2024-06-11 09:59:09 ET
NXP Semiconductors N.V. (NXPI)
NASDAQ Investor Conference Conference Call
June 11, 2024, 04:00 ET
Company Participants
Kurt Sievers - President & CEO
Bill Betz - CFO
Conference Call Participants
Blayne Curtis - Jefferies
Presentation
Blayne Curtis
Go ahead and get started. And I'm Blayne Curtis, recently joined Jefferies, covering U.S. Semiconductor, Semi Cap Equipment. I've known NXP for a very long time. Very happy to have Kurt Sievers, the President and CEO; as well as Bill Betz, who's the CFO. Welcome both of you. And I think having just initiated when I'm not talking about NVIDIA, the question is definitely analog. We've been very positive on that area. So I thought maybe I'd be just a way to start off, just kind of your perspective, where we are. Because I get that question asked all the time, where we are in the cycle? You definitely have had some comments. Every company is a bit different, but kind of where are you seeing it for NXP in the industry and then we'll get into some more further questions.
Kurt Sievers
Yes, sure. Thanks, Blayne, and thanks for hosting us this morning here. I will give you a few, which is strongly biased to the automotive and industrial markets. So it's not strictly analog. It's more the market segment exposure to automotive and industrial, which is the lifeline for NXP.
And clearly, the end demand is not bad at all. It is just masked by inventory digestion. And the commentary I'd give you here is very NXP specific because, as we've discussed over and over, we have handled the whole inventory management through this cycle somewhat differently to probably most of our peers, which is we have avoided right from the start to build over-inventory in the channel. 50% of NXP's business is going through distribution. And that is typically the trap you fall into, that you over-ship into distribution and then suffer badly from trying to build it down....
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NXP Semiconductors N.V. (NXPI) NASDAQ Investor Conference Call Transcript