亞德諾半導體 (ADI) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Analog Devices First Quarter Fiscal Year 2024 Earnings Conference Call, which is being audio webcast via telephone and over the web. I'd like to now introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.

早安，歡迎參加 ADI 公司 2024 財年第一季財報電話會議，該會議將透過電話和網路進行音訊網路直播。現在，我想介紹今天電話會議的主持人、投資者關係和 FP&A 副總裁 Michael Lucarelli 先生。先生，現在請您發言。

Thank you, Josh, and good morning, everybody. Thanks for joining our first quarter fiscal 2024 conference call. With me on the call today are ADI's CEO and Chair, Vincent Roche; and ADI's CFO, Rich Puccio. For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.

謝謝你，喬希，大家早安。感謝您參加我們的 2024 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 的執行長兼董事長 Vincent Roche；以及 ADI 的財務長 Rich Puccio。對於錯過此次發布的人，您可以在 investor.analog.com 上找到它和相關的財務時間表。

On to 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, 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 as the date of this call. We undertake no obligation to update these statements, except as required by law. Revenues to gross margin, operating and nonoperating expenses, operating margin, tax rate, EPS and free cash flow in our comments today will be on a non-GAAP basis, which excludes special items.

繼續進行披露。我們即將討論的資訊包括前瞻性陳述，這些陳述受制於某些風險和不確定性，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。由於這些陳述僅反映我們在本次電話會議之日的預期，因此實際結果可能與前瞻性資訊有重大差異。除非法律要求，我們不承擔更新這些聲明的義務。我們今天評論中的收入與毛利率、營業費用和非營業費用、營業利潤率、稅率、每股收益和自由現金流均以非 GAAP 為基礎，不包括特殊項目。

When comparing our results to historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release. As a reminder, the first quarter of 2024 was a 14-week quarter.

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以及有關我們的非公認會計準則指標的其他資訊。提醒一下，2024 年第一季是一個 14 週的季度。

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

現在，我將把發言權交給 ADI 的執行長兼董事長 Vincent Roche。文斯？

Thank you very much, Mike, and good morning to you all. But before I begin, I'd like to welcome ADI's new CFO, Richard Puccio, to the call, which is only a few weeks in, but we're very excited to have him on board. He brings tremendous financial experience and capability from complex technology sectors, which I think will be very valuable as we continue to extend our leadership in the intelligent edge era. I'd also like to recognize Jim Mollica for serving as interim CFO and thank Jim for his continued partnership and contributions to our success.

非常感謝，麥克，大家早安。但在開始之前，我想歡迎 ADI 公司新任財務長 Richard Puccio 參加電話會議，雖然才上任幾週，但我們非常高興他能加入我們。他在複雜技術領域擁有豐富的財務經驗和能力，我認為這對我們繼續擴大在智慧邊緣時代的領導地位將非常有價值。我還要感謝 Jim Mollica 擔任臨時財務官，並感謝 Jim 的持續合作和為我們的成功做出的貢獻。

Now on to the results for the first quarter. ADI delivered revenue of more than $2.5 billion, operating margins of 42% and earnings per share of $1.73, all above the midpoint of our outlook. As we previously discussed, the inventory rationalization at our customers that began during the middle of 2023 is expected to continue through our second quarter. Encouragingly, first quarter bookings improved sequentially, growing our confidence that inventory-related headwinds will largely subside this quarter. That said, the macro situation remains challenging, and the shape and timing of a second half recovery will be governed by underlying demand.

現在來看看第一季的業績。 ADI 的營收超過 25 億美元，營業利潤率為 42%，每股收益為 1.73 美元，均高於我們預期的中位數。正如我們之前所討論的，我們客戶在 2023 年中期開始的庫存合理化預計將持續到第二季​​。令人鼓舞的是，第一季的預訂量較上季改善，這增強了我們對本季庫存相關不利因素將大幅消退的信心。儘管如此，宏觀情勢依然充滿挑戰，下半年復甦的形態和時機將取決於潛在需求。

Importantly, the strength of our balance sheet, operational agility and prudent capital management are serving us well during this downturn. We've invested heavily in R&D, customer engagement activity and manufacturing resiliency fueling our future growth even as we maintain the industry-leading profitability that supports our practice of robust capital returns. To that end, I'm pleased to highlight that we announced a 7% dividend increase yesterday, making 2024 the 20th consecutive year of higher dividends for shareholders.

重要的是，我們強勁的資產負債表、敏捷的營運和審慎的資本管理在這次經濟低迷時期為我們提供了良好的幫助。我們在研發、客戶參與活動和製造業彈性方面投入了大量資金，推動我們未來的成長，同時保持業界領先的獲利能力，支持我們實現強勁的資本回報。為此，我很高興地強調，我們昨天宣布股息增加 7%，這使得 2024 年成為連續第 20 年為股東提供更高股息。

Now digging a little deeper into our investment philosophy, we continue to focus on anticipating our customers' future needs in what's becoming a software-defined, AI-driven world, leveraging pervasive sensing, edge computing and ubiquitous connectivity. The technological complexity facing our customers is compounded by their need to deliver solutions that are both secure and extremely power efficient. So let me share a little more now about how we are strategically allocating our capital to deliver more solutions value to our customers and further support their confidence in long-term supply assurance.

現在，深入探討我們的投資理念，我們將繼續專注於預測客戶在軟體定義、人工智慧驅動的世界中的未來需求，利用普適感知、邊緣運算和無所不在的連結。我們的客戶面臨的技術複雜性因他們需要提供既安全又極其節能的解決方案而加劇。現在，讓我再分享我們如何策略性地分配我們的資本，以便為客戶提供更多解決方案價值，並進一步增強他們對長期供應保證的信心。

Since our acquisition of Maxim, we've increased our engineering population by around 10%, complementing our world-class Analog talent with increasing levels of digital, software, AI and systems expertise. This breadth of engineering gives ADI the capabilities to tackle more of our customers' challenges and grow our SAM across markets. In addition, as our engineers increasingly work shoulder to shoulder with our customers to co-architect their solutions, we further deepen our understanding of their technological and market complexities. This strengthens our ability to deliver increasingly stronger innovation from components to physical edge systems.

自從收購 Maxim 以來，我們的工程人員數量增加了約 10%，以不斷提升的數位、軟體、人工智慧和系統專業知識水平來補充我們世界一流的類比人才。這種工程廣度使 ADI 有能力應對更多客戶挑戰並在各個市場拓展我們的 SAM。此外，隨著我們的工程師越來越多地與客戶並肩工作，共同設計他們的解決方案，我們對他們的技術和市場複雜性的理解也進一步加深了。這增強了我們從組件到物理邊緣系統提供越來越強大的創新的能力。

And I'd like to share now a few examples of what I mean. For example, in the industrial sector, digital transformation is driving investment in edge-based connectivity and control platforms that enable secure, power-efficient monitoring and control of automation systems. Last month, Honeywell announced that we'll use ADI's deterministic ethernet and software configurable I/O solutions across their factory automation and building management offerings. Our portfolio enables customers to securely deliver end-to-end signal integrity between the edge and the cloud in a power-efficient and highly flexible platform configuration. This system approach enables us to capture 3x more value, and we expect additional design wins due to high customer interest globally.

現在我想分享幾個例子來說明我的意思。例如，在工業領域，數位轉型正在推動對基於邊緣的連接和控制平台的投資，從而實現對自動化系統的安全、節能的監控和控制。上個月，霍尼韋爾宣布我們將在其工廠自動化和樓宇管理產品中使用 ADI 的確定性乙太網路和軟體可設定 I/O 解決方案。我們的產品組合使客戶能夠以節能且高度靈活的平台配置在邊緣和雲端之間安全地提供端到端訊號完整性。這種系統方法使我們能夠獲得 3 倍以上的價值，並且由於全球客戶的高度關注，我們預計將贏得更多的設計。

In the automotive sector, we've aligned our business to the secular trends of electrification, advanced safety systems and immersive digital in-cabin experience. For example, our Gigabit Multimedia Serial Link, or GMSL solution, continues to gain broader adoption as customers seek to extend high-performance data and video capabilities across their fleets. We recently increased our share at a top 3 global auto manufacturer, extending our position across all their brands and quintupling our GMSL opportunity at that customer.

在汽車領域，我們的業務與電氣化、先進安全系統和沈浸式數位車內體驗的長期趨勢保持一致。例如，隨著客戶尋求在其車隊中擴展高效能資料和視訊功能，我們的千兆多媒體串列連結或 GMSL 解決方案繼續獲得更廣泛的應用。我們最近增加了在全球三大汽車製造商中的份額，擴大了我們在其所有品牌中的地位，並將我們在該客戶的 GMSL 機會增加了五倍。

In data centers, AI and machine learning computing systems require orders of magnitude more processing, and thus energy compared to traditional workloads. Our portfolio of high-performance power and protection solutions, specifically designed for vertical power delivery is helping customers rearchitect their data center systems to improve power delivery and system performance. Last quarter, we secured a significant design win from a large hyperscale customer for our multiphase vertical power solution that reduces power losses by 35% when compared to conventional ones.

在資料中心，與傳統工作負載相比，人工智慧和機器學習運算系統需要更多數量級的處理，因此也需要更多能源。我們的高效能電源和保護解決方案組合專為垂直電力傳輸而設計，可協助客戶重新建構其資料中心系統，以改善電力傳輸和系統效能。上個季度，我們的多相垂直電源解決方案獲得了大型超大規模客戶的重大設計勝利，與傳統解決方案相比，該解決方案可將功率損耗降低 35%。

In Healthcare, this market continues to digitalize to enable more predictive and preventative treatment regimens. ADI has been on the forefront of this transition, and I'm pleased to let you know that we've recently received FDA clearance for a noninvasive remote monitoring platform, that enables home-based management of chronic diseases such as congestive heart failure. This solution leverages our deep domain expertise, leading-edge capabilities across signal processing and sensor modalities, and unique algorithms that enable medical providers to act early, precisely and effectively. As a platform, this also allows us in the future to use our data-driven AI algorithms to make this even more personalized. This advance unlocks a new growth vector for ADI, adding more than $5 billion of new SAM.

在醫療保健領域，該市場繼續數位化，以實現更具預測性和預防性的治療方案。 ADI 一直處於這一轉變的前沿，我很高興地告訴大家，我們最近獲得了 FDA 批准，可以生產一種非侵入性遠端監控平台，該平台可以實現充血性心臟衰竭等慢性疾病的家庭管理。該解決方案利用我們在訊號處理和感測器模式方面的深厚專業知識、前沿能力以及獨特的演算法，使醫療服務提供者能夠儘早、準確、有效地採取行動。作為一個平台，這也使我們能夠在未來使用數據驅動的人工智慧演算法，使其更加個人化。此項進步為 ADI 開闢了新的成長方向，增加了超過 50 億美元的新 SAM。

Switching now to the evolution of our supply chain, I'd like to share some of our progress in manufacturing resilience, which is a growing priority for our customers. Over the last 2 years, we've invested record levels of CapEx to expand our capacity and to enhance resiliency. Now with line of sight to achieving our goal of doubling front and back-end internal capacity in 2025 will begin to significantly reduce our capital spend.

現在轉到我們供應鏈的發展，我想分享我們在製造業彈性方面取得的一些進展，這對我們的客戶來說是一個越來越重要的優先事項。在過去的兩年裡，我們投入了創紀錄的資本支出來擴大我們的產能和增強彈性。現在，我們預計將實現到 2025 年將前端和後端內部容量翻倍的目標，這將開始大幅減少我們的資本支出。

Notably, approximately 10% of our investments have been focused on implementing more efficient systems that will deliver sustainability benefits, including greatly reducing input resources and emissions, which, over time, will also lower our operating costs. These investments enable a more flexible hybrid manufacturing model and will increase our swing capacity to around 70% of revenue in the coming years. This unique ability helps to capture the upside in strong demand backdrops and better protect our gross margins during more challenging times.

值得注意的是，我們約 10% 的投資都集中在實施更有效率的系統上，以實現永續發展效益，包括大幅減少投入資源和排放，從長遠來看，這也將降低我們的營運成本。這些投資實現了更靈活的混合製造模式，並將在未來幾年將我們的波動能力提高到收入的 70% 左右。這種獨特的能力有助於在強勁的需求背景下抓住上行空間，並在更具挑戰性的時期更好地保護我們的毛利率。

Complementing these organic investments, we also extended our foundry partnership with TSMC to secure additional 300-millimeter fine-pitch technology capacity at their Japan subsidiary. Our investments, combined with the support of our foundry partners will enable us to manufacture our products in multiple geographic locations, enhancing our resiliency and giving our customers greater optionality and assurance over their supply chains. So in closing, as always, we're keeping one eye on the present and one eye on the future. I have confidence in the steps that we're taking to preserve our capital and navigate the near-term challenges while ensuring that we make the necessary investments to increase our competitiveness and accelerate our business in the future.

除了這些有機投資之外，我們還擴大了與台積電的代工合作夥伴關係，以確保其日本子公司擁有額外的 300 毫米細間距技術產能。我們的投資加上我們的代工合作夥伴的支持將使我們能夠在多個地理位置生產我們的產品，增強我們的彈性，並為我們的客戶提供對其供應鏈的更多選擇性和保證。最後，和往常一樣，我們一方面關注現在，另一方面關注未來。我對我們所採取的措施充滿信心，這些措施可以保留我們的資本並應對近期的挑戰，同時確保我們進行必要的投資以提高我們的競爭力並加速我們未來的業務發展。

And so with that, I'd like to pass the microphone over to Rich.

因此，我想將麥克風交給里奇。

Thank you, Vince. And let me add my welcome to our first quarter earnings call. I'm excited to have joined ADI and look forward to helping the company navigate the near term while ensuring we are well positioned to capitalize on the tremendous opportunities ahead of us. Despite continued challenging business conditions, we achieved first quarter revenue, which was slightly above the midpoint of our outlook or down 8% sequentially and 23% year-over-year. Industrial represented 48% of revenue in the quarter, down 12% sequentially and 31% year-over-year.

謝謝你，文斯。請容許我歡迎大家參加我們的第一季財報電話會議。我很高興加入ADI，並期待幫助公司度過近期困難時期，同時確保我們能夠充分掌握未來的巨大機會。儘管商業環境持續嚴峻，我們仍實現了第一季的收入，略高於我們預期的中位數，環比下降 8%，年減 23%。工業業務佔本季營收的 48%，季減 12%，年減 31%。

As expected, we experienced broad-based weakness as customers continue to work down their inventory levels. Automotive, which represented 29% of revenue, was up 2% sequentially and 9% versus the year ago period, representing 14 consecutive quarters of growth. Notably our leading connectivity and functionally safe power solutions collectively increased double digits year-over-year.

正如預期，由於客戶不斷降低庫存水平，我們經歷了全面疲軟。汽車業務佔總營收的 29%，季增 2%，年增 9%，連續 14 個季度實現成長。值得注意的是，我們領先的連接性和功能安全電源解決方案總體同比增長了兩位數。

Communications, which represented 12% of revenue, declined 10% sequentially and 37% year-over-year. On a sequential basis, wireline fared relatively well driven by AI-related demand, while wireless decreased as global investments in 5G remain depressed. And lastly, consumer represented 11% of revenue, down 7% sequentially and 22% year-over-year driven by continued sluggish end demand across applications. Now on to the rest of the P&L. First quarter gross margin was 69%, down sequentially and year-over-year driven by unfavorable mix lower revenue and lower utilization.

通訊業務佔總營收的 12%，季減 10%，年減 37%。從環比來看，在人工智慧相關需求的推動下，有線業務表現相對較好，而由於全球對 5G 的投資持續低迷，無線業務表現有所下滑。最後，由於各應用領域的終端需求持續低迷，消費者業務佔總營收的 11%，比上一季下降 7%，比去年同期下降 22%。現在來看看損益表的其餘部分。第一季毛利率為 69%，受收入和利用率下降等不利因素影響，比上一季和去年同期均有所下降。

OpEx in the quarter was $679 million, down 2% sequentially despite the extra week, driven by lower variable comp, disciplined discretionary spend and structural cost improvement. As a result, operating margin of 42% finished near the high end of our outlook. Nonoperating expenses finished at $75 million, and the tax rate for the quarter was 11.8%. All told, EPS was $1.73, slightly above the guided midpoint.

本季度的營運支出為 6.79 億美元，儘管增加了一周，但仍比上一季度下降了 2%，這主要是由於可變薪酬降低、可自由支配支出有紀律以及結構性成本改善所致。因此，42%的營業利益率接近我們預期的高點。非營業支出最終為 7,500 萬美元，本季稅率為 11.8%。總體而言，每股收益為 1.73 美元，略高於指導中點。

Now on to the balance sheet. Cash and equivalents increased more than $340 million sequentially and ended the quarter at $1.3 billion, our net leverage ratio remained below 1. Inventory decreased nearly $90 million sequentially, driven primarily by finished goods, while days increased to 201 due to lower revenue. Channel inventory dollars declined again in 1Q with weeks of inventory finishing slightly above our target range of 7 to 8 weeks.

現在來看資產負債表。現金和等價物環比增加 3.4 億美元以上，本季末達到 13 億美元，我們的淨槓桿率保持在 1 以下。 庫存環比減少近 9,000 萬美元，主要受成品影響，而由於收入下降，庫存天數增加至 201 天。第一季通路庫存金額再次下降，庫存週數略高於我們 7 至 8 週的目標範圍。

Moving on to cash flow items. Over the trailing 12 months, operating cash flow and CapEx were $4.6 billion and $1.3 billion, respectively. We continue to expect fiscal 2024 CapEx to be approximately $700 million. As a reminder, these are gross CapEx figures, not including any of the anticipated benefits from both the U.S. and European Chips Act. Over the last 12 months, we generated $3.2 billion of free cash flow or 28% of revenue. During the same time period, we have returned more than $4.2 billion through dividends and share repurchases.

繼續討論現金流項目。過去 12 個月，營運現金流和資本支出分別為 46 億美元和 13 億美元。我們繼續預期 2024 財年的資本支出約為 7 億美元。提醒一下，這些是總資本支出數字，不包括美國和歐洲晶片法案帶來的任何預期收益。在過去的 12 個月裡，我們創造了 32 億美元的自由現金流，佔營收的 28%。在同一時期，我們透過股利和股票回購返還了超過42億美元。

And since our Maxim acquisition, we have returned nearly $12 billion or more than 130% of free cash flow to shareholders, reducing share count by 8% while also increasing our dividend per share by 33%, including our most recently announced 7% increase. As a reminder, we target 100% free cash flow return over the long term. We aim to use 40% to 60% to grow our dividend annually with the remaining free cash flow used for share count reduction.

自收購 Maxim 以來，我們已向股東返還了近 120 億美元，即超過 130% 的自由現金流，將股份數量減少了 8%，同時將每股股息提高了 33%，其中包括我們最近宣布的 7% 的增長。提醒一下，我們的目標是長期實現 100% 的自由現金流回報。我們的目標是利用 40% 至 60% 的自由現金流來每年增加股息，並使用剩餘的自由現金流來減少股票數量。

Now moving on to guidance. Second quarter revenue is expected to be $2.1 billion, plus or minus $100 million, once again, we expect sell-through to be higher than selling. At the midpoint, we expect all end markets to decline sequentially with the largest decline in industrial as we continue to meaningfully reduce channel inventory. Operating margin is expected to be 37%, plus or minus 100 basis points. This includes the impact of unfavorable mix and lower utilization as we further reduce balance sheet inventory. Our tax rate is expected to be 11% to 13%. And based on these inputs, EPS is expected to be $1.26 plus or minus $0.10.

現在開始指導。預計第二季營收為 21 億美元，上下浮動 1 億美元，我們再次預期銷售量將高於銷售額。從中間點來看，由於我們持續大幅減少通路庫存，我們預期所有終端市場都將持續下滑，其中工業市場的下滑幅度最大。預計營業利益率為 37%，上下浮動 100 個基點。這包括我們進一步減少資產負債表庫存時不利的組合和較低的利用率的影響。我們的稅率預計為11%至13%。根據這些輸入，預計每股收益為 1.26 美元，上下浮動 0.10 美元。

In closing, the actions we've taken to protect profitability in the near term as well as the natural shock absorbers embedded in ADI have enabled us to maintain strong profitability even as our quarterly revenue has fallen significantly from its peak. Importantly, with the strength of our financial profile and the growing importance of our technology, we will continue to invest confidently in our future, regardless of where we are in the cycle.

最後，我們為保護短期盈利能力而採取的行動以及 ADI 內建的天然減震器使我們能夠保持強勁的盈利能力，即使我們的季度收入已從峰值大幅下降。重要的是，憑藉我們強勁的財務狀況和日益增長的技術重要性，無論我們處於週期的哪個階段，我們都將繼續對我們的未來充滿信心地投資。

I will now give it back to Mike for Q&A.

現在我將把主題交還給 Mike 進行問答。

Thanks, Rich, and welcome to the call.

謝謝，Rich，歡迎收聽電話會議。

(Operator Instructions)

（操作員指令）

With that, we have our first question, please.

那麼，我們有第一個問題。

(Operator Instructions)

（操作員指令）

Our first question comes from Joseph Moore with Morgan Stanley.

我們的第一個問題來自摩根士丹利的約瑟夫·摩爾。

To the extent, you guys are guiding down now mid-30% year-on-year. If I go back to historic drawdowns, you haven't seen revenue fall that far other than 2001, 2009, where we had kind of significant demand disruption. So it kind of looks like the worst inventory correction maybe we've ever seen. Can you just talk to that? Does that reflect how much inventory excess there might have been? Or just any kind of sense check as we approach the bottom as to why the downturn looks kind of severe?

就此而言，你們目前預計年減幅度將達到 30% 左右。如果我回顧歷史下滑情況，除了 2001 年和 2009 年（當時我們遭遇了嚴重的需求中斷）之外，你不會看到收入下降如此之多。因此，這看起來可能是我們所見過的最嚴重的庫存調整。你能就此談談嗎？這是否反映出可能存在多少庫存過剩？或者當我們接近底部時，是否需要進行任何形式的理性檢查來判斷為何經濟衰退看起來如此嚴重？

Thanks, Joe. I think first and foremost, the -- if you like, the events that caused the supply chain fracture was unique. And every single segment was impacted every single customer, every single business. So this is truly the broadest base demand inflection I've ever seen in my 30-something years with ADI. And I've been through all those different perturbations. So I think that's the uniqueness of the event itself, I think is what caused the level of impact. And we see everything compounded. We saw the supply chain fracture. Then we saw the shortage, and then we got the behavior that we typically see in a shortage situation. You get double ordering, you get holding. And we're seeing that everywhere.

謝謝，喬。我認為首先，如果你願意的話，導致供應鏈斷裂的事件是獨一無二的。每一個環節、每個顧客、每個企業都會受到影響。因此，這確實是我在 ADI 工作 30 多年來所見過的最廣泛的需求轉折點。我經歷過所有這些不同的困擾。所以我認為這就是該事件本身的獨特性，也正是這獨特性造成如此大的影響。我們看到一切都變得複雜起來。我們看到了供應鏈的斷裂。然後我們看到了短缺，然後我們得到了在短缺情況下通常看到的行為。您可以獲得雙重訂購，並獲得持有。我們隨處可見這樣的情況。

The area that we've probably seen, I would say, the biggest correction is in the industrial market. And I think our sense is that it began in the second -- kind of the second half of the past year, and that will take 4 to 5 quarters to correct, I believe, from the beginning of the decline to when we start to see growth again. So I think that's pretty much it. But now we're in a situation where the lead times are very uniform. And actually, we got ahead of the supply chain issues, I think, faster than most. We've got our lead times back into better shape than most quite quickly. And so we saw the downturn, I think, more quickly than others.

我想說，我們可能看到的最大調整領域是工業市場。我認為，我們的感覺是，這種衰退始於去年下半年，我相信，從開始下滑到開始恢復成長，需要 4 到 5 個季度的時間才能得到糾正。所以我認為就是這樣。但現在我們的情況是交貨時間非常統一。實際上，我認為我們比大多數人更快解決了供應鏈問題。我們的交貨時間很快就恢復到比大多數公司都好的狀態。因此我認為，我們比其他國家更快看到了經濟衰退。

So all that said, Joe, I think the underlying demand for our products and technologies in the years ahead. We remain very, very bullish about that. And I expect, as we've indicated that we'll see a return back to growth in the second half of our fiscal year.

所以，喬，我認為未來幾年對我們的產品和技術的潛在需求。我們對此仍然非常非常樂觀。正如我們所指出的，我預計，我們的財年下半年將恢復成長。

Our next question comes 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。

Rich, I was wondering if you could give us a little more color on the segment guidance next quarter. I know you said everything down in industrial worse. But I mean like industrial has got to be down probably more than 20% sequentially, and that would probably still assume everything else is down double digit sequentially. Is that what you have in mind? And any further color you could give us would be great.

Rich，我想知道您是否可以為我們提供更多關於下個季度的分部指引的詳細資訊。我知道您說過工業化時代一切都變得更糟。但我的意思是，工業的環比下降幅度可能超過 20%，這可能仍假設其他所有產業的環比下降幅度都達到兩位數。這就是你的想法嗎？如果您能給我們任何其他顏色那就太好了。

I'll grab that one. It's Mike. So you're right to think industrial is the weakest. I would say, 20% sequentially, sure, you can put that number in your model if you want to, 20% plus or minus sequentially. I would say comms is also probably worse in the midpoint of your guidance, so down more than the 16% we guided to. While auto and consumer probably do a bit better, but are both down pretty significantly sequentially as well. And really, the big driver on the industrial piece, as we laid out is the channel reduction in the -- for the inventory in the channel, which is impacting industrial more so in other markets. I hope that helps Stacy.

我會抓住那個。是麥克。因此，你認為工業是最弱的，這是正確的。我想說，按順序增加 20%，當然，如果您願意，您可以將該數字放入您的模型中，按順序增加或減少 20%。我想說，在您的指導中期，通訊情況可能也會更糟，因此下降幅度超過我們指導的 16%。雖然汽車和消費品市場可能表現得更好一些，但環比下降幅度也相當大。事實上，正如我們所闡述的，工業領域的最大驅動因素是通路庫存的減少，這對其他市場的工業影響更大。我希望這對史黛西有幫助。

Our next question comes from Chris Danely with Citi.

下一個問題來自花旗的 Chris Danely。

Just to follow up on that question. How much of this downturn do you think is just pure inventory correction versus demand? And then any comments you could have on just demand trends as far as what you're hearing from the distribution channel and your customers?

只是為了跟進這個問題。您認為此次經濟衰退在多大程度上只是單純的庫存調整而非需求調整？那麼，就您從分銷管道和客戶那裡聽到的情況，您對需求趨勢有什麼評論嗎？

I'll start and then I think Vince will add some clarity also on it, but this really is a supply-driven demand correction, what you're seeing here. And Vince outlined that in the answer to the first question where the supply chain fracture lead times extended for an extended period of time. Those have normalized. We're still seeing what are happening as our customers is, they build a lot of inventory over that time. Why our lead times are extremely long. Now our lead time is back to normal, so they're seeing them reduce their balance sheet inventory to match our short lead times, so the cycle times match up. So really also a majority supply chain some demand. There's some areas of pockets of weakness in demand. But really overall, I'll call it more of a supply than demand correction in our business. And we talked about in the script and as well the press release, that supplied normalizing here in our second quarter.

首先我來開始，然後我想文斯也會對此做出一些澄清，但這實際上是一個供應驅動的需求調整，正如你在這裡看到的。文斯在回答第一個問題時概述了供應鏈斷裂導致的交貨時間延長的情況。這些已經正常化了。我們仍然在關注客戶正在發生的事情，他們在這段時間內累積了大量庫存。為什麼我們的交貨時間非常長。現在我們的交貨週期已恢復正常，因此他們看到他們減少資產負債表庫存以匹配我們的短交貨週期，因此週期時間相符。所以其實也是大多數供應鏈的一些需求。有些地區的需求比較疲軟。但整體而言，我認為我們業務中的供應調整比需求調整更為重要。我們在腳本和新聞稿中都討論過，這為我們第二季度提供了正常化。

Yes. I think, Chris, if we look at the 2 halves of FY '24, I believe the first half is all about inventory indigestion and digestion. And as Mike said, we largely get through that part of the headwind by the end of our second quarter. And then in the second half, all the indications our bookings are getting stronger, cancellations are abating. Our conversations with customers suggest that we'll begin to return to a growth pattern in the second half. The big question is the macroeconomic dial where that's positioned. And I think at the margins, if I look at where we are this quarter versus last quarter, at least from a macro standpoint, maybe with the exception of China, we're more bullish than we were.

是的。克里斯，我認為，如果我們看一下24財年的兩個半年度，我相信上半年都是關於庫存消化不良和消化的。正如麥克所說，到第二季末，我們基本上已經克服了這部分阻力。而在下半年，所有跡象顯示我們的預訂量正在變得更加強勁，取消的情況正在減少。我們與客戶的對話表明，我們將在下半年開始恢復成長模式。最大的問題是宏觀經濟指標處於什麼位置。我認為，從邊際來看，如果我對比本季與上季的情況，至少從宏觀角度來看，也許除了中國以外，我們比以前更樂觀。

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

我們的下一個問題來自美國銀行證券的 Vivek Arya。

Vince, on the last earnings call, you mentioned bookings were stabilizing. I think this quarter, you're saying bookings are improving. And I'm curious which end markets are showing the best recovery in bookings? And then importantly, how should this inform us about what ADI will see as we get into the July quarter, should we be assuming some kind of seasonal recovery, should we assume things flatten out first? And if I could attach kind of part B of that, which is what happens to gross margins as you start to see that flattening out and potential recovery? So just the shape of what recovery looks like in sales and margins if bookings flattened and now they seem to be improving?

文斯，在上次財報電話會議上，你提到預訂量正在穩定。我認為本季的預訂量正在改善。我很好奇哪些終端市場的預訂量恢復得最好？然後重要的是，這應該如何告訴我們 ADI 在進入 7 月季度時將會看到什麼，我們是否應該假設某種季節性復甦，我們是否應該假設事情首先趨於平穩？我可以附上 B 部分的內容嗎？那麼，如果預訂量持平並且現在似乎有所改善，那麼銷售和利潤率的復甦情況會是怎樣的呢？

Yes. Well, I think, look, as soon as demand in flex, and we get back into a more normalized growth pattern, Vivek, everything will improve. Our utilizations will improve. We have undershipped the channel, we've undershipped our customers. So we've been working very, very hard in the company to make sure that when demand and flex that we will get a -- we've got the supply in place. We've got lots of finished goods and diced up inventory. So we're in a great position to address the recovery.

是的。嗯，我認為，看，只要需求靈活，我們就會回到更正常的成長模式，維韋克，一切都會改善。我們的利用率將會提高。我們向通路出貨不足，向客戶出貨不足。因此，我們公司一直非常努力地工作，以確保在有需求和靈活性時，我們能夠獲得供應。我們有大量成品和切割庫存。因此，我們目前處於非常有利的地位來解決經濟復甦問題。

On the first part of your question about where are we seeing the bookings improvement, pretty much everywhere, pretty much everywhere, across all the segments. And if you look at industrial, I'd say the 2 healthiest parts of industrial right now is, as we message to the external world, aerospace and defense and healthcare, they've got fundamentally quite different drivers to, say, the factory automation or instrumentation business. But those 2 sectors are holding up better than the rest. But even in a more traditional industrial sector like instrumentation, all of these new high-performance computing systems need you test equipment, so that benefits ADI.

關於你問題的第一部分，我們看到哪些領域的預訂量有所改善，幾乎所有領域都是如此。如果你看一下工業，我會說目前工業最健康的兩個部分是，正如我們向外界傳達的訊息，航空航天和國防以及醫療保健，它們與工廠自動化或儀器儀表業務有著根本不同的驅動因素。但這兩個行業的表現都比其他行業好。但即使在儀器儀表等更傳統的工業領域，所有這些新的高效能運算系統都需要測試設備，這對 ADI 有利。

So I think, in general, it's true to say, maybe with the exception of our wireless business, most sectors are seeing a return to a more normalized bookings pattern.

因此，我認為，總體而言，除了無線業務外，大多數行業都正在恢復到更正常的預訂模式。

And Vivek, I'll give you a little more color on the gross margin outlook. So it's in the last call, we talked about gross margin will be 68% to 69%. We came in at the high end, a good result given the large drop in industrial that we've been talking about and with an inventory takedown of almost $90 million quarter-over-quarter. The 2Q outlook implies 67% plus or minus, a bit lower than what we thought would be given the weaker revenue, especially in industrial and the fact that we're taking down factory starts further in 2Q to reduce inventory by another $50 million to $100 million.

維韋克，我將向您詳細介紹一下毛利率前景。因此，在上次電話會議中，我們談到毛利率將達到 68％ 至 69％。我們處於高端，考慮到我們一直在談論的工業大幅下滑以及季度環比庫存減少近 9,000 萬美元，這是一個很好的結果。第二季的預期意味著 67% 的增減，略低於我們預期，因為收入較弱，特別是工業收入，而且我們在第二季進一步關閉工廠，以將庫存再減少 5,000 萬至 1 億美元。

And if I think a little bit further out to the half 2 outlook, tough to predict right now is the revenue and the shape of the revenue recovery will be the governor on gross margin trajectory. But our best sense is gross margin trends higher in the second half, as we don't see utilization going much lower as inventory continues to decline meaningfully at these start levels and we'll continue to leverage our swing capacity.

如果我認為對第二季的前景稍微展望一下，那麼現在很難預測收入，而收入復甦的情況將決定毛利率的走勢。但我們最好的感覺是下半年毛利率會上升，因為我們認為利用率不會大幅下降，因為庫存在這些起始水準上繼續大幅下降，我們將繼續利用我們的波動能力。

And Vivek, as you asked a 3-part question, I'll chime in as well for third quarter outlook. I know you gave me the outlook question. So it's hard to say, right? Our lead times are 13 weeks are lower. So we don't really have visibility into the third quarter today. But if you look back over history over the past decade, our B2B markets are about flattish sequentially in 3Q from 2Q, sometimes they're up a little bit, sometimes they're down a little bit depending where you are in the cycle, while consumers start seeing some holiday builds kind of up mid- to high single digit sequentially. So that's kind of historical context. We're not guiding in the third quarter, but that's how we should frame it.

而且 Vivek，由於您問了一個由三部分組成的問題，因此我也會就第三季的展望進行補充。我知道你給了我關於前景的問題。所以很難說，對吧？我們的交貨週期較短，為 13 週。因此我們今天實際上無法預測第三季的情況。但如果回顧過去十年的歷史，我們的 B2B 市場第三季度與第二季度相比基本持平，有時會略有上升，有時會略有下降，這取決於您處於週期的哪個階段，而消費者開始看到一些節假日的銷售額環比增長中高個位數。這是一種歷史背景。我們沒有對第三季做出預測，但我們應該這樣考慮。

And then to add on to what Vince said about bookings. Bookings actually increased last quarter, and the quarter before that. So 4Q and 1Q bookings both improved. And what's interesting now is you look at our bookings, they're approaching parity, which is a good sign that we just see a pickup in the back half of the year.

然後補充一下文斯所說的預訂內容。上個季度和上個季度的預訂量實際上都有所增加。因此第四季和第一季的預訂量都有所提高。現在有趣的是，你看看我們的預訂量，它們正在接近平價，這是一個好兆頭，表明我們剛剛看到今年下半年的回升。

Our next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

So if I look at fiscal '23, China was about 18% of your total revenues. It was the worst performing geography down about 13% for the full year. Because Lunar New Year was so late this year, it feels like this did add a little bit of uncertainty at the beginning of this year, but obviously, now we're post-Lunar New Year. What are the demand signs out of this region? Are orders also growing sequentially in the China regions? Are cancellations also showing signs of stabilization patterns as well? Maybe even signs of a potential pickup in the China region? Just want to get your views.

因此，如果我看一下23財年，中國約佔你們總收入的18％。這是表現最差的地區，全年下跌約 13%。由於今年農曆新年來得太晚，感覺這在年初確實增加了一點不確定性，但顯然，現在已經是農曆新年了。該地區的需求跡像是什麼？中國地區的訂單是否也持續成長？取消量是否也顯示出穩定模式的跡象？或許甚至有跡象顯示中國地區經濟可能回升？只是想聽聽你的看法。

So if you take a step back from a geo perspective, whole regions are weak, North America, Europe, China. China has been weakest the longest, I would say. The rest of Asia is doing better than the big 3, but still weak as well. And like I said, China is the weakest source of demand. around Chinese New Year, honestly, if there's something unique about it, we called out. But I think what Vince said in the last question basically was bookings are improving globally as well as in China before and after Chinese New year. So really no impact from Chinese New Year and kind of the commentary we've made.

因此，如果從地理角度退一步來看，整個地區都很弱，北美、歐洲、中國。我想說，中國是最弱的國家之一。亞洲其他地區的表現比這三大地區好，但仍比較弱。正如我所說，中國是最弱的需求來源。在農曆新年前後，說實話，如果有什麼獨特的東西，我們就會大聲喊出來。但我認為文斯在最後一個問題中所說的基本上是農曆新年前後全球和中國的預訂量都在改善。因此，農曆新年和我們所做的評論實際上並沒有產生影響。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的Toshiya Hari。

Vince, I'm curious how you would characterize sell-through today versus sell-in. I think at a conference a couple of months ago, you had mentioned that sell-in was tracking 15% to 20% below sell-through. Is that still the right ballpark number? And is that what you're seeing in the current quarter? And I guess, if so, if the end demand environment doesn't deteriorate over the next 6, 9 months? Could there be a quarter later in the year where your revenue run rate is tracking above $2.5 billion, $2.6 billion?

文斯，我很好奇你如何描述今天的銷售量和銷售量。我記得在幾個月前的一次會議上，您曾提到銷售量比銷售率低 15% 到 20%。這仍然是正確的大概數字嗎？這就是您在本季看到的情況嗎？我想，如果是這樣的話，如果未來 6 到 9 個月內最終需求環境沒有惡化的話？今年稍後的某個季度，您的營收運行率是否可能超過 25 億美元或 26 億美元？

I'll grab the first part of that on the sell-in and sell-through part of it, Toshi. So selling and sell-through really relates to the channel. We reduced our channel inventory dollars the past 2 quarters, I would call it around a $50 million reduction, plus or minus per quarter over the last 2 quarters. Looking at embedded in our guidance is a much bigger reduction of channel inventory. If you want to put a number around $100 million or so in our outlook, that's probably what we're seeing on the channel side. So we're reducing a lot in the channel. Now as you look at the back half of the year, from a channel perspective, we think the sell-in and sell-through should be better matched given the actions we've taken over the last 3 quarters. And I'll pass it to Vince to talk a little about the customer inventory situation on the end customer side.

我將抓住其中關於賣入和賣出部分的第一部分，Toshi。因此，銷售和銷售量確實與通路相關。我們在過去兩個季度中減少了渠道庫存金額，我認為減少了大約 5,000 萬美元，過去兩個季度中每個季度的減少幅度都有所增加或減少。從我們的指導來看，渠道庫存的減少幅度要大得多。如果你想在我們的展望中給出一個 1 億美元左右的數字，這可能是我們在頻道方面看到的。因此，我們正在大量減少渠道。現在，從通路角度來看，回顧下半年，我們認為，考慮到我們過去三個季度採取的行動，銷售量和銷售率應該會更加匹配。我將把它交給文斯，讓他稍微談一下最終客戶方面的客戶庫存情況。

Yes. On the customer side of things, we've been monitoring very, very carefully across the various segments. Our customer shipment rates, their inventories and their ADI goods on hand. And we're clearly under shipping our customers current demands. So we feel that we've got a situation now in terms of our -- we're in a good inventory position on hand. Our customers are beginning, as Mike indicated, to replenish their order books, ADI's goods. And that gives us the confidence as the book-to-bill approaches unity that we're seeing the worst of the inventory correction.

是的。從客戶角度來說，我們一直在非常非常仔細地監控各個環節。我們客戶的出貨率、他們的庫存以及他們現有的 ADI 貨物。而我們的運送顯然無法滿足客戶當前的需求。因此，我們認為，就我們目前的狀況而言——我們的庫存狀況良好。正如麥克所說，我們的客戶開始補充 ADI 的訂單。這讓我們有信心，隨著訂單出貨比接近一致，我們正經歷庫存調整最糟糕的時期。

And in the second half, we will get back to a more normalized growth pattern. So as Mike said, there's a very good balance between the direct channel, the distribution channel in terms of the inventory situation, but we're ready for the upsurge.

下半年我們將恢復更正常的成長模式。因此，正如麥克所說，就庫存情況而言，直接渠道和分銷渠道之間存在非常好的平衡，但我們已為激增做好了準備。

Our next question comes from William Stein with Truist Securities.

下一個問題來自 Truist Securities 的 William Stein。

I want to welcome, Rich, but direct a couple of questions to Vince, please. Vince, the more vertical capabilities that you talked about, it sort of suggests that you're needing to either partner more closely with a smaller number of customers or maybe you wind up pushing somewhat into their capabilities and are potentially competing with some of them. And I wonder how you contemplate managing that dynamic?

我歡迎 Rich 的到來，但請向 Vince 提出幾個問題。文斯，你談到的垂直能力越多，這表明你要么需要與較少數量的客戶建立更緊密的合作夥伴關係，要么最終會在一定程度上突破他們的能力，並可能與其中一些客戶競爭。我想知道您打算如何管理這種動態？

Will, thanks very much. You're -- unfortunately, the line shopped. I think I got your question about verticalization, competing with our customers potentially. Hopefully, you can hear me, okay, that it's not a 2-way line problem here. Will, look, the -- we've been on a journey over many, many years now to continue to build out our core component franchise, but also add more value to our solutions. Our business has become more solutions-oriented particularly over the last decade in every single segment that we play. And that kind of domain application-driven engineering that ADI has been distinguishing it so at the edge over the last decade, that will continue, and we're continuing to build that.

威爾，非常感謝。你 — — 不幸的是，這條線路被搶購一空。我想我已經知道你關於垂直化、潛在地與我們的客戶競爭的問題了。希望您能聽到我的話，這不是雙向線路的問題。威爾，你看，我們已經走過了很多年的歷程，不斷打造我們的核心組件特許經營權，同時也為我們的解決方案增加更多價值。特別是過去十年來，在我們涉足的每個領域，我們的業務都變得更加以解決方案為導向。過去十年來，ADI 公司一直以領域應用驅動的工程技術脫穎而出，這種技術將繼續發展，我們也將繼續建構這種技術。

I talked on the -- in the prepared remarks about this point of care, acute health care solution that we've just brought to market where we've got an FDA approval. I think what's happening, Will, in the world is that there are certain places like that where we have a white space to attack. We're building a complete solution that has both hardware and software makes a lot of sense. But the truth is, even in the traditional markets and with the larger customers that we deal with, more and more footprint capture, if you like, has been taking place. Why? Because we tame our customers' complexity. And I've talked before about the asymmetry and capabilities in the Analog space between the capabilities ADI has got and our customers have got. They expect us actually to add more solution value and build more complete solutions and clearly define where the line is between where their core value is versus where ADI's core value is.

我在準備好的發言中談到了我們剛剛推向市場的這種護理點、急性醫療保健解決方案，並且已經獲得了 FDA 的批准。威爾，我認為世界上正在發生的事情是，存在這樣一些地方，我們可以在那裡進攻。我們正在建立一個包含硬體和軟體的完整解決方案，這非常有意義。但事實是，即使在傳統市場和我們打交道的較大客戶中，如果你願意的話，越來越多的足跡捕獲也在發生。為什麼？因為我們控制了客戶的複雜度。我之前曾談到 ADI 公司和我們的客戶在模擬領域所擁有的能力之間的不對稱和能力。他們希望我們實際上能夠增加解決方案的更多價值並建立更完整的解決方案，並明確定義他們的核心價值與 ADI 的核心價值之間的界限。

So I think we're not competing with our customers, but we have very vibrant discussions about where we draw the line of the labor divide, so to speak.

所以我認為我們並不是與客戶競爭，而是就如何劃定勞動分界線進行了非常激烈的討論。

That helps. If I can ask a follow-up. You talked a bit about AI. It's sort of a familiar topic to us lately. Maybe too much so. There's a narrative here where there are some creative capabilities, in fact, I would say, engineering-focused capabilities that maybe made more efficient or productive with Generative AI. In a world where the story about Analog design engineer capability being so limited and not driving a significant advantage for ADI. I wonder if that story changes at all because of this capability. Have you started using this for circuit design? Or do you anticipate that it could be used by others, either competitors or customers?

這有幫助。如果我可以問後續問題。您談了一些關於人工智慧的事情。這對我們來說是最近一個熟悉的話題。或許太過分了。這裡有一個敘述，其中有一些創造性的能力，事實上，我想說，以工程為中心的能力可能會透過生成性人工智慧變得更加高效或富有成效。在這個世界上，類比設計工程師的能力非常有限，無法為 ADI 帶來顯著的優勢。我想知道這個故事是否會因為這種能力而改變。您已經開始使用它進行電路設計了嗎？或者您是否預期它會被其他人（競爭對手或客戶）使用？

Yes, it's a good question. Well, look, everybody is trying to figure out the meaning of the AI in their businesses. We're using AI today in our tool chains. We're using machine learning and AI in our products, around our products. We're starting to use it in our business. And I think -- I believe that anything that can be -- anything that is routine -- and that can be automated, that's the way of technology. Technology automation will take over the things that are more routine. We play very much at the high end of the performance spectrum.

是的，這是個好問題。嗯，看，每個人都在試圖弄清楚人工智慧在其業務中的意義。我們今天在我們的工具鏈中使用人工智慧。我們在我們的產品中以及產品周圍使用機器學習和人工智慧。我們開始在我們的業務中使用它。我認為——我相信，任何可以——任何常規的事情——都可以自動化，這就是技術的方式。技術自動化將接管那些更常規的事情。我們的演奏水準非常高。

So unless there's generative intelligence that can outperform our imaginations, which I don't see any time in the foreseeable future. We're truly in a realm where the intellectual property value and the learning system that we've got in this company will matter more and more. But, I think we view AI as a tremendous opportunity. As clearly in the product development process from how the products are designed, what we put as ingredients in our products, and we're also, by the way, putting AI into the customer support tool chain. So it is a part. We're embracing it, and we believe that it will be an accelerator and the copilot, if you like, with our engineering population.

除非存在超越我們想像的生成智能，但我認為在可預見的未來這不會發生。我們確實處於這樣一個境界：公司所擁有的智慧財產權價值和學習系統將變得越來越重要。但我認為我們將人工智慧視為一個巨大的機會。在產品開發過程中，從產品的設計方式、我們在產品中添加的成分，以及我們也將人工智慧納入客戶支援工具鏈中，這些都很明顯。因此它是一部分。我們正在擁抱它，我們相信，如果你願意的話，它將成為我們工程人員的加速器和副駕駛。

Will, it sounds like from your cell phone line, we can do need some more 5G coverage.

威爾，聽起來從你的手機線來看，我們確實需要更多的 5G 覆蓋範圍。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的提摩西‧阿庫裡。

Can you talk to any period costs versus underutilization charges that you're taking? And any of those -- how much of a headwind are those now? And how much will those help you as they might reverse themselves coming out of the downturn?

您能談談您所承擔的期間成本與未充分利用費用嗎？其中任何一個——現在的阻力有多大？當它們可能扭轉經濟衰退的趨勢時，它們能為你帶來多大的幫助呢？

So I think your question is on how much of the impact on our gross margins underutilization versus mix. I think if you look here, our peak gross margins were about 74%. Our outlook, as Rich pointed out, embeds about 67%. That decline is really mix and underutilization, about equal parts, I'll call it. As you look to the back half of this year, it depends what mix is going to do. I think industrial is bottoming here, so that should help a little bit. From a utilization standpoint, Rich also pointed out, our starts are low enough to reduce inventory meaningfully. We've been doing that. We'll do it again in 2Q. So I don't see it starts going down, they're probably start going up, which should provide a tailwind to gross margins. How fast the gross margins pick up really depends on those 2 factors, how fast the revenue picks up and how much of it relates to the industrial sector.

所以我認為你的問題是利用不足與產品組合對我們的毛利率有多大影響。我想如果你看這裡，我們的峰值毛利率約為 74%。正如里奇指出的那樣，我們的展望涵蓋了約 67%。這種下降實際上是混合和利用不足，我稱之為大約相等的部分。展望今年下半年，這取決於組合將如何發揮作用。我認為工業正在觸底，所以這應該會有所幫助。從利用率的角度來看，里奇也指出，我們的開工率足夠低，可以大幅減少庫存。我們一直在這麼做。我們將在第二季度再次這樣做。因此，我認為它不會開始下降，而是可能會開始上升，這應該會為毛利率帶來順風。毛利率上升的速度實際上取決於這兩個因素，即收入上升的速度以及與工業部門的關聯程度。

Okay, Mike. But I guess, are there any inventory charges? That's the question.

好的，麥克。但我想，有庫存費用嗎？這就是問題所在。

So from inventories, yes, I would say, a good question. You're right. We have a lot of inventory. As you can see on our balance sheet. The -- there's no acceleration of inventory charges in our gross margins. The inventory charge from a reserve standpoint have been elevated for the past few quarters, and they probably stay that way as you go into the back half of this year into next year. But that's not a headwind anymore. It's already kind of built in the run rate.

所以從庫存來看，是的，我想說這是一個好問題。你說得對。我們有大量庫存。正如您在我們的資產負債表上看到的。我們的毛利率中沒有庫存費用的加速。從儲備角度來看，庫存費用在過去幾季中一直在上升，而且今年下半年至明年，這種狀況可能還會持續下去。但這不再是阻力了。它已經以某種方式內建在運行率中。

We will go to our last question, please.

我們將進入最後一個問題。

Our last question comes from C.J. Muse with Cantor Fitzgerald.

我們的最後一個問題來自 Cantor Fitzgerald 的 C.J. Muse。

You talked about auto being down sequentially, but seeing, I guess, the best performance out of all the different segments. Curious if you can kind of walk through what you're seeing from Tier 1 auto correction and whether you think that will be completed exiting April as well?

您剛剛談到汽車業務連續下滑，但我想，它是所有細分市場中表現最好的。好奇您是否可以介紹一下您從 Tier 1 自動更正中看到的情況，以及您是否認為它也將在 4 月份完成？

Yes. Sure. From the auto standpoint, C.J., I would say, yes, there is definitely an inventory correction going on in auto like all our markets as Vince pointed that out, the supply fracture at everyone is, to a lesser degree, than auto than other markets, but it's not really because of the inventory. It's because of the growth drivers in that business, whether it's BMS, GMSL A2B functional safe power, the growth in those areas are offsetting the overall call it inventory digestion in automotive area. You're right to say that on the Tier 1 side or the OEM side, there's some froth inventory. But we're seeing that being digested. Will it be all complete.

是的。當然。從汽車的角度來看，C.J.，我想說，是的，就像我們所有的市場一樣，汽車市場肯定正在經歷庫存調整，正如文斯指出的那樣，每個人的供應斷裂程度都低於汽車市場和其他市場，但這並不是真正因為庫存。這是因為該業務的成長動力，無論是BMS還是GMSL A2B功能安全電源，這些領域的成長都抵消了汽車領域整體的庫存消化。您說得對，無論是 Tier 1 還是 OEM 方面，都存在一些泡沫庫存。但我們看到它正在被消化。一切都會完整嗎？

By the second quarter, we'll see, but I do feel good about those growth areas continue to grow this year. And for the full year, will auto grow, I don't know. We'll see. But it really depends on how strong the growth is in the growth areas and how much of the overhang on the inventory side is. But net-net, we do feel good about auto being our best performing end market here in 2Q and for the full year '24.

到第二季我們就會看到結果，但我確實對這些成長領域今年將繼續成長感到樂觀。至於全年是否會自動成長，我不知道。我們將會看到。但這實際上取決於成長領域的成長力度以及庫存方面的過剩程度。但總體而言，我們確實對汽車成為我們第二季以及 2024 年全年表現最好的終端市場感到高興。

All right Thank you C.J., and thanks everyone, for joining our call this morning. A copy of the transcript will be available on the website. Thanks for joining us, and have a great rest of the day.

好的，謝謝 C.J.，也謝謝大家參加我們今天早上的電話會議。成績單副本將在網站上發布。感謝您的加入，祝您今天剩餘的時間過得愉快。

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

謝謝。今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。