亞德諾半導體 (ADI) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Analog Devices Fourth Quarter and Fiscal Year 2022 Earnings Conference Call, which is being audio webcast via telephone and over the web. As a reminder, this event is being recorded.

早上好，歡迎來到 Analog Devices 2022 財年第四季度收益電話會議，該電話會議正在通過電話和網絡進行音頻網絡直播。提醒一下，正在記錄此事件。

I'd now like to introduce your host for today's call. Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.

我現在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，地板是你的。

Thank you, Betsy, and good morning, everybody. Thanks for joining our fourth quarter and fiscal 2022 conference call. With me on the call today are ADI's CEO and Chair of 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，Betsy，大家早上好。感謝您加入我們的第四季度和 2022 財年電話會議。今天與我通話的有 ADI 的首席執行官兼 Vincent Roche 主席；以及 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 disclosures. 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 only as of the date of this call.

現在開始披露。我們將要討論的信息包括前瞻性陳述，這些陳述受某些風險和不確定性的影響，如我們的收益發布和我們的定期報告以及向美國證券交易委員會提交的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，因為這些陳述僅反映我們截至本次電話會議之日的預期。

We undertake no obligation to update these statements except as required by law. 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. Reconciliation 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.

除非法律要求，否則我們不承擔更新這些聲明的義務。我們今天的評論還將包括非 GAAP 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業績進行比較時，特殊項目也被排除在前期之外。這些非 GAAP 措施與其最直接可比的 GAAP 措施的調節以及有關我們的非 GAAP 措施的更多信息包含在今天的收益發布中。

And with that, I'll turn it over to ADI's CEO and Chair, Vince. Vince?

然後，我將把它交給 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 really extremely pleased to share that we delivered another record quarter, capping off what was a banner year for ADI. Our fourth quarter revenue was $3.25 billion and adjusted EPS was $2.73, and both at the high end of our outlook.

謝謝你，邁克，大家早上好。好吧，我真的非常高興地與大家分享我們又創造了一個創紀錄的季度，為 ADI 標誌性的一年畫上了句號。我們第四季度的收入為 32.5 億美元，調整後的每股收益為 2.73 美元，均處於我們預期的高端。

For the fiscal year, revenue was $12 billion, up an impressive 26% year-over-year on a combined basis. Our Industrial, Automotive and Communications markets delivered all-time high revenues, and our consumer business continued to grow despite industry-wide weakness. Adjusted EPS increased by nearly 50% to $9.57.

本財年收入為 120 億美元，同比增長 26%，令人印象深刻。我們的工業、汽車和通信市場實現了歷史最高收入，儘管整個行業都處於疲軟狀態，但我們的消費者業務仍在繼續增長。調整後每股收益增長近 50% 至 9.57 美元。

We also delivered on our commitment to return 100% of free cash flow to shareholders in '22, returning $4.6 billion through share repurchases and dividends. These results not only exemplify the strength of our portfolio but also our deep customer focus and the hard work of our employees to fortify ADI's brand. To that end, in my recent conversations with customers, the message has been very clear.

我們還兌現了在 22 年將 100% 的自由現金流返還給股東的承諾，通過股票回購和派息返還 46 億美元。這些結果不僅體現了我們產品組合的實力，也體現了我們對客戶的高度關注以及我們員工為鞏固 ADI 品牌所做的辛勤工作。為此，在我最近與客戶的對話中，傳達的信息非常明確。

While we're not immune to supply disruptions, ADI's service, quality and support throughout this challenging time continues to be outstanding. Importantly, this sentiment is shared by customers of all sizes and across all markets. As a result, our customers are calling upon ADI to engage in longer term, more strategic collaborations to develop solutions that further empower the intelligent edge.

雖然我們無法避免供應中斷，但在這個充滿挑戰的時期，ADI 的服務、質量和支持仍然非常出色。重要的是，所有市場中各種規模的客戶都有這種情緒。因此，我們的客戶呼籲 ADI 參與更長期、更具戰略性的合作，以開發進一步增強智能優勢的解決方案。

So to ensure we remain at the forefront of technological advancements and customer service, we invested $1.7 billion in R&D and $700 million in CapEx in FY'22. Now let me start with R&D. Our investments are targeted at strengthening our foundational high-performance analog franchises as well as moving up the stack to create more complete solutions for our customers. A prime example is our Apollo platform, which we previewed at our Investor Day in April.

因此，為確保我們始終處於技術進步和客戶服務的前沿，我們在 22 財年投資了 17 億美元用於研發和 7 億美元的資本支出。現在讓我從研發開始。我們的投資旨在加強我們的基礎高性能模擬特許經營權，並提升堆棧以為我們的客戶創建更完整的解決方案。一個典型的例子是我們的 Apollo 平台，我們在 4 月份的投資者日預覽了該平台。

Apollo is a flexible high-speed signal processing platform with unmatched levels of functionality, integration and performance, making it ubiquitous for all customers, but especially appealing to those in the broad market. During the quarter, we began sampling this innovative platform with our aerospace, communications and instrumentation customers, and their feedback has been extremely positive.

Apollo 是一個靈活的高速信號處理平台，具有無與倫比的功能、集成和性能水平，使其對所有客戶無處不在，但對廣大市場的客戶尤其具有吸引力。本季度，我們開始與我們的航空航天、通信和儀器儀表客戶一起試用這個創新平台，他們的反饋非常積極。

Turning now to the operations side. Over the last year, we invested a record amount of CapEx to increase our manufacturing output. And in 2023, we are, once again, investing aggressively in our U.S. and European factories to significantly expand our capacity. These investments will create a more flexible and cost-effective hybrid manufacturing model by increasing our swing capacity to around 70% of revenue in the coming years.

現在轉向運營方面。在過去的一年裡，我們投入了創紀錄的資本支出來增加我們的製造產量。到 2023 年，我們將再次積極投資於我們的美國和歐洲工廠，以顯著擴大我們的產能。這些投資將在未來幾年將我們的周轉能力提高到收入的 70% 左右，從而創建一個更靈活、更具成本效益的混合製造模式。

Our R&D and supply chain investments are essential to support our design win pipeline, which expanded by more than 10% in '22. This growth was led by our automotive energy systems and digital health care businesses. Notably, our growth in automotive was underpinned by battery management systems, or BMS, which now has an opportunity pipeline nearing $4 billion. This year, 8 new manufacturers designed in our BMS solutions, including two that plan to utilize our wireless platform. Our strong leadership position, combined with increasing EV penetration globally gives me great confidence in our future growth prospects.

我們的研發和供應鏈投資對於支持我們的設計獲勝管道至關重要，該管道在 22 年擴大了 10% 以上。這一增長是由我們的汽車能源系統和數字醫療保健業務帶動的。值得注意的是，我們在汽車領域的增長得到了電池管理系統 (BMS) 的支持，該系統現在擁有接近 40 億美元的機會渠道。今年，8 家新製造商設計了我們的 BMS 解決方案，其中兩家計劃使用我們的無線平台。我們強大的領導地位，加上全球電動汽車普及率的提高，讓我對我們未來的增長前景充滿信心。

Looking now at some selected design activity in the quarter. In Industrial Automation, we were designed into an advanced diagnostic system that measures machine health at a global supplier for energy exploration. Our system solution approach enables an approximate 50% reduction in size and lowers wiring costs meaningfully. In aerospace and defense, we won RF module programs at multiple defense prime contractors. Our modules integrate hundreds of components to simplify the design process for our customers while increasing our content from hundreds to thousands of dollars per system.

現在看看本季度的一些選定的設計活動。在工業自動化領域，我們被設計成一個先進的診斷系統，用於測量全球能源勘探供應商的機器健康狀況。我們的系統解決方案方法可使尺寸減小約 50%，並顯著降低佈線成本。在航空航天和國防領域，我們贏得了多家國防總承包商的射頻模塊項目。我們的模塊集成了數百個組件，為我們的客戶簡化了設計過程，同時將我們的內容從每個系統的數百美元增加到數千美元。

In Industrial Instrumentation, we secured wins at two market leaders of next-generation high-voltage testers for electric vehicles and renewable energy systems. The combination of our high-voltage processes and precision technology enables us to deliver accurate, reliable and efficient testing required to scale the manufacturing of these systems.

在工業儀器儀表領域，我們贏得了電動汽車和可再生能源系統下一代高壓測試儀的兩個市場領導者。我們的高壓工藝和精密技術相結合，使我們能夠提供擴展這些系統製造所需的準確、可靠和高效的測試。

And lastly, in communications, we expanded our leadership in 5G radio systems with our transceiver portfolio, winning additional share at key suppliers. These new wins position us even better as 5G networks roll out globally, especially in India, and O-RAN begins to proliferate. Importantly, our design pipeline is beginning to benefit from cross-selling our ADI and Maxim portfolios. This puts us on a path to achieve our target $1 billion in revenue synergies.

最後，在通信方面，我們通過我們的收發器產品組合擴大了我們在 5G 無線電系統方面的領導地位，在主要供應商那裡贏得了更多份額。隨著 5G 網絡在全球（尤其是在印度）的鋪開，以及 O-RAN 開始普及，這些新的勝利使我們處於更有利的地位。重要的是，我們的設計管道開始受益於交叉銷售我們的 ADI 和 Maxim 產品組合。這使我們走上了實現 10 億美元收入協同效應目標的道路。

For example, at an European auto manufacturer, we built upon our strong audio connectivity position to cross-sell our high-speed GMSL technology, connecting their advanced driver systems. We're also capturing new opportunities with GMSL in the industrial market. Last quarter, for example, our technology was designed into autonomous order fulfillment systems at one of the largest e-commerce companies. We're also making great inroads with our broader power portfolio, where our opportunity pipeline increased by double digits last year.

例如，在一家歐洲汽車製造商，我們基於我們強大的音頻連接地位來交叉銷售我們的高速 GMSL 技術，連接他們的高級驅動系統。我們還通過 GMSL 在工業市場中抓住了新機遇。例如，上個季度，我們的技術被設計用於最大的電子商務公司之一的自主訂單履行系統。我們還在更廣泛的電力產品組合方面取得了巨大進展，去年我們的機會管道增加了兩位數。

Our increased breadth is helping us to better match customers' performance and power trade-offs across more applications, expanding our power SAM to nearly $10 billion. For example, at a leading European industrial customer, our position in mid-voltage power for distributed I/O control systems enabled us to pull through additional power content and precision signal chain sockets, thereby, doubling our content per system.

我們增加的廣度幫助我們更好地匹配客戶在更多應用中的性能和功率權衡，將我們的功率 SAM 擴大到近 100 億美元。例如，在一家領先的歐洲工業客戶中，我們在分佈式 I/O 控制系統的中壓電源方面的地位使我們能夠通過額外的電源內容和精密信號鏈插座，從而使每個系統的內容加倍。

Our expanding pipeline and significant revenue synergy opportunities instills greater diversity and resilience into our business while adding new growth vectors. And taken together, I'm confident in our ability to bend the growth curve and move from our historical mid-single-digit growth rate to our long-term model of 7% to 10%.

我們不斷擴大的管道和重要的收入協同機會為我們的業務注入了更大的多樣性和彈性，同時增加了新的增長載體。總而言之，我相信我們有能力扭轉增長曲線，從歷史上的中等個位數增長率轉變為 7% 至 10% 的長期模型。

So in summary, while the macro crosscurrents are creating an abundance of uncertainty, ADI has successfully navigated many slowdowns over the course of our 57-year history. The strength of our franchise allows us to invest through business cycles, ensuring we continue to deliver breakthrough innovation, deepen our relevance to our customers and capture the emerging secular opportunities at the intelligent edge.

因此，總而言之，儘管宏觀趨勢正在製造大量不確定性，但 ADI 在我們 57 年的歷史中成功地度過了許多放緩期。我們特許經營權的優勢使我們能夠通過商業周期進行投資，確保我們繼續提供突破性創新，加深我們與客戶的相關性，並在智能邊緣抓住新興的長期機會。

And so with that, I'll pass you over to Prashanth.

因此，我會把你交給 Prashanth。

Thank you, Vince. Let me add my welcome to our fourth 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. We closed fiscal 2022 as our second consecutive year of record revenue and profits. We delivered sequential growth each quarter, achieving a new all-time high of $12 billion in revenue, gross margins of 73.6% increased 270 basis points due to favorable product mix, stronger utilization and cost synergies. Operating margin of 49.4% increased 700 basis points, reflecting strong execution on OpEx synergies, and adjusted EPS increased nearly 50% to $9.57.

謝謝你，文斯。讓我對我們的第四季度財報電話會議表示歡迎。我今天的評論，除了收入之外，都是經過調整的，不包括今天新聞稿中概述的特殊項目。我們結束了 2022 財年，這是我們連續第二年創紀錄的收入和利潤。我們每個季度都實現了環比增長，收入創下 120 億美元的歷史新高，由於有利的產品組合、更高的利用率和成本協同效應，73.6% 的毛利率增加了 270 個基點。 49.4% 的營業利潤率增加了 700 個基點，反映了對運營支出協同效應的強勁執行，調整後的每股收益增加了近 50% 至 9.57 美元。

For the fourth quarter, revenue was $3.25 billion, finishing at the high end of our outlook. As I cover the performance by end market, both for the quarter and full year, my growth comments are on an adjusted combined basis where applicable. Industrial, our most diverse and profitable end market, hit another all-time high and represented 51% of quarterly revenue. Growth was broad-based with each major application increasing sequentially and year-over-year. For the year, Industrial expanded 29% with growth in each business. Notably, digital health care was up over 30% and has now achieved seven straight record years. This consistent success in health care underscores the breadth of our ICs and subsystem solutions in a key secular growth market where such performance is critical.

第四季度的收入為 32.5 億美元，處於我們預期的高端。由於我涵蓋了季度和全年的終端市場表現，因此我的增長評論是在適用的調整後綜合基礎上得出的。工業是我們最多元化、利潤最高的終端市場，再創歷史新高，佔季度收入的 51%。增長基礎廣泛，每個主要應用程序都按順序和同比增長。今年，隨著每項業務的增長，工業增長了 29%。值得注意的是，數字醫療保健增長了 30% 以上，現已連續七年創下歷史新高。這種在醫療保健領域的持續成功凸顯了我們的 IC 和子系統解決方案在此類性能至關重要的關鍵長期增長市場中的廣度。

Automotive, which represented 21% of quarterly revenue, achieved another record year, growing both sequentially and year-over-year. For the year, auto was up 31%, a favorable mix of premium vehicles, our growing BMS, GMSL, A2B and functional safe power franchises, combined with enhanced value capture, drove significant growth compared to SAAR. Together, these franchises of BMS, GMSL, A2B and functional safe power represent over $1 billion of automotive revenue.

佔季度收入 21% 的汽車業務再創歷史新高，環比和同比均實現增長。這一年，汽車增長了 31%，優質汽車的有利組合，我們不斷增長的 BMS、GMSL、A2B 和功能安全的電力特許經營權，加上增強的價值捕獲，與 SAAR 相比推動了顯著增長。 BMS、GMSL、A2B 和功能安全電源的這些特許經營權加在一起代表了超過 10 億美元的汽車收入。

Communications, which represented 15% of quarterly revenue, achieved another record quarter with strong sequential growth in wireline, while our wireless business was about flat. For the year, comms grew 27%. In wireless, our strong position in radio signal chains is enabling the 5G rollout globally. And in wireline, our optical and power portfolios benefited from the continued demand for bandwidth.

通信業務佔季度收入的 15%，在有線業務連續強勁增長的情況下，又創下了創紀錄的季度業績，而我們的無線業務則基本持平。今年，通訊增長了 27%。在無線領域，我們在無線電信號鏈方面的強勢地位使 5G 能夠在全球範圍內推出。在有線方面，我們的光學和電力產品組合受益於對帶寬的持續需求。

Lastly, consumer represented 13% of quarterly revenue and was up modestly sequentially and flat year-over-year. Despite a challenging year for the broader industry, consumer finished up 8%. This growth is a testament to how we have diversified our consumer business and the innovation premium our products command. Today, approximately 30% of revenue is derived from long life cycle prosumer applications, including next-gen conferencing systems, professional AV and home theater, while the remaining revenue in consumer relates to the faster-growing wearables and hearables as well as premium smartphones.

最後，消費者佔季度收入的 13%，環比小幅增長，同比持平。儘管對更廣泛的行業來說是充滿挑戰的一年，但消費者仍完成了 8% 的增長。這種增長證明了我們如何實現消費者業務的多元化以及我們產品的創新優勢。如今，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 AV 和家庭影院，而消費領域的剩餘收入與增長更快的可穿戴設備和聽覺設備以及高端智能手機有關。

Now I'll move down the P&L for the fourth quarter. Gross margin was 74%, up 310 basis points year-over-year, driven by favorable product mix and synergy capture. OpEx was $744 million, down slightly sequentially due to the realization of additional synergies. And operating margin increased 800 basis points year-over-year, finishing at a record 51.1% as we exited the year with roughly $350 million of synergies realized across OpEx and cost of goods in our run rate. This incredible pace of synergy capture would not have been possible without the dedication of our integration office and the cross-functional teams that supported them. Non-Op expenses were $57 million, and the tax rate was 12.2%. All told, adjusted EPS came in at $2.73, up 58% year-over-year.

現在我將降低第四季度的損益表。受有利的產品組合和協同效應的推動，毛利率為 74%，同比增長 310 個基點。由於實現了額外的協同效應，運營支出為 7.44 億美元，環比略有下降。營業利潤率同比增長 800 個基點，達到創紀錄的 51.1%，因為我們在今年結束時在我們的運行率中實現了約 3.5 億美元的運營支出和商品成本協同效應。如果沒有我們的整合辦公室和支持他們的跨職能團隊的奉獻，這種令人難以置信的協同捕獲速度是不可能的。非運營費用為 5700 萬美元，稅率為 12.2%。總而言之，調整後每股收益為 2.73 美元，同比增長 58%。

Moving on to the balance sheet. We ended the quarter with approximately $1.5 billion of cash and equivalents and our net leverage ratio continues to remain below 1. Days of inventory increased to 140 while channel inventory was once again below our target range of 7 to 8 weeks. Let me provide some additional details on our inventory. But first, during these uncertain times, we believe it is prudent to temporarily hold more finished goods on our balance sheet instead of shipping into the channel. This provides us with enhanced flexibility to better align supply with end customer demand across regions and markets.

轉到資產負債表。我們在本季度結束時擁有大約 15 億美元的現金和等價物，我們的淨槓桿率繼續保持在 1 以下。庫存天數增加到 140 天，而渠道庫存再次低於我們 7 至 8 週的目標範圍。讓我提供一些關於我們庫存的額外細節。但首先，在這些不確定的時期，我們認為在我們的資產負債表上暫時持有更多成品而不是運入渠道是明智的。這為我們提供了更大的靈活性，可以更好地使供應與跨地區和市場的最終客戶需求保持一致。

Second, raw material and WIP are increasing as we begin to rebuild our die bank. Over the last couple of years, our die bank was drastically reduced, and in some cases, fits 50% below optimal levels. Die bank inventory is highly cost efficient and it's critical for customer service as it can be used for different markets and customers. We believe higher inventory is crucial to reducing lead times as we look to return to our 4- to 8-week target service level over time. Given these actions, we expect inventory to increase in the near term before trending back down as we balance die bank rebuild with finished goods depletion.

其次，隨著我們開始重建模具庫，原材料和在製品也在增加。在過去的幾年裡，我們的模具庫大幅減少，在某些情況下，比最佳水平低 50%。模具庫庫存具有很高的成本效益，並且對客戶服務至關重要，因為它可用於不同的市場和客戶。我們認為，隨著我們希望隨著時間的推移恢復到 4 至 8 週的目標服務水平，更高的庫存對於縮短交貨時間至關重要。鑑於這些行動，我們預計庫存在短期內會增加，然後隨著我們平衡模具銀行重建與成品耗盡而趨於回落。

Moving to cash flow items. CapEx was $305 million for the quarter and $699 million for the year or 6% of revenue. As we outlined at our Investor Day, we expect elevated CapEx through 2023 at around high single digits as a percentage of revenue. For fiscal 2022, we generated $3.8 billion of free cash flow or 31% of revenue. This is lower than normal given our higher capital intensity and onetime transaction and restructuring costs. These near-term headwinds were not unexpected when we outlined our long-term free cash flow target at our Investor Day, and we remain committed to growing free cash flow to 40% of revenue.

轉向現金流量項目。本季度資本支出為 3.05 億美元，全年資本支出為 6.99 億美元，佔收入的 6%。正如我們在投資者日概述的那樣，我們預計到 2023 年資本支出佔收入的百分比將達到大約高個位數。在 2022 財年，我們產生了 38 億美元的自由現金流，佔收入的 31%。鑑於我們較高的資本密集度以及一次性交易和重組成本，這低於正常水平。當我們在投資者日概述我們的長期自由現金流目標時，這些近期逆風並不意外，我們仍然致力於將自由現金流增加到收入的 40%。

As a reminder, we target 100% free cash flow return. We aim to grow our dividend at a 10% CAGR through the cycle with the remaining cash used for share count reduction. And during the year, we returned more than 100% of free cash flow to shareholders. We repurchased $3.1 billion in shares, reducing share count by nearly 4%, while paying $1.5 billion of dividends.

提醒一下，我們的目標是 100% 的自由現金流回報。我們的目標是在整個週期內以 10% 的複合年增長率增加股息，剩餘現金用於減少股份數量。在這一年裡，我們將超過 100% 的自由現金流返還給了股東。我們回購了 31 億美元的股票，將股票數量減少了近 4%，同時支付了 15 億美元的股息。

So let me close with a brief update on the current operating backdrop. As we noted last quarter, the uncertain and slowing macroeconomic environment has had some impact on demand. However, after a couple of months of slowing orders, we saw bookings stabilize during the quarter at what we'd consider relatively normal levels for entering our first quarter. Not surprisingly, bookings remain the strongest in the industrial and auto, while communications and consumer are weaker. We're guiding first quarter revenue to $3.15 billion, plus or minus $100 million.

因此，讓我簡要介紹一下當前的運營背景。正如我們在上個季度指出的那樣，不確定和放緩的宏觀經濟環境對需求產生了一些影響。然而，在經歷了幾個月的訂單放緩之後，我們看到本季度的預訂量穩定在我們認為進入第一季度時相對正常的水平。毫不奇怪，預訂量在工業和汽車領域仍然最為強勁，而通信和消費領域則較弱。我們將第一季度收入指導為 31.5 億美元，上下浮動 1 億美元。

Given this environment, we thought it might be helpful to be a little more prescriptive in our outlook by market. So in the first quarter, we expect auto to be up slightly sequentially; industrial about flat; comps to decline by mid-single digits; and consumer to be down double digits sequentially. At the midpoint of our outlook, revenue will be up high teens year-over-year and our B2B markets increasing over 20%. Op margins are expected to be 50%, plus or minus 70 bps. Tax rate is expected to be between 12% to 14%. And based on these inputs, adjusted EPS should be $2.60, plus or minus $0.10.

鑑於這種環境，我們認為按市場對我們的前景進行更規範化可能會有所幫助。所以在第一季度，我們預計汽車會環比小幅上漲；工業公寓；補償下降中個位數；和消費者依次下降兩位數。在我們展望的中點，收入將同比增長十幾歲，我們的 B2B 市場增長超過 20%。運營利潤率預計為 50%，上下浮動 70 個基點。稅率預計在 12% 至 14% 之間。根據這些輸入，調整後的每股收益應為 2.60 美元，上下浮動 0.10 美元。

So stepping back, we are well positioned in the near term, but the environment remains highly variable and dynamic. ADI, like the rest of the industry, is not immune to a softer macro environment, and thus, we remain cautious, yet optimistic. Longer term, we have over a year of backlog and continued momentum in our pipeline. We also have high flexibility with our hybrid manufacturing model and several OpEx levers in our toolkit to support our industry-leading margins and maintain robust cash returns to shareholders.

所以退一步說，我們在短期內處於有利地位，但環境仍然高度可變和動態。 ADI 與其他行業一樣，也不能倖免於疲軟的宏觀環境，因此，我們保持謹慎但樂觀。從長遠來看，我們有超過一年的積壓和持續的勢頭。我們的混合製造模型和工具包中的多個運營支出槓桿也具有高度靈活性，以支持我們行業領先的利潤率並為股東維持強勁的現金回報。

So let me now pass it back to Mike for the Q&A.

現在讓我將它傳回 Mike 進行問答。

Thanks, Prashanth. Now let's get to my favorite part of the call, a Q&A session.

謝謝，普拉尚。現在讓我們開始通話中我最喜歡的部分，即問答環節。

(Operator Instructions) With that, will we have our first question, please?

（操作員說明）有了這個，我們可以提出我們的第一個問題嗎？

(Operator Instructions)

（操作員說明）

Our first question today comes from Tore Svanberg with Stifel.

我們今天的第一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on another record quarter. Vince, a question for you. When you talked about the design wins, some of the design win activity, we continue to hear more and more of the system solutions. And I was just wondering if you could add a little bit more color on how your growth is being driven by higher ASPs. So I'm not suggesting higher pricing, right? I'm talking about higher ASPs because all of your products, obviously, are moving up the value chain to more of a system solution type perspective.

祝賀又一個創紀錄的季度。文斯，問你一個問題。當你談到設計獲勝時，一些設計獲勝活動，我們繼續聽到越來越多的系統解決方案。我只是想知道您是否可以添加更多顏色來說明更高的 ASP 如何推動您的增長。所以我不是建議更高的定價，對吧？我說的是更高的 ASP，因為很明顯，您的所有產品都在價值鏈上向更多系統解決方案類型的角度移動。

Firstly, if you look at our ASPs compared to the analog sector, we have a 3x multiple, and versus our closest competitor, we have a 5x multiple, and that diversion has been growing over the last several years. So we decided quite a while ago that across the markets and the applications that we really cared about that what was really important for us to do was boil down the increasing complexity that our customers are dealing with in their product development systems and activities.

首先，如果你看看我們的 ASP 與模擬行業相比，我們有 3 倍，而與我們最接近的競爭對手相比，我們有 5 倍，而且這種轉移在過去幾年中一直在增長。所以我們很久以前就決定，在我們真正關心的市場和應用程序中，對我們來說真正重要的是歸結為我們的客戶在他們的產品開發系統和活動中處理的日益複雜的問題。

And so essentially, what we've done is, we've taken that complexity into ADI. We get to the other side of that complexity with the quality of our innovations and our ability to be able to couple many, many different facets of our portfolio together in areas like power management. We're building these 3D-stacked module systems, sometimes with ASPs of hundreds of dollars.

因此，從本質上講，我們所做的是，我們將這種複雜性帶入了 ADI。我們憑藉創新的質量以及能夠在電源管理等領域將我們產品組合的許多不同方面結合在一起的能力，達到了這種複雜性的另一面。我們正在構建這些 3D 堆疊模塊系統，有時平均售價高達數百美元。

If you look at our 5G radio systems, same thing, we combine microwave, we combine data conversion, power, digital algorithms and so on and so forth. So we have -- within the company, we believe in diversity of technologies, solutions customers and that choice of business model, Tore, at the end of the day and how we execute it gives us the richer ASPs when compared with our competitors.

如果你看看我們的 5G 無線電系統，同樣的事情，我們結合了微波，我們結合了數據轉換、功率、數字算法等等。所以我們 - 在公司內部，我們相信技術、解決方案客戶的多樣性以及商業模式的選擇，Tore，在一天結束時以及我們如何執行它，與我們的競爭對手相比，為我們提供了更豐富的 ASP。

The next question comes from C.J. Muse with Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

I guess I was hoping to probe a bit more around the cautious but optimistic view. You talked about orders stabilizing and a backlog that extends out 12 months. So I guess, first question, can you talk about what kind of scrubbing you've done on that backlog? And then secondly, based on that, how does that inform your outlook heading into fiscal '23?

我想我希望圍繞謹慎但樂觀的觀點進行更多探討。您談到了訂單穩定和長達 12 個月的積壓。所以我想，第一個問題，你能談談你對積壓工作做了什麼樣的清理嗎？其次，基於此，這如何告知您進入 23 財年的前景？

Let me take that and help give some color on the demand order booking. So if you step back and think about last year, the first half of the year, we had orders at historical highs. And then last quarter in the earnings call, we called out that orders were beginning to slow and that's a decline actually continued into the fourth quarter. However, we saw orders start to stabilize about midway through the fourth quarter and into the first couple of weeks here of the first quarter. So those bookings are strongest in industrial and auto, not surprising, and weaker in comms and consumer, which I reflected in the guide. .

讓我接受並幫助為需求訂單預訂提供一些顏色。因此，如果你退一步想想去年，今年上半年，我們的訂單處於歷史高位。然後在上個季度的財報電話會議上，我們稱訂單開始放緩，而且這種下降實際上一直持續到第四季度。然而，我們看到訂單在第四季度中期和第一季度的前幾週開始穩定下來。因此，這些預訂在工業和汽車領域最為強勁，這不足為奇，而在通信和消費者領域則較弱，我在指南中反映了這一點。 .

From a geo standpoint, we'd say that not surprising we're seeing weakness in Asia, especially China, but North America and Europe are holding up well. So given the combination of orders stabilizing and the backlog coverage that we have out, we feel pretty good about the near term. There is uncertainty out there and things could change fast, but that sort of what's driving our sort of cautious optimism.

從地緣的角度來看，我們會說我們看到亞洲尤其是中國的疲軟不足為奇，但北美和歐洲表現良好。因此，考慮到訂單穩定和我們已經完成的積壓覆蓋範圍的結合，我們對近期感覺非常好。那裡存在不確定性，事情可能會迅速變化，但這正是推動我們謹慎樂觀的原因。

Yes. One other thing, C.J., to note, we've said before, the signal we watch most carefully in terms of really trying to understand demand is sell-through rather than sell-in. So that, I think, gives us a deeper degree of reality and the match between true demand and supply.

是的。另一件事，C.J.，要注意，我們之前說過，我們在真正試圖了解需求方面最仔細觀察的信號是賣出而不是賣出。因此，我認為，這給了我們更深層次的現實和真實需求與供應之間的匹配。

The next question comes from Vivek Arya with Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

I actually wanted to follow up on that question. Vince or Prashanth, are you surprised why your orders and bookings are holding up better, even though all the headlines we see from a macro perspective seem to be getting tougher. So what is helping you? And then specifically within your industrial business, is it fair to think that factory automation is perhaps the most macro exposed part? And if yes, how should we think about that specific part of your most macro exposed segment within the industrial business going into next year?

我其實想跟進那個問題。 Vince 或 Prashanth，儘管我們從宏觀角度看到的所有頭條新聞似乎都變得越來越艱難，但您是否感到驚訝為什麼您的訂單和預訂保持得更好。那麼什麼在幫助你呢？然後特別是在您的工業業務中，認為工廠自動化可能是最宏觀的部分是否公平？如果是，我們應該如何考慮明年工業業務中您最宏觀暴露的部分的特定部分？

Yes. So well, let me start with the automation question. I've talked about a lot of the automation customers over the last while, and there continues to be, I would say, bullish expectation. I mean they are not immune from the macro. I think some of our customers are experiencing some soft cancellations in their business.

是的。好吧，讓我從自動化問題開始。在過去的一段時間裡，我談到了很多自動化客戶，而且我會說，仍然存在看漲的預期。我的意思是他們不能倖免於宏。我認為我們的一些客戶在他們的業務中遇到了一些軟取消。

But if you look at what's happening, we're going to see life sciences transformed. We're in the early stages of small batch processing in life sciences for manufacturing, for example. The energy sector is another area where, particularly the American, the U.S.-based automation customers, a lot of their businesses are -- they have a very large portion in the energy sector, oil and gas, for example, and that is likely to remain strong. So if that's a bedrock -- I think that will remain strong for several years to come. We are seeing onshoring, reshoring. We're seeing movement of manufacturing, for example, into India for the first time in a serious way. So my sense is, the industry won't outrun the macroeconomic conditions. But overall, I think the lending, in terms of where demand will be, will be softer than probably normal.

但如果你看看正在發生的事情，我們就會看到生命科學發生了轉變。例如，我們正處於生命科學製造業小批量加工的早期階段。能源部門是另一個領域，尤其是美國，美國的自動化客戶，他們的很多業務都是——他們在能源部門有很大一部分，例如石油和天然氣，這很可能保持堅強。因此，如果這是基石——我認為它將在未來幾年保持強勁。我們正在看到回岸、回岸。例如，我們第一次看到製造業以嚴肅的方式轉移到印度。所以我的感覺是，該行業不會超過宏觀經濟狀況。但總的來說，我認為就需求而言，貸款將比正常情況下更為疲軟。

Yes. Maybe, Vivek, just -- first, just to emphasize something that we said in the prepared remarks, all subsegments in industrial grew in the fourth quarter, and we feel pretty good about where we are. From a strength in industrial versus the other markets, I'd look at it 2 ways. First, from a supply standpoint as we were seeing demand softening in other markets, we have the ability to use our hybrid model to get more wafers from our external partners, and we are biasing this additional supply into the industrial market, which has remained resilient and strong.

是的。也許，Vivek，只是 - 首先，只是為了強調我們在準備好的發言中所說的話，工業的所有子部門在第四季度都有增長，我們對自己的位置感到非常滿意。從工業與其他市場的優勢來看，我會從兩個方面來看待它。首先，從供應的角度來看，當我們看到其他市場的需求疲軟時，我們有能力使用我們的混合模式從我們的外部合作夥伴那裡獲得更多的晶圓，並且我們正在將這種額外的供應偏向工業市場，該市場一直保持彈性和強大。

At the same time, recall, we made a decision early in the supply disruption to make sure that we were taking care of our broad market and our smaller customers who tend to be more on the industrial side. From a demand standpoint, the strength and resilience in the industrial kind of speaks to where we play. We have extremely high share in those markets. And maybe to note versus our peers, some of our peers have cited weakness in, I think they're calling it, consumer industrial. We, on the other hand, put that business into our consumer. We call it the prosumer business, professional audio, video, et cetera. So when comparing us to peers, you'll see that our industrial might maybe more pure industrial.

與此同時，回想一下，我們在供應中斷的早期就做出了一個決定，以確保我們照顧到我們的廣闊市場和我們更傾向於工業方面的小客戶。從需求的角度來看，工業領域的實力和彈性說明了我們所處的位置。我們在這些市場中佔有極高的份額。也許需要注意的是，與我們的同行相比，我們的一些同行指出了消費行業的弱點，我認為他們稱之為消費工業。另一方面，我們將該業務置於我們的消費者中。我們稱之為產消者業務、專業音頻、視頻等。所以當我們與同行比較時，你會發現我們的工業可能更純粹的工業。

Yes. I think as well, for the last decade, 12, 13 years, we've been treating industrial as the bedrock of the company. So it gets first call on R&D investments, customer engagements. And never have we been more diverse in terms of geographies, customer coverage, depth of coverage, depth of engagement. So -- and also, we have product life cycles that stretch into the decades with very, very stable pricing. So I think all those factors combine to make this an extremely strong business currently, and we're very, very bullish about the future here as well.

是的。我也認為，在過去的十年、十二年、十三年裡，我們一直將工業視為公司的基石。因此，它首先接到研發投資、客戶參與的電話。我們在地域、客戶覆蓋範圍、覆蓋深度和參與深度方面從未像現在這樣多樣化。所以——而且，我們的產品生命週期可以延伸到幾十年，價格非常非常穩定。所以我認為所有這些因素結合在一起，使這家公司目前非常強大，我們也非常非常看好這裡的未來。

The next question comes from Joshua Buchalter with Cowen.

下一個問題來自 Joshua Buchalter 和 Cowen。

I wanted to ask you about inventory levels and thank you in the prepared remarks for all the color there. Totally understand the finished goods and die bank dynamics, along with the lean channel levels, but I was wondering at what range would we be at the point where you have to start taking proactive measures to lower inventories. I fully realize you haven't given an inventory target, but can you help us, just directionally, understand how you're thinking about that?

我想問您有關庫存水平的問題，並在準備好的評論中感謝您提供所有顏色。完全了解成品和模具銀行的動態，以及精益渠道水平，但我想知道我們在什麼範圍內必須開始採取積極措施來降低庫存。我完全知道你沒有給出庫存目標，但你能幫助我們，只是方向性地了解你是如何考慮的嗎？

So let me start with fourth quarter. Balance sheet days are up to about 140 and the channel is flattish, and it's still below our desired 7 to 8 week target. So the growth in inventory that you're seeing in our balance sheet is coming from a couple of different drivers. Certainly, inflation for our cost of goods, sales growth, which requires us to have more coverage of inventory and then the strategic decisions we made in the prepared remarks. So I do just want to go through that one more time here. So we are temporarily going to hold more finished goods versus putting it into the channel. Because we believe that gives us the flexibility to align the supply with end customer demand across regions and markets. A bad outcome for us would be to give product to a particular distributor who doesn't have an end customer demand for that product where someone else in a different market or geography is in need.

那麼讓我從第四季度開始。資產負債表天數高達 140 天左右，通道平穩，但仍低於我們期望的 7 至 8 週目標。因此，您在我們的資產負債表中看到的庫存增長來自幾個不同的驅動因素。當然，我們的商品成本、銷售增長的通貨膨脹要求我們對庫存有更多的覆蓋，然後我們在準備好的評論中做出戰略決策。所以我只想在這裡再講一遍。因此，我們暫時將持有更多成品，而不是將其放入渠道。因為我們相信，這使我們能夠靈活地跨地區和市場調整供應與最終客戶的需求。對我們來說，一個糟糕的結果是將產品提供給沒有最終客戶需求的特定分銷商，而不同市場或地區的其他人需要該產品。

Second, the die bank has really been dried out over the last couple of years. And I think I said at some level, it's below 50% of where we want it. So die bank, for us and for folks who may be less familiar with it, this is a product that has finished the front end but before it goes to assembly and test. This allows us to get it through the back end in roughly 4 weeks. So it's quick turn, and it gives us maximum flexibility to put it across different markets. So investing in the die bank will help us get our service levels, which are critical for us, given the focus we have on customer service, critical for us to get those levels back up.

其次，模具庫在過去幾年中確實已經耗盡。我想我在某種程度上說過，它低於我們想要的 50%。所以 die bank，對於我們和可能不太熟悉它的人來說，這是一個已經完成前端但還沒有進行組裝和測試的產品。這使我們能夠在大約 4 週內完成後端工作。所以它很快就轉向了，它給了我們最大的靈活性，可以將它投放到不同的市場。因此，投資模具銀行將幫助我們提高服務水平，這對我們來說至關重要，因為我們專注於客戶服務，這對我們恢復這些水平至關重要。

So the result is, expect higher days in the first half and then it will trend back down as finished goods burn out and the die bank comes to where we would like it to be. So our goal for the inventory is to get our lead times down to our old target, which was roughly 90% of our goods can be shipped within 4 to 8 weeks. And given the long life of our products, we always carry a pretty minimal risk of obsolescence.

所以結果是，預計上半年會有更多的日子，然後隨著成品耗盡並且模具庫達到我們希望的位置，它會回落。因此，我們的庫存目標是將交貨時間縮短到我們的舊目標，即大約 90% 的貨物可以在 4 到 8 週內發貨。考慮到我們產品的使用壽命長，我們總是承擔非常小的過時風險。

And Josh, one thing to add, you asked about utilization when are we thinking about taking them down. One thing I wanted to point out is about our swing capacity and cross-qualification. So before we pull down our internal utilization, we'll bring what we can back in from external, internal to support utilization and our gross margins.

Josh，要補充一件事，你問過我們什麼時候考慮取消它們的利用率。我想指出的一件事是關於我們的搖擺能力和交叉資格。因此，在我們降低內部利用率之前，我們將從外部、內部帶回我們可以支持的利用率和毛利率。

The next question today comes from Ambrish Srivastava with BMO Capital.

今天的下一個問題來自 BMO Capital 的 Ambrish Srivastava。

I'm going to ask the same question. I think we're all struggling with it. You guys won a lot of accolades for being super transparent last earnings call. We were talking about the order trends. I think Vivek asked the right question, were you surprised? Is there a seasonality to it? I mean nobody doubts your positioning and how strong you are in your chosen markets.

我要問同樣的問題。我認為我們都在為此苦苦掙扎。你們在上次財報電話會議上表現得非常透明，贏得了很多讚譽。我們正在談論訂單趨勢。我認為 Vivek 問了正確的問題，你感到驚訝嗎？它有季節性嗎？我的意思是沒有人懷疑您的定位以及您在所選市場中的實力。

And Prashanth, thanks for clarifying the prosumer versus other companies calling it legacy industrial. But is there a seasonal aspect to it as well that orders stabilize because it's very contrary to what we are seeing and hearing from other companies report including many industrial companies. Because last time, you had said that you expected -- although order cancellations were very small, you expected them to climb in the current quarter. So I would love to get a little bit more color on that. And then a real quick tactical one on lead times. Where are the lead times now?

還有 Prashanth，感謝您澄清產消者與其他稱其為傳統工業的公司。但訂單穩定是否也有季節性因素，因為這與我們從包括許多工業公司在內的其他公司報告中看到和聽到的情況截然相反。因為上次，你曾說過你預計 - 儘管訂單取消非常小，但你預計他們會在本季度攀升。所以我很想在上面增加一點顏色。然後是關於交貨時間的真正快速戰術。現在交貨時間在哪裡？

Sure. Yes. Let me just make a comment on cancellation. So we provided cancellations as a metric that we watch in the third quarter because we wanted to give everyone some context that we saw an inflection happening with orders. So it was in the spirit of transparency. However, I don't want to get into a pattern of reporting cancellation data every quarter. So if it was something meaningful, we would have called it out, which we didn't. So you can read that for what it is.

當然。是的。讓我就取消發表評論。所以我們提供了取消作為我們在第三季度觀察的指標，因為我們想給每個人一些我們看到訂單發生變化的背景。所以這是本著透明的精神。但是，我不想陷入每季度報告取消數據的模式。因此，如果它是有意義的，我們就會大聲疾呼，但我們沒有。所以你可以閱讀它的原意。

I would say that unlike others in the industry, we are proactively analyzing our backlog and working with customers to remove orders that they no longer want given the rapidly changing environment. So this strategy, for us, is to seek out cancellation. It helps us align our backlog with current demand, and it really gives us better visibility into where the supply needs and what we need to build. So that has increased our confidence in the quality of the backlog we have. It is still -- the coverage is out still over a year, but it is down sequentially. And so while we're always mindful that there can be some continued noise in that backlog, we feel pretty good about both the guide, and as we mentioned, the near term.

我想說的是，與業內其他公司不同，我們正在主動分析我們的積壓訂單，並與客戶合作，在瞬息萬變的環境中移除他們不再需要的訂單。所以這個策略，對我們來說，就是尋求取消。它幫助我們將積壓訂單與當前需求保持一致，它確實讓我們更好地了解供應需求和我們需要構建的內容。因此，這增加了我們對積壓工作質量的信心。它仍然 - 覆蓋範圍仍然超過一年，但它是連續下降的。因此，儘管我們始終注意到積壓工作中可能會有一些持續的噪音，但我們對指南和我們提到的近期都感覺很好。

Yes. I think the diversities, Ambrish, of the business, in general, is stronger than it's ever been. We're getting benefit. We're winning share in the power management market, in that sector of our portfolio. And I think if you look at where we are in the Automotive sector, we're getting a very strong tailwind from the electrification of the vehicle. In fact, we're gaining a lot of share in general, I think, with in-cabin and the electric vehicle. So I think we've got some tailwinds that are transcending the macro cycle here as well. The only part of the business, I would say, that has a cyclical timber to it now is the consumer area, where we have seen kind of the normal pattern there at the -- which happens at the tail end of the year.

是的。我認為總體而言，業務的多樣性，安布里什，比以往任何時候都更加強大。我們得到好處。在我們投資組合的那個領域，我們正在贏得電源管理市場的份額。而且我認為，如果你看看我們在汽車行業的位置，我們就會從汽車電氣化中獲得非常強勁的順風。事實上，我認為，我們在機艙內和電動汽車方面獲得了很大的份額。所以我認為我們也有一些超越宏觀週期的順風。我要說的是，該業務中唯一具有周期性木材的部分是消費領域，我們在那裡看到了一種正常模式——發生在年底。

You had the question on lead times, Ambrish. The lead times, actually, in the quarter, they have come down. I would say they're still extremely high and much higher than we want them to get. And Prashanth talked about how he wants to -- how we want to increase our inventory to bring down those lead times, but we have some products that are on time, and in some products, our lead times are 52 weeks. So lead times have come down overall sequentially from 3Q to 4Q, and that's reflected in kind of our outlook, our backlog, cancellations, everything that we gave you.

你有關於交貨時間的問題，Ambrish。實際上，在本季度，交貨時間已經下降。我會說它們仍然非常高，並且比我們希望的要高得多。 Prashanth 談到了他的想法——我們希望如何增加庫存以縮短交貨時間，但我們有一些準時交貨的產品，在某些產品中，我們的交貨時間為 52 週。因此，從第 3 季度到第 4 季度，交貨時間總體上有所下降，這反映在我們的前景、我們的積壓、取消以及我們給你的一切上。

The next question comes from Stacy Rasgon with Bernstein.

下一個問題來自 Stacy Rasgon 和 Bernstein。

I had a quick housekeeping question and then a broader one. The housekeeping question. You had an extra week in Q1 '18. So Q1 '23 would be 5 years later. Is there an extra week in the guide at all? And on the broader question, you talked about some of the OpEx levers that you have. I think last quarter, you talked about, like, in a 15% revenue down year, you could keep gross margins above 70%. I guess the question is, do you still believe that? And what would OpEx do in a scenario like that? What are some of the levers you would pull?

我有一個快速的內務管理問題，然後是一個更廣泛的問題。家務問題。您在 18 年第一季度多了一周。所以 Q1 '23 將是 5 年後。指南中是否有額外的一周？在更廣泛的問題上，您談到了您擁有的一些運營支出槓桿。我認為上個季度，你談到，在收入下降 15% 的年份，你可以將毛利率保持在 70% 以上。我想問題是，你還相信嗎？在這種情況下，OpEx 會做什麼？您會採取哪些措施？

I'll do the housekeeping. No, I guess our outlook was very, very strong, given you thought it would be a 14-week quarter, it's not. Our first quarter in '23 is a 13-week quarter. Our next 14-week quarter will be in 2024. So to repeat the outlook for 1Q is a 13-week quarter.

我會做家務。不，我想我們的前景非常非常強勁，因為你認為這將是一個 14 週的季度，但事實並非如此。我們在 23 年的第一季度是一個為期 13 週的季度。我們的下一個 14 周季度將在 2024 年。因此，重複第一季度的展望是一個 13 週的季度。

Okay. And I think your question really is on the downturn scenario analysis. I'll just -- I'll restate that, Stacy. We've covered that a few times, but we put our gross margin floor out there at 70%, and we did that because we have confidence that we have the levers given the flexibility of our hybrid manufacturing model and the resiliency of our business that it's unlikely that we're going to pass through that.

好的。我認為你的問題確實是關於經濟低迷情景分析。我只是 - 我會重申這一點，Stacy。我們已經提到過幾次，但我們將毛利率定為 70%，我們這樣做是因為我們有信心，鑑於我們混合製造模式的靈活性和我們業務的彈性，我們擁有槓桿我們不太可能通過它。

So we tested that at a down 15%. And what we've shared with folks in the past is that a down 15% is quite comfortable that we can stay north of that 70% and the OpEx levers for us would be the -- about 80% of our OpEx is fixed or less variable in nature, which leaves us about 20% on the levers that we can work with to ensure that we keep operating margins north of 40%.

所以我們在下降 15% 時對其進行了測試。我們過去與人們分享的是，下降 15% 是很舒服的，我們可以保持在 70% 以北，而我們的 OpEx 槓桿是——我們大約 80% 的 OpEx 是固定的或更少本質上是可變的，這使我們可以利用大約 20% 的槓桿來確保我們將營業利潤率保持在 40% 以上。

I will say that for 2023, our commitment is, and as Vince often says, we run this company for the long term. So we are committed to continuing to invest throughout the course of '23. We'll, obviously, be mindful of the environment. And if we see a change that warrants us to take action, you can count on us to take action. But we, at least for the next quarter or 2, expect us to continue to make the right decisions for the long-term health of the business.

我要說的是，到 2023 年，我們的承諾是，正如文斯經常說的那樣，我們將長期經營這家公司。因此，我們致力於在整個 23 年期間繼續投資。顯然，我們會注意環境。如果我們看到需要採取行動的變化，您可以指望我們採取行動。但至少在下個季度或下兩個季度，我們希望我們繼續為業務的長期健康做出正確的決定。

That sounds like OpEx ticks up a little bit into Q1 as well, just based on what you just said?

根據您剛才所說的，這聽起來像是 OpEx 在第一季度也有所上升？

You read it well, Stacy.

你讀得很好，斯泰西。

The next question comes from William Stein with Truist Securities.

下一個問題來自 Truist Securities 的 William Stein。

I'm hoping to hit on the inventory question yet again. You've done a very straightforward, good job of explaining to us what's going on in your own inventory. And it sounds like distribution is still below your target even though on their balance sheets, across all their suppliers, it looks like they're elevated. But we've seen other parts of the supply chain, in particular, the manufacturing services companies, which I imagine are a big percentage of sort of your counterparty sales on transactions. And I'm wondering to what degree you've scrubbed that half channel, half customer, however you want to look at it, for extra inventory that could hurt demand going forward?

我希望再次討論庫存問題。您非常直接、出色地向我們解釋了您自己的庫存中發生了什麼。聽起來分銷仍然低於你的目標，儘管在他們的資產負債表上，在他們所有的供應商中，他們看起來都在提升。但我們已經看到供應鏈的其他部分，特別是製造服務公司，我認為它們在交易對手方銷售額中佔很大比例。而且我想知道你在多大程度上清理了那一半渠道，一半客戶，無論你想看看它，因為額外的庫存可能會損害未來的需求？

Great question. Let me -- I'll -- let me do the easy part of that, and that is, sell-in is essentially equal to sell-through. So from a channel standpoint, we're well aligned and our channel partners are not building inventory. I made the comment that we're holding some finished goods on our own balance sheet. From a customer standpoint, I think Vince has had a lot of conversations with customers. So I'm going to pass to him to talk about what he's hearing from them.

很好的問題。讓我——我會——讓我來做其中最簡單的部分，也就是說，賣出基本上等於賣出。因此，從渠道的角度來看，我們保持一致，我們的渠道合作夥伴沒有建立庫存。我發表評論說我們在自己的資產負債表上持有一些成品。從客戶的角度來看，我認為文斯與客戶進行了很多對話。所以我要轉交給他，談談他從他們那裡聽到的消息。

Yes. I don't think our customers are in the mode of building safety stocks. There are mismatches, I think. There's the well-described golden screw problem. It's probably a base when compared to where it was 6 months ago, but I don't think customers -- there's no major inventory building going on right now. And I think our customers are doing their best to match their orders and the product supply to be able to create finished goods. So they're not there yet. I think there is still some unserved demand that customers are trying to fulfill. So -- but we're working very closely with our customers.

是的。我不認為我們的客戶處於建立安全庫存的模式。我認為存在不匹配。有一個描述得很好的金螺絲問題。與 6 個月前相比，這可能是一個基礎，但我不認為客戶——目前沒有進行重大庫存建設。而且我認為我們的客戶正在盡最大努力匹配他們的訂單和產品供應，以便能夠生產成品。所以他們還沒有。我認為客戶仍在努力滿足一些未得到滿足的需求。所以 - 但我們正在與客戶密切合作。

As we've said, we take our signals from sell-through, and we're working with our customers diligently across all 125,000 of them, big and small, to make sure that we get the best match between what they need and what we're able to deliver. And what I'm hearing in general is that, yes, we haven't serviced all the demands that all the customers have needed, but in general, we've been very transparent. Our customers are very pleased with our customer service. And I think it positions us very, very well coming out of the supply crunch to be able to deepen our engagements with our customers, both on the R&D side as well as the supply chain side. And customers are increasingly interested to partner with companies like ADI on both of those dimensions, and we are ready.

正如我們所說，我們從銷售中獲取信號，我們正在與所有 125,000 名大小不等的客戶勤奮合作，以確保我們在他們的需求和我們的需求之間獲得最佳匹配'能夠交付。我一般聽到的是，是的，我們沒有滿足所有客戶需要的所有需求，但總的來說，我們一直非常透明。我們的客戶對我們的客戶服務非常滿意。而且我認為這使我們非常非常好地擺脫了供應緊縮，能夠在研發方面和供應鏈方面加深我們與客戶的互動。客戶越來越有興趣在這兩個方面與 ADI 等公司合作，我們已做好準備。

And we're seeing in the pipeline -- we're seeing it in the pipeline growth.

我們正在管道中看到 - 我們正在管道增長中看到它。

And we go to our last question, please?

我們轉到最後一個問題，好嗎？

The last question today comes from Toshiya Hari with Goldman Sachs.

今天的最後一個問題來自高盛的 Toshiya Hari。

I had one quick housekeeping question and then another broader question. In terms of the housekeeping question, I was curious what did pricing do in fiscal year '22 on a pro forma basis? I think the business grew, what is it, around 25% pro forma. How much of that was pricing? And as you think about fiscal '23 or calendar '23, is the expectation for foundry costs to increase in the out year as well?

我有一個簡單的內務問題，然後是另一個更廣泛的問題。就內務管理問題而言，我很好奇定價在 22 財年的備考基礎上做了什麼？我認為業務增長了大約 25% 的形式。其中有多少是定價？當您考慮 23 財年或 23 年日曆時，鑄造成本的預期是否也會在下一年增加？

And then my broader question is probably for Vince. As you think about the full year '23, based on your backlog, based on your design wins and customer conversations, which end markets or applications are you most excited about in terms of contribution to growth? I realize you run a diverse business, and that's the beauty of ADI. But if you were to single out a couple, where your expectations are the highest, which ones would they be? And which end markets or applications would you be most worried about?

然後我的更廣泛的問題可能是針對文斯的。當您考慮 23 年全年時，根據您的積壓工作、您的設計勝利和客戶對話，在對增長的貢獻方面，您對哪些終端市場或應用程序最感興趣？我意識到您經營著多元化的業務，這就是 ADI 的魅力所在。但如果你要挑出一對，你的期望最高，他們會是哪一對？您最擔心哪些終端市場或應用？

Sure. Toshiya, let me take the first one quickly. So for '22, growth was fairly balanced and about half of that is coming from ASPs. But I do want to emphasize something that we've said over the course of all of '22, we passed cost through to customers. We did not use that environment to raise our gross margins. That was how we did the calculation of how much price to pass on to a customer was based on the input costs that were relevant to those customers. So with that, I'll let Vince take the more interesting part.

當然。 Toshiya，讓我快點拿第一個。因此，對於 22 年，增長相當平衡，其中約一半來自 ASP。但我確實想強調我們在 22 年的整個過程中說過的話，我們將成本轉嫁給了客戶。我們沒有利用那種環境來提高我們的毛利率。這就是我們根據與這些客戶相關的投入成本來計算將多少價格傳遞給客戶的方法。因此，我會讓 Vince 參與更有趣的部分。

Yes. So yes, I think in terms of '23, the markets that have been performing very, very well for the company over the last couple of years, particularly Automotive, which we've already talked about, the electrification of the vehicle, we're very, very well positioned there. And we're winning a lot of share in the in-cabin electronics as well; the new display systems, which are very, very complex. The dashboard displays need a lot of very, very clever power electronics. So we're well positioned.

是的。所以是的，我認為就 23 年而言，在過去幾年中，公司表現非常非常好的市場，特別是我們已經討論過的汽車，我們已經討論過的汽車電氣化，我們'那裡的位置非常非常好。我們也在車內電子產品領域贏得了很多份額；新的顯示系統，非常非常複雜。儀表板顯示器需要很多非常非常聰明的電力電子設備。所以我們的位置很好。

From an Industrial perspective as well, digital health care has been growing in the company in double digits for the last 7 years or thereabouts. We expect to see that continue. Also, aerospace and defense, that's likely to be a very brisk business. It's performing well for ADI now, and I believe, at least for the next 5 years, we will see stellar growth in that area. And energy, our energy and sustainability businesses are also beginning to really go on the uptick. So where am I concerned? I'm not really concerned about the business in general, given the diversity that we have, diversity of customers, products, applications. 5G perhaps we'll see what is likely to be weakness in Europe, offset by growth in India, growth in O-RAN, steadiness in the U.S., and that kind of summarizes how we think about things.

同樣從工業角度來看，在過去 7 年左右的時間裡，數字醫療保健在公司中一直以兩位數的速度增長。我們希望看到這種情況繼續下去。此外，航空航天和國防，這可能是一項非常活躍的業務。 ADI 現在表現良好，我相信，至少在未來 5 年內，我們將看到該領域的顯著增長。而能源，我們的能源和可持續發展業務也開始真正上升。那麼我擔心的是什麼？考慮到我們擁有的多樣性、客戶、產品和應用程序的多樣性，我並不真正關心一般業務。 5G 或許我們會看到歐洲的疲軟可能被印度的增長、O-RAN 的增長、美國的穩定所抵消，這總結了我們對事物的看法。

Thanks, everyone, for joining us on the call this morning. Prashanth and I will be at CES this year hosting meetings. We also have a booth on the showroom floor where we have technology demos across auto, health care and consumer. We hope to see you there. And with that, have a great Thanksgiving, and thanks for joining the call.

謝謝大家今天早上加入我們的電話會議。 Prashanth 和我今年將在 CES 主持會議。我們還在展廳樓層設有一個展位，展示汽車、醫療保健和消費者領域的技術。我們希望看到你在那裡。祝您感恩節快樂，感謝您加入電話會議。

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。