亞德諾半導體 (ADI) 2021 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

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

    早上好,歡迎參加 Analog Devices 2021 財年第一季度收益電話會議,該電話會議正在通過電話和網絡進行音頻​​網絡直播。

  • I'd like to now introduce your host for today's call, Mr. Michael Lucarelli, Senior Director of Investor Relations. Sir, the floor is yours.

    現在我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,地板是你的了。

  • Michael C. Lucarelli - Senior Director of IR

    Michael C. Lucarelli - Senior Director of IR

  • Thank you, Sheryl, and good morning, everybody. Thanks for joining our first quarter fiscal 2021 conference call. With me on the call today are ADI CEO, Vincent Roche; and ADI 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。感謝您參加我們的 2021 財年第一季度電話會議。今天與我一起參加電話會議的是 ADI 首席執行官 Vincent Roche;和 ADI 首席財務官 Prashanth Mahendra-Rajah。對於那些錯過了該發布的人,您可以在 Investor.analog.com 上找到它以及相關的財務時間表。

  • Now on to the disclosures. The information we're about to discuss includes forward-looking statements, including statements relating to our objectives, outlook, and the proposed Maxim transaction. These forward-looking statements 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 these forward-looking statements as these statements reflect our expectations only as 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,包括與我們的目標、前景和擬議的 Maxim 交易相關的陳述。這些前瞻性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的 10 季度報告以及向 SEC 提交的其他定期報告和材料中進一步描述的那樣。實際結果可能與這些前瞻性陳述存在重大差異,因為這些陳述僅反映我們在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 their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release.

    我們今天的評論還將包括非公認會計準則財務指標,其中不包括特殊項目。將我們的結果與歷史業績進行比較時,前期的特殊項目也被排除在外。這些非公認會計準則衡量指標與其最直接可比的公認會計準則衡量指標的對賬以及有關我們非公認會計準則衡量指標的其他信息均包含在今天的收益發布中。

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

    接下來,我會將其交給 ADI 首席執行官 Vincent Roche。文斯?

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Thanks very much, Mike, and good morning to you all. So I'll start my remarks with a review of our results before providing insight into how we are shaping a more connected, safer and sustainable future.

    非常感謝,邁克,祝大家早上好。因此,我將首先回顧我們的成果,然後深入探討我們如何塑造一個更加互聯、更加安全和可持續的未來。

  • The first quarter, we delivered strong results that came in at the high end of our outlook. Revenue was $1.56 billion and increased 20% year-over-year. The strength was broad-based with growth across all end markets, highlighted by a record quarter for our industrial business. We delivered gross margin of 70% and up margin of nearly 41%. All told, we produced adjusted earnings per share of $1.44. Over the trailing 12 months, we generated $1.9 billion of free cash flow, equating to a 33% free cash flow margin, placing us in the top 10% of the S&P 500. So overall, I'm very pleased with our team's performance this quarter.

    第一季度,我們取得了強勁的業績,達到了我們預期的上限。收入為 15.6 億美元,同比增長 20%。我們的優勢基礎廣泛,所有終端市場均實現增長,尤其是我們工業業務創紀錄的季度業績。我們的毛利率達到 70%,同比增長近 41%。總而言之,我們的調整後每股收益為 1.44 美元。 Over the trailing 12 months, we generated $1.9 billion of free cash flow, equating to a 33% free cash flow margin, placing us in the top 10% of the S&P 500. So overall, I'm very pleased with our team's performance this四分之一.

  • Now I'd like to discuss how we are advancing our mission of engineering good for the planet, social health and economic prosperity, which in turn will create long-term sustainable value for our shareholders. Awareness of the world's environmental degradation and climate change specifically is growing tremendously with a global call to action building momentum. Semiconductors as the bedrock of the modern digital economy have a major role to play in improving our standard of living while protecting our planetary health. At ADI, our technology sit at the intersection of our customers and society's most pressing challenges, and we're uniquely positioned to drive positive impact.

    現在我想討論一下我們如何推進我們的使命,即造福地球、社會健康和經濟繁榮,從而為我們的股東創造長期可持續的價值。隨著全球呼籲採取行動的呼聲日益高漲,人們對世界環境退化和氣候變化的認識日益增強。半導體作為現代數字經濟的基石,在提高我們的生活水平、保護地球健康方面發揮著重要作用。在 ADI,我們的技術處於客戶和社會最緊迫挑戰的交叉點,我們具有獨特的優勢來推動積極影響。

  • Our industry-leading portfolio, with its breadth of capabilities, defines the edge of performance and inherently delivers sustainable benefits. With each generation of chip design, we increase efficiency while enhancing the performance of our customer systems. This portfolio supports customers of all sizes and spans industries that are aligned with key secular trends. So today, I'll focus on where ADI's Engineering Good across the automation, electrification and connectivity sectors.

    我們行業領先的產品組合以其廣泛的功能定義了性能優勢,並從本質上帶來了可持續的效益。通過每一代芯片設計,我們都在提高效率的同時增強客戶系統的性能。該產品組合支持各種規模和跨行業的客戶,與關鍵的長期趨勢保持一致。因此,今天我將重點介紹 ADI 在自動化、電氣化和連接領域的工程優勢。

  • Firstly, the automation of human routines. Factory floors and supply chains is critical to our future, and the pandemic has further accelerated this paradigm. The World Economic Forum is predicting that by 2025, over half of all tasks will be performed by machines, a first in human history. To support this trend, our industrial customer base is boosting deployments of robots and cobots. Over the next 5 years, the global robot installed base is expected to increase by about 60%. With industrial motors currently consuming 25% of all the world's electricity, we urgently need to deploy technologies that not only deliver speed and accuracy, safety and flexibility, but also energy savings.

    首先,人類日常工作的自動化。工廠車間和供應鏈對我們的未來至關重要,而疫情進一步加速了這一模式。世界經濟論壇預測,到 2025 年,一半以上的任務將由機器執行,這在人類歷史上尚屬首次。為了支持這一趨勢,我們的工業客戶群正在推動機器人和協作機器人的部署。未來5年,全球機器人裝機量預計將增長60%左右。目前,工業電機消耗了全球 25% 的電力,我們迫切需要部署不僅能提供速度和準確性、安全性和靈活性,而且還能節省能源的技術。

  • Now let me share a few examples of how our technologies are meeting these challenges in automation. So firstly, variable speed drives can reduce motor energy consumption by up to 40% in a robot. Our precision signal chain, isolation and power management technologies together increase response time and improve power conversion. Secondly, our time-of-flight sensing technology allows robots to sense and interpret the world around them, so our customers can deploy more robots per square foot and improve worker safety. Thirdly, our OtoSense condition-based monitoring solution presently identifies motor inefficiencies, enabling customers to proactively optimize and repair machinery. This avoids costly downtime and lowers energy consumption by 10%.

    現在讓我分享一些我們的技術如何應對自動化挑戰的示例。首先,變速驅動器可以將機器人的電機能耗降低高達 40%。我們的精密信號鏈、隔離和電源管理技術共同提高了響應時間並改善了電源轉換。其次,我們的飛行時間傳感技術使機器人能夠感知和解釋周圍的世界,因此我們的客戶可以在每平方英尺部署更多機器人並提高工人的安全。第三,我們的 OtoSense 基於狀態的監控解決方案目前可以識別電機效率低下的情況,使客戶能夠主動優化和維修機械。這可避免代價高昂的停機時間,並將能耗降低 10%。

  • Importantly, these technologies that improve motor efficiency and robotic control can save almost 1 gigaton of annual CO2 emissions, the equivalent of 330 million residential homes. In total, automation is a key component of our industrial business, supporting tens of thousands of customers. We expect this accelerated digitalization to drive continued growth in 2021 and beyond.

    重要的是,這些提高電機效率和機器人控制的技術每年可以減少近 10 億噸二氧化碳排放量,相當於 3.3 億戶住宅的排放量。總的來說,自動化是我們工業業務的關鍵組成部分,為數以萬計的客戶提供支持。我們預計這種加速的數字化將推動 2021 年及以後的持續增長。

  • Now I'll turn to electrification and discuss the important role ADI is playing as consumer demand for greener transportation accelerates. The World Economic Forum predicts that by 2030, there will be approximately 215 million electric vehicles on the road, up exponentially from about 7 million today. ADI solutions are embedded across all phases of the electric vehicle journey, from supporting EV infrastructure to forming and managing the vehicle battery.

    現在我將轉向電氣化,並討論隨著消費者對綠色交通的需求加速,ADI 所發揮的重要作用。世界經濟論壇預測,到 2030 年,道路上將有大約 2.15 億輛電動汽車,比目前的約 700 萬輛呈指數級增長。 ADI 解決方案嵌入電動汽車旅程的所有階段,從支持電動汽車基礎設施到形成和管理汽車電池。

  • So I'll share now how our technologies are impacting this ecosystem. First, the shift to renewable energy sources drives great environmental benefits, but also creates new obstacles in distribution, transmission and stability. This requires the smart grid, which can digitally monitor and adjust performance. Our control and sensing technologies are critical to ensuring the grid parameters remain stable and prevent shutdowns. This shift also requires energy storage systems to mitigate intermittency issues related to variable user demand. Here, our high accuracy monitoring and efficient power conversion technologies help extend systems battery life by more than 30%.

    所以我現在將分享我們的技術如何影響這個生態系統。首先,向可再生能源的轉變帶來了巨大的環境效益,但也給分配、傳輸和穩定性帶來了新的障礙。這需要智能電網,它可以數字化監控和調整性能。我們的控制和傳感技術對於確保電網參數保持穩定並防止停機至關重要。這種轉變還需要儲能係統來緩解與可變用戶需求相關的間歇性問題。在這裡,我們的高精度監控和高效電源轉換技術有助於將系統電池壽命延長 30% 以上。

  • Turning to the battery, which is the most expensive vehicle part. Our battery management system, or BMS, enables up to 20% more miles per charge than our competition. As the market leader, over half of the top 10 electric vehicle brands is ADI's BMS technology today. In addition, last fall, we introduced the industry's first wireless BMS platform. This is all the benefits of our wired solution by lowering vehicle weight and enabling a scalable battery architecture, paving the way for reuse in storage systems.

    說到電池,它是最昂貴的汽車部件。我們的電池管理系統 (BMS) 每次充電可比競爭對手多行駛 20%。作為市場領導者,當今十大電動汽車品牌中超過一半採用 ADI 的 BMS 技術。此外,去年秋天,我們推出了業界第一個無線BMS平台。這就是我們的有線解決方案的所有優勢,通過降低車輛重量並實現可擴展的電池架構,為存儲系統的重複使用鋪平道路。

  • GM's Ultium platform uses our wireless BMS technology, which is expected to be deployed across 30 different models by 2025. Interests in our wireless BMS technology is rising. And last quarter, we recorded our second OEM design win. Importantly, the environmental impact from our BMS capabilities is notable. In 2020 alone, vehicles equipped with ADI's BMS technologies prevented approximately 70 million tonnes of carbon dioxide from entering the atmosphere. Our solutions utilized at the battery formation stage enable more current density, thereby shrinking our customers' equipment footprint by up to 4x and reducing per channel costs by nearly half.

    通用汽車的 Ultium 平台採用了我們的無線 BMS 技術,預計到 2025 年將部署在 30 種不同的車型上。人們對我們的無線 BMS 技術的興趣正在上升。上季度,我們獲得了第二次 OEM 設計勝利。重要的是,我們的 BMS 能力對環境的影響非常顯著。僅 2020 年,配備 ADI BMS 技術的車輛就阻止了約 7000 萬噸二氧化碳進入大氣。我們在電池化成階段使用的解決方案可實現更高的電流密度,從而將客戶的設備佔地面積縮小多達 4 倍,並將每通道成本降低近一半。

  • Our technology makes it possible for factories to recycle more than 80% of the energy used during the formation back into the power grid. Based on today's production levels, energy recycling during formation reduces CO2 output by about 1 million tonnes annually. So all told, electrification not only represents a highly valuable market with long-term revenue growth opportunities, but one that will be critical to the preservation of our precious natural ecosystem.

    我們的技術使工廠能夠將形成過程中使用的 80% 以上的能源回收回電網。根據當今的生產水平,形成過程中的能源回收每年可減少約 100 萬噸二氧化碳排放。總而言之,電氣化不僅代表了一個具有長期收入增長機會的極具價值的市場,而且對於保護我們寶貴的自然生態系統至關重要。

  • So finally, let me turn to connectivity. In the face of the pandemic, connectivity has been the foundation that is sustaining and powering our society and the economy. And while the communications market is not known historically for its sustainability benefits, this ability to stay connected and productive from anywhere has also had a positive impact on the environment. A clear proof point is the reduction of global carbon emissions by a record 7% in 2020.

    最後,讓我談談連接性。面對疫情,互聯互通已成為維持社會和經濟的基礎。儘管通信市場在歷史上並不因其可持續發展優勢而聞名,但這種在任何地方保持聯繫和高效的能力也對環境產生了積極影響。一個明顯的證據就是2020年全球碳排放量減少了創紀錄的7%。

  • By 2030, forecasts suggest mobile traffic will increase by about 17-fold. This exponential increase in wireless data, combined with pervasive cloud computing, puts IP traffic on pace to double every 2.5 years. And ADI is playing a critical role in building out the next-generation infrastructure to support this exponential increase in data, from capturing the signal at the base station air interface to transferring the information to the data center while substantially decreasing power.

    預計到 2030 年,移動流量將增加約 17 倍。無線數據的指數級增長,加上雲計算的普及,使得 IP 流量每 2.5 年翻一番。 ADI 在構建下一代基礎設施以支持數據的指數級增長方面發揮著關鍵作用,從捕獲基站空中接口的信號到將信息傳輸到數據中心,同時大幅降低功耗。

  • So ADI has invested ahead and reshaped the 5G radio architecture, our software-defined transceivers with complementary precision signal chain and power technologies are vital to enabling the 5G massive MIMO architecture. When comparing 5G to 4G, our solutions help deliver a 90% decrease in energy per bit at the air interface by [increasing] (corrected by company after the call) the channel count by 10x, while maintaining the radio size and thermal performance. With the exponential upswing in data generation, our customers are upgrading their optical infrastructure from 100 to 400 gigabits per second. Our precision signal chain technologies help enable these optical modules maintain constant power, while operating at 4x the data rate. And with the customers looking to increase to 1 terabit and beyond, ADI's opportunity will continue to expand.

    因此,ADI 提前投資並重塑了 5G 無線電架構,我們的軟件定義收發器具有互補的精密信號鍊和電源技術,對於實現 5G 大規模 MIMO 架構至關重要。將 5G 與 4G 進行比較時,我們的解決方案通過將通道數[增加](由公司在通話後糾正)10 倍,幫助將空中接口的每比特能量降低 90%,同時保持無線電尺寸和熱性能。隨著數據生成量呈指數級增長,我們的客戶正在將其光學基礎設施從每秒 100 吉比特升級到 400 吉比特。我們的精密信號鏈技術有助於使這些光學模塊保持恆定功率,同時以 4 倍的數據速率運行。隨著客戶希望增加到 1 太比特及以上,ADI 的機會將繼續擴大。

  • Capturing and transporting data efficiently is important, but computing and data centers is the primary source of energy consumption in the connectivity ecosystem. Currently, data centers generate more than 130 million tonnes of CO2 per year globally. So this is where the transition from 12 to 48-volt power distribution can reduce power loss and increase compute density. Our 48-volt core micromodules, power and power system monitoring solutions are enabling this transition. And according to Alphabet, this approach can improve data center energy efficiency by 30%. All told, ADI is part of the ecosystem, enabling greater efficiency in wireless and wire data capture, transmission and, of course, computing. And our solutions help customers to scale their investments and build next-generation networks economically and resourcefully.

    高效捕獲和傳輸數據很重要,但計算和數據中心是連接生態系統中能源消耗的主要來源。目前,全球數據中心每年產生超過 1.3 億噸二氧化碳。因此,從 12 伏配電過渡到 48 伏配電可以減少功率損耗並提高計算密度。我們的 48 伏核心微模塊、電源和電源系統監控解決方案正在實現這一轉變。據 Alphabet 稱,這種方法可以將數據中心能源效率提高 30%。總而言之,ADI 是生態系統的一部分,可提高無線和有線數據捕獲、傳輸,當然還有計算的效率。我們的解決方案可幫助客戶擴大投資規模,並以經濟、資源豐富的方式構建下一代網絡。

  • So stepping back, I'm incredibly proud of the progress we've made and our mission to Engineer Good, but a lot remains yet to be done. We're focused on partnering with our customers to develop increasingly innovative technologies that create successful business outcomes, enrich people's lives and leave a greater impact on our world.

    因此,退一步來說,我對我們所取得的進步和我們的“優秀工程師”使命感到無比自豪,但仍有很多工作要做。我們專注於與客戶合作開發日益創新的技術,以創造成功的業務成果、豐富人們的生活並對我們的世界產生更大的影響。

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

    因此,我將把它交給 Prashanth。

  • Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

    Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

  • Thank you, Vince. Let me add my welcome to our first quarter earnings call. My comments today, with the exception of revenue and non-op expenses will be on an adjusted basis, which exclude special items outlined in today's press release.

    謝謝你,文斯。讓我對第一季度財報電話會議表示歡迎。我今天的評論,除收入和非運營支出外,都將在調整後的基礎上進行,其中不包括今天新聞稿中概述的特殊項目。

  • ADI delivered a strong first quarter with results at the high end of our outlook. Revenue increased 20%, nearing an all-time high; operating margin expanded to 40.7%, in line with our long-term model; and adjusted EPS grew 40%. We saw tremendous breadth this quarter with all market segments growing year-over-year, the first time in over 3 years, and B2B revenue increased 2% sequentially and 22% year-over-year, with double-digit growth across each end market.

    ADI 第一季度業績強勁,業績達到我們預期的上限。收入增長20%,接近歷史新高;營業利潤率擴大至 40.7%,符合我們的長期模型;調整後每股收益增長 40%。本季度我們看到了巨大的廣度,所有細分市場均實現了三年多來的首次同比增長,B2B 收入環比增長 2%,同比增長 22%,每個終端市場均實現兩位數增長。

  • Industrial represented 55% of revenue during the quarter, increased 5% sequentially and 24% year-over-year. This represented a record quarter for industrial with broad-based strength across applications, customers and geographies. Specifically, demand across our automation, instrumentation and energy businesses accelerated this quarter.

    工業佔本季度收入的 55%,環比增長 5%,同比增長 24%。這是工業領域創紀錄的一個季度,在應用、客戶和地區方面具有廣泛的實力。具體來說,本季度我們的自動化、儀器儀表和能源業務的需求加速增長。

  • Communications, which represented 18% of revenue during the quarter, decreased 10% sequentially, but increased 16% year-over-year. Both wireless and wireline revenue grew double digits despite 0 revenue from Huawei this quarter.

    通信業務佔本季度收入的 18%,環比下降 10%,但同比增長 16%。儘管本季度華為營收為零,但無線和有線收入均實現兩位數增長。

  • Automotive, which represented 16% of revenue, increased 7% sequentially and 19% year-over-year. With the industry aggressively ramping up production, we saw double-digit year-over-year growth across all applications. BMS exhibited the highest growth, a trend we expect to continue given our growing design pipeline. And lastly, consumer, which represented 11% of revenue, increased 2% sequentially and 5% year-over-year. We saw strong growth in hearables, wearables and home entertainment. This quarter's inflection puts us on track to return to full year growth in 2021.

    汽車業務佔收入的 16%,環比增長 7%,同比增長 19%。隨著行業積極提高產量,我們看到所有應用都實現了兩位數的同比增長。 BMS 表現出最高的增長,鑑於我們不斷增長的設計管道,我們預計這一趨勢將繼續下去。最後,消費者佔收入的 11%,環比增長 2%,同比增長 5%。我們看到耳戴式設備、可穿戴設備和家庭娛樂設備的強勁增長。本季度的拐點使我們有望在 2021 年恢復全年增長。

  • And now for the rest of the P&L. Gross margin, which is seasonally weaker in the first quarter, finished flat sequentially at 70%. We anticipate our first quarter's gross margin will be the trough for the year as we benefit from a strong top line, improving utilization and capturing the majority of the LTC cost savings. OpEx in the quarter was $456 million, up sequentially and year-over-year due mainly to variable compensation. Op margins finished at 40.7%, above the guided midpoint. Non-op expenses were $27 million and better than our outlook due to an investment gain. Our tax rate for the quarter was approximately 12%. So all told, adjusted EPS came in above the high end of guidance at $1.44. This included a $0.04 benefit from an investment gain that was not in our prior outlook.

    現在是損益表的其餘部分。第一季度的毛利率因季節性因素而疲軟,但與上一季度持平,為 70%。我們預計第一季度的毛利率將是今年的最低點,因為我們受益於強勁的營收、利用率的提高以及大部分LTC成本節省。該季度的運營支出為 4.56 億美元,環比和同比均有所增長,主要是由於可變薪酬。運營利潤率最終達到 40.7%,高於指導中點。由於投資收益,非運營費用為 2700 萬美元,好於我們的預期。我們本季度的稅率約為 12%。總而言之,調整後每股收益高於指導值 1.44 美元的上限。其中包括 0.04 美元的投資收益收益,這不在我們之前的預期中。

  • Moving on to balance sheet and cash flow. Inventory dollars increased modestly, while inventory days finished at 119, down from 121 in the fourth quarter. Channel inventory, as measured in weeks, was flat sequentially and remained well below our 7 to 8-week target. CapEx in the quarter increased to $67 million or roughly 4% of sales. We are working judiciously to add CapEx to meet this record demand and anticipate that CapEx will run slightly above our long-term target of 4% for fiscal 2021.

    接下來是資產負債表和現金流。庫存美元小幅增長,​​庫存天數為 119 天,低於第四季度的 121 天。以周為單位衡量的渠道庫存環比持平,仍遠低於我們的 7 至 8 週目標。本季度資本支出增至 6700 萬美元,約佔銷售額的 4%。我們正在明智地增加資本支出,以滿足這一創紀錄的需求,並預計資本支出將略高於我們 2021 財年 4% 的長期目標。

  • Turning to cash flow, over the trailing 12 months, we generated $1.9 billion or 33% of revenue. You'll recall that during the last year, we paused our share repurchase program for a few quarters due to the pandemic and our proposed Maxim acquisition. Therefore, in 2020, we returned 80% of free cash flow to shareholders after debt repayments. This quarter, we've reinstated our share repurchase program, and given our current 1.5 leverage ratio, we're committed to returning 100% of free cash flow for the year.

    談到現金流,在過去 12 個月裡,我們創造了 19 億美元,佔收入的 33%。您可能還記得,去年,由於疫情和我們擬議的 Maxim 收購,我們將股票回購計劃暫停了幾個季度。因此,2020年,我們在償還債務後將80%的自由現金流返還給股東。本季度,我們恢復了股票回購計劃,鑑於目前 1.5 的槓桿率,我們承諾返還今年 100% 的自由現金流。

  • Looking at the first quarter, we executed nearly $160 million of repo, and we also announced an 11% increase to our quarterly dividend at $0.69 per share, which marks our 18th increase over the last 17 years.

    看看第一季度,我們執行了近 1.6 億美元的回購協議,我們還宣布將季度股息增加 11%,達到每股 0.69 美元,這是我們在過去 17 年來第 18 次增加股息。

  • Before moving on to guidance, I want to provide some context on the current state of supply. A sharper than expected recovery in the economy, coupled with a lean inventory backdrop, is fueling unprecedented demand for semiconductors and putting stress on the global supply chain. While the industry at large is aggressively working to meet this historic demand, it's more than likely we will be operating in a constrained supply environment for the balance of the year. At ADI, we're confident in our ability to outperform in times like this. Our flexible hybrid manufacturing model, healthy balance sheet inventory and diversified product and customer base position us well. In addition, we're working to secure additional capacity from our external partners and ramping our internal operations to increase output.

    在繼續提供指導之前,我想提供一些有關當前供應狀況的背景信息。經濟復甦速度快於預期,加上庫存減少,正在刺激對半導體前所未有的需求,並給全球供應鏈帶來壓力。儘管整個行業正在積極努力滿足這一歷史性需求,但今年剩餘時間我們很可能將在供應受限的環境中運營。在 ADI,我們對在這樣的時期超越市場的能力充滿信心。我們靈活的混合製造模式、健康的資產負債表庫存以及多元化的產品和客戶群使我們處於有利地位。此外,我們正在努力從外部合作夥伴那裡獲得額外的產能,並加強內部運營以增加產量。

  • Now let me provide our second quarter outlook. Revenue is expected to be $1.6 billion, plus or minus $50 million. At the midpoint, this guidance reflects what would be record revenue. We expect double-digit year-over-year growth for automotive, industrial and consumer markets, but we do see a decline in our comps. Based on the midpoint of guidance, op margin is expected to be 41%, plus or minus 70 bps. And our tax rate is expected to be between 11% and 13%. Based on these inputs, adjusted EPS will be $1.44, plus or minus $0.08.

    現在讓我提供我們第二季度的展望。收入預計為 16 億美元,上下浮動 5000 萬美元。在中點,這一指導反映了創紀錄的收入。我們預計汽車、工業和消費市場將實現兩位數的同比增長,但我們確實看到我們的比較有所下降。根據指導中值,運營利潤率預計為 41%,上下浮動 70 個基點。我們的稅率預計在11%到13%之間。根據這些輸入,調整後每股收益將為 1.44 美元,上下浮動 0.08 美元。

  • So in summary, I'm encouraged by the near-term trends we're seeing across our end markets. And while we're mindful of the ongoing macroeconomic uncertainty, we are optimistic that a broad-based recovery is underway. And with Maxim expected to close this summer, 2021 will be a transformative year for ADI.

    總而言之,我對我們在終端市場看到的近期趨勢感到鼓舞。儘管我們注意到當前宏觀經濟的不確定性,但我們對廣泛的複蘇正在進行持樂觀態度。 Maxim 預計將於今年夏天關閉,2021 年對於 ADI 來說將是變革的一年。

  • Let me now pass it back to Mike to start our Q&A.

    現在讓我將其傳回給邁克以開始我們的問答。

  • Michael C. Lucarelli - Senior Director of IR

    Michael C. Lucarelli - Senior Director of IR

  • Thanks, Prashanth. Let's go to the Q&A session. (Operator Instructions)

    謝謝,普拉珊特。我們進入問答環節。 (操作員說明)

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from John Pitzer from Credit Suisse.

    (操作員說明)我們的第一個問題來自瑞士信貸銀行的 John Pitzer。

  • John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

    John William Pitzer - MD, Global Technology Strategist and Global Technology Sector Head

  • Congratulations on the strong results. Prashanth, I just want to talk a little bit about how the model unfolds from here. I mean clearly, you talked about already hitting the gross margin trough for the year, but you're guiding EPS sort of flattish on up revenue. I'm just kind of curious, how should we be thinking about OpEx from current run rate levels? And specifically, is there incremental OpEx needed because of the tight supply situation? Or what are the puts and takes as we go throughout the balance of the year?

    祝賀取得了優異的成績。 Prashanth,我只想談談這個模型是如何從這裡展開的。我的意思很明確,你談到今年的毛利率已經觸底,但你指導每股收益在收入增長的情況下持平。我只是有點好奇,我們應該如何從當前的運行率水平考慮運營支出?具體來說,由於供應緊張,是否需要增加運營支出?或者說,我們在這一年餘下的時間裡,看跌期權和賣出期權是什麼?

  • Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

    Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

  • Yes. Thank you for the question, John. So the way to think about OpEx is that if you recall in the proxy, we identified that last year, in the first half, we had a particularly low bonus payout as a reflection of the macroeconomic environment. In the first half of this year, you're going to see the opposite effect of that. So on average, it's a normal bonus payout, but you do see a significant upswing in our variable comps for -- which is impacting both the first and the second quarter compares. In addition, we have the merit increase, that if you remember, we put that merit increase in several months later than normal as a result of the pandemic last year. So you're beginning to see that on a full year run rate basis in first quarter and then it will carry into second quarter.

    是的。謝謝你的提問,約翰。因此,考慮運營支出的方法是,如果您在代理中回想一下,我們發現去年上半年我們的獎金支出特別低,這反映了宏觀經濟環境。今年上半年,你會看到相反的效果。因此,平均而言,這是正常的獎金支付,但您確實看到我們的可變薪酬顯著上升 - 這對第一季度和第二季度的比較產生了影響。此外,我們還有功績加薪,如果你還記得的話,由於去年的大流行,我們把功績加薪比正常情況晚了幾個月。因此,您開始看到第一季度全年運行率的情況,然後它將延續到第二季度。

  • So beyond these comp-related items, OpEx is really at a steady level. We are not requiring any additional investment at the OpEx level to support the demand that we're generating.

    因此,除了這些與補償相關的項目之外,運營支出確實處於穩定水平。我們不需要在運營支出層面進行任何額外投資來支持我們產生的需求。

  • Operator

    Operator

  • Our next question comes from Ambrish Srivastava from BMO Capital Markets.

    我們的下一個問題來自 BMO 資本市場的 Ambrish Srivastava。

  • Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

    Ambrish Srivastava - MD of Semiconductor Research & Senior Research Analyst

  • Prashanth and Vince, I just wanted to get back to the current constrained supply condition that the industry is facing. So could you please comment on your lead times? And then what are you seeing in the cost increases that you're experiencing? And are you able to pass along pricing to the customers? And more importantly, does it change your approach? Is there a structural change that you see happening?

    Prashanth 和 Vince,我只是想回到該行業當前面臨的供應緊張狀況。那麼您能評論一下您的交貨時間嗎?那麼您在成本增加中看到了什麼?您能否將定價傳遞給客戶?更重要的是,它會改變你的方法嗎?您認為正在發生結構性變化嗎?

  • Prashanth, you talked about CapEx running a little bit higher. Where is that additional CapEx going, in the back end, front end? And I just wanted to get a better sense of how things change from here on, on the supply chain front for ADI.

    Prashanth,您談到資本支出運行得更高一些。額外的資本支出去哪裡了,後端還是前端?我只是想更好地了解 ADI 供應鏈方面從現在開始發生的變化。

  • Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

    Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

  • Great. Okay. Okay. So there's a lot packed into that question, Ambrish, let me take a couple of pieces of it. So we are producing and shipping at record levels, and second quarter outlook is going to be a record. We have enough capacity to meet the guide, but additional -- significant additional upside versus that guide will depend on what we're able to procure both from an external wafer standpoint as well as the capital that we are in the process of deploying into our internal facilities to support that.

    偉大的。好的。好的。所以這個問題包含了很多內容,安布里什,讓我摘錄其中的幾個部分。因此,我們的生產和運輸量達到了創紀錄的水平,第二季度的前景也將創紀錄。我們有足夠的產能來滿足該指南,但額外的——與該指南相比,顯著的額外優勢將取決於我們能夠從外部晶圓的角度採購什麼,以及我們正在部署到我們的資本中。內部設施來支持這一點。

  • What we're doing to help alleviate that situation is we have been consistently building inventory since last summer to deplete what was pulled down during the pandemic shutdowns. We are adding additional supply, both internally, and I mentioned the capital that we're deploying, which is mostly going to the back end. And then externally, we've gone out and acquired additional wafers from our partners.

    為了幫助緩解這種情況,我們正在採取的措施是,自去年夏天以來,我們一直在不斷建立庫存,以耗盡在大流行關閉期間減少的庫存。我們正在內部增加額外的供應,我提到了我們正在部署的資本,這大部分都流向了後端。然後在外部,我們從合作夥伴那裡購買了更多晶圓。

  • So the -- I think the answer to your question on CapEx is that it's mostly for test. And then on the capacity side, where we can get additional capacity from our partners, we're doing that. But even with this additional capacity, it's very likely that the strength of demand is going to outplace -- outpace supply for some period of time. So I think we will be chasing demand at least through the balance of this year.

    因此,我認為您關於資本支出問題的答案是,它主要用於測試。然後在容量方面,我們可以從合作夥伴那裡獲得額外的容量,我們正在這樣做。但即使有了這些額外的產能,在一段時間內需求的強度也很可能會超過供應。因此,我認為我們至少會在今年剩餘時間裡追逐需求。

  • From a capital deployment standpoint, some of that -- as we guide as a percentage of revenue, some of that is dependent on how strong the year continues to roll out. So when I say slightly above 4%, it could come down to -- or maybe just a hair below if revenue continues to clip along here.

    從資本部署的角度來看,其中一些——正如我們所指導的佔收入的百分比一樣,其中一些取決於今年繼續推出的強勁程度。因此,當我說略高於 4% 時,如果收入繼續下滑,它可能會下降到——或者可能只低一點點。

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Yes. Just on the lead time question, Ambrish. So we entered our first quarter with what we would have called normal lead times. But during the quarter and into the early part of this quarter, we've seen lead times extend, which I think is pretty consistent with the industry at large. So while we see some hotspots, we're really talking about is a few weeks of extension in different places.

    是的。只是關於交貨時間問題,安布里什。因此,我們以所謂的正常交貨時間進入了第一季度。但在本季度和本季度初,我們看到交貨時間延長,我認為這與整個行業非常一致。因此,雖然我們看到了一些熱點,但我們真正談論的是在不同地方延長幾週的時間。

  • I would remind you, too, that we run this company -- we run our manufacturing plans, the operating plans are run to POS rather than POA. So what we're seeing right now is a good balance between POS and POA. But as Prashanth said, we're preparing for quite a bit of upside during this year, and we've pretty substantially increased the CapEx in our back end.

    我還要提醒您,我們運營這家公司——我們運營我們的製造計劃,運營計劃是針對 POS 而不是 POA 進行的。所以我們現在看到的是 POS 和 POA 之間的良好平衡。但正如普拉山斯所說,我們正在為今年的大幅上漲做好準備,並且我們已經大幅增加了後端的資本支出。

  • Operator

    Operator

  • 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中心的史黛西·拉斯貢(Stacy Rasgon)。

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • I wanted to ask about comm. So it's down sequentially and year-over-year, I guess, into Q2. Is that the trough for the year for comm? And do you think the comm segment overall can grow year-over-year for the full year 2021?

    我想問一下通訊的事因此,我想,進入第二季度,它會連續下降並同比下降。這是今年通信行業的低谷嗎?您認為 2021 年全年通信領域整體能否實現同比增長?

  • Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

    Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

  • Yes. You want to take that one? Okay. I'll take the first part of that, Stacy. So let's break comms into wired and wireless. On the wired, we're looking for continued growth as carriers and data centers are upgrading networks. On the wireless, we had -- we've said that the U.S. deployment of 5G was always going to be a second half event. And our view on that has not changed. What we have seen is a bit more of a slowdown in China as they're digesting kind of the 5G that they've deployed and the channel counts are a bit lower. So we do think comms troughs in second quarter and then begins to pick up in the second half with the global 5G.

    是的。你想拿走那個嗎?好的。我先講第一部分,史黛西。因此,讓我們將通信分為有線和無線。在有線方面,隨著運營商和數據中心升級網絡,我們正在尋求持續增長。在無線方面,我們說過,美國 5G 的部署始終是下半年的事件。我們對此的看法沒有改變。我們看到中國的增長速度有所放緩,因為他們正在消化已經部署的 5G,並且通道數量有所減少。因此,我們確實認為通信行業將在第二季度陷入低谷,然後隨著全球 5G 的發展,在下半年開始回升。

  • In terms of our view on whether we can grow comms on a year-over-year basis, given the significant headwind we have from Huawei going to 0, that's a tough ask.

    就我們對通信量能否同比增長的看法而言,考慮到華為將通信量降至零的巨大阻力,這是一個艱難的問題。

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Yes. I think as well, I'll remind everybody that the 3-year CAGR for comms has been 7%, and that's with that very, very significant headwind in China. So I think when you look at ADI in the comms business, it's tremendously diverse, many, many hundreds of customers. 5G is a critical part, wireline is an increasingly critical part. So very, very hard to predict in a lumpy business, but our expectation is that when you aggregate the next few years, we produced better than mid-single-digit growth for that business.

    是的。我想,我還要提醒大家,通信行業的 3 年復合年增長率為 7%,而且這是在中國面臨非常非常大的逆風的情況下實現的。因此,我認為當你觀察 ADI 的通信業務時,你會發現它擁有非常多樣化的客戶,有數百個。 5G是關鍵部分,有線是越來越關鍵的部分。在一個不穩定的業務中,很難預測,但我們的預期是,當你匯總未來幾年時,我們為該業務帶來了高於中個位數的增長。

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • I'm sorry, was that a long-term statement? That didn't sound like that with this year.

    抱歉,這是一個長期聲明嗎?今年聽起來並非如此。

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Over the next few years, I think, Stacy, we will produce something better than mid-single-digit growth in that business.

    我認為,史黛西,在接下來的幾年裡,我們將在該業務中取得比中個位數增長更好的成果。

  • Michael C. Lucarelli - Senior Director of IR

    Michael C. Lucarelli - Senior Director of IR

  • Yes. Stacy, I think what Prashanth says, we don't think we will grow this year in fiscal '21 due to, I would say, the Huawei headwinds as they go to 0 and lower channel count in China. But then pivoting to Vince, over the long term, we should grow -- we've been growing 7%. There's no reason to, going forward, we can't grow at least in line with that. And with that, we'll go to the next question.

    是的。 Stacy,我認為 Prashanth 所說的,我們認為今年 21 財年我們不會實現增長,因為我想說的是,華為的逆風,因為它們在中國的渠道數量已降至 0 且渠道數量減少。但轉向文斯,從長遠來看,我們應該增長——我們已經增長了 7%。展望未來,我們沒有理由不能至少與此保持一致。接下來,我們將討論下一個問題。

  • Stacy Aaron Rasgon - Senior Analyst

    Stacy Aaron Rasgon - Senior Analyst

  • Didn't you use to talk about double-digit growth, though, in this business?

    不過,您以前不是談論過這個行業的兩位數增長嗎?

  • Michael C. Lucarelli - Senior Director of IR

    Michael C. Lucarelli - Senior Director of IR

  • We did, Stacy. I think the world has changed over the past 2 years. Quite a bit. Could it grow double digits? Sure, it could. There's no reason I can't. But I think as we look today, with the pressures you're seeing geopolitically, those are the things we didn't know 2 years ago.

    我們做到了,史黛西。我認為過去兩年世界發生了變化。相當多。能否實現兩位數增長?當然可以。我沒有理由不能。但我認為,正如我們今天所看到的,地緣政治方面的壓力是我們兩年前所不知道的。

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • I think high single digits is a reasonable expectation. The early stages of 5G, I think, being able to grow at double digits, very plausible, but we're working off a bigger numerator at this point in time. So I think if we can produce something in the high single digits, we'll be in very, very good shape.

    我認為高個位數是一個合理的預期。我認為,5G 的早期階段能夠以兩位數增長,這是非常合理的,但我們目前正在研究一個更大的分子。所以我認為,如果我們能夠生產出高個位數的產品,我們將處於非常非常好的狀態。

  • Operator

    Operator

  • Our next question comes from Tore Svanberg from Stifel.

    我們的下一個問題來自 Stifel 的 Tore Svanberg。

  • Tore Egil Svanberg - MD

    Tore Egil Svanberg - MD

  • And congratulations on the results. Vince, you talked about a second design win for your wireless BMS solution or second OEM using that technology. Could you elaborate a little bit on how quickly this technology is going to penetrate the auto market? Could you potentially get to 6, 7 OEMs embracing this technology this year or next?

    祝賀結果。 Vince,您談到了無線 BMS 解決方案的第二次設計勝利或使用該技術的第二家 OEM。您能否詳細說明一下這項技術將多快滲透到汽車市場?今年或明年有可能有 6、7 家 OEM 廠商採用這項技術嗎?

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Well, that's certainly our expectation. I think in terms of getting to market, the latter part of this year will see the start of production. And I think between now and the end of 2023, say, we should expect 4 to 5 OEMs to adopt that technology. We have a strong pipeline. But also remember, we have a very strong wired portfolio in BMS. So we've got those 2 tailwinds working for us. But I think over time, it will be kind of a hybrid between wired and wireless. But clearly, wireless is the bright star at this point in time. And our expectation is that we'll have at least a handful of OEMs using this technology by the start of 2024.

    嗯,這當然是我們的期望。我認為就上市而言,今年下半年將開始生產。我認為從現在到 2023 年底,我們預計將有 4 到 5 家 OEM 廠商採用該技術。我們有強大的管道。但還要記住,我們在 BMS 方面擁有非常強大的有線產品組合。所以我們有這兩個有利因素。但我認為隨著時間的推移,它將成為有線和無線的混合體。但顯然,無線是目前最耀眼的明星。我們預計到 2024 年初,至少會有少數 OEM 廠商使用這項技術。

  • Operator

    Operator

  • And our next question comes from Vivek Arya from Bank of America.

    我們的下一個問題來自美國銀行的 Vivek Arya。

  • Vivek Arya - Director

    Vivek Arya - Director

  • Vince, I wanted to talk about just fiscal '21 and the sustainability of growth. So you're starting the year off very strong, right? 20% growth rates in Q1 and the Q2 outlook. How should we think about the second half of, whether you want to talk about the fiscal year or the calendar year, which markets do you think right now are overheated because of whatever reasons? Which are kind of only -- which are in line with demand and which ones can actually accelerate going into the second half? So just how should we think about how the segment mix changes as you go towards the second half of the year?

    Vince,我想談談 21 財年和增長的可持續性。所以你今年的開局非常強勁,對吧?第一季度和第二季度展望增長率為 20%。下半年我們應該如何看待,無論是財年還是歷年,您認為現在哪些市場由於某種原因而過熱?哪些是唯一的——哪些符合需求,哪些實際上可以加速進入下半年?那麼,隨著下半年的到來,我們應該如何考慮細分市場組合將如何變化呢?

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Yes. Thanks for your question. So typically, 1Q is the low point for ADI. We had a reasonably strong first Q compared to kind of normal patterns. But I will stress, there's still a tremendous amount of uncertainty out there. And I don't want to get into the business of making strong speculative predictions here, but we can only kind of guide 1 quarter at the time, particularly in this starving market.

    是的。謝謝你的提問。因此,通常情況下,第一季度是 ADI 的最低點。與正常模式相比,我們的第一個 Q 值相當強。但我要強調的是,仍然存在巨大的不確定性。我不想在這裡做出強烈的投機預測,但我們當時只能提供 1 個季度的指導,特別是在這個飢餓的市場中。

  • But if I look at the markets and just kind of peel the story back a little bit for you. So our industrial business, which represents about half of the company's revenue, was down. We had 2 consecutive down years in '19 and '20. But we produced a record quarter in the first. We expect ongoing strength in that business. And one thing I'm very, very pleased about is that the most diverse part of our industrial business is automation. And I think given the strength of our opportunity pipeline, the new products we've got coming to market, I expect to see a multiyear tailwind in the automation part.

    但如果我看看市場,並為你稍微揭開故事的面紗。因此,占公司收入一半左右的工業業務出現了下滑。我們在 19 年和 20 年連續兩年下滑。但我們在第一季度創造了創紀錄的季度業績。我們預計該業務將持續強勁。我非常非常高興的一件事是,我們工業業務中最多樣化的部分是自動化。我認為,鑑於我們的機會渠道的實力以及我們推向市場的新產品,我預計自動化部分將出現多年的順風車。

  • I think right now, there's -- in automotive, there's a big push to electric vehicles. And I see that, as I said in the prepared remarks, that is expected to grow by 2030 from kind of 7 million deployed electric vehicles today to over 200 million by 2030. And we talked a lot the last quarter about the strength of our cabin electronics business, active noise cancellation, (inaudible) audio, our A2B bus deployments and all that, too, provides good tailwinds for the company going ahead.

    我認為現在,在汽車領域,電動汽車得到了大力推動。正如我在準備好的發言中所說,預計到 2030 年,電動汽車的部署量將從目前的 700 萬輛增長到 2030 年的 2 億多輛。上個季度我們多次談論了我們的座艙實力電子業務、主動降噪、(聽不清)音頻、我們的A2B 總線部署以及所有這些也為公司的發展提供了良好的推動力。

  • Comms, as we've just narrated, weakened the first half of '21. But really, I think that's about the timing of deployments. And my expectation is that, that business will snap back in the second half of '21 and continue into '22.

    正如我們剛才所敘述的那樣,21 年上半年的通訊業務表現疲軟。但實際上,我認為這與部署的時間有關。我的預期是,該業務將在 21 年下半年反彈,並持續到 22 年。

  • Last but not least, our consumer business has shown a couple of sequential growth quarters. And we no longer have the overhang of 1 big socket and 1 big customer. So with the diversity of our business, we've -- we're addressing more applications. We have a stronger product portfolio than we had, say, 3 years ago. I think we're on a growth track in that business, and we're certainly off to a very, very good start. So we believe that '20 was the bottom of that business. And certainly, the signals are that is the case.

    最後但並非最不重要的一點是,我們的消費者業務已經出現了幾個連續增長的季度。我們不再有 1 個大插座和 1 個大客戶的懸置。因此,隨著我們業務的多樣性,我們正在解決更多的應用程序。與三年前相比,我們擁有更強大的產品組合。我認為我們在該業務上正處於增長軌道,而且我們肯定有一個非常非常好的開始。所以我們相信 20 世紀是該業務的谷底。當然,信號就是如此。

  • Operator

    Operator

  • 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。

  • Toshiya Hari - MD

    Toshiya Hari - MD

  • Vince, you guys talked about growing capacity both internally as well as externally with your foundry partners. How should we think about the step up in your capacity, again, both internal and external over the next couple of quarters, there's a magnitude at which you can grow capacity for the overall business?

    Vince,你們談到了與代工合作夥伴內部和外部的產能增長。我們應該如何考慮在接下來的幾個季度內,您的內部和外部能力的提升,您可以在多大程度上提高整體業務的能力?

  • And secondly, a couple of your peers have talked about signing long-term contracts with customers. Is that something that ADI is thinking about or considering?

    其次,您的一些同行已經討論過與客戶簽訂長期合同。這是ADI正在思考或正在考慮的事情嗎?

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Well, I think what you've got to remember is that, first and foremost, we're producing and shipping product at record levels. 2Q will be an all-time record for the company. So we're certainly keeping ahead. Our investments are keeping ahead of these revenue levels, obviously.

    嗯,我認為你必須記住的是,首先也是最重要的是,我們正在以創紀錄的水平生產和運輸產品。第二季度將創下該公司的歷史記錄。所以我們肯定會保持領先。顯然,我們的投資保持領先於這些收入水平。

  • Like most of our peers in the industry, there are supply constraints in parts of the business. So we're not able to meet all the demand, particularly in auto, which has been very, very well publicized. And the constraints continue across the front end in wafer procurement and also the back end. But I will remind you, too, we produce about half our silicon inside ADI and the other half we procure with external partners.

    與業內大多數同行一樣,部分業務也存在供應限制。因此,我們無法滿足所有需求,特別是在汽車領域,這一點已經得到了非常非常廣泛的宣傳。晶圓採購的前端和後端仍然受到限制。但我還要提醒您,我們大約一半的芯片是在 ADI 內部生產的,另一半是從外部合作夥伴那裡採購的。

  • So I think something else worth noting is that we've been building inventory since last summer in terms of die stock and finished goods, which was heavily depleted during the pandemic shutdown. So as I said internally, we're ramping up our own manufacturing operations, and we've been successful in acquiring additional wafers from our external partners. So I think that's the best I can give you in terms of the atmosphere that we're working within. We're certainly keeping CapEx deployments ahead of where we think the revenue could be this year based on the demand patterns we now see.

    因此,我認為其他值得注意的是,自去年夏天以來,我們一直在模具庫存和製成品方面建立庫存,而這些庫存在大流行關閉期間嚴重耗盡。正如我在內部所說,我們正在加強自己的製造業務,並且我們已經成功地從外部合作夥伴那裡獲得了更多晶圓。所以我認為,就我們工作的氛圍而言,這是我能為您提供的最好的信息。根據我們現在看到的需求模式,我們肯定會保持資本支出部署領先於我們認為今年收入可能達到的水平。

  • Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

    Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

  • Toshi, I would expect that our guide for each of the subsequent quarters is going to be partly influenced by what we're able to supply. So as I said earlier, I think we're going to be chasing demand for the rest of this fiscal year, and we will use our guidance range to inform how we think -- what we can build to, based on our ability to get capacity, third parties, as well as increase capacity internally.

    Toshi,我預計我們接下來每個季度的指南將部分受到我們能夠提供的產品的影響。因此,正如我之前所說,我認為我們將在本財年剩餘時間裡追逐需求,我們將利用我們的指導範圍來告知我們的想法——我們可以根據我們獲得的能力來構建什麼能力、第三方以及增加內部能力。

  • Toshiya Hari - MD

    Toshiya Hari - MD

  • And then the long-term contracts, is that something that comes up in conversations or not really?

    然後是長期合同,這是否是在談話中提到的?

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • I think it depends. We do have long-term contracts, but we're doing that on a more strategic basis than tactical, let's say.

    我認為這取決於。我們確實有長期合同,但我們是在戰略基礎上而不是戰術基礎上這樣做的。

  • Operator

    Operator

  • Our next question comes from Craig Hettenbach from Morgan Stanley.

    我們的下一個問題來自摩根士丹利的克雷格·赫滕巴赫。

  • Craig Matthew Hettenbach - VP

    Craig Matthew Hettenbach - VP

  • Any update on just the linear cross-selling synergies and efforts? I know a little while back, you kind of talked about the pipeline. But just how are you seeing that kind of unfold in any particular markets or product segments that you're seeing the most traction along those lines?

    關於線性交叉銷售協同效應和努力有任何更新嗎?我知道不久前,您談到了管道。但您如何看待在您認為最具吸引力的特定市場或產品領域中的這種發展?

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Yes. So Craig, there's a couple of ways to look at this. Obviously, the battery side of things is very, very strong. We've more than doubled the size of that since we acquired LT. And overall, when I look at the, for example, power, the mixed signal portfolio as well as the battery management side of things, we have more than $500 million worth of new revenue going to production this year. And that's just the beginning. So in terms of areas where we're winning, we've got notable wins in communications, in wireless as well as data center and cloud. In automotive, we're strongly attaching to our infotainment business, the autonomous radar systems. And the strongest surge in terms of growth in industrial for the LT portfolio, the additional cross-selling is instrumentation test and micromodules, generally speaking, across the board, we're seeing very, very strong demand for those products.

    是的。克雷格,有幾種方法可以看待這個問題。顯然,電池方面的功能非常非常強大。自從收購 LT 以來,我們的規模擴大了一倍多。總的來說,當我考慮電源、混合信號產品組合以及電池管理方面時,我們今年將有超過 5 億美元的新收入投入生產。而這僅僅是開始。因此,就我們獲勝的領域而言,我們在通信、無線以及數據中心和雲領域取得了顯著的勝利。在汽車領域,我們非常重視我們的信息娛樂業務,即自動雷達系統。 LT 產品組合的工業增長最為強勁,額外的交叉銷售是儀器測試和微型模塊,一般來說,我們看到對這些產品的需求非常非常強勁。

  • So I think all that said, we had expected that we would double the LTC growth to -- from kind of 3% to 4% historically to high single digits in a 5-year period. And that's quite similar to how we viewed our opportunity with Hittite at the beginning and what also has materialized. So that's the story in terms of the markets and the expected growth.

    因此,我認為綜上所述,我們預計 LTC 增長率將在 5 年內翻倍,從歷史上的 3% 到 4% 達到高個位數。這與我們一開始對赫梯的機會以及已經實現的機會的看法非常相似。這就是市場和預期增長的故事。

  • Operator

    Operator

  • Our last question comes from C.J. Muse from Evercore.

    我們的最後一個問題來自 Evercore 的 C.J. Muse。

  • Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

    Christopher James Muse - Senior MD, Head of Global Semiconductor Research & Senior Equity Research Analyst

  • I guess, Vince, to follow-up on that last question and to kind of go back to what you talked about a quarter ago. I think you said factory automation turned positive for the first time in quite a while year-on-year, yet was still significantly below the Q3 '18 levels. So I was hoping we could level set where we are today in your industrial bucket. And as you think about where you are relative to prior peak, what kind of acceleration in growth should we be able to see in '21 and '22, particularly around factory automation, A&D and instrumentation.

    文斯,我想是為了跟進最後一個問題,並回到你四分之一前談論的內容。我想你說過工廠自動化在相當長一段時間內首次同比轉正,但仍大大低於 18 年第三季度的水平。所以我希望我們能夠在你們的工業桶中調整我們今天的位置。當你思考相對於之前的峰值時,我們應該能夠在 21 年和 22 年看到什麼樣的增長加速,特別是在工廠自動化、A&D 和儀器儀表方面。

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • Yes. I'd say, I mean, just -- Mike can give you some numerical color. I'll just give you a tough headline here. So what we're seeing, as I said in the prepared remarks, is an acceleration in the market in general, but we're still well below the previous peak. And given the pipeline of opportunity that we've got, the technologies and the products that we've got, I think the long-term trends are going to be very, very strong. Accelerated, of course, by the obvious need for resilience and driven by automation as a result of the pandemic. But Mike, you might want to add?

    是的。我想說,我的意思是,邁克可以給你一些數字色彩。我在這裡只給你一個艱難的標題。因此,正如我在準備好的發言中所說,我們看到的是市場總體加速,但仍遠低於之前的峰值。考慮到我們所擁有的機會、技術和產品,我認為長期趨勢將非常非常強勁。當然,由於對彈性的明顯需求以及大流行造成的自動化的推動,這一趨勢加速了。但是邁克,你可能想補充一點?

  • Michael C. Lucarelli - Senior Director of IR

    Michael C. Lucarelli - Senior Director of IR

  • Yes, sure. C.J., you're right. If you look at our industrial business, we did just achieve a record quarter, and we're guiding to another record quarter. So I'll clarify that. But what's interesting is if you peel back a bit, we have 6 application areas within industrial. Only 2 of them are above previous peaks. So there's a lot more room for upside across all the verticals. But if you look back at previous peaks, there's still 4 application areas. We still have more room to run before we hit those peaks, automation being one of those as well. So I think, as been said, it's a long-term growth market, automation and industrial, and you're starting to see that business turn late last year into this year. And I think that continues, hopefully, into 2022.

    是的,當然。 C.J.,你是對的。如果你看看我們的工業業務,我們剛剛實現了創紀錄的季度,並且我們正在引導另一個創紀錄的季度。所以我會澄清這一點。但有趣的是,如果你仔細觀察一下,我們在工業領域有 6 個應用領域。其中只有 2 個高於之前的峰值。因此,所有垂直領域都有更大的上升空間。但如果你回顧一下之前的高峰,仍然有4個應用領域。在達到這些峰值之前,我們還有更多的空間可以運行,自動化也是其中之一。因此,我認為,正如前面所說,這是一個長期增長的自動化和工業市場,你會開始看到該業務從去年年底轉向今年。我認為這種情況有望持續到 2022 年。

  • Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

    Prashanth Mahendra-Rajah - Senior VP of Finance & CFO

  • Maybe just to close on that, C.J., we've been gaining share in industrial. And we've been gaining share over the last couple of years, while the market hasn't been as strong. Now you're going to see the compounding effect of a growing market with the benefit of the share that we picked up. So I think you will see significant outperformance for ADI's industrial business versus our peers over the balance of this year.

    也許只是為了結束這一點,C.J.,我們在工業領域的份額一直在增​​加。在過去的幾年裡,我們的份額一直在增​​加,而市場卻並不那麼強勁。現在,您將看到不斷增長的市場與我們所獲得的份額所帶來的複合效應。因此,我認為今年餘下的時間裡,您將看到 ADI 工業業務的表現顯著優於同行。

  • Vincent T. Roche - President, CEO & Director

    Vincent T. Roche - President, CEO & Director

  • I think health care as well, C.J., is worth noting that it still remains considerably above pre-COVID levels. We obviously got a boost during the COVID -- the upsurge in COVID-19. And again, I think this has been growing at kind of 10% for the past 5 or 7 years. It's, I think, a multi growth -- a multiyear growth market. And we're beginning to see also the acceleration of demand as a result of the pandemic getting health care capabilities to anywhere, so to speak. So I think -- look, we look across industrial as an area where we've been, I'd say, steering a lot of our R&D over the last decade or so. It's kind of a long burn business, but we're seeing the benefits now in terms of strength of our technology pipe and our customer engagements.

    C.J.,我認為醫療保健也值得注意,它仍然大大高於新冠疫情前的水平。顯然,我們在新冠肺炎 (COVID-19) 疫情期間得到了提振。再說一次,我認為過去 5 到 7 年這一數字一直以 10% 的速度增長。我認為,這是一個多重增長——一個多年增長的市場。可以這麼說,我們也開始看到,由於大流行使醫療保健能力擴展到任何地方,需求也在加速增長。所以我認為,我們將整個工業視為一個領域,我想說,在過去十年左右的時間裡,我們一直在引導我們的大量研發。這是一項長期的業務,但我們現在看到了我們的技術管道實力和客戶參與度方面的好處。

  • Michael C. Lucarelli - Senior Director of IR

    Michael C. Lucarelli - Senior Director of IR

  • All right. Thanks, C.J. And thanks, everyone, for joining us this morning. A copy of transcript will be available on the website. Thanks for joining the call and your continued interest in Analog Devices. Have a good day.

    好的。謝謝 C.J.,也謝謝大家今天早上加入我們。網站上將提供成績單副本。感謝您參加此次電話會議以及您對 Analog Devices 的持續關注。祝你有美好的一天。

  • Operator

    Operator

  • 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。