NXP Semiconductors N.V. (NXPI) Presents at KeyBanc Technology Leadership Forum (Transcript)

NXP Semiconductors N.V. (NASDAQ:NXPI) KeyBanc Technology Leadership Forum August 7, 2023 4:00 PM ET

Company Participants

Jeff Palmer – VP, IR

Conference Call Participants

John Vinh – KeyBanc Capital Markets

John Vinh

Good afternoon, everybody. My name is John Vinh. I cover semis here at KeyBanc Capital Markets. And we’re pleased to have Jeff Palmer, VP of Investor Relations from NXP. Welcome, Jeff.

Jeff Palmer

Great. Thanks, John. I appreciate it. It’s always a pleasure to be here. Thanks.

Question-and-Answer Session

Q – John Vinh

Great. Maybe Jeff — maybe we can start with your Auto business more broadly. I feel — I think your message was that you’re generally seeing pretty consistent strength within your Auto business. I feel like from some of your peers out there, there’s been some mix messages within the Auto business.

I’m wondering if you could just help us understand what you’re seeing more broadly in autos, maybe talk about it by different segments, EVs or xEVs versus ICE and maybe talk about it by regions. Are all the regions and all the segments of your Auto business doing well, or is it just kind of a portfolio approach for more broadly, it’s doing well, but then maybe there’s pockets of weakness here or there?

Jeff Palmer

Yes. So I think more broadly, it is a portfolio approach. We did say that North America and Europe were solid for us. China is okay. Probably still needs a little bit more rebounding. Clearly — and we said that some of our customers specifically Tier 1s in Europe may have had a little bit of excess inventory. We highlighted that in Q1. We think we’re kind of working our way through that. That’s included in our guidance and our outlook for the second half. Clearly, there’s been kind of a normalization going on, right? We guided Automotive to be up mid-single

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