亞德諾半導體 (ADI) 2016 Q3 法說會逐字稿

Good morning and welcome to the Analog Devices' third-quarter FY16 earnings conference call, which is being audio webcast via telephone and over the web. I'd like to now introduce your host for today's call, Mr. Ali Husain, Treasurer and Director of Investor Relations. Sir, the floor is yours.

早安，歡迎參加Analog Devices公司2016財年第三季財報電話會議，本次會議將透過電話和網路進行音訊直播。現在我謹介紹本次會議的主持人，Analog Devices公司財務長兼投資者關係總監阿里‧侯賽因先生。先生，請您發言。

Thank you, Jennifer. Good morning, everyone, and thank you for joining the Analog Devices' third-quarter FY16 earnings conference call. You can find our press release, relating financial schedules, and our investor toolkit, which includes additional information that we believe will be useful for investors. You can find that at investor.analog.com.

謝謝Jennifer。大家早安，感謝各位參加Analog Devices 2016財年第三季財報電話會議。您可以在investor.analog.com上找到我們的新聞稿、相關財務報表以及投資者工具包，其中包含我們認為對投資者有用的其他資訊。

As usual I'm joined by ADI CEO Vincent Roche and ADI CFO Dave Zinsner. Before we start, let's get through some disclosures.

和往常一樣，今天與ADI執行長Vincent Roche和ADI財務長Dave Zinsner一起。在正式開始之前，我們先來了解一些資訊揭露事項。

Please note the information we're about to discuss, including our objectives, outlook, and the proposed acquisition of Linear Technology Corporation, includes forward-looking statements. Actual results may differ materially from these forward-looking statement as a result of various factors including those discussed in our earnings release and our most recent 10-Q.

請注意，我們即將討論的訊息，包括我們的目標、展望以及擬議收購凌力爾特公司（Linear Technology Corporation）的計劃，均包含前瞻性陳述。由於各種因素（包括我們在獲利報告和最新10-Q文件中討論的因素），實際結果可能與這些前瞻性陳述有重大差異。

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. 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. And so with that, let's get started.

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。我們今天的演講還將涉及非GAAP財務指標，我們已在今天發布的盈利報告中將其與最直接可比的GAAP財務指標進行了核對，該盈利報告已發佈在investor.analog.com網站上。那麼，讓我們開始吧。

So revenue in the third quarter totaled $870 million and exceeded our revised guidance. Revenue increased 12% sequentially and increased 1% from the prior year. Our B2B markets of industrial, automotive, and communications infrastructure in the aggregate were slightly down sequentially, but grew 4% over the prior year.

因此，第三季營收總計8.7億美元，超出我們先前修訂的預期。營收季增12%，較去年同期成長1%。我們的工業、汽車和通訊基礎設施等B2B市場整體較上季略有下降，但較去年同期成長4%。

Now let's talk about our results by end-market. The highly diverse industrial market represented 43% of revenue in the third quarter. All industrial subsectors were stable to up sequentially in line with expectations, but the timing of customer orders in the aerospace and defense vertical led to a weaker than anticipated performance in this sector in the quarter.

現在我們來談談按終端市場劃分的績效。高度多元化的工業市場在第三季貢獻了43%的收入。所有工業子產業較上季均保持穩定或成長，符合預期，但航空航太和國防垂直領域的客戶訂單時間安排導致該產業本季的表現弱於預期。

The automotive market at 15% of revenue decreased 2% sequentially in the seasonally slower July quarter, but importantly returned to year-over-year growth increasing 3%. We believe the headwinds from the passive safety market have largely abated, and we're in fact very excited about our prospects for automotive revenue growth going forward.

汽車市場收入佔總營收的15%，在季節性淡季的7月季度環比下降2%，但重要的是，年增3%，恢復了成長動能。我們認為被動安全市場帶來的不利影響已基本消退，事實上，我們對未來汽車市場收入成長的前景感到非常樂觀。

Turning now to the communications infrastructure market, at 20% of revenue, sales to our hundreds of communications infrastructure customers were stable sequentially and grew 23% year over year. On a sequential basis, wireless infrastructure decreased while wireline infrastructure applications revenue increased, as customers continued to build out metro and inter-data center network infrastructure for 100 gig and 100 gig-plus optical networking.

接下來談談通訊基礎設施市場。該市場佔總收入的20%，面向數百家通訊基礎設施客戶的銷售額環比維持穩定，較去年同期成長23%。與上一季相比，無線基礎設施收入有所下降，而有線基礎設施應用收入則有所增長，因為客戶持續建構用於100Gbps及以上光纖網路的城域網路和資料中心間網路基礎設施。

Turning now to the consumer market. The consumer market typically drives significant ROI and free cash flow for ADI, and this market represented 21% of total sales in the quarter, increasing 131% sequentially. This strong sequential performance was due to better-than-anticipated portable consumer application revenue.

現在來看消費市場。消費市場通常能為ADI帶來可觀的投資報酬率和自由現金流，本季該市場佔總銷售額的21%，較上季成長131%。這一強勁的環比成長主要得益於便攜式消費應用收入超出預期。

So now I'd like to turn the call back over to Dave for details of our financial performance in the third quarter of FY16.

現在我想把電話轉回給戴夫，讓他詳細介紹我們在 2016 財年第三季的財務表現。

With the exception of revenue and other expense, Dave's comments on our third-quarter P&L line items will exclude special items, which in the aggregate totaled $28 million for the quarter. When comparing our third-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 earnings release.

除收入和其他支出外，戴夫對我們第三季損益表各項目的評論將不包括特殊項目，該季度特殊項目總額為2800萬美元。在將我們第三季度的業績與歷史業績進行比較時，特殊項目也已從上季度和去年同期業績中剔除，這些非GAAP指標與其對應的GAAP指標的調節表已包含在今天發布的收益報告中的附表E中。

So with that, Dave, I'll turn it over to you.

那麼，戴夫，接下來就交給你了。

Thanks, Ali, and good morning, everyone. The third quarter was a very good quarter for ADI, with revenue increasing to $870 million and diluted earnings per share growing to $0.82, with both results exceeding our revised guidance.

謝謝阿里，大家早安。 ADI第三季業績非常出色，營收成長至8.7億美元，稀釋後每股盈餘成長至0.82美元，兩項業績皆超出我們修訂後的預期。

Gross margin of 66% increased 20 basis points from the prior quarter, as cost savings and lower spend in the fabs offset lower utilization rates and mix. Inventory on a dollars basis decreased $7 million sequentially, and on a days basis decreased 16 days to 122 days. We're now expecting days of inventory to decline further in the fourth quarter and to be the range of 110 to 115 days, in line with our model.

毛利率為66%，較上一季成長20個基點，主要得益於成本節約和晶圓廠支出減少抵銷了產能利用率和產品組合的下降。庫存金額較上季減少700萬美元，庫存週轉天數減少16天至122天。我們預計第四季庫存週轉天數將進一步下降，並維持在110至115天的範圍內，與我們的模型預測一致。

Inventory in the distribution channel on a dollars basis was modestly higher than in the prior quarter, and on a weeks basis remained at seven weeks, consistent with the prior quarter.

以美元計算，分銷通路的庫存略高於上一季；按週計算，庫存量仍為七週，與上一季一致。

Operating expenses increased 2% sequentially, lagging well behind the 12% sequential increase in revenue, as we continued to manage our expenses very tightly and gain operating leverage in our financial model. As a result, operating profit before tax of $296 million increased 24% sequentially, and as a percent of sales, operating profit before tax expanded 330 basis points to 34.1%.

由於我們持續嚴格控製成本並提高財務模型中的營運槓桿，營業費用較上季成長2%，遠低於營收季減12%的成長。因此，稅前營業利潤季增24%，達到2.96億美元；稅前營業利益率成長330個基點，達到34.1%。

Other expense in the third quarter was approximately $12 million. Given our recently announced acquisition of Linear Tech and related financing costs, we expect that our net interest expense will be approximately $20 million in the fourth quarter, and remain at that quarterly run rate until we close the transaction.

第三季其他支出約1200萬美元。鑑於我們近期宣布收購凌力爾特公司以及相關的融資成本，我們預計第四季度淨利息支出約為2000萬美元，並將保持這一季度水準直至交易完成。

Our third-quarter tax rate was approximately 10%, as we adjusted our full-year tax rate down slightly to 12%.

我們第三季的稅率約為 10%，因為我們將全年稅率略微下調至 12%。

Excluding special items, our business delivered strong operating leverage, with diluted earnings per share of $0.82 increasing 28% sequentially on a 12% increase in revenue. Diluted EPS increased 6% over the prior year.

剔除特殊項目後，我們的業務實現了強勁的經營槓桿效應，稀釋後每股收益為0.82美元，環比增長28%，收入增長12%。稀釋後每股收益較上年同期成長6%。

At the end of the third quarter, our cash and short-term investment balance was $3.8 billion, with $860 million available domestically. We had approximately $1.8 billion in debt outstanding, which resulted in a net cash position of $2 billion.

第三季末，我們的現金及短期投資餘額為38億美元，其中國內可用資金為8.6億美元。我們未償債務約18億美元，因此淨現金部位為20億美元。

Our business strategy and consistent financial execution enabled strong free cash flow generation, which supports investments in our business and the return of cash to shareholders.

我們的商業策略和持續的財務執行實現了強勁的自由現金流，這為我們的業務投資和向股東返還現金提供了支持。

Excluding a one-time item, over the past 12 months ADI has generated $1.1 billion of free cash flow, effectively converting each dollar of revenue into $0.32 of free cash flow, at the very high end of our free cash flow model range. In the third quarter alone, free cash flow margins expanded 600 basis points as compared to the prior year.

在剔除一次性項目後，ADI在過去12個月創造了11億美元的自由現金流，相當於每1美元的收入轉化為0.32美元的自由現金流，處於我們自由現金流模型預測範圍的高端水平。光是第三季度，自由現金流利潤率就比上年同期成長了600個基點。

In terms of cash returns to shareholders, over the past 12 months we have returned approximately $1 billion to shareholders through dividends and share repurchases, which represents a 90% free cash flow payout.

就股東現金回報而言，過去 12 個月我們透過股息和股票回購向股東返還了約 10 億美元，相當於 90% 的自由現金流支付。

I want to now take a minute to talk about our capital allocation philosophy in light of the recently announced Linear Tech acquisition.

現在我想花點時間談談我們最近宣布收購Linear Tech後，我們的資本配置理念。

As we mentioned when we announced the deal, the combined Company's pro forma free cash flow on a trailing 12-month basis ending April 2016 would have increased from $1 billion to $1.7 billion. After the deal closes, we plan to use our combined cash generation to rapidly pay down the debt associated with the transaction.

正如我們在宣布交易時所提到的，合併後公司截至2016年4月的過去12個月的備考自由現金流將從10億美元增加到17億美元。交易完成後，我們計劃利用合併後的現金流迅速償還與該交易相關的債務。

As a result, we anticipate our net debt to EBITDA to go from 3.8 times at deal close to approximately 2 times net debt to EBITDA within three years of the transaction closing, which translates into an approximate $1 billion per year expected debt paydown schedule.

因此，我們預計交易完成後三年內，我們的淨債務與 EBITDA 比率將從交易接近完成時的 3.8 倍降至淨債務與 EBITDA 比率的約 2 倍，這意味著每年預計償還債務約 10 億美元。

In order to facilitate this rapid deleveraging, we have suspended our share repurchase program. That said, the dividend remains a cornerstone of our capital allocation philosophy, and we intend to maintain our dividend policy.

為了加速去槓桿化進程，我們已暫停股票回購計畫。儘管如此，股利仍然是我們資本配置理念的基石，我們將繼續維持現有的股利政策。

So in summary, this was a solid quarter on several fronts. We executed well in our business, and the diversity of our customers, applications, and markets, coupled with the sustainability of our innovation, enabled both revenue and diluted earnings per share to exceed our revised guidance. We are also very excited about the acquisition of Linear Tech, which we announced during the quarter, and I'll invite Vince to come on and say a few words in a minute.

總而言之，本季在多個方面都表現穩健。我們的業務執行到位，客戶、應用和市場的多元化，以及創新的可持續性，使得營收和稀釋後每股收益都超出了我們修訂後的預期。此外，我們對本季宣布的對凌力爾特（Linear Tech）的收購也感到非常興奮，稍後我會邀請文斯（Vince）上台發言。

Now turning to our outlook and expectations for the fourth 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.

現在轉向我們對第四季度的展望和預期，除收入預期外，其餘均為非GAAP準則下的預測，並且不包括今天發布的公告中概述的特殊項目。

We are planning for another quarter of sequential revenue growth in the fourth quarter. In the B2B markets of industrial, automotive, and communications infrastructure we are planning for aggregate demand to remain stable sequentially, and on a year-over-year basis to increase in the low- to mid-single digits. In the consumer market, strong customer demand and increasing dollar content in portable applications leads us to plan for continued sequential growth in this market.

我們預計第四季營收將繼續保持環比成長。在工業、汽車和通訊基礎設施等B2B市場，我們預期總需求將維持季比穩定，年成長率將達到個位數低至中等水準。在消費市場，強勁的客戶需求以及便攜式應用領域不斷增長的銷售額促使我們預計該市場將繼續保持環比成長。

In total, we are planning for revenue in the fourth quarter to grow sequentially, and be in the range of $910 million to $970 million. We expect factory utilization in the fourth quarter to be similar to its third-quarter level as we manage our days of inventory, and so we are planning for gross margins in the fourth quarter to decrease approximately 50 basis points to 65.5% on the expected mix of business.

我們預計第四季營收將季增，達到9.1億美元至9.7億美元。由於我們有效控制了庫存週轉天數，預計第四季度工廠利用率將與第三季度持平，因此，根據預期的業務組合，我們預計第四季度毛利率將下降約50個基點至65.5%。

We are planning for operating expenses in the fourth quarter to increase slightly sequentially, but to significantly lag our expected sequential revenue growth in the fourth quarter, and for operating margins to expand from their third-quarter levels. Based on these estimates and excluding any special items, diluted earnings per share are planned to be in the range of $0.84 to $0.94.

我們預計第四季營運費用將環比小幅成長，但成長速度將顯著低於預期營收季增，同時營運利潤率將較第三季水準有所提升。基於這些預估，並剔除任何特殊項目，預計稀釋後每股收益將在0.84美元至0.94美元之間。

Now before we move on to Q&A, I'd like to invite Vince to say few words about the recently announced Linear Tech combination. Vince?

在進入問答環節之前，我想請Vince談談最近宣布的Linear Tech合併案。 Vince？

Great, thanks, Dave. As you know late last month we announced an agreement to acquire Linear Technology Corporation. This is a transformative acquisition that brings together the two best franchises in the analog industry, and once we combine our highly complementary portfolios, will make us a market leader across all major analog product categories.

太好了，謝謝戴夫。如你所知，上個月底我們宣布了收購凌力爾特公司（Linear Technology Corporation）的協議。這是一項具有變革意義的收購，它將類比電路產業兩大頂尖品牌強強聯合。一旦我們整合了高度互補的產品組合，我們將成為所有主要類比電路產品類別的市場領導者。

Following last month's announcement, I've personally heard from many customers, from employees, and shareholders and the response has been overwhelmingly positive.

自從上個月發佈公告以來，我親自聽取了許多客戶、員工和股東的回饋，反應非常正面。

Our customers are excited to gain access to a comprehensive portfolio of the best brands in high-performance analog, the industry's best design engineers and FAE support, and the best-in-class supply chain all under one roof and with our continued commitment to the long-term support of our customers.

我們的客戶很高興能夠獲得高性能模擬領域最佳品牌的全面產品組合、業內最佳的設計工程師和現場應用工程師 (FAE) 支持，以及一流的供應鏈，所有這些都集中在一個屋簷下，並且我們將繼續致力於為客戶提供長期支持。

Our employees as well are very excited by the opportunities created by combining our two complementary suites of high-performance analog products and technologies. Beyond that, both companies have long admired the technical expertise and acumen of the other, and our teams are looking forward to the collaboration and innovation possibilities when combining two of the best engineering teams on the planet.

我們的員工也對兩家公司互補的高效能模擬產品和技術組合所帶來的機會感到無比興奮。此外，兩家公司一直以來都非常欣賞對方的技術專長和敏銳的商業洞察力，我們的團隊也期待著兩支全球頂尖工程團隊強強聯合後，能夠攜手合作，共同創新。

ADI and Linear are two amazing companies with very storied histories and vibrant cultures, and we plan to take the best of both companies to create something much greater than the sum of the parts. We have many ties that bind us. We both believe that innovation and a passion for our customers' success drives superior business results, and we share an intense focus on operational excellence across quality, reliability, supply chain, and of course financial returns.

ADI 和 Linear 都是歷史悠久、文化底蘊深厚的優秀公司，我們計劃融合兩家公司的優勢，打造遠超兩者之和的卓越成果。我們之間有著許多緊密的連結。我們都堅信，創新和對客戶成功的熱情是卓越表現的關鍵，並且我們都高度重視營運效率，涵蓋品質、可靠性、供應鏈以及財務回報等各個方面。

As a result of this combination, our financial profile is expected to be among the best in the industry with strong margins and free cash flow, which we expect will increase over time as we realize the financial synergies and cross-selling opportunities inherent in this transaction. And as Dave mentioned, ADI's anticipated free cash flow generation is expected to increase significantly from current levels.

合併後，我們的財務狀況預計將位居業內前列，擁有強勁的利潤率和自由現金流，隨著我們逐步實現此次交易帶來的財務協同效應和交叉銷售機會，我們預計自由現金流將持續增長。正如戴夫所提到的，ADI的預期自由現金流將較目前水準顯著提升。

We believe that this combination is good for all of our stakeholders. For customers it will create a true innovation and support partner that is unmatched in the industry. For employees it will create a tremendous opportunity for professional growth and the ability to help redefine an industry. And for shareholders this acquisition will further diversify our end-market exposure and strengthen our business and financial profile. Notably, we expect this transaction to be immediately accretive to earnings and free cash flow, and anticipate non-GAAP EPS accretion of 10% right out of the gates.

我們相信，此次合併對所有利害關係人有利。對客戶而言，這將打造一個業界獨一無二的創新和支援合作夥伴。對員工而言，這將創造巨大的職涯發展機會，並讓他們有機會參與重塑產業格局。對股東而言，此次收購將進一步拓展我們的終端市場覆蓋範圍，並增強我們的業務和財務實力。值得注意的是，我們預期此交易將立即提升公司獲利和自由現金流，並預期非GAAP每股收益將立即成長10%。

There is no other team of people out there who could accomplish what we believe Analog and Linear will accomplish together, and I'm very excited to get started on the next phase of our journey together.

我們相信，Analog 和 Linear 攜手合作，將取得前所未有的成就，沒有任何其他團隊能夠做到這一點，我非常興奮能夠開始我們共同旅程的下一個階段。

And so with that, we'll now start taking your questions.

那麼，接下來我們將開始回答大家的問題。

Thanks, Vince.

謝謝你，文斯。

(Caller instructions)

（來電者指示）

So with that, operator, let's start the Q&A session. Folks on the line can ask questions of either myself, Vince, or Dave.

那麼，接線員，我們開始問答環節。電話那頭的聽眾可以向我、Vince 或 Dave 提問。

(Operator Instructions)

（操作說明）

Ambrish Srivastava, BMO Capital Markets.

Ambrish Srivastava，BMO資本市場。

Thank you very much. I had a quick clarification and then my question. Clarification, Dave, you mentioned on the dividend policy, you have been raising dividend consistently for as long as I can remember. You did mean to imply that you would be raising dividend consistently like you have in the past?

非常感謝。我之前有個疑問，想請教一下。戴夫，你剛才提到分紅政策，你一直以來持續提升分紅，就我記憶所及。你的意思是說，你會像過去一樣持續提升股利嗎？

And then my question on autos, good to see the headwind from MEMS kind of abating. What are the areas that you are excited about as you alluded to that you should expect to see growth in that segment? Thank you.

關於汽車領域，我很高興看到MEMS帶來的不利影響減弱。您之前提到汽車領域有望成長，那麼您對哪些方面感到興奮呢？謝謝。

Okay, I'll take the dividend question and I'll let Vince comment on the areas of automotive that we're excited about. On the dividend policy, as you know our model is to grow our dividend over time at a rate of 5% to 10%, and that continues to be our model.

好的，我來回答關於股利的問題，接下來我會讓Vince談談我們看好的汽車產業領域。關於股息政策，如您所知，我們的模式是隨著時間的推移，以5%到10%的速度提高股息，這仍然是我們一貫的模式。

Okay, thank you for that.

好的，謝謝。

So okay on the automotive side, we play in three I would say premier spaces where innovation really matters. We play in powertrain, and there for example we have new sensor technology. We have an ongoing stream of growth in the battery management area.

好的，在汽車領域，我們主要涉足三個我認為至關重要的創新領域。我們在動力總成領域有所建樹，例如，我們擁有全新的感測器技術。我們在電池管理領域也持續成長。

We have new modalities such as AMR, for example, managing or measuring very, very accurately sensing measuring torque, for example, which is an important modality in the car. Also, our audio infotainment solutions are becoming more and more adopted across many, many platforms across the OEMs in the global market.

我們擁有諸如AMR之類的新型技術，例如，它可以非常精確地管理或測量扭矩，這在汽車領域是一項重要的技術。此外，我們的音訊資訊娛樂解決方案也正被全球市場上許多OEM廠商的平台廣泛採用。

For example, recently we saw that -- you probably saw Ford announced our -- we've talked to you before about this A2B bus, a very, very efficient high integrity bus that's being used in the car to move media, audio media. Ford just announced with our brand the inclusion of that technology in two of their particular car models.

例如，最近我們看到——您可能已經看到福特宣布了——我們之前也和您談過A2B總線，這是一種非常高效、高完整性的總線，用於在汽車中傳輸媒體，包括音頻媒體。福特剛剛宣布，將這項技術應用於其兩款特定車型。

We've talked before as well about the growth of ADAS. We have a very strong position on 24 gigahertz radar solutions, microwave to bits, and we are starting to move with some very attractive solutions as well in the 77 gigahertz radar area. So I think we've a good spread of technologies across the various car platforms using our underlying strength in sensing, measuring, and interpreting in both the precision signal processing area as well as the very, very high speed signal processing area.

我們之前也討論過ADAS的發展。我們在24GHz雷達解決方案和微波到位元轉換領域擁有非常強大的實力，我們也開始在77GHz雷達領域推出一些極具吸引力的解決方案。因此，我認為我們憑藉在感測、測量和解釋方面的核心優勢，以及在精密訊號處理和超高速訊號處理領域的優勢，在各種汽車平台上擁有廣泛的技術應用。

Thanks, Vince, and thanks, Ambrish, for the question. I think, Ambrish, you do highlight a good point which is if you actually look at our automotive business, excluding the passive safety area, we've actually grown that business in the high-single digits year over year in the quarter.

謝謝Vince，也謝謝Ambrish的提問。 Ambrish，你提出的觀點很有道理，那就是如果我們仔細分析一下我們的汽車業務，排除被動安全領域，就會發現我們這個季度的汽車業務同比增長率達到了接近兩位數。

And I think that really speaks to the additional content that we're getting into vehicles now, as Vince mentioned. And that we are really excited about going forward as well.

正如文斯所提到的，我認為這確實體現了我們現在在車輛中增加的額外內容。我們也對此感到非常興奮，並期待未來的發展。

So thanks for the question, and we'll get to the next caller please.

感謝您的提問，我們這就接下一位來電者。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes thank you, great numbers. My question is on the consumer business. So up 130% sequentially.

是的，謝謝，數據很棒。我的問題是關於消費者業務的。環比增長了130%。

Could you just talk about the dynamics there, how we should think about that business here in the back half of the year? Clearly a very volatile business, but yes, if there's anything you can add on the actual trends in the second half, that'd be great. Thank you.

您能否談談這方面的動態，以及我們該如何看待下半年的業務？顯然，這是一個波動性很大的行業，如果您能補充一些關於下半年實際趨勢的信息，那就太好了。謝謝。

So Tore, you mean trends in terms of how it's going to do next quarter you mean?

所以 Tore，你是說下個季度的發展趨勢嗎？

Well, just obviously 130% is not the actual growth of that business.

顯然，130%並不是這家企業的實際成長率。

Right.

正確的。

How should we think about the volatility?

我們該如何看待這種波動性？

I would say in the fourth quarter it's certainly going to be up again. That's going to be the driver of the sequential growth. Probably in the high 20%s, low 30%s sequentially. Then the next quarter, last year we declined about 60% I think sequentially.

我認為第四季肯定會再次回升，這將是環比成長的主要驅動力。環比成長率可能在20%以上到30%左右。然後，下個季度，我認為我們環比下降了約60%。

But that was partially -- partially it's due obviously to seasonality, and then the other part of it is that there was a build of inventory last year in the fourth quarter and we had that kind of consumption of that inventory in the channel that affected demand for us. This year I think we have a closer linkage between supply and demand here on the consumer side.

但部分原因——顯然部分原因是季節性因素，另一部分原因是去年第四季庫存積壓，而通路對這些庫存的消耗影響了我們的需求。我認為今年消費者端的供需聯繫更加緊密了。

And so I would expect us to decline seasonally in the first quarter, but only seasonally. I don't think we would have this ramp down due to overbuild in the inventory side of things in the supply chain. So it's probably going to be roughly half the rate of what we saw last year sequentially.

因此，我預計第一季會出現季節性下滑，但僅限於季節性下滑。我不認為這種下滑是由於供應鏈庫存過剩造成的。所以，環比來看，下滑速度可能只有去年同期的一半左右。

I think the way to look at this market overall, Tore, we take a long-term view to the consumer market like we do to all the markets in which we participate. We're picking out with our customers, we're picking the hardest problems to solve, we're pointing our technology at these problems, and we look for areas where we can get sustainability from generation to generation.

托雷，我認為看待整個市場的方式是，我們對消費市場採取長遠的眼光，就像我們對待所有參與的市場一樣。我們與客戶一起挑選，挑選最棘手的問題來解決，並將我們的技術應用於這些問題，尋找能夠代代相傳的永續發展領域。

So we take a long-term view and then the market will do what the market does in terms of gyration. But I think in the areas that we're playing we're executing well and we've got some very, very exciting technologies in the pipeline as well for the future here.

所以我們著眼長遠，市場波動自有其規律。但我認為在我們所涉足的領域，我們執行得不錯​​，而且我們還有一些非常非常令人振奮的新技術正在研發中，為未來做好準備。

That's great color. Thank you.

顏色真好看。謝謝。

Great, thanks, Tore, that was a great question. And then I just want to point out, as I think I mentioned in the prepared remarks, that business for ADI drives very strong ROI, very strong free cash flow business for the Company, and if you note that certainly consumer grew 131% or so sequentially, the operating margins for the Company also expanded -- for the entire Company expanded well over 300 basis points as a result. So great business to be in if you pick your spots. All right, we'll get to our next caller please.

太好了，謝謝托雷，你問得真好。我還要補充一點，正如我在準備的發言稿中提到的，ADI的業務為公司帶來了非常強勁的投資回報率和自由現金流。如果你注意到消費者業務較上季成長了約131%，公司的營業利潤率也隨之提升──整個公司的營業利潤率因此提升了300多個基點。所以，如果你能把握好時機，這絕對是一項非常好的事業。好了，我們接下來請下一位聽眾來電。

Tristan Gerra, Baird.

特里斯坦·格拉，貝爾德。

Morning. Just a quick follow up on these consumer question. You've talked about some content increase, can you quantify this a little bit? Is it a mid-single digit content increase relative to what you had last year?

早安.關於消費者提出的問題，我有個後續問題。您提到內容有增加，能否具體說明？與去年相比，內容增幅是中等個位數嗎？

It's about 30%.

大約是30%。

Okay. Thank you.

好的，謝謝。

Thanks for the question. Next caller please?

謝謝你的提問。下一位來電者是？

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Yes, thank you. As you work towards the Linear Tech deal, can you give us an update on the Hittite integration, how it's going versus initial expectations a couple years ago. And then also just from a cross-selling perspective how that's performed and the opportunities that you have?

是的，謝謝。在您推進與Linear Tech的交易過程中，能否向我們介紹Hittite的整合進展，與幾年前的預期相比如何？另外，從交叉銷售的角度來看，表現如何？有哪些機會？

Okay, so I'll talk about it from an operational standpoint and then Vince can talk big picture about how it's gone. Just operationally I would say we're pretty much fully integrated. We had expectations to get synergies that would drive the accretion up into the high teens, and we've actually been successful with that.

好的，那我先從營運角度談談，然後文斯再從宏觀角度談談進度。就營運而言，我認為我們已經基本完全整合了。我們預期能夠產生綜效，將利潤率提升到接近10%，而實際上我們已經成功實現了這個目標。

In fact we're actually a little bit ahead of where we thought we would be from and expense perspective. From a revenue pipeline perspective, we have seen a lot of activity in terms of design ins and in some case design wins where we have been either able to take products that Hittite sold and bring them into our customer base, or actually vice versa.

事實上，從成本角度來看，我們的進展比預期略好一些。從收入管道的角度來看，我們在設計引入方面取得了顯著進展，在某些情況下，我們還成功贏得了設計項目，我們能夠將 Hittite 銷售的產品引入我們的客戶群，反之亦然。

For example in the case of the military business they've actually been able to bring ADI parts into their customer base, and that's going quite well. I would say that's exceeding our expectations. I wouldn't say that it's shown up significantly on the revenue line just yet, nor did we expect it to.

例如，在軍工業務方面，他們已經成功地將ADI的零件引入他們的客戶群中，而且進展相當順利。我認為這超出了我們的預期。不過，目前這還沒有對營收產生顯著影響，我們也沒指望它能立即帶來顯著的營收成長。

This is -- these are markets that have long design schedules, but from everything we can tell just looking at how the activity has transpired from the time we closed to where we are today, we think we are ahead of where we thought we would be. I don't know if you have anything to add?

這些市場的設計週期都很長，但從我們上次關閉至今的進展來看，我們認為目前的狀況已經超出了預期。您還有什麼要補充的嗎？

That's good color, Dave. I think we're approaching the LTC combination very much as we did with Hittite. We -- I think with both Hittite and LTC we share the same values essentially.

戴夫，這顏色不錯。我覺得我們開發LTC產品的方式和開發Hittite產品的方式非常相似。我們——我覺得Hittite和LTC本質上是秉持著相同的價值觀。

We're very innovation centered with very, very high standards in terms of how we execute in supply chain, quality, and financial returns. And that's not negotiable. That's what we strive for in these combinations.

我們是一家以創新為核心的企業，在供應鏈執行、品質和財務回報方面都秉持著極高的標準。這點不容妥協，也是我們努力在這些合作中實現的目標。

Obviously the cultures are different, but I view the cultural diversity as an opportunity to improve both companies. When you get world-class companies who have been doing this very, very well as they were independently, you've got to listen very, very carefully to and understand what each side has been doing and do your best to combine the entities to create something greater than the sum of the parts.

顯然，兩家公司的文化不同，但我認為文化多元性是提升兩家公司表現的機會。當兩家世界一流的公司各自獨立運作且都非常出色時，你必須非常認真地傾聽和理解雙方的經驗，並盡最大努力將雙方優勢結合起來，創造出大於各部分之和的成果。

We did that with Hittite, and that's the approach we're taking as well with LTC. When I look at the combination of Hittite with ADI for example with our customers in communications infrastructure, broad-based communications activity, in the instrumentation the aerospace and defense areas it's really exciting to see how we are now solving big problems from end to end.

我們之前在 Hittite 上就採用了這種方法，現在在 LTC 上也沿用了這種方法。例如，當我看到 Hittite 與 ADI 的結合，以及我們在通訊基礎設施、廣泛的通訊活動、儀器、航空航太和國防領域的客戶，看到我們現在如何從端到端地解決重大問題，真的令人振奮。

We've got unique capabilities. I think we are probably the only high performance microwave to bits supplier out there that can run the gamut of technologies and solve big footprint radio problems for our customers.

我們擁有獨一無二的能力。我認為我們可能是市場上唯一一家能夠駕馭各種技術並為客戶解決大型無線電難題的高性能微波到比特供應商。

So I think obviously with LTC, we get the real strength that they bring in the power area, and some of the mixed signal areas in the little niches. So my sense is we will take the very same approach as we did with Hittite, we've learned a lot as well through the process, and we will, as I said, listen very, very carefully to making sure that we understand the best practices and that we use them across technology, product development, supply chain quality, and customer support, of course.

所以我覺得很明顯，LTC的優勢在於其強大的功率輸出能力，以及一些細分市場的混合訊號處理能力。因此，我認為我們會採取與收購Hittite時相同的策略。在這個過程中，我們也學到了很多。正如我所說，我們會非常認真地傾聽各方意見，確保我們理解最佳實踐，並將其應用於技術、產品開發、供應鏈品質以及客戶支援等各個方面。

Got it. Thank you.

明白了，謝謝。

Chris Danely, Citigroup.

克里斯丹尼利，花旗集團。

Thanks. So if we incorporate your guidance for the individual product segments for the fiscal Q4 for FY6, I think comms, industrial, and auto are all essentially flat. So what growth would we expect for those three segments?

謝謝。如果我們參考您對206財年第四季各產品板塊的業績指引，我認為通訊、工業和汽車板塊的業績基本上持平。那麼，我們預期這三個板塊的業績會如何成長呢？

And you can just do relative if you want for FY17. And then how much would consumer be up -- would be expected to be up for FY17?

如果你願意，也可以只計算2017財年的相對值。那麼，消費者預計在2017財年會成長多少呢？

Difficult to say at this point how all this stuff is going to transpire. We actually haven't done our plan or annual operating plan for 2017 yet, which is due to happen in the next couple of months. I would say that our expectation is that the industrial market grows normally in the mid-single digits GDP plus a little.

目前很難預測這一切將如何發展。我們實際上還沒有製定2017年的計劃或年度營運計劃，這項工作將在未來幾個月內完成。我認為，我們預期工業市場將維持正常的成長，GDP成長率在個位數中段以上。

So I think that's how we're building it. Whether that happens in 2017 probably has more to do with how the macro does than anything, but I think it's a good rule of thumb to think about that growing and those rates. Automotive I think over time should be back into the levels that Ali talked about at the subsegments, which is to grow in the high single digits.

所以我認為這就是我們建構這個體系的方式。 2017年能否實現，可能更多地取決於宏觀經濟的走向，但我認為，考慮到成長和成長率，這是一個不錯的經驗法則。我認為，隨著時間的推移，汽車產業應該會回到阿里之前在各個細分市場中提到的水平，也就是實現接近兩位數的成長。

It's been way down a bit obviously by this passive safety business coming off. But that's running its course. It ceased to be the driver for automotive to stay flat. It's still going to be a little bit of a headwind, although a smaller headwind into next year.

被動安全業務的下滑顯然導致汽車銷售大幅下降。但這種下滑趨勢正逐漸消退。它不再是汽車銷售持續低迷的主要驅動力。儘管明年仍會存在一些阻力，但會比之前小。

But I think automotive has a chance to start to move. I think it grew a few percent or it will have grown a few percent this year. Probably grows mid-single digits next year and probably goes up to the high-single digits the following year, given all of the exciting opportunities we have that Vince talked about.

但我認為汽車產業有機會開始復甦。我認為它今年已經增長了幾個百分點，或者將會增長幾個百分點。明年可能會達到個位數中段的成長，考慮到文斯提到的所有令人振奮的機遇，後年可能會達到接近兩位數的成長。

In the comms space it's anybody's guess I think. Over time we think that our technology, which is ahead of competitors, will allow us to drive share gains in that market. And so even if the market itself, the CapEx environment or the comms infrastructure market, is really low single digit CapEx increases year over year, we think we will grow faster than that because of our position in that marketplace.

在通訊領域，未來走向難以預料。但我們相信，隨著時間的推移，我們領先於競爭對手的技術將幫助我們在該市場贏得更多份額。因此，即使市場本身，例如資本支出環境或通訊基礎設施市場，每年的資本支出成長率僅為個位數，我們也相信憑藉我們在市場中的地位，我們的成長速度會超過這個水準。

And in the consumer market, obviously it was down, or should be down most likely year over year this year as we won't have the same inventory build we had last year, which kind of hit us this year. But I think next year has an opportunity to have a pretty decent year because this year was actually weighed down by the fact that they were digesting inventory in the first half of the year.

消費市場方面，顯然有所下滑，或者說今年很可能同比下滑，因為我們不會像去年那樣累積大量庫存，這在一定程度上影響了今年的市場表現。但我認為明年有機會迎來一個相當不錯的年份，因為今年上半年市場實際上受到了消化庫存的壓力。

Next year that won't be the case. On top of that we'll get the full-year effect of the dollar content improvements that we got at the end of this year. So we're cautiously optimistic about the consumer business having a decent year next year.

明年情況就不同了。此外，我們將迎來今年年底美元內容改善措施帶來的全年效益。因此，我們對明年消費者業務的良好表現持謹慎樂觀態度。

Great, thanks a lot, Dave.

太好了，非常感謝你，戴夫。

Sure.

當然。

Craig Ellis, B. Riley.

克雷格·艾利斯，B·萊利。

Yes, thanks for taking the question. Dave, I was hoping you could just comment on the ends of the outlook range on revenues. Is the gap between the low end and the high end just allowing for still uncertain macro, or is it related to allowances in any of the segments for different types of build plan assumptions? And any color on what would swing things to the low end or high end would be greatly appreciated. Thank you.

是的，謝謝您回答這個問題。戴夫，我希望您能就收入預期範圍的兩端做一些說明。低端和高端之間的差距只是因為宏觀經濟情勢仍然存在不確定性，還是與各個業務板塊針對不同建設規劃假設所做的調整有關？如果您能提供一些關於哪些因素會導致預期偏向低端或高端的信息，那就太好了。謝謝。

Good question, Craig. A part of it is the fact that consumer tends to have a little bit of uncertainty built in. We come in with quite a bit of backlog, but sometimes that backlog can shift around towards the end of the quarter a little bit, and that can affect the quarter number even though it doesn't affect the full build plan over time.

問得好，克雷格。部分原因是消費者本身就帶有一些不確定性。我們一開始積壓了不少訂單，但有時這些訂單會在季度末略有變動，這會影響到當季的業績，儘管從長遠來看，這不會影響整體的生產計劃。

The other piece was you just have to build a little bit of cushion in for a macro uncertainty that might hit us at some point. We don't expect that, which is why the middle of the range is a pretty decent increase. But we did build in some cushion just in case something surprised us.

另一方面，我們必須預留一些緩衝空間，以應對可能出現的宏觀經濟不確定性。我們預期這種情況不會發生，所以區間中位數是一個相當可觀的增幅。但我們確實預留了一些緩衝空間，以防萬一出現意外狀況。

But I would tell you that we come in in a very good position from a backlog perspective, and with a wide range. We feel pretty good about them hitting the middle part of that range, and if things go better than that, we could hit the higher end of the range.

但就積壓訂單量而言，我們目前處境非常有利，而且交貨範圍也很廣。我們很有信心能夠達到預期範圍的中間部分，如果進展順利，甚至有可能達到上限。

All right, Craig, thanks. Next question.

好的，克雷格，謝謝。下一個問題。

Amit Daryanani, RBC.

Amit Daryanani，RBC。

Thanks, good morning. Just a question on the industrial side. Sounds like part of the year where your decline was driven by this aerospace and defense orders getting pushed out of the timing and getting pushed out (technical difficulty), can you just talk about what sort of revenue did you end up missing in July quarter because of that? And is it logical to assume that you pick this back up in the October quarter and we would see better growth in the industrial segment in that case?

謝謝，早安。我有個關於工業方面的問題。聽起來你們今年的業績下滑主要是由於航空航天和國防訂單的交付時間被推遲（可能是技術問題）造成的，能否具體說說你們在7月份季度因此損失了多少收入？如果是這樣，我們是否可以合理地假設你們在10月份季度能夠恢復正常，並且工業板塊的成長也會有所改善？

Yes, so the industrial weakness was really, as Ali actually mentioned, it was really specific to the aerospace and defense. That's programmatic; sometimes in certain particular quarters they may not take as much as we have forecasted just by the timing of the programs. We do expect that to resume in the fourth quarter, come back in the fourth quarter.

是的，正如阿里所提到的，工業疲軟確實主要集中在航空航太和國防領域。這是專案本身的問題；有時，由於專案時間表的原因，某些特定季度的實際需求可能不如我們預期。我們預計這種情況將在第四季度恢復。

And that was really the most significant impact. We didn't really expect industrial to have significant improvement sequentially. So it's not altogether surprising that we were down $10 million. But it was in that range that -- where the miss occurred.

而這確實是影響最大的因素。我們原本就沒期待工業業務季比會有顯著改善。所以，虧損1000萬美元也不完全出乎意料。但正是在這個範圍內——也就是預期未達預期的地方——出現了偏差。

On the automotive side, I would say we hit where we thought we would. We thought we would be down around 3%, I think we're down sequentially down 2%. So we did actually do marginally better than we expected in the automotive space. So that is going I would say better than expected.

在汽車業務方面，我認為我們達到了預期目標。我們原本預計會下降3%左右，但實際上較上季下降了2%。所以，我們在汽車領域的實際表現略好於預期。因此，我認為這算是好於預期。

And let me give you a little color on the industrial segment, if I can. Really everything within the industrial space performed as we had expected. Everything was stable to slightly up sequentially.

如果可以的話，我想簡單介紹一下工業板塊的情況。實際上，工業板塊的所有產品都符合我們的預期。所有產品都保持穩定，甚至略有成長。

Let me give you a little more color then. In North America, we had a good quarter in factory automation. We believe that's driven by a stabilization in the oil and gas space.

那我再詳細解釋一下。在北美，工廠自動化領域本季表現良好。我們認為這主要得益於石油和天然氣產業的穩定。

In China renewable energy did particularly well, and as Dave mentioned the aerospace and defense area hit a bit of an air pocket this quarter, but I think if you look at it on a trailing 12-month basis, that business has actually done very, very well for ADI. And really the acquisition of Hittite has really, as Vince mentioned earlier, reinvigorated that business for us.

在中國，再生能源業務表現尤為出色。正如戴夫所提到的，航空航太和國防領域本季略顯低迷，但我認為，如果以過去12個月的數據來看，該業務實際上對ADI來說非常出色。而且，正如文斯之前提到的，收購Hittite確實為我們重振了這項業務。

We've got a guy who is running that business who's doing an amazing job with what I think is a pretty expensive portfolio in that area. So we think A&D is actually a growth market for us going forward. And there, customers are really looking at these old mechanical systems that are expensive and they're looking to replace them with higher performance, cheaper silicon solutions, and that really increases our content meaningfully in those systems over time.

我們負責這項業務的負責人做得非常出色，他管理著我認為在這個領域相當昂貴的產品組合。因此，我們認為航空航太與國防市場其實是我們未來的成長點。在這個領域，客戶正在認真審視那些昂貴的舊式機械系統，並尋求用性能更高、價格更低的矽基解決方案來替代它們，隨著時間的推移，這將顯著提升我們在這些系統中的市場份額。

I think looking at any of these markets in a quarter, particularly in the lumpy markets, can be fraught with peril. I think if you take a longer-term view I think these markets are doing pretty nicely for ADI. So, well, appreciate the question and next question.

我認為，僅憑一個季度的數據來分析這些市場，尤其是在波動較大的市場中，都可能充滿風險。但從長遠來看，我認為這些市場對ADI來說表現相當不錯。好的，感謝您的提問，也期待您的下一個問題。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

Hello, thanks for taking my questions. I guess in the current quarter you're mentioning about $10 million offset from the aero, but you had originally guided the B2B business up in the mid to upper single digits.

您好，感謝您回答我的問題。我猜您在本季度提到航空業務抵消了約1000萬美元的收入，但您最初預計B2B業務的增長幅度在個位數中高段。

$10 million differential still wouldn't quite get you there. So I'm wondering what other areas in the quarter were potentially weaker than you thought? And I was also hoping if you could give us a little more color on a segment basis for what you would expect for next quarter beyond just the aggregate (technical difficulty)?

1000萬美元的差額仍然不足以達到目標。所以我想知道本季還有哪些方面可能比您預想的要疲軟？另外，除了整體業績（技術上存在一些困難）之外，您能否從各個業務板塊的角度，更詳細地分析一下您對下個季度的預期？

Right. Well the other area that was a little less than planned was the communications market. It declined about 1% I think sequentially. We expected that business to be up this quarter.

沒錯。另一個略低於預期的是通訊市場。我記得環比下降了大約1%。我們原本預期這部分業務本季會成長。

I would say that was customer specific. There was one particular customer that did quite a bit weaker than expected.

我認為這取決於具體客戶。有一位客戶的表現遠低於預期。

On the wireless side.

無線方面。

On the wireless side. And there was some color around India pushing out some of their infrastructure build outs that may have contributed to that. That was the other area that surprised us.

在無線網路方面，印度大力推動基礎建設，這可能對此有所貢獻。這也是讓我們感到驚訝的另一個領域。

And then your other part of your question, Stacy, is how I expect the end markets to play out in the fourth quarter. I would think that -- we mentioned B2B was likely to be flat. I think the combination of industrial and auto is likely to be up a bit, and I think communications might be marginally weaker.

史泰西，你問題的另一部分是關於我預計第四季終端市場的發展。我認為——我們之前提到B2B市場可能持平——工業和汽車市場可能會略有成長，而通訊市場可能會略微疲軟。

Thank you.

謝謝。

Next caller.

下一位來電者。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

Thanks for taking my question. Dave, you got interest income up throughout -- until the close of the deal. Could you just talk about what debt you're adding and at what interest rate? And does that come off the $7.3 billion that you are planning on raising to acquire Linear?

感謝您回答我的問題。戴夫，在整個交易過程中，直到交易完成，您的利息收入都在增加。您能否談談您新增的債務以及利率是多少？這些債務是否來自您計劃為收購Linear而籌集的73億美元資金？

Yes, it's really just the -- so when we executed the agreement with Linear Tech to purchase Linear, we had to enter into an underwriting commitment with a set of banks so that the funding was essentially guaranteed. We haven't drawn any of the money, but banks don't agree to do that without you agreeing to pay them something.

是的，其實就是──當我們和凌力爾特公司簽訂收購凌力爾特的協議時，我們必須和幾家銀行簽訂承銷協議，這樣資金基本上就能得到保障。我們還沒有動用任何資金，但銀行不會在你沒有支付一定費用的情況下就同意提供承銷。

So the step up from what was about $12 million a quarter up to what is going to be around $20 million, give or take, is really that cost of them providing that commitment, even though we haven't borrowed anything. That then goes away once we enter into the agreement with, or rather close the deal with Linear Tech. And then there'll be a new financing cost obviously, which is actually the drawn down amount, which as I indicated was going to be around 3% pretax on what will start out being $11 billion but quickly pay down to about $7 billion, $7.5 billion.

所以，從每季約1200萬美元增加到大約2000萬美元（上下浮動），實際上是他們提供承諾的成本，即使我們沒有借任何錢。一旦我們與凌力爾特公司達成協議，或者更確切地說，完成交易，這筆費用就消失了。之後顯然會產生新的融資成本，這實際上是提取的金額，正如我之前提到的，稅前利率約為3%，最初是110億美元，但很快就會降至70億至75億美元左右。

Perfect. Thanks.

太好了，謝謝。

Thanks, Blayne.

謝謝你，布萊恩。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Hello, just wanted to ask you a question on the communications area. That -- in past calls you've been pretty bullish about the expectations there. I know you talked about the wireless being weak in both the quarter and it seems like even in the guide you're talking comms being a little bit weaker. Can you talk about any confidence or what level of confidence you have in that communications segment growing going forward?

您好，我想問您一個關於通訊領域的問題。在先前的電話會議中，您對該領域的預期相當樂觀。我知道您提到無線業務在本季表現疲軟，而且似乎在業績指引中您也提到通訊業務略顯疲軟。您能否談談您對通訊業務未來成長的信心程度？

That's a good question. So we look at the comms infrastructure market in general as -- it's a very important market for ADI, and as always we take a long-term view to how we invest, how we pick our spots and how we invest there. So we're solving radio problems for our customers I believe with a level of completeness that is quite unique.

這是一個很好的問題。總的來說，我們認為通訊基礎設施市場對ADI來說非常重要，而且我們一如既往地著眼於長遠投資，選擇投資方向並進行投資。因此，我相信我們正在以相當獨特的全面性為客戶解決無線電問​​題。

And with the addition of Hittite to our portfolio, we're very well positioned in microwave to bits, and of course with the addition of the Linear portfolio we're able to attach the high-performance power products, which will enable us to even offer more complete solutions to our customers. So I think the way to look at this market whatever happens with the short-term gyrations, the challenges that our customers are facing are really immense.

隨著 Hittite 的加入，我們在微波到位元領域佔據了非常有利的地位。當然，Linear 產品組合的加入也使我們能夠提供高性能功率產品，從而為客戶提供更完善的解決方案。因此，我認為無論短期市場波動如何，我們都應該專注於客戶面臨的巨大挑戰。

The problems are getting harder and harder from generation to generation. They're trying to solve the ongoing problem of spectral efficiency, information integrity, power efficiency. And those problems will persist, and we're in a better position than ever to solve these problems.

問題世代比世代更棘手。他們試圖解決頻譜效率、資訊完整性和電力效率這些長期存在的問題。這些問題將持續存在，而我們現在比以往任何時候都更有能力解決這些問題。

So the markets are going to gyrate, it's very, very hard to predict, it's quite a lumpy business as we always say, it's hard to predict quarter to quarter what's going to happen. But we view the whole comms infrastructure area as really the electricity of the modern economy.

所以市場肯定會波動，很難預測，正如我們常說的，這是一個波動性很大的行業，很難預測每個季度會發生什麼。但我們認為整個通訊基礎設施領域就像現代經濟的電力一樣重要。

The things that are under our control, how we innovate, how we engage with our customers, we're doing better there than ever. We continue to make improvements, and I believe we're poised to take share. So whatever the market does, we're poised to take share as the years move on here. So I think that's the way to view communications infrastructure.

在我們可控的範圍內，例如我們的創新方式、我們與客戶的互動方式，我們做得比以往任何時候都更好。我們不斷改進，我相信我們已經準備好擴大市場份額。所以無論市場如何變化，隨著時間的推移，我們都準備好不斷擴大市場份額。我認為這就是看待通訊基礎設施的正確方式。

All right, Ross. Thank you, good question. Next caller.

好的，羅斯。謝謝，問得好。下一位來電者。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Morning, thanks for taking my question. Within your broad-based industrial business, can you just talk about the geographical demand trends you saw in Q3?

早上好，感謝您回答我的問題。在貴公司業務涵蓋廣泛的工業領域中，您能否談談第三季度觀察到的地域需求趨勢？

I know you touched upon some specific product drivers in certain geographies, but maybe just touch upon the broad geographical trends, particularly China, since I think your industrial business in China has been a strong driver over the last couple of quarters. And then maybe touch upon what's implied within the fourth quarter industrial guidance again, from a geographical perspective? Thank you.

我知道您談到了某些地區的具體產品驅動因素，但能否再談談更廣泛的地域趨勢，特別是中國市場，因為我認為貴公司在中國的工業業務在過去幾個季度一直是強勁的驅動力。然後，能否從地域角度再談談第四季工業業務指引的內涵？謝謝。

Sure. Good question, Harlan, let me take that one. So by region I'd say North America and Europe were a little bit weaker sequentially. As I mentioned earlier, even though factory automation was quite strong in North America, our A&D business tends to be more focused in North America. So as a result of that being weak, North America ended up being a weaker region for us in the industrial space.

當然。問得好，哈蘭，讓我來回答這個問題。按地區劃分，我認為北美和歐洲的表現略遜一籌。正如我之前提到的，儘管北美的工廠自動化業務相當強勁，但我們的航空航太與國防業務更側重於北美。因此，由於北美工廠自動化業務的疲軟，最終導致北美在工業領域成為我們表現較弱的地區。

China was very strong again. As you mentioned it is a key area for us in the industrial space. That was strong on instrumentation applications, smart city, and energy type applications. Then as I mentioned earlier in North America factory automation was pretty strong on stable oil and gas.

中國市場再次表現強勁。正如您所說，中國是我們工業領域的關鍵市場。中國在儀器儀表應用、智慧城市和能源類應用方面都表現出色。此外，正如我之前提到的，北美工廠自動化市場在穩定的石油和天然氣領域也表現強勁。

As we look forward to the fourth quarter, it's actually an interesting question that you pose, because generally speaking the fourth quarter for industrial tends to be down in the mid-single digits. This time we're expecting industrial to be pretty stable to the third quarter levels. And there's a few reasons for that, why we're feeling I guess relatively bullish on that market in the next quarter. The aerospace and defense sector we expect to come back a little bit in the following quarter.

展望第四季度，您提出的問題確實很有意思，因為通常來說，工業板塊第四季的跌幅都在個位數中段。但這次我們預期工業類股將與第三季持平。這其中有幾個原因，也正是我們對下一季工業板塊市場相對樂觀的原因。我們預計航空航天和國防板塊將在下一季有所回升。

And frankly if you look at the orders in distribution, they are currently pretty strong. And I think if you compare that to some of the outlooks painted by some of the larger distributors out there, their book to bills are trending at parity or at above parity. So that would support the strong flows we're seeing in distribution.

坦白說，如果你看一下分銷管道的訂單情況，你會發現目前訂單量相當強勁。而且，如果你把這種情況與一些大型經銷商的​​預測進行比較，你會發現他們的訂單出貨量與訂單確認量基本持平或高於持平。這也能解釋我們目前在分銷管道看到的強勁訂單流。

So as a result I think when you package up all those disparate points, we come up with a view that next quarter the industrial market should be pretty stable to its third quarter levels here. So hopefully that answered the question, and we'll get to our next caller.

因此，我認為綜合所有這些不同的觀點，我們可以得出結論：下個季度工業市場應該會保持相對穩定，並維持在第三季的水平。希望我的回答能解答您的問題，接下來我們接聽下一位來電者的提問。

Cody Acree, Drexel Hamilton.

科迪·阿克里，德雷克塞爾·漢密爾頓。

Thanks for taking my questions. With the Linear acquisition, what are your long-term thoughts on your capacity needs and how that might impact margins?

感謝您回答我的問題。收購Linear後，您對產能需求有何長期規劃？這會對利潤率產生怎樣的影響？

Well, we'll have four fabs on a combined basis, and so we'll have plenty of capacity for the future demand of the business. We've had utilization down this quarter, expected to be down next quarter, probably will be down again in the first -- at this level in the first quarter again.

嗯，我們總共將擁有四座晶圓廠，因此我們有足夠的產能來滿足未來的業務需求。本季我們的產能利用率下降，預計下季也會下降，第一季可能還會再次下降——第一季可能會再次降至目前的水平。

And then it steps up a bit. Their utilization is actually pretty good. So I think that for the foreseeable feature, I think we feel pretty good about what our capacity looks like.

然後情況有所改善。他們的利用率其實相當不錯。所以我認為，在可預見的未來，我們對自己的產能狀況感到相當滿意。

I think job number one when you think about fabs and foundry and so on, job number one is to make sure that across the huge breadth of SKUs that we've got that are very, very important to particularly our industrial and B2B customers, job number one is to make sure we have no supply chain disruptions whatsoever. Both LTC and ADI have -- we got very, very high scores for being able to supply a huge diversity of products over very, very long periods of time.

我認為，對於晶圓廠、代工廠等等來說，首要任務是確保我們種類繁多的產品（尤其是對我們的工業和B2B客戶至關重要的產品）的供應鏈完全暢通無阻。 LTC和ADI都在這方面表現出色——我們在長期穩定供應種類繁多的產品方面獲得了非常高的評分。

And that's a tremendous value to our customers. So job number one is to make sure that we don't diminish that value in any way. And as Dave said, we manage utilizations on a dynamic basis to make sure that we match supply and demand, and that will continue to be the way.

這對我們的客戶來說價值巨大。因此，首要任務是確保我們不會以任何方式降低這種價值。正如戴夫所說，我們會動態管理資源利用率，以確保供需平衡，我們將繼續沿用這種方式。

Yes, and I think it's worthy of mentioning here this transaction is to better serve our customers. So let's not lose sight of that. Okay, good question. We'll move on to our next caller.

是的，我覺得有必要在這裡提一下，這筆交易是為了更好地服務我們的客戶。所以我們不要忘記這一點。好的，問得好。我們接下來接聽下一位來電者。

David Wong, Wells Fargo

大衛王，富國銀行

Thanks very much. Can you give us some idea in the longer run how 5G might affect your content opportunity in comms infrastructure? Is there any additional opportunity, or are the systems essentially the same?

非常感謝。您能否從長遠角度談談5G可能會如何影響您在通訊基礎設施領域的業務機會？是否存在新的機遇，還是說系統本質上已經相同？

Well, apparently the demand for spectral efficiency is going to increase several orders of magnitude. And one of the methods that they're going to use to get there, obviously the bandwidth has got to increase, but we're going to be moving well into the microwave area. So the complexity of the problem is going to significantly increase in terms of all the things that we've been talking about in terms of spectral efficiency, power management, power efficiency, obviously cost per bit, and so on and so forth.

顯然，對頻譜效率的需求將會增加幾個數量級。為了實現這一目標，他們將採用的方法之一顯然是增加頻寬，但我們也將深入微波領域。因此，就我們一直在討論的頻譜效率、功率管理、功率效率、每位元成本等等方面而言，問題的複雜性將顯著增加。

With each successive generation, there has been more pressure on the technology to deliver ever increasing levels of, as our customers would say, productivity, innovation productivity. So our belief, David, is that we're looking at orders of magnitude of complexity increase, which will continue to put pressure on our technology.

隨著每一代科技的更迭，科技面臨越來越大的壓力，需要不斷提昇生產力，也就是顧客所說的創新生產力。因此，大衛，我們認為，複雜性將呈數量級增長，這將持續對我們的技術造成壓力。

But that's in our wheelhouse. That's what we like. We like hard problems to solve. That's what we build our business on.

但這正是我們的強項。我們喜歡挑戰難題。我們正是以此為基礎發展業務。

Great, thanks, David. Thank you. Next question.

太好了，謝謝你，大衛。謝謝。下一個問題。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Good morning, thanks for letting me ask a question. Dave, I wanted to go back to the consumer business. If I look at a year-over-year compare, July quarter consumer was down about 10%, the midpoint of your guidance is down close to 20% year over year.

早上好，謝謝您允許我提問。戴夫，我想再談談消費者業務。如果我看一下同比數據，7 月的消費者銷售額下降了約 10%，而您給出的業績指引中位數比去年同期下降了近 20%。

And notwithstanding the inventory issues last year, I would have thought the July quarter would have been a more difficult compare quarter. Because my understanding was that July last year benefited from builds beginning early in the quarter throughout the quarter, and this year the July quarter really only benefited from the month of July builds for handsets. And so I'm hoping you can help circle, or square the circle there for me as to why year-over-year growth would be so much worse in the October quarter than the July quarter in the consumer business?

撇開去年的庫存問題不談，我原本以為7月的季度業績會更難與去年同期進行比較。因為我了解到，去年7月份的業績受益於季度初開始的生產，而今年7月份的業績實際上只受惠於7月生產的手機。所以我希望您能幫我解釋一下，為什麼消費者業務10月份的季度年增速會比7月份的季度低這麼多？

Yes, simply put, John, we just had an inventory build that was pretty significant in the fourth quarter, and we do not expect hopefully to have that happen this time around. It'll be more closely aligned with demand.

是的，約翰，簡單來說，我們在第四季確實增加了不少庫存，希望這次不會再出現這種情況。這次的庫存量會更貼近市場需求。

I would say that we do have a range, and as you get to the higher end of the range that would suggest a lower, or I guess a lower year-over-year decline would be the way to describe it. So that's obviously a possibility, but not what we built into the plan or the midpoint of the forecast.

我認為我們確實有一個預測範圍，當預測值接近範圍上限時，這意味著同比降幅會降低，或者更準確地說，同比降幅會降低。所以這顯然是一種可能性，但並非由我們計劃或預測中點所設定的。

And Dave, did the July quarter only benefit from builds in the month of July, or did builds happen earlier in July quarter than we thought? Or than you initially thought on the last conference call?

戴夫，7 月的業績成長僅僅得益於 7 月的建設，還是說建設活動比我們預想的更早？或是比你在上次電話會議上最初預想的更早？

No, it was definitely more of a July ramp in the third quarter. I would say that probably on a weekly basis, it was probably at a higher level than it was last year on a direct compare of the months of July for this year and last year.

不，第三季7月份的成長動能確實更明顯。如果按週來看，今年7月份的銷售量可能比去年同期要高，這是基於今年和去年7月份的直接比較得出的結論。

Thank you.

謝謝。

Sure.

當然。

William Stein, SunTrust.

威廉·斯坦，太陽信託銀行。

Great, thanks for squeezing me in. Quick one around Linear acquisition. First, can you remind us of the timing, expected timing to close? And Dave, can you also relate your early experiences coming to ADI, and then also your experiences working to help integrate Hittite, and maybe string a narrative as to the types of things we should expect to hear around integration when that begins?

太好了，謝謝你抽出時間。關於Linear收購案，我有個問題想問一下。首先，你能提醒我們一下預計的收購完成時間嗎？ Dave，你能否也分享一下你剛加入ADI時的經歷，以及你參與Hittite整合工作的經歷，並大致描述一下整合過程中我們會遇到哪些問題？

Okay. I'll let Ali talk about the timing piece.

好的。關於時間安排的問題，就讓阿里來說吧。

Sounds good. Yes, I realize that question is top of mind regarding timing, but we're not going to comment on the regulatory approval process at this stage. You'll see the conditions to the closing the transaction, including required regulatory filings.

好的。是的，我知道大家最關心的是時間安排，但我們現階段不會對監管審批流程發表評論。您稍後會看到交易完成的條件，包括所需的監管文件。

They're all going to be in the form S4 registration statement and the proxy statement that ADI and Linear are going to be filing in connection with the merger in the upcoming weeks. So that takes care of the timing. Dave?

所有這些內容都會包含在ADI和Linear將在未來幾週內提交的與合併相關的S4表格註冊聲明和委託書中。這樣時間安排就沒問題了。戴夫？

Good lawyered up comment, Ali.

阿里，你這評論真是措辭得當，很有說服力。

I'm a good reader. (laughter)

我閱讀能力很強。 （笑聲）

On the integration side, obviously this is going to be different. It's bigger. It's on a different coast, so it's not quite as -- it's not in our backyard. So we have that aspect to things. But I would say fundamentally it's going to be similar.

在整合方面，顯然會有所不同。規模更大，位於不同的海岸，所以並不像以前那樣——它不在我們家門口。所以這方面存在差異。但我認為，從根本上來說，情況會類似。

What I think we do is we buy really good companies, and really good companies don't need to be fixed. And so what we try to do is take the best aspects of each company and leverage them in the combined company to make something better than the sum of the parts. That's really what we intend to do.

我認為我們所做的就是收購非常優秀的公司，而優秀的公司不需要任何改造。所以我們努力做的是，汲取每家公司最優秀的方面，並在合併後的公司中充分發揮這些優勢，從而打造出一家整體實力大於各部分之和的公司。這才是我們真正的目標。

We're just in the initial planning stages as we speak. We'll probably have a more formalized plan as we work with our compatriots over there at Linear Tech to help form a good integration plan together. And I think that will take the better part of the rest of our fiscal year to really come to conclusion on.

目前我們還處於初步規劃階段。隨著我們與凌力爾特公司（Linear Tech）的同事們共同製定完善的整合方案，我們可能會制定出一個更正式的計劃。我認為，最終敲定這個計劃將耗費我們本財年的大部分時間。

And then once we do have I think a more clear plan, we'll definitely communicate that to investors and to analysts. But at the moment, I think just our fundamental premise is take the best of both companies and make a better company is really how it's going to -- the main ethos of the integration. I think it's going to go well.

一旦我們有了更清晰的計劃，我們一定會與投資者和分析師溝通。但目前，我認為我們最基本的原則是取長補短，打造更優秀的公司──這才是整合的核心理念。我相信整合會進展順利。

I think we did a great job at Hittite doing those same things, and every integration is different, but I think the elements of that process are pretty much going to be the way we approach it this time. And so I suspect it's going to be a really great combination.

我認為我們在赫梯的整合工作中做得非常出色，雖然每次整合都不一樣，但我認為這次我們採用的方法與之前基本相同。所以我相信這次的整合會非常成功。

Just the early reads from every customer we've heard from, our employees, as we've been able to talk clearly to the Linear Tech, we haven't gotten to every Linear Tech employee yet, but the ones we have talked to I think they get the excitement of what this could mean. And so I think it's going to be a tremendous combination.

從我們目前接觸到的所有客戶和員工的初步回饋來看，雖然我們還沒有聯繫到Linear Tech的每一位員工，但我們接觸過的員工都感受到了這項合作的意義所在。因此，我認為這將是一個非常棒的組合。

Thank you.

謝謝。

Thank you. And I saw Dave dropped a "tremendous" a la Donald Trump. (laughter) Good question.

謝謝。我還看到戴夫像唐納德·特朗普那樣說了句“太棒了”。 （笑聲）問得好。

Steve Smigie, Raymond James.

史蒂夫·斯米吉，雷蒙德·詹姆斯。

Great. Thanks a lot. Vince, I was hoping you could maybe give a high-level strategy comment? ADI has obviously been very strong over the years in analog to digital converters, good amplifier portfolio with Linear adding as you mentioned fantastic power.

太好了，非常感謝。 Vince，我希望你能從宏觀策略的角度談談你的看法？ ADI這些年來在類比數位轉換器領域顯然實力雄厚，擴大機產品線也很出色，正如你所提到的，Linear系列擴大機的功率輸出更是驚人。

So it seems you've got pretty much the soup to nuts great stuff on analog. As we think about increasing IOT applications out there, which I know traditionally hasn't been a big market for you, but as we think about that does starting to invest more in digital make sense, maybe ramping up investment in DSP? I was curious your high-level thoughts on where you go after you've got the complete analog portfolio here?

看來你們的模擬產品線已經非常完善了。考慮到物聯網應用領域正在不斷拓展，我知道這並非你們的主要市場，但我們認為加大對數位科技的投資，例如增加對數位訊號處理（DSP）的投入，是否有意義？我很好奇，在你們擁有完整的模擬產品線之後，未來的發展方向是什麼？

Yes, great question. Good question, Steve. So we view the IOT, it is the great latest marketing buzz in the world of semiconductors today, but we view IOT as really an extension of the things we already do. So there's a need for precise sensing, precise signal conditioning, and conversion at ultra low power levels.

是的，問得好。史蒂夫，問得好。我們認為物聯網是目前半導體領域最熱門的行銷話題，但實際上它只是我們現有業務的延伸。因此，我們需要在超低功耗水平下實現精確的感測、精確的訊號調理和轉換。

And our customers are asking us for -- to be able to take some of the bits we generate and develop information to interpret the bits and give them information, which we do in areas for example like reliable healthcare monitoring. So I think the way to view it is we've got a platform of technologies that we apply to industrial applications. Take industrial automation for example. So we've got the conversion technology, signal conditioning, amplification, we've got processing, both on the DSP side.

我們的客戶希望我們能夠利用產生的部分數據，開發訊息，解讀這些數據並提供信息，例如在可靠的醫療保健監測等領域，我們正是這樣做的。所以我認為，我們可以這樣理解：我們擁有一個技術平台，並將其應用於工業領域。以工業自動化為例，我們擁有轉換技術、訊號調理、放大和處理技術，這些都屬於數位訊號處理（DSP）範疇。

We've fixed function processing that we developed. We're quite a large user of ARM technologies, for example. A lot of our products now use MCUs, very, very low power MCUs which we tailor for our applications. The RF technologies that we can bring to bear for the conductivity, and obviously power management is a core part of the overall solution as well.

我們擁有自主研發的固定功能處理技術。例如，我們是ARM技術的大量使用者。我們許多產品現在都使用MCU，而且是針對我們應用需求客製化的超低功耗MCU。我們能夠應用的射頻技術可以提升導電性，當然，電源管理也是整體解決方案的核心組成部分。

So the underlying foundation of silicon technologies will be supplemented over time with more algorithmic technology, and Lyric, for example, that we acquired several years ago, is a key player in enabling us to bring algorithmic technology to bear. We're looking at how we make each -- anything that gets connected needs security.

因此，矽技術的底層基礎將隨著時間的推移而不斷被演算法技術所補充。例如，我們幾年前收購的Lyric公司，就是我們實現演算法技術應用的關鍵力量。我們正在研究如何實現每項技術—任何連網的設備都需要安全保障。

So as connectivity in the IOT sector is synonymous, it needs security. So that's something that we're actually experimenting with. We're looking at possibilities to acquire some technology there as well.

因此，物聯網領域的互聯互通與安全性密不可分。這正是我們正在嘗試的方向。我們也在探索取得相關技術的可能性。

So that's -- what I've described to you is we've got a very, very broad base of technologies that are enabling ADI in our traditional markets, these more connected IOT markets, where sensing, measuring, and interpreting is very, very important. And we're looking for token technologies and organic developments to move ADI further up the stack for example into the interpretation using algorithmic technology as well as security and communications.

所以，我剛才描述的是，我們擁有非常廣泛的技術基礎，這些技術正在我們傳統的市場以及這些互聯程度更高的物聯網市場中推動ADI的發展，在這些市場中，感知、測量和解讀都至關重要。我們正在尋求代幣技術和自主研發成果，以進一步提升ADI的應用水平，例如利用演算法技術進行解讀，以及在安全性和通訊方面進行改進。

Thank you.

謝謝。

Hopefully that helps you.

希望對您有幫助。

Vivek Arya, Bank of America

維韋克·阿亞，美國銀行

Hi, thanks for letting me ask a question. This is Shankar on behalf of Vivek. Lot of good questions asked about the segments, but I just want to ask about the OpEx side of things.

您好，感謝您允許我提問。我是 Shankar，代表 Vivek 提問。大家問了很多關於業務板塊的好問題，但我只想問一些關於營運支出方面的問題。

You mentioned you're having a tight OpEx control right now in Q3, and Q4 is [just skyerd] to flat to up. But given Linear deal, are you going to be focused on keeping the OpEx at current levels until the deal close? Could you just talk about the trends from Q4 to middle of next year, and then how you think about the business long term?

您提到目前第三季營運支出控制非常嚴格，而第四季則可能持平或上漲。但考慮到與Linear的交易，您是否會專注於將營運支出維持在當前水準直至交易完成？能否談談從第四季到明年年中的趨勢，以及您對公司長期發展的展望？

Okay. I think when history is written on 2016, we will have been roughly flat year over year in OpEx. I think I concur with you, that's pretty good OpEx control. I think our goal is really to be largely flat next year at the ADI level, and what we'll do is in certain cases reprioritize our investments into areas that we're more confident around the growth levels and shift things around as appropriate, and not seek to add a lot of resources, particularly as we're going to get a whole bunch of resources hopefully by the middle of next year in the form of Linear Tech employees.

好的。我認為，當2016年被載入史冊時，我們的營運支出（OpEx）將基本上與去年持平。我同意你的看法，這確實是相當不錯的營運支出控制。我認為我們明年的目標是在ADI層面基本保持持平，我們會根據具體情況，重新調整投資重點，投入到我們更有信心增長的領域，並酌情進行調整，而不會尋求增加大量資源，尤其是在明年年中之前，我們有望從Linear Tech的員工中獲得更多資源的情況下。

So that's the goal. It's likely, that likely means that OpEx normally comes down in the first quarter just because the revenue comes down, and then it pops back up in the second quarter if revenue is seasonal. But roughly in these zip codes, plus or minus $10 million from where we are today.

這就是我們的目標。很可能，這意味著營運支出通常會在第一季下降，因為收入也會下降；如果收入具有季節性，那麼在第二季度營運支出就會回升。但大致來說，在這些郵遞區號區域內，營運支出會在我們目前水準的基礎上上下浮動1000萬美元。

Needless to say we're operating as two independent businesses until we close. So we're all the time, we're very opportunity rich as a company, and we are all the time looking to pick the best opportunities, make sure they're properly funded, and we are always looking for talent. So within the boundaries of an OpEx model that is spending 18% or 19% in R&D, that's what we intend to do and scale it with revenue growth over time.

毋庸置疑，在公司關閉之前，我們將作為兩家獨立運營的企業繼續運作。因此，我們公司始終擁有豐富的機遇，我們也一直在尋找最佳機會，確保資金充足，並且始終在尋找人才。在營運支出模式下，我們將研發投入佔總營收的18%或19%，並隨著營收的成長逐步擴大研發規模。

All right, thank you.

好的，謝謝。

Romit Shah, Nomura.

Romit Shah，野村證券。

This is [Kristen Shak] in for Romit. Congrats on the great quarter. Just to go back to the consumer segment for a little bit, how did your consumer business outside of your largest North American handset customer perform?

我是克莉絲汀·沙克，代替羅米特發言。恭喜你們本季業績出色。再簡單聊聊消費者業務，除了北美最大的手機客戶之外，你們的消費者業務表現如何？

Yes, I can take that one. I would tell you as we enter the back half of the year for ADI, the consumer business has some positive seasonality. And so it actually performed quite nicely on a sequential basis, and was about stable to the prior year. So hopefully that's helpful and we can get to the next question.

是的，我可以回答這個問題。我想說的是，隨著ADI進入下半年，消費者業務有一定的季節性優勢。因此，該業務環比表現相當不錯，與上年基本持平。希望這些資訊對您有所幫助，我們可以進入下一個問題了。

Ian Ing, MKM Partners.

Ian Ing，MKM Partners。

Ian, you there?

伊恩，你在嗎？

Yes, thanks a lot. I believe at one point you gave a full-year CapEx target of $140 million to $150 million. You're running below that. Is that because of the Linear deal, perhaps getting access to some equipment and factory output and maybe there's some spending you won't need here?

是的，非常感謝。我記得您之前給出的全年資本支出目標是1.4億至1.5億美元。現在實際支出低於這個目標。這是因為收購了Linear公司，獲得了部分設備和工廠產能，所以一些原本不需要的支出就減少了嗎？

No, we just generally send a budget that we're going to spend at 4% of revenue, and I think coming into the year we thought -- we didn't suspect this air pocket we'd run into on the consumer side. And so we had a higher expectation on CapEx.

不，我們通常會提交一份預算，預算支出佔收入的4%。我想，年初的時候我們沒想到會在消費上遇到這樣的瓶頸。所以我們對資本支出的預期更高。

But given that the revenue was a bit lower, we lowered the CapEx too so we could maintain the 4%.

但鑑於收入略有下降，我們也降低了資本支出，以便維持 4% 的收益率。

So that new number is somewhere in the range of $130 million to $135 million for the year. Thanks, Ian. Good question. Next caller, please.

所以今年的新數字大概在1.3億美元到1.35億美元之間。謝謝，伊恩。問得好。下一位來電者請。

Steven Chin, UBS.

Steven Chin，瑞銀集團。

Thanks for taking my question. Just given some of the color earlier on some of the growth in your wired infrastructure business because of the 100 gig optical, I was wondering if you could provide some more color on whether that's primarily driven by hyperscale data center customers or if there's some telco carrier CapEx driving that as well?

感謝您回答我的問題。您之前提到，由於100G光纖的推出，貴公司有線基礎設施業務有所成長。我想請您進一步說明，這種成長主要是由超大規模資料中心客戶推動的，還是也有電信業者的資本支出在推動？

And related to that, looking forward is that pretty much running in line with demand, or is there some big element of capacity build ahead or build out for consumption later on this year? Thanks.

另外，展望未來，目前的產能供應是否基本上與需求持平，還是說會提前大規模擴產或為今年稍後的消費做好準備？謝謝。

Yes, good question. It's driven by demand. I think there's a very, very good balance between what we're seeing in terms of demand and supply. There's obviously a huge amount of activity in the inter-data center connectivity, and we're participating in that with our customers.

是的，問得好。這完全是由需求驅動的。我認為目前供需平衡得非常好。顯然，資料中心之間的互聯互通非常活躍，我們也正與客戶一起參與其中。

Also long haul and metro build outs, and I think there's a good balance between the three, but it seems that the data center is hotter at this point in time, and it looks like it will be a wave for several years to come. So I think it's a good mix and very good balance between demand and supply here.

此外，長途和城域網路建設也在進行中，我認為這三者之間保持著良好的平衡，但目前看來資料中心的需求更為旺盛，而且這種趨勢似乎會持續幾年。所以我認為目前供需關係非常平衡。

All right, Steven, thanks. Next caller.

好的，史蒂文，謝謝。下一位來電者。

CJ Muse, Evercore.

CJ Muse，Evercore。

Yes, good morning. Thank you for squeezing me in. I guess a quick question around the Linear merger. Curious what kind of conversations if any you've had in terms of locking up talent there? And as you think about your compensation plan versus theirs, what are the implications to OpEx going forward?

是的，早安。感謝您抽出時間。我想問一個關於Linear合併的問題。您是否就留住人才方面進行過任何討論？另外，您認為貴公司的薪酬方案與Linear的方案相比，對未來的營運支出會有什麼影響？

We're operating as two separate companies until we close. Obviously when you look at both companies actually we've had tremendous -- we've got tremendously long tenure in both companies, and the attrition rates run very, very, very low in both companies. And I expect that to be -- that will maintain its pace for many, many years to come.

在合併完成之前，我們將作為兩家獨立公司運作。顯然，如果你仔細觀察這兩家公司，你會發現它們都非常出色——兩家公司的員工平均任期都非常長，而且員工流動率都非常非常低。我預計這種情況將在未來很多年裡繼續保持下去。

People remain with these companies because we do exciting things. We solve big, big hard problems, we've got very strong cultures, and I believe that just as it was so with Hittite and ADI, it is our goal to make sure that we win the hearts and minds of all of our engineers who really create the value for both companies. And I'm very confident about that based on the conversations I've so far had with LTC leadership, and I see that as being a tremendous value and strength of both companies.

人們之所以留在這些公司，是因為我們做著令人興奮的事。我們解決著棘手的難題，我們擁有非常強大的企業文化。我相信，就像Hittite和ADI一樣，我們的目標是贏得所有工程師的信任和支持，因為他們才是真正為兩家公司創造價值的人。基於我目前與LTC領導層的交流，我對這一點非常有信心，我認為這是兩家公司巨大的價值和優勢。

I would say that from an OpEx management perspective, we run into this every time we integrate a company. There are always slight differences in terms of how the compensation works, and I think we're pretty good at figuring out a way that we can do it that works for employees and keeps them energized and engaged and simultaneously doesn't have an impact on our total OpEx and our ability to manage our OpEx appropriately.

從營運支出管理的角度來看，每次整合一家公司時，我們都會遇到這種情況。薪酬體系總是會有一些細微的差別，但我認為我們很擅長找到一種既能讓員工滿意、維持他們的積極性和參與度，又不會影響我們整體營運支出和有效管理營運支出的方法。

So we haven't worked out the particulars of that; that will also be done over the coming months. But I feel pretty confident that we'll be able to address employees' concerns and shareholders' concerns and come up with something that's optimal.

所以具體細節我們還沒有敲定；這也會在未來幾個月內完成。但我很有信心，我們能夠解決員工和股東的擔憂，並找到最佳方案。

Thanks, CJ. Okay, so we're past 11 AM here Eastern, so that means we have time for one last caller.

謝謝，CJ。好的，現在東部時間已經過了上午11點，所以我們還有時間接聽最後一位聽眾的電話。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛集團。

Good morning, and thanks for squeezing me in. I was hoping you could talk a little bit about your content win and consumer. Where are you seeing the design wins?

早上好，感謝您抽出時間。我希望您能談談您在內容行銷和消費者方面的成功。您認為設計上有哪些優點？

How fast is content this year growing relative to last year, and how sustainable is that rate of growth going into next year? Thank you so much.

今年內容成長速度與去年相比如何？這種成長速度能否持續到明年？非常感謝。

As I said, the content increase is 30%. We can't get into the details. We have confidentiality requirements with our customers that don't allow us to go into any more detail other than that.

正如我所說，內容增加了30%。我們無法透露更多細節。我們對客戶有保密義務，因此除了這些，我們不能透露更多資訊。

The wins are consistent with our stated strategy. We play in really, really high quality problem areas in the user experience. And the wins we've had are very, very consistent with that stated strategy.

這些勝利與我們既定的戰略相符。我們專注於使用者體驗領域中真正高品質的問題解決領域。而我們所取得的勝利也與這項既定戰略高度吻合。

Okay, great. That was the last question. As a reminder, our fourth-quarter and FY16 results will be issued on Wednesday, November 22 at 8 AM Eastern, and the earnings call will begin two hours later at 10 AM Eastern.

好的，太好了。這是最後一個問題。再次提醒一下，我們的第四季和2016財年業績將於11月22日星期三美國東部時間上午8點發布，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 that's it from us from Norwood, Massachusetts. Thanks for joining us this morning. We'll talk to you soon.

以上就是我們從麻州諾伍德帶來的報道。感謝您今天早上收聽我們的節目。我們很快再見。

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

今天的Analog Devices電話會議到此結束。您可以斷開連線了。

Comapany Disclaimer

公司免責聲明

Forward Looking Statements

前瞻性聲明

This webcast contains forward-looking statements, which address a variety of subjects including, for example, the expected timetable for closing of the transaction between Analog Devices, Inc. ("Analog Devices") and Linear Technology Corporation ("Linear Technology"), the expected benefits and synergies of the transaction, including the effect of the transaction on Analog Devices' revenues, non-GAAP earnings, free cash flow, capital returns and expected growth rates of the combined companies, Analog Devices' expected product offerings, product development, marketing position and technical advances resulting from the transaction, the availability of debt financing for the transaction, Analog Devices' timing and ability to repay the debt and Analog Devices' guidance for its third quarter of fiscal 2016. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the ability to satisfy the conditions to closing of the proposed transaction, on the expected timing or at all; the ability to obtain required regulatory approvals for the proposed transaction, on the expected timing or at all, including the potential for regulatory authorities to require divestitures in connection with the proposed transaction; the occurrence of any event that could give rise to the termination of the merger agreement; the risk of stockholder litigation relating to the proposed transaction, including resulting expense or delay; higher than expected or unexpected costs associated with or relating to the transaction; the risk that expected benefits, synergies and growth prospects of the transaction may not be achieved in a timely manner, or at all; the risk that Linear Technology's business may not be successfully integrated with Analog Devices' following the closing; the risk that Analog Devices and Linear Technology will be unable to retain and hire key personnel; and the risk that disruption from the transaction may adversely affect Linear Technology's or Analog Devices' business and relationships with their customers, suppliers or employees. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to both Analog Devices' and Linear Technology's filings with the Securities and Exchange Commission ("SEC"), including the risk factors contained in each of Analog Devices' and Linear Technology's most recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

本次網路直播包含前瞻性陳述，涉及許多方面，例如Analog Devices公司（「Analog Devices」）與Linear Technology公司（「Linear Technology」）交易完成的預期時間表、交易的預期收益和協同效應（包括交易對Analog Devices的收入、非GAAP收益、自由現金流、資本回報以及合併後預期成長率的影響）、Analog Devices的預期產品組合、產品開發、市場地位以及交易帶來的技術進步、交易債務融資的可用性、Analog Devices償還債務的時間和能力以及Analog Devices對2016財年第三季度的業績指引。所有非歷史事實的陳述，包括關於我們信念、計劃和預期的陳述，均為前瞻性陳述。此類陳述是基於我們目前的預期，並受諸多因素和不確定因素的影響，這些因素和不確定因素可能導致實際結果與前瞻性陳述中所述的結果有重大差異。除其他因素外，以下重要因素和不確定因素可能導致實際結果與這些前瞻性聲明中所述的結果存在重大差異：能否按預期時間或根本無法滿足擬議交易的交割條件；能否按預期時間或根本無法獲得擬議交易所需的監管批准，包括監管機構可能要求就擬議交易進行資產剝離；任何可能導致合併協議終止的事件的發生；與擬議交易相關的股東訴訟風險，包括由此產生的費用或延誤；與交易相關或涉及交易的成本高於預期或意外成本；交易的預期收益、協同效應和增長前景可能無法及時實現或根本無法實現的風險；Linear Technology 的業務在交割後可能無法成功整合到 Analog Devices 的業務的風險；Analog Devices 和 Linear Technology 可能無法留住和招募關鍵人員的風險；以及交易造成的干擾可能對 Linear Technology 或 Analog Devices 的業務及其與客戶、供應商或員工的關係產生不利影響的風險。有關可能導致實際結果與前瞻性陳述中所述結果存在重大差異的因素的更多信息，請參閱Analog Devices和Linear Technology向美國證券交易委員會（“SEC”）提交的文件，包括Analog Devices和Linear Technology最新季度報告（10-Q表）和年度報告（10-K表）中包含的風險因素。前瞻性陳述代表管理階層目前的預期，且本身俱有不確定性。除法律要求外，我們不承擔任何義務更新我們所作的前瞻性陳述以反映後續事件或情況。

Important Additional Information Will Be Filed With The SEC

重要的補充資訊將提交給美國證券交易委員會（SEC）。

In connection with the proposed transaction, Analog Devices and Linear Technology intend to file relevant information with the SEC, including a registration statement of Analog Devices on Form S-4 (the "registration statement") that will include a prospectus of Analog Devices and a proxy statement of Linear Technology (the "proxy statement/prospectus"). INVESTORS AND SECURITY HOLDERS OF LINEAR TECHNOLOGY ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANALOG DEVICES, LINEAR TECHNOLOGY AND THE PROPOSED TRANSACTION. A definitive proxy statement/prospectus will be sent to Linear Technology's shareholders. The registration statement, proxy statement/prospectus and other documents filed by Analog Devices with the SEC may be obtained free of charge at Analog Devices' website at www.analog.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from Analog Devices by requesting them by mail at Analog Devices, Inc., One Technology Way, P.O. Box 9106, Norwood, MA 02062-9106, Attention: Investor Relations, or by telephone at (781) 461-3282. The documents filed by Linear Technology with the SEC may be obtained free of charge at Linear Technology's website at www.linear.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from Linear Technology by requesting them by mail at Linear Technology Corporation, 1630 McCarthy Blvd., Milpitas, CA, 95035-7417, Attention: Investor Relations, or by telephone at (408) 432-2407.

就擬議交易而言，Analog Devices 和 Linear Technology 計劃向美國證券交易委員會 (SEC) 提交相關信息，包括 Analog Devices 的 S-4 表格註冊聲明（“註冊聲明”），該註冊聲明將包含 Analog Devices 的招股說明書和 Linear Technology 的委託書（“委託書/招股說明書”）。我們敦促 Linear Technology 的投資者和證券持有人仔細閱讀註冊聲明、委託書/招股說明書以及其他提交給 SEC 的相關文件（如有），因為這些文件包含有關 Analog Devices、Linear Technology 和擬議交易的重要資訊。最終的委託書/招股說明書將發送給 Linear Technology 的股東。投資人可造訪Analog Devices公司網站www.analog.com或美國證券交易委員會（SEC）網站www.sec.gov免費取得Analog Devices公司向SEC提交的註冊聲明、委託書/招股說明書及其他文件。此外，投資者也可向Analog Devices公司索取這些文件，索取方式為：郵寄至Analog Devices, Inc., One Technology Way, P.O. Box 9106, Norwood, MA 02062-9106，收件人：投資者關係部；或致電(781) 461-3282。投資人可造訪Linear Technology公司網站www.linear.com或美國證券交易委員會（SEC）網站www.sec.gov免費取得Linear Technology公司向SEC提交的文件。您也可以透過郵寄方式向 Linear Technology Corporation（地址：1630 McCarthy Blvd., Milpitas, CA, 95035-7417，收件人：投資者關係部）或致電 (408) 432-2407 免費索取這些文件。

Participants in the Solicitation

徵集參與者

Linear Technology, Analog Devices and certain of their directors, executive officers and employees may be deemed participants in the solicitation of proxies from Linear Technology shareholders in connection with the proposed transaction. Information regarding the persons who may be deemed to be participants in the solicitation of Linear Technology shareholders in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus when it is filed with the SEC. Information about the directors and executive officers of Analog Devices and their ownership of Analog Devices' common stock is set forth in the definitive proxy statement for the Analog Devices' 2016 annual meeting of shareholders, as previously filed with the SEC on January 28, 2016. Information about the directors and executive officers of Linear Technology and their ownership of Linear Technology common stock is set forth in the definitive proxy statement for Linear Technology's 2015 annual meeting of shareholders, as previously filed with the SEC on September 17, 2015. Free copies of these documents may be obtained as described in the paragraphs above.

凌力爾特公司、亞德諾半導體公司及其部分董事、高階主管和員工可能被視為參與了就擬議交易向凌力爾特公司股東徵集委託書的活動。有關可能被視為參與就擬議交易向凌力爾特公司股東徵集委託書的人員的信息，包括其直接或間接權益（通過證券持有或其他方式）的描述，將在提交給美國證券交易委員會（SEC）的委託書/招股說明書中列明。有關Analog Devices公司董事和高管及其持有Analog Devices普通股的信息，請參閱Analog Devices公司2016年度股東大會的最終委託書，該委託書已於2016年1月28日提交給美國證券交易委員會（SEC）。有關Linear Technology公司董事和高管及其持有Linear Technology普通股的信息，請參閱Linear Technology公司2015年度股東大會的最終委託書，該委託書已於2015年9月17日提交給美國證券交易委員會（SEC）。以上文件均可依上述段落所述方式免費取得。

Non-Solicitation

禁止招攬

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

本函件不構成出售證券的要約或購買證券的要約邀請，亦不構成在任何司法管轄區內出售任何證券的要約，若在該司法管轄區內，在根據該司法管轄區的證券法進行註冊或取得資格之前，此類要約、邀請或出售屬非法行為，則不得在該司法管轄區內進行任何證券出售。任何證券要約均須透過符合經修訂的1933年《證券法》第10條規定的招股說明書進行。