德州儀器 (TXN) 2017 Q2 法說會逐字稿

Good day, and welcome to the Texas Instruments Second Quarter 2017 Earnings Release Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Dave Pahl. Please go ahead, sir.

大家好，歡迎參加德州儀器2017年第二季財報電話會議。今天的會議正在錄影。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 second 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. 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.

下午好，感謝各位參加我們2017年第二季財報電話會議。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。本次電話會議正在網路上進行現場直播，可透過我們的網站存取。比賽錄影將在網路上播出。本次電話會議將包含前瞻性陳述，其中涉及風險和不確定性，可能導致德州儀器 (TI) 的表現與管理層目前的預期有重大差異。我們建議您查看今天發布的盈利報告中有關前瞻性聲明的通知，以及德州儀器 (TI) 向美國證券交易委員會 (SEC) 提交的最新文件，以獲取更完整的說明。

I'll start with a quick summary of our financial results. Revenue in the second 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. In our core businesses, Analog revenue grew 18%, and Embedded Processing revenue grew 15% compared with the same quarter a year ago. Operating margin increased in both businesses. Earnings per share were $1.03.

我先簡單總結一下我們的財務表現。第二季營收年增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。在我們的核心業務中，模擬業務收入年增 18%，嵌入式處理業務收入年增 15%。兩項業務的營業利潤率均有所提升。每股收益為 1.03 美元。

With that backdrop, I'll now provide details on our performance, which we believe continues to be representative of the ongoing strength of TI's business model.

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 second quarter, our cash flow from operations was $917 million. 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 $4.0 billion, and free cash flow margin was 28.5% of revenue. We continue to benefit from our improved product portfolio that is long-lived and diverse and the efficiencies of our manufacturing strategy, the latter of which includes our growing 300-millimeter Analog output.

第二季度，我們的營運活動現金流為 9.17 億美元。我們認為，自由現金流成長，尤其是每股自由現金流成長，對於長期實現股東價值最大化至關重要。過去 12 個月的自由現金流為 40 億美元，自由現金流利潤率為收入的 28.5%。我們持續受益於我們改進的產品組合（其使用壽命長且種類繁多）以及我們製造策略的效率，後者包括我們不斷增長的 300 毫米類比輸出。

We believe that free cash flow will only be valued if it is productively invested in the business or returned to owners. For the trailing 12-month period, we returned $4.1 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生產性投資或回饋給所有者，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 41 億美元的現金。

From a year ago, Analog revenue increased 18%, primarily due to growth in Power and Signal Chain, each of which grew about the same amount. High Volume also grew. Embedded Processing revenue increased by 15% 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 $60 million from a year ago, primarily due to custom ASIC and the move of royalties to OI&E beginning in the first quarter of 2017.

與去年同期相比，類比業務收入成長了 18%，主要原因是電源和訊號鏈業務的成長，這兩個業務的成長幅度大致相同。高銷量也成長了。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 15%。在其他業務板塊，收入比去年同期下降了 6000 萬美元，主要原因是定制 ASIC 晶片以及從 2017 年第一季開始將特許權使用費轉移到 OI&E 業務。

Now I'll provide some insight into this quarter's revenue performance by end markets versus a year ago. Automotive demand remained strong, with most sectors growing double digit. Industrial demand continued to strengthen, with broad-based growth as most sectors grew double digit. Personal electronics grew, while results varied by customer. Lastly, communications equipment grew, and enterprise systems was about even.

現在我將從終端市場的角度，將本季營收表現與去年同期進行比較，提供一些見解。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。工業需求持續走強，各行業普遍成長，大多數產業實現了兩位數成長。個人電子產品市場成長，但不同客戶獲得的結果各不相同。最後，通訊設備發展迅速，而企業系統發展基本持平。

We continue to focus our strategy on the industrial and automotive markets, which are the end markets where we've been allocating our capital and driving initiatives. This is based on our belief that industrial and automotive will be the fastest-growing semiconductor markets due to their increasing semiconductor content and that they'll provide diversity and longevity of product, which translate to a high turnover value of the portfolio.

我們將繼續把策略重點放在工業和汽車市場，這些是我們一直以來投入資本和推動各項措施的終端市場。這是基於我們的信念：工業和汽車產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，這將轉化為產品組合的高週轉價值。

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

Rafael接下來將審查獲利能力、資本管理和我們的前景。拉斐爾？

Thanks, Dave, and good afternoon, everyone.

謝謝你，戴夫，大家下午好。

Gross profit in the quarter was $2.37 billion or 64.3% of revenue. From a year ago, the gross profit increased primarily due to higher revenue. Gross profit margin increased 300 basis points.

本季毛利為 23.7 億美元，佔營收的 64.3%。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300個基點。

Operating expenses in the quarter were $812 million, and on a trailing 12-month basis, they were 22.3% of revenue, which is in the lower half of our model. Over the last 12 months, we have invested $1.4 billion in R&D, an important element of our capital allocation.

本季營運支出為 8.12 億美元，以過去 12 個月計算，營運支出佔收入的 22.3%，在我們模型中處於較低水準。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 $79 million, all of which was the ongoing amortization of intangibles, which is a noncash expense.

收購費用為 7,900 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 $1.48 billion or 40.1% of revenue. Operating profit was up 31% from the year-ago quarter. Operating margin for Analog was 44.7%, up from 38.2% a year ago. And for Embedded Processing, was 31.2%, up from 25.4% 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 14.8 億美元，佔營收的 40.1%。營業利潤較上年同期成長31%。Analog 的營業利益率為 44.7%，高於一年前的 38.2%。嵌入式處理領域的比例為 31.2%，高於一年前的 25.4%。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 second quarter was $1.06 billion, or $1.03 per share, which included a $28 million discrete tax benefit, about what we expected.

第二季淨收入為 10.6 億美元，即每股 1.03 美元，其中包括 2,800 萬美元的一次性稅收優惠，這與我們的預期基本一致。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $917 million in the quarter. You will see that while net income was significantly higher than a year ago, that increase was more than offset by a higher tax payment that was driven by our outlook for higher profitability this year.

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9.17億美元。你會發現，雖然淨收入比去年同期大幅成長，但由於我們對今年獲利能力的預期較高，導致稅收支出增加，這一成長被抵消了。

Inventory days were 133, even with a year ago and within our range.

庫存週轉天數為 133 天，與去年同期相比，仍在我們的預期範圍內。

Capital expenditures were $151 million in the quarter.

本季資本支出為1.51億美元。

On a trailing 12-month basis, cash flow from operations was $4.56 billion. Trailing 12-month capital expenditures were $527 million or about 4% of revenue. As a reminder, our long-term expectation for capital expenditures is about 4% of revenue. Free cash flow for the past 12 months was $4.04 billion or 28.5% of revenue. 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，經營活動產生的現金流量為 45.6 億美元。過去 12 個月的資本支出為 5.27 億美元，約佔收入的 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%。過去 12 個月的自由現金流為 40.4 億美元，佔營收的 28.5%。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 second quarter, we paid $498 million in dividends and repurchased $650 million of our stock for a total return of $1.15 billion. Total cash returned to owners in the past 12 months was $4.05 billion. Over the last 12 months, we paid $1.88 billion in dividends. Outstanding share count was reduced by 1.2% 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. This combined returns of dividends and repurchases demonstrate our confidence in our business model and commitment to return excess cash to owners.

第二季度，我們支付了 4.98 億美元的股息，並回購了 6.5 億美元的股票，總回報為 11.5 億美元。過去 12 個月返還給所有者的現金總額為 40.5 億美元。過去 12 個月，我們支付了 18.8 億美元的股息。過去 12 個月，流通股數量減少了 1.2%，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%。股利和股票回購的綜合回報顯示了我們對自身商業模式的信心，以及將剩餘現金回饋給股東的承諾。

In the quarter, we retired $375 million of debt, and year-to-date, we have retired $625 million. In addition, we issued $600 million of debt in 2 tranches: $300 million each in 4-year and 7-year notes. This leaves total debt of $3.6 billion with a weighted average coupon rate of 1.93%.

本季我們償還了 3.75 億美元的債務，今年迄今為止，我們已經償還了 6.25 億美元的債務。此外，我們分兩期發行了 6 億美元的債務：4 年期 3 億美元，7 年期 3 億美元。如此一來，總債務為 36 億美元，加權平均票面利率為 1.93%。

Our cash management and tax practices are fundamental to our commitment to return cash. We ended the quarter with $2.98 billion of cash and short-term investments, with our U.S. entity 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。本季末，我們持有現金和短期投資 29.8 億美元，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 third quarter, we expect revenue in the range of $3.74 billion to $4.06 billion and earnings per share to be in the range of $1.04 to $1.18, which includes an estimated $20 million discrete tax benefit.

展望第三季度，我們預計營收將在 37.4 億美元至 40.6 億美元之間，每股收益將在 1.04 美元至 1.18 美元之間，其中包括預計 2,000 萬美元的一次性稅收優惠。

Our annual operating tax rate for 2017 is now about 31% compared with our prior expectation of about 30% due to our outlook for higher profitability this year. This annual operating tax rate assume no discrete tax -- no discrete items and is what you will need to use as the starting point for your longer-term model. Next, we are assuming discrete tax items of about $20 million and $10 million in the third and fourth quarters of 2017, respectively. Therefore, the effective tax rate, which includes discrete tax items, translate to about 29% and 30% in the third and fourth quarters, respectively. These are the quarterly effective tax rates you should use for your 2017 models.

由於我們預計今年的獲利能力將有所提高，因此我們 2017 年的年度營業稅率目前約為 31%，而我們先前的預期約為 30%。該年度營業稅率假設沒有單獨的稅項——沒有單獨的項目，這將是您建立長期模型的起點。接下來，我們假設 2017 年第三季和第四季分別有約 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，第三季和第四季分別約為 29% 和 30%。以下是您2017年車型應使用的季度有效稅率。

I will also remind analysts who are beginning to work with 2018 models that we would expect the discrete tax benefit in 1Q '18 to be higher than what we are projecting for the third and fourth quarters of 2017, but lower than 1Q '17. To estimate a 2018 annual operating tax rate, start with 2017 PBT tax of 31% and apply a 35% tax rate to any incremental profit. Then, model discrete tax benefits by quarter, knowing that first quarter is expected to be higher than the others.

我還要提醒開始使用 2018 年模型的分析師們，我們預計 2018 年第一季的離散稅收優惠將高於我們對 2017 年第三季和第四季的預測，但低於 2017 年第一季。要估算 2018 年的年度營業稅率，首先以 2017 年的稅前利潤稅率 31% 為基準，然後對任何新增利潤應用 35% 的稅率。然後，按季度對離散稅收優惠進行建模，因為預計第一季的稅收優惠將高於其他季度。

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 second-quarter results continue to demonstrate our progress.

現在來總結一下。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。我們相信第二季的業績將繼續證明我們所取得的進步。

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) We'll take our first question from Ross Seymore with Deutsche Bank.

（操作員指示）我們首先來回答來自德意志銀行的羅斯·西摩提出的問題。

This is Jeriel Ong on behalf of Ross. Just one question from me. You detailed how your end markets changed year-on-year. Could you provide some details on how you estimate they change quarter-on-quarter?

我是 Jeriel Ong，代表 Ross。我只有一個問題。您詳細介紹了您的終端市場逐年變化的情況。能否詳細說明一下您是如何估算它們環比變化的？

Sure, Jeriel. For automotive, basically, it increased sequentially with all sectors growing. Industrial, again, we saw a very broad-based growth and -- across the sectors. And overall, it also increased. Personal electronics increased with most sectors growing. Communications equipment was about even sequentially, and enterprise systems also grew. Do you have a follow-on?

當然可以，傑瑞爾。汽車產業整體呈現環比成長，所有細分市場均實現成長。工業領域再次出現了非常廣泛的成長，而且是跨產業的成長。總體而言，它也增加了。隨著大多數產業的成長，個人電子產品也隨之成長。通訊設備的發展大致同步，企業系統也隨之發展壯大。您還有後續問題嗎？

Yes, sure. So you talked in the past about R&D potentially being a little bit elevated near term. Now you guys came in slightly below our model for the quarter. How much longer could R&D be elevated in order to invest in the business?

當然可以。所以你之前說過，研發投入近期可能會略有增加。你們本季的業績略低於我們的預期。為了投資企業發展，研發投入還能維持多久？

I'll take that. First, I would point out that -- I know you're asking about R&D. But let me address it from an OpEx standpoint. We look at OpEx as a model, and our model is 20 -- to be between 20% and 30% of revenue and in stable times to be at the lower half of that. In fact, that's where we've been in the last 2.5 years or so, 23% to 22%. Now we're running at 22% of revenue. And again, in stable times, we think we can operate there. Now inside of that, there -- both in R&D and actually in SG&A, we have various investments that are strengthening our competitive advantages. On the R&D front, we continue to focus on industrial and automotive to continue to broaden our portfolio. On the SG&A side, we invested on -- to increase the reach of our channels, ti.com in particular. So we are thinking that we're going to continue to make those investments to strengthen the company.

我接受。首先，我想指出──我知道你問的是研發方面的問題。但讓我從營運支出（OpEx）的角度來談談這個問題。我們將營運支出視為一個模型，我們的模型是 20——營運支出應佔收入的 20% 到 30%，在經濟穩定時期，營運支出應處於該比例的下半部。事實上，在過去的兩年半左右的時間裡，我們的比例一直維持在 23% 到 22% 之間。目前我們的營收佔比為 22%。再次強調，在局勢穩定的情況下，我們認為我們可以在那裡開展業務。現在，在這些投資中——無論是在研發方面還是在銷售、管理及行政方面，我們都進行了各種投資，以增強我們的競爭優勢。在研發方面，我們將繼續專注於工業和汽車領域，以不斷擴大我們的產品組合。在銷售、一般及行政費用方面，我們進行了投資，以擴大我們通路的覆蓋範圍，特別是 ti.com。因此，我們打算繼續進行這些投資，以增強公司實力。

We'll go now to Vivek Arya with Bank of America Merrill Lynch.

接下來我們連線美國銀行美林證券的維韋克·阿亞。

This is Adam Gonzalez on for Vivek. First question, maybe could you contrast auto's demand now versus, say, maybe 6 months ago? And industrial is an even larger market for you guys, and auto tends to get all the attention. Just wondering, do they correlate at all? Can industrial offset any potential demand fluctuations in autos? And then, I have a follow-up.

這是替補維韋克上場的亞當岡薩雷斯。首先，能否請您比較一下現在汽車的需求與例如 6 個月前的需求？工業領域對你們來說是一個更大的市場，而汽車領域往往受到所有人的關注。我只是好奇，它們之間有任何關聯嗎？工業需求能否抵銷汽車產業潛在的需求波動？然後，我還有一個後續問題。

Sure, yes. So the strength that we've seen inside of automotive is something that we've seen for, probably, greater than 4 years now. So I would attribute that to our early focus on that market, the breadth of our technologies and really just the overall diversity of our position. So we've got 5 sectors inside of automotive that we're investing in, so that includes infotainment; safety systems; ADAS or advanced driver assist systems; PowerTrain, which include EV and hybrid; and body electronics and lighting. So we're seeing good growth across those sectors that sit inside of the automotive market. And really also diversity across subsystem suppliers, across car companies, across geographical regions. So we feel really good about that.

當然可以。因此，我們在汽車行業看到的這種強勁勢頭，可能已經持續了四年多。所以我認為這要歸功於我們早期對該市場的關注、我們技術的廣度以及我們整體地位的多樣性。因此，我們在汽車領域有 5 個投資方向，包括資訊娛樂系統；安全系統；ADAS 或高級駕駛輔助系統；動力總成（包括電動車和混合動力車）；以及車身電子和照明系統。因此，我們看到汽車市場內部的各個細分領域都實現了良好的成長。而且，子系統供應商、汽車公司和地理區域的多樣性也至關重要。所以我們對這一點感到非常滿意。

Very similar story inside of industrial, very broad-based growth. I won't speak to whether they'll be connected through economic cycles or not. But both do have increasing content. So I'd be a little cautious to think that, that increasing content could offset a correction that we may see in a near term in any 1 given quarter or even in any 1 given year. But we believe that there will be more content there over the longer term when you're looking 5 and 10 years, and that's why our investments are higher there. Do you have a follow-on?

工業領域的情況也非常類似，成長基礎非常廣泛。我不會評論它們是否會受到經濟週期的影響。但兩者都在不斷增加內容。因此，我認為增加內容可以抵消我們在短期內（無論是某個季度還是某個年份）可能看到的調整，這需要謹慎考慮。但我們相信，從長遠來看，未來 5 年到 10 年，那裡會有更多內容，這就是為什麼我們在那裡的投資更高。您還有後續問題嗎？

Yes. My second question is more on your free cash flow growth. I'm just curious why -- if you're looking at it on a trailing 12-month basis, why free cash flow hasn't grown year-on-year despite your core Analog and Embedded businesses growing in the low double-digit range. And what's the catalyst for maybe getting that back to the higher single digit, maybe low double-digit range?

是的。我的第二個問題是關於你們的自由現金流成長情況。我只是好奇，如果以過去 12 個月的數據來看，為什麼儘管核心模擬和嵌入式業務實現了兩位數的低增長，自由現金流卻沒有同比增長。那麼，什麼因素能促使這個數字回升到個位數以上，甚至兩位數以下呢？

Yes. Thanks for this, Rafael. Thanks for a chance to clarify that. First, in any given quarter, you're going to have puts and takes on free cash flow, on any line of the P&L, but particularly on the cash flow statement. In this particular quarter and also on a trailing 12-month basis, what you see there is that we had an increased tax payment in 2Q '17 that was primarily due to our outlook for higher profitability this year.

是的。謝謝你，拉斐爾。謝謝給我機會澄清這一點。首先，在任何一個季度，你都會對自由現金流進行買賣操作，無論是在損益表的任何一項，還是在現金流量表中。在本季度以及過去 12 個月的業績中，我們可以看到，2017 年第二季度的稅款支出有所增加，這主要是由於我們對今年盈利能力的預期較高。

We'll take our next question from Chris Danely with Bank of America Merrill Lynch -- or excuse me, with Citigroup.

接下來，我們將回答來自美國銀行美林證券（或更準確地說，是花旗集團）的克里斯丹利提出的問題。

I had a question on gross margin. So your revenue is basically back to where it was in the third -- or I guess, a little bit higher than it was than the third quarter last year, but the gross margins were 230 basis points higher. Can you just kind of give us the reasons why they're higher? And then what would be the gross margin drivers going forward?

我有一個關於毛利率的問題。所以你的收入基本上恢復到了第三季的水平——或者說，比去年第三季略高一些，但毛利率卻高出了 230 個基點。你能簡單解釋一下為什麼它們的價格更高嗎？那麼，未來毛利率的驅動因素是什麼？

Yes, sure. I'll be happy to address that. So our gross margins in the second quarter of '17 ended at 64.3%, and that was 300 basis points higher than the same quarter last year. And that's just reflects the quality of our product portfolio as we continue to focus on automotive and industrial, but also, the efficiency of our manufacturing strategy. And as you know, we are -- we have the unique advantage of having a 300-millimeter factory that at the chip level provides a 40% cost advantage. As of 2016, we had about $2.5 billion of our revenue running through 300-millimeter, and as we continue to grow the company, and in this case, Analog in particular, and that growth primarily runs through 300-millimeter, then we're going to accrue that benefit over and over and over. And it's a cumulative benefit that really yields some nice results to the gross margin line, but even more important, to the free cash flow and free cash flow per share for the owners of the company.

當然可以。我很樂意回答這個問題。因此，我們 2017 年第二季的毛利率為 64.3%，比去年同期高出 300 個基點。這不僅反映了我們產品組合的質量，因為我們將繼續專注於汽車和工業領域，同時也反映了我們製造策略的效率。如您所知，我們擁有獨特的優勢，擁有 300 毫米的工廠，這在晶片層面提供了 40% 的成本優勢。截至 2016 年，我們約有 25 億美元的收入來自 300 毫米膠片，隨著公司不斷發展壯大，特別是模擬業務的發展，而這種增長主要來自 300 毫米膠片，那麼我們將一次又一次地獲得這種收益。而且，這種累積效應確實能為毛利率帶來一些不錯的結果，但更重要的是，還能為公司所有者帶來自由現金流和每股自由現金流。

Do you have a follow-on, Chris?

克里斯，你還有後續問題嗎？

Yes. Another thing that's going on out there, at least some of your competitors have talked about their lead times extending. Is that happening at all at TI?

是的。還有一點值得關注，至少你們的一些競爭對手已經表示他們的交貨週期正在延長。德州儀器公司內部真的有這種狀況嗎？

Chris, I described our lead times as continuing to remain stable. We do have pockets where we've got a process or package supply tightness, but we're aggressively working those. And -- but overall, our lead times continue to remain stable.

克里斯，我之前說過我們的交貨週期將保持穩定。我們確實存在一些流程或包裝供應緊張的情況，但我們正在積極解決這些問題。但整體而言，我們的交貨週期仍保持穩定。

We'll go next to William Stein with SunTrust.

接下來我們將介紹 SunTrust 公司的 William Stein。

It's sort of a follow-up to the last one. We've heard quite a bit about shortages for complementary products to semis, in particular on the passive side. And I'm hoping to find out if TI is seeing any sort of capping of its growth opportunities because customers are certainly not going to order parts from you if they can't get a full kit from all of their suppliers. Are you seeing that dynamic play out at all?

這算是上一篇的後續。我們已經聽說半導體配套產品短缺的情況比較多，尤其是被動元件方面。我希望了解德州儀器 (TI) 的成長機會是否受到某種程度的限制，因為如果客戶無法從所有供應商那裡獲得完整的套件，他們肯定不會從你這裡訂購零件。你是否觀察到這種動態變化？

Yes. Well, I would say, in general, I'm not sure we could see that if it was there. But I'll just remind you that about 60% of our revenues are on consignment. So we've got no inventory of our products sitting in front of the customer's production line that they own. We may have a position that it sits on our balance sheet. And same thing with distributors. But we actually do get demand forecasts from them, and those often times will be several months out, sometimes even as far as 6 months out. And that doesn't mean that they can't change. And I'd say, for that, where we do have very good visibility, you won't see anything unusual going on inside of there, no unusual expedites or cancellations or those types of things. Do you have a follow-on?

是的。嗯，總的來說，我覺得即使它存在，我們也未必能看到。但我還是要提醒您，我們約 60% 的收入來自寄賣。因此，我們沒有任何產品庫存存放在客戶自己的生產線上。我們可能會將其列入資產負債表。分銷商的情況也一樣。但我們確實會從他們那裡獲得需求預測，而這些預測通常會持續幾個月，有時甚至長達 6 個月。但這並不意味著他們不能改變。而且我認為，就我們目前所處的位置而言，由於視野非常好，你不會看到裡面發生任何不尋常的事情，不會出現不尋常的加急、取消或類似的事情。您還有後續問題嗎？

Yes. Maybe you could comment on order linearity through the quarter and book-to-bill?

是的。您能否就季度內的訂單線性度和訂單出貨比發表一下看法？

Sure. yes. So again, I'll make the comment that we've got 60% of our revenues on consignment. So there, we actually don't have orders or backlogs. We only see that -- those demand forecasts. So book-to-bill is less helpful inside of that. But orders, if you look through the month, they were strong overall. And they did accelerate as we went through the quarter and into the month of June, book-to-bill overall was 1.06.

當然。是的。所以，我再次強調，我們60%的收入來自寄賣。所以，我們那邊其實沒有訂單或積壓訂單。我們看到的只是這些需求預測。因此，在這種情況下，從帳目到帳單的轉換效果就不大。但從整個月來看，訂單整體表現強勁。隨著季度推進，進入 6 月份，訂單出貨比整體達到了 1.06。

We'll take our next question from Harlan Sur with JPMorgan.

接下來，我們將回答來自摩根大通的哈蘭·蘇爾提出的問題。

Solid job on the quarterly execution, margin expansion and on the outlook. Clearly, macro dimensions are strong in your end markets, similar to last quarter. I'm just wondering if you could just talk about some of the demand trends from a geographic perspective. I think last quarter, you guys saw year-over-year growth in most of the geographies. Wondering if you can just provide us with some details on the June quarter.

季度業績執行、利潤率提升和前景展望方面都表現出色。顯然，你們終端市場的宏觀經濟情勢依然強勁，與上個季度類似。我想請您從地理角度談談一些需求趨勢。我認為上個季度，你們在大多數地區都實現了同比增長。想請您提供六月季度的詳細資訊。

Sure, Harlan. Year-over-year, revenue was up in all regions, so Asia, Europe, the U.S. and Japan on a year-over-year basis. And that was true, additionally, on a sequential basis. So we saw growth very -- really across the board there. And just as a reminder, some know this well, some don't, that we track our revenue on where we ship it. So it's not where that product is ultimately consumed. So we may ship into a car manufacturer or Tier 1 car manufacturer in Europe, and that car may end up and be sold in China as an example. So really, it's not a good look through for end consumption by market. Do you have a follow-on?

當然，哈蘭。與去年同期相比，所有地區的營收均有所成長，包括亞洲、歐洲、美國和日本。而且，從順序上看，情況也是如此。所以我們看到各方面都實現了非常顯著的成長。再次提醒大家，有些人很清楚這一點，有些人則不知道，我們會根據出貨地點來追蹤收入。所以關鍵不在於該產品最終在哪裡被消費。例如，我們可能會將產品運送給歐洲的汽車製造商或一級汽車製造商，而這輛車最終可能會在中國銷售。所以實際上，它並不是一個好的市場終端消費概況。您還有後續問題嗎？

Yes, I do. So on Embedded, strong year-over-year growth in sales. I think you're operating profitability was up something like almost 600 basis points year-over-year. Is this mostly leverage on the OpEx as you drive revenue growth? Or are there some positive mix benefits? I'm not sure, for example, if some of your processor solutions going into automotive carry like a higher gross margin profile.

是的，我願意。嵌入式業務方面，銷售額實現了強勁的年成長。我認為你們的營業利潤率年增了近 600 個基點。這主要是透過提高營運成本來推動收入成長嗎？或者說，混合配置是否會帶來一些正面的效益？例如，我不確定你們面向汽車行業的某些處理器解決方案是否具有更高的毛利率。

Well, this is Rafael. What I would tell you is that the driver -- the main driver of what you're seeing here is the revenue growth as we have over a number of years now -- excuse me, we've refocused our investments in Embedded, and now that's really paying off very nicely. They have -- Embedded has quite a bit of our investment there is in automotive and industrial, just like it is in Analog. And then, those, as we have said, those are the best markets, and that is yielding very nice results.

這位是拉斐爾。我想告訴大家的是，你們現在看到的這種現象的主要驅動力是收入成長，就像我們多年來一直在做的那樣——抱歉，應該說我們已經重新調整了對嵌入式系統的投資，現在這真的帶來了非常好的回報。他們在嵌入式領域投入了相當多的資金，就像在模擬領域一樣，我們在汽車和工業領域也投入了相當多的資金。然後，正如我們所說，這些是最好的市場，也取得了非常好的結果。

We'll take our next question from Amit Daryanani from RBC Capital Markets.

接下來，我們將回答來自加拿大皇家銀行資本市場的 Amit Daryanani 提出的問題。

I guess, 2 questions from me as well. First off, historically, you guys have always talked about this 30 to 40 basis points of share gain, I think, on an annual basis. I'm just wondering, given the inflection of R&D higher over the last several quarters now, should we start to think about share gains potentially accelerating? Or share gains happening in places where the margin profile is much richer? And when do you see those benefits starting to transfer for you guys on the revenue line?

我想，我也有兩個問題。首先，從歷史數據來看，你們一直以來都談到每年實現 30 到 40 個基點的市佔率成長，我想是這樣。我只是在想，鑑於過去幾季研發投入持續成長，我們是否應該開始考慮市佔率成長可能會加速？或者，市場佔有率的成長發生在利潤率較高的地區？那麼，你們什麼時候才能看到這些好處開始轉化為實際的營收成長呢？

Well, I'll take a shot at that, and if Rafael wants to add something, he can jump in. I would just say that, as we look and allocate R&D, we're allocating those to the best projects that we can find, ones that are going to produce, get designed into the most customers, into the most markets and have longevity of revenue. And really mostly, that's about finding better opportunities to invest in than trying to just double the number of products, as an example, that we're doing. But we have found more opportunities to make investments. It's the things as our products live longer and repurposed product into adjacent markets, we found opportunities to be able to do that. So -- and I'd say, just in general, the quality of the opportunity share doesn't shift very quickly. And -- so we're not penciling in an inflection point inside of our revenue. But when we look at our competitive advantages -- and I'd just say, just as a reminder, all 4 of those working together and the investments that we're making, and that includes the manufacturing and technology, the most visible one there is the 300-millimeter advantage that we have, the broad product portfolio and just the tens of thousands of products that we've got the opportunity to sell more products to more customers, the reach of the channel market, including ti.com that Rafael had mentioned earlier, as well as our sales force, and then, just the diverse and long-lived positions, all those working together, I think, gives us confidence that in the future that we can continue to gain share in that range of 30 to 40 basis points.

好吧，我來試試，如果拉斐爾想補充什麼，他也可以加入。我想說的是，在審視和分配研發資源時，我們會把資源分配給我們能找到的最好的項目，那些能夠產生產品、被設計成服務於最多客戶、進入最多市場並具有長期收入的項目。實際上，這主要是為了尋找比簡單地將產品數量翻倍更好的投資機會，例如，我們正在做的就是這樣做。但我們發現了更多投資機會。正是由於我們的產品壽命延長，我們將產品重新利用到鄰近市場，我們才找到了實現這一目標的機會。所以——而且我認為，總的來說，機會份額的品質不會很快改變。所以——我們並沒有在收入預測中設定拐點。但當我們審視自身的競爭優勢時——我只想再次強調，這四項優勢協同運作，加上我們正在進行的投資，包括製造和技術，其中最明顯的是我們擁有的 300 毫米優勢，以及廣泛的產品組合，我們有機會向更多客戶銷售更多產品，數以萬計的產品，渠道市場的覆蓋範圍，包括 Rafael 之前提到的ti.com，以及我們的銷售團隊，還有我們多元化且長期穩定的職位，所有這些優勢協同運作，我認為，讓我們有信心在未來繼續擴大市場份額，達到 30 到 40 個基點。

Yes. The only thing I would add is, as you know and we talked about it quite a bit, we've been focusing on automotive and industrial for quite some time now because those are the best markets. They have the highest semiconductor content growth. And we're confident that we'll continue to have that for many years to come. So as of the end of last year, 51% of our revenue was automotive and industrial, and obviously, with the growth that we're seeing year-to-date, that number appears to be ticking up, that percentage. So as that number increases and we continue driving performance on those 2 segments, then mathematically overall, our revenue will do better.

是的。我唯一要補充的是，正如你所知，我們也討論過很多次，我們已經專注於汽車和工業領域一段時間了，因為這些是最好的市場。它們的半導體含量成長率最高。我們有信心在未來的許多年裡繼續保持這種狀態。截至去年年底，我們 51% 的收入來自汽車和工業領域，顯然，隨著今年迄今的成長，這個數字似乎正在上升。因此，隨著這個數字的成長，如果我們繼續推動這兩個細分市場的業績，那麼從數學角度來看，我們的整體收入將會更好。

Amit, Do you have a follow-on?

阿米特，你還有後續問題嗎？

I do, and hopefully I don't jinx the strength right now. But last 4 quarters, I think in a row, you guys have been pretty much behind the revenue guide that you guys initially provide. Is there a change in the way you provide guide? Have you rolled up the revenue forecast that things have actually ended up at the high end for 4 quarters in a row? Or it just happened to be the case?

是的，希望我現在說的話不會破壞這種好運。但我覺得，在過去的四個季度裡，你們的營收都遠低於你們最初給出的預期。你們的指導方式有改變嗎？你們有沒有註意到，營收預測已經連續四個季度達到預期上限？或者只是碰巧如此？

No, it's really the latter. When we look at the out quarter again, we've got 60% of the revenue that we don't have order patterns to look at, but we can actually see the demand patterns that our customers have. And that can move in both directions pretty quickly, right? So even though we've got great visibility there, things can strengthen or weaken very quickly on us. But we do have very, very good visibility for that 60% of our revenue. And the rest of that, we look at -- we do look at the backlog. We look at order patterns. Our sales teams provide forecasts as well so we go through a bottoms-up and a tops-down approach. So the revenue guidance that we gave you for the third quarter is our best estimate of what we think we'll do.

不，其實是後者。當我們再次審視上一季時，我們發現有 60% 的收入我們沒有訂單模式可以參考，但我們實際上可以看到客戶的需求模式。而且這種情況可能很快就會朝兩個方向發展，對吧？所以即使我們在那裡擁有很好的視野，情況也可能很快發生變化，變得有利或不利。但我們對這 60% 的收入來源有著非常非常清晰的了解。至於其他方面，我們會查看——我們會查看積壓的工作。我們觀察訂單模式。我們的銷售團隊也會提供預測，所以我們採用由下而上和自上而下的方法。因此，我們先前給出的第三季營收預期是我們對未來業績的最佳估計。

We'll take our next question from John Pitzer with Credit Suisse.

接下來，我們將回答來自瑞士信貸的約翰·皮策提出的問題。

Rafael, I apologize if I missed this. But wondering if you can just talk a little bit about OpEx trends going into the September quarter. Typically, it's a seasonally down quarter for OpEx. I'm just kind of curious is that how we should be thinking about modeling it this September? Or are there some incentive or variable bonus offsets that might have be -- actually have OpEx flat or up sequentially?

拉斐爾，如果我錯過了這則訊息，我深表歉意。我想請您談談進入九月季度的營運支出趨勢。通常來說，這是營運支出季節性下降的季度。我只是有點好奇，我們是否應該這樣考慮在今年九月進行建模？或者是否存在一些激勵措施或浮動獎金抵消機制，導致營運支出實際上持平或環比成長？

Yes, I'll be happy to add some clarity on that. As you know, we don't guide specifically on OpEx or GPM, any line for that matter, other than revenue and EPS. But on OpEx, and I should say, on OpEx we focus on the model, the 20% to 30%, and we've been operating on the lower half of that. So we like you guys to think about it that way. I would tell you though, if we had anything unusual going on in OpEx, we would point that out second to third, and we do not. And we also don't have anything like vacation or compensation adjustments that sometimes -- or we do see fourth to first, for example, we do not have that going on in the second to third transition.

是的，我很樂意就此做一些解釋。如您所知，除了營收和每股盈餘之外，我們不專門針對營運支出或每分鐘毛利率，或任何其他指標提供指導。但關於營運支出，我應該說，關於營運支出，我們關注的是模型，即 20% 到 30% 的部分，而我們一直都在其中的較低部分運作。所以我們希望你們這樣思考。不過我可以告訴你，如果營運支出方面有任何異常情況，我們會在第二或第三條中指出，但目前並沒有。而且我們也沒有任何類似假期或薪酬調整之類的東西，例如我們有時會看到的從第四級到第一級的調整，但在第二級到第三級的過渡中，我們不會遇到這種情況。

Yes. And just to add to that. When you look at our history, we've had some restructurings in the last few third quarters that you may have seen that transition. But as Rafael stated, there's not a seasonal impact that you see inside a third quarter, typically. Do you have a follow-on, John?

是的。我還要補充一點。回顧我們的歷史，在過去的幾個季度裡，我們進行了一些重組，您可能已經看到了這種轉變。但正如拉斐爾所說，通常情況下，第三季不會受到季節性因素的影響。約翰，你還有後續問題嗎？

Yes. Dave, I was wondering if you could just talk a little bit more about what you're seeing in the auto market. Because clearly, over the last several years, it's been one of the better growing business for semis, but there have been some sort of mix data points. SAAR is decelerating. You've seen some auto manufacturers actually cutting forecast in the back half of the year. So I guess, how do you think about kind of SAAR unit growth versus content growth? And how is the visibility there? And are you seeing things that others would have highlighted last week on their conference call?

是的。戴夫，我想請你再詳細談談你目前在汽車市場觀察到的情況。因為很明顯，在過去的幾年裡，它是半拖車行業成長最快的業務之一，但也存在一些喜憂參半的數據點。SAAR正在減速。你已經看到一些汽車製造商實際上下調了下半年的銷售預期。所以我想問，您如何看待 SAAR 單元成長與內容成長之間的關係？那裡的能見度如何？你是否也注意到了其他人在上週的電話會議上強調的一些問題？

Yes. So the one thing that's been clear, our business has grown very strong for 4-years-plus now. So -- and that's really due to the early investments that we had made inside of this market and we continue to make. And again, we're trying to ensure that we're making those investments as broad as we can, so we're not dependent on one particular technology or one type of portion of the demand that's increasing. And clearly, the -- I think it's well known that SC content has grown faster inside of autos, and geez, if you just go down into a showroom, you can see that pretty clearly in any car today versus even just a few years ago. So we're confident that, that trend will continue. And we've also seen the announcements, like you've mentioned, that some car companies have reduced their build plan. But we certainly continue to monitor those markets overall. But we're confident in our long-term position there, and we'll continue to make those investments.

是的。所以有一點很明確，那就是我們的業務在過去四年多的時間裡發展非常強勁。所以——這其實要歸功於我們早期在這個市場進行的投資，而且我們還在繼續進行投資。我們再次強調，我們正在努力確保盡可能廣泛地進行這些投資，這樣我們就不會依賴某項特定技術或某一類不斷增長的需求。顯然，眾所周知，汽車內部的SC含量增長得更快，而且，如果你去汽車展廳看看，你會發現，與幾年前相比，如今的任何一輛車都明顯不同。所以我們相信，這種趨勢將會持續下去。正如您所提到的，我們也看到一些汽車公司宣布減少了生產計劃。但我們當然會繼續密切關注這些市場的整體情況。但我們對我們在該地區的長期地位充滿信心，我們將繼續進行這些投資。

We'll go now next to Ambrish Srivastava with BMO.

接下來我們將連線BMO的Ambrish Srivastava。

Sorry about that, straddling, 2 calls, and I apologize if this has been answered already. In the reported quarter, where did the upside come versus your expectations going into the quarter?

抱歉，我接了兩通電話，如果這個問題之前已經有人問過，我深感抱歉。在本季度報告中，哪些方面的表現超出了您在季度初的預期？

Yes. Ambrish, it was -- things were pretty strong, really, across the board. So we saw growth really in most markets, most geographies and even a lot of the subsectors inside of automotive and industrial.

是的。安布里什的情況確實如此——各方面都相當強勁。因此，我們看到大多數市場、大多數地區，甚至汽車和工業領域的許多次產業都實現了成長。

I would just add, 3/4 of our growth came from industrial and automotive. So that just shows you how strong those are.

我還要補充一點，我們四分之三的成長來自工業和汽車產業。這足以說明它們有多強大。

Yes. And do you have a follow-on, Ambrish?

是的。安布里什，你還有後續問題嗎？

Yes, I did, Dave. And this is you're kind enough always when we have this topic comes up every couple of quarters, and not surprisingly, we're in an economic expansion for a while now. Top of the cycle. You have metrics that you look at, which are cancellations, booking. And so you shared them quite frequently with us. So where are we -- where is TI's business on those metrics, Dave?

是的，我做了，戴夫。而且，每當我們每隔幾季就會談到這個話題時，您總是非常友善地提出這個問題。不出所料，我們現在已經處於經濟擴張期一段時間了。週期頂部。你需要查看一些指標，例如取消訂單和預訂量。所以你們常常和我們分享這些。那麼，戴夫，我們現在的情況如何？德州儀器 (TI) 的業務在這些指標上處於什麼位置？

Yes. So I would say that if you look, again, inside of distribution, our inventory there remains at about 4 weeks. It's actually down sequentially and down from 1 year ago. Our visibility in the customers' inventory is, of course, varies depending on if we're on consignment or not. So with our consigned OEMs, we're not seeing anything that's unusual there, such as expedites that would suggest that we have an issue. And of course, our visibility into inventory beyond what customers manufacture in their operations is very low overall. So again, cancellations remain low. Lead times continue to remain steady. So all of those metrics, I think, really are very similar to what we saw 90 days ago.

是的。所以我想說，如果你再看一下分銷環節，我們的庫存仍然保持在 4 週左右。實際上，它環比下降，也比一年前下降。當然，我們對客戶庫存的可見性取決於我們是否是寄售客戶。因此，就我們委託的 OEM 而言，我們沒有發現任何異常情況，例如加急訂單，這表明我們可能遇到了問題。當然，我們對客戶在其營運中生產的庫存以外的其他庫存的了解程度總體上非常低。所以，取消訂單的數量仍然很低。交貨週期保持穩定。所以我認為，所有這些指標都與我們90天前看到的情況非常相似。

We'll go next to Craig Ellis with B. Riley Financial.

接下來我們將採訪B. Riley Financial公司的克雷格·艾利斯。

I wanted to come back on the gross margin point, so congratulations on getting to 64% in the quarter. When I look at the incremental for the quarter, it was 79%, which is above the 68% to 69% level that it had been through the last 5 or 6 quarters. Not unprecedented, but looked like a step-up. Is that something we should interpret as being more sustainable? Or were there some either mix items? Or are there lumpy 300-millimeter transition items that contributed to the atypical surge in the quarter?

我想再談談毛利率，所以恭喜你們本季毛利率達到 64%。從本季的增量來看，它達到了 79%，高於過去 5 或 6 個季度的 68% 到 69% 的水平。雖然並非史無前例，但看起來有所進步。這是否意味著更具永續性？或者，其中是否包含一些混合商品？或者，是否存在一些體積較大的 300 毫米過渡項目，導致了本季的異常激增？

Yes. This is Rafael. What I would tell you is that in any given quarter, the fall throughs will be a little different. In a company the size of ours, there's just a lot of puts and takes inside this big P&L. The more important thing to remember is that we have some fundamental structural drivers that are -- have increased our GPM percent, and we think are going to continue increasing our GPM percent for the foreseeable future. And those are the quality of the portfolio as we continue to focus on the best markets, automotive and industrial, and the diversity and positions -- long-lived positions that we get with those, where we invest R&D today, and we get the revenue for decades to come. And then, the other piece is a 300-millimeter Analog, as I stated earlier, that is 40% more cost-efficient than 200-millimeter. And that accrues, meaning you start in one part on that and then the next part, you start it on 300, and the third part and the fourth part and you -- next thing you know, a bigger percentage of your company is running on 300-millimeter. And it was only 30% as of 2016, the 30% of the capacity that we have on 300 was used. So we have ample room to continue growing 300-millimeter and accrue benefit to the company.

是的。這是拉斐爾。我想告訴你們的是，在任何一個季度，跌幅都會略有不同。在我們這樣規模的公司裡，龐大的損益表中包含著大量的收支往來。更重要的是要記住，我們有一些基本的結構性驅動因素，這些因素提高了我們的毛利率，而且我們認為在可預見的未來，我們的毛利率還會繼續提高。這就是我們投資組合的品質所在，我們將繼續專注於最好的市場，即汽車和工業領域，以及我們在這些領域獲得的多元化和長期地位——我們今天在這些領域投資研發，就能在未來幾十年獲得收入。還有一款是 300 毫米模擬唱機，正如我之前所說，它的成本效益比 200 毫米唱機高 40%。就這樣不斷累積，意味著你一開始用的是 300 毫米，然後是 300 毫米，再然後是 300 毫米，再然後是 300 毫米，再然後是 400 毫米，不知不覺中，你公司裡越來越多的部分都用的是 300 毫米了。截至 2016 年，我們 300 號大樓的產能只使用了 30%。因此，我們有足夠的空間繼續成長 300 毫米，並為公司帶來收益。

Do you have a follow-on, Craig?

克雷格，你還有後續問題嗎？

Yes. Just regarding the end market color you provided in response to an earlier question, Dave. Comms sounds like kind of flattish quarter-on-quarter. Can you just refresh our memory in terms of where the company stands with respect to how it's looking at comms from a strategic standpoint? And where you see demand as we look around and look at 4G infrastructure investments being made globally?

是的。Dave，關於你之前回答問題時提到的終端市場顏色，我只是想說一下。通訊方面，季度環比似乎比較平穩。您能否簡要回顧一下，從策略角度來看，公司在溝通上採取了哪些措施？那麼，當我們環顧全球，觀察正在進行的 4G 基礎設施投資時，您認為需求在哪裡？

Sure. Yes. So comms equipment is 13% of our total revenue. Wireless infrastructure will be a sector inside of that, which tends to take a lot of the comms. It's more than half of that end market by itself, so probably somewhere in the mid-single digits as a percentage of our revenue. And there, I think, when we look at incremental dollars of where we're investing, if I refer you back to our capital management call that we gave back in February, we talked about the fact that we wanted to increase incrementally dollars in both the industrial and automotive markets because that's where we believe the growth will be. With communications equipment, I would say that we've got some caveats depending on which business we're looking at. In Embedded, I'd say those investments are down versus where they were maybe 5 years ago. But on the same view, inside of Analog, they're actually up because of some of the complexity that's being developed inside of the radio. So we do believe that, that market will continue to provide great opportunities for us for a very long period of time. But we just don't believe that there's going to be significant growth. We don't know of any carriers that want to take up their CapEx over the next 5 and 10 years over a longer period of time. So thank you for that question, Craig, and thank you all for joining us tonight. A replay of this call will be available on our website. Good evening.

當然。是的。因此，通訊設備占我們總收入的 13%。無線基礎設施將是其中的一個領域，它往往會佔用大量的通訊資源。單單這一項就佔了終端市場的一半以上，所以占我們收入的百分比可能在個位數中段。我認為，當我們審視我們新增的投資金額時，如果我回顧一下我們在二月舉行的資本管理電話會議，我們當時談到，我們希望逐步增加對工業和汽車市場的投資，因為我們相信成長將發生在這兩個市場。對於通訊設備，我認為根據我們所關注的業務類型，我們需要注意一些事項。在嵌入式領域，我認為這些投資與 5 年前相比有所下降。但從同一角度來看，在類比電路內部，它們實際上是因為收音機內部正在開發的一些複雜性而上升的。因此我們相信，該市場將在很長一段時間內繼續為我們提供巨大的機會。但我們並不認為會有顯著成長。我們目前還沒有發現任何業者願意將未來 5 年或 10 年的資本支出延長至更長的時期。謝謝你的提問，克雷格，也謝謝大家今晚收看我們的節目。本次通話的錄音回放將在我們的網站上提供。晚安.

This does conclude today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。