亞德諾半導體 (ADI) 2025 Q2 法說會逐字稿

Good morning and welcome to the Analog Devices' second quarter fiscal year 2025 earnings conference call, which is being audio webcast via telephone and over the web. I'd like to introduce Rich Puccio, Chief Financial Officer of Analog Devices.

早安，歡迎參加 ADI 公司 2025 財年第二季財報電話會議，該會議將透過電話和網路進行音訊網路直播。我想介紹一下 ADI 公司財務長 Rich Puccio。

Thank you, Josh, and good morning, everyone. Before we start to form a part of our earnings call, I'd like to say a few words about Mike Luccarelli. As many of you may know, this will be Mike's last earnings call, as he will be leaving ADI at the end of May to pursue a new career opportunity. I want to thank Mike for his many contributions over his 10 years at Analog Devices.

謝謝你，喬希，大家早安。在我們開始收益電話會議之前，我想先談談 Mike Luccarelli。你們很多人可能都知道，這將是麥克的最後一次財報電話會議，因為他將於 5 月底離開 ADI 去尋求新的職業機會。我要感謝 Mike 在 ADI 公司工作 10 年來做出的許多貢獻。

Mike has been instrumental in my transition into the company, and I will be forever grateful for his advice and guidance as I learned the ropes here. I'll miss Mike's insights, optimism, and relentless work on behalf of our stakeholders. Mike, I wish you the best in your new adventure.

麥克在我進入公司的過程中發揮了重要作用，我將永遠感激他在我學習這裡的技巧時提供的建議和指導。我會懷念麥克的洞察力、樂觀精神以及為我們的利害關係人所做的不懈努力。麥克，我祝福你在新的冒險中一切順利。

I'll now turn the call over to Mike Lucarelli, Vice President of investor Relations.

現在我將把電話轉給投資人關係副總裁 Mike Lucarelli。

Thank you, Rich. Good morning, everyone. I will say I've thoroughly enjoyed my time working in investor relations, that's because of all you on this call for investors, to the sell side, to my colleagues at ADI.

謝謝你，里奇。大家早安。我想說，我非常享受在投資人關係部門工作的時光，這要歸功於各位投資人、賣方以及 ADI 的同事們的幫助。

Vince, it's been a great 10 years, Rich, it was short and sweet, but it was good. And then my ADI crew, the Thunder Alley crew, thank you for everything for the past 10 years. It's been awesome.

文斯，這十年過得很精彩，里奇，這十年雖然短暫而甜蜜，但很美好。然後，我要感謝我的 ADI 團隊、Thunder Alley 團隊，感謝你們過去 10 年所做的一切。太棒了。

Jeff, who I hired over six years ago from the sell side has been a great asset to the IR team and ADI overall. You'll be replacing me as Head of Investor Relations. Now Jeff, when I started, the stock is $50, it's now $225, 4x. That means you need to drive this stock to $1,000 and I trust you can do that.

傑夫是我六年前從賣方聘請來的，他對 IR 團隊和整個 ADI 來說是一筆寶貴的財富。您將接替我擔任投資人關係主管。傑夫，當我開始的時候，股票價格是 50 美元，現在是 225 美元，翻了 4 倍。這意味著你需要將該股票價格推高至 1,000 美元，我相信你能做到這一點。

So let me pass it to you, Jeff, to host today's call.

因此，讓我把這個交給你，傑夫，來主持今天的電話會議。

Thank you, Mike. It's been a privilege working for you. You've taught me many things about semis, ADI, and life in general. So I'm sad to see you go, I am excited for the opportunity and I'm looking forward to it.

謝謝你，麥克。能為您工作是我的榮幸。您教會了我很多關於半導體、ADI 以及生活方面的知識。所以我很遺憾看到你離開，但我很高興有這樣的機會，並且我對此充滿期待。

Now, for anyone who missed our earnings press release, you can find it and relating financial schedules at investor.analog.com. The information we're about to discuss includes forward-looking statements which are subject to certain risks and uncertainties as further described in our earnings release and our periodic reports and other materials filed with the SEC.

現在，對於錯過我們收益新聞稿的人來說，您可以在 investor.analog.com 上找到它和相關的財務時間表。我們將要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、定期報告以及向美國證券交易委員會提交的其他資料中進一步所述。

Actual results could differ materially from the forward-looking information as these statements reflect our expectations only as of the date of this call. We undertake no obligation to update these statements except as required by law. References to gross margin, operating margin, operating expenses, and non-operating expenses, tax rate, EPS, and free cash flow in our comments today will be on a non-GAAP basis, which excludes special items.

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截至本次電話會議之日的預期。除非法律要求，我們不承擔更新這些聲明的義務。我們今天的評論中提到的毛利率、營業利潤率、營業費用、非營業費用、稅率、每股收益和自由現金流均基於非 GAAP 基礎，不包括特殊項目。

When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-gap measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release. References to EPS are on a fully diluted basis.

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。今天的收益報告包含了這些非差距指標與最直接可比較的 GAAP 指標的對帳以及有關我們的非 GAAP 指標的其他資訊。每股盈餘 (EPS) 參考值是基於完全稀釋後的數值。

Okay, and with that, I'll turn the call over to ADI's CEO and Chair, Vincent Roche.

好的，現在我將把電話轉給 ADI 的執行長兼董事長 Vincent Roche。

Thanks very much, Jeff, and very good morning to you all. Well, our second quarter results exceeded our expectations both on the top and bottom lines, revenue growth was broad based with double digit year over year growth across all end markets. Against the volatile operating backdrop, our favorable performance and positive outlook underscores the growing demand for our exceptional product portfolio and the resilience and agility of our business model.

非常感謝，傑夫，大家早安。嗯，我們的第二季度業績超出了我們的預期，無論是頂線還是底線，收入增長都是廣泛的，所有終端市場都實現了兩位數的同比增長。在動盪的經營背景下，我們良好的業績和積極的前景凸顯了對我們卓越產品組合日益增長的需求以及我們商業模式的彈性和靈活性。

While we believe the evolving tariff situation is impacting customers' decision making, the cyclical and ADI specific tailwinds I highlighted last quarter continue. And we're ever more confident that our revenues bottomed in 2024 and that we're returning to growth in fiscal '25.

雖然我們認為不斷變化的關稅情況正在影響客戶的決策，但我上個季度強調的周期性和 ADI 特定的順風因素仍在繼續。我們更有信心，我們的營收將在 2024 年觸底，並在 2025 財年恢復成長。

The secret to our success over these many decades has been sensing business transitions early and adapting quickly to continue focusing our capital, where we can best increase our value to customers and improve our ability to capture that value. We invested substantial CapEx over recent years to enhance and scale our hybrid manufacturing model, which helps our customers navigate increasingly dynamic geopolitical and macroeconomic environments.

幾十年來，我們成功的秘訣是及早察覺業務轉型，並迅速適應，繼續集中我們的資本，以便我們能夠最大限度地為客戶增加價值，並提高我們獲取價值的能力。近年來，我們投入了大量資本支出來增強和擴展我們的混合製造模式，這有助於我們的客戶應對日益動態的地緣政治和宏觀經濟環境。

They expanded capacity at our existing fabs in the US and Europe, and added commensurate capacity in our backend facilities. Further, we deepened partnerships with trusted foundries around the world, including securing additional 300 millimeter fine pitch technology capacity at TSMC's Japan subsidiary. We've crossed qualified a significant portion of our broad product portfolio to be able to quickly swing production across geographies.

他們擴大了我們位於美國和歐洲的現有晶圓廠的產能，並相應增加了我們後端設施的產能。此外，我們也深化了與世界各地值得信賴的代工廠的合作夥伴關係，包括確保台積電日本子公司增加 300 毫米細間距技術產能。我們已經對廣泛的產品組合中的很大一部分進行了交叉認證，以便能夠快速實現跨地域生產。

In short, our customers now enjoy greater supply optionality and resilience than ever before. On the [APAC] side, we're investing at record levels to further strengthen and extend our world-class technology stack and continue enhancing our customers' experience and engagement with ADI. These investments allow us to take maximum advantage of the incredible opportunities for profitable growth that we see across our end markets.

簡而言之，我們的客戶現在享有比以往更大的供應選擇性和彈性。在[亞太地區]方面，我們正在進行創紀錄的投資，以進一步加強和擴展我們世界一流的技術堆棧，並繼續增強客戶與 ADI 的體驗和互動。這些投資使我們能夠最大限度地利用我們在終端市場中看到的絕佳獲利成長機會。

ADI plays a game that prizes leaps and innovation that transcends near term macro concerns. We focus on five key mega trends that are persistently driving the future of business the global economy and society, namely; autonomy, proactive healthcare, the energy transition and sustainability, immersive experience, and AI-driven computing and connectivity.

ADI 所玩的遊戲重視超越短期宏觀關注的飛躍和創新。我們專注於持續推動商業、全球經濟和社會未來發展的五大關鍵趨勢，即：自主性、主動醫療保健、能源轉型和永續性、沉浸式體驗以及人工智慧驅動的運算和連結。

As the essential interface between the physical and digital domains, ADI is a critical enabler of these trends. We continue to define and pioneer the state of the art in high performance analog, mixed signal and power management from sensor to cloud, microwave to bits, and nano watts to kilowatts.

作為實體和數位領域之間的重要接口，ADI 是這些趨勢的關鍵推動者。我們繼續定義和開拓高效能類比、混合訊號和電源管理的最新技術，從感測器到雲端、微波到位元、納瓦到千瓦。

Today, customers are turning to us for more complete solutions. The combination of our extensive franchise with the exquisite creativity and broad-based expertise of our technologists gives us the ability to deliver elegant solutions to customer challenges that others struggle even to address. For example, as healthcare becomes more preventative and preemptive, our ability to accurately and reliably sense, measure, interpret, and connect clinical grade vital signs in ultra low par settings is driving robust content and revenue growth at key customers in the smart wellness wearable space.

如今，客戶向我們尋求更完整的解決方案。我們廣泛的特許經營權與技術人員精湛的創造力和廣泛的專業知識相結合，使我們能夠為其他人甚至難以解決的客戶挑戰提供優雅的解決方案。例如，隨著醫療保健變得更加預防性和先發製人，我們在超低標準環境下準確可靠地感知、測量、解釋和連接臨床級生命體徵的能力正在推動智能健康可穿戴領域主要客戶的內容和收入強勁增長。

Within clinical care settings, our cutting edge imaging and patient monitoring solutions are enabling earlier identification and diagnosis of disease, which can enable more effective treatment and better patient outcomes.

在臨床護理環境中，我們先進的影像和患者監測解決方案能夠更早識別和診斷疾病，從而實現更有效的治療和更好的患者治療效果。

Turning to the autonomy trend, advances in automation within the industrial market, for example, are generating tremendous opportunity for ADI. The progression of robotics from fixed arm to autonomous and mobile to humanoid form factors requires ever greater quantities and integrations of sensing, edge computing, connectivity, and energy management, driving our content from hundreds of dollars in fixed robots today to potentially thousands in autonomous and humanoid robots.

談到自主化趨勢，例如工業市場自動化的進步正在為 ADI 創造巨大的機會。機器人技術從固定臂發展到自主、移動、人形機器人，需要越來越多的感測、邊緣運算、連接和能源管理的集成，從而推動我們的價值從目前數百美元的固定機器人躍升至數千美元的自主和人形機器人。

In automotive, higher levels of autonomy are increasing demand for our sensing connectivity and functionally safe power solutions across all vehicle types; combustion engines, hybrids, and full EVs. Each new generation of automated system, be it industrial robots or car, dramatically expands our content and revenue opportunity.

在汽車領域，更高水準的自主性正在增加對我們所有車型的感測連接和功能安全電源解決方案的需求；內燃機、混合動力車和純電動車。每一代新的自動化系統，無論是工業機器人還是汽車，都大大擴展了我們的內容和收入機會。

And one final example from the AI-driven computing and connectivity trend, where the world's rapid adoption of AI continues to accelerate the growth of our ATE and data center businesses. Our leadership and success in ATE underscores the quality of our portfolio. As the winners in this market, our determined first and foremost by performance.

最後一個例子來自人工智慧驅動的運算和連接趨勢，全球對人工智慧的快速採用繼續加速我們的 ATE 和資料中心業務的成長。我們在 ATE 領域的領導地位和成功凸顯了我們產品組合的品質。作為這個市場的贏家，我們首先要確定的是業績。

Our content protester stretches into the hundreds of thousands of dollars. And looking ahead, we believe our leverage of additional mixed signal and digital capabilities to further reduce test time and power requirements will result in an even more content protester. And with AI investments showing no signs of slowing, testing demand for GPUs, XPUs, and high bandwidth memory continues to increase, giving us confidence in a long runway for growth.

我們的內容抗議金額高達數十萬美元。展望未來，我們相信，我們利用額外的混合訊號和數位功能來進一步減少測試時間和功率需求，將帶來更多的內容抗議者。而且，由於人工智慧投資沒有放緩的跡象，對 GPU、XPU 和高頻寬記憶體的測試需求持續增加，這讓我們對長期成長充滿信心。

Beyond test, our data center customers are turning to us to solve the vast and complex power and connectivity challenges that come with high performance, always on AI computing. As a result, demand continues to grow for our innovative systems protection, optical control, and power delivery solutions.

除了測試之外，我們的資料中心客戶還向我們尋求協助，以解決高效能、始終基於人工智慧運算所帶來的巨大且複雜的電力和連接挑戰。因此，對我們的創新系統保護、光學控制和電力傳輸解決方案的需求持續成長。

These are just a few examples of how our solutions leverage persistent trends that transcend business cycles, drive an average selling price 4 times the industry average, and deliver differentiated results for both our customers and our shareholders.

這些只是我們的解決方案如何利用超越商業週期的持續趨勢、推動平均售價達到行業平均水平的 4 倍、並為我們的客戶和股東帶來差異化成果的幾個例子。

So in closing, we've successfully anticipated the transitions of the ICT industry and invested ahead of the curve for decades. Today, we're well positioned to deliver the AI-driven intelligent edge solutions that will shape our future success.

總而言之，我們成功地預測了 ICT 產業的轉型，並在幾十年的時間內進行了領先投資。今天，我們已做好準備，提供人工智慧驅動的智慧邊緣解決方案，這將決定我們未來的成功。

You may have seen that we just celebrated our 60th anniversary, a milestone that fewer than 1% of public companies reach. But as thrilling as that accomplishment is, I'm even more excited about our future and the immense opportunity before us.

您可能已經看到，我們剛剛慶祝了成立 60 週年，只有不到 1% 的上市公司能夠達到這一里程碑。儘管這項成就令人激動，但我對我們的未來和我們面前的巨大機會更加興奮。

Now before I hand it over to Rich, I'd like to thank Mike Lucarelli, young Mike, for his distinguished and stellar contributions over the past several years to ADI's success, and I wish him well in his next adventure.

現在，在我把權力交給里奇之前，我想感謝邁克·盧卡雷利，年輕的邁克，感謝他在過去幾年裡為 ADI 的成功做出的傑出貢獻，並祝愿他在未來的冒險中一切順利。

With that, over to you, Rich.

接下來就交給你了，Rich。

Thank you, Vince. Second quarter revenue of $2.64 billion came in above the high end of our outlook, up 9% sequentially and 22% year over year. Industrial represented 44% of our second quarter revenue, finishing up 8% sequentially and 17% year over year. Our industrial recovery broadened with all subsectors and regions increasing sequentially. On a year-over-year basis, we continue to see strong growth in aerospace and defense and ATE.

謝謝你，文斯。第二季營收為 26.4 億美元，高於我們預期的最高值，季增 9%，年增 22%。工業占我們第二季營收的 44%，季增 8%，年增 17%。我們的工業復甦範圍不斷擴大，所有子行業和地區都實現了連續成長。與去年同期相比，我們繼續看到航空航太、國防和 ATE 領域的強勁成長。

Automotive represented 32% of quarterly revenue, finishing up 16% sequentially and 24% year over year. This record result was fueled by continued strong demand of our leading connectivity and functionally safe power solutions, particularly in China. Additionally, we saw sequential growth in Europe and North America.

汽車業務佔本季營收的 32%，季增 16%，年增 24%。這項創紀錄的業績得益於我們領先的連接和功能安全電源解決方案的持續強勁需求，尤其是在中國。此外，我們還看到歐洲和北美的連續成長。

Communications represented 12% of quarterly revenue, finishing up 5% sequentially and 32% year over year. Wireline and data center, which makes up roughly two thirds of our total communications business, drove our strong growth as AI buildouts continue to increase demand for our power and optical control products. And while wireless revenue declined on a year over year basis, it did grow sequentially.

通訊業務佔本季營收的 12%，比上一季成長 5%，比去年同期成長 32%。有線和資料中心約占我們整個通訊業務的三分之二，隨著人工智慧的建設持續增加對我們的電源和光控產品的需求，推動了我們的強勁成長。儘管無線業務收入較去年同期有所下降，但較上季確實有所成長。

And lastly, consumer represented 12% of quarterly revenue, finishing flat sequentially and up 30% year over year, our third consecutive quarter of robust growth. This reflects our greater share and stronger content position across a diversified list of applications.

最後，消費者業務佔季度營收的 12%，與上一季持平，年增 30%，這是我們連續第三個季度實現強勁成長。這反映了我們在多樣化應用程式中所佔的更大份額和更強的內容地位。

Now on to the P&L. Second quarter gross margin was 69.4% of 60 basis points sequentially driven by higher utilization. OpEx in the quarter was $744 million, up $57 million sequentially driven entirely by variable compensation, resulting in an operating margin of 41.2%. Non-operating expenses finished at $54 million and the tax rate for the quarter was 11%. All told, EPS was $1.85 up 32% year over year and above the high end of our guided range.

現在來看看損益表。由於利用率提高，第二季毛利率為 69.4%，比上一季高出 60 個基點。本季營運支出為 7.44 億美元，比上一季增加 5,700 萬美元，這完全是由浮動薪酬推動的，導致營運利潤率為 41.2%。非營業支出最終為 5,400 萬美元，本季稅率為 11%。總而言之，每股收益為 1.85 美元，年成長 32%，高於我們指導範圍的高端。

Now I'd like to highlight a few items from our balance sheet and our cash flow statements. Cash and short-term investments finished the quarter at $2.4 billion, and our net leverage ratio decreased to 1. Inventory increased $50 million sequentially as we continue to invest in [Dibank] to support our recovery. Days of inventory decreased to 169 and channel week's ticked lower.

現在我想重點介紹一下我們的資產負債表和現金流量表中的幾個項目。本季度，現金和短期投資達到 24 億美元，我們的淨槓桿率下降至 1。由於我們繼續投資 [Dibank] 以支持我們的復甦，庫存連續增加了 5000 萬美元。庫存天數減少至 169 天，通路週數也略有下降。

In the near term, we are maintaining our strategy of balancing leaner channel inventories with higher levels of inventory on our balance sheet. Over the trailing 12 months, operating cash flow and CapEx were $3.9 billion and $0.6 billion respectively. We continue to expect fiscal 2025 CapEx to decrease materially from 2024 and be within our long-term model of 4% to 6% of revenue.

短期內，我們將維持平衡精簡通路庫存和資產負債表上更高庫存水準的策略。過去 12 個月，經營現金流和資本支出分別為 39 億美元和 6 億美元。我們繼續預期 2025 財年的資本支出將較 2024 年大幅下降，並處於我們長期模型中佔收入的 4% 至 6% 的範圍內。

[Free] cash flow with the trailing 12 months with $3.3 billion or 34% of revenue. And during that same period, we have returned nearly $2.5 billion to shareholders through dividends and share repurchases. As a reminder, we target a 100% free cash flow return over the long term, using 40% to 60% for our dividend and the remainder for share account reduction. Before moving on to guidance for our fiscal third quarter, let me provide an additional color on recent demand trends given the current backdrop.

過去 12 個月的[自由]現金流為 33 億美元，佔營收的 34%。在同一時期，我們透過股利和股票回購向股東返還了近 25 億美元。提醒一下，我們的目標是長期實現 100% 的自由現金流回報，其中 40% 至 60% 用於分紅，剩餘部分用於減少股票帳戶。在介紹我們第三財季的指引之前，讓我先在當前背景下對近期的需求趨勢提供額外的說明。

Unsurprisingly, buying behavior was a bit choppier than normal as we saw some increased activity around the tariff announcements. This was short-lived and orders have returned to more normalized levels. Overall, Q2 bookings grew sequentially across all markets and all geographies, and a backlog entering Q3 is higher than a quarter ago. These signals support our view that our revenue bottomed in 2024, custom inventories are lean, and we are in a cyclical upturn.

毫不奇怪，由於我們看到關稅公告發布前後的活動增加，購買行為比平常更加不穩定。這只是短暫的，訂單已經恢復到更正常的水平。整體而言，第二季所有市場和地區的預訂量均較上季成長，進入第三季的積壓訂單量高於上一季。這些訊號支持了我們的觀點，即我們的收入在 2024 年觸底，客製化庫存很少，而且我們正處於週期性上升趨勢中。

Now moving on to guidance. Third quarter revenue is expected to be $2.75 billion plus or minus $100 million. On a sequential basis at the midpoint, we expect industrial and consumer to lead our growth, communications to be up, and automotives to decline after a very strong quarter. Operating margin is expected to be 41.5% plus or minus 100 basis points. This includes the impact of our annual salary increases. Our tax rate is expected to be 11% to 13%, and based on these inputs, adjusted EPS is expected to be $1.92 plus or minus $0.10.

現在開始指導。預計第三季營收為 27.5 億美元，上下浮動 1 億美元。從中點來看，我們預計工業和消費品將引領成長，通訊業將上升，而汽車業在經歷了非常強勁的季度後將出現下滑。預計營業利益率為41.5%（正負100個基點）。這包括我們年度加薪的影響。我們的稅率預計為 11% 至 13%，基於這些輸入，調整後的每股收益預計為 1.92 美元，上下浮動 0.10 美元。

Now I'll pass it back to Jeff to begin our Q&A session.

現在我將把它交還給傑夫，開始我們的問答環節。

Thank you, Rich. Now let's get to our Q&A session. (Event Instructions) With that, can we have our first question, please?

謝謝你，里奇。現在讓我們進入問答環節。（活動說明）好了，我們可以提出第一個問題了嗎？

(Operator Instructions)

（操作員指示）

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

Great, thank you, and congratulations to young Mike. Can you discuss, automotive, the 16% sequential growth really stands out relative to what peers are seeing? What's driving that and kind of any sense for, if there's any tariff pull forward in that or just any mitigation that's happening there, just how are you growing so much in autos? Thanks.

太好了，謝謝你，恭喜年輕的麥克。您能否討論一下汽車產業，相對於同業而言，16% 的連續成長真的很突出嗎？推動這趨勢的因素是什麼？如果關稅上調或出現任何緩解措施，汽車產業為何能實現如此大的成長？謝謝。

Thanks, I'll take that one. So Q2 was notably stronger than expected. Bookings were strong, turns were a lot higher than normal, and given some volatility so within the quarter, we do think our auto results were aided by pull-in activity.

謝謝，我會選擇那個。因此第二季的表現明顯強於預期。預訂量強勁，週轉率遠高於正常水平，考慮到本季的一些波動，我們確實認為我們的汽車業績受到了拉動活動的推動。

While it's difficult to delineate what was pull-in versus normal, our estimate for pulling upside is in the high single digit range. However, buying behavior, as I mentioned, has (technical difficulty) recur, and this is why we expect to decline in Q3 actually. Additionally, if you think about it, if you adjust for what we think the pull-in impact was we're really guiding, a seasonally flat Q3 for auto.

雖然很難區分什麼是拉動，什麼是正常，但我們對拉動上行的估計處於高個位數範圍內。然而，正如我所提到的，購買行為（技術難題）再次出現，這就是我們預計第三季實際上會下降的原因。此外，如果您考慮一下，如果您根據我們認為的拉動效應進行調整，我們實際上會指導汽車行業第三季度出現季節性持平。

On the pull-ins, right around the 25% auto tariff news we saw an acceleration in auto sell through and orders, most notably in the Americas and in Europe, which were collectively up about 20% sequentially, much better than we had planned. And at the industry level, we saw stronger numbers than expected in the quarter, potentially also explained by consumers getting ahead of the higher prices. So our hunch is that the upside in auto right around tariffs was not a coincidence.

在汽車關稅消息傳出前後，我們看到汽車銷售量和訂單量有所加速，尤其是在美洲和歐洲，這兩個地區的汽車銷售量和訂單量環比增長了約 20%，遠遠好於我們的計劃。從產業層面來看，本季的數據強於預期，這也可能是由於消費者搶佔了價格上漲的先機。因此，我們的直覺是，關稅期間汽車價格上漲並非巧合。

As for China, the other major markets for for auto, noted last quarter, we expect to continued growth and and we had another record, and that is what occurred in Q2. And there could have been some pulling activity, but not nearly as noticeable as what we're seeing in North America and Europe.

至於中國，也就是上個季度的另一個主要汽車市場，我們預計將繼續成長，並且創下了另一個紀錄，這就是第二季所取得的成績。並且可能存在一些拉動活動，但並不像我們在北美和歐洲看到的那麼明顯。

Thank you. Go to our next question, please.

謝謝。請進入我們的下一個問題。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

So thanks for taking my question and thanks and best wishes to Mike as well. So first is, you mentioned that you are at a cyclical upturn. And I'm curious, how much do you think you are under shipping demand right now, is it 10%, is it 20%, and how many quarters until this kind of just under shipment impact normalizes?

感謝您回答我的問題，也向麥克致以最良好的祝愿。首先，您提到您正處於週期性上升階段。我很好奇，您認為目前的運輸需求低於多少，是 10% 還是 20%，這種低於運輸需求的影響需要多少季度才能恢復正常？

So when do you think your sales will start to correspond more to end demand rather than just inventory replenishment? And I know you just spoke about autos, but I was hoping when you could give us some more color on the industrial side as well and the level of under shipment and then the normalization timing for that. Thank you.

那麼您認為您的銷售額何時會開始與最終需求更多相對應，而不僅僅是庫存補充？我知道您剛才談到了汽車，但我希望您能給我們一些工業方面的信息，以及出貨不足的程度以及正常化時間。謝謝。

Yeah. Thanks, Vivek. I'll take the first part of the question. So I think, look, we've seen -- we're in a period now where we've got cyclical tailwinds. We've kept the channel very lean. We've been under shipping industrial significantly actually, I think more so than any other market over the past two years. My sense is we're getting back to a more kind of a normalized convergence between demand and supply in that area. We're still keeping overall inventory, particularly in the channel, we're keeping it very lean, putting more and more, as Rich said earlier, putting more inventory on our balance sheet to be ready for the upside.

是的。謝謝，維韋克。我來回答問題的第一部分。所以我認為，看，我們已經看到──我們現在正處於一個週期性順風的時期。我們一直保持通路非常精簡。事實上，我們在航運業方面的投入嚴重不足，我認為過去兩年來，我們的投入比其他市場都要多。我的感覺是，我們正在恢復該地區供需之間的一種更正常的融合。我們仍然保持整體庫存，特別是在渠道中，我們保持非常精簡的庫存，投入越來越多的庫存，正如 Rich 之前所說的那樣，在我們的資產負債表上投入更多的庫存，為上漲做好準備。

On the industrial side, so I think what we're saying is the franchise, the core franchise of the business, automation, broad base of customers recovering nicely. And we've also seen some excellent examples of green shoots in the aerospace and defense and the AI test area, which I alluded to in my script. And we've got a lot of new wins in healthcare and automation. So there's a good blend, I think, of kind of the legacy franchise and the new technologies pushing the company. So we've got cyclical tailwinds and we've got idiosyncratic tailwinds as well, given the new products in the new applications.

在工業方面，我認為我們所說的是特許經營、業務的核心特許經營、自動化、廣泛的客戶群正在良好復甦。我們也看到了航空航太、國防和人工智慧測試領域出現的一些優秀綠芽，我在腳本中提到這些。我們在醫療保健和自動化領域取得了許多新的勝利。所以，我認為，傳統特許經營權和推動公司發展的新技術之間有著很好的融合。因此，考慮到新應用中的新產品，我們既有週期性的順風，也有特殊的順風。

And what I'd add is I would say from a in a consumption perspective, we're probably still shipping 10%-plus below end consumption. But if you think about the outlook, if you take our guide, embedded in that guide is about 10% in growth in industrial. And in that, and at that midpoint, we will be shipping to end demand. And as we talked about, we'll continue to balance the channel inventory, but we will at the midpoint be expecting to ship into end demand in 3Q.

我想補充的是，從消費角度來看，我們的出貨量可能仍比最終消費低 10% 以上。但如果你考慮前景，如果你接受我們的指導，那麼該指導中就包含著工業成長約 10% 的預期。並且，在那個中間點，我們將運送到最終需求。正如我們所討論的，我們將繼續平衡渠道庫存，但我們預計在第三季中期將滿足最終需求。

Next question, please.

請回答下一個問題。

Harlan Sur, JP Morgan.

哈蘭‧蘇爾，摩根大通。

Hey, good morning. Thank you for taking my question. And Mike, thanks for all the great support over the years, and best of luck in your future endeavors.

嘿，早安。感謝您回答我的問題。麥克，感謝你多年來的大力支持，祝福你未來一切順利。

Industrial automation, I think you guys touched on it a little bit, which is one of your larger subsegments within industrial, I believe it's about 25% of industrial segments. This was one of the last large sub segments to show recovery, given the tie-in to global manufacturing activity. automation infected, I think in October of last year, it grew in January. Did you guys see further sequential growth in Industrial automation in April?

工業自動化，我想你們稍微提到了這一點，這是工業領域中較大的子領域之一，我相信它約佔工業領域的 25%。考慮到與全球製造業活動的聯繫，這是最後幾個出現復甦的大型細分市場之一。自動化感染了，我想是去年十月，一月就成長了。你們是否看到四月工業自動化進一步連續成長？

And then coincidentally, trade and tariffs historically has driven weakness in automation as manufacturers pull back in the face of uncertainty. Are you seeing any changes in industrial automation order trends recently, especially out of China?

巧合的是，從歷史上看，貿易和關稅導致自動化產業疲軟，因為製造商在面對不確定性時會退縮。您最近發現工業自動化訂單趨勢有什麼變化嗎，尤其是來自中國的？

So we have continued to see growth. And in fact, when we look at where we ended the quarter from an automation -- excuse me, an automation perspective, we actually have got a book to build in excess of one. We continue to expect that growth to continue in Q3. In fact, if you look at our industrial business across all of the sub-sectors of industrial, we have positive book to builds in all of those areas above one. So we feel like that has improved. Obviously, there's uncertainty across the board around the tariffs so then, it's impossible to speculate what that will do, but we do see -- we have seen, growth in bookings and in the revenue.

因此，我們持續看到成長。事實上，當我們從自動化角度（對不起，是從自動化角度）來看待本季結束時的情況時，我們實際上有一本書要建立。我們仍然預計第三季將繼續成長。事實上，如果你看一下我們所有工業子行業的工業業務，我們會發現我們在所有上述領域都有積極的發展勢頭。所以我們覺得情況已經有改善。顯然，關稅方面存在著全面的不確定性，因此，我們無法推測其將產生什麼影響，但我們確實看到——我們已經看到預訂量和收入的增長。

I think it's true as well. Right across the whole spectrum of applications, automation, we've seen very strong book-to-build geographically as well. So I think we're in a solid patch right now. Tariffs are definitely weighing heavily, the uncertainty is, I think, causing certain inspection. Many of our customers are holding back and buildouts, but I don't think there's any question about the importance of automation from many dimensions.

我也認為這是事實。在整個應用領域、自動化領域，我們也看到了地理上非常強勁的訂單量。所以我認為我們現在處於一個穩固的階段。關稅肯定是一個沉重的負擔，我認為這種不確定性會導致一定的檢查。我們的許多客戶都在猶豫和擴建，但我認為從多個角度來看，自動化的重要性是毋庸置疑的。

We've got the kind of the normal buildouts of automation, and, more and more precision, more connected, flexible factories. But also my sense is we'll see a CapEx cycle as localization takes root as well over the coming several years.

我們已經擁有了正常的自動化建設，以及越來越精確、更互聯和靈活的工廠。但我的感覺是，隨著未來幾年在地化逐漸紮根，我們將看到資本支出週期。

Yeah, the localization point is, yeah, that's a good example. Thank you.

是的，本地化點是，是的，這是一個很好的例子。謝謝。

Your next question, please.

請問您的下一個問題。

[Tory Sandberg, Stifel]

[托里·桑德伯格，Stifel]

Congrats on the results, and Mike, thank you so much. Wishing you the best of luck. Vince, you mentioned this a little bit in your script. But robotics, I know this is a market that, you have a lot of exposure to. and I think there was a slowdown in that market, especially, around the pandemic. But now with AI, it seems that we're sort of at an inflection point. So I was just hoping you could talk a little bit more about that opportunity and some of the design activity that you're seeing on the robotics side? Thank you.

恭喜你取得的成績，麥克，非常感謝你。祝你好運。文斯，你在你的劇本中提到了一點這一點。但我知道，機器人技術是一個你會接觸很多的市場。我認為該市場有所放緩，尤其是在疫情期間。但現在有了人工智慧，我們似乎正處於一個轉折點。所以我只是希望您能多談談這個機會以及您在機器人方面看到的一些設計活動？謝謝。

Yeah, thanks for the question. Yeah, I think, one of the pervasive trends we're seeing is demographic shifts. I think automation of productivity is going to be endemic across the globe. And that predates the concern about the need to localize and so on and so forth. So I think the trend is very solid.

是的，謝謝你的提問。是的，我認為，我們看到的普遍趨勢之一就是人口結構的變化。我認為生產力自動化將在全球範圍內流行。這早於人們對本地化需求等的擔憂。所以我認為這個趨勢非常穩定。

What we're going to see is a new epoch, I think, in robotics that will move into more tactile, more precise robotic systems that will use a lot of intelligence at the edge. And we are you may have seen some of the press and some of the areas where we're collaborating with robotic suppliers, complimentary semiconductor partners as well, to enable this new era of highly tactile precision robotics to take place.

我認為，我們將會看到機器人技術的一個新紀元，機器人系統將變得更加觸覺靈敏、更加精確，並且會使用大量的邊緣智慧。您可能已經看到了一些新聞報導以及我們與機器人供應商、互補半導體合作夥伴合作的一些領域，以推動高度觸覺精密機器人新時代的到來。

Everybody's focused on the humanoid. But I think there are many steps to take place between the kind of the big heavy arm robotics and the more mobile, tactile robotic system. So we know our content typically in a large arm system would be hundreds of dollars. But as we see more available opportunity to bring intelligence to the edge, we see more modalities of sensing, take roots in these more sophisticated robotic systems. I think the content that we could see there will be an order of magnitude more, maybe more over the coming 5, 10 years.

每個人都把注意力集中在人形機器人上。但我認為，大型重型手臂機器人和更靈活、觸覺更強的機器人系統之間還有很多需要改進的地方。因此我們知道，我們的內容通常在大型 Arm 系統中要花費數百美元。但隨著我們看到更多將智慧帶到邊緣的機會，我們看到更多的感測模式在這些更複雜的機器人系統中紮根。我認為，未來 5 年到 10 年，我們在那裡看到的內容將會更多，甚至更多。

So my sense is this is a long-term persistent trend. And I think we're very well positioned at that edge. Of course, AI will enable more and more intelligence at the edge, and that's something that we're preparing our solutions to be able to incorporate.

所以我的感覺是這是一個長期持續的趨勢。我認為我們在這方面處於非常有利的地位。當然，人工智慧將在邊緣實現越來越多的智能，而這正是我們正在準備的解決方案所能融入的。

Thank you. Next question.

謝謝。下一個問題。

Chris Daley, Citi.

花旗銀行的克里斯戴利 (Chris Daley)。

Hey, thanks guys. First of all, Mike, thanks a lot for all your help. And honestly over the years, first Dave Paul, now Mike Luccarelli leaving. This is, super depressing. Anyway, but congratulations in all honestly.

嘿，謝謝大家。首先，麥克，非常感謝你的幫助。老實說，這些年來，先是戴夫保羅 (Dave Paul) 離開了，現在邁克盧卡雷利 (Mike Luccarelli) 也離開了。這真是太令人沮喪了。無論如何，我還是真誠地向你表示祝賀。

So just a question on leverage, guys. So if we look at the April quarter results and the July quarter guide, your OpEx is basically growing about as much as sales. And then the guide for the July quarter, even though you don't guide gross margin, implies minimal gross margin growth. So can you just talk about why that's happening? And should we expect some sort of acceleration and leverage going forward or should OpEx continue to grow about the same amount of sales and same growth margin?

各位，這只是一個關於槓桿的問題。因此，如果我們查看 4 月份季度業績和 7 月份季度指南，您的營運支出基本上與銷售額的成長速度差不多。然後，儘管您沒有指導毛利率，但 7 月季度的指南暗示毛利率增長很小。那麼你能談談為什麼會發生這種情況嗎？我們是否應該期待未來出現某種加速和槓桿作用，或者營運支出是否應該繼續保持相同的銷售和相同的成長幅度？

Thanks. All right, Chris, I'll take that one. So from -- I'll do the near term first, and then I'll talk a little bit about '25 and what I think you might be able to expect in '26. So Q2's operating margin was up sequentially despite the big acceleration and variable comp. In fact, our base OpEx was actually flat sequentially. So, what you saw -- that's what you saw in Q2. In Q3, we do expect to see some continued operating leverage, which will get offset by the impact of our annual salary increases as well as our continued growth in the variable.

謝謝。好的，克里斯，我接受這個。所以從——我將首先討論近期的情況，然後我將稍微談論一下 25 年的情況以及我認為您可能在 26 年期待的情況。因此，儘管加速度較大且薪資變動較大，但第二季的營業利潤率仍較上季上升。事實上，我們的基本營運支出實際上是環比持平的。所以，您所看到的——這就是您在第二季度看到的。在第三季度，我們確實預計會看到一些持續的經營槓桿，但這將被我們年度薪資成長以及變數持續成長的影響所抵消。

Although we will expect the increase in variables certainly sequentially to be lesser degree than we've seen in Q2. If you think about it just as a reminder for everybody, the mechanics of our variable comp plan, which is tied to year over year growth and operating margin. Given them absence of revenue growth in '24, it was a pretty low year for us, and considering our return to growth here in '25, variable comp is going to grow and will continue to grow meaningfully.

儘管我們預期變數的增加幅度肯定會低於第二季的水準。如果您只是將其視為對每個人的提醒，我們的可變薪酬計劃的機制與同比增長和營業利潤率息息相關。鑑於 24 年收入沒有成長，這對我們來說是相當低迷的一年，考慮到 25 年我們將恢復成長，可變薪酬將會成長，並將繼續大幅成長。

So while we are optimistic, we will continue to achieve operating margin percent growth, the increase in the variable in '25 is muting that. However, when we look to '26, we'll be going off of a smaller base and so we do expect we'll get more leverage if we continue the cyclical upturn. And then, on the gross margin side, at the [275] guide, we expect to be around 70%, which we've talked about. That baked into that assumption is that we will see the growth in industrial we're anticipating, which, as you guys know, is our most profitable.

因此，儘管我們持樂觀態度，我們將繼續實現營業利潤率百分比成長，但 25 年變數的增加正在抑制這一成長。然而，當我們展望26年時，我們將從一個較小的基數開始，因此我們確實預計，如果我們繼續週期性上升，我們將獲得更大的槓桿作用。然後，在毛利率方面，按照[275]指引，我們預計毛利率將在 70% 左右，我們已經討論過了。基於這個假設，我們將看到預期的工業成長，正如你們所知，這是我們最賺錢的行業。

And that has been one of our challenges we've talked about in getting additional leverage. And if you look at just the most recent, the outperforming auto puts pressure on gross margin. But as we see the industrial leading the charge coming out with the 10% expected growth in industrial Q3, we do expect we will get back to around that 70% margin.

這是我們在獲得額外槓桿方面所面臨的挑戰之一。如果你只看最近的情況，你會發現汽車的優異表現給毛利率帶來了壓力。但隨著我們看到工業引領潮流，預計第三季工業成長率將達到 10%，我們確實預期利潤率將回到 70% 左右。

Yeah, I think it's worth noting as well, Chris, that, where we are adding OpEx to the company, aside from the kind of the inflationary things that we have to deal with, it's in the engineering sites. We see tremendous opportunity across more and more spaces for Analog technology, power technology, but also digital and software. So we're judiciously adding talent where we need it, and that's the contributor to the OpEx, of course. But, obviously long term, we expect to get the returns and get the growth from these investments.

是的，克里斯，我認為值得注意的是，除了我們必須處理的通膨問題之外，我們還在工程現場增加了公司的營運支出。我們看到，類比技術、電源技術以及數位和軟體在越來越多的領域都存在著巨大的機會。因此，我們明智地在需要的地方增加人才，這當然是營運支出的貢獻者。但顯然從長遠來看，我們希望從這些投資中獲得回報和成長。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Hi, guys, I have two quick questions just on the demand environment. Just first, given the auto dynamics, you talked about [SAR] and everything, what are your expectations for SAR and auto builds like into the second half of the year amid all the tariff uncertainty? Because I think autos are getting hit more by that. And then secondly, just, I guess philosophically, you are seeing pull forward in auto, you don't seem to be seeing it industrial. How would you know if the strength you're seeing industrial is actually true cyclical recovery versus versus pull forward in the wake of tariffs or uncertainty?

大家好，我有兩個關於需求環境的快速問題。首先，考慮到汽車動態，您談到了[SAR]等所有方面，在關稅不確定性的情況下，您對下半年的 SAR 和汽車產量有何預期？因為我認為汽車受到的衝擊更大。其次，我想從哲學角度來說，您看到的是汽車行業的進步，但似乎沒有看到工業行業的進步。您如何知道您所看到的工業實力實際上是真正的周期性復甦，還是關稅或不確定性之後的拉動？

Hey, thanks, Stacey. I'll do the last one. One of the things we looked at as we're trying to assess what we thought might be pullings. We track our ordering patterns and what our expectations around the ordering pattern patterns were. So what we saw was at the start of Q2 bookings sort of were progressing higher as we expected them to then toward the end of March around the time we heard about the auto tariffs. We saw an acceleration in automotive, and that lasted for a couple of weeks, as I mentioned, and since has normalized.

嘿，謝謝，史黛西。我來做最後一個。我們在嘗試評估我們認為可能存在拉力的情況時所觀察的一件事。我們追蹤我們的訂購模式以及我們對訂購模式的期望。因此，我們看到，第二季開始時的預訂量正如我們預期的那樣上升，然後在 3 月底左右我們聽到汽車關稅的時候，預訂量也會有所上升。我們看到汽車產業的加速發展，正如我所提到的，這種趨勢持續了幾週，之後就恢復正常了。

But when we look across the other end market, we didn't notice anything unusual from a booking trends. They were as expected, and we end the quarter with, like I said, we ended the quarter with books the bills above parity. And from a geographic perspective, actually, bookings were up in all regions. So like I said, we didn't see anything anomalous in the booking patterns outside of what we saw in the automotive.

但當我們觀察另一端市場時，我們並沒有發現預訂趨勢有任何異常。它們符合預期，我們在本季結束時，就像我說的，我們在本季結束時的帳面價值高於平價。從地理角度來看，實際上所有地區的預訂量都有所增加。所以就像我說的，除了汽車領域的情況外，我們沒有發現其他預訂模式有任何異常。

Yeah, I'd say generally speaking, from the conversations we have with our industrial customers, it's kind of steady as she goes to some extent. There's no particular ire or anxiety around supply. So I think it's a pretty normal pattern. And as I said earlier, we're seeing a convergence between shipping themselves through.

是的，我想說，總的來說，從我們與工業客戶的對話來看，在某種程度上，她的表現是比較穩定的。對於供應問題，並沒有特別的憤怒或焦慮。所以我認為這是一個非常正常的模式。正如我之前所說，我們看到航運業正在走向融合。

Yeah -- and Stacy, sorry, I skipped your first part of your question on SAR. Our expectation is that we'll see SAR down in the back half. And as we've talked about before, we still get benefits from the continued increase in content to offset some of that SAR pressure, but we are expecting the second half SAR to be lower.

是的——史黛西，抱歉，我跳過了你關於 SAR 的問題的第一部分。我們預計下半年 SAR 將會下降。正如我們之前所討論的，我們仍然可以從持續增加的內容中獲益，以抵消部分 SAR 壓力，但我們預計下半年 SAR 會更低。

Yeah, that's helpful. Thank you guys.

是的，這很有幫助。謝謝你們。

Thank you. Next question please.

謝謝。請問下一個問題。

[Chris Hasel, Wolf Research]

[克里斯哈塞爾，沃爾夫研究中心]

Yes, thank you. And Mike, all the best. It just a question regarding, how all of this might affect the second half. And obviously, too early to provide guidance here. But with respect to auto, with some of what you've seen now, as we go into the July quarter, do you think this has normalized such that whatever happens going into the second half is really a reflection of true demand. And I guess, the same question for the industrial side as well, how should we be thinking about the puts and takes as we go into the second half?

是的，謝謝。祝麥克一切順利。問題只是這一切將如何影響下半年。顯然，現在提供指導還為時過早。但就汽車而言，根據您現在看到的一些情況，隨著我們進入七月季度，您是否認為這種情況已經正常化，以至於下半年發生的任何情況實際上都反映了真實的需求。我想，對於產業方面來說，同樣的問題也同樣存在，進入下半年，我們該如何考慮收益和利弊？

Sure, I'll talk about little bit about Q3. So, as I said, we do think we've benefited from some pull-ins in Q2. But given what we've seen in the order rates since and continuing into Q3, we're not really expecting any incremental impact from pull-ins in Q3. So our outlook reflects the acceleration in our recovery. Most notably again in in the industrial market. We're expecting a very strong quarter. We've got strong bookings momentum across all applications and geography.

當然，我會談論一些有關第三季的事情。因此，正如我所說，我們確實認為我們從第二季度的一些拉動中受益。但考慮到自第三季以來訂單率的走勢，我們並不認為第三季的拉動會帶來任何增量影響。因此，我們的前景反映了經濟復甦的加速。最引人注目的是工業市場。我們預計本季業績將非常強勁。我們在所有應用程式和地區都擁有強勁的預訂勢頭。

If you think about the back cap of the year, if you remember last quarter, we talked about, hitting 7% to 10% for the full year growth. With what we saw in Q2 and what we've seen in bookings trends in our Q3 outlook, I'm actually more confident than I was a quarter ago that we'll end at the higher end of that range. But we will continue to be cautious and mindful given all the tariff uncertainty.

如果你考慮今年的上限，如果你還記得上個季度我們討論過的全年成長率達到 7% 到 10%。根據我們在第二季度看到的情況以及我們在第三季度展望中看到的預訂趨勢，我實際上比一個季度前更有信心，我們將達到該範圍的高端。但考慮到關稅的不確定性，我們將繼續保持謹慎和警覺。

Thank you. Next question.

謝謝。下一個問題。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Hey, guys. Thanks for taking my question. Mike, congrats on the new gig and Jeff, congrats to you as well and good luck with the $1,000 stock price. So sorry to keep pulling this. But I did want to ask about, industrial again.

嘿，大家好。感謝您回答我的問題。麥克，恭喜你找到新工作，傑夫，也恭喜你，祝你股價達到 1,000 美元好運。很抱歉一直這樣。但我確實想再次詢問有關工業的問題。

I mean, You were very clear in your commentary about your on books and channel inventory. But do you get the sense that there's any element of your end customer restocking that's going on or do you think this is really just an industrial recovery because again it does just the sequential are better than most of your peers reported even though they did go a month ago? Thank you.

我的意思是，您對書籍和頻道庫存的評論非常清楚。但是，您是否感覺到您的最終客戶正在進行補貨，或者您是否認為這實際上只是一次工業復甦，因為它的環比表現比大多數同行報告的要好，儘管他們一個月前就已經報告過這種情況了？謝謝。

Go ahead, Rich.

繼續吧，里奇。

Thanks. So actually, I don't think we've seen sign of I wouldn't call it restocking. I do think that because they are coming off of inventory lows across most of our customer base, and we know that because when we look at net new orders, we're seeing net new orders come in from the industrial customers. So I do think that they've had lean inventory, and we've seen their purchasing accelerate. But as we've talked about, we've been under shipping industrial pretty significantly for the last two years. And if we had into Q3, we do not expect to under ship industrial in Q3.

謝謝。所以實際上，我認為我們還沒有看到補貨的跡象。我確實認為，這是因為他們的庫存已經從我們大多數客戶群的低位回落，而且我們知道這一點，因為當我們查看淨新訂單時，我們看到淨新訂單來自工業客戶。因此我確實認為他們的庫存已經精簡，而且我們看到他們的採購正在加速。但正如我們所討論的，過去兩年我們一直嚴重依賴航運業。如果我們進入第三季度，我們預計第三季度的工業出貨量不會不足。

Yeah. We use POS signals as well to gauge to get as close to true demand as we possibly can. So as we said earlier, industrial is the area where we've been under shipping most, and I think what we're getting back to now is more normalized pattern of shipping and sell through.

是的。我們也使用 POS 訊號來測量，以盡可能接近真實需求。正如我們之前所說，工業是我們運輸量最大的領域，我認為我們現在要恢復的是更規範的運輸和銷售模式。

Thank you both get the color.

謝謝你們兩位明白顏色了。

Thanks, Josh.

謝謝，喬希。

Thanks Josh.

謝謝喬希。

We'll go to our next question.

我們將討論下一個問題。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey, good morning guys, and I'll offer the congrats to young Mike as well. I actually kind of wanted to ask about the plans, outsource versus insource. So obviously, pre-pandemic, you were leaning more towards external and then, when you ran out of supply it was let's do more internal I heard you talking about qualifying, external fabs. I'm just kind of how are you thinking about this now? Obviously, tariffs are moving target. But it does seem like more diversity in boundary geographic location is preferable. How are you thinking about it now?

嘿，大家早安，我也要向年輕的麥克表示祝賀。我實際上想問一下有關計劃的問題，外包還是內部採購。因此，很明顯，在疫情之前，您更傾向於外部，然後，當您的供應耗盡時，我們就做更多的內部生產，我聽到您在談論合格的外部晶圓廠。我只是有點想知道你現在是怎麼想的？顯然，關稅是不斷變化的。但邊界地理位置的多樣性似乎更可取。您現在覺得怎麼樣？

Yeah, well, look, I think, first and foremost, we're in a good place in terms of the overall capacity footprint that we have. It's more than 2x what it was before the pandemic. So we've been investing primarily our, in CapEx building out front end and back end really to support our growth and give us more resiliency, more flexibility. And I think what we've got now is particularly on the internal piece, I want to make this point as well.

是的，嗯，我認為，首先，就我們的整體產能而言，我們處於良好的位置。這是疫情爆發前的兩倍多。因此，我們主要在資本支出方面進行投資，以建立前端和後端，從而真正支持我們的成長，並為我們提供更大的彈性和靈活性。我認為我們現在得到的特別是在內部部分，我也想強調這一點。

When it came to nodes at 180 nanometers and above, which would be the majority, most of ADI's revenue would ship on semiconductor process nodes that that are 180 nanometers and above. Essentially, there was no external investment in those nodes for many years. So we decided that was an area that we're still developing a lot of new products on. It's a very important part of the -- of many of our businesses, particularly industrial and and automotive. So we decided to place the investments internally to make sure that we have sufficient growth upside and ability to capture the value that we're creating.

當談到180奈米及以上的節點時，這將佔大多數，ADI的大部分收入將來自180奈米及以上的半導體製程節點。本質上，這些節點多年來沒有外部投資。因此我們決定在這個領域繼續開發大量新產品。它是我們許多業務中非常重要的一部分，特別是工業和汽車業務。因此，我們決定進行內部投資，以確保我們有足夠的成長空間和獲得我們所創造的價值的能力。

So my sense is now we're, as I said, we've got more than 2x the internal capacity. And we've got this flexible swing between external and internal. From nodes from 5 nanometers, by the way, we're designing new products in 5 nanometers. So this business is characterized by massive diversity of semicular recipes. But the ones that we can do internally to support the broad base of our business, we're now we've secured our position there, and that we continue to partner with our key collaborators on the finer geometry nodes that kind of 90 nanometers and below.

所以我的感覺是，正如我所說的，我們的內部容量現在增加了 2 倍以上。我們在外部和內部之間實現了靈活的轉變。順便說一下，從 5 奈米節點開始，我們正在設計 5 奈米的新產品。因此，這個行業的特點是半特定食譜的多樣性。但是，我們可以在內部開展工作來支持我們廣泛的業務基礎，現在我們已經鞏固了我們的地位，並且我們將繼續與我們的關鍵合作夥伴在 90 奈米及以下的更精細幾何節點上進行合作。

Alright, that was our final question. Thanks everyone for joining us this morning. And with that, a copy of the transcript will be available on our website and all available reconciliations. And additional information can be can also be found at the quarterly results section of our investor relations site at investor.analog.com. Thanks again for joining us and your continued interest in Analog Devices.

好的，這是我們的最後一個問題。感謝大家今天上午的參加。同時，我們的網站上將會提供成績單副本以及所有可用的對帳記錄。您也可以在我們的投資者關係網站 investor.analog.com 的季度業績部分找到更多資訊。再次感謝您的加入我們以及您對 ADI 公司的持續關注。

This concludes today's analog devices conference call. You may now disconnect.

今天的類比設備電話會議到此結束。您現在可以斷開連線。