德州儀器 (TXN) 2003 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to your Texas Instruments third quarter earnings conference call. (OPERATOR INSTRUCTIONS) It is now my pleasure to hand the floor over to your host, Mr. Ron Slaymaker.

下午好，女士們、先生們，歡迎參加德州儀器 (TI) 第三季財報電話會議。 （操作員說明） 現在我很高興將發言權交給東道主 Ron Slaymaker 先生。

Sir, you may begin.

先生，您可以開始了。

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

下午好，感謝您參加我們的第三季財報電話會議。

With me today is Kevin March, TI's Chief Financial Officer.

今天和我在一起的是 TI 財務長 Kevin March。

Kevin and I are going to do our best to run this today for the first time without Bill Aylesworth's direct participation, although he is in the room with que cards in hand just in case.

凱文和我今天將盡最大努力在沒有比爾艾爾斯沃思直接參與的情況下首次進行這項活動，儘管他在房間里手裡拿著 que 卡以防萬一。

This call will last one hour.

這次通話將持續一小時。

For any of you who missed the release, you can find it on our website at www.TI.com./IR.

如果您錯過了本次發布，您可以在我們的網站 www.TI.com./IR 上找到它。

This call is also being broadcast live over the Web and can be accessed through TI's web site.

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。

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.

本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致 TI 的績效與管理階層目前的預期有重大差異。

We encourage you to review the Safe Harbor statement contained in the earnings release published today, as well as TI's most recent SEC filing 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，以了解完整的說明。

Our mid quarter update to our outlook is scheduled this quarter for December 8th.

我們定於 12 月 8 日在本季度對我們的展望進行季度中期更新。

We would expect to narrow or adjust the revenue and earnings guidance ranges as appropriate with this update.

我們預計在此更新後將酌情縮小或調整收入和盈利指導範圍。

We will observe a quiet period beginning on December 1st until the update.

我們將從 12 月 1 日開始觀察一段安靜期，直到更新為止。

In today's call, I will review our revenue performance and then Kevin will discuss profit performance and the fourth quarter outlook.

在今天的電話會議中，我將回顧我們的收入表現，然後凱文將討論利潤表現和第四季度前景。

After this review, we will open the lines for your questions.

審核結束後，我們將開放您的提問專線。

Third quarter TI revenue grew 8 percent sequentially and 13 percent from the year ago quarter, exceeding our expectations.

第三季 TI 營收季增 8%，季增 13%，超出了我們的預期。

Revenue was strong across almost all of our semiconductor products end markets.

我們幾乎所有半導體產品終端市場的收入都很強勁。

Semiconductor orders were also robust leading us to expect continued growth for this segment in the fourth quarter.

半導體訂單也強勁，我們預計該領域第四季將持續成長。

To support the higher level of fourth quarter shipments, we further increased our factory loadings in the month of September resulting in better-than-expected profitability due to higher utilization of fixed costs manufacturing assets.

為了支持第四季度出貨量的更高水平，我們在 9 月進一步增加了工廠負荷，由於固定成本製造資產的利用率提高，獲利能力好於預期。

Semiconductor revenue in the third quarter was up 10 percent sequentially, and up 16 percent from the year ago quarter.

第三季半導體營收季增 10%，比去年同期成長 16%。

Sensors and controls revenue seasonally declined 7 percent sequentially, and grew 2 percent compared with the year ago quarter.

感測器和控制器收入季節性下降 7%，季增 2%，與去年同期相比成長 2%。

Educational and Productivity Solutions, or E&PS, revenue increased 13 percent sequentially and declined 2 percent from the year ago quarter.

教育和生產力解決方案 (E&PS) 營收季增 13%，較去年同期下降 2%。

The better-than-expected E&PS revenue was the result of inventory replenishment at retailers that occurred later than normal in the quarter.

E&PS 收入優於預期是由於本季零售商的庫存補充時間晚於正常水準。

In Semiconductor, DSP revenue grew 22 percent sequentially, and was up 37 percent compared with the year ago quarter.

在半導體領域，DSP 營收季增 22%，與去年同期相比成長 37%。

DSP revenue benefited from the recovery in wireless this quarter, as well as strong growth in digital consumer electronics products such as digital still cameras and digital audio products.

DSP收入受惠於本季無線業務的復甦，以及數位相機和數位音訊產品等數位消費性電子產品的強勁成長。

The year on year DSP growth also saw strong contributions from broadband, notably DSL.

DSP 的年成長也得益於寬頻（尤其是 DSL）的強勁貢獻。

With this strong growth, DSP is now about 35 percent of TI's semiconductor revenue for the first three quarters of the year.

隨著這種強勁的成長，DSP 目前約佔 TI 今年前三季半導體營收的 35%。

Analog revenue grew 7 percent sequentially and 6 percent from the year ago quarter.

模擬收入季增 7%，季增 6%。

In both comparisons, high-performance analog was the major contributor to growth.

在這兩次比較中，高性能模擬是成長的主要貢獻者。

Broadband and storage products also were strong contributors to analog growth in both comparisons.

在這兩項比較中，寬頻和儲存產品也是模擬成長的重要貢獻者。

For the first three quarters of 2003, analog revenue was about 40 percent of total semiconductor revenue.

2003 年前三個季度，模擬收入約佔半導體總收入的 40%。

Other semiconductor revenue was about even on a sequential basis, as growth in microcontrollers, DLP, and standard logic products was offset by the remaining areas that were flat or down in the quarter.

其他半導體收入環比持平，因為微控制器、DLP 和標準邏輯產品的成長被本季持平或下降的其餘領域所抵消。

Compared with the year ago quarter, other semiconductor product revenue was up 8 percent, with double-digit gains in DLP, standard logic, and royalties more than offsetting a decline in microcontrollers and a slight decline in RISC microprocessors.

與去年同期相比，其他半導體產品收入成長了 8%，其中 DLP、標準邏輯和特許權使用費的兩位數成長足以抵消微控制器的下降和 RISC 微處理器的小幅下降。

From an end equipment perspective, revenue from shipments into the wireless market grew 22 percent on a sequential basis, and grew 30 percent from the year ago quarter.

從終端設備的角度來看，無線市場出貨量較上季成長 22%，較去年同期成長 30%。

Growth was driven both by 2.5 G modem revenue, as well as OMAP application processors that are used in 2.5 and 3G Smartphones and PDAs.

成長的推動因素包括 2.5 G 數據機收入以及 2.5 和 3G 智慧型手機和 PDA 中使用的 OMAP 應用處理器。

As we have been expecting, the 2.5 G modem growth that has been a significant driver of TI's wireless growth over the past year and a half or so, is now being supplemented by other TI content growth in the handset.

正如我們所預期的那樣，2.5 G 調變解調器的成長在過去一年半左右的時間裡一直是TI 無線成長的重要推動力，現在手機中其他TI 內容的成長也對2.5 G 調變解調器的成長起到了補充作用。

Specifically, OMAP processors represented almost half of our wireless revenue growth from the year ago quarter.

具體來說，OMAP 處理器幾乎占我們上一季無線收入成長的一半。

We're very pleased with the momentum the OMAP platform has in the market today.

我們對 OMAP 平台在當今市場上的發展勢頭感到非常滿意。

In the first three quarters wireless revenue was about 30 percent of TI's total semiconductor revenue.

前三個季度，無線收入約佔 TI 半導體總收入的 30%。

Broadband revenue grew 11 percent sequentially driven by strong demand for wireless LAN, especially TI's MultiMode solutions that supports the 802.11 A, B, G standards.

由於對無線 LAN 的強勁需求，尤其是支援 802.11 A、B、G 標準的 TI 多模解決方案，寬頻營收季增了 11%。

Broadband revenue was up 74 percent from the year ago period, with growth particularly strong in wireless LAN and DSL products.

寬頻營收比去年同期成長了 74%，其中無線 LAN 和 DSL 產品的成長尤其強勁。

We are currently shipping wireless LAN products to 30 manufacturers.

目前我們正在向 30 家製造商提供無線 LAN 產品。

Our acquisition of Radia in the quarter provides us with a strong RF capability for wireless LANs.

本季我們收購了 Radia，為我們提供了強大的無線 LAN 射頻能力。

This RF solution is currently integrated into TI's MultiMode Solutions, and will be an increasing factor in our revenue in the near future.

該 RF 解決方案目前已整合到 TI 的多模解決方案中，並且在不久的將來將成為我們收入的一個成長因素。

For the first three quarters of 2003, broadband revenue was about 5 percent of total semiconductor revenue.

2003 年前三個季度，寬頻收入約佔半導體總收入的 5%。

Finally, the combination of catalog DSP and high-performance analog revenue grew 9 percent sequentially and 17 percent from the year ago quarter.

最後，目錄 DSP 和高效能模擬收入結合，季增 9%，季增 17%。

In both comparisons high-performance analog lead with double-digit growth.

在這兩項比較中，高效能模擬均以兩位數的成長領先。

Although the high-performance analog growth was broad-based, power management products for portable electronics were the most significant drivers sequentially and from the year ago quarter.

儘管高效能類比成長基礎廣泛，但便攜式電子產品的電源管理產品是連續和去年同期最重要的驅動因素。

Sequential growth was also strong in high-performance analog products for consumer digital audio video applications where the Burbrown brand continues to represent Best-in-class performance.

用於消費數位音訊視訊應用的高效能類比產品的連續成長也很強勁，其中 Burbrown 品牌繼續代表著一流的性能。

High-performance analog is an area where we have invested significantly over the past several years to establish a world-class design team, and to complement this capability with optimized process technologies that will enable highly differentiated high-performance analog products.

高性能模擬是我們在過去幾年中大力投資的一個領域，旨在建立世界一流的設計團隊，並透過優化的製程技術補充此能力，從而實現高度差異化的高性能模擬產品。

Our performance here, both in terms of strong revenue growth, as well as profitability, encourages us that the strategy is working.

我們在這裡的表現，無論是強勁的收入成長還是獲利能力，都讓我們相信該策略正在發揮作用。

At this point, I will ask Kevin to review profitability and our outlook.

此時，我將請凱文回顧獲利能力和我們的前景。

Thanks, Ron and good afternoon everyone.

謝謝羅恩，大家下午好。

TI's third quarter gross profit was 1.03 billion, or 40.7 percent of revenue.

TI第三季毛利為10.3億美元，佔營收的40.7%。

Gross margin was up 3.2 percentage points compared with the second quarter.

毛利率較第二季上升3.2個百分點。

Gross profit included restructuring charges of $48 million, or 1.9 percent of revenue in the quarter.

毛利包括 4,800 萬美元的重組費用，佔該季度收入的 1.9%。

Semiconductor gross profit grew by $156 million to 899 million, or 42.4 percent of revenue.

半導體毛利成長 1.56 億美元，達到 8.99 億美元，佔營收的 42.4%。

The sequential increase of 3.8 percentage points reflex solid fall through of higher revenue to gross profit due to increased utilization of fixed costs manufacturing assets.

環比成長 3.8 個百分點，反映出由於固定成本製造資產利用率增加而導致收入與毛利的大幅下降。

Gross profit margin in sensors and controls was 37 percent, and 58.1 percent in E&PS.

感測器和控制裝置的毛利率為 37%，E&PS 的毛利率為 58.1%。

Total third quarter operating expenses of $781 million in the third quarter, while up $29 million from the second quarter, mostly reflecting the $23 million non tax-deductible in-process R&D charge associated with the Radia acquisition.

第三季營運支出總額為 7.81 億美元，較第二季增加 2,900 萬美元，主要反映了與收購 Radia 相關的 2,300 萬美元不可免稅的研發費用。

In addition to Radia, the R&D expense included about $1 million, and SG&A includes about $7 million of restructuring charges.

除 Radia 外，研發費用還包括約 100 萬美元，SG&A 包括約 700 萬美元的重組費用。

We remain focused on keeping operating expenses tightly controlled.

我們仍然專注於嚴格控制營運費用。

SG&A was 12.3 percent of revenue in the quarter.

SG&A 佔本季營收的 12.3%。

This is the lowest level of this metric since the peak revenue quarters of 2000.

這是該指標自 2000 年收入高峰季度以來的最低水準。

R&D expenses have increased over the last few quarters reflecting additional investment in our wireless development team.

過去幾季的研發費用增加，反映出我們對無線開發團隊的額外投資。

This should enable TI to further strengthen our wireless position across all standards, features and functions.

這將使 TI 能夠進一步加強我們在所有標準、功能和功能方面的無線地位。

Combined with our manufacturing technology investments, the R&D investment we have maintained through the downturn is allowing TI to produce products that perform better, consume less power and cost less.

與我們的製造技術投資相結合，我們在經濟低迷時期保持的研發投資使 TI 能夠生產出性能更好、功耗更低、成本更低的產品。

For the third quarter TI's operating profit was 249 million, or 9.8 percent of revenue, doubling from the second quarter level.

第三季度，TI 的營業利潤為 2.49 億美元，佔營收的 9.8%，比第二季翻了一番。

This includes total restructuring and acquisition charges of $79 million, or 3.1 percent of revenue.

其中包括 7,900 萬美元的重組和收購費用總額，佔營收的 3.1%。

Semiconductor operating profit more than doubled sequentially resulting in a 6 percentage point expansion in operating margin to 12.5 (technical difficulty) sensors and controls' operating margin was 24 percent.

半導體營業利潤比上一季成長了一倍以上，營業利潤率擴大了 6 個百分點，達到 12.5（技術難度），感測器和控制器的營業利潤率為 24%。

E&PS' operating margin of 41.2 percent was an all-time record for that business.

E&PS 41.2% 的營業利潤率創下了該業務的歷史記錄。

For TI, other income and expense, including interest income, investment gains or losses, and other items produced income of 143 million in the quarter.

對於 TI 來說，包括利息收入、投資收益或損失以及其他項目在內的其他收入和支出在本季度產生了 1.43 億美元的收入。

This included a $106 million gain from our sale of Micron stock in the quarter.

其中包括本季出售美光股票所獲得的 1.06 億美元收益。

Interest expense paid on loans was $8 million in the quarter, down 2 million from the prior quarter due to the Company's lower debt level.

由於公司債務水平較低，本季支付的貸款利息支出為 800 萬美元，比上一季減少 200 萬美元。

The Company's effective tax rate increased to 26 percent in the third quarter, exclusive of the tax impact resulting from the recognition of the previously reserved $162 million tax benefit associated with the Micron stock transaction.

第三季度，該公司的有效稅率增至 26%，不包括因承認先前保留的與美光股票交易相關的 1.62 億美元稅收優惠而產生的稅收影響。

The effective tax rate was higher than previously expected due to a revision in the Company's expected tax rate for the year, and the resulting cumulative catch-up tax expense of $6 million.

由於公司今年預期稅率的調整，以及由此產生的累計追繳稅費為 600 萬美元，實際稅率高於先前的預期。

Net income grew to $447 million or 25 cents per share.

淨利潤增至 4.47 億美元，即每股 25 美分。

The Micron transaction includes the recognition of the previously reserved tax benefit of $162 million associated with TI's impairment write-down of Micron stock in the fourth quarter of 2002.

美光交易包括確認先前保留的 1.62 億美元稅收優惠，該稅收優惠與 TI 2002 年第四季美光股票減損減損相關。

The quarter's results included $26 million of pretax amortization of acquisition related costs.

該季度的業績包括 2,600 萬美元的收購相關成本稅前攤銷。

A total cash of 4,538,000,000 was up about 355 million from the prior quarter, and 894 million from the year ago quarter.

現金總額為45.38億，較上一季增加約3.55億，比去年同期增加8.94億。

Cash flow from operations increased to 510 million from 378 million in the prior quarter reflecting the higher net income level.

營運現金流從上一季的 3.78 億增至 5.10 億，反映出更高的淨利潤水準。

Capital expenditures of 233 million in the quarter were up from 162 million in the second quarter.

本季資本支出為 2.33 億美元，高於第二季的 1.62 億美元。

We also used 128 million of net cash to acquire Radia, and made a contribution of 137 million to fund our U.S. pension plan in the quarter.

我們也使用 1.28 億淨現金收購 Radia，並在本季為我們的美國退休金計畫出資 1.37 億美元。

Accounts Receivable increased sequentially by $82 million due to higher revenue.

由於收入增加，應收帳款環比增加了 8,200 萬美元。

Day sales outstanding declined to 54 days at the end of the third quarter to 55 days at the end of the second quarter. (technical difficulty) decreased to 995 million due to higher seasonal shipments of E&PS products in the quarter.

待售天數從第三季末的 54 天下降到第二季末的 55 天。由於本季 E&PS 產品季節性出貨量增加，（技術難度）下降至 9.95 億。

Days of inventory declined to 60 days at the end of the third quarter compared with 62 days at the end of the second quarter.

庫存天數從第二季末的 62 天下降至第三季末的 60 天。

TI's orders in the third quarter were 2,662,000,000, (technical difficulty).

TI第三季訂單量為26.62億，（技術難度）。

Semiconductor orders were 2,295,000,000, up 21 percent sequentially.

半導體訂單數量為 22.95 億，比上一季成長 21%。

Semiconductor's book to bill ratio was 1.08, up from .99 in the second quarter.

半導體公司的訂單出貨比為 1.08，高於第二季的 0.99。

Turning to our expectations for the fourth quarter, we currently expect TI revenue to be in the range of 2,490,000,000 to 2 billion 700.

談到我們對第四季的預期，我們目前預計TI營收在24.9億至20億700之間。

Semiconductor revenue should be in the range of 2,185,000,000 to 2,365,000,000.

半導體收入應在2,185,000,000至2,365,000,000之間。

Sensors and controls in the range of 235 to 255 million, and E&PS in the range of 70 to 80 million.

感測器和控制裝置在 235 至 2.55 億個範圍內，E&PS 在 70 至 8000 萬個範圍內。

Remember, that it is normal for the E&PS revenue to decline in the fourth quarter reflecting the end of the back-to-school season for graphing calculator sales.

請記住，第四季度 E&PS 收入下降是正常現象，反映出圖形計算器銷售返校季節的結束。

Earnings per share are expected to be in the range of 14 to 19 cents.

每股收益預計在14至19美分之間。

Restructuring charges in the fourth quarter are expected to be about $15 million.

第四季的重組費用預計約為 1500 萬美元。

We expect restructuring charges from the previously announced actions to continue into 2004 at about 10 million per quarter.

我們預計先前宣布的重組費用將持續到 2004 年，每季約為 1,000 萬美元。

The effective tax rate for 2003 has increased to 24 percent from our previous expectation of 22 percent, exclusive of the previously reserved tax benefit associated with the Micron stock transaction.

2003 年的有效稅率已從我們先前預期的 22% 提高到 24%，其中不包括先前保留的與美光股票交易相關的稅收優惠。

For the year 2003 and we have increased our R&D expectation to 1.75 billion, primarily to reflect the impact of the Radia acquisition.

對於 2003 年，我們將研發預期提高到 17.5 億美元，主要是為了反映收購 Radia 的影響。

We continue to expect capital expenditures to be about 800 million and depreciation to be about 1.4 billion for the year.

我們繼續預期全年資本支出約8億，折舊約14億。

In summary we are encouraged by the good momentum in semiconductor growth and profitability in the third quarter, and expect this momentum to carry forward into the fourth quarter.

總而言之，我們對第三季半導體成長和獲利的良好勢頭感到鼓舞，並預計這種勢頭將延續到第四季度。

We're also encouraged with the breadth of the revenue growth.

我們也對營收成長的幅度感到鼓舞。

Wireless growth is now resulting from multiple drivers of higher content for TI handsets.

目前，無線業務的成長得益於 TI 手機更高內容的多種驅動因素​​。

We're also seeing strong growth in areas that we believe will be strategically important to our future, including broadband, digital consumer electronics, and high-performance analog.

我們也看到，我們認為對我們的未來具有重要戰略意義的領域出現了強勁成長，包括寬頻、數位消費性電子產品和高效能類比。

Finally, we are pleased that profitability is demonstrating the fall through that will be expected due to higher utilization of TI's fixed cost manufacturing assets.

最後，我們很高興的是，由於 TI 固定成本製造資產的使用率提高，獲利能力出現了預期的下降。

With that, let me turn it back to Ron.

說到這裡，讓我把話題轉回給羅恩。

Thanks, Kevin.

謝謝，凱文。

And then finally I will ask the operator to open the lines up for your questions.

最後我會請接線生為您解答問題。

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

為了給盡可能多的人提問的機會，請限制自己只回答一個問題。

After our response we will provide you an opportunity for an additional follow-up.

在我們回覆後，我們將為您提供額外跟進的機會。

Operator?

操作員？

(OPERATOR INSTRUCTIONS) Adam Parker of Sanford Bernstein.

（操作員說明）Sanford Bernstein 的 Adam Parker。

Ron, could you help a little bit with understanding the semiconductor inventory.

羅恩，你能幫我們了解半導體庫存嗎？

Your inventory I think was up in Q1 and Q2.

我認為你們的庫存在第一季和第二季度有所增加。

You mentioned that it is going to be higher here due to shorter lead times and good growth for Q4.

您提到，由於交貨時間較短和第四季度的良好增長，這裡的價格將會更高。

Is this a permanent phenomenon because of more high-performance analog in the mix, or can you help with how we should view inventory at the end of this quarter?

這是由於混合中出現了更多高性能模擬而導致的永久性現象嗎？或者您能否幫助我們了解本季末的庫存情況？

Let me start at total TI inventory, it was down compared to the last quarter.

讓我從 TI 總庫存開始，與上季相比有所下降。

But in spite of that, most of the reason for the decline was the E&PS shipments during the quarter.

但儘管如此，下降的主要原因是本季的 E&PS 出貨量。

So semiconductor inventory, even though we don't break it out specifically, was up.

因此，儘管我們沒有具體細分，但半導體庫存還是上升了。

Part of it is what you are addressing, which is the concept that we have talked about for some time now, of trying to maintain a little higher inventory level to be able to support shorter lead times, and be able to respond to market demands, such as we saw in the third quarter.

部分原因是您正在解決的問題，這是我們已經討論了一段時間的概念，即嘗試保持較高的庫存水平，以便能夠支持更短的交貨時間，並能夠響應市場需求，就像我們在第三季看到的那樣。

Where, again as we were getting five requests from customers, we were in a position with inventory to be able to respond to that request.

當我們再次收到客戶的五個請求時，我們的庫存能夠滿足該請求。

But then probably the biggest factor, Adam, has more to do with just our expectations for semiconductor growth in the fourth quarter.

但亞當可能是最大的因素，更多地與我們對第四季半導體成長的預期有關。

And that means we are ending the third quarter with a higher level of work in process to support those fourth quarter shipments.

這意味著我們將在第三季結束時以更高水準的在製品來支持第四季的出貨量。

Alright.

好吧。

Just a follow-up on this then.

那麼只是對此的後續行動。

On the inventory side -- this is from a totally different angle.

在庫存方面——這是從完全不同的角度來看的。

One is, did your distributors sell the same amount that you shipped to them during the quarter?

一是，您的經銷商在本季的銷售量是否與您向他們出貨的量相同？

Or was there a difference between what you shipped and what the sold?

或者你發貨的東西和售出的東西有區別嗎？

Actually, resales were significantly higher than what our shipments were into the distributors.

事實上，轉售量明顯高於我們向經銷商出貨的量。

So distributor inventory declined with that high demand.

因此，經銷商庫存隨著需求的高漲而下降。

And in fact, we would describe the inventory levels in distributors probably a little below where we think they're targeting right now.

事實上，我們所描述的經銷商的庫存水準可能略低於我們認為他們目前的目標水準。

In these inventory level because of this concept of higher inventory, shorter lead times, does this mean you have a higher percentage as of turns business that corresponds to that?

在這些庫存水準中，由於庫存較高、交貨時間較短的概念，這是否意味著您擁有與此相對應的較高百分比的周轉業務？

Exactly.

確切地。

Turns when up, I would describe it as a few points third quarter compared to second quarter.

當輪到時，我將其描述為與第二季相比第三季的幾分。

John Lau , Banc of America Securities.

John Lau，美國銀行證券公司。

Regarding the broadband business I was wondering if you can give us a more color on what is happening in the wireless LAN market?

關於寬頻業務，我想知道您是否能給我們更多關於無線區域網路市場正在發生的事情的資訊？

Specifically you had been a very, very large player in the 802.11 B. I was wondering if you can give us some comments and that migration to G, and ultimately where is the position for A?

具體來說，您是802.11 B中非常非常大的參與者。我想知道您是否可以給我們一些評論，以及遷移到G，最終A的位置在哪裡？

Okay.

好的。

We have a solution -- we have been traditionally a big player in B, and we remain a big player in B. That is still a significant part of our revenue.

我們有一個解決方案——我們傳統上一直是 B 領域的重要參與者，而且我們仍然是 B 領域的重要參與者。這仍然是我們收入的重要組成部分。

I think what we were trying to describe is that in the sequential comparisons, probably the biggest factor in our growth was for our multi-mode solution.

我認為我們試圖描述的是，在順序比較中，我們成長的最大因素可能是我們的多模式解決方案。

And our multi-mode solution supports A, B and G, with really the difference between whether it is a G solution or an A solution -- the difference of the radio, the baseband function, the baseband chip the same in both products.

我們的多模解決方案支援A、B和G，無論是G解決方案或A解決方案之間的差異在於，兩種產品的無線電、基頻功能、基頻晶片都是相同的。

And the multi-mode would be a B/B, or an A/B/G would be the same chip with just kind of radio you would put in front of it?

多模式將是 B/B，或者 A/B/G 將是相同的晶片，只是您將其放在它前面？

Exactly.

確切地。

Okay, so it is really a don't care in your eyes because the user can either put the A/B/G or the B/G, just depending on which one they turn on?

好吧，所以這在你看來確實是一個不在乎，因為用戶可以放置 A/B/G 或 B/G，只取決於他們打開哪一個？

Exactly.

確切地。

We do anticipate that the market will transition to G pretty aggressively.

我們確實預計市場將非常積極地過渡到 G。

And we are seeing that transition in terms of higher level demand for our new product.

我們看到了對新產品更高水準需求的轉變。

And our new product, I guess I would say, it is in the comparison it is interesting to note, we just introduced that product and started shipping volume in June.

我們的新產品，我想我會說，在比較中值得注意的是，我們剛剛推出了該產品並在六月開始出貨。

And again, it is already the biggest factor in our wireless LAN growth.

再說一次，它已經成為我們無線區域網路成長的最大因素。

Michael Masdea, Credit Suisse First Boston.

麥可‧馬斯迪亞 (Michael Masdea)，瑞士信貸第一波士頓公司。

Congratulations on the quarter.

恭喜本季。

Come we get an update of where we stand on the penetration?

我們來了解一下我們在滲透率方面的最新情況嗎？

Or maybe the way to look at it is mix of 2.5 G versus 2 G, basebands, and where we are right now on 3 G as a percentage of your unit volumes?

或者也許可以透過 2.5 G 與 2 G、基帶的混合來看待它，以及我們現在 3 G 佔你們單位體積的百分比？

2.5 G - certainly one of the things we tried to emphasize this time is that the growth in wireless is continuing to come from 2.5 G., but we're also seeing some new growth factors, such as OMAP applications processors.

2.5 G——當然，我們這次試圖強調的事情之一是無線領域的成長繼續來自 2.5 G，但我們也看到了一些新的成長因素，例如 OMAP 應用處理器。

And when we say 2.5 G., let me be specific.

當我們說到 2.5 G 時，讓我具體說一下。

We're really talking about the communication side of the phone, the 2.5 G modem.

我們真正談論的是手機的通訊部分，即 2.5 G 調變解調器。

That as a percentage of our total wireless revenue remains about 60 percent.

這占我們無線總收入的百分比仍然約為 60%。

But again, as it has this countervailing force of a fast-growing OMAP business that is not inside that 2.5 G number.

但同樣，因為它具有快速成長的 OMAP 業務的抗衡力量，而該業務並不在 2.5 G 數字之內。

So probably the way to look at it is as 2.5 G revenue grew, OMAP revenue grew both on a unit basis, as well as both of those are increased contributors to TI's average content per phone.

因此，看待這個問題的方式可能是，隨著 2.5 G 收入的增長，OMAP 收入的單位數量也隨之增長，而且這兩者對 TI 每部手機平均內容的貢獻也不斷增加。

May be a quick follow-up on the OMAP side.

可能是 OMAP 的快速跟進。

What percentage of phones do you guys think out there have OMAP, or some sort of application processor in them?

你們認為市面上有多少比例的手機配備了 OMAP 或某種應用程式處理器？

And how does that ASP compare to your baseband and ASP?

該 ASP 與您的基帶和 ASP 相比如何？

I don't know what percentage of handsets in the market use applications processors or OMAP.

我不知道市場上有多少比例的手機使用應用程式處理器或 OMAP。

It would still be a pretty small percentage of the total.

它仍然只佔總數的很小一部分。

The ASP of OMAP is very attractive.

OMAP的ASP非常有吸引力。

It would range anywhere, a low end from $5 to significantly higher than that by several times.

價格範圍不等，低至 5 美元，高出數倍。

But we're not going to be specific on our ASP or ASP transfer OMAP.

但我們不會具體說明 ASP 或 ASP 傳輸 OMAP。

John Barton, Wachovia Securities.

約翰巴頓，美聯證券。

Congratulations on a nice quarter.

恭喜您度過了一個美好的季度。

Ron, I wonder if you can comment on the progress on CDMA and the design win front?

Ron，不知您能否評論一下 CDMA 的進展以及設計勝利方面的情況？

Obviously Nokia has been doing well in the marketplace per their reports, and you can take advantage of that.

顯然，根據他們的報告，諾基亞在市場上表現良好，您可以利用這一點。

But any conments you can make there, as well as in the ODM marketplace?

但是您可以在那裡以及 ODM 市場中提出什麼意見嗎？

I guess I would describe on CDMA that we are -- the chipset products that we talked about, the 1X, we have samples available today.

我想我會在 CDMA 上描述我們——我們談到的晶片組產品 1X，我們今天有可用的樣品。

We are in active discussions with many different players.

我們正在與許多不同的參與者進行積極的討論。

And we feel the results are very promising.

我們認為結果非常有希望。

We don't have any design wins or engagements to talk about here.

我們沒有任何設計勝利或約定可以在這裡談論。

And John, I really wouldn't set the expectations that you'll hear too many design engagements being announced in the near-term, because most of those players that we're talking to are currently buying CDMA chipsets from another player, and they are not necessarily interested in promoting the TI business in the near-term.

約翰，我真的不會期望你會在短期內聽到太多的設計合作，因為我們正在交談的大多數玩家目前都在從其他玩家那裡購買 CDMA 晶片組，而且他們短期內不一定有興趣推廣TI 業務。

So you'll probably hear more about those products as phones rollout into production, or about those wins.

因此，隨著手機投入生產，您可能會聽到更多有關這些產品或這些勝利的資訊。

And frankly, that is probably -- if we are sampling now, typically it is going to be nine months to a year before phones actually move into production.

坦白說，如果我們現在進行採樣，通常需要九個月到一年的時間手機才能真正投入生產。

I would say sometime in the second half of '04.

我想說是 04 年下半年的某個時候。

Just a follow-up on the design win front.

只是設計獲勝方面的後續行動。

Obviously having tremendous success with OMAP.

顯然 OMAP 取得了巨大的成功。

Who do you see out there as the biggest competitor?

您認為誰是最大的競爭對手？

And when you're losing to them, on what grounds are you typically losing?

當你輸給他們時，通常是因為什麼原因輸的？

Probably our most most significant competitor with respect to applications processors would be Intel with Xscale .

在應用處理器方面，我們最重要的競爭對手可能是擁有 Xscale 的英特爾。

And I would say where Xscale has had the most success is on the PDA front as opposed to the handset front.

我想說的是，Xscale 最大成功的領域是 PDA 領域，而不是手機領域。

So I don't think we have a lot of experience of losing to Xscale yet in the traditional wireless handsets space.

因此，我認為我們在傳統無線手機領域還沒有輸給 Xscale 的經驗。

An example would be over in Japan where they're deploying 3 G phones as part of Delkomo Deforma phones, I believe, almost every one of those phones are based upon OMAP.

一個例子是在日本，他們正在部署 3G 手機作為 Delkomo Deforma 手機的一部分，我相信，幾乎每一部手機都是基於 OMAP 的。

And those phones have to be the most capable multimedia phones that are on the market today.

這些手機必須是當今市場上功能最強大的多媒體手機。

And again, I think all of them are based on OMAP at this point.

再說一次，我認為目前所有這些都是基於 OMAP 的。

James Jungjoham, CIBC World Markets.

James Jungjoham，CIBC 世界市場部。

Hi, Ron.

嗨，羅恩。

A quick question on high-performance analog.

關於高性能模擬的一個簡單問題。

Can you just characterize where some of this growth -- obviously it was a contributor to bottom line -- but just new products, old products, general market growth, and kind of what maybe what that might look like in the backlog number, because he did indicate indicate that was better than corporate semi backlog?

你能否描述一下這種增長的一些特徵——顯然它是對利潤的貢獻者——但只是新產品、舊產品、總體市場增長，以及積壓訂單數量中可能的樣子，因為他是否表明這比企業半積壓好？

This is Kevin.

這是凱文.

I will go ahead and answer that one.

我將繼續回答這個問題。

Ron wants to take a sip a water here, I think.

我想榮恩想在這裡喝一口水。

High-performance analog is seeing growth.

高性能模擬正在成長。

Actually the growth of the portfolio is -- the portable power area is where we're seeing the most demand last quarter and this quarter.

實際上，該產品組合的成長是——便攜式電源領域是我們上季度和本季需求最大的領域。

Portable power being for Delta PCs, PDAs and in the context of portable applications.

便攜式電源適用於 Delta PC、PDA 和便攜式應用。

We're also seeing very strong demand in applications that go into digital audio and digital video on the consumer front.

我們也看到消費者對數位音訊和數位視訊應用的需求非常強勁。

More than 40 percent of the revenue coming through HPA, or high-performance analog today, is from products that we released in the last three years.

如今，超過 40% 的收入來自 HPA（即高效能模擬），來自我們過去三年發布的產品。

So we would characterize the success of those new products to being very strong.

因此，我們將這些新產品的成功描述為非常強大。

And I am very optimistic about what that would mean for us with that business moving forward.

我對這對我們業務的發展意味著什麼感到非常樂觀。

Kind of a similar question.

有點類似的問題。

On the fab side, is analog utilization still lower than Advanced Logic?

在晶圓廠方面，類比利用率仍然低於高階邏輯嗎？

And then if you could, I don't think you provided on the mid quarter, but kind of just general utilization number overall?

然後，如果可以的話，我認為您沒有在季度中期提供，但只是整體的一般利用率數據？

Yes, Jim, analog capacity is still -- has a higher availability than our Advanced Logic does right now.

是的，吉姆，模擬能力仍然比我們現在的高級邏輯具有更高的可用性。

Our overall utilization is higher, I think, than it was last quarter.

我認為我們的整體利用率高於上季。

We are probably in the low 80s right now.

我們現在可能正處於 80 年代。

Jim, let me just say, we have run first-half probably in the mid '70s.

吉姆，我只想說，我們的上半場大概是在 70 年代中期。

You're probably going to see us be less precise on that utilization number as we go forward.

隨著我們的進展，您可能會發現我們的使用率數字不再那麼精確。

And the other thing I would say is that, as have already observed, that is a blended number.

我要說的另一件事是，正如已經觀察到的那樣，這是一個混合數字。

So there is a pretty wide variance in terms of, for example, Kevin just said analog is below that number, and certainly the advanced logic is above that number.

因此，存在相當大的差異，例如，凱文剛剛說模擬低於該數字，當然高級邏輯高於該數字。

But for competitive reasons we plan on being less precise about the utilization as we move ahead.

但出於競爭原因，我們計劃在前進過程中降低利用率的精確度。

Can we assume that on DMOD 6 that you'll see maybe a little more aggressive ramp on the 90 nanometer now that business has improved?

我們是否可以假設，既然業務有所改善，您會在 DMOD 6 上看到 90 奈米技術的發展更加積極？

Well, the 90 nanometer will be sampling late this year.

90 奈米將於今年稍後提供樣品。

But we won't be ramping to volume until 2004.

但我們要到 2004 年才會增加產量。

But in terms of the plans?

但就計劃而言？

We will continue on a plan that we have been talking about.

我們將繼續執行我們一直在討論的計劃。

That is to sample later this year and move into volume production in 2003.

預計今年稍後提供樣品，並於 2003 年投入量產。

So nothing is being expedited just because of the stronger business environment?

那麼，僅僅因為商業環境更加強勁，就不會加快任何事情的進展嗎？

(technical difficulty).

（技術難度）。

Cody Acree, Legg Mason.

科迪·阿克里，萊格·梅森。

My congratulations.

我的祝賀。

Can you talk about -- going back to maybe your utilization rates -- can you talk about the gross margin impact a little longer term?

你能談談——也許回到你的利用率——你能談談對毛利率的更長期的影響嗎？

It looks like Capex -- you are not planning any dramatic changes in '04.

看起來像是資本支出——您沒有計劃在 04 年進行任何重大變化。

Can you talk about maybe leverage as you go through, what we can look to gross margins as we get past this normal seasonality?

您能否談談槓桿作用，當我們度過這個正常的季節性時，我們可以期待毛利率？

We actually experienced in third quarter the kind of utilization level for our external and foundry source wafers that we had been anticipating at this point in the technology curve for our advanced photographies .

實際上，我們在第三季度經歷了外部和代工源晶圓的利用率水平，這正是我們在先進攝影技術曲線的這一點上所預期的。

So with that in mind, that would indicate that our fall throughs would be at a somewhat similar level going forward.

因此，考慮到這一點，這表明我們的跌倒率將處於類似的水平。

We talked a little bit about the mix of the drivers here.

我們在這裡討論了一些驅動程式的組合。

Obviously we're seeing a lot of seasonality, but maybe you can just give anecdotal opinions on what are the drivers here?

顯然，我們看到了很多季節性因素，但也許您可以就這裡的驅動因素提供一些軼事意見？

Do you believe it is just a seasonal uptick here, or do you think some indications of kind of underlying economic improvements as well?

您認為這只是季節性上升，還是認為也有一些潛在經濟改善的跡象？

I think what we're seeing is well beyond what we would observe as normal seasonality for our business.

我認為我們所看到的情況遠遠超出了我們業務的正常季節性。

Frankly, there are a lot of potential factors there, certainly in the wireless phase, just even recovery from inventory liquidation that was taking place last quarter.

坦白說，那裡有很多潛在因素，當然是在無線階段，甚至是上季度庫存清理的恢復。

Another consideration would just be a lot of new products, especially in the wireless space that use TI's DSP solutions and our home app processors that will be introduced for this upcoming holiday season.

另一個考慮因素是大量新產品，特別是在無線領域，它們使用 TI 的 DSP 解決方案和我們的家庭應用處理器，這些產品將在即將到來的假期季節推出。

And then certainly there is just more secular trends of the recovery that is underway.

當然，更長期的復甦趨勢也正在進行中。

But as to how to weigh those various factors, we don't really have a way to do that, other than to other than to acknowledge they probably all play a role to varying degrees.

但至於如何權衡這些不同的因素，我們確實沒有辦法做到這一點，除了承認它們可能都在不同程度上發揮作用之外。

Christopher Danely, J.P. Morgan.

克里斯多福‧丹尼利，摩根大通。

Congratulations to both Bill and Kevin.

祝賀比爾和凱文。

Can you just talk a little bit about what you're seeing out there as far as pricing goes in the commodity products?

您能否簡單談談您所看到的商品定價情況？

And what sort of effect you think that is going to have on gross margins going forward?

您認為這會對未來的毛利率產生什麼樣的影響？

Is any price stability or increases being added into the guidance?

指導意見中是否增加了價格穩定或上漲的內容？

From a pricing standpoint, Chris, we're seeing the standard logic is beginning to stabilize consistent with what we indicated during our mid quarter update, as is the commodity display driver market.

從定價的角度來看，克里斯，我們看到標準邏輯開始穩定，與我們在季度中期更新中表示的一致，商品顯示驅動器市場也是如此。

The standard continues to be under some price pressure, although not quite as stiff as what we were seeing over the last few quarters.

該標準仍然面臨一定的價格壓力，儘管不像過去幾季我們看到的那麼嚴格。

As to the rest of our products, we're just seeing the normal kind of price movements on those that we typically experienced.

至於我們的其他產品，我們只是看到了我們通常經歷的正常價格變動。

You'll recall that most of those other products are pretty much a custom nature, so they aren't subject to the same kind of pricing pressures that we see in the commodity spaces.

您會記得，大多數其他產品幾乎都是客製化性質的，因此它們不會受到我們在商品領域看到的相同類型的定價壓力。

Can you add a little bit on the (technical difficulty)?

能補充一點（技術難度）嗎？

Right now we're still seeing our lead times being a pretty short, a couple of weeks on the commodity products, probably in the first weeks on most of our high-performance analog and other catalog type products, and slightly longer on some of the custom products.

目前，我們仍然發現我們的交貨時間非常短，對於商品產品來說只有幾週，對於我們的大多數高性能模擬和其他目錄類型產品來說可能是在頭幾週，而對於某些產品來說則稍長一些。客製化產品。

But generally speaking, we're able to service all the lead times.

但一般來說，我們能夠在所有交貨時間內提供服務。

There's a couple of small pockets that we have seen where lead times are getting a little bit pressured, But we're building inventory and starting wafers in such a fashion to try and relieve any of those pressure points.

我們發現有幾個小領域的交貨時間受到了一些壓力，但我們正在以這種方式建立庫存並開始生產晶圓，以嘗試緩解這些壓力點。

Manish Goel of Newburger.

紐堡的曼尼什·戈爾。

The question is on semiconductor profitability.

問題在於半導體的獲利能力。

You said that the incremental margins are likely to be in the 70 percent range.

您說增量利潤可能在 70% 的範圍內。

What revenue level do you expect the margins to stay in that kind of a range?

您預計利潤率將維持在該範圍內的收入水準為何？

Manish, I think what I said was that we would probably see pretty good follow throughs, similar to what we have seen this past quarter going forward.

Manish，我認為我所說的是我們可能會看到相當好的後續效果，類似於我們在上個季度看到的情況。

Obviously, as we begin to fill up our capacity, those incremental follow throughs will begin to alter slightly over time.

顯然，當我們開始填滿我們的能力時，這些增量後續行動將隨著時間的推移開始略有變化。

But we don't see that happening for the foreseeable future.

但我們認為在可預見的未來不會發生這種情況。

So I think for the next few quarters, we are probably still sticking by what we have been describing recently.

因此，我認為在接下來的幾個季度，我們可能仍會堅持我們最近所描述的內容。

And that is, we will have some pretty strong follow throughs on each dollar of revenue.

也就是說，我們對每一美元的收入都會有一些相當強勁的後續行動。

The 70 percent number is really reflective of what we have run over the course of the cycle, kind of as an average level of fall through to the gross profit level.

70% 的數字確實反映了我們在整個週期中的表現，有點像毛利水準下降的平均值。

The other thing I would just observe is that the incremental margin will vary depending upon the specific revenue that we're talking about.

我要觀察的另一件事是，增量利潤將根據我們正在討論的具體收入而變化。

So for example, analog where we have what we have described as lots of open capacity available, we will be able to grow that revenue for some of period of time without making incremental investment in equipment, which means that we will have higher incremental gross margin associated with it.

例如，模擬我們擁有大量可用的開放產能，我們將能夠在一段時間內增加收入，而無需對設備進行增量投資，這意味著我們將擁有更高的增量毛利率與之相關。

Could you provide any outlook for 2004 depreciation and CapEx?

您能否提供 2004 年折舊和資本支出的展望？

We're in the process right now of developing our plans for 2004, and we will be in a better position to comment on those when we release our earnings in early January.

我們現在正在製定 2004 年的計劃，當我們在一月初發布我們的收益時，我們將能夠更好地對這些計劃發表評論。

I would say the one thing that we would observe on depreciation is we think we have -- it is going to continue a trend for a couple of years here of decline.

我想說的是，我們在貶值方面觀察到的一件事是，我們認為，貶值趨勢將持續幾年。

Likely in '04, the decline may not be as much as what we saw this year, which was 200m, but we would expect that trend will continue down.

可能在 04 年，下降幅度可能不會像我們今年看到的那樣，即 2 億，但我們預計這種趨勢將繼續下降。

Daniel Niles of Lehman Brothers.

雷曼兄弟的丹尼爾·尼爾斯。

Kevin, given how much upside we saw in this quarter, with this being your first quarter, we of course expect more in your fourth quarter.

凱文，鑑於我們在本季度看到了巨大的上升空間，這是您的第一季度，我們當然對您的第四季度有更多的期望。

So just remember that.

所以請記住這一點。

Thanks, Dan.

謝謝，丹。

I appreciate that.

我很感激。

I guess a couple of questions for you or Ron.

我想有幾個問題想問你或羅恩。

Just to touch base again, the Micron stock benefit in the current quarter, that is what I think you guys had indicated before.

再次回到基礎，美光科技的股票在本季受益，我想你們之前已經指出過這一點。

What is the net EPS benefit, because you have given us all the pretax numbers?

因為您已經向我們提供了所有稅前數字，所以每股淨收益是多少？

The value of the total Micron transaction, when we characterized that in early July, we estimated to be about 13 cents for the Company for the whole year.

當我們在 7 月初描述時，我們估計該公司全年的美光交易總額約為 13 美分。

And again as you just observed that is 106 million of pretax gain.

正如您剛才所觀察到的，稅前收益為 1.06 億美元。

And then on the cash line there's 162 million of tax benefit that is associated with the reversal of a reserve that we had taken back back when we did the impairment write-down at the end of '02.

然後，在現金額度上，有 1.62 億美元的稅收優惠與我們在 02 年底進行減損減損時收回的準備金的沖減有關。

And then the net of those was 13 cents.

然後淨值是 13 分。

Let me ask a question, I guess.

讓我問一個問題吧，我猜。

In Q4 when you look at the strongest areas for revenue growth, I'm assuming wireless would be growing faster than what you are assuming for your semiconductor business in general.

在第四季度，當您查看收入成長最強勁的領域時，我假設無線業務的成長速度將快於您對半導體業務的整體假設。

I'm guessing that would apply to analog and DSP as well.

我猜這也適用於模擬和 DSP。

Can you touch on that?

你能談談嗎？

And I guess the second part of this, and this may tie into an answer to a prior question, but there was obviously a lot of excess inventory out there in the second quarter when you and everybody else preannounced negatively.

我猜第二部分，這可能與之前問題的答案有關，但當你和其他人預先宣布負面消息時，第二季度顯然存在大量過剩庫存。

Do you think that we still have some more of that to work through?

您認為我們還有更多工作要做嗎？

Or is the comment you made, Ron, where you think inventories are actually kind of on the low side, is that applying to the whole food chain or would just one piece of it?

或者，羅恩，您認為庫存實際上偏低，這適用於整個食物鏈還是僅適用於其中的一小部分？

Is your question on that inventory specific to wireless, Dan?

Dan，您對無線庫存的疑問是特定的嗎？

Yes.

是的。

Let me just -- to the first part of your question about the outlook.

讓我談談你關於前景的問題的第一部分。

Certainly we expect wireless to continue to be a contributor in the fourth quarter, but we're trying not to be specific in terms of our expectations of what areas would grow more or less than the average.

當然，我們預期無線將繼續成為第四季的貢獻者，但我們盡量不具體說明哪些領域的成長將高於或低於平均水準。

But certainly we expect wireless to be a contributor.

但我們當然希望無線技術能做出貢獻。

Dan, on the inventory, I will tell you it is very similar to what we talked about in our July conference call, which at that time you recall we said, we didn't really have direct visibility into our customers' channels.

丹，關於庫存，我會告訴你，這與我們在 7 月的電話會議中討論的內容非常相似，當時你還記得我們說過，我們並沒有真正直接了解客戶的管道。

We didn't have a good perspective on exactly how much excess inventory was there.

我們對到底有多少過剩庫存沒有很好的了解。

But frankly at that time we were uncertain on how much it would weight on our third-quarter wireless growth.

但坦白說，當時我們不確定這會對我們第三季的無線業務成長產生多大影響。

It doesn't feel like it weighed on gross very much, but again, that is just looking at the results.

感覺它對整體的影響並不大，但同樣，這只是看結果。

We don't have direct observation of the inventory levels that are out there, even at this point.

即使在這一點上，我們也沒有直接觀察到庫存水準。

We don't see signs just in terms of the difference side of the questions.

我們不僅僅從問題的不同方面看到跡象。

We don't see signs of excess inventory building beyond what our customers would plan for normal seasonality in terms of expectations for holiday sales.

我們沒有看到庫存過多的跡象，超出了客戶對假日銷售預期的正常季節性計劃。

But as to the China and Asia inventory, we don't know how much, if any, remains out there.

但至於中國和亞洲的庫存，我們不知道還有多少（如果有的話）。

And then maybe the last one.

然後也許是最後一個。

On the OMAP side, how early are we in that growth, Ron?

在 OMAP 方面，我們處於這種成長階段有多早，Ron？

Obviously we have been talking I guess for the last year about the whole transition from 2 G to 2.5 G in the wireless space.

顯然，我想去年我們一直在討論無線領域從 2G 到 2.5G 的整個過渡。

Is there some kind of metrics you can tell us for OMAP?

您可以告訴我們一些 OMAP 指標嗎？

Is this percentage of wireless revenues, or this percentage of cellphones, and we think we'd get to that percentage over some period of time, or some metric that we can kind of get our arms around it a little bit?

這是無線收入的百分比，還是手機的百分比，我們認為我們會在一段時間內達到這個百分比，或者是我們可以稍微掌握的一些指標？

I don't have a specific metric for you.

我沒有給你一個具體的衡量標準。

Certainly from what you heard us describe OMAP has become, and is, a significant part of our wireless growth, and it is certainly a significant part of our wireless revenue.

當然，根據您所聽到的我們的描述，OMAP 已經成為並且仍然是我們無線成長的重要組成部分，而且它肯定是我們無線收入的重要組成部分。

But I don't have a specific metric beyond that for you, Dan.

但我沒有為你提供除此之外的具體指標，丹。

David Wu, Web Bush Morgan Securities.

David Wu，Web Bush 摩根證券。

Ron, could you help me on one thing, which is the cellphone revenue contribution?

羅恩，你能幫我解決一件事嗎，也就是手機收入貢獻？

You said 2.5 G about 60 percent of revenues.

你說2.5G大約佔收入的60%。

What percentage of the units would it represent, and sort get a measure of the -- how long the run rate that we still have for the upgrade business?

它代表了多少單位的百分比，並且可以衡量我們升級業務的運作率還有多長時間？

I don't have a specific unit number for you, as we have not been providing that on a quarterly basis.

我沒有為您提供特定的單位編號，因為我們沒有按季度提供該編號。

What I will say is it is a higher percentage of the revenue than it is of the units.

我要說的是，它佔收入的比例高於單位的比例。

And that just simply reflects the -- comparing apples to apples with 2 G digital baseband, the 2.5 G digital baseband continues to be more than twice the price of a 2 G digital base band.

這只是簡單地反映了 - 與 2G 數位基帶進行比較，2.5G 數位基帶的價格仍然是 2G 數位基帶價格的兩倍以上。

But when you look at total wireless revenue mix and try to look at unit-type trends such as you're asking, it doesn't really makes sense for us to try to provide those numbers, because we have too many different types of products in the mix now between digital baseband and analog components and RF and now, OMAP processors.

但是，當您查看總無線收入組合併嘗試查看您所詢問的單位類型趨勢時，我們嘗試提供這些數字並沒有真正意義，因為我們有太多不同類型的產品現在，數位基帶和類比組件以及RF 和OMAP 處理器之間的混合。

But what I will say is of the digital basebands, it is a higher percentage of revenue than it of the unit.

但我要說的是數位基帶，它佔收入的比例比單位更高。

Can you clarify one thing.

你能澄清一件事嗎？

I heard you say something about going to foundries, because by deduction your operating rates on these advanced logic must be hitting 90 percent or better.

我聽到你說要去代工廠，因為按此推導，你這些先進邏輯的開工率必須達到 90% 或更高。

And I remember you folks have a relationship with TSMC and UMC.

我記得你們與台積電和聯華電子有關係。

How much of those advanced logic at 150 nm are now coming off those two foundries?

現在有多少 150 nm 先進邏輯來自這兩家代工廠？

How much of our 130 nm is coming from those?

我們的 130 nm 有多少來自這些？

It is about 35 percent of our 130 nm wafer starts were done through foundries.

我們大約 35% 的 130 nm 晶圓是透過代工廠完成的。

And that includes TSMC, UMC and SMIC.

其中包括台積電、聯華電子和中芯國際。

That is supposedly -- is that the peak volume?

據推測，這就是峰值音量嗎？

Not necessarily.

不必要。

We would expect that that number would likely move up in the fourth quarter.

我們預計該數字可能會在第四季上升。

Erach Desai, American Technology.

Erach Desai，美國科技。

I don't know if the question has been asked, but I guess I'm curious are there any sub-segments of the semiconductor product line that could be described to be on allocation or getting close to allocation?

我不知道是否有人問過這個問題，但我想我很好奇半導體產品線中是否有任何子部分可以被描述為正在分配或接近分配？

I don't believe we have any product areas that are in that category.

我認為我們沒有任何屬於該類別的產品領域。

So for the most part, as Kevin said, we've had a few areas where the demand was high enough to deplete our inventory and leadtimes moved out, but we wouldn't have any that we would describe as being on allocation.

因此，正如凱文所說，在大多數情況下，我們有一些領域的需求足夠高，足以耗盡我們的庫存，並且交貨時間已經延長，但我們不會有任何我們所描述的正在分配的區域。

And separately, would it be fair to characterize ASPs in wireless and wireless handsets to be more stable over the last quarter than say declines in the past few?

另外，將無線和無線手機的平均售價描述為在上個季度比過去幾季的下降更加穩定是否公平？

I would describe the price trend as like gravitate in wireless -- it moves down but it moves down at a very steady rate and according to certain laws of nature there.

我將價格趨勢描述為就像無線領域的引力一樣——它會下降，但它會以非常穩定的速度下降，並根據那裡的某些自然法則。

And so it will move down.

所以它會向下移動。

The good thing is that generally we know what to expect over a period of time and we're able to engineer the products to be able to get our costs down below that to be able to maintain margins.

好處是，通常我們知道一段時間內會發生什麼，並且我們能夠設計產品，使我們的成本低於能夠維持利潤的水平。

But we don't tend to see wireless pricing be volatile with near-term type of environment.

但我們不認為無線定價會因近期環境而波動。

It's more based upon longer-term commitment that we've made to those customers.

它更多地基於我們對這些客戶所做的長期承諾。

Thomas Thornhill III, UBS Warburg.

桑希爾三世 (Thomas Thornhill III)，瑞銀華寶 (UBS Warburg)。

Rom, can you describe the trends between your chipset business and wireless, your chipset business with your ODM customers versus your baseband business with your primary OEM customers?

Rom，您能描述一下您的晶片組業務和無線業務、您與 ODM 客戶的晶片組業務以及您與主要 OEM 客戶的基頻業務之間的趨勢嗎？

Chipsets, the third quarter growth on a sequential basis was primarily driven by OEM.

晶片組方面，第三季季增主要由 OEM 推動。

The chipsets were flattish sequentially, really reflecting more a decline of 2G in that chipset mix with 2.5 G I believe grew in the quarter.

晶片組連續持平，實際上更多地反映了該晶片組組合中 2G 的下降，而我相信本季度 2.5G 有所增長。

But overall chipsets were flattish.

但整體晶片組表現平淡。

The other thing I would say is that really reflects more one specific ODM and some adjustments that that ODM was making.

我要說的另一件事是，這確實反映了更多特定的 ODM 以及該 ODM 所做的一些調整。

Outside of that ODM chipsets would have grown in the quarter sequentially.

除此之外，ODM 晶片組將在本季連續成長。

One follow up, if I may.

如果可以的話，請跟進一次。

Have you started your annual customer negotiations for your annual contracts?

您是否已開始年度合約的年度客戶談判？

And what are you seeing there in terms of the percent reduction they are looking for?

您認為他們希望減少的百分比是多少？

And if you could contrast that with this year versus last year?

您能否將今年與去年進行對比？

I don't have specific information for you there.

我在那裡沒有具體資訊給你。

I doubt that our annual negotiations are all such that they are timed to go into place on January 1.

我懷疑我們的年度談判是否都定於 1 月 1 日開始。

They are probably more scattered throughout the year.

它們可能全年都比較分散。

But I'm sure customers will all be asking for lower prices, as they usually do.

但我確信顧客都會像往常一樣要求更低的價格。

But I don't have any more specifics than that.

但我沒有更多的細節。

Mark Edelstone, Morgan Stanley.

馬克‧艾德斯通，摩根士丹利。

One question on taxes for 2004.

一個關於2004年稅收的問題。

Do you have an estimate at this point as to what you will be accruing at?

您現在對您將獲得的收益有估計嗎？

As a follow-up, to the comments you made on OMAPs you said that half of the growth year-over-year in wireless came from OMAP.

作為您對 OMAP 的評論的後續內容，您表示無線業務同比增長的一半來自 OMAP。

Do you have a comparable percentage as to what percent of the sequential growth came from OMAP in Q3?

對於第三季 OMAP 環比增長的百分比，您是否有可比較的百分比？

Mark, on the 2004 taxes I think I mentioned earlier we are just now in the early planning stages for 2004 and so we aren't really in a position yet to comment on what those taxes with be.

馬克，關於 2004 年稅收，我想我之前提到過，我們現在正處於 2004 年的早期規劃階段，因此我們還不能真正對這些稅收發表評論。

But clearly, if we continue to see the kind of the growth that we have been experiencing coming through 2003, one would reasonably expect the tax rate would begin to increase as we have higher profitabilities.

但顯然，如果我們繼續看到 2003 年所經歷的成長，人們會合理地預期稅率將開始增加，因為我們的獲利能力更高。

Ron, you want to take the OMAP?

Ron，你想參加 OMAP 考試嗎？

I'm sorry, Mark.

對不起，馬克。

Could you repeat your OMAP question?

您能重複一下您的 OMAP 問題嗎？

You gave some data saying on a year-over-year basis OMAP drove half the growth, and I wonder what that was on a sequential basis.

您提供的一些數據顯示，與去年同期相比，OMAP 推動了一半的成長，我想知道季比是多少。

It would have been a little less than half the growth.

這將略低於增長的一半。

It was more the growth on a year on year basis than it was sequential, but it was still significant but I would described as a little under half of the (multiple speakers) growth.

同比成長比環比成長更多，但仍然很重要，但我將其描述為略低於（多個發言者）的一半。

Mark, the other thing you need to keep in mind is that 2.5G and OMAP don't necessarily equate to 100 percent of the wireless growth because we actually have the 2G portion of our business that's declining.

Mark，您需要記住的另一件事是，2.5G 和 OMAP 不一定等於 100% 的無線成長，因為我們業務中的 2G 部分實際上正在下降。

So there are additional crosscurrents in there.

所以那裡還有額外的橫流。

Joseph Osha, Merrill Lynch.

約瑟夫‧奧沙，美林證券。

Just doing a little bit of back of the envelope math it looks like in the semiconductor business -- assuming, of course, analog is not really screaming yet -- you must be expecting DSP revenues to go by well over 10 percent sequentially.

只要對半導體業務進行一些粗略的計算——當然，假設模擬技術還沒有真正大放異彩——您一定預計 DSP 收入將比上一季增長 10% 以上。

I am wondering if you can comment on that.

我想知道你是否可以對此發表評論。

And I do have a quick follow-up.

我確實有一個快速的跟進。

Again, we are not breaking the expectations for fourth quarter down below the semiconductor segment level that we have already provided.

再次強調，我們對第四季的預期並未低於我們已經提供的半導體細分市場水準。

Would it be fair to say that DSP is probably likely to grow more quickly than analog?

可以公平地說 DSP 的成長可能比模擬更快嗎？

That may happen but we're not (multiple speakers).

這可能會發生，但我們不會（多個發言者）。

I apologize if I missed this.

如果我錯過了這一點，我深表歉意。

Did you guys discuss R&D and SG&A run rates for Q4 and next year?

你們是否討論過第四季和明年的研發和銷售、一般行政費用（SG&A）運作率？

Only to the extent that on the R&D we've increased our expected R&D for the year to 1.75 billion.

只是在研發方面，我們將今年的預期研發投入增加到了 17.5 億美元。

It was previously at 1.7.

之前是1.7。

That's primarily due to the Radia acquisition.

這主要是由於收購 Radia。

SG&A, we didn't comment directly on it.

SG&A，我們沒有直接對此發表評論。

We've given revenue guidance and an EPS guidance.

我們給出了收入指引和每股收益指引。

But I did note that we continue to keep tight cost controls on those operating cost lines and we'll do so going forward.

但我確實注意到，我們將繼續對這些營運成本項目保持嚴格的成本控制，並且我們將繼續這樣做。

For 2004 we haven't gotten far enough along in our planning yet to be able to comment or give guidance on that just yet.

對於 2004 年，我們的規劃還不夠深入，還無法對此發表評論或提供指導。

The reason I ask is that you guys have articulated long-term operating model targets in the past, that's where I'm headed with this.

我問的原因是你們過去已經闡明了長期營運模式目標，這就是我的目標。

Right, and we are still in the planning stages for 2004, so it wouldn't be appropriate to comment on it just yet.

是的，我們仍處於 2004 年的規劃階段，所以現在還不適合對此發表評論。

To the extent that you are referring to our goals, when you get back to, call it the level of comparable to the peak of 2003 billion or so revenue, our goals haven't changed from that; that we would still expect our margins to exceed the prior peak margin as we move forward.

就你提到的我們的目標而言，當你回到2003億左右收入高峰的水平時，我們的目標並沒有改變；隨著我們的前進，我們仍然預計我們的利潤率將超過先前的峰值利潤率。

Quinn Bolton, Oppenheimer & Co.

奎因·博爾頓，奧本海默公司

Two questions, one on the third quarter gross margin.

兩個問題，一是關於第三季毛利率。

Ron, you talked in your prepared comments about factory loadings increasing in September and that benefited gross margin for the quarter.

羅恩，您在準備好的評論中談到了 9 月份工廠負荷的增加，這有利於本季度的毛利率。

I was just wondering if you could quantify that.

我只是想知道你是否可以量化這一點。

Just to the extent that we talked about factory utilization exceeded 80 percent for the quarter on average, and where we were running first and second quarter would have been in the mid 70s.

就我們所說的而言，該季度工廠利用率平均超過 80%，而我們第一季和第二季的運作情況應該是 70 年代中期。

But I don't have more granularity on a month by month basis.

但我沒有更詳細的月度數據。

I guess what I am trying to drive at is your overall inventory was almost flat, down slightly in the quarter, but you said semi inventory was up.

我想我想表達的是你們的整體庫存幾乎持平，本季略有下降，但你們說半庫存增加了。

Usually if you are building semiconductor inventory, you'll get better utilization, and therefore you get the bump in gross margin.

通常，如果您正在建立半導體庫存，您將獲得更好的利用率，從而獲得毛利率的提升。

I'm just trying to figure out whether you've got some delta there in the third quarter that you might not see in the fourth quarter because of inventory related issues.

我只是想弄清楚第三季是否有一些由於庫存相關問題而在第四季度可能看不到的增量。

I think that will always be the case, as you described, when you are building inventory and when you are growing revenue.

我認為，正如您所描述的，當您建立庫存和增加收入時，情況總是如此。

And so part of what we were talking about in the month of September loading, wafer starts in the month of September are for shipments in fourth quarter.

因此，我們所討論的 9 月裝載量、9 月晶圓開工量的一部分是用於第四季度的出貨量。

So given our expectation for higher levels of revenue in fourth quarter, that's what drove those wafer loadings.

因此，考慮到我們對第四季營收水準更高的預期，這就是推動晶圓裝載量的原因。

Depending upon what happens in the first quarter will drive utilization levels, especially late in the fourth quarter.

取決於第一季發生的情況將推動利用率水平，特別是在第四季末。

Okay and then the second question was just on OMAP.

好的，第二個問題是關於 OMAP 的。

I wanted to come back and throw some numbers at you.

我想回來向你丟一些數字。

It looks like your wireless business year-over-year grew by probably just about 200 million.

看起來您的無線業務年增可能只有 2 億左右。

If you said half of that is OMAP, I just want to say is 100 million sort of a good ballpark number?

如果你說其中一半是 OMAP，我只想說 1 億是一個大概的數字嗎？

Or do we need to factor in the fact that 2G revenues are coming down and so OMAP might actually be more than that?

或者我們是否需要考慮 2G 收入下降的事實，因此 OMAP 實際上可能不止於此？

No.

不。

Of the absolute growth level, OMAP represented about half of that.

在絕對成長水準中，OMAP 約佔其中的一半。

So I'm not going to endorse the specific numbers that you gave, but OMAP was about half of the $1 growth from third quarter '02 to third quarter '03.

因此，我不會認可您提供的具體數字，但 OMAP 大約佔 02 年第三季到 03 年第三季 1 美元成長的一半。

William Conroy, Sanders Morris Harris.

威廉康羅伊、桑德斯莫里斯哈里斯。

Kind of a quick one, I may have missed this and I apologize in advance, Ron.

有點快，我可能錯過了這一點，我提前道歉，羅恩。

Have you guys discuss at all the leadtimes that you are getting from your customers for delivery?

你們是否討論過從客戶那裡得到的所有交貨時間？

Did the book to bill, does that start to give you any visibility into Q1 at all?

這本書開票了嗎？這是否開始讓您對第一季有任何了解？

In other words, are the scheduled delivery times per the customer starting to stretch out at all?

換句話說，每位客戶的預定交貨時間是否開始延長？

On the leadtimes, we have, because of our inventory positioning strategy, been able to respond to a very short leadtime requests from our customers.

在交貨時間方面，由於我們的庫存定位策略，我們能夠回應客戶的非常短的交貨時間要求。

We're not really seeing any change in their requests from an overall leadtime, if I am understanding your question correctly.

如果我正確理解您的問題，我們並沒有真正看到他們的請求與整體交付週期有任何變化。

As to the book to bill, I think Ron mentioned earlier that our turns business has been increasing each of the last few quarters and the current quarter.

至於要計費的書，我想羅恩之前提到過，我們的輪調業務在過去幾季和本季每季都在成長。

And we expect to increase again in the fourth quarter.

我們預計第四季將再次增加。

So some of the orders that we've got are probably in the first quarter but most of those orders are going to be for fourth quarter delivery.

因此，我們收到的一些訂單可能是在第一季交付的，但大多數訂單將在第四季度交付。

So it's probably a little too early for us to have visibility into first quarter just yet based upon our book to bill.

因此，根據我們的帳簿來了解第一季的情況可能還為時過早。

Nimal Vallipuram, DRKW.

尼馬爾·瓦利普拉姆，DRKW。

First of all, congratulations on a great quarter.

首先，恭喜這個季度的出色表現。

If you look at the question -- I have a couple of question here.

如果你看一下這個問題——我這裡有幾個問題。

First of all, Ron, you did mention that the actual growth number you saw in the third quarter in terms of semiconductors -- like 10 percent or so -- may not be possibly all because of seasonality, something more than that.

首先，Ron，您確實提到，您在第三季度看到的半導體方面的實際增長數字（例如 10% 左右）可能並非全部是由於季節性因素，而是更多原因。

There are a couple of follow-up questions to that.

還有幾個後續問題。

I guess what I am asking is have you seen any anecdotal evidence from your customers, or anything more than anecdotal evidence if possible, that what you're seeing is something more than seasonal?

我想我要問的是，您是否從客戶那裡看到任何軼事證據，或者如果可能的話，除了軼事證據之外的任何證據，表明您所看到的不僅僅是季節性的？

My second part of the question is tying into that.

我的問題的第二部分與此相關。

You said your order numbers were much higher than what you are giving as a sales growth number for third quarter, so you are building backlog.

您說您的訂單數量遠高於您提供的第三季銷售成長數字，因此您正在積壓訂單。

Can you give us how that is working out, if that is going beyond the fourth quarter into the first to the first quarter as well?

您能否告訴我們情況如何？如果這會超出第四季度並延伸到第一季？

Okay.

好的。

On the seasonality question, again I don't know how to differentiate between the different drivers of our revenue growth.

關於季節性問題，我再次不知道如何區分我們收入成長的不同驅動因素。

One data point I can give you is if you look at our wireless revenue, the five year historical average growth -- so this would be for years '98 through 2002 -- would be nine percent sequential growth in third quarter compared to second quarter and what we just saw was 22 percent.

我可以給你的一個數據是，如果你看看我們的無線收入，五年歷史平均成長——所以這將是從98 年到2002 年——與第二季相比，第三季將連續成長9%，我們剛剛看到的是 22%。

So certainly, we're above the five year average and that five year average has been pretty robust years there in terms of overall handset market growth.

因此，當然，我們高於五年平均水平，就整體手機市場成長而言，五年平均水平相當強勁。

Now at the same time, what's driving our revenue is not just shipping more units of phones; it's the higher TI content per front per phone.

同時，推動我們收入成長的不僅是手機的出貨量；還有更多的手機。這是每支手機每個前端的 TI 含量更高。

So again, you have to consider all of those different factors.

同樣，您必須考慮所有這些不同的因素。

But again, the growth rate that we are on -- whether you look at markets like wireless, or if you look at semiconductor overall -- it would be above an average seasonality.

但同樣，我們現在的成長率——無論你關注的是無線市場，還是整個半導體市場——都會高於平均季節性。

But let me just leave it at that.

但我就這樣吧。

Did you want to answer the second part of the question?

您想回答問題的第二部分嗎？

I think your question was that our sales, new sales in third quarter exceed the guidance that we suggested for fourth quarter for semiconductor.

我認為你的問題是我們第三季的銷售額、新銷售額超過了我們對半導體第四季的建議。

No, the actual order number you are giving for third quarter, I believe -- I might be wrong but I believe it's much higher than the sales number you are giving for the fourth quarter.

不，我相信你給出的第三季的實際訂單數——我可能是錯的，但我相信它比你給出的第四季度的銷售數字高得多。

Is that right?

是對的嗎？

No, that is not correct.

不，那是不正確的。

It is within the range of what we are suggesting for fourth quarter.

它在我們建議的第四季範圍內。

I would like to mention also that when we receive those orders in the quarter because of our turns business a good portion of those orders ship within the quarter because of the terms.

我還想提一下，當我們因業務輪流而在本季度收到這些訂單時，由於條款的原因，其中很大一部分訂單在本季度內發貨。

That doesn't necessarily represent that all those orders become the following quarter's revenue.

這並不一定代表所有這些訂單都會成為下一季的收入。

I think if you look to the extent that our orders exceeded our revenue in the third quarter, the backlog adjustment would be pretty consistent with -- I'm sorry, the backlog change would be pretty consistent with what we're projecting for our revenue range in the third quarter.

我認為，如果你看看我們的訂單超過了第三季度的收入，那麼積壓的調整將非常符合——對不起，積壓的變化將非常符合我們對收入的預測第三季度的區間。

I guess that's what I was asking for.

我想這就是我所要求的。

Just a follow-up question, if possible.

如果可能的話，只是一個後續問題。

Just on the third quarter number, you said the wireless numbers were up significantly -- 22 percent or so -- from the second quarter.

就第三季的數據而言，您說無線數量較第二季大幅成長，增幅為 22% 左右。

Can you give us how to that what is the unit numbers?

您能告訴我們如何確定單元號嗎？

Is there any way to quantify that?

有什麼方法可以量化嗎？

No, we ship more units and we ship more units both at 2.5G digital baseband and we ship more units of OMAP applications processors.

不，我們發貨了更多的設備，我們發貨了更多的 2.5G 數位基頻設備，我們發貨了更多的 OMAP 應用處理器設備。

But in the end it's not the fact that we are shipping more, call it market -- more industry handsets; it's the fact that TI's content per handset is continuing to build, both because of 2.5G digital basebands and also because of the OMAP applications processors.

但歸根結底，事實並不是我們出貨量增加了，稱之為市場——更多的行業手機；而是我們的出貨量增加了。事實上，TI 每支手機的內容正在增加，這既得益於 2.5G 數位基帶，也得益於 OMAP 應用處理器。

Clark Fuhs, Fulcrum Global Partners.

克拉克福斯 (Clark Fuhs)，Fulcrum 全球合作夥伴。

Good quarter, guys.

夥計們，好季度。

Earlier in the year the DLP as a percentage of your semiconductor revenue was actually a little bit higher than broadband.

今年早些時候，DLP 在半導體收入中所佔的百分比實際上略高於寬頻。

Is that still the case?

現在還是這樣嗎？

And what percent of semi revenue in the first nine months were DLP?

前 9 個月的半收入中 DLP 佔了多少百分比？

And I do have a follow-up.

我確實有後續行動。

DLP is probably pretty comparable to the broadband business, with both of them about percent.

DLP 可能與寬頻業務相當，兩者都差不多。

I think last year we were probably describing broadband as being a little under five percent.

我認為去年我們可能將寬頻描述為略低於百分之五。

But today they are probably both in the same general ballpark.

但今天他們可能都處於同一個大致範圍內。

And so did DLP then grow about double digits sequentially?

那麼 DLP 是否連續成長了兩位數？

No, DLP was up a few points sequentially.

不，DLP 連續上漲了幾點。

DLP had a lot of strong growth early in the year and has been up a few points sequentially, is the right way to look at that.

DLP 在今年年初出現了強勁增長，並且連續上漲了幾個百分點，這是正確的看待方式。

On the handset seasonality side of things, I think earlier in the year you mentioned that the past five year history for the first quarter was that your handset OEMs might be down 10 percent but TI revenue would only be down 1 or 2 percent.

在手機季節性方面，我想今年早些時候您提到過，過去五年歷史中第一季的情況是，您的手機OEM 可能會下降10%，但TI 收入只會下降1% 或2% 。

Is that still kind of the outlook?

這仍然是這樣的前景嗎？

Or do you feel you're closer to your handset OEM?

還是您覺得您離手機 OEM 更近了？

No, I think your recollection is right -- that's just the historical data that says -- actually I think it's more like handset OEMs are down 15 percent or so sequentially in first quarter we're probably down a few percent sequentially in the first quarter.

不，我認為你的回憶是對的——這只是歷史數據——實際上我認為這更像是手機OEM 廠商在第一季環比下降了15% 左右，我們可能在第一季環比下降了幾個百分點。

And that just has to do with our customers have more concentration of their revenue shipments in the fourth quarter for the holiday season where we are shipping across both third and fourth quarter to support that holiday seasonality.

這與我們的客戶在假日季節第四季度的收入發貨更加集中有關，我們在第三和第四季度發貨以支持假期季節。

So we just don't have as much of a seasonal decline in the first quarter.

因此，我們第一季的季節性下降幅度沒有那麼大。

So that is the history.

這就是歷史。

We don't really have any statements at this point about our expectations for first quarter, though.

不過，目前我們還沒有任何關於第一季預期的聲明。

Clark Westmont, Smith Barney.

克拉克·韋斯特蒙特，史密斯·巴尼。

A clarification on a couple of things.

對幾件事進行澄清。

Ron, you said the Q3 normal seasonal pattern for wireless is up nine percent.

羅恩，您說過第三季無線的正常季節性模式成長了 9%。

In Q2, you were down five percent sequentially, that's correct?

第二季度，您的業績環比下降了 5%，對嗎？

That's correct.

這是正確的。

And the normal pattern for Q2 is up about four percent or so?

第二季的正常模式是上漲約百分之四左右？

I think that's correct.

我認為這是正確的。

The first quarter it was flat or down a percent or something like that sequentially?

第一季是持平還是下降了百分比或類似的情況？

Okay, you are starting to strain my memory here.

好吧，你開始破壞我的記憶力了。

And my own.

還有我自己的。

That's why I am asking.

這就是我問的原因。

Q4, can you remind me the -- I know your historical pattern is to be up about seven percent sequentially.

Q4，可以提醒我嗎——我知道你的歷史模式是連續上漲約 7%。

I know you mentioned a lot about the wireless business.

我知道您提到了很多有關無線業務的內容。

Sequentially for Q4 do you think it will be above the normal seasonality sequentially or about the same?

您認為第四季的連續季節性會高於正常季節性還是大致相同？

Again, we don't have any granularity to provide beyond the expectations that we have given for our total semiconductor business.

同樣，我們沒有提供任何超出我們對整個半導體業務的預期的粒度。

Wireless will be a part of that, but we really don't want to set specific expectations below that.

無線將是其中的一部分，但我們真的不想設定低於此的具體期望。

I can verify your first quarter number on wireless; it was about even to down a percent or so.

我可以透過無線方式驗證您第一季的電話號碼；甚至下降了百分之左右。

Okay and so if I run the sequentials from Q1 with then down 5 percent then up 22 percent, and if I compare that to your average, which is up 4 percent and then up 9 percent, I get to basically the same number -- I get to 116 under this current year's case, normalized Q1; and then Q3 on your average would be about 113.

好吧，如果我從第一季開始，先下降5%，然後上升22%，如果我將其與平均水平（先上升4%，然後上升9%）進行比較，我會得到基本上相同的數字— —我根據今年第一季標準化情況，達到 116；然後 Q3 的平均值約為 113。

So it's pretty close to where you should be.

所以它非常接近你應該去的地方。

I think that would actually being reassuring that it's not way up -- 22 percent sounds like its overheated.

我認為這實際上可以讓人放心，因為它並沒有上升太多——22% 聽起來像是過熱了。

If you normalize to Q2, is that the right way to look at that?

如果您對 Q2 進行歸一化，那麼這是正確的看法嗎？

Part of Q3 is offsetting the weakness that we saw in Q2.

第三季的部分成果正在抵銷第二季的疲軟。

That very well could be, but again the other side of it that absolutely has to be comprehended is the fact that we are shipping instead of one DSP per phone for the communication function, for a lot of the phones we are shipping a the second DSP for the applications processor.

很可能是這樣，但絕對必須理解的另一面是，我們不是為每部手機配備一個用於通信功能的 DSP，而是為許多手機配備第二個 DSP對於應用程式處理器。

And that makes a big difference.

這有很大的不同。

Do you think the OMAP will continue to rise or be a same amount of contributor on a year over year basis for growth in Q4?

您認為 OMAP 會繼續成長還是對第四季成長的年比貢獻率保持不變？

Again, I am not going to state a specific expectation for Q4.

再次強調，我不會對第四季提出具體預期。

But certainly we believe OMAP revenue is at a very early-stage in its life and will continue to grow and be an increasingly important factor in our wireless growth as it moves forward.

但我們當然相信 OMAP 收入仍處於其生命週期的早期階段，並將繼續成長，並隨著其發展成為我們無線業務成長的一個日益重要的因素。

Krishna Shankar , JNP Securities.

Krishna Shankar，JNP 證券。

Going from Q2 to Q3, did you see a lot higher concept in terms of analog content that you are selling into cellphones because of the trend toward color camera enabled cellphones?

從第二季度到第三季度，由於支援彩色相機的手機的趨勢，您是否在手機中銷售的模擬內容方面看到了很多更高的概念？

Or is your analog content to cellphones customers remaining fairly stable?

或者您提供給手機客戶的模擬內容是否保持相當穩定？

What I would say is analog content went up somewhat, not as much as the digital side did because of the OMAP growth.

我想說的是，由於 OMAP 的成長，類比內容增加，但沒有數位內容增加那麼多。

Again, a lot of our analog content goes across in cases specific programs for OEMs.

同樣，我們的許多模擬內容都會在 OEM 的特定程式中出現。

In other cases, a lot of the analog content comes in the form of chipsets and chipsets were flattish sequentially.

在其他情況下，許多類比內容以晶片組的形式出現，而晶片組的表現則連續持平。

So that did not drive the analog growth as much as we saw on the digital side this quarter.

因此，這並沒有像我們本季在數位方面看到的那樣推動類比成長。

In terms of order of magnitude, can you give us some comparison between the typical ASP of the OMAP applications processor vs. 2.5G DSP chipset?

在數量級方面，您能給我們一些 OMAP 應用處理器的典型 ASP 與 2.5G DSP 晶片組之間的比較嗎？

I mean, is it comparable in terms of content?

我的意思是，它在內容上有可比性嗎？

Or is OMAP 20, 30 percent of value for DSP --?

或者 OMAP 是 DSP 價值的 20%、30%——？

There is a wide range for OMAP.

OMAP 的範圍很廣。

I would just describe it as at or above 2.5G digital baseband.

我只是將其描述為等於或高於 2.5G 數位基帶。

But again, we do not want to get into the specific ASP comments.

但同樣，我們不想討論具體的 ASP 註解。

The OMAP includes both DSP and an ARM-based microprocessor core, is that right?

OMAP 包括 DSP 和基於 ARM 的微處理器內核，對嗎？

In general that's true.

總的來說，確實如此。

There are versions of OMAP that are a RISK processor only.

OMAP 的某些版本僅為 RISK 處理器。

Probably most of what we're shipping today -- for example, all of the product that goes into the Japan phones that I was mentioning -- are the high-end versions that include the DSP for high-end multimedia type of performance.

也許我們今天發貨的大部分產品（例如，我提到的日本手機中的所有產品）都是高端版本，其中包括用於高端多媒體類型性能的 DSP。

Ben Lynch, Deutsche Banc.

本·林奇，德意志銀行。

I'm not sure who is the right person to direct this to, but do you think that early Chinese New Year is impacting at all Q4 purchasing?

我不確定誰是正確的人選，但您認為提前的農曆新年對第四季度的採購有影響嗎？

And I have a follow-up question.

我還有一個後續問題。

I know Chinese New Year is coming in earlier;

我知道農曆新年來得比較早；

I don't know that we can differentiate as to whether that's going to change any of the seasonal patterns that we would see between Q4 and Q1.

我不知道我們是否可以區分這是否會改變我們在第四季度和第一季之間看到的任何季節性模式。

Certainly, the Asian markets and the Asian consumer is becoming an increasingly important part of our business, just in terms of a lot of the consumer products that our products are sold into, as well as cellphones.

當然，亞洲市場和亞洲消費者正在成為我們業務中越來越重要的一部分，就我們的產品銷往的許多消費品以及手機而言。

But I can't say that we've figured out exactly the seasonal pattern there.

但我不能說我們已經準確地弄清楚了那裡的季節性模式。

Great, of course bow on wireless, you sort of alluded to one ODM customer having some issues in Q3.

太好了，當然是無線，您提到一位 ODM 客戶在第三季度遇到了一些問題。

With that in mind and my bets on who it is and how they are going to do in Q4, you don't expect that Q4 wireless would be at least better than seasonality by that amount you missed in Q3?

考慮到這一點，以及我對他們是誰以及他們在第四季度將如何做的賭注，您是否認為第四季度無線業務至少會比季節性好於您在第三季度錯過的數量？

And then also, you had spoken before about before the end of Q3 you would give the more formal update on the CDMA effort and that hasn't come.

另外，您之前曾說過，在第三季末之前您將提供有關 CDMA 工作的更正式的更新，但這一消息尚未實現。

I'm just wondering has there been any change there because of the QUALCOMM lawsuit etc.?

我只是想知道由於高通訴訟等原因，那裡有什麼變化嗎？

Let me take the second part of your question because I can remember it, and then I will let Kevin take the first part if he can remember that.

讓我回答你問題的第二部分，因為我能記住它，然後我會讓凱文回答第一部分，如果他能記住的話。

On CDMA, we did not make a product announcement.

在CDMA方面，我們沒有發布產品公告。

What really drove it, it had nothing to do with the lawsuit.

真正的推動因素與訴訟無關。

What really drove that is that we are already talking to all the customers that we need to talk to under non-disclosure.

真正推動這一趨勢的是，我們已經在與所有需要保密的客戶交談。

We have available which is one of the things that we described to you back in May.

我們已經提供了這是我們五月向您描述的事情之一。

But part of the motivation to do a more public announcement on the details of our chipsets, and frankly tip our hand to our competitors, we just decided that wasn't the appropriate thing to do in the third quarter.

但我們的部分動機是更公開地宣布我們晶片組的細節，並坦率地向我們的競爭對手伸出援手，我們只是認為這不是在第三季度做的適當的事情。

So that's what really drove, that you didn't see a product announcement.

所以這才是真正的推動因素，你沒有看到產品公告。

I think the question you're asking on the ODM whose demand slipped in the third quarter, would that come back in fourth-quarter and therefore would we anticipate higher sequential chipset revenue?

我認為您對第三季度需求下滑的 ODM 提出的問題會在第四季度回升嗎？因此我們預計晶片組收入會更高嗎？

That would appear to be a reasonable presumption.

這似乎是一個合理的假設。

But beyond that, I don't think we can actually call it that close at that level of product specification.

但除此之外，我認為我們實際上不能在該產品規格等級上將其稱為那麼接近。

It always seems like we have one customer or another that are going through various levels of inventory adjustment.

我們似乎總是有一個或另一個客戶正在經歷不同程度的庫存調整。

It's hard to see how they all net out in the end.

很難看出他們最終會如何收場。

Mark Lapasis , Prudential.

馬克·拉帕西斯，保誠集團。

If I did the math correctly, it looked like the topline outlook was minus 2 to plus 7 percent sequentially.

如果我計算正確的話，營收前景看起來會連續負 2% 到正 7%。

If the orders are up 15 percent and the book to bill was 1.08 and the channel inventories seem low and it doesn't seem like there are signs of excess inventory building in the end markets, I'm having a hard time reconciling those kind of data points from you guys with you are expecting increasing turns.

如果訂單成長 15%，帳面比為 1.08，而且通路庫存似乎很低，而且終端市場似乎沒有庫存過剩的跡象，那麼我很難協調這些庫存來自你們的數據點預計會增加轉彎。

No, the reconciliation is that third quarter order growth, part of that order growth went to support higher than expected revenue or higher-than-expected shipments in the third quarter in the form of turns.

不，對帳是第三季訂單成長，部分訂單成長以輪流的形式支撐了第三季高於預期的收入或高於預期的出貨量。

I think when we talked about terms were up, that was an observation of what we actually experienced in the third quarter, not a statement of our expectation for the fourth quarter.

我認為當我們談論條款上漲時，這是對我們在第三季實際經歷的觀察，而不是我們對第四季預期的陳述。

Does that clarify for you, Mark?

馬克，這對你來說清楚了嗎？

Not.

不是。

Well, partially, but you saw a pretty good book to bill ratio, right, at 1.08?

好吧，部分原因，但是您看到了一個相當不錯的圖書出貨比，對吧，為 1.08？

I think you were looking minus 2 to plus 7, which was at the TI level, which has the effect of a sequential decline of EMPS for third quarter and fourth quarter for calculators.

我認為您正在尋找負 2 到正 7，這是在 TI 水平，這具有計算器第三季度和第四季度 EMPS 連續下降的影響。

The semiconductor range that we've given, would work out about a 3 to 12 percent sequentially.

我們給出的半導體範圍將依序計算出大約 3% 到 12%。

And that may make a little more sense to you when you consider our book to bill in semiconductor was 1.08.

當您考慮到我們的半導體帳單為 1.08 時，這對您來說可能更有意義。

That's a good point because the 1.08 number that we gave Mark was semiconductor, not for the Company overall.

這是一個很好的觀點，因為我們給馬克的 1.08 數字是半導體的，而不是整個公司的。

Okay, understood.

好的，明白了。

Thank you very much.

非常感謝。

Hans Mosesmann, SoundView Technology.

Hans Mosesmann，SoundView 科技公司。

Most of my questions have been answered.

我的大部分問題都得到了解答。

Can you comment on infrastructure wireless, how is the 3G effort is moving along?

您能評論一下無線基礎設施嗎？3G 工作進度如何？

And what's the timing or seasonality of that, if there is anything like that?

如果有類似的情況，那麼發生的時間或季節性是什麼？

I do know that we really have a feel for the seasonality of infrastructure business.

我確實知道我們確實對基礎設施業務的季節性有感覺。

I will say we are shipping into 3G systems that are being deployed predominately in Japan, as well as some in Europe.

我想說的是，我們正在進入主要在日本以及歐洲部署的 3G 系統。

But I can't say that business is accelerating.

但我不能說業務正在加速。

Generally, it's running pretty flattish -- a little up and down, but generally flattish -- as most of the deployments, with the exception of what we're seeing in Japan, would generally be described still as kind of more on a trial basis.

一般來說，它的運行相當平坦——有點上下，但總體上平坦——因為大多數部署，除了我們在日本看到的之外，通常仍然被描述為更多的試驗性部署。

Okay?

好的？

Did you have another question?

您還有其他問題嗎？

No, that's fine.

不，沒關係。

Thank you.

謝謝。

Ven Zimora, Loop Capital Markets.

Ven Zimora，Loop 資本市場。

Thanks a lot for taking my call.

非常感謝您接聽我的電話。

Most of my questions have been answered too, but I just kind of wanted to dive into CDMA just a little bit more.

我的大部分問題也已得到解答，但我只是想更深入地了解 CDMA。

When you kind of talked about R&D increasing and it was particularly on the Radia acquisition, how does CDMA factor into that?

當您談到研發增加，尤其是收購 Radia 時，CDMA 是如何影響其中的？

And how do you see that going forward as that becomes a bigger part of the chip business?

隨著晶片業務成為晶片業務的重要組成部分，您如何看待這一趨勢？

I'm not sure I quite understood your question.

我不確定我是否完全理解你的問題。

You talked about CDMA and Radia at the same time.

您同時談到了 CDMA 和 Radia。

Can you clarify a bit please?

您能澄清一下嗎？

I'm trying to figure out how CDMA, how much you are going to spend generally speaking in R&D related to CDMA because you seem to point toward increase kind of being primarily related to Radia and I'm trying to figure out how the CDMA factors into the whole R&D spend.

我試圖弄清楚 CDMA 的情況，一般來說，您將在與 CDMA 相關的研發上花費多少錢，因為您似乎指出主要與 Radia 相關的增加類型，我正在試圖弄清楚 CDMA 因素如何計入整個研發支出。

The increase for Radia was just the in-process R&D charge from the third quarter.

Radia 的成長只是第三季的在製品研發費用。

On a go forward basis, that will cause a slight increase.

展望未來，這將導致略有增加。

But most of the increase on a go-forward basis would be associated with our continued investment in the wireless space for not just CDMA, but a host of applications that we are trying to make sure that we are well positioned to take advantage of.

但未來成長的大部分將與我們對無線領域的持續投資有關，不僅涉及 CDMA，還涉及我們正在努力確保我們能夠充分利用的許多應用程式。

Do you have another question?

你還有其他問題想問嗎？

No, that was it.

不，就是這樣。

Andrew Root, Goldman Sachs.

安德魯·魯特，高盛。

I wanted to quickly explore a topic that was brought up a few questions ago related to the double attach rate of processors and handsets.

我想快速探討幾個問題之前提出的與處理器和手機的雙連接速率相關的主題。

I'm curious if you have a view as to what percent of handsets being built right now have two processors and what you expect that to trend to over the next 12 months?

我很好奇您是否知道目前正在生產的手機中有多少百分比配備兩個處理器以及您預計未來 12 個月的趨勢如何？

We don't have a perspective on -- it is still a very small percentage of the total that would fall into that category that we would call smart phone or the 3G phones also in Japan.

我們沒有一個觀點——它仍然只佔總數的一小部分，屬於我們在日本稱為智慧型手機或 3G 手機的類別。

But we don't have a specific number, although we would expect that it's going to be an increasing percentage, just as more phones get deployed with real-time operating systems and higher end multimedia applications capability.

但我們沒有具體數字，儘管我們預計該比例將會不斷增加，就像越來越多的手機部署即時作業系統和更高端的多媒體應用程式功能一樣。

So it is in the 1 to 2 percent range right now, is that about where we are?

所以現在它在 1% 到 2% 的範圍內，這就是我們現在的情況嗎？

I don't know that percentage.

我不知道這個百分比。

I will let you analysts come up with that number.

我會讓分析師們得出這個數字。

Did you have a follow-up?

你有後續行動嗎？

On some marketshare matters, do you have an estimate right now of what your share of digital baseband would be?

在某些市場佔有率問題上，您現在對數位基帶的份額有什麼估計嗎？

Also you mentioned still cameras as a consumer electronics driver, what your share would be of DSP to that market as well?

您還提到靜態相機作為消費性電子產品的驅動力，您的 DSP 在該市場中的份額是多少？

On digital baseband, we believe it is still more than 50 percent of handsets use TI's DSP as its digital baseband.

在數位基頻方面，我們認為仍有超過50%的手機使用TI的DSP作為其數位基頻。

In terms of digital still camera, I don't have a specific share as a percentage of the total.

就數位相機而言，我沒有具體的份額佔總數的百分比。

But what I will say is that 5 of the top 10 camera manufacturers are using TI.

但我要說的是，前 10 名相機製造商中有 5 家正在使用 TI。

Again, I don't have a specific marketshare number for you there.

再說一遍，我沒有具體的市佔率數字。

But we are very well entrenched and positioned in the digital still camera market.

但我們在數位相機市場的地位和地位非常穩固。

Thank you, Andrew.

謝謝你，安德魯。

I appreciated it.

我很感激。

With that, we are going to need to wrap up because we are running over.

這樣，我們就需要結束了，因為我們快要跑過去了。

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

在結束通話之前，請允許我提醒您，我們的網站上提供重播。

And with that, thank you and good evening.

謝謝你，晚上好。

Thank you all for your participation.

感謝大家的參與。

That does conclude your teleconference.

您的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Have a great evening.

祝您有個美好的夜晚。