德州儀器 (TXN) 2022 Q3 法說會逐字稿

Welcome to the Texas Instruments Third Quarter 2022 Earnings Release Conference Call. I'm Dave Pahl, Head of Investor Relations, and I'm joined by our Chief Financial Officer, Rafael Lizardi.

歡迎參加德州儀器 2022 年第三季度收益發布電話會議。我是投資者關係主管 Dave Pahl，我們的首席財務官 Rafael Lizardi 也加入了我的行列。

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. In addition, today's call is being recorded, and you'll be able to get it via replay on our website.

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。此外，今天的通話正在錄音中，您可以通過我們網站上的重播來獲取它。

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 third quarter's revenue results with some details of what we're seeing with respect to our customers and markets. And lastly, Rafael will come to results and our guidance for the fourth 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，我將提供對第三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 將得出結果和我們對 2022 年第四季度的指導。

Starting with a quick overview of the third quarter. Revenue in the quarter came in about as expected at $5.2 billion, an increase of 1% sequentially and 13% year-over-year. Analog revenue grew 13%. Embedded Processing grew 11%, and our Other segment grew 20% from the year ago quarter.

從第三季度的快速概覽開始。本季度的收入約為 52 億美元，環比增長 1%，同比增長 13%。模擬收入增長了 13%。嵌入式處理增長了 11%，我們的其他部門同比增長了 20%。

Now I'll provide some insight into third quarter revenue by market. This quarter, I'll focus on our sequential performance as it's more informative at this time. First, personal electronics declined mid-teens as we continue to see the weakness we described in the second quarter. Industrial was about even sequentially as we saw weakness begin to broaden in the industrial market. The automotive market remains strong and was about 10%.

現在我將按市場提供一些關於第三季度收入的見解。本季度，我將重點關注我們的連續表現，因為此時它提供的信息更多。首先，隨著我們繼續看到我們在第二季度描述的疲軟，個人電子產品在十幾歲時下降。由於我們看到工業市場的疲軟開始擴大，工業幾乎是連續的。汽車市場依然強勁，約為 10%。

Next, communications equipment was up high single digits. And finally, enterprise systems was up mid-single digits.

其次，通信設備上漲了個位數。最後，企業系統增長了中個位數。

Turning to our expectations for the fourth. We expect that most of our end markets will decline sequentially with the exception of the automotive market. Lastly, we and our customers remain pleased with the progress of our expansion of our 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.

轉向我們對第四個的期望。我們預計，除汽車市場外，我們的大部分終端市場將依次下滑。最後，我們和我們的客戶仍然對我們擴大製造能力的進展感到滿意，這在我們 2 月份的資本管理電話會議中進行了概述，並將支持每個系統增加半導體含量的長期趨勢。

Customers especially value the geopolitically dependable footprint of our manufacturing additions. We are now in production in RFAB2 and expect production in LFAB later this year. In addition, construction of SM-1 and SM-2 in Sherman, Texas continues as planned.

客戶特別看重我們的製造增加在地緣政治上可靠的足跡。我們現在正在 RFAB2 中生產，預計今年晚些時候在 LFAB 中生產。此外，在德克薩斯州謝爾曼的 SM-1 和 SM-2 建設繼續按計劃進行。

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, third quarter revenue was $5.2 billion, up 13% from a year ago. Gross profit in the quarter was $3.6 billion or 69% of revenue. From a year ago, gross profit margin increased 110 basis points.

謝謝，戴夫，大家下午好。正如戴夫所說，第三季度收入為 52 億美元，比去年同期增長 13%。本季度毛利潤為 36 億美元，佔收入的 69%。與一年前相比，毛利率提高了 110 個基點。

Operating expenses in the quarter were $862 million, up 8% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.3 billion or 16% of revenue. Restructuring charges were $77 million in the third quarter and are associated with a LFAB factory that we purchased in October of last year. These charges will move to cost of revenue as we start production. The assets associated with the acquisition of the factory will begin to depreciate at the same time.

本季度的運營費用為 8.62 億美元，同比增長 8%，與預期相符。在過去 12 個月的基礎上，運營費用為 33 億美元，佔收入的 16%。第三季度的重組費用為 7700 萬美元，與我們去年 10 月購買的 LFAB 工廠有關。隨著我們開始生產，這些費用將轉移到收入成本中。與收購工廠相關的資產將同時開始貶值。

Moving on, operating profit was $2.7 billion in the quarter or 51% of revenue. Operating profit was up 16% from the year ago quarter. [Net income] in the third quarter was $2.3 billion or $2.47 per share. Earnings per share included a $0.02 benefit for items that were not in our original guidance.

接下來，本季度的營業利潤為 27 億美元，佔收入的 51%。營業利潤較去年同期增長 16%。第三季度[淨收入]為23億美元或每股2.47美元。每股收益包括我們最初指導之外的項目的 0.02 美元收益。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $2.8 billion in the quarter. Capital expenditures were $790 million in the quarter and $3.1 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 28 億美元。本季度資本支出為 7.9 億美元，過去 12 個月為 31 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 billion of our stock. In total, we have returned $7.1 billion in the past 12 months. In September, we announced we would increase our dividend by 8%, marking our 19th consecutive year of dividend increases. We also increased our share repurchase authorizations by $15 billion. These actions reflect our commitment to return of free cash flow to our owners.

在本季度，我們支付了 11 億美元的股息並回購了 10 億美元的股票。在過去的 12 個月中，我們總共返還了 71 億美元。 9 月，我們宣布將股息提高 8%，這是我們連續第 19 年提高股息。我們還將股票回購授權增加了 150 億美元。這些行動反映了我們向所有者返還自由現金流的承諾。

Our balance sheet remains strong with $9.1 billion of cash and short-term investments at the end of the third quarter. In the quarter, we issued $700 million in debt. Total debt outstanding was $8 billion with a weighted average coupon of 2.8%.

我們的資產負債表保持強勁，截至第三季度末有 91 億美元的現金和短期投資。本季度，我們發行了 7 億美元的債務。未償債務總額為 80 億美元，加權平均票面利率為 2.8%。

Inventory dollars were up $205 million from the prior quarter to $2.4 billion, and days were 133, up 8 days sequentially and below the higher levels.

庫存美元比上一季度增加 2.05 億美元，達到 24 億美元，天數為 133 天，比上一季度增加 8 天，低於較高水平。

For the fourth quarter, we expect TI revenue in the range of $4.4 billion to $4.8 billion and earnings per share to be in the range of $1.83 to $2. This outlook comprehends the market conditions that Dave previously mentioned.

對於第四季度，我們預計 TI 收入在 44 億美元到 48 億美元之間，每股收益在 1.83 美元到 2 美元之間。這一展望包含了戴夫之前提到的市場狀況。

We continue to expect our 2022 effective tax rate to be about 14%. As you are looking at your models for 2023, without additional changes to tax law, we would expect our effective tax rate to remain above what it is in 2022 with a similar quarterly profile.

我們繼續預計 2022 年的有效稅率約為 14%。當您正在查看 2023 年的模型時，如果不對稅法進行額外修改，我們預計我們的有效稅率將保持在 2022 年的水平之上，並具有類似的季度概況。

Let me now make a few comments on the CHIPS Act that was recently signed-in to law. The combination of the investment tax credit, the grant as well as funding for research and development will help make the U.S. semiconductor industry more competitive. We accrued about $50 million on the balance sheet in third quarter due to the 25% investment tax credit for investments in our U.S. factories. This will eventually flow some statement as lower depreciation and we will receive the associated cash benefit in the future.

現在讓我對最近簽署的 CHIPS 法案發表一些評論。投資稅收抵免、贈款以及研發資金的結合將有助於使美國半導體行業更具競爭力。由於對我們美國工廠的投資有 25% 的投資稅收抵免，我們在第三季度的資產負債表上累積了約 5000 萬美元。這最終將使一些報表作為較低的折舊流動，我們將在未來獲得相關的現金收益。

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 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我們認為將使我們能夠繼續實現長期自由現金流增長的最佳機會來加強這些優勢。

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 will take the first question from Timothy Arcuri from UBS.

（操作員說明）我們將回答瑞銀的 Timothy Arcuri 的第一個問題。

Dave, I wonder if you can sort of go into any detail within distribution versus consignment? Maybe what I'm trying to get at is sort of any differences in demand pull as measured by bookings inside distribution or demand pull from the consignment segment, is one better than the other? And if also, is there any cancellations inside of -- into distribution?

戴夫，我想知道您是否可以詳細介紹分銷與寄售的任何細節？也許我想要了解的是需求拉動方面的任何差異，以分銷內部的預訂量或寄售部門的需求拉動來衡量，是一種比另一種更好嗎？如果還有，在分發中是否有任何取消？

Yes. So on the first part, Tim, we didn't see really anything different between the direct business back going through distribution. As you know, we have had an effort over the past few years to have direct -- close-to-direct relationships with our customers. So the amount of revenue going through distribution is much lower today. So probably only about 30% of our revenue actually goes through distribution. We did see cancellations increased in the quarters just as customers work to align the backlog to their needs.

是的。所以在第一部分，蒂姆，我們沒有看到通過分銷返回的直接業務之間有什麼不同。如您所知，在過去幾年中，我們一直在努力與我們的客戶建立直接——接近直接的關係。因此，今天通過分銷獲得的收入要低得多。因此，我們實際上可能只有大約 30% 的收入通過分銷渠道。正如客戶努力使積壓訂單與他們的需求保持一致時，我們確實看到這些季度的取消訂單有所增加。

Do you have a follow-up?

你有後續嗎？

(inaudible) So we will take the next question from Vivek Arya, Bank of America Securities.

（聽不清）所以我們將回答美國銀行證券公司 Vivek Arya 的下一個問題。

So the first one, it seems like consumer electronics is your biggest area of headwinds in Q3, I think you said down mid-teens. And I imagine about the same kind of double-digit down in Q4. Do you think are we past the worst of the consumer? Or should we be expecting the seasonal decline again for consumer in Q1?

所以第一個，看起來消費電子產品是你在第三季度最大的逆風領域，我想你說的是十幾歲的時候。我想像第四季度也會出現同樣的兩位數下降。你認為我們是否已經度過了消費者最糟糕的時期？還是我們應該期待消費者在第一季度再次出現季節性下滑？

I know it's a little bit further out, but I just wanted to check what you're seeing in terms of consumer right now. And I guess the bigger picture question there is, is TI more exposed to the cyclical downturn versus your peers because you have the highest consumer exposure? And if that is the case, do you need to do something different, given that mix headwind?

我知道這有點遠，但我只是想看看你現在在消費者方面看到了什麼。我想還有一個更宏觀的問題，TI 是否比同行更容易受到週期性低迷的影響，因為您擁有最高的消費者風險敞口？如果是這種情況，考慮到混合逆風，您是否需要做一些不同的事情？

Yes. Vivek, thanks for that question and the opportunity to clarify. So personal electronics last year was 24% of our revenue. If you look at the market overall, personal electronics, a little more than 50% of the semiconductor market without memory. So we have less than half of the exposure there.

是的。 Vivek，感謝這個問題和澄清的機會。所以去年個人電子產品占我們收入的 24%。如果從整體市場來看，個人電子產品中，50% 以上的半導體市場沒有內存。所以我們在那裡的曝光率不到一半。

If you look at industrial and automotive, that makes up 62% of our revenues. And inside of the market, that's 26% of the market. So we're really highly exposed to both industrial and automotive, and that's not by accident, is probably more than a decade ago, we began allocating more of our resources to automotive and industrial and the emphasis there. So we're very pleased with our exposure. And we believe that, that will be there just will be more content added into those systems.

如果你看看工業和汽車，那占我們收入的 62%。在市場內部，這是市場的 26%。所以我們真的高度接觸工業和汽車，這不是偶然的，可能是十多年前，我們開始將更多的資源分配給汽車和工業以及那裡的重點。所以我們對我們的曝光感到非常滿意。我們相信，這些系統中只會添加更多內容。

Now that said, there's great opportunities inside of personal electronics, communications equipment and enterprise systems in the decades ahead. but we'll just have those secular tailwinds more than average inside of industrial and automotive.

話雖如此，在未來的幾十年裡，個人電子產品、通信設備和企業系統內部存在著巨大的機遇。但我們只會在工業和汽車行業中獲得比平均水平更高的長期順風。

Do you have a follow-on, Vivek.

你有後續嗎，維維克。

Yes. so kind of a similar question, but on automotive, which you suggested grew 10% sequential in Q3. And interestingly, you're suggesting it can grow again in Q4. What's your sense of kind of the supply-demand balance in automotive among your Tier 1 and then the auto OEM customers? Many investors are concerned that this kind of rolling correction that we are seeing in semi is going to eventually hit automotive, which has been a very strong area over the last 1 to 2 years. So what's your sense of what kind of the supply-demand balance is in this automotive end market?

是的。類似的問題，但在汽車方面，您建議在第三季度連續增長 10%。有趣的是，你暗示它可以在第四季度再次增長。您對 Tier 1 和汽車 OEM 客戶之間的汽車供需平衡有何看法？許多投資者擔心，我們在半成品中看到的這種滾動修正最終會打擊汽車，這在過去 1 到 2 年一直是一個非常強勁的領域。那麼您對這個汽車終端市場的供需平衡有何看法？

Yes. I'd say first, I think when you look at the secular trends inside of automotive, I think all of us know that it will be a great grower for us, and we're investing very broadly. So we're just thrilled with the position.

是的。我首先要說的是，我認為當你看到汽車內部的長期趨勢時，我想我們所有人都知道這對我們來說將是一個巨大的增長者，而且我們的投資非常廣泛。所以我們對這個職位感到很興奮。

If you look at second quarter of 2020, our growth there has, off the bottom been very, very strong. Will that market eventually roll over? It will. I mean that's just what happens. And we're not trying to predict when that will happen, we'll continue to ship product to customers as they request it. And we're really focused on making sure we've got capacity in place for them over the long-term. So we're not really trying to worry about when that will happen.

如果你看看 2020 年第二季度，我們的增長已經非常非常強勁。這個市場最終會翻身嗎？它會。我的意思是這就是發生的事情。我們並沒有試圖預測何時會發生這種情況，我們將繼續按照客戶的要求將產品運送給他們。我們真正專注於確保我們為他們提供長期的能力。所以我們並不是真的想擔心什麼時候會發生。

So thank you, Vivek, and we'll go to the next caller, please.

所以謝謝你，Vivek，我們會去找下一位來電者。

Next question from Joshua Buchalter from Cowen. .

來自 Cowen 的 Joshua Buchalter 的下一個問題。 .

I wanted to double-click on the industrial market. Did anything change materially through the quarter? Anything you can give us on linearity or by geography. As we think about what's baked into the guide, is it more, I guess, conservatism on the macro? Or was there really a material change in your customers' order patterns?

我想雙擊工業市場。本季度有什麼實質性變化嗎？任何你可以給我們的線性或地理信息。當我們思考指南中包含的內容時，我猜是不是更多的宏觀保守主義？還是您的客戶的訂單模式真的發生了重大變化？

Yes, Josh, thanks for that question. I would say if you look at the third quarter results across the board and also inclusive of industrial, the quarter came in as we expected. If you look at -- and even sequential is not unusual inside of industrial. That's about what we were expecting.

是的，喬希，謝謝你的問題。我想說，如果您全面查看第三季度的業績，包括工業在內，該季度的表現正如我們預期的那樣。如果你看一下——甚至順序在工業內部並不罕見。這就是我們所期待的。

But as we described it, the weakness began to broaden into that. So there wasn't one place that we could put the finger on to say it was one thing or one group of customers, but we did see just different signals inside of there that is leading us to that conclusion that it is -- that weakness is broadening. And in fact, we expect that weakness to broaden into most of the other markets as well as we move into fourth quarter, of course, with the exception of auto.

但正如我們所描述的那樣，弱點開始擴大到這一點。因此，我們沒有一個地方可以說這是一件事或一組客戶，但我們確實看到了那裡的不同信號，這導致我們得出這樣的結論——就是弱點正在擴大。事實上，我們預計這種疲軟將擴大到大多數其他市場，當然，隨著我們進入第四季度，汽車除外。

So that's really what we're seeing. It's order rates. If you look at order rates quarter-to-date, they are, of course, consistent with our outlook, but they are weak quarter-to-date. And so it's those types of signals that are leading to the outlook. And really, those are the types of signals that really best inform what our shipments in the quarter and in the short term are going to be.

所以這就是我們所看到的。是訂單率。如果您查看本季度迄今為止的訂單率，它們當然與我們的展望一致，但它們本季度迄今較弱。因此，正是這些類型的信號導致了前景。真的，這些是最能說明我們在本季度和短期內出貨量的信號類型。

Do you have a follow-up, Joshua?

你有後續嗎，約書亞？

Yes. That's very helpful. I also wanted to clarify the comments on the CHIPS Act. You mentioned $50 million was accrued on the balance sheet. Was that from the investment tax credit only? Because I know there's a second bucket for manufacturing incentives. And if not, when should -- when would you expect to, I guess, get more clarity on how much you'll be able to accrue for the manufacturing incentive portion of the CHIPS Act?

是的。這很有幫助。我還想澄清對 CHIPS 法案的評論。你提到資產負債表上應計了 5000 萬美元。僅來自投資稅收抵免嗎？因為我知道還有第二個製造激勵措施。如果不是，我猜你什麼時候應該更清楚地知道你可以為芯片法案的製造激勵部分積累多少？

Yes. So first, let me step back. Big picture, the combination of the investment actually the grant as well as the funding for research and development will help. U.S. semiconductor are more competitive. We accrued the $50 million that we talked about in the prepared remarks that you referred to, that was for the 25% investment tax credit that is for manufacturing assets that will go into service in 2023 and beyond. And that is -- that was for $200 million. So 1/4 of that is what we accrued that we will receive from the government at some point in the future as lower taxes.

是的。所以首先，讓我退後一步。從大局來看，投資實際上是贈款以及研發資金的結合將有所幫助。美國半導體更具競爭力。我們積累了我們在你提到的準備好的評論中談到的 5000 萬美元，這是用於 25% 的投資稅收抵免，用於將在 2023 年及以後投入使用的製造資產。那就是 - 那是2億美元。因此，其中 1/4 是我們累積的，我們將在未來某個時候從政府那裡獲得較低的稅收。

But in the P&L, it flows. It will flow through lower depreciation. I think maybe what you're referring to when you talk about manufacturing is the grant portion. Is that what you're referring to?

但在損益表中，它會流動。它將通過較低的折舊流動。我想當您談論製造時，您所指的可能是撥款部分。你指的是這個嗎？

Well, maybe we'll answer them both. But if you are talking about the grant that is part of the CHIPS Act, but it's separate from the investment tax credit that remains to be seen as more. We will apply for those, the application window doesn't open until February. So we will apply for those. And as we learn more, we'll let you know. And big picture, when we get to February, the next capital management call, we will talk about the CHIPS Act, the overall investment will try to quantify that and what benefit we'll get.

好吧，也許我們會回答他們兩個。但是，如果您談論的是作為 CHIPS 法案一部分的贈款，但它與投資稅收抵免是分開的，還有待觀察。我們將申請這些，申請窗口要到 2 月才會打開。所以我們會申請這些。隨著我們了解更多，我們會通知您。總體而言，當我們到了 2 月，下一次資本管理電話會議時，我們將討論 CHIPS 法案，整體投資將嘗試量化這一點以及我們將獲得什麼收益。

At the same time, since the last capital management call, our confidence around the long-term growth prospects in our industry, the secular trends that Dave talked about earlier. That confidence has only grown, so we feel really good about that. So we'll tell you about the net impact between those 2, the benefits of the CHIPS Act and the growing confidence at the next capital management call and any changes to our numbers based on that. So I think you dropped off.

同時，自上次資本管理電話會議以來，我們對行業長期增長前景的信心，以及戴夫早些時候談到的長期趨勢。這種信心只會增長，所以我們對此感覺非常好。因此，我們將告訴您這兩者之間的淨影響、CHIPS 法案的好處以及對下一次資本管理電話會議日益增長的信心以及基於此對我們的數字進行的任何更改。所以我認為你放棄了。

We'll go to the next caller please.

我們會去找下一位來電者。

Will take the follow-up Christian from Timothy Arcuri, UBS.

將從瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）接替克里斯蒂安（Christian）。

So my follow-up was on China. And I'm wondering if you can talk about your business there. Are you seeing any signs of pull-ins or push-outs as a result of some of these bands. Are you seeing any changes sort of in the linearity around the bands getting announced? And I think also, you had talked about China being like high teens of consumption of your product. Is that still where you see it?

所以我的後續行動是關於中國的。我想知道您是否可以在那裡談論您的業務。您是否看到由於其中一些樂隊而導致的任何拉入或推出的跡象。您是否看到宣布的樂隊周圍的線性有任何變化？而且我還認為，您曾談到中國就像是您產品的高消費人群。那還是你看到的地方嗎？

So -- and Rafael, maybe you want to add to it. But on the bands, that the recent changes in some of the bands, there were companies added to the entities list overall. We don't expect that there's really much, if any, impact due to those changes really to that or in any of the restrictions from overall from that. Anything to add on that?

所以——還有Rafael，也許你想補充一下。但在樂隊上，一些樂隊最近的變化，有公司被添加到整體實體列表中。我們預計不會因為這些變化或任何總體限製而產生真正的影響（如果有的話）。有什麼要補充的嗎？

Yes, correct. 99% of our parts fall on the very lowest category of restrictions, just given the nature of the types of parts that we sell. So we don't have restrictions on those. Of course, there are restrictions specific to entities. There's the entity lease that you hear about, the FDPR, that's another list. And we, of course, follow all the regulations when it comes to that. So when an entity goes listed in there, we take that into account and restrict shipments as according to the law. But given how that works, we don't expect any meaningful or significant impact to our revenue with those export loss.

是，對的。僅考慮到我們銷售的零件類型的性質，我們 99% 的零件都屬於最低限度的限制類別。所以我們對這些沒有限制。當然，存在特定於實體的限制。你聽說的實體租約，FDPR，是另一個清單。當然，我們在這方面遵守所有規定。因此，當一個實體在那裡上市時，我們會考慮到這一點並根據法律限制發貨。但鑑於其運作方式，我們預計這些出口損失不會對我們的收入產生任何有意義或重大的影響。

Yes. And that was the first part of your question, Tim. The second part you had mentioned high teens, it's actually about 25% of our revenue comes from customers that are based in China. So that's the number. We'll go to the next caller, please.

是的。這是你問題的第一部分，蒂姆。您提到的第二部分青少年，實際上我們大約 25% 的收入來自中國的客戶。所以就是這個數字。請我們去找下一位來電者。

Next one from Stacy Rasgon, Bernstein Research.

下一個來自伯恩斯坦研究中心的 Stacy Rasgon。

So my first one, I just wanted to verify, are there any changes to the trajectory of the near- to medium-term CapEx plan just given changes in the current environment? And I guess related to that, the Lehi headwinds that are coming, do you have any of those embedded in Q4? Because you said it's coming online starting in Q4. And I'm getting implied gross margins down a few hundred basis points sequentially.

所以我的第一個問題，我只是想驗證一下，鑑於當前環境的變化，近期到中期資本支出計劃的軌跡是否有任何變化？我猜想與此相關，即將到來的李海逆風，你有任何嵌入在第四季度的嗎？因為你說它將從第四季度開始上線。而且我的隱含毛利率依次下降了幾百個基點。

Yes. So let me answer the first one -- the last one first. So you see on our P&L, about $77 million of restructuring charges in third quarter, that is all because of -- those are the Lehi costs that we chosen to put in there before it qualifies once it qualifies that cost will move to cost of revenue. So it will move to gross margin.

是的。所以讓我先回答第一個——最後一個。所以你在我們的損益表中看到，第三季度大約 7700 萬美元的重組費用，這都是因為 - 這些是我們選擇在它符合條件之前放入的 Lehi 成本，一旦它符合條件，成本將轉移到收入成本.因此，它將轉向毛利率。

Is that in Q4, though? Does that happen in Q4 or Q1?

那是在第四季度嗎？這會發生在第四季度還是第一季度？

Well, it will happen during Q4. Of course, not changing. It doesn't affect EPS. So it's just going to move -- and we don't guide the specific lines, right? But if it qualifies in December 1, 1/3 of that will go into COR and then all of it will be there for first quarter, right? If you qualify December 31, then all of it will be in restructuring in fourth quarter, and then all of it will move in first quarter.

好吧，它將在第四季度發生。當然，不變。它不影響EPS。所以它只是會移動——我們不會指導具體的路線，對嗎？但如果它在 12 月 1 日獲得資格，其中 1/3 將進入 COR，然後所有這些都將在第一季度出現，對嗎？如果你在 12 月 31 日獲得資格，那麼所有這些都將在第四季度進行重組，然後全部在第一季度進行。

Just to clarify, that's already in (inaudible) profit. In third quarter, it's been there. It's just moving above the lines into the gross profit.

澄清一下，這已經是（聽不清）利潤了。在第三季度，它就在那裡。它只是超出了毛利潤的界限。

Into gross profit. It's being in profit from operations the entire time all of this year. The first part of your question, big picture, we will give you an update in about 4 months at the capital management with all the puts and takes. But what I would tell you is that -- well, short-term, we expect our change -- our CapEx expectation for 2022 have not changed. That is $2.6 billion to $2.8 billion for this year; depreciation, about $1 billion for this year. I'm talking 2022.

進入毛利。今年全年，它一直在從運營中獲利。您的問題的第一部分，大局，我們將在大約 4 個月內為您提供資本管理的最新信息，包括所有的看跌期權。但我要告訴你的是——嗯，短期內，我們預計會發生變化——我們對 2022 年的資本支出預期沒有改變。今年是 26 億至 28 億美元；折舊，今年約為 10 億美元。我說的是2022年。

Bigger picture, as I said earlier, the CHIPS Act, great legislation. We're very excited about that. That is going to decrease on a net basis. our investment because we're going to get a 25% reduction from the investments that qualified and manufacturing investments in the United States. But on the other hand, as I alluded to earlier, our confidence around our long-term growth prospects have only grown over the last 6 to 12 months based on the secular trends based on input from our customers. So we feel really excited about that. The net effect of those 2 and whatever that does to our CapEx plans, we'll tell you about that in February.

正如我之前所說，更大的圖景是 CHIPS 法案，偉大的立法。我們對此感到非常興奮。這將在淨基礎上減少。我們的投資，因為我們將從符合條件的投資和在美國的製造業投資中減少 25%。但另一方面，正如我之前提到的，我們對長期增長前景的信心僅在過去 6 到 12 個月內基於客戶輸入的長期趨勢而增長。所以我們對此感到非常興奮。這兩個的淨影響以及對我們的資本支出計劃的影響，我們將在二月份告訴你。

You have a follow-on, Stacy?

你有後續嗎，斯泰西？

I do. I wanted to ask about OpEx. So it's been running in the $800 million range, plus or minus, for quite a while. And frankly, people are wondering how you've been keeping it there. in such an inflationary environment. It is now ticking up, but it's ticking up as revenues are falling.

我願意。我想問一下 OpEx。因此，它已經在 8 億美元左右的範圍內運行了相當長的一段時間。坦率地說，人們想知道你是如何把它留在那裡的。在這樣的通脹環境下。它現在正在上升，但隨著收入的下降，它正在上升。

I guess why is it increasing now where is it didn't increase before and what happens going forward? Because if I would just hold it flat on the revenue guide going forward to do something like 19% of revenue, so it is still below your kind of what you've talked about in terms of long-term targets for OpEx. So how do we think about that? Why is it growing now versus before? And how do we think about where the range might go going forward?

我猜為什麼它現在增加了，以前沒有增加，未來會發生什麼？因為如果我只是在收入指南上保持不變，以實現收入的 19%，那麼它仍然低於你所說的關於運營支出的長期目標的那種。那麼我們如何考慮呢？為什麼現在比以前增長？我們如何考慮範圍可能會向前發展？

Yes. So here's how we think about it. Step back, for the last 5.5 years, really, we've been running OpEx on a trailing 12-month basis, which is how I prefer to look at it at $3.2 billion. Pretty consistently, we're really steady hand over that time. Our hiring has been very consistent during that time. And that is underpinned by our long-term expectations on growth.

是的。所以這就是我們的想法。退一步說，在過去的 5.5 年裡，實際上，我們一直在過去 12 個月的基礎上運行 OpEx，這就是我更喜歡將其視為 32 億美元的方式。相當一致，我們真的很穩定地交出那段時間。在那段時間裡，我們的招聘一直非常穩定。這得到了我們對增長的長期預期的支持。

And inside of that, R&D has actually moved up. SG&A has moved down inside of that $3.2 billion, but it's been really consistent on that. This last quarter for the first time, it ticked up to $3.3 billion on a trailing 12-month basis. And I would expect that to continue ticking up over the next many quarters and years as we continue stepping up our investments. And that is, a, driven by the higher investments but, b, inflation is playing a factor. It's clearly wage inflation. We're not immune to that. So that is also affecting and will continue to affect those trends.

在這其中，研發實際上已經上升。 SG&A 已經下降到 32 億美元之內，但在這方面確實是一致的。在上個季度，它在過去 12 個月內首次上漲至 33 億美元。我預計隨著我們繼續加大投資力度，在接下來的許多季度和幾年中，這一數字將繼續上升。也就是說，a，由較高的投資驅動，但，b，通貨膨脹是一個因素。這顯然是工資膨脹。我們不能對此免疫。因此，這也在影響並將繼續影響這些趨勢。

We have Blayne Curtis from Barclays.

我們有來自巴克萊的 Blayne Curtis。

I had 2. Maybe just a clarification, though, on Stacy's question because you said, but I didn't hear anything negative to net off of 2 positives. So I'm just kind of curious, and I guess we'll see what March brings, and I'm happy if you want to comment on that. But it seems like at least personal electronics is back to where you were in '19/'20. It seems like industrial is going to kind of get back there.

我有 2 個。不過，也許只是對 Stacy 的問題的澄清，因為你說過，但我沒有聽到任何負面的消息來消除 2 個積極因素。所以我只是有點好奇，我想我們會看看三月會帶來什麼，如果你想對此發表評論，我很高興。但似乎至少個人電子產品回到了 19/20 年的狀態。工業似乎會回到那裡。

And at that point, you're building inventories. You had more capacity than demand. So if we do go back to those levels and you're adding more capacity, I'm just trying to understand is still the view that you'll build inventory like you do in '19 and '20 and still roll out the capacity for the long-term.

那時，您正在建立庫存。你的容量大於需求。因此，如果我們確實回到了這些水平並且您正在增加更多容量，我只是想了解您仍然會像在 19 和 20 年那樣建立庫存並且仍然推出容量的觀點。長期的。

Let me try and answer that. Frankly, I didn't fully understand. You threw in several premises there. But let me just address it the best way I can. Levels and capacity. So capacity, we've been adding capacity incrementally for a number of quarters. Now RFAB2 is in production. Lehi is about to start production within a few months. So clearly, our incremental capacity is going up.

讓我試著回答一下。坦白說，我沒有完全理解。你在那里扔了幾個地方。但是，讓我以最好的方式解決它。水平和容量。所以容量，我們一直在增加容量幾個季度。現在 RFAB2 正在生產中。 Lehi 即將在幾個月內開始生產。很明顯，我們的增量容量正在上升。

At the same time, we've been increasing inventory very slowly. And now more recently, we added $200 million of inventory in this last quarter, but we are still below these higher levels.

與此同時，我們一直在非常緩慢地增加庫存。現在最近，我們在上個季度增加了 2 億美元的庫存，但我們仍然低於這些更高的水平。

Okay. Keep in mind, our business model is such where we are targeting the vast major of our parts sell to many, many customers. So they're very broad in nature. The product life cycles of the parts is decades in many times. The products themselves last 10 years in inventory, most of them. So the risk of selection for the inventory is very, very low. The potential upside of having that inventory ready is very high. So that's why we prefer to have more than less inventory.

好的。請記住，我們的商業模式是這樣的，我們的目標是將大部分零件銷售給許多客戶。所以它們的性質非常廣泛。零件的產品生命週期為數十年。這些產品本身在庫存中可以使用 10 年，其中大部分。所以選擇庫存的風險非常非常低。準備好庫存的潛在優勢非常高。這就是為什麼我們寧願擁有更多而不是更少的庫存。

So I would not be uncomfortable, as I said before, adding another $1 billion, $1.5 billion of inventory over the next several quarters to get us well positioned for the next upturn that invariably comes at some point.

因此，正如我之前所說，我不會感到不舒服，在接下來的幾個季度中再增加 10 億美元、15 億美元的庫存，以使我們為下一次的好轉做好準備，這種好轉總是在某個時候到來。

You have a follow-on, Blayne?

你有後續，Blayne？

And I just want to ask you specifically on the auto segment. You said that's the only one that's not down. And obviously, it's very well known that it's been so tight. But just any more comments on why that market is taking a bit longer than, say, industrial to correct?

我只想問你關於汽車領域的具體問題。你說那是唯一沒有倒下的。顯然，眾所周知，它是如此的緊張。但是，關於為什麼該市場需要比工業領域更長的時間來糾正的更多評論？

Yes. I think -- as well documented, I think as we went through the pandemic, it had the deepest correction from a starting point standpoint. -- the mix of auto manufacturers to the high end. You've got EVs that are inside of those mix that are all adding to that to those secular trends.

是的。我認為——正如有據可查的，我認為當我們經歷大流行時，從起點的角度來看，它有最深刻的修正。 ——汽車製造商向高端的組合。你有電動汽車，這些電動汽車都在這些組合中，這些都增加了這些長期趨勢。

So I think that we're well positioned as we make investments across our businesses. We're investing in powertrain, which would include electric vehicles and hybrid. We're investing in ADAS systems. We're investing in infotainment systems. We're investing in body and lighting. That doesn't get talked about a lot on conference calls where we get excited about turn signals, as we do about BMS systems. And then we also invest in safety systems.

因此，我認為我們在對我們的業務進行投資時處於有利地位。我們正在投資動力總成，其中包括電動汽車和混合動力汽車。我們正在投資 ADAS 系統。我們正在投資信息娛樂系統。我們正在投資車身和照明。在我們對轉向信號感到興奮的電話會議上，這並沒有得到很多討論，就像我們對 BMS 系統所做的那樣。然後我們還投資於安全系統。

So we're growing very broadly. We've got close to 1,000 different automotive OEMs that we service. And we really believe that we've got probably decades of growth ahead of us that we're preparing for.

所以我們的發展非常廣泛。我們為近 1,000 家不同的汽車 OEM 提供服務。而且我們真的相信，我們可能已經準備好迎接數十年的增長。

We have Ross Seymore from Deutsche Bank.

我們有來自德意志銀行的 Ross Seymore。

A high-level one on your Analog business. Year-to-date, I think it's 15% year-over-year with the midpoint-ish of your guidance. It seems like this year might be up about 10%. That's roughly half of what the broader market is running at.

您的模擬業務的高級人員。年初至今，我認為您的指導處於中點水平，同比增長 15%。看來今年可能會上漲 10% 左右。這大約是大盤運行水平的一半。

Can you guys explain a little bit about why you would be undergoing the market as defined by SIA? And if you are, is that something that you expect to mean revert? Because you don't -- you lose this amount of share in a year unless there's something unique going on. So any help in explaining that would be great.

你們能解釋一下為什麼你們會經歷新航定義的市場嗎？如果你是，那是你期望恢復的意思嗎？因為你沒有——除非有一些獨特的事情發生，否則你會在一年內失去這麼多的份額。因此，任何解釋這一點的幫助都會很棒。

Yes, sir. I think that whenever I'm asked that question, and it's always a lot more comfortable to be answering it when were up twice the rate of the market. You really need to look at it over a longer period of time. So look at the rate of growth of us versus the industry from fourth quarter of '19. I just picked that because it's a pre-pandemic number. And we look very, very good against those numbers.

是的先生。我認為每當我被問到這個問題時，當市場上漲兩倍時回答這個問題總是要舒服得多。您確實需要在更長的時間內查看它。因此，看看我們與 19 年第四季度的行業相比的增長率。我之所以選擇它，是因為它是大流行前的數字。與這些數字相比，我們看起來非常非常好。

So we were, as you remember, as we went into the pandemic, we continued to build inventory. So the numbers initially looked very, very strong as customers pulled product from us. So when you look some of the sequentials were harder, and that's not making excuses. But when you look at our manufacturing footprint and how we're positioned, you look at the customer excitement around that manufacturing footprint and customers look at where that addition is coming and the geopolitical dependable locations of where that footprint is coming on. We are very confident in where the trajectory of our market share is going longer-term.

因此，正如您所記得的，當我們進入大流行時，我們繼續建立庫存。因此，隨著客戶從我們這裡撤出產品，這些數字最初看起來非常非常強勁。因此，當您看起來有些順序更難時，這並不是在找藉口。但是，當您查看我們的製造足跡以及我們的定位時，您會看到客戶圍繞該製造足蹟的興奮，而客戶會看到該增加的位置以及該足跡所在的地緣政治可靠位置。我們對我們的市場份額的長期發展軌跡非常有信心。

So you got a follow-up, Ross?

所以你有後續行動，羅斯？

I do. I just want to revisit the gross margin side. Not going into whether the Lehi charges are moving into COGS or not. But are there any other moving parts? Because it appears at the midpoint of your revenue guide and your earnings guide if OpEx is roughly the same sequentially that the gross margin would have to go down, the better part of 2 or 3 points. I just wanted to know if there's any other unique aspects implied in that guidance.

我願意。我只想重新審視毛利率方面。不涉及李海收費是否進入銷貨成本。但是還有其他運動部件嗎？因為它出現在您的收入指南和收入指南的中點，如果運營支出大致相同，那麼毛利率將不得不下降，2 或 3 點的大部分。我只是想知道該指南中是否隱含任何其他獨特的方面。

Yes. No, I would tell you, we're very pleased with our gross margin performance. On a year-on-year basis, the third quarter that we just finished is -- the fall-through was close (inaudible), and that is actually higher than the guidance that we've given on $70 million to $75 million.

是的。不，我會告訴你，我們對我們的毛利率表現非常滿意。與去年同期相比，我們剛剛完成的第三季度是 - 跌幅接近（聽不清），這實際上高於我們給出的 7000 萬至 7500 萬美元的指導。

What I would point you to is, as you can see in the cash flow statement, depreciation is increasing sequentially -- has increased sequentially actually for a number of quarters. So this last quarter, $20-some million. Of course, that is a direct result of the CapEx investments that we're making. And so you should expect depreciation to continue ticking up. I said earlier in the call, we expect this year to be close to $1 billion. So you can obviously then do the math and get fourth quarter depreciation there. But clearly, that is ticking up and the bulk of that depreciation goes into cost of revenue.

我要指出的是，正如您在現金流量表中看到的那樣，折舊是按順序增加的——實際上已經連續增加了幾個季度。所以上個季度，20 幾百萬美元。當然，這是我們正在進行的資本支出投資的直接結果。因此，您應該預計貶值會繼續上升。我在電話會議的早些時候說過，我們預計今年將接近 10 億美元。因此，您顯然可以進行數學計算並在那裡獲得第四季度的折舊。但很明顯，這種情況正在上升，大部分折舊都進入了收入成本。

We'll go to next caller please.

我們會去找下一位來電者。

Next one is Joe Moore from Morgan Stanley.

下一位是摩根士丹利的喬·摩爾。

I wonder if you could talk about if the lead time environment has changed? I know you've talked about there being hotspots in the past few quarters. Has that gone now? Or your delinquencies kind of back to below normal levels? Or where are you out with that?

我想知道您是否可以談談交貨時間環境是否發生了變化？我知道您在過去幾個季度中談到了熱點問題。現在已經過去了嗎？還是您的犯罪率回到正常水平以下？或者你在哪裡？

Yes. So we still do have hotspots in any market environment we've got hotspots, but we still do have them probably still most pronounced inside of automotive. Lead times didn't change much second quarter to third quarter. And at the same time, as we've talked about before, customers can get immediate availability of products on ti.com. So you have kind of all those dynamics going on.

是的。因此，在我們擁有熱點的任何市場環境中，我們仍然擁有熱點，但我們仍然擁有它們，它們可能仍然在汽車內部最為明顯。第二季度到第三季度交貨時間沒有太大變化。同時，正如我們之前談到的，客戶可以在 ti.com 上立即獲得產品。所以你有一種所有這些動態。

Do you have a follow-up, Joe.

你有後續嗎，喬。

Yes. We're hearing from some of your industrial and automotive customers desire to hold higher safety stock than what companies have historically held. Is that something that you guys see? Is that -- I mean, do you think it might affect TI? And just how do you think about that going forward? Do you think that's a normal state of affairs.

是的。我們聽說你們的一些工業和汽車客戶希望持有比公司歷史上持有的更高的安全庫存。這是你們看到的嗎？那是——我的意思是，你認為它會影響 TI 嗎？您如何看待未來的發展？你認為這是一種正常的事態。

Yes. We've seen and heard and been in those discussions before. We know that some customers that are really taking a hard look at their supply chains, where their product is coming from, what technologies they're being built on, ensuring that they've got supply of those technologies. That's part of the reason why, when they look at product being built and the capacity we're putting in place at the 45 to 130 nanometer, they know they need that capacity for decades to come. So they get excited about when they see that capacity overall.

是的。我們之前已經看到、聽到並參與過這些討論。我們知道有些客戶真的在認真審視他們的供應鏈，他們的產品來自哪裡，他們正在構建什麼技術，以確保他們有這些技術的供應。這就是為什麼當他們看到正在製造的產品和我們在 45 到 130 納米上部署的產能時，他們知道在未來幾十年裡他們需要這種產能的部分原因。因此，當他們看到整體容量時，他們會感到興奮。

But to change supply, the supply chains is really hard work. It will take a long time to be able to do it. And it's not oftentimes just as simple as carrying more inventory on the balance sheet. So there probably will be some of those customers that do that hard work and restructure the supply chains. And there probably will be some that once we get supply and demand imbalance, so it just kind of fall back into normal practices. So I think time will tell as that plays out.

但要改變供應，供應鏈確實是一項艱苦的工作。能夠做到這一點需要很長時間。而且它通常不像在資產負債表上增加庫存那麼簡單。因此，可能會有一些客戶進行艱苦的工作並重組供應鏈。一旦我們出現供需失衡，可能會有一些情況，所以它只是回到正常的做法。所以我認為時間會證明一切。

And Rafael, do you have...

還有拉斐爾，你有沒有...

Yes. No, I'll just add. At the end of the day, customers will do what they want to do, right? And of course, if they want to hold more inventory, they're welcome to do that. What we believe is that for us to hold more inventory, we're in a great position to do that, given the nature of that inventory that it's catalog in nature that can sell to many, many customers. So we're all better off, and our customers will be better off when we hold more of that inventory, and we can direct it where it's most needed.

是的。不，我只是補充。歸根結底，客戶會做他們想做的事，對吧？當然，如果他們想持有更多庫存，歡迎他們這樣做。我們相信，為了讓我們持有更多庫存，我們處於一個很好的位置，因為該庫存的性質是目錄性質，可以出售給許多客戶。所以我們都過得更好，當我們持有更多庫存時，我們的客戶也會過得更好，我們可以將其引導到最需要的地方。

So that's why, as I said earlier, we -- our goal is to continue growing inventory. We're still below these higher levels, and we will add significantly more inventory over the quarters to come, be ready for the next upside.

這就是為什麼，正如我之前所說，我們的目標是繼續增加庫存。我們仍然低於這些更高的水平，我們將在未來幾個季度增加更多的庫存，為下一次上漲做好準備。

We'll go to the next caller please.

我們會去找下一位來電者。

William Stein from Truist Security.

來自 Truist Security 的 William Stein。

I wanted to ask about ti.com. In past quarters, I think maybe even a quarter ago, you talked about how percent of revenue from that channel had gone from less than 1% of sales to over 10%. I think that occurred in about a 1-year time frame. You just mentioned a moment ago, Dave, that this is the channel where customers can go for nearly immediate availability.

我想問一下ti.com。在過去的幾個季度中，我認為甚至可能在一個季度前，您就談到了該渠道的收入百分比是如何從銷售額的不到 1% 上升到超過 10% 的。我認為這發生在大約 1 年的時間範圍內。您剛才提到，戴夫，這是客戶可以立即獲得可用性的渠道。

So I would assume that they get that availability at a price and that when things start softening as you're alluding to on this call that perhaps that channel sees a more precipitous decline. Did we see that during the quarter? And do you anticipate that to happen in the coming quarter or 2?

因此，我假設他們以一定的價格獲得這種可用性，並且當事情開始軟化時，正如您在這次電話會議上所暗示的那樣，也許該渠道會出現更急劇的下降。我們在本季度看到了嗎？你預計這會在下一季度或第二季度發生嗎？

Yes, yes. And we did see a decline there. And we'll finish up the year and provide an update on our capital management. And how it did for the year, won't be something that we'll be reporting out on a quarterly basis, but there was a decline there, and not that it was unexpected. So...

是的是的。我們確實看到那裡有所下降。我們將結束這一年，並提供我們資本管理的最新情況。今年的表現如何，我們不會按季度報告，但那裡有所下降，並不是出乎意料。所以...

Now longer term, it's a fantastic channel to engage customers on a number of levels and customers are very pleased. So there will be fluctuations quarter-to-quarter, maybe even year-to-year. But over the long-term, we're very pleased with that channel and what it's doing to get us even more directly engaged with customers.

現在從長遠來看，這是一個在多個層面上吸引客戶的絕佳渠道，客戶非常滿意。因此，每個季度，甚至每年都會有波動。但從長遠來看，我們對該渠道以及它為讓我們更直接地與客戶互動所做的事情感到非常滿意。

Absolutely. Do you have a follow-on, Will?

絕對地。你有後續嗎，威爾？

Yes. Sort of along the same lines, there has been some speculation in the press, for example, that this has been a channel for companies that you might call brokers or some people call it the gray market of distribution to get their hands on TI product, and that perhaps there is still inventory that was acquired by such parties that is still sort of floating around and waiting to be sold on to end customers. I wonder whether you've found a better reason to maybe track that and measure it, and any observations you've made with regard to that?

是的。類似地，新聞界也有一些猜測，例如，這一直是公司的渠道，你可能會稱之為經紀人，或者有些人稱之為分銷的灰色市場，以獲取 TI 產品，並且也許仍然有這些方獲得的庫存仍然在浮動並等待出售給最終客戶。我想知道您是否找到了更好的理由來跟踪和衡量它，以及您對此所做的任何觀察？

Yes. And well, as you know, I spent 8 years in my career in sales, and there have always been brokers in our market. And as Rafael talked about, we've long believed that owning and controlling our inventory is a strategic advantage.

是的。好吧，如你所知，我在銷售職業生涯中度過了 8 年，而且我們的市場上一直都有經紀人。正如 Rafael 所說，我們一直認為擁有和控制我們的庫存是一種戰略優勢。

So in having policies of like non-cancelable orders and things like that, as customers take product that they don't need, that's typically the source of that product going out the back door for brokers. So can brokers go on to ti.com and get products? They can. But that's pretty minimal in comparison to other sources that they might be able to get it. So overall, the majority of customers that we service are customers that we have large engagements with directly. And we'll go to the next caller please.

因此，在製定諸如不可取消訂單之類的政策時，當客戶購買他們不需要的產品時，這通常是該產品走出經紀人後門的來源。那麼經紀人可以繼續訪問 ti.com 並獲取產品嗎？他們能。但與他們可能獲得的其他來源相比，這非常少。因此，總的來說，我們服務的大多數客戶都是我們直接與之有大量接觸的客戶。我們會去找下一位來電者。

We'll take C.J. Muse from Evercore.

我們將選擇 Evercore 的 C.J. Muse。

I guess a question on end markets into December. If I adjust the down 12% sequential for the strength in auto, it looks like all your other businesses are tracking at least down kind of mid-teens. So curious what parts of the market are down seasonally? I would think the other -- the calculators would be one. And what are -- what's maybe more down cyclically in terms of the correction that you're seeing?

我猜想到 12 月是終端市場的問題。如果我根據汽車的實力調整下降 12% 的連續性，看起來你所有的其他業務都在跟踪至少十幾歲的中期。很好奇市場的哪些部分季節性下降？我認為另一個——計算器就是其中之一。什麼是 - 就您所看到的修正而言，什麼可能更週期性地下降？

And C.J., just to clarify, you're talking about the fourth quarter guidance?

C.J.，澄清一下，你說的是第四季度的指導？

Yes, yes.

是的是的。

Yes, yes. So again, we're not trying to provide guidance by quarter or by each market inside of that. We are Obviously, with the guide overall, it is a weaker fourth quarter than a typical fourth quarter. So with the exception of auto, as we've talked about, that we'll continue to see weakness inside of personal electronics, but we will see the other markets weaken as well. So we're not trying to get specific on that. So we'll finish up the quarter and report that out. But we do expect the weakness to broaden across those markets.

是的是的。同樣，我們並不是要按季度或其中的每個市場提供指導。顯然，總體而言，第四季度比典型的第四季度要弱。因此，正如我們已經談到的，除了汽車之外，我們將繼續看到個人電子產品內部的疲軟，但我們也會看到其他市場也疲軟。因此，我們並不想具體說明這一點。因此，我們將完成本季度並將其報告出來。但我們確實預計這些市場的疲軟會擴大。

Do you have a follow-on?

你有後續嗎？

Yes, please. I guess as a follow-on question to China and obviously, you talked about very little impact from the embargo on your business. But curious as you contemplate China's ability to invest in the lagging edge and I'm assuming it will take years, if not decades, to try to compete in high-performance analog. But just curious how your thoughts are evolving for China as a competitor to you in the coming decades?

是的，請。我想作為對中國的後續問題，很明顯，您談到禁運對您的業務的影響很小。但是，當您考慮中國投資落後優勢的能力時感到好奇，我假設嘗試在高性能模擬領域進行競爭需要數年甚至數十年的時間。但只是好奇你對中國作為你的競爭對手的想法在未來幾十年是如何演變的？

Yes, I'll start. Dave, you want to chime in. But I would tell you, at the end of the day, it all comes down to our competitor advantages, right? And it starts with the broad portfolio that we have in the Analog and Embedded space, you need a huge portfolio to compete effectively, particularly in industrial and automotive. And we have 80,000 or so parts that we sell to 100,000 different customers. So you need that type of diversity.

是的，我會開始的。戴夫，你想插話。但我會告訴你，歸根結底，這一切都歸結為我們的競爭對手優勢，對吧？首先是我們在模擬和嵌入式領域擁有的廣泛產品組合，您需要龐大的產品組合才能有效競爭，尤其是在工業和汽車領域。我們有大約 80,000 個零件，我們向 100,000 個不同的客戶銷售。所以你需要那種多樣性。

Then second is manufacturing and technology. These investments that are positioned 300-millimeter, first, but then all the investments that we're making are just building on that, right? So we have RFAB2 coming, that just came online. Our new factory in Lehi and the mega site that we just broke ground in Sherman that's going to have 4 factories, each one the size of RFAB2. So that really puts us in a in a very strong position to compete against anyone, whether it's in the United States or in China, okay.

其次是製造和技術。這些投資首先定位在 300 毫米，但隨後我們所做的所有投資都建立在此基礎上，對嗎？所以我們有 RFAB2 即將上線，它剛剛上線。我們在 Lehi 的新工廠和我們剛剛在 Sherman 破土動工的大型場地將擁有 4 個工廠，每個工廠的規模都相當於 RFAB2。所以這真的讓我們處於一個非常有利的位置，可以與任何人競爭，無論是在美國還是在中國，好吧。

With that, we'll wrap it up, and Rafael?

有了這個，我們會把它包起來，拉斐爾呢？

Yes. So let me wrap it up. At our core, we are 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 neighbor. When we're successful, our employees, customers, communities and owners all benefit.

是的。所以讓我總結一下。我們的核心是工程師，技術是我們公司的基礎，但歸根結底，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，我們將成為一家讓我們感到自豪的公司，並希望成為我們的鄰居。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。

That concludes today's event. Thank you for your participation. You may now disconnect.

今天的活動到此結束。感謝您的參與。您現在可以斷開連接。