亞德諾半導體 (ADI) 2021 Q2 法說會逐字稿

Good morning and welcome to the Analog Devices Second Quarter Fiscal Year 2021 Earnings Conference Call, which is being audio webcast via telephone and over the web. I'd now like to introduce your host for today's call, Mr. Michael Lucarelli, Senior Director of Investor Relations. Sir, the floor is yours.

早安，歡迎參加 ADI 公司 2021 財年第二季財報電話會議，該會議將透過電話和網路進行音訊網路直播。現在我想介紹今天電話會議的主持人，投資者關係高級總監邁克爾·盧卡雷利先生。先生，請您發言。

Thank you, Cheryl, and good morning, everybody. Thanks for joining our second quarter fiscal 2021 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，謝麗爾，大家早安。感謝您參加我們的 2021 財年第二季電話會議。今天與我一起參加電話會議的還有 ADI 的執行長 Vincent Roche；以及 ADI 財務長 Prashanth Mahendra-Rajah。對於錯過此次發布的人，您可以在 investor.analog.com 上找到它和相關的財務時間表。

Now on to the disclosures. The information we'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. Actual results could differ materially from the forward-looking information as these statements reflect our expectations only as of the date of this call. We undertake no obligation to update these statements, except as required by law.

現在來談談披露內容。我們即將討論的資訊包括前瞻性陳述，這些陳述受某些風險和不確定性的影響，如我們的收益報告以及我們向美國證券交易委員會提交的最新 10-Q 和其他定期報告和材料中進一步所述。實際結果可能與前瞻性資訊有重大差異，因為這些陳述僅反映我們截至本次電話會議之日的預期。除非法律要求，否則我們不承擔更新這些聲明的義務。

Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release. And with that, I'll turn it over to ADI's CEO, Vincent Roche. Vince?

我們今天的評論還將包括非公認會計準則財務指標，不包括特殊項目。當我們的結果與歷史績效進行比較時，特殊項目也被排除在前期之外。今天的收益報告包含了這些非公認會計準則指標與最具可比性的公認會計準則指標的對帳以及有關我們的非公認會計準則指標的其他資訊。接下來，我將把發言權交給 ADI 執行長 Vincent Roche。文斯？

Thank you, Mike, and good morning to you all. So I'm very pleased to share with you that we delivered record revenue and earnings in the second quarter, exceeding the high end of our outlook. This strength was driven by our disciplined operational execution and our ability to capture the value presented as our solutions become more vital in the modern digital economy.

謝謝你，麥克，大家早安。因此，我很高興地與大家分享，我們在第二季度實現了創紀錄的收入和收益，超過了我們預期的最高值。這種優勢源自於我們嚴謹的營運執行力，以及隨著我們的解決方案在現代數位經濟中變得越來越重要，我們能夠捕捉到所產生的價值的能力。

The supply and demand dynamics in our industry have been well publicized. Broadly speaking, the economic recovery has materialized faster and stronger than initially anticipated, placing unprecedented stress on supply chains globally.

我們行業的供需動態已被廣泛宣傳。整體來看，經濟復甦比最初預期的更快、更強勁，給全球供應鏈帶來了前所未有的壓力。

Late last year, ADI moved with speed and agility, proactively making capital investments to add capacity, positioning us to navigate this disruption and better serve our customers. That said, we, like many others in the industry, will face a supply-constrained environment through the balance of 2021. Despite this backdrop, we're positioned for a strong second half as our continued capital investments are aligned with robust demand.

去年年底，ADI 迅速且靈活地採取行動，主動進行資本投資以增加產能，使我們能夠應對這一中斷並更好地服務我們的客戶。儘管如此，我們與業內許多其他公司一樣，在 2021 年餘下時間裡都將面臨供應受限的環境。儘管存在這種背景，但由於我們持續的資本投資與強勁的需求一致，我們仍有望在下半年取得強勁成長。

Moving to a summary of our results. Revenue was $1.66 billion, increasing 26% year-over-year. The strength was broad-based, highlighted by record quarters for our industrial and automotive markets. Gross margin expanded to nearly 71% and operating margin to approximately 42%. Adjusted EPS of $1.54 increased 43% year-over-year.

轉到我們的結果總結。營收為16.6億美元，年增26%。這種強勁勢頭是廣泛的，尤其突出的是工業和汽車市場創下的季度紀錄。毛利率擴大至近71%，營業利益率擴大至約42%。調整後每股收益為 1.54 美元，年增 43%。

Over the trailing 12 months, we generated $2.2 billion of free cash flow. This equates to a record 36% free cash flow margin, maintaining our position in the top 10% of the S&P 500. So overall, I'm very proud how the ADI team executed this quarter to deliver these impressive results.

在過去的 12 個月中，我們產生了 22 億美元的自由現金流。這相當於創紀錄的 36% 的自由現金流利潤率，使我們在標準普爾 500 指數中保持前 10% 的地位。所以總的來說，我對 ADI 團隊本季取得的這些令人印象深刻的成績感到非常自豪。

At ADI, innovation is the root of how we generate value. And to maintain our virtuous cycle of innovation-driven success, we invest more than $1 billion in R&D annually. This commitment, coupled with the diversity of our business across customers, products and applications, positions us to deliver long-term profitable growth.

在 ADI，創新是我們創造價值的根本。為了維持創新驅動成功的良性循環，我們每年在研發方面投資超過 10 億美元。這項承諾，加上我們在客戶、產品和應用方面的業務多樣性，使我們能夠實現長期獲利成長。

Now let me share a few customer highlights with you. ADI's solutions are embedded across the electrification ecosystem, from developing and managing the vehicle battery to the distribution and storage across the digital grid. With the rapid shift to EVs, we're seeing new and increasing investments in battery manufacturing capacity.

現在讓我與大家分享一些客戶亮點。 ADI 的解決方案嵌入整個電氣化生態系統，從開發和管理車輛電池到數位電網的分配和儲存。隨著電動車的快速發展，我們看到對電池製造能力的新投資不斷增加。

This quarter, we secured a design win with the supplier of one of the world's top battery producers. Our innovative solution reduces system costs by half by integrating all measurement, control and diagnostics functions. And our portfolio of wired and wireless BMS provides unmatched accuracy to deliver market-leading vehicle range as we grow and diversify our BMS business. This quarter, we added Volvo as well as 3 additional large auto manufacturers, including a prominent luxury brand in Europe and 2 leading brands in Asia.

本季度，我們與全球頂級電池生產商之一的供應商簽訂了設計合約。我們的創新解決方案透過整合所有測量、控制和診斷功能將系統成本降低了一半。隨著我們 BMS 業務的發展和多樣化，我們的有線和無線 BMS 產品組合提供了無與倫比的精確度，可提供市場領先的車輛續航里程。本季度，我們增加了沃爾沃以及另外 3 家大型汽車製造商，其中包括歐洲著名的豪華品牌和亞洲的兩個領先品牌。

Moving on to energy infrastructure. Here, energy storage systems are required to make renewable energy a reality and to build the charging infrastructure to support EV proliferation. Our precision signal chain, power management and BMS portfolios deliver the level of accuracy necessary to ensure consistent supply across the digital grid. We have design wins at more than 80% of the top customers from traditional energy and industrial companies to new entrants.

轉向能源基礎設施。這裡需要儲能係統來實現再生能源，並建立充電基礎設施來支持電動車的普及。我們的精密訊號鏈、電源管理和 BMS 產品組合提供了必要的精度水平，以確保整個數位電網的持續供電。我們已贏得超過 80% 的頂級客戶的設計，這些客戶既包括傳統的能源和工業公司，也包括新興企業。

Another area of increasing importance for ADI is connectivity, which, of course, is becoming more pervasive across demographics and industries, presenting new opportunities for us. For example, in our communications business, we announced a complete radio platform for the 5G O-RAN ecosystem. This radio platform builds on our market-leading integrated transceiver position by expanding into the digital front end. Our full system solution enables significant size and performance improvements while reducing customers' design cycles.

對 ADI 來說，另一個日益重要的領域是連結性，當然，連結性在各個人口和產業中正變得越來越普遍，為我們帶來了新的機會。例如，在我們的通訊業務中，我們宣布了針對 5G O-RAN 生態系統的完整無線電平台。該無線電平台透過擴展到數位前端，鞏固了我們市場領先的整合收發器地位。我們的完整系統解決方案能夠顯著提高尺寸和效能，同時縮短客戶的設計週期。

O-RAN represents a new vector of growth in the communications market by enabling new entrants and applications such as private networks that support connected factories. In addition to partnerships with Intel and Marvell, we are working with key carriers and system integrators to enable this ecosystem.

O-RAN 代表了通訊市場成長的新方向，它支援新進入者和支援互聯工廠的私人網路等應用。除了與英特爾和 Marvell 合作之外，我們還與主要營運商和系統整合商合作，以支援這項生態系統。

In our space business, our beam-forming solution will be used in Telesat's Lightspeed LEO satellite constellation scheduled to launch in late 2023. This win speaks to the breadth and depth, our RF portfolio and the main expertise at ADI, which is supporting the adoption broadly of LEO communication satellites.

在我們的太空業務中，我們的波束成形解決方案將用於 Telesat 計畫於 2023 年底發射的 Lightspeed LEO 衛星星座。此次獲獎證明了我們的 RF 產品組合的廣度和深度以及 ADI 的主要專業知識，支援廣泛採用 LEO 通訊衛星。

Additionally, we continue to have strong design momentum across our diversified industrial market, the largest, stickiest and most profitable business at ADI. Over the years, we've established a heritage of providing the most precise and efficient solutions required by our factory automation customers. I believe we're at a tipping point in Industry 4.0 as customers are looking to add sensing, edge processing and connectivity to make supply chains more robust, more efficient and flexible.

此外，我們在多元化工業市場持續保持強勁的設計勢頭，這是 ADI 規模最大、最具黏性和利潤最高的業務。多年來，我們一直致力於為工廠自動化客戶提供最精確、最有效率的解決方案。我相信我們正處於工業 4.0 的轉折點，因為客戶正在尋求增加感測、邊緣處理和連接，以使供應鏈更加穩健、高效和靈活。

We recently won an ultra-high frequency wireless solution at a key automation company. Our solution is being used in advanced robotic systems to reduce downtime and costs. On the wired side, customers are beginning to upgrade to deterministic Ethernet to ensure machines are constantly connected and monitored. This quarter, we secured numerous design wins for our robust Ethernet solution, including 2 of the largest European industrial machine manufacturers.

我們最近贏得了一家重要自動化公司的超高頻無線解決方案。我們的解決方案正在先進的機器人系統中使用，以減少停機時間和成本。在有線方面，客戶開始升級到確定性以太網，以確保機器始終保持連接和監控。本季度，我們強大的乙太網路解決方案贏得了許多設計訂單，其中包括兩家歐洲最大的工業機械製造商。

We recently hosted a deep dive on our instrumentation and test business. This is truly a performance-driven market that requires ADI's most advanced technology and solutions, making it a great fit for our high-performance precision signal chain, power and RF portfolios. Our broad diverse instrumentation business, comprised of automated test equipment, electronic test and measurement and scientific instruments, is aligned with all secular growth trends across our industry. The increasing complexity of these applications is driving the need for solutions with more advanced technology capabilities. As a result, we expect our SAM to increase by over 20% in the next 5 years.

我們最近對我們的儀器和測試業務進行了深入探討。這確實是一個性能驅動的市場，需要 ADI 最先進的技術和解決方案，這使其非常適合我們的高效能精密訊號鏈、電源和射頻產品組合。我們的儀器儀表業務廣泛多樣，包括自動化測試設備、電子測試和測量以及科學儀器，與整個行業的所有長期成長趨勢保持一致。這些應用程式的日益複雜性推動了對具有更先進技術能力的解決方案的需求。因此，我們預計未來 5 年我們的 SAM 將成長 20% 以上。

Now these examples represent only a fraction of the incredible work across ADI. Our team is partnering with our customers every day to develop increasingly innovative technologies that not only create successful business outcomes but also enrich people's lives and leave a greater impact on our world. To that end, I wanted to share an exciting update on how we're leveraging innovation to advance our mission of Engineering Good.

這些例子僅代表了 ADI 所做傑出工作的一小部分。我們的團隊每天都與客戶合作，開發日益創新的技術，這些技術不僅可以創造成功的業務成果，還可以豐富人們的生活並對我們的世界產生更大的影響。為此，我想分享一個令人興奮的最新消息，關於我們如何利用創新來推進我們的「工程善」使命。

In April, we launched an innovation accelerator with the Woods Hole Oceanographic Institution. As part of this program, we'll be combining ADI's engineers and technologies with WHOI's science and technology platforms to continuously monitor critical oceanographic conditions. This effort supports our overall climate agenda, which includes our commitments to achieving carbon neutrality by 2030 and net zero emissions by 2050. We also published our 2020 Corporate Responsibility Report last week, which provides additional information on how our technologies will continue to play a major role in improving our standard of living while protecting our planetary health.

四月，我們與伍茲霍爾海洋研究所合作啟動了一個創新加速器。作為該計劃的一部分，我們將把 ADI 的工程師和技術與 WHOI 的科學技術平台結合，持續監測關鍵的海洋狀況。這項努力支持了我們的整體氣候議程，其中包括我們承諾在 2030 年實現碳中和，到 2050 年實現淨零排放。我們還於上週發布了 2020 年企業責任報告，其中提供了更多信息，說明我們的技術將如何在改善我們的生活水平的同時保護地球健康，繼續發揮重要作用。

So in closing, the last year has underscored how semiconductors, as the bedrock of the modern digital economy and information age, are increasingly important to accelerating digitalization across all industries. We're encouraged by our results this quarter, and the momentum in our pipeline sets the stage for continued profitable growth in the years ahead. So with that, I'll hand you over to Prashanth, who'll take you through the financial details.

總而言之，過去的一年凸顯了半導體作為現代數位經濟和資訊時代的基石，對於加速所有產業的數位化進程日益重要。我們對本季的業績感到鼓舞，我們產品線的強勁發展勢頭為未來幾年持續獲利成長奠定了基礎。因此，我將把您交給 Prashanth，他將向您介紹財務細節。

Thank you, Vince. Good morning, and let me add my welcome to our second quarter earnings call. 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.

謝謝你，文斯。早安，請容許我歡迎大家參加我們的第二季財報電話會議。我今天的評論，除了收入和非營運支出外，都將以調整後的基礎為基礎，不包括今天的新聞稿中概述的特殊項目。

ADI delivered a record second quarter as revenue, operating margin and EPS finished above the high end of our outlook. As I mentioned last quarter, upside to our second quarter outlook would be predicated on our ability to increase production. And thanks to early strategic investments in capacity as well as strong execution by our manufacturing operations team, we did just that.

ADI 公司第二季的營收、營業利潤率和每股盈餘都超出了我們預期的最高值，創下了歷史新高。正如我上個季度提到的，我們第二季前景的上行取決於我們提高產量的能力。由於早期對產能的策略性投資以及製造營運團隊的強大執行力，我們做到了這一點。

Now let's look at performance by end market. Industrial represented 59% of revenue and increased 14% sequentially and 36% year-over-year. This quarter marks the second consecutive all-time high for industrial. We saw strength across all applications and geographies with all subsegments growing double digits sequentially and year-over-year.

現在讓我們來看看終端市場的表現。工業收入佔總收入的 59%，較上季成長 14%，較去年同期成長 36%。本季是工業產量連續第二季創下歷史新高。我們看到所有應用和地區都表現出強勁勢頭，所有子領域都實現了連續和同比增長兩位數。

Communications represented 17% of revenue, fell slightly sequentially and was flat year-over-year. Wireline increased double digits year-over-year, which balanced softness in wireless. As we outlined in the last call, 5G builds have been muted year-to-date. However, we anticipate momentum to pick up as 5G deployments broaden globally in the second half of this year, especially in North America now that the C-band auction is complete.

通訊業務佔總營收的 17%，季減，較去年同期持平。有線業務年增兩位數，抵消了無線業務的疲軟。正如我們在上次電話會議中所概述的那樣，今年迄今為止 5G 建設一直很低迷。然而，我們預計，隨著今年下半年 5G 部署在全球擴大，尤其是在北美，C 波段拍賣已經完成，這一勢頭將會回升。

Automotive represented 16% of revenue and increased 5% sequentially and 42% year-over-year. Again, we saw double-digit growth across every major application as industry production has picked up notably from a year ago. BMS grew the fastest, more than doubling year-over-year. And lastly, consumer decreased 12% sequentially in the seasonally weaker second quarter and represented 9% of revenue. Importantly, consumer grew 8% year-over-year, positioning us to deliver growth in fiscal '21.

汽車業務佔總營收的 16%，季增 5%，年增 42%。我們再次看到每個主要應用領域都實現了兩位數的成長，因為產業產量較一年前有了顯著回升。 BMS 成長最快，較去年同期成長一倍以上。最後，由於季節性疲軟，第二季消費者支出較上季下降 12%，佔營收的 9%。重要的是，消費者年增 8%，這為我們在 21 財年實現成長奠定了基礎。

Now covering the rest of the P&L. Gross margin finished just under 71%, up 90 basis points sequentially and 320 basis points year-over-year on higher utilization and better product mix. We expect additional gross margin expansion in the second half as we realize savings from the consolidation of our manufacturing operations.

現在介紹其餘的損益表。由於利用率提高和產品組合改善，毛利率略低於 71%，比上一季成長 90 個基點，比去年同期成長 320 個基點。由於我們從製造業務整合中實現了節省，我們預計下半年毛利率將進一步擴大。

OpEx in the quarter was $484 million, up sequentially and year-over-year. Merit increases went into effect during the second quarter, and we also recorded higher variable comp due to the strong results. This netted operating margin of 41.7%. Non-op expenses were $44 million, down nearly 10% from the prior year, driven by lower interest expense. Our tax rate was approximately 12%. And all-in adjusted EPS of $1.54 exceeded the high end of our outlook and marks an all-time high.

本季營運支出為 4.84 億美元，環比和年成長。績效工資成長於第二季生效，而且由於業績強勁，我們也錄得更高的浮動薪酬。淨營業利益率為 41.7%。非營業支出為 4,400 萬美元，較前一年下降近 10%，原因是利息支出減少。我們的稅率約為12%。調整後每股收益為 1.54 美元，超出了我們預期的最高水平，創下了歷史新高。

Now moving on to the balance sheet. Relative to the first quarter, inventory dollars increased $23 million to a record $641 million. This increase was driven entirely by raw material and work in process as we ramped utilization to better meet the strong customer demand. Days of inventory were relatively unchanged at 118. Weeks of channel inventory finished lower sequentially once again. And due to the strong sell-through at our disties, we anticipate remaining below our 7- to 8-week target through the end of the year.

現在轉到資產負債表。與第一季相比，庫存金額增加了 2,300 萬美元，達到創紀錄的 6.41 億美元。這一成長完全是由原材料和在製品推動的，因為我們提高了利用率，以更好地滿足強勁的客戶需求。庫存天數相對不變，為 118 天。渠道庫存週數再次較上季下降。由於我們經銷商的銷售強勁，我們預計到今年年底，銷售額仍將低於 7 至 8 週的目標。

CapEx for the quarter was $59 million, bringing our year-to-date total to $127 million or more than double compared to the second half of 2020. We expect to continue to increase capital investments and for CapEx to trend above our long-term model of 4% this year.

本季的資本支出為 5,900 萬美元，使我們年初至今的總額達到 1.27 億美元，與 2020 年下半年相比增長了一倍多。我們預計將繼續增加資本投資，今年的資本支出將高於我們 4% 的長期模型。

Turning to cash flow. We generated $2.2 billion over the trailing 12 months, which equates to a record 36% free cash flow margin. And over the same period, we returned approximately 75% of free cash flow after debt repayments via dividends and repos. This is below our long-term target as we paused our buyback program given the pandemic uncertainty and the pending Maxim deal.

轉向現金流。過去 12 個月，我們的營收達到 22 億美元，相當於創紀錄的 36% 自由現金流利潤率。在同一時期，我們在透過股息和回購償還債務後返還了約 75% 的自由現金流。由於疫情的不確定性和即將進行的 Maxim 交易，我們暫停了回購計劃，因此這低於我們的長期目標。

We ended the second quarter with $1.3 billion of cash and equivalents on our balance sheet, and our net leverage is now 1.3 on a trailing 12. We're comfortable with the leverage and do not plan to reduce debt. As such, we remain committed to return 100% of free cash flow to shareholders.

截至第二季末，我們的資產負債表上有 13 億美元的現金和等價物，我們的淨槓桿率目前為 1.3（過去 12 年為 1.2）。我們對槓桿率感到滿意，並且不打算減少債務。因此，我們仍然致力於將 100% 的自由現金流返還給股東。

So let me finish up with our third quarter outlook. Revenue is expected to be $1.7 billion, plus or minus $70 million, up sequentially as additional capacity comes online. This is in line with seasonality after a very strong Q2. At the midpoint, we expect each of our B2B markets to increase slightly sequentially and consumer to be up low double digits. Based on the midpoint of guide, op margin is expected to be 42.5% plus or minus 100 bps, and our tax rate is expected to fall between 11% and 13%. Based on these inputs, adjusted EPS is expected to be $1.61 plus or minus $0.11.

最後，讓我來總結一下我們第三季的展望。隨著額外產能投入使用，預計營收將達到 17 億美元，季增 7,000 萬美元。這與第二季非常強勁之後的季節性相符。在中間點，我們預計我們的每個 B2B 市場都會環比略有增長，消費者數量將實現低兩位數的增長。根據指南的中點，預計營業利潤率為 42.5% 正負 100 個基點，我們的稅率預計將在 11% 至 13% 之間。根據這些輸入，調整後的每股盈餘預計為 1.61 美元，上下浮動 0.11 美元。

So in summary, ADI delivered a very strong quarter, highlighted by record revenue, earnings and free cash flow conversion. Importantly, bookings and backlog remain very strong, and we're continuing to invest to increase production for the balance of the year, giving us great confidence that our second half will be stronger than our first.

總而言之，ADI 本季表現非常強勁，營收、收益和自由現金流轉換均創下歷史新高。重要的是，預訂量和積壓訂單量仍然非常強勁，我們將繼續投資以提高今年剩餘時間的產量，這讓我們非常有信心，下半年的表現將比上半年更強勁。

We've also made meaningful progress towards closing the Maxim acquisition. Shortly after the deal closes, we are going to hold a conference call to provide an update regarding our capital return plans. As a reminder, once combined, we anticipate having more than $3 billion of cash and a leverage ratio well below 1. Let me now pass it back to Mike for the Q&A.

我們在完成 Maxim 收購方面也取得了重大進展。交易結束後不久，我們將召開電話會議，提供有關我們的資本回報計劃的最新資訊。提醒一下，合併後，我們預計會有超過 30 億美元的現金，槓桿率遠低於 1。現在，我將其交還給 Mike 進行問答。

Thanks, Prashanth. Let's go to the Q&A session. (Operator Instructions) With that, Cheryl, can we have our first question, please?

謝謝，Prashanth。讓我們進入問答環節。 （操作員指示）謝麗爾，我們可以提出第一個問題嗎？

(Operator Instructions) And our first question comes from John Pitzer from Crédit Suisse.

（操作員指示）我們的第一個問題來自瑞士信貸的約翰‧皮策。

Congratulations on the solid result. Vince, Prashanth, 90 days ago, when you sort of guided for the April quarter, the key gating factor was your ability to grow supply. I'm curious, as you look at the July quarter, are you still in a supply-constrained environment? And I guess more importantly, given the internal CapEx you're spending and your work with your foundry partners, how do we think about your ability to grow supply beyond sort of the July quarter guidance?

恭喜你取得了堅實的成果。文斯，普拉尚特，90 天前，當你們對 4 月季度做出預測時，關鍵的限制因素是增加供應的能力。我很好奇，當您回顧七月季度時，您是否仍然處於供應受限的環境中？我想更重要的是，考慮到您花費的內部資本支出以及您與代工夥伴的合作，我們如何看待您在 7 月季度指引之外增加供應的能力？

Yes. So John, thanks for the question. Yes, we are constrained. We've got a very, very positive book-to-bill. But what we have forecast for the July quarter factors in all the elements of supply across silicon supply, both internally, externally as well as all the back-end operations, assembly and test. So we feel very confident in that number. And -- but beyond that, there is opportunity to ship more. There is more demand out there. But at least in the July quarter, we feel very comfortable with what we have forecast.

是的。約翰，謝謝你的提問。是的，我們受到限制。我們的訂單出貨比非常樂觀。但是，我們對七月季度的預測考慮了矽片供應的所有要素，包括內部、外部以及所有後端操作、組裝和測試。所以我們對這個數字非常有信心。而且——但除此之外，還有機會運送更多貨物。那裡有更多的需求。但至少在七月季度，我們對我們的預測感到非常滿意。

And how do we think about supply growth beyond July? Is July a good proxy to what you should be able to do sequentially for the next couple of quarters? Or are you getting a particularly strong uplift in July and things moderate going forward?

我們如何看待七月以後的供應成長？七月份是否能很好地代表您在接下來的幾季中能夠連續完成的工作？還是您在 7 月會獲得特別強勁的成長，而之後的情況會趨於平緩？

Well, I think -- I mean, ultimately, everything will depend on demand but we're increasing our capacity. We're getting more wafer supply in general. And we are -- as Prashanth said in his remarks, we've been investing in capital equipment inside the company to expand our back-end operations. So you'll see sequential improvements in ADI's output over the coming months. So as Prashanth said, in the second half of the year, given our confidence in supply, we will have a better second half than first half.

嗯，我認為——我的意思是，最終一切都將取決於需求，但我們正在增加我們的產能。總體而言，我們的晶圓供應量正在增加。正如 Prashanth 在演講中所說，我們一直在投資公司內部的資本設備，以擴大我們的後端業務。因此，您將在未來幾個月看到 ADI 的產量持續改善。因此，正如 Prashanth 所說，鑑於我們對供應的信心，下半年的表現將比上半年更好。

Our next question comes from Tore Svanberg from Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the record results. Prashanth, you talked about disti inventory being sort of way below the 7- to 8-week target. Could you tell us where exactly the numbers are right now? And also, do you expect to get back to 7 to 8 at some point? Or is this kind of like a new norm now where disti in the channel is going to be sort of running below what it has historically?

恭喜你取得創紀錄的成績。 Prashanth，您談到分銷庫存遠低於 7 到 8 週的目標。能告訴我們目前的具體數字嗎？另外，您是否希望在某個時候回到 7 到 8 呢？或者這是否像是一種新常態，即通路中的分銷量將低於歷史水準？

Yes. Thanks, Tore. Inventory is very lean. We entered the quarter below 7 weeks and it decreased again in the quarter. So we would like to build inventory back up. It's unlikely that, that's going to happen. Whatever they get their hands on sells through immediately. So until the supply gets improved over the coming quarters, I don't think you'll see us return to normal inventory levels in the channel. But I would say that we do maintain the view that sort of that 7 to 8 weeks is the right balance for us to have in the channel.

是的。謝謝，托爾。庫存非常少。我們進入了低於 7 週的季度，並且在本季度再次下降。因此我們希望重新增加庫存。這不太可能發生。無論他們得到什麼，都會立即售出。因此，除非未來幾季供應情況得到改善，否則我認為我們不會看到渠道庫存水準恢復正常。但我想說，我們確實堅持這樣的觀點，即 7 到 8 週的時間是我們在該管道中達到的正確平衡。

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

我們的下一個問題來自美國銀行證券的 Vivek Arya。

Vince or Prashanth, I was hoping you could quantify lead times and book-to-bill in various end markets to the extent possible. Where are lead times stretched the most? And importantly, what are you doing to prevent double ordering? Are you implementing any firm price noncancelable programs like your -- some of your peers are? Any perspective on how do we quantify the state of supply-demand imbalance. And how do we get some assurance that this will be resolved, I guess, peacefully -- one word that comes to mind? I think that will be very helpful.

Vince 或 Prashanth，我希望你們能夠盡可能量化各個終端市場的交貨時間和訂單出貨比。哪些地方的交貨週期最長？重要的是，您正在採取什麼措施來防止重複訂購？您是否正在實施任何固定價格不可取消計劃，就像您的一些同行一樣？關於我們如何量化供需失衡狀況的任何觀點。我們如何確保這個問題能夠解決呢？我想，可以用和平的方式解決──你能想到一個字嗎？我認為這將會非常有幫助。

Yes. Thank you. Thank you, Vivek. Maybe just to start with some comments on where demand is coming from. So we're experiencing significant growth in demand and it's very broad-based, all of our markets. And when you rewind and think how we got here, our customers entered the pandemic with pretty lean inventories, then we had this synchronized government stimulus, both fiscal and monetary. We had very strong growth during the pandemic of consumer electronics with the high use of cloud compute connectivity.

是的。謝謝。謝謝你，維韋克。也許只是先對需求來自哪裡進行一些評論。因此，我們的需求正在顯著增長，而且這種增長非常廣泛，遍及我們所有的市場。當你回想一下我們是如何走到這一步的時候，我們的客戶在疫情爆發時庫存非常少，然後我們採取了同步的政府刺激措施，包括財政和貨幣刺激。在消費性電子產品大流行期間，隨著雲端運算連接的廣泛使用，我們實現了非常強勁的成長。

We're coming out of the pandemic now with GDP driving industrial, and that's driving companies to rethink both where they manufacture and upgrading the style by which they manufacture. So on the supply side, we've been planning for additional capacity, as Vince mentioned, since late summer of 2020. And as we add capacity, our revenue forecast is increasing, and that's really what helped us deliver a better Q2 guide, up for Q3 and feel good about Q4.

現在，我們正走出疫情，GDP 推動工業發展，這促使企業重新思考生產地點和升級生產方式。因此，在供應方面，正如文斯所提到的，自 2020 年夏末以來，我們一直在計劃增加產能。隨著產能的增加，我們的收入預測也在增加，這確實幫助我們提供了更好的第二季指引，對第三季有所提升，並對第四季充滿信心。

So I think supply will eventually match demand, but I don't see demand really going away. So this feels -- given the secular drivers behind it, it feels that this is going to be with us for a while. Book-to-bill for the past quarter was above 1 and it was the same for all end markets. So it's again very broad-based. And I think it's really just a reflection of the incredible role that ADI's products play across the manufacturing ecosystem.

因此我認為供應最終將與需求相匹配，但我認為需求不會真正消失。因此，考慮到背後的長期驅動因素，我們感覺這種情況將會持續一段時間。上一季的訂單出貨比高於 1，且所有終端市場都是如此。因此，它再次具有非常廣泛的基礎。我認為這實際上只是 ADI 產品在整個製造生態系統中發揮的不可思議的作用的體現。

And any pricing programs that you might have put in place like your peers?

您是否像同行一樣實施了任何定價計劃？

Well, so I guess a few comments to make there. We are efficiently managing our orders. We're working with our customers, both large and small, across all markets to understand the demand timing and to allocate the supply based on end demand. Remember that while we report on a POA basis, we actually run the business on POS, so we look through distribution to understand what's happening at customers.

好吧，我想我可以發表一些評論。我們正在有效地管理我們的訂單。我們正在與各個市場的大小客戶合作，了解需求時間並根據最終需求分配供應。請記住，雖然我們是根據 POA 進行報告的，但我們實際上是在 POS 上開展業務，因此我們會透過分銷來了解客戶的情況。

We've also put in a noncancelable, nonreturnable for up to 90 days to help give us better visibility into the backlog, and that helps customers sort of manage what they can expect to get from us. So at this point, I would say the focus really has been on communication. And that's the feedback, I think, Vince has heard from customers as well is that what's important to them is communicating what they're going to get and when they're going to get it so they can plan their respective downstream production requirements.

我們還設定了最長 90 天的不可取消、不可退還的服務，以幫助我們更好地了解積壓情況，並幫助客戶管理他們可以從我們這裡獲得什麼。因此，就這一點而言，我想說重點確實在於溝通。我認為，文斯也從客戶那裡聽到了這樣的回饋：對他們來說，重要的是溝通他們將得到什麼以及何時得到，以便他們可以規劃各自的下游生產要求。

And our next question comes from Ambrish Srivastava from BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

I wanted to just unpack the gross margin comments that you made, Prashanth. You are, at the model, 70-plus percent. And when you talk about gross margin incrementally getting better, what's the right way to think about it? And you referred to the cost savings that you'll be getting from factory consolidation. Is there an impact from pricing?

我只是想解釋一下你對毛利率的評論，Prashanth。按照模型，你的成功率是 70% 以上。當您談到毛利率逐步提高時，正確的思考方式是什麼？您提到了工廠整合所帶來的成本節約。定價有影響嗎？

And then kind of -- and related to that, how are you managing the input cost, which seems to be going up across the board versus pricing? And is that also playing a factor in the gross margin? And sorry, related to that, would you be building inventory as you go through the second half?

然後有點——與此相關，您如何管理投入成本，相對於定價而言，投入成本似乎全面上漲？這也是影響毛利率的因素嗎？抱歉，與此相關，您會在下半年建立庫存嗎？

Thanks, Ambrish. Do you have a few more add-ons to that? I will. So let's start with -- let's do a quick one on pricing. So net impact of pricing changes are immaterial to gross margin. So we're managing our cost increases to net those out from a net price standpoint. The gross margin lift that you're seeing really is the productivity that we're driving.

謝謝，Ambrish。您還有其他附加功能嗎？我會。那麼讓我們開始吧——讓我們快速討論一下定價。因此，價格變動的淨影響對毛利率並不重要。因此，我們正在管理成本增加，從淨價的角度抵消這些成本。您所看到的毛利率提升實際上是我們正在推動的生產力提升。

So I did say in the first quarter earnings call that, that would be the bottom of gross margins for the year and we would expect sequential improvement. You're seeing that in the Q2 results that printed. You see that in the guide that we've given for Q3. That is coming from the manufacturing consolidation of the Linear factory closure, which we have talked about and also some step-up in utilization.

因此，我在第一季財報電話會議上確實說過，這將是今年毛利率的底部，我們預計會繼續改善。您將在公佈的第二季業績中看到這一點。您可以在我們為第三季提供的指南中看到這一點。這是由於我們之前討論過的 Linear 工廠關閉後的製造整合以及利用率的提高。

So that's kind of a tactical way to think about how gross margins evolve over the balance of this year. Our model remains 70%. And I don't know, Vince, if you want to give some guide on how we think about gross margins long term.

這是一種策略性的方法，用來思考今年餘下的毛利率將如何變化。我們的模型仍為 70%。文斯，我不知道你是否想就我們如何看待長期毛利率給出一些指引。

Yes. Look, the root of our value creation really is innovation. We're spending over $1 billion a year. And we like to have the highest-performing products out there that we get well paid for. And I think also the diversity of our product application and customer domains helps us protect margins as we've seen through the pandemic here.

是的。看，我們創造價值的根源確實是創新。我們每年的支出超過10億美元。我們希望推出性能最佳的產品，並因此獲得豐厚的報酬。而且我認為，我們的產品應用和客戶領域的多樣性有助於我們保護利潤率，正如我們在疫情期間所看到的那樣。

So 85% -- we've got 125 customers -- 125,000 customers, and 85% of our sales comes from products that individually contribute less than 0.1% of our revenue or even less. So I mean, that's the model of the company. So there's a lot of resilience. There's a lot of optionality and resilience built into it.

所以 85%——我們有 125 個客戶——125,000 個客戶，我們 85% 的銷售額來自單獨貢獻我們收入不到 0.1% 甚至更少的產品。我的意思是，這就是公司的模式。因此，它具有很強的韌性。它具有許多可選性和彈性。

Our next question comes from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

And just kind of curious on the industrial segment. I think last quarter, you talked about 2 of 6 segments being at peak. You talked about all being up in the April quarter. So just any color by segment there and if any more of them are at record revenue, that would be helpful.

我對工業領域有點好奇。我認為上個季度您談到了 6 個細分市場中的 2 個處於高峰。您談到了四月份季度的所有上漲。因此，只要按細分市場劃分顏色，如果其中有更多的細分市場收入創下紀錄，就會有所幫助。

Yes. Well, we've seen -- this is a very, very highly diversified business. We saw broad growth across all the individual sectors. In fact, all applications grew double digits year-over-year and sequentially. And I believe there's a lot more upside to come because we're in a multiyear growth cycle driven by secular trends, Industry 4.0, et cetera.

是的。嗯，我們已經看到——這是一個非常、非常高度多元化的業務。我們看到各個行業都出現了廣泛的成長。事實上，所有申請數量同比和環比均實現了兩位數的增長。我相信未來還會有更大的上漲空間，因為我們正處於長期趨勢、工業 4.0 等驅動的多年成長週期。

I would say the -- we've seen really strong acceleration in the automation sector. And I think that's driven by such things as the need for onshoring, more flexibility and more robust and connected supply chains. If I just pick health care, it has already been a multiyear growth market for ADI. And the pandemic kind of underscored the importance of information technology in managing our health care systems. So we've seen an acceleration in our digital health care business as we begin to migrate the hospital environment to the clinic and the home with point-of-care solutions or health care anywhere mentality.

我想說的是——我們已經看到自動化領域的強勁發展。我認為這是由在岸外包需求、更大靈活性以及更強大和更互聯的供應鏈等因素所驅動的。如果我只選擇醫療保健，那麼它已經成為 ADI 多年的成長市場。這場疫情凸顯了資訊科技在管理我們的醫療保健系統中的重要性。因此，隨著我們開始將醫院環境遷移到診所和家庭，採用即時護理解決方案或隨時隨地進行醫療保健的理念，我們的數位醫療保健業務得到了加速發展。

And as I mentioned in the prepared remarks as well, the energy sector, with the move to renewables and this charging infrastructure that's being laid in to support these electric vehicles, those are some of the areas that we're seeing strongest growth within the industrial area. But I think automation underpins it. Also, I would say, I've been very pleased with the results that we're getting and the very broad bench scientific and test equipment, analytics equipment and so on. So it's been very, very broad.

正如我在準備好的發言中提到的那樣，隨著向再生能源的轉變以及為支持電動車而鋪設的充電基礎設施，能源產業是工業領域中成長最強勁的領域之一。但我認為自動化是其基礎。另外，我想說，我對我們所取得的成果以及非常廣泛的科學和測試設備、分析設備等感到非常滿意。所以它的範圍非常非常廣泛。

And Blayne, just to touch on your last point about the record applications. You're right. I think last quarter, we said 2 or 3 had records. We increased that. I think 4 of our 6 applications are a record. So I think I'll echo what Vince said is that we're early stages of this cycle. And yes, at some point, we expect all of our applications to be at record probably in the next year or so.

布萊恩，我想談談你關於記錄申請的最後一點。你說得對。我認為上個季度，我們說有 2 或 3 個有記錄。我們增加了這個數字。我認為我們的 6 份申請中有 4 份創下了紀錄。所以我想我會重複文斯所說的話，我們正處於這個週期的早期階段。是的，在某種程度上，我們預計我們所有的申請大概會在明年左右達到記錄。

Our next question comes from Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results. Vince, I had a multipart question on your BMS business. You guys talked about revenue more than doubling in the quarter. I was hoping you could speak to kind of the breadth of your customer profile there in the quarter on a year-over-year basis.

恭喜您取得如此優異的成績。文斯，我對你的 BMS 業務有多部分的問題。你們談到本季的營收成長了一倍以上。我希望您能談談本季與去年同期相比的客戶概況。

And I guess, more importantly, based on some of the comments that you've made on past calls and also this call as it relates to your design win pipeline, should we expect some of these wireless BMS projects to ramp in fiscal '22 or is it more fiscal '23 and beyond? And lastly, as it pertains to the combination of -- with Maxim, how should we think about how your position in BMS evolves over time post the combination?

我想，更重要的是，根據您在過去的電話會議中提出的一些評論以及本次電話會議中與您的設計獲勝管道相關的評論，我們是否應該預期其中一些無線 BMS 項目會在 22 財年或 23 財年及以後增加？最後，就與 Maxim 的合併而言，我們應該如何看待合併後您在 BMS 中的地位將如何演變？

Yes. Thanks, Toshi. Well, first off, we're the market share leader in the electric vehicle battery management systems. And as you know, we have really 2 portfolios. We have the existing -- we like to call it the wired portfolio, the more traditional way of moving data from the battery system. And we've introduced a wireless version, a robust cognitive radio-based wireless system. So I think the next 12 months will be driven by the traditional wired battery technology.

是的。謝謝，Toshi。首先，我們是電動車電池管理系統的市場份額領導者。如您所知，我們實際上有 2 個投資組合。我們有現有的——我們喜歡稱之為有線產品組合，這是從電池系統移動數據的更傳統的方式。我們還推出了無線版本，即基於強大的認知無線電的無線系統。所以我認為未來 12 個月將由傳統有線電池技術驅動。

And after that, in late '22 into 2023, we'll begin to see the upsurge of the wireless battery technology that will complement the wired. So what I believe will happen is today, what have we got, 2 million, 3 million cars per year being produced, electric vehicles being produced. That's going to move to, we believe, somewhere 10x at least over the next 7, 8 years. So this is a multi, multiyear cycle.

此後，從 2022 年底到 2023 年，我們將開始看到無線電池技術的興起，它將補充有線電池技術。所以我相信今天我們所擁有的是，每年生產 200 萬到 300 萬輛汽車，電動車。我們相信，在未來 7、8 年內，這一數字至少會成長 10 倍。所以這是一個多年的周期。

We're -- our BMS chips today are being used in over half of the top 10 selling EV cars globally, and we're gaining share in each of those areas. Today, our best position is in North America and China. And as I mentioned in the prepared remarks, we're beginning to make real tracks in Europe as well as Japan and Korea. So ultimately, if a manufacturer wants the most miles per charge, they're going to turn to ADI. So that's what we're working on.

我們的 BMS 晶片目前已在全球十大暢銷電動車中被一半以上採用，並且我們在每個領域的份額都在不斷擴大。今天，我們的最佳地位是在北美和中國。正如我在準備好的演講中提到的那樣，我們開始在歐洲以及日本和韓國取得真正的進展。因此，最終，如果製造商希望每次充電行駛最長的里程，他們就會求助於 ADI。這就是我們正在做的事情。

Please go ahead, Ross Seymore from Deutsche Bank.

請繼續，德意志銀行的羅斯·西摩。

Just had a couple of questions on your communications business. I guess in the tactical sense, it looked like it was better than you expected in the quarter, the April quarter. Was that specific to the wired or wireless side or was it just the supply coming on?

我只是想問幾個關於你們通信業務的問題。我想從戰術意義上來說，它看起來比你預期的四月季度要好。這是特定於有線或無線方面的問題嗎，還是只是供電問題？

And then more importantly, looking forward, can you give a little bit more color on what your expectations are for the wireless side? Obviously, we had some difficult comps with what happened with Huawei year-over-year. But how do we think about that returning to year-over-year growth given the second half commentary that you talked about with some ramps in North America and beyond?

然後更重要的是，展望未來，您能否進一步闡述您對無線方面的期望？顯然，與華為去年同期相比，我們遇到了一些困難。但是，考慮到您談論的下半年北美及其他地區銷售將有所增長，我們如何看待恢復同比增長？

Yes, thanks. So I said in the prepared remarks that the communications business for the second quarter was really driven by very strong growth in the wired. I think it was up double digits. Wireless remains lumpy, but we feel pretty good that comms has bottomed in the second quarter, and we're going to see growth in the second half, I think. And I'll let Vince jump in with some of the customer conversations he's been having.

是的，謝謝。因此，我在準備好的發言中說過，第二季的通訊業務實際上是受到有線業務強勁成長的推動。我認為它是兩位數的。無線業務仍然不穩定，但我們感覺通訊業務在第二季已經觸底，我認為下半年將會成長。我會讓文斯加入他與一些客戶的對話。

But with the completion of the C-band auction, we feel very good that you're now going to see the build-out of 5G for which we are the largest participant certainly in the -- with the transceiver product for both the U.S. and starting to see that in Europe as well.

但隨著 C 波段拍賣的完成，我們很高興看到您現在將看到 5G 的建設，我們無疑是該領域最大的參與者——我們不僅為美國提供收發器產品，而且也開始在歐洲看到這種產品。

Yes. So Ross, what I want to mention is that at this point in time, rest of world is 3x larger than China for ADI. I think that's very, very important to remember. And we're certainly seeing 5G momentum pick up on a global basis. North America, we've recently -- obviously, the C-band auction is complete, and we're beginning to see orders today that we expect will accelerate during 2022 and beyond.

是的。羅斯，我想說的是，目前，對 ADI 來說，世界其他地區的規模是中國的 3 倍。我認為記住這一點非常非常重要。我們確實看到 5G 在全球範圍內的發展勢頭正在增強。北美，我們最近——顯然，C 波段拍賣已經完成，我們今天開始看到訂單，我們預計這些訂單將在 2022 年及以後加速成長。

Even Europe, where there's been real lethargy in upgrading their communication systems in general over the last several years, we're beginning to see signs of life in the deployment of 5G. India is also -- India has a significant government-funded program to make 5G a reality there. We're beginning to participate in trials.

即使是歐洲，過去幾年其通訊系統升級總體上也十分遲緩，但我們也開始看到 5G 部署的復甦跡象。印度也有一個由政府資助的重要項目，旨在使 5G 成為現實。我們開始參與試驗。

And last but not least is O-RAN. We already have revenue as a company with Rakuten, the online shopping company in Japan. And we're very well positioned given our ecosystem position there to unlock potential in what is a brand-new stream of revenue, particularly I think, as it gets deployed into private networks for machines.

最後但同樣重要的是 O-RAN。我們作為一家公司已經透過日本線上購物公司樂天獲得了收入。鑑於我們的生態系統地位，我們處於非常有利的位置，可以釋放全新收入來源的潛力，特別是當它被部署到機器的私人網路中時。

Prashanth, one quick clarification. Just one quick clarification from what Prashanth said. Double digits in the wired, was that a year-over-year or a sequential comment?

Prashanth，簡單澄清一下。我只想對 Prashanth 所說的話做一點快速澄清。 《連線》雜誌的報道中出現了兩位數，這是同比還是連續的增長？

That was a year-over-year, year-over-year.

這是逐年、逐年的變化。

Our next question comes from Stacy Rasgon from Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I actually wanted to follow up on that comm question. So if I go back to last quarter, you kind of talked the comm trajectory down a bit and it was a China statement. So I just want to clarify, is that -- it doesn't sound like that's changed. It does sound like the uptick you're seeing right now is outside of China, U.S., Europe, India. I guess, is that correct?

我實際上想跟進這個交流問題。因此，如果我回顧上個季度，您稍微降低了通訊軌跡，這是一份中國聲明。所以我只是想澄清一下，這聽起來似乎沒有改變。聽起來，您現在看到的上漲趨勢確實出現在中國、美國、歐洲和印度以外。我猜，這是正確的嗎？

I guess why didn't you see that uptick 90 days or expectations for that up to 90 days ago versus today? And then what are your broad thoughts on 5G rollout in China going forward from here? How does that -- how does the rest of that play out given all the dynamics that are happening there?

我想問一下，為什麼你沒有看到 90 天前的上漲，或者沒有看到 90 天前的預期與今天相比有所上升？那麼，您對中國未來 5G 的推廣有何看法？考慮到那裡發生的所有動態，其餘部分將如何發展？

Yes. So I think, first and foremost, China is opportunistic for ADI at this point. We'll sell, I think, lots of components in there, but it is more opportunistic. Prashanth, you can talk about the specifics.

是的。因此我認為，首先，中國目前對 ADI 來說是一個機會。我認為，我們會在那裡銷售很多零件，但這更具機會性。 Prashanth，你可以談談具體情況。

Yes. I think, Stacy, we have always said that we expected 5G deployments in North America to come next and be followed by Europe. When we gave you the commentary for the -- leading into the second quarter, we were focused on the pause in China, but we have seen now that the auctions are complete and particularly Verizon being much more public about what they are -- what they intend to do in the 5G space. As Vince mentioned, orders are starting to come in for that. So the trajectory for communications or for wireless specifically is going to -- is going to be up in the second half.

是的。史黛西，我想，我們一直說，我們預計接下來北美將部署 5G，然後是歐洲。當我們向您提供第二季的評論時，我們關注的是中國的暫停，但現在我們已經看到拍賣已經完成，特別是 Verizon 更加公開地說明了他們打算在 5G 領域做什麼。正如文斯所提到的，訂單已經開始湧入。因此，通訊或無線領域的發展軌跡將在下半年上升。

And our last question comes from William Stein from Truist Securities.

我們的最後一個問題來自 Truist Securities 的 William Stein。

Guys, I'd like to ask about the cost function. We have 2 potential looming problems. I think one is inflation broadly, not just materials, potentially labor as well. And then on the OpEx side, the return to work face-to-face sort of operations suggests maybe we start spending on travel and things like that. And I wonder if you can comment as to how we might sensitize our models to these factors.

夥計們，我想問一下成本函數。我們面臨兩個潛在的問題。我認為其中一個是廣泛的通貨膨脹，不僅僅是材料通貨膨脹，還可能包括勞動力通貨膨脹。然後在營運支出方面，恢復面對面的工作運作可能表明我們開始在旅行等方面花錢。我想知道您是否可以評論一下我們如何使我們的模型對這些因素敏感。

Yes. So let me take the inflation piece first. So I think it was Ambrish who asked the question, and we are seeing cost increases from our supply base, but we feel that we're -- guiding margins on a net basis are going to be neutral for that because we are, where we can, pushing that price through. So I'm not as concerned about the inflation side.

是的。因此，我先來談談通貨膨脹問題。所以我認為是安布里什提出了這個問題，我們看到我們的供應基地的成本在增加，但我們認為，我們 - 淨基礎上的指導利潤率將保持中性，因為我們正在盡可能地推動價格。所以我不太擔心通貨膨脹方面。

We have been very mindful of the labor side. And I would say that the data we're seeing is that it's taking us about a week longer than normal to fill jobs at the factory level. So our U.S. factories are facing a little bit longer time to fill jobs, but it's not anywhere as dramatic as what we're hearing in the media in terms of filling these high-paying manufacturing jobs.

我們一直非常關注勞動力方面。我想說的是，我們看到的數據表明，我們在工廠層級填補職位所需的時間比平時大約長一周。因此，我們的美國工廠面臨著更長的時間來填補職缺，但在填補這些高薪製造業職缺方面，情況並不像我們在媒體上聽到的那麼嚴重。

And then for return to office, that's something we spend a lot of time on. There's no doubt that there will be some return to travel. I think it's -- I think that's going to be universal across all companies. But more specifically to how ADI is thinking about return to office, maybe I'll let Vince talk about how we're thinking about that.

然後為了重返辦公室，我們花了很多時間。毫無疑問，旅遊業將會有所復甦。我認為——我認為這對所有公司來說都是普遍的。但更具體地說，關於 ADI 如何考慮重返辦公室，也許我會讓文斯談談我們對此的看法。

Yes. So we've instituted a 3 day per week policy to start with here at ADI for those who have been working remotely, and we'll see where things go from there. But my sense is, on the OpEx side of things, we will probably not get back to per capita travel spend, entertainment spend and so on and so forth.

是的。因此，我們在 ADI 為那些遠距工作的員工製定了每週工作 3 天的政策，我們將觀察情況如何發展。但我的感覺是，就營運支出方面而言，我們可能不會回到人均旅行支出、娛樂支出等等。

The other thing I'll remind you, Will, is that we work relentlessly in the company on taking costs out of the business. So we work hard on cost of goods. We work hard on making the business efficient below the cost of goods line as well. So inflation is nothing new. We'll see how it moves over the next -- if we see an acceleration in inflation, then we'll figure what actions to take.

威爾，我要提醒你的另一件事是，我們公司正在不懈地努力降低業務成本。因此，我們努力降低商品成本。我們也努力使業務在商品成本線以下保持高效率。因此通貨膨脹並不是什麼新鮮事。我們將觀察其下一步趨勢——如果我們看到通貨膨脹加速，那麼我們就會決定採取什麼行動。

So we shouldn't be modeling some step-up cost function in OpEx related to travel and such activities? I know there's an increase you've already guided to for, I think, bonuses and such, but for travel, no?

所以我們不應該在與旅行和此類活動相關的營運支出中建模一些遞增成本函數嗎？我知道您已經提到了獎金等費用的增加，但是旅行費用不是嗎？

Well, I think that's true. And when you look at the expenses today, our OpEx is laden with some very rich bonus payouts because the business, in terms of growth and profitability, is doing very, very well. But we will -- over time, I expect that the growth will moderate and the bonuses will also moderate.

嗯，我認為確實如此。當您查看今天的支出時，您會發現我們的營運支出中有一些非常豐厚的獎金支出，因為就成長和獲利能力而言，業務表現非常非常好。但隨著時間的推移，我預計成長將會放緩，獎金也會放緩。

Well, maybe I can wrap by saying, we're expecting second half revenue to be strong. We've indicated that second half gross margins are going to continue to increase, which is going to give you incredible leverage, and therefore, there's no reason you won't see a meaningful lift in op margins as each quarter rolls out. So -- and all of that is going to translate into more cash flow, which we'll have available to deploy since we're not doing any further debt reduction that's coming back to shareholders.

好吧，也許我可以總結一下，我們預計下半年的收入將會強勁。我們已經指出，下半年的毛利率將繼續上升，這將為您帶來令人難以置信的槓桿作用，因此，您沒有理由不會在每個季度看到營業利潤率的顯著提升。所以——所有這些都將轉化為更多的現金流，由於我們不會進一步削減返還給股東的債務，因此我們可以使用這些現金流。

Thanks, Will. Thanks, everyone, for joining us this morning. A copy of the transcript will be available on our website. All reconciliations will also be there. You can also find our new CSR report that Vince outlined in his script on our Analog Investor Relations home page. And with that, thanks for joining us and your continued support of ADI.

謝謝，威爾。感謝大家今天早上加入我們。成績單副本將在我們的網站上提供。所有的和解也將在那裡進行。您也可以在我們的 Analog Investor Relations 主頁上找到 Vince 在其腳本中概述的新 CSR 報告。最後，感謝您的加入以及對 ADI 的持續支持。

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

今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。