亞德諾半導體 (ADI) 2016 Q1 法說會逐字稿

Good morning, my name is Jennifer and I will be your conference facilitator. At this time I would like to welcome everyone to Analog Devices' first-quarter and FY16 earnings conference call.

早安，我叫詹妮弗，我將擔任本次會議的主持人。在此，我謹代表Analog Devices公司歡迎各位參加2016財年第一季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the conference over to your host for today, Mr. Ali Husain, Treasurer and Director of Investor Relations. Please proceed.

現在我謹將會議交給今天的主持人，財務主管兼投資者關係總監阿里·侯賽因先生。請繼續。

Good morning. Thanks, Jennifer, and good morning, everyone. Thanks for joining ADI's first-quarter 2016 conference call. You can find our press release, relating financial schedules, and our investor tool kit at investor.analog.com.

早安.謝謝你，珍妮弗，大家早安。感謝您參加ADI 2016年第一季電話會議。您可以在 investor.analog.com 上找到我們的新聞稿、相關財務報表和投資者工具包。

As usual I'm joined this morning by ADI's CEO Vincent Roche, ADI's CFO Dave Zinsner. The format for today's call will be slightly different. Today's prepared remarks will be relatively short because we want to devote most of the call to Q&A.

今天早上，像往常一樣，ADI 的執行長 Vincent Roche 和財務長 Dave Zinsner 也加入了我的行列。今天的電話會議形式會略有不同。今天的發言稿會比較簡短，因為我們希望將大部分時間用於問答環節。

Before we start let's get through some disclosures. Please note the information we're about to discuss, including our objectives and outlook, includes forward-looking statements.

在開始之前，我們先來了解一些需要說明的資訊。請注意，我們即將討論的訊息，包括我們的目標和展望，包含前瞻性陳述。

Actual results may differ materially from these forward-looking statements as a result of various factors, including those discussed in our earnings release and our most recent 10-Q. These forward-looking statements reflect our opinion as of the date of this call, and we undertake no obligation to update these forward-looking statements in light of new information or future events.

由於各種因素的影響，實際結果可能與這些前瞻性聲明有重大差異，這些因素包括我們在獲利報告和最新的 10-Q 文件中討論的因素。這些前瞻性陳述反映了我們截至本次電話會議之日的觀點，我們不承擔因新資訊或未來事件而更新這些前瞻性陳述的義務。

Our comments today will also include non-GAAP financial measures, which we have reconciled to their most directly comparable GAAP financial measures in today's earnings release which we've posted at investor.analog.com. With all that behind us, let's get started.

我們今天的評論還將包括非GAAP財務指標，我們已在今天發布的收益報告中將其與最直接可比的GAAP財務指標進行了核對，該收益報告已發佈在investor.analog.com上。一切準備就緒，讓我們開始吧。

So as you've likely seen, revenue in the first quarter totaled $769 million, which was about even to the same period in the prior year. Compared to the prior quarter, revenue decreased 21%, but this sequential revenue performance masked what was really a tale of two narratives.

正如你可能已經看到的，第一季的收入總計為 7.69 億美元，與去年同期基本持平。與上一季相比，收入下降了 21%，但這種環比收入表現掩蓋了實際情況的兩面性。

While weakness in the consumer portable sector exacerbated what is typical seasonal weakness within the consumer market, our business to business, or B2B markets, of industrial, automotive, and communications infrastructure combined to perform in line with our expectations. So let me give you a little color on our performance.

儘管消費便攜式設備領域的疲軟加劇了消費市場典型的季節性疲軟，但我們的工業、汽車和通訊基礎設施等企業對企業 (B2B) 市場綜合表現符合我們的預期。那麼，就讓我來為大家簡單介紹一下我們的表現。

The industrial market at 45% of revenue decreased 5% sequentially during the seasonally weaker first quarter, which was a good result in a challenging macro environment. Compared to the prior year, the industrial market was stable.

工業市場佔總收入的 45%，在季節性疲軟的第一季環比下降了 5%，在充滿挑戰的宏觀環境下，這是一個不錯的成績。與上年相比，工業市場保持穩定。

The automotive market at 16% of revenue decreased 4% sequentially, with all sectors flat to down and in line with seasonal patterns. As compared to the same period in the prior year, revenue from ADAS, or advanced driver assistance systems, increased 22%, power train sector revenue grew 8%, and infotainment sector revenue increased 6%.

汽車市場佔總營收的 16%，季減 4%，所有產業均持平或下降，符合季節性法則。與去年同期相比，ADAS（高級駕駛輔助系統）營收成長了 22%，動力總成部門營收成長了 8%，資訊娛樂部門營收成長了 6%。

Turning now to communications infrastructure, revenue in this market increased 4% sequentially, which was well ahead of seasonal patterns. Revenue from both wireless and wireline infrastructure customers increased sequentially, as we believe the trough in the wireless market turns into a nascent recovery.

現在來看通訊基礎設施，該市場的收入較上季成長了 4%，遠超季節性水準。來自無線和有線基礎設施客戶的收入均環比增長，因為我們認為無線市場的低谷正在轉變為初步復甦。

As compared to the prior year, wireless revenues decreased while revenue from wireline customers increased. In total, ADI's B2B markets decreased 3% sequentially.

與前一年相比，無線業務收入下降，而有線業務收入上升。ADI的B2B市場整體較上季下降了3%。

Now in the consumer market revenues decreased 60% sequentially to $126 million, and this market represented 16% of sales. While prosumer audio video applications decreased in line with seasonal patterns, revenue from portable consumer applications declined significantly as a result of weaker than forecasted customer demand in this sector after a prior-quarter performance that had far exceeded expectations.

目前，消費市場收入環比下降 60% 至 1.26 億美元，該市場佔銷售額的 16%。雖然專業用戶音訊視訊應用的收入隨著季節性因素而下降，但由於上一季業績遠超預期，而本季便攜式消費應用的客戶需求低於預期，導致該領域的收入大幅下降。

Now I'll turn the call over to Dave for details of our financial performance in 1Q 2016. With the exception of revenue, Dave's comments on our first quarter P&L line items will exclude special items which in the aggregate totaled $22 million for the quarter.

現在我將把電話交給戴夫，讓他詳細介紹我們 2016 年第一季的財務表現。除了收入之外，戴夫對我們第一季損益表項目的評論將不包括特殊項目，這些特殊項目在本季度總計達 2200 萬美元。

When comparing our first-quarter performance to our historical performance, special items are also excluded from prior-quarter and year-over-year results, and reconciliations of these non-GAAP measures to their comparable GAAP measures are included on schedule E in today's release. So Dave, over to you.

在將我們第一季的業績與歷史績效進行比較時，特殊項目也已從上一季度和上一年的業績中剔除，這些非GAAP指標與其可比較GAAP指標的調節表已列入今天發布的附表E中。戴夫，現在輪到你了。

Thanks, Ali. The first quarter was a challenging quarter as we executed through weaker economic conditions and significant weakness in the portable consumer electronics sector. Nevertheless, our B2B markets combined to perform in line with our expectations, and we repurchased $132 million of our shares in response to stock price volatility, which helped reduce our share count by approximately 1%.

謝謝你，阿里。第一季充滿挑戰，因為我們面臨疲軟的經濟環境和便攜式消費性電子產品產業的嚴重疲軟。儘管如此，我們的 B2B 市場整體表現符合預期，我們回購了價值 1.32 億美元的股票以應對股價波動，這有助於減少我們約 1% 的股票數量。

Revenue in the first quarter totaled $769 million, and diluted earnings per share was $0.56. Gross margin of 62.2% decreased 350 basis points from the prior quarter, primarily on higher inventory reserves and lower utilization rates.

第一季營收總計 7.69 億美元，稀釋後每股收益為 0.56 美元。毛利率為 62.2%，較上一季下降 350 個基點，主要原因是庫存準備金增加和利用率降低。

Inventory on a dollars basis decreased $7 million sequentially, and on a day's basis was 128 days on lower sales. Utilization rates in the first quarter were in the mid 50%s, and we are planning to increase utilization to the high 60%s in the second quarter.

以美元計算，庫存季減了 700 萬美元；以天計算，由於銷售額下降，庫存週轉天數為 128 天。第一季的利用率在 50% 左右，我們計劃在第二季將利用率提高到 60% 以上。

Weeks of inventory and distribution were approximately seven and a half weeks, consistent with the prior quarter. Operating expenses of approximately $265 million declined $27 million, or 9% sequentially, and were flat to the prior year as we continued to carefully manage expenses.

庫存和配送週期約為七周半，與上一季一致。營運支出約為 2.65 億美元，環比下降 2,700 萬美元，降幅為 9%，與去年持平，因為我們繼續謹慎地控制支出。

Operating profit before tax of $214 million, or 27.8% of sales, decreased from both the prior quarter and the year-ago period. Other expense was approximately $10 million, as we raised $1.25 billion in 10-year and 30-year notes.

稅前營業利潤為 2.14 億美元，佔銷售額的 27.8%，較上一季及去年同期均下降。其他支出約為 1000 萬美元，因為我們發行了 10 年期和 30 年期債券，籌集了 12.5 億美元。

We expect our net interest expense for the remainder of FY16 to be approximately $15 million per quarter. Our first quarter tax rate was approximately 13%, which we expect will be our tax rate for the remainder of FY16.

我們預計 2016 財年剩餘時間的淨利息支出約為每季 1,500 萬美元。我們第一季的稅率約為 13%，我們預計 2016 財年剩餘時間的稅率也將維持在這個水準。

Excluding special items, diluted earnings per share was $0.56, which was a decrease of 11% as compared to the prior year on higher inventory reserves and interest expense. Nevertheless, our strong financial model continued to generate solid cash flows, which we used to enhance shareholder returns.

剔除特殊項目後，稀釋後每股收益為 0.56 美元，較前一年下降 11%，主要原因是存貨準備金和利息支出增加。儘管如此，我們穩健的財務模式持續產生穩定的現金流，我們利用這些現金流來提高股東回報。

Excluding a one-time payment relating to the conversion of our Irish pension plan, over the past 12 months ADI has generated free cash flow of $1 billion, or 30% of sales, and we have returned $800 million to shareholders through dividends and share buybacks. The first quarter was also a strong working capital quarter, during which free cash flow as a percent of revenue increased to 26% up from 19% in the prior year, which is an increase of approximately 700 basis points.

除了與愛爾蘭退休金計畫轉換相關的一次性付款外，在過去 12 個月中，ADI 產生 10 億美元的自由現金流，佔銷售額的 30%，我們透過股息和股票回購向股東返還 8 億美元。第一季營運資金狀況也十分強勁，自由現金流佔營收的百分比從上年的 19% 增至 26%，增幅約 700 個基點。

Capital additions in the first quarter were $23 million, or 3% of revenue, and we are planning for capital additions in 2016 to be in the range of $130 million to $150 million. In line with our capital allocation strategy, our Board of Directors approved a $0.02 increase in the quarterly dividend to $0.42 per share, which is payable on March 8, 2016.

第一季新增資本為 2,300 萬美元，佔營收的 3%，我們計畫 2016 年新增資本在 1.3 億至 1.5 億美元之間。根據我們的資本配置策略，董事會批准將季度股息增加 0.02 美元至每股 0.42 美元，並將於 2016 年 3 月 8 日支付。

This dividend represents the 13th dividend increase in the last 12 years. At the current stock price, our dividend yield is approximately 3.2%.

這是過去 12 年中的第 13 次股息增長。以目前股價計算，我們的股息殖利率約為 3.2%。

Our Board also increased the authorization under our stock repurchase program to $1 billion, as we plan to continue to repurchase our stock during periods of stock price volatility. We ended the quarter with a cash and short-term investment balance of $3.8 billion, with approximately $1.2 billion available domestically.

我們的董事會也將股票回購計畫的授權額度提高到 10 億美元，因為我們計劃在股價波動期間繼續回購股票。本季末，我們的現金和短期投資餘額為 38 億美元，其中約 12 億美元可用於國內業務。

We had approximately $1.7 billion in debt outstanding, which resulted in a net cash position of $2.1 billion. Now turning to our outlook for the second quarter, which with the exception of revenue expectations is on a non-GAAP basis and excludes special items that are outlined in today's release.

我們當時約有 17 億美元的未償債務，淨現金部位為 21 億美元。現在來看看我們對第二季的展望，除收入預期外，該展望均以非GAAP準則為基礎，並且不包括今天發布的公告中概述的特殊項目。

While we are cautious about the macroeconomic environment, current order trends in the industrial, automotive, and communications infrastructure markets suggest combined sequential revenue growth in these B2B markets to be in the mid- to high-single digits in the second quarter. In consumer, we are expecting another quarter of sequential weakness within the portable sector of this market.

儘管我們對宏觀經濟環境持謹慎態度，但目前工業、汽車和通訊基礎設施市場的訂單趨勢表明，這些 B2B 市場第二季度的綜合收入環比增長將達到中高個位數。在消費領域，我們預期該市場便攜式設備領域將連續第二季出現疲軟。

In the aggregate, we are planning for revenue in the second quarter to be in the range of minus 2% to plus 4% sequentially. Gross margins are expected to increase to approximately 65.5% in the second quarter on higher utilization, a more favorable mix, and lower expected inventory reserves as compared to the first quarter.

總體而言，我們預計第二季營收將季減 2% 至上升 4%。由於產能利用率提高、產品組合更加有利以及預計庫存準備金將較第一季降低，預計第二季毛利率將增至約 65.5%。

We estimate that operating expenses will be up slightly in the second quarter, and as a result for operating margins to expand sequentially. Based on these estimates and excluding any special items, diluted earnings per share are planned to be in the range of $0.58 to $0.66, which at the midpoint would represent an 11% sequential increase in EPS.

我們預計第二季營運費用將略有上升，因此營運利潤率將環比擴大。根據這些估計，不計任何特殊項目，稀釋後每股收益計劃在 0.58 美元至 0.66 美元之間，其中值將代表每股收益環比增長 11%。

We are currently operating at the lower end of our financial leverage model range, and we are carefully managing production levels and operating expenses. As business conditions improve, we should drive better operating leverage.

我們目前處於財務槓桿模型範圍的較低水平，並且正在謹慎地管理生產水平和營運費用。隨著商業環境的改善，我們應該提高經營槓桿。

Overall, we estimate that we have approximately 800 basis points of operating leverage remaining on our financial model based on our first-quarter exit rates. While near-term market headlines warrant caution, we believe our future prospects remain strong.

總體而言，根據我們第一季的退出率，我們估計我們的財務模型中還剩下大約 800 個基點的經營槓桿。儘管近期市場消息令人擔憂，但我們相信未來的前景依然強勁。

We have been deepening and broadening our customer engagements while investing in our most critical technology vectors to support our long-term growth. And together with our operating model, these place ADI on a strong platform to achieve up to $5 in non-GAAP earnings by 2020. And so now I'll turn the call back over to Ali.

我們不斷深化和拓展與客戶的互動，同時投資我們最關鍵的技術方向，以支持我們的長期成長。再加上我們的營運模式，這些因素使 ADI 擁有了強大的平台，預計在 2020 年實現高達 5 美元的非 GAAP 收益。現在我把電話交還給阿里。

Great. Thanks, Dave. So folks, before we get to Q&A let's run through the format. Please limit yourself to one question.

偉大的。謝謝你，戴夫。各位，在進入問答環節之前，我們先來了解問答環節的形式。請只提一個問題。

If you have a follow-up please requeue. And again, we do this in the spirit of fairness so that all callers get to ask at least one of their questions. We plan to run the call until 11.

如果您有後續問題，請重新排隊。再次強調，我們這樣做是為了公平起見，讓所有來電者至少有機會問一個問題。我們計劃通話持續到11點。

I think that's plenty of time to get to everyone's questions. So with that, operator, let's start the Q&A session. Folks on the line can ask questions of either Vince, Dave, or myself.

我覺得時間夠回答大家的問題了。那麼，操作員，我們開始問答環節吧。電話那頭的人可以向 Vince、Dave 或我提問。

(Operator Instructions)

（操作說明）

Our first question comes from Ambrish Srivastava with BMO Capital Markets.

我們的第一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

Thank you, good morning, folks. I had a long-term question on the automotive segment for any of you gents who could answer. Autos has been a great business for you long term. Last year didn't grow.

謝謝大家，早安。我有一個關於汽車領域的長期問題想請教各位。從長遠來看，汽車產業一直是你的一項非常成功的生意。去年沒有成長。

Can you help us -- sorry. I'm in a hotel room. Can you please help us understand where the business' position in some of the newer areas such as ADAS, self-driving push, safety -- so in a sense what drove the business in the last five years, and what should we be looking at in the future? Thank you.

您能幫幫我們嗎？ ——抱歉。我在飯店房間裡。您能否幫助我們了解公司在一些新興領域（例如 ADAS、自動駕駛、安全）的定位？也就是說，在過去五年中，是什麼推動了公司的發展？未來我們應該關注哪些方面？謝謝。

Yes, well Ambrish, as you know our automotive business has three major components to it. One is the infotainment sector, which is largely built around audio and media products.

是的，Ambrish，正如你所知，我們的汽車業務由三個主要部分組成。一是資訊娛樂產業，該產業主要圍繞音訊和媒體產品建構。

We have a strong power train business, which in the past number of years has been driven really by our strength in battery monitoring and control. And last but not least the safety business, which has three major components; passive safety and active safety, which are largely MEMS based activities, and advanced driver assistance.

我們擁有強大的動力總成業務，而過去幾年，這項業務的發展主要得益於我們在電池監控和控制方面的優勢。最後但同樣重要的是安全業務，它包含三個主要部分：被動安全和主動安全（主要基於 MEMS 的活動）以及高級駕駛輔助。

I can tell you that all those sectors grew over the last several years. The infotainment area has grown in the high single digits, same thing with the power train business. And where we run into headwinds really is on the MEMS side of the safety business.

我可以告訴你，所有這些行業在過去幾年都實現了成長。資訊娛樂領域實現了接近兩位數的成長，動力總成業務也是如此。而我們真正遇到的阻力在於安全業務的 MEMS 面向。

The advanced driver assistance piece in fact has been growing at a rate of about 20% over the last two or three years. And in the MEMS area specifically, we have been very careful to exit parts of the business that we're commoditizing and focusing our R&D in areas where we can get the returns on performance-driven products.

事實上，在過去兩三年裡，高階駕駛輔助技術的成長速度約為 20%。尤其是在 MEMS 領域，我們一直非常謹慎地退出那些商品化的業務部分，並將研發重點放在那些能夠從性能驅動型產品中獲得回報的領域。

That's where we've suffered the headwind, and it provided a dampening effect over the last year in particular. My sense is based on what I hear from customers, what I hear -- what our business units are predicting, is that in the latter half of this year we'll be back into I think a pretty solid growth pattern with regard to automotive in general across all those three sectors.

這就是我們遇到的阻力所在，尤其是在過去一年裡，它對我們產生了抑製作用。我的感覺是基於我從客戶那裡聽到的，以及我聽到的——我們業務部門的預測，那就是今年下半年，我認為汽車行業在所有這三個領域都將恢復到相當穩健的成長模式。

Great. Thanks, Ambrish, and let's get to our next caller.

偉大的。謝謝安布里什，我們來接聽下一位來電者。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 公司的 Tore Svanberg。

Yes, thank you. You talked about order rates in your B2B business being stable in spite of the macro climate.

是的，謝謝。您提到，儘管宏觀經濟環境不佳，但貴公司B2B業務的訂單量保持穩定。

Could you talk a little bit more about the linearity of those bookings? Are they coming in in line with seasonal patterns, or is there any trends for strengthening or weakening as we look forward?

您能否再詳細談談這些預訂的線性特徵？它們是否符合季節性規律，還是隨著時間推移出現增強或減弱的趨勢？

Tore, thanks. This is Ali, I'll take this one. If you look at the order patterns throughout the quarter, I think they generally trended -- again ex the consumer business, I'm talking about the B2B business here.

托雷，謝謝。這是阿里，我要這個了。如果你觀察整個季度的訂單模式，我認為它們總體上呈現趨勢——再次強調，這裡指的是 B2B 業務，而不是消費者業務。

They generally trended as we would have expected them to. I think November and December were pretty stable. January saw some pretty good strength.

它們的走勢總體上符合我們的預期。我認為11月和12月的市場比較穩定。一月份的走勢相當強勁。

I'd say part of that is just the natural cycle there. January tends to be a stronger order flow month than December just because it has less holidays.

我認為其中一部分原因只是當地的自然循環。一月份的訂單量通常比十二月大，原因很簡單，一月份的假日比較少。

Part of it could be there is -- our first and second quarters had the effect of the lunar new year. Part of that could be that as well. But I'd say overall as we now look into February, orders continue to maintain themselves.

部分原因可能是——我們的上半年和下半年受到了農曆新年的影響。部分原因可能也在於此。但總的來說，展望二月份，訂單量持續保持穩定。

I'd say when you look at the various businesses, the industrial businesses hanging in February to January rates, the comms business is off a little bit from its January rates. Again, January is a very strong month for the comms business, particularly as you think about some of these wireless infrastructure build outs in China.

我認為，如果你看一下各個行業的收費情況，你會發現工業業的收費標準與 2 月到 1 月的收費標準基本一致，而通訊業的收費標準則與 1 月份的收費標準略有不同。再次強調，1 月是通訊業務的強勁月份，尤其考慮到中國的一些無線基礎設施建設項目。

There is likely some ordering that happened in the month of January that was likely going to be consumed in February. I think overall I'd say it's probably tracking to where we would expect it to be around this time of year, and I think that's certainly implicated in the guidance that we gave for the B2B markets to be in the mid- to high-single digits sequentially in the second quarter.

一月份可能有一些訂單原本計劃在二月消費。我認為總體而言，它的發展可能符合我們每年這個時候的預期，而且我認為這肯定與我們之前給出的 B2B 市場第二季度環比增長中高個位數的指導意見有關。

Our next question is from Stacy Rasgon with Bernstein Research.

下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

Hi, thanks for taking my question. I want to actually follow up on that. So you're guiding the B2B at mid- to high-single digits, you're calling that seasonal.

您好，感謝您回答我的問題。我想就此事進行後續跟進。所以你把 B2B 業務的成長率控制在個位數中高段，你稱之為季節性因素。

I think industrial and auto are typically up in the low double digits sequentially in Q2. So is there something else going on for example in comm that's offsetting?

我認為工業和汽車行業在第二季度通常會環比增長兩位數。那麼，是否還有其他因素，例如通訊方面，導致了偏移？

I mean can you give us some feeling for variation across the three B2B businesses above or below that average? Because it does seem overall you're a bit below normal seasonal for industrial and auto.

我的意思是，您能否讓我們了解一下這三家 B2B 企業高於或低於該平均值的差異情況？因為總體而言，你們的工業和汽車產量似乎略低於正常的季節性水準。

Right. Yes, so we actually went back and looked at the B2B in total and by piece. Communications tends not to have as much seasonal effect, and it's more a cycle effect.

正確的。是的，所以我們實際上回過頭來，整體上和各個部分都仔細查看了 B2B 業務。通訊行業受季節影響較小，且較多表現出週期性變化。

But when you look at the industrial and automotive, you're right, Stacy, sometimes it's in the double digits. Sometimes it's in the high-single digits, kind of depends on the year.

但是，如果你看看工業和汽車行業，你說得對，斯泰西，有時這個數字是兩位數。有時是接近兩位數，這在一定程度上取決於年份。

I think partly it depends on where lunar new year falls, and sometimes lunar new year is in the first quarter and sometimes it's in the second quarter. And so I think a little bit of the effect of perhaps us being on the lower end to seasonality in those businesses is the fact that lunar new year shows up in the second quarter this time around.

我認為這部分取決於農曆新年落在哪個季度，有時農曆新年在上半年，有時在下半年。所以我覺得，我們這些產業受季節性影響較小的部分原因可能是，今年的農曆新年出現在了第二季。

Part of it's just you have to pay attention to what's going on in the macro environment, and I think we're being prudently cautious given some of the perturbations out there, things going on in China, things going on with our customers who sell into the oil and gas space. I think there's a little bit of prudence there.

一部分原因在於你必須專注於宏觀環境的動態，我認為鑑於目前存在的一些動盪，例如中國正在發生的事情，以及我們那些向石油和天然氣領域銷售產品的客戶正在發生的事情，我們正在採取謹慎的態度。我認為這其中蘊含著一絲謹慎。

And then partly I think comm has had a pretty good quarter in the first quarter. It's going to probably have a more flattish to up slightly kind of quarter in the second quarter, and that would mute the B2B sequential growth rate as well.

我覺得部分原因是通訊業務在第一季表現相當不錯。第二季可能會出現較為平穩或略有成長的情況，這也將抑制 B2B 業務的環比成長率。

Overall I would say we're pretty pleased with how the B2B business has been operating. It had a better than expected first quarter, and so to have the second quarter be a little bit on the lower end of seasonality is I think a pretty good outcome.

總的來說，我們對B2B業務的營運狀況相當滿意。第一季業績好於預期，因此第二季業績略低於季節性波動水平，我認為這已經是一個相當不錯的結果了。

The next question comes from Chris Danely with Citigroup.

下一個問題來自花旗集團的克里斯·丹利。

Okay, thanks. Just some more color on the consumer end market. How do you expect that to trend this year?

好的，謝謝。再補充一些關於消費終端市場的資訊。你預計今年的趨勢會如何？

Have you seen any change to your forecast recently? And do you think consumer revenue in the second half of calendar 2016 will be above or below what it was in the second half of calendar 2015?

你最近發現天氣預報有任何變化嗎？您認為 2016 年下半年的消費者收入會高於還是低於 2015 年下半年？

Tough to call the year-over-year growth rates, Chris. Obviously we have a good position I think in the consumer space, particularly in the portable electronics space.

克里斯，很難預測年增速。我認為我們在消費領域，尤其是在便攜式電子產品領域，顯然佔有有利地位。

We obviously had a really good second half last year, but as the first half of this year has shown, looks like some of that was not real in demand. And so there might have been a little bit of build of inventory, some inventory build in the second half of last year that we're now feeling the effects of this year.

顯然，我們去年下半年的業績非常好，但正如今年上半年的情況所示，其中一些產品似乎沒有真正的市場需求。因此，去年下半年可能出現了一些庫存積壓，而我們現在正在感受到今年的庫存積壓帶來的影響。

So clearly on a sequential basis the second half should be quite strong relative to the first half. I'm not sure how things will work out year over year given that inventory build.

因此，很明顯，從順序上看，下半場應該比上半場要強得多。考慮到庫存增加的情況，我不確定每年的情況會如何發展。

Our next question comes from John Pitzer with Credit Suisse.

下一個問題來自瑞士信貸的約翰‧皮策。

Yes, good morning. Thanks for letting me ask the question. I want to go back to the non-consumer or B2B business.

是的，早安。謝謝您允許我提問。我想重返非消費者或B2B業務領域。

If you look at that revenue over a longer period of time, it peaked out in the October 2014 quarter at about $720 million. And even again your guide for April, you're still going to be $30 million to $40 million below that level.

如果從更長的時間跨度來看，該收入在 2014 年 10 月季度達到峰值，約為 7.2 億美元。即使按照你四月份的指導方針來看，你仍然會比這個水平低 3000 萬到 4000 萬美元。

And Vince, I think in a prior question you did a good job talking about the puts and takes in autos. I'm assuming industrial military is really a reflection of a lackluster macro.

文斯，我覺得你在之前的問題中很好地談到了汽車行業的買賣交易。我認為工業軍事實際上反映了宏觀經濟的疲軟。

I guess my question is more on the comm side of the business, which is still down the most over that period of time. Wondering where you think we are in the comm cycle. Do we get back north of $200 million in revenue at some point?

我想問的問題更多是關於業務的通信方面，這部分業務在那段時間裡仍然是下滑幅度最大的。想知道您認為我們目前處於溝通週期的哪個階段。我們能否在某個時候恢復到 2 億美元以上的營收？

Are there structural barriers to get there, and importantly if you can give us an update on how Hittite is performing within that division that would be helpful. Because I believe October 2014 was the first full quarter of Hittite revenue.

是否存在結構性障礙阻礙我們實現這一目標？更重要的是，如果您能向我們介紹赫梯在該部門的表現，那就太好了。因為我相信 2014 年 10 月是赫梯公司第一個完整的季度收入。

So I think the situation in the communications infrastructure market is really about -- last year it was driven by -- the downturn was driven largely by what was happening in China with regard to regulatory issues, if you like. What we're seeing -- we came off a very, very low bottom at the very early part of 2015, but my sense is now with the -- we're seeing some bookings momentum.

所以我認為通訊基礎設施市場的情況實際上是——去年，市場下滑主要是由中國在監管問題方面發生的事情所導致的。我們看到的情況是——我們在 2015 年初跌至非常非常低的谷底，但我的感覺是，現在——我們看到預訂量出現了一些增長勢頭。

My sense is that we'll see a pretty good growth year overall this year in communications infrastructure. There's a lot of innovation still taking place, and we are I believe gaining share across the board.

我的感覺是，今年通訊基礎設施整體上將迎來相當不錯的成長。目前仍有許多創新正在進行，我相信我們正在全面提升市場份額。

Our customers are still driving hard in the wireless area, for example, to increase spectral efficiency, reduce power costs and so on and so forth in the radio systems, and we're right at the heart of that. The combination of ADI with Hittite makes us the, if you like, the supplier of choice when a customer is thinking of that physical interface between the air and the bits, if you like.

例如，我們的客戶仍在無線領域努力提高頻譜效率、降低無線電系統的功耗等等，而我們正處於這一領域的核心。ADI 與 Hittite 的結合使我們成為客戶在考慮空氣和位元之間的實體介面時首選的供應商。

So we're very, very happy with what we're seeing in terms of the revenue contribution from Hittite. In fact in the past quarter Hittite was up over the same quarter in the prior year. So I think overall that's going well, in terms of the revenue and profit contribution, in terms of the contribution in improving ADI's capacity to innovate in these radio systems in 4G.

因此，我們對赫梯人帶來的收入貢獻感到非常非常滿意。事實上，上個季度赫梯的人口比上年同期有所成長。所以我認為總體而言進展順利，無論是在收入和利潤貢獻方面，還是在提高 ADI 在 4G 無線電系統創新能力方面。

And we're also now starting to get involved in producing, if you like, the architectures for 5G; but my sense is there's still a lot of legs in 4G. And from our perspective what we're doing is driving technology and product leadership at key customers.

我們現在也開始參與 5G 架構的開發；但我的感覺是 4G 還有很長的路要走。從我們的角度來看，我們正在做的是為關鍵客戶打造技術和產品領先地位。

And so I think this year will be about what the market does, and the indications are that the market is getting back into a pretty modest buy mode, I think. And the -- as I said we have some very, very good momentum in terms of design ins across the globe, which should bode well for 2017 and beyond.

所以我認為今年將取決於市場的走向，而種種跡象表明，市場正在重新進入一個相當溫和的買入模式。正如我所說，我們在全球設計領域取得了非常非常好的進展，這對 2017 年及以後的發展應該會是一個好兆頭。

The next question is from Craig Ellis with B. Riley.

下一個問題來自 Craig Ellis 和 B. Riley。

Thanks for taking the question. I wanted to follow up on the industrial end market.

感謝您回答這個問題。我想進一步了解工業終端市場的情況。

It looks like it's performing seasonally, but from some of the other companies in the sector we've heard about some weakness in certain geographies like China. So can you address the trends that you're seeing across your major geographies in that key end market? Thank you.

看起來它的表現具有季節性，但我們從該行業的其他一些公司了解到，在某些地區（如中國）出現了一些疲軟跡象。那麼，您能否談談您在主要地區和關鍵終端市場中觀察到的趨勢？謝謝。

Well, from a geographic perspective, I would say the -- if you talk with the industrial space specifically, we actually had -- the strongest growth we had was in China last quarter. And Europe was the area of slowest growth.

從地理角度來看，如果具體談到工業領域，我們會說，上個季度我們成長最強勁的地區是中國。歐洲是成長最慢的地區。

So I think it's a case of the macro, the situation in regard to oil exploration has really impacted the situation in America and to some extent Europe. But from our perspective China was the area of strongest performance in the first quarter.

所以我認為這是宏觀層面的問題，石油探勘的情況確實對美國乃至歐洲的局勢產生了影響。但從我們的角度來看，中國是第一季表現最強勁的地區。

Our next question comes from Amit Daryanani with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Amit Daryanani。

I have a question on the gross margin line. I fully understand you had a fair bit of deleverage sequentially.

我有一個關於毛利率的問題。我完全理解你們的槓桿率在前後一段時間都有相當大的下降。

But I'm wondering if there were any other factors that played into the margin shortfall that you had on a sequential basis? And if you could specifically maybe quantify the inventory reserves you had to take on the consumer side?

但我很想知道，除了以上因素之外，是否還有其他因素導致了你們的利潤率較上月下降？如果您能具體量化一下您在消費者方面需要採取的庫存儲備，那就太好了？

Yes. So as you point out, we -- I think we exited the fourth quarter around 66% gross margins. It came down to a little over 62%.

是的。正如你所指出的，我認為我們第四季結束時的毛利率約為 66%。最終結果略高於 62%。

About half of that was the fact that we lowered utilization in the fab, and obviously when we do that, that has a pretty meaningful effect to the gross margins. And then the other half was inventory reserves. And the inventory reserves were specific to the consumer portable electronics business.

其中大約一半原因是我們降低了晶圓廠的使用率，顯然，當我們這樣做時，會對毛利率產生相當大的影響。另一半則是庫存儲備。而這些庫存儲備專門針對消費性便攜式電子產品業務。

We built up inventory to meet what we thought would be backlog in the first and partially second quarter. And as that forecast was taken down by the customer, we were left with more inventory than we needed in the short term. And so we elected to reserve that inventory for that reason.

我們增加了庫存，以滿足我們預計第一季和第二季部分時間的積壓訂單需求。由於客戶取消了該預測，我們短期內庫存過多。因此，我們決定預留這部分庫存。

Our next question comes from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Hey, thanks for taking my question. I just want to follow up on that, Dave. When you look at the consumer business it's obviously down a lot more than others levered to that customer.

嘿，謝謝你回答我的問題。戴夫，我只是想就此事再補充一點。從消費者業務來看，其下滑幅度顯然比其他與該客戶相關的業務大得多。

Can you just talk about within the supply chain, you mentioned writing off some of your own inventory, but when you look at the supply chain was there inventory in that supply chain that you're working through? If you could talk about yields within the modules that your product goes into, and is that cleared up as you look at April such that you could see an uptick in July as you saw last year?

能否談談供應鏈內部的狀況？您提到要註銷一些自己的庫存，但是當您審視整個供應鏈時，您是否正在處理供應鏈中的其他庫存？如果您能談談您的產品所用模組的產量，以及4月份的產量情況是否明朗，從而能夠像去年一樣在7月份出現增長，那就太好了！

Yes, I mean, I think that we were a relatively new product, and I think when that happens the whole supply chain probably adds a bit of cushion along the way to make sure that they can all meet the demand. And of course the end customer doesn't have absolute certainty in terms of what they're end demand might look like, and so I'm sure that they add a little bit of cushion there.

是的，我的意思是，我認為我們當時的產品相對較新，我認為在這種情況下，整個供應鏈可能會增加一些緩衝，以確保他們都能滿足需求。當然，最終客戶無法完全確定他們的最終需求會是什麼樣子，所以我相信他們會在這方面留出一些緩衝空間。

As it turned out, that cushion across the whole supply chain, including the cushion we had on our own balance sheet, wasn't necessary. And so as a result you have the effect of an impact to our top line and the need to reserve some of that inventory for a possible disposal.

事實證明，整個供應鏈上的緩衝資金，包括我們自身資產負債表上的緩衝資金，都是不必要的。因此，這將對我們的營收造成影響，我們需要預留一些庫存以備將來處置。

So I think based on what we saw in the first quarter and based on the fact that there was a bit of demand expected in the back half of the second quarter, a resumption to the order flows, we think that this will be behind us by the end of the second quarter and we'll be back to shipping with consumption.

所以我認為，根據我們在第一季看到的情況，以及預計第二季後半段需求會有所回升，訂單流會恢復正常，我們認為到第二季末，這種情況將會過去，我們將恢復到與消費同步的出貨量。

Our next question comes from Steve Smigie with Raymond James.

我們的下一個問題來自 Raymond James 公司的 Steve Smigie。

Thanks, this is Vince Celentano on for Steve. I had a question about the defense business. So the DoD recently released their 2017 proposal.

謝謝，我是Vince Celentano，替Steve為您報道。我有一個關於國防業務的問題。因此，美國國防部最近發布了 2017 年提案。

They expect R&D to increase by about 4%. How closely does this tie into your own defense business, and what are the badges that determine whether it grows above or below this amount?

他們預計研發投入將成長約 4%。這與您自己的國防業務有多密切的聯繫？決定其成長幅度是高於還是低於這個數字的因素是什麼？

I think what we have seen is that the defense business actually has been performing quite well. I think in the first quarter we were up double digits.

我認為我們已經看到的是，國防業務實際上表現得相當不錯。我認為第一季我們領先兩位數。

So we continue to get maybe a disproportionate amount of, as it trickles down to us the capital spending that the government allocates to defense. Obviously I think anything where the government is adding expense or capital expense to the budgets of defense is going to be a good answer for us.

因此，政府撥給國防的資本支出最終會分流到我們身上，而我們可能仍然會分到不成比例的份額。顯然，我認為政府在國防預算中增加開支或資本支出的任何舉措對我們來說都是一個好方法。

In particular because I think a lot of what they're doing are these military systems that require a lot of semiconductor, a lot of electronic content. And that obviously is beneficial to us. We've been very pleased with the performance of the defense business.

尤其是我認為他們正在做的很多事情都是軍事系統，這些系統需要大量的半導體和電子元件。這顯然對我們有利。我們對國防業務的表現非常滿意。

Obviously the Hittite acquisition just super charged it for us and has helped us do even better in that market. We're seeing all kinds of opportunities for our military components into that space.

顯然，收購赫梯公司極大地推動了我們的發展，並幫助我們在市場上做得更好。我們看到我們的軍事零件在這個領域擁有各種各樣的機會。

But not only that we're actually figuring out ways to take things in the rest of our business that maybe were more commercial in nature and addressing those -- that content to the military business to even grow it faster. So the pipeline looks great in that space, and I think we'll do very well over the next few years in that market.

不僅如此，我們還在想辦法將我們業務中其他一些可能更具商業性質的事情——也就是那些與軍事業務相關的內容——融入到軍事業務中，以使其發展得更快。因此，該領域的產品線看起來非常不錯，我認為未來幾年我們在這個市場會取得非常好的成績。

You know, one of the things that's happening in that area is the mass digitization of a lot of old radio and microwave systems. So there's a huge cycle of upgrades that is in play and that will continue we believe for the next several years.

你知道，那個領域正在發生的事情之一是對大量舊無線電和微波系統進行大規模數位化改造。因此，目前正在進行大規模的升級改造，我們相信這一趨勢將在未來幾年持續下去。

So as Dave said, the combination of ADI's mixed signal technology combined with Hittite's microwave prowess puts us in very, very good stead. And we're certainly seeing that in terms of the business growth in aerospace and defense over the last 12 or 18 months, and we expect it to be a good contributor to the industrial story over the coming years as well.

正如戴夫所說，ADI 的混合訊號技術與 Hittite 的微波技術相結合，使我們處於非常有利的地位。在過去的 12 到 18 個月裡，我們確實在航空航太和國防領域的業務成長中看到了這一點，我們預計它在未來幾年也將成為工業發展的重要貢獻者。

Next question, operator.

下一個問題，操作員。

Our next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的哈蘭‧蘇爾。

Good morning, thank you for taking my question. Great job on the OPEX controls over the past few quarters. How should we think about OPEX beyond fiscal Q2?

早上好，謝謝您回答我的問題。過去幾季在營運成本控制方面做得非常出色。我們該如何看待第二財季之後的營運支出？

As we indicated in the prepared remarks, we do expect it to go up a little bit in the second quarter. The second and third quarter gets the impact of salary increases, and so there's a natural lift.

正如我們在準備好的發言稿中所述，我們預計第二季會略有上升。第二季和第三季受到薪資成長的影響，因此業績自然會上升。

Although it's not significant in the second and third quarter it will happen. After that I think we're going to be very cautious about how we deploy capital and operating expenses until we're really clear on what the macro environment looks like.

雖然在第二季和第三季並不明顯，但這種情況終究會發生。在那之後，我認為我們會非常謹慎地部署資本和營運支出，直到我們真正清楚宏觀環境的走向。

And so as we came into this year, Vince really set the edict that we basically are going to keep the pie the same, and we'll divide the pie differently based on the markets and product areas that we think are -- have the best opportunity for a return. And I think that's going to be the mind set for us for the foreseeable future, unless things change dramatically on the macro side.

因此，進入今年，文斯就明確表示，我們基本上要保持蛋糕不變，然後根據我們認為最有回報機會的市場和產品領域，以不同的方式分割蛋糕。我認為，除非宏觀層面發生巨大變化，否則在可預見的未來，這將是我們的心態。

Our next question comes from CJ Muse with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 CJ Muse。

Good morning, thank you for taking my question. I guess a follow-up question on the inventory reserve and gross margins. Did you take reserve for your inventory or for inventory at ODMs?

早上好，謝謝您回答我的問題。我想就庫存準備金和毛利率再問一個問題。您是為自己的庫存還是為ODM廠商的庫存預留了庫存？

Part B I guess, is that inventory now obsolete, or could that be a tailwind to gross margin in the back half of the year? And then lastly in terms of getting back to prior peak gross margin last year of 66.5%, what kind of step up in utilization do we need to see? Thank you.

第二部分，我想問的是，這些庫存現在是否已經過時，或者這會成為下半年毛利率的利多因素？最後，為了恢復到去年 66.5% 的毛利率峰值，​​我們需要看到產能利用率有什麼樣的提升？謝謝。

Okay. So a three-part question, good. Yes, so first of all, the -- on the inventory side, that inventory is not necessarily obsolete.

好的。所以這是一個包含三個部分的問題，很好。是的，首先，就庫存而言，這些庫存並不一定是過時的。

So it's possible it could be used in the future. What was the other part of that specific question on the reserves?

所以將來有可能用得上。關於儲備金，那個具體問題的另一部分是什麼？

Were you taking reserve for your own inventory or inventory at your ODMs?

您預留的庫存是用於您自己的庫存還是用於您ODM廠商的庫存？

Once it ships out it's not our inventory anymore. We don't take reserves on that. This inventory was on our balance sheet.

一旦商品發出，就不再屬於我們的庫存了。我們不對此收取儲備金。這批庫存已列入我們的資產負債表。

It was in our supply chain, so that's the inventory reserved. It is possible like you said, if demand were to change in the back half of the year, it's possible that inventory does get sold. I wouldn't rule that out.

它在我們供應鏈中，所以庫存已經預留了。正如你所說，如果下半年需求發生變化，庫存也有可能售出。我不會排除這種可能性。

In terms of the gross margins getting back north of 66%, I think we actually have a great shot at that. We're in -- certainly in the first quarter we were artificially low because of where utilizations were and because of these inventory reserves.

就毛利率重回 66% 以上而言，我認為我們很有可能實現這個目標。我們已經進入了——當然，在第一季度，由於利用率和庫存儲備，我們的業績被人為地壓低了。

We don't expect the inventory reserve situation to repeat itself in the second quarter, but even the utilization is not up to prior peaks. We're thinking it's going to be in the low -- the high 60%s rather, and in fact we've been in the high 70%s in prior periods.

我們預計第二季庫存儲備不會重演，但即使是利用率也沒有達到先前的高峰。我們認為這個數字會比較低——更確切地說是 60% 以上，事實上，在之前的幾個時期，這個數字都達到了 70% 以上。

And that's at least 100-basis point improvement to the gross margins. So I think we have a good path towards getting our gross margins back north of 66%, and actually probably in relatively short order.

這意味著毛利率至少增加了100個基點。所以我認為我們有很好的途徑將毛利率恢復到 66% 以上，而且很可能在相對較短的時間內就能實現。

Very helpful. Thank you.

很有幫助。謝謝。

Our next question comes from Vivek Arya with Bank of America Merrill Lynch.

下一個問題來自美國銀行美林證券的維韋克·阿亞。

I'm wondering if you could give us a sense for how large was your largest customer? And broadly can you talk about diversification in your consumer business?

我想請您透露您最大的客戶規模有多大？您能否大致談談貴公司在消費品業務上的多元化發展？

It's obvious the results and the stock has been extremely volatile, and from our perspective its very hard to see whether you can or even want to maintain that socket. You might have it this year but we don't know what the situation will be next year.

很明顯，業績和股價都出現了極大的波動，從我們的角度來看，很難看出你是否能夠或是否願意繼續持有這種股票。今年或許可以，但我們不知道明年會如何。

Could you just give us some color on how we should think about modeling that volatility in your results? Thank you.

您能否詳細說明一下，我們應該如何看待在您的結果中對這種波動性進行建模？謝謝。

Yes, so in the first quarter I don't have the number right in front of me, but I think -- I'm fairly certain it was below 10%, our largest customer. And then it's a long tail after that. So we're pretty diversified from a customer perspective.

是的，所以第一季的具體數字我手頭上沒有，但我認為——我相當肯定它低於 10%，那是我們最大的客戶。之後便是一段漫長的尾聲。所以從客戶角度來看，我們的業務相當多元化。

I think it's a valid question as to do we want this business or not. Sometimes we think about that ourselves based on the street reactions. I would tell you this has been one of the single most successful products we've ever developed in terms of its return on investment.

我認為這是一個合理的問題，那就是我們是否想要這項業務。有時我們會根據街頭巷尾的反應來思考這個問題。我可以告訴你，就投資報酬率而言，這是我們開發過的最成功的產品之一。

It was a relatively small amount of R&D investment. We were able to utilize technology that was highly proprietary that really was at the cutting edge of technology, and we were able to redeploy it and customize it to a given customer.

研發投入金額相對較小。我們能夠利用高度專有的、真正處於技術前沿的技術，並且能夠重新部署它，並根據特定客戶的需求進行客製化。

That really made a difference in their application, and that's our philosophy in consumer, and it has always been our philosophy in consumer. And so we're going to continue to do that.

這確實對他們的應用產生了影響，而這正是我們在消費者方面的理念，而且一直以來都是我們在消費者方面的理念。所以我們會繼續這樣做。

There will probably be several different things we will do in the consumer space that will have characteristics like this that require -- that leverage our existing technology and drive great returns. And quite honestly I think the long-term shareholders of ADI want us to do that.

我們未來可能會在消費領域進行一些不同的活動，這些活動具有類似的特點，需要利用我們現有的技術並帶來豐厚的回報。坦白說，我認為ADI的長期股東希望我們這樣做。

They want us to drive good return on investment. There may be some volatility that happens from quarter to quarter, but over the long run I think we'll be very happy.

他們希望我們能帶來良好的投資回報。雖然每個季度之間可能會出現一些波動，但從長遠來看，我認為我們會非常滿意。

One of the things I think we cited was that excluding this pension fund changeover that we had in the fourth quarter, we will have generated $1 billion in the last 12 months in cash flow. We wouldn't have gotten there without this thing.

我認為我們提到的一點是，如果排除第四季度退休基金的變更，我們在過去 12 個月中將產生 10 億美元的現金流。如果沒有它，我們不可能到達那裡。

So we're all about driving cash flow and maximizing that and helping to maximize return on shareholders. And I think that this piece of business and business like this do that.

因此，我們致力於推動現金流並實現現金流最大化，從而幫助股東實現最大回報。我認為這項業務以及類似的業務確實能做到這一點。

And I would just add, not only did we generate the $1 billion but we return $800 million of that. And given where the cash flows are, the yield on the free cash flow is somewhere around 6% or 7%, which I think is 1.5 times what the S&P is yielding. All right, let's get the next question.

我還要補充一點，我們不僅創造了 10 億美元，而且還回饋了其中的 8 億美元。鑑於目前的現金流狀況，自由現金流收益率約為 6% 或 7%，我認為這是標普 500 指數收益率的 1.5 倍。好的，我們來看下一個問題。

Our next question is from Craig Hettenbach with Morgan Stanley.

下一個問題來自摩根士丹利的克雷格·赫滕巴赫。

Hi this is [Denai] calling for Craig. I had a quick follow up on the comm business.

你好，我是[Denai]，找Craig。我快速跟進了通訊業務。

You saw some good growth in the last couple of quarters in the communication side, and now from your earlier comments it sounds like the business is taking a pause in April. What visibility do you have in that business, what are you hearing from customers, and if you can touch upon the trends you're seeing by geography for that segment?

過去幾個季度，你們在溝通方面取得了不錯的成長，但從你們先前的評論來看，這項業務似乎在四月暫停了。您在該業務領域擁有怎樣的知名度？您從客戶那裡聽到了哪些回饋？您能否談談您觀察到的該細分市場在不同地區的趨勢？

Yes, so I wouldn't say it's taking a pause. We do expect it to be flat to up, and so I think it's -- certainly as I think, and Ali mentioned in his prepared remarks, it's in the nascent part of a recovery.

是的，所以我不會說它處於停滯狀態。我們預計經濟將保持平穩或略有上升，所以我認為——當然，正如我認為的，以及阿里在準備好的演講稿中提到的那樣——經濟正處於復甦的初期階段。

We have a pretty good visibility into the pipeline here, because the design cycles tend to be a lot longer, particularly in areas like the consumer space. And so we understand where our traction is in this space.

我們對這裡的產品線有相當清晰的了解，因為設計週期往往要長得多，尤其是在消費領域等領域。因此，我們了解了我們在這一領域的競爭力所在。

And as Vince mentioned earlier, based on the way we read how things are going to transpire given the newer technology that we're -- technologies that we're bringing out into the wireless comm space, we think we're going to gain share over the course of the next couple of years. In addition, I think that the market has paused as well.

正如文斯之前提到的，根據我們對新技術的發展趨勢的解讀——我們正在將新技術引入無線通訊領域——我們認為，在未來幾年內，我們將獲得市場份額。此外，我認為市場也已經暫停了。

Clearly it paused significantly in China, and there is a real need for higher bandwidth, and as all these devices that we all hold dear to ourself require more and more data, video driving a lot of it now. And so our expectation is that there will be some capital spent in the wireless infrastructure space.

顯然，中國的發展已經明顯停滯，對更高頻寬的需求也越來越大，因為我們珍惜的所有這些設備都需要越來越多的數據，而影片現在又推動了很大一部分數據成長。因此，我們預期無線基礎設施領域將會有一些資金投入。

That's what our customers are telling us. That's what their customers are telling them. We're excited about our position in that space. We think it will only strengthen.

這是我們的客戶告訴我們的。這是他們的顧客告訴他們的。我們對自己在該領域的地位感到興奮。我們認為它只會越來越強。

My guess is, it's hard to call this for sure, but my guess is we'll be in a pretty consistent recovery phase over the next 18 months or so. And then who knows when 5G comes around, but when 5G comes around I think we're even in better position, particularly given that a lot of the technology requires millimeter wave, which is one of the key reasons we acquired Hittite.

雖然很難確定，但我猜在接下來的18個月左右，我們將處於相當穩定的恢復階段。至於 5G 何時到來，誰也說不準，但當 5G 到來時，我認為我們會處於更有利的地位，尤其考慮到很多技術都需要毫米波，這也是我們收購 Hittite 的關鍵原因之一。

I think it's a market you've got to take a very long-term view to. It's a space that we've been innovating in for the last 15, 18 years as technologies became more and more digital in terms of their communications modalities across the various generations.

我認為這是一個需要從長遠角度看待的市場。在過去的 15 到 18 年裡，隨著各世代的溝通方式變得越來越數位化，我們一直在這個領域進行創新。

So we are getting strength every year in terms of technology and customer penetration. We know for sure that there's going to be more and more demand for spectral efficiency as people use more and more and more mobility, higher bandwidth data streams required.

因此，我們在技術和客戶滲透率方面每年都在增強實力。我們確信，隨著人們越來越多地使用行動設備，對頻譜效率的需求也會越來越高，因為需要更高頻寬的資料流。

So there will be oscillations quarter on quarter, but overall we believe it's a terrific space to be in. We're investing to win in that market in the radio space, and as I said our position gets better year by year in terms of customer penetration and technology and product quality and availability.

因此，每個季度都會有波動，但總體而言，我們認為這是一個非常好的領域。我們正在投資以贏得無線電市場的勝利，正如我所說，我們在客戶滲透率、技術、產品品質和可用性方面的地位逐年提高。

Our next question comes from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Vince, one for you on the automotive market. That was very helpful earlier when you gave some of those splits of your business. If I summarized it a different way, investors seem to be a little bit concerned that the automotive market from a SAR perspective is peaking.

文斯，為你介紹一下汽車市場的狀況。之前您提供的一些業務拆分資訊非常有幫助。換句話說，投資人似乎有點擔心從SAR（銷售比率）的角度來看，汽車市場已經達到高峰。

Could you give us any details on if you're seeing any evidence of peaking behavior? And then probably more importantly, how do you think of your business being unit driven as far as the unit build in the market versus content driven going forward?

您能否詳細說明您是否觀察到任何行為高峰的跡象？更重要的是，您認為貴公司未來的發展方向是產品驅動型（以產品數量為導向）還是內容驅動型？

Ross, let me take part of that, and then I'll turn the rest over to Vince. I think from a SAR perspective really what we saw towards the end of our fiscal year was China, particularly the premium vehicle market there weakening.

羅斯，讓我負責一部分，剩下的交給文斯。我認為從 SAR 的角度來看，我們在財年末真正看到的是中國市場，特別是那裡的高端汽車市場走弱。

I think what we're seeing at this stage is that North America is still continuing to be pretty strong. The European vehicle registrations are continuing to be up.

我認為我們目前看到的是，北美市場仍然保持著相當強勁的成長動能。歐洲車輛註冊量持續成長。

And I think very importantly for ADI is that the premium vehicle market in China seems to be stabilizing right now. So that's sort of a macro view in terms of the SAR.

我認為對ADI來說非常重要的一點是，中國高階汽車市場目前似乎正在趨於穩定。所以，以上是對 SAR 的一個宏觀視角。

And then secondly I'd point out from another -- if you take it from another macro view, is that when you look at the dealer inventories out there, those are in good shape. When you look at again, the average age of vehicles they're above their historical norm.

其次，我想從另一個角度指出——如果你從另一個宏觀的角度來看，那就是當你查看經銷商的庫存時，你會發現它們的狀況良好。再看一眼，車輛的平均車齡已經高於歷史平均。

That would suggest that there's still some pent up demand from the SAR perspective. That's I guess our sort of 30,000-foot macro view of what's going on with the SAR. I'll let Vince take the second half.

這顯示從SAR的角度來看，仍然存在一些被壓抑的需求。我想這就是我們對搜救行動現狀的宏觀視角吧。下半場就讓文斯來吧。

Maybe just one other piece of additional information, light vehicle sales were strong. As Ali said, the luxury part of the market seems to have at least stabilized, maybe stalled a bit.

或許還有一條補充訊息，輕型汽車銷量強勁。正如阿里所說，奢侈品市場似乎至少穩定下來，或許略有停滯。

But light vehicle sales have been stronger than expected in both certainly North America and Europe. So part of our -- we were talking earlier just about the diversity of our business.

但無論是在北美或歐洲，輕型車的銷售量都強於預期。所以，我們的一部分——我們之前也談到了我們業務的多樣性。

Our business continues to become more diverse as we penetrate Asia more aggressively than we have in the past, building on the strength that we've had traditionally in Europe and America. So I think from our perspective, we've got a stronger portfolio than we've ever had.

隨著我們比以往更加積極地進軍亞洲市場，我們的業務也變得越來越多元化，這建立在我們傳統上在歐洲和美洲擁有的優勢之上。所以我覺得從我們的角度來看，我們現在的投資組合比以往任何時候都更強大。

It's really going to be a case of, from an ADI perspective, how well we penetrate the socket. So irrespective of what happens in terms of SAR, we actually have some good momentum in terms of products and technology which will enable us to get share. I think it will be a tale of those two pieces.

從 ADI 的角度來看，這真的取決於我們如何深入滲透到客戶群。所以，無論 SAR 方面發生什麼，我們在產品和技術方面實際上都有一些良好的發展勢頭，這將使我們能夠獲得市場份額。我認為這將是一個關於這兩件事的故事。

If I could just add some examples of the technologies we're bringing to the market. ADAS systems, as we mentioned in the prepared remarks were up 22% year over year.

如果可以的話，我想補充一些我們正在推向市場的技術的例子。正如我們在準備好的演講稿中所提到的，ADAS 系統年增了 22%。

That today is largely a 24-gig solution, and over the next couple years we'll be in 77-gig solutions as that modality rolls out, puts us in very strong position to grow. Power train systems continue to be strong again as car makers want to make cars more efficient. And finally on the infotainment front, that's been a good market for us.

目前我們主要採用 24G 解決方案，未來幾年隨著 77G 解決方案的推出，我們將擁有非常強大的成長潛力。動力系統再次成為市場強勁趨勢，因為汽車製造商希望提高汽車的效率。最後，在車載資訊娛樂系統方面，這對我們來說一直是個不錯的市場。

I don't know if you noticed, but last month we announced a release with Ford Motor Company announcing what we call an A to B bus, which is basically taking very high-end audio fidelity in cabin, takes a bunch of weight out of the car, still keeps fantastic audio quality within the vehicle, and at the end of the day is a cheaper solution for the car manufacturer. Those are some examples of the things that Vince was talking about. Here we go, next question, operator.

我不知道你有沒有註意到，上個月我們與福特汽車公司聯合發布了一款我們稱之為“A 到 B 巴士”的產品，它基本上是在車廂內提供非常高端的音頻保真度，減輕汽車的重量，同時仍然保持車內出色的音頻質量，最終對於汽車製造商來說，這是一個更便宜的解決方案。以上是文斯談到的一些例子。好了，下一個問題，接線生。

Our next question is with Ian Ing with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Ian Ing。

Good morning, my question is on the comms business, 20% off of the prior peak at this point. Alex talked about their comm segments not liking achieving prior peaks in the near future.

早上好，我的問題是關於通訊業務的，目前比之前的高峰下降了 20%。Alex 談到他們的溝通部門不希望在不久的將來達到以前的高峰。

They talked about FTD in China being a smaller deployment than TDD. For ADI, do you have the potential to reach prior peaks with some different exposure perhaps more on the microwave side? And in what sort of time frame do you think that could happen?

他們談到，FTD 在中國的部署規模比 TDD 還要小。對於 ADI 而言，透過一些不同的暴露方式，例如更多地採用微波照射，是否有可能達到先前的峰值？你認為這大概會在多久內發生？

We've got a bigger footprint now than we've ever had. Just the combination of the investments that we've been making for the last several years to make sure that we have the most complete solutions in the radio space, combined with the microwave technologies that we've acquired through Hittite. So I think there are three parts we should think about.

我們現在的業務規模比以往任何時候都更大。過去幾年，我們一直在進行投資，以確保我們在無線電領域擁有最完整的解決方案，再加上我們透過 Hittite 獲得的微波技術，這些因素結合起來，就形成了我們今天的局面。所以我認為我們應該考慮以下三個面向。

One is the macro, the macro sell, the small sell. We believe, for example, that we will see growth this year in macro sales. It will be relatively modest.

一是宏觀層面的賣出，二是小規模的賣出。例如，我們相信今年宏觀銷售額將會成長。規模會比較小。

We're also very well-positioned in small cells, and I think it's becoming pretty clear that in China, China mobile is going to deploy small cells this year. We have a very strong competitive moat that we've built in the area of software defined transceivers that specifically addressed the small cell arena.

我們在小型基地台領域也佔據了非常有利的地位，而且我認為越來越明顯的是，中國移動今年將在中國部署小型基地台。我們在軟體定義收發器領域建立了非常強大的競爭優勢，專門針對小型蜂巢領域。

And the point-to-point space has been modestly growing. It seems to have slowed as of late, but there are the three components, and we've got a bigger footprint. We're getting more penetration.

點對點市場一直在穩定成長。最近似乎有所放緩，但仍包含三個組成部分，而且我們的業務規模更大。我們的市場滲透率正在提高。

I believe it will be more about market adoptions and what the carriers do in terms of CapEx on hardware versus other things, more so than what we do. I think we're well positioned as growth continues to gain momentum here in that market.

我認為，這更多地取決於市場接受度以及運營商在硬體方面的資本支出與其他方面相比如何，而不是我們做什麼。我認為，隨著該市場成長勢頭持續增強，我們已經佔據了有利地位。

Not that I'm keeping score, but we're 19% off our peaks, not 20%. All right. We'll get to our next caller. Thanks.

我並不是計較成績，但我們距離巔峰狀態只差了 19%，而不是 20%。好的。我們馬上接聽下一位來電者。謝謝。

Our next question is from Steven Chin with UBS.

下一個問題來自瑞銀集團的 Steven Chin。

Hi, thanks for taking my question. Vince, I want to drill down a bit on the distribution channel. Can you discuss the sell in/sell through rates that were lineary through the quarter, and what your expectation is in the current April quarter as well?

您好，感謝您回答我的問題。文斯，我想深入探討一下分銷管道。您能否談談本季保持線性成長的賣出/賣出率，以及您對目前四月份季度的預期？

Well, I'll take a first stab at that and then I can let either Vince or Dave come in. When we look at the distributor channel this quarter, inventory on a weak space is, as I think Dave mentioned in his prepared remarks, were 7 1/2 weeks, which was pretty consistent over the last several quarters.

好吧，我先試一試，然後可以讓文斯或戴夫來接手。本季我們觀察分銷管道，正如戴夫在準備好的發言稿中提到的那樣，疲軟市場的庫存為 7.5 週，這在過去幾季中相當穩定。

Deferred revenue, which is a pretty good proxy for inventory in the channel at revenue dollars, was down 1% sequentially. So the channel I'd say is behaving itself.

遞延收入（可以很好地代表通路庫存的收入）環比下降 1%。所以我覺得這個頻道運作正常。

I think a lot of the inventory is on the supplier balance sheets, and I think folks are doing a good job at managing the actual channel. I think when you look at some of the outlooks painted by some of the larger distributors out there, it appears to be a pretty mixed environment.

我認為很多庫存都反映在供應商的資產負債表上，而且我認為大家在管理實際管道方面做得很好。我認為，從一些大型經銷商描繪的前景來看，市場環境相當複雜。

And of course if you look at that as a proxy for our industrial business, as Dave mentioned earlier, if you back into the guidance, we're guiding industrial to be in somewhat of a seasonal range, but likely to be at the lower end of that seasonal range. I don't know if, Vince, you wanted to add anything to that?

當然，如果你把這看作是我們工業業務的代表，正如戴夫之前提到的，如果你反推到業績指引上，我們預計工業業務將處於某種季節性波動範圍內，但可能會處於該季節性波動範圍的下限。文斯，我不知道你是否還有什麼要補充的？

I think what you said is correct in terms of you can take our industrial business as a good proxy for what's happening in the channel. So that the book-to-bill is positive at this point in time. As Ali said, we've got modest expectations based largely by the fact that the macro backdrop is to say the least volatile at this point in time.

我認為你說的沒錯，你可以把我們的工業業務作為通路內正在發生的事情的一個很好的代表。因此，目前帳面出貨比為正值。正如阿里所說，我們目前的預期比較保守，主要是因為宏觀經濟環境至少可以說是動盪不安的。

Our next question is from Mark Lipacis with Jefferies.

下一個問題來自傑富瑞集團的馬克·利帕西斯。

Hi, it's Mark Lipacis. Dave, you mentioned you're cautious and that there's perturbations in China, but the orders in the non-consumer businesses seem seasonal given the timing of the lunar new year. And Vince noted that the China industrial market was the strongest industrial market.

大家好，我是馬克‧利帕西斯。戴夫，你提到你很謹慎，而且中國局勢有些動盪，但考慮到農曆新年的時間，非消費行業的訂單似乎具有季節性。Vince 指出，中國工業市場是最強大的工業市場。

So I'm trying to reconcile what appears to be seasonal order patterns with your cautiousness. Are customers or distributors throwing up flags, or is there some other analysis or signals that's driving your cautiousness? Thank you.

所以我正在努力調和看似季節性的訂單模式和你的謹慎態度。是客戶或經銷商發出警訊，還是其他分析或訊號促使您保持謹慎？謝謝。

Yes, only the -- and when I say perturbation I mean what you read in the Wall Street Journal and see on CNBC more than anything. But certainly in our -- what we see from an order flow perspective that leads you to be -- feel pretty good about the situation from a macro perspective.

是的，只有——我所說的擾亂，我指的是你在《華爾街日報》上讀到的和在CNBC上看到的那些，而不是其他任何東西。但從訂單流的角度來看，我們當然會對宏觀情況感到相當滿意。

But I just think we've got to be -- we've got to recognize that there is uncertainty in the market. I think our customers generally feel the same, feel this uncertainty and just aren't sure of what the outcome will look like for this year.

但我認為我們必須認識到，市場存在不確定性。我認為我們的客戶普遍都有同樣的感受，感到不確定，不確定今年的結果會是如何。

And a result, I think when those situations arise it's best to be on the cautious side of things. If things turn out to be more positive, that will be great.

因此，我認為當這種情況發生時，最好採取謹慎的態度。如果情況朝著好的方向發展，那就太好了。

We'll put the money to work at that point. If it doesn't, we'll have protected our income statement.

到那時，我們就會把這筆錢用上。如果情況沒有發生，我們就保住了損益表。

If you look at what our customers are predicting for this point this year versus the same period last year, it was a lot more caution. I think all the big industrial companies are projecting very, very low-single digit growth or flatness through the year. So you've got to take all that into account when you're trying to run your business here.

如果你看看我們的客戶對今年同期和去年同期的預測，你會發現他們更加謹慎。我認為所有的大型工業公司都預計全年成長率將非常非常低，只有個位數，或者成長停滯不前。所以，當你在這裡經營生意時，你必須把所有這些因素都考慮進去。

Great. Thanks.

偉大的。謝謝。

Our next question comes from Doug Freedman with Sterne Agee.

下一個問題來自斯特恩·阿吉公司的道格·弗里德曼。

Hi, thanks for taking my question. It really relates to your M&A strategy.

您好，感謝您回答我的問題。這其實與你的併購策略息息相關。

We've seen in the markets taking a little bit different tact towards deals in the semiconductor space, those guys that have chosen to lever up and do things have not been received as well. Does this weigh into your thinking at all, and can you give us an update on how you view M&A and what the opportunities you see out there today?

我們看到，市場對半導體領域的交易採取了略有不同的策略，而那些選擇利用槓桿進行交易的人並沒有得到同樣的歡迎。這是否影響了您的思考？您能否向我們介紹一下您對併購的看法，以及您認為目前併購領域有哪些機會？

I think that for us we have a pretty high bar. We have a high bar in terms of it's got to add innovation that's core to what we do. It's got to hit all the -- it's got to hit the customer base.

我認為我們給自己設定的標準相當高。我們對創新有著很高的要求，而創新是我們工作的核心。它必須打動所有——它必須打動所有客戶群。

It's got to be something that the customers turn around and say well that was a good idea. We really needed you to have that technology.

它必須是那種能讓顧客覺得「嗯，這真是個好主意」的東西。我們真的需要你們擁有這項技術。

And then it's obviously you got to check the box on all the financial parameters that we have. And like I said, the bar is pretty high in terms of what we'd like to see from that perspective.

然後，很顯然，您需要在我們列出的所有財務參數中勾選相應的選項。正如我所說，從這個角度來看，我們的期望值很高。

And so I think that in that regard we take a pretty systematic disciplined approach to it. That's the reason we did Hittite, and that's the reason we haven't aggressively tried to find other deals just to fill the coffer with an M&A pipeline.

所以我認為，在這方面，我們採取了相當系統化、嚴謹的方法。這就是我們收購赫梯的原因，也是我們沒有積極尋找其他交易來充實併購資金的原因。

What we've done is we've been carefully looking -- I would tell you that we've kicked the tires on a lot of different ideas over the last year or so, and not one of them has reached the high bar that we've set. That's not to say that there won't be one down the road, and I think when that happens, we'll go to our shareholders and I think given the bar we set, we'll give them a pretty compelling reason as to why we want to utilize their precious cash to go do that acquisition.

我們一直在仔細檢視——我可以告訴你，在過去一年左右的時間裡，我們嘗試了很多不同的想法，但沒有一個想法達到我們設定的高標準。這並不是說將來不會有收購，我認為當這種情況發生時，我們會向股東們說明，而且我認為，鑑於我們設定的標準，我們會給他們一個非常令人信服的理由，解釋為什麼我們要動用他們寶貴的資金來進行收購。

And so I think it will end up being positively received in that case. I think when you're doing M&A for the sake of M&A, that's when things tend to turn on you.

所以我認為，在這種情況下，它最終會受到正面的評價。我認為，當你為了併購而併購時，事情往往會朝著對你不利的方向發展。

Our next question comes from Tristan Gerra with Baird.

下一個問題來自 Baird 公司的 Tristan Gerra。

Hi, good morning. A follow up to a prior question, what's your sense of the timing for the initial ramp in 5G, and what's the percentage content increase ADI has relative to 4G? And also what geographies are for the highest gross opportunities for the remaining leg of 4G growth?

您好，早安。之前有個問題，您認為 5G 的初期普及時間是什麼時候？ ADI 相對於 4G 的內容成長百分比是多少？此外，在4G成長的剩餘階段，哪些地區具有最高的總收益機會？

Yes, so I mean usually when you go transition from generation to generation, it's easily into the double-digits volume increase when those transitions. I can't tell you when exactly 5G will roll out. I'm going to say it's a few years away at this point.

是的，我的意思是，通常情況下，當代際交替時，銷量很容易達到兩位數的成長。我無法確切地告訴你5G何時會全面推出。我覺得現在看來還需要幾年時間。

There might be little pockets of early adoption, but most of that is a couple years away I think for us. But when it comes, we're well-positioned for that. 4G is pretty well certainly deployed in North America, although I think there are areas where it needs to be densified.

可能會有一些小範圍的早期採用，但我認為對我們來說，大部分地區還需要幾年時間才能實現。但當那一天到來時，我們已經做好了充分的準備。4G網路在北美已經基本部署完畢，但我認為有些地區還需要加強覆蓋。

China still has a few things to roll out, you know. They have -- they changed I think sometimes what they're -- the way they want to deploy that technology. But over time, over the next couple of years I think they'll be in a good position.

你知道，中國還有一些項目需要推出。我認為他們有時會改變他們部署這項技術的方式。但隨著時間的推移，我認為在接下來的幾年裡，他們會處於有利地位。

The rest of the world is actually outside of maybe a few areas like Korea or something, are actually in pretty old generations, particularly in Europe, and so I think there's a lot of room for 4G deployment before we even get into where the 5G takes us.

除了韓國等少數地區之外，世界其他地區實際上還處於相當老舊的時代，尤其是在歐洲，所以我認為在5G時代到來之前，4G的部署還有很大的空間。

4G still has a lot of legs. As Dave said, it will be multiple years before 5G comes into play. And you might be surprised to know that if you take the typical customer that we have in the bay station area, the macro bay station area, the product replenish rate of the radio is very frequent.

4G技術仍然有很大的發展空間。正如戴夫所說，5G技術還需要數年時間才能真正投入使用。您可能會驚訝地發現，如果我們以灣區、宏灣區為典型客戶，無線電產品的補貨頻率非常高。

There are many new radios developed every month for different regions, different spectral usage, and so on and so forth within 4G. So there's a lot of innovation and at lot of edge that we can still bring in terms of technology to 4G. That's what we're doing.

每個月都有許多針對不同地區、不同頻譜用途等的新型無線電技術在 4G 領域開發出來。因此，在技術方面，我們仍然可以為 4G 帶來許多創新和優勢。這就是我們正在做的。

When we make the steps to 5G the frequencies increase, the data rates increase, it's got to be much more spectrally efficient than 4G. It needs lower latency, and so on and so forth, and all to drive the improved coverage and the quality of service.

當我們邁向 5G 時，頻率會增加，資料速率也會增加，因此它的頻譜效率必須比 4G 高得多。它需要更低的延遲等等，所有這些都是為了提高網路覆蓋範圍和服務品質。

So when that happens, we will have been at the forefront of helping our customers architect what 5G looks like in terms of the radio. So it will be multiple years, but I'm still bullish on 4G and what we can do in that area in terms of bringing ever-increasing levels of innovation and increasing our footprint there.

所以，當那一天到來時，我們將一直走在幫助客戶建立 5G 無線電架構的最前線。所以這還需要好幾年時間，但我仍然看好 4G，以及我們在這個領域能夠取得的成就，包括不斷提高創新水平和擴大我們的市場份額。

Great. Thank you.

偉大的。謝謝。

Our next question is from Deepon Nag with Macquarie.

下一個問題來自麥格理銀行的迪彭·納格。

Dave, the dividend increase that you did is probably the lowest you've done since 2009, but repurchases in Q1 were at a very high level. So is there a change in the way you view your mix of returning capital? And then on fiscal Q2, are you going to take any more inventory return, because the gross margin leverage is a little bit lower than I would have thought given the mix and the ramp in utilization risk?

Dave，你這次的股利成長幅度可能是自 2009 年以來最低的，但第一季的股票回購規模卻非常大。那麼，您對回報資本組合的看法是否有改變？那麼在第二財季，您是否還會進行任何庫存退貨？因為考慮到產品組合和產能利用率提升的風險，毛利率槓桿率比我預想的要低。

No, philosophically at the top we really want to deploy 80% of our cash back to shareholders. And I think the way we look at it is we try to maintain a balance.

不，從理念上講，我們高層真正希望將 80% 的現金回饋給股東。我認為我們應該努力保持平衡。

Clearly the stock has weakened a bit since its peak, and so we recognize that the buyback is probably going to be fairly active for at least some period of time. And so I think that was really the primary reason why the dividend increase was smaller.

顯然，該股自高峰以來有所下跌，因此我們認為，至少在一段時間內，股票回購可能會相當活躍。所以我認為這才是股息增幅較小的主要原因。

Because we're trying to maintain the balance to get the return to 80%. I wouldn't read into anything more than that. We do have a stated target that will stay between 5% and 10% a year increases in the dividend.

因為我們試圖保持平衡，以使回報率達到 80%。我不會對此做任何過度解讀。我們已設定目標，將股息年增率維持在 5% 到 10% 之間。

This still stayed within that range, but as you point out was on the lower end because we think the buyback will be a bit stronger. From an inventory reserve perspective, we think we've taken care of that situation and that we don't expect that to repeat in the second quarter.

雖然仍然在這個範圍內，但正如你所指出的，這個數字偏低，因為我們認為回購力道會更大一些。從庫存儲備的角度來看，我們認為我們已經解決了這個問題，並且預計第二季不會再發生這種情況。

I'd say the primary reason why the gross margins haven't -- I think they got up to north of 66% probably in the second quarter of last year, and the reason they're about 100 basis points below that is because of the utilization levels. We aren't ramping the utilization up quite as much this quarter versus last year at this time, and fundamentally it's just I think a mix.

我認為毛利率沒有上升的主要原因是——我認為去年第二季毛利率可能達到了 66% 以上，而現在比這個數字低了大約 100 個基點，這是因為產能利用率較低。本季我們的產能利用率提升幅度不如去年同期，從根本上來說，我認為這是一個綜合因素。

There's certain things that get done internally, certain things that we leverage outside partners for, and the way the revenue is going to fall out I think for the second quarter is going to be a little bit more disproportionately to the outside waivers that we get from foundry. And so as a result we won't be cranking the factory up as much in the second quarter.

有些事情我們會在內部完成，有些事情我們會藉助外部合作夥伴的力量來完成，我認為第二季的收入狀況將與我們從代工廠獲得的外部豁免不成比例地相關。因此，我們第二季不會大幅提高工廠的產能。

On top of that, we do -- we are focused on the inventory levels of the product we build internally, and we didn't want that to get too high. So hopefully in the third and fourth quarter this momentum that we think we have in the B2B space continues. That certainly has more wafers manufactured internally, and so we'd expect to see the utilization come up over the course of the year and that will -- should be a pretty good tailwind to gross margins.

除此之外，我們確實——我們關注的是我們內部生產的產品的庫存水平，我們不想讓庫存水平過高。所以，希望在第三季和第四季度，我們在B2B領域所擁有的這種發展勢頭能夠繼續保持下去。這無疑會增加內部生產的晶圓數量，因此我們預計今年的產能利用率將會提高，這將對毛利率產生相當大的推動作用。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 公司的 Tore Svanberg。

Yes, thank you. I just had a quick follow up. Could you talk a little bit about the thinking behind carrying $1.7 billion of debt?

是的，謝謝。我剛才有個簡短的後續問題。您能否談談承擔 17 億美元債務背後的考量？

Yes, good question, Tore. So when we -- as we came into like that December month, we knew that we had a $375 million bond that was coming due in April of this year. We also thought that we might be using some of the US cash in the near term for an acquisition, and the rates were pretty attractive.

是的，問得好，托雷。所以，到了 12 月的時候，我們知道我們有一筆 3.75 億美元的債券將於今年 4 月到期。我們也考慮過近期可能會用一些美元現金進行收購，而當時的利率相當有吸引力。

The market was pretty excited, and we were particularly excited by the fact that we could get 30-year debt in some cases, or in some amount at rates that on a tax affected basis would be less than the dividend yield. So we thought that those things combined meant that it'd be a good idea to go into the market, get the cash, and be ready.

市場對此相當興奮，我們尤其興奮的是，在某些情況下，我們可以獲得 30 年期債務，或以低於股息殖利率（經稅收影響後）的利率獲得一定金額的債務。所以我們認為，綜合這些因素，進入市場、籌集資金並做好準備是個好主意。

As it turned out, the acquisition that we were thinking about we didn't end up consummating. We did refinance the bond, so that utilized some of the cash that we raised.

結果，我們之前考慮的收購最終並沒有完成。我們確實對債券進行了再融資，因此利用了我們籌集到的一些資金。

The rest of it does sit on our balance sheet in the US, but I think we will over time find very good accretive uses for that cash. It was relatively cheap money. We will look to use it in situations that -- where we need US cash for M&A.

其餘部分目前列在我們美國的資產負債表上，但我認為隨著時間的推移，我們會找到非常好的增值用途來利用這些現金。這筆錢相對來說很便宜。我們將考慮在需要美國現金進行併購的情況下使用它。

As I mentioned, we're using some of the cash for buybacks, and so that will obviously be an accretive use of the cash as well. So in terms of net cash, which is the number we're most focused on, we think we'll find ways to bring that down over time.

正如我之前提到的，我們將部分現金用於股票回購，因此這顯然也會對現金產生增值作用。因此，就淨現金而言（這是我們最關注的數字），我們認為我們會找到方法隨著時間的推移降低這個數字。

One of the disconnects we have is we generate two-thirds of our cash offshore, but a lot of our uses like some of the M&A and some of the -- and certainly the buyback activity utilize US cash. And so we sometimes need to add leverage to the US balance sheet in order to make those happen, and the cash accumulates offshore.

我們遇到的一個脫節是，我們三分之二的現金是在海外產生的，但我們的許多用途，如一些併購和一些——當然還有回購活動，都需要使用美國現金。因此，我們有時需要增加美國資產負債表的槓桿率來實現這些目標，而現金則在海外累積。

Our final question comes from John Pitzer with Credit Suisse.

最後一個問題來自瑞士信貸的約翰‧皮策。

Yes, I was going to ask a debt question but I'll ask another one. Vince, can you talk a little bit just about within the consumer space how we should think about pricing over time and your ability to bring down cost on your solutions that you bring to the consumer market, especially as you go into second and third generation products from your customer?

是的，我本來想問一個關於債務的問題，但我還是問另一個問題吧。Vince，您能否談談在消費領域，我們應該如何看待價格的長期變化，以及您降低面向消費市場的解決方案成本的能力，尤其是在您為客戶開發第二代和第三代產品時？

Well, John, we're very discriminating in terms of how we play the game everywhere, not just in consumer, everywhere. But particularly in consumer we've been very clear that we need to have a strong grasp of the complexity of the application and the quality of the solution that we're bringing.

約翰，我們對待遊戲規則非常講究，不僅限於消費者領域，而是所有領域都是如此。但尤其是在消費者領域，我們已經非常明確地表示，我們需要深刻理解應用程式的複雜性以及我們所提供解決方案的品質。

So we're playing really at the high performance edge. There are many, many things we can do.

所以我們現在真的在發揮出極高的性能水準。我們可以做的事情有很多很多。

We are very discriminating about the things we take on, and we are -- that's the basis in which we're playing. So we're leveraging if you like precision core technology that we -- that we sell into many, many different sockets and many, many different applications.

我們對所接手的事情非常挑剔，而且──這就是我們做事的原則。所以，我們正在利用我們銷售的精密核心技術，該技術適用於許多不同的插座和許多不同的應用。

And I think it was Ali said earlier that we're -- if we hit the right places, we get terrific ROI on a technology that we customize in a particular application space and consumer. So, I mean that's the pieces. That's how we play within that space, and when we hit it, we hit it very, very well.

我認為阿里之前說過，如果我們找準了方向，針對特定應用領域和消費者客製化的技術就能獲得巨大的投資報酬率。所以，我的意思是，這就是全部了。這就是我們在這種空間打球的方式，一旦我們抓住機會，就能打得非常好。

Great. Well, thank you, John. Thanks for all our callers this morning. I have to admit I do like this morning call.

偉大的。謝謝你，約翰。感謝今天上午所有來電聽眾。我得承認，我確實喜歡這種早晨的電話。

As a reminder our second-quarter 2016 results will be issued Wednesday May 18, 2016 at 8:00 AM Eastern. And the earnings call will begin two hours later at 10:00 AM Eastern.

再次提醒大家，我們 2016 年第二季業績將於 2016 年 5 月 18 日星期三上午 8:00（美國東部時間）發布。財報電話會議將於兩小時後，即美國東部時間上午 10 點開始。

So thanks for joining us this morning. We look forward to speaking with you soon. And for those in Massachusetts, enjoy the school vacation week. Thanks.

感謝您今天早上收看我們的節目。我們期待盡快與您聯繫。麻薩諸塞州的同學們，盡情享受學校假期吧！謝謝。

This concludes today's Analog Devices' conference call. You may now disconnect.

本次Analog Devices的電話會議到此結束。您現在可以斷開連線了。