亞德諾半導體 (ADI) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Analog Devices Third Quarter Fiscal Year 2022 Earnings Conference Call, which is being audio webcast via telephone and over the web. I'd like now to introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.

早安，歡迎參加 ADI 公司 2022 財年第三季財報電話會議，該會議透過電話和網路進行音訊網路直播。現在，我想介紹今天電話會議的主持人、投資者關係和 FP&A 副總裁 Michael Lucarelli 先生。先生，現在請您發言。

Thank you, Matt, and good morning, everybody. Thanks for joining our third quarter fiscal 2022 call. With me on the call today are ADI's CEO and Chair, Vincent Roche; and ADI's CFO, Prashanth Mahendra-Rajah. For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.

謝謝你，馬特，大家早安。感謝您參加我們的 2022 財年第三季電話會議。今天與我一起參加電話會議的還有 ADI 的執行長兼董事長 Vincent Roche；以及 ADI 的財務長 Prashanth Mahendra-Rajah。對於錯過此次發布的人，您可以在 investor.analog.com 上找到它和相關的財務時間表。

Now on to the disclosures. The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties as further described in our earnings release and our periodic reports and other materials filed with the SEC. Actual results could differ materially from the forward-looking information as these statements reflect our expectations as of the date of this call. We undertake no obligation to update these statements, except as required by law.

現在來討論披露內容。我們即將討論的資訊包括前瞻性陳述，這些陳述受制於某些風險和不確定性，如我們的收益報告、定期報告以及向美國證券交易委員會提交的其他資料中進一步所述。由於這些陳述反映了我們截至本次電話會議之日的預期，因此實際結果可能與前瞻性資訊有重大差異。除非法律要求，我們不承擔更新這些聲明的義務。

Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. 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. Please note, we've also published our annual ESG report last quarter titled Future Forward. You can find it on the IR web page. And with that, I'll turn the call over to ADI's CEO and Chair, Vince. Vince?

我們今天的評論還將包括非公認會計準則財務指標，不包括特殊項目。當我們的結果與歷史績效進行比較時，特殊項目也被排除在前期之外。今天的收益報告中包含了這些非公認會計準則指標與最直接可比較的公認會計準則指標的對帳表，以及有關我們的非公認會計準則指標的其他資訊。請注意，我們也在上個季度發布了題為《未來展望》的年度 ESG 報告。您可以在 IR 網頁上找到它。接下來，我將把電話轉給 ADI 的執行長兼董事長文斯 (Vince)。文斯？

Thank you, Mike, and good morning to you, all. Well, I'm pleased to share that we executed very well amidst a dynamic macro backdrop. We delivered another quarter of record results, driven by continued operational excellence, strong financial discipline and resilient demand for our diverse portfolio of innovation-rich products. Revenue was $3.1 billion, up 24% year-over-year on a combined basis and above the midpoint of our outlook. Strength was broad-based with double-digit growth in every end market.

謝謝你，麥克，大家早安。嗯，我很高興地告訴大家，在動態的宏觀背景下，我們的表現非常出色。在持續的卓越營運、嚴格的財務紀律和對我們多樣化創新產品組合的強勁需求的推動下，我們又一個季度取得了創紀錄的業績。營收為 31 億美元，年增 24%，高於我們預期的中位數。各終端市場均達到兩位數成長，實力全面增強。

Our third quarter profitability reflects ADI's innovation premium and strong operating leverage with gross and operating margins of 74% and 50%, respectively. Adjusted earnings per share of $2.52 finished at the high end of our outlook, marking another new high. I'm exceptionally pleased with our results, and I want to thank our employees for their continued hard work and dedication to our success, and importantly, to the success of our customers.

我們第三季的獲利能力反映了 ADI 的創新優勢和強勁的營運槓桿，毛利率和營業利潤率分別為 74% 和 50%。調整後每股收益為 2.52 美元，達到我們預期的高位，再創新高。我對我們的業績感到非常滿意，我要感謝我們的員工為我們的成功以及更重要的是我們客戶的成功所做的持續努力和奉獻。

At ADI, innovation is ingrained in our culture, fueled by an unwavering commitment to robust R&D investments. Over the last 12 months, we've invested over $1.7 billion in R&D. A key facet to our innovation-driven success is our dedication to extensive and deep customer engagements, which enables us to collaborate with them in solving their toughest problems.

在 ADI，創新已根植於我們的文化，並受到對強勁研發投資的堅定承諾的推動。在過去的 12 個月裡，我們在研發方面投資了超過 17 億美元。我們創新驅動成功的關鍵方面是我們致力於廣泛而深入的客戶合作，這使我們能夠與他們合作解決最棘手的問題。

Now I'd like to share some recent customer highlights. In Automotive, we reinforced our market-leading position in BMS with wins at 2 premium European auto manufacturers. One of these wins was with our wireless BMS solution. This marks the fourth OEM to adopt wireless BMS as customer interest continues to build for this unique technology. In sustainable energy, we announced a design win with Enel Group on the quantum edge device used to digitally monitor electric grids. ADI's unmatched precision measurement capabilities are critical to creating a more resilient and flexible grid to help advance efficient electrification globally.

現在我想分享一些最近的客戶亮點。在汽車領域，我們贏得了兩家歐洲知名汽車製造商的青睞，鞏固了我們在 BMS 市場領先地位。其中一個勝利是我們的無線 BMS 解決方案。這標誌著第四家 OEM 採用無線 BMS，因為客戶對這項獨特技術的興趣持續高漲。在永續能源領域，我們宣布與 Enel Group 合作設計用於數位監控電網的量子邊緣設備。 ADI 無與倫比的精密測量能力對於創建更具彈性和靈活性的電網以推動全球高效電氣化至關重要。

In health care, the recently released wireless hospital monitoring system by GE Healthcare in Europe uses ADI solutions across signal chain, power, RF MCUs and sensors. This wearable system enables wireless continuous monitoring to detect patient deterioration earlier, helping to improve outcomes.

在醫療保健領域，歐洲 GE Healthcare 最近發布的無線醫院監控系統在訊號鏈、電源、RF MCU 和感測器中都採用了 ADI 解決方案。此穿戴式系統可達到無線持續監測，從而更早發現患者病情惡化，有助於改善治療效果。

Today, I'd like to profile our $1.5 billion-plus consumer franchise, a business that plays an important role in our long-term profitable growth strategy. Given the recent negative data points surrounding the consumer end market, one may wonder why highlight this market now. But that's just the reason our consumer business is built differently. In the third quarter, we posted our seventh consecutive growth quarter. And while we are not immune to macro slowdown, we have aligned this business to the high end of the market where performance really matters and into applications where our differentiation is truly valued.

今天，我想介紹一下我們價值 15 多億美元的消費者特許經營業務，這項業務在我們的長期獲利成長策略中發揮著重要作用。鑑於近期圍繞消費終端市場的負面數據點，人們可能想知道為什麼現在要強調這個市場。但這正是我們的消費者業務與眾不同的原因。第三季度，我們實現了連續第七個季度的成長。雖然我們無法免受宏觀經濟放緩的影響，但我們已將這項業務調整到真正注重性能的高端市場以及真正看重我們差異化的應用領域。

The composition of our consumer franchise is indeed unique. Approximately 30% of our revenue comes from long life cycle prosumer applications, including next-generation conferencing systems, professional audio/video and home theater. The remaining revenue in consumer relates to portables, including fast-growing wearables and hearables as well as premium smartphones.

我們的消費者特許經營的構成確實是獨一無二的。我們約 30% 的收入來自長生命週期專業消費者應用，包括下一代會議系統、專業音訊/視訊和家庭劇院。消費領域的剩餘收入與便攜式設備有關，包括快速成長的可穿戴設備、可聽設備以及高階智慧型手機。

Taking a step back, over the last 5 years-plus, we have reconfigured our consumer business to increase diversity across customers, products and applications to better drive growth and limit volatility while enhancing profitability. The addition of Maxim further enhances our diversity and expanded our portfolio. Over this time, we've increased our product SKUs to just over 10,000 and expanded our customer count to more than 3,000. Importantly, the composition of this business is quite similar to our B2B markets, with no single product contributing more than a couple of percentage points to total ADI sales.

回顧過去，在過去五年多的時間裡，我們重新配置了我們的消費者業務，以增加客戶、產品和應用程式的多樣性，從而更好地推動成長、限制波動，同時提高獲利能力。 Maxim 的加入進一步增強了我們的多樣性並擴大了我們的產品組合。在此期間，我們的產品 SKU 增加到 10,000 多個，客戶數量也擴大到 3,000 多個。重要的是，這項業務的組成與我們的 B2B 市場非常相似，沒有任何單一產品對 ADI 總銷售額的貢獻超過幾個百分點。

The velocity of innovation in the consumer market is appealing. It allows us to accelerate technology development and commercialize solutions quickly at scale. Over time, we take these breakthrough solutions into other markets to create new waves of growth and drive strong profitability and cash flow. For example, we have leveraged our consumer audio expertise into the automotive market. This capability was demonstrated at our Investor Day where we showcased an electric vehicle with Dolby Atmos that uses our SHARC DSP and software that was first proven in the consumer business.

消費市場的創新速度引人注目。它使我們能夠加速技術開發並大規模地快速將解決方案商業化。隨著時間的推移，我們將這些突破性的解決方案帶入其他市場，以創造新的成長浪潮並推動強勁的獲利能力和現金流。例如，我們將我們的消費音頻專業知識運用到汽車市場。這項功能在我們的投資者日得到了展示，我們在會上展示了一款採用杜比全景聲 (Dolby Atmos) 的電動汽車，該汽車採用了我們的 SHARC DSP 和首先在消費業務中得到驗證的軟體。

Additionally, we've also leveraged R&D investments from our core franchises into the consumer market. To that end, our high-precision converters and industrial instrumentation, for example, have been repurposed to solve similar challenges for stabilization in smartphone compass and pressure sensing in wearables. Not only have we created a highly diverse and profitable business but also one that is aimed at key growth drivers that position us to grow at a high single-digit rate over the long-term.

此外，我們也將核心特許經營權的研發投資投入消費市場。為此，我們重新設計了高精度轉換器和工業儀器儀表，以解決智慧型手機羅盤穩定性和穿戴式裝置壓力感測的類似挑戰。我們不僅創造了高度多元化和盈利的業務，而且還瞄準了關鍵成長動力，使我們能夠長期保持高個位數的成長。

For example, our prosumer growth has been revitalized as companies implement future of work plans that encompass more immersive enterprise video conferencing. Here, the breadth of our portfolio across DSP, analog, mixed-signal and power management enables us to solve the entire customer challenge from high-bandwidth connectivity to video resolution and sound quality.

例如，隨著公司實施包含更具沉浸感的企業視訊會議的未來工作計劃，我們的專業消費者成長得到了振興。在這裡，我們涵蓋 DSP、模擬、混合訊號和電源管理的廣泛產品組合使我們能夠解決從高頻寬連接到視訊解析度和聲音品質的所有客戶挑戰。

And turning now a moment to the portables market. In hearables, we shift into the majority of premium wireless stereo earbuds. Our newest offerings include software-augmented hearing algorithms and optimized power that reduces size and improves audio fidelity while increasing our value per system by over 3x. In wearables, we're a leader in personal wellness products with our sensing solutions designed into over 50% of products today. There is a convergence of these personal wellness products and clinical-grade vital signs monitoring solutions that could unlock new opportunities for ADI. And in premium smartphones, we're expanding our share and content at key customers, which is providing us additional diversification and stimulating new growth vectors.

現在讓我們來看看便攜式設備市場。在可聽設備方面，我們轉向大多數優質無線立體聲耳塞。我們最新的產品包括軟體增強聽力演算法和優化的功率，可縮小尺寸並提高音訊保真度，同時將每個系統的價值提高 3 倍以上。在穿戴式裝置領域，我們是個人健康產品的領導者，目前我們的感測解決方案已被設計到超過 50％ 的產品中。這些個人健康產品和臨床級生命徵象監測解決方案的整合可能會為 ADI 帶來新的機會。在高階智慧型手機領域，我們正在擴大主要客戶的份額和內容，這為我們提供了額外的多樣化並刺激了新的成長點。

An emerging opportunity is the Metaverse. ADI's breadth of hardware, software algorithms and domain expertise gives us an ability to provide complete sub-system solutions. While we're still in the early days, of course, momentum is building, and we have design wins in multiple next-generation AR/VR headsets. Across all these consumer applications, power management is becoming ever more critical. Customers are adding more features into smaller spaces, while consumers are demanding longer battery life. Maxim doubled the size of our low-power portfolio and increased our consumer power SAM by over $1 billion. We're already beginning to see the cross-sell benefits of our complementary customer bases and synergistic portfolios with wins in both wearables and conferencing systems.

一個新興的機會是元宇宙 (Metaverse)。 ADI 廣泛的硬體、軟體演算法和領域專業知識使我們能夠提供完整的子系統解決方案。當然，儘管我們仍處於早期階段，但勢頭正在增強，並且我們在多個下一代 AR/VR 耳機的設計中獲得了勝利。在所有這些消費應用中，電源管理變得越來越重要。客戶正在更小的空間內添加更多的功能，而消費者則要求更長的電池壽命。 Maxim 將我們的低功耗產品組合規模擴大了一倍，並將我們的消費電源 SAM 增加了 10 多億美元。我們已經開始看到互補客戶群和協同產品組合帶來的交叉銷售優勢，在穿戴式裝置和會議系統方面均取得了成功。

So in summary, I'm very encouraged with the strides we've taken to reignite growth in our consumer business, and with a record opportunity pipeline and significant synergy potential, I believe we're in a position to deliver consistent growth over the long-term.

總而言之，我對我們為重新激發消費者業務成長的舉措感到非常鼓舞，憑藉創紀錄的機會管道和巨大的協同潛力，我相信我們能夠實現長期持續成長。

Now before passing over to Prashanth, I'd like to make some comments on the current business environment. Obviously, the macro backdrop is dynamic and it's clear that we're at an inflection point. Economic conditions are beginning to impact demand with orders showing -- orders slowing later in the quarter and cancellations increasing slightly. Prashanth will provide additional details on these dynamics in his remarks.

現在，在交給 Prashanth 之前，我想對當前的商業環境發表一些評論。顯然，宏觀背景是動態的，很明顯我們正處於一個轉折點。經濟狀況開始影響需求，訂單顯示－本季後期訂單放緩，取消訂單略有增加。 Prashanth 將在他的演講中提供有關這些動態的更多細節。

ADI successfully navigated macro challenges many, many times before in our 57-year history. We've created a premier analog franchise with an unmatched diversity of products, customers and applications. And we've invested in a hybrid manufacturing model that better adapts to demand fluctuations. These characteristics instill a resiliency into our business to mitigate market weaknesses, sustain profitability and enable investment in our business through economic cycles to focus on playing our long game. And with that, I'll hand it over to Prashanth.

在 ADI 57 年的發展歷程中，曾多次成功應對宏觀挑戰。我們創建了一個頂級模擬特許經營權，擁有無與倫比的產品、客戶和應用多樣性。我們投資了一種能夠更好地適應需求波動的混合製造模式。這些特點為我們的業務注入了彈性，以減輕市場疲軟的影響，保持盈利能力，並使我們能夠在經濟週期中對業務進行投資，專注於長期發展。說完這些，我將把它交給 Prashanth。

Thank you, Vince. Let me add my welcome to our third quarter earnings call. My comments today, with the exception of revenue, will be on an adjusted basis, which excludes special items outlined in today's press release. Third quarter revenue of $3.1 billion finished above the midpoint of our outlook and marked our sixth consecutive quarterly record. If we look at third quarter end market performance, industrial, our most diverse and profitable end market, hit another all-time high and represented 50% of growth -- excuse me, 50% of revenue.

謝謝你，文斯。我要對大家參加我們的第三季財報電話會議表示歡迎。我今天的評論，除了收入之外，都是基於調整後的數據，不包括今天的新聞稿中概述的特殊項目。第三季營收為 31 億美元，高於我們預期的中位數，並連續第六個季度創下紀錄。如果我們看一下第三季度的終端市場表現，工業，我們最多樣化和最賺錢的終端市場，創下了歷史新高，佔增長的 50％ - 對不起，佔收入的 50％。

Growth was broad-based with each of our major applications increasing sequentially. Industrial revenue has now grown more than 20% year-over-year for 7 straight quarters, underscoring ADI's strong position and secular content growth across applications. Automotive, which represented 21% of revenue, achieved another record, increasing 28% year-over-year. The better mix of higher-content premium vehicles, combined with our growth engines of BMS, GMSL, A2B and better value capture is driving our outsized growth versus SAAR.

成長基礎廣泛，我們每個主要應用程式都連續成長。工業收入現已連續 7 個季度同比增長超過 20％，凸顯了 ADI 的強勢地位和各個應用領域的長期內容增長。汽車業務佔總營收的21%，再創紀錄，較去年同期成長28%。更高含量的高端汽車的更好組合，加上我們的 BMS、GMSL、A2B 成長引擎和更好的價值獲取，推動了我們相對於 SAAR 的超額成長。

Communications, which represented 16% of revenue, achieved a quarterly record, with strong year-over-year growth in both wireless and wireline. Sequentially, wireline outpaced wireless with growing demand for our optical and power portfolios as carriers and hyperscalers invest to meet the ever-growing demand for data. And lastly, Consumer represented 13% of revenue and has now grown year-over-year for 7 consecutive quarters. As Vince highlighted, the diversity and growing design momentum across portables and prosumer is enabling us to grow despite the consumer market slowdown.

通訊業務佔總營收的 16%，創下季度新高，無線和有線業務較去年同期均實現強勁成長。隨著營運商和超大規模企業進行投資以滿足不斷增長的數據需求，對我們的光纖和電力產品組合的需求不斷增長，有線網路的發展速度超過了無線網路。最後，消費者業務佔總營收的 13%，目前已連續 7 個季度年增。正如文斯所強調的，儘管消費市場放緩，但便攜式設備和專業消費者的多樣性和不斷增長的設計勢頭使我們能夠實現成長。

Now on to the rest of the P&L. Gross margin was 74.1%, up 250 basis points year-over-year, driven by higher utilization, favorable mix and synergy capture. OpEx in the quarter was $747 million, which reflects a full quarter of higher-than-normal merit increases. Operating margin increased 650 basis points year-over-year, finishing at 50.1% toward the high end of our outlook. Non-Op was $48 million and the tax rate for the quarter was 13.2%. All told, EPS came in at a record $2.52, up 47% versus the third quarter of 2021.

現在來看看損益表的其餘部分。毛利率為 74.1%，較上年同期上升 250 個基點，這得益於利用率提高、產品組合有利以及協同效應的發揮。本季的營運支出為 7.47 億美元，反映出整個季度的績效工資成長均高於正常水準。營業利益率年增 650 個基點，達到 50.1%，接近我們預期的高點。非經營性支出為 4,800 萬美元，本季稅率為 13.2%。總體而言，每股收益達到創紀錄的 2.52 美元，較 2021 年第三季成長 47%。

On the balance sheet, we ended the quarter with over $1.5 billion of cash and equivalents. Days of inventory increased to 129, while channel inventory remains below the low end of our target range of 7 to 8 weeks. For cash flow, CapEx for the quarter was $165 million and $526 million over the trailing 12 months, just under 5% of revenue. We continue to expect elevated CapEx investments through 2023 to support the strategic expansion of our hybrid manufacturing model. And these investments will strengthen our resiliency and support our long-term growth outlook of 7% to 10% CAGR.

在資產負債表上，我們在本季末擁有超過 15 億美元的現金和等價物。庫存天數增加至 129 天，而通路庫存仍低於我們 7 至 8 週的目標範圍的低端。就現金流而言，本季的資本支出為 1.65 億美元，過去 12 個月的資本支出為 5.26 億美元，略低於收入的 5%。我們預計到 2023 年資本支出將繼續增加，以支持我們的混合製造模式的策略擴張。這些投資將增強我們的韌性，並支持我們 7% 至 10% 複合年增長率的長期成長前景。

Over the trailing 12 months, we generated over $3.7 billion of free cash flow or 34% of revenue. Included in our free cash flow are onetime deal-related costs which amount to about 3% of revenue. With the intra-quarter volatility, we opportunistically increased repo activity to $906 million. And after approximately 1 year post the close of Maxim, we've repurchased $4.4 billion worth of shares, putting us on track to exceed our $5 billion commitment by the end of fiscal '22.

在過去的 12 個月中，我們創造了超過 37 億美元的自由現金流，佔營收的 34%。我們的自由現金流包括一次性交易相關成本，約佔收入的 3%。利用季度內波動，我們抓住機會將回購活動增加至 9.06 億美元。在 Maxim 上市後約一年內，我們回購了價值 44 億美元的股票，這使我們能夠在 22 財年末超過 50 億美元的承諾。

Including dividend payments, we've returned approximately $6 billion to shareholders over the last 12 months or more than 6% of our market cap. As a reminder, we target 100% free cash flow return. We target to allocate 40% to 60% of our free cash flow to support a 10% dividend CAGR through the cycle, with the remaining cash used for share count reduction.

包括股息支付在內，我們在過去 12 個月內向股東返還了約 60 億美元，占我們市值的 6% 以上。提醒一下，我們的目標是100％的自由現金流回報。我們的目標是分配 40% 至 60% 的自由現金流來支援整個週期內 10% 的股息複合年增長率，剩餘現金用於減少股票數量。

Now before we move to the outlook, I want to provide some additional details around demand. In third quarter, our order book remained strong and backlog increased to a new record, stretching well into mid-2023. However, orders moderated later in the quarter, and as a result, book-to-bill was down from a quarter ago but still well above 1. By market, we are seeing strength persist in both Industrial and Automotive, which together represent over 2/3 of our sales, while Consumer and comms were a bit softer. We also saw a modest increase in cancellations and was not specific to any end market or geography.

在我們討論展望之前，我想提供一些有關需求的更多細節。第三季度，我們的訂單依然強勁，積壓訂單增至新高，並將持續至 2023 年中期。然而，訂單在本季度後期有所放緩，因此訂單出貨比較上一季度有所下降，但仍遠高於 1。我們也發現取消的數量略有增加，而且並非特定於某個終端市場或地區。

Given these dynamics, coupled with the macro backdrop, we believe it's prudent to take a more cautious stance. As such, we are only forecasting slight sequential revenue growth to $3.15 billion, plus or minus $100 million, despite bookings, backlog and higher supply that would all suggest stronger growth. At the midpoint, we expect all end markets to grow quarter-over-quarter. Op margin is expected to be 50.3%, plus or minus 70 bps. Our tax rate is expected to be 13% to 14%. And based on these inputs, adjusted EPS is expected to be $2.57, plus or minus $0.10.

鑑於這些動態，再加上宏觀背景，我們認為採取更謹慎的立場是明智之舉。因此，儘管預訂量、積壓訂單和更高的供應量都預示著更強勁的增長，但我們僅預測收入將小幅環比增長至 31.5 億美元，上下浮動 1 億美元。從中期來看，我們預計所有終端市場都將環比成長。預計營業利益率為 50.3%，上下浮動 70 個基點。我們的稅率預計為13%至14%。基於這些輸入，調整後的每股盈餘預計為 2.57 美元，上下浮動 0.10 美元。

More broadly, while the macro backdrop is dynamic, our business has several aspects that position us quite well to manage further headwinds. These include our diverse end market exposure, coupled with strong secular drivers that will help buffer our top line. The flexibility of our hybrid manufacturing model gives us confidence in maintaining our 70% gross margin floor. And we also have several OpEx layers to support our industry-leading margins and maintain a solid return of cash to our investors. So in closing, my confidence to our path of $15 of EPS in the next 5 years remains high. Let me now give it back to Mike for the Q&A.

更廣泛地說，雖然宏觀背景是動態的，但我們的業務有幾個方面使我們能夠很好地應對進一步的逆風。其中包括我們多樣化的終端市場曝光，加上強大的長期驅動力，這將有助於緩衝我們的營收。我們的混合製造模式的靈活性使我們有信心維持 70% 的毛利率底線。我們還擁有多個營運支出層來支持我們行業領先的利潤率並維持對投資者的穩定現金回報。總而言之，我仍然對未來 5 年每股收益達到 15 美元充滿信心。現在我把問題交還給 Mike 問答。

Thanks, Prashanth. Let's get to the Q&A session. (Operator Instructions) With that, can we have our first question, please, Matt?

謝謝，Prashanth。讓我們進入問答環節。 （操作員指示）好了，我們可以提出第一個問題了嗎，馬特？

(Operator Instructions) Our first question will come from Vivek Arya with Bank of America Securities.

（操作員指示）我們的第一個問題來自美國銀行證券的 Vivek Arya。

I just wanted to clarify how much conservatism is in the Q4 outlook. And then a little bit longer term than that. What happens to the pricing lever as you start to see these bookings start to decelerate? Is pricing holding firm? Is it flat or down as customers start to think about next year?

我只是想澄清一下對第四季的展望有多少保守的成分。然後期限會比這稍微長一點。當你看到這些預訂量開始下降時，定價槓桿會發生什麼變化？價格維持堅挺嗎？由於客戶開始考慮明年，銷售量是持平還是下降？

Yes. Thank you for the question, Vivek. Let me take the first part of that, and then maybe I'll let Vince speak to the pricing. So we've been talking for a couple of quarters now that we were expecting a more meaningful increase in our ability to supply in the fourth quarter, and we have been building that with the installations of equipment that we've been having over the course of this year. So our supply -- our ability to supply is in excess of the guide that we put out there.

是的。謝謝你的提問，Vivek。讓我先談談第一部分，然後也許我會讓文斯談談價格。因此，我們已經談論了幾個季度，我們預計第四季度我們的供應能力將有更有意義的成長，而且我們一直在透過今年安裝的設備來實現這一目標。因此，我們的供應量－我們的供應能力超出了我們所提供的指導量。

In addition, our backlog actually increased sequentially from -- into the third quarter to a new all-time record. And given kind of the strength in the backlog, the book-to-bill was still above 1 and increased supply, it's very logical we could print a bigger number. Having said that, we are very aware of the macro environment and a bit more softening in order activity that we saw towards the tail end of the quarter. So that's why we kind of held back a little bit on the guide to ensure that if this order softness does continue, we're not disappointing. Vince, you want to address the pricing question?

此外，我們的積壓訂單實際上從第三季開始連續增加，創下了歷史新高。鑑於積壓訂單的強勁勢頭，訂單出貨比仍然高於 1 且供應量增加，因此我們印刷更大的數字是非常合乎邏輯的。話雖如此，我們非常清楚宏觀環境，並且我們在本季末看到訂單活動略有疲軟。因此，這就是為什麼我們在指南上有所保留，以確保如果這種訂單疲軟狀況持續下去，我們不會令人失望。文斯，你想解決定價問題嗎？

Yes. Thanks, Vivek. Yes, so I think first and foremost, we are seeing tremendous stability. I don't expect to see any downward pressure on prices even in a recessionary environment. I think first and foremost, our products reflect an innovation premium for the kind of value that we deliver to our customers. Now we're never the long pull in the pricing [tent] either in the customer's bill of material.

是的。謝謝，維韋克。是的，所以我認為首先，我們看到了巨大的穩定性。我預計即使在經濟衰退的環境下也不會出現價格下行壓力。我認為首先，我們的產品體現了我們向客戶提供的價值的創新溢價。現在，我們再也不會在客戶的物料清單中長期定價了。

The other thing I would say, particularly in the high-performance analog space, the substitution costs are very, very high. So the disruption to a customer system design way, way outweighs considerations for price reduction. So where we obviously compete most intensively on a price basis is to get the original socket, but we have long life cycle products with tremendous stability, very, very high substitution costs. So my sense is that pricing will remain very, very steady through the cycle.

我想說的另一件事是，特別是在高效能模擬領域，替代成本非常非常高。因此，對客戶系統設計的破壞遠遠超過降低價格的考量。因此，我們在價格方面競爭最激烈的地方顯然是原廠插座，但我們的產品生命週期長，穩定性高，替代成本也非常高。所以我的感覺是，價格在整個週期中將保持非常非常穩定。

Our next question will come from B.J. Muse (sic) [C.J. Muse] with Evercore.

我們的下一個問題來自 B.J. Muse (原文如此) [C.J.我與 Evercore 合作創作了《繆斯女神》 (Muse)。

I guess I'd like to focus on the slowdown in orders that you saw at the tail end of the quarter as well as the cancellations that you highlighted. Any more kind of detail you can provide there as it relates to sub-segment of end markets, geography? Any color would be greatly appreciated.

我想重點談談您在本季末看到的訂單放緩以及您強調的取消訂單問題。您能提供有關終端市場細分和地理方面的更多詳細資訊嗎？任何顏色都將不勝感激。

Yes. Thank you. Thanks, C.J. Let me maybe talk about kind of the bookings momentum in a couple of different pieces. So first, third quarter results, where we're clearly broad-based strength, all end markets were up quarter-over-quarter and double digits year-over-year, so our sixth consecutive record. The only geography/market that was down year-over-year was China consumer. But that's a very small exposure for ADI, low -- very low single digits as a percentage of revenue.

是的。謝謝。謝謝，C.J。首先，第三季的業績明顯反映出我們全面的實力，所有終端市場都比上一季有所成長，並且比去年同期成長了兩位數，這是我們連續第六次創下紀錄。唯一同比下滑的地區/市場是中國消費者。但對 ADI 來說，這是一個非常小的風險，佔收入的比例很低，只有非常低的個位數。

From a bookings health standpoint for the third quarter, orders were up. Again, as I mentioned, strongest trends were Industrial and Auto, which represent about 70% of the business. Comms and Consumer weaker, but again, we increased our backlog to another record, another new all-time high, and that covers us well into '23. Where we saw that change in demand was really cancellations ticked modestly higher, and I do say modestly. It is -- we want to be fully transparent on this call, so we're calling out but I wouldn't really put too much focus on the cancellation number. But again, in the spirit of transparency, we want to share that we did see that change in the demand profile.

從第三季的預訂健康狀況來看，訂單有所增加。再次，正如我所提到的，最強勁的趨勢是工業和汽車，它們佔業務的 70% 左右。通訊和消費者業務較弱，但我們的積壓訂單再次創下新高，創下歷史新高，這為我們進入23年提供了良好的基礎。我們看到需求的變化實際上是取消量略有上升，我確實說是略有上升。是的——我們希望在這次通話中完全透明，因此我們會發出呼叫，但我不會太在意取消的數字。但同樣，本著透明的精神，我們想分享的是，我們確實看到了需求狀況的變化。

And we also saw that the channel sell-through began to moderate towards later in the quarter. So that is the sell-through from the channel or POS began to soften a bit versus what we were originally expecting. Overall, the book-to-bill was still above parity but it was definitely lower than it was a quarter ago.

我們也發現，通路銷售量在本季後期開始放緩。因此，與我們最初的預期相比，通路或 POS 的銷售量開始有所下降。總體而言，訂單出貨比仍然高於平價，但肯定低於一個季度前。

So as we set that guide for fourth quarter, given the uncertainty, changing trends in our business, we thought it's prudent to take a more cautious stance and therefore, we're guiding up only slightly on a quarter-over-quarter basis despite, as I mentioned in answering Vivek's question, despite having very strong backlog coverage, good bookings and better supply, which would all suggest higher growth. Go to next question.

因此，當我們為第四季度製定指導時，考慮到業務的不確定性和變化趨勢，我們認為採取更謹慎的立場是明智之舉，因此，儘管我在回答 Vivek 的問題時提到，儘管我們有非常強大的積壓覆蓋率、良好的預訂和更好的供應，這些都表明會有更高的增長，但我們的季度指導僅小幅上調。轉到下一個問題。

Our next question will come from Ambrish Srivastava with BMO Capital.

我們的下一個問題來自 BMO Capital 的 Ambrish Srivastava。

I apologize for the background noise. I just had a question, Prashanth, on the floor that you have laid out for the gross margin, which is way above where margins bottomed out at in the prior real cycle and [financial crisis]. And I'm asking this because I get this question a lot. Hey, what's the downside EPS projection for ADI? And so if you could please help us understand kind of what are the underlying assumptions behind that as it relates to utilization inventory. And then more importantly, what are you assuming for revenues to go down to hit that level?

我對於背景噪音感到抱歉。 Prashanth，我剛才有一個問題，關於您所設定的毛利率底線，該底線遠高於先前實際週期和[金融危機]期間的利潤率最低水平。我之所以問這個問題，是因為我常被問到這個問題。嘿，ADI 的下行 EPS 預測是多少？因此，如果您能幫助我們理解與利用率庫存相關的背後的基本假設是什麼。然後更重要的是，您認為收入會下降到什麼程度才能達到這個水準？

Sure, sure. Thank you, Ambrish. So maybe let's start with a reminder that this company is structurally more profitable than we ever have been. The addition of Maxim gives us the benefit of scale, and we have the benefit of that hybrid manufacturing model, which really gives us that flexibility to manage our production utilizations by being able to notify our supply chain partners in the event we need to, with essentially a quarter's notice, to bring the outside supply number down and focus on keeping internal utilizations higher.

當然，當然。謝謝你，Ambrish。因此，我們首先要提醒一下，從結構上來說，這家公司的獲利能力比以往任何時候都更強大。 Maxim 的加入為我們帶來了規模優勢，而且我們還受益於混合製造模式，這讓我們能夠靈活地管理生產利用率，因為我們可以在需要時提前一個季度通知我們的供應鏈合作夥伴，從​​而降低外部供應數量並專注於保持更高的內部利用率。

As a result of that, we feel very confident that kind of through the downturn of a cycle, we can maintain that 70% gross margin floor, which from an investor model standpoint, is a unique metric that we put out there to give a floor. In thinking about a downturn scenario, and again, I want to emphasize, this is a projection to help investors model what it could be, not in any way a forecast of what we think is coming at us. But from a revenue standpoint, we have this great diversification, 75,000 products, 125,000 customers and thousands and thousands of applications, which are aligned to numerous secular growth markets. We have exposure to much stronger markets in a down cycle like aerospace and defense and health care, which are not going to be as cyclical.

因此，我們非常有信心，在週期的低迷時期，我們能夠保持 70% 的毛利率底線，從投資者模型的角度來看，這是我們制定的一個獨特底線指標。在思考經濟衰退情景時，我想再次強調，這是一個預測，旨在幫助投資者模擬可能出現的情況，而不是對將要發生的情況的預測。但從收入的角度來看，我們擁有高度多樣化，75,000 種產品、125,000 個客戶和成千上萬種應用程序，這些都與眾多長期成長市場一致。我們在航空航太、國防和醫療保健等處於下行週期的市場中投資了更強勁的市場，這些市場不會像航空航太、國防和醫療保健那樣具有週期性。

On the gross margin side, I mentioned this flexible manufacturing model that allows us to really help manage utilizations. And then we have a very accordion-driven variable compensation program, which allows us to moderate OpEx. So if we were to think about a downside scenario that was in a 15% down revenue market, we believe op margins would still have a [4] handle on them, probably be in the low 40s and gross margins would probably be, again, above 70%, but probably in the low 70s.

在毛利率方面，我提到了這種靈活的製造模式，它使我們能夠真正幫助管理利用率。然後，我們有一個非常靈活的可變薪酬計劃，這使我們能夠控制營運支出。因此，如果我們考慮收​​入市場下降 15％ 的下行情景，我們相信營業利潤率仍然會有一個 [4] 的掌控，可能在 40％ 出頭，毛利率可能會再次超過 70％，但可能在 70％ 出頭。

Our next question will come from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I wanted to delve a little bit more into the bookings and the order. So was it like bookings before were 150% and now they're 130%? Like where is that book-to-bill actually coming in? How far above 1 is it? And I guess what are you assuming happens to the backlog as we go into next quarter? Are you assuming that, that backlog gets drawn down at all or are you assuming it goes up? Or just what are the assumptions around that embedded in the guidance?

我想更深入地了解預訂和訂單的情況。那麼之前的預訂量是 150%，現在卻是 130% 嗎？那麼訂單出貨比實際上是從哪裡來的呢？它比 1 高出多少？您認為進入下個季度後積壓訂單的情況會如何？您是否認為積壓訂單會減少，還是會增加？或者指南中對此有何假設？

Yes. So let's see what can we say here, Stacy. So for the last couple of quarters, excluding the third quarter, book-to-bill was -- actually, you can do the math because you can see how the backlog has increased so substantially. It was kind of in sort of partway between a 1 and a 2, right? We're now still above 1 but we're at the lower end of that. Now industrial and automotive, strong, and that helped to compensate for -- I think I'm going for memory here, my Consumer was just about flattish and Comms was just a hair below.

是的。那麼讓我們看看我們能說什麼，史黛西。因此，對於過去幾個季度（不包括第三季），訂單出貨比是——實際上，你可以算一下，因為你可以看到積壓訂單是如何大幅增加的。它有點像是介於 1 和 2 之間的數字，對嗎？我們現在仍然高於 1，但處於較低水平。現在工業和汽車行業表現強勁，這有助於彌補 - 我認為我在這裡要討論的是內存，我的消費者市場幾乎持平，而通信市場僅略低於這一水平。

Got it. What are you assuming in the next quarter for the backlog?

知道了。您預計下個季度的積壓訂單量會是多少？

Yes, sure. I mean, the backlog is not that indicative of what happens for next quarter because it goes out into '23. So as you see these cancellations, this is a very small percent of the backlog and that's really into '23. So our assumption is backlog probably increases again because book-to-bill at an enterprise level is still above 1. It's really not going to affect the demand for the fourth quarter or probably even the first quarter at this point. And as Prashanth said, I say investments bookings used to be way above 1. Now they're nicely above 1. So we're still booking above what we're shipping.

是的，當然。我的意思是，積壓訂單並不能說明下個季度的情況，因為它會持續到23年。因此，正如您所看到的，這些取消訂單只佔積壓訂單的一小部分，而且實際上是在23年。因此，我們的假設是積壓訂單可能再次增加，因為企業層面的訂單出貨比仍然高於 1。正如 Prashanth 所說，投資訂單量過去遠高於 1，現在已遠高於 1。

So what would cause us not to come in kind of in line with supply, right? Why would we -- why would -- for the last couple of quarters, our revenue number has been purely a function of supply, and why could that not be the case for the fourth quarter? Why that could not be the case is if customers say, we'd like to reschedule the timing and we choose, in the spirit of customer satisfaction, not to push it to them although they've ordered it and give them that flexibility to move out.

那麼，什麼原因會導致我們的供應量不一致呢？為什麼——為什麼——過去幾個季度，我們的營收數字一直純粹取決於供應量，而第四季的情況又為什麼不是這樣呢？不可能的情況是，如果客戶說，我們想重新安排時間，我們本著客戶滿意的精神，選擇不將此事強加給他們，儘管他們已經下令，並給予他們靈活性。

And it could be, as I mentioned, from the channel standpoint, if the channel looks like inventory in the channel is building at a level that we don't think is healthy for the business. And we choose to keep that inventory on our books to give us more flexibility to make sure that we can match customer demand better.

正如我所提到的，從通路的角度來看，如果通路中的庫存看起來正在累積到我們認為對業務不利的水平。我們選擇將這些庫存保留在帳簿上，以便我們更靈活地確保更好地滿足客戶需求。

I have 1 thing to that, that's important point Prashanth brought up on the channel is that [31 50] assumes really no channel inventory build. That's a sell-through number that we're guiding to.

對此，我有一點要說，Prashanth 在通路方面提出的重要觀點是 [31 50] 實際上假設沒有通路庫存建立。這是我們預期的銷售數字。

Yes. Thank you, Mike.

是的。謝謝你，麥克。

That's 4 different parts to that answer, Stacy, so we'll go to the next question.

史黛西，這個問題的答案分為 4 個不同的部分，所以我們將進入下一個問題。

Our next question will come 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。

I just want to follow up on a part question in terms of just where you're seeing these cancellations. You said Consumer and Comms are weaker. I think you just said Comms book-to-bill is below 1. But I'm just trying to understand in the comments of I think channel sell-through was weaker as well. Can you dial us in, is it isolated to certain segments? Or is all of these comments kind of broad-based in terms of where you're seeing the cancellations and the weaker sell-through?

我只是想跟進一個問題，即您在哪裡看到這些取消。您說消費者和通訊業較弱。我記得您剛才說過，通信訂單出貨比低於 1。您能撥打我們的電話嗎，它是否只針對特定的部分？或者，就您看到的取消訂單和較弱的銷售量而言，所有這些評論是否都具有廣泛的基礎？

Everything is broad-based, and we -- I think that if we have overemphasized cancellations on this call, that's probably a true statement right now, is I don't want to mislead folks to think that cancellations are a meaningful concern. But again, in the spirit of transparency, we're saying that they were up modestly. But everything we've talked about has been pretty broad-based.

一切都是廣泛的，而且我們 - 我認為，如果我們在這次電話會議上過分強調了取消，那麼現在可能就是一個真實的說法，我不想誤導人們認為取消是一個有意義的擔憂。但是，本著透明的精神，我們再次表示，它們的漲幅是適度的。但我們談論的一切都相當廣泛。

And on comms, I just -- maybe just 1 follow-up is this has always been a lumpy business. We know that the wireless guys have spent a big chunk of money buying spectrum. That spectrum has to be deployed, which will require the 5G hardware that we have the market share leading position on. So we're highly confident. This is purely a timing issue. Go to next question please.

在通訊方面，也許只有一個後續問題是，這一直是個不穩定的業務。我們知道無線營運商花費了大量資金購買頻譜。該頻譜必須部署，這將需要我們在市場上佔據領先地位的 5G 硬體。因此我們非常有信心。這純粹是時間問題。請轉到下一個問題。

Our next question will come from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congrats on another record. As we sort of move through this softer environment, how are you thinking about the 3 big cost levers, utilization, OpEx and CapEx going forward?

恭喜你又創下一項紀錄。當我們進入這種較為溫和的環境時，您如何看待未來的三大成本槓桿，即使用率、營運支出和資本支出？

Okay. So I think we've talked through some of that, Tore, but from at least certainly utilization levels, we're going to continue to see relatively good utilization levels across our internal factories for a few reasons: one is the benefit of the hybrid model is that we can bring more production in-house; second is that die bank levels are at very low levels, and we do need to get those die bank levels back to a healthy point. Die bank is an extremely cost-efficient place for us to hold inventory, particularly when you have 75,000 SKUs. You can hold it sort of think of it as $0.10 on the dollar. So it is very economically efficient and allows us to improve customer satisfaction later on.

好的。所以我想我們已經討論過其中的一些問題，托爾，但至少從利用率水平來看，我們將繼續看到內部工廠的利用率相對較好，原因有幾個：一是混合模式的好處是我們可以將更多的生產轉移到內部；第二，庫存水準處於非常低的水平，我們確實需要讓庫存水準恢復到健康水準。對我們來說，庫存庫是一種極具成本效益的庫存存放場所，特別是當您有 75,000 個 SKU 時。您可以將其視為 1 美元中的 0.10 美元。因此，它非常經濟高效，並且能夠讓我們以後提高客戶滿意度。

From an OpEx standpoint, as you've seen in the past, we have a very accordion-driven variable compensation program, which automatically unwinds if the financial performance of the company drives it to. And I think what's unique to ADI versus perhaps some of our peers is we have the cost synergies from Maxim, which are independent of the economic environment.

從營運支出的角度來看，正如您過去所看到的，我們有一個非常靈活的可變薪酬計劃，如果公司的財務業績推動該計劃，該計劃就會自動取消。我認為 ADI 相對於我們的一些同行的獨特之處在於我們擁有來自 Maxim 的成本協同效應，這種效應不受經濟環境的影響。

From a CapEx standpoint, expect us to be -- it is business as usual. We had committed at the Investor Day to a higher level of CapEx in '22 and '23, which is necessary to add the supply needed to hit our long-term model of 7% to 10% growth, which we are very much committed to, and that is on track. Capital spend for the current quarter -- sorry, for the current year, maybe a bit below what we expected. That's a consequence of revenue coming in stronger, so bigger denominator and also just a little bit of delay in the receiving some of that equipment, but all of that will drive through in 2023.

從資本支出的角度來看，我們預期—這是正常的業務。我們在投資者日承諾在2022年和2023年提高資本支出水平，這對於增加實現7%至10%長期增長模式所需的供應是必要的，我們非常致力於實現這一目標，而且這一目標正在按計劃進行。本季的資本支出—抱歉，對於本年度來說，可能略低於我們的預期。這是收入增加的結果，因此分母更大，而且部分設備的接收也只是稍微延遲，但所有這些都將在 2023 年實現。

Yes. Sorry, Tore. On the OpEx side, we intend to -- we've been spending R&D at record levels. We intend to continue to ensure that we have properly funded all our critical programs. Innovation is a very, very important part of the value creation story of ADI. We are -- also we've been upping actually the spend in our go-to-market activities as well. So both of those, we will continue to keep our pedal to the metal on.

是的。對不起，托爾。在營運支出方面，我們打算——我們一直以創紀錄的水平投入研發。我們打算繼續確保我們所有的關鍵項目都得到適當的資金支持。創新是 ADI 價值創造故事中非常非常重要的一環。我們實際上也一直在增加在行銷活動中的支出。因此，在這兩方面，我們都將繼續全力以赴。

Our next question will come from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的Toshiya Hari。

I wanted to ask a question on the supply side sort of the equation. Three months ago, you had talked about significant tightness, whether it be your internal supply or external foundry supply. I'm just curious if you're starting to see signs of supply easing. I guess test was a big bottleneck for internal supply 3, 6 months ago. Any changes there?

我想問一個有關供給面的問題。三個月前，您談到了嚴重的供應緊張問題，無論是內部供應還是外部代工供應。我只是好奇您是否開始看到供應放鬆的跡象。我猜 3、6 個月前測試是內部供應的一大瓶頸。那裡有什麼變化嗎？

And in terms of foundry wafer supply, again, any signs of easing? And kind of related to that, there have been some headlines about foundry wafer pricing increasing again in late '22 going into '23. Is that sort of the indication you're getting from your suppliers? And if so, are you comfortable that you'd be able to pass those through to your customers?

那麼在晶圓代工供應方面，有任何緩解的跡象嗎？與此相關的是，有報導稱，2022 年底至 2023 年，晶圓代工價格將再次上漲。這是你從供應商得到的暗示嗎？如果是這樣，您是否願意將這些傳遞給您的客戶？

Well, I think the last part of your question, first, on pricing increases, I believe that we are in the post-Moore's Law era and in a period of sustained structural inflation in this business for many, many years ahead. I think it's true to say that supply -- we've been increasing, of course. We've invested strongly in our own manufacturing capabilities to be able to secure supply and increase supply actually across the 4 wafer fabs inside ADI. So yes, supply is improving there. And thematically as well as supply has been improving actually right through the pandemic, right over the last couple of years from our subcontractors as well. So I think there is a lightening of supply across the board.

嗯，我認為你問題的最後一部分，首先，關於價格上漲，我認為我們正處於後摩爾定律時代，並且在未來很多年裡，這個行業將處於持續的結構性通膨時期。我認為供應量確實一直在增加。我們大力投資自身的製造能力，以確保供應，並增加 ADI 內部 4 個晶圓廠的供應。是的，那裡的供應正在改善。從主題上看，在整個疫情期間，以及過去幾年裡，我們的分包商的供應實際上一直在改善。所以我認為，全盤供應正在減少。

On pricing, maybe I'll just restate what we said in the past. We are not using this environment to take advantage of our customers, and we are really looking to maintain our gross margin model. And the rationale on that gross margin model, which is important to us, is we know, as Vince mentioned, we spend at a healthy clip on R&D to develop highly innovative products, and we need to capture that innovation premium from our customers. So as our costs may increase, it's important that we continue to capture those cost increases back with stable margins because it's a reflection of the value we're bringing to our customers.

關於定價，也許我只是想重申我們過去說過的話。我們不會利用這種環境來佔客戶的便宜，我們真正希望的是維持我們的毛利率模式。對我們來說，毛利率模型的基本原理很重要，正如文斯所提到的，我們知道，我們在研發上投入了大量資金來開發高度創新的產品，我們需要從客戶那裡獲得這種創新溢價。因此，儘管我們的成本可能會增加，但重要的是我們要繼續以穩定的利潤率收回這些成本增加，因為這反映了我們為客戶帶來的價值。

Our next question will come from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Just 1 clarification. So I just wanted to verify, so you guys said that currently, quarter-to-date, your book-to-bill is still greater than 1. That's my clarification question. Then my main question is distribution represents about 60% of the team's revenues, right? And it looks like just the inventories are still below your target levels of 7 to 8 weeks. Obviously, the eventual catch-up should provide you guys with some cushion if the environment continues to weaken further. But that being said, it still feels like Auto and Industrial demand is still quite strong. So given your outlook, like what's your view on getting to target levels on channel inventories over the next few quarters?

只需澄清一點。所以我只是想核實一下，你們說目前，本季到目前為止，你們的訂單出貨比仍然大於 1。那麼我的主要問題是分銷約佔球隊收入的 60% 對嗎？看起來庫存仍然低於 7 到 8 週的目標水準。顯然，如果環境繼續進一步惡化，最終的追趕應該會為你們提供一些緩衝。但話雖如此，汽車和工業需求仍然相當強勁。那麼根據您的展望，您認為未來幾季通路庫存將達到目標水準嗎？

Yes. Thanks, Harlan. Your -- first of all, say that you recapped it correctly, and there is some opportunity for us to continue to grow our revenue by bringing disti levels back to our healthy target level. But I want to emphasize that the guide, as Mike mentioned, the guide for the fourth quarter is on the basis of POS equals POA. One thing that ADI has been very consistent about for many years is we run our business on POS. So we need to look at end demand, and end demand drives how we end up manufacturing, and we want distis to be able to help us with access for those products, but we are not looking for distribution to be an excess buffer of inventory.

是的。謝謝，哈蘭。首先，您正確地重述了這一點，我們有機會透過將分銷水準恢復到健康目標水準來繼續增加收入。但我想強調的是，正如麥克提到的，第四季度的指南是基於 POS 等於 POA 的。 ADI 多年來始終堅持的一件事就是透過 POS 來開展業務。因此，我們需要考慮最終需求，最終需求決定了我們最終如何製造，我們希望分銷能夠幫助我們獲得這些產品，但我們並不希望分銷成為庫存的過剩緩衝。

And the 1 other part of the question that you had, Harlan, was book-to-bill. Yes, for the quarter, book-to-bill was still well above 1 at enterprise level. That was driven by Industrial and Auto with the 2 strongest markets, while Comms and Consumer, we'll call about flat, around 1. And with that, we have our last question, please?

哈蘭，您提出的問題的另一部分是訂單出貨比。是的，就本季而言，企業層面的訂單出貨比仍然遠高於 1。這是由工業和汽車這兩個最強勁的市場推動的，而通訊和消費市場，我們預計持平，在 1 左右。

Our last question will come from Ross Seymore with Deutsche Bank.

我們的最後一個問題來自德意志銀行的羅斯·西摩。

Vince, a lot of questions about near-term cancellations, bookings, backlog, all those sorts of things. I wanted to ask a slightly longer one. You mentioned in answer to an earlier question about we're in a post-Moore's Law world. We're going to have an inflationary environment rather than deflationary. Can you just talk a little bit about how the customer conversations have changed? Over the last few months, we've heard a lot from last year, a lot from companies saying it's more of a partnership, longer lead times, et cetera, long-term supply agreements, those sorts of things. Do you still see that behavior continuing? Or do you believe that's a little bit more of a reflection of cyclical tightness and you expect some of that to unwind as well?

文斯，有很多關於近期取消、預訂、積壓等事情的問題。我想問一個稍微長一點的問題。您在回答先前的問題時提到我們正處於後摩爾定律世界。我們將面臨通貨膨脹的環境，而不是通貨緊縮的環境。能否稍微談談客戶對話發生了哪些變化？在過去的幾個月裡，我們聽到了很多關於去年的消息，很多公司表示這更像是一種合作關係，更長的交貨時間等等，長期供應協議，諸如此類的事情。你還發現這種行為還在繼續嗎？或者您認為這更多是周期性緊縮的反映，並且您預計其中一些也會得到緩解？

Yes, it's a very good question. I've had a lot of conversations, Ross, over the last couple of years with CEOs of the biggest enterprises in the world of information. And what I can tell you for sure is that everybody wants to get closer to their key suppliers when it comes to aligning product road maps for the long-term, particularly companies that are perceived as being critical to their innovation processes. So I can tell you that continues.

是的，這是一個非常好的問題。羅斯，過去幾年裡，我與資訊世界最大企業的執行長進行過多次對話。我可以肯定地告訴你，在長期協調產品路線圖時，每個人都希望與關鍵供應商更加接近，特別是那些被視為對其創新過程至關重要的公司。因此我可以告訴你這種情況還會持續下去。

And the other side of the equation is everybody wants to understand at the customer side of things, what do they need to do to secure supply for the long term? And what kind of arrangements that they need to put in place? What kind of information flows? What kind of models that we develop between each other? So that continues. I think it has been firmly established now that semiconductors are the bedrock of the modern -- of modern socioeconomic life. So the conversations continue intensively, I would say, and I expect that to continue well into the future.

而等式的另一面是，每個人都想了解客戶的狀況，他們需要做什麼才能確保長期供應？他們需要做什麼樣的安排？什麼樣的資訊流動？我們彼此之間發展了什麼樣的模型？事情就這樣繼續下去。我認為現在已經牢固確立了半導體是現代社會經濟生活的基石。因此我想說，對話將繼續深入進行，並且我預計這種對話將持續到未來。

And with that, thanks, everyone, for joining our call this morning. I do want to flag that during these more uncertain times and consistent with our commitment to transparency for our owners, we'll be even more available. Vince and Prashanth will be in New York, L.A., the Bay Area, Chicago and across Europe in the next quarter, so it's a busy quarter coming up for us. Please reach out to myself or the IR team if you'd like to be notified when we're in your neighborhood. And with that, thanks for joining us and your continued interest in ADI.

最後，感謝大家參加我們今天早上的電話會議。我確實想指出的是，在這些更不確定的時期，為了遵守我們對業主透明的承諾，我們將提供更多的幫助。下個季度，文斯和普拉尚特將前往紐約、洛杉磯、灣區、芝加哥和歐洲各地，因此對我們來說，這將是一個繁忙的季度。如果您想在我們到達您附近時收到通知，請聯絡我或 IR 團隊。最後，感謝您的加入以及對 ADI 的持續關注。

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

今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。