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 年第二季財報發布電話會議。今天的通話正在錄音。我是投資人關係主管戴夫‧帕爾 (Dave Pahl)，與我一起出席的還有我們的財務長拉斐爾‧利扎迪 (Rafael Lizardi)。

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.

對於錯過此次發布的人，您可以在我們的網站 ti.com/ir 上找到它。本次通話正在網路直播，可透過我們的網站存取。重播將透過網路提供。

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前瞻性陳述，其中涉及風險和不確定性，可能導致 TI 的結果與管理層目前的預期有重大差異。我們鼓勵您查看今天發布的收益報告以及 TI 最新的 SEC 文件中包含的有關前瞻性聲明的通知，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，我將簡單回顧一下本季的情況。接下來，我將深入了解第二季的收入結果，並介紹一些有關我們的客戶和市場的詳細資訊。最後，拉斐爾將介紹 2022 年第三季的財務表現和預期。

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.

首先簡單回顧一下本季。本季營收為 52 億美元，受各市場成長的推動，比上一季成長 6%，比去年同期成長 14%。模擬收入成長了15%。嵌入式處理部門成長了 5%，其他部門較去年同期成長了 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，讓我對第二季的環境進行評論，以提供一些我們看到的客戶和市場背景資訊。正如我們在上次財報電話會議上所說，由於中國實施了新冠肺炎疫情限制措施，4 月市場表現開局疲軟。隨著這些限制在 5 月下旬和 6 月開始放寬，客戶開始撤回與本季初的需求預測大致一致的產品。

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，我將提供一些我們第二季按市場劃分的收入與去年同期相比的情況。首先，工業市場上漲了高個位數，汽車市場上漲了20%以上。我們發現個人電子產品在整個季度都表現疲軟，僅成長了個位數。其次，通訊設備上漲了約25%。最後，企業系統達到了十幾歲的水平。

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

拉斐爾現在將回顧獲利能力、資本管理和我們的展望。

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，第二季的營收為 52 億美元，比去年同期成長 14%。本季毛利為 36 億美元，佔營收的 70%。與去年同期相比，毛利率增加了240個基點。本季營運費用為 8.36 億美元，較去年同期成長 2%，與預期大致相符。在過去 12 個月中，營運費用為 32 億美元，佔收入的 17%。第二季的重組費用為 6,600 萬美元，與我們去年 10 月購買的 LFAB 工廠有關。本季營業利潤為 27 億美元，佔營收的 52%。營業利潤較去年同期成長23%。第二季淨收入為 23 億美元，即每股 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，從現金產生開始。本季經營活動現金流為 18 億美元。本季的資本支出為 5.97 億美元，過去 12 個月的資本支出為 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。總的來說，我們在過去 12 個月中返還了 62 億美元。我們的資產負債表依然強勁，截至第二季末，現金和短期投資為 84 億美元。我們在本季償還了 5 億美元的債務。未償還債務總額為 73 億美元，加權平均票面利率為 2.7%。庫存金額較上一季增加了 1.39 億美元，達到 22 億美元。天數為 125，比上一季減少 2 天，且低於預期水準。本季應收帳款為 22 億美元，高於去年同期的 16 億美元。這一增長主要反映了隨著中國解除對新冠肺炎疫情的限制且客戶開始撤回產品，本季末的出貨量比例有所上升。

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 營收將在 49 億美元至 53 億美元之間，每股收益將在 2.23 美元至 2.51 美元之間。這種前景解釋了我們所看到的較弱的需求，尤其是來自個人電子市場的客戶的需求。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，我們和我們的客戶對我們的製造能力擴張的進展感到滿意，這在我們二月份的資本管理電話會議上已經概述，並將支持每個系統半導體內容增加的長期趨勢。我們於五月破土動工建造謝爾曼製造綜合體。 RFAB2 和 LFAB 的工作仍在繼續，為生產產出做準備。

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。我們持續投資於我們的競爭優勢，即製造和技術、廣泛的產品組合、通路覆蓋範圍以及多元化和長期的地位。我們將繼續透過嚴格的資本配置和關注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成長。

With that, let me turn it back to Dave.

說完這些，讓我把話題轉回給戴夫。

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

謝謝，拉斐爾。接線員，您現在可以開通問答線路了。 （操作員指令） 操作員？

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

（操作員指示）我們將回答伯恩斯坦研究公司的 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.

我的第一個問題是關於毛利率的問題。所以他們下降了——客觀上他們非常強大，但從第一季到第二季度，儘管收入有所增長，但他們的業績卻連續下降。然後我知道您沒有為下個季度提供毛利率指引，但如果我稍微看一下數學，我發現毛利率似乎比收入指引的下降幅度要大一點。我只是想知道，在這種環境下，成本線或定價線上是否發生了一些事情，可能會影響毛利率。

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，史黛西，我很高興能解決這個問題。首先，正如您所指出的，我們第二季的毛利率約為 70%。我們對於這項表現非常滿意。與去年同期相比，跌幅接近 90%。我還要指出的是——您可以在我們的現金流量表中看到，折舊連續增加了約 3000 萬美元。這是對製造能力的投資的直接結果。關於你問題的第二部分，從未來來看，正如預期的那樣，折舊將會增加。我們在二月的電話會議上討論過這個問題。為了幫助您，我會告訴您，到 2022 年，我們預計全年折舊約 10 億美元。你有後續行動嗎？

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​​一切開放，第二季末的需求激增。所以我猜這將引出第三季的問題。我只是想知道收入的形態、第三季的線性是否與我們在第二季看到的形式相反。我們在第二季的開局並不順利，但收尾卻很強勁。您是否認為，我們在第三季的開局會比較強勁，但在第三季結束時可能會表現較弱，這大概是因為我們在進入第三季時遇到了需求激增？

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，史黛西，顯然，上個季度的情況不尋常——因為我們談到的 COVID 限制，對吧？因此，這些貨物是在本季度早些時候安排的，因此實際上反映了限制的解除以及我們和客戶接收該產品的能力。所以你聽到了那個噪音。但正如我們在準備好的評論中所說的那樣，我們確實看到個人電子產品市場的疲軟。這項弱點已在第三季的業績指引中反映出來。

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

下一個問題由美國銀行的 Vivek Arya 提出。

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?

首先，我認為您曾提到第三季的業績低於季節性，因為消費者面臨壓力。我很好奇其他領域的情況如何，汽車、工業、通訊設備、企業等等？您是否認為他們的需求具有季節性或有所不同？

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，維韋克，我想說，如你所知，我們不會按市場進行季度預測，除非出現重大異常值。因此，這就是我們強調個人電子產品的原因。所以我只會這樣了。這正是我們看到的大部分弱點。你有後續行動嗎？

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?

我的後續問題是──是的。因此我的後續問題實際上是關於自由現金流。如果我回顧 20 年，TI 的自由現金流佔銷售額的 38%。去年這一比例為34%。現在以過去 12 個月計算，這一比例僅 30%。然後你引導第三季低於季節性水平，而第四季和第一季也往往低於這個水平。然後您提到您致力於您的資本支出計劃。那麼，這是否公平地代表了您對自由現金流利潤率的看法？

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.

我將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，第二季度的收入出現在季度末，或者說不成比例的收入出現在季度末。所以這意味著很多現金都被困在應收帳款中，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.

除此之外，我們對這些在製造和技術方面的投資感到非常興奮。他們將繼續為我們長期保持良好的定位，為我們提供支援收入成長所需的製造平台。正如我們在二月談到的那樣，這將導致資本支出增加。事實上，當時我們談到了未來 4 年（從 2022 年到 2025 年）的平均資本支出，即每年平均 35 億美元。就今年而言，我們的收入似乎將達到約 25 億美元，大約與預期一致。實際價格可能會比這略高一些。顯然，由於平均值為 35 億美元，你會預期接下來幾年的收入會高於這個數字。

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

我們將回答德意志銀行的羅斯·西摩的下一個問題。

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?

我想問一下這個等式的供給方。有大量新設施即將上線。您談到了在謝爾曼破土動工的情況。但在此之前，您有 RFAB2，然後您有 LFAB。那麼，您能否與我們談談，這些產能何時上線，何時能為收入帶來推動作用？我們該如何看待這些不斷增加的貶值？ 當然，拉斐爾，你剛才告訴我們，今年全年的貶值金額將達到 10 億美元。

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，正如我之前所說的，我對這項投資感到非常興奮。 RFAB2 和 LFAB，我們將在今年下半年某個時候推出 RFAB2 來支援生產，並在 23 年初推出 LFAB。然後我們 — — 關於謝爾曼，我們幾個月前才剛破土動工。我們預計謝爾曼工廠（那裡的第一家工廠）將在 2025 年實現收入。

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，我在二月就已經告訴過你，預計到 2025 年折舊金額將達到約 25 億美元。

Do you have a follow-on, Ross?

羅斯，你還有其他問題嗎？

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。我想最後一個主題是，CHIPS 法案以及歐洲的類似法案，您剛才給出的所有數字，我想，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，並可能降低對貴公司財務方面的一些影響？

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.

太正確了。我們向您提供的過去 6 個月或之前的數字並不包括任何這些帳單帶來的收益。具體來說，就《晶片法案》而言，我們很高興看到美國兩黨大力支持美國半導體製造業，這將促進國內晶片生產並提高該行業保持競爭力的能力。這些規定將具有重大意義並支持我們的製造業和我們的路線圖。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利益時，我們應該同時從補助部分和投資稅率部分受益。但當我們對此進行更詳細的評估時，我們會根據需要向您提供更新。

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

下一個問題來自摩根士丹利的喬摩爾 (Joe Moore)。

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?

我想回到您在四月份給出的指導，當時您談到可能需要在第二季度支持 50 億美元，但是由於中國的封鎖，您將其降至 45 億美元。能告訴我們這 5 億美元最後您賺了多少錢嗎？如果把這個上升趨勢放在最初的調整背景下來看，那麼在多大程度上反映了其他地區的上升趨勢？

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的那樣，喬，客戶通常會根據他們最初的需求預測來決定，對嗎？所以這意味著，當我們觀察正在發生的事情時，我們開始了這個季度，我們的追蹤數據較低。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。他們仍然想要該產品。所以這實際上構成了我們本季的大部分內容。這樣有幫助嗎？

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，如果您可以描述一下客戶此時對庫存的心態。顯然，我們已經應對熱點和緊張狀況有一段時間了。您是否覺得工業和汽車市場的客戶正在尋求建立緩衝庫存，以便這是 - 但同樣，人們是如何看待這一點的？

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。我想很多人都已經報告過了，而且我們可以從客戶提交的文件中看到，過去幾季有明顯的庫存增加跡象。並且還有關於他們永久持有多少庫存之類的事情的討論。我們將看到這種行為隨著時間的推移如何改變。我認為有些地方這種做法可能會持續下去，但有些地方則不會。但我認為，當我們考慮這個問題時，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。我們一直堅信，擁有並控制自己的庫存確實是一種策略優勢。

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。本季結束時，我們的庫存剛超過 20 億美元。因此，每當商品確實疲軟時，我們都會利用這段時間補充庫存，以保持交貨時間穩定且較低。這些都是我們能夠控制的最佳事情，也是我們在接下來的幾季中要做的事情。

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

我們將回答花旗銀行的 Chris Danely 提出的下一個問題。

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，鑑於 PE 的弱點以及汽車和工業的強勢，您是否可以或能否從較弱的部分中分出一些產能，並將其分配給較強的部分？如果是這樣，那麼需要多長時間？

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。從最高層面來說，是的。我們—容量是相對可替代的。每種技術或每個特定部分總是會有一些略有不同的細節。所以 — — 但在最高層面上，是的，我們在過去 2 個月中一直在調整我們的產能，因為事情已經聯繫在一起，以便將其部署到最佳用途並支持我們的長期戰略路線圖。

Do you have a follow-up?

你有後續行動嗎？

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。作為我的後續問題，沿著這個問題的思路，你們全年都在談論短缺和延長交貨時間的問題。我們看到任何改善了嗎？或者您預計今年年底前情況會有所改善嗎？

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，拉斐爾，如果你想加入，請加入。我們的交貨時間和上一季相比沒有太大變化。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。正如我們已經談到的，我們將有能力上線。但在任何一個季度，按順序來說，不會產生巨大的差異。但我們會跨越一年或幾個季度，這確實會對我們所擁有的能力和能力產生重大影響。

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。這正是我們能夠控制的，對嗎？因此，我們將持續提高這一水平，RFAB2 即將上線，LFAB 隨後也將上線，然後在 2025 年，謝爾曼的四家工廠中的第一家也將上線。這將增強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，正如您所看到的，我們剛剛實現了 52 億美元的收入，我相信這是連續第四個季度庫存再次增加。這也讓您感受到我們滿足市場需求而不斷增強的能力。

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

好的。這是一個很好的觀點。謝謝你，克里斯。

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

我們將回答高盛的 Toshiya Hari 提出的下一個問題。

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，關於您未來的定價策略，我很好奇，隨著未來 12 到 18 個月 RFAB2 和 LFAB 產量的增加，以及您的同行比您受到的供應限制更多，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積極一些，並追求市場份額？或者您會考慮效仿並與同行一起提高價格？

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，謝謝你提問。我想說，正如你看到我們過去的行為一樣，我們的定價方法沒有改變。這些定價決策是在產品線層級做出的。我們有大約 65 種不同的產品線。因此他們貼近客戶、貼近市場，了解業內同業在做什麼。正如您所說，我們市場上許多外包的同行在看到供應商提高價格時確實必須採取行動。因此，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一競爭優勢的部分原因。您有後續訊息嗎？

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。因此就營運支出而言，我認為在過去 12 個月中，您的營運支出預算幾乎沒有增加。我認為，在通膨非常嚴重的環境下，通膨率上漲了 1% 甚至 1% 以上。只是好奇過去 12 個月的抵銷是多少？在您的模型中，我們應該如何看待可持續性，營運支出成長幅度保持在較低水平，而收入則保持兩位數的強勁增長？

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。我們很高興能夠將對研發和銷售、一般及行政開支的投資分配到最佳機會上。正如我們所討論的，這主要是工業和汽車領域，還有諸如 ti.com 之類的舉措，這些舉措最終會增強我們的競爭優勢，並最大限度地提高我們長期增加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，從絕對基礎來看，我預計未來幾年將增加投資，因為我們繼續看到強勁的市場機會。

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

我們將回答摩根大通的 Harlan Sur 提出的下一個問題。

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?

就成品庫存而言，即您的直接客戶寄售庫存，其庫存仍比疫情前的水平低 30％。與去年相比，下降了 3%。它們的數量比上一季略有下降。是否可以合理地認為，這反映出您的直接客戶僅根據其需求狀況就繼續以非常強勁的速度拉動？今年你們能達到目標庫存天數嗎，特別是在 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。我想告訴你的是——考慮到我們的製造流程，零件從網狀開始，然後變成晶片，然後變成成品。正如我指出的，過去 4 個季度，整體庫存一直很好，最近一個季度為 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，成品仍然很貧乏。我們的目標是庫存持續成長。我們討論的是130到190天的目標。正如我之前所說，我不會對處於該範圍的高端感到不舒服，因為最終，這些庫存為我們提供了巨大的可選性，使我們處於非常有利的位置來支援客戶。

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.

鑑於我們的商業模式，庫存風險的降低為零，因為庫存用於支援銷售給眾多客戶且壽命很長的產品。因此，我們放心增加庫存。

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。我還要補充一點，哈蘭，你的問題的一部分是，這反映了直接客戶的情況。我只是提醒一下，我們有 70%——或者實際上去年大約 70% 的收入來自直接收入。其中包括透過 ti.com 獲得的收入，我們仍然相信，隨著我們未來的發展，這將成為我們重要的策略資產。

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?

至於分銷，正如我之前所說，我們一直認為擁有——控制庫存非常重要。我們可能需要花兩週甚至更短的時間。因此，當我們由於擁有並控制庫存而交付收入時，它實際上反映了客戶在該季度的需求。那你還有後續消息嗎？

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有所變化，但我想知道不同地區的同比情況是什麼樣的。

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。因此與去年同期相比，本季所有地區都出現了成長。這是同比和環比增長，它們也全部上漲。因此，我們確實看到了同比和環比的趨勢。所以謝謝你，哈蘭。

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

下一個問題我們將由 Evercore 的 C.J. Muse 提出。

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?

我想第一個問題是重新回顧先前的問題，關於 5.6 億美元的收入是否超出您 6 月指南的中點，以及您最初指南中的 5 億美元減記。所以很好奇，鑑於您在 5 月開始看到復甦，是否可以肯定地說，也許您已經超出了運行率，因此您重新獲得了全部 5 億美元？或者這只是其中的一部分？那麼作為其中的一部分，相對於您先前的指導，您認為有哪些上升空間？這是否僅限於工業、汽車或任何特定的終端市場？

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.，你能幫我解答一下問題的第一部分嗎？我不太確定我是否完全理解了。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，如果我將您的指導中位數與實際執行情況進行比較，您會發現它大約高出了 5.6 億美元。在您的初步指引中，您告訴我們中國不確定性因素的減記為 5 億美元。所以真正要嘗試更好地理解這 5.6 億美元是如何來的。都是中國嗎？或者其中還有其他驅動因素？

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，正如我們所討論的，對的，可以說，這種削減主要是由於 COVID 限制。是的，隨著他們放鬆管制，客戶再次回到最初的預測。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初步預期不同的任何情況。您有後續訊息嗎？

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。根據今年的折舊指南，大約比上半年增加了 35%。考慮到 RFAB2，當您實際生產合格晶圓並開始產生收入時，您將開始折舊設備。這是一種大概的估計嗎？

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，可能會低一點或高一點。但現在，我認為 10 億美元是一個合理的估值。正如我之前所說，為了超越這一點，您可以認為從 22 年的那個點到 2025 年的 25 億美元折舊之間呈大致線性關係。

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

我們將回答 BMO 證券公司的 Ambrish Srivastava 提出的最後一個問題。

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，行業價格一直上漲個位數或兩倍。戴夫，第二季的定價是否也帶來類似的收益？我知道上個季度您已經承認您確實看到了定價帶來的好處。所以我想知道這有什麼影響？您預計這種情況會在接下來的幾季持續下去嗎？

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。我們確實看到了第二季的收益，Ambrish。再次強調，我們的定價方式沒有改變。因此，我們將繼續積極定價並確保我們的市場份額不斷增長。從這個角度來看，沒有改變。所以我們只需要看看市場上會發生什麼。

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 — — 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，可以用來確定 TI 從 SIA 數據中獲得了什麼定價優勢？

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。因此，我們在看待這個問題時會謹慎地給出具體的數字。我們已經知道——如果你只是把單位數除以收入，就會得到一個平均價格，而這正是新加坡航空公司正在做的事情。我們有一些透過 ti.com 購買的客戶。他們享受著可以立即獲得產品的便利。在某些地區，我們每天都會多次向這些客戶的碼頭發貨。所以他們享受著便利。他們為此付出了更高的代價。但是——所以你已經把這個數字混入其中了。我們運送的產品種類繁多。我們的產品有的售價為幾美分，有的售價為數千美元。並且根據該範圍的任一端，它可以改變您的 ASP 或平均銷售價格。

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，就像我們在過去幾季看到的那樣，價格上漲的環境也讓客戶從同類產品中受益。抱歉，我無法說得更具體。

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，請容許我重申一下我們之前說過的內容。從本質上講，我們是工程師，技術是我們公司的基礎。但最終，我們的目標以及衡量進度和為業主創造長期價值的最佳指標是每股自由現金流的成長。在我們努力實現目標的同時，我們將繼續追求我們的三大目標。我們將像擁有公司幾十年的主人一樣行事。我們將適應不斷變化的世界並取得成功。我們將成為一家讓我們感到自豪並願意與我們為鄰的公司。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.

謝謝您，祝您晚上愉快。

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。您現在可以斷開連線。