亞德諾半導體 (ADI) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Analog Devices' Fourth Quarter and Fiscal Year 2021 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. Sir, the floor is yours.

早安，歡迎參加 ADI 公司 2021 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。現在我想介紹今天電話會議的主持人，投資者關係副總裁邁克爾·盧卡雷利先生。先生，請您發言。

Thank you, Stephanie, and good morning, everybody. Thanks for joining our fourth quarter and fiscal 2021 earnings conference call. With me on the call today are ADI's CEO, 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，史蒂芬妮，大家早安。感謝您參加我們的 2021 財年第四季和收益電話會議。今天與我一起參加電話會議的還有 ADI 的執行長 Vincent Roche；以及 ADI 財務長 Prashanth Mahendra-Rajah。對於錯過此次發布的人，您可以在 investor.analog.com 上找到它和相關的財務時間表。

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

現在來談談披露內容。我們即將討論的資訊包括前瞻性陳述，這些陳述受某些風險和不確定性的影響，如我們的收益報告中進一步所述。 ADI 和 Maxim 向美國證券交易委員會提交的當前報告和其他資料。實際情況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。除非法律要求，否則我們不承擔更新這些聲明的義務。

Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release.

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。今天的收益報告包含了這些非公認會計準則指標與最直接可比較的公認會計準則指標的對帳以及有關我們的非公認會計準則指標的其他資訊。

Please note, we published a table on our Investor web page of historical pro forma combined end market revenue aligned to ADI fiscal quarters. As part of this exercise, we also mapped subsegments to match ADI's groupings. As a result of this reclassification, about $150 million of annual revenue moved from Industrial and Communications to Consumer for the Maxim business. And with that, I'll turn it over to ADI's CEO, Vincent. Roche. Vince?

請注意，我們在投資者網頁上發布了與 ADI 財政季度一致的歷史預測合併終端市場收入表格。作為本次練習的一部分，我們還映射了子段以匹配 ADI 的分組。重新分類的結果是，Maxim 業務約有 1.5 億美元的年收入從工業和通訊業務轉移到消費業務。現在，我將把發言權交給 ADI 的執行長 Vincent。羅氏。文斯？

Thank you very much, Mike, and a very good morning to you all. Well, once again, we delivered record revenue and profits in our fourth quarter, closing out what was a milestone year for ADI. Our success was driven by our industry-leading high-performance portfolio and our team's strong operational execution, enabling us to better meet the insatiable demand for our products.

非常感謝，麥克，祝大家早安。好吧，我們再次在第四季度實現了創紀錄的收入和利潤，為 ADI 具有里程碑意義的一年畫上了圓滿的句號。我們的成功得益於我們領先業界的高性能產品組合和我們團隊強大的營運執行力，使我們能夠更好地滿足對我們產品的無限需求。

Now stepping back a little. 2021 truly demonstrated the vital importance of semiconductors to the modern digital age. We invested ahead of this inflection, building a comprehensive portfolio to better solve our customers' most complex problems in this ubiquitously sensed and connected world. As we enter 2022, our backlog and bookings remain robust. And we continue to invest in manufacturing capacity, positioning us well for another successful year ahead.

現在稍微退後一步。 2021年真正證明了半導體對現代數位時代至關重要。我們在這一轉折點之前進行了投資，建立了全面的產品組合，以便在這個無處不在的感知和互聯的世界中更好地解決客戶最複雜的問題。進入 2022 年，我們的積壓訂單和預訂量依然強勁。我們將繼續投資製造能力，為來年再創成功做好準備。

Now moving on to our results. Our fourth quarter revenue was $2.34 billion and EPS was $1.73, both exceeding the midpoint of guidance. And for 2021, our revenue was $7.32 billion, and EPS was $6.46.

現在來看看我們的結果。我們第四季的營收為 23.4 億美元，每股收益為 1.73 美元，均超過了預期中位數。 2021 年，我們的營收為 73.2 億美元，每股收益為 6.46 美元。

Looking at our organic ADI. We delivered new high watermarks on revenue and profits. Industrial and Automotive achieved record revenue this year, while Consumer returns to annual growth for the first time since 2017, and Communications revenue declined as continued strength in wired was offset by weakness in wireless related to the China market.

看看我們的有機 ADI。我們的收入和利潤創下了新高。工業和汽車業務今年實現了創紀錄的收入，而消費業務自 2017 年以來首次恢復年度增長，而通信業務收入則出現下降，因為有線業務的持續強勁被與中國市場相關的無線業務的疲軟所抵消。

In 2021, we generated a record $2.4 billion of free cash flow, equating to a free cash flow margin of approximately 33%. This maintains our position in the top 10% of the S&P 500. In line with our revised capital allocation strategy to return 100% of free cash flow, we returned $3.7 billion to shareholders in 2021 through dividends and share buybacks.

2021 年，我們創造了創紀錄的 24 億美元自由現金流，相當於自由現金流利潤率約 33%。這使我們保持在標準普爾 500 指數前 10% 的地位。根據我們修訂後的資本配置策略，即返還 100% 的自由現金流，我們在 2021 年透過股利和股票回購向股東返還了 37 億美元。

It was not only a record year for performance and shareholder returns, but also for investments that position us to better capture market opportunities presented by secular growth drivers in our business. First, we took decisive action to add capacity throughout the year with more than $340 million in capital expenditures.

這不僅是業績和股東回報創紀錄的一年，也是我們投資創紀錄的一年，這使我們能夠更好地抓住業務長期成長動力所帶來的市場機會。首先，我們採取果斷行動，全年增加產能，資本支出超過 3.4 億美元。

This is enabling us to better navigate the near-term supply/demand imbalance while achieving our long-term growth objectives. And in 2022, we're planning to expand our internal manufacturing capacity at our factories in the U.S. and Europe. These additional investments will create more profitable, flexible and resilient manufacturing capabilities at ADI.

這使我們能夠更好地應對短期供需失衡，同時實現我們的長期成長目標。 2022 年，我們計劃擴大美國和歐洲工廠的內部製造能力。這些額外的投資將為 ADI 創造更具盈利能力、更靈活、更具彈性的製造能力。

Now at our core, we're an innovation-driven enterprise. And together with Maxim, we will invest more than $1.6 billion in R&D annually to ensure we continue developing solutions that define the edge of possible. As you know, to complement our organic efforts, we selectively use M&A to expand both our scale and our scope. In 2017, the acquisition of LTC reflected this strategy. Since acquiring the franchise, we delivered on our goal to double its historical growth rate. Equally impressive was our ability to improve on Linear's industry-leading gross margins.

從本質上講，我們是一家創新驅動型企業。我們將與 Maxim 一起，每年在研發方面投資超過 16 億美元，以確保我們繼續開發出能夠突破極限的解決方案。如您所知，為了補充我們的有機努力，我們有選擇地使用併購來擴大我們的規模和範圍。 2017年對LTC的收購就反映了這項策略。自從獲得特許經營權以來，我們實現了將其歷史增長率翻一番的目標。同樣令人印象深刻的是我們能夠提高 Linear 業界領先的毛利率。

More recently, we completed the acquisition of Maxim Integrated. Similar to previous acquisitions, we're combining the best from ADI and Maxim to develop a new operating system that enhances customer engagement and drives long-term profitable growth. And I'm very pleased with the progress that we've made already.

最近，我們完成了對 Maxim Integrated 的收購。與先前的收購類似，我們將結合 ADI 和 Maxim 的優勢，開發新的作業系統，以增強客戶參與度並推動長期獲利成長。我對我們已經取得的進展感到非常高興。

On the customer engagement side, the integration of our field teams has brought a tremendous degree of excitement. The team is already beginning to identify cross-selling opportunities and building out our opportunity pipeline. From an engineering and operations perspective, our teams are coming together at a remarkable speed, and we're aligning product and technology road maps to help accelerate growth in the years ahead.

在客戶參與方面，我們現場團隊的整合帶來了極大的興奮。團隊已經開始識別交叉銷售機會並建立我們的機會管道。從工程和營運的角度來看，我們的團隊正在以驚人的速度聚集在一起，我們正在調整產品和技術路線圖，以幫助加速未來幾年的成長。

This combination also strengthens the diversity of our portfolio and enriches our resilient business model. To that end, we now have approximately 75,000 product SKUs, and 80% of these products individually account for less than 0.1% of our total revenue. And the addition of Maxim provides us with a more comprehensive power portfolio. Maxim's primarily application-focused power offerings are highly complementary with ADI's more general purpose or catalog power portfolio.

此次合併也增強了我們產品組合的多樣性，豐富了我們富有彈性的商業模式。為此，我們現在擁有約 75,000 個產品 SKU，其中 80% 的產品單獨占我們總收入的不到 0.1%。而Maxim的加入，為我們提供了更全面的電源產品組合。 Maxim 主要針對應用的電源產品與 ADI 較通用或目錄電源產品組合高度互補。

This adds new SAM in all our markets and enhances cross-selling opportunities, accelerating revenue growth in our $2 billion-plus power portfolio. Given these investments, we entered 2022 with an unparalleled portfolio of technology and talent aimed at capitalizing on the secular growth trends across all our markets.

這為我們所有的市場增加了新的 SAM，增強了交叉銷售機會，加速了我們 20 多億美元電力產品組合的收入成長。鑑於這些投資，我們以無與倫比的技術和人才組合進入2022年，旨在利用所有市場的長期成長趨勢。

And now I'd like to share a few examples of how our business is at the heart of these emerging trends, starting with industrial. 2021 was a better year for our highly diversified and profitable industrial business with all applications achieving all-time highs. Our unrivaled high-performance portfolio continues to benefit from the mass digitalization movement across industries. Our largest industrial segment, instrumentation and test, is comprised of automated test equipment, electronic test and measurement and scientific instruments.

現在我想分享幾個例子來說明我們的業務如何成為這些新興趨勢的核心，首先從工業開始。 2021 年對於我們高度多元化且盈利能力強的工業業務來說是更好的一年，所有應用均創下歷史新高。我們無與倫比的高性能產品組合繼續受益於各行各業的大規模數位化運動。我們最大的工業部門是儀器和測試，包括自動化測試設備、電子測試和測量以及科學儀器。

These applications must combat increasing test times as system complexity and metrology requirements rise exponentially. For example, processors and memory and data centers are leveraging finer node geometries with higher levels of integration, which can double the test time. This challenge is our opportunity.

隨著系統複雜性和計量要求呈指數級增長，這些應用必須應對不斷增加的測試時間。例如，處理器、記憶體和資料中心正在利用更精細的節點幾何形狀和更高的整合度，這可以使測試時間加倍。這個挑戰就是我們的機會。

Our innovative, purpose-built solutions are bringing test time back to parity while increasing our content by more than 50%. Factory automation is one of our largest industrial segments. I believe we're at a tipping point in the Industry 4.0 as customers are looking to add sensing, edge processing and connectivity to make their supply chains more robust, efficient and, of course, flexible.

我們創新的專用解決方案使測試時間恢復到同等水平，同時將我們的內容增加了 50% 以上。工廠自動化是我們最大的工業領域之一。我相信我們正處於工業 4.0 的轉折點，因為客戶正在尋求增加感測、邊緣處理和連接，以使他們的供應鏈更加穩健、高效，當然也更加靈活。

ADI's precision signal chain and power franchises, sensing technologies and robust wired and wireless connectivity are critical to enabling these efforts. Looking ahead, we have an enormous opportunity to connect Maxim's rich power portfolio, which is underrepresented in the industrial sector today with ADI's strong position.

ADI 的精密訊號鍊和電源特許經營權、感測技術以及強大的有線和無線連接對於實現這些努力至關重要。展望未來，我們有巨大的機會將 Maxim 豐富的電源產品組合（目前在工業領域代表性不足）與 ADI 的強大地位結合起來。

Shifting now to Automotive. In a year dominated by chip shortage headlines, we achieved record revenue as consumers and manufacturers are embracing electric vehicles and an enhanced in-vehicle experience. These 2 areas need additional semiconductor content and align very well with the strengths of both ADI and Maxim. In electric vehicles, our market-leading wired and wireless battery management systems of BMS offered customers the highest levels of accuracy, reliability and safety as well as flexibility to scale across all battery chemistries, including the more environmentally-friendly zero-Cobalt LFP.

現在轉向汽車產業。在晶片短缺新聞頻繁的一年裡，隨著消費者和製造商紛紛接受電動車和增強的車載體驗，我們實現了創紀錄的收入。這兩個領域需要額外的半導體內容，並且與 ADI 和 Maxim 的優勢非常吻合。在電動車領域，我們市場領先的有線和無線電池管理系統 BMS 為客戶提供了最高水準的準確性、可靠性和安全性，以及跨所有電池化學成分（包括更環保的零鈷 LFP）的擴展靈活性。

Our BMS position is further strengthened with Maxim. We now sell to 7 of the top 10 EV manufacturers and our increased technology and product scale enables us to address new SAM. Our efficiency is also critical in electric vehicles to better optimize performance and range. Here, Maxim's strong and growing power management capabilities complement our portfolio.

憑藉 Maxim，我們的 BMS 地位得到進一步加強。目前，我們的產品銷往全球十大電動車製造商中的七家，而我們不斷提升的技術和產品規模使我們能夠應對新的 SAM。我們的效率對於電動車也至關重要，可以更好地優化性能和續航里程。在這裡，Maxim 強大且不斷增長的電源管理能力補充了我們的產品組合。

Now inside the vehicle, automakers are enhancing the in-cabin experience. ADI's market-leading audio systems with signal processing, A2B connectivity and active road noise cancellation continues to gain traction. In 2021, our A2B franchise was designed in at 5 major OEMs. And since its launch in 2016, we've shipped over 50 million A2B nodes, and we expect this to double within the next 3 years.

現在，汽車製造商正在增強車內體驗。 ADI 市場領先的音訊系統具有訊號處理、A2B 連接和主動道路噪音消除功能，並持續受到關注。 2021 年，我們的 A2B 特許經營權在 5 家主要 OEM 中得到設計。自 2016 年推出以來，我們已出貨超過 5,000 萬個 A2B 節點，預計未來 3 年內這一數字將翻倍。

With Maxim, our in-cabin connectivity offerings expand to include their industry-leading GMSL franchise, which is critical in architecting advanced driver-assistance systems.

借助 Maxim，我們的車內連接產品範圍已擴展，涵蓋了其業界領先的 GMSL 特許經營權，這對於建立先進的駕駛輔助系統至關重要。

Turning to Communications. 2021 was an uneven year as strength in wired was offset by weakness in the China wireless market. Encouragingly, as we look to 2022, the proliferation of 5G is gaining momentum globally, especially in North America.

轉向通訊。 2021 年是不平衡的一年，因為有線市場的強勢被中國無線市場的疲軟所抵消。令人鼓舞的是，展望 2022 年，5G 的普及在全球範圍內，尤其是在北美，正蓬勃發展。

In the wireless market, ADI is the leader with more than double the market share of our closest competitor. This year, we introduced the industry's first software-defined radio transceiver that includes a fully integrated digital front end. This next-generation transceiver platform enables us to defend and extend our position in traditional 5G and emerging O-RAN networks. Additionally, Maxim's power portfolio will support our goal to increase our power attach rate in the wireless market.

在無線市場，ADI 處於領先地位，其市場份額是我們最接近的競爭對手的兩倍多。今年，我們推出了業界首款包含完全整合數位前端的軟體定義無線電收發器。這個新一代收發器平台使我們能夠捍衛和擴展我們在傳統 5G 和新興 O-RAN 網路中的地位。此外，Maxim 的電源產品組合將支援我們提高無線市場電源配置率的目標。

In our wired business, we grew again this year as data centers and networking became increasingly vital to accelerating digitalization. Maxim more than doubles our exposure to data centers and adds new growth vectors with its power management solutions for cloud processors and accelerators, and momentum is building with a strong pipeline across traditional customers as well as hyperscalers.

由於資料中心和網路對於加速數位化變得越來越重要，我們的有線業務今年再次實現成長。 Maxim 將我們的資料中心業務擴大了一倍以上，並透過其針對雲端處理器和加速器的電源管理解決方案增加了新的成長點，並且憑藉面向傳統客戶和超大規模客戶的強大管道，其發展勢頭正在增強。

Finally, moving on to Consumer. Our business delivered double-digit growth this year as we executed on our strategy to diversify our customers' products and applications. Maxim further builds in these efforts, bringing additional power, audio and sensing capabilities and adding new applications like fast-charging and gaming. Given the strong pipeline and design wins for our signal processing solutions across hearables, wearables and professional audio/video, combined with our power management capabilities, I'm confident that we're on the path for continued growth.

最後，轉向消費者。由於我們實施了多樣化客戶產品和應用的策略，我們的業務今年實現了兩位數的成長。 Maxim 在這些努力的基礎上進一步發展，帶來額外的電源、音訊和感測功能，並增加快速充電和遊戲等新應用。鑑於我們的訊號處理解決方案在可聽設備、穿戴式裝置和專業音訊/視訊領域的強大管道和設計勝利，再加上我們的電源管理能力，我相信我們正走在持續成長的道路上。

Now I'd like to focus on ESG just a little, which is now an integral part of our business strategy. Broadly speaking, I believe semiconductors can play a major role in improving our standard of living while also protecting our planetary health. For example, ADI's technology is critical to optimizing global energy efficiency from EVs and charging stations; two, sustainable energy and smart grids. We're not only investing in these applications, but they represent a meaningful and growing portion of ADI's revenue today. So we've made substantial progress on our ESG initiatives in 2021, including a commitment to increase the use of sustainable energy for 100% of our organic ADI manufacturing activities by 2025, up from 50% today.

現在我想稍微關註一下 ESG，它現在是我們業務策略不可或缺的一部分。廣義上講，我相信半導體在改善我們的生活水平同時保護地球健康方面發揮重要作用。例如，ADI 的技術對於優化電動車和充電站的全球能源效率至關重要；二、永續能源和智慧電網。我們不僅投資這些應用，而且它們目前在 ADI 公司的收入中佔據著重要且不斷增長的比例。因此，我們在 2021 年的 ESG 計畫方面取得了實質進展，包括承諾到 2025 年將有機 ADI 製造活動中可持續能源的使用率從目前的 50% 提高到 100%。

Actions like these will help us achieve our goal of carbon neutrality by 2030 and net-zero emissions by 2050. We launched the Ocean and Climate Innovation Accelerator Consortium focused on the critical role of oceans in combating climate change. And we've enhanced our disclosure and transparency in ESG topics, especially around diversity, equity and inclusion. In the year ahead, we look to extend our ESG initiatives across the combined company and, of course, make further progress toward our goals.

這些行動將有助於我們實現2030年實現碳中和、2050年實現淨零排放的目標。我們成立了海洋與氣候創新加速器聯盟，重點在於海洋在應對氣候變遷中的關鍵作用。我們加強了 ESG 主題的揭露和透明度，特別是在多元化、公平性和包容性方面。在未來的一年裡，我們希望將我們的 ESG 計劃擴展到合併後的公司，當然，也希望在實現我們的目標方面取得進一步的進展。

So in closing, I'd like to thank our employees and partners who worked tirelessly throughout this past year, helping ADI achieve these historic results. We're off to a strong start in 2022 with continued robust demand and line of sight to capacity additions. And I've never been more optimistic about ADI's future. Our industry-leading position is stronger with Maxim as we expand our capabilities to capitalize on emerging secular drivers positioning us for faster growth in the years ahead.

最後，我要感謝我們的員工和合作夥伴，他們在過去的一年裡不懈地努力，幫助 ADI 取得了這些歷史性的成果。 2022 年我們迎來了良好的開端，需求持續強勁，產能可望增加。我對 ADI 的未來從未如此樂觀。隨著我們擴大自身能力，充分利用新興的長期驅動力，為未來幾年的更快成長做好準備，我們在 Maxim 的行業領先地位將更加鞏固。

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

說完這些，我就把你交給 Prashanth。

Thank you, Vince. Let me add my welcome to our year-end earnings call. Except for revenue, my comments on the P&L and our outlook will be on a non-GAAP or adjusted basis, which excludes special items outlined in today's press release.

謝謝你，文斯。讓我對參加我們的年終收益電話會議表示歡迎。除收入外，我對損益表和展望的評論將基於非公認會計準則或調整後的基礎，不包括今天的新聞稿中概述的特殊項目。

Also, the acquisition of Maxim closed on August 26. As such, I will discuss results inclusive of Maxim's contributions for approximately 9.5 weeks. I'll begin with a brief review of 2021. We delivered sequential revenue growth every quarter, leading to a new all-time high of $7.32 billion. Gross margins of 70.9% increased 180 basis points due to favorable product mix, stronger utilization and the savings from our legacy LTC plant optimization.

此外，對 Maxim 的收購已於 8 月 26 日完成。因此，我將討論包含 Maxim 貢獻的約 9.5 週的結果。我先簡單回顧一下 2021 年。我們每季都實現了營收連續成長，創下了 73.2 億美元的歷史新高。由於產品組合良好、利用率提高以及傳統 LTC 工廠優化帶來的節省，毛利率達到 70.9%，增加了 180 個基點。

Operating margins of 42.4% increased 250 basis points, reflecting gross margin fall-through and disciplined discretionary spending. All told, adjusted EPS increased more than 30% to a record $6.46. Turning to the fourth quarter. Revenue of $2.34 billion exceeded the midpoint of our updated guidance. Maxim's contribution to revenue was $559 million.

營業利益率為 42.4%，增加了 250 個基點，反映出毛利率的下降和可自由支配支出的嚴格控制。總而言之，調整後的每股盈餘成長超過 30%，達到創紀錄的 6.46 美元。 轉向第四季。 23.4 億美元的營收超過了我們最新預期的中點。 Maxim 的營收貢獻為 5.59 億美元。

Looking at the end market results and to give a better view into the underlying trends, I'll focus my remarks on organic ADI results. But this will be the last earnings call where we provide ADI organic commentary. Industrial represented 57% of revenue and increased slightly sequentially and 25% year-over-year with growth across every subsegment. For the full year, industrial increased 28%. This strong performance, once again, is a testament to our sustained relative outperformance in the industrial market.

從最終市場結果來看，為了更好地了解潛在趨勢，我將專注於有機 ADI 結果。但這將是我們提供 ADI 有機評論的最後一次收益電話會議。工業佔總收入的 57%，較上季略有成長，年增 25%，每個子部門均成長。全年工業增加價值成長28%。這一強勁表現再次證明了我們在工業市場持續的相對優異表現。

Communications represented 16% of revenue and was flat sequentially, while decreasing year-over-year. For the year, we delivered record wired sales, while total comps declined due to the weakness in China wireless, largely related to geopolitical tensions. Excluding this region, total comps grew more than 20% in 2021. And overall, our comms geographic mix shifted with North America, Europe and Korea, now representing our largest sources of revenue.

通訊業務佔總收入的 16%，環比持平，但年比有所下降。今年，我們的有線銷售額創下了紀錄，但由於中國無線業務的疲軟（很大程度上與地緣政治緊張有關），整體銷售額有所下降。除此地區外，2021 年總可比銷售額成長了 20% 以上。總體而言，我們的通訊地理分佈發生了變化，北美、歐洲和韓國現在成為我們最大的收入來源。

Automotive represented 15% of revenue and was down 9% sequentially as the third quarter included revenue from an IP licensing agreement. Excluding this, auto was flat sequentially. On a year-over-year basis, auto increased 15% with BMS more than doubling, reflecting our leadership position in the electrification ecosystem. For the year, auto exhibited robust broad-based growth, finishing up 36%. Consumer represented 12% of revenue and increased more than 20% sequentially and year-over-year, marking the fourth consecutive quarter of annual growth. Over a year ago, we said Consumer would grow in 2021 and the team delivered on this commitment, with consumer increasing 12% for the year.

汽車業務佔總收入的 15%，環比下降 9%，因為第三季包含了來自 IP 授權協議的收入。除此之外，汽車銷量環比持平。與去年同期相比，汽車成長了 15%，BMS 成長了一倍多，反映了我們在電氣化生態系統中的領導地位。今年，汽車產業呈現強勁的全面成長，漲幅達 36%。消費者業務佔總營收的 12%，環比和年成長均超過 20%，連續第四個季度實現年度成長。一年多前，我們曾表示消費者業務將在 2021 年成長，團隊也兌現了這項承諾，全年消費者業務成長了 12%。

Moving on to the rest of the fourth quarter P&L. I'm going to speak to the results inclusive of the partial quarter of Maxim. Gross margins were 70.9%, up 90 bps year-over-year. Operating margins finished at 43.1%, up 140 basis points year-over-year. Nonop expense was $44 million and the tax rate was 12.7%.

繼續討論第四季剩餘的損益表。我將談論包括 Maxim 部分季度在內的業績。毛利率為70.9%，較去年成長90個基點。營業利益率達 43.1%，較去年同期成長 140 個基點。非營運支出為4,400萬美元，稅率為12.7%。

All in, adjusted EPS was $1.73 above the midpoint of guide and up more than 20% year-over-year. If we look at the balance sheet, we ended the quarter with approximately $2 billion of cash and equivalents and on a trailing 12-month pro forma basis, our net leverage ratio was 1.1 turns. Building on our ESG efforts, we continue to strategically leverage sustainable financing. We're proud to be the first U.S. tech company to deploy 3 sustainable finance instruments with our inaugural green bond issuance, a sustainability-linked revolving credit facility and a sustainability linked to bond offering.

整體而言，調整後的每股盈餘比指導中點高出 1.73 美元，較去年同期成長超過 20%。如果我們看一下資產負債表，我們在本季末擁有約 20 億美元的現金和等價物，並且在過去 12 個月的備考基礎上，我們的淨槓桿率為 1.1 倍。在我們的 ESG 努力的基礎上，我們繼續策略性地利用永續融資。我們很自豪能夠成為第一家部署三種永續金融工具的美國科技公司，包括首次發行綠色債券、與永續性掛鉤的循環信貸額度以及與永續性掛鉤的債券發行。

Specifically, this bond offering was part of our $4 billion refinancing efforts during the quarter. And as a result, we lowered our weighted average coupon to 2.7% while extending the average duration of our total debt by nearly 10 years.

具體來說，此次債券發行是我們本季 40 億美元再融資計畫的一部分。結果，我們將加權平均票面利率降低至 2.7%，同時將總債務的平均期限延長近 10 年。

Inventory dollars increased slightly sequentially after adjusting for the partial quarter of Maxim activity and the fair value step-up of inventory related to the acquisition, while inventory days were down slightly. Channel inventory declined and remains below the low end of our 7- to 8-week target.

在調整了 Maxim 部分季度的活動和與收購相關的庫存公允價值上升後，庫存金額較上季略有增加，而庫存天數則略有下降。通路庫存下降，仍低於我們 7 至 8 週目標的低端。

Moving to the cash flow statement. For the year, cash flow from operations increased 36% to more than $2.7 billion. We generated a record free cash flow of $2.4 billion or approximately 33% of revenue despite CapEx more than doubling to $344 million or 4.7% of revenue. We also returned a record $3.7 billion or more than 150% of free cash flow to shareholders this year by dividends and buybacks, including 80% of our $2.5 billion ASR program.

轉到現金流量表。全年經營現金流成長 36%，達到 27 億美元以上。儘管資本支出增加了一倍多，達到 3.44 億美元或占收入的 4.7%，但我們仍創造了創紀錄的 24 億美元自由現金流，約佔收入的 33%。今年，我們也透過股利和回購向股東返還了創紀錄的 37 億美元，超過 150% 的自由現金流，其中包括 25 億美元 ASR 計畫的 80%。

As a reminder, we plan to return 100% of free cash flow to shareholders. This is accomplished by growing our dividend annually with a 40% to 60% dividend payout target and by using residual cash flow for buybacks. We entered 2022 as a much larger enterprise with an attractive long-term outlook. As Vince mentioned, we plan to increase our capacity investments to support revenue growth and reinforce the resiliency and efficiency of our hybrid manufacturing model.

提醒一下，我們計劃將 100% 的自由現金流返還給股東。實現這一目標的方法是每年增加股息，股息支付目標為 40% 至 60%，並利用剩餘現金流進行回購。進入 2022 年，我們的企業規模將大大擴大，並且擁有誘人的長期前景。正如文斯所提到的，我們計劃增加產能投資，以支持收入成長並增強混合製造模式的彈性和效率。

As such, we anticipate CapEx being 6% to 8% of revenue for 2022 above our long-term model of 4%. This step-up in CapEx will not impact the commitment we made in September to buy back 5 billion of shares by the end of calendar '22.

因此，我們預計 2022 年資本支出將佔收入的 6% 至 8%，高於我們長期模型的 4%。資本支出的增加不會影響我們 9 月所做的 2022 年底回購 50 億股股票的承諾。

So now on to the first quarter outlook. Revenue is expected to be $2.6 billion, plus or minus $100 million. Based on the midpoint, we expect operating margin to be 43.3%, plus or minus 70 bps. We expect nonop expenses of approximately $50 million, a 12.5% tax rate and a share count of approximately 530 million. Based on these inputs, adjusted EPS is expected to be $1.78 plus or minus $0.10.

現在來談談第一季的展望。預計營收為 26 億美元，上下浮動 1 億美元。基於中間點，我們預期營業利益率為 43.3%，上下浮動 70 個基點。我們預計非營運支出約為 5,000 萬美元，稅率為 12.5%，股票數量約為 5.3 億股。根據這些輸入，調整後的每股盈餘預計為 1.78 美元，上下浮動 0.10 美元。

For additional context, using the fourth quarter pro forma combined revenue as a base, our guide at the midpoint implies low single-digit growth quarter-on-quarter in Q1 for what is normally a seasonally weaker quarter. This growth is driven by an increase in B2B quarter-over-quarter, while Consumer is down sequentially.

進一步說明的是，以第四季度的預測合併收入為基礎，我們的中點指引意味著第一季的環比成長率將達到低個位數，而這通常是季節性較弱的一個季度。這一成長是由 B2B 業務環比成長推動的，而消費者業務則是環比下降。

So before closing, I want to give a brief update on our Maxim integration progress. Phase 1 of shareholder value creation is well underway, building conviction in our cost synergy timeline. We anticipate realizing over 40% of the initial $275 million OpEx and COGS synergy target in fiscal '22 with the remaining coming in fiscal '23.

所以在結束之前，我想先簡單介紹一下我們的 Maxim 整合進展。股東價值創造的第一階段正在順利進行，對我們的成本協同時間表更有信心。我們預計在 22 財年實現最初 2.75 億美元營運支出和銷貨成本協同目標的 40% 以上，剩餘部分將在 23 財年實現。

I'm proud of the team's effort and confident this pace of execution will continue. At our Analyst Day next spring, we'll update investors on our progress as well as provide more details on Phases 2 and 3, which relate to additional savings from infrastructure optimization and revenue synergies, respectively.

我為團隊的努力感到自豪，並相信這種執行速度將會持續下去。在明年春季的分析師日上，我們將向投資者通報我們的進展，並提供第 2 階段和第 3 階段的更多詳細信息，這兩個階段分別涉及基礎設施優化和收入協同效應帶來的額外節省。

Before turning to Q&A, I'd like to congratulate Michael Lucarelli on his promotion to Vice President of Investor Relations and Financial Planning and Analysis. Look forward to working with you, Mike, in this continued partnership. Let me hand it over to you to take Q&A.

在進入問答環節之前，我想祝賀邁克爾·盧卡雷利晉升為投資者關係和財務規劃與分析副總裁。麥克，期待與您繼續合作。讓我把它交給你來進行問答。

Thanks, Prashanth. All right. With that, let's get to our Q&A session. (Operator Instructions) With that, we have our first question, please.

謝謝，Prashanth。好的。接下來，讓我們進入問答環節。 （操作員指示）好了，我們有了第一個問題。

(Operator Instructions) Your first question comes from the line of John Pitzer with Credit Suisse.

（操作員指示）您的第一個問題來自瑞士信貸的約翰‧皮策 (John Pitzer)。

Congratulations on the solid quarter. Vince, Prashanth, if I exclude kind of the Maxim revenue in the October quarter, the core ADI business just came in line with the midpoint of the original range, which is clearly not horrible, but just given strength of business and kind of your penchant to tend to give upside and the view that maybe Maxim was more supply-constrained than ADI, I'm just wondering if you can help us understand that dynamic and maybe it's getting rectified in the January quarter being guided above seasonal, but were there supply constraints in the quarter that impacted either revenue and/or margins? Any kind of conversation around that would be helpful.

恭喜本季業績穩健。 Vince，Prashanth，如果我排除 10 月份季度的 Maxim 收入，核心 ADI 業務剛好與原始範圍的中點一致，這顯然不算太糟糕，但考慮到業務實力和您傾向於給出上行空間的傾向，以及 Maxim 可能比 ADI 更受供應限制的觀點，我只是想知道您是否可以幫助我們理解本季度利潤任何圍繞這一主題的對話都會有所幫助。

Yes. Thank you for the question, John. And it's a pretty straightforward answer. In the past quarter, our organic supply had some impact from some COVID shutdowns in Southeast Asia that affected much of the industry. We still did grow sequentially in the fourth quarter. But as we've been talking about for the last couple of quarters, our supply has been limited and revenue really is a function of supply. So that hiccup did put a little bit of pressure on the revenue line. And you'll see that correct itself as we go forward.

是的。謝謝你的提問，約翰。這是一個非常直接的答案。在過去的一個季度，我們的有機供應受到了東南亞一些 COVID 停工的影響，這影響了大部分產業。我們在第四季度仍然實現了連續成長。但正如我們在過去幾個季度中一直在談論的那樣，我們的供應量有限，收入實際上取決於供應量。所以這個小問題確實給收入帶來了一點壓力。隨著我們不斷前進，你會看到這個問題會被修正。

Your next question comes from Toshiya Hari with Goldman Sachs.

您的下一個問題來自高盛的 Toshiya Hari。

Mike, congrats on the promotion. I guess I had a question on pricing and also long-term supply agreements. Quite a few of your competitors or peers in the industry have talked about approaching customers or customers approaching them about long-term agreements. I think you gave a couple of comments on past calls, but if you can update us on how you're thinking about initiatives of that sort, that would be super helpful. And how you're balancing that with your long-term purchases of wafer capacity? Any comments on how to think about pricing broadly going forward would be super helpful.

麥克，祝賀你升職。我想我對定價和長期供應協議有疑問。業界有不少競爭對手或同業談到要接洽客戶或客戶要與他們接洽以達成長期協議。我認為您對過去的通話發表了一些評論，但如果您能告訴我們您對此類舉措的看法，那將非常有幫助。您如何平衡這一點與晶圓產能的長期購買？任何關於如何廣泛考慮未來定價的評論都將非常有幫助。

Yes. Thanks, Toshi. Why don't I take pricing, and I'll let Vince kind of speak how we think about it longer term. So in the -- the short answer is, for 2021, we've been talking about rising cost inflation over the course of the year, and we've been raising our prices with the goal of neutralizing the impact to margin. I would say that in the fiscal year that just finished, cost increases and price increases were not completely synchronized.

是的。謝謝，Toshi。我為什麼不討論定價，而是讓文斯談談我們對長期的看法。因此，簡而言之，對於 2021 年，我們一直在談論全年成本通膨的上升，我們一直在提高價格，目的是抵消對利潤率的影響。我想說，在剛剛過去的財政年度，成本上漲和價格上漲並不完全同步。

So it's very likely that cost inflation outpaced our pricing actions for the year, and we're likely a modest headwind to the year. As we go into 2022, we're looking for the inverse of that. We're looking for pricing net of inflation to be a modest tailwind to the year as the price increases that have begun begin to get more traction. And we believe that while we still will have some cost increases over the course of the year, most of those are now baked into the run rate.

因此，成本通膨很可能超過我們今年的定價行動，而且我們今年可能會遭遇適度的逆風。當我們進入 2022 年時，我們正在尋找相反的情況。隨著已經開始的價格上漲開始獲得更多動力，我們預計扣除通膨因素後的價格將成為今年的溫和順風。我們相信，雖然今年我們的成本仍會有一些增加，但其中大部分已經計入了運行率。

Toshi, I can take a slightly longer-term view of things. I think it's true to say, certainly from our standpoint, that price increases aren't new. We've been systematically raising prices as a company for many, many years. I think we've talked about before. We continue to deliver increasing value in our new product streams. And we also maintain products for our customers that are often more than 20 years in -- 20 years old in vintage terms.

Toshi，我可以從更長遠的角度看待事物。我認為，從我們的角度來看，價格上漲並不是什麼新鮮事。作為一家公司，我們多年來一直在系統地提高價格。我想我們之前已經討論過了。我們將繼續在新產品流中提供不斷增加的價值。我們也為客戶維護那些通常已有 20 多年歷史的產品。

We've taken a very measured approach to pricing over the last year. And we've been very transparent with our customers as well that price increases are really more about passing on costs rather than looking to enhancing our margins.

去年，我們對定價採取了非常審慎的態度。我們對客戶也非常透明，價格上漲實際上更多的是為了轉嫁成本，而不是為了提高我們的利潤率。

Last comment on pricing. I think the industry, as we approach this kind of post-Moore's Law era, we're in an era now, I believe, of structural price increases rather than cyclical.

關於定價的最後評論。我認為，隨著我們進入後摩爾定律時代，我們正處於一個結構性價格上漲而非週期性價格上漲的時代。

In other words, I think you'll start to see inflation sustained for the industry in the years ahead. It's been proven over the last couple of years for certain that semis are the roots of the modern digital economy. And I think customers understand as well that importance and the value that is increasingly created by semi. So I believe that, as I said, inflation will persist. It will moderate, but I think it's a facet now of the business structure of the semi industry and indeed ADI's business.

換句話說，我認為未來幾年你會開始看到該行業持續的通貨膨脹。過去幾年已經證實，半導體是現代數位經濟的根源。我認為客戶也理解這種重要性以及半導體日益創造的價值。因此我相信，正如我所說的，通貨膨脹將持續下去。它將緩和，但我認為這是半導體行業業務結構的一個方面，實際上是 ADI 業務的一個方面。

Your next question is from Tore Svanberg with Stifel.

您的下一個問題來自 Stifel 的 Tore Svanberg。

And congratulations on the record results. Vince, you're probably not going to share revenue synergy numbers with us probably until the Analyst Day, but could you perhaps just give us some examples of potential revenue synergies between Maxim and ADI, please?

並祝賀您取得創紀錄的成績。文斯，您可能要等到分析師日才會與我們分享收入協同效應的數據，但您能否給我們舉一些 Maxim 和 ADI 之間潛在收入協同效應的例子？

Yes. Thanks, Tore. Yes, I think -- I mean, there are many, many -- I think I mentioned in the prepared remarks, for example, that Maxim is very underrepresented in the industrial space, where ADI is very, very strong. Half our business -- total business is industrial, and it's a very, very small part of Maxim's business.

是的。謝謝，托爾。是的，我認為——我的意思是，有很多很多——例如，我想我在準備好的發言中提到過，Maxim 在工業領域的代表性很低，而 ADI 在該領域的實力非常強大。我們的一半業務——全部業務——是工業業務，而且它只佔 Maxim 業務的一小部分。

And where I see the opportunity there is really on the power side of things, power management, in particular. It's the fastest-growing segment in the analog space. And I think generally, across the board, we're still underrepresented as a company in power. We will -- we today have approximately $2.3 billion, $2.4 billion of combined power revenues.

我認為機會確實存在於電源方面，特別是電源管理方面。這是模擬領域中成長最快的部分。我認為，總體而言，作為一家掌權的公司，我們的代表性仍然不足。我們今天擁有約 23 億美元、24 億美元的綜合電力收入。

My sense is we can double that in a reasonable period of time. And we'll give a lot more detail on that when we get to the Investor Day over the next couple of months. And from an application and market standpoint, I'd just like to point to data center. You know the power management solutions that Maxim has for companionship with cloud processors, AI machines, accelerators and so on. I think we'll combine very nicely with ADI's data center micromodules.

我的感覺是我們可以在合理的時間內將這一數字翻倍。我們將在未來幾個月的投資者日上提供更多詳細資訊。從應用和市場的角度來看，我只想指出資料中心。您知道 Maxim 為配合雲端處理器、AI 機器、加速器等提供的電源管理解決方案。我認為我們將與 ADI 的資料中心微模組完美結合。

And then in Automotive, connectivity, Maxim's GMSL high-speed link technology used in our in-cabin connectivity portfolio will enable us to optimize solutions and address a lot more applications in the car. And that's a nice companion as well to ADI's A2B connectivity solution for audio.

在汽車連接方面，Maxim 的 GMSL 高速鏈路技術用於我們的車內連接產品組合，這將使我們能夠優化解決方案並解決汽車中的更多應用。這也是 ADI 音訊 A2B 連接解決方案的絕佳伴侶。

And last but not least, Maxim has added a lot of heft to our BMS portfolio. And our portfolio now is double the size it was pre-Maxim. So -- and as I mentioned in -- again, in the prepared remarks, we now sell 7 out of the top 10 OEMs in the electric car area. So -- and there's a lot more examples, but they are the primary ones I'd like to point out at this stage.

最後但同樣重要的一點是，Maxim 為我們的 BMS 產品組合增添了巨大的分量。我們現在的投資組合規模是 Maxim 之前的兩倍。所以——正如我在準備好的發言中再次提到的那樣——我們現在在電動車領域排名前 10 的原始設備製造商中銷售了 7 家。所以——還有很多例子，但這些都是我現階段想指出的主要例子。

Your next question is from Vivek Arya with Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Vivek Arya。

Vince, I just wanted to get your perspective on the shape of kind of fiscal '22 sales growth. Your Q1 outlook implies, I believe, about 19% pro forma sales growth, that's well above your closest analog [peers] with an acceleration from Q4. And if I were to assume that Q1 is kind of the low point of the year and you grow supply sequentially, that points to a double-digit sales growth.

文斯，我只是想了解一下你對 22 財年銷售成長的看法。我認為，您的第一季展望意味著預計銷售額將成長約 19%，遠高於最接近的同類公司，並且從第四季開始加速成長。如果我假設第一季是今年的低點，而且供應量連續增加，那麼這意味著銷售額將實現兩位數成長。

So I know you're not giving full year guidance, but are we thinking about it the right way? And what could be the puts and takes from a supply and then also a mix perspective as we go through the year?

所以我知道您沒有提供全年指導，但我們是否以正確的方式考慮這個問題？那麼，從供應和混合的角度來看，我們這一年的情況可能如何？

Yes. Thanks, Vivek. So I'm going to at least give you some shape on that. So when we look across -- when we look into 2022, we can see growth across all the various market sectors for the year. And I think it's possible that we'll see another double-digit top line year for ADI. And the primary reasons, well, we've got a very strong backlog as we enter the year. We're seeing broad-based demand continue. I think also, we're seeing some improvement, generally speaking. With each passing month, we're seeing improvements in supply. So I think that line of sight gives us increased confidence. That's both internally as well as externally.

是的。謝謝，維韋克。所以我至少要給你一些關於這一點的說明。因此，當我們展望 2022 年時，我們可以看到今年各個市場領域都實現了成長。我認為 ADI 的營收有可能再創兩位數成長。主要原因是，今年進入以來，我們的積壓訂單非常多。我們看到廣泛的需求仍在持續。我還認為，總體而言，我們看到了一些改善。隨著每個月的過去，我們都看到供應情況有所改善。所以我認為這種視線給了我們更大的信心。這既是內部的，也是外部的。

We are in catch up more than pricing. So I think you'll see some significant contribution in 2022 from pricing activities. And also, inventories continue to remain low in the distribution channel and, of course, on the customer side pretty much on a broad basis. So I think overall, '22 should shape up to be a good year. And we've got many, many drivers there on our side.

我們正處於追趕階段，不僅僅是價格方面。因此我認為你會在 2022 年看到定價活動做出一些重大貢獻。此外，分銷通路的庫存仍處於低位，當然，客戶方面的庫存也普遍處於低點。所以我認為整體而言，22 年應該會是好的一年。我們這邊有很多司機。

Vivek, maybe just double-clicking on the supply item to provide clarity. We have -- we put in a fair amount of equipment orders for the legacy ADI operations. So we expect ADI capacity to continue to increase quarter-on-quarter over the coming fiscal year. On the Maxim side, we've done the same, but that -- those orders only went in when the deal closed. So given the long lead times from the semi-cap guys, we're probably unlikely to see a meaningful increase in Maxim's ability to supply until the tail end of the year. So unfortunately, I think Maxim from a fiscal year basis will probably be a little bit of a drag on growth just because we can't get the tools fast enough.

Vivek，也許只需雙擊供應品即可提供清晰度。我們為傳統 ADI 業務下了相當數量的設備訂單。因此，我們預計 ADI 產能在未來財年將繼續逐季增加。在 Maxim 方面，我們也做了同樣的事情，但是這些訂單只有在交易結束時才會下達。因此，考慮到半導體廠商的較長交貨週期，我們可能不太可能在今年年底前看到 Maxim 的供應能力顯著提升。因此不幸的是，我認為從財政年度來看，Maxim 可能會對成長造成一點拖累，因為我們無法足夠快地獲得工具。

Your next question is from Ambrish Srivastava with BMO.

您的下一個問題來自 BMO 的 Ambrish Srivastava。

I just wanted to say thanks to Mike for providing all the web schedule that really goes a long way in transparency. So I really appreciate that.

我只想感謝 Mike 提供的所有網路時間表，這確實大大提高了透明度。所以我真的很感激。

My question is on lead times and the expedites. I just wanted to see what you're seeing versus what TI highlighted, which was very different than what we've heard from other companies. So specifically, are you seeing expedites narrow down? And then where are your lead times? So I think in the last earnings call, you had mentioned -- or in my call back, you had mentioned that you had 25% hotspots. So color on those would be helpful.

我的問題是關於交貨時間和加急情況。我只是想看看您所看到的內容與 TI 所強調的內容有何不同，這與我們從其他公司聽到的內容非常不同。那麼具體來說，您是否看到加急範圍縮小了？那麼你的交貨時間是多久？所以我認為在上次收益電話會議上，您提到過 - 或者在我的回電中，您提到您有 25％ 的熱點。所以這些顏色會很有幫助。

Sure. Ambrish, we're really not seeing much of a change. The customer -- on customer buying behavior, book-to-bill is well above [1] in the fourth quarter. So our outlook to grow quarter-on-quarter for the first quarter in what is normally a seasonally weaker quarter as a reference to that. Our backlog increased, and we're starting 2022 with a very high level, and we have not seen much change in cancellations or pushouts.

當然。安布里什，我們確實沒有看到太大的變化。從顧客購買行為來看，第四季的訂單出貨比遠高於[1]。因此，我們預計第一季的銷售額將環比成長，而第一季通常是季節性較弱的季度。我們的積壓訂單有所增加，2022 年伊始，訂單量就已非常高，而且取消或推遲的訂單量並沒有太大變化。

So we're continuing to do what we have been doing, and that is we're reviewing with sales and ops for red flags that would indicate there's some level of turning in the market. We haven't seen anything notable. Really, it's pretty strong across all end markets and all geographies. And as we've said before, we manage our business on sell-through. So we really look through distribution to get insight from where our products are going on a sell-through basis to understand what's happening in terms of who's buying and where it's being shipped to. So we're prepared for things to change. But I would say right now, it continues to feel as it did a quarter ago.

因此，我們將繼續做我們一直在做的事情，那就是與銷售和營運部門一起審查可能表明市場出現某種程度轉變的危險信號。我們還沒有看到任何值得注意的事情。確實，它在所有終端市場和所有地區都非常強勁。正如我們之前所說，我們根據銷售情況來管理業務。因此，我們透過仔細研究分銷管道來了解我們的產品銷售情況，了解購買者以及產品運往何處的情況。因此，我們已經做好了應對變化的準備。但我想說，現在的感覺仍然與一個季度前一樣。

Yes. I think I'm brief from my perspective. The number of conversations that I've been having with customers certainly hasn't slowed down. And in these conversations, it's pretty clear to me that what we're being requested to support as real demand. So our customers are trying to get products out the door, and they're not building inventories at this point in time.

是的。我認為從我的角度來看我已經講得很簡短了。我與客戶交談的次數顯然沒有減少。在這些對話中，我很清楚我們被要求支持的是真正的需求。因此，我們的客戶正試圖將產品推出門市，而他們目前還沒有建立庫存。

Got it. And have the lead times changed versus where they were last quarter?

知道了。與上一季相比，交貨時間有變化嗎？

It's -- it depends on the product, and it depends on the market. So we have some areas where they continue to extend and others that have stabilized. So overall, lead times are above normal, and it's not where we want them to be. But it's very product and market-specific given the diversity of what we make and where we make it.

這取決於產品，也取決於市場。因此，有些地區的疫情仍在持續蔓延，而其他地區則已趨於穩定。因此總體而言，交貨時間高於正常水平，這不是我們想要的。但考慮到我們生產的產品和生產地點的多樣性，它非常針對產品和市場。

I think it's true to say lead times have stabilized.

我認為交貨時間已經穩定的說法是正確的。

Your next question comes from Stacy Rasgon with Bernstein Research.

您的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I wanted to ask a little more about the shape of the synergies. I think you had said the cost synergies would be in 40% this year and the remainder of next year. Can you give us some idea how do those split out between OpEx and gross margin in COGS? And what is the proper sort of all-in baseline for OpEx that we should be building those synergies off of?

我想進一步詢問一下協同效應的形式。我想您曾說過，今年和明年剩餘時間的成本綜效將達到 40%。您能否告訴我們如何在營運支出和銷售成本中的毛利率之間進行劃分？那麼，我們應該以什麼樣的營運支出總基線來實現這些綜效呢？

And I guess, finally, with gross margins along with same lines, given you've got pricing and other stuff as a tailwind and you see revenue growth, do you still think that Q1 gross margins wherever they want coming out, is that the trough for the year, given how everything else flows through?

最後我想說，考慮到毛利率以及價格等其他因素的影響，並且收入正在增長，您是否仍然認為第一季的毛利率是今年的低谷，考慮到其他所有因素的走勢？

Yes. So Stacy, the way to think about the cost synergies is, we said roughly 40% in the coming fiscal and then the balance in 2023. The majority of the coming fiscal will actually be in cost of goods. And then in 2023, you'll see that flip to be the majority of that coming in OpEx. What else can I tell you there. The -- anything else, Mike, that's relevant. The...

是的。所以 Stacy，考慮成本綜效的方式是，我們說在下一個財年大約是 40%，然後在 2023 年達到平衡。下一個財年的大部分實際上將用於商品成本。然後在 2023 年，你會看到這種轉變大部分來自營運支出。 我還能告訴你什麼呢？還有什麼其他相關的事情嗎，麥克？這...

I'll call it -- that would be -- that's Phase 1. We will talk more about Phase 2 at the Analyst Day, and we'll look to increase that synergy target at that time. And then on the second question on gross margin, I'll pass it back to Prashanth.

我稱之為 - 那將是 - 這是第一階段。我們將在分析師日更多地討論第二階段，並期待在那時提高協同目標。然後關於毛利率的第二個問題，我將把它交還給 Prashanth。

What is the proper sort of current like folding run rate for OpEx right now?

目前 OpEx 的適當折舊運轉率是多少？

You look at our first quarter guide, and that's probably a good level of run rate OpEx, I would say. We -- in that guide, there is about $20 million of annual OpEx we took out in our fourth quarter. So maybe add $20 million to that for the run rate.

您可以查看我們的第一季指南，我想說，這可能是良好的營運支出運作率水準。在該指南中，我們第四季的年度營運支出約為 2000 萬美元。因此，也許需要在此基礎上增加 2000 萬美元作為運行率。

I'm sorry (inaudible)

對不起（聽不清楚）

Yes. On gross margins, the -- so first quarter seasonally tends to be a little bit lower because we have the holiday shutdowns and this first quarter here will have a full quarter of Maxim, which, as many of you know, had lower gross margins than stand-alone ADI. So we've got some headwind coming from that.

是的。就毛利率而言，第一季的季節性趨勢往往會略低一些，因為我們有假期停工，第一季度將是 Maxim 的整個季度，眾所周知，其毛利率低於獨立的 ADI。因此，我們遇到了一些阻力。

The tailwind is we've got the revenue that's coming in strong and pricing, as I mentioned earlier, is going to be -- start to be mildly accretive. So all in, I would think gross margins kind of sequentially I think flattish is a safe model.

順風是我們的收入強勁增長，而且正如我之前提到的，定價將會開始略有增長。所以總的來說，我認為毛利率整體平穩是一個安全的模式。

And then you're right, on the gross margin for the year, the plan is for it to continue to rise throughout the year, assuming demand remains strong and mix doesn't change given synergies and also our pricing actions.

您說得對，就全年毛利率而言，計劃是讓它全年繼續上升，假設需求保持強勁，並且在協同效應和我們的定價行動下產品組合不會發生變化。

Your next question is from Harlan Sur with JPMorgan.

您的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the strong results and execution. On testing inventories, I think you mentioned that they continue to be below your target range of 7 to 8 weeks. And I know that on a finished goods perspective, at least through Q3, that was down year-over-year, it was down year-to-date versus an increase in total inventories, which implies to me that consignment or direct customer inventories are also quite lean and demand is strong. And so I guess what's your view on when the team and your customers will be in a position to build back inventories? Or is it just hand them out for the next several quarters?

恭喜您取得的出色成果和出色執行。關於測試庫存，我想您提到它們仍然低於您的 7 到 8 週的目標範圍。我知道，從成品的角度來看，至少在第三季度，成品庫存是同比下降的，年初至今的庫存是下降的，而總庫存是增加的，這意味著寄售或直接客戶庫存也相當少，需求強勁。那麼我想您認為團隊和客戶何時能夠恢復庫存呢？或只是在接下來的幾個季度內發放？

Yes. I think it probably looks to be continued hand to mouth for the next couple of quarters. Our inventory numbers are a little bit confusing because of some of the math that's in there. So I'll just go back to what I said in the prepared remarks. Days of inventory was down slightly. The internal inventory balance was up as we built raw materials and WIP.

是的。我認為，在接下來的幾個季度裡，這種情況可能會繼續持續下去。我們的庫存數字有點令人困惑，因為其中有一些數學運算。因此，我將回到我在準備好的發言中所說的內容。庫存天數略有下降。隨著我們建立原料和在製品，內部庫存餘額上升。

You have some noise in there from Maxim's inventory being added ours in middle of the quarter as well as the purchase accounting math, which requires us to do a step up of that. So adjusting for all of that, we were up slightly in terms of ADI balance sheet inventory, and most of that was in WIP.

您聽到了一些噪音，因為 Maxim 的庫存在本季度中期被添加到我們的庫存中，並且採購會計計算也出現了問題，這需要我們採取進一步的措施。因此，經過所有這些調整後，我們的 ADI 資產負債表庫存略有增加，其中大部分是在製品 (WIP)。

On the channel side, it remains very lean and well below where we want it to be, and that causes some challenges on customer service as it does for everyone in the industry. We don't see that abating at least for the first or second quarter, and we -- it's hard for us to see further out than that.

在通路方面，它仍然非常精簡，遠低於我們想要的水平，這給客戶服務帶來了一些挑戰，就像行業中的每個人一樣。我們認為至少在第一季或第二季度，這種趨勢不會減弱，我們很難預測更遠的未來。

Stephanie, could we have our last question please?

史蒂芬妮，我們可以問最後一個問題嗎？

Your last question is from C.J. Muse with Evercore.

您的最後一個問題來自 Evercore 的 C.J. Muse。

I guess a question on supply and gross margins. As you look at fiscal '22, can you speak to the growth you anticipate from internal versus external supply? And then based on that, how should we think about the implications to your gross margins?

我想問的是有關供應和毛利率的問題。展望 22 財年，您能否談談對內部供應和外部供應成長的預期？那麼基於此，我們應該如何考慮這對您的毛利率的影響？

Internal versus external supply. Yes. So C.J., the well, let's break down the dynamics. On the internal supply, I mentioned that ADI's internal capacity will continue to improve as we go through every quarter as we bring more equipment online. On the Maxim side, I mentioned that is pretty much flat for most of the year. We're optimistic that we might be able to see some improvement towards the tail end of the year as we get more equipment in.

內部供應與外部供應。是的。那麼 C.J.，好吧，讓我們來分析一下動態。關於內部供應，我提到，隨著我們每季推出更多設備，ADI 的內部產能將持續提升。在 Maxim 方面，我提到，一年中的大部分時間裡，其表現基本上相當。我們樂觀地認為，隨著我們獲得更多設備，我們可能會在年底看到一些改善。

On the external side, I will say that Vince himself is personally involved in conversations with our foundry partners and looking to get additional wafer capacity when we can. But it's very much driven by what nodes are available. And maybe I'll pass to Vince here to add a bit more comments since he's been having a lot of those conversations.

從外部來看，我想說的是，文斯本人親自參與了與我們的代工合作夥伴的對話，並希望在可能的情況下獲得額外的晶圓產能。但很大程度取決於可用的節點。也許我會讓文斯在這裡添加更多評論，因為他已經進行了很多這樣的對話。

Yes. I think the best answer we can give you, C.J., is that we've indicated we expect gross margins to increase throughout the year. And we've got a hybrid model. So we expect to -- against that, we're not expecting any kind of external, internal perturbations that will impact gross margin, but we expect it to increase throughout the year.

是的。 C.J.，我認為我們能給您的最佳答案是，我們已經表示，我們預計全年毛利率將會增加。我們有一個混合模型。因此，我們預計——針對這一點，我們預計不會有任何外部或內部幹擾影響毛利率，但我們預計毛利率全年都會增加。

Thanks, everyone, for joining the call this morning. A copy of the transcript will be available on our website and all available reconciliations and additional information can also be found there. Thanks again for joining us and your continued interest in Analog Devices. Have a great Thanksgiving.

感謝大家參加今天早上的電話會議。成績單的副本將在我們的網站上提供，所有可用的對帳和其他資訊也可以在那裡找到。再次感謝您的加入我們以及您對 ADI 公司的持續關注。祝您感恩節快樂。

Happy Thanksgiving, everyone.

大家感恩節快樂。

This concludes today's Analog Devices' conference call. You may now disconnect. Speakers, please hold the line.

今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。發言者請稍候。