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.

早上好，歡迎參加 ADI 公司 2021 年第四季度和財年收益電話會議，該電話會議將通過電話和網絡進行音頻網絡直播。我現在想介紹一下今天電話會議的主持人，投資者關係副總裁 Michael Lucarelli 先生。先生，地板是你的。

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，斯蒂芬妮，大家早上好。感謝您參加我們的第四季度和 2021 財年收益電話會議。今天與我通話的是 ADI 的首席執行官 Vincent Roche；和 ADI 的首席財務官 Prashanth Mahendra-Rajah。對於錯過發布的任何人，您可以在investor.analog.com 上找到它和相關的財務時間表。

Now on to the disclosures. The information we 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.

現在開始披露。我們將要討論的信息包括前瞻性陳述，這些陳述受到某些風險和不確定性的影響，如我們的收益發布中進一步描述的那樣。 ADI 和 Maxim 向 SEC 提交的當前報告和其他材料。實際情況可能與前瞻性信息存在重大差異，因為這些陳述僅反映了我們截至本次電話會議之日的預期。除法律要求外，我們不承擔更新這些聲明的義務。

Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to 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原則財務措施，其中不包括特殊項目。在將我們的結果與我們的歷史表現進行比較時，特殊項目也被排除在前期。這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬以及有關我們的非 GAAP 措施的其他信息包含在今天的收益發布中。

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備考合併終端市場收入表格。作為本練習的一部分，我們還映射了子細分以匹配 ADI 的分組。此次重新分類的結果是，Maxim 業務約有 1.5 億美元的年收入從工業和通信領域轉移到了消費者領域。有了這個，我將把它交給 ADI 的首席執行官文森特。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.

非常感謝你，邁克，祝大家早上好。好吧，我們在第四季度再次實現了創紀錄的收入和利潤，結束了 ADI 具有里程碑意義的一年。我們的成功得益於我們行業領先的高性能產品組合和我們團隊強大的運營執行力，使我們能夠更好地滿足對我們產品的永不滿足的需求。

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.

現在稍微退後一點。 2021 年真正證明了半導體對現代數字時代的至關重要性。我們在這個轉折點之前進行了投資，建立了一個全面的產品組合，以更好地解決我們客戶在這個無處不在的感知和互聯世界中最複雜的問題。隨著我們進入 2022 年，我們的積壓訂單和預訂量依然強勁。我們繼續投資於製造能力，為未來又一個成功的一年做好準備。

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.

現在繼續我們的結果。我們第四季度的收入為 23.4 億美元，每股收益為 1.73 美元，均超過了指導的中點。 2021 年，我們的收入為 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。我們在收入和利潤方面創造了新的高水位線。工業和汽車行業今年實現了創紀錄的收入，而消費者自 2017 年以來首次恢復年度增長，而通信收入下降，因為有線業務的持續增長被與中國市場相關的無線業務疲軟所抵消。

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，我們產生了創紀錄的 24 億美元的自由現金流，相當於大約 33% 的自由現金流利潤率。這保持了我們在標準普爾 500 指數前 10% 的位置。根據我們修訂後的資本分配策略以返還 100% 的自由現金流，我們在 2021 年通過股息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，而且投資使我們能夠更好地抓住業務中長期增長驅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增長目標。到 2022 年，我們計劃擴大我們在美國和歐洲工廠的內部製造能力。這些額外投資將在 ADI 創造更有利可圖、更靈活和更有彈性的製造能力。

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.

現在，我們的核心是一家創新驅動型企業。與 Maxim 一起，我們每年將投資超過 16 億美元用於研發，以確保我們繼續開發定義可能性邊緣的解決方案。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的收購體現了這一戰略。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提高線性行業領先毛利率的能力。

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。與之前的收購類似，我們正在結合 ADI 和 Maxim 的優勢來開發一種新的操作系統，以增強客戶參與度並推動長期盈利增長。我對我們已經取得的進展感到非常滿意。

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。該團隊已經開始識別交叉銷售機會並建立我們的機會管道。從工程和運營的角度來看，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增長。

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.

這種組合還加強了我們投資組合的多樣性，並豐富了我們有彈性的商業模式。為此，我們現在擁有大約 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 主要以應用為中心的電源產品與 ADI 的更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.

這在我們所有的市場中增加了新的 SAM 並增加了交叉銷售機會，加速了我們超過 20 億美元的電力產品組合的收入增長。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，旨在利用我們所有市場的長期增長趨勢。

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.

現在我想分享一些例子，說明我們的業務如何成為這些新興趨勢的核心，從工業開始。 2021 年對於我們高度多元化和盈利的工業業務來說是更好的一年，所有應用程序都創下歷史新高。我們無與倫比的高性能產品組合繼續受益於跨行業的大規模數字化運動。我們最大的工業部門儀器和測試由自動化測試設備、電子測試和測量以及科學儀器組成。

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，這些應用程序必須應對不斷增加的測試時間。例如，處理器、內存和數據中心正在利用具有更高集成度的更精細的節點幾何形狀，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、專門構建的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傳感、邊緣處理和連接，以使他們的供應鏈更加穩健、高效，當然還有靈活性。

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 的精密信號鍊和電源專營權、傳感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與 ADI 的強勢地位聯繫起來，該產品組合在當今工業領域的代表性不足。

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。在芯片短缺的頭條新聞主導的一年中，隨著消費者和製造商正在接受電動汽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。在電動汽車中，我們市場領先的 BMS 有線和無線電池管理系統為客戶提供了最高水平的準確性、可靠性和安全性，以及在所有電池化學成分中擴展的靈活性，包括更環保的零鈷 LFP。

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.

Maxim 進一步鞏固了我們的 BMS 地位。我們現在向 10 大電動汽車製造商中的 7 家銷售產品，我們不斷擴大的技術和產品規模使我們能夠應對新的 SAM。我們的效率在電動汽車中也至關重要，可以更好地優化性能和續航里程。在這方面，Maxim 強大且不斷增長的電源管理功能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.

現在在車內，汽車製造商正在增強車內體驗。 ADI 市場領先的音頻系統具有信號處理、A2B 連接和主動道路噪聲消除功能，繼續受到關注。 2021 年，我們的 A2B 特許經營權在 5 家主要 OEM 中設計。自 2016 年推出以來，我們已經出貨了超過 5000 萬個 A2B 節點，我們預計未來 3 年內這一數字將翻一番。

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

與 Maxim 合作，我們的車內連接產品擴展至包括其行業領先的 GMSL 特許經營權，這對於構建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 的普及正在全球範圍內獲得動力，尤其是在北美。

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 是領先者，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集成數字前端的軟件定義無線電收發器。這個下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 網絡中的地位。此外，Maxim 的電源產品組合將支持我們提高無線市場的電源附加率的目標。

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.

在我們的有線業務中，我們今年再次增長，因為數據中心和網絡對於加速數字化變得越來越重要。 Maxim 將我們在數據中心的業務增加了一倍以上，並通過其針對雲處理器和加速器的電源管理解決方案增加了新的增長向量，並且勢頭正在建立，並在傳統客戶和超大規模企業之間建立了強大的管道。

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。由於我們執行了多元化客戶產品和應用的戰略，我們的業務今年實現了兩位數的增長。 Maxim 進一步加強了這些努力，帶來了額外的電源、音頻和傳感功能，並增加了快速充電和遊戲等新應用。鑑於我們在可聽設備、可穿戴設備和專業音頻/視頻方面的信號處理解決方案的強大管道和設計優勢，再加上我們的電源管理能力，我相信我們正走在持續增長的道路上。

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，它現在是我們業務戰略的一個組成部分。從廣義上講，我相信半導體可以在提高我們的生活水平同時保護我們的地球健康方面發揮重要作用。例如，ADI 的技術對於優化電動汽車和充電站的全球能源效率至關重要；二、可持續能源和智能電網。我們不僅投資於這些應用程序，而且它們代表了 ADI 當今收入的一個有意義且不斷增長的部分。因此，我們在 2021 年的 ESG 舉措上取得了重大進展，包括承諾到 2025 年在我們的有機 ADI 製造活動中 100% 使用可持續能源，高於目前的 50%。

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.

此類行動將幫助我們實現到 2030 年實現碳中和和到 2050 年實現淨零排放的目標。我們啟動了海洋與氣候創新加速器聯盟，重點關注海洋在應對氣候變化中的關鍵作用。我們提高了 ESG 主題的披露和透明度，尤其是在多元化、公平和包容性方面。在未來一年，我們希望將 ESG 舉措擴展到合併後的公司，當然，我們會朝著我們的目標取得進一步進展。

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.

所以最後，我要感謝我們的員工和合作夥伴在過去一年中孜孜不倦地工作，幫助 ADI 取得這些歷史性成果。我們將在 2022 年迎來強勁的開局，需求持續強勁，產能增加前景廣闊。我對 ADI 的未來從未如此樂觀。隨著我們擴大能力以利用新興的長期驅動因素，我們的行業領先地位更加穩固，這使我們能夠在未來幾年實現更快的增長。

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

有了這個，我會把你交給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。讓我歡迎我們的年終收益電話會議。除收入外，我對損益表和我們的展望的評論將基於非公認會計原則或調整後的基礎，不包括今天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，Maxim 的收購於 8 月 26 日結束。因此，我將討論包括 Maxim 大約 9.5 週貢獻的結果。我將從對 2021 年的簡要回顧開始。我們每個季度都實現了連續收入增長，創造了 73.2 億美元的歷史新高。由於有利的產品組合、更高的利用率以及我們傳統的 LTC 工廠優化所節省的成本，毛利率為 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.

營業利潤率為 42.4%，增加了 250 個基點，反映了毛利率下滑和可自由支配的支出。總而言之，調整後的每股收益增長了 30% 以上，達到創紀錄的 6.46 美元。轉入第四節。 23.4 億美元的收入超過了我們更新指引的中點。 Maxim 對收入的貢獻為 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.

查看最終市場結果並更好地了解潛在趨勢，我將重點關注有機 ADI 結果。但這將是我們最後一次提供 ADI 有機評論的財報電話會議。工業佔收入的 57%，環比略有增長，同比增長 25%，每個細分市場都有增長。全年工業增長28%。這種強勁的表現再次證明了我們在工業市場上的持續相對優異表現。

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.

通信佔收入的 16%，環比持平，但同比下降。這一年，我們實現了創紀錄的有線銷售額，而由於中國無線業務的疲軟（主要與地緣政治緊張局勢有關），總收入有所下降。不包括該地區，2021 年的總收入增長了 20% 以上。總體而言，我們的通信地理組合向北美、歐洲和韓國轉移，現在是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.

汽車佔收入的 15%，環比下降 9%，因為第三季度包括來自 IP 許可協議的收入。排除此因素，汽車按順序持平。汽車同比增長 15%，BMS 增長了一倍以上，反映了我們在電氣化生態系統中的領先地位。全年，汽車錶現出強勁的廣泛增長，上漲了 36%。消費者佔收入的 12%，環比和同比增長超過 20%，連續第四個季度實現年度增長。一年多前，我們說消費者將在 2021 年增長，團隊兌現了這一承諾，消費者全年增長 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%.

繼續第四季度的剩餘時間損益表。我將談論包括 Maxim 的部分季度在內的結果。毛利率為 70.9%，同比增長 90 個基點。營業利潤率為 43.1%，同比增長 140 個基點。非運營費用為 4400 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.

總而言之，調整後的每股收益比指導中點高出 1.73 美元，同比增長超過 20%。如果我們看一下資產負債表，我們在本季度末擁有大約 20 億美元的現金和等價物，在過去 12 個月的備考基礎上，我們的淨槓桿率為 1.1 倍。在 ESG 努力的基礎上，我們繼續戰略性地利用可持續融資。我們很自豪能夠成為第一家部署 3 種可持續金融工具的美國科技公司，其中包括我們的首個綠色債券發行、與可持續發展相關的循環信貸工具以及與債券發行相關的可持續發展。

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度 40 億美元再融資工作的一部分。因此，我們將加權平均票面利率下調至 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.

在對 Maxim 的部分季度活動和與收購相關的庫存公允價值增加進行調整後，庫存美元環比略有增加，而庫存天數略有下降。渠道庫存下降，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。這一年，來自運營的現金流增加了 36%，超過 27 億美元。儘管資本支出增加了一倍多，達到 3.44 億美元或收入的 4.7%，但我們創造了創紀錄的 24 億美元或約 33% 的收入的自由現金流。今年，我們還通過股息和回購向股東返還了創紀錄的 37 億美元或超過 150% 的自由現金流，其中包括 25 億美元的 ASR 計劃的 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。這是通過以 40% 至 60% 的股息支付目標每年增加我們的股息以及使用剩餘現金流進行回購來實現的。進入 2022 年，我們是一家規模大得多的企業，具有有吸引力的長期前景。正如文斯所說，我們計劃增加產能投資以支持收入增長並增強我們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 年資本支出佔收入的 6% 至 8%，高於我們 4% 的長期模型。資本支出的這一提升不會影響我們在 9 月份做出的在 22 年日曆結束前回購 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.

現在來看看第一季度的展望。收入預計為 26 億美元，上下浮動 1 億美元。基於中點，我們預計營業利潤率為 43.3%，上下浮動 70 個基點。我們預計非運營費用約為 5000 萬美元，稅率為 12.5%，股票數量約為 5.3 億股。根據這些輸入，調整後的每股收益預計為 1.78 美元上下 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.

在其他背景下，以第四季度的備考合併收入為基礎，我們的中點指南暗示，在通常是季節性較弱的季度的情況下，第一季度的季度環比增長率較低。這種增長是由 B2B 季度環比增長推動的，而消費者則環比下降。

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，我想簡要介紹一下我們的 Maxim 集成進度。股東價值創造的第一階段正在進行中，在我們的成本協同時間表中建立信念。我們預計在 22 財年實現最初 2.75 億美元的運營支出和 COGS 協同目標的 40% 以上，其餘的將在 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繼續下去。在明年春天的分析師日，我們將向投資者介紹我們的進展，並提供有關第 2 階段和第 3 階段的更多詳細信息，這分別與基礎設施優化和收入協同效應帶來的額外節省有關。

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.

在進行問答之前，我要祝賀 Michael Lucarelli 晉升為投資者關係和財務規劃與分析副總裁。期待與您合作，邁克，繼續合作。讓我把它交給你進行問答。

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，普拉桑斯。好的。有了這個，讓我們進入我們的問答環節。 （操作員說明）這樣，我們有第一個問題。

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

（操作員說明）您的第一個問題來自瑞士信貸的 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.

恭喜你取得了穩定的季度。文斯，普拉桑斯，如果我排除 10 月份季度的 Maxim 收入，ADI 的核心業務剛剛與原始範圍的中點保持一致，這顯然並不可怕，但只是考慮到業務實力和你的喜好傾向於放棄上行空間，並且認為 Maxim 可能比 ADI 更受供應限制，我只是想知道您是否可以幫助我們理解這種動態，也許它在 1 月季度得到糾正，高於季節性，但是否有供應本季度影響收入和/或利潤率的限制因素？任何形式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。謝謝你的問題，約翰。這是一個非常簡單的答案。在過去的一個季度，我們的有機供應受到了東南亞一些 COVID 關閉的影響，這些關閉影響了大部分行業。我們在第四季度仍然實現了連續增長。但正如我們在過去幾個季度一直在談論的那樣，我們的供應有限，收入確實是供應的函數。因此，打嗝確實給收入線帶來了一點壓力。當我們繼續前進時，你會看到它本身是正確的。

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.

邁克，恭喜升職。我想我對定價和長期供應協議有疑問。您的許多競爭對手或業內同行都談到了與客戶或客戶就長期協議與他們接洽。我認為您對過去的電話會議發表了一些評論，但如果您可以向我們介紹您對此類舉措的看法，那將非常有幫助。以及您如何在長期購買晶圓產能之間取得平衡？任何關於如何廣泛考慮定價的評論都會非常有幫助。

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，東芝。我為什麼不定價，我會讓文斯談談我們對它的長期看法。因此，簡短的回答是，對於 2021 年，我們一直在談論在這一年中不斷上升的成本通脹，我們一直在提高價格，以抵消對利潤率的影響。我想說，在剛剛結束的財政年度，成本上漲和價格上漲並沒有完全同步。

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，成本通脹很可能超過了我們今年的定價行動，我們今年可能是一個溫和的逆風。當我們進入 2022 年時，我們正在尋找相反的情況。隨著價格上漲開始獲得更多牽引力，我們正在尋找扣除通脹的定價對今年來說是一個溫和的順風。我們相信，雖然我們在這一年中仍會增加一些成本，但其中大部分現在都已計入運行速度。

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，我可以稍微長遠地看待事情。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。我想我們之前已經談過了。我們繼續在我們的新產品流中提供不斷增加的價值。我們還為我們的客戶維護產品，這些產品的歷史通常超過 20 年——按年份計算是 20 年。

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.

在過去的一年裡，我們採取了非常謹慎的定價方法。而且我們對我們的客戶也非常透明，價格上漲實際上更多是為了轉移成本，而不是為了提高我們的利潤。

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.

最後評論定價。我認為，隨著我們接近這種後摩爾定律時代，我們現在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，我認為您將開始看到未來幾年該行業的通脹將持續存在。過去幾年已經證明，半導體是現代數字經濟的根源。而且我認為客戶也理解 semi 越來越多地創造的重要性和價值。所以我相信，正如我所說，通脹將持續存在。它會緩和，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 的業務。

Your next question is from Tore Svanberg with Stifel.

您的下一個問題來自 Tore Svanberg 和 Stifel。

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?

並祝賀創紀錄的結果。 Vince，您可能不會在分析師日之前與我們分享收入協同效應數據，但您能否給我們舉一些 Maxim 和 ADI 之間潛在的收入協同效應的例子，好嗎？

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，托雷。是的，我認為——我的意思是，有很多很多——我想我在準備好的評論中提到，例如，Maxim 在工業領域的代表性非常低，而 ADI 非常非常強大。我們一半的業務——總業務是工業，它只是Maxim業務的非常非常小的一部分。

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，尤其是電源管理。它是模擬領域中增長最快的部分。而且我認為，總的來說，我們作為一家掌權公司的代表性仍然不足。我們將——我們今天有大約 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翻倍。當我們在接下來的幾個月裡進入投資者日時，我們將提供更多詳細信息。從應用程序和市場的角度來看，我只想指出數據中心。您知道 Maxim 為與雲處理器、人工智能機器、加速器等配套使用的電源管理解決方案。我認為我們將與 ADI 的數據中心微模塊完美結合。

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.

然後在汽車連接方面，我們車內連接產品組合中使用的 Maxim 的 GMSL 高速鏈路技術將使我們能夠優化解決方案並解決更多的汽車應用。這也是 ADI 的 A2B 音頻連接解決方案的好搭檔。

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.

最後但並非最不重要的一點是，Maxim 為我們的 BMS 產品組合增加了很多分量。現在，我們的投資組合規模是 Maxim 之前的兩倍。所以 - 正如我在前面提到的 - 再次，在準備好的評論中，我們現在出售電動汽車領域前 10 名 OEM 中的 7 家。所以——還有更多的例子，但它們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 財年銷售增長形式的看法。我相信，您的第一季度前景意味著大約 19% 的備考銷售增長，這遠高於與第四季度最接近的模擬 [同行]。如果我假設第一季度是一年中的低點，而供應量按順序增長，那就意味著銷售額實現了兩位數的增長。

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它？在我們度過這一年的過程中，供應的看跌期權和混合的觀點可能是什麼？

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，維維克。所以我至少要給你一些形式。因此，當我們展望 2022 年時，我們可以看到這一年所有不同市場領域的增長。而且我認為我們可能會看到 ADI 的另一個兩位數的頂線年份。主要原因是，我們在進入這一年時積壓了非常多的訂單。我們看到廣泛的需求仍在繼續。我也認為，總的來說，我們看到了一些改進。每個月過去，我們都看到供應有所改善。所以我認為這種視線讓我們更有信心。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.

我們正在追趕的不僅僅是定價。因此，我認為您將在 2022 年看到定價活動的一些重大貢獻。此外，分銷渠道中的庫存繼續保持在低位，當然，在客戶方面幾乎是廣泛的。所以我認為總的來說，'22 應該是一個好年頭。我們身邊有很多很多司機。

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，也許只是雙擊供應項目以提供清晰。我們已經為傳統的 ADI 業務下達了相當數量的設備訂單。因此，我們預計 ADI 產能將在下一財年繼續環比增長。在 Maxim 方面，我們也做了同樣的事情，但是這些訂單只在交易完成時才下達。因此，鑑於半盤股公司的交貨時間較長，我們可能不太可能在年底之前看到 Maxim 的供應能力顯著提高。所以不幸的是，我認為從財政年度來看，Maxim 可能會對增長造成一點拖累，因為我們無法足夠快地獲得這些工具。

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.

我只是想感謝 Mike 提供的所有網絡日程安排，這些日程安排在透明度方面真的有很長的路要走。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。我只是想看看您所看到的與 TI 強調的內容，這與我們從其他公司聽到的非常不同。那麼具體來說，您是否看到加速範圍縮小了？然後你的交貨時間在哪裡？所以我認為在上一次財報電話會議中，你提到過——或者在我的回電中，你提到過你有 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。 Ambrish，我們真的沒有看到太大的變化。客戶——就客戶購買行為而言，第四季度的訂單到賬單遠高於 [1]。因此，作為參考，我們預計第一季度的季度環比增長通常是一個季節性較弱的季度。我們的積壓增加了，我們在 2022 年開始時的水平非常高，我們在取消或推出方面沒有看到太大變化。

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，那就是我們正在審查銷售和運營是否存在危險信號，這表明市場存在一定程度的轉變。我們還沒有看到任何值得注意的東西。真的，它在所有終端市場和所有地區都非常強大。正如我們之前所說，我們通過銷售來管理我們的業務。因此，我們真正通過分銷來了解我們的產品在銷售的基礎上的去向，以了解在誰購買和運送到哪裡方面發生了什麼。因此，我們已準備好應對變化。但我現在要說的是，它仍然感覺像四分之一前一樣。

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。我認為我的觀點很簡短。我與客戶的對話次數當然沒有減慢。在這些對話中，我很清楚我們被要求支持的實際需求。因此，我們的客戶正試圖將產品推出市場，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。與上一季度相比，交貨時間是否發生了變化？

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，我們有一些領域繼續擴大，而另一些領域已經穩定下來。所以總的來說，交貨時間高於正常水平，這不是我們想要的。但考慮到我們製造的產品和製造地點的多樣性，它是非常特定於產品和市場的。

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

我認為可以說交貨時間已經穩定。

Your next question comes from Stacy Rasgon with Bernstein Research.

您的下一個問題來自 Bernstein Research 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?

我想進一步了解協同效應的形式。我想你曾說過，今年和明年剩餘時間的成本協同效應將達到 40%。你能給我們一些想法，這些是如何在 COGS 中的 OpEx 和毛利率之間分配的？什麼是我們應該建立這些協同效應的 OpEx 的適當的全面基線？

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，我猜想，毛利率和毛利率一樣，考慮到定價和其他因素作為順風，你看到收入增長，你是否仍然認為第一季度毛利率無論他們想出現在哪裡，都是低谷對於這一年，考慮到其他一切如何流動？

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。所以斯泰西，考慮成本協同效應的方式是，我們說下一財年大約是 40%，然後是 2023 年的餘額。下一財年的大部分實際上將是商品成本。然後在 2023 年，你會看到這種翻轉將成為 OpEx 中的大部分。我還能告訴你什麼。 - 其他任何事情，邁克，這是相關的。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.

我將其稱為第一階段。我們將在分析師日更多地討論第二階段，屆時我們將尋求增加協同目標。然後關於毛利率的第二個問題，我將把它傳回給 Prashanth。

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

什麼是正確的當前類型，例如 OpEx 的折疊運行率？

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.

你看看我們的第一季度指南，我會說這可能是一個很好的運行率運營支出水平。我們 - 在該指南中，我們在第四季度拿出了大約 2000 萬美元的年度運營支出。因此，可能會為運行率增加 2000 萬美元。

I'm sorry (inaudible)

對不起（聽不清）

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，第一季度的季節性往往會略低，因為我們有假期停工，而第一季度這裡將有一個完整的季度Maxim，正如你們許多人所知，其毛利率低於獨立的 ADI。所以我們有一些不利因素。

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.

順風是我們已經獲得了強勁的收入，正如我之前提到的，定價將會 - 開始溫和地增加。所以總而言之，我認為毛利率是按順序排列的，我認為持平是一種安全的模式。

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.

然後你是對的，就今年的毛利率而言，假設需求保持強勁並且考慮到協同效應和我們的定價行動，混合不會改變，計劃是全年繼續上升。

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?

祝賀您取得了驕人的成績和執行力。在測試庫存時，我認為您提到它們繼續低於您 7 到 8 週的目標範圍。而且我知道，從成品的角度來看，至少到第三季度，同比下降，與總庫存增加相比，今年以來下降，這對我來說意味著寄售或直接客戶庫存是也很瘦，需求強勁。所以我猜你對團隊和你的客戶何時能夠建立庫存有什麼看法？還是只是在接下來的幾個季度分發它們？

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中，這可能會繼續進行。由於其中的一些數學計算，我們的庫存數字有點令人困惑。因此，我將回到我在準備好的評論中所說的內容。庫存天數小幅下降。隨著我們建立原材料和在製品，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.

Maxim 的庫存在本季度中期被添加到我們的庫存中，以及採購會計數學中，你有一些噪音，這需要我們加強這一點。因此，對所有這些進行調整後，我們的 ADI 資產負債表庫存略有上升，其中大部分是在製品中。

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.

在渠道方面，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，就像它對行業中的每個人一樣。至少在第一季度或第二季度，我們認為這種情況不會減弱，而且我們很難看到比這更遠的地方。

Stephanie, could we have our last question please?

斯蒂芬妮，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 C.J. Muse 和 Evercore。

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?

我想是關於供應和毛利率的問題。當您查看 '22 財年時，您能否談談您對內部供應與外部供應的預期增長？然後基於此，我們應該如何考慮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.

內部與外部供應。是的。所以 C.J.，好吧，讓我們分解一下動態。關於內部供應，我提到 ADI 的內部產能將隨著我們每個季度的推出而不斷提高，因為我們將更多的設備上線。在 Maxim 方面，我提到在一年中的大部分時間裡，這幾乎是平的。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.

在外部方面，我會說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。但這很大程度上取決於可用的節點。也許我會在這裡轉給文斯添加更多評論，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.，我認為我們能給你的最好答案是，我們已經表示我們預計全年毛利率都會增加。我們有一個混合模型。因此，我們預計——與此相反，我們預計不會出現任何會影響毛利率的外部、內部擾動，但我們預計全年毛利率會增加。

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.

謝謝大家，今天早上加入電話會議。成績單的副本將在我們的網站上提供，所有可用的對賬和其他信息也可以在那裡找到。再次感謝您加入我們以及您對 ADI 的持續關注。有一個偉大的感恩節。

Happy Thanksgiving, everyone.

祝大家感恩節快樂。

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

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