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.

早上好，歡迎參加 ADI 公司 2022 財年第三季度收益電話會議，該電話會議將通過電話和網絡進行音頻網絡直播。我現在想介紹一下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，地板是你的。

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，大家早上好。感謝您加入我們的 2022 財年第三季度電話會議。今天與我通話的是 ADI 的首席執行官兼董事長 Vincent Roche；和 ADI 的首席財務官 Prashanth Mahendra-Rajah。對於錯過發布的任何人，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.

現在開始披露。我們即將討論的信息包括前瞻性陳述，這些陳述受到某些風險和不確定性的影響，如我們的收益發布和我們提交給美國證券交易委員會的定期報告和其他材料中進一步描述的那樣。實際結果可能與前瞻性信息存在重大差異，因為這些陳述反映了我們截至本次電話會議之日的預期。除法律要求外，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原則財務措施，其中不包括特殊項目。在將我們的結果與我們的歷史表現進行比較時，特殊項目也被排除在前期。這些非 GAAP 措施與其最直接可比的 GAAP 措施的對賬以及有關我們的非 GAAP 措施的其他信息包含在今天的收益發布中。請注意，我們還在上個季度發布了名為 Future Forward 的年度 ESG 報告。您可以在 IR 網頁上找到它。有了這個，我將把電話轉給 ADI 的首席執行官兼主席 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，邁克，大家早上好。好吧，我很高興分享我們在動態宏觀背景下的表現非常出色。在持續卓越運營、強大的財務紀律和對我們多樣化的創新產品組合的彈性需求的推動下，我們又實現了四分之一的創紀錄業績。收入為 31 億美元，同比增長 24%，高於我們展望的中點。實力基礎廣泛，每個終端市場均實現兩位數增長。

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.

我們第三季度的盈利能力反映了 ADI 的創新溢價和強大的運營槓桿，毛利率和運營利潤率分別為 74% 和 50%。調整後每股收益為 2.52 美元，位於我們展望的高端，創下新高。我對我們的結果感到非常滿意，我要感謝我們的員工持續的辛勤工作和對我們成功的奉獻，更重要的是，對我們客戶的成功。

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，創新在我們的文化中根深蒂固，堅定不移地致力於強大的研發投資。在過去的 12 個月裡，我們在研發方面的投資超過了 17 億美元。我們以創新驅動成功的一個關鍵方面是我們致力於廣泛而深入的客戶參與，這使我們能夠與他們合作解決他們最棘手的問題。

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 2 家歐洲優質汽車製造商，鞏固了我們在 BMS 的市場領先地位。其中一項勝利是我們的無線 BMS 解決方案。這標誌著第四家採用無線 BMS 的 OEM，因為客戶對這項獨特技術的興趣不斷增加。在可持續能源方面，我們宣布與 Enel Group 在用於數字監控電網的量子邊緣設備上取得設計勝利。 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幫助推進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，GE Healthcare 最近在歐洲發布的無線醫院監控系統在信號鏈、電源、RF MCU 和傳感器中使用了 ADI 解決方案。這種可穿戴系統可實現無線連續監測，以及早發現患者病情惡化，幫助改善結果。

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超過 15 億美元的消費者特許經營權，這項業務在我們的長期盈利增長戰略中發揮著重要作用。鑑於最近圍繞消費端市場的負面數據點，人們可能想知道為什麼現在要突出這個市場。但這正是我們的消費者業務以不同方式構建的原因。在第三季度，我們公佈了連續第七個增長季度。雖然我們無法免受宏觀經濟放緩的影響，但我們已將此業務與性能真正重要的高端市場以及真正重視我們的差異化的應用程序相結合。

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.

我們的消費者專營權的構成確實是獨一無二的。我們大約 30% 的收入來自長生命週期的產消者應用，包括下一代會議系統、專業音頻/視頻和家庭影院。消費者的剩餘收入與便攜式設備有關，包括快速增長的可穿戴設備和可聽設備以及高端智能手機。

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.

退後一步，在過去 5 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、產品和應用程序的多樣性，以更好地推動增長並限制波動，同時提高盈利能力。 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。在這段時間裡，我們將產品 SKU 增加到剛剛超過 10,000 個，並將我們的客戶數量擴大到 3,000 多個。重要的是，該業務的構成與我們的 B2B 市場非常相似，沒有單一產品對 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非常吸引人。它使我們能夠加速技術開發並將解決方案快速大規模商業化。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，以創造新的增長浪潮並推動強勁的盈利能力和現金流。例如，我們已將我們的消費音頻專業知識應用於汽車市場。這種能力在我們的投資者日上得到了展示，我們展示了一款帶有杜比全景聲的電動汽車，它使用了我們的 SHARC DSP 和軟件，該軟件首先在消費者業務中得到了證明。

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，我們還利用核心特許經營權的研發投資進入消費市場。為此，例如，我們的高精度轉換器和工業儀器儀表已被重新利用，以解決智能手機指南針的穩定性和可穿戴設備中的壓力感應等類似挑戰。我們不僅創造了一個高度多樣化和盈利的業務，而且還針對關鍵的增長動力，使我們能夠在長期內以高個位數的速度增長。

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，隨著公司實施包括更身臨其境的企業視頻會議在內的未來工作計劃，我們的產消者增長已經恢復活力。在這裡，我們在 DSP、模擬、混合信號和電源管理方面的廣泛產品組合使我們能夠解決從高帶寬連接到視頻分辨率和音質的整個客戶挑戰。

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.

現在轉向便攜式市場。在可聽設備中，我們轉向了大多數高級無線立體聲耳塞。我們的最新產品包括軟件增強的聽力算法和優化的功率，可減小尺寸並提高音頻保真度，同時將我們每個系統的價值提高 3 倍以上。在可穿戴設備方面，我們是個人健康產品的領導者，我們的傳感解決方案設計用於當今超過 50% 的產品。這些個人健康產品和臨床級生命體徵監測解決方案的融合可以為 ADI 帶來新的機遇。在高端智能手機方面，我們正在擴大我們在主要客戶中的份額和內容，這為我們提供了額外的多元化並刺激了新的增長載體。

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界。 ADI 廣泛的硬件、軟件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，雖然我們仍處於早期階段，但勢頭正在形成，我們在多個下一代 AR/VR 頭戴式設備中取得了設計勝利。在所有這些消費類應用中，電源管理變得越來越重要。客戶正在向更小的空間添加更多功能，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的規模擴大了一倍，並將我們的消費類電源 SAM 增加了超過 10 億美元。我們已經開始看到我們互補的客戶群和協同產品組合的交叉銷售優勢，以及可穿戴設備和會議系統的勝利。

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，我對我們為重新點燃消費者業務增長所取得的進步感到非常鼓舞，並且憑藉創紀錄的機會管道和顯著的協同潛力，我相信我們能夠在長期內實現持續增長-學期。

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，在轉到 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拐點。經濟狀況開始影響需求，訂單顯示——本季度晚些時候訂單放緩，取消訂單略有增加。 Prashanth 將在他的講話中提供有關這些動態的更多詳細信息。

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.

在我們 57 年的歷史中，ADI 曾多次成功應對宏觀挑戰。我們創建了一流的模擬特許經營權，擁有無與倫比的產品、客戶和應用多樣性。我們還投資了一種能夠更好地適應需求波動的混合製造模式。這些特徵為我們的業務注入了彈性，以緩解市場疲軟、維持盈利能力，並使我們能夠在經濟周期內對我們的業務進行投資，從而專注於打好我們的長期遊戲。有了這個，我會把它交給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。讓我歡迎我們的第三季度財報電話會議。我今天的評論，除收入外，將在調整的基礎上進行，不包括今天新聞稿中概述的特殊項目。第三季度收入為 31 億美元，高於我們預期的中點，連續第六個季度創下紀錄。如果我們看一下第三季度終端市場的表現，我們最多樣化和盈利能力最強的終端市場——工業，再創歷史新高，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.

增長基礎廣泛，我們的每個主要應用程序都按順序增長。工業收入現已連續 7 個季度同比增長超過 20%，突顯了 ADI 的強勢地位和跨應用的長期內容增長。佔收入 21% 的汽車業務再創歷史新高，同比增長 28%。更高含量的高端汽車的更好組合，加上我們的 BMS、GMSL、A2B 增長引擎和更好的價值捕獲，正在推動我們相對於 SAAR 的超額增長。

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.

佔收入 16% 的通信業務創下季度記錄，無線和有線業務均實現強勁的同比增長。隨著運營商和超大規模運營商為滿足不斷增長的數據需求而投資，隨著對我們的光和電力產品組合的需求不斷增長，有線網絡的速度超過了無線網絡。最後，消費者佔收入的 13%，現已連續 7 個季度同比增長。正如文斯所強調的那樣，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增長。

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.

現在討論損益表的其餘部分。毛利率為 74.1%，同比增長 250 個基點，這得益於更高的利用率、有利的組合和協同效應。本季度的運營支出為 7.47 億美元，這反映了整個季度高於正常水平的績效增長。營業利潤率同比增長 650 個基點，接近我們展望的高端，達到 50.1%。 Non-Op 為 4800 萬美元，本季度的稅率為 13.2%。總而言之，每股收益達到創紀錄的 2.52 美元，與 2021 年第三季度相比增長 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，我們在本季度末擁有超過 15 億美元的現金和等價物。庫存天數增加到 129 天，而渠道庫存仍低於我們 7 至 8 週目標範圍的低端。在現金流方面，本季度的資本支出為 1.65 億美元，過去 12 個月為 5.26 億美元，略低於收入的 5%。我們繼續預計到 2023 年資本支出將增加，以支持我們混合製造模式的戰略擴張。這些投資將增強我們的彈性並支持我們 7% 至 10% 的複合年增長率的長期增長前景。

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，我們產生了超過 37 億美元的自由現金流或收入的 34%。我們的自由現金流中包括一次性交易相關成本，約佔收入的 3%。由於季度內波動，我們機會性地將回購活動增加到 9.06 億美元。在 Maxim 收盤後大約 1 年，我們回購了價值 44 億美元的股票，使我們有望在 22 財年結束時超過 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大約 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% 的自由現金流來支持整個週期內 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.

現在，在我們轉向展望之前，我想提供一些關於需求的額外細節。第三季度，我們的訂單保持強勁，積壓訂單增加至新紀錄，一直持續到 2023 年年中。然而，訂單在本季度後期有所放緩，因此，訂單出貨量比一季度前有所下降，但仍遠高於 1。從市場來看，我們看到工業和汽車行業的實力持續強勁，合計超過 2 /3 我們的銷售額，而消費者和通信則稍微疲軟。我們還看到取消訂單的數量略有增加，並且並非針對任何終端市場或地理位置。

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，我們認為採取更加謹慎的立場是審慎的做法。因此，我們僅預測收入將小幅連續增長至 31.5 億美元，上下浮動 1 億美元，儘管預訂、積壓和更高的供應都表明增長強勁。在中點，我們預計所有終端市場都將環比增長。營業利潤率預計為 50.3%，上下浮動 70 個基點。我們的稅率預計為 13% 至 14%。根據這些輸入，調整後的每股收益預計為 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敞口，以及有助於緩沖我們收入的強大長期驅動因素。我們混合製造模式的靈活性使我們有信心維持 70% 的毛利率下限。我們還擁有多個運營支出層來支持我們行業領先的利潤率，並為我們的投資者保持穩定的現金回報。因此，最後，我對未來 5 年每股收益 15 美元的道路充滿信心。現在讓我把它還給 Mike 進行問答。

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

謝謝，普拉桑斯。讓我們進入問答環節。 （操作員說明）這樣，我們可以問第一個問題嗎，馬特？

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

（操作員說明）我們的第一個問題將來自美國銀行證券公司的 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?

我只是想澄清第四季度前景的保守程度。然後比這更長一點。當您開始看到這些預訂開始減速時，定價槓桿會發生什麼變化？定價是否堅挺？隨著客戶開始考慮明年，它是持平還是下降？

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。謝謝你的問題，維韋克。讓我先談談第一部分，然後也許我會讓文斯談談定價。因此，我們已經討論了幾個季度，因為我們預計第四季度的供應能力會更有意義地增加，我們一直在通過安裝我們在整個過程中所擁有的設備來實現這一點今年的。所以我們的供應——我們的供應能力超出了我們發布的指南。

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度開始連續增加，創下歷史新高。鑑於積壓的強度，訂單出貨量仍高於 1 並且供應增加，我們可以打印更大的數量是非常合乎邏輯的。話雖如此，我們非常了解宏觀環境，並且我們在本季度末看到的訂單活動更加疲軟。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軟化確實繼續下去，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，維維克。是的，所以我認為首先，我們看到了巨大的穩定性。即使在經濟衰退的環境下，我預計價格也不會出現任何下行壓力。我認為首先，我們的產品反映了我們為客戶提供的價值的創新溢價。現在，無論是在客戶的物料清單中，我們都不會長期拉動定價 [帳篷]。

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.

我要說的另一件事，特別是在高性能模擬領域，替代成本非常非常高。因此，對客戶系統設計方式的破壞，比降價的考慮更重要。因此，我們顯然在價格基礎上競爭最激烈的地方是獲得原裝插座，但我們的產品生命週期長，穩定性極高，替代成本非常非常高。所以我的感覺是，定價將在整個週期中保持非常非常穩定。

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

我們的下一個問題將來自 B.J. Muse（原文如此）[C.J.繆斯] 與 Evercore。

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.

我想我想關注您在本季度末看到的訂單放緩以及您強調的取消訂單。您可以在那裡提供更多與終端市場細分、地理相關的詳細信息嗎？任何顏色將不勝感激。

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。謝謝你。謝謝，C.J. 讓我在幾個不同的部分談談預訂勢頭。因此，第一，第三季度的結果，我們顯然具有廣泛的實力，所有終端市場都環比增長，同比增長兩位數，這是我們連續第六次創紀錄。唯一同比下降的地理/市場是中國消費者。但這對 ADI 來說是一個非常小的風險敞口，佔收入的百分比很低——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.

從第三季度的預訂狀況來看，訂單有所增加。同樣，正如我所提到的，最強勁的趨勢是工業和汽車，它們約佔業務的 70%。 Comms 和 Consumer 較弱，但我們再次將積壓訂單增加到另一個記錄，另一個新的歷史新高，這涵蓋了我們到 23 年。我們看到需求的變化確實是取消量略有增加，我確實說是適度的。是的——我們希望在這次電話會議上完全透明，所以我們正在呼籲，但我不會真正把太多注意力放在取消號碼上。但同樣，本著透明的精神，我們想分享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.

我們還看到渠道銷售在本季度後期開始放緩。因此，與我們最初的預期相比，渠道或 POS 的銷售量開始有所減弱。總體而言，訂單出貨量仍高於平價，但絕對低於四分之一前。

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該指南時，鑑於我們業務的不確定性和不斷變化的趨勢，我們認為採取更加謹慎的立場是謹慎的做法，因此，儘管如此，我們僅在季度環比的基礎上略微上調，正如我在回答 Vivek 的問題時提到的那樣，儘管積壓覆蓋率非常高、預訂量大、供應量大，這一切都意味著更高的增長。轉到下一個問題。

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

我們的下一個問題將來自 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?

我為背景噪音道歉。我剛剛有一個問題，Prashanth，在你為毛利率制定的地板上，這遠高於上一個實際週期和 [金融危機] 中利潤率觸底的水平。我問這個是因為我經常收到這個問題。嘿，ADI 的每股收益下降預測是多少？因此，如果您能幫助我們了解其背後的基本假設是什麼，因為它與利用率庫存有關。然後更重要的是，您假設收入會下降到那個水平嗎？

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.

一定一定。謝謝你，安布里什。所以也許讓我們先提醒一下，這家公司在結構上比以往任何時候都更有利可圖。 Maxim 的加入為我們帶來了規模優勢，我們也受益於這種混合製造模式，這確實讓我們能夠在需要時通知我們的供應鏈合作夥伴，從而靈活地管理我們的生產利用率，基本上是一個季度的通知，以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，通過週期的低迷，我們可以保持 70% 的毛利率下限，從投資者模型的角度來看，這是一個獨特的指標，我們提出了一個下限.在考慮低迷情景時，我想再次強調，這是一個幫助投資者模擬可能發生的情況的預測，而不是對我們認為即將發生的事情的預測。但從收入的角度來看，我們擁有巨大的多元化、75,000 種產品、125,000 名客戶和成千上萬的應用程序，這些應用程序與眾多長期增長的市場保持一致。在航空航天、國防和醫療保健等下行週期中，我們有機會接觸到更強勁的市場，這些市場不會那麼週期性。

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受手風琴驅動的可變補償計劃，它允許我們調節 OpEx。因此，如果我們考慮在收入市場下降 15% 的不利情況下，我們認為運營利潤率仍然 [4] 可以控制它們，可能處於 40 年代的低位，毛利率可能會再次，超過 70%，但可能在 70 年代的低點。

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

我們的下一個問題將來自 Bernstein Research 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?

我想更深入地研究預訂和訂單。之前的預訂率是 150%，現在是 130%？就像那個帳單實際上是從哪裡來的？它比 1 高多少？我猜你假設我們下個季度的積壓會發生什麼？您是在假設積壓工作完全減少還是您假設它會增加？或者只是指導中嵌入的假設是什麼？

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。所以讓我們看看我們能在這裡說什麼，斯泰西。因此，在過去的幾個季度中，不包括第三季度，訂單到賬單是 - 實際上，您可以進行數學計算，因為您可以看到積壓訂單如何大幅增加。它有點介於 1 和 2 之間，對吧？我們現在仍然高於 1，但處於低端。現在工業和汽車行業都很強大，這有助於彌補——我想我在這裡是為了記憶，我的消費者幾乎是平淡無奇，而通訊只是一根頭髮。

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

知道了。您對下一季度的積壓工作有何假設？

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，積壓並不能說明下個季度會發生什麼，因為它會持續到 23 年。因此，當您看到這些取消時，這只是積壓工作的一小部分，而這實際上是在 23 年。所以我們的假設是積壓可能會再次增加，因為企業層面的訂單出貨比仍然高於 1。這實際上不會影響第四季度甚至可能是第一季度的需求。正如 Prashanth 所說，我說投資預訂量過去遠高於 1。現在它們遠高於 1。所以我們的預訂量仍然高於我們的發貨量。

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，是什麼導致我們無法與供應保持一致，對嗎？為什麼我們會——為什麼會——在過去的幾個季度裡，我們的收入數字純粹是供應的函數，為什麼第四季度的情況不是這樣？為什麼不能這樣，如果客戶說，我們想重新安排時間，我們選擇，本著客戶滿意的精神，雖然他們已經訂購了，但我們選擇不把它推給他們，並給予他們移動的靈活性出去。

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，從渠道的角度來看，如果渠道看起來渠道中的庫存正在建立在我們認為對業務不健康的水平上，則可能是這樣。我們選擇將庫存保留在我們的賬簿上，以賦予我們更大的靈活性，以確保我們能夠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.

我有一件事情，Prashanth 在頻道上提出的重要一點是 [31 50] 假設真的沒有建立頻道庫存。這是我們正在指導的銷售數字。

Yes. Thank you, Mike.

是的。謝謝你，邁克。

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

那個答案有 4 個不同的部分，Stacy，所以我們將轉到下一個問題。

Our next question will come from Blayne Curtis with Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

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?

我只是想就您在哪裡看到這些取消來跟進一個部分問題。你說消費者和通信較弱。我想你剛才說 Comms book-to-bill 低於 1。但我只是想在評論中理解我認為渠道銷售也較弱。您能撥通我們嗎，它是否與某些細分市場隔離？或者，就您看到取消和銷售疲軟的情況而言，所有這些評論都是基於廣泛的？

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，我們 - 我認為，如果我們過分強調取消這次電話會議，那現在可能是一個真實的陳述，我不想誤導人們認為取消是一個有意義的問題。但同樣，本著透明的精神，我們說他們是適度上漲的。但我們所談論的一切都非常廣泛。

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.

在通訊上，我只是 - 也許只有 1 次跟進，這一直是一個不穩定的業務。我們知道無線公司已經花了一大筆錢購買頻譜。必須部署該頻譜，這將需要我們擁有市場份額領先地位的 5G 硬件。所以我們很有信心。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.

我們的下一個問題將來自 Tore Svanberg 和 Stifel。

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?

恭喜再創紀錄。隨著我們在這個較軟的環境中前進，您如何看待未來的三大成本槓桿、利用率、運營支出和資本支出？

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。所以我認為我們已經討論了其中的一些問題，Tore，但至少從利用率水平來看，我們將繼續看到我們內部工廠的相對良好的利用率水平，原因有幾個：一個是混合動力的好處模式是我們可以在內部帶來更多的生產；其次是模具庫水平非常低，我們確實需要將這些模具庫水平恢復到健康點。模具庫是我們保存庫存的一個極具成本效益的地方，尤其是當您擁有 75,000 個 SKU 時。你可以把它想像成 0.10 美元。因此，它非常經濟高效，讓我們能夠在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.

從運營支出的角度來看，正如您過去所見，我們有一個非常受手風琴驅動的可變薪酬計劃，如果公司的財務業績推動它，它會自動解除。而且我認為 ADI 與我們的一些同行相比的獨特之處在於我們擁有來自 Maxim 的成本協同效應，這與經濟環境無關。

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，希望我們能夠——一切照舊。我們在投資者日承諾在 22 年和 23 年提高資本支出水平，這對於增加實現我們 7% 至 10% 增長的長期模型所需的供應是必要的，我們非常致力於實現這一目標，這是在軌道上。本季度的資本支出——抱歉，本年度，可能略低於我們的預期。這是收入增長的結果，分母越來越大，而且接收部分設備也有一點延遲，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。在運營支出方面，我們打算——我們一直在以創紀錄的水平投入研發。我們打算繼續確保我們為所有關鍵項目提供適當的資金。創新是 ADI 價值創造故事中非常非常重要的一部分。我們 - 而且我們實際上也一直在增加我們的上市活動的支出。因此，我們將繼續將踏板踩在金屬上。

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

我們的下一個問題將來自高盛的 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?

我想問一個關於供應方等式的問題。三個月前，您曾談到過嚴重的供應緊張，無論是您的內部供應還是外部代工供應。我只是好奇你是否開始看到供應放鬆的跡象。我猜測試是 3、6 個月前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?

在代工晶圓供應方面，再次有任何緩解的跡象嗎？與此相關的是，有一些關於代工晶圓價格在 22 年末到 23 年再次上漲的頭條新聞。這是你從供應商那裡得到的那種跡象嗎？如果是這樣，您是否願意將這些信息傳遞給您的客戶？

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.

好吧，我認為你問題的最後一部分，首先，關於價格上漲，我相信我們正處於後摩爾定律時代，並且在未來很多很多年都處於該行業持續結構性通脹的時期。我認為說供應是真的——當然，我們一直在增加。我們大力投資於我們自己的製造能力，以確保供應並增加 ADI 內部 4 個晶圓廠的實際供應。所以是的，那裡的供應正在改善。在大流行期間，主題和供應實際上一直在改善，在過去的幾年裡，我們的分包商也是如此。所以我認為供應全面減少。

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，也許我會重申我們過去所說的話。我們沒有利用這種環境來利用我們的客戶，我們真的希望保持我們的毛利率模型。對我們來說很重要的毛利率模型的基本原理是，正如文斯所說，我們知道，我們在研發上投入了健康的資金來開發高度創新的產品，我們需要從客戶那裡獲取創新溢價。因此，隨著我們的成本可能增加，重要的是我們繼續以穩定的利潤率來彌補這些成本增加，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.

我們的下一個問題將來自摩根大通的 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1個澄清。所以我只是想驗證一下，所以你們說，目前，到目前為止，你們的帳單比仍然大於 1。這是我的澄清問題。那麼我的主要問題是分銷約佔團隊收入的 60%，對嗎？看起來只是庫存仍低於您 7 至 8 週的目標水平。顯然，如果環境繼續進一步減弱，最終的追趕應該為你們提供一些緩衝。但話雖如此，汽車和工業需求仍然很強勁。因此，鑑於您的前景，您對未來幾個季度渠道庫存達到目標水平有何看法？

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。你的 - 首先，說你正確地概括了它，我們有機會通過將 disti 水平恢復到我們健康的目標水平來繼續增加我們的收入。但我想強調的是，正如邁克所說，第四季度的指南是基於 POS 等於 POA。 ADI 多年來一直非常一致的一件事是我們在 POS 上開展業務。因此，我們需要關注最終需求，最終需求驅動著我們最終如何製造，我們希望 distis 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?

哈倫，您所遇到的問題的另一部分是帳單。是的，在本季度，企業層面的訂單出貨比仍遠高於 1。這是由工業和汽車兩個最強勁的市場推動的，而通信和消費者，我們將稱其持平，大約為 1。那麼，我們有最後一個問題，好嗎？

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

我們的最後一個問題將來自德意志銀行的羅斯·西莫爾。

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、積壓等問題的問題。我想問一個稍微長一點的。您在回答之前提到的關於我們處於後摩爾定律世界的問題時提到。我們將有一個通脹環境，而不是通貨緊縮。你能談談客戶對話的變化嗎？在過去的幾個月裡，我們從去年聽到了很多，很多公司說這更像是一種夥伴關係，更長的交貨時間等等，長期供應協議等等。您是否仍然看到這種行為仍在繼續？還是您認為這更多地反映了周期性緊縮，並且您預計其中一些也會放鬆？

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，在過去的幾年裡，我與信息世界最大企業的首席執行官進行了很多對話。我可以肯定地告訴你的是，在長期調整產品路線圖時，每個人都希望更接近他們的主要供應商，尤其是那些被認為對其創新過程至關重要的公司。所以我可以告訴你，這種情況還在繼續。

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.

等式的另一面是每個人都想了解客戶方面的情況，他們需要做些什麼來確保長期供應？他們需要做出什麼樣的安排？什麼樣的信息流？我們彼此之間開發什麼樣的模型？所以繼續。我認為，半導體是現代——現代社會經濟生活的基石，現在已經確立。因此，我會說，對話會繼續進行，而且我希望這種情況會持續到未來。

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.

藉此，感謝大家今天早上加入我們的電話會議。我確實想指出，在這些更加不確定的時期，並且與我們對所有者透明的承諾相一致，我們將更加可用。 Vince 和 Prashanth 將在下個季度前往紐約、洛杉磯、灣區、芝加哥和整個歐洲，因此對我們來說這是一個繁忙的季度。如果您想在我們在您附近時收到通知，請與我本人或 IR 團隊聯繫。在此，感謝您加入我們以及您對 ADI 的持續關注。

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

今天的 Analog Devices 電話會議到此結束。您現在可以斷開連接。