亞德諾半導體 (ADI) 2019 Q3 法說會逐字稿

Good morning and welcome to Analog Devices Third Quarter Fiscal Year 2019 Earnings Conference Call, which is being audio webcast via telephone and over the web.

早安，歡迎參加 Analog Devices 2019 財年第三季財報電話會議，該電話會議正在透過電話和網路進行音訊網路直播。

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, Sheryl, and good morning, everybody.

謝謝你，謝麗爾，大家早安。

Thanks for joining our third quarter fiscal 2019 conference call.

感謝您參加我們的 2019 財年第三季電話會議。

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 執行長 Vincent Roche；以及 ADI 財務長 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。

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.

我們將要討論的訊息，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 季中討論的因素，實際結果可能與這些前瞻性陳述有重大差異。

These forward-looking statements reflect our opinion as of 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資訊或未來事件更新這些前瞻性聲明。

Our comments today about ADI's third quarter fiscal 2019 financial results and short-term outlook will also include non-GAAP financial measures, which exclude special items.

我們今天對 ADI 2019 財年第三季財務業績和短期前景的評論還將包括非 GAAP 財務指標，其中不包括特殊項目。

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

將我們的業績與歷史業績進行比較時，特殊項目也被排除在這些先前季度和同比業績之外。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and additional information about the non-GAAP measures are included in today's earnings release.

這些非公認會計準則衡量指標與最直接可比較的公認會計準則衡量指標的調節以及有關非公認會計準則衡量指標的其他資訊均包含在今天的收益發布中。

I also want to point out that during the third quarter, we improved our method to more accurately estimate the end-market classification for shipments to distributors.

我還想指出，在第三季度，我們改進了方法，以更準確地估計向分銷商發貨的終端市場分類。

This resulted in some modest changes to historical end-market revenue breakdown but did not change our total revenue or EPS.

這導致歷史終端市場收入細分發生一些小幅變化，但沒有改變我們的總收入或每股盈餘。

We have posted a quarterly end-market look back based on this improved method to our Investor website.

我們已在我們的投資者網站上發布了基於這種改進方法的季度終端市場回顧。

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 執行長 Vincent Roche。

Vince?

文斯？

Thanks very much, Mike, and good morning to you all.

非常感謝，麥克，祝大家早安。

Well, in what continues to be a challenging macroeconomic environment, we executed soundly in our third fiscal quarter and delivered solid results.

在仍然充滿挑戰的宏觀經濟環境中，我們在第三財季表現出色，取得了穩健的表現。

Revenue of $1.48 billion in the third quarter came in above the midpoint of our guidance.

第三季營收為 14.8 億美元，高於我們指引值的中位數。

Our B2B markets decreased 3% year-over-year, given the weaker macro conditions, and performed well relative to the market.

由於宏觀環境疲軟，我們的 B2B 市場年減 3%，但相對於市場表現良好。

This performance is testament to the diversity of our franchise and investing ahead of secular trends to drive ongoing share gains and some expansion.

這一業績證明了我們特許經營的多樣性，並在長期趨勢之前進行投資，以推動持續的份額成長和一定程度的擴張。

Operating margins of approximately 41% were above our guidance as we moved quickly to reduce expenses given the ongoing market weakness.

鑑於市場持續疲軟，我們迅速採取行動減少開支，約 41% 的營業利潤率高於我們的指導。

All told, adjusted EPS was $1.26.

總而言之，調整後每股收益為 1.26 美元。

Over the past 12 months, we've generated approximately $2 billion in free cash flow or 33% of revenue.

在過去 12 個月中，我們產生了約 20 億美元的自由現金流，佔營收的 33%。

And during the same time period, we have returned more than 100% of free cash flow to our shareholders after debt repayments.

同期，我們在償還債務後將超過100%的自由現金流返還給股東。

Now while there are clearly a number of near-term external challenges we're navigating through, ADI has always been and remains focused on delivering sustainable long-term profitable growth.

現在，儘管我們正在應對許多短期外部挑戰，但 ADI 始終致力於實現可持續的長期獲利成長。

To that end, before Prashanth covers our financial results in more detail, I'm going to continue our quarterly practice of providing a deeper level of insight into one of our markets, the trends influencing its future and how we are positioned to capitalize in these trends over the long term.

為此，在 Prashanth 更詳細地介紹我們的財務業績之前，我將繼續我們的季度實踐，對我們的一個市場、影響其未來的趨勢以及我們如何定位以利用這些市場提供更深入的見解長期趨勢。

So today, I'd like to discuss the emerging automotive electrification ecosystem that is supporting a number of underlying industries from energy to transportation to manufacturing and, indeed, beyond and paving the way for the transition to cleaner energy sources.

因此，今天，我想討論新興的汽車電氣化生態系統，該生態系統正在支持從能源到運輸再到製造業的許多基礎產業，事實上，它也為向清潔能源的過渡鋪平了道路。

ADI has always been focused on making the most efficient use of energy in both our products and operations, and I'm proud to say that we are playing an important role in this new wave of electrification.

ADI 始終致力於在我們的產品和營運中最有效地利用能源，我很自豪地說我們在這一新的電氣化浪潮中發揮著重要作用。

We approach automotive electrification from an ecosystem perspective.

我們從生態系的角度來看汽車電氣化。

That is to say, the electric vehicle is just one element.

也就是說，電動車只是其中一個要素。

For ADI, the origin of our journey starts with the formation of the battery.

對 ADI 來說，我們旅程的起點是從電池的化成開始的。

It then extends to the ongoing management of an installed electric vehicles battery system and then to powering the supporting electrical infrastructure needed to fuel EVs.

然後，它擴展到對已安裝的電動車電池系統的持續管理，然後為電動車提供燃料所需的支援電力基礎設施供電。

The common thread woven through all of these applications is the precision signal processing, control and power management capabilities they require, capabilities indeed in which ADI excels.

所有這些應用的共同點是它們所需的精密訊號處理、控制和電源管理功能，這些功能確實是 ADI 所擅長的。

So let me explain a bit more.

讓我再解釋一下。

Our value journey starts with battery formation and test, a time-consuming and complex chemical process where extremely precise measurement means the difference between a safe, high-quality battery and a low quality one.

我們的價值之旅從電池化成和測試開始，這是一個耗時且複雜的化學過程，其中極其精確的測量意味著安全、高品質電池和低品質電池之間的差異。

The lithium-ion batteries that power electric vehicles represent nearly 1/3 of the entire cost of the vehicle, so OEMs place a high premium on battery quality and reliability.

為電動車提供動力的鋰離子電池佔整車成本的近 1/3，因此 OEM 非常重視電池的品質和可靠性。

Our portfolio of fully integrated precision signal processing, control and power products allows ADI to offer customers the highest levels of accuracy, safety and reliability for their battery formation and test process.

我們完全整合的精密訊號處理、控制和電源產品組合使 ADI 能夠為客戶的電池化成和測試過程提供最高水準的準確性、安全性和可靠性。

Our solutions reduce battery formation costs by 2/3 by shrinking our customers' equipment footprint by 4x and enabling up to 95% power reuse, which reduces environmental impact as well.

我們的解決方案透過將客戶的設備佔地縮小 4 倍，實現高達 95% 的電力再利用，將電池化成成本降低 2/3，從而減少對環境的影響。

Once the battery system has been manufactured, our opportunity grows with electrification applications within the vehicle itself.

一旦電池系統製造完成，我們的機會就會隨著車輛本身的電氣化應用而成長。

Here, our technology is a key enabler in the transition from combustion engines to cleaner electric vehicles, which are projected to grow from the current 2% worldwide vehicle sales to more than 20% over the next decade or so.

在這方面，我們的技術是從內燃機汽車向清潔電動車過渡的關鍵推動因素，預計在未來十年左右，電動車銷量將從目前全球汽車銷量的 2% 增長到 20% 以上。

In the vehicle, the battery management system, or BMS, provide precise monitoring and control of the complex charge and discharge cycles of the battery system.

在車輛中，電池管理系統（BMS）可對電池系統的複雜充電和放電週期進行精確監控和控制。

Accuracy and safety in the BMS are critical since overcharging or undercharging can lead to the battery's destruction and render it useless.

BMS 的準確性和安全性至關重要，因為過度充電或充電不足可能會導致電池損壞並使其無法使用。

The accuracy of the BMS is also a major determining factor in the performance of the EV as it directly affects the miles per charge an electric vehicle can safely deliver.

BMS 的準確性也是電動車性能的主要決定因素，因為它直接影響電動車每次充電可以安全行駛的里程數。

And to add to the challenge, that accuracy needs to be maintained through extreme environmental conditions and harsh interference over the 10-plus year life cycle of the car.

更困難的是，在汽車 10 多年的生命週期中，需要在極端的環境條件和嚴酷的干擾下保持精確度。

Such an application challenge is a perfect fit for ADI where we once again leverage our deep heritage and accurate precision measurement to provide optimized solutions for battery management.

這樣的應用挑戰非常適合 ADI，我們再次利用我們深厚的傳統和準確的精密測量來提供電池管理的最佳化解決方案。

We've got the industry's broadest IC portfolio supporting all battery voltages from 48 volts to 800 volts, covering the full range of premium electric vehicles right down to the entry level.

我們擁有業界最廣泛的 IC 產品組合，支援從 48 伏特到 800 伏特的所有電池電壓，涵蓋從高級電動車到入門級的全系列產品。

Our products are also designed specifically for harsh automotive environments, enabling us to deliver up to 20% more miles per charge than our competition.

我們的產品也專為惡劣的汽車環境而設計，使我們每次充電可比競爭對手多行駛 20% 的里程。

We deliver the highest level of automotive functional safety and have a full suite of powerful safety diagnostics that are easy to integrate and use.

我們提供最高水準的汽車功能安全，並擁有一整套易於整合和使用的強大安全診斷系統。

So thanks to these advantages, we now have a leadership position across key customers in the U.S., Europe and Asia, giving us confidence that we can continue to grow BMS revenue at a double-digit annual rate.

因此，由於這些優勢，我們現在在美國、歐洲和亞洲的主要客戶中處於領先地位，這讓我們有信心能夠繼續以兩位數的年增長率成長 BMS 收入。

And we continue to push the innovation curve.

我們持續推動創新曲線。

Future generations on our BMS road map include architectural innovations that will improve the way power density, accuracy and weight challenges are solved, including the ability to wirelessly and robustly communicate.

我們的 BMS 路線圖上的未來幾代產品包括架構創新，這些創新將改善解決功率密度、精度和重量挑戰的方式，包括無線和穩健通訊的能力。

And finally, our opportunity extends beyond the car to the charging station infrastructure that sources, stores and transfers the energy that powers electric vehicles.

最後，我們的機會不僅限於汽車，還延伸到充電站基礎設施，該基礎設施負責獲取、儲存和傳輸為電動車提供動力的能源。

Charging stations represent a unique challenge for electric grids due to their intermittent and substantial demand peaks, and they must also effectively and cost efficiently meet the fast-charging requirements consumers demand for their EVs.

由於充電站存在間歇性和大量的需求高峰，因此充電站對電網來說是一個獨特的挑戰，而且充電站還必須有效且經濟高效地滿足消費者對其電動車的快速充電要求。

As a result, charging stations will rely on battery-powered energy storage systems to accurately and quickly charge a vehicle.

因此，充電站將依靠電池供電的儲能係統來準確、快速地為車輛充電。

Here, the precision of our BMS solution can reduce the total cost of ownership of the energy storage system by 1/3 by extending the battery's life by up to 2x and lowering maintenance costs.

在這裡，我們的 BMS 解決方案的精度可以透過將電池壽命延長多達 2 倍並降低維護成本，將儲能係統的總擁有成本降低 1/3。

As demand for batteries rises, we're beginning to see a push towards extending a battery's useful life by enabling a second life for EV batteries and infrastructure applications.

隨著電池需求的增加，我們開始看到透過為電動車電池和基礎設施應用提供第二次生命來延長電池的使用壽命。

We believe ADI's best-in-class measurement capabilities will become increasingly important as this market matures and these second-life deployments begin to scale.

我們相信，隨著該市場的成熟以及這些二次部署的開始規模化，ADI 一流的測量能力將變得越來越重要。

So in closing, electrification represents a highly valuable market for ADI for the long term.

因此，總而言之，從長遠來看，電氣化對 ADI 來說是一個極具價值的市場。

It presents a number of difficult challenges for our customers, challenges that our portfolio and people are transforming into opportunities every day.

它為我們的客戶帶來了許多艱鉅的挑戰，我們的產品組合和員工每天都將挑戰轉化為機會。

Through our battery management, power conversion, connectivity and isolation technologies, we're delivering innovative solutions that position us to capture revenue growth opportunities throughout the electrification ecosystem today and well into the future.

透過我們的電池管理、電源轉換、連接和隔離技術，我們提供創新的解決方案，使我們能夠在當今和未來的整個電氣化生態系統中抓住收入成長機會。

And so with that, let me hand over to Prashanth, who will take you through the financial details.

接下來，讓我把時間交給 Prashanth，他將向您介紹財務細節。

Thank you, Vince.

謝謝你，文斯。

Good morning, everyone, and let me add my welcome to our third quarter earnings call.

大家早上好，請容許我對第三季財報電話會議表示歡迎。

My comment today, with the exception of revenue and nonop expenses, will be on an adjusted basis, which excludes special items outlined in today's press release.

我今天的評論，除收入和非營運費用外，將在調整後的基礎上進行，其中不包括今天新聞稿中概述的特殊項目。

Before I get to the results for the quarter, I wanted to provide some details related to the ongoing situation with Huawei.

在公佈本季業績之前，我想提供一些與華為當前情況相關的細節。

A few weeks into our third quarter, the Commerce Department added them to the BIS Entity List.

第三季幾週後，商務部將它們加入國際清算銀行實體名單。

ADI immediately suspended shipments of all products.

ADI立即暫停所有產品的出貨。

After a thorough review of the Export Administration Regulations and the Entity List restrictions, we determined that we could lawfully resume shipping selected ADI products to this customer.

在徹底審查出口管理條例和實體清單限制後，我們決定可以合法地恢復向該客戶運送選定的 ADI 產品。

We are closely monitoring this dynamic situation and feel that we are well positioned to adapt as the circumstances evolve.

我們正在密切關注這一動態局勢，並認為我們已經做好了適應情況發展的準備。

The scope, duration and long-term financial impact of the export restrictions remain unclear and difficult to predict.

出口限制的範圍、持續時間和長期財務影響仍不清楚且難以預測。

But at least for the near term, our Huawei demand has taken a step down from previous levels.

但至少在短期內，我們對華為的需求較之前下降。

As a result, we are planning for sales to this customer to be meaningfully below our previous mid-single-digit percentage range, which we discussed with you last quarter.

因此，我們計劃對該客戶的銷售額大幅低於我們上個季度與您討論過的之前的中個位數百分比範圍。

This is reflected in our guidance, which is published in our earnings release.

這反映在我們的財報中發布的指導中。

So now let's get on to the quarter.

現在讓我們進入本季。

ADI delivered a strong third quarter with revenue, operating margin and EPS all above the midpoint of guidance.

ADI 第三季業績強勁，營收、營業利益率及每股盈餘均高於指引值中點。

Our B2B revenue was down a modest 3% year-over-year as growth in communications was balanced by ongoing weakness in industrial and automotive markets.

我們的 B2B 營收年減 3%，因為通訊業務的成長被工業和汽車市場的持續疲軟所抵消。

The industrial market, which represented 51% of sales in the quarter, decreased 4% year-over-year.

佔本季銷售額 51% 的工業市場年減 4%。

And while most applications were down year-over-year, we saw continued strength in our aerospace, defense, health care and electronic test and measurement businesses.

儘管大多數應用程式同比下降，但我們看到航空航太、國防、醫療保健以及電子測試和測量業務持續強勁。

Communications represented 21% of sales during the quarter and grew 7% year-over-year.

通訊業務佔本季銷售額的 21%，較去年同期成長 7%。

While both wireless and wired results were impacted by Huawei, our wireless sales still increased double digits year-over-year driven by record revenue across multiple customers, a testament to our balanced and market-leading position in advanced radio systems used in the 5G infrastructure.

儘管無線和有線業績均受到華為的影響，但在多個客戶創紀錄收入的推動下，我們的無線銷售額仍同比增長兩位數，這證明了我們在5G 基礎設施中使用的先進無線電系統方面的平衡和市場領先地位。

Automotive represented 15% of sales and was down 9% year-over-year, reflective of the ongoing decline in global vehicle sales.

汽車佔銷售額的 15%，年減 9%，反映出全球汽車銷售的持續下降。

Year-to-date, our auto revenue is down double digits year-over-year, outperforming a declining SAAR due to strength in BMS, which has increased double digits over this time and the ongoing momentum in our power franchise.

今年迄今為止，我們的汽車收入同比下降了兩位數，但由於BMS 的實力（在此期間實現了兩位數的增長）以及我們的電力特許經營業務的持續增長勢頭，跑贏了不斷下降的SAAR。

And lastly, consumer made up 12% of sales and decreased 18% year-over-year.

最後，消費者佔銷售額的 12%，較去年同期下降 18%。

So now let's go to the P&L.

現在我們來看看損益表。

Revenue for the quarter was above the midpoint of guidance at approximately $1.48 billion, down 5% year-over-year.

該季度營收約 14.8 億美元，高於指導中位數，年減 5%。

Gross margins came in at 70.4%, down 20 basis points sequentially due to lower factory utilization.

由於工廠利用率下降，毛利率為 70.4%，較上一季下降 20 個基點。

And in what is normally a higher OpEx quarter due to our merit increases, we reduced OpEx by $6 million sequentially to $438 million.

由於我們的業績成長，營運支出通常會較高，但我們在這個季度的營運支出較上季減少了 600 萬美元，達到 4.38 億美元。

And as we continue to navigate these challenging times, you can look for us to keep a tight rein on discretionary and nonessential spending.

當我們繼續度過這個充滿挑戰的時代時，您可以期待我們嚴格控制可自由支配和非必要的支出。

Our prudent OpEx spend offset slightly lower gross margins and resulted in op margins of 40.8%, above the midpoint of guidance.

我們謹慎的營運支出抵消了毛利率略有下降的影響，營運利潤率為 40.8%，高於指導中位數。

Nonop expenses in the quarter were down $4 million sequentially driven by lower interest expense as we continue to reduce debt.

由於我們繼續減少債務，利息支出下降，本季的非操作費用較上季減少了 400 萬美元。

And the tax rate for the quarter was 14%, in line with our outlook.

本季稅率為 14%，符合我們的預期。

All told, the adjusted diluted earnings per share for the third quarter came in above the midpoint of guidance at $1.26.

總而言之，第三季調整後攤薄每股收益高於指引值中點 1.26 美元。

Let me comment on the balance sheet.

讓我評論一下資產負債表。

We exited the quarter at 129 days of inventory, above the high end of our target range of 115 to 125.

本季結束時，庫存天數為 129 天，高於我們目標範圍 115 至 125 天的上限。

This increase related primarily to weaker Huawei demand and as we discussed with you in the first quarter earnings call, the initial build of our bridge inventory to support the planned closure of 2 manufacturing facilities in early 2021.

這一增長主要與華為需求疲軟有關，正如我們在第一季財報電話會議中與您討論的那樣，我們初步建立了橋樑庫存，以支持計劃於 2021 年初關閉 2 個製造工廠。

As a reminder, we expect to generate $100 million of cost of goods synergies related to these facility closures.

提醒一下，我們預計與這些設施關閉相關的商品成本綜效將達到 1 億美元。

And during this transitional phase, we expect to carry an additional 5 to 10 days of inventory to support our customers.

在此過渡階段，我們預計會額外保留 5 到 10 天的庫存來支援我們的客戶。

Channel inventory was just over 8 weeks as we exited the third quarter, and CapEx returned to our normal level of 4% of sales or $58 million as much of our colocation activities are now complete.

第三季結束時，通路庫存僅剩 8 週多一點，資本支出恢復到銷售額的 4% 或 5800 萬美元的正常水平，因為我們的大部分託管活動現已完成。

We've generated approximately $2 billion of free cash flow over the trailing 12 months.

在過去 12 個月裡，我們產生了約 20 億美元的自由現金流。

And during that time, we have returned more than 100% of our free cash flow to shareholders through dividends and buybacks after debt repayments.

在此期間，我們透過股利和債務償還後的回購，將超過100%的自由現金流返還給股東。

Specifically, in the third quarter, we repaid $300 million of debt, paid $200 million in dividends and repurchased over $100 million of our stock.

具體來說，在第三季度，我們償還了 3 億美元的債務，支付了 2 億美元的股息，並回購了超過 1 億美元的股票。

So now let's move to guidance, which, with the exception of revenue and nonop expenses, will also be discussed on an adjusted basis.

現在讓我們轉向指導意見，除了收入和非營運費用外，指導意見也將在調整後的基礎上進行討論。

Revenue is expected to be $1.45 billion, plus or minus $50 million.

預計收入為 14.5 億美元，上下浮動 5,000 萬美元。

And at the midpoint, we expect our B2B market of industrial automotive and communications in the aggregate to decrease low to mid-single digits year-over-year.

在中點，我們預計工業汽車和通訊的 B2B 市場總體將年減低至中個位數。

And as a point of reference, if we back Huawei out of our year-over-year Q4 compares, B2B is roughly flat.

作為參考，如果我們在第四季度的同比比較中支持華為，那麼 B2B 的情況大致持平。

Operating margin is expected to be approximately 40% at the midpoint.

營業利益率中位數預計約 40%。

And nonop expenses are expected to decline sequentially by approximately $5 million, and the tax rate will remain in the 13% to 15% range.

非營運費用預計將環比下降約 500 萬美元，稅率將保持在 13% 至 15% 的範圍內。

Based on these inputs, adjusted EPS is expected to be $1.22, plus or minus $0.07.

根據這些投入，調整後每股收益預計為 1.22 美元，上下浮動 0.07 美元。

So in closing, we are pleased with our quarter results given the current macro and geopolitical climate.

最後，鑑於當前的宏觀和地緣政治氣候，我們對季度業績感到滿意。

And during these uncertain times, we will carefully manage our expenses while also investing strategically in areas that continue to position us to deliver profitable growth over the long term.

在這些不確定的時期，我們將謹慎管理我們的開支，同時對那些繼續使我們能夠實現長期獲利成長的領域進行策略性投資。

So let me hand it back to Mike, so we can start our Q&A.

讓我把它交還給麥克，這樣我們就可以開始問答了。

Thanks, Prashanth.

謝謝，普拉珊特。

Now let's get to the Q&A session.

現在讓我們進入問答環節。

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

（操作員指示）Sheryl，我們可以問第一個問題嗎？

(Operator Instructions) Our first question comes from John Pitzer from Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 John Pitzer。

Congratulations on your solid results given the backdrop.

在這樣的背景下，恭喜您取得了紮實的成果。

Vince, I'm wondering if you could help me better understand, clearly, I think one of the consequences of the trade dispute between China and the U.S. is that Huawei is more intent to kind of be able to build a base station with non-U.

文斯，我想知道你是否能幫助我更好地理解，顯然，我認為中美貿易爭端的後果之一是華為更願意能夠建立一個非U。

S. suppliers.

S.供應商。

I'm wondering if you can help me understand, from your perspective and the sockets you play in, how easily can Huawei do that.

我想知道你是否可以幫助我理解，從你的角度和你所使用的插座，華為做到這一點有多容易。

Do you view Huawei as just a transitory issue for the company?

您是否認為華為只是該公司的暫時問題？

Or do you think there could be some long-term real socket share loss as Huawei tries to lessen its dependence on U.S. component suppliers?

或者您認為，隨著華為試圖減少對美國零件供應商的依賴，可能會出現一些長期的實際插座份額損失？

Yes.

是的。

Thanks, John.

謝謝，約翰。

We've been -- as a company, we're in business almost 55 years now, and we've been competing with players from all over the globe in all areas of our business, different players in different spaces.

作為一家公司，我們已經營業了近 55 年，我們一直在我們業務的各個領域與來自世界各地的參與者、不同領域的不同參與者競爭。

But what I will say is, in general, we've taken the highest performance position in 5G base stations in the radio system.

但我要說的是，總的來說，我們在無線電系統的5G基地台中佔據了最高效能的位置。

And whether that is Chinese OEMs that are absorbing our products, European, whatever, Korean, that is our game.

無論是中國的原始設備製造商正在吸收我們的產品，歐洲的，無論是韓國的，這都是我們的遊戲。

And as these systems become ever more complex, performance matters more and more and more when you're trying to really put more information density through every radio.

隨著這些系統變得越來越複雜，當您試圖透過每個無線電真正提供更多的資訊密度時，效能變得越來越重要。

That's where we play and nobody competes with us at that level.

這就是我們比賽的地方，沒有人能在那個級別與我們競爭。

There are perhaps different ways to solve the problem.

也許有不同的方法可以解決這個問題。

You can sacrifice performance, perhaps.

也許你可以犧牲性能。

But if you're looking for the best-in-class 5G radio performance, it's ADI that the OEMs are coming to.

但如果您正在尋找一流的 5G 無線電效能，OEM 廠商就會選擇 ADI。

And one of the thoughts I want to leave you with, John, is that whatever happens, the ongoing situation with regard to Huawei, we are very well penetrated as a corporation across the globe with all the OEMs.

約翰，我想留給你的一個想法是，無論發生什麼，華為目前的情況，我們作為一家公司在全球範圍內與所有原始設備製造商都有很好的滲透。

So no matter what happens, we will grow in 2020.

因此，無論發生什麼，2020 年我們都會成長。

That's the -- that is the expectation.

這就是——這就是期望。

So competition is just a facet of doing business, and we're more than well prepared with the portfolio of products we already have and the products that we have coming.

因此，競爭只是開展業務的一個方面，我們已經為現有的產品組合和即將推出的產品做好了充分的準備。

So -- and I want to make it clear as well that the restriction that we're experiencing with regard to shipping into Huawei specifically is around 5G.

因此，我還想明確表示，我們在向華為發貨方面遇到的限制具體是圍繞 5G 的。

Our legacy 4G products have been shipping and, as far as I understand, will continue to ship.

我們的傳統 4G 產品已經出貨，據我了解，也將繼續出貨。

So also, it's an evolving situation.

這也是一個不斷發展的情況。

And we are doing everything we can to be able to satisfy the needs of all our customers.

我們正在盡一切努力滿足所有客戶的需求。

And in China, specifically, we are in the process of seeking the licenses that we need to support our products in the short to medium term here.

具體來說，在中國，我們正在尋求中短期支援我們產品所需的許可。

So hopefully, that answers your question, John.

希望這能回答你的問題，約翰。

That's helpful.

這很有幫助。

Yes.

是的。

Just one quick, guys.

快點，夥計們。

In your prepared comments, Prashanth mentioned that excluding for Huawei, your B2B business would be kind of flat year-over-year in the October quarter, which is meaningfully better than your peers.

Prashanth 在您準備好的評論中提到，排除華為，您的 B2B 業務在 10 月季度將同比持平，這比您的同行要好得多。

Is that mainly still just a comms phenomenon, which I think is well understood by investors?

我認為這主要還是一種通訊現象嗎？我認為投資人對此很了解？

Or can you talk about bottoms-up drivers in the industrial and auto that might be helping you guys drive that outperformance on year-on-year growth?

或者您能否談談工業和汽車領域自下而上的驅動因素，這些驅動因素可能會幫助您們推動同比增長的出色表現？

Yes.

是的。

I think industrial is -- it is much more than comms.

我認為工業不僅僅是通訊。

I think we're very pleased with how strong our industrial business is.

我認為我們對我們工業業務的強大程度感到非常滿意。

But let me have Mike kind of break down how to think about it on a year-over-year basis if you back out Huawei.

但讓我讓麥克詳細分析一下，如果你退出華為，你會如何逐年思考這一點。

Yes.

是的。

So, John, the question -- so if you look at our outlook, it kind of assumes, I would say, pretty much flattish year-over-year in industrial.

所以，約翰，問題是──如果你看看我們的前景，我想說，工業領域的年成長幾乎持平。

If you move on to automotive, it's down about 10%.

如果轉向汽車產業，則下降約 10%。

And comms is also down by 10%.

通訊也下降了 10%。

But if you have to back out Huawei, comms is up once again year-over-year.

但如果你不得不退出華為，那麼通訊量將再次同比增長。

And that is what Mark kind of -- I think our 11th or 12th quarter in a row of year-over-year growth in comms.

這就是馬克所說的——我認為我們的通訊業務已經連續第 11 或第 12 個季度實現同比增長。

So that kind of goes with what Vince said about the breadth of our portfolio across customers.

因此，這與文斯所說的關於我們跨客戶的產品組合的廣度是一致的。

And if you move away from B2B into consumer, it's down double digits.

如果你從 B2B 轉向消費者，則會下降兩位數。

And it kind of right in the line for the year, down about 20%.

與今年的預期相符，下降了約 20%。

I don't -- Vince, do you want to talk about industrial and kind of the strength we're seeing there and why we've been better than our peers?

我不想——文斯，你想談談工業和我們在那裡看到的實力以及為什麼我們比同行更好嗎？

Yes.

是的。

So I think if you look at industrial in kind of 2 pockets, we have our more fragmented, broader-based business, specifically automation.

因此，我認為，如果你從兩個方面來看工業，我們的業務更加分散、基礎更廣泛，特別是自動化業務。

And I say, that business right now, given its high-intensity CapEx needs, is weaker pretty much across all geographic spaces at this point in time.

我想說的是，鑑於其高強度的資本支出需求，目前該業務在所有地理空間中都表現疲軟。

I don't think it'll be a great surprise to tell you that the memory test business has been weak now almost for a year, and that persists.

我認為告訴您內存測試業務已經疲軟近一年了並且這種情況持續存在，您不會感到驚訝。

It remains at least tepid.

至少仍然不溫不火。

But I think the areas where we're seeing most strength right now are aerospace and defense.

但我認為我們目前最有優勢的領域是航空航太和國防。

And in fact, that's increasing just about 20% year-over-year.

事實上，這一數字年增約 20%。

Given the record defense budget that has just been passed in the U.S., we're seeing good growth across all the sub applications within aerospace and defense.

鑑於美國剛剛通過的創紀錄的國防預算，我們看到航空航天和國防領域的所有子應用都出現了良好的增長。

And one of the real points of strength for ADI and what's driving a lot of the growth is the combination of the microwave and RF technologies from Hittite with the mixed-signal products from ADI.

ADI 的真正優勢之一以及推動大量成長的因素是 Hittite 的微波和 RF 技術與 ADI 的混合訊號產品的結合。

And we're starting to bring LTC more aggressively into that space as well.

我們也開始更積極地將 LTC 引入該領域。

So that's a future growth dimension in that aerospace and defense business.

因此，這是航空航太和國防業務未來的成長方向。

Health care continues to grow nicely, I think in general.

我認為總體而言，醫療保健持續良好成長。

I've been pretty public that I think that's a space whose time has really come.

我一直公開表示，我認為這個領域的時代已經來臨。

And I think this digital health area, in general, is just an inflection point.

我認為這個數位健康領域總體來說只是一個轉捩點。

It's just at the knee of the curve, so to speak.

可以這麼說，它就在曲線的轉捩點處。

So that's doing well for us across the board, whether it's big iron or clinical-grade patient-monitoring-type systems.

因此，無論是大型系統或臨床級患者監測型系統，這對我們來說都表現良好。

And given again the growth in areas like 5G, BMS, very, very high-frequency automotive radar safety systems, the electronic test and measurement side of things is performing well also.

再次考慮到 5G、BMS、非常非常高頻的汽車雷達安全系統等領域的成長，電子測試和測量方面也表現良好。

So I think that helps unpack the industrial story, hopefully, for you.

所以我認為這有助於解開工業故事，希望對你有用。

Our next question comes from Tore Svanberg from Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Yes.

是的。

Congratulations on the execution in this environment.

恭喜您在此環境中執行。

First question is on communications.

第一個問題是關於溝通的。

Vince, you said you expect to grow pretty nicely in calendar '20.

Vince，你說過你預計在 20 曆年會有很好的成長。

I was just hoping you could elaborate a little bit on what's driving that.

我只是希望你能詳細說明一下是什麼推動了這一點。

I mean is that when 5G kind of really kicks in?

我的意思是，當 5G 真正發揮作用時？

Because obviously up until now, a lot of the growth has been more 4.5G.

因為顯然到目前為止，大部分成長都來自 4.5G。

So if you could elaborate on that, please.

所以請您詳細說明一下。

Yes.

是的。

So thanks, Tore.

所以謝謝，托雷。

The -- look, I think the way to think about 5G is one of the most exciting new platforms to be introduced in the world of information and communications technology for several years.

我認為 5G 是近年來資訊和通訊技術領域推出的最令人興奮的新平台之一。

So it's very -- I believe it'll be very pervasive.

所以我相信它會非常普遍。

It's in the early stages of deployment.

目前正處於部署的早期階段。

We're looking at a multiyear cycle here.

我們在這裡看到的是一個多年周期。

One of the things I think is -- that's important to remember with 5G is that it's really designed to enable B2B users to modify their business models and their offerings to their customers, whether it's in industrial, whether it's in health care, where critical connection to the system is really important.

我認為，關於5G 需要記住的一件事是，它的真正目的是讓B2B 用戶能夠修改他們的商業模式以及向客戶提供的產品，無論是在工業領域，還是在醫療保健領域，無論是在關鍵連接領域對於系統來說確實很重要。

So I think it's less about the consumer, more about B2B.

所以我認為這與消費者無關，更多與 B2B 有關。

Data is doubling every couple of years.

數據每隔幾年就會翻倍。

So the need for bandwidth and very low latency is real, and it's necessary.

因此，對頻寬和極低延遲的需求是真實存在的，而且是必要的。

And that won't abate.

而且這種情況不會減弱。

That will continue to intensify over time.

隨著時間的推移，這種情況將繼續加劇。

And the only way to some of that is by delivering more special -- spectrum efficiency.

實現其中一些目標的唯一方法是提供更特殊的頻譜效率。

So I think what we're seeing is very, very early stage deployment.

所以我認為我們看到的是非常非常早期的部署。

And the radio is one of the most critical elements in the development and deployment of these new 5G systems.

無線電是這些新 5G 系統開發和部署中最關鍵的要素之一。

And I think over the next 3, 4 years, we'll start to see the virtualization of the network and a more aggressive introduction of the microwave technologies as well that will be the next generation of 5G.

我認為在未來 3、4 年裡，我們將開始看到網路虛擬化以及更積極地引入微波技術，這將是下一代 5G。

So I think, as you know, as I said in the -- in an earlier comment there, we're very well positioned technologically.

所以我認為，正如你所知，正如我在之前的評論中所說，我們在技術上處於非常有利的位置。

The problems are getting tougher and tougher in the base station from a performance standpoint.

從效能角度來看，基地台中的問題變得越來越棘手。

So the portfolio lines very well gets ahead of our customers' needs there.

因此，產品組合很好地滿足了客戶的需求。

And we're very well penetrated across the board in terms of the breadth of our portfolio and the depth of our portfolio.

就我們的投資組合的廣度和深度而言，我們的滲透率非常高。

I will also point out that the power portfolio from LT is nicely fitting in as well, so that's another wave of growth that we'll begin to see materialize during 2020, 2021.

我還要指出，LT 的電源產品組合也非常適合，因此這是我們將在 2020 年、2021 年開始看到的另一波成長浪潮。

Hey, Tore, do you have a follow-up?

嘿，托雷，你有後續嗎？

Yes.

是的。

As a follow-up, you talked about the electrification in BMS.

作為後續，您談到了 BMS 中的電氣化。

I'm just wondering, when you're talking to your automotive customers right now, and especially given the sort of challenging SAAR environment, are you seeing an acceleration in the designs for BMS and EV?

我只是想知道，當您現在與汽車客戶交談時，特別是考慮到這種具有挑戰性的 SAAR 環境，您是否看到 BMS 和 EV 的設計正在加速？

Very definitely, Tore.

非常肯定，托雷。

I think it's -- whether it's European, U.S., Japanese or Asian OEMs, there's a pervasive move towards electrification of the powertrain.

我認為，無論是歐洲、美國、日本或亞洲的原始設備製造商，動力系統的電氣化都在普遍發展。

So the -- we're very confident that the BMS portfolio that we have -- we're on our fifth-generation incidentally.

因此，我們對我們擁有的 BMS 產品組合非常有信心，順便說一句，我們已經是第五代了。

And having met several of these OEMs over the last quarter or 2, I can tell you that there's a level of intensity and urgency to move more towards electrical powertrains.

在過去一兩個季度與其中幾家原始設備製造商會面後，我可以告訴您，更多地轉向電動動力系統具有一定的強度和緊迫性。

And given that BMS or electric powertrains today represent somewhere around 2% of all the vehicles built, that's likely to increase by an order of magnitude over the next decade or so.

鑑於目前 BMS 或電動動力系統約佔所有已製造車輛的 2% 左右，這一數字在未來十年左右可能會增加一個數量級。

So I think it's very real.

所以我認為這是非常真實的。

I certainly am growing in confidence that these trends that we're seeing is becoming more intense, and it's something that we're very well positioned to take advantage of.

我當然越來越有信心，我們看到的這些趨勢正在變得越來越強烈，而且我們完全有能力利用這一點。

I mentioned as well in the prepared remarks that we're moving on to yet another generation.

我在準備好的發言中也提到，我們正在進入下一代。

We're changing the way the connectivity of the information is rendered in the car with our new wireless BMS architecture, which we've introduced to the market, and we'll start to see, I think, significant revenue accrue there in the kind of 2021 time frame.

我們正在透過新的無線 BMS 架構改變汽車中資訊的連接方式，我們已將該架構引入市場，我認為，我們將開始看到以這種方式產生的大量收入2021 年的時間框架。

Our next question comes from Mitch Steves from RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Mitch Steves。

So I think one of the more interesting things about ADI is just kind of the ramp in the content you guys are seeing on 5G.

所以我認為 ADI 更有趣的事情之一就是你們在 5G 上看到的內容的增加。

So I just want to clarify what you guys are talking about for 2020.

所以我只是想澄清一下你們在談論 2020 年的內容。

So if we assume that Huawei is entirely banned, you guys still believe you're going to see, I guess, a notable growth within communications.

因此，如果我們假設華為被完全禁止，我想你們仍然相信你們會看到通訊領域的顯著成長。

Is that fair?

這樣公平嗎？

Yes.

是的。

Yes.

是的。

Absolutely.

絕對地。

Yes.

是的。

Without a doubt.

毫無疑問。

So it goes to: one, we have very good share across the ecosystem; and two, the additional content we see in these systems.

因此：第一，我們在整個生態系統中擁有很好的份額；第二，我們在這些系統中看到的附加內容。

There's 2 flavors really at 5G.

5G 確實有兩種口味。

I would say there's the subset gigahertz.

我想說的是千兆赫子集。

And in those systems, our silicon content is about 4x that of a traditional 4G.

在這些系統中，我們的矽含量約為傳統 4G 的 4 倍。

And then as you move to higher frequency millimeter wave, there's additional content on top of that 4x that's also an opportunity for ADI.

然後，當您轉向更高頻率的毫米波時，除了 4x 之外還有其他內容，這對 ADI 來說也是一個機會。

That's really the ADI-Hittite portfolio.

這確實是 ADI-Hittite 產品組合。

And also Linear, we're bringing in there as well.

還有 Linear，我們也將其引入其中。

Got it.

知道了。

Okay.

好的。

And then secondly, I kind of want to turn a little quickly to the industrial segment.

其次，我有點想快速轉向工業領域。

I mean it looks like you guys are gaining share there.

我的意思是，看起來你們正在那裡獲得份額。

I'm curious to get what you guys think the overall market is doing within industrial and if you guys think it is -- this is something you can sustain over the next few quarters as well.

我很想知道你們對整個工業市場的看法，如果你們認為是的話——這也是你們在接下來的幾個季度可以維持的。

So I'm not saying that the industrial segment won't grow, but more just in terms of you guys being able to continue to gain share against companies like TI.

所以我並不是說工業領域不會成長，而是說你們能夠繼續從像 TI 這樣的公司中獲得份額。

Yes.

是的。

Well, this is an area where -- I mean this is the core of ADI in many ways.

嗯，我的意思是，這在很多方面都是 ADI 的核心領域。

And it represents about half of the company's total revenue.

它約占公司總收入的一半。

About 7, 8, 9 years ago, we retooled the entire investment portfolio of the company from an R&D and from a go-to-market perspective and just focused more intensely on B2B applications.

大約七、八、九年前，我們從研發和進入市場的角度重組了公司的整個投資組合，並更加專注於 B2B 應用程式。

And industrial has been the priority there.

工業一直是那裡的首要任務。

So I think what we're seeing now is the benefit of the new product crop that we've been able to introduce there.

所以我認為我們現在看到的是我們能夠在那裡引入的新產品作物的好處。

We've a lot of exciting new things coming that are in the pipeline, that are in the cusp of materializing into revenue.

我們有很多令人興奮的新事物正在醞釀中，即將實現收入。

So also, our customer engagements are continuing to evolve from, I would say, 7, 8, 9 years ago, we were largely a component provider, now we're providing different forms of solutions, collections of components, more highly integrated products for different types of applications.

因此，我們的客戶參與度也在不斷發展，從7、8、9 年前，我們主要是一家組件供應商，現在我們正在為客戶提供不同形式的解決方案、組件集合、更高整合度的產品.不同類型的應用程式。

So I think in many, many ways, what we're seeing now is the culmination of many, many years of very targeted activity to become stronger in industrial.

所以我認為，從很多很多方面來說，我們現在看到的是許多很多年來非常有針對性的活動的頂峰，這些活動使工業變得更加強大。

Mitch, I might just add that remember, this particular market is very sticky.

米奇，我想補充一點，請記住，這個特定的市場非常黏性。

So the momentum that we have, as Vince talked about, has taken several years to build.

因此，正如文斯所說，我們所擁有的勢頭是花了幾年時間才形成的。

And once you have it, you kind of roll with it.

一旦你擁有了它，你就會順其自然。

And I would expect to see that continued strength versus the broader market play out over the coming years.

我預計未來幾年將看到相對於更廣泛市場的持續強勢。

Our next question comes from C.J. Muse, Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

Vince, you talked in great deal on the BMS side, I was hoping just to follow up there.

Vince，您在 BMS 方面談了很多，我希望能跟進一下。

As you think about increasing technology requirements within the portfolio and how you're investing and proceeding there, I guess two questions.

當您考慮投資組合中不斷增加的技術要求以及如何投資和進行時，我想有兩個問題。

One, I think it's about 5% of your revenues today.

第一，我認為這大約佔您今天收入的 5%。

Where do you think that can be 5 years from now?

您認為 5 年後會怎樣？

And then two, how are you seeing changes in the competitive landscape as we proceed both electric vehicles and hybrid from here?

第二個問題，當我們從這裡開始發展電動車和混合動力車時，您如何看待競爭格局的變化？

Yes.

是的。

Thanks, C.J. First and foremost, we're playing on the high end.

謝謝，C.J。首先，也是最重要的一點，我們正在高端比賽。

Our portfolio is targeted as kind of mid- to high-end applications where the problems are the toughest.

我們的產品組合針對的是問題最棘手的中高階應用。

And we're able to leverage our strength in precision signal processing that really has been the mainstay of the company for the last 5 decades.

我們能夠利用我們在精密訊號處理方面的優勢，這在過去 5 年裡一直是公司的支柱。

I would say, in terms of what you can expect in terms of growth, my sense is this will be a double-digit growth area for several years to come.

我想說的是，就您可以預期的成長而言，我的感覺是，未來幾年這將是兩位數的成長領域。

Great.

偉大的。

And I guess as a follow-up for Prashanth.

我想這是普拉山斯的後續行動。

At what point in terms of outstanding debt would you focus 100% of your free cash flow on buybacks and dividend as opposed to paying down debt?

就未償債務而言，什麼時候您會將 100% 的自由現金流用於回購和股息，而不是償還債務？

Yes.

是的。

Good question, C.J. I don't want to lock us into a specific position, but I'll say a couple of comments.

問得好，C.J。我不想把我們限制在一個特定的位置，但我會說一些評論。

One, this is a business that generates a tremendous amount of cash flow.

第一，這是一項產生大量現金流的業務。

So compared to how the company was run several years ago, we are very comfortable with debt on the balance sheet.

因此，與幾年前公司的營運方式相比，我們對資產負債表上的債務感到非常滿意。

And I don't see it ever moving to kind of the large cash surplus that we used to be at.

我認為它不會像我們以前那樣擁有大量現金盈餘。

What is -- we're really focused on maintaining that investment-grade rating.

我們真正專注於維持投資等級評級。

So we're going to be mindful of what the broader interest rate environment looks like and how the ratings agencies view us to ensure that we're doing what's necessary to kind of maintain that investment grade.

因此，我們將關注更廣泛的利率環境以及評級機構如何看待我們，以確保我們正在採取必要的措施來維持投資評級。

Now having said that, we're going to throw off a lot of cash.

話雖如此，我們還是要丟掉大量現金。

We just did a refi 2 -- actually, a quarter ago where we moved some of our 5-year term into a shorter duration.

我們剛剛進行了 refi 2——實際上是在一個季度前，我們將部分 5 年期限縮短了。

So expect us to kind of continue moving to drive that down.

因此，預計我們會繼續採取行動來降低這種情況。

And I would highlight that we have been meaningfully taking down our share count in 2019, and I think you can expect us to continue to do that in 2020.

我想強調的是，我們在 2019 年一直在有意義地減少股份數量，我認為您可以期望我們在 2020 年繼續這樣做。

Our next question comes from Craig Hettenbach, Morgan Stanley.

我們的下一個問題來自摩根士丹利的克雷格·赫滕巴赫。

On auto electrification in terms of your positioning and long-term growth drivers.

關於汽車電氣化的定位和長期成長動力。

A number of suppliers have noted just near-term weakness in China just from subset perspective and uncertainty around demand.

許多供應商僅從子集角度和需求的不確定性方面注意到中國近期的疲軟。

Any color that you have in terms of what you're seeing in the China market on a near-term basis?

您對近期中國市場的情況有何看法？

Craig, yes.

克雷格，是的。

I mean we play in the market.

我的意思是我們在市場上玩。

We have market-leading position across geos.

我們在各個地區都處於市場領先地位。

China is a big market for us.

中國對我們來說是一個很大的市場。

What I'll say is, yes, last quarter, we did grow year-over-year, but it was less than 2Q in BMS, but we still did grow.

我要說的是，是的，上個季度，我們確實同比增長，但 BMS 的增幅低於第二季度，但我們仍然實現了增長。

But it's a lumpy deployment-based business.

但這是一個不穩定的基於部署的業務。

If you look over the year-to-date, we're up double digits.

如果你看看今年迄今為止，我們的成長率是兩位數。

And we expect to grow year-over-year again in our fourth quarter even with what's going on in China.

即使在中國發生的情況下，我們預計第四季仍將實現年比成​​長。

And Craig, I do want to maybe reiterate the prepared remarks that Vince mentioned.

克雷格，我確實想重申文斯提到的準備好的言論。

For us, it is much more than just about managing the battery as efficiently as possible.

對我們來說，這不僅僅是盡可能有效地管理電池。

We enjoy growth with the processors who form and test the batteries.

我們與製造和測試電池的加工商一起成長。

We have the LTC capabilities that help drive efficient use of that power to help extend the range.

我們擁有 LTC 功能，有助於推動此電源的高效利用，從而幫助擴大續航里程。

And we're also in the charging station.

我們也在充電站。

So as the whole ecosystem continues to build out to support electric vehicles, for us, it's a much bigger play than just focusing on the batteries.

因此，隨著整個生態系統不斷發展以支持電動車，對我們來說，這比僅僅關注電池要重要得多。

Do you have a follow-up, Craig?

克雷格，你有後續嗎？

Understood.

明白了。

Yes.

是的。

I guess the follow-up, Prashanth, just on the manufacturing and some of the things you're doing with the footprint consolidation.

Prashanth，我想後續行動只是關於製造以及您在足跡整合方面所做的一些事情。

Any update in terms of gross margin impact of when you would expect to see some synergies from that?

您預計何時會看到一些協同效應，有關於毛利率影響的任何更新嗎？

Yes.

是的。

Thanks for the question, Craig.

謝謝你的提問，克雷格。

So as I mentioned in the prepared remarks, our inventory is a little bit higher this quarter because we are starting to put the bridge inventory that's necessary for us to be able to close the facilities in Singapore and California.

正如我在準備好的演講中提到的，本季度我們的庫存略高，因為我們開始放置必要的過渡庫存，以便我們能夠關閉新加坡和加州的設施。

So we'll need that bridge inventory so that we can continue to serve customers while we take those facilities down.

因此，我們需要橋樑庫存，以便在關閉這些設施的同時繼續為客戶提供服務。

We are targeting those savings to start coming through the P&L in 2021, early 2021.

我們的目標是在 2021 年、2021 年初開始透過損益表節省這些費用。

And that -- as we've been public in several calls, that should be about an incremental $100 million on a run rate basis that's all flowing through cost of goods sold.

正如我們在多次電話會議中所公開的那樣，按運行率計算，這應該增加約 1 億美元，全部計入銷售成本。

Our next question comes from Vivek Arya from Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Vivek?

維韋克？

Okay.

好的。

Vivek, we're going to go to the next caller.

Vivek，我們要去接下一個來電者。

Our next question comes from Stacy Rasgon from 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）。

Let's start with OpEx.

讓我們從營運支出開始。

So obviously, you mentioned being a little more constrained on expenses given the environment.

顯然，您提到考慮到環境，開支受到更多限制。

Can you talk a little bit about how you see that OpEx trajectory going into Q4?

您能否談談您如何看待第四季的營運支出軌跡？

Are you sort of bottomed to this point given where variable comp is on the metrics?

考慮到指標中可變補償的位置，您是否已觸底？

Or is there room to still take OpEx down?

或者還有降低營運支出的空間嗎？

I guess what are the implications for OpEx given the continued weak environment that you've seen?

我想，鑑於您所看到的持續疲軟的環境，這對營運支出有何影響？

Yes.

是的。

Thanks for the question, Stacy.

謝謝你的提問，史黛西。

So I think the way to -- first, as a reminder, we don't guide gross margins anymore.

所以我認為，首先，作為提醒，我們不再指導毛利率。

If I answer your OpEx question, I am implicitly giving you that guidance, but...

如果我回答您的營運支出問題，我就是在含蓄地向您提供指導，但是...

Qualitatively.

定性地講。

Yes.

是的。

The way to think about it is, we are -- we're -- we have made a meaningful reduction in our OpEx versus our Q2.

思考這個問題的方式是，與第二季相比，我們的營運支出大幅減少。

So we had a sequential improvement going into Q3.

因此，我們在進入第三季時取得了連續的改進。

We're looking for that to kind of carry roughly flattish for the fourth quarter.

我們預計第四季的業績將大致持平。

We will focus on the variable costs that we can control and continue to exercise OpEx discipline.

我們將重點放在我們可以控制的可變成本，並繼續遵守營運支出紀律。

As we've said before, one of the leverage we do have is our compensation system, which is meant to act as a flywheel as the businesses go up and down, and that will certainly be an element of the Q4.

正如我們之前所說，我們擁有的槓桿之一是我們的薪酬體系，它的目的是在業務起起落落時充當飛輪，這肯定會成為第四季度的一個要素。

Do you have a follow-up, Stacy?

史黛西，你有後續嗎？

Got it.

知道了。

I do.

我願意。

So in the prepared remarks, Vince mentioned that obviously the macro environment is still challenging, isn't getting better in the near term.

因此，文斯在準備好的演講中提到，顯然宏觀環境仍然充滿挑戰，短期內不會好轉。

Would you say that from your perspective versus where your expectations were 3 months ago, have things gotten worse versus what your prior expectations had been?

您是否會說，從您的角度來看，與 3 個月前的預期相比，情況是否比您之前的預期變得更糟？

I guess just where have you been expecting things to kind of go into the year-end?

我猜你對年底的情況有何期待？

And are things worse than that?

事情還有比這更糟的嗎？

Or are they sort of similar to where you would expect them to be 3 months ago?

或者它們與您 3 個月前的預期相似？

Yes.

是的。

Thanks, Stacy.

謝謝，史黛西。

I'd say, the uncertainty in the trade tensions between America and China has obviously ratcheted up.

我想說，中美貿易緊張局勢的不確定性明顯加劇。

I think it's indeterminate what will actually happen there in the short to medium term.

我認為中短期內實際會發生什麼事是不確定的。

PMI indices as well as GDPs are falling somewhat.

PMI 指數和 GDP 均有所下降。

So I think that headwind has increased somewhat, I think, since the last quarter.

因此，我認為自上個季度以來，不利因素有所增加。

I think when I try to classify how customers are thinking about the world, the world of technology is gearing up.

我認為，當我嘗試對客戶如何看待世界進行分類時，科技世界正在加速發展。

There's more and more innovation.

創新越來越多。

The R&D budgets are very, very strong across the globe and all the sectors.

全球各產業的研發預算都非常非常強勁。

So I think customers remain optimistic about the future.

所以我認為客戶對未來保持樂觀。

But I'd say, right at this point in time, the people who commit the CapEx, commit the investments are probably a little less optimistic about the future than they were, say, a quarter ago.

但我想說，就在這個時候，那些承諾資本支出、承諾投資的人對未來的樂觀程度可能比一個季度前要低一些。

So that's pretty much the best commentary I can give you, Stacy.

這幾乎是我能給你的最好的評論，史黛西。

Okay.

好的。

I guess at our conference at the end of May, Vince, you would sound pretty positive about potentially getting a trade deal.

我想在我們五月底的會議上，文斯，你聽起來對達成貿易協議的可能性非常樂觀。

It doesn't sound like were there anymore.

聽起來已經不再在那裡了。

Well, it's -- who really knows?

嗯，誰真正知道呢？

I think both sides are working on it.

我認為雙方都在努力。

I think incidentally, both sides want the deal, but I think it depends on the conditions.

順便說一句，我認為雙方都希望達成協議，但我認為這取決於條件。

And what's out there in the public domain is that both sides are digging their heels in at this point.

公共領域的情況是，雙方都在這一點上固執己見。

So yes, I'd say, Stacy, to answer your question directly, the sense of a trade deal by the end of the summer, which is looming very quickly here, is less likely than it was when you and I spoke back in May.

所以，是的，史黛西，我要直接回答你的問題，在夏季結束前達成貿易協議的可能性正在迅速逼近，但與你和我五月份交談時相比，這種可能性要小一些。 。

All right, Stacy.

好吧，史黛西。

Thank you the 3 points you guys you have in there.

謝謝你們的三分。

Sorry, we're going to try to go back to Vivek, if we can.

抱歉，如果可以的話，我們會嘗試回到維韋克。

Yes.

是的。

And that'll be our last question for today.

這將是我們今天的最後一個問題。

Okay.

好的。

Your next question is from Vivek Arya from Bank of America.

您的下一個問題來自美國銀行的 Vivek Arya。

Can you hear me now?

你聽得到我嗎？

We can, Vivek.

我們可以，維韋克。

Okay.

好的。

Sorry for the -- I screwed up before.

抱歉——我之前搞砸了。

So first question, how should we think about seasonality going into your January quarter?

那麼第一個問題，我們該如何考慮一月季度的季節性？

Historically, it's a positive quarter.

從歷史上看，這是一個積極的季度。

But I know you've had consumer volatility and this time, there's also the Huawei and trade war volatilities.

但我知道消費者經歷過波動，這次還有華為和貿易戰的波動。

I'm just curious, how's your visibility kind of 1 quarter out right now?

我只是好奇，你現在的能見度怎麼樣？四分之一了？

I'll tell you, typical seasonality.

我告訴你，典型的季節性。

I would say, it's not a typical time.

我想說，這不是典型的時間。

I'll caveat with that, and we're not giving guidance for a quarter out.

我要警告一下，我們不會給出四分之一的指導。

Typically, first quarter is a weaker quarter for us in B2B.

一般來說，第一季對我們來說是 B2B 領域表現較弱的季度。

Industrial is typically down.

工業通常會下滑。

Automotive is typically down.

汽車產業通常表現不佳。

I do think on the comms market, we talked about being weaker here in the fourth quarter, but it's very volatile.

我確實認為在通訊市場上，我們談到了第四季度的疲軟，但它非常不穩定。

And I think you see a quick acceleration back there in the first quarter.

我認為你會在第一季看到快速加速。

And consumer, we'll update you on next call kind of our outlook for 2020.

消費者，我們將在下次電話會議上向您介紹我們對 2020 年的展望。

But I think you can expect consumer to be down again in 2020 but to a lesser degree than '19.

但我認為你可以預期 2020 年消費者將再次下降，但程度低於 19 年。

All right.

好的。

And then the other thing...

然後另一件事...

Do you have a follow-up, Vivek?

維韋克，你有後續嗎？

Yes.

是的。

The other thing, Vince, I know there is a lot of macro uncertainty right now.

另一件事，文斯，我知道現在存在著許多宏觀不確定性。

But when I look at your automotive and industrial businesses, they were down kind of 6% year-on-year for the last couple of quarters.

但當我觀察你們的汽車和工業業務時，發現過去幾季年減了 6%。

If I look at the guidance you're giving for October, it's down about -- I think about 2% year-on-year, and you were saying industrial can be actually flat year-on-year, which is much better than what we have seen in the last few quarters.

如果我看一下你們給出的 10 月份指導，我認為同比下降了約 2%，而且你們說工業實際上可以同比持平，這比去年同期要好得多我們在過去幾個季度已經看到了。

So I'm just trying to reconcile all the uncertainty in the macro environment versus the October quarter kind of industrial outlook.

因此，我只是試圖調和宏觀環境中的所有不確定性與十月季度的工業前景。

That seems somewhat more positive when I look at it.

當我看到它時，這似乎更加積極。

Yes.

是的。

Well, we have a couple of specific areas where we're seeing strength, aerospace and defense, being kind of top of the list there for a range of reasons.

嗯，我們有幾個特定領域，我們看到力量、航空航天和國防，由於多種原因而位居榜首。

It's a combination of budgets being increased in the area of aerospace and defense and also the strength of the technology portfolio that we bring.

這是航空航太和國防領域預算增加以及我們帶來的技術組合實力的結合。

And I mentioned earlier on that health care continues to grow for the company.

我之前提到過，公司的醫療保健業務持續成長。

It's an area again where we've been increasing investments over the last 5, 7 years.

在過去的五、七年裡，我們又在這個領域增加了投資。

And that's an area that I continue to be very optimistic about and think it will be a very good source of growth for the company for many, many years to come.

我仍然對這個領域非常樂觀，並認為它將成為公司未來很多年成長的一個非常好的來源。

So there are the 2 areas, Vivek, that are most meaningfully contributing on the industrial side right now to the strength we're seeing relative to the market.

因此，Vivek 這兩個領域目前在工業方面對我們所看到的相對於市場的實力做出了最有意義的貢獻。

And Vivek, I know you asked specifically about the change in trajectory in Q4, but I would want to remind you that kind of on a year-to-date basis, those numbers you've quoted have been substantially better than the broader market.

Vivek，我知道您特別詢問了第四季度的軌跡變化，但我想提醒您，從今年迄今的情況來看，您引用的這些數字明顯好於大盤。

So we have outperformed.

所以我們表現出色。

Although the industrial market has been down on a year-to-date basis for us, we've generally outperformed the broader market.

儘管我們的工業市場今年迄今一直在下跌，但我們的表現總體上優於大盤。

Thank you, Vivek.

謝謝你，維韋克。

And thanks, everyone, for joining us this morning.

感謝大家今天早上加入我們。

A copy of the transcript will be available on our website and all available reconciliations and information can also be found there.

我們的網站上將提供文字記錄的副本，所有可用的核對和資訊也可以在那裡找到。

Thanks again for joining us, and we look forward to talking to you in 90 days.

再次感謝您加入我們，我們期待在 90 天內與您交談。

This concludes today's Analog Devices conference call.

今天的 Analog Devices 電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。