亞德諾半導體 (ADI) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Analog Devices Second Quarter Fiscal Year 2024 Earnings Conference Call, which is being audio webcast via telephone and over the web.

早安，歡迎參加 ADI 公司 2024 財年第二季財報電話會議，該會議透過電話和網路進行音訊網路直播。

I'd now like to introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.

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, Gigi, and good morning, everybody. Thanks for joining our second 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.

謝謝你，吉吉，大家早安。感謝您參加我們的 2024 財年第二季電話會議。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。

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

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。

Onto 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 report 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 the statements, except as required by law.

開始披露。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，我們不承擔更新聲明的義務。

Reference 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. When comparing our results to our 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 release.

我們今天評論中提到的毛利率、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都是非公認會計準則基礎，不包括特殊項目。當我們的結果與歷史績效進行比較時，特殊項目也被排除在前期之外。今天的發布中包含了這些非公認會計準則指標與最直接可比較的公認會計準則指標的對帳表，以及有關我們的非公認會計準則指標的其他資訊。

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

接下來，我將把發言權交給 ADI 的執行長兼董事長文斯 (Vince)。

Thanks very much, Mike. Good morning, and a big welcome to you all. So in the second quarter, our strong focus on execution resulted in revenue of $2.16 billion, with profitability and earnings per share finishing above the high end of our outlook.

非常感謝，麥克。早安，熱烈歡迎大家。因此，在第二季度，我們高度重視執行，實現了 21.6 億美元的收入，獲利能力和每股盈餘都高於我們預期的高點。

With 2Q now behind us, we believe we've passed the low point of this cycle. Notably, global manufacturing PMIs, which are highly correlated with our core business, are improving, customer inventories are stabilizing and our bookings have improved for a third consecutive quarter.

隨著第二季的結束，我們相信我們已經度過了本輪週期的低谷。值得注意的是，與我們核心業務高度相關的全球製造業PMI正在改善，客戶庫存正在穩定，我們的訂單連續第三個季度改善。

Our growing optimism remains guarded, however, as short-term economic and geopolitical uncertainty persists. As such, we will continue to manage the near term with great discipline as we fund and execute against our longer-term strategic priorities to drive increasing levels of value for all of our stakeholders.

然而，由於短期經濟和地緣政治的不確定性仍然存在，我們對日益增長的樂觀情緒仍然保持謹慎。因此，我們將繼續以嚴謹的態度管理短期事務，並根據我們的長期策略重點進行資助和執行，從而為所有利害關係人創造更高的價值。

So with that framing, I'd like to share some examples with you of how we are continuing to strengthen ADI's high-performance franchise across all markets and creating unique growth drivers that would be additive to what we hope will be a strong cyclical recovery.

因此，在這種框架下，我想與大家分享一些例子，說明我們如何繼續加強 ADI 在所有市場的高性能特許經營權，並創造獨特的成長動力，以促進我們希望的強勁週期性復甦。

For example, in health care, we have exciting wins in areas such as the rapidly expanding surgical robotics market where the performance of our precision signal processing and connectivity solutions is critical. And in the fast-growing continuous glucose monitoring space, we've won multiple opportunities across several customers.

例如，在醫療保健領域，我們在快速擴張的手術機器人市場等領域取得了令人興奮的勝利，在這些市場中，我們的精密訊號處理和連接解決方案的表現至關重要。在快速成長的連續血糖監測領域，我們已贏得多個客戶的多個機會。

Our unique, digitally-enabled analog front-end solutions increase the accuracy and power efficiency of sensors and extend battery life from days to weeks.

我們獨特的數位化類比前端解決方案可提高感測器的準確性和電源效率，並將電池壽命從幾天延長到幾週。

In industrial automation, the growth of the digital factory is accelerating upgrades to higher bandwidths, deterministic, industrial Ethernet that can support up to 10x the number of edge devices across the factory floor. We believe our leadership position with key customers will create a durable revenue stream beginning next year that can grow to several hundreds of millions of dollars as deployments ramp over time.

在工業自動化領域，數位工廠的成長正在加速向更高頻寬、確定性的工業乙太網路的升級，這種乙太網路可以支援整個工廠車間多達 10 倍的邊緣設備數量。我們相信，我們在關鍵客戶中的領導地位將從明年開始創造持久的收入來源，隨著部署的逐步推進，這個收入來源可以成長到數億美元。

Turning to automotive. Our solid performance is being driven by the proliferation of higher content vehicles that use more power management, more connectivity and an increasing number of sensor platforms that open new signal processing opportunities for ADI. The increase in content per vehicle is a pervasive trend across all vehicle types, combustion engines, hybrids and full EVs.

轉向汽車。我們穩健的表現得益於高容量汽車的普及，這些汽車使用更多的電源管理、更多的連接和越來越多的感測器平台，為 ADI 開闢了新的訊號處理機會。每輛車的含量增加是所有車型（內燃機、混合動力和純電動車）的普遍趨勢。

For example, in advanced safety, we've increased our GMSL design wins from 12 to 15 of the top 20 OEMs and expanded our engagements at 2 European and 1 Korean OEM who intend to deploy our high-performance, high-bandwidth connectivity solution across a larger share of their fleets. We've also seen strong attach for a functionally safe Power, which is used with sensors and displays and ADAS systems and recently increased share at the leading global car manufacturer.

例如，在先進安全方面，我們在前 20 大 OEM 中的 GMSL 設計訂單從 12 家增加到 15 家，並擴大了與 2 家歐洲 OEM 和 1 家韓國 OEM 的合作，他們打算在其更大份額的機隊中部署我們的高性能、高頻寬連接解決方案。我們還看到了對功能安全電源的強烈需求，它用於感測器、顯示器和 ADAS 系統，最近在全球領先的汽車製造商中的份額有所增加。

In electrification, we've expanded our battery management system share at leading Chinese OEMs and more than doubled our BMS share and upcoming European OEM model launches and 2 manufacturers intend to deploy our higher content wireless solutions starting next year.

在電氣化方面，我們擴大了在中國領先 OEM 中的電池管理系統份額，並將 BMS 份額增加了一倍以上，即將推出的歐洲 OEM 車型和 2 家製造商打算從明年開始部署我們更高內容的無線解決方案。

Now I'd like to use the rest of my prepared comments today to share our perspective on the role that artificial intelligence is playing and will play at ADI in the future. This technology has clearly reached a tipping point, and our AI opportunity spans from sensor to cloud. While we've been adding algorithmic and software intelligence to our products now for decades, we've expanded the scope and pace of our investments in recent years.

現在，我想利用今天準備好的其餘評論來分享我們對人工智慧在 ADI 中正在發揮的作用以及未來將發揮的作用的看法。這項技術顯然已經達到了臨界點，我們的人工智慧機會從感測器延伸到雲端。雖然我們幾十年來一直在為我們的產品添加演算法和軟體智能，但近年來我們擴大了投資的範圍和步伐。

Today, we are increasingly leveraging AI in and around our products as well as in our operations to more fully meet our customers' needs and extend our industry leadership. We're deploying AI internally to help accelerate engineering development, enhanced manufacturing efficiency and create a better customer experience. But the majority of our activities are centered around product portfolio innovations that position us to take advantage of AI's enormous potential.

今天，我們越來越多地在我們的產品及其周圍以及營運中利用人工智慧，以更全面地滿足客戶需求並擴大我們的行業領導地位。我們正在內部部署人工智慧，以幫助加速工程開發、提高製造效率並創造更好的客戶體驗。但我們的大部分活動都圍繞著產品組合創新展開，這使我們能夠充分利用人工智慧的巨大潛力。

We see this business opportunity coming in 2 distinct waves. The first wave, focused on infrastructure, is now underway, and as we all know is growing very rapidly. In order to tackle the intensified energy and processing demands of AI compute systems, data center customers are investing in new vertical power architectures.

我們看到這一商機將以兩股不同的浪潮來臨。第一波浪潮目前已經開始，重點是基礎設施，而且眾所周知，其發展非常迅速。為了因應人工智慧運算系統日益增強的能源和處理需求，資料中心客戶正在投資新的垂直電源架構。

As we highlighted previously, our vertical power technology, which can reduce power losses by up to 35% compared to existing architectures, is gaining traction with hyperscalers. We continue to leverage our heterogeneous integration expertise to create more efficient, smaller vertical power solutions that deliver more value and enable us to capture more share in this nascent space.

正如我們之前所強調的那樣，我們的垂直電源技術與現有架構相比可減少高達 35% 的功率損耗，正在受到超大規模資料中心的青睞。我們將繼續利用我們的異質整合專業知識來創建更有效率、更小的垂直電源解決方案，以提供更多價值並使我們能夠在這個新興領域佔據更多份額。

Power-efficient computing, though, is just one challenge the AI ecosystem faces. Data must also be transported efficiently, securely and at much, much greater speeds. This is driving wireline customers to upgrade connectivity infrastructure, sparking a transition to 800 gigabit and 1.6 terabit optical modules.

然而，節能計算只是人工智慧生態系統面臨的挑戰之一。資料還必須以高效、安全且更快的速度傳輸。這推動有線客戶升級連接基礎設施，引發向 800 千兆位元和 1.6 太比特光學模組的轉變。

At the electro-optical interface, our ability to provide high-performance solutions that integrate analog, digital and memory in a reduced form factor is indeed a key differentiator. Our high-precision controller was recently designed into a 1.6-terabit optical module used in the next-gen AI systems of the high-performance compute leader.

在電光介面方面，我們能夠提供在較小尺寸內整合類比、數位和記憶體的高效能解決方案，這確實是一個關鍵的區別因素。我們的高精度控制器最近被設計成用於高效能運算領導者的下一代人工智慧系統的 1.6 太比特光學模組。

In industrial, AI is fueling extraordinary demand for high-bandwidth memory and high-performance compute. This, in turn, is driving a new growth vector for our instrumentation and test business, particularly in SoC and memory test. We're working with key players globally to enable faster digital scan speeds, higher channel density and the improved energy efficiency necessary to scale production of AI systems.

在工業領域，人工智慧正在推動對高頻寬記憶體和高效能運算的巨大需求。這反過來又為我們的儀器和測試業務帶來了新的成長動力，特別是在 SoC 和記憶體測試方面。我們正在與全球主要參與者合作，以實現更快的數位掃描速度、更高的通道密度和更高的能源效率，以實現人工智慧系統規模生產。

The significantly greater amount of ADI content in these systems is positioning our high-performance compute and memory test sectors for record revenues in the near to midterm. The opportunity ahead for ADI is to compound the impact of this first wave by bringing application-specific AI models and high-performance compute right down to the physical edge, creating greater system value with added improvements in the latency, power efficiency, security and cost.

這些系統中 ADI 內容的數量顯著增加，這將使我們的高效能運算和記憶體測試部門在近期至中期內實現創紀錄的收入。 ADI 未來的機會是透過將特定應用的 AI 模型和高效能運算帶到實體邊緣來擴大第一波浪潮的影響，透過提高延遲、功率效率、安全性和成本來創造更大的系統價值。

So let me share some examples of how we are working to amplify this second wave. For example, in acoustic systems, we are combining our application-specific algorithms with ultralow energy processing hardware to enrich our audio platform offerings. We're also developing a mixed signal processor with embedded neural networks that enable a system to learn and adapt to the highly variable nature of sound in real time. Excitingly, we have strong traction with multiple customers in this area.

因此，讓我分享一些例子，說明我們如何努力擴大第二波疫情。例如，在聲學系統中，我們將特定應用演算法與超低能耗處理硬體結合，以豐富我們的音訊平台產品。我們還正在開發一種嵌入神經網路的混合訊號處理器，使系統能夠即時學習並適應聲音的高度多變性。令人興奮的是，我們與該地區的多個客戶有著密切的聯繫。

Now in the same vein, we're leveraging our rich domain expertise with our growing processing capabilities to enhance our advanced connectivity platform. In next-generation 5G radios, for example, we've implemented the first AI-enabled technology, combining an energy-efficient, real-time neural network with an AI-assisted development tool to give customers the ability to solve their linearization challenges in a fraction of the time.

現在，同樣地，我們正在利用我們豐富的領域專業知識和不斷增長的處理能力來增強我們先進的連接平台。例如，在下一代 5G 無線電中，我們實現了第一種支援 AI 的技術，將節能、即時神經網路與 AI 輔助開發工具相結合，使客戶能夠在極短的時間內解決線性化難題。

In our power management platform, we're using AI to address the arduous challenge of tuning power trees for volatile consumption patterns in data centers. Our solutions reduce complexity for power engineers and compress the time required from weeks to hours, helping to lower costs and, of course, accelerate time to market.

在我們的電源管理平台中，我們正在使用人工智慧來解決針對資料中心不穩定的消耗模式調整電源樹的艱鉅挑戰。我們的解決方案降低了電力工程師的複雜性，將所需時間從幾週壓縮到幾小時，有助於降低成本，當然，也加快了產品上市時間。

ADI has always operated at the physical edge where the world's most important real data is born. As multimodal AI becomes more pervasive at the edge and the diversity of sensor types is used to unearth deeper insights, we expect to see an explosion of demand that will accelerate growth for our broad signal chain as well as power portfolios. In short, ADI's AI future looks bright across the continuum of sensor to cloud.

ADI 始終經營在世界上最重要的真實資料誕生的實體邊緣。隨著多模態人工智慧在邊緣領域變得越來越普遍，以及多種類型的感測器被用於發掘更深入的見解，我們預計需求將激增，這將加速我們廣泛的訊號鍊和電源產品組合的成長。簡而言之，從感測器到雲端，ADI 的 AI 前景一片光明。

So in closing, I'm very proud of how our team has executed in one of the largest downturns the semiconductor industry has seen. More importantly, I've never been more excited about how we're positioned for the future and what it holds for ADI.

最後，我為我們的團隊在半導體產業經歷的最大衰退之一中的表現感到非常自豪。更重要的是，我從未像現在這樣對我們未來的定位以及 ADI 的未來感到興奮。

And so with that, I'm going to hand it over to Rich.

因此，我將把發言權交給 Rich。

Thank you, Vince, and let me add my welcome to our second quarter earnings call. As a reminder, our first quarter 2024 was a 14-week quarter, so we are going to limit our comparison this quarter to year-over-year only.

謝謝你，文斯，請容許我歡迎你參加我們的第二季財報電話會議。提醒一下，我們的 2024 年第一季是一個 14 週的季度，因此我們將本季的比較限制為僅限於同比。

Second quarter revenue of $2.16 billion finished above the midpoint of our outlook, this result was down 34% year-over-year. Industrial represented 47% of revenue in the quarter and was down 44% year-over-year. As expected, all applications were impacted by inventory digestion. However, aerospace and defense revenues outperformed broader industrial.

第二季營收為 21.6 億美元，高於我們預期的中位數，但年減 34%。工業業務佔本季營收的 47%，年減 44%。如預期，所有應用都受到庫存消化的影響。然而，航空航天和國防收入表現優於整體工業。

Automotive represented 30% of revenue and was down 10% year-over-year. Continued growth in our leading connectivity and functionally safe power franchises balanced broad-based declines elsewhere.

汽車業務佔總營收的 30%，年減 10%。我們領先的連接性和功能安全電力特許經營權的持續增長抵消了其他領域的普遍下滑。

Communications represented 11% of revenue and was down 45% year-over-year. Inventory digestion and weaker demand impacted both our wireline and wireless businesses.

通訊業務佔總營收的 11%，較去年同期下降 45%。庫存消化和需求疲軟對我們的有線和無線業務都產生了影響。

And lastly, consumer represented 11% of revenue and was down 9% year-over-year with growth in portables, partially offsetting declines across other applications.

最後，消費電子佔總收入的 11%，年減 9%，便攜式設備有所成長，部分抵消了其他應用領域的下滑。

Now let's move from the top line to the rest of the P&L. Second quarter gross margin was 66.7%, down sequentially and year-over-year, driven by unfavorable mix, lower revenue and lower utilization as we continue to reduce inventory. Operating expenses in the quarter were $598 million, down significantly year-over-year, driven by lower variable compensation and strong organization-wide execution on cost control. Operating margin of 39% exceeded the high end of our outlook.

現在讓我們從頂行轉到損益表的其餘部分。第二季毛利率為 66.7%，比上一季和去年同期均有所下降，原因是產品組合不利、收入下降以及我們繼續減少庫存導致利用率下降。本季營運費用為 5.98 億美元，較去年同期大幅下降，主要由於浮動薪酬降低以及全組織在成本控制方面執行有力。 39%的營業利潤率超出了我們預期的最高水準。

Nonoperating expenses finished at $64 million, and the tax rate for the quarter was 10.6%. The net result was EPS of $1.40, above the high end of our outlook.

非營業支出最終為 6,400 萬美元，本季稅率為 10.6%。淨結果是每股收益 1.40 美元，高於我們預期的最高值。

Our financial position is solid, and I'd like to call out a few items from our balance sheet and cash flow statement. We ended Q2 with more than $2.3 billion of cash and short-term investments and a net leverage ratio of 1.1.

我們的財務狀況穩健，我想從我們的資產負債表和現金流量表中指出幾點。截至第二季度，我們擁有超過 23 億美元的現金和短期投資，淨槓桿為 1.1。

During the quarter, we raised $1.1 billion of debt for general corporate purposes, including upcoming debt maturities. Inventory decreased $74 million sequentially and days declined to 192 from 201. As planned, we reduced channel inventory this quarter with weeks ending at approximately 8.

本季度，我們籌集了 11 億美元的債務用於一般公司用途，包括即將到期的債務。庫存環比減少 7,400 萬美元，庫存天數從 201 天減少至 192 天。

Operating cash flow for the quarter and trailing 12 months was $0.8 billion and $4.3 billion, respectively. CapEx for the quarter and trailing 12 months was $188 million and $1.2 billion, respectively. We continue to expect fiscal '24 CapEx to be roughly $700 million, which is a reduction of approximately 45% versus 2023 as our hybrid manufacturing investment cycle tapers. Not included in these figures are the benefits from both the European and U.S. CHIPS Acts.

本季和過去 12 個月的經營現金流分別為 8 億美元和 43 億美元。本季和過去 12 個月的資本支出分別為 1.88 億美元和 12 億美元。我們繼續預期 24 財年的資本支出約為 7 億美元，由於我們的混合製造投資週期逐漸縮小，與 2023 年相比減少約 45%。這些數字並不包括歐洲和美國 CHIPS 法案帶來的利益。

During the last 12 months, we generated $3.1 billion of free cash flow or 29% of revenue. Over the same time period, we have returned roughly 110% of our free cash flow via dividends and share repurchases. As a reminder, our policy is to return 100% of free cash flow to our shareholders over the long term.

在過去的 12 個月中，我們產生了 31 億美元的自由現金流，佔營收的 29%。在同一時期，我們透過股利和股票回購返還了約 110% 的自由現金流。提醒一下，我們的政策是長期將 100% 的自由現金流回饋給股東。

Now I'll turn to the third quarter outlook. Revenue is expected to be $2.27 billion, plus or minus $100 million, up 5% sequentially at the midpoint. Once again, we expect sell-through to be higher than sell-in. At the midpoint, we expect all B2B markets to increase sequentially with the fastest growth in industrial and for consumer to exhibit seasonal strength.

現在我來談談第三季的展望。預計營收為 22.7 億美元（上下浮動 1 億美元），中間值比上一季成長 5%。我們再次預期銷售量將高於銷售收入。從中間點來看，我們預計所有 B2B 市場都將持續成長，其中工業成長最快，而消費市場將呈現季節性強勁。

Operating margin is expected to be 40%, plus or minus 100 basis points. Our tax rate is expected to be between 11% and 13%, and based on these inputs, adjusted EPS is expected to be $1.50, plus or minus $0.10.

預計營業利益率為40%，上下浮動100個基點。我們的稅率預計在 11% 至 13% 之間，基於這些輸入，調整後的每股收益預計為 1.50 美元，上下浮動 0.10 美元。

Before passing it back to Mike to begin Q&A, I'll share some final thoughts on our near term. As Vince indicated, we believe we are at the beginning of a cyclical recovery as our bookings increased throughout the quarter and we exited 2Q with a book-to-bill above parity for the first time in well over a year.

在將其交回給 Mike 開始問答之前，我將分享一些關於我們近期的最後想法。正如文斯所指出的，我們相信我們正處於週期性復甦的開始，因為我們的預訂量在整個季度都有所增加，並且我們在第二季度結束時的訂單出貨比在一年多以來首次高於平價。

No doubt, cyclical transitions can be challenging, but they also provide opportunity for outsized business acceleration when approached for the balance of fiscal discipline, smart risk taking and strong execution. ADI has always excelled in these areas, and we look forward to driving outstanding value for our stakeholders in the quarters to come.

毫無疑問，週期性轉型可能具有挑戰性，但如果在財政紀律、明智的風險承擔和強有力的執行之間取得平衡，它們也為超額的業務加速提供機會。 ADI 在這些領域始終表現出色，我們期待在未來幾季為我們的利害關係人創造卓越的價值。

With that, I'll pass it back to Mike for Q&A.

說完這些，我會將其交回給 Mike 進行問答。

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

謝謝，里奇。讓我們進入問答環節。 (操作員指示) 這樣，我們將開始第一個問題。

(Operator Instructions) Our first question comes from the line of Tore Svanberg from Stifel.

（操作員指示）我們的第一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on finding the recovery here. I had a question about the outlook for Q3, specifically in industrial. I think you indicated that you expect industrial to be the strongest performer this quarter. I was hoping you could talk a little bit about what's behind that strength between end market demand, inventory replenishment, and if there's any subsegments within industrial that's driving that outperforming growth.

恭喜您在這裡找到了恢復。我對第三季的前景有疑問，特別是工業領域的前景。我認為您曾表示預計工業將是本季表現最強勁的行業。我希望您能稍微談一談終端市場需求和庫存補充之間強勁表現背後的原因，以及工業領域內是否有任何細分市場推動了這種優異的成長。

Sure, Tore. This is Rich, and I'll take that one. So industrial, obviously, is our most diversified and profitable end market, and it's weathered an unprecedented broad-based inventory correction over the past year. Importantly, we expect Q2 was the bottom for industrial and it will grow in the second half starting here in 3Q.

當然，托爾。這是 Rich，我會接受這個。因此，工業顯然是我們最多樣化和最賺錢的終端市場，並且在過去的一年裡經歷了前所未有的廣泛庫存調整。重要的是，我們預計第二季是工業成長的底部，從第三季開始，下半年將會成長。

Stronger PMIs are supporting the broad-based bookings we've seen for the 3 consecutive quarters now. And as mentioned in the prepared remarks, we're planning to reduce channel inventory further in Q3, which impacts industrial more than any other market. This will be more than a year of undershipping consumption, one reason we believe inventory headwinds have stabilized for industrial.

更強勁的 PMI 支撐了我們連續三個季度看到的廣泛訂單。正如在準備好的評論中所提到的，我們計劃在第三季進一步減少通路庫存，這對工業的影響比其他任何市場都大。這將是一年多來出貨量不足的消費情況，這也是我們認為工業庫存逆風穩定下來的原因之一。

Given these dynamics and the exciting design wins and AI-related tailwinds in our instrumentation and test business, which Vince alluded to, we feel strongly we are at the beginning of the industrial recovery.

鑑於這些動態以及文斯提到的我們的儀器和測試業務中令人興奮的設計勝利和與人工智慧相關的順風，我們強烈感覺到我們正處於工業復甦的開始階段。

Yes. I think one other piece of color, Tore, is that the -- obviously, the aerospace and defense business is doing well. We've a lot of high prospects for that over the coming years. But I think, in general, geographically, it's been on the upward in terms of demand and across most of the segments, particularly the ones that Rich pointed out.

是的。托爾，我認為另一個有趣的現像是——顯然，航空航太和國防業務表現良好。我們對未來幾年的情況抱有很高的期望。但我認為，總體而言，從地理上看，需求一直呈上升趨勢，涵蓋大多數領域，特別是 Rich 指出的那些領域。

And Tore, on the outlook comment, you're right that -- just to clarify what we said, of the B2B markets, industrial grow the fastest. Consumer will grow faster than industrial in 3Q. So if you want to just kind of back it down a little bit. Consumer is probably growing about 10% sequentially and industrial probably closer to mid-single digits. And the other 2 markets are probably a little bit below that industrial level, but all markets should grow in 3Q.

托爾，關於前景評論，您說得對——只是為了澄清我們所說的，在 B2B 市場中，工業增長最快。第三季消費成長將快於工業。所以如果你想稍微退後一點的話。消費品可能較上季成長 10% 左右，工業品可能接近中等個位數成長。其他兩個市場可能略低於該工業水平，但所有市場在第三季都應該會成長。

Our next question comes from the line of Stacy Rasgon from Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I wanted to ask about the book-to-bill. So it's above 1, is it above 1 in all the segments? Or is it just above 1 in industrial?

我想詢問有關訂單出貨比的問題。所以它高於 1，所有段落都高於 1 嗎？或是在工業領域它剛好高於 1？

Yes. It's actually so -- good question. It's above 1 in all end markets. Not all applications within end markets are above 1, though. And if you think about the shape of that bookings throughout the quarter, they -- we talked about last earnings call, bookings improved. And they started below parity and exit the quarter above parity, and that's across all markets and geographies. But again, I'll reiterate, it's not all applications. And we talked a little bit about, in the last question, about what applications are above 1. You can think of some instrumentation, some automation, some aerospace and defense within industrial. So broad-based improvement in bookings across all market and geographies is really the main takeaway.

是的。這確實是個好問題。在所有終端市場中，數字均高於 1。然而，並非終端市場中的所有應用程式都高於 1。如果你考慮整個季度的預訂情況，我們在上次財報電話會議上談到，預訂量有所改善。它們的季度開始時價格低於平價，但季度末價格高於平價，這種情況適用於所有市場和地區。但我再次重申，並非所有應用程式都是如此。在最後一個問題中，我們討論了一下哪些應用程式高於 1。因此，所有市場和地區的預訂量普遍改善才是真正的主要收穫。

Our next question comes from the line of Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的Toshiya Hari。

I wanted to ask about the back half of the calendar year and how you're thinking about the shape of the recovery. Vince, you've lived through many cycles. I think, typically, the same way we underestimate the magnitude of the pace of the downturn, we collectively underestimate the pace of the upturn. So I'm curious if you expect this upturn to be similar to past cycles and we kind of follow those patterns? Or do you see anything in the marketplace today or anything from customers that would indicate something materially different in terms of the shape of the upturn?

我想問一下今年下半年的情況以及您如何看待經濟復甦的情況。文斯，你已經經歷了許多輪迴。我認為，通常情況下，我們低估了經濟衰退速度的幅度，同樣，我們也低估了經濟復甦的速度。所以我很好奇，您是否預計這次好轉將與過去的周期相似，而且我們會遵循這些模式？或者您看到當今市場上或從客戶那裡得到任何跡象，表明經濟復甦的形態發生了重大變化？

Yes. Thanks, Toshiya. So yes, look, first off, we believe we've seen the bottom of the cycle. And as Mike indicated, the stronger PMIs that we've seen, particularly in the industrial sector, give us a lot of confidence and there's a strong correlation between our industrial business, which is about half of the company's total revenue.

是的。謝謝，Toshiya。所以是的，首先，我們相信我們已經看到了週期的底部。正如麥克所說，我們看到的更強勁的 PMI，特別是在工業領域，給了我們很大的信心，並且與我們的工業業務之間存在很強的相關性，工業業務約占公司總收入的一半。

So -- and as we've said now a few times, bookings and backlog coverage out for the next several months beyond this quarter would give us strong indications that we expect continued growth during the second half of the year.

所以 — — 正如我們多次說過的那樣，本季度之後未來幾個月的預訂和積壓訂單覆蓋情況將給我們強烈的跡象，表明我們預計今年下半年將繼續增長。

I'll also point out, I think, for 2025, we will have a brisk growth year, that's my sense. And we're asked all the time, what's the shape going to be? Well, I don't really know what the exact shape is going to be, but I think we're on the upward trajectory. We have confidence in that across the board.

我還要指出的是，我認為，2025 年，我們將迎來快速成長的一年，這是我的感覺。我們總是被問到，它的形狀會是什麼樣的呢？嗯，我確實不知道具體的情況會是什麼樣的，但我認為我們正處於上升軌道。我們對此充滿信心。

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

我們的下一個問題來自美國銀行證券的 Vivek Arya。

What is the right way to understand the true change in end demand if we set aside all the inventory fluctuations. So for example, is it worthwhile seeing what did distribution sell-through do year-on-year in Q2, what is the assumption for Q3? And does that inform us in any way about can Q4 be seasonal, whatever is a version of seasonality? I'm just trying to see right -- the right apples-to-apples way of looking at what is end demand doing setting aside all this inventory noise.

如果我們拋開所有的庫存波動，那麼了解最終需求的真正變化的正確方法是什麼？那麼，例如，是否值得看看第二季的分銷銷售量與去年同期相比如何，第三季的假設是什麼？這是否可以告訴我們 Q4 是否具有季節性，無論季節性是什麼？我只是想以正確的方式看待——拋開所有這些庫存噪音，看看最終需求在做什麼。

Yes. Yes. Look, I think it's very hard to answer to that question simply because when history is written, we're going to get the average of what's happened, pre-pandemic and post-pandemic. So there's been so much ringing in the system, demand overshoots and then demand undershoots. But my sense is, certainly from our perspective, I think we're very well positioned to be able to capture the upside if things grow faster than we expect.

是的。是的。聽著，我認為這個問題很難回答，因為在書寫歷史時，我們得到的是疫情前和疫情後發生的平均值。因此，系統中出現了太多的振盪，需求超出預期，然後又低於預期。但我的感覺是，當然從我們的角度來看，如果事態發展速度快於我們的預期，我認為我們完全有能力抓住上行機會。

We've got a lot of inventory on the balance sheet. We've kept inventory closer to ADI, less downstream. And with the -- we've got as well a tailwind here from AI, which I think is going to be a multiyear tailwind, so we've got that pushing us along. But at the same time, we've got -- still, we've got high interest rates. We've got, still, relatively high inflation in many places.

我們的資產負債表上有許多庫存。我們的庫存保持在接近 ADI 的水平，而不是下游水平。而且我們也得到了來自人工智慧的順風，我認為這將持續多年的順風，所以我們將利用人工智慧推動我們前進。但同時，我們的利率仍然很高。我們許多地方的通貨膨脹率仍然相對較高。

So I think, ultimately, the size of the recovery and the pace of the recovery will have a strong economic and geopolitical tone to it. But I mean, overall, my sense is we'll see good growth for the remainder of this year and strong growth in '25, and beyond that, I think we've got many, many growth drivers that we feel very confident about. We're selling more value into each of our customers in each of our segments. And I feel good about the place that semis are in as an industry right now as well in terms of overall demand as the edge becomes more intelligent and the cloud builds out.

因此我認為，最終復甦的規模和速度將受到強烈的經濟和地緣政治影響。但我的意思是，總的來說，我的感覺是，今年剩餘時間我們將看到良好的成長，2025年將實現強勁成長，除此之外，我認為我們還有很多非常有信心的成長動力。我們正在為各個細分市場中的每個客戶提供更多價值。而且，隨著邊緣變得更加智慧以及雲端運算的構建，我對半導體產業目前所處的地位以及整體需求感到滿意。

So -- but very, very hard to give you an answer on the puts and takes. I mean the dynamics of the relatively near term, are hard to decode. But what we can tell you is, given where PMIs are at, given where our demand is at, we're in a recovery phase.

所以 —— 但很難給你一個關於得失的答案。我的意思是，相對短期的動態很難解讀。但我們可以告訴你的是，考慮到 PMI 的狀況和我們的需求的狀況，我們正處於復甦階段。

Yes. And, Vince, I would add to that, while it's impossible to get perfect visibility into our end customer inventory, certainly, the signals that we monitor tells us that customer inventories are much healthier than they were previously as we entered into the second half. And this is also aided by our belief that we have been undershipping, underconsumption for over a year now, both in the channel and direct.

是的。文斯，我想補充一點，雖然我們不可能完全了解最終客戶的庫存，但我們監控的訊號告訴我們，進入下半年後，客戶庫存比以前健康得多。這也得益於我們的信念，即一年多來，我們無論是在通路還是直接銷售，都一直處於出貨量不足和消費不足的狀態。

On the channel commentary, Vivek...

在頻道評論中，Vivek......

You would have some quantification, right, of what the sell-through has been in the reported quarters year-on-year?

您會對報告季度的年比銷售量進行一些量化嗎？

Yes, I can help you out there, Vivek. I think your question is kind of what's sell-in versus sell-through. We talked about the last earnings call...

是的，我可以幫助你，維維克。我認為您的問題是“銷售入庫”和“銷售貫通”的區別。我們討論了上次財報電話會議…

(inaudible) year-on-year.

（聽不清楚）同比。

Yes. We talked about reducing the channel inventory by about $100 million. We achieved that in our 2Q. We actually did a little bit better than that. As you look to 3Q, we'll reduce channel dollars again but not by that much, not nearly $100 million, much less than $100 million. So we're getting more normal in the channel as our weeks are coming down into our target range. So that normalization is helping some of the growth, but sell-through is also increasing in 3Q from 2Q, which is really how we drive the business and look at for an indication.

是的。我們討論過減少渠道庫存約1億美元。我們在第二季度實現了這一目標。事實上我們做得比這要好一些。展望第三季度，我們將再次減少通路支出，但不會減少太多，不會接近 1 億美元，而是遠遠少於 1 億美元。因此，隨著我們幾週的進度進入目標範圍，我們在頻道中的情況變得更加正常。因此，正常化在一定程度上有助於成長，但第三季的銷售量也比第二季有所增加，這實際上是我們推動業務發展和尋找指標的方式。

As you fast forward to 4Q, if these bookings continue, we don't know. There's no reason to think we won't be more in balance in 4Q from a ship-in versus ship-out perspective as well. And then we'll see how 1Q goes from there. So I think that's kind of the question you're asking is there's a piece Rich talked about and Vince talked about, about the customer's inventory, that's leaning out. If you look at us and what we're shipping in the channel, that's also normalizing, setting us up for a good second half in 2025.

當你快進到第四季時，這些預訂是否會繼續，我們不知道。我們沒有理由認為第四季從進出貨量的角度來看不會更平衡。然後我們再看看第一季的情況。所以我認為你要問的問題是 Rich 和 Vince 談到的關於客戶庫存的一個問題，這個問題正在逐漸顯現。如果你看看我們以及我們在通路中運送的東西，這也正在正常化，為我們在 2025 年下半年的良好表現奠定了基礎。

Our next question comes from the line of Christopher Danely from Citigroup.

我們的下一個問題來自花旗集團的克里斯多福‧丹尼利 (Christopher Danely)。

Can you talk about the gross margin drivers from here? Maybe touch on utilization rates and inventory trends and -- some of your competitors have talked about pricing returning to historical norms. If that happens, can you still get the gross margins back to the previous peak?

您能談談這裡的毛利率驅動因素嗎？也許會涉及利用率和庫存趨勢，而您的一些競爭對手已經談到價格回歸歷史正常水平。如果發生這種情況，你還能將毛利率恢復到先前的高峰嗎？

Sure, I'll take that one. From a gross margin and utilization perspective, we talked a little bit about this in the Q1 call, we expect both utilization and gross margin bottoming in Q2. However, we do expect the pace of gross margin expansion in the second half to be modest. And specifically for Q3, we anticipate gross margin a bit above 67%.

當然，我會選擇這個。從毛利率和利用率的角度來看，我們在第一季電話會議上討論過這個問題，我們預計利用率和毛利率都會在第二季觸底。不過，我們確實預期下半年毛利率擴張速度將會溫和。具體到第三季度，我們預計毛利率將略高於 67%。

Looking from here, gross margin expansion is going to be dictated by continued revenue growth, mix of business and utilization. From a balance sheet perspective, since our peak in Q3, we've reduced balance sheet inventory significantly, including over $70 million in Q2. For the third quarter, we expect to reduce inventory again by about a lesser amount than in Q2.

從這裡來看，毛利率的擴大將取決於持續的收入成長、業務組合和利用率。從資產負債表的角度來看，自第三季達到高峰以來，我們已大幅減少資產負債表庫存，其中第二季減少的庫存超過 7,000 萬美元。對於第三季度，我們預計庫存減少的幅度將比第二季度減少。

Overall, we executed pretty strongly against our inventory reduction goals, while mitigating the impact on gross margin, leveraging our dynamic hybrid manufacturing model. One of the things that's been super helpful in protecting us in this trough is the flexibility to swing capacity back into our fabs to help maintain utilization. We've done that effectively, which is why we called the floor on utilization. So I expect that utilization, as demand continues to increase, will start to increase and aid in our margin expansion.

整體而言，我們充分利用了動態混合製造模式，有力地實現了庫存減少目標，同時減輕了對毛利率的影響。在這個低谷期，對我們保護非常有幫助的一件事就是靈活地將產能轉移回我們的晶圓廠，以幫助維持利用率。我們已經有效地做到了這一點，這就是我們呼籲利用率下限的原因。因此，我預計，隨著需求的不斷增加，利用率將開始增加並有助於我們的利潤率擴大。

From a channel -- and as Mike mentioned, from a channel perspective, our goal was to reduce by $100 million, which we achieved. We will reduce an additional amount in Q3 to a lesser degree. And ultimately, we expect that this will get us firmly back into our target range of 7 to 8 weeks of inventory in the channel.

從通路角度來看——正如 Mike 所提到的，從通路角度來看，我們的目標是減少 1 億美元，我們實現了這個目標。我們將在第三季以較小程度減少額外金額。最終，我們預計這將使我們回到渠道庫存7至8週的目標範圍。

Yes. Let me make a comment on the pricing side of things. So across the portfolio, our pricing has been very, very stable, and I expect that to continue. Our products are very sticky. The franchise is very, very -- is very diversified, got lots of long life products in it. And we tend to hang on to our sockets for, I think, on an average, more than a decade.

是的。讓我就定價方面的問題發表一下評論。因此，在整個投資組合中，我們的定價一直非常非常穩定，我預計這種情況將會持續下去。我們的產品非常黏。特許經營非常非常多樣化，擁有許多長壽命產品。而且我認為，我們往往會堅持使用我們的插座平均十多年。

So clearly, where the competition is, is for the new sockets, right? But ADI has the premier innovation system in the analog mixed signal space. And we've been pushing that innovation. While others are focused on volume, we're focused on value. So I think it's a very, very different approach to things. We're not a commodity supplier at all. So we're not immune to price pressure, but we are more protected, I think we have a better moat because of the innovation value that we generate. And I'll note as well, our ASPs are more than 4x the average. And it's our innovation premium that enables us as well to capture more value and to produce the kinds of gross margins that we do.

那麼很明顯，競爭就在於新插座，對嗎？但 ADI 在類比混合訊號領域擁有一流的創新系統。我們一直在推動這項創新。其他人注重數量，而我們注重價值。所以我認為這是處理事物的非常非常不同的方法。我們根本不是商品供應商。因此，我們並不能免受價格壓力的影響，但我們受到了更好的保護，我認為，由於我們創造的創新價值，我們擁有更好的護城河。我還要指出的是，我們的 ASP 是平均值的 4 倍以上。而我們的創新優勢使我們能夠獲得更多價值，並產生我們所擁有的毛利率。

Our next question comes from the line of Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西摩。

Congrats on the marking the trough and turning the corner. Vince, I wanted to ask a bigger-picture question. I think it's been 4 years since you guys bought Maxim, and I believe it was 4 years prior to that with Linear. So how are you looking at the M&A environment? And are there any kind of pieces to the puzzle that you wish you had?

恭喜你標記了低潮並扭轉了局面。文斯，我想問一個更大的問題。我認為你們收購 Maxim 已有 4 年時間，而收購 Linear 則要追溯到 4 年前。那麼您如何看待併購環境？您是否希望得到一些能夠解開這個謎團的碎片？

Yes. Thanks, Ross. So, yes, we've always acquired assets that get ADI ahead of customers' needs. We tend to take a long-term view, get ahead of our customers' needs. Obviously, we've been very, very selective. I will say, Ross, it's fair to say that, in terms of scale and scope of Analog's high-performance's franchise, we are where we need to be. So analog mixed signal power, we've got a wonderful power franchise now. But we've been adding -- I alluded in my remarks or stated in my prepared remarks that we have been putting more software content, more digital content. And we've also been, for about 7 or 8 years now, developing machine learning, neural networking capabilities.

是的。謝謝，羅斯。所以，是的，我們一直在收購能夠讓 ADI 領先於客戶需求的資產。我們傾向於從長遠角度來考慮問題，超越客戶的需求。顯然，我們的選擇非常非常嚴格。我想說，羅斯，公平地說，就 Analog 高效能特許經營的規模和範圍而言，我們已經達到了我們需要的水平。因此，對於類比混合訊號電源，我們現在擁有出色的電源特許經營權。但我們一直在添加——我在我的演講中提到或在準備好的發言中說過，我們一直在投入更多的軟體內容、更多的數位內容。大約 7 至 8 年來，我們也一直在開發機器學習和神經網路功能。

So those are areas where -- as the world becomes more and more software defined, that is clearly an area where ADI has been organically investing. We've done some more tuck-in type acquisitions as well that help us in that area. But I think, right now, we're really focused on making sure that we fully capture all the synergies from -- the revenue synergies from Maxim. And -- but when we have -- we're always looking, by the way, we're always looking for assets. But clearly, I think Analog is complete and it's other areas we're now looking.

因此，隨著世界越來越多地由軟體定義，這些領域顯然是 ADI 一直在進行有機投資的領域。我們也進行了一些附加類型的收購，這對我們在該領域有所幫助。但我認為，現在我們真正關注的是確保我們充分利用來自 Maxim 的所有協同效應——收入協同效應。而且 — — 但是當我們有 — — 順便說一句，我們一直在尋找，我們一直在尋找資產。但顯然，我認為 Analog 已經完成，我們現在正在關注其他領域。

Our next question comes from the line of Mark Lipacis from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Lipacis。

Vincent, for you, I think, if you look at your -- if you adjust your revenues for the step function increase that you had for pricing. It looks like on a unit basis, you're shipping 25% below the trend line. And I don't think you shipped that far below your long-term trend line since the world financial crisis.

文森特，對於你來說，我認為，如果你看一下你的 - 如果你調整你的收入以適應你定價的階梯函數增長。以單位計算，你的運輸量似乎低於趨勢線 25%。而且我認為，自世界金融危機以來，您的出貨量並未遠低於長期趨勢線。

And at the same time that's happening, you talked about your customers lowering, the supply chain lowering inventories, you're lowering inventories. And it seems like there's a real risk that the industry is setting up for -- you and the industry is setting up for like a really tight supply environment, maybe even as the early as the end of this year or early next year. And I'm wondering how do you think -- is there a risk that we enter that kind of a scenario?

同時，您談到客戶降低庫存，供應鏈降低庫存，您也在降低庫存。而且看起來，行業確實面臨著風險——您和行業都面臨著一個非常緊張的供應環境，這種風險可能最早在今年年底或明年年初就會出現。我想知道您怎麼看——我們陷入這種情況是否有風險？

And it seems like your customers never learn about kind of get their inventories right and the orders to you on time. So like is there something that's changed in your operations that will enable you to adjust to that what has historically happened, which is your customers overshoot on the downside on their inventories and then come in at the last second when things are really tight.

而且似乎您的客戶從來不了解如何正確獲取庫存以及如何準時向您發送訂單。那麼，你們的營運中是否發生了一些變化，使你們能夠適應歷史上發生的情況，即你們的客戶庫存下降幅度過大，然後在情況非常緊張的最後一秒進來。

Yes. Well, yes, I think surging demand is a problem of a high quality. And as we have virtually 200 days of inventory in our balance sheet, staged primarily at the die socket level. So that gives us a tremendous amount of output that we could bring within weeks to the market. It's a question of packaging and test to a first approximation. Obviously, we're carrying finished goods as well.

是的。嗯，是的，我認為需求激增是一個高品質的問題。我們的資產負債表中實際上有 200 天的庫存，主要分佈在模座層級。這樣我們就能在幾週內獲得大量的產出並將其推向市場。這是關於包裝和測試的初步近似問題。顯然，我們也運送成品。

We have also spent $2.5 billion plus on making sure that we have internal capacity in our 4 internal fabs to be able to meet the demands across the nodes that produce most of the revenue for ADI. We've got great partners, partners like TSMC, for example, who are a critical part of our hybrid manufacturing model.

我們也花了25億美元以上，確保我們4家內部晶圓廠擁有內部產能，以滿足為ADI帶來大部分收入的各個節點的需求。我們擁有優秀的合作夥伴，例如台積電這樣的合作夥伴，他們是我們混合製造模式的關鍵組成部分。

So I think, in terms of the ability to be able to address a really short order snapback is good, just given the coverage that we've got with internal inventories, our distributors are carrying virtually 8 weeks as well of inventory. And then we've got all this new capacity. We've more than doubled the internal capacity on the critical nodes that address every single market that we participate in. So I think, in terms of manufacturing agility, inventories, we're in good shape.

因此我認為，就解決真正短期訂單反彈的能力而言，這是件好事，考慮到我們的內部庫存覆蓋範圍，我們的分銷商也幾乎持有 8 週的庫存。然後我們就獲得了所有這些新產能。我們將涉及每個市場的關鍵節點的內部產能增加了一倍以上。

Our next question comes from the line of Harlan Sur from JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution. Within your distribution business, it's about 60% of your overall revenues. You can monitor sell-through in near real-time, which allows the team to tightly control the inventories into this channel. On the direct business, less visibility on consumption levels of inventory here. I think direct customer orders to you are probably the best indicator of where they are in terms of their inventory targets.

季度執行情況非常好。在您的分銷業務中，它約佔您總收入的 60%。您可以近乎即時地監控銷售情況，這使得團隊能夠嚴格控制進入該管道的庫存。就直接業務而言，庫存消耗水準的可見性較低。我認為客戶直接向您下訂單可能是反映他們的庫存目標的最佳指標。

So is the return to quarter-on-quarter growth in July and second half optimism on growth being driven by order growth at direct customers as well? And then just any qualitative differences on the residual excess inventory, disti versus direct?

那麼，7月季度環比成長的恢復和下半年對成長的樂觀情緒是否也是由直接客戶訂單成長所推動的呢？那麼，分銷和直銷之間剩餘過剩庫存是否存在任何品質差異？

Yes, Harlan, it's Mike. Yes, the direct order we talked about our direct orders as well as channel orders, but what's driving the growth is direct sales, out of the channel on a sell-through basis as well (inaudible) directly to our end customers. So yes, it's not about -- we're not growing because the channel is refilling. We're growing because there's real demand out there on the end market level across all of our markets.

是的，哈蘭，我是麥克。是的，我們談到的直接訂單包括直接訂單和通路訂單，但推動成長的是直接銷售，即透過通路銷售（聽不清楚）直接銷售給我們的最終客戶。所以是的，這不是因為我們沒有成長，因為頻道正在重新填充。我們之所以不斷發展，是因為我們所有市場的終端市場層面都存在著真正的需求。

We expect to reduce both balance sheet and channel inventory further in Q3 while growing.

我們預計第三季在成長的同時將進一步減少資產負債表和通路庫存。

Does that answer your question, Harlan?

這回答了你的問題嗎，哈蘭？

Yes, it does.

是的。

We'll go to our last question, please.

請讓我們進入最後一個問題。

Our next question comes from the line of Joseph Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫·摩爾。

Great. I wanted to also touch on your margin profile. You used to peak with operating margins in kind of the low 40s. And now you're, as you said you would, in a very difficult trough. You're troughing for the full year probably above 40, so that's pretty good structural improvement. Can you talk about that, what's going on if you sort of look over a decade, why is your through-cycle margin profile going up so much?

偉大的。我還想談談你的利潤狀況。您的營業利潤率曾經達到 40% 出頭的峰值。而現在，正如您所說，您正處於非常困難的低谷。全年的低谷可能都在 40 以上，所以這是一個相當不錯的結構性改善。您能否談談這個問題？

Yes. So I think a couple of things, right? As we've talked about, the resiliency of our manufacturing process allows us to swing capacity in and out, which allows us to offset some of the down cycle pressure on margins because we're able to keep utilization at a higher level given that swing capacity. Obviously, we continue to look for productivity and are executing on productivity improvements across all of our internal fabs. So I think that helps.

是的。所以我想到了幾件事，對吧？正如我們所討論的，我們製造流程的彈性使我們能夠調整產能，這使我們能夠抵消利潤率的一些下行週期壓力，因為在產能調整的情況下，我們能夠將利用率保持在較高水平。顯然，我們將繼續尋求生產力，並在我們所有的內部晶圓廠實施生產力改善。所以我認為這是有幫助的。

And then if you think at an overall operating margin perspective, we've been demonstrating and we'll continue to demonstrate pretty strong operational control over expenses. Look, we expect we'll continue to see expansion in the margin as we grow. And as revenue returns to a growth phase, we will get comfortably back into our long-term margin model.

然後，如果你從整體營業利潤率的角度考慮，我們已經展示並將繼續展示對費用相當強大的營運控制。我們預計，隨著我們的發展，利潤率將繼續擴大。隨著營收恢復成長階段，我們將輕鬆回到長期利潤模式。

Yes. I think, Joe, as well, in addition to what Rich has said, it's important to point out that, first and foremost, we're innovation-centered. And if you look at the vintage bands of our products in each of the segments, the big segments that we address, industrial, automotive, consumer and communications, we're seeing ASP increases year-on-year. We're putting more value into our products. We're capturing more value.

是的。我認為，喬，除了里奇所說的之外，還有一點很重要，那就是，首先，我們以創新為中心。如果您看一下我們產品在各個細分市場的經典款，我們涉及的大型細分市場，即工業、汽車、消費和通信，我們都會發現平均售價逐年上漲。我們正在為我們的產品注入更多價值。我們正在獲取更多價值。

So I think that is kind of the root of things when I look forward. That's -- I mean that's what's happening to -- that's the origin, if you like, of the margin story for ADI. Our diversity helps us a lot. Our franchise isn't as price-sensitive as many. And as I said earlier, the life cycles matter when we get our products designed and the pricing is tremendously stable.

因此，我認為，當我展望未來時，這就是事情的根源。這就是 — — 我的意思是，這就是正在發生的事情 — — 如果你願意的話，這就是 ADI 利潤故事的起源。我們的多樣性對我們有很大幫助。我們的特許經營權對價格的敏感度不像許多特許經營權那樣高。正如我之前所說，當我們設計產品時，生命週期很重要，定價非常穩定。

The other thing that's been happening from a price dynamic over the last several years is that, whereas Moore's Law kind of taught everybody that we could give back a lot of the value that was generated in prior years in the new year. That has stopped, that has stopped. We asymptote roughly to 0 now. We don't give price away. We compete for sockets, compete at innovation, but that is really the origin of ADI's margin story.

過去幾年價格動態的另一個變化是，摩爾定律告訴每個人，我們可以在新的一年回饋前幾年創造的大量價值。那已經停止了，那已經停止了。我們現在大致漸近於 0。我們不透露價格。我們爭奪插座，競爭創新，但這才是 ADI 利潤故事的真正起源。

All right. Thank you, Joe, and thanks, everyone, for joining us this morning. A copy of the transcript will be available on our website and all reconciliations are there as well. Have a great Memorial Day weekend, and thank you for listening on ADI's call.

好的。謝謝喬，也謝謝大家今天早上加入我們。成績單的副本將在我們的網站上提供，並且所有的對帳內容也都在那裡。祝您陣亡將士紀念日週末愉快，感謝您收聽 ADI 的電話會議。

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

今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。