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.

早安，歡迎參加 ADI 公司 2022 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。現在我想介紹今天電話會議的主持人、投資者關係副總裁麥可‧盧卡雷利先生。先生，現在請您發言。

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.

謝謝你，卡特里娜，大家早安。感謝您參加我們的 2022 財年第二季電話會議。今天與我一起參加電話會議的還有 ADI 的執行長兼董事長 Vincent Roche；以及 ADI 的財務長 Prashanth Mahendra-Rajah。對於錯過此次發布的人，您可以在 investor.analog.com 上找到它和相關的財務時間表。

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。由於這些陳述反映了我們截至本次電話會議之日的預期，因此實際結果可能與前瞻性資訊有重大差異。除非法律要求，我們不承擔更新這些聲明的義務。

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準則財務指標，不包括特殊項目。當我們的結果與歷史績效進行比較時，特殊項目也被排除在前期之外。今天的收益報告還包括這些非公認會計準則指標與最直接可比較的公認會計準則指標的對賬，以及有關我們的非公認會計準則指標的其他資訊。現在，我將把發言權交給 ADI 的執行長兼董事長 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，麥克，祝大家早安。嗯，我很高興地報告，由於我們產品的持續需求、強大的營運執行和加速的協同效應，ADI 公司又一個季度的收入、盈利能力和收益創下了歷史新高。此外，在動態的宏觀環境中，我們憑藉創紀錄的積壓訂單、強勁的預訂量和持續的產能擴張，處於極為有利的地位，這為我們進入下半年創造了有利條件。

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.

現在來總結一下我們的結果。營收為 29.7 億美元，高於我們預期的最高值，且以預測基礎計算年增 28%。所有部門都表現出廣泛優勢，並與去年同期相比成長兩位數。令人印象深刻的是，調整後的毛利率擴大至 74%，營業利益率擴大至 50%。調整後每股收益為 2.40 美元，超過預期最高水平，較去年同期成長 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，我對我們的表現和我們團隊的出色表現感到非常興奮。今天，我想重申我們在投資者日所分享的內容，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，同時改善我們的商業模式，使其充滿成長機會和彈性。

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 領域發展的下一波浪潮是新興的智慧邊緣革命。它的特點是無所不在的感知、超大規模運算和無所不在的連接，將處理和智慧推向邊緣。半導體是推動下一波浪潮的基石。而資料誕生的地方ADI，正是這場革命的中心。

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.

從本質上來說，我們是一家創新驅動型企業。在過去的十年中，透過強勁的有機投資和策略併購，我們建立了業界最廣泛、性能最高的類比、混合訊號和電源產品組合。我們的產品範圍從微波到比特、納瓦到千瓦、感測器到雲，並且越來越多地從組件到子系統。我們豐富的技術儲備以及我們為客戶提供的深度參與和支持，使我們在模擬、混合訊號、射頻和高性能電源領域佔據第一的位置。

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，這反映在我們的 ASP 是行業平均水平的 3 倍多，毛利率也處於行業領先地位。我們客戶的產品範圍不斷擴大，其複雜性也急劇增加，為他們的產品開發團隊和創新週期帶來了壓力。為了因應這些挑戰並實現下一波顛覆性創新，我們每年在研發方面投資超過 16 億美元。這些投資增強了我們廣泛的市場特許經營權，並使我們能夠擴展我們的 SAM 和需要更完整解決方案的垂直應用。我們透過將核心模擬技術與不斷提升的數位演算法和軟體水平相結合來實現這一目標。

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是如何與我們的市場交叉的。交通運輸、能源、電信、製造和醫療保健等行業都優先考慮數位化。這推動了新一代應用程式的發展，並推動了一系列並發的長期成長趨勢，現在我只想談其中的幾點。

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。在此，ADI 是電池管理系統（例如電動車電池管理系統）的市場領導者。我們的電池管理系統 (BMS) 解決方案為客戶提供最高水準的準確性、可靠性、安全性和保障性。我們的無線 BMS 解決方案不僅提供有線 BMS 的所有優點，還能夠快速配置電池組並以經濟高效的方式擴展客戶的電動車隊。這項創新解決方案在市場上持續獲得關注，並將每個系統的內容增加了 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.

在通訊領域，ADI 是 5G 無線電訊號鏈的市場領導者，在整個生態系統中佔有多數份額。我們的最新一代收發器包含一個完全整合的數位前端，並將我們的 SAM 擴大了 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，這些軟體定義解決方案的靈活性使其可用於傳統 5G 網路以及新興的 Open RAN 和 LEO 衛星網路。

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.

最後是醫療保健。例如，我們在醫學影像領域佔據主導地位。像我們的光子到位元模組這樣的子系統被世界上頂尖的 CT 參與者所使用。我們的解決方案可提供最高保真度的影像，同時降低輻射劑量。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.

除了擴大我們在這些長期趨勢中的創新優勢以促進成長之外，與 Maxim 的合併還將在未來 5 年為我們創造 10 億美元的收入協同機會。第一個機會來自於客戶交叉銷售，利用我們互補的關係來擴大我們的產品組合。第二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，並擴充了我們的工程人才庫。結果，我們解鎖了 40 億美元的額外電力 SAM，並希望在未來幾年內實現電力收入翻倍。

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%.

智慧邊緣的普及和我們的收入協同機會使我非常有信心，我們可以向上彎曲成長曲線，從歷史的中等個位數成長率轉向 7％ 至 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.

現在我想稍微談談我們業務的獨特彈性。我們的投資組合的多樣性是我們強大力量的來源。我們向超過 125,000 名客戶提供 75,000 個產品 SKU，支援數千種應用程式。值得注意的是，我們 80% 的收入來自於單獨貢獻不超過總收入 0.1% 的產品。我們產品的壽命是無與倫比的。平均而言，我們的產品的壽命為十年或更長，能夠有效地提供數十年的經常性收入來源。正是這些特質創造了較高的進入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，我們利用地理分散的混合製造策略來控制模擬市場的複雜性和分散性。這項策略為我們提供了創造從 7 奈米到 7 微米的創新解決方案所需的廣泛技術和封裝。同時，該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，以便在經濟週期中最好地管理我們的營運。

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，我們正在投資內部製造業務，以建立更強大且具有成本效益的模型。為此，我們將內部工廠的產能提高一倍，並為產品測試業務投入大量資金。這些投資將使我們今年和 2023 年的產量增加，並將我們整個網路的波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.

總而言之，ADI 是前沿創新領域的領導者，我相信，隨著我們為客戶、股東和社會創造更高的價值，我們最好的日子仍在前方。接下來，我將把麥克風交給 Prashanth，他將向你們介紹財務細節。

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。我要對大家參加我們的第二季財報電話會議表示歡迎。上個月，我們在投資者日活動上看到並聽到了這麼多人的回饋，我們感到非常高興，同時我們也很高興迎來了這麼多客戶來展示我們的實際技術。

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，我今天的評論除收入外，都將以調整後的基礎為基礎，不包括今天的新聞稿中概述的特殊項目。我們又度過了一個令人印象深刻的季度，營收、獲利能力和收益都創下了歷史新高。這些強勁的業績反映了我們高度差異化產品的需求不斷增長，這些產品符合多種長期趨勢，也反映了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.

第二季營收為 29.7 億美元，高於我們預期的最高值，每個 B2B 終端市場都超出了最初的預期。這是我們連續第五個季度創下營收記錄，也是連續第九個季度實現成長。

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.

讓我們看看終端市場的表現。工業是我們最多元化、利潤最高的終端市場，佔總營收的51%，再創歷史新高。我們經歷了廣泛的成長，其中數位醫療保健、自動化、儀器和測試處於領先地位，凸顯了內容的不斷增加以及我們在這些世俗市場中的強勢地位。工業已連續 6 個季度年增超過 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.

汽車市場佔總營收的 21%，也創下了另一項紀錄，所有應用程式年增均達到兩位數。在我們佔據第一的位置的 BMS 中，我們的季度收入首次突破 1 億美元。考慮到市場的勢頭和我們持續的設計勝利，我們預計強勁成長將持續下去。此外，我們的 A2B 和 GMSL 解決方案（佔汽車市場份額的約 20%）在汽車數位化的推動下繼續保持長期成長。

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.

通訊業務佔總收入的 16%，且實現了全面強勁成長。在無線領域，隨著 5G 部署（尤其是在北美）的勢頭增強，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。在有線線路方面，由於營運商和超大規模企業不斷投資以滿足不斷增長的頻寬需求，對我們的光學和電源產品的需求仍然強勁。最後，消費者業務佔總收入的 12%，並且已連續 6 個季度同比增長。這種持續的成長得益於我們的產品和客戶廣度，它可以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.

現在來看看損益表。毛利率達到創紀錄的74.2％，比上一季增加230個基點，比去年同期增加330個基點。良好的產品結構、高利用率、收入成長和綜效是推動成長的主要因素。由於協同效應的加速實施，本季的營運支出為 7.1 億美元，優於預期。營業利益率達到創紀錄的 50.3%，比上一季成長 450 個基點，比去年同期成長 860 個基點。截至第二季末，我們實現了超過 2.5 億美元的成本綜效。我們希望迅速實現剩餘的協同效應，並達到我們最近提高的 23 財年結束時節省 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.

非營業支出為 4,100 萬美元，本季稅率為 13.2%。總體而言，調整後的每股盈餘達到創紀錄的 2.40 美元，較 2021 年第二季成長 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.

現在來看資產負債表。本季結束時，我們的現金和等價物約為 17 億美元。庫存天數較上季增加至 122 天，通路庫存仍低於我們 7 至 8 週目標的低階。如果我們看現金流，本季的資本支出為 1.19 億美元，過去 12 個月的資本支出為 4.47 億美元，佔營收的 5%。為了支持我們 7% 至 10% 的長期收入成長前景，我們正在策略性地投資以擴大內部產能，同時增強混合模式的彈性。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 財年將達到高個位數，然後在長期內回升至 4% 至 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 個月裡，我們創造了 32 億美元的自由現金流，佔營收的 33%。我們的自由現金流中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，我們在第二季將回購活動加速至 7.76 億美元。這使得我們自 Maxim 收盤以來的股票回購總額達到約 35 億美元。我們希望本季保持這種加速回購步伐，並在財年結束前實現 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，剩餘現金用於回購以每年減少股票數量。

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.

現在來討論第三季的展望。預計營收為 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持續成長。鑑於我們高於正常的年度績效加薪，預計營業利益率為 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，調整後的每股盈餘預計為 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強勁，我們的客戶對話仍然樂觀，這使我們對 2022 年剩餘時間以及可能持續到 2023 年的成長充滿信心。

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、在眾多長期成長市場的領導地位、額外的協同效應以及我們具有彈性的混合製造模式，我們相信 ADI 從未像現在這樣有能力超越週期性衰退並加速長期成長。現在讓我將主題交還給 Mike，開始問答環節。

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

謝謝，Prashanth。讓我們進入問答環節。 （操作員指示）卡特里娜，我們可以提出第一個問題嗎？

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

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

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?

恭喜我們所取得的所有創紀錄的業績，尤其是 50% 的營業利益率。我的問題是針對文斯的。文斯，在您講話的最後，您談到了增加產量以將波動能力提高到收入的 70％。您能否對此進行稍微詳細說明？那麼達到這個數字的具體時間是怎麼樣的呢？

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。如你所知，Tore，我們一直在從 0.18 微米開始投資我們的內部半導體製造業務，我們將在未來一年左右（一年或 15 個月）內將產量翻一番。當然，我們與一些代工合作夥伴進行交叉授權技術。因此，當我們談論 70% 的波動時，這意味著由於我們將在 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，因此我們能夠將利用率從一個地方轉移到另一個地方，具體取決於我們所處的周期階段，在管理 ADI 內部的利用率方面，能夠滿足或下降的需求。

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

您的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I wanted to ask about the 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。您提到了許多驅動程序，但實際上您在對驅動程式方面的展望中根本沒有提到定價。我的意思是，定價對於抵消通膨或在關閉後重新定價 Maxim 投資組合有何影響？我想，在目前的營收水準下，我們如何看待未來的毛利率走勢？我的意思是，假設收入水準維持在目前的軌跡上，它還有上漲空間嗎？

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.

感謝您的提問。所以如你所知，我們和業內其他公司一樣，一直在轉嫁更高的成本。我們一直非常注重不利用這種環境來剝削我們的客戶，而是真正維持我們的毛利率。因此，在'21年，與我們能夠制定定價的時間相比，我們在通貨膨脹的時間方面遇到了一些阻力。但在 22 年，這種情況確實有所減弱。所以實際上，正如我所提到的那樣，您所看到的毛利率百分比和毛利率百分比的增長實際上是受到協同效應、內部晶圓廠的巨大利用率和一些組合效益的推動。我想在我準備好的發言中，我談到了工業佔整體收入結構的 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，從未來來看，我們在幾週前更新了我們的模型，我們非常有信心，在典型的週期低谷中，我們將能夠維持 70% 的底線。除此之外，我們將繼續在擴大營收和降低毛利率的機會之間做出正確的權衡。因此，團隊的真正重點是實現收入成長，並讓這種槓桿作用推動現金流的成長。因此，我不會鼓勵人們尋求大幅的利潤擴張。這些已經是相當令人難以置信的數字了。

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?

如果收入維持這種軌跡，至少毛利率可以維持現狀嗎，還是會波動？類似混合會成為目前最大的驅動力嗎？

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.

他說得對。如果你看我們目前的毛利率，它是組合，利用率，然後我們還有 1.25 億美元的協同效應，其中一些將出現在銷售成本方面。正如 Prashanth 所述，我們將平衡毛利率，以真正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，我想你或普拉尚特提到過，工業銷售額已經增長，我相信，過去 6 個季度的增幅超過了 25%，而且看起來在接下來的 2 到 3 個季度裡，銷售額還可能保持強勁。我很好奇，您如何看待正常化成長率？您根據哪些宏觀指標來判斷 ADI 的工業成長應該達到這個水準？例如，有哪些早期訊號可以讓您了解最終需求的出貨量是過剩還是不足？因為從外部來看，我們看到中國的所有動盪，我們看到歐洲的所有動盪，但是，當我們再看看這個非常強勁的工業成長數據時，就會發現很難調和這兩種說法。那麼請告訴我們，您現在對工業業務的具體感受如何？

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，維韋克。因此，首先，這是一個高度多元化的工業業務，過去十年或十二年來，我們一直從研發角度、從客戶參與角度勤奮投資，並重新聚焦於此。我們的份額正在顯著增加。我認為我們的投資組合，特別是與 LTC 和 Maxim 收購帶來的電力活動相結合，使我們更有能力捕獲更多的 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.

關於成長的問題，我想說，在投資者日期間，我們說過新模式是 7% 到 10%。所以我認為隨著時間的推移，工業將會佔據其中的某個位置。我認為，考慮到我們強大的產品組合、強大的客戶參與度等等，我們現在對於工業成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.

就我們關注的訊號而言，顯然我們與客戶進行了許多對話。我個人在過去一個季度與我們許多最大的工業客戶進行了一系列對話。我認為他們都在試圖向我們傳達事情已經不同了。我們正在進入一個新的工業週期，工業 4.0、5.0、物聯網，或者——請原諒，IT 和 OT，如果你願意的話，它們在未來的新夥伴關係中碰撞，推動許多新技術的發展。所以，這顯然是我們得到的一個輸入流。顯然，我們關注的其他訊號是PMI、工具機製造商指數等等。因此，我認為我們最大的洞察力來源是我們自己對最終應用的了解以及我們客戶的洞察力。

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，也許我只需要補充一點。我想我在評論中說過了，但為了讓大家清楚，我們在工業領域的成長是廣泛的。所有申請在'21年都創下了創紀錄的成績，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 Evercore 的 C.J. Muse。

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?

我想這是我這邊的評論。看到這些結果，我很驚訝您的分析師日沒有邀請 Big Papi 和 Tom Brady。所以下次。所以對於我的問題，你的成績比你的同齡人好得多。我認為，您的 B2B 業務成長了 11%，而同業的成長率僅為個位數。您覺得那裡的優異表現怎麼樣？這其中是否包括您獲取增量供應、增加市場份額和正確組合的能力？很想聽聽您的想法。那麼，當您考慮今年下半年和明年的未來時，這對您持續優異表現的願景有何影響？

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，然後交給文斯。因此，從戰術方面來看，我們正在努力從外部合作夥伴以及內部投資中獲得額外能力。因此，您會看到這種情況會在今年繼續發揮作用，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，並且至少持續到明年年初。

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.

我們討論了對收入成長有一定促進作用的定價。這當然是其中的一部分。而且需求非常廣泛。我再次在我的演講中提到這一點，但需要明確的是，我們看到所有終端市場和所有地區都有需求。其強度在所有最終應用中分佈非常均勻。因此，我們確實感覺到，正如文斯在這裡所說的那樣，我們確實感覺自己處於非常有利的位置，而且我們的技術確實開始受到所有客戶的最佳青睞。然後也許我會把這裡交給文斯來添加更多內容。

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.

C.J.，也許只需要一點市場背景知識，就可以試著回答你的問題。所以我們現在有很多成長方向，例如在工業領域，我們基本上涉足所有高端應用。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.

如果我僅以醫療保健為例，那麼現在該行業的運作率已開始達到 10 億美元。在過去的 7、8 年裡，它一直保持兩位數的持續成長。航空航太和國防，我們看到，實際上無論未來幾年的周期如何，這都將是我們一個強大的領域。

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.

在通訊領域，5G 佔據重要地位。但有趣的是，就收入貢獻而言，我們的有線和資料中心業務現在與無線業務不相上下。所以這是一種一半一半的情況。因此，我們再次將其視為力量的源泉，並且還得到了 Maxim 為有線領域帶來的許多技術的支持。

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.

在汽車方面，我們在車艙體驗方面有著精彩的故事，包括 A2B、道路噪音消除、越來越多部署的高級音響系統和電氣化。我們現在每季的運作率為 [1 億美元]，營收運作率為。目前，我們幾乎已經與所有電動車公司進行了設計合作。因此，我們預計在可預見的未來這一數字將達到 10 億美元以上。所以這只是一些例子，用來補充 Prashanth 就公司成長方向和繁榮所敘述的內容。

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。我們應該如何在未來對這些進行建模？您說的是退出 23 財年，但突破是什麼？與此相關的是，當我們談論毛利率時，我有點驚訝您說隨著我們進入今年，通膨壓力將會減弱。我理解得對嗎？因為通貨膨脹，總體數字似乎——它們還沒有——可能已經達到峰值，但肯定高於去年的水平。所以也希望這則評論能有些深度。

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，Ambrish。這兩個問題很好，感謝您給我機會澄清這一點。首先，談談協同效應。我們在完成 Maxim 交易時曾談到，我們從 LTC 學到了很多關於如何實現協同效應的寶貴經驗，那就是快速而努力地行動，而您看到我們正在按照這一戰略執行。因此，我們在第二季結束時基本上收回了最初承諾的全部 2.75 億美元。在投資者日，我們表示將把這一目標提高到 4 億美元，並將在 2023 年或 2023 年底實現這一數字。

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營運支出之間取得平衡。所以當你展望未來時，這就是如何思考其平衡。對於您對我所發表的評論的疑問，感謝您給我澄清的機會。我們利用定價機會來維持毛利率。因此需要明確的是，我們並不認為定價是擴大毛利率的機會，而是一種抵銷方式。因此，當我說減輕通貨膨脹時，我的意思是相對於我們在 2021 年經歷的歷史通貨膨脹。所以現在我們已經消除了它們，並且您將在今年看到其帶來的好處。當然，如果我們確實繼續看到價格上漲，抱歉，未來幾季成本上漲，那麼我們就會像業內其他公司一樣，透過推動這些上漲來做出反應。

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，您本季報告的 74% 的定價中沒有任何人工因素嗎？我們應該預期未來會達到這種水平，也許會根據組合和利用率而出現波動？

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.

安布里什，這是麥克。是的，正如我們之前談到的，展望未來，74% 將會在混合和利用率這兩個驅動因素之間波動。然後，正如 Prashanth 所概述的，1.25 億美元中確實含有 COGS 元素，這也有助於提高毛利率。但如果我們能夠以正負 74% 的幅度前進，我會感覺相當不錯。

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.

但我要再次向大家明確指出，我們關注的是成長。因此，如果我們採取更靈活的方式來推動營收成長是合理的，我們就會這麼做。所以我不希望人們過於專注於 70 年代中期的毛利率建模。我們給了你一個底線，我們將給予管理團隊推動營收成長所需的彈性。

Right. You've been very consistent about that.

正確的。您對此一直非常堅持。

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，儘管討論了這麼多收入成長問題，但您預測的 7 月連續收入成長是幾年來最慢的。你能談談為什麼會發生這種情況嗎？這是因為疫情導致的停工還是其他原因？作為其中的一部分，由於我們將重點放在增加產能上，我認為您的產能成長速度將超過 2% 或 3% 的連續收入成長速度。那麼，我們是否可以假設本季的交貨時間也會到來？

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。因此，克里斯，連續成長受到產能的限制。但我們已經表示，今年我們將看到連續的成長。因此，當我們進入第三季時，我們將看到更有​​意義的變化，正如我們之前所說的那樣。因此，如果您回顧先前的評論，您會發現我們已經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。我們知道這些錢什麼時候會到賬，而且它們很快就會產生收入。因此，我們堅持認為，今年末我們的運行率將更高——甚至比現在的運行率更高。這一切都是由我們的生產能力所驅動的。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，我還要補充一點。你說得對，我稱連續成長現在正在減速。我們討論了上半年發生的事情——我們提高了價格，這促進了成長。因此，我們上半年的銷售和價格都對連續成長起到了推動作用。現在定價已經真正融入模型中，因為下半年的連續成長實際上是由產能和數量所驅動的。如果你把眼光放遠，不看連續數據，只看同比數據，我們第三財季的 B2B 業務年增了 20% 以上。所以我認為這是非常棒的結果，它展現了這支球隊的實力。

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向每個人提供數據點，將其視為 50-50。成長來自於定價而非單位。因此，隨著我們前進，這將逐漸落入基線。定價屬於基準水平。

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.

我還要對強勁的收入、獲利能力和前景表示祝賀。那很棒。但是，儘管有這麼多好處，但仍有幾個因素令投資者擔心，它們可能會擾亂預訂和潛在的收入表現，當然，就是烏克蘭戰爭、中國因新冠疫情而採取的封鎖措施以及升息。

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?

但也存在一個擔憂，也許不那麼突出，但我們已經注意到了，那就是客戶調整訂單，可能會取消或推遲訂單，因為從配套的角度來看，他們面臨著很大的挑戰。您強調自己受到能力限制。您能否幫助我們了解這些因素目前對您業務的影響，以及您預計這些因素將在未來幾季對您的業務產生什麼影響？

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。因此我認為，首先，ADI 的取消率非常非常低。他們非常沉默。客戶－我們在跨市場、跨地域、跨規模客戶調配供應方面非常公平。我認為這仍然非常非常有利。所以我的感覺是，由於我們的商品公平分配，可以說，我們獲得了更好、更真實的需求。我認為我們所運送的產品反映了真正的需求，根據我從客戶那裡得到的回饋，我認為比大多數產品都要好。所以我認為這些都是事實，取消的低，公平的商品分配。我們沒有看到任何東西——實際上，在上個季度，我們的積壓訂單仍然增加，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。第二季的訂單出貨比超過了 1，而且這又是所有終端市場和地區的數據。正因為如此，積壓案件不斷增加。您具體問到了中國的情況。所以實際上，這約占我們收入的 20％。封鎖對客戶的生產產生了一定影響，但對大上海地區的物流和供應鏈的影響確實更為嚴重。

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.

我們的中國業務收入比上一季和去年同期都有所成長，並且對需求沒有產生明顯影響。再一次，取消是正常的，正如我所提到的，中國的訂單出貨比超過1。因此，當我們的指南反映出大多數客戶的營運水準相對正常並且我們考慮到這種動態時，我們認為至少對於第三季來說，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。只是為了添加一點點顏色。此外，我們在中國沒有內部製造業務。從物流角度來看，我們在中國的業務也非常有限。

We'll go to our last question, please.

請讓我們進入最後一個問題。

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?

Toshi，你在線嗎？ Toshi 可能處於靜音狀態。隊列中還有一個人嗎？

Do we have one more in the queue?

隊列中還有一個人嗎？

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

下一個問題來自富國證券公司的加里‧莫布利 (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。我記得您提到過，基於積壓訂單和增加增量供應，您預計至少在接下來的幾個季度、也許是 3 個季度、也許是 4 個季度，收入將實現連續增長。我猜想，您已經在多大程度上對您的積壓訂單進行了壓力測試，以便在最悲觀的情況下，如果我們看到經濟背景進一步惡化等等，情況可能會如何發展。

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，這個問題問得好。正如文斯所提到的，我們關注許多外部指標。因此，我們關注宏觀環境中正在發生的事情。但正如您所提到的那樣，他與我們客戶的對話繼續支持他們對我們產品的需求，並且我們堅持正確的世俗驅動力。所以我想澄清一下，您說的是未來 3 到 4 個季度的連續成長。我看不到那麼遠，加里。我對未來 2 到 3 個季度的連續成長感到樂觀，但目前我還不確定是否想取得進一步的進展。

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.

感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。再次感謝您參加電話會議並繼續關注 ADI 公司。

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

今天的 ADI 公司電話會議到此結束。您現在可以斷開連線。