德州儀器 (TXN) 2006 Q4 法說會逐字稿

At this time, I would like to welcome everyone to the Texas Instruments fourth quarter 2006 earnings conference call. [OPERATOR INSTRUCTIONS] Thank you.

現在，我謹歡迎大家參加德州儀器 (TI) 2006 年第四季財報電話會議。 [操作員說明] 謝謝。

It is now my pleasure to turn the floor over to your host, Ron Slaymaker.

現在我很高興將發言權交給主持人 Ron Slaymaker。

Sir, you may begin your conference.

先生，您可以開始會議了。

Good afternoon.

午安.

Thank you for joining our fourth quarter and 2006 earnings conference call.

感謝您參加我們第四季和 2006 年財報電話會議。

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

TI 財務長 Kevin March 今天和我在一起。

For any of you who missed the release, you can find it on your website at ti.com/ir.

對於錯過該發布的任何人，您可以在您的網站 ti.com/ir 上找到它。

This call is being broadcast live over the web, and can be accessed through TI's website.

此次電話會議正在透過網路進行現場直播，您可以透過 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 filings for a complete description.

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

Our mid quarter update to our outlook is scheduled this quarter for March 12.

我們定於本季 3 月 12 日對季度中期展望進行更新。

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

我們預計在此更新中適當縮小或調整收入和盈利指導範圍。

We will observe a quiet period beginning on March 1, until the update.

我們將從 3 月 1 日開始觀察一段安靜期，直到更新為止。

In this call, all of our financial results will be described for continuing operations, including historical comparisons, unless otherwise indicated.

在本次電話會議中，除非另有說明，否則我們將描述持續營運的所有財務業績，包括歷史比較。

Also, note that we have changed the name of our educational and productivity solutions segment to education technology.

另請注意，我們已將教育和生產力解決方案部門的名稱更改為教育科技。

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

在今天的電話會議中，我將回顧我們的營收表現亮點，然後凱文將討論利潤表現和第一季前景。

We will keep our remarks short, saving time for us to respond to your questions.

我們的發言將保持簡短，以便我們節省時間回答您的問題。

Fourth quarter TI revenue of $3.46 billion declined 8% from the third quarter and grew 4% from a year ago.

第四季 TI 營收為 34.6 億美元，較第三季下降 8%，較去年同期成長 4%。

The sequential decline reflected a 5% decline in semiconductor with the remainder resulting from the seasonal decline in graphing calculator sales.

環比下降反映了半導體下降了 5%，其餘部分是由於圖形計算器銷售額的季節性下降所致。

Semiconductor revenue was up 4% from a year ago.

半導體營收較去年同期成長 4%。

Revenue was in the upper half of the updated guidance range that we issued in December.

收入處於我們 12 月發布的更新指導範圍的上半部分。

The sequential decline in semiconductor revenue was broad based across products, although wireless was the single area that most significantly drove our semiconductor revenue outside of its seasonal norm.

儘管無線是最顯著推動我們的半導體收入超出季節性正常水平的單一領域，但半導體收入的連續下降在所有產品中都有廣泛的基礎。

Wireless revenue declined 10% sequentially and was down 2% from a year ago.

無線營收季減 10%，年減 2%。

Our wireless revenue reflected what you've heard from others in this market in that handset unit growth is skewed toward lower priced, basic featured handsets.

我們的無線收入反映了您從該市場其他公司聽到的情況，即手機銷售的成長傾向於價格較低、功能基本的手機。

TI's 3G revenue declined 20% sequentially, although grew 7% from a year ago.

TI 的 3G 營收較上年同期成長 7%，但較上季下降 20%。

The sequential decline in 3G units and revenue was broadly distributed across our customer base as well as across digital basebands and OMAP application processors.

3G 銷售量和收入的連續下降廣泛分佈在我們的客戶群以及數位基頻和 OMAP 應用處理器中。

Outside of 3G, units and revenue for wireless handsets increased but not sufficiently to offset the decline in revenue associated with the higher price products that we sell into 3G handsets.

除 3G 之外，無線手機的銷售和收入增加，但不足以抵消我們銷售的 3G 手機價格較高的產品帶來的收入下降。

In the fast growing market for low priced handsets, TI's position is very strong.

在快速成長的低價手機市場中，TI 的地位非常穩固。

Our single chip product, named LoCosto has taken this market by storm.

我們的單晶片產品 LoCosto 席捲了這個市場。

The fourth quarter was our first full quarter of LoCosto production.

第四季是我們 LoCosto 生產的第一個完整季度。

We shipped more than 6 million LoCosto units in the quarter and our customers have 12 handset models that are shipping based on the product today.

本季我們的 LoCosto 出貨量超過 600 萬部，我們的客戶有 12 款基於該產品的手機型號正在出貨。

This was the sharpest volume ramp of any new product we have introduced in our wireless history.

這是我們無線史上推出的所有新產品中銷售成長最快的一次。

We expect the volume ramp to continue through 2007 based on more than 50 handset models already under way across 15 different handset manufacturers.

基於 15 家不同手機製造商已經推出的 50 多種手機型號，我們預計銷售成長將持續到 2007 年。

The device that is shipping today is based on 90 nanometer CMOS.

今天發貨的裝置基於 90 奈米 CMOS。

We plan to begin sampling a 65 nanometer LoCosto device in the second quarter, a technology lead that is one to two process generations ahead of any competitor for a comparably integrated product.

我們計劃在第二季度開始對 65 奈米 LoCosto 裝置進行採樣，這種技術領先於任何同類整合產品的競爭對手一到兩代工藝。

We will also be sampling a single chip product in the first half that will support the Edge standard.

我們也將在上半年提供支援 Edge 標準的單晶片產品樣品。

This product called eCosto integrates the application processor and modem functions and is also based on TI's DRP or digital RF processor technology.

這款名為 eCosto 的產品整合了應用處理器和數據機功能，並且同樣基於 TI 的 DRP 或數位 RF 處理器技術。

It will also be manufactured in 65 nanometer technology.

它還將採用 65 奈米技術製造。

The overall handset market continues to be highly competitive.

整體手機市場競爭仍激烈。

You've seen some TI customers publicly discuss plans to broaden their supplier base resulting in speculation about potential share losses for TI.

您已經看到一些 TI 客戶公開討論擴大其供應商基礎的計劃，從而導致人們猜測 TI 可能會損失份額。

On the other hand, we have a widening set of opportunities as handset manufacturers where TI has not historically been as connected, similarly seek to broaden their own supplier base.

另一方面，作為 TI 歷史上沒有如此廣泛聯繫的手機製造商，我們擁有越來越多的機會，同樣尋求擴大自己的供應商基礎。

Although there will always be pluses and minuses, the key to winning is simply that we must continue to win more customer programs, especially high volume customer programs than we lose.

雖然總是會有優點和缺點，但獲勝的關鍵很簡單，就是我們必須繼續贏得比我們失去的更多的客戶項目，尤其是大量的客戶項目。

Our ultimate success will reflect the combination of technology, price, and execution that we deliver compared to our competitors.

我們最終的成功將反映我們與競爭對手相比所提供的技術、價格和執行力的結合。

We have worked hard over many years to build a strong market position across the range of handsets from low priced to 3G.

多年來，我們努力在從低價手機到 3G 的手機領域建立了強大的市場地位。

In next generation technologies such as WiMAX, we have development programs under way with the early market leaders.

在 WiMAX 等下一代技術中，我們正在與早期市場領導者合作開發計劃。

In short, in 2007, as well as the years ahead, we fully expect to keep our wireless position strong.

簡而言之，2007 年以及未來幾年，我們完全希望能夠維持我們無線領域的強勢地位。

Outside of wireless, our broader base of customers continues to squeeze inventory.

除了無線之外，我們更廣泛的客戶群繼續擠壓庫存。

In general, we're not aware of significant inventory excesses; however, customers continue to push these levels down as semiconductor devices are now more readily available.

總的來說，我們並沒有意識到庫存嚴重過剩的情況；然而，隨著半導體裝置現在更容易獲得，客戶繼續降低這些水平。

Total analog revenue declined 4% sequentially due to a broad based decline in demand.

由於需求普遍下降，模擬總收入季減 4%。

Analog revenue grew 9% from a year ago primarily due to high performance analog products.

模擬收入年增 9%，主要得益於高性能模擬產品。

High performance analog revenue tracked down about 4% sequentially, although grew 22% from a year ago.

高效能模擬收入雖然比去年同期成長了 22%，但較上季下降了約 4%。

Distributor resales of high performance analog products also sequentially declined a little more than TI sales into the channel and we managed to replenish some of this inventory at distributors.

高效能模擬產品的經銷商轉售量也持續下降，略高於 TI 通路銷售量，我們設法在經銷商處補充了部分庫存。

The sales declines were broad based with no single product area or market disproportionately responsible for the sequential decline.

銷售額下降的範圍很廣，沒有任何單一產品領域或市場對連續下降負有不成比例的責任。

We believe our sequential decline reflected trends in the overall high performance analog market in the fourth quarter.

我們相信我們的連續下降反映了第四季度整個高性能模擬市場的趨勢。

Our sequential DSP revenue trends in the quarter closely tracked our wireless results with total DSP revenue down 11%.

本季 DSP 收入的連續趨勢與我們的無線業績密切相關，DSP 總收入下降了 11%。

DSP was down 2% from a year ago.

DSP 較去年同期下降 2%。

In DLP products, fourth quarter revenue declined 5% sequentially and was about even with the year ago.

在 DLP 產品方面，第四季營收季減 5%，與去年同期持平。

The decline in TV products was similar to what we saw in 2005.

電視產品的下滑與 2005 年類似。

We believe sell-through of DLP TV's was solid in the quarter and we believe customer and retail channel inventories are clean.

我們相信本季 DLP 電視的銷售穩定，且客戶和零售通路庫存狀況良好。

Front projectors had a small sequential increase due to customer specific issues, we believe some channel inventory grew in the projector market and will likely be corrected in the first quarter.

由於客戶特定問題，前置投影機環比小幅增長，我們認為投影機市場的部分通路庫存有所增長，並可能在第一季得到糾正。

Also in the first quarter, we signed new patent -- also in the fourth quarter, we signed new patent license agreements to replace agreements that had previously expired.

同樣在第一季度，我們簽署了新專利——同樣在第四季度，我們簽署了新的專利授權協議，以取代先前過期的協議。

In total, royalties increased by $50 million sequentially.

特許權使用費總共增加了 5000 萬美元。

About $30 million of the increase was catch up payments to cover the period between expiration of the prior agreements and signing of the new agreements.

其中約 3000 萬美元的增量是追加付款，用於涵蓋先前協議到期與新協議簽署之間的期間。

Of course, the catch up payments will not be ongoing and we expect royalties to settle into a range of about $80 to $90 million per quarter in 2007.

當然，追繳付款不會持續進行，我們預計 2007 年特許權使用費將穩定在每季 8,000 至 9,000 萬美元的範圍內。

Before I turn it over to Kevin, I'd like to do a quick review of some performance highlights for the year in total.

在將其交給凱文之前，我想快速回顧一下今年的一些績效亮點。

First, we've consistently described three of our financial goals for TI.

首先，我們一貫描述了 TI 的三個財務目標。

One was to grow revenue faster than our market.

一是營收成長速度快於市場成長速度。

Although the semiconductor market numbers are not yet fully reported and finalized, I believe most expect the total semiconductor market growth to be a little over 9% for the year with the non-memory market up less than 7%.

儘管半導體市場數據尚未完全報告和最終確定，但我相信大多數人預計今年半導體市場總成長將略高於 9%，其中非記憶體市場成長不到 7%。

Our revenue was up 16% for the year, handily outpacing the market.

我們的收入全年成長 16%，輕鬆超過市場。

Next, we seek to grow earnings per share faster than our revenue growth.

接下來，我們尋求每股盈餘的成長速度快於營收的成長速度。

TI's EPS in 2006 grew 30%, almost twice the growth rate of our revenue.

2006 年TI 的每股盈餘成長了30%，幾乎是我們營收成長率的兩倍。

This reflected strong operating profit growth, up 32% for the year, as well as the impact of our share repurchases which reduced the average annual diluted shares outstanding by about 7% compared with 2005.

這反映了營業利潤的強勁增長（全年增長了 32%），以及股票回購的影響，與 2005 年相比，年均稀釋後流通股減少了約 7%。

Finally, we seek to achieve the above two goals while also being efficient with our capital.

最後，我們力求實現上述兩個目標，同時有效率地利用我們的資本。

In 2006, return on invested capital expanded to 21.5% compared with 16.1% in 2005.

2006年，投資資本報酬率從2005年的16.1%擴大到21.5%。

Although we had many outstanding product line performances in the year, the area that contributed most significantly was our high performance analog product line.

儘管我們在這一年中有許多出色的產品線表現，但貢獻最大的領域是我們的高性能模擬產品線。

High performance analog revenue grew 33% in the year and its gross margin helped raise the bar for the entire company.

當年高性能模擬收入成長了 33%，其毛利率幫助提高了整個公司的標準。

Our belief that analog will develop into the core financial engine for TI was further reinforced by these results.

這些結果進一步強化了我們對模擬技術將發展成為 TI 核心財務引擎的信念。

At this point I'll 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 fourth quarter gross profit was $1.75 billion, and gross margin was 50.5% of revenue.

TI第四季毛利為17.5億美元，毛利率佔營收的50.5%。

Gross profit fell $184 million from the third quarter due to the decline in semiconductor revenue and a seasonal decline in educational technology revenue.

由於半導體收入下降以及教育技術收入季節性下降，毛利較第三季下降1.84億美元。

We're pleased that gross margin held relatively stable against a sharp decline in revenue, although gross margin declined less than a percentage point, most of this was associated with a single decline in our calculator revenue.

我們很高興毛利率在收入急劇下降的情況下保持相對穩定，儘管毛利率下降了不到一個百分點，但大部分與我們計算器收入的單一下降有關。

In our semiconductor segment, gross margin declined less than 0.5 a percentage point despite an almost almost $200 million sequential drop in revenue.

在我們的半導體領域，儘管收入環比下降了近 2 億美元，但毛利率下降了不到 0.5 個百分點。

This performance reflects the benefit of our hybrid manufacturing strategy.

這一業績反映了我們混合製造策略的優勢。

Although we reduce our production both internal and at foundries to align with demand and to reduce our inventory, recall that our most costly production remains significantly outsourced to foundries.

儘管我們減少了內部和鑄造廠的生產，以適應需求並減少庫存，但請記住，我們最昂貴的生產仍然大量外包給鑄造廠。

As a result, even though TI's internal factory utilization declined sharply in the quarter, most of the under utilized assets are those where fixed cost depreciation levels are low.

因此，儘管 TI 的內部工廠利用率在本季急劇下降，但大多數利用率不足的資產都是固定成本折舊水準較低的資產。

Gross margins also benefited from cost reduction actions that we undertook such as shutting down numerous factories over the holiday and from the growth in royalties that Ron previously described.

毛利率也受益於我們採取的成本削減行動，例如在假期期間關閉眾多工廠，以及羅恩之前描述的特許權使用費的增長。

Operating expenses of 981 million declined $21 million sequentially.

營運費用為 9.81 億美元，比上一季減少 2,100 萬美元。

Most of the decline was due to seasonally lower pay and benefits partly reflecting the holiday and vacation period.

下降的主要原因是薪資和福利季節性下降，部分反映了假期和休假期間。

As we continue to challenge ourselves to operate at higher levels, we have decided to take a strategic action to increase our R&D efficiency by changing the way we develop advanced digital process technologies going forward.

隨著我們不斷挑戰自己在更高層面上運營，我們決定採取策略行動，透過改變我們未來開發先進數位流程技術的方式來提高我們的研發效率。

Historically, TI independently developed our process technologies and have worked with our foundry suppliers to align our processes with theirs.

從歷史上看，TI 獨立開發了我們的製程技術，並與我們的代工供應商合作，使我們的製程與他們的製程保持一致。

As the foundries have continued to increase their capabilities over the years, we have determined that we can eliminate this redundancy and more closely collaborate with them on process development.

隨著鑄造廠多年來不斷提高其能力，我們決定可以消除這種冗餘，並在製程開發方面與他們進行更密切的合作。

This is a natural extension of our current relationships with the foundries and allows us to more tightly focus our own R&D resources on product development where we gain the most competitive advantage.

這是我們目前與代工廠關係的自然延伸，使我們能夠將自己的研發資源更緊密地集中在產品開發上，從而獲得最大的競爭優勢。

Independent of this process R&D action, we will stop production at K-fab, one of our older 200 millimeter digital factories in Dallas and move this production equipment into several of our analog factories to increase their output.

獨立於這項製程研發行動，我們將停止 K-fab（我們位於達拉斯的較舊的 200 毫米數位工廠之一）的生產，並將該生產設備轉移到我們的幾家模擬工廠以增加產量。

Combined, these actions will result in a reduction of about 500 jobs and will produce about about $200 million of annualized cost savings when completed.

這些行動總共將減少約 500 個工作崗位，完成後每年將節省約 2 億美元的成本。

The actions will begin in the first quarter and should be mostly complete by the end of this year.

這些行動將於第一季開始，並應在今年年底前基本完成。

The Company will incur total restructuring charges of about $55 million with these actions, with these charges about evenly distributed over the four quarters of 2007.

透過這些行動，公司將承擔總計約 5,500 萬美元的重組費用，這些費用大致均勻分佈在 2007 年的四個季度中。

Operating profit for the quarter was $767 million or 22.1% of revenue.

該季度營業利潤為 7.67 億美元，佔營收的 22.1%。

Operating profit declined $163 million in the third quarter.

第三季營業利潤下降了 1.63 億美元。

Operating profit included stock based compensation expense of $78 million or 2.3% of revenue.

營業利潤包括 7,800 萬美元的股票補償費用，佔收入的 2.3%。

Other income and expense was $70 million up $15 million sequentially due to the settlement of all remaining matters related to the grants from the Italian government regarding TI's former memory business operations.

其他收入和支出為 7,000 萬美元，比上一季增加 1,500 萬美元，原因是與義大利政府對 TI 前內存業務運營的撥款相關的所有剩餘事項均得到了解決。

Income from continuing operations was $671 million or $0.45 per share.

持續經營收入為 6.71 億美元，即每股 0.45 美元。

This included about $0.05 of benefit from the reinstatement of the federal research tax credit which was signed into law in December 2006 and was retroactive to the beginning of the year.

其中包括恢復聯邦研究稅收抵免帶來的約 0.05 美元的收益，該稅收抵免於 2006 年 12 月簽署成為法律，並追溯至年初。

Accordingly, there was a cumulative catch up in the fourth quarter to align our tax rate for the year.

因此，第四季出現了累積的追趕，以調整我們的年度稅率。

I'll leave most of the cash flow and balance sheet items for you to review in the release; however let me make just a few comments.

我將大部分現金流量和資產負債表項目留給您在新聞稿中查看；不過，請容許我發表幾點評論。

Cash flow from operations was was 846 million in the quarter and we ended the year with $3.72 billion in total cash.

本季營運現金流為 8.46 億美元，年末現金總額為 37.2 億美元。

In the fourth quarter, we used $1.13 billion of cash to repurchase 37 million shares of TI common stock.

第四季度，我們使用了 11.3 億美元現金回購了 3,700 萬股 TI 普通股。

Our repurchase program has reduced TI shares outstanding by 9% over the past year and by 16% over the last two years.

我們的回購計畫使 TI 流通股在過去一年減少了 9%，在過去兩年中減少了 16%。

Inventory of 1.44 billion at the end of the year declined $54 million as we sharply reduced production.

由於我們大幅減產，年底庫存 14.4 億美元減少了 5,400 萬美元。

Days of inventory at the end of the fourth quarter were 75 compared with 73 days at the end of the third quarter.

第四季末的庫存天數為 75 天，而第三季末的庫存天數為 73 天。

As mentioned earlier, we intentionally reduced production loadings in the fourth quarter to help control inventory.

如前所述，我們有意減少第四季的生產負荷，以幫助控制庫存。

Because of that, inventory should continue to fall during the early part of the first quarter.

因此，第一季初期庫存應該會繼續下降。

Current production starts have begun to build again and overall utilization in first quarter is expected to be higher than it was in the fourth quarter.

目前的生產開工率已再次開始增加，預計第一季的整體利用率將高於第四季。

TI orders in the fourth quarter were $3.08 billion, a decline of 10% sequentially.

TI第四季訂單量為30.8億美元，季減10%。

Semiconductor orders were down 9%.

半導體訂單下降 9%。

Our semiconductor book-to-bill ratio was 0.89, down from 0.93 in the third quarter.

我們的半導體訂單出貨比為 0.89，低於第三季的 0.93。

As a result, in the first quarter, we expect total TI revenue to decline and to be in the range of 3.01 billion to $3.28 billion.

因此，我們預計第一季 TI 總營收將下降，介於 30.1 億美元至 32.8 億美元之間。

Semiconductor revenue should be in the range of 2.95 billion to 3.20 billion.

半導體營收應該在29.5億到32億之間。

These ranges are equivalent to a sequential decline of 5 to 13% for TI and the semiconductor segment.

這些範圍相當於 TI 和半導體領域連續下降 5% 至 13%。

Educational technology should be in the range of 60 to $80 million.

教育科技應該在60到8000萬美元之間。

Earnings per share are expected to be in the range of $0.28 to $0.34 in the fourth quarter.

第四季每股收益預計在 0.28 美元至 0.34 美元之間。

Let me now summarize a few highlights for the year overall.

現在讓我總結一下今年的一些亮點。

First, TI had solid gains and profitability in 2006.

首先，TI 在 2006 年取得了穩固的收益和獲利能力。

Gross margin increased 2.1 percentage points to 50.9%.

毛利率上升2.1個百分點至50.9%。

Operating margin increased 2.9 percentage points to 23.6%.

營業利益率成長 2.9 個百分點，達到 23.6%。

Both were all-time highs for the Company.

兩者均創公司歷史新高。

Cash flow from operations was $2.45 billion and we repurchased $5.3 billion of TI stock in the year.

營運現金流為 24.5 億美元，我們在這一年回購了 53 億美元的 TI 股票。

Although the near term environment continues to be challenging, we believe this correction is happening quickly and will be relatively short lived.

儘管近期環境仍然充滿挑戰，但我們相信這種調整正在迅速發生，而且持續時間相對較短。

For the long run, we continue to strategically shape the Company as noted by our increasing focus and results in the high performance analog and today's announcement of our CMOS R&D plans.

從長遠來看，我們將繼續策略性地塑造公司，正如我們對高效能模擬日益增長的關注和成果以及今天宣布的 CMOS 研發計劃所表明的那樣。

We believe TI is well positioned in market opportunities that are strong.

我們相信 TI 在強大的市場機會中處於有利地位。

We departed 2006 stronger than we entered the year and we remain confident that there's no better place to be in the semiconductor industry than positioned as the leader in analog and DSP.

2006 年結束時，我們的表現比年初時更加強勁，我們仍然相信，在半導體產業中，沒有比模擬和 DSP 領域的領導者更好的位置了。

With that let me turn it back over to Ron.

讓我把它轉回給羅恩。

Thanks, Kevin.

謝謝，凱文。

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 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] Our first question comes from Cody Acree from Stifel Nicolaus.

[操作員說明] 我們的第一個問題來自 Stifel Nicolaus 的 Cody Acree。

Thanks, Kevin maybe we can just start with your comments here on inventory and your fab loadings.

謝謝，凱文，也許我們可以從您對庫存和晶圓廠負載的評論開始。

You said, if I took that correctly, that you are already starting to ramp the production process to prep, I guess for Q2 demand; is that correct?

您說，如果我理解正確的話，您已經開始加快生產流程，為第二季的需求做好準備；那是對的嗎？

Generally that's correct, Cody.

一般來說這是正確的，科迪。

Again just to remind everybody how the inventory process flows from manufacturing, a good example is to look in the third quarter when we started significantly reducing the loadings in our foundries, our inventories, even though we reduced the loadings continued to increase, our internal inventories continued to increase up through about November of the fourth quarter as that inventory flowed into us and then started decreasing from there.

再次提醒大家，庫存流程是如何從製造中流出的，一個很好的例子是第三季度，當時我們開始大幅減少鑄造廠的負荷，我們的庫存，即使我們減少了負荷，我們的內部庫存仍在繼續增加隨著庫存流入我們，到第四季 11 月左右，庫存持續增加，然後開始減少。

So we're expecting it to continue to decrease into the first half of first quarter but in the meantime, we're now beginning to restart the factories so that we have an appropriate amount of inventory to meet potential demand in the second quarter.

因此，我們預計第一季上半年將繼續減少，但同時，我們現在開始重啟工廠，以便我們有適當數量的庫存來滿足第二季度的潛在需求。

I guess that gets me into my question, how much of an inventory, internal inventory decrease do you think you need to see to get to a comfortable level?

我想這讓我陷入了我的問題，你認為你需要看到多少庫存、內部庫存減少才能達到一個舒適的水平？

Cody, we don't actually characterize those in quarter numbers or make forecasts, actually on the inventory line itself.

科迪，我們實際上並沒有用季度數字來描述這些特徵或做出預測，實際上是在庫存行本身。

I would just -- let me just summarize it by saying that we expect it to continue to decline into the quarter from what we just reported for the fourth quarter and will turn somewhere during the middle of the quarter and begin to grow again.

我只是 - 讓我總結一下，我們預計它會從我們剛剛報告的第四季度繼續下降到本季度，並將在本季度中期轉向並開始再次增長。

And then the follow-up if I may.

如果可以的話，然後進行後續行動。

What is your best guess on what's going on in the 3G market?

您對 3G 市場動態的最佳猜測是什麼？

Is it more of an economics issue?

這更多的是經濟問題嗎？

Is it a geographic problem?

是地理問題嗎？

Is it just excess 3G inventory and what is it that you expect to turn that around?

只是 3G 庫存過剩嗎？您希望如何扭轉這一局面？

I think I'll make some comments and let Ron add some color to it but from what I have heard our customers describing, what we really have is the 3G market, it's still -- there are sales there.

我想我會發表一些評論，並讓 Ron 為其添加一些色彩，但從我聽到的客戶描述來看，我們真正擁有的是 3G 市場，它仍然存在——那裡有銷售。

The sales just aren't growing as fast as I think many of our customers had anticipated or hoped for.

我認為銷售額的成長速度沒有我們許多客戶預期或希望的那麼快。

Where we're really seeing the growth and I think what's been a surprise for everyone is the rate of growth in the low end market, primarily in the emerging economies, China and India specifically.

我們真正看到的成長，我認為讓每個人都感到驚訝的是低端市場的成長率，主要是在新興經濟體，特別是中國和印度。

What causes the 3G to start growing again in the future at a faster pace?

是什麼原因導致3G未來再次開始以更快的速度成長？

I guess it's just really going to come down to applications or other things that may appeal to you or me and other users as to why we might want to buy those phones versus what we have.

我想這實際上取決於應用程式或其他可能吸引你或我和其他用戶的東西，以解釋為什麼我們可能想要購買這些手機而不是我們擁有的手機。

So, Cody, I think also just to add that we first of all, what we're seeing in fourth quarter is probably a combination of what some of our handset customers maybe were even starting to feel and discuss in their October calls of what they saw in the third quarter so there's probably a little bit of extra emphasis in our sequential decline in fourth quarter that goes across some of the results both third and fourth.

所以，科迪，我想補充一點，首先，我們在第四季度看到的情況可能是我們的一些手機客戶甚至開始在 10 月份的電話會議中感受到和討論的綜合結果。我們在第三季度看到了這一情況，因此可能需要特別強調第四季度的連續下降，這涉及第三季和第四季的一些結果。

I think beyond just the lack of compelling applications, at some point you actually may have Operators choose to turn on more aggressively consumers to 3G just because they get more efficiency out of their network, but that probably will require a lower 3G handset price and what we have to do today just because it's strictly an economic calculation that they would base that switch over on.

我認為，除了缺乏引人注目的應用程式之外，在某些時候，營運商實際上可能會選擇更積極地吸引消費者使用3G，只是因為他們從網路中獲得了更高的效率，但這可能需要更低的3G 手機價格以及什麼我們今天必須這樣做，因為這完全是他們進行切換的基礎上的經濟計算。

So, it's probably a combination of cost of the handsets, combined with just the lack of compelling applications here and now today.

因此，這可能是手機成本和當今缺乏引人注目的應用程式的結合。

Thank you, Cody and let's move to the next caller, please.

謝謝你，科迪，請讓我們轉到下一個來電者。

Our next question comes from Adam Parker from Sanford Bernstein.

我們的下一個問題來自桑福德伯恩斯坦公司的亞當帕克。

Please go ahead.

請繼續。

Hi.

你好。

I'm still a little confused on this issue.

對於這個問題我還是有點困惑。

Are you guys under shipping consumption right now and do you plan to throughout the quarter?

你們現在的運輸消費是否處於低位，你們計劃整個季度都處於低位嗎？

Help us, are you talking broadly in semiconductor, Adam?

幫助我們，亞當，你是在廣泛談論半導體嗎？

Sure.

當然。

To the extent that our customers are reducing inventory, then yes, that would translate to us under shipping consumption.

如果我們的客戶減少庫存，那麼是的，這將轉化為我們的運輸消耗。

And given you'd plan on ramping throughout the quarter, does that imply that you'll be aligning with consumption by the end of the quarter?

鑑於您計劃在整個季度增加產量，這是否意味著您將在本季結束時與消費保持一致？

I guess what we're trying to figure out is why -- you think, Kevin said we think it's pretty short lived and it's happening quickly, the reduction.

我想我們想要弄清楚的是為什麼——你想，凱文說我們認為這種減少是非常短暫的，而且發生得很快。

What gives you confidence to look out to Q2?

是什麼讓您有信心關注第二季？

Is it just normal seasonality or?

這只是正常的季節性還是？

I'll hit part of that and then I'll let Kevin also hit part of that.

我會擊中一部分，然後我會讓凱文也擊中一部分。

I think if you -- what causes us to ramp is what Kevin just described which is we're starting wafers in our factories not based upon today's demand but based upon demand three months or so at a minimum out, and what gives us confidence that it will be short lived is I'd say I'd point to a couple of things.

我認為，導致我們產量增加的原因是凱文剛才描述的，我們在工廠裡開始生產晶圓不是基於今天的需求，而是基於至少三個月左右的需求，這讓我們有信心我想說的是，這將是短暫的，我會指出幾件事。

One, we don't see any broad based significant excesses of inventory.

第一，我們沒有看到任何廣泛的庫存嚴重過剩。

We think because components are more readily available, customers generally can take what may be already relatively low levels of inventory and push them even lower, and so the fact that we're seeing not a significant correction that's needing to take place but more a fine tuning by customers is one of the considerations that feeds into our operational plan and then I think the other one that would tie to that is that just what our customers seem to be saying about demand and we don't have customers pointing to sharp fall outs in their demand.

我們認為，由於組件更容易獲得，客戶通常可以接受可能已經相對較低的庫存水平，並將其推得更低，因此，事實上，我們沒有看到需要進行的重大調整，而是更多的罰款客戶的調整是納入我們營運計劃的考慮因素之一，然後我認為與之相關的另一個因素是我們的客戶似乎在談論需求，而且我們沒有客戶指出急劇的分歧在他們的要求下。

Generally, demand seems to be healthy and relatively stable.

整體而言，需求似乎健康且相對穩定。

I'm a little confused still because I'm trying to figure out then what were the learning lessons from '06.

我仍然有點困惑，因為我試圖弄清楚 06 年的經驗教訓是什麼。

I mean, you guys obviously -- not just TI, the industry over shipped and your customers somewhere in the chain had a lot more inventory than you thought.

我的意思是，你們顯然——不僅僅是 TI，整個行業的出貨量都過剩，而且你們在供應鏈中某個地方的客戶的庫存比你們想像的要多得多。

I know you guys said you did a lot more to moderate things in the first half of '06 and at that time you felt pretty confident you were in touch with your customers and [Inaudible] so maybe the question is, is this the best you guys can do or what are the learning lessons from last year, given you're guiding down 9 off of a down 5, obviously the -- is it all mix or what are the learning lessons here?

我知道你們說你們在 06 年上半年做了很多事情來緩和事情，當時你們對與客戶保持聯繫非常有信心，[聽不清楚]所以也許問題是，這是最好的嗎？夥計們可以做什麼，或去年的學習經驗是什麼，考慮到你的指導是從下降5 分中下降9 分，顯然- 都是混合的嗎？或者這裡有什麼學習經驗？

Adam, I think one of the other things that leads us to believe that this will probably be a fairly short lived correction is that as you point out, we and everybody else are paying more attention to inventory and trying to respond more quickly than we perhaps did in years past.

亞當，我認為讓我們相信這可能是一次相當短暫的調整的另一件事是，正如你所指出的，我們和其他所有人都更加關注庫存，並試圖比我們更快地做出反應過去幾年做過。

If we just look back at the late '04 going into early '05 example, that's one of the reasons that we look and say this appears to be shaping up to be a similar pattern and that we saw an inventory build, a couple of quarters of declines and then it turned around.

如果我們回顧一下 04 年末到 05 年初的例子，這就是我們認為這似乎正在形成類似模式的原因之一，並且我們看到庫存增加了幾個季度下降，然後又出現逆轉。

The lesson that we learned from that particular one was that when it did turn around we didn't get an advanced phone call.

我們從那次事件中學到的教訓是，當事情發生逆轉時，我們沒有接到提前電話。

It turned around extremely fast on us and we found ourselves starting in late '05 and spending the next year and a half doing everything we could to try to catch up with that spring back.

我們的情況轉變得非常快，我們發現自己從 05 年末開始，並在接下來的一年半時間裡竭盡全力試圖趕上春天的到來。

So the lesson we're trying to learn from that one is don't get too tight on reducing the inventory or anticipate that demand won't come back without advance notice.

因此，我們試圖從中吸取的教訓是，不要在減少庫存方面過於嚴格，也不要在沒有提前通知的情況下預期需求不會回升。

Be ready for it if it does come back.

如果它真的回來的話，請做好準備。

If it turns out it comes back more slowly or doesn't come back we'll take appropriate action but we're really looking to learn the lesson from that '04 '05 cycle.

如果事實證明它恢復得更慢或沒有恢復，我們將採取適當的行動，但我們確實希望從 04 '05 週期中吸取教訓。

Thanks, guys.

多謝你們。

Thank you, Adam, next caller, please?

謝謝你，亞當，請問下一位來電者是誰？

Our next question comes from Glen Yeung from Citigroup.

我們的下一個問題來自花旗集團的 Glen Yeung。

Please go ahead.

請繼續。

Thanks.

謝謝。

I think, Kevin, you mentioned that you're gaining share with low cost, I think you alluded to the fact that you're seeing some customers that you might not have otherwise had.

我想，凱文，你提到你正在以低成本獲得份額，我想你提到了這樣一個事實：你正在看到一些你本來可能不會擁有的客戶。

Is LoCosto growing for you strongly enough to offset the declines that you're seeing in OMAP and 3G I guess both on a dollar and on a unit basis?

LoCosto 的成長是否足以抵消 OMAP 和 3G 的下降（我想無論是按美元還是按單位計算）？

You mean in the fourth quarter?

你是說第四季？

No.

不。

I'm really thinking as we look out into 2007, even if you want to tighten it up into the first half, I'd love to hear what you had to say about fourth quarter but I'm thinking more of the outlook as well.

當我們展望 2007 年時，我真的在思考，即使您想將其收緊到上半年，我很想聽聽您對第四季度的看法，但我也更多地考慮前景。

Well, we were pretty specific on the numbers in fourth quarter.

嗯，我們對第四季的數字非常具體。

We saw a 20% sequential decline in 3G revenue and yes, we saw growth in the non-3G revenue, both growth in units as well as revenue, but not sufficient again to offset the decline in 3G.

我們看到 3G 收入環比下降了 20%，是的，我們看到非 3G 收入有所增長，包括數量和收入的增長，但仍不足以抵消 3G 的下降。

So looking forward into 2007, it depends, we have a very strong position in the low end and as that market continues to grow, we will be the prime beneficiary in terms of the semiconductor manufacturers of that growth.

因此，展望 2007 年，視情況而定，我們在低端市場擁有非常強大的地位，並且隨著該市場的持續成長，我們將成為半導體製造商成長的主要受益者。

The question, Glen, is what you're asking on 3G, and we don't have a specific outlook.

Glen，你問的問題是關於 3G 的，我們沒有具體的前景。

You've had numerous people talk about 3G, pretty significant growth in 3G units. '07 compared to 2006 and we certainly hope those forecasts come true, but at least what we've seen in fourth quarter and our expectation for first quarter says it hasn't happened yet.

很多人都在談論 3G，3G 設備的成長相當顯著。與 2006 年相比，07 年的情況我們當然希望這些預測能夠實現，但至少我們在第四季度看到的情況以及我們對第一季的預期表明這還沒有發生。

So that's probably about as far out as I can reach on that.

所以這可能是我所能達到的極限了。

Did you have a follow-up, Glen?

你有後續行動嗎，格倫？

Well, just to clarify then, so is it fair to say that LoCosto represents more of a growth engine in the near term than 3G does?

好吧，我想澄清一下，那麼可以公平地說 LoCosto 比 3G 更能代表近期的成長引擎嗎？

In fact it did in the fourth quarter.

事實上，第四季確實如此。

Okay.

好的。

So we expect that LoCosto ramp to continue very aggressively through 2007, so that certainly is a positive.

因此，我們預計 LoCosto 的成長將在 2007 年繼續非常積極，因此這當然是積極的。

We saw the client in fourth quarter I would say at a minimum that will be characterized as a pause continuing into first quarter and just is a question of when it turns on.

我們在第四季度看到了客戶，我至少會說，這將被描述為持續到第一季的暫停，只是一個何時開啟的問題。

Okay, so the follow-up is really on the gross margin outlook that you gave for Q1.

好的，後續行動實際上是關於您給出的第一季毛利率前景。

If I just sort of run through your range of guidance, you get a relatively guide range although given the revenue decline, you're certainly showing some good stability with your gross margins and given the commentary that utilization ought to build into -- or throughout the course of the first quarter, is it fair to assume that one, gross margins are bottoming in Q1 and then secondarily, can you just talk a little bit about maybe Kevin what sort of creates that range?

如果我只是瀏覽一下您的指導範圍，您會得到一個相對的指導範圍，儘管考慮到收入下降，但您的毛利率肯定表現出良好的穩定性，並且考慮到利用率應該納入或貫穿整個過程的評論就第一季度的情況而言，可以公平地假設一，毛利率在第一季度觸底，其次，您能談談凱文（Kevin）是怎樣創造了這個範圍的嗎？

Is it just revenues or are there other things that create the range of gross margin guidance?

只是收入還是有其他因素影響毛利率指導範圍？

Glen, I think that your analysis is probably pretty good in that we do see our gross margins being fairly stable as we saw just coming to this quarter and you can do the math and come at a pretty similar conclusion for first quarter.

格倫，我認為您的分析可能非常好，因為我們確實看到我們的毛利率相當穩定，正如我們剛剛看到的那樣，本季度您可以進行數學計算並得出第一季度非常相似的結論。

Really the range that we have given you on the revenue outlook is just a reflection of the fact that we just closed a quarter with a 0.89 book-to-bill and that's, it's been awhile since it's been that low and so it's going to require a fair amount of in quarter sales in order to make sure that we achieve the revenue range that we gave.

事實上，我們給你的收入前景範圍只是反映了這樣一個事實：我們剛剛結束一個季度的訂單出貨比為 0.89，也就是說，已經有一段時間沒有達到如此低的水平了，所以它需要相當數量的季度銷售額，以確保我們達到我們給出的收入範圍。

So just given the fact the book-to-bill is as weak as it was really is what we have for the explanation for the width of that range and how far down it goes right now.

因此，鑑於訂單出貨比實際情況一樣疲弱，我們就可以解釋該範圍的寬度以及目前的下降程度。

Safe to say that gross margins bottom in Q1?

可以肯定地說，毛利率在第一季觸底嗎？

I'm not making a specific forecast there.

我不會在那裡做出具體的預測。

I think you can kind of do your math there, Glen, but I would just observe that our gross margins have been very stable for quite a long time now including this most recent quarter and we don't expect too much variability as we look out into the future.

我想你可以在那裡做數學，格倫，但我只是觀察到，我們的毛利率在很長一段時間內一直非常穩定，包括最近一個季度，我們預計不會有太大的變化進入未來。

That's great, thanks.

太好了，謝謝。

Thank you, Glen.

謝謝你，格倫。

Next caller, please?

請問下一位來電者嗎？

Our next question comes from Michael Masdea from Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Michael Masdea。

Please go ahead.

請繼續。

Yes, Kevin, earlier you made a reference to a period a couple years ago and how this might be somewhat similar and you're trying to manage it a little differently.

是的，凱文，早些時候您提到了幾年前的一段時期，以及這可能有點相似，但您試圖以稍微不同的方式來管理它。

Can you help us understand what the disconnect is between your lead times and what customers are looking for now and then?

您能否幫助我們了解您的交貨時間與客戶不時尋找的產品之間存在什麼脫節？

And the same sort of thing on the turns environment.

在轉彎環境中也是同樣的情況。

Is this a lot different from your diverse perspectives or does it look pretty similar?

這與您的不同觀點有很大不同還是看起來非常相似？

Actually, it's quite interesting.

事實上，這很有趣。

It's probably more similar than dissimilar, Michael.

邁克爾，相似之處可能多於不同之處。

When we came through the first half of '04, you may recall, we were working hard to try to build inventory and we had a difficult time actually doing it because we had a lot of expedite requests happening from our customers and then it fairly suddenly began to correct in the third quarter, late third quarter of '04 and the correction ran all the way through the first quarter of '05 before we saw it kind of flatten out and start to grow and then took off again in third quarter.

您可能還記得，當我們經歷 04 年上半年時，我們正在努力建立庫存，但實際上我們遇到了困難，因為我們的客戶提出了很多加急請求，然後它突然就出現了。04 年第三季度末開始修正，修正一直持續到05年第一季度，然後我們看到它趨於平緩並開始成長，然後在第三季再次起飛。

This demand environment feels to us quite similar to what we experienced back then and again, the lesson we're trying to learn from that is not to get too tight on inventory on this part of the correction cycle, so as to possibly miss a sudden uptick later in 2007.

這種需求環境對我們來說與我們過去一次又一次經歷的情況非常相似，我們試圖從中吸取的教訓是，在調整週期的這一部分，庫存不要太緊張，以免錯過突然出現的情況。2007 年晚有些時候有所回升。

Thanks.

謝謝。

And then to your structuring commentary and your manufacturing commentary, does this suggest that a couple things one, that you have to be more tied to your foundries and can't maybe move around businesses much and secondly, does it increase your percentage of outsourcing that we've gotten used to?

然後，對於您的結構評論和製造評論，這是否表明有幾件事，第一，您必須與代工廠更加緊密地聯繫在一起，並且可能不能在業務中進行過多的調動；第二，它是否會增加您的外包比例我們已經習慣了嗎？

I'll take that in reverse order.

我會以相反的順序來處理。

We don't expect it to change in any material way, the level of outsourcing that we've done.

我們預計它不會以任何實質方式改變我們所做的外包水準。

We've averaged about 50% of our most advanced digital processes.

我們最先進的數位流程的平均利用率約為 50%。

As far as tying us to any one foundry, no, we don't expect it to change that either and really what we're doing there just to make sure folks understand, we've been working with the foundries now for five plus years and really developed some good relationships and gotten pretty comfortable with how they operate.

至於將我們與任何一家代工廠聯繫在一起，不，我們也不希望它改變這一點，實際上我們在那裡所做的只是為了確保人們理解，我們現在已經與代工廠合作了五年多並真正建立了一些良好的關係，並對他們的運作方式感到非常滿意。

During that period, we continued to develop our own advanced digital manufacturing processes as did the foundries develop theirs.

在此期間，我們繼續開發自己的先進數位製造工藝，鑄造廠也開發他們的先進數位製造工藝。

In watching their development capability over the last few years, we've gained a lot of confidence in their ability to develop those processes in a manner that fully meets our needs, and so as a result of that, we no longer believe that it's necessary to maintain this redundant capability, if you will, by developing it internally and having them develop also.

在過去幾年觀察他們的開發能力時，我們對他們以完全滿足我們需求的方式開發這些流程的能力充滿信心，因此，我們不再認為這是必要的如果你願意的話，可以通過內部開發並讓他們也開發來維持這種冗餘能力。

So, consequently we're going to go ahead and discontinue the development effort just on the advanced digital processes.

因此，我們將繼續並停止僅針對先進數位流程的開發工作。

We will continue to do all of our own development on our analog and mixed signal processes as we have for pretty much all of our years.

我們將繼續在模擬和混合訊號處理方面進行我們自己的開發，就像我們多年來所做的那樣。

From a timing standpoint, this actually is an opportune time for us to do it. 2007 is a period when we expect to complete the early capability for our 45 nanometer and we can stop this activity during 2007 before we actually start incurring costs or activities on development for 32 nanometer.

從時機來看，現在確實是我們這樣做的好時機。 2007 年是我們預計完成 45 奈米技術早期能力的時期，我們可以在 2007 年實際開始產生 32 奈米開發成本或活動之前停止這項活動。

So it's very good timing for us to go ahead and do this right now.

因此，現在正是我們繼續進行這項工作的好時機。

Thank you guys, very much.

非常感謝你們。

Thank you, Michael, next caller, please.

謝謝您，邁克爾，請是下一位來電者。

Our next question comes from Chris Danely from JP Morgan.

我們的下一個問題來自摩根大通的克里斯丹利。

Kevin, just to clarify on the inventory, you said that utilization rates go down for awhile and then they go back up.

凱文，只是為了澄清庫存，你說利用率會下降一段時間，然後又會回升。

So if we're sitting here three months from now in April, do you think your overall inventory is going to be flat in Q1 versus Q4?

因此，如果我們在三個月後的 4 月坐在這裡，您認為第一季的整體庫存量會與第四季持平嗎？

Chris, that's a level of detail in the forecast that I think you remember we don't typically give.

克里斯，我認為您記得我們通常不會提供預測的詳細程度。

What I am just trying to frame for you is the fact that to follow-up on what Ron had commented on during the mid quarter update and that was that we felt then that our inventory would probably peak in November and begin to decline and in fact it did.

我只是想向您說明的是，為了跟進 Ron 在季度中期更新期間發表的評論，我們當時認為我們的庫存可能會在 11 月達到高峰並開始下降，事實上它做了。

It continues to decline today and we expect that to continue probably into the first half of the quarter before it begins to resume -- the valuation begins to resume to increase.

今天它繼續下跌，我們預計這種情況可能會持續到本季上半年，然後開始恢復——估值開始恢復上升。

In order for that to happen, of course, we have already started increasing loading of our factories.

當然，為了實現這一目標，我們已經開始增加工廠的負載。

Now exactly where the inventory level lands?

現在庫存水準到底在哪裡？

That's going to be as much a function of where inside the revenue guidance range that we've given you that we land.

這將取決於我們所提供的收入指導範圍內的情況。

If we land at the high end it will be -- the lower it will be higher but other than that I really don't have more details than that for you Chris.

如果我們到達高端，它會是 - 越低，它就會越高，但除此之外，我真的沒有比這更多的細節給你了，克里斯。

I guess because your revenue is lower than it was in the first half of '06 but we're looking at $200 million more inventory than we had.

我猜是因為你們的收入比 06 年上半年低，但我們預期庫存比我們現在多了 2 億美元。

So I'm just wondering why you wouldn't just bring it down a couple hundred million bucks given the book-to-bill we've seen for the last couple of quarters.

所以我只是想知道，考慮到我們過去幾個季度看到的訂單到帳單，為什麼不直接降低幾億美元。

Yes.

是的。

It's a good observation you're making there, Chris.

克里斯，你的觀察非常好。

If you take a look at where we came out of the fourth quarter of 2005, recall that we came out with with our delinquencies going way up on us and we were running way behind on our deliveries, with way too little inventory.

如果您看一下我們 2005 年第四季的表現，您會發現，我們的拖欠率大幅上升，而且我們的交貨速度遠遠落後，而且庫存太少。

So, again, it's as simple as what I've described a few minutes ago that we want to learn the lessons from that last inventory correction and not under call how much inventory we have on hand, should demand resume in a similar pattern to what we saw back in the 2005 time frame.

因此，正如我幾分鐘前所描述的那樣簡單，我們希望從上次庫存調整中吸取教訓，而不是要求我們手頭有多少庫存，如果需求以類似的模式恢復的話我們在2005 年的時間範圍內看到過。

Got it.

知道了。

And as my follow-up, so if everything works out as planned, could you guys be back at peak utilization rates by say Q2 or Q3?

作為我的後續行動，如果一切按計劃進行，你們能在第二季或第三季恢復到高峰利用率嗎？

It's too early for me to call on that one, Chris.

對我來說，現在去拜訪那個人還為時過早，克里斯。

We don't have enough visibility to be able to give you a good insight on that just yet.

我們還沒有足夠的知名度，無法讓您對此有深入的了解。

Thank you, Chris, let's move to the next caller, please?

謝謝你，克里斯，讓我們轉到下一個來電者，好嗎？

Our next question comes from David Wu from Global Crown Capital.

我們的下一個問題來自環球皇冠資本的David Wu。

Yes, good afternoon.

是的，下午好。

Kevin, I was just trying to get a better idea about how much savings of the $200 million you talked about, those two actions you talked about, how much of that is manufacturing versus the savings on developing R&D and the other question I want to just elaborate on is if you are going to start developing your own digital CMOS process, how do you keep ahead of a guy like a Qualcomm or any of these other guys that essentially use the same vendors that you will be relying on in the future for your wireless, to be ahead of those guys?

凱文，我只是想更了解你談到的2 億美元中節省了多少，你談到的這兩項行動，其中有多少是用於製造的，有多少是用於開發研發的節省，以及我想問的另一個問題詳細說明的是，如果您要開始開發自己的數位 CMOS 工藝，您如何保持領先於高通這樣的公司或任何其他基本上使用您未來將依賴的相同供應商的公司無線，領先那些人？

Okay, David.

好吧，大衛。

Let me go ahead and take a shot at those two.

讓我繼續對這兩個人進行射擊。

The $200 million of savings that we're anticipating will begin in 2008 and right now we don't have a precise call on that but it looks like probably 20 to 25% of that might be in the cost of revenue line and the balance will be in the R&D line, so that probably will be about the spread.

我們預計 2008 年將開始節省 2 億美元，目前我們還沒有確切的數字，但看起來其中 20% 到 25% 可能是收入線成本，餘額將屬於研發線，所以這可能與傳播有關。

Okay.

好的。

As it relates to process advantage, the fact of the matter is, because we are using the foundries for on average about 50% of our advanced lithography capacity today, the truth of the matter is, most of our competitors have access to exactly that same manufacturing technology.

由於它與製程優勢相關，事實是，因為我們今天平均約 50% 的先進光刻產能都在使用代工廠，所以事實是，我們的大多數競爭對手都可以獲得完全相同的技術製造技術。

So where we're gaining our real advantage is how we're actually designing our chips and providing the actual chips based solutions that our customers want.

因此，我們獲得真正優勢的地方在於我們如何實際設計晶片並提供客戶想要的基於實際晶片的解決方案。

That's where we see the real differentiation advantage and that's what we have seen for the last few years and this is just a culmination of that reality by discontinuing that internal development cost on the process technology.

這就是我們看到真正的差異化優勢的地方，這就是我們在過去幾年中所看到的，這只是透過停止製程技術的內部開發成本來實現這一現實的頂峰。

So your friends down in San Diego is claiming that they are going to close the process now window review when we get to 45 nanometers.

因此，您在聖地亞哥的朋友聲稱，當我們達到 45 奈米時，他們將立即關閉流程窗口審查。

David, you probably know more about that than I do.

大衛，你可能比我更了解這一點。

I don't know what to comment on that.

我不知道對此有何評論。

Thank you, Dave, let's move to the next caller, please?

謝謝你，戴夫，讓我們轉到下一個來電者，好嗎？

Our next question comes from Tim Luke from Lehman Brothers.

我們的下一個問題來自雷曼兄弟的蒂姆·盧克。

Please go ahead.

請繼續。

Thanks.

謝謝。

Kevin, just following up on your commentary with respect to slightly higher turns being needed given the lower bookings and book-to-bill.

凱文，只是跟進您的評論，考慮到預訂量和訂單到帳單較低，因此需要稍微提高週轉率。

Could you give us some color on what sort of percentage the terms might be for the first quarter and how we might relate that to being a bit higher as you say?

您能否告訴我們第一季的百分比可能是多少，以及我們如何將其與您所說的更高一點聯繫起來？

Tim, I don't have specific numbers on that.

提姆，我沒有具體數字。

It's more of a qualitative statement.

這更多的是一個定性的陳述。

If you recall last quarter our book-to-bill in semiconductor was about 0.93 so we were draining backlog in third quarter and this quarter it was 0.89 so we drained more backlog.

如果你還記得上個季度我們半導體的訂單出貨比約為 0.93，所以我們在第三季度排出了積壓訂單，本季為 0.89，所以我們排出了更多積壓訂單。

Our customers are, of course have been reducing orders and reducing their inventories so without giving us quite as much order, what would you call it, out in time is what we've seen in the past.

當然，我們的客戶一直在減少訂單並減少庫存，因此在沒有給我們那麼多訂單的情況下，您會稱之為“及時發貨”，這就是我們過去所看到的情況。

So intuitively that means we would have to have higher turns.

直觀上這意味著我們必須有更高的轉彎。

Ron, I don't know if you have anything on the terms data there?

羅恩，我不知道你那裡有沒有關於條款的數據？

No.

不。

I don't have the turns data, I was just looking at if you look at the backlog difference in fourth quarter, new orders came in right at $3 billion and we shipped out 3385 in revenue, so the difference there is basically the backlog decline that happened in the fourth quarter.

我沒有周轉數據，我只是看看第四季度的積壓訂單差異，新訂單額為 30 億美元，我們的收入為 3385，所以差異基本上是積壓訂單的下降那發生在第四季度。

And maybe how does that refer to prior periods where you saw some slowing and then you were hoping for a pick-up in terms of expectation and you've been framing things relative to '04 , for example?

也許這與之前的時期有何關係？例如，您看到了一些放緩，然後您希望預期有所回升，並且您一直在製定與 04 年相關的事情？

Well, again that's the lesson that we're learning is that back in '04 this is exactly what happened where we found that our visibility came in substantially as our customer slowed down in their orders and our turns had increased until there was a clearing of the inventory so to speak when it began to stabilize, back to when we had one book-to-bill.

好吧，這也是我們學到的教訓，早在04 年，這正是發生的情況，我們發現，隨著客戶訂單速度放慢，我們的可見度大幅提高，而我們的周轉次數增加，直到清理完畢。可以這麼說，當庫存開始穩定時，回到我們有訂單到帳單的狀態。

In aligning those two so closely though in comparing them, you must have a sense of how you were expecting the turns to be as a percentage of the revenue that might help us?

在將兩者如此緊密地進行比較時，您必須了解您期望的收入佔收入的百分比如何，這可能對我們有幫助？

Tim, actually I don't have that data with me.

提姆，實際上我沒有這些數據。

So I can't share that with you, I'm sorry.

所以我不能跟你分享，我很抱歉。

Maybe as my follow-up--.

也許作為我的後續行動——。

Let me make one other comment.

讓我發表另一項評論。

We have seen an increasing percentage of our revenue, especially in high volume areas like wireless move toward these inventory consignment programs as well, and in any kind of inventory consignment program, basically, since you're not getting forward orders from the customers and backlog, you're basically building to a forecast.

我們已經看到我們的收入比例不斷增加，特別是在無線等大批量領域，也開始轉向這些庫存寄售計劃，基本上，在任何類型的庫存寄售計劃中，因為您沒有收到客戶的轉發訂單和積壓的訂單，你基本上是在建立一個預測。

All of that appears as turns business because the order and the revenue, the order comes in basically as the product is pulled, so just be a little careful that over the last couple of years, we've seen a pretty significant increase in this consignment inventory type of program that would affect the comparisons as well.

所有這些看起來都變成了生意，因為訂單和收入，訂單基本上是在產品被拉動時進來的，所以要小心一點，在過去的幾年裡，我們已經看到這批貨物有了相當大的成長計劃的清單類型也會影響比較。

This is a follow-up then.

那麼這就是後續。

First, should we assume your utilization goes higher in both the foundry business as well as what you have in house in terms of production?

首先，我們是否應該假設您在鑄造業務以及內部生產方面的利用率都更高？

And then with respect to your 3G share, on Friday, one of the big handset OEM's was saying that they will expect to work with you more at the high end as well as the lower end of their product line.

然後，關於您的 3G 份額，週五，一家大型手機 OEM 廠商表示，他們希望在其產品線的高端和低端領域與您進行更多合作。

Can you suggest whether you think your share in 3G may now begin to improve?

您是否認為您在 3G 中的份額現在可能會開始提高？

Thanks.

謝謝。

Tim, our share in 3G is already pretty strong, so I don't want to try to promise that it goes even higher.

蒂姆，我們在 3G 領域的份額已經相當強大，所以我不想嘗試承諾它會更高。

I think as I said in the prepared remarks, you've got pluses and minuses.

我認為正如我在準備好的發言中所說，你有優點也有缺點。

There are areas where -- for example, we talked about over in Japan where that market is increasingly competitive.

在某些領域，例如我們談到的日本市場競爭日益激烈。

We've historically had 100% share with our OMAP applications processor and we now have a competitor.

過去，我們的 OMAP 應用處理器佔有 100% 的份額，現在我們有了競爭對手。

So, you may see areas like that, that market where we might see declines and there are other opportunities that customers, as I said, that we haven't been as historically connected where our share potential certainly has opportunity to go higher, but let me not be specific to any particular customer until that customer is more comfortable with us making, without making such analysis.

因此，您可能會看到這樣的領域，即我們可能會看到下降的市場，正如我所說，客戶還有其他機會，我們在歷史上沒有如此緊密的聯繫，我們的股票潛力肯定有機會走高，但讓在不進行此類分析的情況下，我不會針對任何特定客戶，除非該客戶對我們的產品感到更滿意。

Tim, on the utilization question for us and for our foundries, I would point out that during Ron's opening remarks he did mention that our wireless revenue was down 10% sequentially and that's somewhat abnormal, because fourth quarter, that's usually up and pubbing the team someplace.

提姆，關於我們和我們的代工廠的利用率問題，我想指出的是，在羅恩的開場白中，他確實提到我們的無線收入連續下降了10%，這有點不正常，因為第四季度通常會上升並發布團隊某個地方。

I bring that up only to point out that a large portion of that product is built in our foundries and that is an area where we continue to have inventory beyond what our immediate needs are.

我提出這一點只是想指出，該產品的很大一部分是在我們的代工廠生產的，而在這個領域，我們的庫存仍然超出了我們的直接需求。

As for the rest of our internally built product, those are areas where we'll see our utilization internally begin to increase in the first quarter especially as we continue to try to restock our die bank and the catalog spaces, particularly high performance analog.

至於我們內部建造的產品的其餘部分，我們將在第一季看到我們的內部利用率開始增加，特別是當我們繼續嘗試補充我們的模具庫和目錄空間，特別是高性能模擬產品時。

Thank you, Tim, let's move to the next caller, please?

謝謝你，提姆，讓我們轉到下一個來電者，好嗎？

Our next question comes from Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Please go ahead.

請繼續。

Thanks, Kevin.

謝謝，凱文。

Actually you just mentioned about the differences going on between wireless and the analog side of things.

實際上，您剛剛提到了無線和模擬方面之間的差異。

Could you give us a little bit of idea heading forward as opposed to in the fourth quarter what the differences are and how you'd expect those two subsegments to behave?

您能否給我們一些關於未來與第四季度相比有何差異以及您期望這兩個細分市場表現如何的想法？

Well, if we look into history, to try to understand what happens with wireless, history tells us that normally we see mid single digit declines in the first quarter for wireless.

好吧，如果我們回顧歷史，試圖了解無線領域會發生什麼，歷史告訴我們，通常我們會看到第一季無線領域出現中位數個位數的下降。

I'm a little cautious about necessarily relying on history right now because we just saw a very abnormal fourth quarter versus what we typically see.

我對現在必須依賴歷史持謹慎態度，因為我們剛剛看到了一個與我們通常看到的非常不正常的第四季度。

The overall range that we do expect, the range that we've given of course is down 5 to 13%, so we're expecting that to be pretty broad based across pretty much all of our product lines right now.

我們確實預期的總體範圍，我們給出的範圍當然是下降 5% 到 13%，所以我們預計目前我們幾乎所有產品線都會有相當廣泛的基礎。

Beyond that I don't have a lot more color to add for the finance.

除此之外，我對財務沒有更多的補充。

Do you have a follow-up, Ross?

羅斯，你有後續嗎？

Yes, I did.

是的，我做到了。

In looking at the comparison back to the '04 and early '05 time frame, again, if I just compare your numbers, it seems like this time it's a lot more severe.

再對比 04 年和 05 年初的時間範圍，如果我只是比較你們的數字，這次的情況似乎要嚴重得多。

If it's just inventory, and we've learned a lesson, why do you think it would be more severe and maybe the answer is it's not just inventory, in that case if you could discuss what really do you think is going on?

如果只是庫存問題，我們已經吸取了教訓，為什麼你認為情況會更嚴重，也許答案是不僅僅是庫存問題，在這種情況下，你是否可以討論一下你認為到底發生了什麼？

Well, one thing I would say is we've said it's not just inventory.

好吧，我要說的一件事是我們已經說過這​​不僅僅是庫存。

Clearly, in fourth quarter, we saw a significant shift in wireless mix with weakness at the high end that I wouldn't characterize as all inventory adjustment.

顯然，在第四季度，我們看到無線產品組合發生了重大轉變，高端市場疲軟，我不會將其描述為所有庫存調整。

I think there's some operator influenced activity and maybe some consumer preferences that are becoming more evident there, so that would be one example that I would throw out as a difference compared to back in '04.

我認為有一些運營商影響的活動，也許還有一些消費者偏好在那裡變得更加明顯，所以這將是我將作為與 04 年相比的差異而拋出的一個例子。

Okay so just the mix to the low end of the handset market?

好吧，那麼只是針對低階手機市場的混合？

That would be the most significant difference beyond the adjustment to inventory that we see taking place with the broader base of customers.

這將是除了我們看到的更廣泛的客戶群所發生的庫存調整之外最顯著的差異。

Do you see that as causing a problem in your overall wireless growth for '07 as the same sort of mix transition takes place?

您是否認為這會對您 07 年的整體無線成長造成問題，因為發生了相同類型的混合轉型？

Well, I think we just have to wait to see how 3G plays out in 2007.

嗯，我想我們只能等著看 2007 年 3G 的表現如何。

Again, if I look at what a lot of your wireless equipment counterparts are projecting, they're projecting pretty healthy growth number for '07 so we'll see how that plays out over time.

再說一次，如果我看看許多無線設備同行的預測，他們預測 07 年將出現相當健康的成長數字，所以我們將看看隨著時間的推移，情況會如何發展。

Thank you.

謝謝。

Thank you, Ross, let's move to the next caller, please?

謝謝你，羅斯，讓我們轉到下一個來電者，好嗎？

Our next question comes from Doug Freedman with AmTech Research.

我們的下一個問題來自 AmTech Research 的 Doug Freedman。

Please go ahead.

請繼續。

Thanks for taking my question, guys.

謝謝你們提出我的問題，夥伴們。

If we could talk about a little bit the ASP situation in analog, what you're seeing as far as the price environment out there right now.

如果我們可以稍微討論一下 ASP 的情況，以及您目前所看到的價格環境。

Doug, I would say in general, it's stable.

道格，我想說總的來說，它是穩定的。

Most of our analog revenue is proprietary custom product or highly differentiated high performance analog product and I would say that's pretty stable.

我們的大部分模擬收入都是專有的客製化產品或高度差異化的高性能模擬產品，我想說這是相當穩定的。

For that very small part of our revenue that is commodity, and I'll throw a small part of the analog but probably more standard logic product there, pricing fourth quarter was stable with third quarter.

對於我們收入的一小部分是商品，我將在那裡投入一小部分模擬但可能更標準的邏輯產品，第四季度的定價與第三季度保持穩定。

It had been moving up probably over the prior quarters but what we saw was a stabilization where that pricing really didn't move fourth quarter compared to third quarter.

它可能比前幾個季度有所上升，但我們看到的是穩定，第四季度的定價與第三季度相比確實沒有變化。

Can you offer some detail on where you guys believe you've taken share in the analog market and then I've got a quick follow-up on the foundry question.

您能否提供一些細節，說明您認為自己在模擬市場中佔據了哪些份額，然後我對代工問題進行了快速跟進。

Doug, I don't know that we had, I mean, our analog product base is very broad.

道格，我不知道我們的模擬產品基礎非常廣泛。

I think if you look at where we're seeing growth, our growth is very strong in areas like power management, high performance op amp, we've seen good solid growth in data converters.

我認為，如果你看看我們所看到的成長領域，我們的成長在電源管理、高效能運算放大器等領域非常強勁，我們在數據轉換器方面也看到了良好的穩健成長。

And again, I'm not talking fourth quarter specifically, but for over a period of time, but it's difficult to distinguish between for example, an area like power management where we're seeing good solid growth and overall market gains.

再說一次，我不是具體談論第四季度，而是在一段時間內，但很難區分電源管理等領域，我們看到了良好的穩健成長和整體市場收益。

That's -- in other words, power management, especially portable power management is probably a trend overall.

換句話說，電源管理，尤其是便攜式電源管理可能是一種總體趨勢。

I would say our market share changes probably are similarly broad based.

我想說，我們的市佔率變化可能同樣具有廣泛的基礎。

I don't think you could isolate it to converters or to power management.

我認為您不能將其與轉換器或電源管理隔離。

I think I would say they're pretty broad based, reflecting both our portfolio as well as what we've described as a significant competitive advantage that we have which is just the breadth and depth of our, of the field resources we have deployed directly in front of our customers.

我想我會說它們的基礎相當廣泛，既反映了我們的產品組合，也反映了我們所描述的顯著競爭優勢，即我們直接部署的現場資源的廣度和深度在我們的客戶面前。

So again, pretty broad based.

再說一次，基礎相當廣泛。

All right terrific.

好吧，太棒了。

On the foundry just a real quick follow-up.

在鑄造廠，只是一個真正的快速跟進。

In the past you've given it as a percentage of total wafer starts.

過去，您將其指定為佔總晶圓起始量的百分比。

Any chance we can get that for what it was in the fourth quarter, how much of your wafer demand was sourced outside?

我們是否有機會了解第四季的情況，你們的晶圓需求有多少是從外部採購的？

It's about 25 -- for 2006 overall it's about 25% of our total wafers and about 50% of our advanced logic or advanced CMOS wafer demand was outsourced, and that's for 2006 overall.

大約是 25——2006 年總體而言，我們的晶圓總數約 25%，我們先進邏輯或先進 CMOS 晶圓需求的約 50% 是外包的，這是 2006 年總體情況。

We don't break it out quarter by quarter, Doug.

道格，我們不會一個季度一個季度地分解它。

Thank you.

謝謝。

Thank you for your call and let's move to the next caller , please.

感謝您的來電，請讓我們接聽下一位來電者。

Our next question comes from Mark Edelstone from Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬克‧艾德斯通。

Please go ahead.

請繼續。

Good afternoon, guys.

下午好，夥計們。

Thanks a lot.

多謝。

First question was just on the LoCosto potential that you guys see now that it is in high production.

第一個問題是關於 LoCosto 的潛力，你們現在看到它已經處於高產量狀態。

You've got quite a few design wins.

你們已經取得了相當多的設計勝利。

When you look at the market that it is basically replacing which in some cases is going to be some of your own chipsets that you had in the past, do you have a sense for what kind of incremental TAM you open up for yourselves here as LoCosto ramps?

當你看到它基本上正在取代的市場時，在某些情況下將取代你過去擁有的一些晶片組，你是否知道你在這裡為自己開放了什麼樣的增量 TAM 作為 LoCosto坡道？

Mark, I'm not sure that we would characterize it as an incremental TAM.

馬克，我不確定我們是否會將其描述為增量 TAM。

I mean, you're right.

我的意思是，你是對的。

There is some replacement of, for example, multi-chip product that we historically sold, but two things.

例如，我們歷史上銷售的多晶片產品有一些替代品，但有兩件事。

Our content generally will benefit with LoCosto because we're integrating functions in LoCosto that we did not previously provide into those low cost handsets previously, such as the RF transceiver but maybe more importantly, the market TAM that opens up is this emerging economy market opportunity that is very fast growing, that is really a result of the price elasticity of the market.

我們的內容通常會受益於LoCosto，因為我們正在將LoCosto 中以前未提供的功能整合到那些低成本手機中，例如RF 收發器，但也許更重要的是，打開的市場TAM 是這個新興經濟市場的機會這是非常快速的成長，這實際上是市場價格彈性的結果。

So in other words, as our large customers are able to continue to drive down the price of their handsets into these emerging economies, the volume growth they're seeing is tremendous.

換句話說，隨著我們的大客戶能夠繼續降低手機價格進入這些新興經濟體，他們看到的銷售成長是巨大的。

So it really is more of a new subscriber market than a replacement market that we're addressing with LoCosto and then of course over time those new subscribers will want more advanced features and our customers and TI hope to be able to keep them on our technology as they then turn into replacement markets.

因此，我們透過LoCosto 解決的問題實際上是一個新用戶市場，而不是替代市場，當然，隨著時間的推移，這些新用戶會需要更先進的功能，我們的客戶和TI 希望能讓他們繼續使用我們的技術因為它們隨後會變成替代市場。

Maybe just to state it a little bit differently then.

也許只是用不同的方式表達。

If you looked at your volumes in 2006, how many units would you have characterized as "low end"?

如果您查看 2006 年的銷量，您會將多少單位定性為「低端」？

One way of doing it that I think gets to your point, Mark, in 2006, we would characterize that about 25% of our wireless revenue was addressing the low cost handset market as defined by I think we look at handsets that sell for $75 or less.

馬克，我認為在 2006 年，我們的無線收入的約 25% 是針對低成本手機市場，該市場的定義是我認為我們關注的是售價 75 美元或 75 美元的手機。較少的。

Okay.

好的。

And then just one additional clarification, if I could, for Kevin.

如果可以的話，請為凱文做一點額外的澄清。

You guys clearly took some expense savings steps in the fourth quarter.

你們顯然在第四季採取了一些節省費用的措施。

Can you quantify how much those were and how much of that comes back in Q1?

您能否量化其中有多少以及其中有多少在第一季回歸？

Mark, the biggest driver of those in fourth quarter were just the normal seasonal holidays and vacations that people take.

馬克，第四季最大的推動力只是人們正常的季節性假期和休假。

So we will lose pretty much all of that as we go into first quarter because there just aren't nearly as many holidays between Thanksgiving and the Christmas season.

因此，當我們進入第一季時，我們將失去幾乎所有這些，因為感恩節和聖誕節之間的假期幾乎沒有那麼多。

So that pretty much cancels all that out and then keep in mind also that our annual pay and benefit adjustments are made at the start of February, so we tend to see an increase in the pay and benefits line affecting the OpEx in the first quarter so we typically have a transition, a headwind transition on that if you will.

因此，這幾乎抵消了所有這些，然後請記住，我們的年度薪資和福利調整是在二月初進行的，因此我們傾向於看到影響第一季度營運支出的薪資和福利線增加，因此如果你願意的話，我們通常會有一個過渡，一個逆風過渡。

And we also in fourth quarter, we averaged what?

我們也在第四季度，我們的場均得分是多少？

One to seven days depending upon factory of shut downs over the holidays as well.

1 到 7 天，取決於假期期間工廠的關閉情況。

So probably we would be more operating on a normal schedule in first quarter on those areas as well.

因此，第一季我們在這些領域可能也會更常以正常時間表運作。

Thank you, Mark.

謝謝你，馬克。

I'm sorry did you have a quick follow-up?

抱歉，您有快速跟進嗎？

No, that's it, thank you.

不，就是這樣，謝謝。

Thank you, Mark, let's move to the next caller, please?

謝謝你，馬克，讓我們轉到下一個來電者，好嗎？

The next question comes from Chris Caso from Freedman Billings.

下一個問題來自弗里德曼比林斯的克里斯·卡索。

Please go ahead.

請繼續。

Yes, hi, thanks.

是的，嗨，謝謝。

Wonder if you could just run more color on to the expectations in the DLP business.

想知道您是否可以為 DLP 業務的期望添加更多色彩。

I think you said that business was running about flat on a year-over-year basis.

我想你說過業務與去年同期相比基本持平。

Perhaps if you could break out what you're seeing in that business with respect to pricing and units and I know it's probably quite different between the TV and the projector segment and kind of what from here on out, what do you guys think the growth rate of that business is going forward?

或許，如果您能詳細介紹一下您在該業務中所看到的定價和單位情況，我知道電視和投影機細分市場之間可能有很大不同，從現在開始，你們認為增長會怎樣？該業務的進展如何？

Okay, Chris, I don't know that I'm going to have all the detail you're asking for.

好吧，克里斯，我不知道我能否得到你要求的所有細節。

Certainly, if you look, for example, over the year-over-year trends, fourth quarter to fourth quarter, units were up, pricing was down.

當然，如果你看去年同期的趨勢，第四季到第四季度，單位數量上升，價格下降。

Our market share and for example, televisions compared to the year ago was probably about stable.

與一年前相比，我們的市佔率（例如電視）可能會保持穩定。

We hold market share in the greater than 40" TV space, in the upper teens, so the market overall has grown in terms of the units but it's probably no surprise to anybody out there that the television market is highly competitive and prices have come down rapidly.

我們在 40 英寸以上的電視領域佔有十幾英寸的市場份額，因此市場總體上在單位方面有所增長，但對於任何人來說，電視市場競爭激烈且價格下降可能並不奇怪迅速。

So certainly some of that unit gain we gave back in the form of pricing.

因此，我們肯定會以定價的形式回饋部分單位收益。

Front projectors, let me just emphasize what I said and this is kind of more going forward which I think was part of what your question was.

前置投影儀，讓我強調我所說的，這是一種更進一步的發展，我認為這是你問題的一部分。

Well, let me first of all just start with televisions.

好吧，首先讓我從電視開始。

The televisions typically, if you look at units of large screen televisions sold, first quarter will typically be down close to 20% compared to fourth quarter and that's again, sell-through of televisions, not our product sold into televisions.

一般來說，如果你看一下大螢幕電視的銷量，第一季通常會比第四季下降近 20%，而且這還是電視的銷量，而不是我們賣給電視的產品。

Typically, there's an additional decline in the second quarter and you just have to adjust that based on a lag probably of about 12 weeks, meaning we're shipping our chips, our DLP, or our DLP chipset about 12 weeks ahead of when a consumer purchases a television in a normal environment, so that would say we would expect seasonal declines for televisions going into the first quarter.

通常情況下，第二季度會出現額外的下降，您只需根據可能大約 12 週的滯後進行調整，這意味著我們會比消費者提前大約 12 週發貨我們的晶片、DLP 或 DLP 晶片組。在正常環境下購買電視，因此我們預計第一季電視會出現季節性下降。

And then on top of that, as I noted in my prepared remarks, we do have some inventory that built at some of our front projector customers in the fourth quarter that we expect to correct in the first quarter as well.

除此之外，正如我在準備好的發言中指出的那樣，我們確實在第四季度為一些前置投影機客戶建立了一些庫存，我們預計也會在第一季修正這些庫存。

Do you have a follow-on Chris?

你有後續的克里斯嗎？

Well, just, in terms of, and I apologize if the question was confusing, but it was really kind of longer term focused on the DLP business and I guess with some of the price declines that we've seen certainly in the TV business, I think DLP business has been running sort of in the 30% or so year-over-year growth range in the past.

好吧，只是，如果這個問題令人困惑，我很抱歉，但這確實是長期關注 DLP 業務，我想隨著我們在電視業務中看到的一些價格下降，我認為DLP 業務過去一直在30%左右的同比增長範圍內運作。

I guess the question is, is the business flattening out?

我想問題是，業務是否趨於平緩？

I think it's about $1 billion business for you guys now.

我認為現在這對你們來說大約是 10 億美元的生意。

I think our expectations in terms of unit growth would be consistent with those, call it 25% or so unit growth, CAGR, estimates and that holds pretty much true in the big screen TV space as well as in the projector space and in terms of revenue flattening out, I think if you look at what we delivered in '06, compared to '05 revenue in DLP was up 15%, I don't have an extrapolation forward for you, although certainly, I think we view the DLP opportunity as twofold.

我認為我們對單位成長的預期將與這些預測一致，即 25% 左右的單位成長（CAGR）估計，這在大螢幕電視領域、投影機領域以及在收入趨於平緩，我想如果你看一下我們在06 年交付的內容，與05 年DLP 收入相比，增長了15%，我無法為你做出推斷，儘管我認為我們確實看到了DLP 機會作為雙重的。

One, we believe there is revenue growth potential and opportunity there and we're investing accordingly, but maybe more importantly, this is a profitable business.

第一，我們相信那裡有收入成長潛力和機會，我們正在相應地進行投資，但也許更重要的是，這是一項有利可圖的業務。

This isn't one, in fact, its profitability both at a gross margin and operating level, would be above corporate average.

事實上，這並不是一個，它的毛利率和營運水準的獲利能力都將高於公司平均值。

So the point I'm making is this is not an area that we are rationalizing losses or poor gross margin because of some glorious future opportunity.

因此，我要表達的觀點是，我們不會因為未來的機會而將虧損或毛利率不佳合理化。

It's already one of our most profitable areas and in fact it's growing as well.

它已經是我們最賺錢的領域之一，事實上它還在成長。

So it's a business that we want to make as big as we can get it based upon the profit contribution that it's returning.

因此，我們希望根據其回報的利潤貢獻，將其規模盡可能擴大。

Okay, Chris, thank you for your call.

好的，克里斯，謝謝你的來電。

Let's move to the next caller, please.

請讓我們轉到下一個來電者。

Our next question comes from Jim Covello from Goldman Sachs.

我們的下一個問題來自高盛的吉姆·科維羅。

Thanks so much, guys.

非常感謝，夥計們。

Just a quick one before the follow-up.

在後續行動之前先簡單介紹一下。

You keep referencing the time period back to '04 and '05.

您一直將時間段追溯到“04 年”和“05 年”。

What are the utilization rates kind of on a relative basis today versus what they were back then?

與當時相比，今天的利用率是多少？

The utilization rates today are below what they were back then, although I don't have the specific figures.

雖然我沒有具體數字，但現在的利用率低於當時的水平。

I can just tell you relatively speaking, they're below what they were back then.

我只能告訴你，相對而言，他們低於當時的水平。

Then, doesn't that raise some concern on your part that it got so bad so fast that maybe things are a little bit different this time or is that not a right way to think about it?

那麼，這是否會引起您的一些擔憂，因為事情變得如此糟糕如此之快，以至於這次情況可能有點不同，或者這不是一個正確的思考方式？

Jim, I want to be careful not to say that we're looking at the '04, '05 cycle to be an exact duplicate of this cycle just for one of the reasons that Ron pointed out a moment ago, that the difference between the two cycles has to do with the shift that we're seeing in the wireless demand, but remove the wireless phenomenon and the rest of it is looking pretty similar to us and what we're trying to do is simply learn from what we experience on that cycle and not repeat, find ourselves too short on inventory on the other side.

吉姆，我想小心不要說我們正在將 04 年、05 年周期視為該週期的精確複製，這只是羅恩剛才指出的原因之一，即兩個週期與我們在無線需求中看到的轉變有關，但是除去無線現象，其餘的看起來與我們非常相似，我們要做的只是從我們的經驗中學習這個循環不再重複，發現自己的庫存太短缺了。

It's very easy for us to slow the factories down.

我們很容易放慢工廠的速度。

It's a heck of a lot harder to speed them up if demand suddenly comes in faster than expected.

如果需求突然比預期成長得快，那麼加快速度就會困難得多。

Better safe than sorry kind of approach?

安全總比後悔好？

Exactly.

確切地。

That makes a lot of sense.

這很有意義。

And then on the CapEx, this would be my follow-up.

然後關於資本支出，這將是我的後續行動。

It's pretty low level.

這是相當低的水平。

You guys have done a great job of controlling the capital expenditures and depreciations coming down.

你們在控制資本支出和折舊下降方面做得很好。

Do you think this is a new sustainable level or do you think this is kind of a little too low and you would see it being higher in the future?

您認為這是一個新的可持續水平，還是您認為這個水平有點太低，您認為未來會更高？

Well, I think that this is a level that we find very appealing for the Company going forward, whether it's exactly this level on a continuing basis, of course it will always fluctuate, but let me just point to some things because it is a bit different than you've seen out of this in the past few years.

嗯，我認為這是一個我們認為對公司未來非常有吸引力的水平，無論是持續的這個水平，當然它總是會波動，但讓我指出一些事情，因為它有點與您過去幾年所看到的不同。

There's really probably three things driving it.

確實可能有三件事在推動它。

One, analog is becoming a bigger part of TI, especially high performance analog and we expect that to continue in the future and as you're well aware, Jim, that is inherently less capital intensive.

第一，模擬正在成為 TI 的重要組成部分，尤其是高效能模擬，我們預計這種情況在未來會繼續下去，吉姆，正如您所知，這本質上是資本密集度較低的。

Yes.

是的。

The second is in 2006, we actually spent a lot of money expanding in a sizeable fashion our assembly test operations to really bring our capacity up in a significant manner.

第二次是在2006年，我們實際上花了很多錢大規模擴展我們的組裝測試業務，以真正顯著提高我們的產能。

And looking forward into 2007, we don't expect it to be quite as heavy a level of spending as what we had to do in 2006.

展望 2007 年，我們預期支出不會像 2006 年那麼高。

And the third area is we are making this change in our advanced digital CMOS manufacturing process development, our need for development equipment spending goes away as it relates to that particular process development technology, and so that also is a savings of capital requirement that we'll have in the future.

第三個領域是我們正在對先進數位 CMOS 製造流程開發進行這項改變，我們對開發設備支出的需求消失了，因為它與特定的製程開發技術相關，因此這也節省了我們的資本需求。未來會有的。

So those are three things, really contributing to our current outlook of about 0.9 billion.

因此，這三件事確實對我們目前約 9 億的前景做出了貢獻。

Terrific.

了不起。

Thanks so much.

非常感謝。

Thank you, Jim, let's move to the next caller, please.

謝謝你，吉姆，請讓我們轉到下一個來電者。

Our next question comes from Uche Orji from UBS.

我們的下一個問題來自瑞銀集團的 Uche Orji。

Please go ahead.

請繼續。

Thank you very much, guys.

非常感謝你們。

Let me just clarify a few things.

讓我澄清一些事情。

First, on the way you categorize your handsets, you're talking about 25% being less than 75 so that's your low end and should we assume then that if the ASP's have for the product here it is about 60% of your units is more at the low end is that the right way to think about it?

首先，在你將手機分類的方式上，你所說的是25% 低於75，所以這是你的低端，我們是否應該假設，如果ASP 在這裡有產品，那麼你的設備中大約有60% 高於75%。在低端，這是正確的思考方式嗎？

I'm sorry, could you repeat the part about--?

抱歉，您能重複一下關於—的部分嗎？

Should I think that 60% of or unit shipments is small end to low end if I think that's going to apply to certain revenues?

如果我認為這適用於某些收入，我是否應該認為 60% 的出貨量或單位出貨量是小端到低端？

Yes.

是的。

It would be significantly higher than the revenue mix, so you're right that our content in the low end is probably running about $5 a handset and that probably compares to about $10 on average and probably over $20 for a 3G handset, so that's correct, Uche.

它會明顯高於收入組合，所以你是對的，我們的低端內容可能每部手機運行約5 美元，而相比之下，平均約10 美元，3G 手機可能超過20 美元，所以這是正確的，烏切。

Just if I were to understand the way you're pushing your performance, your process technology in LoCosto, from your experience, you are currently at 90 nanometers and your next competitor, if I recall, is at 130, how much longer do you think you can sustain this advantage with LoCosto?

如果我要了解您在LoCosto 中提升性能和工藝技術的方式，根據您的經驗，您目前處於90 奈米，而您的下一個競爭對手（如果我沒記錯的話）處於130 奈米，您認為還要持續多久您可以透過 LoCosto 維持這一優勢嗎？

And then secondly, I'm sure someone asked this before, maybe I'm repeating myself here, repeating a question already asked, but I didn't get the answer.

其次，我確信以前有人問過這個問題，也許我在這裡重複自己，重複已經問過的問題，但我沒有得到答案。

How much of cannibalization should we expect?

我們應該預期會有多少蠶食？

Are people using this for what ideally should be medium range handsets or is this a completely new market?

人們是否將其用於理想的中階手機，或者這是一個全新的市場？

How should we think about it?

我們該如何思考呢？

Okay.

好的。

First of all, the process technology advantage.

首先，製程技術優勢。

I don't know how long we can sustain because we only get the insight into what we're doing.

我不知道我們能堅持多久，因為我們只能洞察我們正在做的事情。

What I can say is we're pushing it very aggressively.

我能說的是我們正在非常積極地推動它。

I do believe an area that is a very significant advantage in terms of TI being able to move rapidly forward into new process technologies is our digital RF technology.

我確實相信，對於 TI 能夠快速推進新製程技術而言，我們的數位 RF 技術是一個非常重要的優勢領域。

The advantage of having that RF implemented digitally is that we can scale it and realize the full benefits of a digital process, moving from process node to process node.

以數位方式實施 RF 的優勢在於，我們可以擴展它並實現數位流程的全部優勢，從一個流程節點轉移到另一個流程節點。

I suspect some of our competitors that are trying to play in this space don't have the level of digital implementation of RF and therefore, when they go from process technology node to process technology node, trying to scale analog is much much more complex.

我懷疑我們的一些試圖涉足這一領域的競爭對手不具備射頻數位實現的水平，因此，當他們從一個製程技術節點轉到另一個製程技術節點時，嘗試擴展模擬要複雜得多。

So again, I don't know where they are in their stage of things, but I can certainly say we're moving aggressively and we expect to realize those benefits.

再說一次，我不知道他們處於什麼階段，但我可以肯定地說，我們正在積極行動，我們希望實現這些好處。

If you could come back to and refresh me, what was your question on, oh, whether it's a new market versus cannibalization.

如果你能回來讓我了解一下，你的問題是什麼，哦，這是一個新市場還是蠶食市場。

Right.

正確的。

No.

不。

I think and again, Uche, I don't have a specific, it's 20% versus what we were, versus 80% new market, but what I can say is everything that we're shipping LoCosto into for the most part today and probably very significantly through 2007, I would describe as being driven by these emerging markets economies where many of our LoCosto based consumers will be their first experience with a cell phone.

我想再說一次，Uche，我沒有一個具體的數字，與我們原來的市場相比，它是20%，與80% 的新市場相比，但我能說的是我們今天大部分時間將LoCosto 運送到的所有地方，可能到 2007 年，我認為這是由這些新興市場經濟體推動的，其中許多基於 LoCosto 的消費者將首次體驗手機。

Now, at the same time, I'll also say if you look at some of our customers products that are out there that are based upon LoCosto, these aren't clunky phones and it is yet to be seen how much markets like the North American market will adopt them just because they're low cost and they're actually pretty cool phones, but I would say by far, what we've seen today and generally what we would expect in 2007 is this is incremental new subscriber business that we and our customers are benefiting from.

現在，與此同時，我還要說，如果您看看我們的一些基於 LoCosto 的客戶產品，這些並不是笨重的手機，而且還有待觀察有多少像北方這樣的市場美國市場會採用它們，只是因為它們成本低，而且實際上是相當酷的手機，但我想說的是，到目前為止，我們今天所看到的以及我們在2007 年普遍預期的是，這是增量新用戶業務，我們和我們的客戶都從中受益。

All right

好的

I'm sorry, Uche, let us move to the next caller, please.

抱歉，Uche，請讓我們轉到下一個來電者。

Thank you for your question.

謝謝你的問題。

Next caller?

下一個來電者？

Our next question comes from Sumit Dhanda from Banc of America.

我們的下一個問題來自美國銀行的 Sumit Dhanda。

Please go ahead.

請繼續。

Sumit, are you there?

蘇米特，你在嗎？

Right here, sorry about that.

就在這裡，對此感到抱歉。

No problem.

沒問題。

My question basically relates again back to your 3G business and it's a two-parter basically.

我的問題基本上又回到了你們的 3G 業務，它基本上是由兩個部分組成的。

Number one, can you give us an idea about were your 3G revenues in 2006 finished, handsets and infrastructure, the break out if possible?

第一，您能給我們介紹一下您2006年的3G收入完成了嗎？手機和基礎設施，如果可能的話，會出現突破嗎？

And then second, as you think about your 3G business, clearly some of your customers have reported some softness in that market and you've alluded to some potential share losses, so I guess my question is, how much would you attribute to the beginnings of some slight share loss here and then how much would you attribute to the softness of the customers?

其次，當你考慮你的 3G 業務時，顯然你的一些客戶報告了該市場的一些疲軟，並且你提到了一些潛在的份額損失，所以我想我的問題是，你將多少歸因於開端這裡有一些輕微的份額損失，那麼您將在多大程度上歸因於客戶的疲軟？

And then as you think about winning new businesses, when do you think your new businesses will start to kick in on the 3G side and start to offset some of these share losses?

然後，當您考慮贏得新業務時，您認為您的新業務何時會開始在 3G 方面發揮作用並開始抵消部分份額損失？

Okay, Sumit, I don't have those full break outs for you, but what I can say is that wireless infrastructure in 2006 was about, I think it was 7 or 8% of our wireless revenue total.

好的，Sumit，我沒有為您提供完整的詳細信息，但我可以說的是，2006 年的無線基礎設施大約占我們無線總收入的 7% 或 8%。

That business grew over 60% last year, so certainly was a great opportunity for us.

去年該業務成長了 60% 以上，這對我們來說無疑是一個很好的機會。

The 3G business was about 35% of our wireless revenue and that business grew over -- a little over 50% in 2006 compared to 2005 and of course, I'm not sure if I said this earlier but wireless overall grew 16% in 2006 compared to 2005.

3G 業務約占我們無線收入的 35%，而且該業務在 2006 年比 2005 年增長了 50% 多一點，當然，我不確定我是否之前說過這一點，但 2006 年無線業務總體增長了 16%與2005 年相比。

So the percentage of, yes, I think I answered your question there.

所以，是的，我想我在那裡回答了你的問題。

Did I miss anything?

我錯過了什麼嗎？

No, you didn't.

不，你沒有。

And then the second part of the question basically related to the trajectory of when you might start to see some share gains within 3G offsetting some of the initial share losses, sort of the timing of that, plus the softness that you've seen in your 3G business recently, how much of that can be really traced back to general softness in the market which is something specific you might be seeing in your customer base--?

然後問題的第二部分基本上與你何時開始看到 3G 中的一些份額增長抵消了一些最初的份額損失的軌跡有關，大概是這樣的時機，加上你在 3G 領域看到的疲軟。最近的3G 業務，其中有多少可以真正歸因於市場的普遍疲軟，這是您可能在您的客戶群中看到的具體情況——？

Okay, and share gains in 3G versus losses being, you're saying specific to 3G?

好的，3G 的份額收益與損失是指，您是說特定於 3G 的份額嗎？

Specific to 3G, yes.

具體到3G，是的。

First of all, I don't know -- if you go to -- if you try to quantify any share losses in 3G to date, they probably would be pretty minimal.

首先，我不知道——如果你去——如果你嘗試量化迄今為止 3G 領域的任何份額損失，它們可能會非常小。

Again, I kind of alluded to some of the activity over in DoCoMo, but to be honest, I think our share has held up very well and I don't know that based upon -- any production that our competitor is doing at this point would still be at a relatively low level.

我再次提到了 DoCoMo 的一些活動，但說實話，我認為我們的份額保持得很好，而且我不知道這是基於——我們的競爭對手目前正在做的任何製作仍將處於一個相對較低的水平。

So I don't want to try to quantify when or define when we think there's a crossover between one, the share losses and regaining share and all that because we simply don't have that level of insight.

因此，我不想嘗試量化或定義何時我們認為份額損失和份額重新獲得之間存在交叉，因為我們根本沒有那種洞察力。

What I can say is we have strong share in 3G and we fully expect that based upon the opportunities we're addressing today, our share in 3G will continue to be strong.

我能說的是，我們在 3G 領域擁有強大的份額，並且我們完全期望基於我們今天所面臨的機遇，我們在 3G 領域的份額將繼續保持強勁。

Can I ask a quick follow-up on that, Ron

我可以要求快速跟進嗎，羅恩

Sure.

當然。

So in terms of your entity DoCoMo business, clearly that's been soft here.

因此，就您的實體 DoCoMo 業務而言，顯然這裡一直很疲軟。

Some of that has been attributed to wireless number portability in Japan, but it seems like there's been a balance in subscriber growth.

其中一些歸因於日本的無線號碼可攜性，但用戶成長似乎保持平衡。

Have you started to see any of that benefit filter through back through to you or not?

您是否開始看到這些好處會滲透到您身上？

No.

不。

Our revenue in Japan for 3G declined fourth quarter versus third quarter and our insight into handset inventory over there was that handset inventory continued to be depleted in fourth quarter, although we expect that inventory correction is largely played out at this point, so again, inventory did go down third to fourth quarter of handsets in Japan but again, it's probably stable at about where that Operator wants to see it, and we'll have time for one final caller, Operator?

我們在日本的3G 收入第四季度較第三季度有所下降，我們對當地手機庫存的洞察顯示，第四季度手機庫存繼續耗盡，儘管我們預計庫存調整此時已基本結束，因此，庫存再次減少日本第三季到第四季的手機數量確實有所下降，但同樣，它可能穩定在運營商希望看到的水平，我們將有時間與最後一個呼叫者聯繫，運營商？

Certainly, sir.

當然，先生。

Our last question comes from David Wong from A.G. Edwards.

我們的最後一個問題來自 A.G. Edwards 的 David Wong。

Please go ahead.

請繼續。

Thank you very much.

非常感謝。

You've talked quite a lot about the wireless handset end market.

您已經談論了很多有關無線手機終端市場的內容。

Can you step through some of your other markets?

能介紹一下其他一些市場嗎？

Is there anything that's actually strong as opposed to weak and what are the other end markets that are showing weakness below normal seasonality?

有沒有什麼東西實際上是強勁而不是疲軟的？其他終端市場有哪些表現出低於正常季節性的疲軟？

David, I think again, fourth quarter we would characterize as broadly below, call it seasonal average-type of characterization.

大衛，我再次認為，第四季我們將大致描述如下，稱之為季節性平均類型的特徵。

I think we're probably not the best spokesperson for what's going on in the PC market but what we saw, for example, notebooks seemed relatively in line.

我認為我們可能不是個人電腦市場上正在發生的事情的最佳代言人，但我們所看到的，例如筆記型電腦似乎相對一致。

We saw in the storage market, hard disk drive, actually what we would say is pretty, maybe seasonally strong demand in the quarter, and at the same time that was offset by some weakness on the printer side.

我們在儲存市場、硬碟上看到，實際上我們會說很漂亮，可能是本季季節性強勁的需求，同時這被印表機方面的一些疲軟所抵消。

If we look at what we would characterize as industrial, I probably would characterize that as stable in fourth quarter, automatic test equipment, sub segment remains weak.

如果我們看看我們所描述的工業領域，我可能會認為第四季度保持穩定，自動測試設備細分市場仍然疲軟。

If you go over into the consumer space, some of the, again, what we talked about with the HDTV space and pricing weakness there is a factor.

如果你進入消費領域，我們再次討論的高清電視領域和定價弱點是有一個因素的。

That's a segment where again, we sell our own DLP technology but we also sell line drivers into some of the plasma display manufacturers.

在這個細分市場中，我們再次銷售自己的 DLP 技術，但我們也向一些等離子顯示器製造商銷售線路驅動器。

That is an area that we would say there is excess of inventory currently would be in plasma display technology.

我們可以說，目前等離子顯示技術的庫存過剩。

Probably the final area I'd just mention would be in the broadband area and we actually saw a sequential growth in fourth quarter and that was really kind of a snap back recovery from inventory correction that was taking place in the third quarter.

我剛才提到的最後一個領域可能是寬頻領域，我們實際上在第四季度看到了連續成長，這確實是從第三季發生的庫存調整中快速恢復的。

So again, that's in the residential gateway area which is certainly what makes up the most, the strong majority of the client side broadband business at this point.

再說一次，這屬於住宅網關領域，這無疑是目前客戶端寬頻業務的絕大多數。

Did you have a quick follow-on, David?

大衛，你有快速跟進嗎？

No, I'm good actually.

不，其實我很好。

Thank you very much.

非常感謝。

Okay, thank you, and with that we'll close our call.

好的，謝謝您，我們就結束通話了。

Let me remind you that the replay is available on the website.

讓我提醒您，可以在網站上觀看重播。

Thank you and good evening.

謝謝你，晚上好。

Thank you, everyone.

謝謝大家。

This concludes tonight's conference call.

今晚的電話會議到此結束。

You may now disconnect, and please have a wonderful day.

現在您可以斷開連接，祝您度過美好的一天。