able to sell direct products to the right price. Also as Svenn-Tore mentioned, we've done investment in test equipment. So, when we ramp new products, scrap is much less than it was back in 2016, 2017.
If you we look at what it was last quarter, it's more or less flat, a little bit unfavorable customer mix, but a favorable product mix as there is still like pull for the more high-value Bluetooth products. We do anticipate quarter-to-quarter fluctuations and also when cellular IoT starts ramping, you need to look at the total gross margin for the group.
Cash OpEx, this number is adjusted for capitalization and equity compensation. As reported previously, we are continuing to ramp to capture future growth opportunities. So, we are increasing the number of employees.
If you look at Q1 versus Q2, there's a small increase of 0.2% in cash cost. There's a reduction in salaries due to salary pay, holiday pay. There's an increase in other OpEx. That's mainly costs related to all the certification work we're doing now with our cellular products.

这种增长是某种PC配件产品从专有产品到蓝牙产品转型的结合,也是我们之前的一些优秀设计--Svenn-Tore之前提到的,其中大多数实际上是在消费类电子产品中引入的。 。





谈到毛利率,2016年,当我们遇到重大的收益率问题时 - 与52的推出相关,我们的利润率远低于50年代。我们开始指导毛利率达到50%的目标。自那时起,我们已经或多或少地不断提高我们的毛利率。连续第四个季度,我们超过50%的目标。




Cash OpEx,此数字根据资本化和股权补偿进行调整。如前所述,我们将继续努力抓住未来的增长机会。所以,我们增加了员工人数。


Compared to last year, there's an OpEx increase at around 5% or 8.8% if you adjust for IFRS 16. This increase is mainly driven by a 14% increase in employees. We're now 717 employees compared to 629 a year ago. The reason OpEx increased is that we do have a continued favorable FX effect in accounts with the weakening of the NOK compared to last year.
Final slide on cash flow, since Q2 represents a quarter where we're back to growth, so we've had two quarters with decline in revenue. We will then in Q2 always have a cash outflow due to buildup of working capital. We've also seen this in Q2, so a negative cash of $10 million in the quarter. This was compared to a negative cash of $4 million the same quarter a year ago.
However, if you look at the reduction in accounts receivable -- or the increase in accounts receivable of $10 million, this is actually less than the $70 million increase in revenue, so it shows that we're able to keep the payment terms and the DSO with our customers even in a challenging market. So, I think that's good.
If you look at the CapEx, $4.1 million, slightly below the guided amounts. We are -- it's taking time to build the lab equipment and ramping the facilities we've talked about, so this is more or less a delay into next quarters, and Svenn-Tore will mention that on the guiding slide.
Finally, we're continuing our disciplined cash strategy and we do have a very tight cash management, and we're trying to optimize our cash generating ability.
Okay, Svenn-Tore, I hand over to you again.

如果您调整国际财务报告准则第16号,与去年相比,运营支出增加约5%或8.8%。这一增长主要是由于员工增加了14%。我们现在有717名员工,而一年前只有629名。 OpEx增加的原因是,与去年相比,NOK减弱的账户确实有持续的有利外汇效应。


但是,如果你看一下应收账款减少 - 或应收账款增加1000万美元,这实际上低于收入增加7000万美元,因此它表明我们能够保留付款条款和DSO与我们的客户即使在充满挑战的市场中。所以,我觉得这很好。

如果你看看资本支出,410万美元,略低于指导金额。我们 - 需要时间来建造实验室设备并扩大我们谈论的设施,所以这或多或少会延迟到下一季度,而Svenn-Tore将在指导幻灯片中提到这一点。



Svenn-Tore Larsen

So, every quarter, we show some new Nordic power products. This time, we got selection of products I think very much representative of what we've been doing of design-in activity and where we do design-in activity.
We have -- Logitech have just released a G703. It's a new gaming mouse. And Logitech are doing very well on gaming if you look at their numbers. And Nordic is part of this gaming wave. We are continuing to winning the BLE products at Logitech, so we are proud of that.
Sikom is a Zigbee thermostat. We've been talking about Zigbee for many years. This is the first pure Zigbee application with Nordic inside. Who do we compete with? We compete with the guys that basically are pushing and selling Zigbee only.
So, our multiple platform product won against our optimized Zigbee product. We're proud of this design. We also see that energy measurement, this is basically a product you can put onto your power core and measure your electricity flow, again with the 52 series.
Another meter is sub-water meter reader using Nordic again. We see that these meterings are getting more and more smart. They have to use either Zigbee or Bluetooth or might be even some of them use Thread. And remember, we have solution for all those three protocols. It's a target market for Nordic.
At the right-end corner, you see Braveridge, which is a Japanese company using Nordic for asset tracking both for short and long range. That's the first product we shipped. We combined the cellular long-range product with the 52 family. We spoke about that some years ago when we started doing the cellular that we might see combinations in the same end product. If you look straight ahead, you'll see it. It's great.
Every half year, we show this slide, how many design kit did we ship into the market. We shipped close to 40,000 products into the market the first half. It's a new record. It's a 33% growth from first half 2019. And what we see is that there's a significant contribution of the 52,840.
And to remind you, the 52840 is the most complex BLE shipped from Nordic. We believe that the applications we're seeing now is getting more and more complex. We need CPU power. This is what we took a bet on four years back, and it was correct.
Also if you go under our numbers, you see that we shipped 2,791 the long-range kit first half of this year. So, we still believe this is a leading indicator of the market growth. And what we also see is there is a continuous strong diversification of application where we get in.
So, this is a leading indicator of our position, and we have an attractive and also competitive solutions. If I go back one slide, if you look at Sikom, we compete against the guys that are doing Zigbee. We won with our combined platform, the 840.
It was a record quarter for our certifications. End product certification ended at 151 is the largest number we've ever seen. It's a 21% growth year-on-year, and it's up 11% from last quarter. And you see again that this red bar at the right-hand side, which is others, are contracting.


我们有 - 罗技刚刚发布了G703。这是一款全新的游戏鼠标。如果你看看他们的数字,罗技在游戏方面做得很好。北欧是这场游戏浪潮的一部分。我们将继续在罗技赢得BLE产品,因此我们为此感到自豪。










We see that there is coming newcomers into the market every half year or every quarter, but still you cannot have a sustained workplace in this market with one or two or 10 design wins a quarter because investment would be able to give value to customers, it's not supported by companies doing one to five design wins a quarter. This will consolidate.
So, last quarter, I spoke about a segment called lighting. We believe that professional lighting will be smart. This quarter, we're talking about commercial asset tracking, and you've all seen tags to make assets smarter. You see all the sensors out there. Nordic is winning there as a science and obviously makes easier for doing safety, inventory and security. And usually, these are relatively simple application where our low end part, the 52,810, fits in.
And then you have more advanced parts where you do tracking and gateways. And these gateways, the indoor location, they support mesh protocols, and some of them are using Bluetooth, Zigbee and Thread. Is it familiar? It's what Nordic support. So, basically, one product, the 840, support all these three protocols, and we can enable these gateways to be built.
And if you want new data up to cloud, we can add on a 91 module and basically have a complete system built around our technology. So, this is a segment that's going to grow over the next years to come.
Well, obviously we have what we are familiar with, the stand-alone asset tracking application. The 52810 can be used on low-cost consumer application. And then we have the 9160, which is a GPS tracker. And what we have shown you is pets, livestock, this application that's already out there. And we see again asset tracking really fits the Nordic technology.
And our customers tells us, too. Tile, one of the leading companies within trackers, and CJ, he has actually had a press release and toured around the world saying how important it is for Tile to get part of the Nordic infrastructure. We are building an infrastructure that these partners want to hook up with.
That's our, I would say, secondary strength. The first strength is obviously the parts itself. But when you do have your infrastructure build out there and most customer using the Nordic, then basically others want to hook on to the same infrastructure.
On consumer is Tile. On industrial is a company called Quuppa, which some of you might know of. It's doing the same but more for industrial applications. And we have a company called H&D Wireless, which are basically using a combined solution again. So, it just proves that the combination of short and long-range makes new segments open for Nordic.
We have now a qualified Amazon FreeRTOS for nRF52840, so it's available now. So, basically you can go to AVS and use the software and use the Nordic chips. We are not the first but we're there, and it's a new opportunity for all the -- everybody using the AVS.
A quarter ago, we talked about production status for 91, and we said they're going to be delivered in June. We did so. 9160 SICA, the SIBA, the SIAA is all now in production.





好吧,显然我们拥有我们熟悉的独立资产跟踪应用程序。 52810可用于低成本的消费者应用。然后我们有9160,这是一个GPS跟踪器。而我们向您展示的是宠物,牲畜,这种应用已经存在。我们再次看到资产跟踪非常适合北欧技术。

我们的客户也告诉我们。 Tile是追踪者中的领先公司之一,也是CJ,他实际上已经发布了一份新闻稿,并在世界各地巡回演出,说要让Tile成为北欧基础设施的一部分是多么重要。我们正在构建这些合作伙伴想要联系的基础架构。


消费者是瓷砖。在工业上是一家名为Quuppa的公司,你们中的一些人可能知道。它正在做同样的事情,但更多用于工业应用。我们有一家名为H&D Wireless的公司,它们基本上再次使用组合解决方案。因此,它证明了短距离和长距离的结合使得北欧的新细分市场开放。

我们现在有一个合格的亚马逊FreeRTOS用于nRF52840,所以现在可用。所以,基本上你可以去AVS并使用该软件并使用Nordic芯片。我们不是第一个,但我们在那里,这对所有人来说都是一个新机会 - 每个人都使用AVS。

一个季度前,我们谈到91的生产状况,我们说他们将在6月交付。我们这样做了。 9160 SICA,SIBA,SIAA现已投入生产。

We are finally getting certification in place both for LTE-M and narrowband IoT. It has taken some time, a little bit longer than we had anticipated, but now it's coming. And obviously it is impacting the time to revenue for us, but we are there at the moment. And we support all LTE bands: both LTE-M, all the bands; narrowband IoT, all the bands. We're certified by GCF, PTCRB, CE, FCC, ISED. And we are very close to get the Verizon certification out, and we expect that to happen now in July.
So, guys, if you have a project in your room at home, you can start buying modules from Nordic. If you're working in a large corporation and you want to have a secure and good LTE connection, again you can contact us and we deliver.
And I have to say there is a lot of good and smart engineers in Norway also. Well, this is a product which a company called Telespor is doing. I call it [Indiscernible]. For you that's listening on the webcast and doesn't know Norwegian, it's a product that you stick around the neck for sheeps. It's out there in the market today.
I mean these sheeps are walking around with this orange [Indiscernible] today in the West Coast of Norway. It reports GPS position at different intervals. You can define what you want. Tagging is a two-way device. You can set alarms. For example, when there is no movement, you think that the sheep doesn't move for a day, must be something wrong.
And if you know, currently, there is a lot of legal requirement for livestock, and this help the farmers to fulfill legal responsibility. And if you see here on the left side, in the bottom, this is the actual size. So this is a product that we see -- we have shown you one more similar product, it was on livestock in Finland at the reindeer. Now, we see sheeps. And we all know that there is a couple of sheeps, for example, in New Zealand. So, this market is relatively significant for Nordic.
So, if you look at our guidance now for 2019 Q3. We have a range between $78 million and $83 million. We have a strong backlog, and we're certainly back to growth in Bluetooth. And we think that within $78 million to $83 million is a good range to expect.
When it comes to gross margin, we're going to have a continued strong gross margin. If you look at our backlog, it's strong, was $112 million. Then we said that there is Tier 1 customers that contributed to this backlog. That's why we want to set the expectations that it's not going to be another 2.2% growth in margin, but we're going to keep it around 50%.
We know that we will use around $4 million to $5 million in CapEx to continue to expand and accelerate the 9160 product to the market. And also, we need to ensure we have test capacity to ship out this $112 million that's going to be increasing over time.
And just a brief for all who will attend. We want to have a Capital Markets Day. It's going to be following the Q3 presentation on October 22nd. We're going to deep dive into sales model, go-to-market strategy for both short and long range.





如果你知道的话,目前对牲畜有很多法律要求,这有助于农民履行法律责任。如果您在左侧看到此处,则在底部,这是实际尺寸。所以这是我们看到的产品 - 我们向您展示了另一种类似的产品,它是芬兰的驯鹿牲畜。现在,我们看到了羊群。我们都知道新西兰有几只羊。因此,这个市场对北欧来说相对重要。





We will have an update on the progress with long-range certification and design wins. We're going to be more open with our technology and R&D road map. And we will send a detailed information to you guys in September.
This concludes the presentation. And Q&A -- and then we have some questions here. Can we get the microphone, please?

我们将了解远程认证和设计获胜的最新进展。 我们将通过我们的技术和研发路线图更加开放。 我们将在9月向您发送详细信息。

演讲到此结束。 问答 - 然后我们在这里提出一些问题。 我们可以拿麦克风吗?


[Indiscernible] from Arctic. Good to see that you are now back onto the smart growth this quarter. First, your order backlog was quite solid this quarter. And you're right in your presentation that you have increased Tier 1 contribution in your backlog. So, first, could you give some color on the customer concentration, the backlog, how much of your backlog is from Tier 1 customer or your top five customers, for instance?

来自北极的[音频不清晰]。 很高兴看到你现在恢复了本季度的智能增长。 首先,本季度您的订单积压相当稳固。 而且您在演示文稿中表明您在积压工作中增加了第1级贡献。 那么,首先,您能否就客户集中度,积压工作量,您的积压工作量来自一级客户或前五大客户提供一些颜色?

Svenn-Tore Larsen

We are not commenting on whether it's Tier 1 or each customer, but obviously to have this jump of 40%, it must be some larger companies in the backlog. And we are going to see a shift in our current top 10 customers as a result of invoicing the backlog this coming quarter.

我们没有评论它是第一级还是每个客户,但显然要有40%的涨幅,它必须是积压的一些大公司。 我们将看到我们目前排名前10位客户的转变,因为在即将到来的季度对待订单进行开具发票。

Pal Elstad

The top 10 has been around 10% -- 30%, 35%. It's probably going to increase, but it's not going to increase -- it's not a huge increase. It's gradual -- going to gradually increase.

排名前10位的人数约为10% - 30%,35%。 它可能会增加,但它不会增加 - 这不是一个巨大的增长。 它是渐进的 - 逐渐增加。

Svenn-Tore Larsen

Gradually increase as more than one product from each customer starts going into production.



Okay. And your Q3 guidance, could you give some more color on the split between Bluetooth smart and proprietary? Because Bluetooth Smart, you are now back to growth, and you have eased your year-over-year comps and also maybe supported, but--.
And last one, on cellular, you mentioned that you expect cellular to pick -- growth to pick up in the second half of 2019. Could you quantify this somewhat more? And also for 2020, do you still expect the cellular segment to break even during next week? And if you could remind us -- no, next year maybe? And if you could quantify what this implies in revenues for 2020?

好的。 你的Q3指导,你能否在蓝牙智能和专有技术之间分一些颜色? 因为蓝牙智能,你现在恢复增长,并且你已经放松了你的年度比赛,也可能得到支持,但是 - 。

最后一个,在细胞上,你提到你期望细胞选择 - 在2019年下半年增长回升。你能否稍微量化一下? 而对于2020年,您是否仍然期望细胞细分市场在下周出现收支平衡? 如果你能提醒我们 - 不,明年也许吧? 如果你能量化这对2020年的收入意味着什么呢?

Svenn-Tore Larsen

Yes. Let's take each question. I mean if you look at cellular, we have had some great progress lately. We're starting to get certified globally, so a lot of good things have happened.
It's been a slower certification process than we expected, so this will be a stretched goal to reach the breakeven, but we still believe that it's absolutely possible. And it's another 18 months before we end 2020, so we are positive, optimistic and believe that the goal is still achievable.
So, you wanted to know more about Bluetooth contribution in Q3. That's going to be strong. And the other part of your question, [Indiscernible]?

是。 让我们来回答每个问题。 我的意思是,如果你看细胞,我们最近取得了一些进展。 我们开始在全球范围内获得认证,因此发生了许多好事。

这是一个比我们预期的更慢的认证过程,所以这将是一个达到盈亏平衡的延伸目标,但我们仍然认为这是绝对可能的。 而且在我们结束2020年之前还有18个月,所以我们是积极的,乐观的,并且相信目标仍然是可以实现的。

所以,您想了解更多关于第3季度蓝牙贡献的信息。 这将是强大的。 你的问题的另一部分,[音频不清晰]?


And you wrote that cellular revenues will pick up during second half if you could quantify this?


Svenn-Tore Larsen

No, we cannot quantify. We are not guiding on each product line, but we see that we have been shipping around 200,000 samples in Q2. And there will be some of this customer that will go to production in end of 2022 -- 2019, as we have said. But we are not going to split that.

不,我们无法量化。 我们没有指导每个产品系列,但我们发现在第二季度我们已经出货了大约200,000个样品。 正如我们所说,将有一些客户将在2022年至2019年底投入生产。 但我们不打算分开。


Thank you.



Christoffer here from DNB Markets. Just to clarify on the guidance for proprietary, you did some commentary on it in the Q3 report and they were going to be down single-digit, if I remember correctly. Was that incorrect or you expect it to be down single-digit year-over-year in Q3?

来自DNB Markets的Christoffer。 只是为了澄清专有的指导,你在Q3报告中对它做了一些评论,如果我没记错的话,它们将会下降到一位数。 这是不正确的还是你预计在第三季度它将同比下降一位数?

Pal Elstad

More than single-digit, I think. We already talked about the -- this report. We said more than single-digit.

我认为不仅仅是一位数。 我们已经谈过 - 这份报告。 我们说超过一位数。

Svenn-Tore Larsen

In Q3 report -- in Q2 report, we arrived that we have strong comparables in Q3, and we expect to be more than single-digit in Q3. Second half is different answer, but we'll come back to that in the markets -- Capital Markets Day.

在第三季度报告中 - 在第二季度报告中,我们到达了第三季度我们有强大的可比性,我们预计在第三季度将超过一位数。 下半年是不同的答案,但我们将回到市场 - 资本市场日。


Sure. And is that based on -- you wrote that you had some issues like you still -- like you said with the smaller customers in the proprietary business when you have the guidance for more than single-digit decline, is that assuming that these guys will still be out of the picture? And -- or--

当然。 这是基于 - 你写道,你有一些像你一样的问题 - 就像你对专有业务中较小的客户说的那样,如果你有超过一位数下降的指导,假设这些人将会 仍然没有出现? 而且 - 或 -

Svenn-Tore Larsen

Yes, we can -- yes.

是的,我们可以 - 是的。


Yes? Great. And then just as kind of a follow-up on [Indiscernible] question on the cellular business in the second half, could you just give us some more color on what recent events gave you confidence that you will see revenues ramp?

是? 大。 然后就像下半年关于移动电话业务的[Indiscernible]问题的后续行动一样,您能否就最近的事件让您更有信心让您相信收入会增加?

Svenn-Tore Larsen

Because we've been shipping samples already from Q1 this year, and it takes some time to build the end product, but when it's built, when we've been certified, the whole infrastructure is ready to go. So, it depends on our customers' initial production rate, but we will get some customers into production this year.

因为我们已经从今年第一季度开始运送样品,并且需要一些时间来构建最终产品,但是当它被构建时,当我们获得认证时,整个基础设施就可以开始了。 因此,这取决于我们客户的初始生产率,但今年我们会让一些客户投入生产。


Yes. Okay. Then a final one from me is on headcount. Could you say anything about how much we expect headcount to increase year-over-year in 2019?

是。 好的。 然后我的最后一个是人数。 您能否说一下我们预计2019年员工人数会逐年增加多少?

Pal Elstad

We haven't exactly said that. But if you look at what I've said previous quarters is that the growth will be more or less at the same pace, at least not more, so around the average we've had the last quarters.

我们并没有完全这么说。 但是,如果你看看我前面所说过的话,增长将或多或少地保持同样的速度,至少不会更多,所以我们在最后几个季度的平均值。


Okay. Thank you.

好的。 谢谢。

Svenn-Tore Larsen

I think we have to turn that question a little bit around. We have to look at opportunities we have and the means to be able to fulfill those opportunities. And as we are getting more into new segments and I will say, a new customer base, we have larger opportunities and we have to deliver faster, and we are not restricting headcount.

我想我们必须稍微改变这个问题。 我们必须看到我们拥有的机会以及能够实现这些机会的手段。 随着我们越来越多地进入新的细分市场,我会说,一个新的客户群,我们有更大的机会,我们必须更快地交付,而且我们不限制员工人数。


Sorry, I just -- maybe another one. There was news out -- I think it was yesterday or the day before that that keyboards from Logitech and mice and presenters have been found to be exposed to some security vulnerabilities. And these are products where you supply the only chipset in there.
I'm not asking you to comment on Logitech in particular because you can't do that. But in general, how do you usually handle these kind of situations? How does it kind of progress? Does this mean that you could lose a customer or you just do firmware update? Or how does it work?

对不起,我只是 - 也许是另一个。 有消息传出 - 我认为是在昨天或前一天,罗技,鼠标和演示者的键盘被发现暴露于一些安全漏洞。 这些产品是您提供唯一芯片组的产品。

我不是要求你特别评论罗技,因为你不能这样做。 但总的来说,你通常如何处理这种情况? 它是如何进步的? 这是否意味着您可能失去客户或您只是进行固件更新? 或者它是如何工作的?

Svenn-Tore Larsen

First of all, we never comment on individual customers. Secondly, any MCU or any radio can't be hacked so - -but obviously, if such a situation occur, we will work with our customer and ensure that they get the optimal security. So, it's a case that will happen in the future also, and we are working tightly with all our customers to ensure not to reoccur.

首先,我们从不对个别客户发表评论。 其次,任何MCU或任何无线电都不能被黑客攻击 - 但很明显,如果出现这种情况,我们将与客户合作并确保他们获得最佳安全性。 因此,这也将在未来发生,我们正在与所有客户紧密合作,以确保不再发生。


Thank you.


Aksel Engebakken

Yes, good morning. Aksel from ABG. So, first, a question on backlog, no guidance methodology. So, you said that the uncertainty in the market that -- and you heard in Q2 will also prevail in Q3. Now, how does that impact your guidance range? Is it such that you put in a safety margin and lower the guidance range or do you make a wider guidance range? How do you approach market uncertainty in the guidance range?

是的,早上好。 来自ABG的Aksel。 首先,关于积压的问题,没有指导方法。 所以,你说市场的不确定性 - 你在第二季度听到的也将在第三季度盛行。 现在,这对您的指导范围有何影响? 您是否设置了安全范围并降低了引导范围,或者您是否制定了更宽的引导范围? 您如何在指导范围内处理市场不确定性?

Svenn-Tore Larsen

If you look at the percentage, it's not increased, so we don't increase the range. If you look at the general conditions, I mean there is parameters outside Nordic control. So, I think based on the company's history, it's better to be very realistic when you do guiding.

如果你看一下百分比,就不会增加,所以我们不会增加范围。 如果你看一般条件,我的意思是北欧控制之外的参数。 所以,我认为根据公司的历史,当你做指导时,最好是非常现实的。

Pal Elstad

And also, the backlog is seeing some more impact of bigger customers. It's the range or the timeline is increasing. It's sort of going into 2020 also. So, it's a mix from quarter-to-quarter.

而且,积压工作正在看到更大客户的更多影响。 这是范围或时间表正在增加。 它也有点进入2020年。 所以,这是季度与季度的混合。

Aksel Engebakken

But better safe than sorry is the correct interpretation.


Svenn-Tore Larsen

I think any company that are guiding today is more conservative than aggressive when you know what current state we are in.


Aksel Engebakken

All right. And one more question on the proprietary sales. So, you mentioned the channel effect and you mentioned weak PC.

行。 还有一个关于自营销售的问题。 所以,你提到了渠道效应,你提到了弱PC。

Svenn-Tore Larsen

We did not. We said there were weakness outside PC.

我们没有。 我们说PC外面有弱点。

Aksel Engebakken

Weakness outside PC, yes. Is it possible to sort of split those two effects?

PC之外的弱点,是的。 有可能将这两种效果分开吗?

Svenn-Tore Larsen

It is, but we basically did. We say that the PC peripheral business has not been as affected as medium-sized, smaller customers that are in a lot of other applications.

是的,但我们基本上做到了。 我们说PC外围设备业务并没有像许多其他应用程序中的中小型客户那样受到影响。

Pal Elstad

The question is really is can we split between inventory and non-PC's weakness. I think it's more or less a double dip because there's -- if there's weak in other, there will also be inventory adjustments because there's a weak market. So, I will say that these two are linked and they're probably similar.

问题是我们能否在库存和非PC的弱点之间进行分配。 我认为这或多或少是一次双底下跌,因为有 - 如果其他方面存在弱势,那么也会有库存调整,因为市场疲软。 所以,我会说这两者是相关的,它们可能是相似的。

Aksel Engebakken

All right. All right.

行。 行。

Svenn-Tore Larsen

Or we can be even more specific. What we see is that our distributors channel are basically limited their inventory, holding of inventory and it's an effect that have been on all semiconductor companies. As we are growing relatively strong on Bluetooth low energy, most of the inventory we are shipping to our district partners has to reflect what's going to be the fast-growing product.

或者我们可以更具体。 我们看到的是,我们的分销商渠道基本上限制了他们的库存,持有库存,这对所有半导体公司都有影响。 随着我们在蓝牙低能耗方面的增长相对强劲,我们向区域合作伙伴发送的大部分库存必须反映出快速增长的产品。

Aksel Engebakken

Okay. And just a final one, following up on previous questions on cellular revenue towards the end of the year, what would make you pleased being able to ship out? What kind of volume in, say, Q4 would make you very happy as it's done now?

好的。 而最后一个问题是,关于今年年底蜂窝电话收入的前期问题,会让您感到高兴能够发货吗? Q4中的音量会让你感到非常高兴,因为它现在已经完成了吗?

Svenn-Tore Larsen

I think we are not looking at cellular proprietary or BLE separately only to make us happy. What we are -- making us happy is that we achieve the goals we set. And we've been working for many years now to be the leader of BLE. We want to ensure that we get those Tier 1 customer contribute to the revenue growth that Nordic as a company need.
We know we've been doing a lot of good things, and things are starting to happen on long-range, the cellular. And we will be disappointed if we don't see revenue end of this year, but we haven't put a range of where we are going to disappoint or where we're going to be happy. We know that we have a goal is to try to get breakeven in 2020 and that's the first milestone where we're going to be happy or not happy.

我认为我们不会单独看待蜂窝专有或BLE,只是为了让我们开心。 我们是什么 - 让我们高兴的是我们实现了我们设定的目标。 我们多年来一直在努力成为BLE的领导者。 我们希望确保我们让这些一级客户为北欧作为公司所需的收入增长做出贡献。

我们知道我们已经做了很多好事,事情开始发生在远程,细胞上。 如果我们没有看到今年的收入结束,我们会感到失望,但我们还没有把我们将要失望的地方放在哪里,或者我们会在哪里开心。 我们知道,我们的目标是在2020年尝试获得盈亏平衡,这是我们开心或不开心的第一个里程碑。

Aksel Engebakken

And just remind me, the implied revenue to break even in 2020, what kind of run rate revenue would that be?


Svenn-Tore Larsen

It depends on margin, but currently, we look around 65.


Aksel Engebakken

All right. Thank you.

行。 谢谢。

Andreas Bertheussen

Andreas Bertheussen, Kepler Cheuvreux. Two quick ones, if I may. So, you reported revenue growth in Bluetooth better than expected, I guess. Can you help us get comfortable that the 7% increase in year-on-year on Bluetooth was driven by actual new growth in Bluetooth and not sort of a cannibalization of the proprietary business, which was again weaker than expected?

Andreas Bertheussen,Kepler Cheuvreux。 两个快速的,如果可以的话。 所以,我猜你报告的蓝牙收入增长好于预期。 您是否可以帮助我们感到舒服的是,蓝牙的实际新增长推动蓝牙同比增长7%,而不是专有业务的蚕食,这又比预期的要弱?

Svenn-Tore Larsen

Yes. Quick answer is yes. This is new application using Bluetooth and not really taking out from proprietary.

是。 快速回答是肯定的。 这是使用蓝牙的新应用程序,而不是真正从专有中取出。

Andreas Bertheussen

[Indiscernible] change the way you do this? Okay. Thanks. And second question, there is, of course, now becoming a mismatch between the backlog and the guidance for Q3 in terms of size. Can you help us understand what your customers are telling you when they place decent big orders? Of course, it's, as you say, out in 2020. But what are they feeling right now? Are they seeing that, yes, we will and we're hopeful for 2020? Or we will buy this in 2020, but we, of course, will buy now because things are uncertain?

[音频不清晰]改变你这样做的方式? 好的。 谢谢。 第二个问题,当然,现在,在规模方面,积压和第三季度的指导之间存在不匹配。 您能否帮助我们了解客户在发出正确的大订单时告诉您的内容? 当然,正如你所说,它是在2020年。但他们现在感觉如何呢? 他们是否看到了这一点,是的,我们将会和我们对2020年充满希望吗? 或者我们会在2020年购买,但我们当然会购买,因为事情不确定?

Svenn-Tore Larsen

Obviously, we have customers that have production plants and plans and we also go in and replace existing or older products in existing end product that is keep running. So, this is more stable production. So, we know exactly when to ship, and we have days on all backlog. So, this is not a hopeful orders. This is real orders. They are going to be affected on real dates.

显然,我们的客户拥有生产工厂和计划,我们也会继续使用现有的最终产品来替换现有的或旧的产品。 所以,这是更稳定的生产。 因此,我们确切地知道何时发货,并且我们在所有积压工作上都有几天。 所以,这不是一个充满希望的订单。 这是真正的订单。 他们将在实际日期受到影响。

Andreas Bertheussen



Svenn-Tore Larsen

Cool. Thanks a lot for your questions. You guys have a good day. And--

凉。 非常感谢你的问题。 你们今天过得愉快。 和 -

Pal Elstad

Thank you.


Svenn-Tore Larsen

And a nice summer. Thank you.

还有一个美好的夏天。 谢谢。


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