德州儀器 (TXN) 2002 Q1 法說會逐字稿

Good evening ladies and gentlemen, and welcome to your Texas Instruments conference call.

晚上好，女士們、先生們，歡迎參加德州儀器 (TI) 電話會議。

At this time, all of the participants have been placed on a listen-only mode and the floor will be open for your questions and your comments following the main presentation.

此時，所有參與者都已進入僅聽模式，在主要演示之後將開放供您提問和評論。

It is now my pleasure to turn the floor over to one of your hosts, Mr. Ron Slaymaker. Sir you may begin.

現在我很高興將發言權交給你們的一位東道主羅恩·斯萊梅克先生。先生，您可以開始了。

Good afternoon. Thank you for joining our first quarter earnings conference call.

午安.感謝您參加我們的第一季財報電話會議。

With me today is Bill Aylesworth, TI's Chief Financial Officer. In a moment TI will, Bill will provide his perspective on TI's results for the quarter.

今天和我在一起的是 TI 財務長 Bill Aylesworth。稍後，比爾將就 TI 本季業績提出自己的看法。

This call will last one hour, for any of you who miss the release, you can find it on our web site at www.ti.com/ir. This call is also being broadcast live over the web, and can be accessed through TI's Web site.

這次電話會議將持續一小時，對於錯過發布的任何人，您可以在我們的網站 www.ti.com/ir 上找到它。此次電話會議也透過網路進行現場直播，並且可以透過 TI 網站進行存取。

A replay will be available through the web.

重播將透過網路進行。

Before I turn it over to Bill, let me remind you that this call will include forward-looking statements that involve risk factors that could cause TI's results to differ materially from management's current expectations.

在將其交給 Bill 之前，請允許我提醒您，本次電話會議將包含前瞻性陳述，其中涉及可能導致 TI 業績與管理層當前預期存在重大差異的風險因素。

We encourage you to review the safe harbor statement contained in the earnings release published today as well as TI's most recent SEC filings for a complete description.

我們鼓勵您查看今天發布的收益報告中包含的安全港聲明以及 TI 最近向 SEC 提交的文件，以獲取完整的說明。

In our

在我們的

remarks today we will focus on pro forma results that are intended to present the company's operating results for the periods discussed and therefore exclude acquisition related costs and intangibles and other items.

今天的評論我們將重點放在備考業績，這些業績旨在展示公司在討論期間的經營業績，因此不包括收購相關成本、無形資產和其他項目。

It is our understanding that this reflects the interest of most of the call participants. We would be pleased to answer any questions regarding our GAAP results and also welcome your feedback on this point.

據我們了解，這反映了大多數電話參與者的興趣。我們很樂意回答有關我們的 GAAP 結果的任何問題，並歡迎您就此提供回饋。

You'll note in our release that both GAAP and pro forma results are fully covered. After Bill reviews the quarter we will open the lines to your questions. Bill.

您會在我們的新聞稿中註意到，GAAP 和預估結果都已完全涵蓋。比爾回顧本季後，我們將開放您的提問專線。帳單。

Thank you Ron. And good afternoon everyone. In the first quarter we made good progress in our semiconductor business and we are seeing promising signs for upcoming revenue growth.

謝謝羅恩。大家下午好。第一季度，我們的半導體業務取得了良好進展，我們看到了即將到來的收入成長的良好跡象。

Margins made double digit sequential gains. We had solid sequential growth in our DSP and analog revenue.

利潤率連續實現兩位數成長。我們的 DSP 和模擬收入實現了穩健的連續成長。

Orders were up 20 percent sequentially resulting in a

訂單量較上季成長 20%

to bill for the company and each of the business segments above one. All in all a good beginning for the year.

為公司和上述每個業務部門開立帳單。總而言之，今年有一個好的開始。

I'll first review our financial performance in the first quarter then I'll comment on our outlook. Overall our first quarter revenue of $1,827 million represented a decrease of 28 percent from a year ago quarter but a two percent increase from the fourth quarter.

我將首先回顧我們第一季的財務業績，然後評論我們的前景。總體而言，我們第一季的營收為 18.27 億美元，比去年同期下降 28%，但比第四季成長 2%。

About half of the $41 million sequential increase came from semiconductor with the remainder from sensors and controls and educational and productivity solutions. Semiconductor revenue declined 30 percent from the year ago quarter but increased one percent sequentially to 15 to $18 million.

4,100 萬美元的連續成長中約有一半來自半導體，其餘來自感測器和控制以及教育和生產力解決方案。半導體營收較去年同期下降 30%，但較上季成長 1%，達到 1,500 至 1,800 萬美元。

We're encouraged that analog revenue grew eight percent sequentially and DSP was up seven percent. In fact DSP also grew nine percent over the year ago quarter.

我們感到鼓舞的是，模擬收入環比增長了 8%，DSP 收入增長了 7%。事實上，DSP 也比去年同期成長了 9%。

And it's been a long time since we've been able to say that about anything.

我們已經很久沒有能夠對任何事情這麼說了。

The sequential analog growth was driven by strength in PC and PC peripheral markets including products for printers, mobile computing power management and mass storage.

類比連續成長是由 PC 和 PC 週邊設備市場（包括印表機、行動運算電源管理和大容量儲存產品）的強勁推動的。

The DSP growth was driven by wireless. Wire line communications markets remain weak for both DSP and analog.

DSP 的成長是由無線驅動的。有線通訊市場對於 DSP 和類比而言仍然疲軟。

Other semiconductor revenue declined 13 percent sequentially with declines across most of these product areas as well as royalties. The royalty decline was mostly associated with lower payments from

其他半導體收入較上季下降 13%，大部分產品領域以及特許權使用費均下降。特許權使用費下降主要與支付費用減少有關

in the quarter.

在本季度。

As we've noted previously, we recognize royalties from

正如我們之前指出的，我們承認特許權使用費

on a cash basis. Looking at key and equipment markets, wireless revenue grew 12 percent from the year-ago period and was also up 12 percent sequentially.

以現金為基礎。從關鍵設備市場來看，無線收入年增 12%，季增 12%。

Our sales into 2.5 G handsets principally GPRS continued to build and accounted for about 25 percent of our wireless revenue in the quarter.

我們的 2.5 G 手機（主要是 GPRS）銷售量持續成長，佔本季無線收入的 25% 左右。

This compares to about 15 percent in the fourth quarter.

相比之下，第四季這一數字約為 15%。

As these products have higher ASPs than our 2G products, we are benefiting from the richer mix. In fact our wireless revenue grew sequentially despite lower unit shipments.

由於這些產品的平均售價高於我們的 2G 產品，因此我們受益於更豐富的產品組合。事實上，儘管單位出貨量較低，但我們的無線收入仍持續成長。

We look forward to this trend continuing and expect that revenue from 2.5 G products will build to over 50 percent of our wireless revenue going out of the year.

我們期待這一趨勢持續下去，並預計今年 2.5G 產品的收入將占我們無線收入的 50% 以上。

Catalog products composed of catalog DSP and high-performance analog declined four percent sequentially with declines in both product areas.

由目錄 DSP 和高效能模擬組成的目錄產品較上季下降了 4%，這兩個產品領域均出現下滑。

These products continue to be affected by weakness in wireline communications. Strong order growth in the quarter leads us to believe that first quarter was the bottom for our catalog products.

這些產品持續受到有線通訊疲軟的影響。本季度訂單的強勁增長使我們相信第一季是我們目錄產品的底部。

Broadband communication stabilized as expected in the quarter with revenue at the fourth quarter level. We began volume production of our wireless LAN

本季寬頻通訊穩定如預期，營收維持在第四季的水準。我們開始大量生產無線 LAN

products in the quarter and realized a small contribution from this new product.

該季度的產品，並從該新產品中實現了小小的貢獻。

TI's gross margin improved by more than 10 points sequentially as factory utilization improved and depreciation declined. This gain exceeded any of the quarterly declines in gross margins as we moved through the downturn in 2001.

由於工廠利用率提高和折舊下降，TI 的毛利率比上季提高了 10 個百分點以上。這一增幅超過了我們度過 2001 年經濟低迷時期毛利率的任何季度降幅。

This reinforces our belief that TI will experience significant margin gains as we move back into an upturn. And we continue to expect our margins at the next peak to exceed those of the prior peak.

這增強了我們的信念，隨著我們重新步入好轉階段，TI 將實現顯著的利潤率成長。我們仍然預計下一個峰值的利潤率將超過前一個峰值。

Below the line expenses held even with the fourth quarter level, although we reduced SG&A by another $10 million and added the same amount to R&D. This was our seventh consecutive quarter of SG&A expense reduction.

儘管我們將 SG&A 減少了 1000 萬美元，並增加了相同金額的研發費用，但離線費用仍維​​持在第四季度的水平。這是我們連續第七個季度減少銷售、管理及行政費用。

Compared to the second quarter 2000 peak level, SG&A has been reduced by 36 percent. We will maintain tight control on this line to ensure that it contributes significantly to margin gain as revenue growth returns.

與 2000 年第二季的峰值水平相比，SG&A 減少了 36%。我們將保持對這條線的嚴格控制，以確保隨著收入成長的恢復，它對利潤率成長做出重大貢獻。

Operating profit for the company was at break-even compared to a loss of $195 million in the fourth quarter, for an operating margin improvement of 10.9 percentage points.

與第四季 1.95 億美元的虧損相比，該公司的營業利潤實現了盈虧平衡，營業利潤率提高了 10.9 個百分點。

Semiconductor operated at a loss of $27 million in the quarter, or negative 1.8 percent of revenue. This was an improvement of $177 million, or 11.8 points of operating margin compared to the fourth quarter.

Semiconductor 本季營運虧損 2,700 萬美元，佔營收負 1.8%。與第四季相比，營業利潤率提高了 1.77 億美元，即 11.8 個百分點。

This reflects higher factory utilization levels, as well as lower depreciation expense.

這反映了更高的工廠利用率以及更低的折舊費用。

Our semiconductor wafer fab utilization improved significantly in the quarter, from just over 50 percent at the end of the year, to about 60 percent at the end of the first quarter.

我們的半導體晶圓廠利用率在本季度顯著提高，從年底的略高於 50% 上升到第一季末的約 60%。

This was due to our fabs regaining loadings after our aggressive inventory reduction in the second half of 2001, as well as production ramping to support a higher revenue level in the second quarter.

這是由於我們的晶圓廠在 2001 年下半年大幅減少庫存後恢復了負荷，並且產量增加以支持第二季度更高的收入水準。

Outside semiconductor, revenue in the sensors and controls business was $229 million, down 12 percent from the year ago period, but up five percent sequentially.

除半導體之外，感測器和控制業務的收入為 2.29 億美元，比去年同期下降 12%，但環比成長 5%。

Operating profits of $49 million were a record 21.2 percent of revenue. This represents a 1.8 percentage point increase from the year ago quarter, despite the lower revenue level, and a .8 percentage point increase from the fourth quarter.

營業利潤達到創紀錄的 4,900 萬美元，佔營收的 21.2%。儘管營收水準較低，但比去年同期成長了 1.8 個百分點，比第四季成長了 0.8 個百分點。

Revenue in the educational and productivity solutions business was $85 million, an increase of five percent from the year ago quarter, and 13 percent sequentially. Operating profit was $19 million, or 21.7 percent of revenue.

教育和生產力解決方案業務的收入為 8,500 萬美元，比去年同期成長 5%，比上一季成長 13%。營業利潤為 1,900 萬美元，佔營收的 21.7%。

For TI, other income and interest were negative $2 million in the quarter. This is lower than we had expected, with the difference being attributable to investment write-downs.

對於 TI，該季度的其他收入和利息為負 200 萬美元。這低於我們的預期，差異歸因於投資減記。

Including tax benefits, the company had pro forma net income of $24 million, or one cent per share.

包括稅收優惠在內，該公司預計淨利潤為 2,400 萬美元，即每股 1 美分。

On the balance sheet, inventory increased by $17 million as ENPS prepared to support the seasonally strong second quarter demand for educational calculators.

在資產負債表上，由於 ENPS 準備支持第二季度對教育計算器季節性強勁的需求，庫存增加了 1700 萬美元。

Days of inventory increased to 58 at the end of the quarter, compared to 50 at the end of the year. This increase was primarily driven by the $155 million decline in cost of revenue, and not the change in inventory.

季末庫存天數增加至 58 天，而年末為 50 天。這一增長主要是由於收入成本下降了 1.55 億美元，而不是庫存變化。

Cash flow from operations was $296 million, with capital expenditures of $120 million in the quarter, free cash flow was $176 million. Orders in the quarter were $1905 million, about even with the year ago level, but up 20 percent from the fourth quarter.

該季度營運現金流為 2.96 億美元，資本支出為 1.2 億美元，自由現金流為 1.76 億美元。本季訂單金額為 19.05 億美元，與去年同期水準基本持平，但較第四季成長 20%。

Semiconductor orders were up 18 percent sequentially to $1,540 million with a gain's wide spread across our end markets and product revenues. Analog orders were especially strong growing over 30 percent sequentially.

半導體訂單環比增長 18%，達到 15.4 億美元，我們的終端市場和產品收入均實現了廣泛增長。模擬訂單尤其強勁，季增超過 30%。

The book-to-bill ratio for our semiconductor business was 1.01 in the first quarter, the first time since the third quarter of 2000 that it has been above one. For the second quarter, we expect revenue to grow by about 10 percent over the first quarter to about $2 billion.

第一季我們半導體業務的訂單出貨比為1.01，這是自2000年第三季以來首次超過1。對於第二季度，我們預計營收將比第一季成長約 10%，達到約 20 億美元。

We expect all of the business segments to grow. Revenue and semiconductors should increase by about eight percent.

我們預計所有業務部門都會成長。收入和半導體應增加約百分之八。

Sensors and controls by about five percent and

感測器和控制裝置增加了約百分之五

by about 50 percent reflecting seasonal retail stocking of educational calculators in preparation for the back to school season.

約 50% 的成長反映了教育計算器的季節性零售庫存，為返校季做準備。

We expect operating margin to increase to about six percent of revenue due to the higher revenue level.

由於收入水平較高，我們預計營業利潤率將增至收入的 6% 左右。

About two-thirds of the six point increase from the first quarter will come from gross margin with the remaining -- with the remainder resulting from revenue increasing faster than below the line costs.

較第一季成長 6 個百分點，約三分之二來自毛利率，其餘則來自營收成長快於線下成本的成長。

Non operating income should increase to about $15 million. As a result pro forma EPS should be about six cents.

非營業收入應增加至約 1500 萬美元。因此預計每股收益應約為 6 美分。

Our forecast for capital expenditures in 2002 remains at $800 million. Although our first quarter expenditures of $120 million were below this run rate we expect to accelerate spending for 300 millimeter production in the DMOS6.

我們對 2002 年資本支出的預測仍為 8 億美元。儘管我們第一季的支出為 1.2 億美元，低於這一運行速度，但我們預計將加快 DMOS6 300 毫米生產的支出。

This expansion will almost double the current output capacity of DMOS6. Our 2002 R&D forecast remains $1.5 billion generally consistent with current run rate levels.

這項擴展將使 DMOS6 的電流輸出能力幾乎翻倍。我們 2002 年的研發預測仍為 15 億美元，與目前的運作率水準基本一致。

Depreciation will be $1.6 billion. We expect only small depreciation increases from the first quarter level of $388 million as we move through the year.

折舊額將為 16 億美元。我們預計，隨著全年的推進，折舊僅比第一季 3.88 億美元的水平小幅增加。

Before I close, I would also like to mention some non financial elements of our progress. In the first quarter we began to ramp production in DMOS6.

在結束之前，我還想提及我們進展的一些非財務因素。第一季我們開始提高 DMOS6 的產量。

DMOS6 will support 130 nanometer lithography using copper interconnects on 350 millimeter diameter wafers.

DMOS6 將支援在 350 毫米直徑晶圓上使用銅互連的 130 奈米光刻技術。

While simultaneously making these three major steps in our manufacturing technology presented challenges for us we're looking forward to serving our customers with the resulting benefits including products that operate at higher performance levels, consume less power and cost less to produce.

雖然我們的製造技術同時實現這三個主要步驟給我們帶來了挑戰，但我們期待為我們的客戶提供由此帶來的好處，包括以更高的性能水平運行、消耗更少的電力和更低的生產成本的產品。

We're also pleased that this capability is coming on line in sync with the return of customer demand.

我們也很高興該功能與客戶需求的恢復同步上線。

We also announced our next generation

我們也宣布了我們的下一代

process technology and began shipping libraries and tools to allow customers to begin designing in this technology. In wireless we similarly made important gains in expanding our

處理技術並開始提供庫和工具，以允許客戶開始使用該技術進行設計。在無線領域，我們在擴展我們的業務方面同樣取得了重要進展

customer base for 2.5 G and 3G devices.

2.5 G 和 3G 設備的客戶群。

New customers ranging from NEC,

新客戶包括 NEC、

and Fujitsu in Japan to

和日本富士通

in China to HP and its

在中國向惠普及其

wireless digital system are helping to build the global momentum behind

無線數位系統正在幫助建立全球動力

and to attract an even richer base of application developers. Also in wireless we rolled out new reference platforms with both Nokia and Microsoft to extend our reach into an even deeper mix of manufacturers and application developers.

並吸引更豐富的應用程式開發人員基礎。同樣在無線領域，我們與諾基亞和微軟共同推出了新的參考平台，以將我們的影響力擴展到更廣泛的製造商和應用程式開發人員。

We also made good progress in broadband, DSP products, and high-performance analog in the quarter. I'll refer you to the press release for these highlights.

本季我們在寬頻、DSP 產品和高性能模擬方面也取得了良好進展。我將向您推薦新聞稿以了解這些要點。

In summary we're encouraged by our first quarter results. We believe TI is very well positioned in terms of technology, manufacturing and products for the upcoming market recovery.

總之，我們對第一季的業績感到鼓舞。我們相信 TI 在技術、製造和產品方面處於非常有利的地位，可以應對即將到來的市場復甦。

With that let me turn it back to Ron.

接下來讓我把它轉回給羅恩。

Thank you Bill.

謝謝比爾。

At this time, I'll ask the operator to open the lines up for your questions. In order to

此時，我會請接線生開通電話，解答您的問題。為了

as many of you as possible an opportunity to ask your questions, please limit yourselves to a single question.

盡可能多的人有機會提出問題，請限制自己提出一個問題。

After a response, I will provide you an opportunity for an additional follow-up. Operator.

回覆後，我將為您提供額外的跟進機會。操作員。

Sure. The floor is now open for questions.

當然。現在可以提問。

Should you have a question or a comment, please press the numbers one followed by for on your touch-tone phone at this time. If at any point your question has been answered, please remove yourself from the queue by pressing the pound key.

如果您有疑問或意見，請此時在按鍵式電話上按數字 1，然後按 。如果您的問題在任何時候已得到解答，請按井號鍵將自己從佇列中刪除。

Questions will be taken in the order they are received, and we do ask while you pose your question to please pick up your handset to provide optimum sound quality. Thank you.

問題將按照收到的順序進行處理，當您提出問題時，我們會詢問您是否拿起您的聽筒，以提供最佳的音質。謝謝。

Our first question is coming from -- our first question is

我們的第一個問題來自——我們的第一個問題是

. Please announce your affiliation.

。請宣布您的隸屬關係。

Yeah, thanks SoundView Technology. Curious, Bill, on the comment you made about wireless units being down while revenue was up.

是的，感謝 SoundView 技術。比爾，你對你關於無線設備銷售下降而收入上升的評論感到好奇。

Any other sort of quantification you can put around that?

您可以對此進行任何其他類型的量化嗎？

, wireless revenues were up about 12 percent sequentially.

，無線收入較上季成長約 12%。

Units were down a few percentage points and so from that you can get the idea that we've talked about in other times I think as well, that our ASPs will be on balance benefit from the richer mix of

單位下降了幾個百分點，因此您可以從中得到我們在其他時候討論過的想法，我認為我們的平均售價將總體受益於更豐富的組合

products. And I think that's evident from those numbers in the quarter.

產品。我認為從本季度的這些數字中可以明顯看出這一點。

OK.

好的。

Did you have a follow-up?

你有後續行動嗎？

Yeah please.

是的，請。

Thinking about the factory

對工廠的思考

concept, where do you think are right now relative to what you're shipping versus what customers are using?

概念，您認為目前您正在運送的產品與客戶正在使用的產品相比處於什麼位置？

Let's see

讓我們來看看

if I understand that, yeah we're still generally shipping, you know, behind end consumption levels, certainly in wireless where we're moving from a year last year where we were, as an industry probably 50 million units below our consumption levels.

如果我理解的話，是的，我們的出貨量總體上仍然落後於終端消費水平，尤其是在無線領域，我們從去年的水平開始轉向，作為一個行業，出貨量可能比我們的消費水平低5000 萬台。

Through other areas where we were pretty well balanced, so I think certainly in wireless handsets we're shipping, we're still shipping at below consumption levels, and the small amounts we're shipping in communications equipment is still well below consumption levels there, because we think it's pretty clear that, you know, infrastructure equipment suppliers are not yet finished their liquidation of inventories.

透過我們相當平衡的其他領域，所以我認為在我們正在運輸的無線手機中，我們的運輸量仍然低於消費水平，而我們在通訊設備中運輸的少量產品仍然遠低於那裡的消費水平，因為我們認為很明顯，基礎設施設備供應商尚未完成庫存清算。

OK.

好的。

Great, thank you.

太好了謝謝。

Thank you Scott, next question?

謝謝斯科特，下一個問題？

Sure. Our next question is coming from

當然。我們的下一個問題來自

.

。

Please announce your affiliation.

請宣布您的隸屬關係。

UBS Warburg.

瑞銀華寶。

Question has to do with the analog sector, obviously very strong growth. Can you break it down a little bit between units and ASPs, trends, and also the attach rate that you've traditionally talked about with me, for DSP and the end markets that were driving the analog sector?

問題與模擬行業有關，該行業的成長顯然非常強勁。對於推動模擬產業發展的 DSP 和終端市場，您能否對單位和 ASP、趨勢以及您一直以來與我談論的附加率進行一些分解？

Tom, ASPs in analog were really quite stable for us because most of the growth that we're seeing is in custom product or high performance analog product that is not subject to any particular price pressures there.

Tom，模擬的 ASP 對我們來說確實相當穩定，因為我們看到的大部分成長是在客製化產品或高性能模擬產品中，這些產品不會受到任何特定的價格壓力。

Although in the commodity analog area, we've seen generally now price stability after, you know, several quarters of severe price declines, and for our commodity analog and also for our commodity logic, I would characterize pricing as, you know, stable with a somewhat upward bias to the trend at this point.

儘管在商品模擬領域，在經歷了幾個季度的嚴重價格下跌之後，我們現在普遍看到價格穩定，對於我們的商品模擬以及我們的商品邏輯，我將定價描述為，您知道，穩定此時的趨勢有些向上的傾向。

The attach rate of our high performance analog to DSP last year on average was at a level of about 65 percent, way up from about three years ago when we started to use this metric to really drive our high performance analog, and the attach rate was five percent or so.

去年，我們的高效能模擬與 DSP 的平均連接率約為 65%，遠高於大約三年前，當時我們開始使用此指標來真正驅動我們的高效能模擬，並且連接率百分之五左右。

We don't have a real, a recent update, but that 65 percent or so I think is indicative of the kind of combination of high performance analog and catalog DSP that we're getting now.

我們沒有真正的、最近的更新，但我認為 65% 左右代表了我們現在獲得的高效能模擬和目錄 DSP 的組合。

And in terms of the market areas that drove the analog growth, several -- certainly one was some of the custom mixed signal analog that go into end applications such as printers, high performance analog that is used in power management for laptops.

就推動模擬成長的市場領域而言，有幾個——當然其中之一是進入印表機等終端應用的客製化混合訊號模擬，以及用於筆記型電腦電源管理的高效能模擬。

Also analog growth in broadband and in wireless end markets in the first quarter sequentially.

第一季寬頻和無線終端市場的類比成長也是如此。

Did you have a follow up, Tom?

湯姆，你有後續行動嗎？

Yes. Could you comment on lead time trends in analog and DSP?

是的。您能否評論一下模擬和 DSP 領域的交貨時間趨勢？

Tom, I'd say that lead times have been pretty stable through here for our catalog products, lead times and about four weeks are pretty well what we're able to maintain although we've seen some customers who want to come in and try to get

湯姆，我想說，我們的目錄產品的交貨時間一直相當穩定，大約四個星期的交貨時間是我們能夠維持的，儘管我們看到一些客戶想要進來嘗試要得到

inside that lead time which is difficult for us to accommodate.

在我們難以適應的交貨時間內。

Specifically in our commodities, logic and linear areas we've taken very active steps to reduce lead time further by providing

特別是在我們的商品、邏輯和線性領域，我們採取了非常積極的措施，透過提供

stock availability to get two week lead times for our customers there. We think that is very popular in that market.

庫存充足，可為我們的客戶提供兩週的交貨時間。我們認為這在該市場非常受歡迎。

We're clearly gaining share we think in the commodity, logic and linear areas. And in that area we're bringing lead times down by literally 4X of what they had been in some areas.

我們認為，在商品、邏輯和線性領域，我們顯然正在獲得份額。在該領域，我們將交貨時間縮短為某些領域的 4 倍。

That is from eight weeks or so down to the two week lead time.

交貨時間從八週左右縮短到兩週。

And so I think those are the areas where the lead times are most relevant.

因此，我認為這些是與交貨時間最相關的領域。

And the custom areas of course we're building to customer orders on a normal kind of basis and you know we get the normal eight to 10 week kind of times to do that.

當然，我們是在正常的基礎上根據客戶訂單建立客製化區域的，而且您知道我們通常需要 8 到 10 週的時間來完成這項工作。

Thank you, Tom.

謝謝你，湯姆。

Operator, next caller please.

接線員，請下一個來電者。

Sure.

當然。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

Hey. It's Morgan Stanley. Good afternoon and welcome back to profitability.

嘿。這是摩根士丹利。下午好，歡迎回到獲利能力。

Just wanted to get an update if I could on distribution both in terms of what resales look like and what inventories look like in the various geographies.

只是想了解有關分銷情況的最新信息，包括轉售情況和各個地區的庫存情況。

Yes,

是的，

and thank you.

謝謝你。

It's -- we like being profitable and intend to stay that way now. Resales in distribution for us were actually up somewhat quarter on quarter kind of single digits.

我們喜歡獲利，並且現在打算保持這種狀態。我們的分銷轉售實際上每季都有個位數的成長。

And our revenues were up quarter on quarter as well.

我們的收入也逐季成長。

And our orders were especially strong I would say our distribution orders around the world were up quarter on quarter almost 30 percent in fact.

我們的訂單尤其強勁，我想說，事實上我們在全球的分銷訂單環比增長了近 30%。

And we had in terms of geographies general strength

我們在地域方面具有整體實力

and book-to-bill ratio for us in distribution and first quarter was well above one, something like 1.07 I think.

我們在分銷方面和第一季的訂單出貨比遠高於 1，我認為約為 1.07。

And it was greater than one in all regions except Asia and that's probably more of a reflection of continuing rapid turns and high business levels in Asia as well.

除亞洲外，所有地區的數字都大於一，這可能更反映了亞洲持續的快速轉變和高業務水平。

So generally encouraging trends in distribution, which is consistent with I think the overall order patterns and sequential order growth that we saw in both our high-performance analog and in our commodity linear and logic businesses, those are the two main business areas that go -- for us to go through distribution.

因此，整體上令人鼓舞的分銷趨勢與我認為我們在高性能模擬以及商品線性和邏輯業務中看到的整體訂單模式和順序訂單增長是一致的，這些是兩個主要業務領域 - - 供我們進行分配。

And distribution with all that continues to run around 25 percent of our -- of our overall semiconductor revenue. That's continuing to track pretty steady.

所有這些的分銷繼續占我們半導體總收入的 25% 左右。這一趨勢持續保持穩定。

I think on the -- on your question on inventories, you probably recall late -- or after our first quarter -- I'm sorry, fourth quarter call, we said that inventories were a little above target, especially in the Americas. I think that we said they wanted to drop down by about 15 percent from the level.

我認為，關於你關於庫存的問題，你可能還記得很晚——或者在我們的第一季之後——對不起，第四季度的電話會議，我們說庫存略高於目標，特別是在美洲。我認為我們說過他們希望從當前水平下降約 15%。

They did achieve those targets. Elsewhere in terms of non-U.S. regions, we actually saw a tendency proactively by distributors to want to build inventory a little bit in anticipation of higher resales in the second quarter.

他們確實實現了這些目標。在美國以外的其他地區，我們實際上看到經銷商傾向於主動增加庫存，以期第二季轉售量增加。

Do you have a follow-up question

您有後續問題嗎

?

？

Well just to check on the U.S. then.

那就去美國看看吧。

Should we assume that we've seen the extent of the work down in the U.S. distribution channel?

我們是否應該假設我們已經看到了美國分銷管道的工作範圍？

Yes, they are at targeted inventory levels now.

是的，他們現在處於目標庫存水準。

Great. Thanks a lot guys.

偉大的。非常感謝大家。

OK

好的

, thank you.

， 謝謝。

Next caller please operator.

下一位來電者請接線生。

Sure.

當然。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

Lehman Brothers. Nice quarter Bill.

雷曼兄弟。不錯的四分之一比爾。

I guess one question may be back to, I think, first or second question, which was when do you think you're going to be tracking close to the revenue levels at your customer's -- I think Ron had just talked about the fact that the U.S.

我想有一個問題可能會回到第一個問題或第二個問題，即你認為你什麼時候會接近客戶的收入水平——我認為羅恩剛剛談到了這樣一個事實：美國。

levels, you know inventory is in pretty good shape and the non-U.S. regions, in fact, may be trying to build a little inventory, if I heard you correctly.

水平，你知道庫存狀況相當不錯，事實上，如果我沒聽錯的話，非美國地區可能正在嘗試建立一點庫存。

I would think your

我會認為你的

would tend to imply your customers have kind of gotten their inventories to where they want to be.

往往意味著您的客戶已經將庫存達到了他們想要的水平。

In fact I think on the last call, you said your customers had only about a couple of weeks of excess inventory. So I guess my question is in Q2 to some extent, if that sort of what the inventory trends are, where most people seem to

事實上，我認為在上次通話中，您說您的客戶只有大約幾週的過剩庫存。所以我想我的問題在某種程度上是在第二季度，如果庫存趨勢是這樣的話，大多數人似乎

roughly where they need to be, why wouldn't your shipments be tracking pretty closely to

大致在他們需要的地方，為什麼你的貨物不能非常接近地跟踪

, given that there's really no movement much lower in inventory levels particularly in the wireless area.

考慮到庫存水準確實沒有大幅下降，特別是在無線領域。

Yeah

是的

I think the, you know, one difference will continue to be in the telecom equipment area where you know we're still well behind consumption levels there and we have not began to catch up yet because inventory liquidation is still going on. The other thing we'll see I think is more of a phasing.

我認為，一個差異將繼續出現在電信設備領域，我們仍然遠遠落後於那裡的消費水平，而且我們還沒有開始迎頭趕上，因為庫存清理仍在進行。我認為我們會看到的另一件事更多的是分階段。

For example, the growth that we have in wireless in the first quarter and we expect subsequent growth in the second quarter. Our customers see their growth second, third quarters and beyond.

例如，我們第一季無線業務的成長，我們預期第二季的後續成長。我們的客戶在第二季、第三季及以後看到了成長。

So there's a quarterly phasing there that is important in terms of their needing the components in advance out there.

因此，每季進行一次階段性調整對於他們提前需要組件而言非常重要。

But I think overall in terms of inventory liquidations, except for the telecom equipment area, we'd be in agreement with our customers have basically completed that liquidation.

但我認為總體來說，在庫存清理方面，除了電信設備領域，我們與客戶達成的一致意見基本上已經完成了庫存清理。

Maybe just, if I could go on just a follow-up to that.

也許只是，如果我能繼續跟進的話。

How much as a percentage of your semiconductor revenues do you attribute quote unquote to telecom equipment as opposed to, you know, the handsets and everything else that you're looking at, computing et cetera?

您將半導體收入的多少百分比歸因於電信設備，而不是手機和您正在關注的其他所有產品（計算等）？

I'd say that telecom equipment, infrastructure equipment probably represents maybe 15 percent of so of our semiconductor revenues at any one time.

我想說，電信設備、基礎設施設備在任何時候都可能占我們半導體收入的 15%。

Less than our wireless, which is 20 plus percent of semiconductor revenues at any one time, and for us it's the equivalent side is both catalog DSP, high performance analog and ASIC for us.

比我們的無線業務少，無線業務在任何時候都佔半導體收入的 20% 以上，對我們來說，同等的一面是目錄 DSP、高效能模擬和 ASIC。

All right, that's perfect.

好吧，那就完美了。

Thank you very much Bill.

非常感謝比爾。

Thank you

謝謝

.

。

Thanks

謝謝

.

。

Operator next question please?

接線生請下一個問題？

Sure, our next question is coming from

當然，我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

It's Frost Securities. We follow-up on

這是弗羅斯特證券。我們後續跟進

question a little bit.

稍微提問一下。

Let me ask it a different way. The, if you're shipping below, or back to at least, parity with the end demand, inventories likely in the channel of distribution, OEM, have all been burned down probably to relatively unsustainable levels, and do you have a feel for how much of this order activity, say the 30 percent increase in analog orders, is simply trying to get back into levels where they're not going to be short products as, like you said, we start to build into a seasonally better period of the year?

讓我換個方式問一下。如果您的出貨量低於或至少回到與最終需求的平價，那麼分銷管道、OEM 中的庫存可能都已被燒毀到相對不可持續的水平，您是否知道如何做到這一點大部分訂單活動，例如模擬訂單增加30%，只是試圖回到不會成為空頭產品的水平，正如您所說，我們開始進入季節性更好的時期年？

, I think in the analog example in particular, it's hard to say that there's any inventory replenishment going on there. We can identify generally that analog order increase coming from areas the mixed signal for printers, and printers have generally been reasonably in balance from an inventory point of view.

，我認為特別是在模擬示例中，很難說那裡正在進行任何庫存補充。我們可以普遍認為，類比訂單的成長來自於印表機的混合訊號區域，並且從庫存的角度來看，印表機通常處於相當平衡的狀態。

Power management for laptops, again no big inventory issues there. DVD, other consumer areas and then wireless, so I think generally that is not really so much inventory replenishment, cause we never saw big inventory issues in those market sectors.

筆記型電腦的電源管理，同樣沒有太大的庫存問題。 DVD、其他消費領域，然後是無線，所以我認為一般來說，庫存補充並不是那麼嚴重，因為我們從未在這些市場領域看到過大的庫存問題。

OK, and in the DSP side?

好的，那麼在 DSP 方面呢？

DSP for us has been mainly wireless in terms of the growth. Catalog DSP has still been pretty weak for us because of the equipment areas there.

我們的 DSP 的成長主要是無線方面的。由於設備領域的原因，目錄 DSP 對我們來說仍然相當薄弱。

So for us the sequential increase in revenues and in orders has been in wireless. Again then the first quarter that's our customer's building towards their demands in second and third quarters.

因此，對我們來說，收入和訂單的連續成長是在無線領域。同樣，第一季是我們的客戶為滿足第二和第三季的需求而進行的建設。

OK. If I can ask one quick follow up. The -- you talked pretty aggressively about DMOS6 and it looks like you've made some solid gains there.

好的。如果我可以要求快速跟進。 - 您非常積極地談論了 DMOS6，看起來您已經在那裡取得了一些堅實的進展。

Do you have a feel for volume output? Now I assume it's just getting under way and what the capability is of that DMOS6 facility and maybe your target's ramping between here and there.

您對音量輸出有感覺嗎？現在我假設它剛剛開始，DMOS6 設施的能力是什麼，也許你的目標正在這裡和那裡之間提升。

Yes

是的

, revenue from DMOS6 is still you know basically zero in the first quarter. We're shipping early product or qualification. We believe that -- or we expect that the thousand hour qualification for example that these parts go through with our customers will be complete and about the June timeframe.

第一季DMOS6的營收仍基本為零。我們正在運送早期產品或資格。我們相信—或者我們預計，例如這些零件與我們的客戶一起進行的千小時認證將在六月的時間範圍內完成。

And that will be the actual qualification. At that point we'll have -- we would expect to have a 300 millimeter factory size at about 5,700 wafers per month of 300 millimeter.

這將是實際的資格。到那時，我們預計將擁有 300 毫米的工廠規模，每月生產約 5,700 片 300 毫米的晶圓。

So equivalent 200 millimeter is about 2.25 times that going into the second half of the year.

因此，200 毫米相當於下半年的 2.25 倍。

Then as I also noted with our ability to increase that will be within our $800 million capital budget for the year.

正如我還指出的那樣，我們有能力增加這筆資金，這將在我們今年 8 億美元的資本預算之內。

We will be in the second half of the year putting the cap ex in for the equipment to come in to increase that DMOS6 size capacity to about 10,000 wafer

我們將在今年下半年對設備投入資本支出，將 DMOS6 尺寸產能增加到約 10,000 片晶圓

per month by the end of the year.

到年底每月。

And again that will be equipment that our target is to get that installed by the end of the year so that going into next year that kind of total capacity is available to us.

我們的目標是在今年年底前安裝這些設備，以便進入明年我們就可以使用這種總容量。

Thank you,

謝謝你，

. Operator, next caller please.

。接線員，請下一個來電者。

Sure.

當然。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

Salomon Smith Barney. Bill, you recently or last quarter or so raised your internal target for profit sharing from about operating profit about 25 percent to 30 percent.

所羅門美邦。比爾，您最近或上個季度左右將利潤分享的內部目標從大約營業利潤的 25% 提高到了 30%。

Obviously, internally you've got a pretty clear roadmap of how to get from here to there. Can you discuss that roadmap a little bit to the extent possible?

顯然，在內部你已經有了一個非常清晰的路線圖，說明如何從這裡到達那裡。您能否盡可能地討論一下該路線圖？

Give us a sense of how much will come from the manufacturing side, how much would come from the mix side?

讓我們了解有多少來自製造方面，有多少來自混合方面？

Yes,

是的，

, we can while it's hard to be specific about timeframe you know our feeling is by the time we get to the next kind of peak the kind of levels that we saw in the second half of 2000, we would expect that our gross margins will be a couple of points higher than the 49 to 50 points that they ran at the peak last time.

，我們可以，雖然很難具體說明時間範圍，但我們的感覺是，當我們達到 2000 年下半年看到的下一個峰值時，我們預計我們的毛利率將為比上次巔峰時的49分到50分高了好幾分。

So, we'll get a couple of points over that, that our R&D will, you know, get a couple of points lower than it was last time, so that gets it to, oh I don't know, 14-percent kind of range of revenues, and that our SG&A with the actions that we have in place should also grow much more slowly than our revenue will grow.

所以，我們會得到一些分數，我們的研發將比上次低一些分數，這樣就達到了，哦，我不知道，14%的收入範圍，並且我們的SG&A 以及我們採取的行動的增長速度也應該比我們的收入成長慢得多。

That, at the -- at the best last time was around 12 percent. I can see that being down a couple of more points, around 10 percent of revenue or so.

上次最好的情況是 12% 左右。我可以看到，收入又下降了幾個百分點，大約是收入的 10% 左右。

So you know, we see that -- the possibility of running operating margins certainly in the mid 20s, getting up towards 30 percent is coming from that combination of gross margins, you know, a couple of points above 50 and below the line costs as I've described them there.

所以你知道，我們看到——營運利潤率肯定會在20 多歲左右，達到30% 的可能性來自於毛利率的組合，你知道，高於50 點且低於線成本的幾個點，如我已經在那裡描述過它們。

And a quick follow-on.

並快速跟進。

Probably your royalty stream going forward, given the 18 of various contracts and correct me if I'm wrong, of various agreements is you know moving on here, so you're royalty stream would necessarily be less as time goes on, less as a percent of revenues.

考慮到18 份各種合同，如果我錯了，請糾正我，各種協議中的各種協議是您知道的，因此您的版稅流可能會繼續發展，因此隨著時間的推移，您的版稅流必然會減少，隨著時間的推移，您的版稅流必然會減少。收入的百分比。

If you had

如果你有

out in the past, your royalty payments and you look to return on assets, probably there was a fair amount of room for improvement.

在過去，您的特許權使用費和您希望的資產回報率，可能還有相當大的改進空間。

Do you anticipate that you can improve your return on assets going forward and would you expect to move towards a sort of fab light model to help your return on assets?

您是否預期未來可以提高資產報酬率？您是否期望轉向某種晶圓廠輕型模型來幫助您提高資產報酬率？

Well

出色地

personally,

親自，

, I would say that we would.

，我會說我們會的。

That is we have plans in place now on the manufacturing side to use TI's developed technology at the beginning of each new technology

也就是說，我們現在在製造方面已製定計劃，在每項新技術之初就使用 TI 開發的技術

such as the

如那個

right now, and sharing that initial capacity load generally was a couple of foundry partners, so that they get the benefit of early business at that

目前，最初的產能負載通常由幾個代工合作夥伴分擔，這樣他們就可以從早期業務中受益

and we can plan our capital expenditures at the level of sustainable capacity and sustainable demand that we see at that same

我們可以根據我們同時看到的可持續能力和可持續需求的水平來規劃我們的資本支出

.

。

So I would say over time if you look over the last several years, about 10 percent of our manufacturing capacity has been in foundry.

所以我想說，隨著時間的推移，如果你回顧過去幾年，我們大約 10% 的製造能力來自鑄造廠。

That could very well double, I would think, over a period of time with this strategy of sharing the beginning of each technology

我認為，透過這種共享每種技術的起源的策略，在一段時間內，這個數字很可能會翻倍。

with partners -- with foundry partners, again using TI technology, and that will reduce our capital expenditures.

與合作夥伴—與代工合作夥伴，再次使用 TI 技術，這將減少我們的資本支出。

Improve our capital utilization all the way through each cycle we would believe. And clearly increase return on assets as well.

我們相信，在每個週期中都可以提高我們的資本利用率。並明顯提高資產報酬率。

And so that's a particular tactic that really takes advantage of TI's process technology. And the

因此，這是一種真正利用 TI 製程技術的特殊策略。還有

of our foundry partners and their interest in having early and early customer -- almost a teaching customer at each node.

我們的代工合作夥伴以及他們對擁有早期和早期客戶的興趣——幾乎每個節點的教學客戶。

OK. Great. Thanks, Bill.

好的。偉大的。謝謝，比爾。

Thanks,

謝謝，

. Operator, next caller.

。接線員，下一個來電者。

Yes, sir. Our next question is coming from

是的先生。我們的下一個問題來自

, please pose your affiliation.

，請註明您的隸屬關係。

Hi, Bank of America Securities.

你好，美國銀行證券。

Bill, with guidance that you've giving, 10 percent sequentially, what kind of turns will that -- will be required to hit that? And if you could give us some perspective on what it was this quarter. And I have a follow up, thanks.

比爾，按照你給的指導，連續 10%，需要什麼樣的轉彎才能達到這個目標？您能否給我們一些關於本季情況的看法？我還有後續行動，謝謝。

Doug, generally, the kind of turns level required will be no more than it was in the first quarter, and that stayed no pretty stead for the last quarter or so.

道格，一般來說，所需的轉彎水平不會超過第一季的水平，並且在最後一個季度左右的情況下並沒有保持穩定。

Turns business for TI is a combination of couple of things so wait it's important I think or relevant I think to sort them out.

TI 的業務轉變是多種因素的結合，因此我認為解決這些問題很重要或相關。

In some of our customer OEM areas, we literally get the actual orders from a customer within the same quarter that we ship even though we've gotten the committed planning numbers well before that so we can start wafers. So that's really not the concept of turns that most people would look at.

在我們的一些客戶 OEM 領域，我們確實在發貨的同一季度內收到了客戶的實際訂單，儘管我們早在這之前就已經獲得了承諾的計劃數據，以便我們可以開始生產晶圓。所以這確實不是大多數人會關注的轉彎概念。

If you look at our high performance analog area, turns there have gone from a low point in the frenzy of the middle of year of 2000 of about 15 percent or so turns. And have as you would expect increased pretty steadily to oh between 40 and 50 percent now of high performance analog is turns business for us in the quarter here.

如果你看看我們的高效能模擬領域，你會發現那裡的轉數已經從 2000 年年中狂潮中的低點（約 15% 左右）轉過來了。正如您所期望的那樣，高效能模擬在本季度已成為我們的業務，穩定成長到 40％ 至 50％。

And we think that will stay pretty steady at that level now. And so we don't need any better performance in turns in second quarter than we have experienced in the last than certainly than in the first quarter.

我們認為現在將保持在這個水平相當穩定。因此，我們不需要第二季的表現比上一季更好，當然也比第一季更好。

Great. Understood. And then just to get back to the an earlier question, on the telecom equipment side, you know you referenced that this probably -- you're probably still shipping under consumption.

偉大的。明白了。然後回到先前的問題，在電信設備方面，您知道您可能提到過，您的運輸可能仍在消耗之下。

Do you think that we'll see a turning point in the second quarter so that you'll be shipping more into your telco equipment customers sequentially in 2Q?

您是否認為我們會在第二季度看到一個轉折點，以便您在第二季度向電信設備客戶交付更多產品？

Well we could,

好吧，我們可以，

. Again, our business has only a very narrow piece of the overall telecom equipment.

。同樣，我們的業務只佔整個電信設備的一小部分。

So I don't know that it's indicative of the larger status of that overall market.

所以我不知道這是否表明整個市場的更大地位。

But our ASIC business for example did have sequential order increase in the first quarter.

但以我們的 ASIC 業務為例，第一季訂單確實出現了連續成長。

And so we would expect it to participate in the sequential revenue increase that we'll first to second quarter. And that's also true with our overall catalog DSP and high performance analog sectors which we would expect to have first to second quarter sequential growth as well.

因此，我們預計它將參與第一季至第二季的連續營收成長。我們的整體目錄 DSP 和高效能模擬領域也是如此，我們預計第一季到第二季也將持續成長。

So, there is some indication that TI is specific on that that these business now will -- business areas will start to grow again.

因此，有跡象表明 TI 明確表示這些業務現在將——業務領域將開始再次成長。

And all three of those ASIC in particular is highly centric on internet infrastructure equipment and telecom infrastructure equipment customers.

尤其是這三個 ASIC 都高度集中在互聯網基礎設施設備和電信基礎設施設備客戶。

Great. Thank you and nice quarter.

偉大的。謝謝你，美好的季度。

Thank you.

謝謝。

Thanks

謝謝

. Next caller please.

。請下一位來電者。

Yes, sir.

是的先生。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

I'm with

我和

. Gentlemen, good afternoon.

。先生們，下午好。

Just Bill sort of an overall question and if you said this I missed it. I apologize.

只是比爾提出了一個總體問題，如果你這麼說，我就錯過了。我道歉。

But did you state which geographical areas were generally strong or weak in the quarter? Was there any large divergence?

但您是否說明了本季哪些地理區域整體表現強勁或表現疲軟？是否存在較大分歧？

, we did not cover that. I would say that Asia has been the strongest here.

，我們沒有涵蓋這一點。我想說亞洲是這裡最強大的。

We actually have both sequential growth in revenues and in fact had year over year growth in revenues in Asia. In addition in the first quarter we had good sequential growth in Europe although that's probably very well linked to our wireless sequential growth as well since that tends to be more European centric.

事實上，我們在亞洲的收入不僅連續成長，而且逐年成長。此外，第一季我們在歐洲實現了良好的連續成長，儘管這可能與我們的無線連續成長密切相關，因為這往往更以歐洲為中心。

If you look at our orders in the first quarter as indicative to the future order growth was really quite strong in both Asia and the U.S. In fact, order growth over 30 percent in both Asia and the U.S. in fact we did have

如果你看一下我們第一季的訂單，就可以看出未來亞洲和美國的訂單成長確實相當強勁。事實上，亞洲和美國的訂單成長超過 30%。事實上，我們確實有

sequential order growth in Japan as well.

日本的訂單也連續成長。

Orders in Europe were about even quarter to quarter. But again that's probably more indicative of our wireless customers who tend to place orders consistent with or upon a release for shipment

歐洲的訂單季度環比基本持平。但這可能更能說明我們的無線客戶傾向於在出貨時或出貨時下訂單

.

。

Did you get cut off?

你被切斷了嗎？

OK. You didn't do anything, right? OK.

好的。你什麼也沒做，對吧？好的。

Next caller please.

請下一位來電者。

Sure. Our next caller -- our next question is coming from

當然。我們的下一個來電者——我們的下一個問題來自

. Please pose your question.

。請提出你的問題。

Thanks. Congratulations guys.

謝謝。恭喜你們。

Just one question. Can you give us an update on your CDMA strategy, how that business is coming for you? Thanks.

只有一個問題。您能否向我們介紹一下您的 CDMA 策略的最新情況以及該業務的發展？謝謝。

, thank you. CDMA for us will -- well, certainly second generation CDMA is really up to our customers whether they want to do anything there.

， 謝謝。對我們來說，CDMA 將會——當然，第二代 CDMA 實際上取決於我們的客戶是否想在那裡做任何事情。

And 2.5 G-3G kind of proprietary CDMA 2000 is more up to our customers than us.

2.5G-3G 類型的專有 CDMA 2000 更取決於我們的客戶而不是我們。

It really is not a priority for us with all the traction that we have in GPRS moving the wideband CDMA and the -- and the additional customer engagements that we've announced in the quarter strongly that the backing our

對我們來說，這確實不是一個優先事項，因為我們在 GPRS 中所擁有的所有吸引力正在推動寬頻 CDMA 的發展，而且我們在本季度強烈宣布了額外的客戶參與，以支持我們的業務。

platform for GPRS and the wideband CDMA, that's really where our attention is focused.

GPRS 和寬頻 CDMA 平台，這才是我們真正關注的焦點。

We think that's more and more clearly where the market is going to be indications, for example, of how strong our engagements are in China with

我們認為，市場將越來越清楚地表明我們在中國的參與程度如何

and with the new joint development program that's

以及新的聯合開發計劃

joint venture as well in GPRS wideband CDMA. That's really where our focus is Tom.

以及 GPRS 寬頻 CDMA 領域的合資企業。這確實是我們關注的焦點，湯姆。

I think I can add a couple of points. One is that during the quarter, Nokia did announce their 1X phone, which is based upon our

我想我可以補充幾點。其中之一是，在本季度，諾基亞確實發布了他們的 1X 手機，這是基於我們的

platform, so we will participate in the 1X market through that channel.

平台，所以我們將透過該管道參與1X市場。

And then secondly, as far as

其次，就

, we do have our chips that are

，我們確實有我們的晶片

intellectually property based chips that under development, but as we've acknowledged before, but we have not announced any product availability at this point.

基於智慧財產權的晶片正在開發中，但正如我們之前所承認的，但我們目前尚未宣布任何產品的可用性。

great.

偉大的。

Do you have a follow-up

你有後續嗎

?

？

No that's all.

不，就這樣樣而已。

OK, thank you. Operator next caller please.

好的謝謝。請接聽下一位來電的接線生。

Yes sir. Our next question comes from

是的先生。我們的下一個問題來自

.

。

Please announce your affiliation.

請宣布您的隸屬關係。

Yeah

是的

, couple of questions here.

，這裡有幾個問題。

Bill, I think all

比爾，我認為所有

analysts was trying to find out your 10 percent or the eight-percent semiconductor growth second quarter and how does it reconcile with

分析師試圖找出第二季 10% 或 8% 的半導體成長率，以及它如何與

market growth? I guess let me ask a question in a different light here.

市場成長？我想讓我從不同的角度問一個問題。

Are you doing anything different this time around compared to the last cycles, which makes you comfortable or even more comfortable that your customers are not building inventory at a time like this.

與上一個週期相比，這次您是否做了任何不同的事情，這讓您感到放心，甚至更放心您的客戶在這樣的時候沒有建立庫存。

Well

出色地

, that's always difficult because when our customers give us orders, we're going to accept those orders and you know fulfill them.

，這總是很困難，因為當我們的客戶給我們下訂單時，我們將接受這些訂單，並且您知道要履行它們。

But again we can go through the areas that are going to drive that quarterly revenue growth and to what extent they're, you know, reasonably control.

但我們可以再次回顧將推動季度營收成長的領域，以及它們在多大程度上受到合理控制。

mixed signal and analog products are very order specific to each customer, so that all, you know looks like it's, you know proceeding in a pretty orderly way.

混合訊號和模擬產品對於每個客戶來說都是非常特定的，因此所有的事情看起來都是以非常有序的方式進行的。

High-performance analog and catalog DSP will both participate in that revenue growth. We don't have a lot of visibility into our customers there, but certainly through the distribution channel as we noted, we don't have any indications of inventory build in that distribution channel.

高效能模擬和目錄 DSP 都將參與收入成長。我們對那裡的客戶沒有太多了解，但正如我們所指出的，透過分銷管道，我們沒有任何跡象表明該分銷管道中存在庫存。

Wireless certainly in the first quarter is building inventory for sale in the balance of the year.

無線公司肯定會在第一季建立庫存，以便在今年剩餘時間內進行銷售。

So clearly, I think our wireless business is based on the kind of forecast that our customers are talking about for the year. It's certainly going to be important for us that they achieve those.

很明顯，我認為我們的無線業務是基於我們的客戶正在談論的今年的預測。他們實現這些目標對我們來說當然很重要。

And you'll have to get that, you know, from them. But they seem to building on a

你知道，你必須從他們那裡得到這一點。但他們似乎建立在

.

。

We also are expecting growth in our digital light processor business, which had strong orders in the first quarter, primarily in the business projector area.

我們也預計我們的數位光處理器業務將成長，該業務在第一季擁有強勁的訂單，主要是在商用投影機領域。

ASIC that I mentioned and Standard Logic which again had very strong orders in the quarter for what would then appear to be, you know, good orders for Blue Logic for motherboards and so on ongoing. That's always going to be hardest for our component supplier to get them all.

我提到的 ASIC 和 Standard Logic 在本季再次獲得了非常強勁的訂單，你知道，Blue Logic 的主機板等訂單似乎不錯。對於我們的零件供應商來說，獲得所有這些總是最困難的。

And I can't say that we're doing anything different there other than following our customers leads. But most, at least out into the second quarter, are pretty clear at this point.

我不能說除了遵循客戶線索之外我們正在做任何不同的事情。但大多數人，至少到第二季度，在這一點上都非常清楚。

I think the best thing we can do to avoid customers feeling the need to build inventories is make sure we're shipping to their request date.

我認為，為了避免客戶覺得需要建立庫存，我們能做的最好的事情就是確保我們按照他們的要求日期發貨。

And if you look at, for example, Bill all ready talked about some of the programs we have in Standard Logic in order to keep lead times down into the two-week range.

例如，如果你看一下，比爾已經準備好談論我們在標準邏輯中的一些程序，以便將交貨時間控制在兩週範圍內。

Catalog, DSP, programs, just-in-time programs we have with our major wireless customers. All of that's intended to make sure that we are right on top of their demand, and they don't feel the need to build inventory because of these concerns about product shortages.

我們為主要無線客戶提供的目錄、DSP、程序、即時程序。所有這些都是為了確保我們能夠滿足他們的需求，並且他們不會因為擔心產品短缺而感到需要建立庫存。

I would say the other thing that we've looked at is just, you know, our shipment -- our revenue trends relative to the customer's revenue trend. And as we've talked about for some time our expectation that we would go through a period of strong revenue growth as our shipment levels needed to move back to in consumption.

我想說的是，我們關注的另一件事就是我們的出貨量——我們相對於客戶收入趨勢的收入趨勢。正如我們已經談論了一段時間的那樣，我們期望隨著我們的發貨水平需要恢復到消費水平，我們將經歷一段收入強勁增長的時期。

So our view is what we're seeing in the second quarter is driven by -- as the customers are tapering off inventory liquidation, we're just moving back to their level of shipment. Not that there's any signs at this point at all of customers or our channels other than what I mentioned in some cases proactively in distribution, where inventories are being built.

因此，我們的觀點是，我們在第二季度看到的情況是由客戶逐漸減少庫存清算所推動的，我們只是回到了他們的出貨水準。除了我提到的在某些情況下主動分銷和建立庫存之外，目前所有客戶或我們的管道都沒有任何跡象。

Do you have a follow up question,

您有後續問題嗎？

?

？

Yeah, can I just have a follow up question, please?

是的，我可以問一個後續問題嗎？

You have a significant amount of exposure to the following business which I call the computer related businesses, several business PCs, notebooks and PC peripherals

您對以下業務有大量接觸，我稱之為電腦相關業務，一些商用 PC、筆記型電腦和 PC 週邊設備

If you put everything together can you give us some color of what the demand and what's happening in that part of the business?

如果你把所有的東西放在一起，你能給我們一些關於該部分業務的需求和正在發生的事情的資訊嗎？

Sure,

當然，

. For notebook computer, for example, we see that unit growth this year, people are talking about 10 to 15 percent growth range.

。以筆記型電腦為例，我們看到今年的銷售成長，人們談論的成長幅度是 10% 到 15%。

Certainly our growth and resumption of growth in the power management there is an indication of that. Printers again seem to be growing very well linked with consumer in demand in general.

當然，我們在電源管理方面的成長和恢復成長表明了這一點。印表機的成長似乎再次與消費者的整體需求密切相關。

And our mixed signal products are -- and printers of all major manufacturers. So, you know as those printers in demand continues we'll have success in that marketplace.

我們的混合訊號產品以及所有主要製造商的印表機。因此，您知道，隨著印表機需求的持續成長，我們將在該市場取得成功。

Business projectors with our digital like processor in a similar way they've gone through and they would appear had completed and inventory liquidation of their own there.

帶有我們的數位處理器的商業投影機以類似的方式經歷過，並且它們看起來已經完成了自己的庫存清算。

And the consumer products like DVD continue to be pretty hot really. And that's what we see of our analog products shipping into that market.

DVD 等消費性產品仍然非常熱門。這就是我們看到的模擬產品進入該市場的情況。

OK. Thank you

好的。謝謝

. Operator, next caller please.

。接線員，請下一個來電者。

Sure. Our next question is coming from

當然。我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

Yes. Sanford Bernstein.

是的。桑福德·伯恩斯坦。

I'm just wondering. I know you commented on you know higher factory utilization and depreciation expense.

我是在想。我知道您評論過您知道更高的工廠利用率和折舊費用。

But I'm just trying to -- can you sort of

但我只是想——你可以嗎

how you got more than 100 percent incremental margins on semi business

您如何在半成品企業中獲得超過 100% 的增量利潤

this quarter or last?

這個季度還是上個季度？

Yes,

是的，

, our depreciation pattern actually decreased substantially by about $50 million fourth quarter to first quarter because of the accounting convention that January 1 each year our assets stepped down for the next age category and then depreciate out from there.

，我們的折舊模式實際上從第四季度到第一季大幅下降了約 5000 萬美元，因為按照會計慣例，每年 1 月 1 日我們的資產會減少到下一個年齡類別，然後從那裡開始折舊。

So we anticipated that and it came about exactly as we had anticipated it. So, it's really the combination of the fact that we're no longer decreasing our own inventories and the fact that we have a lower depreciation fourth to first.

所以我們預料到了這一點，而且它的發生正如我們所預料的那樣。因此，這實際上是我們不再減少自己的庫存和我們的折舊率第四到第一較低這一事實的結合。

OK. No because I thought it was more than that. It looked like you had about a 20 million increase in revenue but more like 170 million operating improvement.

好的。不，因為我認為不只如此。看起來您的收入增加了約 2000 萬美元，但營運改善更像是 1.7 億美元。

So I just was trying to

所以我只是想

out the difference you know above and beyond the depreciation.

找出您所知道的折舊之外的差異。

Right. It's all in the change of inventory plus the depreciation.

正確的。這全部是庫存變化加上折舊。

OK.

好的。

Keep in mind fourth quarter I think we had reduced our inventory level by about right around $150 million.

請記住，第四季度我們的庫存水準減少了約 1.5 億美元左右。

So that

以便

utilization that we were able to recover from coming into first quarter and then in -- all -- in anticipation of higher revenue levels in the second quarter our utilization has picked up a little bit beyond what the first quarter revenue number would

我們能夠從第一季開始恢復利用率，然後在預期第二季度收入水平更高的情況下，我們的利用率有所回升，略高於第一季的收入水平

as well.

以及。

Just a quick follow up on a different topic actually. The -- I'm a little confused on the high performance analog space.

實際上只是對不同主題的快速跟進。 - 我對高性能模擬空間有點困惑。

Maybe you could just clear it up. You know it says that the catalog high performance was down four percent sequentially. You talk about the fact that attach rates were good and that the high performance stuff and power management and PCs was good but I'm not -- that doesn't really sort of connect with me.

也許你可以把它清理乾淨。您知道，它說目錄高性能比上一季下降了百分之四。你說連線率很好，高效能的東西、電源管理和個人電腦也很好，但我不是——這並沒有真正與我聯繫。

I'm trying to figure out what parts you have that are high performance analog parts. Are you attaching or are you hoping to attach to the DSPs and how -- you know can you articulate this sort of growth prospects there?

我正在嘗試找出您擁有的哪些部件是高性能模擬部件。您是否正在加入或希望加入 DSP，您知道如何闡明那裡的這種成長前景嗎？

For your high performance analog business.

適合您的高性能模擬業務。

Yes,

是的，

, those areas which were really not as strong or areas like data converters and amplifiers, single conditioning in particular.

，那些確實不那麼強大的領域或數據轉換器和放大器等領域，特別是單一調節。

Those are the high-performance analog areas that are more related to DSP allocations communications applications and those were still relatively weaker in the quarter. What was stronger is high-performance power management circuits or laptop computers.

這些是與 DSP 分配通訊應用更相關的高效能模擬領域，這些領域在本季度仍然相對較弱。更強的是高效能電源管理電路或筆記型電腦。

OK.

好的。

Thank you

謝謝

.

。

Operator next caller please.

請接聽下一位來電的接線生。

Sure.

當然。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

Bear Stearns. Just a couple of quick one.

貝爾斯登。只是幾個快速的。

First, could you just tell us what the growth rate in wireless bookings actually were? Revenues grew pretty nicely, but how did bookings perform, and the other thing I was wondering is where do you expect fab utilization rate to get to in the current quarter assuming you hit your plan of 10-percent sequential growth?

首先，您能告訴我們無線預訂的實際成長率是多少嗎？收入成長得相當不錯，但預訂表現如何，我想知道的另一件事是，假設您實現了 10% 的環比增長計劃，您預計本季度晶圓廠利用率會達到什麼水平？

, wireless bookings are pretty much matching our revenues, so there's not much of a lead in lag there. Our major wireless customers generally give us planning factors, but then give us orders within a couple of weeks of the time that we ship.

，無線預訂與我們的收入幾乎相符，因此在滯後方面沒有太大的領先優勢。我們的主要無線客戶通常會向我們提供計劃因素，但隨後會在發貨後幾週內向我們發出訂單。

So, order trends there are not particularly indicative. The fact is we expect our wireless revenues to grow again sequentially in the second quarter and in fact from where we can see the market right now, we would think that sequential growth for wireless for us will continue throughout the year.

因此，那裡的訂單趨勢並不具有特別的指示性。事實上，我們預計我們的無線收入將在第二季度再次環比成長，事實上從我們現在可以看到的市場來看，我們認為我們的無線收入將在全年持續成長。

I don't have a really good predictor of capacity increase throughout the second quarter. It will be modified somewhat by the fact that our 300-millimeter comes in the capacity, but certainly a few more points of additional utilization of -- into the 60s, I think, is what we would anticipate in the second quarter.

我對整個第二季的產能成長沒有一個很好的預測。它將因我們的 300 毫米的容量而有所修改，但我認為，到 60 年代，肯定會有更多的額外利用率，這是我們在第二季度的預期。

OK, thank you

好的謝謝

. Operator, next caller please.

。接線員，請下一個來電者。

Operator, could you bring on the next caller please?

接線員，您可以接聽下一個來電者嗎？

Sure.

當然。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

OK, operator, may we can come back to

好的，接線員，我們可以回到

in a minute. Could we move onto the next caller?

在一分鐘內。我們可以轉接下一個來電者嗎？

, your line is live.

，您的線路已上線。

, your line is live.

，您的線路已上線。

actually here.

實際上在這裡。

OK, go ahead

好的，繼續吧

.

。

Can you hear me now?

你聽得到我嗎？

Yes.

是的。

OK. Great.

好的。偉大的。

On the -- question on the semiconductor -- other semiconductor line in your revenue, it appears to be going down about 12 percent quarter-on-quarter. I can't think of a major semiconductor application area that is actually performing that bad right now.

關於半導體的問題，您的其他半導體產品線的收入似乎比去年同期下降了約 12%。我想不出現在有哪個主要的半導體應用領域表現如此糟糕。

So other than telecom, what else may be contributing to that right now?

那麼除了電信之外，目前還有什麼可能對此做出貢獻呢？

, the drop in revenues in our non DSP, non analog areas were in areas like our risk microprocessors which were down quarter to quarter.

我們的非 DSP、非類比領域的收入下降是在我們的風險微處理器等領域，這些領域的收入逐季下降。

Our royalties as we noted were down. Our micro controller sector was down sequentially in revenues.

正如我們所指出的，我們的版稅有所下降。我們的微控制器部門的收入連續下降。

ASIC was down slightly. Standard Logic was down slightly, although as we noted, we expect that and several of these to turn now first to second quarter.

ASIC 略有下跌。標準邏輯略有下降，儘管正如我們所指出的，我們預計其中一些將在第一季進入第二季。

The area of our non DSP and analog revenues that was up sequentially was our digital light processor revenues that was sequentially fourth to first.

我們的非 DSP 和類比收入連續成長的領域是我們的數位光處理器收入，連續排名第四至第一。

So the fact is these other areas for us each one of which represents, you know, a particular part of the business that's hard to associated I think overall with particular areas. But those are the areas that contributed to the about 13 percent or so quarter-on-quarter decline in those -- in that other category.

所以事實是，對我們來說，這些其他領域中的每一個都代表了業務的一個特定部分，我認為總體上很難將其與特定領域聯繫起來。但正是這些領域導致了其他類別的季度環比下降約 13% 左右。

And

和

, I guess if we were to try to characterize it we would say that our continued influence from inventory liquidation, excess inventories in the quarter that were being worked off. Did you have a follow up question?

，我想如果我們試圖描述它的特徵，我們會說我們受到庫存清算的持續影響，本季多餘的庫存正在被清除。您有後續問題嗎？

Yeah, so would you expect that to either -- it all ready bottomed out into reported quarter of going to find a bottom in the second quarter?

是的，那麼你是否認為這一切都已經準備好在報告的季度觸底，並在第二季觸底？

I would say when we look at our order trends for second quarter shipments, it implies that first quarter was the bottom.

我想說，當我們查看第二季出貨量的訂單趨勢時，這意味著第一季是底部。

Great, thanks a lot.

太好了，非常感謝。

So it's a very -- the order growth that we saw in first quarter was very broad based across markets and equipment. Operator, next caller please.

因此，我們在第一季看到的訂單成長非常廣泛，涉及市場和設備。接線員，請下一個來電者。

Yes, sir. Our next question is coming from

是的先生。我們的下一個問題來自

, please announce your affiliation.

，請宣布您的隸屬關係。

Hi, CIBC World Markets. Congratulations on a good quarter.

大家好，CIBC 世界市場。恭喜您度過了一個美好的季度。

I was wondering if you could give us an update on the competitive landscape for two-and-a-half G and 3G GPRS?

我想知道您能否向我們介紹一下2.5G和3G GPRS競爭格局的最新情況？

You know silicon it looked like Motorola and Siemen's had an announcement today. I was just wondering if you think you're gaining traction, losing traction for holding your own?

你知道矽，看起來摩托羅拉和西門子今天發布了一項公告。我只是想知道你是否認為自己正在獲得吸引力，或因為堅持自己的觀點而失去吸引力？

And then I've got a follow up.

然後我有後續行動。

, I would say that we're continuing to gain traction in that whole 2.5G and 3G space. If you look at the announcements we've had since the beginning of the year, Japanese customers, customers in China, PDA kind of customers, now both Palm and HP

，我想說的是，我們在整個 2.5G 和 3G 領域繼續獲得關注。如果你看看我們今年年初以來發布的公告，日本客戶、中國客戶、PDA 類客戶，現在都有 Palm 和 HP

.

。

Moving into more reference design development with both Nokia and Microsoft, any number of application developers.

與諾基亞和微軟以及眾多應用程式開發人員一起進行更多參考設計開發。

I'd say we feel very good about the traction we have with

我想說我們對我們所擁有的牽引力感覺非常好

for 2.5G and 3G in the markets now that are clearly worldwide in nature.

現在市場上的 2.5G 和 3G 顯然是全球性的。

I would also add that as Motorola certainly is one of our wireless customers that we talked about the fact that they will be selling phones through the Siemens channel it looks like we then have another channel for our product.

我還想補充一點，由於摩托羅拉當然是我們的無線客戶之一，因此我們談到了他們將透過西門子管道銷售手機的事實，看來我們的產品還有另一個管道。

So, that's probably a positive from that aspect anyway.

所以，無論如何，這可能是一個積極的方面。

Do you have a follow up,

有後續嗎，

?

？

There was just -- I guess a quick follow up on that.

我想對此有一個快速的跟進。

Has Motorola embraced or publicly announced

摩托羅拉是否接受或公開宣布

?

？

No public endorsement from Motorla.

Motorla 沒有公開認可。

OK.

好的。

Operator, next caller please.

接線員，請下一個來電者。

Yes, sir. Our next question is coming from

是的先生。我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

Credit Suisse First Boston. I don't think anybody asked this but do you expect your wireless units to grow sequentially in the second quarter?

瑞士信貸第一波士頓。我認為沒有人問過這個問題，但您預計您的無線設備在第二季度會連續成長嗎？

Yes,

是的，

, we would expect that. The unit decline fourth to first was pretty normal seasonally and we would expect units to increase first to second quarter.

，我們希望如此。從第四季到第一季度，單位數量下降是很正常的，我們預計第一季到第二季單位數量會增加。

OK.

好的。

benefit in second quarter of richer ASPs because we would expect GPRS to continue to build as a percentage of the revenue and higher units in the second quarter.

第二季將受益於更豐富的平均售價，因為我們預計第二季 GPRS 佔營收的比例將持續增加，單位數量也將增加。

OK. I have a quick follow up if it's OK, Ron.

好的。如果可以的話，我會快速跟進，羅恩。

Please.

請。

Give your lead time reduction program for standard, logic and analog, does it really make any sense for your customers to book backlog with you outside a few weeks? Or your distributors to stock products?

給出標準、邏輯和模擬的交貨時間縮短計劃，您的客戶在幾週外向您預訂積壓訂單真的有意義嗎？或者您的經銷商有庫存產品嗎？

And maybe just an aside are you going to be able to get any price premium for this service? Thanks a lot.

順便說一句，您是否能夠從這項服務中獲得溢價？多謝。

We are seeing pricing trends that are stable to slightly up so I think that will work to our advantage there,

我們看到價格趨勢穩定到略有上升，所以我認為這將有利於我們的優勢，

. And you know we really want to provide some of this

。你知道我們真的很想提供一些這樣的東西

stocking now so that customers can come in and in two weeks get turn around.

現在就備貨，以便客戶可以進來並在兩週內得到週轉。

And so that's a very deliberate strategy on our part to make sure that we're gaining share in these areas where we have such a strong position and a strong cost position.

因此，這是我們經過深思熟慮的策略，以確保我們在這些領域獲得份額，在這些領域我們擁有如此強大的地位和強大的成本地位。

And we can see it paying off for us.

我們可以看到它為我們帶來回報。

I think especially in commodity products where when the market starts to upturn and customers need product if you have the delivery you get the order. If you don't have the delivery you miss the order.

我認為特別是在大宗商品中，當市場開始好轉並且客戶需要產品時，如果您有交貨，您就會收到訂單。如果您沒有收到貨，您就會錯過訂單。

So we want to participate in the upside.

所以我們想參與上漲。

OK. Operator, do we have any further callers?

好的。接線生，還有其他來電者嗎？

Yes, sir.

是的先生。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

I have no question. It must have been a mistake. Excuse me.

我沒有疑問。這一定是個錯誤。打擾一下。

OK. Well, it's nice to have you online anyway. Are there any further callers, Operator?

好的。嗯，無論如何，很高興你能上網。接線生，還有其他來電者嗎？

Yes, sir. Our next question is coming from

是的先生。我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

, are you there?

， 你在嗎？

Sorry sir, he dropped out of queue.

對不起，先生，他退出隊列了。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

. Good afternoon.

。午安.

Bill, another way of just cutting the strength you saw in the analog business where you saw the strength can you tell us -- were those new programs ramping on the part of your customers or are they new sockets that you had gained?

比爾，另一種削減你在模擬業務中看到的優勢的方法，你能告訴我們——這些新程式是你的客戶在增加還是你已經獲得了新的插槽？

Was it simple volume increases? Can you just give us a little bit of detail along those kind of metrics?

是簡單的音量增加嗎？您能給我們一些有關這些指標的詳細資訊嗎？

Just for the analog piece where you saw the strength.

只是對於您看到強度的模擬部分。

, I would say that there is some good traction in those as far as share gains, but overall I would say it's growth of our existing customers in those areas when you look at printers, laptops, certainly and wireless, it's coming primarily from their growth or the fact that they needed the product now rather than they're substituting one product for another.

，我想說，就份額成長而言，這些領域有一些良好的吸引力，但總的來說，我想說的是，當你看看印表機、筆記型電腦，當然還有無線產品時，這些領域的現有客戶的成長主要來自於它們的成長或他們現在需要該產品而不是用一種產品取代另一種產品。

Do you have a follow-up Bill?

您有後續法案嗎？

Yeah, just a quick follow-up. Is all of the equipment that you have installed or on premises at the

是的，只是快速跟進。您安裝的或在場所內的所有設備是否都在

currently in the deprecation base?

目前處於棄用基礎？

I hear you talking about kind of a two-phase approach here. In other words, is all of this first phase, as I'm calling it, in the depreciation -- reflected in the depreciation numbers currently?

我聽到你在這裡談論一種兩階段方法。換句話說，我所說的第一階段的所有內容是否都反映在當前的折舊數字中？

Yes it is. We began depreciation of

是的。我們開始折舊

in the fourth quarter of last year.

去年第四季。

OK, great, thanks very much.

好的，太好了，非常感謝。

Thank you Bill.

謝謝比爾。

Thank you.

謝謝。

Operator, next caller please.

接線員，請下一個來電者。

Yes sir. Our next question is coming from

是的先生。我們的下一個問題來自

.

。

Please announce your affiliation.

請宣布您的隸屬關係。

, your line is live.

，您的線路已上線。

OK, why don't we try the next caller, Operator?

好的，我們為什麼不嘗試下一個呼叫者，接線員？

Yes sir.

是的先生。

Our next question is coming from

我們的下一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

Actually it's

其實是

.

。

OK

好的

.

。

Hi, how are you doing? Listen, looking at margin here, Bill, can you give us some sense as say, for example, looking at the second or third quarter, you know, as we look at revenue run rate.

嗨，你好嗎？聽著，看看這裡的利潤率，比爾，你能給我們一些感覺嗎，例如，看看第二季度或第三季度，你知道，當我們看看收入運行率時。

How far above, given the fact that we're not burning inventory down anymore, how -- say, for example, we're at, you know, $2.3 billion in the third quarter.

考慮到我們不再銷毀庫存這一事實，比方說，我們第三季的銷售額為 23 億美元，這個數字高出多少。

How far above equivalent a year ago -- not year ago, but run rates as we were drawing down are we likely to be in terms of -- in terms of margin?

就利潤率而言，我們可能比一年前的水平高出多少——不是一年前，而是我們正在削減的運行率？

Because you know you've got this dramatic, you know, the seven, 800, well more than that -- this dramatic

因為你知道你有這個戲劇性，你知道，七個，800，遠不止這些——這個戲劇性

-- at what point do we -- do we begin to recouple with

-- 我們在什麼時候 -- 我們開始重新結合

?

？

Well

出色地

, it's a little hard to be definitive about the third quarter yet but

，目前還很難確定第三季的情況，但是

we will continue to make sequential margin improvement throughout the year.

全年我們將持續實現利潤率季比改善。

You know the 35-percent or so gross margin in the first quarter, as we indicated now will go up another four points or so we would think, and in the second quarter to -- that's getting close to 30 percent or so. And you know, as we grow from there, I'd say in a reasonably linear kind of fashion, we're going to get back to the kind of margins we experienced in year 2000.

你知道，第一季的毛利率為 35% 左右，正如我們現在所指出的，我們認為還會再上升 4 個百分點左右，而在第二季度，毛利率將接近 30% 左右。你知道，隨著我們從那裡開始成長，我想說，以一種相當線性的方式，我們將回到 2000 年經歷的那種利潤率。

So I think from here, you're right, we've completed the major change in inventory. We've completed our major shifts in deprecation.

所以我認為從這裡開始，你是對的，我們已經完成了庫存的重大變化。我們已經完成了棄用方面的重大轉變。

So, we'll have good drop through

所以，我們會有很好的通過

you know for semiconductor. Our fall through is going to continue to be something over 70 percent gross margin follow through on incremental revenue here.

你知道半導體。隨著收入的增加，我們的毛利率將繼續下降到 70% 以上。

Yeah, OK. Perhaps if I asked a question in a slightly different way.

是的，好的。也許如果我以稍微不同的方式問問題。

If we look at this sort of in the neighborhood of high 40s in gross margin, and mid 20s operating margin. Do we need a $3 billion top blanket to get there?

如果我們看看毛利率在 40 左右左右，營業利潤在 20 左右左右。我們需要 30 億美元的頂層毯子才能實現這一目標嗎？

Or are the improvements that you've made in this business such that you can there at a somewhat lower revenue run rate?

或者您在該業務中所做的改進是否可以使您以較低的收入運行率實現目標？

Right. I think that fall through will determine that,

正確的。我認為失敗會決定，

.

。

And I think with the kind of fall throughs we're seeing, you just can work through the numbers that way. We may not need that full amount of revenue because we -- with our utilization where it is going from 60s to 90s over time, that 70 percent or so fall through will get us there a little faster.

我認為，透過我們所看到的這種失敗，你可以透過這種方式來處理這些數字。我們可能不需要那麼多的收入，因為我們的利用率隨著時間的推移從 60 到 90 增加，70% 左右的下降將使我們更快達到目標。

And that -- just follow up, and then I'll go away. Do you think that the shift to, I think someone referred to it as an acid white strategy combined with the improved utilization of 300 mil fab is that the core this improvement?

然後——繼續跟進，然後我就會離開。您認為轉向（我認為有人將其稱為酸性白策略）與 3 億晶圓廠利用率的提高相結合是這項改進的核心嗎？

Or is it mix driven or perhaps both?

還是是混合驅動或兩者兼具？

I think the additional outsourcing that we talked about

我認為我們談論的額外外包

is primarily to avoid some capital expenditure in the future, to avoid the risk of capital under utilization.

主要是為了避免未來的一些資本支出，避免資本利用不足的風險。

The fact is all of the wafers that come from a foundry will carry a margin with them from that foundry. So that's not going to be an over all margin improvement for us as much as it's going to be a risk reduction and lower the risk of having under utilized capacity in the future.

事實上，來自代工廠的所有晶圓都會帶有該代工廠的利潤。因此，這對我們來說不會是整體利潤率的提高，而是會降低風險並降低未來產能利用不足的風險。

OK. Thank you,

好的。謝謝你，

. I think I understand we have a couple of callers left. And we're going to try to -- we'll extend a few minutes here to get through both of them.

。我想我知道我們還剩幾個來電者。我們將嘗試 - 我們將在這裡延長幾分鐘來完成這兩個問題。

We will not go through a second round here as part of the mass conference call. Operator, can we move to the next caller?

作為群眾電話會議的一部分，我們不會在這裡進行第二輪投票。接線員，我們可以轉接下一個來電者嗎？

Yes, sir. Our next question is coming from

是的先生。我們的下一個問題來自

, please announce your affiliation.

，請宣布您的隸屬關係。

, it's just two quick questions.

，這只是兩個簡單的問題。

What's the distribution of these two-and-a-half G chips geographically? And secondly, what about the contract manufacturers, how are their inventories?

這兩個半G晶片的地理分佈是怎樣的？其次，合約製造商的庫存狀況如何？

, distribution of 2.5G is still predominantly Europe based at this point. But it will be moving the second half of the year in Japan for example with customers we have there.

，目前 2.5G 的分佈仍主要集中在歐洲。但它將在今年下半年轉移到日本，例如我們在那裡的客戶。

And, you know, by -- soon after that into China, but certainly primarily European in the near term.

而且，你知道，不久之後進入中國，但短期內肯定主要是歐洲。

Contract manufacturers I would say in general as it relates to equipment telephone -- telecom equipment business are generally still liquidating inventories at this point.

我想說的是，一般來說，與設備電話相關的合約製造商——電信設備業務目前通常仍在清算庫存。

And are not a major source of revenue for us right now. They're still in the inventory liquidation phase.

目前並不是我們主要的收入來源。他們仍處於庫存清理階段。

OK. Thank you,

好的。謝謝你，

. Operator, next caller.

。接線員，下一個來電者。

Yes, sir. Our final question is coming from

是的先生。我們的最後一個問題來自

. Please announce your affiliation.

。請宣布您的隸屬關係。

No question please. Thanks.

沒有問題請。謝謝。

OK. Thank you

好的。謝謝

. OK. With that we thank you for joining us.

。好的。在此，我們感謝您加入我們。

Before we end the call, I'll remind you that the replay is available on our Web site. Thank you and good evening.

在結束通話之前，我會提醒您，可以在我們的網站上觀看重播。謝謝你，晚上好。

Thank you very much ladies and gentlemen. This does conclude this evening's teleconference.

非常感謝各位女士們、先生們。今晚的電話會議到此結束。

You may all disconnect your lines at this time and have a wonderful evening.

此時您可以斷開線路並度過一個美好的夜晚。