亞德諾半導體 (ADI) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Analog Devices First Quarter Fiscal 2022 Earnings Conference Call, which is being audio webcast via telephone and/or the web. I'd now like to introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations. Sir, the floor is yours.

早安，歡迎參加 ADI 公司 2022 財年第一季財報電話會議，該會議將透過電話和/或網路進行音訊網路直播。現在我想介紹今天電話會議的主持人，投資者關係副總裁邁克爾·盧卡雷利先生。先生，現在請您發言。

Thank you, Holly, and good morning, everybody. Thanks for joining our first quarter fiscal '22 conference call. With me on the call today are ADI's CEO, Vincent Roche; and ADI's CFO, Prashanth Mahendra-Rajah.

謝謝你，霍莉，大家早安。感謝您參加我們的22財年第一季電話會議。今天與我一起參加電話會議的還有 ADI 的執行長 Vincent Roche；以及 ADI 的財務長 Prashanth Mahendra-Rajah。

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

任何錯過此次發布的人都可以在 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 periodic reports and other materials filed with the SEC. Actual results could differ materially from the forward-looking information as these statements reflect our expectations only at the date of this call. We undertake no obligation to update these statements, except as required by law.

現在來討論披露內容。我們即將討論的資訊包括前瞻性陳述，這些陳述受一定風險和不確定性的影響，如我們的收益報告、定期報告和向美國證券交易委員會提交的其他資料中進一步所述。實際結果可能與前瞻性資訊有重大差異，因為這些陳述僅反映我們在本次電話會議之日的預期。除非法律要求，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，不包括特殊項目。當我們的結果與歷史績效進行比較時，特殊項目也被排除在前期之外。今天的收益報告中包含了這些非公認會計準則指標與最直接可比較的公認會計準則指標的對帳表，以及有關我們的非公認會計準則指標的其他資訊。

Okay. With that, I'll turn it over to ADI's CEO, Vincent Roche. Vince?

好的。現在，我將把主題交給 ADI 的執行長 Vincent Roche。文斯？

Well, thanks, Mike, and good morning to everybody.

好吧，謝謝你，麥克，大家早安。

So once again, ADI delivered another record quarter, marking a strong start to the year. Our continued success was driven by our unparalleled high-performance portfolio and our team's strong operational execution and intense customer focus, enabling us to better meet the growing demand for our products.

ADI 再次創下了新季度記錄，為今年的開局奠定了良好的基礎。我們持續的成功得益於我們無與倫比的高性能產品組合以及我們團隊強大的營運執行力和高度的客戶關注度，這使我們能夠更好地滿足對我們產品日益增長的需求。

Now looking at our first quarter results. Revenue was $2.68 billion, up more than 20% year-over-year on a combined basis. Growth was broad-based, with all segments up double-digits year-over-year, led by Industrial and Automotive. Gross margin expanded to 72% and operating margin increased to over 45%. Adjusted EPS was $1.94, up 35% year-over-year.

現在來看看我們的第一季的業績。營收為 26.8 億美元，年成長超過 20%。成長基礎廣泛，所有部門都比去年同期成長了兩位數，其中工業和汽車部門成長最為強勁。毛利率擴大至72%，營業利益率增至45%以上。調整後每股收益為 1.94 美元，年增 35%。

Now it's been nearly 6 months since we closed the Maxim transaction. Overall, we've made great progress on the integration to date. The feedback we've received from customers and our teams has been overwhelmingly positive. And we've taken important steps to strengthen our operations.

現在距離我們完成 Maxim 交易已經過去近 6 個月了。總體而言，迄今為止我們在整合方面取得了巨大進展。我們從客戶和團隊收到的回饋非常積極。我們已採取重要措施加強我們的營運。

In the many exchanges I've had with our customers, they've expressed their enthusiasm for the combination, recognizing the increased value that ADI and Maxim together bring to the market. Broadly speaking, ADI is viewed as a trusted long-term focused partner that takes a customer-first approach to our engagements. We offer a unique combination of best-in-class engineering and unmatched domain expertise, with a high-performance portfolio that spans from microwave to bits, from nanowatts to kilowatts, and from sensor to cloud. This is enabling us to develop more complete solutions that define the edge of possible.

在與我客戶的多次交流中，他們都表達了對此次合併的熱情，並認識到 ADI 和 Maxim 共同為市場帶來的增值。廣義上講，ADI 被視為值得信賴的長期合作夥伴，我們在合作中採取客戶至上的態度。我們提供一流的工程技術和無與倫比的領域專業知識的獨特組合，以及從微波到比特、從納瓦到千瓦、從感測器到雲端的高性能產品組合。這使我們能夠開發出更完整的解決方案來定義可能的邊緣。

The acquisition of Maxim increases the breadth and depth of our high-performance portfolio especially in power management. Here, our more comprehensive power portfolio allows us to better address opportunities across industrial, automotive, data center, connectivity and consumers. Similar to the cross-selling activity we implemented with the LTC portfolio, we're aggressively identifying areas to attach this power portfolio with ADI's leadership positions in analog, mixed signal and RF. And with our extended sales and field organizations, we're better positioned to uncover cross-selling opportunities and serve existing and new customers who have an increased need for application and design support at a solutions level.

收購 Maxim 增加了我們高效能產品組合的廣度和深度，特別是在電源管理領域。在這裡，我們更全面的電源產品組合使我們能夠更好地應對工業、汽車、資料中心、連接和消費者等領域的機會。與我們針對 LTC 產品組合實施的交叉銷售活動類似，我們正在積極尋找將該電源產品組合與 ADI 在類比、混合訊號和射頻領域的領導地位結合起來的領域。憑藉我們擴大的銷售和現場組織，我們可以更好地發掘交叉銷售機會，並為在解決方案層面上對應用和設計支援有日益增長需求的現有和新客戶提供服務。

I've also been highly engaged with our teams across ADI. The combination has unleashed excitement throughout the organization. There's a burning desire to capitalize on the numerous opportunities to accelerate revenue growth. And I'm already seeing firsthand the benefits of our collaboration, from operations, to engineering, to sales, making me excited for what's ahead.

我也一直與 ADI 的團隊保持著密切的合作。這次合併激發了整個組織的熱情。人們迫切希望利用眾多機會來加速收入成長。而且我已經親眼看到了我們合作帶來的好處，從營運到工程到銷售，這讓我對未來充滿期待。

Turning firstly to our manufacturing operations. The analog sector is characterized by fragmentation, with diversity across products, customers, applications and markets. To tackle this complexity, we utilized a hybrid manufacturing strategy, providing us with vast capabilities across technology, processes and packaging necessary to create innovative solutions from 7 nanometers to 7 microns for our 125,000 customers.

首先談談我們的製造業。模擬產業的特徵是碎片化，產品、客戶、應用和市場各有不同。為了解決這種複雜性，我們採用了混合製造策略，為我們提供跨技術、製程和封裝的強大能力，為我們的 125,000 名客戶創造從 7 奈米到 7 微米的創新解決方案。

The combination with Maxim enhances our hybrid manufacturing model by enabling a more diverse network of internal facilities and external partners. This increases our access to technologies and capabilities, which in turn expands the scale and the scope of our offerings. We're investing in our internal manufacturing operations to build a more robust and cost-effective model. To that end, we're expanding the footprints of our Oregon and Limerick fabs and adding significant capital to our test operations at our facilities in the Philippines, Thailand and Malaysia. These investments will grow our capacity this year and into 2023, provide seamless product qualifications for our customers, and give us greater optionality between our internal facilities and foundry partners.

與 Maxim 的結合增強了我們的混合製造模式，實現了更多樣化的內部設施和外部合作夥伴網路。這增加了我們獲得技術和能力的機會，從而擴大了我們產品的規模和範圍。我們正在投資內部製造業務，以建立更強大且更具成本效益的模型。為此，我們正在擴大俄勒岡州和利默里克工廠的佔地面積，並為菲律賓、泰國和馬來西亞工廠的測試營運投入大量資金。這些投資將擴大我們今年和 2023 年的產能，為我們的客戶提供無縫的產品認證，並為我們的內部設施和代工合作夥伴提供更大的選擇。

Now ahead of our Investor Day in April, I'd like to preview some of the secular growth trends that make us most excited about the future of our industry and for our company.

在四月投資者日到來之前，我想預測一些讓我們對我們的行業和公司的未來感到最興奮的長期成長趨勢。

In the industrial market, we're seeing the compounding effect of many concurrent secular trends. For example, our instrumentation business, which is comprised of automated test equipment, electronic test and measurement and scientific instruments, is aligned with growth trends from connectivity, to EVs, to sustainability. The growing technology complexity of these applications requires ADI's more advanced metrology solutions, enabling us to continue increasing our SAM.

在工業市場，我們看到許多同時發生的長期趨勢的複合效應。例如，我們的儀器儀表業務由自動化測試設備、電子測試和測量以及科學儀器組成，與從連接性、電動車到永續性的成長趨勢保持一致。這些應用的技術複雜性日益增加，需要 ADI 更先進的計量解決方案，使我們能夠繼續提高 SAM。

Our factory automation business is empowering another critical trend of more intelligent and connected factories. Here, we support tens of thousands of customers of all sizes with our precision signal chain, power management, sensing technologies, and robust wired and wireless connectivity solutions.

我們的工廠自動化業務正在推動工廠更智慧、更互聯的另一個重要趨勢。在這裡，我們透過精密訊號鏈、電源管理、感測技術以及強大的有線和無線連接解決方案為數以萬計的各種規模的客戶提供支援。

In automotive electrification, we're the global leader in battery management systems for EVs, with double the market share of our nearest competitor. We're continuing to build momentum globally. And in the last quarter, we've recorded several new design wins from premium European auto manufacturers.

在汽車電氣化領域，我們是電動車電池管理系統的全球領導者，市佔率是我們最接近的競爭對手的兩倍。我們正在全球範圍內繼續增強勢頭。上個季度，我們已獲得多項來自歐洲頂級汽車製造商的新設計訂單。

Electrification is not exclusive to the automotive sector. There is a necessary shift to sustainable energy sources to deliver the environmental benefits of electrification. This vision requires green energy generation with a smart grid, which digitally monitors and adjusts performance, and also energy storage systems, which mitigate intermittency issues related to variable user demand. ADI supports this infrastructure with control and sensing technologies as well as accurate monitoring and efficient power conversion to ensure the grid parameters remain stable.

電氣化並非汽車領域獨有。必須轉向永續能源才能發揮電氣化的環境效益。這個願景需要利用智慧電網來發電綠色能源，以數位方式監控和調整效能，還需要能源儲存系統來緩解與用戶需求變化相關的間歇性問題。 ADI 透過控制和感測技術以及精確的監控和高效的電源轉換來支援此基礎設施，以確保電網參數保持穩定。

Within automotive, we're also seeing manufacturers create a more immersive human experience by digitalizing the cabin. This requires increased bandwidth, lower latency and more efficient power management, creating new opportunities for ADI's connectivity and power portfolios. For example, our audio system solutions with signal processing, A2B connectivity and road noise cancellation provide customers with the highest fidelity solution while also reducing the vehicle's weight. In addition, our GMSL franchise and functional safety certified power management solutions are critical in architecting and efficiently powering advanced driver assistance systems. Overall, our market-leading positions in BMS, audio systems and GMSL, combined with our complementary customer bases, position our automotive franchise to deliver strong growth in the years ahead.

在汽車領域，我們也看到製造商透過數位化駕駛室創造更身臨其境的人性化體驗。這需要增加頻寬、降低延遲和更有效率的電源管理，為 ADI 的連接和電源產品組合創造了新的機會。例如，我們的音訊系統解決方案具有訊號處理、A2B 連接和道路噪音消除功能，為客戶提供了最高保真度的解決方案，同時也減輕了車輛的重量。此外，我們的 GMSL 特許經營和功能安全認證的電源管理解決方案對於架構和高效供電高級駕駛輔助系統至關重要。總體而言，我們在 BMS、音響系統和 GMSL 領域的市場領先地位，加上我們互補的客戶群，使我們的汽車特許經營在未來幾年實現強勁增長。

Turning now to advanced communications networks. In wireless ADI's market-leading software-defined transceiver portfolio is enabling next-generation communication systems, from traditional 5G, to O-RAN, to low earth orbit satellites. And we're expanding our SAM with the industry's first transceiver that includes a fully integrated digital front end. In wireline, our optical control and power portfolios are critical to tackling the exponential growth in bandwidth and compute power of carrier networks and hyperscale data centers Here, we see a large and underserved opportunity for ADI.

現在來談談先進的通訊網路。在無線領域，ADI 市場領先的軟體定義收發器產品組合正在支援下一代通訊系統，從傳統 5G 到 O-RAN，再到低地球軌道衛星。我們正在使用業界首個包含完全整合數位前端的收發器來擴展我們的 SAM。在有線領域，我們的光控制和電源產品組合對於應對運營商網路和超大規模資料中心的頻寬和計算能力的急劇增長至關重要。

So with that backdrop, we look forward to expanding on these areas and more at our Investor Day with our senior leadership team.

因此，在這樣的背景下，我們期待在投資者日與我們的高階領導團隊一起擴大這些領域及更多領域的合作。

So in closing, ADI is the leader in innovating at the edge. We have an industry-leading high-performance portfolio that continues to benefit from the acceleration of mass digitalization across industries. And with Maxim, our portfolio has increased in breadth and depth, and we see even more opportunity than ever to capture additional market share. And I'm very optimistic about what our future holds.

總而言之，ADI 是邊緣創新領域的領導者。我們擁有領先業界的高性能產品組合，並繼續受益於跨行業大規模數位化的加速。有了 Maxim，我們的產品組合在廣度和深度上都得到了擴展，我們看到了比以往更多的機會來獲得更多的市場份額。我對我們的未來非常樂觀。

And so with that, I'll hand you over to Prashanth, who will take us through the financial details.

現在，我將把時間交給 Prashanth，他將向我們介紹財務細節。

Thank you, Vince. Good morning, everyone. Let me add my welcome to our first quarter earnings call. .

謝謝你，文斯。大家早安。我要對我們第一季財報電話會議表示歡迎。 。

My comments today, with the exception of revenue, will be on an adjusted basis, which excludes special items outlined in today's press release. The revenue commentary is on a pro forma basis and includes pre-acquisition Maxim revenue in the comparable period.

我今天的評論，除了收入之外，都是基於調整後的數據，不包括今天的新聞稿中概述的特殊項目。收入評論是按形式計算的，包括了同期收購 Maxim 之前的收入。

ADI delivered a very strong first quarter, with record revenue, profitability and earnings. These results reflect the secular demand for ADI's products, capturing synergies and effectively passing on inflationary costs. Our manufacturing team is diligently securing additional internal and external capacity as orders remain robust across all our markets and our backlog continues to grow. This sets the stage for continued sequential growth through the balance of fiscal 2022.

ADI 公司第一季業績表現強勁，營收、獲利能力和收益均創下歷史新高。這些結果反映了對 ADI 產品的長期需求，獲得了協同效應並有效地轉嫁了通膨成本。由於我們所有市場的訂單仍然強勁且積壓訂單持續增加，我們的製造團隊正在努力確保額外的內部和外部產能。這為2022財年剩餘時間的持續連續成長奠定了基礎。

So for the first quarter, revenue of $2.68 billion finished near the high end of our outlook, with double-digit growth across all end markets and geographies. This marks our fourth consecutive quarter of record revenue and 8 straight of sequential growth.

因此，第一季的營收為 26.8 億美元，接近我們預期的高位，所有終端市場和地區均實現了兩位數的成長。這是我們連續第四個季度創下營收記錄並連續八個季度實現成長。

Looking at our end market performance for the quarter, Industrial, our most diverse and profitable market, represented 50% of revenue and achieved a new all-time high. Industrial has grown more than 20% year-over-year for 5 straight quarters, underscoring our strong market positioning, supported by numerous secular tailwinds, including automation, digital health care, sustainable energy, aerospace and instrumentation.

綜觀本季我們的終端市場表現，工業是我們最多元化、利潤最高的市場，佔總營收的 50%，創下歷史新高。工業連續 5 個季度年增超過 20%，凸顯了我們強大的市場定位，並受到自動化、數位醫療、永續能源、航空航太和儀器儀表等眾多長期順風因素的支持。

Automotive, which represented 21% of revenue, achieved another record, with every major application posting double-digit year-over-year growth. Our battery management system offering continues to outperform and represents over 15% of automotive revenue, underscoring ADI's leadership in electric powertrains. Additionally, secular content growth inside the cabin continues to drive both the A2B and GMSL connectivity franchises to new heights.

汽車市場佔總營收的 21%，再創紀錄，每個主要應用領域都實現了兩位數的年成長。我們的電池管理系統產品持續表現出色，佔汽車收入的 15% 以上，彰顯了 ADI 在電動動力系統領域的領導地位。此外，機艙內部內容的長期成長將繼續推動 A2B 和 GMSL 連接特許經營邁向新的高度。

Communications represented 15% of revenue and exhibited strength in wireless and wireline. We are in the early days of 5G deployment and expect global rollouts, led by North America, to accelerate in 2022 and beyond. And in wireline, demand remains strong as carriers and hyperscalers continue to upgrade their cloud infrastructure from long haul to data center.

通訊業務佔總營收的 15%，在無線和有線方面均表現強勁。我們正處於 5G 部署的早期階段，預計以北美為首的全球部署將在 2022 年及以後加速。在有線方面，隨著營運商和超大規模企業繼續將其雲端基礎設施從長途到資料中心升級，需求仍然強勁。

And lastly, consumer represented 14% of revenue and was in line with seasonality. Importantly, we continue to grow year-over-year, supported by strategic investments aimed at diversifying our customer and application mix. The first quarter demonstrated our increased portfolio breadth as all segments achieved growth, including professional audio-video, gaming, wearables, hearables and personal electronics.

最後，消費者佔收入的 14%，與季節性相符。重要的是，在旨在實現客戶和應用組合多樣化的策略性投資的支持下，我們繼續實現逐年成長。第一季顯示我們的產品組合廣度有所擴大，所有領域都實現了成長，包括專業音訊視訊、遊戲、穿戴式裝置、可聽設備和個人電子產品。

Now looking at the P&L. Gross margin increased 100 basis points sequentially and 190 basis points year-over-year, resulting in a record 71.9%. Favorable product mix, higher utilizations and synergies were key drivers of the increase. OpEx in the quarter was $702 million, better than anticipated due to faster synergy progress. Operating margin of 45.8% increased 510 basis points year-over-year. Non-op expenses were $44 million, in line with last quarter. And our tax rate for the quarter was approximately 13%. All totaled, adjusted EPS of $1.94 increased 35%. Our record profitability this quarter was driven by the stronger revenue growth as well as the synergy capture.

現在檢查損益表。毛利率比上一季增加 100 個基點，比去年同期增加 190 個基點，達到創紀錄的 71.9%。良好的產品結構、更高的利用率和綜效是推動成長的主要因素。本季的營運支出為 7.02 億美元，由於綜效進展加快，優於預期。營業利益率為45.8%，較去年同期增加510個基點。非經營性支出為 4,400 萬美元，與上一季持平。我們本季的稅率約為 13%。總體而言，調整後的每股收益為 1.94 美元，成長 35%。本季我們創紀錄的獲利能力得益於更強勁的營收成長以及綜效。

And now moving on to the balance sheet. We ended the quarter with approximately $1.8 billion of cash and equivalents. And on a trailing 12-month pro forma basis, our net leverage ratio was just under 1 turn. Days of inventory increased modestly sequentially to 115 and channel inventory remains below the low end of our 7- to 8-week target.

現在來看資產負債表。本季結束時，我們的現金和等價物約為 18 億美元。根據過去 12 個月的預測，我們的淨槓桿率略低於 1 倍。庫存天數環比小幅增加至 115 天，渠道庫存仍低於我們 7 至 8 週目標的低端。

Looking at cash flow items. CapEx was $111 million for the quarter and $387 million over the trailing 12 months. As a reminder, during fiscal 2022, we plan to invest 6% to 8% of revenue to significantly grow our front and back-end capacity and build a more resilient hybrid manufacturing model for the long term. Importantly, this higher level of CapEx will not hinder our capital return commitments. Over the trailing 12 months, we generated $2.78 billion of free cash flow or 33% of revenue. Our free cash flow margin was lower by about 3% due to costs related to the Maxim acquisition.

查看現金流項目。本季的資本支出為 1.11 億美元，過去 12 個月的資本支出為 3.87 億美元。提醒一下，在 2022 財年，我們計劃投資 6% 至 8% 的收入來大幅提升我們的前端和後端產能，並為長期建立更具彈性的混合製造模式。重要的是，更高水準的資本支出不會妨礙我們的資本回報承諾。在過去的 12 個月中，我們創造了 27.8 億美元的自由現金流，佔營收的 33%。由於與 Maxim 收購相關的成本，我們的自由現金流利潤率下降了約 3%。

Over the same time period, we returned approximately $4.2 billion or more than 150% of free cash flow via purchases and dividends. And as a reminder, we target 100% free cash flow return. We aim to use 40% to 60% of our free cash flow to consistently grow our dividend, with the remaining free cash flow used for share repo. And just yesterday, we announced a 10% increase to our quarterly dividend, marking the fourth consecutive year of double-digit increases. We have now raised our dividend 19 times in the past 18 years. Our ASR program concluded in the first quarter, and as a result, we retired approximately 14.4 million shares. We are now more than halfway towards executing our $5 billion repo commitment by the end of calendar 2022.

在同一時期，我們透過購買和股息返還了約 42 億美元，即超過 150% 的自由現金流。提醒一下，我們的目標是 100% 的自由現金流回報。我們的目標是利用 40% 到 60% 的自由現金流來持續增加股息，剩餘的自由現金流則用於股票回購。就在昨天，我們宣布季度股息增加 10%，這是連續第四年實現兩位數成長。在過去 18 年裡，我們已 19 次提高股利。我們的 ASR 計劃於第一季結束，因此我們註銷了約 1,440 萬股股票。目前，我們已完成到 2022 年底 50 億美元回購承諾的一半以上。

So let me finish with the second quarter outlook. Revenue is expected to be $2.8 billion, plus or minus $100 million. At the midpoint, we expect all B2B markets to grow sequentially and for consumer to be flattish. At the midpoint, operating margin is expected to be 46.5%, plus or minus 70 bps. And this outlook includes approximately $100 million of annual run-rate synergies, split roughly evenly between cost of goods and OpEx as we exit second quarter. Our tax rate is expected to be approximately 13%. So based on these inputs, adjusted EPS should be around $2.07, plus or minus $0.10.

最後，讓我來對第二季進行展望。預計營收為 28 億美元，上下浮動 1 億美元。從中間點來看，我們預計所有 B2B 市場都將持續成長，而消費者市場將持平。中間值預估營業利益率為 46.5%，上下浮動 70 個基點。這一前景包括約 1 億美元的年度運行率協同效應，在第二季結束時，大致平均分配在商品成本和營運支出之間。我們的稅率預計約為13%。因此，基於這些輸入，調整後的每股盈餘應在 2.07 美元左右，上下浮動 0.10 美元。

And finally, let me end with an invitation. We are holding our Investor Day on April 5, where we look forward to sharing ADI's long-term strategy, our new financial model and a detailed update on all phases of our synergy road map. We hope to see many of you in person at our headquarters right outside of Boston, where we will offer unique customer-led interactive technology demonstrations and displays throughout the day. This includes showcasing our wireless battery management system for EVs and much more.

最後，請容許我以一個邀請來結束本文。我們將於 4 月 5 日舉辦投資者日，期待分享 ADI 的長期策略、我們的新財務模型以及協同路線圖各個階段的詳細更新。我們希望能夠在位於波士頓郊外的總部親自見到你們，我們將全天提供獨特的由客戶主導的互動技術演示和展示。其中包括展示我們的電動車無線電池管理系統等等。

I'll hand it off to Mike for the Q&A.

我會將其交給 Mike 進行問答。

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

謝謝，Prashanth。讓我們進入問答環節。 （操作員指示）這樣，我們有了第一個問題。

(Operator Instructions) And our first question is going to come from the line of Vivek Arya with Bank of America Securities.

(操作員指示)我們的第一個問題來自美國銀行證券的 Vivek Arya。

And good to see the strong execution. Vince, I was hoping you could maybe give us a readout of what you see as kind of the supply-demand balance in your different end markets. And if -- as part of that, if you could help us understand what role is pricing playing in the industry today. And can it be sticky over time? Or will it need to revert back as there is more trailing-edge capacity that comes online, including from your other large U.S. competitor?

很高興看到強有力的執行。文斯，我希望您能為我們介紹一下您所看到的不同終端市場的供需平衡情況。如果 — — 作為其中的一部分，如果您能幫助我們了解定價在當今行業中扮演著什麼角色。隨著時間的推移它會變得粘稠嗎？或者，隨著更多的後緣產能上線（包括來自其他大型美國競爭對手的產能），它是否需要恢復原狀？

Vivek, I'm going to just do the setup for that on the supply and demand environment. So what we're seeing in 2022 looks a lot like 2021. So we expect that we will be chasing demand throughout the year. We've got continued order strength across the business. As I said in the prepared remarks, all end markets, all geographies are looking strong. And our backlog is continuing to expand. We've delivered 8 sequential quarters of growth, and that's supported by the manufacturing team continued to increase their ability to supply. And as I mentioned in the remarks, we expect that increase to be progressive over the balance of the year while they continue to debottleneck the process. So that will help us drive sequential growth.

Vivek，我將在供需環境中進行相關設定。因此，我們看到的 2022 年的情況與 2021 年非常相似。我們整個業務的訂單量持續強勁。正如我在準備好的發言中所說，所有終端市場、所有地區都表現強勁。我們的積壓訂單還在增加。我們已經連續 8 個季度實現了成長，這得益於製造團隊不斷提高的供應能力。正如我在評論中提到的那樣，我們預計，在他們繼續消除這一進程瓶頸的同時，這一增長將在今年餘下時間內逐步實現。這將有助於我們推動連續成長。

From a supply standpoint, we're going to continue to look at the balance here and keep an eye on how things are going. But our view is that this will run through the balance of this year. And we expect that we'll probably still have a little bit of catching up to do in early '23.

從供應的角度來看，我們將繼續關注這裡的平衡並關注事態的發展。但我們認為，這將貫穿今年餘下的時間。我們預計，在 23 年初我們可能還需要做一些追趕工作。

On pricing, that's a longer question, so let me split that into 2 pieces. Why don't I talk margins and then I'll let Vince talk kind of pricing strategy. So from margins, we along with the rest of the industry have been passing on the higher costs that we've been seeing. So we're not using this environment to take advantage of customers, but really targeting to maintain gross margins. So we have been pushing those costs out. But built into those margins is a number of items, including the synergy execution, which is coming in faster than we thought, some benefit of mix, higher revenue because we are actually shipping more units. So I think on a quarterly basis, unit shipment is up double-digits year-over-year. And then, of course, with all this unit -- increase in unit shipment, utilizations are also quite strong. So there's a number of benefits that are underlying the margin piece.

關於定價，這是一個較長的問題，所以讓我將其分成兩部分。我為什麼不談利潤，然後讓文斯談談定價策略。因此從利潤率來看，我們和業內其他公司一樣，一直在轉嫁我們所看到的更高的成本。因此，我們不會利用這種環境來佔客戶便宜，而是真正致力於維持毛利率。因此我們一直在降低這些成本。但這些利潤率中還包括許多項目，包括協同效應的執行，這比我們想像的要快，還有一些組合效益，以及更高的收入，因為我們實際上運送了更多的單位。因此我認為按季度計算，單位出貨量年增了兩位數。當然，隨著單位出貨量的增加，利用率也相當高。利潤率背後有一系列的好處。

But to finish off on pricing, I'm going to pass to Vince to maybe talk about how we're -- how he's talking to customers.

但為了完成定價問題，我將交給文斯，他可能會談談我們是如何——他是如何與客戶交談的。

Yes. Vivek, just to add a couple of other color comments here. So we've historically managed our pricing to reflect the value that we deliver to our customers. We get an innovation premium for our products. And also, we have very, very long-life products in our portfolio. And customers pay us to keep security of supply for the long term. And that's an approach that we intend to keep in perpetuity.

是的。 Vivek，我只想在這裡添加一些其他彩色評論。因此，我們歷來管理我們的定價以反映我們向客戶提供的價值。我們的產品獲得了創新獎勵。而且我們的產品組合中還有壽命非常長的產品。客戶付錢給我們以確保長期供應安全。我們將永遠堅持這項做法。

I think also, pricing for us is more structural than cyclical. I think the last couple of years have really brought semiconductors from the background into the foreground and shown the importance of semiconductors to the modern digital economy. And I think customers understand the value in a more meaningful way.

我還認為，我們的定價更多的是結構性的而不是週期性的。我認為過去幾年確實將半導體從幕後推到了前台，並顯示了半導體對現代數位經濟的重要性。我認為客戶能夠以更有意義的方式理解其價值。

So I think, as Prashanth said, cost inflation, we're in the post-Moore's Law era, cost inflation, I think, is going to be a long-term facet of the economic dynamic of the semiconductor business. So I expect that cost increases will moderate, but there will be inflation, I think, for the medium to long term here.

因此我認為，正如 Prashanth 所說，成本通膨，我們正處於後摩爾定律時代，我認為成本通膨將成為半導體業務經濟動態的一個長期方面。因此我預計成本成長將會放緩，但我認為，中長期內這裡將會出現通貨膨脹。

So I think when you put it all together, the industry is in a better place to capture more of the value that it's been generating over these many, many decades. And then I think we will benefit from that as a company based on the quality of our innovation, but also the new dynamics in the industry.

因此，我認為，把所有這些結合起來，這個行業將處於一個更好的位置，能夠獲得它在過去許多年裡創造的更多價值。我認為，作為一家公司，我們將從中受益，不僅因為我們創新的質量，也因為行業的新動態。

Our next question will come from the line of John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮澤 (John Pitzer)。

Yes. Just to follow up on the pricing side of things, Vince. I'm just kind of curious, will this year's revenue growth be more influenced by pricing than last year? And to the extent that the price environment seems to be structurally changing, are there any parameters you can give us? Historically, pricing did X, and now we think it's going to do sort of X plus. And because -- and the reason why I asked the question is we look at your relative growth rates to some of the end markets that you participate in, and you're clearly growing significantly faster. And there is a content side of things. But that relative growth does kind of make people concerned about inventory levels. And so we look at inventory and revenue, we probably should be looking at it on units. I'm just kind of curious how we should try to factor in that pricing dynamic.

是的。只是想跟進一下定價方面的事情，文斯。我只是有點好奇，今年的營收成長是否會比去年受到定價的更大影響？就價格環境似乎正在發生結構性變化而言，您能為我們提供一些參數嗎？從歷史上看，定價會產生 X 效應，而我們現在認為它會產生 X 以上效應。因為——我之所以問這個問題，是因為我們看了你們相對於你所參與的一些終端市場的相對增長率，發現你們的成長速度顯然快得多。事情還有內容的一面。但這種相對成長確實讓人們擔心庫存水準。因此，當我們查看庫存和收入時，可能應該從單位角度來查看。我只是有點好奇我們應該如何考慮這種定價動態。

John, let me just set the numbers on that. So this year, pricing or I should say, for the current quarter, pricing counts for less than half the growth. So that kind of helps you size it. And we had said on the prior quarter's call that in 2021, we had cost increases that were coming at us faster than we were able to push price out because we were in the process of closing the deal on Maxim and beginning the integration. So we did expect more pricing tailwind this year because we actually had inflationary cost headwind last year.

約翰，讓我來把數字設定一下。因此，今年，或者我應該說，就當前季度而言，定價所佔比例不到成長的一半。這有助於您確定其大小。我們在上一季的電話會議上表示，2021 年，我們的成本上漲速度快於我們提高價格的速度，因為我們當時正處於與 Maxim 達成交易並開始整合的過程中。因此，我們確實預期今年會有更多的定價順風，因為去年我們實際上面臨通膨成本逆風。

Yes. I'd say, John, one other comment. I've said many, many times before that for several years up to this step function increase due to inflation in prices and cost of goods and then prices, our pricing was -- for many, many years, we had been -- we had to fill a gap. We had to ship more units to keep up with the annual price reductions. I would say we were asymptoting towards 0 price reduction on the average, adding more ASPs to our products for the innovation that we're creating. And then I think that for the long term is going to be a better way to gauge ADI's pricing methodology. So we're pricing for value. And we're injecting significant amounts of R&D into the company to make sure that we keep ahead of our customers' needs. So that will be, I think, the primary dynamic for value capture for ADI for the years ahead.

是的。我想說，約翰，還有另一則評論。我之前已經說過很多次了，在過去的幾年裡，由於物價和商品成本的通貨膨脹，價格出現了這一階梯式上漲，我們的定價——很多年來，我們一直——必須填補空白。我們必須運送更多貨物才能跟上年度價格的下降。我想說的是，我們的平均價格正在趨近於零降幅，為我們的產品增加更多的平均售價以實現我們正在進行的創新。然後我認為從長遠來看這將是衡量 ADI 定價方法的更好方法。因此我們根據價值來定價。我們正在為公司注入大量研發資金，以確保我們始終滿足客戶的需求。因此，我認為，這將是未來幾年 ADI 公司獲取價值的主要動力。

Our next question will come from the line of Pradeep Ramani with UBS.

我們的下一個問題來自瑞銀的 Pradeep Ramani。

Yes. I just wanted to ask about your automotive business just given how automotive production is sort of sharply rebounding in 2022. How do you feel about how much your automotive business can outgrow SAAR or even production in 2022? How should we think about that?

是的。我只是想問一下您的汽車業務，因為 2022 年汽車產量正在大幅反彈。我們該如何思考這個問題？

Yes. I think right now, the supply chain is very, very lean. That is pretty well established. I've talked with a lot of automotive companies over the last 6 months or so. And my sense is that everything that we're shipping has been used and I don't see any stockpiling. So content in vehicles is increasing every year. The value generation activity in the auto sector now is -- it's driven by semiconductors and software. So we're seeing content growth of 5% to 10% per year. And I think that will continue for the foreseeable future.

是的。我認為目前供應鏈非常非常精簡。這是相當確定的。在過去六個月左右的時間裡，我與許多汽車公司進行了交談。我的感覺是，我們運送的所有物品都已經被使用過了，而且我沒有看到任何囤積行為。因此車輛中的含量每年都在增加。目前汽車產業的價值創造活動是由半導體和軟體驅動的。因此我們看到內容每年以 5% 到 10% 的速度成長。我認為在可預見的未來這種情況還會持續下去。

We're seeing -- I think, the shift towards EVs. I've been surprised by the speed of the shift myself in the 2021 period. And that our customers are tilting the content, the semiconductor content towards premium models. So that accelerates the content growth story versus history. And then long term, we expect to be able to grow our business in the automotive sector as a multiple of SAAR. We see tremendous opportunity to continue to drive our share and growth story of EVs.

我認為，我們看到了向電動車的轉變。 2021 年的轉變速度令我自己感到驚訝。我們的客戶正在將內容、半導體內容向高端型號傾斜。因此這加速了內容成長的故事相對於歷史的發展。從長遠來看，我們預計汽車領域的業務成長率將達到 SAAR 的倍數。我們看到了繼續推動電動車市場份額和成長的巨大機會。

In cabin connectivity, where we've got a very, very strong signal processing franchise, to which we've connected our A2B connectivity, road noise cancellations, a new value creator in the cabin. And we're very excited by the GMSL, the connectivity portfolio, the high-speed connectivity portfolio that we have inherited from legacy Maxim. And we have aggressive plans to continue to build that out, both in terms of product development as well as our manufacturing footprint.

在車艙連接方面，我們擁有非常強大的訊號處理特許經營權，我們將 A2B 連接、道路噪音消除等功能與之相連，為車艙創造了新的價值。我們對從傳統 Maxim 繼承的 GMSL、連接產品組合和高速連接產品組合感到非常興奮。我們有積極的計劃來繼續建立這個市場，包括產品開發和製造足跡方面。

And last but not least, power. We're underrepresented in general in power management, I'd say, across the industry, and particularly in automotive and industrial. So I think the combined portfolio of ADI-Maxim gives us a tremendous opportunity to tap in to what is actually the largest sector. Power is the largest sector of the analog market, and it's growing at a compounded rate there. So that gives you a sense for our automotive thinking.

最後，但並非最不重要的一點是，權力。我想說，在整個產業，特別是在汽車和工業領域，我們在電源管理領域的代表性普遍不足。因此，我認為 ADI 和 Maxim 的合併投資組合為我們提供了巨大的機會，可以進入實際上最大的行業。電力是模擬市場中最大的領域，並且正在以複合速度成長。這讓您了解我們的汽車思維。

Our next question will come from the line of Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的Toshiya Hari。

Congrats on the strong execution. Prashanth, I wanted to ask about your synergy capture in the quarter and how to think about synergies going forward. In your prepared remarks, I think you talked about earlier than expected synergy capture. Should we consider this as kind of a pull-in of synergies?

恭喜您出色的執行力。 Prashanth，我想問您在本季度的協同效應以及如何看待未來的協同效應。在您準備好的發言中，我認為您談到了比預期更早的協同效應。我們是否應該將此視為一種協同效應？

Or would it be fair to assume that the Phase 1 target of $275 million is a little bit more on the conservative side? And then, I guess, additionally, on Phase 2, I realize it's kind of early. But you had talked about potentially looking at your manufacturing footprint similar to how you did with the linear. Is that still the plan? Or could things change given the stronger demand backdrop?

或者，我們可以公平地假設，第一階段的 2.75 億美元目標略微偏向保守嗎？然後，我想，此外，關於第二階段，我意識到現在還為時過早。但是您曾經談到可能會以類似於線性的方式看待您的製造足跡。這還是計劃嗎？或者在需求更強勁的背景下情況會改變嗎？

Yes, yes. Good question, Toshi. And a great setup to invite folks to join us in April when we're going to answer all those questions. The -- in the last call, we talked about $20 million of synergies was realized in fourth quarter. And we said that there would be minimal impact in the first half before ramping more aggressively into the second half. We've moved faster than originally planned and we've captured more earlier. So we're going to exit second quarter at about $100 million of that $275 million. And as I said in the remarks, it's roughly split between both cost of goods and OpEx.

是的，是的。問得好，Toshi。一個很好的安排是邀請大家在四月加入我們，屆時我們將回答所有這些問題。在上次電話會議中，我們談到第四季度實現了 2000 萬美元的協同效應。我們說過，上半年的影響會很小，下半年的影響會更大。我們的行動比原計劃更快，並且更早地捕獲了更多東西。因此，我們第二季的營收將達到 2.75 億美元中的 1 億美元左右。正如我在評論中所說，它大致分為商品成本和營運支出。

The -- we'll give you an update on that $275 million in terms of how much we believe we can actually achieve in that first Phase 1 time period. We'll do that at the April earning -- Investor Day. Vivek will also specifically talk about his plans and what he is -- has high confidence on for Phase 2 of the cost synergies. And then our Head of -- our Chief Customer Officer is going to talk about the revenue synergies that we are expecting from the combination. So we'll lay all that out for you when we see you here in Boston in a couple of weeks.

我們將向您提供有關這 2.75 億美元的最新情況，說明我們認為在第一階段第一階段實際上能夠實現多少目標。我們將在四月份的收益日——投資者日上這樣做。 Vivek 也將具體談論他的計劃以及他對第二階段成本協同效應的高度信心。然後，我們的首席客戶長將談論我們預期合併後將帶來的收入綜效。因此，當我們幾週後在波士頓見到您時，我們將為您詳細闡述這一切。

Our next question will come from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I wanted to ask about gross margin. So I hear what you're saying on pricing. It sounds like it's a revenue boost but not so much a margin boost yet. But I just look at the company, ADI standalone was kind of 70% to maybe low 70s, Maxim was kind of mid- to high 60s. And you're doing 72% out of the gate. Is this mostly just utilization and mix and the synergies? And it sounds like you've got more synergies coming. You've got revenue going through the year. Should we be thinking about the current gross margin leverage -- level you just put in Q1 as sort of being the bottom for the year as you continue to progress?

我想問一下毛利率。我了解您對定價的看法。這聽起來像是收入增加了，但利潤率卻沒有增加多少。但我只看了公司狀況，ADI 的獨立市佔率大概在 70% 到 70% 出頭，Maxim 的市佔率大概在 60% 到 60% 之間。你已經完成 72% 的任務了。這主要是利用、混合和協同作用嗎？聽起來你們將會得到更多的綜效。您全年都有收入。隨著您繼續前進，我們是否應該考慮當前的毛利率槓桿——您在第一季給出的水平是今年的最低水平？

Yes. Stacy, let me just clarify, that I would be incorrect to assume that there was no benefit from pricing in the gross margins. What I wanted to clarify earlier in the response was, embedded in that margin improvement is the synergy, the faster synergy execution, which I just answered in Toshi's Question. The mix, which we talked about in the prepared remarks, again, very strong industrial at 50%, is great for us. And then higher unit volume, because we are up on a unit basis double-digits, and utilization, and then pricing also fits into that. So they are all elements of that.

是的。史黛西，讓我澄清一下，我認為將毛利率納入定價不會帶來任何好處，這種想法是錯誤的。我在回答之前想要澄清的是，利潤率的提高背後隱藏著協同效應，即更快的協同效應執行，我剛剛在 Toshi 的問題中回答過這個問題。我們在準備好的評論中再次談到了這種組合，工業佔比非常強勁，達到 50%，這對我們來說非常有利。然後是單位產量更高，因為我們的單位數量增加了兩位數，而且利用率和定價也符合這一點。所以它們都是這樣的元素。

In terms of how to think about the gross margin on a go-forward basis, we'll share the new operating model or the financial model for the company in April. But I will preview to say that our focus continues to be on how do we drive the best revenue growth balancing that gross margin.

關於如何考慮未來的毛利率，我們將在四月分享公司的新營運模式或財務模式。但我預先要說的是，我們的重點仍然是如何在平衡毛利率的同時實現最佳的收入成長。

So as we've met with investors, there's pretty uniform agreement that what they'd like to see is higher revenue growth and make the trades that are necessary on margin to be able to deliver higher revenue growth. So we'll talk more about the model in Investor Day. But I would not be encouraging folks to be modeling very high gross margin numbers over the long term.

因此，當我們與投資者會面時，他們一致認為，他們希望看到更高的收入成長，並進行必要的保證金交易，以實現更高的收入成長。因此我們將在投資者日進一步討論該模型。但我不會鼓勵人們長期模擬非常高的毛利率數字。

Gross margins, Stacy, and how it trends, we don't guide gross margins, but I'll give you some context around -- if you look at 2Q, it's usually up a bit. That's embedded in our outlook. In the back half, usually about flat from there. That kind of helps you from a kind of near-term 2022 outlook. And then at the Investor Day, we'll talk more about the long-term outlook for the business.

毛利率，史黛西，以及它的趨勢如何，我們不指導毛利率，但我會給你一些背景資訊 - 如果你看第二季度，它通常會略有上升。這已融入我們的觀點中。在後半部分，通常從那裡開始是平坦的。從 2022 年的近期展望來看，這對您有幫助。然後在投資者日，我們將更多地談論業務的長期前景。

Our next question will come from the line of Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the record results. Could you just talk a little bit more about your capacity plans? You talked about increasing CapEx 6% to 8% this year. I don't know if that's sort of the first year or more to come. And is there any way for you to quantify what that does as far as capacity expansion? I know you have a hybrid model and this is a moving target. But any color you can share with us on how much capacity you're going to have? That would be great.

恭喜你取得創紀錄的成績。能否再稍微談談您的產能計畫？您談到今年資本支出將增加 6% 至 8%。我不知道這是否是未來的第一年或更久以後的事。就產能擴張而言，您有什麼方法可以量化它的作用嗎？我知道你有一個混合模型，這是一個移動的目標。但是您可以與我們分享您將擁有多少容量嗎？那太棒了。

Yes. So thanks, Tore. The -- well, first off, if we just take it from a high level, first, we've always utilized a hybrid manufacturing model at ADI. And it gives us the reach of process, technology and capabilities that we need to support the sheer breadth of our portfolio, which is more than 75,000 unique product SKUs. And we're supplying 125,000 customers. So I think when we think about the long term, we'll continue to use the benefits of this hybrid model for optionality, resilience and the availability of technology.

是的。所以謝謝你，托爾。首先，如果我們從高層次來理解，首先，我們在 ADI 一直採用混合製造模式。它為我們提供了支援我們產品組合廣度（超過 75,000 個獨特產品 SKU）所需的流程、技術和能力。我們為 125,000 名客戶提供服務。因此我認為，當我們考慮長遠時，我們將繼續利用這種混合模型的優勢，以實現可選性、彈性和技術的可用性。

So overall, the business that we're in, it is -- and given that we're approaching the world with a hybrid mentality, our business is less capital intensive. And it also gives us, as I said, resiliency in terms of gross margin and long-term access to more options for process technology, et cetera, et cetera.

因此，整體而言，我們所從事的業務是——鑑於我們以混合心態對待世界，我們的業務資本密集度較低。正如我所說的，它還為我們提供了毛利率方面的彈性，以及長期獲得更多工藝技術選擇的機會等等。

So I'll hand it over to Prashanth. He will make a few comments on the investments that we're making and how we're going to strengthen that model.

因此我將把它交給 Prashanth。他將對我們的投資以及如何加強模式發表一些評論。

Yes. Tore, I think your question was specifically related to CapEx. So let me just -- let me kind of side that at a high level. So we said that our CapEx is going to be doubling in 2022. And we're targeting somewhere between 6% to 8%, which is above our historical long-term rate of 4%. And that CapEx is being used for internal capacity. Specifically, that can swing in and out, so it helps us with optionality. And that's an important element of the hybrid manufacturing model that Vince talked about is being able to use that same capacity for volume when we need it or utilization if the market should not have the same level of demand as they do today. So the shells of the building are complete. And Vince mentioned in his prepared remarks that we were adding in -- expanding our footprints in Oregon and Limerick. And also, we're adding a significant amount of testers to our back end in the Phils., Thailand and the LTC site that we acquired in Malaysia.

是的。 Tore，我認為你的問題與資本支出特別相關。所以請容許我──讓我從高層次來講這一點。因此，我們表示，我們的資本支出將在 2022 年翻倍。並且該資本支出被用於內部產能。具體來說，它可以進出，因此它可以幫助我們實現選擇性。這就是文斯談到的混合製造模式的一個重要元素，就是當我們需要時，能夠使用相同的產能，或者當市場需求水平不如今天時，能夠利用相同的產能。這樣，建築的外殼就完整了。文斯在他的準備好的發言中提到，我們正在擴大我們在俄勒岡州和利默里克的業務範圍。此外，我們還在菲律賓、泰國和馬來西亞收購的 LTC 站點的後端增加了大量測試人員。

Our next question will come from the line of Ambrish Srivastava with BMO Markets.

我們的下一個問題來自 BMO Markets 的 Ambrish Srivastava。

Prashanth, I wanted to come back to the inventory. On a GAAP basis, which is consistently how we measure for all companies, it's pretty low versus the average and versus the long-term target that you've laid out. And on an absolute dollar basis, it was down quite a bit as well. So I was just wondering, if part of it is probably from the accounting and the step-up you had from the Maxim acquisition, could you just help us understand, was there a drawdown internally?

Prashanth，我想回到庫存。按照 GAAP 準則（這也是我們衡量所有公司的一貫方法），這個數字與平均值以及您設定的長期目標相比相當低。而以絕對美元計算，其也下降了不少。所以我只是想知道，如果部分原因可能是來自會計和收購 Maxim 所帶來的收益，您能否幫助我們了解，是否有內部損失？

And I don't think I heard you talk about where channel inventory was. So what should we expect inventory to do on an absolute dollar basis as we go through the year?

我認為我沒有聽到您談論渠道庫存在哪裡。那麼，我們應該預期庫存在這一年的絕對美元價值會如何變化？

Yes, yes. Great question, Ambrish. So first, let me say that you are absolutely right. There is a bunch of purchase accounting that is flowing through the balance sheet. So the inventory numbers probably have a bit more noise, and we can handle that with your team offline. But let me high level kind of help folks to think about the inventory. So the channel remains very, very lean. That is not the -- not the -- not our balance sheet, but the inventory in the channel, that remains very lean, well below our 7- to 8-week target. We are having difficulty building inventory in the channel. We get it into the channel, and it moves out very quickly.

是的，是的。很好的問題，安布里什。首先，我要說你完全正確。資產負債表中流淌著大量的採購會計數據。因此庫存數字可能會有更多噪音，我們可以與您的團隊離線處理這個問題。但讓我從高層次幫助大家思考庫存。因此管道仍然非常精簡。這不是——不是——不是我們的資產負債表，而是通路中的庫存，仍然非常精簡，遠低於我們的 7 到 8 週的目標。我們在渠道建立庫存時遇到了困難。我們把它送入水道，它很快就出來了。

Within ADI's books, our days of inventory are up slightly, primarily, as I mentioned, that we are planning to see revenue increase sequentially for the balance of the year. So you have the raw material and the WIP is in -- is sort of in the middle of the process now before that comes out, and that is -- that's up.

在 ADI 的帳簿中，我們的庫存天數略有增加，主要是，正如我所提到的，我們計劃在今年剩餘時間內實現收入的連續成長。因此，您有了原料，而 WIP 則處於流程的中間階段，之後才會正式推出，這就是 — — 這就是成品。

We also had a little bit of finished goods up, but that was purely timing on when the quarter ended versus where the goods were in the transit process. So I wouldn't read anything into our increase in finished goods, except to say it's just -- it happened to be when the drawbridge closed for the quarter.

我們也有一些成品，但那純粹是根據季度結束的時間以及貨物的運輸情況而定的。因此，我不會對我們的成品成長做出任何解讀，只能說這只是——恰巧是本季吊橋關閉的時候。

Thank you, Ambrish. We'll go to our last question, please.

謝謝你，Ambrish。請讓我們進入最後一個問題。

All right. Our last question will come from the line of Harlan Sur with JPMorgan.

好的。我們的最後一個問題來自摩根大通的 Harlan Sur。

Congratulations on the strong results and execution. If I look at cloud and hyperscale data center CapEx spending for this year, that's expected to grow like 30%. And I know that in the data center end market, Maxim, for example, they provide the critical processor power management for NVIDIA's data center GPUs. They provide power management for Google's flagship AI processors. On the ADI side, you guys provide server, power supply solutions and optical networking solutions.

恭喜您所取得的出色成果和執行力。如果我看今年的雲端和超大規模資料中心資本支出，預計將成長 30%。我知道，在資料中心終端市場，例如 Maxim，他們為 NVIDIA 的資料中心 GPU 提供關鍵處理器電源管理。它們為Google的旗艦 AI 處理器提供電源管理。在ADI方面，你們提供伺服器、電源解決方案和光網路解決方案。

So I guess my question is, given the strong backdrop, was data center a big driver for your comps business in Q1? How do you see data center growth for the full year? And how big is data center as a percent of your overall comm business?

所以我想我的問題是，在強勁的背景之下，資料中心是否成為您第一季同店業務的主要推動力？您如何看待全年資料中心的成長？資料中心佔你們整體通訊業務的比重有多大？

I'll answer backwards. I'll start with kind of the sizing of data center for you. If you look at our comms business, it's about 15% of total revenue. That's split about evenly between wireless and wireline, about 50%, 50% in each of those. And if you look at the wireline piece, that's where data center is embedded, it's probably about 30% to 35% of that relates to the data center. What we ship into this, I know you outlined it pretty well. I'm not going to go through it again.

我會反過來回答。我將首先為您介紹資料中心的規模。如果你看看我們的通訊業務，它約佔總收入的 15%。無線和有線的比例大致相同，大約各佔 50% 和 50%。如果你看有線部分，那就是資料中心嵌入的地方，其中大約有 30% 到 35% 與資料中心有關。我知道你已經很好地概述了我們要運送到哪裡。我不會再經歷這種事了。

But I'll pass it to Vincent and Prashanth, probably Vince to talk a little bit more about what the opportunity is in data center and why we're excited.

但我會把它交給 Vincent 和 Prashanth，也許 Vince 會進一步談談資料中心的機會以及我們為何感到興奮。

Yes. Thanks, Mike. Well, we have, I consider, combined with Maxim, a strong position in optical connectivity as well as carrier networks. But also power management, whether it's the power system monitoring, energy monitoring and actually power delivery itself. We see that as a phenomenal opportunity. So my sense is, and we'll talk more about this at the Investor Day, but we'll unpack the story for you. But my sense is that we can double our data center and cloud business over the next 4 to 5 years.

是的。謝謝，麥克。我認為，我們與 Maxim 結合，在光纖連接和運營商網路方面佔據強勢地位。還有電源管理，無論是電力系統監控、能源監控或實際的電力傳輸本身。我們認為這是一個絕佳的機會。所以我的感覺是，我們將在投資者日更多地談論這個問題，但我們將為您解開這個故事。但我的感覺是，我們可以在未來四到五年內將資料中心和雲端業務翻倍。

All right. Thank you, Harlan. And thanks, everyone, for joining us this morning. A copy of the transcript and all of our reconciliations will be available on our website. We hope you can join us at our in-person Investor Day, April 5. Thanks for joining the call and interest in Analog Devices. Have a good day.

好的。謝謝你，哈蘭。感謝大家今天早上加入我們。成績單副本和所有對帳記錄將在我們的網站上發布。我們希望您能參加我們於 4 月 5 日舉行的現場投資者日活動。祝你有美好的一天。

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

今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。