亞德諾半導體 (ADI) 2018 Q3 法說會逐字稿

Good morning, and welcome to the Analog Devices Third Quarter Fiscal Year 2018 Earnings Conference Call, which is being audio webcast via telephone and over the web.

早上好，歡迎參加 Analog Devices 2018 財年第三季度收益電話會議，該電話會議正在通過電話和網絡進行音頻網絡直播。

I'd like to now introduce your host for today's call, Mr. Michael Lucarelli, Director of Investor Relations.

現在我想介紹一下今天電話會議的主持人，投資者關係總監 Michael Lucarelli 先生。

Sir, the floor is yours.

先生，地板是你的了。

Thank you, Jennifer, and good morning, everybody.

謝謝你，詹妮弗，大家早上好。

Thanks for joining our third quarter 2018 conference call.

感謝您參加我們的 2018 年第三季度電話會議。

With me on the call today are ADI's CEO, Vincent Roche; and ADI's CFO, Prashanth Mahendra-Rajah.

今天與我一起參加電話會議的是 ADI 首席執行官 Vincent Roche；以及 ADI 首席財務官 Prashanth Mahendra-Rajah。

For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.

對於那些錯過了該發布的人，您可以在 Investor.analog.com 上找到它以及相關的財務時間表。

This conference call is being webcast live, and a recording will be archived in the Investors section of our website.

本次電話會議正在進行網絡直播，錄音將存檔在我們網站的投資者部分。

Now on to the disclosures.

現在開始披露。

The information we're about to discuss, including our objectives and outlook, include forward-looking statements.

我們將要討論的信息，包括我們的目標和前景，包括前瞻性陳述。

Actual results may differ materially from these forward-looking statements as a result of various factors, including those discussed in our earnings release and in our most recent 10-Q.

由於各種因素，包括我們的收益報告和最近的 10 季度中討論的因素，實際結果可能與這些前瞻性陳述存在重大差異。

These forward-looking statements reflect our opinion as of the date of this call.

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。

We undertake no obligation to update these forward-looking statements in light of new information or future events.

我們沒有義務根據新信息或未來事件更新這些前瞻性陳述。

Our comments today about ADI's third quarter financial results will also include non-GAAP financial measures which exclude special items.

我們今天對 ADI 第三季度財務業績的評論還將包括不包括特殊項目的非公認會計準則財務指標。

When comparing our third quarter results to our historical performance, special items are also excluded from the prior quarter and year-over-year results.

在將我們的第三季度業績與歷史業績進行比較時，特殊項目也被排除在上一季度和同比業績之外。

Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release and on our web schedules, which we've posted under the Quarterly Results section at investor.analog.com.

這些非 GAAP 指標與其最直接可比的 GAAP 指標的對賬以及有關我們非 GAAP 指標的其他信息均包含在今天的收益發布和我們的網絡時間表中，我們已將其發佈在 Investor.analog 的季度業績部分下。 com.

Okay.

好的。

With that, I'll turn it over to ADI's CEO, Vincent Roche.

接下來，我會將其轉交給 ADI 首席執行官 Vincent Roche。

Vince?

文斯？

Thanks, Mike, and good morning to everyone.

謝謝邁克，大家早上好。

Analog Devices, well, we had an outstanding fiscal third quarter.

Analog Devices，我們的第三財季表現非常出色。

Our performance demonstrates the disciplined execution of our strategy as we continue to deliver value for our customers, helping them meet their evolving needs in this dynamic market environment.

我們的業績證明了我們戰略的嚴格執行，我們繼續為客戶提供價值，幫助他們在這個動態的市場環境中滿足不斷變化的需求。

It also reflects our ability to deliver strong results for our shareholders while investing in growth opportunities to expand market share, continuously innovate and strengthen our position for the long term.

它還反映了我們有能力為股東帶來強勁業績，同時投資增長機會以擴大市場份額，不斷創新並鞏固我們的長期地位。

In the quarter, revenues came in above the high end of our guided range.

本季度的收入高於我們指導範圍的上限。

Our growth was once again driven by continued strength in our B2B markets, especially in the industrial and communication sectors.

我們的增長再次受到 B2B 市場持續強勁的推動，尤其是在工業和通信領域。

These strong results were supported by yet another record quarter from our Linear Tech franchise.

這些強勁的業績得益於我們凌力爾特公司又一個創紀錄的季度業績。

Operating margins expanded meaningfully compared to last year and non-GAAP EPS increased over 20% year-over-year and came in above the high end of our guidance.

與去年相比，營業利潤率大幅增長，非 GAAP 每股收益同比增長超過 20%，高於我們指導的上限。

We also delivered very strong free cash flow, generating $2.2 billion in free cash flow on a trailing 12-month basis, translating to approximately 36% free cash flow margin.

我們還提供了非常強勁的自由現金流，過去 12 個月產生了 22 億美元的自由現金流，相當於約 36% 的自由現金流利潤率。

ADI's cash-generating capabilities enabled us to achieve our 2x leverage ratio goal 3 quarters ahead of plan, and we are pleased to announce that we have reinstated our share repurchase program.

ADI 的現金產生能力使我們比計劃提前 3 個季度實現了 2 倍槓桿率的目標，我們很高興地宣布我們已經恢復了股票回購計劃。

And given the long-term prospects of this business, our board has authorized an additional $2 billion in share repurchases.

考慮到這項業務的長期前景，我們的董事會已批准額外 20 億美元的股票回購。

Now before Prashanth goes deeper into our financial performance, I'd like to continue the discussion around key market trends that are shaping our industry and the steps that ADI is taking to seize these opportunities.

現在，在 Prashanth 深入探討我們的財務業績之前，我想繼續討論塑造我們行業的主要市場趨勢以及 ADI 為抓住這些機遇而採取的步驟。

On the last earnings call, I spoke about the transition to 5G for wireless communications and what it means for ADI.

在上次財報電話會議上，我談到了無線通信向 5G 的過渡及其對 ADI 的意義。

Today, I'd like to focus on Industry 4.0, which is driving the next evolution of innovation and investment in industrial automation.

今天，我想重點討論工業 4.0，它正在推動工業自動化創新和投資的下一次發展。

For many industries, the digital factory will bring greater supply chain efficiencies, higher quality, more flexibility and a safer workplace, all contributing to higher productivity.

對於許多行業來說，數字工廠將帶來更高的供應鏈效率、更高的質量、更大的靈活性和更安全的工作場所，所有這些都有助於提高生產力。

This smart factory, in which cyber-physical systems monitor the physical process of the factory or plant, will use additional data for decentralized decision-making, human assistance, increased safety and more predictability.

在這個智能工廠中，網絡物理系統監控工廠或工廠的物理過程，將使用額外的數據進行分散決策、人工協助、提高安全性和可預測性。

This will require a mass deployment of intelligent sensors at the edge.

這將需要在邊緣大規模部署智能傳感器。

For many decades, ADI has been viewed as the go to edge solution provider.

幾十年來，ADI 一直被視為邊緣解決方案提供商。

The place where the data is born, so to speak, and I'll highlight later how we are enabling this evolution.

可以說，這是數據誕生的地方，稍後我將重點介紹我們如何實現這種演變。

Although ADI is excited about this emerging opportunity, we expect this transition to take time while the deployment of today's existing sensing, signal processing and power architectures will continue to drive growth for many years.

儘管 ADI 對這一新興機遇感到興奮，但我們預計這種轉變需要時間，而當今現有傳感、信號處理和電源架構的部署將繼續推動多年的增長。

In fact, our core automation business represents a significant portion of our total industrial business today, and we're taking a long view to ensure that we keep at the cutting edge of technology and customer support.

事實上，我們的核心自動化業務占我們當今整個工業業務的很大一部分，我們著眼長遠，以確保我們保持在技術和客戶支持的前沿。

Our domain expertise is unmatched and gives us invaluable insights to understand our customers' challenges and where the markets are going.

我們的領域專業知識是無與倫比的，為我們提供了寶貴的見解，以了解客戶的挑戰和市場的發展方向。

And we've been investing ahead, broadening our portfolio through targeted R&D, collaborating with leading automation customers and leveraging strategic M&A to enhance our offerings to include algorithms and software.

我們一直在提前投資，通過有針對性的研發擴大我們的產品組合，與領先的自動化客戶合作，並利用戰略併購來增強我們的產品，包括算法和軟件。

At the same time, we've extended our reach with the addition of the LTC sales force and FAEs, and the complementarity of our customer bases enables us to access more opportunities at current customers and increase penetration at new customers.

與此同時，我們通過增加 LTC 銷售人員和 FAE 擴大了我們的業務範圍，我們客戶群的互補性使我們能夠在現有客戶中獲得更多機會，並提高對新客戶的滲透率。

We believe that these targeted investments position us to continue to grow our market share and to outperform in the years to come.

我們相信，這些有針對性的投資使我們能夠繼續擴大市場份額，並在未來幾年表現出色。

For decades, our products and solutions have been adopted by many thousands of customers around the world.

幾十年來，我們的產品和解決方案已被全球成千上萬的客戶採用。

Their equipment is used at the factory floor level across a very diverse set of end markets such as automotive, pharmaceutical, oil and gas, smartphones, food and beverage and many, many others, and this is a long life cycle business.

他們的設備在汽車、製藥、石油和天然氣、智能手機、食品和飲料等眾多終端市場的工廠車間使用，這是一個長生命週期的業務。

Once qualified and deployed to strict industrial requirements, customers keep using ADI's proven products.

一旦符合嚴格的工業要求並被部署，客戶就會繼續使用 ADI 經過驗證的產品。

This makes this business very sticky with high barriers to entry.

這使得這個行業的粘性非常大，進入壁壘很高。

With the broadest set of technologies and capabilities, our customers continue to turn to ADI for the best performance and precision, robustness and safety.

憑藉最廣泛的技術和能力，我們的客戶不斷向 ADI 尋求最佳性能、精度、穩健性和安全性。

The addition of LTC adds high-performance power to our already expansive portfolio, enabling further innovation.

LTC 的加入為我們已經廣泛的產品組合增添了高性能，從而實現了進一步的創新。

And in fact, power plays an increasingly critical role in solving more and more of the design challenges of our customers as they further automate in space and energy-constrained areas.

事實上，隨著客戶在空間和能源受限領域進一步實現自動化，電源在解決客戶越來越多的設計挑戰方面發揮著越來越重要的作用。

For example, we just recently launched a product that enables up to 8 analog outputs on a card, previously unachievable due to excess heat.

例如，我們最近剛剛推出了一款產品，可在一張卡上實現多達 8 個模擬輸出，這在以前由於過熱而無法實現。

We succeeded by combining the signal chain expertise of ADI with LTC's power know-how to maintain an unchanged power density.

我們成功地將 ADI 的信號鏈專業知識與 LTC 的電源專業知識相結合，以保持功率密度不變。

Safety is also critical.

安全也至關重要。

These systems require essential electrical isolation barriers to protect low-voltage electronics as well as humans from high voltages.

這些系統需要必要的電氣隔離屏障來保護低壓電子設備以及人類免受高壓的影響。

Traditionally, customers have used optical technology to transfer data across these safety barriers.

傳統上，客戶使用光學技術跨越這些安全屏障傳輸數據。

However, frustrated by their lack of reliability and power, we increasingly see customers turning to ADI for our digital isolation technology.

然而，由於缺乏可靠性和功能而感到沮喪，我們越來越多地看到客戶轉向 ADI 尋求我們的數字隔離技術。

So with unique architectures and leading process technology, our iCoupler isolation solutions are significantly more reliable and can transfer data and power twice as fast as our nearest competitor.

因此，憑藉獨特的架構和領先的工藝技術，我們的 iCoupler 隔離解決方案更加可靠，並且傳輸數據和電力的速度是我們最接近的競爭對手的兩倍。

We also remove customers' industry certification pain with ready-to-use solutions, accelerating their time-to-market.

我們還通過即用型解決方案消除客戶的行業認證難題，加快其上市時間。

As a result of all that, we have shipped over 2 billion channels and are increasing our market share and driving revenue growth well into the double-digits annually.

因此，我們已經交付了超過 20 億個頻道，並且正在增加我們的市場份額，並推動收入每年以兩位數的速度增長。

Today, as manufacturers respond to a more demanding consumer base, they are turning to more distributed and flexible architectures.

如今，隨著製造商應對更加苛刻的消費者群，他們正在轉向更加分佈式和靈活的架構。

With this in mind, I will focus now on 2 examples to highlight how innovation at the factory floor is driving new growth opportunities for ADI.

考慮到這一點，我現在將重點關注兩個示例，以強調工廠車間的創新如何為 ADI 帶來新的增長機會。

The first is robotics.

第一個是機器人技術。

Across all geographies, significant investments are being made to upgrade from a labor-intensive footprint to a more sophisticated automated infrastructure.

在所有地區，都進行了大量投資，以從勞動密集型基礎設施升級到更複雜的自動化基礎設施。

Repetitive tasks are now being performed by collaborative robots commonly known as cobots.

重複性任務現在由通常稱為協作機器人的協作機器人執行。

These are smaller robots that work in collaboration with humans.

這些是與人類協作工作的小型機器人。

While the traditional large-scale industrial robotics industry remains healthy and growing, the newer collaborative robotics market is in the early stages of growth.

雖然傳統的大型工業機器人行業保持健康和增長，但新型協作機器人市場正處於增長的早期階段。

Collectively, this market is expected to grow at more than 10% annually, adding more than 500,000 systems per year by 2022.

總體而言，該市場預計每年將以 10% 以上的速度增長，到 2022 年每年將增加超過 500,000 個系統。

ADI is unique in our ability to combine all these key technologies for the traditional large-scale robots as well as the fast-growing cobots segments.

ADI 的獨特之處在於我們能夠將所有這些關鍵技術結合起來，用於傳統的大型機器人以及快速增長的協作機器人領域。

Along with our traditional precision-control technology solutions, including signal chains and digital isolation, we effectively more than triple our content opportunity with the addition of power management, communications and sensors.

除了我們傳統的精密控制技術解決方案（包括信號鍊和數字隔離）之外，通過添加電源管理、通信和傳感器，我們的內容機會實際上增加了三倍以上。

The second area of innovation is the flexible factory floor.

第二個創新領域是靈活的工廠車間。

Here, robots operate in tandem with many other systems, including PLC controllers and a vast array of sensors and actuators.

在這裡，機器人與許多其他系統協同運行，包括 PLC 控制器以及大量傳感器和執行器。

These machines or devices are designated as either inputs or outputs.

這些機器或設備被指定為輸入或輸出。

Several years ago, ADI took on the challenge of implementing an integrated software configurable I/O architecture based on our high-performance precision signal processing portfolio.

幾年前，ADI 接受了基於我們的高性能精密信號處理產品組合實施集成軟件可配置 I/O 架構的挑戰。

With this breakthrough in innovation, ADI created a disruptive capability, allowing universal selection and configuration of many types of input and output devices.

憑藉這一創新突破，ADI 創造了顛覆性能力，允許多種類型的輸入和輸出設備的通用選擇和配置。

This has opened new opportunities and allows customers to easily install and reconfigure their automation equipment.

這帶來了新的機遇，使客戶能夠輕鬆安裝和重新配置其自動化設備。

In addition to flexibility, the big value impact comes in the total cost of ownership at the factory level.

除了靈活性之外，巨大的價值影響還體現在工廠層面的總擁有成本。

Significant savings for customers include 8 weeks on average faster installation time, savings on engineering and a significant reduction in factory space.

為客戶帶來的顯著節省包括平均安裝時間縮短 8 週、節省工程費用以及顯著減少工廠空間。

Factory production flows can be adapted more easily, and these changes that could traditionally take hours, can now be done in minutes.

工廠生產流程可以更輕鬆地進行調整，而這些改變在傳統上可能需要幾個小時，現在可以在幾分鐘內完成。

With this new capability, we've increased our SAM by an additional $200 million.

憑藉這項新功能，我們的 SAM 額外增加了 2 億美元。

And since our initial design wins at leading customers over the past year, we've substantially increased our opportunity pipeline.

自從我們的初始設計在過去一年中贏得了領先客戶的青睞以來，我們大大增加了我們的機會渠道。

As we look towards the future with the digital factory, flexible architectures with an increase of robotics will enable the transformation of manufacturing.

當我們展望數字工廠的未來時，靈活的架構和機器人技術的增加將實現製造業的轉型。

With that comes a demand for higher bandwidth, predictability of machine health, robustness and security.

隨之而來的是對更高帶寬、機器健康狀況的可預測性、穩健性和安全性的需求。

Working closely with our customers, we've invested to extend our portfolio and ability to solve these challenges.

我們與客戶密切合作，投資擴展我們的產品組合和解決這些挑戰的能力。

In addition to offering the most robust industrial wireless networking technology, ADI is enabling the transition to newer secure connectivity architectures.

除了提供最強大的工業無線網絡技術外，ADI 還支持向更新的安全連接架構的過渡。

We are leading the path to higher bandwidth industrial-ready Ethernet, using the latest time-sensitive networking standards.

我們使用最新的時間敏感網絡標準，引領更高帶寬工業級以太網的發展。

ADI's industrial deterministic Ethernet is a far cry from standard Ethernet and provides the determinism, reliability, robustness and the security required in the hostile environment of the digital factory.

ADI 的工業確定性以太網與標準以太網截然不同，可提供數字工廠惡劣環境中所需的確定性、可靠性、穩健性和安全性。

Finally, our sensing and measurement technology provides contextual data, enabling predictive outcomes.

最後，我們的傳感和測量技術提供上下文數據，從而實現預測結果。

ADI's depth, optical and touch sensors are used to create safe working zones for humans while vibration, electrical and temperature sensors are used for condition-based monitoring, predicting the mechanical wear of the machines to maximize factory uptime.

ADI 的深度、光學和触摸傳感器用於為人類創建安全工作區，而振動、電氣和溫度傳感器用於基於狀態的監控，預測機器的機械磨損，以最大限度地延長工廠的正常運行時間。

So to summarize, at the edge of the factory floor where the data is born, ADI is the leader in industrial automation.

總而言之，在數據誕生的工廠車間邊緣，ADI 是工業自動化領域的領導者。

This market has grown steadily for many years, and we're witnessing a new era of opportunity, innovation and growth.

這個市場多年來一直穩定增長，我們正在見證一個充滿機遇、創新和增長的新時代。

While our core technologies continue to provide the foundational performance for control and precision, our new investments double our SAM and allow us to solve the emerging challenges our customers face.

雖然我們的核心技術繼續為控制和精度提供基礎性能，但我們的新投資使 SAM 翻倍，使我們能夠解決客戶面臨的新挑戰。

All in all, I'm very optimistic about what the future will bring for ADI in this new world.

總而言之，我對 ADI 在這個新世界中的未來非常樂觀。

So with that, I'd like to hand over to Prashanth, who will take you through the financials.

因此，我想將工作交給 Prashanth，他將向您介紹財務狀況。

Thank you, Vince.

謝謝你，文斯。

Good morning, everyone, and let me add my welcome to our Q3 2018 earnings call.

大家早上好，請允許我對 2018 年第三季度財報電話會議表示歡迎。

With the exception of non-op expenses, my comments on the P&L line items will be on a non-GAAP or adjusted basis, which excludes special items outlined in today's press release.

除非運營費用外，我對損益項目的評論將基於非公認會計原則或調整後的基礎上，其中不包括今天新聞稿中概述的特殊項目。

As Vince mentioned, we delivered another record-setting quarter.

正如文斯提到的，我們又創造了創紀錄的季度業績。

We had 8% revenue growth, 20% higher earnings per share, free cash flow margins at 36%.

我們的收入增長了 8%，每股收益增長了 20%，自由現金流利潤率為 36%。

But before I get into the details of the income statement, let me cover the end markets.

但在詳細介紹損益表之前，讓我先介紹一下終端市場。

Our B2B revenue increased 13% year-over-year, led by double-digit growth in the industrial and communications markets.

在工業和通信市場兩位數增長的帶動下，我們的 B2B 收入同比增長 13%。

The industrial end market represented 50% of sales in the quarter and increased in the low double digits year-over-year.

工業終端市場佔本季度銷售額的 50%，同比增長較低的兩位數。

Growth in this market continues to be broad based with nearly all applications and geographies increasing double digits compared to the year-ago quarter.

該市場繼續廣泛增長，與去年同期相比，幾乎所有應用程序和地區的增長均達到兩位數。

As Vince highlighted, the factory automation market is undergoing changes not seen in decades, and customers are looking to ADI as the trusted partner to provide next-generation solutions to transform their industry and increase productivity.

正如 Vince 所強調的，工廠自動化市場正在經歷幾十年來未見的變化，客戶希望 ADI 作為值得信賴的合作夥伴，提供下一代解決方案，以實現行業轉型和提高生產力。

In the communications market, which represented 21% of sales in the third quarter, sales into both wireless and wired applications increased at a double-digit rate compared to the same period last year.

在佔第三季度銷售額21%的通信市場中，無線和有線應用的銷售額與去年同期相比均以兩位數的速度增長。

Growth in our wireless business accelerated as the market continues to densify their 4G networks, accelerate small cell deployments and begin the transition to 5G massive MIMO.

隨著市場不斷密集化 4G 網絡、加速小型蜂窩部署並開始向 5G 大規模 MIMO 過渡，我們的無線業務增長加速。

This better market environment combined with our strong position across carriers with our high performance mixed signal and RF portfolio positions our comms business for continued growth and outperformance.

更好的市場環境加上我們在運營商中的強大地位以及我們的高性能混合信號和射頻產品組合，使我們的通信業務能夠持續增長並取得優異的業績。

Our automotive business represented 16% of sales in the quarter.

我們的汽車業務佔本季度銷售額的 16%。

And in line with our commentary last quarter, sales increased at a mid-single-digit rate compared to a year ago, with all applications increasing over that time period.

與我們上季度的評論一致，與去年同期相比，銷售額以中等個位數的速度增長，所有應用程序在此期間均有所增加。

ADI organic revenue performed well once again, increasing high single digits year-over-year.

ADI 有機收入再次表現出色，同比增長高個位數。

And finally, our consumer business represented 13% of sales in the third quarter and as expected, decreased year-over-year primarily due to lower demand for products used in the portable consumer applications.

最後，我們的消費業務佔第三季度銷售額的 13%，正如預期的那樣，同比下降主要是由於便攜式消費應用中使用的產品需求下降。

Now moving on to the P&L.

現在轉向損益表。

Revenue for the quarter was $1.57 billion, above the high end of our guidance, increasing 8% year-over-year and up 4% sequentially.

本季度收入為 15.7 億美元，高於我們指導的上限，同比增長 8%，環比增長 4%。

Gross margin of 71.2% increased 70 bps year-over-year, and given the mix of business, were down slightly sequentially.

毛利率為 71.2%，同比增長 70 個基點，但考慮到業務組合，毛利率環比略有下降。

OpEx in the third quarter was $448 million or 28.5% of revenue.

第三季度運營支出為 4.48 億美元，佔收入的 28.5%。

Strong revenue growth combined with operational execution resulted in operating margins at the high end of guidance at 42.7%.

強勁的收入增長加上運營執行力使得運營利潤率達到了 42.7% 的指導上限。

Non-op expenses in the third quarter were approximately $58 million, and our tax rate was approximately 6%.

第三季度的非運營費用約為 5800 萬美元，我們的稅率約為 6%。

Non-GAAP diluted earnings per share for the third quarter came in above the high end of guidance at $1.53, increasing more than 20% year-over-year.

第三季度非 GAAP 攤薄每股收益高於指導上限 1.53 美元，同比增長超過 20%。

Moving on to the balance sheet.

繼續看資產負債表。

Inventory increased 2% sequentially, and days were 112 in the quarter, down 4 days from the second quarter.

庫存環比增長 2%，本季度庫存天數為 112 天，較第二季度減少 4 天。

Disti inventory was just above 7.5 weeks, flat sequentially and up modestly compared to the year-ago quarter.

分銷庫存略高於 7.5 週，環比持平，與去年同期相比略有上升。

We generated free cash flow of approximately $570 million in the quarter, bringing our trailing 12 months' free cash flow to a record $2.2 billion with associated free cash flow margin of approximately 36%.

本季度我們產生了約 5.7 億美元的自由現金流，使我們過去 12 個月的自由現金流達到創紀錄的 22 億美元，相關的自由現金流利潤率約為 36%。

And during the quarter, we also paid down $430 million of debt, bringing our net leverage to 2x.

在本季度，我們還償還了 4.3 億美元的債務，使我們的淨槓桿率達到了 2 倍。

Capital additions in the third quarter were $52 million, and we expect CapEx to continue to run at our model of approximately 4% of sales.

第三季度的資本增加為 5200 萬美元，我們預計資本支出將繼續按照我們約佔銷售額 4% 的模型運行。

During the quarter, we paid $179 million in dividends with an associated quarterly cash dividend of $0.48, representing an annual dividend payment of $1.92 per outstanding share of common stock.

本季度，我們支付了 1.79 億美元的股息，相關季度現金股息為 0.48 美元，相當於每股已發行普通股的年度股息支付為 1.92 美元。

All in all, it was a terrific quarter and the Q4 guide is equally strong, which with the exception of revenue and non-op expenses are also on a non-GAAP basis and exclude items outlined in today's release.

總而言之，這是一個了不起的季度，第四季度指南也同樣強勁，除了收入和非運營費用外，該指南也是基於非公認會計準則的基礎上的，並且不包括今天發布的內容中列出的項目。

At a high level, we're expecting the fourth quarter to look a lot like the third quarter.

從總體上看，我們預計第四季度與第三季度非常相似。

We're planning for the revenue in the fourth quarter to be in the range of $1.53 billion to $1.61 billion.

我們計劃第四季度的收入在 15.3 億美元至 16.1 億美元之間。

At the midpoint of guidance, we expect our B2B markets of industrial, auto and comms in the aggregate to increase in the low double digits year-over-year.

在指導的中點，我們預計工業、汽車和通訊的 B2B 市場總體將同比增長兩位數。

This would represent our seventh consecutive quarter of double-digit year-over-year revenue growth for our B2B markets.

這將代表我們的 B2B 市場收入連續第七個季度實現兩位數同比增長。

We're planning for gross margins to be approximately 71%.

我們計劃毛利率約為 71%。

We expect our operating expenses to be in the range of $440 million to $450 million.

我們預計運營費用將在 4.4 億至 4.5 億美元之間。

At the midpoint of guidance, this implies OpEx, as a percentage of sales, will be approximately flat sequentially, which brings operating margins in the fourth quarter expected in the range of 40% to -- excuse me, 42% to 43%.

在指導的中點，這意味著運營支出佔銷售額的百分比將與上一季度大致持平，這使得第四季度的運營利潤率預計在 40% 到 42% 到 43% 之間。

We expect non-op expenses to be approximately $57 million and our tax rate around 7%.

我們預計非運營費用約為 5700 萬美元，稅率約為 7%。

And based on these inputs, diluted EPS, excluding special items, would be in the range of $1.46 to $1.58.

根據這些投入，稀釋後每股收益（不包括特殊項目）將在 1.46 美元至 1.58 美元之間。

Now before we move to the Q&A session, I wanted to provide some context for last night's press release.

現在，在我們進入問答環節之前，我想為昨晚的新聞稿提供一些背景信息。

As I mentioned earlier, we achieved a 2x leverage ratio during our fiscal third quarter, just 16 months post closing of the Linear acquisition.

正如我之前提到的，我們在第三財季（即 Linear 收購完成後僅 16 個月）實現了 2 倍的槓桿率。

Over those 16 months, we paid down $2.3 billion of debt or nearly 1/3 of the debt we raised for the deal.

在這 16 個月裡，我們償還了 23 億美元的債務，相當於我們為該交易籌集的債務的近 1/3。

During the same period, we also returned approximately $850 million to our shareholders through dividends.

同期，我們還通過股息向股東返還約 8.5 億美元。

With this milestone achieved, we can now provide more clarity on our capital allocation plans.

隨著這一里程碑的實現，我們現在可以更明確地提供我們的資本配置計劃。

Our first call on capital will always be to invest in the business, whether through targeted R&D, smart capital spending or strategic M&A.

我們對資本的首要要求始終是投資於業務，無論是通過有針對性的研發、明智的資本支出還是戰略併購。

These investments ensure we continue to have the right technology portfolio to increase our competitive advantage and drive profitable and sustainable growth.

這些投資確保我們繼續擁有正確的技術組合，以增強我們的競爭優勢並推動盈利和可持續增長。

Given the profitability of this franchise, the long-term prospects for our business and the benefits from U.S. tax reform, we now plan to return 100% of our free cash flow after debt repayments to investors.

考慮到該特許經營權的盈利能力、我們業務的長期前景以及美國稅制改革的好處，我們現在計劃在向投資者償還債務後將100%的自由現金流返還。

Under this framework, the dividend policy remains the cornerstone of our capital allocation policy.

在此框架下，股利政策仍然是我們資本配置政策的基石。

We have increased the dividend 15 times over the last 14 years and remain committed to our goal of a 5% to 10% increase annually.

在過去 14 年裡，我們已將股息增加了 15 倍，並始終致力於每年增加 5% 至 10% 的目標。

As you saw in yesterday's press release, we are reinstating our share repurchase program and announced a $2 billion authorization from our Board of Directors.

正如您在昨天的新聞稿中看到的，我們正在恢復股票回購計劃，並宣布董事會授權 20 億美元。

We plan to use this approval to offset dilution and over time, lower our share count.

我們計劃利用這一批准來抵消股權稀釋，並隨著時間的推移，減少我們的股份數量。

We believe this capital strategy will continue to deliver value for our shareholders and allow us to continue the investments necessary to meet the evolving needs of our customers in a dynamic growth environment.

我們相信，這一資本戰略將繼續為我們的股東創造價值，並使我們能夠繼續進行必要的投資，以滿足動態增長環境中客戶不斷變化的需求。

So to wrap it up, this was another record quarter for ADI across many metrics.

總而言之，這是 ADI 在許多指標上又一個創紀錄的季度。

The strength in our business resulted in strong revenue growth and profit conversion.

我們的業務實力帶來了強勁的收入增長和利潤轉換。

We see this momentum continuing for Q4, and the early achievement of our 2x leverage goal enables us to reinstate our share repurchase program.

我們看到這種勢頭在第四季度持續存在，並且提前實現 2 倍槓桿目標使我們能夠恢復我們的股票回購計劃。

And with that, let me turn it over to Mike for our Q&A session.

接下來，讓我將其轉交給邁克進行問答環節。

Thanks, Prashanth.

謝謝，普拉珊特。

Okay.

好的。

Let's get to the Q&A session.

讓我們進入問答環節。

(Operator Instructions) Operator, can we have our first question, please?

（接線員指示）接線員，我們可以問第一個問題嗎？

(Operator Instructions) Our first question comes from Craig Hettenbach with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Craig Hettenbach。

Can you hear me now?

你能聽到我嗎？

We hear you fine, Craig.

我們聽到你說得很好，克雷格。

Yes.

是的。

Perfect.

完美的。

Just a question on B2B.

只是一個關於B2B的問題。

Understanding it's double digits in aggregate, there have been some moving pieces between segments, particularly kind of autos and comms.

了解其總量為兩位數後，細分市場之間出現了一些變化，特別是汽車和通訊領域。

So any color as you look into the October quarter?

那麼，當您展望十月季度時，您會看到什麼顏色呢？

Just a little bit more granular between the comm business, industrial and autos for the October quarter?

十月季度的通信業務、工業和汽車業務之間是否有更細緻的劃分？

Yes.

是的。

Well, look, Craig, B2B remains very strong.

好吧，克雷格，B2B 仍然非常強勁。

We've had a couple of stellar years of growth and we remain in a strong zone here.

我們已經經歷了幾年的輝煌增長，並且仍然處於強勁的區域。

The growth has been led primarily by industrial and comms.

增長主要由工業和通訊業帶動。

And that's, as you know, 70% of our business today.

如您所知，這占我們今天業務的 70%。

So I'd say at this point, inventory is in very good shape, well managed on our balance sheets, it's in good shape in the channel and I'd say lead times are stable as well.

所以我想說，在這一點上，庫存狀況非常好，我們的資產負債表管理得很好，渠道狀況良好，而且我想說交貨時間也很穩定。

And our overall guidance implies, as Prashanth said, our second -- our seventh consecutive double-digit year-over-year growth in B2B.

正如 Prashanth 所說，我們的總體指導意味著我們的 B2B 業務將連續第七次實現兩位數同比增長。

So I think we said clearly that we see pockets of slowing growth in industrial.

所以我認為我們明確表示我們看到工業增長放緩。

It's, I think, over the foreseeable future, industrial will perform in the 2x to 3x GDP area, probably at the higher end of that.

我認為，在可預見的未來，工業的表現將是 GDP 的 2 倍到 3 倍，甚至可能處於較高水平。

Clearly, comms is -- ADI's position in 4G systems is good and carriers are spending more money in 4G, and we're beginning to see as well the early stages of deployment in 5G.

顯然，通信領域——ADI 在 4G 系統中的地位很好，運營商在 4G 上投入了更多資金，而且我們也開始看到 5G 部署的早期階段。

So given the portfolio we have, the penetration we have at the key customers in wireless communications infrastructure, I think we're poised to see some stellar growth in the wireless comms side of the business.

因此，考慮到我們擁有的產品組合，以及我們在無線通信基礎設施關鍵客戶中的滲透率，我認為我們有望看到無線通信業務方面的顯著增長。

Also, there's a significant upgrade cycle taking place in the kind of the backhaul, the optical backhaul.

此外，回程（光纖回程）也正在經歷一個重要的升級週期。

So I foresee see that, again, given the strength of our penetration and the product portfolio that we have, we'll see some decent growth there, too.

因此，我預計，鑑於我們的滲透力和我們擁有的產品組合的實力，我們也將在那裡看到一些可觀的增長。

We've talked about automotive many times.

我們已經多次談論過汽車。

My sense is that, that will continue to perform in the kind of the mid-single-digit growth level and so it's, I'd say, moderate but a very, very important part of what we're doing.

我的感覺是，這將繼續保持中等個位數的增長水平，因此，我想說，這是溫和的，但卻是我們正在做的事情中非常非常重要的一部分。

Your next question is from Ambrish Srivastava with BMO.

您的下一個問題來自 BMO 的 Ambrish Srivastava。

I just wanted to focus on the gross margin side.

我只想關注毛利率方面。

I get the mix change, consumer was stronger, at least kind of what -- versus what we were modeling, so it came in a little bit lighter versus what you had guided to, Prashanth.

我得到了混合變化，消費者更強大，至少是與我們正在建模的相比，所以它比你所指導的要輕一些，Prashanth。

But if you look at the guide, that seems a little bit lighter as well.

但如果你看一下指南，你會發現這似乎也更輕鬆一些。

So can you just help us understand the puts and takes on gross margin, please?

那麼您能幫我們了解毛利率的看漲期權和看跌期權嗎？

Absolutely, Ambrish.

絕對是，安布里什。

Thanks for the question.

謝謝你的提問。

So recall that our gross margin model is to be above 70%, which is industry-leading, and we're above that goal for the third quarter and the fourth quarter.

因此，請記住，我們的毛利率模型是在 70% 以上，這是行業領先的，而且我們在第三季度和第四季度都超過了這一目標。

But you're right, margins were slightly lower.

但你是對的，利潤率略低。

The upside driven by communications and consumer and the result was our industrial mix declined to 50% or about 200 bps from where we were at second quarter levels.

上行趨勢是由通信和消費者推動的，結果是我們的工業結構比第二季度的水平下降至 50% 或約 200 個基點。

And then as we look to the fourth quarter, very similar to what Vince just told Craig, our strongest growth is going to come from comms and automotive.

然後，當我們展望第四季度時，與文斯剛剛告訴克雷格的情況非常相似，我們最強勁的增長將來自通信和汽車。

So that mix in the businesses is driving a little bit of that shift in gross margin, but still well above our model.

因此，業務組合在一定程度上推動了毛利率的變化，但仍遠高於我們的模型。

And I will remind everyone that we do have about another $100 million of cost synergies, which should start layering in towards the beginning of 2021, late 2020, so we still expect to be able to continue to drive gross margins up as the operations team shuts down the facility in Singapore and in California.

我要提醒大家的是，我們確實還有大約 1 億美元的成本協同效應，這應該會在 2021 年初、2020 年底開始分層，因此，隨著運營團隊的關閉，我們仍然期望能夠繼續提高毛利率關閉新加坡和加利福尼亞的工廠。

And then, overall, our focus is on expanding op margins.

然後，總的來說，我們的重點是擴大運營利潤。

So as long as we can keep driving our revenue faster than our operating expenses, we'll be able to continue to drive the profitability for this business.

因此，只要我們能夠繼續推動收入增長快於運營支出，我們就能夠繼續推動這項業務的盈利能力。

Thanks for the question, Ambrish.

謝謝你的提問，安布里什。

Yes.

是的。

Just one quick follow-up to that.

只是對此的一個快速跟進。

Prashanth was talking about the fastest growth, here's to -- sequentially, on a year-over-year basis, the strongest growers were once again the industrial and communications, which both grow in the double digits.

Prashanth 談論的是增長最快的行業，按順序來看，同比增長最快的行業再次是工業和通信行業，兩者均以兩位數增長。

Your next question comes from John Pitzer with Crédit Suisse.

您的下一個問題來自瑞士信貸銀行的約翰·皮策 (John Pitzer)。

Congratulations on the strong results, especially B2B.

祝賀取得了強勁的業績，尤其是 B2B。

My question is just a little bit on the consumer side.

我的問題只是關於消費者方面的一點。

If I back into kind of using the B2B guidance for Q4 to be up kind of low double digits, you kind of back into the consumer number, which puts consumer down about 20% for the full year, which is kind of at the high end of the range of the down 20 to 30 that you guys have been talking about at the Analyst Day -- the low end of the range, sorry.

如果我回到使用 B2B 指導，使第四季度增長兩位數，那麼你就會回到消費者數量，這使得全年消費者數量下降約 20%，這有點高端你們在分析師日談論的下跌 20 到 30 的範圍——抱歉，這是該範圍的低端。

I'm just kind of curious, does that now reflect the new base off of which you guys can grow that consumer business?

我只是有點好奇，這是否反映了你們可以發展消費者業務的新基礎？

Or were there some things that happened this year that means that as we move into FY '19, you might still have some headwinds to work through in that consumer business with that one large customer?

或者今年發生的一些事情是否意味著，當我們進入 19 財年時，您在與該大客戶的消費業務中可能仍會遇到一些阻力？

Yes.

是的。

So I think what you've implied is just about right, John.

所以我認為你的暗示是正確的，約翰。

At this point, it's very, very hard to say what will happen next year.

目前，很難說明年會發生什麼。

So we've got a good read on what the number will be this year in terms of the decline in the portable business.

因此，我們已經很好地了解了今年便攜式業務下降的數字。

It's very hard to tell what '19 will look like quite yet, but it's a fast cycle business and we win designs and you can lose designs as well in a very, very short period of time.

目前還很難判斷 19 年會是什麼樣子，但這是一個快速週期的業務，我們贏得了設計，但你也可能在非常非常短的時間內失去設計。

But I would say to directly answer your question, as it stands today, the consumer business hasn't yet troughed in '18, so we'll see some further decline in the portable part, I believe, in 2019.

但我想說的是，直接回答你的問題，就目前情況而言，消費者業務在 18 年尚未觸底，因此我相信，在 2019 年，我們將看到便攜式部分進一步下滑。

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

您的下一個問題來自美銀美林的 Vivek Arya。

Whilst your industrial and communication segments are doing quite well, but auto is at kind of this low to mid-single-digit growth, remains below the peer group.

雖然工業和通信領域表現相當不錯，但汽車領域的增長處於中低個位數，仍然低於同行。

Can you give us a sense of what has been done so far to perhaps fix some of the issues, what needs to be done so that you can get back to the high single-digit or double-digit growth rate that a number of your competitors are growing at?

您能否讓我們了解一下到目前為止已經做了哪些工作來解決一些問題，需要做什麼才能恢復到許多競爭對手所達到的高單位數或兩位數增長率正在增長？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

So the numbers that we've talked about are the combined legacy ADI and LTC.

因此，我們討論的數字是傳統 ADI 和 LTC 的總和。

The legacy ADI part of the business is growing in the high single-digit area and the LT part in the low single-digits arena.

傳統的 ADI 業務部分在高個位數領域增長，LT 部分在低個位數領域增長。

So there are 2 primary components, I would say, that we're working hard to correct, particularly on the legacy LT side of things.

因此，我想說，我們正在努力糾正兩個主要組件，特別是在遺留的 LT 方面。

Number one is making sure that our BMS business, the Battery Management business, gets back onto a solid growth track.

第一是確保我們的 BMS 業務（即電池管理業務）重新回到穩健的增長軌道。

And I'm very encouraged by the progress we've made there, particularly in the last 2 quarters, holding on to the sockets that we had and finding new sockets across the globe, particularly in North America and Europe in the electric powertrain.

我對我們在那裡取得的進展感到非常鼓舞，特別是在過去兩個季度，我們保留了現有的插座，並在全球範圍內尋找新的插座，特別是在北美和歐洲的電動動力系統中。

And we've also got a crop of new products coming, I think, that are very, very exciting.

我認為，我們還將推出一系列非常非常令人興奮的新產品。

And also on the power side of things, we're more aggressive.

而且在力量方面，我們也更加積極主動。

We -- we're leveraging the ADI cost base where we've got fundamentally better cost structures to make sure that we take our unfair share of high-performance power sockets across the globe.

我們正在利用 ADI 的成本基礎，從根本上來說我們擁有更好的成本結構，以確保我們在全球高性能電源插座中佔據不公平的份額。

So I think it's fair to say that we'll be in this mid-single-digit growth area, depending on the market, of course, for the next 1.5 years, 2 years.

因此，我認為可以公平地說，我們將處於中等個位數增長區域，當然，具體取決於市場，未來 1.5 年、2 年。

But somewhere in the 2020 area, I expect us to see a meaningful bend upwards in the growth curve.

但在 2020 年的某個地方，我預計我們會看到增長曲線出現有意義的向上彎曲。

Our next question is from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究中心的史黛西·拉斯貢 (Stacy Rasgon)。

I just wanted to get back to the segment growth.

我只是想回到細分市場的增長。

Were you trying to imply that everything is actually growing?

你是想暗示一切實際上都在增長嗎？

I know you give some differences in sequential growth versus year-over-year growth across the segments, but are you still implying that everything is, I guess, I would come with everything like -- are you still trying to say everything is flat to up sequentially?

我知道您在各個細分市場的連續增長與同比增長方面給出了一些差異，但您是否仍然暗示一切都是如此，我想，我會這樣說——您是否仍然試圖說一切都持平依次向上？

Or you still have some B2B segments that could be down sequentially, even driving double-digit year-over-year growth?

或者您仍然有一些 B2B 細分市場可能會連續下降，甚至推動兩位數的同比增長？

No.

不。

Stacy, you got it right.

史黛西，你說得對。

Everything, as we move from Q3 to Q4, is up sequentially.

當我們從第三季度轉向第四季度時，一切都按順序上升。

The -- what you do see is stronger growth up sequentially.

你所看到的是連續更強勁的增長。

And as you know, we don't guide by segments anymore, but what you do see is stronger growth coming sequentially from comms and automotive.

如您所知，我們不再按細分市場進行指導，但您確實看到通信和汽車領域連續出現更強勁的增長。

And that is driving some mix impact overall, which gets back to -- I think it was Ambrish's question.

這總體上推動了一些混合影響，這又回到了——我認為這是安布里什的問題。

I guess, my only issue, it seems to take me above your B2B growth.

我想，我唯一的問題是，它似乎讓我超越了你們的 B2B 增長。

Although maybe you're suggesting, when you say low double digits, you're more than like 10%, I guess, is what you have to be implying with that guidance.

雖然也許你是在暗示，但當你說低兩位數時，我猜你應該在該指導中暗示你的比例超過了 10%。

Correct.

正確的。

I think it -- if it was 10%, we would have said 10%.

我認為——如果是 10%，我們就會說 10%。

And low double digits, to me, means probably anywhere between 10% and 12%.

對我來說，低兩位數可能意味著 10% 到 12% 之間。

That's how I think about it, Stacy.

我就是這麼想的，史黛西。

Your next question is from Tore Svanberg with Stifel.

您的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the strong results.

祝賀取得了優異的成績。

A question for Vince.

問文斯一個問題。

On the industrial market, you said it's slowing.

在工業市場上，你說它正在放緩。

Is that just a function of getting back to the mean from some very strong year-over-year growth rates?

這是否只是一些非常強勁的同比增長率回到平均值的結果？

Is it seasonality or are you seeing anything else going on in that end market?

是季節性因素還是您在終端市場上看到了其他情況？

Good question, Tore.

好問題，托雷。

So I think from a global standpoint, what we see is that the macro economy is mainly constructive right now.

所以我認為從全球的角度來看，我們看到的宏觀經濟目前主要是建設性的。

You've seen PMI and GDP remain solid across the globe, the PMIs and GDP.

您已經看到 PMI 和 GDP 在全球範圍內保持穩定，PMI 和 GDP。

I've spoken with several customers and they remain optimistic as well about the future.

我已經與幾位客戶交談過，他們對未來也保持樂觀。

So I'd say, in industrial business now is good.

所以我想說，現在工業生意很好。

As I mentioned earlier, there have been some pockets of slower growth, I think driven by the uncertainties, primarily in the geopolitical arena and as people think through what the -- this tariff situation means for everybody, but I'd say demand is resilient.

正如我之前提到的，我認為一些地區的增長放緩是由不確定性推動的，主要是地緣政治領域的不確定性，以及人們思考這種關稅情況對每個人意味著什麼，但我認為需求是有彈性的。

And as we have in our guidance for B2B, we've talked with double digit growth, again, here on an annual basis.

正如我們在 B2B 指南中所言，我們再次討論了每年兩位數的增長。

So I would say, in general, the growth is getting back to a more normalized level.

所以我想說，總的來說，增長正在回到更加正常化的水平。

In our FY '17, our industrial business grew in the low 20%s, low 20%.

在我們 17 財年，我們的工業業務增長了 20%，低 20%。

This year, it will be in the kind of mid-teens.

今年，這個數字將在十幾歲左右。

And so what I'm implying is that given the tougher compares and given the environment right now, though demand is strong, I think we're getting to a more normalized 2x to 3x GDP growth level and probably at the higher end of that.

因此，我的意思是，考慮到更嚴格的比較和目前的環境，儘管需求強勁，但我認為我們正在達到更加正常化的 2 倍到 3 倍 GDP 增長水平，而且可能處於較高水平。

Our next question is from Chris Danely with Citigroup.

我們的下一個問題來自花旗集團的克里斯·丹利（Chris Danely）。

I guess just one sort of summary question on the end markets.

我想這只是關於終端市場的一種總結性問題。

So Vince, you're kind of giving us the longer-term growth of auto and industrial.

所以文斯，你為我們帶來了汽車和工業的長期增長。

How about comms?

通訊怎麼樣？

So comm looks like it's going to grow sort of in the mid-double digits this year.

因此，通信領域今年的增長似乎將達到兩位數左右。

What do you think that should be longer term?

您認為從長遠來看應該怎樣？

And then maybe as just a brief follow-on, given industrial is slowing, what should that mean for gross margins over the next several quarters?

然後，也許只是一個短暫的後續行動，鑑於工業正在放緩，這對未來幾個季度的毛利率意味著什麼？

Should we think of them as sort of a flattish type of trajectory?

我們是否應該將它們視為一種平坦的軌跡？

Yes.

是的。

Good questions, Chris.

好問題，克里斯。

So at this point, I'd say given the product crop that we have and the penetration we've got and the secular trends in the wireless communications area in particular, my sense is that even though it's a very, very lumpy business when you look at it quarter-by-quarter, with 4G continuing to deploy with new architectures and 5G coming on board, my sense is that can be a double-digit kind of a 10% growth area for ADI for kind of the next 3, 4 years.

因此，在這一點上，我想說，考慮到我們擁有的產品產量和滲透率，特別是無線通信領域的長期趨勢，我的感覺是，即使這是一個非常非常不穩定的業務，當你按季度來看，隨著 4G 繼續部署新架構以及 5G 的出現，我的感覺是，ADI 在接下來的 3、4 年裡可能會出現兩位數的 10% 增長區域年。

That's my sense.

這就是我的感覺。

The backhaul market, particularly the optical side of that, I think is capable of growing as well in the kind of high single-digit area.

我認為回程市場，特別是光學方面，也能夠在高個位數領域增長。

So a lot of that is driven by -- the market conditions are better.

因此，這很大程度上是由市場狀況更好推動的。

I think, in general, carriers are more optimistic and are working hard to get new technologies into market as fast as they can.

我認為，總的來說，運營商更加樂觀，並且正在努力盡快將新技術推向市場。

But as I said, we've got a great new product crop and we have deeper and wider penetration, not to mention the fact that we're starting to see the early stages of the cross-selling of LT's power technologies with ADI's signal chain.

但正如我所說，我們已經有了一批很棒的新產品，而且我們的滲透率更深入、更廣泛，更不用說我們已經開始看到 LT 電源技術與 ADI 信號鏈交叉銷售的早期階段。

So my sense is I feel good about that market.

所以我的感覺是我對該市場感覺良好。

And right now, even though prediction is a dangerous game, my sense is that we should be able to grow that business in the kind of the low, I would say, double-digit area for the foreseeable future.

現在，儘管預測是一場危險的遊戲，但我的感覺是，在可預見的未來，我們應該能夠以兩位數的低水平增長該業務。

And I'll turn it over to Prashanth to answer the gross margin implication question.

我會將其交給 Prashanth 來回答毛利率影響問題。

Thank you, Vince.

謝謝你，文斯。

So Chris, the way that I'd guide you to think about gross margins longer term is, I think, sort of flattish from where we are.

所以，克里斯，我認為，我引導您考慮長期毛利率的方式與我們目前的情況相比有點平淡。

We are, as you know, we're still ahead of our long-term model of 70%.

如您所知，我們仍然領先於 70% 的長期模型。

Our industrial business has very rich gross margins.

我們的工業業務毛利率非常豐厚。

Our comms business has great margins, but not as strong as the industrial.

我們的通信業務利潤豐厚，但不如工業業務強勁。

And as Vince mentioned, as we see more growth in that comms business, which is what we would expect for 2019, that is going to drive a little bit of mix on the margins.

正如文斯所提到的，隨著我們看到通信業務的更多增長（這正是我們對 2019 年的預期），這將推動利潤率的一些混合。

So probably more to be in line with flattish to what we're expecting Q4 to be.

因此，可能更符合我們對第四季度的預期。

On top of that, so I do want to remind folks, we are looking at about $100 million of cost synergies that should be modeled in for future sort of in the late 2020, early 2021 closing both the facilities, the one in Singapore and the one in the Bay Area in Santa -- in California.

最重要的是，我確實想提醒大家，我們正在考慮大約 1 億美元的成本協同效應，這些協同效應應該在未來 2020 年底、2021 年初關閉這兩個設施（新加坡的設施和美國的設施）時進行建模。其中之一位於加州聖塔灣區。

Our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩·柯蒂斯。

This is Jerry Zhang, on for Blayne.

我是張傑瑞 (Jerry Chang)，替補布萊恩 (Blayne)。

I just had a question on the pace of buybacks.

我只是想問一下回購的速度。

So when should we expect the share count to eventually start trending lower?

那麼我們什麼時候應該預計股票數量最終開始下降呢？

And also as a follow-up, how do you think about the plan for deleveraging going forward?

另外，您如何看待下一步的去槓桿計劃？

Thanks, Jerry.

謝謝，傑瑞。

So I guess, the way that I'd guide folks to think about the -- about our repurchase activity, I'll start with reminding everyone, we generate a lot of cash, $2 billion-plus on a trailing 12-month basis and we have one of the highest free cash flow margins in the S&P 500.

所以我想，我會引導人們思考我們的回購活動，首先我會提醒大家，我們產生了大量現金，過去 12 個月的現金超過 20 億美元，我們是標準普爾 500 指數中自由現金流利潤率最高的公司之一。

About $700 million-plus of that is committed to the dividend, and as I mentioned, we're still targeting to grow that in the 5% to 10% annually as we've done for the past 14 years.

其中大約 7 億多美元用於支付股息，正如我所提到的，我們的目標仍然是像過去 14 年那樣，每年以 5% 至 10% 的速度增長。

So the dividend would account for, let's call it, mid- to high- 30s of our free cash flow.

因此，股息將占我們自由現金流的 30 多倍。

That leaves a fairly substantial amount of our free cash flow available both for buybacks and debt repayments.

這使得我們有相當大量的自由現金流可用於回購和償還債務。

Our focus will be to be in the market every quarter as an effort to -- at a minimum, work to offset dilution.

我們的重點是每個季度都會進入市場，至少努力抵消稀釋作用。

And then opportunistically, we're going to look to reduce share count over time.

然後，我們將尋找機會，隨著時間的推移減少股票數量。

When you ask about leverage, I think it's a similar answer in that, at a high level, we like to keep a good bit of cash available, so $750 million to $1 billion or so on hand, and then we do have a revolving credit facility in place for about another billion.

當你問起槓桿時，我認為這是一個類似的答案，在高水平上，我們喜歡保留大量可用現金，因此手頭有 7.5 億至 10 億美元左右，然後我們確實有循環信貸另有約十億美元的設施到位。

I don't think about leverage as a specific target for ADI, but more as how do we optimize the balance sheet and what do we need to do to maintain investment grade so we have the flexibility that we need.

我不認為槓桿率是 ADI 的具體目標，而更多的是我們如何優化資產負債表以及我們需要做什麼來維持投資等級，以便我們擁有所需的靈活性。

So given kind of the cash-generating capabilities of the franchise, there's probably no need for us to be operating in a net cash position.

因此，鑑於特許經營權的現金產生能力，我們可能沒有必要以淨現金頭寸運營。

So going forward, I think you can expect us to always carry some level of debt and we'll be mindful of what is the rate environment as well as what are the other opportunities for us to invest in and use that to kind of balance where we maintain our leverage.

因此，展望未來，我認為您可以期望我們始終承擔一定程度的債務，我們將注意利率環境以及我們投資的其他機會是什麼，並利用它來平衡我們維持我們的槓桿作用。

Our next question is from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I had a question on M&A.

我有一個關於併購的問題。

I was hoping you could talk a little bit about your appetite for further acquisitions now that Linear is integrated as part of ADI, and to the extent you do have aspirations to buy more assets down the line, if you can talk a little bit about the technologies or the conditions that you would look for in a business.

我希望您能談談您對進一步收購的興趣，因為 Linear 已整合為 ADI 的一部分，並且在某種程度上您確實有購買更多資產的願望，如果您能談談您希望在企業中尋找的技術或條件。

Yes.

是的。

Thank you.

謝謝。

Well, our overall capital allocation framework, as Prashanth outlined, hasn't changed very much.

嗯，正如普拉山斯概述的那樣，我們的整體資本配置框架並沒有太大變化。

The long-term value of our investments, both organic as well as inorganic, will continue to drive the long-term profitable growth trajectory for ADI.

我們的投資（無論是有機投資還是無機投資）的長期價值將繼續推動 ADI 的長期盈利增長軌跡。

Our approach to acquisitions has been and will continue to be very disciplined.

我們的收購方式一直並將繼續非常嚴格。

And at a very high level, our strategy is really focused on acquiring assets that improve our competitive moat, the breadth and depth of our competitive moat from an innovation standpoint.

在很高的層面上，我們的戰略真正專注於收購能夠改善我們的競爭護城河的資產，從創新的角度來看，我們競爭護城河的廣度和深度。

So our goal, really, is to acquire technologies and engineering capabilities that will enhance us, make our portfolio more complete to meet the demands of the markets and customers in the future, and basically increase our overall ability to deliver increasing value to our customers.

因此，我們的目標實際上是獲得技術和工程能力，以增強我們的能力，使我們的產品組合更加完整，以滿足未來市場和客戶的需求，並從根本上提高我們為客戶提供不斷增長的價值的整體能力。

That's the path we're on and that's the path we'll continue to be on.

這就是我們正在走的道路，也是我們將繼續走的道路。

And you know, I'm not going to talk about specific targets, we've got a successful track record.

你知道，我不會談論具體目標，我們已經取得了成功的記錄。

And what we're looking at -- we're always looking, but our standards are very, very high.

我們一直在尋找，但我們的標準非常非常高。

So this was the case when we acquired Hittite and Linear, LTC and also the myriad smaller things we've done over the last 3 or 4 years.

當我們收購 Hittite 和 Linear、LTC 以及我們在過去 3 或 4 年裡所做的無數較小的事情時，情況就是如此。

So I'm very pleased with where we are now in terms of our overall portfolio, but we're always on the look as the markets evolve and customers' needs evolve.

因此，我對我們目前的整體產品組合感到非常滿意，但我們始終關注市場的發展和客戶需求的發展。

So hopefully, that gives you at least a philosophical view of how we think about M&A.

希望這至少能讓您對我們如何看待併購有一個哲學觀點。

And our final question comes from William Stein with SunTrust.

我們的最後一個問題來自 SunTrust 的 William Stein。

Congratulations on the good results, especially with regard to the balance sheet and the buyback.

祝賀取得了良好的成果，特別是在資產負債表和回購方面。

My question is about revenue synergies.

我的問題是關於收入協同效應。

Can you update us, as it relates to revenue synergies for the Hittite acquisition, which is clearly a few years in the rearview mirror, but I think you're starting to see revenue synergies kick in there and what you anticipate with regard to the same issue with Linear.

您能否向我們介紹一下最新情況，因為這與收購赫梯的收入協同效應有關，這顯然是幾年前的事了，但我認為您已經開始看到收入協同效應的發揮以及您對此的預期線性問題。

Yes.

是的。

Good question.

好問題。

And in as much as Hittite can give an indication of what's possible with regard to LT, we've more than doubled.

就赫梯所能提供的關於 LT 的可能性而言，我們已經增加了一倍多。

When we took Hittite on board, we've more than doubled the growth rate and we've been able to scale Hittite across a broader range of customers, bring a much more sophisticated manufacturing and quality assurance capability to the portfolio.

當我們接納 Hittite 時，我們的增長率增加了一倍以上，並且我們能夠將 Hittite 擴展到更廣泛的客戶範圍，為產品組合帶來更複雜的製造和質量保證能力。

So we've more than doubled the growth rate of Hittite.

所以我們把赫梯的增長率提高了一倍多。

And off a $270 million-ish starting revenue point, you can back out what those numbers are.

從 2.7 億美元左右的起始收入來看，你可以回溯這些數字。

We're in the early stages.

我們正處於早期階段。

It's taken us basically, I'd say, 3 years to get to the point with Hittite, where we're able to accelerate the conversion of the pipeline.

我想說，我們基本上花了三年時間才達到與 Hittite 合作的地步，我們能夠加速管道的轉換。

It takes a while to build it, it takes a while to convert it, just given the latencies in the various markets that we attack.

考慮到我們所攻擊的各個市場的延遲，構建它需要一段時間，轉換它也需要一段時間。

I've said before that with LT, we are looking to make sure that for every dollar of mixed signal opportunity that ADI has, it's $4.5 billion-ish today, at today's kind of revenue levels, that legacy LT's power should be a one-for-one match.

我之前說過，對於 LT，我們希望確保 ADI 所擁有的每一美元的混合信號機會，在今天的收入水平上，它相當於 45 億美元左右，傳統 LT 的力量應該是一個——一對一比賽。

So we're seeing a huge opportunity.

所以我們看到了一個巨大的機會。

We're excited by the areas that we're starting to win.

我們對我們開始贏得的領域感到興奮。

We're in early production stage, for example, in communications and automotive sectors, which we felt would be the 2 most obvious places to get revenue synergy in the shorter term.

例如，我們在通信和汽車領域處於早期生產階段，我們認為這將是短期內獲得收入協同效應的兩個最明顯的領域。

So my sense is, again, getting to a doubling of the overall LT legacy growth rate in a period of 3 to 4 years is a reasonable expectation.

因此，我的感覺是，在 3 到 4 年內將 LT 遺留增長率整體翻一番是一個合理的預期。

Okay.

好的。

Thanks, everyone, for joining us.

謝謝大家加入我們。

Thank you, Will.

謝謝你，威爾。

A copy of the transcript will be available on our website, and all available reconciliations and any additional information can also be found at the Quarterly Results section of our Investor Relations site at investor.analog.com.

我們的網站上將提供文本副本，所有可用的對賬信息和任何其他信息也可以在我們的投資者關係網站 Investor.analog.com 的季度業績部分找到。

Thanks again for joining us and your continued interest in ADI.

再次感謝您加入我們以及您對 ADI 的持續關注。

This concludes today's Analog Devices conference call.

今天的 Analog Devices 電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。