亞德諾半導體 (ADI) 2017 Q1 法說會逐字稿

Good morning and welcome to the Analog Devices' first-quarter FY17 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 2017 財年第一季財報電話會議，本次會議將透過電話和網路進行音訊直播。現在我謹向大家介紹今天電話會議的主持人，財務長兼投資者關係總監阿里·侯賽因先生。先生，請您發言。

Great. Thanks, Jennifer. Good morning, everybody. Thanks for joining the Analog Devices first-quarter 2017 earnings conference call. You can find our press release, relating financial schedules, and the CFO commentary at investor.analog.com. With me on today's call are ADI's CEO, Vincent Roche; and ADI's CFO, Dave Zinsner.

偉大的。謝謝你，珍妮弗。大家早安。感謝您參加Analog Devices 2017年第一季財報電話會議。您可以在 investor.analog.com 上找到我們的新聞稿、相關財務報表和財務長評論。今天和我一起參加電話會議的有 ADI 的執行長 Vincent Roche 和 ADI 的財務長 Dave Zinsner。

Before we start, let's get through some disclosures. 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 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 opinions 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.

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、展望以及擬議收購凌力爾特公司，都包含前瞻性陳述。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。

With the exception of revenue, our commentary about ADI's first-quarter financial results will exclude special items, which in the aggregate totaled $85 million for the first quarter. When comparing our first-quarter results to our historical performance, special items are also excluded from the prior-quarter and year-over-year results, and reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are included in schedules E and F in today's earnings release, which we have posted at investor.analog.com.

除了收入之外，我們對 ADI 第一季財務業績的評論將不包括特殊項目，這些特殊項目在第一季總計達 8500 萬美元。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年同期業績中剔除，這些非GAAP財務指標與其最直接可比較的GAAP財務指標的調節表包含在今天發布的收益報告的附表E和F中，我們已將其發佈在investor.analog.com上。

With that, let's get started and I'll turn the call over to Vince.

那麼，我們開始吧，我把電話交給文斯。

Thanks very much, Ali, and good morning everyone.

非常感謝阿里，大家早安。

By any measure, our January quarter results were stellar. Revenue of $984 million was well above the high end of our guidance, growing 28% over the prior year, and we had broad strength across all our markets. And we expanded operating margins over 700 basis points from the prior year to 35% of sales. Earnings per share of $0.94 was up 68% from the prior year and $0.16 better than the high end of our guidance. Importantly, we have generated $1.2 billion in free cash flow over the past 12 months. This was a terrific start to the fiscal year and we continue to see momentum in our business and in our customer engagements. Our R&D efforts are squarely focused on the most exciting trends in the industrial, automotive, communications infrastructure, healthcare, and consumer markets.

無論從哪個角度來看，我們一月份的季度業績都非常出色。營收達到 9.84 億美元，遠超我們預期的上限，比上年增長 28%，我們在所有市場都表現強勁。我們的營業利潤率比前一年提高了 700 多個百分點，達到銷售額的 35%。每股收益為 0.94 美元，比上年增長 68%，比我們預期的上限高出 0.16 美元。重要的是，在過去的 12 個月裡，我們創造了 12 億美元的自由現金流。本財年開局非常出色，我們的業務和客戶互動都持續保持成長勢頭。我們的研發工作重點完全集中在工業、汽車、通訊基礎設施、醫療保健和消費市場中最令人興奮的發展趨勢。

I'd like to give you just a few examples of where ADI's technology is making a real difference. In the area of data converters, which are in many ways the backbone of our mixed-signal franchise, for example, where we're the market leader, we've once again established new performance benchmarks with our next generation of high-speed ADCs and DACs that exploit 28-nanometer CMOS technology, combined with proprietary architectures and algorithms. By providing 4-times improvement in critical high-dynamic range parameters, these converter platforms are enabling the next wave of gigahertz bandwidth, software-defined systems for 4G and 5G communications for test equipment, and also in several aerospace and defense applications. It's the radio or radar equivalent of going from watching television using the old bunny ears to watching high definition TV. We can now give our customers the ability to see things that they did not know were even there, and this is a real game changer.

我想舉幾個例子來說明ADI的技術在哪些方面發揮了真正的作用。例如，在資料轉換器領域，資料轉換器是我們混合訊號業務的支柱，而我們在該領域處於市場領先地位。我們憑藉採用 28 奈米 CMOS 技術、結合專有架構和演算法的新一代高速 ADC 和 DAC，再次樹立了新的性能標竿。這些轉換器平台透過提供 4 倍的關鍵高動態範圍參數改進，為測試設備以及多個航空航天和國防應用提供了下一代千兆赫茲頻寬、4G 和 5G 通訊軟體定義系統。這就像從用老式天線看電視過渡到看高清電視一樣，是無線電或雷達領域的飛躍。現在，我們可以讓客戶看到他們以前甚至不知道存在的東西，這真是一項顛覆性的變革。

In addition, our previously introduced high-speed signal processing platforms achieved record revenue based on our integrated transceiver platforms, which help our communications infrastructure customers and beyond efficiently address the challenges of accelerating global data consumption. These solutions are equally well suited to, and are increasingly finding their way into, a diversity of applications in the industrial instrumentation, aerospace and defense, and indeed, the automotive markets.

此外，我們先前推出的高速訊號處理平台基於我們的整合式收發器平台，實現了創紀錄的收入，這有助於我們的通訊基礎設施客戶及其他客戶有效地應對全球數據消費加速成長帶來的挑戰。這些解決方案同樣適用於工業儀器、航空航太和國防，以及汽車市場等各種應用，並且正日益被這些應用所採用。

In factory automation, our software-configurable input/output solutions are enabling our customers to create flexible and agile platforms that can be readily expanded and reconfigured to support more sensing and control channels on automated factory floors. In addition, in motor control and robotics applications, our measurement control and isolation products are driving improvements in motor efficiency precision and reliability, while maintaining the highest levels of safety and industrial robustness.

在工廠自動化領域，我們可軟體配置的輸入/輸出解決方案使我們的客戶能夠創建靈活敏捷的平台，這些平台可以隨時擴展和重新配置，以支援自動化工廠車間中更多的感測和控制通道。此外，在馬達控制和機器人應用領域，我們的測量控制和隔離產品正在提高馬達效率、精度和可靠性，同時保持最高的安全性和工業穩健性。

ADI's healthcare solutions span both B2B and consumer applications. On the B2B side, we're enabling higher channel counts and throughputs in high-performance imaging systems that lower our customers' overall cost per channel. Both importantly drive higher ADI content per system. On the consumer side of healthcare, our vital-signs monitoring technologies is enabling highly accurate and ultra low-power measurements of critical health parameters, improving personal wellness and overall quality of life for the end consumer. Healthcare for ADI is now a high-growth business, with its annualized growth rate running in the double digits.

ADI的醫療保健解決方案涵蓋B2B和消費者應用領域。在 B2B 方面，我們正在高效能成像系統中實現更高的通道數和吞吐量，從而降低客戶每個通道的整體成本。這兩點都顯著提高了每個系統的ADI含量。在醫療保健的消費者方面，我們的生命徵象監測技術能夠對關鍵健康參數進行高度精確和超低功耗的測量，從而改善最終消費者的個人健康和整體生活品質。ADI 的醫療保健業務目前是一個高成長業務，年增長率達到兩位數。

In automotive, our 77 gigahertz RF CMOS radar solution offers a robust platform for ADAS and autonomous driving, giving customers the ability to capture objects earlier, more reliably, and with greater precision and over much longer distances. Our investments in cost-effective, high-performing silicon-based LIDAR solutions are turbocharging our efforts in this area.

在汽車領域，我們的 77 吉赫茲射頻 CMOS 雷達解決方案為 ADAS 和自動駕駛提供了一個強大的平台，使客戶能夠更早、更可靠、更精確地捕獲物體，並且偵測距離更遠。我們對經濟高效、高性能的矽基雷射雷達解決方案的投資，正在極大地推動我們在該領域的努力。

These are the types of innovations that ADI bring to the market to better serve our customers' needs; and our industry and the market is taking notice indeed. In recognition of our overall innovation efforts, ADI received the 2017 IEEE innovation award, and was once again selected by Thomson Reuters as one of the 100 most innovative companies in the world. It has been said that innovation distinguishes between a leader and a follower and ADI is very much at the cutting edge of innovation. This value forms the bedrock of our Company's culture and belief system and is shared equally by Linear Technology.

ADI 正是透過這些創新來更好地滿足客戶的需求，而我們的產業和市場也確實注意到了這一點。為了表彰我們在創新方面的努力，ADI 獲得了 2017 年 IEEE 創新獎，並再次被湯森路透評選為全球 100 家最具創新力的公司之一。有人說，創新是區分領導者和追隨者的關鍵，而ADI正處於創新的最前線。這個價值觀構成了我們公司文化和信念體系的基石，也是凌力爾特公司全體員工共同認同的價值觀。

With that, let me give you a brief update on the status of the proposed acquisition of LTC. Thus far, we have received six out of seven regulatory approvals needed to close the transaction, and our integration planning teams have been hard at work to combine the best of both ADI and Linear Tech in order to present one face to the customer on day one. I also am delighted that Bob Swanson, the founder and Executive Chairman of Linear Tech plans to join ADI's Board after the deal closes. We're all very excited about the combination of ADI and Linear Tech, which we believe will create an analog industry powerhouse that will accelerate innovation and revenue growth opportunities in our core markets of industrial, automotive, and communications infrastructure markets, which indeed are the most lucrative markets in our industry. The transaction's expected to be highly accretive to ADI's non-GAAP earnings per share and free cash flow, and it makes ADI the number one or number two player in all the major analog product categories, enabling us to solve our customers' analog system problems from end to end.

接下來，我將簡要介紹擬議收購 LTC 的最新進展。到目前為止，我們已經獲得了完成交易所需的七項監管批准中的六項，我們的整合規劃團隊一直在努力將 ADI 和 Linear Tech 的優勢結合起來，以便在第一天就向客戶展現一個統一的形象。我也很高興Linear Tech的創辦人兼執行董事長Bob Swanson計劃在交易完成後加入ADI的董事會。我們都對 ADI 和 Linear Tech 的合併感到非常興奮，我們相信這將打造一個模擬行業的巨頭，加速我們在工業、汽車和通訊基礎設施等核心市場的創新和收入成長機會，而這些市場確實是我們行業中最賺錢的市場。預計此交易將大幅提升 ADI 的非 GAAP 每股盈餘和自由現金流，並使 ADI 成為所有主要模擬產品類別中排名第一或第二的參與者，使我們能夠端到端地解決客戶的模擬系統問題。

Overall, this was a remarkable quarter across multiple dimensions, and we see the momentum continuing into the second quarter. With that, I'd like to turn the call over to Ali for some more details on our performance by end market in the quarter just passed.

總體而言，本季在多個方面都取得了顯著成就，我們看到這種勢頭將延續到第二季​​。接下來，我想把電話交給阿里，讓他詳細介紹我們上個季度在終端市場的表現。

Thanks, Vince.

謝謝你，文斯。

Just digging deeper into our results by end market, the industrial market was 41% of revenue. It increased 1% sequentially, which was really very strong, in what's typically a much seasonal and slower first quarter compared to the fourth. We didn't really see much of a slowdown over the holidays, and I'd say January order rates were also very strong. Within the industrial business, industrial instrumentation applications outperformed our expectations. I'll highlight the ATE market as one that was particularly strong. Also, the factory automation sector within industrial had a very good quarter. Compared to the prior year, the industrial market showed considerable strength. It grew 15%, and really was broad-based strength across all of the industrial sectors, so that's a very good result.

進一步按終端市場分析我們的業績，發現工業市場佔收入的 41%。該股環比增長 1%，這在通常季節性較強、增速較慢的第一季（與第四季度相比）來說，表現非常強勁。假期期間我們並沒有看到明顯的放緩跡象，而且我認為一月份的訂單量也非常強勁。在工業領域，工業儀表應用的表現超出了我們的預期。我要重點介紹ATE市場，它表現得特別強勁。此外，工業領域的工廠自動化產業本季表現也非常好。與上年相比，工業市場表現出相當大的成長動能。它成長了 15%，而且所有工業部門都實現了全面成長，所以這是一個非常好的結果。

On the automotive side, the automotive market at 14% of sales was also better than seasonal. It decreased really only slightly from the prior quarter but grew very strong, 10% over the prior year, led by really content-rich applications such as infotainment, powertrain, and ADAS. On the communications infrastructure side, revenue there in that market was 18% of sales. Again, was also ahead of expectations, increased slightly sequentially, and was up 4% over the prior year, led by optical networking. The consumer market was 27% of sales in the first quarter. It decreased 8% sequentially, which was much better than seasonality, as we saw continued strength in portable consumer applications. Consumer more than doubled over the prior year in the first quarter.

汽車市場方面，汽車銷售額佔總銷售額的 14%，也優於季節性因素。雖然與上一季相比僅略有下降，但與上年同期相比成長非常強勁，達到 10%，這主要得益於資訊娛樂、動力系統和 ADAS 等內容豐富的應用。在通訊基礎設施方面，該市場的收入佔銷售額的 18%。同樣超出預期，較上季略有成長，較上年成長 4%，主要得益於光網路業務的成長。第一季度，消費者市場佔銷售額的 27%。環比下降 8%，遠優於季節性因素的影響，因為我們看到便攜式消費應用領域持續強勁成長。第一季消費者數量比上年同期增加了一倍以上。

With that, I'll turn it over to Dave for details of our financial performance in the first quarter and our guidance for next quarter. With the exception of revenue, Dave's comments on the P&L line items are on a non-GAAP basis. Dave, it's all yours.

接下來，我將把發言權交給戴夫，讓他詳細介紹我們第一季的財務表現以及我們對下一季的展望。除了收入之外，Dave 對損益表各項目的評論均基於非公認會計準則。戴夫，這都是你的了。

Thanks, Ali.

謝謝你，阿里。

FY17 starts out on solid footing, with ADI delivering very strong revenue, profitability, earnings per share, and free cash flow. Revenue in the first quarter, as we mentioned, totaled $984 million and diluted earnings per share was $0.94. Gross margins at 66.1% were above our guidance on a better mix of business and higher revenues. Inventory on a dollars basis decreased $11 million sequentially and days of inventory were within our model range at 101 days, down from 105 days in the prior quarter. Utilization rates in the first quarter were in the high 60%s and we're planning to increase utilization to the mid 70%s in the second quarter. Weeks of inventory in distribution were lean at approximately seven weeks, which was consistent with the prior quarter.

2017 財年開局穩健，ADI 實現了非常強勁的收入、獲利能力、每股盈餘和自由現金流。正如我們之前提到的，第一季營收總計 9.84 億美元，稀釋後每股收益為 0.94 美元。毛利率為 66.1%，高於我們的預期，這得益於更優化的業務組合和更高的收入。以美元計算，庫存季減了 1,100 萬美元，庫存天數在我們的模型範圍內，為 101 天，低於上一季的 105 天。第一季的利用率在 60% 以上，我們計劃在第二季將利用率提高到 70% 左右。分銷庫存週數約為七週，與上一季一致，處於較低水準。

During the quarter we recorded a $49 million restructuring charge, primarily related to a voluntary early retirement program for certain US employees. Excluding this and other special items, operating expenses increased 7% sequentially, with the entirety of the increase tied to our variable compensation program, which is based on year-over-year revenue growth and operating margin metrics. Nevertheless, operating margins at 35% of sales expanded over 700 basis points compared to the prior year on strong revenue growth and prudent expense management by the team.

本季我們提列了 4,900 萬美元的重組費用，主要與某些美國員工的自願提早退休計畫有關。除此及其他特殊項目外，營運費用環比增長 7%，全部增長都與我們的浮動薪酬計劃有關，該計劃基於同比收入增長和營業利潤率指標。儘管如此，由於強勁的收入成長和團隊審慎的費用管理，營業利潤率達到銷售額的 35%，比前一年增長了 700 多個基點。

Other expense in the first quarter was approximately $26 million, the result of a partial quarter with the permanent financing related to the Linear Tech acquisition in place. We expect our net interest expense to be approximately $30 million per quarter until we close the Linear Tech acquisition. Our first-quarter tax rate was approximately 8%, which we expect will be our tax rate until we close, again, on the acquisition. Excluding special items, diluted earnings per share increased 68% over the prior year to $0.94, as I said.

第一季的其他支出約為 2,600 萬美元，這是由於與 Linear Tech 收購相關的永久融資在第一季部分完成所致。我們預計在完成對Linear Tech的收購之前，每季的淨利息支出約為3,000萬美元。我們第一季的稅率約為 8%，我們預計在完成收購之前，稅率將保持不變。如我所說，剔除特殊項目後，稀釋後每股收益較上年增長 68%，達到 0.94 美元。

The first quarter was also a strong free cash flow quarter. We generated $286 million in free cash flow, which was an increase of 46% over the prior year; and over the past 12 months, ADI has grown free cash flow 20% to $1.2 billion, or 34% of sales. Capital additions in the first quarter totaled $28 million and we're planning for the capital additions in 2017 to be in the range of $130 million to $145 million. In line with our shareholder value creation strategy, our Board of Directors approved a 7% increase in the quarterly dividend to $0.45 per share, which represents an annual dividend increase to $1.80 per share.

第一季自由現金流也十分強勁。我們創造了 2.86 億美元的自由現金流，比前一年增長了 46%；在過去的 12 個月裡，ADI 的自由現金流增長了 20%，達到 12 億美元，佔銷售額的 34%。第一季新增資本總額為 2,800 萬美元，我們計劃在 2017 年新增資本在 1.3 億美元至 1.45 億美元之間。為了配合我們的股東價值創造策略，董事會批准將季度股息提高 7% 至每股 0.45 美元，這意味著年度股息將提高至每股 1.80 美元。

Now turning to our outlook and expectation for the second quarter of 2017 which, with the exception of revenue expectations, is on a non-GAAP basis and excludes known special items that are outlined in today's release. After a record-setting first-quarter revenue performance which was also well above the high end of our guidance range, we're planning for the B2B markets of industrial, automotive, and communications infrastructure in the aggregate to grow in the mid to high digits sequentially in the second quarter, and to increase in the high single digits over the prior year. In consumer, we're expecting that normal seasonal patterns will prevail and that this business will likely decrease between 40% and 50% sequentially. Nevertheless, we expect consumer to be up significantly over the prior year in the second quarter.

現在轉向我們對 2017 年第二季度的展望和預期，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已知特殊項目。在第一季創紀錄的收入表現（也遠超過我們預期範圍的上限）之後，我們預計第二季度工業、汽車和通訊基礎設施的 B2B 市場整體將實現中高位數環比增長，並比上年實現高個位數增長。在消費領域，我們預計正常的季節性模式將持續，且該業務可能會較上季下降 40% 至 50%。不過，我們預期第二季消費者數量將比去年同期大幅成長。

In the aggregate, we're planning for revenue in the second quarter to be in the range of $870 million to $950 million, which at the midpoint represents year-over-year revenue growth of 17% and would represent the fourth consecutive quarter of year-on-year revenue growth. Gross margins are expected to increase to be between approximately 66.5% and approximately 67% on higher utilization rates and a more favorable mix. We estimate that operating expenses will be down approximately 3% to up approximately 1% sequentially in the second quarter. Based on these estimates and excluding any special items, diluted earnings per share are planned to be in the range of $0.74 to $0.86, which, at the midpoint would represent very strong year-over-year earnings-per-share growth of about 25%.

總體而言，我們預計第二季度營收將在 8.7 億美元至 9.5 億美元之間，其中數值代表同比增長 17%，這將是連續第四個季度實現同比增長。由於利用率提高和產品組合更有利，毛利率預計將提高到約 66.5% 至約 67%。我們預計第二季營運費用將環比下降約 3% 至環比增長約 1%。根據這些估計，不計任何特殊項目，稀釋後每股收益計劃在 0.74 美元至 0.86 美元之間，其中值將代表非常強勁的同比增長，約為 25%。

To wrap it up, the first quarter was a very good start to the year. We had a strong year-on-year revenue growth with quality earnings and cash generation, and we expect this momentum to continue into the second quarter. With that, we'll take any questions you have.

總而言之，第一季為今年開了一個好頭。我們實現了強勁的年比營收成長，獲利和現金流品質也很高，我們預計這一動能將延續到第二季​​。那麼，我們就來回答你們的問題了。

Thank, Dave.

謝謝你，戴夫。

Just a reminder for folks on the line, please limit yourself to one question. If you have a follow-up question we ask that you requeue. We do this in the spirit of fairness so that everybody on the call gets to ask at least one of their questions.

提醒各位，請每人每次只提一個問題。如果您還有後續問題，請重新排隊。我們這樣做是為了公平起見，讓電話會議上的每個人都至少有機會問一個問題。

Operator, it's all yours.

操作員，一切都交給你了。

(Operator Instructions)

（操作說明）

Our first question comes from John Pitzer with Credit Suisse.

我們的第一個問題來自瑞士信貸的約翰‧皮策。

Good morning, guys. Thanks for letting me ask a question. Congratulations on the strong results.

各位早安。謝謝允許我提問。恭喜你們取得優異成績。

Relative to your initial guidance, the big upside in the Jan quarter came out of consumer. Just kind of curious, what changed throughout the quarter? Was this really a better mix with your large consumer customer where that will give you larger or more content on a larger screen? As you think about the opportunity at that customer, how do we think about content going into the back half of this calendar year? Thank you.

與你們最初的預期相比，1 月季度的最大成長來自消費者。我只是有點好奇，這個季度發生了什麼變化？對於你的大客戶群來說，這樣的組合真的比較好嗎？這樣就能在大螢幕上提供更大或更多的內容？考慮到該客戶帶來的機會，我們該如何看待今年下半年的內容？謝謝。

Yes, I would say in general with the consumer customer, sometimes it's hard to totally predict kind of the weekly shipment level through the entire quarter and so we make an estimate based on what we think will turn through the quarter, plus what we come into the quarter with backlog. There's a varying degrees -- or varying scenarios, I would say, related to how that would go and This was obviously the most optimistic scenario, so it just turned out better. I would point out, though, that we didn't expect nearly the strength we saw in the B2B markets, either, and so they contributed to the upside as well. We're really happy that every end market did a bit better than expectations, so that was awesome.

是的，總的來說，對於消費者客戶而言，有時很難完全預測整個季度的每週出貨量，因此我們會根據我們認為本季將要週轉的訂單量，加上本季度初的積壓訂單量來做出估算。這其中存在著不同程度——或者說不同的情景，我認為這與事情的發展方式有關，而這顯然是最樂觀的情景，所以結果比預想的要好。不過，我想指出的是，我們也沒有預料到 B2B 市場會如此強勁，因此它們也對上漲做出了貢獻。我們很高興各個終端市場的表現都略好於預期，這真是太棒了。

Just to add to what Dave has said there, John, we, as you know, have been working hard to diversify our position and decrease dependence on any single socket. We have more content in these applications today than we had this time last year. That certainly help as well. We've got more ASP per system and we continue on the track of diversifying to get more and more sockets in that area.

約翰，我補充一下戴夫剛才說的，正如你所知，我們一直在努力分散我們的業務，減少對任何單一管道的依賴。如今這些應用程式中的內容比去年同期多得多。那當然也很有幫助。我們提高了每個系統的平均售價，並繼續朝著多元化發展的方向前進，以在該領域獲得更多的市場份額。

All right, John, thanks for the question. Next caller, please.

好的，約翰，謝謝你的提問。請下一位來電。

Your next question comes from Tore Svanberg with Stifel.

你的下一個問題來自 Stifel 公司的 Tore Svanberg。

Tore?

撕裂了？

Yes. Congratulations on the strong results. It looks like you announced a new distribution agreement overnight. Could you maybe elaborate a little bit on that? Maybe this is an opportunity to just talk about the strategy in dispy going forward.

是的。恭喜你們取得優異成績。看來你們昨晚宣布了一項新的分銷協議。能否再詳細解釋一下？或許這是一個討論未來 dispy 策略的好機會。

We've had a three-decade relationship with distribution, or maybe 25 years with the distribution channel in general, and what we're striving to do, Tore, fundamentally is we're trying to deepen the level of support and give better breadth of service for our customers. We have many tens of thousands of customers. The channel plays an important role, I think, in the broad breadth of logistics, services across the entire suite of customers and particularly with the smaller customers providing a lot of design service.

我們與分銷商建立了三十年的合作關係，或者說與整個分銷管道建立了二十五年的合作關係。托雷，我們努力的目標從根本上來說就是深化對客戶的支持，並為客戶提供更廣泛的服務。我們擁有數萬名客戶。我認為，該管道在廣泛的物流服務中發揮著重要作用，服務對象涵蓋所有客戶，尤其是為大量客戶提供設計服務的小型客戶。

Basically, we've decided to simplify the structure to enable us to bring the level of support that we desire and we expect basically to be able to leverage the more focused channel team that we've got and essentially draw on a more comprehensive suite of, in a more focused way, end-to-end support services that could range from design, design help, also prototyping and, of course, logistic support over the long term. We're also -- we've been investing for all our customers, big and small, over the last several years by bringing on more direct resource and really understanding the role of the channel.

基本上，我們決定簡化結構，以便能夠提供我們想要的支援水平，我們希望能夠利用我們現有的更專注的通路團隊，並以更專注的方式提供更全面的端到端支援服務，包括設計、設計幫助、原型製作，當然還有長期的物流支援。過去幾年，我們一直在為所有客戶（無論大小）進行投資，引入更多直接資源，並真正了解管道的作用。

We're in a good place right now and of course when we combine with LTC, we will also have the opportunity to bring more field applications and sales resource to a broader breadth of customers. Overall it's about -- it's part of our fundamental strategy, which is about innovation, diversity and operational efficiency and the moves we're making here play to all three of those facets of our business model.

我們現在處境很好，當然，當我們與 LTC 合併後，我們也將有機會為更廣泛的客戶群帶來更多的現場應用和銷售資源。總而言之，這是我們基本策略的一部分，即創新、多元化和營運效率，我們在這裡採取的措施都符合我們商業模式的這三個面向。

Thanks, Tore.

謝謝你，托雷。

Very helpful, thank you.

非常有用，謝謝。

Thanks, Tore.

謝謝你，托雷。

Next caller.

下一位來電者。

Your next question comes from Ambrish Srivastava with Bank of Montreal.

下一個問題來自蒙特利爾銀行的安布里什·斯里瓦斯塔瓦。

Thanks for the update on Linear, Vince. Dave, last quarter you had given us an update on the accretion and the tax rate. Now that you've spent quite a fair bit of time in rainy California, I was wondering, how we should think about the top line?

感謝你提供的關於Linear的最新信息，Vince。戴夫，上個季度你向我們報告了增值和稅率的情況。既然你已經在多雨的加州待了相當長一段時間，我想知道，我們該如何看待頂線？

Where I was going with this was, at CES we had some early view on how a go-to-market would look like on a Board with Linear and with ADI in a (inaudible) example. Question is really when should we be expecting it to show up and in what end market should it show up first? Thank you.

我原本想說的是，在 CES 上，我們對一款帶有 Linear 和 ADI 的電路板的上市前景有了一些初步的了解，這是一個（聽不清楚的）例子。真正的問題是，我們應該期待它何時面世，以及它應該首先出現在哪個終端市場？謝謝。

Well, I would say we get more and more enthusiastic about the opportunities for combining technologies of Linear and ADI every time we meet together as a team. We have kind of loosely built in some expectation that we will get several hundred million dollars worth of revenue synergies with the combined business.

嗯，我想說的是，每次我們團隊聚在一起，都會對Linear和ADI的技術相結合的機會越來越充滿熱情。我們大致預期，合併後的業務將帶來數億美元的收入綜效。

Some of that will take some time. I think a lot of it's going to be in areas where the design cycles and the time to revenue is quite long, so it might be out in the 2024, 2025 time frame where you really start to see us hit our stride. But within the first few years, we'll start to hit and see some revenue synergies.

有些事情需要時間。我認為很多時候，這些領域的設計週期和獲利時間都會比較長，所以可能要到 2024 年、2025 年左右，我們才能真正開始步入正軌。但在最初幾年內，我們將開始實現並看到一些收入協同效應。

I would point out that's kind of similar to the path we're on right now with Hittite. We're starting to see it trickle in a little bit in the early stages. We certainly have seen it build up in the opportunity pipeline for the subsequent years here. We just get, I think, every time we meet, more optimistic about what we can do as a Company in terms of delivering technology.

我想指出，這和我們目前在赫梯問題上所走的路有點類似。我們已經開始看到它在早期階段出現一些零星的跡象。我們確實看到，未來幾年這裡的機會儲備正在增加。我認為，每次開會，我們都會對公司在技術交付方面所能取得的成就更加樂觀。

Most of the business of LT and ADI combined is targeted at the core markets of B2B, so we see opportunity. I think at CES you saw you how ADAS, for example, combines the power technology of LTC with the mixed-signal technology and RF technology of ADI. We have examples of that in the industrial automation, the instrumentation, the aerospace and defense, so basically everywhere we play, including communications infrastructure, where ADI is much stronger in the wireless side, LT is strong on the wired side.

LT 和 ADI 的大部分業務都集中在 B2B 核心市場，因此我們看到了機會。我想在CES上，你們已經看到了ADAS是如何將LTC的功率技術與ADI的混合訊號技術和射頻技術結合起來的。我們在工業自動化、儀器、航空航太和國防等領域都有這樣的例子，基本上我們涉足的每個領域，包括通訊基礎設施，ADI 在無線方面實力更強，而 LT 在有線方面實力更強。

There's good symbiosis between the companies, particularly in the B2B space. I think the first couple of years of the combination of ADI and LTC are really about how well together we take the pipeline of opportunity that's at unprecedented levels in terms of size at this point in time and convert that pipeline and service the heck out of our customers.

這些公司之間存在著良好的共生關係，尤其是在 B2B 領域。我認為 ADI 和 LTC 合併後的頭幾年，關鍵在於我們如何共同掌握目前規模空前的巨大商機，並將這些商機轉化為實際行動，竭盡全力為我們的客戶提供服務。

I'd also point out that just on the expense side, as we've had time to solidify the plans there, I think we feel very, very confident about our $150 million expense synergy. Part of -- I talked about this kind of restructuring charge we took this quarter related to this voluntary retirement, part of that is to kind of make some room as we integrate the Linear Tech people within the Company. In the 10-Q it talks about a $28 million savings for just the salary and fringe related to those employees, but we find that there's some extraneous sit savings like travel and so forth that also are reduced.

我還想指出，就支出方面而言，由於我們有時間完善相關計劃，我認為我們對 1.5 億美元的支出綜效非常有信心。我之前談到過，我們本季提列了與自願退休相關的重組費用，部分原因是，當我們把凌力爾特公司的員工整合到公司內部時，需要騰出一些空間。10-Q 文件中提到，光是員工的薪水和福利就節省了 2800 萬美元，但我們發現還有一些額外的節省，例如差旅費等等，這些節省也被減少了。

I think we have made a pretty meaningful down payment on the $150 million already in advance of even integrating it. Then of course, the public company expenses go you away pretty quickly, too, and that's $20 million, $25 million of expense. We are very confident now having worked on this and really penciled it out that the $150 million is very achievable.

我認為，即便在整合之前，我們已經為這 1.5 億美元支付了相當可觀的首付款。當然，上市公司的各種費用也會很快讓你損失慘重，這些費用高達 2,000 萬美元到 2,500 萬美元。經過我們反覆研究和仔細計算，我們現在非常有信心，1.5億美元的目標完全可以實現。

Thank you, guys. Good luck.

謝謝大家。祝你好運。

Thanks, Ambrish. Next question.

謝謝你，安布里什。下一個問題。

Your next question comes 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。

Yes, thanks. Dave, you peaked my interest on the Hittite revenue synergy side. Can you give a little more detail or anecdotes in terms of the some of the things you're seeing from a design or revenue ramp perspective on Hittite?

好的，謝謝。戴夫，你提到的赫梯收入協同效應方面引起了我的興趣。您能否從設計或收入成長的角度，就 Hittite 的一些情況，提供一些更詳細的細節或軼事？

Vince will probably do a better job of this, but I would tell you that in areas like aerospace and defense, where they were particularly strong, we have pulled a lot of ADI content onto those systems and subsystems. That's been a big win for us. I think we did not appreciate how much opportunity we had in the aerospace and defense area until we really acquired Hittite and had that opportunity.

Vince 可能會做得更好，但我可以告訴你，在航太和國防等領域，ADI 的實力尤其強勁，我們已經將大量的 ADI 內容引入到這些系統和子系統中。這對我們來說是一場重大勝利。我認為，直到我們真正收購了赫梯公司並獲得了機會之後，我們才意識到我們在航空航太和國防領域擁有多大的機會。

There's a lot of radar capability that's required for the automotive space and we're taking a lot of the capabilities we got from Hittite to be able to drive into that. The next generation, which we've talked about in the past, is 77 gigahertz for ADAS. I think a lot of the capability that we've pulled in from Hittite has helped in that regard.

汽車領域需要大量的雷達功能，我們將從 Hittite 公司獲得的許多功能應用到汽車領域。我們之前討論過的下一代技術是用於 ADAS 的 77 吉赫茲技術。我認為我們從赫梯遊戲中藉鏡的許多能力在這方面都起到了幫助作用。

Also, I think that Hittite really just didn't have an opportunity to really address the larger OEMs, given their size. Around the edges they might have won a little bit of business but they really weren't breaking into those OEMs in any meaningful way. That's all changed since they became part of ADI and these are $10 million, $20 million, $30 million opportunities if you do them right. I think we estimate that we probably have filled in the pipeline to the tune of $100 million of opportunities because of having the two entities combined that we would not have had otherwise.

另外，我認為鑑於規模，Hittite 確實沒有機會真正與大型 OEM 廠商合作。他們或許在某些方面贏得了一些生意，但實際上並沒有以任何有意義的方式打入那些原始設備製造商（OEM）的市場。自從他們成為 ADI 的一部分以來，一切都發生了變化，如果處理得當，這些都是價值 1000 萬美元、2000 萬美元甚至 3000 萬美元的機會。我認為，由於兩家實體的合併，我們估計已經填補了價值 1 億美元的商機，否則我們不可能獲得這些商機。

We were running, at the time of acquisition of Hittite, which was just about 2.5 years ago now, the revenue stream was roughly $70 million a quarter, so we're running on a percentage basis a substantially higher level than that right now. I think to add to what has Dave has said, the conversation with our customers has changed over that period of time. I think Hittite and ADI have gone from being very potent component level suppliers to really now being able to architect our customer systems in these new, for example, digitally oriented beam steering systems for radar, for mobile communications infrastructure.

大約兩年半前，我們收購了 Hittite，當時的收入約為每季 7,000 萬美元，所以現在我們的收入佔比這高得多。我認為，除了戴夫所說的話之外，我們與客戶的對話在那段時間裡也發生了變化。我認為 Hittite 和 ADI 已經從非常強大的組件級供應商發展成為能夠為我們的客戶構建新型系統（例如，用於雷達的數位導向波束控制系統、用於行動通訊基礎設施）的供應商。

We're very much now working at the application level in rather than the component level out. I think it's been really a win-win and as our customers in the analog space in general are dealing with thinner and thinner levels of resource and capability in terms of engineering their analog solutions, we're very, very well positioned and Hittite's helped enormously on the RF and microwave side of things, and LT will help us on the analog system side with the power side of things, primarily. That's, I think, how to look at it.

我們現在更多的是從應用層面入手，而不是從組件層面出手。我認為這真是雙贏的局面，因為我們模擬領域的客戶在模擬解決方案的工程設計方面普遍面臨資源和能力越來越不足的問題，而我們則處於非常有利的地位。 Hittite 在射頻和微波方面給予了我們巨大的幫助，而 LT 將主要在類比系統電源方面幫助我們。我認為，就應該這樣看待這個問題。

Got it. Thanks.

知道了。謝謝。

Thanks, Craig. Next question.

謝謝你，克雷格。下一個問題。

Your 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。

Thanks, guys. Considering the upside in the January quarter and then the guidance for the April quarter, what should we be thinking about conceptually for seasonal revenue growth in the July quarter? Then maybe give us your expectations, if only relative, for the four basic food groups of end markets for revenue growth this year.

謝謝各位。考慮到一月份季度的成長潛力以及四月季度的業績指引，我們應該如何看待七月季度的季節性收入成長？那麼，能否請您談談您對今年四大基本食品類別終端市場收入成長的預期（即使只是相對的預期）？

Well, seasonally, usually sequentially the third quarter is up. You tend to see a stronger consumer environment and the rest of the markets either are up or flattish. Then the fourth quarter generally is sequentially up again pretty meaningfully because you really start to see the consumer hit.

嗯，從季節性角度來看，通常第三季是上升的。你會發現消費環境趨於強勁，而其他市場要麼上漲要麼持平。然後，第四季通常會比上季大幅成長，因為你真的開始看到消費者受到的衝擊了。

I'd almost say in this case we love all our children equally. I think every end market has the opportunity to grow meaningfully from the prior year. We'll have to see how the rest of the year shakes out, but we start off in a great situation. Our expectations for the second quarter as we look at our backlog look really good. So this continues into the third and fourth quarter, I think every end market is going to do pretty well for us.

我幾乎可以肯定地說，我們平等地愛著我們所有的孩子。我認為每個終端市場都有機會比去年實現顯著成長。今年剩下的時間會如何發展，我們拭目以待，但我們目前的處境非常有利。根據我們目前的訂單儲備情況來看，我們對第二季的預期非常樂觀。所以這種情況會延續到第三季和第四季度，我認為每個終端市場對我們來說都會表現得相當好。

All right. Thanks, Chris.

好的。謝謝你，克里斯。

Your next question comes from Amit Daryanani with RBC.

下一個問題來自 RBC 的 Amit Daryanani。

Thanks. Good morning, guys, and congrats on the quarter.

謝謝。各位早安，恭喜你們本季取得佳績。

Thank you.

謝謝。

Question on the consumer side. It's maybe better than your expectations. Can you talk about how do you think about the segment over the next 12 months in terms of portables versus the rest of the consumer opportunity you have? I think this gen with your largest customer you talked about picking up 30% more content. Do you think that's possible again as they go through a super cycle product for the next year or do you see actually with your largest customer to be more in sync with the unit trajectory they have?

消費者方面的問題。或許比你預期的還要好。您能否談談您如何看待未來 12 個月便攜式設備細分市場的發展前景，以及它與其他消費市場機會之間的關係？我認為，在這一代產品中，你和你最大的客戶談到了增加 30% 的內容。你認為隨著他們明年推出超級週期產品，這種情況是否有可能再次發生？還是你認為實際上應該與你最大的客戶保持更同步的銷售軌跡？

Our consumer business is really a tale of two stories. We have prosumer which is a more -- it's a business more akin to a B2B type dynamics. We have many customers, many, many, very high performance building blocks from DSP to mixed-signal in areas like audio and video signal processing.

我們的消費者業務實際上呈現出兩種截然不同的面貌。我們有產消者，這是一種更類似於 B2B 類型的業務模式。我們有很多客戶，很多很多高效能的建置模組，涵蓋從 DSP 到混合訊號等領域，應用於音訊和視訊訊號處理。

We saw some downturn of that business over the last couple of years, but we kind of hit the bottom. We believe we're at an inflection point there. That's at least giving us stable. That's the bedrock of our consumer business in many ways. We're at an inflection there.

過去幾年，我們看到這項業務有所下滑，但我們已經跌到了谷底。我們認為我們正處於一個轉折點。至少這給了我們穩定。從很多方面來說，這都是我們消費者業務的基石。我們正處於一個轉折點。

On the portable side of things, we're clearly in a much better position than we were a year ago. We're working hard, as I said earlier, to diversify, to get more sockets and things like the image processing control system, sensing in general and also we're engaging with many more customers than we did, I should say on a pretty constrained highly leveraged R&D budget.

就便攜式設備而言，我們現在的處境顯然比一年前好得多。正如我之前所說，我們正在努力實現多元化，獲得更多插座以及圖像處理控制系統、感測等產品，而且我們應該說，在研發預算相當有限且槓桿率很高的情況下，我們正在與比以前多得多的客戶合作。

So look, is it possible that we got another 30% increase? Of course it is. That's what we're working hard to do to make sure we grab all available high-quality sockets that our technology is well matched in.

所以，我們有可能又漲了 30% 嗎？當然是這樣。這就是我們正在努力的方向，以確保我們能夠獲得所有與我們技術完美匹配的高品質插座。

Your next question comes from Craig Ellis with B. Riley.

你的下一個問題來自 Craig Ellis 和 B. Riley。

Thanks for taking the question, guys, and congratulations on the strong results.

謝謝各位回答這個問題，也祝賀你們取得了優異的成績。

Thank you.

謝謝。

You're welcome. I wanted to follow up on a couple of the segment dynamics. First, just looking at industrial and communications, industrial looks like it's at record revenues, at least in my model, and it seems like there should still be some incremental strength that would come from areas like energy extraction, which I suspect may not be as strong as it's been in the past. On communications, the business has been fairly stable for the last four quarters. Is the strength that you're seeing now leading to a more material increase versus trailing fourth-quarter levels or are we really just seeing a seasonal bump and nothing more than that? Thank you.

不客氣。我想跟進一下幾個細分市場的動態變化。首先，僅就工業和通訊領域而言，工業領域的收入似乎創下了歷史新高，至少在我的模型中是如此。而且，能源開採等領域似乎仍會有一些成長勢頭，但我懷疑這些領域可能不如過去那麼強勁了。在通訊業務方面，過去四個季度以來一直相當穩定。您目前看到的強勁勢頭是否會導致比上一季水準有更顯著的成長，還是僅僅只是季節性波動而已？謝謝。

Okay. Let me take a shot at it. I'm sure Vince will provide better color than I can give.

好的。讓我來試試。我相信文斯能比我更好地描述色彩。

I would say you're right in that the industrial business did hit a record this quarter, which is interesting in the fact that it happened in a first quarter, which tends not to be the strongest industrial quarter for us. We'll likely hit an even bigger record next quarter in the second quarter since we expect it to be sequentially up. I think it had kind of a relatively pedestrian last year and maybe not as strong as we would have liked to see it. There was a few things on the macro side that impacted it. I think those have abated and when you look at every sub-category within the industrial space, all of them are showing good strength.

你說得對，工業業務本季度確實創下了紀錄，有趣的是，這發生在第一季度，而第一季通常不是我們工業業務表現最好的季度。由於我們預計第二季業績將環比成長，因此我們很可能會創下更大的紀錄。我認為它去年的表現相對平淡，可能沒有達到我們希望看到的強勁水平。宏觀層面有一些因素對其產生了影響。我認為這些不利因素已經緩解，當你審視工業領域的每個子類別時，你會發現它們都表現出了良好的發展勢頭。

I think that while it's early and we're always cautious about this, it does look like it's moving into a period of time where we start to see some meaningful growth and quite honestly, we should. We've made a lot of investments in that market and there are a lot of opportunities to -- for analog content. I think we're starting to see the benefits of a lot of development over a lot of years.

我認為，雖然現在下結論還為時過早，我們對此也一直保持謹慎，但看起來它正在進入一個我們開始看到一些實質增長的時期，老實說，我們也應該看到增長。我們在模擬內容市場投入了大量資金，並且有很多機會。我認為我們開始看到多年來大力發展帶來的益處了。

On the communication side, that business had been up. It came back down quite a bit in the prior periods. It had somewhat stabilized in the back half of last year and we're in kind of what I think is a relatively stable period. Having said that, I do think there's a lot of opportunity in the com infrastructure space for us. We have this new transceiver, integrated transceiver, that I think is doing quite well. I think we will see our performance in the wireless side be relatively better on the macro side than some of the competition.

在通訊方面，業務量有所成長。在前幾個時期，它已經大幅下降了。去年下半年情況有所穩定，我認為我們目前正處於一個相對穩定的時期。話雖如此，我認為通訊基礎設施領域對我們來說有很多機會。我們有一款新型的整合式收發器，我認為它的表現相當不錯。我認為我們在無線領域的宏鏈路效能將比一些競爭對手要好。

On top of that, we think that this small-cell deployment that has been long advertised and late to the party seems to have really started to gain some momentum here and so we do expect to see some real traction in 2017 from that. Then lastly, an area that tends not to get as much focus is our wire line business. With this kind of 100G deployment, 100 gig deployments that are going on right now, we're benefiting from that and so our wire line business actually did particularly well this quarter and I think there's some expectation that the rest of the year it will do quite well.

除此之外，我們認為這項長期以來被宣傳但姍姍來遲的小型基地台部署似乎真的開始獲得一些動力，因此我們預計在 2017 年將因此獲得一些真正的進展。最後，我們還有一個不太受關注的領域，那就是我們的有線業務。隨著目前正在進行的 100G 和 100G 部署，我們從中受益匪淺，因此我們的固網業務在本季度表現特別出色，我認為預計今年剩餘時間也會表現良好。

I don't know exactly how the year will totally shake out yet. We always lack a bit of visibility out beyond the quarter. But I think the fact that it was pretty solid in the first quarter and we're expecting a reasonably good second quarter leads us to believe it will be a pretty good year for the comps business.

我還不完全清楚今年最終會如何發展。我們總是缺乏對季度後情況的了解。但我認為，第一季表現相當穩健，而且我們預計第二季也會相當不錯，這讓我們相信，對於同店銷售業務來說，這將是相當不錯的一年。

Something we don't talk an awful lot about in our wired business as well is cable infrastructure and a lot of our new mixed-signal and data converter technologies are enabling the carriers there to realize 4K and 8K video and without our technology it isn't possible, and to be able to do it within constrained physical space as well as power budgets. That's an area that's doing very, very well for ADI in the signal path along with, as Dave said, in the optical control chain. I think our wired business is poised -- as long as the markets behave well, our wire line business is poised for, I think, very decent growth in the years ahead.

在我們的有線業務中，我們也很少談及電纜基礎設施，而我們許多新的混合信號和數據轉換器技術正在使那裡的運營商能夠實現 4K 和 8K 視頻，如果沒有我們的技術，這是不可能實現的，而且還能在有限的物理空間和電力預算內實現。正如戴夫所說，在訊號路徑和光控制鏈方面，ADI 的表現都非常出色。我認為我們的有線業務已經準備就緒——只要市場表現良好，我認為我們的有線業務在未來幾年將迎來非常可觀的成長。

Thanks, Craig. Next question.

謝謝你，克雷格。下一個問題。

Your next question comes from David Wong with Wells Fargo.

下一個問題來自富國銀行的David Wong。

Thanks very much. You mentioned you got six of the seven clearances you need for the Linear deal. Can you remind us which the six are and what the seventh is you're waiting on and an update of when you expect the deal to close?

非常感謝。你提到你已經獲得了Linear交易所需的七項審批中的六項。能否提醒我們一下，這六個環節是哪幾個？你還在等待第七個環節是什麼？以及預計交易何時完成？

I'll butcher the six, so let me tell you the one we don't have. We certainly have the US. We have all the Europe ones. We have all of Asia except for one, which is China, so we're waiting for China to approve it.

我會把這六個都說得亂七八糟，所以讓我告訴你我們沒有的那一個。我們當然還有美國。我們有所有歐洲的。除了中國以外，我們已經涵蓋了整個亞洲，所以我們正在等待中國的批准。

I think it's well documented that, that's a long process, which is why we expected this thing to close around the end of April is because we knew that, that would be a long process. It's going very well. They do ask for a lot of information and we have to go back and pull stuff together and present it in a way that is in a format in which they want to he see it. We think it's going fine and we would expect to be -- that we are on schedule to close this by the end of April at this point.

我認為這一點已得到充分證實，這是一個漫長的過程，所以我們預計這件事會在四月底左右結束，因為我們知道這將是一個漫長的過程。一切進展順利。他們會要求提供很多信息，我們需要回顧並整理這些信息，並以他們希望看到的格式呈現出來。我們認為一切進展順利，而且我們預計會如此——目前來看，我們預計在四月底前完成這項工作。

Great. Thanks.

偉大的。謝謝。

Thanks, David. Next question.

謝謝你，大衛。下一個問題。

Your 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。

Congratulations on the great results. My question is on the automotive segment. It's very good to see the sales acceleration over the last couple of quarters despite I know in the past you've had headwinds in some products. But when I look at some of your analog here, say Texas Instruments, they you grew their auto business by 20% last year. My question is, when do think those legacy headwinds will start to abate and you can close the growth gap with some of your peer group?

祝賀你們取得如此優異的成績。我的問題是關於汽車領域的。儘管我知道過去你們的一些產品遇到了一些不利因素，但我很高興看到過去幾季的銷售額加速成長。但是，當我看看你們這裡的一些類似公司，例如德州儀器，他們去年的汽車業務成長了 20%。我的問題是，您認為這些歷史遺留的不利因素何時會開始減弱，您才能縮小與同行之間的成長差距？

We're better and better positioned with our customers and across the various applications, but just for the record, our infotainment business grew in double digits over the past year and as did much of our powertrain, battery control technologies as well. So some of our segments have performed well in the double-digit area. I think we've talked before very openly about the fact that we've withdrawn from parts of the MEMS-based safety market but we still have an important role to play, particularly with the very, very high-end inertial and gyro sensing technologies for active safety control.

我們在客戶和各種應用領域都越來越有優勢，但需要說明的是，過去一年我們的資訊娛樂業務實現了兩位數的成長，我們的動力系統和電池控制技術也同樣如此。因此，我們的一些業務板塊表現良好，實現了兩位數的成長。我認為我們之前已經非常公開地討論過，我們已經退出了部分基於 MEMS 的安全市場，但我們仍然扮演著重要的角色，尤其是在用於主動安全控制的非常高端的慣性和陀螺儀感測技術領域。

Our ADAS technology continues -- the RF and microwave technology there continues to do very, very well. We're very excited by the 77 gig technology that we're bringing to market as well that we showcased a at CES. That's a whole new level of performance that we're bringing to market there with 77 gig.

我們的ADAS技術仍在不斷發展中——其中的射頻和微波技術繼續表現得非常出色。我們對即將推向市場的 77G 技術感到非常興奮，我們在 CES 上展示了這項技術。我們為市場帶來的是全新的效能水平，77 GB 的容量。

So I think we're better and better positioned. We're doing a lot more business in Asia than we used to do and so that kind of evens out the distribution or the diversity of our business across the globe. Those are the facts and we continue to invest heavily in the space because we think it is a growth driver for many, many years to come for ADI.

所以我覺得我們處境越來越有利了。我們在亞洲的業務比以前多了很多，這在某種程度上平衡了我們全球業務的分佈或多樣性。以上是事實，我們將繼續大力投資該領域，因為我們認為這將是 ADI 未來多年的成長動力。

I would tell you that Linear Tech's technology in the battery management system is quite good and they have seen growth probably in excess of 20%, probably, in certain years. So I think that we bring that into the fold, that certainly will help just organically drive the growth, but also we should get some pretty good synergies. Where they have good customer traction is in places where we don't and vice versa. I think we'll be able to pull each other into customers and engagements that we don't have today. It should be, I think, a really good growth driver for us going forward.

我可以告訴你，凌力爾特（Linear Tech）在電池管理系統方面的技術相當出色，而且在某些年份，他們的成長率可能超過了 20%。所以我認為，如果我們把這些因素納入考量，肯定會有助於推動業務的自然成長，而且我們也應該能獲得一些非常好的綜效。他們在我們沒有客戶的地方獲得了良好的客戶基礎，反之亦然。我認為我們可以互相吸引，共同拓展我們目前還沒有的客戶和業務。我認為，這應該會成為我們未來發展的一個非常好的成長動力。

Thanks, Vivek. Next question.

謝謝你，維韋克。下一個問題。

Your 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。

Hi, guys. Thanks for letting me ask a question. Congrats on the results. I wanted to ask a question about gross margins. In the quarter in the guide and then also a little bit longer term, I was surprised in the January quarter that it was as strong as it was, given that the consumer side was so strong so I would have thought mix, all else being equal, would have been a little bit of a headwind.

嗨，大家好。謝謝允許我提問。恭喜取得好成績。我想問一個關於毛利率的問題。就本季的業績指引以及更長遠的展望而言，我驚訝於一月份季度的業績如此強勁，因為考慮到消費者方面如此強勁，我原本以為，在其他條件相同的情況下，產品組合會是一個不利因素。

The inverse, I thought, would have been true in the April quarter, where the combination of mix being a tailwind and you just said utilization was going to rise. I thought that might actually lead to a little more upside. That's kind of the near-term part of the question, if you could give details on that. Then the longer term one, if we just put Linear and ADI's gross margins together, talk about the deltas above and below that, synergy values, anything else you can capture that makes it more than just one plus one.

我認為，在四月的季度裡，情況恰恰相反，因為產品組合的變化是一個有利因素，而且正如你剛才所說，產能利用率將會上升。我原以為那樣或許能帶來更多好處。這是問題中比較近期的部分，如果您能提供一些細節就更好了。然後從長遠來看，如果我們把 Linear 和 ADI 的毛利率加在一起，討論一下高於和低於這個差值、協同效應價值，以及任何其他可以捕捉到的、使其大於 1 + 1 的東西。

Okay. Let's start with this quarter. Well, I would say that if you remember through all of last year, 2016, we kept utilization relatively in check and really worked the inventories down, because we really wanted to get the days down below 110 days. We did achieve that by the end of the year.

好的。讓我們從本季開始。嗯，我想說的是，如果你還記得去年（2016 年）的情況，我們一直將利用率控制在相對可控的範圍內，並努力降低庫存，因為我們真的想把庫存天數降到 110 天以下。我們在年底前實現了這個目標。

Normally, coming into the first quarter we're not as well positioned in terms of inventory levels and so we end up having to bring utilization down pretty meaningfully in the first quarter and that didn't happen so that ended up kind of helping the gross margins. On top of that, the industrial business just did really well through the whole quarter and so there was really hardly any reason to crank down the fabs in any meaningful way.

通常情況下，進入第一季時，我們的庫存水準並不理想，因此我們不得不在第一季度大幅降低庫存利用率，但這種情況並沒有發生，所以最終對毛利率有所幫助。此外，工業業務在整個季度都表現得非常好，因此幾乎沒有任何理由以任何有意義的方式縮減晶圓廠的生產規模。

The mix part, it actually did impact us a little but I would tell you that, that particular piece of business actually has pretty good gross margins, comparatively speaking relative to other consumer companies out there. It's not quite the headwind when we get it and it's not quite the tailwind when it goes away that you might expect. It might impact it 20 basis points or something.

混合業務部分確實對我們產生了一些影響，但我必須說，與其他消費品公司相比，這部分業務的毛利率其實相當不錯。它來的時候並非完全是逆風，來的時候也並非完全是順風，這與你想像中的可能截然不同。可能會對其產生20個基點左右的影響。

For the second quarter, as you point out, we should have a little bit better mix and we are bringing up utilization, although kind of modestly. We'll probably be in kind of the mid-70%s. There's obviously -- if the mix goes where the consumer kind of comes down as meaningfully as I said, 40% to 50%, and we do get to the kind of mid-70%s kind of gross margins, it's possible that we would be at the really high end of that range. We'd be up to the 67% range.

正如你所指出的，第二季度我們的產品組合應該會更好一些，而且我們的產能利用率也在提高，儘管提高幅度不大。我們大概會在70%左右。顯然，如果消費者佔比我剛才說的大幅下降到 40% 到 50%，而我們的毛利率達到 70% 左右，那麼我們就有可能達到這個範圍的高端。我們將會達到 67% 的水平。

That's obviously a scenario. I think we're just hedging ourselves a little bit just in case we can't quite crank the utilization up to those levels, because it does require us to -- while we have the equipped capacity, we still have to crank through the wafers and sometimes that takes a little while to get cranking.

這顯然是一種可能的情況。我認為我們只是稍微給自己留了點後路，以防萬一我們無法將利用率提高到那些水平，因為這確實要求我們——雖然我們有相應的產能，但我們仍然需要加快晶圓的生產速度，而有時這需要一些時間才能開始運轉。

Okay. Oh, on the longer term side. Yes, Ross, sorry about that. I think on a blended basis, we're kind of in the high 60%s gross margins just kind of out of the gate. Then about $50 million of the near-term synergies that we're expecting will be in the gross margin line. We should expect to get into the 70% range pretty easily, I think, with the near-term synergies identified.

好的。哦，從長遠來看。是的，羅斯，真抱歉。我認為，從綜合來看，我們剛起步就達到了 60% 以上的毛利率。那麼，我們預計近期綜效中的約 5,000 萬美元將反映在毛利率方面。我認為，憑藉已確定的近期協同效應，我們應該很容易就能達到 70% 的水平。

Honestly I think longer term we have the potential to get in the low 70%s for gross margins. We will get some -- we inherit some processes from Linear Technology that I think are quite strong. I think that will help out in the entire business. I think we will, over time, get more and more efficient in terms of our manufacturing spending and so I think that will be beneficial to the gross margin line as well.

說實話，我認為從長遠來看，我們有潛力將毛利率提升到70%左右。我們將繼承一些來自凌力爾特公司的工藝流程，我認為這些流程非常強大。我認為這對整個業務有所幫助。我認為隨著時間的推移，我們在生產支出方面會越來越高效，因此我認為這對毛利率也有好處。

And of course, I think as Vince has talked a lot about, we are really focused in this B2B space and just quite honestly those, because of the design cycles and the technology required to deliver what those customers want, it carries better gross margins. I think we will benefit from that as well. We're optimistic we can get the gross margins into the low 70%s.

當然，我認為正如 Vince 多次談到的那樣，我們確實專注於 B2B 領域，坦白說，由於設計週期和技術需要來滿足客戶的需求，因此 B2B 領域的毛利率更高。我認為我們也會從中受益。我們樂觀地認為毛利率可以達到70%左右。

Thanks, Ross. Next question.

謝謝你，羅斯。下一個問題。

Your 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 and congratulations on the solid execution. On the aerospace and defense, obviously that drives very good diversification within your business. Fundamentals here appear to be fairly solid. I think there are some pretty large radar, some sat com programs that are firing both in defense and the commercial sectors. I know you guys talked a little about the synergies from Hittite, but just wondering in general, how is the AMD sub-segment tracking growth wise on a year-over-year basis relative to the 10% to 15% growth trend in the industrial segment now?

早安，恭喜你們出色地完成了任務。在航空航太和國防領域，這顯然能很好地促進企業多元化發展。基本面看起來相當穩固。我認為有一些規模相當大的雷達和衛星通訊計畫正在國防和商業領域同時進行。我知道你們之前討論過 Hittite 帶來的協同效應，但我想總體上了解一下，AMD 子部門的同比增長情況與目前工業部門 10% 到 15% 的增長趨勢相比如何？

I'll take the last question first. It's been growing obviously at a very healthy clip over the last year or two in kind of the high-single digits. I'd say in this quarter it was probably the mid- to high-single digits on a year-over-year basis. The rest of the question was what, exactly?

我先回答最後一個問題。在過去一兩年裡，它的成長率顯然非常健康，達到了接近兩位數的水平。我認為本季同比增幅可能在個位數中高段。剩下的問題是：究竟是什麼？

How do you guys see this business growing for the full year?

你們覺得這家公司全年的發展前景如何？

Oh, for the full year this year?

哦，是今年全年嗎？

Yes.

是的。

Probably in that range. I think this is kind of a multiple of GDP kind of growth. It will be very correlated to how GDP grows, so probably mid- to high-single digits.

大概就在這個範圍內。我認為這是一種與GDP倍增的成長。它將與GDP的成長密切相關，因此可能在個位數中高段位。

Great. Thanks a lot.

偉大的。多謝。

Sure.

當然。

Your 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, guys, thanks for taking my question and I'll echo the congrats on the results. Just wanted to follow up on a question, the B2B business is growing high-single digits. If you take out com it's more like double digits. You've seen a lot of your analog peers see similar. It's really a function of the kind of really no seasonality and then kind of growing off that base. Just curious your perspective on the broader markets here as you talk to customers. Why is this market tracking at these double digits and how do you see that affecting seasonality as you go through the year?

嘿，各位，謝謝你們回答我的問題，我也要祝賀你們取得好成績。我想就一個問題做個後續說明，B2B 業務的成長率達到了接近兩位數。如果去掉“com”，那就接近兩位數了。你會發現很多從事模擬技術的同行也有類似的看法。這實際上是由於幾乎沒有季節性，然後在此基礎上發展起來的。我很好奇您在與客戶溝通時，對這裡更廣泛的市場有何看法。為什麼這個市場會持續兩位數的成長？您認為這會對全年的季節性波動產生什麼樣的影響？

I'll talk macro and then I'm sure Vince talks to all these customers, so he can probably give you more specific color. I think last year it didn't grow that much. Part of it is just rebounding off of much slower environment in 2016. I don't think it's all together surprising that we would see it start to come back.

我先說說宏觀方面，然後我相信Vince會和所有這些客戶交流，所以他或許能給你更具體的顏色資訊。我覺得去年它沒怎麼長。部分原因是受 2016 年經濟環境低迷的影響而反彈。我認為它開始復甦並不完全出乎意料。

I would tell you, though, that I think we have earlier in the period in which people have been focusing on this, back in the 2009, maybe even 2008, before I even got here, time frame, we really did focus our R&D efforts largely in this space. I think we made it fairly public that we moved a lot of our consumer R&D into the B2B space to really focus on that market and particularly the industrial markets. Eventually all that development does translate into revenue as promised and so I think some of what you're seeing in the results this quarter is that. It's the opportunities starting to translate into revenue more than anything.

不過，我想說的是，我認為在人們開始關注這一領域的早期，早在 2009 年，甚至可能是 2008 年，在我來到這裡之前，我們確實將研發工作主要集中在這個領域。我認為我們已經相當公開地表示，我們將許多面向消費者的研發工作轉移到了 B2B 領域，以便真正專注於該市場，特別是工業市場。最終，所有這些發展都如承諾的那樣轉化為收入，所以我認為你在本季業績中看到的一些結果就是如此。最重要的是，這些機會開始轉化為收入。

Yes, also while America and Europe are very, very important, they're the bedrock, if you like, of our B2B business, we've been particularly pleased on the industrial side with the growth in our business in Asia as well over the last two or three quarters. It's broad based and strong on Europe and America but even stronger on a growth basis in Asia at this point in time.

是的，雖然美國和歐洲非常非常重要，可以說是我們 B2B 業務的基石，但我們也對過去兩三個季度在亞洲的工業業務成長感到特別滿意。它在歐洲和美洲擁有廣泛的基礎和強大的實力，但目前在亞洲的成長勢頭更為強勁。

The one thing that helps us get some confidence around this, I don't want to oversell it just yet, because one quarter doesn't make a pattern, but as you look out in terms of the inventory, particularly using disties as a proxy, it's actually fairly lean at seven weeks. In fact, we normally run seven and-a-half to eight weeks. For the last four or five quarters we've been down at the seven-week level and we haven't seen a build. That's good because that's getting consumed in various regions, particularly in Asia.

有一件事讓我們對此更有信心，我不想現在就過度誇大，因為一個季度的數據並不能說明什麼，但從庫存的角度來看，特別是以分銷商作為參考，實際上庫存量相當低，只有七週。事實上，我們通常需要七週半到八週的時間。過去四、五個季度，我們的水平一直徘徊在七週水平，而且沒有任何回升跡象。這很好，因為這種產品在各個地區，特別是亞洲地區，都很受歡迎。

Also if you look at the PMIs of the big CapEx spending economies, they've been strong and strengthening over the last several quarters, so that certainly helps the B2B business.

此外，如果你看看資本支出大經濟體的採購經理人指數（PMI），你會發現它們在過去幾季一直表現強勁且持續走強，這無疑對 B2B 業務有所幫助。

Great, thanks, Blayne.

太好了，謝謝你，布萊恩。

Thanks. Next question.

謝謝。下一個問題。

Your next question comes from William Stein with SunTrust.

下一個問題來自 SunTrust 銀行的 William Stein。

Great. Thanks for taking my questions and congrats, especially on the strength in industrial in the quarter.

偉大的。感謝您回答我的問題，並祝賀您，特別是本季工業板塊的強勁表現。

Thank you.

謝謝。

I had a question about the Linear Tech pending acquisition and it relates to the biggest concern I hear from investors, which is that there's a view that there are significant cultural differences between the two companies. I'm wondering what you've learned as you've built the plan to integrate the two businesses about the differences and similarities culture-wise and what you see as the biggest risks and biggest opportunities now that you're presumably quite far along in that integration planning. Thank you.

我有一個關於Linear Tech待收購案的問題，這與我從投資者那裡聽到的最大擔憂有關，那就是有人認為兩家公司之間存在著重大的文化差異。我想知道，在製定整合兩家企業的計劃過程中，您對兩家企業在文化上的異同有哪些新的認識，以及您認為最大的風險和最大的機會是什麼，因為您目前的整合計劃應該已經進行得相當深入了。謝謝。

Yes, so a good question. I would say that something I'm very, very clear about is that what we stand for as companies around the notion that innovation drives business success, that we drive diversity. Diversity gives us tremendous resilience in the markets that we choose, lots of customers, lots of products, lots of different applications.

是的，問得好。我想說，我非常非常清楚的一點是，我們公司所秉持的理念是：創新驅動商業成功，我們推動多元化。多樣性使我們在所選市場中擁有強大的韌性，擁有眾多客戶、眾多產品和眾多不同的應用。

Also, we're companies that focus really on getting great free cash flows from our business through operational efficiency, good price management. Those things we share together. Those are kind of the core business values that underpin both companies.

此外，我們是一家非常注重透過提高營運效率和良好的價格管理來從業務中獲得良好自由現金流的公司。我們共同擁有的那些東西。這些可以說是兩家公司賴以生存的核心商業價值。

I would say clearly there are differences in the way we achieve our goals in terms of the behaviors in the companies, the routines to get the results that we get. Our approach to trying to create something better than the sum of the parts really is to leverage the best of both cultures and that means basically pooling our business and operating processes together and we're working hard to figure out what is the best of both on the side of manufacturing, supply chain. Obviously, day one it's critical that we have a single voice to the customer, so we're working very, very hard on that.

很明顯，我們在實現目標的方式上存在差異，這體現在公司的行為方式以及我們取得最終結果的慣例上。我們努力創造比各部分之和更好的東西的方法，實際上是充分利用兩種文化的優勢，這意味著將我們的業務和營運流程整合在一起，我們正在努力找出在製造和供應鏈方面最好的方法。顯然，從一開始，我們必須確保向客戶傳達統一的聲音，所以我們正在為此付出巨大的努力。

Also from an ongoing technology and customer management, manufacturing standpoint, pooling our collective knowledge and wisdom where we're combining the leadership structures, we're going to start combining the organizations to enable us to achieve those goals. We're also looking for ways to get the blood of both companies flowing in each other's veins through cross-pollination, through physical co-location as best we can. I think what will be very, very clear is that our measurement and reward system will emphasize what we both care about, which is long-term profitable growth. That's essentially how we're approaching things and I would say I'm very impressed with how both companies are leaning into each other and how we're working to truly try to get the best of both.

此外，從持續的技術、客戶管理和製造角度來看，我們將匯集我們的集體知識和智慧，整合領導結構，開始整合組織，以使我們能夠實現這些目標。我們也在尋找各種方法，透過交叉融合、盡可能地進行物理上的共同辦公，讓兩家公司的血液在彼此的血管中流動起來。我認為非常非常清楚的是，我們的衡量和獎勵制度將強調我們雙方都關心的事情，那就是長期獲利成長。這就是我們處理事情的根本方式，我對兩家公司相互扶持、努力發揮雙方優勢的做法印象深刻。

If there's anything we're concerned about, which was one part of your question, I would say we were so enthusiastic about this on both sides and now we've got to wait for all this bureaucracy to take care of itself. We're a bit anxious to get going. It's just painful to wait as long as we've had to wait to get it done. I think as soon as it closes, we will be off to the races in terms of making the sum of the parts -- or making the combination more than the sum of the parts.

如果說我們有什麼擔憂的話（這也是你問題的一部分），我想說，我們雙方都對此充滿熱情，但現在我們不得不等待所有這些官僚程序自行解決。我們有點迫不及待地想要開始了。等待的時間太長了，真的讓人很煎熬。我認為一旦它關閉，我們就將在實現整體大於部分總和方面全力以赴——或者說，使組合大於部分之和。

All right. Well, thanks. Next question.

好的。謝謝。下一個問題。

Your next question comes from Steve Smigie with Raymond James.

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 your recently acquired LIDAR business. Maybe you could talk about how its current position stacks up against the competition and how big of a revenue opportunity you think this could be over the next few years.

謝謝。這是Vince Celentano替Steve發言。我有一個關於您最近收購的光達業務的問題。或許你可以談談它目前在競爭中的地位如何，以及你認為在未來幾年內這可能帶來多大的收入機會。

At an application level to be able to realize these future semi-autonomous and autonomous driving systems, you need lots of different types of eyes that are looking for the -- they're looking for the signal, so to speak. Today radar and cameras, the image processing from cameras, they're the important modalities, but LIDAR is becoming a very important modality. Today that's realized with mechanical systems, essentially.

在應用層面上，為了實現這些未來的半自動和自動駕駛系統，你需要很多不同類型的「眼睛」來尋找——或者說，它們在尋找訊號。如今雷達和攝影機，以及攝影機的影像處理，都是重要的成像方式，但雷射雷達正在成為一種非常重要的成像方式。如今，這基本上是透過機械系統實現的。

Our approach is to -- so we acquired Vescent Photonics, which enables us to bring a more silicon-based technology to bear, which is fundamentally -- it's inherently more mechanically robust and enables us to apply a lot of signal processing to the core sensing and actuation technology to get the kind of resolution and the kind of reliability and performance that we need to get. I think it will be a very important part of the realization of these autonomous driving system. In fact, I believe that semiconductor process technologies will enable this type of technology to become more broadly deployed. That's, I think, the way to look at it.

我們的方法是——所以我們收購了 Vescent Photonics，這使我們能夠應用更多基於矽的技術，從根本上來說——它在機械上更加堅固，使我們能夠將大量的信號處理應用於核心感測和驅動技術，從而獲得我們所需的分辨率、可靠性和性能。我認為這將是實現自動駕駛系統過程中非常重要的一部分。事實上，我認為半導體製程技術將使這類技術得到更廣泛的應用。我認為，就應該這樣看待這個問題。

All right. Thanks. Next question.

好的。謝謝。下一個問題。

Your next question comes from Cody Acree with Drexel Hamilton.

下一個問題來自德雷塞爾·漢密爾頓學院的科迪·阿克里。

Congratulations. Vince, maybe -- you talked about the underlying health of kind of he global GDP trends. I guess I'm just curious where you see yourself gaining share in some of the sub-applications in B2B versus that underlying market support.

恭喜。文斯，或許——你談到了全球 GDP 趨勢的潛在健康狀況。我只是好奇，相對於現有的市場支持，您認為自己在 B2B 的一些子應用領域中能夠獲得哪些市場份額。

If you take core industrial, I mentioned the fact that we were very pleased with our performance in Asia. I think that's been the result of many, many, many years of customer engagement, good deployment of R&D and that's working well for us. I think a certain amount -- a rising tide will lift all boats, so a certain amount of what we're seeing is driven by what's happening in the macro economy. But another part of it is driven by was we are doing to position ourselves to take advantage of these markets as they strengthen.

如果以核心工業為例，我提到我們對在亞洲的表現非常滿意。我認為這是多年來與客戶積極互動、有效進行研發工作的結果，而且這些措施對我們來說效果很好。我認為某種程度上──水漲船高，所以我們現在看到的現像有一部分是由宏觀經濟情勢所驅動的。但另一方面，這也是由我們正在採取的措施所驅動的，以便我們能夠利用這些市場走強帶來的機會。

I'm particularly pleased with industrial, particularly in the automation sector. Dave has talked about A&D and how important Hittite has been to that part of our story. Instrumentation ATE had a good quarter last one as well. We're well positioned with high margin, high value, high performance products in that area.

我對工業領域，特別是自動化領域，感到特別滿意。戴夫談到了A&D，以及赫梯人對我們故事那一部分的重要性。儀器儀表ATE上季表現也不錯。我們在該領域擁有高利潤、高價值、高效能的產品，因此處於有利地位。

Automotive we've talked a lot about. The foundation of our B2B businesses is industrial and healthcare and both of those areas are performing well, driven by our innovation efforts, our customer engagement efforts and the cooperation of the markets.

我們已經談了很多關於汽車的話題。我們的 B2B 業務基礎是工業和醫療保健，這兩個領域都表現良好，這得益於我們的創新努力、客戶互動努力和市場合作。

I think there is a belief by us that the industrial markets are going through a change much like the automotive market has already experienced in this electrification of cars. There is more and more kind of sensor signal processing, these kind of IoT-like applications going into the industrial space. The unit volume of the end product, whatever that might be, a robotic system or whatever, may be still the same number of units but the amount of content, analog content and semiconductor content broadly within those systems is just increasing as they try to sense these things and in richer ways get better data out of them.

我認為我們普遍認為，工業市場正在經歷一場變革，就像汽車市場在汽車電氣化過程中已經經歷的變革一樣。越來越多的感測器訊號處理技術，這類類似物聯網的應用正進入工業領域。最終產品的單位體積，無論是什麼，機器人系統還是其他什麼，可能仍然是相同的單元數量，但這些系統中的內容量，包括模擬內容和半導體內容，都在不斷增加，因為它們試圖感知這些事物，並以更豐富的方式從中獲取更好的數據。

To that point, our customers are becoming more and more and more software oriented and which opens up a tremendous opportunity for uses as a leader in the application of analog technology. The dependence on ADI is increasing where we are essentially, if you like, filling the vacuum for our customers and providing a lot of the analog engineering solutions to these customers. As they become more software oriented in areas like I mentioned during the prepared remarks, here, that we have solved a very, very important problem for our customers where we can take many, many different types of inputs and outputs across various standards, where we've been able to do a level of integration in these universal input/output systems which enable our customers to leverage their software across a bigger swath of analog input/output technology.

由此可見，我們的客戶越來越注重軟體應用，這為我們作為模擬技術應用領域的領導者提供了巨大的機會。對 ADI 的依賴性越來越強，我們基本上是在填補客戶的空白，並為這些客戶提供大量的模擬工程解決方案。正如我在準備好的發言中提到的，隨著他們在軟體領域變得越來越注重軟體，我們已經為客戶解決了一個非常非常重要的問題，即我們可以跨各種標準接收許多不同類型的輸入和輸出，我們已經能夠在這些通用輸入/輸出系統中實現一定程度的集成，使我們的客戶能夠在更廣泛的模擬輸入/輸出技術中利用他們的軟體。

That's some of the stuff that's going on as we move towards smarter, more software-oriented machines and process automation and factory automation, for example.

這就是我們朝著更智慧、更軟體化的機器、流程自動化和工廠自動化等方向發展時正在發生的一些事情。

Thank you and congrats.

謝謝，也恭喜你。

Your next question comes from Romit Shah with Nomura.

下一個問題來自野村證券的羅米特·沙阿。

Yes, thank you. I had a question about the B2B outlook for the April quarter. I thought industrial is typically up 10%-plus in April and I think you guys have said that auto's not too dissimilar. So the fact that you're guiding B2B up mid- to high-single digits with all the momentum that you're seeing today would sort of suggest that you've got some room to do better. Am I mischaracterizing seasonality? Could you just talk about that a little bit? Thank you.

是的，謝謝。我有一個關於四月份季度B2B市場前景的問題。我以為工業股在四月通常會上漲 10% 以上，而且我想你們也說過汽車股的情況也差不多。因此，鑑於目前的發展勢頭，您引導 B2B 業務實現了中高個位數的成長，這表明您還有提升的空間。我是否對季節性進行了錯誤描述？能稍微談談這方面嗎？謝謝。

Yes. It's more a function of when you have a really -- when you're coming off such strong numbers in the first quarter, you're probably not going to have quite the sequential improvement in the second quarter. I think it still drives year-over-year growth that's pretty meaningful. I don't think there's anything to read into that other than just the growth off of a very strong first quarter drives it to be a little bit lighter, I think, seasonally.

是的。這更多取決於你第一季業績非常強勁的時候，第二季可能不會有那麼大的環比成長。我認為它仍然推動著相當可觀的年同比增長。我認為這其中沒有什麼特別的含義，只是強勁的第一季成長帶動了整體成長，從季節性角度來看，成長幅度會略微減輕一些。

Remember, we're at record levels in our industrial business.

請記住，我們的工業業務正處於歷史最高水準。

Right.

正確的。

Okay. Next question.

好的。下一個問題。

Your next question is from C.J. Muse with Evercore.

您的下一個問題來自 Evercore 公司的 C.J. Muse。

Yes, good morning. Thank you for fitting me in. I guess two quick questions. The first one, can you share on the OpEx side, you did a great job of managing OpEx in a flat revenue environment in FY16, curious now that revenues appear to be tracking low-double digits at least, how we should think about OpEx.

是的，早安。謝謝你安排我過來。我想問兩個問題。第一個問題，您能否分享一下營運支出方面的狀況？您在 2016 財年收入持平的情況下，出色地管理了營運支出。現在收入似乎至少在維持兩位數低點成長，我很好奇我們應該如何看待營運支出。

Secondly, now that businesses is tracking better, free cash flow is coming in stronger and before you talked about net leverage of 3.8 times at deal close. I would imagine that number would look better and would love to get an update from you on that. Thank you.

其次，現在企業營運狀況有所改善，自由現金流也更加強勁，而你之前提到交易完成時的淨槓桿率為 3.8 倍。我想那個數字應該會更好，很想聽聽您提供的最新資訊。謝謝。

On the OpEx front, we're obviously going to lag the revenue growth, probably we're going to grow it at half the rate, maybe we do a little bit better. Of course, all this is prior to the Linear Tech integration and then we'll probably operate in a similar modality after that. As it relates to the net leverage, we'll probably be a little bit better coming in. Partially we also have accumulated a lot of cash in the last couple of quarters and we expect to have a pretty good quarter next quarter for cash flow, so I would suspect that we will come in a little bit under what we originally anticipated.

在營運支出方面，我們顯然會落後於收入成長，可能只有收入成長的一半，也許會稍微好一點。當然，這一切都發生在與凌力爾特公司整合之前，之後我們可能會以類似的方式運作。就淨槓桿率而言，我們可能會稍微好一點。部分原因是，我們在過去幾季也累積了大量現金，而且我們預計下個季度的現金流狀況會相當不錯，所以我估計最終結果會比我們最初的預期略低一些。

I think maybe more importantly is we think the free cash flow is going to be quite strong in this combined business going forward. I think we will end up seeing a little bit more rapid pay down of the debt than we originally anticipated. In that respect, we should see some benefit on the interest expense line over time and that certainly will benefit earnings as well.

我認為更重要的是，我們認為合併後的業務未來自由現金流將會非常強勁。我認為最終債務償還速度會比我們最初預期的要快一些。從這個角度來看，隨著時間的推移，我們應該會看到利息支出方面有所改善，這肯定也會有利於獲利。

All right. Next question, thanks.

好的。下一個問題，謝謝。

Your next question is from Chris Caso with CLSA.

下一個問題來自里昂證券的克里斯·卡索。

Thank you. Good morning. Just to follow up on a question on industry conditions and obviously demand appears pretty favorable now and inventory's low. Do you see any evidence either within your own business or the industry of tightening supply conditions? Anything that you think would incentivize the customers and distributors to start bringing the inventory levels a bit higher here?

謝謝。早安.關於產業狀況的問題，目前需求顯然相當有利，庫存也很低。您在自己的企業或產業中是否發現任何供應趨緊的跡象？您認為有什麼措施可以激勵客戶和經銷商提高這裡的庫存水準？

I think when you look across the supply chain, as far as we can tell, when we look at our inventory levels in distribution, they're really at the low end of where we'd expect them to be. When you look at the lead times, we have a goal here of delivering product within four to six weeks and we're still delivering basically the entirety of our orders within that stated lead time. You always have little pockets here and there but I'd say overall things look pretty good. Next question.

我認為，縱觀整個供應鏈，就我們目前所知，當我們查看分銷環節的庫存水準時，會發現它們實際上處於我們預期水準的低端。從交貨週期來看，我們的目標是在四到六週內交付產品，我們基本上都能在規定的交貨週期內交付所有訂單。雖然總是會有一些小問題，但總的來說情況看起來相當不錯。下一個問題。

Your next question comes from Stephen Chin with UBS.

下一個問題來自瑞銀集團的Stephen Chin。

Hi. Thanks for taking my question. I also had a follow-up on inventories. You guys mentioned the relatively lean level of seven weeks that the distribution channel's been running at. I was wondering for your direct customers' sales, which is I think about half of your business, can you talk about how the visibility on those inventory look?

你好。謝謝您回答我的問題。我還跟進了庫存情況。你們提到了分銷管道已經連續七週保持相對較低的營運水準。我想了解一下貴公司直接客戶的銷售額（我認為這大約佔貴公司業務的一半），您能否談談這些庫存的可見性情況？

Related to it, going back to the distribution channel, I think traditionally people look at disty channel inventory as a good real-time or lead indicator of how the overall cycle is doing and further downstream. Just with the better kind of just-in-time manufacturing methods in ERP systems, do you guys still think that a lower kind of in-line inventory levels in the disty channel is still a good sort of a lead indicator?

由此引申分銷通路的問題，我認為傳統上人們將分銷通路庫存視為衡量整個週期及下游情況的良好即時或領先指標。即使ERP系統中採用了更好的即時生產方法，你們是否仍然認為分銷管道中較低的線上庫存水準仍然是一個很好的領先指標？

The answer to the second is yes, it's a decent indicator, although at the end of the day it's the customer's inventory level of the distributors that really matters. We don't have tons of visibility into that. We look at the same data you do, which is what they report in terms of their overall inventory levels, which includes our products but also includes a whole bunch of other suppliers into those customers and they look in the range of pretty healthy levels.

第二個問題的答案是肯定的，這是一個不錯的指標，儘管歸根結底，真正重要的是分銷商的客戶庫存水準。我們對此了解不多。我們查看的數據與你們查看的數據相同，即他們報告的整體庫存水平，其中不僅包括我們的產品，還包括向這些客戶供應的許多其他供應商的產品，而且他們的庫存水平看起來相當健康。

So I think that at least as we see it today, there doesn't seem to be anything that would lead you to believe there's an inventory issue out there. I think really how we do and you how probably the industry does is more based on how the macro does and how the GDP, world GDP does over the course of the next few years. I'd say that's a bigger determinant of how things go.

所以我覺得，至少就目前來看，似乎沒有任何跡象顯示有庫存問題。我認為，我們以及整個產業的業績，更取決於未來幾年宏觀經濟的趨勢以及全球GDP的趨勢。我認為這才是決定事情走向的更重要因素。

All right. Next question, please.

好的。下一個問題。

Your next question comes from Harsh Kumar with Stephens.

下一個問題來自史蒂芬斯的哈什庫馬爾。

This is Richard in for Harsh. Just wanted to touch on the small-cell commentary you had. I know that this has been kind of a well advertised but continues to kind of get pushed out. What's giving you confidence that this is picking up? What are you hearing from customers? How does your content look compared to your traditional wireless infrastructure market?

這是理查德代替哈什上場。我只是想就你之前提到的小基地台問題補充一點。我知道這件事已經做了不少宣傳，但卻一直被擱置。是什麼讓你確信這種情況正在好轉？你從客戶那裡聽到了什麼回饋？與傳統無線基礎設施市場相比，您的內容看起來如何？

Well, we're getting orders, so that's how we know that it's -- the small cell is starting to deploy. It's more than just commentary. This is actually we're getting physical orders and forecasts. I think we feel pretty confident, unless some end demand perturbation or something like that.

我們已經收到訂單了，所以我們知道——小型基地台開始部署了。這不僅僅是評論。實際上，我們正​​在收到實際的訂單和預測數據。我認為我們相當有信心，除非出現一些最終需求波動或其他類似情況。

The content is good. It's reasonably similar to what we see on the macro side on a per-radio basis. The difference is that a macro base station could have 16, 24 channels and there's only one channel, usually, for one small cell. The ideas there is there will be a whole lot more of them deployed in a given region or given area and that's where we make it up in volume.

內容不錯。它與我們從宏觀層面上看到的每個收音機的情況相當相似。差別在於，宏基地台可能有 16、24 個頻道，而一個小型小區通常只有一個頻道。這些想法意味著在特定地區或特定區域內會部署更多類似的方案，而這正是我們在數量上彌補差距的地方。

Yes. I'd say the ramp-up of small cell is really beginning to happen now but I think it will hit a different pace over the next year, two years. It will be a bigger factor in two or three years time, but our business is still pretty much dominated by macro cell right now. But as Dave said, the channel ASP, the per channel ASP, is about the same whether it's a small cell or macro cell.

是的。我認為小型基地台的普及現在才真正開始，但我認為在未來一兩年內，它的發展速度會加快。兩三年後，這將是一個更大的因素，但目前我們的業務仍然主要由宏蜂窩技術主導。但正如戴夫所說，無論是小小區還是宏小區，頻道平均售價（ASP）都大致相同。

I'd just add, as Vince mentioned in the prepared remarks, we did have a record quarter this quarter in our software-defined integrated transceiver platforms and actually a lot of that's was driven by these small-cell deployments that are taking place, I'd say particularly in China right now.

我只想補充一點，正如 Vince 在準備好的發言稿中提到的，我們本季在軟體定義整合收發器平台方面取得了創紀錄的業績，而這實際上很大程度上是由正在進行的小基地台部署推動的，我認為尤其是在中國，目前的情況尤其如此。

Looks like we've got one more caller then we'll close it down.

看來我們還有一個來電，接通後就關閉了電話。

Our final question comes from Tore Svanberg with Stifel.

最後一個問題來自 Stifel 公司的 Tore Svanberg。

Thank you. I just had one last follow-up. This is on automotive. Instead of looking a at sort of the relative growth rates the last year, is there a way for you to talk about dollar content, especially with the Linear acquisition? What I'm trying to get is perhaps maybe now the content is sort of in the $10s but then with all these new technologies you'll eventually be in the $100s?

謝謝。我剛剛還有最後一次後續跟進。這是關於汽車的。與其關注過去一年的相對成長率，您能否談談美元內容，尤其是在收購 Linear 之後？我的意思是，現在內容的價格可能在幾十美元左右，但隨著所有這些新技術的出現，最終價格會漲到幾百美元？

Well, the LT -- again, look, we have a huge range of ASPs per car, given the type of technology we deploy and how much of it gets deployed per car. LT, so we have -- ADI's business is spread across basically gas-driven cars, combustion engines as well as EV and hybrid. LT's is largely electric and hybrid. It gives us greater diversity, but it depends very much on the type of car, the brand of car. It's very, very hard to put a number on it, Tore, but certainly we get more diversification and more ASP on average virtually in every car we supply technology to.

嗯，LT——再說一遍，你看，考慮到我們部署的技術類型以及每輛車部署的技術量，我們每輛車的平均售價範圍非常大。LT，所以我們有—ADI 的業務基本上涵蓋汽油驅動車、內燃機以及電動車和混合動力車。LT公司主要採用電動和混合動力技術。這為我們帶來了更大的多樣性，但這很大程度上取決於汽車的類型和品牌。托雷，這很難用數字來衡量，但可以肯定的是，我們幾乎在每一輛提供技術的汽車上都獲得了更高的產品多樣性和更高的平均售價。

I would say, we did a quick back of the napkin on it. I think on a low end we would get somewhere in the $55 range per car and on the high end we could do as well as $500. But if we add Linear to the mix, they should add about $100 worth of content, at least from a [sam] perspective. Obviously, we don't win all that business at every car. It's quite strong.

我想說，我們只是在餐巾紙背面快速地寫了一兩筆。我認為，最低價格每輛車大概能達到 55 美元，最高價格可達 500 美元。但如果我們把 Linear 也加進來，他們應該會增加價值約 100 美元的內容，至少從 [sam] 的角度來看是如此。顯然，我們不可能在每款車上都贏得所有訂單。它威力很強。

Great. All right, Tore --

偉大的。好吧，托雷——

That's very helpful. Thank you.

那很有幫助。謝謝。

All right. For sure. Okay. Great call, great quarter. Hopefully we'll talk to you guys on the road. That was definitely our last question. Thanks for joining the call this morning and we'll talk to you again soon.

好的。一定。好的。很棒的決策，很棒的季度。希望能在路上和你們聊聊。那絕對是我們最後一個問題了。感謝您今天上午參加電話會議，我們很快就會再次與您通話。

Thank you.

謝謝。

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。您現在可以斷開連線了。