德州儀器 (TXN) 2016 Q2 法說會逐字稿

Good day and welcome to Texas Instruments 2Q 2016 earnings release conference call. At this time, I'd like to turn the call over to Mr. Dave Pahl. Please go ahead, sir.

大家好，歡迎參加德州儀器2016年第二季財報電話會議。此時，我想把電話交給戴夫·帕爾先生。請繼續，先生。

Thank you. Good afternoon and thank you for joining our second quarter 2016 earnings conference call. As usual, Kevin March, TI's Chief Financial Officer, is with me today.

謝謝。下午好，感謝各位參加我們2016年第二季財報電話會議。像往常一樣，德州儀器財務長凱文馬奇今天和我在一起。

For any of you who missed the release, you can find it on our website at TI.com/IR. This call is being broadcast live over the web and can be accessed through our website. A replay will be available through the web.

如果您錯過了發布會，可以在我們的網站 TI.com/IR 上找到它。本次通話正在網路上進行現場直播，可透過我們的網站收看。比賽錄影將在網路上播出。

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 expectation. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today, as well as TI's most recent SEC filings for a more complete description.

本次電話會議將包含前瞻性陳述，其中涉及風險和不確定性，可能導致德州儀器 (TI) 的表現與管理層目前的預期有重大差異。我們建議您查看今天發布的盈利報告中有關前瞻性聲明的通知，以及德州儀器 (TI) 向美國證券交易委員會 (SEC) 提交的最新文件，以獲取更完整的說明。

I'll start with a quick summary. Revenue and earnings per share for the quarter were solidly in the upper half of our expected range. Compared with a year ago, demand for our products continue to be strong in the automotive market and grew in industrial and the communications equipment markets. Despite sequential growth, demand in the personal electronics market was down from a year ago.

我先做一個簡要概述。本季營收和每股盈餘均穩定在我們預期範圍的上半部。與一年前相比，我們產品在汽車市場的需求依然強勁，在工業和通訊設備市場也有所成長。儘管個人電子產品市場需求較上季成長，但仍比一年前有所下降。

In our core businesses, Embedded Processing revenue grew 9% and Analog revenue was about even with the same quarter a year ago. Operating margins increased in both businesses. Earnings per share were $0.76. With that backdrop, Kevin and I will move on to the details of our performance, which we believe continues to representative of the ongoing strength of our business model.

在我們的核心業務中，嵌入式處理收入成長了 9%，模擬收入與去年同期基本持平。兩項業務的營業利潤率均有所提升。每股收益為 0.76 美元。在此背景下，凱文和我將進一步詳細介紹我們的業績，我們相信這繼續代表了我們商業模式的持續優勢。

In the second quarter, our cash flow from operations was $1.1 billion. We believe that free cash flow growth, especially on a per-share basis, is most important to maximizing shareholder value in the long term. Free cash flow for the trailing 12-month period was $3.9 billion, up 7% from a year ago. Free cash flow margin was 30% of revenue, up from 27.4% a year ago.

第二季度，我們的營運活動現金流為 11 億美元。我們認為，自由現金流成長，尤其是每股自由現金流成長，對於長期實現股東價值最大化至關重要。過去 12 個月的自由現金流為 39 億美元，比上年同期成長 7%。自由現金流利潤率為營收的 30%，高於一年前的 27.4%。

We continue to benefit from our improved product portfolio and the efficiencies of our manufacturing strategy, the latter of which includes our growing 300-millimeter Analog output and the opportunistic purchase of assets ahead of demand.

我們持續受益於不斷改進的產品組合和高效的製造策略，後者包括不斷增長的 300 毫米模擬輸出以及在需求出現之前抓住機會收購資產。

We believe that free cash flow will be valued only if it's returned to shareholders or productively invested in the business. For the trailing 12-month period, we've returned $4.1 billion of cash to investors through a combination of dividends and stock repurchases.

我們認為，只有將自由現金流回饋給股東或進行有效投資於企業，才能體現其價值。在過去的 12 個月裡，我們透過分紅和股票回購的方式向投資者返還了 41 億美元的現金。

From a year ago, Analog revenue was about even with growth in High Performance Analog and Silicon Valley Analog was offset by declines in High Volume Analog & Logic and Power Management. Embedded Processing revenue increased by 9% from a year ago, due to growth in all three product lines, led by Processors.

與一年前相比，類比電路收入基本上持平，高性能類比電路和矽谷模擬電路的成長被大批量類比電路和邏輯電路以及電源管理電路的下滑所抵消。嵌入式處理業務收入較上年同期成長 9%，這主要得益於三大產品線的成長，其中處理器業務的成長尤為顯著。

Our investments in Embedded continue to build a diverse business of long-lived products that contribute to free cash flow growth over the long term. In our Other segment, revenue declined 4% from a year ago due to calculators, royalties, and custom ASIC products, which was partially offset by DLP products.

我們在嵌入式領域的投資持續建構多元化的長壽命產品業務，從而為長期自由現金流成長做出貢獻。在其他業務板塊，由於計算器、特許權使用費和定制 ASIC 產品，收入比上年同期下降了 4%，但 DLP 產品部分抵消了這一影響。

Now I'll move to provide some insight into this quarter's revenue performance by end market versus a year ago. Automotive demand remained strong, with the majority of sectors growing, led by infotainment. Industrial demand had broad-based growth, with more than half of the sectors growing. Personal electronics declined broadly, led by mobile phones. Communications equipment grew from a year ago, but declined sequentially. And finally, enterprise systems grew.

接下來，我將分析本季各終端市場的營收表現與去年同期相比的情況。汽車需求依然強勁，大部分細分市場均實現成長，其中資訊娛樂系統表現尤為突出。工業需求全面成長，超過一半的產業實現了成長。個人電子產品整體下滑，其中行動電話的下滑尤為嚴重。通訊設備比去年同期有所成長，但季減。最後，企業系統發展起來了。

We continue to focus on making our company stronger through manufacturing and technology, the breadth of our product portfolio, the reach of our market channels, and our diverse and long-lived positions. These four attributes taken together are at the core of what puts TI in a unique class of companies capable of long-term free cash flow growth. Kevin will now review profitability, capital management, and our outlook.

我們將繼續專注於透過製造和技術、拓展產品組合、擴大市場通路以及鞏固多元化和長期市場地位來增強公司的實力。這四個特點共同構成了德州儀器 (TI) 能夠實現長期自由現金流成長的獨特公司類別的核心所在。凱文接下來將審查獲利能力、資本管理和我們的前景。

Thanks, Dave, and good afternoon, everyone.

謝謝你，戴夫，大家下午好。

Gross profit in the quarter was $2.0 billion or 61.2% of revenue. From a year ago, gross profit margin increased 300 basis points, primarily due to lower manufacturing costs. Operating expenses were $805 million, up 2% from a year ago.

本季毛利為 20 億美元，佔營收的 61.2%。與去年同期相比，毛利率提高了300個基點，主要原因是製造成本降低。營運支出為 8.05 億美元，比上年同期成長 2%。

Over the last 12 months, we've invested $1.29 billion on research and development, an important element of our capital allocation. Acquisition charges were $79 million, all of which were the ongoing amortization of intangibles, which is a non-cash expense.

過去 12 個月，我們在研發方面投入了 12.9 億美元，這是我們資本配置的重要組成部分。收購費用為 7,900 萬美元，全部為無形資產的持續攤銷，屬於非現金支出。

Operating profit was $1.12 billion or 34.1% of revenue. Operating profit was up 11% from the year-ago quarter. Operating margin for Analog was 37.7% and for Embedded Processing was 25.0%.

營業利潤為 11.2 億美元，佔營收的 34.1%。營業利潤比去年同期成長了11%。類比電路的營業利益率為 37.7%，嵌入式處理電路的營業利益率為 25.0%。

Our focused investments on the best sustainable growth opportunities with differentiated positions enabled both businesses to continue to contribute nicely to free cash flow growth. Net income in the second quarter was $779 million or $0.76 per share.

我們專注於投資具有差異化優勢的最佳永續成長機會，使兩家企業都能繼續為自由現金流成長做出良好貢獻。第二季淨利為 7.79 億美元，即每股 0.76 美元。

Now, let me comment on our capital management results, starting with our cash generation. Cash flow from operations was $1.07 billion in the quarter. Inventory days were 133, consistent with our long-term model of 105 days to 135 days, as we stage inventory for expected revenue growth in the third quarter.

現在，讓我來談談我們的資本管理業績，先從我們的現金流產生情況說起。本季經營活動產生的現金流量為10.7億美元。庫存週轉天數為 133 天，與我們 105 天至 135 天的長期模型一致，因為我們為第三季預期的營收成長預留了庫存。

Capital expenditures were $158 million in the quarter. On a trailing 12-month basis, cash flow from operations was $4.46 billion, up 9% from the same period a year ago. Trailing 12-month capital expenditures were $585 million or 4.5% of revenue. As a reminder, our long-term expectation is for capital expenditures, including the expansion of our 300-millimeter Analog capacity, to be about 4% of revenue.

本季資本支出為1.58億美元。過去 12 個月，經營活動產生的現金流為 44.6 億美元，比去年同期成長 9%。過去 12 個月的資本支出為 5.85 億美元，佔營收的 4.5%。再次提醒大家，我們的長期預期是資本支出（包括擴大我們的 300 毫米模擬產能）將佔營收的 4% 左右。

Free cash flow for the past 12 months was $3.87 billion or 30.0% of revenue. Free cash flow was 7% higher than a year ago. Our cash flow reflects the strength of our business model. As we've said, we believe free cash flow growth, especially on a per-share basis, is most important to maximizing shareholder value in the long term and will be valued only if it's returned to shareholders or productively reinvested into the business. As we have noted, our intent is to return 100% of our free cash flow, plus any proceeds we receive from the exercise of equity compensation minus net debt retirement.

過去 12 個月的自由現金流為 38.7 億美元，佔營收的 30.0%。自由現金流比去年同期成長了7%。我們的現金流反映了我們商業模式的優勢。正如我們所說，我們認為自由現金流成長，尤其是每股自由現金流成長，對於長期最大化股東價值至關重要，只有當自由現金流返還給股東或以生產性方式再投資於業務時，才能體現其價值。正如我們所指出的，我們的目標是返還 100% 的自由現金流，加上我們從行使股權激勵中獲得的任何收益，減去淨債務償還。

For those who may have missed it, in May, we issued $500 million of six-year debt at a coupon rate of 1.85%. In addition, we have retired $1 billion of debt. This leaves total debt of $3.63 billion, with a weighted average coupon rate of 2.22%.

對於那些可能錯過消息的人來說，今年 5 月，我們發行了 5 億美元的六年期債券，票面利率為 1.85%。此外，我們也償還了10億美元的債務。這樣一來，總債務為 36.3 億美元，加權平均票面利率為 2.22%。

In the second quarter, we paid $382 million in dividends and repurchased $527 million of our stock for a total return of $909 million. Total cash returned to shareholders in the past 12 months was $4.07 billion.

第二季度，我們支付了 3.82 億美元的股息，並回購了 5.27 億美元的股票，總回報為 9.09 億美元。過去 12 個月返還給股東的現金總額為 40.7 億美元。

Outstanding share count was reduced by 3% over the past 12 months, and by 42% since the end of 2004 when we initiated a program designed to reduce our share count. These combined returns demonstrate our confidence in our business model and our commitments to return excess cash to our shareholders.

過去 12 個月，流通股數量減少了 3%，自 2004 年底我們啟動旨在減少流通股數量的計畫以來，流通股數量減少了 42%。這些綜合收益顯示了我們對自身商業模式的信心，以及我們向股東返還超額現金的承諾。

Fundamental to our commitment to return cash are our cash management and tax practices. We ended the second quarter with $2.54 billion of cash and short-term investments, with our U.S. entities owning about 80% of our cash. This on-shore cash is readily available for a variety of uses.

我們實現現金回報承諾的根本在於我們的現金管理和稅務實務。第二季末，我們擁有 25.4 億美元的現金和短期投資，其中美國實體擁有約 80% 的現金。這些境內現金可隨時用於各種用途。

Our orders in the quarter were $3.33 billion, up 2% from year ago.

本季訂單金額為 33.3 億美元，比去年同期成長 2%。

Turning to our outlook, for the third quarter, we expect revenue in the range of $3.34 billion to $3.62 billion, and earnings per share to be in the range of $0.81 to $0.91. Acquisition charges, which are non-cash amortization charges, will remain about even and hold at about $80 million per quarter through the third quarter of 2019. They will then decline to about $50 million per quarter for two additional years.

展望未來，我們預計第三季營收將在 33.4 億美元至 36.2 億美元之間，每股收益將在 0.81 美元至 0.91 美元之間。收購費用（非現金攤銷費用）將保持基本持平，到 2019 年第三季度，每季度約為 8,000 萬美元。之後兩年，他們的季度收入將下降到約 5,000 萬美元。

Our expectation for our annual effective tax rate in 2016 is unchanged at about 30%, and this is the tax rate you should use for the third quarter and for the year.

我們對 2016 年年度實際稅率的預期保持不變，約為 30%，這是您在第三季和全年應使用的稅率。

In summary, we believe our second-quarter results demonstrate the strength of our business model. With that, let me turn it back to Dave.

總而言之，我們認為第二季的業績證明了我們商業模式的優勢。那麼，現在讓我把話題轉回給戴夫。

Thanks, Kevin. Operator, you can now open the lines up for questions.

謝謝你，凱文。操作員，現在可以開放提問通道了。

In order to provide as many of you as possible an opportunity to ask a question, please limit yourself to a single question. After our response, we'll provide you an opportunity for an additional follow up. Operator?

為了讓盡可能多的人有機會提問，請每個問題只提一個問題。在回覆之後，我們將為您提供進一步跟進的機會。操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

And our first question will come from Chris Danely with Citigroup.

我們的第一個問題將來自花旗集團的克里斯·丹利。

Thanks, guys. Great quarter. So it seems like the revenue was above the midpoint, like you said. Can you just maybe talk about the strength you saw or what was stronger than expectations by segment or by end market?

謝謝各位。很棒的季度。所以看來營收高於中點，正如你所說。您能否談談您觀察到的優勢，或按細分市場或終端市場劃分的哪些方面表現超出預期？

Yes, Chris, I'll just say across our businesses, I'd just say that most areas performed a bit better than our expectations. Obviously there's always puts and takes, but in general that was the case. And obviously, that put us solidly in the upper half of our range.

是的，克里斯，我只想說，就我們所有業務而言，大多數領域的表現都比我們的預期略好。當然，凡事總有得有失，但總的來說情況就是這樣。顯然，這使我們穩居目標範圍的上半部。

Great. And for my follow-up, if we plug in some sort of normal seasonal growth in Q4, it looks like revs will be flat to slightly up. But it looks like OpEx might be up as a percentage this year. Is that true? Can you shed any light on whether that could happen or could not happen, or what would be the drivers there?

偉大的。至於我的後續分析，如果我們假設第四季出現某種正常的季節性成長，那麼營收看起來將持平或略有成長。但今年的營運支出百分比似乎可能會上升。是真的嗎？您能否解釋一下這種情況是否可能發生，或者背後的驅動因素是什麼？

Chris, you said Q4. Did you mean to say Q3?

克里斯，你說的是第四季。您是不是想說Q3？

No, we've already got it for Q3. But if we plug in some normal seasonal growth for Q4, you get revenue around the same level as last year. It looks like on OpEx might be a little bit higher as a percent of revenue this year versus last year. A, is that true? Can you comment on that or talk about the puts and takes on OpEx?

不，我們已經在第三季完成了。但如果我們考慮到第四季正常的季節性成長，那麼營收將與去年同期基本持平。今年的營運支出佔收入的比例似乎會比去年略高一些。A，那是真的嗎？您能否就此發表評論，或是談談營運支出方面的看法？

Well I'll wait 90 days and give you what we think the Q4 range is going to be for revenue and then we can talk about where that is. Right now, we'll just focus our comments on 2Q and 3Q if you don't mind, Chris.

好的，我會等90天，然後告訴你我們對第四季營收範圍的預測，之後我們再來討論具體數字。克里斯，如果你不介意的話，我們現在只集中討論第二季和第三季的情況。

Thank you, Chris. We'll go to the next caller, please.

謝謝你，克里斯。請接聽下一位來電者。

Sure. Our next question will come from Stacy Rasgon with Bernstein Research.

當然。下一個問題將來自伯恩斯坦研究公司的史黛西·拉斯貢。

Thanks for taking my questions. First, could you give us an idea of in the current quarter how much personal electronics was down year over year, and for Q3, how do you see that trending? Do you still see that business down year over year in Q3?

謝謝您回答我的問題。首先，您能否簡單介紹一下本季個人電子產品年減了多少？對於第三季度，您認為這趨勢會如何？你仍然認為第三季該業務會年減嗎？

Yes, Stacy, we don't get to that level of detail. I can say that we did see sequential growth as we were expecting to see it.

是的，史泰西，我們不會深入到那種細節程度。我可以肯定地說，我們確實看到了預期中的持續成長。

It is obviously still down significantly year on year, and we really just haven't provided guidance out into third quarter. And again, if there's anything that's moving around that's significant, our practices have been to call that out to provide clarity. So I think with our results coming solidly in the upper half and our guidance that we're providing, we're just not going to that level of detail at this time. Do you have a follow on?

顯然，與去年同期相比，業績仍大幅下滑，我們目前還沒有對第三季的業績做出預測。再次強調，如果有什麼重大變動，我們的做法是指出來，以便讓大家清楚了解情況。所以我覺得，鑑於我們的業績穩居前列，而且我們提供的指導意見也符合預期，我們目前不會透露那麼詳細的資訊。您還有後續文章嗎？

Yes. Can you give us some idea of gross margin drivers in the quarter? It seems like gross margins came in a little stronger. And how do you see those drivers trending into next year? Do you think gross margins should be up on the higher revenues?

是的。您能否介紹一下本季毛利率的驅動因素？毛利率似乎略有成長。您認為這些車手明年的發展趨勢如何？你認為隨著營收成長，毛利率也應該提高嗎？

Yes, Stacy, the drivers to gross margin are last quarter and going for the foreseeable future, the same things we've been seeing for a while. And that is, we're seeing depreciation rolling off, which is clearly giving us an accounting benefit to gross margin. But more importantly, we've gone increased production on 300-millimeter, which is considerably more cost effective on a chip level than the equivalent 200-millimeter production.

是的，Stacy，上個季度以及在可預見的未來，影響毛利率的因素和我們一段時間以來看到的情況一樣。也就是說，我們看到折舊正在減少，這顯然會為毛利率帶來會計上的好處。但更重要的是，我們已經提高了 300 毫米製程的產量，這在晶片層面上比同等規格的 200 毫米製程更具成本效益。

And as we see depreciation continue to roll off, albeit more slowly, as we move into future quarters and more production on 300-millimeter, we'll continue to see benefit to gross margins. So I think that what you've seen going on is just a prelude to what you'll see going on as we look out a little bit further.

隨著未來幾季300毫米機型產量增加，儘管折舊速度會放緩，但折舊仍將繼續減少，我們將繼續看到毛利率受益。所以我認為，你們現在看到的只是序幕，當我們把目光放得更遠一些時，你們將會看到更多的事情發生。

If you look out further in time as to what to expect, I think we'd just tell you to do what we've been doing in the past. Which is, on any delta revenue that forecast into your model, that falls through to around 70%, 75% on average over time. That will give you a pretty good way to anticipate what the company's gross margins will stack up as.

如果展望更長遠的未來，我想我們會建議你繼續做我們過去一直在做的事情。也就是說，任何預測到模型中的增量收入，隨著時間的推移，平均會下降到 70% 到 75% 左右。這將幫助你比較準確地預測公司的毛利率。

Okay. Thanks, Stacy. We'll go to the next caller, please.

好的。謝謝你，史黛西。請接聽下一位來電者。

Our next question will come from Amit Daryanani with RBC Capital Markets.

下一個問題將來自加拿大皇家銀行資本市場部的 Amit Daryanani。

Thanks for taking my question, guys. First off, the CapEx we think was a little bit higher than the 4% line that you have guys talked about in the past. Could you just talk about how do you think about the rest of the year, and at what point do you think CapEx will approximate depreciation for you guys?

謝謝各位回答我的問題。首先，我們認為資本支出略高於你們之前討論過的 4% 的水平。您能否談談您對今年剩餘時間的看法，以及您認為資本支出何時才能與折舊金額大致相當？

Amit, were you a little quiet. I think you were saying that CapEx is a little higher than in the past?

阿米特，你剛才有點安靜。您剛剛是說資本支出比以前略高一些？

That's what I had heard too. We're having a little bit of trouble hearing you. So resummarize your question, you're saying CapEx was higher than it has been in the recent past and why is that?

我也聽說了。我們聽不太清楚你的聲音。總結一下你的問題，你是說資本支出比最近一段時間高，這是為什麼？

Sorry, right. And at what point do you think CapEx is going to approximate depreciation for you guys over time?

抱歉，是嗎？那麼，你們認為資本支出在什麼時候才能與資產折舊大致相當呢？

CapEx is going to be noisy in any one quarter. So makes more sense to look at it on what we think is a trailing 12-month basis. Over the last 12 months, CapEx is running about 4.5% of our last 12-months revenue. Depreciation has been running about 5.2% over the last 12-months revenue. So obviously those will converge at some point.

任何一個季度，資本支出都會出現波動。因此，以我們認為的過去 12 個月的數據為基礎來看待這個問題更有意義。過去 12 個月，資本支出約佔過去 12 個月收入的 4.5%。過去 12 個月的收入折舊率約為 5.2%。所以很顯然，它們最終會在某個時候匯合。

But I don't expect those to converge before the end of 2016. They may converge in any one quarter, but on a trailing 12-month basis, it will take a couple more quarters before we see those meet up. Again, remember our long-term model is to keep our CapEx spending at around 4% of revenue, and that includes the conversion and expansion of our 300-millimeter capacity for Analog production.

但我預期這些情況在 2016 年底前不會趨於一致。它們可能在某個季度趨於一致，但從過去 12 個月來看，還需要幾個季度才能看到它們匯合。再次提醒大家，我們的長期模式是將資本支出控制在收入的 4% 左右，其中包括將我們的 300 毫米模擬生產產能進行轉換和擴建。

Do you have a follow-on Amit?

阿米特，你還有後續嗎？

Yes, if I could just follow up. OpEx, I guess, at least in the June quarter, it looks like it was higher than expected. Sort of comparable to what happened in the March quarter, if I'm not mistaken.

是的，如果我能跟進一下就好了。營運支出，至少在六月的季度，似乎高於預期。如果我沒記錯的話，這有點像是三月那一季發生的事。

Could you just talk about how do you look at OpEx as a percent of sales and what's driving the higher uptick there? It looks like it's more R&D more than anything else in the first half of the year so far.

您能否談談您如何看待營運支出佔銷售額的百分比，以及是什麼因素推動了這一比例的上升？看起來今年上半年研發工作比其他任何工作都多。

I'm not so sure it was higher than expected per se, but it was certainly higher than it was the last quarter and higher on a year-over-year basis. You've got a couple things going on there.

我不太確定它是否高於預期，但它肯定比上一季高，而且比去年同期也高。你那邊有兩件事要處理。

Sequentially, you've got three, four months worth of pay and benefit increases. So last quarter you only had two months worth. That's also you true year over year by the way, we just got pay and paying benefit increases.

依序，你將獲得三到四個月的薪資和福利成長。所以上個季度你只有兩個月的貨。順便說一句，這也是你們每年的真實情況，我們剛剛獲得了薪資和福利的成長。

But also importantly on the R&D as you noted, we have been, for a number of quarters now, reallocating our internal resources towards more development efforts. So those would be resources that may have been working in manufacturing support or they may have been working in SG&A, and we're redeploying those resources into development activity and R&D. And we expect to continue doing that for a number of quarters to come. And so consequently, you're seeing R&D begin to move up a little bit more than you might see on the G&A line.

但同樣重要的是，正如您所指出的，在研發方面，我們已經連續幾季將內部資源重新分配到更多的研發工作。所以這些資源原本可能用於生產支援或銷售、管理及行政費用，現在我們將這些資源重新部署到開發活動和研發中。我們預計未來幾季將繼續這樣做。因此，你會發現研發支出開始比一般管理費用支出略微增加一些。

Okay. Thank you Amit. We'll go to the next caller, please.

好的。謝謝你，阿米特。請接聽下一位來電者。

Next will be C.J. Muse with Evercore ISI.

接下來是C.J. Muse和Evercore ISI。

Good afternoon. Thank you for taking my question. I guess a question to go back to your incremental gross margins and try and maybe dig a little bit deeper and understanding how much is rolling off from G&A, mix, utilization, the benefit of 300-millimeter.

午安.感謝您回答我的問題。我想問的是，我們需要回到你們的增量毛利率問題，並嘗試更深入地挖掘，了解有多少利潤來自一般管理費用、產品組合、利用率以及 300 毫米產品帶來的好處。

So if we look at calendar 2016 and things play out seasonal, it looks like about $150 million benefit from G&A but another $200 million from those other categories. Is there any way to parse that out and then better understand in a go forward what that might look like for each of those categories, mix, utilization, 300-millimeter?

因此，如果我們看一下 2016 年的日曆，並且考慮到季節性因素，一般及行政費用似乎會帶來約 1.5 億美元的收益，而其他類別則會帶來另外 2 億美元的收益。有沒有辦法將這些因素分解開來，以便更好地了解未來每個類別（混合、利用率、300 毫米）的具體情況？

C.J., just to think about that, from an underutilization standpoint, frankly, there's no real benefit going on there. The underutilization costs have been almost exactly the same for multiple quarter in a row now.

C.J.，你想想，從資源利用不足的角度來看，坦白說，這樣做並沒有什麼實際好處。近幾個季度以來，產能利用不足造成的成本幾乎完全相同。

Depreciation has actually come down. So you compare the most recent quarter at $155 million depreciation, the year-ago quarter was $198 million. So you're getting about a $45 million depreciation lift. But really the rest of it's just lower overall manufacturing costs.

折舊率實際上已經下降了。所以，最近一個季度的折舊額為 1.55 億美元，而去年同期為 1.98 億美元。這樣一來，你就能獲得大約 4500 萬美元的折舊抵扣。但實際上，其餘部分只是降低了整體製造成本。

Again, incrementally, we're getting more production on 300-millimeter, which at the die level has a 40% cost benefit for us. So that's an overall 20% improvement to gross profit margin, or excuse me 20 -- it takes gross margin profit up effectively, because cost comes down by that amount. So you've got the combination of all those things weighing together.

再次，我們正在逐步提高 300 毫米晶片的產量，這在晶片層面為我們帶來了 40% 的成本優勢。因此，毛利率總體提高了 20%，或者更準確地說，是 20——毛利率實際上提高了，因為成本降低了這麼多。所以，你需要綜合考慮所有這些因素。

So again, depreciation down about $45 million 2Q to 2Q on a year-over-year basis. Underutilization charge is pretty flat throughout that period. So it's really a conversion to lower cost manufacturing.

因此，與去年同期相比，第二季折舊額減少了約 4,500 萬美元。在此期間，未充分利用成本基本上保持不變。所以這其實是向低成本製造方式的轉變。

I'll just add for those that may not follow us as closely why 300-millimeter makes a difference. So we've got a footprint manufacturing analog products at 200-millimeter, and the 300-millimeter, we ended last year with about $6 billion of open capacity on 300-millimeter. And the wafer size is bigger, and that translates into a lower cost, as Kevin was talking about at a chip level where the silicon level is 40% lower.

我再補充一點，給那些可能不太注意我們的人解釋為什麼 300 毫米會有差別。因此，我們在 200 毫米和 300 毫米規格的模擬產品製造方面都有佈局，去年年底我們在 300 毫米規格方面還有大約 60 億美元的未開發產能。晶圓尺寸更大，這意味著成本更低，正如凱文在晶片層面所說的那樣，矽層成本降低了 40%。

So basically as we build more of our products on 300-millimeter, that will help to drive gross margins as well as free cash flow. C.J., you have a follow-up question?

因此，隨著我們越來越多地採用 300 毫米製程製造產品，這將有助於提高毛利率和自由現金流。C.J.，你還有後續問題嗎？

Yes, Dave, that was very helpful. If I could just ask a short-term question. In terms of gross margin into September, will mix be a headwind there or should we think gross margins at least flat? Thank you.

是的，戴夫，這很有幫助。我能否問一個簡短的問題？就9月的毛利率而言，產品組合是否會成為不利因素？或者我們應該認為毛利率至少會持平？謝謝。

C.J., I don't think that mix is really going to play too much of a factor in this. We're going to continue to have more production on 300-millimeter and lower overall manufacturing costs, and it's really just the economics that Dave just mentioned that's going to keep on helping on gross margin going forward.

C.J.，我不認為這種混合方式會對這件事產生太大影響。我們將繼續增加 300 毫米產品的產量，降低整體製造成本，而戴夫剛才提到的經濟因素，確實會繼續幫助我們提高未來的毛利率。

Great. Thank you, C.J. We'll go to the next caller, please.

偉大的。謝謝您，C.J.。我們請接聽下一位來電者。

Our next question will come from Joe Moore with Morgan Stanley.

下一個問題來自摩根士丹利的喬·摩爾。

Great. Thank you. I wonder if you can give us an update on the Embedded Processing segment. You're showing some nice growth there. Can you talk about where that's coming from, and in particular, the previous wireless business as OMAP Connectivity, can you talk about growth that you might be seeing there?

偉大的。謝謝。我想請您介紹一下嵌入式處理部分的最新進展。你在這方面取得了不錯的進步。您能否談談這些資金的來源，特別是之前的無線業務 OMAP Connectivity，您能否談談您可能看到的成長情況？

Yes, sure, Joe. Year over year, as we had said before, we're seeing good growth in all three product lines. And just as a reminder, for 2015, we had three product lines inside of Embedded, Microcontrollers, which made up 45% of revenue, Processors, again, 45% and Connectivity at 10%.

當然可以，喬。正如我們之前所說，我們所有三個產品線都實現了同比良好成長。提醒一下，2015 年，我們在嵌入式領域有三條產品線：微控制器，佔營收的 45%；處理器，同樣佔 45%；連線產品佔 10%。

So I'll just say over the last few years, Connectivity has been growing very strongly, though it's coming obviously from a much lower revenue base. And there we support a dozen or so connectivity standards, and those products are finding, I'd just say, very, very diverse different applications and doing very nicely.

所以我想說的是，在過去的幾年裡，儘管連接性業務的收入基礎明顯較低，但其成長勢頭非常強勁。我們支援十幾種連接標準，這些產品找到了非常非常多樣化的應用，而且表現非常出色。

Processors, again, is doing very well. It is being benefited from both automotive as well as recovery that we saw inside of comm's infrastructure. And then Microcontrollers is benefiting from really the industrial market as it is finding very, very diverse applications.

處理器方面，表現依然非常出色。它受益於汽車行業以及我們在通訊基礎設施內部看到的復甦。此外，微控制器也受益於工業市場，因為它在工業市場找到了非常非常多樣化的應用。

So that's what that looks like across the board. Do you have a follow on?

所以，整體情況就是這樣。您還有後續文章嗎？

That was very helpful, thank you. Separately, I wonder is there any areas where you're seeing tighter availability or lead time extensions or anything like that across the whole portfolio?

這很有幫助，謝謝。另外，我想知道在整個產品組合中，是否存在供應更加緊張、交貨週期延長或其他類似情況？

Yes, I'd say that across the board, our lead times have remained unchanged and at very, very low levels. So product availability continues to be very good, and both at our distributors as well as for the products that we support through consignment programs or in a classical book ship business. So really no changes on that. And I'd just also mention that just our on-time delivery, so our metrics to when customers want to have them remain at very, very high level.

是的，我認為總體而言，我們的交貨週期保持不變，而且處於非常非常低的水平。因此，產品供應情況仍然非常好，無論是我們的經銷商，還是我們透過寄售計畫或傳統圖書運輸業務支援的產品，供應情況都很好。所以這方面真的沒有任何改變。我還要提一下，我們的準時交貨率，也就是客戶希望收到貨物的時間，一直保持在非常非常高的水準。

Thank you, Joe. We'll go to the next caller, please.

謝謝你，喬。請接聽下一位來電者。

And that question will come from Craig Ellis with B. Riley.

這個問題將由 Craig Ellis 和 B. Riley 提出。

Thanks for taking the question, and nice job on the results. Kevin and Dave, I wanted to follow up on Embedded Processing operating margins. For the last couple of years, the Company has had the objective to get them higher, and you've done a lot on the OpEx side and now for a second consecutive quarter we're in the mid-20%s. Can you put in context where operating margins are now versus I think levels that the company would be happy with, is it possible to get to Analog levels or are we at optimal levels now with EP?

感謝您回答這個問題，結果也很不錯。Kevin 和 Dave，我想跟進嵌入式處理業務的營業利潤率。過去幾年，公司一直致力於提高營運支出比率，你們在營運支出方面做了很多工作，現在連續第二個季度，我們的營運支出比率都達到了 20% 左右。能否說明一下目前的營業利益率與公司滿意的程度相比如何？是否有可能達到類比電路的水平，或者我們目前的EP水平是否已經達到最佳水平？

So, Craig, on that I would say that there's nothing inherently different between the Analog and Embedded on a point to the stabilized margins would be different. What I would say is that while we won't try to predict margins in the individual segments per se, we're confident that Embedded Processing just like Analog can be a very solid contributor to free cash flow growth over the long haul. Again, this is largely because the products that we manufacture in that segment have very long market shelf lives. So you can get a lot of revenue stream off of your R&D that you spend.

所以，克雷格，關於這一點，我想說類比電路和嵌入式電路之間本質上沒有什麼不同，只是穩定邊距會有所不同。我想說的是，雖然我們不會嘗試預測各個細分市場的利潤率，但我們相信，嵌入式處理就像類比電路一樣，從長遠來看可以成為自由現金流成長的非常可靠的貢獻者。這主要是因為我們在該領域生產的產品具有非常長的市場保質期。因此，您可以從投入的研發中獲得大量的收入。

You may recall that over the last couple years ending early last year, we were doing some restructuring activity in Embedded Processing and taking some costs out. And we've been talking for a while now that the real secret to being able to improve the profitability in that area was on revenue growth. And that team has been doing a very good job at turning the results of their efforts into solid revenue growth, and consequently, we're seeing the profitability go. They are committed to continuing in that direction, and so I look forward to seeing what they turn in as we go multiple quarters out.

您可能還記得，在過去幾年裡，直到去年年初，我們對嵌入式處理部門進行了一些重組活動，並削減了一些成本。我們一直以來都在討論，提高該領域獲利能力的真正秘訣在於收入成長。該團隊在將他們的努力成果轉化為穩健的收入成長方面做得非常出色，因此，我們看到盈利能力有所下降。他們致力於繼續朝著這個方向努力，所以我很期待看看在接下來的幾個季度裡他們會取得怎樣的成績。

Do you have a follow on, Craig?

克雷格，你還有後續問題嗎？

Yes, thanks, Dave. The follow up is related to Chris' question. You mentioned that the performance of the business was just a little bit better than expected on a broad-based basis in the second quarter. Was that because the order strength in the business was just better than the team thought going into the quarter, or was in fact the business just scoped a little bit more conservatively than it played out? What accounted for the upside versus expectations?

好的，謝謝你，戴夫。後續問題與克里斯的問題有關。您提到，第二季公司的整體業績略優於預期。這是因為業務訂單實力比團隊在季度初預想的要好，還是實際上業務規模的規劃比實際情況保守一些？哪些因素導致了超出預期的效益？

Yes. So I would -- I'd just point to that we've got 55% of our revenue that runs through consignment. So we actually don't get orders there, we get forecasts that get pulled to actual demand. We've got 60% of our revenues that run through distribution, and 60% of that is actually on consignment. So what we ship, the demand that we ship to is much closer to real-time of what customers want and need.

是的。所以我會——我會指出，我們 55% 的收入來自寄售。所以實際上我們在那裡得到的不是訂單，而是預測，然後根據實際需求進行調整。我們 60% 的收入來自分銷管道，而這 60% 的收入實際上是寄售的。因此，我們出貨的內容，也就是我們出貨所滿足的需求，更接近客戶想要和需要的即時情況。

So I think that very simplistically, they just ended up pulling more, slightly more, than what we were initially expecting across a broad range. So if there was something in there that we could point to one or two things, we would do that, but that's just not the case this time. Thank you, Craig. We'll go to the next caller.

所以我覺得，簡單來說，他們最終取得的成績比我們最初預期的要好一些，而且是在廣泛的範圍內。所以，如果裡面有什麼我們可以指出一兩件事的地方，我們就會這麼做，但這次的情況並非如此。謝謝你，克雷格。我們接聽下一位來電者。

And we'll go to John Pitzer with Credit Suisse.

接下來我們將連線瑞士信貸的約翰‧皮策。

Yes, good afternoon, guys. Thanks for letting me ask the questions. Congratulations on the strong, consistent results.

是的，下午好，各位。謝謝您允許我提問。恭喜你們取得了穩定而優異的成績。

Kevin, I wanted to talk a little about OpEx patterns into the calendar third quarter. For the last three years, you've had good sequential revenue growth in the calendar third quarter of about 6%, and you've been able to take OpEx down on average by about 3% sequentially.

凱文，我想和你談談第三季的營運支出模式。過去三年，你們在日曆年第三季實現了約 6% 的良好營收環比增長，並且平均將營運支出環比降低了約 3%。

So I'm just curious, is there a seasonal pattern to OpEx that we should think about for the calendar third quarter in general? And specifically, how do you see OpEx trending this September?

所以我很好奇，營運支出是否存在我們應該在一般情況下（例如日曆年的第三季）考慮的季節性模式？具體來說，您認為今年 9 月的營運支出趨勢如何？

John, I think you've said it well. In that you do tend to see some patterns similar to the numbers you just recited. Typically you'll see SG&A and R&D down a bit in third versus second. Part of that is just people taking vacations and so on for the summer holidays.

約翰，我覺得你說得很好。這樣一來，你確實會看到一些與你剛才念出的數字類似的模式。通常情況下，第三名的銷售、管理及行政費用和研發費用會比第二名略低一些。一部分原因是人們利用暑假休假等等。

But I think this quarter you'll continue to see that trend probably in the SG&A area. But I would expect that R&D would continue to increase a little bit as we move forward dampening the overall decline that you might expect in OpEx.

但我認為本季你可能會在銷售、管理及行政費用方面繼續看到這種趨勢。但我預計，隨著我們不斷向前發展，研發投入將繼續小幅成長，從而緩解營運支出可能出現的整體下降趨勢。

And that, again, has to do with what I mentioned earlier in the call, that for a number of quarters now, we have been redeploying resources into development activities, and those costs are winding up in R&D as we redeploy those resources. So as you look into third quarter, again, you're probably going to see that G&A will probably be down again a little bit but R&D will probably be up some.

這又與我之前在電話會議中提到的情況有關，那就是在過去的幾個季度裡，我們一直在將資源重新部署到研發活動中，而隨著我們重新部署這些資源，這些成本最終都投入了研發中。因此，展望第三季度，您可能會發現一般及行政費用可能會再次略有下降，但研發費用可能會上升。

That's helpful.

那很有幫助。

Do you have a follow on?

您還有後續文章嗎？

As a follow on, guys, one of the things you guys have always talked about is the consistency of growth here, and not necessarily absolute growth, albeit you've talked about modest share gain expectations every year. And just when I look at the Embedded Processing growth of over 9% year over year, to me that clearly is outgrowing the industry and the peers. So I'm curious, what do you think the cause of that is? How sustainable that is, and should we expect to see continued market share growth within the Embedded segment at these sort of clips?

各位，接下來我想問的是，你們一直以來都在談論成長的穩定性，而不是絕對成長，儘管你們每年都談到了適度的市佔率成長預期。當我看到嵌入式處理技術年增率超過 9% 時，在我看來，這顯然已經超過了行業和同行。所以我很好奇，你認為造成這種情況的原因是什麼？這種成長速度的可持續性如何？我們是否應該預期嵌入式領域的市佔率會繼續以這樣的速度成長？

Yes, John, we'll finish the year before we declare any victory laps on market share gains. And I'd just say that if you look at that business as well as Analog, we've just had steady share gains. And we've talked about averaging between 30 basis points and 40 basis points per year. But we've had years where we've put up 100 basis point gains in the past. So again, we don't want to get ahead of where the year will end, we'll wait till the scoreboard is up before we analyze that.

是的，約翰，我們會等到年底才會宣布市場份額成長方面的任何勝利。我想說的是，如果你看看這家公司以及 Analog 公司，你會發現我們的市佔率一直在穩定成長。我們討論過平均每年波動 30 到 40 個基點。但過去我們也曾有單年漲幅達到 100 個基點的情況。所以，我們還是不要太早預測今年的最終結果，我們會等到最終成績出來後再進行分析。

But I'd just say that we continue to focus our resources in places where we can develop products that are going to be differentiated, that are going to find a long-lived position in the marketplace. And when you're able to do that, you're able to have a revenue stream in which you're able to build on.

但我只想說，我們將繼續把資源集中在能夠開發出差異化產品、能夠在市場上長期佔有一席之地的領域。當你能夠做到這一點時，你就能擁有一個可以不斷發展的收入來源。

And the great thing about both these markets is that share gain doesn't move quickly. But just steady share gains over time will make a significant difference to the business model, and we think that that is certainly showing up in the numbers today.

這兩個市場最棒的地方在於，市佔率的成長速度並不快。但隨著時間的推移，只要市場佔有率穩定成長，就會對商業模式產生重大影響，我們認為這一點在今天的數據中已經得到了充分體現。

So thanks, John. We'll go to the next caller, please.

謝謝你，約翰。請接聽下一位來電者。

And next question is from Chris Caso with CLSA.

下一個問題來自里昂證券的克里斯·卡索。

Yes, thank you. Just to start with a bit of a bigger picture question. You talked about some of the forecast visibility from your consignment revenue. Can you talk a little about how far out that goes, and what the order patterns are telling you? And then correspondingly, what have you seen with regard to order rates over the last 90 days as compared to the previous quarter? Are they fairly stable, improving or declining?

是的，謝謝。先從一個更宏觀的問題開始。您談到了寄售收入的一些預測可見性。您能談談這種預測能持續多久，以及訂單模式告訴了您什麼嗎？那麼，與上一季相比，過去 90 天的訂單率有何變化？它們目前是比較穩定、正在改善還是正在惡化？

Yes, so, Chris, it will depend on the customer or distributor. I'd say that typically we'll get look out on demand out for six months. Sometimes it will be longer, we'll get a longer-term forecast for them, but usually they run about six months.

是的，克里斯，這取決於客戶或分銷商。我估計通常情況下，我們會有六個月的時間可以按需觀看節目。有時會更長，我們會得到更長期的預測，但通常預測週期約為六個月。

Inside of a certain window, those forecasts are deemed as more firm. But that said, they can change and they can change very quickly. So we can have 100% visibility, but that doesn't mean that those forecasts can't change.

在一定時間範圍內，這些預測被認為更加可靠。但話雖如此，它們也會改變，而且改變得非常快。所以即使我們擁有 100% 的可視性，但這並不意味著這些預測不會改變。

From an order standpoint, I can tell you that during the quarter, we saw orders were higher in May. They increased again in June. That's kind of what happens in a second quarter. And I'd just say that those order rates versus when we were all on a book ship business without consignment certainly were a different signal than what they are today.

從訂單角度來看，我可以告訴你，本季中，5 月的訂單量較高。六月它們的數量再次增加。第二季的情況大致是如此。我只想說，當時的訂單率與我們過去從事圖書運輸業務（沒有寄售）時的訂單率相比，肯定與今天的訂單率發出了不同的信號。

So we look at those -- the orders that we have on the books. We look at the consignment forecast that we see, and we make judgments based on that and roll that all up to what we provide you in our outlook. So do you have a follow on, Chris?

所以我們來看看這些——我們帳面上已有的訂單。我們會查看我們看到的貨物運輸預測，並據此做出判斷，然後將所有這些因素匯總起來，形成我們在展望報告中提供給您的內容。克里斯，你還有後續問題嗎？

Yes. Thanks. With regard to inventory, it looks like it was down sequentially in days, but I believe it's toward the higher end of your range. Could you talk about your expectations? I suppose that you would expect that to drop as you go into the second half. Do you have a particular target in mind for where you expect inventory to approach as we exit the year? And then what that implies for production in the second half. I know you often try to level load production given seasonality. Is that still the case this year?

是的。謝謝。關於庫存，看起來是逐日下降，但我認為它接近您預期範圍的上限。您能談談您的期望嗎？我想你會預期，到了下半場，這個數字會下降。您對年底庫存水準的預期目標值是否有具體目標？那麼，這對下半年的生產意味著什麼？我知道你們常常會根據季節性因素來調整產量。今年情況依然如此嗎？

Yes, Chris. I don't really have a specific inventory forecast for you, per se. I will just point out a couple things on inventory to keep in mind.

是的，克里斯。我其實沒有具體的庫存預測數據可以提供給你。關於庫存管理，我只想指出幾點需要注意的地方。

Total dollars of inventory are actually down on a year-over-year basis, even though days are up, and that's' really a function of the higher profitability that the company is performing at now. When you just do the math at a higher gross margin percent, that same inventory affords more days of potential sales. So that's part of what's going on there.

儘管庫存週轉天數有所增加，但庫存總額實際上同比下降，這主要是由於公司目前的盈利能力較高所致。如果按照更高的毛利率進行計算，同樣的庫存可以帶來更多天的潛在銷售期。所以這就是那裡正在發生的事情的一部分。

But as you noted, it is down quarter over quarter on a days basis. And typically going into third quarter, typically tends to be an up revenue quarter for us. And as you mentioned, when we level load the factories that would anticipate that some of that inventory will be drained as we go through the quarter.

但正如你所指出的，按天計算，環比下降了。通常來說，進入第三季後，我們的收入往往會成長。正如您所提到的，當我們均衡安排工廠的生產時，預計部分庫存將在本季度內被消耗掉。

But we don't have a specific forecast as to days or dollars. We just expect that will probably drain somewhat going into the third quarter. And then we'll continue to adjust our loadings and our expectation for first and fourth quarter to be continued through the year.

但我們無法對具體天數或金額做出預測。我們預計這種情況在進入第三季時可能會有所緩解。然後我們將繼續調整裝載量，並將第一季和第四季的預期延續到全年。

Okay. Thank you, Chris. We'll go to the next caller, please.

好的。謝謝你，克里斯。請接聽下一位來電者。

Blayne Curtis with Barclays is next.

接下來是巴克萊銀行的布萊恩柯蒂斯。

Thanks for taking my question. I'll echo the congrats on the good execution. I just want to follow back up on a prior OpEx question. How do you think about managing it? Obviously, you've gotten the question probably two years in a row on why R&D as a percent of revenue is low and it bottomed in 2015. You've grown it faster than revenue.

謝謝您回答我的問題。我同樣要祝賀你們出色地完成了任務。我只是想就之前提出的營運支出問題進行後續跟進。您打算如何管理它？顯然，你可能連續兩年都被問到為什麼研發支出佔收入的比例很低，並且在 2015 年觸底。你的成長速度超過了收入成長速度。

How do you think about over the next year or two going forward, is there a particular percentage you're managing it to or is it a function of where you can get gross margins? How are you thinking about it? And then if you can just talk about where you're deploying these new resources.

您如何看待未來一兩年的發展？您是否設定了一個具體的目標百分比，還是取決於您能獲得多少毛利率？你是怎麼考慮的？然後，如果您能談談您將在哪裡部署這些新資源就更好了。

Okay, Blayne. So just a first at a 50,000-foot level, we've talked in the past about our total OpEx will probably fluctuate between 20% and 30% of revenue. Meaning that in weaker markets, we might be working at the higher end of that range, in stronger markets we'll run at the lower end of that range. Here in the last couple years, we've been around the middle of that pack, around 23%, 24%, 25% kind of range. That's kind of a high-level look at OpEx as a whole.

好的，布萊恩。所以，首先從宏觀層面來說，我們過去曾討論過，我們的總營運支出可能會在收入的 20% 到 30% 之間波動。這意味著在市場疲軟時，我們的定價可能會處於該區間的較高水準；在市場強勁時，我們的定價則會處於該區間的較低水準。在過去的幾年裡，我們的排名一直處於中等水平，大約在 23%、24%、25% 左右。以上是對營運支出整體情況的一個高層次的概述。

Now more specifically on R&D, when it comes to allocating capital, and R&D is certainly a place where we allocate some of that capital to, it's a pretty important thing for any management team to pay attention to. We take it extremely seriously to make sure that when we do allocate to R&D, we're allocating in areas that we believe that we can actually develop differentiated products with very long revenue streams and very high-margin opportunities. The idea is to maximize the amount of revenue we get on an R&D dollars spent.

現在更具體地說，關於研發，在分配資本時，研發當然是我們分配部分資本的領域，對於任何管理團隊來說，這都是一件非常重要的事情，需要重視。我們非常重視研發投入，確保投入的資金能真正用於開發具有長期收入來源和高利潤機會的差異化產品。我們的目標是盡量提高研發投入所帶來的效益。

So it's not a percent, per se, that we're trying to manage to. It's an opportunity that we're going after.

所以，我們並不是想要達到某個具體的百分比目標。這是我們正在爭取的機會。

And as we just talked about earlier in the call, some of our R&D spending is actually of moving up a little bit even these past few quarters and will probably continue to move up in the next few quarters. As we are seeing opportunities to reallocate some of our resources from where they have been into development areas for R&D purposes that will just extend the overall availability of our products into new marketplaces. So we really look at opportunistically and not based upon a particular model or a percent of revenue or anything like that.

正如我們剛才在電話會議中談到的那樣，我們的一些研發支出在過去幾季實際上略有增加，而且在接下來的幾季可能會繼續增加。我們看到有機會將部分資源從原本的研發領域重新分配到開發領域，這將擴大我們產品在新市場的整體供應範圍。所以，我們真的是憑機會主義的眼光看待問題，而不是基於特定的模式、收入百分比或其他類似的東西。

Do you have a follow on, Blayne?

布萊恩，你還有後續嗎？

Maybe just switching gears to the auto market. There's been concerns all year, but I think the data points have been stronger than not. Just curious your perspective on that market as you go into September in terms of inventory and the strength you saw, was that more a function of units or was it more content gains for you?

或許只是轉戰汽車市場。雖然今年一直存在擔憂，但我認為數據點總體上偏向樂觀。我很好奇您對9月的庫存市場以及市場表現有何看法，您認為這更多是銷售成長的結果，還是內容銷售的成長更多？

Clearly, what's driving the market today we believe is content gains. And if you have visited an auto showroom any time in the last year, that's pretty obvious to see with the new models that are coming out. Our belief is that automotive sales will fluctuate much like they have in the past into the future, but certainly overall, the content gain is what's growing things.

顯然，我們認為，目前推動市場發展的因素是內容收益。如果你在過去一年裡去過汽車展廳，那麼從即將推出的新車型來看，這一點就顯而易見了。我們認為，汽車銷售未來仍將像過去一樣出現波動，但整體而言，內容的成長才是推動市場成長的真正動力。

So as Kevin said, when you look at the automotive market, we're making investments that will produce revenue five and 10 and 15 years out into the future. If things were to weaken in that market and we don't know if that's going to be next quarter or five years from now when that does, but we know how to handle those types of situations tactically. But it won't really change our investment levels and what we believe will be the drivers for our business and really the industry over the next five and 10 years. Hope that helped, Blayne.

正如凱文所說，當我們審視汽車市場時，我們會發現我們正在進行的投資將在未來 5 年、10 年甚至 15 年內產生收益。如果該市場出現疲軟，我們不知道這種情況會在下個季度發生，還是五年後發生，但我們知道如何從戰術上應對這種情況。但這並不會真正改變我們的投資水平，也不會改變我們認為在未來五到十年內推動我們業務甚至整個產業發展的驅動力。希望對你有幫助，布萊恩。

We'll go to the next caller, please.

請接聽下一位來電者。

That question comes from Vivek Arya with Bank of America-Merrill Lynch.

這個問題來自美國銀行美林證券的維韋克·阿亞。

Thank you for taking my question. I have a question on your Embedded versus Analog margins. I'm curious, how much of that delta is at a gross margin level, and how much is at an OpEx intensity level?

感謝您回答我的問題。我有一個關於嵌入式系統與類比系統效能差距的問題。我很好奇，這其中有多少差異體現在毛利率層面，又有多少差異體現在營運支出強度層面？

And if it's on a gross margin level, what levers do you have? Is it just that you can move a greater proportion of these products to 300-millimeter, or --? I'm just trying to get a sense for how much improvement you can make in Embedded margins without necessarily depending on sales growth?

如果問題出在毛利率層面，你有哪些因應措施？是只是可以將更大比例的這類產品轉移到 300 毫米規格，還是——？我只是想了解一下，在不依賴銷售成長的情況下，嵌入式利潤率可以提高多少？

Yes, Vivek. I would say we disclose by segment the revenue and the operating profit, and we don't dig into too many details underneath that as to what's happened between the lines.

是的，維韋克。我認為我們會按業務板塊披露收入和營業利潤，但不會深入探討其背後的細節。

I would say that at the gross margin level, obviously, it does benefit from our continued efforts to lower our manufacturing costs. So that's clearly happening inside there. From an OpEx standpoint, we have been reducing OpEx for a couple years up through about May of last year, and we've got that OpEx now mostly at the level that we want it at.

我認為，從毛利率層面來看，顯然，我們不斷努力降低製造成本，這對公司是有益的。所以很明顯，這種情況正在裡面發生。從營運支出的角度來看，我們在過去幾年一直在降低營運支出，直到去年五月左右，現在我們的營運支出基本上已經達到了我們想要的水平。

So it really is a question of being able to drive revenue growth and get leverage off the OpEx that we have. And that leverage then falls straight through to free cash flow, which is a direct benefit of course for our shareholders based upon the formula that we've talked about with capital management. So that's how we tend to look at it, as opposed to trying to force a model on it that the two segments being comparable, we look at what they can actually generate bottom line.

所以，關鍵在於能否推動收入成長，並充分利用我們現有的營運支出。這種槓桿作用會直接轉化為自由現金流，當然會根據我們與資本管理部門討論過的公式，直接惠及我們的股東。所以，我們傾向於這樣看待這個問題，而不是試圖強行將一個模型套用到兩個可比較的細分市場上，而是專注於它們實際上能產生的利潤。

Do you have a follow on, Vivek?

維韋克，你還有後續嗎？

Yes. Thanks, Dave. So maybe you could help us quantify how much of your Analog sales are on 300-millimeter now and how much of your Embedded sales on 300-millimeter? Thank you.

是的。謝謝你，戴夫。所以，您能否幫我們量化一下，目前您的模擬產品銷售額中有多少來自 300 毫米波段，以及您的嵌入式產品銷售額中有多少來自 300 毫米波段？謝謝。

Yes. Vivek, we talked about in our capital management call that we ended last year with about $2 billion of our Analog revenues, which were roughly about $8 billion in that year on 300-millimeter. So approximately 25% of revenue.

是的。Vivek，我們在資本管理電話會議上談到，去年我們的模擬收入約為 20 億美元，而當年 300 毫米膠片的收入約為 80 億美元。約佔收入的25%。

I will say that when you look at that factory where we're building it, it's our Richardson fab, or we call it RFAB for short, that will support $5 billion of revenue when it's completely full. And if you look at that $5 billion, one of the reasons why we believe that our manufacturing and technology is one of the competitive advantages that we've got is because that $5 billion is significantly larger than any of our Analog competitors that we've got.

我想說的是，當你看到我們正在建造的那座工廠時，那就是我們的理查森工廠，或者我們簡稱它為 RFAB，它完全投入運營後將支持 50 億美元的收入。如果你看看這 50 億美元，就會明白我們之所以認為我們的製造和技術是我們的競爭優勢之一，是因為這 50 億美元遠遠超過了我們任何一家類比電路競爭對手。

So that level of scale just doesn't make sense for them. And beyond RFAB, we've got and qualified our second 300-millimeter factory that we creatively call DMOS-6, it just sits a little less than a mile from the office that we're currently in.

所以對他們來說，那種規模根本沒有意義。除了 RFAB 之外，我們還擁有並認證了我們的第二個 300 毫米工廠，我們將其創造性地稱為 DMOS-6，它距離我們目前所在的辦公室不到一英里。

So I can say that we did qualify that at the end of last year as we were anticipating, and we have revenue generating wafers that are running through that factory today. So we'll update next year on our capital management call where we stand on that overall utilization. Our intention is to build more product inside of there, but we'll wait until then to update it.

因此我可以肯定地說，正如我們所預期的那樣，我們在去年年底實現了這一目標，而且我們現在有能產生收入的晶圓正在該工廠生產。所以，我們將在明年的資本管理電話會議上更新我們對整體利用率的進展。我們的目標是在內部開發更多產品，但我們會等到那時再更新。

Just to a different part of your question, Vivek, that DMOS-6 that Dave was just talking about is shared with Embedded Processing, in fact. So that is where some of the Embedded Processing 300-millimeter production occurs at.

Vivek，關於你問題的另一部分，Dave 剛才提到的 DMOS-6 其實也是嵌入式處理所用的。所以，這就是部分嵌入式處理 300 毫米晶片生產發生的地方。

That's great. Okay. Thank you, Vivek. We'll go to the next caller, please.

那太棒了。好的。謝謝你，維韋克。請接聽下一位來電者。

And next caller will be Tore Svanberg with Stifel.

下一位來電者是來自 Stifel 公司的 Tore Svanberg。

Yes, thank you. Great execution. I guess the first question that I have is, I was hoping you can comment a little bit on what customers are telling you these days as it relates to the consolidation the industry is seeing.

是的，謝謝。執行得非常出色。我想問的第一個問題是，我希望您能就客戶最近對行業整合的回饋發表一些看法。

Are they coming to you and perhaps asking you to get into certain businesses? Because I assume they must be a little bit concerned about there being less and less suppliers. Just curious if some of those discussions have already happened with your customers.

他們是否主動聯繫你，並可能邀請你進入某些行業？因為我猜他們肯定有點擔心供應商越來越少。我只是好奇，您是否已經和客戶進行過其中一些討論。

The only time that we had a conversation with our customers about consolidation was when we acquired National Semiconductor. And at that point in time, we had a lot of customers congratulating us and pleased that we were doing it because they knew we were friendly with business terms. Aside from that, I cannot point to any example of a customer coming to us and saying anything about the consolidation going on in the industry and what they think we should be doing about it.

我們唯一一次與客戶討論整合事宜，就是在收購美國國家半導體公司的時候。當時，許多客戶都向我們表示祝賀，並對我們的做法感到高興，因為他們知道我們在商業條款方面很友善。除此之外，我找不到任何客戶主動來找我們，談論產業整合以及他們認為我們應該如何應對的例子。

Yes. And I'll just add to that, Tore. If you think of the business model that we're trying to put together, it's not focused on one customer or one or two products. Where if you saw consolidation as an OEM, you might have significant concerns and maybe go to one of those company's competitors.

是的。我還要補充一點，托雷。如果你仔細想想我們正在努力建立的商業模式，你會發現它並非專注於一個客戶或一兩種產品。但如果你作為一家原始設備製造商 (OEM) 看到整合，你可能會非常擔憂，並可能轉向這些公司的競爭對手之一。

So I think to a large extent, that's probably why we don't have those overall concerns. Obviously, as you know, the analog market continues to be extremely fragmented, both from a customer base as well as suppliers, even with the consolidation that we've seen. Do you have a follow up, Tore?

所以我覺得，在很大程度上，這可能是我們沒有這些整體擔憂的原因。顯然，正如您所知，即使我們已經看到了整合，模擬市場仍然非常分散，無論是客戶群還是供應商。托雷，你還有後續問題嗎？

That's really helpful. As a follow up, just back to the near-term environment, so you talked about the sell-throughs probably being better than expected. Do you think that was basically customers being too conservative, or do you think customers are actually seeing strengthening in demand on their end?

這真的很有幫助。作為後續問題，回到近期環境，您剛才提到銷售情況可能比預期好。你認為這主要是因為顧客太保守，還是因為顧客實際上看到了需求的成長？

I would us just say, Tore, overall, I think that we've -- we're operating in a similar macro environment to what we've seen in actually recent years. And that's just an environment that I'd say that it's okay if I used one word to describe it, it's not really strong, it's not really weak. And we're operating in that type of environment.

我只想說，托雷，總的來說，我認為我們目前所處的宏觀環境與近年來我們所看到的環境類似。如果用一個字來形容那種環境，我覺得還可以，那就是：既不強，也不弱。我們正是在這種環境下所經營的。

I think the benefit of us having consignment and having consignment with distribution is that our revenues more closely match that demand. That doesn't mean that they can't change quickly in the future at some point. But certainly we're shipping what we believe -- what we know for sure on that portion of demand is or about those shipments is very, very close to actual demand and consumption.

我認為我們採用寄售模式以及寄售與分銷相結合的方式的好處在於，我們的收入能夠更緊密地與市場需求相匹配。但這並不意味著它們將來不會在某個時候迅速改變。但我們發貨的數量肯定與我們認為的數量一致——我們對這部分需求或這些發貨量的確切了解與實際需求和消費量非常非常接近。

So thank you, Tore. And with that we've got time for one more caller.

所以，謝謝你，托雷。這樣我們還有時間接聽最後一個來電。

Sure. And that question will come from Timothy Arcuri with Cowen and Company.

當然。這個問題將由 Cowen and Company 的 Timothy Arcuri 提出。

Thank you so much. I guess I had two. First of all, can you talk a little about Brexit? I know that it seems like you're not seeing any impact from it, but can you talk just a little about whether you saw any perturbations around it or you've seen any spins? Or what might worry you if anything around Brexit going forward?

太感謝了。我猜我有兩個。首先，您能談談英國脫歐嗎？我知道你似乎沒有看到它的任何影響，但你能稍微談談你是否看到它周圍有任何擾動或自旋嗎？或者，您對英國脫歐的未來發展有什麼擔憂嗎？

Tim, I would say that we really -- it's pretty much impossible for us to be able to make a comment directly on that. Indications I've seen, the British economy is probably about 4% of the global GDP. So even if there was a wobble inside that economy, it's going to be really hard for us to be able to detect it.

提姆，我想說我們真的——我們幾乎不可能就此直接發表評論。根據我所看到的跡象，英國經濟可能約佔全球GDP的4%。所以即使經濟內部出現波動，我們也很難察覺。

I would say that what we really do see is our customers are global, they sell globally and it's the larger macro environment that we're in. And as Dave said a few minutes ago, that macro environment has been and we believe will continue to be relatively slow. So it's up to us to execute as best we can inside it and gain market share.

我認為我們真正看到的是，我們的客戶遍布全球，他們的產品銷往全球，而我們所處的正是更大的宏觀環境。正如戴夫幾分鐘前所說，宏觀環境過去相對緩慢，而且我們認為未來將繼續保持這種緩慢的態勢。所以，我們必須盡力執行好策略，贏得市場佔有率。

Follow on, Tim?

提姆，接下來呢？

Yes. And then just back to personal electronics, I'm going to ask it a little bit of a different way. I think you said last call that it would be a little less of a headwind in the second quarter than it was in Q1. It sounds like it was less of a year-over-year headwind.

是的。然後，回到個人電子產品的話題，我換個方式問一下。我記得你上次電話會議說過，第二季的阻力會比第一季小。聽起來同比不利因素減少。

Can you commit at least to it being even less of a headwind in the third calendar quarter? Or the reason why I ask is because it's a pretty big hockey stick as this all normalizes. So I'm just trying to figure out when that hockey stick is going to come. Thanks.

您能否至少承諾，在第三季度，這種不利因素會進一步減少？我這麼問是因為，隨著這一切逐漸正常化，這個數字會呈現非常大的上升趨勢。所以我現在就想知道那根曲棍球棒什麼時候會到。謝謝。

I won't try to get that granular on any one customer or any one market in providing a forecast. I'll just say that typically and what we saw last year, certainly PE had a very strong back half, and we saw the demand weaken very, very late in the quarter. So we've seen a headwind year on year the last two quarters as we described.

在提供預測時，我不會嘗試對任何單一客戶或任何單一市場進行如此細緻的分析。我只想說，通常情況下，就像我們去年看到的那樣，私募股權投資在下半年表現非常強勁，但我們看到需求在季度末期非常非常疲軟。正如我們之前所述，過去兩個季度我們看到了同比的不利因素。

So I won't put together a forecast for you in the second half, but I'd just point out that we did have a very strong second half last year. So I hope that helps a little bit. And with that, we will wrap up and thank you for joining us today. A replay of this call is available on our website. Good evening.

所以我不會對下半年的情況做出預測，但我只想指出，我們去年下半年的表現非常出色。希望這能有所幫助。至此，我們的節目就結束了，感謝各位今天的收看。本次通話的錄音可在我們的網站上觀看。晚安.

Thank you. That does conclude today's conference call. We do thank you for your participation today.

謝謝。今天的電話會議到此結束。非常感謝您今天的參與。