德州儀器 (TXN) 2017 Q1 法說會逐字稿

Good day, and welcome to the Texas Instruments First Quarter 2017 Earnings Release Conference Call. Today's call is being recorded.

大家好，歡迎參加德州儀器2017年第一季財報電話會議。今天的通話將會被錄音。

And at this time, I would like to turn the conference over to Dave Pahl. Please go ahead, sir.

此時，我想把會議交給戴夫·帕爾。請繼續，先生。

Good afternoon, and thank you for joining our first-quarter '17 earnings conference call. Rafael Lizardi, TI's chief financial officer, is with me today. 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2017年第一季財報電話會議。德州儀器財務長拉斐爾·利扎爾迪今天和我在一起。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. I'll start with a quick summary of our financial results.

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。我先簡單總結一下我們的財務表現。

Revenue for the first quarter increased 13% from a year ago. Demand for our products continued to be strong in the automotive market and continued to strengthen in the industrial market. Personal electronics also grew compared with the weak year-ago quarter. In our core businesses, Analog revenue grew 20% and Embedded Processing revenue grew 10% compared with the same quarter a year ago. Operating margin increased in both businesses. Earnings per share were $0.97, which included an additional $0.08 discrete tax benefit not in our original guidance. With that backdrop, I'll provide details on our performance, which we believe continues to be representative of the ongoing strength of TI's business model.

第一季營收年增13%。我們的產品在汽車市場的需求依然強勁，在工業市場的需求也持續增強。與去年同期疲軟的局面相比，個人電子產品也實現了成長。在我們的核心業務中，模擬業務收入年增 20%，嵌入式處理業務收入年增 10%。兩項業務的營業利潤率均有所提升。每股收益為 0.97 美元，其中包括一項額外的 0.08 美元的臨時稅收優惠，該優惠不在我們最初的預期之內。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 first quarter, our cash flow from operations was $795 million, and 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 $4.2 billion, up 11% from a year ago. Free cash flow margin was 30.7% of revenue, up from 29.5% a year ago. We continue to benefit from our improved product portfolio that is long lived and diverse and the efficiency of our manufacturing strategy, the latter of which includes our growing 300-millimeter Analog output and our opportunistic purchase of assets ahead of demand.

第一季度，我們的經營活動現金流為 7.95 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，對於長期最大化股東價值至關重要。過去 12 個月的自由現金流為 42 億美元，比上年同期成長 11%。自由現金流利潤率為營收的30.7%，高於一年前的29.5%。我們持續受益於我們不斷改進的產品組合（該組合使用壽命長且種類繁多）以及我們高效的製造策略，後者包括我們不斷增長的 300 毫米模擬輸出以及我們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 productively invested in the business or returned to owners. For the trailing 12-month period, we returned $3.8 billion of cash to owners through a combination of dividends and stock repurchases.

我們認為，只有將自由現金流用於企業建設或回饋給所有者，才能反映其價值。在過去的 12 個月裡，我們透過分紅和股票回購的方式向股東返還了 38 億美元的現金。

From a year ago, Analog revenue increased 20% due to growth in all 3 product lines: Power, Signal Chain and High Volume. Embedded Processing revenue increased by 10% from a year ago, due to growth in both product lines, Processors and Connected Microcontrollers, by about the same amount. In our Other segment, revenue declined $57 million from a year ago, primarily due to a move of royalties to OI&E, which Rafael will explain later.

與去年同期相比，類比業務收入成長了 20%，這得益於電源、訊號鍊和大容量這 3 條產品線的成長。由於處理器和連接微控制器這兩個產品線的成長幅度大致相同，嵌入式處理業務的收入比去年同期成長了 10%。在其他業務板塊，收入比去年同期下降了 5700 萬美元，主要是由於特許權使用費轉移到了 OI&E，Rafael 稍後會對此進行解釋。

Now I'll provide some insight into this quarter's revenue performance by end market versus a year ago. Automotive demand remained strong, with most sectors growing double digits. Industrial demand continued to strengthen with broad-based growth. Personal electronics grew compared with the weak year-ago quarter. Communications equipment grew slightly from the year-ago and sequential period. And then, lastly, enterprise systems declined.

現在我將按終端市場對本季營收表現與去年同期進行比較分析。汽車需求依然強勁，大多數細分市場都實現了兩位數的成長。工業需求在全面成長的帶動下持續走強。與去年同期疲軟的局面相比，個人電子產品銷售量有所成長。通訊設備較上年同期及上一季略有成長。最後，企業系統開始衰退。

We continue to focus our strategy on the industrial and automotive markets, which are where we've been allocating our capital and driving initiatives. 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 will provide diversity and longevity of product, which translates to a high terminal value of the portfolio.

我們將繼續把策略重點放在工業和汽車市場，這也是我們一直以來投入資本和推動各項措施的領域。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，而且它們將提供多樣化和長壽命的產品，這將轉化為投資組合的高終值。

Rafael will now review profitability, capital management and our outlook.

Rafael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. Gross profit in the quarter was $2.14 billion, or 63% of revenue. From a year ago, gross profit increased primarily due to higher revenue. Gross profit margin increased 220 basis points. Operating expenses in the quarter were $808 million or 23.8% of revenue. And on a trailing 12-month basis, they were 22.8% of revenue in the lower half of our model.

謝謝你，戴夫，大家下午好。本季毛利為 21.4 億美元，佔營收的 63%。與去年同期相比，毛利成長主要是由於收入增加。毛利率提高了220個基點。本季營運支出為 8.08 億美元，佔營收的 23.8%。以過去 12 個月計算，它們占我們模型下半部收入的 22.8%。

Over the last 12 months, we have invested $1.4 billion in R&D, an important element of our capital allocation.

過去 12 個月，我們在研發方面投入了 14 億美元，這是我們資本配置的重要組成部分。

Acquisition charges were $80 million, all of which was the ongoing amortization of intangibles, which is a noncash expense.

收購費用為 8,000 萬美元，全部為無形資產的持續攤銷，這是一項非現金支出。

Operating profit was $1.25 billion or 36.8% of revenue. Operating profit was up 27% from the year-ago quarter. Operating margin for Analog was 41.4%, up from 36.6% a year ago. Embedded Processing was 29.9%, up from 25.7% a year ago. Our focused investments on the best sustainable growth opportunities with differentiated positions enable both businesses to continue to contribute nicely to free cash flow growth.

營業利潤為 12.5 億美元，佔營收的 36.8%。營業利潤較去年同期成長27%。Analog 的營業利益率為 41.4%，高於一年前的 36.6%。嵌入式處理佔比為 29.9%，高於一年前的 25.7%。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。

Net income in the first quarter was $997 million or $0.97 per share, which included an additional $0.08 discrete tax benefit that was not in our original guidance.

第一季淨收入為 9.97 億美元，即每股 0.97 美元，其中包括一項額外的 0.08 美元的一次性稅收優惠，該優惠不在我們最初的預期之內。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $795 million in the quarter. Inventory days were 132, consistent with our long-term model of 105 to 135 days. Capital expenditures were $127 million in the quarter. On a trailing 12-month basis, cash flow from operations was $4.76 billion, up 9% from the same period a year ago. Trailing 12-month capital expenditures were $534 million or 4% of revenue. As a reminder, our long-term expectation for capital expenditures is about 4% of revenue.

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7.95億美元。庫存週轉天數為 132 天，與我們長期模型預測的 105 至 135 天相符。本季資本支出為 1.27 億美元。過去 12 個月，經營活動產生的現金流為 47.6 億美元，比去年同期成長 9%。過去 12 個月的資本支出為 5.34 億美元，佔營收的 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%。

Free cash flow for the past 12 months was $4.22 billion or 30.7% of revenue. Free cash flow was 11% higher than a year ago. Our cash flow reflects the strength of our business model. 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 owners.

過去 12 個月的自由現金流為 42.2 億美元，佔營收的 30.7%。自由現金流比去年同期成長了11%。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，只有將其有效投資於業務或返還給所有者，才能反映其價值。

In the first quarter, we paid $500 million in dividends and repurchased $550 million of our own stock for a total return of $1.05 billion. Total cash returned to owners in the past 12 months was $3.82 billion. These combined returns demonstrate our confidence in our business model and our commitment to return excess cash to our owners. Over the last 12 months, we paid $1.76 billion in dividends or 42% of trailing 12-month free cash flow, which demonstrates the affordability and sustainability of our dividend growth. Outstanding share count was reduced by 1% over the past 12 months and has been reduced by 42% since the end of 2004 when we initiated a program designed to reduce our share count. In fact, we have reduced shares every quarter year-on-year for 52 consecutive quarters.

第一季度，我們支付了 5 億美元的股息，並回購了 5.5 億美元的公司股票，總回報為 10.5 億美元。過去 12 個月返還給所有者的現金總額為 38.2 億美元。這些綜合收益顯示了我們對自身商業模式的信心，以及我們致力於將盈餘現金回饋給股東的承諾。在過去的 12 個月裡，我們支付了 17.6 億美元的股息，佔過去 12 個月自由現金流的 42%，這表明我們的股息成長具有可負擔性和可持續性。過去 12 個月，流通股數量減少了 1%，自 2004 年底我們啟動旨在減少流通股數量的計畫以來，流通股數量已減少了 42%。事實上，我們已經連續52個季度同比降低了股份數量。

In March, we retired $250 million of debt. This leaves total debt of $3.375 billion with a weighted average coupon rate of 2.32%. Our cash management and tax practices are fundamental to our commitment to return cash. We ended the first quarter with $3.05 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.

今年三月，我們償還了 2.5 億美元的債務。這樣一來，總債務為 33.75 億美元，加權平均票面利率為 2.32%。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。第一季末，我們擁有 30.5 億美元的現金和短期投資，其中美國實體擁有約 80% 的現金。這筆境內現金可隨時用於多種用途。

Turning to our outlook for the second quarter, we expect revenue in the range of $3.4 billion to $3.7 billion and earnings per share in the range of $0.89 to $1.01, which includes an estimated $30 million discrete tax benefit.

展望第二季度，我們預計營收將在 34 億美元至 37 億美元之間，每股收益將在 0.89 美元至 1.01 美元之間，其中包括預計 3,000 萬美元的一次性稅收優惠。

Before moving to Q&A, there are 3 changes that I want to explain to -- to help to better -- to help you better understand our first-quarter results and our second-quarter outlook. The first is to remind you that, in the fourth quarter of 2016, we adopted a new GAAP standard that impacted the accounting of taxes for stock-based compensation. While this adoption has no impact on our cash balance, it does result in a discrete tax item that impacts our respective tax rate and earnings per share. To help you model the tax rate and discrete tax items, I am sharing the quarterly assumptions and their impacts. We will continue to report how our results differ from our guidance, just as we did this quarter.

在進入問答環節之前，我想解釋一下 3 項變化，以幫助您更好地了解我們第一季的業績和第二季度的展望。首先要提醒大家的是，在 2016 年第四季度，我們採用了新的 GAAP 標準，影響了股票選擇權激勵的稅務會計處理。雖然此次收購對我們的現金餘額沒有影響，但會產生一個獨立的稅務項目，從而影響我們的稅率和每股盈餘。為了幫助您建立稅率和離散稅項的模型，我將分享季度假設及其影響。我們將繼續報告實際業績與預期之間的差異，就像本季一樣。

To start with, our operating tax rate for 2017 is estimated to be about 30%, unchanged from previous guidance. This operating tax rate assumes no discrete items and is what you will need to use as a starting point for your longer-term models.

首先，我們預期 2017 年的營業稅率約為 30%，與先前的預期持平。此營業稅率假設沒有單獨的項目，是您制定長期模型時需要使用的起點。

Next, we are assuming discrete tax items of about $30 million, $20 million and $10 million in the second, third and fourth quarters of 2017, respectively. Therefore, the effective tax rates, which include discrete tax items, translate to about 28%, 29% and 30% in the second, third and fourth quarters, respectively. These are the quarterly effective tax rates you should use for your 2017 models. If you do the math using these numbers, you will get an effective tax rate of 27% for the year. I advise you not to use 27% in any quarter, as the size of discrete tax items vary quarter-to-quarter, particularly in first quarter. We will post a chart summarizing our assumptions for these discrete task items as well as their retrospective impact of this new standard on our website at ti.com/ir. Hopefully, providing these discrete tax item assumptions will be a good start in dealing with this new accounting standard.

接下來，我們假設 2017 年第二季、第三季和第四季分別有約 3,000 萬美元、2,000 萬美元和 1,000 萬美元的離散稅收項目。因此，包括各項單獨稅項在內的實際稅率，在第二季、第三季和第四季分別約為 28%、29% 和 30%。以下是您2017年車型應使用的季度有效稅率。如果用這些數字計算一下，你會發現該年度的實際稅率為 27%。我建議您不要在任何季度使用 27% 的比例，因為各項稅項的規模每季都會有所不同，尤其是在第一季。我們將在我們的網站 ti.com/ir 上發布一張圖表，總結我們對這些離散任務項目的假設以及這項新標準的回顧性影響。希望提供這些具體的稅務項目假設能夠為應對這項新的會計準則奠定良好的基礎。

The second item is a GAAP standard that we adopted in the first quarter of 2017 that requires us to report certain pension costs in Other Income and Expense, or OI&E, that were previously reported in OpEx and Cost of Revenue. This change is small, typically about $15 million of costs in a quarter, with about 70% coming out of OpEx and the balance out of Cost of Revenue. A chart summarizing these changes and their retrospective impact will be available on our website.

第二項是我們在 2017 年第一季採用的 GAAP 標準，該標準要求我們將某些退休金成本計入其他收入和支出（OI&E）中，而這些成本以前是在營運支出（OpEx）和收入成本中報告的。這一變化幅度很小，通常一個季度成本約為 1500 萬美元，其中約 70% 來自營運支出，其餘部分來自收入成本。我們將在網站上提供一張圖表，總結這些變化及其追溯影響。

The last change is also effective first quarter of 2017 and impacts how we handle royalties. We will no longer recognize royalties in revenue. Instead, they will be recorded as income in Other Income and Expense. As Analog and Embedded have become a much larger part of the company, royalties now represent a little less than 1% of our overall revenue. There were about $30 million in the first quarter of 2017, about what they were a year ago. We expect royalties to continue to run generally at about this level for many years into the future. However, given their decreasing significance to our core operations, they are now recorded as Other Income and Expense, rather than in revenue, as of our first- quarter 2017 results.

最後一項變更也於 2017 年第一季生效，並將影響我們處理版稅的方式。我們將不再把版稅計入收入。相反，它們將被記錄為其他收入和支出項下的收入。隨著模擬和嵌入式業務在公司中所佔比例越來越大，版稅收入現在僅占我們總收入的不到 1%。2017 年第一季約有 3,000 萬美元，與一年前大致相同。我們預計未來很多年，版稅收入將基本維持在這個水準。然而，鑑於它們對我們核心業務的重要性不斷下降，從 2017 年第一季業績開始，它們現在被記為其他收入和支出，而不是收入。

I'm hopeful that spending some extra time talking through these accounting details will help you in understanding our results.

我希望花點時間詳細講解這些會計細節能幫助您理解我們的表現。

Now to wrap up, we remain focused on growing free cash flow per share over the long term and investing to strengthen our competitive advantages. We believe our first-quarter results continue to demonstrate our progress.

最後總結一下，我們將繼續專注於長期提高每股自由現金流，並投資以增強我們的競爭優勢。我們相信，第一季的業績繼續證明了我們所取得的進步。

With that, let me turn it back to Dave.

那麼，現在讓我把話題轉回給戴夫。

Thanks, Rafael. Operator, you can now open up the lines for questions. (Operator Instructions) Operator?

謝謝你，拉斐爾。操作員，現在可以開通提問通道了。（操作說明）操作員？

(Operator Instructions) At this time, we'll take our first question on the queue. This will be from Harlan Sur with JPMorgan.

（操作員指示）現在，我們將處理佇列中的第一個問題。這將是來自摩根大通的哈蘭·蘇爾的報道。

From a product and end market perspective, it appears that demand is relatively broad based. I'm wondering if you can comment on demand by geographies. I'm assuming that, that's also fairly broad based as well, but wanted to see if there are any regions which are exhibiting any weakness.

從產品和終端市場的角度來看，需求似乎相當廣泛。我想請您談談不同地區的需求情況。我假設這種情況也相當普遍，但我想看看是否有任何地區表現出任何弱點。

Yes, Harlan. Yes, I would say that the demand was very broad-based and included regionals. Year-over-year, revenue was up in Asia, Europe and the U.S. and revenue was about even in Japan from a year ago. Do you have a follow-up?

是的，哈蘭。是的，我認為需求非常廣泛，也包括區域性需求。與去年同期相比，亞洲、歐洲和美國的營收均有所成長，而日本的營收則與去年同期基本持平。您還有後續問題嗎？

Yes, I do. Auto, solid market for the team last year, with that end market up 23%. I think, you mentioned that it's up double digits again in March. You've got a very diversified business here as well. There's been some concern around the global auto markets and the potential for a slowdown, given indications that production and/or demand after 2 solid years might start to slow. Just wanted to get the team's sense on the health of this market kind of near- to mid-term.

是的，我願意。汽車市場是該團隊去年的穩健市場，終端市場成長了 23%。我想，你之前提到過，3月它又漲幅達到兩位數了。你們的業務也非常多元化。鑑於有跡象表明，在經歷了兩年強勁增長後，全球汽車市場的生產和/或需求可能會開始放緩，因此人們對全球汽車市場可能放緩的擔憂日益加劇。我只是想了解團隊對這個市場近期到中期內健康狀況的看法。

Yes. Definitely, as we stated in the opening remarks that we saw our demand for our products and automotive continues to be strong. And so like you said, we've built that business across a very diverse set of sectors and, in fact, we've got 5 sectors inside of automotive. So it's diverse not only in the products that we sell into, but it's diverse across customers, across geos. So we feel very good about our position in automotive. And then over the medium and longer term, we think that our pipeline of designs continues to be very strong. And if you look at the average content in a car today, I think, most people would put it somewhere between $350 and $400. That's roughly about 1% of -- a little more than 1% of the sales price of the car. And I think a lot of analysts inside of a 10-year time frame have that moving somewhere closer to 2%. So that's why we continue to invest in it and we're really pleased with the position that we've developed so far.

是的。正如我們在開場白中所說，我們看到市場對我們產品的需求依然強勁，汽車產業的需求也持續旺盛。正如你所說，我們已經在非常多元化的領域建立了業務，事實上，我們在汽車領域內就有 5 個細分領域。因此，我們的業務不僅在產品種類上具有多樣性，而且在客戶群和地理分佈上也具有多樣性。因此，我們對自身在汽車產業的地位感到非常滿意。從中長期來看，我們認為我們的設計產品線將繼續保持強勁勢頭。如果你看看如今一輛車的平均配置，我想大多數人會覺得它的價值在 350 美元到 400 美元之間。這大約是汽車售價的 1% 左右——略高於 1%。我認為很多分析師預測，在未來 10 年內，這一數字會接近 2%。所以這就是我們繼續投資的原因，我們對目前的成就感到非常滿意。

We'll now move to Stacy Rasgon with Bernstein Research.

接下來，我們將連線伯恩斯坦研究公司的史黛西·拉斯貢。

First, I wanted to ask about OpEx. Did that come in, in line with your original plan for the quarter? Or was it different? And how should we think about the OpEx trajectory into Q2?

首先，我想問一下營運支出（OpEx）方面的問題。這個數字是否符合你原定的季度計畫？或情況有所不同？那我們該如何看待第二季的營運支出軌跡呢？

Yes, thanks for the call. I'll handle that one. On OpEx, everything came in about as expected. What I would tell you, the way you want to think about OpEx, high level, we've talked about our model where we want to run OpEx between 20% and 30% of revenue; and in stable markets at the lower end of that, the lower half. And that's exactly what we've been doing for the last couple of years. And in fact, on a trailing 12-month basis, we're just below that. So as you think forward, you should model us along those lines. If you're thinking kind of on a tactical level, first to second, I would remind you that second quarter does have 3 months of higher-pay and benefit raises versus only 2 months in the first quarter. So you may have some of that played in kind of similar to what happened last year, maybe a little less than that.

是的，謝謝你的來電。我會處理這件事。營運支出方面，一切基本上都符合預期。我想告訴你們的是，關於營運支出，從宏觀層面來說，我們已經討論過我們的模式，我們希望營運支出佔收入的 20% 到 30%；而在穩定的市場中，這個比例會更低，也就是更低的一半。而這正是我們過去幾年一直在做的事。事實上，以過去 12 個月計算，我們略低於這個數字。所以，在展望未來時，你們應該以我們為榜樣。如果你從戰術層面考慮，從第一季到第二季度，我想提醒你，第二季有三個月更高的薪資和福利成長，而第一季只有兩個月。所以，你可能會看到一些類似去年的情況，也許會比去年少一些。

Do you have a follow-up, Stacy?

史泰西，你還有後續問題嗎？

Yes, yes, I do. On your capital management update from a month or 2 ago, you'd given some indicators that were 300-millimeter loading was, but it only went up a little bit in 2016. I think, it went from about $2.2 billion year-over-year to $2.5 billion, so maybe $300 million, suggesting a good amount of headroom left for that transition to continue. How should we expect that trajectory to evolve this year in 2017? Is it just dependent on growth? Is there volume in 200-millimeter that's ramping down as 300-millimeter is ramping up? How should we think about where that might end up exiting this year in a normal demand environment?

是的，是的，我願意。在您一兩個月前的資本管理更新中，您給出了一些指標，表明 300 毫米的裝載量，但 2016 年它只略有上升。我認為，年增幅從約 22 億美元增至 25 億美元，也就是大約 3 億美元，這表明轉型還有相當大的空間可以繼續下去。我們應該預期這趨勢在2017年會如何發展？僅僅取決於成長嗎？隨著 300 毫米口徑 ...在正常的需求環境下，我們該如何看待它今年最終可能會以何種形式退出市場？

Yes, Stacy. In the capital management update, if you remember, we talked about the fact that we've put in place about $8 billion of 300-millimeter capacity. Last year we had, as you stated, about $2.5 billion. So we're in a great position to be able to support growth. And essentially, we've been releasing for some time now, really probably going back to 2010, almost all of our new Analog products to 300-millimeter. So there's some exceptions to that, of course, on some older technologies that don't make sense to do, but the vast majority of them have been released there. So as you think about the Analog business growing, you can think of that incremental growth essentially being built on 300-millimeter. And if you look at last year, that came pretty close to what happened. So we had about $300 million of growth. So it was very consistent with that. So thanks, Stacy.

是的，斯黛西。如果你還記得的話，我們在資本管理更新報告中談到，我們已經投入了約 80 億美元用於 300 毫米的產能。正如你所說，去年我們大約有25億美元。因此，我們處於非常有利的地位，能夠支持成長。實際上，我們已經有一段時間（可能可以追溯到 2010 年）將我們幾乎所有的新型模擬產品都發佈到 300 毫米介面。當然，也有一些例外情況，例如某些較舊的技術，這樣做沒有意義，但絕大多數技術都已在那裡發布。因此，當您考慮模擬業務的成長時，您可以認為這種漸進式成長本質上是建立在 300 毫米的基礎上的。如果你回顧去年的情況，你會發現它與今年的情況非常接近。因此，我們實現了約 3 億美元的成長。所以這與之前的說法非常吻合。謝謝你，史黛西。

We'll now move to John Pitzer with Credit Suisse.

接下來我們來聽聽瑞士信貸的約翰‧皮策爾的發言。

Dave, you were kind enough in your prepared comments to go through sort of end markets in the March quarter on a year-over-year basis. I think the comm equipment was the only market you kind of gave sequential color. I'm just kind of curious if you can talk a little bit about the sequential growth into March. It was well above seasonal. And sort of in the same vein, to your guidance in June, you're sort of guiding below seasonal. So how should we think about that from an end market perspective?

Dave，你在事先準備好的評論中非常友好地分析了三月季度終端市場的同比情況。我認為通訊設備是唯一採用順序著色的市場。我有點好奇，您能否談談三月的連續成長？遠高於往年同期水準。同樣地，根據你六月的指導，你的指導似乎低於季節性水平。那麼，從終端市場的角度來看，我們該如何看待這個問題呢？

Okay. So a couple of things. We thought the comms equipment market has been choppy in recent past, so we thought that, that would be helpful and that's why we provided it.

好的。有兩件事。我們認為近來通訊設備市場波動較大，所以我們覺得提供這些設備會有幫助，因此我們提供了它們。

If I just kind of comment on the other markets sequentially, automotive market, as we said, continued to be strong and increased with most of the sectors growing. Industrial demand was strong across almost every sector that we ship into. And just as a reminder, we've got 14 different sectors there. I won't put everybody to sleep by going through them, but we do have quite a number of sectors that are inside of that and literally hundreds of end equipment that sits inside of that. So it's very, very broad-based. Personal electronics decreased. You usually see that seasonally. And then enterprise systems was about even.

如果我按順序評論其他市場，正如我們所說，汽車市場繼續保持強勁成長，大多數細分市場也實現了成長。在我們出​​口的幾乎所有產業，工業需求都很強勁。再次提醒一下，我們這裡有 14 個不同的產業。我不會透過講解讓大家昏昏欲睡，但我們確實有很多部門都包含在其中，而且實際上有數百台終端設備位於其中。所以它的基礎非常非常廣泛。個人電子產品減少。這種現象通常是季節性的。企業系統方面的情況也差不多。

So when we look at our guidance for second quarter, if we're looking at that sequentially, the low end of our guidance would suggest that revenues would be flat. The high end of the guidance suggest that it would be up 9%. But -- and if you look at that, John, on a year-on-year basis, it's -- the low end would be up 4% and the high end would be up 13%. So we think that, that's a fairly robust growth inside of the second quarter. So you have a follow-on, John?

因此，當我們展望第二季度業績時，如果按環比來看，業績指引的下限表明收入將與上一季持平。指導意見的上限表明，漲幅將達到 9%。但是——約翰，如果你看一下，從年同比來看——低端增長 4%，高端增長 13%。所以我們認為，這是第二季相當強勁的成長。約翰，你還有後續問題嗎？

Yes, that's helpful. And I guess, as my follow-on, I might have missed this and I apologize, but did you give an orders number for the quarter? And just in general, how are lead times, either of your products or your competitor products, because there has been some buzz that perhaps lead times within the industry are starting to stretch out?

是的，這很有幫助。我想問的後續問題是，我可能錯過了，對此我深表歉意，請問您有提供本季度的訂單數量嗎？總的來說，貴公司產品或競爭對手產品的交貨週期如何？因為最近有傳言說，業界交貨週期可能開始延長了。

Yes. So orders were up 14% year-on-year to $3.5 billion. They were up about 2% sequentially. And I think from a lead time standpoint, our lead times have remained stable. And just as important as that, our on-time delivery metrics also remain very high. So our shipping to our commitments that we make to customers remain very high. So with that said, we do have some isolated process and package combinations where lead times have stretched. But we work very aggressively on those. So we're just -- we're very pleased with where we are to be able to keep ahead of demand.

是的。因此，訂單額年增 14%，達到 35 億美元。它們環比上漲約2%。我認為從交貨週期來看，我們的交貨週期一直保持穩定。同樣重要的是，我們的準時交貨率也保持在非常高水準。因此，我們履行對客戶承諾的出貨率一直非常高。因此，儘管如此，我們確實存在一些個別工藝和包裝組合，導致交貨時間延長。但我們在這方面投入了非常積極的精力。所以，我們對目前的狀況非常滿意，能夠始終滿足市場需求。

We'll now move to Toshiya Hari with Goldman Sachs.

接下來，我們將連線高盛的 Toshiya Hari。

My first one is on inventory, Dave. I guess, exiting the quarter, inventory days were at 132 days toward the high end of your guided range. How comfortable are you with that level? And what are you seeing in terms of the distribution channel?

我的第一個問題是庫存管理，戴夫。我估計，本季末庫存週轉天數為 132 天，接近您預期範圍的上限。你對這個水平感到滿意嗎？那麼，您在分銷管道方面看到了什麼？

Yes, we are -- well, I'll answer our inventory days, and then I'll Dave comment on the disty channel. But we're comfortable with our inventory days. It's well within our range. Always remember, inventory days are backwards-looking metrics. So what we have is, therefore, to support growth. And the other key point to remember is that we have focused our strategy more on industrial and automotive and on catalog type of parts. The risk of obsolescence on this part is really minimal. So it makes sense from a longer-term standpoint to have that inventory available to support revenue growth.

是的，我們是——嗯，我會回答我們的庫存盤點日，然後我會讓戴夫在分銷頻道上發表評論。但我們對庫存週轉天數感到滿意。這完全在我們的能力範圍之內。請記住，庫存週轉天數是回顧性指標。因此，我們所要做的就是支持成長。另一點需要記住的是，我們的戰略重點更多地放在工業和汽車領域以及目錄型零件上。這部分零件過時的風險非常小。因此，從長遠來看，擁有這些庫存來支持收入成長是合理的。

Yes. And from a disty standpoint, Toshiya, we saw our inventory days kind of remain near their current levels at 4 weeks. That benefits from our consignment programs we have with our distributors. It actually was down sequentially and it was down from a year ago. So we think that those are in good shape. You have a follow-on?

是的。從分銷的角度來看，Toshiya，我們發現庫存週轉天數基本上保持在目前的 4 週水平附近。這得歸功於我們與經銷商之間的寄售計劃。實際上，它環比下降，而且比一年前下降了。所以我們認為它們狀況良好。你還有後續問題嗎？

Yes. I just want to get your updated thoughts on M&A. You guys have been pretty consistent in the past and you've pointed to valuation and the lack of opportunity as reasons to stay sidelined. But was hoping you could potentially give us an update there, if any changes.

是的。我只是想了解一下您對併購的最新看法。你們過去一直都很堅持自己的立場，你們指出估值過高和缺乏機會是你們選擇觀望的原因。但希望您能告知我們這方面的情況是否有任何改變。

Yes, I'll be happy to comment. The update is no change. It's the same strategy for M&A. We looked at, well, with considering options and looking at things, but it has to be an opportunity that's focused on industrial, that's focused on automotive, catalog type of parts, Analog catalog. So we have to be a good strategic fit from that standpoint. But then, the other component that has to be there is that the numbers have to make sense. So when we have both of those combinations, then we're willing to move forward on considering that further.

是的，我很樂意發表評論。更新內容沒有變更。併購也採用同樣的策略。我們考慮過各種方案和情況，但它必須是一個專注於工業、汽車、目錄型零件、模擬目錄的機會。所以從這個角度來看，我們必須在策略上高度契合。但是，另一個必須具備的要素是，這些數字必須有意義。所以，當這兩種情況都具備時，我們就願意進一步考慮。

We'll move now to Amit Daryanani with RBC Capital Markets.

接下來我們連線到加拿大皇家銀行資本市場的 Amit Daryanani。

A couple of questions from me as well. I guess, one, pretty impressive growth on the Analog side. I think it was up, like, 20% year-over-year. Is there a way to think about the growth in the segment, excluding the consumer side, where I think you may have had somewhat easier comps? Just trying to get a sense of what the baseline number could be on Analog as you go through the year.

我也有幾個問題。我想，首先，模擬業務方面成長相當顯著。我認為同比增長了大約 20%。有沒有辦法考慮一下該細分市場的成長情況，排除消費者方面，因為我認為消費者方面的比較基數可能相對較小？我只是想了解一下，隨著一年時間的推移，模​​擬訊號的基準數字可能會是多少。

Yes, I think, first of all, let me just make a comment from, at the company level. We talked about that the demand was driven from the strength that we saw in industrial market as well as automotive. That represented about 70% of the growth. And certainly, we did benefit and see growth inside of personal electronics off of the easy compare, as we all remember a year ago that we were working through an inventory correction with -- in that particular end market. So the great news is that's very consistent with what we saw inside of Analog. And so the growth is very, very broad based. So we've got contributions from the industrial market, contributions from the automotive market and as well as we did see contributions from the personal electronics market. So you have a follow-on?

是的，我想，首先，讓我從公司層級發表一下看法。我們討論了需求是由工業市場和汽車市場的強勁表現所驅動的。這約佔成長的70%。當然，我們確實從個人電子產品領域中受益，並看到了成長，這得益於簡單的比較，因為我們都記得一年前，我們正在努力調整該特定終端市場的庫存。所以好消息是，這與我們在 Analog 內部看到的情況非常一致。因此，成長的基礎非常非常廣泛。因此，我們看到了來自工業市場的貢獻、來自汽車市場的貢獻，以及來自個人電子產品市場的貢獻。所以你還有後續問題？

I do. I guess, just from the automotive segment, could you just talk about -- there's a way to think about maybe what percent of your auto revenues today are infotainment-centric versus more mainly driven around fuel efficiency or battery management or safety? And is there a way to think about the geographic split in the auto business as well?

我願意。我想，就汽車領域而言，您能否談談——或許我們可以這樣思考，目前您的汽車收入中，有多少百分比是以資訊娛樂為中心的，又有多少百分比是以燃油效率、電池管理或安全性為中心的？那麼，我們是否可以從另一個角度來思考汽車產業的地域劃分問題呢？

Yes, thanks. That's a great question, Amit, and thanks for the opportunity to comment on it. I think that the great thing that we've been trying to do or the thing we've been trying to do and why we're happy with the results is that our automotive business isn't just built on just either infotainment or an ADAS business, but really is broad based. So when we look at kind of the order or the sizes of those businesses, infotainment is the largest, safety systems is the second, followed by advanced driver assistance systems, then PowerTrain, which includes hybrid and electric, and then body electronics and lighting. So -- and if you dive into any one of those areas, it's not dominated by one technology or one product. And we've got more than half of our 60 to 70 product lines that ship products into the automotive business. So we're very diverse from a product standpoint. We're also very diverse from a geography standpoint as well. So we're really seeing the benefit and additional revenue growth from all of the geos.

好的，謝謝。阿米特，這是一個很好的問題，感謝你給我這個機會發表看法。我認為我們一直以來努力做到的，也是我們對結果感到滿意的原因，是我們的汽車業務不僅僅建立在資訊娛樂或ADAS業務之上，而是真正涵蓋了廣泛的領域。因此，當我們查看這些業務的規模順序時，資訊娛樂系統規模最大，安全系統規模第二，其次是高級駕駛輔助系統，然後是動力總成（包括混合動力和電動），最後是車身電子和照明系統。所以——如果你深入研究這些領域中的任何一個，你會發現它都不是由一種技術或產品所主導的。我們60到70條產品線中，超過一半的產品銷往汽車產業。所以從產品角度來看，我們的產品種類非常豐富。從地理角度來看，我們也具有非常多元化的特質。因此，我們確實看到了所有地區帶來的收益和額外的收入成長。

At this time, we will move to C.J. Muse with Evercore.

屆時，我們將與 Evercore 合作，加入 C.J. Muse。

Apologies for, I guess, first question. I got on a little bit late, so just have a point of clarification. In terms of the royalty commentary, the $30 million, was that all included for Q1 as well? So net-net, with that, top line would have been $30 million in gross margin, 100% of that $30 million better, and then from here, we should be using that same amount?

抱歉，我可能問了個問題。我來晚了一點，所以想澄清一下。關於版稅方面的評論，那 3000 萬美元，是否也全部包含在第一季中了？所以總而言之，這樣一來，毛利將達到 3000 萬美元，這 3000 萬美元的 100% 會更好，然後從現在開始，我們應該使用相同的金額嗎？

So the change in royalties, was included in our guidance, meaning that the royalties were in Other Income and Expense, just like how they came in, in results. And on a go-forward basis, they will stay in Other Income and Expense. So for modeling purposes, you can look at how that Other Income and Expense line came in and the model is similar to that on a go-forward basis.

因此，版稅的變化已納入我們的指導意見中，這意味著版稅計入了其他收入和支出，就像它們在業績中體現的那樣。今後，這些款項將繼續計入其他收入和支出。因此，為了建模的目的，您可以查看其他收入和支出項是如何產生的，並且模型在後續階段與此類似。

And I guess, as a follow-up, can you walk through some of the work that you're doing on the gross margin side? It sounds like, internally, 75% is not enough and you want to take that higher. Would love to hear what you're working on, and I'm assuming that includes not only front-end, but back-end manufacturing, and would love to get an update there, if you could.

我想，作為後續問題，您能否詳細介紹一下您在毛利率方面所做的一些工作？聽起來，內部而言，75% 還不夠，你想把這個數字提高一些。很想了解你目前在做什麼，我猜想這不僅包括前端，還包括後端製造，如果你能提供一些最新進展，我將不勝感激。

Yes, sure. As you think of the company on a go-forward basis, the biggest driver of our gross margin is revenue, revenue growth. And that's why we're focused on industrial and automotive. Those are the best opportunities that we have ahead of us because of the content growth of semiconductors in those spaces. Now beyond revenue growth, then we have 300-millimeter manufacturing, the efficiency of our manufacturing, particularly with 300-millimeter. As you probably recall from the capital management strategy, I walked through why 300-millimeter is such a competitive advantage. And that's because the cost of the chip is significantly less. In fact, it's 40% less at the chip level than on 200-millimeter. So what that translates to is not just higher gross margin, but more importantly, higher free cash flow. And then free cash flow per share that we can return to the owners of the company.

當然可以。從長遠來看，公司毛利率的最大驅動力是收入和收入成長。這就是為什麼我們專注於工業和汽車領域的原因。由於半導體在這些領域的含量增長，這些是我們面前最好的機會。除了收入成長之外，我們還要關注 300 毫米製造，以及我們製造的效率，特別是 300 毫米製造的效率。你可能還記得，在資本管理策略部分，我詳細解釋了為什麼 300 毫米是一個如此大的競爭優勢。這是因為這種晶片的成本要低得多。事實上，晶片級的損耗比 200 毫米級的損耗低 40%。因此，這意味著不僅毛利率會更高，更重要的是，自由現金流會更高。然後是我們可以返還給公司所有者的每股自由現金流。

And the next question will be Chris Danely with Citi.

下一個問題將由花旗銀行的克里斯·丹尼利提出。

Just a couple of revenue clarifications. So in response to an earlier question on the, I guess, the stronger-than-expected revenue. So are you telling us that your automotive business was responsible for the upside in Q1 on revenue and comm was a little weak? And then on the Q2 guide, you're basically guiding up, like, 4.5%. That's below seasonality and also below what you guided sequentially for last year. So you're not seeing any weakness or no change in the Q2 forecast over the last like month?

關於收入方面，有幾點需要澄清。所以，針對先前提出的關於營收超出預期的問題，我想說的是：所以您的意思是說，第一季營收成長主要歸功於汽車業務，而傳播業務則略顯疲軟？然後在第二季的指導中，你們基本上是向上調整了大約 4.5%。這低於季節性水平，也低於您去年同期給出的指導價。所以你認為過去一個月來第二季的預測沒有任何疲軟或變化嗎？

Yes. So the first is that our revenue came inside of our guidance, and so we didn't really have any surprises there. If you look at all of the businesses, and if you look at the end markets, we really saw strength across the board, Chris. So there really wasn't an area that we would point to that singularly drove the revenues in the quarter or from the midpoint of the guidance, if you will. So very broad-based overall. And then, secondly, again, I think, going back to John's question, when we look at our sequential growth rates of kind of low end of flat to up 9%, or on a year-on-year basis of 4% to 13%, we think that that's a pretty strong second quarter. So do you have a follow-on?

是的。首先，我們的收入符合預期，所以這方面並沒有什麼意外。克里斯，如果你縱觀所有業務，再看看終端市場，我們確實看到了全面強勁的成長勢頭。因此，我們並沒有指出哪個領域是本季或預期中點收入的主要驅動因素。所以整體來說，覆蓋率非常廣。其次，我認為，回到約翰的問題，當我們看一下我們的環比增長率，大約持平到增長 9%，或者同比增長 4% 到 13%，我們認為這是一個相當強勁的第二季度。那你還有後續問題嗎？

Yes, just a longer-term question. I think, you've talked about currently being outfitted for somewhere around $18 billion in revenue capacity. What sort of revenue level would you start to need to order more equipment? I assume you wouldn't wait until you're 100% utilized before you start to put those orders in. Is it 90% utilization, 95%? Maybe give us some color there.

是的，只是一個長期問題。我想，您之前提到過，目前公司的營收能力約為 180 億美元。收入達到多少才需要開始訂購更多設備？我想你不會等到產能100%飽和才開始下訂單吧。是90%的利用率，還是95%？或許可以加點色彩。

Well, I'll give you some color and then I'll let Dave chime in. But we think of our strategy, as stated out in the capital management strategy for many years, is that we want to add capacity well ahead of demand. And that's because this is an asymmetrical bet. This capacity, we can buy. When we buy that way, we can buy used equipment, we can buy pennies on the dollar where the carrying cost is minimal. But the upside potential is tremendous for reasons that I talked about earlier and the great fall-through that we get to free cash flow. So we're thinking longer term, 10, 15 years out, when we're making capacity decisions.

好，我先描述一下情況，然後請戴夫補充幾句。但我們認為，正如多年來在資本管理策略中所述，我們的策略是要遠遠領先需求增加產能。這是因為這是一場不對稱的賭注。這種產能，我們可以買。我們這樣買的話，可以買到二手設備，可以花很少的錢買到持有成本極低的設備。但正如我之前提到的，其上漲潛力巨大，而且我們還能獲得巨大的自由現金流。因此，我們在製定產能決策時，會考慮更長遠的未來，例如未來 10 年、15 年。

Yes. And I'll just add, Chris. Like you pointed out, we had little over $13 billion in revenue last year. We've got just under about $6 billion of open 300-millimeter capacity. We have open 200-millimeter capacity inside of that footprint. So we've got plenty of room to grow for some time. But like Rafael said, if we had the opportunity tomorrow to buy another wafer fab or make a large purchase and it was at the right price, we'd make that move because it is an asymmetrical bet.

是的。我還要補充一點，克里斯。正如你所指出的，我們去年的收入略高於 130 億美元。我們目前有近60億美元的300毫米產能尚未開放。我們在這個佔地面積內有 200 毫米的開放空間。所以，我們還有很大的發展空間。但正如拉斐爾所說，如果明天我們有機會收購另一家晶圓廠或進行大宗採購，而且價格合適，我們就會採取行動，因為這是一場不對稱的賭博。

We'll now move to Blayne Curtis with Barclays.

接下來我們將連線巴克萊銀行的布萊恩‧柯蒂斯。

Maybe I'll ask the same related question here. When you look at the guidance -- well, actually, just looking at the overall business, you're not the only ones seeing double-digit year-over-year growth in all of your businesses even if you're taking out personal electronics, the rest of the business is strong, and the commentary actually would suggest that it remains strong. So I guess, kind of 2 parts here. One, how do you fill the gap between what -- I know there's content gains in semis, but between what some of the end markets are doing, do you think -- what's your perspective as you look out the rest of the year? Do you think the semi market is a little ahead of itself? And then, I guess, as you look at your June guidance, did you guys apply any sort of conservatism to that guidance to account for anything along those lines?

或許我也會在這裡問一個類似的問題。當你查看業績指引時——實際上，僅從整體業務來看，即使剔除個人電子產品業務，你們也不是唯一一家所有業務都實現兩位數同比增長的公司，其他業務也表現強勁，而且評論實際上表明，這種強勁勢頭將持續下去。所以我覺得，這裡可以分成兩個部分。第一，您如何填補——我知道半成品內容有所增長，但一些終端市場正在做的事情，您認為——展望今年剩餘時間，您的看法是什麼？你認為半導體市場是否有點超前了？那麼，我想，在你們審視六月的業績指引時，你們是否採取了某種保守措施來應對類似情況？

Yes. So I think, if you walk through the end markets, Blayne, as we've commented, automotive has remained strong. You saw that, that business last quarter had grown at over 20%. It's been growing very strongly for some time. And again, that business and that growth isn't built on just 1 OEM or 1 car model or 1 end market. So it's very, very diverse, and we feel good about that positioning.

是的。所以我覺得，如果你仔細分析終端市場，布萊恩，正如我們之前提到的，汽車產業依然保持強勁勢頭。你也看到了，上個季度該業務成長了超過 20%。它已經強勁增長了一段時間。而且，這種業務和成長並非僅僅建立在 1 個原始設備製造商、1 個車型或 1 個終端市場之上。所以它非常非常多元化，我們對這種定位感到滿意。

When you look at the industrial market, that strength has continued to build. So we're seeing that come in nicely.

從工業市場來看，這種強勁勢頭一直持續增強。所以我們看到這方面進展順利。

We talked -- already talked about the personal electronics markets and some of the other markets in detail.

我們已經詳細討論過個人電子產品市場和其他一些市場。

So again, that strength, and as you pointed out, is broad-based. Others are seeing it as well.

所以，正如你所指出的，這種優勢是廣泛的。其他人也看到了。

So kind of on the other thing is, to your question, are we double-ordering or seeing inventories build? I'll just make the comment that, overall, the economy does feel a little stronger than it did a year ago. However, it's really still to be seen to what extent will we see this growth over a longer period of time. So we have no indications that inventories are growing or double-ordering. But I'll also point out that history suggests that you never really see that ahead of time, right? So I think it's important to qualify what we can see.

另外，關於你的問題，我們是否出現了重複訂購或庫存積壓的情況？我只想說，整體而言，經濟狀況確實比一年前好一些。然而，這種增長能否在更長的時間內持續下去，還有待觀察。因此，我們沒有跡象表明庫存正在增加或出現重複訂購的情況。但我還要指出，歷史表明，你永遠無法提前看到這種情況，對吧？所以我認為有必要對我們所看到的東西進行限定。

I mentioned earlier, our lead times have remained stable. When you look into inventory, we've got good visibility in the distribution inventory. And as I commented earlier, that remained steady, about 4 weeks. It's down sequentially. It's down from a year ago. So we think that's in real good shape. Our visibility in the customer inventories really varies depending on if they're on consignment or not. So on consigned OEMs, we've got great visibility into their inventory because we're holding it on our books, it's actually our inventory. They pull it only when they need it. And we're not seeing any unusual signs there, so things like expedites and things like that, that would suggest that there's an issue overall. And our visibility into inventory, of course, beyond our customers' manufacturing operations and down in their channels, of course, is very low.

我之前提到過，我們的交貨週期一直保持穩定。從庫存情況來看，我們對分銷庫存有很好的了解。正如我之前提到的，這種情況保持穩定，大約持續了 4 週。它是逐級下降的。比一年前有所下降。所以我們認為情況非常好。我們對客戶庫存的可見性，很大程度上取決於他們是寄售還是自有庫存。因此，對於寄售的 OEM 廠商，我們對他們的庫存有很好的了解，因為這些庫存都記錄在我們的帳簿上，實際上就是我們的庫存。他們只在需要的時候才使用它。而且我們沒有看到任何異常跡象，所以像加急處理之類的事情，都表示整體上有問題。當然，除了客戶的生產營運之外，我們對客戶通路內的庫存情況了解甚少。

So as we've been doing for a long time, with our manufacturing, our internal inventory strategies, we'll just stay focused on keeping lead times steady and delivery metrics very high, because that's ultimately what gives customers confidence that they can get support from us when they need it. Do you have a follow-on?

因此，就像我們長期以來所做的那樣，在我們的生產製造和內部庫存策略方面，我們將繼續專注於保持穩定的交貨時間和非常高的交付指標，因為這最終會讓客戶相信，當他們需要支援時，可以從我們這裡獲得支援。您還有後續問題嗎？

Great. And I apologize if I missed the very beginning. So if you already said this, I apologize. But in terms of your guidance, I kind of get gross margins flattish, maybe down a little bit. I just wanted to make sure that, that's the right range.

偉大的。如果我錯過了開頭部分，我深表歉意。如果你已經說過這​​話，我道歉。但就您的指導而言，我感覺毛利率基本上持平，可能略有下降。我只是想確認一下，這個範圍是否正確。

The way I would comment on that is we have said before that our revenues fall through between 70% and 75%. So if you do that math on a sequential basis, you'll get somewhere close to where you need to be.

我對此的評論是，我們之前說過，我們的收入會下降 70% 到 75%。所以，如果你按順序進行計算，你就會得到接近你想要的結果。

We'll take a question now from David Wong with Wells Fargo.

現在讓我們來回答來自富國銀行的 David Wong 提出的問題。

You talked about how your investment priorities were in industrial and automotive. Can you give us some idea, within automotive, are there specific types of products or specific capabilities that you're directing your investments at?

您曾提到您的投資重點領域是工業和汽車產業。您能否簡要介紹一下，在汽車領域，您的投資重點是哪些特定類型的產品或特定能力？

Yes, David. We're -- as I mentioned before, we're very intentionally trying to make investments across a very broad number of areas. So they include things that are very popular like ADAS systems and infotainment systems, but also embody electronics and lighting. So those are -- we've commented before that, that includes areas like turn signals. There's a couple of dollars of content in an LED turn signal and our sales teams get pretty excited about things like that. But also, sensors on door handles, and inside of the infotainment system, the touch buttons to control the AC or the audio system, haptics systems that may sit inside of the steering wheel or in driver seats and LED lighting inside of a car. There's a lot of areas. So we're really trying to direct that investment to be very, very broad-based. Do you have a follow-on, David?

是的，大衛。正如我之前提到的，我們正在有意識地嘗試在非常廣泛的領域進行投資。因此，它們不僅包括ADAS系統和資訊娛樂系統等非常受歡迎的功能，還包含了電子產品和照明設備。所以，這些就是——我們之前已經提到過的，其中包括轉向燈之類的區域。一個LED方向燈裡就包含幾美元的成本，我們的銷售團隊對這類東西都非常興奮。此外，還有門把手上的感應器、資訊娛樂系統內部的感應器、控制空調或音響系統的觸控按鈕、可能位於方向盤內或駕駛座內的觸覺系統以及車內的 LED 照明。有很多地區。所以我們真的在努力引導這項投資走向非常非常廣泛的領域。大衛，你還有後續問題嗎？

Yes. Well, similarly for industrial, are there -- you mentioned the 14 areas you were going to bore us with. Are there any additional areas on top of the 14 that you will be able to go into because of your investments?

是的。工業領域的情況也類似，你提到了你要讓我們感到厭煩的 14 個領域。除了這 14 個領域之外，您的投資是否還能讓您涉足其他領域？

Yes. So I'll resist the temptation to bore you and run you through those. But if I just take one, like, medical as an example, that sits inside of there, there's literally hundreds of end equipments that will fit inside of medical. And if you think at the high end there may be a magnetic resonance imaging machine that may sell for millions of dollars, and then all the way down at the other end, you have a blood glucose meter that will sell for less than $50. So we actually have over 100 different end equipments that will fit inside of a sector like medical. And as we make investments, we look to funnel those investments, not just in one area like -- something like factory automation and control as an example -- we really want to funnel those investments on a very broad basis.

是的。所以我會克制住衝動，不讓你覺得無聊，一一跟你講解那些內容。但如果我以醫療設備為例，它位於醫療設備內部，那麼實際上有數百種終端設備可以安裝在醫療設備內部。你可能會認為，高端產品可能是售價數百萬美元的磁振造影儀，而低階產品可能是售價不到 50 美元的血糖儀。因此，我們實際上有超過 100 種不同的終端設備，可以應用於醫療等行業。而且，當我們進行投資時，我們希望引導這些投資，而不僅僅是集中在某個領域，例如工廠自動化和控制——我們真的希望將這些投資廣泛地引導下去。

We'll now move to Tore Svanberg with Stifel.

接下來我們將介紹 Stifel 的 Tore Svanberg。

My first question on lead times. So you mentioned your lead times are very stable. You may be seeing some stretching certainly in areas, specific areas. But if you kind of look at the general environment, does it feel like the supply chain is overly nervous about getting product? Or does it feel like it's pretty controlled?

我的第一個問題是關於交貨週期的。您曾提到貴公司的交貨週期非常穩定。你可能會看到某些部位，特別是特定部位，出現拉伸現象。但從整體環境來看，供應鏈是否對產品供應過於緊張？或是感覺一切都在掌控之中？

Yes, Tore, again, I can really only speak for what we see and what we're doing. And again, I think we're advantaged because we've got a large portion of our revenues on consignment, so we're actually controlling that inventory up and to the point that it gets pulled. We also, for many customers, we'll get long-term forecasts. Those consignment forecasts literally sometimes can be on an hourly basis, but certainly on a daily or weekly basis, and typically go out for 6 months in some cases. Now that doesn't mean that they can't change very quickly, and we've seen that before in the past, and they can strengthen or weaken. And that usually happens very quickly. So again, our lead times are remaining very stable. Besides, those isolated areas that we're working very aggressively to fix, the vast majority of our products remain stable. Do you have a follow-on, Tore?

是的，托雷，我只能代表我們所看到的和我們正在做的發言。而且，我認為我們的優勢在於，我們很大一部分收入來自寄售，所以我們實際上控制著庫存，直到庫存被下架為止。我們也會為許多客戶提供長期預測。這些貨運預測有時確實可以按小時進行，但肯定也是按天或按週進行的，而且在某些情況下，通常會持續 6 個月。但這並不意味著它們不能迅速改變，我們過去也看到過這種情況，它們可能會增強或減弱。而且這種情況通常發生得很快。所以，我們的交貨週期依然非常穩定。此外，除了我們正在積極努力解決的那些個別問題之外，我們絕大多數產品仍然保持穩定。托雷，你還有後續問題嗎？

Yes, that's very helpful. As a follow-up, I think, you mentioned the industrial strengthening, so I assume that means it's going to be up more in June more than March. And again, is that strength broad-based? Or is there any region that's kind of waking up a little bit more than others? And I'm especially thinking about China because there's been some recent weakness there. I'm just wondering if that region is holding up as well in industrial.

是的，這很有幫助。作為後續問題，我想您提到了工業的增強，所以我認為這意味著6月份的成長幅度會比3月更大。那麼，這種優勢是否具有廣泛的基礎呢？或者說，有沒有哪個地區比其他地區覺醒得更快一些？我尤其關注中國，因為中國最近出現了一些疲軟跡象。我只是想知道那個地區的工業發展是否也很好。

Yes, Tore, the comment was around the quarter that we reported and we've seen industrial strengthen now for a number of quarters in a row. Our guidance for the second quarter, we just provide the top-level and EPS. If there's anything that's unusual going on in an end market, we're always -- we always provide that color to be helpful and we haven't had to provide that obviously for second quarter.

是的，托雷，那條評論是在我們公佈業績的那個季度前後發表的，而且我們已經看到工業連續幾個季度走強。對於第二季的業績指引，我們只提供整體業績和每股盈餘。如果終端市場出現任何異常情況，我們總是會提供相關資訊以提供協助，但顯然在第二季我們不需要提供這些資訊。

The question will be from Ambrish Srivastava with BMO.

這個問題將由 BMO 的 Ambrish Srivastava 提出。

I had a question on R&D and as it relates to OpEx. Rafael, you kind of articulated that the OpEx will be in the band that you had provided in the past, so no change there. But R&D, on a year-over-year basis and absolute dollars, has been growing. And in your last filing, you mentioned that you would be reallocating from manufacturing, as well as SG&A, into R&D. So just kind of a 2-part question. One, what should be the trajectory of R&D as we model through the year? And then kind of related to that, qualitatively, if you could help us understand where the focus is for the R&D investment.

我有一個關於研發及其與營運支出關係的問題。拉斐爾，你之前已經明確表示營運支出將與你過去提供的預算範圍相同，所以這方面沒有變化。但從年比和絕對金額來看，研發投入一直在成長。在您上次提交的文件中，您提到您將把製造費用以及銷售、一般及行政費用重新分配到研發費用中。所以，這個問題其實包含兩個部分。第一，我們模擬全年研發的發展軌跡應該是怎麼樣的呢？然後，從定性角度來說，能否請您幫助我們了解研發投資的重點在哪裡？

Yes. Let me address the second part of that question first. That's clear. We've been focusing on industrial and automotive. That's where we have been biasing our investments for a number of years and that's why we're getting strong results in both of those end markets. And now, over half of our revenue is coming from industrial and automotive. So those investments are paying off.

是的。讓我先回答這個問題的第二部分。這一點很清楚。我們一直專注於工業和汽車領域。多年來，我們一直將投資重點放在這些領域，這也是我們在這兩個終端市場都取得良好表現的原因。現在，我們超過一半的收入來自工業和汽車產業。所以這些投資正在獲得回報。

On your first part of your question, I would take you back to my earlier comment. We like our stated goal or our model is 20% to 30% OpEx. I know you're asking about R&D, but we like to look at it as OpEx because there are a lot of pieces there that we think of as investment. There are investments in sales, in the sales force and ti.com and a few other things that help us build those competitive advantages. So OpEx, 20% to 30%. In stable times, 22 -- in the bottom half of that, so 20% to 25%. And we have been running like that for now 27 months. So you should think about that way when you're modeling our OpEx. Dave, you want to add?

關於你問題的第一部分，我想讓你回顧我之前的評論。我們喜歡我們既定的目標或模式，即營運支出佔 20% 到 30%。我知道您問的是研發，但我們更願意將其視為營運支出，因為其中有很多部分我們認為是投資。我們在銷售、銷售團隊、ti.com 以及其他一些方面進行了投資，以幫助我們建立這些競爭優勢。所以營運支出佔 20% 到 30%。在經濟穩定的時期，22——處於後半段，也就是 20% 到 25%。我們已經這樣運作了27個月。所以在建立營運支出模型時，你應該這樣考慮。戴夫，你想補充什麼嗎？

Yes. And I'll just add, Ambrish. As you know, when we look at making investments, whether it's in R&D or in OpEx, as we pointed out in our capital management presentation that we gave earlier, investing in the business is a top priority. So -- and what we're trying to do, as Rafael indicated by market, but we also want to strengthen our core competitive advantages. So those will include the first one, which is manufacturing and technology, ensuring that we're developing great process technologies and strengthening our position with 300-millimeter. The breadth of the portfolio is the second, and we've talked about that a lot and how that plays out through industrial and automotive. The third is the reach of our marketing channels and strengthening that, and that continues to be our investment in ti.com, as well as how that's coupled with our sales force and apps teams. And then we want all those things to lead to diversity and longevity. And that will lead to good free cash flow per share growth, and that's really what we want to do. Did you have a follow-up?

是的。我還要補充一點，安布里什。如您所知，當我們考慮進行投資時，無論是研發還是營運支出，正如我們在先前所做的資本管理演示中所指出的那樣，對業務的投資是重中之重。所以——正如拉斐爾所指出的，我們正在努力做的是開拓市場，但我們也希望加強我們的核心競爭優勢。因此，其中將包括第一項，即製造和技術，確保我們開發出色的製程技術，並鞏固我們在 300 毫米領域的地位。投資組合的廣度是第二大重點，我們已經多次討論過這一點，以及它如何透過工業和汽車領域體現出來。第三點是擴大和加強我們的行銷管道，這將繼續體現在我們對 ti.com 的投資，以及如何將其與我們的銷售團隊和應用團隊結合。然後，我們希望所有這些因素都能帶來多樣性和長久發展。這將帶來良好的每股自由現金流成長，而這正是我們真正想要做的。您有後續跟進嗎？

No, that was it.

不，就是這樣。

Okay. Well, thank you, all, for joining us tonight. And a replay of this call is available on our website. Good evening.

好的。謝謝各位今晚的到來。本次通話的錄音回放可在我們的網站上找到。晚安.

And again, that does conclude today's call. Thank you, all, for your participation.

今天的電話會議到此結束。感謝各位的參與。