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.

早上好，歡迎參加 ADI 公司 2021 財年第二季度收益電話會議，該電話會議將通過電話和網絡進行音頻網絡直播。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。先生，地板是你的。

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，大家早上好。感謝您加入我們的 2021 財年第二季度電話會議。今天與我通話的是 ADI 的首席執行官 Vincent Roche；和 ADI 的首席財務官 Prashanth Mahendra-Rajah。對於錯過發布的任何人，您可以在investor.analog.com 上找到它和相關的財務時間表。

Now on to the disclosures. The information we'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.

現在開始披露。我們將要討論的信息包括前瞻性陳述，這些陳述受到某些風險和不確定性的影響，如我們的收益發布和我們最近提交給 SEC 的 10-Q 和其他定期報告和材料中進一步描述的那樣。實際結果可能與前瞻性信息存在重大差異，因為這些陳述僅反映了我們截至本次電話會議之日的預期。除法律要求外，我們不承擔更新這些聲明的義務。

Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to the most 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原則財務措施，其中不包括特殊項目。在將我們的結果與我們的歷史表現進行比較時，特殊項目也被排除在前期。這些非 GAAP 措施與最具可比性的 GAAP 措施的對賬以及有關我們的非 GAAP 措施的其他信息都包含在今天的收益發布中。有了這個，我將把它交給 ADI 的首席執行官 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，邁克，大家早上好。因此，我很高興與您分享我們在第二季度實現了創紀錄的收入和收益，超過了我們展望的高端。隨著我們的解決方案在現代數字經濟中變得越來越重要，我們有紀律的運營執行以及我們捕捉價值的能力推動了這種優勢。

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得到了很好的宣傳。從廣義上講，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 迅速而敏捷地採取行動，積極進行資本投資以增加產能，使我們能夠駕馭這種顛覆並更好地為我們的客戶服務。也就是說，與業內許多其他公司一樣，我們將在 2021 年剩餘時間內面臨供應受限的環境。儘管有這樣的背景，但由於我們持續的資本投資與強勁的需求保持一致，我們仍將迎來強勁的下半年。

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.

轉到我們結果的摘要。收入為 16.6 億美元，同比增長 26%。我們的工業和汽車市場創紀錄的季度突出顯示了這種優勢是廣泛的。毛利率增至近 71%，營業利潤率增至約 42%。調整後每股收益為 1.54 美元，同比增長 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，保持了我們在標準普爾 500 指數前 10% 的位置。因此，總的來說，我對 ADI 團隊在本季度如何執行以取得這些令人印象深刻的結果感到非常自豪。

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。為了保持創新驅動成功的良性循環，我們每年在研發上的投資超過 10 億美元。這一承諾，加上我們在客戶、產品和應用程序方面的業務多樣性，使我們能夠實現長期的盈利增長。

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.

現在讓我與您分享一些客戶亮點。 ADI 的解決方案嵌入到整個電氣化生態系統中，從開發和管理汽車電池到跨數字電網的分配和存儲。隨著向電動汽車的迅速轉變，我們看到對電池製造能力的新投資和不斷增加的投資。

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，我們與世界頂級電池生產商之一的供應商取得了設計勝利。我們的創新解決方案通過集成所有測量、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準確性，以提供市場領先的車輛範圍。本季度，我們增加了沃爾沃以及另外 3 家大型汽車製造商，包括歐洲著名的豪華品牌和亞洲的 2 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。在這裡，需要儲能係統來使可再生能源成為現實，並建立充電基礎設施以支持電動汽車的普及。我們的精密信號鏈、電源管理和 BMS 產品組合可提供確保整個數字電網持續供電所需的準確度。從傳統能源和工業公司到新進入者，我們贏得了超過 80% 的頂級客戶的設計勝利。

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 而言，另一個日益重要的領域是連通性，當然，連通性在人口和行業中變得越來越普遍，為我們帶來了新的機遇。例如，在我們的通信業務中，我們宣布了針對 5G O-RAN 生態系統的完整無線電平台。該無線電平台通過擴展到數字前端，建立在我們市場領先的集成收發器地位之上。我們的完整系統解決方案可顯著改善尺寸和性能，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 通過支持新的進入者和應用程序（例如支持互聯工廠的專用網絡），代表了通信市場的新增長載體。除了與英特爾和 Marvell 建立合作夥伴關係外，我們還與主要運營商和系統集成商合作，以實現這一生態系統。

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，我們的波束形成解決方案將用於 Telesat 計劃於 2023 年底發射的 Lightspeed LEO 衛星星座。此次勝利說明了我們的 RF 產品組合的廣度和深度、我們的 RF 產品組合以及 ADI 的主要專業知識，它支持採用廣泛的LEO通信衛星。

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，我們在多元化的工業市場中繼續保持強勁的設計勢頭，這是 ADI 規模最大、最具粘性和最賺錢的業務。多年來，我們已經建立了為我們的工廠自動化客戶提供所需的最精確和最有效的解決方案的傳統。我相信我們正處於工業 4.0 的轉折點，因為客戶希望增加傳感、邊緣處理和連接性，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關鍵自動化公司的超高頻無線解決方案。我們的解決方案被用於先進的機器人系統，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，以確保機器不斷連接和監控。本季度，我們為我們強大的以太網解決方案贏得了眾多設計勝利，其中包括兩家歐洲最大的工業機器製造商。

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。這是一個真正的性能驅動型市場，需要 ADI 最先進的技術和解決方案，非常適合我們的高性能精密信號鏈、電源和射頻產品組合。我們廣泛多樣的儀器業務，包括自動化測試設備、電子測試和測量以及科學儀器，與我們行業的所有長期增長趨勢保持一致。這些應用程序的日益複雜性正在推動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 將增加 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.

現在，這些示例僅代表 ADI 令人難以置信的工作的一小部分。我們的團隊每天都在與我們的客戶合作，開發日益創新的技術，這些技術不僅能創造成功的業務成果，還能豐富人們的生活，並對我們的世界產生更大的影響。為此，我想分享一個激動人心的最新消息，說明我們如何利用創新來推進我們的 Engineering Good 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.

4 月，我們與伍茲霍爾海洋研究所啟動了創新加速器。作為該計劃的一部分，我們將把 ADI 的工程師和技術與 WHOI 的科技平台相結合，以持續監測關鍵的海洋狀況。這項努力支持我們的整體氣候議程，其中包括我們到 2030 年實現碳中和和到 2050 年實現淨零排放的承諾。我們上週還發布了 2020 年企業責任報告，其中提供了有關我們的技術將如何繼續發揮重要作用的更多信息在提高我們的生活水平同時保護我們的地球健康方面發揮作用。

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.

最後，去年強調了半導體作為現代數字經濟和信息時代的基石，對於加速所有行業的數字化越來越重要。我們對本季度的業績感到鼓舞，我們管道的勢頭為未來幾年的持續盈利增長奠定了基礎。因此，我會把你交給 Prashanth，他會帶你了解財務細節。

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。早上好，讓我歡迎我們的第二季度財報電話會議。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 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 在第二季度實現了創紀錄的收入，營業利潤率和每股收益均高於我們展望的高端。正如我上個季度提到的，我們第二季度前景的上行空間將取決於我們增加產量的能力。由於早期的產能戰略投資以及我們製造運營團隊的強大執行力，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.

現在讓我們看看終端市場的表現。工業佔收入的 59%，環比增長 14%，同比增長 36%。本季度標誌著工業連續第二個歷史新高。我們看到所有應用程序和地區的實力，所有子細分市場都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.

通信佔收入的 17%，環比略有下降，同比持平。有線同比增長兩位數，這平衡了無線的柔軟度。正如我們在上次電話會議中概述的那樣，5G 構建自年初至今一直處於靜音狀態。然而，我們預計隨著今年下半年 5G 部署在全球範圍內的擴大，尤其是在 C 波段拍賣已經完成的北美，勢頭將有所回升。

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.

汽車佔收入的 16%，環比增長 5%，同比增長 42%。同樣，隨著工業生產與一年前相比顯著回升，我們在每個主要應用程序中都看到了兩位數的增長。 BMS 增長最快，同比增長一倍多。最後，消費者在季節性較弱的第二季度環比下降 12%，佔收入的 9%。重要的是，消費者同比增長 8%，使我們能夠在 21 財年實現增長。

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.

現在涵蓋損益表的其餘部分。由於更高的利用率和更好的產品組合，毛利率接近 71%，環比增長 90 個基點，同比增長 320 個基點。我們預計下半年毛利率將進一步擴大，因為我們從整合製造業務中實現了節省。

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.

本季度的運營支出為 4.84 億美元，環比和同比增長。業績增長在第二季度生效，由於業績強勁，我們還錄得更高的可變薪酬。淨營業利潤率為 41.7%。由於利息支出減少，非運營支出為 4400 萬美元，比上年下降近 10%。我們的稅率約為 12%。 1.54 美元的綜合調整後每股收益超過了我們展望的高端，創下歷史新高。

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。與第一季度相比，庫存美元增加了 2300 萬美元，達到創紀錄的 6.41 億美元。這一增長完全由原材料和在製品推動，因為我們提高了利用率以更好地滿足強大的客戶需求。庫存天數相對持平於 118 天。渠道庫存週數再次環比下降。由於我們的銷售強勁，我們預計到今年年底仍將低於我們的 7 至 8 週目標。

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.

本季度的資本支出為 5900 萬美元，使我們年初至今的總額達到 1.27 億美元，比 2020 年下半年增加一倍以上。我們預計將繼續增加資本投資，並使資本支出趨於高於我們的長期模型今年4%。

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。在過去的 12 個月中，我們創造了 22 億美元，相當於創紀錄的 36% 的自由現金流利潤率。在同一時期，我們通過股息和回購償還債務後返還了大約 75% 的自由現金流。由於大流行的不確定性和未決的 Maxim 交易，我們暫停了回購計劃，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.

在第二季度結束時，我們的資產負債表上有 13 億美元的現金和等價物，我們的淨槓桿現在是 1.3，過去是 12。我們對槓桿感到滿意，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.

因此，讓我結束我們的第三季度展望。隨著新增產能上線，收入預計為 17 億美元，上下浮動 7000 萬美元。這與非常強勁的第二季度之後的季節性一致。在中點，我們預計我們的每個 B2B 市場將環比略有增長，消費者將增長兩位數。根據指導中點，營業利潤率預計為42.5%正負100個基點，我們的稅率預計在11%至13%之間。根據這些輸入，調整後的每股收益預計為 1.61 美元上下 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 實現了一個非常強勁的季度，以創紀錄的收入、收益和自由現金流轉換為亮點。重要的是，預訂和積壓仍然非常強勁，我們將繼續投資以增加今年剩餘時間的產量，這讓我們非常有信心下半年將比上半年更強勁。

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.

我們在完成對 Maxim 的收購方面也取得了有意義的進展。交易完成後不久，我們將召開電話會議，提供有關我們資本回報計劃的最新信息。提醒一下，一旦合併，我們預計將擁有超過 30 億美元的現金和遠低於 1 的槓桿率。現在讓我將其傳回給 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，普拉桑斯。讓我們進入問答環節。 （操作員說明）這樣，謝麗爾，我們可以問第一個問題嗎？

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

（操作員說明）我們的第一個問題來自瑞士信貸的 John Pitzer。

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?

祝賀你取得了可靠的結果。 Vince, Prashanth，90 天前，當你為 4 月季度提供指導時，關鍵的控制因素是你增加供應的能力。我很好奇，當您查看 7 月季度時，您是否仍處於供應受限的環境中？而且我想更重要的是，鑑於您花費的內部資本支出以及您與代工合作夥伴的合作，我們如何看待您在 7 月季度指導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。所以約翰，謝謝你的問題。是的，我們受到了限制。我們有一個非常非常積極的帳單。但我們對 7 月季度的預測會影響矽供應的所有供應要素，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很有信心。而且 - 但除此之外，還有機會運送更多產品。那裡有更多的需求。但至少在 7 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 7 月以後的供應增長？ 7 月是否可以很好地代表您在接下來的幾個季度中應該能夠按順序執行的操作？還是您在 7 月獲得了特別強勁的提升，並且未來的情況溫和？

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.

好吧，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，我們正在獲得更多的晶圓供應。而且我們 - 正如 Prashanth 在他的講話中所說，我們一直在公司內部投資資本設備，以擴大我們的後端業務。因此，您將看到未來幾個月 ADI 的產出連續改善。因此，正如 Prashanth 所說，在下半年，鑑於我們對供應的信心，我們的下半年將比上半年好。

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?

祝賀創紀錄的結果。 Prashanth，您談到 disti 庫存遠低於 7 至 8 週的目標。你能告訴我們現在這些數字的確切位置嗎？而且，您是否希望在某個時候回到 7 到 8 點？還是現在這種新常態是渠道中的 disti 將低於其歷史水平？

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，托雷。庫存非常少。我們進入了低於 7 週的季度，並且在該季度再次下降。所以我們想建立庫存備份。不太可能，這會發生。他們得到的任何東西都會立即銷售。因此，在未來幾個季度供應有所改善之前，我認為您不會看到我們在渠道中恢復到正常的庫存水平。但我要說的是，我們確實認為 7 到 8 周是我們在渠道中的正確平衡。

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公司的 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，我希望你能盡可能量化各個終端市場的交貨時間和訂單到賬單。交貨時間在哪裡最緊張？重要的是，你在做什麼來防止雙重訂購？您是否像您的一些同行一樣實施任何固定價格不可取消的計劃？關於我們如何量化供需失衡狀態的任何觀點。我想，我們如何才能確保這將得到解決，我想，這是一個浮現在腦海中的詞？我認為這將非常有幫助。

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。謝謝你。謝謝你，維維克。也許只是從一些關於需求來源的評論開始。因此，我們正在經歷需求的顯著增長，而且它的基礎非常廣泛，我們所有的市場。當你回想一下我們是如何走到今天這一步時，我們的客戶以非常少的庫存進入了大流行病，然後我們得到了政府同步的財政和貨幣刺激措施。在消費電子產品大流行期間，由於雲計算連接的大量使用，我們實現了非常強勁的增長。

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.

我們現在正在擺脫大流行，GDP 推動工業發展，這促使公司重新考慮他們的製造地點和升級他們的製造方式。因此，在供應方面，正如文斯所說，自 2020 年夏末以來，我們一直在計劃增加產能。隨著我們增加產能，我們的收入預測正在增加，這確實幫助我們提供了更好的第二季度指南，向上對於第三季度，對第四季度感覺良好。

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.

所以我認為供應最終會匹配需求，但我認為需求不會真正消失。所以這感覺 - 考慮到它背後的世俗驅動因素，感覺這將伴隨我們一段時間。上一季度的訂單出貨比高於 1，並且所有終端市場的出貨量都相同。所以它又是非常廣泛的。而且我認為這實際上只是反映了 ADI 的產品在整個製造生態系統中發揮的令人難以置信的作用。

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

以及您可能像同行一樣實施的任何定價計劃？

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，所以我想在那裡發表一些評論。我們正在有效地管理我們的訂單。我們正在與所有市場的大小客戶合作，以了解需求時機並根據最終需求分配供應。請記住，雖然我們基於 POA 進行報告，但我們實際上是在 POS 上開展業務的，因此我們會通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.

我們還設置了長達 90 天的不可取消、不可退貨的條款，以幫助我們更好地了解積壓工作，並幫助客戶管理他們可以從我們這裡得到的東西。所以在這一點上，我會說重點真的放在了溝通上。這就是反饋，我認為，文斯也從客戶那裡聽到的是，對他們來說重要的是傳達他們將獲得什麼以及何時獲得它，以便他們可以計劃各自的下游生產要求。

And our next question comes from Ambrish Srivastava from BMO.

我們的下一個問題來自 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?

我只是想解開你所做的毛利率評論，Prashanth。在模特身上，你的比例是 70% 以上。當您談論毛利率逐漸變好時，正確的思考方式是什麼？您提到了您將從工廠整合中獲得的成本節約。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 - 與此相關的是，您如何管理投入成本，這似乎與定價相比全面上升？這也是毛利率的一個因素嗎？抱歉，與此相關的是，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，安布里什。你有更多的附加組件嗎？我會。所以讓我們開始吧——讓我們快速了解一下定價。因此，定價變化的淨影響對毛利率無關緊要。因此，我們正在管理我們的成本增加，以從淨價格的角度將其剔除。您看到的毛利率提升確實是我們正在推動的生產力。

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.

所以我在第一季度財報電話會議上確實說過，這將是今年毛利率的底部，我們預計會出現連續改善。您在打印的第二季度結果中看到了這一點。您可以在我們為第三季度提供的指南中看到這一點。這來自我們已經討論過的線性工廠關閉的製造整合以及利用率的一些提高。

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.

因此，這是一種思考毛利率在今年餘下時間中如何演變的戰術方式。我們的模型仍然是 70%。我不知道，文斯，如果你想就我們如何看待長期毛利率提供一些指導。

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真的是創新。我們每年花費超過 10 億美元。而且我們喜歡有最高性能的產品，我們可以得到豐厚的報酬。而且我認為我們的產品應用程序和客戶領域的多樣性也有助於我們保護利潤，正如我們在大流行中所看到的那樣。

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不到我們收入 0.1% 甚至更少的產品。所以我的意思是，這就是公司的模式。所以有很大的韌性。它內置了很多可選性和彈性。

Our next question comes from Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

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.

只是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 個處於高峰期。你談到了四月季度的一切。因此，只要有任何顏色的細分市場，如果其中有更多的收入達到創紀錄的收入，那將是有幫助的。

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。好吧，我們已經看到 - 這是一個非常非常多元化的業務。我們看到所有個別行業的廣泛增長。事實上，所有申請都同比增長了兩位數。而且我相信還會有更多的上漲空間，因為我們正處於一個由長期趨勢、工業 4.0 等驅動的多年增長周期中。

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加速非常強勁。我認為這是由諸如對岸上外包、更大靈活性以及更強大和連接的供應鏈的需求所驅動的。如果我只選擇醫療保健，它已經是 ADI 多年增長的市場。這場大流行突顯了信息技術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中，我們看到了數字醫療保健業務的加速發展。

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.

正如我在準備好的評論中提到的那樣，能源部門，隨著向可再生能源的轉移以及為支持這些電動汽車而鋪設的充電基礎設施，這些是我們在工業中看到的最強勁增長的一些領域區域。但我認為自動化是它的基礎。另外，我想說，我對我們得到的結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.

還有 Blayne，我想談談你關於唱片申請的最後一點。你是對的。我想上個季度，我們說有 2 或 3 個有記錄。我們增加了。我認為我們的 6 份申請中有 4 份是創紀錄的。所以我想我會回應文斯所說的，即我們處於這個週期的早期階段。是的，在某個時候，我們預計我們所有的申請可能會在明年左右記錄在案。

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.

恭喜取得了不錯的成績。文斯，我對你的 BMS 業務有一個多方面的問題。你們談到本季度的收入增加了一倍以上。我希望你能在本季度與去年同期相比，談談你的客戶檔案的廣度。

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?

而且我想，更重要的是，根據您對過去電話會議的一些評論以及與您的設計獲勝管道相關的這次電話會議，我們是否應該期望其中一些無線 BMS 項目在 22 財年或'23 財政年度及以後是否更多？最後，由於它涉及與 Maxim 的組合，我們應該如何考慮在組合後您在 BMS 中的職位如何隨著時間的推移而演變？

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，東芝。嗯，首先，我們是電動汽車電池管理系統的市場份額領導者。如您所知，我們確實有 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，這是一種從電池系統中移動數據的更傳統的方式。我們還推出了無線版本，一種強大的基於認知無線電的無線系統。所以我認為未來 12 個月將由傳統的有線電池技術驅動。

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.

在那之後，在 22 年末到 2023 年，我們將開始看到無線電池技術的熱潮，它將補充有線。所以我相信會發生在今天，我們得到了什麼，每年生產 200 萬、300 萬輛汽車，正在生產電動汽車。我們相信，在接下來的 7 到 8 年內，這將至少達到 10 倍。所以這是一個多年、多年的循環。

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 - 今天我們的 BMS 芯片被用於全球銷量前 10 名的電動汽車中的一半以上，並且我們在每個領域都獲得了份額。今天，我們最好的位置是在北美和中國。正如我在準備好的評論中提到的，我們開始在歐洲以及日本和韓國製作真正的賽道。因此，最終，如果製造商想要每次充電最多的里程數，他們將求助於 ADI。這就是我們正在努力的方向。

Please go ahead, Ross Seymore from Deutsche Bank.

請繼續，德意志銀行的羅斯·西莫爾。

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?

剛剛對您的通信業務提出了幾個問題。我猜從戰術意義上說，它看起來比你在四月季度的預期要好。這是特定於有線或無線端的，還是只是電源供應？

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，您能否就您對無線方面的期望提供更多色彩？顯然，我們對華為同比發生的事情有一些困難的比較。但是，鑑於您談到北美及其他地區的一些坡道，我們如何看待下半年的評論會恢復同比增長？

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.

是啊謝謝。所以我在準備好的評論中說，第二季度的通信業務確實受到有線業務非常強勁的增長的推動。我認為是兩位數。無線仍然不穩定，但我們覺得通信在第二季度觸底非常好，我認為我們將在下半年看到增長。我會讓文斯加入他一直在進行的一些客戶對話。

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，我們感到非常高興，您現在將看到 5G 的擴建，我們無疑是最大的參與者——收發器產品適用於美國和美國。在歐洲也開始看到這一點。

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。所以羅斯，我想說的是，在這個時間點上，世界其他地區的 ADI 規模是中國的 3 倍。我認為記住這一點非常非常重要。我們肯定會看到 5G 勢頭在全球範圍內有所回升。北美，我們最近 - 顯然，C 波段拍賣已經完成，我們今天開始看到我們預計將在 2022 年及以後加速的訂單。

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，在過去幾年中，他們的通信系統總體上都在升級，我們開始看到 5G 部署的生命跡象。印度也是——印度有一個重要的政府資助計劃，以使 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.

最後但並非最不重要的是 O-RAN。作為一家與日本在線購物公司樂天合作的公司，我們已經有了收入。鑑於我們在那裡的生態系統位置，我們處於非常有利的位置，可以釋放全新收入來源的潛力，尤其是我認為，因為它被部署到機器專用網絡中。

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，快速澄清一下。 Prashanth所說的只是一個快速的澄清。有線中的兩位數，是同比還是連續評論？

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

那是一年比一年，一年比一年。

Our next question comes from Stacy Rasgon from Bernstein Research.

我們的下一個問題來自 Bernstein Research 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?

我實際上想跟進那個通訊問題。因此，如果我回到上個季度，你有點談到通訊軌跡下降了，這是一份中國聲明。所以我只是想澄清一下，是不是 - 聽起來好像沒有改變。聽起來你現在看到的上升趨勢是在中國、美國、歐洲和印度之外。我想，這對嗎？

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?

我猜你為什麼沒有看到 90 天的上升或 90 天前與今天相比的預期？那麼您對從這裡開始在中國推出 5G 的總體看法是什麼？考慮到那裡發生的所有動態，那是怎麼回事？

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。所以我認為，首先，在這一點上，中國對 ADI 來說是機會主義的。我認為，我們會在那裡出售很多組件，但它更具機會主義色彩。 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。我認為，Stacy，我們一直說我們預計接下來會在北美部署 5G，然後是歐洲。當我們為您提供關於第二季度的評論時，我們專注於中國的暫停，但我們現在已經看到拍賣已經完成，特別是 Verizon 更加公開了它們是什麼——它們是什麼打算在5G空間做。正如文斯所說，訂單開始收到。因此，通信或特別是無線的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.

伙計們，我想問一下成本函數。我們有兩個潛在的迫在眉睫的問題。我認為一個是廣義的通貨膨脹，不僅僅是材料，潛在的勞動力也是如此。然後在運營支出方面，恢復工作面對面的運營表明我們可能開始在旅行等方面花錢。我想知道您是否可以評論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。所以讓我先看一下通貨膨脹。所以我認為是 Ambrish 提出了這個問題，我們看到我們的供應基礎的成本增加，但我們認為我們 - 指導淨利潤率將是中性的，因為我們在哪裡，我們在哪裡可以，推動這個價格。所以我並不擔心通脹方面。

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工方面。我想說的是，我們看到的數據是，我們需要比正常情況多一周的時間來填補工廠一級的工作崗位。因此，我們的美國工廠面臨著更長的時間來填補工作崗位，但在填補這些高薪製造業崗位方面，它並不像我們在媒體上聽到的那樣引人注目。

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.

然後回到辦公室，這是我們花費大量時間的事情。毫無疑問，旅行將會有一些回報。我認為這是 - 我認為這將在所有公司中普遍存在。但更具體地說，關於 ADI 是如何考慮重返辦公室的，也許我會讓文斯談談我們是如何考慮的。

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，我們制定了每週工作 3 天的政策，從 ADI 開始，針對那些一直在遠程工作的人，我們會看看事情的發展方向。但我的感覺是，在運營支出方面，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，我們在公司堅持不懈地努力降低業務成本。所以我們在商品成本方面下功夫。我們也努力使業務效率低於商品線的成本。所以通貨膨脹並不是什麼新鮮事。我們將看看它在接下來的走勢如何——如果我們看到通脹加速，那麼我們將決定採取什麼行動。

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 OpEx 中建模一些逐步增加的成本函數嗎？我知道你已經指導了獎金等方面的增加，但是對於旅行，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，我認為這是真的。當您查看今天的費用時，我們的運營支出充滿了一些非常豐厚的獎金支出，因為該業務在增長和盈利能力方面做得非常非常好。但我們會——隨著時間的推移，我預計增長會放緩，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，也許我可以說，我們預計下半年的收入會很強勁。我們已經表明下半年毛利率將繼續增加，這將給您帶來難以置信的影響力，因此，隨著每個季度的推出，您沒有理由看不到運營利潤率的顯著提升。所以 - 所有這一切都將轉化為更多的現金流，我們可以部署這些現金流，因為我們沒有做任何進一步的債務削減來返還給股東。

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。謝謝大家，今天早上加入我們。成績單的副本將在我們的網站上提供。所有的和解也將在那裡。您還可以在我們的模擬投資者關係主頁上找到文斯在其腳本中概述的新 CSR 報告。在此，感謝您加入我們以及您對 ADI 的持續支持。

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

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