德州儀器 (TXN) 2016 Q4 法說會逐字稿

Good day and welcome to the Texas Instruments Q416 and 2016 earnings release conference call.

大家好，歡迎參加德州儀器2016年第四季及2016年全年財報電話會議。

Today's conference is being recorded.

今天的會議正在錄影。

At this time I would like to turn the conference over to Dave Pahl. Please go ahead.

現在我想把會議交給戴夫·帕爾。請繼續。

Good afternoon and thank you for joining our fourth-quarter 2016 and 2016 earnings conference call. 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.

下午好，感謝各位參加我們2016年第四季及2016年全年業績電話會議。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 expectations. 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。

As usual Kevin March TI's, chief financial officer, is with me today. Also with me is Rafael Lizardi who will become our chief financial officer February 1. Rafael joined TI in 2001 and was named vice president in 2010 followed by corporate controller in 2012. He holds a bachelor's degree in electrical engineering from the U.S. Military Academy at West Point and a master's in business administration from Stanford University.

像往常一樣，TI公司的財務長凱文·馬奇今天和我在一起。與我同行的還有 Rafael Lizardi，他將於 2 月 1 日成為我們的財務長。 Rafael 於 2001 年加入 TI，2010 年被任命為副總裁，2012 年被任命為公司財務總監。他擁有美國西點軍校電機工程學士學位和史丹佛大學工商管理碩士學位。

As you know Kevin, who has been our CFO for 13 years, plans to retire later this year. During his tenure as CFO, TI's free cash flow per share has grown an average of 13% annually, our dividend has increased by a factor of 24, and our share count has been reduced by 42%.

如您所知，擔任我們財務長 13 年的 Kevin 計劃於今年稍後退休。在他擔任財務長期間，TI 的每股自由現金流平均每年增長 13%，股息增加了 24 倍，而我們的股票數量減少了 42%。

We've all benefited and learned a lot from his disciplined financial management and his commitment to ensure that owners of TI shares get a good return on their investment. Kevin will continue to be with TI until October 2017 to transition his duties between himself and Rafael.

我們都從他嚴謹的財務管理以及他致力於確保TI股票持有者獲得良好投資回報的承諾中受益匪淺，並學到了很多東西。Kevin 將繼續留在 TI 工作到 2017 年 10 月，以便將他的職責交給 Rafael。

I don't want to get too sentimental but as this is Kevin's final earnings call, I want to say what a pleasure it's been for me to know and to work with him. TI is clearly a better company because of his leadership. I will say he has an outstanding successor. I've worked with Rafael over the past decade and look forward to continue to work with him in his new role as CFO.

我不想太感傷，但因為這是凱文最後一次財報電話會議，我想說，認識他、與他共事對我來說是多麼榮幸。在他的領導下，德州儀器顯然成為了一家更好的公司。可以說他有一位非常優秀的繼任者。過去十年我一直與拉斐爾共事，期待著在他擔任財務長的新職位上繼續與他合作。

With that before I review the quarter, let me provide some information that's important to your calendars. We plan to hold a call to update our capital management strategy on February 8 at 10 AM Central Time. Similar to what we have done in the past, Rafael and I will provide some insight into our strategy.

在回顧本季之前，讓我先提供一些對你們日程安排很重要的資訊。我們計劃於2月8日上午10點（中部時間）召開電話會議，更新我們的資本管理策略。和以往一樣，拉斐爾和我將為大家介紹我們的策略。

In today's earnings call Rafael will cover the capital management portion of our prepared remarks, and Kevin and I will cover the rest. Now I'll start with a quick summary of our financial results.

在今天的財報電話會議上，Rafael 將介紹我們準備好的發言稿中關於資本管理的部分，Kevin 和我將介紹其餘部分。現在我先簡單總結一下我們的財務表現。

Revenue for the fourth quarter increased 7% from a year ago as demand for our products remained strong in the automotive market. The improvement we saw in the third quarter in the industrial market continues. Demand in personal electronics market was down slightly from a year ago. I'll elaborate more on our end markets in a few moments.

由於汽車市場對我們產品的需求依然強勁，第四季營收年增 7%。第三季工業市場的改善動能仍在持續。個人電子產品市場需求較去年同期略有下降。稍後我會詳細介紹我們的終端市場。

In our core businesses Analog revenue grew 10% and Embedded Processing grew 6% compared with the same quarter a year ago.

在我們的核心業務中，模擬業務收入年增 10%，嵌入式處理業務收入年增 6%。

Operating margin increased in both businesses. Earnings per share were $1.02 and included $0.14 for items that were not in our original guidance for the quarter. With that backdrop I will now provide details on our performance, which we believe continues to be representative of the ongoing strength of TI's business model.

兩項業務的營業利潤率均有所提升。每股收益為 1.02 美元，其中包括 0.14 美元，用於彌補本季最初預期之外的項目。在此背景下，我將詳細介紹我們的業績，我們相信這將繼續代表德州儀器商業模式的持續優勢。

In the fourth quarter our cash flow from operations was $1.4 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 $4.1 billion up 6% from a year ago.

第四季度，我們的經營活動現金流為 14 億美元。我們認為，自由現金流的成長，尤其是每股自由現金流的成長，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 41 億美元，比上年同期成長 6%。

Free cash flow margin was 30.5% of revenue up from 29.6% a year ago. We continue to benefit from an improved product portfolio that is long-lived and diverse and the efficiency of our manufacturing strategy, which includes our growing 300 millimeter Analog output and the opportunistic purchases of assets ahead of demand.

自由現金流利潤率為收入的 30.5%，高於一年前的 29.6%。我們持續受益於不斷改進的產品組合，這些產品組合經久耐用且種類繁多；同時，我們也受益於高效的製造策略，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 also believe that free cash flow will be valued only if it's productively invested in the business or returned to shareholders. In 2016, we returned $3.8 billion of cash to owners through a combination of dividends and repurchases.

我們也認為，只有將自由現金流用於企業建設或返還給股東，才能反映其價值。2016年，我們以分紅和股票回購的方式向股東返還了38億美元的現金。

Turning to our segments, Analog revenue grew 10% from the year-ago quarter. Revenue increased due to Power Management, High Performance Analog and Silicon Valley Analog. High Volume Analog and Logic was about even. Embedded Processing increased 6% from the year-ago quarter due to Processors and Microcontrollers. Connectivity also grew.

從我們的業務部門來看，模擬業務收入比去年同期成長了 10%。由於電源管理、高性能模擬和矽谷模擬技術的應用，營收成長。高音量模擬和邏輯的性能基本上持平。嵌入式處理業務較上年同期成長 6%，主要得益於處理器和微控制器業務的成長。網路連線也得到了改善。

In our Other segment revenue declined 9% from the year-ago quarter due to royalties and custom ASIC products. DLP products and calculators were about even. For the year in total Analog was up 2% and Embedded was up 8%. Combined, they grew 4% on broad-based growth and were 86% of TI's revenue for the year.

由於特許權使用費和客製化 ASIC 產品，我們的其他業務部門營收比去年同期下降了 9%。DLP產品和計算機銷售量大致相當。全年來看，類比電路業務成長了 2%，嵌入式電路業務成長了 8%。兩者合計成長了 4%，實現了全面成長，佔德州儀器全年收入的 86%。

We recently simplified the product lines inside our two business segments, Analog and Embedded, to align by product categories our customers think about. Making it easier for customers to search and select product is becoming increasingly important in all of our markets but particularly in industrial.

我們最近簡化了模擬和嵌入式兩大業務部門的產品線，使其與客戶所考慮的產品類別保持一致。讓客戶更容易搜尋和選擇產品在我們所有的市場中變得越來越重要，尤其是在工業市場。

Analog is now comprised of three product lines instead of four. These are Power, Signal Chain and High Volume Analog and Logic. Embedded goes from three product lines to two, Connected MCU, which merges Connectivity and Microcontrollers, and Processors, which is essentially unchanged.

Analog 現在由三條產品線組成，而不是之前的四條。這些包括電源、訊號鍊和高音量類比和邏輯電路。嵌入式產品線從三個簡化為兩個：連接 MCU（合併了連接和微控制器）和處理器（基本上保持不變）。

All of these changes are at the product line level. Nothing changes at the segment level. To help you understand the structure for 2016 within our Analog business, Power would have been about 45% of Analog revenue, Signal Chain would have been about 35% and High Volume Analog and Logic would have been the remaining 20%.

所有這些變化都發生在產品線層面。細分市場層面沒有任何變化。為了幫助您了解我們模擬業務在 2016 年的結構，電源業務約佔模擬業務收入的 45%，信號鏈業務約佔 35%，大批量模擬和邏輯業務約佔剩餘的 20%。

Inside our Embedded business Connected MCU would have been about 55% of Embedded revenue with Processors comprising the remaining 45%. Starting in our first-quarter of 2017 earnings call we will use these product lines in describing the performance of our business segments.

在我們的嵌入式業務中，互聯MCU約佔嵌入式營收的55%，處理器約佔剩餘的45%。從 2017 年第一季財報電話會議開始，我們將使用這些產品線來描述我們各業務部門的表現。

Now let me describe our performance by end market for 2016.

現在讓我來介紹一下我們2016年按終端市場劃分的績效。

Just as a reminder we annually provide an estimate of TI's revenue by end markets. We break these into six categories, industrial; automotive; personal electronics, where this includes products such as PCs, mobile phones, tablets and TVs; communications equipment; enterprise systems; and other, which is primarily calculators.

再次提醒大家，我們每年都會提供德州儀器 (TI) 按終端市場劃分的收入估算。我們將這些產品分為六大類：工業產品；汽車產品；個人電子產品（包括個人電腦、手機、平板電腦和電視等產品）；通訊設備；企業系統；以及其他產品（主要是計算機）。

Specifically in 2016 industrial comprised 33% of our revenue, up two points from 2015. Automotive was 18% of our revenue, up three points. Personal electronics was 26%, down four points. Communications equipment and enterprise systems were 13% and 6%, respectively, both even to last year, while other was about 4%. We did not have a customer that was more than 10% of our revenue in 2016.

具體來說，2016 年工業收入占我們總收入的 33%，比 2015 年成長了 2 個百分點。汽車產業占我們收入的 18%，成長了 3 個百分點。個人電子產品銷售額成長26%，下降4個百分點。通訊設備和企業系統分別佔 13% 和 6%，均與去年持平，而其他設備則佔 4% 左右。2016年，我們沒有一個客戶的銷售額佔比超過我們總收入的10%。

For those of you who have followed TI for several years you know that we have been highly focused on a strategy where we have been allocating our capital and we have been driving initiatives to increase our market share in industrial and automotive.

多年來一直關注德州儀器 (TI) 的各位都知道，我們一直高度重視一項策略，即合理配置資本並推動各項舉措，以提高我們在工業和汽車領域的市場份額。

This is based on a belief that industrial and automotive will be the fastest-growing semiconductor markets due to their increasing semiconductor content and that they provide the diversity and longevity of products, which translates to high terminal value of the portfolio. In 2016, industrial and automotive combined made up 51% of TI's revenue, up from 44% just two years ago.

這是基於這樣一種信念：工業和汽車行業將成為成長最快的半導體市場，因為它們的半導體含量不斷增加，而且它們提供了產品的多樣性和持久性，這轉化為投資組合的高終值。2016 年，工業和汽車業務合計佔 TI 收入的 51%，高於兩年前的 44%。

We have established momentum in these markets, but we are far from satisfied and are continuing to make improvements such as aligning our product lines and the way our customer search and select for TI products.

我們已在這些市場建立了發展勢頭，但我們遠未滿足，並將繼續進行改進，例如調整我們的產品線以及客戶搜尋和選擇 TI 產品的方式。

With that I'll turn it over to Kevin.

接下來我將把麥克風交給凱文。

Thanks, Dave, and good afternoon everyone.

謝謝你，戴夫，大家下午好。

Gross profit in the quarter was $2.13 billion or 62.5% of revenue. Gross profit increased primarily due to higher revenue and lower manufacturing costs. From a year ago gross profit margin increased 400 basis points.

本季毛利為 21.3 億美元，佔營收的 62.5%。毛利成長的主要原因是收入增加和製造成本降低。與去年同期相比，毛利率提高了400個基點。

Operating expenses were $754 million, or 22.1% of revenue. Over the last 12 months we have invested $1.37 billion in R&D, an important element of our capital allocation. Acquisition charges were $80 million, all of which were the ongoing amortization of intangibles, which is a non-cash expense.

營運費用為 7.54 億美元，佔收入的 22.1%。過去 12 個月，我們在研發方面投入了 13.7 億美元，這是我們資本配置的重要組成部分。收購費用為 8,000 萬美元，全部為無形資產的持續攤銷，屬於非現金支出。

Restructuring charges and other was a $20 million net benefit, which included a gain related to an intellectual property agreement and a charge associated with the realignment of our product lines, which Dave previously mentioned.

重組費用和其他費用淨收益為 2000 萬美元，其中包括與知識產權協議相關的收益和與產品線調整相關的費用，戴夫之前提到過這一點。

Operating profit was $1.32 billion or 38.6% of revenue. Operating profit was up 15% from the year-ago quarter. Operating margin for Analog was 42.8%, up from 38.0% a year ago. Embedded Processing was 28.2%, an improvement of 480 basis points from a year ago. 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.

營業利潤為 13.2 億美元，佔營收的 38.6%。營業利潤比去年同期成長了15%。Analog 的營業利益率為 42.8%，高於一年前的 38.0%。嵌入式處理佔比為 28.2%，比去年同期提高了 480 個基點。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。

Also we signed several intellectual property agreements, which had a total benefit of $228 million in the quarter. We recognized $188 million in Other Income and Expense, or OI&E, and $40 million in Restructuring charges/other. Neither revenue nor gross profit was impacted by these agreements.

此外，我們還簽署了幾項智慧財產權協議，這些協議在本季度帶來了總計 2.28 億美元的收益。我們確認了 1.88 億美元的其他收入和支出（OI&E），以及 4000 萬美元的重組費用/其他費用。這些協議並未對收入或毛利產生影響。

Net income in the fourth quarter was $1.05 billion, or $1.02 per share, which included a $0.14 benefit for items not in our prior outlook. These included a $0.14 benefit for several intellectual property agreements, a $0.01 tax benefit related to the new accounting standards for stock compensation and a $0.01 restructuring charge.

第四季淨收入為 10.5 億美元，即每股 1.02 美元，其中包括先前未列入我們預期項目的 0.14 美元收益。其中包括幾項智慧財產權協議帶來的 0.14 美元收益，與股票補償新會計準則相關的 0.01 美元稅收優惠，以及 0.01 美元重組費用。

This quarter we adopted a new GAAP standard that changes where we report tax consequences of employee stock compensation. When employee stock options are exercised or when restricted stock units vest either an excess tax benefit or deficiency may be generated. The previous standard required that amount to be recognized in equity on the balance sheet.

本季我們採用了新的 GAAP 標準，改變了我們報告員工股票薪酬稅務影響的方式。當員工行使股票選擇權或限制性股票單位歸屬時，可能會產生超額稅收優惠或稅務不足。先前的標準要求將該金額計入資產負債表上的權益。

The new standard requires that amount to be recognized in income taxes on the income statement impacting net income and EPS. In the fourth quarter of 2016 this created a benefit of $0.01 per share and for the year a benefit of $0.13 per share. I will also note this accounting standard increases the diluted share count calculation by about 5 million shares.

新標準要求在損益表中確認該金額的所得稅，從而影響淨利潤和每股盈餘。2016 年第四季度，這帶來了每股 0.01 美元的收益；全年帶來了每股 0.13 美元的收益。我還要指出，該會計準則將稀釋股份數量的計算結果增加了約 500 萬股。

I'll now ask Rafael to comment on our capital management results.

現在我請拉斐爾對我們的資本管理績效發表評論。

Thanks, Kevin.

謝謝你，凱文。

Let me start with our cash generation. Cash flow from operations was $1.39 billion in the quarter. Inventory days were 126, consistent with our long-term model of 105 to 135 days.

首先，讓我談談我們的現金流。本季經營活動產生的現金流量為13.9億美元。庫存週轉天數為 126 天，與我們長期模型預測的 105 至 135 天相符。

Capital expenditures were $110 million in the quarter. In 2016, cash flow from operations was $4.61 billion, up 5% from the same period a year ago. For the year capital expenditures were $531 million, or 4% of revenue. As a reminder our long-term expectation for capital expenditures is about 4% of revenue. This includes expansion of our 300 millimeter Analog capacity.

本季資本支出為1.1億美元。2016 年，經營活動產生的現金流為 46.1 億美元，比去年同期成長 5%。該年度資本支出為 5.31 億美元，佔收入的 4%。再次提醒大家，我們對資本支出的長期預期約為收入的 4%。這包括擴大我們的 300 毫米模擬容量。

Free cash flow for the year was $4.08 billion, or 30.5% of revenue. Free cash flow was 6% higher than a year ago. Our cash flow reflects the strength of our business model.

該年度自由現金流為 40.8 億美元，佔營收的 30.5%。自由現金流比去年同期成長了6%。我們的現金流反映了我們商業模式的優勢。

As we have 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 is productively invested in the business or returned to shareholders. Our intent over time remains to return all of our free cash flow plus any proceeds we received from exercises of equity compensation minus net debt retirement. This commitment is unchanged.

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，只有將其有效投資於業務或返還給股東，才能反映其價值。從長遠來看，我們的目標仍然是返還所有自由現金流，加上我們從股權激勵行使中獲得的任何收益，減去淨債務償還。這項承諾不變。

In the fourth quarter we paid $499 million in dividends and repurchased $475 million of our stock for a total return of $974 million. Total cash returned to owners in 2016 was $3.78 billion. This combined return demonstrates our confidence in our business model and our commitment to return excess cash to our owners. Over the last 12 months we paid $1.65 billion in dividends, or 40% of trailing 12-month free cash flow. Outstanding share count was reduced by 1.5% over the past 12 months and by 42% since the end of 2004 when we initiated a program designed to reduce our share count.

第四季度，我們支付了 4.99 億美元的股息，並回購了 4.75 億美元的股票，總回報為 9.74 億美元。2016 年返還給所有者的現金總額為 37.8 億美元。這項綜合回報反映了我們對自身商業模式的信心，以及我們致力於將盈餘現金回饋給股東的承諾。過去 12 個月，我們支付了 16.5 億美元的股息，相當於過去 12 個月自由現金流的 40%。過去 12 個月，流通股數量減少了 1.5%，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%。

In fact we have reduced shares every quarter year-on-year for 51 consecutive quarters. In the fourth quarter we passed an important milestone reducing our outstanding share count to fewer than 1 billion shares, or more specifically 996 million shares.

事實上，我們已經連續51個季度同比降低了股份數量。第四季度，我們實現了一個重要的里程碑，將流通股數量減少到不到 10 億股，更準確地說是 9.96 億股。

Our cash management and tax practices are fundamental to our commitment to return cash. We ended the fourth quarter with $3.49 billion of cash and short-term investments with our U.S. entities owning about 80% of our cash. This onshore cash is readily available for multiple uses.

我們的現金管理和稅務措施是我們實現現金回報承諾的根本所在。第四季末，我們擁有 34.9 億美元的現金和短期投資，其中美國實體持有約 80% 的現金。這筆境內現金可隨時用於多種用途。

I will now turn this back to Kevin to close out our prepared remarks.

現在我將把發言權交還給凱文，讓他總結我們事先準備好的發言。

Thanks, Rafael.

謝謝你，拉斐爾。

Our orders in the quarter were $3.44 billion, up 11% from a year ago. Turning to our outlook we expect TI revenue to be in the range of $3.17 billion to $3.43 billion in the first quarter.

本季我們的訂單金額為 34.4 億美元，比去年同期成長 11%。展望未來，我們預計德州儀器第一季的營收將在 31.7 億美元至 34.3 億美元之間。

We expect first quarter earnings per share to be in the range of $0.78 to $0.88, which includes a $0.04 tax benefit related to the adoption of the new GAAP standard that I mentioned earlier. 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. It will then decline to about $50 million per quarter for two additional years.

我們預計第一季每股收益將在 0.78 美元至 0.88 美元之間，其中包括我之前提到的與採用新的 GAAP 標準相關的 0.04 美元稅收優惠。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，季度營收將下降至約 5,000 萬美元。

Our expectation for our annual effective tax rate in 2017 is about 30% and is the tax rate you should use for the first quarter and for the year.

我們預計 2017 年的年度實際稅率約為 30%，這是您應該在第一季和全年使用的稅率。

In closing I will note that growth in our industry in 2016 was moderate again this year. However, our advantages in the manufacturing and technology, portfolio breadth, market reach and diverse and long-lived product positions enabled important milestones in the year. These include solid revenue growth in our core businesses of Analog and Embedded, expansion of 300 millimeter Analog production, gross margin improvement of 340 basis points, operating margin improvement of 300 basis points, free cash flow margin improvement of 90 basis points and continued free cash flow per share growth.

最後我想指出，2016年我們產業的成長與去年一樣保持溫和。然而，我們在製造和技術方面的優勢、產品組合的廣度、市場覆蓋範圍以及多樣化和長期的產品定位，使我們在這一年中取得了重要的里程碑。其中包括模擬和嵌入式核心業務的穩健收入增長、300 毫米模擬產品產量的擴大、毛利率提高 340 個基點、營業利潤率提高 300 個基點、自由現金流利潤率提高 90 個基點以及每股自由現金流持續增長。

We will continue to feed our advantages through disciplined capital allocation by focusing on the best growth opportunities, which I believe will enable us to continue to improve and deliver free cash flow per share growth for a very long time to come.

我們將繼續透過嚴格的資本配置來發揮自身優勢，專注於最佳的成長機會，我相信這將使我們能夠在未來很長一段時間內持續改進並實現每股自由現金流的成長。

Before I turn it back to Dave and start the Q&A, I want to say it's been a pleasure to work with all of you. I thank you for the time you've invested understanding TI's performance and strategy, and I wish you all the best.

在把麥克風交還給戴夫，開始問答環節之前，我想說，和大家一起工作非常愉快。感謝您抽空了解德州儀器的績效與策略，祝您一切順利。

While you will continue to the benefit of working with our industry's finest investor relations director, I'm confident when I say that you will also come to appreciate Rafael's integrity and intelligence as our new CFO, and you will come to truly enjoy working with him as well just as I have for all these years. With that let me turn it back to Dave.

雖然您將繼續受益於與我們業內最優秀的投資者關係總監共事，但我相信，您也會逐漸欣賞拉斐爾作為我們新任首席財務官的正直和智慧，並且您會像我這些年來一樣，真正享受與他共事的樂趣。那麼，就讓我把話題轉回給戴夫吧。

Thank you, Kevin. Operator, you can now open the lines for questions. 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 will provide you an opportunity for an additional follow-up. Kevin?

謝謝你，凱文。操作員，現在可以開通問答線了。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。我們回覆後，會提供您進一步跟進的機會。凱文？

(Operator Instructions)

（操作說明）

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon and great job on the quarterly execution and growth. Your automotive business grew 23% in 2016, obviously very solid results. Can you guys help us understand of the five subsegments within auto what areas drove the most strength?

下午好，季度業績執行和成長方面做得非常出色。貴公司汽車業務在 2016 年成長了 23%，顯然取得了非常穩健的成績。各位能否幫我們分析汽車產業的五個細分市場中，哪些領域表現最強？

Yes, Harlan, thanks for that question and as you noted automotive did grow over 20%. The great news is that that wasn't due to one segment. I can say that that growth was very diverse. It was diverse across the five sectors that we saw.

是的，哈蘭，謝謝你的提問，正如你所指出的，汽車產業的確切成長了超過 20%。好消息是，這並非某個單一因素造成的。我可以肯定地說，這種成長非常多元化。我們所考察的五個領域都呈現出多元性。

It was diverse across customers, and it also was very diverse across different product lines. We really are excited about the opportunity of both automotive and industrial, and we are very pleased that the investments that we made are really providing a base from which we can grow upon. Do you have a follow-on?

不同客戶群之間存在差異，不同產品線之間也存在很大差異。我們對汽車和工業領域的機會感到非常興奮，並且非常高興我們所做的投資確實為我們未來的發展奠定了基礎。您還有後續問題嗎？

Yes, I do. Thank you for that. If I look at the recent SIA industry data, total analog is likely to be up about 5% this year, about $47 billion in 2016. Your Analog business was up about 2% last year but obviously the growth was impacted by your largest customer that had an inventory correction last year. If you strip this out does the team think that they gained Analog market share and if so in which of the subsegments? Thank you

是的，我願意。謝謝。如果我查看最近的SIA產業數據，今年類比訊號總收入可能會成長約5%，2016年約為470億美元。去年您的模擬業務成長了約 2%，但顯然，由於您最大的客戶去年進行了庫存調整，成長受到了影響。如果剔除這項因素，團隊認為他們是否獲得了模擬市場份額？如果是，是在哪些細分市場？謝謝

Yes, Harlan, I think when we look at our peers with the publicly reported data, we actually believe that we have performed quite well. We are probably earlier in the reporting season so we've got a few more of our peers to put their numbers up, but we are very confident that we performed very well. So thank you for that question, and we will go to the next caller please.

是的，哈蘭，我認為當我們查看同行公開報告的數據時，我們實際上認為我們的表現相當不錯。我們可能還處於報告季的早期階段，所以我們還有一些同行要公佈他們的業績，但我們非常有信心，我們的業績非常好。感謝您的提問，我們接下來請下一位來電者提問。

Chris Danely, Citi

克里斯丹尼利，花旗銀行

Thanks, guys, and, Kevin, congratulations on the next phase. Thanks for being patient and I think the real reason you are leaving is you got tired of waiting for TI to hit my $12 stock price, but anyway that's a joke for all of you who are listening. If you could just list the margin drivers and maybe rank them from here as far as how much room or how much leverage you have in terms of mix versus 300 millimeter versus utilization rates versus depreciation?

謝謝各位，凱文，恭喜你進入下一階段。感謝你的耐心等待，我覺得你離開的真正原因是你等得不耐煩了，等不到德州儀器股價達到我預期的 12 美元，不過這只是個玩笑，各位聽著呢。如果您能列出利潤率驅動因素，並根據您在產品組合、300 毫米、利用率和折舊方面的空間或槓桿作用進行排序，那就太好了。

Sure, Chris. I hope not to revisit that $12 stock price you were talking about.

當然可以，克里斯。我希望不會再回到你之前提到的12美元的股價水準。

I'd put a zero after it now.

我現在會在後面加個零。

I like that a lot better. Margin drivers going forward I think there will be several things happening. I think we have enjoyed the last couple of years depreciation coming down at the same time that 300 millimeter starts have been going up. Those have clearly been tailwinds for us in the last couple of years. As we go forward, depreciation is probably going to begin to flatten out a little bit on a quarter-over-quarter basis. It will still be down next year versus 2016 but not nearly as much as we have seen.

我比較喜歡這個。我認為未來影響利潤率的因素主要有以下幾點。我認為，過去幾年折舊率下降的同時，300毫米起價也在上漲，這讓我們感到欣喜。在過去幾年裡，這些顯然都是我們的優勢。隨著時間的推移，折舊額可能會在季度環比的基礎上逐漸趨於平緩。明年仍將低於 2016 年的水平，但遠不會像我們看到的那樣下降。

What's a lot more important is the continued expansion of 300 millimeter production as well as the continued improvement of the mix of products that we are shipping. You've heard us again talk for a number of years about focusing our investments in auto and industrial and frankly the margin opportunities in those spaces are very attractive.

更重要的是，300 毫米產品的持續擴大生產規模，以及我們出貨產品組合的持續改進。多年來，你們已經多次聽到我們談到要將投資重點放在汽車和工業領域，坦白說，這些領域的利潤機會非常有吸引力。

And so between the mix of products but importantly the increasing starts of products on 300 millimeter capacity there is still room for us to continue to see overall margin growth and that's before we even talk about revenue growth. Whereas revenue growth just gives us leverage on that capacity that we have been investing in in these past couple of years. And with depreciation being as low as I was talking about, what that really means is underutilization charges are negligible. So really it's just about fall through from revenues way straight to the bottom line and that will especially happen to cash flow.

因此，儘管產品組合豐富，但更重要的是，300 毫米產能產品的開工量不斷增加，我們仍有空間繼續看到整體利潤率的成長，而這甚至還沒談到收入成長。而營收成長則使我們能夠更好地利用過去幾年一直在投資的產能。而且，由於折舊率像我剛才說的那麼低，這意味著未充分利用的費用可以忽略不計。所以，其實就是收入直接下降到利潤，尤其是現金流會受到嚴重影響。

Great and for my follow-up longer-term question on OpEx. So if we look at year-over-year your SG&A trended down a little bit. R&D was up. You guys have said you were going to pile a little more money into R&D. Assuming revenue continues to grow what can we expect from R&D and SG&A on a yearly basis? Do you feel comfortable with the level of R&D as it is right here and could we expect SG&A to continue to trend down as a percentage of revenue assuming overall revenue grows?

太好了，接下來我想問一個關於營運支出的長期問題。因此，如果我們看一下同比數據，您的銷售、一般及行政費用略有下降。研發投入上升了。你們之前說過要加大研發投入。假設營收持續成長，我們每年可以預期研發支出及銷售、管理及行政費用會是多少？您對目前的研發水準感到滿意嗎？假設總收入成長，我們是否可以預期銷售、管理及行政費用佔收入的比例會繼續下降？

Yes, Chris, that's actually a really good question. The last couple of years OpEx has on an annual basis run about 23% of revenue, and as you noted we have been internally reallocating resources putting more efforts into the R&D areas. That will continue for the next couple of quarters and then begin to stabilize, and I would expect in 2017 all things being equal we will still operate around 23% of OpEx to revenue.

是的，克里斯，這確實是個好問題。過去幾年，營運支出每年約佔收入的 23%，正如您所指出的，我們一直在內部重新分配資源，將更多精力投入研發領域。這種情況將持續幾個季度，然後開始趨於穩定。我預計，如果一切順利，2017 年我們的營運支出仍將佔收入的 23% 左右。

Keep in mind that on the long haul we expect our OpEx to probably fluctuate between 20% and 30%, so in very weak markets it might be as high as 30%, and in very strong markets it might be as low as 20%. In kind of stable markets we are in right now I think the kind of OpEx percent you've seen in the last two years is what you should expect going forward in the next year or two.

請記住，從長遠來看，我們預計營運支出可能會在 20% 到 30% 之間波動，因此在市場非常疲軟時，營運支出可能會高達 30%，而在市場非常強勁時，營運支出可能會低至 20%。在目前這種相對穩定的市場環境下，我認為過去兩年所看到的營運支出百分比，就是未來一兩年內應該會維持的水平。

Great, thanks, Chris, and we will go to the next caller please.

太好了，謝謝你，克里斯，我們接下來請下一位來電者。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great, thank you. I wonder if you could talk about the change to the Analog subsegments in particular Silicon Valley Analog as a category going away. Does that signify anything from a business standpoint in terms of the integration of the old National business, or should be think of there being any structural change that goes along with that?

太好了，謝謝。我想請您談談類比訊號細分市場的變化，特別是矽谷模擬訊號作為一個類別的消失。從商業角度來看，這是否意味著舊國家業務的整合會帶來任何影響？或者我們應該認為這會帶來任何結構性改變？

That has nothing to do with the old Analog business. That is simply a question of realigning our products to the way that we have come to understand that our customers prefer to look for them when they are trying to find products here at TI. And so if you look at the categories that we've lined up with, we now have Power, we have Signal Chain, and we have High Volume Analog and Logic. And that's really how we've learned our customers prefer to try to find products at TI.

這和以前的模擬業務沒有任何關係。這只是重新調整我們的產品，使其符合我們了解到的客戶在德州儀器 (TI) 查找產品時更喜歡查找產品的方式的問題。因此，如果你看我們列出的類別，我們現在有電源、訊號鏈、大音量類比和邏輯電路。我們也正是透過這種方式了解到，我們的客戶更喜歡在德州儀器 (TI) 尋找產品。

So that allows us to give them better and faster support. The Silicon Valley Analog products along with High Performance Analog have been reallocated among those segments, those new product lines that we just talked about. And so consequently the best way to think about this is how do we react faster and more thoroughly to customer inquiries and searches for products in our portfolio. With a vast portfolio like ours it's really important to be sure we are aligned as efficiently as possible for the customer to get to the products they need and want.

這樣我們就能提供他們更好、更快捷的支援。矽谷模擬產品和高性能模擬產品已重新分配到我們剛才提到的那些新產品線。因此，思考這個問題的最佳方式是，我們如何更快、更徹底地回應客戶對我們產品組合的諮詢和搜尋。對於我們這樣擁有龐大產品組合的公司來說，確保我們盡可能有效率地協調各方，讓客戶能夠獲得他們需要和想要的產品，這一點至關重要。

Okay, great, that's helpful, thank you. And then just returning to the growth in autos, I guess we see the peer group as growing high single digits maybe a little bit better, so obviously you're growing quite a bit faster in autos than other analog companies. Should we think of that is being sort of sustainable gains, or just how do you -- is there anything you can do to help us understand why that was such a good number and what should we expect going forward?

好的，太好了，這很有幫助，謝謝。然後回到汽車領域的成長，我想我們看到同行的成長速度可能略好一些，達到個位數高位，所以很明顯，你們在汽車領域的成長速度比其他模擬公司快得多。我們是否應該認為這是某種可持續的進步？或者，您能否幫助我們理解為什麼這是一個如此好的數字，以及我們未來應該期待什麼？

Joe, this isn't as you know you've been tracking our revenues inside of that market for some time, it's not something that just happened this quarter. We have been having very strong growth inside of automotive, and that is a result of how we allocate capital. We have for some time been directing investments and increases both in automotive and industrial, and that's because we think those are the two markets that are going to provide growth not just for us but in our industry.

喬，正如你所知，你已經追蹤我們在該市場的收入一段時間了，這並非本季才發生的事情。我們在汽車領域實現了非常強勁的成長，這得益於我們合理的資本配置方式。一段時間以來，我們一直在汽車和工業領域加大投資和增資，因為我們認為這兩個市場不僅能為我們公司，還能為整個產業帶來成長。

As you know these are long tail type of design wins and revenue streams and we are very intentionally as I mentioned earlier trying to direct our investment so we're not just seeing growth in one sector or at one customer. So that's what we're trying to do. So thanks for that question we will go to the next caller please.

如您所知，這些都是長尾型的設計項目和收入來源，正如我之前提到的，我們正在有意識地引導我們的投資方向，這樣我們就不會只在一個行業或一個客戶那裡看到成長。所以這就是我們正在努力的方向。感謝您的提問，我們請下一位來電者接聽。

Romit Shaw, Nomura

羅米特·肖，野村

Yes and, Kevin, congratulations on your retirement. All the best. I wanted to ask, Dave, did you give us channel inventory, how much supply your distributors were carrying in the quarter?

是的，凱文，恭喜你退休。一切順利。戴夫，我想問一下，你有沒有提供渠道庫存信息，你的分銷商在這個季度有多少庫存？

I haven't, but I certainly can. Inventory was even with a year ago and decreased by about a half a week sequentially. It's still running at around four weeks in the channel. And I also just have a reminder that that number benefits because of our consignment programs that we have in place with our distributors.

我還沒試過，但我肯定可以。庫存與去年同期持平，並在接下來的幾週內逐週減少約半週。它目前仍在頻道上播放大約四周。我還要提醒大家，這個數字之所以受益，是因為我們與經銷商建立了寄售計畫。

You guys talked about moderate growth again last year, but there has been talk more recently about stimulus, better GDP growth under the new administration, and I'm curious how you think your distributors would react under that scenario? Do you think about it as your distributors restocking as a major driver for this year?

你們去年再次談到了溫和增長，但最近更多地談到了刺激措施、新政府領導下更好的 GDP 增長，我很好奇你們認為在這種情況下，你們的分銷商會作何反應？您是否認為經銷商的補貨是今年的主要驅動因素？

You know, Romit, I don't think we're quite that precise on that kind of thinking as to how distributors might react. We look at the talk of stimulus with some anticipation of a positive boost to the economy. But frankly we think it's probably too early to figure out what that might be and how it might manifest itself. A lot of that stimulus seems to be focused towards infrastructure and so if in fact it does wind up there that will further benefit our industrial portfolio.

羅米特，你知道嗎，我認為我們對經銷商的反應還沒有那麼精確的判斷。我們看到有關刺激經濟的討論，並預期這將對經濟起到積極的提振作用。但坦白說，我們認為現在弄清楚那是什麼以及它會如何表現還為時過早。許多刺激措施似乎都集中在基礎設施建設方面，因此，如果這些資金最終確實用於基礎設施建設，將進一步有利於我們的工業組合。

More important to us is to watch what's happening on the tax front, and hopefully we will finally get some tax relief out of Washington, which will be a significant benefit to our shareholders.

對我們來說，更重要的是關注稅收的動態，希望我們最終能從華盛頓獲得一些稅收減免，這將對我們的股東大有裨益。

And, Romit, I'll just add that if you look as I said inventory was even with where we ended last year. It was actually down sequentially, so reflected in our numbers really has no restocking inside of it. And I would just say that the inventory levels that they have, the inventory levels that we have, just reflect an environment where we've gotten good product availability, and because of our investments in capacity ahead of demand, if these things do show up and turn into more significant growth going forward we are ready to be able to support that. Thank you, Romit, and we will go to the next caller please.

羅米特，我還要補充一點，正如我所說，庫存與去年年底的水平持平。實際上，它的銷售量是逐週下降的，因此我們的數字反映出來的並不是庫存補充。我想說的是，他們目前的庫存水平，以及我們目前的庫存水平，都反映了我們擁有良好的產品供應環境。而且，由於我們提前投資了產能以滿足需求，如果這些需求真的出現並轉化為未來更顯著的成長，我們已經做好了支持這些成長的準備。謝謝你，羅米特，我們接下來請下一位來電者。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Thanks for letting me ask a question, and, first, Kevin, congrats and, to, Rafael, too congrats on the promotion. Looking at the Analog business in the fourth quarter Dave it was up 10% year-over-year, but you said HVAL was flat. I was a little surprised at that side being flat and the remainder must have been good up a good 13% 15% year-over-year. Can you talk a little bit about what the drivers were that created such a delta between those segments?

謝謝允許我提問，首先，祝賀凱文升職，也祝賀拉斐爾升職。Dave，你看第四季模擬業務年增了 10%，但你說 HVAL 業務持平了。我對那部分持平感到有點驚訝，而其餘部分肯定表現不錯，同比增長了 13% 到 15%。您能否談談造成這些細分市場之間如此巨大差距的驅動因素是什麼？

Yes, so I think if you look at year-over-year by end market, personal electronics was down slightly due to mobile phones. If you back out mobile phones actually personal electronics was up slightly, so that was the main reason that we saw that. You could kind of see that inside of Analog, and that weakness in mobile phones was not just inside of HVAL but you saw to a lesser extent inside of Power. Do you have a follow-on?

是的，所以我認為，如果按終端市場同比來看，由於手機的下滑，個人電子產品略有下降。如果把手機排除在外，個人電子產品實際上略有成長，所以這就是我們看到這種情況的主要原因。在 Analog 中，你多少能看出這一點，而行動電話的這種弱點不僅存在於 HVAL 中，在 Power 中也能看到，只是程度較輕。您還有後續問題嗎？

On the OpEx side of the equation, Kevin, I know you answered some questions about the R&D remaining elevated. If we think in the first quarter, traditionally that goes up beginning of the year reasons by about 5%. Is that about the right area we should think OpEx changing sequentially in 1Q, or is it different this year due to that reallocation?

凱文，關於營運支出方面，我知道你已經回答了一些關於研發成本居高不下的問題。如果我們考慮第一季度，通常來說，由於年初的原因，第一季會成長約 5%。這是否大致是我們應該考慮的營運支出在第一季環比變化的範圍，還是由於今年的重新分配而有所不同？

No, I wouldn't expect anything particularly different. The reallocation is mostly coming out of SG&A as we go forward, so it's just a mix of things like that. So total OpEx will continue to increase as you know seasonally in the first quarter because of the absence of holidays in the fourth quarter as well as the annual pay and benefit increases that we deploy across our company in the first quarter..

不，我預計不會有什麼特別不同的事情發生。隨著我們不斷推進，重新分配的資金主要來自銷售、一般及行政費用，所以就是各種類似因素的混合。因此，如您所知，由於第四季度沒有假日，加上我們公司在第一季度實施的年度薪資福利成長，第一季的總營運支出將繼續季節性成長。

Okay, thank you, Ross, and we will go to the next caller please.

好的，謝謝你，羅斯，我們接下來請下一位來電者。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

Hi guys, thanks for taking my question. Around the gross margin drivers particularly 300 millimeter, you seem to be talking about that is probably the biggest driver on a go-forward basis structurally. Can you talk to about us in terms of where you are on 300 millimeter utilization versus a year ago, particularly given the amount of expansion you are doing? How much room do you still have to grow there, and how does that compare to where you were a year ago?

大家好，感謝你們回答我的問題。關於毛利率驅動因素，特別是 300 毫米，您似乎在談論這可能是未來結構上最大的驅動因素。鑑於貴公司目前的擴張規模，能否請您談談貴公司在 300 毫米印表機利用率方面與一年前相比的變化？你在這個領域還有多少發展空間？與一年前相比，你的發展程度如何？

Stacy, I think we have talked about between the Richardson factory, which we call RFAB, and DMOS 6 in the Dallas location. Combined we have about $8 billion of revenue-generating capacity in those factories combined. We have continued to increase starts meaningfully on 300 millimeter for Analog and that is really going to be picking up pace. More and more of the new products that we're releasing are being released on 300 millimeter, and the economics, as you are well aware, are very compelling. The bottom line is the chip costs are about 40% less on 300 millimeter versus 200 millimeter so the total finished product is about 20% less, which adds meaningfully not only to gross margins but especially to free cash flow because that just falls straight through unimpeded. Again, our starts continue to increase.

Stacy，我想我們已經討論過位於 Richardson 的工廠（我們稱之為 RFAB）和位於達拉斯的 DMOS 6 工廠之間的情況了。這些工廠合計擁有約 80 億美元的創收能力。我們已經持續大幅增加 300 毫米模擬設備的啟動次數，而且這速度真的會加快。我們推出的新產品越來越多地採用 300 毫米規格，正如您所知，這種規格在經濟上非常具有吸引力。最終結果是，300 毫米晶片的成本比 200 毫米晶片的成本低約 40%，因此成品總成本降低了約 20%，這不僅顯著提高了毛利率，而且尤其提高了自由現金流，因為自由現金流可以直接不受阻礙地流入。我們的開球率再次持續上升。

We continue to have a lot of capacity available to us, but more importantly we have a lot of new devices in the pipeline being released onto 300 millimeter and that all coming together will probably continue to accelerate the rate of starts and therefore the rate of fall through that we will get from that manufacturing model.

我們仍然擁有大量的可用產能，但更重要的是，我們有許多新設備正在研發中，即將推出 300 毫米規格的產品，所有這些加在一起可能會繼續加快啟動速度，從而加快我們從該製造模式中獲得的失敗率。

I will just add Stacy as a shameless plug for our capital management call, Rafael and I will cover more of that detail in our capital management call.

我在這裡順便提一下Stacy，算是為我們的資本管理電話會議做個無恥的宣傳。我和Rafael將在資本管理電話會議上詳細介紹這方面的內容。

I appreciate it Dave, thanks. For my follow-up I want to touch a bit on the accounting changes, and it seems to be influencing both the earnings as well as the share count. The diluted share count went up this quarter for the first time in forever, but it sounds like it was boosted by 5 million shares or so because like you said because of the accounting change.

謝謝你，戴夫。接下來我想稍微談談會計準則的變化，這些變化似乎對收益和股份數量都有影響。本季稀釋後的股份數量出現了有史以來的首次增長，但聽起來像是因為會計準則的改變而增加了約 500 萬股。

So how should we think about that going through 2017? Is it still something like a $0.03 or $0.04 per quarter benefit that is going to sustain into perpetuity? And in terms of the share count was this sort of like a one-time step up, and should we still think about shares declining going forward even given the increased dividends that reduce buybacks?

那麼，我們該如何看待2017年的情況呢？是否仍然像每季 0.03 美元或 0.04 美元那樣，能夠永久持續下去？就股份數量而言，這是否屬於一次性成長？即使股利增加減少了股票回購，我們是否仍應該認為未來股價會下跌？

So Stacy just a little bit more background on this GAAP change. It is going to impact all companies beginning -- who haven't already implemented -- beginning in the first quarter of 2017 reporting so we basically early adopted by one quarter. The idea is try to help with better comparability for 2016 and 2017. That being said it does cause reported earnings to increase because of this tax benefit.

史泰西，關於這次GAAP變更，我再補充一些背景資訊。它將對所有尚未實施的公司產生影響，從 2017 年第一季的報告開始，所以我們基本上提前一個季度採用了這項措施。這樣做的目的是為了更好地比較 2016 年和 2017 年的數據。也就是說，由於這項稅收優惠，報告的收益確實會增加。

It also mathematically requires that you compute your diluted share count differently, and so it added about 5 million shares to our diluted share count just compliant to the new calculation rules. In 2016, had we applied the same GAAP at the beginning of the year it would have added $0.04 to the first quarter, $0.03 to the second quarter, $0.04 to the fourth quarter and added a penny -- excuse me $0.04 to the third quarter, and it added a penny to the fourth quarter for a total of $0.13 for the year.

從數學角度來說，這也要求你以不同的方式計算稀釋後的股份數量，因此，為了符合新的計算規則，它在我們的稀釋股份數量中增加了大約 500 萬股。2016 年，如果我們年初就採用同樣的公認會計準則，那麼第一季度將增加 0.04 美元，第二季度將增加 0.03 美元，第四季度將增加 0.04 美元，第三季度將增加 1 美分——抱歉，是 0.04 美元，第四季度將增加 1 美分，全年總計增加 0.13 美元。

The way that we would recommend that you model this for purposes of analyzing the company going forward is similar to what we're doing and that is just look at what happened last year and use that same set of assumptions for next year. I'm pretty sure it'll wind up being different when we close the books on those assumptions, but that's the best way to model. So consequently we have $0.04 that would have occurred in the first quarter of 2016 and the guidance that we just offered for the first quarter of 2017 included $0.04, and we would suggest that you do the same thing.

我們建議您採用與我們正在做的類似的方法來模擬公司未來的發展，即回顧去年的情況，並使用相同的假設來預測明年的發展。我很確定，當我們最終確定這些假設之後，結果會有所不同，但這卻是最好的建模方法。因此，2016 年第一季本應實現 0.04 美元，而我們剛發布的 2017 年第一季業績指引中也包含了 0.04 美元，我們建議您也這樣做。

Stacy, let me just add to that our for looking at next year our commitment to our capital management strategy and the disciplined execution of that strategy remains unchanged. Our target is to return all of our free cash flow to the owners of the company, and with the dividend model that we announced last quarter it provides a more robust framework to adjust the allocation between of that return between dividend growth and share repurchases.

Stacy，我還要補充一點，展望明年，我們對資本管理策略的承諾以及對該策略的嚴格執行將保持不變。我們的目標是將所有自由現金流返還給公司所有者，而我們上個季度宣布的股息模式提供了一個更穩健的框架，可以調整股息成長和股票回購之間的收益分配。

Great. Okay thank you, Stacy. We will go to our next caller please.

偉大的。好的，謝謝你，史黛西。請接聽下一位來電者。

Vivek Arya, Bank of America Merrill Lynch.

Vivek Arya，美國銀行美林證券。

Thanks for taking my question, and I wanted to wish congratulations and good luck to Kevin and welcome to Rafael. For my first question, I know it's early days, but can you share any views on impact from any potential border tax rate changes or conversely any lowering of the U.S. corporate tax rate. What would TI do differently if either of these two things were to happen?

感謝您回答我的問題，我也想祝賀凱文，祝他好運，並歡迎拉斐爾加入。我的第一個問題是，我知道現在下結論還為時過早，但您能否分享一下您對任何潛在的邊境稅率變化或相反的美國企業稅率降低的影響有何看法？如果這兩種情況中的任何一種發生，TI會採取哪些不同的措施？

Vivek, this is very speculative at this stage because clearly you can see just from the reported press there's probably differences of opinions as to what kind of tax policies to employ between the President and Congress so I think it's a little bit hard for us to be able to characterize what that might do. What I can say is that any form of relief will be beneficial directly to our shareholders because it will simply expand our free cash flow.

維韋克，現階段這只是推測，因為從媒體報道中可以明顯看出，總統和國會在採取何種稅收政策方面可能存在意見分歧，所以我認為我們很難描述這可能會產生什麼影響。我可以肯定地說，任何形式的紓困措施都將直接有利於我們的股東，因為它將增加我們的自由現金流。

And as Rafael just commented our commitment remains as it has been and that's to return 100% of our free cash flow to our shareholders through dividends and stock buybacks. So any form, whether it's border tax adjustments or actual lowering of the overall tax brackets, clearly will be beneficial to our shareholders and I'm looking forward to seeing that happen.

正如拉斐爾剛才所說，我們的承諾依然不變，那就是將100%的自由現金流透過股利和股票回購返還給股東。因此，無論是邊境稅收調整還是實際降低整體稅率，任何形式的調整顯然都將有利於我們的股東，我期待看到這種情況發生。

And a follow-on Vivek?

維韋克還有後續嗎？

Yes, thanks, Dave. Last quarter you mentioned that it seemed like we are in a 3% to 4% growth world, but then you grew 7% in Q4 and you're guiding to 10% plus in Q1. I understand part of it is probably just normalization at one of your larger customers, but what is driving the upside? Is it sustainable? Are we now in a 7% plus growth word? What would change this year to deter us from that kind of growth trajectory?

好的，謝謝你，戴夫。上個季度你提到，我們似乎處於 3% 到 4% 的成長環境中，但第四季你們成長了 7%，而且你們預計第一季成長將超過 10%。我知道部分原因可能是你們某個大客戶的正常化，但是是什麼因素推動了成長呢？它可持續嗎？我們現在處於一個年增長率超過7%的世界嗎？今年哪些因素會改變我們，阻止我們繼續維持這種成長動能？

Yes, so first, Vivek, I'd just point out when we look at the overall macro environment we really don't see something that has significantly changed in some time. So we continue to believe that we are operating in a very similar macro environment that we have been. If you look at inside of the quarter demand came in stronger really across most markets and businesses.

是的，維韋克，首先我想指出，當我們審視整體宏觀環境時，我們並沒有看到任何在一段時間內發生顯著變化的情況。因此，我們仍然認為我們所處的宏觀環境與以往非常相似。如果觀察季度內部數據，會發現大多數市場和企業的需求確實更強勁。

The only notable exception as I talked about before was personal electronics came in about as we expected, and to your point we have seen choppiness in particular markets. Some of that more recently has been driven by one large customer.

正如我之前提到的，唯一值得注意的例外是個人電子產品的表現基本上符合預期，而且正如您所說，我們確實看到某些特定市場出現了波動。最近的一些變化是由一位大客戶推動的。

You can roll back the clock not too long ago into last year we saw some choppiness in comms equipment, before that we had a PC XP refresh cycle that came to an end, and none of those were really tied to the overall economy. There were just very specific things going on within specific markets so that's really the environment that we think we're operating in now. So thank you, and we will go to the next caller please.

回溯到不久前的去年，我們看到通訊設備出現了一些波動，在那之前，我們經歷了一個 PC XP 更新週期，該週期已經結束，而這些都與整體經濟沒有真正的聯繫。當時特定市場中發生了一些非常具體的事情，所以我們認為我們目前所處的環境就是如此。謝謝，我們這就接下一位來電者。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Good afternoon, guys, thanks for letting me ask the question. I'll chime in with my congratulations to Kevin. Kevin, I guess my first question is just looking at the op margins on the Embedded business. You did a great job throughout calendar year 2016 as you grew that business to drive leverage and upside to the operating margin, but there's still a pretty healthy gap between the op margins in Embedded and those in Analog. Is that still just a matter of getting more scale in the Embedded business, or how do we think about those op margins closing over time?

下午好，各位，謝謝允許我提問。我也要向凱文表示祝賀。Kevin，我想我的第一個問題是想了解嵌入式業務的營業利益率。2016 年全年，你都做得非常出色，你發展了這項業務，提高了槓桿率和營業利潤率，但嵌入式業務的營業利潤率與模擬業務的營業利潤率之間仍然存在相當大的差距。這是否仍然只是嵌入式業務規模擴大的問題，還是我們應該如何看待隨著時間的推移，營運利潤率的下降？

John, I think the best way to think about it is what we have been talking about for a number of years, which means we stepped up investments in that area a number of years back and then we readjusted the investments especially for the basestation marketplaces. And since then, we think we've got the investment levels about right, so it really is a question of continuing to get leverage from revenue growth falling all the way through to op margins as you point out, but again what we focus on it falls through unimpeded to free cash flow.

約翰，我認為最好的思考方式就是我們多年來一直在討論的事情，這意味著我們幾年前加大了在該領域的投資，然後我們調整了投資，特別是針對基地台市場的投資。從那以後，我們認為我們的投資水準基本上已經合適了，所以正如您所指出的，真正的問題在於繼續利用收入成長帶來的槓桿效應，最終提高營業利潤率，但我們關注的重點是確保它能夠暢通無阻地轉化為自由現金流。

And that's the real focus there, so there's nothing inherent that keeps it from continuing to improve. In fact I would not be surprised to see the team there continue to improve on that as they completely understand the leverage capability they have on the investment base they have right now.

這就是真正的重點，所以它本身並沒有任何缺陷會阻止它繼續改進。事實上，如果團隊繼續在這方面取得進步，我不會感到驚訝，因為他們完全了解他們目前投資基礎所擁有的槓桿能力。

Your follow-on, John?

約翰，你的後續問題是什麼？

Yes, just as my follow-on, I apologize for asking, but a lot of my questions were already asked and answered. But just on the Other revenue line, if you look at your revenue holistically over time, it's become significantly less volatile, but that Other bucket has jumped around a lot quarter-on-quarter. And Dave I'm wondering if you could give us some guidance from these levels how we should think about seasonality or the cadence of the Other revenue going forward?

是的，就像我的後續問題一樣，我很抱歉再問這個問題，但我的許多問題之前都已經被問過並得到了解答。但就其他收入而言，如果你從整體上看你的收入隨時間的變化，它的波動性已經明顯降低，但其他收入類別在每個季度之間波動很大。Dave，我想請教您，從目前的水平來看，我們應該如何看待季節性因素或未來其他收入的節奏？

Yes, I think if you look for -- look at it for the full year it decreased 3% year-on-year, and as we had talked about before, when you look at the history it had declined more like in the mid-teens, and that was primarily as the legacy wireless products had unwound. And we expect going forward that we would be somewhere in a mid-single-digit decline.

是的，我認為如果你看一下全年數據，它同比下降了 3%，而且正如我們之前討論過的，從歷史數據來看，它的降幅更大，大約在 15% 左右，這主要是因為傳統無線產品逐漸退出市場。我們預計未來一段時間內，我們將出現中等個位數的下滑。

There is seasonality inside of the Other business. It's driven primarily by calculators. They have a very strong seasonality due to back-to-school. And then we also have royalties inside of there that can be choppy every once in a while. So those are the types of things but overall when you look at it much like this year we saw 3% decline probably similar to what we would expect to see going forward. So, thanks, John. We will go to the next caller please.

其他行業也存在季節性波動。它主要由計算器驅動。由於開學季，它們的季節性非常明顯。此外，我們還有版稅收入，這些收入偶爾也會出現波動。所以這些都是一些需要考慮的因素，但總的來說，就像今年我們看到的3%的降幅一樣，這可能與我們預期未來將看到的降幅類似。謝謝你，約翰。請接聽下一位來電者。

Ambrish Srivastava, BMO Capital Markets.

Ambrish Srivastava，BMO資本市場。

Hi, thank you very much. Kevin, congratulations on your next phase of life, and you have been nothing but an absolute pleasure in all of the dealings we have had with you, so thank you for that. My first question, Dave, is on the industrial business.

您好，非常感謝。凱文，恭喜你開啟人生新篇章，與你交往的每一次經驗都讓我們感到非常愉快，非常感謝你。戴夫，我的第一個問題是關於工業領域的。

Auto is a great business for you. Over the years you have been consistently outgrowing the industry, but automotive is a $4 billion business, and I think a year ago I had given you not really a lot of a hard time but I'd asked you why the business didn't grow last year so that was in 2015. But you are growing this business again at a pretty decent rate almost 10% so what are some of the areas that are driving that growth?

汽車產業很適合你。多年來，你們一直保持著比行業平均水平更高的成長速度，但汽車產業是一個價值 40 億美元的產業，我想一年前我並沒有真的為難你們，但我問過你們為什麼去年的業務沒有成長，那是 2015 年的事了。但你們的業務又以相當不錯的速度成長了，接近 10%，那麼推動這種成長的因素有哪些呢？

Yes, Ambrish, actually if you look at the actual numbers I know you are using the rounded numbers that we gave you, it's more like a mid-single digits so growth for the year for industrial 2016 over 2015, and it's good to see good solid growth there. When we look at down into the details of the 14 sectors we actually did see growth in most of those sectors for the year.

是的，Ambrish，實際上，如果你看一下實際數字，我知道你使用的是我們給你的四捨五入後的數字，那麼2016年工業增長率更像是個位數，比2015年高出不少，看到如此穩健的增長是件好事。當我們深入分析這 14 個行業的具體情況時，我們發現，今年大多數行業都實現了成長。

Again it's kind of the same comments that I made on automotive. We are just encouraged that our investments are really turning to that broad-based growth. You have a follow-on, Ambrish?

這和我之前對汽車產業的評論大同小異。我們感到鼓舞的是，我們的投資確實正在轉向這種廣泛的成長。安布里什，你還有後續問題嗎？

I did. On the consumer side and specifically in mobile would March quarter then be up year-over-year, and would consumer be up year-over-year? All I'm trying to understand is if the indigestion we had a year ago is that was so severe that it lapsed into March or is it behind us?

我做了。那麼，就消費者而言，特別是行動端，3 月的季度業績是否會年增？消費者銷售額是否會較去年同期成長？我只是想弄清楚，一年前的那種消化不良是否非常嚴重，以至於一直持續到三月份，還是已經過去了？

We are real careful to try to give guidance on below the top line in any sector, but I think your instincts that we will have an easy compare because of the weakness we saw a year ago would probably be correct. With that we've got time for one last caller please.

我們非常謹慎地嘗試對任何行業的營收以下部分給出指導，但我認為，由於去年的疲軟，我們今年的業績比較基數會比較小，你的直覺可能是正確的。好了，我們還有時間接聽最後一位來電者。

Toshiya Hari, Goldman Sachs,

Toshiya Hari，高盛集團

Great, thanks for taking my question and, Kevin, thanks for all the help and congrats on the retirement. My first question is again on industrial, and, Dave, I appreciate your comments about there being broad-based growth in the segment, but if I recall correctly I think this is the second consecutive quarters where you guys point to an improvement in the industrial marketplace, so just curious if there any specific regions or end market areas that are driving that inflection in the market in industrial?

太好了，謝謝你回答我的問題。凱文，謝謝你的幫助，也恭喜你退休。我的第一個問題仍然與工業領域有關。戴夫，我很感謝你提到該領域整體成長，但如果我沒記錯的話，這應該是你們連續第二個季度指出工業市場有所改善了，所以我想問，是否有任何特定地區或終端市場領域正在推動工業市場的這種轉變？

Yes, there is -- we are seeing that really broad-based growth across regions, across the products, and across those 14 sectors that we have got in it so we are real pleased with that growth. Do you have a follow-on, Toshiya?

是的，我們看到各個地區、各個產品以及我們涉足的 14 個行業都實現了真正廣泛的成長，因此我們對這種成長感到非常滿意。俊也，你還有後續問題嗎？

Just, thanks, Dave. This is a technical one. The IP, the one-time benefit you guys saw in Q4 from your IP agreements, is this one time in nature, or could we see this materialize again in future quarters? I just wanted to know what the nature of the contract or the group agreement was for this?

謝謝你，戴夫。這是一個技術問題。你們在第四季從智慧財產權協議中獲得的一次性收益，是一次性的，還是未來幾季會再次出現？我只是想知道這份合約或集體協議的具體內容是什麼？

It included several agreements with several different cross licensees, but part of it was a sale of some IP assets, and that was recognized in the Restructuring/other line. And then the balance was a settlement of past infringements, and that was recognized in the Other income and expense line. On an ongoing basis these tend to be multi-year cross license agreements, so we would expect about $20 million of annual benefit for the foreseeable future as a result of agreeing to these new intellectual property contracts, so roughly $20 million a year in the contract going forward.

其中包括與幾家不同的交叉授權人達成的幾項協議，但其中一部分是出售一些智慧財產權資產，這部分已計入重組/其他項目。剩餘部分是對過去侵權行為的結算，這筆款項計入了其他收入和支出項下。從長遠來看，這些往往是多年期的交叉許可協議，因此我們預計，在可預見的未來，由於同意這些新的知識產權合同，每年將獲得約 2000 萬美元的收益，也就是說，未來每年合約金額約為 2000 萬美元。

Okay, great thank you so much.

好的，太好了，非常感謝。

And thank you all for joining us. Again please plan to join us for our capital management call on February 8 at 10 AM Central time. A replay of this call is available on our website. Good evening.

感謝各位的參與。請再次規劃參加我們於2月8日上午10點（中部時間）舉行的資本管理電話會議。本次通話的錄音可在我們的網站上觀看。晚安.

Ladies and gentlemen, this does conclude today's conference. Thank you for your participation.

女士們、先生們，今天的會議到此結束。感謝您的參與。