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 Analog Devices 2024 財年第一季財報電話會議，該電話會議正在透過電話和網路進行音訊網路直播。現在我想介紹一下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，地板是你的了。

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，喬什，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是 ADI 執行長兼董事長 Vincent Roche；以及 ADI 財務長 Rich Puccio。對於那些錯過了該發布的人，您可以在 Investor.analog.com 上找到它以及相關的財務時間表。

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.

關於披露。我們將要討論的資訊包括前瞻性陳述，這些陳述受到某些風險和不確定性的影響，這些風險和不確定性在我們的收益報告、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描述。實際結果可能與前瞻性資訊有重大差異，因為這些陳述僅反映我們在本次電話會議之日的預期。除法律要求外，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、營業和非營業費用、營業利潤率、稅率、每股收益和自由現金流將基於非公認會計原則（Non-GAAP）計算，其中不包括特殊項目。

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.

將我們的結果與歷史表現進行比較時，前期的特殊項目也被排除在外。這些非公認會計準則衡量指標與最直接可比較的公認會計準則衡量指標的調節以及有關我們非公認會計準則衡量指標的其他資訊均包含在今天的收益發布中。提醒一下，2024 年第一季是一個為期 14 週的季度。

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

接下來，我會將其交給 ADI 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.

非常感謝你，麥克，祝大家早安。但在開始之前，我想歡迎 ADI 新任財務長 Richard Puccio 參加電話會議，雖然距離會議只有幾週時間，但我們很高興他能加入。他帶來了複雜技術領域的豐富財務經驗和能力，我認為這對於我們繼續擴大在智慧邊緣時代的領導地位來說非常有價值。我還要感謝吉姆·莫利卡 (Jim Mollica) 擔任臨時首席財務官，並感謝吉姆為我們的成功持續提供的合作夥伴關係和做出的貢獻。

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.

現在我們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點。正如我們之前討論的，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有所改善，這增強了我們對庫存相關不利因素將在本季大幅消退的信心。儘管如此，宏觀情勢仍充滿挑戰，下半年復甦的形式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，我們的資產負債表實力、營運靈活性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服務。我們在研發、客戶參與活動和製造彈性方面投入了大量資金，推動了我們未來的成長，同時我們保持了領先業界的獲利能力，支持我們實現強勁的資本回報。為此，我很高興地強調，我們昨天宣布將股息增加 7%，使 2024 年成為股東股息連續 20 年增加。

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，更深入地探討我們的投資理念，我們將繼續專注於利用普遍感測、邊緣運算和無所不在的連接，預測客戶在軟體定義、人工智慧驅動的世界中的未來需求。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變得更加複雜。因此，現在讓我更多地分享我們如何策略性地分配我們的資本，為我們的客戶提供更多的解決方案價值，並進一步支持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%，透過不斷提高的數位、軟體、人工智慧和系統專業知識水準補充了我們世界一流的類比人才。這種廣泛的工程設計使 ADI 能夠應對更多客戶的挑戰，並在各個市場上發展我們的 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，我們進一步加深了對他們的技術和市場複雜性的理解。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，這些平台可實現安全、節能的自動化系統監控和控制。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在節能且高度靈活的平台配置中安全地在邊緣和雲端之間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興趣，我們預計會贏得更多設計。

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，我們的千兆位元多媒體串列連結（GMSL）解決方案繼續獲得更廣泛的採用。最近，我們在一家全球三大汽車製造商中的份額有所增加，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，因此也需要更多的能源。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，以提高電力傳輸和系統性能。上季度，我們的多相垂直電源解決方案贏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 一直走在這一轉變的最前沿，我很高興地告訴您，我們最近獲得了 FDA 批准的非侵入性遠端監測平台，該平台可以對充血性心臟衰竭等慢性疾病進行家庭管理。該解決方案利用了我們深厚的領域專業知識、跨訊號處理和感測器模式的領先能力以及獨特的演算法，使醫療提供者能夠儘早、準確和有效地採取行動。作為一個平台，這也允許我們在未來使用我們的數據驅動的人工智慧演算法來使其更加個人化。這項進展為 ADI 開啟了新的成長方向，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.

現在轉向我們供應鏈的演變，我想分享我們在製造彈性方面取得的一些進展，這對我們的客戶來說越來越重要。在過去的兩年裡，我們投入了創紀錄水平的資本支出來擴大我們的產能並增強彈性。現在，我們的目標是在 2025 年實現前端和後端內部容量翻倍的目標，我們將開始大幅減少資本支出。

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，我們大約10% 的投資重點用於實施更有效率的系統，這些系統將帶來永續效益，包括大幅減少資源投入和排放，隨著時間的推移，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周轉能力提高到收入的 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.

作為這些有機投資的補充，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。我們的投資加上代工合作夥伴的支持將使我們能夠在多個地理位置製造我們的產品，增強我們的彈性，並為我們的客戶提供更大的選擇權和對其供應鏈的保證。最後，我們一如既往地關注現在，關注未來。我對我們為保護資本和應對近期挑戰而採取的措施充滿信心，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。

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

因此，我想把麥克風交給 Rich。

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。讓我對第一季財報電話會議表示歡迎。我很高興加入 ADI，並期待幫助公司在短期內順利發展，同時確保我們處於有利地位，能夠充分利用眼前的巨大機會。儘管業務環境持續充滿挑戰，我們第一季的營收略高於我們預期的中點，比上一季下降 8%，比去年同期下降 23%。工業佔本季營收的 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.

正如預期的那樣，隨著客戶繼續降低庫存水平，我們經歷了廣泛的疲軟。汽車業務佔營收的 29%，季增 2%，年增 9%，連續 14 個季度成長。值得注意的是，我們領先的連接和功能安全電源解決方案的整體年增長率達到了兩位數。

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.

佔營收 12% 的通訊業務季減 10%，年減 37%。從環比來看，有線網路在人工智慧相關需求的推動下表現相對較好，而無線網路則因全球 5G 投資持續低迷而下降。最後，消費者佔營收的 11%，季減 7%，年減 22%，原因是各應用的終端需求持續低迷。現在來看看損益表的其餘部分。第一季毛利率為 69%，環比和同比下降，原因是收入下降和利用率下降的不利組合。

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，儘管由於可變薪酬降低、嚴格的可自由支配支出和結構性成本改善而增加了一周，但仍環比下降 2%。因此，42% 的營業利潤率接近我們預期的上限。非營業費用最終為 7,500 萬美元，季度稅率為 11.8%。總而言之，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。現金及等價物連續增加超過3.4 億美元，季末達到13 億美元，我們的淨槓桿率維持在1 以下。庫存連續減少近9,000 萬美元，主要由製成品推動，而由於收入下降，天數增加至201。第一季通路庫存再次下降，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.

轉向現金流項目。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。我們仍預期 2024 財年資本支出約為 7 億美元。提醒一下，這些是總資本支出數據，不包括美國和歐洲晶片法案的任何預期收益。在過去 12 個月中，我們產生了 32 億美元的自由現金流，佔營收的 28%。同期，我們透過股利和股票回購回報了超過 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 億美元或超過 130% 的自由現金流，股票數量減少了 8%，同時每股股息增加了 33%，包括我們最近宣布的 7% 的增長。提醒一下，我們的長期目標是 100% 的自由現金流回報。我們的目標是每年使用 40% 至 60% 來增加股息，剩餘的自由現金流用於減少股份數量。

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.

現在繼續指導。第二季營收預估為 21 億美元，上下浮動 1 億美元，我們再次預期售出率將高於銷售量。在中點，隨著我們繼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，其中工業市場跌幅最大。營業利益率預計為 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組合和利用率降低的影響。我們的稅率預計為11%至13%。根據這些投入，每股收益預計為 1.26 美元上下 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，我們為保護近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，隨著我們財務狀況的實力和技術日益重要，我們將繼續充滿信心地投資於我們的未來，無論我們處於週期的哪個階段。

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

我現在將其返回給邁克進行問答。

Thanks, Rich, and welcome to the call.

謝謝，里奇，歡迎來電。

(Operator Instructions)

（操作員說明）

With that, we have our first question, please.

那麼，我們有第一個問題。

(Operator Instructions)

（操作員說明）

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?

在某種程度上，你們現在的指導價比去年同期下降了 30%。如果我回顧一下歷史性的下降，除了 2001 年和 2009 年之外，你還沒有看到收入下降得那麼嚴重，那一年我們的需求出現了嚴重的中斷。因此，這看起來可能是我們見過的最糟糕的庫存調整。你能談談嗎？這是否反映了可能有多少庫存過剩？或者當我們接近底部時進行任何形式的感官檢查，以了解為什麼經濟衰退看起來有點嚴重？

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。我認為首先也是最重要的，如果你願意的話，導致供應鏈斷裂的事件是獨一無二的。每個細分市場都受到每個客戶、每個業務的影響。因此，這確實是我在 ADI 工作 30 多年來所見過的最廣泛的基礎需求變化。我經歷過所有這些不同的煩惱。所以我認為這就是事件本身的獨特性，我認為這就是造成影響程度的原因。我們看到一切都變得複雜起來。我們看到供應鏈斷裂。然後我們看到了短缺，然後我們得到了我們通常在短缺情況下看到的行為。你得到雙重訂購，你得到保留。我們到處都看到這種情況。

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，我們可能看到最大調整的領域是工業市場。我認為我們的感覺是，它是從去年下半年開始的，我相信，從開始下降到我們開始看到這一情況，需要 4 到 5 個季度的時間來糾正。再次增長。所以我認為差不多就是這樣了。但現在我們處於交貨時間非常統一的情況。事實上，我認為我們比大多數人更快解決了供應鏈問題。我們很快就恢復了比大多數公司更好的交貨時間。因此，我認為，我們比其他人更快地看到了經濟衰退。

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.

綜上所述，喬，我認為未來幾年對我們產品和技術的潛在需求。我們對此仍然非常非常樂觀。我預計，正如我們已經指出的那樣，我們將在本財年下半年看到經濟恢復成長。

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中心的史黛西·拉斯貢（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，我想知道您是否能為我們提供有關下季度細分市場指導的更多資訊。我知道你說的一切都是工業化的更糟。但我的意思是，工業業必須連續下降 20% 以上，並且可能仍然假設其他所有行業都連續兩位數下降。你是這麼想的嗎？如果您能為我們提供任何其他顏色，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。所以你認為工業是最弱的，這是正確的。我想說，連續 20%，當然，如果您願意，您可以將該數字放入您的模型中，連續加或減 20%。我想說的是，在你們指導的中間位置，通訊也可能更糟糕，因此比我們指導的 16% 下降了更多。雖然汽車和消費者的表現可能會好一點，但兩者也都連續顯著下降。事實上，正如我們所指出的，工業領域的一大推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.

我們的下一個問題來自花旗銀行的克里斯丹利 (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。您認為這種低迷有多少是純粹的庫存調整與需求相比？然後，就您從分銷管道和客戶那裡聽到的情況而言，您對需求趨勢有何評論？

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.

我將開始，然後我認為文斯也會對此進行一些澄清，但這確實是供應驅動的需求修正，正如您在這裡看到的那樣。文斯在回答第一個問題時概述了供應鏈斷裂的交貨時間延長了很長一段時間的情況。這些已經正常化。我們仍在關注客戶正在發生的情況，他們在那段時間建立了大量庫存。為什麼我們的交貨時間非常長。現在我們的交貨時間恢復正常，因此他們看到他們減少了資產負債表庫存以匹配我們較短的交貨時間，因此週期時間匹配。因此，大多數供應鏈確實也有一些需求。某些領域的需求疲軟。但總的來說，我認為這更多是我們業務中的供給調整，而不是需求調整。我們在劇本和新聞稿中談到，這在我們的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，我想，如果我們看看 24 財年的兩個半月，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，我們基本上克服了這部分阻力。然後在下半年，所有跡象顯示我們的預訂量都在增加，取消量也在減少。我們與客戶的對話顯示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的定位。我認為，從邊緣來看，如果我看看本季與上季相比，至少從宏觀角度來看，也許除了中國之外，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公司的 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，您提到預訂量正在穩定。我認為這個季度，你說預訂量正在改善。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，當我們進入七月季度時，ADI 將看到什麼，我們是否應該假設某種季節性復甦，我們是否應該假設情況首先趨於平緩？如果我可以附上其中的 B 部分，當你開始看到毛利率趨於平緩和潛在復甦時，毛利率會發生什麼變化？那麼，如果預訂量趨於平緩，而現在似乎有所改善，那麼銷售和利潤率的復甦會是什麼樣子呢？

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。好吧，我認為，一旦需求出現彈性，我們就會回到更正常化的成長模式，Vivek，一切都會改善。我們的利用率將會提高。我們的通路出貨量不足，我們的客戶出貨量不足。因此，我們在公司一直非常非常努力地工作，以確保當需求和彈性時，我們能夠得到供應。我們有大量的成品和庫存。因此，我們處於解決復甦問題的有利位置。

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.

關於你的問題的第一部分，我們在哪裡看到預訂量的改善，幾乎無處不在，幾乎無處不在，跨越所有細分市場。如果你看一下工業，我想說，正如我們向外部世界傳達的訊息，現在工業的兩個最健康的部分是航空航天、國防和醫療保健，它們有根本上完全不同的驅動因素，例如工廠自動化或儀器儀表業務。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.

所以我認為，總的來說，也許除了我們的無線業務之外，大多數行業都在回歸更正常的預訂模式。

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.

Vivek，我將為您提供更多有關毛利率前景的資訊。所以在上次電話會議中，我們談到毛利率將為 68% 至 69%。我們進入了高端，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 9000 萬美元，這是一個不錯的結果。第二季前景意味著 67% 上下，略低於我們的預期，因為收入疲軟，尤其是工業領域，我們將在第二季度進一步減少工廠開工，以將庫存再減少 5000 萬美元至 100 美元百萬。

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進一步展望，目前很難預測的是收入，而收入復甦的形式將是毛利率軌跡的決定因素。但我們最好的感覺是下半年毛利率趨勢會更高，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持續大幅下降，我們將繼續利用我們的波動產能。

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.

Vivek，當你問了一個由三個部分組成的問題時，我也會插話第三季的展望。我知道您向我提出了前景問題。所以很難說，對吧？我們的交貨時間縮短為 13 週。因此，我們今天並沒有真正了解第三季的情況。但如果你回顧過去十年的歷史，我們的 B2B 市場從第二季度到第三季度基本持平，有時會上升一點，有時會下降一點，這取決於你在周期中的位置，而消費者開始看到一些假日建築數量連續出現中高個位數成長。這就是歷史背景。我們不會在第三季度提供指導，但這就是我們應該如何制定的。

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.

然後補充一下文斯關於預訂的說法。上季以及前一季的預訂量實際上有所增加。因此，第四季和第一季的預訂量均有所改善。現在有趣的是，你看看我們的預訂量，它們正在接近平價，這是一個好跡象，表明我們在今年下半年看到了回升。

Our next question comes from Harlan Sur with JPMorgan.

我們的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 23 財年，中國市場約佔你們總收入的 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，感覺這確實在今年年初增加了一些不確定性，但顯然，現在我們已經過了農曆新年。該地區的需求跡像是什麼？中國地區的訂單也較上季成長嗎？取消訂單是否也顯示出穩定模式的跡象？甚至可能有中國地區潛在回升的跡象？只是想聽聽您的意見。

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，如果從地理角度退後一步，整個地區都很弱，北美、歐洲、中國。我想說，中國最弱的時間最長。亞洲其他地區的表現比三巨頭好，但也仍然疲軟。正如我所說，中國是最弱的需求來源。老實說，農曆新年前後，如果有什麼獨特之處，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中國新年前後全球和中國的預訂量都在增加。因此，中國新年和我們所做的評論確實沒有產生任何影響。

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售出和售入。我想在幾個月前的一次會議上，您曾提到銷售量比銷售量低 15% 到 20%。這仍然是正確的數字嗎？這是您在本季看到的情況嗎？我想，如果是這樣，如果最終需求環境在未來 6、9 個月內不會惡化？今年稍後的某個季度，您的營收運行率是否會超過 25 億美元、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.

我將抓住第一部分的銷售和銷售部分，Toshi。因此，銷售和銷售率確實與通路有關。我們在過去 2 個季度減少了渠道庫存金額，我稱之為減少了 5000 萬美元左右，加上過去 2 個季度每個季度的正負。我們的指導方針中包含了渠道庫存的大幅減少。如果你想在我們的展望中輸入大約 1 億美元左右的數字，這可能是我們在頻道方面看到的。所以我們在通路上減少了很多。現在，當你回顧今年下半年時，從通路的角度來看，考慮到我們在過去三個季度採取的行動，我們認為銷售和售出應該更好地匹配。我會將其傳遞給 Vince，讓他談談最終客戶方面的客戶庫存。

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。在客戶方面，我們一直非常非常仔細地監控各個細分市場。我們的客戶出貨率、他們的庫存以及他們現有的 ADI 貨物。我們顯然正在滿足客戶當前的需求。因此，我們認為我們現在的情況是——我們手頭上的庫存狀況良好。正如麥克所言，我們的客戶正在開始補充他們的訂單，即 ADI 的商品。隨著訂單出貨量接近統一，這讓我們有信心看到庫存調整最糟糕的情況。

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，我們將回歸更常態化的成長模式。正如麥克所說，就庫存情況而言，直銷通路和分銷管道之間存在著非常好的平衡，但我們已經準備好迎接激增。

Our next question comes from William Stein with Truist Securities.

我們的下一個問題來自 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?

我想歡迎里奇，但請向文斯提出幾個問題。文斯，您談到的垂直能力越強，這表明您要么需要與較少數量的客戶進行更密切的合作，要么最終會在一定程度上推動他們的能力並可能與其中一些客戶競爭。我想知道您如何考慮管理這種動態？

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。不幸的是，你已經排隊了。我想我收到了你關於垂直化、與我們的客戶潛在競爭的問題。希望您能聽到我的聲音，好吧，這不是 2 路線路問題。你看，我們已經走過了很多很多年的旅程，繼續打造我們的核心組件專營權，同時也為我們的解決方案增加更多價值。我們的業務變得更加以解決方案為導向，特別是在過去十年中，在我們所從事的每個細分市場中。 ADI 在過去十年中一直處於領先地位的領域應用驅動工程將繼續下去，我們將繼續建構它。

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.

我在準備好的評論中談到了我們剛剛推向市場的護理點、急性醫療保健解決方案，我們已獲得 FDA 的批准。威爾，我認為世界上正在發生的事情是，在某些類似的地方，我們有一個可以攻擊的空白區域。我們正在建立一個具有硬體和軟體的完整解決方案，這很有意義。但事實是，即使在傳統市場和我們處理的較大客戶中，越來越多的足跡捕獲（如果你願意的話）也已經發生。為什麼？因為我們降低了客戶的複雜性。我之前已經討論過 ADI 所擁有的能力與我們的客戶所擁有的能力之間的模擬領域的不對稱性和能力。他們期望我們實際上增加更多的解決方案價值並建立更完整的解決方案，並明確界定他們的核心價值與 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.

因此，我認為我們並不是與客戶競爭，而是可以說，我們對如何劃定勞動分工進行了非常活躍的討論。

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。如果我可以問後續情況。你談到了人工智慧。最近這對我們來說是一個熟悉的話題。也許太多了。這裡有一個敘述，其中存在一些創造性能力，事實上，我想說的是，以工程為中心的能力可能會透過生成人工智慧而變得更加高效或富有成效。在當今世界，類比設計工程師的能力非常有限，無法為 ADI 帶來顯著優勢。我想知道這個故事是否會因為這種能力而改變。您開始使用它進行電路設計了嗎？或者您是否預期它可以被其他人（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，這是一個好問題。好吧，看，每個人都在試圖弄清楚人工智慧在他們的業務中的意義。今天，我們在我們的工具鏈中使用人工智慧。我們在我們的產品中、圍繞我們的產品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——我相信任何可以實現的東西——任何常規的東西——並且可以自動化，這就是技術的方式。技術自動化將接管更常規的事情。我們在性能範圍的高端發揮非常大的作用。

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.

因此，除非有超越我們想像的生成智能，但在可預見的未來我看不到這種情況。我們確實處於這樣一個領域：我們公司的知識產權價值和學習系統將變得越來越重要。但是，我認為我們將人工智慧視為一個巨大的機會。從產品的設計方式、我們在產品中添加的成分，以及順便說一下，我們也將人工智慧納入客戶支援工具鏈中，可以清楚看出產品開發過程中的情況。所以它是一部分。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.

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集團的提摩西·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?

您能談談您所收取的期間成本與未充分利用費用嗎？其中任何一個——現在有多大的阻力？這些對你有多大幫助，因為它們可能會扭轉自己走出低迷的局面？

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，與混合相比，未充分利用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 Rich 指出的那樣，我們的展望是 67% 左右。這種下降實際上是混合和未充分利用的，我稱之為大約相等的部分。當你展望今年下半年時，這取決於混合將做什麼。我認為工業正在觸底，所以這應該會有所幫助。里奇也指出，從利用率的角度來看，我們的開工率足夠低，可以有效減少庫存。我們一直在做這件事。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，它們可能會開始上升，這應該會為毛利率帶來推動力。毛利率回升的速度實際上取決於這兩個因素：收入回升的速度以及其中與工業部門的相關程度。

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

好吧，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.

因此，從庫存來看，是的，我想說，這是一個很好的問題。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那樣。我們的毛利率中庫存費用沒有增加。從儲備的角度來看，過去幾季的庫存費用一直在上升，而且從今年下半年到明年，庫存費用可能會保持這種狀態。但這不再是逆風了。它已經內建在運行率中。

We will go to our last question, please.

我們將討論最後一個問題。

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

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

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?

您談到汽車連續下降，但我想，看到所有不同細分市場中的最佳性能。好奇您是否可以大致了解一下從第 1 級自動更正中看到的內容，以及您認為這是否也會在 4 月退出時完成？

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，正如文斯指出的那樣，汽車市場肯定會出現庫存調整，就像我們所有的市場一樣，與其他市場相比，每個市場的供應斷裂程度都比汽車市場小。 ，但其實並不是因為庫存。就是因為該業務的成長動力，無論是BMS、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。你說得對，在一級供應商或 OEM 方面，存在一些泡沫庫存。但我們看到它正在被消化。會不會一切都圓滿了。

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.

到第二季度，我們會看到結果，但我確實對這些成長領域今年繼續成長感到滿意。我不知道全年是否會自動成長。我們拭目以待。但這實際上取決於成長領域的成長有多強勁以及庫存方面的過剩程度有多大。但總的來說，我們確實對汽車成為我們在第二季和 24 年全年表現最好的終端市場感到滿意。

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.，也謝謝大家今天早上加入我們的電話會議。網站上將提供文字記錄副本。感謝您加入我們，祝您今天休息愉快。

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

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