亞德諾半導體 (ADI) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Analog Devices Second Quarter Fiscal Year 2022 Earnings Conference Call, which is being audio webcast via telephone and over the web. I would like to now introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations. Sir, the floor is yours.

早上好，歡迎參加 ADI 公司 2022 財年第二季度收益電話會議，該電話會議將通過電話和網絡進行音頻網絡直播。我現在想介紹一下今天電話會議的主持人，投資者關係副總裁 Michael Lucarelli 先生。先生，地板是你的。

Thank you, Katrina, and good morning, everybody. Thanks for joining our second quarter fiscal 2022 call. With me on the call today are ADI's CEO and Chair, Vincent Roche; and ADI's CFO, Prashanth Mahendra-Rajah. For anyone who missed the release, you can find it and related financial schedules at investor.analog.com.

謝謝卡特里娜颶風，大家早上好。感謝您加入我們的 2022 財年第二季度電話會議。今天與我通話的是 ADI 的首席執行官兼董事長 Vincent Roche；和 ADI 的首席財務官 Prashanth Mahendra-Rajah。對於錯過發布的任何人，您可以在investor.analog.com 上找到它和相關的財務時間表。

On to 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 reports and other materials filed with the SEC. Actual results could differ materially from the forward-looking information as these statements reflect our expectations as of the date of this call. We undertake no obligation to update these statements, except as required by law.

關於披露。我們即將討論的信息包括前瞻性陳述，這些陳述受到某些風險和不確定性的影響，如我們的收益發布和我們提交給美國證券交易委員會的定期報告和其他材料中進一步描述的那樣。實際結果可能與前瞻性信息存在重大差異，因為這些陳述反映了我們截至本次電話會議之日的預期。除法律要求外，我們不承擔更新這些聲明的義務。

Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliation of these non-GAAP measures to the most directly comparable GAAP measures and additional information about our non-GAAP measures are also included in today's earnings release. And with that, I'll turn it over to ADI's CEO and Chair, Vincent Roche. Vince?

我們今天的評論還將包括非公認會計原則財務措施，其中不包括特殊項目。在將我們的結果與我們的歷史表現進行比較時，特殊項目也被排除在前期。這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬以及有關我們的非 GAAP 措施的其他信息也包含在今天的收益發布中。有了這個，我將把它交給 ADI 的首席執行官兼主席 Vincent Roche。文斯?

Thank you, Mike, and a very good morning to you all. Well, I'm very pleased to report that ADI delivered another quarter of record revenue, profitability and earnings, driven by continued insatiable demand for our products, strong operational execution and accelerated synergy capture. Moreover, amidst a dynamic macro environment, we're operating from a position of remarkable strength, supported by our record backlog, robust bookings and ongoing capacity expansions, which position us favorably as we enter the second half.

謝謝你，邁克，祝大家早上好。好吧，我很高興地報告說，由於對我們產品的持續永不滿足的需求、強大的運營執行和加速的協同效應，ADI 實現了另一個季度創紀錄的收入、盈利能力和收益。此外，在動態的宏觀環境中，我們的運營實力非常強勁，這得益於我們創紀錄的積壓、強勁的預訂和持續的產能擴張，這使我們在進入下半年時處於有利地位。

Now moving to a summary of our results. Revenue was $2.97 billion, above the high end of our outlook and up 28% year-over-year on a pro forma basis. Strength was broad-based with all segments up double digits year-over-year. Impressively, adjusted gross margin expanded to 74% and operating margin to 50%. Adjusted EPS was $2.40, exceeding the high end of outlook and increasing over 50% from the year ago period.

現在轉到我們結果的摘要。收入為 29.7 億美元，高於我們預期的高端，在備考基礎上同比增長 28%。實力基礎廣泛，所有細分市場均同比增長兩位數。令人印象深刻的是，調整後的毛利率擴大到 74%，營業利潤率擴大到 50%。調整後每股收益為 2.40 美元，超過展望的高端，同比增長 50% 以上。

Overall, I'm very excited with our performance and our team's outstanding execution. Today, I'd like to reinforce what we shared at our Investor Day around how our markets are evolving and how we're investing to solve more of our customers' problems while also improving on our business model that's both rich with growth opportunities and, indeed, resiliency.

總的來說，我對我們的表現和團隊出色的執行力感到非常興奮。今天，我想加強我們在投資者日分享的內容，包括我們的市場如何發展以及我們如何投資以解決更多客戶的問題，同時改進我們的商業模式，這種模式既有豐富的增長機會，而且，確實，彈性。

The next wave in the evolution of the ICT sector is the nascent intelligent edge revolution. It will be characterized by ubiquitous sensing, hyperscale computing and pervasive connectivity, pushing processing and intelligence closer to the edge. Semiconductors are the bedrock enabling this next wave. And ADI, where data is born, is at the center of this revolution.

ICT 行業發展的下一波浪潮是新生的智能邊緣革命。它將以無處不在的傳感、超大規模計算和無處不在的連接為特徵，推動處理和智能更接近邊緣。半導體是推動下一波浪潮的基石。而數據誕生地 ADI 正處於這場革命的中心。

At our core, we're an innovation-driven enterprise. Over the last decade, through both robust organic investments and strategic M&A, we've built the industry's broadest and highest performance analog, mixed signal and power portfolio. Our offerings span from microwave to bits, nanowatts to kilowatts, sensor to cloud and increasingly, from components to subsystems. Our vast arsenal of technologies, along with the deep level of engagement and support we provide our customers, has earned us the #1 positions in analog, mixed signal, RF and high-performance power.

在我們的核心，我們是一家創新驅動型企業。在過去十年中，通過穩健的有機投資和戰略併購，我們建立了業界最廣泛、性能最高的模擬、混合信號和電源產品組合。我們的產品範圍從微波到比特，從納瓦到千瓦，從傳感器到雲，並且越來越多地從組件到子系統。我們龐大的技術庫，以及我們為客戶提供的深度參與和支持，為我們贏得了模擬、混合信號、射頻和高性能電源領域的第一名。

This, coupled with our focus on customer success, awards ADI with an innovation premium that is reflected in our ASPs that are more than 3x the industry average and also industry-leading gross margins. The growing scope of our customers' products is dramatically expanding in complexity and pressuring their product development teams and innovation cycles. To meet these challenges and deliver the next wave of disruptive innovations, we're investing over $1.6 billion in R&D annually. These investments strengthen our broad market franchise and enable us to expand our SAM and vertical applications where more complete solutions are necessary. We achieve this by integrating our core analog technologies with increasing levels of digital algorithms and software.

再加上我們對客戶成功的關注，ADI 獲得了創新溢價，這體現在我們的 ASP 是行業平均水平的 3 倍以上，毛利率也是行業領先的。我們客戶的產品範圍不斷擴大，複雜性急劇擴大，給他們的產品開發團隊和創新周期帶來壓力。為了應對這些挑戰並提供下一波顛覆性創新，我們每年在研發方面的投資超過 16 億美元。這些投資加強了我們廣泛的市場特許經營權，使我們能夠在需要更完整解決方案的地方擴展我們的 SAM 和垂直應用。我們通過將我們的核心模擬技術與不斷提高的數字算法和軟件集成來實現這一目標。

Now let's look at how our technology is intersecting with our markets. Industries like transportation, energy, telecoms, manufacturing and health care are prioritizing digitalization. This is driving new generations of applications and fueling a host of concurrent secular growth trends, and I'd like to touch on just a few now.

現在讓我們看看我們的技術如何與我們的市場相交。交通、能源、電信、製造和醫療保健等行業正在優先考慮數字化。這推動了新一代應用程序的發展，並推動了許多並發的長期增長趨勢，我現在想談談其中的幾個。

Starting with automotive. Here, ADI is the market leader in battery management systems, for example, for EVs. Our battery management systems, or BMS, solutions offer customers the highest levels of accuracy, reliability, safety and security. Our wireless BMS solution offers all the benefits of wired but also enables rapid battery pack configurability and cost-effective scaling of our customers' EV fleets. This innovative solution continues to gain traction in the market and adds to our content per system by up to 2x.

從汽車開始。在這裡，ADI 是電池管理系統（例如電動汽車）的市場領導者。我們的電池管理系統或 BMS 解決方案為客戶提供最高水平的準確性、可靠性、安全性和保障性。我們的無線 BMS 解決方案提供了有線的所有優勢，同時也實現了快速的電池組可配置性和經濟高效地擴展我們客戶的 EV 車隊。這種創新的解決方案繼續在市場上獲得吸引力，並將我們每個系統的內容增加多達 2 倍。

Moving to communications, where ADI is the market leader in radio signal chains for 5G with a majority share across the ecosystem. Our latest generation transceiver includes a fully integrated digital front end and grows our SAM by 2x. This innovative radio architecture reduces system cost and waste and improves power efficiency. Further, the flexibility of these software-defined solutions allows them to be used across traditional 5G networks as well as in emerging Open RAN and LEO satellite networks.

轉向通信，ADI 是 5G 無線電信號鏈的市場領導者，在整個生態系統中佔有大部分份額。我們最新一代的收發器包括一個完全集成的數字前端，使我們的 SAM 增長了 2 倍。這種創新的無線電架構降低了系統成本和浪費，並提高了電源效率。此外，這些軟件定義解決方案的靈活性使其能夠用於傳統的 5G 網絡以及新興的 Open RAN 和 LEO 衛星網絡。

Lastly, health care. We have a #1 position with dominant share in medical imaging, for example. Subsystems like our photons-to-bits module are used by the top CT players in the world. Our solution delivers the highest-fidelity images while decreasing radiation dosage. And in the process, it allows us to capture 4x the SAM compared to offering just components alone.

最後，醫療保健。例如，我們在醫學成像領域佔據第一的位置。像我們的光子到比特模塊這樣的子系統被世界頂級 CT 玩家使用。我們的解決方案在降低輻射劑量的同時提供最高保真度的圖像。在此過程中，與僅提供組件相比，它使我們能夠捕獲 4 倍的 SAM。

In addition to expanding our innovation edge across these secular trends to amplify growth, the Maxim combination creates a $1 billion revenue synergy opportunity for us over the next 5 years. The first opportunity arises from customer cross-selling, leveraging our complementary relationships to pull through our extended portfolio. Second is fusing together the new product road maps of these 2 premier Analog portfolios to push the boundaries of what's possible. And third is power management. Here, the combination with Maxim increases our breadth of power capabilities, creates a more cost competitive portfolio and adds to our engineering talent pool. As a result, we unlocked $4 billion of additional power SAM and look to double our power revenue in the years ahead.

除了在這些長期趨勢中擴大我們的創新優勢以擴大增長之外，Maxim 的組合還為我們在未來 5 年創造了 10 億美元的收入協同機會。第一個機會來自客戶交叉銷售，利用我們的互補關係來拉動我們擴展的產品組合。其次是將這兩個主要模擬產品組合的新產品路線圖融合在一起，以突破可能的界限。第三是電源管理。在這裡，與 Maxim 的結合擴大了我們的電源能力範圍，創造了更具成本競爭力的產品組合，並增加了我們的工程人才庫。因此，我們獲得了 40 億美元的額外電力 SAM，並希望在未來幾年將我們的電力收入翻一番。

The proliferation of the intelligent edge and our revenue synergy opportunity gives me great confidence that we can bend the growth curve upwards, moving from our historical mid-single-digit growth rate to our new model of 7% to 10%.

智能邊緣的擴散和我們的收入協同機會讓我充滿信心，我們可以向上彎曲增長曲線，從我們歷史上的中個位數增長率轉變為我們 7% 到 10% 的新模式。

Now I'd like to speak a little to the unique resiliency of our business. The diversity of our portfolio is a source of great strength. We ship 75,000 product SKUs, which support thousands of applications to over 125,000 customers. Notably, 80% of our revenue is derived from products that individually contribute no more than 0.1% of total revenue. And the longevity of our products is unmatched. On average, our products have life spans of a decade or more, effectively delivering recurring revenue streams for decades. It's these characteristics that create a high barrier to entry and an enduring business model.

現在我想談談我們業務的獨特彈性。我們產品組合的多樣性是強大力量的源泉。我們提供 75,000 個產品 SKU，為超過 125,000 名客戶提供數千種應用程序支持。值得注意的是，我們 80% 的收入來自單獨貢獻不超過總收入 0.1% 的產品。我們產品的使用壽命無與倫比。平均而言，我們的產品具有十年或更長時間的使用壽命，有效地提供了數十年的經常性收入流。正是這些特點創造了高門檻和持久的商業模式。

Finally, we utilize a geographically diverse hybrid manufacturing strategy to tame the complexity and fragmentation of the analog market. This strategy provides us with a broad array of technology and packaging necessary to create innovative solutions from 7 nanometers to 7 micrometers. At the same time, this model creates a diverse network of internal and external partners to best manage our operations through economic cycles.

最後，我們利用地域多樣化的混合製造策略來應對模擬市場的複雜性和分散性。這一戰略為我們提供了創建從 7 納米到 7 微米的創新解決方案所需的廣泛技術和封裝。同時，這種模式創建了一個由內部和外部合作夥伴組成的多元化網絡，以便在經濟周期中最好地管理我們的運營。

As we mentioned at our Investor Day, we're investing in our internal manufacturing operations to build a more robust and cost-effective model. To that end, we're doubling the capacity of our internal factories and adding significant capital to our product test operations. These investments will grow our output this year and into 2023 and increase our swing capacity across our network to over 70% of revenue.

正如我們在投資者日提到的，我們正在投資於我們的內部製造業務，以建立一個更強大、更具成本效益的模型。為此，我們將內部工廠的產能翻了一番，並為我們的產品測試業務增加了大量資金。這些投資將增加我們今年和 2023 年的產量，並將我們整個網絡的擺動能力提高到收入的 70% 以上。

So in closing, ADI is a leader in innovating at the edge, and I believe that our best days are still ahead of us as we drive increased value for our customers, shareholders and society. And with that, I'm going to pass it over to Prashanth, who will take you through the financial detail.

所以最後，ADI 是邊緣創新的領導者，我相信，隨著我們為客戶、股東和社會創造更高的價值，我們最好的日子還在前面。有了這個，我將把它交給 Prashanth，他將帶你了解財務細節。

Thank you, Vince. Let me add my welcome to our second quarter earnings call. It was great to see and hear from so many of you at our Investor Day last month, and it was also exciting to welcome so many of our customers to demonstrate our technologies in action.

謝謝你，文斯。讓我歡迎我們的第二季度財報電話會議。很高興在上個月的投資者日看到和聽到你們這麼多人的聲音，也很高興歡迎這麼多客戶展示我們的技術。

As usual, my comments today, with the exception of revenue, will be on an adjusted basis, which excludes special items outlined in today's press release. We printed another very impressive quarter with record revenue, profitability and earnings. These strong results reflect increasing demand for our highly differentiated products aligned to multiple secular trends as well as our ability to leverage our hybrid manufacturing model, offset inflation and accelerate synergy capture.

像往常一樣，我今天的評論（收入除外）將在調整後的基礎上進行，其中不包括今天新聞稿中概述的特殊項目。我們又打印了一個非常令人印象深刻的季度，收入、盈利能力和收益都創紀錄。這些強勁的業績反映了我們對符合多種長期趨勢的高度差異化產品的需求不斷增長，以及我們利用混合製造模式、抵消通貨膨脹和加速協同效應的能力。

Second quarter revenue of $2.97 billion finished above the high end of our outlook, with every B2B end market exceeding initial expectations. This marks our fifth consecutive quarter of record revenue and our ninth straight sequential growth period.

第二季度收入為 29.7 億美元，高於我們預期的高端，每個 B2B 終端市場都超出了最初的預期。這標誌著我們連續第五個季度創紀錄的收入和我們連續第九個連續增長期。

So let's look at the performance by end market. Industrial, our most diverse and profitable end market, represented 51% of revenue and hit another all-time high. We experienced broad-based growth with digital health care, automation, instrumentation and test leading the way, underscoring increasing content and our strong position in these secular markets. Industrial has now grown more than 20% year-over-year for 6 straight quarters.

因此，讓我們看看終端市場的表現。工業是我們最多樣化和盈利能力最強的終端市場，佔收入的 51%，並創下歷史新高。我們在數字醫療保健、自動化、儀器儀表和測試方面取得了廣泛的增長，突顯了我們在這些長期市場中不斷增加的內容和強大的地位。工業現在連續 6 個季度同比增長超過 20%。

Automotive, which represented 21% of revenue, also achieved another record with all applications growing double digits year-over-year. In BMS, where we hold the #1 position, our quarterly revenue eclipsed $100 million for the first time. We expect strong growth to persist, given the momentum in the market and our continued design wins. Additionally, our A2B and GMSL solutions, which together make up roughly 20% of automotive, continued on their secular growth path fueled by the digitalization of the automobile.

佔收入 21% 的汽車行業也創下了新紀錄，所有應用均同比增長兩位數。在我們排名第一的 BMS 中，我們的季度收入首次超過 1 億美元。鑑於市場的勢頭和我們持續的設計勝利，我們預計強勁的增長將持續下去。此外，我們的 A2B 和 GMSL 解決方案合計約佔汽車行業的 20%，在汽車數字化的推動下，它們繼續保持長期增長。

Communications represented 16% of revenue with robust broad-based growth. In wireless, we experienced growing demand across our RF portfolio as 5G deployments, particularly in North America, gained momentum. ADI's latest generation transceiver, which Vince spoke to, is ideally positioned to capitalize on the virtualization trend. In wireline, demand for our optical and power products remained strong as carriers and hyperscalers invest to meet the ever-growing demand for bandwidth. And lastly, consumer represented 12% of revenue and has now grown year-over-year for 6 straight quarters. This consistent growth is a function of our product and customer breadth, which better insulates us from the typical fluctuations associated with PCs and portable devices.

通信業務佔收入的 16%，增長強勁。在無線領域，隨著 5G 部署（尤其是在北美）的發展勢頭強勁，我們的 RF 產品組合的需求不斷增長。 Vince 談到的 ADI 最新一代收發器非常適合利用虛擬化趨勢。在有線方面，隨著運營商和超大規模企業投資以滿足不斷增長的帶寬需求，對我們的光和電源產品的需求依然強勁。最後，消費者佔收入的 12%，現已連續 6 個季度同比增長。這種持續增長是我們產品和客戶廣度的一個功能，這更好地使我們免受與個人電腦和便攜式設備相關的典型波動的影響。

Now on to the P&L. Gross margin was a record 74.2%, increasing 230 basis points sequentially and 330 basis points year-over-year. Favorable product mix, high utilization and revenue growth and synergy fall-through were key drivers of the increase. OpEx in the quarter was $710 million, better than anticipated, owing to faster synergy execution. Record operating margins of 50.3% grew 450 basis points sequentially and 860 basis points year-over-year. At the end of the second quarter, we've realized over $250 million of cost synergies. We look to quickly achieve the remaining synergies and hit our recently increased target of $400 million in savings exiting fiscal '23.

現在進入損益表。毛利率達到創紀錄的 74.2%，環比增長 230 個基點，同比增長 330 個基點。有利的產品組合、高利用率和收入增長以及協同效應下降是增長的主要驅動力。由於更快的協同執行，本季度的運營支出為 7.1 億美元，好於預期。創紀錄的 50.3% 的營業利潤率環比增長 450 個基點，同比增長 860 個基點。在第二季度末，我們實現了超過 2.5 億美元的成本協同效應。我們希望快速實現剩餘的協同效應，並實現我們最近增加的 23 財年節省 4 億美元的目標。

Non-op expenses were $41 million and the tax rate for the quarter was 13.2%. All told, adjusted EPS came in at a record $2.40, up more than 50% versus the second quarter 2021.

非運營費用為 4100 萬美元，本季度的稅率為 13.2%。總而言之，調整後的每股收益達到創紀錄的 2.40 美元，與 2021 年第二季度相比增長了 50% 以上。

And now on to the balance sheet. We ended the quarter with approximately $1.7 billion of cash and equivalents. Days of inventory increased sequentially to 122 and channel inventory remains below the low end of our 7- to 8-week target. If we look at cash flow, CapEx for the quarter was $119 million and $447 million over the trailing 12 months or 5% of revenue. To support our accelerated 7% to 10% long-term revenue growth outlook, we are strategically investing to expand internal capacity while enhancing the resiliency of our hybrid model. To that end, as we stated at Investor Day, we expect CapEx as a percentage of revenue to be in the high single digits during fiscal '22 and '23 before reverting back to 4% to 6% over the long term.

現在到資產負債表上。我們在本季度末擁有約 17 億美元的現金和等價物。庫存天數環比增加至 122 天，渠道庫存仍低於我們 7 至 8 週目標的低端。如果我們看一下現金流，本季度的資本支出為 1.19 億美元，過去 12 個月為 4.47 億美元，佔收入的 5%。為了支持我們加速 7% 到 10% 的長期收入增長前景，我們正在戰略性地投資以擴大內部產能，同時增強我們混合模式的彈性。為此，正如我們在投資者日所述，我們預計資本支出佔收入的百分比在 22 財年和 23 財年將保持在高個位數，然後在長期內恢復到 4% 到 6%。

And over the trailing 12 months, we generated $3.2 billion of free cash flow or 33% of revenue. Included in our free cash flow are onetime transaction-related costs amounting to about 3% of revenue. Given the recent market weakness, we accelerated our repo activity to $776 million during the second quarter. This brings our total share repurchase to approximately $3.5 billion since the close of Maxim. And we look to maintain this accelerated buyback pace this quarter and achieve our $5 billion commitment by the end of our fiscal year. As a reminder, we target 100% free cash flow return. We will allocate 40% to 60% of our free cash flow to support a 10% dividend CAGR throughout the cycle, with the remaining cash used for buybacks to reduce share count annually.

在過去的 12 個月中，我們產生了 32 億美元的自由現金流或收入的 33%。我們的自由現金流包括一次性交易相關成本，約佔收入的 3%。鑑於近期市場疲軟，我們在第二季度將回購活動加速至 7.76 億美元。自 Maxim 收盤以來，這使我們的股票回購總額達到約 35 億美元。我們希望在本季度保持這種加速的回購步伐，並在本財年末實現我們 50 億美元的承諾。提醒一下，我們的目標是 100% 的自由現金流回報。我們將分配 40% 至 60% 的自由現金流來支持整個週期內 10% 的股息複合年增長率，剩餘的現金用於回購以減少每年的股票數量。

And now on to the outlook for third quarter. Revenue is expected to be $3.05 billion, plus or minus $100 million. We expect all end markets to grow sequentially. Given our higher-than-normal annual merit increase, operating margin is expected to be 49.5%, plus or minus 70 bps. And our tax rate is expected to be between 13% and 14%. Based on these inputs, adjusted EPS is expected to be $2.42, plus or minus $0.10. While we are very mindful of the current economic trends, our demand indicators remain very strong and our customer conversations remain upbeat, giving us confidence for continued growth for the remainder of 2022 and likely into 2023.

現在談談第三季度的前景。收入預計為 30.5 億美元，上下浮動 1 億美元。我們預計所有終端市場都將連續增長。鑑於我們高於正常的年度業績增長，營業利潤率預計為 49.5%，上下浮動 70 個基點。我們的稅率預計在13%到14%之間。根據這些輸入，調整後的每股收益預計為 2.42 美元，上下浮動 0.10 美元。雖然我們非常關注當前的經濟趨勢，但我們的需求指標仍然非常強勁，我們的客戶對話仍然樂觀，這讓我們對 2022 年剩餘時間和可能到 2023 年的持續增長充滿信心。

Importantly, as a result of our vast diversification, leadership in numerous secular growth markets, additional synergies and our resilient hybrid manufacturing model, we believe ADI has never been better positioned to transcend cyclical downturns and accelerate long-term growth. Let me now give it back to Mike to start the Q&A.

重要的是，由於我們廣泛的多元化、在眾多長期增長市場中的領先地位、額外的協同效應以及我們富有彈性的混合製造模式，我們相信 ADI 在超越週期性衰退和加速長期增長方面從未有過更好的定位。現在讓我把它還給邁克開始問答。

Thanks, Prashanth. Let's get to our Q&A session. (Operator Instructions) With that, Katrina, can we have our first question, please?

謝謝，普拉桑斯。讓我們進入我們的問答環節。 （操作員說明）這樣，卡特里娜颶風，我們可以問第一個問題嗎？

(Operator Instructions) Our first question comes from Tore Svanberg with Stifel.

（操作員說明）我們的第一個問題來自 Tore Svanberg 和 Stifel。

Congratulations on all the record results, especially on that 50% operating margin. My question is for Vince. Vince, towards the end of your remarks, you talked about growing output to increase swing capacity to 70% of revenues. Could you perhaps elaborate a little bit on that? And what is sort of the time line exactly for when you would hit that number?

祝賀所有創紀錄的結果，尤其是 50% 的營業利潤率。我的問題是針對文斯的。文斯，在你發言的最後，你談到了增加產量以將擺動能力提高到收入的 70%。您能否詳細說明一下？當你達到這個數字時，具體的時間線是什麼？

Yes. So as you know, Tore, we've been investing in our internal semiconductor manufacturing operations from 0.18 micron upwards, and we're doubling the output there over the next year or thereabouts, a year or 15 months. And of course, we cross-license technologies with some of our foundry partners. So when we talk about a 70% swing, it means that because we will have cross-qualified so many process technologies between ADI internal fabs and the external fabs that are controlled by our foundry partners, we got the ability to move utilization, if you like, from one place to another, depending on what part of the cycle we're in, in terms of managing utilization inside ADI and being able to meet the demand as it surges or declines.

是的。如您所知，Tore，我們一直在投資 0.18 微米以上的內部半導體製造業務，並且我們將在明年或大約一年或 15 個月內將那裡的產量翻一番。當然，我們與一些代工合作夥伴交叉許可技術。因此，當我們談到 70% 的擺動時，這意味著因為我們將在 ADI 內部晶圓廠和由我們的代工合作夥伴控制的外部晶圓廠之間交叉認證如此多的工藝技術，我們有能力移動利用率，如果你比如，從一個地方到另一個地方，取決於我們處於週期的哪個部分，在管理 ADI 內部的利用率以及能夠滿足需求激增或下降時。

And your next question is from Stacy Rasgon with Bernstein Research.

您的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

I wanted to ask about the gross margins. You mentioned a bunch of drivers, but you actually didn't mention pricing at all in your outlook there for the driver side. I mean, what impacts has pricing had either to offset inflation or to potentially reprice the Maxim portfolio after the closure? And I guess, how do we think about the forward gross margin trajectory at these current, like, revenue levels? I mean, is there room for it to even go up from here, assuming the revenue levels kind of stay on the current trajectory?

我想問一下毛利率。你提到了一堆司機，但實際上你在司機方面的展望中根本沒有提到定價。我的意思是，定價對抵消通貨膨脹或在關閉後可能對 Maxim 投資組合重新定價有什麼影響？而且我想，我們如何看待這些當前收入水平的遠期毛利率軌跡？我的意思是，假設收入水平保持在目前的軌跡上，它是否還有從這裡上升的空間？

Thank you for the question. So as you know, we, along with the rest of the industry, has been passing along the higher costs. We have been very focused on not using this environment to take advantage of our customers but to really maintain our gross margins. So in '21, we had some headwind from the timing of inflation versus when we were able to enact the pricings. This has really abated in '22. So really, the gross margin percentage and the growth in gross margin percentage that you see is really being driven, as I mentioned, by the synergies, great utilization at the internal fabs and some mix benefits. I think in my prepared remarks, I talked about industrial hitting 51% of the overall revenue mix.

感謝你的提問。如您所知，我們和其他行業一樣，一直在轉嫁更高的成本。我們一直非常專注於不使用這種環境來利用我們的客戶，而是真正保持我們的毛利率。因此，在 21 年，我們在通脹時機與我們能夠制定定價時遇到了一些不利因素。這種情況在 22 年確實有所減弱。所以真的，你看到的毛利率百分比和毛利率百分比的增長確實是由協同效應、內部晶圓廠的高利用率和一些混合收益推動的。我認為在我準備好的講話中，我談到了工業佔整體收入組合的 51%。

So for the forward look, we updated our model just a couple of weeks back, and we feel very comfortable that in a typical cycle trough, we are going to be able to maintain a 70% floor. Beyond that, we will continue to make the right trade-offs with opportunities to expand the top line and -- at some trade-off on gross margin. So really, the focus for the team is deliver the revenue growth and let that leverage drive all the way down through cash flow. So I wouldn't encourage folks to look for significant margin expansion. These are already pretty incredible numbers.

因此，從長遠來看，我們在幾週前更新了我們的模型，我們感到非常舒服，在一個典型的周期低谷中，我們將能夠保持 70% 的底線。除此之外，我們將繼續做出正確的權衡，以擴大收入，並在毛利率上進行一些權衡。所以真的，團隊的重點是實現收入增長，並讓這種槓桿通過現金流一路下降。所以我不會鼓勵人們尋求顯著的利潤率擴張。這些已經是相當不可思議的數字了。

If the revenues kind of stay at this trajectory, can at least the gross margins stay where they are or will they just fluctuate around? Will like mix be the biggest driver from here?

如果收入保持在這個軌跡上，至少毛利率能保持在原來的水平，還是會左右波動？從這裡開始，like mix 會成為最大的驅動力嗎？

Yes, that's the right way to think about it, yes.

是的，這是正確的思考方式，是的。

He's right. If you look at our gross margins at this point going forward, it's mix, utilization and then we also have the $125 million of synergies, some of that will be on the cost of goods sold side. As Prashanth laid out, we'll balance both gross margins really to drive operating margins and free cash flow.

他是對的。如果你看看我們在這一點上的毛利率，它是混合、利用率，然後我們還有 1.25 億美元的協同效應，其中一些將是銷售成本方面的。正如 Prashanth 所說，我們將真正平衡毛利率，以推動營業利潤率和自由現金流。

And your next question is from Vivek Arya with Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Vivek Arya。

Vince, I think you or Prashanth mentioned that industrial sales have grown over, I believe, it's over 25% for the last 6 quarters and seem like they could be strong for another 2 or 3 quarters. I'm curious, how do you think about the normalized growth rate? And what macro indicators do you look at to say this is what ADI's industrial growth should be? Like what are the early signals that you get to give you a sense whether you're over- or under-shipping end demand? Because from the outside, we look at all the turmoil in China, we look at all the turmoil in Europe, but then we look at this very strong industrial growth number and it gets harder to kind of reconcile, right, these 2 narratives. So give us a sense for how do you feel about specifically your industrial business right now?

文斯，我認為你或 Prashanth 提到工業銷售已經增長，我相信，過去 6 個季度超過 25%，並且看起來他們可能會在另外 2 或 3 個季度保持強勁。我很好奇，您如何看待標準化增長率？你看什麼宏觀指標來說明這就是 ADI 的工業增長應該是什麼？例如，您可以通過哪些早期信號來了解您的最終需求是過度運輸還是運輸不足？因為從外部看，我們看到了中國的所有動盪，我們看到了歐洲的所有動盪，但是我們看到這個非常強勁的工業增長數字，就很難調和，對，這兩種敘述。那麼，請讓我們了解一下您現在對您的工業業務有何感受？

Yes. Thanks, Vivek. So first and foremost, it's a highly diversified industrial business that we've been diligently investing in from an R&D perspective, from a customer engagement perspective over the last decade or 12 years with a renewed focus. We've been gaining share very, very clearly. I think our portfolio, particularly combined with the power activity as well from the LTC and Maxim acquisitions puts us in even better stead to capture more SAM essentially.

是的。謝謝，維維克。因此，首先，這是一個高度多元化的工業業務，在過去十年或 12 年中，我們一直從研發的角度、從客戶參與的角度努力投資，並重新關注。我們已經非常非常清楚地獲得了份額。我認為我們的產品組合，特別是與 LTC 和 Maxim 收購的電力活動相結合，使我們能夠更好地從本質上獲得更多的 SAM。

And to your question on growth, I would say that we -- during the Investor Day, we said that the new model is 7% to 10%. So I think industrial is going to be right in there somewhere over time. And we feel more confident now, I think, about our industrial growth than we've ever done, just given the strength of the portfolio, the customer engagements and so on.

對於你關於增長的問題，我想說我們 - 在投資者日期間，我們說新模型是 7% 到 10%。所以我認為隨著時間的推移，工業將在那裡的某個地方出現。我認為，鑑於產品組合的實力、客戶參與度等，我們現在對我們的工業增長比以往任何時候都更有信心。

And in terms of the signals we watch, obviously, we have a lot of conversations with our customers. I personally have had a stream of conversations with many of our largest industrial customers over the last quarter. And I think what they're all trying to convey to us is that things are different. We're moving into a new industrial cycle, Industry 4.0, 5.0, IoT, or -- I beg your pardon, IT and OT, if you like, colliding in a new partnership for the future, driving a lot of new technologies. So that's one, obviously one stream of input we get. The other signals we look at, obviously, are the PMIs, the machine tool builders indexes and so on and so forth. So and I think the greatest source of insight for us is our own knowledge of the end applications coupled with our customers' insights.

就我們觀察到的信號而言，顯然，我們與客戶進行了很多對話。在上個季度，我個人與我們許多最大的工業客戶進行了一系列對話。我認為他們都試圖向我們傳達的是，事情是不同的。我們正在進入一個新的工業周期，即工業 4.0、5.0、物聯網，或者——恕我直言，IT 和 OT，如果你願意的話，正在為未來建立新的合作夥伴關係，推動許多新技術。這就是我們得到的一個，顯然是一個輸入流。顯然，我們關注的其他信號是 PMI、機床製造商指數等等。因此，我認為對我們來說最大的洞察力來源是我們自己對最終應用的了解以及客戶的洞察力。

Vivek, maybe I'll just add. I think I said it in the remarks, but to be clear to everyone, our growth in industrial was broad. All applications hit record results in '21 and are on track to hit another record in '22.

Vivek，也許我會補充一下。我想我在評論中說過，但要讓大家清楚，我們在工業方面的增長是廣泛的。所有申請都在 21 年創下紀錄，並有望在 22 年再創紀錄。

Your next question is from C.J. Muse with Evercore.

您的下一個問題來自 C.J. Muse 和 Evercore。

I guess a comment on my side. With these results, I'm surprised you didn't have Big Papi and Tom Brady at your Analyst Day. So next time. So to my question, your results are much better than your peers. Your B2B business, I think, up 11% versus your peers at mid-single digits. How do you think about the outperformance there? Is a part of that your ability to source incremental supply, market share gains, right mix? Would love to hear your thoughts there. And then as you think about the future going into the second half of this year and next, how does that inform your vision for continued outperformance?

我想我這邊的評論。有了這些結果，我很驚訝你的分析師日沒有 Big Papi 和 Tom Brady。所以下次。所以對於我的問題，你的結果比你的同齡人要好得多。我認為，與同行相比，您的 B2B 業務增長了 11%，達到中個位數。您如何看待那裡的出色表現？您獲得增量供應、市場份額增長和正確組合的能力是其中的一部分嗎？很想听聽你的想法。然後，當您考慮到今年下半年和明年的未來時，這如何影響您對持續表現優異的願景？

Yes. Maybe I'll start and then hand to -- hand over to Vince. So on the tactical side, we are working on getting additional capacity both from our external partners as well as the investments we're making internally. So you'll see that continue to play out over the course of the year, which is why I mentioned in the prepared remarks, look for us to continue to grow sequentially through this year and likely at least into the early part of next year.

是的。也許我會開始，然後交給- 交給文斯。因此，在戰術方面，我們正在努力從外部合作夥伴以及我們在內部進行的投資中獲得額外的容量。所以你會看到這一年繼續發揮作用，這就是我在準備好的評論中提到的原因，期待我們在今年繼續連續增長，至少可能到明年年初。

We talked about pricing that has been a little bit incremental to the revenue growth. So that's certainly a piece of it. And the demand has just been very broad-based. And again, I said it in my remarks but to be clear, we are seeing demand across all end markets and all geographies. It's very evenly spread in strength across all end applications. So we do feel, to Vince's remarks here, we do feel very well positioned and our technology is really starting to hit the sweet spot across all of our customers. And then maybe I'll pass here to Vince to add some more.

我們談到了對收入增長有一點增量的定價。所以這肯定是其中的一部分。而且需求的範圍非常廣泛。同樣，我在講話中說過，但要明確的是，我們看到所有終端市場和所有地區的需求。它在所有最終應用中的強度分佈非常均勻。所以我們確實覺得，對於文斯在這裡的評論，我們確實感覺自己處於非常有利的位置，我們的技術真的開始觸及我們所有客戶的最佳點。然後也許我會在這里傳遞給文斯以添加更多內容。

Maybe just a little bit of color on the markets, C.J., to try and answer your question. So we have so many vectors of growth now, for example, in industrial, where we're basically playing on all the high-end applications. And as I said, we've been tuning the R&D continuously, the customer engagement.

也許只是市場上的一點點色彩，C.J.，試圖回答你的問題。所以我們現在有很多增長的載體，例如，在工業領域，我們基本上都在玩所有的高端應用。正如我所說，我們一直在不斷調整研發和客戶參與度。

And if I just pick out health care as an example, that's beginning to get on to a $1 billion run rate now. It's been growing consistently for the last 7, 8 years in the -- at the double-digit level. Aerospace and defense, we see that actually, no matter what the cycle will be over the next few years, this is going to be an area of great strength for us.

如果我只是以醫療保健為例，現在它開始達到 10 億美元的運行速度。在過去的 7、8 年中，它一直在以兩位數的水平持續增長。航空航天和國防，我們看到實際上，無論未來幾年的周期如何，這對我們來說都將是一個強大的領域。

And in the communications area, great position in 5G. But interestingly, our wireline and data center business now is on a par with the wireless sector in terms of revenue contribution. So it's kind of half-and-half. So we see that again as a source of strength, buttressed also by a lot of the technologies that Maxim are bringing to that wireline area.

而在通信領域，5G的地位很高。但有趣的是，我們的有線和數據中心業務現在在收入貢獻方面與無線行業相當。所以這是一半一半。因此，我們再次將其視為力量的源泉，Maxim 為該有線領域帶來的許多技術也為其提供了支持。

Automotive, we have a great story on the in-cabin experience with A2B, road noise cancellation, premium sound systems being more and more deployed, electrification. We're on a [$100 million] a quarter run rate now, revenue run rate. And we have design-ins at virtually all the electric car companies at this point in time. So we see that on a trajectory to $1 billion-plus in the foreseeable future. So that's just some of the examples to complement what Prashanth has narrated as well in terms of the vectors of growth and the prosperity for the company.

汽車方面，我們有一個關於 A2B 車內體驗、道路噪音消除、越來越多地部署高級音響系統、電氣化的精彩故事。我們現在的季度運行率為 [1 億美元]，即收入運行率。目前，我們幾乎在所有電動汽車公司都有設計。因此，我們認為在可預見的未來，這一數字有望達到 10 億美元以上。因此，這只是補充 Prashanth 所敘述的關於公司增長和繁榮的一些例子。

Your next question is from Ambrish Srivastava from BMO.

您的下一個問題來自 BMO 的 Ambrish Srivastava。

I had a question on the cost synergies, Prashanth. How should we be modeling these on a go-forward basis? You said exiting fiscal '23, but what's the breakout? And then kind of related to that is when we're talking about gross margin, I was a little bit surprised that you said the inflationary pressure would be abating as we go into -- as we continue through this year. Did I catch that right? Because inflation, the headline numbers seem to be -- they haven't -- maybe they have peaked but definitely higher than where they were last year. So would love some color on that comment as well.

我有一個關於成本協同效應的問題，Prashanth。我們應該如何在前進的基礎上對這些進行建模？你說退出 23 財年，但突破是什麼？然後與此相關的是，當我們談論毛利率時，我有點驚訝你說通脹壓力會隨著我們的進入而減弱 - 隨著我們今年的繼續。我沒聽錯嗎？由於通貨膨脹，總體數字似乎——他們沒有——也許已經達到頂峰，但肯定高於去年的水平。所以也會喜歡那個評論的一些顏色。

Yes. Thanks, Ambrish. Two good questions, and thanks for giving me the opportunity to clarify. So first, on synergies. We had talked, when we did the Maxim close, that we had some great learnings from LTC on how to get to synergies and that was to move fast and hard, and you're seeing us execute against that strategy. So we captured basically the entire $275 million that we originally committed to as we exited our second quarter. And that at Investor Day, we said we're raising that target to $400 million, and we'll hit that number coming out of -- or as we exit 2023.

是的。謝謝，安布里什。兩個很好的問題，感謝您給我機會澄清。首先，關於協同效應。當我們完成 Maxim 關閉時，我們曾說過，我們從 LTC 學到了一些關於如何實現協同效應的重要知識，那就是快速而努力地行動，你會看到我們執行該策略。因此，當我們退出第二季度時，我們基本上獲得了我們最初承諾的全部 2.75 億美元。在投資者日，我們說我們將把這個目標提高到 4 億美元，我們將在 2023 年或退出 2023 年時達到這個數字。

That first $275 million was a little more tilted towards cost of goods, and the following piece will sort of be balanced between cost of goods and OpEx. So as you look forward, that's how to think about the balance of that. To your question on the comments I made, thank you for giving me a chance to clarify. We have used our pricing opportunities to maintain gross margin. So to be clear, we're not looking at pricing as an opportunity to expand gross margin but really as a way to offset. So when I said abate inflation, I meant versus the historical inflation that we had experienced in 2021. It took us a little bit longer to get those pricing actions in place. So now we have neutralized them and you see that benefit in the current year. And of course, if we do continue to see price increases -- sorry, cost increases in the coming quarters, expect us, like the rest of the industry, to respond by pushing those through.

最初的 2.75 億美元更傾向於商品成本，接下來的部分將在商品成本和運營支出之間取得平衡。所以當你向前看時，這就是如何考慮平衡。對於您對我發表的評論的問題，感謝您給我機會澄清。我們利用定價機會來維持毛利率。所以需要明確的是，我們並不是將定價視為擴大毛利率的機會，而是真正作為一種抵消方式。因此，當我說降低通脹時，我的意思是與我們在 2021 年經歷的歷史通脹相比。我們花了一點時間來製定這些定價行動。所以現在我們已經消除了它們，你會在今年看到這種好處。當然，如果我們確實繼續看到價格上漲 - 抱歉，未來幾個季度的成本增加，期待我們，像其他行業一樣，通過推動這些來做出回應。

So there's no artifact in the 74% that you reported this quarter for pricing? We should expect kind of that level on a go-forward basis, maybe bounce around based on mix and also the utilization rate?

那麼，您在本季度報告的 74% 的定價中沒有人為因素？我們應該期待在前進的基礎上達到那種水平，也許會根據組合和利用率反彈？

Ambrish, this is Mike. Yes, as we had talked about earlier, going forward, that 74% will bounce around, like you said, mix and utilization, the 2 drivers. And then as Prashanth outlined, that $125 million does have a COGS element in it that will also help gross margins. But if we can go forward 74%, plus/minus, I feel pretty good about that.

Ambrish，這是邁克。是的，正如我們之前談到的，展望未來，這 74% 將會反彈，就像你說的，混合和利用率這兩個驅動因素。然後正如 Prashanth 概述的那樣，這 1.25 億美元確實包含 COGS 元素，這也將有助於提高毛利率。但是，如果我們可以前進 74%，正負，我對此感覺非常好。

With the caveat, again, I want to make it clear for everyone, with the caveat that we are focused on growth. So where it makes sense for us to be a little more flexible to drive top line, we will do that. So I wouldn't want folks getting too laser-focused on modeling in mid-70s on the gross margin. We've given you a floor and we will give the management team the flexibility they need to drive the top line.

再次警告，我想向每個人說明清楚，警告我們專注於增長。因此，在我們更靈活地推動收入增長的情況下，我們會這樣做。所以我不希望人們在 70 年代中期過於專注於毛利率的建模。我們已經為您提供了發言權，我們將為管理團隊提供他們推動收入增長所需的靈活性。

Right. You've been very consistent about that.

對。你一直對此非常一致。

Your next question is from Chris Danely with Citigroup.

您的下一個問題來自花旗集團的 Chris Danely。

So with all this talk on revenue growth, your forecasted sequential revenue growth for July is the slowest in a couple of years. Can you talk about why that's happening? And is that because of COVID shutdowns or something else? And then as part of that, with all this focus on increasing capacity, I would assume your capacity is growing faster than the 2% or 3% sequential revenue growth. So can we assume that the lead times are coming in this quarter as well?

因此，在所有關於收入增長的討論中，您預測的 7 月份連續收入增長是幾年來最慢的。你能談談為什麼會這樣嗎？那是因為COVID關閉還是其他原因？然後作為其中的一部分，由於所有這些都集中在增加容量上，我假設您的容量增長速度快於 2% 或 3% 的連續收入增長。那麼我們是否可以假設本季度的交貨時間也即將到來？

Yes. So Chris, the sequential growth is constrained by capacity. But we've indicated that we will see sequential growth through the year. So look for a more meaningful change as we get past the third quarter, which we've been saying for a while. So if you look back at prior comments, we've been very clear that we've ordered the tools and the equipment. We know our position in the queue. We know when those are coming in, and they go to revenue generation fairly quickly. So we are maintaining our outlook that we will exit the year at a much higher run rate -- an even higher run rate than where we are now. And that is all driven by our ability to produce. And what was the second question?

是的。所以克里斯，連續增長受到產能的限制。但我們已經表示，我們將看到全年的連續增長。因此，當我們度過第三季度時，尋找更有意義的變化，我們已經說了一段時間了。因此，如果您回顧之前的評論，我們非常清楚我們已經訂購了工具和設備。我們知道我們在隊列中的位置。我們知道它們什麼時候進來，它們很快就會產生收入。因此，我們維持我們的預期，即我們將以更高的運行率退出今年 - 甚至比我們現在的運行率更高。而這一切都是由我們的生產能力驅動的。第二個問題是什麼？

Perfect. Thanks for the clarification.

完美的。感謝您的澄清。

Yes. Chris, I'll also add one thing. You're right, the sequential growth is, I'll call it, decelerating now. What happened in the first half of the year, we talked about -- we added pricing and that added to the growth. So we had volume and pricing in the first half of the year that's driving sequential. Pricing is really in the model now, now that the growth in the back half here on a sequential basis is really driven by capacity and volume. And if you zoom out and don't look at sequentials and look at year-over-year, we're growing our B2B business in our fiscal third quarter by over 20% year-over-year again. So it's a fantastic result, I think, and it shows the strength of this franchise.

是的。克里斯，我還要補充一件事。你是對的，連續增長，我稱之為，現在正在減速。我們談到了上半年發生的事情——我們增加了定價，這增加了增長。因此，我們在今年上半年的銷量和定價是連續的。定價現在確實在模型中，因為後半部分的連續增長實際上是由容量和數量驅動的。而且，如果您縮小範圍而不看連續數據並查看同比數據，那麼我們在第三財季的 B2B 業務將再次同比增長 20% 以上。所以我認為這是一個了不起的結果，它顯示了這支球隊的實力。

Yes. I think we can give everyone the data point that on a sequential basis, think of it as 50-50. The growth is coming from pricing versus units. So that falls into the baseline sequentially as we go forward. The pricing falls into the baseline.

是的。我認為我們可以按順序給每個人一個數據點，將其視為 50-50。增長來自定價與單位。因此，隨著我們前進，這將依次落入基線。定價屬於基線。

Your next question is from William Stein with Truist Securities.

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

I'll add my congratulations to the very strong revenue and profitability and the outlook as well. That was great. But despite all that good stuff, there's a few factors that investors are certainly concerned about potentially disrupting bookings and potentially revenue performance, of course, the war in Ukraine, the COVID shutdowns in China and raising rates.

我將對非常強勁的收入和盈利能力以及前景表示祝賀。那很棒。但是，儘管有這麼多好東西，但投資者肯定會擔心一些因素可能會破壞預訂和潛在的收入表現，當然還有烏克蘭戰爭、中國 COVID 關閉和加息。

But there's also a concern, maybe not as prominent, but -- that we've picked up on, which is customers adjusting orders, potentially canceling or pushing out because they're very challenged from a kitting perspective. You highlighted yourself that you're capacity constrained. Can you help us understand how those factors are affecting your business today and how you anticipate them playing out in your business over the next few quarters?

但也有一個擔憂，可能不那麼突出，但是 - 我們已經註意到，這是客戶調整訂單，可能會取消或推遲，因為從配套的角度來看，他們面臨著很大的挑戰。您強調自己的能力有限。您能否幫助我們了解這些因素如何影響您今天的業務，以及您預計它們在未來幾個季度將如何影響您的業務？

Yes. So I think, first and foremost, cancellations on ADI are very, very low. They're very muted. Customers -- we've been very equitable in terms of how we have moved our supply across the markets, across the geographies, across the customer sizes. And I think that still is in very, very good stead. So my sense is we have -- because of the equitable distribution of our goods, so to speak, we've got a better, more true read on demand. And I think what we're shipping reflects what is true demand, I think better than most, I believe, based on feedback I'm getting from customers. So I think those are the facts, cancellation's low, equitable distribution of goods. And we don't see any -- our backlog is still, actually during the last quarter, increased so demand continues to remain strong.

是的。所以我認為，首先，ADI 的取消非常非常低。他們非常沉默。客戶——就我們如何跨市場、跨地區、跨客戶規模而言，我們一直非常公平。我認為這仍然非常非常好。所以我的感覺是，由於我們商品的公平分配，可以說，我們有更好、更真實的按需閱讀。而且我認為我們運送的東西反映了真正的需求，我認為比大多數人更好，我相信，基於我從客戶那裡得到的反饋。所以我認為這些是事實，取消的低、公平的商品分配。而且我們沒有看到任何 - 我們的積壓訂單實際上在上個季度仍在增加，因此需求繼續保持強勁。

Yes. Just the numbers. Well, the book-to-bill is above 1 in the second quarter, and that was, again, by all end markets and geographies. Because of that, the backlog continued to grow. You asked specifically about China. So real quickly, that's about 20% of our revenue. And the lockdowns had some impact on customer production, but it was really more severe around logistics and the supply chain related to the greater Shanghai area.

是的。只是數字。嗯，第二季度的訂單出貨量高於 1，這在所有終端市場和地區都是如此。正因為如此，積壓的訂單繼續增長。你專門問了中國。這麼快，這大約是我們收入的 20%。封城對客戶生產有一定影響，但在大上海地區的物流和供應鏈方面確實更為嚴重。

Our China revenue was up quarter-over-quarter and year-over-year and no notable impacts to demand. Again, cancellation's normal, and as I mentioned, book-to-bill above 1 for China. So when our guide reflects that most customers are operating at relatively normal levels and we consider this dynamic, so we think that at least for the third quarter, it's going to be a negligible impact.

我們在中國的收入環比和同比增長，對需求沒有顯著影響。同樣，取消是正常的，正如我所提到的，中國的訂單到賬單高於 1。因此，當我們的指南反映大多數客戶的運營水平相對正常時，我們會考慮這種動態，因此我們認為至少在第三季度，它的影響可以忽略不計。

Yes. Just to add a little bit of color. Also, we have no internal manufacturing operations in China. And from a logistics standpoint as well, we have very, very modest operations also in China.

是的。只是為了增加一點顏色。此外，我們在中國沒有內部製造業務。從物流的角度來看，我們在中國也有非常非常小的業務。

We'll go to our last question, please.

請回答最後一個問題。

Our last question is from Toshiya Hari with Goldman Sachs.

我們的最後一個問題來自高盛的 Toshiya Hari。

Toshi, are you on? Toshi may be on mute. Do we have one more in the queue?

東芝，你在嗎？ Toshi 可能處於靜音狀態。我們還有一個在隊列中嗎？

Do we have one more in the queue?

我們還有一個在隊列中嗎？

Our next question is from Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Gary Mobley。

I wanted to ask a follow-up question on backlog. I think you mentioned that based on the backlog and adding incremental supply, your expectation is for sequential revenue growth for at least maybe the next few quarters, maybe 3, maybe 4 quarters. Wondering to what extent have you stress tested your backlog to see, I guess, under the most bearish of circumstances, how that may trend if perhaps we see further deterioration in the economic backdrop and whatnot.

我想問一個關於積壓的後續問題。我認為您提到，基於積壓和增加供應量，您的預期是至少在接下來的幾個季度，可能是 3 個，可能是 4 個季度的收入連續增長。想知道你在多大程度上對你的積壓進行了壓力測試，我想，在最悲觀的情況下，如果我們看到經濟背景進一步惡化等等，這可能會如何發展。

Yes. Gary, a fair question. The -- as Vince mentioned, we look at a number of external indicators. So we are mindful of what's happening in the macro environment. But as you mentioned, the conversations that he has with our customers continue to support their need for our products and that we are attached to the right secular driver. So I do want to clarify, you had said sequential growth for the next 3 to 4 quarters. I can't see out that far, Gary. I feel good about the next 2 to 3 quarters' sequential growth, but I'm not sure I want to go out further than that at this point.

是的。加里，一個公平的問題。 - 正如文斯所提到的，我們著眼於一些外部指標。因此，我們注意宏觀環境中正在發生的事情。但正如您所提到的，他與我們客戶的對話繼續支持他們對我們產品的需求，並且我們依附於正確的世俗驅動因素。因此，我確實想澄清一下，您曾說過未來 3 到 4 個季度的連續增長。我看不到那麼遠，加里。我對接下來 2 到 3 個季度的連續增長感覺良好，但我不確定我是否想在這一點上走得更遠。

Thanks, everyone, for joining us this morning. A copy of the transcript will be available on our website. Thanks again for joining the call and your continued interest in Analog Devices.

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。再次感謝您加入電話會議以及您對 ADI 的持續關注。

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。您現在可以斷開連接。