德州儀器 (TXN) 2002 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們、先生們，午安。

And welcome to the Texas Instruments second quarter earnings conference.

歡迎參加德州儀器 (TI) 第二季財報會議。

The floor will be open to your questions and comments following the presentation.

演講結束後，大家將可以提出問題和意見。

It's my pleasure to turn the floor over to our host Mr. Ron Slaymaker, Vice President of Investor Relations..

我很高興將發言權交給我們的東道主投資者關係副總裁 Ron Slaymaker 先生。

Good afternoon and thank you for joining our second quarter earnings conference call.

下午好，感謝您參加我們的第二季財報電話會議。

With me is Bill Aylesworth, Chief Financial Officer.

和我在一起的是財務長比爾‧艾爾斯沃思。

Bill will provide his perspective for the quarter.

比爾將提供他對本季的看法。

This call will last one hour.

這次通話將持續一小時。

For anyone of you who missed the release, you can find it on our website www.ti.com/ir.

對於錯過該發布的任何人，您可以在我們的網站 www.ti.com/ir 上找到它。

This is broadcast live over the web and accessed over the website.

這是透過網路現場直播並透過網站訪問的。

A replay will be available over the web.

重播將透過網路提供。

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

在我將其交給比爾之前，讓我提醒您，這將包括前瞻性陳述，其中包括導致結果與管理層當前預期產生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 the recent SEC filings.

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最近向 SEC 提交的文件。

In our prepared remarks today, we will focus on pro forma results intended to show the results and show acquisition related costs and intangibles and other items.

在我們今天準備的演講中，我們將重點關注預計結果，旨在展示結果並展示與收購相關的成本和無形資產及其他項目。

In our release pro forma results are fully covered.

在我們的發布中，預計結果已全部涵蓋。

After Bill reviews the quarter, we will open the lines for your questions.

比爾回顧本季後，我們將開通您的提問專線。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

In the second quarter we had solid results across all of our business segments.

第二季度，我們所有業務部門都取得了穩健的業績。

Strong revenue in our semiconductor business growing 16% sequentially and 6% compared to the year ago period was the major contributor.

我們半導體業務的強勁收入是主要貢獻者，較上季成長 16%，與去年同期相比成長 6%。

This is the first time semiconductor has posted year on year growth since the fourth quarter of 2000.

這是自 2000 年第四季以來半導體首次出現年比成長。

Both our educational and productively solutions business, ENPS, and our sensors and controls business provided double digit sequential revenue gains as well.

我們的教育和生產解決方案業務 ENPS 以及感測器和控制業務也實現了兩位數的連續收入成長。

As a result of the strong revenue growth, our operating margin expanded to 8.7% of revenue compared to break even in the first quarter.

由於營收強勁成長，我們的營業利潤率擴大至營收的 8.7%，與第一季的損益平衡相比。

Both revenue and margins benefited from our most recent patent cross license agreement signed in the quarter.

收入和利潤都受益於我們在本季度簽署的最新專利交叉授權協議。

This agreement resulted in catch up royalties of TI of $30 million in the first quarter and should supply a stream of royalties as well.

該協議使 TI 在第一季獲得了 3000 萬美元的特許權使用費，並且還應提供大量特許權使用費。

In semiconductor, revenue grew across a broad range of products and equipment areas.

在半導體領域，廣泛的產品和設備領域的收入都在成長。

DSP revenue was up 8% and 41% compared to the year ago quarter.

與去年同期相比，DSP 營收分別成長 8% 和 41%。

Wireless was the most significant factor in both of these comparisons.

無線是這兩項比較中最重要的因素。

In addition to wireless, we also have sequential DSP gains in catalog, digital still cameras and digital audio.

除了無線之外，我們還在目錄、數位相機和數位音訊領域取得了連續的 DSP 收益。

We believe we are making solid market share gains in DSP.

我們相信我們正在 DSP 領域取得穩固的市佔率成長。

Analog revenue was up 16% sequentially and 3% over the year ago quarter.

模擬營收季增 16%，比去年同期成長 3%。

The sequential analog growth was broad-based across a wide range of products and end markets.

模擬技術的環比增長在廣泛的產品和終端市場中具有廣泛的基礎。

These included markets for digital consumer applications digital video and audio, data acquisition products, power management, and products selling into multifunction and photo printer applications.

其中包括數位消費應用、數位視訊和音訊、數據採集產品、電源管理以及銷售多功能和相片印表機應用的產品市場。

Analog products sold into PCs as well as hard disk drives were generally flat with the first quarter.

銷往個人電腦和硬碟的類比產品與第一季基本持平。

Combined, DSP and analog presented 70% of revenue in the first half of the year with DSP at about 30% of semiconductor revenue and analog about 40%.

DSP 和類比合計佔今年上半年收入的 70%，其中 DSP 約佔半導體收入的 30%，模擬約佔 40%。

In addition to DSP and analog, our other semiconductor product areas provided strong sequential results.

除了 DSP 和模擬之外，我們的其他半導體產品領域也提供了強勁的連續業績。

Microcontrollers, microprocessors, standard logic and light processors contributed revenue growth sequentially.

微控制器、微處理器、標準邏輯和光處理器依序貢獻了營收成長。

Microcontroller revenue was up about 10% while the remaining product revenues were each up 20% or more on a sequential basis.

微控制器收入較上季成長約 10%，而其餘產品收入均較上季成長 20% 或更多。

Royalties were also up sharply with most of the increase driven by $30 million catch-up royalty.

特許權使用費也大幅上漲，其中大部分成長是由 3000 萬美元的追趕特許權使用費推動的。

Each of these was 5% of our semiconductor revenue in the first half.

其中每一項都占我們上半年半導體收入的 5%。

By equipment market, wireless revenue was up 14% compared to the first quarter and up 62% compared to the year ago period.

以設備市場來看，無線營收較第一季成長14%，較去年同期成長62%。

Both comparisons reflect unit growth as well as the benefit of an increasing mix of higher ASP, GPRS products in our revenue.

兩項比較都反映了單位成長以及更高 ASP、GPRS 產品組合不斷增加對我們收入的好處。

Growth from the year ago period reflects the impact of the aggressive inventory liquidation under way in the wireless industry last year.

同比成長反映了去年無線產業積極清理庫存的影響。

In the first half of this year, wireless represented between 25-30% of our semiconductor revenue.

今年上半年，無線業務占我們半導體收入的 25-30%。

Broadband revenue grew 15% sequentially as dsl, voice over, cable modem and wireless land all gained in the quarter.

由於 DSL、語音、電纜調變解調器和無線陸地業務均在本季實現成長，寬頻收入較上季成長了 15%。

Broadband revenue was down 16% from the year ago period with all areas down except wireless land where we began shipping earlier this year.

寬頻收入比去年同期下降了 16%，除了我們今年稍早開始出貨的無線陸地以外，所有領域的收入都下降了。

In the first half of this year, Broadband was less than 5% of our semiconductor revenue.

今年上半年，寬頻業務僅占我們半導體收入的不到5%。

Catalog products were up 20% sequentially on the 25% gain and high performance analog.

目錄產品在 25% 增益和高效能模擬的基礎上連續成長了 20%。

Catalog DSP was up slightly.

目錄 DSP 略有上升。

For the year ago comparison, catalog products were down 3%.

與去年同期相比，目錄產品下降了 3%。

In the first half of this year, catalog products made up about 15% of our semiconductor revenue.

今年上半年，目錄產品約占我們半導體收入的15%。

TI's gross margin improved by more than 5 points sequentially as higher shipments drove higher factory utilization.

由於出貨量增加推動工廠利用率提高，TI 的毛利率較上月提高了 5 個百分點以上。

Below the line expenses increased sequentially by $41 million.

線下支出較上季增加了 4,100 萬美元。

R&D increased $15 million focused on advanced focus logic development.

研發部門增加了 1500 萬美元，重點用於高級聚焦邏輯開發。

Of the $26 million increase in SG&A, 70% was in marketing expense due to seasonally higher product support as well as expanding marketing programs in wireless and digital light processing.

在 SG&A 增加的 2,600 萬美元中，70% 用於行銷費用，這是由於季節性增加的產品支援以及無線和數位光處理領域行銷計劃的擴大。

Even so revenue expanded faster than expenses resulting in below the line leverage that contributed almost 4 points to our sequential operating margin expansion.

即便如此，營收成長快於支出，導致線下槓桿為我們連續營業利潤率擴張貢獻了近 4 個百分點。

Total operating margin gain was 8.7 points in the quarter compared to the break even level of the first quarter.

與第一季的損益平衡水準相比，本季的總營業利潤率成長了 8.7 個百分點。

Operatedding profit was $188 million.

營業利潤為 1.88 億美元。

Semiconductor return to profitability in the quarter with operating profit of $132 million or 7.5% of revenue.

半導體在本季恢復獲利，營業利潤為 1.32 億美元，佔營收的 7.5%。

Our semiconductor utilization improved significantly in the quarter.

本季我們的半導體利用率顯著提高。

From about 60% in the first quarter to about 75% in the second quarter.

從第一季的60%左右上升到第二季的75%左右。

This was due to a combination of higher shipment levels in the second quarter and work in process to support our expected growth in the third quarter.

這是由於第二季出貨量增加以及在製品支持了我們第三季的預期成長。

We expect utilization in the third quarter to remain at about this same level as we expand capacity in our six fab and complete the conversion of our standard logic from 100 millimeter to 150 millimeter using equipment available from our 200 millimeter upgrades in our on analog fabs.

我們預計第三季的利用率將保持在大致相同的水平，因為我們擴大了六家晶圓廠的產能，並使用我們模擬晶圓廠的200 毫米升級提供的設備完成了標準邏輯從100 毫米到150 毫米的轉換。

Revenues in the sensors and controls business was $252 billion down slightly from the year ago period but up 10% sequentially.

感測器和控制業務的收入為 2,520 億美元，較去年同期略有下降，但較去年同期成長 10%。

Operating profit of $56 million was a record 22.1% of revenue.

營業利潤達到創紀錄的 5,600 萬美元，佔營收的 22.1%。

This represents a 1.9-point increase from the year ago quarter despite the lower revenue level.

儘管營收水準較低，但仍較去年同期成長 1.9 個百分點。

Revenue in the ENPS business was $150 million, an increase of 16% from the year ago quarter and 75% sequentially.

ENPS 業務營收為 1.5 億美元，比去年同期成長 16%，比上一季成長 75%。

Revenue gain was due to seasonality as well as retailers stocking product earlier in the Back To School season compared to last year.

收入成長是由於季節性因素以及零售商在返校季節比去年更早備貨的緣故。

Operating profit was a $49 million or 33% of revenue.

營業利潤為 4,900 萬美元，佔營收的 33%。

For TI, other income was negative $58 million in the quarter.

對於 TI，本季其他收入為負 5800 萬美元。

This was a result of a noncash charge of $96 million in the quarter on certain equity holdings in ti's investment portfolio.

這是由於本季 ti 投資組合中的某些股權持有 9,600 萬美元的非現金費用。

Pro forma net income was $109 million or 6 cents per share.

預估淨利為 1.09 億美元，即每股 6 美分。

The investment write-down reduced EPS by 4 cents on the quarter and the catch-up royalty increased EPS by 1cent.

投資減記使本季 EPS 減少 4 美分，追趕特許權使用費使 EPS 增加 1 美分。

On the balance sheet, inventory increased by $52 million as semiconductor and ENPS prepared to support anticipated higher shipments in the third quarter.

在資產負債表上，由於半導體和 ENPS 準備支持第三季預期的更高出貨量，庫存增加了 5,200 萬美元。

Inventory is down $262 million from the year ago quarter reflecting our aggressive inventory reduction undertaken last year.

庫存比去年同期減少了 2.62 億美元，反映出我們去年積極削減庫存。

Days of inventory declined to 57 at the end of the quarter compared to 58 at the end of the first quarter and 72 days in the year ago quarter.

庫存天數從第一季末的 58 天和去年同期的 72 天下降到本季末的 57 天。

Accounts receivable increased sequentially by $286 million primarily reflecting the higher semiconductor revenue as well as seasonality in the ENPS business.

應收帳款環比增加了 2.86 億美元，主要反映了半導體收入的增加以及 ENPS 業務的季節性。

Accounts receivable decreased by $131 million from the year ago quarter.

應收帳款較去年同期減少 1.31 億美元。

Day sales outstanding were 64 days at the end of the second quarter compared to 62 days in the prior quarter and 74 days in the year ago quarter.

第二季末的日銷售額為 64 天，而上一季為 62 天，去年同期為 74 天。

Cash flow from operations increased sequentially by $91 million to $387 million.

營運現金流連續增加 9,100 萬美元，達到 3.87 億美元。

Although capital expenditures increased to $177 million in the quarter, free cash flow increased by $34 million to $210 million.

儘管本季資本支出增加至 1.77 億美元，但自由現金流增加了 3,400 萬美元，達到 2.1 億美元。

TI's orders in the quarter were $2292 million up 34% from the year ago level and up 20% from the first quarter.

TI 本季訂單量為 22.92 億美元，較去年同期成長 34%，較第一季成長 20%。

Semiconductor orders were up 22% sequentially to $1876 million with a gains widespread across our end markets and products.

半導體訂單季增 22%，達到 18.76 億美元，我們的終端市場和產品普遍成長。

The book to bill ratio from our semiconductor business expanded to 1.06 in the second quarter compared to 1.01 in the first quarter.

我們半導體業務的訂單出貨比從第一季的 1.01 擴大到第二季的 1.06。

Much of the expansion in orders was turned into revenue late in the quarter driving the higher than expected revenue increase in the second quarter.

訂單成長的大部分在本季末轉化為收入，推動第二季營收增幅高於預期。

For the third quarter, we expect revenue to grow by about 5% over the second quarter.

對於第三季度，我們預計營收將比第二季度成長約5%。

Excluding the catch-up royalties in the second quarter would result in an expected growth rate of 6%.

排除第二季的追趕特許權使用費，預計成長率為 6%。

Revenue in semiconductors should increase 4% sequentially or 6% if the catch-up royalties are excluded.

半導體收入應較上季成長 4%，如果排除追趕特許權使用費，則成長 6%。

Sensors and controls is expected to decline seasonally by a few points and ENPS should grow 25% during the peak Back To School quarter for educational calculator sales.

感測器和控制裝置預計將季節性下降幾個百分點，而 ENPS 在返校季教育計算器銷售高峰期間將成長 25%。

We expect operator margin to increase 1-2 points sequentially.

我們預計營運商利潤率將環比增加 1-2 個百分點。

Other income is expected to be about $10 million.

其他收入預計約1000萬美元。

As a result, proforma EPS should be about 10 cents.

因此，預估每股收益應約為 10 美分。

Our forecast for capital expenditures in 2002 remains $800 million.

我們對 2002 年資本支出的預測仍然是 8 億美元。

Most of this will go toward expanding DMOS6, 300 millimeter capacity from 57 wafers per month to a level of 10,000 wafers per month by the end of the year.

其中大部分將用於在今年年底前將 DMOS6、300 毫米產能從每月 57 片晶圓擴大到每月 10,000 片晶圓的水平。

Our 2002 R&D forecast is $1.6 million up from the prior forecast of $1.5 billion reflecting recent acquisitions and continuing investment in advanced processed technologies.

我們 2002 年的研發預測比先前的 15 億美元預測增加了 160 萬美元，這反映了最近對先進加工技術的收購和持續投資。

Deppreciation should be $1.6 billion for the year unchanged from our prior estimate.

今年折舊額應為 16 億美元，與我們先前的估計持平。

Our semiconductor business has several noteworthy highlights in the quarter.

我們的半導體業務本季有幾個值得注意的亮點。

We recently announced the qualification of our 300 millimeter diameter 130 nanometer process with copper inner connect with DMOS6.

我們最近宣布了採用 DMOS6 銅內連接的 300 毫米直徑 130 奈米製程的資格。

We've been ramping production in anticipation, we can now begin full production shipments.

我們一直在預期地提高產量，現在可以開始全面生產出貨。

We have over 50 ship design prototypes in lithography and sampling to customers.

我們有 50 多個船舶設計原型可供客戶光刻和取樣。

And example of a competitive advantage provided by this process technology is the recent DSP chip we've ramped into production for high performance communications applications.

這種製程技術提供的競爭優勢的例子是我們最近投入生產的用於高性能通訊應用的 DSP 晶片。

This is TI's most advanced chip ever.

這是 TI 有史以來最先進的晶片。

It combines six advanced c 55 x DSP cores and 24 meg bits of s ram memory on to a single compip chip.

它將六個先進的 c 55 x DSP 核心和 24 meg 位元 s RAM 記憶體組合到單一 compip 晶片上。

It can handle 200 channels at 50 times less power than alternatives.

它可以處理 200 個通道，而功耗比其他產品低 50 倍。

The market is enthusiastic about its potential.

市場對其潛力充滿熱情。

We also had a good quarter in terms of new design.

我們在新設計方面也度過了一個不錯的季度。

Motorola selected TI's 1.1 chip set for its next generation cable modems and completed certification testing at cable labs.

摩托羅拉為其新一代電纜數據機選擇了 TI 的 1.1 晶片組，並在電纜實驗室完成了認證測試。

100% of TI's 1.1 chip set customers have passed certification testing on their first attempt.

100% 的 TI 1.1 晶片組客戶在第一次嘗試時就通過了認證測試。

The Motorola design is expected to begin production in the third quarter.

摩托羅拉的設計預計將於第三季開始生產。

Although volume the should be much more significant in the fourth quarter.

儘管第四季的銷量應該要大得多。

Also in the quarter, d-link McI announced a broad collaboration to integrate wireless land technology across d-link's retail wireless network solutions.

同樣在本季度，d-link MCI 宣布進行廣泛合作，將無線陸地技術整合到 d-link 的零售無線網路解決方案中。

Finally TI announced the first single chip solution to integrate a rf radio and base band using 130 nanmeter c-loss process.

最後，TI 宣布推出首款採用 130 奈米 C 損耗製程整合式射頻無線電和基頻的單晶片解決方案。

It operates at half the power consumption of competitors and fully scalable to process nodes using standard digital design tools.

它的運作功耗只有競爭對手的一半，並且可以使用標準數位設計工具完全擴展到流程節點。

The significance of this product goes well beyond blue tooth.

該產品的意義遠遠超出了藍牙。

Single chip combinations of RF and base band processing are on TI's road map for many communications applications including our cell phone chip sets.

RF 和基頻處理的單晶片組合已列入 TI 針對許多通訊應用（包括我們的手機晶片組）的路線圖。

In summary, we are encouraged by our strong second quarter results.

總之，我們對第二季的強勁業績感到鼓舞。

We believe TI's position is strong and getting stronger in terms of technology, manufacturing and you products for whatever shape this recovery takes.

我們相信，無論復甦採取何種形式，TI 的地位都很穩固，並且在技術、製造和產品方面都將變得更加強大。

With that, let me turn it back to Ron.

說到這裡，讓我把話題轉回給羅恩。

Thank you, Bill.

謝謝你，比爾。

At this time I'll ask the Operator to open the lines up for your questions.

此時，我將請接線生開啟電話詢問您的問題。

In order to provide as many of you as possible an opportunity to ask your questions, please limit yourself to a single question.

為了給盡可能多的人提問的機會，請限制自己提出一個問題。

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

收到回覆後，我會提供跟進的機會。

Operator?

操作員？

Ladies and gentlemen, the floor is now open for questions.

女士們、先生們，現在可以提問。

If you have a question or comment dial 1 followed by 4 on the touch tone telephone at this time.

如果您有疑問或意見，請此時在按鍵式電話上撥 1，然後撥 4。

If your question has been answered, you may remove yourself from the cue by pressing the pound key.

如果您的問題已得到解答，您可以按井號鍵退出提示。

Questions are taken in order they are received.

問題按照收到的順序進行。

1 followed by 4 to bring yourself into the cue.

1 後跟 4 讓您進入提示。

Thank you.

謝謝。

Our first question is is coming from Tom Thornhill of UBS Warburg.

我們的第一個問題來自瑞銀華寶 (UBS Warburg) 的湯姆桑希爾 (Tom Thornhill)。

Bill, in the area of wireless, one of the concerns is that we've had customer build of products for a lot of new product launches.

Bill，在無線領域，我們關心的問題之一是我們已經為許多新產品的發布提供了客戶構建的產品。

To the degree you can see through that to how your customers are managing your inventory in your product lines, can you speak to where you think the pull through will come and how that will play out in Q3 and Q4?

在某種程度上，您可以了解客戶如何管理產品線中的庫存，您能否談談您認為拉動將在哪裡以及在第三季度和第四季度將如何發揮作用？

Tom, we don't see any indication today that our customers are building unusual levels of inventory.

湯姆，我們今天沒有看到任何跡象表明我們的客戶正在建立不尋常的庫存水準。

This is and there was in the second quarter seasonally unigrowth sequentially from the first quarter and we think that's entirely normal as our customers do build product in anticipation of combination of Back To School on the holiday seasons into the fourth quarter.

這是從第一季開始連續第二季度出現的季節性單增長，我們認為這完全正常，因為我們的客戶確實在預期假期期間的返校季與第四季度相結合的情況下構建了產品。

We also saw a continuation of the trend for TI of increasing percentage of our revenues in the 2.5 generation with our percentage of wireless revenues moving from 25% in the first quarter to 33% in the second quarter so that helped TI's 14% sequential revenue growth as well beyond the unit build we would see.

我們還看到 TI 在 2.5 代產品中繼續保持收入百分比增長的趨勢，我們的無線收入百分比從第一季的 25% 上升到第二季度的 33%，從而幫助 TI 實現了 14% 的環比收入增長以及我們將看到的單元建置之外的內容。

In fact,way say that TI also increased our market share in the chip set market in wireless.

事實上，TI也增加了我們在無線晶片組市場的市佔率。

That's about 20% of TI's wireless revenues now up from 10-15% in the past.

這佔 TI 無線收入的 20% 左右，高於過去的 10-15%。

If you integrate all of that, our wireless revenue growth looks credible and does not give and we see no other anecdotal information of our customers building inventory beyond what they should need.

如果將所有這些整合起來，我們的無線收入成長看起來是可信的，並且不會帶來任何其他軼事信息，表明我們的客戶建立的庫存超出了他們應該需要的範圍。

Do you have a follow-up?

你有後續行動嗎？

One question on orders, it impacted the pickup truck late in the quarter to what degree was this increase in orders absorbed in turns in Q2 and to what degree should we be looking at this as giving conviction for Q3 or any period beyond Q3?

關於訂單的一個問題，它對本季度末的皮卡車產生了影響，第二季度輪流吸收的訂單增長在多大程度上受到了影響？我們應該在多大程度上將此視為對第三季度或第三季度之後任何時期的信心？

Tom, I would say that largely the increase in orders was absorbed in Q2.

湯姆，我想說，訂單的成長很大程度上被第二季吸收了。

Most of the late in the quarter polls from our customers were on a just in time managed inventory basis where we literally entered the orders and shipped the product all in the last couple of weeks of the quarter.

我們客戶在本季末進行的大多數民意調查都是在及時管理庫存的基礎上進行的，我們實際上是在本季度的最後幾週內輸入訂單並發貨的。

So the fact is our book to bill ratio as a result of semiconductor at 1.06 is consistent with the about 6% sequential growth we are seeing in third quarter.

因此，事實是我們的半導體訂單出貨比為 1.06，與我們在第三季度看到的約 6% 的環比增長一致。

I think that all ties together pretty well.

我認為所有這些都緊密結合在一起。

I would add, tom, if you look at the numbers for the company, the growth was only $52 million more than our growth and revenue.

湯姆，我想補充一點，如果你看看公司的數據，你會發現成長僅比我們的成長和收入高出 5,200 萬美元。

If you pointed out a lot of orders, all of them got absorbed as turns versus adding.

如果你指出很多訂單，所有這些訂單都會輪流吸收而不是添加。

Thank you, Tom.

謝謝你，湯姆。

Next question is coming from Adam Parker.

下一個問題來自亞當·帕克。

Your line is live, Adam.

你的線路已上線，亞當。

More on the wireless space.

有關無線領域的更​​多資訊。

In Q1, wireless units were down and the revenue was up, 12% sequentially and here in Q2, units were up and the revenue is up 14%.

第一季度，無線設備數量下降，營收成長 12%，而第二季度，無線設備數量增加，營收成長 14%。

Obviously the 2.5 gasps are higher.

顯然 2.5 喘息更高。

Can I expect a deacceleration here of average selling prices or eroded at all in the quarter relative?

我是否可以預期本季平均銷售價格會減速或完全下降？

All of this is a blend among various customers and ship and chip set configuration.

所有這一切都是各種客戶、船舶和晶片組配置的融合。

We will continue to get an ASP lift with the percentage of our total revenues that go into 2.5 G.

我們將繼續透過 2.5G 佔總收入的百分比來提高平均售價。

That's moved from 25% in the first to 33% in the second quarter and we continue to believe that by the fourth quarter, that will be up to 50%.

這一比例從第一季的 25% 上升到第二季的 33%，我們仍然相信，到第四季度，這一比例將達到 50%。

That is against a backdrop of seasonal unit increase, higher ASP also in the chip sets that we sell in that configuration which has increased in the mix and against the backdrop of the fact that for our large OEM customers, there are predictable and preprogrammed in effect price decreases with volume as we continue shipping the high volume of the second generation.

這是在季節性銷售增加的背景下，我們以該配置銷售的晶片組的平均售價也有所提高，該配置的組合有所增加，而且對於我們的大型OEM 客戶來說，實際上存在可預測和預先編程的情況隨著我們繼續大量出貨第二代產品，價格隨著數量的增加而下降。

So all of that blend together is what drove the 14% sequential increase, and I would say certainly we expect that wireless will participate in the sequential increase in the third quarter and, in fact, the supply chains are short enough and inventories are pretty much at target levels that we can be shipping product to end at a supply chain into October-November and still meet the holiday season for final product.

因此，所有這些因素共同推動了 14% 的環比增長，我想說的是，我們預計無線將參與第三季度的環比增長，事實上，供應鏈足夠短，庫存也相當多。在目標水平下，我們可以將產品運送到10 月至11 月期間的供應鏈終端，並且仍能滿足最終產品的假期需求。

We see this as an ongoing up until late in the year.

我們認為這種情況將持續到今年年底。

Okay.

好的。

Just a quick follow-up, Ron.

只是快速跟進，羅恩。

You said DSP growth was due to wireless.

您說 DSP 的成長歸功於無線技術。

I was wondering if you can talk about the DSP growth or behavior outside of wireless.

我想知道您是否可以談談無線領域之外的 DSP 成長或行為。

Any signs in the multipurpose or general purpose DSP space and you mentioned solid market gains, can you comment at all on which end markets or where you think you are gaining share there.

多用途或通用 DSP 領域的任何跡像以及您提到的穩固的市場收益，您能否評論一下哪些終端市場或您認為自己在哪些領域獲得了份額。

Sure, Adam.

當然，亞當。

Outside of wireless we did see modest sequential growth in catalog dsp, that is across the broader parts of our standard DSP.

在無線領域之外，我們確實看到目錄 DSP 的適度連續成長，即我們標準 DSP 的更廣泛部分。

Frankly, a lot of that market is still related to telecom equipment, wireless infrastructure, markets that are still weak.

坦白說，這個市場很大一部分仍然與電信設備、無線基礎設施有關，這些市場仍然疲軟。

But we also saw sequential growth in DSP in digital consumer markets.

但我們也看到數位消費市場中 DSP 的連續成長。

Still camera, for example digital audio, we saw growth there as well in DSP.

靜態相機，例如數位音頻，我們在 DSP 方面也看到了成長。

As to the market share gain question, look at the year on year numbers,, our revenue is up 41% compared to year ago quarter and that is certainly stronger than what the market is doing overall and a combination of everything that Bill described, a combination of the strong penetration we have in wireless and as well as general purpose DSP as well.

至於市場佔有率增益問題，看看同比數據，我們的收入與去年同期相比增長了 41%，這肯定強於市場整體表現以及比爾描述的所有內容的組合，結合了我們在無線和通用DSP 領域的強大滲透力。

Can you tell me what percent of your DSP is wireless.

您能告訴我您的 DSP 中有多少百分比是無線的嗎？

More than half.

半數以上。

I think you go through the math, we've typically set about 70% of our overall wireless revenue is DSP.

我想你仔細算一下，我們通常會將 DSP 佔無線總收入的 70% 左右。

If you come up probably 50% maybe 60% tied to the wireless market.

如果你列出來，可能 50% 或許 60% 與無線市場有關。

Great.

偉大的。

And that's generally true for the general market as well since we're such a high share.

對於一般市場也是如此，因為我們的份額如此之高。

Next caller, please.

請下一位來電者。

The next question is Scott Randall.

下一個問題是史考特·蘭德爾。

Thank you.

謝謝。

Good afternoon.

午安.

I wonder if you could indicate, Bill, what the shipments increased by -- our revenues up by 14%?

比爾，我想知道您能否說明出貨量增加了多少——我們的收入增加了 14%？

Scott, I don't think we will specifically describe the unit growth other than to say it was -- it did grow and grew generally in line with what handset did in the marketplace.

斯科特，我認為我們不會具體描述單位的增長，而是說它確實增長了，而且總體上與手機在市場上的表現一致。

That's fine.

沒關係。

As a follow-up I'm intrigued by the education business that you said I think starting off faster and sooner than normal.

作為後續行動，我對你所說的教育業務很感興趣，我認為它比正常情況下起步更快。

What would you attribute that to?

您認為這歸因於什麼？

That's really attributed to our marketing programs with our customers.

這實際上歸功於我們與客戶的行銷計劃。

I think more and more of our retail customers understand that getting these products into their shelf space earlier is in fact a good way to promote overall Back To School sales.

我認為越來越多的零售客戶明白，儘早將這些產品放入貨架空間實際上是促進整體返校銷售的好方法。

A part of their overall marketing plan and our marketing plan because TI's educational calculators now have such a strong Back To School message and pull-in into the retail stores.

這是他們整體行銷計劃和我們行銷計劃的一部分，因為 TI 的教育計算器現在具有如此強烈的「返校」訊息並進入零售店。

We believe this is probably just more than just a pull forward from the second.

我們相信這可能不只是第二個階段的推動。

That is on a year over year business, our calculator business was up 16% in the second quarter and a strong year overall as well.

與去年同期相比，我們的計算器業務在第二季度成長了 16%，全年整體表現也很強勁。

Thank you.

謝謝。

Thank you, Scott.

謝謝你，斯科特。

Next caller, please.

請下一位來電者。

Next question is Tim Mayhan.

下一個問題是提姆·梅漢。

Last year you quented your pricing catalog was trending upwards mildly.

去年，您發現您的定價目錄呈現溫和上升趨勢。

Curious if that was the case in Q2 and your forecast for Q3.

很好奇第二季的情況是否如此以及您對第三季的預測。

I think that trend did continue and we are talking about our commodity logic, older generation product family there.

我認為這種趨勢確實持續了，我們正在談論我們的商品邏輯，即老一代產品系列。

Although, in fact, it feels like prices are still well below what they were a year ago.

儘管事實上，感覺價格仍然遠低於一年前。

Pricing is very competitive out there.

那裡的定價非常有競爭力。

But on average there was some indication that prices were a little more stable and probably up from the very bottom but still very competitive and still on balance down from a year ago.

但平均而言，有一些跡象表明價格更加穩定，可能從底部上漲，但仍然非常有競爭力，並且仍然比一年前有所下降。

I would add that our revenue growth in that space was much more one of unit growth compared to pricing.

我想補充一點，與定價相比，我們在該領域的收入成長更多是單位成長。

I agree with Bill's characterization, but revenue growth is a function of units, not pricing.

我同意比爾的描述，但收入成長是單位的函數，而不是定價的函數。

If I can on a follow-up, you mentioned last quarter you were building logic buyback to offer quick turnaround, was that inventory up or down at the end of the second quarter?

如果我可以跟進，您在上個季度提到您正在建立邏輯回購以提供快速週轉，第二季末庫存是增加還是減少？

I don't know.

我不知道。

Do we have a good answer for that?

我們對此有一個好的答案嗎？

We have still not completed our objective of getting two-week delivery, two-week lead time because of the level of demand.

由於需求水平，我們仍未完成兩週交貨、兩週交貨時間的目標。

I don't see any, haven't seen any indication that we've increased inventories and standard logic.

我沒有看到任何跡象表明我們增加了庫存和標準邏輯。

Thank you.

謝謝。

Operator, next question.

接線員，下一個問題。

Next question is coming from Cody Accrey from Frost Securities.

下一個問題來自 Frost Securities 的 Cody Accrey。

There's been a lot of talk of where subscriber help has been in the last quarter, can you talk about the manufacturing transition of handsets over subscriber transition over the new services?

關於上個季度訂戶協助的情況有很多討論，您能談談手機製造轉型與新服務訂戶轉型之間的關係嗎？

Our visibility is pretty much on the manufacturing plans that our customers give us.

我們的知名度很大程度上取決於客戶給我們的製造計劃。

We see a lot of interest in the larger color screens, for example.

例如，我們看到人們對更大的彩色螢幕很感興趣。

We have severe of our customers that with TI's chips have that product in the marketplace, and so, you know, we see that as one of the reasons that our mix of product is moving more at 2.5 G.

我們有許多客戶認為市場上有 TI 晶片的產品，因此，您知道，我們認為這是我們的產品組合更多地轉向 2.5 G 的原因之一。

I would add there's no doubt that the handsets are leading the subscribers.

我想補充一點，毫無疑問，手機在用戶數量上處於領先地位。

The handset subscribers have a very active, pro active strategy to drive functionality.

手機用戶有一個非常積極、主動的策略來驅動功能。

Consumers are motivated by things like color screens and other features on the phone and kind of the gprs future proofing or capabilities is a side benefit.

消費者對手機上的彩色螢幕和其他功能感興趣，而 gprs 的未來驗證或功能是一個附帶好處。

Our view is it is a good progression in the marketplace.

我們認為這是市場的良好進展。

Once an installed base of handsets are established, certainly the operators are more motivated to turn on attractive services.

一旦建立了手機安裝基礎，營運商肯定會更有動力提供有吸引力的服務。

To your point, Cody, there's no doubt handsets are currently leading the number of subscribers at this point.

就你的觀點而言，科迪，毫無疑問，目前手機用戶數量領先。

Do you have a follow-up question?

您還有後續問題嗎？

I do, Bill, you talked in prior quarters about shipping back toward consumption back toward trend line, that we had room to move.

我確實如此，比爾，你在前幾個季度談到了將消費帶回趨勢線，我們有移動的空間。

Your statements in the press release about being tied to demand in the back half of the year.

你們在新聞稿中關於下半年與需求掛鉤的聲明。

Do you feel you are there, like the inventories in the channels have finally been bled off outside of the wireless side or is there still room to move there?

您是否覺得自己在那裡，就像渠道中的庫存最終被耗盡到無線側之外，或者仍有空間移動到那裡？

I would say that in general what we think our customers across market areas are pretty much back to normal, the exception we would continue to make is in the telecomequipment and infrastructure market areas, both wired and wireless.

我想說的是，總的來說，我們認為我們整個市場領域的客戶幾乎已經恢復正常，我們將繼續例外的是電信設備和基礎設施市場領域，包括有線和無線。

But overall that's 10-15 percent of our semiconductor revenues.

但總的來說，這占我們半導體收入的 10-15%。

That area continues to be weak for us and we think that overall area of infrastructure equipment continues to be characterized by access inventories.

該領域對我們來說仍然疲軟，我們認為基礎設施設備的整體領域仍然以接入庫存為特徵。

I think our view in both of those, the recovery is further out.

我認為我們對這兩方面的看法是，復甦的前景還很遙遠。

In other words, when we are giving our guidance of 5% growth in third quarter, that is not including inventory-related bounce in those markets.

換句話說，當我們給出第三季 5% 的成長指引時，這不包括這些市場中與庫存相關的反彈。

It's more tracking the pool of customers have on type of consumption or at least their shipment levels.

它更多的是追蹤客戶群的消費類型或至少是他們的發貨水平。

Thank you, cody.

謝謝你，科迪。

Operator, next caller, please.

接線員，請接聽下一位來電者。

Next is from John Barton of Wachobia Securities.

接下來是瓦荷比亞證券公司 (Wachobia Securities) 的約翰巴頓 (John Barton) 的演講。

You talked about 50 chips.

你談到了 50 個籌碼。

Some of them have gone to customers.

其中一些已經交給客戶了。

I'm curious if had you had any feedback?

我很好奇你有什麼回饋嗎？

All the feedback is positive so far, John.

約翰，到目前為止所有的回饋都是正面的。

These range from digital base band to wrist microprocessors to chips we are talking about with multiple DSP cores in terms of high density voice gateways and a variety of these product areas and I think what our customers are finding is we are able to deliver on the performance that you can get from 130 nanometer in terms of both low power consumption and high performance.

這些範圍從數位基帶到腕式微處理器，再到我們在高密度語音網關和各種此類產品領域中討論的具有多個 DSP 核心的晶片，我認為我們的客戶發現我們能夠提供以下性能您可以從130 奈米獲得低功耗和高性能。

All of these have interconnect as well, and so I would say that our customer feedback has been uniformly positive at this point.

所有這些也都有互連，所以我想說，我們的客戶回饋在這一點上都是一致的正面。

Certainly the highest volume the digital-based band for cellular which is what drove our ramp up of dmos6 and we are shipping.

當然，基於數位的蜂窩頻段銷量最高，這推動了我們 dmos6 的提升，並且我們正在發貨。

Do you have a follow-up?

你有後續行動嗎？

Yes, I do, any change in the thought with respect to yields and cycle times, et cetera, and how that impacts your margin in the next up cycle?

是的，我願意，關於產量和週期時間等的想法有任何變化嗎？這將如何影響您在下一個上升週期中的利潤？

We continue to experience and compared to this stage and 200 millimeter development, our yields are ahead at the about the same point in the overall qualification and immediately following qualification process.

我們繼續體驗並與此階段和 200 毫米開發相比，我們的良率在整體資格認證和緊隨其後的資格認證過程中的同一點上處於領先地位。

So we continue to have a high degree of confidence that 300 millimeter interconnect will be a major margin contributor out over time.

因此，我們仍然非常有信心，隨著時間的推移，300 毫米互連將成為主要的利潤貢獻者。

The fact is that we are just past the qualification point.

事實上，我們剛剛過了資格點數。

We are continuing to increase capacity level of dmos6, so it will be on into next year where dmos6 is a contributor to TI.

我們正在繼續提高 dmos6 的產能水平，因此明年 dmos6 將為 TI 做出貢獻。

Everything we can see is that that will be a strong engine for us in terms of processed capabilities there.

我們可以看到，就處理能力而言，這將成為我們的強大引擎。

And we continue to add equipment to the fab to the objective we feel confident in getting to 10,000 waifer per month by the end of this year.

我們繼續為晶圓廠添加設備，我們有信心在今年年底前達到每月 10,000 個晶圓產量的目標。

Great.

偉大的。

Thank you.

謝謝。

Operator, next caller, please.

接線員，請接聽下一位來電者。

Our next question is from Brook Taylor from MFS Management.

我們的下一個問題來自 MFS Management 的 Brook Taylor。

Thank you, our next question is from Anesh Broil.

謝謝，我們的下一個問題來自 Anesh Broil。

The question is from cost side.

這個問題是從成本方面來說的。

In your earlier conference you suggested in your previous call your costs were good enough for revenue of about $2.5 billion or so and now seeing significant increase in R&D and SG&A and then I have a similar question.

在您之前的會議上，您在之前的電話會議中表示，您的成本足以實現約 25 億美元左右的收入，現在看到研發和 SG&A 顯著增加，然後我有一個類似的問題。

We decided to increase R&D sequentially and bumped our R&D for the year both as a result of the acquisitions that we've made in the first half of this year which are highly R&D-oriented and the fact that we want to continue the process development not only in the 130 nanometer where we've gone through start-up costs but because of those capabilities to continue as rapidly as possible to the 90 nanometer as well and SG&A, we are continuing to have good cost control on the SG&A side..

我們決定依次增加研發，並提高了今年的研發水平，這是因為我們在今年上半年進行了高度研發導向的收購，而且我們希望繼續製程開發而不是僅在130 奈米領域，我們已經經歷了啟動成本，但由於這些能力能夠盡快發展到90 奈米以及SG&A，我們將繼續在SG&A 方面保持良好的成本控制。

We increased markets expense because of the opportunities we had on a variety of areas and because disbentionly our calculators have higher support cost in their high quarters of second and third quarters as well.

我們增加了市場費用，因為我們在各個領域都有機會，而且我們的計算器在第二和第三季的高季度也有更高的支援成本。

Even with all that, we think we've achieved what we have said we thought we could achieve.

儘管如此，我們認為我們已經實現了我們所說的我們認為可以實現的目標。

We achieved about a 70% fall through of gross margin in our semiconductor business.

我們的半導體業務毛利率下降了約 70%。

In the other businesses, we don't have the fixed cost base so that the fall through from revenue to gross margin will not be as high, but we've seen, I think, exactly what we've expected there.

在其他業務中，我們沒有固定的成本基礎，因此從收入到毛利率的下降不會那麼高，但我認為我們已經看到了我們所期望的。

In your third quarter, do you expect a similar follow through gross margins dollars for incremental revenues from the semiconductor business?

在第三季度，您是否預期半導體業務的增量收入的毛利率也會出現類似的變化？

Yes, Anesh we do.

是的，阿尼什，我們知道。

If you look at what we've laid out, that is cds with a 70% fall through revenues to higher gross margin.

如果你看看我們列出的內容，你會發現 CD 的收入下降了 70%，毛利率更高。

We think we're right in line there.

我們認為我們就在那裡。

Thanks.

謝謝。

Maybe I'm just looking at wrong number here.

也許我只是在這裡看錯號碼了。

Thank you.

謝謝。

Next question is coming from Douglas Lee of Bank of America Securities.

下一個問題來自美國銀行證券公司的道格拉斯李。

Great quarter, guys.

很棒的季度，夥計們。

Bill or Ron, could you comment on distribution in the U.S. and Asia.

比爾或羅恩，您能評論一下在美國和亞洲的發行情況嗎？

We had big announcements and curious if that's a risk factor.

我們發布了重大公告，並且很好奇這是否是一個風險因素。

Don't see it as a particular risk factor at this point.

目前不要將其視為特定的風險因素。

In the second quarter our revenues to distribution on a world wide basis were very much in line with our overall semiconductor revenue increases of 16% sequentially, 6% quarter over quarter within a point or so, that was the same in distribution.

第二季度，我們在全球範圍內的分銷收入與我們的整體半導體收入環比增長 16% 非常一致，環比增長 6%，增幅在一個百分點左右，分銷方面也是如此。

The inventories that our distributors are carrying, if anything now have a better mix to them than even a quarter ago in terms of their attention to the highest moving parts they are having in stock, the parts that our customers are -- the products our customers are most likely to want.

我們的經銷商所持有的庫存，如果有什麼的話，現在比一個季度前有更好的組合，他們對庫存中最高移動部件的關注，我們客戶的部件——我們客戶的產品最有可能想要。

And even though probably on balance, our distributors would say their inventories are higher than they would like see them.

即使總的來說，我們的經銷商也會說他們的庫存高於他們想要的水平。

Don't know if they always say that or not.

不知道他們是否總是這麼說。

I don't see that as much changed over the last quarter or so.

我認為上個季度左右情況沒有太大變化。

And we see distributor business being strong in Asia and in particular which is consistent with our overall results, if you look at it compared to a year ago, for example, quite strong in Asia and that's strong for direction as well.

我們看到經銷商業務在亞洲表現強勁，特別是這與我們的整體業績是一致的，如果你與一年前相比，例如，在亞洲相當強勁，這也有利於方向。

Is the lead still strong.

領先優勢還強嗎？

Yes.

是的。

Next caller, please.

請下一位來電者。

Next question is from Jonathan Joseph from Solomon Smith Barney.

下一個問題來自所羅門美邦 (Solomon Smith Barney) 的喬納森·約瑟夫 (Jonathan Joseph)。

Just trying to understand pro former a earnings on an ongoing operations basis.

只是想了解前任在持續營運的基礎上的收益。

Not trying to embellish numbers whatsoever, if you add in the 4 that was taken out for the one-time charge and then subtract the one penny from the royalty bump, you come up with ongoing operations of 9 cents a share.

無論如何，我不想修飾數字，如果您加上一次性費用中扣除的 4 美分，然後從特許權使用費中減去 1 美分，您將得出每股 9 美分的持續營運成本。

Should we think in terms of trying to understand without one-time charges or gains, is that sort of a platform we should be working off and trying trying to figure what our earnings could be in Q3.

我們是否應該考慮嘗試在沒有一次性費用或收益的情況下理解這種平台，我們應該使用這種平台並嘗試計算我們在第三季的收益。

Yes, John.

是的，約翰。

You are looking at it in the correct way.

你正在以正確的方式看待它。

We did include both of those impacts in pro forma in the second quarter.

我們確實在第二季的備考中考慮了這兩種影響。

The revenues from royalties flow through the pro forma normally and the investment write downs were appropriate to have in pro forma.

特許權使用費收入通常透過備考，投資減記在備考中是適當的。

The 9 cents as the base is the right way to look at it.

以 9 美分為基礎才是正確的看待方式。

And just a quick follow-up, in regard to Q4, could you review some of the seasonal issues, would you expect on a seasonal basis cell phone to be up and calculator comes down.

關於第四季度，您可以快速跟進一些季節性問題，您是否預計手機會按季節上升而計算器會下降。

John, exactly right.

約翰，完全正確。

Calculator has a sharp decline in the fourth quarter.

計算器第四季大幅下滑。

Certainly the third to fourth pattern over the several years is a very good guide on what that would be.

當然，這幾年的第三到第四種模式是一個很好的指導。

Wireless is probably early to say but as I noted earlier with the short supply chains and low inventories, you know, we can continue to ship to our wireless customers October-November and they can turn product for the holiday season.

無線可能還為時過早，但正如我之前指出的那樣，由於供應鏈短且庫存低，我們可以繼續向我們的無線客戶發貨 10 月至 11 月，他們可以為假期季節提供產品。

So at times in the past, probably as recently as two years ago, that has meant there was in fact solid sequential growth third quarter to fourth quarter in wireless, too early to say if that's the case this year, but I don't see any overall factors that -- systematic factor that is preclude that.

因此，過去有時，可能就在兩年前，這意味著無線業務實際上在第三季度到第四季度出現了穩健的連續增長，現在說今年的情況是否還為時過早，但我不認為任何總體因素－排除這一點的系統因素。

Thank you, Bill.

謝謝你，比爾。

Operator, next caller, please.

接線員，請接聽下一位來電者。

Next question is from Mumal Delparon of Dresdner

下一個問題來自德勒斯登的 Mumal Delparon

The sequential numbers you are giving us, [inaudible] these numbers, trying to put this into perspective of growth, this would mean that you must be gaining significant market share in these -- in this product segment.

您向我們提供的連續數字，[聽不清楚]這些數字，試圖將其納入成長的角度，這意味著您必須在這些產品領域中獲得顯著的市場份額。

All for some reason, the second quarter sales were seasonally very high compared to the third and fourth quarter.

由於某種原因，與第三季和第四季相比，第二季的銷售額季節性非常高。

Can you give us an idea sales were so strong?

您能告訴我們銷售如此強勁的想法嗎？

Yes, Mumal.

是的，穆馬爾。

We think we did grow faster than the market in DSP and analog and across the mix of business.

我們認為，在 DSP 和模擬以及整個業務組合方面，我們的成長速度確實快於市場。

Clearly some of that has to do with markets where our customers have continued to reach their target inventory levels and so, you know, it's clear, I think that some of those sequential growth rates are not sustainable quarter after quarter.

顯然，其中一些與我們的客戶繼續達到目標庫存水準的市場有關，因此，很明顯，我認為其中一些連續成長率是不可持續的。

For our high performance analog to grow 25% quarter on quarter as it did, they're not going to be able to do that every quarter but it would appear that a combination of strong demand and some of their consumer areas in addition to other areas and industrial where customers have hit their inventory targets and beginning to reorder all produce that overall result.

對於我們的高效能類似產品來說，季度環比增長 25% 是不可能的，他們不可能每個季度都能做到這一點，但似乎強勁的需求和他們的一些消費領域以及其他領域的結合在在工業領域，客戶已達到庫存目標並開始重新訂購所有產品以達到整體結果。

And we think in high performance analog, for example, we are benefitting from product positioning where we are gaining share.

例如，我們認為在高性能模擬領域，我們正受益於我們正在獲得份額的產品定位。

Also if you look at our other semiconductor revenues other than DSP and analog as we noted briefly in the remarks, several of those had, you know 20+% sequential growth.

此外，如果你看看我們除 DSP 和模擬之外的其他半導體收入，正如我們在評論中簡要指出的那樣，其中有幾個收入連續增長了 20% 以上。

That's presumably not sustainable.

這大概是不可持續的。

Asik, potential customers have reached inventory levels where they are reordering or more importantly seeing orders and revenues now on new design wins, new wrist microprocessor as the product was there, is in demand by sun and standard alogic as well and over 20% sequential growth as their business potential customers were hitting there, had completed their inventory liquidations and seeing new product as well in the projecter.

Asik，潛在客戶已經達到了庫存水平，他們正在重新訂購，或更重要的是，現在看到新設計勝利的訂單和收入，新的腕式微處理器，因為該產品已經存在，sun 和標準alogic 也有需求，並且連續增長超過20%因為他們的業務潛在客戶已經到達那裡，已經完成了庫存清理並在投影機中看到了新產品。

It's hard to separate out the components of that, I think, but completion of inventory liquidation, share gain and new product areas for us all added up to that strong second quarter performance.

我認為，很難將其中的各個組成部分分開，但庫存清理的完成、份額的成長和新產品領域對我們來說都促成了第二季的強勁表現。

So without taking too much of your time, is it possible for you to give us some idea in the second half of this year that if you take the inventory replenishment out of the equation, in which market would you would see growth where the semiconductor growth will to some extent reflect in market growth.

因此，在不佔用您太多時間的情況下，您是否可以在今年下半年給我們一些想法，如果您將庫存補充排除在外，您會在哪個市場看到半導體增長的增長一定程度上會反映在市場成長上。

I guess what my question is, are we setting ourselves for an inventory buildup by the fourth quarter.

我想我的問題是，我們是否為第四季度的庫存累積做好了準備。

I guess that's where I'm trying to find out, is that possibility of happening?

我想這就是我想要找出的地方，這種情況是否有可能發生？

Numal, we don't see any indication from our customers today.

無論如何，我們今天沒有看到客戶的任何跡象。

We would think that our customers and all of us learned a lot from 2002 about being overexubrant and orders beyond what they needed and confused about the supply chain.

我們認為，我們的客戶和我們所有人從 2002 年中學到了很多關於過度繁榮和訂單超出他們需要的知識以及對供應鏈的困惑。

We see much less of that.

我們看到的要少得多。

We don't see that happening today.

今天我們沒有看到這種情況發生。

We see an orderly supply chain in terms of manufacturers and equipment and customers as well.

我們在製造商、設備和客戶方面也看到了有序的供應鏈。

While that is always a risk to us as a component supplier, we do not see evidence today that our customers are rebuilding inventories on those who have hit their target levels broadly across these markets.

雖然這對我們作為零件供應商來說始終是一個風險，但我們今天沒有看到任何證據表明我們的客戶正在為這些市場上廣泛達到目標水平的產品重建庫存。

And I think we indicated earlier that our 5-10% rate for Q2 for the most part is devoid related to inventory replenishment or bounceback.

我認為我們之前指出，第二季 5-10% 的利率大部分與庫存補充或反彈無關。

As far as particularly end market, ones we continue to see strength in is wireless, increasing mix of gprs will continue to build, digital consumer, we see no slow downs in digital still cameras, DVD players, internet audio.

就特別是終端市場而言，我們繼續看到無線領域的優勢，gprs的組合將繼續增加，數位消費者方面，我們認為數位相機、DVD播放器、網路音訊方面沒有放緩。

Industrial markets, the growth is not as high there but it has been steady for us and we don't see change there.

工業市場的成長並不那麼高，但對我們來說一直穩定，我們沒有看到那裡的變化。

Probably the only inflection point we saw late in second quarter is some of the PC peripheral-related markets and by peripherals I would say specifically more the hard disk drive space as well as pc direct sales where we saw a little bit of slow down.

我們在第二季末看到的唯一拐點可能是一些與 PC 週邊相關的市場，就外設而言，我想說的尤其是硬碟空間以及 PC 直銷，我們看到了一些放緩。

The one I would exclude is printers, multifunction printers, photo printers where we saw strength all the way through and hopefully that gives color there.

我要排除的是印表機、多功能印表機、相片印表機，我們從頭到尾都看到了這些印表機的優勢，並希望它們能賦予色彩。

Operator, next caller, please?

接線生，請問下一個來電者嗎？

Thank you, next question is from Elliott Glazer.

謝謝，下一個問題來自艾利奧特·格雷澤。

You're one of the leading analysts in the United States, I wanted to ask you two basic questions.

您是美國領先的分析師之一，我想問您兩個基本問題。

Some of us just got off the conference call with Novelis.

我們中的一些人剛結束與諾貝麗斯的電話會議。

They indicated that many of their independent device manufacturer customers are having difficulty getting loans from banks to finance new plans in point of fact they are now expecting 9% sequential decline in their orders in the third quarter because of this inability of the customers to get loans.

他們表示，許多獨立設備製造商客戶難以從銀行獲得貸款來為新計劃提供資金，事實上，由於客戶無法獲得貸款，他們現在預計第三季訂單將環比下降 9% 。

Have you noticed anything about that in the marketplace, banks are cutting back on loan availability to perhaps smaller manufacturers?

您是否注意到市場上的銀行正在減少向規模較小的製造商提供的貸款？

Elliott, we don't have visibility on that and we, frankly, don't spend any time on it ourselves because we are financing our equipment purchases out of on a cash flow and strong cash position.

艾利歐特（Elliott），我們對此沒有了解，坦白說，我們自己不會花任何時間，因為我們是透過現金流和強大的現金狀況為設備採購提供資金的。

We have no short-term borrowing ourselves and have only backup credit line.

我們自己沒有短期借款，只有備用信貸額度。

So don't have visibility on that.

所以對此沒有可見性。

Okay.

好的。

My second question is if you take a look at your equity investments for Q2 versus Q1, you have them listed as 1463 verse 2262, a decline of $800 million.

我的第二個問題是，如果你看看第二季和第一季的股權投資，你會發現它們分別為 1463 比 2262，減少了 8 億美元。

How is that accounted for through the P&L or does it go through the P&L

它是如何透過損益表進行核算的還是透過損益表進行核算

The $100 million that we took as right downs on certain investments went through the P&L

我們對某些投資採取的 1 億美元直接投資計入了損益表

The other about $700 million was essentially all micron stock where that went through as a balance sheet adjustment only because the mircon stock is at or above our cost basis in all these periods so there's no issue of writing that down through the income statement.

另外約 7 億美元基本上都是微米股票，這些股票作為資產負債表調整隻是因為微米股票在所有這些時期都等於或高於我們的成本基礎，所以不存在將其寫進損益表的問題。

That's fine.

沒關係。

Thank you very much.

非常感謝。

Thank you, Elliott.

謝謝你，艾利奧特。

Next caller, please.

請下一位來電者。

Next question is coming from Hans Grossman of Prudential Securities.

下一個問題來自保德信證券公司的漢斯·格羅斯曼。

Thanks, congratulations. Questions regarding manufacturing.

謝謝，恭喜。有關製造的問題。

You said 75% utilization rate in Q3.

你說第三季的利用率為75%。

Can you give us a flavor of how that will change in Q4 and in 03 and how that impacts your relationships with Foundry?

您能否向我們介紹一下第四季和 03 年將如何變化以及這將如何影響您與 Foundry 的關係？

Any change in the last quarter?

上個季度有什麼變化嗎？

We did say the 75% utilization that we experienced in Q2 would be about the same in Q3 because of the additional capacity in effect that will be adding by having dmos6 qualified and by having more capacity in our older technology standard logic as it has moved to fully 150 millimeter.

我們確實說過，我們在第二季度經歷的75% 利用率與第三季度大致相同，因為透過dmos6 合格以及在我們的舊技術標準邏輯中擁有更多容量，將增加有效的額外容量，因為它已轉移到足足有150毫米。

None of that changes our plans to supplement our own capacity at the most advanced logic with Foundry because we fully expect with all the products we have in cue to fully utilize our 130 nanometer capacity as we continue to bring it on stream.

這些都不會改變我們透過 Foundry 以最先進的邏輯來補充我們自己產能的計劃，因為我們完全期望我們擁有的所有產品能夠在我們繼續投產時充分利用我們的 130 奈米產能。

As we would have thought in an upturn and as we talked about for several quarters, we are seeing our most advanced capacity being fully loaded within that 75% overall average.

正如我們在經濟好轉時所設想的那樣，正如我們在幾個季度中所討論的那樣，我們看到我們最先進的產能在 75% 的總體平均水平內滿載。

Thanks a lot.

多謝。

Thank you, Hans.

謝謝你，漢斯。

Next caller, please.

請下一位來電者。

Our next question is coming from Joe Osha of Merrill Lynch.

我們的下一個問題來自美林證券的喬·奧沙。

Your line is live.

您的線路已上線。

Let me add my voice to the course of praise here.

讓我在這裡加入我的讚美之詞。

Nice quarter.

不錯的季度。

As we look at next year and look at in particular operating expenses, at what point, at what revenue-run rate should I think of you as beginning to hit the mid-20s operating margin target that you've it discussed?

當我們展望明年並特別關注營運支出時，我認為你們在什麼時候、以什麼收入運行率開始達到你們討論過的 20 多歲的營運利潤率目標？

Joe, I think our position there is the same that it has been.

喬，我認為我們的立場和以前一樣。

When we get back to our peak levels that we experienced third-fourth quarter of 2000, we would expect our objective continues to be that our operating margin would be several points above the 24% or so that we achieved at the peak last time, and that will be a combination of the, you know higher gross margins that we get for follow threw on these capabilities in continuing to hold the line on SG&A in particular.

當我們回到 2000 年第三季的峰值水平時，我們預計我們的目標仍然是我們的營業利潤率將比我們上次在高峰時達到的 24% 左右高幾個百分點，並且這將是我們獲得更高毛利率的結合，這些能力是我們繼續堅守銷售、管理和行政費用的能力的基礎。

Peak levels were $3 billion per quarter?

峰值水準為每季 30 億美元？

That's right.

這是正確的。

Just as a follow-on to help me dial that in a bit, you talked about higher gross margins at $3 billion a quarter assuming that the business acts as youny think it might, what margins might I expect this time around?

作為幫助我稍微解釋一下這一點的後續內容，您談到了每季 30 億美元的更高毛利率，假設該業務按照您的想法行事，那麼這次我預計的利潤率是多少？

Our objective is a couple of points higher than the gross margins than we achieved, Joe.

我們的目標是比我們實現的毛利率高幾個百分點，喬。

Thank you.

謝謝。

Thank you, Joe.

謝謝你，喬。

Next caller.

下一個來電者。

Our next question is from Daniel Niles of Lehman Brothers.

我們的下一個問題來自雷曼兄弟的丹尼爾·尼爾斯。

Great, thanks.

萬分感謝。

A couple of questions for you, Bill.

比爾，有幾個問題想問你。

Trying to understand a couple of moving pieces.

試著理解一些感人的部分。

The revenues are what you forecasted for the third quarter so great job with that but your EPS came in at 9 with all the pluses and minuses with an operating number.

第三季的收入符合您的預期，做得很好，但您的每股收益為 9，並考慮了營運數據的所有優點和缺點。

I look at your guidance for the third quarter, you'll get to your fourth quarter revenues that have been projecting a quarter earlier in Q3.

我查看了您對第三季的指導，您將獲得第四季度的收入，該收入已在第三季提前一個季度進行了預測。

Your EPS was 10 and looking for 13 in the fourth quarter off the same revenue base.

您的每股收益為 10，預計第四季在相同收入基礎上為 13。

Not quite there.

不完全在那裡。

Can you reconcile what's going on with that against some of the longer term targets you have for growth and operating margin?

您能否將目前的情況與您所製定的成長和營業利潤率的一些長期目標進行協調？

Given we are obviously early, sort of in a recovery phase in the semi-phase to some degree and what's happening here in terms of revenue levels we are looking at but operating numbers that are less on an income basis.

鑑於我們顯然還處於早期階段，在某種程度上處於半恢復階段，而且我們正在關注的收入水平方面正在發生的事情，但以收入為基礎的運營數字較少。

Sure, Dan.

當然，丹。

A couple of points we have increased R&D some.

有幾點我們增加了一些研發。

We raised our number by $100 million both because of the acquisitions, the importance of the acquisitions we made in the first half of the year and the desire that we have to exploit our position in Silicon Technology to move aggressively 130 and 90 nanometer.

我們的數字增加了1 億美元，這既是因為這些收購，也是因為我們在今年上半年進行的收購的重要性，以及我們必須利用我們在矽技術領域的地位積極向130 納米和90 納米邁進的願望。

We think that will pay off for us in terms of our ability to generate more gross margin now that we proved out 300 millimeter and going to continue down that path.

我們認為，這將為我們帶來回報，因為我們有能力產生更多的毛利率，因為我們已經證明了 300 毫米並將繼續沿著這條道路走下去。

Increases in marketing that we've made in the near term here are, again, to take advantage of momentum, areas like wireless in terms of Omap and the next generation and digital light processing in particular, those will pay off as well.

我們在短期內增加的行銷力道再次是為了利用 Omap 和下一代無線領域的勢頭，特別是數位光處理，這些也將得到回報。

I don't think any of that changes our point of view that we can expand our operating margin past what it would have been in the previous upturn but the opportunities are here with our share gain share, I think we are really in a position to take advantage of our Silicon technology, our manufacturing capabilities and our product designs and continue to gain share and we don't want -- we don't intend to miss that opportunity.

我認為這些都不會改變我們的觀點，即我們可以將營業利潤率擴大到之前經濟好轉時的水平，但隨著我們的份額增加，機會就在這裡，我認為我們確實有能力利用我們的矽技術、我們的製造能力和我們的產品設計，繼續獲得份額，我們不想——我們不想錯過這個機會。

To some extent but shouldn't be looking at this as temporary change in our r&d, this is strategic shifts in terms of your wanting to stake take share not only in the third quarter but next year and these spending levels are sort of run rates.

在某種程度上，但不應將其視為我們研發的臨時變化，這是策略轉變，因為您不僅希望在第三季度而且在明年獲得份額，而這些支出水平是運行率。

Not like you artificially boosted this quarter and comes down a bunch next quarter.

不像你人為地在這個季度提振，但在下個季度卻大幅下降。

Don't expect it to come down a bunch next quarter, Dan, but would not expect it to continue to increase at the rates of the second quarter, either.

丹，不要指望它在下個季度會大幅下降，但也不要指望它會繼續以第二季度的速度增長。

So that some of these programs that we put in place will see the payoff over the next several quarters.

因此，我們實施的一些計劃將在未來幾季看到回報。

Okay.

好的。

Last question is wireless growth from what we've learned in the past as you said before, a lot of what you ship in Q3 is for phones sold in Q4 to some degree and the supply chain is shorter.

最後一個問題是無線成長，正如您之前所說，從我們過去了解到的情況來看，您在第三季度發貨的許多產品在某種程度上是針對第四季度銷售的手機的，而且供應鏈較短。

Is it still a fair aassumption to assume that the wireless growth in Q4 is possibly less than Q3 because of those dynamics and in general your total revenue growth because of the drop in obviously your calculator business which tends to get cut in half from Q3 to Q4 roughly that that will end up with total revenue growth in the fourth quarter barring something unusual being less than where it ends up in the third quarter.

由於這些動態，並且由於計算器業務明顯下降（從第三季度到第四季度往往會減少一半），假設第四季度的無線成長可能低於第三季度，這仍然是一個公平的假設嗎？大致而言，這將導致第四季度的總收入成長，除非出現異常情況，低於第三季的總收入成長。

It's really too early to say in terms of total revenues, dan.

就總收入而言，現在說還為時過早，丹。

We're not prepared to put all our expectations in the fourth quarter.

我們不准備將所有期望都放在第四季度。

In general, the trends you pointed to are the right ones.

總的來說，您指出的趨勢是正確的。

Educational calculators will come down seasonally and depends on the strength of the selling season in terms of what our customers see as their holiday season opportunities with our ability to continue to ship product in October, November to meet those demands.

教育計算器將按季節下降，具體取決於銷售季節的強度，即我們的客戶認為他們的假期機會，我們有能力繼續在 10 月、11 月發貨，以滿足這些需求。

So, again, quarters in the past third to fourth was strong in wireless.

因此，過去第三至第四季的無線業務再次表現強勁。

Others where as you point out the season may be shorter.

正如您所指出的，其他地方的季節可能會更短。

I'd say it's too early to call at this point.

我想說現在打電話還太早。

Great.

偉大的。

Thank you.

謝謝。

We have just a couple of callers left in the cue so we will extend a few minutes and try to make sure everybody gets their question in.

我們只剩下幾個來電者了，所以我們會延長幾分鐘，並盡力確保每個人都明白他們的問題。

Our next question is coming from Charles Mushay.

我們的下一個問題來自查爾斯·穆謝。

I'll make this fairly short.

我會讓這個變得相當短。

A strong flurry of activity late in the quarter last month, have you seen that calm down in July?

上個月季度末出現了一陣強烈的活動，您是否看到七月平靜下來了？

Our customers easing back or as the overall weekly bookings or activity holding firm and one quick follow-up.

我們的客戶放鬆或作為整體每週預訂或活動保持堅挺和快速跟進。

Charles, I would say that orders in the first part of the third quarter here are very much meeting our expectations for consistent with our outlook for the third quarter.

查爾斯，我想說，第三季上半年的訂單非常符合我們的預期，與我們對第三季的展望一致。

That includes the point that ron made earlier that we saw some weakness late in the second quarter in orders related to pc &pc peripheral and that's on the weaker side.

這包括 ron 早些時候提出的觀點，即我們在第二季度末看到與 PC 和 PC 週邊相關的訂單出現了一些疲軟，而且這是較弱的一面。

Everything else is continuing to meet our expectations in terms of orders.

就訂單而言，其他一切都繼續滿足我們的預期。

Okay.

好的。

And then the follow-up was on the high performance analog effort.

接下來是高效能模擬工作。

Could you update us on that quickly and where was that in the quarter in terms of growth as part of the analog growth?

您能否快速向我們介紹最新情況？作為模擬成長的一部分，本季的成長情況如何？

High performance analog, Charles, was strong in the second quarter.

高性能類比產品 Charles 在第二季表現強勁。

25% sequential revenue growth.

營收季增 25%。

We think we are clearly gaining share there.

我們認為我們顯然正在那裡獲得份額。

A lot of that was digital consumer but also healthier broader markets, industrial medical markets, all pretty widespread and in terms of product areas, data converters, very strong in high performance audio which is a brown specialty, for example, in those high performance audio parts as well as power management both from ti's products.

其中許多是數位消費者，但也包括更健康的更廣泛的市場、工業醫療市場，所有這些都相當廣泛，在產品領域、數據轉換器方面，在高性能音訊方面非常強大，這是一個棕色專業，例如，在那些高性能音訊方面部件以及電源管理均來自 ti 的產品。

Strong in the second quarter for high performance analog.

高效能模擬在第二季表現強勁。

Can you remind us what percentage of analog revenues are categorized as high performance?

您能否提醒我們，模擬收入中被歸類為高效能的百分比是多少？

Runs about 30% of our overall analog revenues.

約占我們模擬總收入的 30%。

Thanks very much.

非常感謝。

Next caller, please.

請下一位來電者。

Next question is from Ben Alynch from Deutsche Banc.

下一個問題來自德意志銀行的 Ben Alynch。

I wanted to ask we estimate that 2Q over 1Q handset units grew 2-3%.

我想問一下，我們估計第二季手機銷量比第一季成長了 2-3%。

Would you say you said you believed that your shipments were sort of consistent with that.

您是否說過您相信您的出貨量與此相符？

Could you confirm that based on the numbers I give you and then relate it to that, can you quantify assuming that there is reasonable ASP contribution to your 14% growth, could you quantify how much of that ASP benefit is coming from the fact there's a lot more sram on the processor chips you are selling to Nokia now than for 2G over growth and nonmemory-related function.

您能否確認，根據我給您的數字，然後將其與此聯繫起來，假設ASP 對您14% 的增長有合理的貢獻，您能否量化，您能否量化ASP 收益中有多少來自於以下事實：你現在賣給諾基亞的處理器晶片上的 sram 比 2G 超高速成長和非記憶體相關功能多得多。

Ben, I don't think it's appropriate for us to quantify unit growth because it's not all to one customer, it's a mix of we do more chips in the second than we did in the first as we gained share there so units are not apples to apples but overall I think it's appropriate to say that our unit growth did increase sequentially first quarter to second quarter.

本，我認為我們量化單位成長並不合適，因為這並不完全針對一個客戶，而是我們在第二個客戶中生產的晶片比第一個客戶更多的混合體，因為我們在那裡獲得了份額，所以單位不是蘋果與蘋果相比，但總的來說，我認為可以說我們的單位成長確實從第一季到第二季連續成長。

And the second part of that --

第二部分——

How much of the value of products tied to memory content vs.

產品的價值與記憶內容相比有多少是與記憶體內容相關的？

Functionality.

功能性。

Yeah.

是的。

Clearly the performance demands of gprs are beyond so it is a combination.

顯然，gprs 的性能要求超出了，因此它是一個組合。

A combination of higher processing retirements as well as further integrate gration of additional functions of sdram that you referred to.

更高的處理退休的組合以及您提到的 sdram 附加功能的進一步整合。

Could you give us a rough split of the incremental?

您能給我們一個增量的粗略劃分嗎？

We could not go there.

我們不能去那裡。

I would refer you to slides in our analyst meeting where in one of the workshop sessions, chips our manager did try to quantify relative requirements on processing performance memory, et cetera, but that's as close as we could get to it.

我會向您推薦我們分析師會議上的幻燈片，其中在一次研討會上，我們的晶片經理確實嘗試量化處理性能內存等的相對要求，但這已經是我們所能達到的最接近的了。

I think I misunderstood.

我想我誤會了。

We have additional callers on the line but we are out of time.

我們還有其他來電者，但我們已經沒有時間了。

If we were unable to get to you, I apologize.

如果我們無法聯絡到您，我深表歉意。

Please call in and ask us your question separately.

請致電並單獨向我們詢問您的問題。

Again before we end the call, let me remind you that the replay is available on our website.

在結束通話之前，我再次提醒您，可以在我們的網站上觀看重播。

Thank you and good evening.

謝謝你，晚上好。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

We precious yu, participation.

我們珍惜、參與。

Please disconnect and have a good day.

請斷開連接並祝您有美好的一天。