德州儀器 (TXN) 2019 Q2 法說會逐字稿

Good day, and welcome to the Texas Instruments' 2Q '19 Earnings Release Conference Call.

美好的一天，歡迎來到德州儀器 (TI) 的 19 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 Mr. Dave Pahl.

現在，我想將會議轉交給 Dave Pahl 先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining our second quarter 2019 earnings conference call.

下午好，感謝您參加我們 2019 年第二季度的收益電話會議。

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。

For today's call, let me start by summarizing what Rafael and I will be reviewing.

對於今天的電話會議，讓我首先總結一下 Rafael 和我將要審查的內容。

I'll be covering the following topics: first, a high-level summary of the financial results for the second quarter; and second, some details by segment and end market.

我將涵蓋以下主題：首先，對第二季度的財務業績進行高度總結；其次，按細分市場和終端市場劃分的一些細節。

Rafael will then review profitability, capital management results and then the outlook.

拉斐爾隨後將審查盈利能力、資本管理結果以及展望。

After that, we'll open the call for Q&A.

之後，我們將打開問答環節。

Starting with high-level summary of our second quarter financial results:

從我們第二季度財務業績的高級摘要開始：

The quarter progressed about as we expected with revenue decreasing 9% from a year ago due to broad-based weakness.

本季度的進展與我們預期的一樣，由於廣泛的疲軟，收入比一年前下降了 9%。

In our core businesses, Analog revenue declined 6% and Embedded Processing revenue declined 16% compared with the same quarter a year ago.

在我們的核心業務中，與去年同期相比，模擬收入下降了 6%，嵌入式處理收入下降了 16%。

Both businesses' year-on-year growth decelerated.

兩項業務的同比增長均有所放緩。

Earnings per share were $1.36 including a 7-cent benefit for items not in our original guidance.

每股收益為 1.36 美元，其中包括不在我們最初指導中的項目的 7 美分收益。

The benefit includes 4 cents due to the previously announced sale of our Greenock, Scotland fab, with the balance primarily due to discrete tax benefits.

由於先前宣佈出售我們位於蘇格蘭格林諾克的晶圓廠，收益包括 4 美分，餘額主要來自離散的稅收優惠。

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

在此背景下，我現在將提供有關我們業績的詳細信息，我們認為這將繼續代表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。

As we note each quarter, we believe that free cash flow growth, especially on a per-share basis, is most important to maximizing shareholder value in the long term.

正如我們每個季度所指出的那樣，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。

We remain committed to returning all of our free cash flow to owners.

我們仍然致力於將我們所有的自由現金流返還給所有者。

Free cash flow for the trailing 12-month period was $5.9 billion, up 3% from a year ago.

過去 12 個月的自由現金流為 59 億美元，同比增長 3%。

Free cash flow margin for the same period was 38.9% of revenue, up from 36.6% a year ago.

同期自由現金流利潤率為收入的 38.9%，高於一年前的 36.6%。

We continue to benefit from the quality of our 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.

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 only be valued 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 $8 billion of cash to our owners through a combination of dividends and stock repurchases, demonstrating our confidence in our business model and our commitment to return all of our free cash flow to owners.

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我們的所有者返還了 80 億美元現金，表明我們對我們的商業模式充滿信心，以及我們將所有自由現金流返還給所有者的承諾。

Moving on, I'll now provide some details on the second quarter by segment and end market.

繼續，我現在將按細分市場和終端市場提供有關第二季度的一些詳細信息。

From the year-ago quarter, Analog revenue declined 6% due to declines in High Volume, Power and Signal Chain.

與去年同期相比，由於大批量、電源和信號鏈業務的下滑，模擬業務收入下降了 6%。

Embedded Processing revenue declined by 16% from the year-ago quarter due to declines in both product lines, Processors and Connected Microcontrollers.

由於處理器和連接微控制器這兩條產品線的下滑，嵌入式處理收入比去年同期下降了 16%。

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

接下來，我將提供一些關於終端市場與一年前相比本季度表現的見解。

Industrial and automotive together declined upper-single digits due to broad-based weakness.

由於廣泛的疲軟，工業和汽車行業一起下跌了個位數。

Personal electronics declined low-double digits also due to broad-based weakness.

個人電子產品也由於廣泛的疲軟而下跌了兩位數。

In communications equipment, revenue declined sequentially but was about even from a year ago versus a very weak compare.

在通信設備方面，收入環比下降，但與一年前相比持平，相比之下非常疲軟。

And lastly, enterprise systems declined.

最後，企業系統下降了。

In summary, we continue to focus our strategy on the industrial and automotive markets, where we've 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 also provide diversity and longevity.

它們的半導體含量不斷增加，還提供了多樣性和壽命。

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 $2.36 billion or 64.3% of revenue.

本季度毛利為 23.6 億美元，佔收入的 64.3%。

From a year ago, gross profit decreased due to lower revenue.

與一年前相比，由於收入減少，毛利有所下降。

Gross profit margin decreased 90 basis points.

毛利率下降90個基點。

Operating expenses in the quarter were $810 million, down about 2% from a year ago and about as expected.

本季度運營支出為 8.1 億美元，同比下降約 2%，與預期基本一致。

On a trailing 12-month basis, operating expenses were 21.1% of revenue, within our expectations.

在過去 12 個月的基礎上，運營費用佔收入的 21.1%，符合我們的預期。

Over the last 12 months, we have invested $1.57 billion in R&D, an important element of our capital allocation.

在過去的 12 個月裡，我們在研發方面投資了 15.7 億美元，這是我們資本配置的重要組成部分。

We are pleased with our disciplined processes of allocating capital to R&D, which we believe will allow us to continue to grow our top line over the long term.

我們對我們將資金分配給研發的嚴格流程感到滿意，我們相信這將使我們能夠在長期內繼續增長我們的收入。

Acquisition charges, a non-cash expense, were $80 million.

收購費用是一項非現金支出，為 8000 萬美元。

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

截至今年第三季度，收購費用將約為每季度 8000 萬美元，然後在剩餘兩年內降至每季度約 5000 萬美元。

Restructuring charges/other was a credit of $36 million due to the sale of our Greenock, Scotland facility.

由於出售了我們位於蘇格蘭格林諾克的工廠，重組費用/其他費用為 3600 萬美元。

Operating profit was $1.51 billion or 41.1% of revenue.

營業利潤為 15.1 億美元，佔收入的 41.1%。

Operating profit was down 12% from a year-ago quarter.

營業利潤較去年同期下降 12%。

Operating margin for Analog was 43.7%, down from 47% a year ago, and for Embedded Processing was 33.5%, down from 35.4% a year ago.

模擬業務的營業利潤率為 43.7%，低於一年前的 47%，嵌入式處理業務的營業利潤率為 33.5%，低於一年前的 35.4%。

Our focused investments on the best sustainable growth opportunities with differentiated positions will enable both businesses to continue to contribute nicely to free cash flow growth over time.

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將使這兩家公司能夠隨著時間的推移繼續為自由現金流增長做出良好貢獻。

Other income and expense was $52 million benefit, up $28 million primarily due to investment gains and tax-related items.

其他收入和支出為 5200 萬美元的收益，增加了 2800 萬美元，主要是由於投資收益和稅收相關項目。

Net income in the second quarter was $1.31 billion or $1.36 per share, which included a 7-cent benefit for items that were not in our prior outlook, as we have discussed.

第二季度的淨收入為 13.1 億美元或每股 1.36 美元，其中包括我們之前討論過的不在我們先前展望中的項目的 7 美分收益。

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 $1.8 billion in the quarter.

本季度運營現金流為 18 億美元。

Capital expenditures were $284 million in the quarter.

本季度的資本支出為 2.84 億美元。

Free cash flow on a trailing 12-month basis was $5.93 billion.

過去 12 個月的自由現金流為 59.3 億美元。

In the second quarter, we paid $722 million in dividends and repurchased $863 million of our stock for a total return to owners of $1.59 billion.

第二季度，我們支付了 7.22 億美元的股息並回購了 8.63 億美元的股票，為所有者帶來的總回報為 15.9 億美元。

In total, we have returned $8.01 billion in the past 12 months, consistent with our strategy to return all of our free cash flow.

在過去的 12 個月裡，我們總共返還了 80.1 億美元，這與我們返還所有自由現金流的戰略一致。

Over the same period, our dividends represented 47% of free cash flow, underscoring their sustainability.

同期，我們的股息佔自由現金流的 47%，凸顯了它們的可持續性。

Our balance sheet remains strong with $4.22 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 42.2 億美元。

Total debt is $5.8 billion with a weighted average coupon of 2.91%.

總債務為 58 億美元，加權平均息票率為 2.91%。

Inventory days were 143, up eight days from a year ago and down one day sequentially.

庫存天數為 143 天，比去年同期增加 8 天，環比減少 1 天。

We are pleased with the progress we have made replenishing inventory of low volume devices and implementing the next phase of our consignment programs with our distributors.

我們很高興我們在補充低容量設備的庫存以及與我們的分銷商一起實施下一階段的寄售計劃方面取得了進展。

Work in both of these areas will continue in the third quarter.

這兩個領域的工作將在第三季度繼續進行。

We believe there is strategic value in owning and controlling our inventory, and we'll manage it with our long-term objectives in mind.

我們相信擁有和控制我們的庫存具有戰略價值，我們將在管理它時考慮到我們的長期目標。

Turning to our outlook for the third quarter, we expect TI revenue in the range of $3.65 billion to $3.95 billion and earnings per share to be in the range of $1.31 to $1.53, 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 36.5 億美元至 39.5 億美元之間，每股收益在 1.31 美元至 1.53 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 annual operating tax rate to be about 16% for 2019.

我們繼續預計 2019 年的年度營業稅率約為 16%。

In closing, we have just completed our third quarter of year-on-year declines for TI.

最後，我們剛剛完成了 TI 第三季度的同比下降。

As we stated last quarter, if you look at the last 30 years of history in our industry, cycles are always different, but typically you could see four to five quarters of year-on-year declines before year-on-year growth resumes.

正如我們上個季度所說，如果你回顧我們行業過去 30 年的歷史，週期總是不同的，但通常你會看到四到五個季度的同比下降，然後才恢復同比增長。

Again, we're not trying to forecast the cycle but simply offer some historical perspective.

同樣，我們並不是要預測週期，而只是提供一些歷史觀點。

Given our experience, we will stay focused on making TI stronger for the long term.

鑑於我們的經驗，我們將繼續專注於讓 TI 長期變得更強大。

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

我們繼續投資於我們的競爭優勢，即技術和製造、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工業和汽車市場來繼續加強這些優勢，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 now open up the lines for questions.

接線員，您現在可以打開提問線了。

(Operator Instructions) Operator?

（操作員說明）操作員？

(Operator Instructions) We'll take our first question from Vivek Arya with Bank of America.

（操作員說明）我們將接受來自美國銀行的 Vivek Arya 的第一個問題。

For my first one, when you reported three months ago, I think things were looking somewhat more downbeat.

對於我的第一個，當你三個月前報導時，我認為情況看起來更加悲觀。

And I was curious, Rafael or Dave, how would you characterize the current environment.

我很好奇，Rafael 或 Dave，您如何描述當前環境的特徵。

Is it similar?

相似嗎？

Is it better?

好點嗎？

Is it worse?

更糟嗎？

I'm just trying to put your Q3 outlook, which is 4% -- 3% to 4% sequential growth.

我只是想把你的第三季度展望，即 4% - 3% 到 4% 的連續增長。

It's below seasonal trend, but it's still up sequentially.

它低於季節性趨勢，但仍連續上升。

So I'm just trying to get a better sense of how you are seeing the broader environment versus three months ago.

所以我只是想更好地了解與三個月前相比，你如何看待更廣泛的環境。

Yes, I'll start, and if Rafael wants to add anything, he's welcome to.

是的，我會開始，如果 Rafael 想添加任何內容，歡迎他加入。

I think as we stated, the quarter came in about as we expected and that was really across the board.

我認為正如我們所說，該季度的表現與我們預期的差不多，而且確實是全面的。

Really all the end markets performed about as we had expected.

實際上，所有終端市場的表現都符合我們的預期。

We just completed our third quarter of year-on-year declines for TI.

我們剛剛完成了 TI 第三季度的同比下降。

And I think that if you look at history, things are always different when you look at cyclicality, but I think things are performing as we would expect.

而且我認為，如果你回顧歷史，當你看待週期性時，事情總是不同的，但我認為事情正在按照我們的預期進行。

Yes, the only thing I would add is we're ready for any scenario.

是的，我唯一要補充的是我們已經為任何情況做好了準備。

If the economy strengthens, we're ready.

如果經濟走強，我們就準備好了。

If it runs sideways or if it weakens, we're ready.

如果它橫向運行或減弱，我們就準備好了。

And that's both a strategic comment, how we position the company, focused on auto and industrial and catalog products inside of that, but also operationally with our inventory strategy and other things that we're doing to continue to strengthen the company.

這既是一個戰略評論，我們如何定位公司，專注於其中的汽車和工業和目錄產品，但也與我們的庫存戰略和我們正在做的其他事情一起運作，以繼續加強公司。

Right.

正確的。

You have a follow-on, Vivek?

你有後續嗎，Vivek？

So for my follow-on, I'm curious, the sales to China, how is the environment there?

所以對於我的後續，我很好奇，對中國的銷售，那裡的環境如何？

I assume that you don't have a lot of direct specific exposure to Huawei.

我假設您對華為沒有太多直接的具體了解。

But what's the demand environment, I guess, in China and outside of China?

但我想，中國和中國以外的需求環境如何？

But -- are conditions better outside of China?

但是——中國以外的情況更好嗎？

And then within China, how is the demand environment outside of Huawei?

那麼在國內，華為以外的需求環境如何？

Yes, so I think we've said before that Huawei is about 3% to 4% of our revenue overall.

是的，所以我想我們之前說過，華為大約占我們總收入的 3% 到 4%。

It's a mix of comms equipment and some handset in there and some other products.

它是通信設備和一些手機以及其他一些產品的混合體。

And if you look at comms equipment overall, it's 11% of our revenue.

如果你從整體上看通信設備，它占我們收入的 11%。

We had seen some nice growth in our 5G products, as we've talked about before.

正如我們之前談到的那樣，我們已經看到我們的 5G 產品取得了一些不錯的增長。

And if you look from a regional standpoint, I'd say there's nothing unusual going on.

如果你從區域的角度來看，我會說沒有什麼不尋常的事情發生。

We've talked about that in the past when there was.

我們過去曾討論過這個問題。

And certainly, if you look at where we ship product, that's not always indicative of actual end demand or end look-through to those economies, meaning we may ship into one region and that may get packaged up and shipped to another region before it's actually consumed.

當然，如果你看一下我們運送產品的地方，那並不總是表明實際的最終需求或對這些經濟體的最終透視，這意味著我們可能會運送到一個地區，然後可能會在實際發貨之前將其打包並運送到另一個地區消費。

So overall, by the regions, they came in as we expected and nothing unusual.

因此，總體而言，按地區劃分，他們如我們所料進入，沒有什麼不尋常的。

We didn't see anything unusual this quarter.

本季度我們沒有看到任何異常情況。

So thank you, Vivek.

所以謝謝你，Vivek。

We'll hear now from Toshiya Hari with Goldman Sachs.

我們現在將聽到高盛的 Toshiya Hari 的消息。

Guys, based on the comments that you just made, it appears as though your view on the cycle hasn't really changed over the past couple months.

伙計們，根據你們剛才的評論，你們對周期的看法在過去幾個月似乎並沒有真正改變。

That said, I think you guys decided to delay the new fab.

也就是說，我認為你們決定推遲新工廠的建設。

So just curious what kind of thought process went into the decision to push the fab.

所以只是好奇在決定推動晶圓廠時採用了什麼樣的思維過程。

Yes, so just to clarify, we said back in our February capital management call, and really have been saying since then, that we plan to begin building that next factory in the next few years.

是的，所以澄清一下，我們在 2 月份的資本管理電話會議上說過，從那時起我們就一直在說，我們計劃在未來幾年內開始建設下一家工廠。

And that hasn't changed.

這並沒有改變。

There was a filing and it was a proposed amendment to a local tax abatement schedule that has caused some confusion on that topic.

有一份文件是對地方減稅計劃的擬議修正案，在該主題上引起了一些混亂。

But just to say again, as we said back in February, those plans hadn't changed.

但再說一遍，正如我們在 2 月份所說的那樣，這些計劃沒有改變。

You have a follow-on?

你有後續嗎？

I do.

我願意。

And then just going back to the U.S.-China situation, I realize your business tends to be very sticky, but has the backdrop impacted your ability to conduct business in China at all?

然後回到美中關係，我意識到你的業務往往非常粘，但這種背景是否影響了你在中國開展業務的能力？

Or have you sensed any shifts to market share in your business?

或者您是否感覺到您的業務市場份額發生了任何變化？

No, not -- this is Rafael.

不，不是——這是拉斐爾。

No, not at all.

一點都不。

Yes, and I'd just say that our markets, because they're diverse and you see market share doesn't move around quickly, they're just good quality markets.

是的，我只想說我們的市場，因為它們是多樣化的，而且你會看到市場份額不會很快移動，它們只是優質市場。

And one of our competitive advantages, being diversity and longevity, I think helps us in markets like this and situations like that in particular.

我認為我們的競爭優勢之一是多樣性和長壽，這對我們在這樣的市場和那樣的情況下尤其有幫助。

Okay.

好的。

Thank you, Toshiya.

謝謝你，俊也。

We'll take our next question from Ambrish Srivastava with BMO.

我們將接受來自 BMO 的 Ambrish Srivastava 的下一個問題。

I had a question on gross margin flow-through -- fall-through and especially as it relates to utilization and inventory.

我有一個關於毛利率流通的問題——下降，尤其是因為它與利用率和庫存有關。

So free cash flow 12 months trailing, which you always point us to correctly, which is kind of in the same ballpark that you had last quarter, but then inventory was down and the fall-through to margins is much higher incrementally.

因此，12 個月後的自由現金流，你總是正確地指出我們，這與你上個季度的情況差不多，但隨後庫存下降，利潤率的下降逐漸增加。

And I know it's not the same every quarter, but I was just curious if there's something going on there.

而且我知道每個季度都不一樣，但我只是很好奇那裡是否發生了什麼。

What are the puts and takes that caused the incremental fall-through to be higher?

導致增量下跌更高的賣出和賣出是什麼？

Yes, I'll take that.

是的，我會接受的。

From a -- the way you want to think about it is our fall-through, as we have said before, is about 70% to 75%, and you want to look at that on a year-on-year basis.

正如我們之前所說，從一個 - 你想考慮它的方式是我們的失敗，大約是 70% 到 75%，你想在同比的基礎上看。

And even then, this is sometimes a little less, a little more.

即便如此，這有時會少一點，多一點。

But that's the right way to look at it, and this quarter is actually right between that 70% and 75%.

但這是正確的看待方式，本季度實際上恰好在 70% 到 75% 之間。

The other thing I would mention is over a longer time period, over the last many years and we expect this to continue, you're seeing the benefit of 300-millimeter manufacturing.

我要提到的另一件事是在更長的時間段內，在過去的很多年裡，我們預計這種情況會繼續下去，你會看到 300 毫米製造的好處。

That is part of our competitive advantage, manufacturing technology.

這是我們競爭優勢的一部分，即製造技術。

And as we have talked about before, it's just a structural cost advantage because of the geometry of the wafer and the relatively small incremental cost that goes into producing a 300-millimeter wafer versus a 200-millimeter wafer.

正如我們之前談到的，這只是一種結構性成本優勢，因為晶圓的幾何形狀以及生產 300 毫米晶圓與 200 毫米晶圓相比的增量成本相對較小。

So we expect that benefit to continue to accrue to gross margins and ultimately free cash flow margin, which is the one that drives value for the owners of the company.

因此，我們預計這一收益將繼續增加到毛利率和最終的自由現金流利潤率上，這是為公司所有者帶來價值的因素。

Do you have a follow-on, Ambrish?

你有後續嗎，Ambrish？

Yes, I did, and this is more blocking and tackling and I know you guys have correctly refrained from calling a cycle because everybody's track record, including my own, is absolutely wrong on that front.

是的，我做到了，這是更多的阻擋和攔截，我知道你們正確地避免了調用循環，因為每個人的記錄，包括我自己的記錄，在這方面都是絕對錯誤的。

But bookings, cancellations and lead times, where are we on these metrics?

但是預訂、取消和交貨時間，我們在這些指標上處於什麼位置？

Yes, I think if you look at those metrics overall, I'd say that inventory in the channel, and more broadly, I think you're looking at kind of cyclical metrics that you look at, inventory in the channel was down about a day.

是的，我想如果你從整體上看這些指標，我會說渠道中的庫存，更廣泛地說，我認為你正在查看你所看到的某種週期性指標，渠道中的庫存下降了大約天。

Still at about 4.5 weeks and has been steady at that for a couple of quarters now.

仍然在大約 4.5 週，並且現在已經穩定了幾個季度。

Order rates, when we look at those, those looked normal as they came through.

訂單率，當我們查看這些時，它們看起來很正常。

Cancellations were down a little bit from last quarter but really didn't change much.

取消訂單比上一季度有所下降，但變化不大。

And then our lead times overall have remained stable.

然後我們的交貨時間總體上保持穩定。

Certainly, they were stable as things got more heated in the industry.

當然，隨著行業變得越來越熱，它們是穩定的。

But -- and of course, there's always areas that we would still be tight on today, but in general, the lead times have remained very stable.

但是——當然，總有一些領域我們今天仍然很緊張，但總的來說，交貨時間一直非常穩定。

So thank you, Ambrish.

謝謝你，Ambrish。

We'll take our next question from Stacy Rasgon with Bernstein Research.

我們將接受 Bernstein Research 的 Stacy Rasgon 的下一個問題。

First, just on Huawei.

首先，就華為而言。

You answered sort of generally.

你的回答有點籠統。

But specifically, what do you have embedded in your guidance regarding Huawei?

但具體來說，您在對華為的指導中嵌入了什麼？

Are you still contemplating selling product to them, or are you not?

你還在考慮向他們銷售產品嗎？

What's in the guidance regarding that customer?

關於該客戶的指導意見是什麼？

Yes, so I'd say, Stacy, just over this past quarter, we obviously had halted shipments when the order was given.

是的，所以我想說，Stacy，就在過去的這個季度，我們顯然在下訂單時停止了發貨。

Since then we've resumed shipments of the products that we've determined we could ship, that are in compliance with the U.S. regulations.

從那時起，我們已經恢復了我們確定可以運送的符合美國法規的產品的運送。

So overall in this quarter, things came in as we expected.

因此，本季度總體而言，一切如我們所料。

As I stated before, that would be inclusive of communications equipment, where Huawei would sit.

正如我之前所說，這將包括華為所在的通信設備。

So in our guidance, we obviously have that in for the quarter.

所以在我們的指導中，我們顯然在本季度有這個。

And if there was something unusual that we are keeping out, our practice has been to call that out, and there's nothing unusual that we're planning on.

如果有什麼不尋常的事情被我們拒之門外，我們的做法是將其大聲疾呼，而且我們沒有計劃任何不尋常的事情。

You have a follow-on?

你有後續嗎？

Yes, I do.

是的，我願意。

Well, the stockpiling and consignment one-off strategy that you've been doing, it's been going on for a while.

嗯，你一直在做的一次性庫存和寄售策略，已經持續了一段時間。

How much do you think that has increased utilization over the last few quarters as you've been rolling that out?

您認為隨著您的推出，過去幾個季度的利用率提高了多少？

And how much longer do you anticipate driving that strategy before it reaches completion?

您預計在完成該戰略之前需要多長時間？

Let me start and then, Dave, if you want to comment.

讓我開始，然後戴夫，如果你想發表評論。

But we've had an inventory strategy for many years.

但我們多年來一直有庫存策略。

We've just continued to tweak it over time, make it better, stronger.

隨著時間的推移，我們一直在不斷調整它，讓它變得更好、更強。

And as the cycle started in third quarter or so, then we deployed some specific tools during that time to then take advantage of that situation and use -- while we cut our wafer starts, we devoted an increasing share of that to the low volume inventory strategy.

隨著周期在第三季度左右開始，我們在那段時間部署了一些特定的工具，然後利用這種情況和使用——在我們削減晶圓啟動的同時，我們將越來越多的份額用於低容量庫存戰略。

We have built a lot of that but it's not complete.

我們已經建立了很多，但還不完整。

But incrementally, it's going to be less going forward than what it was in the last few quarters because you get to obviously diminishing returns at some point on that.

但逐漸地，它會比過去幾個季度少一些，因為在某個時候你會明顯減少回報。

Yes.

是的。

And I'll point out that obviously, you saw our inventory dollars were down sequentially.

我要指出的是，很明顯，你看到我們的庫存美元連續下降。

They're actually down year-on-year.

他們實際上同比下降。

Our inventory days were down sequentially even with those planned builds of those low volume parts, and we feel really good about being able to do that in our operations.

我們的庫存天數連續下降，即使是那些計劃構建的那些小批量零件，我們對能夠在我們的運營中做到這一點感到非常高興。

The second part of your question there was what is the impact of -- consignment have on utilization.

您問題的第二部分是寄售對利用率的影響。

It really has no impact at all.

真的一點影響都沒有。

Basically, it optically, and by definition, just puts more inventory on our books.

基本上，從視覺上和定義上看，它只是在我們的賬簿上增加了庫存。

But even if the inventory didn't change in the channel, it just would put pressure and optically put pressure on our inventory, and that's going on as well.

但是，即使渠道中的庫存沒有變化，它也會給我們的庫存施加壓力並在視覺上施加壓力，而且這種情況也在發生。

Yes, I want to make one more comment on this topic.

是的，我想就這個話題再發表一個評論。

Remember what inventory is about, right?

還記得什麼是庫存嗎？

What is the objective of inventory?

庫存的目標是什麼？

It's not about maximizing utilization or gross margins or anything like that.

這與最大化利用率或毛利率或類似的東西無關。

It's about maintaining high levels of customer service.

這是關於保持高水平的客戶服務。

So what we have done is deployed our cash to inventory.

所以我們所做的是將我們的現金部署到庫存中。

And as Dave said, inventory actually decreased.

正如戴夫所說，庫存實際上減少了​​。

So -- but within that decrease, we built some inventory of low volume parts.

所以 - 但在減少的範圍內，我們建立了一些小批量零件的庫存。

That now puts us in a great position as we move into the third quarter and beyond to have that inventory of low volume that is generally difficult to build, we have it ready.

這讓我們在進入第三季度及以後時處於有利位置，以擁有通常難以建立的低容量庫存，我們已經準備好了。

So then we'll be able to serve our customers on the other side of this very well.

因此，我們將能夠很好地為另一端的客戶提供服務。

We'll hear now from Ross Seymore with Deutsche Bank.

我們現在將聽到來自德意志銀行的 Ross Seymore 的消息。

I want to stick on that consignment topic but just a slightly different spin.

我想繼續討論那個寄售話題，但只是稍微有點不同。

I think you've said in the last calls -- last few calls that it's upwards of 2/3 of your revenues go through consignment.

我想你在最近的電話中說過——最近幾次電話你超過 2/3 的收入來自寄售。

That's increased substantially over the last three, five, 10 years.

在過去的三年、五年、十年中，這一數字大幅增加。

Why do you think your year-over-year revenue performance is so similar to your broader peer group if you're controlling that inventory?

如果您控制該庫存，為什麼您認為您的同比收入表現與更廣泛的同行群體如此相似？

I would think, all else being equal, you wouldn't have to deal with the distribution channel burning inventory and weighing on your revenues during a period like this.

我認為，在其他條件相同的情況下，您不必在這樣的時期處理分銷渠道消耗庫存和影響您的收入。

I'll give you one comment, and Dave, if you want to chime in.

我會給你一個評論，戴夫，如果你想插話的話。

What I would tell you is maybe take into account, in the last, what, four quarters or so, five quarters, we have gone through the next phase of consignment.

我要告訴你的是，也許考慮到，在過去的四個季度左右，五個季度，我們已經完成了下一階段的寄售。

And we have added, I want to say, $30 million to $40 million of revenue to that program per quarter during that time, for a total of close to $200 million.

我想說，在那段時間裡，我們每個季度為該項目增加了 3000 萬到 4000 萬美元的收入，總計接近 2 億美元。

We probably still have one more quarter to go where that is -- where that's going to happen and maybe through the end of the year, but it's getting to diminishing point.

我們可能還有一個季度要去那裡——那將發生的地方，也許到今年年底，但它正在逐漸減少。

But that is revenue that from the P&L it had sort of disappeared, right?

但這是從損益表中消失的收入，對吧？

But obviously, the demand hasn't changed.

但顯然，需求沒有改變。

The end demand truly hasn't changed.

最終需求確實沒有改變。

It's just that now it goes into our inventory and the revenue is delayed.

只是現在它進入了我們的庫存並且延遲了收入。

But it just puts us in a much better position to then own that inventory, distribute it better where it's needed, work with our manufacturing facilities better to determine what's needed to be built for -- to replace -- replenish that inventory.

但這只是讓我們處於一個更好的位置，然後擁有該庫存，更好地將其分配到需要的地方，更好地與我們的製造設施合作，以確定需要建造什麼——以取代——補充該庫存。

So it's just a better way to operate.

所以這只是一種更好的操作方式。

Yes, and I'll just add that when you think of one of our competitive advantages, which is the reach of our market channels, this is just one component of what we're doing to have a closer, more direct relationship with our customers.

是的，我只想補充一點，當你想到我們的競爭優勢之一，即我們的市場渠道的覆蓋範圍時，這只是我們為與客戶建立更密切、更直接的關係所做的工作的一個組成部分.

And we think that ultimately, servicing them better with product will benefit them and therefore benefit us.

我們認為，最終，更好地為他們提供產品服務將使他們受益，從而使我們受益。

Do you have a follow-on, Ross?

羅斯，你有後續嗎？

Yes, one -- it's a little bit more housekeeping, Dave.

是的，一個——這是更多的內務管理，戴夫。

From an end market point of view, you went through and gave the year-over-years.

從終端市場的角度來看，你經歷了一年多的時間。

So could you give the quarter-over-quarters beyond the comms side?

那麼，您能否給出通信方面以外的季度環比？

And was there any reason you put industrial and automotive together, saying they were down upper-single digits year-over-year?

你有什麼理由把工業和汽車放在一起，說它們同比下降了上個位數？

Usually, you split those.

通常，您將它們分開。

No.

不。

Yes.

是的。

Sure.

當然。

So the first is they performed similarly.

所以首先是他們的表現相似。

Industrial was a little weaker.

工業稍弱。

Auto was a little less weak but in the same zip code.

汽車稍微不那麼弱，但在相同的郵政編碼中。

And that was the same for the sequential.

順序也是如此。

Together, they grew low-single digits, and that same profile was the same.

他們一起增長了低個位數，並且相同的配置文件是相同的。

Personal electronics grew high-single digits with broad-based seasonal growth.

個人電子產品實現高個位數增長，具有廣泛的季節性增長。

Comms equipment, as I mentioned earlier, had declined, and then enterprise systems actually grew sequentially.

正如我之前提到的，通信設備已經下降，然後企業系統實際上依次增長。

Okay.

好的。

Thank you, Ross.

謝謝你，羅斯。

We'll hear now from Harlan Sur with JPMorgan.

我們現在將聽到來自摩根大通的 Harlan Sur 的消息。

Looking at the most recent SIA data, April, May sales were down about 10% year-over-year for the global analog segment, while you guys were only down 6%.

查看最新的 SIA 數據，4 月、5 月全球模擬部分的銷售額同比下降了約 10%，而你們僅下降了 6%。

You clearly outperformed the analog segment last year as well.

您去年的表現也明顯優於模擬部分。

So outside of the end market mix, i.e., better comm equipment sector, can you guys just help us understand any product areas where you're either capturing market share or seeing strong dollar content growth?

因此，在終端市場組合之外，即更好的通信設備領域，你們能否幫助我們了解你們正在佔領市場份額或看到強勁的美元內容增長的任何產品領域？

Well, yes.

嗯，是。

So first, Harlan, I'd always be careful to read too much into any of those numbers in the short term.

所以首先，哈倫，我總是小心翼翼地在短期內過多地解讀這些數字。

I think when you look at share gains, they just really need to be measured even over several year period.

我認為，當您查看股票收益時，它們確實需要在幾年內進行衡量。

And I think that's -- even in that case, I think we come out very well.

我認為那是——即使在那種情況下，我認為我們的結果也很好。

I think especially, we continue to do well in industrial and automotive.

我特別認為，我們在工業和汽車領域繼續做得很好。

As I mentioned earlier, that is -- we believe that those will be the most important markets to semiconductors and industrial in particular.

正如我之前提到的，我們相信這些將成為半導體和工業領域最重要的市場。

And we've got a lot of programs and a lot of thought going into how to get better and get stronger to be able to service those markets.

我們有很多計劃和很多想法來研究如何變得更好和變得更強，以便能夠為這些市場提供服務。

Do you have a follow-on?

你有後續嗎？

I know we have to be careful on how we interpret this number, but can you guys just tell us what the book-to-bill ratio was for the June quarter?

我知道我們必須謹慎解釋這個數字，但是你們能告訴我們 6 月季度的訂單出貨比是多少嗎？

Yes.

是的。

So you set me up perfect there because I always have the preamble that I'll give it.

所以你在那裡讓我完美無缺，因為我總是有我會給出的序言。

I debated, honestly, whether I should continue to give it, but I will just because we do, but there is a lot of noise that's in it.

老實說，我爭論過我是否應該繼續給予它，但我會這樣做只是因為我們這樣做了，但其中有很多噪音。

So it was 0.94 and it was 1.06 a year ago and 0.99 last quarter.

所以它是 0.94，一年前是 1.06，上個季度是 0.99。

So -- and I'll just remind everyone that we have the majority of the revenue on consignment.

所以——我只想提醒大家，我們的大部分收入來自寄售。

So we don't get orders in advance for that.

所以我們不會提前收到訂單。

We've got backlog in the consignment.

我們的貨物積壓了。

The orders in the backlog were all consistent with the guidance that we gave.

積壓訂單中的訂單都與我們給出的指導一致。

So thank you, Harlan.

所以謝謝你，哈倫。

We'll hear now from Chris Danely with Citigroup.

我們現在將聽到來自花旗集團的 Chris Danely 的消息。

Can you just talk about the linearity of orders during the quarter?

你能談談本季度訂單的線性嗎？

And I guess more specifically, have you seen any change in customer or channel behavior since the Huawei reinstatement and, I guess, the threat of $300 billion in additional tariffs was taken away a few weeks ago?

我想更具體地說，自華為恢復以來，您是否看到客戶或渠道行為有任何變化，我想，幾週前取消了 3000 億美元的額外關稅威脅？

Yes, Chris, really no changes on that front.

是的，克里斯，這方面真的沒有變化。

I think when we look at the linearity, it came in fairly normal minus the stock shipment to Huawei.

我認為當我們看線性時，它是相當正常的減去向華為的庫存發貨。

But once we determined that we could continue to resume most of those products, it really got back to normal pretty quickly.

但是一旦我們確定我們可以繼續恢復其中的大部分產品，它就會很快恢復正常。

Do you have a follow-on?

你有後續嗎？

Yes.

是的。

Given we're in this, I guess, mildly depressed or sluggish or flaccid or whatever you want to call it kind of environment, have you guys changed your thoughts on kind of long-term CapEx?

考慮到我們處於這種情況，我猜，輕度抑鬱或遲鈍或鬆弛或任何你想稱之為的環境，你們是否改變了對長期資本支出的想法？

The short answer is no.

最簡潔的答案是不。

We are -- as we said in our capital management strategy, our guide on CapEx is 6% and will continue to be 6%.

正如我們在資本管理戰略中所說，我們的資本支出指南是 6%，並將繼續保持在 6%。

And that's without building.

那是沒有建造的。

So of course, as we've talked about, we announced the new factory that will -- the new 300-millimeter factory that we'll build in Richardson, Texas in the next few years.

因此，當然，正如我們所討論的，我們宣布將在未來幾年內在得克薩斯州理查森建造新的 300 毫米工廠。

Outside of that, we'll be running about 6%.

除此之外，我們將運行約 6%。

We'll take our next question from Mark Lipacis with Jefferies.

我們將與 Jefferies 一起接受 Mark Lipacis 的下一個問題。

Can you hear me okay?

你能聽到我說話嗎？

We can, Mark.

我們可以，馬克。

Okay.

好的。

The -- your inventories declined in dollars and days.

- 您的庫存以美元和天數計算下降。

What do you think happens to your inventories on your balance sheet in the September quarter?

您認為您的資產負債表上的存貨在 9 月季度會發生什麼變化？

And Dave, on the inventory commentary, I believe you said you characterize channel inventory as kind of in a stable range.

戴夫，關於庫存評論，我相信你說過你將渠道庫存描述為處於穩定範圍內。

Would you call them stable in a normal and healthy level?

你會稱它們穩定在正常和健康的水平嗎？

Or would you characterize them somewhat differently?

或者你會以不同的方式描述它們嗎？

Let me start, and Dave, if you want to jump in.

讓我開始吧，戴夫，如果你想加入的話。

But let me first step back to the objective for inventory to remind everybody and as I said earlier in the call, is to maintain high levels of customer service.

但讓我首先回到庫存的目標來提醒大家，正如我早些時候在電話中所說的那樣，是保持高水平的客戶服務。

We also want to minimize obsolescence of that inventory and improve asset utilization, but the main thing is to maintain high levels of customer service and our target is 115 to 145.

我們還希望最大限度地減少庫存的過時並提高資產利用率，但最主要的是保持高水平的客戶服務，我們的目標是 115 到 145。

So last quarter -- two quarters ago, we went above that target, 152.

所以上個季度 - 兩個季度前，我們超過了這個目標，152。

But then last quarter, we're at 144 in one -- first quarter, and then second quarter we just finished at 143.

但是上個季度，我們在第一季度達到了 144，然後在第二季度我們剛剛完成了 143。

So both of those inside of our target.

所以這兩個都在我們的目標之內。

Yes.

是的。

And I'll just add again that even inside of those numbers, we've made really good progress of executing to building those low volume parts, and we believe that's important so we can continue to service customers well.

我要再次補充一點，即使在這些數字中，我們在執行構建這些小批量零件方面也取得了非常好的進展，我們相信這很重要，因此我們可以繼續為客戶提供良好的服務。

And the second part of your question, Mark, was, yes, it was down a little bit sequentially on a days basis in distribution, still at about 4.5 weeks.

馬克，你的問題的第二部分是，是的，它在分發的基礎上按天順序下降了一點，仍然在 4.5 週左右。

That is a healthy level.

這是一個健康的水平。

And I would say that, that number will structurally kind of work its way down as we're implementing more of this revenue on consignment, and that's a great thing for our distributors.

我要說的是，隨著我們通過寄售實現更多的收入，這個數字在結構上會逐漸下降，這對我們的分銷商來說是一件好事。

It's a great thing for our customers, and it does require that we'll be carrying some more inventory on our balance sheet.

這對我們的客戶來說是一件好事，它確實需要我們在資產負債表上增加一些庫存。

But we think that that's a good investment in working capital.

但我們認為這是對營運資金的良好投資。

Do you have a follow-on, Mark?

馬克，你有後續嗎？

Yes, please.

是的，請。

The follow-up is have you been noticing since the U.S. and China trade debate, have you been noticing any shift in the supply chain from a standpoint of where things are being manufactured, not your own Texas Instruments supply chain but where you're shipping to?

後續問題是，自中美貿易辯論以來，您是否注意到供應鏈中的任何變化，從製造地點的角度來看，不是您自己的德州儀器供應鏈，而是您的運輸地點到？

Are you shipping more outside of China?

您在中國以外的地區運送更多貨物嗎？

Or is everything fairly stable?

還是一切都相當穩定？

Yes, I'll take that.

是的，我會接受的。

It's too early to tell.

現在下結論還為時過早。

We read some of the same media reports and anecdotal comments that people make on that front, but it's too early to tell.

我們閱讀了人們在這方面所做的一些相同的媒體報導和軼事評論，但現在下結論還為時過早。

So we'll watch how things evolve on that front over the next few years.

因此，我們將觀察未來幾年在這方面的進展情況。

So I want to finish with a few comments on key items for everybody to remember.

因此，我想以對關鍵項目的一些評論作為結束，供大家記住。

We will remain focused on Analog and Embedded, the best products, and industrial and automotive, the best markets.

我們將繼續專注於最好的模擬和嵌入式產品，以及最好的工業和汽車市場。

We will continue to be disciplined in executing our capital management strategy and remain committed to returning free cash flow to the owners of the company.

我們將繼續嚴格執行我們的資本管理戰略，並繼續致力於將自由現金流返還給公司所有者。

And finally, we continue to believe growing free cash flow per share dollars over the long term is what will maximize value for the owners of the company.

最後，我們仍然相信，從長遠來看，每股自由現金流的增長將使公司所有者的價值最大化。

Thank you for listening.

謝謝你的聆聽。

A replay will be available on the web, and have a good night.

重播將在網絡上提供，祝你晚安。

Thank you.

謝謝。

That does conclude today's conference.

今天的會議到此結束。

Thank you, all, for your participation.

謝謝大家的參與。

You may now disconnect.

您現在可以斷開連接。