亞德諾半導體 (ADI) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Analog Devices' fourth-quarter, fiscal-year 2025 earnings conference call, which is being audio webcast via telephone and over the web.

早安，歡迎參加 Analog Devices 2025 財年第四季財報電話會議，本次會議將透過電話和網路進行音訊直播。

I'd like to now introduce your host for today's call, Mr. Jeff Ambrosi, Head of Investor Relations. Sir, the floor is yours.

現在我謹向大家介紹今天電話會議的主持人，投資者關係主管傑夫·安布羅西先生。先生，請您發言。

Thank you, GG, and good morning, everybody. Thanks for joining our fourth-quarter, fiscal 2025 conference call. Joining me on the call today is ADI's CEO and Chair, Vincent Roche; and ADI's Chief Financial Officer, Richard Puccio. For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.

謝謝GG，大家早安。感謝您參加我們2025財年第四季電話會議。今天與我一起參加電話會議的有 ADI 的執行長兼董事長 Vincent Roche，以及 ADI 的財務長 Richard Puccio。如果您錯過了此次發布，您可以在 investor.analog.com 上找到它以及相關的財務報表。

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, 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 of the date of this call.

我們即將討論的資訊包含前瞻性陳述，這些陳述受到某些風險和不確定性的影響，詳情請參閱我們的盈利報告、定期報告以及向美國證券交易委員會提交的其他資料。實際結果可能與前瞻性資訊有重大差異，因為這些聲明僅反映我們截至本次電話會議之日的預期。

We undertake no obligation to update these statements except as required by law. References to gross margin, operating and non-operating expenses, operating margin, tax rate, earnings per share, and free cash flow in our comments today will be on a non-GAAP basis, which excludes special items.

除法律要求外，我們不承擔更新這些聲明的義務。今天我們在評論中提到的毛利率、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量等數據將以非GAAP準則為基礎，即不包括特殊項目。

When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP 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 earnings per share are on a fully diluted basis.

在將我們的業績與歷史績效進行比較時，特殊項目也已從以往期間中剔除。今天的獲利報告中包含了這些非GAAP指標與其最直接可比較的GAAP指標的調節表以及有關我們非GAAP指標的更多資訊。文中提及的每股收益均為完全稀釋後的收益。

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

接下來，我將把電話交給ADI的執行長兼董事長文森羅奇。

Thanks, Jeff, and good morning, everyone. So our fourth-quarter results reflect the ongoing business recovery with continued growth in revenue and earnings per share, both of which finished above the midpoint of our outlook.

謝謝你，傑夫，大家早安。因此，我們第四季的業績反映了業務的持續復甦，營收和每股盈餘持續成長，這兩項指標都高於我們預期的中位數。

Now widening the aperture to our fiscal '25, revenue accelerated throughout the year and returned to meaningful growth despite the persistent macro and geopolitical headwinds. All of our end markets increased by double digits, reflecting both cyclical and company-specific drivers, including strong execution against our maximum revenue synergy targets.

現在，將目光轉向我們的 2025 財年，儘管面臨持續的宏觀和地緣政治逆風，但全年收入加速增長並恢復了實質增長。我們所有終端市場均實現了兩位數的成長，這不僅反映了週期性因素，也反映了公司本身的因素，包括我們實現了最大收入協同效應目標的強勁執行力。

Top-line strength, combined with margin expansion, resulted in earnings per share growth of more than 20% in fiscal '25. Our strong operating results and reduced CapEx enabled us to generate record free cash flow of more than $4 billion or 39% of revenue. We also returned more than $4 billion to our shareholders, supporting an 8% dividend increase as well as share count reduction.

營收成長強勁，加上利潤率擴張，使得公司在 2025 財年每股收益成長超過 20%。我們強勁的經營業績和減少的資本支出使我們能夠產生超過 40 億美元的創紀錄自由現金流，佔收入的 39%。我們也向股東返還了超過 40 億美元，從而實現了 8% 的股息成長以及股份數量的減少。

Innovation has always been integral to ADI's brand and our value proposition, forming the foundation for strong financial performance. Consequently, R&D activities received capital prioritization, with record investments made in FY25 to advance our leadership in analog, mixed signal, and power technologies.

創新一直是 ADI 品牌和價值主張不可或缺的一部分，也是我們強勁財務表現的基礎。因此，研發活動獲得了資金優先支持，2025 財年進行了創紀錄的投資，以鞏固我們在模擬、混合訊號和電源技術領域的領先地位。

We've also intensified our focus on software, digital, and artificial intelligence capabilities to strengthen our core franchise, enabling us to address increased customer complexity and expedite their innovation cycles and time to market.

我們還加大了對軟體、數位和人工智慧能力的投入，以增​​強我們的核心競爭力，從而能夠應對日益複雜的客戶需求，並加快客戶的創新週期和產品上市速度。

Our comprehensive technology portfolio, combined with extensive application domain expertise, uniquely positions us to proactively identify and resolve the most complex engineering challenges for our customers. As a result, we're realizing stronger value capture as reflected in the increase in our average selling prices, particularly in new products, where ASPs significantly exceed those of legacy offerings.

我們全面的技術組合，加上廣泛的應用領域專業知識，使我們能夠主動識別並解決客戶面臨的最複雜的工程挑戰，從而擁有獨特的優勢。因此，我們實現了更強勁的價值獲取，這體現在我們平均售價的上漲上，尤其是在新產品方面，其平均售價明顯高於傳統產品。

Beyond product innovation, our dedication to customer success encompasses ongoing investments to streamline and accelerate their product development activities. To this end, we are rapidly expanding our development support environment from research to deployment with a combination of proprietary ADI tools and leading ecosystem and open source platforms.

除了產品創新之外，我們對客戶成功的承諾還包括持續投資，以簡化和加速他們的產品開發活動。為此，我們正在迅速擴展我們的開發支援環境，從研究到部署，結合專有的 ADI 工具和領先的生態系統及開源平台。

Furthermore, following the acquisition of Maxim, we've allocated over $3 billion in capital expenditures to substantially enhance capacity, optionality, and resiliency for our customers, supporting our long-term vision for sustained growth. Now as you've seen, our relentless focus on driving customer success translates to strong results and a diverse design pipeline that grew more than 20% in fiscal '25.

此外，在收購 Maxim 之後，我們已投入超過 30 億美元的資本支出，以大幅提升我們客戶的產能、選擇權和韌性，從而支持我們實現持續成長的長期願景。正如你所看到的，我們堅持不懈地專注於推動客戶成功，這轉化為強勁的業績和多元化的設計管道，在 2025 財年增長了 20% 以上。

So I'd like to share a few examples of our success this past year. Within Industrial, every sector grew, driven by improved cyclical dynamics and powerful secular trends such as AI, automation, and the drive for efficient and reliable energy generation, transmission, and distribution.

因此，我想分享一些我們過去一年取得的成功案例。在工業領域，每個部門都實現了成長，這得益於週期性動態的改善以及人工智慧、自動化等強大的長期趨勢，以及對高效可靠的能源生產、輸送和分配的需求。

For example, the exponential growth in demand for AI and high-performance compute drove a record year in our automatic test equipment business, building upon and extending our strong position in the SoC and memory test markets. We anticipate further growth in FY26 due to our expanding design pipeline industry transitions to HBM4 and expected double-digit growth in hyperscaler CapEx.

例如，人工智慧和高效能運算需求的指數級成長推動了我們自動測試設備業務創紀錄的一年，鞏固並擴大了我們在 SoC 和記憶體測試市場的強大地位。我們預計 2026 財年將進一步成長，這得益於我們不斷擴大的設計流程、產業向 HBM4 的轉型以及超大規模資本支出預計將實現兩位數成長。

In '25, robust automation design and growth was propelled by the burgeoning demand for enhanced productivity, efficiency, and reliability across key sectors such as manufacturing, logistics, and healthcare. This momentum was particularly evident within our Robotics segment, which saw notable expansion as customers increasingly prioritize automation to streamline operations and improve business outcomes.

2025 年，製造業、物流業和醫療保健業等關鍵產業對提高生產力、效率和可靠性的需求不斷增長，推動了強大的自動化設計和發展。這一勢頭在我們的機器人業務領域尤為明顯，隨著客戶越來越重視自動化以簡化營運和改善業務成果，該業務領域實現了顯著擴張。

As highlighted in our previous quarter, we foresee tremendous long-term opportunity as advancements in AI fuel the emergence of content-rich humanoid robots, positioning ADI at the forefront of the next wave of robotics innovation. Within Healthcare, the proliferation of robot-assisted surgical systems represents a vibrant vector of growth alongside our Imaging and Diagnostics segments.

正如我們在上一季所強調的，我們預見到巨大的長期機遇，隨著人工智慧的進步推動內容豐富的類人機器人的出現，ADI 將處於下一波機器人創新浪潮的前沿。在醫療保健領域，機器人輔助手術系統的普及與我們的影像和診斷業務一起，代表著一個充滿活力的成長方向。

Additionally, we expect growing demand for our suite of diabetes management solutions to continue to contribute to growth in FY26. Energy was our fastest-growing Industrial segment this past year, driven by high demand from the industrial, transportation, and data center sectors. Design and activity was especially strong for grid management and battery storage systems. And we anticipate continued growth in '26 and well beyond.

此外，我們預計市場對我們全套糖尿病管理解決方案的需求不斷增長，這將繼續推動 2026 財年的成長。去年，能源是我們成長最快的工業板塊，這主要得益於工業、運輸和資料中心產業的高需求。設計和活動在電網管理和電池儲能係統方面表現尤為強勁。我們預計2026年及以後將持續成長。

Aerospace and Defense achieved record results. And we expect further growth in the year ahead, driven by our expanding portfolio of advanced sensor, mixed signal, and power solutions, coupled with an increasingly strong opportunity pipeline. We also expect to maintain our strong presence in the growing low earth orbit satellite market.

航空航太和國防領域取得了創紀錄的成績。我們預計，在未來一年裡，在不斷擴大的先進感測器、混合訊號和電源解決方案產品組合以及日益強勁的市場機會的推動下，公司將實現進一步成長。我們也期望在不斷增長的低地球軌道衛星市場保持強大的市場地位。

Turning to Automotive, advances in autonomous driving and cabin digitalization led to a record year for ADI in fiscal '25, with growth outpacing light vehicle production. Our intelligent audio and video connectivity solutions, which avoid bulky and expensive cabling, drove multiple new growth awards across GMSL, A2B, and our signal processing and safe power portfolios.

再來看汽車產業，自動駕駛和座艙數位化技術的進步使 ADI 在 2025 財年創下了紀錄，其成長速度超過了輕型汽車產量。我們智慧的音訊和視訊連接解決方案避免了笨重且昂貴的電纜，從而推動了 GMSL、A2B 以及我們的訊號處理和安全電源產品組合獲得多項新的成長獎項。

Building on this success, our new E2B Ethernet bus is expanding our market, simplifying customer systems, boosting power efficiency, and lowering costs as it gains traction. In the Communications sector, AI CapEx investments led to a record year for our Data Center segment, with design and activity more than doubling.

憑藉這一成功，我們的新型 E2B 乙太網路匯流排正在擴大市場，簡化客戶系統，提高電源效率，並隨著其市場份額的擴大而降低成本。在通訊領域，人工智慧資本支出投資使我們的資料中心部門取得了創紀錄的一年，設計和活動都增加了一倍以上。

Strong demand for high-throughput connectivity and power delivery solutions support our confidence in continued growth through '26. Wireless Communications is one of the few areas of softness in '25. But we believe customers have completed their inventory digestion phase and that the market bottomed during the year.

對高吞吐量連接和電源輸送解決方案的強勁需求增強了我們對 2026 年持續成長的信心。無線通訊是 2025 年為數不多的薄弱領域之一。但我們相信客戶已經完成了庫存消化階段，市場已在年內觸底。

In addition, we see a positive impact of new products such as our software-defined, AI-enabled macro base station-on-a-chip solution, for which we secured design wins from leading OEMs and service providers, and see additional opportunity beyond telecommunications in private industrial networks as well as other secure communications applications.

此外，我們看到了新產品的正面影響，例如我們基於軟體定義、人工智慧的晶片宏基地台解決方案，我們已從領先的原始設備製造商和服務供應商那裡獲得了設計訂單，並且看到了電信以外的其他機會，例如專用工業網路以及其他安全通訊應用。

And finally, as Consumer markets rapidly evolve, we're expanding our SAM and growing a diverse pipeline by delivering integrated solutions in hearables, wearables, gaming, AR, VR, and many related areas. For example, our new acoustics platform combines analog, power, digital software, and machine learning for advanced environmental awareness and adaptive noise cancellation.

最後，隨著消費市場的快速發展，我們正在擴大我們的銷售資產管理規模，並透過在穿戴式裝置、遊戲、擴增實境、虛擬實境和許多相關領域提供整合解決方案，發展多元化的產品線。例如，我們的新聲學平台結合了類比、電源、數位軟體和機器學習，以實現先進的環境感知和自適應噪音消除。

We've secured design wins for these solutions in Consumer and Healthcare segments, enabling ADI to triple the value generated over legacy designs. We've also captured several new power management design wins in premium handsets and smart glasses in FY25, positioning us for further growth in '26.

我們已在消費品和醫療保健領域成功贏得這些解決方案的設計訂單，使 ADI 能夠比傳統設計創造三倍的價值。在 2025 財年，我們還在高階手機和智慧眼鏡領域贏得了幾個新的電源管理設計訂單，這為我們在 2026 年的進一步成長奠定了基礎。

So in summary, our diversified business model has proven agile and consistently capable of generating superior outcomes, reflected in both last year's resilient margins and this year's strong rebound in profitable growth.

總而言之，我們多元化的商業模式已被證明靈活且能夠持續創造優異的業績，這體現在去年穩健的利潤率和今年盈利增長的強勁反彈上。

While we're mindful of the macro environment and the continued impacts of tariffs and trade uncertainty, we remain confident in our growth in FY26 and beyond, as we continue to leverage our key differentiators, namely, an enviable technology leadership position at the intelligent edge, as it becomes a center of gravity for a host of secular growth markets, unrivaled application domain expertise, and the trusted brand that we have developed and strengthened with our customers over the decades.

儘管我們關注宏觀環境以及關稅和貿易不確定性的持續影響，但我們對 2026 財年及以後的增長仍然充滿信心，因為我們將繼續利用我們的關鍵差異化優勢，即在智能邊緣領域令人羨慕的技術領導地位（智能邊緣正成為眾多長期增長市場的重心），無與倫比的應用領域值得加強的專業知識，以及我們幾十年來共同發展和客戶的品牌。

And so with that, I'll pass it over to Rich.

那麼，接下來我就把麥克風交給里奇了。

Thank you, Vince, and let me add my welcome to our fourth-quarter earnings call. I'll start with a brief overview of our full fiscal '25 financial performance.

謝謝你，文斯，也請容許我代表大家歡迎參加我們的第四季財報電話會議。我將首先簡要概述我們2025財年的整體財務表現。

Revenue for the year came in at just over $11 billion, up 17% from fiscal '24, with double-digit growth across all end markets. Gross margin finished at 69.3%, up 140 basis points driven by higher utilizations. Operating margin finished up 100 basis points at 41.9% and includes the headwind associated with the normalization of variable comp. All told, earnings per share of $7.79 increased 22% versus fiscal 2024.

該年度營收略高於 110 億美元，比 2024 財年增長 17%，所有終端市場均實現了兩位數成長。毛利率最終達到 69.3%，較上年同期成長 140 個基點，主要得益於產能利用率的提高。營業利潤率最終上升 100 個基點至 41.9%，其中包括與變動成本正常化相關的不利因素。總的來說，每股收益為 7.79 美元，比 2024 財年增長了 22%。

Now on to our fourth-quarter results. Revenue in the fourth quarter came in toward the higher end of our outlook at $3.08 billion, growing 7% sequentially and 26% year over year. Industrial represented 46% of our fourth-quarter revenue, finishing up 12% sequentially and 34% year over year.

接下來公佈我們的第四季業績。第四季營收達到 30.8 億美元，接近我們預期的較高水平，季增 7%，年增 26%。工業業務占我們第四季營收的 46%，季增 12%，年增 34%。

The stronger-than-seasonal results underpins the cyclical momentum we see across Industrial, as well as the secular growth unfolding in AI infrastructure, which drove record quarter for our ATE business. For the full year, Industrial increased 15% with growth across every major application, including record years for Aerospace and Defense and ATE.

強於季節性的業績鞏固了我們在工業領域看到的周期性成長勢頭，以及人工智慧基礎設施領域正在展開的長期成長，這推動了我們的 ATE 業務創紀錄的季度業績。全年來看，工業領域成長了 15%，所有主要應用領域均實現成長，其中航空航太與國防和 ATE 領域更是創下歷史新高。

Automotive represented 28% of quarterly revenue, finishing up 1% sequentially and up 19% year over year. Double-digit, year-over-year growth continues to be driven by our leading connectivity and functionally safe power solutions. For the full year, Automotive increased 16% to an all-time high, driven predominantly by a higher content and share position across Level 2+ ADAS systems globally.

汽車產業佔季度營收的 28%，季增 1%，年增 19%。兩位數的年成長持續得益於我們領先的連接性和功能安全的電源解決方案。全年來看，汽車產業成長了 16%，創歷史新高，這主要得益於全球 L2+ ADAS 系統內容和份額的提高。

Communications represented 13% of quarterly revenue, finishing up 4% sequentially and 37% year over year. Our Data Center segment surpassed the $1 billion run rate this quarter and on a year-over-year basis, has now grown more than 50% for three consecutive quarters, fueled by continued strength in the AI infrastructure market.

通訊業務佔季度營收的 13%，季增 4%，年增 37%。本季度，我們的資料中心業務營收突破了 10 億美元大關，與去年同期相比，已連續三個季度成長超過 50%，這主要得益於人工智慧基礎設施市場的持續強勁成長。

Wireless revenue was up double digits year over year for the second straight quarter, owing to improving cyclical dynamics. For the full year, Communications was our fastest-growing market, increasing 26% driven by our Data Center segment, which had a record year, while wireless revenue was flat.

由於週期性動態的改善，無線業務收入連續第二季年增兩位數。全年來看，通訊業務是我們成長最快的市場，成長了 26%，這主要得益於我們的資料中心業務創紀錄的一年，而無線業務收入則持平。

Lastly, Consumer represented 13% of quarterly revenue, finishing up 7%, both sequentially and year over year. For the full year, Consumer increased 19%, driven by strong growth in handsets, gaming, and a record year for our hearables and wearables segment.

最後，消費者業務佔季度營收的 13%，環比和年比均成長 7%。全年來看，消費者業務成長了 19%，這主要得益於手機、遊戲業務的強勁成長，以及穿戴式裝置和耳機業務創紀錄的一年。

Now on to the rest of the P&L, fourth-quarter gross margin was 69.8%, up 60 basis points sequentially and 190 basis points year over year, driven by higher utilization and favorable mix. OpEx in the quarter was $809 million, resulting in an operating margin of 43.5%, up 130 basis points sequentially and up 240 basis points year over year. Non-operating expenses finished at $60 million, and the tax rate for the quarter was 12.7%. All told, EPS was $2.26, up 10% sequentially and 35% year over year.

接下來來看損益表的其他部分，第四季毛利率為 69.8%，季增 60 個基點，年增 190 個基點，主要得益於更高的利用率和有利的產品組合。本季營運支出為 8.09 億美元，營業利潤率為 43.5%，季增 130 個基點，年增 240 個基點。非經營性支出為 6,000 萬美元，該季度稅率為 12.7%。總的來說，每股收益為 2.26 美元，環比增長 10%，年增 35%。

Now I'd like to highlight a few items from our balance sheet and cash flow statements. Cash and short-term investments finished the quarter at $3.7 billion, and our net leverage ratio decreased to 0.9%. As I discussed previously, we continue to build bank buffers for our fastest-growing applications.

現在我想重點介紹一下我們資產負債表和現金流量表中的幾個項目。現金及短期投資本季末為 37 億美元，淨槓桿率降至 0.9%。正如我之前討論過的，我們將繼續為成長最快的應用程式建立銀行緩衝資金。

As such, our inventories were higher by $59 million sequentially, while days of inventory declined by 1 to 1.59. Channel inventory increased but remains lean at approximately six weeks. Fiscal '25 operating cash flow and CapEx were $4.8 billion and $0.5 billion, respectively, resulting in record free cash flow of $4.3 billion or 39% of revenue, up from 33% in 2024.

因此，我們的庫存環比增加了 5,900 萬美元，而庫存週轉天數減少了 1 天，降至 1.59 天。渠道庫存增加，但仍保持在約六週的低點。2025 財年經營現金流和資本支出分別為 48 億美元和 5 億美元，由此產生的自由現金流創下 43 億美元的紀錄，佔營收的 39%，高於 2024 年的 33%。

In total, we returned $4.1 billion to shareholders through dividends and share repurchases. As a reminder, we target 100% free cash flow return over the long term, using 40% to 60% for our dividend and the remainder for share count reduction.

我們總共透過分紅和股票回購向股東返還了 41 億美元。再次提醒大家，我們的目標是長期實現 100% 的自由現金流回報，其中 40% 至 60% 用於派發股息，其餘部分用於減少股份數量。

Now moving on to our first-quarter 2026 outlook, revenue is expected to be $3.1 billion, plus or minus $100 million. Operating margin at the midpoint is expected to be 43.5%, plus or minus 100 basis points. Our tax rate is expected to be 12% to 14%. And based on these inputs, adjusted EPS is expected to be $2.29, plus or minus $0.10.

現在來看看我們對 2026 年第一季的展望，預計營收為 31 億美元，上下浮動 1 億美元。預計營業利益率中位數為 43.5%，上下浮動 100 個基點。我們的稅率預計在12%到14%之間。根據這些輸入數據，調整後的每股盈餘預計為 2.29 美元，上下浮動 0.10 美元。

In closing, fiscal 2025 was a strong year, highlighted by a return to growth, margin expansion, and record free cash flow. Importantly, I'm confident in our ability to continue navigating macro and geopolitical challenges and believe we are well positioned to drive further profitable growth in 2026.

綜上所述，2025 財年是業績強勁的一年，亮點包括恢復成長、利潤率擴大和自由現金流創歷史新高。重要的是，我對我們繼續應對宏觀和地緣政治挑戰的能力充滿信心，並相信我們已做好充分準備，在 2026 年實現進一步的盈利增長。

With that, I'll give it back to Jeff for Q&A.

接下來，我會把問題交還給傑夫，讓他回答大家的問題。

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

好的。謝謝你，里奇。現在我們進入問答環節。（活動說明）那麼，我們可以提問第一個問題嗎？

(Operator Instructions) Vivek Arya, Bank of America Securities.

（操作員說明）Vivek Arya，美國銀行證券。

Thank you for taking my question. I had a near and the medium term. On the near term, I think you're guiding Q1 slightly up, which is a little bit above seasonal. So I was hoping you could give us some color by segment, where you're seeing this trend. Because I do think Industrial was slightly below what you had thought in Q4. So just any dynamics going into Q1?

感謝您回答我的問題。我制定了短期和中期計劃。短期來看，我認為你對第一季的預期略有上調，這比往年同期略高一些。所以我希望你能按細分市場給我們介紹一下，你在哪裡看到了這種趨勢。因為我確實認為第四季工業部門的表現略低於你的預期。那麼，第一季有哪些動態變化呢？

And then if we zoom out in, I mean, if I were to just annualize Q1 guidance, that suggests a very strong kind of 12%, 13% sales growth year in fiscal '26. And I was really hoping to get your perspective as you start the new fiscal year on what you're seeing from a broader macro perspective and whether this kind of growth rate is possible in fiscal '26? Thank you.

然後，如果我們把視角拉長，我的意思是，如果我把第一季的業績預期按年計算，那就表明 2026 財年的銷售額將實現非常強勁的 12% 到 13% 的增長。我真的很想了解您在新財年開始之際，從更廣泛的宏觀角度來看您的看法，以及這種增長率在 2026 財年是否有可能實現？謝謝。

Sure. Thanks, Vivek. Rich?

當然。謝謝你，維韋克。富有的？

I'll take the first part of your question. So Q1, which is our weakest sequential quarter with normal seasonality typically down mid-single digits. And our outlook is up slightly quarter over quarter, reflects our seventh straight quarter of above seasonal growth.

我來回答你問題的第一部分。因此，第一季通常是我們業績最弱的季度，受季節性因素影響，通常會出現個位數中段的下滑。我們的展望環比略有上調，反映了我們連續第七個季度高於季節性成長。

And another key point is, additionally, our outlook assumes sell-in and sell-through are equal. So from an end market color perspective, Industrial, we expect to be up mid-single digits above seasonal. We expect Auto to be down mid-single digits below seasonal, where we continue to see some risk there around tariffs and some of the macro environment.

此外，另一個關鍵點是，我們的展望假設進貨量和出貨量相等。因此，從終端市場色彩的角度來看，在工業領域，我們預期其價格將比季節性價格高出個位數中段。我們預計汽車業將比季節性水平低個位數中段，我們仍然看到關稅和一些宏觀環境方面存在一些風險。

Comms, we expect to be up 10% above seasonal, again, as Vince mentioned, we're seeing real strength in the AI infrastructure and demand for our Data Center products. And then Consumer seasonally down low double digits. And then all markets we expect to be up year over year.

在通訊業務方面，我們預計將比季節性成長 10%，正如 Vince 所提到的，我們看到人工智慧基礎設施和我們資料中心產品的需求確實強勁。然後是季節性的兩位數低幅下滑。我們預計所有市場都將實現同比增長。

Yeah. So maybe if we look year over year, Vivek, so we believe we're well positioned to see broad-based growth in '26. And I think cyclical as well as many idiosyncratic factors giving us tailwinds. My expectation is that in '26, Industrial and Communications will lead the charge.

是的。所以，如果我們逐年來看，Vivek，那麼我們相信我們已經做好充分準備，在 2026 年實現全面成長。我認為週期性因素以及許多特殊因素都為我們帶來了順風。我預計在 2026 年，工業和通訊產業將引領潮流。

I think when you look at Industrial and Comms, the -- as I said, the cyclical dynamics are good, breaking inventories out there. I think both of those markets bottomed some quarters ago. Data Center, which is going to see again, we believe, a strong surge in CapEx. We've got good exposure to that sector, and it's two-thirds of our Comms business at this point in time.

我認為，當你觀察工業和通訊產業時，正如我所說，週期性動態良好，正在打破庫存。我認為這兩個市場在幾個季度前就已經觸底了。我們認為，資料中心領域的資本支出將再次強勁成長。我們在該領域擁有良好的投資，目前該領域占我們通訊業務的三分之二。

Aerospace and Defense, as well as ATE, which are together, about a third of the Industrial market. We've got strong content growth stories in both and, coupled with the ADI demand surge in the ATE business, I think, is very, very well positioned.

航空航太和國防，以及ATE，兩者合計約佔工業市場的三分之一。我們在這兩個領域都有強勁的內容成長勢頭，再加上 ATE 業務中 ADI 需求的激增，我認為我們處於非常非常有利的地位。

I think as well in Consumer, we talked a little bit on the -- in the prepared remarks there about the higher content in key applications. And so we've got tremendous diversity in that business at a level we never had before as a company. So both in applications and customers and platforms, we're well positioned.

我認為在消費者領域，我們也稍微談到了——在事先準備好的演講稿中，我們談到了關鍵應用中更高的含量。因此，我們公司在該業務領域實現了前所未有的巨大多元化。因此，無論在應用程式、客戶或平台方面，我們都處於有利地位。

Last but not least, if I talk a little bit about the Auto sector, it's been -- I think SAAR has really been flat now for quite a while. We see that persist in '26. And given that we've been able to show against our 10% content growth per annum, we see that continue given the strength of the pipeline that we've got.

最後，我想稍微談談汽車產業，我認為 SAAR 已經持續低迷相當長一段時間了。我們看到這種情況在 2026 年仍然存在。鑑於我們已經實現了每年 10% 的內容成長，考慮到我們擁有的強大內容儲備，我們認為這種成長勢頭將會持續下去。

All that said, we've got a very uncertain macro environment. But my expectation is all the end markets will be up despite the outlook from a macro perspective.

綜上所述，我們目前面臨的宏觀環境非常不確定。但我預計，儘管宏觀經濟前景不樂觀，但所有終端市場都將上漲。

Thank you.

謝謝。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you. Speaking of Autos, I think you guys had indicated when you guided the quarter that you'd be slightly down; you ended up slightly up. Can you talk about what's coming in a little bit better? And you guys have been pretty good about helping us understand pull-forwards and things like that. Any sign of any activity now?

偉大的。謝謝。說到汽車業務，我想你們在發布季度業績指引時曾表示會略有下滑；結果卻略有增長。能更詳細地談談接下來會發生什麼事嗎？你們在幫助我們理解提前成交之類的事情方面做得非常好。現在有任何活動跡象嗎？

Sure, Joe. I'll take that one. So for us, Auto has been our strongest market, right? Double-digit CAGR through cycle driven by secular content gains, compounded by our share gains, particularly in connectivity and power, for ADAS and next-gen infotainment systems.

當然，喬，我接受這個任務。所以對我們來說，汽車產業一直是我們最強勁的市場，對吧？週期內實現兩位數複合年增長率，這主要得益於長期內容增長，以及我們在ADAS和下一代資訊娛樂系統的連接性和功率方面的市場份額增長。

Here, I would note we've had pretty significant share gains in China, which where you see a lot of the light vehicle share getting increased. So that's been beneficial. Near term, the market has been more resilient than we and many have predicted, right, evidenced by the stronger volumes on vehicles. We do think some of the upside we've seen in the volumes in our business this year was tariff and policy-related.

在此，我想指出，我們在中國取得了相當大的市佔率成長，在中國，輕型汽車的市佔率正在大幅提升。所以這很有好處。短期來看，市場比我們和許多人預測的更有韌性，對吧，汽車銷售的強勁成長就證明了這一點。我們認為，今年業務量成長的部分原因是關稅和政策方面的因素。

We've talked in prior calls about our view that there might have been some pull-ins. I can't be precise or certain, but we did make that estimation. Given this, we did approach Q4 with some caution and expected to see -- I think I said on the last call -- we thought we'd see some of this pre-buying unwind in the fourth quarter.

我們在之前的電話會議中討論過，我們認為可能存在一些拉攏行為。我無法給出精確或肯定的答案，但我們確實做出了這樣的估計。有鑑於此，我們對第四季度持謹慎態度，並預計——我想我在上次電話會議上說過——我們認為這些提前購買行為會在第四季度有所緩解。

That did not appear to happen to us. Our results were fairly seasonal, and bookings were normal with a book-to-bill just below 1, which is actually pretty typical for Q4. We're still being a bit cautious on the market as it's unclear how the tariffs and volatilities we saw will ultimately impact us and our customers. And also just given short lead-time orders visibility tends to be pretty low right now.

這種情況似乎並沒有發生在我們身上。我們的業績具有相當強的季節性，預訂量正常，預訂量與實際出貨量之比略低於 1，這在第四季度實際上是相當典型的。我們對市場仍然持謹慎態度，因為目前還不清楚我們看到的關稅和波動最終會對我們和我們的客戶產生什麼樣的影響。而且由於交貨週期短，目前的訂單可見度往往很低。

So as we think about our Q1 outlook as a sub-seasonal quarter or down mid-single digits sequentially, but up year over year, and given the content gains in this market and the pilot of design win traction that Vince mentioned, we do think fiscal '26 will be another strong year.

因此，考慮到第一季業績可能低於季節性因素，環比下降個位數，但同比有所增長，並且鑑於該市場的內容增長以及Vince提到的設計試點項目取得的成功，我們認為2026財年將是又一個強勁的年份。

Very helpful. Thank you very much.

很有幫助。非常感謝。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

Hi, guys. Thanks for taking my question. I wanted to ask about gross margins. You sort of talked about being at 70%; gross margin is around $3 billion. So you're sitting over there, and you're still -- I mean, even in the quarter, you came in a little below 70%.

嗨，大家好。謝謝您回答我的問題。我想問一下毛利率的問題。你剛剛提到毛利率達到了 70%；毛利約 30 億美元。所以你坐在那裡，你仍然——我的意思是，即使在季度中，你的成績也略低於 70%。

As far as I can tell, the guidance implies gross margins relatively flattish around that 70% range. You can let me know if that's right or not. But I'm just wondering why we're not seeing more leverage on the gross margin line, especially as utilizations are going up and everything else? Like, why shouldn't we expect that more leverage on gross margins?

據我所知，該指引暗示毛利率將相對穩定地維持在 70% 左右。你可以告訴我這樣是否正確。但我只是好奇，為什麼我們沒有看到毛利率方面有更大的提升空間，尤其是在產能利用率上升以及其他因素都在增加的情況下？為什麼我們不應該期待毛利率能得到更大的提升呢？

Okay, I'll take that one. So obviously, with our interesting lean in gross margins, where we can see the impact that we get from the innovation premium, we did increase quarter over quarter and year over year. And we did have higher utilization and some favorable mix. We didn't get to the 70% as planned, as the mix component wasn't as strong as we were expecting.

好的，我選這個。顯然，憑藉我們有趣的毛利率成長，我們可以看到創新溢價的影響，我們的毛利率實現了季度環比和年度同比增長。而且我們的利用率更高，產品組合也比較有利。我們沒有達到計劃中的 70% 的目標，因為混合成分沒有我們預期的那麼強。

As we've talked about, we had a much stronger result in Auto, which kept the Industrial mix a bit lower than we planned. And that's what kept us from getting all the way to the 70%. Now if I look out to Q1, your margin percent for us is typically lower in Q1 seasonally, given the annual shutdown factories for required maintenance and around the holidays in conjunction with customer shutdowns.

正如我們之前討論過的，汽車產業的表現遠超預期，這使得工業產業的佔比略低於我們的預期。而這正是我們未能達到 70% 目標的原因。現在，如果我展望第一季度，由於工廠每年都會停工進行必要的維護，以及假日期間客戶停工，我們的第一季利潤率通常會較低。

However, based on our outlook, we are anticipating that the higher Industrial mix in Q1, which we think will offset the seasonal component and hold gross margin flat. So you're right, the embedded is a flattish gross margin where we get an offset from higher mix, which will offset the pressure from the shutdowns.

然而，根據我們的預測，我們預計第一季工業產品佔比上升，我們認為這將抵消季節性因素的影響，並使毛利率保持穩定。所以你說得對，嵌入式毛利率相對平穩，我們可以從更高的產品組合中獲得補償，這將抵消停產帶來的壓力。

And then I guess, and the last piece, as we think about the continued go forward, Stacy, at this revenue level, one of the things I'd like to remind is we did have a pretty significant capacity expansion while we were addressing our resilience over the last several years.

最後，我想說的是，當我們思考如何繼續向前發展時，Stacy，在目前的營收水準下，我想提醒大家的是，在過去幾年裡，我們在提高自身韌性的同時，也實現了相當大的產能擴張。

And so it will take us higher revenue dollars to continue to expand beyond 70% and also, as we've talked about, the continued movement in mix. And given the strength we see in Industrial in going into '26, we expect that that share of our business will continue to increase.

因此，我們需要更高的收入才能繼續擴大到 70% 以上，而且，正如我們之前討論過的，還需要繼續調整產品組合。鑑於工業領域在 2026 年的強勁表現，我們預計該業務在我們公司中所佔的份額將繼續成長。

Yeah. I think just one other piece of color, Stacy, that pricing is in good shape. So it's really a question of mix and continuing to push the utilizations (multiple speakers).

是的。我覺得還有一件顏色合適的衣服，Stacy，價格也挺好的。所以關鍵在於產品組合以及持續提高使用率。（多位發言者）

Got it. Thank you, guys.

知道了。謝謝大家。

Thanks, Stacy. We'll move on to our next question, please.

謝謝你，史黛西。我們接下來討論下一個問題。

Christopher Danely, Citi.

克里斯多福‧丹尼利，花旗銀行。

Hey, thanks, guys. Just a follow-up on Stacy's question. Has the relative gross margin levels, have those changed at all between the end markets? Have any of them gone up or down versus the corporate average? I guess, just to cut to the chase, have the Auto gross margins gotten a little worse relative to the corporate average over the last like two, three years or anything else changed?

嘿，謝謝大家。我來補充一下Stacy的問題。終端市場之間的相對毛利率水準是否有所變化？與公司平均值相比，這些指標有上升或下降的嗎？我想，開門見山地說，過去兩三年裡，汽車業的毛利率相對於公司平均水平是否有所下降，或者其他方面是否有任何變化？

Hi, Chris. I would say the way we've characterized the individual end market margins versus average has not changed, not in any meaningful way.

嗨，克里斯。我認為，我們對各個終端市場利潤率與平均利潤率的描述方式並沒有改變，至少沒有任何實質的改變。

Okay. Thanks, Rich.

好的。謝謝你，里奇。

Sure.

當然。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. Vincent, you talked about Maxim revenue synergies. Can you update us on that? I know you said you're on track, but maybe you can give us a sense of where that stands.

多謝。Vincent，你談到了Maxim的收入綜效。您能給我們更新一下相關情況嗎？我知道你說你一切進展順利，但或許你可以告訴我們目前的進展。

And then, Rich, can you tell us sort of what your sense of like a normal fiscal Q2? It seems like normal seasonal in fiscal Q2 is up like mid-singles. Is that sort of how you think about a typical fiscal Q2? And then maybe like what are the puts and takes as you kind of head into fiscal Q2? Thanks.

那麼，Rich，你能跟我們說說你對正常的第二財季的看法嗎？看起來第二財季的正常季節性成長幅度相當於單季中期水準。你覺得典型的第二財季是這樣的嗎？那麼，在進入第二財季之際，你們的買進和賣出策略是什麼呢？謝謝。

Yeah. So, Tim, I'll start with the synergies. So we began the conversion process -- the conversion of the pipeline in '24 and began in earnest in '24. It contributed tens of millions of dollars to ADI's top line in '24. It's clearly accelerated in '25, and it's in the hundreds of millions against our $1 billion target by '27.

是的。提姆，那我先從綜效說起。因此，我們開始了改造過程——管道改造於 2024 年正式開始。2024 年，它為 ADI 的營收貢獻了數千萬美元。2025 年，這一趨勢明顯加速，距離我們 2027 年 10 億美元的目標僅差數億美元。

And we expect an even stronger contribution in '26, given the momentum that we have in terms of new products and cross-sell. So we're seeing -- as we said, when we acquired Maxim, we saw tremendous complementarity in terms of some technology niches that Maxim filled, particularly in areas like power, these connectivity structures that we use in Automobiles and now Industrial products.

鑑於我們在新產品和交叉銷售方面的強勁勢頭，我們預計 2026 年將做出更大貢獻。所以我們看到——正如我們所說，當我們收購 Maxim 時，我們看到了 Maxim 在某些技術領域的巨大互補性，尤其是在電力、我們在汽車和現在的工業產品中使用的這些連接結構等領域。

So the complementarity actually works for ADI right across the spectrum of applications, but particularly Auto, as I've just said, Consumer, Healthcare, and Data Centers. So I think we are well on track to meet our commitment, possibly, even a little earlier than what we thought.

因此，這種互補性實際上適用於 ADI 的各個應用領域，但尤其適用於汽車、消費、醫療保健和資料中心，正如我剛才所說。所以我認為我們很有可能會按計劃實現我們的承諾，甚至可能比我們預想的還要提前一些。

Rich, do you want to take that?

Rich，你想拿嗎？

Yeah. Tim, you're absolutely right. Our Q2 tends to be our seasonally strongest quarter, where we tend to be up mid-single digits. I think that's the right way to think about it.

是的。提姆，你說得完全正確。第二季度通常是我們業績最好的季度，我們往往會達到個位數中段的成長。我認為這是正確的思考方式。

Thank you, Tim. Let's move on to our next question, please.

謝謝你，提姆。我們接下來討論下一個問題吧。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，坎托·菲茨傑拉德。

Yeah, good morning. Thank you for taking the question. Based on your prepared remarks, you talked about ADO drivers led by AI in the Data Center. And I was hoping you could perhaps speak a bit more to a framework that we should be thinking about across both Industrial and Comms.

早安.感謝您回答這個問題。根據您事先準備好的發言稿，您談到了資料中心中由人工智慧驅動的 ADO 驅動程式。我希望您能再多談談我們應該在工業和通訊領域共同考慮的框架。

Obviously, you dominate semi test analog. You've got some real design wins on the optical and power side, and then you also spoke about energy strength. So is there kind of a percentage of mix that we should be thinking about, that should be growing significantly faster than the rest of your business? And if there's kind of numbers around that, that would be very helpful. Thank you.

顯然，你在半自動模擬測試中佔據主導地位。你們在光學和功率方面取得了一些真正的設計突破，而且你們也談到了能量強度。那麼，是否存在某種比例的組合，其成長速度應該明顯快於公司其他業務？如果能有一些相關的具體數據，那就非常有幫助了。謝謝。

Yeah. Maybe I'll just give some color, and Richard can give some numbers. Yeah. So, look, specifically when we talk about AI, there's the Data Center and the ATE businesses. And if I look at Data Center in '25, it grew by 50%. And the ATE business, which also benefits from the skyrocketing compute intensities, the new memory types that are being used, as well as new memory chips, that business -- so the ATE business grew up 40% last year.

是的。或許我只需提供一些細節，理查德可以提供一些數據。是的。所以，你看，具體來說，當我們談論人工智慧時，就涉及到資料中心和 ATE 業務。如果我看一下 2025 年的資料中心，它成長了 50%。ATE 業務也受益於計算強度的飆升、新型記憶體類型以及新型記憶體晶片的使用，因此 ATE 業務去年增長了 40%。

And we believe we'll see that growth continue in '26. If I just talk about where we are Data Center, I think, as Rich said in the prepared remarks, is running about $1 billion run rate at this point in time. And there are really two primary sectors. There are one is at the electro-optical interface, and we're seeing tremendous upsurge in demand for 800 gig. Now we're seeing 1.6 terabit electro-optical interfaces that require very, very sophisticated power management and control systems.

我們相信，2026年這種成長動能仍持續。如果我只談談我們資料中心的情況，我認為，正如 Rich 在準備好的演講稿中所說，目前我們的年收入約為 10 億美元。實際上，主要分為兩大類。其中一個是在光電介面處，我們看到對 800 Gb 的需求出現了巨大的成長。現在我們看到的是 1.6 太比特的電光接口，這需要非常非常複雜的電源管理和控制系統。

And then there's power more generally. I think in the areas of protection, we're beginning to see a shift in very, very high-voltage technologies that require very sophisticated monitoring and control. There's power conversion and power delivery. And we're seeing our portfolios in those three areas gain significant traction.

此外，還有更廣義的權力問題。我認為在防護領域，我們開始看到一種轉變，即採用非常非常高的電壓技術，這需要非常複雜的監控和控制。包括功率轉換和功率傳輸。我們看到，我們在這三個領域的投資組合正在獲得顯著的成長。

On the delivery side, we have mentioned before, vertical power. That technology now is beginning to be adopted broadly. So we're at the kind of -- we use a term in the electronics industry -- we're at the knee of the curve. We're beginning -- I think we're in place to see exponential growth there.

在交付方面，我們之前提到過垂直動力。這項技術現在正開始被廣泛採用。所以我們現在正處於——用電子產業的術語來說——曲線的轉折點。我們正處於起步階段——我認為我們已經做好了迎接指數級成長的準備。

ATE, $800 million run rate. And as I said, very, very well positioned with all the key players, both the vertically integrated players as well as the OEMs in chip testing. And as the shift to HBM4 takes place, we're going to see higher pin count, more complexity, more speed, basically, more instrumentation compute density in our chips.

ATE，年均收入8億美元。正如我所說，我們在晶片測試領域與所有關鍵參與者，包括垂直整合型企業和原始設備製造商，都建立了非常良好的關係。隨著向 HBM4 的過渡，我們將看到更高的引腳數、更複雜的結構、更快的速度，基本上，我們的晶片將擁有更高的儀器運算密度。

So I think we're in a good place from a customer engagement standpoint, from a technology standpoint. My sense is we should see double-digit growth in both those areas over the next few years. Rich, do you want to add anything?

所以我認為，從客戶互動角度和技術角度來看，我們都處於一個不錯的位置。我的感覺是，未來幾年這兩個領域都應該會達到兩位數的成長。Rich，你還有什麼要補充的嗎？

I will add my concurrence on your view about the outlook for the next few years. (technical difficulty) if you look at the external factors, particularly around that the Data Center piece and the high-performance compute, the forecast continue -- forecast from all of the hyperscalers and the big buyers in the space continue to go up.

我同意您對未來幾年前景的看法。 （技術難題）如果您觀察外部因素，特別是資料中心和高效能運算領域，那麼所有超大規模資料中心營運商和該領域大型買家的預測都在持續上升。

And even recently, several of the large hyperscalers have added even further increases to their CapEx plan. So I do think that that near, medium-term spend is going to continue. And we should be a big beneficiary given our strength there.

甚至最近，一些大型超大規模資料中心營運商也進一步增加了資本支出計畫。所以我認為，這種中短期支出將會持續下去。鑑於我們在那裡的實力，我們應該會成為最大的受益者。

Thank you, C.J. Move on to our next caller, please.

謝謝您，C.J.。請接聽下一位來電者。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Yeah, good morning. Thanks for taking my question. One of the other strong dynamics among several, which separates ADI from peers is, obviously, the strong exposure to Aerospace and Defense. This has been growth area for ADI during this last downturn.

早安.謝謝您回答我的問題。ADI 與其他公司相比，其眾多優勢之一，也是其與同行區分開來的重要因素，顯然是其在航空航太和國防領域的強大影響力。在上一次經濟低迷時期，這已成為ADI的成長領域。

I think the business is now driving well over $1 billion of annualized run rate revenues or roughly greater than 10% of your total revenues. It grew strongly double digits in fiscal '25. Does the team anticipate continued strong double-digit growth in fiscal '26? And maybe help us understand, like, what are some of the ADI-specific product cycles here that's going to continue to drive the strong growth profile going forward?

我認為該業務目前的年化運行收入已超過 10 億美元，約佔您總收入的 10% 以上。2025財年實現了強勁的兩位數成長。團隊是否預期在 2026 財年繼續保持兩位數的強勁成長？或許還能幫助我們了解，例如，ADI 有哪些特有的產品週期將持續推動未來強勁的成長動能？

Yeah. Thanks very much for the question. So yeah, the journey for ADI in that Aerospace and Defense market really took off in earnest when we acquired Hittite. And we've got Hittite's really high-quality RF and microwave portfolio, which is central to all the communications activities right across the Aerospace and Defense market from defense systems -- every type of defense system you can imagine to satellite communications.

是的。非常感謝您的提問。是的，ADI 在航空航太和國防市場的旅程真正開始於我們收購 Hittite 之後。我們擁有 Hittite 的高品質射頻和微波產品組合，這對於整個航空航天和國防市場的所有通訊活動至關重要，從防禦系統——你能想像到的各種類型的防禦系統到衛星通訊。

The primary portfolios we have there are obviously microwave and RF sensors. The highest performance conversion products that we build on the precision and high -- very, very high-speed signal processing side are central. And increasingly, when we when we acquired LTC and Maxim, we were able to cross-connect with all the signal processing technologies, the power tech, all the power management technology.

我們目前的主要產品組合顯然是微波和射頻感測器。我們以高精度和高速（非常非常高速）訊號處理為基礎，打造性能最高的轉換產品，這就是核心所在。而且，當我們收購 LTC 和 Maxim 之後，我們能夠與所有訊號處理技術、電源技術、所有電源管理技術進行交叉連接。

So if you look then at the market drivers, you've got -- the world isn't becoming any more peaceful. So there's going to be increasing capital deployment to build defense systems globally. We're seeing very strong demand -- an increasing demand in Europe and beyond.

所以，如果你看看市場驅動因素，你會發現──世界並沒有變得更和平。因此，全球範圍內將增加用於建設國防系統的資金投入。我們看到市場需求非常強勁——歐洲及其他地區的需求不斷增長。

And we work with all of the primary OEMs. And so that -- all that, coupled with increasing ASPs -- I mean, some of these products we built attract tens of thousands of dollars per system. So I think that business has the capacity by the end of the decade to more than double.

我們與所有主要原始設備製造商都有合作。因此，所有這些因素，再加上不斷上漲的平均售價（ASP），我的意思是，我們開發的某些產品每個系統可以吸引數萬美元的收入。所以我認為，到本十年末，該行業的規模有能力翻倍以上。

Thank you, Harlan. We'll move on to our next question.

謝謝你，哈蘭。接下來我們來看下一個問題。

Thank you.

謝謝。

Joshua Buchalter, Cowen.

Joshua Buchalter，Cowen。

Hey, guys. Thank you for taking my questions, and congrats on the strong results. I wanted to follow up on the comments about fiscal 2Q being the seasonal plus mid-single-digit percent. Could you maybe speak to what's driving the confidence and the visibility there? Any metrics you're able to give on lead times?

嘿，夥計們。感謝您回答我的問題，並祝賀您取得優異的成績。我想就第二財季的季節性因素加上個位數百分比的增幅發表一些評論。您能否談談是什麼因素促成了這種信心和知名度？您能否提供一些關於交貨週期的指標？

And then bigger picture, how has your visibility looking forward changed as the mix has changed? Like, do you think, compared to a couple of years ago, there's more of your exposure tied to ADO drivers like Aerospace and Defense and Data Center, and that's increasing your visibility?

從更宏觀的角度來看，隨著市場結構的變化，您對未來的展望發生了什麼樣的變化？例如，您認為與幾年前相比，您現在與航空航太、國防和資料中心等 ADO 驅動因素相關的業務量是否增加了，從而提高了您的知名度？

I'd just be curious to hear. Because you mentioned there was some uncertainty on the shape of the year in the press release. I'd be curious to hear how you're feeling about visibility. Thank you.

我只是好奇想聽聽看。因為你在新聞稿中提到今年的發展前景存在一些不確定性。我很想知道你對可見性有什麼看法。謝謝。

Thanks, Josh. So first, I didn't guide for Q2. I confirm what the historical seasonality is. As we've been talking about, right, we still have don't have a ton of visibility beyond current quarter plus one, right? As we've talked about, the times are -- most of our products have lead time sub-13 weeks.

謝謝你，喬希。所以首先，我沒有為第二季做指導。我確認了歷史季節性法則。正如我們一直在討論的那樣，對吧？我們對當前季度之後的一個季度仍然沒有太多的了解，對吧？正如我們之前討論過的，目前大多數產品的交貨週期都在 13 週以內。

So we get a lot of orders in quarter. We got a lot of quarters -- a lot of orders with short lead times, which does reduce some of that visibility. So I think on the first part of your question, I don't think we've necessarily seen an improvement in visibility over the last two years, although I do agree, I think, that the -- we've now got broad strength in a number of the ADO areas that Vince described. But given where we are from an inventory-on-hand position as well as our cycle times, we're not getting a ton of outside of a quarter visibility.

所以我們每季都會接到很多訂單。我們接到了很多季度訂單——很多交貨週期很短的訂單，這確實降低了一些可見度。所以，關於你問題的第一部分，我認為在過去兩年裡，我們並沒有看到能見度有所提高，儘管我同意，我認為——我們現在在文斯描述的許多 ADO 領域都擁有了廣泛的實力。但鑑於我們目前的庫存狀況以及我們的周期時間，我們無法獲得季度以外的太多資訊。

Thank you, Josh. And we'll move to our last question, please.

謝謝你，喬許。接下來，我們進入最後一個問題。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes, thank you for squeezing me in. So, Vince, ADI has been always very thoughtful about allocating R&D dollars. And the economy is changing in front of our eyes structurally quite significantly here. So how are you thinking about prioritizing your R&D spend right now? And are there any areas you would like to double down and, perhaps, areas you would like to deemphasize as a company? Thank you.

是的，謝謝你們擠出時間幫我。所以，Vince，ADI在研發資金的分配上一直非常謹慎。我們眼前的經濟結構正在發生相當大的變化。那麼，您目前是如何考慮研發支出優先順序的呢？那麼，作為一家公司，您是否希望加大投入某些領域，又是否希望減少投入某些領域？謝謝。

Yeah. Thanks, Tore. Yeah, when I look at the analog space, in the core analog business, we continue to push the edges of signal processing, data conversion systems, and precision as well as very, very high speed. I think power management for ADI is still an opportunity with a lot -- a much, much bigger growth story.

是的。謝謝你，托雷。是的，當我審視模擬領域，在核心模擬業務方面，我們不斷突破訊號處理、資料轉換系統和精確度以及極高速度的極限。我認為ADI的電源管理領域仍蘊藏著巨大的機會──未來還有更大的發展空間。

So that is a place that, as we've gone through our strategy planning cycle in the last few quarters here, we're dialing down on for sure. There are areas as well of our digital portfolio where we see very, very strong niches for what we do in terms of, for example, low parallel latency, these heterogeneous compute structures, as well as our algorithmic technology.

所以，在過去幾季的策略規劃週期中，我們肯定會減少對這方面的投入。在我們的數位產品組合中，我們也看到了一些我們非常非常強大的利基市場，例如低平行延遲、異質運算結構以及我們的演算法技術。

So I mentioned during the prepared remarks, how we're enhancing the functionality of our core analog technologies by using machine learning techniques, for example, in base stations in the Consumer area as well.

因此，我在事先準備好的演講稿中提到，我們正在如何利用機器學習技術來增強我們核心模擬技術的功能，例如，在消費者領域的基地台中也是如此。

So -- but I think most of what we do is making sure that we have the platforms to be able to compete globally across all the geographies, across the spectrum of markets that we find most attractive, some of the most important problems.

所以——但我認為我們所做的大部分工作是確保我們擁有在全球所有地區、在我們認為最有吸引力的各個市場領域中競爭的平台，以解決一些最重要的問題。

And what I can tell you is that our customers are asking us to do more and more to tame their complexity and help them speed up their innovation cycle. So that's -- when we think about the investment portfolio, we're very opportunity-rich. And we've got a very high-quality problem, which is picking the most valuable opportunities in that spectrum of -- that's replete with opportunity.

我可以告訴大家的是，我們的客戶要求我們做更多的工作來簡化他們的複雜性，並幫助他們加速創新週期。所以，當我們考慮投資組合時，我們擁有非常多的機會。我們面臨著一個非常高品質的問題，那就是在充滿機會的領域中挑選出最有價值的機會。

Thanks, Tore, and thanks, everyone, for joining us this morning. A copy of this transcript will be available on our website. And all available reconciliations and additional information can also be found in the Quarterly Results section of our Investor Relations website.

謝謝托雷，也謝謝大家今天早上收看我們的節目。這份成績單的副本將在我們的網站上提供。所有可用的調節表和補充資訊也可以在我們投資者關係網站的季度業績部分找到。

Thank you for your continued interest in Analog Devices, and happy Thanksgiving.

感謝您一直以來對Analog Devices的關注，祝您感恩節快樂。

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

今天的Analog Devices電話會議到此結束。您現在可以斷開連線了。