亞德諾半導體 (ADI) 2021 Q3 法說會逐字稿

Good morning, and welcome to the Analog Devices Third Quarter Fiscal Year 2021 Earnings Conference Call, which is being audio webcast via telephone and over the web.

早上好，歡迎參加 ADI 公司 2021 財年第三季度收益電話會議，該電話會議將通過電話和網絡進行音頻網絡直播。

I'd now like to introduce your host for today's call, Mr. Michael Lucarelli, Senior Director of Investor Relations.

我現在想介紹一下今天電話會議的主持人，投資者關係高級總監 Michael Lucarelli 先生。

Sir, the floor is yours.

先生，地板是你的。

Thank you, Shelby, and good morning, everybody.

謝謝你，謝爾比，大家早上好。

Thanks for joining our third quarter fiscal 2021 conference call.

感謝您參加我們的 2021 財年第三季度電話會議。

With me on the call today are ADI's CEO, Vincent Roche; and ADI's CFO, Prashanth Mahendra-Rajah.

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。

For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.

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。

And on to the disclosures.

並繼續披露。

The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties as further described in our earnings release and our most recent 10-Q and other periodic reports and materials filed with the SEC.

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，如我們的收益發布和我們最近提交給 SEC 的 10-Q 和其他定期報告和材料中進一步描述的那樣。

Actual results could differ materially from these forward-looking information as these statements reflect our expectations only as of the date of this call.

實際結果可能與這些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。

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

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.

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。

When comparing our results to our historical performance, special items are also excluded from prior periods.

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。

Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release.

這些非 GAAP 措施與其最直接可比的 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。

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

有了這個，我將把它交給 ADI 的首席執行官 Vincent Roche。

Vince?

文斯?

Thank you, Mike, and a very good morning to everybody.

謝謝你，邁克，祝大家早上好。

So ADI delivered a second consecutive quarter of record revenue and earnings.

因此，ADI 連續第二個季度實現了創紀錄的收入和收益。

Despite the challenging supply environment, our strong performance was driven by continued operational excellence and insatiable demand as semiconductors power the modern digital age.

儘管供應環境充滿挑戰，但隨著半導體推動現代數字時代，持續卓越運營和永不滿足的需求推動了我們的強勁表現。

Broadly speaking, the economic recovery continues to take shape with demand still far exceeding supply.

總體而言，經濟復甦仍在繼續形成，需求仍遠大於供給。

We, like many others in our industry, will face a constrained supply environment into 2022.

與我們行業中的許多其他人一樣，我們將在 2022 年面臨供應受限的環境。

Despite this backdrop, our business continues to achieve record results as our investments and design wins over the last few years are matched with strong demand across our end markets.

儘管有這種背景，我們的業務繼續取得創紀錄的業績，因為我們在過去幾年的投資和設計勝利與我們終端市場的強勁需求相匹配。

So looking ahead, the combination of robust bookings, lean inventories and ongoing capacity additions position ADI to close fiscal '21 on a high note and continue to grow in the next year.

因此，展望未來，強勁的預訂、精簡的庫存和持續的產能增加使 ADI 能夠以高調結束 21 財年，並在明年繼續增長。

So moving to our third quarter results.

所以轉向我們的第三季度業績。

Revenue was $1.76 billion, up 21% year-over-year.

收入為 17.6 億美元，同比增長 21%。

All markets increased sequentially with Industrial and Automotive once again achieving records.

隨著工業和汽車行業再次創下歷史新高，所有市場均出現環比增長。

Gross margin expanded to over 71% and operating margin to over 43%.

毛利率擴大至 71% 以上，營業利潤率擴大至 43% 以上。

Adjusted EPS of $1.72 increased 27% year-over-year.

調整後每股收益為 1.72 美元，同比增長 27%。

Despite elevated capital spending to increase our capacity, free cash flow over the trailing 12 months was $2.2 billion.

儘管增加了資本支出以增加我們的產能，但過去 12 個月的自由現金流為 22 億美元。

This equates to a 34% free cash flow margin, maintaining our position in the top 10% of the S&P 500.

這相當於 34% 的自由現金流利潤率，保持我們在標準普爾 500 指數前 10% 的位置。

So overall, I'm very pleased with our performance and our team's outstanding execution.

所以總的來說，我對我們的表現和我們團隊的出色執行感到非常滿意。

As you know, at ADI, our ethos of innovation and deep customer engagements ensure that we stay ahead of what's possible.

如您所知，在 ADI，我們的創新精神和深入的客戶參與確保我們保持領先地位。

We invest more than $1 billion annually in R&D, focused on strengthening our core franchises and capturing market opportunities presented by secular growth drivers which have accelerated in the economic recovery.

我們每年在研發上的投資超過 10 億美元，專注於加強我們的核心特許經營權，並抓住經濟復甦中加速的長期增長驅動力所帶來的市場機會。

Now let me share some recent highlights with you.

現在讓我與您分享一些最近的亮點。

Our Industrial business is our most diverse segment across customers, products and applications and feature sticky, long product life cycles.

我們的工業業務是我們跨客戶、產品和應用程序最多樣化的部門，具有粘性、產品生命週期長的特點。

Our largest industrial segment, instrumentation and test, is comprised of automated test equipment, electronic test and measurement and scientific instruments.

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。

This is truly a performance-driven market that aligns perfectly to our high-performance precision signal chain, power management and RF portfolios.

這是一個真正以性能為導向的市場，與我們的高性能精密信號鏈、電源管理和射頻產品組合完美契合。

Importantly, instrumentation and test is aligned with all secular growth trends from connectivity to EVs, to sustainability.

重要的是，儀器和測試與從連接到電動汽車到可持續性的所有長期增長趨勢保持一致。

The growing technology complexity of these applications requires more testers with more advanced performance capabilities.

這些應用程序日益增長的技術複雜性需要更多具有更高級性能能力的測試人員。

Today, ADI is the leader in communications tests, and we're collaborating with Keysight, for example, to advance the development of O-RAN solutions.

今天，ADI 是通信測試領域的領導者，我們正在與是德科技合作，例如，推進 O-RAN 解決方案的開發。

This partnership will enable the fastest path for designing cost-effective and power-efficient radio units.

這種合作夥伴關係將為設計具有成本效益和功率效率的無線電單元提供最快的途徑。

Looking ahead, we're already beginning to partner with our customers to test emerging 6G technologies.

展望未來，我們已經開始與客戶合作測試新興的 6G 技術。

Our innovations in the instrumentation market also have a positive impact on human and planetary health.

我們在儀器儀表市場的創新也對人類和地球健康產生了積極影響。

One particular area is our environmental monitoring business, where there is an increased need for highly reliable and accurate instruments to improve the standard of living globally.

一個特別的領域是我們的環境監測業務，該領域對高度可靠和準確的儀器的需求日益增加，以提高全球生活水平。

Our market-leading portfolio of precision converters enables 10x greater measurement resolution of fine particulate matter, better identifying trace pollutions.

我們市場領先的精密轉換器產品組合可將細顆粒物的測量分辨率提高 10 倍，更好地識別痕量污染。

The next largest industrial segment is factory automation.

下一個最大的工業領域是工廠自動化。

Over the last year, many of our customers are rethinking their factory floors and supply chains to make them more resilient, cost effective and flexible through automation and connectivity.

在過去的一年裡，我們的許多客戶正在重新考慮他們的工廠車間和供應鏈，以通過自動化和連接使它們更具彈性、成本效益和靈活性。

To achieve this, our customers will further automate their businesses with intelligent and connected factories and increase their use of robots and cobots.

為實現這一目標，我們的客戶將通過智能互聯工廠進一步實現業務自動化，並增加對機器人和協作機器人的使用。

Specifically, cobots require ADI's precision signal chain and power franchises, sensing technologies and robust wired and wireless connectivity.

具體而言，協作機器人需要 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。

This new vector of growth increases our SAM opportunity by 3x that of a traditional robot.

這種新的增長向量將我們的 SAM 機會增加了 3 倍於傳統機器人。

To that end, our precision motion control business is on track for a record year of design wins, including a recent win at a leading Japanese robotics company for its next-generation cobots.

為此，我們的精密運動控制業務有望取得創紀錄的設計勝利，其中包括最近在一家領先的日本機器人公司為其下一代協作機器人贏得了勝利。

In addition, we're leveraging our domain knowledge and system-level expertise in a collaboration with Universal Robots to design smaller, smarter and easier-to-use robots that help scale tasks safely and transform workforces.

此外，我們正在與 Universal Robots 合作，利用我們的領域知識和系統級專業知識來設計更小、更智能、更易於使用的機器人，幫助安全地擴展任務並轉變勞動力。

Well, turning now to our Communications business.

好吧，現在轉向我們的通信業務。

5G is beginning to broaden globally, especially in North America, as carriers look to deploy newly acquired C-band spectrum.

5G 開始在全球範圍內擴展，尤其是在北美，因為運營商希望部署新獲得的 C 波段頻譜。

And O-RAN continues to gain momentum also with several of the largest European carriers setting ambitious 2025 O-RAN deployment targets.

隨著幾家最大的歐洲運營商設定了雄心勃勃的 2025 年 O-RAN 部署目標，O-RAN 也繼續獲得動力。

This includes Vodafone where our technologies are very well represented.

這包括沃達丰，我們的技術得到了很好的體現。

This quarter, we extended our market-leading position in 5G radio solutions with the introduction of the industry's first software-defined transceiver that includes a fully integrated digital front end.

本季度，我們推出了業界首款包含完全集成數字前端的軟件定義收發器，進一步鞏固了我們在 5G 無線電解決方案中的市場領先地位。

Our innovative radio architecture greatly improves power efficiency, thereby reducing radio weight, size and carrier expenses.

我們創新的無線電架構極大地提高了電源效率，從而減少了無線電的重量、尺寸和運營成本。

This high level of integration eliminates FPGAs to simplify implementation and facilitate the proliferation of these emerging O-RAN networks.

這種高集成度消除了 FPGA，以簡化實施並促進這些新興 O-RAN 網絡的擴散。

Our next-generation transceiver platform is already designed in at a major Tier 1 global supplier that is gaining share in these 5G and O-RAN deployments across North America as well as Europe.

我們的下一代收發器平台已由一家主要的全球一級供應商設計，該供應商在北美和歐洲的這些 5G 和 O-RAN 部署中獲得了份額。

Stepping back, we expect our Communications business to return to growth in 2022.

退一步說，我們預計我們的通信業務將在 2022 年恢復增長。

We have strong design momentum, and our geographic mix has shifted with North America, Europe and Korea representing our largest sources of revenue.

我們擁有強大的設計動力，我們的地域組合已經發生變化，北美、歐洲和韓國是我們最大的收入來源。

Moving now on to Automotive.

現在轉到汽車。

Over the last 2 years, we've realigned our business to focus on electrification and the in-cabin human experience.

在過去的 2 年裡，我們重新調整了我們的業務，專注於電氣化和客艙內的人類體驗。

We're seeing the benefits of this strategy as we continue to scale our market leadership in battery management, power management, audio systems and connectivity.

隨著我們繼續擴大我們在電池管理、電源管理、音頻系統和連接方面的市場領導地位，我們看到了這一戰略的好處。

Starting firstly with our battery management systems, or BMS.

首先從我們的電池管理系統或 BMS 開始。

Our wired and wireless portfolios provide unmatched accuracy to deliver market-leading vehicle range and can measure all key battery chemistries, including zero-Cobalt LFP.

我們的有線和無線產品組合提供無與倫比的精度，可提供市場領先的車輛續航里程，並可測量所有關鍵電池化學成分，包括零鈷 LFP。

Additionally, our solutions incorporate ASIL-D functional safety and an ultra-low power continuous monitoring feature that ensures the battery remains stable even while parked, which is a first in the market.

此外，我們的解決方案結合了 ASIL-D 功能安全性和超低功耗連續監控功能，可確保電池即使在停車時也能保持穩定，這在市場上尚屬首創。

In addition, this quarter marked the first time we recognize revenue for our wireless BMS solution as General Motors prepares to ship its first of 30 EV models powered by the Ultium battery platform.

此外，本季度標誌著我們首次確認無線 BMS 解決方案的收入，因為通用汽車準備推出其由 Ultium 電池平台驅動的 30 款電動汽車中的第一款。

And this is just the beginning for this groundbreaking BMS technology as OEMs realize the power of wireless data in scaling their fleets.

而這只是這項突破性 BMS 技術的開始，因為 OEM 意識到無線數據在擴展其車隊方面的力量。

Turning to audio systems and connectivity.

轉向音頻系統和連接性。

As complexity continues to increase, there's very strong demand for our market-leading audio systems with signal processing, A2B connectivity and active road noise cancellation.

隨著複雜性的不斷增加，對我們市場領先的具有信號處理、A2B 連接和主動道路噪音消除的音頻系統的需求非常強烈。

Our solutions offer the highest fidelity performance in the market while reducing vehicle weight, removing nearly 100 pounds per vehicle.

我們的解決方案提供市場上最高的保真性能，同時減輕車輛重量，每輛車減輕近 100 磅。

During the quarter, 2 leading OEMs adopted A2B, and a top 3 European vehicle manufacturer implemented A2B as its audio connectivity standard across its entire fleet.

本季度，2 家領先的 OEM 採用 A2B，一家歐洲前 3 大汽車製造商將 A2B 作為其整個車隊的音頻連接標準。

In total, A2B is now designed in at over 30 OEMs, including 18 of the top 20 global automotive companies.

總的來說，A2B 現在被 30 多家 OEM 設計，其中包括全球前 20 家汽車公司中的 18 家。

Furthermore, interest in our active road noise cancellation feature continues to intensify.

此外，對我們的主動道路噪音消除功能的興趣繼續增強。

We're designed in at 9 OEMs, up from 5 just a year ago, including Hyundai and a leading EV manufacturer.

我們在 9 家 OEM 中進行設計，而一年前只有 5 家，其中包括現代和領先的 EV 製造商。

This added capability can more than double the value of our A2B solution.

這種附加功能可以使我們的 A2B 解決方案的價值增加一倍以上。

In all, these are just a few of the countless examples of the tremendous work underway at ADI.

總之，這些只是 ADI 正在進行的大量工作中的幾個例子。

We remain focused on delivering breakthrough innovations to stay ahead of our customers' needs.

我們仍然專注於提供突破性創新，以領先於客戶的需求。

So in closing, I've never been more confident about ADI's future.

所以最後，我從未對 ADI 的未來充滿信心。

Over the last decade, we've built an industry-leading portfolio with unparalleled breadth and depth of capabilities that's aligned with more profitable end markets.

在過去十年中，我們建立了行業領先的產品組合，其功能的廣度和深度無與倫比，與利潤更高的終端市場保持一致。

And our portfolio and leadership position will only get stronger with the acquisition of Maxim, enabling us to deliver strong returns in the years to come.

收購 Maxim 後，我們的投資組合和領導地位只會變得更加強大，使我們能夠在未來幾年提供強勁的回報。

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

有了這個，我會把你交給Prashanth。

Thank you, Vince.

謝謝你，文斯。

Good morning, and welcome to our third quarter earnings call.

早上好，歡迎來到我們的第三季度財報電話會議。

My comments today, with the exception of revenue and non-op expenses, will be on an adjusted basis, which excludes special items outlined in today's press release.

我今天的評論，除了收入和非運營費用外，將在調整的基礎上進行，其中不包括今天新聞稿中概述的特殊項目。

ADI delivered exceptional third quarter results, underpinned by our ability to increase production.

在我們提高產量的能力的支持下，ADI 實現了出色的第三季度業績。

Revenue and EPS reached all-time highs for the second straight quarter with continued gross and operating margin expansion.

隨著毛利率和營業利潤率的持續增長，收入和每股收益連續第二個季度創下歷史新高。

If we look at performance by end market, Industrial represented 57% of revenue and increased 3% sequentially and 29% year-over-year.

如果我們按終端市場來看業績，工業佔收入的 57%，環比增長 3%，同比增長 29%。

Notably, this business surpassed $1 billion of quarterly revenue for the first time.

值得注意的是，該業務的季度收入首次超過 10 億美元。

We experienced broad-based strength across applications and geographies.

我們在應用程序和地理區域都擁有廣泛的實力。

All subsegments increased double digits year-over-year, except health care, given the elevated pandemic demand a year ago.

鑑於一年前大流行病的需求增加，除醫療保健外，所有細分市場均同比增長兩位數。

Communications represented 16% of revenue and decreased 21% year-over-year while up 4% sequentially with growth in both wireless and wireline.

通信佔收入的 16%，同比下降 21%，但隨著無線和有線業務的增長，環比增長 4%。

As we outlined last quarter, we believe our Communications revenue has bottomed and will continue to grow as 5G deployments broaden globally, especially in North America.

正如我們上個季度概述的那樣，我們認為我們的通信收入已經觸底，並將隨著 5G 部署在全球範圍內的擴大而繼續增長，尤其是在北美。

Automotive represented 16% of revenue and increased 13% sequentially and 80% year-over-year.

汽車佔收入的 16%，環比增長 13%，同比增長 80%。

Strength was broad-based with double-digit growth across every major application.

實力基礎廣泛，每個主要應用都實現了兩位數的增長。

BMS and A2B remain our fastest-growing applications, and both are on track to nearly double in size this year.

BMS 和 A2B 仍然是我們增長最快的應用程序，今年兩者的規模都有望翻一番。

As Vince shared earlier, ADI has been strategically pivoting resources to focus more aggressively on electrification and the in-cabin human experience.

正如文斯早些時候分享的那樣，ADI 一直在戰略性地轉移資源，以更積極地關注電氣化和客艙內的人類體驗。

As part of this strategy, we are licensing select radar IP to a large European Tier 1 auto supplier.

作為該戰略的一部分，我們正在將精選雷達 IP 授權給一家大型歐洲 1 級汽車供應商。

This resulted in immediate revenue recognition of $24 million in the quarter.

這導致本季度立即確認收入 2400 萬美元。

Consumer represented 10% of revenue and increased 16%, both sequentially and year-over-year.

消費者佔收入的 10%，環比和同比增長 16%。

Our strategy to diversify and grow this business in fiscal '21 is working as strength across home entertainment, hearables and wearables more than offset a decline in portables.

我們在 21 財年實現業務多元化和發展的戰略是在家庭娛樂、可聽設備和可穿戴設備領域發揮優勢，這足以抵消便攜式設備的下滑。

And now moving to the P&L.

現在轉到損益表。

Gross margin expanded sequentially and year-over-year, finishing at 71.6%, mainly due to the cost savings from the LTC manufacturing optimization and the IP license agreement.

毛利率環比和同比增長，最終達到 71.6%，主要是由於 LTC 製造優化和 IP 許可協議帶來的成本節約。

OpEx in the quarter was $493 million, up modestly sequentially, due to a full quarter of merit increases and continued strong variable comp.

本季度的運營支出為 4.93 億美元，環比小幅增長，原因是整個季度的業績增長和持續強勁的可變薪酬。

This netted an op margin of 43.6%, which marks the fifth straight quarter of year-over-year op margin expansion, underscoring the strong leverage in our business.

這帶來了 43.6% 的運營利潤率，這標誌著運營利潤率連續第五個季度同比增長，突顯了我們業務的強大槓桿作用。

Non-op expenses were $37 million, below our typical quarterly run rate of approximately $43 million due to an investment gain.

由於投資收益，非運營費用為 3700 萬美元，低於我們通常的約 4300 萬美元的季度運行率。

And our tax rate was approximately 12%, which give us an adjusted EPS at $1.72, including $0.05 of upside attributable to the IP licensing agreement.

我們的稅率約為 12%，調整後的每股收益為 1.72 美元，其中包括知識產權許可協議帶來的 0.05 美元的上行空間。

Moving on to the balance sheet.

轉到資產負債表。

We finished the quarter with an ending cash balance of $1.5 billion and a net leverage ratio of 1.2x.

我們以 15 億美元的期末現金餘額和 1.2 倍的淨槓桿率結束了本季度。

Relative to the second quarter, inventory dollars increased $16 million, driven entirely by raw materials and work in process.

與第二季度相比，庫存美元增加了 1600 萬美元，完全由原材料和在製品驅動。

Days of inventory were unchanged at 118, and weeks of channel inventory remained well below the low end of our 7- to 8-week target as sell-through remained stronger than selling.

庫存天數保持在 118 天不變，渠道庫存週數仍遠低於我們 7 至 8 週目標的低端，因為銷售仍然強於銷售。

CapEx for the quarter was $86 million, up meaningfully sequentially as we continue to add capacity to support our robust and growing order book that now stretches into fiscal '22.

本季度的資本支出為 8600 萬美元，環比增長顯著，因為我們繼續增加產能以支持我們強大且不斷增長的訂單簿，該訂單簿現已延伸至 22 財年。

We will continue to increase capacity in the fourth quarter, resulting in full year capital intensity above our long-term model of 4%.

我們將在第四季度繼續增加產能，從而使全年資本密集度高於我們 4% 的長期模型。

And turning to free cash flow, we generated more than $2.2 billion over the trailing 12 months, up 23% from a year ago, and this represented a 34% free cash flow margin.

轉向自由現金流，在過去的 12 個月中，我們產生了超過 22 億美元，比一年前增長 23%，這代表了 34% 的自由現金流利潤率。

Over the same period, we have returned nearly 85% of free cash flow after debt repayment via $970 million in dividends and over $500 million in share repurchases.

在同一時期，我們通過 9.7 億美元的股息和超過 5 億美元的股票回購返還了近 85% 的自由現金流。

And now on to the fourth quarter outlook.

現在進入第四季度展望。

Revenue is expected to be $1.78 billion, plus or minus $70 million, up sequentially, as additional capacity comes online.

隨著新增產能上線，預計收入將達到 17.8 億美元，上下浮動 7000 萬美元。

At the midpoint, excluding the automotive IP licensing revenue, we expect each of our B2B markets to increase sequentially, led by Communications and Consumer to be up high single digits.

在中點，不包括汽車 IP 許可收入，我們預計我們的每個 B2B 市場都將連續增長，其中通信和消費類市場將以高個位數增長。

Based on the midpoint of guide, we expect to deliver a record gross margin and for operating margins to be 43.7%, plus or minus 100 bps.

根據指導的中點，我們預計毛利率將創下歷史新高，營業利潤率為 43.7%，上下浮動 100 個基點。

Our tax rate is expected to fall toward the upper end of our range.

我們的稅率預計將下降到我們範圍的上限。

And based on these inputs, adjusted EPS is expected to be $1.72, plus or minus $0.11.

根據這些輸入，調整後的每股收益預計為 1.72 美元，上下浮動 0.11 美元。

So before moving to the Q&A, I'd like to give a brief update on Maxim.

因此，在進行問答之前，我想簡要介紹一下 Maxim 的最新情況。

Our discussions with the Chinese regulatory authorities have been productive, and we're working towards closing within the initial time frame.

我們與中國監管機構的討論富有成效，我們正在努力在最初的時間框架內完成。

We plan on closing no later than the third business day after China approval has been granted.

我們計劃在獲得中國批准後的第三個工作日內關閉。

As we shared before, shortly after the close, we will hold a conference call to provide an update on our capital return plans.

正如我們之前分享的，在收盤後不久，我們將召開電話會議，提供我們資本回報計劃的最新信息。

Once combined, we anticipate having nearly $4 billion of cash on our balance sheet, a leverage ratio well below 1 and more than $3 billion of annual free cash flow.

合併後，我們預計資產負債表上有近 40 億美元的現金，槓桿率遠低於 1，年度自由現金流超過 30 億美元。

I'll now turn it over to Mike to start the Q&A.

我現在將把它交給邁克來開始問答。

Thanks, Prashanth.

謝謝，普拉桑斯。

Let's get to our Q&A session.

讓我們進入我們的問答環節。

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

（操作員說明）這樣，我們可以問第一個問題嗎？

(Operator Instructions) Your first question is from Vivek Arya of Bank of America Securities.

（操作員說明）您的第一個問題來自美國銀行證券公司的 Vivek Arya。

Vince, you mentioned demand far exceeds supply.

文斯，你提到需求遠遠超過供應。

I was hoping if you could help us quantify that.

我希望你能幫助我們量化這一點。

Are you under shipping by 5%, 10%?

你的運費是 5%、10% 嗎？

How much of a demand cushion does ADI have right now?

ADI 目前有多少需求緩衝？

And kind of part B of that is how much incremental capacity are you planning to bring online in the next year?

其中 B 部分是您計劃在明年上線多少增量容量？

And is that kind of a proxy for what kind of sales growth we should be looking at?

這是否代表我們應該關注什麼樣的銷售增長？

Thanks, Vivek.

謝謝，維維克。

So demand continues to grow across our markets.

因此，我們市場的需求繼續增長。

All end markets are up, and our book-to-bill was above 1.2.

所有終端市場都在上漲，我們的訂單出貨比高於 1.2。

Supply is also expanding.

供應也在擴大。

We grew 4% sequentially in the third quarter, and we're -- at the midpoint, we're going to be up another 3% for the fourth quarter.

我們在第三季度環比增長了 4%，而且在中點，我們將在第四季度再增長 3%。

So you look at that math, and it says the supply-demand gap is growing, or said another way, backlog is increasing quarter-over-quarter, and it now extends well into 2022.

所以你看一下這個數學，它說供需差距正在擴大，或者換句話說，積壓訂單正在逐季增加，現在已經延伸到 2022 年。

Our view is this gap is likely to persist into calendar year '22, given the long lead time it takes to add supply in the industry, plus just the broad strength of the demand.

我們的觀點是，考慮到增加行業供應所需的較長時間，加上需求的廣泛強度，這種差距可能會持續到 22 年。

Yes.

是的。

I think the second part of that question, Vivek, just a little bit of color.

我認為這個問題的第二部分，Vivek，只是有點色彩。

So we're layering in investments in CapEx to support our growth objectives, so particularly on the back end of our operations, assembly and test.

因此，我們正在對資本支出進行分層投資，以支持我們的增長目標，特別是在我們的運營、組裝和測試的後端。

And we need this capital now to meet the demand.

我們現在需要這筆資金來滿足需求。

But also in the longer term, we're very, very optimistic about the tailwinds in -- right across our business, from automation to electrification, connectivity and so on and so forth.

但從長遠來看，我們對整個業務的順風非常非常樂觀，從自動化到電氣化、連接性等等。

So the outlook we've just given you is supply feasible, and it is certainly the governor, I would say, right now on revenue for the company.

所以我們剛剛給你的前景是供應可行的，我想說的是，現在公司的收入肯定是州長。

Your next question is from Tore Svanberg of Stifel.

您的下一個問題來自 Stifel 的 Tore Svanberg。

yes.

是的。

I was hoping you could just elaborate a little bit more on the Maxim merger.

我希望你能詳細說明一下 Maxim 的合併。

You said that you'd still expect it to happen within the time frame you had announced.

你說你仍然希望它在你宣布的時間範圍內發生。

I believe you had said the summer of 2021, correct me if that was wrong.

我相信你說過 2021 年夏天，如果有錯誤請糾正我。

And related to that is, again, China the only remaining obstacle before you can close the deal?

與此相關的是，中國是完成交易之前唯一剩下的障礙嗎？

Thanks, Tore.

謝謝，托雷。

So look, our confidence of the closing remains unchanged.

所以看，我們對收盤的信心保持不變。

And as we said in the prepared comments, our discussions with the Chinese regulatory authorities have been productive -- positive and productive, and we're working towards closing within the initial time frame.

正如我們在準備好的評論中所說，我們與中國監管機構的討論是富有成效的——積極而富有成效的，我們正在努力在最初的時間框架內結束。

So China is the only outstanding regulatory approval need at this point in time.

因此，中國是目前唯一一個尚未完成的監管審批需求。

And I will remind you as well that all of the other regulatory bodies across the globe have approved our deal without condition, without remedies.

我還要提醒你，全球所有其他監管機構都無條件批准了我們的交易，沒有補救措施。

Your next question is from John Pitzer of Credit Suisse.

您的下一個問題來自瑞士信貸的 John Pitzer。

Yes.

是的。

Vince, I wanted to pick up on your prepared comments about your Industrial business.

文斯，我想了解您對您的工業業務準備好的評論。

You're now going in the third consecutive quarter of sort of record revenues in that business.

您現在將在該業務中連續第三個季度實現創紀錄的收入。

You have to go back to, I think, April of '18 before -- which was the last peak.

我認為你必須回到之前的 18 年 4 月——那是最後一個高峰。

But year-to-date -- fiscal year-to-date, that business is up about 30% year-over-year.

但年初至今 - 本財年迄今，該業務同比增長約 30%。

And for a lot of investors, they're concerned that perhaps that represents more cyclical excess than sort of structural sustainability.

對於很多投資者來說，他們擔心這可能代表了更多的周期性過剩，而不是結構性可持續性。

And so I'm kind of curious, as you break apart your Industrial business, what do you think is being driven by the "cycle" versus stuff that's a little bit more sustainable?

所以我有點好奇，當你拆分你的工業業務時，你認為“週期”與更具可持續性的東西相比，是什麼驅動的？

Yes.

是的。

Thanks, John.

謝謝，約翰。

I think, first and foremost, I'd like to remind everybody that ADI's Industrial business is built on a foundation of many individual market segments like automation, instrumentation that I talked about, health care, our space business and energy as it moves to renewables and charging infrastructure, for example, the whole need for grid efficiency and stabilization.

我想，首先，我想提醒大家，ADI 的工業業務建立在許多單獨的細分市場的基礎上，例如自動化、我談到的儀器儀表、醫療保健、我們的太空業務和能源，因為它正在轉向可再生能源和充電基礎設施，例如，對電網效率和穩定性的整體需求。

So that's the foundation.

這就是基礎。

It's a highly diverse business.

這是一個高度多樣化的業務。

We've got many tens of thousands of customers.

我們有成千上萬的客戶。

And the life cycles in the business are kind of 15 years plus, and it's a very, very, very sticky set of sockets that we've got.

業務的生命週期是 15 年以上，這是我們擁有的一組非常、非常、非常粘的套接字。

So those of you who have followed ADI for a long time, remember, we -- about a decade ago, we fairly dramatically increased our focus in terms of R&D, go-to-market activities in ensuring that we could really grow that business.

所以那些長期關注 ADI 的人，請記住，我們 - 大約十年前，我們相當顯著地增加了我們在研發和上市活動方面的關注，以確保我們能夠真正發展該業務。

And the last few years have shown that we've been gaining market share across the board there.

過去幾年表明，我們一直在那裡全面獲得市場份額。

So I think there's a certain amount, John, of -- there were a lot of programs that were stalled last year, so there's a certain amount of catch-up there.

所以我認為有一定數量的，約翰，去年有很多項目停滯不前，所以有一定數量的追趕。

But I do think that the breadth of the portfolio that we now have, the investments we've been making in terms of customer engagement, R&D activities and the secular trends that we've got, all these concurrent secular drivers are propelling that business beyond the markets.

但我確實認為，我們現在擁有的投資組合的廣度、我們在客戶參與、研發活動和我們所擁有的長期趨勢方面所做的投資，所有這些共同的長期驅動因素正在推動該業務超越市場。

Yes.

是的。

I'll add one thing, John.

我要補充一件事，約翰。

You're right.

你是對的。

As we said in our prepared comments, all the markets did increase double digits year-over-year.

正如我們在準備好的評論中所說，所有市場確實同比增長了兩位數。

Of our 6 applications that Vince outlined, 2 are still below pre-peak levels.

在 Vince 概述的 6 個應用程序中，有 2 個仍低於峰值前水平。

We do think fiscal '21 marks a record for all of them, and we don't see why they won't hit another record in '22, given the strong trends that Vince outlined.

我們確實認為 21 財年標誌著他們所有人的記錄，鑑於文斯概述的強勁趨勢，我們不明白為什麼他們不會在 22 年再創紀錄。

And with that, we'll go to our next question.

有了這個，我們將進入下一個問題。

Your next question is from Stacy Rasgon of Bernstein Research.

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

I had a question on the pricing environment.

我有一個關於定價環境的問題。

And given the -- just the tight supply and the shortage situation, we're starting to see some hints of some of your peers starting to take prices up.

鑑於 - 只是供應緊張和短缺的情況，我們開始看到一些同行開始抬高價格的跡象。

And I was curious what you guys are seeing in the pricing environment.

我很好奇你們在定價環境中看到了什麼。

Are you seeing that?

你看到了嗎？

Are you able to actually do that?

你真的能做到嗎？

Are you treating your own pricing environment more conservatively?

您是否更保守地對待自己的定價環境？

Yes.

是的。

Thanks for the question, Stacy.

謝謝你的問題，斯泰西。

So I would say that for the results that we printed, pricing is on net neutral.

所以我想說，對於我們打印的結果，定價是網絡中性的。

We're passing on cost increase so that we're not impacting margins, but we've made a decision not to take advantage of our customers by structurally increasing pricing in this environment.

我們正在轉嫁成本增加，以免影響利潤率，但我們已決定不通過在這種環境下結構性地提高定價來利用我們的客戶。

Our long-term model is unchanged, and that is 70% plus.

我們的長期模型沒有改變，增加了 70% 以上。

So the goal really is to drive the revenue growth and make the trade-offs that are necessary to drive that revenue growth, focusing on delivering on the op margin and the free cash flow.

因此，真正的目標是推動收入增長，並做出推動收入增長所必需的權衡取捨，專注於實現運營利潤率和自由現金流。

So you'll see on a -- if you back out the IP license impact, we had a 71.2% gross margin in the third quarter.

所以你會看到 - 如果你取消 IP 許可的影響，我們在第三季度的毛利率為 71.2%。

And while we don't guide to gross margins, if you impute it from the guide that we give you -- we gave you, fourth quarter is going to be -- probably be a record for ADI in terms of gross margins.

雖然我們沒有指導毛利率，但如果你從我們給你的指南中估算它 - 我們給你的，第四季度將是 - 可能是 ADI 在毛利率方面的記錄。

Your next question is from Toshiya Hari of Goldman Sachs.

您的下一個問題來自高盛的 Toshiya Hari。

I wanted to ask about the Comms business.

我想問一下通訊業務。

Vince, you talked about 2022 being a growth year, and you talked about North America, Europe and Korea being the key drivers for you guys going forward.

文斯，你談到 2022 年是增長的一年，你談到北美、歐洲和韓國是你們前進的關鍵驅動力。

How should we think about the shape of the recovery going forward?

我們應該如何看待未來的複蘇形式？

Is it going to be a fairly gradual recovery?

這將是一個相當漸進的恢復嗎？

Could it be sort of a V-shaped recovery over the next couple of quarters?

在接下來的幾個季度中，它會不會是一種 V 型複蘇？

And when you talk about return to growth in '22, what sort of implicit assumptions are you making for China?

當你談到 22 年恢復增長時，你在為中國做出什麼樣的隱含假設？

Okay.

好的。

Thanks.

謝謝。

We're going to split that into 2. Let me just quickly talk about what happened, and then I'll let Vince speak to kind of more broadly.

我們將把它分成兩部分。讓我快速談談發生的事情，然後讓文斯更廣泛地說。

So in the second quarter, as a reminder, we did call the bottom on Comms and said that we would grow on a sequential basis.

因此，在第二季度，提醒一下，我們確實在 Comms 上觸底，並表示我們將按順序增長。

We delivered that in third quarter, and we are on track to deliver that for the fourth quarter.

我們在第三季度實現了這一目標，我們有望在第四季度實現這一目標。

So we believe we're really well positioned for strong growth into fiscal '22.

因此，我們相信我們已經為 22 財年的強勁增長做好了充分準備。

And between kind of the 2 subsegments there, wired demand remains strong, and we expect that to continue as both carriers and data centers continue to do the upgrades to their networks.

在這兩個細分市場之間，有線需求仍然強勁，我們預計隨著運營商和數據中心繼續對其網絡進行升級，這種需求將繼續存在。

And wireless, while it's always lumpy, growth in the past quarter was really driven by rest of the world, North America.

而無線，雖然總是起伏不定，但過去一個季度的增長實際上是由世界其他地區，北美推動的。

We do think China bottomed in the third quarter so that should also represent some growth momentum for us as we go forward.

我們確實認為中國在第三季度觸底，因此這也應該代表我們前進的一些增長動力。

And then I'll hand off to Vince to kind of speak more broadly about what we're seeing.

然後我將交給文斯更廣泛地談論我們所看到的。

Yes.

是的。

So Toshi, why do I have the confidence I have about 2022 being a strong growth year?

所以 Toshi，為什麼我有信心認為 2022 年是一個強勁的增長年？

So maybe I can unpack that a bit for you.

所以也許我可以為你解開一點。

So I think our Comms revenue mix is seeing a benefit from the rest of world beginning to emerge in 5G.

因此，我認為我們的通信收入組合正在從世界其他地區開始受益於 5G。

So today, rest of world, outside of China, is 3x in terms of TAM.

所以今天，中國以外的世界其他地區的 TAM 是 3 倍。

So that's number one.

所以這是第一名。

If you look at then the geographies, North America, the auction, the C-band auction is complete, revenue is really just beginning here.

如果你看一下地理，北美，拍賣，C波段拍賣已經完成，收入真的才剛剛開始。

And all the indications are that 5G revenue here will accelerate in 2022 and indeed beyond.

所有跡像都表明，這裡的 5G 收入將在 2022 年甚至以後加速增長。

Europe, I would say a step behind, but we're beginning to see good signs of life in that region.

歐洲，我會說落後了一步，但我們開始在該地區看到良好的生機跡象。

And -- but I think it will be more a late 2022 driver.

而且——但我認為這將更像是 2022 年末的驅動程序。

We've talked several times on various calls here about O-RAN, what's happening, but we're beginning to see revenue.

我們已經在這裡多次討論過關於 O-RAN 的各種電話，正在發生什麼，但我們開始看到收入。

We've talked before about Rakuten in Japan.

我們之前已經討論過日本的樂天。

That business continues to accelerate, and European carriers are looking right now to make it also an important part of their 5G offering.

該業務繼續加速發展，歐洲運營商現在正在尋求使其成為其 5G 產品的重要組成部分。

I mentioned during the prepared remarks as well that Vodafone is a major player there, and we happen to be very well represented in their systems.

我在準備好的評論中也提到，沃達丰是那裡的主要參與者，我們恰好在他們的系統中有很好的代表。

And I'm also having conversations with customers about the use of 5G and O-RAN beyond the classical consumer market.

我還在與客戶就 5G 和 O-RAN 在經典消費市場之外的使用進行對話。

So it's early days, but the characteristics of flexibility, scalability, quicker time to market, cost savings and so on is enabling private networks to be configured in factory environments, for example.

因此，現在還處於早期階段，但靈活性、可擴展性、更快的上市時間、節省成本等特性使得私有網絡能夠在工廠環境中進行配置。

So that's all still on to come, but that gives you a sense for our confidence in 2022 and beyond.

所以這一切都還在繼續，但這讓你對我們對 2022 年及以後的信心充滿信心。

Your next question is from Ambrish Srivastava of BMO.

您的下一個問題來自 BMO 的 Ambrish Srivastava。

I had a question on Maxim and -- so my investment case for ADI has now been Maxim.

我有一個關於 Maxim 的問題，所以我對 ADI 的投資案例現在是 Maxim。

And you have a very sticky shareholder base who have been with you before Maxim.

而且你有一個非常粘稠的股東基礎，他們在 Maxim 之前就和你在一起。

But I get this question a lot, so I think it's a fair question to ask.

但我經常收到這個問題，所以我認為這是一個公平的問題。

If Maxim was not to go through, how do you think about capital allocation?

如果Maxim不通過，您如何看待資本配置？

Do you then go back to the playbook and say you would be changing how you think about capital allocation or you would continue on the M&A path and look at other opportunities?

然後你會回到劇本並說你會改變你對資本配置的看法，或者你會繼續走併購之路並尋找其他機會？

So Ambrish, let's do this.

所以Ambrish，讓我們這樣做。

Let me just remind everyone what the capital allocation policy is today because I think that we have a very shareholder-friendly capital allocation policy, which is that first call is really to invest in the business and that -- although not a traditional definition, we do consider that organically kind of how we spend our R&D, and that is heavily pointed towards the B2B market.

讓我提醒大家今天的資本配置政策是什麼，因為我認為我們有一個非常有利於股東的資本配置政策，即第一個電話是真正投資於業務，雖然不是傳統的定義，但我們確實考慮到我們如何進行研發的有機方式，這主要指向 B2B 市場。

And then we think about inorganic really more as it helps the technology portfolio or find other ways to help us become more important to customers.

然後我們更多地考慮無機，因為它有助於技術組合或找到其他方法來幫助我們變得對客戶更重要。

But our commitment is to return 100% of free cash flow to customers.

但我們的承諾是向客戶返還 100% 的自由現金流。

So we're at a 1.2 level leverage today.

所以我們今天的槓桿率為 1.2。

We do not need to reduce debt.

我們不需要減少債務。

So on a -- in an environment -- despite the confidence that we have in the Maxim deal closing, in an environment where that was not to have happened, would not look for us to really be changing that view of having all our incremental free cash flow go into -- returned to shareholders, either through buyback or through dividend.

因此，在一個環境中——儘管我們對 Maxim 的交易完成充滿信心，但在一個不會發生這種情況的環境中，我們不會期待我們真正改變那種讓我們所有增量免費的觀點現金流入——通過回購或股息返還給股東。

And as a reminder, I think over the past 3 years, we've averaged about a 10% increase in our dividend, so a very healthy commitment for our fixed income-focused investors as well as the repo.

提醒一下，我認為在過去 3 年中，我們的股息平均增長了約 10%，因此對於我們以固定收益為重點的投資者以及回購而言，這是一個非常健康的承諾。

I think we're on track this year for an all-time high in terms of our repo activity.

我認為我們今年的回購活動有望創下歷史新高。

Back to the M&A, I'm going to hand that one to Vince to talk more about the alternatives there.

回到併購，我將把那個交給文斯，以更多地討論那裡的替代方案。

Yes.

是的。

So as you know, you've seen, over the years, we've always acquired very, very high-quality assets, and that will remain to be our view on things in the years ahead as well.

如您所知，您已經看到，多年來，我們總是獲得非常、非常高質量的資產，這也將是我們未來幾年對事物的看法。

Your next question is from Blayne Curtis of Barclays.

您的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just curious on -- if you look at the B2B guidance, it's fairly flattish.

只是好奇——如果你看一下 B2B 指南，它相當平淡。

I think Industrial probably is flat, given the segment guidance you gave.

鑑於您提供的細分市場指導，我認為工業可能持平。

So I'm just kind of curious as you look at this, obviously, you had strong comments on the bookings.

所以當你看到這個時，我只是有點好奇，顯然，你對預訂有強烈的評論。

Is that gap really supply?

這個缺口真的是供應嗎？

Or are you starting to see demand trends start to settle out at this level?

或者您是否開始看到需求趨勢開始在這個水平上穩定下來？

That is purely supply.

那是純粹的供應。

I think I mentioned in maybe the first or second question that book-to-bill for the quarter was over 1.2, and that's across all markets.

我想我可能在第一個或第二個問題中提到，本季度的帳單比超過 1.2，這在所有市場都是如此。

So we're seeing very strong interest in products across all markets.

因此，我們看到所有市場都對產品產生了濃厚的興趣。

Mike indicated in one of the other Q&As that we're likely to have the industrial markets hit an all-time high collectively for fiscal year '21 and expect that to continue to be on track, to have another record in FY '22.

邁克在其他問答中表示，我們可能會讓工業市場在 21 財年集體創下歷史新高，並預計這將繼續走上正軌，在 22 財年再創紀錄。

So very much a supply-constrained environment.

因此，供應非常有限的環境。

And I just wanted to follow up on the gross margin, Prashanth.

我只是想跟進毛利率，Prashanth。

So you indicated the gross margin would be up, and I think that's with the license impact as well.

所以你表示毛利率會上升，我認為這也與許可影響有關。

So you saw a benefit from the linear.

所以你看到了線性的好處。

Just curious how much more there is of that as a benefit.

只是好奇還有多少好處。

And then maybe just talk about utilizations and other pulls on gross margin as you look over the next couple of quarters.

然後，當您查看接下來的幾個季度時，也許只是談論利用率和毛利率的其他拉動。

Yes.

是的。

So I presume you're asking kind of with respect to the guide.

所以我想你是在詢問關於指南的問題。

So in the fourth quarter, we -- and we're not guiding gross margins, but we're pretty confident we're going to hit a new record for gross margins.

因此，在第四季度，我們 - 我們並沒有指導毛利率，但我們非常有信心我們將創下毛利率的新紀錄。

That is coming from the LTC synergies.

這來自 LTC 的協同作用。

We're continuing -- I think we hit the final phase of closing down the manufacturing operation in California.

我們正在繼續——我認為我們已經進入關閉加利福尼亞製造業務的最後階段。

We still have an opportunity, as soon as the supply environment allows us to, to get some additional savings out of Asia because we haven't closed that facility yet because we have no time to ship the tools to their new location.

只要供應環境允許，我們仍有機會從亞洲獲得額外的節省，因為我們尚未關閉該設施，因為我們沒有時間將工具運送到他們的新地點。

Utilization is also going to provide some level of increase.

利用率也將提供一定程度的增長。

I would say mix is a bit of a headwind into the fourth quarter.

我想說混合在第四季度有點逆風。

And fourth quarters typically have some level of challenges in terms of holiday shutdowns, so we need to manage through that, which can provide a little bit of headwind for us as well that we got to work ourselves around.

第四季度通常會在假期停工方面面臨一定程度的挑戰，因此我們需要克服這些挑戰，這會給我們帶來一點阻力，我們也必須自己解決。

The foundation for our gross margins being where they are is, number one, innovation.

我們毛利率的基礎是，第一，創新。

We produce the best forming -- the best-performing solutions between the physical and digital worlds, and we get a premium.

我們生產最好的成型——物理世界和數字世界之間表現最好的解決方案，我們得到了溢價。

We get very, very well paid for doing that.

這樣做我們得到了非常非常高的報酬。

Also the diversity of our product and customer portfolios, 125,000 customers with, I think I've said this before, 85% of our sales come from products that individually contribute less than 0.1%.

還有我們產品和客戶組合的多樣性，125,000 名客戶，我想我之前說過，我們 85% 的銷售額來自單獨貢獻不到 0.1% 的產品。

And the pricing environment, as we said earlier on the call, has been very, very stable, very steady.

正如我們之前在電話會議上所說，定價環境非常非常穩定，非常穩定。

Your next question is from Harlan Sur of JPMorgan.

您的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the strong results and quarterly execution.

祝賀強勁的業績和季度執行。

Channel inventories continue to remain below your target 7- to 8-week range.

渠道庫存繼續低於您的 7 至 8 週目標範圍。

You guys can also monitor direct customer inventories, at least for those that are on consignment programs.

你們還可以監控直接客戶的庫存，至少對於那些寄售計劃的庫存。

Any signs that customers have been able to build inventories?

有任何跡象表明客戶已經能夠建立庫存？

I mean, it seems unlikely because the entire value chain appears to be sort of hand-to-mouth from a chip supply perspective.

我的意思是，這似乎不太可能，因為從芯片供應的角度來看，整個價值鏈似乎是一種肉搏。

But wanted to get your views.

但想听聽你的意見。

And when do you believe customers will be in a position to start to build back inventories?

您認為客戶何時能夠開始增加庫存？

I'm assuming the soonest is sometime in calendar '22 but wanted to get your views as well.

我假設最快的時間是在 22 年日曆中的某個時間，但也希望得到您的意見。

Yes.

是的。

Thank you, Harlan.

謝謝你，哈蘭。

So I'll take that.

所以我會接受的。

So first, a couple of comments on inventory.

首先，關於庫存的一些評論。

Inventory on our balance sheet is up year-over-year and sequentially, but that is exclusively due to raw materials and WIP.

我們資產負債表上的庫存同比和環比增加，但這完全是由於原材料和在製品。

We can't keep a finished good in stock.

我們無法保持成品庫存。

So when it's produced, it either goes to the customer or it goes into the channel, and then it goes out of the channel immediately.

所以當它生產出來的時候，它要么去客戶那裡，要么進入渠道，然後立即離開渠道。

So we are struggling to build finished goods inventory, both in ADI warehouses as well as in our channel partners.

因此，我們正在努力在 ADI 倉庫以及我們的渠道合作夥伴中建立成品庫存。

Roughly -- well, let's say a significant amount of our Auto business is on consignment, which gives us good visibility for that direct business as to what's happening there.

大致 - 好吧，假設我們的大量汽車業務是寄售的，這使我們能夠很好地了解該直接業務的情況。

And that is also -- we're seeing that demand kind of pull through pretty quickly and no opportunity for those auto customers to build the inventory within their warehouses, but that's on our books.

這也是 - 我們看到這種需求很快就通過了，這些汽車客戶沒有機會在他們的倉庫內建立庫存，但這在我們的賬簿上。

So it's still very much hand-to-mouth, and the focus that we have, as we've talked throughout this call and in the prepared remarks, is on increasing our capacity or ability to supply by making some significant investments in capacity.

因此，這仍然是面對面的交流，正如我們在整個電話會議和準備好的講話中所討論的那樣，我們的重點是通過對產能進行一些重大投資來提高我們的產能或供應能力。

I don't see this balance coming into some sense of normalcy until sometime in calendar year '22.

直到 22 日曆年的某個時候，我才看到這種平衡進入某種常態。

Your next question is from William Stein of Truist Securities.

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

Great.

偉大的。

Prashanth, you just talked about inventory not coming to sub-level of ability to rebuild anything until sometime in '22.

Prashanth，你剛才談到庫存直到 22 年某個時候才達到重建任何東西的能力。

You talked about the supply-demand imbalance lasting well into '22; 1.2, book-to-bill; et cetera.

您談到了持續到 22 年的供需失衡； 1.2、記賬到賬單；等等。

When we look out to the next, next quarter, the January quarter, typically, that's a sequentially down quarter in Automotive, Industrial, Consumer and for the whole business as well.

當我們展望下一個季度，即 1 月季度時，通常情況下，汽車、工業、消費者以及整個業務都是一個連續下降的季度。

But given these supply constraints and this very significant backlog, should we think about that seasonality as different in the coming year?

但鑑於這些供應限制和大量積壓，我們是否應該認為來年的季節性不同？

Should we expect maybe some visibility to sequential growth for the next several quarters?

我們是否應該預期未來幾個季度的連續增長可能會有一些可見性？

Yes.

是的。

I think the way to answer that would be to say that seasonality in today's environment is a bit of a meaningless concept because revenue growth is really dictated completely by supply.

我認為回答這個問題的方法是說，在今天的環境中，季節性是一個有點毫無意義的概念，因為收入增長實際上完全取決於供應。

So the print for Q1 is likely to be driven by what more capacity we can get online between the fourth -- over the fourth quarter to allow us.

因此，第一季度的印刷量很可能受到我們在第四季度之間可以在線獲得的更多容量的驅動 - 在第四季度允許我們。

Again, now we've got a couple of things we need to work through in the first quarter that won't -- that would be a little bit of an offset.

再說一次，現在我們有幾件事需要在第一季度完成，而這些事情不會——這會有點抵消。

First, there's the holiday season, so we do need to adjust factory capacity for that.

首先是假期，所以我們確實需要為此調整工廠產能。

And Consumer, fourth quarter is kind of the key quarter for Consumer.

而消費者，第四季度是消費者的關鍵季度。

That's when they build for the holiday season.

那是他們為假期建造的時候。

So there's always going to be a little bit of seasonality impact for Consumer, just because of the -- they don't need it in the first quarter or our fiscal first quarter as that is the holiday period.

因此，消費者總是會受到一些季節性影響，只是因為 - 他們在第一季度或我們的第一財季不需要它，因為那是假期。

So maybe that's kind of where I'll finish, Mike.

所以也許這就是我要結束的地方，邁克。

Anything you want to add to that?

你想添加什麼嗎？

Yes, sure.

是的，當然。

So I guess if you look back, you're right.

所以我想如果你回頭看，你是對的。

I mean, we talked about seasonality not being as meaningful now.

我的意思是，我們談到季節性現在沒有那麼有意義了。

But just to give you a bit of a history lesson, if you look past over the past 10 years, you're right.

但只是給你一點歷史課，如果你回顧過去 10 年，你是對的。

Our B2B markets, I would say, in good times, which I would call now good times, is usually flat to down slightly in 1Q.

我想說，我們的 B2B 市場在好時光，我現在稱之為好時光，通常在一季度持平或略有下降。

And Consumer, I would say, in good and even kind of normal times, is down kind of 5% or maybe more in 1Q.

我想說的是，在良好甚至正常的時期，消費者在第一季度下降了 5% 甚至更多。

And with that, I want to thank everyone for joining the call this morning.

有了這個，我要感謝大家今天早上加入電話會議。

A copy of the transcript will be available on our website, and all reconciliations and additional information can also be found in the Quarterly Results section.

成績單的副本將在我們的網站上提供，所有對賬和其他信息也可以在季度結果部分找到。

Thanks again for joining and your continued interest in ADI.

再次感謝您的加入以及您對 ADI 的持續關注。

This concludes today's Analog Devices conference call.

今天的 Analog Devices 電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。