德州儀器 (TXN) 2012 Q1 法說會逐字稿

Good day, and welcome to the Texas Instruments 1Q 2012 Earnings Conference Call.

美好的一天，歡迎來到德州儀器 2012 年第一季度收益電話會議。

At this time, I would like to turn the conference over to Ron Slaymaker.

此時，我想將會議轉交給 Ron Slaymaker。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining our First Quarter 2012 Earnings Conference Call.

下午好，感謝您參加我們的 2012 年第一季度收益電話會議。

As usual, Kevin March, TI's CFO, is with me today.

像往常一樣，TI 的首席財務官 Kevin March 今天和我在一起。

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

對於錯過該版本的任何人，您可以在我們的網站 TI.com/IR 上找到它。

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

此電話會議正在網絡上直播，可通過 TI 網站訪問。

A replay will be available through the web.

重播將通過網絡提供。

This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially from Management's current expectations.

此電話會議將包含前瞻性陳述，這些陳述涉及可能導致 TI 的結果與管理層當前預期存在重大差異的風險和不確定性。

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 more complete description.

我們鼓勵您查看今天發布的收益發布中包含的安全港聲明，以及 TI 最近提交給美國證券交易委員會的文件，以獲得更完整的描述。

Before we begin, let me remind you that TI will host an investor meeting in New York on May 3.

在我們開始之前，讓我提醒您，TI 將於 5 月 3 日在紐約舉辦投資者會議。

At this meeting, our CEO, Rich Templeton, and Kevin March will provide an update on TI's strategy, market positions, and goals.

在這次會議上，我們的首席執行官 Rich Templeton 和 Kevin March 將提供有關 TI 戰略、市場定位和目標的最新信息。

If you have not already registered, please do so as soon as possible.

如果您還沒有註冊，請盡快註冊。

Our mid-quarter update to our outlook is scheduled this quarter for June 11.

我們計劃在本季度的 6 月 11 日對我們的展望進行季中更新。

At that time, we expect to adjust the revenue and earnings guidance ranges as appropriate.

屆時，我們預計將適當調整收入和盈利指導範圍。

Let me start with the market environment.

先從市場環境說起。

The first quarter's results landed close to our expectations, and were consistent with our belief that our business cycle bottomed in the first quarter.

第一季度的業績接近我們的預期，並且與我們認為我們的商業周期在第一季度觸底的信念一致。

Analog revenue was about even.

模擬收入大致持平。

We were especially encouraged by the progress we continue to make with the former National Semiconductor product line, now called Silicon Valley Analog, as it gains traction with customers and holds a strong position in the important industrial market.

我們對前美國國家半導體產品線（現稱為矽谷模擬）繼續取得的進展感到特別鼓舞，因為它贏得了客戶的青睞，並在重要的工業市場佔據了強勢地位。

Early signs point to the industrial market strengthening in the near-term, as opposed to the delayed recovery that we saw in the last cycle.

早期跡象表明工業市場近期走強，這與我們在上一個週期中看到的延遲復甦相反。

Embedded Processing revenue grew in the quarter, led by strength in Automotive and the beginning of a recovery in Communications Infrastructure.

嵌入式處理收入在本季度有所增長，這主要得益於汽車業務的強勁增長和通信基礎設施業務開始復蘇。

In Wireless, revenue fell sharply, as we had expected.

正如我們預期的那樣，無線業務的收入急劇下降。

Baseband revenue declined to less than 3% of our first-quarter revenue, and we expect it to remain at very low levels throughout the remainder of 2012.

基帶收入下降到我們第一季度收入的不到 3%，我們預計它在 2012 年剩餘時間裡將保持在非常低的水平。

Our Other segment was up as a result of about $65 million of insurance proceeds associated with the Japan earthquake that were received in the last few days of the quarter.

由於本季度最後幾天收到了與日本地震相關的約 6500 萬美元的保險收益，我們的其他部門有所增長。

The proceeds were part of an ongoing settlement process with insurance companies, and were not included in our earlier guidance due to the uncertainty over their timing.

收益是與保險公司正在進行的結算過程的一部分，由於時間不確定，因此未包含在我們之前的指導中。

Core products were 78% of our first-quarter revenue, up from 71% a year ago and 66% two years ago.

核心產品占我們第一季度收入的 78%，高於一年前的 71% 和兩年前的 66%。

As these products continue to make up a higher proportion of our revenue, our business is becoming more diversified across customers and markets.

隨著這些產品繼續占我們收入的更高比例，我們的業務在客戶和市場上變得更加多元化。

For example, in 2009 we had a single customer that made up more than 20% of TI revenue.

例如，在 2009 年，我們有一個客戶佔 TI 收入的 20% 以上。

In first quarter 2012, it takes the combination of our top six customers to exceed 20%.

2012年第一季度，我們前六大客戶的總和超過了20%。

We now have more than 90,000 customers and no single customer comprises more than a mid-single-digit percentage of our revenue.

我們現在擁有超過 90,000 名客戶，沒有一個客戶占我們收入的中等個位數百分比。

We believe this expanding diversity is strong evidence that our large sales force and broad customer footprint are paving the way not only for TI share gains, but also for results that will be determined more so by our own execution in the years ahead, and not swung by the fortunes of a particular customer or narrow market segment.

我們相信，這種不斷擴大的多樣性是有力的證據，表明我們龐大的銷售隊伍和廣泛的客戶足跡不僅為 TI 的份額增長鋪平了道路，而且為未來幾年將更多地由我們自己的執行決定的結果鋪平了道路，而不是搖擺不定取決於特定客戶或狹窄細分市場的命運。

Consistent with our view that the first quarter was the bottom of our business cycle, we believe growth will resume in the second quarter.

與我們認為第一季度是我們商業周期底部的觀點一致，我們相信增長將在第二季度恢復。

In fact, at middle of our guidance range, sequential growth would hit 10% when compared with the first quarter's results without the insurance proceeds.

事實上，在我們的指導範圍的中間，與第一季度沒有保險收益的結果相比，環比增長將達到 10%。

Supporting this forecast was order growth in the quarter of 13%, which resulted in a booked-to-bill ratio of 1.04, and our first quarterly expansion and backlog since the second quarter of 2011.

支持這一預測的是本季度 13% 的訂單增長，導致訂單出貨比為 1.04，這是我們自 2011 年第二季度以來的首次季度擴張和積壓。

As a reminder, in the fourth quarter our booked-to-bill ratio was 0.84.

提醒一下，在第四季度，我們的預訂出貨比為 0.84。

We saw a broad-based order growth across the geographical regions and many of our end markets.

我們在地理區域和許多終端市場看到了基礎廣泛的訂單增長。

We believe TI is very well-positioned as our markets rebound in the quarters ahead.

我們相信 TI 處於非常有利的位置，因為我們的市場將在未來幾個季度反彈。

Our product portfolio is strong, and our design position with customers is excellent.

我們的產品組合很強大，我們在客戶中的設計地位也很出色。

Our acquisition of National Semiconductor should contribute revenue and share gains as customers across the world embrace the strength of this portfolio, combined with the attraction of TI's market channels and our customer-oriented business approach.

我們對美國國家半導體的收購應該會帶來收入和份額收益，因為世界各地的客戶都會接受這一產品組合的優勢，再加上 TI 市場渠道的吸引力和我們以客戶為導向的業務方法。

As you know, we have been anticipating this upturn, and as a result we have our inventory well-staged, and production in our factories ramping.

如您所知，我們一直在期待這種好轉，因此我們的庫存得到了很好的安排，工廠的生產也在增加。

Our manufacturing capacity is strong and our teams are poised to drive growth and capture share gains as the markets strengthen.

我們的製造能力很強，我們的團隊已準備好隨著市場走強推動增長並獲得份額收益。

Let's walk through the specifics of the first quarter.

讓我們來看看第一季度的細節。

Revenue of $3.12 billion declined 8% from a year ago and 9% sequentially, mostly due to lower Wireless revenue.

營收為 31.2 億美元，同比下降 8%，環比下降 9%，主要原因是無線業務營收下降。

Analog revenue was up 10% from a year ago, and was about even with the fourth quarter.

模擬收入比一年前增長了 10%，與第四季度持平。

Growth from the year-ago quarter was due to our acquisition of National, and therefore the inclusion of Silicon Valley Analog revenue.

與去年同期相比的增長是由於我們收購了 National，因此包括了矽谷模擬收入。

Sequentially, SVA revenue grew, HPA was about even sequentially, as was Power.

隨後，SVA 的收入增長，HPA 的增長幾乎持平，Power 也是如此。

HVAL was lower, due to declines in a number of markets, including consumer, which was seasonally slower, and handsets.

HVAL 較低，原因是許多市場的下滑，包括季節性放緩的消費者和手機。

Embedded Processing revenue declined 11% from a year ago, and grew 7% sequentially.

嵌入式處理收入同比下降 11%，環比增長 7%。

From a year ago, Automotive grew, while Communications Infrastructure and Catalog Products declined.

與一年前相比，汽車業務有所增長，而通信基礎設施和目錄產品則有所下降。

Sequentially, we saw strong growth in Automotive, as well as double-digit gains in Communications Infrastructure revenue.

隨後，我們看到了汽車業務的強勁增長，以及通信基礎設施收入的兩位數增長。

Revenue from Catalog Products was about even sequentially.

來自目錄產品的收入大致持平。

As a reminder, Communications Infrastructure was exceptionally weak for us in the fourth quarter, so it is encouraging to see this revenue begin to recover.

提醒一下，通信基礎設施在第四季度對我們來說異常疲軟，因此看到這一收入開始復蘇令人鼓舞。

In Wireless, revenue declined to $373 million in the first quarter, or 12% of TI's total revenue, down from 19% a year ago.

在無線領域，第一季度收入下降至 3.73 億美元，佔 TI 總收入的 12%，低於一年前的 19%。

As we had expected, Baseband revenues declined sharply to $87 million.

正如我們所料，基帶收入急劇下降至 8700 萬美元。

This revenue was down $247 million from a year ago, and down $192 million sequentially.

該收入較上年同期下降 2.47 億美元，環比下降 1.92 億美元。

Revenue from OMAP applications processors was up strongly from a year ago, but declined from the fourth quarter level, when we benefited from several customer product introductions ahead of the holidays.

OMAP 應用處理器的收入與一年前相比強勁增長，但與第四季度的水平相比有所下降，當時我們受益於假期前推出的幾款客戶產品。

Connectivity revenue declined in both comparisons.

兩項比較中的連接收入均有所下降。

Strategically, our plan for both applications processors and for connectivity products is to significantly broaden our market reach in areas outside of SmartPhones and tablets.

從戰略上講，我們對應用處理器和連接產品的計劃是顯著擴大我們在智能手機和平板電腦以外領域的市場範圍。

We have the right products for many of these applications, and the customer relationships in place to engage.

我們擁有適用於其中許多應用程序的合適產品，以及可以參與的客戶關係。

Although it will take time to significantly diversify this revenue mix, we have begun to shift our investments accordingly, and are already well-positioned with some key customer programs.

儘管要使這種收入組合顯著多樣化還需要時間，但我們已開始相應地轉移投資，並且已經在一些關鍵客戶計劃中處於有利地位。

In our Other segment, revenue declined 11% from a year ago, and grew 5% sequentially.

在我們的其他部門，收入比一年前下降 11%，環比增長 5%。

The decline from year-ago was driven by lower DLP revenue, as well as the end of our transitional supply agreements, most notably our agreement with Spansion that expired at the end of 2011.

與去年同期相比下降的原因是 DLP 收入下降，以及我們過渡供應協議的終止，最顯著的是我們與 Spansion 的協議於 2011 年底到期。

Sequentially, weakness in these same areas was more than offset by insurance proceeds and higher custom ASIC revenue.

因此，這些相同領域的疲軟被保險收益和更高的定制 ASIC 收入所抵消。

In distribution, resales were about even sequentially.

在分銷方面，轉售幾乎是連續的。

Distribution inventory remained at about 6.5 weeks, about the same level as we ended the fourth quarter.

分銷庫存保持在 6.5 週左右，與第四季度末的水平大致相同。

Now Kevin will review profitability and our outlook.

現在凱文將回顧盈利能力和我們的前景。

Thanks Ron, and good afternoon, everyone.

謝謝羅恩，大家下午好。

Let me start by walking through some of the charges in the quarter.

讓我首先介紹一下本季度的一些費用。

Total acquisition-related charges in the quarter were $174 million.

本季度與收購相關的總費用為 1.74 億美元。

These charges relate to our acquisition of National Semiconductor, and include $21 million in cost of revenue, with the remaining $153 million, all on the income statement line, identified as acquisition charges.

這些費用與我們收購國家半導體有關，包括 2100 萬美元的收入成本，其餘 1.53 億美元都在損益表行中，被確定為收購費用。

The charges included in cost of revenue were associated with the termination of a National Semiconductor distributor contract.

包含在收入成本中的費用與美國國家半導體分銷商合同的終止有關。

After this quarter, the acquisition-related impact to cost of revenue will be minimal, and we do not expect to call those expenses out.

本季度之後，與收購相關的收入成本影響將微乎其微，我們預計不會取消這些費用。

All remaining charges should be specifically included on the acquisition charges line.

所有剩餘費用應明確包含在購置費用行中。

Also in the quarter, we had a $10 million of restructuring charges associated with closing two factory sites that we announced in January.

同樣在本季度，我們有 1000 萬美元的重組費用與關閉我們在 1 月份宣布的兩個工廠場地相關。

In total, these charges impacted EPS by $0.10.

總的來說，這些費用對每股收益的影響為 0.10 美元。

Gross profit of $1.53 billion was 49% of revenue and declined 1% sequentially.

毛利潤 15.3 億美元，佔收入的 49%，環比下降 1%。

There were a couple of items that impacted gross profit and gross margin in the first quarter.

有幾個項目影響了第一季度的毛利和毛利率。

First, the underutilization expense in the quarter was essentially unchanged from the fourth quarter.

首先，本季度的未充分利用費用與第四季度基本沒有變化。

Although we increased our wafer starts in the first quarter, wafer output declined compared with the fourth quarter, as the effect of our lower production starts in the fourth quarter worked its way through our manufacturing operations.

儘管我們在第一季度增加了晶圓開工量，但與第四季度相比晶圓產量有所下降，因為我們在第四季度開工量較低的影響已影響到我們的製造業務。

The net result is that average utilization levels of our manufacturing operations, and therefore, the associated under-utilization expense, were essentially unchanged in the quarter.

最終結果是我們製造業務的平均利用率水平，因此，相關的未充分利用費用在本季度基本沒有變化。

Of course, the under-utilization expense should start to decline in the second quarter as the effect of our higher production starts in the first quarter works its way through our manufacturing operations.

當然，利用不足的費用應該會在第二季度開始下降，因為我們在第一季度開始提高產量的影響會在我們的製造業務中發揮作用。

Also, as I discussed earlier, we incurred $21 million of acquisition-related charges and cost of revenue in the first quarter.

此外，正如我之前所討論的，我們在第一季度產生了 2100 萬美元的收購相關費用和收入成本。

This negatively impacted gross margin by about 70 basis points.

這對毛利率產生了約 70 個基點的負面影響。

Finally, gross profit and margin benefited from the insurance proceeds.

最後，毛利潤和利潤率受益於保險收益。

Because this insurance was largely for business interruption, it moved all the way through the income statement, starting with revenue.

因為這項保險主要針對業務中斷，所以它一直貫穿損益表，從收入開始。

If you're analyzing the effect these proceeds had on gross margin, be sure to adjust both revenue, as well as gross profit.

如果您正在分析這些收益對毛利率的影響，請務必調整收入和毛利潤。

You should calculate about 100 basis points of gross margin benefit from these proceeds.

您應該從這些收益中計算出大約 100 個基點的毛利率收益。

On a segment basis, while we don't normally discuss gross margin at this level, it is important to recall that our transition services agreement with Spansion, which was previously reported in our Other segment, ended in the fourth quarter.

在分部基礎上，雖然我們通常不會討論這個水平的毛利率，但重要的是要記住我們與 Spansion 的過渡服務協議（之前在我們的其他分部報告）於第四季度結束。

As a result, the portion of the Aizu factory that was used to support Spansion is now available for Analog products, and this underutilized cost is now recorded in the Analog segment.

因此，用於支持 Spansion 的會津工廠部分現在可用於模擬產品，而這一未充分利用的成本現在記錄在模擬部分。

Operating expenses of $971 million were about as we had expected, and the increase from last quarter is mostly the result of seasonal increases associated with the timing of the holidays and employee vacation time in the fourth quarter, as well as annual pay and benefit increases that occur in February.

9.71 億美元的運營支出與我們的預期大致相同，較上一季度的增長主要是由於與第四季度假期和員工休假時間相關的季節性增長，以及年度薪酬和福利增長發生在二月。

Other income and expense was lower in the quarter, as we took charges associated with a discontinued business.

本季度其他收入和支出較低，因為我們收取了與終止業務相關的費用。

Net income in the first quarter was $265 million, or $0.22 per share.

第一季度淨收入為 2.65 億美元，合每股 0.22 美元。

Again, in the EPS calculation, please note that accounting rules require that we allocate a portion of net income to any unvested restricted stock units on which we pay dividend equivalents.

同樣，在 EPS 計算中，請注意會計規則要求我們將一部分淨收入分配給我們支付股息等價物的任何未歸屬限制性股票單位。

In the first quarter, the amount of net income excluded from the EPS calculation was $4 million.

第一季度，不計入每股收益計算的淨收入為 400 萬美元。

If you don't make this adjustment, you'll likely calculate EPS to be a penny higher than we've reported.

如果您不進行此調整，您計算出的每股收益可能會比我們報告的高出一美分。

I'll leave most of the cash flow and balance sheet items for you to review in the release.

我將在新聞稿中留下大部分現金流量和資產負債表項目供您查看。

However, let me make just a few comments.

不過，讓我發表幾點意見。

Cash flow from operations was $449 million, down $67 million from a year ago, and down $521 million from the prior quarter.

運營現金流為 4.49 億美元，同比下降 6700 萬美元，環比下降 5.21 億美元。

As a reminder, cash consumption is typically higher in the first quarter, as we pay accrued annual profit-sharing and performance bonuses.

提醒一下，第一季度的現金消耗通常較高，因為我們支付了應計的年度利潤分享和績效獎金。

Capital expenditures were $103 million in the quarter, down $91 million from a year ago, and down $49 million from the prior quarter.

本季度資本支出為 1.03 億美元，同比下降 9100 萬美元，環比下降 4900 萬美元。

In fact, this was our lowest quarterly level of capital spending in almost three years, as we benefit from having pulled ahead fab spending to opportunistic purchases over the past few years.

事實上，這是我們近三年來最低的季度資本支出水平，因為我們受益於過去幾年將晶圓廠支出提前到機會主義採購。

We repaid $300 million of our outstanding commercial paper in the quarter, bringing the remaining balance of this obligation down to $700 million.

我們在本季度償還了 3 億美元的未償還商業票據，使該債務的餘額降至 7 億美元。

We also used $300 million in the quarter to repurchase 9.1 million shares of TI common stock and pay dividends of $195 million.

我們還在本季度動用了 3 億美元回購了 910 萬股 TI 普通股，並支付了 1.95 億美元的股息。

We increased our inventory by $65 million in the quarter, bringing inventory days to 105 as we prepared for higher shipments in the quarters ahead.

我們在本季度增加了 6500 萬美元的庫存，使庫存天數達到 105 天，因為我們為未來幾個季度的更高出貨量做好了準備。

Orders of $3.24 billion in the quarter increased $380 million, or 13%, sequentially.

本季度 32.4 億美元的訂單比上一季度增加了 3.8 億美元，增幅為 13%。

TI's booked-to-bill ratio was 1.04 in the quarter.

TI 本季度的預訂出貨比為 1.04。

Turning to our outlook, we expect TI revenue in the range of $3.22 billion to $3.48 billion in the second quarter, from growth of a 3% to 12% sequentially.

談到我們的前景，我們預計 TI 第二季度收入在 32.2 億美元至 34.8 億美元之間，環比增長 3% 至 12%。

If you eliminate the first quarter's insurance proceeds from the comparison, growth is expected to be 5% to 14%, or about 10%, the middle of our range.

如果從比較中剔除第一季度的保險收益，預計增長率為 5% 至 14%，或約 10%，處於我們區間的中間值。

We expect earnings per share to be in the range of $0.30 to $0.38.

我們預計每股收益將在 0.30 美元至 0.38 美元之間。

We expect the second quarter's results will be negatively affected by about $100 million in acquisition charges, and about $10 million in the restructuring charges.

我們預計第二季度的業績將受到約 1 億美元的收購費用和約 1000 萬美元的重組費用的負面影響。

Combined, these items will impact EPS by about $0.06.

這些項目加在一起將對每股收益產生約 0.06 美元的影響。

For 2012, our estimates for R&D, capital expenditures, depreciation, and our annual effective tax rate are unchanged from what was provided to you last quarter.

對於 2012 年，我們對研發、資本支出、折舊和年度有效稅率的估計與上一季度提供給您的數據沒有變化。

In summary, our markets have bottomed, and are in the early stages of recovery.

總之，我們的市場已經觸底，正處於復甦的早期階段。

As we talked about this last quarter, we anticipated this, and are well-positioned to service our customers' rising demand as they end their inventory correction, and ultimately begin to replenish their inventory from current low levels.

正如我們在上個季度談到的那樣，我們預料到了這一點，並且在客戶結束庫存調整併最終開始從目前的低水平補充庫存時，我們已經做好準備來滿足客戶不斷增長的需求。

We're looking forward to a year of growth.

我們期待著增長的一年。

With that, let me turn it back to Ron.

有了這個，讓我把它轉回給羅恩。

Thanks, Kevin.

謝謝，凱文。

Operator, you can now open the line for questions.

接線員，您現在可以打開問題熱線。

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

為了讓盡可能多的人有機會提問，請將自己限制在一個問題上。

After our response, we'll provide you an opportunity for an additional follow-up.

在我們做出回應後，我們將為您提供進行額外跟進的機會。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Can you help us just walk through the gross margin assumptions here?

你能幫我們看看這裡的毛利率假設嗎？

I think if I back out the insurance proceeds, I'm getting a 48% gross margin for Q1.

我認為，如果我退出保險收益，我將在第一季度獲得 48% 的毛利率。

How do I walk that through to the guidance for Q2?

我如何將其引導至 Q2 的指南？

Because I think I'm getting 49% there, and I'm not sure if I'm doing that right.

因為我認為我在那裡得到了 49%，而且我不確定我是否做對了。

Yes Glen, you're probably doing that right, and directionally it is correct that you should be seeing gross margins going up; and by the way, you got your 1Q computation correct when you adjusted for the insurance.

是的，格倫，你可能做對了，從方向上看，你應該看到毛利率上升是正確的；順便說一下，當你調整保險時，你的 1Q 計算是正確的。

So about 48 without the insurance.

所以大約 48 沒有保險。

Generally speaking, we expect that to increase as we move into second quarter.

一般來說，我們預計隨著我們進入第二季度，這一數字會增加。

As I talked about, started up the factories a little bit more, higher utilization benefits, should come our way in the second quarter.

正如我所說，工廠開工多一點，利用率更高，應該會在第二季度出現。

I'm not sure what share count you're using, but I'd say you're directionally moving in the right direction.

我不確定您使用的是多少份額，但我想說您正朝著正確的方向前進。

Maybe just as a follow-up to that, I think I might have expected to see more -- maybe -- can you walk through some of the mechanics there?

也許只是作為後續行動，我想我可能希望看到更多——也許——你能介紹一下那裡的一些機制嗎？

Shouldn't we be seeing more leverage in the gross margins, or am I missing something here?

我們不應該看到更多的毛利率槓桿，還是我在這裡遺漏了什麼？

I would say you're a little bit light.

我會說你有點輕。

As I say, Glen, you're directionally moving in the right direction.

正如我所說，格倫，你正朝著正確的方向前進。

Again, I don't know how you built up your model, but I would see our gross margins being a little bit higher than what you have built in your model so far.

同樣，我不知道你是如何建立你的模型的，但我會看到我們的毛利率比你目前在你的模型中建立的要高一點。

Okay Glenn, thanks for your questions, and let's go to the next caller.

好的，格倫，謝謝你的提問，我們去接聽下一位來電者。

Jim Covello, Goldman-Sachs.

吉姆科維羅，高盛。

Great, thanks so much for taking the question.

太好了，非常感謝您提出這個問題。

A couple things, maybe, If I could start in the Other wireless category, obviously one of the, sort of back and forths over the years has been what will happen to connectivity as the baseband business kind of falls off.

有幾件事，也許，如果我可以從其他無線類別開始，很明顯，多年來，隨著基帶業務的下滑，連接性將會發生什麼變化。

Obviously baseband we all knew about, Other was a little weaker this quarter, too.

顯然我們都知道基帶，本季度其他也有點弱。

Is there any way to say how much of that was just the market or the customer exposure being a little bit softer, versus any impact from kind of the basebands pulling the connectivity along with it?

有沒有什麼辦法可以說明這其中有多少只是市場或客戶的風險有所減弱，而不是基帶帶來的影響呢？

Glen, I don't -- I'm sorry, Jim -- I don't know that I would say there is any direct tie to the baseband.

格倫，我不——對不起，吉姆——我不知道我會說與基帶有任何直接聯繫。

I guess I could say there's an indirect tie, in that we sell connectivity product to some of the same customers where we sell baseband, to the extent that those customers' business is not particularly strong, as you see both on the baseband line as well as would show up on some of the connectivity demand products -- demand for some of our connectivity products, also.

我想我可以說存在間接聯繫，因為我們向一些銷售基帶的相同客戶銷售連接產品，在某種程度上，這些客戶的業務並不是特別強大，正如您在基帶生產線上看到的那樣正如某些連接需求產品所顯示的那樣 - 對我們的某些連接產品的需求也是如此。

But then we also have, separately, customers that use connectivity products that do not use our baseband products, and in some of those cases we've also seen declines, as well -- totally independent, in that case, of the baseband.

但是，我們也有單獨使用不使用我們基帶產品的連接產品的客戶，在其中一些情況下，我們也看到了下降——在這種情況下，完全獨立於基帶。

Do you have a follow-on?

你有後續嗎？

Yes, I guess kind of bigger picture, and this is something that had been asked on the mid-quarter update.

是的，我想這是一個更大的圖景，這是在季度中期更新中被問到的問題。

Historically you guys have done very well hitting the numbers.

從歷史上看，你們在達到數字方面做得很好。

The last few quarters it's been a lot tougher.

在過去的幾個季度裡，情況變得更加艱難。

Obviously, we were in a downturn and sometimes it's tough to get out in front of that.

顯然，我們處於低迷時期，有時很難擺脫困境。

But as you look back on a number of quarterly misses in a row, do you think about approaching guidance any differently going forward, or do just kind of look back on it and say, it was a tough downturn but it's over, and the way we've rolled up the model historically is how we're going to do it, or were there any changes made?

但是當你回顧連續幾個季度失誤時，你是否考慮過以不同的方式接近指導，或者只是回顧一下並說，這是一個艱難的低迷期，但它已經結束了，而且方式我們從歷史上總結了模型，我們將如何做，或者是否進行了任何更改？

Thank you.

謝謝。

Jim, I would say the short answer is we'll continue to do what we have been doing.

吉姆，我會說簡短的回答是我們將繼續做我們一直在做的事情。

It was a tough down-turn that also complicated by the fact that we were, frankly, executing on the largest acquisition that we've tried to take care of in the past.

這是一個艱難的低迷時期，坦率地說，我們正在執行我們過去試圖處理的最大收購這一事實也使情況變得複雜。

That's behind us now, we're moving forward.

現在已經過去了，我們正在前進。

We'll use the same model and approach that we have to forecast our outlook.

我們將使用與預測前景相同的模型和方法。

All right, Jim.

好吧，吉姆。

Thank you for your questions, and let's go to the next caller.

謝謝你的問題，我們去問下一個來電者。

Stacy Rasgon, Sanford Bernstein.

斯泰西·拉斯貢，桑福德·伯恩斯坦。

I wanted to ask a little bit again about the core wireless business.

我想再問一下核心無線業務。

With the baseband now finally rolling off, we're back to negative operating margins in wireless.

隨著基帶現在終於推出，我們又回到了無線業務的負運營利潤率。

Can you give us some feeling what level of revenues in core wireless you actually think you need for at least to break even, and where those margins can maybe go over time?

您能否給我們一些感覺，您實際上認為您至少需要達到什麼水平的核心無線收入才能實現收支平衡，以及隨著時間的推移，這些利潤率可能會下降到哪裡？

I'm also wondering, from that margin standpoint, does it actually make sense to be in this business as all?

我還想知道，從利潤率的角度來看，從事這項業務真的有意義嗎？

Are you going to drive enough upside as you move it into more of the embedded business to make up for any of the wireless shortfalls, or is that not just some sort of a capitulation as you're moving out of SmartPhones and tablets?

當您將其轉移到更多嵌入式業務以彌補任何無線不足時，您是否打算獲得足夠的優勢，或者這不僅僅是您退出智能手機和平板電腦時的某種投降？

Stacy, I'll take part of that and let Ron help out on some of it, too.

Stacy，我會參與其中，讓 Ron 也幫忙做一部分。

If you look back as recently as the last quarter, and do your math, you'd see that in fact the core wireless actually did make a profit.

如果您最近回顧上個季度並進行計算，您會發現實際上核心無線業務確實實現了盈利。

Its ability to generate a profit is certainly already proven by the historical result, as evidenced by fourth quarter.

它產生利潤的能力當然已經被歷史結果證明了，第四季度就是證明。

But that was baseband, wasn't it, that was driving most of that?

但那是基帶，不是嗎，它驅動了大部分？

I think even if you extract that, you'd come to the same conclusion\, that core wireless made a profit fourth quarter.

我認為即使你提取它，你也會得出相同的結論，Core Wireless 第四季度實現了盈利。

As far as the margins are concerned, we talked about in the past that the margins in that non-baseband portion certainly not as rich as you would see over in analog, or even in a better processing space, but still quite attractive.

就利潤率而言，我們過去曾談到，非基帶部分的利潤率肯定不如您在模擬中看到的那樣豐富，甚至不如在更好的處理空間中看到的那樣，但仍然很有吸引力。

The real focus in that area at this point is that clearly we're spending enough to be able to develop the products that we need.

目前該領域的真正重點是，顯然我們花費了足夠的錢來開發我們需要的產品。

What that team is heavily focused on now is driving the revenue growth, and taking it beyond just a single-source.

該團隊現在重點關注的是推動收入增長，並使其超越單一來源。

Ron mentioned in his opening remarks where the diversity of our customers is such that we would expect less impact to the Company on single markets, or single large customers, and wireless is following through on a similar strategy, where they are trying to deliver the technology from their non-baseband products into adjacent markets that can give us more diversity, both of markets and customers.

羅恩在開場白中提到，我們客戶的多樣性使得我們預計公司對單一市場或單一大客戶的影響較小，無線正在遵循類似的戰略，他們正在努力提供技術從他們的非基帶產品進入相鄰市場，這可以為我們提供更多的市場和客戶多樣性。

Those will include spaces such as automotive and certain other applications that they've gained some interest and traction on here recently.

這些將包括汽車等空間和他們最近在這裡獲得了一些興趣和牽引力的某些其他應用程序。

The focus there is really now on driving the top line.

現在的重點實際上是推動收入增長。

There is certainly enough spending already in place to meet the R&D requirements.

當然，已經有足夠的支出來滿足研發要求。

Stacy, just to add, fourth quarter was about $150 million higher revenue in those core areas.

Stacy，補充一下，第四季度這些核心領域的收入增加了約 1.5 億美元。

You asked what level of revenue does it take.

你問它需要什麼水平的收入。

That's a recent data point, as Kevin said.

正如凱文所說，這是最近的一個數據點。

Those core products were profitable at the operating margin level last quarter.

這些核心產品在上個季度的營業利潤率水平上實現了盈利。

We're nipping on profitability.

我們正在削減盈利能力。

We just need revenue that will be sustained, and certainly what we're doing in these embedded areas by no means do we consider that capitulation, but actually a means by which we can further enhance revenue on what should be a -- basically, leverage the investment we've already made for SmartPhones and tablets and be able to go reach into some of these other market segments, as well.

我們只需要持續的收入，當然我們在這些嵌入式領域所做的事情絕不是我們認為的投降，而是實際上我們可以進一步增加收入的一種方式 - 基本上，槓桿我們已經對智能手機和平板電腦進行了投資，並且能夠進入其他一些細分市場。

Do you have a follow on, Stacy?

你有後續嗎，史黛西？

I did, actually, to follow up on that point, sir.

實際上，我確實在跟進這一點，先生。

How long does it take to actually ramp meaningful revenues in those other kind of markets?

在其他類型的市場中真正增加有意義的收入需要多長時間？

What's the sort of design-in life, and how long does it take to win that design, and how long does it take before we can expect to see meaningful revenues coming out of those, and is there any incremental investment that needs to happen, or do you think your OpEx in these markets is at comfortable levels to drive that?

什麼樣的設計生命週期，贏得該設計需要多長時間，我們需要多長時間才能期望從中看到有意義的收入，是否需要進行任何增量投資，還是您認為您在這些市場中的運營支出處於合適的水平來推動這一點？

Boy, there are a bunch of questions there, Stacy.

男孩，那裡有一堆問題，Stacy。

I think the core question was how long does it take to drive meaningful revenue in these other areas?

我認為核心問題是在這些其他領域推動有意義的收入需要多長時間？

I guess what I would say is it will take a while.

我想我會說的是這需要一段時間。

This is not something that in some of these other areas where the product life can be very long, the design-in aspect of them tends to be a little longer than some of the high-volume verticals is, as well.

這不是在其他一些產品壽命可能很長的領域，它們的設計方面往往也比一些大批量垂直領域要長一點。

We don't expect -- this is not a strategy to go address things over the next one to two quarters.

我們不期望 - 這不是在接下來的一到兩個季度內解決問題的策略。

This is something that we build on what we have today.

這是我們建立在我們今天所擁有的基礎上的東西。

Over time, we will increase the diversity and therefore the stability of that revenue mix.

隨著時間的推移，我們將增加多樣性，從而增加收入組合的穩定性。

I don't think -- Kevin, you can comment -- but I think we believe the investment level that we have today will take us into these new spaces.

我不認為 - 凱文，你可以發表評論 - 但我認為我們相信我們今天的投資水平將帶我們進入這些新領域。

This is not a big incremental investment to be able to go drive these products into new areas.

能夠將這些產品推向新領域，這並不是一項大的增量投資。

I mean, think about the biggest infrastructure investment is the sales force, which is already in place today.

我的意思是，想想最大的基礎設施投資是銷售隊伍，它今天已經到位。

By the way, that's the biggest competitive advantage we likely have, as well.

順便說一下，這也是我們可能擁有的最大競爭優勢。

I mean, clearly we have to have the right product.

我的意思是，顯然我們必須擁有合適的產品。

Once you have the right products, you have to have the right reach into the customer base, and that's the sales force that's in place today.

一旦擁有合適的產品，就必須正確接觸客戶群，這就是今天的銷售隊伍。

But it's not a big incremental R&D spend to go somehow develop new products or different products for these other adjacent markets.

但是，以某種方式為這些其他相鄰市場開發新產品或不同產品並不是一個很大的增量研發支出。

I would just add to Ron's comments there that this isn't something that the wireless team that had just started, that is going to the adjacent markets.

我只想補充 Ron 的評論，這不是無線團隊剛剛開始的事情，而是要去鄰近的市場。

Greg's already talked about it.

格雷格已經談過了。

He talked about it recently in Barcelona.

他最近在巴塞羅那談到了這件事。

that this team has been looking at these adjacent markets for some time now, and have over 100 customer engagements already.

這個團隊已經關注這些相鄰市場一段時間了，並且已經有超過 100 個客戶參與。

It had already begin to gain traction, but as Ron says, we expect that the nature of those markets are such it'll take a while to see the revenue build.

它已經開始受到關注，但正如羅恩所說，我們預計這些市場的性質需要一段時間才能看到收入的增加。

But from a cost standpoint, I think that Greg will tell you he's investing adequately now to meet that growth.

但從成本的角度來看，我認為格雷格會告訴你他現在正在充分投資以滿足這種增長。

Okay Stacy, thanks for your questions, and lets go to the next caller.

好的，Stacy，謝謝你的問題，我們去接聽下一位來電者。

John Pitzer, Credit Suisse.

約翰皮策，瑞士信貸。

Kevin, I just want to make sure that I understand on the embedded -- I'm sorry, on the analog side of the business, revenue was essentially flat, sequential.

凱文，我只想確保我了解嵌入式 - 對不起，在業務的模擬方面，收入基本上持平，連續。

Operating profits was down about $80 million.

營業利潤下降了約 8000 萬美元。

Was that all due to the Spansion?

這都是因為Spansion嗎？

Help me understand, is that now a continuous headwind around utilization?

幫助我理解，現在這是否是圍繞利用率的持續逆風？

Help me understand that?

幫我理解一下？

John, that's -- the Spansion capacity, the capacity that was being used for Spansion currently is under-utilized, now that we've wound that up.

約翰，那是——Spansion 容量，目前用於 Spansion 的容量未得到充分利用，現在我們已經結束了。

That is clearly, that's allocated into the analog segment and clearly is a drag, but in addition, flat revenues.

很明顯，這被分配到模擬部分，顯然是一個拖累，但除此之外，收入持平。

Analog, like some of the other businesses, also had seasonally higher pay and benefit increases that began in February.

與其他一些企業一樣，Analog 從 2 月份開始也出現了季節性的高薪和福利增長。

You had the GPM drag I just mentioned as a result of the utilization, but you also have higher OpEx.

由於利用率，你有我剛才提到的 GPM 拖累，但你也有更高的 OpEx。

As that revenue builds there, I think it will be able to absorb that just fine over the next couple of quarters, John.

隨著收入的增加，我認為它能夠在接下來的幾個季度內很好地吸收這筆收入，約翰。

Do you have a follow-on?

你有後續嗎？

Ron, as a follow-on, now that you have National as part of the fold, I wonder if you could just re-center me as far as the percent of your business being done through distribution?

Ron，作為後續行動，既然你有 National 作為其中的一部分，我想知道你是否可以讓我重新了解你通過分銷完成的業務百分比？

What's sell-in versus sell-through?

什麼是賣出與賣出？

On the sell-in front relative to your hubbing strategy, what percent of the sell-in acts like sell-through, and do you think what we're seeing here is inventory restocking, or real demand?

在與您的樞紐策略相關的售出方面，有多少百分比的售出行為類似於銷售，您認為我們在這裡看到的是庫存補貨，還是實際需求？

Okay.

好的。

In the current quarter, a little over 45% of our business went through distribution, and as you noted, John, bringing on board National, where 70%, I believe, of their revenue moved through distribution.

在本季度，我們 45% 多一點的業務通過分銷進行，正如你所指出的，John 加入了 National，我相信他們 70% 的收入是通過分銷進行的。

Very similar to our catalog analog areas, such as HPA, and to a large part the power, and a lot of the catalog embedded processing businesses.

與我們的目錄模擬領域非常相似，例如 HPA，並且在很大程度上是電源，還有很多目錄嵌入式處理業務。

Much of that goes through distribution -- I'm sorry, over 45%.

其中大部分通過分銷——對不起，超過 45%。

Of that 45%, about a third of that revenue is supported by consignment programs.

在這 45% 中，大約三分之一的收入來自寄售計劃。

I mean 1/3 of the distribution revenue is supported by consignment.

我的意思是 1/3 的分銷收入是由寄售支持的。

I should note, at this point none of the SVA business through distribution is on consignment, because we needed to get IT systems in place to be able to support that; however, that is in fact something that we will do, and that we're working toward to put in place.

我應該指出，在這一點上，通過分銷的 SVA 業務都不是寄售的，因為我們需要讓 IT 系統到位才能支持它；然而，這實際上是我們將要做的事情，並且我們正在努力落實到位。

Again, for the broader audience, when you have a distribution program on consignment, our revenue recognition approach of sell-in tends to look more like sell-out, because it moves the revenue recognition closer to where the distributors pull the product from the hub and actually ship it to their customers.

同樣，對於更廣泛的受眾，當您有寄售分銷計劃時，我們的銷售收入確認方法往往看起來更像是銷售，因為它使收入確認更接近分銷商從中心拉出產品的地方並實際將其運送給他們的客戶。

If you look more broadly, about 40% of TI's total revenue -- and this includes distribution as well as our direct OEM customers -- are on consignment.

如果你看得更廣泛一些，大約 40% 的 TI 總收入——這包括分銷以及我們的直接 OEM 客戶——是寄售的。

I hope I got all the pieces you had asked there, John.

我希望我得到了你在那裡問的所有作品，約翰。

Okay, and let's move to the next caller, please.

好的，請轉到下一位來電者。

Ramit Shah, Nomura

Ramit Shah, 野村證券

I just noticed that your inventory days had crossed over 100 in the first quarter.

我剛剛注意到你們的庫存天數在第一季度已經超過了 100。

I was wondering if you could comment on that level if it was influencing how you're managing the factory loadings here in Q2?

我想知道你是否可以評論這個水平是否會影響你在第二季度如何管理工廠負荷？

Yes Ramit, I think that's more -- remember inventory days are a backward-looking metric.

是的，拉米特，我認為更多——記住庫存天數是一個回顧過去的指標。

Coming off of a sharp quarter revenue decline, and following that with a pretty sharp expected quarter-revenue increase, you've got to stage your inventory before you get to that quarter, and not after.

在季度收入急劇下降之後，隨著預期的季度收入大幅增長，您必須在到達該季度之前而不是之後安排您的庫存。

You wind up with, frankly, an anomaly like you're describing where the days of inventory can compute higher normally than what you expect to see.

坦率地說，您最終會遇到異常情況，就像您描述的那樣，庫存天數通常會比您預期的要高。

When we look at the mix of inventory, we are extremely comfortable with it, and it is lined up quite well, generally, the demand that we see.

當我們查看庫存組合時，我們對它非常滿意，而且它排列得很好，一般來說，我們看到的需求。

I recall that we talked about our booked-to-bill went positive in the fourth quarter, our orders increased by 13%.

我記得我們談到第四季度我們的預訂到賬單為正，我們的訂單增加了 13%。

That gave us better visibility into actual in-demand than we've had in several quarters now.

與現在幾個季度相比，這使我們能夠更好地了解實際需求。

That gave us the ability to build and stage inventory in anticipation of when that demand needs to be delivered.

這使我們能夠建立和暫存庫存，以預測何時需要交付需求。

I would say that the inventory is positioned quite nicely for what we're trying to do for the second quarter.

我想說的是，庫存的定位非常適合我們第二季度要做的事情。

Ramit, I would also say loadings in second quarter -- yes, inventory is one variable that plays into that, but probably more importantly will be our outlook for third quarter at that point.

拉米特，我還要說第二季度的裝載量——是的，庫存是影響這一點的一個變量，但可能更重要的是我們對第三季度的展望。

The other thing I would say is just even over the weekend reviewing some other transcripts of conference calls that have taken place, I mean, you're already hearing at this very early stage in the up-turn, where certain players are finding their own inventory too short or out of mix and having difficulty meeting up with, or fully meeting customer demand.

我要說的另一件事是，甚至在周末回顧已經發生的其他一些電話會議記錄，我的意思是，你已經在這個上升趨勢的早期階段聽到，某些參與者正在尋找他們自己的庫存太少或混雜，難以滿足或完全滿足客戶需求。

We are delighted with our inventory position at this stage in the up-turn.

我們對現階段的庫存狀況感到滿意。

We think it's going to be great, and of course it will play out as the market grows here over the next few quarters.

我們認為它會很棒，當然它會隨著未來幾個季度這里市場的增長而發揮作用。

Yes, I appreciate the color.

是的，我喜歡這種顏色。

So loadings are increasing in the second quarter.

因此，第二季度的裝載量正在增加。

If I do the math on your gross margin guidance for Q2, I'm coming up with, on a pro forma basis, around 49.5%, which would be up about 150 basis points sequentially, excluding the insurance payment.

如果我根據你對第二季度的毛利率指導進行數學計算，我會得出，在備考基礎上，大約 49.5%，這將連續上漲約 150 個基點，不包括保險金。

I guess my question is, on an incremental basis, that would suggest around 60% incremental gross margin, which is lower than I would have expected.

我想我的問題是，在遞增的基礎上，這意味著大約 60% 的遞增毛利率，這低於我的預期。

If loadings are up, are you guys seeing a negative impact from mix, or some other item?

如果加載量增加，你們是否看到混合或其他項目的負面影響？

Yes Ramit, we'll give you guidance on the top line and the bottom line, and in between we'll leave it to you to develop your models.

是的，拉米特，我們會給你關於頂線和底線的指導，在這兩者之間，我們會留給你來開發你的模型。

I would say again, you're directionally correct.

我再說一遍，你的方向是正確的。

We do expect it to be moving up over the first quarter.

我們確實預計它會在第一季度上升。

Certainly in the direction and of the magnitude, if not more than what you've been describing so far.

當然在方向和幅度上，如果不超過你到目前為止所描述的。

Okay, Ramit.

好的，拉米特。

Thanks for your questions, and we'll move to the next caller.

感謝您提出問題，我們將轉到下一位來電者。

Christopher Danely, JPMorgan.

摩根大通的克里斯托弗·丹尼利。

Thanks, guys.

多謝你們。

You can also count me on someone who's hoping we're going to have a growth year in semis.

你也可以指望我希望我們在半決賽中有增長的一年。

We've had a number of companies last week talk about issues with wafer availability from foundry, and there's some talk that lead times might stretch out over the summer?

上週我們有許多公司討論代工廠的晶圓可用性問題，並且有人說交貨時間可能會延長到夏季？

Can you comment on how your availability is for foundry wafers?

您能否評論一下代工晶圓的可用性如何？

Also, your own lead times, are they stretching out, do you anticipate that that could happen over the summer?

此外，您自己的交貨時間是否會延長，您是否預計這會在夏季發生？

Chris, I'll start with the lead-time question.

克里斯，我將從提前期問題開始。

Right now -- again, one of the things that we have as a take-away on the last inventory correction cycle was the fact that we probably entered that growth period with less than what was necessary to meet what turned out to be quite a strong pull-back or snap-back in customer demand.

現在——再一次，我們在上一個庫存修正週期中得到的一件事是，我們進入那個增長期的時候可能沒有足夠的東西來滿足後來證明相當強勁的需求。客戶需求的回調或回彈。

We're coming into this quarter clearly with more inventory availability than we had a couple of years ago when the last up-turn occurred.

與幾年前上一次出現好轉時相比，我們進入本季度時顯然擁有更多的可用庫存。

With that in mind, we have -- most of our lead times are quite normal, eight weeks or less.

考慮到這一點，我們的大部分交貨時間都非常正常，八週或更短。

We have higher levels of inventory than we did during the last industry cycle up-turn.

我們的庫存水平高於上一個行業周期上升期。

Plus, we have considerably more capacity than we had last time.

另外，我們的容量比上次大得多。

Those combined lead us to feel that we are going to be well-positioned to be able to meet customer demand, even on pretty strong growth basis.

這些結合起來讓我們覺得我們將處於有利地位，能夠滿足客戶需求，即使是在相當強勁的增長基礎上。

As far as wafer foundry availability is concerned, again a declining portion of our revenue is actually sourced from foundries, especially as you consider the baseband is winding down quite a bit, because that was largely sourced from foundries.

就晶圓代工廠的可用性而言，我們收入的下降部分實際上來自代工廠，尤其是當你認為基帶正在逐漸減少時，因為這主要來自代工廠。

Now the non-baseband portion of wireless also sources a lot from foundries, but clearly with the volumes that they're at right now, we are not experiencing any availability issues.

現在，無線的非基帶部分也有很多來自代工廠，但很明顯，就目前的數量而言，我們沒有遇到任何可用性問題。

Chris, the other thing I would just say is -- and I think we've had discussions about this in the past -- I mean, even if you look at recent [sycas] reports, et cetera, total industry utilization is actually at a pretty high level.

克里斯，我想說的另一件事是——我想我們過去已經討論過這個問題——我的意思是，即使你看看最近的 [sycas] 報告等，整個行業的利用率實際上是一個相當高的水平。

You've seen a lot of semiconductor companies over the past few years not need to, and therefore they did not, invest in new capacity.

在過去的幾年裡，你已經看到很多半導體公司不需要，因此他們也沒有投資新產能。

Whether it's the foundries or whether it's the IDM zone capacity, our suspicion is that if we get into much of an uplift at all in terms of demand, we very likely as an industry will see shortages and lead times accordingly stretch out.

無論是代工廠還是 IDM 區域產能，我們懷疑如果我們在需求方面有很大的提升，我們很可能作為一個行業會看到短缺和交貨時間相應地延長。

At the same time, like Kevin said, in what I said before, having a very good inventory position coming into this up-turn, plus having a lot of open capacity, we think is going to serve us very well.

與此同時，正如凱文所說，正如我之前所說，在這種上升趨勢中擁有非常好的庫存狀況，加上擁有大量開放產能，我們認為這將為我們提供很好的服務。

Do you have a follow-on, Chris?

你有後續嗎，克里斯？

Yes.

是的。

If you could just maybe run down your take on the end markets -- which you think are better, which you think are in the worst shape, and how you see that playing out for both Q2 and the rest of the year?

如果你可以降低你對終端市場的看法——你認為哪些更好，哪些處於最糟糕的狀態，以及你如何看待第二季度和今年餘下時間的表現？

Okay.

好的。

I can make some comments.

我可以發表一些評論。

I made probably the most substantial comments already just in terms of our view of what was helping.

就我們對幫助的看法而言，我可能已經發表了最重要的評論。

Clearly, automotive is an area of strength.

顯然，汽車是一個優勢領域。

It's one of the few areas where year- on-year, as I noted, we had growth.

正如我所指出的，這是少數幾個同比增長的領域之一。

That probably partly has to do with some of the automotive industries overall globally were impacted by supply-chain issues early last year, from the Japan quake and tsunami, and so there's a very good recovery, maybe even some pent-up consumer demand, on top of a trend for increasing electronics content and semiconductor growth.

這可能部分與去年年初日本地震和海嘯造成的供應鏈問題影響了全球一些汽車行業有關，因此復蘇非常好，甚至可能有一些被壓抑的消費者需求，電子內容增加和半導體增長的趨勢。

Wireless infrastructure, our view is the excess inventory that had tended to build in that channel, has essentially been eliminated.

無線基礎設施，我們的觀點是，傾向於在該渠道中建立的過剩庫存已基本消除。

We're seeing stronger demand now, and we expect that will continue to grow from here.

我們現在看到更強勁的需求，我們預計這種需求將繼續增長。

Again, we ended up better than fourth quarter, but well below both a year ago, as well as even the third-quarter revenue levels.

同樣，我們的業績好於第四季度，但遠低於一年前，甚至低於第三季度的收入水平。

That market, you've heard us talk about before, as consumers with their SmartPhones and tablets demand more mobile data, they are just some really positive trends that are taking place there in terms of carriers' need to deploy more capacity.

那個市場，你之前聽過我們談論過，因為擁有智能手機和平板電腦的消費者需要更多的移動數據，就運營商需要部署更多容量而言，它們只是那裡正在發生的一些真正積極的趨勢。

Even the type of capacity they're deploying.

甚至他們正在部署的容量類型。

Historically, it's been macro cells with -- in both mostly WCDMA, but even to some degree some LTE.

從歷史上看，它一直是宏蜂窩——主要是 WCDMA，但甚至在某種程度上也有一些 LTE。

Going forward, you will see more and more of that shift to a small-cell type of structure, where our percent of that content just small-cell, almost by its very definition, is going to require system-on-a-chip implementation, and we have a great position, both in terms of scalability from what we've done with these same equipment manufacturers from the macro cell, and then trying to scale down into small cell, but also just even expanding our position from there.

展望未來，您會看到越來越多的這種結構轉變為小型蜂窩類型的結構，其中我們的內容百分比只是小型蜂窩，幾乎按照其定義，將需要片上系統實現，我們在可擴展性方面處於領先地位，無論是從我們與宏蜂窩中的這些相同設備製造商所做的，然後嘗試縮小到小型蜂窩，而且甚至只是從那裡擴大我們的地位。

Just a really strong trend, secular trend, overall in wireless infrastructure that we think will play to our advantage, literally in the years ahead.

這是一個非常強勁的趨勢，長期趨勢，在無線基礎設施中，我們認為這將在未來幾年發揮我們的優勢。

Handsets, less and less of a direct tie there for TI in terms of the size of that business, but absolutely we think SmartPhone market in 2012 is healthy, growth probably in the 25% range for SmartPhones this year compared with last year, some good healthy trends there.

手機，就業務規模而言，與 TI 的直接聯繫越來越少，但我們絕對認為 2012 年的智能手機市場是健康的，與去年相比，今年智能手機的增長可能在 25% 的範圍內，一些不錯的那裡有健康的趨勢。

Industrial -- I think from an end-demand standpoint, probably not a lot of change, but again I think what we're encouraged about is, whereas in that up-turn in 2009, we had a lot of the verticals that were lifting in second quarter, but literally it wasn't until fourth quarter, if I remember right, before we started seeing industrial really starting to recover.

工業——我認為從最終需求的角度來看，可能不會有太大變化，但我認為我們再次感到鼓舞的是，在 2009 年的上升趨勢中，我們有很多垂直行業正在提升在第二季度，但實際上直到第四季度，如果我沒記錯的話，我們才開始看到工業真正開始復蘇。

We're already seeing industrial markets recover.

我們已經看到工業市場正在復蘇。

Again, a lot of it may not be end-demand driven, it may be just the fact that they are no longer reducing their semiconductor inventory that is creating the lift on TI, but again, it's healthy for us.

同樣，其中很多可能不是最終需求驅動的，這可能只是他們不再減少半導體庫存的事實，這對 TI 產生了提振，但同樣，這對我們來說是健康的。

Consumer, I think I noted that we had seasonal weakness there, and that was in several different consumer areas.

消費者，我想我注意到我們在那裡有季節性疲軟，那是在幾個不同的消費領域。

I think we had to get out of the first quarter and into what would be a seasonally stronger quarters ahead to really know what's going on in that space.

我認為我們必須走出第一季度，進入未來季節性強勁的季度，才能真正了解該領域的情況。

Probably the last one I can comment on is in computing, we noted earlier that HDD was in recovery mode.

可能我能評論的最後一個是計算，我們之前註意到 HDD 處於恢復模式。

We see that continuing into second quarter 2012 such that whatever bottleneck HDD has played in terms of the supply side of the PC market, we think will essentially be lifted.

我們認為這種情況會持續到 2012 年第二季度，無論 HDD 在 PC 市場的供應方面發揮什麼瓶頸，我們認為都將基本解除。

Then at that point we'll understand better what PC end demand really looks like.

屆時我們將更好地了解 PC 端需求的真實面貌。

Okay, thank you, Chris, and we'll move to the next caller, please.

好的，克里斯，謝謝你，我們將轉到下一位來電者。

C.J.

C.J.

Muse, Barclays.

繆斯，巴克萊。

Thank you for taking my question.

謝謝你提出我的問題。

First question, if I look at the midpoint to the top end of your revenue guide relative to end markets and relative to many of your semi peers, you're clearly tracking a little bit better.

第一個問題，如果我看一下你的收入指南頂端相對於終端市場和你的許多半同行的中點，你顯然跟踪得更好一些。

Curious -- are your thoughts here it's more inventory replenishment, or Texan-specific in terms of market share gains and/or your leverage to the right markets?

好奇——你的想法是更多的庫存補充，還是德克薩斯州特定的市場份額增長和/或你對正確市場的影響力？

Any color there would be great.

任何顏色都會很棒。

I think you could see a little bit of all of the above, with the exception of -- I don't know that, C.J., I would -- I don't believe we are seeing any real substantial inventory replenishment at all.

我想你可以看到上面所有的一點點，除了 - 我不知道，C.J.，我不相信我們會看到任何真正的大量庫存補充。

I think what we may be seeing is lack of inventory reduction, and that in and of itself will start to create a lift in demand for us.

我認為我們可能看到的是庫存沒有減少，而這本身將開始為我們創造需求的提升。

Again, where ever since I would say third quarter of last year, through probably first quarter of this year, where we had been under-shipping our customers, now that they have their inventory positioned where they need it, they will start ordering again consistent with their own production rates or their end demand, and that will create a pretty significant lift for us based on our views of how far below that end demand we had been shipping.

再一次，自從我說去年第三季度以來，可能到今年第一季度，我們一直在向客戶發貨不足，現在他們將庫存放在了他們需要的地方，他們將再次開始一致地訂購他們自己的生產率或他們的最終需求，根據我們對我們一直低於最終需求的出貨量的看法，這將為我們帶來相當大的提升。

Of course that's going to be broader than just Texas Instruments, but I think we have been busy through the course of the last few quarters, and especially with the national product line, very aggressively working design-in positions such that when the market began to lift again, we would disproportionately benefit.

當然，這不僅僅是德州儀器，但我認為我們在過去幾個季度一直很忙，尤其是在全國產品線方面，非常積極地開展設計工作，以至於當市場開始再次提升，我們將不成比例地受益。

I think you've also heard us talk about that on the capacity side, we think we will be competitively advantaged, as well as when these markets go back into growth mode.

我想你也聽過我們在容量方面談論過這一點，我們認為我們將具有競爭優勢，以及這些市場何時恢復增長模式。

Okay, C.J., do you have a follow-on?

好的，C.J.，你有後續嗎？

Yes, real quickly.

是的，真的很快。

In terms of some of the discussions around 28 nanometer shortages, I'm curious if you're hearing anything on the demand side, where on the power management or through all of wireless, you're seeing I guess some concerns to around getting other chip sets, and what impact that might have on the timing of your shipments?

就圍繞 28 納米短缺的一些討論而言，我很好奇你是否聽到了需求方面的任何消息，在電源管理方面或通過所有無線方面，我猜你會看到一些關於獲得其他方面的擔憂芯片組，這對你們的發貨時間有什麼影響？

C.J., just from what I've heard anecdotally through the investor world, it seems like there's some of that starting to rear its head.

C.J.，就我在投資者界聽到的軼事而言，似乎其中一些開始浮出水面。

I have not heard that through our businesses or the customers yet, as a specific concern that they have.

我還沒有通過我們的企業或客戶聽說過，這是他們特別關心的問題。

It could be there and we just haven't heard it, but we have not had it coming back to us through customers in our business groups yet.

它可能在那裡，我們只是沒有聽說過，但我們還沒有通過我們業務部門的客戶將其反饋給我們。

Okay C.J., thank your for your questions.

好的，C.J.，謝謝你的問題。

Let's move to the next caller.

讓我們轉到下一個來電者。

Vivek Arya, Banc of America/Merrill Lynch.

Vivek Arya，美國銀行/美林證券。

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to revisit this issue of gross margins and how we should think about the different moving parts of Q2-implied margins, what are on the utilization charges, what is the mix impact?

我想重新審視這個毛利率問題，以及我們應該如何考慮第二季度隱含利潤率的不同變動部分，使用費是什麼，混合影響是什麼？

Essentially, what are sort of the one-off items and what are the more ongoing items and then how we should think about the walk back towards the mid-50s gross margin model that you had established before?

從本質上講，哪些是一次性項目，哪些是更持續的項目，然後我們應該如何考慮回到您之前建立的 50 年代中期毛利率模型？

Vivek, I'll mention what I did a few minutes ago to everybody else, but directionally, we would expect our gross margins to be up.

Vivek，我會向其他人提及我幾分鐘前所做的事情，但在方向上，我們預計我們的毛利率會上升。

I would suggest that maybe as folks are putting the models together, maybe they're not estimating some lines correctly when they look into the future.

我建議也許當人們將模型放在一起時，也許他們在展望未來時沒有正確估計某些線路。

One of the things I would point out is that our OpEx would probably be up another point or two in the second quarter.

我要指出的一件事是，我們的運營支出在第二季度可能會再上升一兩個百分點。

That's just simple math rolling out.

這只是簡單的數學運算。

In other words, our pay and benefits increase occurred in February of the first quarter, and so the second quarter will see a full quarter's effect of that.

換句話說，我們的薪酬和福利增長發生在第一季度的 2 月，因此第二季度將看到整個季度的影響。

That may be where people are having a little trouble on their gross margin analysis.

這可能是人們在進行毛利率分析時遇到一些麻煩的地方。

As far as our overall gross margin model, I would just perhaps remind you that our focus is on revenue growth, and frankly it's on revenue growth to grow faster than markets, and earnings to grow faster than revenues, so that we can continue to make healthy cash returns to our shareholders, as we have been in the form of dividends and buy-backs over the last few years.

至於我們的整體毛利率模型，我可能只是想提醒您，我們的重點是收入增長，坦率地說，收入增長要快於市場增長，盈利增長要快於收入增長，這樣我們才能繼續過去幾年我們一直以股息和回購的形式向股東提供健康的現金回報。

We're not projecting actual margins greater than 55% and 30%, and we're also not precluding this from happening, as margins are going to be dependent upon product mix and utilization, as you pointed out.

正如您所指出的，我們預計實際利潤率不會超過 55% 和 30%，我們也不排除這種情況的發生，因為利潤率將取決於產品組合和利用率。

I think as you heard from Ron, 78% of our revenue now is from our core products, and clearly analog is now more than half of our revenue, and that's very encouraging from a product mix standpoint.

我想正如你從 Ron 那裡聽到的那樣，我們現在 78% 的收入來自我們的核心產品，顯然模擬現在占我們收入的一半以上，從產品組合的角度來看，這是非常令人鼓舞的。

I think as we watch that mix continue to shift, we're going to like the results not just on gross margin and operating margin, but importantly on bottom line cash, and what we can do with that for shareholders in the form of dividends and buy-backs.

我認為，當我們看到這種組合繼續發生變化時，我們不僅會喜歡毛利率和營業利潤率的結果，而且重要的是會喜歡底線現金，以及我們可以用股息和現金的形式為股東做些什麼回購。

Did you have a follow-on, Vivek?

你有後續嗎，Vivek？

Yes.

是的。

On this -- your core wireless business outside of baseband, how do we get the confidence that over the long term this is a real growth driver for the business?

關於這一點——您在基帶之外的核心無線業務，我們如何相信從長遠來看這是該業務的真正增長動力？

Because when we look in the market, and I think all of this question has been asked before, but when we look at the market we do see the high-end Apple and Samsung really taking a lot of the high-end business.

因為當我們審視市場時，我認為所有這些問題之前都被問過，但當我們審視市場時，我們確實看到高端蘋果和三星確實佔據了很多高端業務。

Then on the low end, there's just substantially more competition coming on line.

然後在低端，有更多的競爭上線。

How do you get the comfort that this is a business that you should be investing in over the long term, and even if you take it into some of these embedded markets, will these really add value, or will they be lower-ASP, lower-margin type markets?

您如何確信這是一項您應該長期投資的業務，即使您將其納入其中一些嵌入式市場，這些市場是否真的會增加價值，或者它們會降低 ASP，更低-保證金類型的市場？

Vivek, I guess this is one where I would just kind of have to -- we will be able to give you some progress reports as we proceed where we have particular customer successes in moving into some of these adjacent areas that we talked about.

Vivek，我想這是我不得不做的事情——我們將能夠向您提供一些進度報告，因為我們有特定的客戶成功進入我們談到的這些相鄰領域。

One I can just throw out because I'm thinking about it, a release that happened -- I want to say a month ago with iRobot, using OMAP for robotic imaging applications.

一個我可以扔掉的，因為我正在考慮它，一個已經發生的版本——我想說一個月前的 iRobot，使用 OMAP 進行機器人成像應用程序。

That's just an example, but in some cases customers are amenable to having their names discussed, and in other cases they want to -- they would rather be a little more discreet until they get the products in the market.

這只是一個例子，但在某些情況下，客戶願意討論他們的名字，而在其他情況下，他們希望——他們寧願在產品上市之前更加謹慎一些。

I think, also, we've announced customers in the automotive infotainment space using, again, OMAP.

我認為，我們還宣布了汽車信息娛樂領域的客戶再次使用 OMAP。

But Vivek, I would also say this is a case where I think our Management team has a pretty strong track record of -- if a business or an operation, the outlook is not what we think it needs to be, you've seen us not be shy about adjusting our strategy accordingly.

但是 Vivek，我還要說的是，在這種情況下，我認為我們的管理團隊在這方面有很好的記錄——如果一家企業或一家公司的前景不是我們認為需要的那樣，你已經看到我們了不要羞於相應地調整我們的策略。

This is one where I, hopefully, we can get some credit just based on a very long, solid track record of making those appropriate strategic moves, and it will be, Management driving that change from inside of the Company, as opposed to, frankly, convincing Wall Street and getting Wall Street to nod or shake its head on where we're headed.

這是我，希望，我們可以根據制定這些適當戰略舉措的長期、可靠的記錄獲得一些榮譽，這將是管理層從公司內部推動變革，而不是坦率地說，說服華爾街並讓華爾街對我們的前進方向點頭或搖頭。

Again, give us a little bit of patience here, and we'll try to give you some status reports as we're moving along to help you continue to feel good about where we going with it.

再次，請在這裡給我們一點耐心，我們會在前進的過程中嘗試向您提供一些狀態報告，以幫助您繼續對我們的進展感到滿意。

Okay Vivek, thanks for your questions, and we'll move to the next caller.

好的，Vivek，謝謝你的問題，我們將轉到下一位來電者。

Uche Orji, UBS

Uche Orji，瑞銀

Sure, thank you very much.

當然，非常感謝。

Ron, can you hear me?

羅恩，你能聽到我說話嗎？

Barely.

僅僅。

Can you hear me now?

你能聽到我嗎？

I can hear you now.

我現在能聽到你了。

It sounds like we're making a commercial here.

聽起來我們在這裡做廣告。

I can hear you now, Uche, go ahead.

我現在能聽到你了，Uche，繼續。

Let me try again, I'm under -- I apologize, if you can't hear me.

讓我再試一次，我在——我很抱歉，如果你聽不到我在說什麼。

Did you say -- when you talked about small cells, is that -- was that part of the way you have -- was that included in your guidance or your view for wireless infrastructure in the quarter that just ended and in the coming quarter?

你有沒有說過 - 當你談到小型蜂窩時，那是 - 你所擁有的方式的一部分 - 是否包含在你的指導或你對剛剛結束的季度和下一季度無線基礎設施的看法中？

Are you able to -- let me understand how your operation in that market is relative to other competitors like Avian Broadcom and (inaudible) within that market.

您是否能夠 - 讓我了解您在該市場的運營與 Avian Broadcom 等其他競爭對手以及該市場內的（聽不清）有何關係。

I mean, Alltel has described that market as additive as opposed to cannibalizing macro-based stations.

我的意思是，Alltel 將該市場描述為附加性市場，而不是蠶食基於宏的電台。

It sounds like you think the opposite.

聽起來你的想法恰恰相反。

Let me just try to understand how that plays into your current quarter and your guide and your competitive positioning?

讓我試著了解一下這對您當前的季度和您的指南以及您的競爭定位有何影響？

I don't know additive versus cannibalization.

我不知道添加劑與蠶食。

I think what you're going to see is that it's kind of the next wave of technology, I might say, in terms of base stations.

我認為你將看到的是，我可能會說，就基站而言，這是下一波技術浪潮。

We will see a significant part of the spend move to small cell, we believe, as the -- as the base -- not the base station -- as the carriers are doing their best to keep up with just the consumers' data-capacity needs.

我們將看到很大一部分支出轉移到小蜂窩，我們相信，作為——作為基地——而不是基站——因為運營商正在盡最大努力跟上消費者的數據容量需要。

Small cell is one of the most cost-effective means that they can do that, because basically they can deploy these cells with a minimal installation cost, and even considerations like their electricity usage are much more straightforward than continued deployment of macro-level base stations.

小型基站是他們能夠做到這一點的最具成本效益的手段之一，因為基本上他們可以以最低的安裝成本部署這些基站，甚至像它們的用電量這樣的考慮也比繼續部署宏基站要簡單得多.

I think we're going to see both, but we think over time, and this is looking forward, Uche, more so than anything that happened in first quarter.

我認為我們會看到兩者，但我們會隨著時間的推移進行思考，Uche，這比第一季度發生的任何事情都更值得期待。

Over time, we're going to see it represent a much more significant piece of the dollar content.

隨著時間的推移，我們將看到它代表了更重要的美元內容。

In terms of position, a lot of people -- obviously it's going to attract the market.

就職位而言，很多人——顯然會吸引市場。

Everybody wants to claim success.

每個人都想宣稱成功。

I guess all I would say is are -- we have a very strong position in macro, and we expect that our position in small cell will meet or exceed what we have in terms of macro.

我想我要說的是——我們在宏觀領域擁有非常強大的地位，我們預計我們在小型蜂窩領域的地位將達到或超過我們在宏觀領域的地位。

Just in terms of where there were known programs that were put out for bid -- I shouldn't say it that way.

就已知的投標項目而言——我不應該那樣說。

Of the total available programs, various carriers, et cetera, not all of which are determined at this point, we've already had design positions in more than what I would call half of the small-cell opportunity, and those are number of programs.

在所有可用程序、各種運營商等中，目前尚未確定所有這些程序，我們已經在超過我稱之為小型蜂窩機會的一半的設計位置，這些是程序的數量.

The market share position actually is higher than that, because some of these players are more important than others.

市場份額實際上比這更高，因為其中一些參與者比其他參與者更重要。

Again, we're off to a great start, this is system-on-a-chip technology.

同樣，我們有了一個良好的開端，這是片上系統技術。

It's going to -- you may see the very first generation be somewhat what I would call not integrated, but this is about cost, power, a lot of things that because of the form factor, will very quickly drive full-up system-on-a-chip implementations, and we're going to be very well-positioned there.

它將——您可能會看到第一代產品在某種程度上是我稱之為非集成的，但這是關於成本、功率和很多東西的，因為外形因素，這些東西將很快驅動完整的系統啟動-a-chip 實現，我們將在那里處於非常有利的位置。

I'll just say we've got great design position, our content in these systems is going to be very high.

我只想說我們有很好的設計地位，我們在這些系統中的內容將會非常高。

We think the market outlook there is really good.

我們認為那裡的市場前景非常好。

It's just going to be one where, again, you'll kind of like what we're saying on previous Q&A, the results will show when the results show.

這只是一個，再次，你會有點像我們在之前的問答中所說的，結果會在結果顯示時顯示。

We've got great position, but to the extent others claim they have a really great position and create confusion there, we may just have to wait until that translates to revenue and profit growth for TI.

我們的位置很好，但在某種程度上其他人聲稱他們擁有非常好的位置並在那裡製造混亂，我們可能只能等到這轉化為 TI 的收入和利潤增長。

Okay Uche, we will try again, do you have a follow-up question?

好的，Uche，我們會再試一次，你有後續問題嗎？

Sure, thank you very much.

當然，非常感謝。

Let me ask you in terms of your view of the restocking rate.

讓我問你對進貨率的看法。

I ask this question because some of the key lead indicators we look at, like the PMI data coming out of China and Europe still are not -- they're improving, but still not at levels that we think is driving significant confidence in any restocking program going on right now.

我問這個問題是因為我們看到的一些關鍵領先指標，比如來自中國和歐洲的採購經理人指數數據仍然沒有——它們正在改善，但仍未達到我們認為可以推動對任何補貨的顯著信心的水平程序正在進行中。

I know you described the environment as where destocking has stopped, but we've seen the orders go up a lot.

我知道您將環境描述為去庫存已經停止，但我們看到訂單增加了很多。

Do you think the environment at this point is enough for us to feel comfortable with especially where these key indicators out of Europe and China are still not essentially clear.

您認為目前的環境是否足以讓我們感到舒服，尤其是在歐洲和中國的這些關鍵指標仍不十分明確的情況下。

I mean, the US is strong, that's fantastic, but to what extent do we need all these other markets to show enough get-up for us to feel comfortable that the orders that we're seeing is going to be sustained?

我的意思是，美國很強大，這太棒了，但我們需要所有這些其他市場在多大程度上表現出足夠的起床讓我們感到放心，我們看到的訂單將持續下去？

Thank you.

謝謝。

Uche, I think you were asking about restocking rates.

Uche，我想你問的是進貨率。

You were breaking up a bit on your question, there, but I'm going to assume that's what it was, so let me take it from there.

你在你的問題上有點分手，但我假設是這樣，所以讓我從那裡開始。

As Ron mentioned, the -- what we believe we're seeing is not so much that customers are restocking per se, it's that they're stopped reducing their inventories.

正如羅恩所提到的，我們相信我們看到的並不是客戶本身正在補貨，而是他們停止減少庫存。

Even if they just hold their inventories at lower levels, that's going to result in higher orders for us, because they've depleted that pipeline in the prior shipments.

即使他們只是將庫存保持在較低水平，這也會為我們帶來更高的訂單，因為他們已經在之前的發貨中耗盡了這條管道。

From an overall standpoint, we do expect to grow in 2012, which means that we're anticipating the economy is going to do okay to support that, and that's a reference to the global economy.

從整體的角度來看，我們確實預計 2012 年會增長，這意味著我們預計經濟會很好地支持這一點，這是對全球經濟的參考。

There will probably be some stronger pockets than others.

可能會有一些比其他人更強大的口袋。

One could reasonably expect the Americas will probably be stronger than Europe.

人們可以合理地預期美洲可能會比歐洲更強大。

One could also look at Asia, China in particular, and say it may have reportedly slower growth rate than recent, but it's still growing at an extremely fast rate compared to the Western economies, and that rate's against a very large economy itself.

人們還可以看看亞洲，尤其是中國，並說它的增長率可能比最近慢，但與西方經濟體相比，它仍然以極快的速度增長，而這種速度是針對一個非常大的經濟體本身的。

It's already the second-largest economy in the world.

它已經是世界第二大經濟體。

When we put it all together, I'd say right now we're not seeing, or we can't necessarily prove or point to any evidence of customers restocking.

當我們把它們放在一起時，我會說現在我們沒有看到，或者我們不一定能證明或指出客戶補貨的任何證據。

What it appears to us is more like at this stage, customers have stopped draining and are now at least holding their inventories, and we'll have to wait a few weeks or few months, perhaps, to report and see if we actually see evidence of restocking.

在我們看來更像是在這個階段，客戶已經停止流失，現在至少持有他們的庫存，我們可能不得不等待幾週或幾個月才能報告，看看我們是否真的看到了證據進貨。

Okay, Uche, thanks for you questions.

好的，Uche，謝謝你的提問。

Let's move to the next caller.

讓我們轉到下一個來電者。

Ross Seymore, Deutsche Bank.

羅斯西摩，德意志銀行。

Hi guys, thanks for letting me ask a question.

大家好，謝謝你讓我提問。

I want to ask a question on the utilization side, and forgive me if it's a little convoluted.

想問一個利用方面的問題，說的有點繞還請見諒。

The utilization rates you talked about, at 50% to 55%, roughly.

你談到的利用率，大致在 50% 到 55%。

Where did that peak?

那個高峰在哪裡？

Really what I'm getting at is, you guys added a lot of supply, your own acquisitions of supply, plus adding National.

我真正要說的是，你們增加了很多供應，你們自己收購供應，再加上國家。

What I'm trying to figure out is, how much of that utilization dropped from wherever that peak was due to adding the supply, versus the revenues coming down.

我想弄清楚的是，與收入下降相比，由於增加供應而導致峰值的利用率下降了多少。

Or said differently, what revenue do you need to get back to, to have the same amount of utilization-driven goodness with your current manufacturing footprint versus where you were prior?

或者換句話說，您需要恢復多少收入，才能在當前的製造足跡中獲得與之前相同數量的利用率驅動的優勢？

Ross, it may take the two of us to try to get an answer for you on that, but the 50% to 55% you're referring to is, in fact, the utilization rate we discussed last quarter.

羅斯，我們可能需要兩個人才能為您找到答案，但您所指的 50% 至 55% 實際上是我們上個季度討論的利用率。

I don't think we gave a -- excuse me, fourth quarter.

我不認為我們給了 - 對不起，第四季度。

We haven't discussed what this quarter is just yet, other than to say that we have increased our starts in the factories, and it takes a while for those starts to become out, and so our average utilization is about even.

我們還沒有討論這個季度是什麼，只是說我們已經增加了工廠的開工，而且這些開工需要一段時間才能出來，所以我們的平均利用率是差不多的。

But the starts-based utilization actually increased in the quarter.

但本季度基於啟動的利用率實際上有所增加。

It is worth noting, as you pointed out, the incremental capacity we put in place.

值得注意的是，正如您所指出的，我們增加了產能。

Clearly, over the last couple years between the factories we acquired and the acquisition of National Semiconductor, we have added $7 billion worth of incremental revenue-generating capacity.

顯然，在我們收購工廠和收購美國國家半導體之間的過去幾年中，我們增加了價值 70 億美元的增量創收能力。

All things being equal, by definition we've got a lower utilization than we would be at the same revenue levels in the past.

在所有條件相同的情況下，根據定義，我們的利用率低於過去相同收入水平的利用率。

That alone will cause a large under-utilization charge, which I think is what you were leading to.

僅此一項就會導致大量未充分利用的費用，我認為這就是您所導致的。

We clearly have room to increase our revenue substantially with that capacity we've brought on board.

我們顯然有空間通過我們帶來的能力大幅增加我們的收入。

I think the simplest way to think about it is, all in is about $7 billion of incremental revenue-generating capacity.

我認為最簡單的思考方式是，總計約 70 億美元的增量創收能力。

From there, I'll leave it to you to kind of model where you think that takes us, but frankly, I'm pretty optimistic that's going to not only be attractive from letting us grow revenue as the markets come back, but also do so at very attractive margins given the cost of that capacity when we acquired it.

從那裡開始，我會把它留給你，你認為它會帶我們去什麼樣的模型，但坦率地說，我非常樂觀，隨著市場的複蘇，這不僅會讓我們增加收入，而且還會考慮到我們獲得該容量時的成本，因此利潤率非常有吸引力。

Do you have a follow-on, Ross?

羅斯，你有後續嗎？

Yes I do, hopefully a little clearer one.

是的，我知道，希望更清楚一點。

On the SBA side of things, can you talk a little bit about what was driving the sequential growth there relative to your other analog segments, given that they're sell-in and so disti-heavy, I would have thought that they would have acted a little more synchronized with your other businesses?

在 SBA 方面，你能談談是什麼推動了那里相對於你的其他模擬細分市場的連續增長，考慮到它們的銷售量如此之大，我原以為它們會有與您的其他業務更加同步？

Well Ross, the only thing I would caution against is, that was a relatively easy compare against fourth quarter, because remember in fourth quarter, we had some distribution channel changes where we discontinued one of their major distributors, we added TI distributors.

好吧，羅斯，我唯一要提醒的是，與第四季度相比，這是一個相對容易的事情，因為請記住，在第四季度，我們進行了一些分銷渠道變更，我們停止了他們的一個主要分銷商，我們增加了 TI 分銷商。

I would say first quarter the compare is relatively easy against fourth quarter.

我會說第一季度與第四季度相比相對容易。

I don't know that I want to draw a lot of real strong conclusions about this market or that market, as opposed to just saying at this point we would say it was an easy compare, and put the challenge in front of that team to let's see if they can do it again, and after that we'll probably challenge them again.

我不知道我想對這個市場或那個市場得出很多真正強有力的結論，而不是只是說在這一點上我們會說這是一個簡單的比較，並將挑戰擺在那個團隊面前讓我們看看他們能不能再做一次，然後我們可能會再次挑戰他們。

All right.

好的。

Ross, thank you, and operator, I think we have time for one additional caller.

羅斯，謝謝你，還有接線員，我想我們有時間再請一位來電者。

Mark Lipacis, Jefferies.

馬克·利帕西斯，傑富瑞。

Thanks for taking my question.

感謝您提出我的問題。

You have -- you're forecasting CapEx as $700 million still.

你有 - 你預測資本支出仍為 7 億美元。

To get there, you'd have to double the run rate for this quarter.

要實現這一目標，您必須將本季度的運行率提高一倍。

I'm wondering if you -- the CapEx you reported in Q1 was what you expected to, and whether or not you got some efficiencies and there's a chance to undershoot that CapEx number?

我想知道你 - 你在第一季度報告的資本支出是否符合你的預期，你是否有一些效率並且有機會低於該資本支出數字？

Yes Mark, the CapEx came in not far off from what we were expecting for 1Q.

是的，馬克，資本支出與我們對第一季度的預期相差不遠。

In fact, you'll see us on this spending actually spend it closer to when we actually need to bring the equipment in.

事實上，你會看到我們在這筆支出上實際花費的時間更接近我們實際需要引進設備的時間。

With the front end or wafer-type capacity that we acquired over the last couple of years, a larger portion of our CapEx is aimed at the assembly test sites.

憑藉我們在過去幾年中獲得的前端或晶圓型產能，我們資本支出的很大一部分用於組裝測試站點。

Generally speaking, the lead times on that type of equipment is shorter, and so we can order it and install it closer to when we actually have the revenue need for it.

一般來說，這類設備的交貨時間較短，因此我們可以在更接近實際有收入需求的時候訂購和安裝它。

As a result, we still are holding to our prior estimate of a $700-million CapEx for the year.

因此，我們仍然堅持之前對今年 7 億美元資本支出的估計。

I would just remind you if you take a look at our actual CapEx spend over the last 12 months, it's been a little over 5% of our total revenue, and that's translated into a little less than 7% depreciation total revenue over the last 12 months.

我只想提醒你，如果你看一下我們過去 12 個月的實際資本支出，它占我們總收入的 5% 多一點，這轉化為過去 12 年總收入的折舊率略低於 7%個月。

Clearly, the spend that we did in the last few years bringing on the wafer fabs that we did has been at very low cost to us from a fixed standpoint, and is allowing us to actually operate at much lower CapEx levels than we have in the past.

顯然，從固定的角度來看，我們在過去幾年中為建設晶圓廠所做的支出對我們來說成本非常低，並且實際上使我們能夠以比過去低得多的資本支出水平運營。過去的。

We've previously indicated that we would be a 5% to 8% of revenue kind of CapEx model, given the wafer fabs that we bought over the couple years, but over the next foreseeable future, we'll probably run at the lower end of that range, closer to 5% than 8%.

我們之前曾表示，考慮到我們在過去幾年購買的晶圓廠，我們將採用佔收入 5% 至 8% 的資本支出模式，但在下一個可預見的未來，我們可能會在低端運行在該範圍內，接近 5% 而不是 8%。

Do you have a follow-on, Mark?

馬克，你有後續嗎？

Yes, thank you.

是的，謝謝。

The factory -- could you just spell out, Kevin, one last time, the Spansion impact to the gross margins, is that something that just it hits first right now in the second quarter?

工廠 - 凱文，你能不能最後一次說明 Spansion 對毛利率的影響，這是它現在在第二季度首先受到影響的事情嗎？

Can you quantify the impact at all?

你能量化影響嗎？

Thank you.

謝謝。

Yes Mark, I won't go so far as to quantify, but I will remind you we reported when we came out of fourth quarter the Spansion revenues ran about $30 million a quarter, and frankly we weren't -- I would graciously say we weren't making a whole lot of profit on that.

是的，馬克，我不會去量化，但我會提醒你，我們報告說，當我們第四季度出來時，Spansion 的收入每季度約為 3000 萬美元，坦率地說，我們不是——我會很客氣地說我們並沒有從中賺取很多利潤。

As a result, once that revenue went away, the capacity was left behind, and was converted and now available for analog, so that cost is all going into the analog P&L now.

結果，一旦收入消失，容量就被拋在後面，並被轉換並現在可用於模擬，所以這些成本現在都進入了模擬損益表。

That occurred with the first quarter.

這發生在第一季度。

Whereas previously, when it was there supporting Spansion, it was in our Other segment, Mark.

而以前，當它在那裡支持 Spansion 時，它在我們的其他部分，馬克。

Okay, Mark, thanks for your questions, and with this, we'll close up.

好的，馬克，謝謝你的提問，我們就此結束。

Thank you for joining us.

感謝您加入我們。

We hope to see many of you next week in New York.

我們希望下週在紐約見到你們中的許多人。

A replay of this call is available on our website.

我們的網站上提供了此次通話的重播。

Good evening.

晚上好。

That does conclude our conference.

我們的會議到此結束。

You may now disconnect.

您現在可以斷開連接。