德州儀器 (TXN) 2018 Q2 法說會逐字稿

Good day, and welcome to the Texas Instruments Second-Quarter 2018 Earnings Release Conference Call.

美好的一天，歡迎來到德州儀器 2018 年第二季度收益發布電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Dave Pahl.

現在，我想將會議轉交給 Dave Pahl。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good afternoon, and thank you for joining our Second-Quarter 2018 Earnings Conference Call.

下午好，感謝您加入我們的 2018 年第二季度收益電話會議。

Rafael Lizardi, TI's chief financial officer, is with me today.

TI 的首席財務官 Rafael Lizardi 今天和我在一起。

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

對於錯過該版本的任何人，您可以在我們的網站 ti.com/ir 上找到它。

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

此電話正在網絡上直播，可以通過我們的網站訪問。

A replay will be available through the web.

重播將通過網絡提供。

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

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

We encourage you to review the 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.

我們鼓勵您查看有關今天發布的收益發布中包含的前瞻性陳述的通知以及 TI 最近提交給美國證券交易委員會的文件，以獲得更完整的描述。

You likely saw last week we announced that Rich Templeton had resumed the role as the President and CEO, along with his current role as Chairman.

你可能在上週看到我們宣布 Rich Templeton 恢復了總裁兼首席執行官的角色，以及他目前的董事長角色。

Rich has successfully led TI for the past 14 years and, under his continuing leadership, we look forward to making TI even stronger and better.

在過去的 14 年裡，Rich 成功地領導了 TI，在他的持續領導下，我們期待著讓 TI 變得更強大、更好。

I've met with Rich several times over the last couple of weeks and I can tell you he's excited to be back.

在過去的幾周里，我和里奇見過幾次面，我可以告訴你，他很高興能回來。

He'll be attending several conferences in the near future and will be meeting with investors over the next few months.

他將在不久的將來參加幾場會議，並將在未來幾個月與投資者會面。

As you might imagine, he's fully engaged and doing -- and busy doing what he does best, and that's executing our strategy, strengthening our competitive advantages and running our operations with laser focus.

正如你可能想像的那樣，他全神貫注地做著——忙著做他最擅長的事情，那就是執行我們的戰略，加強我們的競爭優勢，並以高度專注的方式運營我們的業務。

Turning to this quarter's results, I'll start with a quick summary.

談到本季度的業績，我將從一個簡短的總結開始。

Revenue for the second quarter increased 9% from a year ago as demand for our products remained strong in the industrial and automotive markets.

由於工業和汽車市場對我們產品的需求依然強勁，第二季度的收入比去年同期增長了 9%。

In our core businesses, Analog revenue grew 12% and Embedded Processing revenue grew 9% compared to the same quarter a year ago.

在我們的核心業務中，與去年同期相比，模擬收入增長了 12%，嵌入式處理收入增長了 9%。

Operating margins increased in both businesses.

兩項業務的營業利潤率均有所提高。

Earnings per share were $1.40, including a $0.03 discrete tax benefit not in our original guidance.

每股收益為 1.40 美元，包括 0.03 美元的離散稅收優惠，不在我們最初的指導中。

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

在此背景下，我將提供一些有關我們業績的詳細信息，我們認為這繼續代表著我們業務模式的持續優勢。

In the second quarter, our cash flow from operations was $1.8 billion.

第二季度，我們的運營現金流為 18 億美元。

We believe that free cash flow growth, especially on a per share basis, is most important to maximizing shareholder value in the long term.

我們認為，自由現金流的增長，尤其是每股增長，對於實現股東價值的長期最大化最為重要。

Free cash flow for the trailing 12-month period was $5.7 billion, up 42% from a year ago.

過去 12 個月的自由現金流為 57 億美元，同比增長 42%。

Free cash flow margin for the same period was 36.6% of revenue.

同期自由現金流利潤率為收入的 36.6%。

We continue to benefit from the quality of our product portfolio that's long-lived and diverse and the efficiency of our manufacturing strategy, the latter of which includes our growing 300-millimeter Analog output.

我們繼續受益於我們經久耐用且多樣化的產品組合的質量以及我們製造戰略的效率，後者包括我們不斷增長的 300 毫米模擬輸出。

We believe that free cash flow will be valued only if it's productively invested in the business or returned to owners.

我們認為，只有將自由現金流有效地投資於企業或返還給所有者，它才會受到重視。

For the trailing 12-month period, we returned $5.6 billion of cash to owners through a combination of dividends and stock repurchases.

在過去的 12 個月期間，我們通過股息和股票回購相結合的方式向所有者返還了 56 億美元現金。

Our commitment to return all of our free cash flow to owners remain unchanged.

我們將所有自由現金流返還給所有者的承諾保持不變。

I'll now provide some details by segment.

我現在將按細分提供一些詳細信息。

From a year-ago quarter, Analog revenue grew 12% due to Power and Signal Chain.

與去年同期相比，由於電源和信號鏈，模擬收入增長了 12%。

High Volume declined.

高成交量下降。

Embedded Processing revenue increased 9% from a year-ago quarter due to about equal growth in both Processors and Connected Microcontrollers.

由於處理器和連接微控制器的增長大致相當，嵌入式處理收入比去年同期增長了 9%。

In our Other segment, revenue declined 7% from a year ago, primarily due to custom ASIC.

在我們的其他部門，收入比一年前下降了 7%，這主要是由於定制 ASIC。

Now, I'll provide some insight into this quarter's revenue performance by end market versus a year ago.

現在，我將提供一些關於本季度終端市場與一年前收入表現的見解。

Industrial and automotive demand remained strong due to broad-based growth.

由於基礎廣泛的增長，工業和汽車需求依然強勁。

We continue to be pleased with our investments, which are directed across 14 sectors in industrial and 5 sectors in automotive and continued to deliver broad-based and diverse revenue growth.

我們繼續對我們的投資感到滿意，這些投資涉及工業的 14 個行業和汽車的 5 個行業，並繼續帶來基礎廣泛和多樣化的收入增長。

Personal electronics grew low single digits with increases across several sectors and customers.

個人電子產品增長低個位數，多個行業和客戶都有增長。

These increases were offset by declines at some customers.

這些增長被一些客戶的下降所抵消。

Communication equipment declined from a year ago and declined low- to mid-single digits sequentially.

通信設備與一年前相比有所下降，並且連續下降到中低個位數。

And lastly, enterprise systems grew.

最後，企業系統發展壯大。

In summary, we continue to focus our strategy on the industrial and automotive markets where we have been allocating our capital and driving initiatives to strengthen our position.

總而言之，我們繼續將我們的戰略重點放在工業和汽車市場，我們一直在這些市場配置我們的資本和推動舉措以加強我們的地位。

This is based on a belief that industrial and automotive will be the fastest-growing semiconductor markets.

這是基於這樣一種信念，即工業和汽車將成為增長最快的半導體市場。

They have increasing semiconductor content and these markets provide diversity and longevity.

它們的半導體含量不斷增加，這些市場提供多樣性和長壽。

All of this translates to a high terminal value of our portfolio.

所有這些都轉化為我們投資組合的高終值。

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

Rafael 現在將審查盈利能力、資本管理和我們的前景。

Rafael?

拉斐爾？

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

Gross profit in the quarter was $2.62 billion or 65.2% of revenue.

本季度毛利為 26.2 億美元，佔收入的 65.2%。

From a year ago, gross profit increased, primarily due to higher revenue.

與一年前相比，毛利潤有所增加，這主要是由於收入增加。

Gross profit margin increased 90 basis points.

毛利率增加了 90 個基點。

Operating expenses in the quarter were $825 million, a 2% increase from a year ago and about as expected.

本季度運營支出為 8.25 億美元，同比增長 2%，與預期基本一致。

On a trailing 12-month basis, operating expenses were 20.6% of revenue, within our range of expectations.

在過去 12 個月的基礎上，運營費用佔收入的 20.6%，在我們的預期範圍內。

Over the last 12 months, we have invested $1.53 billion in R&D.

在過去的 12 個月裡，我們在研發上投入了 15.3 億美元。

We are pleased with our disciplined process of allocating capital to R&D that allows us to continue to grow our top line and gain market share.

我們對將資本分配給研發的嚴格流程感到滿意，這使我們能夠繼續增加我們的收入並獲得市場份額。

Acquisition charges, a noncash expense, were $79 million.

收購費用是一項非現金支出，為 7900 萬美元。

Acquisition charges will be about $80 million per quarter through the third quarter of 2019 then decline to about $50 million per quarter for 2 remaining years.

到 2019 年第三季度，收購費用將約為每季度 8000 萬美元，然後在剩餘的 2 年內降至每季度約 5000 萬美元。

Operating profit was $1.71 billion or 42.6% of revenue.

營業利潤為 17.1 億美元，佔收入的 42.6%。

Operating profit was up 16% from the year-ago quarter.

營業利潤比去年同期增長 16%。

Operating margin for Analog was 47%, up from 44.7% a year ago.

Analog 的營業利潤率為 47%，高於一年前的 44.7%。

And for Embedded Processing, it was 35.4%, up from 31.2% a year ago.

而對於嵌入式處理，這一比例為 35.4%，高於一年前的 31.2%。

Our focused investment on the best sustainable growth opportunities with differentiated positions enabled both businesses to continue to contribute nicely to free cash flow growth.

我們專注於具有差異化定位的最佳可持續增長機會的投資，使兩家公司能夠繼續為自由現金流的增長做出良好貢獻。

Net income in the second quarter was $1.41 billion, or $1.40 per share.

第二季度淨收入為 14.1 億美元，合每股 1.40 美元。

Let me now comment on our capital management results, starting with our cash generation.

現在讓我從我們的現金生成開始評論我們的資本管理結果。

Cash flow from operations was $1.83 billion in the quarter.

本季度運營現金流為 18.3 億美元。

It increased $909 million from the year-ago quarter, primarily due to a lower tax rate as well as higher revenue, which includes more 300-millimeter Analog revenue.

它比去年同期增加了 9.09 億美元，這主要是由於較低的稅率和較高的收入，其中包括更多的 300 毫米模擬收入。

Capital expenditures were $249 million in the quarter.

本季度的資本支出為 2.49 億美元。

Free cash flow was $5.73 billion on a trailing 12-month basis, up 42% from a year ago.

過去 12 個月的自由現金流為 57.3 億美元，比一年前增長 42%。

In the second quarter, we paid $606 million in dividends and repurchased $1.02 billion of our own stock for a total return of $1.62 billion in the second quarter.

第二季度，我們支付了 6.06 億美元的股息並回購了 10.2 億美元的自有股票，第二季度的總回報為 16.2 億美元。

We have returned $5.6 billion to owners in the past 12 months, consistent with our strategy to return to owners all of our free cash flow.

在過去的 12 個月裡，我們已經向所有者返還了 56 億美元，這與我們將所有自由現金流返還給所有者的戰略是一致的。

Over the same period, our dividends represented 41% of free cash flow, underscoring their sustainability.

同期，我們的股息佔自由現金流的 41%，凸顯了它們的可持續性。

Our balance sheet remains strong with $5.13 billion of cash and short-term investments at the end of the second quarter.

截至第二季度末，我們的資產負債表依然強勁，現金和短期投資達 51.3 億美元。

In the quarter, we retired $0.5 billion of debt as it became due and raised $1.5 billion of 30-year debt with a coupon of 4.15%.

在本季度，我們償還了 5 億美元的到期債務，並籌集了 15 億美元的 30 年期債務，息票率為 4.15%。

We currently have total debt of $5.1 billion with a weighted average coupon of 2.77%.

我們目前的總債務為 51 億美元，加權平均息票率為 2.77%。

Inventory days were 135, up 2 days from a year ago and within our expected range.

庫存天數為 135 天，比一年前增加 2 天，在我們的預期範圍內。

We continue to believe there is strategic value in owning and controlling our inventory.

我們仍然相信擁有和控制我們的庫存具有戰略價值。

Turning to our outlook for the third quarter, we expect TI revenue in the range of $4.11 billion to $4.45 billion and earnings per share to be in the range of $1.41 to $1.63, which includes an estimated $10 million discrete tax benefit.

談到我們對第三季度的展望，我們預計 TI 收入在 41.1 億美元至 44.5 億美元之間，每股收益在 1.41 美元至 1.63 美元之間，其中包括估計 1000 萬美元的離散稅收優惠。

We continue to expect our ongoing annual operating tax rate to be about 20% in 2018 and 16% starting in 2019.

我們繼續預計 2018 年我們的持續年度營業稅率約為 20%，從 2019 年開始為 16%。

Just as a reminder, the higher tax rate this year is due to noncash charges.

提醒一下，今年較高的稅率是由於非現金費用。

More detail of our expectations for taxes can be found on our website under Financial Summary Data.

有關我們對稅收預期的更多詳細信息，請訪問我們網站的“財務摘要數據”部分。

In closing, I'll note that the strength of our business model was demonstrated throughout our financial performance over the last few years from top-line growth and margin expansion to free cash flow generation.

最後，我要指出，我們的商業模式的優勢在過去幾年的整個財務業績中得到了體現，從收入增長和利潤率擴張到自由現金流的產生。

We continue to invest in our competitive advantages, which are manufacturing and technology, portfolio breadth, market reach and diverse and long-lived products.

我們繼續投資於我們的競爭優勢，即製造和技術、產品組合廣度、市場範圍以及多樣化和長壽命的產品。

We will continue to strengthen these advantages through disciplined capital allocation and by focusing on the best products, analog and embedded processing, and the best markets, industrial and automotive, which I believe will enable us to continue to improve and deliver free cash flow per share growth for a long time to come.

我們將繼續通過嚴格的資本配置和專注於最好的產品、模擬和嵌入式處理以及最好的市場、工業和汽車來加強這些優勢，我相信這將使我們能夠繼續改善並提供每股自由現金流未來很長一段時間的增長。

With that, let me turn it back to Dave.

有了這個，讓我把它轉回給戴夫。

Thanks, Rafael.

謝謝，拉斐爾。

Operator, you can open up the lines for questions.

接線員，您可以打開問題線。

(Operator Instructions) Operator?

（操作員說明）操作員？

(Operator Instructions) And we'll take our first question from John Pitzer from Credit Suisse.

（操作員說明）我們將從瑞士信貸的 John Pitzer 那裡回答我們的第一個問題。

David, my first question is just on the High Volume Analog segment.

大衛，我的第一個問題是關於高容量模擬部分。

I think in your prepared comments, you had mentioned that it declined year-over-year in the June quarter.

我認為在您準備好的評論中，您曾提到它在 6 月季度同比下降。

I'm kind of curious, to what extent was that by choice as you pruned the portfolio?

我有點好奇，在你修剪投資組合時，選擇在多大程度上是這樣的？

To what extent then do you think that that's just a handset phenomenon as it builds last year for product cycles were more robust than this year?

那麼在多大程度上您認為這只是一種手機現象，因為去年產品週期比今年更強勁？

And to what extent do you feel that might be a leading indicator for maybe some excess in the "cycle"?

您認為這在多大程度上可能是“週期”中可能有些過剩的領先指標？

Yes, John.

是的，約翰。

Thanks for asking that question.

謝謝你問這個問題。

I think what we're seeing there is a result of how we've been allocating our resources in R&D.

我認為我們所看到的是我們如何在研發中分配資源的結果。

And if you remember back in February in our capital management calls, we went through that and we've got a pretty disciplined process.

如果你還記得 2 月份在我們的資本管理電話會議上，我們經歷了這些，我們有一個非常有紀律的過程。

And essentially, what we're trying to do is steer more money to long-lived revenue opportunities where we've got some level of differentiation, and we'll have that for some time.

從本質上講，我們正在努力做的是將更多的資金用於長期的收入機會，在這些機會中我們有一定程度的差異化，而且我們會持續一段時間。

So I think when you look at the results overall, revenue grew 12% year-over-year.

所以我認為當你看整體結果時，收入同比增長了 12%。

That's inclusive of what happened inside of High Volume.

這包括 High Volume 內部發生的事情。

And again, I think that that's a result of allocating resources to the best sustainable opportunities.

再一次，我認為這是將資源分配給最佳可持續機會的結果。

If you drop down into there in the prepared comments, obviously, industrial and automotive continued to do well.

如果您在準備好的評論中深入了解，顯然，工業和汽車繼續表現良好。

Inside of HVAL, you'd see that industrial and automotive did well as well.

在 HVAL 內部，您會看到工業和汽車行業也表現出色。

It just doesn't make up as much of a percentage of that revenue.

它只是沒有佔該收入的那麼多百分比。

So anyway, we're pleased with that outcome and not surprised by it.

所以無論如何，我們對這個結果感到滿意，並不感到驚訝。

You have a follow on, John?

你有後續嗎，約翰？

Yes, Dave.

是的，戴夫。

That was helpful.

那很有幫助。

And then, Rafael, as my follow-on, I know it's probably better to look at the business trends on a year-over-year basis rather than sequential.

然後，拉斐爾，作為我的後續行動，我知道按年比而不是按順序查看業務趨勢可能更好。

And on a year-over-year, you showed really good operating margin leverage in the Embedded business, but sequentially, it was flat on up revenue and then there's still that gap between Embedded op margins and Analog op margins.

與去年同期相比，您在嵌入式業務中表現出非常好的營業利潤率，但按順序，收入持平，然後嵌入式業務利潤率和模擬業務利潤率之間仍然存在差距。

How do you think about the leverage in the Embedded market from here?

從這裡您如何看待嵌入式市場的影響力？

And will we ever close that gap between Embedded and Analog?

我們會縮小嵌入式和模擬之間的差距嗎？

So let me step back and take you back to our capital management strategy and some of the things that we say there and how we think about driving value for the owners of the company.

所以讓我退後一步，帶你回到我們的資本管理戰略和我們在那裡所說的一些事情，以及我們如何考慮為公司所有者創造價值。

And to us, it all comes down to growing free cash flow per share.

對我們來說，這一切都歸結為每股自由現金流的增長。

So it's not operating margin.

所以這不是營業利潤率。

It's not gross margin.

這不是毛利率。

It's not Analog versus Embedded.

這不是模擬與嵌入式。

It's all about growing free cash flow per share.

這一切都與每股自由現金流的增長有關。

Both of those business are in and we expect to continue to be contributors to that free cash flow per share.

這兩項業務都在進行中，我們預計將繼續為每股自由現金流做出貢獻。

So the focus is growing the top line.

因此，重點是增加收入。

As we continue to invest in what we think are the best markets, industrial and automotive, and in the case of Analog, as we continue to expand our 300-millimeter footprint that -- where we have a structural cost advantage.

隨著我們繼續投資於我們認為最好的市場，工業和汽車，以及在模擬的情況下，隨著我們繼續擴大我們的 300 毫米足跡——我們在其中具有結構性成本優勢。

And we have Timothy Arcuri from UBS on.

我們有來自瑞銀的 Timothy Arcuri。

I had a question on the guidance.

我對指南有疑問。

The June numbers were a little bit below seasonal.

6 月份的數據略低於季節性。

And I know that seasonal is hard to really figure out what's actually normal, but that was kind of coming off more difficult Q1 comps.

而且我知道季節性很難真正弄清楚什麼是正常的，但這有點來自更困難的 Q1 組合。

But if I look at the September quarter guidance, it's a few hundred basis points below seasonal and it's up like 300 basis points year-over-year, which is the lowest in a couple of years.

但如果我看一下 9 月季度的指導，它比季節性低幾百個基點，同比上漲 300 個基點，這是幾年來的最低水平。

Is there any element of more difficult comps?

有沒有更難的組合的元素？

Or is there, in fact, some kind of channel inventory headwinds?

或者實際上是否存在某種渠道庫存逆風？

Yes, Tim.

是的，蒂姆。

I'd just say that when we put together our guidance, the 2 strongest signals that we see are orders that we get from customers as well as the demand that we -- demand feeds that we get through our consignment programs.

我只想說，當我們把我們的指導放在一起時，我們看到的兩個最強烈的信號是我們從客戶那裡得到的訂單以及我們的需求——我們通過寄售計劃獲得的需求。

And I would just say that -- if there's something specific to call out, as we have in the past, if there was a specific customer or specific end market or something like that, that was changing, we would let you know about that.

我只想說——如果有什麼特別的事情要說，就像我們過去所做的那樣，如果有特定的客戶或特定的終端市場或類似的東西，那正在發生變化，我們會讓你知道的。

And as example, lead times remain stable.

例如，交貨時間保持穩定。

Cancellations remain low.

取消率仍然很低。

Reschedules remain low.

重新安排的時間仍然很少。

We look at inventory and the channels, that remains steady at about 4 weeks.

我們查看庫存和渠道，保持穩定在 4 週左右。

So we really don't see any changes from that standpoint.

所以從這個角度來看，我們真的看不到任何變化。

And the other thing -- and as you pointed out, when you look at a couple of data points, it's hard to describe what is exactly seasonal.

另一件事——正如你所指出的，當你查看幾個數據點時，很難描述什麼是季節性的。

And so if you look over the last 5 years, we've had a 9% sequential growth.

因此，如果您回顧過去 5 年，我們的連續增長率為 9%。

Three of those 5 years has been at 6%.

這 5 年中的 3 年一直是 6%。

And if you look over a 10-year period, it's 7%.

如果你看一下 10 年的時間段，它是 7%。

So certainly, our guidance from a seasonal standpoint is certainly within the range of things that we've seen in the past.

因此，從季節性的角度來看，我們的指導肯定在我們過去所見的範圍內。

You have a follow-on?

你有後續嗎？

And then, I guess, just as a quick follow-on, Dave, can you give what orders and book-to-bill were?

然後，我想，就像快速跟進一樣，戴夫，你能說出訂單和訂單到賬單是什麼嗎？

I can give that.

我可以給。

Let me just find it.

讓我找到它。

Yes, so orders -- book-to-bill -- orders were up 10% sequentially.

是的，所以訂單——訂單到賬單——訂單環比增長了 10%。

Book-to-bill was 1.06.

訂單出貨比為 1.06。

I'll point out it was 1.06 a year ago and 1.03 last quarter.

我要指出的是，一年前是 1.06，上個季度是 1.03。

I always feel the need to comment on book-to-bill with about 60% of our revenue going through consignment programs where we don't get any orders in advance pull from that demand.

我總是覺得有必要對預訂到賬單發表評論，因為我們大約 60% 的收入來自寄售計劃，在這些計劃中我們沒有提前從該需求中獲得任何訂單。

So book-to-bill isn't as strong of a signal or at least as clear of a signal as what it used to be in the past.

因此，book-to-bill 信號不像過去那樣強烈，或者至少不像過去那樣清晰。

And we'll take our next caller from Ross Seymore from Deutsche Bank.

我們將接聽來自德意志銀行的 Ross Seymore 的下一位來電。

Dave, just want to ask about from -- not necessarily a cyclical point of view, but from a macro point of view.

戴夫，只想從——不一定是周期性的角度，而是從宏觀的角度來問。

With all the discussion of trade wars, tariffs, et cetera, I know you haven't called out seeing anything per your answer to the last question, but just how does TI in general think about that dynamic as potentially impacting your business?

在所有關於貿易戰、關稅等的討論中，我知道您對最後一個問題的回答並沒有指出任何內容，但 TI 總體上如何看待這種動態可能影響您的業務？

And are you, in fact, seeing any impact as of yet?

事實上，您是否看到了任何影響？

Yes, Ross.

是的，羅斯。

I'll go ahead and take that.

我會繼續接受那個。

First, let me state TI's long-term support of free trade and strong IP protection.

首先，讓我聲明 TI 長期以來對自由貿易的支持和強有力的知識產權保護。

And those are both important to TI and the broader SC industry.

這些對 TI 和更廣泛的 SC 行業都很重要。

So we continue -- we feel that way.

所以我們繼續 - 我們有這種感覺。

We have stated, we had been in that position for a long time and we continue to do that and advocate that.

我們已經聲明，我們已經擔任該職位很長時間了，我們將繼續這樣做並提倡這樣做。

Specifically on the tariffs that have been announced on integrated circuits, those are still subject to public comment through the end of July, so those are not in place yet.

特別是已經公佈的集成電路關稅，到7月底還在徵求意見，所以還沒有到位。

If -- once they go into effect or if they go into effect, remember, they will apply to goods that are deemed of Chinese origin that are then imported into the United States.

如果——一旦它們生效，或者如果它們生效，請記住，它們將適用於被視為中國原產然後進口到美國的商品。

For TI, only about 13% of our revenue is imported into the United States.

對於 TI，只有大約 13% 的收入是進口到美國的。

In other words, 87% of our revenue is exports, so not subject to U.S. tariffs.

換句話說，我們 87% 的收入來自出口，因此不受美國關稅的約束。

And that 13%, only a sliver of that has Chinese origin as a -- would be deemed as Chinese origin.

而那 13%，只有一小部分具有中國血統——將被視為中國血統。

So bottom line, only about 1% of our revenue would have those tariffs applied to it.

所以歸根結底，只有大約 1% 的收入會被徵收這些關稅。

And that's before we make any potential -- any adjustments, supply chain and other things that we could do to even minimize that impact further.

那是在我們做出任何潛力之前——任何調整、供應鍊和我們可以做的其他事情，以進一步減少這種影響。

So at the end of the day, we don't see a major or even or any direct impact other than some minimal impact.

因此，歸根結底，除了一些最小的影響外，我們看不到重大甚至任何直接影響。

Now, that's not to say that at a macro level, that could have an impact, but that's a very macro comment that goes beyond TI and beyond the semiconductor industry that free trade -- anything against free trade between the 2 largest economies in the world, that could eventually have a macro effect that would be detrimental to everybody.

現在，這並不是說在宏觀層面上，這可能會產生影響，但這是一個非常宏觀的評論，它超越了 TI 和半導體行業，即自由貿易——任何反對世界兩大經濟體之間自由貿易的事情，這最終可能會產生對每個人都不利的宏觀影響。

You have a follow-on Ross?

你有後續的羅斯嗎？

Yes, I do.

是的，我願意。

Just switching back to your product segments, it seemed like Analog sequentially was pretty much in line what we've seen for the last few years, but Embedded was lower and Other was much higher than what we've seen.

只是切換回您的產品細分，看起來模擬順序與我們過去幾年所看到的幾乎一致，但嵌入式比我們所看到的要低得多，而其他則要高得多。

And I know you guys think of things year-over-year, but if we look at it sequentially, is there any reasons behind the Embedded being lower and the Other being so much higher?

我知道你們年復一年地思考問題，但如果我們按順序看，嵌入式較低而其他較高的背後是否有任何原因？

Yes.

是的。

I think if you look at Embedded, it has a higher percentage of comms equipment.

我想如果你看看嵌入式，它有更高比例的通信設備。

So it was impacted by that.

所以它受到了影響。

And then in Other, don't forget that we've got calculators sit inside of that business.

然後在其他方面，不要忘記我們在該業務中使用了計算器。

So we've got strong seasonality in second and third quarter.

所以我們在第二和第三季度有很強的季節性。

We have our next question from Amit Daryanani from RBC Capital Markets.

RBC Capital Markets 的 Amit Daryanani 提出了下一個問題。

I guess, 2 questions for me as well.

我想，我也有 2 個問題。

Maybe first off, could you quantify the revenue impact you had from -- not your word, mine -- but product rationalization or product optimization that you guys went through in the June quarter?

也許首先，您能否量化你們在 6 月季度經歷的產品合理化或產品優化對收入的影響？

And does that revenue headwind, if you may, flow into the September quarter as well to some degree?

如果可以的話，這種收入逆風是否也會在某種程度上流入 9 月季度？

Amit, can you clarify what you mean by product rationalization?

阿米特，你能澄清一下產品合理化的意思嗎？

Yes.

是的。

I think, Dave, when you talked about the consumer-centric markets, you talked about how some of the revenue declines there were driven by the fact that you just decided not to participate in some of these markets, a reflection of how your R&D budgets are tracked over time.

我認為，Dave，當你談到以消費者為中心的市場時，你談到了收入下降的部分原因是你決定不參與其中的一些市場，這反映了你的研發預算隨著時間的推移被跟踪。

Is that fair?

這公平嗎？

And if so, I guess, how much was that revenue impact driven by?

如果是這樣，我想，這種收入影響有多大？

Well, I think if you look -- and we shared this back in February on our capital management call.

好吧，我想如果你看——我們在 2 月份的資本管理電話會議上分享了這一點。

As we looked at allocating resources across end markets and specifically in personal electronics, when you compare our spend there versus 5 and 10 years ago, it's lower.

當我們著眼於在終端市場尤其是個人電子產品中分配資源時，當你將我們在那裡的支出與 5 年前和 10 年前進行比較時，它會更低。

Now, it's not 0. There's still good opportunities that we find inside of personal electronics and continue to invest.

現在，它不是 0。我們仍然可以在個人電子產品中找到並繼續投資的好機會。

We're just looking for sustainable growth opportunities inside of that space.

我們只是在那個空間內尋找可持續增長的機會。

So that's really what we're talking about.

所以這就是我們正在談論的。

So again, the first question came in specifically about one of the businesses inside of our Analog segment.

所以，第一個問題又是關於我們模擬部門內部的一項業務。

I think you have to judge the efficiency of our capital allocation by the total results.

我覺得你要通過總的結果來判斷我們的資金配置效率。

And that's where we're quite pleased with.

這就是我們非常滿意的地方。

So does that help to answer your question?

那麼這有助於回答您的問題嗎？

No, that's helpful.

不，那很有幫助。

And I guess, if I could just follow-up, you guys have had multiple quarters of gross margin expansion, very consistent on a year-over-year basis.

我想，如果我能跟進的話，你們已經有多個季度的毛利率擴張，與去年同期相比非常一致。

As you think about the back half of '18, can you maybe talk about what are the levers that could enable gross margins to continue to expand from here?

當您考慮 18 年下半年時，您能否談談可以使毛利率從這裡繼續擴大的槓桿是什麼？

And do you feel comfortable that gross margin should expand in the back half?

你覺得下半年毛利率應該擴大嗎？

Yes.

是的。

I'll go ahead and take that, Amit.

我會繼續接受那個，阿米特。

As we have talked about in capital management and in other settings, our focus for value creation for the owners of the company is free cash flow per share.

正如我們在資本管理和其他環境中談到的那樣，我們為公司所有者創造價值的重點是每股自由現金流。

It's not gross margin.

這不是毛利率。

It's not operating margin.

這不是營業利潤率。

It's dollars of free cash flow per share.

這是每股美元的自由現金流。

So the opportunity for expanding that and continuing to grow that are simple.

因此，擴展它並繼續增長的機會很簡單。

It's the top line as we continue to invest in the best products and the best markets and the best markets because that's where the semiconductor content is expanding and we continue to gain share there.

這是我們繼續投資於最好的產品和最好的市場以及最好的市場的最高線，因為這是半導體內容不斷擴大的地方，我們繼續在那裡獲得份額。

And then, 300-millimeter.

然後，300 毫米。

We have talked about that for a number of years.

我們已經討論了很多年。

As of last year, about $4 billion of our revenue went through 300-millimeter, 4 out of 10 in the Analog space.

截至去年，我們約有 40 億美元的收入來自 300 毫米，十分之四在模擬領域。

So that leaves a lot of room for continued expansion on 300-millimeter and continuing to grow that free cash flow per share.

因此，這為 300 毫米的繼續擴張和繼續增加每股自由現金流留下了很大的空間。

We'll take our next question from Harlan Sur from JP Morgan.

我們將從摩根大通的 Harlan Sur 那裡回答下一個問題。

Solid job on the quarterly execution and strong free cash flow generation.

紮實的​​季度執行工作和強勁的自由現金流生成。

Your focused markets, automotive, you've got 5 subsegments.

你的重點市場，汽車，你有 5 個細分市場。

Industrial, you've got 14 subsegments.

工業，您有 14 個子細分市場。

Can you guys just give us a sense on the breadth of the year-over-year growth in these markets?

你們能告訴我們這些市場同比增長的廣度嗎？

Were a majority of these subsegments up year-over-year?

這些細分市場中的大多數是否同比增長？

Any color here would be helpful.

這裡的任何顏色都會有所幫助。

Yes, Amit -- I'm sorry, Harlan.

是的，阿米特——對不起，哈倫。

The -- when you look at that growth, we're really pleased with it.

- 當你看到這種增長時，我們真的很高興。

It's very broad-based.

它的基礎非常廣泛。

And when you look at all of the sectors, out of the 19 combined that we had, 18 of them actually grew.

當你查看所有的部門時，在我們擁有的 19 個部門中，有 18 個實際上增長了。

So it's very broad-based.

所以它的基礎非常廣泛。

I think when you look across these different products, different investments and we look at our design-ins in our pipeline, those continue to be very broad-based.

我認為，當你審視這些不同的產品、不同的投資，並且我們審視我們管道中的設計時，這些仍然是非常廣泛的。

So that gives us confidence in the sustainability of that growth.

因此，這使我們對這種增長的可持續性充滿信心。

And of course, it doesn't mean that we won't see cyclical headwinds at some point.

當然，這並不意味著我們不會在某個時候看到週期性逆風。

But when you look at it from a 5- and 10-year standpoint, we feel really good about the progress that we've made.

但是當你從 5 年和 10 年的角度來看它時，我們對我們所取得的進步感到非常滿意。

Do you have a follow-on, Harlan?

你有後續嗎，哈倫？

Yes.

是的。

And so kind of to follow-up on that, maybe from a geographical perspective, right?

也許從地理角度來看，對此進行跟進，對吧？

I think last quarter, all regions -- and I know this is ship to, right?

我想上個季度，所有地區——我知道這是運送到的，對吧？

This is ship to data, but still, nevertheless, important, but last quarter, I think all regions were up except for Japan.

這是出貨數據，但仍然很重要，但上個季度，我認為除日本外，所有地區都出現了增長。

What did you see this quarter?

本季度你看到了什麼？

That is the same story.

這是同一個故事。

And my friends in Japan, I've talked to them a couple of times.

還有我在日本的朋友，我和他們談過幾次。

They're -- give them a shout-out to them that the revenue is down, but when you look at -- we've got some reporting tools that allow us to look through what we call channel independent reporting.

他們 - 讓他們大聲說收入下降了，但當你看到 - 我們有一些報告工具可以讓我們查看我們所謂的渠道獨立報告。

And as you mentioned, it's a ship to.

正如你提到的，它是一艘船。

So they're continuing to make progress with the customers there.

所以他們繼續與那裡的客戶取得進展。

Just a lot of that revenue ends up shipping either somewhere in Asia or it ships in Europe or in the U.S. even though it's designed in there.

這些收入中有很大一部分最終要么運往亞洲某個地方，要么運往歐洲或美國，即使它是在那裡設計的。

So -- but the actual measurement that we have is the shipping label on the box.

所以——但我們的實際測量值是盒子上的運輸標籤。

So unfortunately, they're still called out on the conference call, which I know they're not happy about.

所以不幸的是，他們仍然在電話會議上被召集，我知道他們對此並不高興。

And we'll take our next question from Vivek Arya from Bank of America.

我們將從美國銀行的 Vivek Arya 那裡回答下一個問題。

For the first one, your CapEx is now -- I think it was over 6% in Q2.

對於第一個，你的資本支出現在——我認為它在第二季度超過了 6%。

I think trailing 4 quarters, it's 5.5%.

我認為過去 4 個季度是 5.5%。

Depreciation is now below CapEx.

折舊現在低於資本支出。

So where are all these incremental investments going?

那麼，所有這些增量投資都將流向何方？

And what is the right long-term model we should assume for CapEx and depreciation?

我們應該為資本支出和折舊假設正確的長期模型是什麼？

Yes.

是的。

Let me take that.

讓我拿那個。

First, let me step back to remind you what the objective is, right, for CapEx.

首先，讓我退後一步，提醒您資本支出的目標是什麼。

It's to invest to support new technology development and revenue growth and specifically to extend our low-cost manufacturing advantage, including 300-millimeter, which maximizes our opportunity to grow free cash flow per share for the long term.

這是投資以支持新技術開發和收入增長，特別是擴大我們的低成本製造優勢，包括 300 毫米，這最大限度地增加了我們長期增加每股自由現金流的機會。

So we -- it's the percent of revenue is an interesting metric to have in mind, but the real driver is that long-term growth of free cash flow per share.

所以我們 - 這是收入的百分比是一個有趣的指標，但真正的驅動因素是每股自由現金流的長期增長。

So we have been -- and in periods of sustained strong demand, that CapEx tends to go up and that's part of what you're seeing.

所以我們一直 - 在持續強勁的需求時期，資本支出往往會上升，這就是你所看到的一部分。

That CapEx is going to -- is going primarily to support 300-millimeter.

資本支出將主要用於支持 300 毫米。

There are other things.

還有其他事情。

There's assembly test.

有組裝測試。

There's even other factories where we invest some of that CapEx, but predominantly, it's to continue to expand that footprint of 300-millimeter within RFAB and DMOS6, existing fabs.

我們甚至在其他工廠投資了一些資本支出，但主要是繼續擴大現有晶圓廠 RFAB 和 DMOS6 中 300 毫米的足跡。

Before you go to the next question, I want to go ahead and make a point on free cash flow -- on our free cash flow growth.

在你進入下一個問題之前，我想繼續談談自由現金流——關於我們的自由現金流增長。

In the trailing 12 months, free cash flow grew $1.7 billion from about $4 billion to $5.7 billion, that's a 42% increase.

在過去的 12 個月裡，自由現金流從大約 40 億美元增加到 57 億美元，增長了 17 億美元，增幅為 42%。

So what was that driven -- what drove that?

那是什麼驅動的——是什麼驅動的？

First and foremost, our profit before tax grew about $1 billion in that comparison.

首先，我們的稅前利潤在那個比較中增長了大約 10 億美元。

So that is higher revenue, more revenue driven by industrial and automotive, which, again, drove the majority of the revenue growth; and more 300-millimeter, which, to the question earlier, that continues to help with the expansion of free cash flow.

所以這是更高的收入，更多的收入是由工業和汽車驅動的，這再次推動了大部分收入增長；以及更多 300 毫米，對於之前的問題，這將繼續幫助擴大自由現金流。

Then second and obviously, tax reform.

其次，顯然是稅制改革。

So in the United States, we had a -- we have tax reform and, as we have talked about, that did lower our tax rate in 2018 versus the previous year in a significant way.

因此，在美國，我們進行了稅收改革，正如我們所討論的那樣，與前一年相比，這確實在很大程度上降低了我們 2018 年的稅率。

Additionally, we had about $200 million year-to-date of one-time tax-related benefits that are also associated with tax reform.

此外，我們今年迄今獲得了約 2 億美元的一次性稅收相關福利，這些福利也與稅制改革相關。

So that also played a factor in that comparison.

因此，這也在該比較中發揮了作用。

Okay.

好的。

Vivek, do you have a follow-up?

Vivek，你有後續行動嗎？

Yes, Thanks, Dave.

是的，謝謝，戴夫。

Beyond just the trade issue, I know there has been talk of shortages of passive components.

除了貿易問題，我知道還有人在談論無源元件短缺。

I know you guys don't supply that, but your other peers do.

我知道你們不提供這些，但您的其他同行提供。

But have you seen your customers behave in a different way, stock up, stock down on various things that might impact your trajectory just because your customers might be short of other components to help complete their systems?

但是您是否看到您的客戶以不同的方式行事，囤積、減少各種可能影響您的軌蹟的事情，僅僅因為您的客戶可能缺少其他組件來幫助他們完成他們的系統？

Yes, Vivek.

是的，維維克。

I think one thing that we've spent a lot of time trying to do and remain focused on is keeping lead times stable.

我認為我們花了很多時間嘗試做並保持專注的一件事是保持交貨時間穩定。

And for the vast majority of our products, they continue to remain stable.

對於我們的絕大多數產品，它們繼續保持穩定。

And that doesn't mean that we don't have hotspots and, of course, we'll work with customers to close those gaps as aggressively as we can.

這並不意味著我們沒有熱點，當然，我們將與客戶合作，盡可能積極地縮小這些差距。

And the other important metric that we look at inside of that is on-time shipping performance.

我們在其中查看的另一個重要指標是準時發貨績效。

So you've got a stated lead time and if you're not shipping inside of that, customers tend to get nervous.

所以你有一個規定的交貨時間，如果你沒有在規定時間內發貨，客戶往往會感到緊張。

And that has continued to remain at very, very high levels.

而且這一直保持在非常非常高的水平。

So we can't see any bottlenecks from customers not being able to get product from other places that shows up in the order book specifically.

因此，我們看不到客戶無法從訂單簿中具體顯示的其他地方獲得產品的任何瓶頸。

Could it be there?

它會在那裡嗎？

It certainly could be, but it's not something that we would have visibility into.

它當然可以，但這不是我們可以看到的東西。

So I think we just remain focused on what we can control, which is the lead times and shipping performance, customers can have confidence in getting product from us.

所以我認為我們只關注我們可以控制的東西，即交貨時間和運輸性能，客戶可以有信心從我們這裡獲得產品。

And we'll take our next question from Stacy Rasgon from Bernstein Research.

我們將從 Bernstein Research 的 Stacy Rasgon 那裡回答下一個問題。

My first one is ask about the near-term OpEx trajectory.

我的第一個問題是詢問近期的運營支出軌跡。

Normally in Q3, you'd probably be down a little bit sequentially.

通常在第三季度，你可能會連續下降一點。

Is there any drivers or anything that could be going on that would make things into this Q3 different than what we might ordinarily have seen given, I guess, some of the historical trends that we've seen leading into this?

是否有任何驅動因素或任何可能發生的事情會使第三季度的情況與我們通常看到的不同，我想，我們已經看到導致這一情況的一些歷史趨勢？

Well, Stacy, as you know, we give revenue guidance and EPS guidance and stop it at that unless there were any unusual trends and if so -- right between the lines, and if so, we would point that out.

好吧，Stacy，正如你所知，我們提供收入指導和 EPS 指導並在此停止，除非有任何不尋常的趨勢，如果是這樣 - 就在字裡行間，如果是這樣，我們會指出這一點。

We're not pointing that out because there's nothing unusual.

我們沒有指出這一點，因為沒有什麼不尋常的。

So you should expect just our usual trends within reasonable ranges.

所以你應該期待我們在合理範圍內的通常趨勢。

Do you have a follow-on, Stacy?

你有後續嗎，史黛西？

I do.

我願意。

There's an earlier question on CapEx.

關於資本支出有一個較早的問題。

And we know it's elevated now because you guys are out looking for other assets.

我們知道它現在有所提升，因為你們正在尋找其他資產。

At the same time, obviously, as you continue to grow, you're filling up 300-millimeter and that's a margin benefit.

與此同時，很明顯，隨著你繼續增長，你正在填滿 300 毫米，這是一個邊際收益。

Do you think, over time, the benefit from increasing penetration in 300-millimeter more than offsets the depreciation expense on your gross margins?

您是否認為，隨著時間的推移，增加 300 毫米滲透率所帶來的好處會抵消您毛利率的折舊費用？

Well, so the way I like to look at this is from a cash standpoint.

好吧，所以我喜歡從現金的角度來看這個問題。

So I think of that investment as cash flowing out, the first cell on your spreadsheet, and then after that is return.

所以我認為這種投資是現金流出，電子表格的第一個單元格，然後是回報。

I don't think about it for those purposes from a depreciation standpoint.

從折舊的角度來看，我不會出於這些目的考慮它。

So as we continue to invest on 300, we think that is -- those are very good, long-term investments that will last for a long time.

因此，當我們繼續投資 300 時，我們認為 - 這些都是非常好的長期投資，將持續很長時間。

Any time we put any of these tools in place and the cash fall-through on those investments is pretty high.

任何時候我們使用這些工具中的任何一個，這些投資的現金流失都非常高。

And we have one more question from Joe Moore from Morgan Stanley.

我們還有一個來自摩根士丹利的喬摩爾的問題。

Great.

偉大的。

You said that some of your personal electronics markets were up and some were down.

你說你的個人電子產品市場有的上漲，有的下跌。

Can you give me a bit more color on which?

你能給我多一點顏色嗎？

And I know smartphones, in particular, I think grew in Q1.

我特別了解智能手機，我認為它在第一季度有所增長。

Did smartphones continue to grow into Q2?

智能手機是否繼續增長到第二季度？

Yes, Joe.

是的，喬。

I won't go into that level of detail.

我不會深入到那種程度的細節。

We did want to give some color on what was going on inside of personal electronics that we see -- we saw multiple sectors growing inside of there.

我們確實想給我們看到的個人電子產品內部發生的事情一些顏色——我們看到裡面有多個部門在增長。

We had some customers that were growing, but also wanted to point out not all customers were growing.

我們有一些客戶在增長，但也想指出並非所有客戶都在增長。

So that's what we saw.

這就是我們所看到的。

I think what that illustrates is the power of having a diverse product portfolio and being able to sell to multiple customers.

我認為這說明了擁有多樣化產品組合併能夠向多個客戶銷售產品的力量。

And kind of to my point earlier, we look at the opportunity inside of personal electronics, longer term, we don't see that as a significant growth engine for us, but it is a place that we continue to invest.

就我之前的觀點而言，我們著眼於個人電子產品內部的機會，從長遠來看，我們並不認為這是我們的重要增長引擎，但這是我們繼續投資的地方。

And we really believe that the majority of the growth is really going to come from industrial and automotive.

我們真的相信，大部分增長將真正來自工業和汽車。

So incrementally, as we've taken up our spend, we've moved it more into those growth areas.

因此，隨著我們支出的增加，我們將更多的資金轉移到這些增長領域。

So -- but again, we're going to have handsets and PCs and those other things for decades to come.

所以——但再一次，我們將在未來幾十年擁有手機和個人電腦以及其他東西。

So we find good opportunities inside of there and want to continue to invest in them.

所以我們在那裡找到了很好的機會，並希望繼續投資。

You have a follow-on, Joe?

你有後續行動嗎，喬？

Yes.

是的。

In terms of the longer-term question on communication infrastructure, obviously, it's been soft for everyone the last few quarters.

就通信基礎設施的長期問題而言，顯然，過去幾個季度對每個人來說都是軟的。

How do you think about the 5G opportunity?

您如何看待5G機遇？

I think the comment that you've made just now and repeatedly that the investment areas are industrial and automotive.

我想你剛才和反复提到的投資領域是工業和汽車。

Do you think there's an opportunity around 5G that you need to invest in?

您認為您需要投資 5G 周圍的機會嗎？

And just to help us understand how that will affect TI.

只是為了幫助我們了解這將如何影響 TI。

Sure.

當然。

Yes.

是的。

So I think, again, I'd refer back to our capital management presentation as we walked through that thinking remains consistent with that.

所以我想，我會再次回顧我們的資本管理演示文稿，因為我們的想法與此保持一致。

So from a comms equipment standpoint, I would say that our investments have shifted over time.

因此，從通信設備的角度來看，我會說我們的投資隨著時間的推移而發生了變化。

If you look at the 5G standards and the things needed to support the new things, new frequencies being added, things like the massive MIMO, antennas that are going in for beamforming and other things like that, that is all complexity that you find in the radio itself.

如果你看看 5G 標準和支持新事物所需的東西，添加的新頻率，像大規模 MIMO，用於波束成形的天線和其他類似的東西，這就是你在收音機本身。

And for us, that translates into Analog products to be able to support that.

對我們來說，這轉化為能夠支持它的模擬產品。

So our spend in Analog is up for supporting that 5G transition.

因此，我們在模擬方面的支出已用於支持 5G 過渡。

It has been for some time when we look at our spend versus, say, 5 and 10 years ago.

與 5 年前和 10 年前相比，我們已經有一段時間了。

But at the same time, that same change in standards and mix really doesn't impact the digital side.

但與此同時，標準和混合方面的相同變化確實不會影響數字方面。

So our spend actually is down on that.

所以我們的支出實際上減少了​​。

So again, I'd describe our growth primarily coming from industrial and automotive as we look over the next decade.

因此，在我們展望未來十年時，我將再次描述我們的增長主要來自工業和汽車。

So that's where we've tried to increase spending, but we will shift spending around to take advantage of things like 5G.

所以這就是我們試圖增加支出的地方，但我們將轉移支出以利用 5G 等優勢。

And I'd just say that, in general, very confident in our position.

我只想說，總的來說，我們對自己的立場非常有信心。

And we've got -- we're building off of a great position inside of 4G as well.

而且我們已經 - 我們也在 4G 內部建立了一個很好的位置。

So we're very pleased with those investments.

所以我們對這些投資非常滿意。

Yes.

是的。

So that was the last call?

所以那是最後一次通話？

Correct.

正確的。

Yes.

是的。

So before we close, I just want to make a point because it wasn't asked, but our results, among other things, demonstrate our continued discipline and execution on capital management strategy.

所以在我們結束之前，我只想說明一點，因為沒有人問，但我們的結果，除其他外，證明了我們對資本管理戰略的持續紀律和執行。

We generated on a trailing 12-month basis $5.7 billion of free cash flow and we returned $5.6 billion of free cash flow in that time frame.

我們在連續 12 個月的基礎上產生了 57 億美元的自由現金流，並且我們在該時間段內返還了 56 億美元的自由現金流。

So virtually, all free cash flow generated was returned to the owners of the company.

因此，幾乎所有產生的自由現金流都返還給了公司的所有者。

That was both through dividends and buybacks.

那是通過股息和回購。

In the case of dividends, on that comparison, it was 41% of free cash flow, so right between our 40% and 60% guidance, but clearly towards the lower end.

就股息而言，相比之下，它佔自由現金流的 41%，正好在我們 40% 和 60% 的指導值之間，但明顯偏低。

So that just underscores the sustainability of those dividends.

因此，這只是強調了這些紅利的可持續性。

Okay.

好的。

Thank you, Rafael, and thank you, all, for joining us.

謝謝拉斐爾，也謝謝大家加入我們。

A replay of this call will be available on our website.

我們的網站上將提供此次通話的重播。

Good evening.

晚上好。

And that concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。