亞德諾半導體 (ADI) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Analog Devices First Quarter Fiscal Year 2023 Earnings Conference Call, which is being audio webcast via telephone and over the web. I'd like to now introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.

早上好，歡迎來到 Analog Devices 2023 財年第一季度收益電話會議，該電話會議正在通過電話和網絡進行音頻網絡廣播。現在我想介紹一下今天電話會議的主持人，投資者關係和 FP&A 副總裁 Michael Lucarelli 先生。先生，地板是你的。

Thank you, Gigi, and good morning, everybody. Thanks for joining our first quarter fiscal '23 conference call. With me on the call today are ADI's CEO and Chair, Vincent Roche; ADI's CFO, Prashanth Mahendra-Rajah. Anyone who missed the release, you can find it and relating financial schedules at investor.analog.com. On to the 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.

謝謝你，Gigi，大家早上好。感謝您加入我們的第一季度財政 '23 電話會議。今天與我通話的有 ADI 的首席執行官兼主席 Vincent Roche； ADI 的首席財務官 Prashanth Mahendra-Rajah。任何錯過發布的人，都可以在 investor.analog.com 上找到它和相關的財務時間表。關於披露。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。

Actual results could differ materially from the forward-looking information and these statements reflect our expectations only as the date of this call. 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 the most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's release.

實際結果可能與前瞻性信息存在重大差異，這些陳述僅反映我們在本次電話會議召開之日的預期。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新聞稿中。

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

然後，我將把它交給 ADI 的首席執行官兼主席 Vincent Roche。文斯？

Thanks very much, Mike, and good morning to everyone. Well, I'm very pleased to share that ADI continued to execute exceptionally well in the first quarter of fiscal '23 despite continued macroeconomic uncertainty. Revenue was $3.25 billion, up 21% year-over-year. Strength was broad-based with all B2B markets up single digits. Gross and operating margins were 74% and 51% respectively, and adjusted EPS achieved another record at $2.75. Our continued success is driven by a relentless focus on customer collaboration, a growing demand for our innovative technologies and strong operational execution. We play a long game and are excited about what the future holds for us. To ensure that we capture the opportunity ahead, we've been steadily increasing investments in R&D, manufacturing capabilities and in partnerships that deepen our value to our customers now and over the long term. For example, in R&D, we've invested $1.7 billion over the trailing 12 months to strengthen our core franchises and capture market opportunities presented by secular growth drivers.

非常感謝，邁克，大家早上好。好吧，我很高興地與大家分享，儘管宏觀經濟持續存在不確定性，但 ADI 在 23 財年第一季度繼續表現出色。收入為 32.5 億美元，同比增長 21%。實力廣泛，所有 B2B 市場都增長個位數。毛利率和營業利潤率分別為 74% 和 51%，調整後的每股收益達到 2.75 美元，再創歷史新高。我們不斷取得成功的動力來自對客戶協作的不懈關注、對我們創新技術不斷增長的需求以及強大的運營執行力。我們打一場持久戰，對我們的未來感到興奮。為確保我們抓住未來的機遇，我們一直在穩步增加對研發、製造能力和合作夥伴關係的投資，以加深我們對客戶現在和長期的價值。例如，在研發方面，我們在過去 12 個月內投資了 17 億美元，以加強我們的核心特許經營權並抓住長期增長動力帶來的市場機會。

Over this same period, we've invested $750 million in CapEx to enhance the resiliency of our internal semiconductor manufacturing operations. These investments not only increase our operational resiliency, but also modernize our fabs to better address our sustainability ambitions.

在同一時期，我們在資本支出方面投資了 7.5 億美元，以增強我們內部半導體製造業務的彈性。這些投資不僅提高了我們的運營彈性，而且使我們的晶圓廠實現現代化，以更好地實現我們的可持續發展目標。

As mentioned in our press release, our industrial and automotive businesses remain strong as we gain market share. So this morning, I want to focus specifically on our industrial business, which continues to grow significantly despite the macroeconomic backdrop. Now from a big picture perspective, the industrial market is the bedrock of ADI, representing more than half of our total revenue. It's also our most diverse and profitable business segment with tens of thousands of customers and products that sustain revenue streams for decades. Additionally, ADI's industrial revenue is derived from high-performance technology in mission-critical CapEx-intensive equipment across the myriad applications.

正如我們在新聞稿中提到的那樣，隨著我們獲得市場份額，我們的工業和汽車業務依然強勁。所以今天早上，我想特別關注我們的工業業務，儘管宏觀經濟背景，它仍在繼續顯著增長。現在從大局來看，工業市場是ADI的基石，占我們總收入的一半以上。它也是我們最多樣化和最賺錢的業務部門，擁有數以萬計的客戶和產品，可以維持數十年的收入流。此外，ADI 的工業收入來自無數應用中關鍵任務資本支出密集型設備的高性能技術。

Our leadership position has been strengthened over the last decade as we intensified our focus in this market and invested over $5 billion in R&D activities to capture the opportunity across the hundreds of applications that characterize the industrial sector. This space is inherently fragmented and the unmatched breadth and depth of ADI's portfolio uniquely allows us to address our customers' needs across the full spectrum of applications with core component building blocks to application-specific solutions that encompass analog, digital and algorithms.

在過去十年中，我們加強了對這一市場的關注，並在研發活動中投資超過 50 億美元，以抓住工業領域數百種應用的機會，從而鞏固了我們的領導地位。這個空間本質上是分散的，ADI 產品組合無與倫比的廣度和深度使我們能夠通過核心組件構建塊到包含模擬、數字和算法的特定應用解決方案來滿足客戶在整個應用領域的需求。

Today, we're seeing the rise of new industrial applications that require more sophisticated and more complex architectures as machines become more intelligent and more sustainable. This is driving more semiconductor content per dollar of CapEx, unlocking new opportunities for our portfolio. While this transformation is benefiting all of our industrial applications, including healthcare and aerospace, let me share how we're winning in industrial automation and instrumentation more specifically, and discuss the burgeoning opportunity across the electrification ecosystem.

今天，隨著機器變得更加智能和更具可持續性，我們看到需要更精密和更複雜架構的新工業應用正在興起。這推動了每美元資本支出的更多半導體內容，為我們的產品組合釋放了新的機會。雖然這種轉變有利於我們所有的工業應用，包括醫療保健和航空航天，但讓我更具體地分享我們如何在工業自動化和儀器儀表領域取得成功，並討論整個電氣化生態系統的新興機遇。

So starting first with Industrial Automation. Here, our customers are upgrading their factories with more automation and connectivity to increase output with greater energy efficiency. ADI's broad portfolio helps customers create these more resilient and flexible footprints while lowering their carbon emissions on the journey to net zero. As an example, at a leading U.S. robotics manufacturer, we've won additional content across power, sensing and GMSL connectivity. Our systems approach reduced our customers' design time and increased our content per cobot by 4x.

所以首先從工業自動化開始。在這裡，我們的客戶正在通過更多的自動化和連接性來升級他們的工廠，以通過更高的能源效率來增加產量。 ADI 廣泛的產品組合可幫助客戶創造這些更具彈性和靈活性的足跡，同時在實現淨零的過程中降低碳排放量。例如，在一家領先的美國機器人製造商，我們贏得了電源、傳感和 GMSL 連接方面的額外內容。我們的系統方法減少了客戶的設計時間，並將每個協作機器人的內容增加了 4 倍。

Also in the last quarter, our IO-Link solution was designed in at multiple leading industrial automation customers. These solutions are critical for delivering robust connectivity to the edge of the factory floor.

同樣在上個季度，我們的 IO-Link 解決方案是為多個領先的工業自動化客戶設計的。這些解決方案對於為工廠車間邊緣提供強大的連接性至關重要。

Turning our attention now to our instrumentation and test business. This subsector is highly aligned to secular growth trends from connectivity to AI-assisted compute to electrification, to drug discovery and gene therapies. The consistent thread across this diverse set of applications is the growing complexity that requires more advanced metrology and test. The results, our average content per system is now 2 to 3x higher. Further, the localization of semiconductor supply is providing additional tailwinds for our test business. We've secured multiple design wins in North America as well as Asia for memory and high-performance compute.

現在將注意力轉向我們的儀器和測試業務。該子行業與從連通性到人工智能輔助計算、電氣化、藥物發現和基因療法的長期增長趨勢高度一致。貫穿這組不同應用的一致主線是複雜性不斷增加，需要更先進的計量和測試。結果，我們每個系統的平均內容現在高出 2 到 3 倍。此外，半導體供應的本地化為我們的測試業務提供了額外的推動力。我們在北美和亞洲的內存和高性能計算領域贏得了多項設計大獎。

And finally, on to one of our fastest-growing areas, the electrification ecosystem. The collective need for a more sustainable future is driving massive growth in electrical grid infrastructure.

最後，關於我們發展最快的領域之一，電氣化生態系統。對更可持續的未來的集體需求正在推動電網基礎設施的大規模增長。

Now let me share 2 examples with you. First, industrial and automotive companies have announced more than $300 billion of investments in greenfield gigafactories, essential to the production of batteries to proliferate the electrification ecosystem. These Gigafactories will drive additional demand for our formation and test solutions critical to producing higher density batteries. Further, given the inherent safety hazards of using higher cell voltages, these factories will also provide new growth vectors for ADI. In our sustainable energy franchise, we're leveraging our industry-leading automotive BMS solutions into energy storage systems for electrical grids and fast-charging infrastructure. We've won designs at leading EV infrastructure manufacturers in North America, Europe and Asia, putting us on a path to more than tripling this business in the coming years.

現在讓我與您分享2個例子。首先，工業和汽車公司已宣布對綠地超級工廠投資超過 3000 億美元，這對於生產電池以擴大電氣化生態系統至關重要。這些超級工廠將推動對我們的化成和測試解決方案的額外需求，這些解決方案對於生產更高密度的電池至關重要。此外，考慮到使用更高電池電壓的固有安全隱患，這些工廠也將為 ADI 提供新的增長載體。在我們的可持續能源專營權中，我們將行業領先的汽車 BMS 解決方案用於電網和快速充電基礎設施的儲能係統。我們贏得了北美、歐洲和亞洲領先的電動汽車基礎設施製造商的設計，使我們在未來幾年內將這項業務增加兩倍以上。

Of course, while no market is fully immune to adverse economic cycles, our industrial business is highly diversified and aligned with secular trends. This has translated to more durable revenue streams with sales in this sector increasing more than 25% over the trailing 12 months despite a weakening economic backdrop. But looking ahead, we see continued strength in this franchise as the breadth and depth of our portfolio, our deep customer collaborations and design win pipeline momentum underpin our new phase of profitable growth.

當然，雖然沒有哪個市場能完全不受不利經濟周期的影響，但我們的工業業務高度多元化並與長期趨勢保持一致。這已轉化為更持久的收入流，儘管經濟背景疲軟，但該行業的銷售額在過去 12 個月內增長了 25% 以上。但展望未來，隨著我們產品組合的廣度和深度、我們深入的客戶合作和設計贏得管道勢頭，我們看到該特許經營權的持續實力將鞏固我們新階段的盈利增長。

So in closing, ADI's business model is diverse, resilient and rich with opportunity. I'm very optimistic about what our future holds as we drive enhanced value for our customers, employees and shareholders, as well as society at large. And so with that, I'll hand you over to Prashanth.

所以最後，ADI 的商業模式是多樣化的、有彈性的並且充滿機會。我對我們的未來非常樂觀，因為我們會為我們的客戶、員工和股東以及整個社會帶來更高的價值。因此，我會把你交給 Prashanth。

Thank you, Vince. Let me add my welcome to our first quarter earnings call.

謝謝你，文斯。讓我對我們的第一季度財報電話會議表示歡迎。

My comments today, with the exception of revenue, will be on an adjusted basis, which excludes special items outlined in today's press release. First quarter revenue of $3.25 billion finished at the high end of our outlook, driven by continued share gains in industrial and automotive.

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。第一季度的收入為 32.5 億美元，處於我們預期的高端，這主要得益於工業和汽車市場份額的持續增長。

Our B2B markets represented 89% of revenue, up 25% year-over-year and increased 2% sequentially despite our first quarter typically being down.

我們的 B2B 市場佔收入的 89%，同比增長 25%，環比增長 2%，儘管我們的第一季度通常是下滑的。

Now let's look at performance by end market. Industrial, our most diverse and profitable end market represented 52% of revenue and hit another all-time high. This business has grown sequentially for 12 consecutive quarters. All markets increased year-over-year, led by automation, sustainable energy, instrumentation and test. Automotive, which represented 22% of revenue, also achieved another record, increasing 29% year-over-year and 6% sequentially. All applications grew double digits year-over-year as our market-leading positions across battery management and in-cabin connectivity continued to deliver significant growth.

現在讓我們來看看終端市場的表現。工業是我們最多樣化和盈利能力最強的終端市場，佔收入的 52%，再創歷史新高。該業務已連續 12 個季度實現環比增長。在自動化、可持續能源、儀器儀表和測試的帶動下，所有市場均同比增長。佔收入 22% 的汽車業務也創下新紀錄，同比增長 29%，環比增長 6%。隨著我們在電池管理和車內連接方面的市場領先地位繼續帶來顯著增長，所有應用程序同比增長兩位數。

Communications, which represented 15% of revenue, grew 18% year-over-year. As expected, comps declined slightly sequentially as strength in wired was offset by softness in wireless due to the timing of 5G deployments. And lastly, consumer, which represented 11% of revenue was down 5% year-over-year and declined 14% sequentially given weaker market trends and seasonality.

佔收入 15% 的通信業務同比增長 18%。正如預期的那樣，由於 5G 部署的時機，有線的優勢被無線的疲軟所抵消，因此 comps 略有下降。最後，由於市場趨勢和季節性較弱，佔收入 11% 的消費者同比下降 5%，環比下降 14%。

Now on to the rest of the P&L. Gross margin of 73.6% expanded 170 basis points year-over-year on favorable mix and cost synergies. OpEx was $733 million, down slightly sequentially as we balance strategic hiring with the tight discretionary spend and synergy capture. Given our strong operating leverage, combined with the synergy savings, our operating margin was 51.1%. Importantly, we have already captured nearly all of the $400 million cost synergy goal. As such, our communication will now turn to the revenue synergy opportunities from our combined portfolio and our complementary customer base with Maxim.

現在繼續 P&L 的其餘部分。由於有利的產品組合和成本協同效應，毛利率為 73.6%，同比增長 170 個基點。運營支出為 7.33 億美元，環比略有下降，因為我們在戰略招聘與嚴格的可自由支配支出和協同效應捕獲之間取得了平衡。鑑於我們強大的經營槓桿，再加上協同效應的節省，我們的經營利潤率為 51.1%。重要的是，我們已經實現了幾乎所有 4 億美元的成本協同目標。因此，我們的溝通現在將轉向我們合併後的產品組合和我們與 Maxim 的互補客戶群帶來的收入協同機會。

Recall that Anelise, our Chief Customer Officer, unveiled how we are strategically approaching these synergies during our Investor Day, and Vince has routinely highlighted some of these compelling opportunities over the past few quarters. To that end, we are closely monitoring and measuring progress from opportunity to design win, to new revenue. And while it is still early, design win momentum to date has exceeded our expectations. This gives us increased confidence in achieving our $1 billion-plus revenue synergy opportunity that we outlined at our Investor Day.

回想一下，我們的首席客戶官 Anelise 在投資者日公佈了我們如何戰略性地實現這些協同效應，而 Vince 在過去幾個季度中經常強調其中一些引人注目的機會。為此，我們正在密切監控和衡量從機會到設計獲勝再到新收入的進展。雖然現在還早，但迄今為止設計獲勝的勢頭超出了我們的預期。這使我們更有信心實現我們在投資者日概述的超過 10 億美元的收入協同機會。

Non-op expenses were $60 million and the tax rate was just over 12%. All told, EPS came in at $2.75, up 42% year-over-year and hitting a new record.

非運營費用為 6000 萬美元，稅率剛剛超過 12%。總而言之，每股收益為 2.75 美元，同比增長 42%，創下新紀錄。

Moving to the balance sheet. We ended the quarter with approximately $1.7 billion of cash and a net leverage ratio below 1. Days of inventory increased to 155 while channel inventory remains below our target level. Recall that last quarter, we outlined our strategy to rebuild strategic die bank and hold more finished goods inventory on our balance sheet as we moderate shipment into the channel during this time of inflection.

轉到資產負債表。我們在本季度結束時擁有大約 17 億美元的現金，淨槓桿率低於 1。庫存天數增加到 155 天，而渠道庫存仍低於我們的目標水平。回想一下上個季度，我們概述了重建戰略模具庫並在我們的資產負債表上持有更多成品庫存的戰略，因為我們在這個轉折時期緩和了向渠道的出貨量。

Moving on to cash flow. CapEx for the quarter was $176 million and $764 million over the trailing 12 months, representing 6% of revenue. We continue to expect CapEx to be high single digits as a percentage of sales in 2023 and then decline in subsequent years to our long-term target of mid-single digit. These investments will double our internal revenue output exiting next year and support strategic swing capacity between our fabs and our foundry partners. The flexibility of our hybrid model across different geographies enhances our resiliency and offers our customers additional optionality.

繼續現金流。本季度資本支出在過去 12 個月分別為 1.76 億美元和 7.64 億美元，佔收入的 6%。我們繼續預計 2023 年資本支出佔銷售額的百分比將達到高個位數，然後在隨後幾年下降至我們的中個位數長期目標。這些投資將使我們明年的內部收入產出翻一番，並支持我們的晶圓廠和代工合作夥伴之間的戰略轉移能力。我們跨不同地區的混合模型的靈活性增強了我們的彈性，並為我們的客戶提供了額外的選擇。

Over the trailing 12 months, we generated $4.3 billion of free cash flow or 34% of revenue. Over this period, we have returned $4.7 billion to shareholders or over 100% of free cash flow via $3.1 billion of buybacks and dividends of $1.6 billion. We just raised our quarterly dividend by 13%, marking our fifth consecutive double-digit increase and 19 consecutive years of increases. This is a testament to our durable operating model that has generated positive free cash flow for 26 consecutive years. As a reminder, we target 100% free cash flow return. The dividend is the cornerstone of this policy, and we look to increase our dividend at a 10% CAGR through the cycle, with remaining cash used for share count reduction.

在過去的 12 個月裡，我們產生了 43 億美元的自由現金流，佔收入的 34%。在此期間，我們通過 31 億美元的回購和 16 億美元的股息向股東返還了 47 億美元或超過 100% 的自由現金流。我們剛剛將季度股息提高了 13%，這是我們連續第五次實現兩位數增長，也是連續 19 年增長。這證明了我們連續 26 年產生正自由現金流的持久運營模式。提醒一下，我們的目標是 100% 的自由現金流回報。股息是這項政策的基石，我們希望在整個週期內以 10% 的複合年增長率增加股息，剩餘現金用於減少股份數量。

Now similar to prior quarters, I'd like to give a brief update on the operating backdrop. First, on markets. Industrial orders, as Vince highlighted, remained the strongest followed by automotive, while comms and consumer remain weak. Given the rapidly changing environment, we are diligently working with our customers to remove orders that they may no longer require.

現在與前幾個季度類似，我想簡要介紹一下運營背景。首先，在市場上。正如 Vince 強調的那樣，工業訂單仍然最強勁，其次是汽車，而通信和消費仍然疲軟。鑑於瞬息萬變的環境，我們正在努力與客戶合作，以移除他們可能不再需要的訂單。

At the same time, we have increased our supply by growing our internal output and working with our foundry partners. These actions have reduced our lead times with half of our portfolio now shipping in under 13 weeks. Despite this, backlog coverage remains around 1 year of revenue. As such, we expect our book-to-bill will remain below parity over the next couple of quarters as our backlog returns to more normal levels. Given these dynamics, we are guiding second quarter revenue to be $3.2 billion, plus or minus $100 million. We expect continued sequential growth in our industrial and automotive markets and another sequential decline in our communications and consumer markets. At the midpoint of our outlook, revenue will be up high single digits year-over-year with our B2B markets up over 10% once again. Operating margin is expected to be 51% plus or minus 70 basis points.

與此同時，我們通過增加內部產量和與鑄造合作夥伴合作來增加供應。這些措施縮短了我們的交貨時間，我們一半的產品組合現在可以在 13 週內發貨。儘管如此，積壓覆蓋率仍然約為 1 年的收入。因此，隨著我們的積壓訂單恢復到更正常的水平，我們預計未來幾個季度我們的訂單出貨比將保持在平價以下。鑑於這些動態，我們指導第二季度收入為 32 億美元，上下浮動 1 億美元。我們預計我們的工業和汽車市場將繼續連續增長，而我們的通信和消費市場將再次連續下降。在我們展望的中點，收入將同比增長高個位數，我們的 B2B 市場再次增長超過 10%。營業利潤率預計為 51% 上下 70 個基點。

Our tax rate is now expected to be between 11% to 13% for the year. This guide reflects the new U.S. tax requirement to capitalize R&D expenses for tax purposes, resulting in higher upfront cash tax payments, but lowers our effective tax rate temporarily due to the deferred tax accounting requirements.

我們今年的稅率預計在 11% 到 13% 之間。本指南反映了美國新的稅收要求，即出於稅收目的將研發費用資本化，從而導致更高的預付現金稅款，但由於遞延稅會計要求，暫時降低了我們的實際稅率。

Based on these inputs, adjusted EPS is expected to be $2.75 plus or minus $0.10. In all, the macro backdrop remains uncertain. However, we remain cautiously optimistic in the near term given the resilient strength across our industrial and auto businesses, which represent over 75% of our revenue.

根據這些輸入，調整後的每股收益預計為 2.75 美元上下浮動 0.10 美元。總之，宏觀背景仍不明朗。然而，鑑於我們的工業和汽車業務（占我們收入的 75% 以上）的彈性實力，我們在短期內仍持謹慎樂觀態度。

Longer term, we remain well-positioned to drive growth, enabled by our diverse, high-performance portfolio aligned with the key secular trends at the Intelligent edge.

從長遠來看，我們仍然處於推動增長的有利位置，這得益於我們多樣化、高性能的產品組合與智能邊緣的主要長期趨勢保持一致。

Let me now pass it back to Mike for our Q&A.

現在讓我將它傳回給 Mike 進行問答。

Thanks, Prashanth. We'll begin the Q&A session. We ask that you limit yourselves to 1 question in order allow for additional participants in the call this morning. If you have a follow-up question, please re-queue, I'll take your question if time allows. With that, we have our first question, please.

謝謝，普拉尚。我們將開始問答環節。我們要求您將自己限制在 1 個問題內，以便今天上午的電話會議中有更多參與者。如果你有後續問題，請重新排隊，如果時間允許我會回答你的問題。有了這個，我們有我們的第一個問題，請。

(Operator Instructions) Our first question comes from the line of C.J. Muse from Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 C.J. Muse。

I guess my question really would center around the industrial strength that you're seeing. You talked in great detail around kind of emerging new markets, as well as increasing content yet. I think a lot of investors are focused on kind of declining PMIs around the globe. And so would love to hear your thoughts on why your business is acting so very different from maybe some of the larger macro trends and perhaps more color on how much of it is content, how much of it is maybe emerging growth areas that are not reflected in some of these PMIs would be very helpful.

我想我的問題確實會圍繞您所看到的工業實力展開。你非常詳細地談到了新興市場的種類，以及不斷增加的內容。我認為很多投資者都關注全球 PMI 的下降。因此，很想听聽您的想法，為什麼您的業務表現與某些更大的宏觀趨勢截然不同，並且可能更多地說明其中有多少是內容，有多少可能是未反映的新興增長領域在其中一些 PMI 中，將非常有幫助。

Yes. Thanks, C.J. So I think first and foremost, our success isn't by dent of chance. We've been investing heavily in this market for more than a decade, and it's really our focus. It's our core, it's the core of ADI and from both an R&D and customer engagement perspective, we've been really doubling down here over this decade plus kind of time span. And we've been gaining market share for sure. We have -- compared to even kind of 3, 4 years ago, we have -- we've always had a very strong position in the signal chain, the kind of data path processing electronics, but we've been able to, with the acquisitions of LTC and Maxim, we've been able to bring very strong competitive power portfolio to bear as well.

是的。謝謝，C.J. 所以我認為首先，我們的成功不是偶然的。十多年來，我們一直在這個市場大力投資，這確實是我們的重點。這是我們的核心，它是 ADI 的核心，從研發和客戶參與的角度來看，在這十年多的時間跨度中，我們確實在這裡翻了一番。我們肯定已經獲得了市場份額。我們有——與 3、4 年前相比，我們有——我們在信號鏈中一直處於非常強大的地位，那種數據路徑處理電子設備，但我們已經能夠，通過收購 LTC 和 Maxim，我們也能夠帶來極具競爭力的電源組合。

So I think from a portfolio perspective, we're in much better shape. I pointed out in the script as well that when we talk about industrial, it's truly the industrial sector. I know many competitors talk about other kind of indescribable sectors or businesses that are not well understood, like consumer, for example, other consumers. So I want to point that out as well. We have, as I said, many secular growth drivers in play. We see the average content per dollar of CapEx spend increased at a pretty meaningful level across all the applications, including instrumentation, factory automation is changing also. It's bringing more sensing, more compute to the edge and all of that is driving content gain for ADI.

所以我認為從投資組合的角度來看，我們的狀況要好得多。我在劇本中也指出，當我們談論工業時，它確實是工業部門。我知道很多競爭對手談論其他類型的難以描述的行業或業務，比如消費者，例如其他消費者。所以我也想指出這一點。正如我所說，我們有許多長期增長動力在發揮作用。我們看到在所有應用程序中，每美元資本支出支出的平均內容在相當有意義的水平上增加，包括儀器儀表，工廠自動化也在發生變化。它為邊緣帶來更多感測和更多計算，所有這些都在推動 ADI 的內容增長。

So I think they are the primary drivers of the business. And yes, PMIs are, I would say, in the kind of retraction zone right now, but we see stabilization. And I think when China comes back as well, which is likely to happen, we believe, over the coming months, that will drive things even further into a positive zone.

所以我認為他們是業務的主要驅動力。是的，我想說，採購經理人指數目前處於某種回縮區，但我們看到了穩定。我認為，當中國也回歸時，我們相信，在接下來的幾個月裡，這很可能會發生，這將推動事情進一步進入積極區域。

C.J., this is Prashanth. I'll just put one more thing just to help folks understand kind of the breadth of that growth. All of our submarkets were up double digits year-over-year, and most of them increased quarter-over-quarter. And if you look at it by geography, we had strength in America, Europe and Japan, again, all up double digits year-over-year, offsetting a weaker China. So this industrial strength was very broad-based.

C.J.，這是 Prashanth。我只想再說一件事，以幫助人們了解這種增長的廣度。我們所有的子市場都同比增長了兩位數，其中大部分都實現了環比增長。如果按地域來看，我們在美國、歐洲和日本的實力再次同比增長兩位數，抵消了較弱的中國。因此，這種工業實力的基礎非常廣泛。

Our next question comes from the line of Vivek Arya from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

I actually had a pair of kind of related question, which is how long can book-to-bill remain 1 before it starts to become worrisome. And usually, if I look historically for ADI, generally, the second half tends to be better than the first half. What would support that view or prevent that from happening this year?

我實際上有兩個相關的問題，即訂單出貨比在開始變得令人擔憂之前可以保持 1 多長時間。通常，如果我從歷史上看 ADI，一般來說，下半年往往比上半年好。什麼會支持這種觀點或阻止這種情況在今年發生？

Okay. Yes. So Vivek, let me maybe take a walk through cancellations, backlog lead times to help answer that. But I do want to clarify, you said on book-to-bill. Our book-to-bill is sub 1. I thought I heard you say it was 1. Our book-to-bill is sub 1. We told you that was happening a couple of months ago, and I'd expect to carry for another quarter or 2 as we get through this backlog. So on the backlog, we've been saying for a while now that we've got record backlog, and we are working with our customers and our Disti partners to get this rationalized with what customers need today versus perhaps the orders they had placed on us 6 or 9 months ago when we had very long lead time.

好的。是的。所以 Vivek，讓我看看取消、積壓交貨時間來幫助回答這個問題。但我確實想澄清一下，你在訂單到賬單上說過。我們的訂單出貨比低於 1。我想我聽到你說它是 1。我們的訂單出貨比低於 1。幾個月前我們告訴過你這件事，我希望能持續當我們處理完這個積壓工作時，再過一個或兩個季度。因此，在積壓方面，我們已經說了一段時間，我們已經有創紀錄的積壓，我們正在與我們的客戶和我們的 Disti 合作夥伴合作，根據客戶今天的需求與他們可能下的訂單進行合理化我們 6 或 9 個月前，當時我們有很長的準備時間。

This progress is what is being reflected in that book-to-bill ratio below 1. I think that it will probably be below parity for another quarter or 2 as we get back to normal backlog. Lead times, the supply-demand imbalance is definitely getting better, slowly, but it's getting better. We're getting more wafers externally, thanks to the hybrid model. We have the flexibility to do that as well as the investments we're making internally as we've talked about with our CapEx deployment to increase production. So we have about 50% of the portfolio under 13 weeks today, meaning it can ship within the quarter, and that's going to continue to improve over the -- through the second half. So takeaway sort of given lead times falling, bookings getting higher quality compared to year ago as customers aren't ordering for stuff way into the future, and at the place backlog, and we feel this is positive for visibility, and we're really getting to true demand.

這一進展反映在低於 1 的訂單出貨比中。我認為，隨著我們恢復正常的積壓，它可能會在另一個季度或 2 個季度低於平價。交貨期，供需失衡肯定在慢慢好轉，但正在好轉。由於混合模型，我們從外部獲得了更多晶圓。我們可以靈活地做到這一點，以及我們在內部進行的投資，因為我們已經討論過我們的資本支出部署以增加產量。因此，我們今天有大約 50% 的產品組合不到 13 週，這意味著它可以在本季度內發貨，而且這種情況將在下半年繼續改善。因此，外賣的交貨時間有所下降，與一年前相比，預訂質量有所提高，因為客戶不會在未來訂購東西，而且在積壓的地方，我們認為這對可見度是積極的，我們真的達到真正的需求。

And anything on second half, Prashanth because it looks more like a soft takeoff then a soft landing from the trends.

下半場的任何事情，Prashanth，因為它看起來更像是軟起飛，然後是趨勢的軟著陸。

So I don't want to go out too far, but I'll just give you a couple of comments here. And if Vince wants to make any long-term comment. We feel good about the outlook for the second quarter given the resiliency in auto and industrial. As I said, 75% of our sales come from those 2 segments, and we still have a year for the backlog.

所以我不想說得太遠，但我只想在這裡給你一些評論。如果文斯想發表任何長期評論。鑑於汽車和工業的彈性，我們對第二季度的前景感到滿意。正如我所說，我們 75% 的銷售額來自這兩個部分，我們還有一年的時間來處理積壓訂單。

Beyond the second quarter, it's hard on the 1 hand to make a call, given that we have strong backlog coverage, but we also understand there's a lot of macro uncertainty out there and things are changing fast. So I'm not going to make any predictions one area to pay attention to, and Vince made a comment on this, is China. I think we and many companies are watching China. If demand accelerates in the second half given sort of the optimism on consumers and government that would be -- that would be good for a number of organizations. Vince, anything more longer term, you want to add on that?

在第二季度之後，一方面很難打電話，因為我們有很強的積壓報導，但我們也明白那裡存在很多宏觀不確定性，而且事情正在快速變化。所以我不打算對一個需要關注的領域做出任何預測，文斯對此發表了評論，那就是中國。我認為我們和許多公司都在關注中國。如果考慮到對消費者和政府的樂觀態度，下半年需求加速增長，那將對許多組織有利。文斯，還有什麼更長期的，你想補充一下嗎？

Well, I think, Prashanth, we've clearly built a lot of resiliency into the way we run the company into the business model as well as the manufacturing operations. So who knows what the second half is going to bring. But what I can tell you is that -- we've been through many, many cycles before and never have we been better positioned in our history than we are now from a portfolio, from a customer engagement standpoint. So this industry is likely -- it's taken us kind of 20 years to double from kind of 2000 to 2020, we've probably doubled the content that the industry builds over the next 10 years. And I believe ADI is very, very well positioned given the strength, as I said, of our portfolio, our customer engagements, and this hybrid manufacturing model that we've got in place to enable us to capture the upside and manage the downside.

好吧，我認為，Prashanth，我們顯然已經在將公司運營到商業模式和製造業務中的方式中建立了很多彈性。所以誰知道下半場會帶來什麼。但我可以告訴你的是——我們以前經歷過很多很多周期，從投資組合和客戶參與的角度來看，我們在歷史上的定位從來沒有比現在更好。所以這個行業很可能——從 2000 年到 2020 年，我們用了大約 20 年的時間翻了一番，我們可能已經將該行業在未來 10 年內構建的內容翻了一番。我相信 ADI 的定位非常非常好，正如我所說，我們的產品組合、我們的客戶參與以及我們已經建立的這種混合製造模型使我們能夠抓住優勢並管理劣勢。

Our next question comes from the line of Tore Svanberg from Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the results. So on Maxim now that we're sort of moving from the cost synergies to the revenue synergies, are there any particular areas that we should keep an eye on there, whether end markets or product categories where you expect to see that $1 billion in synergies?

祝賀結果。所以在 Maxim 上，我們正在從成本協同效應轉向收入協同效應，是否有任何我們應該關注的特定領域，無論是終端市場還是產品類別，您預計會看到 10 億美元的協同效應？

Yes, let's do that in 2 parts. I'll give you a little bit of context so that everyone remembers what we talked about and then hand over to Vince. So we've closed on the cost synergies. We feel great about that. So we're focusing now on revenue synergies, and we're tracking ahead of schedule. We think about that synergy in stages. So first, we need to identify the socket. We need to win the socket. We begin shipping to the customer, and then we hit volume. So we are tracking all of those stages through our internal material. As I said, Anelise gave you a target in April to come -- to deliver $1 billion of incremental, Vince is holding her to a higher bar than that. So she's on track to hit that $1 billion. And we've got -- we've seen early success.

是的，讓我們分兩部分來做。我會給你一些背景信息，讓每個人都記得我們談過的內容，然後交給文斯。所以我們已經關閉了成本協同效應。我們對此感覺很好。所以我們現在專注於收入協同效應，我們正在提前跟踪。我們分階段考慮這種協同作用。所以首先，我們需要識別套接字。我們需要贏得套接字。我們開始向客戶發貨，然後我們達到了銷量。因此，我們正在通過我們的內部材料跟踪所有這些階段。正如我所說，Anelise 在 4 月份給了你一個目標——實現 10 億美元的增量，Vince 對她提出了更高的要求。所以她有望達到 10 億美元。我們已經——我們已經看到了早期的成功。

I think you've heard Vince share a couple of examples over the last couple of quarters. For example, in the -- our ability to cross-sell A2B as well as put GMSL into non-auto customers, which is new. So let me pass off to Vince here for what are some of the other areas that we're thinking about.

我想你在過去幾個季度裡聽 Vince 分享了幾個例子。例如，在 - 我們交叉銷售 A2B 以及將 GMSL 放入非汽車客戶的能力，這是新的。因此，讓我在這裡轉交給文斯，了解我們正在考慮的其他一些領域。

Yes. When we announced the combination, Tore, with Maxim, we pointed out 2 particular market areas where we thought ADI was underway to where power, in particular, power management was really important, power in data center, for example. And you know the compute density skyrocket. And in fact, in the compute area, performance and power are pretty much one and the same thing.

是的。當我們宣布 Tore 與 Maxim 的合併時，我們指出了 2 個我們認為 ADI 正在進行的特定市場領域，其中電源，特別是電源管理非常重要，例如數據中心的電源。你知道計算密度猛增。事實上，在計算領域，性能和功耗幾乎是一回事。

So we have now a very competitive product portfolio that we can bring to more application-specific areas such as data center as well as automotive. I think a very positive surprise is that the connectivity portfolio based on GMSL, the multi-gig serial link is that not only are we gaining more and more traction in automotive, but also we're bringing it to other areas such as industrial as Prashanth mentioned. BMS, we've got 16 of the top 20 wired BMS OEMs, sockets in the top 20 OEMs. And Maxim strengthens that portfolio as well.

因此，我們現在擁有非常有競爭力的產品組合，我們可以將其帶到更多特定應用領域，例如數據中心和汽車。我認為一個非常積極的驚喜是基於 GMSL 的連接產品組合，多千兆串行鏈路不僅使我們在汽車領域獲得越來越多的關注，而且我們還將其帶到其他領域，例如 Prashanth 等工業領域提及。 BMS，我們在前 20 名有線 BMS OEM 中有 16 家，在前 20 名 OEM 中有插座。 Maxim 也加強了該產品組合。

So in Industrial, I mentioned in the prepared remarks that the IO-Link technology is very, very -- that Maxim brings to bear is very, very complementary with ADI's data pack solutions. So I think there are multiple areas. And I think the message I want to convey here is that I was always optimistic about what we could do with a greater channel more cross connectivity to the ADI portfolio, but I'm more enthusiastic than ever based on what I'm actually observing now with the various markets and customers in which we're playing.

因此，在工業領域，我在準備好的評論中提到，Maxim 帶來的 IO-Link 技術與 ADI 的數據包解決方案非常、非常互補。所以我認為有多個領域。而且我認為我想在這里傳達的信息是，我一直對我們可以通過與 ADI 產品組合的更大通道更多交叉連接來做些什麼持樂觀態度，但根據我現在實際觀察到的情況，我比以往任何時候都更加熱情與我們正在玩的各種市場和客戶。

Our next question comes from the line of Chris Danely from Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

Just one more clarification on the lead times and the shortages. So you mentioned that half of the portfolio has lead times of less than 13 weeks right now. Can you talk about what that was 3 months ago? And then when would you expect the lead times to, I guess, "largely normalized" and with a couple of flat quarters, and it seems like you've got plenty of inventory. Why aren't these lead times normalizing a little bit faster?

關於交貨時間和短缺的再一次澄清。所以你提到一半的投資組合現在的交貨時間不到 13 週。你能談談 3 個月前的情況嗎？然後，我猜你預計交貨時間什麼時候會“基本正常化”，並且有幾個季度持平，而且你似乎有足夠的庫存。為什麼這些交貨時間沒有更快地正常化？

Sure, Chris. Let me -- Mike will have to remind me where we were 3 months ago. But the -- so the supply-demand balance is getting better. We're getting more wafers. So in addition to our internal -- in addition to our internal production, the way to think about the lead times is we've got half the portfolio shipping within the quarter. And certainly, in the next quarter or 2, we will have the overwhelming majority of that down to within 1 quarter. The inventory build, as I mentioned, is in part due to our desire to kind of keep more inventory on ADI's books because we are clearly in a period of great uncertainty, and we're being very mindful of putting too much to our channel partners when there's this much uncertainty out there.

當然，克里斯。讓我——邁克必須提醒我 3 個月前我們在哪裡。但是——所以供需平衡正在好轉。我們得到了更多的晶圓。因此，除了我們的內部 - 除了我們的內部生產之外，考慮交貨時間的方式是我們有一半的投資組合在本季度內發貨。當然，在下一個或第二個季度，我們將把其中的絕大多數減少到一個季度以內。正如我所提到的，庫存增加部分是由於我們希望在 ADI 的賬簿上保留更多庫存，因為我們顯然處於一個非常不確定的時期，而且我們非常注意不要向我們的渠道合作夥伴投入太多當那裡有這麼多不確定性時。

So that will -- as lead times improve, our channel partners can count on us to get what they need in quick turns and then we'll be able to more reliably think about what's the right stocking level for the channel.

因此，隨著交貨時間的縮短，我們的渠道合作夥伴可以指望我們快速獲得他們需要的東西，然後我們將能夠更可靠地考慮渠道的正確庫存水平。

And Chris, to your question, where was it the beginning of the quarter. You look at that metric, so under 13 weeks beginning of the quarter, it was probably about 25% of the portfolio. So we doubled that number. And Prashanth, we want to get it close to 100% exiting this year. And I know Vince is pushing hard to get even sooner than that. I think the biggest takeaway at lead times is, the shorter lead times, the more high quality of the bookings are. I think that's what we want to see is the true underlying of what was demanded as those lead times continue to come in. And why is it takes so long while demand is strong, right? Demand is strong. It's hard to reduce lead time in a strong demand environment.

克里斯，對於你的問題，本季度開始的時間在哪裡。你看看那個指標，所以在本季度開始的 13 週內，它可能佔投資組合的 25% 左右。所以我們把這個數字翻了一番。而 Prashanth，我們希望它在今年接近 100% 退出。而且我知道文斯正在努力爭取比這更快。我認為提前期最大的收穫是，提前期越短，預訂的質量就越高。我認為這就是我們想要看到的是隨著交貨時間的不斷增加而需要的真正基礎。為什麼在需求強勁的情況下需要這麼長時間，對吧？需求強勁。在需求旺盛的環境下很難縮短交貨時間。

Our next question comes from the line of Stacy Rasgon from Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

Maybe it's a dumb question. I'm having a little bit of trouble squaring the majority of the portfolio getting to be within 13 weekly times together with a year's worth of backlog. How do I square those 2 things? It feels like the backlog should be shorter if the lead times are actually like getting back to normal. Maybe the other way to ask it is, when the majority of the portfolio has 13-week lead times, where do you expect that backlog to be?

也許這是一個愚蠢的問題。我在計算大部分投資組合每週 13 次以內以及一年的積壓量時遇到了一些麻煩。我如何解決這兩件事？如果交貨時間實際上恢復正常，感覺積壓應該更短。也許另一種問法是，當大部分投資組合的交貨時間為 13 週時，您預計積壓訂單會在哪裡？

Yes. So Stacy, I think perhaps the missing element of your -- how you're thinking about it is the assumption that, that backlog is delinquent. It is not. When the lead times get extended, customers put the orders on us, but they also tell us when they want that product delivered. So there's a visibility curve to that backlog. It is not that it is all past due and needs to be shipped against.

是的。所以 Stacy，我認為也許你的缺失元素 - 你如何思考它是假設積壓是拖欠的。它不是。當交貨時間延長時，客戶會向我們下訂單，但他們也會告訴我們他們希望何時交付該產品。因此，該積壓工作存在可見性曲線。這並不是說它都已逾期並且需要發貨。

Oh, I see. Okay. So you're -- Okay. So you've got orders out. We know that we're going to be shipping this to you in 6 months when they take place. So I guess, where do you expect that backlog to be standing given what you see for demand once, say, wherein a quarter or 2 passes and the majority of the portfolio is shipping within the quarter. Where do you expect the backlogs to be?

我懂了。好的。所以你 - 好吧。所以你有訂單了。我們知道我們將在 6 個月內將其發送給您。所以我想，考慮到您一次看到的需求，您預計積壓的情況會在哪裡，比如說，其中一個季度或兩個季度通過，並且大部分投資組合在該季度內發貨。您預計積壓的訂單會在哪裡？

Well, let's go back to the -- if we get to -- if we return to what was normal for us, pre-COVID, let's say that because that's the best perspective we can give you. If we return to what does normal look like, then at the start of a 13-week quarter, we would have about 10 weeks of that quarter in backlog and then there would still be some incremental backlog out there for future quarters, but it would be meaningfully smaller because customers know that they can put that order on us in essentially less than a quarter's notice. So that's what normal looks like. Now given the supply demand challenges and the increasing importance of analog products to our customers, we may benefit from some greater visibility in the future, but I don't want to call that today.

好吧，讓我們回到——如果我們回到——如果我們回到我們的正常狀態，在 COVID 之前，讓我們這麼說，因為這是我們能給你的最好的視角。如果我們回到正常狀態，那麼在一個 13 週的季度開始時，我們將在該季度有大約 10 週的積壓，然後在未來的季度中仍然會有一些增量積壓，但它會有意義地更小，因為客戶知道他們可以在不到四分之一的通知時間內向我們下訂單。這就是正常的樣子。現在，鑑於供需挑戰和模擬產品對我們客戶的重要性日益增加，我們可能會從未來更大的知名度中受益，但我今天不想這麼說。

Got it. So I guess, does this mean are you effectively over shipping demand right now because the backlog is pulling it? Or is that not the right way to think about it.

知道了。所以我想，這是否意味著您現在有效地超過了運輸需求，因為積壓正在拉動它？或者這不是正確的思考方式。

No, I would -- I'm not sure how you would conclude that. We are -- we have the -- we have demand from our customers in that backlog that tells us, I want this product in Q1. I want this product in Q2, this product in Q3, and that is what we are matching up for. But it gives us a visibility that we have historically not had at this level. That is why they are not as incented to put new orders on us because they've given us those orders, hence, book-to-bill on 1.

不，我會——我不確定你會如何得出結論。我們 - 我們有 - 我們在積壓訂單中有客戶的需求，告訴我們，我想要第一季度的這個產品。我想要第二季度的這個產品，第三季度的這個產品，這就是我們正在匹配的。但它給了我們一個歷史上我們在這個級別上沒有的可見性。這就是為什麼他們不願意向我們下新訂單，因為他們已經給了我們這些訂單，因此，1 號訂單到單。

Yes. One other thing worth pointing out, Stacy, is that we run our demand signals are sell-through. We run our factories on the basis of POS demand rather than (inaudible) or POA demand. So it gives us more integrity around the demand signal.

是的。另一件值得指出的事情是，Stacy，我們運行的需求信號是銷售信號。我們根據 POS 需求而不是（聽不清）或 POA 需求來運營我們的工廠。因此，它為我們提供了圍繞需求信號的更多完整性。

Thanks, Stacy, for that 3-part question. Use your question for next quarter, so we're not going to (inaudible) next quarter.

謝謝斯泰西提出的這個由三部分組成的問題。在下個季度使用你的問題，所以我們不會在下個季度（聽不清）。

Our next question comes from the line of Ambrish Srivastava from BMO Capital Markets.

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

I'm going to keep it to one. Mike, I don't want to get in your bad site. Vince, I actually wanted to focus on a bit on long term here. TI was called out a much higher growth rate for analog and for themselves as a result. And I was wondering if you share the same view, I know you guys have had 7% to 10%. And Vince, you have always all the conversations over the years, you always felt that the analog industry going forward should grow faster than the 5.6 odd that you've seen over the long term. So I was just wondering how you think about analog growth, and you called out a bunch of secular drivers that 4 or 5 years ago didn't even exist for the analog industry and broadly for semis.

我要把它留給一個。邁克，我不想進入你的糟糕網站。文斯，我實際上想在這里關註一些長期問題。結果，TI 被要求在模擬和他們自己方面實現更高的增長率。我想知道你們是否有相同的看法，我知道你們有 7% 到 10%。文斯，多年來你一直在談論，你總是覺得模擬行業未來的增長應該比你長期看到的 5.6 奇數更快。所以我只是想知道你如何看待模擬增長，你提出了一堆長期驅動因素，這些驅動因素在 4 或 5 年前甚至不存在於模擬行業和廣泛的半導體行業。

Yes. Thanks, Ambrish. Well, I think as I pointed out in the prepared remarks, we are seeing more, for example, in the industrial space, more content per dollar of CapEx invested by our customers' customers. And that trend has been in play for several years now. That, coupled with ADI's portfolio strength, the breadth we have, the -- as I mentioned, the data path, which has been ADI -- core ADI traditional strength, adding LTC and Maxim Power portfolios. That gives us the opportunity to tap into more of the TAM, so to speak, half of the analog market TAM is kind of data path, the other half is power.

是的。謝謝，安布里什。好吧，我認為正如我在準備好的發言中指出的那樣，我們看到了更多，例如，在工業領域，我們客戶的客戶投資的每美元資本支出的內容更多。這種趨勢已經持續了好幾年。再加上 ADI 的產品組合優勢，我們擁有的廣度，正如我提到的，數據路徑一直是 ADI 的核心 ADI 傳統優勢，增加了 LTC 和 Maxim Power 產品組合。這讓我們有機會進入更多的 TAM，可以說，模擬市場 TAM 的一半是數據路徑，另一半是電源。

So we've now got the highest -- the highest performance portfolio in the industry, the greatest breadth and depth. And when you see what's happening there with healthcare, our digital healthcare business, which is getting on for kind of $1 billion over the next year, 1.5 years, aerospace and defense, coupled with automation and instrumentation that we've talked about in the prepared remarks, we're very, very bullish about our ability to drive growth in the market. The other thing I want to point out is that we focus on driving our revenue growth through high-quality innovation for which we get paid, we get 3x the ASPs of the analog market at large, and we got more than that compared to our biggest competitor. So I want to make the point that we focus on shipping value versus volume. So I think with the secular growth drivers, the way we've structured our business model, our focus on high performance, being able to capture more value with all the things we've talked about over the course of the call here, I'm focused on what we can do as a company, and I believe we're better positioned than ever.

所以我們現在擁有最高的 - 業內最高性能的產品組合，最大的廣度和深度。當你看到醫療保健、我們的數字醫療保健業務在未來一年、1.5 年、航空航天和國防以及我們在準備好的文章中談到的自動化和儀器方面的收入將達到 10 億美元時，你會看到那裡發生了什麼評論，我們非常非常看好我們推動市場增長的能力。我想指出的另一件事是，我們專注於通過我們獲得報酬的高質量創新來推動我們的收入增長，我們獲得的 ASP 是整個模擬市場的 3 倍，而且與我們最大的競爭者。所以我想指出我們關注的是運輸價值與數量的關係。因此，我認為在長期增長驅動因素、我們構建業務模型的方式、我們對高性能的關注、能夠通過我們在電話會議過程中討論的所有事情中獲取更多價值，我”我專注於我們作為一家公司可以做什麼，我相信我們比以往任何時候都更有優勢。

Ambrish, this is Prashanth. Maybe just 2 things to add. First, our long-term growth model is built on all of our segments. So industrial certainly is an important, very, very important part of it, but we look for all of our operating segments to be able to contribute to that. We've had 2 consecutive record years with greater than 20% growth. And with the numbers that we've shared today, we're off to a strong start for 2023. Our 7% to 10% CAGR outlook, which we revealed -- unveiled last April already reflected a faster growth versus sort of the historical mid-single-digit rate. And as we said in the prepared remarks as well as in addressing, I think it was Tore's question, we have meaningful delta with the revenue synergies from Maxim, which is really idiosyncratic to the ADI story.

Ambrish，這裡是 Prashanth。也許只有兩件事要補充。首先，我們的長期增長模式建立在我們所有的細分市場之上。所以工業當然是其中一個重要的、非常非常重要的部分，但我們希望我們所有的運營部門都能為此做出貢獻。我們已經連續 2 年創紀錄地增長了 20% 以上。根據我們今天分享的數據，我們在 2023 年有了一個良好的開端。我們去年 4 月公佈的 7% 到 10% 的複合年增長率前景已經反映出比歷史中期更快的增長-個位數的利率。正如我們在準備好的評論和演講中所說的那樣，我認為這是 Tore 的問題，我們與 Maxim 的收入協同效應有有意義的增量，這對 ADI 的故事來說真的很特別。

Yes. I just want to add comment -- I just want to add one final comment, Ambrish to this part of the conversation. I've had innumerable conversations with CEOs across the globe over the last three years in particular, it's certainly intensified with the crunch on supply. But I got 2 consistent questions from them, irrespective of what sector they're in. How can we get closer to ADI's longer-term technology road map and also how do we bond together more tightly when it comes to understanding supply chain and collaborating more together across those 2 dimensions. So that's the sentiment. And I think given -- the way we've conducted ourselves over the last 3 years, we're better positioned. Our brand is -- has been augmented and strengthened over the last several years. So yes, I think we've got a lot of strong logic as to why the market will strengthen and why ADI will be better positioned than ever to capture the opportunity.

是的。我只想添加評論——我只想添加一個最後的評論，Ambrish 到對話的這一部分。特別是在過去三年裡，我與全球各地的首席執行官進行了無數次對話，供應緊縮無疑加劇了這種對話。但我從他們那裡得到了 2 個一致的問題，無論他們在哪個行業。我們如何才能更接近 ADI 的長期技術路線圖，以及我們如何在了解供應鍊和更多合作方面更緊密地聯繫在一起跨越這兩個維度。這就是情緒。我認為，鑑於過去 3 年我們的行為方式，我們處於更好的位置。我們的品牌是——在過去幾年中得到了增強和加強。所以是的，我認為我們有很多強有力的邏輯來說明為什麼市場會走強以及為什麼 ADI 將比以往任何時候都更有能力抓住機會。

Our next question comes from the line of Harlan Sur from JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

There's second half uncertainty as you mentioned, probably more so in your comms and consumer businesses, maybe a little bit in industrial due to the soft PMIs as was mentioned earlier. But global auto demand trends, especially EVs remains pretty resilient, right? And you guys have a strong design win portfolio in automotive that is starting to unfold. I know last earnings call, last month at CES, the team remain pretty confident on growing your automotive business this year by double-digit percentage on a flattish sort of SAARs. So if you look at some of the third-party research, I mean SAAR is forecasted to grow 2% to 3% this year. So is the team still confident on driving strong double-digit percentage growth profile this fiscal year in auto?

正如您提到的那樣，下半年存在不確定性，在您的通信和消費者業務中可能更是如此，由於前面提到的 PMI 疲軟，在工業中可能有一點不確定性。但全球汽車需求趨勢，尤其是電動汽車仍然非常有彈性，對吧？你們在汽車領域擁有強大的設計取勝組合，並開始展開。我知道上次財報電話會議，上個月在 CES 上，該團隊仍然對今年的汽車業務在持平的 SAAR 上以兩位數的百分比增長充滿信心。所以如果你看一些第三方研究，我的意思是 SAAR 預計今年將增長 2% 到 3%。那麼，該團隊是否仍有信心在本財年推動汽車行業實現兩位數的強勁增長？

Thanks, Harlan. Yes. So -- if we look at our outperformance versus SAAR, it comes down to a couple of items. First, as you mentioned, there's a mix of premium cars. So higher content per vehicle and EV growth is accelerating and our content is 3x as high on an EV versus a traditional ICE car. We've spoken at length that we've got real key content adders, our BMS product, our GMSL and our A2B are adopted, and they're really taking meaningful market share across all of our customer base there. And I think because of the performance that we bring to our customers, we're able to capture value better than perhaps some others. So with those 3 working, we still feel pretty good that we're going to continue to have a 2 to 3x multiplier on SAAR. So I don't want to make a prediction as to what SAAR is. So you've got -- I think IHS has a mid-single-digit number, a lower mid-single-digit number out there. But we're -- for the year, I expect us to kind of be 2 to 3x wherever that lands.

謝謝，哈倫。是的。所以——如果我們看一下我們相對於 SAAR 的表現，它歸結為幾個項目。首先，正如您提到的，有多種高檔汽車。因此，每輛車的含量更高，EV 的增長正在加速，我們的 EV 含量是傳統 ICE 汽車的 3 倍。我們已經詳細說明了我們擁有真正的關鍵內容添加器、我們的 BMS 產品、我們的 GMSL 和我們的 A2B 被採用，他們確實在我們所有的客戶群中佔據了有意義的市場份額。而且我認為，由於我們為客戶帶來的性能，我們能夠比其他一些人更好地獲取價值。因此，有了這 3 個工作，我們仍然感覺很好，我們將繼續在 SAAR 上有 2 到 3 倍的乘數。所以我不想對 SAAR 是什麼做出預測。所以你有——我認為 IHS 有一個中位數，一個較低的中位數。但我們 - 今年，我希望我們在任何地方都能達到 2 到 3 倍。

Thank you, Harlan. Thanks, everyone, for joining us on the call this morning. Two quick ones before I let you guys go. Our next earnings call will be held a week later than normal as Vince was asked to give a keynote at the [Imec] Technology World Forum. So do not panic, when we see our announcement, the earnings is not 2.5 weeks after close, about 3.5 weeks.

謝謝你，哈倫。謝謝大家今天早上加入我們的電話會議。在我讓你們走之前先說兩句。我們的下一次財報電話會議將比平時晚一周舉行，因為 Vince 被要求在 [Imec] 技術世界論壇上發表主題演講。所以不要驚慌，當我們看到我們的公告時，收益不是收盤後 2.5 週，大約 3.5 週。

Second, we are planning to restart our ADI on coverage series, where we do a deep dive into a market in the coming months. The first one will be on some of the topics we hit on today, automation, energy efficiency, sustainability, electrification. So stay tuned for those. And with that, thanks again for joining us and interest in Analog Devices.

其次，我們計劃重新啟動我們的 ADI 報導系列，我們將在未來幾個月深入研究市場。第一個將是關於我們今天討論的一些主題，自動化、能源效率、可持續性、電氣化。所以請繼續關注那些。因此，再次感謝您加入我們並對 Analog Devices 感興趣。

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。