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.

早上好，歡迎參加 ADI 公司 2022 財年第一季度收益電話會議，該電話會議將通過電話和/或網絡進行音頻網絡直播。我現在想介紹一下今天電話會議的主持人，投資者關係副總裁 Michael Lucarelli 先生。先生，地板是你的。

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，大家早上好。感謝您參加我們第一季度的 22 財年電話會議。今天與我通話的是 ADI 的首席執行官 Vincent Roche；和 ADI 的首席財務官 Prashanth Mahendra-Rajah。

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

任何錯過發布的人，您都可以在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.

現在開始披露。我們將要討論的信息包括前瞻性陳述，這些陳述受到某些風險和不確定性的影響，如我們的收益發布和我們提交給美國證券交易委員會的定期報告和其他材料中進一步描述的那樣。實際結果可能與前瞻性信息存在重大差異，因為這些陳述僅反映了我們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原則財務措施，其中不包括特殊項目。在將我們的結果與我們的歷史表現進行比較時，特殊項目也被排除在前期。這些非 GAAP 措施與其最直接可比的 GAAP 措施的對賬以及有關我們的非 GAAP 措施的其他信息包含在今天的收益發布中。

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

好的。有了這個，我將把它交給 ADI 的首席執行官 Vincent Roche。文斯?

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

好吧，謝謝，邁克，大家早上好。

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.

因此，ADI 再次創造了一個創紀錄的季度，標誌著今年的強勁開局。我們無與倫比的高性能產品組合以及我們團隊強大的運營執行力和對客戶的高度關注推動了我們的持續成功，使我們能夠更好地滿足對我們產品不斷增長的需求。

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.

現在看看我們的第一季度業績。收入為 26.8 億美元，合計同比增長 20% 以上。增長基礎廣泛，所有細分市場均實現兩位數同比增長，工業和汽車行業領漲。毛利率增至 72%，營業利潤率增至 45% 以上。調整後每股收益為 1.94 美元，同比增長 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 交易已經將近 6 個月了。總體而言，迄今為止，我們在集成方面取得了很大進展。我們從客戶和我們的團隊收到的反饋非常積極。我們已採取重要步驟來加強我們的運營。

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.

在我與客戶的多次交流中，他們都表達了對合併的熱情，並認識到 ADI 和 Maxim 共同為市場帶來的價值增加。從廣義上講，ADI 被視為一個值得信賴的長期專注的合作夥伴，在我們的業務中採取客戶至上的方法。我們提供一流的工程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、從傳感器到雲的高性能產品組合。這使我們能夠開發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 擴大了我們高性能產品組合的廣度和深度，尤其是在電源管理方面。在這裡，我們更全面的電源產品組合使我們能夠更好地把握工業、汽車、數據中心、連接和消費者的機會。與我們在 LTC 產品組合中實施的交叉銷售活動類似，我們正在積極確定將這一電源產品組合與 ADI 在模擬、混合信號和射頻領域的領導地位相結合的領域。通過我們擴展的銷售和現場組織，我們能夠更好地發現交叉銷售機會，並為對解決方案級別的應用程序和設計支持的需求增加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.

我還與 ADI 的團隊高度合作。這種結合在整個組織中引發了興奮。人們迫切希望利用眾多機會加速收入增長。我已經親眼目睹了我們合作的好處，從運營到工程，再到銷售，這讓我對未來感到興奮。

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務。模擬行業的特點是分散，產品、客戶、應用和市場的多樣性。為了解決這種複雜性，我們採用了混合製造戰略，為我們提供了為我們的 125,000 名客戶創建從 7 納米到 7 微米的創新解決方案所需的技術、工藝和封裝方面的巨大能力。

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 的結合通過實現更多樣化的內部設施和外部合作夥伴網絡，增強了我們的混合製造模式。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。我們正在投資於我們的內部製造業務，以建立一個更強大、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足跡，並為我們在菲律賓、泰國和馬來西亞的工廠的測試業務增加大量資金。這些投資將在今年和 2023 年增加我們的產能，為我們的客戶提供無縫的產品資格，並讓我們在內部設施和代工合作夥伴之間有更大的選擇餘地。

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.

現在，在 4 月的投資者日之前，我想預覽一些長期增長趨勢，這些趨勢讓我們對行業和公司的未來感到最興奮。

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，我們看到了許多同時存在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、電動汽車到可持續發展的增長趨勢保持一致。這些應用日益複雜的技術需要 ADI 更先進的計量解決方案，使我們能夠繼續增加我們的 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更智能和互聯工廠的另一個關鍵趨勢。在這裡，我們通過精密信號鏈、電源管理、傳感技術以及強大的有線和無線連接解決方案為成千上萬的各種規模的客戶提供支持。

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，我們是電動汽車電池管理系統的全球領導者，市場份額是最接近的競爭對手的兩倍。我們將繼續在全球範圍內建立勢頭。在上個季度，我們記錄了來自歐洲優質汽車製造商的幾項新設計勝利。

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.

電氣化並非汽車行業獨有。為了實現電氣化的環境效益，必須轉向可持續能源。這一願景需要通過智能電網進行綠色能源發電，以數字方式監控和調整性能，還需要儲能係統，以緩解與可變用戶需求相關的間歇性問題。 ADI 通過控制和傳感技術以及準確的監控和高效的電源轉換為該基礎設施提供支持，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，我們還看到製造商通過數字化駕駛艙來創造更加身臨其境的人類體驗。這需要更高的帶寬、更低的延遲和更高效的電源管理，從而為 ADI 的連接和電源產品組合創造新的機會。例如，我們具有信號處理、A2B 連接和道路噪音消除功能的音頻系統解決方案為客戶提供了最高保真度的解決方案，同時還減輕了車輛的重量。此外，我們的 GMSL 特許經營權和功能安全認證的電源管理解決方案對於構建高級駕駛輔助系統並有效地為其供電至關重要。總體而言，我們在 BMS、音頻系統和 GMSL 方面的市場領先地位，加上我們互補的客戶群，使我們的汽車專營權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.

現在轉向先進的通信網絡。在無線領域，ADI 市場領先的軟件定義收發器產品組合正在支持下一代通信系統，從傳統的 5G 到 O-RAN，再到低地球軌道衛星。我們正在使用業界首款包含完全集成數字前端的收發器來擴展我們的 SAM。在有線方面，我們的光控制和電源產品組合對於應對運營商網絡和超大規模數據中心的帶寬和計算能力呈指數級增長至關重要。在這裡，我們看到了 ADI 的巨大且服務不足的機會。

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，在這種背景下，我們期待與我們的高級領導團隊一起在我們的投資者日擴大這些領域以及更多領域。

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.

因此，最後，ADI 是邊緣創新的領導者。我們擁有行業領先的高性能產品組合，繼續受益於跨行業大規模數字化的加速。有了 Maxim，我們的產品組合在廣度和深度上都有所增加，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.

因此，我將把你交給 Prashanth，他將帶我們了解財務細節。

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。讓我歡迎我們的第一季度財報電話會議。 .

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，除收入外，將在調整的基礎上進行，不包括今天新聞稿中概述的特殊項目。收入評論以備考為基礎，包括可比期間收購前 Maxim 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 第一季度的表現非常強勁，收入、盈利能力和收益均創歷史新高。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脹成本。我們的製造團隊正在努力確保額外的內部和外部產能，因為我們所有市場的訂單都保持強勁，而且我們的積壓訂單繼續增長。這為 2022 財年餘下的持續連續增長奠定了基礎。

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，第一季度，26.8 億美元的收入接近我們預期的高端，所有終端市場和地區均實現了兩位數的增長。這標誌著我們連續第四個季度創紀錄的收入和連續 8 個連續增長。

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.

從我們本季度的終端市場表現來看，我們最多樣化和盈利能力最強的市場工業佔收入的 50%，並創下歷史新高。工業連續 5 個季度同比增長超過 20%，突顯了我們強大的市場定位，並得到了包括自動化、數字醫療保健、可持續能源、航空航天和儀器儀表在內的眾多長期順風的支持。

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.

佔收入 21% 的汽車行業再創紀錄，每個主要應用都實現了兩位數的同比增長。我們的電池管理系統產品繼續表現出色，佔汽車收入的 15% 以上，突顯了 ADI 在電動動力系統領域的領先地位。此外，機艙內的長期內容增長繼續將 A2B 和 GMSL 連接特許經營權推向新的高度。

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.

通信佔收入的 15%，在無線和有線領域表現強勁。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，隨著運營商和超大規模運營商繼續將其云基礎設施從長途升級到數據中心，需求依然強勁。

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%，符合季節性。重要的是，在旨在使我們的客戶和應用程序組合多樣化的戰略投資的支持下，我們繼續逐年增長。第一季度展示了我們增加的產品組合廣度，因為所有領域都實現了增長，包括專業音頻視頻、遊戲、可穿戴設備、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.

現在看損益表。毛利率環比增長 100 個基點，同比增長 190 個基點，達到創紀錄的 71.9%。有利的產品組合、更高的利用率和協同效應是增長的主要驅動力。本季度的運營支出為 7.02 億美元，由於協同進展加快，好於預期。營業利潤率為 45.8%，同比增長 510 個基點。非運營費用為 4400 萬美元，與上一季度持平。我們本季度的稅率約為 13%。調整後每股收益總計 1.94 美元，增長 35%。我們本季度創紀錄的盈利能力是由強勁的收入增長和協同效應推動的。

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.

現在轉到資產負債表。我們在本季度末擁有約 18 億美元的現金和等價物。在過去 12 個月的備考基礎上，我們的淨槓桿率略低於 1 轉。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.

查看現金流量項目。本季度資本支出為 1.11 億美元，過去 12 個月為 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，以顯著提高我們的前端和後端產能，並長期建立更具彈性的混合製造模式。重要的是，這種更高水平的資本支出不會阻礙我們的資本回報承諾。在過去的 12 個月中，我們產生了 27.8 億美元的自由現金流或收入的 33%。由於與收購 Maxim 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，我們通過購買和股息返還了大約 42 億美元或超過 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。我們的目標是使用 40% 至 60% 的自由現金流來持續增加我們的股息，剩餘的自由現金流用於股票回購。就在昨天，我們宣布將季度股息提高 10%，這是連續第四年實現兩位數增長。在過去的 18 年中，我們現在已經 19 次提高了股息。我們的 ASR 計劃在第一季度結束，因此，我們退役了大約 1440 萬股。我們現在距離在 2022 年年底之前執行 50 億美元的回購承諾已經完成一半以上。

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.

所以讓我結束第二季度的展望。收入預計為 28 億美元，上下浮動 1 億美元。在中點，我們預計所有 B2B 市場都將連續增長，而消費者將持平。在中點，營業利潤率預計為 46.5%，上下浮動 70 個基點。這一前景包括大約 1 億美元的年度運行率協同效應，在我們退出第二季度時大致平均分配在商品成本和運營支出之間。我們的稅率預計約為 13%。因此，根據這些輸入，調整後的每股收益應該在 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，讓我以邀請結束。我們將在 4 月 5 日舉行投資者日，期待分享 ADI 的長期戰略、我們的新財務模型以及我們協同發展路線圖所有階段的詳細更新。我們希望在我們位於波士頓郊外的總部親自見到你們中的許多人，在那裡我們將全天提供獨特的以客戶為主導的交互式技術演示和展示。這包括展示我們用於電動汽車的無線電池管理系統等等。

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

我會把它交給邁克進行問答。

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

謝謝，普拉桑斯。讓我們進入問答環節。 （操作員說明）這樣，我們有第一個問題。

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

（操作員說明）我們的第一個問題將來自美國銀行證券公司的 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?

很高興看到強大的執行力。文斯，我希望你能告訴我們你所看到的不同終端市場的供需平衡。如果 - 作為其中的一部分，您是否可以幫助我們了解定價在當今行業中扮演的角色。它會隨著時間的推移變得粘稠嗎？或者它是否需要恢復，因為有更多的後緣產能上線，包括來自您的其他大型美國競爭對手？

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設置。因此，我們在 2022 年看到的情況看起來很像 2021 年。所以我們預計我們將全年追逐需求。我們在整個業務中都有持續的訂單實力。正如我在準備好的評論中所說，所有終端市場、所有地區都看起來很強勁。我們的積壓工作還在繼續擴大。我們已經實現了連續 8 個季度的增長，這得到了製造團隊的支持，繼續提高了他們的供應能力。正如我在評論中提到的那樣，我們預計這一增長將在今年剩餘時間內逐步增加，同時他們將繼續消除這一過程的瓶頸。因此，這將幫助我們推動連續增長。

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，並密切關注事情的進展。但我們的觀點是，這將貫穿今年的餘額。我們預計，在 23 年初，我們可能仍有一些工作要做。

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，這是一個更長的問題，所以讓我把它分成兩部分。我為什麼不談談利潤率，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直在轉嫁我們所看到的更高成本。所以我們不是利用這種環境來利用客戶，而是真正瞄准保持毛利率。所以我們一直在推動這些成本。但是這些利潤中包含了許多項目，包括協同執行，它比我們想像的更快，混合的一些好處，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，單位出貨量同比增長兩位數。然後，當然，隨著所有這些單位 - 單位出貨量的增加，利用率也相當強勁。因此，利潤部分背後有許多好處。

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.

但要結束定價，我將轉給文斯，也許會談談我們的情況——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，只是在這裡添加一些其他顏色評論。因此，我們歷來管理我們的定價以反映我們為客戶提供的價值。我們的產品獲得創新溢價。而且，我們的產品組合中有非常非常長壽命的產品。客戶付錢給我們以長期保持供應安全。這是我們打算永久保留的方法。

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，對我們而言，定價更具結構性而非週期性。我認為過去幾年確實將半導體從背景帶入了前台，並顯示了半導體對現代數字經濟的重要性。而且我認為客戶以更有意義的方式理解價值。

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.

所以我認為，正如 Prashanth 所說，成本膨脹，我們處於後摩爾定律時代，成本膨脹，我認為，將成為半導體業務經濟動態的一個長期方面。因此，我預計成本增長將放緩，但我認為，從中長期來看，這裡會出現通貨膨脹。

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.

所以我認為當你把它們放在一起時，這個行業處於一個更好的位置，可以捕捉到它在過去幾十年中產生的更多價值。然後我認為，作為一家基於我們創新質量的公司，我們將從這一點中受益，同時也會受益於行業的新動態。

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

我們的下一個問題將來自瑞士信貸的 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。文斯，只是為了跟進定價方面的問題。我只是有點好奇，今年的收入增長會比去年受定價的影響更大嗎？就價格環境似乎正在發生結構性變化而言，您有什麼參數可以給我們嗎？從歷史上看，定價是 X，現在我們認為它會做 X 加。而且因為 - 我問這個問題的原因是我們查看您對您參與的一些終端市場的相對增長率，並且您的增長明顯更快。事情也有內容的一面。但這種相對增長確實讓人們擔心庫存水平。所以我們看庫存和收入，我們可能應該看單位。我只是有點好奇我們應該如何嘗試考慮這種定價動態。

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，讓我在上面設置數字。所以今年，定價或者我應該說，對於當前季度，定價佔增長的一半不到。所以這可以幫助你調整它的大小。我們在上一季度的電話會議上說過，在 2021 年，我們的成本增長速度比我們能夠推出價格的速度更快，因為我們正在完成與 Maxim 的交易並開始整合。因此，我們確實預計今年會有更多的定價順風，因為去年我們實際上遇到了通脹成本逆風。

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，另一條評論。在那之前的幾年裡，我已經說過很多很多次了，直到由於價格和商品成本以及價格的通貨膨脹而導致階梯函數增加，我們的定價是——多年來，我們一直——我們有填補空白。我們不得不運送更多的單位以跟上年度降價的步伐。我想說的是，我們正在向平均降價 0 的方向發展，為我們正在創造的創新在我們的產品中添加更多的 ASP。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。所以我們按價值定價。我們正在為公司注入大量研發資源，以確保我們始終領先於客戶的需求。因此，我認為，這將是未來幾年 ADI 獲取價值的主要動力。

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

我們的下一個問題將來自瑞銀的 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。我只是想問一下你們的汽車業務，因為汽車產量在 2022 年急劇反彈。您如何看待您的汽車業務在 2022 年能夠超過 SAAR 甚至產量？我們應該怎麼想？

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。我認為現在，供應鏈非常非常精簡。這是非常確定的。在過去 6 個月左右的時間裡，我與很多汽車公司進行了交談。我的感覺是，我們運送的所有東西都已被使用，我沒有看到任何庫存。因此，車輛中的內容每年都在增加。現在汽車行業的價值創造活動是由半導體和軟件驅動的。因此，我們看到內容每年以 5% 到 10% 的速度增長。我認為這將在可預見的未來繼續下去。

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.

我們正在看到——我認為，向電動汽車的轉變。我對自己在 2021 年期間轉變的速度感到驚訝。而且我們的客戶正在將內容、半導體內容向高端模型傾斜。因此，這加速了內容增長故事與歷史的對比。從長遠來看，我們希望能夠將我們在汽車領域的業務發展為 SAAR 的倍數。我們看到了繼續推動我們的電動汽車份額和增長故事的巨大機會。

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.

在客艙連接方面，我們擁有非常非常強大的信號處理專營權，我們將 A2B 連接、道路噪音消除和客艙中的新價值創造者連接到該專營權。我們對 GMSL、連接產品組合、我們從傳統 Maxim 繼承的高速連接產品組合感到非常興奮。我們制定了積極的計劃，以繼續在產品開發和製造足跡方面進行建設。

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.

最後但同樣重要的是，權力。我想說，在整個行業，尤其是在汽車和工業領域，我們在電源管理方面的代表性普遍不足。因此，我認為 ADI-Maxim 的組合產品組合為我們提供了進入實際上最大的行業的巨大機會。電源是模擬市場中最大的部分，並且正在以復合速度增長。這讓您對我們的汽車思維有所了解。

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

我們的下一個問題將來自高盛的 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?

祝賀強大的執行力。 Prashanth，我想問一下您在本季度的協同效應以及如何看待未來的協同效應。在你準備好的評論中，我認為你比預期更早地談到了協同效應。我們是否應該將其視為一種協同效應？

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，是否可以假設 2.75 億美元的第一階段目標更保守一些？然後，我想，另外，在第 2 階段，我意識到這還為時過早。但是您曾談到可能會查看您的製造足跡，類似於您對線性的處理方式。還是那個計劃嗎？或者考慮到更強勁的需求背景，情況會發生變化嗎？

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。好問題，東芝。當我們要回答所有這些問題時，邀請人們在 4 月加入我們是一個很好的安排。 - 在上次電話會議中，我們談到了在第四季度實現了 2000 萬美元的協同效應。我們說過，在下半場更加激進之前，上半場的影響會很小。我們的行動比原計劃更快，而且我們更早地捕獲了更多。因此，我們將以 2.75 億美元中的約 1 億美元退出第二季度。正如我在評論中所說，它大致分為商品成本和運營支出。

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 2.75 億美元的最新信息，說明我們認為在第一階段的第一階段實際可以實現多少。我們將在四月份的收益——投資者日這樣做。 Vivek 還將具體談論他的計劃和他的身份——對成本協同效應的第二階段充滿信心。然後我們的首席客戶官負責人將談論我們期望從合併中獲得的收入協同效應。因此，當我們幾週後在波士頓見到你時，我們會為你安排所有這些。

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

我們的下一個問題將來自 Bernstein Research 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。所以我聽到你對定價的看法。這聽起來像是收入的增長，但還沒有提高利潤率。但我只看這家公司，ADI 的獨立公司是 70% 到 70 多歲，Maxim 是 60 多歲的中高點。而且你已經完成了 72% 的工作。這主要是利用、混合和協同作用嗎？聽起來你會有更多的協同效應。您已經獲得了全年的收入。我們是否應該考慮當前的毛利率槓桿——你剛剛在第一季度提出的水平，隨著你繼續進步，它是今年的最低水平？

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。 Stacy，讓我澄清一下，我認為毛利率定價沒有任何好處是錯誤的。我想在回復中早些時候澄清的是，嵌入利潤率改善的是協同效應，更快的協同效應執行，我剛剛在 Toshi 的問題中回答了這一點。我們在準備好的評論中談到的混合，再次，非常強大的工業 50%，對我們來說非常棒。然後更高的單位數量，因為我們在單位基礎上增長了兩位數，利用率和定價也符合這一點。所以它們都是其中的元素。

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 4 月份分享公司的新運營模式或財務模式。但我會提前說，我們的重點仍然是如何推動平衡毛利率的最佳收入增長。

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，一致認為他們希望看到更高的收入增長，並進行必要的保證金交易以實現更高的收入增長。因此，我們將在投資者日更多地討論該模型。但我不會鼓勵人們長期建模非常高的毛利率。

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、Stacy 及其趨勢如何，我們不指導毛利率，但我會給你一些背景信息——如果你看一下第二季度，它通常會上升一點。這嵌入在我們的前景中。在後半部分，通常從那裡開始。這有助於你從近期的 2022 年展望。然後在投資者日，我們將更多地討論該業務的長期前景。

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

我們的下一個問題將來自 Tore Svanberg 和 Stifel。

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.

祝賀創紀錄的結果。你能多談談你的容量計劃嗎？您談到今年將資本支出增加 6% 至 8%。我不知道這是否是第一年或更長時間。您有什麼方法可以量化產能擴張方面的作用嗎？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的任何顏色？那很好啊。

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，托雷。 - 嗯，首先，如果我們只是從高水平來看，首先，我們一直在 ADI 使用混合製造模型。它為我們提供了支持我們廣泛的產品組合（超過 75,000 個獨特的產品 SKU）所需的流程、技術和能力。我們正在為 125,000 名客戶提供服務。所以我認為，當我們考慮長期時，我們將繼續利用這種混合模型的優勢來實現可選性、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，總的來說，我們所從事的業務是 - 鑑於我們以混合心態接近世界，我們的業務資本密集度較低。正如我所說，它還使我們在毛利率和長期獲得更多工藝技術選擇等方面具有彈性。

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.

所以我會把它交給Prashanth。他將對我們正在進行的投資以及我們將如何加強這種模式發表一些評論。

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。撕裂，我認為您的問題與資本支出特別相關。所以讓我 - 讓我在高水平上支持這一點。所以我們說我們的資本支出將在 2022 年翻一番。我們的目標是在 6% 到 8% 之間，這高於我們 4% 的歷史長期比率。資本支出被用於內部容量。具體來說，它可以進出，所以它可以幫助我們選擇。這是文斯談到的混合製造模型的一個重要元素，即能夠在我們需要的時候使用相同的容量來進行批量生產，或者如果市場不應該有與今天相同的需求水平，則可以使用相同的容量。所以建築物的外殼是完整的。文斯在他準備好的講話中提到我們正在添加——擴大我們在俄勒岡州和利默里克的足跡。此外，我們還在 Phils.、泰國和我們在馬來西亞收購的 LTC 站點的後端添加了大量測試人員。

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

我們的下一個問題將來自 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。在公認會計原則的基礎上，這始終是我們衡量所有公司的方式，與平均水平和您制定的長期目標相比，它相當低。在絕對美元基礎上，它也下跌了很多。所以我只是想知道，如果其中一部分可能來自會計和您從 Maxim 收購中獲得的提升，您能否幫助我們理解，內部是否存在縮編？

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?

而且我認為我沒有聽到您談論渠道庫存在哪裡。那麼，在我們度過這一年的時候，我們應該期望庫存以絕對美元為基礎做什麼呢？

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。好問題，Ambrish。所以首先，讓我說你是絕對正確的。有一堆採購會計流經資產負債表。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。但讓我高層次地幫助人們考慮庫存。所以渠道仍然非常非常精簡。這不是 - 不是 - 不是我們的資產負債表，而是渠道中的庫存，仍然非常精簡，遠低於我們 7 到 8 週的目標。我們很難在渠道中建立庫存。我們把它放進通道裡，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 的賬簿中，我們的庫存天數略有增加，正如我所提到的，主要是我們計劃看到今年餘下時間的收入環比增長。因此，您擁有原材料，並且在製品中-現在在過程的中間，然後才出來，那就是-就這樣。

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.

我們也有一些成品增加，但這純粹是季度結束時間與貨物在運輸過程中的時間。因此，我不會對我們的成品增加進行任何解讀，只是說這只是 - 恰好是本季度吊橋關閉的時候。

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

謝謝你，安布里什。請回答最後一個問題。

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將來自摩根大通的 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.

祝賀您取得了驕人的成績和執行力。如果我看一下今年的雲計算和超大規模數據中心資本支出，預計將增長 30%。而且我知道在數據中心終端市場，例如 Maxim，它們為 NVIDIA 的數據中心 GPU 提供關鍵的處理器電源管理。它們為 Google 的旗艦 AI 處理器提供電源管理。在 ADI 方面，你們提供服務器、電源解決方案和光網絡解決方案。

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，鑑於強勁的背景，數據中心是否是您第一季度公司業務的一大推動力？您如何看待全年數據中心的增長？數據中心佔整個通信業務的百分比有多大？

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.

我會反著回答。我將從為您確定數據中心的規模開始。如果你看看我們的通訊業務，它大約佔總收入的 15%。這在無線和有線之間平均分配，分別約為 50% 和 50%。如果你看一下有線部分，那就是嵌入數據中心的地方，它可能大約有 30% 到 35% 與數據中心有關。我們運送到這裡的東西，我知道你很好地概述了它。我不會再經歷一次了。

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.

但我會將它傳遞給 Vincent 和 Prashanth，可能是 Vince 更多地談談數據中心的機會以及我們為什麼感到興奮。

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，邁克。好吧，我認為，與 Maxim 相結合，我們在光連接和運營商網絡方面擁有強大的地位。還有電源管理，無論是電力系統監控、能源監控還是電力輸送本身。我們認為這是一個非凡的機會。所以我的感覺是，我們將在投資者日更多地討論這個問題，但我們會為你解開這個故事。但我的感覺是，我們可以在未來 4 到 5 年內將我們的數據中心和雲業務翻一番。

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。成績單的副本和我們所有的對賬將在我們的網站上提供。我們希望您能在 4 月 5 日的面對面投資者日加入我們。感謝您加入電話會議和對 ADI 的興趣。祝你有美好的一天。

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。