亞德諾半導體 (ADI) 2003 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Deborah, and I will be your conference facilitator.

我叫黛博拉，我將擔任你們的會議主持人。

At this time I would like to welcome everyone to the Analog Devices fourth quarter fiscal 2003 earnings conference call.

現在我謹歡迎大家參加 ADI 公司 2003 財年第四季的財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the opening remarks, there will be a question-and-answer period with our analyst participants.

開場白後，將有一個與我們的分析師參與者問答的時間。

If you would like to ask a question during this time simply press star, then the number 1 on your telephone keypad.

如果您想在此期間提問，只需按星號，然後按電話鍵盤上的數字 1。

If you would like to withdraw your question press star then the number 2 on your telephone keypad.

如果您想撤回您的問題，請按星號，然後按下電話鍵盤上的數字 2。

Thank you.

謝謝。

Ms. Tagliaferro, you may begin your conference.

Tagliaferro 女士，您可以開始會議了。

Hello, this is Maria Tagliaferro, Director of Corporate Communications for Analog Devices.

您好，我是 Analog Devices 企業傳播總監 Maria Tagliaferro。

If you don't yet have our fourth quarter and fiscal year 2003 release you can access it by visiting our Web site at www.analog.com.

如果您還沒有我們的 2003 年第四季和財政年度版本，您可以透過造訪我們的網站 www.analog.com 來取得它。

And click on the headline displayed on our home page.

然後點擊我們主頁上顯示的標題。

This conference call is also being Webcast live on the Internet and you can access that by visiting the home page and selecting Investor Relations and follow the instructions next to the microphone icon.

此次電話會議也在網路上進行網路直播，您可以透過造訪主頁並選擇投資者關係並按照麥克風圖示旁的說明進行存取。

A recording of this call will be available today within about two hours of the call's completion, and it will remain available via telephone or Internet playback for one week.

今天，通話結束後大約兩小時內即可獲得該通話的錄音，並且可以透過電話或網路播放一週。

Participating in today's call are Mr. Jerry Fishman, our President and CEO, Joe McDonough, Vice President of Finance and CFO, and Brian McAloon, Vice President of the Digital Signal Processing and Product Division.

參加今天電話會議的包括我們的總裁兼執行長 Jerry Fishman 先生、財務副總裁兼財務長 Joe McDonough 以及數位訊號處理和產品部門副總裁 Brian McAloon。

We've scheduled this call for 60 minutes.

我們安排這次通話時間為 60 分鐘。

We'll begin in a moment with Mr. Fishman's opening remarks.

稍後我們將由菲什曼先生致開幕詞。

The remainder of our time will be devoted from answering questions from our analyst participants.

我們剩下的時間將用於回答分析師參與者的問題。

Analysts participating via telephone can press star 1 on your telephone at any time beginning now to ask a question.

從現在開始，透過電話參與的分析師可以隨時按電話上的星號 1 提問。

I would like to point out that under the provision of the Private Securities Litigation Reform Act of 1995, this conference call will include forward-looking statements.

我想指出的是，根據1995年《私人證券訴訟改革法案》的規定，本次電話會議將包含前瞻性陳述。

These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict.

這些陳述不是對未來績效的保證，並且涉及某些難以預測的風險、不確定性和假設。

Risk factors which may affect our future operating results are described in the company's Form 10-Q filed with the Securities and Exchange Commission.

本公司向美國證券交易委員會提交的 10-Q 表格中描述了可能影響我們未來營運績效的風險因素。

Also this conference call will include some time-sensitive information that may only be accurate as of the date of this live broadcast, which is November 18th, 2003.

此外，本次電話會議將包括一些時間敏感的信息，這些信息可能僅在本次現場直播之日（即 2003 年 11 月 18 日）時準確。

With that we're ready to begin with Mr. Fishman's opening remarks.

現在我們準備開始菲什曼先生的開場白。

Well, good afternoon.

嗯，下午好。

Q4 completed what turned out to be a great year for ADI and marked the 7th consecutive quarter of increasing revenues.

第四季對 ADI 來說是偉大的一年，標誌著收入連續第 7 個季度成長。

Revenues increased to $557.5 million, which are up 22% from last year and up 7% sequentially from last quarter.

營收增至 5.575 億美元，比去年成長 22%，比上季成長 7%。

And that was well ahead of the guidance that we provided three months ago.

這遠遠超出了我們三個月前提供的指導。

Earnings per share under GAAP were 23 cents for the quarter.

本季 GAAP 每股收益為 23 美分。

Driving our revenue increases were very strong order rates throughout the quarter, resulting in orders growing 30% sequentially and 50% year-over-year.

整個季度強勁的訂單率推動了我們收入的成長，訂單量較上季成長 30%，較去年同期成長 50%。

The book-to-bill ratio for the quarter was well above one, increasing our backlog substantially and improving our visibility into our first quarter.

本季的訂單出貨比遠高於 1，這大大增加了我們的積壓訂單，並提高了我們對第一季的能見度。

In addition to our 13-week backlog growing we also saw a significant increase in our 26-week backlog, indicating that customers are beginning to order with somewhat longer lead times as supply begins to tighten in a few product categories.

除了 13 週的積壓訂單成長之外，我們還發現 26 週的積壓訂單也顯著增加，這表明隨著一些產品類別的供應開始收緊，客戶開始以稍長的交貨時間進行訂購。

Orders grew in every region of the world and in both the distribution and the OEM channels.

世界各地區的分銷和 OEM 通路的訂單都在成長。

Order growth continued to be the strongest in Asia, as the digital consumer, wireless terminal, and PC markets all posted very strong results.

由於數位消費、無線終端和個人電腦市場均公佈了非常強勁的業績，亞洲的訂單成長仍然最為強勁。

We also saw a strong demand from our very broad base of customers serving all other end markets.

我們也看到了服務所有其他終端市場的廣泛客戶群的強勁需求。

In Q4 gross margins continued to increase to 55.8%, up from 55.1% last quarter and 53.2% last year.

第四季毛利率持續增至 55.8%，高於上季的 55.1% 和去年的 53.2%。

Engineering and selling, marketing, and G&A expenses increased only 2% sequentially, less than a third of our revenue growth rate during the quarter.

工程和銷售、行銷以及一般管理費用較上季僅成長 2%，不到本季營收成長率的三分之一。

During our fourth quarter we decided to exit a small manufacturing business in Belfast, Northern Ireland, that was supplying foundry substrate service for some optical applications.

在第四季度，我們決定退出北愛爾蘭貝爾法斯特的一家小型製造企業，該企業為某些光學應用提供鑄造基板服務。

This business is no longer fit into our long-term strategic plan and was negatively impacting our margins.

該業務不再適合我們的長期策略計劃，並對我們的利潤產生負面影響。

We took a $9.2 million charge in the quarter associated with this decision.

我們在本季度收取了與此決定相關的 920 萬美元費用。

Excluding this charge operating margins would have increased by 250 basis points sequentially to 21.7% of sales and earnings per share would have increased to 25 cents, well ahead of our earlier guidance.

排除此項費用，營業利潤率將比上一季增加 250 個基點，達到銷售額的 21.7%，每股收益將增加到 25 美分，遠高於我們先前的指引。

Our balance sheet continued to strengthen in Q4.

我們的資產負債表在第四季持續增強。

Costs and inventory declined to 106 days from 116 days last quarter.

成本和庫存從上季度的 116 天下降至 106 天。

Account receivable remained under good control at 48 days.

應收帳款期限為48天，仍處於良好控制狀態。

The slight increase in days this quarter is primarily the result of up-side shipment strength in the last month of the quarter.

本季天數略有增加主要是由於本季最後一個月的出貨量上升。

Cash flow from operations totaled $105 million before spending $18 million on capital.

營運現金流總計 1.05 億美元，資本支出為 1,800 萬美元。

After liquidating our 1.2 billion convertible in Q4 we ended the year with $2.1 billion of cash and no debt.

在第四季度清算了 12 億美元的可轉換債券後，我們年底擁有 21 億美元的現金，沒有任何債務。

For the entire year, ADI's revenues grew by 20%, to $2.05 billion, a growth rate well ahead of industry averages and well ahead of our expectations when 2003 began.

全年，ADI 的營收成長了 20%，達到 20.5 億美元，成長率遠高於產業平均水平，也遠高於我們 2003 年初的預期。

Analog revenues grew by 16% and DSP revenues increased by 35% year-over-year for the year.

今年模擬收入年增 16%，DSP 營收年增 35%。

In fiscal 2003 we achieved very high operating leverage and leverage that was well ahead of our goal to grow operating profits twice as fast as sales.

2003 財年，我們實現了非常高的營運槓桿率，並且遠遠超出了我們的目標：營運利潤成長速度是銷售額的兩倍。

We also generated $433 million in cash from operations before spending approximately $68 million in capital for the year.

我們還從營運中獲得了 4.33 億美元的現金，然後在本年度支出了約 6,800 萬美元的資本。

Today our board approved a 4 cent per share cash dividend payable to shareholders of record as of November 28th, 2003.

今天，我們的董事會批准向 2003 年 11 月 28 日登記在冊的股東支付每股 4 美分的現金股利。

This is the first cash dividend in ADI's 38-year history and demonstrates our increasing confidence that our business model is working and that our prospects for the future are great.

這是 ADI 38 年歷史上的首次現金股息，表明我們對我們的業務模式正在發揮作用以及我們未來的前景越來越有信心。

Revenues for Analog products grew 8% sequentially and 21% year-over-year in Q4 with increasing strength throughout the quarter.

第四季模擬產品的營收季增 8%，年增 21%，整個季度的成長動能不斷增強。

Converter product which account for 40% of Analog's total revenues grew by 10% sequentially as our market position in this very important product category continues to strengthen.

轉換器產品佔 Analog 總收入的 40%，隨著我們在這一非常重要的產品類別中的市場地位不斷加強，該產品環比增長了 10%。

Our Analog revenues grew in every market that we serve with particular strength in consumer products such as digital cameras and advanced digital televisions.

我們的類比收入在我們所服務的每個市場中都有所成長，尤其是在數位相機和先進數位電視等消費產品領域。

We also had strong growth in the PC sector where we've been increasing market share in projectors and flat panel monitors as well as para management, which includes power controllers and monitoring products for both desktops and laptops.

我們在個人電腦領域也取得了強勁成長，我們一直在增加投影機和平板顯示器以及參數管理（包括桌上型電腦和筆記型電腦的電源控制器和監控產品）的市場份額。

Our analog communications products continue to grow particularly in cellular handsets where we supply significant analog content including the radio, the analog base band, and power management products.

我們的類比通訊產品持續成長，特別是在蜂窩手機領域，我們提供重要的類比內容，包括無線電、類比基頻和電源管理產品。

Q4 was a very strong quarter in aggregate for power management product which sales continuing to accelerate in both computer and communications applications.

第四季對於電源管理產品來說是一個非常強勁的季度，電腦和通訊應用領域的銷售持續加速。

In computers, we're especially well positioned, as Intel VRM 10.1 compliant systems begin to dominate PC shipments.

在電腦領域，我們處於特別有利的地位，因為相容於 Intel VRM 10.1 的系統開始主導 PC 出貨量。

In communication our position is strengthening as we integrate power management functionality on to our handset chipsets.

在通訊領域，隨著我們將電源管理功能整合到手機晶片組中，我們的地位正在加強。

Sales from the very broad base of customers that make up our industrial businesses grew approximately 5% sequentially, while orders for these categories increased by a much higher rate, supporting our sense that as capital spending increases our industrial businesses will recover with a few quarters lag.

構成我們工業業務的廣泛客戶群的銷售額環比增長約5%，而這些類別的訂單增長速度要高得多，這支持了我們的觀點，即隨著資本支出的增加，我們的工業業務將在幾個季度滯後後復蘇。 。

Most notable in Q4 in the industrial area were increases from our traditional factory equipment and medical customers and also automatic test equipment customers which is a market where we enjoy extremely high market share.

第四季工業領域最引人注目的是我們的傳統工廠設備和醫療客戶以及自動測試設備客戶的成長，這是我們享有極高市場份額的市場。

During the quarter we continued to out innovate our analog competitors with solutions that solve our customers' toughest analog design challenges.

在本季度，我們繼續透過解決客戶最棘手的模擬設計挑戰的解決方案來超越我們的模擬競爭對手。

In Q4 we announced the industry's first quad ADC which is a single chip that integrates four analog for digital converters for very high density systems like medical imaging which can often require more than 100 converters per system.

在第四季度，我們推出了業界首款四路ADC，它是一款整合了四個類比數位轉換器的單晶片，適用於醫療成像等非常高密度的系統，每個系統通常需要100 多個轉換器。

Our amplifier product pushed to new levels of performance with the introduction of a new signal conditioning architecture.

透過引入新的訊號調理架構，我們的擴大機產品將性能推向了新的水平。

This architecture is embodied in a product called the AD 99 which features a patented architecture that addresses noise and distortion tradeoffs that will once thought to be inherent limits for linear systems.

該架構體現在一款名為 AD 99 的產品中，該產品採用專利架構，可解決雜訊和失真的權衡問題，而這些問題曾經被認為是線性系統的固有限制。

Technical journals around the world devoted cover stories to this break-through and its importance to automatic test equipment to instrumentation applications and for most data acquisition systems.

世界各地的技術期刊都專門報導了這項突破及其對自動測試設備、儀器儀表應用和大多數資料擷取系統的重要性。

In Q4 we also announced the world's fastest 16-bit DD converter.

在第四季度，我們也發布了世界上最快的 16 位元 DD 轉換器。

Revenues for digital signal processing products grew by 5% sequentially and 29% year-over-year in Q4.

第四季數位訊號處理產品的營收季增 5%，年增 29%。

We experienced very strong growth from our general purpose DSP products and also our wireless DSP products while broadband access continued to be weak.

我們的通用 DSP 產品和無線 DSP 產品實現了非常強勁的成長，而寬頻存取仍然疲軟。

During the quarter we continued to make significant market progress on our two new DSP cores, Black Fin and Tiger Shark, and also our well established Shark Processor.

本季度，我們在兩個新的 DSP 核心（Black Fin 和 Tiger Shark）以及我們完善的 Shark 處理器上繼續取得重大市場進展。

Black Fin, which targets high performance DSP, risk and programmable video applications continues to build market momentum.

Black Fin 的目標是高性能 DSP、風險和可編程視訊應用，繼續形成市場動能。

In Q4 we shipped an additional 1,000 development kits indicating that the potential installed base continues to expand.

第四季度，我們額外出貨了 1,000 個開發套件，這表明潛在的安裝基礎持續擴大。

Last quarter we converted over 100 potential customers to actual Black Fin customers.

上季度，我們將 100 多個潛在客戶轉化為實際的 Black Fin 客戶。

While the customer design and cycle varies widely by end marketed we're expecting volumes to begin to ramp on Black Fin in the second half of this year and into 2005.

雖然客戶設計和週期因最終市場而異，但我們預計 Black Fin 的銷售量將在今年下半年和 2005 年開始增加。

Specific design wins include such applications as digital video cameras, fingerprint recognition systems, security and surveillance systems, multichannel audio automotive systems, and collision-avoidance products, just to mention a few.

具體的設計勝利包括數位攝影機、指紋識別系統、安全和監控系統、多通道音訊汽車系統和防撞產品等應用，僅舉幾例。

Tiger Shark, which is our highest performance DSP, targets 3G base stations where our design wins at top-tier manufacturers continues to increase.

Tiger Shark 是我們最高效能的 DSP，其目標是 3G 基地台，我們的設計在頂級製造商中的成功率不斷提高。

We've also targeted industrial is, medical, imaging, and defense electronics as other key opportunities for Tiger Shark.

我們也將工業、醫療、成像和國防電子產品作為 Tiger Shark 的其他關鍵機會。

Tiger Shark today by a very wide margin delivers the best DSP performance per unit area or per watt of power dissipation, giving super computer performance in very, very small spaces.

如今，Tiger Shark 在每單位面積或每瓦功耗上都提供了最佳的 DSP 性能，在非常非常小的空間內提供超級電腦效能。

In Q4 we also demonstrated our latest Shark Processor at the Audio Engineering Society Trade Show.

第四季度，我們也在音訊工程學會貿易展上展示了我們最新的 Shark 處理器。

At that trade show over 50 of the top audio manufacturers demonstrated shark-based equipment.

在那次貿易展覽會上，超過 50 家頂級音響製造商展示了以鯊魚為基礎的設備。

We're planning for our Q1 to continue the recovery that began seven quarters ago for ADI.

我們計劃第一季繼續 ADI 七個季度前開始的復甦。

Our plan is to grow our revenues in Q1 by approximately 5% sequentially.

我們的計劃是使第一季的收入環比增長約 5%。

While our significantly higher backlog and correspondingly much greater visibility could suggest even higher revenue growth in Q1 a shorter seasonal quarter coupled with the typical seasonal dip in consumer products causes us to plan for a mid-range goal for Q1.

雖然我們顯著增加的積壓和相應更大的可見性可能表明第一季的收入增長更高，但季節性季度較短，加上消費品的典型季節性下降，促使我們為第一季制定中期目標。

We expect gross margins to continue to increase as revenues grow.

我們預計隨著收入的成長，毛利率將繼續上升。

We plan to continue to control operating expenses with the goal of growing our expenses at a rate well below that of our revenues.

我們計劃繼續控制營運支出，目標是使支出成長速度遠低於收入成長速度。

That would produce earnings per share in the range of 27 to 28 cents for the quarter.

這將使本季每股收益在 27 至 28 美分之間。

We would expect days in inventory to continue to decline, capital spending to grow modestly, and cash flow to again be very strong in Q1.

我們預計第一季庫存天數將持續下降，資本支出將小幅成長，現金流將再次非常強勁。

For the year 2004 we're planning for revenue growth of approximately 25%, with gross margins continuing to improve throughout the year.

我們計劃 2004 年營收成長約 25%，毛利率全年持續提高。

As we've done now for many quarters, we're planning to grow our expenses at a rate well below our revenue growth despite re instituting raises and bonus payments that will be tied to incremental operating profits above today's levels.

正如我們現在許多季度所做的那樣，儘管重新制定了與高於當前水平的增量營業利潤掛鉤的加薪和獎金支付方式，但我們計劃以遠低於收入增長的速度增長支出。

In aggregate our goal remains to increase our earnings at at least twice the growth rate of our sales until we reach model margins for ADI.

總的來說，我們的目標仍然是讓我們的營收成長至少是銷售額成長率的兩倍，直到我們達到 ADI 的模型利潤率。

Longer term we remain confident that we can continue to outgrow the semiconductor market by a wide margin as we at Analog have been doing for sometime.

從長遠來看，我們仍然有信心，我們可以繼續大幅超越半導體市場，就像我們在 Analog 一段時間以來所做的那樣。

Signal processing, which for ADI equates to high performance analog and DSP products, are likely to continue to be amongst the highest growth product categories in the entire semiconductor industry.

訊號處理對於 ADI 來說相當於高效能類比和 DSP 產品，很可能會繼續成為整個半導體產業成長最快的產品類別之一。

We're extremely well positioned in both of these product categories.

我們在這兩個產品類別中都處於非常有利的地位。

During the downturn we continue to invest in new product development and allowed R&D investments to continue to grow to levels well beyond what was justified in the sales we were achieving in the downturn.

在經濟低迷時期，我們繼續投資於新產品開發，並使研發投資繼續成長到遠遠超出我們在經濟低迷時期實現的銷售合理水平的水平。

The pay back in these investments has been exceptional.

這些投資的回報非常可觀。

For our fiscal year 2003 new products introduced in the prior 18 months produced nearly $400 million, or 19% of our total revenues.

2003 財年，前 18 個月推出的新產品創造了近 4 億美元的收入，占我們總收入的 19%。

Some of these products are still really in their initial revenue buildup and infancy and many of these products will have life cycles that extend well over 10 years.

其中一些產品實際上仍處於最初的收入累積和起步階段，其中許多產品的生命週期將遠遠超過 10 年。

In the analog business we've been outgrowing our competitors for the past five years as our technology base expands to serve very high-growth communications, computer and consumer applications, and as our breath of technology becomes more and more valuable to our base of 50,000 plus analog customers around the world.

在模擬業務方面，過去五年來，隨著我們的技術基礎不斷擴大，為高速成長的通訊、電腦和消費者應用提供服務，並且我們的技術氣息對我們50,000 名員工的基礎變得越來越有價值，我們的發展速度已經超過了競爭對手。加上世界各地的模擬客戶。

In DSP we're at the front end of a great product cycle with moderate DSP architect turns that are one to two years ahead of the competition and as performance and functionality will allow DSP's to be used in application historically served by A-6 and by embedded processors.

在 DSP 領域，我們處於一個偉大的產品週期的前端，DSP 架構師的轉變比競爭對手領先一到兩年，並且性能和功能將允許 DSP 用於歷史上由 A-6 和嵌入式處理器。

Our micro machine business is now aimed at many new applications in addition to automotive using new functionality like our break-through gyroscope.

我們的微機械業務現在瞄準了汽車以外的許多新應用，使用我們突破性的陀螺儀等新功能。

Together we believe this basket of technology provides a very solid growth platform for the future.

我們共同相信這一系列技術為未來提供了一個非常堅實的成長平台。

Thank you very much, Jerry.

非常感謝你，傑瑞。

During today's Q-and-A period please limit yourself to one primary question and no more than one follow-on question.

在今天的問答期間，請將自己限制在一個主要問題上，並且不要超過一個後續問題。

We'll give you another opportunity to ask additional questions if we have time remaining.

如果還有時間，我們將再給您一次提出其他問題的機會。

Operator, we're now ready for the questions from our analyst participants.

操作員，我們現在準備好回答分析師參與者的問題。

Operator?

操作員？

For any analysts participating by telephone dial-in if you have a question please press star then the number 1 on your phone.

對於透過電話撥入參與的任何分析師，如果您有疑問，請按星號，然後按手機上的數字 1。

If your question has been answered and you wish to be removed from the queue, please press star then the number 2.

如果您的問題已得到解答並且您希望將其從佇列中刪除，請按星號，然後按數字 2。

If you are listening on a speaker-phone, please pick up the handset when asking your question.

如果您使用免持電話收聽，請在提問時拿起聽筒。

We'll pause for just a moment to compile the Q-and-A roster.

我們將暫停片刻來整理問答名單。

Your first question comes from Adam Parker with Sanford Bernstein.

你的第一個問題來自桑福德·伯恩斯坦的亞當·帕克。

On gross margins?

毛利率？

You have to start that question again.

你必須重新開始這個問題。

Sure.

當然。

I just wanted to know if could you quantify the negative drag the manufacturing business you exited had on your gross margins in Q4, then also, you know, if you could comment -- you experienced about 65% incremental gross margins in Q4 and I want to know if we should expect more than that in Q1 given that you just exited the businesses that hurt your margins.

我只是想知道您是否可以量化您退出的製造業務對第四季度毛利率的負面影響，然後，您知道，如果您可以發表評論- 您在第四季度經歷了約65% 的增量毛利率，我想鑑於您剛剛退出了損害利潤的業務，我們是否應該期望比第一季更高。

This is Joe McDonough.

這是喬·麥克唐納。

This is a very small operation that we exited.

這是我們退出的一個非常小的操作。

It had a total cost structure of a couple billion dollars a quarter, half of that is in the [INAUDIBLE] sales, and it will be probably the second quarter before we start to see the benefits of that decision.

它的總成本結構為每季數十億美元，其中一半來自[聽不清楚]銷售，我們可能要到第二季才能開始看到該決定的好處。

So it's very small.

所以它很小。

With respect to the incremental margins, you know, as we've said, the incremental margins are heavily dependent on the mix of business that we see in a particular quarter.

關於增量利潤，正如我們所說，增量利潤在很大程度上取決於我們在特定季度看到的業務組合。

We're continuing to see a pretty strong mix of business that's coming from the vertical markets where the margins tend to be a little bit lower.

我們繼續看到來自垂直市場的相當強勁的業務組合，這些市場的利潤率往往較低。

On the other hand we're getting the benefits of some of the restructuring that we've done.

另一方面，我們也從我們所做的一些重組中獲益。

You can see some of that showing up in the depreciation, following this quarter.

您可以在本季之後的折舊中看到其中的一些變化。

Right.

正確的。

And we're just beginning to ramp the utilization rate, which I think we sort of push toward the 60% range in utilization this quarter.

我們剛開始提高利用率，我認為本季我們的利用率將接近 60%。

So you put the whole thing together and that was up with a 60 -- 6% incremental gross margin.

所以你把所有的事情放在一起，毛利率就增加了 60-6%。

That's probably not a bad planning assumption going forward.

這可能不是一個糟糕的未來規劃假設。

As the industrial business picks up, and we did see, as Jerry mentioned in his comment, pretty significant growth in the demand for the industrial product, and that includes everything other than communication, computer, and consumer.

隨著工業業務的復甦，正如傑瑞在評論中提到的那樣，我們確實看到對工業產品的需求顯著增長，其中包括通訊、電腦和消費者以外的所有產品。

As that begins to ramp, we'll obviously load the fabs and get more leverage out of that.

隨著這種情況開始增加，我們顯然會增加晶圓廠的負載並從中獲得更多的槓桿作用。

So it is conceivable we could get a higher incremental gross margin in some of the quarters.

因此可以想像，我們可以在某些季度獲得更高的增量毛利率。

That was actually going to be my follow-up question, which you said orders were up to a much higher rate than the 5% that the industrial business grew sequentially, then I think Jerry said it would recover with a few quarters lag.

這實際上是我的後續問題，你說訂單成長率遠高於工業業務連續成長的 5%，然後我認為傑瑞說它將在幾個季度的滯後後恢復。

Can you quantify that order rate or is this there any kind of numbers you can give us with the industrial business so we can get a bit more quantification of when we should expect some incremental wrap-up?

您能否量化訂單率，或者您可以向我們提供工業業務方面的任何數字，以便我們可以對何時應該進行增量總結進行更多量化？

Let me clarify the comment I made, Adam.

讓我澄清一下我的評論，亞當。

This is Jerry.

這是傑瑞。

The comment I made is about one or two quarters ago we started commenting on what we were seeing the trend in capital spending and we had commented at that time that we thought that it would take another quarter or two to see that really come through in the orders, and I think last quarter for the first time we really saw that.

我發表的評論是大約一兩個季度前，我們開始評論我們所看到的資本支出趨勢，當時我們評論說，我們認為還需要一兩個季度才能看到這一趨勢真正實現。訂單，我認為上個季度我們第一次真正看到了這一點。

As I mentioned earlier, you know, the sequential order growth for the whole company was like 30%, the industrial business was a little bit lower than that but still very substantial considering that that business usually grows slower than some of the other end markets.

正如我之前提到的，整個公司的訂單環比增長約為 30%，工業業務略低於該數字，但考慮到該業務通常比其他一些終端市場增長慢，因此仍然非常可觀。

I would say as we get out there to Q1 and probably even more importantly Q2, we will begin to see the benefits of that if that continues.

我想說，當我們進入第一季度，甚至更重要的是第二季度時，如果這種情況持續下去，我們將開始看到這種情況的好處。

All right.

好的。

That's great.

那太棒了。

Thanks.

謝謝。

Yeah.

是的。

Okay.

好的。

Operator, can we have the next caller?

接線員，我們可以接聽下一個來電嗎？

Your next question comes from Mark Grossman with Needham & Company.

您的下一個問題來自 Needham & Company 的 Mark Grossman。

Thanks.

謝謝。

Guys, there was obvious strong post-SARS snap-back in wireless in Q3.

夥計們，非典後第三季無線市場明顯出現強勁反彈。

What are you seeing in the upcoming quarter and maybe you can talk about more broadly what end markets are you expecting for the next quarter?

您在下個季度會看到什麼？也許您可以更廣泛地談論您對下個季度的終端市場有何預期？

We consider the wireless business to be strong.

我們認為無線業務強勁。

A large part of our wireless business, as we've mentioned previously, is in Asia, and those folks seem to be, you know, getting market share, and the fact that we can supply the entire solution, you know, it turns out that we're one of the very few companies that can supply the entire solution, particularly attractive to the ODM's over there that don't have much engineering.

正如我們之前提到的，我們無線業務的很大一部分位於亞洲，這些人似乎正在獲得市場份額，事實證明我們可以提供整個解決方案，你知道，事實證明我們是極少數能夠提供整個解決方案的公司之一，對於那裡沒有太多工程設計的ODM 來說尤其有吸引力。

That is a business that continues to be strong for us.

這是一項對我們而言持續強勁的業務。

We expect it will stay strong for us this quarter.

我們預計本季它將保持強勁。

The unknown is what's going to happen after the first of the year, after the Chinese New Year, but I think given the backlog we have in the sort of product momentum we have we expect that to continue to be good for us the next couple of quarters.

未知的是新年之後，農曆新年之後會發生什麼，但我認為，考慮到我們在產品勢頭方面的積壓，我們預計在接下來的幾年裡，這將繼續對我們有利宿舍。

Great.

偉大的。

Just a housekeeping, besides interest income is there anything else in other income and what do you expect that to be in the subsequent quarter?

只是一個家務，除了利息收入之外，其他收入還有什麼嗎？您預計下一季會是什麼？

This Joe McDonough, no, there's not too much in there.

這個喬麥克唐納，不，裡面沒有太多東西。

I think planning assumption in the $6 million of income per quarter range for non-operating income would be an appropriate assumption.

我認為每季非營業收入收入 600 萬美元範圍內的規劃假設是一個適當的假設。

We still do have our $2.1 billion of cash.

我們仍然擁有 21 億美元的現金。

We no longer have the drag affiliated with the interest expense in the convertible and so that should return next quarter to income.

我們不再受到可轉換債券利息支出的拖累，因此下個季度應該會恢復收入。

Great.

偉大的。

Thanks.

謝謝。

Next question, operator.

下一個問題，操作員。

Your next question comes from Joseph Osha with Merrill Lynch.

您的下一個問題來自美林證券的約瑟夫·奧沙。

High, guys.

高，夥計們。

I have to congratulate you even though it's not standard practice any more, impressive performance.

我必須祝賀你，儘管這不再是標準做法，但令人印象深刻的表現。

What I wanted to ask about was the target model you mentioned in the call.

我想問的是你在電話中提到的目標型號。

Can you give us some sense as to what that looks like and maybe an update as to what sort of revenue levels would be required to get there?

您能否給我們一些關於這是什麼樣的感覺，或者更新一下需要什麼樣的收入水平才能達到這一目標？

The target model?

目標型號？

That's correct.

這是正確的。

We've been fairly consistent.

我們一直都相當一致。

It says that we think [INAUDIBLE] 20, 25% a year that we can get up towards 60% gross margins and that we can make between 30 and 35% operating profits, and that remains our model

它說我們認為[聽不清楚]每年 20%、25% 的毛利率可以達到 60%，我們可以賺取 30% 到 35% 的營業利潤，這仍然是我們的模式

30 and 35%, you said?

你說30%和35%？

Right.

正確的。

Okay.

好的。

The other part of that, we think is that until we get there we should be able to grow the operating part by twice as [INAUDIBLE].

我們認為，另一部分是，在我們實現這一目標之前，我們應該能夠將營運部分增長兩倍[聽不清楚]。

Trying to hold the operating expense growth to less than half the growth rate of the sale.

努力將營業費用成長控制在銷售額成長率的一半以下。

So you're talking about revenue growing at 25%?

所以你說的是營收成長 25%？

Yeah.

是的。

Second question, in speaking to some distributors and customers of yours recently one thing that came up is it seems that although business is very good, many customers don't quite believe it yet and are unwilling to really go through the exercise of building some buffer inventory in building this bill.

第二個問題，最近在和你們的一些經銷商和客戶交談時，出現的一件事是，雖然生意很好，但很多客戶還不太相信，不願意真正進行建立一些緩衝的練習。制定此法案時的庫存。

Did you comment that you're starting to see the 26-week backlog go out a bit but what's your assessment in terms of where your customers are in inventory and how well they're positioned to daily with things if the environment gets really tight.

您是否曾評論說，您開始看到 26 週的積壓訂單有所減少，但您對客戶的庫存狀況以及如果環境變得非常緊張時他們每天的處理情況有何評估？

What it looks to us is that customers are holding still extremely low and I think if they saw -- or as they see a spike up of in their business they react to that.

在我們看來，客戶的股價仍然非常低，我認為如果他們看到——或者當他們看到他們的業務激增時，他們會對此做出反應。

So I think there's probably a mix of things going on out there.

所以我認為那裡可能發生了多種事情。

In one sense, I think that is good in the end markets that we've seen strengthen, and I think at the same time customers are getting a little more nervous than they were six months ago, so at the margin they're probably trying to get a little more ahead of where they've been but I don't think that's a significant part of what we're seeing but it probably is a small part of what we're seeing now.

從某種意義上說，我認為這對我們看到的終端市場的增強是件好事，而且我認為與此同時，客戶比六個月前更加緊張，所以在邊際上他們可能會嘗試比他們已經達到的水平稍微領先一些，但我認為這不是我們所看到的重要部分，但它可能只是我們現在所看到的一小部分。

That's to be expected.

這是可以預料的。

Thank you are very much.

非常感謝。

Next call, please.

請下次致電。

Your next question comes from Joseph To with Lehman Brothers.

你的下一個問題來自雷曼兄弟的杜祖峰。

Hey, guys.

大家好。

Just a clarification.

只是一個澄清。

You said other income would be $6 million for the quarter, is that right?

您說本季的其他收入為 600 萬美元，對嗎？

This is Joe McDonough.

這是喬·麥克唐納。

I think for modeling purposes you have to first predict the interest rate we're going to earn but something in the $6 million of income on the nonoperating line would probably be reasonable.

我認為出於建模目的，您必須先預測我們將賺取的利率，但非營業收入 600 萬美元中的一些可能是合理的。

And the tax rate is going to remain around 2% or is that going to go higher?

稅率將維持在 2% 左右，還是會更高？

No, I think 22% is a reasonable planning assumption going forward.

不，我認為 22% 是一個合理的未來規劃假設。

There's no real reason to believe that the mix of our business around the world is going to shift significantly.

沒有真正的理由相信我們在全球的業務組合將會發生重大變化。

We've seen the very large portion of our business in Asia, and that's probably likely to continue.

我們的大部分業務都在亞洲，而且這種情況很可能會持續下去。

Okay.

好的。

Last question.

最後一個問題。

In terms of your eight-inch manufacturing, how much of your starts have moved over there?

就你們的八吋製造而言，你們的開工量有多少轉移到了那裡？

I know it's a gradual transition.

我知道這是一個漸進的過渡。

Just curious how that trended the last quarter.

只是好奇上個季度的趨勢如何。

We don't have that data.

我們沒有這些數據。

Just sort of directionally, part of that production has moved over to our 6-inch fabs, part of our 8-inch fabs, out of our 4-inch fabs, so a pretty good mix between the 6 and 8-inch fabs but we don't have that statistic here for you.

就定向而言，部分生產已轉移到我們的6 英寸晶圓廠，部分轉移到我們的8 英寸晶圓廠，從我們的4 英寸晶圓廠轉移出去，因此6 英寸和8 英寸晶圓廠之間的組合非常好，但我們這裡沒有你的統計數據。

Good enough.

夠好了。

Next caller, please.

請下一位來電者。

Your next question comes from Tore Svanberg with US Bancorp Piper Jaffray.

您的下一個問題來自 US Bancorp Piper Jaffray 的 Tore Svanberg。

This is actually Jeremy Quan calling for Tore.

這實際上是 Jeremy Quan 打電話給 Tore 。

If we look at your circle seasonality the January quarter is typically the slowest growth of the year.

如果我們看看你的圈子季節性，一月季度通常是一年中成長最慢的。

Given your 5% outlook can you tell us how you expect that to shape up for 2004?

鑑於您對 5% 的預期，您能告訴我們您對 2004 年的預期如何嗎？

The cyclicality of our business has changed a little bit given the product mix.

鑑於產品結構，我們業務的周期性發生了一些變化。

As more and more of the product mix at least today has gone into Asia and to consumer and product categories like that, the seasonality is not as profound as when all our business was coming out of the industrial markets.

隨著越來越多的產品組合（至少在今天）進入亞洲以及類似的消費者和產品類別，季節性不再像我們所有業務都來自工業市場時那麼嚴重。

So I'd say this our enthusiasm for Q1 is based on, A, that the mix that we're running today is shifting a little bit, but also the fact that our backlog is substantial.

所以我想說，我們對第一季的熱情是基於，A，我們今天運行的組合正在發生一些變化，而且我們的積壓量很大。

So our visibility out to Q1 is right now quite good.

因此，我們對第一季的能見度目前非常好。

So it's the combination of those two things that sort of give us a sense that Q1 could grow in a way that is not exactly typically, you know, historically seasonally for us.

因此，這兩件事的結合讓我們感覺到第一季的成長可能會以一種不完全是歷史上季節性的方式成長。

Okay.

好的。

And talking about your outsourcing, can you mention specifically with regard to analog wafer outsourcing what that currently and where you think that could go over the next to 24 months?

談到您的外包，您能否具體提及目前模擬晶圓外包的情況以及您認為未來 24 個月內可能發生的情況？

Joe, want to take that?

喬，想要那個嗎？

Yeah.

是的。

Split between manufacturing is running something in the 40% range of manufacturing is external, and that's probably a reasonable estimate going forward.

製造業之間的劃分是在 40% 的製造業範圍內運行一些東西，這可能是合理的估計。

As we said, we do expect to see a pickup in the industrial -- the broad base of industrial end markets.

正如我們所說，我們確實期望看到工業——工業終端市場的廣泛基礎——的回升。

A lot of that tends to be manufacturing -- manufactured internally, and we've changed our manufacturing on our assembly in such a way that we do have a lot of external assembly subcontracting going on.

其中許多往往是製造——內部製造，我們已經改變了我們的組裝製造方式，我們確實進行了大量的外部組裝分包。

We have our own test facility, and we've consolidated a lot of that.

我們有自己的測試設施，我們已經整合了許多設施。

So I think it's a reasonable assumption to believe that there will be more or less in the same range.

所以我認為相信或多或少會在同一範圍內是一個合理的假設。

Great.

偉大的。

Thank you very much.

非常感謝。

Next caller, please.

請下一位來電者。

Your next question comes from Nimal Vallipuram.

您的下一個問題來自 Nimal Vallipuram。

First of all let me congratulate you on a great quarter.

首先，讓我祝賀您度過了一個出色的季度。

I guess my question is, it might be too early to ask in this cycle, if you can add some color, Jerry, of what kind of micro demand trends you're seeing the next quarter or so, vis-a-vis that it is somewhat indicated that historically been your weakest quarter, as well as that since the Chinese New Year is coming somewhat earlier next year, is the next quarter is being benefited from that, and if you can add some color to that, and also in terms of which end market you expect, you know, incremental demand to just drive your next quarter from which of the end markets.

我想我的問題是，在這個週期中問​​你是否可以添加一些顏色，傑瑞，你在下個季度左右看到的微觀需求趨勢是什麼，可能還為時過早。在某種程度上表明，歷史上是你們最弱的季度，而且由於明年農曆新年會提前到來，下個季度是否會從中受益，如果您可以為此添加一些色彩，並且在條款上您預計哪個終端市場的增量需求將推動下個季度來自哪個終端市場的成長。

Well, I think, you know, our as some of what's going to happen in Q1 is that the order rates are going to continue pretty gin Asia through December, early January, that in early January that will tail off a little bit given the Chinese New Year but that our expectation is that our industrial business, which as I mentioned, showed some good signs of picking up, and typically does have a very strong January, we'll post those results when we add it all up, it will wind up being a pretty good quarter.

嗯，我認為，你知道，我們第一季將發生的一些情況是，亞洲杜松子酒的訂單率將持續到 12 月、1 月初，考慮到中國的情況，1 月初，訂單率將略有下降新年，但我們的期望是，正如我所提到的，我們的工業業務顯示出一些好轉的跡象，並且通常確實有一月份非常強勁，當我們將其全部加起來時，我們將發布這些結果，它將結束這是一個相當不錯的季度。

Do you see any negative seasonality from the other markets, which have driven your demand like PC and wireless --

您是否看到其他市場的任何負面季節性因素，這些市場推動了您的需求，例如個人電腦和無線市場—

I think typically would would happen, right after Christmas the consumer market, you know, sort of tame a little bit as it could happen in the wireless business, I mean, that's sort of typical of what you usually see at that time of year.

我認為通常會發生，就在聖誕節之後，消費市場會稍微溫和一點，就像無線業務中可能發生的那樣，我的意思是，這是一年中那個時候通常會看到的典型情況。

You know, on the other hand, we'll see what happens this year.

你知道，另一方面，我們會看看今年會發生什麼。

It's very hard to call that in advance.

提前打電話是非常困難的。

The customers over there, we just came back from a couple of weeks over there and visited all these customers, the customers over there say that the sell-through is very, very strong.

那邊的客戶，我們剛從那邊回來幾週，拜訪了所有這些客戶，那邊的客戶說銷售量非常非常強勁。

So I think we'll have to wait and see, but the thing that gives us a little extra security is the fact that the industrial business looks like it's picking up, and that will tend to, we believe, at least, offset any weakness, any seasonal weakness in the other market in January.

因此，我認為我們必須拭目以待，但給我們帶來額外安全感的是工業業務看起來正在復蘇，我們相信，這至少會抵消任何弱點，一月份其他市場的任何季節性疲軟。

And then come February, you know, our second quarter, which begins in February, is typically our strongest quarter of the year, because all the trends line up right in that quarter, so hopefully that's what will happen this year.

然後到了二月，你知道，從二月開始的第二季度通常是我們一年中最強勁的季度，因為所有趨勢都在該季度對齊，所以希望這就是今年會發生的情況。

Thanks, Jerry.

謝謝，傑瑞。

Again, congratulation on a great quarter.

再次恭喜這個季度的出色表現。

Next question, operator.

下一個問題，操作員。

Your next question comes from Clark Westmont with Smith Barney.

您的下一個問題來自史密斯·巴尼 (Smith Barney) 的克拉克·韋斯特蒙特 (Clark Westmont)。

I think the questions I have, production constraints, you said there is, you know, some lead time stretching out.

我認為我的問題是，生產限制，你說的是，你知道，一些交貨時間延長了。

Can you identify the areas and how long you expect that to persist?

您能確定哪些領域以及您預計這種情況會持續多久嗎？

Then I have a follow-up.

然後我有一個後續行動。

The only place where we're really stretching is lead times out a little bit is some of the power management stuff, where we never really predicted the take-up rate of those product by the customers.

我們唯一真正需要延長的地方是一些電源管理的交貨時間，我們從未真正預測過客戶對這些產品的使用率。

So, you know, that's been a little constrained.

所以，你知道，這有點受限。

We've just begun production of that in one of our other fabs in addition to the one that's been building a lot of that product, so we expect a lot of that strength, we hope, will no longer be the case, you know, sometime during this quarter.

除了一直在生產大量該產品的工廠之外，我們剛開始在我們的其他工廠之一生產該產品，因此我們預計這種實力會很大，我們希望情況不再如此，你知道，本季度的某個時候。

But other than that, you know, as Joe mentioned we're still operating at reasonably low levels of utilization, and we're quite capable of ramping, you know, pretty well on it.

但除此之外，你知道，正如喬提到的，我們的利用率仍然相當低，而且我們很有能力提高利用率，你知道，而且做得很好。

Actually, what really happened last quarter to, some degree, is that given that we saw the power management products alongside of our handset, chipsets, that actually held back some of the demand for our handset chipsets because we couldn't supply enough power management, but I think all that gets corrected this quarter, and we hope as we exit this quarter those problems are pretty well resolved.

實際上，在某種程度上，上個季度真正發生的事情是，考慮到我們在手機、晶片組旁邊看到了電源管理產品，這實際上抑制了對我們手機晶片組的一些需求，因為我們無法提供足夠的電源管理，但我認為所有問題都會在本季度得到糾正，我們希望當我們退出本季度時，這些問題都能得到很好的解決。

So that's been a wafer constraint?

那麼這是晶圓的限制嗎？

Yeah, that's been a wafer constraint.

是的，這是晶圓的限制。

In terms of the -- sounds like the backlog coverage for this quarter is pretty strong.

就這一點而言——聽起來本季的積壓情況相當強勁。

Can you quantify in any way in terms of your [INAUDIBLE] dependent see or anything along those lines?

您能以任何方式量化您的[聽不清楚]依賴看到或類似的東西嗎？

Joe?

喬？

Yeah.

是的。

I think, in, response to Jerry's question about the power management, it's been wafer constraint but to a large extent really a production planning issue that we just didn't see it.

我認為，在回答傑瑞關於電源管理的問題時，這是晶圓的限制，但在很大程度上確實是一個生產計劃問題，我們只是沒有看到它。

We just didn't start enough product early enough.

我們只是沒有儘早開始生產足夠的產品。

And so we're taking action to alleviate that and, you know, we should be able to get back in line with demand.

因此，我們正在採取行動來緩解這種情況，而且我們應該能夠重新滿足需求。

If you look at the turns business, it would sort of over 50% this quarter, in the low 50's, and with the backlog that we've got going into the next quarter, and we saw this quarter very little in the cancellation area, and that continues to be the case.

如果你看一下輪換業務，本季度的比例將超過 50%，在 50 左右，而且隨著我們進入下個季度的積壓，我們在本季度看到取消區域很少，情況仍然如此。

So we need something in the mid 40's to turn next quarter to make our plan.

因此，我們需要 40 年代中期的時間來製定下個季度的計劃。

And I guess your guidance of 5%, if the turns are coming in at a rate that would make this mid 40's goal more like -- let me see.

我猜你的指導是 5%，如果轉彎的速度能讓 40 歲左右的目標更像——讓我看看。

How do I put this?

我該怎麼說呢？

If you get upside turns during the quarter would you expect to keep it in backlog or shift to it?

如果您在本季度出現好轉，您會期望將其保留在積壓狀態還是轉向它？

We're trying to service our customers, because at the end of the day, that's sort of the greatest need, to be responsive to the customers.

我們正在努力為客戶提供服務，因為歸根結底，這是最大的需求，即對客戶做出回應。

But I think what the customers do when they get in these environments is they start giving more visibility, and so that's what creates the backlog.

但我認為，當客戶進入這些環境時，他們會開始提供更多的可見性，這就是造成積壓的原因。

I mean, I think what all that means is generally if a customer wants a product and we have it, we ship it.

我的意思是，我認為這通常意味著，如果客戶想要一種產品，而我們有它，我們就會發貨。

Thanks both.

謝謝兩位。

Thank you, Clark.

謝謝你，克拉克。

Next question, operator.

下一個問題，操作員。

Your next question comes from Ross Seymore with Deutsche Bank.

您的下一個問題來自德意志銀行的羅斯·西莫爾。

Thanks, and congrats on a great quarter.

謝謝，並祝賀您度過了一個美好的季度。

Quick question on the power management side.

關於電源管理方面的快速問題。

You've shown a lot of success on the desktop side, more than you expected, I was just wondering about what sort of traction you expect to be getting in the notebook side of things and the IMBP standards?

您在桌上型電腦方面取得了很大的成功，超出了您的預期，我只是想知道您希望在筆記型電腦方面和 IMBP 標準方面獲得什麼樣的吸引力？

I think we're going to get good traction.

我認為我們將會獲得良好的牽引力。

We visited many of those account when I was over there last month, and we have a good product family, the customers really do want to buy this stuff from us, at a rate that's frankly even surprises us, so I think that while initially a lot of our revenues are on the desktop, I think if you look out in time, particularly on the -- some of the thermal monitoring and some of the chargers and all that stuff, you'll begin to see our product aimed at a much larger portion of the builder of materials and laptops than historically.

上個月我去那裡時，我們訪問了其中的許多客戶，我們有一個很好的產品系列，客戶確實想從我們這裡購買這些東西，坦率地說，甚至讓我們感到驚訝，所以我認為，雖然最初我們的許多收入都來自桌面設備，我想如果你及時關注，特別是一些熱監控和一些充電器以及所有這些東西，你會開始看到我們的產品瞄準了很多材料和筆記型電腦製造商的比例比歷史上更大。

On the V-core side of those product is the competitive advantage you're using more about the availability, the price, the performance, a combination of those?

在這些產品的 V 核心方面，您更多地使用可用性、價格、性能或這些的組合來獲得競爭優勢？

I think it started out to be availability and price last year and it's rapidly moving towards performance.

我認為它從去年開始是可用性和價格，並且正在迅速轉向性能。

Great.

偉大的。

One follow-up.

一項後續行動。

You successed about 40% of your business is outsourced to foundries.

您成功了，大約 40% 的業務外包給代工廠。

Have you noticed any change in the wafer price or availability?

您是否注意到晶圓價格或供應量有任何變化？

In the down part of the cycle we got asked a lot of questions we got asked a lot of questions about it.

在周期的下行階段，我們被問了很多問題。

We're getting good discounts?

我們有很好的折扣嗎？

In the up part of the cycle we always say we're going the get the prices right.

在周期的上升階段，我們總是說我們要確保價格正確。

That typically doesn't happen for us.

這通常不會發生在我們身上。

We have great partnerships with TSMC.

我們與台積電有著良好的合作關係。

They tend to treat us very well in both the downturn and the upturn.

無論是在經濟低迷時期還是經濟繁榮時期，他們往往對我們很好。

We're one of their very largest customers, certainly one of their oldest customers, and we tend not to play the spot market with our foundries.

我們是他們最大的客戶之一，當然也是他們最老的客戶之一，我們傾向於不與我們的鑄造廠玩現貨市場。

Great.

偉大的。

Thank you.

謝謝。

Thank you, Ross.

謝謝你，羅斯。

Next question, operator.

下一個問題，操作員。

Your next question comes from Chris Caso with SoundView Technology Group.

您的下一個問題來自 SoundView Technology Group 的 Chris Caso。

Thank you.

謝謝。

Wondered if could you talk a little bit about pricing trends, maybe just speak in broad terms.

想知道您是否可以談談定價趨勢，也許只是籠統地談談。

Some of your competitors have been talking about pricing firming in certain areas, then maybe if you could speak specifically to the power management product where you said supply was getting although bit tighter right now.

您的一些競爭對手一直在談論某些領域的定價堅挺，那麼也許您可以具體談談您所說的電源管理產品，儘管目前供應雖然有點緊張。

We have the small part of our business that does sort of trade on what's going on in the industry, and, you know, in the power management stuff, that at least we had out last year, that's certainly the case.

我們業務的一小部分確實對行業中正在發生的事情進行交易，而且，你知道，在電源管理方面，至少我們去年已經做到了，情況確實如此。

So, you know, at the margin, our sales have a little more spine than they did last year, and I'd say the praising is a little better.

所以，你知道，在邊際上，我們的銷售比去年更有動力，而且我想說，讚揚也更好。

I also think the more we have to offer on the value side the more we can get the price we wanted.

我還認為，我們在價值方面提供的越多，我們就越能獲得我們想要的價格。

So I think the combination of, you know, supply and the new products that we're coming out with will have a pretty popular perspective on the pricing in that part of the business.

因此，我認為，供應和我們推出的新產品的結合將對這部分業務的定價產生非常流行的看法。

The rest of it we don't see much of an effect.

其餘部分我們沒有看到太大的影響。

A little bit here and there, but it's always hard to predict what our sales will do when confronted with price competition, but certainly this part of the cycle the prices tend to firm a little bit.

到處都有一點，但當面臨價格競爭時，總是很難預測我們的銷售會做什麼，但肯定的是，在周期的這一部分，價格往往會稍微堅挺。

Okay.

好的。

Thanks.

謝謝。

Next question, operator.

下一個問題，操作員。

Your next question comes from Michael Masdea with CSFB.

您的下一個問題來自瑞士信貸第一波士頓銀行 (CSFB) 的 Michael Masdea。

Thank you.

謝謝。

Let me add congratulation.

讓我補充一下祝賀。

In terms of the 26-week backlog firming up, did you also mentioned a little bit more caution from some of your customers, how do you fat those two and what do you think is going on if you can speculate in their heads?

就 26 週積壓的情況而言，您是否也提到一些客戶要更加謹慎，您如何讓這兩個客戶變得更加謹慎？如果您可以猜測他們的想法，您認為會發生什麼？

We never know for sure but my accepts of what's going on is that up until 90 days ago or so customers would carry no inventory, believing that they could get anything they wanted in 24 hours, and by and large that was true.

我們永遠無法確定，但我對正在發生的事情的接受是，直到 90 天前左右，客戶還沒有庫存，相信他們可以在 24 小時內得到他們想要的任何東西，總的來說這是事實。

So, you know, given their product risk and their risks for how much they're going to sell of their products, nobody wanted to carry anything.

所以，你知道，考慮到他們的產品風險和產品銷售量的風險，沒有人願意攜帶任何東西。

And I think they put all the inventory back on to suppliers.

我認為他們將所有庫存返還給供應商。

My sense right now is that, you know, they're reading the headlines, and they're beginning to sense that that's a little bit more risky than it was six months ago, so probably at the margin they're going to try to, over a period of a couple of quarters, get back to more rationale levels of inventory.

我現在的感覺是，你知道，他們正在閱讀頭條新聞，他們開始意識到這比六個月前的風險更大，所以可能在邊際上他們會嘗試在幾個季度的時間內，庫存回到更合理的水平。

And I think we see that in the 24 weeks of backlog.

我認為我們在 24 週的積壓中看到了這一點。

This is the first quarter we saw customers willing to put any backlog on.

這是我們看到客戶願意積壓的第一季。

Forgetting about the past one quarter.

忘記過去的四分之一。

The past one week.

過去的一周。

So we think that's a very positive trend in the market, and I think over time the inventories of the lead times will come into good balance.

因此，我們認為這是市場的一個非常積極的趨勢，我認為隨著時間的推移，交貨期的庫存將達到良好的平衡。

And is that kind of across the board or a particular area?

這是全面的還是特定領域的？

Pardon?

赦免？

Is that across the board that you're seeing that?

您所看到的情況是全面的嗎？

Yeah, we're seeing that pretty much across the board.

是的，我們幾乎全面地看到了這一點。

The 25% you threw out there is that based on the enact this the industry is now forecast to grow in the high teens?

您提出的 25% 是基於該法案的頒布，該行業現在預計將增長到十幾歲？

It's sort of interesting.

這有點有趣。

Six months ago the industry forecast was sort of 10% or something, then it went to 15, now about 20 or 19, so nobody really knows what that's going to be but our sense is that whatever the industry grows, we grow in a multiple of that historically, so based on the rates we're seeing now, and based on what our customers are telling us we think that's a reasonable expectation for next year.

六個月前，行業預測約為10% 左右，然後升至15%，現在約為20 或19%，所以沒有人真正知道會發生什麼，但我們的感覺是，無論行業增長，我們都會以倍數成長。從歷史上看，因此根據我們現在看到的費率以及客戶告訴我們的信息，我們認為這是明年的合理預期。

Thanks.

謝謝。

Next question, operator.

下一個問題，操作員。

Your next question comes from William Conroy with Sanders Morris.

您的下一個問題來自威廉·康羅伊和桑德斯·莫里斯。

Good afternoon.

午安.

Jerry, couple probably headed your way.

傑瑞，有一對可能正向你走來。

First, could you talk a little bit about where you think consumption actually was relative to your revenue?

首先，您能談談您認為消費與收入的實際關係嗎？

You mentioned distribution orders were very strong.

您提到分銷訂單非常強勁。

Are they building inventory or was it all sold through?

他們是在建立庫存還是已經全部售完？

Yeah, I mean, again, I don't know how anyone ever predicts that precisely of consumption versus shipment rates but I would say to a first approximation they're about in balance right now.

是的，我的意思是，我不知道有人如何準確預測消費與發貨率，但我想說的是，他們現在大約處於平衡狀態。

The order rates are, as I mentioned, ahead of the shipment rates, so this would tend to say maybe a consumption is a little bit ahead of that, but it's very, very hard to predict where that is in this part of the cycle.

正如我所提到的，訂單率領先於發貨率，因此這往往意味著消費可能稍微領先於這一點，但很難預測它在周期的這一部分中的位置。

On the other stuff, we're seeing pretty good conversion of just the orders to shipments to customers.

在其他方面，我們看到訂單到向客戶發貨的轉換非常好。

We watch that very, very carefully each quarter.

我們每季都非常非常仔細地觀察這一點。

And it turns out that the growth rate of 50 shipments to customers is really in excess of the growth rate of just the orders on ADI.

事實證明，向客戶發貨 50 件的成長率確實超過了僅 ADI 上的訂單成長率。

So all that tends to be -- seems to be a pretty good sign out there.

所以這一切似乎都是一個非常好的跡象。

Just to follow up real quick, a quick clarification, Joe, did you say utilization in the quarter just ended, approached 60%, or that's where you expect it to be in the current quarter?

只是為了快速跟進，快速澄清一下，Joe，您是說剛結束的季度的利用率接近 60%，還是您預計本季的利用率？

No, in this current quarter.

不，在本季。

Right.

正確的。

Thanks very much.

非常感謝。

Thank you, Bill.

謝謝你，比爾。

And the next question, operator?

下一個問題，操作員？

Your next question comes from Pat McMullin with Carlson Capital.

您的下一個問題來自卡爾森資本的帕特·麥克穆林。

Yeah, I just add quick question about depreciation, which was down sequentially.

是的，我只是添加一個關於折舊的快速問題，折舊是連續下降的。

Is that going to continue to go down or is that just relate to a write-off of the business?

這是會繼續下降還是只是與業務註銷有關？

Joe?

喬？

This is Joe McDonough.

這是喬·麥克唐納。

The depreciation should remain in approximately the same dollar range through the year.

全年貶值幅度應大致保持在相同的美元範圍內。

It may go down very slightly through the year in dollars. [INAUDIBLE].

以美元計算，全年可能會略有下降。 [聽不清楚]。

That was off of this quarterly run rate? [INAUDIBLE].

這超出了季度運行率嗎？ [聽不清楚]。

Yes, we expect it to be in the $39 million range per quarter.

是的，我們預計每季的銷售額將在 3,900 萬美元左右。

For the year.

今年。

Each quarter.

每個季度。

Gotcha.

明白了。

Thanks.

謝謝。

Next caller, please.

請下一位來電者。

Your next question comes from Sumit Dhanda with Banc of America Securities.

您的下一個問題來自美國銀行證券公司的 Sumit Dhanda。

Good afternoon.

午安.

Most of my questions have been asked.

我的大部分問題都被問到了。

Just one quick one.

就快一點吧。

Do you guys feel that your inventories are in line, days of inventory are in line with where they need to be with your line-term operating model, and if that is the case, would we not be a little faster gross margin expansion as your sales pick up next year?

你們覺得你們的庫存是否符合要求，庫存天數是否符合你們的長期運營模式所需的水平，如果是這樣的話，我們是否會像你們一樣加快毛利率擴張速度？明年銷量回升？

This is Joe McDonough, we started the year somewhere in the mid 130-day range of inventory and we've had over the year a goal of getting to between 110 days with 110 days being where we thought it would be more appropriate for this point in the cycle.

我是 Joe McDonough，我們年初的庫存量處於 130 天中間範圍，這一年我們的目標是達到 110 天，我們認為 110 天是在循環中更適合這一點的位置。

We've gotten to 106 days, and so we're getting pretty kos to our 100-day model, which we think is the appropriate for the business.

我們已經達到了 106 天，因此我們對 100 天模型非常滿意，我們認為這適合我們的業務。

And, you know, therefore, if we can increase the utilization of the factories, we can see more of the demand heading toward the internal business, and, you know, there certainly is pretty good gross margin leverage opportunity there.

因此，如果我們能夠提高工廠的利用率，我們就可以看到更多的需求流向內部業務，而且，那裡肯定存在相當好的毛利率槓桿機會。

Okay.

好的。

Thank you.

謝謝。

Thank you, next question, please, operator.

謝謝您，接線員，請下一個問題。

Your next question comes from Andrew Root with Goldman Sachs.

您的下一個問題來自高盛的安德魯·魯特。

Question relating to the maturation of the Tiger Shark core, particularly the relation to the 3G delays.

有關 Tiger Shark 核心成熟度的問題，特別是與 3G 延遲的關係。

We've been hearing that as 3G has been delayed there's been some platforms and that's provided incremental opportunity for those who have really done better with their product over the last couple of years versus the competition.

我們聽說，由於 3G 被推遲，出現了一些平台，這為那些在過去幾年中其產品確實比競爭對手做得更好的人提供了更多的機會。

Are you seeing any of that incremental opportunity as people keep pushing the 3G roll out?

隨著人們不斷推動 3G 的推出，您是否看到了任何增量機會？

I'll let Brian comment, but generally we've seen sort of the door opening on that, and many of what we're considered to be sort of done sockets have now been reopened.

我會讓布萊恩發表評論，但總的來說，我們已經看到了這方面的大門打開了，許多我們認為已經完成的套接字現在已經重新打開。

Maybe Brian would give a little color on that.

也許布賴恩會對此進行一些說明。

Yeah, well, basically the competitive within the base station market has really increased enormously.

是的，基本上基地台市場的競爭確實大大增加了。

It used to be the margins in that business were quite strong but now there's a lot of competition in there amongst the base station manufacturers, and so everybody is looking for cost decreases, and Tiger Shark just happens to facilitate a cost decrease of about 50% per base station.

以前這個業務的利潤率很高，但現在基地台製造商之間的競爭很激烈，所以每個人都在尋求成本降低，而 Tiger Shark 恰好幫助成本降低了 50% 左右每個基地台。

But the existing direction of Tiger Shark, as we call file is, shifting now into base stations in Europe and Japan, and as Jerry mentioned earlier the design win rate that the majors there, in terms of base station companies, right across a whole bunch of different modes, CDMA or GSM, GPRS, and so on, is really the part is doing very well.

但Tiger Shark的現有方向，正如我們所說的那樣，現在正在轉向歐洲和日本的基站，正如Jerry之前提到的，就基站公司而言，那裡的主要公司的設計勝率就在一大堆不同的模式，CDMA或GSM、GPRS等等，這部分確實做得很好。

I don't think there's any doubt that the door being open a little bit longer has really helped us.

我認為，毫無疑問，開門時間再長一點確實對我們有幫助。

And is that still a little bit more than half of your wireless business overall?

這仍然佔您無線業務整體的一半多一點嗎？

I don't know, offhand.

我不知道，隨手一說。

Joe, you want to take a swipe at that?

喬，你想來一擊嗎？

No.

不。

I'd say typically it's a little less than that given the strength of the handset business right now and the fact that the infrastructure business has been relatively weak over the last year or two, but if you look out in time, as base stations be again to deploy, the bases station business can be a very large business for Analog.

我想說的是，考慮到目前手機業務的實力以及基礎設施業務在過去一兩年相對疲軟的事實，這個數字通常會略低一些，但如果你及時觀察，因為基地台會再次部署的話，基地台業務對於Analog來說可能是一個非常大的業務。

I think that's the commence I'd make.

我想這就是我要做的開始。

That's fair.

這還算公平。

We did see some sequential growth in the base station business this quarter.

本季我們確實看到基地台業務出現了一些環比增長。

Most is that is just the standard GFM base station.

最重要的是那隻是標準的GFM基地台。

Was it better than corporate average this quarter or was it lagging a little bit?

本季是好於企業平均還是稍微落後？

It was a little bit less but not significantly.

稍微少了一點，但不顯著。

This was the first quarter in awhile that we've seen any growth in that sector as call volumes continue to go up and people need more of the older base stations, but the real action is going to be on the 3G base stations.

這是我們在一段時間以來看到該領域出現成長的第一個季度，因為通話量持續上升，人們需要更多舊基地台，但真正的行動將是在 3G 基地台上。

Our sense is a year ago everybody was arguing it was going to be a little later.

我們的感覺是一年前，每個人都在爭論會晚一點。

I think they're going to start getting deployed sooner than people are now expecting.

我認為它們將比人們現在預期的更早開始部署。

That's great color.

那顏色真棒。

Quickly on your holiday schedule for production, do you have any holiday shuts planned?

快看看您的假期生產安排，您是否有假期計劃？

This year we're planning mostly around the world to keep running the factories to meet the demand.

今年，我們計劃在世界各地繼續營運工廠以滿足需求。

Next caller, please.

請下一位來電者。

Your next question comes from Sam Adonsogist with Prudential.

您的下一個問題來自保誠集團的 Sam Adonsogist。

My question has been answered.

我的問題已經得到解答。

Thanks.

謝謝。

Okay.

好的。

Next person.

下一個人。

Your next question comes from Tom Thornhill with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的湯姆桑希爾 (Tom Thornhill)。

Hi this, is Doug Friedman for Tom Thornhill.

大家好，我是湯姆桑希爾 (Tom Thornhill) 的道格弗里德曼 (Doug Friedman)。

Question on the total dollar content that you're attempting to service in the notebook market, and also if you could comment on the ATE market and whether you see that returning to some growth in the next year.

關於您試圖在筆記本市場提供服務的總美元內容的問題，以及您是否可以對 ATE 市場發表評論，以及您是否認為明年會恢復一些增長。

Yeah, on the notebook stuff, you know, our best guess is that it's somewhere around $7.00 or $8.00 of power management content in every note back.

是的，就筆記型電腦而言，我們最好的猜測是，每個筆記型電腦背面都有大約 7.00 美元或 8.00 美元的電源管理內容。

Historically we're probably addressing $1.00 to $2.00 of it, and I think as we go forward now we're going to address the entire $7.50 of it.

從歷史上看，我們可能會解決其中 1.00 美元到 2.00 美元的問題，我認為，隨著我們現在的進展，我們將解決整個 7.50 美元的問題。

As far as ATE stuff, we have a very strong position in that business.

就 ATE 而言，我們在該業務中擁有非常強大的地位。

We're one of the few companies that sort of hung in there in the ATE business and intend to be a very volatile business and in the down cycles tends to be more volatile than semiconductors because capital spending goes to zero and in the up cycle tends to be more higher growth than the semiconductor industry because people start to buy test equipment.

我們是少數幾家堅持 ATE 業務的公司之一，並打算成為一個非常不穩定的業務，在下行週期往往比半導體更不穩定，因為資本支出趨於零，而在上行週期往往會出現波動。比半導體產業的成長更高，因為人們開始購買測試設備。

It's also a business that has to respond more to units of semiconductors than dollars.

這也是一家必須對半導體單位做出更多反應而不是對美元做出反應的企業。

So given the analog and mixed signal content and the, you know, the large high performance testers, I think that's going to be a good opportunity for us in 2004 and we have very, very high market share for those kind of product in most of the testers.

因此，考慮到模擬和混合訊號內容以及大型高性能測試儀，我認為2004 年這對我們來說將是一個很好的機會，我們在大多數國家/地區的此類產品中擁有非常非常高的市場佔有率。測試人員。

So I think that will be a source of growth for us next year where as two years ago was a big source of decline for us.

因此，我認為這將成為我們明年成長的一個來源，而兩年前是我們下降的一個重要來源。

Okay.

好的。

And if I could, just one follow-up.

如果可以的話，只需跟進一次。

I'm looking at your, you know, very strong bookings growth of 30% sequentially, and would you say, are you forecasting that bookings are going to continue to grow for the next quarter?

我看到你們的預訂量較上季成長了 30%，非常強勁，你們是否預測下一季的預訂量將繼續成長？

We don't really know.

我們真的不知道。

It's -- whenever you have a 30% sequential growth number, you always a little circumspect about it, what's going to happen this Christmas over there, where some of the order rates will decline and the Chinese New Year who, could tell for sure, but that's why we're a little bit circumspect about the 5% this quarter because we just don't know what's going to happen with the order rates around Christmas.

每當你有 30% 的連續增長數字時，你總是會有點謹慎，今年聖誕節會發生什麼，一些訂單率會下降，而農曆新年則可以肯定地告訴你，但這就是為什麼我們對本季度的5% 持謹慎態度，因為我們不知道聖誕節前後的訂單率會發生什麼。

We just have to wait and see.

我們只需要拭目以待。

The only thing we can say is the first two weeks have been good.

我們唯一能說的是前兩週過得很好。

The first two weeks look great.

前兩週看起來很棒。

So you're not seeing -- likewise you guys are staying open for the Christmas holiday, you're seeing your customers also staying open?

所以你沒有看到——同樣，你們在聖誕節假期期間保持營業，你看到你的顧客也保持營業嗎？

I just don't know.

我只是不知道。

I mean, what tends to happen, if you look back over many, many years, when business is strong, you get right through that period.

我的意思是，如果你回顧很多很多年，當業務強勁時，往往會發生什麼，你就會度過那個時期。

When business is weak, you don't.

當生意不景氣時，你就不會這麼做。

So we'll have to see what happens this quarter.

因此，我們必須看看本季會發生什麼。

All right.

好的。

Thank you very much.

非常感謝。

Great quarter.

很棒的季度。

Thanks.

謝謝。

Could we have the next caller, please, operator.

接線員，請接聽下一個來電者。

Your next question comes from Brian Wu with Bear Stearns.

您的下一個問題來自貝爾斯登的 Brian Wu。

Hi this, is Don [INAUDIBLE] calling in for Brian Wu.

大家好，我是 Don [聽不清楚] 打電話給 Brian Wu。

You mentioned lead times extending out for power management.

您提到電源管理的交付時間延長。

I was wondering if there was a certain number attached with that.

我想知道是否有一個特定的數字。

Not really.

並不真地。

As Joe said what, really happened with the power stuff is that we have plenty of capacity.

正如喬所說，電力方面真正發生的事情是我們有足夠的容量。

The thing that happened is when we add up all the forecast, how many wafers to start, our sales force was a little anemic on predicting how well the products would do.

發生的事情是，當我們將所有預測加起來，也就是要啟動多少晶圓時，我們的銷售人員對預測產品的表現有點無力。

So we got behind for a month or two, but as I mentioned, that's sort of coming into pretty good balance.

所以我們落後了一兩個月，但正如我所提到的，這已經達到了相當好的平衡。

Okay.

好的。

And then I was wondering if you're willing to kind of state as a percentage of business each of your different end markets and what the sequential growth was within each one.

然後我想知道您是否願意說明每個不同終端市場的業務百分比以及每個終端市場的連續成長。

We can give you general ideas on that.

我們可以為您提供相關的整體想法。

And it hasn't changed a hell of a lot over the last couple of quarters.

在過去的幾個季度裡，情況並沒有太大變化。

The industrial business is 35 to 40% of our sales, the communications business is another 35 to 40%.

工業業務占我們銷售額的35%至40%，通訊業務佔另外35%至40%。

That changes quarter to quarter based on some of the large orders.

根據一些大訂單，每個季度的情況都會改變。

The computer market is about 15, and the consumer market is maybe 10 or 12, depending on what happens in any particular quarter.

電腦市場約為 15，消費市場可能為 10 或 12，具體取決於特定季度發生的情況。

Probably the strongest growth we saw in the quarter was in the consumer markets followed by the communications market, and the computer markets grew well as did the industrial markets, so the categories of -- there's not a lot of exactness in those categories, so, I mean, I think directionally that's what really happened.

我們在本季看到的最強勁的成長可能是消費市場，其次是通訊市場，電腦市場和工業市場都成長良好，所以這些類別的類別沒有太多精確性，所以，我的意思是，我認為這就是真正發生的事情。

Could you see what the sequential growth was in each one of the areas?

您能看到每個領域的持續成長嗎？

I think we can give you some general ideas on that.

我想我們可以就此向您提供一些一般性想法。

In the consumer area it was probably about 10%, the computer area was probably about 5%.

在消費領域大概是10%左右，電腦領域大概是5%左右。

In the communications area it was probably 8 to 9% or something, and industrial, we said it was about 5%.

在通訊領域，可能是 8% 到 9% 左右，而在工業領域，我們說大約是 5%。

The reason why it's a little difficult is we have so many customers and so many products, that, you know, one attempt is to take customers to put them into some bucket and another attempt is to take the product and put them into a bucket, and the problem is that the middle is so wide.

之所以有點困難，是因為我們有這麼多的客戶和這麼多的產品，所以，你知道，一種嘗試是將客戶放入某個桶中，另一種嘗試是將產品放入桶中，問題是中間太寬了。

And then you try to reconcile the two, you know.

然後你嘗試調和兩者，你知道。

It just isn't that precise.

只是沒那麼精確。

Well, I mean, we're doing half our business through distribution, so really understanding every single end use of the 60,000 customers buying our product through that channel is challenging, to say the least.

嗯，我的意思是，我們一半的業務是透過分銷完成的，因此至少可以說，真正了解透過該管道購買我們產品的 60,000 名客戶的每一個最終用途是具有挑戰性的。

Fair enough.

很公平。

Last question, you said book to bill is over.

最後一個問題，你說從書到帳已經結束了。

Could you say what number that was?

你能說出那是什麼號碼嗎？

I don't think we said what number it was.

我想我們沒有說那是什麼數字。

It was well over one.

已經超過一了。

Okay.

好的。

That's it.

就是這樣。

Thanks very much.

非常感謝。

Great.

偉大的。

Thanks.

謝謝。

We just have a few minutes remaining here.

我們只剩下幾分鐘了。

I think we're going to be able to get through the callers that we have left.

我想我們將能夠接通我們留下的來電者。

So operator can we have the next caller, please.

接線生可以接聽下一個來電者嗎？

Your next question comes from Ben Eble with Dryfus.

您的下一個問題來自 Ben Eble 和 Dryfus。

Hi, just wanted to make sure.

嗨，只是想確定一下。

The charge for the foundry business, that's the $9.193 that's in the press release?

代工業務的收費，就是新聞稿中的 9.193 美元嗎？

Yes

是的

How much is that is accelerated charges and how much of it is the quarter's charges?

其中多少是加速費用，多少是季度費用？

None of it is the quarter's charge.

這些都不是季度費用。

Bulk of it represents the book value is equipment and inventory as a result of the decision we made we won't be using, and the balance of it represents the costs of receiving some people, but there are no current period charges in that number.

其中大部分代表帳面價值是設備和庫存，因為我們決定不再使用，其餘部分代表接收某些人員的成本，但該數字中沒有當期費用。

And what's the revenues associated with that business, that's now going away?

與現在正在消失的業務相關的收入是多少？

Truly trivial.

確實微不足道。

Very small.

很小。

That's why we don't have it.

這就是為什麼我們沒有它。

Next caller, please.

請下一位來電者。

Your next question comes from Sara Verdaga with Frost and Sullivan.

您的下一個問題來自 Sara Verdaga 和 Frost 和 Sullivan。

Congratulate you on your great quarter.

恭喜您度過了美好的季度。

I have a question.

我有個問題。

As of now what the market I see the biggest market being the automotive sector but I don't see a handling promising growth in that industry.

到目前為止，我認為最大的市場是汽車產業，但我認為該產業的成長前景並不樂觀。

The second industry that I see is industrial market which is also not as promising if you see the sheer size of the industrial.

我看到的第二個產業是工業市場，如果你看到工業的龐大規模，它就沒有那麼有前途。

What I want to know is, in the consumer industry, how do you see analog [INAUDIBLE] growing and you have said that revenue growth would be about 25% and for the current revenue growth is 8% and you're looking at 25%.

我想知道的是，在消費產業，您如何看待模擬 [聽不清楚] 的成長，您曾說過收入成長約為 25%，而目前的收入成長為 8%，您希望成長 25% 。

How do you perceive this to be in the future?

您如何看待未來的情況？

Could you repeat the last part of the question?

你能重複問題的最後部分嗎？

I got the whole thing except the last comment.

除了最後一條評論之外，我得到了全部內容。

You said your current year revenue growth is 8% and you're lacking at about 25% growth.

您說您今年的收入成長率為 8%，而您的成長率卻低於 25% 左右。

Which particular sector of the industry are you looking at the maximum growth coming from?

您認為該行業的哪個特定部門的成長最大？

Let me talk a little bit about the micro machines that you talked about although earlier.

讓我談談您之前談到的微型機器。

Even though the unit growth rate of automobiles is, you know, not very exciting, the penetration of accelerometers into automobiles is progressing at a pretty good clip.

您知道，儘管汽車的單位增長率不是很令人興奮，但加速計在汽車中的滲透卻正在以相當快的速度進行。

It wasn't that long ago that accelerometers just went into air bags, and, you know, there was two air bags, you know, in a car, and one accelerometer would have two air bags, so you would basically grow with the growth of automobiles, which has not been very exciting.

不久前，加速度計剛剛進入安全氣囊，而且，你知道，一輛車裡有兩個安全氣囊，一個加速度計將有兩個安全氣囊，所以你基本上會隨著增長而增長汽車，這並不是很令人興奮。

Now as you look at the next-generation of cars that will come out this year and next year, many of those cars have like six accelerometers, they have side air bags, they fire, they go into rollover controls, they go into stability systems, and a lot of application.

現在，當你看看今年和明年推出的下一代汽車時，其中許多汽車都有六個加速計，它們有側安全氣囊，它們會點火，它們會進入翻車控制系統，它們會進入穩定係統，以及大量的應用。

So the amount of accelerometers per car is increasing at a pretty good rate.

因此，每輛車的加速計數量正在以相當快的速度增加。

In addition, we just introduced this gyroscope which would I would call the technology out product, meaning it's a product that we thought we could build, we weren't quite sure who was going to use it.

此外，我們剛剛推出了這款陀螺儀，我稱之為“產品技術”，這意味著這是我們認為可以製造的產品，但我們不太確定誰會使用它。

And it turns out that the pickup rate, or the amount of people that are looking at that product in a myriad of applications is extremely good, which we think, you know, says something about what the growth rate of the inertial product will be.

事實證明，選擇率，或者說在無數應用程式中關注該產品的人數非常好，我們認為，你知道，這說明了慣性產品的增長率。

They will go into a whole host of robotics and industrial products and also we're beginning to see the pickup in consumer products as well.

它們將進入一系列機器人和工業產品領域，我們也開始看到消費性產品領域的回升。

So there's a wide envelope of what's possible for the top line growth of that business.

因此，該業務的營收成長有很大的可能性。

But if you ask me that question this year, I would be more enthusiastic about that than two or three years ago.

但如果你今年問我這個問題，我會比兩三年前更有熱情。

Right. 2005, 2006, I see a major boom coming in the micro machine accelerometers industry.

正確的。 2005年、2006年，我看到微機械加速度計產業迎來了一次大繁榮。

As of now, what do you typically look at the growth rate for this industry?

到目前為止，您通常如何看待這個行業的成長率？

Well, I don't know about the industry, but there's nowhere to find data or category that people track, but one example of where nobody ever would have predicted these kind of product going is that, you know, one of the largest cell phone manufacturers is now putting this thing into the handset.

好吧，我不了解這個行業，但沒有地方可以找到人們追蹤的數據或類別，但沒有人會預測此類產品的一個例子是，你知道，最大的手機之一製造商現在正在將這個東西放入手機中。

You know, it's one of the very large computer companies is putting this kind of technology in laptops which will shut down the disk drive if the laptop falls.

您知道，一家非常大的電腦公司正在將這種技術應用到筆記型電腦中，如果筆記型電腦跌落，該技術將關閉磁碟機。

Exactly.

確切地。

So these are applications that some of our marketing characters talked about over the years and I sort of laughed at.

這些是我們的一些行銷人員多年來談論的應用程序，而我有點嘲笑。

So it's hard to say but I wouldn't be surprised to see this kind of -- this marketplace, you know, grow with rates of 20, 25% a year in the future.

所以這很難說，但如果你知道，這個市場在未來以每年 20%、25% 的速度成長，我不會感到驚訝。

Okay.

好的。

And this is going to be for the next five to six years?

這將持續五到六年嗎？

Could be.

可能。

Okay.

好的。

In the interest of the application in the cell phone is to determine how far a person walked or ran.

手機中的應用程式的目的是確定一個人走了或跑了多遠。

[INAUDIBLE] which, you know, you might look and see who cares, turns out I guess a lot of people with cell phones want to see how far they were walking.

[聽不清楚]，你知道，你可能會看看誰在乎，結果我猜很多拿著手機的人都想知道他們走了多遠。

As long as it's pretty cheap.

只要它相當便宜。

Take their cell phone for sure.

一定要拿走他們的手機。

Are you also lacking at a possible acquisition of a large company [INAUDIBLE] business?

您是否也缺乏收購大公司[聽不清楚]業務的可能？

Well, anything's possible.

嗯，一切都有可能。

Right.

正確的。

I mean, there's a lot of talk about Motorola trying to sell off its semiconductor business.

我的意思是，有很多關於摩托羅拉試圖出售其半導體業務的討論。

Would you be interested?

你會感興趣嗎？

I don't think I'm going to comment on that.

我想我不會對此發表評論。

Okay.

好的。

Thank you.

謝謝。

All right.

好的。

Thank you.

謝謝。

Our last question, operator.

我們的最後一個問題，接線生。

Your last question comes from Craig Berger with Smith Barney.

你的最後一個問題來自史密斯巴尼公司的克雷格·伯傑。

Hi, thanks for taking my questions.

您好，感謝您回答我的問題。

I just wanted to ask although bit more about the DSP kit.

我只是想問一下有關 DSP 套件的更多資訊。

You said you sold a thousand of them, or --.

你說你賣了一千個，或者──。

A thousand this ----.

千此----。

You utilized a thousand in the last quarter.

您在上個季度使用了 1000 個。

I want to know, have you looked at -- how does that translate into future DSP sales or what was the development kit usage rate a year ago?

我想知道，您是否了解過——這如何轉化為未來的 DSP 銷售額或一年前的開發套件使用率是多少？

Any metrics around that?

有什麼相關指標嗎？

Well, so far, to date, we've shipped about three and a half to four thousand kits out there in the marketplace, and customers have to pay money for these development kits, we don't ship them for free, so there's a sense of commitment that they're going to use these things for something.

嗯，到目前為止，到目前為止，我們已經在市場上發貨了大約三個半到四千個套件，客戶必須為這些開發套件付費，我們不會免費發貨，所以有一個他們將使用這些東西來做某件事的承諾感。

Does that include the thousand from the most recent quarter?

這包括最近一個季度的一千人嗎？

Yes, it does.

是的，它確實。

And this is for Black Fin only.

這僅適用於黑鰭。

We also have development kits for Tiger Shark and Shark Processes.

我們也有 Tiger Shark 和 Shark Processes 的開發套件。

As we look at the conversion rate of those three and a half thousand development kits we can track, you know, reasonably well, you know, a significant percentage of therm turn into design wins, and we track that by the production volumes that we ship and as well as more advanced development and so forth.

當我們查看這三個半千個開發套件的轉換率時，我們可以跟踪，你知道，相當好，你知道，其中很大一部分轉化為設計勝利，我們通過我們發貨的產量來跟踪這一點以及更先進的開發等等。

And Jerry mentioned just this quarter, you know, we had 100 customers, in fact more than 100 customers, ordering products of Black Fin for prototype builds or preproduction runs or whatever.

Jerry 提到，就在本季度，我們有 100 個客戶，實際上超過 100 個客戶，訂購 Black Fin 產品用於原型構建或預生產運行或其他用途。

But the real volumes on this thing we really don't expect to see until the back end of 2004 then going into 2005.

但我們確實預計要到 2004 年底然後進入 2005 年才能看到這件事的實際數量。

This is Jerry.

這是傑瑞。

One of our goals in this whole DSP arena now is to broaden out the customer base, and I think that sort of within about six to nine months of product introduction the fact that 4,000 people are driving this thing is a great sign towards our objective of ultimately having 10,000 customers of this product.

現在，我們在整個 DSP 領域的目標之一是擴大客戶群，我認為在產品推出後大約六到九個月內，4,000 人正在駕駛這個產品這一事實是實現我們目標的一個很好的跡象該產品最終擁有10,000 個客戶。

So, you know, the hard part to predict is when one of these verticals or a couple of these verticals will take off and we'll get big revenue but the real -- the other goal there of getting this very broad range of customers, similar to those that design with our analog product, designed our DSP's, is a very important goal for us.

所以，你知道，最難預測的是這些垂直行業中的一個或幾個垂直行業何時會起飛，我們將獲得巨額收入，但真正的目標是獲得如此廣泛的客戶，與使用我們的模擬產品進行設計類似，設計我們的DSP，對我們來說是一個非常重要的目標。

And can you give what -- just generally what portion of those customers actually ends up using the Black Fin?

您能否透露一下，這些客戶中到底有多少部分最終最終使用了 Black Fin？

Well, we'll find out as you look out over the -- if you ask that in a year or two we'll have a better answer than today.

好吧，當你觀察時我們會發現——如果你在一兩年內問這個問題，我們會得到比今天更好的答案。

Can you give a general split between Black Fin and Tiger Shark [INAUDIBLE]?

您能否給出黑鰭鯊和虎鯊之間的整體差異[聽不清楚]？

They're both very small portion of our sales now.

它們現在只占我們銷售額的一小部分。

The Black Fin has a much wider appeal base given the price point and the power points in terms of its ability to be portable instruments compared to Tiger Shark.

與 Tiger Shark 相比，考慮到其價格點和作為便攜式樂器的能力，Black Fin 具有更廣泛的吸引力基礎。

Tiger shark is aimed at a couple of large vertical segments.

虎鯊的目標是幾個大型垂直部分。

There will also be a bunch of smaller ones to bay it but I think the breadth appeal of Black Fin is much higher than Tiger Shark.

也會有一群較小的鯊魚來對抗它，但我認為黑鰭鯊的廣度吸引力比虎鯊高得多。

Did you give your fiscal '04 capex?

您是否提供了 04 財年的資本支出？

I don't think we did but Joe can give you a sense of it.

我不認為我們做到了，但喬可以讓你感覺到這一點。

It's going to be increasing just a bit going tore ward to respond to some of the pressures that we've got in manufacturing and some constrained areas.

為了應對我們在製造業和一些受限領域面臨的一些壓力，它會稍微增加一點。

Probably, you know, something in the range of 120, $130 million is probably a reasonable estimate.

你知道，大概 1.2 到 1.3 億美元之間的數字可能是一個合理的估計。

Last question.

最後一個問題。

You said converters were up 10% sequentially.

您說轉換器連續成長了 10%。

Did you give the amplifier number?

你給了擴大機號碼嗎？

No, I don't think we did, but let me see if we have it for you.

不，我想我們沒有，但讓我看看我們是否為您準備好了。

I'd just like to pick out the real good ones in these calls but let me see if we have that.

我只想在這些電話中挑選出真正好的人，但讓我看看我們是否有這樣的人。

Amplifiers were sequentially up 5%.

放大器連續上漲 5%。

Thank you very much.

非常感謝。

Okay.

好的。

That was our last question.

這是我們最後一個問題。

We're out of time for today.

我們今天沒時間了。

We look forward to talking with all of you again during our first quarter conference call scheduled for Thursday, February 12th, again at 4:30 Eastern time.

我們期待在定於 2 月 12 日星期四東部時間 4:30 舉行的第一季電話會議上再次與大家交談。

Thank you all.

謝謝你們。

This concludes today's Analog Devices conference call.

今天的 Analog Devices 電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。