德州儀器 (TXN) 2024 Q3 法說會逐字稿

Welcome to the Texas Instruments third quarter 2024, earnings conference call. I'm Dave Pahl, Head of Investor Relations, and I'm joined by our Chief Executive Officer, Haviv Ilan; and our Financial Officer, Rafael Lizardi.

歡迎參加德州儀器 (TI) 2024 年第三季財報電話會議。我是投資人關係主管戴夫‧帕爾 (Dave Pahl)，與我一起的還有我們的執行長哈維夫‧伊蘭 (Haviv Ilan)；以及我們的財務長 Rafael Lizardi。

For any of you who missed the release, you can find it on our website at ti.com/ir. This is call being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website. 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.

對於錯過該發布的任何人，您可以在我們的網站 ti.com/ir 上找到它。這是透過網路直播的通話，可以透過我們的網站存取。此外，今天的通話正在進行錄音，並將透過我們的網站重播。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 的表現與管理層目前的預期有重大差異。

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 more complete description. Today, we'll provide the following updates.

我們鼓勵您查看今天發布的收益報告中包含的有關前瞻性陳述的通知以及 TI 最近向 SEC 提交的文件，以獲取更完整的說明。今天，我們將提供以下更新。

First, Haviv will start with a quick overview of the quarter. Next, he'll provide insight into third quarter revenue results with some details of what we're seeing with respect to our end markets. And lastly, Rafael will cover the financial results, give an update on our capital management as well as share the guidance for the fourth quarter of 2024.

首先，哈維夫將首先簡要概述本季。接下來，他將提供對第三季收入結果的深入了解，以及我們在終端市場方面看到的一些細節。最後，Rafael 將介紹財務業績、介紹我們資本管理的最新情況並分享 2024 年第四季的指導。

With that, let me turn it over to Haviv.

那麼，讓我把它交給哈維夫。

Thanks, Dave. Let me start with a quick overview of the third quarter. Revenue in the quarter came in about as expected at $4.2 billion, an increase of 9% sequentially and a decrease of 8% year-over-year. Analog revenue declined 4% year-over-year and embedded processing decline 27%.

謝謝，戴夫。讓我先快速回顧一下第三季的情況。該季度營收約 42 億美元，符合預期，季增 9%，年減 8%。模擬收入年減 4%，嵌入式處理收入年減 27%。

Our other segment declined 5% from the year-ago quarter. Now I'll provide some insight into our third quarter revenue by enbd market, our results continue to reflect a synchronous market behavior that we've seen throughout the cycle.

我們的其他部門較去年同期下降 5%。現在，我將按 enbd 市場提供對我們第三季收入的一些見解，我們的結果繼續反映我們在整個週期中看到的同步市場行為。

Similar to last quarter, I'll focus on sequential performance as it more informative at this time. First, the industrial market was down single digits as customers continue to reduce their inventory levels. The automotive market increased upper single digits, primarily due to strength in China.

與上季類似，我將重點放在順序效能，因為此時它提供了更多資訊。首先，隨著客戶持續降低庫存水平，工業市場出現個位數下降。汽車市場成長了個位數，這主要是由於中國的強勁表現。

Personal electronics grew about 30%. Enterprise Systems was up about 20%, and communication equipment was up about 25% as the cyclical recovery continued in these three markets.

個人電子產品成長約30%。隨著這三個市場週期性復甦的持續，企業系統上漲約 20%，通訊設備上漲約 25%。

With that, let me turn it over to Rafael to review profitability, capital management and our outlook.

接下來，讓我將其交給 Rafael 來審查獲利能力、資本管理和我們的前景。

Thanks, Haviv, and good afternoon, everyone. As Haviv mentioned, third quarter revenue was $4.2 billion, gross profit in the quarter was $2.5 billion or 60% of revenue. Sequentially, gross profit margin increased 180 basis points, primarily due to higher revenue.

謝謝哈維夫，大家下午好。正如哈維夫所提到的，第三季營收為 42 億美元，該季毛利為 25 億美元，佔營收的 60%。隨後，毛利率增加了 180 個基點，主要是因為收入增加。

Operating expenses in the quarter were $920 million about flat from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.7 billion or 24% of revenue. Operating profit was $1.6 billion in the quarter, or 37% of revenue and was down 18% from the year-ago quarter.

該季度的營運支出為 9.2 億美元，與去年同期持平，與預期基本一致。過去 12 個月的營運支出為 37 億美元，佔營收的 24%。該季度營業利潤為 16 億美元，佔營收的 37%，比去年同期下降 18%。

Net income in the quarter was $1.4 billion, $1.47 per share. Earnings per share included $0.03 benefit for items that were not in our original guidance. Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $1.7 billion in the quarter and $6.2 billion on a trailing 12-month basis.

該季度淨利潤為 14 億美元，每股收益 1.47 美元。每股收益包括 0.03 美元的收益，這些項目不在我們最初的指導中。現在讓我從我們的現金產生開始評論我們的資本管理結果。本季營運現金流為 17 億美元，過去 12 個月營運現金流為 62 億美元。

Capital expenditures were $1.3 billion in the quarter and $4.8 billion over the last 12 months. Free cash flow on a trailing 12-month basis was $1.5 billion. As a reminder, free cash flow includes benefits from the CHIPS Act investment tax credit, which was $220 million in third quarter and $532 million on a trailing 12-month basis.

本季資本支出為 13 億美元，過去 12 個月資本支出為 48 億美元。過去 12 個月的自由現金流為 15 億美元。需要提醒的是，自由現金流包括《CHIPS 法案》投資稅收抵免的好處，第三季為 2.2 億美元，過去 12 個月為 5.32 億美元。

In the quarter, we paid $1.2 billion in dividends and repurchased $380 million of our stock. In September, we announced we would increase our dividend by 5%, marking our 21st consecutive year of dividend increases. This reflects our continued commitment to return free cash flow to our owners over time.

本季度，我們支付了 12 億美元的股息，並回購了 3.8 億美元的股票。 9 月，我們宣布將股息增加 5%，這是我們連續 21 年增加股息。這反映了我們對隨著時間的推移向所有者返還自由現金流的持續承諾。

In total, we returned $5.2 billion to our owners in the past 12 months. Our balance sheet remains strong with $8.8 billion of cash and short-term investments at the end of the third quarter. Total debt outstanding is $14 billion with a weighted average coupon of 3.8%. Inventory, at the end of the quarter was $4.3 billion, up $190 million from the prior quarter and days were 231 up two days sequentially.

在過去 12 個月中，我們總共向所有者返還了 52 億美元。我們的資產負債表依然強勁，截至第三季末現金和短期投資為 88 億美元。未償還債務總額為 140 億美元，加權平均票面利率為 3.8%。截至本季末，庫存為 43 億美元，比上一季增加 1.9 億美元，天數比上一季增加 231 天。

For the fourth quarter, we expect the revenue in the range of $3.7 billion to $4 billion and earnings per share to be in the range of a $1.07 to a $1.29.We continue to expect our effective tax rate to be about 13% in the fourth quarter.

For the fourth quarter, we expect the revenue in the range of $3.7 billion to $4 billion and earnings per share to be in the range of a $1.07 to a $1.29.We continue to expect our effective tax rate to be about 13% in the fourth四分之一.

As you're looking at 2025, based on current tax law, we would expect our effective tax rate to remain about the same. 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.

展望 2025 年，根據現行稅法，我們預期有效稅率將維持不變。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，即製造和技術、我們通路的廣泛產品組合以及多元化和長期的定位。

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.

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繼續實現每股自由現金流的長期成長。

With that, let me turn back to Dave.

說到這裡，讓我回到戴夫。

Thanks, Rafael. Operator, you can now open the lines for questions in order to provide as many of you as possible an opportunity to ask your questions, please limit yourself to a single question. After our response, we'll provide you an opportunity for a follow up. Operator?

謝謝，拉斐爾。接線員，您現在可以打開提問線路，以便為盡可能多的人提供提問的機會，請限制自己只回答一個問題。在我們回覆後，我們將為您提供跟進的機會。操作員？

Thank you again. (Operator Instructions) Timothy Arcuri, UBS.

再次感謝您。 （操作員說明） Timothy Arcuri，UBS。

Thanks a lot. I guess the first question is autos grew. I think that was a little bit of a surprise to a lot of us. Can you talk about what's going on there? You did cite China, but did orders weaken late in the quarter at all. I mean, we saw pretty much every automaker negative pre announced.

多謝。我想第一個問題是汽車的成長。我認為這對我們很多人來說都有點驚訝。你能談談那裡發生了什麼事嗎？您確實提到了中國，但訂單在本季末是否有所減弱？我的意思是，我們看到幾乎所有汽車製造商都預先宣布了負面消息。

So can you talk about maybe what you're seeing in autos and maybe if you can provide a little commentary for December, what the outlook is there? Is it sort of anything you'd call out in December in terms of end markets?

那麼您能談談您對汽車行業的看法嗎？就終端市場而言，您會在 12 月提出這樣的要求嗎？

Okay. Tim, let me start with that. This is Haviv. So regarding the automotive market, yes, it did grow. We said the high single digits around between 7% and 8% and that was really driven. Most of the growth came from our business in China.

好的。提姆，讓我從這個開始。這是哈維夫。因此，就汽車市場而言，是的，它確實成長了。我們說高個位數大約在 7% 到 8% 之間，這確實是被驅動的。大部分成長來自我們在中國的業務。

I think I've mentioned also in the second quarter, we saw strength in China and automotive drove that growth as well. It kind of recurred in the third quarter just to give you some high-level numbers. It grew 20% in Q2 and then another 20% in Q3.

我想我在第二季也提到過，我們看到了中國的強勁勢頭，汽車也推動了這一成長。這種情況在第三季再次出現，只是為了給你一些高水準的數據。第二季成長了 20%，第三季又成長了 20%。

I think it's not a surprise that there is momentum for EVs in China. Our content is growing there and that's what really drove the growth in the third quarter. I expect that to -- I mean that I think this is not a one quarter thing. I think there is a growing momentum there.

我認為電動車在中國的發展勢頭並不令人意外。我們的內容正在成長，這才是第三季成長的真正推動力。我希望——我的意思是，我認為這不是四分之一的事情。我認為那裡的勢頭正在增長。

Our automotive revenue in China is in a -- in all new time high. So I don't think that goes down in the near future. Now, the rest of the automotive market is different. Okay. We are seeing a continued weakness over there that revenue picked in the third quarter of '23, and in general trended down.

我們在中國的汽車收入創歷史新高。所以我認為這種情況在不久的將來不會下降。現在，汽車市場的其他部分已經不同了。好的。我們看到 23 年第三季的營收持續疲軟，整體呈現下降趨勢。

If I put China aside, I had a quick correction in Q1-- Q4 and Q1, the rest of the market, I see a continued weakness. I think that's part of our called seasonal forecast for Q4.

如果我把中國放在一邊，我在第一季、第四季和第一季進行了快速調整，而市場的其餘部分，我看到了持續的疲軟。我認為這是我們所謂的第四季季節性預測的一部分。

Rafael. So if I look at the guidance. OpEx, as usually, I think down low to mid-single digits for December. So if you assume even down mid singles, you get gross margin sort of in the mid-50s, it's down like 200 basis points stripping at deep appreciation.

拉斐爾.所以如果我看一下指導。像往常一樣，我認為 12 月份的營運支出將下降至個位數中低水準。因此，如果你假設即使是中單，你的毛利率也會在 50 多歲左右，在深度升值的情況下，它會下降 200 個基點。

So that's a pretty big decline. So I guess you're taking downloaded things in December. I do see it finished goods was up a lot. So, if you can talk about that things.

所以這是一個相當大的下降。所以我猜你會在十二月下載一些東西。我確實看到成品上漲了很多。所以，如果你能談談這些事情。

Yes, a couple of things in your question. So let me try to address some OpEx nothing unusual, but we do probably expect it to be flat to slightly up. So consider that, as far as the fourth quarter with revenue at the midpoint decreasing that takes a hit on margins, of course.

是的，你的問題中有幾件事。因此，讓我嘗試解決一些沒有什麼異常的營運支出，但我們確實可能會預期它會持平或略有上升。因此，考慮到第四季的營收中點下降，這當然會影響利潤率。

So we would expect gross margins to be down. Also, depreciation will continue to increase. And in fact, in October, we began depreciating the building and the clean room for SM1. So that continues to put -- that's going to put even more upward pressure on depreciation in fourth quarter.

因此，我們預計毛利率將會下降。此外，折舊將繼續增加。事實上，從 10 月起，我們就開始對 SM1 的大樓和無塵室進行折舊。因此，這種情況持續下去，將給第四季的貶值帶來更大的上行壓力。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my question. Haviv you -- So first, thanks for providing the end market commentary. I think you mentioned personal electronic demand went up. I think 30% sequentially is what I recall it was up mid- 10s in Q2.

感謝您提出我的問題。 Haviv 你——首先，感謝您提供終端市場評論。我想你提到個人電子需求增加了。我認為 30% 是我記得的第二季 10 多歲左右的增幅。

Also, how do we square your strength in personal electronics with the more kind of sluggish demand that we see for PCs and phones? Is it something outside of those areas or are those areas doing better just what do you attribute the strength in personal electronics? So, you think the market just kind of bottom from a cyclical perspective?

此外，我們如何將您在個人電子產品領域的優勢與我們看到的個人電腦和手機需求疲軟結合？是這些領域以外的東西，還是這些領域做得更好，您認為個人電子產品的優勢是什麼？那麼，您認為從週期性角度來看市場已經觸底了嗎？

Yeah, I think that's a great question. Let me just walk through what we've seen over the last even couple of years. So I mean that revenue in the personal electronics market, it picked in the third quarter of 2021. By the way, the third quarter is typically our peak quarter every year there is a seasonality strength every third quarter for PE.

是的，我認為這是一個很好的問題。讓我簡單回顧一下我們在過去幾年所看到的情況。所以我的意思是個人電子市場的收入，它是在 2021 年第三季度選擇的。

And it dropped in the first quarter of '23. And since then, we have seen a continuous improvement, but I will say it back and I look at our third quarter of '24. It's still running at a lower level than the peak. It's running about 20% lower than the 21% peak.

23 年第一季有所下降。從那時起，我們看到了持續的進步，但我會回顧我們 24 年第三季的情況。它仍然以低於峰值的水平運行。目前比峰值 21% 低約 20%。

So there is still room to grow. And in our case, as I think I've mentioned in some of the calls when we were short in a with the supply capacity back in '21, '22, where we had to take some calls. Where was to buy us our supply towards industrial and automotive, the personal electronics has a shorter design cycles.

所以仍有成長的空間。就我們的情況而言，正如我在一些電話中提到的那樣，當我們在 21 年、22 年供應能力不足時，我們不得不接聽一些電話。在哪裡可以購買我們的工業和汽車供應，個人電子產品的設計週期較短。

We said we'll go attack that once the capacity and inventory are back in place. That's the case right now. So I think we are coming off of a very low pro plus again having the right part to go back and win sockets that we couldn't sell before.

我們說過，一旦產能和庫存恢復到位，我們就會著手解決這個問題。現在就是這樣。所以我認為我們正在擺脫一個非常低的專業加號，再次擁有正確的部分來回並贏得我們以前無法出售的插座。

So that's what I'm seeing right now in terms of specifically into the third quarter, I think growth was across all the sectors or most of the sectors. The main ones are phones and notebook PCs. But in general, the third quarter, as I've said, is a typical strong quarter for a PE.

這就是我現在所看到的，特別是第三季度，我認為所有行業或大多數行業都出現了成長。主要是手機和筆記型電腦。但總的來說，正如我所說，第三季是私募股權公司典型的強勁季度。

So a bigger picture question, Haviv is on, in the last few calls, there's been a suggestion that perhaps by calendar '26, TI will conceptually be close, if not more than what you were in calendar '22. And people have kind of rightly then pushed back and said, well, that requires mid-10s, sales growth in the next two years, you know, well above the trend line.

因此，哈維夫（Haviv）是一個更大的問題，在最近的幾次電話會議中，有人建議也許到日曆'26，TI在概念上將接近，如果不超過您在日曆'22中的水平。人們正確地反駁說，好吧，這需要未來兩年的銷售成長，你知道，遠高於趨勢線。

At what point do you think you will start to see those above seasonal quarters to help us, get to that above trend growth for the next two years. So I understand you're not giving guidance, but what are you seeing in the broader end markets? And you think TI is at a point where those kinds of above seasonal quarters are line of sight or is it too early to make that judgment? Thank you.

您認為什麼時候您會開始看到高於季節性季度的成長來幫助我們在未來兩年實現高於趨勢的成長。所以我知道您沒有提供指導，但您在更廣泛的終端市場中看到了什麼？您認為 TI 正處於這樣一個階段：這些季節性以上的季度已經成為人們關注的焦點，還是現在做出這樣的判斷還為時過早？謝謝。

Yeah, first, just to recap on your question, Vivek. Thanks that the -- I think you're referring to our capital management call we had in August. So I just would ask people to look at what exactly we presented there. I think you refer to a 2026 scenario, a set of scenarios that we've presented there from flat to growth versus 2018.

是的，首先，回顧一下你的問題，Vivek。謝謝——我想你指的是我們八月舉行的資本管理電話會議。所以我只是想請人們看看我們到底展示了什麼。我認為您指的是 2026 年情景，這是我們在 2026 年提出的一組情景，與 2018 年相比，從持平到增長。

And we didn't say we are predicting what revenue would be, but it allows the investors to kind of have a view on free cash flow per share according to the revenue scenario. And I think it allows you guys to modulate up or down revenue and know what free cash flow will do during that year.

我們並沒有說我們正在預測收入是多少，但它允許投資者根據收入狀況對每股自由現金流有一個看法。我認為它可以讓你們調整收入，並了解自由現金流在那一年會做什麼。

Now, more specifically to your question, look at the -- we talked about three markets that are already in the midst of a cyclical recovery. I think they are not done yet, but they are pointing in the right direction. That's a personal electronics, enterprise systems and communication system for us coming from a very low trough.

現在，更具體地回答你的問題，看看我們討論的三個市場已經處於週期性復甦之中。我認為他們還沒有完成，但他們指出了正確的方向。對我們來說，這是一個來自非常低谷的個人電子產品、企業系統和通訊系統。

But showing momentum and I think that we are in the process of strengthening, unfortunately, these markets but about 25% of our revenue in '23, and in our case, we really need the broad industrial market and the automotive market to join. Okay. So if I go to industrial first revenue peaked in the third quarter of '22, we've seen eight quarters of decline.

但顯示出勢頭，我認為我們正在加強，不幸的是，這些市場約占我們23年收入的25%，就我們而言，我們確實需要廣闊的工業市場和汽車市場的加入。好的。因此，如果我看工業第一收入在 22 年第三季達到頂峰，我們已經看到了八個季度的下降。

We are more than 30% down versus the peak. So I don't think we -- I hope I can't predict it. I don't think we have a lot left. Okay. I think that the inventory correction is still ongoing, but I do expect that to start to recover. I cannot predict a quarter because usually when we see it, we call it, I will just say we haven't seen it yet and it's been quite persistent. Okay. That's on the industrial side.

與高峰相比，我們下降了 30% 以上。所以我不認為我們——我希望我無法預測它。我認為我們所剩無幾。好的。我認為庫存調整仍在繼續，但我確實預計庫存將開始復甦。我無法預測一個季度，因為通常當我們看到它時，我們會稱之為它，我只會說我們還沒有看到它，而且它相當持久。好的。這是在工業方面。

And I can go even into the sectors, most of the sectors are showing either still searching for a bottom or hovering at a very low level. Okay. So it's about time, but we haven't seen it yet. On the automotive market, I think it's more complex because this is where we see a different story between China and the rest of the market.

我甚至可以進入這些行業，大多數行業都顯示出仍在尋找底部或徘徊在非常低的水平。好的。所以是時候了，但我們還沒有看到。在汽車市場上，我認為情況更加複雜，因為這是我們看到中國與其他市場之間不同故事的地方。

Unfortunately, China is about 20% of our business. So we cannot move the overall automotive number for the company. But I think as I mentioned before, we are right now at the lower single digit versus the peak kind of hovering in that minus --

不幸的是，中國市場約占我們業務的 20%。因此，我們無法移動公司的整體汽車數量。但我認為正如我之前提到的，我們現在處於較低的個位數，而不是徘徊在負值的峰值——

So it's not lower single digit, but I would say upper single digit, but somewhere between 5% to 10% versus the peak on automotive in China, we have new records being established and I think there is momentum over there, but the other markets or the other geographies -- on automotive are still searching for that bottom. I do expect when it all adds up, automotive will establish a lower peak to trough cycle, not close to the industrial side, but I can't give you a precise time for that Vivek.

因此，這不是較低的個位數，而是較高的個位數，但與中國汽車行業的峰值相比，在5% 到10% 之間，我們正在創造新的記錄，我認為那裡有動力，但其他市場或其他地區——汽車行業仍在尋找底部。我確實預計，當這一切加起來時，汽車行業將建立一個較低的峰谷週期，而不是接近工業方面，但我無法為您提供 Vivek 的準確時間。

CJ Muse, Cantor.

CJ繆斯，康托爾。

Yeah. Good afternoon, thank you for taking the question. I guess, first question, bigger picture, I guess given the cyclical uncertainty, how are you thinking about kind of running utilization rates into Q4 first half of '25? And as part of that with inventory at $4.3 billion? Are you looking to continue to grow that and elevate utilization or keep it where it is until you really see signs of that cyclical recovery. Would love to hear your thoughts there.

是的。下午好，感謝您提出問題。我想，第一個問題，更大的前景，我想考慮到週期性的不確定性，您如何考慮 25 年第四季上半年的使用率？其中庫存為 43 億美元？您是希望繼續成長並提高利用率，還是保持現狀，直到您真正看到週期性復甦的跡象。很想聽聽您的想法。

Yeah, no happy to do that. So first a bigger picture and then I'll get into maybe some specifics, but the objective for inventory to support revenue growth as we prepare for the upturn as Haviv described in our expectations going forward, particularly in 2025.

是的，不高興這樣做。因此，首先是一個更大的藍圖，然後我可能會討論一些具體細節，但隨著我們為經濟好轉做準備，庫存的目標是支持收入成長，正如哈維夫在我們的預期中所描述的那樣，特別是在2025 年。

We do expect to grow inventory in fourth quarter. So we grew a couple of $100 million in third quarter. We expect probably a few $100 million of inventory growth again in fourth quarter. But that is -- we have moderated the factory loading.

我們確實預計第四季度庫存會增加。因此，我們在第三季實現了 1 億美元的成長。我們預計第四季庫存可能會再次成長幾億美元。但那就是──我們已經調節了工廠的裝載量。

So factory loading, I expect those to go slightly down going into fourth quarter. But despite that, we still grow additional inventory. Just to comment a little more on the inventory, we have detailed plans by device at the finished goods level at the chip level and those plans are grounded on purchasing behavior, unexpected demand and this inventory is very low risk. It sells to many; many customers and it has a long-life cycle. So, we feel really good, really good about.

因此，我預計工廠裝載量將在第四季略有下降。但儘管如此，我們仍然增加了額外的庫存。只是對庫存進行更多評論，我們在晶片級別的成品級別上按設備製定了詳細的計劃，這些計劃基於購買行為、意外需求，並且該庫存的風險非常低。它賣給很多人；客戶眾多，生命週期長。所以，我們感覺真的很好，真的很好。

I do. I would hope to follow up on auto. You talked about that as a surprise in China, I'm curious if you could speak to Chinese OEMs taking share in Europe. That's something that, that we've kind of picked up and curious perhaps maybe the data points we're picking up in Europe, related a little more to share loss there to some of the Chinese OEMs. Are you seeing that?

我願意。我希望跟進汽車。您談到這在中國是一個驚喜，我很好奇您能否談談在歐洲佔據份額的中國原始設備製造商。我們在歐洲收集到的數據點也許與一些中國原始設備製造商在歐洲的份額損失有更多的相關性。你看到了嗎？

At first, I know, surprise, I think not so surprise because we've seen that trend starting in Q2. So, to me, the automotive market in China for TI again picked in that end of '23, call it second half of '23. We saw a very sharp correction in Q1, I think it was mainly inventory correction and then growth in Q2, growth in Q3, it's 20% on top of 20%.

起初，我知道，我感到驚訝，但我認為這並不那麼令人驚訝，因為我們已經看到這種趨勢從第二季開始。所以，對我來說，TI在中國的汽車市場在23年結束時再次復甦，稱之為23年下半年。我們在第一季看到了非常急劇的調整，我認為主要是庫存調整，然後是第二季的成長，第三季的成長，在 20% 的基礎上成長了 20%。

So think about it running at 45% of the property and a new pick. I think that is mainly driven by the China market, right? If you think about -- I'm just there, a couple of months ago, most of the new car, I think now majority of new cars are EVs, right? Or some sort of hybrid. And these tend to have more, more content.

因此，考慮一下它以 45% 的財產運作和一個新的選擇。我認為這主要是由中國市場推動的，對嗎？如果你想一想，幾個月前，我就在那裡，大多數新車，我想現在大多數新車都是電動車，對嗎？或某種混合體。這些往往有越來越多的內容。

And again, our position there is good, the TI is very competitive. So I think that drives growth. Now, our customer base in China is a set of OEMs, but also Tier one. And you guys know the OEM sharing and the all the experts there.

再說一次，我們的位置很好，TI 非常有競爭力。所以我認為這會推動成長。現在，我們在中國的客戶群是整車廠，但也是一級供應商。你們知道 OEM 共享和那裡的所有專家。

But the Tier ones are also I think are -- they are -- they can build those systems. They are very efficient in cost performance is pretty good. So I think they also compete for market share versus the worldwide Tier ones. And I think that's part of the dynamics we see in the China market, we see momentum on both.

但我認為，Tier 也可以建構這些系統。他們效率很高，性價比相當不錯。因此，我認為他們也與全球一線公司爭奪市場份額。我認為這是我們在中國市場看到的動態的一部分，我們看到了這兩個市場的勢頭。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Okay, thanks for asking a question. Haviv, you talked a couple of times about China going up 20% sequentially two quarters in a row. Is there any reason that the other 80% of the business shouldn't have that sort of a cyclical rebound at some point? Is there something that's unique about China that allows it to be more volatile or is the expectation that you would have that the other 80% of your business at some point in time should do the same thing.

好的，謝謝你提出問題。 Haviv，您多次談到中國連續兩季成長 20%。是否有任何理由認為其他 80% 的業務在某個時候不應該出現這種週期性反彈？中國是否有什麼獨特之處導致其波動性更大，或者您期望您的其他 80% 的業務在某個時間點也應該做同樣的事情。

First, I think at some point of time, all the horses will live, point in the same direction and we all are waiting for that. It's been a while, but I think that happened. Again, it's a synchronous behavior. It’s so clear for us -- to us.

首先，我認為在某個時間點，所有的馬都會活下來，指向同一個方向，我們都在等待。已經有一段時間了，但我認為這已經發生了。同樣，這是一個同步行為。這對我們來說非常清楚。

And you can see an opposite behavior between geography, between markets. I will say that again as we talked about in the previous response, so my previous answer there is a stronger EV momentum in China. On top of it, I think the China political call it the environment is the design cycles are quick, inventory corrections are quick.

你可以看到不同地區、不同市場之間的相反行為。正如我們在之前的回應中談到的那樣，我會再說一遍，所以我之前的回答是中國的電動車勢頭更強勁。最重要的是，我認為中國政治稱之為環境是設計週期很快，庫存調整很快。

So there is a little bit of a everything is more accelerated, I would say over there. And I think that's why we're seeing shorter cycles in terms of the way up, the way down. That is, would be my guess. But I think we'll all be able -- we'll be smarter only when that thing is done or played out completely. All I can say that I've not seen the played out completely on the automotive market outside of China.

所以我想說的是，一切都在加速。我認為這就是為什麼我們看到上升和下降週期較短的原因。也就是說，這是我的猜測。但我認為我們都能夠——只有當這件事完成或完全完成時，我們才會變得更聰明。我只能說，我還沒有看到這種情況在中國以外的汽車市場上完全發揮出來。

But I don't think again, I don't think the peak to trough on the automotive market is going to be as pronounced is industrial simply because the secular growth over there, I believe is stronger in the short term.

但我不會再想了，我認為汽車市場的高峰到低穀不會像工業產業那麼明顯，因為我相信短期內那裡的長期成長會更強勁。

Yeah, I do one for Rafael. On the OpEx side of things. Just a conceptual question as we look into 2025, kind of what would be the puts and takes on OpEx and I guess the punch line is you guys have kept OpEx in certain periods of time, barely growing year-over-year and other years, inflation has been something you guys have had to endure as well. So how do we think about OpEx kind of structurally in 2025?

是的，我為拉斐爾做了一個。在營運支出方面。當我們展望 2025 年時，這只是一個概念性問題，即營運支出的看跌期權和支出是多少，我想重點是你們在某些時期保持了運營支出，幾乎沒有同比和其他年份增長，通貨膨脹也是你們必須忍受的。那我們要如何從結構上考慮 2025 年的營運支出呢？

Yeah, in fact, for 2025 and beyond the way to think about it is we continue to have a disciplined process as you alluded to on our investments and our OpExs. But when it comes to R&D, we'll continue to invest there. So you'll see our investments grow over time and continue to grow.

是的，事實上，對於 2025 年及以後的思考方式，我們將繼續採用嚴格的流程，正如您所提到的我們的投資和營運支出。但在研發方面，我們將繼續投資。因此，您會看到我們的投資隨著時間的推移而成長，並持續成長。

Whereas in SG&A, the focus there is efficiency. So continue to drive efficiency. So there the it'll probably grow but at a much lower pace than R&D and of course, revenue, the goal is for both of those to be under the revenue growth for the foreseeable future.

而在 SG&A 中，重點在於效率。因此，繼續提高效率。因此，它可能會成長，但速度遠低於研發，當然還有收入，目標是在可預見的未來，這兩者都低於收入成長。

Stacy Rasgon, Bernstein Research.

史黛西‧拉斯貢，伯恩斯坦研究中心。

Hi guys. Thanks for taking my question. I wanted to drill a little bit more into that China strength. So you're seeing it in auto? Are you seeing any signs of like China strength in analog or anywhere else in any other end market? Is it just completely focused on automotive at that point?

嗨，大家好。感謝您提出我的問題。我想更深入了解中國的實力。所以你在汽車上看到了它？您是否在模擬領域或其他終端市場的其他地方看到了類似中國實力的跡象？那時它只是完全專注於汽車嗎？

And I guess, what I'm getting at is I'm trying to judge the propensity of some of the Chinese guys. Maybe to be buying more, we've got an election coming up. Nobody exactly knows what's going on with the general geopolitical environment. Just what do you see more broadly in China, both in and outside of auto?

我想，我的意思是我試著判斷一些中國人的傾向。也許要買更多，因為我們即將舉行選舉。沒有人確切知道總體地緣政治環境發生了什麼事。您對中國汽車內外的更廣泛的情況有何看法？

Yes, Stacy, I can tell you what we see. And again, I -- it's hard to speculate beyond what we see. But in general, just a reminder in, as I said, during the up cycle, we had to buy us our supply into the industrial and automotive market. Okay. So clearly the and I think we said the company was at about 75% in industrial and automotive in 2023.

是的，史黛西，我可以告訴你我們看到了什麼。再說一次，我——很難根據我們所看到的情況進行推測。但總的來說，正如我所說，在上升週期中，我們必須向工業和汽車市場購買供應。好的。很明顯，我想我們說過，到 2023 年，該公司在工業和汽車領域的比例約為 75%。

China was similar, maybe even higher because we had to take some calls on the consumer PE side. So just to know where we're starting for from. So in automotive, I think is, as I said before, I can't tell you the reason for that. But I think part of it is the, I think the China customers are fast moving. I think they are gaining momentum worldwide, not only in China.

中國的情況類似，甚至可能更高，因為我們必須接聽消費者私募股權方面的一些電話。所以只是想知道我們從哪裡開始。所以在汽車領域，我認為，正如我之前所說，我無法告訴你其中的原因。但我認為部分原因是中國客戶的發展速度很快。我認為它們在全世界範圍內都在成長勢頭，而不僅僅是在中國。

The second thing is I think it's acceptance of EVs in China and there may be some other reasons as you have mentioned, but we have not seen a clear evidence for that. Okay. Or for a very large inventory buildup or anything like that. That's on your direct question of an automotive.

第二件事是我認為中國對電動車的接受程度，可能還有你提到的其他一些原因，但我們還沒有看到明確的證據。好的。或對於非常大的庫存累積或類似的事情。這是關於汽車的直接問題。

Or on the industrial side, we have not seen China recovering from the cycle yet. So we again, we -- it has peaked somewhere in 2022 in China included. And since then, it had a little bit of a sequential growth in Q2, but then it went down again in Q3. So kind of hovering at the bottom. That's the way I would describe it.

或者在工業方面，我們還沒有看到中國從週期中復甦。所以我們再說一遍，我們——包括中國在內，它已經在 2022 年達到頂峰。從那時起，它在第二季度出現了一些連續增長，但隨後在第三季度再次下降。就這樣徘徊在底部。我就是這樣描述它的。

So we are waiting for that to happen. We have seen a very strong recovery in automotive actually with a new high, but the industrial numbers are still trending, about 40% or so, it may be even higher in China versus the peak.

所以我們正在等待這種情況的發生。我們看到汽車產業的復甦非常強勁，實際上創下了新高，但工業數據仍在趨勢中，大約在 40% 左右，在中國可能比高峰更高。

So a lot of work for us to do in China. I don't think, I think it's just, I think customers, -- as I said in my prepared remarks are still working through some inventory over there on the industrial side.

我們在中國還有很多工作要做。我不認為，我認為這只是，我認為客戶，正如我在準備好的演講中所說的那樣，仍在處理工業方面的一些庫存。

And maybe just to add one thing. When you look at the Stacy, the other three markets that are cyclically recovering personal electronics, coms and entertainment, all of the regions are growing and contributing to that.

也許只是添加一件事。當你觀察其他三個正在週期性復甦的個人電子產品、通訊和娛樂市場史黛西時，你會發現所有地區都在成長並為此做出了貢獻。

Yeah, in China included, right. But again, also a very low number if you will in 2023.

是的，包括中國，對吧。但同樣，如果你願意的話，到 2023 年，這個數字也會非常低。

I do. Thank you. I know you guys don't guide two quarters ahead, but just mathematically, we've been sort of looking at performance versus normal seasonality. How would you guys define typical seasonality for Q1? And, maybe like, what is it over the last several years? And how would you define it like, versus like pre-COVID levels?

我願意。謝謝。我知道你們不會預測未來兩個季度的情況，但從數學上來說，我們一直在比較業績與正常季節性的比較。你們如何定義第一季的典型季節性？也許，過去幾年發生了什麼事？與新冠疫情之前的水平相比，您如何定義它？

So maybe, I'll talk about Q4 Stacy and, some people, it depends how you define seasonality. I like the way you do it. You kind of need to take the outliers away and I think 2020, 2021 where the outlier doing the uptide and then typically in the fourth quarter, we see kind of a minus seven to even sometimes close to minus 10. Dave the Q1, can you add the what or?

所以也許，我會談論第四季史黛西，有些人，這取決於你如何定義季節性。我喜歡你做事的方式。你需要去掉異常值，我認為 2020 年、2021 年，異常值會上漲，然後通常在第四季度，我們會看到負 7 甚至有時接近負 10。

Yeah, it's more, -- it's usually more flat, it's more flattish, maybe down a little bit. But fourth quarter and first quarter definitely are seasonally weaker quarters. The second and third are obviously the stronger quarters.

是的，它更多，--通常更平坦，更平坦，也許向下一點。但第四季和第一季絕對是季節性疲軟的季度。第二和第三顯然是更強的季度。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey, thanks for taking the question. Haviv, I just wanted to clarify some comments you made in the preamble. You kind of talked about the three markets, enterprise and com still correcting but showing momentum. So not finished but, showing some progress. Are those still sequentially declining or are one or two of those actually coming off of the bottom and improving?

嘿，謝謝你提出問題。哈維夫，我只是想澄清你在序言中提出的一些評論。您談到了三個市場，企業市場和網路市場仍在調整，但顯示出勢頭。所以還沒有完成，但顯示出一些進展。這些是否仍在連續下降，或者其中一兩個實際上已經走出谷底並有所改善？

No, I think, all three are sequentially growing in a fast pace. So I think that just to repeat the numbers, I think P/E grew 30% sequentially and enterprise grew 20% sequentially and coms grew 25% sequentially. My point is that they are still not at the previous peak. Okay. So to me, when I think about the momentum, I think I expect momentum to continue to build, I think we are still running below the previous peak that was somewhere in the year 2022.

不，我認為，這三者都在快速成長。因此，我認為，只是重複這些數字，我認為市盈率環比增長了 30%，企業環比增長了 20%，com 環比增長了 25%。我的觀點是，他們還沒有達到之前的高峰。好的。因此，對我來說，當我考慮勢頭時，我認為我預計勢頭將繼續增強，我認為我們仍低於 2022 年某個地方的上一個峰值。

And I expect that momentum to continue. I think also as I mentioned before specifically for TI, these are the markets where we were in some cases is short in the previous up cycle. And it's our job to go back and address that these sockets. Now, when we have enough supply and inventory. Okay.

我預計這種勢頭將繼續下去。我認為，正如我之前專門針對 TI 所提到的，這些市場在某些情況下在上一個上漲週期中是短暫的。我們的工作就是返回並解決這些套接字問題。現在，當我們有足夠的供應和庫存時。好的。

Thank you for clarifying. And then just broadly kind of during the pandemic, you saw a lot of growth and I think most of your peers and yourself started being more vocal about describing both auto and industrial as double digit growers.

謝謝你的澄清。然後，在大流行期間，您看到了很大的增長，我認為您的大多數同行和您自己開始更加直言不諱地將汽車和工業描述為兩位數的增長者。

So as this kind of correction continues, you're seeing the strength from China in your auto business and obviously that's a part of the broader business and contributes to that double digit growth. But, looking back now and, as you see the recovery, would you think any differently about the growth profiles of those two businesses, you obviously have your competitors coming up in a couple weeks, kind of going to restate their long term CAGRs, as well. Do you still see that double digit growth profile is the right way to look at those two businesses?

因此，隨著這種調整的繼續，您會看到中國在汽車業務中的實力，顯然這是更廣泛業務的一部分，並為兩位數的成長做出了貢獻。但是，現在回想起來，當你看到復甦時，你對這兩項業務的成長狀況會有什麼不同的看法嗎？增長率，因為出色地。您仍然認為兩位數的成長狀況是看待這兩項業務的正確方法嗎？

Good. And again, the short answer is yes, I see the same. I will say that it's even the current cycle on the automotive side is proving it. And I think we will all see that in the short term and I talk about short term. It's 5 to 10 years. I think the growth in industrial is multi decades. I think we are on this in some of the call it sectors in industrial.

好的。再說一遍，簡短的答案是肯定的，我也這麼認為。我想說的是，甚至汽車方面當前的周期也證明了這一點。我認為我們都會在短期內看到這一點，我談論的是短期。 5到10年了。我認為工業的成長是幾十年的。我認為我們在一些所謂的工業領域正在研究這個問題。

We're only in the very beginning or early innings So, I think the industrial and I don't know if we say double digit but I think the, TI grew 10% in the last decade, 2013 to 2023. I think, the market they may be a little bit lower than that, I would guess. But, quite high, single to maybe 10% would be a good guess. I think the automotive market for TI's, and also for the market grew faster.

我們才剛開始或早期階段所以，我認為工業界，我不知道我們是否說兩位數，但我認為，TI 在過去十年（2013 年至 2023 年）增長了 10%。 ，市場價格可能會比這個低一點。但是，相當高，大約 10% 是一個不錯的猜測。我認為汽車市場對TI來說也是成長更快的市場。

But I think it's going to be I don't think it's going to run multiple decades. Okay. The certain point of time there is going to be kind of some sort of saturation in terms of content per vehicle. I don't think we are close to that date now, specifically not in this decade. Hopefully, that helps.

但我認為它不會持續幾十年。好的。在某個時間點，每輛車的內容將會達到某種程度的飽和。我認為我們現在還沒有接近這個日期，特別是在這十年內。希望這會有所幫助。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you. I wonder, if you could help characterize industrial and I know you've talked about the various sub segments underneath of that, but is that, is there an inventory correction that's uniform? Are there areas of strength and just any sense of inventory versus demand issues that are kind of dragging that business down?

偉大的。謝謝。我想知道，您是否可以幫助描述工業的特徵，我知道您已經討論了其下面的各個子領域，但是，是否存在統一的庫存修正？是否有一些優勢領域以及庫存與需求問題的關係會拖累該業務？

Yeah, Joe. Great question. I mean, I think we have more than 10 sectors, about 12 sectors in industrial and the overall, they all add up to a continuous decline since the third quarter of 2022. So it's the eighth quarter of decline. We are seeing most of the sectors, I would characterize are found the bottom but are kind of hovering at that bottom.

是的，喬。很好的問題。我的意思是，我認為我們有超過 10 個行業，大約有 12 個工業行業，總體來說，它們加起來自 2022 年第三季度以來持續下降。我認為大多數行業都已經觸底，但都在底部徘徊。

Okay. And, think about areas for us like building automation, the energy infrastructure, medical kind of hovering at that bottom.

好的。而且，想想我們的樓宇自動化、能源基礎設施、醫療等徘徊在底部的領域。

On factory automation we are seeing steel and it's a large sector for us. You can think about factory automation and motor drive. It's all this process and factory automation type of plants. We are still seeing a decline. So they have not found a bottom.

在工廠自動化方面，我們看到了鋼鐵，這對我們來說是一個很大的產業。您可以考慮工廠自動化和電機驅動。這都是流程和工廠自動化類型的工廠。我們仍然看到下降。所以他們還沒有找到底部。

And then you see a couple of strength areas, appliances. Some people don't have it in the industrial. We do appliances declined very early and we've seen some recovery there. And I would also add in our case, we have a power delivery. Think about it.

然後你會看到一些優勢領域，電器。有些人在工業界沒有這種能力。我們確實看到家電很早就出現了下滑，但我們已經看到了一些復甦。我還要補充一點，在我們的例子中，我們有電力傳輸。想一想。

The main market is silver, right. So that seats at the bottom of the rack. So we see growth over there, but these are the only 2 out of 12. So overall weakness in the industrial market. Hopefully that provides more color.

主要市場是白銀，對吧。因此該座位位於機架底部。所以我們看到那裡有成長，但這是 12 個中唯一的兩個。希望這能提供更多的色彩。

Yeah, I do. That's helpful. Thank you. In terms of analog versus embedded, there's a, that's been happening for a while, that Embedded has underperformed and there's a focus on kind of turning that around narrower focus area. I wonder, if you could just characterize, what's different about the Embedded market on a sequential basis that it's weaker?

是的，我願意。這很有幫助。謝謝。就模擬與嵌入式而言，嵌入式表現不佳已經有一段時間了，人們的注意力集中在圍繞著更狹窄的焦點領域扭轉這一局面。我想知道，您是否可以描述一下，嵌入式市場在連續的基礎上表現較弱有何不同？

Yeah, I'll start strategically. I, we are very pleased with the progress we are seeing in Embedded. The --embedded is more, think about is higher UPs. And the more I would say on design ins, it's less broad. So when we look at the progress, when we at momentum with customers, I think it's a -- we are excited about the future and they are going through a cyclical process exactly like the analog team is done, but they are kind of a year later.

是的，我將從戰略上開始。我，我們對嵌入式領域的進展感到非常滿意。 --embedded越多，想想UPs就越高。我在設計方面說得越多，它就越不廣泛。因此，當我們看到進展時，當我們與客戶保持良好勢頭時，我認為我們對未來感到興奮，他們正在經歷一個循環過程，就像模擬團隊所做的那樣，但他們是一年之後。

So again, embedded is almost 95% industrial and automotive. They've seen growth in 2023 versus the industrial business versus the annual business that declined double digits. So they started almost a year after. And I think about kind of middle of 2023, we've seen four quarters. I think they're also looking at a seasonal quarter in Q4. But the momentum there is strong and I'm excited about the future there.

再說一遍，嵌入式幾乎 95% 都是工業和汽車領域。他們看到 2023 年工業業務出現成長，而年度業務則出現兩位數下降。所以他們在大約一年後開始了。我想大約是 2023 年中期，我們已經經歷了四個季度。我認為他們也在考慮第四季的季節性。但那裡的勢頭強勁，我對那裡的未來感到興奮。

William Stein, True Securities.

威廉·斯坦，True Securities。

Great. Thanks for taking my question. I think earlier in the call, the question was asked, have you answered it for one or two end markets? But I'm hoping you can talk about how the pacing of orders progressed in the last couple of months. I wonder if you might have seen things accelerate to then only re-decelerate, if there's been any sort of ups and downs that have surprised you/ And then I have a follow up, please.

偉大的。感謝您提出我的問題。我想在電話會議的早些時候，有人問過這個問題，你是否針對一兩個終端市場回答了這個問題？但我希望你能談談過去幾個月訂單節奏的進展。我想知道你是否可能看到事情加速然後又重新減速，是否有任何讓你驚訝的起伏/然後我有一個後續行動，請。

Yeah, I think we, what I said that about the third quarter. I think you, think about it. There's not a lot of change that I see right now going into the fourth but there is, it's Q4, right? So there is a seasonality effect. In that sense, I don't see any change versus what we've seen in Q3. If we have, -- if we would see something, I would call it out, but I cannot call out anything. Dave you want to add anything about the order or -- .

是的，我想我們，我在第三季說過的話。我想你，考慮一下。我現在看到第四季度沒有太多變化，但有，這是第四季度，對吧？所以存在季節性效應。從這個意義上說，我認為與第三季相比沒有任何變化。如果我們有——如果我們能看到什麼，我會大聲喊出來，但我不能喊出任何東西。戴夫，您想添加有關訂單的任何內容或 - 。

Yeah, order rates. I think for behaved normally that they increased each month in the quarter, which is very typical. So, and we didn't see any large drop offs or acceleration or deceleration on that front.

是的，訂單率。我認為，如果表現正常，他們在該季度每個月都會增加，這是非常典型的。因此，我們沒有看到這方面有任何大幅下降或加速或減速。

And Will maybe just to add on that. Just a reminder that we have built a good service levels of inventories Rafael mentioned. Our lead times are very low. So we get a lot of business kind of real time as it comes. People who call it turn business or so. So we, simply don't have a ton of visibility right now and customers also, they take part only when they need it. I don't think they're building inventory. So that's the reason that we cannot provide more color beyond what they've said.

威爾也許只是補充一下。只是提醒一下，我們已經建立了拉斐爾提到的良好庫存服務水準。我們的交貨時間非常短。因此，我們即時獲得大量業務。稱其為生意的人等等。因此，我們現在根本沒有太多的知名度，而且客戶只有在需要時才會參與。我不認為他們正在建立庫存。因此，這就是我們無法提供超出他們所說的更多顏色的原因。

If I can follow up. It actually dovetails with the follow on which is when you all have inventory, your customers may not be all charged up about placing tons of backlog and when they have inventory, even more so. Our checks recently revealed that customers have more inventory than many suppliers thought like what that were, that we're not sort of really close to the end of the inventory digestion at end customers. And I wonder if you could either dispel that or provide any insight as TI sees it. Thank you.

如果我能跟進的話。它實際上與以下內容相吻合：當您都有庫存時，您的客戶可能不會因為積壓大量訂單而感到煩惱，而當他們有庫存時，情況更是如此。我們最近的檢查顯示，客戶的庫存比許多供應商想像的要多，我們還沒有真正接近最終客戶的庫存消化結束。我想知道您是否可以消除這一點，或提供 TI 認為的任何見解。謝謝。

Yeah, I'll just answer in a high level and Dave, then maybe you can chime in. But, look in general, we don't have visibility into our customer inventory levels. I do think as we all know, I mean, interest rates are high at the end of the year. I don't think there is a lot of desire to build inventory at our customers shelves, especially when our inventory position is strong and that's what we want to be.

是的，我會高水準地回答，戴夫，然後也許你可以插話。我確實認為眾所周知，我的意思是，年底的利率很高。我認為沒有太多的願望在我們的客戶貨架上建立庫存，特別是當我們的庫存狀況強勁而這正是我們想要的時候。

We want to take that burden away from our customers to us. That means level of service and we want to do it through not only the downcycle but also the up cycle. And the preparation of capacity and inventory. Rafael said that's the game we want to play in the next up cycle and that's what drives our capital allocation decisions. Dave anything specific about the customer -- .

我們希望將這種負擔從客戶身上轉移到我們身上。這意味著服務水平，我們不僅希望透過下行週期，而且還透過上升週期來實現這一目標。以及產能和庫存的編制。拉斐爾表示，這是我們在下一個上升週期中想要玩的遊戲，也是推動我們資本配置決策的因素。戴夫關於客戶的任何具體信息 - 。

I think, the [inventory] you made that we're essentially operating from a very healthy position on inventory. That means that customers don't have to place orders. And that is keeping visibility low, but we want to be able to be ready for the upturn when it comes.

我認為，您製造的[庫存]基本上是在非常健康的庫存狀況下運作的。這意味著客戶不必下訂單。這使得能見度保持在較低水平，但我們希望能夠在經濟好轉時做好準備。

Yeah, many of our lead times are well below 10 weeks today. So, I mean, we provide, I call it excellent customer service and when customers need the part, we have it for them.

是的，今天我們的許多交貨時間都遠低於 10 週。所以，我的意思是，我們提供，我稱之為卓越的客戶服務，當客戶需要零件時，我們會為他們提供。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Thank you for squeezing me. And I had a follow up question on the industrial market. Obviously, lead times are short and you have inventory. But I'm just wondering from an end market or a sell through perspective. Is it fair to say that market is stabilizing? Is it getting worse? Is it better? I know you called out those two segments that are perhaps starting to stabilize but any, further read on the end consumption, they're actually getting better or worse?

謝謝你壓榨我。我有一個關於工業市場的後續問題。顯然，交貨時間很短並且您有庫存。但我只是想從終端市場或銷售的角度來看。可以說市場正在穩定下來嗎？情況變得更糟了嗎？是不是更好了？我知道您指出這兩個部分可能開始穩定，但進一步閱讀最終消費，它們實際上是變得更好還是更糟？

Yeah. Just what I just to repeat three things. Thanks for the question. And just repeating what I said. I think most of the sectors are hovering because we've seen like three or four quarters hovering at the same level, more or less. Okay.

是的。我只是重複三件事。謝謝你的提問。只是重複我所說的話。我認為大多數行業都在徘徊，因為我們已經看到有三四個季度或多或少在同一水平上徘徊。好的。

So I would say now you call it, is there an inventory correction there or not? I mean, seasonality would say that, industrial would grow, for example, in Q2 or Q3 and it didn't. So, you can argue that there is some inventory correction at customers and that's the reason for my prepared remarks.

所以我想說，現在你稱之為，是否有庫存修正？我的意思是，季節性意味著工業會成長，例如在第二季或第三季度，但事實並非如此。因此，您可以說客戶進行了一些庫存調整，這就是我準備好的評論的原因。

But at least, I do believe that they have stabilized from a revenue perspective. I will say that they are the only and these are lots, sectors for TI. I will say that this is not done on the factory automation and Motor Drive, which is kind of this automation sector for TI. That was my only other color that I've added on in. And I don't know, Dave anything to add here.

但至少，我確實相信從收入角度來看它們已經穩定下來。我想說的是，對於 TI 來說，它們是唯一的，而且是很多領域。我想說的是，這並不是工廠自動化和馬達驅動領域完成的，而這正是 TI 的自動化領域。這是我添加的唯一其他顏色。

I think, that's good.

我想，這樣很好。

Just one last question. So going back to the whole topic about visibility orders and sort of, so forth. When you talk to your customers, especially some of your non-chinese customers. Is there a sense that everyone's just waiting for rates to come down, getting through the US election? Because it does feel like there's like some sort of a Catholic cycle coming, but everyone's just waiting on the sidelines.

只是最後一個問題。那麼回到關於可見性順序的整個主題等等。當您與客戶交談時，尤其是一些非中國客戶。是否有一種感覺，每個人都在等待利率下降，以度過美國大選？因為確實感覺像是某種天主教週期即將到來，但每個人都只是在場邊等待。

When you talk to some of your biggest industrial customers, do you get a sense that they're waiting for that or is this is more just about, hey, you know, once spending comes back with better rates and sort of so forth, we're sort of back to the races.

當你與一些最大的工業客戶交談時，你是否感覺到他們正在等待這一點，或者這更多的是，嘿，你知道，一旦支出以更好的利率回歸，等等，我們有點回到比賽了。

Short answer is no. We don't, -- I don't hear that at least. I don't think if they think that they would tell me anyhow. But what I think is important to remember and I think they value that because I hear it from the meetings, I have.

簡短的回答是否定的。我們不，——至少我沒有聽到。我不認為他們是否認為他們會告訴我。但我認為重要的是要記住，我認為他們重視這一點，因為我從會議中聽到了這一點，我已經做到了。

That when they need it, we have it. Okay. And we are most of our portfolio is very diverse, long lived and we let the customers know what, -- where we have enough inventory to serve them as they need it. And when there are more kind of quality unique and a smaller part of our portfolio.

當他們需要的時候，我們就有。好的。我們大部分的產品組合都非常多樣化、壽命長，我們讓客戶知道我們有足夠的庫存來滿足他們的需求。當我們的產品組合中有更多種類的獨特品質和較小的部分。

But the lead times are longer and we require more visibility. I think we are differentiated in that sense, customers appreciate it and hopefully we can maintain that level of support through the next cycle and work on our market share. And I think that is what customers expect. And I think TI can outperform in that sense.

但交貨時間更長，我們需要更多的可見性。我認為我們在這個意義上是與眾不同的，客戶對此表示讚賞，並希望我們能夠在下一個週期中保持這種水平的支持並努力提高我們的市場份額。我認為這就是客戶所期望的。我認為從這個意義上講，TI 可以表現出色。

Okay. So let me wrap it up. And with what we've 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 value for owners is the long term growth of free Texas per share.

好的。讓我總結一下。正如我們之前所說的，我們是工程師，技術是我們公司的基礎。但最終，我們的目標和衡量進展並為所有者創造價值的最佳指標是每股自由德州的長期成長。

While we strive to achieve our objectives, we will continue to pursue our three 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 are personally proud to be part of and would want as our neighbor. When we're successful, our employees, customers, communities and owners all benefit. Thank you and have a good evening.

在我們努力實現目標的同時，我們將繼續追求我們的三個抱負。我們將像所有者一樣行事，他們將擁有公司數十年。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個人感到自豪並希望成為我們鄰居的公司。當我們成功時，我們的員工、客戶、社區和所有者都會受益。謝謝您，祝您晚上愉快。

And this concludes today's conference. You may disconnect your line at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。