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.

早安，歡迎參加 ADI 公司 2022 財年第四季和收益電話會議，該會議將透過電話和網路進行音訊網路直播。提醒一下，此事件正在記錄中。

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.

現在我想介紹今天電話會議的主持人。投資人關係及FP&A副總裁Michael Lucarelli先生。先生，現在請您發言。

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，貝琪，大家早安。感謝您參加我們的第四季和 2022 財政年度電話會議。今天與我一起參加電話會議的還有 ADI 的執行長兼董事長 Vincent Roche；以及 ADI 的財務長 Prashanth Mahendra-Rajah。對於錯過此次發布的人，您可以在 investor.analog.com 上找到它和相關的財務時間表。

Now on to 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.

現在來討論披露問題。我們即將討論的資訊包括前瞻性陳述，這些陳述受一定風險和不確定性的影響，如我們的收益報告、定期報告和向美國證券交易委員會提交的其他資料中進一步所述。實際結果可能與前瞻性資訊有重大差異，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，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公認會計準則財務指標，不包括特殊項目。當我們的結果與歷史績效進行比較時，特殊項目也被排除在前期之外。今天的收益報告中包含了這些非公認會計準則指標與最直接可比較的公認會計準則指標的對賬，以及有關我們的非公認會計準則指標的其他資訊。

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

接下來，我將把發言權交給 ADI 的執行長兼董事長文斯 (Vince)。文斯？

Thank you, Mike, and good morning to you, all. Well, I'm 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，麥克，大家早安。嗯，我非常高興地告訴大家，我們又創造了一個創紀錄的季度，為 ADI 豐收的一年畫上了圓滿的句號。我們第四季的營收為 32.5 億美元，調整後每股收益為 2.73 美元，均達到我們預期的高點。

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.

本財年營收為 120 億美元，較去年同期大幅成長 26%。我們的工業、汽車和通訊市場實現了歷史最高收入，儘管整個行業疲軟，但我們的消費者業務仍持續成長。調整後每股收益成長近 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.

我們也履行了承諾，在22年將100%的自由現金流返還給股東，透過股票回購和股利返還了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深入關注以及我們員工為鞏固 ADI 品牌而付出的辛勤工作。為此，在我最近與客戶的對話中，訊息已經非常明確。

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.

雖然我們無法免受供應中斷的影響，但 ADI 在這段充滿挑戰的時期提供的服務、品質和支援仍然非常出色。重要的是，所有規模、所有市場的客戶都抱持這種感受。因此，我們的客戶呼籲 ADI 進行更長期、更具策略性的合作，以開發進一步增強智慧優勢的解決方案。

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，為了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，投資了 7 億美元用於資本支出。現在讓我從研發開始。我們的投資旨在加強我們的基礎高效能模擬特許經營權以及提升業務水平，為我們的客戶創造更完整的解決方案。一個典型的例子就是我們的 Apollo 平台，我們在四月的投資者日上對其進行了預覽。

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 是一個靈活的高速訊號處理平台，具有無與倫比的功能、整合度和效能，因此受到所有客戶的廣泛歡迎，尤其對廣大市場的客戶具有吸引力。在本季度，我們開始向航空航天、通訊和儀器儀表客戶提供該創新平台的樣品，他們的回饋非常積極。

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.

現在轉向營運方面。去年，我們投入了創紀錄的資本支出來提高我們的製造產量。 2023 年，我們將再次大力投資美國和歐洲工廠，以大幅擴大產能。這些投資將在未來幾年內將我們的周轉能力提升至收入的 70% 左右，從而創造更靈活、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成功管道至關重要，而該通路在22年成長了10%以上。這一成長主要得益於我們的汽車能源系統和數位醫療保健業務。值得注意的是，我們在汽車領域的成長受到電池管理系統（BMS）的支撐，該系統目前擁有接近 40 億美元的機會。今年，有 8 家新製造商採用了我們的 BMS 解決方案，其中兩家計劃採用我們的無線平台。我們強大的領導地位，加上全球電動車普及率的不斷提高，讓我對我們未來的成長前景充滿信心。

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.

現在來看看本季的一些選定的設計活動。在工業自動化領域，我們設計了一種先進的診斷系統，可以測量全球能源勘探供應商的機器健康。我們的系統解決方案可將尺寸縮小約 50%，並大幅降低佈線成本。在航空航太和國防領域，我們贏得了多個國防主承包商的射頻模組專案。我們的模組整合了數百個組件，簡化了客戶的設計流程，同時將每個系統的內容從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，我們贏得了電動車和再生能源系統下一代高壓測試儀兩大市場領導者的青睞。我們的高壓製程和精密技術的結合使我們能夠提供擴大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，在通訊領域，我們憑藉收發器產品組合擴大了在 5G 無線電系統領域的領導地位，並從主要供應商贏得了額外的份額。隨著 5G 網路在全球（尤其是在印度）推出，以及 O-RAN 開始普及，這些新的勝利將使我們處於更有利的地位。重要的是，我們的設計流程開始受益於 ADI 和 Maxim 產品組合的交叉銷售。這使我們有望實現 10 億美元的收入綜效目標。

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，我們利用我們強大的音訊連接地位交叉銷售我們的高速 GMSL 技術，連接他們先進的驅動系統。我們也正與 GMSL 一起在工業市場抓住新的機會。例如，上個季度，我們的技術被設計到一家最大的電子商務公司的自動訂單履行系統。我們在更廣泛的電力產品組合方面也取得了巨大進展，去年我們的機會管道成長了兩位數。

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.

我們不斷擴大的產品廣度有助於我們在更多應用中更好地匹配客戶的性能和功率權衡，從而將我們的功率 SAM 擴大到近 100 億美元。例如，在一家領先的歐洲工業客戶處，我們在分散式 I/O 控制系統中壓電源領域的地位使我們能夠提供額外的電源內容和精密訊號鏈插座，從而使每個系統的內容增加一倍。

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%.

我們不斷擴大的產品線和巨大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，同時增加了新的成長動力。總的來說，我相信我們有能力改變成長曲線，從歷史的中位數個位數成長率轉向 7% 到 10% 的長期成長率。

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.

總而言之，儘管宏觀逆流帶來大量不確定性，但 ADI 在 57 年的發展歷程中成功度過了許多經濟放緩時期。我們特許經營的優勢使我們能夠在整個商業週期中進行投資，確保我們繼續提供突破性創新，深化我們與客戶的相關性，並抓住智慧邊緣的新興長期機會。

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

因此，我將把你交給 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。我要對大家參加我們的第四季財報電話會議表示歡迎。我今天的評論，除了收入之外，都是基於調整後的數據，不包括今天的新聞稿中概述的特殊項目。 2022 財年是我們連續第二年創下營收和利潤紀錄。我們每季都實現了連續成長，營收創下 120 億美元的歷史新高，毛利率達到 73.6%，由於有利的產品組合、更高的利用率和成本協同效應，增加了 270 個基點。營業利益率為 49.4%，增加了 700 個基點，反映了營運支出綜效的強勁執行，調整後的每股盈餘成長近 50%，達到 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.

第四季營收為 32.5 億美元，達到我們預期的高點。由於我涵蓋的是本季和全年的終端市場表現，因此我的成長評論均基於調整後的綜合基礎（如適用）。工業是我們最多元化、利潤最高的終端市場，該市場再創歷史新高，佔季度收入的 51%。成長基礎廣泛，各主要應用均連續及年增長。全年工業成長 29%，各項業務均成長。值得注意的是，數位醫療保健成長超過30％，目前已連續七年創下紀錄。醫療保健領域的持續成功凸顯了我們的積體電路和子系統解決方案在關鍵的長期成長市場中的廣度，而這種性能在該市場中至關重要。

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.

汽車業務佔季度營收的 21%，再創歷史新高，環比和年成長均成長。今年，汽車業務增長了 31%，高檔汽車、不斷增長的 BMS、GMSL、A2B 和功能安全電源特許經營權的良好組合，加上增強的價值獲取，推動了與 SAAR 相比顯著的增長。 BMS、GMSL、A2B 和功能安全電源等特許經營權合計為汽車產業帶來了超過 10 億美元的收入。

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.

通訊業務佔季度營收的 15%，憑藉有線業務的連續強勁成長，再次創下新高，而無線業務則基本持平。今年，通訊業務成長了 27%。在無線領域，我們在無線電訊號鏈中的強勢地位推動了 5G 在全球的推出。在有線線路方面，我們的光纖和電力產品組合受益於對頻寬的持續需求。

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，消費者業務佔季度營收的 13%，環比小幅成長，與去年同期持平。儘管今年對整個產業來說都充滿挑戰，但消費品銷售額仍成長了 8%。這一成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所具有的創新優勢。如今，約 30% 的收入來自長生命週期的專業消費者應用，包括下一代會議系統、專業 AV 和家庭劇院，而剩餘的消費者收入則與增長更快的可穿戴設備、可聽設備以及高端智慧型手機有關。

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.

現在我將向下移動第四季的損益表。毛利率為 74%，較上年同期上升 310 個基點，這得益於有利的產品結構和綜效。營運支出為 7.44 億美元，由於實現了額外的協同效應，環比略有下降。營業利潤率較上年同期增加了 800 個基點，達到創紀錄的 51.1%，截至今年年底，我們在營運支出和商品成本方面實現了約 3.5 億美元的協同效應。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效應是不可能實現的。非營運支出為 5,700 萬美元，稅率為 12.2%。總體而言，調整後的每股收益為 2.73 美元，年增 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.

繼續討論資產負債表。我們在本季結束時擁有約 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。讓我提供有關我們庫存的一些更多詳細資訊。但首先，在這些不確定的時期，我們認為暫時在資產負債表上保留更多成品而不是運入管道是明智的。這為我們提供了更大的靈活性，可以更好地跨地區和跨市場地協調供應和最終客戶的需求。

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，原料和在製品也在增加。在過去的幾年中，我們的模具庫急劇減少，在某些情況下，甚至比最佳水平低 50％。模具庫庫存具有很高的成本效益，並且對於客戶服務至關重要，因為它可以用於不同的市場和客戶。我們相信，更高的庫存對於縮短交貨時間至關重要，因為我們希望隨著時間的推移恢復到 4 到 8 週的目標服務水準。鑑於這些舉措，我們預計庫存將在短期內增加，然後隨著庫存重建與成品消耗之間的平衡而回落。

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.

轉向現金流項目。本季資本支出為 3.05 億美元，全年資本支出為 6.99 億美元，佔營收的 6%。正如我們在投資者日所概述的那樣，我們預計到 2023 年，資本支出佔收入的百分比將達到約個位數。 2022 財年，我們產生了 38 億美元的自由現金流，佔營收的 31%。考慮到我們較高的資本密集度和一次性交易和重組成本，這一水平低於正常水平。當我們在投資者日概述我們的長期自由現金流目標時，這些短期阻力並不令人意外，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票數量。今年，我們向股東返還了超過100％的自由現金流。我們回購了價值 31 億美元的股票，減少了近 4% 的股票數量，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.

最後，請容許我簡要介紹一下目前的營運背景。正如我們上個季度所指出的，不確定且放緩的宏觀經濟環境對需求產生了一定影響。然而，在訂單放緩了幾個月之後，我們看到本季的預訂量穩定在我們認為的第一季進入相對正常的水平。毫不奇怪，工業和汽車領域的訂單仍然最為強勁，而通訊和消費者領域的訂單則較弱。我們預計第一季營收為 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，我們認為在市場展望方面採取更具體的指導性措施可能會有所幫助。 因此，我們預計第一季汽車銷售將環比小幅上漲；工業大致平坦；同店銷售額將下降中位數個位數；消費者支出連續兩位數下降。在我們預期的中期，營收將比去年同期成長百分之十幾，我們的 B2B 市場將成長 20% 以上。預計營業利益率為50%，上下浮動70個基點。預計稅率在12%至14%之間。基於這些輸入，調整後的每股盈餘應為 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.

所以退一步來說，我們在短期內處於有利地位，但環境仍然高度變化和動態。與業內其他公司一樣，ADI 也無法免受宏觀環境疲軟的影響，因此，我們仍保持謹慎但樂觀的態度。從長遠來看，我們有一年多的積壓訂單，並且我們的產品線將繼續保持強勁發展勢頭。我們的混合製造模式和工具包中的多種營運支出槓桿也具有很高的靈活性，可以支持我們行業領先的利潤率並保持對股東的強勁現金回報。

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

現在讓我將答案交還給 Mike，讓他進行問答。

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

謝謝，Prashanth。現在讓我們進入通話中我最喜歡的部分——問答環節。

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

（操作員指示）這樣，我們可以提出第一個問題了嗎？

(Operator Instructions)

（操作員指令）

Our first question today comes from Tore Svanberg with Stifel.

今天我們的第一個問題來自 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.

恭喜您又一個季度創下紀錄。文斯，問你一個問題。當您談到設計勝利、一些設計勝利活動時，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稍微詳細說明一下您的成長是如何透過更高的 ASP 來推動的。所以我並不是建議提高價格，對嗎？我談論的是更高的 ASP，因為顯然你們的所有產品都沿著價值鏈向上移動到更符合系統解決方案類型的視角。

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，如果將我們的平均售價與模擬領域進行比較，我們會發現我們的價格高出 3 倍，而與我們最接近的競爭對手相比，我們的價格高出 5 倍，而且這種差距在過去幾年中一直在擴大。因此，我們很久以前就決定，在我們真正關心的市場和應用中，我們真正要做的事情是降低客戶在產品開發系統和活動中面臨的日益複雜的問題。

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，我們所做的就是將這種複雜性納入 ADI。我們憑藉創新的品質和在電源管理等領域將我們產品組合的眾多不同方面結合在一起的能力克服了這種複雜性。我們正在建造這些 3D 堆疊模組系統，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，結合了數據轉換、功率、數位演算法等等。因此，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，最終，與我們的競爭對手相比，我們如何執行它為我們帶來了更豐富的 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?

我想我希望對謹慎但樂觀的觀點進行更多的探究。您談到了訂單穩定和延長 12 個月的積壓訂單。所以我想，第一個問題是，您能談談您對這些積壓工作做了哪些清理嗎？其次，基於此，這對您對 23 財年的展望有何影響？

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. .

讓我藉此機會對需求訂單預訂做一些說明。所以如果你回顧去年，今年上半年，我們的訂單量達到了歷史最高點。在上個季度的財報電話會議上，我們指出訂單量開始放緩，而且這種下滑趨勢實際上持續到了第四季。然而，我們看到訂單在第四季度中期以及第一季前幾週開始穩定下來。因此，工業和汽車領域的預訂最為強勁，這並不奇怪，而通訊和消費者領域的預訂較弱，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.

從地緣角度來看，亞洲（尤其是中國）的疲軟並不令人意外，但北美和歐洲卻表現良好。因此，考慮到訂單穩定和積壓訂單覆蓋範圍，我們對近期的前景感到十分樂觀。外面存在不確定性，事情可能會迅速變化，但這正是我們保持謹慎樂觀的動力所在。

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。 C.J.，還有一件事需要注意，我們之前說過，在真正試圖了解需求方面，我們最密切關注的信號是銷售量，而不是銷售量。因此，我認為這可以讓我們更深層地了解現實情況以及真正的需求和供應之間的匹配。

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?

我實際上想跟進這個問題。文斯 (Vince) 或普拉尚特 (Prashanth)，儘管從宏觀角度來看，我們看到的所有頭條新聞似乎都變得越來越嚴峻，但你們的訂單和預訂情況卻保持得更好，你們對此感到驚訝嗎？那麼什麼對你有幫助呢？那麼具體到您的工業業務中，是否可以認為工廠自動化可能是最宏觀暴露的部分？如果是的話，我們應該如何看待明年工業業務中最宏觀暴露的細分市場的具體部分？

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。過去一段時間我已經談論了很多自動化客戶，我想說，他們仍然抱持樂觀的預期。我的意思是他們無法免受宏觀影響。我認為我們的一些客戶在業務中遇到了一些軟取消的情況。

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.

但如果你觀察一下正在發生的事情，我們會發現生命科學正在轉變。例如，我們正處於生命科學製造小批量處理的早期階段。能源產業是另一個領域，特別是美國的自動化客戶，他們的許多業務都在能源產業，例如石油和天然氣，而且這一領域可能會保持強勁。所以，如果這是基石——我認為它將在未來幾年保持強勁。我們看到了在岸和迴岸現象。例如，我們首次看到製造業大規模遷入印度。所以我的感覺是，該行業不會超越宏觀經濟條件。但總體而言，我認為，從需求角度來看，貸款可能會比正常情況更為疲軟。

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，維韋克，首先，只是為了強調我們在準備好的評論中所說的一點，工業的所有子部門在第四季度都實現了增長，我們對目前的狀況感到相當滿意。從工業市場相對於其他市場的優勢來看，我會從兩個方面來看這個問題。首先，從供應的角度來看，由於我們看到其他市場的需求疲軟，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，並且我們將這些額外的供應偏向於工業市場，而工業市場一直保持著彈性和強勁。

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.

同時，回想一下，我們在供應中斷初期就做出了決定，以確保我們能夠照顧好我們的廣大市場和傾向工業方面的小客戶。從需求的角度來看，工業的實力和彈性顯示了我們的定位。我們在這些市場佔有極高的份額。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工業領域的弱點。另一方面，我們將這項業務放在了我們的消費者身上。我們稱之為專業消費者業務、專業音訊、視訊等等。因此，當我們與同行進行比較時，您會發現我們的工業可能更加純粹。

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 10 年、12 年、13 年裡，我們一直將產業視為公司的基石。因此，它在研發投資和客戶參與方面擁有優先地位。我們在地域、客戶覆蓋、覆蓋深度和參與深度方面的多元化從未如此廣泛。因此，我們的產品生命週期可以延伸數十年，而且價格非常非常穩定。所以我認為所有這些因素結合起來使得我們目前的業務非常強勁，而且我們對它的未來也非常非常樂觀。

The next question comes from Joshua Buchalter with Cowen.

下一個問題來自 Cowen 的 Joshua Buchalter。

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準的問題，並在準備好的發言中感謝您所發表的所有精彩言論。完全了解成品和模具庫動態以及精益渠道水平，但我想知道在什麼範圍內我們會開始採取主動措施來降低庫存。我完全意識到您沒有給出庫存目標，但您能否幫助我們從方向上了解您是如何考慮這個問題的？

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.

那麼讓我從第四季開始。資產負債表天數已達到約 140 天且通道趨於平穩，並且仍然低於我們預期的 7 至 8 週目標。因此，您在我們的資產負債表中看到的庫存成長來自幾個不同的驅動因素。當然，通貨膨脹會影響我們的商品成本和銷售額的成長，這要求我們更專注於庫存，然後是我們在準備好的評論中所做的策略決策。因此我確實只是想在這裡再重複一次。因此，我們暫時將保留更多成品，而不是將其投入管道。因為我們相信這使我們能夠靈活地調整供應以滿足不同地區和市場的最終客戶需求。對我們來說，一個糟糕的結果是將產品提供給某個特定的經銷商，而該經銷商沒有該產品的最終客戶需求，而其他市場或地區的其他人則需要該產品。

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，過去幾年中模具庫確實已經枯竭。我認為我說過，在某種程度上，它低於我們期望水平的 50％。所以，對於我們以及可能不太熟悉它的人來說，這是一個已經完成前端但在進行組裝和測試之前的產品。這使得我們能夠在大約 4 週的時間內完成後端工作。因此，它的周轉速度很快，並為我們提供了最大的靈活性，可以將其推向不同的市場。因此，投資模具庫將有助於我們達到服務水平，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.

因此結果是，預計上半年產量會較高，然後隨著成品燒盡和模具庫達到我們想要的水平，產量將回落。因此，我們的庫存目標是將交貨時間縮短至原來的目標，大約 90％ 的貨物可以在 4 至 8 週內發貨。由於我們產品的使用壽命很長，因此產品過時的風險始終很小。

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.

喬希，還有一點要補充，你問到關於利用率的問題，我們什麼時候考慮把它們拆除。我想指出的一件事是關於我們波動能力和交叉資格。因此，在降低內部利用率之前，我們會將外部和內部的資源盡可能地收回來，以支持利用率和毛利率。

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.

我也會問同樣的問題。我想我們都在為此奮鬥。你們在上次財報電話會議上表現出極高的透明度，贏得了許多讚譽。我們正在討論訂單趨勢。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你的定位以及你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?

Prashanth，感謝您澄清了專業消費者與其他公司所稱的傳統產業的差異。但是訂單穩定是否也存在季節性因素，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完全相反。因為上次您說過，儘管訂單取消量非常小，但您預計本季訂單取消量會上升。因此，我很想對此進行更多的了解。然後是關於交貨時間的真正快速戰術。現在的交貨時間是怎麼樣的？

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。我只想對取消一事發表一點評論。因此，我們將取消訂單作為第三季關注的指標，因為我們想讓每個人都了解訂單情況發生了變化。所以這體現了透明的精神。不過，我不想陷入每個季度都報告取消數據的模式。所以，如果這件事有意義的話，我們就會大聲說出來，但我們並沒有這麼做。因此你可以讀出其原本意義。

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，我們正在積極分析我們的積壓訂單，並與客戶合作，在快速變化的環境下刪除他們不再需要的訂單。所以對我們來說，這個策略就是尋求取消。它幫助我們將積壓訂單與當前需求保持一致，並讓我們更了解供應需求和我們需要建造的內容。這增強了我們對積壓訂單品質的信心。該報道仍已發布一年多，但季減。因此，儘管我們始終意識到積壓工作中可能會持續出現一些噪音，但我們對指南以及我們所提到的短期前景都感到非常滿意。

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。安布里什，我認為，總體而言，企業的多樣性比以往任何時候都要強烈。我們得到了好處。在我們產品組合的這個領域，我們正在贏得電源管理市場的份額。我認為，如果你看看我們在汽車領域的情況，你會發現汽車電氣化為我們帶來了非常強勁的推動力。事實上，我認為，我們在車內智慧駕駛和電動車領域總體上獲得了很大的市場份額。所以我認為我們也遇到了一些超越宏觀週期的順風。我想說，目前業務中唯一具有週期性的部分是消費領域，我們在該領域看到了一種正常的模式——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.

您對交貨時間有疑問，Ambrish。實際上，本季的交貨時間已經縮短。我想說它們仍然非常高，遠高於我們希望達到的水平。 Prashanth 談到了他想要如何——我們希望如何增加庫存以縮短交貨時間，但我們有一些產品是按時交貨的，而有些產品的交貨時間是 52 週。因此，從第三季度到第四季度，交貨時間總體上呈環比下降，這反映在我們的前景、積壓訂單、取消訂單等我們提供給您的所有資訊中。

The next question comes from Stacy Rasgon with Bernstein.

下一個問題來自伯恩斯坦的史黛西‧拉斯岡 (Stacy Rasgon)。

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?

我問了一個簡短的基本問題，然後是一個更廣泛的問題。家務問題。您在 2018 年第一季有額外的一周時間。因此 23 年第一季將是 5 年後。指南中是否還有額外的一週？在更廣泛的問題上，您談到了一些營運支出 (OpEx) 槓桿。我記得上個季度您談過，在收入下降 15% 的情況下，您可以保持毛利率在 70% 以上。我想問題是，你還相信這一點嗎？那麼在這種情況下，OpEx 會做什麼呢？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.

我來做家事。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23年的第一季是一個為期13週的季度。我們的下一個 14 週季度將在 2024 年。

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。我認為您的問題實際上是關於經濟衰退的情境分析。我只是——我會重申這一點，史黛西。我們已經討論過幾次了，但是我們把毛利率底線定在了 70%，我們這樣做是因為我們有信心，鑑於我們的混合製造模式的靈活性和我們業務的彈性，我們不太可能經歷這種情況。

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%.

因此我們在下降 15% 的水平下進行了測試。我們過去曾與大家分享過，下降 15% 是相當舒適的，我們可以保持在 70% 以上，而我們的營運成本槓桿是 - 我們的營運成本的大約 80% 是固定的或本質上變動較小的，這使得我們可以使用大約 20% 的槓桿來確保我們的營運利潤率保持在 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.

我想說，對於 2023 年，我們的承諾是，正如文斯常說的那樣，我們要長期經營這家公司。因此，我們承諾在整個23年內繼續投資。我們顯然會注意環境。如果我們發現需要採取行動的變化，您可以指望我們採取行動。但我們預計，至少在未來一兩個季度，我們能夠繼續為業務的長期健康做出正確的決策。

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

從您剛才所說的情況來看，這聽起來好像營運支出在第一季也會小幅上漲？

You read it well, Stacy.

你讀得很好，史黛西。

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情況。聽起來分銷量仍然低於你的目標，儘管在他們的資產負債表上，在所有供應商中，分銷量似乎都較高。但我們已經看到了供應鏈的其他部分，特別是製造服務公司，我認為它們在交易對手銷售額中佔了很大比例。我想知道您在多大程度上清理了一半渠道、一半客戶（無論您如何看待它）的額外庫存，因為這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.

好問題。讓我 — — 讓我來做其中簡單的部分，那就是，賣出本質上等於賣出。因此，從通路的角度來看，我們的協調性很好，我們的通路夥伴並沒有建立庫存。我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，我認為文斯已經與客戶進行了許多對話。因此我將轉而與他討論他從他們那裡聽到的情況。

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。我認為存在不匹配的情況。有一個詳細描述過的黃金螺絲問題。與 6 個月前相比，它可能是一個基礎，但我不認為客戶——目前沒有進行大規模的庫存建設。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製造出成品。所以他們還沒有到達那裡。我認為客戶仍在努力滿足一些尚未滿足的需求。所以——但是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，我們從銷售中獲取訊號，並與所有 125,000 個大大小小的客戶密切合作，以確保我們能夠為他們提供他們所需的產品和我們能夠提供的產品找到最佳匹配。而我聽到的整體情況是，是的，我們並沒有滿足所有客戶的需求，但總的來說，我們是非常透明的。我們的客戶對我們的客戶服務非常滿意。我認為這對我們擺脫供應緊縮局面非常有利，能夠深化與客戶的合作，包括研發方面和供應鏈方面。客戶對在這兩個方面與 ADI 這樣的公司合作的興趣越來越大，我們已經準備好了。

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

我們正在看到管道的成長。

And we go to our last question, please?

現在我們進入最後一個問題，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?

我問了一個簡短的基本問題，然後又問了另一個更廣泛的問題。就內部問題而言，我很好奇 22 財年的定價在形式上是如何的？我認為業務成長了，大概是 25% 左右。其中定價是多少？當您考慮 23 財年或 23 日曆年時，是否預計明年代工成本也會增加？

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，根據您的積壓訂單、您的設計成果和客戶對話，就成長貢獻而言，您對哪些終端市場或應用最為興奮？我知道你們經營多元化企業，而這正是 ADI 的魅力所在。但如果讓您挑出幾個您期望最高的，他們會是哪幾個呢？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，要我趕緊拿第一個。因此對於'22年來說，成長相當均衡，其中約一半來自ASP。但我確實想強調一點，我們在整個 22 年期間都說過，我們將成本轉嫁給了客戶。我們並沒有利用那種環境來提高我們的毛利率。這就是我們根據與客戶相關的投入成本來計算轉嫁給客戶的價格的方法。因此，我會讓文斯承擔更有趣的部分。

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，過去幾年公司在各個市場表現非常非常好，特別是汽車領域，我們已經討論過，汽車電氣化，我們在那裡佔據了非常非常好的位置。我們在車艙電子設備領域也贏得了很大的份額；新的顯示系統非常非常複雜。儀表板顯示器需要大量非常非常聰明的電力電子設備。因此我們處於有利地位。

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.

從工業角度來看，過去 7 年左右，該公司的數位醫療保健業務一直保持兩位數的成長。我們期望這種情況能夠持續下去。此外，航空航太和國防業可能會成為非常興旺的產業。目前 ADI 的表現良好，我相信，至少在未來 5 年，我們將看到該領域的顯著成長。我們的能源和永續發展業務也開始真正呈現上升趨勢。那我擔心的是什麼呢？考慮到我們的多樣性，客戶、產品和應用的多樣性，我並不真正關心整個業務。在 5G 領域，我們或許會看到歐洲的疲軟，但印度的成長、O-RAN 的成長以及美國的穩定將抵消這一疲軟，這概括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.

感謝大家參加今天早上的電話會議。 Prashanth 和我今年將出席 CES 並主持會議。我們在展廳內還設有一個展位，展示汽車、醫療保健和消費者領域的技術演示。我們希望在那裡見到您。最後，祝大家感恩節快樂，也感謝您參加這次電話會議。

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

今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。