德州儀器 (TXN) 2022 Q2 法說會逐字稿

Welcome to Texas Instruments Second Quarter 2022 Earnings Release Conference Call. Today's call is being recorded. I'm Dave Pahl, Head of Investor Relations, and I'm joined with our Chief Financial Officer, Rafael Lizardi.

歡迎參加德州儀器 2022 年第二季度收益發布電話會議。今天的電話正在錄音。我是投資者關係主管 Dave Pahl，我與我們的首席財務官 Rafael Lizardi 一起工作。

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.

對於錯過發布的任何人，您可以在我們的網站 ti.com/ir 上找到它。該電話正在網絡上進行現場直播，可以通過我們的網站訪問。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. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today as well as TI's most recent SEC filings for a more complete description.

本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致 TI 的結果與管理層當前的預期存在重大差異。我們鼓勵您查看今天發布的財報中包含的有關前瞻性陳述的通知以及 TI 最近提交給 SEC 的文件，以獲得更完整的描述。

Today, we'll provide the following updates. First, I'll start with a quick overview of the quarter. Next, I'll provide insight into second quarter revenue results with some details of what we're seeing with respect to our customers and markets. And lastly, Rafael will cover the financial results and our guidance for the third quarter of 2022.

今天，我們將提供以下更新。首先，我將從本季度的快速概覽開始。接下來，我將提供對第二季度收入結果的深入了解，並提供一些我們所看到的與客戶和市場相關的細節。最後，Rafael 將介紹財務業績和我們對 2022 年第三季度的指導。

Starting with a quick overview of the quarter. Revenue in the quarter was $5.2 billion, an increase of 6% sequentially and 14% year-over-year driven by growth across markets. Analog revenue grew 15%. Embedded Processing grew 5%, and our Other segment grew 19% from the year-ago quarter.

從本季度的快速概覽開始。本季度收入為 52 億美元，在各個市場增長的推動下，環比增長 6%，同比增長 14%。模擬收入增長了 15%。嵌入式處理增長 5%，我們的其他部門同比增長 19%。

Now let me comment on the environment in the second quarter to provide some context of what we saw with our customers and markets. As we spoke about in our last earnings call, April started out weak from COVID-19 restrictions in China. As those restrictions began to ease towards the latter part of May and into June, customers began to pull product generally consistent with their prior demand forecast at the start of the quarter.

現在讓我評論一下第二季度的環境，以提供一些我們在客戶和市場中看到的背景。正如我們在上次財報電話會議中談到的那樣，由於中國的 COVID-19 限制，4 月份開始表現疲軟。隨著這些限制在 5 月下旬和 6 月開始放寬，客戶開始拉出與本季度初的先前需求預測基本一致的產品。

Moving on, I'll provide some insight into our second quarter revenue by market from the year-ago quarter. First, the industrial market was up high single digits, and the automotive market was up more than 20%. We saw weakness throughout the quarter in personal electronics, which grew low single digits. Next, communications equipment was up about 25%. And finally, enterprise systems was up mid-teens.

接下來，我將按市場對去年同期的第二季度收入提供一些見解。一是工業市場高個位數上漲，汽車市場漲幅超過20%。我們在整個季度看到個人電子產品的疲軟，增長低個位數。其次，通信設備上漲了約 25%。最後，企業系統出現了十幾歲。

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。

Thanks, Dave, and good afternoon, everyone. As Dave mentioned, second quarter revenue was $5.2 billion, up 14% from a year ago. Gross profit in the quarter was $3.6 billion or 70% of revenue. From a year ago, gross profit margin increased 240 basis points. Operating expenses in the quarter were $836 million, up 2% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.2 billion or 17% of revenue. Restructuring charges were $66 million in the second quarter and are associated with the LFAB factory that we purchased in October of last year. Operating profit was $2.7 billion in the quarter or 52% of revenue. Operating profit was up 23% from the year-ago quarter. Net income in the second quarter was $2.3 billion or $2.45 per share.

謝謝，戴夫，大家下午好。正如戴夫所說，第二季度收入為 52 億美元，比去年同期增長 14%。本季度毛利潤為 36 億美元，佔收入的 70%。與一年前相比，毛利率提高了 240 個基點。本季度的運營費用為 8.36 億美元，同比增長 2%，與預期相符。在過去 12 個月的基礎上，運營費用為 32 億美元，佔收入的 17%。第二季度的重組費用為 6600 萬美元，與我們去年 10 月購買的 LFAB 工廠有關。本季度營業利潤為 27 億美元，佔收入的 52%。營業利潤較去年同期增長 23%。第二季度的淨收入為 23 億美元或每股 2.45 美元。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $1.8 billion in the quarter. Capital expenditures were $597 million in the quarter and $2.8 billion over the last 12 months. Free cash flow on a trailing 12-month basis was $5.9 billion.

現在讓我評論一下我們的資本管理結果，從我們的現金產生開始。本季度運營現金流為 18 億美元。本季度資本支出為 5.97 億美元，過去 12 個月為 28 億美元。過去 12 個月的自由現金流為 59 億美元。

In the quarter, we paid $1.1 billion in dividends and repurchased $1.2 billion of our stock. In total, we have returned $6.2 billion in the past 12 months. Our balance sheet remains strong with $8.4 billion of cash and short-term investments at the end of the second quarter. We retired $0.5 billion of debt in the quarter. Total debt outstanding was $7.3 billion with a weighted average coupon of 2.7%. Inventory dollars were up $139 million from the prior quarter to $2.2 billion. And days were 125, down 2 days sequentially and below desired levels. Accounts receivable for this quarter ended at $2.2 billion, up from $1.6 billion a year ago. This increase primarily reflects the higher proportion of shipments made near the end of the quarter as COVID-19 restrictions were lifted in China and customers began pulling product.

本季度，我們支付了 11 億美元的股息並回購了 12 億美元的股票。在過去的 12 個月中，我們總共返還了 62 億美元。我們的資產負債表保持強勁，截至第二季度末有 84 億美元的現金和短期投資。我們在本季度償還了 5 億美元的債務。未償債務總額為 73 億美元，加權平均票面利率為 2.7%。庫存美元比上一季度增加 1.39 億美元，達到 22 億美元。天數為 125，連續下降 2 天，低於預期水平。本季度應收賬款為 22 億美元，高於一年前的 16 億美元。這一增長主要反映了隨著中國解除 COVID-19 限制並且客戶開始撤貨，本季度末出貨量的比例較高。

For the third quarter, we expect TI revenue in the range of $4.9 billion to $5.3 billion and earnings per share to be in the range of $2.23 to $2.51. This outlook comprehends the weaker demand we see, particularly from customers in the personal electronics market. We expect our 2022 effective tax rate to be about 14%.

對於第三季度，我們預計 TI 收入在 49 億美元到 53 億美元之間，每股收益在 2.23 美元到 2.51 美元之間。這一前景包含了我們看到的需求疲軟，尤其是來自個人電子市場客戶的需求。我們預計 2022 年的有效稅率約為 14%。

Lastly, we and our customers remain pleased with the progress of our expansion of manufacturing capacity, which was outlined in our February capital management call, and will support the long-term secular trend of increased semiconductor content per system. We broke ground on the Sherman manufacturing complex in May. And work continues at RFAB2 and LFAB to prepare for production output.

最後，我們和我們的客戶仍然對我們在 2 月份資本管理電話會議中概述的製造能力擴張的進展感到滿意，並將支持每個系統增加半導體含量的長期長期趨勢。我們在 5 月在謝爾曼製造基地破土動工。 RFAB2 和 LFAB 的工作仍在繼續，為生產輸出做準備。

In closing, we will stay focused in the areas that add value in the long term. We continue to invest in our competitive advantages, which are manufacturing and technology, a broad product portfolio, reach of our channels and diverse and long-lived positions. We will continue to strengthen these advantages through disciplined capital allocation and by focusing on the best opportunities, which we believe will enable us to continue to deliver free cash flow per share growth over the long term.

最後，我們將繼續專注於長期增值的領域。我們繼續投資於我們的競爭優勢，包括製造和技術、廣泛的產品組合、我們的渠道覆蓋範圍以及多樣化和長期的職位。我們將繼續通過嚴格的資本分配和專注於最佳機會來加強這些優勢，我們相信這將使我們能夠在長期內繼續實現每股自由現金流的增長。

With that, let me turn it back to Dave.

有了這個，讓我把它轉回戴夫。

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

謝謝，拉斐爾。接線員，您現在可以打開問題線了。 （操作員說明）操作員？

(Operator Instructions) We'll take our first question from Stacy Rasgon with Bernstein Research.

（操作員說明）我們將回答 Bernstein Research 的 Stacy Rasgon 提出的第一個問題。

My first one, I guess I wanted to ask about gross margins. So they declined -- they were very strong objectively, but they declined sequentially from Q1 to Q2 even as revenue grew. And then I know you don't guide gross margins for next quarter, but if I sort of like squint at the math, they seem to be being guided down probably a little more than revenues. I'm just wondering if something is going on whether on the cost line or on the pricing line in this environment that may be influencing gross margins at all.

我的第一個，我想我想問一下毛利率。所以它們下降了——客觀上它們非常強勁，但即使收入增長，它們也從第一季度到第二季度連續下降。然後我知道你不會指導下個季度的毛利率，但如果我有點像瞇著眼睛看數學，他們似乎被引導的可能比收入多一點。我只是想知道在這種環境下，無論是在成本線上還是在定價線上，是否正在發生可能會影響毛利率的事情。

Yes, Stacy, I'm happy to address that. So first, as you pointed out, our gross margin in second quarter was about 70%. We are pleased with that performance. The fall-through on a year-on-year basis was almost 90%. I would also point out that -- and you can see this in our cash flow statement, depreciation increased sequentially by about $30 million. And that's the direct result of the investments in manufacturing capacity. On your second part of your question on a go-forward basis, as expected, depreciation is going to increase. We've talked about that in the February call. To help you, I'll tell you that for 2022, we expect depreciation to be about $1 billion for the full year. Do you have a follow-up?

是的，斯泰西，我很高興解決這個問題。首先，正如您所指出的，我們第二季度的毛利率約為 70%。我們對這種表現感到滿意。同比下降近 90%。我還要指出——你可以在我們的現金流量表中看到這一點，折舊按順序增加了大約 3000 萬美元。這是對製造能力進行投資的直接結果。在你的問題的第二部分，正如預期的那樣，折舊將會增加。我們已經在二月份的電話會議中討論過這個問題。為了幫助你，我會告訴你，到 2022 年，我們預計全年折舊約為 10 億美元。你有後續嗎？

I do. It sounds like you had a surge in demand at the end of Q2 as everything opened up. So I guess that's leading into Q3. I'm just wondering if the shape of the revenue, the linearity through Q3 kind of looks the reverse of what we saw in Q2. We had a weak start and a strong finish in Q2. Do you think we have like a stronger start and then maybe a weaker finish into Q3 just given the, I guess, the demand surge that we got going into it?

我願意。聽起來隨著一切的開放，您在第二季度末的需求激增。所以我想這會進入第三季度。我只是想知道收入的形狀，通過第三季度的線性看起來是否與我們在第二季度看到的相反。我們在第二季度的開局不佳和強勁的收尾。考慮到我們進入第三季度的需求激增，你認為我們有一個更強勁的開端，然後可能是第三季度的疲軟結束嗎？

Yes, Stacy, this last quarter, obviously, was unusual in -- because of the COVID restrictions that we had talked about, right? So those shipments were scheduled earlier in the quarter, so really were reflective of the restrictions lifting and our ability to -- and customers' ability to be able to receive that product. So you have that noise going into it. But as we said in the prepared remarks that we did see weakness in the personal electronics market. And that weakness is comprehended in the guidance in third quarter.

是的，Stacy，很明顯，上個季度是不尋常的——因為我們談到了 COVID 限制，對吧？因此，這些出貨量是在本季度早些時候安排的，因此確實反映了限制解除和我們的能力——以及客戶能夠接收該產品的能力。所以你有噪音進入它。但正如我們在準備好的評論中所說，我們確實看到了個人電子產品市場的疲軟。第三季度的指引中包含了這種弱點。

We'll take our next question from Vivek Arya with Bank of America.

我們將向美國銀行的 Vivek Arya 提出我們的下一個問題。

First one, I think you mentioned Q3 is below seasonal because of pressure on the consumer. I'm curious what about the other segments, automotive, industrial, comm equipment, enterprise and so forth? Do you see their demand is seasonal or different than that?

第一個，我認為你提到第三季度低於季節性，因為消費者面臨壓力。我很好奇其他細分市場，汽車、工業、通信設備、企業等等呢？您認為他們的需求是季節性的還是不同的？

Yes, Vivek, I would say that, as you know, we don't forecast out quarter by market with the exception when there's something significant that's an outlier. And hence, that's why we're highlighting personal electronics. So I would just leave it at that. That's where we're seeing really most of the weakness. Do you have a follow-up?

是的，Vivek，我想說的是，正如你所知，我們不會按市場進行季度預測，除非有一些重要的異常值。因此，這就是我們強調個人電子產品的原因。所以我就這樣吧。這就是我們真正看到大部分弱點的地方。你有後續嗎？

And my follow-up -- yes. So my follow-up is actually on free cash flow. If I go back to calendar '20, TI's free cash flow was 38% of sales. Last year, it was 34%. Now on a trailing 12-month basis, it's just 30%. And then you're guiding down Q3 below seasonal, and Q4 and Q1 tend to be below that also. And then you mentioned that you're committed to your CapEx plans. So is this a fair representation of how you think about free cash flow margins that we should just expect free cash flow margins to be at the lower end of the target range for the near to medium term?

我的後續行動——是的。所以我的後續行動實際上是關於自由現金流。如果我回到 20 年日曆，TI 的自由現金流是銷售額的 38%。去年，這一比例為 34%。現在在過去的 12 個月中，它只有 30%。然後你將第三季度引導至季節性以下，而第四季度和第一季度也往往低於季節性。然後你提到你致力於你的資本支出計劃。那麼，這是否公平地代表了您對自由現金流利潤率的看法，我們應該只期望自由現金流利潤率在中短期內處於目標範圍的下限？

I'll take that question to few angles. First, tactically, second quarter, as we pointed out, was the revenue came in late in the quarter or a disproportionate amount of the revenue came in late. So that means that a lot of the cash was stuck in accounts receivable, as I talked about in the prepared remarks. So that's going to distort some of your trends from a cash flow standpoint a little bit.

我會從幾個角度來回答這個問題。首先，從戰術上講，正如我們所指出的，第二季度的收入是在本季度後期出現的，或者是不成比例的收入後期出現了。所以這意味著很多現金被困在應收賬款中，正如我在準備好的評論中所說的那樣。所以從現金流的角度來看，這會稍微扭曲你的一些趨勢。

Beyond that big picture, we are very excited about these investments in manufacturing and technology. They're going to continue to position us well for the long term, giving us the manufacturing platform that's needed to support revenue growth. And that will have a CapEx increase, as we have talked about in February. In fact, at that time, we talked about for the next 4 years from 2022 to 2025 an average CapEx that's an average of $3.5 billion per year. For this year, it looks like we're going to be coming in at about $2.5 billion, about as expected. It could come in a little higher than that. And then obviously, since the average is $3.5 billion, you would expect the subsequent years to be incoming higher than that number.

除了大局之外，我們對這些在製造和技術方面的投資感到非常興奮。從長遠來看，他們將繼續為我們提供良好的定位，為我們提供支持收入增長所需的製造平台。正如我們在 2 月份所討論的那樣，這將增加資本支出。事實上，當時我們談到了從 2022 年到 2025 年的未來 4 年，平均資本支出為每年 35 億美元。今年，看起來我們的收入將達到 25 億美元左右，與預期的差不多。它可能會比這高一點。然後很明顯，由於平均值為 35 億美元，您預計隨後幾年的收入將高於該數字。

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

我們將向德意志銀行的羅斯·西莫爾提出下一個問題。

I wanted to ask about the supply side of the equation. You have a bunch of new facilities that are coming online. You talked about breaking ground in Sherman. But before that, you have RFAB2, and then you have LFAB. So can you just talk to us about when does that capacity come online where it can be a tailwind to revenue? And how should we think about the depreciation from those rolling in, acknowledging, of course, that, Rafael, you just told us we're going to have $1 billion for depreciation for this year as a whole?

我想問一下等式的供應方面。你有一堆新的設施即將上線。你談到在謝爾曼破土動工。但在此之前，你有 RFAB2，然後你有 LFAB。那麼，您能否與我們談談該容量何時上線，這可能會成為收入的順風車？我們應該如何考慮那些滾滾而來的人的貶值，當然，承認，拉斐爾，你剛剛告訴我們，我們今年全年將有 10 億美元的貶值？

Correct. Correct. So first, as I talked about earlier, very excited about this investment. RFAB2 and LFAB, we're going to have RFAB2 sometime in the second half of this year supporting production and LFAB early '23. And then we -- on Sherman, we just broke ground on that a couple of months ago. And we expect the Sherman facility, the first factory there, to support revenue in 2025. So that's how you want to think about it.

正確的。正確的。首先，正如我之前談到的，對這項投資感到非常興奮。 RFAB2 和 LFAB，我們將在今年下半年的某個時候讓 RFAB2 支持生產和 LFAB 23 年初。然後我們——在謝爾曼，幾個月前我們剛剛破土動工。我們預計謝爾曼工廠，那裡的第一家工廠，將在 2025 年支持收入。所以這就是你想要考慮的方式。

From a depreciation standpoint, I just gave you the $1 billion for this year. Beyond that, and I had already given you in February to expect about $2.5 billion of depreciation by 2025. And then from $1 billion to $2.5 billion, you can roughly approximate that linearly between the end of 2022 to 2025 to get to model how depreciation will likely come in.

從折舊的角度來看，我剛剛給了你今年的 10 億美元。除此之外，我在 2 月份已經給過你預計到 2025 年折舊約 25 億美元。然後從 10 億美元到 25 億美元，你可以大致估計 2022 年底到 2025 年之間的線性折舊，以模擬折舊將如何很可能進來。

Do you have a follow-on, Ross?

羅斯，你有後續嗎？

Yes. I guess the final topical side, the CHIPS Act and the equivalent thereof in Europe, all the numbers you just gave, I assume, are exclusive of those government policies. How should we think about TI taking advantage of those policies or not and maybe lowering some of those impacts financially on your company?

是的。我猜想最後一個主題方面，CHIPS 法案及其在歐洲的等效法案，我認為你剛剛給出的所有數字都不包括那些政府政策。我們應該如何看待 TI 是否利用這些政策，並可能降低其中一些對貴公司的財務影響？

So correct. The numbers that we have given you over the last 6 months or prior did not include any benefits from any of those bills. On the CHIPS Act specifically, it's great to see strong bipartisan support of U.S. semiconductor manufacturing that will boost domestic chip production and improve the industry's ability to remain competitive. These provisions will be meaningful and support our manufacturing, our road map. That bill hasn't passed yet. So when it passes, we'll be analyzing that. And as we assess the benefit that we'll get from that, and we should be a beneficiary from both of the grant portion and the investment tax rate portion. But as we assess that in more detail, we'll provide you updates as appropriate.

如此正確。我們在過去 6 個月或之前提供給您的數字不包括任何這些賬單帶來的任何好處。特別是在芯片法案方面，很高興看到兩黨對美國半導體製造業的大力支持，這將促進國內芯片生產並提高該行業保持競爭力的能力。這些規定將是有意義的，並支持我們的製造，我們的路線圖。該法案尚未通過。因此，當它通過時，我們將對其進行分析。當我們評估從中獲得的好處時，我們應該成為贈款部分和投資稅率部分的受益者。但隨著我們更詳細地評估這一點，我們將酌情為您提供更新。

We'll take our next question from Joe Moore, Morgan Stanley.

我們將向摩根士丹利的喬摩爾提出下一個問題。

I guess going back to the guidance that you had given in April when you talked about kind of maybe demand to support $5 billion in Q2 and then -- but you were taking it down to $4.5 billion because of China lockdown. Can you just give us some sense of how much of that $500 million did you end up capturing? How much of this upside reflects upside in other regions, just put this in the context of that original adjustment?

我想回到你在 4 月份給出的指導，當時你談到可能需要在第二季度支持 50 億美元，然後 - 但由於中國的封鎖，你將其降至 45 億美元。您能否告訴我們您最終捕獲了這 5 億美元中的多少？這種上漲在多大程度上反映了其他地區的上漲，只要把它放在最初調整的背景下？

Yes. I would say, as we said in the prepared remarks, Joe, that customers were generally pulling with their original demand forecast, right? So meaning that as we looked at what was going on, we started the quarter, we were tracking lower. But as we talked about last quarter, customers weren't canceling orders. They weren't rescheduling. They still wanted to have that product. So that's really what made up the majority of that -- where we came in for the quarter. Does that help?

是的。我想說，正如我們在準備好的評論中所說，喬，客戶通常會按照他們最初的需求預測進行拉動，對嗎？因此，這意味著當我們查看正在發生的事情時，我們從本季度開始，我們正在追踪更低的價格。但正如我們上個季度所談到的，客戶並沒有取消訂單。他們沒有重新安排時間。他們仍然想擁有那個產品。因此，這確實構成了其中的大部分——我們本季度進入的地方。這有幫助嗎？

Yes, that does. And then if you could just characterize your customers' kind of mentalities around inventories at this point. Obviously, we've been dealing with hot spots and tight conditions for a while. Do you feel like your customers in industrial and automotive markets are looking to build buffer stock inventory so that this is -- but again, just kind of how are people thinking about that?

是的，確實如此。然後，如果您現在可以描述您的客戶圍繞庫存的心態。顯然，我們已經處理了一段時間的熱點和緊張的條件。您是否覺得您在工業和汽車市場的客戶正在尋求建立緩衝庫存，所以這是——但同樣，人們是怎麼想的？

Yes. I think many have reported, and we can see in the filings that our customers have had that there's clear signs of inventory being built over the last several quarters. And there is discussions on how much inventory do they hold more permanently and those types of things. We'll see how that behavior changes over time. I think there are some places where that probably will stick and probably some places where it won't. But I think the most important thing when we look at it because we won't manage our customers' inventory, but we can manage what we do. And we've long believed that owning and controlling our inventory is really a strategic advantage.

是的。我想很多人都報告過，我們可以在我們的客戶收到的文件中看到，在過去幾個季度中有明顯的庫存正在增加的跡象。並且討論了他們更永久地持有多少庫存以及這些類型的東西。我們將看到這種行為如何隨時間變化。我認為有些地方可能會堅持下去，而有些地方可能不會。但我認為當我們看待它時最重要的是，因為我們不會管理客戶的庫存，但我們可以管理我們所做的事情。長期以來，我們一直認為擁有和控制我們的庫存確實是一種戰略優勢。

So you've seen us take those actions over time. We finished the quarter with just a little over $2 billion of inventory. So whenever things do weaken, we'll take that time to replenish inventories that will keep lead times stable and low. And those are the best things that we can control and what we'll do as we move through the next few quarters.

所以你已經看到我們隨著時間的推移採取了這些行動。我們在本季度結束時的庫存僅略高於 20 億美元。因此，只要情況確實減弱，我們就會花時間補充庫存，以保持交貨時間穩定且低。這些是我們可以控制的最好的事情，也是我們在接下來的幾個季度中將要做的事情。

We'll take our next question from Chris Danely with Citi.

我們將向花旗的 Chris Danely 提出下一個問題。

So with the weakness in PE but also the strength in auto and industrial, are you or can you take some of that capacity from the weaker parts and allocate it towards the stronger parts? And then if so, how long does that take?

那麼，隨著 PE 的疲軟以及汽車和工業的強勢，您是否或可以從較弱的部分中獲取一些產能並將其分配給較強的部分？如果是這樣，那需要多長時間？

Chris, we do that constantly. At the highest level, yes. We -- the capacity is relatively fungible. There's always some nooks and crannies that are a little different for each technology or each particular part. So -- but at the highest level, yes, we have been adjusting our capacity over the last 2 months as things have been tied to deploy that to the best uses and support our long-term strategic road map.

克里斯，我們經常這樣做。在最高級別，是的。我們 - 容量是相對可替代的。對於每種技術或每個特定部分，總會有一些角落和縫隙有些不同。所以 - 但在最高級別，是的，我們在過去 2 個月裡一直在調整我們的能力，因為事情已經與將其部署到最佳用途並支持我們的長期戰略路線圖聯繫在一起。

Do you have a follow-up?

你有後續嗎？

Great. Yes. For my follow-up, sort of going along with that line of questioning, you guys have talked about shortages and extended lead times all year. Are we seeing any improvement? Or do you anticipate any improvement there before the end of the year?

偉大的。是的。對於我的後續行動，有點像那一行提問，你們全年都在談論短缺和延長交貨時間。我們看到任何改善了嗎？或者您預計年底前會有所改善嗎？

Yes. I'll comment, and Rafael, if you want to jump in, please do. Our lead times haven't changed much from last quarter. I think as we look in the out quarters, it really depends on how demand begins to shape up. We will have capacity coming online, as we've talked about. But in any given quarter, sequentially, it's not going to make a huge difference. But we lap a year or several quarters, and it really will make a significant difference and the capacity that we've got available.

是的。我會發表評論，Rafael，如果你想加入，請加入。我們的交貨時間與上一季度相比變化不大。我認為，當我們觀察外部季度時，這實際上取決於需求如何開始形成。正如我們所討論的，我們將有容量上線。但在任何給定的季度，按順序，它不會產生巨大的變化。但是我們會跑一年或幾個季度，這確實會產生重大影響，我們的可用容量也會有所不同。

I agree, it's all about increasing our supply. That's what we can control, right? So we'll be increasing that with RFAB2 coming online soon, LFAB shortly after that and then in 2025, the first of the 4 factories in Sherman. So that will increase our ability to supply the market.

我同意，這一切都是為了增加我們的供應。這是我們可以控制的，對吧？因此，隨著 RFAB2 即將上線，LFAB 很快上線，然後在 2025 年，謝爾曼的 4 家工廠中的第一個，我們將增加這一點。因此，這將提高我們供應市場的能力。

And by the way, as you can see, we just put out a $5.2 billion of revenue and grew inventory again for, I believe, the fourth consecutive quarter. So that gives you also a sense of the increased ability that we're developing to supply the market.

順便說一句，正如你所看到的，我們剛剛推出了 52 億美元的收入，並且我相信連續第四個季度再次增加庫存。因此，這也讓您對我們正在開發的供應市場的能力有所增強。

Okay. That's a good point. Thank you, Chris.

好的。那是個很好的觀點。謝謝你，克里斯。

We'll take our next question from Toshiya Hari with Goldman Sachs.

我們將向高盛的 Toshiya Hari 提出下一個問題。

I had 2 as well. First, on your pricing strategy going forward, just curious with RFAB2 ramping and LFAB ramping over the next 12 to 18 months and your peers much more supply constrained than you are, and they're all sort of facing inflationary pressures from their foundry partners, is there an opportunity for you to be a little bit more aggressive than historical trends and for you to pursue market share? Or would you look to follow suit and raise pricing along with your peers going forward?

我也有2個。首先，關於你們未來的定價策略，只是對未來 12 到 18 個月內 RFAB2 和 LFAB 的上升感到好奇，而你的同行比你更受供應限制，他們都面臨著來自代工合作夥伴的通脹壓力，您是否有機會比歷史趨勢更具侵略性並追求市場份額？或者您是否會效仿並與您的同行一起提高定價？

Yes, Toshiya, thanks for that question. I would say, as you've seen us behave in the past, our approach to pricing hasn't changed. Those pricing decisions are made at the product line level. We've got about 65 different product lines. So they're close to customers, close to the market, understand what their peers in the industry are doing. And to your point, many of our peers in the market that are outsourced, they do have to take action when they see pricing increases from their suppliers. So I think that just emphasizes the competitive advantage we have in manufacturing and technology and continues to highlight that and part of the reason why we're continuing to invest to strengthen that competitive advantage. Do you have a follow-on?

是的，Toshiya，謝謝你的問題。我想說，正如您在過去看到的那樣，我們的定價方法沒有改變。這些定價決策是在產品線級別做出的。我們有大約 65 種不同的產品線。所以他們貼近客戶，貼近市場，了解業內同行在做什麼。就您而言，我們市場上的許多外包同行，當他們看到供應商的價格上漲時，他們確實必須採取行動。所以我認為這只是強調了我們在製造和技術方面的競爭優勢，並繼續強調這一點，也是我們繼續投資以加強這種競爭優勢的部分原因。你有後續嗎？

I do. So on OpEx, I think over the past 12 months, your OpEx budget is barely up. I think it's up 1%, 1% plus in what's been a very inflationary environment. Just curious what the offsets have been over the past 12 months? And how should we think about sustainability in your model, OpEx being up kind of low singles while revenue growing strong double digits?

我願意。所以在運營支出方面，我認為在過去的 12 個月裡，你的運營支出預算幾乎沒有增加。我認為在通貨膨脹率非常高的環境下，它上漲了 1%，超過 1%。只是好奇過去 12 個月的補償是多少？我們應該如何考慮您模型中的可持續性，OpEx 是一種低單價，而收入增長強勁的兩位數？

Yes. No, happy to address that. We are pleased with how we're allocating our investments to R&D and SG&A to the best opportunities. And that is primarily industrial and automotive, as we have talked about, also initiatives such as ti.com that ultimately strengthen our competitive advantages and maximize our ability to grow free cash flow per share over the long term.

是的。不，很高興解決這個問題。我們很高興我們如何將我們的投資分配給研發和 SG&A，以獲得最佳機會。正如我們所談到的，這主要是工業和汽車行業，還有諸如 ti.com 之類的舉措，這些舉措最終增強了我們的競爭優勢，並最大限度地提高了我們長期增長每股自由現金流的能力。

On the last part of your question, on an absolute basis, I would expect to increase investments over the next several years as we continue to see strong market opportunities.

關於你問題的最後一部分，在絕對基礎上，隨著我們繼續看到強勁的市場機會，我預計未來幾年會增加投資。

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

我們將向摩根大通的 Harlan Sur 提出下一個問題。

On finished goods inventory, which is where your direct customer consignment inventories resides, they're still 30% below pre-pandemic levels. They're down 3% versus last year. They're down slightly sequentially. Is it fair to assume that this is a reflection that your direct customers continue to pull at a very strong rate just given their demand profiles? And can you guys get to your target inventory days exiting this year, especially with RFAB2 ramping?

在成品庫存（即您的直接客戶寄售庫存所在的位置）上，它們仍比大流行前水平低 30%。與去年相比，它們下降了 3%。它們依次略有下降。假設這反映了您的直接客戶在考慮到他們的需求概況後繼續以非常強勁的速度拉動，這是否公平？你們能否達到今年退出的目標庫存天數，尤其是在 RFAB2 增加的情況下？

Yes. What I would tell you the -- given our manufacturing process, the parts start as web, then they go to chips, then they go to finished goods. Overall inventory has been good as I pointed out over the last 4 quarters, this last quarter, $140 million.

是的。我要告訴你的是——考慮到我們的製造過程，零件從網絡開始，然後變成芯片，然後變成成品。正如我在過去 4 個季度（上個季度）中指出的那樣，總體庫存一直很好，為 1.4 億美元。

But as you said, finished goods is still lean. Our goal is for inventory to continue to grow. We have talked about a target of 130 to 190 days. And as I have said before, I would not be uncomfortable to be at the high end of that range because ultimately, that inventory gives us just tremendous optionality, puts us in a really good position to support customers.

但正如你所說，成品仍然是精益的。我們的目標是庫存繼續增長。我們已經談到了 130 到 190 天的目標。正如我之前所說，我不會因為處於該範圍的高端而感到不舒服，因為最終，該庫存為我們提供了巨大的選擇餘地，使我們處於支持客戶的非常好的位置。

And just given our business model, the -- lessens risk on that inventory is nil because that inventory goes to support products that sell to many, many customers and have very long lives. So we feel comfortable increasing inventory for that reason.

就我們的商業模式而言，減少庫存的風險是零，因為庫存用於支持銷售給許多客戶並且壽命很長的產品。因此，出於這個原因，我們對增加庫存感到很自在。

Yes. And let me just add that, Harlan, part of your question was that is that a reflection of direct customers. I just remind that we have 70% -- or actually last year around 70% of our revenue is direct. That includes revenue going through ti.com, which we still believe is going to be a significant strategic asset for us as we move forward.

是的。讓我補充一點，哈蘭，你的部分問題是這反映了直接客戶。我只是提醒一下，我們有 70% - 或者實際上去年大約 70% 的收入是直接的。這包括來自 ti.com 的收入，我們仍然相信這將成為我們前進的重要戰略資產。

And what goes through distribution, to my prior comment, we long believe that owning -- controlling that inventory is important. We're probably running 2 weeks or less than that inside of that. So when we ship revenue because we're owning and controlling that inventory, it really is reflective of what customers want inside of that quarter. So do you have a follow-on?

根據我之前的評論，我們一直認為擁有 - 控制庫存很重要。我們可能在其中運行 2 週或更短的時間。因此，當我們因為擁有和控制庫存而交付收入時，它確實反映了客戶在該季度內想要什麼。那你有後續嗎？

Yes. So I know it's shifted location, but I wanted to know what the year-over-year profiles look like for the different geographies.

是的。所以我知道它的位置發生了變化，但我想知道不同地區的同比概況是什麼樣的。

Yes. So inside of the quarter compared with a year ago, all the regions were up. That's the year-on-year and sequentially, they were all up as well. So we did see those trends in both the year-on-year and sequentially. So thank you, Harlan.

是的。因此，與一年前相比，本季度內所有地區都上漲了。這是同比和順序，它們也都上升了。因此，我們確實在同比和環比中看到了這些趨勢。所以謝謝你，哈蘭。

We'll take our next question from C.J. Muse with Evercore.

我們將從 C.J. Muse 和 Evercore 提出我們的下一個問題。

I guess first question, revisiting an earlier question around the $560 million revenue beat versus the midpoint of your guide for June and the $500 million haircut that you took when you initially guided. So curious, given that you started to see recovery in May, is it safe to say that maybe you went above and beyond kind of the run rate, and therefore, you recaptured all of that $500 million? Or was it just a portion of that? And then as part of that, where did you see upside relative to where you guided before? Was that isolated to industrial or auto or any particular end market?

我想是第一個問題，重新審視之前的問題，即 5.6 億美元的收入與 6 月份指南的中點以及您最初指導時的 5 億美元理髮。很好奇，鑑於您在 5 月開始看到復蘇，是否可以肯定地說您可能超出了運行速度，因此，您重新獲得了所有 5 億美元？還是只是其中的一部分？然後作為其中的一部分，相對於您之前的指導，您在哪裡看到了上行空間？這是否與工業或汽車或任何特定的終端市場隔離？

Yes. C.J., can you help me with the first part of your question? I'm not sure I quite got it. Could you just...

是的。 C.J.，你能幫我解決你問題的第一部分嗎？我不確定我是否完全明白。你能不能...

So if I look at the midpoint of your guidance versus what you actually did, it was about $560 million better. And in your initial guidance, you told us a $500 million China uncertainty haircut. So really trying to understand how that $560 million came in better. Was it all China? Or were there other drivers within that?

因此，如果我將您的指導意見的中點與您實際所做的相比，大約要高出 5.6 億美元。在你最初的指導中，你告訴我們中國的不確定性削減了 5 億美元。所以真的想了解這 5.6 億美元是如何更好地進入的。都是中國嗎？還是其中有其他驅動因素？

Yes. I would say that as we talked about, right, that the haircut was so to speak, using that term, was primarily due to the COVID restrictions. So yes, as that -- as they loosened up, again, customers are pulling to those original forecasts. So we really didn't see anything different than what we would have expected at the beginning of the quarter with the exception of the weakness that we talked about inside of personal electronics. Do you have a follow-on?

是的。我想說的是，正如我們所說的那樣，理髮可以這麼說，使用這個術語，主要是由於 COVID 的限制。所以是的，就這樣 - 隨著他們放鬆，客戶再次接受那些最初的預測。因此，除了我們談到的個人電子產品內部的弱點之外，我們確實沒有看到與本季度初預期的任何不同。你有後續嗎？

Yes, please. On the depreciation guide for the year, roughly up 35% half-on-half. And considering for RFAB2, you're going to start to depreciate the equipment when you actually qualify the wafers and begin revenueing. Is that kind of a ballpark kind of estimate, and maybe it comes in more like [9 25, 9 50] or just trying to understand the moving parts there, given that it's qualification of wafers, revenue of wafers, which sounds like it's really going to be later Q4 that really starts.

是的，請。在今年的折舊指南中，大約一半上漲了 35%。考慮到 RFAB2，當您真正使晶圓合格並開始創收時，您將開始貶值設備。是那種大概的估計嗎？也許它更像是 [9 25, 9 50] 或者只是想了解那裡的移動部件，因為它是晶圓的資格，晶圓的收入，聽起來真的將在第四季度晚些時候真正開始。

Yes, it is an estimate, and it could come in a little lower or a little higher. But right now, I would say $1 billion is a fair estimate. And as I said earlier, just to go beyond that, you can think about it roughly linear from that point in '22 to $2.5 billion of depreciation in 2025. And then you can easily get a good model for '23 and '24.

是的，這是一個估計值，它可能會低一點或高一點。但現在，我會說 10 億美元是一個合理的估計。正如我之前所說，為了超越這一點，你可以認為它從 22 年的那一點到 2025 年的 25 億美元折舊大致呈線性關係。然後你可以很容易地為 23 年和 24 年找到一個好的模型。

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

我們將回答 Ambrish Srivastava 與 BMO 證券的最後一個問題。

I had a question, David and Rafael, I had a question on pricing. Industry pricing has been up high single digit, low double last couple of quarters. Did the second quarter see a similar benefit from pricing, Dave? I know last quarter, you had acknowledged that you did see the benefit from pricing. So I was wondering what was the impact? Do you expect that to continue over the next couple of quarters?

我有一個問題，大衛和拉斐爾，我有一個關於定價的問題。過去幾個季度，行業定價一直在高個位數，低位雙倍。戴夫，第二季度是否從定價中看到了類似的好處？我知道上個季度，你承認你確實看到了定價的好處。所以我想知道有什麼影響？你預計這種情況會在接下來的幾個季度中持續下去嗎？

Yes. We did see a benefit in second quarter, Ambrish. And again, our pricing practices haven't changed. So we'll continue to price aggressively and to ensure that we're gaining share. And so no changes from that standpoint. So we'll just see what happens in the marketplace.

是的。我們確實在第二季度看到了好處，Ambrish。同樣，我們的定價做法沒有改變。因此，我們將繼續積極定價並確保我們獲得份額。所以從這個角度來看沒有變化。因此，我們將看看市場上發生了什麼。

Dave, just to -- sorry, just a clarification. As imperfect the SIA data is, is it a reasonable proxy to use to ascertain what pricing advantage TI got from whatever the SIA data spits out?

戴夫，只是為了-- 抱歉，只是澄清一下。由於 SIA 數據不完善，它是否是一個合理的代理來確定 TI 從 SIA 數據吐出的任何定價優勢中獲得了什麼？

Yes. So we're just cautious to give a specific number as we look at it. We've got -- if you just took units and divided by revenue, that would give you an average price, which is what SIA is doing. We've got customers that are buying through ti.com. They're enjoying the convenience of having product that's immediately available. And in some regions, we're doing shipments more than once a day to the docks of those customers. So there's a convenience that they're enjoying. They pay a higher price for that. But -- so you've got that amount mixing in. So there's other factors besides that. There's mix in the types of products that we ship. We have products that we sell for a couple of pennies and products that we sell for thousands of dollars each. And depending on either end of that spectrum, it can move your ASP or your average selling price around.

是的。所以我們只是謹慎地給出一個具體的數字。我們有——如果你只拿單位並除以收入，那就會給你一個平均價格，這就是新航正在做的事情。我們有通過 ti.com 購買的客戶。他們正在享受立即可用的產品帶來的便利。在某些地區，我們每天不止一次地向這些客戶的碼頭髮貨。因此，他們正在享受一種便利。他們為此付出了更高的代價。但是 - 所以你已經混合了這個數量。所以除此之外還有其他因素。我們運送的產品種類繁多。我們有售價幾美分的產品和每件售價數千美元的產品。並且取決於該範圍的任一端，它可以移動您的 ASP 或您的平均售價。

But that said, an environment like we've seen over the last several quarters just in price increases that customers for like-on-like product that we have seen that benefit as well. I'm sorry, I can't be more specific.

但話雖如此，我們在過去幾個季度中看到的環境只是價格上漲，我們也看到了同類產品的客戶從中受益。對不起，我不能更具體。

So let me wrap up by reiterating what we have said previously. At our core, we're engineers, and technology is the foundation of our company. But ultimately, our objective and the best metric to measure progress and generate long-term value for owners is the growth of free cash flow per share. While we strive to achieve our objective, we will continue to pursue our 3 ambitions. We will act like owners who will own the company for decades. We will adapt and succeed in a world that's ever changing. And we will be a company that we're personally proud to be a part of and would want as our neighbors. When we're successful, our employees, customers, communities and owners all benefit.

最後，讓我重申一下我們之前所說的話。在我們的核心，我們是工程師，技術是我們公司的基礎。但最終，我們衡量進展和為所有者創造長期價值的目標和最佳指標是每股自由現金流的增長。在我們努力實現目標的同時，我們將繼續追求我們的 3 個抱負。我們將像擁有公司數十年的所有者一樣行事。我們將適應瞬息萬變的世界並取得成功。我們將成為一家我們個人為能成為其中一員並希望成為我們的鄰居而感到自豪的公司。當我們成功時，我們的員工、客戶、社區和業主都會受益。

Thank you, and have a good evening.

謝謝你，祝你晚上愉快。

Ladies and gentlemen, this concludes today's conference. We appreciate your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。我們感謝您的參與。您現在可以斷開連接。